Primo Water Corporation (NYSE: PRMW)是北美领先的水务解决方案提供商，该公司报告称，2024年第一季度总收入增长9.6%，达到4.52亿美元，开局强劲。该公司调整后的EBITDA也增长了24%，达到9400万美元。Primo Water超出了自己的财务指引，显示出对全年利润率增长的信心。
此外，该公司还宣布将季度股息提高13%，至每股0.09美元，并回购了900万美元的普通股。Primo Water对可持续发展、卓越运营和客户体验的承诺继续推动其在所有渠道的成功。
Primo Water第一季度收入同比增长9.6%，达到4.52亿美元。
调整后EBITDA增长24%，至9400万美元。
该公司宣布季度股息为每股0.09美元，较上年增长13%。
Primo Water在本季度回购了900万美元的普通股。
第一季度的业绩是由有机增长、高效运营和对可持续性的关注推动的。
该公司预计到2024年底，每年将节省2000万美元的运行率。
第二季度营收预期为4.72亿美元至4.82亿美元，调整后EBITDA为1.03亿美元至1.11亿美元。
2024年全年收入预计在18.55亿美元至18.85亿美元之间，调整后的EBITDA在4.1亿美元至4.3亿美元之间。
调整后的co自由现金流预计到2024年，持续运营费用将达到1.75亿至1.85亿美元。
普里莫水利工程公司第二季度收入预期为4.72亿美元至4.82亿美元，调整后EBITDA为1.03亿美元至1.11亿美元。
该公司2024年全年收入预测在18.55亿美元至18.85亿美元之间，调整后的EBITDA在4.1亿美元至4.3亿美元之间。
调整后的co自由现金流预计到2024年，持续运营费用将在1.75亿美元至1.85亿美元之间。
该公司强调了由于不确定性而未包含在指导中的三个项目:业务优化计划的剩余余额，附加所有关税退款，并出售迪斯科ntinued操作。
Primo Water在第一季度的强劲表现得益于对客户服务和运营的关注优秀的部分。
山谷品牌经历了强劲的增长为公司的积极成果做出贡献。
该公司在所有渠道都实现了平衡增长，尽管宏观环境充满挑战，但仍保持乐观。
对收入的具体指导没有提供山谷品牌的价格。
该公司讨论了2028年和2029年到期日的低息债务安排，强调了利息收益最大化的重点。
预计到2024年，并购活动将处于历史区间的高端。
由于库存管理和客户服务的改善，Primo Water的留存率略有提高。
Primo Water Corporation在2024年第一季度的稳健业绩反映了该公司在提供高质量水务解决方案和提升客户体验方面的战略重点。该公司对可持续性和运营效率的承诺，以及其强大的财务状况，表明了未来的积极前景。Primo Water致力于增长和股东回报，这在其增加股息和股票回购活动中显而易见。随着公司继续在竞争格局中前行，其对创新和客户保留的关注将是保持水解决方案市场势头的关键。
Primo Water Corporation (NYSE: PRMW)在2024年第一季度显示出强劲的财务健康和增长潜力，与其战略目标保持一致。以下是基于实时数据和InvestingPro Tips的一些关键见解:
InvestingPro数据:
该公司拥有33.5亿美元的强大市值，反映了投资者的信心对其商业模式和市场地位的信心。
Primo Water Corporation的市盈率(P/E)为14.1，这是有原因的与同业相比，估值较低。
过去十二个月的毛利率为64.56%截至2024年第一季度，该公司在运营和成本管理方面展示了令人印象深刻的效率。
InvestingPro小贴士:
InvestingPro的一个提示强调了该公司的高股东收益率，这对寻求资本增值和收入的投资者来说是一个积极的信号。
此外，Primo Water预计将保持其盈利能力，预计今年净收入将增长，这加强了公司最近财务业绩中呈现的乐观前景。
InvestingPro提供了一套全面的额外提示，以指导投资者在他们的决策过程。对于Primo Water公司，还有13条建议可供使用，可以更深入地了解公司的业绩和潜力。要获得这些宝贵的建议，投资者可以访问:http://k1.fpubli.cc/file/upload/202405/12/zv1ub5vdviu。并使用优惠券代码PRONEWS24，每年或两年一次的Pro和Pro+订阅可额外享受10%的折扣。
正如积极的指标和InvestingPro Tips所表明的那样，Primo水务公司的财务实力和战略举措使其处于持续增长的良好地位。公司对股东回报和卓越运营的承诺仍然是其成功的基石。
接线员:早上好。我叫乔安娜，今天我是您的会议接线员。在这个时候，我想欢迎大家参加Primo水务公司2024年第一季度收益电话会议。[操作说明]谢谢。现在我把电话转给负责投资者关系的副总裁Jon Kathol。请继续。
Jon Kathol:欢迎参加Primo水务公司2024年第一季度收益电话会议。所有与会者当前都处于只听模式。这次电话会议将在Primo Water的网站primowatercorp.com上进行网络直播，并将在那里进行回放。本次电话会议包含前瞻性陈述，包括有关公司未来财务和运营业绩的陈述。这些声明应与今天上午的收益新闻稿中的安全港声明中的警示性声明和免责声明以及公司的10-K表格年度报告和10-Q表格季度报告以及向证券监管机构提交的其他文件一起考虑。公司的实际表现可能与这些陈述存在重大差异，除非适用法律明确要求，公司不承担更新这些前瞻性陈述的义务。电话会议期间讨论的任何非公认会计准则财务指标与符合公认会计准则的最具可比性指标(当数据能够估计时)的对账包括在今天上午早些时候发布的公司第一季度收益公告或公司网站primowatercorp.com的投资者关系部分。除了在今天的网络直播中提供幻灯片以帮助您完成我们的讨论之外，我们还在我们的网站上添加了一份演示文稿的副本，作为补充收益甲板。陪同我的是Primo Water首席执行官罗伯特·里特布鲁克(robert Rietbroek);首席财务官David Hass。说到这里，我现在把电话交给罗伯特。
Robbert Rietbroek: Thank you, John, and good morning, everyone. I'm very pleased with our performance in the first quarter where we showed strength across the business and organization, with balanced and broad-based growth across all channels. Total revenue of $452 million increased 9.6%, consisting of volume growth of 5.1% and pricing growth of 4.5%. Revenue gains were driven by organic growth of 8.3% demonstrating the health of our consumer and category, as well as our leadership position across our portfolio. Adjusted EBITDA was $94 million, up 24% versus the prior year. And the resulting adjusted EBITDA margin was 20.8%, which gives us confidence in our full year margin expansion. Both revenue and adjusted EBITDA exceeded the high end of our guidance issued last quarter. David will discuss more with the details of the quarter in a moment, but the results are direct reflection of our associates and their commitment to our customers. We remain frontline focused with a clear eye to growing the business profitably. I would like to publicly recognize and thank them for embracing our must-win priorities and for their dedication. From a macro perspective, our consumer demand is strong. Persistent concerns of inflation and high interest rates have not slowed demand for our products, and we continue to see the growth potential as a pure-play water company in the large, highly fragmented and growing North America water category. As consumers continue to prioritize healthier lifestyles, we offer high-quality drinking water solutions to meet the consumer wherever, whenever, and however they choose to hydrate. Our split between residential and commercial customer base remains approximately 50-50, ensuring a healthy balance of revenue sources. When you look at the broader beverage category, we are pleased that we are growing revenue in both volume and price. This contrasts with beverage companies where growth has been driven by pricing with moderate or declining volume. Recently, you may have been hearing more about external contaminants and their impact on the U.S. tap water supply, especially when sourced from surface water. Given an expensive and sometimes aging water infrastructure, many municipal solutions are likely years away from meaningful change. Our large-format bulk water products provide an immediate path to ensuring high-quality drinking water for consumers. The ongoing discussion about contaminants and the quality of the North American drinking water supply will likely make consumers more discerning in their hydration choices, presenting a clear opportunity for our water solutions. With that, let's discuss the specific progress of each of our must-win priorities that I identified last quarter. The first must-win is to provide a superior customer experience, with the goal to yield net organic growth and units or gallons consumed across our water portfolio. We are focused on acquiring and maintaining high-value customers in driving annual gallon growth, starts with the sale of water dispensers at retail, which drives our portfolio of water solutions, including Water Direct, Exchange, Refill and Filtration. We have begun enhancing many aspects of our consumer touch points in order to improve their experience. An important step is expanding our coverage in our Customer Experience Center where we are digitizing and empowering the center with a customer-centric approach. In Q1, we meaningfully increased the number of hours and days that we interacted with our valued customers through voice, social, and chat and focused on our quality of service and rapid request resolution. Within our water.com website, we created more than 180 branch pages, with unique content and descriptions for improved search engine optimization and customer review interactions. Our mobile version called My Water+ has been upgraded with Spanish language capability with plans for an updated user interface experience and several more upgrades to come in the balance of the year. We take great pride in our brand portfolio that includes 14 regional and national brands. These brands offer a