Westrock Coffee Co (WEST) 2025 Q1 法說會逐字稿

Hello, and welcome to Westrock Coffee Company's first-quarter 2025 earnings conference call. My name is Howard, and I will be co-ordinating your call today. (Operator Instructions)

您好，歡迎參加 Westrock 咖啡公司 2025 年第一季財報電話會議。我叫霍華德，今天我將負責協調您的電話會議。（操作員指示）

I will now hand the call over to Robert Mounger with Westrock Coffee.

現在我將把電話交給 Westrock Coffee 的 Robert Mounger。

Thank you, and welcome to Westrock Coffee Company's first-quarter 2025 earnings conference call. Today's call is being recorded. With us are Mr. Scott Ford, Co-Founder and Chief Executive Officer; and Mr. Chris Pledger, Chief Financial Officer.

謝謝，歡迎參加 Westrock 咖啡公司 2025 年第一季財報電話會議。今天的通話正在錄音。與我們一起的還有聯合創始人兼首席執行官 Scott Ford 先生和首席財務官 Chris Pledger 先生。

By now, everyone should have access to the company's first quarter earnings release issued earlier today. This information is available on the Investor Relations section of Westrock Coffee Company's website at investors.westrockcoffee.com. Certain comments made on this call include forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

現在，每個人都應該可以看到該公司今天早些時候發布的第一季財報。這些資訊可在 Westrock Coffee Company 網站 investors.westrockcoffee.com 的投資者關係板塊查閱。本次電話會議中的某些評論包含前瞻性陳述，受 1995 年《私人證券訴訟改革法》安全港條款的約束。

These forward-looking statements are based on management's current expectations and beliefs concerning future events and are subject to several risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. Please refer to today's press release and other filings with the SEC for a more detailed discussion of the risk factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today.

這些前瞻性陳述是基於管理階層目前對未來事件的預期和信念，並受到多種風險和不確定性的影響，這些風險和不確定性可能導致實際結果與這些前瞻性陳述中描述的結果有重大差異。請參閱今天的新聞稿和向美國證券交易委員會提交的其他文件，以更詳細地了解可能導致實際結果與今天做出的任何前瞻性陳述中表達或暗示的結果存在重大差異的風險因素。

Also, discussions during the call will use some non-GAAP financial measures as we describe business performance. The SEC filings as well as the earnings press release provide reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures. And with that, it is my pleasure to turn the call over to Scott Ford, our Co-Founder and Chief Executive Officer.

此外，在電話討論中，我們將使用一些非 GAAP 財務指標來描述業務績效。SEC 文件以及收益新聞稿提供了這些非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳。接下來，我很高興將電話轉給我們的共同創辦人兼執行長 Scott Ford。

Thank you, Robert. Good afternoon, everyone. Thanks for joining us today. I'm happy to share with you that in the first quarter of '25, we continued to make great strides towards our goal of becoming the premier integrated strategic supplier to the preeminent coffee, tea and energy beverage brands globally. We ended the first quarter with the combination of our Beverage Solutions and SS&T segment adjusted EBITDA of $11.5 million, up 3.3% over the prior year, in line with our expectations and our previous guidance of essentially flat for the first quarter of '25.

謝謝你，羅伯特。大家下午好。感謝您今天加入我們。我很高興地與大家分享，在 25 年第一季度，我們繼續朝著成為全球卓越咖啡、茶和能量飲料品牌的首要綜合策略供應商的目標邁進。當我們第一季結束時，飲料解決方案和 SS&T 部門調整後的 EBITDA 為 1150 萬美元，比上年增長 3.3%，符合我們的預期以及我們之前對 25 年第一季基本持平的指導。

With the first quarter behind us and now halfway through the second quarter, we are pleased to be able to reaffirm our guidance for both the first half of the year and for the entire year of 2025. When added together, the combination of our Beverage Solutions segment adjusted EBITDA and SS&T segment adjusted EBITDA should total between $27.5 million and $34 million for the first half of the year, an increase of roughly 25% over the prior year and track to be between $75 million and $88 million for the full year '25, up roughly 35% over '24. There are a number of significant factors that create this performance and while not detracting from the many fantastic accomplishments and goals yet to be achieved in cost controls, systems development and new customer and product wins. The single most important element driving this performance is the commercial launch of our two new Conway, Arkansas manufacturing facilities. The often mentioned country's largest roast to extract to RTD facility is literally leaping the life in front of our eyes, as we have begun commercial quantity production runs for many of our new customers in this facility in the past 45 days.

第一季已經過去，第二季也已過半，我們很高興能夠重申對今年上半年和 2025 年全年的預期。加在一起，我們的飲料解決方案部門調整後的 EBITDA 和 SS&T 部門調整後的 EBITDA 在今年上半年總計應在 2750 萬美元至 3400 萬美元之間，比上年增長約 25%，而 25 年全年則預計達到 7500 萬美元至 8800 萬美元之間，約 35%。創造這一業績的重要因素有很多，但同時也沒有減損我們在成本控制、系統開發以及贏得新客戶和新產品方面尚未實現的許多出色成就和目標。推動這一業績的最重要因素是我們在阿肯色州康威的兩家新製造工廠的商業啟動。這個經常被提及的國家最大的從烘焙到提取再到 RTD 的工廠實際上正在我們眼前煥發生機，因為在過去的 45 天裡，我們已經開始為該工廠的許多新客戶進行商業化批量生產。

It has not been without its challenges. It is a feat everyone else in the industry seem to have walked away from rather than attempting, but we meet daily on the punch list of activities we must deliver on as a team. And at this point, that list is now short, manageable, and we are highly confident we will attain our deliverables.

