Sadot Group Inc (SDOT) 2023 Q2 法說會逐字稿

Good afternoon and welcome to the Sadot Group, Inc., formerly known as Muscle Maker, Inc., Q2 2023 earnings release and conference call. Today's call is being recorded. (Operator Instructions)

下午好，歡迎來到 Sadot Group, Inc.（原名 Muscle Maker, Inc.）2023 年第二季財報發布和電話會議。今天的通話正在錄音。 （操作員說明）

At this time, for opening remarks and introductions, I would like to turn the call over to Frank Pogubila, Sadot Group, Inc.'s Investor Relations contact.

現在，為了進行開場白和介紹，我想將電話轉給 Sadot Group, Inc. 投資者關係聯絡人 Frank Pogubila。

Thank you, operator. And welcome, everyone, to Sadot Group, Inc.'s second-quarter 2023 earnings call and webcast.

謝謝你，接線生。歡迎大家參加 Sadot Group, Inc. 的 2023 年第二季財報電話會議和網路廣播。

Before we get started, we would like to state that this call may include forward-looking statements pursuant to the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. To the extent that the information presented on this call discusses financial projections, information, or expectations about business plans, results of operations, products, or markets or otherwise make statements about future events, such statements may be forward-looking. Such forward-looking statements can be identified by the use of the words such as should, may, intends, anticipates, believes, estimates, projects, forecasts, expects, plans, and proposes.

在我們開始之前，我們想聲明，根據 1995 年美國私人證券訴訟改革法案的安全港條款，本次電話會議可能包含前瞻性陳述。就本次電話會議中提供的資訊討論財務預測而言，關於業務計劃、營運結果、產品或市場的資訊或預期，或以其他方式對未來事件所做的陳述，此類陳述可能是前瞻性的。此類前瞻性陳述可以透過使用「應該」、「可能」、「打算」、「預期」、「相信」、「估計」、「項目」、「預測」、「期望」、「計劃」和「建議”等詞語來辨識。

Although management believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading Risk Factors and elsewhere in documents that the Sadot Group, Inc., files from time to time with the SEC. Forward-looking statements speak only as of the date of the document in which they are contained, and Sadot Group, Inc. does not undertake any duty to update any forward-looking statements, except as may be required by law.

儘管管理階層認為這些前瞻性陳述中反映的預期是基於合理的假設，但存在許多風險和不確定性，可能導致實際結果與此類前瞻性陳述有重大差異。我們敦促您仔細審查和考慮任何警告性聲明和其他披露信息，包括 Sadot Group, Inc. 不時向 SEC 提交的文件中“風險因素”標題下以及其他地方所做的聲明。前瞻性陳述僅代表截至其所包含文件之日的情況，Sadot Group, Inc. 不承擔任何更新任何前瞻性陳述的義務，除非法律要求。

For this call, all numbers disclosed have been rounded to the closest thousand, and percentages have been rounded to the closest percent. On this call, we will refer to Sadot Group, Inc., as Sadot Group or the company.

對於本次電話會議，揭露的所有數字均四捨五入至最接近的千位，百分比也四捨五入至最接近的百分比。在本次電話會議中，我們將 Sadot Group, Inc. 稱為 Sadot Group 或公司。

With me on the call today are Sadot Group, Inc.'s Chief Executive Officer, Michael Roper; and Chief Financial Officer, Jennifer Black. Michael and Jennifer will be presenting prepared remarks related to Sadot Group's financials filed on August 9, 2023, and those documents may be found on the company's website, Newswire feeds, and on the SEC's website linked from the Sadot Group IR pages at (technical difficulty)

今天與我一起參加電話會議的是 Sadot Group, Inc. 執行長 Michael Roper；和首席財務官珍妮佛·布萊克。 Michael 和 Jennifer 將提交與 2023 年 8 月 9 日提交的 Sadot Group 財務相關的準備好的評論，這些文件可以在該公司網站、Newswire 以及從 Sadot Group IR 頁面鏈接的 SEC 網站上找到（技術難度）

At this point, I would like to turn the call over to Sadot Group, Inc.'s CEO, Michael Roper.

現在，我想將電話轉給 Sadot Group, Inc. 的執行長 Michael Roper。

Good afternoon, everyone, and thank you for joining us today. I'm pleased and proud to report that Q2 was a strong continuation of the past two quarters, highlighted with Q2 being our first-ever profitable quarter in the company's history. Let me say that again, highlighted with Q2 being our first-ever profitable quarter in the company's history.

