使用警語：中文譯文來源為 Google 翻譯，僅供參考，實際內容請以英文原文為主
Operator
Operator
Good morning.
早安.
Welcome to Lifeway Foods' first-quarter-2024 conference call.
歡迎參加 Lifeway Foods 2024 年第一季電話會議。
On the call with me today is Julie Smolyansky, President and Chief Executive Officer.
今天與我通話的是總裁兼執行長 Julie Smolyansky。
By now, everyone should have access to the press release that went out this morning.
到目前為止，每個人都應該可以看到今天早上發布的新聞稿。
If you have not received the release, it is available on the Investor Relations portion of Lifeway's website at www.lifewayfoods.com. A recording of this call will be available on the company's website.
如果您尚未收到新聞稿，可以在 Lifeway 網站 www.lifewayfoods.com 的投資者關係部分取得。此次通話的錄音將在公司網站上發布。
Before we begin, we would like to remind everyone that the prepared remarks contain forward-looking statements.
在開始之前，我們想提醒大家，準備好的言論包含前瞻性陳述。
The words believe, expect, anticipate, and other similar expressions generally identify forward-looking statements.
相信、期望、預期和其他類似的表達方式通常表示前瞻性陳述。
These statements do not guarantee future performance, and therefore, undue reliance should not be placed on them.
這些陳述並不保證未來的表現，因此，不應過度依賴它們。
Actual results could differ materially from those projected in any forward-looking statements.
實際結果可能與任何前瞻性陳述中的預測有重大差異。
Lifeway assumes no obligation to update any forward-looking projections that may be made in today's release or call.
Lifeway 不承擔更新今天發布或電話會議中可能做出的任何前瞻性預測的義務。
All of the forward-looking statements contained herein speak only as of the date of this call.
本文所包含的所有前瞻性陳述僅代表本次電話會議當天的情況。
And with that, I'd like to turn the call over to Lifeway's Chief Executive Officer, Julie Smolyansky.
說到這裡，我想將電話轉給 Lifeway 的執行長 Julie Smolyansky。
Julie Smolyansky - Chairman of the Board, President, Chief Executive Officer, Company Secretary
Julie Smolyansky - Chairman of the Board, President, Chief Executive Officer, Company Secretary
Thank you, John, and good morning to everyone joining us today.
謝謝約翰，今天加入我們的大家早安。
As always, we greatly appreciate your interest in Lifeway Foods.
一如既往，我們非常感謝您對 Lifeway Foods 的興趣。
I'm excited to be speaking with you today and thrilled to report that the momentum from our record-breaking fiscal-year 2023 has flowed smoothly into yet another strong quarter to start 2024.
我很高興今天能與大家交談，並很高興地向大家報告，我們創紀錄的 2023 財年的勢頭已順利流入 2024 年開始的另一個強勁季度。
For the fourth quarter in a row, we have broken the company record for quarterly net sales, all while consistently delivering improved profitability metrics.
我們連續第四個季度打破了公司季度淨銷售額記錄，同時不斷提高獲利指標。
Our consistent growth and the excellent level of service we are providing to our valued customers and clients would not be possible without the effort and execution of our entire Lifeway team.
如果沒有我們整個 Lifeway 團隊的努力和執行，我們的持續成長和為尊貴的客戶提供的卓越服務水準是不可能實現的。
And we could not be more pleased with their efforts.
我們對他們的努力感到非常滿意。
With that said, I will now review our results for the first quarter of 2024.
話雖如此，我現在將回顧我們 2024 年第一季的業績。
Net sales were $44.6 million for the period ended March 31, 2024, which is yet another record-high quarter for Lifeway, and an increase of $6.7 million or 17.8% compared to the first quarter in 2023.
截至 2024 年 3 月 31 日的淨銷售額為 4,460 萬美元，這是 Lifeway 的另一個季度歷史新高，與 2023 年第一季相比增加了 670 萬美元，即 17.8%。
The net sales growth was primarily driven by higher volumes of our branded drinkable kefir.
淨銷售額的成長主要是由我們品牌的飲用開菲爾的銷售增加所推動。
After a year of consistent volume growth in 2023, we're excited to continue the trend in the first quarter.
經過 2023 年銷售量的持續成長，我們很高興能夠在第一季繼續保持這一趨勢。
This is further evidence that our strategic sales and marketing investments and our core items continue to accelerate velocities, grow awareness, and win new consumers who are seeking out premium, healthy products at great values.