這並非沒有挑戰。這是業內其他人似乎都放棄而不是嘗試的壯舉，但我們每天都會開會討論作為一個團隊必須完成的活動清單。目前，這份清單已經很短，易於管理，我們非常有信心實現我們的目標。

My respect for this team is immense as I watch them daily perform Herculean tasks with grace and grit. At the exact same time as the Conway RTD facility went commercial, we also launched our second single-serve cup manufacturing facility in part of the new Conway distribution center complex.

當我看到這支團隊每天以優雅和勇氣完成艱鉅的任務時，我對他們充滿了敬意。在康威 RTD 工廠投入商業運營的同時，我們也在新康威配送中心綜合體的一部分內啟動了第二家單杯生產工廠。

Fortunately, this start-up of this plant has gone seamlessly as we have over 200 people that work in our original single-serve plant just 20 minutes down the road that we have tapped into for insights, staffing health and start-up workload sharing. As always, my gratitude goes out to this tremendously talented team as well. Together, these facilities encompass over 1 million square feet and can produce and distribute hundreds of millions of RTD cans, glass bottles and multi-serve bottles along with ultimately billions of single-serve cups each year. We remain convinced that consumer-driven shifts taking place in the coffee and related beverage market are going to create immense return opportunities for a few companies, while stagnating others and then our customer base positions us as one of the very few companies globally who have the technological expertise and breadth of the product offerings to deliver on this type of industry-altering strategic plan. By becoming the lead innovation and development partner, dependable and sustainable sourcing resource and low-cost processing and packaging outsourcer for the world's leading beverage brands, we enable them to capitalize on their brand equity positions through the transition of their product portfolio in step with the movements of their end consumers.

幸運的是，工廠的啟動進展順利，因為我們原來的單一服務工廠距離這裡只有 20 分鐘的路程，有 200 多名員工，我們可以從他們那裡獲得見解、人員配置健康和啟動工作量共享。像往常一樣，我也對這支才華橫溢的團隊表示感謝。這些工廠總面積超過 100 萬平方英尺，每年可生產和分銷數億個 RTD 罐、玻璃瓶和多份瓶以及數十億個單份杯。我們仍然相信，咖啡和相關飲料市場正在發生的由消費者驅動的轉變將為少數公司創造巨大的回報機會，而其他公司則會停滯不前，然後我們的客戶群使我們成為全球極少數擁有技術專長和廣泛產品供應的公司之一，可以實現這種改變行業的戰略計劃。透過成為世界領先飲料品牌的領先創新和開發合作夥伴、可靠和可持續的採購資源以及低成本加工和包裝外包商，我們使他們能夠透過與最終消費者的動向同步轉變產品組合來充分利用其品牌資產地位。

So as we speak today and as referenced on our last call, we are now bringing a second can line online in the third quarter of this year and have a third can line now on site and ready to install as demand continues to ramp. Our retail packaging capacity in North Carolina, which was only recently doubled, is now up for another 50% expansion, and our new single-serve plant in Conway is about to undergo another 100% capacity extension, simply to meet the demand these iconic brands have brought to us across our product portfolio over just '24 and early '25.

因此，正如我們今天所說的以及我們上次電話會議中提到的那樣，我們將在今年第三季度上線第二條罐裝生產線，並且隨著需求的持續增長，第三條罐裝生產線現已在現場並準備安裝。我們在北卡羅來納州的零售包裝產能最近剛剛翻了一番，現在又要再擴大 50%，我們在康威的新單份工廠即將再進行 100% 的產能擴張，只是為了滿足這些標誌性品牌在 24 年和 25 年初對我們的產品組合帶來的需求。

These are examples of growth brought about from our delivery of the leading integrated platform in the category, progress that, in turn, grows the value of our services to our customers, enhances our teammates' careers, manifests our pricing power on the ground daily for smallholder farmers in the developing world and rewards our shareholders who entrusted us with their money with every expectation of a handsome return. These are important things and worthy of our greatest efforts. I want to thank everybody on the team for a miraculous quarter and for all the work you're doing now going into what will be the largest back half of the year from a production and earnings perspective in the company's history.

這些都是我們提供該領域領先整合平台所帶來的成長的例子，這些進步反過來又增加了我們為客戶提供的服務的價值，提升了我們隊友的職業生涯，為發展中國家的小農戶每天體現了我們的定價能力，並回報了那些將資金委託給我們的股東，使他們獲得豐厚的回報。這些都是重要的事情，值得我們付出最大的努力。我要感謝團隊中的每個人，感謝你們創造了一個奇蹟般的季度，感謝你們現在所做的所有工作，從生產和盈利的角度來看，這將是公司歷史上最大的下半年。

With that, I'm going to turn the call over to Chris Pledger, our CFO, and I'll rejoin you shortly for questions. Thank you.

說完這些，我將把電話轉給我們的財務長克里斯普萊傑 (Chris Pledger)，我很快就會再回來回答你們的問題。謝謝。

Thank you, Scott, and good afternoon, everyone. The first quarter of 2025 was a good one at Westrock Coffee Company. Despite the political and macroeconomic headwinds starting to affect consumer spending, we were able to grow our roast and ground coffee volumes year-over-year and deliver financial results ahead of our expectations at a consolidated level and in both of our reporting segments. On a consolidated basis in the first quarter, net sales increased by 11.1% compared to the first quarter of 2024. Our net loss was $27.2 million, while consolidated adjusted EBITDA was $8.2 million, with that result being burdened by $3.3 million in Conway scale-up operating cost.