variety of price tiers and water source types, whether it's Sparkletts on the West Coast, Crystal Springs in the East or Mountain Valley and Primo throughout the country, our consumers can expect high-quality and great-tasting water, sourced from one of our 70 domestic water sources. Consumers can select our products from multiple price tiers from a value price of $0.50 per gallon for water sold at a refill station, all the way up to our super premium Mountain Valley Spring water delivered in multi-format glass bottles direct to their door or sold at retail and at various on-premise locations. Our increased focus on Mountain Valley, which I spoke about last quarter, is delivering results. During the first quarter, we increased our Mountain Valley retail revenue by approximately 57% over the prior year by expanding our glass production capacity. We have launched a convenient 9-pack single-serve aluminum bottle at Whole Foods stores throughout the country, and will begin shipping this product to our water direct customers later this month. Mountain Valley is already the number one brand of spring water sold in the natural foods channel and is now available in more than 12,000 stores in the US, including conventional retail stores. We continue to see high levels of demand for our 5-gallon, 2.5 gallon retail and on-premise multiserve and single-user glass products. The second must win is to be the preferred water solutions partner. We meet the end consumer across numerous channels like direct-to-consumer delivery or through one of our retail partners with our exchange locations or refill stations. We have an offering to meet each of our customers' needs and budget for what we call Water Your Way. The concept of partnering stretches across all aspects of our business, including associates, suppliers, customers and current and potential shareowners. Starts with our associates. I am proud of the work they do, and their commitment shows in every aspect of their efforts. Providing a safe environment is job one and is necessary for our associates to thrive. Additionally, we are investing in improvements that include work place, upgrades in offices, locker rooms, break room areas, parking lots and production and distribution areas. Our associates live in the communities we serve and are passionate about the products and services we provide, and I want them to exhibit the pride in their company as they represent us in the community. As we conduct periodic surveys of our associates, we are noticing a positive shift in the culture and engagement, culminating with an improvement in retention rates. Community involvement includes providing support in times of need, like we did during the recent Texas wildfires. We embrace our partnerships and have been able to deepen our relationships as we span across all types of retail, including mass merchandisers, club stores, DIY and e-commerce with top-tier retailers like Walmart (NYSE:WMT), Costco (NASDAQ:COST) Home Depot (NYSE:HD) Lowes and other prominent grocery chains throughout North America. I've had the opportunity to meet with several of these world-class retailers in top-to-top meetings. And I found a strong desire on their part to drive more traffic to their stores with our exchange and refill stations and Mountain Valley spring water. During the first quarter, we were able to secure additional display racks within certain retail stores to support capacity in our exchange channel. Our focus on filling white space void and increasing capacity and in-stocks is having a noticeable effect by driving double-digit revenue growth as well as unit volume growth across the retail space. I have also been meeting with key members of our vendor community. As another area for growth, we see an opportunity to evolve our relationships with vendors from transactional to strategic partnerships, and to help deliver innovation in our product offering. David and I had more than 50 interactions with investors and analysts in the first quarter. It has been enlightening and educational. These themes included positive feedback regarding our growth algorithm, the sale of our European assets, an appreciation for our strong balance sheet and low leverage and how we plan to deploy capital in the coming quarters. I'd like to personally thank the investor base for the level of engagement as sustaining, deepening and enriching these partnerships means, we can win for the long haul. The third must win is operational excellence. Specifically, ensuring that we have an optimized, organizational structure and operating systems to guarantee our associates' safety and well-being, delivering the highest quality products and service, and scale efficiently as we continue to grow organically and through acquisitions. During the first quarter, we began implementing some six and seven-day delivery schedules as we prepare to head into our traditionally busy period of this summer. We were able to maintain our on-time in full rate of 93% in our water direct channel for the first quarter. Our refill channel had machine uptime of 97%, ensuring product availability for our customer base. Throughout our operations, we are driving integrated business processes. Successful implementation will provide technology enabled solutions to increase customer satisfaction and reduce overall costs. The latest example of our technology upgrade is the current rollout of a new fleet transportation management system, as part of what we call automatic route optimization 2.0, which is driving even more efficiencies in Water Direct and exchange. During the first quarter, we increased our revenue per route by 8% and units per ounce per day by 5%, an indication of improved asset utilization, route density and volume and pricing improvements. The same principles are now being employed in the optimization of our refill routes, enabling us to extract more value from our team of technicians and service providers. We are focused on strategic CapEx investments that deliver high returns. The installation of the new high-efficiency production lines continues, and we expect our Ephrata, Pennsylvania production line to be complete in the second quarter in our Chicago facility later this year. The performances of the high-efficiency line installations are driving a reduction of water waste at the filler and can nearly double the output capacity of the bottling line. Advancements in robotics can be utilized to assist some of the more strenuous aspects of our plant and distribution functions, freeing up our associates to focus on the quality aspects of their roles, and quality remains at the forefront of what we do. The team remains focused on delivering the