這進一步證明我們的策略性銷售和行銷投資以及我們的核心產品繼續加快速度，提高知名度，並贏得尋求優質、健康、超值產品的新消費者。
This record quarter also marked our 18th consecutive quarter of year-over-year net revenue growth.
這個創紀錄的季度也標誌著我們連續第 18 個季度實現淨收入年增。
Consumers continue to face well-documented macro headwinds, including inflation and high interest rates.
消費者繼續面臨有據可查的宏觀阻力，包括通貨膨脹和高利率。
And with that comes cautious spending.
隨之而來的是謹慎的支出。
However, we continue to see strengthening in results, demonstrating both the steadfast loyalty and the growth of our core customer base who rely on our high quality, better-for-you products.
然而，我們的業績不斷增強，證明了我們核心客戶群的堅定忠誠度和成長，他們依賴我們的高品質、更適合您的產品。
Given our record-breaking 2023, which saw sequential growth in each quarter, our year-over-year lapse will continue to get more difficult, yet we aspire to continue clearing the high bars we have set for ourselves.
鑑於 2023 年我們破紀錄，每個季度都實現連續成長，我們的同比差距將繼續變得更加困難，但我們渴望繼續超越我們為自己設定的高標準。
We reported a growth profit margin of 25.8% for the period ended March 31, 2024, increasing 410 basis points when compared to 21.7% in the first quarter of 2023.
我們報告截至 2024 年 3 月 31 日的期間的成長率為 25.8%，較 2023 年第一季的 21.7% 增加了 410 個基點。
This significant margin expansion was primarily due to higher volumes of Lifeway-branded products, and to a lesser extent, favorable transportation costs.
利潤率的顯著成長主要是由於 Lifeway 品牌產品銷售的增加，以及較小程度的有利運輸成本。
Following a year of notable margin expansion, we are pleased to see margins improve on a year-over-year basis once again.
經過一年的利潤率顯著增長，我們很高興看到利潤率再次比去年同期改善。
Our margins remain a top priority for us and our team continues to proactively manage the supply and transportation of the materials used to make, package, and deliver our products to our customers.
我們的利潤仍然是我們的首要任務，我們的團隊繼續主動管理用於製造、包裝和向客戶交付產品的材料的供應和運輸。
This proactive discipline has allowed us to consistently match the increasing demand.
這種積極主動的紀律使我們能夠始終滿足不斷增長的需求。
And we believe as the shipment volumes of our Lifeway-branded products grow, we will continue to become more efficient.
我們相信，隨著 Lifeway 品牌產品出貨量的成長，我們將持續提高效率。
Now, to our expenses.
現在，我們的費用。
Selling, general, and administrative expenses increased $1.2 million to $7.8 million for the period ended March 31, 2024, compared to $6.7 million in the first quarter of 2023.
截至 2024 年 3 月 31 日的期間，銷售、一般和管理費用增加了 120 萬美元，達到 780 萬美元，而 2023 年第一季為 670 萬美元。
While our net spending increased, SG&A as a percentage of net sales remained in line with the first quarter of 2023.
雖然我們的淨支出有所增加，但銷售、管理及行政費用 (SG&A) 佔淨銷售額的百分比仍與 2023 年第一季保持一致。
Selling expenses specifically increased marginally, but as a percentage of net sales, they decreased to 8.3% compared to 9.3% in the first quarter of 2023.
銷售費用具體略有增加，但佔淨銷售額的百分比從 2023 年第一季的 9.3% 下降至 8.3%。
Given our strong net sales increase, this demonstrates the increasing returns we are generating on our strategic sales and marketing investments.
鑑於我們淨銷售額的強勁成長，這表明我們的策略銷售和行銷投資所產生的回報不斷增加。
Our net income during the period ended March 31, 2024, was $2.4 million, reflecting EPS of $0.17 per basic and $0.16 per diluted common share, compared to the net income of $0.8 million or $0.06 per basic and diluted common share during the first quarter of 2023.
截至2024 年3 月31 日的期間，我們的淨利潤為240 萬美元，反映出每股基本股0.17 美元和每股稀釋普通股0.16 美元的每股收益，而2024 年第一季的淨利潤為80 萬美元，即每股基本股和稀釋普通股0.06 美元。
Nearly tripling on our year-over-year basis, this demonstrates that our top line and margin improvements continue to flow through well to the bottom line.
