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。今天與我一起通話的是總裁兼執行長朱莉·斯莫揚斯基 (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了。如果您尚未收到該新聞稿，您可以在 Lifeway 網站的「投資者關係」部分（www.lifewayfoods.com）上查看。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，準備好的評論包含前瞻性的陳述。相信、期望、預期、計劃、將和其他類似的表達通常表示前瞻性陳述。這些聲明並不能保證未來的表現，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。除非法律要求，Lifeway 不承擔更新今天電話會議中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發布之日的觀點。

And with that, I would like to turn the call over to Lifeway's President and Chief Executive Officer, Julie Smolyansky.

接下來，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，祝大家早安。像往常一樣，我們非常感謝您對 Lifeway Foods 的關注。我很高興今天能與你們交談，並很高興地報告我們在 2024 年的強勁勢頭得以延續。

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.

我們又度過了一個出色的季度，營收實現了兩位數成長，尤其是我們取得了有史以來第二大的季度淨銷售額，這得益於我們旗艦產品 Lifeway 飲用開菲爾的銷量增長。

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.

在我們了解結果之前，我想對整個 Lifeway 團隊的堅定承諾和無縫執行表示感謝。您的奉獻精神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，我們經歷了難以預測的環境，但我們的團隊始終應對挑戰，並幫助我們實現 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。截至 2024 年 9 月 30 日，我們的淨銷售額為 4,610 萬美元，與 2023 年第三季相比增加 520 萬美元或 12.7%。

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.

這一兩位數的成長主要得益於我們品牌的飲用克菲爾的銷售。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，我們很高興看到強勁的銷售成長，表明消費者對 Lifeway Kefir 產品的需求持續保持高位。

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證明了我們在策略性銷售和行銷投資方面的成功，推動了需求和試用，利用了消費者對富含益生菌和生物可利用營養素的蛋白質食品日益增長的興趣。我們還要記住，2023 年是 Lifeway 破紀錄的一年，這使得我們在 2024 年迄今的卓越成長更加值得注意。

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 年前九個月相比成長 18.5%。這一業績延續了過去五年的強勁成長軌跡，今年迄今的淨銷售額與 2019 年同期相比成長了 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客戶群，我們有望創下 Lifeway 新的年度銷售記錄，並且我們對 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.

我們報告稱，截至 2024 年 9 月 30 日的季度毛利率為 25.7%，截至 2024 年 9 月 30 日的九個月的毛利率為 26.2%，比 2023 年同期上升了 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.

隨著我們繼續出貨更多 Lifeway 品牌產品，我們將繼續實現製造效率和有利的固定成本吸收，從而推動整個業務的經營槓桿，並為我們未來進一步擴大利潤做好準備。

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.

現在談談我們的開支。截至 2024 年 9 月 30 日的銷售、一般及行政費用為 750 萬美元。我們持續的營收實力證明了我們策略銷售和行銷投資的成功。我們將繼續投資 Lifeway 品牌和產品組合，因為我們仍專注於推動試驗和加快產品速度。

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 日期間，我們的淨收入為 300 萬美元，反映每股基本收益 0.20 美元，每股稀釋普通股收益 0.19 美元。截至 2024 年 9 月 30 日的九個月期間，資本支出與 2023 年前九個月相比增加了 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.

現金使用量的增加準確反映了我們計劃在 2024 年相對於 2023 年的成長，以提高製造能力以滿足需求並支持我們持續強勁的業務成長。

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.

我們的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。我們的支出非常有效，我們擁有充足的產能和營運來支援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，消費者繼續面臨宏觀阻力，包括價格上漲、利率上升以及地緣政治格局不確定。我們的客戶精打細算，尋求日常家庭核心支出的價值，同時也優先考慮他們的健康，注重積極、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.

從我們的業績可以看出，我們繼續實現強勁的銷售驅動成長，因為我們不斷增長的客戶群已證明具有彈性，表明我們的優質產品具有卓越的價值。消費者在追求價值的同時，也證明他們不會犧牲自己的健康和保健，並將繼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.

這一趨勢導致了對健康食品的需求不斷增長，例如我們的「對您更有益」的 Lifeway 品牌產品，這些產品為消費者提供高品質的蛋白質、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，它幫助我們在美國建立並鞏固了開菲爾市場。

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群，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群在壓力、憂鬱和焦慮中的作用相關的深入研究的重點。

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，人體幾乎 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.

如果您想要健康快樂，就應該隨時關注自己的直覺。腸道健康及其與大腦和皮膚健康的關係是一個新興的研究領域，我們期待未來幾年有更多令人著迷的發展，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，我們總是很高興聽到發酵和培養食品能夠以驚人的方式對我們的健康產生積極影響。

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，牛奶製克菲爾中的益生菌在改善 ICU 患者腸道健康方面具有潛在前景，英國的一項小型研究方案最近檢查了食用克菲爾對患有 ADHD 的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，2024 年 10 月我們開始推出第一款帶有 100% 無乳糖標籤的產品。我們的產品不含乳糖的比例已經高達 99%，因此我們很高興能夠透過我們的新產品有機全脂牛奶風味融合產品進一步吸引消費者，這些產品不僅具有無乳糖的額外優勢，而且糖分含量也降低了。

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只是其中的幾種，它們都是我們產品組合中令人驚喜的補充，我鼓勵每個人都去尋找這些口味或在當地的雜貨店購買這些口味。整個產品系列都富含高品質的生物可利用營養素，充分發揮了我們的優勢，因為我們的有機產品迄今為止取得了巨大的成功。

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高端產品組合的推動力。我們供應的食品味道鮮美，成分營養豐富，物超所值。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.

