Vital Farms Inc (VITL) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to Vital Farms third quarter 2025 earnings conference call and webcast. (Operator Instructions).

您好，感謝您的耐心等待。歡迎參加 Vital Farms 2025 年第三季財報電話會議和網路直播。（操作說明）

I would now like to hand it over to your host, Brian Shipman, Vice President of Investor Relations. Please go ahead.

現在我將把發言權交給主持人，投資人關係副總裁布萊恩希普曼。請繼續。

Good morning and welcome to Vital Farms third quarter 2025 earnings conference call on webcast. Joining me today are Russell Diez-Canseco, Vital Farms President and Chief Executive Officer, and Thilo Wrede, the company's Chief Financial Officer.

早安，歡迎參加 Vital Farms 2025 年第三季財報電話會議網路直播。今天與我一同出席的有 Vital Farms 總裁兼執行長 Russell Diez-Canseco 和公司財務長 Thilo Wrede。

By now, everyone should have access to the company's third quarter 2025 earnings press release issued this morning. During today's call, management may make forward-looking statements within the meaning of the federal security laws.

現在，所有人都應該能夠看到該公司今天早上發布的 2025 年第三季財報新聞稿。在今天的電話會議中，管理階層可能會發表符合聯邦證券法規定的前瞻性聲明。

These statements are based on management's current expectations and beliefs and do involve risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements.

這些聲明是基於管理層目前的預期和信念，但存在風險和不確定性，可能導致實際結果與這些前瞻性聲明中描述的結果有重大差異。

Please refer to today's press release. The company's quarterly report on Form 10Q for the fiscal quarter ended September 28, 2025, that was filed with the SEC today, as well as the company's other SEC filings for a detailed discussion of the risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today.

請參閱今天的新聞稿。本公司今天向美國證券交易委員會提交了截至 2025 年 9 月 28 日的季度報告（10-Q 表格），以及公司向美國證券交易委員會提交的其他文件，詳細討論了可能導致實際結果與今天所作的任何前瞻性聲明中明示或暗示的結果存在重大差異的風險。

Note that on today's call, management will refer to certain non-GAAP financial measures. Please refer to the appendix in today's press release presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures.

請注意，在今天的電話會議上，管理階層將提及某些非GAAP財務指標。請參閱今天新聞稿中的附錄，以了解我們的非GAAP指標與最直接可比較的GAAP指標的調節表。

That presentation and today's press release are both available on the investor relations section of our website. After our prepared remarks, we'll open the line for questions. As a reminder, please limit yourself to one question plus one follow-up so that we can hear from as many participants as possible.

該簡報和今天的新聞稿均可在我們網站的投資者關係版塊中找到。在我們發言完畢後，我們將開放提問環節。再次提醒，請每個問題限提一個問題，並可提出一個後續問題，以便我們能夠聽到盡可能多的參與者的意見。

Now, I'll turn the call over to Russell.

現在，我把電話交給羅素。

Thank you, Brian, and good morning, everyone. Before we get into results, I want to officially welcome you as our new Vice President of Investor relations. We're excited to have you on the team. For those of you joining us today, I know you will all enjoy working with Brian.

謝謝你，布萊恩，大家早安。在公佈業績之前，我謹正式歡迎您擔任我們新的投資人關係副總裁。我們很高興你能加入團隊。今天到場的各位，我知道你們都會很樂意與布萊恩一起工作。

I'd also like to thank the entire Vital Farms crew. Over the past three months, we've delivered a very strong quarter with record financial results, advanced our supply chain, and set the company up for continued growth in 2026 and beyond.

我還要感謝 Vital Farms 的全體員工。在過去的三個月裡，我們取得了非常強勁的季度業績，財務業績創歷史新高，供應鏈也得到了改進，為公司在 2026 年及以後的持續成長奠定了基礎。

All of these great accomplishments took every one of our crew to make happen, from the team at Egg Central Station in Springfield to our farm support and remote workforce. I just came back from an all hands meeting with our remote crew, and the energy and commitment in that room was truly inspirational.

所有這些偉大的成就都離不開我們團隊每一位成員的共同努力，從斯普林菲爾德的雞蛋中央站團隊到我們的農場支援人員和遠端工作人員。我剛和遠距團隊開完全體會議回來，會議室裡的熱情和投入真的令人鼓舞。

Our crew is energized to drive strong growth into the future in service of our purpose to improve the lives of people, animals, and the planet through food. And I'm honored to have the opportunity to lead this great organization.

我們的團隊充滿活力，致力於在未來實現強勁成長，以服務我們的宗旨：透過食物改善人類、動物和地球的生活。我很榮幸有機會領導這個很棒的組織。

As we entered the back half of 2025, we told you our focus would be on rebuilding supply, meeting strong retail demand, and positioning the business for sustainable growth into 2026. We've delivered on all three.

進入 2025 年下半年時，我們告訴大家，我們的重點將是重建供應，滿足強勁的零售需求，並為 2026 年的可持續增長做好準備。這三項我們都做到了。

Let's start with this quarter's results. Net revenue was $198.9 million a new record for any quarter and was up 37.2% from the prior year period on the back of the incredible ramp up in the supply of eggs our crew has been able to deliver.

我們先來看本季的業績。淨收入達到 1.989 億美元，創下季度新紀錄，比上年同期增長 37.2%，這得益於我們團隊能夠提供的雞蛋供應量的大幅增長。

Gross margin came in at 37.7%, which remains above our long-term target of 35%. And adjusted EBITDA was $27.4 million and increased 81.3% compared to the prior year period as we benefited from price mix and scale efficiencies.

毛利率為 37.7%，高於我們 35% 的長期目標。經調整後的 EBITDA 為 2,740 萬美元，比上年同期成長 81.3%，這得益於價格組合和規模效益。

Next, we made meaningful progress expanding supply, adding processing capacity at Egg Central Station, and completing a major systems upgrade. We added approximately 75 new family farms during the last quarter, bringing our total to 575 family farms. That's approximately 150 new farms year-to-date.

接下來，我們在擴大供應、增加雞蛋中央站的處理能力以及完成重大系統升級方面取得了實質進展。上一季我們新增了約 75 個家庭農場，使我們的家庭農場總數達到 575 個。今年迄今，新增農場約150個。

We now have more than 10 million hens under contract, which is a reflection of the trust and partnership we've built with farmers in the pasture belt. Our third production line at Egg Central Station in Springfield came online in October, expanding capacity to about $1.2 billion in annual egg revenue and positioning us to meet growing consumer demand.

我們現在與超過 1000 萬隻母雞簽訂了合同，這反映了我們與牧場帶的農民建立的信任和夥伴關係。我們在斯普林菲爾德雞蛋中央站的第三條生產線於 10 月投入使用，使年雞蛋收入擴大到約 12 億美元，並使我們能夠滿足不斷增長的消費者需求。

Our Seymour facility remains on track to open in early 2027. With two production lines, we estimate the Seymour facility will add $900 million in annual revenue capacity. Also, at the beginning of the fourth quarter, we went live with our digital transformation project, a critical milestone that enhances our operational capabilities and underpins our ability to scale efficiently. More on that from Thilo in a few minutes.

我們位於西摩的工廠仍按計劃於 2027 年初開業。我們估計，擁有兩條生產線的西摩工廠每年將增加 9 億美元的收入產能。此外，在第四季初，我們正式啟動了數位轉型項目，這是一個重要的里程碑，它增強了我們的營運能力，並鞏固了我們高效擴展的能力。蒂洛稍後會對此進行更詳細的介紹。

Finally, we continued building our trusted brand and making progress on our long-term aspiration to grow vital farms into America's most trusted food company. This increases our confidence that we have positioned the business well for long-term growth.

最後，我們繼續打造值得信賴的品牌，並朝著將重要農場發展成為美國最值得信賴的食品公司的長期願景邁進。這增強了我們對公司長期發展前景的信心。

We added another 2% points of aided brand awareness, which now stands at 33%. Brand awareness is now up 8% points since the third quarter of last year, demonstrating that our message is clearly winning with consumers.