年成長近兩倍，這表明我們的收入和利潤率的改善繼續很好地影響到利潤。
Capital spending increased approximately $0.7 million to $2.5 million during the period ended March 31, 2024, compared to the first quarter of 2023.
截至 2024 年 3 月 31 日的期間，資本支出較 2023 年第一季增加約 70 萬美元至 250 萬美元。
The increase in cash used reflects our planned increases during 2024 compared to 2023 to support our continued growth.
所用現金的增加反映了我們計劃在 2024 年相比 2023 年增加現金，以支持我們的持續成長。
Our capital spending is focused on three core areas: growth capital, cost reduction, and facility improvements.
我們的資本支出主要集中在三個核心領域：成長資本、降低成本和設施改善。
Growth capital spending supports new product innovation and enhancements.
資本支出的成長支持新產品的創新和改進。
Cost reduction and facility improvements support manufacturing efficiency, safety, and productivity.
成本降低和設施改進支持製造效率、安全性和生產力。
Our CapEx spending is efficient and we generate a strong return when installing additional tanks as we leverage existing infrastructure to scale the business.
我們的資本支出非常高效，並且利用現有基礎設施來擴展業務，因此在安裝額外儲罐時會產生豐厚的回報。
This is another remarkable quarter for Lifeway delivering record high top line results yet again, accompanied by our notable improvements in our profitability measures.
這是 Lifeway 另一個引人注目的季度，再次實現創紀錄的高收入業績，同時我們的獲利能力指標也顯著改善。
Our growing customer base continues to prove resilient to macro pressures and demonstrate their loyalty to our core products as seen through our accelerating velocity.
我們不斷增長的客戶群繼續證明了其能夠抵禦宏觀壓力，並透過我們不斷加快的速度證明了他們對我們核心產品的忠誠度。
This is a testament to the staying power of modern health and wellness trends, which should remain a tailwind for Lifeway as today's consumer continues to focus on high quality, better-for-you foods that are affordable.
這證明了現代健康和養生趨勢的持久力，這應該仍然是 Lifeway 的推動力，因為當今的消費者繼續關注高品質、更健康、價格實惠的食品。
Our entire premium product portfolio, led by our flagship kefir, is nutritious, delicious, and reasonably priced, which is why consumers come back for more and are eagerly awaiting new flavors and line extensions.
我們的整個優質產品組合，以我們的旗艦產品克菲爾為主導，營養豐富、美味且價格合理，這就是為什麼消費者會回來購買更多產品，並熱切地等待新口味和產品線擴展。
Our kefir products are tart and tangy and provide customers with probiotics, vitamin D, and protein to help support their gut health, immunity, and mental well-being.
我們的克菲爾產品酸味濃鬱，為顧客提供益生菌、維生素 D 和蛋白質，幫助支持他們的腸道健康、免疫力和心理健康。
The probiotics in kefir support a healthy microbiome and approximately 80% of immune defenses come from the gut.
克菲爾中的益生菌支持健康的微生物群，大約 80% 的免疫防禦來自腸道。
Probiotic products such as kefir are the focus of intense research related to the microbiome's role in stress, depression, and anxiety.
克菲爾等益生菌產品是與微生物組在壓力、憂鬱和焦慮中的作用相關的深入研究的焦點。
We now know that up to 90% of the body's serotonin comes from the gut cells and the gut-brain access, which links emotional and cognitive centers of the brain with our intestinal functions, plays a major role in happiness and well-being.
我們現在知道，人體高達 90% 的血清素來自腸道細胞，而腸腦通路將大腦的情感和認知中心與我們的腸道功能聯繫起來，在幸福感和幸福感方面發揮著重要作用。
A recent study published by BMC Medicine also suggests that probiotics and dairy kefir show potential promise in improving the gut health of ICU patients.
BMC Medicine 最近發表的一項研究還表明，益生菌和乳製品克菲爾在改善 ICU 患者的腸道健康方面顯示出潛在的前景。
And a small study protocol in the UK examined the effects and potential benefits on children with ADHD who consume kefir.
英國的一項小型研究方案檢視了食用克菲爾對過動症兒童的影響和潛在益處。
It's an exciting time for microbiome research and we applaud the recent efforts to uncover new and amazing ways that fermented and cultured foods can positively impact our health.
對於微生物組研究來說，這是一個激動人心的時刻，我們對最近為發現發酵和培養食品對我們的健康產生積極影響的新的、令人驚奇的方式所做的努力表示讚賞。
As you would expect, this record-breaking quarter was spearheaded by the core driver of our business, our industry leading, drinkable, best in class, Lifeway kefir.
