[Music] I have a question for you. What can you do with what you have from where you are right now. It took me 25 years to get to the bottom of this.For most of my life, I've been chasing what I thought life was all about. The house, the cars, the toys, the paycheck. That's what we're taught in school, right.Work hard, climb the ladder, buy all the things, and then you'll feel happy and fulfilled. But I wasn't. It wasn't until my body broke down, we were all in lockdown, and I was literally sick and needing ...

Entrepreneurial Journey & Transformation - The speaker transformed from a corporate employee to an entrepreneur, building ecosystems and impacting thousands [1] - Over 12 years ago in Chennai, the speaker aimed to change perceptions of makeup artistry as a business, art, and movement of confidence [1] - Faced societal doubts and family concerns initially, but persevered through challenges like a crying first bride [1] - Overcame COVID-19 challenges by innovating and adapting safety measures, redefining beauty as safety and responsibility [2] - Made a pivotal decision to stay in her city and focus on her business, leading to significant opportunities [3] Business Growth & Impact - The speaker's brand, Palette Affair, started small but grew, facing challenges like COVID-19 [2] - Successfully executed a Guinness World Record project involving 101 underprivileged brides, showcasing beauty as belonging [3] - Awarded Bridal Makeup Artist of the Year, validating sacrifices and judgments [3] - Built an ecosystem fueling various related professions, emphasizing business over just beauty [3] Personal Empowerment & Inspiration - The speaker's journey highlights the power of confidence and reinvention, inspiring others to take charge of their lives [1] - A key moment was realizing the impact on students, empowering them to earn, lead, and decide their futures [3] - The speaker's son learning about women's leadership and inspiration is a proud moment, shaping future generations [3]

Core Message - The speech emphasizes the importance of understanding and rewriting one's personal "code," which consists of emotional, cultural, and mental programming [2][3] - It advocates for inner work as the foundation for real transformation, contrasting it with the obsession with external changes [8] - The speaker encourages the audience to recognize their code, reframe their story, and reclaim their truth to live authentically [17][18] Key Concepts - **Decoding:** Real decoding involves choosing how to respond to fears and rewriting the code one unknowingly follows [2] - **Inner Work:** Inner work is quiet, invisible, and powerful, building a strong foundation for future growth [9][10] - **Coded Beliefs:** Many beliefs are handed down unquestioned, like the idea that hard work alone guarantees success [5][6] Illustrative Example - The speaker shares a personal anecdote of being in Israel during the October 7th, 2023 war, where observing a calm woman in a bomb shelter led to a realization about rewriting one's response to circumstances [1][2] - The speaker reflects on childhood experiences where societal expectations limited career paths, leading to a personal journey of self-discovery and reclaiming childhood dreams [11][12][13][14][15][16][17] Metaphors and Analogies - Personal code is compared to DNA (ACGT) and a USB drive, highlighting the programmed nature of beliefs and behaviors [3][4] - Transformation is likened to the growth of a Chinese bamboo tree, where significant inner work precedes visible results [8][9]

Core Message - The speech emphasizes personal growth and transformation through overcoming challenges and embracing vulnerability [1][5] - It uses the lobster shedding its shell and the seed cracking as metaphors for personal transformation [1] - The speaker shares personal anecdotes of overcoming asthma and a spinal disc injury to illustrate resilience and the importance of support [1][2] Key Takeaways - Comfort zones hinder growth, and taking a leap of faith is essential for achieving dreams [5] - Transformation involves embracing vulnerability to become stronger and better [1][5] - The speaker highlights the importance of catalysts (mentors, support systems) in facilitating personal growth [1][2] - Perseverance, hard work, and patience are crucial for achieving long-term goals [6][7] - The speech encourages the audience to identify their next challenge and strive for continuous improvement [4]

Interior Design & Inspiration - The couple drew inspiration from Bar 228 in Paris for transforming two underused rooms [1] - The couple frequented Bar 228 hundreds of times while their children studied in Paris [1]

