Mama's Creations Inc (MAMA) 2024 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to MamaMancini's First Quarter Fiscal 2024 Earnings Conference Call. (Operator Instructions) This conference is being recorded today, June 13, 2023, and the earnings press release accompanying this conference call was issued after the market closed today.

女士們、先生們，下午好。謝謝你的支持。歡迎參加 MamaMancini 2024 財年第一季度收益電話會議。 （操作員指示）本次會議於今天（2023 年 6 月 13 日）進行錄製，本次電話會議附帶的收益新聞稿是在今天收市後發布的。

On our call today is MamaMancini's Chairman and CEO, Adam L. Michaels; CFO, Anthony Gruber; and COO, Matt Brown. Before we get started, I will read a disclaimer about forward-looking statements. This conference call may contain, in addition to historical information, forward-looking statements within the meanings of the federal securities laws regarding MamaMancini's. Forward-looking statements include, but are not limited to, statements that express the company's intentions, beliefs, expectations, strategies, predictions or any other statements relating to its future earnings, activities, events or conditions. These statements are based on current expectations, estimates and projections about the company's business base in part on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict.

今天參加我們電話會議的是 MamaMancini 董事長兼首席執行官 Adam L. Michaels；首席財務官安東尼·格魯伯；和首席運營官馬特·布朗。在我們開始之前，我將閱讀有關前瞻性陳述的免責聲明。除歷史信息外，本次電話會議還可能包含聯邦證券法含義內有關 MamaMancini 的前瞻性陳述。前瞻性陳述包括但不限於表達公司意圖、信念、期望、戰略、預測的陳述或與其未來收益、活動、事件或條件有關的任何其他陳述。這些陳述基於當前對公司業務基礎的預期、估計和預測，部分基於管理層的假設。這些陳述不是對未來業績的保證，並且涉及難以預測的風險、不確定性和假設。

Therefore, actual outcomes and results may or are likely to differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors discussed from time to time in this report and in other documents which the company files with the U.S. Securities and Exchange Commission. In addition, such statements could be affected by risks and uncertainties related to factors beyond the company's control. Matters that may cause actual results to differ materially from those in the forward-looking statements include, among other factors, the loss of key management personnel, availability of capital and any major litigation regarding the company.

因此，由於本報告以及公司向美國證券交易委員會提交的其他文件中不時討論的眾多因素，實際結果和結果可能或可能與前瞻性陳述中表達或預測的內容存在重大差異。外匯委員會。此外，此類陳述可能會受到與公司無法控制的因素相關的風險和不確定性的影響。可能導致實際結果與前瞻性陳述中的結果存在重大差異的因素包括關鍵管理人員的流失、資本的可用性以及與公司有關的任何重大訴訟等。

In addition, throughout today's call, the company may refer to adjusted EBITDA, a non-GAAP financial measure, which it believes better reflects the performance of the business on its ongoing basis. A reconciliation of adjusted EBITDA to its most directly comparable GAAP financial measure is included in today's earnings release, which is available on the MamaMancini's website under the Investor tab. And finally, this conference call contains time-sensitive information that reflects management's best analysis only as of the date and time of this conference call. The company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events information or circumstances that arise after the date of this conference.

此外，在今天的電話會議中，該公司可能會提到調整後的 EBITDA，這是一種非 GAAP 財務指標，它認為這更好地反映了公司持續的業績。今天的收益報告中包含了調整後 EBITDA 與其最直接可比的 GAAP 財務指標的對賬，該報告可在 MamaMancini 網站的“投資者”選項卡下查看。最後，本次電話會議包含時間敏感信息，僅反映截至本次電話會議日期和時間管理層的最佳分析。公司不承擔公開更新或修改任何前瞻性陳述以反映本次會議日期之後發生的未來事件信息或情況的義務。

At this time, I'd like to turn the call over to Chairman and CEO, Adam L. Michaels. Adam, the floor is yours.

現在，我想將電話轉給董事長兼首席執行官 Adam L. Michaels。亞當，地板是你的。

Thank you, operator, and thank you to everyone for joining us today. I'd like to welcome you to our first quarter fiscal 2024 financial results conference call. The first quarter of fiscal '24 was highlighted by our continued sequential improvement in normalized profitability with our net income totaling $1.4 million in the quarter or 6.1% of revenue, in line with our expectations. Having started this journey with my teammates 9 short months ago, I am proud of our sequential growth from turnaround losses to growing our normalized net profit margin sequentially, with our first quarter at 4.2%, then 5.7%, excluding the onetime tax benefit and now 6.1%. 3 quarters that we are proud of with further headroom to continue to grow our future profitability.

謝謝運營商，也感謝大家今天加入我們。歡迎您參加我們的 2024 財年第一季度財務業績電話會議。 24 財年第一季度的亮點是我們正常化盈利能力持續連續改善，本季度淨利潤總計 140 萬美元，佔收入的 6.1%，符合我們的預期。短短 9 個月前，我與我的隊友們開始了這一旅程，我對我們從周轉虧損到正常化淨利潤率的連續增長感到自豪，第一季度為 4.2%，然後是 5.7%（不包括一次性稅收優惠），現在是6.1%。我們感到自豪的三個季度有進一步的空間繼續提高我們未來的盈利能力。

We continue to execute on our goal of accelerating and expanding our existing family of brands. This was most recently seen with positive reviews from retailers and consumers with the launch of Mama's Creations, a platform brand for international cuisine at IDD BA 2023 last week. To complement our existing items, we are strategically leveraging incremental consumer-driven innovation, such as our in-a-Cup portfolio to enter new occasions, cohorts and channels.

我們繼續執行加速和擴大現有品牌系列的目標。最近，隨著上週在 IDD BA 2023 上推出國際美食平台品牌 Mama's Creations，零售商和消費者給予了積極評價。為了補充我們現有的產品，我們正在戰略性地利用增量消費者驅動的創新，例如我們的杯內產品組合，以進入新的場合、群體和渠道。

In parallel to our organic growth, we continue to consider accretive potential acquisitions to further fill out gaps in our portfolio as needed. Our vision is to become a one-stop shop for deli prepared foods for grocery, mass, club and now the convenience channels, addressing the $40 billion-plus foodservice and prepared foods market with our grocer partners. Facing continued macroeconomic headwinds, consumers are eating out less and transitioning to grocery store prepared foods. Despite economic challenges we saw at IDD BA, the demand remains high for clean ingredient meals that are high quality, affordable and quick to prepare as part of a modern on-the-go lifestyle.

