Mama's Creations Inc (MAMA) 2026 Q2 法說會逐字稿

Greetings, and welcome to the Mama's Creation second-quarter fiscal 2026 earnings conference call.

大家好，歡迎參加 Mama's Creation 2026 財年第二季財報電話會議。

(Operator Instructions) It is now my pleasure to introduce your host, Luke Zimmerman. Thank you. You may begin.

（操作員說明）現在，我很高興向大家介紹主持人盧克·齊默曼。謝謝。你可以開始了。

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to Mama's Creations' Second Quarter Fiscal 2026 Earnings Conference Call. During today's presentation, all parties would be in a listen only mode. Following this presentation, the conference will be open for questions.

女士們、先生們，午安。感謝您的耐心等待。歡迎參加 Mama's Creations 2026 財年第二季財報電話會議。在今天的演示過程中，所有參與者將處於只聽模式。本次演講結束後，會議將開放提問環節。

This conference is being recorded today, Monday, September 8, 2025, and the earnings press release accompanying this conference call was issued after the market closed today. On our call today is Mama's Creation's Chairman and CEO, Adam Michaels; and CFO, Anthony Gruber.

本次會議於2025年9月8日星期一進行錄音，隨附本次電話會議的獲利新聞稿已於今日股市收盤後發布。今天參加我們電話會議的有 Mama's Creation 的董事長兼執行長 Adam Michaels 和財務長 Anthony Gruber。

Before we get started, I'll read a disclaimer about forward-looking statements. The 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 the future earnings, activities, events, or conditions.

在開始之前，我先宣讀一份關於前瞻性陳述的免責聲明。除了歷史資訊外，本次電話會議可能包含有關 Mama's Creations 的聯邦證券法意義上的前瞻性陳述。前瞻性陳述包括但不限於表達公司意圖、信念、預期、策略、預測或與未來收益、活動、事件或狀況相關的任何其他陳述。

These statements are based on current expectations, estimates, and projections about the company's business based in part on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties, assumptions that are difficult to predict. Therefore, actual outcomes and results may and 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 the company's 10-K and other documents, which the company files with the US Securities and Exchange Commission. In addition, such statements could be affected by risks and uncertainties related to factors beyond the company's control.

這些聲明是基於公司管理階層所做的假設，並根據公司目前的預期、估計和預測做出的。這些聲明並非對未來業績的保證，並且涉及難以預測的風險、不確定性和假設。因此，由於公司不時在 10-K 表格和其他文件中討論的諸多因素（公司向美國證券交易委員會提交的文件），實際結果可能與前瞻性聲明中表達或預測的內容存在重大差異。此外，此類聲明可能受到公司無法控制的風險和不確定性因素的影響。

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. In addition, throughout today's call, the company may refer to adjusted EBITDA, a non-GAAP financial measure, which it believes provides helpful information to investors about 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.

可能導致實際結果與前瞻性陳述中的結果有重大差異的因素包括但不限於：關鍵管理人員的流失、資金的可用性以及與公司有關的任何重大訴訟。此外，在今天的電話會議中，公司可能會提及調整後的 EBITDA，這是一個非 GAAP 財務指標，公司認為該指標可以持續地為投資者提供有關公司業務表現的有用資訊。今天發布的收益報告中包含了調整後 EBITDA 與其最直接可比較的 GAAP 財務指標的調整表，該報告可在 Mama's Creations 網站的「投資者」標籤下找到。

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，本次電話會議包含有時效性的信息，這些信息僅反映管理層截至本次電話會議日期和時間的最佳分析。本公司不承擔任何義務公開更新或修訂任何前瞻性聲明，以反映本次電話會議日期之後發生的未來事件、資訊或情況。

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

此時，我想把電話交給董事長兼執行長亞當‧麥可斯。亞當，現在輪到你發言了。

Thank you, Luke, and thank you to everyone for joining us today. I'd like to welcome you to our second quarter fiscal '26 financial results conference call. Our fiscal second quarter saw broad-based momentum. Revenue growth outpaced the category. We intelligently and judiciously leaned into high ROI trade investment and saw continued geographic balance with volume-led growth supported by new branded placements and incremental doors.

謝謝你，盧克，也謝謝今天所有到場的各位。歡迎各位參加我們2026財年第二季財務業績電話會議。我們第二財季的整體發展動能良好。營收成長速度超過同類產品。我們明智地、審慎地加大了對高投資回報率貿易的投資，並實現了地域上的持續平衡，銷量驅動增長，這得益於新的品牌入駐和新增門店。

We also worked collaboratively with our retail partners and implemented targeted pricing by early Q2, while operational work in chicken improved yields, increased throughput and optimized labor, helping to manage commodity, and inflationary headwinds. I'd also like to call out that we achieved these gains despite a continued challenging macroeconomic environment for our consumers, highlighting the resiliency, reliability and relevance of our value-oriented high-quality deli prepared foods offerings across any macroeconomic environment.

我們也與零售合作夥伴密切合作，並在第二季初實施了有針對性的定價，同時，雞肉業務的營運工作提高了產量，增加了吞吐量，優化了勞動力，從而幫助應對商品和通膨帶來的不利影響。我還想指出，儘管我們的消費者面臨持續的宏觀經濟挑戰，但我們仍然取得了這些成就，這凸顯了我們以價值為導向的高品質熟食產品在任何宏觀經濟環境下都具有韌性、可靠性和相關性。

Most notably, we recently announced our acquisition of Crown I Enterprises from Sysco Corporation, a full-service manufacturer of value-added meats and ready-to-eat meals. As competitors, we had long admired their commitment to Grandma Quality products, and I would like to personally welcome Andy and his entire team to the Mama's Creations family. Together, I know we can accomplish great things.

最值得一提的是，我們最近宣布從 Sysco Corporation 收購 Crown I Enterprises，該公司是一家提供全方位服務的增值肉類和即食食品製造商。作為競爭對手，我們一直很欣賞他們對奶奶品質產品的堅持，我謹代表 Mama's Creations 全體成員，歡迎 Andy 和他的團隊加入這個大家庭。我知道，只要我們齊心協力，就能成就偉業。

Crown I was originally part of J. Kings Food Service and was acquired by Sysco in 2019. It operates a recently upgraded and expanded 42,000-square-foot USDA-certified facility in Bay Shore, New York, just 10 miles from our Farmingdale location, operating much of the same grilling equipment we do in Farmingdale. Its customer roster includes hard to break into retailers with huge cultural followings where we haven't penetrated.

Crown I 最初是 J. Kings Food Service 的一部分，於 2019 年被 Sysco 收購。該公司在紐約州貝肖爾運營著一家最近升級擴建的 42,000 平方英尺的 USDA 認證工廠，距離我們在法明代爾的工廠僅 10 英里，並運營著與我們在法明代爾的工廠相同的許多燒烤設備。它的客戶名單包括一些難以打入的零售商，這些零售商擁有龐大的文化粉絲群體，而我們尚未涉足這些領域。

This $17.5 million all-cash opportunistic acquisition brings meaningful synergies to our core business, while bolting on an attractive business at 0.3 times their fiscal '25 revenue, fully financed through a private placement with institutional investors, and further supported by a long-term credit facility with our existing commercial banking partner, M&T Bank, which further supports future opportunities that may come our way. Strategically, Crown adds immediate derisked capacity on familiar grill platforms, nearly 200 experienced operators and a culture of Grandma Quality offerings rivaling Mama's. The plant combines automated and hand-cut portion-controlled proteins with modified atmospheric pressure packaging to extend shelf life, capabilities we can scale across our network.

這項價值 1,750 萬美元的全現金機會性收購，為我們的核心業務帶來了顯著的協同效應，同時以 2025 財年收入的 0.3 倍收購了一家極具吸引力的企業。此次收購完全透過與機構投資者的私募融資完成，並得到了我們現有商業銀行合作夥伴 M&T 銀行的長期信貸安排的支持，這將進一步支持我們未來可能遇到的機會。從戰略上看，Crown 在熟悉的燒烤平台上增加了可立即降低風險的產能，擁有近 200 名經驗豐富的操作員，並提供了一種可與媽媽做的媲美的奶奶品質的產品文化。該工廠將自動化和手工切割的定量蛋白質與改良的大氣壓力包裝相結合，以延長保質期，這些能力我們可以在我們的網路中推廣應用。

With about $56 million in revenue for the 12 months ending June 30 of this year, Crown I meaningfully advances our path to $1 billion of revenue. The deal is accretive this fiscal year, and we see substantial growth potential with their premium customers and cross-selling opportunities. Crown I adds significant scale and immediate production capacity, especially in chicken to our operation, and we also gained an incredible team as well as management bench strength.

截至今年 6 月 30 日的 12 個月內，Crown I 的營收約為 5,600 萬美元，這顯著地推進了我們實現 10 億美元收入目標的進程。該交易將在本財年帶來收益成長，我們看到其高端客戶和交叉銷售機會具有巨大的成長潛力。Crown I 為我們的營運帶來了顯著的規模和即時的生產能力，尤其是在雞肉方面，此外，我們還獲得了一支優秀的團隊以及強大的管理人才儲備。

We plan to expand SKU penetration across Crown I's customer base and bring their facility into our network quickly, leveraging our incredible Farmingdale operations team to drive integration given its proximity. Over time, we expect to evolve Crown I's margins closer to our current levels through operational efficiencies, improved throughput, joint chicken purchasing, and better coordination of machinery and logistics.

我們計劃擴大 SKU 在 Crown I 客戶群中的滲透率，並迅速將他們的工廠納入我們的網絡，利用我們優秀的 Farmingdale 營運團隊推動整合，因為其地理位置便利。隨著時間的推移，我們期望透過提高營運效率、改善產量、聯合採購雞肉以及更好地協調機械和物流，使 Crown I 的利潤率更接近我們目前的水平。

Most importantly, the Crown I acquisition following the successful acquisition of Creative Salads and Olive Branch in 2022 and Chef Inspirational Foods in '23 proves once again that our one-stop shop strategy is working. And with patient searching, prudent diligence and a practical transition, our Mama's family can acquire and integrate businesses at attractive multiples to drive outsized value for our shareholders.

