Lifeway Foods Inc (LWAY) 2024 Q2 法說會逐字稿

Good morning.

早安.

Welcome to Lifeway Foods Second Quarter 2024 conference call.

歡迎參加 Lifeway Foods 2024 年第二季電話會議。

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.

現在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 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'd like to remind everyone that 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。

In 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可識別前瞻性陳述。

These statements do not guarantee future performance and therefore, undue reliance should not be placed on them.

這些聲明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 would like to turn the call over to Lifeway Chief Executive Officer, Julie Smolyansky.

說到這裡，我想將電話轉給 Lifeway 執行長 Julie Smolyansky。

Thanks, 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。

It's a pleasure to speak with you today, and I'm excited to share that our business momentum continued strongly in the second quarter as we once again delivered monumental results, highlighted by robust top line growth.

很高興今天與您交談，我很高興與大家分享，我們的業務勢頭在第二季度持續強勁，我們再次取得了巨大的業績，其中強勁的營收成長凸顯了這一點。

Remarkably for the fifth consecutive quarter we surpassed the Company record for quarterly net sales, growing more than 25% year over year, driven by volume growth of our flagship Lifeway drinkable Kefir.

值得注意的是，在我們的旗艦產品 Lifeway 飲用克菲爾銷量成長的推動下，我們連續第五個季度超越了公司季度淨銷售額記錄，同比增長超過 25%。

Before diving deeper into the results.

在深入研究結果之前。

I'd like to thank the whole team for their flawless execution, as it has allowed us to offer superior service to our valued customers and clients.

我要感謝整個團隊的完美執行，因為這使我們能夠為我們尊貴的客戶和客戶提供優質的服務。

Over the last few years, we have faced unprecedented times with a volatile macro environment and a global pandemic.

過去幾年，我們面臨前所未有的宏觀環境動盪和全球疫情大流行的時期。

Yet through the hard work of all our whole team, we haven't skipped a beat and consistently delivered stellar growth.

然而，透過我們整個團隊的辛勤工作，我們沒有停頓並持續實現了出色的成長。

With that said, I will now review our extraordinary results for the second quarter of 2024.

話雖如此，我現在將回顧我們 2024 年第二季的非凡業績。

Our record high net sales were $49.2 million for the period ended June 30, 2024, an increase of $10 million or 25.3% compared to the second quarter of 2023.

截至 2024 年 6 月 30 日止的期間，我們的淨銷售額創下歷史新高，達到 4,920 萬美元，比 2023 年第二季增加 1,000 萬美元，增幅為 25.3%。

The strong growth was primarily driven by higher volumes of our branded drinkable Kefir.

強勁的成長主要是由我們品牌的可飲用開菲爾銷量增加所推動的。

Impressively, we outperformed our previous record high sales, which occurred in the first quarter of this year by more than 10%.

令人印象深刻的是，我們的業績比今年第一季創下的銷售新高高出了 10% 以上。

This result gets us extremely close to the Company milestone that we've circled for some time now, which is that $50 million a quarter.

這一結果使我們非常接近我們已經圈定了一段時間的公司里程碑，即每季 5000 萬美元。

We are pleased to continue delivering immense value volume-led growth as it further demonstrates the effective effectiveness of our strategic sales and marketing investments at driving velocities and capturing new customers for our key product offerings.

我們很高興繼續實現以銷售為主導的巨大價值成長，因為這進一步證明了我們的策略銷售和行銷投資在推動關鍵產品的速度和吸引新客戶方面的有效性。

I'd like to remind everyone that 2023 with an unbelievable record-breaking year for the Company, which makes this monumental growth for the first half of 2024, even more incredible for the six months ended June 30, 2024, our net sales were $93.8 million, a 21.6% increase compared to the first six months of 2023.

我想提醒大家，2023 年對公司來說是令人難以置信的破紀錄的一年，這使得2024 年上半年實現了巨大的增長，截至2024 年6 月30 日的六個月更加令人難以置信，我們的淨銷售額為93.8 美元百萬，與 2023 年前六個月相比增長 21.6%。

We have great business momentum and a loyal growing customer base.

