Newage Inc (NBEV) 2018 Q4 法說會逐字稿

Greetings, and welcome to the New Age Beverages Corporation 2018 Annual Results Conference Call.

大家好，歡迎來到 New Age Beverages Corporation 2018 年年度業績電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員說明）提醒一下，正在錄製此會議。

I would now like to turn the conference over to your host, Mr. Cody Slach, Investor Relations for New Age Beverages.

我現在想把會議轉交給你的主持人，新時代飲料投資者關係部的 Cody Slach 先生。

Thank you.

謝謝。

You may begin.

你可以開始了。

Good morning.

早上好。

Thank you for joining New Age Beverage Corporation's 2018 Fourth Quarter and Full Year Financial Results Investor Call.

感謝您參加 New Age Beverage Corporation 的 2018 年第四季度和全年財務業績投資者電話會議。

I'm Cody Slach with Liolios, IR counsel for New Age.

我是 New Age 的 IR 顧問 Liolios 的 Cody Slach。

I'd like to welcome you all to the call today.

我想歡迎大家參加今天的電話會議。

Thank you all for joining.

謝謝大家的加入。

On today's call, we have Brent Willis, CEO of New Age Beverages; and Greg Gould, Chief Financial Officer.

在今天的電話會議上，我們有 New Age Beverages 的首席執行官 Brent Willis；和首席財務官 Greg Gould。

I'd like to remind everyone this call may contain certain forward-looking statements reflecting management's current expectations regarding future results of operations, economic performance, financial condition and achievements of the company.

我想提醒大家，本次電話會議可能包含某些前瞻性陳述，反映管理層目前對公司未來經營業績、經濟表現、財務狀況和成就的預期。

Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties.

前瞻性陳述，特別是關於未來業績的前瞻性陳述，受某些風險和不確定因素的影響。

The transcript of today's call will be available on the company's website within the Investors section at newagebev.com.

今天電話會議的記錄將在公司網站 newagebev.com 的“投資者”部分中提供。

Now I'd like to turn the call over to Brent.

現在我想把電話轉給布倫特。

Brent?

布倫特？

Thank you, Cody.

謝謝你，科迪。

2018 was an extremely challenging year for the company.

2018年對公司來說是極具挑戰的一年。

And despite being up 24% in Q4 in net revenue, none of us are happy with the performance.

儘管第四季度淨收入增長了 24%，但我們對業績並不滿意。

So many small companies in this sector struggle with working capital issues, and last year, New Age was dramatically affected across every aspect of its business and every aspect of the P&L.

這個行業的許多小公司都在為營運資金問題而苦苦掙扎，去年，New Age 在其業務的各個方面和損益表的各個方面都受到了巨大的影響。

We basically spent the entire year recovering from a failed financing with PNC in the beginning of the year.

我們基本上花了整整一年的時間從年初與 PNC 失敗的融資中恢復過來。

But through that process, we were able to maintain all of our major customers without a single loss, and in the fourth quarter, did indeed recover to fund the firm and replenish inventory in the last 6 weeks of the year.

但通過這個過程，我們能夠保持所有主要客戶而沒有一個損失，並且在第四季度，確實恢復了為公司提供資金並在今年最後 6 週補充庫存的能力。

Exiting the year, we have a stronger organization with stronger brands and stronger people.

年末，我們擁有更強大的組織、更強大的品牌和更強大的員工。

But beyond that, we're now a totally different company with scale, with resources, with profitability, with people and organizational capabilities and with an infrastructure across 60 countries to drive our entire portfolio of brands, including a cannabis-infused beverage portfolio, whereby we believe we are in a strong position to capture first-mover advantage in what we believe will be an extremely attractive global market.

但除此之外，我們現在是一家完全不同的公司，擁有規模、資源、盈利能力、人員和組織能力以及遍布 60 個國家的基礎設施，以推動我們的整個品牌組合，包括大麻飲料組合，從而我們相信，我們處於有利地位，可以在我們認為極具吸引力的全球市場中佔據先發優勢。

I am excited to share with you the insights into our 2019 strategies and action plans.

我很高興與您分享對我們 2019 年戰略和行動計劃的見解。

But first, I'd like to pass it over to Greg Gould to review the financial results of the fourth quarter and full year for 2018.

但首先，我想請 Greg Gould 回顧 2018 年第四季度和全年的財務業績。

Greg?

格雷格？

Thanks, Brent.

謝謝，布倫特。

For the year-end December 31, 2018, the company delivered consolidated gross revenue of $59 million, an increase of 4% versus prior year.

截至 2018 年 12 月 31 日，公司的綜合總收入為 5900 萬美元，比上年增長 4%。

Subtracting discounts and bill-backs, at the net revenue level, the company achieved $52 million, in line with prior year sales.

減去折扣和退款，在淨收入水平上，公司實現了 5200 萬美元，與上一年的銷售額持平。

Sales were negatively impacted by approximately $12 million to $14 million due to working capital constraints which severely constricted inventory levels and the company's ability to meet the demand of major distributors and retailers.

由於營運資金限制嚴重限制了庫存水平以及公司滿足主要分銷商和零售商需求的能力，銷售額受到了大約 1200 萬至 1400 萬美元的負面影響。

The other major impact between gross and net revenue levels was a dramatic increase in bill-backs and discounts from one of our major distributors.

總收入和淨收入水平之間的另一個主要影響是來自我們主要分銷商之一的回單和折扣的急劇增加。

We were impacted by significant charges on virtually every shipment we shorted because of our inventory challenges and faced almost $4 million in charges from the crossover with Coco-Libre from its previous -- from concentrate product to the new, better product of 100% coconut water produced at the source.

由於我們的庫存挑戰，我們幾乎每一次短缺的貨物都受到高額費用的影響，並且面臨近 400 萬美元的費用來自與 Coco-Libre 的交叉——從濃縮產品到新的、更好的 100% 椰子水產品在源頭生產。

That changeover, albeit a onetime impact, was extremely expensive and unexpected at the beginning of 2018.

這種轉變雖然是一次性的影響，但在 2018 年初是極其昂貴且出乎意料的。

On the positive side of the ledger, our direct store distribution operations continued to outperform despite the capital obstacles and the loss of 3 major brands to acquisition by KDP in 2018 and managed to deliver its 10th year of consecutive growth.

從積極的方面來看，儘管存在資金障礙，並且 2018 年 KDP 收購了 3 個主要品牌，但我們的直營店分銷業務仍然表現出色，並實現了連續第 10 年的增長。

On the brands, from a demand and brand health standpoint, our core business grew, with Búcha Live Kombucha, up 27%; Marley, up 73%, led by the new organic Marley Mate launch; and Xing that grew 23%, its first year of growth in over 4 years.

在品牌方面，從需求和品牌健康的角度來看，我們的核心業務有所增長，Búcha Live Kombucha 增長了 27%； Marley，上漲 73%，由新推出的有機 Marley Mate 引領； Xing 增長了 23%，這是 4 年來的第一年增長。

Coco-Libre faced the product changeover challenge as previously mentioned.

如前所述，Coco-Libre 面臨著產品轉換的挑戰。

Think of the brands in simple, reasonable progression.

以簡單、合理的方式思考品牌。

We gained these brands in 2017 and completely remade them.

我們在 2017 年獲得了這些品牌，並徹底改造了它們。

In 2018, we gained regional distribution, and in the year, the brands gained relevance.

2018年，我們獲得了區域分銷，這一年，品牌獲得了相關性。

Not success, but relevance.

不是成功，而是相關性。

The top line growth that led to now, in year 2.5 and 3, we are gaining national distribution, and we see the brands growing significantly during 2019.

導致現在的收入增長，在第 2.5 年和第 3 年，我們正在獲得全國分銷，我們看到品牌在 2019 年顯著增長。

This is a very logical progression, and methodically, and I believe sets us up very nicely for attractive contribution and growth from the brands part of the business in 2019, not from just being and staying in stock, which is one impact, but from distribution expansion to national accounts.

這是一個非常合乎邏輯且有條不紊的進展，我相信我們將在 2019 年為品牌業務的有吸引力的貢獻和增長做好準備，而不僅僅是存貨和保持庫存，這是一種影響，而是來自分銷擴大到國民賬戶。

Moving on to gross profit.

繼續看毛利。

The firm delivered $9.3 million for the year versus $12.4 million in the prior year.

該公司當年交付了 930 萬美元，而上一年為 1240 萬美元。

As a percent of sales, this equated to 18% versus 24%, reflective of the increased production, shipping and other costs cascaded from the working capital shortfall.

作為銷售額的百分比，這相當於 18% 對 24%，反映了因營運資金短缺而導致的生產、運輸和其他成本的增加。

Total operating expenses for the year were $28.7 million versus $18.7 million in the prior year.

與上一年的 1870 萬美元相比，當年的總運營費用為 2870 萬美元。

This increase was driven by a number of noncash items totaling $5.3 million, which included amortization of intangible assets added to the balance sheet, stock-based compensation expense associated with improving our workforce.

這一增長是由一些總計 530 萬美元的非現金項目推動的，其中包括資產負債表中增加的無形資產攤銷、與改善我們的員工隊伍相關的基於股票的補償費用。

Adjusted EBITDA for the year ended December 31, 2018, was a negative $10.9 million, stemming from the inventory shortfall to fulfill demand as previously mentioned.

截至 2018 年 12 月 31 日止年度的調整後 EBITDA 為負 1,090 萬美元，原因是如前所述，滿足需求的庫存不足。

For the fourth quarter, post the recapitalization of the firm's gross revenue reached $15.8 million versus $12.4 million in the prior year.

第四季度，公司總收入在資本重組後達到 1580 萬美元，而去年同期為 1240 萬美元。

Net revenues increased 24% to $14 million versus $11.2 million in the fourth quarter of last year.

淨收入增長 24% 至 1,400 萬美元，而去年第四季度為 1,120 萬美元。

Gross profit was 23% of net sales, in line with the previous year.