最重要的是，在 2022 年成功收購 Creative Salads 和 Olive Branch，以及 2023 年成功收購 Chef Inspirational Foods 之後，Crown I 的收購再次證明，我們的一站式購物策略是有效的。透過耐心搜尋、謹慎盡責和務實過渡，我們媽媽的家族能夠以有吸引力的倍數收購和整合企業，從而為我們的股東創造超額價值。

Turning to market dynamics. During the first half of fiscal '25, we have seen growth for private label brands continue to outpace national brands. The Private Label Manufacturers Association reported that private brands outpaced national brands by 4x during the six months ending June 15.

轉向市場動態。在 2025 財年上半年，我們看到自有品牌的成長速度持續超過全國性品牌。自有品牌製造商協會報告稱，截至 6 月 15 日的六個月內，自有品牌銷售額是全國性品牌的 4 倍。

Leading the charge was Refrigerated Products, which recorded the highest sales growth at 13% over the period. This reaffirms our strategy and remains a tailwind for Mama's. Speaking of Refrigerated Foods, according to new research from the National Frozen & Refrigerated Foods Association, shoppers have a strong and growing connection to the refrigerated section, especially when it comes to healthy, quick meal solutions and everyday family basics. This study discovered that 77% of adults associate refrigerated products with high-quality ingredients and that 70% believe these products support health or wellness goals, another feather in Mama's cap.

冷藏產品業務領跑，在此期間實現了最高的銷售成長，增幅達 13%。這再次印證了我們的策略，並繼續為 Mama's 的發展帶來利好。說到冷藏食品，根據美國國家冷凍和冷藏食品協會的最新研究，購物者與冷藏區有著密切且日益增長的聯繫，尤其是在健康、快速的膳食解決方案和日常家庭必需品方面。這項研究發現，77% 的成年人認為冷藏產品與優質成分相關，70% 的成年人認為這些產品有助於實現健康或保健目標，這又為媽媽們增添了一項榮譽。

In addition, protein remains the most sought-after nutrient in American consumers' diets according to results from two recent consumer surveys from the International Food Information Council. This was the fifth straight year in a row that protein was the top nutrient that most Americans say they're trying to consume. Approximately 80% of consumers reported prioritizing protein intake during a daily meal. High restaurant prices continue to bring consumers back to the grocery store for both savings and variety.

此外，根據國際食品資訊委員會最近兩項消費者調查的結果，蛋白質仍然是美國消費者飲食中最受歡迎的營養素。這已經是蛋白質連續第五年成為大多數美國人表示他們想要攝取的首要營養素了。約 80% 的消費者表示，他們在日常飲食中優先考慮蛋白質的攝取。餐廳高昂的價格持續促使消費者回到超市購物，以節省開支並豐富商品種類。

The July Consumer Price Index highlighted these trends as away-from-home inflation increased from June to 3.9% over the past 52 weeks, while at-home was down from June to 2.2%, creating almost a 2x variance between away-from-home and at-home inflation over the last 12 months. These away-from-home price increases provide significant market potential for our deli prepared foods to capture, particularly in recessionary environments where consumers eat out less.

7 月消費者物價指數凸顯了這些趨勢，過去 52 週，外出消費通膨率從 6 月上升至 3.9%，而居家消費通膨率從 6 月下降至 2.2%，導致過去 12 個月外出消費通膨率和居家消費通膨率之間的差異幾乎是 2 倍。這些外食價格的上漲為我們的熟食產品提供了巨大的市場潛力，尤其是在經濟衰退時期，消費者外食減少。

Operationally, we executed against our four Cs: cost, controls, culture, and catapult, and we'll run the same playbook at Crown. The first is cost. Skip and his team have done a tremendous job driving efficiency in our facilities. Freight continues to be a highlight with greater freight line management, fuller trucks and better planning, driving down our costs another 60 basis points from last year and last quarter.

在營運方面，我們貫徹了我們的四個 C：成本、控制、文化和彈射，我們將在 Crown 執行同樣的策略。首先是成本。Skip 和他的團隊在提高我們工廠的效率方面做得非常出色。貨運業務持續保持領先地位，貨運線路管理更加完善，卡車裝載率更高，規劃更加合理，與去年同期和上一季相比，成本又降低了 60 個基點。

We've created new centers of excellence, starting in logistics, procurement and IT, which allows us to use our scale more effectively. We can't wait to add Crown's muscle to our growing frame. Crown will nearly double our raw chicken needs, and early conversations with our suppliers reflect they couldn't be more excited to partner with us for growth and sharing improved costing. One year ago, we only had two chicken grills in Farmingdale. Today, we have six, expertly maintained, skillfully run and eagerly awaiting our sales team to fill them up.

我們創建了新的卓越中心，首先從物流、採購和IT入手，這使我們能夠更有效地利用我們的規模優勢。我們迫不及待地想讓 Crown 的強健體魄加入我們不斷成長的隊伍。Crown 將使我們的生雞肉需求幾乎翻一番，我們與供應商的早期對話表明，他們非常高興能與我們合作，實現成長並共享更優惠的成本。一年前，法明代爾只有兩台烤雞機。今天，我們有六輛維護精良、營運熟練的卡車，正翹首以盼我們的銷售團隊將它們裝滿。

The second C is controls. As promised last year, we have successfully implemented the start of our warehouse management system in East Rutherford. This has provided us unparalleled visibility into our inventories, allowing for reduced waste as well as more agility and higher service levels for our customers. We have also deployed new NetSuite upgrades throughout our network to alert users immediately if cost of raw materials or assembly builds change in cost above a certain threshold.

第二個C是控制。正如去年承諾的那樣，我們已成功在東盧瑟福啟動了倉庫管理系統。這讓我們對庫存有了前所未有的了解，從而減少了浪費，並提高了靈活性，為客戶提供了更高的服務水準。我們還在整個網路中部署了新的 NetSuite 升級，以便在原材料成本或組裝成本超過一定閾值時立即向用戶發出警報。

As you hear me say often, what gets measured gets improved. This is just one more example of our strategy coming to life and not just sitting in a PowerPoint deck. While Crown is already successfully managing their business on an alternative ERP system, we're already planning to bring Crown onto our NetSuite instance early next year to ensure we're optimizing every aspect of our business across all three facilities. As our team knows, our operations mantra is one plant, now three locations.

正如我常說的，衡量才能改進。這再次證明了我們的策略正在落地實施，而不僅僅是停留在PPT簡報中。雖然 Crown 已經成功地使用其他 ERP 系統來管理其業務，但我們計劃在明年初將 Crown 遷移到我們的 NetSuite 系統，以確保我們能夠優化所有三個工廠業務的各個方面。正如我們團隊所知，我們的營運理念是「一個工廠，三個地點」。

The third C is culture. Abbey and her team recognize that our people are our most important ingredient and have been working to turn jobs into careers. Last month, we announced our first-ever Heritage Mentorship Inaugural Class. This program is for high-potential associates to match up with a leadership team member over a structured nine-month journey with themes, developmental activities, and enrichment experiences rooted in Mama's core values of commit to craftsmanship, honor heritage, and nurture relationships to develop this leadership and EQ skills.

第三個C是文化。Abbey 和她的團隊認識到，員工是我們最重要的組成部分，並一直致力於將工作變成事業。上個月，我們宣布了第一屆「傳承導師計畫」的啟動班級。該計劃旨在讓有潛力的員工與領導團隊成員配對，透過為期九個月的結構化旅程，圍繞著「致力於精湛工藝、尊重傳統、培養人際關係」的核心價值觀，開展主題活動、發展活動和豐富的體驗，以培養領導力和情緒智商技能。

The best part of being in a fast, profitably growing business is that there are always opportunities to step up and lead. This will become our breeding ground for the leaders of Mama's tomorrow. While our team is always prepared for the next acquisition, the Crown deal allowed us to break out our M&A people playbook once again and use these repeatable tools to ensure on day one, our Crown colleagues feel protected, provided for with a sense of purpose in Grandma's house. Culture remains our secret weapon.

在快速發展、獲利豐厚的企業中，最棒的地方在於總有機會挺身而出，承擔領導角色。這裡將成為我們培養未來媽媽們領導者的搖籃。雖然我們的團隊始終為下一次收購做好準備，但 Crown 的交易讓我們再次拿出我們的併購人員策略手冊，並使用這些可重複使用的工具，以確保從第一天起，我們的 Crown 同事就能感受到保護、保障和使命感。文化仍然是我們的秘密武器。

The final C being catapult speaks for itself. We saw another quarter of 20%-plus growth, nearly 10x category growth. The capabilities that Chris is building are incredible and part of me thinks we should change catapult to crush. Most importantly, the sales team is focused on the right things, accelerating the club channel this quarter with new non-protein items at BJ's using the entire white meat chicken breast for paninis at Sam's, chicken meatballs at Costco.

最後一個C代表彈射器，這本身就說明了一切。我們又看到了一個季度超過 20% 的成長，幾乎是同類產品成長的 10 倍。克里斯正在建造的能力令人難以置信，我甚至覺得我們應該把彈射器改成粉碎機。最重要的是，銷售團隊專注於正確的事情，本季度加快了俱樂部管道的發展，在 BJ's 推出了新的非蛋白質產品，在 Sam's 推出了使用整塊白肉雞胸肉製作的帕尼尼，在 Costco 推出了雞肉丸。

We have partnered with our biggest grocery partner to launch four new meals for one, leveraging our new map technology, adding shelf life and reducing labor for Publix. We've also leveraged our map technology to launch new meals for one offline and Amazon Fresh stores as well as online. We're excited to share that we recently received confirmation that Costco would like to partner with us on our first-ever national multi-vendor mailer in Q4, allowing the entire country to buy the meatballs that got this company started. This was not planned for in the budget, but Chris and Skip are ready for it.

我們與最大的食品雜貨合作夥伴攜手推出了四款新的單人餐，利用我們全新的地圖技術，延長了保質期，並減少了 Publix 的人工成本。我們也利用地圖技術，線上下門市、亞馬遜生鮮商店以及線上推出了新的單人餐點。我們很高興地宣布，我們最近收到確認，Costco 希望在第四季度與我們合作開展我們有史以來第一次全國多供應商郵件營銷活動，讓全國各地的人都能買到讓這家公司起步的肉丸。這不在預算之內，但克里斯和斯基普已經準備好了。

Our biggest surprise this year has been what we thought would be a quiet launch of a new panini line, boy, was I wrong. Following our IDDBA event this summer, our paninis exploded and are now in over 2,000 doors, anchored by Sheetz, Sam's Club and Publix, just to name a few. More importantly, they're beating all velocity expectations, and we're already being asked to expand the door count. All of this excitement makes it that much more impressive that our sales team across Crown and Mama's are already talking about how to accelerate this amazing growth.