我們擁有強勁的業務勢頭和不斷增長的忠實客戶群。

And we are well on pace to set another Lifeway high for an ad for annual sales in 2024, we recorded a gross profit margin of 27% for the period ended June 30, 2024, on a sequential basis, where compared to the first quarter of this year, our margins improved 120 basis points.

我們預計在 2024 年再創 Lifeway 廣告年銷售額新高，截至 2024 年 6 月 30 日止期間，環比毛利率為 27%，與去年第一季相比今年，我們的利潤率提高了 120 個基點。

Additionally, for the six months ended June 30, 2024, our gross profit margin has improved 110 basis points when compared to the first six months of 2023.

此外，截至2024年6月30日的六個月，我們的毛利率比2023年前六個月增加了110個基點。

We are pleased with the progress we've made on our margins, and we continuously look to proactively manage the supplies and transportation of our products to seamlessly meet our growing demand.

我們對利潤率方面取得的進展感到滿意，並且我們不斷尋求主動管理產品的供應和運輸，以無縫滿足我們不斷增長的需求。

As shipment volumes of our lightweight branded products continue to grow nicely.

隨著我們的輕量化品牌產品的出貨量持續良好成長。

We will continue to improve our productivity and position ourselves for even stronger margins.

我們將繼續提高生產力，爭取更高的利潤。

Now, to our expenses.

現在，我們的費用。

Selling, general and administrative expenses were $7.8 million for the period ended June 30, 2024.

截至 2024 年 6 月 30 日止期間的銷售、一般及管理費用為 780 萬美元。

We continue to invest behind our core products through strategic marketing, which has been very effective in driving velocity and customer retention, as evidenced by our consistently strong sales results.

我們繼續透過策略行銷投資於我們的核心產品，這在提高速度和客戶保留方面非常有效，我們持續強勁的銷售業績證明了這一點。

Our net income for the period ended June 30, 2024 was $3.8 million, reflecting an EPS of 26 per basic share and $0.25 per diluted common share compared to the net income of $3.2 million or $0.22 per basic share and $0.21 per diluted common share during the second quarter of 2023.

截至2024 年6 月30 日止期間，我們的淨利潤為380 萬美元，反映出每股基本股26 美元和每股稀釋普通股0.25 美元的每股收益，而同期淨利潤為320 萬美元，即每股基本股0.22 美元及每股稀釋普通股0.21 美元。

Our strong top line performance continues to flow through smoothly to the bottom line, indicating our growing profitability profile.

我們強勁的營收業績繼續順利地轉化為利潤，顯示我們的獲利能力不斷增長。

Capital spending increased approximately $2 million to $3.9 million during the six month period ended June 30, 2024, compared to the first six months of 2023.

與 2023 年前六個月相比，截至 2024 年 6 月 30 日的六個月期間，資本支出增加了約 200 萬美元至 390 萬美元。

This increase in cash was used as expected and reflects our planned increase during 2024 compared to 2023 to support our continued business growth.

現金增加按預期使用，反映了我們計劃在 2024 年較 2023 年增加現金，以支持我們的持續業務成長。

Our capital spending is focused on three core areas supporting growth, cost reductions and facility improvements.

我們的資本支出主要集中在支持成長、降低成本和設施改善的三個核心領域。

Our spend is very efficient and we consistently generate strong returns when installing additional tanks as we leverage existing infrastructure to scale the business.

我們的支出非常高效，並且在利用現有基礎設施擴大業務的同時安裝額外的儲罐時，我們始終能夠產生豐厚的回報。

With our efficient capital spend, we are very prepared and have the capacity and operations in place for continued sales tailwinds.

憑藉高效的資本支出，我們已做好充分準備，並擁有足夠的能力和營運能力來實現持續的銷售順風。

We have now published 19 consecutive quarters of year over year that revenue growth.

我們現已連續 19 個季度公佈營收年增率。

And as I mentioned before, five consecutive quarters, setting a Lifeway record in quarterly net sales.