毛利占淨銷售額的 23%，與上年持平。

Adjusted EBITDA for the quarter was a negative $4.5 million, reflective of the inventory impact and the increased costs associated with the Morinda merger which was completed in late December.

本季度調整後的 EBITDA 為負 450 萬美元，反映了庫存影響以及與 12 月底完成的 Morinda 合併相關的成本增加。

Switching to the balance sheet and cash flow statement for the period ended December 31, 2018.

轉為截至 2018 年 12 月 31 日止的資產負債表和現金流量表。

We ended with more than $280 million in assets compared to $68 million in the prior year, an increase of over 300%.

與上一年的 6800 萬美元相比，我們最終的資產超過 2.8 億美元，增幅超過 300%。

Of the assets, $42 million was in cash versus a balance of only $285,000 in the prior year, a very different picture.

在這些資產中，有 4200 萬美元是現金，而上一年的餘額僅為 285,000 美元，情況截然不同。

And total current assets increased to $93 million versus $16 million in the prior year.

流動資產總額從去年的 1600 萬美元增至 9300 萬美元。

Total liabilities at December 31, 2018, were $132 million as compared to $15 million in the prior year.

2018 年 12 月 31 日的總負債為 1.32 億美元，而上一年為 1500 萬美元。

Stockholders' equity tripled to over $150 million on a total of 75 million shares outstanding.

股東權益增加了兩倍，超過 1.5 億美元，流通股總數為 7500 萬股。

In summary, for the full year of 2018 and the fourth quarter, we are now a very different company, as seen in the balance sheet, than what was reflected in our 2018 P&L performance.

總之，就 2018 年全年和第四季度而言，從資產負債表上看，我們現在是一家與 2018 年損益表所反映的截然不同的公司。

We believe a large majority of our shortfall to the plan was due to lack of inventory and working capital constraints during 2018.

我們認為，我們未能完成該計劃的主要原因是 2018 年缺乏庫存和營運資金限制。

Despite that, we still delivered a 24% increase in net revenue for the quarter, and our core brand showed relevant performance that is now resulting in further distribution expansion and national recognition in early 2019.

儘管如此，我們本季度的淨收入仍實現了 24% 的增長，我們的核心品牌表現出了相關的表現，現在正在導致進一步的分銷擴張和 2019 年初的全國知名度。

The Morinda acquisition, which one can see in the balance sheet, is transformative for us in virtually every way, but most importantly, in the quality of human resources it brings.

從資產負債表中可以看出，對 Morinda 的收購幾乎在各個方面都對我們產生了變革，但最重要的是，它帶來的人力資源質量。

The team here is outstanding, and the infrastructure and market breadth that is now part of our company presents a tremendous opportunity for New Age to drive our core brands, its Health Sciences products and our new CBD portfolio through global expansion beginning in 2019.

這裡的團隊非常出色，現在我們公司的基礎設施和市場廣度為 New Age 提供了一個巨大的機會，可以通過從 2019 年開始的全球擴張來推動我們的核心品牌、其健康科學產品和我們新的 CBD 產品組合。

As a result of these opportunities we see in the business, we expect to deliver approximately $320 million in net revenue for 2019, with a gross margin in excess of 60% and more than $15 million of EBITDA.

由於我們在業務中看到了這些機會，我們預計 2019 年將實現約 3.2 億美元的淨收入，毛利率超過 60%，EBITDA 超過 1500 萬美元。

With that stated, we should note that we see the back half of 2019 being much stronger than the first half as our brands continue to grow and penetrate the markets and with the CBD products gaining traction in the third and fourth quarters.

話雖如此，我們應該注意到，隨著我們的品牌繼續增長和滲透市場，以及 CBD 產品在第三和第四季度獲得牽引力，我們看到 2019 年下半年比上半年強勁得多。

And with that, I'll pass the call back over to Brent.

有了這個，我會把電話轉回給布倫特。

Thanks, Greg.

謝謝，格雷格。

I wanted to share some insights into our 2019 plan and update all of our investors on our major priorities and the real key drivers of the business.

我想分享一些對我們 2019 年計劃的見解，並向我們所有的投資者介紹我們的主要優先事項和業務的真正關鍵驅動因素。

First off, let's review the largest impact in driver performance, and that's really the integration of the Morinda acquisition which we completed on the 21st of December.

首先，讓我們回顧一下對車手錶現的最大影響，那就是我們在 12 月 21 日完成的對 Morinda 收購的整合。

So we're right at 100 days into the integration, and frankly, so far, so good, I would say.

所以我們正處於集成的第 100 天，坦率地說，到目前為止，一切都很好，我想說。

Key to success on the integration is the successful transitioning and motivation of the independent product consultants, who are really the sales force and customers of -- are primary customers of Morinda.

整合成功的關鍵是獨立產品顧問的成功過渡和激勵，他們實際上是銷售人員和客戶——是 Morinda 的主要客戶。

There are 300,000 of them.

其中有300,000。

And especially in cultures like those in Asia Pacific, and Japan, for example, they do not really respond well to change.

尤其是在亞太地區和日本等文化中，他們對變化的反應並不好。

The motivation and inspiration of these 300,000 folks, unfortunately, cannot be delegated.

不幸的是，這 300,000 人的動力和靈感是無法委託的。

And applies -- it implies a lot of personal time on the road, but it is going quite well.

並且適用——這意味著很多個人時間在路上，但進展順利。

And I would say that there is tremendous excitement in our system and growth for 3, 4 or 5 reasons.

我會說，出於 3、4 或 5 個原因，我們的系統和增長令人非常興奮。

But they are excited about, I would say, number one, the chance to earn stock in New Age through performance and results such that they, too, can be aligned with all of us on the phone as fellow shareholders.

但他們很興奮，我想說，第一，有機會通過業績和結果賺取 New Age 的股票，這樣他們也可以在電話中與我們所有股東保持一致。

Number two, they're excited about what being part of New Age represents and the growth story that, that represents in terms of upside for them.

第二，他們對成為 New Age 的一部分所代表的東西以及增長故事感到興奮，這對他們來說代表了上行空間。

Now although we're not satisfied with the performance internally in any respect, the fact is, and they know, that in the past 2.5 years, New Age is up 15,000% in volume from very humble beginnings and a small base.

現在，儘管我們對內部的表現在任何方面都不滿意，但事實是，他們知道，在過去的 2.5 年中，New Age 的銷量從非常不起眼的起點和小基數增長了 15,000%。

But it's still up 15,000% in volume and the stock is up 3,000% in that same time period.

但它的成交量仍然增長了 15,000%，同期股價上漲了 3,000%。

They know that, and they can read it just like anybody else can.

他們知道這一點，他們可以像其他人一樣閱讀它。

They also like and align to our purpose to inspire and educate the planet to live healthy and to be part of something special and provide consumers healthy beverages and lifestyle alternatives.

他們也喜歡並符合我們的目標，即激勵和教育地球健康生活，成為特殊事物的一部分，並為消費者提供健康的飲料和生活方式選擇。

And emotionally, they can connect to that purpose.

在情感上，他們可以與那個目的聯繫起來。

But they also, number four, I would say, like our portfolio and the chance to participate in the expansion of the New Age portfolio to traditional retail markets.

但我想說，第四，他們也喜歡我們的產品組合以及參與將新時代產品組合擴展到傳統零售市場的機會。

And maybe the last thing I'd say is everybody is very excited about CBD, and I would say excited is an understatement.

也許我要說的最後一件事是每個人都對 CBD 感到非常興奮，我想說興奮是一種輕描淡寫的說法。

Apoplectic might be an overstatement, but not much of one, I would say.

中風可能是一種誇大其詞，但我想說的並不多。

There is an incredible amount of enthusiasm in the system.

系統中有令人難以置信的熱情。

And they're excited to be part of, or to be a or become the, global leader in CBD.

他們很高興能成為 CBD 的全球領導者，或成為全球領導者。

And we are working in every region of the world now to be first in CBD.

我們現在正在世界每個地區努力，成為 CBD 的第一名。

And to this end, we launched our CBD creams, oils and lotions under the Enhanced brand as part of the Health Sciences Division in April in key markets, including the U.S., and have the same products planned for another 6 international markets in Q2 and Q3.

為此，我們於 4 月在包括美國在內的主要市場推出了 Enhanced 品牌下的 CBD 面霜、油和乳液，作為健康科學部門的一部分，併計劃在第二季度和第三季度為另外 6 個國際市場推出相同的產品.

Now the nice thing about these products is they are not in the food system and therefore do not run afoul with the FDA.

現在這些產品的好處是它們不在食品系統中，因此不會與 FDA 發生衝突。

On the beverage side, the Marley Mellow Mood+ CBD relaxation drinks are currently in the registration process in 4 major international markets, including in Japan, whereby I will meet next week, for the third time actually, with one of the top 5 distributors in the country, with one of the largest beverage competitors in the world to talk about relationships and 2 major retailers there.

在飲料方面，Marley Mellow Mood+ CBD 放鬆飲料目前正在包括日本在內的 4 個主要國際市場進行註冊，我將在下週與該地區排名前 5 位的分銷商之一會面，這實際上是第三次。國家，與世界上最大的飲料競爭對手之一討論關係，那裡有 2 家主要零售商。

We now believe we have the product formulations in both our shot and relaxation drinks down pat, which we believe tastes outstanding.

我們現在相信我們的沖泡和放鬆飲料都採用了產品配方，我們相信它們的味道非常好。

And we are working to effectuate the launch in these 4 international markets, first on the beverage side, and the creams, lotions and topicals in other markets worldwide as an initial starting point.

我們正在努力實現在這 4 個國際市場的推出，首先是飲料方面，然後是全球其他市場的面霜、乳液和外用產品，作為最初的起點。

Our intent on CBD is a global one, it is a long-term one and one where we believe we have the brands and infrastructure globally to put us in a competitive-advantaged position.

