Beeline Holdings Inc (BLNE) 2023 Q4 法說會逐字稿

Good day and welcome to the Eastside Distilling Reports fourth quarter 2023 financial results conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Tiffany Milton, Controller. Please go ahead.

美好的一天，歡迎參加 Eastside Distilling 報告 2023 年第四季財務業績電話會議。（操作員說明）請注意此事件正在被記錄。現在我想將會議交給財務總監 Tiffany Milton。請繼續。

Thank you. Good morning, everyone, and thank you for joining us today to discuss Eastside Distilling's financial results for the fourth quarter of 2023. I'm Tiffany Milton, Eastside's Controller. And joining us on today's call to discuss these results is Geoffrey Gwin, the company's Chief Executive Officer. Following our remarks, we will open the call to your questions.

謝謝。大家早安，感謝您今天加入我們討論 Eastside Distilling 2023 年第四季的財務表現。我是蒂芙尼·米爾頓，Eastside 的財務總監。該公司執行長 Geoffrey Gwin 參加了今天的電話會議，討論這些結果。在我們發言之後，我們將開始電話詢問您的問題。

Now before we begin with prepared remarks, we submit for the record the following statement. Certain matters discussed on this conference call by the management of Eastside Distilling may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended, Section 21E of the Securities Exchange Act of 1934 as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

現在，在我們開始準備好的發言之前，我們提交以下聲明以供記錄。Eastside Distilling 管理階層在本次電話會議上討論的某些事項可能屬於經修訂的1933 年證券法第27A 條、經修訂的1934 年證券交易法第21E 條含義內的前瞻性陳述，並且此類前瞻性陳述前瞻性陳述是根據 1995 年《私人證券訴訟改革法案》的安全港條款做出的。

The forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by the words such as may, future, plan or planned, will or should, expected, anticipates, draft, eventually or projected. Listeners are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances as events or results to differ materially from those projected in the forward-looking statements.

前瞻性陳述描述了未來的預期、計劃、結果或策略，通常前面有「可能」、「未來」、「計劃」或「計劃」、「將或應該」、「預期」、「預期」、「草案”、“最終”或“預計”等詞語。請聽眾注意，此類陳述面臨多種風險和不確定性，可能導致未來情況（如事件或結果）與前瞻性陳述中的預測有重大差異。

Such matters involve risks and uncertainties that may cause actual results to differ materially include, but are not limited to, the company's acceptance and the company's products in the market, success in obtaining new customers, success in product development, ability to execute the business model and strategic plans, success in integrating acquired entities and assets, ability to obtain capital, ability to continue its going concern and all the risks and related information described from time to time in the company's filings with the Securities and Exchange Commission including the financial statements and related information pertaining to the company's annual report on the Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission.

此類事項涉及風險和不確定性，可能導致實際結果出現重大差異，包括但不限於公司的接受度和公司產品在市場上的表現、成功獲得新客戶、產品開發成功、執行業務模式的能力和策略計畫、成功整合收購的實體和資產、獲得資本的能力、持續經營的能力以及公司不時向美國證券交易委員會提交的文件（包括財務報表和財務報表）中所述的所有風險和相關資訊。本公司向美國證券交易委員會提交的截至2023 年12 月31 日止年度的10-K 表格年度報告的相關資訊。

Now with that said, I'd like to turn the call over to Geoffrey Gwin. Geoffrey, please proceed.

話雖如此，我想將電話轉給傑弗裡·格溫 (Geoffrey Gwin)。傑弗裡，請繼續。

Thanks, Tiffany. I'd like to add my welcome, and thank you all for joining us for our 2023 year-end conference call. Here we are already in April and well into 2024. However, I think it's important to pause, not only look at last year but also last two years and reflect on the change and then look forward.

謝謝，蒂芙尼。我想表達歡迎，並感謝大家參加我們的 2023 年年終電話會議。現在已經是 4 月，即將進入 2024 年。然而，我認為重要的是停下來，不僅回顧去年，也回顧過去兩年，反思變化，然後展望未來。

This company has gone through a significant transformation. When I joined in 2020, its focus was clearly spirits with a small mobile canning operation and it picked up in an acquisition a year earlier. Today, the company is on a path to be a leading innovator in the exciting consumer beverage packaging space.

這家公司經歷了重大轉型。當我於 2020 年加入時，它的重點顯然是烈酒和小型移動罐頭業務，並在一年前的一次收購中得到了發展。如今，該公司正成為令人興奮的消費飲料包裝領域的領先創新者。

Meanwhile, we've unlocked the asset value and funded a long turnaround in the midst of COVID, we've raised capital for growth and this year completed a balance sheet restructuring. And I'm encouraged by what the team has accomplished over this period, but even more excited about what's ahead.

同時，我們釋放了資產價值，並為新冠疫情期間的長期扭虧為盈提供了資金，我們籌集了成長資金，並於今年完成了資產負債表重組。我對團隊在此期間的成就感到鼓舞，但對未來的發展更加興奮。

Now let's review the results for last year about business segment. I'm going to start with the spirits business. In 2022, we substantially reduced our bulk inventory spirits, so two years ago in 2022, primarily selling bourbon, we sold over $4.4 million of our barrel inventory. In 2023, we saw bourbon prices at very high levels and began to reduce that active inventory, take advantage of the market.

現在讓我們回顧一下去年有關業務部門的表現。我將從烈酒業務開始。2022 年，我們大幅減少了散裝烈酒庫存，因此兩年前的 2022 年，我們主要銷售波本威士忌，售出了超過 440 萬美元的桶裝庫存。2023 年，我們看到波本威士忌價格處於非常高的水平，並開始減少活躍庫存，充分利用市場。

Last year, we sold a lot less of bourbon in bulk form, only $800,000, and in hindsight, the timing was outstanding because we've recently seen bourbon prices specifically bulk spirits values dropped through the fall and into 2024. Now currently, we have 1,000 barrels of bulk spirits and again, it's primarily bourbon, but it ranges in age from 4-plus years to 17 years. So we don't have much new fill.

去年，我們出售的散裝波本威士忌數量少得多，僅為80 萬美元，事後看來，時機非常好，因為我們最近看到波本威士忌價格，特別是散裝烈酒的價格從秋季一直下降到2024 年。目前，我們有 1,000 桶散裝烈酒，主要是波本威士忌，但酒齡從 4 年多到 17 年不等。所以我們沒有太多新的填充物。

Given these activities, sales is in a great metric to look at our progress in spirits, a better place to consider what we've accomplished is the operating performance line and cash flow. As we said all last year, our goal was to get spirits to EBITDA positive. That was a stretch goal. And we would do it even if we had to shrink sales of unprofitable volume. For two years, we've been moving that way, moving away from unprofitable sales and investments in states where the return on investment is very low in spirits.