謝謝你，斯科特，大家下午好。2025 年第一季對於 Westrock 咖啡公司來說是一個不錯的季度。儘管政治和宏觀經濟逆風開始影響消費者支出，但我們仍能實現烘焙和研磨咖啡產量的逐年增長，並在合併水平和兩個報告部門中實現超出預期的財務業績。以合併口徑計算，第一季淨銷售額與 2024 年第一季相比成長了 11.1%。我們的淨虧損為 2,720 萬美元，而合併調整後的 EBITDA 為 820 萬美元，這一結果受到康威擴大營運成本 330 萬美元的影響。

Comparatively, last year's first quarter consolidated adjusted EBITDA was $11.1 million, but with no Conway scale-up operating costs. For an accurate comparison, you would add $3.3 million in Conway scale-up cost to the $8.2 million in consolidated adjusted EBITDA to get a true picture of our quarter-over-quarter performance. On a segment basis in the first quarter, Beverage Solutions had a 3.8% increase in net sales, while segment adjusted EBITDA was $9.6 million compared to $10.8 million in the first quarter of 2024. The increase in sales was driven by volume increases in roast and ground coffee of 7.6% and year-over-year growth in coffee commodity prices, which we passed through to our customers. The Sustainable Sourcing & Traceability segment saw a 44% increase in sales compared to the first quarter of 2024, driven by strong volume growth and margin capture and higher coffee prices.

相比之下，去年第一季合併調整後 EBITDA 為 1,110 萬美元，但沒有康威擴大營運成本。為了進行準確的比較，您需要將 330 萬美元的 Conway 擴大成本添加到 820 萬美元的合併調整後 EBITDA 中，才能真正了解我們的季度環比表現。按部門劃分，第一季飲料解決方案淨銷售額成長 3.8%，部門調整後 EBITDA 為 960 萬美元，而 2024 年第一季為 1,080 萬美元。銷售額的成長得益於烘焙和研磨咖啡銷量成長 7.6% 以及咖啡商品價格年增，我們將這些成長轉嫁給了客戶。永續採購和可追溯性部門的銷售額與 2024 年第一季相比成長了 44%，這得益於強勁的銷售成長和利潤率以及咖啡價格上漲。

This resulted in segment adjusted EBITDA of $1.9 million compared to $300,000 in the first quarter of 2024. Turning to capital expenditures. In the first quarter of 2025, we spent approximately $41 million in CapEx, over $30 million of which was related to our Conway extract and RTD facility. As stated on our last call, we expect the balance of the Conway CapEx spend to be completed by the end of the third quarter of this year. At quarter end, we had approximately $86 million in consolidated unrestricted cash and undrawn revolving credit commitments on our $200 million line.

這導致該部門調整後的 EBITDA 為 190 萬美元，而 2024 年第一季為 30 萬美元。轉向資本支出。2025 年第一季度，我們的資本支出約為 4,100 萬美元，其中超過 3,000 萬美元與我們的康威萃取物和 RTD 設施有關。正如我們上次電話會議所述，我們預計康威資本支出餘額將在今年第三季末完成。截至季末，我們的 2 億美元信用額度上擁有約 8,600 萬美元的合併非限制現金和未提取的循環信貸承諾。

Our leverage remains within expectations in compliance with our credit agreement covenants. As with everyone in the coffee space, we continue to contend with historically high green coffee prices and should begin to experience the impact of the recently announced tariffs on our coffee costs later in the second quarter. While both higher coffee costs and tariffs on coffee imports will impact our inventory values, the cost of coffee and the tariff costs are ultimately passed through to our customers.

我們的槓桿率仍符合預期，符合我們的信貸協議契約。與咖啡領域的所有人一樣，我們繼續應對歷史性的高位生咖啡價格，並且應該會在第二季度晚些時候開始感受到最近宣布的關稅對我們的咖啡成本的影響。雖然咖啡成本上漲和咖啡進口關稅都會影響我們的庫存價值，但咖啡成本和關稅成本最終會轉嫁給我們的客戶。

While this puts short-term pressure on our liquidity through increased working capital, we believe we're well positioned from a liquidity standpoint to withstand these higher costs. Like any business that sells products to consumers, we're closely monitoring the impact of the current political and macroeconomic volatility on consumer confidence and consumer spending, and we are getting ahead of any potential impact on our business by closely managing our expenses.

雖然這會透過增加營運資本對我們的流動性造成短期壓力，但我們相信，從流動性的角度來看，我們完全有能力承受這些更高的成本。與任何向消費者銷售產品的企業一樣，我們密切關注當前政治和宏觀經濟波動對消費者信心和消費者支出的影響，並透過密切管理我們的開支來避免任何可能對我們業務產生的影響。

In terms of guidance, while we continue to operate in an ever-changing consumer environment, we don't see any reason at this point in time to make any adjustments to our forward guidance. With that, we'll be glad to take few questions.

在指導方面，雖然我們繼續在不斷變化的消費者環境中運營，但目前我們認為沒有理由對我們的前瞻性指導進行任何調整。我們很樂意回答一些問題。

(Operator Instructions) Joseph Feldman, Tesley.

（操作員指示）約瑟夫·費爾德曼，特斯利。

This is Sarang Vora. My first, congratulations on a great quarter, better than expected and guidance maintained. I'll start with the Conway. I know you are running commercial runs are underway for production over there. Can you remind us a full-scale production start over here?

這是薩朗沃拉。首先，我要祝賀您本季取得了出色的成績，好於預期，並且保持了預期。我先從康威開始。我知道你們正在進行商業運作以進行生產。您能提醒我們這裡全面生產已經開始嗎？

Are we looking at like -- it seems like in your prepared remark, you said third quarter is when you start production of a can line and then also another can line in third quarter. And is that a glass line also slated for the year? Just trying to just understand the scope of curve on the second half and the production line over here at Conway.

我們是否正在考慮——似乎在您準備好的發言中，您說第三季度是您開始生產一條罐頭生產線的時候，然後在第三季度開始生產另一條罐頭生產線。今年也計劃生產這條玻璃生產線嗎？只是想了解下半部的曲線範圍和康威的生產線。

Sure. This is Scott. And I think there's three things. We started the first, what we call the large can line. We started that this month.

當然。這是斯科特。我認為有三件事。我們啟動了第一條生產線，我們稱之為大型罐裝生產線。我們從本月就開始這麼做了。

It really goes through a material ramp-up in May and June. The second can line comes on in the third quarter. That's the second piece. That's probably going to be in August, September time frame. And then the glass line turns on in the third quarter and then ramps up over three quarters, the third, the fourth and the first to its full capacity.