previously announced business optimization program that will enhance not only our productivity, but also lower our overall cost to serve, while continuing to offer customers an exceptional experience. We remain committed to delivering the annual run rate savings of $20 million by year-end 2024. From a sustainability perspective, we strive to source and process responsibly to protect the planet we inhabit. We will continue to implement an environment strategy that is focused on sourcing water responsibly, converting our fleet to more eco-friendly propane, reusing, refilling and recycling of our plastic bottles and increasing the use of glass and aluminum is part of our product offering. We offer high-quality healthy hydration solutions whether you're at home, work or on the go with water delivery, exchange and refill in our large-format returnable, reusable and refillable package that is 100% recyclable at the end of its life. I intend for us to remain a leader in this space, and I am proud of the results and improvements that will be contained in our 2023 sustainability report, which is expected later this quarter. I hope you can understand why I'm excited about the growth potential in front of us. We have a clear plan to deliver success with a good balance of volume and pricing. Our unique combination of associates, assets and resources are capable of delivering results that benefit all or stakeholders. Before I turn the call over to David to review our financial results in greater detail and provide our second quarter and full year 2024 outlook, I would like to once again thank all our Primo Water associates for their support and contribution to the excellent performance of the business. With that, I'll turn the call over to David.
David Hass: Thanks, Robert. As a reminder, at the end of the year, we disposed of the majority of our international assets, and thus, our financial results discussed today are for continuing operations only. At no point, will we cover discontinued operations unless otherwise noted. The first quarter results of our continuing operations included revenue increasing 9.6% to $452 million, adjusted EBITDA increasing 24% to $94 million, with adjusted EBITDA margins of 20.8%, all metrics exceeded the high end of our most recent guidance. Within the 9.6% revenue growth, approximately 8.3% or approximately $34 million came from organic activity with the balance 1.3% or approximately $5.5 million coming from inorganic or acquired sources. Primo Water's definition of inorganic contribution includes any tuck-in businesses that were closed less than 12 months ago. After 12 months, any acquired business becomes part of our normal contribution base. Separately, the 9.6% revenue growth irrespective of organic or acquired means can be split into approximately 5.1% related to volume activity and approximately 4.5% related to pricing activity. Volume contribution in this case, comes from both new customer additions or additional gallons consumed from existing customers or retail locations in our exchange or refill businesses, where actual customer counts are not directly known. Volume activity in the quarter was strong across all of our water services, indicating strength in our bulk-oriented offering as well as the complementary nature of our different price tiers. We believe that volume across our water services will continue to be a primary indicator of business health versus overall customer accounts. We have expanded our channel disclosure to break out the price and volume splits for each of the channels versus prior year. A table of the results is included within our supplemental earnings deck. You will notice that volume gains occurred across each of the channels and price improved, except for the welcome price decline in water dispensers. Within our channels, we had strong revenue growth of 9% in Water Direct and Exchange and an 11% increase in our water refill and infiltration channel. The other water channel, which is primarily the retail and on-premise portion of Mountain Valley premium spring water was up 57%. The water dispenser business, representing the sell-in of our units to the retailer grew 32%, driven by 57% from volume, offsetting expected lower wholesale prices as the tariff elimination works through our pricing architecture. Unit dispenser sell-in during the first quarter was highlighted by the performance of several of our largest retailers in the club, DIY and mass merchandising channels, the excess inventory created during the supply chain challenges of a couple of years ago is now largely behind us. The sell-in was driven by pricing rollbacks, return to shelf of dispenser SKUs and effective merchandising at the store level. Water dispenser sell-through was approximately 222,000 units in the quarter, up approximately 3%. As a reminder, our razor and razor blade business model includes two approaches of selling the razor, the rental of water dispensers to residential and commercial customers in our Water Direct business and the sale of water dispensers through retail partners and online. Both approaches enable growth in Water Solutions and contribute to our predictable and recurring revenue growth. We have been particularly focused on growth with our brick-and-mortar retail partners, where we have greater visibility into the connectivity to our water solutions and where the connectivity is higher than through e-commerce. As discussed in previous calls, our water dispenser category was previously under a 25% import tariff, but was reclassified last year and a refund process from the US government was initiated. We have recorded the refunds in the same manner as the original transactions. For the first quarter, we received $2.6 million. Approximately $214,000 is reflected in year-end adjusted EBITDA related to water dispensers sold to retail, $2.1 million is related to the water dispensers that we rent as CapEx, with the residual value and approximately $250,000 related to interest income or tariff balance paid to Primo Water. When including last year's payment, cumulatively through the first quarter of 2024, we have received approximately $10.8 million. As we look further into the operational metrics and as Robert mentioned earlier, our commitment to improving the customer experience continues to result in improved on-time, in full or OTIF rates. The ability to serve our customers in the most efficient manner possible is a critical driver of both our short- and long-term profitability and our Automated Route Optimization, ARO tool continues to yield efficiencies. In North America, units per route per day increased approximately 5% compared to Q1 of 2023 and revenue per route increased