在我們的有機增長的同時，我們繼續考慮增值的潛在收購，以根據需要進一步填補我們投資組合的空白。我們的願景是成為雜貨店、大眾店、俱樂部以及現在的便利渠道的熟食預製食品一站式商店，與我們的雜貨商合作夥伴一起應對價值超過 400 億美元的餐飲服務和預製食品市場。面對持續的宏觀經濟逆風，消費者減少外出就餐，轉而購買雜貨店的預製食品。儘管我們在 IDD BA 上看到了經濟挑戰，但作為現代忙碌生活方式的一部分，對高質量、實惠且快速準備的清潔食材膳食的需求仍然很高。

Consumers are not looking for the cheapest product, but rather they are seeking the most value, which is made up of the attributes just mentioned above. On the other side of the counter, retailers today continue to face significant supply chain and labor challenges, which are still running at record highs and are seeking labor-efficient, reliable solutions for their hot bar, deli and grab-and-go offerings.

消費者並不是在尋找最便宜的產品，而是在尋求最大的價值，而價值是由上面提到的屬性組成的。另一方面，當今的零售商繼續面臨重大的供應鍊和勞動力挑戰，這些挑戰仍創歷史新高，並且正在為其熱吧、熟食店和即買即走產品尋求勞動力高效、可靠的解決方案。

As we move through 2023 and beyond, today's recessionary pressures will continue to focus our consumers and retailers on high-quality, easy-to-prepare and affordable meal solutions, all of which MamaMancini delivers on, realizing our goal of shaping MamaMancini's into a one-stop shop for deli prepared food solutions has required a step change in our corporate structure in many ways. Throughout the first quarter, we remained laser-focused on the continuous foundational improvement of our 3C strategy, cost, controls and culture.

隨著我們邁入 2023 年及以後，當今的經濟衰退壓力將繼續讓我們的消費者和零售商關注高質量、易於準備且價格實惠的膳食解決方案，而 MamaMancini 提供了所有這些解決方案，實現了我們將 MamaMancini's 打造成一個一體化的目標- 熟食店預製食品解決方案的一站式商店要求我們在許多方面對公司結構進行重大改變。在整個第一季度，我們始終專注於 3C 戰略、成本、控制和文化的持續基礎改進。

As is plainly visible in our margin profile, our new approach to cost management has driven noticeable savings across the organization with further improvements enabling gross margins to potentially grow into the 30% range over the longer term. Matt will speak later about the successful commissioning of our new spiral oven, which will drive further efficiencies in our operations, and our work to further integrate our 3 business units is delivering dividends as we are now able to load share some of our products across 2 facilities, driving additional operational efficiencies.

從我們的利潤概況中可以清楚地看出，我們的新成本管理方法在整個組織內帶來了顯著的節省，進一步的改進使毛利率有可能在長期內增長到 30% 的範圍。馬特稍後將談到我們新螺旋烤箱的成功調試，這將進一步提高我們的運營效率，而我們進一步整合 3 個業務部門的工作正在帶來紅利，因為我們現在能夠在 2 個業務部門之間負載共享我們的一些產品。設施，提高運營效率。

On the controls front, I'm proud to say that we officially brought our Olive Branch business into our NetSuite ERP system in the first quarter. Steve Burns, our Executive Vice President, has been successfully leading this work, and I look forward to bringing our Creative Salads division into ERP system later this year. Having all our financial, operational and sales analytics at the touch of a button is truly transformational, something we saw after integrating NetSuite at MamaMancini's and that we're seeing play out now at all of our branch. As I've said before, what gets measured gets improved. We've proven it together over the past 3 quarters and these analytical capabilities that we are building in-house will continue to deliver for us.

在控制方面，我很自豪地說，我們在第一季度正式將 Olive Branch 業務納入 NetSuite ERP 系統。我們的執行副總裁 Steve Burns 成功領導了這項工作，我期待著今年晚些時候將我們的創意沙拉部門納入 ERP 系統。只需按一下按鈕即可實現我們所有的財務、運營和銷售分析，這是真正的變革，這是我們在 MamaMancini's 集成 NetSuite 後看到的，並且現在我們所有的分行都看到了這一點。正如我之前所說，衡量的內容會得到改進。我們在過去的三個季度中共同證明了這一點，我們正在內部構建的這些分析能力將繼續為我們提供服務。

Our company culture is now aligned, incentivizing profitable growth at all levels of the organization, while understanding that our people are at the core of what we do. Ultimately, hiring, promoting and retaining talent is paramount to our long-term success. We are seeing the pride our employees have in our brand, our products and the consumer-focused culture we have imbued in our facilities every day.

我們的公司文化現已協調一致，激勵組織各個層面的盈利增長，同時了解我們的員工是我們工作的核心。最終，僱用、晉升和留住人才對於我們的長期成功至關重要。我們看到員工對我們的品牌、產品以及我們每天在工廠中灌輸的以消費者為中心的文化感到自豪。

Just last month, we had one of our consumer focus groups in our new consumer immersion lab for the first time. This is an extra large conference room we have in our East Rutherford facility that truly immerses you into our family of brands. The walls look like you're in Mama's Kitchen. The last set of focus groups refined our thinking on our new cups offering gave us added confidence in our new China Masala vegetarian product and provided a first set of feedback on a reformulated quality breaded chicken, I promise Mama would be proud.

就在上個月，我們首次在新的消費者沉浸式實驗室中設立了一個消費者焦點小組。這是我們在東盧瑟福工廠擁有的一間超大會議室，可讓您真正沉浸在我們的品牌家族中。牆壁看起來就像你在媽媽的廚房裡。最後一組焦點小組完善了我們對新杯子產品的想法，讓我們對新的中國馬沙拉素食產品更有信心，並提供了關於重新配製的優質麵包雞的第一組反饋，我保證媽媽會感到自豪。

We've held company Town Halls customer meetings. And for the first time last month, as I mentioned, our consumer focus groups. Culture is owned by each of our employees, and we now have a home for that Grama feeling. We will continue to invest in our people to further grow capabilities and our new highly capable Chief Marketing Officer, Lauren Sella, who I had the pleasure of working with previously at Mondelez is just the latest example of how we plan to strengthen our organization. I'm incredibly proud of the rapid progress we have made to strengthen our finance and operations organizations. With the confidence I now have in these 2 functions, we have a solid foundation from which to grow.

