Barfresh Food Group Inc (BRFH) 2024 Q2 法說會逐字稿

Good afternoon, everyone, and thank you for participating on today's Second Quarter 2024 Corporate Update Call for Barfresh Food. Joining us today is Barfresh Food Group's Founder and CEO, Riccardo Delle Coste; and Barfresh Food Group's CFO, Lisa Roger. Following prepared remarks, we will open the call for your questions.

大家下午好，感謝您參加今天的 Barfresh Food 2024 年第二季公司更新徵集活動。今天加入我們的是 Barfresh Food Group 的創辦人兼執行長 Riccardo Delle Coste；以及 Barfresh Food Group 的財務長 Lisa Roger。在準備好發言後，我們將開始電話詢問您的問題。

The discussion today will include forward-looking statements. Except for historical information herein, matters set forth on this call are forward-looking within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements about the company's commercial progress, success of its strategic relationships, and projections of future financial performance.

今天的討論將包括前瞻性陳述。除此處的歷史資訊外，本次電話會議中提出的事項均具有 1995 年《私人證券訴訟改革法案》安全港條款含義內的前瞻性，包括有關公司商業進展、戰略關係成功和預測的聲明未來的財務表現。

These forward-looking statements are identified by the use of the words such as grow, expand, anticipate, intend, estimate, believe, expect, plan, should, hypothetical, potential, forecast, and project, continue, could, may, predict, and will, and variations of such words and similar expressions are intended to identify such forward-looking statements. All statements other than the statements of historical fact that address activities, events, or developments that the company believes or anticipates will or may occur in the future are forward-looking statements.

這些前瞻性陳述透過使用諸如增長、擴展、預期、打算、估計、相信、期望、計劃、應該、假設、潛力、預測和項目、繼續、可以、可能、預測等詞語來識別。詞語和類似表達的變體旨在識別此類前瞻性陳述。除歷史事實陳述外，涉及本公司認為或預期未來將發生或可能發生的活動、事件或發展的所有陳述均為前瞻性陳述。

These statements are based on certain assumptions made based on experience, expected future developments, and other factors that the company believes are appropriate under the circumstances. Such statements are subject to a number of assumptions, risks, and uncertainties, many of which are beyond the control of the company. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements.

這些陳述基於基於經驗、預期未來發展以及公司認為在當時情況下適當的其他因素而做出的某些假設。此類陳述受到許多假設、風險和不確定性的影響，其中許多超出了公司的控制範圍。如果這些風險或不確定性中的一項或多項成為現實，或者基本假設被證明不正確，則實際結果可能與此類前瞻性陳述所表明或預期的結果有重大差異。

Accordingly, investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date they are made. The contents of this call should be considered in conjunction with the company's recent filings with the Securities and Exchange Commission, including its annual report on Form 10-K, and the quarterly reports on Form 10-Q, and current reports on Form 8-K, including any warnings, risk factors, and cautionary statements contained therein.

因此，投資者應注意不要過度依賴這些前瞻性聲明，這些聲明僅涉及其發布日期。本次電話會議的內容應結合公司最近向美國證券交易委員會提交的文件來考慮，包括其 10-K 表中的年度報告、10-Q 表中的季度報告以及 8-K 表中的當前報告，包括其中包含的任何警告、風險因素和警示性聲明。

Furthermore, the company expressly disclaims any current intention to update publicly any forward-looking statements after this call, whether as a result of new information, future events, changes in assumptions, or otherwise.

此外，該公司明確否認目前有意在本次電話會議後公開更新任何前瞻性陳述，無論是由於新資訊、未來事件、假設變化或其他原因。

In order to aid in the understanding of the company's business performance, the company is also presenting certain non-GAAP measures, including adjusted EBITDA, which are reconciled in a table in the business update released to the most comparable GAAP measures.

為了幫助了解公司的業務績效，公司還提供了某些非公認會計準則衡量標準，包括調整後的EBITDA，這些衡量標準在發布的業務更新中的表格中與最可比的公認會計準則衡量標準進行了核對。

The reconciling items are non-operational or non-cash costs, including stock compensation and other non-recurring costs, such as those associated with product withdrawal, and the related dispute and certain manufacturing relocation costs. Management believes that adjusted EBITDA provides useful information to the investor, because it is directly reflective to the period-to-period performance of the company's core business.