正如您所期望的那樣，這個破紀錄的季度是由我們業務的核心驅動力——我們行業領先的、可飲用的、一流的 Lifeway 克菲爾——引領的。
Net sales of our drinkable kefir increased 22.6% to $36.5 million for the period ended March 31, 2024, compared to the first quarter in 2023.
截至 2024 年 3 月 31 日止的期間，我們的飲用克菲爾的淨銷售額與 2023 年第一季相比成長了 22.6%，達到 3,650 萬美元。
We continue to dominate the US kefir market, an industry that we have built.
我們繼續主導美國開菲爾市場，這是我們建立的產業。
And the majority of our time and investments will be dedicated to our core product through both strategic marketing and incremental distribution opportunities to drive brand exposure and capture a greater share of today's health-focused consumers and the expanding global kefir market.
我們的大部分時間和投資將透過策略行銷和增量分銷機會專門用於我們的核心產品，以提高品牌曝光度並在當今注重健康的消費者和不斷擴大的全球開菲爾市場中佔據更大份額。
While selling our branded drinkable kefir is our primary focus and exactly what we do best, we also continuously evaluate trends within the probiotic market and health food space to improve and diversify the suite of products we offer to satisfy our consumers' evolving preferences.
雖然銷售我們的品牌飲用克菲爾是我們的主要重點，也是我們最擅長的事情，但我們也不斷評估益生菌市場和保健食品領域的趨勢，以改進我們提供的產品系列並使其多樣化，以滿足消費者不斷變化的偏好。
Within kefir, these insights lead to numerous product innovations, including our guava low-fat kefir and our organic whole milk products, which continue to gain popularity, and our organic grass-fed kefir flavors that have begun to attract consumers within the growing grass-fed dairy market.
在克菲爾中，這些見解帶來了眾多產品創新，包括我們的番石榴低脂克菲爾和我們的有機全脂奶產品，這些產品繼續受到歡迎，我們的有機草飼克菲爾口味已經開始吸引不斷成長的草飼克菲爾的消費者。
In addition to our innovations within the kefir category, we are strategically marketing and have invested behind Lifeway Farmers Cheese to capitalize on the growing consumer interest in soft cheese products.
除了我們在開菲爾類別中的創新之外，我們還進行策略性行銷並投資了 Lifeway Farmers Cheese，以充分利用消費者對軟乳酪產品日益增長的興趣。
Our Farmers Cheese has been a cult favorite ever since its introduction, selling strongly relative to distribution in specialty stores nationwide.
我們的農夫起司自推出以來一直深受人們的喜愛，在全國專賣店的分銷中銷量強勁。
It is also a logical alternative to blended cottage cheese recipes that continue to buzz through social media.
它也是社交媒體上持續熱議的混合乾酪食譜的合理替代品。
It has the smooth, blended texture that consumers are looking for while being a much healthier ingredient for full protein and probiotics.
它具有消費者所尋求的光滑、混合的質地，同時也是一種更健康的全蛋白和益生菌成分。
Our Farmers Cheese also has no added salt, which allows it to complement for a far more diverse set of flavors.
我們的農夫起司也不添加鹽，這使得它能夠補充更多樣化的口味。
It is important to note that while we're consistently assessing trends and growth opportunities, we only enter a new product category if we view the product or innovation as sustainable and as profitable endeavor.
值得注意的是，雖然我們不斷評估趨勢和成長機會，但只有當我們將產品或創新視為可持續且有利可圖的努力時，我們才會進入新產品類別。
For example, we've sold Farmer Cheese for years as small yet profitable measures, which gives us confidence to strategically market and invest behind it today to match heightened demand within the space.
例如，我們多年來一直以小而有利可圖的方式銷售農夫乳酪，這讓我們有信心在今天對其進行策略性行銷和投資，以滿足該領域不斷增長的需求。
One last note on our Farmers Cheese.
關於我們的農夫起司的最後一點說明。
In April, we're excited to announce that it was named as a winner in the Good Housekeeping 2024 Best Snack Awards.
4 月份，我們很高興地宣布它榮獲 Good Housekeeping 2024 年度最佳零食獎。
Congratulations.
恭喜。
I'll now touch on some marketing and advertising updates.
我現在將談談一些行銷和廣告方面的更新。
We had a great brand experience at Coachella last month.