我們又提升了 2 個百分點的輔助品牌認知度，現在達到了 33%。品牌知名度較去年第三季提高了 8 個百分點，這表明我們的訊息顯然贏得了消費者的認可。

Through compelling, authentic work like our good eggs, no Shortcuts brand campaign, and our ads that aired alongside FX's award-winning series, The Bear, our stories continue to attract strong interest from the media and the public.

憑藉引人入勝、真實的作品，例如我們的「好雞蛋，不走捷徑」品牌宣傳活動，以及與 FX 屢獲殊榮的劇集《熊》一同播出的廣告，我們的故事持續吸引著媒體和公眾的濃厚興趣。

We also launched limited edition dog treats made with Vital Farms eggs in August. This fun brand moment was featured in top tier media outlets like Good Morning America and generated over 550 million impressions across press, paid media, and social media.

8月份，我們還推出了用Vital Farms雞蛋製成的限量版狗狗點心。這個有趣的品牌時刻被《早安美國》等頂級媒體報道，並在報紙、付費媒體和社交媒體上獲得了超過 5.5 億次的曝光量。

In summary, this was another great quarter for vital farms. We're executing well in the near term while laying the foundation for long-term growth. The investments we're making will continue to set vital farms up for long-term success. Given the strong execution across our operations, our farm network, and our brand, we're raising full year guidance for fiscal 2025, which Thilo will cover in detail. Thilo, over to you.

總而言之，對於重要農場來說，這又是一個豐收的季度。我們在短期內執行良好，同時也為長期成長奠定基礎。我們所做的投資將繼續為重要農場的長期成功奠定基礎。鑑於我們在營運、農場網路和品牌方面的強勁表現，我們提高了 2025 財年的全年業績預期，Thilo 將對此進行詳細介紹。蒂洛，該你了。

Thanks Russell and hello everyone. I'll review our third quarter financial results and then discuss our updated full year outlook. Let me start though by also welcoming Brian to Vital Farms. Brian, it's great to have you here and I'm excited about what you're bringing to the company.

謝謝羅素，大家好。我將回顧我們第三季的財務業績，然後討論我們更新的全年展望。首先，我也要歡迎布萊恩加入活力農場。布萊恩，很高興你能來，我很期待你為公司帶來的貢獻。

Now for the results, net revenue for the third quarter of 2025 rose to $198.9 million an increase of more than 37% compared to the prior year period. Revenue growth was driven by continued volume growth and favorable price mix.

現在來看業績，2025 年第三季淨收入增至 1.989 億美元，比上年同期成長超過 37%。營收成長主要得益於銷售持續成長和有利的價格組合。

Gross profit rose to $75.0 million or 37.7% of net revenue from $53.5 million or 36.9% of net revenue last year. The increase in gross profit dollars was primarily driven by revenue growth from higher volume and increased pricing across our share portfolio and favorable mixed benefits.

毛利從去年的 5,350 萬美元（佔淨收入的 36.9%）增至 7,500 萬美元（佔淨收入的 37.7%）。毛利的成長主要得益於我們股票組合銷售增加和價格上漲所帶來的收入成長，以及有利的綜合收益。

Gross profit margin increased year over year primarily due to favorable price mix, partially offset by increased overhead costs. SG&A increased to $44.4 million or 22.3% of net revenue compared with $36.1 million or 24.9% of net revenue last year.

毛利率年增率主要得益於有利的價格組合，但部分被增加的管理費用所抵銷。銷售、一般及行政費用增至 4,440 萬美元，佔淨收入的 22.3%，而去年同期為 3,610 萬美元，佔淨收入的 24.9%。

Shipping and distribution expenses were $9.2 million or 4.6% of net revenue, compared to $8.1 million or 5.6% of net revenue last year. The dollar increase was driven by higher ship volume.

運輸和配送費用為 920 萬美元，佔淨收入的 4.6%，而去年同期為 810 萬美元，佔淨收入的 5.6%。美元上漲是由船舶吞吐量增加所推動的。

Net income for the third quarter of 2025 increased 121% to $16.4 million with $0.36 per diluted share compared to $7.4 million with $0.16 per diluted share for the third quarter of 2024. The increase in net income was driven by operating profit growth, partially offset by year over year increases in tax provisions.

2025 年第三季淨收入成長 121%，達到 1,640 萬美元，每股攤薄收益 0.36 美元，而 2024 年第三季淨收入為 740 萬美元，每股攤薄收益 0.16 美元。淨利潤的成長主要得益於營業利潤的成長，但部分被年比稅收準備金的成長所抵銷。

Adjusted EBITDA for the third quarter of 2025 for $27.4 million or 13.8% of net revenue compared to $15.2 million or 10.5% of net revenue for the third quarter of 2024. Turning now to our balance sheet. As of September 28, 2025, we had total cash equivalents, and marketable securities of $145.1 million with no debt outstanding.

2025 年第三季調整後 EBITDA 為 2,740 萬美元，佔淨收入的 13.8%，而 2024 年第三季調整後 EBITDA 為 1,520 萬美元，佔淨收入的 10.5%。現在來看我們的資產負債表。截至 2025 年 9 月 28 日，我們擁有現金等價物及有價證券總額為 1.451 億美元，且無未償債務。

The sequential decline in cash equivalents, and marketable securities reflects ongoing growth investments, including the new ERP system, the third production line at ECS in Springfield, Missouri, the construction of our new a processing facility in Seymour, Indiana, and our investment and accelerator farms. This was partially offset by strong operating cash flow of $27.9 million for the quarter.

現金等價物和有價證券的連續下降反映了持續的成長投資，包括新的 ERP 系統、位於密蘇裡州斯普林菲爾德的 ECS 的第三條生產線、在印第安納州西摩建造的新加工廠以及我們的投資和加速農場。但本季強勁的經營現金流（2,790萬美元）部分抵銷了這一影響。

Our balance sheet remains strong and provides significant flexibility as we execute our growth investments. Before discussing guidance, I will provide a brief update on our internal control remediation. We continue to make good progress, addressing the material weakness in our revenue recognition process identified in our 2024 annual report.

我們的資產負債表依然穩健，為我們執行成長投資提供了極大的靈活性。在討論指導意見之前，我將先簡單介紹一下我們的內部控制整改情況。我們繼續取得良好進展，解決我們在 2024 年年度報告中指出的收入確認流程中的重大缺陷。

Importantly, this was a design deficiency only, with no impact on our financial statements, and we remain on track to complete remediation by year end, subject to the ongoing enhancements of controls in the recently implemented ERP system.

重要的是，這只是一個設計缺陷，對我們的財務報表沒有任何影響，我們仍有望在年底前完成補救措施，前提是最近實施的 ERP 系統中的控制措施得到持續改進。

Onto guidance. Given our strong performance in the third quarter, we are raising our full year 2025 net revenue guidance to at least $775 million representing growth of at least 28% versus 2024. I would like to point out that we did see a small amount of revenue pull forward into the third quarter from the fourth quarter ahead of our planned ERP go live date. We had announced the go live date to the trade so that they could plan ahead for it.

進入指導階段。鑑於我們在第三季的強勁表現，我們將 2025 年全年淨收入預期上調至至少 7.75 億美元，比 2024 年成長至少 28%。我想指出的是，在我們計劃的ERP系統上線日期之前，我們看到一小部分收入從第四季提前到了第三季。我們已向業界公佈了上線日期，以便他們提前做好計劃。

We are also raising our adjusted EBITDA guidance to at least $115 million for the four-year 2025, an increase from our previous guidance of at least $110 million. As we move into the fourth quarter and have good visibility for the remainder of the year, we now expect a bit less marginal pressure in the second half of the year from tariffs and promotions.

