Lifeway Foods Inc (LWAY) 2024 Q3 法說會逐字稿

Good morning. Welcome to Lifeway Foods third quarter 2024 conference call. On the call with me today is, Julie Smolyansky, President and Chief Executive Officer.

早安.歡迎參加 Lifeway Foods 2024 年第三季電話會議。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. 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.

現在每個人都應該可以看到今天早上發布的新聞稿。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. The words believe, expect, anticipate, plan, will and other similar expressions generally identify forward-looking statements. These statements do not guarantee future performance and therefore, undue reliance should not be placed on them.

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。相信、期望、預期、計劃、意願和其他類似表達方式通常可識別前瞻性陳述。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. Lifeway assumes no obligation to update any forward-looking projections that may be made during today's call except as required by law. All of the forward-looking statements contained herein speak only as of the date of this call.

實際結果可能與任何前瞻性陳述中的預測有重大差異。除法律要求外，Lifeway 不承擔更新今天電話會議期間可能做出的任何前瞻性預測的義務。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's President and Chief Executive Officer, Julie Smolyansky.

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

Thank you, John, and good morning to everyone joining us. As always, we greatly appreciate your interest in Lifeway Foods. I'm pleased to be speaking with you today and happy to report that our strong momentum in 2024 has continued.

謝謝你，約翰，祝所有加入我們的人早安。一如既往，我們非常感謝您對 Lifeway Foods 的興趣。我很高興今天與您交談，並高興地向您報告，我們在 2024 年的強勁勢頭仍在繼續。

We delivered another excellent quarter highlighted by our double-digit growth on the topline and notably, our second largest ever quarterly net sales result driven by volume growth of our flagship Lifeway drinkable Kefir.

我們又交付了一個出色的季度，其營收實現了兩位數的增長，特別是在我們的旗艦產品Lifeway 飲用開菲爾銷量增長的推動下，我們實現了有史以來第二大的季度淨銷售額。

Before we go into the results, I want to express my thanks to the entire Lifeway team for their unwavering commitment and seamless execution. Your dedication allows us to consistently deliver the high level of service and quality our clients and customers have come to expect. We've navigated an unpredictable environment over recent years, yet our team has always risen to the occasion, allowing us to deliver on our growth plan for Lifeway.

在我們討論結果之前，我想對整個 Lifeway 團隊的堅定承諾和無縫執行表示感謝。您的奉獻使我們能夠始終如一地提供客戶和顧客所期望的高水準服務和品質。近年來，我們經歷了不可預測的環境，但我們的團隊始終能夠應對這種情況，使我們能夠實現 Lifeway 的成長計劃。

With that said, I will now review our results for the third quarter of 2024. Our net sales were $46.1 million for the period ended September 30, 2024, an increase of $5.2 million or a 12.7% compared to the third quarter of 2023.

話雖如此，我現在將回顧我們2024 年第三季的業績。 %。

This double-digit growth was primarily volume driven from our branded drinkable Kefir. Notably, this was our 20th consecutive quarter of quarterly net sales growth, which marks an incredible milestone of five consecutive years worth of quarterly growth for Lifeway.

這種兩位數的成長主要是由我們的品牌飲用開菲爾的銷售所推動。值得注意的是，這是我們連續第 20 個季度實現季度淨銷售額成長，這標誌著 Lifeway 連續五年實現季度成長的一個令人難以置信的里程碑。

As we said before, this was our second highest quarterly net sales ever and we are thrilled to continue seeing powerful volume-led growth demonstrating the continued high levels of consumer demand for Lifeway Kefir products.

正如我們之前所說，這是我們有史以來第二高的季度淨銷售額，我們很高興繼續看到以銷售為主導的強勁增長，表明消費者對 Lifeway Kefir 產品的持續高水平需求。

This sustained volume growth clearly demonstrates the success of our strategic sales and marketing investments at driving demand and trial usage to capitalize on the growing consumer interest in protein rich foods with probiotic and bioavailable nutrients. Let's also remember that 2023 was a record-breaking year for Lifeway, which makes our exceptional growth to date in 2024 even more noteworthy.