鑑於這些活動，銷售額是衡量我們烈酒進展的一個重要指標，更好地考慮我們所取得的成就是經營業績線和現金流。正如我們去年所說，我們的目標是讓烈酒的 EBITDA 為正值。這是一個延伸目標。即使我們必須縮減無利可圖的銷量，我們也會這麼做。兩年來，我們一直朝著這個方向前進，遠離烈酒投資回報率很低的州的無利可圖的銷售和投資。

Now I'm pleased to announce in the fourth quarter of last year, in 2023, we had spirit's net operating loss of only $114,000. That's a 78% improvement from the prior year's loss of $433,000. And this is before we took an impairment charge, which we call out in financials, and it relates to running down a small portion of the value of our tequila business. And we're getting closer to breaking even on a cash basis in the spirits segment and we expect to make more progress in 2024 on this goal.

現在我很高興地宣布，在去年第四季度，也就是 2023 年，我們烈酒的淨營運虧損僅為 11.4 萬美元。這比去年 433,000 美元的損失減少了 78%。這是在我們採取減損費用之前，我們在財務中稱之為減損費用，它與減少我們龍舌蘭酒業務價值的一小部分有關。我們在烈酒領域越來越接近現金收支平衡，我們預計 2024 年將在這一目標上取得更多進展。

Now looking at spirit in the first quarter through February, 9-liter shipments is tracking flat to last year on an overall basis. However, our Portland-based brands are up significantly. The Portland-based brands are up as much as 15% and they are offset obviously by lower tequila sales outside of Portland and Pacific Northwest. Gross revenues are lower in the first quarter through February due to the higher proportion of lower-priced spirits compared to last year. So we're selling more vodka than we are tequila.

現在來看看截至二月的第一季烈酒銷量，9公升烈酒的整體出貨量與去年持平。然而，我們位於波特蘭的品牌卻大幅上升。波特蘭品牌的增幅高達 15%，但波特蘭和太平洋西北地區以外的龍舌蘭酒銷量下降明顯抵消了這一增幅。截至二月的第一季總收入較低，因為與去年相比，低價烈酒的比例較高。所以我們賣的伏特加比龍舌蘭酒還要多。

However, I will caution you from drawing assumptions on a couple of months. The longer-term trend is really what's important. As orders can slide from month to month, and also, it's important to note that shipments is distinctly different from retail sell-through. Now with that said, let's turn and talk about the other business of Eastside Distilling, which is our Craft services business. Specifically, our Craft as a printing business had an outstanding year in 2023, printing a total of 14.1 million cans in the year, substantially more than the 4.8 million cans that printed in the prior year.

不過，我會提醒您不要對幾個月做出假設。長期趨勢確實很重要。由於訂單可能逐月下滑，值得注意的是，出貨量與零售銷售量明顯不同。話雖如此，讓我們來談談 Eastside Distilling 的另一項業務，即我們的工藝服務業務。具體來說，我們的 Craft 作為印刷業務在 2023 年表現出色，全年印刷了 1,410 萬個罐，大大超過了上一年印刷的 480 萬個罐。

Throughout 2023, we improved our processes and won new customers. As we filled up the production schedules, each month, we saw margins improve, and we expect to see a substantial operating improvement this year with Craft. In fact, we are preannouncing can volumes for the first quarter of 2024 and expect to print over 4.7 million cans in the first quarter. That's an 88% increase over the first quarter of last year. We are achieving this through improved processes, higher throughput, and an expanded schedule.

2023 年，我們改進了流程並贏得了新客戶。隨著我們每月完成生產計劃，我們看到利潤率有所提高，我們預計今年 Craft 的營運將出現實質改善。事實上，我們正​​在預先公佈 2024 年第一季的罐頭產量，預計第一季印刷超過 470 萬罐。比去年第一季成長了 88%。我們正在透過改進流程、提高吞吐量和擴大時間表來實現這一目標。

Now the other driver here is new customers. Last year, we converted almost all of our existing mobile customers to digital printing. And we began to make inroads winning back former mobile customers that have moved to purchase, fill, and decorate their own cans, which shrink sleeves for labels. And recently, we have won much larger customers all over the West Coast. Many of these customers are launching new SKUs, converting away from nonrecyclable labels and others just want the incredible flexibility and graphics digital can printing offers.

現在另一個驅動力是新客戶。去年，我們幾乎所有現有的行動客戶都轉向了數位印刷。我們開始努力贏回以前的移動客戶，他們已經開始購買、填充和裝飾自己的罐子，這些罐子會收縮標籤的套筒。最近，我們在西海岸贏得了更大的客戶。其中許多客戶正在推出新的 SKU，放棄不可回收的標籤，而其他客戶只是想要令人難以置信的靈活性和圖形數位罐印刷功能。

Every can we print have our logo on it. And those cans are going places. Recent wins include a beer can served at the Dodger Stadium. A large consumer product company launching a new product, regional RTD brands, now these products cover beer, waters, and SpikedSeltzers.

我們印刷的每一個罐子上都有我們的標誌。這些罐頭正在流行。最近的勝利包括在道奇體育場提供啤酒罐。一家大型消費品公司推出了新產品，區域性 RTD 品牌，現在這些產品涵蓋啤酒、水和 SpikedSeltzers。

Having said this, I think there are other reasons why we are seeing customers hand over a critical component of their supply chain to us. So it has everything to do with the consumer. The consumer has changed and marketing in consumer beverage is changing. Packaging has never been more important. Driven by the fact that to be successful in this rapidly changing space, you have to invest in marketing for your products facing the customer.

話雖如此，我認為我們看到客戶將其供應鏈的關鍵組成部分交給我們還有其他原因。所以這與消費者息息相關。消費者已經發生變化，消費飲料的行銷也在改變。包裝從未如此重要。為了在這個快速變化的領域取得成功，您必須投資於面向客戶的產品行銷。

Historically, you could get away with cheap plastic wrap cans or larger customers could get away with 19th century printing technology that only use a couple of colors on the cans. But today, brands that are winning are doing it with creative marketing on their cans; marketing that draws end consumers and build brand equity quickly. And do the research yourself and walk the beer island study the cold case in your local supermarket.

從歷史上看，您可以使用廉價的保鮮膜罐，或者較大的客戶可以使用僅在罐上使用幾種顏色的 19 世紀印刷技術。但如今，成功的品牌都透過在罐頭上進行創意行銷來實現這一目標。吸引最終消費者並快速建立品牌資產的行銷。自己做研究，走遍啤酒島，研究當地超市的冷箱。

Ask yourself who's positioned here? Who's in there, and you will see extraordinary packaging. But most of it is unrecyclable. Digital printing is coming. We've seen customers change their product set to use digital printing to expand offering seasonal SKUs, special releases, the packaging and design strategies have been unleashed with digital packaging. We have seen new customers build entire marketing platforms off the package itself, a completely new business model. These changes are the paradigm shift that I've been referring to over the last year that's happening before I was in the Craft beverage space. Digital printing is making this happen.