今年我們最大的驚喜，原本以為會悄悄推出新的帕尼尼系列，結果卻出乎意料地大錯特錯。今年夏天我們舉辦了 IDDBA 活動，之後我們的帕尼尼銷量暴增，現在已經進入了 2000 多家門市，其中包括 Sheetz、Sam's Club 和 Publix 等大型連鎖超市。更重要的是，他們的速度超出了所有預期，我們已經被要求增加門的數量。所有這些令人興奮的事情，使得我們 Crown 和 Mama's 的銷售團隊已經在討論如何加速這一驚人的成長，這更令人印象深刻。

As a reminder, Crown provides $56 million in revenue in retailers that are largely incremental to our base today while providing meaningful new product cross-selling opportunities, both in their customers and ours. This provides us a baseline of nearly $200 million in run rate sales from which to grow, catapulting us to even closer to our $1 billion goal. I would be remiss and likely in trouble if I didn't share with my fellow shareholders the incredible work Lauren and her team are doing on the marketing front to capture wins today and strengthen our brand for tomorrow.

需要提醒的是，Crown 為零售商帶來了 5,600 萬美元的收入，這些零售商在很大程度上是我們現有客戶群的新增客戶，同時為他們的客戶和我們的客戶提供了有意義的新產品交叉銷售機會。這為我們提供了近 2 億美元的年化銷售額基準，以此為基礎可以實現成長，並使我們離 10 億美元的目標更近一步。如果我不與我的其他股東分享勞倫和她的團隊在行銷方面所做的出色工作，以取得今天的成功並加強我們品牌的未來，那我就是失職，而且很可能會惹上麻煩。

The stronger our brand, the more we can help our retail partners drive more trips, larger baskets, and more profitable sales. Our success in club this quarter didn't come by chance. The Sam's Club influencer campaign drove awareness to the new panini items we launched.

品牌越強大，我們就越能幫助零售合作夥伴增加客流量、提高客單價和提升銷售利潤。本季我們在俱樂部比賽中取得的成功並非偶然。山姆會員店的網紅行銷活動提高了人們對我們新推出的帕尼尼產品的認知度。

The BJ's digital program drove trial, and more importantly, repeat levels above historic numbers. Our Walmart web partnership is seeing double-digit returns on advertising investment, and our Instacart partnership is adding fuel to our Costco beef meatball fire. As I hope you see, we do not leave much to chance, and we don't hope new items succeed. We develop in advance the plans, partnership and promotion to allow our items to explode.

BJ 的數位化專案推動了試用，更重要的是，復購率超過了歷史最高水準。我們與沃爾瑪的網路合作在廣告投資方面獲得了兩位數的回報，而我們與 Instacart 的合作則為我們與 Costco 的牛肉丸生意火上澆油。希望您能明白，我們不會把太多事情交給運氣，也不會寄望新產品能夠成功。我們提前製定計劃、建立合作關係並進行推廣，以使我們的產品能夠迅速走紅。

Lastly, while organic growth in the Crown I integration remains our clear priority, we continue to keep our eyes open for our next potential M&A opportunity. As we made clear with Crown I, we are disciplined in our approach, seeking targets that enhance our category leadership, expand our capabilities, and further scale our operations at a fair price. With our robust balance sheet and operational infrastructure, we are confident in our ability to successfully integrate Crown over the next year and thereafter, any opportunities that may arise.

最後，儘管 Crown I 整合的有機成長仍然是我們的首要任務，但我們仍會繼續關注下一個潛在的併購機會。正如我們在 Crown I 專案中所明確表明的那樣，我們採取了嚴謹的方法，尋求能夠提升我們品類領導地位、擴展我們能力並以合理價格進一步擴大我們營運規模的目標。憑藉我們穩健的資產負債表和營運基礎設施，我們有信心在未來一年內成功整合 Crown，並抓住此後可能出現的任何機會。

In closing, the strategic and operational improvements made in the quarter, paired with our acquisition of Crown I have created a stronger, more agile, and efficient business platform. With significant new customer wins coming online in the second half of the year, successful product expansions and continued operational improvements now realized, Mama's is exceptionally well positioned for profitable growth and market share gains throughout fiscal '26 and beyond. I remain incredibly proud of our team's execution, energy and relentless commitment to excellence, and I look forward to sharing our continued progress in the quarters ahead.

總之，本季在策略和營運方面所做的改進，加上我們對 Crown I 的收購，打造了一個更強大、更靈活、更有效率的業務平台。隨著下半年大量新客戶的加入，產品線的成功擴張以及營運的持續改進，Mama's 已做好充分準備，在 2026 財年及以後實現盈利增長和市場份額提升。我為我們團隊的執行力、活力和對卓越的不懈追求感到無比自豪，並期待在接下來的幾個季度與大家分享我們所取得的持續進展。

I'd now like to turn the call over to Anthony Gruber, our Chief Financial Officer, to walk through some key financial details from the second quarter of fiscal '26. Anthony?

現在我想把電話交給我們的財務長安東尼·格魯伯，讓他介紹一下 2026 財年第二季的一些關鍵財務細節。安東尼？

Thank you, Adam. Moving to the financial results. Revenue for the second quarter of fiscal '26 increased 24% to $35.2 million as compared to $28.4 million in the same year ago quarter. The increase was largely attributable to volume gains driven by same customer cross-selling of new items, accelerating velocities of existing items, and new customer door expansion. Trade spend was prudently managed to drive outsized returns and remain 2 times larger than prior year.

謝謝你，亞當。接下來來看財務業績。2026 財年第二季營收成長 24%，達到 3,520 萬美元，去年同期為 2,840 萬美元。成長主要歸功於同一客戶交叉銷售新產品帶來的銷售成長、現有產品銷售速度加快以及新客戶通路的拓展。貿易支出經過審慎管理，實現了超額收益，並維持了比上年高出2倍的規模。

Targeting pricing actions were successfully negotiated in Q1, implemented in Q2 and now more accurately reflect the current macroeconomic conditions. Gross profit increased 28% to $8.8 million, or 25% of total revenues in the second quarter of fiscal '26 as compared to $6.9 million, or 24% of total revenues in the same year ago quarter. The difference in gross margin was primarily attributable to operational efficiency improvements across the organization, partially offset by continued protein commodity headwinds and increased investment in trade.

第一季成功協商制定了針對性定價措施，第二季實施了這些措施，現在這些措施能夠更準確地反映當前的宏觀經濟狀況。2026 財年第二季毛利成長 28% 至 880 萬美元，佔總營收的 25%，而去年同期毛利為 690 萬美元，佔總營收的 24%。毛利率的差異主要歸因於整個組織營運效率的提高，但部分被蛋白質商品價格持續走低和貿易投資增加所抵消。

Operating expenses totaled $7.1 million in the second quarter of fiscal '26 as compared to $5.3 million in the same year ago quarter. As a percentage of sales, operating expenses remained within our targeted range in the fiscal second quarter '26 at 20.1% from 18.6% in the same year ago quarter.

2026 財年第二季營運支出總額為 710 萬美元，去年同期為 530 萬美元。2026 財年第二季度，營業費用佔銷售額的百分比維持在目標範圍內，為 20.1%，而去年同期為 18.6%。

Operating expenses in the second quarter benefited from increased operating leverage and ongoing operational efficiency improvements, partially offset by a 75% year-over-year increase in marketing spend, an area of historical underinvestment to help drive repeatable and profitable brand growth. Year-to-date, our high ROI marketing spend has nearly doubled versus prior year.

第二季度的營運費用受益於營運槓桿的提高和營運效率的持續改進，但部分被行銷支出年增 75% 所抵消，而行銷支出歷來投資不足，無法推動可重複且盈利的品牌成長。今年迄今為止，我們的高投資報酬率行銷支出幾乎比前一年翻了一番。

Looking ahead, following the acquisition of Crown I, our revenue run rate stands at approximately $200 million today, and we believe that our normalized gross margin profile, not including major commodity fluctuations will hover in the low-20% range. This is driven by Crown's lower gross margin profile standing in the mid-teens percentage range, about 10 points short of our historical margin profile at Mama's Creations and we believe that over the next 12 to 18 months, by instilling our operational discipline into Crown's operations and realizing meaningful procurement and throughput cost savings across the enterprise that we can structurally lift our combined gross margin profile from the low-20% range today towards Mama's historical levels in the mid- to high-20% range.

展望未來，在收購 Crown I 之後，我們目前的年化收入約為 2 億美元，我們相信，在不考慮主要商品價格波動的情況下，我們正常的毛利率將徘徊在 20% 左右。這是由於 Crown 的毛利率較低，目前在 15% 左右，比 Mama's Creations 的歷史毛利率低約 10 個百分點。我們相信，在未來 12 到 18 個月內，透過將我們的營運紀律注入 Crown 的運營，並在整個企業範圍內實現有意義的採購和吞吐量成本節約，我們可以將我們合併後的毛利率從目前的 20% 左右提升到 Mama's Creations 的歷史水平，即 20% 中高段。

As a reminder, all of this is inclusive of rightsizing our trade promotion investments when our margins are achieved, and the funds are available. In Q2, we knew we had commodity headwinds, and we adjusted accordingly. Trade came in at 2.2%, more than 2x higher than prior year.

再次提醒，所有這些都包括在達到利潤目標且資金到位後，調整我們的貿易促進投資規模。第二季度，我們知道大宗商品價格面臨不利因素，並據此進行了調整。貿易額成長2.2%，是上年的兩倍多。

For the first half of the year, trade is running 3x prior year with over $3 million invested in growing our velocities, brands, and retailer partnerships versus less than $1 million last year. We remain vigilant on managing the magnitude and ROI of our trade spend and see it as a critical tool to achieve our ambitions.