我們舉行了公司市政廳客戶會議。正如我提到的，上個月我們第一次建立了消費者焦點小組。文化是我們每個員工所擁有的，現在我們有了格拉瑪感覺的家。我們將繼續投資於我們的員工，以進一步增強我們的能力，我們新任的能力很強的首席營銷官勞倫·塞拉（Lauren Sella）是我們計劃如何加強我們的組織的最新例子，我之前在億滋曾有幸與她共事。我對我們在加強財務和運營組織方面取得的快速進展感到無比自豪。我現在對這兩個職能充滿信心，我們擁有堅實的發展基礎。

We can now focus on the necessary build-out of our understaffed sales organization. In the 2 short months since we have spoken last, we have delivered on our commitment to bring in world-class marketing talent with Lauren's hiring, and we are equally excited about the hiring of additional sales capabilities, particularly with the recent hire of our new West Coast sales lead. We will continue to recruit best-in-class talent to grow our feet on the street to take our sales reach to the next level, leveraging our passionate (inaudible) and fresh, clean products to more aggressively sell into both new and existing customers.

我們現在可以專注於對人手不足的銷售組織進行必要的建設。自從我們上次講話以來的短短兩個月裡，我們已經兌現了通過僱用勞倫來引進世界一流的營銷人才的承諾，我們同樣對僱用額外的銷售人員感到興奮，特別是最近僱用了我們的新員工西海岸銷售領先。我們將繼續招募一流的人才來拓展我們的市場，將我們的銷售範圍提升到一個新的水平，利用我們充滿激情（聽不清）和新鮮、乾淨的產品，更積極地向新客戶和現有客戶銷售產品。

The expected launch of our new supercharged sales organization in the second half corresponds well with the recent launch of Mama's Creations, our new, highly incremental platform brand, which will serve to broaden our product offerings and enable entry into the branded prepared food space for international cuisine. These products represent entirely incremental dining occasions and will be a cornerstone of our ability to drive more SKUs into each of our grocery store customers. We launched this brand in significant fan fair last week at our booth at the International Dairy Deli Bakery Association also known as IDDBA 2023 Annual Show. It is the premier trade show in our industry, attracting over 10,000 attendees each year.

我們預計在下半年推出的新的增壓銷售組織與最近推出的 Mama's Creations 相呼應，Mama's Creations 是我們新的、高度增量的平台品牌，這將有助於擴大我們的產品範圍，並幫助國際品牌進入預製食品品牌領域。美食。這些產品代表了完全增量的用餐場合，並將成為我們向每個雜貨店客戶推出更多 SKU 的能力的基石。上週，我們在國際乳製品熟食麵包店協會（也稱為 IDDBA 2023 年度展）的展位上在重要的粉絲博覽會上推出了這個品牌。這是我們行業首屈一指的貿易展，每年吸引超過 10,000 名與會者。

In addition to our fan favorites of beef meat balls and sausage and peppers, we introduced our new Mama's creations items, including General Salad Chicken, China Masala and our Nashville Hopkins, my personal favorite. Mama's Creations was well received, driving productive discussions with both new and existing grocery store customers interested in our expanded offering. In addition, to capture incremental on-the-go snacking occasions with a differentiated consumer base, we pleasantly surprised retailers with the launch of several new in-a-Cup products at IDDBA, to expand upon the initial success of our meat balls and a product line and convenience store trials.

除了我們粉絲最喜歡的牛肉丸、香腸和辣椒之外，我們還推出了媽媽的新創意食品，包括雞肉沙拉、中國馬薩拉和我個人最喜歡的納什維爾霍普金斯。 Mama's Creations 深受好評，與對我們擴展產品感興趣的新老雜貨店客戶進行了富有成效的討論。此外，為了抓住差異化消費者群體不斷增加的隨身零食場合，我們在 IDDBA 上推出了幾款新的杯裝產品，給零售商帶來了驚喜，以擴大我們的肉丸和產品線和便利店試驗。

These include creations such as Sausage Peppers, Chicken cachetori, turkey meatballs and beef and rice varieties. Our ability to increase the product's shelf life from 5 days to 21 days was a significant driver of customer interest in IDDBA, addressing a key element of early retailer feedback during initial trials. Beyond ensuring quality and safety, this allows us to decrease replenishment time and reduce excess inventory and waste, all of which are critical KPIs for our retailer customers.

其中包括香腸辣椒、雞肉、火雞肉丸以及牛肉和米飯等創意產品。我們將產品的保質期從 5 天延長至 21 天的能力是客戶對 IDDBA 感興趣的重要推動力，解決了初始試驗期間零售商早期反饋的一個關鍵要素。除了確保質量和安全之外，這還使我們能夠減少補貨時間並減少過量庫存和浪費，所有這些都是我們零售商客戶的關鍵 KPI。

A great example of us already realizing our vision to become the one-stop shop deli solution provider was the massive execution of our strategy with a major club retailer in the first quarter. We have a great long-standing relationship with this retailer, having had our products in their stores nationwide for more than 4 years. After we shared our one-stop shop vision with them and shared our new post acquisition capabilities, they challenged us to put our facilities to the test. Since last summer, we worked collaboratively with this retailer to launch 9 additional products for a total of 10 SKUs. Early results have not disappointed. From our Tex-Mex tacos to our Japanese teriyaki chicken or our Cilantro shrimp, we are proving that a one-stop shop deli solution is not merely a strategy or a slogan, but it is now a reality.

我們已經實現成為一站式熟食解決方案提供商的願景的一個很好的例子是第一季度與一家大型俱樂部零售商大規模執行我們的戰略。我們與這家零售商有著良好的長期合作關係，我們的產品在全國范圍內的商店中銷售已有 4 年多了。在我們與他們分享了我們的一站式服務願景並分享了我們新的收購後能力後，他們要求我們對我們的設施進行測試。自去年夏天以來，我們與這家零售商合作推出了 9 款額外產品，總計 10 個 SKU。早期的結果並沒有讓人失望。從我們的德克薩斯墨西哥玉米捲到日本照燒雞或香菜蝦，我們正在證明一站式熟食店解決方案不僅僅是一種策略或口號，而且現在已成為現實。

And to conclude, to better reflect our transition into a national deli solution platform company, we will pursue a corporate name change to Mama's Creations at our next annual meeting this summer, along with a ticker change to Mama, which we have currently reserved with NASDAQ. To be clear, the consumer-facing brand, MamaMancini's will remain unchanged, anchoring our authentic Italian heritage products. We believe this name and pure change better reflects our identity as a national one-stop shop deli platform company.