問問自己誰在這裡？誰在裡面，你就會看到非凡的包裝。但其中大部分是不可回收的。數位印刷即將到來。我們已經看到客戶改變他們的產品組合，使用數位印刷來擴大季節性 SKU、特別版本的供應，包裝和設計策略已透過數位包裝釋放出來。我們看到新客戶自行建立了整個行銷平台，這是一種全新的商業模式。這些改變是我去年提到的典範轉移，這種轉變發生在我進入精釀飲料領域之前。數位印刷正在使這一切成為現實。

And one last comment here as I think it's important for us to say, and this is what I believe, Craft is the best at it. We are the best digital printer in North America. Craft is winning customers that see the difference in execution, customer service and quality. So with that said, it's easy for me to state emphatically, I think we're also a fabulous start for 2024.

我認為最後一點評論對我們來說很重要，這就是我所相信的，Craft 是這方面最擅長的。我們是北美最好的數位印刷商。Craft 正在贏得那些看到執行、客戶服務和品質差異的客戶。話雖如此，我很容易強調，我認為 2024 年我們也是一個美妙的開始。

Now beyond the operational results for spirits and Craft, we had a number of other changes that happened last year, including balance sheet changes. We lowered outstanding debt. And it's important to note that we are currently in discussions with key lenders to extend this year's payments, maturity payments and increased liquidity. We're not there yet, we're still working on it, and we have progress to make there.

現在，除了烈酒和精釀啤酒的營運表現之外，我們去年還發生了許多其他變化，包括資產負債表的變化。我們降低了未償債務。值得注意的是，我們目前正在與主要貸方討論延長今年的付款期限、到期付款和增加流動性。我們還沒有做到這一點，我們仍在努力，而且我們還需要取得進展。

We also are working on remaining Nasdaq compliant. That has been a challenge and will continue to be a challenge. Now with that said, I'm going to save some time for questions and turn the call back over to Tiffany. Tiffany?

我們也致力於保持納斯達克的合規性。這一直是一個挑戰，並將繼續是一個挑戰。話雖如此，我將節省一些時間來提問，然後將電話轉回給蒂芙尼。蒂芙尼？

Thank you, Geoffrey, and thank you all again for joining our call today. Let's review the fourth quarter. On a consolidated basis, our gross sales were $2.1 million for the fourth quarter of '23, and $2.4 million for Q4 '22, primarily due to seasonality in printing, lower mobile canning, and spirit sales.

謝謝傑弗裡，並再次感謝大家今天加入我們的電話會議。讓我們回顧一下第四季。在合併基礎上，我們 23 年第四季的總銷售額為 210 萬美元，22 年第四季為 240 萬美元，這主要是由於印刷的季節性、移動罐頭和烈酒銷售的下降。

Craft sales were $1.2 million for both '23 and '22, even though we continued to improve our printed can production. Spirit sales were $900,000 for '23 and $1.1 million for '22. Our consolidated gross profit was flat at negative $100,000 for both Q4 '23 and 2022. Our consolidated gross margins were negative 6% for both '23 and '22. Craft margins -- had margins of negative 26% for 2023 and negative 23% for 2022.

儘管我們繼續改進印刷罐生產，但 23 年和 22 年的工藝品銷售額均為 120 萬美元。23 年烈酒銷售額為 90 萬美元，22 年烈酒銷售額為 110 萬美元。2023 年第 4 季和 2022 年第 4 季我們的綜合毛利持平於負 10 萬美元。2023 年及 22 年我們的綜合毛利率均為負 6%。工藝利潤率－2023 年利潤率為負 26%，2022 年利潤率為負 23%。

Spirits margins were 21% for '23 and 13% for 2022. Adjusted EBITDA was negative $1.3 million for '23 and negative $1.6 million for 2022, primarily due to decreased operating expenses. In addition, we recorded an impairment loss related to our Azunia brand of $400,000 for 2023 and $7.5 million for 2022.

2023 年烈酒利潤率為 21%，2022 年為 13%。2023 年調整後 EBITDA 為負 130 萬美元，2022 年調整後 EBITDA 為負 160 萬美元，主要是因為營運費用減少。此外，我們也記錄了與 Azunia 品牌相關的減損損失，2023 年為 40 萬美元，2022 年為 750 萬美元。

Craft printing operations continue to improve and are expected to deliver positive EBITDA in the upcoming quarters. We continue to gain momentum in the printing sales and increasing capacity and exploring avenues to streamline operating costs. We expect continual improvement throughout the year.

工藝印刷業務持續改善，預計在未來幾季實現正的 EBITDA。我們繼續在印刷銷售和增加產能方面取得動力，並探索簡化營運成本的途徑。我們期望全年持續改善。

We will now open the floor for questions. Operator?

我們現在開始提問。操作員？

(Operator Instructions) [Jay Huber], private investor.

（操作員說明）[Jay Huber]，私人投資者。

Got a couple of questions. First on -- at the money, what was the average sale price of the 300,000-ish that you sold?

有幾個問題。首先，從金錢的角度來看，您出售的 300,000 件左右的產品的平均售價是多少？

That's a good question. I don't know if I have that here in front of me. I'll ask Tiffany, our Controller is online, she can look that up. If not, we can -- I'm happy to take a call later, and we can give you that number.

這是個好問題。我不知道我面前是否有這個。我會問蒂芙尼，我們的控制器在線，她可以查一下。如果沒有，我們可以—我很樂意稍後接聽電話，我們可以給您該號碼。

Sure. No worries. Second, what is your canning capacity? And basically what percent of capacity are you running?

當然。不用擔心。第二，你們的罐頭產能有多大？基本上您運行的容量百分比是多少？

Right. That's a great question. So just to be clear, we do canning, right? We do fill for people in Portland. We still have a mobile operation there. Although that's one of the things that affected the fourth quarter as we've been reducing our exposure beyond Portland and mobile. Our focus is in digital printing.

正確的。這是一個很好的問題。所以澄清一下，我們來做罐頭，對吧？我們確實為波特蘭的人們提供服務。我們在那裡仍然有移動業務。儘管這是影響第四季度的因素之一，因為我們一直在減少波特蘭和移動以外的業務。我們的重點是數位印刷。

So when you refer to canning I'm assuming you're referring to digital printing, that's the decoration of aluminum cans that are going all over the west now. And just to clarify, that's the new technology that I'm referring to, where we digitally print, we can do photo, realistic graphics to crazy different label types. We can do one, we can do a million, we can do a lot of flexibility there.

因此，當您提到罐頭時，我假設您指的是數位印刷，這就是現在在西方流行的鋁罐裝飾。澄清一下，這就是我指的新技術，我們可以透過數位列印將照片、逼真的圖形列印到瘋狂的不同標籤類型上。我們可以做一個，我們可以做一百萬個，我們可以在那裡做很多靈活性。

And that capacity -- right now this is capacity of one machine. So we have one hinder cost due to Cody, and we do expect that we're going to get a second machine this year. And that would double our installed capacity in Portland. And the capacity of that machine depends on how many cans you run through it, how -- what graphics you're printing, how many changeovers you have.