調節項目是非營運或非現金成本，包括庫存補償和其他非經常性成本，例如與產品撤回相關的成本，以及相關爭議和某些製造搬遷成本。管理層認為，調整後的 EBITDA 為投資者提供了有用的信息，因為它直接反映了公司核心業務的同期表現。

Now, I will turn the call over to the CEO of Barfresh Food Group, Mr. Riccardo Delle Coste. Please go ahead, sir.

現在，我將把電話轉給 Barfresh Food Group 執行長 Riccardo Delle Coste 先生。請繼續，先生。

Good afternoon, everyone, and thank you for joining us for our second quarter and first six months of 2024 earnings call. During the first six months of this year, we have made tremendous improvements in all areas of our business. Our recent infrastructure investments have us well-positioned to achieve record quarterly revenue in Q3, record annual revenue in financial year 2024, positive adjusted EBITDA in Q3 and in the back half of this year, and margin improvement. I'm excited to announce we've reached a significant inflection point in our business.

大家下午好，感謝您參加我們的 2024 年第二季和前六個月的財報電話會議。今年前六個月，我們在業務的各個領域都取得了巨大進步。我們最近的基礎設施投資使我們處於有利位置，可以在第三季度實現創紀錄的季度收入，在2024 財年實現創紀錄的年度收入，在第三季度和今年下半年實現正調整EBITDA，並提高利潤率。我很高興地宣布我們的業務已經達到了一個重要的轉折點。

Our Q3 revenue and orders have already reached more than $2.2 million, representing a 40% increase year-over-year, and we still have a month and a half to go in this quarter. What's particularly noteworthy is that we haven't even launched our new Pop & Go product yet. This growth is a testament to the strength of our existing offerings and the effectiveness of our recent investments.

我們第三季的營收和訂單已經超過220萬美元，年增40%，距離本季還有一個半月的時間。特別值得注意的是，我們還沒有推出新的 Pop & Go 產品。這種成長證明了我們現有產品的實力和我們最近投資的有效性。

The recent investments include expanding our product line, which we will commence production on shortly, dramatically scaling our production capacity, expanding our sales reach by adding to our sales broker network, which now covers 95% of the country, and all while bringing on top talent to our leadership team.

最近的投資包括擴大我們的產品線（我們很快就會開始生產）、大幅擴大我們的生產能力、透過擴大我們的銷售經紀人網絡（目前覆蓋全國95% 的地區）來擴大我們的銷售範圍，同時保持領先地位我們的領導團隊的人才。

These investments are not just about this year's results, they are about building a company that is primed for sustained long-term growth. The infrastructure we've put in place thus far is the launch pad for our next phase of growth. As we look ahead, I'm energized by the opportunities before us and confident in our ability to deliver substantial value to our customers and shareholders alike.

這些投資不僅僅是為了今年的業績，而是為了建立一家為持續長期成長做好準備的公司。到目前為止，我們已經建立的基礎設施是我們下一階段成長的發射台。展望未來，我對眼前的機會感到充滿活力，並對我們為客戶和股東創造巨大價值的能力充滿信心。

During the first six months of this year, we have announced over 3,100 new custom old school locations, representing over 2.2 million students that will be served a range of our current and recently announced products, either on their breakfast menus or our cart menus.

今年前六個月，我們宣布了 3,100 多個新的客製化舊學校地點，代表超過 220 萬名學生，他們將在早餐菜單或購物車菜單上享用我們目前和最近發布的一系列產品。

In addition, we have many opportunities to initiate and expand menu placements under bids in the education channel that included our products, and we anticipate announcing more non-bid cycle opportunities in the coming months. Thanks to our new manufacturing expansion, we will begin onboarding some of these schools in August, leading to our expected highest quarterly revenue in the company's history during the upcoming third quarter.

此外，我們有很多機會在包含我們產品的教育頻道中啟動和擴大競標菜單投放，並且我們預計在未來幾個月內宣布更多非競標週期機會。由於我們新的製造擴張，我們將在八月開始接納其中一些學校，預計在即將到來的第三季將實現公司歷史上最高的季度收入。

In addition to new locations, our customers are extremely excited about our recently announced new 100% Juice Freeze Pops Pop & Go. This innovative product aims to provide students with healthier options throughout the school day. Pop & Go was created with a commitment to nutrition and quality, containing a half cup of fruit juice, no added sugars, no preservatives, artificial flavors or colors, and available in five delicious flavors. In addition, the new Pop & Go Freeze Pops are compliant with USDA reimbursable meal programs and smart snack guidelines.