最後，為了更好地反映我們向全國熟食解決方案平台公司的轉型，我們將在今年夏天的下一次年會上將公司名稱更改為 Mama's Creations，同時將股票代碼更改為 Mama，目前我們已在納斯達克保留了該名稱。 。需要明確的是，面向消費者的品牌 MamaMancini's 將保持不變，以我們正宗的意大利傳統產品為基礎。我們相信這個名稱和純粹的變化更好地體現了我們作為全國性一站式熟食平台公司的身份。

In summary, I firmly believe that we are well positioned to leverage the impending build-out of our sales team and the introduction of several highly incremental products to take market share, grow our SKUs per customer and ultimately become a premier one-stop shop deli solutions provider. As we improve our internal processes firm-wide to become brilliant at the basics, we are building a more resilient and flexible organization that I believe can deliver sustainable value to my fellow shareholders for years to come. I look forward to continuing to update you on our achievements as we seek to further unlock Mama's unrealized potential.

總而言之，我堅信我們處於有利位置，可以利用即將擴大的銷售團隊和推出多種高度增量產品來佔據市場份額，增加每個客戶的 SKU，並最終成為一流的一站式熟食店解決方案提供商。隨著我們改進整個公司的內部流程，在基礎上變得出色，我們正在建立一個更具彈性和靈活性的組織，我相信它可以在未來幾年為我的股東們帶來可持續的價值。我期待著繼續向您通報我們取得的成就，因為我們尋求進一步釋放媽媽未實現的潛力。

With that, I'd now like to turn the call over to Anthony Gruber, our Chief Financial Officer, to walk through some of the key financial details from the first quarter of fiscal 2024. Anthony?

現在，我想將電話轉給我們的首席財務官安東尼·格魯伯 (Anthony Gruber)，讓他詳細介紹 2024 財年第一季度的一些關鍵財務細節。安東尼？

Thank you, Adam. Revenue for the first quarter of fiscal 2024 increased 5.9% to $23.1 million as compared to $21.8 million in the same year ago quarter. The increase was largely attributable to the strong organic growth driven by successful cross-selling efforts. Gross profit increased 65% to $6.4 million or 27.6% of total revenues in the first quarter of fiscal 2024 as compared to $3.9 million or 17.7% of total revenues in the same year-ago quarter. The increase in gross margin was primarily attributable to the normalization of commodity costs, successful pricing actions and improvements in creating efficiencies across the organization.

謝謝你，亞當。 2024 財年第一季度的收入增長 5.9%，達到 2310 萬美元，而去年同期為 2180 萬美元。這一增長主要歸功於成功的交叉銷售努力推動的強勁有機增長。 2024 財年第一季度的毛利潤增長了 65%，達到 640 萬美元，佔總收入的 27.6%，而去年同期為 390 萬美元，佔總收入的 17.7%。毛利率的增長主要歸功於商品成本的正常化、成功的定價行動以及整個組織效率的提高。

The company continues to identify procurement and logistics efficiencies and cost savings through stronger buying power created through the acquisitions of P&L and Olive Branch. Operating expenses totaled $4.4 million in the first quarter of fiscal 2024 as compared to $3.6 million in the same year ago quarter. As a percentage of sales, operating expenses increased in the first quarter of fiscal 2024 to 19.2% from 16.5%. Operating expenses as a percentage of sales increased due to the addition of several new key hires throughout the organization who have brought differentiated and much needed capabilities that we were missing. These teammates have already driven significant ROI and their effects will only become more impactful in time.

該公司通過收購 P&L 和 Olive Branch 增強購買力，繼續提高采購和物流效率並節省成本。 2024 財年第一季度的運營支出總計 440 萬美元，而去年同期為 360 萬美元。 2024 財年第一季度，運營費用佔銷售額的百分比從 16.5% 增加至 19.2%。由於整個組織增加了幾位新的關鍵員工，他們帶來了我們所缺少的差異化和急需的能力，因此運營費用佔銷售額的百分比有所增加。這些團隊成員已經帶來了顯著的投資回報率，並且隨著時間的推移，他們的影響只會變得更加有影響力。

Net income for the fiscal quarter of fiscal 2024 was $1.4 million or $0.04 per diluted share as compared to $0.1 million or 0 per diluted share in the same year ago quarter. This quarter's net income totaled 6.1% of revenue, in line with our expectations in the mid-single-digit range. Adjusted EBITDA, a non-GAAP term, increased to $2.5 million for the first quarter of fiscal 2024 as compared to an adjusted EBITDA of $0.7 million in the same year ago quarter.

2024 財年季度的淨利潤為 140 萬美元，即稀釋後每股收益 0.04 美元，而去年同期為 10 萬美元，即稀釋後每股收益 0。本季度淨利潤佔營收的 6.1%，符合我們中個位數的預期。 2024 財年第一季度調整後 EBITDA（非 GAAP 術語）增至 250 萬美元，而去年同期調整後 EBITDA 為 70 萬美元。

Cash and cash equivalents as of April 30, 2023, were $5.3 million as compared to $4.4 million as of January 31, 2023. The increase in cash and cash equivalents was driven by $1.6 million in cash flow from operations in the first fiscal quarter of fiscal 2024. $0.5 million of which was used to pay down the company's long-term debt, which now stands at just $8.8 million. Looking ahead, we believe that our normalized gross margin profile remain in the upper 20% range in the near term. Longer term, with the recent appointment of our new Chief Procurement Officer, Logistics Director, and the continuous optimization of our operations, we could return to a gross margin profile north of 30%.

截至 2023 年 4 月 30 日，現金和現金等價物為 530 萬美元，而截至 2023 年 1 月 31 日為 440 萬美元。現金和現金等價物的增加是由本財年第一財季運營現金流 160 萬美元推動的。 2024 年。其中 50 萬美元用於償還公司的長期債務，目前僅為 880 萬美元。展望未來，我們相信短期內我們的標準化毛利率仍將保持在 20% 以上的範圍內。從長遠來看，隨著我們最近任命了新的首席採購官、物流總監，以及我們運營的不斷優化，我們的毛利率可能會恢復到 30% 以上。

Turning to net income. While we are currently spending mid-single-digit net income margins, we believe that over the long term, this could be improved to approximately 10% with adjusted EBITDA margins in the teens percentage range. This completes my prepared comments. I'd now like to turn over the call to Matt Brown, our President and Chief Operating Officer for an operations update. Matt?

轉向淨利潤。雖然我們目前的淨利潤率為中個位數，但我們相信，從長遠來看，這一數字可能會提高至 10% 左右，調整後的 EBITDA 利潤率將在十幾%範圍內。我準備好的評論就這樣完成了。我現在想將電話轉給我們的總裁兼首席運營官馬特·布朗 (Matt Brown)，了解最新運營情況。馬特？

Thanks, Anthony. Our operational performance in the first fiscal quarter was greatly improved by implementing expanded systems and controls. One in particular that drove immediate value was real-time bill of material costing. Instead of using static cost models, which involve fixed costs of raw materials, packaging, supply and labor at a particular time we can now dynamically track the cost of goods produced. This shift facilitated by integrating our ERP system with daily material and labor consumption data on a SKU-by-SKU basis has enabled us to accurately assess the profitability of each product in real time, allowing us to take action more quickly.