這個容量——現在這是一台機器的容量。因此，由於科迪，我們有一個阻礙成本，我們確實預計今年將獲得第二台機器。這將使我們在波特蘭的裝置容量增加一倍。這台機器的容量取決於您運行了多少個罐頭、如何列印什麼圖形、有多少次轉換。

So with the second machine, our throughput will simply increase because of fewer changeovers and will grow. So I would suggest that you just think in your head that one machine is 25 million cans a year, two machines is 50 million cans a year, so on and so forth.

因此，有了第二台機器，我們的吞吐量將因轉換次數減少而增加，並且將會成長。所以我建議你在腦子裡想一下，一台機器每年生產 2500 萬罐，兩台機器每年生產 5,000 萬罐，依此類推。

Okay, great. So if you run -- if you're expecting to do 4.7 million cans, that leaves a huge --

好的，太好了。因此，如果您預計生產 470 萬罐，那麼剩下的就是巨大的資金。--

Yes. We're not in a -- what's impressive Jay, about the first quarter is coming out of your December quarter where there's just not as much production in beverage, right? A lot of people have already produced what they need for the fourth quarter. People are all on vacations and out of the office. So the production side, the filling side is not at the full steam yet.

是的。我們不是在——傑伊，令人印象深刻的是，第一季是在你的 12 月季度之後，飲料產量沒有那麼多，對嗎？很多人已經生產了第四季所需的東西。人們都在度假並且不在辦公室。所以生產方面、灌裝方面還沒有全力以赴。

And so we're coming out of the fourth quarter. And in the first quarter, we've printed a tremendous number of cans. So our challenge over the next two quarters is going to be printing full, and we will hit capacity at some point here in the next two quarters. And managing that until we can get our next machine online.

我們即將結束第四季。在第一季度，我們印製了大量的罐頭。因此，我們未來兩個季度的挑戰將是印刷滿載，並且我們將在未來兩個季度的某個時候達到產能。並對其進行管理，直到我們可以讓下一台機器上線。

Okay. And also how about the mobile counting? What percentage capacity?

好的。那麼移動計數怎麼樣呢？容量百分比是多少？

That's more of a flexible business. We have a lot of excess equipment. So mobile canning is just to describe it. Actually you can credit crop with the genesis of this business, I would say it goes way back, but the team there has perfected the art of getting mobile equipment on a mobile platform of trucks and being able to go to numerous customers all over the (technical difficulty) and fill for them.

這更像是一項靈活的業務。我們有很多多餘的設備。所以移動罐頭只是描述它。實際上，您可以將這項業務的起源歸功於作物，我想說它可以追溯到很久以前，但是那裡的團隊已經完善了在卡車移動平台上獲取移動設備的藝術，並且能夠為世界各地的眾多客戶提供服務（技術難度）並填寫。

So our flexibility there or the capacity is constrained by people, right? It's a technical job. It really requires someone who understand what our customers need, not every product goes in a can the same way. Some products need certain conditions. And so oftentimes, we are almost like a consultant lot of new beverages want us to help get their product in can, but they've never put in the can before. So you -- it's not an easy role to fill.

那麼我們的靈活性或能力是受到人的限制的，對嗎？這是一項技術工作。這確實需要一個了解客戶需求的人，並不是每個產品都以同樣的方式裝在罐子裡。有些產品需要一定的條件。很多時候，我們幾乎就像顧問一樣，許多新飲料希望我們幫助他們將產品裝入罐中，但他們以前從未裝入罐中。所以你——這不是一個容易填補的角色。

So we have a long training program at Craft. So that business is gated by people. So if you were to ask me today what that number is, I wouldn't be able to tell you right off the bat, but it -- there's a lot of capacity still left that's untapped here given our current staffing and our equipment.

所以我們在 Craft 有一個長期的訓練計畫。所以這個生意是由人來控制的。因此，如果你今天問我這個數字是多少，我無法立即告訴你，但是考慮到我們目前的人員配置和設備，這裡仍然有很多容量尚未開發。

So I'm not holding you to this, but what are you running at -- 30%?

所以我不會讓你堅持這個，但你的跑步速度是多少——30%？

Yes, I would say we're now we're north of that on the mobile side, from north of 50%, but there's plenty of excess capacity. We could probably add some as we get into the peak season.

是的，我想說，我們現在在移動方面已經超越了 50%，但仍有大量過剩產能。當我們進入旺季時，我們可能會添加一些。

Okay. So now just a thought: why wouldn't you take your current brands such as like -- mention your Portland Potato brand -- create a hard sells you have access. And then --

好的。所以現在想想：為什麼你不採用你目前的品牌，例如——提到你的波特蘭馬鈴薯品牌——創建一個你可以訪問的硬推銷產品。進而--

That was the genius of the initial management team. I was one of the reasons why Craft acquired was they were going to beer forerunner in the RTD space. And the challenge, Jay, I think, is the -- is what the company has faced for the last number of years, which is there's just so many opportunities, right?

這就是最初管理團隊的天才之處。我收購 Craft 的原因之一是他們將成為 RTD 領域的啤酒先驅。傑伊，我認為，挑戰是公司過去幾年面臨的挑戰，即機會太多，對嗎？

There's opportunities for us to grow our spirits business selectively outside of the Pacific Northwest, there's opportunities now in tequila because tequila margins have improved, there's opportunities for us, as you said, to go into RTD, right, to feed all these opportunities. Now RTD is a high working capital space. So just think about that concept for a second. When you go into the grocery store and you buy a hard seltzer, the price points there are lower than they historically -- you would capture in the spirits bottle experience, right, particularly in the case of Oregon, which is a control state.

我們有機會在太平洋西北地區之外選擇性地發展我們的烈酒業務，龍舌蘭酒現在有機會，因為龍舌蘭酒的利潤率有所提高，正如您所說，我們有機會進入RTD，對吧，以滿足所有這些機會。現在 RTD 是一個高營運資本空間。所以請考慮一下這個概念。當你走進雜貨店買一瓶硬蘇打水時，那裡的價格比歷史上的要低——你會在烈酒瓶體驗中捕捉到這一點，對吧，特別是在俄勒岡州，這是一個控制州。

So we really have to be careful about pulling the company in new directions that just consume more capital, more working capital, more complexity. Now having said that, we have customers that are launching products constantly. And so the concept that I would just go back to and point you to is a number of years ago when I was on your side of the table doing investing.

因此，我們確實必須謹慎地將公司拉向新的方向，因為這只會消耗更多的資本、更多的營運資金和更多的複雜性。話雖如此，我們的客戶不斷推出產品。因此，我要回顧並指出的概念是幾年前的，當時我站在你們這邊進行投資。

One of the companies that amazed me just through history is Levi Strauss. Levi Strauss today has gone through a lot of transformation, but it's a legacy and the discipline staying focused on just serving a booming market, which was jeans at in the 19th century when people all in (technical difficulty) in San Francisco for gold turned out to be such a strategic important move, and it was the legacy that the company was built on.