這種持續的銷售成長清楚地表明，我們的策略性銷售和行銷投資在推動需求和試用方面取得了成功，以充分利用消費者對富含益生菌和生物可利用營養素的富含蛋白質食品日益增長的興趣。我們還請記住，2023 年對 Lifeway 來說是破紀錄的一年，這使得我們在 2024 年迄今為止的非凡增長更加引人注目。

For the nine months ended September 30, 2024, our net sales were $139.9 million, an 18.5% increase compared to the first nine months of 2023. This performance continues a trajectory of strong growth over the past five years with our year-to-date net sales increasing 98.4% compared to the same period in 2019.

截至2024 年9 月30 日的九個月，我們的淨銷售額為1.399 億美元，與2023 年前九個月相比增長18.5%。迄今銷售額的淨銷售額較2019年同期成長98.4%。

With robust results and growing customer base of loyal kefir drinkers, we are well on our way to setting a new Lifeway annual sales record and remain confident in Lifeway's ability to continue with the sales momentum.

憑藉強勁的業績和不斷增長的忠實開菲爾飲用者的客戶群，我們正在努力創造新的 Lifeway 年度銷售記錄，並對 Lifeway 繼續保持銷售勢頭的能力充滿信心。

We reported a gross profit margin of 25.7% for the quarter ended September 30, 2024, resulting in a gross profit margin of 26.2% for the nine months ended September 30, 2024, up 30 basis points compared to the same period in 2023.

截至2024年9月30日的季度毛利率為25.7%，截至2024年9月30日的九個月毛利率為26.2%，較2023年同期上升30個基點。

As we continue to ship higher volumes of our Lifeway branded products, we will continue to realize manufacturing efficiencies and favorable fixed cost absorption driving operating leverages across the business and positioning us for additional margin expansion ahead.

隨著我們繼續增加 Lifeway 品牌產品的出貨量，我們將繼續提高製造效率和有利的固定成本吸收，推動整個業務的營運槓桿，並為我們未來的額外利潤擴張做好準備。

Now to our expenses. Selling, general and administrative expenses were $7.5 million for the period ended September 30, 2024. Our consistent topline strength demonstrates the success of our strategic sales and marketing investments. We will continue to invest across the Lifeway brand and product portfolio as we remain focused on driving trial and accelerating product velocities.

現在來談談我們的開支。截至 2024 年 9 月 30 日的期間，銷售、一般和管理費用為 750 萬美元。我們將繼續對 Lifeway 品牌和產品組合進行投資，我們將繼續專注於推動試驗並加快產品速度。

Our net income during the period ended September 30, 2024 with $3 million reflecting EPS of $0.20 per basic and $0.19 per diluted common share. Capital spending increased $2.2 million to $5.4 million during the nine-month period ended September 30, 2024, compared to the first nine months of 2023.

截至 2024 年 9 月 30 日的期間，我們的淨利潤為 300 萬美元，反映每股基本每股收益 0.20 美元，每股稀釋普通股 0.19 美元。與 2023 年前 9 個月相比，截至 2024 年 9 月 30 日的 9 個月期間，資本支出增加了 220 萬美元，達到 540 萬美元。

The increase in cash used accurately reflects our planned increases during 2024 compared to 2023 to increase manufacturing capacity to meet demand and support our continued strong business growth.

所用現金的增加準確地反映了我們計劃在 2024 年與 2023 年相比增加的資金，以提高製造能力以滿足需求並支持我們持續強勁的業務增長。

We focus our capital spending on three core areas, supporting growth, cost reductions and facility improvements. Our spending is very efficient, and we have plenty of capacity and the operations in place to support continued rapid sales growth.

我們將資本支出集中在三個核心領域：支持成長、降低成本和改善設施。我們的支出非常高效，我們有充足的產能和適當的營運來支持持續快速的銷售成長。

Today, the consumer continues to face macro headwinds including higher prices and high interest rates and an uncertain geopolitical landscape. Our customers are budgeting carefully and seeking value in core everyday household spending, but also prioritize their health with a focus on active, healthy nutrition.