我們對 CBD 的意圖是全球性的，這是一個長期的，我們相信我們在全球擁有品牌和基礎設施，使我們處於競爭優勢地位。

We want to be on the leading edge, but not the bleeding edge, especially as it relates to beverages in the U.S., but this is not a U.S. story for New Age; or being the first public company, for example, to launch in Washington State, for example.

我們想走在前沿，但不是最前沿，尤其是在美國與飲料相關的領域，但這不是新時代的美國故事；或者成為第一家上市公司，例如，在華盛頓州成立。

This is about globally winning in CBD.

這是關於在全球範圍內贏得 CBD。

And hopefully now, it is becoming clear on the incredible value of our Morinda system for our shareholders.

希望現在，我們的巴戟天系統對我們的股東來說具有不可思議的價值，這一點正在變得清晰起來。

Forget about the human resources and the quality and the numbers and people strengthening and the financial and profitability strengthening, and the value and accretion that the addition provides for New Age.

忘掉人力資源和質量、數量和人員的加強、財務和盈利能力的加強，以及新增為新時代提供的價值和增值。

Just forget about that for second.

暫時忘掉它吧。

It's the global footprint, the infrastructure in 60 countries and the e-commerce system with an auto shipment of $150 million annually and the 300,000-person distributor and customer force bringing and discussing these new CBD products in consumers' homes and educating them on this global movement.

這是全球足跡、60 個國家的基礎設施和每年汽車出貨量 1.5 億美元的電子商務系統，以及 300,000 人的分銷商和客戶隊伍在消費者家中帶來和討論這些新的 CBD 產品，並對他們進行全球教育移動。

That is the strategic power of the addition and integration of Morinda, in addition to having the resources and the people and the key markets to also expand to traditional retail, like we're doing in Japan and other key markets with both Marley CBD beverages and some of our other core New Age Beverages.

這就是增加和整合莫林達的戰略力量，除了擁有資源和人員以及主要市場也可以擴展到傳統零售業，就像我們在日本和其他主要市場所做的那樣，包括 Marley CBD 飲料和我們的一些其他核心新時代飲料。

So beyond all of the product expansion and new product initiatives, which includes Noni+Collagen global rollout, TeMana portfolio expansion in Europe and now the CBD launches, New Age core brands and Health Sciences new products distribution, beyond all of those top line initiatives, we also have a lot of other things going on.

因此，除了所有的產品擴展和新產品計劃，包括 Noni+Collagen 全球推出、TeMana 產品組合在歐洲的擴展以及現在 CBD 的推出、New Age 核心品牌和 Health Sciences 新產品分銷，除了所有這些頂線計劃之外，我們還有很多其他事情正在進行。

Now technically, in the merger, we have now combined all of the functions, including legal, operations and supply chain, finance, HR and systems and IT.

現在從技術上講，在合併中，我們現在合併了所有功能，包括法律、運營和供應鏈、財務、人力資源和系統以及 IT。

Sales and marketing are not integrated, and we expect to maintain those functions in their respective commercial operations.

銷售和營銷並未整合，我們希望在各自的商業運營中保持這些功能。

But the rest are already operating as part of our shared service group within the first 100 days of the merger.

但在合併後的前 100 天內，其餘的已經作為我們共享服務團隊的一部分運營。

That's fast.

那很快。

In HR, for example, we have already integrated all the payroll, comp and ben and health care, and in doing so, saved almost $1 million in costs through the integration.

例如，在人力資源方面，我們已經整合了所有工資單、薪酬福利和醫療保健，並通過整合節省了近 100 萬美元的成本。

In systems, for example, 100% of New Age's software licenses and hardware have been swapped out and upgraded.

以系統為例，New Age的軟件license和硬件100%都進行了換出和升級。

And Oracle enterprise business system is being implemented right now, 100% with internal resources.

Oracle企業業務系統目前正在實施，100%使用內部資源。

And this is expected to be completed by the end of June, providing great, and frankly, needed visibility at New Age.

預計這將在 6 月底完成，坦率地說，這將在 New Age 提供很好的可見度。

Cost savings, $1,054,000 from that implementation.

該實施節省了 1,054,000 美元的成本。

And in total, we've secured just over $3 million in cost synergies in the first 100 days out of an overall $5 million of planned cost savings in the first 18 months.

總的來說，在前 18 個月的計劃成本節約總額為 500 萬美元中，我們在頭 100 天內獲得了超過 300 萬美元的成本協同效應。

So integration with Morinda is really on track financially, functionally and operationally.

因此，與 Morinda 的整合在財務、功能和運營方面確實走上了正軌。

Now some of our investors may know that the direct-to-consumer industry is under some scrutiny in China, which is one of our largest and highest-growing markets.

現在我們的一些投資者可能知道直接面向消費者的行業在中國受到一些審查，中國是我們最大和增長最快的市場之一。

Our business has been affected there also.

我們的業務在那裡也受到了影響。

But overall, we expect to recover this for the year in China.

但總的來說，我們預計今年將在中國恢復這一勢頭。

And we're using the current catalyst to accelerate our e-commerce development and expansion to traditional retail in that market.

我們正在利用當前的催化劑來加速我們的電子商務發展和向該市場傳統零售業的擴張。

But notwithstanding the Q1 China softness, all our other markets, including North America, are performing well.

但儘管第一季度中國市場疲軟，但我們所有其他市場，包括北美，都表現良好。

And we expect to exceed $60 million in revenue in the first quarter, which as you know, is our smallest quarter of the year.

我們預計第一季度的收入將超過 6000 萬美元，如您所知，這是我們今年收入最少的一個季度。

Now turning to the other aspects of the business.

現在轉向業務的其他方面。

As Greg mentioned, our direct store distribution operations grew last year for its 10th consecutive year despite losing 3 major products to KDP from acquisition.

正如 Greg 所提到的，儘管 KDP 因收購而失去了 3 種主要產品，但我們的直接商店分銷業務去年連續第 10 年增長。

This group, under Josh Hillegass' leadership, continues to deliver year-over-year, in addition to continuing to grow in both revenue and profit contribution on a stand-alone basis, really is kind of operating as our venture arm in testing out either new products internally for New Age or from other small beverage companies.

在 Josh Hillegas 的領導下，這個團隊繼續實現同比增長，除了在獨立的基礎上繼續增加收入和利潤貢獻外，實際上在某種程度上作為我們的風險投資部門進行測試New Age 內部或其他小型飲料公司的新產品。

Turning to the brands side of the business.

轉向業務的品牌方面。

This is where we believe most of our opportunity in growth lies, driving our core brands in global distribution.

這是我們認為我們增長的大部分機會所在，推動我們在全球分銷中的核心品牌。

In 2018, each of our core brands' top line and consumer demand and consumer offtake grew well, as Greg reported, with the exception of Coco-Libre, which underwent a significant product and packaging change in '18.

正如 Greg 報導的那樣，2018 年，我們每個核心品牌的收入、消費者需求和消費者購買量都增長良好，但 Coco-Libre 除外，它在 18 年經歷了重大的產品和包裝變化。

So the brands, from a consumer standpoint, are gaining relevance.

因此，從消費者的角度來看，這些品牌正在獲得相關性。

As Greg said, not yet success, but relevance, and enough relevance for now national distribution on which we expect to have more news for investors coming imminently.

正如格雷格所說，還沒有成功，但相關性，並且與現在的全國發行有足夠的相關性，我們希望立即為投資者提供更多消息。

But just by keeping those brands in stock in 2019, they will show good growth.

但只要在 2019 年保持這些品牌的庫存，它們就會顯示出良好的增長。

But that is not the expectation.

但這不是期望。

And it's important for us to continue to strengthen these brands as they are now expanding beyond the U.S. to more international markets in traditional retail, realizing and utilizing the benefits of the Morinda international infrastructure and team.

對我們來說，繼續加強這些品牌很重要，因為它們現在正從美國擴展到更多的傳統零售國際市場，實現並利用 Morinda 國際基礎設施和團隊的優勢。

So when I look at '19 and the growth drivers and building blocks for the company, there are really 5 things that I'd like to point out that are going to be the largest contributors of our 2019 plan and guidance that Greg had mentioned.

因此，當我回顧 19 年以及公司的增長動力和基石時，我真的想指出 5 件事，它們將成為 Greg 提到的我們 2019 年計劃和指導的最大貢獻者。

Number one, we're going to continue to drive our direct-to-consumer distribution, Morinda, growth and continue to fully integrate it into New Age and integrate New Age into Morinda.

第一，我們將繼續推動直接面向消費者的分銷，Morinda 的增長，並繼續將其完全整合到 New Age 中，並將 New Age 整合到 Morinda 中。

Morinda stand-alone grew in 2016, 2017 and 2018 in mid-single digits.

單獨的巴戟天在 2016 年、2017 年和 2018 年以中個位數增長。

And we expect the same in 2019, especially with the Noni+

我們預計 2019 年也會如此，尤其是 Noni+

Collagen expansion; the TeMana expansion; and the launch of our Health Sciences enhanced CBD skin care products that start this next month; and the portfolio of beverages, frankly, rolling out thereafter in 2019.

膠原蛋白擴張； TeMana 擴張；以及將於下個月開始推出我們的 Health Sciences 增強型 CBD 護膚產品；坦率地說，飲料產品組合將在 2019 年推出。

It will be a good year and could be a great year.

這將是美好的一年，也可能是美好的一年。

Number two, continuing to drive growth and profitability in our direct-to-store distribution group.

第二，繼續推動我們的直接到店分銷集團的增長和盈利能力。

This group has started off particularly strong in Q1 of 2019, and all systems look like a go for its 11th year of growth in the balance of the year.