Levi Strauss 是歷史上令我驚嘆不已的公司之一。今天的李維·斯特勞斯(Levi Strauss) 已經經歷了很多轉型，但它是一種遺產，它的紀律始終專注於服務蓬勃發展的市場，這就是19 世紀的牛仔褲，當時人們都在（技術難度）舊金山尋找黃金。

I would argue that right now, if you were to look across our landscape, we have a business in Craft digital printing. So it's got a huge moat. I mean it's huge competitive barriers to entry. You can't go and find a can that's digitally printed just anywhere. I mean there's a handful of people that do it. Basically, now we only have one technology that can do it, which is the hinder cost technology, and those have been kind of sold into different markets.

我認為，現在，如果你縱觀我們的情況，你會發現我們有工藝數位印刷業務。所以它有一條巨大的護城河。我的意思是，這是巨大的進入競爭壁壘。您無法隨處找到數位印刷的罐頭。我的意思是有少數人這樣做。基本上，現在我們只有一種技術可以做到這一點，那就是阻礙成本技術，而這些技術已經被出售到不同的市場。

So if you want to have digital print, you're going to can works down in Texas, if you want to do it on the East Coast, you're going to hard if you want to do it in St. Louis and it's DigiCan. If you want to do it in the Pacific Northwest, hardest place to get product up into given the shipping lines, you're going to have to work with us. Otherwise, you're going to use plastic heated labels around a can and eventually, particularly the people in the Pacific Northwest, they're not going to put up with the fact that they're nonrecyclable and they're basically going to landfills.

因此，如果你想要數位印刷，你可以在德克薩斯州進行，如果你想在東海岸進行，那麼如果你想在聖路易斯進行，那就很難了，而且是 DigiCan 。如果您想在太平洋西北地區（考慮到航運線路，將產品運送到最困難的地方）進行此操作，您將必須與我們合作。否則，你將在罐子周圍使用塑膠加熱標籤，最終，特別是太平洋西北地區的人們，他們將無法忍受它們不可回收的事實，並且基本上會被送往垃圾掩埋場。

So I think that business -- this business, it's clear you can probably see it over the last year or so has been the focus of the company to get this to scale and become such a critical component of our customer supply chain. We can let others build great RTVs and we're going to be the guys that are that are efficiently supporting them and helping them build their product line.

所以我認為這項業務，很明顯你可能會在過去一年左右看到它一直是公司的重點，以使其規模化並成為我們客戶供應鏈的重要組成部分。我們可以讓其他人建立出色的 RTV，而我們將成為有效支援他們並幫助他們建立產品線的人。

In fact, I think we're seeing some outstanding new brands, and we're not the one who has to bet on one concept where basically have multiple opportunities to see them explore. And they won't be able to go to ball a crown to have their cans made because they're made bespokely or uniquely, they're collectible. There's a handful of them and they're gone, right?

事實上，我認為我們看到了一些出色的新品牌，我們並不是必須押注於一個概念的人，因為基本上有多種機會看到它們探索。他們將無法去製作皇冠，因為它們是定製或獨特的，具有收藏價值。他們有幾個，然後就消失了，對嗎？

Okay. So it's not as simple as, oh, we have the Portland Potato Vodka, we have the can. What we have to do is add the seltzer. You're saying that the cost price of these hard seltzers are so low that --

好的。所以這並不像，哦，我們有波特蘭馬鈴薯伏特加，我們有罐裝那麼簡單。我們要做的就是添加蘇打水。你是說這些硬蘇打水的成本價太低了--

You do a tremendous amount of volume. Yeah, you have to do a tremendous amount of volume and it would be really small margins. And one of the things on the operations side that's critical, and we learned this in spirit as you have to be focused and your first question speaks to this. You can't run plants with low-capacity utilization. You're just not cost competitive, right? This company did that years ago when we were working with (technical difficulty) that brand, we basically bought whiskey all the way to the Pacific Northwest. We bottled it and we ship it back east and we were not in concentration (technical difficulty) for where the price point was for that brand.

你的訓練量很大。是的，你必須做大量的交易，而利潤卻非常小。在營運方面，有一件事情是至關重要的，我們在精神上學到了這一點，因為你必須集中註意力，你的第一個問題就說明了這一點。您無法運作產能利用率低的工廠。你只是沒有成本競爭力，對吧？幾年前，當我們與該品牌合作（技術難度）時，這家公司就這樣做了，我們基本上一直購買威士忌到太平洋西北地區。我們把它裝瓶，然後運回東部，我們並沒有集中精力（技術難度）該品牌的價格點。

So you look at our balance sheet, you can see the impact that had on the company. It does a tremendous whole of lost value. So right now, we're laser-focused on (multiple speakers)

所以你看看我們的資產負債表，你可以看到這對公司的影響。它造成了巨大的價值損失。所以現在我們的重點是（多個發言者）

I remember that. Where it got too expensive because you were triple shipping and --

我記得那個。因為你要三重運輸變得太貴了--

Yeah. Right. But think about this: if you were to walk into our facility today and you walk in and sit down with the team, Connor, Bill, Michael and others -- Jay and -- who's involved with art and you were to just sit there and stare at the sample cans that this team has, it covers a wall. Think about it, hundreds of brands. So you're asking why don't we bet on one or two brands a week concept and we roll out. But effectively, we're betting on hundreds of brands, some of the most creative and talented people all over the West Coast, with new concepts, right, that are coming to market.

是的。正確的。但想想：如果你今天走進我們的設施，和團隊一起坐下來，康納、比爾、邁克爾和其他與藝術有關的人——傑伊和——你就坐在那裡，然後看看這個團隊擁有的樣品罐，它覆蓋了一堵牆。想想看，數百個品牌。所以你會問我們為什麼不每週押註一兩個品牌的概念，然後推出。但實際上，我們押注於數百個品牌，其中一些是西海岸最具創造力和才華的人，他們的新概念即將上市。

Some of them have done astronomically well in the last year, watching the volumes of these new brands come to market has been an eye-opening experience for me, but to predict which one it is, which brand is going to work is really difficult. And that speaks also to the advantage of this technology.

其中一些在去年取得了天文數字般的業績，看著這些新品牌進入市場的數量對我來說是一次大開眼界的經歷，但要預測哪個品牌、哪個品牌會發揮作用確實很困難。這也說明了這項技術的優點。

In the past, you would spend two years perfecting the brand and the concept and you have one shot with all the money that you dumped into packaging and the supply chain to get it right. Now, a brand will come to us. We'll build them the product. They'll go out realize it's not exactly resonating, and then there's a change, and we're getting new version, right?

在過去，你需要花兩年的時間來完善品牌和概念，然後你就可以一次投入所有投入包裝和供應鏈的資金來將其做好。現在，一個品牌將來到我們身邊。我們將為他們打造產品。他們會意識到這並不完全引起共鳴，然後就會發生變化，我們會得到新版本，對嗎？

So I like this segment. I think this is one where we can win. We're not going to have to fight all the way down to every little penny to compete to end market share. This will be a successful segment that's going to have some longevity with margin.