如今，消費者持續面臨宏觀阻力，包括價格上漲、高利率以及不確定的地緣政治格局。我們的客戶正在仔細預算並尋求核心日常家庭支出的價值，但也優先考慮他們的健康，並專注於積極、健康的營養。

As you can see from our results, we continue to deliver strong volume-led growth as our growing customer base has proven resilient, demonstrating that our premium offerings come with exceptional value. While consumers are seeking value, they also have proven that they will not sacrifice their health and wellness and remain committed to consuming high-quality, nutritious products at affordable prices.

正如您從我們的業績中看到的那樣，我們繼續實現以銷售為主導的強勁增長，因為我們不斷增長的客戶群已被證明具有彈性，這表明我們的優質產品具有非凡的價值。消費者在追求價值的同時，也證明了自己不會犧牲自己的健康，並持續致力於以實惠的價格消費高品質、營養豐富的產品。

This trend has led to rising demand for healthy foods like our better-for-you, Lifeway branded products, which offer consumers high quality protein, probiotics, calcium and vitamin D and help everyone from children to aging adults improve their health and nutrition.

這一趨勢導致對健康食品的需求不斷增長，例如我們的「better-for-you」Lifeway 品牌產品，這些產品為消費者提供優質蛋白質、益生菌、鈣和維生素D，幫助從兒童到老年人的每個人改善健康和營養。

Our flagship Lifeway drinkable Kefir is a bottle of bioactive nutrients, protein and probiotics and it has allowed us to build and anchor the Kefir market in the United States.

我們的旗艦產品 Lifeway 飲用克菲爾是一瓶含有生物活性營養素、蛋白質和益生菌的產品，它使我們能夠在美國建立並鞏固開菲​​爾市場。

The probiotics in Kefir support a healthy microbiome and between 70% to 80% of immune cells come from the gut. Probiotic products such as Kefir are the focus of intense research related to the microbiome's role in stress, depression and anxiety.

克菲爾中的益生菌支持健康的微生物組，70% 至 80% 的免疫細胞來自腸道。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 almost 90% of the body serotonin comes from gut cells and the gut brain axis, which links the emotional and cognitive centers of the brain with our intestinal functions.

我們現在知道，體內幾乎 90% 的血清素來自腸道細胞和腸腦軸，它將大腦的情緒和認知中心與我們的腸道功能聯繫起來。

If you want to be healthy and happy, your gut should always be on your mind. Gut health and its connection to brain and skin health is an emerging field of research and we look forward to more fascinating developments in the coming years that we expect will further increase interest in healthy probiotic foods.

如果您想健康快樂，就應該隨時注意您的腸道。腸道健康及其與大腦和皮膚健康的連結是一個新興的研究領域，我們期待未來幾年出現更令人著迷的發展，我們預計這將進一步增加人們對健康益生菌食品的興趣。

Microbiome research is an exciting space, and we're always encouraged to hear the amazing way fermented and cultured foods can positively impact our health.

微生物組研究是一個令人興奮的領域，我們總是被發酵和培養食品以驚人的方式對我們的健康產生積極影響而感到鼓舞。

A study published by DMC Medicine suggests that the probiotics in dairy kefir show potential promise in improving the gut health of ICU patients, and a small study protocol in the UK recently examined the effects and potential benefits of Kefir consumption on children with ADHD.

DMC Medicine 發表的一項研究表明，開菲爾乳製品中的益生菌在改善ICU 患者的腸道健康方面顯示出潛在的前景，英國的一項小型研究方案最近檢查了食用開菲爾對ADHD 兒童的影響和潛在益處。

I'm pleased to note that in October 2024 we began to roll out our first ever product with 100% lactose-free labelling. Our products were already up to 99% lactose-free, so we are pleased to further attract consumers with our new Organic Whole Milk Flavor Fusion items that have this added benefit along with decreased sugar content.

我很高興地註意到，我們在 2024 年 10 月開始推出首款帶有 100% 無乳糖標籤的產品。我們的產品已經不含高達 99% 的乳糖，因此我們很高興透過我們新的有機全脂牛奶風味融合產品進一步吸引消費者，這些產品具有額外的好處以及降低的糖含量。

New on trend flavors like Hot Honey, Matcha Latte and Passionfruit Lychee are, just to name a few, are amazing additions to our portfolio and I encourage everyone to seek them out or request them in your local grocers. The entire lineup is loaded with high quality bioavailable nutrients and plays to our strength as our organic products have been incredibly successful to date.