該集團在 2019 年第一季度開局特別強勁，所有系統看起來都像是在今年餘下的第 11 年增長。

The third driver and the third building block is continuing the evolution and expansion of the New Age brands in traditional retail distribution and to drive consumer awareness and pull-through in current and expected national distribution.

第三個驅動力和第三個基石是在傳統零售分銷中繼續發展和擴展新時代品牌，並在當前和預期的全國分銷中推動消費者意識和突破。

Recapturing revenue from, first, being in stock throughout the year; being in 33% more points of distribution for most of the year; and from increased demand and offtake.

收回收入，第一，全年庫存；在一年中的大部分時間裡，分佈點增加了 33%；以及增加的需求和購買量。

All of those things will contribute to a real strengthening of that part of the business, and that's even before we start to expand these businesses in select -- or these core brands in select markets internationally.

所有這些都將有助於真正加強這部分業務，甚至在我們開始擴大這些業務之前——或者這些核心品牌在國際市場上的選擇。

Number four.

排名第四。

The fourth driver is expanding our footprint in our e-commerce distribution system.

第四個驅動因素是擴大我們在電子商務分銷系統中的足跡。

Currently, we ship more than $150 million of product through this e-commerce system, auto shipped through subscribers and consistent buyers annually.

目前，我們通過這個電子商務系統運送了超過 1.5 億美元的產品，每年通過訂閱者和一致的買家自動運送。

So we have the footprint, but now we want to integrate this with New Age, intelligently expand to e-tail and other e-tail systems, expand our subscriber base, expand our database and build our affiliates both internally and externally.

所以我們有了足跡，但現在我們想將其與 New Age 整合，智能地擴展到電子零售和其他電子零售系統，擴大我們的用戶群，擴展我們的數據庫，並在內部和外部建立我們的附屬機構。

And finally, number five, our last growth driver is to pursue these new growth initiatives with CBD and Health Sciences products as the regulatory environments allow; to do it globally; and leverage what we believe are competitive advantages in brand, in product and in science; and then also selectively expand the New Age core brand portfolio, utilizing the Morinda infrastructure and organization.

最後，第五，我們最後的增長動力是在監管環境允許的情況下，通過 CBD 和健康科學產品實施這些新的增長計劃；在全球範圍內進行；並利用我們認為在品牌、產品和科學方面的競爭優勢；然後還有選擇地擴展新時代核心品牌組合，利用巴戟天的基礎設施和組織。

As mentioned, exiting 2018, we had a very different company with the resources, the scale, the people and motivated team, the breadth, the global infrastructure and the financial strength to have what is shaping up to be an outstanding year in all respects in 2019.

如前所述，在 2018 年結束時，我們擁有一家非常不同的公司，擁有資源、規模、人員和積極的團隊、廣度、全球基礎設施和財務實力，在各方面都將成為傑出的一年2019.

We are comfortable with our annual guidance, and Q1 also appears to be on track.

我們對我們的年度指導感到滿意，第一季度似乎也步入正軌。

And of course, we believe we have significant upsides to the plan, we just need to execute against them.

當然，我們相信我們的計劃有很大的優勢，我們只需要執行它們。

As our long-term shareholders know, technically, our volume is up significantly from a small base when we created New Age 2.5 years ago, and our stock is up equivalently a huge amount, a huge percent, in that same time period from a humble beginnings on the OTC Pinks at $0.19.

正如我們的長期股東所知，從技術上講，我們的銷量較 2.5 年前創建新時代時的小基數有了顯著增長，而我們的股票在同一時期從一個不起眼的基數上升了相當大的數量，很大的百分比OTC Pinks 的起價為 0.19 美元。

Our stock also performed very well in Q4 of 2018 at a time when the market did not, and this was a godsend for most of our institutional investors, if not all of our investors, and their portfolios.

我們的股票在 2018 年第四季度的表現也非常好，而當時市場表現不佳，這對我們大多數機構投資者（如果不是所有投資者）及其投資組合來說都是天賜之物。

But to be very direct also, this significant growth in our stock has also created a personal tax consequence for me.

但也非常直接地說，我們股票的這種顯著增長也對我造成了個人稅收後果。

So I will likely have to sell a small amount of shares for the first time since I've been part of the company to cover that tax obligation.

因此，自從我成為公司的一員以來，我可能不得不第一次出售少量股票來履行納稅義務。

And I wanted to be direct with our fellow investors on my requirement.

我想就我的要求直接與我們的投資者同行交流。

But the growth heretofore, despite their big numbers, is -- we don't view it as success, and we don't view it in that way at all.

但迄今為止的增長，儘管數量龐大，但我們並不認為這是成功，我們根本不這麼看。

It is just a starting point.

這只是一個起點。

We know, frankly, we trade at 1/3 of the price to sales ratio of our peer group, 1/3.

我們知道，坦率地說，我們的市銷率是我們同行的 1/3，即 1/3。

And with our system, our team, our global reach, our omnichannel distribution model and our financial strength, we believe we are in a very strong position for continued success and shareholder value creation.

憑藉我們的系統、我們的團隊、我們的全球影響力、我們的全渠道分銷模式和我們的財務實力，我們相信我們在持續成功和創造股東價值方面處於非常有利的地位。

And with that, let me open it up to questions.

有了這個，讓我打開它來提問。

(Operator Instructions) Our first question comes from the line of Aaron Grey with Alliance Global Partners.

（操作員說明）我們的第一個問題來自 Aaron Gray 與 Alliance Global Partners 的對話。

Just quickly, as we look to 2019, you've got a number of initiatives in the pipeline between CBD, core products, Health Sciences, along with e-commerce.

很快，當我們展望 2019 年時，CBD、核心產品、健康科學以及電子商務之間的管道中有許多舉措。

So you just spoke about some upside opportunities versus the 3/20 guidance.

所以你剛剛談到了一些與 3/20 指南相比的上行機會。

Just how best to force-rank just where you kind of see that upside opportunity going forward?

如何最好地在您認為未來有上昇機會的地方進行排名？

Great question, Aaron.

好問題，亞倫。

I would say on the CBD stuff, I mean, we've said from the beginning, just because the Farm Bill Passes in the United States, to all of our investors, do not expect the commercialization of CBD to be linear, to follow -- in the United States, to follow the passing of the Farm Bill.

我會說關於 CBD 的事情，我的意思是，我們從一開始就說過，只是因為美國的農業法案通過，對我們所有的投資者來說，不要指望 CBD 的商業化是線性的，跟隨 - - 在美國，跟隨農業法案的通過。

And with the FDA's complexity and confusion, it sure hasn't been.

由於 FDA 的複雜性和混亂，它肯定不是。

So that is a complete upside to the plan on the CBD side and not in the plan.

因此，這是 CBD 方面的計劃而不是計劃中的一個完整的好處。

If I kind of just judge the excitement, and I know the launch plans for both the beverages, which includes Noni+CBD, the Marley CBD beverages in both shot and the relaxation beverage forms, and right away, the creams and lotions that we can immediately put through the system on a global basis, I mean, those things could just be huge for us.

如果我只是判斷興奮程度，並且我知道這兩種飲料的推出計劃，其中包括 Noni+CBD、Marley CBD 飲料的沖劑和放鬆飲料形式，以及我們可以立即推出的面霜和乳液立即在全球範圍內通過該系統，我的意思是，這些事情對我們來說可能是巨大的。

And just to sensitize to the people from the U.S. on the phone, I can't describe the level of interest and excitement, from Hungary to Vietnam to Thailand to Hong Kong to Japan, Korea, China, Taiwan, Indonesia, you name it, as it relates to CBD; Uruguay, Mexico.

只是為了讓電話中的美國人民敏感起來，我無法描述他們的興趣和興奮程度，從匈牙利到越南到泰國到香港再到日本、韓國、中國、台灣、印度尼西亞，隨便你怎麼說，因為它與 CBD 相關；烏拉圭、墨西哥。

So that could be a huge upside.

所以這可能是一個巨大的好處。

We're more focused, I would say, Aaron, on just the core stuff execution, our core Noni brand execution, our core Noni+

亞倫，我想說，我們更專注於核心內容執行，我們的核心諾麗品牌執行，我們的核心諾麗+

Collagen execution and hitting singles and then some triples with national accounts on the core brands, Marley, Coco-Libre, Xing, that are all going in national distribution for the first time this year.

膠原蛋白執行力和擊球單打，然後是核心品牌 Marley、Coco-Libre、Xing 的全國客戶的一些三重奏，這些都是今年首次在全國分銷。

So I think it's okay to be a little bit boring with just core brand singles, execution in core accounts, driving consumer pull-through, doing the right merchandising, doing the right geo framing and stealthy kind of media targeting that we're doing to drive pull-through.

所以我認為對核心品牌單曲、核心客戶的執行、推動消費者拉動、做正確的營銷、做正確的地理框架和我們正在做的隱蔽的媒體定位有點無聊是可以的驅動拉通。

So it's really an execution year, as you pointed out in your recent report, and we're focused on doing those things.

因此，正如您在最近的報告中指出的那樣，這確實是執行年，我們專注於做這些事情。

But good, strong execution builds the base.

但良好、強大的執行力可以打下基礎。

And then between Health Sciences and the CBD, all of those things are, we view significant upsides to the plan for both '19 and '20.

然後在 Health Sciences 和 CBD 之間，所有這些事情都是，我們認為 19 年和 20 年的計劃都有很大的好處。

All right.

好的。

Great.

偉大的。

That was really helpful.

這真的很有幫助。

And then just one more, just digging deeper on CBD.

然後還有一個，只是深入挖掘 CBD。

Can you provide some color?

你能提供一些顏色嗎？

And while I appreciate definitely the international opportunities, could you provide some color in terms of how many points of distribution you look to have lined up within the U.S. for Marley CBD with your initial launch in the 4 states?