正如我之前提到的，連續五個季度，創下了 Lifeway 的季度淨銷售額記錄。

Both metrics we are incredibly proud of and excited to pursue further.

我們對這兩個指標都感到非常自豪，並很高興進一步追求。

While many businesses in the broader space have called out a more cautious consumer, slightly has continued to excel, and we are not seeing a slowdown within our business.

儘管更廣泛領域的許多企業都呼籲消費者更加謹慎，但略特仍然表現出色，而且我們的業務並未放緩。

It is no secret that consumers continue to face macro headwinds, including inflation and high interest rates.

消費者持續面臨通膨和高利率等宏觀阻力，這已不是什麼秘密。

Yet our growing customer base is proving resilient and very loyal as we continue to grow rapidly led by volume growth.

然而，隨著我們在銷售成長的帶動下繼續快速成長，我們不斷增長的客戶群被證明是有彈性和非常忠誠的。

And we believe that this is because our premium better for you offerings come with exceptional value.

我們相信，這是因為我們優質的「更好的為您」產品具有非凡的價值。

Lifeway Kefir is accessible, nutrient - dense and research suggests that consuming it regularly improved overall health and well-being.

Lifeway 克菲爾易於獲取且營養豐富，研究表明定期食用它可以改善整體健康和福祉。

Likely products such as Kefir and pharmacies offer consumers a high-quality protein, probiotics, calcium vitamin D and are a great way to close nutrition gaps throughout life stages for everyone, from children to more aging population.

克菲爾和藥局等可能的產品為消費者提供優質蛋白質、益生菌、維生素 D 鈣，是彌補每個人（從兒童到老年人）整個生命階段營養差距的好方法。

Studies also show that people who consume fermented dairy tend to make healthier lifestyle choices.

研究還表明，食用發酵乳製品的人往往會選擇更健康的生活方式。

Overall, site health and its connection to brain health and skin health is interesting, even to Gen Z consumers and the high quality protein and dairy like in life, we keep our value available easy for your body to use.

總體而言，部位健康及其與大腦健康和皮膚健康的聯繫很有趣，即使對於 Z 世代消費者和生活中的優質蛋白質和乳製品來說，我們也讓我們的價值易於您的身體使用。

It is naturally occurring.

這是自然發生的。

Today's consumers are not willing to sacrifice their health and wellness and are focused on consuming high-quality better-for-you products at an affordable price.

現今的消費者不願意犧牲自己的健康和保健，而是專注於以實惠的價格消費高品質、更適合您的產品。

This trend has led to soaring demand for bio-available food like Lifeway Kefir and should continue to be a great tailwind for us.

這一趨勢導致對 Lifeway Kefir 等生物可利用食品的需求飆升，並且應該繼續成為我們的巨大推動力。

Our entire premium product for portfolio led by our flagship Kefir is nutritious, delicious and reasonably priced, which is why consumers keep coming back for more and eagerly await for new flavors and line extension.

我們的旗艦產品克菲爾（Kefir）主導的整個優質產品組合營養豐富、美味且價格合理，這就是為什麼消費者不斷回來購買更多產品並熱切等待新口味和產品線延伸的原因。

The probiotics in Kefir support a healthy microbiome.

開菲爾中的益生菌支持健康的微生物組。

And approximately 80% of the immune defenses come from the gut.

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 microbiomes role and stress depression and anxiety.

克菲爾等益生菌產品是與微生物組作用以及壓力憂鬱和焦慮相關的深入研究的焦點。

We now know that up to 90% of the body's serotonin comes from gut cells and the gut brain access, which links the emotional and cognitive centers of the brain with our intestinal function 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和腸道大腦通道，它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 study published in BMC Madison also suggests that probiotics in dairy Kefir, so potential promise and improving gut health of ICU patients and a small study protocol in the U.K. examined effects and potential benefits in children with ADHD who consume Kefir.