上個月我們在 Coachella 音樂節上獲得了絕佳的品牌體驗。
Our products were featured at the Kardashian's Camp Poosh Activation with Air One, receiving coveted influencer impressions.
我們的產品在卡戴珊的 Camp Poosh Activation 活動中與 Air One 一起亮相，獲得了令人垂涎的影響者印象。
We look forward to a packed summer with participation at music festivals, yoga events, and more.
我們期待著一個充滿活力的夏天，參加音樂節、瑜珈活動等。
We enjoy these in-person experiences as they allow us to connect with our consumers on a deeper level during their wellness journey.
我們喜歡這些面對面的體驗，因為它們使我們能夠在消費者的健康之旅中與他們進行更深層的聯繫。
As part of our efforts to create a deeper connection with customers, I recently appeared on NBC's California Live to talk about celebrating Mother's Day with probiotic Lifeway products, highlighting their versatility in breakfast and brunch recipes.
作為我們與客戶建立更深層聯繫的努力的一部分，我最近出現在NBC 的《加州現場》節目中，談論用益生菌Lifeway 產品慶祝母親節，並強調了它們在早餐和早午餐食譜中的多功能性。
We remain hyper-focused on marketing that moves units.
我們仍然高度關注行動單位的行銷。
As we mentioned last quarter, we ran a large in-store promotion across many retailers, creating temporary refrigerated spaces showcasing Lifeway-branded products and placing them at high traffic end caps.
正如我們上季度所提到的，我們在許多零售商中進行了大規模的店內促銷活動，創建了臨時冷藏空間來展示 Lifeway 品牌的產品，並將其放置在人流較多的地方。
This promotion was successful and we plan to initiate another similar campaign in the coming months.
這次促銷活動非常成功，我們計劃在未來幾個月內發起另一場類似的活動。
We continue to deepen relationships with our retailers and in-store partners with the goal of making sure Lifeway products appear at interruptive moments within the store to drive trial, capture new customers who don't typically shop in our section, and boost retention rates.
我們繼續深化與零售商和店內合作夥伴的關係，目標是確保 Lifeway 產品出現在店內的干擾時刻，以推動試用、吸引通常不在我們區域購物的新客戶並提高保留率。
We are also committed to our e-commerce strategy.
我們也致力於我們的電子商務策略。
We are investing in targeted advertising on our retail partner sites and general e-commerce platforms such as Instacart with the same goal as before, to drive trial and loyalty amongst our growing consumer base.
我們正在零售合作夥伴網站和 Instacart 等一般電子商務平台上投資有針對性的廣告，其目標與以前相同，以推動我們不斷增長的消費者群的試用和忠誠度。
These e-commerce efforts are supported by our advertising and search display and social.
這些電子商務工作得到了我們的廣告、搜尋顯示和社交的支持。
We continue to partner with social media influencers including celebrities, chefs, and nutrition experts with notable followings.
我們繼續與社群媒體影響者合作，包括擁有知名追隨者的名人、廚師和營養專家。
Through them, we deliver widespread advertising aimed at educating consumers on our healthy products and the various recipes they can be used in.
透過它們，我們進行廣泛的廣告，旨在教育消費者了解我們的健康產品及其可用於的各種食譜。
We have an in-house ambassador program that we augment with our additional influencer agency campaigns to generate brand and category awareness.
我們有一個內部大使計劃，我們透過額外的影響者代理活動來增強該計劃，以提高品牌和品類知名度。
We then leverage our internal creative marketing team to drive demand for specific items that best match each audience profile.
然後，我們利用內部創意行銷團隊來推動對最適合每個受眾群體的特定商品的需求。
Our nimble and efficient marketing strategy allows us to connect customers with Lifeway products they will enjoy the most while also keeping our advertising spend in check.
我們靈活且有效率的行銷策略使我們能夠將客戶與他們最喜歡的 Lifeway 產品連結起來，同時控制我們的廣告支出。
Now, I'll touch on some distribution updates.
現在，我將介紹一些發行版更新。
We recently gained limited rotation for our twin pack of 32-ounce kefir at two major club stores.
最近，我們在兩家主要的俱樂部商店獲得了雙包 32 盎司開菲爾的有限輪換。
This is a trial basis, but with strong sell through, we could attain additional periodic rotations which could eventually lead to an everyday placement.
這是一個試驗基礎，但隨著強勁的銷售，我們可以獲得額外的定期輪換，最終可能導致日常展示。
We are excited about our pipeline of opportunities and the continued engagement from large additional retailer locations.