除了新店外，我們的客戶也對我們最近推出的新 100% Juice Freeze Pops Pop & Go 感到非常興奮。這項創新產品旨在為學生在整個上學日提供更健康的選擇。Pop & Go 的誕生致力於營養和品質，含有半杯果汁，不添加糖、不含防腐劑、人工香料或色素，並有五種美味口味可供選擇。此外，新的 Pop & Go Freeze Pops 符合美國農業部報銷飲食計劃和智慧零食指南。

Initially, this new product line will target lunch menus in schools across the country, which can result in up to five times more volume of meals served than the breakfast menu, where our Twist & Go and Bulk products are typically offered. Pop & Go extends the company's reach into different meal day parts, providing nutritious options for breakfast, lunch and after school programs.

最初，這條新產品線將針對全國各地學校的午餐菜單，這可能導致餐點比早餐菜單多五倍，而早餐菜單通常提供我們的 Twist & Go 和 Bulk 產品。Pop & Go 將公司的業務範圍擴展到不同的用餐時段，為早餐、午餐和課後計劃提供營養豐富的選擇。

We recently announced three new manufacturing partnerships, and one of these facilities will primarily be dedicated to manufacturing our recently launched Pop & Go 100% Juice Freeze Pops, as well as some of our other offerings. In addition, we now have the ability to produce over 120 million units annually of our full range of product offerings in all channels. This is a 400% increase from our previous capacity.

我們最近宣布了三個新的製造合作夥伴關係，其中一個將主要致力於製造我們最近推出的 Pop & Go 100% Juice Freeze Pops 以及我們的一些其他產品。此外，我們現在有能力每年在所有通路生產超過 1.2 億件全系列產品。這比我們之前的產能增加了 400%。

These three key partners are part of our strategic initiative to strengthen and diversify our manufacturing footprint for all aspects of our offerings, including the much anticipated bottle expansion. This approach not only positions us for rapid expansion, but also mitigates risks by reducing reliance on any single location where possible and significantly enhances our operational resilience and scalability.

這三個關鍵合作夥伴是我們策略計畫的一部分，旨在加強我們產品各個方面的製造足跡並使其多樣化，包括備受期待的瓶子擴張。這種方法不僅使我們能夠快速擴張，而且還透過盡可能減少對任何單一地點的依賴來降低風險，並顯著增強我們的營運彈性和可擴展性。

To support our dramatically expanded manufacturing capacity, we recently announced the hiring of Marko Matla as Vice President of Supply Chain and Contract Manufacturing, spearheading our efforts to seamlessly onboard our new contract manufacturers. With over 25-years of comprehensive end to end supply chain expertise, Marko brings a wealth of invaluable experience in establishing robust product manufacturing and supply chain operations.

為了支持我們大幅擴大的製造能力，我們最近宣布聘請 Marko Matla 擔任供應鏈和合約製造副總裁，帶頭努力無縫地加入我們的新合約製造商。Marko 擁有超過 25 年全面的端到端供應鏈專業知識，在建立強大的產品製造和供應鏈營運方面擁有豐富的寶貴經驗。

His command over the domain, coupled with deep rooted relationships with co-manufacturers, food service customers and distribution distributors position him exceptionally well to ensure a steady product flow and uncompromised service delivery to all our valued customers. This strategic hire underscores our commitment to building a formidable supply chain infrastructure that can scale efficiently to support our long-term growth plan.

他對該領域的掌控，加上與聯合製造商、食品服務客戶和分銷商的根深蒂固的關係，使他能夠非常有效地確保為我們所有尊貴的客戶提供穩定的產品流和毫不妥協的服務。此次策略性招聘凸顯了我們對建立強大的供應鏈基礎設施的承諾，該基礎設施可以有效擴展以支持我們的長期成長計劃。

To bolster our sales capabilities and drive revenue growth, we recently announced the appointment of Tony Grossi as Vice President of Sales. Tony brings over 25-years of executive experience in food and beverage sales, including schools, education and restaurant QSR service distributors. With his proven track record of building high performing teams and achieving ambitious goals, we're confident Tony will spearhead our sales efforts to help expand our client base, oversee our expanded sales broker network and accelerate revenue growth in fiscal year '24 and beyond.