今年上半年，貿易額是去年同期的 3 倍，我們在提升交易速度、品牌和零售商合作關係方面投入了超過 300 萬美元，而去年同期投入還不到 100 萬美元。我們始終密切關注貿易支出的規模和投資回報率，並將其視為實現我們目標的關鍵工具。

Net income for the second quarter of fiscal '26 increased to 11% to $1.3 million, or $0.03 per diluted share as compared to net income of $1.1 million or $0.03 per diluted share in the same year ago quarter. Second quarter net income totaled 3.6% of revenue as compared to 4% in the same year ago quarter.

2026 財年第二季淨利成長 11% 至 130 萬美元，即每股攤薄收益 0.03 美元，而去年同期淨利為 110 萬美元，即每股攤薄收益 0.03 美元。第二季淨利佔營收的3.6%，去年同期為4%。

Adjusted EBITDA, a non-GAAP measure, increased 18% to $3.3 million for the second quarter of fiscal '26 as compared to $2.7 million in the same year ago quarter.

經調整的 EBITDA（非 GAAP 指標）在 2026 財年第二季成長了 18%，達到 330 萬美元，而去年同期為 270 萬美元。

Cash and cash equivalents as of July 31, 2025, grew to $9.4 million, as compared to $7.2 million as of January 31, 2025. The increase in cash and cash equivalents was primarily driven by improved profitability and working capital optimization. As of July 31, 2025, total debt fell to $2.7 million as compared to $6.8 million as of July 31, 2024. As we clearly demonstrated, the robust balance sheet, further supported by a $27.4 million credit facility with M&T Bank proactively prepares us to pursue whatever organic or inorganic growth opportunities may come our way.

截至 2025 年 7 月 31 日，現金及現金等價物增至 940 萬美元，而截至 2025 年 1 月 31 日為 720 萬美元。現金及現金等價物的增加主要得益於獲利能力的提高和營運資本的最佳化。截至 2025 年 7 月 31 日，總債務降至 270 萬美元，而截至 2024 年 7 月 31 日，總債務為 680 萬美元。正如我們清楚地表明的那樣，穩健的資產負債表，再加上 M&T 銀行提供的 2740 萬美元信貸額度，使我們能夠積極主動地抓住任何可能出現的有機或無機增長機會。

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

我的發言稿到此結束。在開始問答環節之前，我想把電話轉回給亞當，請他做一些總結發言。亞當？

Thank you, Anthony. We exited the quarter with a tighter, higher throughput platform, now amplified by Crown's capacity and premium customer access.

謝謝你，安東尼。本季末，我們擁有了一個更緊湊、吞吐量更高的平台，現在又得到了 Crown 的產能和優質客戶資源的支援。

Our priorities are clear: enhance Crown's margin profile, integrate them quickly and efficiently and drive aggressive synergy realization and cross-selling by helping them to be brilliant at the basics. This is a playbook not dissimilar from when I first joined Mama's Creations back in late '22, and equally straightforward to implement given their proximity.

我們的優先事項很明確：提高 Crown 的利潤率，快速有效地整合他們，並透過幫助他們做好基礎工作來推動積極的協同效應實現和交叉銷售。這套方案與我 2022 年底剛加入 Mama's Creations 時所採用的方案並無太大區別，而且由於地理位置接近，實施起來也同樣簡單直接。

I could promise you that our entire management team is laser-focused on executing upon this goal. We're approaching escape velocity, well positioned to compound profitable growth as consumers shift to convenient, high-quality deli-prepared foods.

我可以向你保證，我們整個管理團隊都將全力以赴，確保實現這一目標。我們正接近逃逸速度，隨著消費者轉向方便、高品質的熟食，我們已做好充分準備，實現獲利成長。

With that, operator, let's open the line for questions.

好了，接線員，我們現在開始接受提問。

(Operator Instructions) Ryan Meyers, Lake Street Capital Markets.

（操作員說明）瑞安·邁耶斯，湖街資本市場。

Hey guys, thanks for taking my questions. First one for me, just on the gross margins. And I know things will be a little difficult to predict as you guys are integrating the acquisition. But if we think about just the organic Mama's business, do you still feel confident in the gross margin rebound in the second half of the year?

各位好，感謝你們回答我的問題。對我來說，這是第一個問題，僅就毛利率而言。我知道在你們整合收購的過程中，情況會有點難以預測。但如果我們只考慮有機媽媽的業務，您是否仍然對下半年毛利率的反彈有信心？

Are you may be seeing ongoing chicken commodity headwinds? Are you planning to pull back on trade spend at all? Just how we should be thinking about the Mama's business organically as itself, the gross margins in the second half of the year?

您是否注意到雞肉商品價格持續面臨不利因素？你們是否計劃削減貿易支出？我們該如何從有機角度看待媽媽們的業務本身，以及下半年的毛利率？

Yeah, absolutely. Thanks, Ryan. And before I begin, I just really want to thank the team again. Everyone has done an incredible job operating the business. My partner, Anthony here through the whole M&A process.

是的，絕對的。謝謝你，瑞恩。在開始之前，我真的很想再次感謝團隊。每個人在經營這家公司方面都做得非常出色。我的合夥人安東尼全程參與了併購過程。

I really appreciate him. And just a huge thank you to everybody. Directly to your question, yes, we feel really good. If you look at what's happening with chicken, I think there was a little bit of a God smile or something. But if you remember when we had this conversation in the beginning of June at the last call, I told you we hadn't seen chicken prices go down. And literally, the day after our earnings call, it started to go down. Chicken is literally a full $1 a pound cheaper than it was when I last spoke with you guys.

我非常欣賞他。非常感謝大家。直接回答你的問題，是的，我們感覺非常好。如果你看看雞肉的現狀，我覺得上帝似乎在暗自微笑。但如果你還記得我們在六月初最後一次通話時談到這件事，我告訴過你，我們還沒有看到雞肉價格下降。果不其然，就在我們發布財報電話會議的第二天，股價就開始下跌了。雞肉的價格比我上次和你們聊天時每磅便宜了整整 1 美元。

So I feel really good there. Obviously, Skip is doing a great job with his team on continuing to drive efficiency in the process. Our throughput is really impressive. We're seeing now that we have -- well, we have four grills, now we have six, but you're seeing just a lot more throughput, which is really helping us.

所以我感覺在那裡真的很好。顯然，Skip 和他的團隊在不斷提高流程效率方面做得非常出色。我們的吞吐量非常驚人。我們現在看到，我們有了——嗯，我們以前有四個烤架，現在有六個了，但是產量大大提高了，這真的對我們很有幫助。

So yeah, from a core business perspective, and Crown will after this call become core. But yeah, we feel good with what's happening with chicken. Beef is pulling up a little bit. It's something that we want to keep looking at. But again, we have contracts in both places.

所以，從核心業務角度來看，Crown 在這次通話後將成為核心業務。不過，我們對雞肉產業目前的狀況感到滿意。牛肉價格略有回升。這是我們需要繼續關注的問題。但是，我們在兩地都簽了合約。

But yeah, everything, knock on wood, is going our way. Chris and his team is doing an incredible job. I mentioned just a minute ago, the first ever Costco national buy that we just got in Q4 that is massive and completely not in budget.

不過，是啊，一切都進展順利，但願如此。克里斯和他的團隊做得非常出色。我剛才提到過，我們在第四季度首次從 Costco 全國範圍內採購了一大批商品，而且完全超出了預算。

So yeah, I feel good. Look, we just have to keep doing what we're doing. We've been doing this now for the past three years together as a team. And I feel great with how we're doing. And yeah, so I feel really good there.

是的，我感覺很好。我們只需要繼續做我們正在做的事情。過去三年，我們一直作為一個團隊一起做這件事。我對我們目前的表現非常滿意。是的，我感覺非常好。

Got it. That's good to know. And then thinking about the $56 million in revenue that the Crown acquisition will add, is that growing? Is it expected to continue to grow? Is there any kind of SKU rationalization or channel rationalization that you need to do?

知道了。那真是個有用的信息。再想想收購 Crown 將帶來的 5,600 萬美元收入，這是否在成長？預計會繼續成長嗎？您是否需要進行任何 SKU 精簡或管道精簡？

I know you did some of that when you first joined Mama's, there was some stuff you guys walked away from. But just kind of help us understand where that Crown business is from a revenue standpoint and kind of anything we should be understanding with that?

我知道你剛加入 Mama's 時做過一些那樣的事，也有些事你們放棄了。但能否幫我們了解一下Crown的業務在收入方面的情況，以及我們應該了解的關於這方面的其他資訊？

Yeah. It's really interesting. I'm a recovering former management consultant. And the sort of inside joke when we used to go to each of our clients, we'd speak to the CEO. And the first thing the CEO would say is, guys, you've never seen this before. We're really special. We're really different. You can't use what you've done in the past. And for seven, eight, however long years I did it, we ran the same playbook.

是的。真有意思。我是一名正在轉型中的前管理顧問。以前我們去拜訪每個客戶時，都會和他們的CEO交談，這是我們之間的玩笑。CEO首先會說的是，夥計們，你們以前從未見過這種情況。我們真的很特別。我們真的很不一樣。你不能用過去的經驗來代替。在我從事這項工作的七年、八年，或更長時間裡，我們一直沿用同樣的策略。

I got to honestly tell you guys, we're cheating, full stop, we're cheating. We've done this as a leadership team with the Creative Salads acquisition, Anthony Morello, helped us, right? And Anthony is still here. We've done this once before. We're going to do it all over again. It's literally 10 miles away using the same equipment.

說實話，我們作弊了，就這麼簡單，我們作弊了。我們領導團隊透過收購 Creative Salads 完成了這項工作，Anthony Morello 也幫助了我們，對吧？安東尼還在這裡。我們以前做過一次。我們將重來一遍。實際上，兩地相距僅 10 英里，而且使用的都是相同的設備。

So everything you just mentioned, absolutely, we're going to look and look at the business, right size the business. We're not making any decisions right now, right? Chris is the boss with Andy, who leads Crown. We're going to meet with each of our customers. We're super excited. We bought the business for our customers.

所以你剛才提到的所有問題，我們都會認真審視業務，調整業務規模。我們現在還沒做任何決定，對吧？克里斯是老闆，安迪是皇冠集團的領導者。我們將與每一位客戶會面。我們超級興奮。我們收購這家企業是為了我們的客戶。

So we're going to have conversations and see how we could help them more, right? That's the whole power we have with the business to share more, to have more capacity for them. So I think we're going to do a -- I feel very comfortable from a revenue side of the house.

