Lifeway Foods Inc (LWAY) 2025 Q2 法說會逐字稿

Good morning. Welcome to Lifeway Foods second-quarter 2025 conference call. On the call with me today is Julie Smolyansky, President and Chief Executive Officer. 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.

早安.歡迎參加 Lifeway Foods 2025 年第二季電話會議。今天與我一起通話的是總裁兼執行長朱莉·斯莫良斯基 (Julie Smolyansky)。現在，每個人都應該可以看到今天早上發布的新聞稿。如果您尚未收到該新聞稿，請造訪 Lifeway 網站 www.lifewayfoods.com 的投資者關係板塊獲取。本次電話會議的錄音也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.

在我們開始之前，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預測的結果有重大差異。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召開之日的觀點。

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 excited to be speaking with you today following another extraordinary quarter for Lifeway Foods, a quarter that reinforces our momentum, showcases our market leadership, and demonstrates the expanding scale of our platform. In the second quarter of 2025, we delivered record net sales of $53.9 million.

謝謝你，約翰，大家早安。像往常一樣，我們非常感謝您對 Lifeway Foods 的關注。我很高興今天能與大家交談，Lifeway Foods 剛剛經歷了另一個非凡的季度，這個季度增強了我們的發展勢頭，展示了我們的市場領導地位，並展示了我們平台規模的不斷擴大。2025 年第二季度，我們的淨銷售額創紀錄地達到 5,390 萬美元。

With approximately 18% volume-led growth when adjusted for strategic portfolio changes. This performance builds on an exceptional 2024 and underscores how Lifeway's growth engine is accelerating. We are not just growing, we're expanding our leadership in the Kiefer category, winning share, strengthening our brand equity, and broadening our distribution reach across multiple channels.

經過策略性投資組合變化調整後，銷售帶動成長約 18%。這項業績建立在 2024 年的卓越表現之上，凸顯了 Lifeway 的成長引擎正在加速發展。我們不僅在成長，還在擴大我們在基弗類別中的領導地位，贏得市場份額，增強我們的品牌資產，並透過多種管道擴大我們的分銷範圍。

Before I walk through the details, I want to recognize our Lifeway team. The consistency of our results and the exceptional service we deliver to customers and partners stem directly from your dedication and execution. You are driving this success, and we are so grateful.

在介紹細節之前，我想先感謝一下我們的 Lifeway 團隊。我們所取得的成果的一致性以及我們為客戶和合作夥伴提供的卓越服務直接源自於您的奉獻和執行。你們推動了這項成功，我們對此深表感激。

Our net sales growth this quarter was powered primarily by higher volumes of lightly branded drinkable Kiefer and farmer's cheese. The significance of this performance is even greater when you remember that in Q2 2024 was already a record setting quarter with over 25% growth, and yet we built on that with additional double digit gains.

本季我們的淨銷售額成長主要得益於輕品牌飲用基弗起司和農家起司銷量的增加。如果你記得 2024 年第二季已經創下了超過 25% 的成長記錄，而我們在此基礎上又實現了兩位數的成長，那麼這一業績的意義就更大了。

We achieved this while executing deliberate strategic changes to sharpen our focus on high margin brand building opportunities. In late 2024, we exited a lower margin retail relationship and adjusted terms with the distributor to reduce build sales, but improve freight cost efficiency. Even with these adjustments and a temporary sales lab from a partner's distributor cyberattack in early June, our momentum was undeniable.

我們在實現這一目標的同時，也實施了深思熟慮的策略變革，將重點放在高利潤的品牌建立機會上。2024 年末，我們退出了利潤率較低的零售關係，並調整了與經銷商的條款，以減少建築銷售，但提高貨運成本效率。即使進行了這些調整，並且 6 月初合作夥伴分銷商的網路攻擊導致臨時銷售實驗室癱瘓，我們的發展勢頭仍然不可阻擋。

This marks our 23 consecutive quarter of year over year sales growth, nearly six years of uninterrupted expansion, and that growth is not slowing. We are riding powerful consumer trends that continue to accelerate demand for protein-rich probiotic functional foods, and heightened awareness of gut health's role in overall wellness. This is particularly pronounced among the more than 15% of Americans now on GLP-1 medications who are seeking nutrient-dense, satisfying foods that naturally support GLP-1 hormone production and digestive health.