為了增強我們的銷售能力並推動營收成長，我們最近宣布任命 Tony Grossi 為銷售副總裁。Tony 擁有超過 25 年的食品和飲料銷售管理經驗，包括學校、教育和餐廳 QSR 服務分銷商。憑藉他在建立高績效團隊和實現雄心勃勃的目標方面的良好記錄，我們相信託尼將領導我們的銷售工作，幫助擴大我們的客戶群，監督我們擴大的銷售經紀人網絡並加速24 財年及以後的收入增長。

As we enter the back half of 2024, we have enhanced our management team, increased our manufacturing capacity by 400%, added an exciting new product offering for Q4, significantly increased the number of school customers served and increased our sales broker network to cover over 95% of the country. All of these improvements add up to an expected record year in 2024 and continued strong profitable growth beyond.

進入2024 年下半年，我們增強了管理團隊，將製造能力提高了400%，為第四季度增加了令人興奮的新產品，顯著增加了服務的學校客戶數量，並擴大了我們的銷售經紀人網絡以覆蓋超過全國95%。所有這些改進加起來預計將在 2024 年創歷史新高，並在之後持續強勁的利潤成長。

I'll now turn the call over to our CFO, Lisa Roger. Lisa?

我現在將把電話轉給我們的財務長麗莎·羅傑。麗莎？

Thank you, Ricardo. Revenue for the second quarter of 2024 decreased 3% to $1.46 million compared to $1.51 million in the second quarter of 2023. Revenue in 2023 was positively impacted by adjustments to estimated credits related to the dispute with our manufacturer. Excluding such adjustments, revenue increased by 6% year-over-year, driven by increased capacity in carton production and improvements in bulk sales.

謝謝你，里卡多。2024 年第二季的營收為 146 萬美元，較 2023 年第二季的 151 萬美元下降 3%。與我們製造商的糾紛相關的估計信用調整對 2023 年的收入產生了積極影響。排除此類調整，在紙箱生產能力增加和批量銷售改善的推動下，營收年增 6%。

Gross margin for the second quarter of 2024 was 34.8% compared to 31.4% for the second quarter of 2023. The year-over-year increase is due to product mix, pricing actions and a slight improvement in the cost of supply chain components.

2024 年第二季的毛利率為 34.8%，而 2023 年第二季的毛利率為 31.4%。同比增長歸因於產品組合、定價行為以及供應鏈組件成本的略有改善。

Selling, marketing and distribution expense for the second quarter of 2024 decreased 7% to $583,000 compared to $625,000 in the second quarter of 2023. The decrease was primarily due to freight efficiencies and lower storage and inventory management costs. As a percent of sales, the two periods were comparable at 40% of revenue in the second quarter of 2024 and 41% of revenue in the second quarter of 2023.

2024 年第二季的銷售、行銷和分銷費用下降 7%，至 583,000 美元，而 2023 年第二季為 625,000 美元。下降的主要原因是貨運效率提高以及倉儲和庫存管理成本降低。從佔銷售額的百分比來看，這兩個時期的銷售額相當，分別佔 2024 年第二季營收的 40% 和 2023 年第二季營收的 41%。

G&A expenses for the second quarter of 2024 were $871,000 compared to $493,000 in the same period last year. The increase in G&A was driven by a number of factors, including fees to broaden the capabilities of our management team, a non-cash shift to stock-based compensation, and the non-recurrence of recognizing employee retention tax credit benefits in 2023.

2024 年第二季的一般管理費用為 871,000 美元，而去年同期為 493,000 美元。G＆A 的成長是由多種因素推動的，包括擴大管理團隊能力的費用、非現金轉向股票薪酬，以及 2023 年不再確認員工保留稅收抵免福利。

Our net loss for the second quarter of 2024 was $1 million compared to a net loss of $742,000 in the second quarter of 2023. The year-over-year increase is a result of a shift to stock-based compensation, recruiting expense related to the enhancement of our management team and the non-recurrence of recognizing the employee retention tax credit benefits in 2023.