BMC Madison 發表的一項研究還表明，開菲爾乳製品中的益生菌具有改善ICU 患者腸道健康的潛在前景，並且英國的一項小型研究方案檢查了食用開菲爾對患有ADHD 的兒童的影響和潛在益處。

It's very exciting for the microbiome research, and we applaud and support these recent efforts to uncover new and amazing ways that fermented and culture food can positively impact our health.

這對於微生物組研究來說非常令人興奮，我們讚賞並支持這些最近的努力，這些努力揭示了發酵和培養食品可以對我們的健康產生積極影響的新的、令人驚奇的方式。

Deserving of its own measured.

值得自己衡量。

In March, the FDA announced the first ever qualified health claims regarding the consumption of cultured dairy and a reduced risk of type two diabetes.

今年三月，FDA 宣布了第一份關於食用發酵乳製品和降低第二型糖尿病風險的合格健康聲明。

We look forward to begin incorporating this qualified health claim on our labels and within our marketing in the coming weeks and months.

我們期待在未來幾週和幾個月內開始將這項合格的健康聲明納入我們的標籤和行銷中。

And this is an excellent development, further illustrating the incredible health benefits of our products.

這是一項出色的發展，進一步說明了我們產品令人難以置信的健康益處。

And we believe this will further compel health-focused consumers to our brand.

我們相信這將進一步吸引註重健康的消費者選擇我們的品牌。

To build on the already great health benefits of Lifeway Foods.

以 Lifeway Foods 已有的巨大健康益處為基礎。

We will be optimizing our product offering by reducing sugar and lactose house in nearly all of our lightweight products in the coming months.

在接下來的幾個月裡，我們將透過減少幾乎所有輕量產品中的糖和乳糖含量來優化我們的產品供應。

Market data shows, consumers are looking to lower sugar consumption and cheaper than natural options to get a delicious snack with less sugar.

市場數據顯示，消費者正在尋求降低糖的消耗量，並以比天然選擇更便宜的價格獲得含糖量少的美味零食。

While lightweight products are already 99% lactose-free in the coming weeks, we will be rolling out existing products with 100% lactose-free labeling.

雖然輕量產品在未來幾週內已達到 99% 無乳糖，但我們將推出貼有 100% 無乳糖標籤的現有產品。

High-quality protein, low sugar and lactose-free are trends that are not going away anytime soon.

優質蛋白質、低糖和無乳糖是不會很快消失的趨勢。

And Lifeway is at the forefront of bringing these attributes to the marketplace.

Lifeway 處於將這些特性推向市場的最前線。

As we've made clear selling our industry-leading drinkable Lifeway kefir is what we do best and our focus on it is consistently paying dividends.

正如我們明確表示的那樣，銷售行業領先的可飲用 Lifeway 克菲爾是我們最擅長的事情，我們對它的關注將持續帶來回報。

We believe the modern health focused consumer will continue to be a tailwind to the expanding U.S. kefir market, and we will continue to dedicate the bulk of our time and investments into our drinkable Kefir to increase brand and category exposure, drive trial and capture more and more share of today's health focused consumer in the growing markets.

我們相信，注重健康的現代消費者將繼續成為不斷擴大的美國開菲爾市場的推動力，我們將繼續將大部分時間和投資投入到我們的可飲用克菲爾中，以增加品牌和類別曝光度，推動試用並捕獲更多和在當今不斷增長的市場中，注重健康的消費者佔據了更多份額。

As the market leader, we are also consistently evaluating trends within the probiotic and healthy food space to improve and diversify the offerings of our growing consumer base and their process preferences.

作為市場領導者，我們也不斷評估益生菌和健康食品領域的趨勢，以改善和多樣化我們不斷增長的消費者群及其工藝偏好的產品。

Within Kefir, these insights have led to numerous successful product innovation, including our Guava, low-fat Ciba, our organic whole milk products and our organic grass-fed fever flavors.

在 Kefir 內部，這些見解帶來了眾多成功的產品創新，包括我們的番石榴、低脂 Ciba、我們的有機全脂奶產品和我們的有機草飼發燒口味。

Each of these innovations have gained popularity has successfully attracted different type of consumers.