五月和六月確實經歷了材料供應的增加。第二條生產線將在第三季投入使用。這是第二件。那大概是在八月或九月的時間。然後玻璃生產線在第三季開始投產，然後在前三個季度、第三季、第四季和第一季逐漸增加產量，直到達到滿載。

So by the time you get through the first quarter of next year, we expect that all three of those lines will be fully utilized and running at capacity. We have a third can line that we've purchased and that we've positioned that we will turn on at that point in time if we need it.

因此，到明年第一季度，我們預計這三條生產線都將充分利用並滿載運作。我們購買了第三條罐裝生產線，並已將其定位，以便在需要時及時啟動。

That's great. I mean it's good to see ramp starting to happen at Conway. I also had a small quick follow-up question. It seems like single-serve is getting a lot of traction here. I mean your success at the Conway expanding in North Carolina.

那太棒了。我的意思是，很高興看到康威開始出現坡道。我還有一個小小的後續問題。看起來單份服務在這裡很受歡迎。我指的是你在北卡羅來納州康威擴張方面取得的成功。

Can you help us understand how the volumes are ramping up in the -- on the single-serve side? Or what is your expectation for the year on the single-serve side?

您能否幫助我們了解單份飲料的銷售量是如何成長的？或者您對今年的單份飲料市場有何期望？

Sure. I'll comment on what's going on in the business, and then I defer all forward numbers speak to Chris. What's going on in the business is we are winning in the market. We have not only several private label wins. We've had a very substantive recent private label win, and we've had a very large branded product win.

當然。我會評論業務中發生的事情，然後我將所有前瞻性的數字推遲給克里斯。我們在業務上取得的進展是我們在市場上取得了勝利。我們不僅贏得了多個自有品牌的勝利。我們最近在自有品牌方面取得了非常實質的勝利，並且在品牌產品方面也取得了非常大的勝利。

And we are in discussions with a number of other brands where they are coming to us to take on more and more of the portfolio, which is really at the heart of the design of this business and this $400 million investment of turning on two new plants was to become a one-stop shop where we have 35 food scientists that can do product development work and match your flavor profile in a cup, in a bag, in a multi-serve bottle, in a can.

我們正在與許多其他品牌進行洽談，他們來找我們，希望我們承擔越來越多的產品組合，這確實是我們業務設計的核心，而我們投資 4 億美元開設兩家新工廠，旨在打造一站式服務中心，我們擁有 35 名食品科學家，可以進行產品開發工作，並在杯子、袋子、多用途瓶裝和罐裝中匹配您的口味。

And as the market is coming to understand what product development and market kind of insights that fuel that product development, are available. We get people that are coming in to look at one product, and we're selling them a different product or we're selling them two other products rather than the one they came from for initially.

隨著市場逐漸了解產品開發以及推動產品開發的市場洞察，這些洞察是可用的。我們讓顧客進來查看一種產品，然後我們向他們出售不同的產品，或向他們出售另外兩種產品，而不是他們最初購買的產品。

And our single-serve lift that is taking place over the course of this year is largely a result of this multiproduct shopping that brands and private label owners are doing in and around the Conway facility now.

我們今年進行的單次服務提升主要是由於品牌和自有品牌所有者現在在康威工廠及其周邊進行的多產品購物。

Chris, I'll turn it over to you if you'd like to clear that up or add anything?

克里斯，如果你想澄清這一點或補充什麼的話，我會把它交給你？

No, that was perfect. No, I think from a volume perspective and kind of monetizing the volume, we've got a pretty significant ramp that we start to see in the second quarter. Most of that will happen in the back part of the second quarter. And then we'll continue to grow. That's with a new customer that Scott talked about.

不，那太完美了。不，我認為從銷售角度以及銷售貨幣化的角度來看，我們在第二季看到了相當顯著的成長。其中大部分將在第二季後半段發生。然後我們將繼續成長。這是史考特談到的一位新客戶。

And then we'll continue to grow volumes in single-serve through the back half of the year, as we continue to ramp volume for that customer and then have growth in some of our existing customers. So you're right, this is going to be a really good year for single-serve as we continue to grow really volume sales starting in probably the last month of this quarter and through the rest of the year.

然後，我們將在今年下半年繼續增加單份產品的銷量，因為我們將繼續為該客戶增加銷量，然後我們的一些現有客戶也會有所成長。所以你說得對，今年對於單份飲料來說將會是非常好的一個年份，因為我們的銷量很可能從本季度的最後一個月開始持續增長，並且會持續到今年剩餘時間。

Matt Smith, Stifel.

馬特史密斯（Matt Smith），Stifel。

Scott, you talked about the ramp-up at Conway and the customer order intense. Can you talk about the visibility you have into orders supporting the EBITDA growth in the back half of the year? Is that something that at this point, you have high confidence in given your discussion with the customers that are already committing to those lines? Have they locked in that volume to occur this year?

斯科特，您談到了康威的產能提升和客戶訂單的緊張情況。您能否談談對支持下半年 EBITDA 成長的訂單的了解程度？根據您與已經承諾使用這些產品線的客戶的討論，您對此是否充滿信心？他們是否已經確定了今年的產量？

Well, I never want to get too far ahead of what I actually know. But at this point in time, we are, in fact, very confident that we will both be able to make the product at the volume that our customers have signed up for and that they intend to take it. And I would say that the best harbinger of kind of insight into that recently is that we have customers who are now lining up for any day that we might be down with someone else if they can take that slot. So our demand is at least as strong as we had forecasted.