這標誌著我們連續第 23 個季度實現銷售額年增，近六年來持續擴張，且成長動能並未放緩。我們正順應強大的消費趨勢，繼續加速對富含蛋白質的益生菌功能性食品的需求，並提高人們對腸道健康在整體健康中的作用的認識。這在目前服用 GLP-1 藥物的 15% 以上的美國人中尤其明顯，他們正在尋求營養豐富、令人滿意的食物，以自然地支持 GLP-1 激素的產生和消化系統健康。

Lifeway portfolio is perfectly aligned with these needs. Gross profit margin in Q2 was 28.6%, up 160 basis points from last year and over 460 basis points from Q1, our strongest performance since 2023. This improvement came from branded volume growth, manufacturing efficiencies, and favorable conventional milk pricing, partially offset by higher organic milk costs and planned trade investments to support distribution and innovation.

Lifeway 產品組合完全符合這些需求。第二季毛利率為 28.6%，較去年同期上升 160 個基點，較第一季上升 460 多個基點，這是我們 2023 年以來最強勁的業績。這項改善得益於品牌銷量的成長、生產效率的提高以及優惠的傳統牛奶定價，但有機牛奶成本的提高以及為支持分銷和創新而計劃的貿易投資部分抵消了這一改善。

Selling general and administrative expenses were $9.5 million as we continue to invest in marketing, sales activation, and retail expansion. These investments are paying off. They are driving trial, accelerating velocities, and strengthening consumer loyalty. Net income was $4.2 million or $0.28 per share compared to $3.8 million or $0.26 per share last year. This reflects a clean flow through from top line to bottom line demonstrating that our growth is both sustainable and profitable.

由於我們繼續投資於行銷、銷售活化和零售擴張，銷售一般和行政費用為 950 萬美元。這些投資正在獲得回報。他們正在推動嘗試、加快速度並加強消費者忠誠度。淨收入為 420 萬美元，即每股 0.28 美元，而去年同期為 380 萬美元，即每股 0.26 美元。這體現了從頂線到底線的流暢流動，顯示我們的成長既可持續又有利可圖。

Collon is a perfect example of our ability to lead emerging wellness trends. The global collagen market is projected to exceed $8 billion by 2030 and likely was first in the category to combine probiotics and collagen in our probiotic smoothies with collagen.

Collon 是我們引領新興健康趨勢能力的完美例證。預計到 2030 年，全球膠原蛋白市場規模將超過 80 億美元，並且很可能是同類產品中第一個將益生菌和膠原蛋白結合到我們的益生菌冰沙中的產品。

This innovation taps into our dual consumer priorities of gut health and beauty from within. Our Barry Blast was recently named the 2025 Good Housekeeping Snack Award winner, and the entire line is resonating strongly with consumers. Our marketing is embedding life way into the heart of culture and sparking viral moments.

這項創新滿足了消費者對腸道健康和內在美麗的雙重需求。我們的 Barry Blast 最近被評為 2025 年《好管家》零食獎得主，整個產品線都引起了消費者的強烈共鳴。我們的行銷方式是將生活方式融入文化的核心並引發病毒式傳播。

On TikTok, millions of consumers are discovering Lifeway Keefer through authentic testimonials about how they feel better after drinking it daily. National Keefer Day made its debut this June with official proclamations from Illinois, Wisconsin, and other states. Celebrations coast to coast, and a stunning probiotic powered drone show lighting up Chicago's skyline.

在 TikTok 上，數百萬消費者透過真實的用戶評論發現了 Lifeway Keefer，他們講述了每天飲用後感覺更好的感受。今年 6 月，伊利諾伊州、威斯康辛州和其他州正式宣佈設立國家 Keefer 日。慶祝活動從東海岸蔓延到西海岸，令人驚嘆的益生菌無人機表演照亮了芝加哥的天際線。

At the Chicago Loop 110 NASCAR race, our bold Lily branding took center stage on Josh Becky's car, tapping into one of the fastest growing fan demographics. Women 16 to 24 and under 35 audiences and connecting athletic performance with gut health in front of millions of viewers. This is how we make Lifeway not just a brand in the dairy aisle, but a lifestyle icon in the public consciousness.