每一項創新都廣受歡迎，並成功吸引了不同類型的消費者。

Our organic category has been a major hit to date and provided a strong growth.

迄今為止，我們的有機類別已大受歡迎並實現了強勁增長。

In addition to our focus in the key per category.

除了我們關注每個類別的關鍵之外。

We are still strategically investing behind the cold favorite likely pharmacies, in an effort to capitalize on the continued consumer demand for soft cheese products.

我們仍在策略性地投資於冷門可能的藥局，以努力利用消費者對軟乳酪產品的持續需求。

Seasonally pharmacies performed the best in fall and winter, and we are quite excited to get into its peak season.

季節性藥局在秋季和冬季表現最好，我們很高興進入旺季。

I'll now touch on the marketing and advertising update.

我現在將談談行銷和廣告的最新情況。

Just a couple of weeks ago, we had an excellent brand experience at Lollapalooza in Chicago.

就在幾週前，我們在芝加哥的 Lollapalooza 獲得了一次出色的品牌體驗。

Our Provost products were featured and likely hit the polluters section of the festival, and we gave out thousands of samples while interacting with a massive crowd in Chicago.

我們的 Provost 產品受到了關注，並且很可能會出現在節日的污染者部分，我們在與芝加哥的大量人群互動時分發了數千個樣品。

Additionally, New York bucket listers with a following of more than 2 million people just named our yoga in the sky series as one of the best activities to do in New York.

此外，擁有超過 200 萬粉絲的紐約遺願清單將我們的空中瑜伽系列評為紐約最佳活動之一。

We partnered with up up and away yoga to deliver this unique one hour long yoga experience at the top of the One World Trade Center.

我們與 Up andaway Yoga 合作，在世貿中心一號樓頂層提供這種獨特的一小時瑜珈體驗。

And each participant can enhance their workout with a protein boost from our delicious Lifeway Kefir.

每位參與者都可以透過我們美味的 Lifeway Kefir 補充蛋白質來增強運動效果。

We always enjoy these in-person experiences as they fit into our efforts to connect with our consumers on a deeper level on their wellness journey.

我們始終享受這些親身體驗，因為它們符合我們在消費者健康之旅中與消費者進行更深層聯繫的努力。

We remain very committed to investing behind our core products.

我們仍然非常致力於投資我們的核心產品。

With that said, we have been very strategic with our marketing dollars, focusing on Smart program that effectively move units and drive velocities.

話雖如此，我們的行銷資金一直非常具有戰略意義，專注於有效行動裝置和提高速度的智慧計畫。

Our goal is to ensure lightweight products are present at interruptive moments within the store, such as high traffic and caps to increase trial and exposure to our brand to consumers who might normally shop in our section.

我們的目標是確保輕質產品在商店內的干擾時刻出現，例如高流量和上限，以增加通常在我們區域購物的消費者對我們品牌的試用和曝光。

A great example of this was our successful in-store promotion during the first quarter where we partnered with many different retailers to create a temporary refrigerated spaces, showcasing Lifeway brand products at high-traffic and tasks within their stores.

一個很好的例子是我們第一季成功的店內促銷，我們與許多不同的零售商合作創建了一個臨時冷藏空間，在店內人流量大和任務頻繁的情況下展示 Lifeway 品牌產品。

This was highly successful program, and we expect to initiate a similar program in the coming weeks to capitalize on back-to-school snacking season, which we are quite excited about.

這是一個非常成功的計劃，我們預計在未來幾週內啟動類似的計劃，以利用返校零食季節，我們對此感到非常興奮。

Outside of the store, we continue to invest behind our e-commerce sales strategy to drive velocities and exposure.

在商店之外，我們繼續投資我們的電子商務銷售策略，以提高速度和曝光度。

We are running targeted advertising at our retail partner sites as well as general e-commerce platforms, including Instacart and supporting these e-commerce efforts are our continued partnership with our social media influencers, including celebrities, guests and nutrition experts with notable followings.