我們同時將 2025 年四年調整後的 EBITDA 預期上調至至少 1.15 億美元，高於先前至少 1.1 億美元的預期。隨著我們進入第四季度，並且對今年剩餘時間有良好的可見性，我們現在預計下半年關稅和促銷活動帶來的邊際壓力會略有減少。

While the tariff situation remains fluid, we're seeing more modest impacts than we had originally expected. Additionally, our increased promotional activity is going as planned now that supply constraints have largely been resolved.

雖然關稅情況仍然不明朗，但我們看到的實際影響比我們最初預期的要小。此外，隨著供應限制基本上已解決，我們加強促銷的措施也按計畫進行。

Finally, we now expect fiscal 2025 capital expenditures of $80 million to $100 million. We continue to construct both production lines at our Seymour facilities simultaneously along with on-site cold storage. The $10 million reduction versus previous guidance reflects some timing updates for the Seymour facility and some postponed projects at ECS in Springfield in order to focus on the digital transformation go live.

最後，我們現在預計 2025 財年的資本支出為 8,000 萬美元至 1 億美元。我們繼續在西摩工廠同時建造兩條生產線以及現場冷庫。與先前的預期相比，減少了 1000 萬美元，這反映了西摩工廠的一些時間安排調整，以及為了集中精力推進數位轉型，ECS 在斯普林菲爾德的一些項目被推遲。

As previously indicated, we will have elevated CapEx spend in 2025 and 2026 because of construction of our new facility in Seymour, Indiana, the newly installed production line at ECS Springfield, the construction of accelerator farms, and our digital transformation project.

如前所述，由於我們在印第安納州西摩市建造新工廠、在 ECS Springfield 安裝了新的生產線、建造加速器農場以及我們的數位轉型項目，我們在 2025 年和 2026 年的資本支出將會增加。

We expect to fund our current plans with the existing cash and operating cash flow and continue to project that every $1 of CapEx's investment in the Seymour facility will generate $5 of annual revenue capacity. Let me also touch a bit more on the ERP implementation. We turned on our new ERP system at the beginning of the fourth quarter on September 29.

我們預計利用現有現金和營運現金流為目前的計劃提供資金，並繼續預測，對西摩工廠每投入 1 美元的資本支出，每年將產生 5 美元的收入。我再多談談ERP實施方面的問題。我們在第四季初，也就是9月29日，啟用了新的ERP系統。

As planned, the new system is working very well. We put a great internal team in place at a realistic timeline with multiple test iterations and partner with the right implementation vendor. This is common with any system implementation of this complexity, we are now in a planned hypercare period in the fourth quarter.

正如計劃的那樣，新系統運作良好。我們組建了一支優秀的內部團隊，並製定了切實可行的時間表，進行了多次測試迭代，同時與合適的實施供應商合作。對於任何如此複雜的系統實施來說，這都是常見的現象，我們現在正處於第四季度的計劃性維護期。

During this hypercare period, we budgeted additional resources to support operations at the ECS and address any issues as they arise. That said, given that the ECS had to learn to operate using new processes and software tools, the ERP start up slowed down production for the first two weeks of the fourth quarter, but that was always part of our plan and therefore has had no impact on our guidance for the full year.

在此期間，我們預算了額外的資源來支援 ECS 的運營，並解決出現的任何問題。也就是說，由於 ECS 需要學習使用新的流程和軟體工具進行操作，ERP 系統的啟動導致第四季度前兩週的生產速度有所下降，但這始終是我們計劃的一部分，因此對我們全年的業績指引沒有任何影響。

However, you can see the impact in the most recent scanner data. Following this expected temporary slowdown, the business has quickly bounced back, and we are now operating at [pre-goli] shipment levels. Before I hand the call back to Russell, I would like to mention that we will hold an investor day on December 16 in Springfield, Missouri.

但是，從最新的掃描器資料中可以看到這種影響。經歷了預期的暫時性放緩之後，業務迅速反彈，我們現在已經恢復到（goli 之前）的出貨量水準。在將電話轉回給羅素之前，我想提一下，我們將於 12 月 16 日在密蘇裡州斯普林菲爾德舉行投資者日活動。

In addition to an update for management, we will tour ECS, including the third production line, and showcase the new cold storage facility. We hope that you can join us, and if you are interested in attending, please reach out to Brian Shipman.

除了向管理層報告最新情況外，我們還將參觀 ECS，包括第三條生產線，並展示新的冷藏設施。我們希望您能加入我們，如果您有興趣參加，請聯絡 Brian Shipman。

Now let me turn the call back to Russell.

現在我把電話轉回給羅素。

Thank you, Thilo. With strong fundamentals, a resilient supply chain, and expanding brand reach, we're confident in our trajectory into 2026. As I mentioned at the start of the call, I just returned from an all-hands meeting, and I'm always so energized by being with the entire crew in person.

謝謝你，蒂洛。憑藉著強勁的基本面、富有韌性的供應鏈和不斷擴大的品牌影響力，我們對 2026 年的發展軌跡充滿信心。正如我在通話開始時提到的，我剛參加完全體員工會議，每次和全體員工面對面交流都讓我精神振奮。

The organization's values are as strong as ever, and our crew continues to raise the standards for the Vital Farms brand and to drive the organization forward. Looking ahead, we believe we remain structurally advantaged with significant long-term op opportunity.

組織的價值觀一如既往地堅定，我們的團隊不斷提高 Vital Farms 品牌的標準，並推動組織向前發展。展望未來，我們相信我們在結構上仍然具有優勢，並擁有巨大的長期發展機會。

Our brand of eggs still represents a small fraction of the total egg market, giving us substantial runway for growth. Consumer awareness of animal welfare and food sourcing continues to increase, and Vital Farms has established itself as the trusted leader in this space.

我們的雞蛋品牌目前僅佔雞蛋市場的一小部分，這為我們提供了巨大的成長空間。消費者對動物福利和食品來源的意識不斷提高，Vital Farms 已成為該領域值得信賴的領導者。

The capacity investments we're making, the operational excellence we're demonstrating, and the brand strength we're building create a powerful combination. We're building a durable, scalable business model that can deliver consistent results for the long-term.

我們正在進行的產能投資、我們正在展現的卓越營運以及我們正在打造的品牌實力，共同創造了強大的組合。我們正在建構一個持久、可擴展的商業模式，能夠長期帶來持續的績效。

Every decision we make and every investment we prioritize is in service of our mission to become America's most trusted food company. The progress we're making in 2025 represents meaningful steps toward that goal.

我們所做的每一個決定和我們優先考慮的每項投資，都是為了實現我們的使命：成為美國最值得信賴的食品公司。我們在 2025 年取得的進展代表著朝著該目標邁出的重要一步。

Once again, we thank you for your time and your interest in vital farms and for the confidence you've placed in us with your investment. We look forward to seeing many of you at our investor day in December. With that, we're happy to take your questions.

再次感謝您抽出時間關注重要農場，感謝您對我們的信任和投資。我們期待在12月的投資者日上見到各位。那麼，我們很樂意回答您的問題。

Robert Moskow from TD Crown.

來自 TD Crown 的 Robert Moskow。

Hi, thanks for the question and welcome to Brian. I wanted to know if you could dive a little deeper into the volume in the quarter of 19%. How much of that is from like filling up inventory at customers and how much of that would you consider like sustainable demand growth from a consumer standpoint.

您好，感謝您的提問，歡迎您來到布萊恩的論壇。我想知道您能否更深入地分析一下 19% 這個季度的交易量。其中有多少是來自滿足客戶庫存需求，又有多少是您認為從消費者角度來看的永續需求成長？

And then also on the price mix was which was a lot higher than I thought. Is there a mix component to that that's unusual that that you might want to dig into? Thanks.

此外，價格組合也比我想像的要高得多。其中是否存在某種不尋常的混合成分，值得您深入研究？謝謝。

Yeah, good morning, Rob. Thanks for the question. So on the volume, I would argue this is all sustainable volume growth. This is not about filling retailer inventory. There might have been maybe a bit at the beginning of the quarter, but keep in mind that first half of the year our volume growth was constrained just by our limited supply of eggs.