謝謝，安東尼。通過實施擴展的系統和控制，我們在第一財季的運營績效得到了極大改善。尤其能帶來直接價值的一個因素是實時物料成本清單。我們現在可以動態跟踪生產的商品成本，而不是使用涉及特定時間的原材料、包裝、供應和勞動力的固定成本的靜態成本模型。通過將我們的 ERP 系統與逐個 SKU 的日常材料和勞動力消耗數據集成，促進了這一轉變，使我們能夠實時準確地評估每種產品的盈利能力，從而使我們能夠更快地採取行動。

Such valuable insights were instrumental early in the first fiscal quarter when we identify that while our meals for 1 product line was largely profitable, certain SKUs were less so by closely monitoring the production of these items and assessing the data we were able to successfully increase prices while finding new operational efficiencies on these specific SKUs successfully.

這些寶貴的見解在第一財季初期發揮了重要作用，當時我們發現，雖然我們的 1 個產品線的餐食基本上實現了盈利，但某些 SKU 的盈利情況較差，通過密切監控這些產品的生產並評估我們能夠成功提高價格的數據同時成功地在這些特定的 SKU 上找到新的運營效率。

Turning to CapEx projects. You may recall the planned acquisition of the Spire 11 for our East Rutherford facility. I am pleased to report that the installation was completed last month, and the oven is now operational with impressive performance and throughput. We are also in discussions about future CapEx projects at both our Farmingdale and East Rutherford facilities, which will help meet growing demand and enhance efficiency and labor utilization.

轉向資本支出項目。您可能還記得計劃為我們的東盧瑟福工廠購買 Spire 11。我很高興地報告，安裝已於上個月完成，烤箱現已投入運行，性能和吞吐量令人印象深刻。我們還在討論法明代爾和東盧瑟福工廠未來的資本支出項目，這將有助於滿足不斷增長的需求並提高效率和勞動力利用率。

As a reminder, all these CapEx projects have already been budgeted for and baked into our annual plan approved by our board back in January. Our investment in people continue to deliver outsized results. In Q1, our focus on freight continued to pay dividends. Freight improved 250 basis points in Q1 versus prior year and an additional 70 basis points over our already impressive Q4 results. In addition, with greater focus and vigilance in commodities, our beef and chicken prices declined versus prior year and increased versus Q4 at a noticeably slower rate than we forecasted. All these tailwinds continue to benefit our gross margin and highlight what Adam stated earlier, what gets measured gets improved.

提醒一下，所有這些資本支出項目都已列入預算並納入我們董事會在一月份批准的年度計劃中。我們對人才的投資繼續帶來巨大的成果。第一季度，我們對貨運的關注繼續帶來紅利。第一季度貨運量比去年同期提高了 250 個基點，比我們已經令人印象深刻的第四季度業績又增加了 70 個基點。此外，隨著對大宗商品更加關注和警惕，我們的牛肉和雞肉價格與去年相比有所下降，與第四季度相比有所上漲，但增速明顯慢於我們的預測。所有這些有利因素繼續有利於我們的毛利率，並強調了亞當之前所說的，衡量的東西會得到改善。

On the R&D front, we are diligently striving to become a one-stop shop deli solution provider. Farmingdale devoted a significant portion of Q1 to developing our retail panini line, including a variety of options like Cobana, Chicken Bacon Ranch, Chicken pesto, Greek style and Nashville Hot. Meanwhile, our East Rutherford location is exploring international cuisine with our R&D chef working on an Asian and Indian product line under the Mama's Creations banner. We showed many of these items last week at IDDBA and have shared samples during our most recent customer meetings.

在研發方面，我們努力成為一站式熟食解決方案提供商。 Farmingdale 在第一季度投入了大量時間來開發我們的零售帕尼尼系列，包括 Cobana、Chicken Bacon Ranch、Chicken pesto、Greek style 和 Nashville Hot 等多種選擇。與此同時，我們的東盧瑟福分店正在探索國際美食，我們的研發廚師正在 Mama's Creations 的旗幟下開發亞洲和印度產品線。我們上週在 IDDBA 上展示了其中許多產品，並在最近的客戶會議上分享了樣品。

Furthermore, we're instinct and cross-training employees at both facilities, providing increased flexibility and potential for supplementing production should we require additional capacity. For example, as our grilled chicken products grow in popularity, both facilities will be equipped to manage production runs of several products to load share, helping to control labor costs while meeting customer demand.

此外，我們本能地對兩個工廠的員工進行交叉培訓，在我們需要額外產能時提供更大的靈活性和補充生產的潛力。例如，隨著我們的烤雞產品越來越受歡迎，這兩個設施將配備管理多種產品的生產運行以實現負載共享，有助於控制勞動力成本，同時滿足客戶需求。

In conclusion, we are well positioned operationally and are building a solid foundation to support anticipated sales growth. We're doing this by making full use of our existing infrastructure, our dedicated employee base, and strategic CapEx investments. Now before we begin our question-and-answer session, I'll turn the call back over to Adam Michaels for some closing remarks. Adam?

總之，我們在運營方面處於有利地位，並正在為支持預期的銷售增長奠定堅實的基礎。我們通過充分利用現有基礎設施、敬業的員工基礎和戰略資本支出來實現這一目標。現在，在我們開始問答環節之前，我將把電話轉回給 Adam Michaels，讓他做一些結束語。亞當？

Thank you, Matt. Our ambition is to fortify and expand upon the robust groundwork and strategy presented today, positioning us to continue to drive profitable growth and reinvest that rocket fuel into the business, to accelerate our people capabilities, our CapEx efficiency and our marketing and trade. To summarize, this will be achieved by launching highly incremental products to increase the SKUs per customer introducing our products to new customers via the expansion of our sales team and further enhancing our margins through continuous operating improvements at every level of the organization. We believe that this approach will not only position MamaMancini's as a one-stop shop national deli solutions provider, but drive sustainable shareholder value creation over the long term. .