雖然我非常欣賞國際機會，但您能否提供一些顏色，說明您希望在美國境內為 Marley CBD 在 4 個州首次推出時排隊多少個分銷點？

And then just any progress you have in expanding to additional states and navigating that regulatory landscape there, particularly as you see the announcement from 2 major national drugstore chains to roll out CBD, even though that's more on the topical side than on the beverages side.

然後是你在擴展到其他州並在那裡駕馭監管環境方面取得的任何進展，特別是當你看到兩家主要的全國連鎖藥店宣布推出 CBD 時，儘管這更多是在主題方面而不是在飲料方面。

Do you have plans also to roll out your own topicals within traditional brick-and-mortar?

您是否也有計劃在傳統實體店內推出您自己的主題？

Or is that more going to be through the Morinda kind of direct-to-consumer distribution here in the U.S.?

或者更多的是通過巴戟天在美國直接面向消費者的分銷方式？

Yes.

是的。

Well, step one, fortunately, we have this breadth of portfolio, both healthy beverages and lifestyle products, right?

那麼，第一步，幸運的是，我們擁有如此廣泛的產品組合，包括健康飲料和生活方式產品，對嗎？

So the first part of your question is on the beverage side, look, we have the demand.

所以你的問題的第一部分是關於飲料方面的，看，我們有需求。

I don't remember exactly the points of distribution or numbers of accounts.

我不記得確切的分佈點或帳戶數量。

But in the first 4 states, we've got orders, contingent on the legal environment, from major customers in those first 4 states spanning about $30 million of annualized revenue.

但在前 4 個州，根據法律環境，我們從前 4 個州的主要客戶那裡獲得了約 3000 萬美元年收入的訂單。

Beyond those first 4 states, on a national basis with other customers, more national QSR, foodservice and other national retailers, another at least $30 million of demand.

除了前 4 個州之外，在全國范圍內與其他客戶、更多的全國 QSR、餐飲服務和其他全國零售商一起，還有至少 3000 萬美元的需求。

And that's within the United States.

那是在美國境內。

But again, I said we want to be on the leading edge, not the bleeding edge with those.

但我再次強調，我們希望處於領先地位，而不是處於前沿。

So we're being very careful with those customers and meeting at the very senior levels of the largest brick-and-mortar convenience and big-box retailers and part of their global discussions and senior leader discussions as part of their committees.

因此，我們對這些客戶非常謹慎，並在最大的實體便利店和大型零售商的高層會面，並作為他們委員會的一部分進行全球討論和高級領導討論。

And they all have committees as it relates to CBD.

他們都有與 CBD 相關的委員會。

The fact that -- so that's the first part of the question.

事實上——這是問題的第一部分。

There is real demand as soon as we can do it, and we're ready, right?

只要我們能做到，就會有真正的需求，我們已經準備好了，對吧？

We've got the packaging.

我們拿到了包裝。

We've got the product.

我們得到了產品。

We've got everything ready to go in the United States, but it's so much easier right now outside the United States, which is why we're pursuing there first.

我們已經準備好在美國出發，但現在在美國以外的地方要容易得多，這就是我們首先追求那裡的原因。

And it's not contentious with the FDA.

而且它與 FDA 沒有爭議。

On the creams side and the topicals and those other things, especially with the announcement from Walgreens and CVS bringing those products, it's easy for us because we have got that infrastructure to do that through our direct-to-consumer system.

在面霜和外用產品以及其他方面，尤其是隨著 Walgreens 和 CVS 宣布推出這些產品，這對我們來說很容易，因為我們擁有通過直接面向消費者的系統來實現這一目標的基礎設施。

And that's a first way to start, get going and gain insights and learnings in that.

這是開始、開始並獲得見解和學習的第一種方式。

I think it's an interesting idea for expanding those things to other channels where we already have breadth.

我認為將這些東西擴展到我們已經擁有廣度的其他渠道是一個有趣的想法。

And we are considering those other channels, primarily in Asia Pacific and a few other key markets.

我們正在考慮其他渠道，主要是在亞太地區和其他一些主要市場。

We haven't yet in the United States, but that doesn't mean that we won't.

我們還沒有在美國，但這並不意味著我們不會。

So when you just think about those things and then you think about the breadth of the portfolio, the science that we have, the brands that we have and the breadth of product forms we have, I mean, all of these things add up.

因此，當您只考慮這些事情，然後考慮產品組合的廣度、我們擁有的科學、我們擁有的品牌以及我們擁有的產品形式的廣度時，我的意思是，所有這些因素加起來。

It just comes down to let's hit some singles, let's execute our core brands in national distribution and in those other key markets, and let's continue to drive these existing initiatives we have in the pipeline and then let's put in the Health Sciences stuff and the CBD stuff through the international markets on this Morinda system.

歸根結底，讓我們打一些單曲，讓我們在全國分銷和其他關鍵市場執行我們的核心品牌，讓我們繼續推動我們正在籌備中的這些現有計劃，然後讓我們投入健康科學和 CBD在這個巴戟天系統上通過國際市場的東西。

And it could be just a great year for us.

這對我們來說可能只是一個偉大的一年。

Our next question comes from the line of Mike Grondahl with Northland Capital Markets.

我們的下一個問題來自 Northland Capital Markets 的 Mike Grondahl。

A couple of questions.

幾個問題。

First off, in 4Q revenues, the net number of $14 million, can you kind of break out or parse out what Morinda contributed to that?

首先，在第 4 季度的收入中，淨額為 1400 萬美元，您能否打破或解析出莫林達為此做出的貢獻？

Just so we can kind of understand that versus the core.

這樣我們就可以理解它與核心的對比。

The -- Morinda was a small piece because it was in for basically a week for the year, and so it was a negligible contributor to Q4, Mike.

-- Morinda 是一小部分，因為它一年中基本上只存在一周，所以它對第四季度的貢獻可以忽略不計，邁克。

And the other thing you've got to think about, too, is it's in the smallest quarter of the year.

另一件你也必須考慮的事情是，它正處於一年中最小的季度。

Even in the smallest quarter of the year, I think it was about the same size as the third quarter, which is typically our largest quarter of the year.

即使在一年中最小的一個季度，我認為它的規模也與第三季度大致相同，而第三季度通常是我們一年中最大的一個季度。

So Morinda, on the P&L side, really came in for about a week in the very smallest period of the year, so not a significant contributor on the P&L side.

因此，在 P&L 方面，Morinda 在一年中最短的時間內真正進入了大約一周，因此在 P&L 方面並不是一個重要的貢獻者。

Where it does really change is the balance sheet.

真正發生變化的是資產負債表。

And that's why when you look at the balance sheet now, we've got $42 million of cash -- or $42.5 million of cash, more than $280 million of assets, a very healthy current ratio and then significant scale overall as a company.

這就是為什麼當你現在看資產負債表時，我們有 4200 萬美元的現金——或 4250 萬美元的現金，超過 2.8 億美元的資產，非常健康的流動比率，然後作為一家公司整體規模很大。

So it really affects us on the balance sheet, but you can't look at it really as it relates to '18 in terms of any measurable contribution.

所以它確實在資產負債表上影響了我們，但你不能真正地看待它，因為它與 18 年的任何可衡量的貢獻有關。

Got it.

知道了。

And then, Brent, in your prepared remarks, you were saying something about China kind of being soft in Q1, or someone was looking into something.

然後，布倫特，在你準備好的發言中，你說中國在第一季度有點疲軟，或者有人在調查什麼。

Could you just kind of go over that again?

你能再說一遍嗎？

I didn't fully get that.

我沒有完全明白。

Yes.

是的。

So the direct-to-consumer industry, which has nothing to do with New Age or Morinda, is under scrutiny in China in Q1, and principally because there were 2 local Chinese companies that were making claims that were not in keeping with the rules and regulations in China.

因此，與 New Age 或 Morinda 無關的直接面向消費者的行業在第一季度在中國受到密切關注，主要是因為有 2 家中國本土公司的聲明不符合規則和中國的規定。

So the government in China shut them down, and they sent a message to all competitors in the direct-to-consumer industry in China in January.

所以中國政府關閉了他們，他們在一月份向中國直接面向消費者行業的所有競爭對手發出了信息。

And that's affected and slowed down the business somewhat in the first quarter.

這在第一季度影響並減緩了業務。

It's not unique to us, it is an industry specific.

這不是我們獨有的，它是一個行業特有的。

And I was actually there last week and got to see, touch and feel everything for myself with our top 200 leaders there.

上週我實際上在那裡，與我們的 200 位頂級領導者一起親眼看到、觸摸和感受了一切。

And I would say even though there is softness in China in Q1, overall, the rest of the markets, from Japan, Southeast Asia in a huge way, the U.S., across all aspects of the business, including the New Age sides of the business and other international markets have offset that softness, continue to have a $60 million-plus Q1.

我要說的是，儘管第一季度中國市場疲軟，但總體而言，其他市場，從日本、東南亞到美國，在業務的各個方面，包括業務的新時代方面和其他國際市場已經抵消了這種疲軟，繼續有超過 6000 萬美元的第一季度。

So it offsets that.

所以它抵消了這一點。

But our China team is really confident that, for the year, they will continue to drive good growth.

但我們的中國團隊非常有信心，他們將在今年繼續推動良好的增長。

They still expect to achieve plan for the year in China.

他們仍然希望在中國實現今年的計劃。

And -- but at the same time, we're using it as a catalyst to expand to traditional retail and use our couple of hundred people we have there in 10 different offices to expand to traditional retail, expand the New Age portfolio and expand our e-commerce business, such that when our direct-to-consumer business continues to recover throughout the rest of the year, plus we have these additional omnichannels that we're tackling, it could make our China business even more attractive and an even bigger part of our business going forward.

並且 - 但與此同時，我們將其用作擴展到傳統零售的催化劑，並利用我們在 10 個不同辦事處的數百名員工擴展到傳統零售，擴展新時代產品組合併擴展我們的電子商務業務，這樣當我們的直接面向消費者的業務在今年餘下時間繼續復甦時，再加上我們正在處理的這些額外的全渠道，這可能會使我們的中國業務更具吸引力，規模更大我們未來業務的一部分。

Got it.