more than 8% compared to Q1 of 2023. Our scale and leverage continues to improve as we service more customers with higher volume per route. Additionally, Water Direct customer retention increased to approximately 85% slightly higher than at the end of last year and versus the year ago period. Shifting to our balance sheet and cash flows. Our net leverage ratio at the end of the first quarter on a trailing 12-month basis stood at approximately 2.0 times our adjusted EBITDA for continuing operations. This is on par with our year-end figure. Similarly, our liquidity remains strong with approximately $498 million of cash on the balance sheet, approximately $525 million when taking into account the cash within our discontinued operations, and a fully unused cash flow revolver. In the quarter, we generated approximately $4.7 million of interest income, slightly offset by cash aid for unused revolver fees and other expenses on a full year basis well will be a net interest expense there we are quite pleased with low interest rate carried on our single use and our ability to generate interest income in today’s yield environment. Our adjusted free cash results for the first totaled $28.4 million a year-over-year improvement of $39.4 million. The improvement was primarily driven by an increased earnings of our continuing operations business, reduced net interest expense, improved working capital, lower capital expenditures and the one-time gain of incremental cash proceeds in the quarter. once again, as I transition into our 2024 outlook any forward guidance will be strictly for continuing operations. Discontinued operations will not be covered. To help bridge our 2024 guidance, a table of 2023's financial results for continuing operations by quarter has been provided in the appendix of our supplemental earnings slides. We are forecasting second quarter revenue guidance to be between $472 million and $482 million. We expect Q2 adjusted EBITDA to be between $103 million and $111 million, with an implied adjusted EBITDA margin of 22.4%. The 22.4% adjusted EBITDA margin represents a 60 basis point improvement from the year ago period. For the full year 2024 forecast of continuing operations, we are increasing our revenue projection to be between $1.855 billion and $1.885 billion, with revenue growth at the midpoint of 5.5%. Similarly, we are increasing our full year 2024 adjusted EBITDA to be between $410 million and $430 million, with an implied adjusted EBITDA margin of 22.5% at the midpoint. The increase in guidance contemplates both the benefit from the strong start in Q1 as well as some balance of year benefit from our business optimization program. The initial contribution from early cost reduction activities is approximately $2 million balance of year 2024 and approximately $4 million on a 2025 run rate basis. Neither guidance figure includes Water Direct tuck-in acquisitions that may occur across the balance of the year. We are forecasting 2024 CapEx guidance of approximately 7% of our revenue guidance range plus an incremental $22.5 million of strategic FX. We expect to return to our total CapEx spend of approximately 7% of revenue in 2025. Key initiatives to be funded from our 2024 CapEx plan include installing high-efficiency water production lines, reducing waste and increasing productivity. Building a more environmentally friendly fleet and expanding our private fleet to improve the efficiency of our product distribution, driving organic growth through digitization upgrading technology platforms, accelerating dispenser innovation, and continuing growth in refill and filtration with refreshed signage and branding of our existing units. Full year 2024 cash taxes are expected to be approximately $30 million to $40 million. This anticipates utilization of US net operating losses, or NOLs, of which we have approximately 46 million US NOLs available for 2024. We expect the amount of NOLs available to be approximately $16 million in 2025 and $10 million per year in 2026 through 2029. For the full year 2024, we expect net cash interest expense of approximately $30 million to $50 million. Our interest expense is tied to our two senior note debt facilities with very low interest rates of approximately 4.2% with maturity dates of 2028 and 2029. We do not currently anticipate drawing on our cash flow revolver. Additionally, we will take steps to maximize the interest income yield throughout 2024 but could experience reduced income opportunities if market available rates decline related to any macro Fed or bank rate environment decisions. We still expect M&A tuck-ins to be toward the higher end of historical ranges during 2024. Combining all of these factors, along with the core health and cash generation capacity of our business model, we are forecasting adjusted free cash flow from continuing operations of between $175 million and $185 million in 2024. A $5 million increase at the midpoint can be attributed to the free cash flow conversion of our increased adjusted EBITDA guidance along with the tariff amounts received during the quarter. This outlook continues to target our commitment to replace the adjusted free cash flow that was tied to the assets sold and those held for sale in our discontinued operations. The following three items have not been included in our 2024 guidance due to the uncertainty and timing with each discrete outcome. First, for the remaining balance of the business optimization program, we remain confident in achieving the $20 million improvement. Second, the remaining benefits from additional tariff refunds outside of the amounts mentioned and received during the quarter due to the uncertain timing of the government refund process. Third, the sale of discontinued operations, which includes Aimia Foods in the United Kingdom, our water business in Israel and our water and coffee businesses in the United Kingdom and Portugal. As previously communicated, these businesses will remain in discontinued operations until they are sold. They are being actively marketed and have received interest from several parties. With respect to our share repurchase program, we repurchased $9 million of common stock in the first quarter. Yesterday, our Board of Directors authorized a quarterly dividend of $0.09 per common share, a 13% increase over last year, which continues our path to the multiyear dividend step-up with an increase in our quarterly dividend per share of $0.01 for the third consecutive year. In closing, our improved financial profile and flexibility along with a compelling long-term growth outlook are a strong foundation for continued success. With that, I will turn the call back over to Jon for Q&A.
