Mama's Creations Inc (MAMA) 2024 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to Mama's Creations' Second Quarter Fiscal 2024 Earnings Conference Call. (Operator Instructions). This conference is being recorded today, September 12, 2023, and an 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 Mama's Creations 2024 財年第二季度收益電話會議。 （操作員說明）。本次會議於今天（2023 年 9 月 12 日）進行錄製，並在今天收盤後發布了本次電話會議附帶的收益新聞稿。

On our call today is Mama's Creations' Chairman and CEO; Adam L. Michaels; and CFO, Anthony Gruber.

今天參加我們電話會議的是 Mama's Creations 董事長兼首席執行官；亞當·L·邁克爾斯；和首席財務官安東尼·格魯伯。

Before we get started, I'd like to read a disclaimer about forward-looking statements. This conference call may contain, in addition to historical information, forward-looking statements within the meaning of federal securities laws regarding Mama's Creations. 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 based in part on assumptions made by management.

在我們開始之前，我想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 Mama's Creations 的前瞻性聲明。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的預期、估計和預測，部分基於管理層的假設。

These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. 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.

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。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。

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 other -- any major litigation regarding the company.

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、資本的可用性以及任何其他與公司有關的重大訴訟。

In addition, throughout today's call, the company may refer to adjusted EBITDA on non-GAAP financial measures, which it believes better reflects the performance of the business on an 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 Mama's Creations' website under the Investors tab.

此外，在今天的電話會議中，該公司可能會參考非公認會計準則財務指標的調整後 EBITDA，該公司認為這更好地反映了公司的持續業績。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 Mama's Creations 網站的“投資者”選項卡下查看。

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 call.

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。該公司不承擔公開更新或修改任何前瞻性陳述以反映本次電話會議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 floor over to Chairman and CEO, Adam L. Michaels. Adam, the floor is yours.

現在，我想請董事長兼首席執行官 Adam L. Michaels 發言。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 second quarter fiscal '24 financial results conference call. I am pleased to announce another very strong quarter. This time, highlighted by 8.5% revenue growth and the expansion of our gross margin profile into the 30% range. As we build the foundation for robust revenue growth in the second half, this margin enhancement ensures we are well positioned to grow profitably to make the most of each sale.

謝謝運營商，也感謝大家今天加入我們。歡迎您參加我們的 24 財年第二季度財務業績電話會議。我很高興地宣布又一個非常強勁的季度。這一次，我們的收入增長了 8.5%，毛利率也擴大到了 30%。當我們為下半年收入的強勁增長奠定基礎時，利潤率的提高確保我們能夠有利地實現盈利增長，從而充分利用每筆銷售。

In the 1 short year since I joined the company, our team has worked together to drive a significant turnaround in the business, improving profitability from a net loss a year ago to the robust 7% net income margins we saw this quarter. This does not happen by chance. We developed a plan and executed that plan to realize improvement firm-wide, and our sustained margin enhancement is the result of doing countless small things right.

自從我加入公司以來的短短一年裡，我們的團隊共同努力，推動了業務的重大轉變，將盈利能力從一年前的淨虧損提高到了本季度 7% 的強勁淨利潤率。這並非偶然發生。我們制定了一項計劃並執行了該計劃，以在整個公司範圍內實現改進，而我們的利潤率持續提高是無數正確小事的結果。

Looking ahead, we see opportunities for even further improvement. Just last month, our team shared with our Board and received approval for the most transformational capital investment request in the company's history, all funded from cash flow from operations. These strategic investments in automation and in-sourcing, value-added capabilities have the potential to meaningfully enhance our margin profile almost immediately, allowing us to reinvest that margin as rocket fuel for growth.

展望未來，我們看到了進一步改進的機會。就在上個月，我們的團隊與董事會分享了公司歷史上最具變革性的資本投資請求，並獲得了批准，所有資金均來自運營現金流。這些對自動化和內包增值能力的戰略投資有可能立即顯著提高我們的利潤狀況，使我們能夠將利潤再投資作為增長的火箭燃料。

As I have often said, it is better to ride a wave than fight against it. We completely support the view well documented in the current industry press that more than ever, consumers' and retailers' desire for fresh, clean and easy-to-prepare meals has never been stronger. It is important to remind ourselves that grocery store prepared meals are not a new habit we have to create. More than 8 in 10 consumers reported to have eaten at least 1 type of grocery prepared meal in the past 3 months. 94% of consumers purchase items from the in-store deli. This is not a trend we have to create, but it is one that we will happily ride and accelerate.

正如我常說的，順勢而為，勝於逆流而上。我們完全支持當前行業媒體中充分記錄的觀點，即消費者和零售商對新鮮、清潔和易於準備的膳食的渴望比以往任何時候都更加強烈。重要的是要提醒自己，雜貨店準備的飯菜並不是我們必須養成的新習慣。據報告，超過十分之八的消費者在過去 3 個月內至少吃過一種雜貨預製餐。 94% 的消費者從店內熟食店購買商品。這不是我們必須創造的一種趨勢，但我們會很高興地駕馭和加速這種趨勢。

Consumers are continuing to eat out less and transitioning to grocery prepared foods to meet their evolving needs. A recent Mintel survey on prepared foods highlighted the evolving attitudes towards prepared meals. 72% of respondents agreed that a prepared meal is a great way to try new cuisines, 71% agree that prepared meals have gotten healthier, and 68% believe that it is worth paying for higher-quality prepared meals. This research reinforces and quantifies what we have been sharing with you over the past 12 months and underpins our strategy.