知道了。

And just following up to that, roughly what percent of Morinda is China?

緊隨其後，中國巴戟天的大致百分比是多少？

It is about 25% of total.

約佔總數的25%。

And going forward, the way we're managing the business, because we've already really integrated these companies in the first 90, 100 -- less than 100 days, Mike, is really on a regional basis.

展望未來，我們管理業務的方式，因為我們已經在前 90 天、100 天——不到 100 天，邁克，真正整合了這些公司，實際上是在區域基礎上。

So I think going forward, even maybe at our Q1 report, we'll report North America as one region.

所以我認為展望未來，甚至可能在我們的第一季度報告中，我們會將北美作為一個地區進行報告。

We'll report Asia Pacific as another region.

我們會將亞太地區報告為另一個地區。

We may even break out China and Japan, I'm not sure if we're going to do that yet, and rest of the world.

我們甚至可能打破中國和日本，我不確定我們是否會這樣做，以及世界其他地區。

Because that's really what the business looks like.

因為這確實是企業的樣子。

It's how we're managing the business.

這就是我們管理業務的方式。

And again, we're kind of agnostic to channels these days.

再一次，我們現在對渠道有點不可知論。

We just want to build all of our businesses and all of our brands across those relevant channels.

我們只想通過這些相關渠道建立我們所有的業務和我們所有的品牌。

So -- and when we look at that going forward, U.S. is going to be about $100 million, Asia Pacific is about $200 million, and rest of world is the remainder, let's just say $50 million.

所以 - 當我們展望未來時，美國將達到約 1 億美元，亞太地區約為 2 億美元，世界其他地區為其餘部分，我們只說 5000 萬美元。

And I know that adds up bigger than the guidance, but of course, we're trying to outperform the guidance.

我知道這加起來比指導要大，但當然，我們正在努力超越指導。

But whatever those relevant numbers are, down to $320 million, because we're not increasing the guidance, especially on this call, that's how we'd break it out.

但無論這些相關數字是多少，低至 3.2 億美元，因為我們沒有增加指導，特別是在這次電話會議上，這就是我們將其分解的方式。

Okay.

好的。

And hey, just lastly, quick.

嘿，最後，快點。

Is the issues you faced with the product changeover with Coco-Libre, is that done?

您在 Coco-Libre 的產品轉換中遇到的問題，完成了嗎？

It sounded like that was in the first half of 2018.

這聽起來像是在 2018 年上半年。

Did that affect anything sort of 4Q or?

這對第四季度有什麼影響嗎？

It affected us from a discounts and bill-backs standpoint with these major national distributors.

從這些主要全國分銷商的折扣和退款角度來看，它影響了我們。

So they keep hitting us with the charges throughout the rest of the year as you change over the product.

因此，在您更換產品時，他們會在今年餘下的時間裡不斷向我們收費。

And we got rid of the Tetra Pak packaging because, A, we felt that was very environmentally unfriendly, so we went to a much more environmentally friendly pack.

我們擺脫了利樂包裝，因為，A，我們覺得這對環境非常不友好，所以我們採用了更加環保的包裝。

And we switched out, as you know, from a previous from concentrate product to a product that we thought was substantially superior, bottled at the source from young coastal coconuts.

如您所知，我們從以前的濃縮產品換成了我們認為非常優質的產品，從年輕的沿海椰子源頭裝瓶。

But that changeover cost us probably north of $4 million in fees and bill-backs.

但這種轉變可能使我們損失了超過 400 萬美元的費用和退款。

That primarily hits us between gross revenue and net revenue level because they charge us for all of the existing product and then they charge you for all the shipping and they charge you for the additional shipping and UPC changeovers and those kinds of things.

這主要影響了我們在總收入和淨收入水平之間的差距，因為他們向我們收取所有現有產品的費用，然後向您收取所有運費，並向您收取額外的運費和 UPC 轉換等費用。

So it was extremely expensive.

所以它非常昂貴。

None of it we expected for the year, but it was a significant impact.

我們對這一年沒有任何期望，但它產生了重大影響。

And as I mentioned, over and above the $12 million to $14 million inventory shortfall.

正如我所提到的，除了 1200 萬至 1400 萬美元的庫存缺口之外。

That's a pure around $4 million cost impact that we had last year that we don't have anymore.

這純粹是我們去年產生的大約 400 萬美元的成本影響，現在我們不再有。

So the short answer to your question is yes, we're done, but it was painful this year.

所以對你的問題的簡短回答是肯定的，我們已經完成了，但今年很痛苦。

Our next question comes from the line of Anthony Vendetti with Maxim Group.

我們的下一個問題來自 Maxim Group 的 Anthony Vendetti。

So the guidance of $320 million is mostly based on the pro forma of $300 million for this year.

因此，3.2 億美元的指導主要基於今年 3 億美元的備考。

That $20 million in incremental, is that spread across the businesses?

那 2000 萬美元的增量，是否分散在所有業務中？

Or how does that break out, Morinda, DSD and brands?

或者它是如何爆發的，Morinda、DSD 和品牌？

The biggest part of the growth, frankly, is in the brands division.

坦率地說，增長的最大部分是在品牌部門。

And what's nice is we really got hit from a margin standpoint on that business, as you know, given the working capital issues, and it just affects every single aspect of the P&L in ways that our shareholders just could never imagine.

好消息是，正如你所知，考慮到營運資金問題，我們確實從該業務的利潤率角度受到了打擊，而且它以我們的股東無法想像的方式影響損益表的每個方面。

But it really affected that margin.

但這確實影響了利潤率。

But that business should be between a 35% and 40% gross margin.

但該業務的毛利率應該在 35% 到 40% 之間。

So not only are the margins recovering on that business, but the volume really recovers from 3 pieces.

因此，不僅該業務的利潤率正在恢復，而且銷量確實從 3 件恢復。

Of the really $30 million incremental versus 2018, a big part of that is the brands piece.

與 2018 年相比真正增加了 3000 萬美元，其中很大一部分是品牌部分。

Morinda will continue to grow, but low single digits.

Morinda 將繼續增長，但個位數較低。

The DSD division will continue to grow, but low single-digits.

DSD 部門將繼續增長，但個位數較低。

It's really the brands division, and which is really North America, not even accounting brands outside of that.

這真的是品牌部門，這是真正的北美，甚至不是北美以外的會計品牌。

And we're not counting CBD and the other initiatives for -- in our numbers.

我們並沒有將 CBD 和其他倡議計入我們的數字。

So those are really all upsides to the plan.

所以這些都是計劃的好處。

So the predominance of it is beyond the single-digit growth of other pieces of the business; it's really in the brands side, at a blended margin of, I would say north of 30% for this year because we're still improving the margins.

因此，它的優勢超過了其他業務的個位數增長；這真的是在品牌方面，混合利潤率，我會說今年超過 30%，因為我們仍在提高利潤率。

Frankly, bringing some of the production of those products in-house through Morinda because we now have a bunch of our in-house production.

坦率地說，通過 Morinda 將這些產品的一些生產引入內部，因為我們現在有大量的內部生產。

But that's an additional cost synergy that we don't have yet built in.

但這是我們尚未內置的額外成本協同效應。

Okay.

好的。

And then, I guess, on the EBITDA side, because based on your guidance on EBITDA and historically, Morinda has been around $15 million to $20 million in EBITDA.

然後，我想，在 EBITDA 方面，因為根據你對 EBITDA 的指導和歷史，Morinda 的 EBITDA 約為 1500 萬至 2000 萬美元。

Is that correct?

那是對的嗎？

Is most of the profit, though, Morinda-driven?

不過，大部分利潤是由巴戟天驅動的嗎？

Or it's now that the brands are growing at a higher margin, some profit from that should be -- there should be some profit from the brands side too incorporated into that guidance?

或者現在品牌的利潤率更高，應該從中獲得一些利潤——品牌方面的一些利潤也應該納入該指導方針？

The way I look at it, and I'm sorry to sound like the CFO here, but I like being -- that aspect of the business.

我看待它的方式，我很抱歉聽起來像這裡的首席財務官，但我喜歡 - 業務的那個方面。

But -- so the distribution division throws off a couple of million dollars of EBITDA on a stand-alone basis.

但是——所以分銷部門單獨拋出了幾百萬美元的 EBITDA。

The Morinda division, historically, has done in the neighborhood of $20 million of profit.

從歷史上看，巴戟天部門的利潤約為 2000 萬美元。

And it's the brands division that's been the real investment part of the division that has lost money and cost us.

品牌部門是該部門真正的投資部分，它已經賠了錢，讓我們付出了代價。

Once those -- and it's very similar to all the other small beverage companies, that until you get scale on that side of the business, it's going to be a loss-making venture, and this group is no different.

一旦那些 - 它與所有其他小型飲料公司非常相似，除非你在業務的這一方面取得規模，否則這將是一個虧損的企業，這個群體也不例外。

But at north of $50 million in revenue, which would be a significant move up from where it was, it gets to, I would say, right around breakeven in terms of revenue -- or sorry, profit contribution on that part of the business.

但在 5000 萬美元的收入之上，這將是一個重大的進步，我想說，就收入而言，它達到了盈虧平衡——或者抱歉，這部分業務的利潤貢獻。

And the rest of the businesses really deliver on the profit.

其餘的業務真正實現了利潤。

Would you add anything to that, Greg, or?

Greg，你會添加什麼嗎？

Yes.

是的。

That's spot on.

那是正確的。

So then today, most of the revenue does come from Morinda.

所以今天，大部分收入確實來自巴戟天。

We plan on continuing to invest in our brands.

我們計劃繼續投資於我們的品牌。

But we see that getting stronger, especially throughout 2019 and going into 2020, because that's where we see the really big upside here.