所以我很喜歡這個片段。我認為這是我們能夠獲勝的地方。我們不必為了爭奪最終市場佔有率而拼盡全力。這將是一個成功的細分市場，並且具有一定的利潤率。

So over the next couple of quarters, what growth do you see in the digital printing mix?

那麼在接下來的幾個季度中，您認為數位印刷組合會出現什麼樣的成長？

Like I said, we reported that we're substantially above what we did last year, and we'll do it, and I think we'll have some success in the second quarter. Frankly, I mean, our biggest risk, Jay, is working capital. This company is consuming working capital, particularly cans at an ever-greater rate, right? So as we grow so dramatically, and bring in cans, we have to be able to generate cash and grow that investment of working capital. And so we still have, as I said, 1,000 barrels of bourbon, and a lot of this bourbon is bourbon we don't -- we can't actually use it's overage for our product set.

就像我說的，我們報告說我們的成績大大高於去年，我們會做到這一點，我認為我們將在第二季度取得一些成功。坦白說，我的意思是，傑伊，我們最大的風險是營運資金。這家公司正在以越來越快的速度消耗營運資金，尤其是罐頭，對吧？因此，當我們如此迅速地成長並引進罐頭產品時，我們必須能夠產生現金並增加營運資本投資。所以，正如我所說，我們仍然有 1,000 桶波本威士忌，而且許多波本威士忌都是我們沒有的波本威士忌——我們實際上不能將其過剩的部分用於我們的產品組合。

We don't have a product that takes a 17-year bourbon. So one challenge that we have is to redeploy assets where we can, raise liquidity where we can to invest in working capital. So to your question on the second quarter, the biggest risk that I see is not having the cash to keep the growth at this clip, right, being slowed down because of our inability to get the cans quickly enough.

我們沒有需要 17 年波本威士忌的產品。因此，我們面臨的挑戰之一是盡可能重新部署資產，盡可能提高流動性以投資營運資本。因此，對於你關於第二季度的問題，我認為最大的風險是沒有現金來保持這種增長速度，對吧，由於我們無法足夠快地獲得罐頭而放緩。

And where do you see breakeven? How many cans a quarter do you --

您在哪裡看到損益兩平？你每季有多少罐--

That's another good question. Yeah. So when I think about breakeven, it's a function of what our can costs are, what are the margin is on the cans, which I'm not going to go into much on can margin. But the other aspect of it is scrapped and managing the process. So if you think about it, when you're doing one of the concepts that you have to think about as you move a lot of cans through this machine, you can hold aluminum can, and they're very fragile. You can feel in squish in your hands if you just -- particularly when they're empty.

這是另一個好問題。是的。因此，當我考慮到盈虧平衡時，它是我們的罐頭成本、罐頭利潤是多少的函數，我不會過多討論罐頭利潤。但它的另一個方面是廢棄並管理流程。因此，如果你想一想，當你在做一個你必須考慮的概念時，當你通過這台機器移動很多罐子時，你可以握住鋁罐，它們非常脆弱。如果你只是——尤其是當它們是空的時，你會感覺到你的手被壓扁了。

And so we have to manage our scrap down to a very low level. We have put in place processes. The team has done a great job last year and putting process has been minimized, the scrap into the machine, then we have to minimize the scrap out, which is making sure the cans that come out are perfect. We have a really high threshold for perfection there, low tolerance for any mistakes on the cans. So we manage that process lower and the scrap comes down.

因此，我們必須將廢料控制在非常低的水平。我們已經制定了流程。去年，我們的團隊做得非常出色，我們最大限度地減少了放入過程，將廢料放入機器中，然後我們必須最大限度地減少廢料的排出，這確保了出來的罐頭是完美的。我們對完美的門檻非常高，對罐頭上的任何錯誤的容忍度都很低。因此，我們降低了流程管理，廢品率也隨之下降。

So when I think about breakeven, we -- based on the production that we had this quarter, in the first quarter, the company should be close to breakeven. But on EBITDA, if not generating cash, there might be more issues like scrap and stuff that pull us negative. But by the time we get into the middle of the summer at the volumes that we're expecting, assuming we have the cans to get through that peak capacity.

因此，當我考慮盈虧平衡時，根據本季第一季的產量，公司應該接近盈虧平衡。但就 EBITDA 而言，如果無法產生現金，可能會出現更多問題，例如廢品和其他問題，從而為我們帶來負面影響。但到了仲夏時，我們的產量就達到了預期，假設我們有足夠的罐頭來度過高峰期。

This company has generated a lot of cash in the form of EBITDA. And I should also mention the other operating business, spirits is really close. I mean, in the fourth quarter, it generated -- I mean we talk about the EBITDA, but sometimes our EBITDA calculation is going to add back all the noncash items in the income statement. And that business also was close to breakeven.

該公司以 EBITDA 的形式產生了大量現金。我還應該提到其他經營業務，烈酒確實很接近。我的意思是，在第四季度，它產生了——我的意思是我們談論 EBITDA，但有時我們的 EBITDA 計算會加回損益表中的所有非現金項目。該業務也接近收支平衡。

I mentioned the operating number, but if you were to look at the EBITDA number in the fourth quarter, spirits only lost $75,000 EBITDA. And the free cash flow in Spirit is a lower number because we're not rebuying bourbon. So that number is even lower if you add back the fact that we're not repurchasing bourbon. So -- the two businesses are on course to get to that point where they're generating cash. And then the question is, do we have enough cash to support incorporate the cost of being a public company and the interest cost of what's left after the debt exchange.

我提到了營業數據，但如果你看一下第四季度的 EBITDA 數據，烈酒只損失了 75,000 美元的 EBITDA。Spirit 的自由現金流量較低，因為我們不會重新購買波本威士忌。因此，如果再加上我們不重新購買波本威士忌的事實，這個數字還會更低。因此，這兩家公司有望實現盈利。接下來的問題是，我們是否有足夠的現金來支持上市公司的成本和債務交換後剩下的利息成本。

Okay. And last question, I've taken a lot of your time, I'm sorry, but -- so now you shift the direction of the company. How is the Board -- should you shift to get some outside knowledge as somebody --

好的。最後一個問題，我佔用了你很多時間，我很抱歉，但是 - 所以現在你改變公司的方向。董事會怎麼樣－你是否應該以某人的身分去獲取一些外部知識--

Right, right. So we've had -- yeah. I got a little bit of a question broken up there. Your question is how's the Board supporting this transition of the company and the Board need more resources to help us in the direction that we're heading. Those are great questions.

是的是的。所以我們已經——是的。我有一個問題被分解了。您的問題是董事會如何支持公司的轉型，董事會需要更多資源來幫助我們朝著我們前進的方向前進。這些都是很好的問題。

And I'll say that -- I have to say that we've been blessed with a really talented group of people that have shepherd this company through a really difficult period. I mean, (technical difficulty) is an example of someone who came in selflessly really gave to help us push the company in a good direction. And then just because of the amount of time it took in the constraints that she has on our time wasn't able to continue with to determine.