消費者繼續減少外出就餐，並轉向雜貨店預製食品，以滿足他們不斷變化的需求。英敏特最近對預製食品的一項調查突顯了人們對預製食品的態度不斷變化。 72% 的受訪者認為預製餐是嘗試新美食的好方法，71% 的受訪者認為預製餐變得更健康，68% 的受訪者認為為更高質量的預製餐付費是值得的。這項研究強化並量化了我們在過去 12 個月中與您分享的內容，並支撐了我們的戰略。

Despite economic challenges, 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.

儘管面臨經濟挑戰，但作為現代忙碌生活方式的一部分，對優質、實惠且快速準備的清潔食材膳食的需求仍然很高。

Retailers are equally adapting to these consumer trends to deliver on these requests. While they are trying to meet these needs, they continue to face significant supply chain and labor challenges, which are still running at or near record highs and are seeking labor efficient, reliable solutions for their hot bar, deli and grab-n-go offerings.

零售商同樣也在適應這些消費者趨勢來滿足這些要求。在努力滿足這些需求的同時，他們繼續面臨重大的供應鍊和勞動力挑戰，這些挑戰仍然處於或接近歷史高位，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。

In a recent fresh foods trend survey of grocers, 2/3 said that they will increase their assortment of prepared foods over the next 12 months. The deli is becoming the grocery store's kitchen with the rise of the grocerant, an industry term play on words for grocery store plus restaurant.

在最近對雜貨商進行的新鮮食品趨勢調查中，2/3 的人表示他們將在未來 12 個月內增加預製食品的品種。隨著雜貨店（grocerant）的興起，熟食店正在成為雜貨店的廚房，雜貨店是雜貨店加餐館的行業術語。

We firmly believe prepared foods will continue to grow and take market share from frozen, center aisle and out-of-home occasions. These consumer and retailer trends have a flywheel effect, strengthening and mutually reinforcing one another. As retailers bring in high-quality, more affordable prepared meals, consumers will increase the frequency and basket sizes of these purchases.

我們堅信預製食品將繼續增長，並從冷凍食品、中心過道和戶外場合奪取市場份額。這些消費者和零售商的趨勢具有飛輪效應，相互加強、相輔相成。隨著零售商推出高質量、更實惠的預製餐食，消費者將增加這些購買的頻率和購物籃大小。

Highlighted last month by the Wall Street Journal as the price gap widens between out-of-home food inflation, which was at 7.1% in July versus at-home food inflation, which was half that at 3.6%, competition will only get more heated and more and more food dollars will flow to grocery prepared meals. 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 Mama's Creations delivers on.

《華爾街日報》上個月強調，隨著 7 月份外出食品通脹率為 7.1%，而家庭食品通脹率為 3.6%，價格差距擴大，競爭只會變得更加激烈越來越多的食品資金將流向雜貨店準備的飯菜。隨著我們進入 2023 年及以後，當今的經濟衰退壓力將繼續促使我們的消費者和零售商關注高品質、易於準備且價格實惠的膳食解決方案，而所有這些都是 Mama's Creations 所提供的。

As I have said before, realizing our goal of shaping Mama's Creations into a one-stop shop for deli prepared food solutions has required a step change in our corporate structure in many ways. Throughout the second quarter, we remain laser-focused on the continuous foundational improvement of our 3C strategy: Cost, controls and culture.

正如我之前所說，要實現將 Mama's Creations 打造成一站式熟食解決方案的目標，我們需要在許多方面對公司結構進行重大變革。在整個第二季度，我們仍然專注於 3C 戰略的持續基礎改進：成本、控制和文化。

Starting with cost, as is plainly visible in our margin profile, our new approach to cost management has driven noticeable savings across the organization, which has enabled our gross margins to grow from 12% in the same year ago quarter into the 30% range as you saw today. Our new ability to load share and produce leading products across our 2 facilities rather than having each one single sourced, has established the framework to enable an unparalleled level of flexibility that will ultimately provide us with both redundancy in production and lower costs.

從成本開始，正如我們的利潤概況中清晰可見的那樣，我們的新成本管理方法在整個組織內帶來了顯著的節約，這使我們的毛利率從去年同期的12% 增長到2019 年同期的30%。你今天看到了。我們在兩個工廠之間共享負載和生產領先產品的新能力，而不是每個工廠都單獨採購，已經建立了一個框架，以實現無與倫比的靈活性，最終將為我們提供生產冗餘和更低的成本。

Our new [found] ability to load share, coupled with our maniacal focus on critical labor KPIs helped us realize a 310 basis point improvement in labor efficiency versus a year ago. Rate efficiencies, driven by dedicated resources and greater communications across our facilities added another 30 basis points of improvement versus prior year.

我們新發現的負載共享能力，加上我們對關鍵勞動力 KPI 的瘋狂關注，幫助我們實現了勞動力效率比一年前提高了 310 個基點。在專用資源和設施間加強溝通的推動下，效率比去年又提高了 30 個基點。

On the controls front, I'm proud to say that we expect to transition our T&L Creative Salads division over to our NetSuite ERP system by our next earnings call, at which point our full company will be on the NetSuite ERP platform providing us with an unprecedented degree of actionable insights into the details of our operations. Having all of 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 Olive Branch. As I have said before, what gets measured gets improved. We have proven it together over the past 4 quarters in 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，我們預計在下一次財報電話會議上將我們的 T&L Creative Salads 部門轉移到我們的 NetSuite ERP 系統，屆時我們整個公司將在 NetSuite ERP 平台上為我們提供對我們運營細節的前所未有的可操作洞察力。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 和 Olive Branch 集成 NetSuite 後看到的。正如我之前所說，衡量的東西會得到改進。我們在過去 4 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。

Our company culture is now aligned incentivizing profitable growth at all levels of the organization, while understanding that our people right at the core of what we do. Ultimately, hiring, promoting and retaining talent is paramount to our long-term success. To that end, we continue to formalize processes throughout the company with the goal of building a more standardized, resilient organization. These improvements span from the operational basics such as formalized hiring and HR policies, our first-ever company-wide employee handbook in both English and Spanish, holding our first ever town hall meetings to the more complex such as a new approach to trade promotion with clearly defined policies and procedures, each new improvement making a stronger, high-performing team.