早安，羅布。謝謝你的提問。所以就銷量而言，我認為這都是可持續的銷售成長。這並非是為了補充零售商的庫存。本季初可能略有成長，但請記住，今年上半年我們的銷售成長完全受到雞蛋供應有限的限制。

And the demand was always there. Now we are in a much better position to fill the demand, and you know the way we've talked about growth progression sequentially throughout the year, that every quarter we would have higher growth in the previous quarter, higher volume than the previous quarter. We continue to see that. And so with that, this is all sustainable growth and driven by demand and not filling retailer channels.

市場需求一直都存在。現在我們更有能力滿足市場需求，而且您也知道，我們一直在談論全年持續成長的情況，每季我們的成長率都會高於上一季度，銷售量也會高於上一季。我們持續看到這種情況。因此，這一切都是永續成長，是由需求驅動的，而不是為了填滿零售通路。

On the price mix question, yeah, it was slightly better than what we had initially planned for the quarter. It was really a function of channel mix, Skew mix for us. We dialed back promotions a bit in September. We didn't want to have a lot of promotions out in the market as we went into the [European P implementation] at the end of September. We knew ECS would start up slowly afterwards.

關於價格組合問題，是的，比我們最初為本季制定的計劃略好一些。這實際上取決於通道混合，對我們來說是傾斜混合。9月份我們稍微縮減了促銷活動。由於我們在 9 月底開始實施 [歐洲 P 計劃]，我們不想在市場上推出太多促銷活動。我們知道ECS之後會緩慢啟動。

And so we were dialing back promotions that helped a bit. And so for, looking forward next quarter, price mix should probably play a slightly smaller role than it did this quarter, but volume grows, will continue to improve.

因此，我們縮減了一些促銷活動，這在一定程度上起到了作用。因此，展望下個季度，價格組合的作用可能會比本季略小，但銷量成長，並將繼續改善。

Okay, but just to clarify, volume up 19%, the retail tracking data doesn't show it quite so high, so you know as we look forward to 2026, it is that's the reason I'm asking is like is high 10s volume growth still, conceivable in 206 based on what you see?

好的，但為了澄清一下，銷量增長了 19%，零售追蹤數據顯示並沒有那麼高，所以你知道，當我們展望 2026 年時，這就是我問的原因，根據你看到的情況，2026 年銷量增長達到 10% 以上是否仍然可能？

Yeah, I don't want to get into guiding '26 already, but the growth algorithm that we have built for ourselves, it assumes continued healthy volume growth. Keep in mind we are less than 3% of the volume of the entire egg industry in the US.

是的，我不想現在就開始預測 2026 年的業績，但是我們為自己建立的成長演算法假設銷量會持續健康成長。請記住，我們的產量僅占美國整個雞蛋產業產量的不到 3%。

I think we have plenty of room to continue to grow. We're putting the capacity in place. We also talked about the number of farms that we recruited in the quarter, approximately 75 farms that we added, and so with that, we're putting all the pieces in place to continue volume growth at a very healthy level. I don't want to commit yet to a number, but I would argue the third quarter was not an outlier.

我認為我們還有很大的發展空間。我們正在落實相關能力。我們也談到了本季我們招募的農場數量，大約新增了 75 個農場，因此，我們正在做好一切準備，以繼續保持非常健康的銷售成長。我不想現在就給出具體數字，但我認為第三季並非異常值。

Great. Okay, thank you.

偉大的。好的，謝謝。

Jon Andersen, William Blair.

喬恩·安德森，威廉·布萊爾。

Hey, good morning everybody. Congratulations and welcome, Brian. I guess I wanted to ask about the additions in the farmer editions in the quarter, you kind of stepped-up farmer ads sequentially through the year '25 to 50 last quarter to 75, and I'm just trying to kind of get a sense for to what extent, that is just kind of. Serendipity in terms of, farmer availability versus you know deliberate as you kind of now have the third line installed in ECS and are looking to kind of enter' 26 with increased supply capabilities. Thanks.

嘿，大家早安。恭喜並歡迎布萊恩。我想問的是本季農民版塊新增的內容，你們似乎在這一年中逐步增加了農民廣告的數量，從 25 到上個季度的 50，再到 75，我只是想了解一下這種增加的程度。從偶然性的角度來看，農民的供應情況與精心策劃的情況有所不同，因為你現在已經在 ECS 安裝了第三條生產線，並希望以更高的供應能力進入 2026 年。謝謝。

Hey, good morning, John. Great question. So yeah, we had a really strong quarter in terms of adding new farmers and I think it speaks to the success that our network of farmers is having working with us, the strong. A reputation we have in the marketplace and as we described earlier this year, sort of our increased capacity to vet and add great new farmers.

嘿，早上好，約翰。問得好。是的，我們本季在新增農民方面表現非常強勁，我認為這體現了我們的農民網絡與我們合作的成功，實力雄厚。我們在市場上享有的聲譽，以及我們今年早些時候所描述的，我們不斷增強的篩選和吸收優秀新農戶的能力。

The number's going to the number of farms we add each quarter we'll see some fluctuation quarter to quarter based on, timing. Various inputs to timing, but in general we continue to scale over a long period of time relative to the to the growth that we anticipate in the months and years to come.

這個數字取決於我們每季新增的農場數量，根據時間安排，每季都會有些波動。影響時機的因素有很多，但總的來說，我們將繼續以較長的時間跨度來擴大規模，以適應我們預期在未來幾個月和幾年內的成長。

Okay, and as a follow-up, I, we noticed that. Your GDP growth, distribution growth, picked up nicely in in the September quarter. I'm assuming there are multiple factors obviously that go into that, your supply situation, ability to, sell in more items, to your retail customers, but, it still looks like there's a long way for you to go to.

好的，作為後續，我們注意到了這一點。貴國的GDP成長和分配成長在9月份的季度都出現了不錯的回升。我猜想這其中顯然有很多因素，例如你的供應情況、向零售客戶銷售更多商品的能力等等，但是，看起來你還有很長的路要走。

Let's say establish an assortment at your big retail customers that it's maybe comparable to some other brands in the category. Could you just talk a little bit about your selling efforts, what you experienced, with recess this fall, and how you're thinking about distribution opportunities in '26 as well given the better supply situation? Thanks.

假設你在大型零售客戶那裡建立了一個產品系列，這個系列或許可以與該類別中的其他一些品牌相提並論。您能否談談您今年秋季的銷售工作情況，以及在供應情況好轉的情況下，您對 2026 年的分銷機會有何看法？謝謝。

Thanks, John. Yeah, I think very consistent with our approach to so many things. We're really intentional and transparent in our relationship with our retail partners. And so as you mentioned, we have for the last year or so planned on this expanded level of egg production and processing capacity that we're now seeing come to fruition.

謝謝你，約翰。是的，我認為這與我們處理很多事情的方式非常一致。我們與零售合作夥伴的關係非常注重溝通和透明。正如您所提到的，在過去一年左右的時間裡，我們一直在計劃擴大雞蛋生產和加工能力，現在我們看到這項計劃正在實現。

And so that's enabled us to work with our retail partners about expanding distribution where it makes sense for them based on our increased availability of the products that they that they want for their sets. So it is gratifying to see that show up in expanding points of distribution and we'll continue to be, I think, very measured in our approach so that we continue to do our best.

因此，這使我們能夠與零售合作夥伴合作，根據我們不斷增加的產品供應量，在對他們有利的地方擴大分銷，以滿足他們的需求。因此，看到分銷點不斷擴大，令人欣慰。我認為，我們將繼續採取非常穩健的方式，以便繼續做到最好。

Match growing supply with growing placements and growing velocities and you know as we continue to invest in the brand, there's strong pull through as you can see in our velocities, which continues to ensure that this is an important part of a retail except.

將不斷增長的供應量與不斷增長的投放點和不斷增長的銷售速度相匹配，正如您從我們的銷售速度中看到的那樣，隨著我們不斷投資於該品牌，就會產生強大的拉動效應，這將繼續確保它是零售業的重要組成部分。

Very good, thank you.