所以我們要進行一些對話，看看我們還能如何更好地幫助他們，對吧？這就是我們與企業合作的全部力量，我們可以分享更多，為他們提供更多能力。所以我覺得我們會——從收入方面來說，我感覺非常有信心。

Yeah, if there are SKUs that aren't selling at all, but we keep all of the raw materials in the back and we throw it out every three months, yeah. We're going to probably stop that.

是的，如果有些 SKU 完全賣不出去，我們會把所有原料都放在倉庫裡，每三個月丟掉一次。我們大概會停止這樣做。

We're going to look at what we have. Hey, we're going to look at do we need two meat loaves? Do we need two meatballs, right? Which one is better? We'll share with our customer both. If they like the one, they have, great. If not, wow, I just improved the quality for your product and actually, from what we're seeing, lower your cost.

我們將看看我們有什麼。嘿，我們要看看是否需要兩塊肉餅？我們需要兩個肉丸，對吧？哪個更好？我們會把這兩樣都分享給客戶。如果他們喜歡他們擁有的那一個，那就太好了。如果不是這樣，哇，我不僅提高了你產品的質量，而且從我們目前的情況來看，還降低了你的成本。

From an operations perspective, Skip is already 00 he's been there the whole time. Poor Tammy, his wife, he's been in Bay Shore and looking at our products. We just added two more grills. That means that when we used to have to push hard and pay for overtime in Farmingdale, we don't have to do that anymore, right? Because we have two more grills.

從營運角度來看，Skip 已經是 00 了，他一直都在那裡。可憐的塔米，他的妻子，他一直在海灣海岸看我們的產品。我們剛剛又添置了兩個烤架。這意味著，以前我們在法明代爾不得不努力工作並支付加班費的時候，現在我們不必再這樣做了，對吧？因為我們還有兩台烤架。

We have additional capacity. This 42,000 square feet is -- yes, 42,000 square feet. It is twice the size of both of our other two facilities. This is a big space for us to allow a lot of efficiencies. So I think the so what for all of this is we are all super excited.

我們還有額外的產能。這42000平方英尺——沒錯，就是42000平方英尺。它的面積是我們另外兩個設施的兩倍。這是一個很大的空間，我們可以在這裡大幅提高效率。所以我覺得這一切的意義就在於，我們都非常興奮。

We are super patient. Anyone that you guys know me; I'm not rushing after anything. We're going to take a very patient approach, speak to our customers first, right? This is a Grandma Quality business and learn together and together see where we could help each other across, right?

我們非常有耐心。認識我的人都知道，我並不急於追求什麼。我們將採取非常有耐心的方式，先與客戶溝通，對嗎？這是奶奶品質的生意，大家一起學習，一起看看我們可以在哪些方面互相幫助，對吧？

One plant, three facilities, three locations. And I think that's where we're going to drive a lot of synergies.

一家工廠，三個設施，三個地點。我認為我們將在這方面產生許多協同效應。

Got it. Makes sense. Thanks for taking my questions.

知道了。有道理。謝謝您回答我的問題。

Thanks, Ryan.

謝謝你，瑞恩。

Eric Des Lauriers, Craig-Hallum Capital Group.

艾瑞克‧德斯‧勞裡爾斯 (Eric Des Lauriers)，克雷格-哈勒姆資本集團。

Great, thanks for taking my questions and congrats on another very strong quarter here. First question for me on the Costco news. Congrats there as well. I was wondering if you could just kind of recap the progress you've made penetrating Costco over the past two years, and then expand on the importance of the MVM here.

太好了，謝謝你回答我的問題，也恭喜你們又一個季度業績非常出色。關於Costco的新聞，我的第一個問題是：也恭喜你。我想請您簡要回顧一下過去兩年您在打入 Costco 市場所取得的進展，然後詳細闡述 MVM 在這裡的重要性。

Do you see this as a step closer towards everyday product status? Or is this kind of a nice to have with Costco? And how impactful could everyday product status be at Costco?

你認為這是朝著日常產品邁出的一步嗎？或者說，這對 Costco 來說只是錦上添花？日常商品狀態對 Costco 的影響究竟有多大？

Yeah. Thanks, Eric. And I'm super proud Scott gets a lot of credit from our sales team. Remember, when I started here, Scott and I, we had about $570,000, I think, of sales, one product, one region. All of last year, we got into all eight regions at different times.

是的。謝謝你，埃里克。我非常自豪斯科特能從我們的銷售團隊中獲得如此高的讚譽。記住，我剛來這裡的時候，我和史考特只有大約 57 萬美元的銷售額，我記得是這樣，當時只有一種產品，一個地區。去年一整年，我們都在不同時間進入了所有八個賽區。

We had about $10 million of sales all of last year. If you remember, we had the digital MVM in Q1, we hit $10 million just in Q1. So I explained in the past, it's an evolution. You get one item, you do exceptionally well in one region, you get more regions.

我們去年全年銷售額約1000萬美元。如果你還記得的話，我們在第一季推出了數位 MVM，僅在第一季就達到了 1000 萬美元。所以我之前解釋過，這是一個演變的過程。你獲得一件物品，如果你在一個地區表現出色，你就能獲得更多地區。

As you do exceptionally well, you get all regions, you get a national buy. You do exceptionally well, you get a digital MVM, right? That's what we did in Q1. You do exceptionally well, you get a national MVM, a print MVM. Every house in America, if they have a Costco membership, they're going to see Mama Mancini's meatballs in their brochure in the holiday season, another brilliant move by Scott for timing. He thinks it's pretty good to be -- have a national buy during the holidays.

如果你表現出色，你就能獲得所有地區的訂單，獲得全國範圍的採購。如果你表現特別出色，就能獲得一台數位MVM，對吧？這就是我們在第一季所做的。你表現出色，就能獲得全國最佳媒體獎和印刷版最佳媒體獎。在美國，如果每個家庭都有 Costco 會員卡，那麼在節日期間，他們都會在 Costco 的宣傳冊上看到 Mama Mancini 的肉丸，這是 Scott 在時機把握上的又一個絕妙舉措。他認為在假期期間進行全國性採購是件好事。

It's awesome. And to your point, if we do exceptionally well, Grandma Quality, great service, the next step is the national -- the everyday item. I just gave you some numbers there. It keeps -- what we used to do in a year, we did in a quarter, could you only imagine what the national MVM is going to look like? And can you only imagine if we have an everyday item.

太棒了。正如您所說，如果我們做得特別好，奶奶品質，服務周到，下一步就是全國範圍——成為日常用品。我剛才給了你一些數字。它保持著——我們過去一年才能完成的工作，現在一個季度就能完成，你能想像全國 MVM 將會是什麼樣子嗎？你能想像如果我們把一件日常用品也算進去會是什麼樣子嗎？

So as long as you stay Grandma Quality, great service, Costco is a great partner for us. And you see that over the three years that we've been partnering since I've been here.

只要能維持奶奶般的品質和優質的服務，Costco 就是我們很好的合作夥伴。你可以看到，自從我來到這裡以來，我們已經合作了三年。

That's helpful. I appreciate that. And yes, very nice progress over the past two years, looking forward to the years to come here.

那很有幫助。我很感激。是的，過去兩年取得了非常好的進展，期待未來幾年這裡的發展。

Switching gears to Crown a little bit. So you called out their map capabilities. You also kind of highlighted yours in your prepared remarks as well. Just wondering if you could help us understand the differences between Crown's map capabilities and yours.

稍微換個話題聊聊皇冠吧。所以你質疑了他們的地圖功能。你在事先準備好的發言稿中也重點提到了這一點。我們想請您幫忙了解一下Crown的地圖功能和貴公司地圖功能之間的差異。

What are they bringing to the table? Is it more scale? Are there some differences in their capabilities compared to yours? If you could just flesh that out, that would be helpful.

他們能帶來什麼？規模更大嗎？他們的能力與你的能力有何不同？如果你能把細節補充完整，那就太好了。

Yeah, there are a couple of things. And I really am so excited. I've been sort of privately over the past many months during the acquisition. Obviously, I had a chance to work with Andy during the M&A process. I obviously couldn't speak to the folks on the line every day. But I've already started to last Sunday.

是的，有幾件事。我真的非常興奮。在過去幾個月的收購過程中，我一直比較低調。顯然，在併購過程中我有機會與安迪共事。我顯然不可能每天都和電話那頭的人通話。但我上週日就已經開始了。

And what I'm excited about, I love the talent there. I love the people. Again, we're buying people. We're buying capabilities. These are really excited folks that I think we're seeing, and Abbey and Skip could speak better to this, but I think they found their home, right?

讓我感到興奮的是，我非常喜歡那裡的人才。我喜歡這裡的人們。我們又在買人了。我們正在購買能力。我覺得我們看到的這些人都非常興奮，Abbey 和 Skip 可能更能說明這一點，但我認為他們找到了自己的家，對吧？

Sysco is an amazing company. We could only aspire to reach those levels. They're a distributor, right? That is their expertise, and that's where they're exceptional at. They're not a manufacturer, right?

Sysco是一家很棒的公司。我們只能努力達到那些水準。他們是分銷商，對吧？那是他們的專長，也是他們最擅長的領域。他們不是生產商，對吧？

Actually, this Crown business was the only manufacturing element of their business. So I think that in these few -- this week or so that we've been able to speak to our new colleagues, I think they're really excited to be back to being core to the business, and that's what's very exciting.

事實上，這家皇冠公司是他們業務中唯一的製造環節。所以我覺得，在我們與新同事交流的這幾週時間裡，他們都非常興奮能夠重新成為公司的核心成員，而這才是最令人興奮的地方。

You asked very specifically, yes, they have more -- they actually have more equipment than we do, full stop. And that's great, and that gives us more space. But the other thing it does is they have more experience than we do. We've had this map technology now for months. They've been doing it for years.

你問得很具體，是的，他們的設備更多——他們的設備確實比我們多，就這麼簡單。那太好了，這給了我們更大的空間。但另一方面，他們也比我們更有經驗。這項地圖技術我們已經使用了好幾個月。他們已經這樣做了很多年了。

So remember, this is not a one-way street. This is not us telling them what to do, right? This is them teaching us. That's why you get brilliant people, not to tell them what to do, it's for them to tell you what to do.