在芝加哥環路 110 納斯卡賽道上，我們醒目的 Lily 品牌標誌成為 Josh Becky 賽車的焦點，吸引了成長最快的車迷群體之一。16 至 24 歲和 35 歲以下的女性觀眾，並在數百萬觀眾面前將運動表現與腸道健康聯繫起來。正是透過這種方式，我們使得 Lifeway 不再只是乳製品市場的品牌，而成為公眾意識中的生活方式標誌。

Our distribution expansion continues across channels. Target is adding over 1,100 new 32 ounce keeper replacements. Publix is launching new 8 ounce items, and Whole Foods, BJ's, Costco, Amazon Fresh, Ingalls, and Kroger divisions are expanding their Lifeway sets. Farmer Cheese is gaining distribution in the HEB, IV, Albertson's, and Lowe's food. We recently began shipping 8 ounce kier 12 packs to over 60 Costco locations in San Diego, a key step towards national club expansion.

我們的分銷擴張仍在透過各種管道進行。Target 正在增加超過 1,100 個新的 32 盎司替換瓶。Publix 正在推出新的 8 盎司商品，而 Whole Foods、BJ's、Costco、Amazon Fresh、Ingalls 和 Kroger 部門正在擴大其 Lifeway 系列產品。Farmer Cheese 正在 HEB、IV、Albertson's 和 Lowe's 食品中逐漸普及。我們最近開始向聖地牙哥的 60 多家 Costco 門市運送 8 盎司（12 包）的啤酒，這是向全國俱樂部擴張邁出的關鍵一步。

Capital spending was $4.5 million in the first half of 2025 as we expanded capacity and upgraded facilities. Our state of the art Waukesha plant is already enhancing efficiencies, and once all planned investments are complete, we expect to nearly double production capacity and more than triple bottling speed.

由於我們擴大了產能並升級了設施，2025 年上半年的資本支出為 450 萬美元。我們最先進的沃基肖工廠已經提高了效率，一旦所有計劃的投資完成，我們預計生產能力將提高近一倍，裝瓶速度將提高三倍以上。

Our growth strategy is working. We are reiterating our target to achieve between $45 million and $50 million in adjusted EBITDA by fiscal year 2027. And our early Q3 results show continued acceleration. Our unauuddied estimate, Q3 2025 net sales through 8/11, has already surpassed $26.4 million over a 20% increase from the same time last year.

我們的成長策略正在發揮作用。我們重申我們的目標，即在 2027 財政年度實現調整後 EBITDA 達到 4500 萬至 5000 萬美元。我們的第三季早期業績顯示其持續加速發展。我們的未經審計的估計，截至 8 月 11 日的 2025 年第三季淨銷售額已經超過 2,640 萬美元，比去年同期成長 20%。

In July we delivered our highest week of gross sales in the company history. $5.5 million up 66% year over year. Lifeway is operating from a position of strength, leading the category, expanding our platform, building cultural relevance, and scaling profitability. We see significant runway ahead as more consumers embrace gut health, functional nutrition, and the benefits of probiotics. This was another defining quarter for our business and our momentum is only building.

7 月份，我們實現了公司歷史上最高的單週總銷售額：550 萬美元，年增 66%。Lifeway 憑藉雄厚的實力開展運營，引領產業發展，拓展平台，建構文化關聯性，並擴大獲利能力。隨著越來越多的消費者關注腸道健康、功能性營養和益生菌的益處，我們看到了巨大的發展空間。這是我們業務的另一個決定性季度，我們的發展勢頭正在增強。

We are executing with discipline, innovating with purpose, and expanding our reach to bring life way to more people in more places than ever before. The results speak for themselves. With continued investments behind our key likely branded products alongside the growing consumer embrace of health and wellness, we are well positioned to continue this incredible momentum through the back half of the year and to further pursue our mission to provide best in class, bioavailable probiotic and nutritious foods to our growing base of consumers.

我們嚴格執行，有目的地創新，擴大我們的影響力，為更多地方的更多人帶來前所未有的生活方式。結果不言而喻。隨著我們繼續對主要品牌產品進行投資，以及消費者對健康和保健的日益重視，我們有能力在下半年繼續保持這一令人難以置信的勢頭，並進一步追求我們的使命，為不斷增長的消費者群體提供一流的、生物可利用的益生菌和營養食品。

We look forward to providing another progress update on our third-quarter call in November. Have an amazing day and incredible rest of your summer.

我們期待在 11 月的第三季電話會議上提供另一份進度更新。祝您有美好的一天並度過難忘的夏天。