乔恩:谢谢你，大卫。在问答环节中，为了确保我们能听到尽可能多的提问，我们会要求每个人只回答一个问题和一个后续问题。谢谢你！接线员，请接听电话。
接线员:谢谢。女士们先生们，现在开始问答环节。[接线员说明]请稍等，回答你的第一个问题。问题来自加拿大皇家银行资本市场的尼克·莫迪。请继续。
尼克·莫迪:是的。谢谢你！大家早上好。我非常感谢大家对这个季度的看法。但是罗伯特，我希望我们能退后一步，这是你作为公司一员的第一个完整季度。如果你站在“局外人”的角度来看待这个季度，你所看到的发展，以及你在这个职位上已经完成了什么，既然你已经任职几个月了。谢谢。
robert Rietbroek:谢谢。谢谢你的问题。是的。我对这个季度的看法是，我们的增长非常平衡，我们的增长基础广泛，我们的投资组合和几乎所有的渠道都很强大，我们在数量和定价方面都取得了进展。尼克，当我看到我们的营收时，它增长了9.6%，这是由数量和定价共同推动的，正如大卫所说，价格上涨了4.5%。但重要的是，我们也实现了8.3%的有机增长，这是我们现在开始报告的数据。我看了一下毛利率，我认为它非常健康。利率上升了160个基点。现在是64.4%。这背后的驱动因素实际上是定价量、吞吐量和运营效率的结合。因此，这非常令人放心，并转化为强劲的调整后息税折旧摊销前利润，利润率为20.8%，再次上升250个基点，这是由定价、成交量驱动的，但也是我们对运营费用和运营效率的严格控制。所以我对这个季度非常满意。如果我看看我们所处的经营环境，我们显然会继续看到一个充满挑战的宏观环境。但好消息是，与其他一些销量温和或下降的公司不同，我们能够在销量和定价上实现增长。所以我感觉很好。至于效率，还是有效率的。我们可以继续致力于业务优化计划。至于成就，也就是你问题的最后一部分，我认为我们在三个必须取得胜利的优先事项上取得了进展。首先是提供优质的客户服务。第二个目标是保持并被视为供应商、社区、零售合作伙伴、投资者和同事的首选水解决方案合作伙伴。第三是真正推动更好的卓越运营。我觉得我们在这些领域取得了进展。我可以多说一点。谢谢你的问题，尼克。
尼克·莫迪:很好。谢谢。我会转达的。
接线员:谢谢。下一个问题来自《投资者》杂志的德里克·莱萨德。请继续。
身份不明的分析师:是的。谢谢大家，祝贺你们又一个伟大的季度。罗伯特，我想再深入一点，也许是关于山谷乐队的演出。也许如果你能在你所看到的供需动态周围添加一些颜色，也许是一些性能指标?你觉得你能把这东西带到哪里去?
robert Rietbroek:是的。非常感谢你的问题。山谷品牌提醒大家是我们最优质的矿泉水品牌，它是在阿肯色州温泉的源头装瓶的。生意很好。大卫谈到了这个季度57%的零售额增长。我们销售山谷水，包括直接送水和零售，我们看到双方市场的需求仍然超过我们的供应。为了解决这个问题，我们的团队一直在努力增加我们的泉水供应，现在我们已经用目前正在运行的新泉源增加了四倍。两周前，我亲自去看了看水源，看了看土地，看了看它是如何运作的，它运作得很好，水质也很好。我们还必须增加并继续增加玻璃瓶装瓶能力。这是我们满足需求能力的关键驱动因素。除此之外，我们还推出了单服务和多包装铝。事实上，我们已经在全食超市推出了这款产品，现在已经在超过12000个地点进行销售。因此，这是一个超级高端的产品，它的定价反映了这一点，我们预计在不久的将来，这个品牌将继续增长。
身份不明的分析师:谢谢。我很好奇你们是否有一个长期的收入基础目标?