謝謝你，馬特。我們的目標是鞏固和擴展今天提出的堅實基礎和戰略，使我們能夠繼續推動盈利增長，並將火箭燃料重新投資到業務中，以加快我們的人員能力、資本支出效率以及營銷和貿易。總而言之，這將通過推出高度增量的產品來增加每個客戶的 SKU，通過擴大我們的銷售團隊向新客戶介紹我們的產品，並通過組織各個層面的持續運營改進進一步提高我們的利潤來實現。我們相信，這種方法不僅將使 MamaMancini's 成為一站式全國熟食解決方案提供商，而且能夠長期推動可持續的股東價值創造。 。

With that, I'll turn it over to the operator to begin our question-and-answer session. Operator?

這樣，我會將其交給操作員以開始我們的問答環節。操作員？

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Ryan Meyers with Lake Street.

我們的第一個問題來自瑞安·邁耶斯 (Ryan Meyers) 與湖街 (Lake Street) 的對話。

Congrats again on another awesome quarter. Just wondering if you could start off talking a little bit about how you guys are thinking about growth in the second half of the year? And then maybe kind of your level of visibility there as we bring on a larger sales force?

再次祝賀又一個精彩的季度。只是想知道你們是否可以先談談你們對下半年增長的看法？然後，當我們組建更大的銷售隊伍時，您在那裡的知名度可能會提高嗎？

Yes. Thanks, Ryan, and great team effort, so thank you for that. Yes. I think there are a couple of things that we're focused on, and hopefully, you heard some of it today. So the first one, you spoke about right upfront, which is building the team, right? So actually ahead of plan with bringing Lauren Sella in as our Chief Marketing Officer. She's already hit the ground running. I mentioned that we just hired a West Coast sales lead. So the first 1 is have the right capabilities, and we're probably ahead of plan on that. There's still some to do, and we'll do that throughout this quarter, but the first part of that is building the people. .

是的。謝謝瑞安，感謝團隊的努力，非常感謝。是的。我認為我們重點關注幾件事，希望您今天聽到了其中一些內容。所以第一個，你之前就談到了，那就是建設團隊，對嗎？因此，實際上提前了計劃，聘請勞倫·塞拉 (Lauren Sella) 擔任我們的首席營銷官。她已經開始行動了。我提到我們剛剛聘請了一位西海岸銷售主管。所以第一個是擁有正確的能力，我們可能在這方面提前了計劃。還有一些工作要做，我們將在整個季度這樣做，但第一部分是培養人員。 。

The second one is having the products, right? And what we saw at IDDBA is we absolutely have the right products. The base products, the traditional meat balls and chicken that we do no one wanted to miss. Poor Matt is tired. His arm is still hurting him from all the samples he was giving out, but also the new in-a-Cup products, the new chicken strip pouches, it actually beat our expectations when it came to that's what the consumers were looking for, right? Everyone's on the go, everyone's snacking, everyone's back to that. And having that packaging format has really helped.

第二個是擁有產品，對嗎？我們在 IDDBA 上看到的是我們絕對擁有合適的產品。基礎產品，傳統的肉丸和雞肉，我們沒有人想錯過。可憐的馬特累了。他的手臂仍然因為他分發的所有樣品而受傷，而且還有新的杯裝產品、新的雞肉條袋，當談到消費者正在尋找的東西時，它實際上超出了我們的預期，對吧？每個人都在忙碌，每個人都在吃零食，每個人都回到了原來的狀態。擁有這種包裝格式確實很有幫助。

Of course, it also helps that we expanded the international variety of our offerings as well, right? As I don't know, maybe Dan Mancini's could eat 7 days a week, 21 meals, but certainly, we want that variety. So we have the products. And then the third and the last piece is the relationships that we have with these customers. I've mentioned on earlier calls, what's great about the acquisition of T&L was we brought in all these new items. We already have the relationships with the customers. So when we have these meetings, we're not asking for meetings. We meet with them every month, every quarter, so it's very easy, hey, how are the meat balls doing? Hey, how are the pasta dish is doing? And oh, by the way, have you tried the general salads? Have you tried the new Innocap solutions? And they love.

當然，我們也擴大了產品的國際多樣性，這也有幫助，對嗎？我不知道，也許 Dan Mancini 可以每週吃 7 天，吃 21 頓飯，但我們當然想要這種多樣性。所以我們有產品。第三部分也是最後一部分是我們與這些客戶的關係。我在之前的電話會議中提到過，收購 T&L 的好處在於我們引入了所有這些新產品。我們已經與客戶建立了關係。因此，當我們召開這些會議時，我們並不是要求召開會議。我們每個月、每個季度都會和他們見面，所以很容易，嘿，肉丸們怎麼樣了？嘿，意大利面做得怎麼樣？哦，順便問一下，你嚐過一般的沙拉嗎？您嘗試過新的 Innocap 解決方案嗎？他們愛。

it. So I think this third piece around having the meeting is already scheduled already set up, really adds to it. So those 3 pieces, the people, the products, and we have the relationships already makes us feel very good about the back half of the year.

它。所以我認為關於會議的第三部分已經安排好了，確實增加了它。因此，人員、產品和我們的關係這三部分已經讓我們對今年下半年感覺非常好。

Got it. That's great. And then wondering if you could quantify what the average items carried are. I know before it was kind of between 5 and 6 or 5 and 6 items, just kind of curious how that has trended? And then how much of the cross-selling has been just in on all the branch in MamaMancini's customers or vice versa mom with customers buying T&L and all brands, they'd be helpful to kind of see where that number has trended to?

知道了。那太棒了。然後想知道您是否可以量化平均攜帶的物品是多少。我知道之前是 5 到 6 件或 5 到 6 件商品，只是有點好奇現在的趨勢如何？然後，有多少交叉銷售發生在 MamaMancini 客戶的所有分支機構中，反之亦然，媽媽，購買 T&L 和所有品牌的客戶，他們會有助於了解該數字的趨勢？

No, it's great. And again, I feel awesome about it. So it's something that we track. It's something that we get actually bonused against. We actually went up almost 0.5 point. So now we're over 6 items carried. And that's on a weighted average basis, which means, obviously, you're not even seeing the full power as we brought in a lot of new products. Obviously, it has lower revenue since it's the first month. If you actually look at it unweighted, meaning how many actual new items went in, it was actually almost 2 full items that went in per customer. .

不，這太棒了。再一次，我對此感覺很棒。所以這是我們追踪的東西。這是我們實際上獲得獎勵的事情。實際上我們上漲了近 0.5 個百分點。現在我們已經攜帶了超過 6 件物品。這是基於加權平均的基礎上，這意味著，顯然，當我們引入大量新產品時，您甚至看不到全部功能。顯然，自第一個月以來，它的收入較低。如果你實際上不加權地查看它，即有多少實際的新商品進入，實際上每個客戶幾乎有 2 個完整的商品進入。 。

So the metrics that -- again, you guys are going to get tired of hearing me say it, but what gets measured gets improved. The fact that, as a leadership team, we're looking at that on a monthly basis drive a better result. And as I just highlighted, it's actually working. So I really feel good about it getting new items in. And again, these new cups, the new pasta kits that we're doing, the new flavors that we're bringing to the deli is only going to make those numbers bigger. So I feel great with those numbers.