好吧，我從不想超出我實際知道的範圍。但目前，我們實際上非常有信心，我們能夠按照客戶簽署的數量和他們打算購買的數量生產產品。我想說，最近對此最好的預兆是，我們有一些客戶正在排隊，只要我們能占到這個位置，他們隨時都可能和其他人一起下單。因此，我們的需求至少和我們預測的一樣強勁。

And maybe as a follow-up, you've expanded your single-serve capacity over time, as you've realized the customer interest in shifting over to Westrock. Where are you in thinking about Conway's current capacity as you look ahead a year and your lines are up and running? Has there been enough demand intent and discussions and people lining up like you said to take other space if they drop out? Are you at a place now where you can look at the forward opportunity and consider what's next for Conway? And I don't want to get too far ahead here, just more of an understanding of how you think about the business and the growth beyond these three lines.

也許作為後續行動，隨著您意識到客戶對轉向 Westrock 的興趣，您會隨著時間的推移擴大單份服務容量。當您展望未來一年並且您的生產線已經投入運作時，您對康威目前的產能有何看法？是否有足夠的需求意圖和討論，以及人們是否像您所說的那樣排隊，如果他們退出就會佔用其他空間？現在您可以展望未來的機會並考慮康威的下一步計劃？我不想在這裡說得太遠，只是想更多地了解你如何看待這三條線以外的業務和成長。

Right. So we are running right now, I would say we are pretty close to 85% of our theoretical throughput is actually coming out of those lines now. But we built the front part of the Conway distribution center as about 125,000 square foot straight-line plant that we can double stack. So we could run several billion cups. We just aren't going to put the machines in until we have the orders in hand because we've just simply been burned by that in our past, in our history.

正確的。所以我們現在正在運行，我想說我們現在非常接近 85% 的理論吞吐量實際上來自這些線路。但是我們將康威配送中心的前部建造了約 125,000 平方英尺的直線工廠，可以雙層堆疊。所以我們可以生產幾十億杯。在收到訂單之前，我們不會投入機器，因為在我們的過去、我們的歷史上，我們已經遭受這樣的損失。

And we've learned that if we keep machines largely coming our way 12 to 18 months out, we are normally able to sell those out before we have to finish paying for them, and we're going to continue to practice that model. But we could add 5 billion more cups in that facility alone, and we could do that in less than 24 months if we had the orders to do it, which is a meaningful shift in global market share that would fit into that plant.

我們已經了解到，如果我們能保證機器在 12 到 18 個月內大量到貨，我們通常能夠在付款之前將它們賣完，我們將繼續實踐這種模式。但僅在該工廠，我們就可以增加 50 億個杯子的產量，如果我們有訂單，我們可以在不到 24 個月的時間內完成這一目標，這將是該工廠能夠適應的全球市場份額的重大轉變。

And Matt, the only thing I'd add to that, on the RTD side, there's room in the Conway facility to be able to expand it as well. And so what Scott talked about earlier about positioning a third can line so that as demand comes, we have the ability to install that, commercialize it and have it up and running to meet that demand. There's still room within the current footprint of Conway to be able to expand the facility, whether it's cans, multi-serve bottles or whatnot. And then there's room outside the facility to expand it. I think that what that gives us is the ability to not only expand as customers' demand for kind of coffee and tea extract grows, but it also gives us the ability to expand into kind of the obvious adjacencies around energy as those opportunities present themselves as well.

馬特，我唯一要補充的是，在 RTD 方面，康威工廠也有空間可以擴展。因此，斯科特之前談到了定位第三條罐裝生產線，以便隨著需求的增加，我們有能力安裝它、使其商業化並啟動和運行以滿足需求。康威目前的佔地面積內仍有空間來擴建設施，無論是罐裝、多用途瓶裝或其他什麼。而且設施外部還有空間可供擴建。我認為這不僅讓我們能夠隨著客戶對咖啡和茶提取物的需求增長而擴大規模，而且還讓我們能夠隨著能源領域機會的出現而擴展到明顯的鄰近領域。

And Chris, just one quick follow-up for me, and then I'll pass it on. When you talk about CapEx for Conway, just can you clarify if that includes the distribution center and the K-Cup capacity or the single-serve cup capacity that's being added there?

克里斯，我只需要跟進問題，然後我就會轉發。當您談到康威的資本支出時，您能否澄清一下，這是否包括配送中心和 K-Cup 產能，還是在那裡增加的單杯產能？

We kept that separate. It's in a separate facility, and so we've kept it separate. The incremental cost of it, some of the equipment that we're using, we're repurposing because we had bought it. Scott talked about getting ahead of ourselves with CapEx spend. We had done a little bit about of that.

我們將其分開。它位於一個單獨的設施中，因此我們將其分開保存。它的增量成本，我們正在使用的某些設備，我們正在重新利用，因為我們已經購買了它。斯科特談到如何在資本支出方面超越自我。我們已經做了一些這方面的事情。

So we've been able to really repurpose equipment that we had planned for other customers into that facility. As we continue -- we'll have some growth opportunities into that and incremental CapEx spend that's all in the budget for this year for single-serve. So it's separate from just kind of the what we traditionally have talked about as it relates to Conway.

因此，我們能夠真正將為其他客戶計劃的設備重新用於該工廠。隨著我們繼續前進——我們將獲得一些成長機會和增量資本支出，這些都包含在今年的單一服務預算中。因此，它與我們傳統上談論的與康威相關的內容有所不同。

Todd Brooks, The Benchmark Company.

托德布魯克斯 (Todd Brooks)，基準公司。

Scott, the first one, and there's this obvious chase of capacity, and you're certainly seeing it in single-serve, and I think you talked about doubling the capacity in Conway. And you talked about the success with cross-selling. Is the success skewed more to winning whales that just take down so much volume with one account win? Or is it the breadth of people that you're bringing across the transom that's really fueling this need to chase capacity?