非常好，謝謝。

Thank you.

謝謝。

Megan Clapp at Morgan Stanley.

摩根士丹利的梅根·克拉普。

Hi, good morning. Thanks for taking your question. I wanted to follow-up on Rob's question on the 4th quarter. So based on the guide and your comments, it does seem to imply that you're expecting just a bit of an underlying acceleration in volumes if we account for that that pull forward Thilo you mentioned and your comments that price mix maybe decelerate a bit.

您好，早安。感謝您回答我的問題。我想就羅布提出的關於第四季的問題做個後續說明。所以根據這份指南和你的評論，如果考慮到你提到的提前成交的 Thilo 以及你關於價格組合可能會略微放緩的評論，那麼似乎暗示你預計成交量會有輕微的潛在加速增長。

Obviously, the scanner data that was helpful commentary in terms of what we've seen more recently, but could you just help us frame your expectations for volumes and what's driving that underlying acceleration implied in the fourth quarter? Thank you.

顯然，掃描器數據對我們最近看到的情況很有幫助，但您能否幫我們闡述一下您對銷售的預期，以及推動第四季度潛在加速成長的因素是什麼？謝謝。

Yeah, fair question, I guess it really is a function of what also just talked about great seller, great partnership with retailers, continued strong demand from consumers, and then on top of that, we just have better supply.

是的，問得好。我想這確實取決於我們剛才提到的幾個因素：優秀的賣家、與零售商的良好合作關係、消費者持續強勁的需求，以及我們更充足的供應。

The farm recruiting that we did last year at the beginning of this year that is now those eggs are now available just to sell the third line that came online at the beginning of October that increases the capacity that we have at ECS, and so we are now getting to a point where we have the eggs supply, we have the processing capacity, and the demand is there, so now we can fulfill more of that demand.

去年年初我們招募的農場，現在雞蛋已經可以賣了。 10 月初投入使用的第三條生產線提高了 ECS 的產能，所以我們現在有了足夠的雞蛋供應、加工能力，而且市場需求也存在，因此我們現在可以滿足更多的需求。

And those are the conversations that we have with our retail partners that we see demand out there that we want to fulfill that demand and that allows us to then have very constructive conversations about selling.

我們與零售合作夥伴進行的對話表明，我們看到了市場需求，我們希望滿足這種需求，這使我們能夠就銷售問題進行非常有建設性的對話。

Awesome, helpful, thank you. And then and then just to follow-up on pricing, I wondered if if you could comment on you know what you're seeing in terms of price gaps and elasticity. I think, last quarter you.

太棒了，很有幫助，謝謝。然後，關於定價問題，我想請您就您觀察到的價格差距和彈性發表一下看法。我認為，上個季度你。

Said that price gaps had widened, but we're within an acceptable range. It does seem like there's been some reports of avian flu, though seems more contained and maybe gaps are widening a bit as that's, kind of playing out.

據稱價格差距有所擴大，但仍在可接受的範圍內。雖然似乎有一些禽流感的報導，但疫情似乎得到了控制，而且隨著疫情的發展，疫情與外界之間的差距可能正在逐漸擴大。

But as you look at the scanner data, your volume share gains are also accelerating. So I just wondered if you could just talk about that dynamic and kind of what it's telling you about elasticity and consumer behavior. Thanks.

但從掃描器數據來看，您的銷售份額成長也在加速。所以我想知道您是否可以談談這種動態，以及它對您理解彈性和消費者行為有何啟示。謝謝。

Yeah, we keep watching price gaps, and this answer won't be very different from what we've said in the past, right? We keep watching price gaps. We want to make sure that we know where other players in the industry are. But ultimately consumers who buy our products, they probably don't make much of a price decision.

是的，我們會持續關注價格差距，這次的答案應該和我們過去的說法不會太大不同，對吧？我們會持續關注價格差距。我們希望確保我們了解業內其他參與者的位置。但最終，購買我們產品的消費者可能並不太在意價格。

It's about the values that the brand stands for and that those consumers identify with. And so price gaps, yes, they have widened a bit, probably even since we last talked a quarter ago. Yes, we are seeing signs of avian flu, especially in the northern parts of the country. I don't think so far it has really impacted retail prices.

這關乎品牌所代表的價值觀，以及消費者所認同的價值觀。所以，價格差距確實有所擴大，可能比我們上一次討論這個問題時（一個季度前）還要大。是的，我們已經看到禽流感的跡象，尤其是在該國北部地區。我認為到目前為止，它還沒有真正影響零售價格。

We'll keep watching them, but ultimately what drives our growth is not price gaps, but it is, I think a big part of it is that the tailwinds with consumers carrying more where their food comes from and how it's being produced, and that ultimately is the tailwind that benefits us and it's not really driven by price gaps widening or narrowing.

我們會繼續關注，但最終推動我們成長的不是價格差距，而是消費者越來越關注食物的來源和生產方式，我認為這才是真正有利於我們的利多因素，而不是價格差距擴大或縮小所驅動的。

Awesome thank you.

太棒了，謝謝。

Thanks, meg.

謝謝，梅格。

Scott Marks from Jefferies.

傑富瑞集團的史考特‧馬克斯。

Hey, good morning. Thanks so much for taking our questions and congrats on a nice quarter. Wanted to just come back to the question of distribution that's been discussed already. I know in the past you've talked about how the business is already in.

嘿，早安。非常感謝您回答我們的問題，並祝賀您本季業績出色。我想回到之前討論過的分配問題。我知道你之前說過，這項業務已經啟動了。

So many doors and you kind of see more of the growth from here coming from getting that extra item, that extra skew on shelf. So just wondering if you can give us an update on how you're thinking about that, as we head into '26 in terms of the split between new doors versus new items on the shelf. Thanks.

這麼多門，你會發現，從這裡開始的成長主要來自於增加額外的商品，增加貨架上的商品種類。所以，我們即將進入 2026 年，想請您更新一下您對新門和新上架商品比例的看法。謝謝。

Thanks. Great to be with you today. I think our stance is very consistent with where we've been throughout the year, which is, we're in, about 24,000 doors and are largely in, some of the highest performing retailers in the US and our path to growing is largely with them, partnering with them and continuing to help them meet their goals for their consumers.

謝謝。今天能和你們在一起真是太好了。我認為我們的立場與我們今年的立場非常一致，那就是，我們目前已進入約 24,000 家門店，並且主要與美國一些業績最好的零售商合作，我們的發展之路主要在於與他們合作，與他們建立夥伴關係，並繼續幫助他們實現其消費者目標。

And for their brands, and you're right, there's still a lot of room to continue to add products to their doors, which we do at a judicious pace based on our expectations for the ability to service that business.

至於他們的品牌，你說得對，仍然有很多空間可以繼續為他們增加產品，我們會根據我們對服務該業務能力的預期，以謹慎的速度進行這項工作。

So I wouldn't expect. New doors to be the primary driver. I think it's additional items in each door that will be our growth opportunity as well as just general pull through the velocity from existing items.

所以我並不抱太大期望。新門將成為主要驅動力。我認為，每扇門增加的商品將是我們的成長機會，同時也能帶動現有商品的銷售成長。

Appreciate that. Thanks. And then next question would be the, your shipping and distribution expense, although it came in a little bit higher year for year and still came in below what some folks were looking for. So just wondering if you can help us understand maybe what was the driver of that and how we should be thinking about that expense item moving forward. Thanks.

謝謝。謝謝。下一個問題是你們的運輸和配送費用，雖然比前一年略有上升，但仍低於某些人的預期。所以，我們想請您幫忙了解造成這種情況的原因，以及我們今後應該如何看待這筆開支。謝謝。

Yeah, I think the biggest driver there is rates. So, as we are all watching the macro environment and backdrop and we're seeing some slowdown in some parts of the economy, that is creating a surplus of trucking availability which is working to our benefit at least for the moment.