我們 2024 年第二季的淨虧損為 100 萬美元，而 2023 年第二季的淨虧損為 74.2 萬美元。年比成長的原因是轉向股票薪酬、與增強管理團隊相關的招聘費用以及 2023 年不再確認員工保留稅收抵免福利。

For the second quarter of 2024, our adjusted EBITDA was a loss of approximately $682,000 compared to a loss of $617,000 for the prior year period. As Ricardo said, we believe we will achieve positive adjusted EBITDA in the third quarter and back half of this year.

2024 年第二季度，我們調整後的 EBITDA 虧損約 68.2 萬美元，而去年同期虧損 61.7 萬美元。正如里卡多所說，我們相信我們將在今年第三季和下半年實現正向調整後的 EBITDA。

Now moving on to our balance sheet. As of June 30, 2024, we had approximately $383,000 in cash and approximately $1.5 million of inventory on our balance sheet. In the first half of the year, we deployed a significant amount of cash to build up inventory in preparation for our seasonally high Q3. This decision was made as we continued to work to secure additional production capacity to meet anticipated demand. Given that we have now secured this additional capacity and production is set to commence, we expect our cash burn to normalize in the second half of the year.

現在轉向我們的資產負債表。截至 2024 年 6 月 30 日，我們的資產負債表上擁有約 383,000 美元的現金和約 150 萬美元的庫存。今年上半年，我們部署了大量現金來建立庫存，為第三季的季節性高點做好準備。這項決定是在我們繼續努力確保額外產能以滿足預期需求時做出的。鑑於我們現在已經獲得了額外的產能並且生產即將開始，我們預計我們的現金消耗將在今年下半年正常化。

Furthermore, I'm pleased to report that earlier this month we secured a $1.5 million receivables financing facility with a one-year term that renews annually and is secured by accounts receivable inventory. This provides us with extra coverage to fund inventory should we need to flex up production further.

此外，我很高興地報告，本月早些時候，我們獲得了一項 150 萬美元的應收帳款融資貸款，期限為一年，每年更新一次，並由應收帳款庫存作為擔保。如果我們需要進一步擴大生產，這為我們提供了額外的庫存資金保障。

This proactive approach ensures we have the flexibility to respond quickly to market demands while maintaining a strong financial position. In addition, we have also received non-recourse litigation financing to allow vigorous pursuit of our legal complaint without further expense to the company.

這種積極主動的方法確保我們能夠靈活地快速回應市場需求，同時保持強勁的財務狀況。此外，我們還獲得了無追索權訴訟融資，以便我們能夠積極追究法律訴訟，而無需為公司帶來進一步的費用。

Now, I will turn the call back to Ricardo for closing remarks.

現在，我將把電話轉回給里卡多，讓其致閉幕詞。

Thank you, Lisa. We've absorbed a lot of infrastructure and manufacturing capacity investments, key personnel hires and product development expenses in the second quarter, and we'll be leveraging these costs in the third quarter and beyond.

謝謝你，麗莎。我們在第二季吸收了大量基礎設施和製造能力投資、關鍵人員招募和產品開發費用，我們將在第三季及以後利用這些成本。

Since last year, we have achieved the following. Increased our co-manufacturing capacity by 400%, relaunched our five to one juice concentrates, added a new and very exciting product offering that has received tremendous feedback, and interest and has the potential to be as big as all of our other products combined, enhanced our management team, increased our sales broker network to cover 95% of the country, significantly increased the number of school customers, and secured non-recourse litigation funding, as well as secured a $1.5 million receivables financing facility.

去年以來，我們取得了以下成績。將我們的聯合製造能力提高了400%，重新推出了五比一濃縮果汁，增加了一種非常令人興奮的新產品，該產品已收到了巨大的反饋和興趣，並且有潛力與我們所有其他產品的總和一樣大，增強了我們的管理團隊，擴大了我們的銷售經紀人網絡以覆蓋全國95% 的地區，顯著增加了學校客戶的數量，並獲得了無追索權訴訟資金，並獲得了150 萬美元的應收帳款融資資金。

This strategic groundwork has set us up for the third quarter to achieve positive adjusted EBITDA and the highest quarterly revenue in the company's history, with over $2.2 million in orders already received halfway through the quarter, a 40% increase over last year. And it's worth noting that this doesn't even include potential revenue from our new Pop & Go 100% Juice Freeze Pops.