大家下午好，感謝您今天加入我們。我很高興並自豪地報告，第二季度是過去兩個季度的強勁延續，特別是第二季度是我們公司歷史上第一個盈利的季度。讓我再說一遍，強調第二季是我們公司歷史上第一個獲利的季度。

But before diving into our second-quarter results and key achievements, on July 26, 2023, we made the exciting announcement that Muscle Maker, Inc., has taken a significant step in its journey of becoming a key player in the global food supply chain by deciding to change the company's name to Sadot Group, Inc. This name change recognizes the company's evolution of our core business and aligns with our strategic vision as we transform into a truly global, agri-food, supply chain organization that's focused on sourcing and providing sustainable foods and feeds.

但在深入探討第二季業績和主要成就之前，我們在2023 年7 月26 日宣布了一項令人興奮的消息：Muscle Maker, Inc. 在成為全球食品供應鏈關鍵參與者的道路上邁出了重要一步決定將公司名稱更改為Sadot Group, Inc。此次更名體現了公司核心業務的發展，並與我們轉型為真正的全球農業食品供應鏈組織（專注於採購和供應鏈）的戰略願景保持一致。提供永續的食品和飼料。

The company's common stock began trading on Nasdaq under the ticker symbol SDOT -- that's S as in Sam, D as in David, O as in Ocean, T as in Tom -- SDOT, on Thursday, July 27, 2023, and we could not be prouder. It has been an extremely busy time for our organization over the past quarter and really over the last eight months since our corporate strategic pivot.

該公司的普通股於2023 年7 月27 日星期四開始在納斯達克交易，股票代碼為SDOT，即Sam 中的S、David 中的D、Ocean 中的O、Tom 中的T——SDOT，我們可以不要更驕傲。過去一個季度，甚至是我們公司策略轉向以來的過去八個月，對我們的組織來說是一個極其忙碌的時期。

As you may recall, in late 2022, we began the transformation from a US-centric restaurant business. And fast forward to today, we've rapidly evolved into a truly global food supply chain organization.

您可能還記得，2022 年末，我們開始從以美國為中心的餐廳業務轉型。快進到今天，我們已經迅速發展成為一個真正的全球食品供應鏈組織。

I'd like to begin with a brief overview of our rapidly evolving company. As we expand into new verticals within the global food supply chain sector, we have strategically segmented our business into three operating units. Our first business unit is Sadot LLC, which we will refer to as Sadot Agri-Foods. Its global operations include the origination and trading of food and feed products such as soybean meal, wheat, and corn.

我想先簡單概述一下我們快速發展的公司。隨著我們向全球食品供應鏈領域的新垂直領域擴張，我們策略性地將業務劃分為三個營運部門。我們的第一個業務部門是 Sadot LLC，我們稱之為 Sadot Agri-Foods。其全球業務包括豆粕、小麥和玉米等食品和飼料產品的生產和貿易。

Our second business unit is our Sadot Farm Operations. Pending final government approval, we will close on an approximately 5,000-acre farm in Zambia. The farm produces the same commodities that are in constant demand: soybean, wheat, and corn, along with avocado and mango. We've started initial operations through a right-to-use notice and expect to receive final approval on the purchase later this month.

我們的第二個業務部門是 Sadot 農場營運部門。在等待政府最終批准之前，我們將關閉贊比亞一座佔地約 5,000 英畝的農場。農場生產持續需求的商品：大豆、小麥和玉米，以及酪梨和芒果。我們已經透過使用權通知開始了初步運營，預計本月晚些時候會收到購買的最終批准。

Our third business unit is Sadot Food Service Operations, which operates our three restaurant concepts. This unit encompasses over 47 fast-casual restaurants. As we'll detail later on the call, we've already started reaping the financial benefits of our global diversification strategy, which exemplifies our strategic approach to expanding into each of our three main business units.

我們的第三個業務部門是 Sadot 食品服務營運部門，負責經營我們的三個餐廳概念。該單元包括超過 47 家休閒快餐餐廳。正如我們稍後將在電話會議中詳細介紹的那樣，我們已經開始收穫全球多元化戰略的財務收益，該戰略體現了我們向三個主要業務部門進行擴張的戰略方法。

Now let me discuss some Q2 highlights. I'm pleased to announce that Sadot Group, Inc., achieved top-line revenue of $160 million for Q2 2023, a significant increase compared to $3 million for Q2 2022. This revenue announcement marks the accomplishment of eight consecutive months above $45 million in revenue per month for our Sadot Agri-Foods business unit and demonstrates our continued overall performance with total revenues of over $515 million since November 2022 when we began our strategic pivot into the global food supply chain sector.