斯科特，第一個，顯然是在追求容量，你肯定會在單份服務中看到這一點，我想你談到了將康威的容量翻一番。您談到了交叉銷售的成功。成功是否更偏向那些僅透過一個帳戶獲勝就能拿下大量交易量的贏家鯨魚？還是你所吸引的眾多人才真正推動了追逐容量的需要？

That is a great question, and this is going to sound -- this is going to -- unfortunately, this doesn't sound like a great answer, but the truth is, it's both of them. So we have gone after every whale that moved in the last three years. These wins that are coming into the factories now, they started three years ago. And you all heard about it. Well, we sold it out.

這是一個很好的問題，這聽起來——這聽起來——不幸的是，這聽起來不像是一個很好的答案，但事實是，兩者都是。因此，我們追蹤了過去三年移動的每一頭鯨魚。工廠現在取得的這些勝利是三年前就開始的。你們都聽說了。嗯，我們賣完了。

Well, great. Well, you've got to finish building it, okay? Well, then you gave a big customer delay, okay. Yes, all that's true. But when they do line up and they do come in, they fill the plant rapidly and we scale rapidly.

嗯，太好了。嗯，你必須把它建完，好嗎？好吧，那麼你給大客戶造成了延誤，好吧。是的，這些都是真的。但當他們排隊進來時，他們迅速填滿了工廠，我們迅速擴大了規模。

So the big whales have been the drivers, and we have focused on taking care of them because they are the -- they are what's going to drive our volume, which drives our economics. At the same time, we've have had a different team of sales and customer support people that have been working what I would say are the next 10 to 15 largest players in those categories. And we've had tremendous success with them, and we've tried to keep those two efforts to the extent we can, we're not a huge team, but to the extent we can, we've tried to keep those two efforts separated so that the smaller customers are being fit in, in a way and at a scale that they can run while we're getting the large ones in. Now we didn't get that perfect for some of our smaller customers. We have recently changed some of the way that we're dealing with them.

所以，大鯨魚一直是驅動力，我們一直致力於照顧它們，因為它們是推動我們產量成長的因素，進而推動我們的經濟發展。同時，我們擁有一支不同的銷售和客戶支援團隊，我認為他們的業務是這些類別中接下來的 10 到 15 個最大的參與者。我們與他們合作取得了巨大的成功，我們盡力將這兩項工作分開，雖然我們的團隊規模不大，但我們會盡力將這兩項工作分開，以便較小的客戶能夠以某種方式和規模融入其中，同時我們吸引大客戶。現在，對於一些較小的客戶，我們還沒有做到完美。我們最近改變了處理這些問題的一些方式。

We've changed some of the way that we are providing service to them and the insights and communicating with them. They've been very gracious with us, because what they get for that patient is they get an unbelievable product development team and an unbelievable cost because they ride on the back of the infrastructure that the whales drive. And so they benefit once we get them all in and lined up. So it's been complicated, but it's a great question. And we've actually -- we are within a couple of months of pulling both off.

我們改變了為他們提供服務、見解和與他們溝通的一些方式。他們對我們非常慷慨，因為他們為患者提供的是一支令人難以置信的產品開發團隊和令人難以置信的成本，因為他們依靠的是鯨魚驅動的基礎設施。一旦我們把他們全部納入並排好隊，他們就會受益。所以這很複雜，但這是一個很好的問題。事實上，我們只花了幾個月的時間就完成了這兩項任務。

Okay. That sounds fantastic. And then it's more of a macro level question, and I think it's just important for us to understand given where the facility is in the ramp curve here. But where -- if you just look at end markets and what you're hearing from your customers about coffee demand in general with where the C price is and potential tariff overlay coming on board, where are we just from a consumption? You talked in the entire history of this relationship, you talked about that shift from hot to cold.

好的。聽起來太棒了。這更像是一個宏觀層面的問題，我認為對我們來說，了解該設施在坡道曲線中的位置非常重要。但是，如果您只關注終端市場以及您從客戶那裡聽到的有關咖啡需求的總體情況，以及 C 價格和潛在的關稅覆蓋情況，那麼我們的消費水平如何？您談到了這段關係的整個歷史，談到了從熱到冷的轉變。

Can you give us kind of a market update and where we stand on, okay, pricing is to the point that we've destroyed some of that momentum, we've deferred it. Just what your take is on the overall market given the backdrop and where the consumer is right now?

您能否向我們提供一些市場最新動態以及我們的立場，好的，定價已經到了我們破壞部分勢頭的地步，我們已經推遲了它。考慮到目前的背景和消費者狀況，您對整個市場有何看法？

Right. And as we have talked about on previous calls, as a share winner, we are being overrun with share shift. And so our numbers are holding. We can honor our guidance because it was all share shift driven until the marginal play in the market, which you see some of these categories are under some pressure. That's not coming through our business, except in the roast and ground core coffee business from our original business.

正確的。正如我們在之前的電話會議上所討論的那樣，作為股票贏家，我們正受到股票轉移的衝擊。因此我們的數字保持不變。我們能夠遵守我們的指導方針，因為這一切都是由份額轉移驅動的，直到市場出現邊際波動，你會看到其中一些類別承受著一些壓力。這不是透過我們的業務實現的，除了我們原有業務中的烘焙和研磨核心咖啡業務。

And I would say that, that's off 8% to 10%. But in the last couple of months, they've run closer to 97% to 95% of last year, up from 90% to 85%. And so as the year is going on, things are actually getting better, not worse. And I know that, that's contra to all the headlines because I read them every day, too. But if you look at our underlying unit demand, it's improving as we go through the year, not degrading.

我想說的是，這個數字下降了 8% 到 10%。但在過去幾個月裡，這一數字已接近去年同期的 97% 至 95%，高於去年同期的 90% 至 85%。隨著時間的推移，情況實際上正在變得更好，而不是更糟。我知道，這與所有的頭條新聞相反，因為我每天也會讀它們。但如果你看看我們潛在的單位需求，你會發現隨著時間的推移，它正在改善，而不是下降。

And people say, well, how can that be with a 10% tariff on coffee? Number one, it hasn't come through yet. It will come through in the next 60 days. But number two, the day the tariffs were announced, the C price dropped the same amount. So our customers, if they had been paying tariffs, the day tariffs were announced, they would have paid the exact same total price that they paid the day before.