我們對我們的機會管道以及大型額外零售商的持續參與感到興奮。
As we mentioned last quarter, we have recently gained incremental placement for Lifeway products at Publix, Gelson, Pub, Air One, and Kroger.
正如我們上季度所提到的，我們最近在 Publix、Gelson、Pub、Air One 和 Kroger 上增加了 Lifeway 產品的投放量。
We are maintaining our strong relationships with key partners and are consistently seeking out distribution opportunities across a variety of channels that make sense for each of our offerings with a focus on our flagship Lifeway drinkable kefir.
我們與主要合作夥伴保持著牢固的關係，並不斷在各種管道中尋找對我們的每種產品有意義的分銷機會，重點是我們的旗艦產品 Lifeway 飲用克菲爾。
With that, I'd like to thank you all for joining us today.
在此，我要感謝大家今天加入我們。
The first quarter was an incredible start to 2024 as we eclipsed our quarterly sales record once again while delivering vastly improved profitability measures.
第一季是 2024 年令人難以置信的開局，我們再次打破了季度銷售記錄，同時大幅提高了獲利能力。
I am confident that we have the right team in place to carry our strong momentum and growth throughout the year and I am excited to continue delivering on our mission to bring best-in-class probiotic and nutritious food to our growing base of health-conscious consumers.
我相信我們擁有合適的團隊來保持我們全年的強勁勢頭和增長，我很高興能夠繼續履行我們的使命，為我們不斷增長的健康意識群體帶來一流的益生菌和營養食品消費者。
And on a personal note, May 4 marked what would have been Michael Smolyansky, my father, and Lifeway Foods Founders' 77 birthday, and in the coming weeks on June 9, will mark 22 years since his sudden passing and my 22 year as Lifeway CEO.
就我個人而言，5 月4 日是我的父親邁克爾·斯莫良斯基(Michael Smolyansky) 和Lifeway Foods 創始人的77 歲生日，而在接下來的幾週內，即6 月9 日，將紀念他突然過世22 週年，也是我擔任Lifeway 的22 週年。
Michael arrived to the United States as a Soviet refugee in 1976 with $116, no English language, and a young family with an unwavering pursuit of the American dream and entrepreneurial aspirations.
1976 年，麥可以蘇聯難民身分來到美國，身家只有 116 美元，不會說英語，他的家庭年輕，堅定不移地追求美國夢和創業抱負。
Michael was obsessed with the microbiome and the science and health benefits of kefir.
麥可沉迷於微生物組以及開菲爾的科學和健康益處。
He recommended kefir to everyone he met and intuitively knew it could heal the body inside and out and he regularly quoted research findings of Dr. Elie Metchnikoff, the godfather of immunity.
他向遇到的每個人推薦開菲爾，並直覺地知道它可以從內到外治愈身體，他經常引用免疫教父埃利·梅奇尼科夫博士的研究成果。
Michael dreamed of a time when more people recognized the health benefits of kefir and a time when Lifeway kefir was available in every refrigerator in the United States.
麥可夢想有一天，會有更多的人意識到克菲爾對健康的益處，並希望美國的每台冰箱都能買到 Lifeway 克菲爾。
And every day, the team at Lifeway worked to realize that dream.
Lifeway 的團隊每天都在努力實現這個夢想。
I know with certainty Michael would be proud and in awe of all that Lifeway has accomplished.
我確信麥可會對 Lifeway 所取得的一切感到自豪和敬畏。
And I too am proud of my leadership and perseverance especially during the many challenging times over the last 22 years.
我也為自己的領導能力和毅力感到自豪，尤其是在過去 22 年的許多充滿挑戰的時期。
It is my privilege and honor to be at the helm of Lifeway.
能夠掌管 Lifeway 是我的榮幸。
Together, we have built something truly special and I'm confident that our best days are still ahead of us.
我們一起創造了一些真正特別的東西，我相信我們最好的日子仍然在前方。
With your continued support and dedication and passion, there is no limit to what we can achieve.
有了您持續的支持、奉獻和熱情，我們的成就是無限的。
We look forward to updating you on our progress during our second-quarter call in August.
我們期待在 8 月的第二季電話會議上向您通報我們的最新進展。
We hope everyone has a fun, safe, and memorable summer.
我們希望每個人都能度過一個有趣、安全、難忘的夏天。
And I hope you have a nice day.
希望您今天過得愉快。
Thank you.
謝謝。