現在讓我討論一下第二季的一些亮點。我很高興地宣布，Sadot Group, Inc. 在2023 年第二季度實現了1.6 億美元的營收，與2022 年第二季度的300 萬美元相比大幅增長。這項營收公告標誌著該公司連續八個月在2023 年第二季度實現了超過4500 萬美元的營收。我們的Sadot Agri-Foods 業務部門的每月收入，證明了自2022 年11 月我們開始策略轉向全球食品供應鏈產業以來，我們持續的整體業績，總收入超過5.15 億美元。

Overall, our second-quarter net income was $190,000 in 2023 compared to an approximate $1.8 million net loss in the second quarter of '22. As previously noted, this was the company's first profitable quarter in our history. The $2 million increase in net income is primarily attributable to Sadot Agri-Foods as we continue to execute against our business plan. We see Q2's results, along with other strategic actions, as a foundation for our future growth and diversification within the global food supply chain.

總體而言，我們 2023 年第二季的淨利潤為 19 萬美元，而 2022 年第二季的淨虧損約為 180 萬美元。如前所述，這是該公司歷史上第一個實現盈利的季度。淨利潤增加 200 萬美元主要歸功於 Sadot Agri-Foods，因為我們繼續執行我們的業務計劃。我們將第二季的業績以及其他策略行動視為我們在全球食品供應鏈中未來成長和多元化的基礎。

I would like to specifically highlight and review our updated working relationship with Aggia LLC FZ, who I will refer to as Aggia. As disclosed in an 8-K filing on November 18, 2022, Sadot Agri-Foods entered into a service agreement engaging Aggia to perform services related to the purchase and sale of physical food commodities. The service agreement allowed Aggia to nominate up to eight Board members, one upon signing the service agreement and an additional seven nominations upon Sadot Agri-Foods generating specific net income targets: two at $3.3 million, two more at $6.6 million, and the final three at $9.9 million.

我想特別強調並回顧我們與 Aggia LLC FZ 的最新合作關係，我稱之為 Aggia。正如 2022 年 11 月 18 日的 8-K 文件中所揭露的那樣，Sadot Agri-Foods 簽訂了一項服務協議，聘請 Aggia 提供與實體食品商品購買和銷售相關的服務。該服務協議允許Aggia 提名最多8 名董事會成員，其中一名是在簽署服務協議時提名的，另外七名是根據Sadot Agri-Foods 產生的具體淨利潤目標提名的：兩名為330 萬美元，另外兩名為660 萬美元，最後三名990萬美元。

Since its inception and through June 30, 2023, Sadot Agri-Foods has generated over $11.3 million in net income for Sadot Group per US GAAP. As our Agri-Foods unit easily surpassed the third and final threshold of $9.9 million in net income, Aggia nominated and Sadot Group accepted three new Board Directors: Mark McKinney, David Errington, and Dr. Ahmed Khan. These new Board directors bring industry-specific knowledge and a wealth of experience to the company.

自成立以來截至 2023 年 6 月 30 日，Sadot Agri-Foods 根據美國公認會計準則為 Sadot 集團創造了超過 1,130 萬美元的淨利潤。由於我們的農業食品部門的淨利潤輕鬆超過了第三個也是最後一個門檻 990 萬美元，Aggia 提名，Sadot Group 接受了三位新董事會董事：Mark McKinney、David Errington 和 Ahmed Khan 博士。這些新董事會董事為公司帶來了特定行業的知識和豐富的經驗。

With the addition of these three Board members, Sadot Group has added all eight Aggia-nominated Board Directors, as per the terms of our agreement, which brings the total number of Board members to 15. I invite you to read the bios of our directors on our website, sadotgroupinc.com.

隨著這三位董事會成員的加入，Sadot Group 根據我們的協議條款增加了所有八名 Aggia 提名的董事會董事，這使得董事會成員總數達到 15 名。我邀請您閱讀我們董事的簡歷在我們的網站sadotgroupinc .com 上。

In addition, in the second quarter, we announced that the company amended the original services agreement with Aggia. The new amendment modifies the formula by which Sadot Group would issue shares of common stock earned by Aggia for net income generated through our Agri-Foods unit from 80% of net income to 40% of net income on an accounting basis. As a result, the quarterly noncash expense related to stock issuances to Aggia was reduced by 50%.