因此，再次強調，你們會厭倦聽我這麼說，但衡量的指標會得到改善。事實上，作為一個領導團隊，我們每月都會關注這一點，以取得更好的結果。正如我剛才強調的，它確實有效。因此，我對引入新產品感到非常高興。再說一次，這些新杯子、我們正在做的新意大利面套件、我們為熟食店帶來的新口味只會讓這些數字變得更大。所以我對這些數字感覺很好。

Got it. And then last question for me. You guys talked -- Matt talked a little bit about sort of the real-time billing and material cost in that you guys are able to implement for the ERP, which has allowed you to kind of dynamically track the prices and then proactively increase those prices. So just kind of curious how we have these price increases been received by the customers?

知道了。然後是我的最後一個問題。你們談到了——馬特談到了你們能夠實施 ERP 的實時計費和材料成本，這使你們能夠動態跟踪價格，然後主動提高這些價格。所以有點好奇我們如何讓客戶接受這些價格上漲？

Yes, it's great. I don't want to say -- you don't see me, but I'm knocking wood. We have gotten almost all. Actually, I can't think of one we haven't gotten our prices in. So if you remember back last year, we were significantly underindexed in our price increases last year versus the overall market. That was about 13%. So we brought all that pricing in. We got it done. We were very passionate as a leadership team to get that all in before January. We did that successfully.

是的這很好。我不想說——你沒有看到我，但我正在敲木頭。我們幾乎都得到了。事實上，我想不出我們還沒有得到價格的。所以，如果你還記得去年，我們去年的價格漲幅與整體市場相比明顯低於指數。那大約是13%。所以我們把所有的定價都考慮進去了。我們完成了。作為一個領導團隊，我們非常熱衷於在一月份之前完成這一切。我們成功地做到了這一點。

I would tell you that there's probably only -- I'm talking actually only 2 customers and they're small customers that are not in line with where this leadership team wants those numbers to be. And there's actually only 2 SKUs out of all of our SKUs that, again, we're not happy with the numbers. We think it should be different. And we're already working on those, getting those in. Actually, I just got some great news earlier this morning.

我想告訴你，可能只有——我說的是實際上只有 2 個客戶，他們都是小客戶，與領導團隊希望的數字不符。實際上，我們所有 SKU 中只有 2 個 SKU，我們再次對這些數字不滿意。我們認為應該有所不同。我們已經在著手解決這些問題，將其納入其中。實際上，今天早上我剛剛得到了一些好消息。

So from a pricing perspective, I think possibly because we weren't priced where we should be in the past, we have not had a problem. And what we're seeing is it's continuing to sell. So relative to what a consumer is seeing on their overall wallet are still significantly under. And then relative to even our competitors, I still think we're under. So I feel good about that. Obviously, we're tracking. I'm sure you're following all the CPI news today. And tomorrow's pending announcements with the Fed. We see that inflation is slowing down for food. That's a good thing. What's actually very interesting, and Anthony Gruber, our CFO, highlighted to me if you guys noticed in CPI, actually, food at home is actually still ticking up significantly more than food in home, which is going to further -- just as a reminder, our whole thesis is that people with these macro headwinds, people don't want to be eating out. People can't be eating out, and it's going to push them more to eating at home, more to these prepared food options. So again, knock wood, I feel really good with our thesis for what our strategy is, is working perfectly right now.

因此，從定價的角度來看，我認為可能是因為我們過去的定價沒有達到應有的水平，所以我們沒有遇到問題。我們看到它正在繼續銷售。因此，相對於消費者在他們的整體錢包上看到的東西來說，仍然大大低於。甚至相對於我們的競爭對手，我仍然認為我們處於劣勢。所以我對此感覺很好。顯然，我們正在追踪。我確信您今天正在關注所有 CPI 新聞。以及明天美聯儲即將發布的公告。我們看到食品通脹正在放緩。這是好事。實際上非常有趣的是，我們的首席財務官安東尼·格魯伯（Anthony Gruber）向我強調，如果你們注意到消費物價指數（CPI），實際上，家裡的食物實際上仍然比家裡的食物上漲得更多，而且還會進一步上漲——只是作為提醒，我們的整個論點是，人們面臨這些宏觀逆風，人們不想出去吃飯。人們不能外出就餐，這將促使他們更多地在家吃飯，更多地選擇這些預製食品。再說一次，敲木頭，我對我們的論文感到非常滿意，因為我們的策略目前正在完美運行。

(Operator Instructions)

（操作員說明）

Our next question comes from the line of Howard Halpern with Taglich Brothers.

我們的下一個問題來自霍華德·哈爾彭（Howard Halpern）和塔格利奇兄弟（Taglich Brothers）的線路。

Congratulations, great start to the year. The new marketing director, what does -- what this bring to the company? And what are the first couple of things that she has hit the ground running with for the company?

恭喜你，今年有一個好的開始。新的營銷總監，這會給公司帶來什麼？她為公司開展的最初幾件事是什麼？

So the first one you're going to get me in trouble because I'm going to forever undersell how amazing Lauren is. I think the thing that attracted the leadership team to Lauren was really her -- first of all, she's been in food, most of her career, almost her entire career. The second thing, though, that makes it really special is she had a great mix or she has a great mix of big brands and small brands. So yes, she's worked on the $1 billion Rich brands, but she's equally worked on the start-up sub-$100 million taste brand. So I think the leadership team really appreciated the diversity of her experiences. So that's to your first question. .

所以第一個你就會給我帶來麻煩，因為我會永遠低估勞倫有多麼神奇。我認為領導團隊真正吸引勞倫的是她——首先，她從事食品行業，這是她職業生涯的大部分時間，幾乎是她的整個職業生涯。不過，第二件事讓它非常特別，那就是她有一個很好的組合，或者說她有大品牌和小品牌的完美組合。所以，是的，她曾為價值 10 億美元的 Rich 品牌工作過，但她同樣也為價值 1 億美元以下的初創品牌工作過。所以我認為領導團隊非常欣賞她經歷的多樣性。這就是你的第一個問題。 。

The second one, it didn't take her along to be very clear on what her 3 priorities were, and we agreed as a leadership team. She actually just shared them at our leadership team meeting just yesterday. Her 3 focus are: one, Mama's creations. What does that look like? What is that brand going to represent in the marketplace? That's number one. Number 2 is -- and I'm embarrassed to say, I think we're probably the last company -- food company in America that doesn't have an online presence. So should we be getting into e-commerce, if we should be getting in, what should it look like? She's going to be responsible for that. And then the third and all 3 of these are of equal importance is marketing MamaMancini's. So I would argue again that we are underinvested in our brand marketing, in our trade promotion, and her job is going to be building out that marketing plan for MamaMancini's. So those are the 3 that she's going after.