robert Rietbroek:我们并没有针对Mountain Valley的零售方面给出具体的指导，也没有针对直销方面给出具体的指导，因为直销是直接送水业务的一部分。但我们确实看到，这是一个杠杆不足的品牌，有很多需求，可以在不久的将来继续增长，也有可能长期增长。我们对这个品牌有很高的抱负，我们将继续努力提高产能，以满足市场不断增长的需求，确保我们不会落后于订单。
身份不明的分析师:太棒了。谢谢你。罗伯特，我要退休了。
接线员:谢谢。下一个问题来自摩根大通的安德里亚·特谢拉。请继续。
Andrea Teixeira:谢谢。早上好。我希望你能谈谈这个季度的交易量趋势，如果天气在退出时有任何影响，或者我们应该如何思考，当你看到指引提高时，似乎你只是在第一季度流动，就第二季度的减速而言，我们应该注意什么，或者你应该注意的任何混合影响?从利润率的角度来看，我们应该注意的是什么比如通过更多的业务优化对利润率的影响，任何让你更保守的事情或者你正在观察事物，它们是如何发展的，然后随着你看到更多的可见性而调整前景?谢谢你！
robert Rietbroek:谢谢你，Andrea。我可以接受其中的大部分。就销量而言，我们印象最深刻的是，它在所有渠道都很广泛，特别是在本季度，在我们的三个时期。这一势头基本上从2023年底开始持续。当你开始观察我们的水直接和交换渠道时，无论是在直接方面还是交换方面，都非常健康，因为需求和数量的增长，正如罗伯特提到的，我们一直在增加货架和额外的容量，以使我们的交付频率能够跟上需求。在补水业务中，这是高品质水的最低成本入门点，现在我们已经完全完成了室外和室内的价格上涨，销量已经反弹，消费者仍然非常健康，特别是当他们将水的入门价格与其他预充水的形式进行比较时。当你开始关注页边距和步调时，你是对的。很明显，引导是通过节拍的流动。这是我们目前继续采取的方法。当我们观察宏观经济时，当我们观察其他同行时，无论是饮料还是服务，那些具有品牌亲和力或服务亲和力的公司似乎会继续表现出色。但你可以明显地看到存在挑战的迹象。我们对我们提供的指导仍然充满信心。我们仍然有信心交付我们的业务优化。再一次，指导，现在考虑到一些节省，将是利润的增加，你已经问过。所以，我们仍然保持谨慎、耐心，坦率地说，我们对这种势头和团队对本季度的贡献感到非常满意。
安德里亚·特谢拉:如果我能挤一下——那就太有帮助了。如果我能挤出一点损耗，我们能做的任何事情，就像你说的，你也，我认为，我相信，在定价方面胜过直接业务。有没有关于损耗或家庭渗透的评论，有什么我们应该认识到的或者应该高兴的，如果你愿意的话，在损耗减少方面?
大卫·哈斯:是的。所以在这一点上，我们已经看到，实际上，我们的留存率在冷却器或安装设备的留存率基础上略有增加。我相信部分原因肯定是由于所有路线司机的服务水平的提高，所有更好的库存经验，以及罗伯特谈到的很多计划，以及他今年想要如何引导车队。与此相辅相成的是，客户服务的服务，无论是通过电话还是数字方式，都在解决问题方面做得更好，不一定是第一次打电话解决问题，而是解决问题，或者只是提供一种对话的方式，如果遇到挑战，我们如何保持业务。所以，再一次，定价，正如我们去年所做的那样。留存率仍然高出几个基点，这对我们来说是一个很好的指标，考虑到你可能从其他公司或宏观新闻中听到的一切。
Andrea Teixeira:这非常有帮助。谢谢你！
接线员:谢谢。下一个问题来自CJS证券公司的丹·摩尔。请继续。
丹·摩尔:谢谢大家，早上好。感谢罗伯和大卫回答问题。如果你提到这个，我错过了开始的几分钟请原谅。对于Water Direct业务，您是否看到resi和商业之间在有机增长和留存率方面有任何有意义的差异?从长期来看，你如何看待每一种机会的相对吸引力?你是否在服务和营销上分配了类似的投资，我们如何看待这个问题?
大卫·哈斯:当然。所以，正如罗伯特提到的，一般来说，我们的客户在一个简单的标称价值上是平均分配的。商业客户会比住宅消费多一点，因为他们可能是商业场所的等候室或休息室。我们没有看到他们的保留率有任何有意义的变化，换句话说，在今天的环境中，任何辞职行为都没有改变。再说一次，我们在网上的销售活动与你是住宅客户还是商业客户无关，但我们的合作伙伴是针对街头直销的，我们主要关注商业客户，这是非常小的业务。再一次，请记住，美国业务不是大型办公大楼，这是我们欧洲业务的主要特点。所以，我们很高兴看到小型企业能够吸引顾客。同样，请记住，在2024年，我们有12个月的好市多展位计划的使用权，销售团队在我们举办展会时继续做得很好，通过好市多的在线注册，我们将继续转化客户。所以，总的来说，健康状况良好。没有AR方面的趋势，也没有坏账方面的趋势，在这一点上没有真正的挑战信号。再一次，由于罗伯特和团队在客户服务和体验中心方面采取的措施，如果有问题或支付方面的挑战或我们需要讨论的事情，我们现在可以更方便地讨论，而以前不方便可能会造成客户摩擦，困惑，或潜在的更高的辞职率。
丹·摩尔:真的很有帮助。一个快速跟进。显然，你们在过去的一两年里采取了大量的价格措施，正如你所描述的那样，对流失率的影响仍然很小。我知道你希望价格对未来增长的贡献不会太大。但你是否已经从中学到了一些东西，你是否认为随着时间的推移，你可以在不吓跑或影响留存率的情况下走得更远?再次感谢。