此外，在第二季度，我們宣佈公司修改了與 Aggia 的原始服務協議。新修正案修改了 Sadot 集團將發行 Aggia 所賺取的普通股的公式，以用於我們的農業食品部門產生的淨利潤，從會計基礎上的淨利潤的 80% 調整為淨利潤的 40%。因此，與向 Aggia 發行股票相關的季度非現金費用減少了 50%。

Following the amendment, all shares to be earned by Aggia under the agreement have been issued and will retain voting rights, vesting over time using the 40% of net income formula. We believe the agreement with Aggia to be an intelligent and accretive investment in the strategic future of our company. We are confident that Aggia will continue to provide valuable insight and expertise as we grow our global food organization.

修訂後，Aggia 根據協議賺取的所有股份均已發行，並將保留投票權，並根據淨利潤的 40% 公式逐步歸屬。我們相信與 Aggia 的協議是對我們公司的策略未來的明智且增值的投資。我們相信，Aggia 將在我們發展全球食品組織的過程中繼續提供寶貴的見解和專業知識。

We are committed to the execution of our strategic vision and to capitalize on the opportunities presented by the global food market. Sadot Group's success this quarter is a testament to the hard work and dedication of our team, and we look forward to building on this momentum as we move forward.

我們致力於執行我們的戰略願景並利用全球食品市場帶來的機會。 Sadot 集團本季的成功證明了我們團隊的辛勤工作和奉獻精神，我們期待在這一勢頭的基礎上繼續前進。

Now I'd like to turn the call over to our CFO, Jennifer Black, to review the financial performance of the company for the second quarter of 2023. Jennifer?

現在我想將電話轉給我們的財務長 Jennifer Black，請她回顧一下公司 2023 年第二季的財務表現。Jennifer？

Thanks, Mike, and thank you to everyone joining us here today. Before I begin, I'd like to note that our financial results for the quarter ended June 30, 2023, on Form 10-Q were filed with the SEC yesterday, August 9, along with the press release that same day. With that, I'd like to give an overview of the financials for the second quarter of 2023.

謝謝麥克，也謝謝今天加入我們的所有人。在開始之前，我想指出，我們截至 2023 年 6 月 30 日的季度財務業績（以 10-Q 表格形式）已於昨天（8 月 9 日）向 SEC 提交，同時也發布了當天的新聞稿。我想概述一下 2023 年第二季的財務狀況。

As Mike mentioned in his opening comments, our Q2 2023 company-wide revenues increased significantly, totaling $160 million compared to $3 million for Q2 of 2022. Of the $160 million in revenue increase, $157 million was primarily due to sales revenue from our Agri-Foods unit, which completed 21 transactions in Q2 with the average revenue per transaction of $7.5 million and the average cost of goods sold per transaction of $7.3 million. These 21 transactions were completed across 10 different countries.

正如麥克在開場白中提到的，我們2023 年第二季度全公司的收入大幅增長，總計1.6 億美元，而2022 年第二季度為300 萬美元。在1.6 億美元的收入增長中，1.57 億美元主要來自我們的農業銷售收入。食品部門，第二季完成了 21 筆交易，每筆交易的平均收入為 750 萬美元，每筆交易的平均銷售成本為 730 萬美元。這 21 筆交易是在 10 個不同國家完成的。

Importantly, as Mike mentioned earlier, and we don't want everybody to forget, the company delivered its first profitable quarter ever. We saw a $2 million increase in net income in Q2 2023 when compared to Q2 2022. Our second-quarter net income was $190,000 compared to $1.8 million net loss a year ago. The $2 million improvement in net income is primarily due to Sadot Agri-Foods.

重要的是，正如麥克之前提到的，我們不希望每個人都忘記，該公司實現了有史以來第一個盈利的季度。與 2022 年第二季相比，我們在 2023 年第二季的淨利增加了 200 萬美元。我們第二季的淨利潤為 19 萬美元，而一年前的淨虧損為 180 萬美元。淨利潤增加 200 萬美元主要歸功於 Sadot Agri-Foods。

Sadot Food Service Operations generated a total revenue of $2.8 million. This consisted of $2.5 million from company-owned and operated locations and $240,000 in royalties and fees collected from both Muscle Maker Grill and Pokémoto franchise locations for the quarter ended June 30, 2023.