所以請記住，這不是單行道。我們並不是告訴他們該怎麼做，對吧？這是他們在教導我們。所以你需要優秀的人才，不是告訴他們該做什麼，而是讓他們告訴你該做什麼。

So I am really excited for -- I'm already seeing people moving around the three plants. We have a very permeable -- across the three plants, I want to see a lot of learnings. So it's not just the equipment that they have and capacity that they have, but it's actually they know how to do things better than we do in some areas, and I want to learn from that.

所以我真的非常興奮——我已經看到有人在這三座工廠周圍活動了。我們三個工廠之間的交流非常順暢，我希望看到很多經驗教訓可以分享。所以，不只是他們擁有的設備和能力，更重要的是，他們在某些方面比我們做得更好，我想向他們學習。

So I mentioned earlier, the Publix is doing really well, four new items at Publix with the map technology, that's better for them, right? That reduces Publix swell, which means they want to buy from us more. We help them out. We actually got two new paninis in there as well. So yeah, things are going really well.

正如我之前提到的，Publix 超市的業績非常好，Publix 超市推出了四款採用地圖技術的新產品，這對他們來說是件好事，對吧？這可以減少 Publix 的膨脹，這意味著他們想從我們這裡購買更多商品。我們幫助他們。我們實際上還進了兩款新的帕尼尼。是的，一切進展都很順利。

Amazon Fresh is another one that's starting with our map item. So I feel great. I could sleep a little better at night, knowing that we have more capacity if things really accelerate and Chris and his team do their job, which they are. So yeah, hopefully, that's helpful.

Amazon Fresh 是另一個從我們的地圖產品開始推廣的平台。我感覺很好。知道如果事態真的加速發展，我們還有更大的應對能力，而且克里斯和他的團隊也確實在做好他們的工作，我晚上就能睡得更安穩一些。希望這能有所幫助。

Yeah. No, that was very helpful. And then just last one for me. Anthony, you touched on this in your prepared remarks, but just wondering if you could expand how your trade promotion plans or targets this year might change with Crown expecting to weigh on gross margins for the next four to six quarters?

是的。不，那很有幫助。最後，我還要再來一個。安東尼，你在事先準備好的發言稿中提到了這一點，但我想請你詳細說明一下，鑑於皇冠集團預計在未來四到六個季度會對毛利率造成壓力，你今年的貿易促銷計劃或目標可能會有哪些變化？

Well, we always look at the gross margin and balance it out with our marketing spends. So we try and optimize there where we -- if there's a quarter where commodity prices are up, we're going to tap the brakes on the marketing spend and make sure to kind of bolster our margin up.

我們總是會關注毛利率，並將其與行銷支出進行平衡。因此，我們嘗試進行最佳化，例如，如果某個季度大宗商品價格上漲，我們將減少行銷支出，並確保提高利潤率。

It's a seesaw. It's a little bit of feel all the time of what's out in the market, how much we're paying for input, and then what we could do as far as a customer standpoint and growing the customer base. We'll always look at that margin number and offset it basically with the marketing spend.

這是一個蹺蹺板。這需要時時關注市場上的動態，我們為投入支付了多少費用，以及從客戶角度出發，我們可以做些什麼來擴大客戶群。我們會一直關注利潤率，並基本上用行銷支出來抵消它。

If we're seeing a whole lot more margin than we anticipated, we're going to use some of those dollars to drive velocities on the top line by spending marketing dollars. If the margins and things are going very well for us right now, knock wood, as Adam said, chicken prices are a whole dollar less than what they've been. So we have some opportunities now. The MVM will be one of those opportunities.

如果利潤率遠超預期，我們將把部分利潤用於行銷，以提升營收。如果目前利潤和經營狀況都對我們非常有利（但願如此），正如亞當所說，雞肉價格比以前便宜了一美元。所以我們現在有一些機會。MVM將是這樣的機會之一。

Yeah. I agree with what Anthony said and just one other part with Crown. Crown is predominantly a private label business. So their trade rate is significantly lower. So what that does is understanding just the numerator and denominator, we don't have to spend as much in some of those customers that sort of want a fixed price. So yes, so we'll see.

是的。我同意安東尼的說法，只同意克朗的另一部分。Crown 主要是自有品牌企業。因此，他們的貿易匯率要低得多。這樣一來，只要了解了分子和分母，我們就不必在一些想要固定價格的顧客身上花那麼多錢了。所以，是的，我們拭目以待。

And I think the other thing that's important is, hopefully, you've seen this. You saw it in Q1. You saw it in Q2 now. Chris and his team do a very good job at -- it's a lever that they're able to move up and down fluidly.

我認為另一件重要的事是，希望你們已經看到了這一點。你在第一季已經看到了。你在第二季已經看到了。克里斯和他的團隊做得非常好——他們能夠流暢地上下調節這個槓桿。

And the partnership that Chris and Anthony have together weekly. We see what the numbers are. And if we need to pull back, we need to pull forward. So this is -- it's a very flexible tool that Anthony and Chris use together.

還有克里斯和安東尼每週的合作。我們看到了這些數字。如果需要後撤，我們就需要向前推進。所以，這是一個非常靈活的工具，安東尼和克里斯共同使用。

That's very helpful. If I could just kind of press that a little bit further. So I think previously, the goal was high 20% gross margins. And when it exceeds that, you would increase trade promotion. Should we kind of think of that high-20%s is now being moved down to the low-20%s where, say, you guys are looking at a quarter coming up where maybe you're at, just call it, 22% gross margin or something lower than you previously would.

那很有幫助。如果我能再進一步就好了。所以我覺得之前的目標是20%以上的毛利率。當超過這個數值時，就需要加強貿易促銷。我們應該這樣理解：原本接近 20% 的毛利率現在正在下調到 20% 左右？比如說，你們即將迎來一個季度，毛利率可能只有 22% 左右，或比之前更低。

Maybe that's a quarter that you would typically not spend a whole lot of trade promotion, but with this kind of, new normal, is that -- could that be a level where we could see more trade promotion than we would if it was Mama's stand-alone gross margin?

也許你通常不會在這個季度投入太多資金進行促銷，但在這種新常態下，這是否意味著——我們可能會看到比媽媽獨立毛利率更高的促銷投入？

So I really think -- and you've seen we've been together for a few years now. We have to see how the business goes. So we've shown that we could easily move it forward and back. We -- again, I mentioned earlier, I don't want to rush this integration. That's where you fail.

所以我真的覺得──你也看到了，我們已經在一起好幾年了。我們得看看生意如何發展。所以我們已經證明，我們可以輕鬆地將其向前或向後移動。我們——我之前也提到過，我不想倉促完成這次整合。這就是你的失敗之處。

I want to start, see where we are. We have the patience. As Anthony said, with chicken coming down, that actually gives us more than we had in Q2. Remember, Q2 started in May. That was the absolute peak of chicken prices.

我想先看看我們現在處於什麼階段。我們有耐心。正如安東尼所說，隨著雞肉供應量的下降，這實際上使我們比第二季度擁有的更多。記住，第二季是從五月開始的。那是雞肉價格的絕對最高點。

So you can only imagine what Q2 would have looked like if chicken wasn't -- I mean, I think the day of our earnings call, chicken was, I think, $2.83, something like that, a pound. Now it's like $1.70 a pound. So again, we're in it for the long haul. I think that we're going to be patient, see where it is. Our core business will help the Crown business get up to a higher number.

所以你可以想像一下，如果雞肉不是——我的意思是，我想在我們財報電話會議那天，雞肉的價格大概是每磅 2.83 美元左右——第二季度會是什麼樣子。現在價格大概是每磅1.70美元。所以，我們要做的是長期作戰。我認為我們應該保持耐心，看看情況如何發展。我們的核心業務將幫助皇冠集團的業務達到更高的水平。

And again, it's really important to remember, again, this is exactly what we did at Creative Salads. When we started, right, three years ago, Creative Salads was exactly was below the Mama's average. A year later, we had Creative Salads above the Mama's average. So this is a team that did it. It's the same team.

再次強調，這一點非常重要，這正是我們在創意沙拉餐廳所做的事。三年前我們剛起步的時候，Creative Salads 的價格正好低於 Mama's 的平均值。一年後，我們的創意沙拉品質高於媽媽的平均。所以，這是一支做到這一切的團隊。還是同一隊。

Anthony, myself, Lauren, right? And now we have Skip and Chris. So I think we're going to do even better than we did with the Creative Salads acquisition and the movement right up on gross margin.

安東尼、我、蘿倫，對吧？現在我們有了 Skip 和 Chris。所以我認為，收購 Creative Salads 後，我們的表現會比之前更好，毛利率也會大幅提升。

That's very helpful. I appreciate you taking all my questions.

那很有幫助。感謝您耐心解答我的所有問題。

You got it. Thanks, Eric.

答對了。謝謝你，埃里克。

George Kelly, ROTH Capital Partners.

喬治凱利，ROTH Capital Partners。

Hey, everybody. Thanks for taking my questions. To start, I was curious if you could be more specific just on the sort of potential revenue capacity out of Crown's manufacturing facility? And is there a lot of CapEx that you anticipate investing to get you up to whatever that potential capacity number is?

大家好。謝謝您回答我的問題。首先，我想請您更具體地說明Crown製造工廠的潛在收入能力？為了達到預期的潛在產能，您預計需要投入多少資本支出？

Yeah. And actually, I'll take the second question -- the second part first because it's so cool, and this is just another awesome factor. So this is one of -- this is the most recently enhanced expanded business. So to Sysco's credit, I think they put something like $6 million into this facility over the past couple of years. So it is actually one of the more automated, definitely the more enhanced temp-controlled and it's, again, the biggest facility.

是的。實際上，我會先回答第二個問題——先回答第二部分，因為它太酷了，這又是一個很棒的因素。所以這是——這是最近增強擴展的業務之一。所以值得稱讚的是，Sysco 在過去幾年裡在這個設施上投入了大約 600 萬美元。所以它其實是自動化程度最高的工廠之一，溫度控制也更先進，而且它還是規模最大的工廠。

We really have to put nothing into this facility. This is the cool part of this acquisition. The net book value of the fixed assets, this is a great -- we acquired a lot of great assets. So that's really good. Other than maintenance that we always put in, we do not expect any major CapEx whatsoever to the Crown business.