Personal Development & Philosophy - The speaker emphasizes the importance of inner mastery and integrity, contrasting external achievements with internal establishment [1] - The speaker's upbringing instilled character ethics such as fidelity, integrity, sincerity, honesty, modesty, and patience [1] - The speaker highlights the significance of humility and resilience over outward strength, drawing from a childhood story [3] - The speaker introduces a framework for inner establishment involving the "wishbone" (ambition), "backbone" (resilience), and "soul bone" (values) [4][13][14] - The speaker discusses managing physical, social, emotional, and mental wellbeing for inner establishment [15] - The speaker emphasizes the importance of conserving, preserving, and growing personal energy through lifestyle choices and emotional management [17][18][19] - The speaker describes a transformation process involving expansion, alignment, allowance, and desire [20] Career & Life Journey - The speaker's early experiences, including frequent school changes, fostered adaptability, perseverance, and hard work [1] - The speaker's career progressed unexpectedly, leading to a director position at an institute in Oman [9][10][11] - The speaker attributes success to the law of attraction and a feeling that the universe was supporting her [12]

Financial Data and Key Metrics Changes - Total company comparable net sales increased by 2%, and when excluding contract manufacturing sales related to divested pet food brands, net sales increased by 3% compared to the prior year [6][31] - Adjusted gross profit decreased by $89 million or 11% compared to the prior year, reflecting higher commodity costs and unfavorable volume mix [33] - Adjusted earnings per share was $1.90, a decrease of 22% versus the prior year, driven by reduced gross profit and increased marketing investments [35][48] Business Line Data and Key Metrics Changes - Uncrustables brand grew net sales in double digits, driven by national advertising and distribution gains [7][11] - Cafe Bustelo brand net sales increased by 36%, with a 17% increase in volume mix [11] - Milk Bone brand experienced a decline in net sales due to lapping prior year distribution gains, while Meow Mix brand saw an increase in volume mix [12][13] - Sweet Baked Snacks segment net sales decreased by 24%, primarily driven by a decrease in snack cakes [38] Market Data and Key Metrics Changes - In the U.S. retail coffee segment, net sales increased by 15%, with net price realization contributing an 18 percentage point increase [35] - Pet foods segment net sales decreased by 8%, reflecting declines in dog snacks and contract manufacturing sales related to divested brands [37] - International and away from home segment net sales grew by 7%, driven by strong performance in the away from home business [27][39] Company Strategy and Development Direction - The company is focused on three strategic priorities: accelerating organic growth, embedding transformation, and fostering a bold mindset [5][18] - Actions include prioritizing resources towards key growth platforms and optimizing SKU counts to improve operational efficiencies [14][15] - The company aims to generate over $1 billion in free cash flow annually and has achieved $100 million in total run rate synergies from the Hostess Brands acquisition [17][18] Management's Comments on Operating Environment and Future Outlook - Management noted that the external environment remains dynamic, with ongoing input inflation and changes in consumer behavior impacting outlook [42] - The company anticipates net sales to increase by 3% to 5% for the fiscal year, reflecting improved price elasticity of demand assumptions [42][43] - Management remains confident in the long-term growth outlook and the ability to deliver shareholder value despite external challenges [29][49] Other Important Information - The company plans to prioritize debt reduction, aiming to pay down approximately $500 million of debt in each of the next two fiscal years [41] - Free cash flow projection has been increased by $100 million to approximately $975 million, driven by accelerated R&D and tax deductions [47] Q&A Session Summary Question: What are the expectations for the coffee segment given the current inflationary pressures? - Management indicated that the coffee category remains resilient despite inflation, with approximately 70% of coffee drinking occasions occurring at home, providing an affordable alternative to coffee shops [22][29] Question: How is the company addressing the challenges in the Sweet Baked Snacks segment? - The company is taking decisive actions to stabilize the Hostess brand, including SKU optimization and closing a manufacturing facility to improve margins and operational efficiencies [14][15] Question: What is the outlook for the pet food segment? - Management expressed confidence in the long-term growth outlook for the pet portfolio, driven by positive pet population trends and premiumization opportunities [25][29]