我們在零售合作夥伴網站以及包括Instacart 在內的一般電子商務平台上投放有針對性的廣告，並透過與社群媒體影響者（包括名人、嘉賓和擁有知名粉絲的營養專家）的持續合作來支持這些電子商務工作。

Through our work with them, we advertise to a whole network of consumers and educate them on the Kefir category, our healthy offerings and the recipes, they can be used that.

透過與他們的合作，我們向整個消費者網路做廣告，並向他們介紹開菲爾類別、我們的健康產品和食譜，他們可以使用這些知識。

Our marketing strategy is nimble and is also very effective.

我們的行銷策略靈活且非常有效。

And the key reason we expect to continue delivering great sales growth.

這是我們期望繼續實現巨大銷售成長的關鍵原因。

Now I'll touch on some distribution updates.

現在我將介紹一些發行版更新。

During the quarter, we gained new placement of organic Kefir and pharmacies at Stop & Shop, and we also increased our store count with target.

本季度，我們在 Stop & Shop 增加了有機克菲爾和藥房的新佈局，並且我們還按目標增加了商店數量。

Additionally, we were very happy with the success of our club rotation featuring twin packs of 32-ounce Kefir, a popular offering that encourages customers to increase consumption and greatly increases our visibility.

此外，我們對俱樂部輪換的成功感到非常高興，其中包括兩包 32 盎司克菲爾，這是一種受歡迎的產品，鼓勵顧客增加消費並大大提高我們的知名度。

The club channel is a great place for us to meet new consumers.

俱樂部頻道是我們認識新消費者的好地方。

And the lower priced items at these club stores are also more attractive to entry-level consumer offering a great opportunity to capture incremental revenues and customers.

這些俱樂部商店中價格較低的商品對入門級消費者也更具吸引力，為獲取增量收入和客戶提供了絕佳的機會。

On a higher level, we continue to maintain our deep relationships and active dialogue with all our key retail partners and are always seeking out incremental distribution opportunities across a number of channels that makes sense for our core offerings with the key focus on our flagship Lifeway drinkable Kefir.

在更高層面上，我們繼續與所有主要零售合作夥伴保持深厚的關係和積極對話，並始終在多個管道中尋找增量分銷機會，這對我們的核心產品有意義，重點關注我們的旗艦產品Lifeway 飲料克菲爾。

We will continue to strategically focus on and elevate our brand name products and will de-prioritize private label manufacturing to ensure Lifeway long term success and unparalleled category leadership.

我們將繼續策略性地關注和提升我們的品牌產品，並將取消自有品牌製造的優先順序，以確保 Lifeway 的長期成功和無與倫比的類別領導地位。

To wrap up, this was another outstanding record-breaking quarter for Lifeway, the results speak for themselves.

總而言之，這是 Lifeway 另一個出色的破紀錄季度，結果不言而喻。

Our core business continues to grow rapidly, as illustrated by our five consecutive quarters setting new record highs on the top line for the business.

我們的核心業務持續快速成長，連續五個季度創下業務收入新高就說明了這一點。

We've come a long way since our founding in 1986, and I couldn't be prouder, with the great team in place and our demand dedicated investments behind our core products.

自 1986 年成立以來，我們已經取得了長足的進步，擁有優秀的團隊以及我們對核心產品背後的專門投資，我感到無比自豪。

We believe we are in an excellent position to continue growing strongly throughout the back half of this year and beyond all, while furthering our mission to provide best-in-class bioavailable probiotic and nutritious foods to improve the health and well-being of our customers.

我們相信，我們處於有利地位，可以在今年下半年及以後繼續強勁增長，同時進一步履行我們的使命，提供一流的生物可利用益生菌和營養食品，以改善客戶的健康和福祉。

We look forward to updating you on our progress during the third quarter call in November.

我們期待在 11 月的第三季電話會議上向您通報我們的最新進展。

Thank you again for joining the call today, and I hope you all have a great rest of your summer and beginning of fall.

再次感謝您參加今天的電話會議，希望大家在夏季和秋季初都能度過愉快的假期。