David Hass:是的，绝对的。所以，如果你还记得的话，我和罗伯特在2月份沟通过，我们最初的预期是收入增长5%左右，其中包括3.5% - 1.5%，3.5%的价格，主要来自去年的调整，1.5%来自成交量。当我们在中间点移动到5.5%时，基本上，我们对定价和交易量没有不同的看法，现在从1.5%上升到2%，使我们达到5.5%的贡献。也许回到安德里亚的问题，当然，在下半场，这确实表明了下半场的疲软，但这与我们最初的指南没有什么不同。所以，这并不是说我们在改变对任何事情的看法。这只是最初的飞行和节奏指南。因此，我们再次感到高兴和平衡。我认为我们学到的一些东西是只要我们继续刺激这个类别，也就是说，通过多种渠道与客户签约的能力，更重要的是，关于我们的剃刀和刀片的重点，如果我们继续通过零售到家庭和商业场所销售自动售货机，你可以看到我们的水的数量反映这是一个学习，只要我们继续刺激需求，下一个新顾客不知道以前的价格是多少。他们知道今天的价格。这确实是我们继续推动我们多管齐下的直接交付和零售导向产品的好处。
丹·摩尔:好吧。再次感谢你。
接线员:谢谢。下一个问题来自CIBC的John Zamparo。请继续。
John Zamparo:谢谢。早上好。我想问一下业务的数字化方面，你在准备好的发言中提供了一些评论，但你能分享一下你所看到的整体销量增长或客户增长，你可以将其归因于数字化方面吗?你能分享一下这是如何影响客户体验的指标吗，无论是你的投诉率还是等待时间?我知道你已经分享了总体留存率，但我对业务的数字方面以及你在这方面所做的改进特别感兴趣。
弗雷德·朗格万:是的，约翰，我很高兴你问这个问题，因为我们花了大量的时间、精力和投资在首要的必胜任务上，那就是提供卓越的客户服务。这显然是从我们送货上门的准时率开始的，准时率为93%，而需求却在不断增长。我们也把交货时间从6天延长到7天——从5天延长到6天，甚至7天。然后是互动，正如你所说的，与我们公司的互动，它正在从历史上主要基于手机的互动发展到越来越多的数字互动。我的Water+应用程序，在苹果和安卓的应用程序商店都可以买到，我们刚刚引入了西班牙语作为一项新功能，我们将在第二季度末大幅升级该应用程序的美学和互动性。今年晚些时候，我们打算升级我们的water.com和agua.com网站，显著增强内容，以了解我们的类别，也可以购买我们的类别。这将使网上订购自动售货机变得更容易。成为一个只使用水的客户或租用冷却器的初创企业会更容易。我们的客户体验中心得到了改进，现在每周有更多的时间和天数可以使用，不仅可以处理语音，还可以处理聊天和社交。所以我们开始看到你提到的所有指标都在增加，特别是聊天的使用，它是语音的替代品，它的使用显著增加。在社交游戏中反应时间的能力要快得多，总的反应时间，我们将其转化为我们所说的储蓄率。所以我们每天都追踪存款率。我们有一个特定的跟踪器，它会显示有多少人注册了我们的服务，有多少人——我们通常是通过一次搬家或一次经历失去了他们，导致他们打电话给我们的呼叫中心。所以在所有这些方面努力，推动性能的提高。我们不会公布这些指标，但我们会与管理团队非常积极地跟踪这些指标。
约翰·赞帕罗:明白了。好吧。这是有帮助的。谢谢你。然后我想转到资产负债表。对长期资本配置有什么新的想法吗?你分享了你今年的计划，但我对长期计划更感兴趣。鉴于不断增加的自由现金流转换，更好的预期EBITDA结果，听起来你仍然有能力出售已停止的业务。我的意思是，最终，我想知道你需要或想要长期持有的现金水平是多少?
robert Rietbroek:是的。谢谢你,约翰。因此，关于资产出售，我们在事先准备好的讲话中提到，我们非常接近于在本季度进行两项出售，甚至可能在5月份进行。我们将在下次电话会议上公开、明确地传达这一点，我们对这两项业务在市场上的盈利情况仍然感到满意。另外两家公司保持活跃，继续与数据准备、买家世界进行对话，代表着这类互动。所以，我们仍然保持步调一致。我们不会对价值发表评论，就像我们在出售第一部分欧洲业务时所说的那样。这是一种战略，这是一组连续的欧洲国家，对那个特定的买家来说非常有价值，在当时是一个超大的倍数。重申一下，我们不讨论未来或下一批资产的具体价值。但是，很明显，它不太可能达到那个水平。至于长期使用，我们仍然致力于适当的支出比例，以推动增长。同样，我们在这一点上的指导考虑到5.5%的中点。我们可以刺激一些活动来获得尚未资本化的新客户。随着我们对应用程序和water.com等项目的改进和工作，这些项目也是传统的委托费用。这些都是我们为推动有机增长而感到自豪的活动。我想，之前有一个关于山谷的问题。此时，我们不知道这里有多高。因此，我们确实在努力评估这项业务的最佳结果，因为它的增长非常迅速，我们将继续跟上它的步伐。这些都是用于支出的拨款。关于股息和股票回购，我们仍然坚持我们迄今为止传达的价值观。至于净杠杆率，很明显，它从10倍下降到2.0倍，因为现金要么来自进一步的国际销售，要么将通过其他方式继续降低杠杆率。然后我们讨论了收购或收购方面的并购。同样，我们仍然专注于此，我们不提供收购方面的指导。你不希望我们在任何特定的季度里买东西去打导游。所以我们在这方面保持耐心。我们有一个强大的渠道，并希望听到更多的活动，因为我们在今年的进展，一些掖掖行为。
约翰·赞帕罗:好吧。非常感谢。我会转达的。
robert Rietbroek:谢谢你，John。
接线员:谢谢。下一个问题来自德意志银行的史蒂夫·鲍尔斯。请继续。
Steve Powers:是的，嘿，谢谢你的问题。我想谈谈你们已经进行了一段时间的路线优化工作。每天每条路线的单位数量作为象征的进展是相当稳定和令人印象深刻的。我想，我想知道一些关于你认为可能是度量标准或高水位的最佳水平的观点吗?我们正试图了解进一步优化的跑道长度上限在哪里?