現在，我們的公司文化旨在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。為此，我們繼續規範整個公司的流程，目標是建立一個更加標準化、更有彈性的組織。這些改進涵蓋了運營基礎知識，例如正式的招聘和人力資源政策、我們有史以來第一本全公司範圍內的英語和西班牙語員工手冊、舉行我們的第一次市政廳會議，以及更複雜的內容，例如貿易促進的新方法明確定義的政策和程序，每一項新的改進都造就了一支更強大、高績效的團隊。

The rollout of Mama's Creations last month provided the perfect opportunity as a team to coalesce around our new mission and vision while making time to show off some of our new company's swag. We are seeing the pride our employees have with our brand, our products and the consumer-focused culture we have imbued in our facilities every day.

上個月推出的 Mama's Creations 為團隊提供了絕佳的機會，讓我們圍繞新的使命和願景進行凝聚，同時騰出時間展示我們新公司的一些特色。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。

We continue to invest in our people to further grow capabilities and while not every hire gets a press release, we have several new employees in the areas of sales, operations, inventory management and trade promotion that have already brought their personalities, potential and passion for our one-stop shop deli solution strategy.

我們繼續投資於我們的員工，以進一步提高能力，雖然並非每位員工都會獲得新聞稿，但我們在銷售、運營、庫存管理和貿易推廣領域擁有幾名新員工，他們已經為我們帶來了個性、潛力和熱情。我們的一站式熟食店解決方案策略。

I am incredibly proud of the rapid progress we have made to strengthen our organization in all respects. These foundation-building efforts are critical to support our next leg of growth. Earlier this year, we highlighted the need and committed to building an enhanced sales and marketing capability for our organization. I am proud to say that we have exceeded even our own high expectations. Lauren Sella has done a tremendous job since being hired as our Chief Marketing Officer. Her work to launch Mama's Creations last month, our new branding and website are already paying dividends.

我對我們在各方面加強組織方面取得的快速進展感到無比自豪。這些基礎建設工作對於支持我們下一步的增長至關重要。今年早些時候，我們強調了這一需求，並致力於為我們的組織建立增強的銷售和營銷能力。我很自豪地說，我們甚至超出了我們自己的高期望。自從被聘為我們的首席營銷官以來，勞倫·塞拉（Lauren Sella）做了出色的工作。她上個月推出 Mama's Creations 的工作，我們的新品牌和網站已經帶來了紅利。

Since our last call, we've made significant progress growing our feet on the street to take our sales reach to the next level. Spurred by our hiring of our Senior Director of Trade strategy, a West Coast sales lead and the addition of multiple salespeople from the acquisition of Chef Inspirational Foods, we are well positioned to begin to execute upon our second half sales goals.

自上次電話諮詢以來，我們在市場拓展方面取得了重大進展，將我們的銷售範圍提升到了一個新的水平。在我們聘請高級貿易戰略總監、西海岸銷售主管以及收購 Chef Inspirational Foods 後增加的多名銷售人員的刺激下，我們已做好準備開始執行下半年的銷售目標。

The recent introduction of the Mama's Creations brand aligns well with the second half launch of our supercharged sales organization. These new products create incremental dining opportunities and are vital for expanding our average items carried in grocery stores. As consumers actively seek out flavor tourism and look to prepared meals to try out new cuisines, Mama's Creations will be there to meet those needs.

最近推出的 Mama's Creations 品牌與我們下半年推出的強勁銷售組織非常吻合。這些新產品創造了更多的就餐機會，對於擴大雜貨店的平均商品數量至關重要。隨著消費者積極尋求風味旅遊並尋求預製餐點以嘗試新美食，Mama's Creations 將滿足這些需求。

Mama's Creations made a splash at IDDBA 2023 Annual Show in June, a premier industry event with over 10,000 attendees. Alongside our crowd favorite beef meatballs and sausage and peppers from MamaMancini's, we unveiled General Tso's Chicken, China Masala, Nashville Hot Paninis, all under the new Mama's Creations brand. The response was positive, sparking productive discussions with both existing and potential grocery store customers interested in our expanded offerings.

Mama's Creations 在 6 月份的 IDDBA 2023 年度展會上引起了轟動，這是一場有超過 10,000 名與會者參加的頂級行業盛會。除了深受人們喜愛的 MamaMancini's 牛肉丸、香腸和辣椒之外，我們還推出了左宗棠雞、中國馬沙拉、納什維爾熱帕尼尼，所有這些都屬於新的 Mama's Creations 品牌。反應是積極的，引發了與對我們擴展產品感興趣的現有和潛在雜貨店客戶的富有成效的討論。

Furthermore, we delighted retailers by introducing new in-a-cup products to capture incremental on-the-go snacking occasions. These include Sausage and Peppers, Chicken Cacciatore, Turkey Meatballs and Beef & Rice varieties.

此外，我們還推出了新的杯裝產品，以抓住不斷增加的外出零食場合，從而讓零售商感到高興。其中包括香腸和辣椒、雞肉夾心菜、火雞肉丸以及牛肉和米飯品種。

Extending shelf life from 5 to 21 days address the key retailer concern, enhancing product interest and aligning with important performance metrics like reduced replenishment time and waste. We have already received orders for our new cups and a number of retailers are already receiving deliveries.