是的，我認為最大的驅動因素是利率。所以，當我們都在關注宏觀環境和背景，並看到經濟某些​​領域出現放緩時，這就造成了卡車運輸能力的過剩，至少目前這對我們有利。

Appreciate it. Thanks, pass it on.

謝謝。謝謝，請轉告。

And Scott, let me just add to that just heads up that fourth quarter tends to be the highest unit cost for us for shipping and distribution simply because freight rates go up in the fourth quarter around the holidays. So sequentially I would assume that there is an increase in distribution expenses.

史考特，我還要補充一點，提醒一下，第四季通常是我們運輸和配送的單位成本最高的時期，因為第四季假日期間運費會上漲。因此，我推測配送費用會逐級增加。

This year might be a bit of an outlier to what I just said that fourth quarter is the highest unit rate because of first quarter volume being unusually low for us, shipping was a bit less efficient back then, so fourth quarter might come in higher than where we were in Q3 on a per unit basis, but still better than what we had first quarter.

今年的情況可能與我剛才所說的有所不同，第四季度的單位價格最高，因為第一季度的銷量異常低，當時的運輸效率也較低，所以第四季度的單位價格可能會高於第三季度，但仍然比第一季度要好。

John Baumgartner from Mizuho Securities.

來自瑞穗證券的約翰·鮑姆加特納。

Good morning thanks for the question.

早安，謝謝你的提問。

Good morning.

早安.

Russ. You noted in the past the very long conceivable runway for growth from the pool of potential new farmers that's out there, and I'm curious, given the volatility and uncertainty in the farming community year-to-date between tariffs, exports, low prices for row crops.

俄文您過去曾指出，潛在的新農民群體為農業發展提供了非常長的潛在成長空間。鑑於今年以來農業界在關稅、出口和農作物價格低迷等方面的波動性和不確定性，我很好奇。

I'm curious what you're seeing in of these conditions may be enhancing the interest among farmers or accelerating the adoption of pasture raised production, given, better visibility into a domestic market, higher returns versus current operations. I mean, has that been a factor at all in the year-to-date farmer pickups you're seeing, or could it be a factor in 2026?

我很好奇，在這些情況下，您是否看到了什麼？鑑於國內市場前景更加明朗，以及與現有經營方式相比更高的回報，這些情況可能會增強農民的興趣，或加速牧場放養生產的普及。我的意思是，這是否對您今年迄今為止看到的農民提貨量產生了任何影響，或者這是否會成為 2026 年的某個因素？

Yeah, I, it's always been important to us that we're creating meaningful economic opportunities for small family farmers in this country, and as you're alluding to, they often lose at the end of the movie. It's not, it's definitely not easy to work, and the economics of farming seem to be getting tougher every year.

是的，我們一直非常重視為這個國家的小農戶創造有意義的經濟機會，正如你所暗示的那樣，他們往往在電影結尾失敗。確實不容易，務農絕對不容易，而且農業的經濟狀況似乎每年都在惡化。

So we are really, I think. Centered on that value proposition, it's really important to us that our farmers win when they work with us and they do their part.

所以，我想我們確實是。基於這項價值主張，我們非常重視農民與我們合作並盡其所能後能夠獲得成功。

It continues to be an important part of the value for them. I can't say that I'm seeing an acceleration of interest. We've talked about there being plenty of interest and a and a strong pipeline of perspective small family farmers, and that continues to be true.

它仍然是他們價值觀的重要組成部分。我不能說我看到了人們興趣的加速成長。我們已經討論過，有很多潛在的小型家庭農場主對此感興趣，而且人才儲備充足，這種情況依然如此。

And our job is just to make sure that we have a pipeline of really great farmers in the right part of the country, who really believe in what we're doing and want to be a part of it and we continue to see strong interest.

我們的工作就是確保在合適的地區擁有一群真正優秀的農民，他們真心相信我們正在做的事情，並希望參與其中，而且我們持續看到他們表現出濃厚的興趣。

Thanks for that. And then to follow-up on the distribution growth and the velocities, the GDP growth has accelerated nicely throughout the year with the increase in supply. But I think more recently the volume velocity has inflected positives since maybe like the middle of the summer.

謝謝。然後，就分銷成長和速度而言，隨著供應的增加，GDP 成長在全年都得到了很好的加速。但我認為，從夏季中期開始，交易量成長已經出現正面變化。

And I'm wondering if you can delve into that a bit more, this inflection in velocity. Is that largely reflective of a shift favoring more medium or heavy buyers? Is it more reflective of a changing business mix between retailers and channels? Just any thoughts there? Thank you.

我想請您更深入地探討一下速度的這種拐點。這是否主要反映了市場趨勢向中型或重型買家傾斜？這是否更反映了零售商和通路之間不斷變化的業務組合？大家有什麼想法嗎？謝謝。

Yeah, the first thing I'd call out is, as we've been discussing, we've been bringing on meaningful expansion of both egg supply from farms and processing capacity at Egg Central Station in Q3 we didn't just go live with our new ERP system as part of the broader digital.

是的，首先我要指出的是，正如我們一直在討論的那樣，我們在第三季度實現了農場雞蛋供應和雞蛋中央站加工能力的顯著增長，我們不僅僅是上線了新的ERP系統，作為更廣泛的數字化戰略的一部分。

Transformation effort we added a significant number of new farms, and we added and brought online the third production line at Egg Central Station. And so a lot of what you're seeing in the in the data is our increased ability to meet the existing needs of our consumers and retail partners and that's an exciting. That's an exciting place to be.

轉型過程中，我們新增了大量農場，並在雞蛋中央站增設並投入使用了第三條生產線。因此，您在數據中看到的許多內容都表明，我們滿足消費者和零售合作夥伴現有需求的能力有所提高，這令人興奮。那真是個令人興奮的地方。

Thank you.

謝謝。

Thank you.

謝謝。

Matt Smith from Stifel.

來自 Stifel 的 Matt Smith。

Hi, good morning. Thanks for taking the question, Thilo. The fourth quarter or the implied fourth quarter guidance suggests margins still nicely above the 2027 targets despite some hypercare spending, as you called it.

您好，早安。謝謝你回答這個問題，蒂洛。第四季或隱含的第四季業績指引表明，儘管存在一些過度醫療支出（正如你所說的那樣），但利潤率仍然遠高於 2027 年的目標。

Is the level of promotional support and marketing at appropriate levels is exit this year, is there an opportunity to flex that higher as you see strong household penetration and awareness gains? And one other consideration as you fill the new production line at Springfield. Should that be a headwind margin exiting the year, or is that going to achieve a throughput that mitigates that?

今年的推廣支援和行銷力道是否達到適當水準？鑑於家庭滲透率和知名度的顯著提升，是否有機會進一步加大投入？在為斯普林菲爾德的新生產線配備物料時，還有一點需要考慮。這是否會成為年底的不利因素，還是能夠透過提高產量來緩解這一不利因素？

Yeah, great question, Matt. So on promotional and marketing spending, we have said, I think for a few quarters now that promotional spend, meaning trade spend, would be highest in Q4, that continues to be the case of continues how we how we plan the year.

是啊，問得好，馬特。因此，關於促銷和行銷支出，我們已經說過，我認為在過去的幾個季度裡，促銷支出（即貿易支出）在第四季度最高，這種情況將繼續下去，這也是我們全年計劃的一部分。

And it's simply a function of fourth quarter. We don't worry about the European implementation anymore. The third line is online and so on. We have to supply to support promotions and with that we're really focusing on promotions in Q4 marketing spend, we're probably year-to-date at a very appropriate level for us. Year-to-date marketing spend was about 5% of net sales.

這完全取決於第四季的情況。我們不再擔心歐洲的實施問題了。第三條線路已上線，以此類推。我們必須提供物資來支援促銷活動，因此我們在第四季度的行銷支出中確實非常注重促銷，就目前而言，我們今年的支出水平可能非常合適。今年迄今的行銷支出約佔淨銷售額的 5%。

Maybe Q4 will take it up a little bit, but we've talked about that marketing spend for the full year will be roughly comparable to last year, where it was 5.3% for the full year. So, that that would imply that maybe marketing spend4 is going to increase a bit compared to the first three quarters of the year, but not by any dramatic amount.