我想說的是——我必須說，我們很幸運擁有一群非常有才華的人，他們帶領這家公司度過了非常困難的時期。我的意思是，（技術困難）是一個無私奉獻的人真正幫助我們推動公司朝好的方向發展的例子。然後只是因為她對我們時間的限製而無法繼續確定。

But I think you're right. I think we need to continue to bring in some talented people who understand manufacturing, understanding marketing, and marketing platforms like this that we're looking at who can really drive the company. And we've already actually done that, Jay, inside the company. We added a CEO of Craft. He started in January. And the gentleman by He comes to us with extensive background in manufacturing, having a lot of a very large consulting firm that make the consults with some of the largest manufacturers, high-tech manufacturers in North America.

但我認為你是對的。我認為我們需要繼續引進一些了解製造、了解行銷和行銷平台的人才，我們正在尋找誰能夠真正推動公司發展。傑伊，我們實際上已經在公司內部做到了這一點。我們增加了 Craft 的執行長。他從一月開始。他來到我們這裡，擁有豐富的製造業背景，擁有許多大型顧問公司，為北美一些最大的製造商、高科技製造商提供諮詢。

And just in the first quarter, he's had a tremendous impact on the efficiency of the company. So I think you're right, we need to bring more resources in to support this kind of growth. And as I said, if we double capacity with more machines than maybe even in other locations, eventually, we'll need that expertise.

就在第一季度，他就對公司的效率產生了巨大的影響。所以我認為你是對的，我們需要投入更多資源來支持這種成長。正如我所說，如果我們使用比其他地方更多的機器將產能翻倍，最終我們將需要這種專業知識。

Just a follow-up. You're talking about adding a machine. Is that going to be -- are you going to get the funds for that for through growth? Or are you going to have to go --

只是後續行動。你說的是增加一台機器。你會透過成長獲得資金嗎？或者你必須去--

Yeah, we've been working on a financing package that we think will take is -- and inform an operating lease.

是的，我們一直在製定一項融資方案，我們認為該方案將採取—並告知經營租賃。

Okay. Again, thank you. I appreciate --

好的。再次謝謝你。我很欣賞--

Yeah. Absolutely. Thanks, Jay.

是的。絕對地。謝謝，傑伊。

(Operator Instructions) Matthew Campbell, Laridae Capital.

（操作員說明）Matthew Campbell，Laridae Capital。

Hey Geoff, I'll be quick here. Good morning. You guys have done a lot of restructuring work and it's apparent that the business is stronger today than it's ever been. But when you look at the income statement, you see the numbers the way they are, it tells a different story. So just really quick, tequila, the spirits business has been not growing. But tequila has been a big weight -- that acquisition done two or three years ago, a big weight on the business.

嘿，傑夫，我很快就到。早安.你們已經做了很多重組工作，很明顯，今天的業務比以往任何時候都更強大。但當你查看損益表時，你會看到數字的本來面目，它講述了一個不同的故事。所以很快，龍舌蘭、烈酒業務一直沒有成長。但龍舌蘭酒一直是一個很大的分量——那次收購是兩三年前完成的，對業務來說是一個很大的分量。

Have we seen a bottoming of the spirit side. I know you said Portland Potato Vodka is starting to grow in your markets now that you're focused on. I'd like to just get a better handle of that. And the loss that you reported Q4, are you starting to see it get closer to breakeven on the spirit side?

我們是否看到了精神面的觸底？我知道您說過波特蘭馬鈴薯伏特加現在開始在您關注的市場中成長。我想更好地處理這個問題。還有您報告的第四季度的虧損，您是否開始看到它在精神方面越來越接近盈虧平衡？

Yeah. Like I was -- thanks, Matt, for those questions. Like I said, on the spirit side, I mean, last year, I was optimistic that we were going to be able to actually hit EBITDA maybe in the fourth quarter. That was my own personal stretch goal of seeing that happened. And our adjusted EBITDA for the fourth quarter in spirits was $75,000 loss.

是的。就像我一樣——謝謝馬特提出的這些問題。就像我說的，在精神方面，我的意思是，去年，我很樂觀地認為我們可能會在第四季度真正實現 EBITDA。這是我個人的長期目標，希望看到這一切發生。第四季烈酒調整後 EBITDA 虧損 75,000 美元。

Now to your question, a lot of things are working in spirits. You got Portland Potato Vodka down to a price point where it moves and moves well. We still need to lower some of our overhead costs, but that -- expanding that margin will help push us closer to the EBITDA number that I'm talking about because it brought is such a big piece of our business.

現在回答你的問題，很多事情都在精神上進行。你把波特蘭馬鈴薯伏特加降到了一個可以移動並且移動良好的價格點。我們仍然需要降低一些管理費用，但是擴大利潤率將有助於我們更接近我所說的 EBITDA 數字，因為它帶來了我們業務的很大一部分。

The bourbon side has not really grown because we just don't have the money to invest in marketing with that product right now. And then the last piece that you referred to, you're right, the tequila acquisition really was a hard go since we acquired it. We didn't have the capital to continue to push and grow volume at such rates and margins where gave was at peak price points, but agave has come down dramatically.

波本威士忌並沒有真正成長，因為我們現在沒有錢投資該產品的營銷。然後你提到的最後一篇文章，你是對的，自從我們收購龍舌蘭酒以來，收購它確實是一個艱難的過程。我們沒有資金繼續以這樣的速度和利潤推動和增加銷量，而龍舌蘭的價格和利潤已經達到峰值，但龍舌蘭已經大幅下降。

And so we moved our price points in tequila up dramatically to try to rightsize that business. And with that, alienated obviously, a lot of distribution because they were seeing volumes come down distribution and spirits is in a different game than they're not motivated the same way we are. That's a huge challenge for any spirits brand unless you are a major. So that's been one of the hard things that we have stuck with is we're not going to sell spears.

因此，我們大幅提高了龍舌蘭酒的價格，以嘗試調整業務規模。顯然，許多分銷都被疏遠了，因為他們看到分銷量下降，而烈酒處於不同的遊戲中，他們的動機與我們不同。這對任何烈酒品牌來說都是一個巨大的挑戰，除非你是專業人士。所以我們一直堅持的困難之一是我們不打算出售長矛。

We're not going to incentivize distribution for us to lose money. And that has not been well received by them, and in some markets, they've backed off of pushing our brand, right? And I think that's fair to say. But at this point with the margins that we now have to, particularly with the game of the prices that is now, this brand makes money. And it could be on course to be one of the more profitable ones, believe it or not.

我們不會為了虧損而激勵分銷。這並沒有得到他們的好評，在一些市場上，他們已經不再推銷我們的品牌了，對嗎？我認為這是公平的。但在這一點上，我們現在必須有利潤，特別是現在的價格遊戲，這個品牌賺錢。不管你信不信，它可能會成為最賺錢的公司之一。

So I think the thing that I would say in spirits is staying disciplined and not letting this side of the house consume so much capital that we can't see. Until people see the growth opportunity that's in this company, we have to be on a capital guide. We got to -- when you look at the stock price and we look at it together, and we've got two businesses that I think are -- I think the digital camping business is unique and as people wake up to what's happening in the marketplace, it's going to be a very valuable business.