將保質期從 5 天延長至 21 天解決了零售商關心的主要問題，提高了產品興趣並與減少補貨時間和浪費等重要績效指標保持一致。我們已經收到了新杯子的訂單，許多零售商也已經收到了交貨。

Most recently, we expanded our partnership with Costco, penetrating the Los Angeles region, marking the fourth out of 8 regions nationally. This growth includes our first-ever non-meatball product, a 3-pound sausage and pepper sleeve set for December rotation alongside MamaMancini's beef meatballs. 2023 has seen us expand our relationship with Costco both in terms of order volume, which already has made 2023 a record year with this customer in terms of order sizing, having recently received a record $1 million-plus order. This secures our triple play with Costco, having the largest orders in our history, with the most number of regions in the year and now having multiple items in a year. We look forward to working closely with Costco to explore other exciting products for their highly engaged customer base.

最近，我們擴大了與 Costco 的合作夥伴關係，進入洛杉磯地區，成為全國 8 個地區中的第四個地區。這一增長包括我們首款非肉丸產品，即 3 磅重的香腸和胡椒套，將於 12 月與 MamaMancini 的牛肉丸一起輪換。 2023 年，我們在訂單量方面擴大了與 Costco 的關係，這已經使 2023 年成為該客戶訂單規模創紀錄的一年，最近收到了創紀錄的 100 萬美元以上訂單。這確保了我們與 Costco 的三網融合，擁有我們歷史上最大的訂單、全年最多的地區，現在一年內有多種商品。我們期待與 Costco 密切合作，為其高度參與的客戶群探索其他令人興奮的產品。

In summary, I firmly believe that we are well positioned to leverage the build-out of our sales team and the introduction of several highly incremental products to take market share, continue to grow our SKUs per customer and ultimately become the premier one-stop shop deli solution 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.

總而言之，我堅信我們處於有利位置，可以利用銷售團隊的建設和多種高增量產品的推出來佔據市場份額，繼續增加每個客戶的 SKU，並最終成為首屈一指的一站式商店熟食解決方案提供商。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。

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 highlights from the second quarter of fiscal '24. 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 24 財年第二季度的一些關鍵財務亮點。安東尼？

Thank you, Adam. Revenue for the second quarter of fiscal 2024 increased 8.5% to $24.8 million as compared to $22.9 million in the same year ago quarter. The increase was largely attributable to strong organic volume growth, driven by new customers and successful cross-selling efforts into existing customers, which increased our weighted average items carried metric by more than a full point versus prior year to over 7 items carried in the second quarter.

謝謝你，亞當。 2024 財年第二季度的收入增長 8.5%，達到 2480 萬美元，而去年同期為 2290 萬美元。 The increase was largely attributable to strong organic volume growth, driven by new customers and successful cross-selling efforts into existing customers, which increased our weighted average items carried metric by more than a full point versus prior year to over 7 items carried in the second四分之一.

Gross profit increased 175% to $7.5 million or 30.3% of total revenues in the second fiscal quarter of 2024 as compared to $2.7 million or 11.9% 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 operational efficiencies across the organization.

2024 年第二財季的毛利潤增長了 175%，達到 750 萬美元，佔總收入的 30.3%，而去年同期為 270 萬美元，佔總收入的 11.9%。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運營效率的提高。

The company continues to identify procurement, manufacturing and logistics efficiencies and cost savings through strong buying power created through the acquisition of T&L Creative Salads, Olive Branch and most recently, Chef Inspirational Foods. Operating expenses totaled $5.2 million in the second 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 second quarter of fiscal 2024 to 21.1% from 15.6%. Operating expenses as a percentage of sales increased due to the addition of several new key hires who brought new and differentiated capabilities to the organization.

該公司通過收購 T&L Creative Salads、Olive Branch 以及最近收購 Chef Inspirational Foods 所創造的強大購買力，繼續提高采購、製造和物流效率並節省成本。 2024 財年第二季度的運營支出總計 520 萬美元，而去年同期為 360 萬美元。 2024 財年第二季度運營費用佔銷售額的百分比從 15.6% 增加至 21.1%。由於增加了幾名新的關鍵員工，為組織帶來了新的差異化能力，運營費用佔銷售額的百分比有所增加。

Net income for the second quarter of fiscal 2024 increased 335% to $1.7 million or $0.05 per diluted share as compared to a net loss of $0.7 million or $0.02 per diluted share in the same year ago quarter. This quarter's net income totaled 7% of revenue, in line with management expectations in the mid-single-digit range.

2024 財年第二季度的淨利潤增長 335%，達到 170 萬美元，即稀釋後每股 0.05 美元，而去年同期淨虧損為 70 萬美元，即稀釋後每股 0.02 美元。本季度的淨利潤總計佔收入的 7%，符合管理層預期的中個位數範圍。

Adjusted EBITDA, a non-GAAP term, increased 857% to $2.9 million for the second quarter of fiscal 2024 as compared to an adjusted EBITDA loss of $0.4 million in the same year ago quarter.

2024 財年第二季度調整後 EBITDA（非 GAAP 術語）增長 857%，達到 290 萬美元，而去年同期調整後 EBITDA 虧損 40 萬美元。

Cash and cash equivalents as of July 31, 2023, were $5.6 million as compared to $4.4 million as of January 31, 2023, and $1.8 million a year ago. The increase in cash and cash equivalents was driven by $1.8 million in cash flow from operations in the second quarter of fiscal 2024, $0.6 million of which was used to pay down the company's debt and $1 million of which was used to pay cash due at closing as part of the CIF acquisition. As of July 31, 2023, total debt stood at $10.8 million.