第二個，她並沒有很清楚她的三個優先事項是什麼，我們作為領導團隊達成了一致。事實上，她昨天剛剛在我們的領導團隊會議上分享了這些內容。她的三個重點是：一、媽媽的創作。那看起來像什麼？該品牌在市場上代表什麼？這是第一。第二名是——我很尷尬地說，我認為我們可能是美國最後一家沒有在線業務的食品公司。那麼我們應該進入電子商務嗎？如果我們應該進入，它應該是什麼樣子？她要為此負責。第三個也是所有三個都同樣重要的是 MamaMancini 的營銷。因此，我想再次強調，我們在品牌營銷和貿易推廣方面的投資不足，而她的工作就是為 MamaMancini's 制定營銷計劃。這就是她要追求的三個。

Okay. And with the last point, we should see a little bit of incremental aggregate increase in G&A expense to fulfill that last call of hers?

好的。對於最後一點，我們應該看到一般管理費用的總增加有一點點，以滿足她最後的呼籲？

Yes. So a couple of things. One, I hope so. Two, it is actually baked into our plan that we submitted to the Board back in January. So nothing more than what we already have in our algorithm. And the third one, and you guys know the beauty of marketing spend, you could flex, right? You could flex literally intra month. You could -- I'm sure these days flex intraday. So we have -- we know what we have to do. Again, I know I'm a boring guy. I am focused on margin. But I have been clear that I'm focused on margins, so I could reinvest it in building our brand and that's Lauren's responsibility with marketing.

是的。有幾件事。一，我希望如此。第二，它實際上已納入我們一月份向董事會提交的計劃中。因此，無非就是我們算法中已有的內容。第三個，你們知道營銷支出的美妙之處，你們可以靈活運用，對吧？你可以在一個月內靈活調整。你可以——我確信這些天盤中會彎曲。所以我們知道我們必須做什麼。再說一次，我知道我是個無聊的人。我專注於保證金。但我已經明確表示，我專注於利潤，因此我可以將其重新投資於打造我們的品牌，這是勞倫在營銷方面的責任。

And to an earlier point you made, the unweighted average of 2 new items really going in that doesn't include Mama's creations, which should be in the second half of the year, correct?

對於您之前提出的觀點，真正進入的 2 個新商品的未加權平均值不包括媽媽的創作，這應該是在今年下半年，對嗎？

Oh, yes. Absolutely. Thank you for that. Absolutely. That's a whopping total of 0, new items on Mama's creations. That's equally for all intents and purposes, almost 0 on our literally half dozen in a cup variety. So the in-a-Cup solution really special for us. And again, I've said this before, but it's important. This is not just another innovation. And the lease innovation, innovation guy there is. This is an incremental opportunity. It's incremental because from our consumer work, it ages down our consumer, younger audience likes this. it's incremental from an occasion. All of the products that we have today pretty much are center plate, our meal occasions. This is an on-the-go snacking occasion. It's completely incremental. .

哦是的。絕對地。謝謝你。絕對地。媽媽的創作中總共有 0 件新商品。這對於所有意圖和目的來說都是一樣的，在我們的六打杯裝品種中幾乎為零。因此，杯內解決方案對我們來說非常特別。再說一遍，我之前已經說過這​​一點，但這很重要。這不僅僅是另一項創新。還有租賃創新、創新人員。這是一個增量機會。它是漸進式的，因為從我們的消費者工作來看，它降低了我們消費者的年齡，年輕的觀眾喜歡這樣。它是從某個場合逐漸增加的。我們今天擁有的所有產品幾乎都是中心盤，我們的用餐場合。這是一個外出吃零食的場合。它是完全增量的。 。

And the third and the one I'm most excited about and you hear us talking about, it gets into a new channel. So all of them were at IDDBA come into our booth. So there was a whole channel out there, think 7-Eleven, (inaudible) come and go, all these different players, we didn't have a solution for them. It's a huge market. That's what we're really excited about, the Innocup solution. And it's not just one. So another piece of feedback I told you earlier, the feedback that we got from retailers is had really like the shelf life longer what Matt and his team was able to do is just incredible to go to 21 days. That's huge. The other thing that the feedback we got from retailers was it's sort of getting lost. It's one product. And if you could think of the sea, the shelf it gets lost. Now we literally have half a dozen products to create a billboard effect, that's going to actually drive higher velocities. So we feel great about that product. And you're absolutely right. None of that is in our AIC numbers.

第三個也是我最興奮的一個，你聽到我們談論它，它進入了一個新的頻道。所以他們都在 IDDBA 來到我們的展位。所以那裡有一個完整的渠道，想想 7-11，（聽不清）來來去去，所有這些不同的玩家，我們沒有為他們提供解決方案。這是一個巨大的市場。這就是我們真正感到興奮的，Innocup 解決方案。而且它不僅僅是一個。所以我之前告訴過你的另一條反饋是，我們從零售商那裡得到的反饋是，馬特和他的團隊能夠做到的保質期更長，令人難以置信的是，達到了 21 天。那是巨大的。我們從零售商那裡得到的反饋的另一件事是它有點迷失了。這是一個產品。如果你能想到大海，那麼它就會迷失在大陸架上。現在我們確實有六種產品可以創造廣告牌效應，這實際上會推動更高的速度。所以我們對該產品感覺很好。你是完全正確的。我們的 AIC 數據中沒有這些內容。

There are no further questions in the queue. I'd like to hand the call back to Adam Michaels for closing remarks.

隊列中沒有其他問題。我想將電話轉回給亞當·邁克爾斯（Adam Michaels）做總結髮言。

Thank you, operator, and thank you again for joining us on today's earnings conference call. We are continuing to update you on our progress as we strive to deliver value to our shareholders and execute upon our vision of a national one-stop shop deli solution provider. Thank you.

謝謝您，運營商，並再次感謝您參加我們今天的財報電話會議。我們將繼續向您通報我們的最新進展，我們努力為股東創造價值，並執行我們成為全國一站式熟食店解決方案提供商的願景。謝謝。

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。此時您可以斷開線路，度過美好的一天。