Financial Data and Key Metrics Changes - The company reported a 1% decrease in net sales for the first quarter, while comparable net sales increased by 2%, excluding prior year sales related to divested businesses and foreign currency exchange [31] - Adjusted gross profit decreased by $89 million or 11% compared to the prior year, primarily due to higher commodity costs and unfavorable volume mix [33] - Adjusted earnings per share was $1.90, a decrease of 22% versus the prior year, but exceeded expectations due to better-than-anticipated net sales [34] Business Line Data and Key Metrics Changes - In the US retail coffee segment, net sales increased by 15%, driven by an 18 percentage point increase from net price realization [34] - The US retail pet foods segment saw a decrease in net sales by 8%, primarily due to a decline in dog snacks and lower contract manufacturing sales related to divested pet food brands [36] - The Sweet Baked Snacks segment experienced a 24% decrease in net sales, with a 54% decrease in segment profit reflecting unfavorable volume mix and higher costs [37] Market Data and Key Metrics Changes - The away from home business grew net sales by 14% on a comparable basis, driven by coffee and Uncrustables sandwiches [39] - International net sales decreased by 6% on a comparable basis, primarily reflecting a decrease in the coffee portfolio [39] - The company anticipates a higher US tariff impact on green coffee costs, which is expected to be a 50¢ headwind for the fiscal year [29] Company Strategy and Development Direction - The company is focused on three strategic priorities: accelerating organic growth, embedding transformation in everyday operations, and fostering a bold mindset [5] - The Uncrustables brand is projected to generate over $1 billion in net sales by the end of the fiscal year, continuing strong double-digit growth [11] - The company is reducing SKU count by 25% for the Hostess brand to improve operational efficiencies and drive margin expansion [15] Management's Comments on Operating Environment and Future Outlook - Management noted that the external environment remains dynamic, with ongoing input inflation and changes in consumer behavior impacting the fiscal year outlook [41] - The company is revising its full-year net sales expectations to increase by 3% to 5%, primarily due to the strength of the coffee portfolio [28] - Management remains confident in the long-term growth outlook and the ability to deliver shareholder value despite external challenges [30] Other Important Information - The company achieved $100 million in total run rate synergies from the Hostess Brands acquisition [16] - Free cash flow for the first quarter was negative $94.9 million, reflecting a decrease in cash provided by operating activities [39] - The company plans to prioritize debt reduction, aiming to pay down approximately $500 million of debt in each of the next two fiscal years [40] Q&A Session Summary Question: What are the expectations for the coffee segment? - The coffee segment is expected to remain resilient despite inflationary pressures, with approximately 70% of coffee drinking occasions occurring at home [21] Question: How is the company addressing the impact of tariffs? - The company is working to mitigate cost increases through alternative sourcing strategies and responsible pricing [45] Question: What is the outlook for the Sweet Baked Snacks segment? - The Sweet Baked Snacks segment is anticipated to improve sequentially, with increased dollar sales and volume growth noted in the Hostess brand [25]

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Core Message - The speech emphasizes that it's never too late to start something new, highlighting the transformative power of small beginnings [2][6][7] - It encourages the audience to take the first step towards their goals, regardless of circumstances or fears [14][15] Key Lessons - The initial step is the most challenging, requiring willingness over readiness, and even small actions contribute to progress [15][16][17] - Growth arises from embracing challenges and viewing them as learning opportunities [19][20][21] - Finding value and meaning in the process is crucial for long-term motivation and success [22][23][25] Personal Transformation - The speaker's experience with ping pong and tennis illustrates how a small decision can lead to significant improvements in health, confidence, and overall life [5][6][9] - Overcoming initial struggles and failures is essential for building resilience and achieving goals [10][11][19] - The journey and personal growth are more rewarding than the end result [23][24] Practical Advice - Focus on progress over perfection, and don't be discouraged by feeling behind others [17][25] - Embrace the process and find enjoyment in the journey, rather than solely focusing on the outcome [22][23] - Redefine the starting line and take the first step towards creating the desired life [26][27][28]