截至 2023 年 7 月 31 日，現金和現金等價物為 560 萬美元，而截至 2023 年 1 月 31 日為 440 萬美元，一年前為 180 萬美元。現金和現金等價物的增加是由 2024 財年第二季度運營現金流 180 萬美元推動的，其中 60 萬美元用於償還公司債務，其中 100 萬美元用於支付截止時到期的現金作為CIF 收購的一部分。截至 2023 年 7 月 31 日，債務總額為 1,080 萬美元。

Looking ahead, we believe that our normalized gross margin profile will continue to hover in the high 20% range. Long term, leveraging strategic CapEx investments, procurement efficiencies, continuous operational improvements and our acquisition of CIF, margins could consistently be maintained in the low 30% range while rightsizing our trade promotion investments.

展望未來，我們相信我們的標準化毛利率將繼續徘徊在 20% 的高位區間。從長遠來看，利用戰略資本支出投資、採購效率、持續運營改進以及我們對 CIF 的收購，利潤率可以持續保持在 30% 的低水平，同時調整我們的貿易促進投資規模。

Turning to net income. While we continue to target 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.

轉向淨利潤。雖然我們繼續以中等個位數的淨利潤率為目標，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%的範圍內。我準備好的評論就這樣完成了。

Now before we begin our question-and-answer session, I'd like to turn the call back to Adam for some closing remarks. Adam?

現在，在我們開始問答環節之前，我想將電話轉回給 Adam，讓他做一些結束語。亞當？

Thank you, Anthony. Our ambition is to fortify and expand upon the robust groundwork and strategy presented here today, positioning us to continue to drive profitable growth and to reinvest that rocket fuel into the business.

謝謝你，安東尼。我們的目標是鞏固和擴展今天在此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。

In addition, we will continue to leverage our enhanced people capabilities, our CapEx efficiency and our marketing and trade to accelerate our aspiration to be the premier one-stop shop deli solution.

此外，我們將繼續利用我們增強的人員能力、資本支出效率以及營銷和貿易來加速我們成為一流的一站式熟食店解決方案的願望。

To summarize, this will be achieved by launching highly incremental products to further increase the SKUs per customer, introducing our products to new customers via our supercharged sales team, put in place high ROI trade and marketing programs to accelerate existing product velocities and further enhancing our margins through continuous operational improvements at every level of the organization. We believe that this approach will not only position Mama's Creations as the one-stop shop deli solution provider to drive sustainable shareholder value creation over the long term.

總而言之，這將通過推出高度增量的產品來進一步增加每個客戶的SKU、通過我們強大的銷售團隊向新客戶介紹我們的產品、實施高投資回報率的貿易和營銷計劃來加快現有產品的速度並進一步增強我們的產品來實現。通過組織各個層面的持續運營改進來提高利潤。我們相信，這種方法不僅將使 Mama's Creations 成為一站式熟食解決方案提供商，從而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？

Thank you. Ladies and gentlemen, at this time, we'll be conducting a question-and-answer session. (Operator Instructions). Our first question comes from the line of Eric Des Lauriers, Craig-Hallum Capital Group.

謝謝。女士們、先生們，此時我們將進行問答環節。 （操作員說明）。我們的第一個問題來自 Craig-Hallum 資本集團的 Eric Des Lauriers。

Congrats on the very impressive quarter here. I guess specifically, I've been impressed by the success you guys have had so far in increasing those SKUs per store. Obviously, that's kind of a key part of this one-stop shop vision. So this quarter, more than 1 full point to over 7%.

祝賀這個令人印象深刻的季度。具體來說，我想你們迄今為止在增加每家商店的 SKU 方面所取得的成功給我留下了深刻的印象。顯然，這是一站式服務願景的關鍵部分。所以這個季度，1滿點多就超過了7%。

I'm just wondering if you could help us understand where you think this number can go? However you want to take that, whether that's sort of opportunity over the next year or 2 or even just as part of this broader one-stop shop vision, what does that opportunity look like for the company?

我只是想知道您是否可以幫助我們了解您認為這個數字會走向何方？不管你想抓住什麼，無論這是未來一年或兩年的機會，還是只是作為更廣泛的一站式服務願景的一部分，這個機會對公司來說是什麼樣的？

(inaudible) opportunity from an AIC, an average items carried, we started at 5%. We've been together now less than a year, we're up to 7%. I think we could do a lot more. Just think about, the secret is the fact that we have the full spectrum. So we have the proteins. We have beef meatballs, meat loaf. Sausage and pepper is great. You don't like the beef, we got chicken. We got Balsamic chicken, we got chicken strips, shredded chicken.

（聽不清）來自 AIC 的機會，平均攜帶物品，我們從 5% 開始。我們在一起還不到一年，我們的合作已經達到了7%。我認為我們可以做更多的事情。想想看，秘密就在於我們擁有完整的頻譜。所以我們有蛋白質。我們有牛肉丸子、肉餅。香腸和辣椒很棒。你不喜歡牛肉，我們有雞肉。我們有香醋雞、雞條、雞絲。

You don't like meat at all. We have salads, green salads. We have grain salads whether it be Mediterranean Farro, Israeli Couscous. You don't like any of the (inaudible), we have sandwiches. You like paninis, I got tons of paninis. You don't like that, I have wraps. We have olives.

你根本不喜歡吃肉。我們有沙拉、蔬菜沙拉。我們有穀物沙拉，無論是地中海法羅沙拉還是以色列蒸粗麥粉。你不喜歡任何一個（聽不清），我們有三明治。你喜歡帕尼尼三明治，我有很多帕尼尼三明治。你不喜歡這樣，我有包裹。我們有橄欖。

So sincerely, I think I just named 6 or 7, I gave you 3, 7 times 3 is 21, and I promise you, every single 1 of those items, we're selling today. So it's -- we don't even have to innovate we have the offering. So what we see is beautiful. I've mentioned to you, we've done a great job at BJ's. Literally, when I started, we had like 1 item. Now, we have 10 items. We got 4 new items into Weis, 5 new items into Hannaford's, 4 new items into Acme. I mean I could go on.