人們會說，對咖啡徵收 10% 的關稅怎麼可能呢？第一，它還沒有實現。它將在未來 60 天內實現。但第二，在關稅宣布的當天，C 價格下降了相同的幅度。因此，如果我們的客戶在關稅公佈當天支付關稅，他們支付的總價將與前一天完全相同。

Now that's maybe just lucky, but that -- the factors of pricing running through really don't seem to be slowing down any of the other products except roast and ground, and it's improving.

現在這也許只是幸運，但貫穿始終的定價因素似乎並沒有減緩烘焙和研磨之外的任何其他產品的增長，而且情況正在改善。

Eric Des Lauriers, Craig-Hallum Group.

艾瑞克‧德斯‧勞裡爾斯 (Eric Des Lauriers)，克雷格‧哈勒姆集團 (Craig-Hallum Group)。

First one for me is a bit of a follow-up on that last question here. So overall, coffee prices, record highs. There's some volume headwinds, as you just mentioned. Obviously, you've had some really nice wins, particularly in single-serve to help kind of offset those headwinds. Can you just expand a bit more on some of those recent wins that are helping offset those?

對我來說，第一個問題是關於最後一個問題的後續問題。因此整體而言，咖啡價格創下歷史新高。正如您剛才提到的，存在一些數量上的阻力。顯然，你取得了一些非常好的勝利，特別是在單發球方面，這有助於抵消這些不利因素。您能否進一步闡述最近的一些勝利是如何幫助抵消這些損失的？

And then I guess, a bit more so, how much capacity you have to kind of continue offsetting these potential headwinds with additional wins here?

然後我想，更重要的是，你有多少能力可以透過額外的勝利來繼續抵消這些潛在的逆風？

Sure. That's a bit of a nuanced question, you kind of have to look at it product by product. So if you look at traditional, what we call core coffee and tea, we have been winning in certain categories of late, largely in the retail category to go with the restaurant and C-store business that we've traditionally had. So we have a whole new customer group coming in to those facilities and many of whom came to us through single-serve cups or ready-to-drink cans or bottles. So that's what's driving our increased volume.

當然。這是一個有點微妙的問題，你必須根據產品逐一進行觀察。因此，如果你看一下傳統的、我們稱之為核心咖啡和茶的產品，你會發現，我們最近在某些類別中取得了勝利，主要是在零售類別中，與我們傳統的餐廳和便利商店業務相匹配。因此，我們有了一群全新的客戶來到這些工廠，其中許多人是透過單杯或即飲罐或瓶來購買我們的產品的。這就是推動我們銷售增加的原因。

And now as the consumer kind of on a comparable basis, customer by customer is strengthening a little bit through this spring, those numbers are actually kind of pulling through and our volumes are up for the first time in a long time in the aggregate. I think I'm going to stay away from what the numbers are because one person needs to control those, and that's Chris. If you look at the single-serve business, we are winning both private label and major brands that are leaving other platforms, period full stop. We're winning across the board in that category, and we're very grateful for it. We're thankful for it.

現在，隨著消費者在可比較基礎上的購買力不斷增強，今年春季，這些數字實際上正在回升，我們的整體銷量在很長一段時間內首次出現增長。我想我不會談論這些數字，因為一個人需要控制這些數字，而這個人就是克里斯。如果你看一下單一服務業務，你會發現我們既贏得了自有品牌，也贏得了離開其他平台的主要品牌，就是這樣。我們在該類別中全面獲勝，我們對此非常感激。我們對此心懷感激。

We take nothing for granted. Those teams work ridiculously hard to be precise and perfect in every cup they turn out, and they're doing a great job. And ready-to-drink is we just turned on the largest, lowest cost factory of anybody in the world. And of course, it attracted the major brands. And fortunately, because of the work that the product development and commercialization teams have done, we've attracted most of the smaller brands that are scaling up as well.

我們認為沒有什麼是理所當然的。這些團隊極為努力地工作，力求生產出的每一杯杯子都精準完美，而且他們做得非常出色。我們剛啟動了世界上規模最大、成本最低的即飲工廠。當然，它也吸引了各大品牌。幸運的是，由於產品開發和商業化團隊所做的工作，我們吸引了大多數正在擴大規模的小品牌。

And that's a winning formula, really what we're doing.

這就是我們真正正在做的成功的秘訣。

Yes. Yes, absolutely. That's great to see all that coming together here. I guess just a bit more on the capacity you have to kind of take additional wins. I'm just -- I guess, maybe from a product standpoint, like where do you have additional capacity to kind of continue taking share?

是的。是的，絕對是。很高興看到這一切在這裡匯聚在一起。我想你只需要多一點能力就可以獲得額外的勝利。我只是——我想，也許從產品的角度來看，你在哪些方面有額外的產能來繼續佔據市場份額？

Everywhere. Everywhere.

到處。到處。

Everywhere. Got it.

到處。知道了。

Because at this juncture, we built -- one of the reasons that we spent so much money in the last three years was to build the infrastructure that once you started winning, once you got up, you stay up by being super aggressive on price and service and then you just have to add incremental machines. We don't have to add incremental plumbing. We don't have to add incremental floor space. We don't have to add incremental AC. You just add machines.

因為在這個關鍵時刻，我們建造了——我們在過去三年中花費如此多資金的原因之一就是建造基礎設施，一旦你開始獲勝，一旦你站起來，你就可以通過超級積極的價格和服務來保持領先，然後你只需要添加增量機器。我們不必添加增量管道。我們不需要增加額外的樓面面積。我們不必新增增量 AC。您只需添加機器。

And we've built all three of these facilities that we've upgraded for that purpose over the last three years. So yes, there will be a place in time when that won't be true, but it's not happening in the next few years.