我們真的不需要在這個設施上投入任何東西。這是此次收購最精彩的部分。固定資產的帳面淨值，這很棒——我們獲得了許多優質資產。那真是太好了。除了我們一直以來投入的維護費用外，我們預計皇冠業務不會有任何重大資本支出。

If anything, we're actually going to take some stuff that maybe is underutilized and bring it to Farmingdale, to East Rutherford, where we were going to buy something completely new and now, we don't have to. I would argue from a system perspective, it's like a net negative CapEx, if that's such a thing. So that's to your second part.

如果有什麼變化的話，那就是我們實際上要把一些可能未充分利用的東西運到法明代爾和東盧瑟福，我們原本打算在那裡購買一些全新的東西，現在我們不必這麼做了。從系統角度來看，我認為這就像是淨負資本支出，如果真有這種說法的話。這就是你的第二個問題。

I think the first part on the revenue potential, this is -- again, remember the Creative Salads acquisition. We actually went down a little bit because we saw some businesses -- there's some part. They have a legacy street business as well, similar to how Creative Salads does. That allows us to drive more efficiency with our trucks, right?

我認為關於收入潛力的第一部分是──再次提醒大家，還記得 Creative Salads 的收購案嗎？我們其實往下走了一小段，因為我們看到了一些商店——那裡有一些店。他們也有一家傳統的街邊店，類似於 Creative Salads 的做法。這樣一來，我們的卡車就能提高效率，對吧？

We have the trucks, and we do the route rides. But I could imagine, yes, there will be some stuff that we're going to speak to customers. It's a collaborative conversation. We have to show -- we'll show them, this is what it costs. We have to hit a certain margin profile. And we might decide similar to what happened when I got here at Mama Mancini's, similar to how when we were at Creative Salads, there may be some business that we both collaboratively choose not to continue.

我們有卡車，我們負責跑這條路線。但我可以想像，是的，我們會和客戶談論一些事情。這是一場合作對話。我們必須讓他們看到──我們會讓他們看到，這就是代價。我們必須達到一定的利潤率水準。我們可能會做出類似我剛到 Mama Mancini's 時，或者像我們在 Creative Salads 時那樣的決定，我們雙方可能會共同決定不再繼續某些業務。

That's going to lower it and then it shoots up again, right? We went down in Creative Salads and now we're 3x where we started. So I think there's space there. We could easily across the three facilities, double our business from what we have today.

這樣會先降低價格，然後價格又會飆升，對吧？我們在創意沙拉方面一度跌落谷底，現在我們的業績已經是最初的三倍了。所以我覺得那裡還有發展空間。我們完全可以在這三個工廠裡，將業務量比現在翻倍。

So actually, I was speaking to Skip earlier today, and I was looking for at least a candy, a Hershey's Kisses or something now that I got him 42,000 additional square feet. I did not get the casserole I was looking for, but it's okay. But yes, I feel good with -- we really -- I'm breathing significantly better now from an operational standpoint now that we have this facility, a lot more space now.

事實上，我今天早些時候和 Skip 聊過，既然我給他弄到了 42,000 平方英尺的額外空間，我想至少給他買點糖果，比如好時之吻巧克力之類的。我沒買到我想要的砂鍋菜，不過沒關係。是的，我感覺很好——我們真的——從營運角度來看，現在我們有了這個設施，空間大了很多，我的呼吸也順暢多了。

Okay. Excellent. And just to -- so you said you think you could double your revenue productivity? So roughly a $200 million business now, you think you could double that number with the three properties?

好的。出色的。還有——所以你說你認為你可以將收入效率提高一倍？所以，這家公司目前的市值大約是 2 億美元，你認為如果擁有這三處房產，這個數字可以翻倍嗎？

Yes. And again, it's not just the physical space and as Skip talks about, bolted down capacity, it's also the efficiency that we have. So I could speak to you more about Crown. Crown really does work two shifts. They don't work a third shift. They don't work the weekends, right?

是的。而且，正如 Skip 所說，不僅是物理空間和固定產能，還有我們的效率。這樣我就可以跟你多談談皇冠集團了。Crown公司確實實行兩班倒營運。他們不上夜班。他們週末不工作，對吧？

Now that we have the two additional grills in Farmingdale, we really don't work weekends. So there's a lot more space. There's also more efficiency on how we do things. I showed you before, we didn't just increase our throughput in Farmingdale because we got two more grills.

現在我們在法明代爾又添置了兩台燒烤爐，所以我們週末基本上不用工作了。所以空間大了很多。我們的做事方式也更有效率了。我之前已經向你們展示過了，我們在 Farmingdale 提高產量並不是因為我們增加了兩個烤架。

We're doing things more efficiently. So that's another place. So it's not just the physical space, not just the equipment, it's the fact that we're being more efficient at what we do. I can speak to you all day about what we're doing in East Rutherford. The automation that we have in East Rutherford now, I told you about the map machine, the way we are doing with the spiral oven.

我們做事效率更高了。所以，那是另一個地方。所以，這不只是實體空間的問題，也不只是設備的問題，而是我們做事效率更高了。我可以跟你講一整天我們在東盧瑟福做的事情。我們現在在東盧瑟福擁有的自動化設備，我之前跟你說過地圖機，以及我們使用螺旋烤箱的方式。

So yeah, I feel very good. I -- I'm sure I've used this before. I don't play tennis, my son does. But a little bit of a game with Skip and Chris, right? The goal is Skip should be calling Chris saying, hey, I have all this excess capacity.

是的，我感覺很好。我——我肯定以前用過這個。我不打網球，我兒子打。但和 Skip 和 Chris 玩個小遊戲，對吧？目標是讓 Skip 打電話給 Chris 說：“嘿，我這裡有很多剩餘產能。”

What are you doing? Chris should be calling Skip saying, hey, you want me to slow down if you can't keep up, and I constantly want them to play back and forth very -- was it Sinner, Alcaraz, right? That's -- Chris and Skip could figure out which one of them they are. But yeah, I feel really good now with the capacity we have.

你在幹什麼？克里斯應該打電話給斯基普說：「嘿，如果你跟不上，你想讓我慢下來嗎？」我一直希望他們能來回演奏——是辛納，阿爾卡拉斯，對吧？也就是說──克里斯和斯基普可以弄清楚他們當中誰是他們。不過，是的，我對我們目前的產能感到非常滿意。

Okay. That's great. And then just one other question for me. You spoke -- congrats. The news you offered on Costco and the 4Q promotion, that seems like a big deal. I was hoping that you could talk a little about the other big club customer, Sam's?

好的。那太棒了。我還有一個問題。你發言了——恭喜。你提供的關於 Costco 和第四季度促銷活動的消息，聽起來很重要。我希望您能談談另一家大型俱樂部客戶，山姆會員店的狀況？

And I think you mentioned in the press release the panini has performed well. Maybe, if you could give a little more detail just on the performance of that SKU? And what are your expectations in the back half? Are there potentially additional products coming or anything else you can flag for the back half?

我想你在新聞稿中也提到過，帕尼尼的表現很好。或許您能更詳細地介紹一下該 SKU 的效能狀況？那麼你對下半程比賽有什麼期望？下半年是否還有其他可能推出的產品或其他方案？

Yeah. I love it. So it's actually one of my favorite products. It's a chicken pesto panini. And yes, it's doing well. They expanded the door count.

是的。我喜歡它。所以它實際上是我最喜歡的產品之一。這是雞肉香蒜醬帕尼尼。是的，它運行良好。他們增加了門的數量。

It was a rotation that went through the summer, and they're still ordering. So I'm excited for the teams to chat and see what we could do more of. But again, these paninis are really picking up. I would very much love to continue to partner with Sam's on the panini. I told you we got two paninis into Publix.

這是一個貫穿整個夏季的輪換供應計劃，他們現在仍在訂購。所以我很期待各團隊能交流一下，看看我們還能做些什麼。但是，這些帕尼尼三明治確實越來越受歡迎了。我非常樂意繼續與 Sam's 合作推出帕尼尼。我跟你說過我們在 Publix 超市買了兩個帕尼尼。

Sheetz has three paninis. So the paninis are doing exceptionally well. And again, I'll just keep going back to, I feel great that Crown has additional space. Again, the way we do things is it doesn't have to be -- look, paninis we're only making in one place, no other place gets to do it. It gives us huge flexibility on our production.

Sheetz有三種帕尼尼。所以帕尼尼賣得非常好。我再次強調，我覺得 Crown 有額外的空間非常棒。再說一遍，我們做事的方式是，事情不必如此——你看，我們只在一個地方製作帕尼尼，其他地方都不行。這為我們的生產提供了極大的靈活性。

So paninis are doing well. Sam's is doing well. The chicken, the stuffed pepper mix, really proud and appreciate the strong legacy, long partnership we've had with Sam's. It's great.

看來帕尼尼賣得還不錯。山姆的生意很好。雞肉、釀彩椒，我們真的非常自豪和感激與 Sam's 建立的深厚淵源和長期合作關係。這很棒。

Okay, thanks.

好的，謝謝。

Thanks, George.

謝謝你，喬治。

Nick Sherwood, Maxim LLC.

Nick Sherwood，Maxim LLC。

Hi. Thank you for taking my questions. My first question is, can you expand a little bit more on the success you had at Walmart in the quarter from the marketing perspective? And sort of how that relationship has evolved and where you see that going through the rest of the year?

你好。謝謝您回答我的問題。我的第一個問題是，您能否從行銷的角度，更詳細地介紹一下您在沃爾瑪本季的成功？那麼，這種關係是如何演變的呢？你認為它在今年餘下的時間裡會如何發展？

Yeah, another great partnership. Remember, we had a whopping total of 0 sales this time last year, right? This is something that happened towards the end in Q4. Another great chicken product of ours.

是的，又一次很棒的合作。還記得嗎？去年這個時候我們的總銷售額是 0，對吧？這是第四季末發生的事情。我們另一款優質雞肉產品。

It's -- this four-count is doing exceptionally well. I think -- I'm going to make this number up, but I think when we started, I think there was maybe 200 or 400 doors, something along those lines. I think we're up to 1,800, almost 2,000 doors. And again, it's not just the individual item.