所以真誠地，我想我只是命名了 6 或 7，我給了你 3，7 乘以 3 等於 21，我向你保證，這些商品中的每一件，我們今天都會出售。所以，我們甚至不需要創新，我們就有這樣的產品。所以我們看到的都是美麗的。我已經向您提到過，我們在 BJ's 做得很好。從字面上看，當我開始時，我們只有一件物品。現在，我們有 10 個項目。我們在 Weis 中添加了 4 個新項目，在 Hannaford's 中添加了 5 個新項目，在 Acme 中添加了 4 個新項目。我的意思是我可以繼續下去。

What's happening is they realize now we have these offerings, and our sales team is doing a great job, already has great relationships with these customers. Now it's just easier for them. So as a buyer, I could either have to deal with 25 different people. That means 25 trucks coming in every day, 25 accounts receivables and making sure they're sending the invoice right or I could call Mama's Creations and whether I want a protein, a salad, a sandwich, olives, it's 1 invoice. It's 1 truck coming. It legitimately just makes their life easier. And that's where we're seeing it, and it's working. Every day, it's working because just a reminder, I think the 7 almost understates it, that's a weighted average.

現在的情況是，他們意識到我們現在擁有這些產品，而且我們的銷售團隊做得很好，已經與這些客戶建立了良好的關係。現在對他們來說更容易了。因此，作為買家，我可能不得不與 25 個不同的人打交道。這意味著每天有25 輛卡車進來，25 筆應收賬款，並確保他們正確發送發票，或者我可以打電話給Mama's Creations，無論我想要蛋白質、沙拉、三明治還是橄欖，只需一張發票。有 1 輛卡車來了。這確實讓他們的生活更輕鬆。這就是我們所看到的，而且它正在發揮作用。每天，它都在起作用，因為只是提醒一下，我認為 7 幾乎低估了它，這是一個加權平均值。

So when you get a new item in, a new customer, they usually start small. So that's going to temper that number. As it goes up, as time goes on, they keep adding to that portfolio. So I feel great that I gave you 21 and I could go higher than that.

因此，當你獲得新產品、新客戶時，他們通常會從小規模開始。所以這會緩和這個數字。隨著價格的上漲，隨著時間的推移，他們不斷增加投資組合。所以我感覺很好，我給了你 21，我可以更高。

Yes. No, that's very impressive and great color. I appreciate that. My next question is kind of on margins and the new hires that you guys have done. So nice margin improvement year-over-year despite making those several new key hires.

是的。不，那是非常令人印象深刻且很棒的顏色。我很感激。我的下一個問題是關於利潤率和你們所做的新員工的招聘。儘管聘用了幾名新的關鍵員工，但利潤率仍同比大幅提高。

I'm just wondering if you could help us understand your hiring needs for the leadership team over the next year or so. Any more key roles to fill that we should be aware of? And then just kind of overall, I would love to hear your view on sort of how we should expect operating leverage to play out going forward?

我只是想知道您是否可以幫助我們了解您在未來一年左右對領導團隊的招聘需求。還有哪些我們應該注意的關鍵角色需要填補？總的來說，我很想听聽您對我們應該如何預期運營槓桿未來發揮作用的看法？

Yes. I think we're most of the way there. I mean I'm really proud, and hopefully, you guys see -- believe me, our HR team is pretty tired. We brought in a lot of great folks and filled a lot of capability gaps that we had. I think that's going to slow down considerably. With the gun to my head right now, I think that there's -- I can only think of we talk about 2 or 3 more people with specific capabilities. I've mentioned earlier, I'm really excited about e-commerce, bringing someone dedicated like that. I think that there's opportunities for -- with our in-the-cups offering, and I told you that convenience is a big focus for us. I'd love to get a dedicated convenience channel person.

是的。我想我們已經差不多完成了。我的意思是我真的很自豪，希望你們看到——相信我，我們的人力資源團隊非常累。我們引進了很多優秀的人才，填補了我們的很多能力空白。我認為這將會大大放緩。現在槍指著我的頭，我認為——我只能想到我們談論的是另外兩三個具有特定能力的人。我之前提到過，我對電子商務感到非常興奮，能帶來這樣的敬業之人。我認為我們的杯內產品有機會，我告訴過你，便利性是我們的一大關注點。我很想找一個專門的便利頻道人員。

So hopefully, what you're seeing is, first of all, they're almost all exclusively sales, right? It's going to drive revenue. But now you're at the onesies and twosies. So I think what we're at now is we have the capabilities we need and now it's about driving more and more revenue to offset the increased capabilities that we have. So yes, it's all about absorption, right?

因此，希望您看到的是，首先，它們幾乎都是獨家銷售，對嗎？這將推動收入。但現在你正在穿連體衣和兩件套。所以我認為我們現在的處境是我們擁有我們需要的能力，現在我們要推動越來越多的收入來抵消我們所擁有的能力的增加。所以是的，這一切都與吸收有關，對嗎？

Our next question comes from the line of Ryan Meyers with Lake Street Capital Markets.

我們的下一個問題來自 Lake Street Capital Markets 的 Ryan Meyers。

Nice work on the quarter. Just wondering if you can talk a little bit about your level of confidence with the revenue acceleration in the second half of the year? And how much visibility you have there?

本季度工作做得很好。只是想知道您是否可以談談您對下半年收入加速增長的信心程度？你在那裡有多少能見度？

Yes. Thanks, Ryan. We feel good. So first of all, let's be clear. We're bringing -- these folks have just come on. You got to find out where the bathroom is on the first day and then their log in. So I don't see it happening immediately, but we already have great stuff. So I think the combination of -- had a very successful IDDBA in June. We're already seeing those new orders coming in. It's great to see -- we've been working on a number of other businesses that we've been cultivating. I feel good. I feel good with where we are.