您可能已經在貨架上看到了額外的 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，其覆蓋範圍將達到 1,100 家商店。

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，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，我們的飲用克菲爾銷量已成長超過 22%，這是一個驚人的成長。

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，我們擁有自己的空間，我們知道如何利用我們的空間產生影響力。我們也將繼續評估消費者行為，以確保我們提供的產品與消費者的興趣保持一致，讓我們能夠繼續在不斷增長的市場中佔據更大的份額。

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.

這些見解使我們成為一個不斷發展的品牌，及早發現新興趨勢，並積極改進和多樣化我們的產品。我們過去曾推出過許多成功的產品創新，包括我們的 ProBugs 和 Organic Grassfed Kefir 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.

我很高興地告訴大家，Lifeway ProBugs 的兩個 SKU 將自 2008 年在 Whole Foods 推出以來首次進入大眾市場，並將於 12 月在一家區域零售商的約 200 家商店進行新的分銷，這將提高我們在這些商店的新購物者群體中的知名度。

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.

我們也將繼續對深受大眾喜愛的 Lifeway Farmer Cheese 進行策略性投資。消費者對軟乳酪產品的需求持續上升，我們的農家乳酪富含蛋白質，並含有益生菌和生物可利用的營養素。Lifeway 農夫起司是混合乾酪的高級替代品，其食譜在社群媒體上持續熱烈討論。

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.

它具有我們包裝上令人非常嚮往的光滑質地，還具有益生菌的益處。我們很高興看到我們對 Farmer Cheese 的支持得到了回報，因為我們在本季看到了穩健的成長。我們在這個類別中佔有強勢地位並且我們相信我們才剛剛起步。

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.

2025 年第一季度，我們的農家起司將首次在全國大型零售區的約 1,400 家商店中進行大眾市場銷售。我們期待產品上架後分享更多。現在我將談談一些行銷和廣告更新。我們將繼續策略性地投入行銷資金，並專注於那些能夠有效提高速度和提高投資報酬率的項目。

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，我們會定期評估市場以發現可能帶來成長機會的新興趨勢。這種積極主動的態度使得 Lifeway 很早就開始進行數位廣告、與零售商建立電子商務合作夥伴關係以及在健康社區舉辦活動（例如我們在紐約市舉辦的空中瑜伽系列活動），這些都可以幫助品牌實現文化相關性。

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.

九月份，我們啟動了一項策略性店內計劃，以充分利用開學零食季節。與我們先前的店內投資一致，我們的目標是確保 Lifeway 產品擺放在人流量大、影響購物體驗的時刻，以便吸引那些通常不會在我們地區購物的顧客。我們計劃繼續投資創新且引人注目的行銷活動，以吸引店內的新消費者並推動試用。

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.

9 月，我們宣布贊助 Charity Miles 跑步、步行和騎行應用程式。該應用程式允許用戶在步行、跑步或騎自行車時為慈善機構賺錢，追蹤行進距離並向用戶選擇的組織發起財務捐贈。

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，我們將贊助價值 10,000 美元的捐款，以支持心理健康計劃。我們很高興能夠在這個健身應用程式上展示我們的產品，並推廣我們的微生物組支持，以促進更好的心理和情緒健康，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與社群媒體影響者（包括名人、廚師和營養專家）的持續合作。

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絡做廣告，並向他們介紹開菲爾類別、我們的健康產品以及可以使用它們的食譜。我們在零售合作夥伴網站和 Instacart 等一般電子商務平台上的定向廣告已被證明非常有效，我們計劃繼續投資此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，我將談談一些分發更新。9月，我們宣布首次擴大Lifeway Kefir在南非市場的分銷範圍。我們的 Lifeway Kefir 和 ProBugs 正在發貨，並在全國各地的各類獨立食品店和健康食品商店上架銷售，但最初會在某些知名連鎖店進行有限的銷售。

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，我們宣布了在杜拜和阿聯酋的擴張計劃。從美國出口的 32 盎司 Lifeway Kefir、8 盎司無乳糖 Lifeway Kefir 風味融合、ProBugs 和 Farmer Cheese 預計將於 2024 年第四季開始出貨，並將在杜拜和整個阿聯酋的超市和大賣場發售。

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.

我們對杜拜和阿聯酋特別感興趣，因為那裡擁有獨特的人口結構和大量我們的核心目標客戶群。我們採取謹慎而周到的方式進行全球擴張，尋求那些有望成功且無需大量前期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，並不斷透過多種管道為我們的 Lifeway 飲用克菲爾、農家起司和其他核心產品尋找增量分銷機會。

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品類領導地位。因此，我們在本季將繼續降低自有品牌製造的優先順序。我們的策略是減少自有品牌、專注於品牌產品，旨在保護 Lifeway 產品類別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，Lifeway 又度過了一個出色的季度，並有望在 2024 年創下驚人的紀錄。我們的業務連續五年實現季度成長，消費者對含有生物可利用營養成分的益生菌食品的需求不斷飆升，我們的地位從未如此強大。

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.

我們擁有優秀的團隊，並計劃繼續投資於我們的關鍵產品，以佔領越來越多的不斷增長的市場，同時進一步追求我們的使命，提供一流的生物可利用益生菌和營養食品，改善客戶的健康和福祉。

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的發展勢頭。再次感謝您今天的加入，祝大家有個美好的假期和新年快樂。