這項策略基礎為我們在第三季實現正調整 EBITDA 和公司歷史上最高的季度營收奠定了基礎，本季中期已收到超過 220 萬美元的訂單，比去年增長 40%。值得注意的是，這甚至不包括我們新推出的 Pop & Go 100% Juice Freeze Pops 的潛在收入。

The company is in the best position it's ever been in, with an increase on trend product portfolio, increased capacity, increased sales team capacity and an enhanced experience management team. We are extremely excited about our future opportunities and believe we are very well-positioned to dramatically improve our growth and EBITDA.

隨著趨勢產品組合的增加、產能的增加、銷售團隊能力的提高以及經驗管理團隊的增強，該公司處於有史以來的最佳位置。我們對未來的機會感到非常興奮，並相信我們有能力大幅提高我們的成長和 EBITDA。

And with that, I'd like to open up the line for questions. Operator?

說到這裡，我想開通提問專線。操作員？

(Operator Instructions).

（操作員說明）。

Nicholas Sherwood, Maxim Group.

尼古拉斯·舍伍德，Maxim 集團。

Hi, good evening. My first question is, what have you been seeing in the non-education channels in the second quarter, and then looking forward, specifically convenience, military and entertainment? And did you see any sort of boost in the summer in that entertainment channel at the beginning of this third quarter or at any time in the second quarter like in June?

嗨，晚上好。我的第一個問題是，第二季度您在非教育管道看到了什麼，然後展望了什麼，特別是便利、軍事和娛樂？您是否在第三季初或第二季的任何時間（例如六月）看到該娛樂頻道在夏季有任何成長？

Not particularly. Overall, the summer sales for us were flat versus last year. A lot of our focus has been around the education channel, so we do expect that to increase next year. However, the various segments that relatively flat and that's really a factor of -- since COVID most of the focus has really been around the education channel.

不是特別。總體而言，我們的夏季銷售額與去年持平。我們的許多重點都集中在教育管道上，因此我們預計明年這一渠道將會增加。然而，各個細分市場相對平坦，這確實是一個因素——自新冠疫情以來，大部分注意力都集中在教育管道上。

Absolutely, understood. And then my second question is, what is the hiring outlook for the sales team? Do you think that you'll need to make a substantial number of more hires? Or is that team pretty filled out and will their focus be entirely on the education channel? Or will you sort of open up some of those lines of communication into some of those other channels as you get into the school year and you're looking less to secure new education customers?

絕對明白。然後我的第二個問題是，銷售團隊的招募前景如何？您認為您需要大量招募員工嗎？或者該團隊是否已經足夠充實，他們的重點是否完全集中在教育頻道上？或者，當您進入學年並且您不再尋求獲得新的教育客戶時，您是否會在其他一些管道中開放一些溝通管道？

That's a great question. Now, we feel that we are fully staffed now with the recent hire of our VP of Sales, Tony Grossi. He's really completed the sales team for us. And with the completion of our sales broker network around the country with 95% -- over 95% now, almost at 98% of each state covered with local representation, that's boots on the ground without broker network in 98% of the states around the country.

這是一個很好的問題。現在，我們覺得我們的人員配備齊全，最近聘用了我們的銷售副總裁 Tony Grossi。他確實為我們完善了銷售團隊。隨著我們在全國各地的銷售經紀人網絡的完成，覆蓋率達到95%——現在超過95%，幾乎每個州的98% 都覆蓋了當地代表，這是在沒有經紀人網絡的情況下在周圍98% 的州啟動的。

So, we feel that we're pretty solid on the hiring front, on the sales front. And as it relates to that, we're now formulating our strategies to go after the various channels that we haven't really been as focused on in the past due to our focus being primarily on the education channel. So, we are commencing our outreach with the other channels, including the QSR, general food service, et cetera.

因此，我們認為我們在招聘方面和銷售方面都非常紮實。與此相關的是，我們現在正在製定策略，以追隨我們過去沒有真正關注的各種管道，因為我們主要關注教育管道。因此，我們開始與其他管道進行外展，包括 QSR、一般食品服務等。

Awesome. Thank you for that color. Those are all of my questions and I'll return to the queue.

驚人的。謝謝你的那個顏色。這些就是我的所有問題，我將返回隊列。

Thanks.

謝謝。

(Operator Instructions).

（操作員說明）。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。此時您可以斷開線路，我們感謝您的參與。