我們建造了這三個設施，並在過去三年內為此目的進行了升級。所以，是的，將來會有某個時候情況不再如此，但未來幾年內不會發生。

Got it. That's very helpful. And then on the three lines that are coming out this year, I mean, first of all, it's great to hear that everything is progressing as planned. Can you just help us understand where there might be some variability in the outlook? Guidance does have a low and a high end.

知道了。這非常有幫助。關於今年即將推出的三條產品線，首先，我很高興聽到一切都按計劃進行。您能否幫助我們了解前景中可能存在哪些變化？指導確實有低端和高端。

Just kind of wondering if you can help us understand a bit more the potential puts and takes as this ramp progresses, whether that's timing or quantities or however you want to take it. Just kind of wondering -- just trying to get a better sense of the low and high end of the ranges and what could cause that?

我只是想知道您是否可以幫助我們更多地了解這種坡度發展過程中可能產生的影響，無論是時間、數量還是您想採取的任何方式。只是有點好奇——只是想更好地了解範圍的低端和高端以及可能導致這種情況的原因是什麼？

This is Chris. I think there's really two things that I think of. I mean, we're in the process of scaling a very large new facility. And so we included some variability in that scale-up just to give us some wiggle room if things went slower than what we would have expected. At the end of the day, this is a fantastic story for the business.

這是克里斯。我認為我確實想到了兩件事。我的意思是，我們正在擴大一個非常大的新設施。因此，我們在擴大規模時加入了一些可變性，以便在事情進展比我們預期的要慢時給我們一些迴旋餘地。總而言之，這對該企業來說是一個精彩的故事。

And what we didn't want to do is just stick a life out number out there with the expectation that if we stumble a little bit or we undershoot that a little bit, that somehow it's not a great story for the company. And so we had a great start to the Conway facility. We expect to continue to learn from the things we're doing. And right now, we feel really good about the position we're in. So that was part of, it is creating some variability as we scale that facility.

我們不想做的只是把一個生命數字放在那裡，如果我們稍微失誤或稍微低於這個數字，這對公司來說就不是一個好故事。因此，我們在康威工廠取得了良好的開端。我們希望從我們正在做的事情中繼續學習。現在，我們對自己的處境感到非常滿意。所以這是其中的一部分，當我們擴大該設施規模時，它會產生一些變化。

And the other thing is just really what ultimately is going to be the outlook for the consumer, where we feel good about our business. At the end of the day, if you take a combination of high coffee costs, you take some of the variability in tariffs and how that might impact, maybe not us directly, but how that might impact the consumer at large, are they going to look at making different beverage choices as a way to be able to offset higher expenses in another area. We're not seeing that right now, but we wanted to include a little bit of variability in case that happens in our guidance. And that's the main reason where we can sit here today and reaffirm where we are because we haven't seen anything in our business or in the macro environment that would give us any reason to do anything otherwise.

另一件事就是最終消費者的前景如何，我們對我們的業務感到滿意。歸根結底，如果考慮到咖啡成本高昂，關稅也會發生變化，那麼這些變化可能會對我們產生影響，雖然不是直接影響我們，但可能會對廣大消費者產生影響，他們是否會考慮選擇不同的飲料來抵消其他領域的更高開支。我們目前還沒有看到這種情況，但我們希望在我們的指導中加入一點變化，以防這種情況發生。這就是我們今天能夠坐在這裡重申我們所處位置的主要原因，因為我們沒有在我們的業務或宏觀環境中看到任何讓我們有理由採取其他行動的情況。

I'm showing no additional questions in the queue at this time. I'd like to turn the conference back over to Mr. Scott Ford, CEO, for any closing remarks.

目前隊列中沒有其他問題。我想將會議交還給執行長史考特福特先生，請他做最後發言。

Well, I'd just like to say thank you for your interest. We appreciate you -- you guys all hopping on the call. We are pleased, but we also recognize that the first quarter was the easy one. That was basically up single digits over last year. This one is a steeper climb because the volumes start to really move in.

好吧，我只是想感謝您的關注。我們感謝你們——你們都參與了電話會議。我們很高興，但我們也意​​識到第一季是輕鬆的。這基本上比去年同期成長了個位數。這次的攀升更為陡峭，因為成交量開始真正開始成長。

And the third quarter, which is where all of the volume to make the numbers in '25 should be lining up to come in is where we're really focused right now. So we're not saying that we don't have a lot to do, but we are saying we think we have the shortest list of things to accomplish to deliver the numbers that we showed our investors three years ago when we raised the money to go build these plants. We have the shortest list of things to do to accomplish those goals that we have ever had. We have them in sight. We have them accounted for.

第三季是實現 25 年業績目標的關鍵時期，也是我們目前真正關注的重點。因此，我們並不是說我們沒有很多事情要做，而是說，我們認為，為了實現三年前我們籌集資金建造這些工廠時向投資者展示的數字，我們要完成的事情已經是最少的了。為了實現這些目標，我們列出了迄今為止最短的待辦事項清單。我們已經看到它們了。我們已經對他們進行了調查。

We have dedicated people working on each one of them. We're communicating well across the team. And we're really confident we're going to deliver on it. And I think it's a fascinating time in our history. Everybody can make their bet.

我們有專門的人員負責每一個工作。我們整個團隊的溝通非常順暢。我們非常有信心能夠實現這一目標。我認為這是我們歷史上一個令人著迷的時期。每個人都可以下注。

We'll see how it plays out. Thanks very much for your time.

我們將拭目以待。非常感謝您抽出時間。

Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may now disconnect. Everyone, have a wonderful day.

女士們、先生們，感謝大家參加今天的會議。本節目到此結束。您現在可以斷開連線。祝大家有美好的一天。