這四位選手錶現非常出色。我想──我隨便編個數字──但我覺得我們剛開始的時候，大概有200到400扇門，差不多是這個數量。我想我們已經安裝了1800扇門，快到2000扇了。而且，這不僅僅是單一物品的問題。

Chris and Scott and team were down there just a month or so ago. I love the partnerships that we create. It is not, it is not, it is not transactional. How do we work together? What new items are you looking for? What are consumers looking for? How do we work together on it? So I love it.

克里斯、史考特和他們的團隊大約一個月前去過那裡。我喜歡我們建立的合作關係。它不是，它不是，它不是交易性的。我們如何合作？您在尋找哪些新產品？消費者在找什麼？我們如何合作完成這項工作？我很喜歡。

And I'm really -- I've said this to folks before, I really believe there's just a lot of momentum because of our consumers, right, our 330 million friends across America. Things are tough for them. People are spending more of their dollars in club and mass. And that's where our teams are trying to bring the best products, promotions to be where the consumer is going to be. So really good, great partnership with Walmart as well.

而且我真的——我以前也跟人說過，我真的相信，這股勢頭很大，是因為我們的消費者，對吧，我們在全美有 3.3 億朋友。他們的日子不好過。人們在夜店和彌撒上的花費越來越多。而我們的團隊正努力將最好的產品和促銷活動帶到消費者會去的地方。非常好，和沃爾瑪的合作也很棒。

Appreciate the detail. And then kind of switching gears, Sheetz is your first convenience channel customer. Can you kind of talk about the experience and expanding in that channel and where you see yourself growing more? Is that a near-term priority? Or are you more focused on club and mass and then maybe really getting into convenience as something further in the future?

感謝您提供的細節。然後話題稍微轉換一下，Sheetz 是你的第一個便利商店通路客戶。您能否談談您在這個領域的經驗和發展歷程，以及您認為自己未來在哪些方面會有更大的成長空間？這是近期優先事項嗎？或者您更專注於俱樂部和大眾市場，然後再考慮在未來更進一步發展便利性業務？

Yeah. Look, if we're going to be the one-stop shop in deli, we want to win everywhere. So it's absolutely a focus of ours. There are other convenience channels. If you remember, when we really started this a year or so ago, the first step was getting into all the distributors, right?

是的。聽著，如果我們想成為熟食產業的「一站式」商店，我們就想在所有領域都取得成功。所以這絕對是我們關注的重點。還有其他便捷的通路。如果你還記得的話，大約一年前我們真正開始做這件事的時候，第一步就是與所有經銷商建立聯繫，對吧？

Because that's how you get into the convenience channel. It's sort of a chicken or egg. The distributors don't want you unless you have a C-store customer. The C-stores won't buy from you unless you have distributors that could actually sell there. So in the beginning, it was very hard.

因為那樣才能進入便利商店通路。這有點像是先有雞還是先有蛋的問題。除非你有便利商店客戶，否則經銷商不會想要你。除非你有能夠實際在便利商店銷售的經銷商，否則便利商店不會從你這裡進貨。所以一開始非常困難。

What's amazing is we're now in all distributors, right, starting with Sysco, right, starting with Dot, starting with KeHE. So we have McLane. So we have -- we're in all the distributors now. It makes it easier. Every day, Tony or others are getting us into the different C-store banners.

令人驚訝的是，我們現在已經與所有經銷商建立了合作關係，對吧，從 Sysco 開始，對吧，從 Dot 開始，從 KeHE 開始。所以我們有了麥克萊恩。所以我們現在已經和所有經銷商都有合作了。這樣比較容易。每天，托尼或其他人都會帶我們去不同的便利商店逛逛。

Again, we want to go where the consumers are going, and it is tougher now. The convenience channel is by definition for convenience, right? It's not for low cost. But our goal is to meet the needs of our -- of every consumer regardless of where they are. And we're going to create different products, possibly at lower price points to meet their needs in a particular channel.

再次強調，我們希望迎合消費者的需求，但現在這更難了。便利管道顧名思義就是為了方便，對吧？它的價格並不低廉。但我們的目標是滿足每位消費者的需求，無論他們身在何處。我們將開發不同的產品，價格可能會更低，以滿足他們在特定管道的需求。

So there's a lot of testing we're doing with some different products that are -- I want to keep to ourselves for now, but that I'm excited about and has some interest from a couple of other C-store banners.

所以我們正在對一些不同的產品進行大量的測試——我現在想保密，但我對此感到興奮，而且其他幾家便利商店品牌也對此很感興趣。

Okay. Perfect. And then my final question is, how does this acquisition affect any of the planned improvements to the East Rutherford facility?

好的。完美的。最後一個問題是，此次收購會對東盧瑟福工廠的任何計畫改善產生什麼影響？

So like I mentioned to you earlier, so first of all, we're absolutely continuing to develop our East Rutherford facility. We've put a bunch of stuff in already. And if you remember last time, we actually more than doubled the space that we have in East Rutherford. So that's not changing.

正如我之前跟你提到的，首先，我們正在繼續發展我們的東盧瑟福工廠。我們已經放了很多東西進去。如果你還記得上次的情況，我們實際上將我們在東盧瑟福的辦公空間擴大了一倍以上。所以這一點不會改變。

I mentioned earlier, what is changing is -- I'll give you a really specific example. We are going to actually spend money on a shredder, right, pulled chicken, shredded chicken. We're going to go out and buy a brand-new machine, takes forever to get, pay top dollar, all these things.

我之前提到過，正在改變的是──我給你舉個非常具體的例子。我們打算花錢買個雞肉絲機，對吧，手撕雞肉，手撕雞肉。我們打算出去買一台全新的機器，要等很久才能到貨，還要花高價，等等等等。

Hey, the Bay Shore facility, the Crown has an extra one. Wow, we can bring it over. Literally just this weekend, we have one of our great products, if you guys -- it's in five regions today at Costco is our cheese stuffed chicken meat balls. Again, one of my son's favorites. And it's really complicated, right? It's a special machine that stuffs the cheese inside, right? You always want to know how they got whatever into the Tootsie Roll Pop.

嘿，Bay Shore 設施，Crown 那裡多了一個。哇，我們可以把它帶過來。就在這個週末，我們的一款很棒的產品——起司雞肉丸——今天在 Costco 的五個地區有售。這又是我兒子最喜歡的書之一。確實很複雜，對吧？那是一種專門用來把起司塞進去的機器，對吧？你總是想知道他們是怎麼把某些東西放進 Tootsie Roll Pop 裡的。

Eric and Ray, Eric runs our East Rutherford facility. Ray runs our Farmingdale facility. We have just a lot of demand. Eric gave Ray a call, hey, can I borrow one of your stuffing machines? Absolutely, Eric. And we go back and forth every day with our trucks. And now we have three machines here.

Eric 和 Ray，Eric 負責我們位於東盧瑟福的工廠。Ray負責管理我們在法明代爾的工廠。我們的需求量很大。艾瑞克給雷打了個電話，嘿，我可以藉你的一台灌腸機嗎？當然，埃里克。我們每天都開著卡車往返。現在我們這裡有三台機器。

So hopefully, that's just one example of many; one plant, three locations, and now getting a lot of equipment from Crown. There are things that we were going to buy in East Rutherford that were, for all intents and purposes, going to get for free. And that's awesome.

所以，希望這只是眾多例子中的一個；一家工廠，三個地點，現在正從 Crown 公司獲得大量設備。在東盧瑟福，有些東西我們原本打算買，但其實可以免費取得。那真是太棒了。

So that's one example that, yes, we're absolutely investing in East Rutherford. We're just going to -- Anthony is smiling. We're just going to invest less than we were going to because, oops, we actually have the equipment, which is wonderful.

所以，這就是一個例子，說明我們確實在東盧瑟福進行投資。我們正要——安東尼笑了。我們原本計劃的投資額會比原計劃少一些，因為，哎呀，我們實際上已經有了設備，這真是太好了。

Thank you for answering all my questions, and I will return to the queue.

感謝您解答我的所有問題，我會回到隊列中繼續排隊。

Thank you. And we have reached the end of the question-and-answer session. I would like to turn the floor back to CEO, Adam Michaels, for closing remarks.

謝謝。問答環節到此結束。現在我把發言權交還給執行長亞當·麥可斯，請他作總結發言。

Thank you, operator, and thank you again to each of you for joining us today. I hope you see that our team is starting to hit our stride. Our sales and marketing teams have the products and relationships needed to accelerate our business. Our operations team has the capacity and know-how to continue to drive meaningful efficiencies throughout our network. Our finance team continues to prove we have the balance sheet management and capital markets expertise to support most any investment that lies ahead.

謝謝接線員，也再次感謝各位今天加入我們。我希望你們能看到，我們團隊正逐漸進入狀態。我們的銷售和行銷團隊擁有加速業務發展所需的產品和人脈關係。我們的營運團隊有能力和專業知識，能夠持續推動整個網路效率的顯著提升。我們的財務團隊不斷證明，我們擁有資產負債表管理和資本市場的專業知識，能夠支持未來大多數的投資。

And most importantly, our people operations team continues to bring in great talent and lift up existing talents to create the Grandma Quality culture critical to our success. [Crown I Ent] is our new Crown family, which we're integrating with speed and discipline, focusing on growth while maintaining our margin targets and leveraging added capacity and premium customer access to drive a profitable business.

最重要的是，我們的人力營運團隊不斷引進優秀人才，並提拔現有人才，從而打造對我們成功至關重要的「奶奶品質」文化。 [Crown I Ent] 是我們新的 Crown 大家庭，我們正在快速且嚴謹地進行整合，專注於成長，同時保持利潤目標，並利用新增產能和優質客戶資源來推動業務獲利。

Looking ahead, we're positioned to take share as we execute our one-stop shop deli solutions strategy. As always, I appreciate your continued support. Thank you.

展望未來，隨著我們實施一站式熟食解決方案策略，我們已做好準備，將擴大市場份額。一如既往，感謝大家的支持。謝謝。

And this concludes today's conference and you may disconnect your line at this time. Thank you for your participation.

今天的會議到此結束，您可以掛斷電話了。感謝您的參與。