所以我認為我本著精神要說的是保持紀律，不要讓房子的這一面消耗太多我們看不到的資本。在人們看到這家公司的成長機會之前，我們必須遵循資本指南。我們必須——當你看看股價，我們一起看看，我們有兩項我認為是的業務——我認為數位露營業務是獨一無二的，隨著人們意識到正在發生的事情市場，這將是一項非常有價值的業務。

And I also think that our spirits business, particularly profitable spirits business is going to prove to be a lot more valuable. We attempted to sell one or more brands over a year ago, and there was, I think, because of where we are on profitability, right? So let's see where we go from here.

我還認為我們的烈酒業務，特別是盈利的烈酒業務將被證明更有價值。一年多前，我們試圖出售一個或多個品牌，我認為這是因為我們的獲利能力，對嗎？那麼讓我們看看我們接下來要做什麼。

Okay. Thank you. And then on mobile canning, is that business -- in your view, has that hit a low? Or is that still going to be a headwind when we look at the canning side of the business?

好的。謝謝。然後，在移動罐頭方面，您認為這項業務是否已經觸底？或者當我們審視罐頭業務時，這仍然會是個阻力嗎？

That has been a drag. Yeah. So we -- so it feels like every corner of this company had a problem. Mobile canning was coming through COVID and it has a structural problem for some of the customers start to in-source their own production capability. There's a number of challenges and inflation in there, labor inflation and others. There's challenges across the board we talked about already in spirits.

這一直是個拖累。是的。所以我們——所以感覺這家公司的每個角落都有問題。移動罐頭生產是在新冠疫情期間出現的，對於一些客戶開始內購自己的生產能力來說，它存在結構性問題。其中存在許多挑戰和通貨膨脹、勞動力通貨膨脹等。我們已經熱情地討論了全面的挑戰。

So what we've done in mobile is to pull back from places where we know that we aren't getting the return on capital that we're looking for. Seattle was one. Denver was another. In Portland we have such a strong embedded customer base there. It's a place where we learn about our customers. It's -- I think it's instrumental in the DNA of Craft or not. But for now, it's a profitable segment of the company. It's going to continue to contribute cash. And I think that's an important part of who Craft is.

因此，我們在行動領域所做的就是從那些我們知道無法獲得我們所尋求的資本回報的領域中撤出。西雅圖就是其中之一。丹佛是另一個。在波特蘭，我們擁有如此強大的嵌入式客戶群。這是我們了解客戶的地方。我認為它對 Craft 的 DNA 是否起到了重要作用。但就目前而言，這是公司的一個獲利部門。它將繼續貢獻現金。我認為這是 Craft 的一個重要組成部分。

So in the fourth quarter and last year, we had some costs associated with closing elements of that business. And we still have some lingering costs like leases here or there that we have to work out of. But once that's cleaned up and we get ourselves organized for the footprint that we're working with, that I don't foresee it as a headwind going forward.

因此，在第四季度和去年，我們產生了一些與關閉該業務要素相關的成本。我們仍然有一些揮之不去的成本，例如這裡或那裡的租賃，我們必須解決這些問題。但是，一旦清理乾淨並且我們為我們正在處理的足跡進行組織，我並不認為這會成為未來的阻力。

The bigger opportunity that, as we've talked about, is getting the second printer online because the important thing that people have to understand about digital printing is one machine is carrying the way of that whole facility. Rent, operating labor overhead, finance function, so on and so forth. And when you add a second machine, every dollar of revenue added by that second machine is leveraging all that fixed cost and so the profitability of machine 2 is twice that machine 1.

正如我們所討論的，更大的機會是讓第二台印表機聯機，因為人們必須了解數位印刷的重要一點是一台機器承載整個設施的方式。租金、營運人工費用、財務職能等等。當您添加第二台機器時，第二台機器增加的每一美元收入都會利用所有固定成本，因此機器 2 的獲利能力是機器 1 的兩倍。

So that's a really significant step -- it's critical for the company to make to really show people how profitable that business can be.

因此，這是非常重要的一步——對於公司來說，向人們真正展示該業務的獲利能力至關重要。

And when do you think you'll get that second printer?

您認為什麼時候可以獲得第二台印表機？

This is on top of the priority other than enough cans to go to the machine for working capital in Q2. So we're working on it. Everybody wants these machines now, obviously, because they're seeing it happen. I mean the PGAs printing with digital print, Budweiser did it, has been doing it. It's line on the radar screen. But as some of these small brands start to eat other people's launch everybody seems to be sterling and trying to get into schedule.

這是除了足夠的罐頭用於第二季度的營運資金之外的首要任務。所以我們正在努力。顯然，現在每個人都想要這些機器，因為他們正在見證這一切的發生。我的意思是 PGA 印刷與數位印刷，百威啤酒做到了，一直在這樣做。這是雷達螢幕上的線。但隨著一些小品牌開始蠶食其他人的發布，每個人似乎都在努力按計劃進行。

Thank you. Good work. One of these days, it will be apparent and we'll start to -- I'll be able to celebrate. But thanks for the hard work in, and appreciate it. Those were my questions.

謝謝。幹得好。總有一天，這一點將會很明顯，我們將開始——我將能夠慶祝。但感謝您的辛勤工作，並對此表示讚賞。這些都是我的問題。

Thanks, Matt.

謝謝，馬特。

This concludes our question-and-answer session. I would like to turn the conference back over to Geoffrey Gwin for any closing remarks.

我們的問答環節到此結束。我想將會議轉回傑弗裡·格溫 (Geoffrey Gwin) 發表閉幕詞。

Yeah. Thank you. I appreciate it. Thank you, everyone, for the time today. I know we're again sitting here in April talking about last year, but I think the story here and the private reporters is that we're still seeing good growth in this new technology. Great adoption and get things ahead. We need to put a few more pieces in place for people to get super excited about it and see it really, frankly, on paper, and I think we're going to do that this year.

是的。謝謝。我很感激。謝謝大家今天抽出時間。我知道我們在四月再次坐在這裡談論去年，但我認為這裡和私人記者的故事是我們仍然看到這項新技術的良好增長。廣泛採用並取得進展。我們需要放置更多的東西，讓人們對此感到超級興奮，並在紙上真實、坦率地看到它，我想我們今年會這樣做。

So please feel free to reach out to us, myself and certainly others in the organization, and we'd be happy to keep you abreast of our development. And then if not, we don't between now and then we'll be reporting here shortly on the first quarter soon. All right. So thanks.

因此，請隨時與我們、我本人以及組織中的其他人聯繫，我們很樂意讓您了解我們的發展動態。如果沒有，我們從現在到那時我們都會很快在這裡報告第一季的情況。好的。那謝謝啦。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。