熱蜂蜜、抹茶拿鐵和百香果荔枝等新流行口味，僅舉幾例，是我們產品組合中令人驚嘆的新口味，我鼓勵每個人都去尋找它們或在當地的雜貨店購買。整個產品系列都富含高品質的生物可利用營養素，並且發揮了我們的優勢，因為我們的有機產品迄今為止取得了令人難以置信的成功。

We expect health and wellness trends will continue to be a tailwind for our entire premium product portfolio. Our offering delivers delicious taste, nutritious ingredients and value. This is why we are successfully reaching new customers while also engaging existing customers to grow their basket with new Lifeway products.

我們預計健康和保健趨勢將繼續成為我們整個優質產品組合的推動力。我們的產品提供美味的味道、營養豐富的成分和價值。這就是為什麼我們能夠成功吸引新客戶，同時也吸引現有客戶透過新的 Lifeway 產品來擴大他們的購物籃。

As you may be seeing on shelves already an additional SKU, our strawberry banana flavor of Lifeway Kefir is now available at select Walmart locations. We expect it to reach an estimated 1,100 stores once resets are complete.

正如您可能在貨架上看到的那樣，已經有一個額外的 SKU，我們的草莓香蕉口味的 Lifeway Kefir 現已在部分沃爾瑪門市有售。我們預計重置完成後，門市數量預計將達到 1,100 家。

We built the US Kefir market and continue to invest behind it to grow our brand and the drinkables category. Our investments, combined with tailwinds from today's health focused consumer are paying off tremendously. Year-to-date, our drinkable Kefir sales have increased more than 22% which is phenomenal.

我們建立了美國開菲爾市場，並繼續對其進行投資，以發展我們的品牌和飲料類別。我們的投資，再加上當今注重健康的消費者的推動，正在獲得巨大的回報。今年迄今為止，我們的飲用開菲爾銷量增長了 22% 以上，這是驚人的。

As the anchor of the Kefir category, we own the space and we know how to make an impact with our space. We also continue to evaluate consumer behavior to ensure our offerings remain well aligned with consumer interests, so that we can continue to capture a greater share of the growing market.

作為開菲爾類別的支柱，我們擁有這個空間，我們知道如何對我們的空間產生影響。我們也持續評估消費者行為，以確保我們的產品與消費者利益保持一致，以便我們能夠繼續在不斷增長的市場中佔據更大份額。

These insights have allowed us to be a brand on the move, spotting emerging trends early and actively improving and diversifying our product offerings. We have called out many successful product innovations in the past including our ProBugs and Organic Grassfed Kefir flavors.

這些見解使我們能夠成為一個不斷發展的品牌，儘早發現新興趨勢，並積極改進我們的產品並使其多樣化。我們過去已經推出了許多成功的產品創新，包括我們的 ProBugs 和有機草飼開菲爾口味。

I'm pleased to share that the two SKUs of Lifeway ProBugs will gain mass market for the first time ever since launching at Whole Foods in 2008 with new distribution at an estimated 200 stores in a regional retailer in December, which will boost our visibility to a new segment of shoppers in these stores.

我很高興與大家分享，自2008 年在Whole Foods 推出以來，Lifeway ProBugs 的這兩個SKU 將首次獲得大眾市場，並於12 月在一家地區零售商的約200 家商店進行新分銷，這將提高我們的知名度這些商店中的新購物者群體。

We also continue to strategically invest behind the cult favorite Lifeway Farmer Cheese. Consumer demand for soft cheese products remain elevated and our Farmer Cheese is protein rich and full of probiotics and bioavailable nutrients. Lifeway Farmer Cheese is an elevated alternative to blended cottage cheese in recipes that continue to buzz throughout social media.

我們也持續對備受喜愛的 Lifeway Farmer 起司進行策略性投資。消費者對軟乳酪產品的需求仍然很高，我們的農夫乳酪富含蛋白質，富含益生菌和生物可利用的營養素。 Lifeway Farmer Cheese 是食譜中混合乾酪的高級替代品，在社交媒體上繼續引起熱烈討論。

It has the highly desirable smooth texture right from our package plus the benefits of probiotics. We are pleased to see our support behind Farmer Cheese paying off as we saw solid growth in the quarter. We have a strong position in this category and we believe we are just getting started.