robert Rietbroek:是的，这显然是我们业务的核心，继续推动每天每条路线的销量和收入，我们已经公布了本季度5%和8%的增长。我们正在推出自动路线优化程序2.0，但我们也将其与新的时间表结合起来。所以我们是一个传统的五天工作制组织，从周一到周五。我们目前正在实施新的时间表，一些是四天的，一些是五天的时间表，可以在周二或周三开始，允许我们在周六或周日交付。这项工作的核心技术使我们能够更有效地建立司机路线。如你所知，这既包括住宅，商业，也包括我们的零售合作伙伴。所以这是一个自然的上限。卡车上的可用容量只有这么多，但我们不仅在每天的基础上，而且在每周的基础上，通过扩大我们的分支资产、卡车资产和生产资产的使用，目前每周7天的时间表，继续推动利用率。
Steve Powers:好的。谢谢你。我想第二个问题是，如果我能讲一下售货机的销售率，你以前谈到过这个问题，但是在过去的12个月里，他们一直在100万左右徘徊。很明显，留存率是这样的，这些销售的增量是很高的。但我想，当你考虑这个指标的发展过程时，你需要在什么时候看到这个指标再次开始增长，过去12个月的指标再次增长，才能实现你的Aspire 2增长率?
robert Rietbroek:是的，我们继续看到销售强劲。本季度，销售额增长了3%，我们预计今年将销售100万台自动售货机，我想说的是，其中约65万是新用户，35万是老用户的替代用户。因此，我们每年销售大约100万台。就像我说的，今年到目前为止，我们从零售到消费者的销售价上涨了3%。这基本上是一个新的安装基地，我们可以在接下来的几年里继续服务。所以我们对这一趋势感到满意。我们从自己到零售的销售率显然要高得多，但其中一些只是补充库存水平，我们看到销售率在3%的水平。
Steve Powers:好的。很好。谢谢你！
接线员:谢谢。下一个问题来自Raymond James的Pavel Molchanov。请继续。
Pavel Molchanov:谢谢你回答这个问题。回到一分钟前讨论的并购话题。当你在寻找打折机会时，你应该考虑一下北美哪些地区最适合你拓展业务或巩固现有业务。
大卫·哈斯:是的。谢谢,帕维尔。我是大卫。在并购方面，我们的分支网络非常多样化，覆盖范围也很广。当我们寻找交易时，我们希望能做到这么精确。这往往更多地取决于这些企业家或以家族为导向的经营者的意愿或继任计划。因此，我们肯定会关注地理位置，寻找相关的机会，但这显然必须与卖家的意愿相匹配，并且卖家愿意以合适的价格出售。所以我们要全面分析。不过，我们的业务范围相当广泛，我们对此非常满意。但不幸或幸运的是，它必须与卖家的意愿和病人的时间相匹配。
Pavel Molchanov:是的。理解。当你在制定2024年以后的战略时，你预计会维持过去三年的累进派息政策吗?或者我们应该假设它在当前的速度下趋于平稳?
robert Rietbroek:是的。目前，股息政策反映了董事会的观点和我们迄今收到的投资者反馈。显然，进入2025年，我们的资产负债表构成将有所不同。当我们进入2025年计划时，我将屈服于董事会的决定和集体想法，显然，允许在他们的指导下进行沟通。但我们很高兴能够在过去三年里将这笔钱返还给股东。然后，由于我们的股票回购计划的存在，这显然有助于减少股票数量，减少股息流本身的名义风险。所以，当我们进入2025年的时候，我们将向这个目标屈服，但我们对过去三年迄今为止在股东回报方面所取得的成就感到非常自豪。
Pavel Molchanov:非常感谢
robert Rietbroek:谢谢你，Pavel。
接线员:谢谢。下一个问题是投资者德里克?莱萨德(Derek Lessard)的后续问题。请继续。
德里克·莱萨德:是的。谢谢你接受我的跟进。同样，这个问题更多地指向了ARO 2.0。只是好奇2.0带来了什么，以及这在多大程度上推动了路线效率的提高。现在我想你确实提到了——你确实谈到了导致交货天数的增加，但我很好奇2.0的好处是什么?
robert Rietbroek:是的，很好的问题。它本质上很大一部分是关联反馈。我们已经在那里待了一段时间了。每天，我们都要完成成千上万的交付，我们得到路线反馈，这与特斯拉(纳斯达克股票代码:TSLA)在优化方面所做的没有什么不同，也就是说，路线方向出了什么问题?界限出了什么问题?定位顾客的位置是怎么回事?为什么它告诉我把车停在这里，而订单需要送到那里?所以有很多反馈，听取员工的意见，他们每天都在为我们和我们的股东做一线工作。所以它是围绕反馈的更多构造。这不是什么大规模的技术变革。这只是提供更好结果的关联反馈。同样，6天和7天的因素，但这不是技术方面的原因，让我们称之为2.0，如果你愿意的话。
德里克·莱萨德:好的。谢谢你。
robert Rietbroek:谢谢你，Derek。
接线员:谢谢。没有别的问题了。现在请大家发言，请大家作最后评论。
robert Rietbroek:感谢您参加今天的电话会议并继续对Primo Water感兴趣。正如我希望你能看到的，我们的团队专注于推动可持续增长。开始的道路是正确的，总的来说，我们相信我们有赢的工具。我们还有很多工作要做，我和我们的团队都致力于将Primo Water提升到一个新的水平。
接线员:谢谢。女士们，先生们，今天的会议到此结束。我们感谢您的参与，我们要求您断开您的线路。
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