或許第四季會略有成長，但我們之前說過，全年的行銷支出將與去年大致相當，去年全年佔比為 5.3%。所以，這意味著行銷支出4可能會比今年前三個季度略有增加，但不會有太大的增幅。

And the question on production line, is it going to put pressure on margins or not? I would argue, Matt, that we have been staffing up for that line throughout Q2 and Q3. We wanted to bring people in early in order to make sure that by the time the line comes online, they're trained and they know what they're doing.

那麼生產線方面的問題在於，這會不會對利潤率造成壓力？馬特，我認為，我們在第二季和第三季一直在為這條生產線增加人手。我們希望儘早引入人員，以確保在生產線上線時，他們已經接受過培訓，並且知道自己在做什麼。

So now we have the crew in place, and now we can actually get the volume of the line. And so if anything, the production line should be margin enhancing for us in the fourth quarter compared to what we've seen in the third quarter.

現在人員已經到位，我們可以真正了解生產線的產量了。因此，如果有什麼變化的話，那就是與第三季相比，這條生產線在第四季應該會提高我們的利潤率。

Thank you for that. And as a follow-up to your comments about incremental items in existing doors, in the past you've talked about some of these incremental items being a mixed tailwind as you get more premium items on the shelf. Is that still the case today, or is the assortment changed as we think about some of the, six counts of medium eggs and other items that you've introduced in the past?

謝謝。針對您先前關於現有門市中新增商品的評論，您過去曾談到，隨著貨架上出現更多高端商品，這些新增商品可能會帶來一些利好因素。現在情況仍然如此嗎？還是說，考慮到我們之前推出的一些產品，例如六個裝的中等大小的雞蛋和其他一些產品，產品種類有所改變？

Yeah, I think the biggest trend that continues to be true is that our organic products are growing faster, and that's, I think, largely driven by the fact that they are a more recent addition and therefore earlier in the growth curve in so many of our mainstream retail partner shelves. So that's a nice tailwind I think from a mixed perspective. It also increases, our average item price which is supportive of the revenue capacity from our infrastructure.

是的，我認為最大的趨勢是我們的有機產品成長更快，我認為這主要是因為它們是最近才加入產品線的，因此在我們許多主流零售合作夥伴的貨架上，它們正處於成長曲線的早期階段。所以從各種角度來看，這算是個不錯的順風。這也提高了我們的平均商品價格，從而增強了我們基礎設施的收入能力。

Eric Des Lauriers from Craig Hallum.

來自 Craig Hallum 的 Eric Des Lauriers。

Great, thank you for taking my questions and congrats on another very impressive quarter here. Just one question from me looking to drill down a bit more into consumer behavior amid these widening price gaps. So, great to see the continued strength in demand. It's clear your existing customers are very loyal.

太好了，感謝您回答我的問題，也恭喜你們又一個季度取得了非常出色的成績。我只有一個問題，想更深入地了解在價格差距不斷擴大的情況下，消費者的行為。很高興看到需求持續強勁。很明顯，你們現有的客戶非常忠誠。

The journey from trial to repeat to heavy user is consistent, but I'm wondering if you're seeing any impact on trial as a result of the widening price gaps. Thank you.

從試用到重複使用再到重度用戶，用戶發展歷程是一致的，但我很好奇，隨著價格差距的擴大，您是否看到了對試用用戶的任何影響。謝謝。

Thank you. At this point, no, although as we've said, we continue to bring on more capacity and more supply, and so I think that only enables more trial and enables us to kind of catch up to that continued increase in awareness that we that we're driving with our marketing efforts. But in general, what we've learned is that consumers don't just buy our eggs, they buy into what we stand for.

謝謝。目前還沒有，不過正如我們所說，我們會繼續增加產能和供應，所以我認為這只會帶來更多試用機會，並使我們能夠跟上我們透過行銷努力所推動的不斷增長的認知度。但總的來說，我們了解到，消費者購買的不僅僅是我們的雞蛋，他們還認同我們所代表的價值觀。

And yes, there's some uncertainty in the broader environment and maybe with price gaps on the shelf, but you know our business is growing because people want to know where their food comes from and that trust and loyalty has kept our demand incredibly steady.

是的，整體環境存在一些不確定性，貨架上的價格也可能存在差距，但你知道，我們的業務正在成長，因為人們想知道他們的食物來自哪裡，這種信任和忠誠使我們的需求保持了非常穩定。

And Eric I would add to that that you know we've always talked about that we use marketing dollars to drive brand awareness, and we've obviously seen some very great results there over the last 12 months with brand awareness improving by 8 points and then we use promotional dollars to drive trial, right?

艾瑞克，我還要補充一點，我們一直以來都強調要利用行銷資金來提高品牌知名度，而且在過去的 12 個月裡，我們顯然已經看到了非常好的成效，品牌知名度提高了 8 個百分點，然後我們利用促銷資金來推動試用，對吧？

We like that promotion on the shelf because we get that, big yellow sticker on the shelf that then catches the consumer's eye. And that's often a consumer prices for the first time. So when I earlier talked about that we will increase promotional spend in the fourth quarter, that is really to drive trial.

我們喜歡貨架上的這種促銷方式，因為貨架上會貼上醒目的黃色標籤，從而吸引消費者的目光。而且這通常是消費者第一次接觸到價格。所以，我之前提到的我們將在第四季增加促銷支出，實際上是為了推動試用。

We now have the supply to Russell's Point. We have the brand awareness, and now we want to use promotions to drive trial to get new households into the brand. So if over the next three months you see an increase in our promotion spend, it's not a reaction to price gaps moving one way or the other.

我們現在已經能夠向羅素角供貨了。我們已經建立了品牌知名度，現在我們希望透過促銷活動來推動試用，讓更多家庭加入我們的品牌。因此，如果在接下來的三個月裡，您看到我們的促銷支出增加，這並不是對價格差距變化的反應。

It really is a function of us having the supply and now the ability to get new consumers to try the brand for the first time and then turn them into repeat customers.

這實際上取決於我們是否擁有供應能力，以及現在是否有能力讓新消費者第一次嘗試我們的品牌，然後將他們轉化為回頭客。

That's all very helpful. I appreciate the call. Thank you.

這都很有幫助。感謝您的來電。謝謝。

Ben Mayhew from BMO Capital Markets.

來自 BMO 資本市場的 Ben Mayhew。

Hey guys, thanks for the questions and welcome Brian. I guess I'll start with can you talk about the impact of high competing protein prices, and do you see that driving more demand into the eggs which are relatively more affordable on a per serving basis?

大家好，感謝大家的提問，歡迎布萊恩。我想先問一下，能否談談高昂的蛋白質價格帶來的影響？您認為這是否會推動人們對雞蛋的需求增加，因為雞蛋以每份計算相對來說更實惠？

Yeah, I think that's an open question, and we've certainly seen some reports that as consumers are looking for to stretch their grocery dollar, they're looking at more affordable sources of nutritious food, and eggs have always been a very affordable a whole food that's packed with protein and the things that consumers want.

是的，我認為這還是個懸而未決的問題。我們確實看到一些報導說，隨著消費者希望節省開支，他們正在尋找更經濟實惠的營養食品來源，而雞蛋一直是一種非常經濟實惠的全食物，富含蛋白質和消費者想要的營養成分。

That said, we don't have any unique insights into trade down, and we're not seeing strong evidence of that being an important driver of our growth at this moment.

也就是說，我們對降級消費並沒有什麼獨特的見解，目前也沒有強而有力的證據顯示降級消費是我們成長的重要驅動因素。

Okay, that's fair. And then on slide 12 in your deck, your average item sold has once again surpassed your average weekly dollars. Can you explain why this may be an important indicator of your volume, led strategy and ability to manage supply versus demand over time?