是的。謝謝，瑞安。我們感覺很好。首先，我們要明確一點。我們帶來了——這些人剛剛來。你必須在第一天找出衛生間在哪裡，然後他們登錄。所以我不認為這會立即發生，但我們已經有了很棒的東西。所以我認為——六月份的 IDDBA 組合非常成功。我們已經看到了這些新訂單的到來。很高興看到——我們一直在致力於我們一直在培育的許多其他業務。我感覺很好。我對我們所處的位置感覺良好。

But again, tempered, it's going to take time. So the way we look at it is roughly, you can look at the deli, deli is growing in the mid-single digits, and we expect very much to be gaining market share. That is our goal. That is what we're looking at every month and every quarter. We've done that every single month that we've been together, every single quarter we've been together, and I expect that to continue. So the way I look at it is continue to gain market share in the deli and deli prepared space.

但話又說回來，這需要時間。所以我們粗略地看待它的方式是，你可以看看熟食店，熟食店正在以中等個位數增長，我們非常希望能夠獲得市場份額。這就是我們的目標。這就是我們每個月和每個季度都會關注的內容。我們在一起的每個月、每個季度都這樣做，我希望這種情況能夠繼續下去。因此，我的看法是繼續在熟食店和熟食店準備的領域獲得市場份額。

Got it. That's helpful. And then, obviously, really strong gross margin during the quarter around 30% or so. So how should we think about that in the second half of the year? I mean, is that 30% the new baseline? I know you talked a little bit about it coming into kind of the high 20s. But where do we kind of come down from that 30%? Or how should we think about that in the second half of the year?

知道了。這很有幫助。然後，很明顯，本季度的毛利率非常強勁，約為 30% 左右。那麼下半年我們應該如何思考呢？我的意思是，這 30% 是新的基線嗎？我知道你談到過 20 多歲的情況。但是我們從這 30% 中下降到哪裡呢？或者下半年我們應該如何思考？

Yes. I still want to stick to the high 20% number. I'm all for underpromising and overdelivering. One thing that I've been very clear on is I want to continue to invest. So I definitely want to be in this high 20s. If there is more margin to be had, that gives us more opportunity to drive our marketing agenda, that gives us more margin to drive trade promotion, how do you drive more trial. So one thing that you've heard me say before, and you see all the surveys that are done. If I could get it into consumers' mouths, they recommend it to their friends and they keep buying it. So I am very passionate about taking this additional margin and reinvesting to drive more trial.

是的。我仍然想堅持 20% 的高數字。我完全贊成承諾不足和交付過多。我非常清楚的一件事是我想繼續投資。所以我絕對想成為20多歲的人。如果有更多的利潤，這會給我們更多的機會來推動我們的營銷議程，這會給我們更多的利潤來推動貿易促銷，你如何推動更多的試驗。所以你以前聽過我說過一件事，並且你看到了所有已完成的調查。如果我能讓它進入消費者的嘴，他們就會推薦給他們的朋友並且他們會繼續購買。因此，我非常熱衷於利用這筆額外的利潤並進行再投資以推動更多試驗。

It's really exciting now with our new Head of Trade Strategy, Marketing. We're actually getting into more marketing and trade programs with our most strategic customers. So we're having a blast really working with the Ahold and Albertsons and Sam's Clubs of the world to see public is wise.

現在我們新任的貿易策略營銷主管真是令人興奮。實際上，我們正在與最具戰略意義的客戶開展更多的營銷和貿易計劃。因此，我們與世界各地的阿霍德（Ahold）、艾伯森（Albertsons）和山姆俱樂部（Sam's Clubs）合作，讓我們看到公眾是明智的。

I mean, I can go on forever, how we could accelerate our growth. So now that we have the margins, now we can reinvest it. So it's not about how high can I go with the margins, it's how do I use that margin dollars to supercharge the top line. That's where we're focused on.

我的意思是，我可以永遠繼續下去，我們如何才能加速我們的成長。現在我們有了利潤，現在我們可以再投資了。因此，問題不在於我能獲得多高的利潤，而在於我如何利用這些利潤來增加收入。這就是我們關注的地方。

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 quarter with great momentum. And you've talked about, I guess, the efficiencies, but -- is there -- do you still have room to take a little bit of price if you wanted to? Or as you increase the number of SKUs in your -- on your customer shelves? Is there a possibility of a little more price taking?

恭喜。偉大的季度，勢頭強勁。我猜你已經談到了效率，但是，如果你願意的話，你還有空間接受一點價格嗎？或者當您增加客戶貨架上的 SKU 數量時？是否還有可能再漲一點價？

Yes. What I think is wonderful, and the whole team does an amazing job, and you've heard me say this before, we are so vigilant. We are tracking our like invoice level profitability, SKU level profitability literally on a weekly basis, sometimes on a daily basis. So we are seeing and watching both the pricing side of it, but then also every single day, we're getting on what's happening with commodities, chicken and beef, such that we are just incredibly reactive and agile if that is required. I think that what's great is we have tremendous relationships with our customers, long-standing relationships with our customers, and they see the same things we do, and we share that information.

是的。我認為這很棒，整個團隊做得非常出色，你以前聽過我說過，我們非常警惕。我們每週（有時甚至每天）跟踪類似發票級別的盈利能力、SKU 級別的盈利能力。因此，我們不僅關注價格方面的情況，而且每一天，我們都在了解大宗商品、雞肉和牛肉的最新情況，這樣，如果需要的話，我們就能做出令人難以置信的反應和敏捷。我認為最棒的是我們與客戶建立了良好的關係，與客戶建立了長期的關係，他們看到我們所做的同樣的事情，我們分享這些信息。

So first of all, I feel great that where we've priced, we've built in additional. So we don't -- every price -- every change in commodities, we don't have to immediately react because we've already kind of factored some of that in. But if it is required, yes. Recently, we had to move on 2 particular items, and we got it in. We have a great sales team that is just very close with the customer. They see where we are. I've told you before quite honestly, probably last year and even the beginning of this year, we almost didn't even keep up with full food and beverage inflation. So customers see us as -- there's still room for us, if needed.