它具有我們包裝中非常理想的光滑質地以及益生菌的好處。我們很高興看到我們對 Farmer Cheese 的支持得到了回報，因為我們看到了本季的穩健成長。我們在這一類別中擁有強大的地位，我們相信我們才剛剛開始。

In Q1 of 2025, our Farmer Cheese for the first time ever will gain mass market placement in an estimated 1,400 stores at a large national retail part. We look forward to sharing more once product is on shelf. I'll now touch on some marketing and advertising updates. We continue to be strategic with our marketing dollars, focusing on programs that effectively drive velocity and drive higher ROIs.

到 2025 年第一季度，我們的農夫起司將首次在全國大型零售店的約 1,400 家商店中獲得大規模市場定位。產品上架後，我們期待分享更多資訊。我現在將談談一些行銷和廣告方面的更新。我們持續對行銷資金採取策略性策略，專注於能夠有效提高速度並提高投資報酬率的計畫。

Similar to what I mentioned before on innovation, we regularly evaluate the market to spot emerging trends that can lead to growth opportunities. This proactiveness has led to Lifeway being early to digital advertising, e-commerce partnerships with retailers and events in the wellness community such as our Yoga in the Sky series in New York City which can help spring brands into cultural relevance.

與我之前提到的創新類似，我們定期評估市場，以發現可以帶來成長機會的新興趨勢。這種積極主動性使得 Lifeway 很早就開始數位廣告、與零售商的電子商務合作以及健康社區的活動，例如紐約市的空中瑜伽系列，這可以幫助品牌融入文化相關性。

In September, we initiated a strategic in-store program to capitalize on the back-to-school snacking season. Consistent with our previous in-store investments, our goal was to make sure Lifeway products are placed at interruptive moments such as high traffic end caps to drive new exposure to customers who may not normally shop in our section. We plan to continue investing in innovative eye-catching marketing endeavors that reach new consumers in-store to drive trial.

九月，我們啟動了一項策略性店內計劃，以利用返校零食季節。與我們先前的店內投資一致，我們的目標是確保 Lifeway 產品放置在人流量大的干擾時刻，以吸引通常不會在我們區域購物的顧客。我們計劃繼續投資引人注目的創新行銷活動，吸引店內的新消費者以推動試用。

In September, we announced our sponsorship of the Charity Miles, running, walking and biking app. This app enables users to earn money for charities when they walk, run or bike, tracking distance traveled and triggering a financial donation to the user selected organization.

九月，我們宣布贊助慈善里程、跑步、步行和騎自行車應用程式。該應用程式使用戶能夠在步行、跑步或騎自行車時為慈善機構賺錢，追蹤行駛距離並觸發對用戶選擇的組織的財務捐贈。

During the campaign, we are sponsoring $10,000 worth of donations in support of mental health initiatives. We are excited to feature our products on this fitness application and promote our microbiome support in an effort to foster better mental and emotional well-being while supporting a great cause all at once.

在活動期間，我們贊助了價值 10,000 美元的捐款，以支持心理健康倡議。我們很高興在此健身應用程式中展示我們的產品，並推廣我們的微生物組支持，以努力促進更好的精神和情緒健康，同時支持一項偉大的事業。

We also continue to invest in our e-commerce sales strategy to drive velocities and awareness, supporting these e-commerce efforts and our continued partnerships with social media influencers including celebrities, chefs and nutrition experts with notable following.

我們也繼續投資我們的電子商務銷售策略，以提高速度和知名度，支持這些電子商務工作以及我們與社群媒體影響者（包括名人、廚師和營養專家）的持續合作夥伴關係。

Through our work with them, we advertise to a wide network of customers and educate them on the Kefir category, our healthy offerings and the recipes they can be used in. Our targeted advertising on retail partner sites and general e-commerce platforms such as Instacart has proven to be very effective and we plan to continue investing in this channel to further sales growth.