好吧，這很合理。然後，在你的簡報第 12 頁中，你的平均單件銷售額再次超過了你的平均每週收入。您能否解釋為什麼這可能是衡量您的銷售、主導策略以及長期管理供需能力的重要指標？

Sorry, Ben, I'm processing the question right now. I think the short answer, there is. We continue to drive distribution at retail by getting more skews on the shelf, and as we do that, we continue to increase the velocity of the items on the shelf, right? So we're not at the point yet where we're adding a marginal skew that that that dilutes our velocity on the shelf.

抱歉，本，我現在正在思考這個問題。我認為簡而言之，答案是肯定的。我們不斷推動零售通路的分銷，讓貨架上的商品種類更加多樣化，這樣一來，我們就能不斷提高貨架上商品的周轉率，對吧？所以，我們還沒有到那種會增加邊際偏差，從而稀釋貨架上速度的地步。

That it's not a linear expansion on both metrics. There, you'll see some peaks and bumps there. But over time, I think the statement I just made that we're driving both velocity and average items distributed, I think that holds true.

這兩個指標都不是線性成長的。在那裡你會看到一些山峰和隆起。但隨著時間的推移，我認為我剛才所說的「我們正在提高速度和平均分發物品數量」的說法是正確的。

So if you look at the at the chart in the deck, the page you referred to, third quarter average items sold maybe grew a bit faster than dollars per average item sold, but I would chalk that up to just. I said, it's not a linear path that we are on, but over time, both metrics grow at the same time.

所以，如果你看一下簡報中的圖表，也就是你提到的那一頁，第三季平均商品銷量可能比每件平均商品的銷售額成長得更快一些，但我認為這僅僅是因為。我說過，我們走的不是一條線性道路，但隨著時間的推移，這兩個指標會同時成長。

Sometimes one grows faster than the other, but I think the statement of we can grow both at the same time, we are not adding the marginal product yet. I think that holds true.

有時一個成長速度會比另一個快，但我認為，我們無法同時實現兩者的成長，因為我們還沒有考慮邊際產品的增加。我認為這個說法是正確的。

And what I might add to that is that, and we've talked about this on prior calls, in many of our retail partners we are what we would describe as under space. We've got terrific high performing products and often the amount of space we've got in their set is smaller as we have a smaller share of space than we do share of revenue from their from their ex.

我還要補充一點，我們在之前的電話會議中也討論過這個問題，我們的許多零售合作夥伴都處於空間不足的狀態。我們擁有性能卓越的優秀產品，但我們在他們的產品組合中所佔的空間通常較小，因為我們所佔的空間份額比我們從他們那裡獲得的收入份額要小。

And so when we add an item, it is also an opportunity to provide more supply and presence of product on the shelf to meet the growing demand for our brand, and there's a lot of runway in that regard.

因此，當我們增加一件商品時，這也是一個機會，可以增加貨架上的產品供應和展示，以滿足我們品牌日益增長的需求，在這方面我們還有很大的發展空間。

Thanks, that's very helpful, guys. I'll leave it there.

謝謝，這很有幫助，各位。我就說到這兒吧。

Thank you.

謝謝。

Sarang Vora from Telsey Advisory Group.

來自 Telsey Advisory Group 的 Sarang Vora。

Yeah, hi, good morning, guys. It's actually Joe Feldman on Sarang today. I had a quick question about CapEx. I think Thilo, you mentioned that there would be a little bit of a, I guess because of timing, there'd be a little lower this year, and I'm wondering, does that just get made up next year and how you guys were initially thinking about CapEx for 2026?

嗨，大家早安。今天做客 Sarang 節目的其實是 Joe Feldman。我有一個關於資本支出的問題想請教一下。Thilo，你之前提到過，由於時間安排的原因，今年的支出可能會略低一些。我想知道，這部分支出明年是否會彌補回來？你們最初是如何考慮 2026 年的資本支出的？

Yeah, Joe, good to have you on the call. Yeah, it is just a timing shift from this year to next year. We took the guidance down by by $10 million and what we talked about was that, work in Seymour, there's a bit of groundwork that we had to do that is is slowing down the construction phase by a few weeks. And then the other part is there's a project at ECS that we put on hold.

是的，喬，很高興你能參加電話會議。是的，只是時間從今年延到明年而已。我們將預期金額降低了 1000 萬美元，我們討論的原因是，在西摩，我們需要做一些前期準備工作，這將使施工階段放緩幾週。另一方面，我們在 ECS 有一個專案被擱置了。

We didn't want to overtax ECS with changes around the European go live and the third line coming online, so we wanted to reduce the amount of change that we're doing it at, a single point of time at ECS. And so with that we delayed this project at ECS into next year.

我們不想因為歐洲上線和第三條生產線上線而給 ECS 造成過大的壓力，所以我們希望減少在 ECS 的單一時間點上進行的更改量。因此，我們將ECS的這個計畫延後到了明年。

In other words, the CapEx spend that we have planned over a two-year period for '25 and '26 is unchanged. We're just moving a little bit more into next year. But it's not any reflection other than that, it's no reflection on how we think about projects or importance of projects.

換句話說，我們為 2025 年和 2026 年兩年期間所規劃的資本支出保持不變。我們只是稍微向前邁進了一年。但這並不能反映其他任何情況，也不能反映我們如何看待專案或專案的重要性。

That's helpful. Thank you. And then this might be a little bit more of a technical question, but with the ECS, and I guess we may see it at the analyst event, but I'm just curious, how does the division of the work or the labor happen among the three lines?

那很有幫助。謝謝。接下來這個問題可能更偏技術性一些，但關於 ECS，我想我們可能會在分析師活動中看到它，但我只是好奇，這三條生產線之間是如何分工的？

Like is one line dedicated to just I don't know, regular eggs versus organic eggs or like how does, I guess how do you run the different lines and you know how I understand how it increases capacity but how does that all kind of happen I guess is my question.

例如，有一條生產線專門用來生產普通雞蛋和有機雞蛋，或者，我猜你們是如何運行不同的生產線的，我知道這可以提高產能，但我的問題是，這一切是如何實現的。

That's a great question, and we look forward to showing you it live at our analyst day. But the thing that's exciting about this third machine, it is a slightly smaller machine than the first two, which is why our reported revenue capacity doesn't grow you know by 50% and What that means is that that machine is great for a shorter runtime product.

這是一個很好的問題，我們期待在分析師日活動上現場向您展示。但第三台機器令人興奮的地方在於，它比前兩台機器略小，因此我們報告的收入能力沒有增加 50%。這意味著這台機器非常適合運行時間較短的產品。

Essentially it allows us to dedicate the first two machines to longer runtime product lines, our main TOP4 SKUs, and then we can use the new machine to focus primarily on our specialty SKUs which have lower volumes that. Really increases our efficiency and we're excited to see that that sort of productivity improvement over time as we as we work our way into having all three up and running.

從本質上講，這使我們能夠將前兩台機器專門用於運行時間較長的產品線（即我們主要的 TOP4 SKU），然後我們可以利用新機器主要專注於銷量較低的特殊 SKU。這確實提高了我們的效率，我們很高興看到隨著我們逐步讓這三台設備投入運行，生產力也會隨之提高。

That's great. Thank you very much and look forward to seeing you guys soon.

那太棒了。非常感謝，期待很快能見到你們。

Thank you.

謝謝。

That concludes the question-and-answer session. I'd now like to turn the call back over to Brian Shipman for closing remarks.

問答環節到此結束。現在我想把電話交還給布萊恩·希普曼，請他作總結發言。

Thank you and thanks again everyone for joining us today and for your continued support. Please reach out directly with any follow-ups or if you'd like to attend attend our investor day in December, and with that, have a great day.

謝謝大家，再次感謝大家今天蒞臨，也謝謝大家一直以來的支持。如有任何後續事宜，或有意參加我們12月份的投資者日活動，請直接與我們聯繫。祝您今天愉快！