但我們看到這種情況越來越強，尤其是在整個 2019 年和進入 2020 年，因為這就是我們在這裡看到真正巨大上漲空間的地方。

But...

但...

But you're -- I mean, I know how in-depth you are, Anthony.

但是你——我的意思是，我知道你有多深入，安東尼。

And if Morinda, historically, has done $20 million and the distribution division is doing a couple of million and brands is breakeven, that doesn't add up to $15 million.

如果從歷史上看，Morinda 的銷售額為 2000 萬美元，而分銷部門的銷售額為 2000 萬美元，而品牌處於收支平衡狀態，那麼加起來還不到 1500 萬美元。

But what we want to do is have the flexibility to invest in CBD, invest in the Health Sciences expansion, invest in all of these real growth opportunities.

但我們想要做的是靈活地投資 CBD，投資健康科學擴張，投資所有這些真正的增長機會。

And that's why I think the $15 million number is a good number because it gives us the flexibility to really invest in these growth initiatives we have around the world.

這就是為什麼我認為 1500 萬美元的數字是一個很好的數字，因為它使我們能夠靈活地真正投資於我們在世界各地的這些增長計劃。

And I can't -- I wish I could have people and our investors understand the vibe in this company.

我不能——我希望我能讓人們和我們的投資者了解這家公司的氛圍。

2018 was really hard, but it's in the rearview mirror.

2018 年真的很艱難，但它在後視鏡中。

And it's -- I mean, the excitement about this just plethora of opportunities, the requirements to focus on those biggest hitters is really our biggest challenge in allocating resources, both human and financial, against those.

而且它 - 我的意思是，對這種過多機會的興奮，關注那些最大的擊球手的要求確實是我們在分配人力和財力資源方面面臨的最大挑戰。

But the vibe here is just -- it's just palpable.

但這裡的氛圍只是——觸手可及。

It is unbelievably exciting time to be part of this company because we've got the system, we've got this funnel, we've got this infrastructure, we have these people.

成為這家公司的一員是令人難以置信的激動人心的時刻，因為我們擁有系統，我們擁有這個漏斗，我們擁有這個基礎設施，我們擁有這些人。

We can drive all of these great innovations and new products and science through this system.

我們可以通過這個系統推動所有這些偉大的創新、新產品和科學。

It's just, I mean, I know as the CEO, you're supposed to be balanced and keep the highs not too high and the lows not too low and be in that respect, but I just cannot contain the enthusiasm.

只是，我的意思是，我知道作為首席執行官，你應該保持平衡，保持高點不要太高，低點不要太低，在這方面，但我無法抑制這種熱情。

And we see it and feel it throughout all our system.

我們在整個系統中都看到並感受到了它。

And that winning belief and attitude is driving a lot of momentum in our company.

這種致勝的信念和態度正在推動我們公司的發展。

Okay.

好的。

And then just last question on CBD, and I know that's upside, not in your plan.

然後是關於 CBD 的最後一個問題，我知道這是好的，不在你的計劃中。

But I think in your latest slide deck, I mean, you blacked out the customers, but it certainly seems like you have the interest because you have orders that are ready to go, I guess, if everything falls into line.

但我認為在你最新的幻燈片中，我的意思是，你把客戶拒之門外，但看起來你確實有興趣，因為你有準備好的訂單，我想，如果一切順利的話。

So are those -- can you just talk a little bit about how that -- you see that rolling out based on all the, I guess, issues or FDA guidance and the actions taken by states like New York and California?

那麼那些 - 你能談談它是如何 - 你看到它是基於所有的，我猜，問題或 FDA 指南以及紐約和加利福尼亞等州採取的行動而推出的嗎？

I mean, I'm just trying to figure out what that opportunity is here in 2019 versus -- is that -- is it more of a, I guess, an opportunity in 2019, but more of a realization of it in 2020, or something like that?

我的意思是，我只是想弄清楚這個機會在 2019 年與 - 是 - 我猜它更像是 2019 年的機會，但更多的是在 2020 年實現它，或者像那樣的東西？

It's a really hard question to answer.

這是一個很難回答的問題。

But from a modeling standpoint, I wouldn't put any of the CBD in the modeling from our North America -- sorry, from our U.S. business in '19 because I think it's just too complex.

但從建模的角度來看，我不會將任何 CBD 放在我們北美的建模中——抱歉，從我們 19 年的美國業務中，因為我認為它太複雜了。

And like I said, we want to be on the leading edge, but not the bleeding edge, as it relates to beverages.

就像我說的，我們希望處於領先地位，但不是前沿，因為它與飲料有關。

On the -- we will get some revenue from CBD beverages in '19, I believe, really starting in the second quarter from some of the international markets where we don't have the complexity with the FDA.

關於——我相信，我們將從 19 年的 CBD 飲料中獲得一些收入，真正從第二季度開始，來自一些我們與 FDA 沒有復雜性的國際市場。

So that's completely on side and that's completely safe for us as a responsible public company.

所以這完全是對的，這對我們作為一家負責任的上市公司來說是完全安全的。

But we just have too good of a company to risk being on the bleeding edge in beverages right now in the United States.

但我們的公司太優秀了，不能冒險在美國處於飲料行業的前沿。

The demand is there, the demand is significant.

需求就在那裡，需求很大。

And the demand is there from some of the biggest and best in the United States across QSR, restaurants and outlets and traditional grocery and convenience retailers.

需求來自美國一些最大和最好的快餐店、餐廳和奧特萊斯以及傳統的雜貨店和便利店零售商。

The demand is really there.

需求確實存在。

And our personal relationship, together with our partners at Docklight and Privateer, at the very senior levels of all of these companies, is also really there.

我們的個人關係，以及我們在 Docklight 和 Privateer 的合作夥伴，在所有這些公司的高層，也確實存在。

And we're providing guidance and insight and regulatory and legal perspectives to them to walk hand-in-hand with these.

我們正在為他們提供指導和見解以及監管和法律觀點，以便與他們攜手並進。

So we know the level of commitment and the level of partnership we have with these guys.

所以我們知道我們與這些人的承諾程度和夥伴關係程度。

But we're going to be first in a significant way with these customers, but only when we can do it responsibly and legally without putting the company at risk in the United States.

但我們將首先以重要的方式與這些客戶打交道，但前提是我們能夠以負責任和合法的方式做到這一點，而不會讓公司在美國面臨風險。

But that -- again, this is a global, long-term play for us.

但是，這對我們來說是一個全球性的、長期的遊戲。

And we're here to win long term with that.

我們來這裡是為了贏得長期勝利。

But modeling-wise, I wouldn't put, as I stated from the beginning, anything in the U.S. modeling for CBD for '19.

但在建模方面，正如我從一開始就說過的那樣，我不會在美國為 19 年的 CBD 建模。

And we'll see how -- things could change daily with Congress and the FDA.

我們將看看 - 國會和 FDA 每天都會發生變化。

So we're really close to that situation.

所以我們真的很接近那種情況。

Our next question comes from the line of John Harrell with Harrell & Associates.

我們的下一個問題來自 John Harrell 與 Harrell & Associates 的合作。

In an 8-K back on March 1, there was language that suggested former stockholders of Morinda would be paid $25 million from the proceeds of a Q2 financing event.

在 3 月 1 日的一份 8-K 報告中，有語言暗示將從第二季度融資活動的收益中向 Morinda 的前股東支付 2500 萬美元。

And as such, I believe that investors are obviously anticipating a capital raise in Q2.

因此，我相信投資者顯然期待第二季度的融資。

Do you mind providing a little more detail about this financing event?

您介意提供有關此融資活動的更多詳細信息嗎？

Yes, this is Greg.

是的，這是格雷格。

The financing event is based upon the potential sale of a building in Japan, which would be a sale/leaseback.

融資事件是基於日本建築物的潛在銷售，這將是售後/回租。

And basically, the way the deal was structured, to get it done quickly and not have to wait for that to happen, we put in place where once we do the sale/leaseback, the former owners of Morinda would get up to $25 million, which is the net proceeds.

基本上，交易的結構方式，為了快速完成，而不必等待它發生，我們設置了一旦我們進行售後/回租，Morinda 的前所有者將獲得高達 2500 萬美元，這是淨收益。

So if the sale/leaseback is for an excess of $25 million on a net basis, we get the excess amount.

因此，如果售後回租淨額超過 2500 萬美元，我們將獲得超出部分。

And if for some reason, it was less, the cutback goes to the former Morinda shareholders.

如果由於某種原因，它減少了，削減將歸前莫林達股東所有。

So basically, we feel like we're very well protected in this.

所以基本上，我們覺得我們在這方面受到了很好的保護。

We did it to get this deal done very quickly because we saw how transformative it could be for the entire New Age company.

我們這樣做是為了很快完成這筆交易，因為我們看到了它對整個 New Age 公司的變革性影響。

And that's what it is.

就是這樣。

And really, there's no risk to us.

真的，我們沒有風險。

So it's got...

所以它有...

I want to answer the question in an additional way, not a different way.

我想以另一種方式而不是不同的方式回答這個問題。

So we did a, technically, what's called a reverse triangular merger, we did not do an asset purchase.

因此，從技術上講，我們進行了所謂的反向三角合併，我們沒有進行資產購買。

And in a reverse triangular merger -- or sorry -- so -- and we did not buy all the assets of the firm, including the office building that the company owned in China.

在反向三角合併中——或者抱歉——我們沒有購買公司的所有資產，包括公司在中國擁有的辦公樓。

So -- or sorry, in Japan.

所以——或者抱歉，在日本。

So when we sell that for north of $25 million, the Morinda shareholders get that $25 million and we get the excess, minus all the fees and expenses.

因此，當我們以超過 2500 萬美元的價格出售時，Morinda 的股東會得到那 2500 萬美元，我們得到多餘的部分，減去所有費用和支出。

And the reason we couldn't be, I would say, more -- not clear, clear is not the right word, but more descriptive on that transaction that creates this confusion that makes people think, oh, we're going to have to go raise $25 million to pay the money.