首先，我感覺很好，因為我們已經定價，我們已經增加了額外的功能。因此，我們不必對商品的每一個價格變化都立即做出反應，因為我們已經考慮到了其中的一些因素。但如果需要的話，是的。最近，我們必須處理 2 個特定項目，我們把它解決了。我們有一支優秀的銷售團隊，與客戶非常密切。他們看到我們在哪裡。我之前很誠實地告訴過你，可能去年甚至今年年初，我們幾乎沒有跟上食品和飲料的全面通脹。因此，客戶認為我們——如果需要的話，我們仍然有空間。

But I think the combination, and it's really important, yes, there is the pricing element to it (inaudible) every single day of the week. But the other thing that Matt and Anthony are doing an incredible job on is managing our operations. And hopefully, you're seeing, every day we're getting them better at freight, at procurement, at labor.

但我認為這種組合非常重要，是的，一周中的每一天都有定價因素（聽不清）。但馬特和安東尼所做的另一件事令人難以置信，那就是管理我們的運營。希望您看到，我們每天都在讓他們在貨運、採購和勞動力方面做得更好。

So yes, I got the pricing opportunity, but also every day, I'm getting more and more efficient that I'm doing, which gives me more flexibility because I don't have to constantly go back, not to the customer, but to the end consumer. I don't want to raise prices too high that the end consumer has to make trade-offs. So it's great. It's really the gift of getting the best of both worlds, price and operational efficiency.

所以，是的，我得到了定價機會，而且每一天，我的工作效率都越來越高，這給了我更大的靈活性，因為我不必經常回去，不是去找客戶，而是到最終消費者。我不想將價格提高得太高，以至於最終消費者必須做出權衡。所以這很棒。這確實是價格和運營效率兩全其美的禮物。

Okay. And in terms of your sales team and your existing customers, are you -- are they targeting some of your customers that are increasing their, I guess, real estate within the deli department? And is that a focus and a push for you guys?

好的。就您的銷售團隊和現有客戶而言，您是否——他們的目標客戶是那些正在增加熟食部門內資產的客戶？這是你們的關注點和推動力嗎？

So the question is, are our customers -- so our customers are actually expanding. It's one of the things that was wonderful. Our customers are actually expanding their shelf space. So what they have to do is they have to go to their trusted manufacturers and say, "Guys, I have more room, do you have anything else for us." And that's what opens the door for us to, yes, we have originally maybe the sausage and peppers, and we might have some of the grilled chicken. Hey, but have you tried our new Korean meatballs, Korean-style meatballs? Or have you tried the General Tso's Chicken? Or have you tried this new? I'm really -- we're doing really well now with our Paninis. So they're actually -- they need more stuff.

所以問題是，我們的客戶是——所以我們的客戶實際上正在擴大。這是美妙的事情之一。我們的客戶實際上正在擴大他們的貨架空間。所以他們要做的就是去找他們信任的製造商說：“伙計們，我還有更多的空間，你們還有什麼可以給我們的嗎？”這就是為我們打開大門的原因，是的，我們最初可能有香腸和辣椒，我們可能還有一些烤雞。嘿，但是你嚐過我們新推出的韓國肉丸，韓式肉丸嗎？或者你嚐過左宗棠雞嗎？或者你嘗試過這個新的嗎？我真的——我們現在的帕尼尼三明治做得非常好。所以他們實際上——他們需要更多的東西。

Remember, I mentioned 2/3 of customers said that they're going to be expanding their prepared food space, right? They need us. And we have shown both quality and service that we're the right guys to give the additional business to.

請記住，我提到過 2/3 的顧客表示他們將擴大預製食品的空間，對吧？他們需要我們。我們已經展示了質量和服務，我們是提供額外業務的合適人選。

Okay. And one last one, is the CapEx or the increase in CapEx spending going to start in the second half of this year and throughout next year? Or is it going to start next fiscal year?

好的。最後一個問題是，資本支出或資本支出支出的增加是否會在今年下半年和明年開始？還是從下個財年開始？

It's kind of started yesterday, Howard. We are so excited about the investments that we're making for our business. We've actually already ordered a whole bunch of stuff. We are well on our way with that because it's just going to drive and like I mentioned, just immediate margin improvement. There is so much opportunity for us in not just capacity expansion because we're doing so well, but for actual margin and automation to actually improve our margins. So we have the footprint, which is great. And yes, I hope to see it. We're already -- literally, we're already doing it and planning for it.

霍華德，事情從昨天就開始了。我們對為我們的業務所做的投資感到非常興奮。我們實際上已經訂購了一大堆東西。我們在這方面進展順利，因為它會推動，就像我提到的，利潤率會立即提高。我們不僅在產能擴張方面有很多機會，因為我們做得很好，而且在實際利潤和自動化方面也有很多機會，可以真正提高我們的利潤。所以我們有了足跡，這很棒。是的，我希望看到它。我們已經——從字面上看，我們已經在這樣做併計劃了。

That concludes our question-and-answer session. I'd like to hand it back to Chairman and CEO, Adam Michaels. Please conclude.

我們的問答環節到此結束。我想把它交還給董事長兼首席執行官亞當·邁克爾斯。請得出結論。

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

謝謝運營商，並再次感謝大家參加今天的收益電話會議。我們期待繼續向您通報我們的最新進展，我們努力為我們的股東創造價值，並執行我們成為全國一站式熟食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。