透過與他們的合作，我們向廣泛的客戶網路做廣告，並向他們介紹開菲爾類別、我們的健康產品及其可使用的食譜。有針對性的廣告事實證明非常有效，我們計劃繼續投資該管道以進一步實現銷售成長。

Now, I will touch on some distribution updates. In September, we announced our first expansion of Lifeway Kefir distribution in the South African market. Our Lifeway Kefir and ProBugs are shipping and available on shelves at a mix of independent and health food stores in the country with limited initial placements at certain established chains.

現在，我將介紹一些發行版更新。 9 月，我們宣布首次擴大 Lifeway Kefir 在南非市場的分銷。我們的 Lifeway Kefir 和 ProBugs 正在國內多家獨立食品店和健康食品店的貨架上發貨，在某些知名連鎖店的初始投放量有限。

And just last week we announced our expansion within Dubai and the UAE. The offerings of 32 ounce Lifeway Kefir, 8 ounce lactose-free Lifeway Kefir flavor fusions, ProBugs and Farmer Cheese exported from the United States is expected to begin shipping in the fourth quarter of 2024 and will become available in supermarkets and hypermarkets in Dubai and across the Emirates.

就在上週，我們宣佈在杜拜和阿聯酋進行擴張。從美國出口的 32 盎司 Lifeway Kefir、8 盎司無乳糖 Lifeway Kefir 風味融合食品、ProBugs 和 Farmer Cheese 預計將於 2024 年第四季開始出貨，並將在杜拜及世界各地的超市和大賣場出售阿聯酋航空。

Dubai and the UAE are of particular interest to us given the unique demographics there with large numbers of our core target customer segments. We are taking a measured and thoughtful approach to global expansion as we seek markets that are primed for success and can be accessed without major initial investment.

鑑於杜拜和阿聯酋獨特的人口結構以及大量我們的核心目標客戶群，我們對杜拜和阿聯酋特別感興趣。我們正在採取審慎而深思熟慮的全球擴張方法，尋找那些已為成功做好準備且無需大量初始投資即可進入的市場。

As usual, we also maintained our active dialogues with our key retail partners. We have deep partnerships with them and are consistently seeking out incremental distribution opportunities for our Lifeway drinkable Kefir, Farmer Cheese and other core products across a number of channels.

像往常一樣，我們也與主要零售合作夥伴保持積極對話。我們與他們建立了深厚的合作夥伴關係，並持續為我們的 Lifeway 飲用克菲爾、農夫起司和其他核心產品在多個管道尋找增量分銷機會。

With our distribution and overall strategy, we are focused on elevating our brand name products to ensure our long-term success and the category leadership. With that we continue to deprioritize private-label manufacturing during the quarter. Our strategy to reduce private-label and focus on branded products is designed to protect Lifeway category dominance and visibility, streamline operations and further improve margins.

透過我們的分銷和整體策略，我們專注於提升我們的品牌產品，以確保我們的長期成功和類別領導。因此，我們在本季繼續降低自有品牌製造的優先順序。我們減少自有品牌並專注於品牌產品的策略旨在保護 Lifeway 品類的主導地位和知名度、簡化營運並進一步提高利潤率。

To close we had another great quarter here at Lifeway and on pace for a tremendous record breaking 2024. With five consecutive years' worth of quarterly growth in our business and soaring consumer demand for probiotic foods with bioavailable nutrients, we have never been in a stronger position.

最後，我們在Lifeway 度過了又一個偉大的季度，並有望在2024 年打破巨大記錄。不斷飆升，我們處於前所未有的強勁狀態。

We have the right team in place, and we plan to continue investing behind our key products to capture more and more of this growing market as we further pursue our mission to provide the best-in-class bioavailable probiotic and nutritious foods to improve the health and well-being of our customers.

我們擁有合適的團隊，我們計劃繼續投資於我們的關鍵產品，以佔領越來越多的這個不斷增長的市場，同時我們進一步追求我們的使命，即提供一流的生物可利用益生菌和營養食品以改善健康和我們客戶的福祉。

We look forward to updating you on our continued momentum on our year end call in March. Thanks again for joining us today and I hope everyone has a wonderful holiday season and a happy New Year.

我們期待在三月的年終電話會議上向您通報我們持續發展的勢頭。再次感謝您今天加入我們，希望大家有個愉快的假期和新年快樂。