我們不能的原因，我想說，更多——不清楚，清楚不是正確的詞，但更多地描述了造成這種混亂的交易，讓人們認為，哦，我們將不得不去籌集2500萬美元來支付這筆錢。

It's not the case at all.

根本不是這樣。

We're just selling a building.

我們只是在賣一棟樓。

But the reason that we weren't more precise or descriptive on that is, in the middle of the negotiation, especially with the Japanese and some of our international cultures, if we say, "Hey, we're going to go sell a building as part of this." It creates all sorts of fear and confusion and worry and those kinds of things needlessly in the middle of an integration.

但我們沒有更準確或更詳細地描述這一點的原因是，在談判過程中，尤其是與日本人和我們的一些國際文化，如果我們說，“嘿，我們要賣掉一棟建築作為其中的一部分。”它會在整合過程中產生各種恐懼、困惑和擔憂，以及那些不必要的事情。

So we didn't want to run that risk, needless risk, as part of that.

所以我們不想冒那個風險，不必要的風險，作為其中的一部分。

But again, for us, it's actually an upside for us financially, both cash-wise and potentially tax-wise, too, as we sell this building because we'll get the tax benefit of that sale.

但同樣，對我們來說，這實際上對我們的財務有利，無論是現金方面還是潛在的稅收方面，因為我們出售這棟大樓，因為我們將從此次出售中獲得稅收優惠。

So it's actually not the potential negative that investors were worrying about, as you pointed out, John, but a potential very big positive for us.

因此，正如你指出的那樣，約翰實際上並不是投資者擔心的潛在負面因素，而是對我們來說潛在的非常大的積極因素。

Our next question comes from the line of Mike Grondahl with Northland Capital Markets.

我們的下一個問題來自 Northland Capital Markets 的 Mike Grondahl。

One question, just trying to understand the at least $60 million of revenue for 1Q '19.

一個問題，只是想了解 19 年第一季度至少 6000 萬美元的收入。

The 8-K/A, which had pro forma numbers, it looks like for Morinda for the first 9 months of the year, you did $177 million.

8-K/A 有預估數字，看起來在今年前 9 個月，Morinda 的收入為 1.77 億美元。

If I divide that by 3 for the quarters, it's like $60 million a quarter.

如果我將其除以 3 個季度，則相當於每個季度 6000 萬美元。

And then if I add $11.5 million, which you guys did roughly in 1Q '18, that's like $71 million.

然後，如果我加上 1150 萬美元，你們大概在 18 年第一季度所做的，那就是 7100 萬美元。

Am I thinking about that right?

我想的對嗎？

Or is there more seasonality there?

還是那裡有更多的季節性？

Yes, there's a lot more seasonality.

是的，有更多的季節性。

There's 2 things.

有兩件事。

There's a lot more seasonality, number one.

第一，有更多的季節性。

Number two -- and there's seasonality across the business, both in Morinda and the New Age side.

第二——在莫林達和新時代方面，整個行業都存在季節性。

Number two, the impact that you don't really see is the expanded distribution on the brands side.

第二，你沒有真正看到的影響是品牌方面擴大的分銷。

So the DSD Division kind of performs like clockwork, but seasonally adjusted.

因此，DSD 部門的表現有點像發條，但會進行季節性調整。

The brands side, all of that new distribution that's going from 200,000 points of distribution this year to 300,000, a predominance of that incremental, let's say, the first 50,000 incremental points of distribution, are happening in April.

品牌方面，所有這些新的分銷點將從今年的 200,000 個分銷點增加到 300,000 個，增量的優勢，比方說，前 50,000 個增量分銷點，發生在 4 月份。

And the reason we haven't communicated directly who those retailers are and what they are is we're just starting the shipping to them now.

我們沒有直接傳達這些零售商是誰以及他們是什麼的原因是我們現在才剛剛開始向他們發貨。

But we expect to be able to communicate those things imminently.

但我們希望能夠立即傳達這些信息。

So those things really are Q2 impacts.

所以這些東西真的是第二季度的影響。

A lot of these new products, the Noni+

很多這些新產品，Noni+

Collagen broader rollout are Q2 impacts.

膠原蛋白更廣泛的推出是第二季度的影響。

So we're trying to be conservative, Mike.

所以我們盡量保持保守，邁克。

But I think it's a good sweet spot at around $60 million for Q1.

但我認為這是第一季度 6000 萬美元左右的一個很好的最佳點。

But -- and that's good execution if you ask me.

但是 - 如果你問我，那是很好的執行。

But Q2 is, I hate to keep kicking the can down the road quarter-by-quarter, but $60 million is a good number for Q1.

但是第二季度，我討厭一個季度接一個季度地繼續前進，但是 6000 萬美元對於第一季度來說是一個不錯的數字。

Yes.

是的。

And just like I said within my statements, too, we do see the back half of this year being much stronger than the first half.

就像我在聲明中所說的那樣，我們確實看到今年下半年比上半年強得多。

Got it.

知道了。

And maybe lastly, Brett -- Brent, thanks for kind of calling out you'll be selling a little bit of stock for tax obligations.

也許最後，布雷特——布倫特，感謝你的呼籲，你將出售一些股票來履行納稅義務。

Do you have a rough range of the quantity or amount of shares that you think you roughly have to sell?

您是否有粗略的數量範圍或您認為必須出售的股票數量？

Well, I've never sold a single share.

好吧，我從來沒有賣過一股。

I really don't want to do it because, especially with us trading at 1/3 of the average price to sales ratio of our peer group and all of the opportunities that I see, I mean, it's honestly last thing I want to do, but I can't tap into trusts to go pay that tax consequence.

我真的不想這樣做，因為，尤其是我們的交易價格是我們同行組平均價格與銷售額的 1/3 以及我看到的所有機會，我的意思是，老實說，這是我最不想做的事情，但我無法利用信託來支付稅收後果。

And the truth is our stock has grown from $0.19 when I started and all of our investors have benefited.

事實上，我們的股票從我開始時的 0.19 美元開始上漲，我們所有的投資者都從中受益。

So I think, frankly, Mike, it's as little as I can get away with to meet that tax obligation, which is a couple of hundred thousand shares.

所以我認為，坦率地說，邁克，這是我能逃脫的最低限度的稅收義務，也就是幾十萬股。

But a couple of hundred thousand shares over time, such that it will have de minimis or no impact on the market, especially given our liquidity of -- I don't know what our average liquidity is, but it's over 5 million shares a day.

但是隨著時間的推移，會有幾十萬股，這樣它對市場的影響就會微乎其微，或者沒有影響，特別是考慮到我們的流動性——我不知道我們的平均流動性是多少，但每天超過 500 萬股.

So I think it'll be a rounding error in the market.

所以我認為這將是市場上的一個舍入誤差。

But not that I want to do it, but I need to do it.

但不是我想做，而是我需要做。

And I want to be straight and never not forthright with our investor partners, so.

我想對我們的投資者合作夥伴直截了當，永遠不要直率，所以。

Good.

好的。

Yes.

是的。

I was just -- I didn't know if it was millions of shares or a couple hundred thousand.

我只是——我不知道是幾百萬股還是幾十萬股。

So that helps kind of put a bracket around it (multiple speakers)

所以這有助於在它周圍放一個支架（多個揚聲器）

I hate to do it, but I got to do it, so.

我討厭這樣做，但我必須這樣做，所以。

I get it.

我得到它。

The stock's done very well.

股票表現非常好。

Okay.

好的。

What...

什麼...

Thank you.

謝謝。

Ladies and gentlemen -- I'm sorry.

女士們，先生們——對不起。

Go ahead.

前進。

Sorry, Melissa, go ahead.

對不起，梅麗莎，繼續。

That concludes our question-and-answer session.

我們的問答環節到此結束。

I'll turn the floor back to Mr. Willis for final comments.

我將把發言權轉回 Willis 先生進行最後的評論。

Yes, I don't really have any other final comments.

是的，我真的沒有任何其他最終意見。

I thought the questions were great.

我認為這些問題很好。

We're always available for additional questions from individual investors or others who were here.

我們隨時可以回答個人投資者或在場的其他人提出的其他問題。

That comes with being a small-cap company.

這是一家小型公司。

So we believe in the company.

所以我們相信公司。

I mean, the company, it's just different, right?

我的意思是，公司不一樣，對吧？

And we can't look in the rearview mirror in '18.

而且我們不能在 18 年看後視鏡。

It's not indicative of '19 and the kind of company we have at all.

這並不代表 19 年以及我們擁有的公司類型。

It really is, I think, an execution story, and we're focused on hitting those singles, but also, we've got a potential bunch of home runs, and those opportunities are really interesting in the company.

我認為，這確實是一個執行故事，我們專注於擊中那些單打，而且，我們還有很多潛在的本壘打，這些機會在公司中真的很有趣。

But the core business, the core foundation, the core-est foundation is really solid for kind of the base revenue, profit and EBITDA of the company.

但核心業務、核心基礎、最核心的基礎對於公司的基本收入、利潤和 EBITDA 來說確實是堅實的。

But it's really the upsides that we're excited about.

但這確實是我們感到興奮的好處。

But just continue to deliver the core and do the basic blocking and tackling, and we will be fine, and I think drive tremendous wealth creation for all of our shareholders, which everybody and all almost 1,000 people in the New Age company and Morinda are committed to.

但只要繼續提供核心並進行基本的阻斷和處理，我們就會好起來的，我認為會為我們所有的股東創造巨大的財富，New Age 公司和 Morinda 的每個人和近 1000 名員工都致力於此到。

And with that, we'll close the call.

這樣，我們將結束通話。

Thank you very much.

非常感謝。

Appreciate everybody being on today.

感謝大家在今天。

Thanks, everyone.

感謝大家。

Thank you.

謝謝。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。