Sadot 餐飲服務營運部門的總收入為 280 萬美元。其中包括來自公司擁有和經營的門市的 250 萬美元，以及截至 2023 年 6 月 30 日的季度從 Muscle Maker Grill 和 Pokémoto 特許經營店收取的 24 萬美元的特許權使用費和費用。

Revenue from company-owned and operated locations decreased due to closing underperforming and nonprofitable Muscle Maker Grill restaurant locations, while the royalty revenue increased by 46% as the company continues to focus its restaurant business unit strategy on franchising the Pokémoto concept. Mike will provide additional details regarding our plan for Sadot Food Service Operations a bit later.

由於關閉了業績不佳且無法盈利的Muscle Maker Grill 餐廳，公司擁有和經營的餐廳收入有所下降，而由於公司繼續將其餐廳業務部門戰略重點放在Pokémoto 特許經營概念上，特許權使用費收入增加了46%。麥克稍後將提供有關我們的 Sadot 餐飲服務營運計劃的更多詳細資訊。

The third business unit is our Farm Operations. Since this unit is in its early development, we do not have financial results to share. However, I'd like to take this opportunity to speak to our goals and strategies for the farm.

第三個業務部門是我們的農場運作。由於該部門正處於早期開發階段，我們沒有財務表現可供分享。不過，我想藉此機會談談我們農場的目標和策略。

The expansion into farm operation aligns with the Sadot Group's strategic vision of increasing margins through vertical integration. Our acquisition of an almost 5,000-acre farm in Zambia, pending government approval, which is expected in Q3, has the potential to deliver multiple benefits.

向農場營運的擴張符合 Sadot 集團透過垂直整合提高利潤的策略願景。我們在尚比亞收購了一座近 5,000 英畝的農場，目前正在等待政府批准，預計第三季完成，這有可能帶來多重好處。

First, the farm has the potential to provide a steady and reliable supply of grains and tree crops, which are currently experiencing constant demand, yielding higher margin. In addition, the consistent projection of these farm products has the potential to elevate our trading operations with more sophisticated type of trades, along with the associated higher margins.

首先，該農場有潛力提供穩定可靠的穀物和木本作物供應，目前這些作物的需求持續不斷，利潤率更高。此外，對這些農產品的持續預測有可能透過更複雜的交易類型以及相關的更高利潤來提升我們的交易業務。

Second, the farm could serve as an asset for collateral, potentially enabling access to credit facilities. This financial leverage could allow the company to pursue further growth opportunities and investments.

其次，農場可以作為抵押資產，有可能獲得信貸服務。這種財務槓桿可以使公司尋求進一步的成長機會和投資。

Lastly, the farm has the potential to provide a fresh source of revenue by operating as a regional hub for smaller farmers. By providing future warehousing and distribution services for their products, the Sadot Group will not only aid these farmers in reaching wider markets, but may also help them optimize their agricultural practices. In conclusion, the strategic decision to vertically integrate through the farm acquisition is expected to yield multiple accretive benefits to Sadot Group.

最後，該農場有潛力透過作為小農戶的區域中心運作來提供新的收入來源。透過為其產品提供未來的倉儲和配送服務，Sadot 集團不僅可以幫助這些農民進入更廣泛的市場，還可以幫助他們優化農業實踐。總之，透過農場收購進行垂直整合的策略決策預計將為 Sadot 集團帶來多重增值效益。

Let me now turn to the overall financial picture for Sadot Group. Even though we had amended the service agreement with Aggia, the issuance of common shares to Aggia for the stock-based consulting agreement was still a significant change in expenses in the second quarter of 2023 compared to the same period in 2022. The stock-based consulting expense of $1.1 million for the quarter ended June 30, 2023, is a result of common stock shares issued as a consulting fee due to Aggia for our Agri-Foods subsidiary net income performance. Based on the service agreement with Aggia, the stock-based consulting fees are now calculated at approximately 40% of the net income generated by the Sadot business unit.

現在讓我談談薩多特集團的整體財務狀況。儘管我們修改了與 Aggia 的服務協議，但與 2022 年同期相比，2023 年第二季度，向 Aggia 發行普通股以達成股票諮詢協議仍是費用的重大變化。截至2023 年6 月30 日的季度諮詢費用為110 萬美元，這是由於我們為我們的農業食品子公司淨利潤業績而向Aggia 支付的諮詢費而發行的普通股。根據與 Aggia 的服務協議，股票諮詢費目前按 Sadot 業務部門淨利的 40% 左右計算。

As of June 30, 2023, we had a cash balance of $5.1 million and working capital surplus of $7.7 million. The cash decrease in the second quarter of 2023 was due primarily to cash used in operations of $4.2 million. In addition, the company deployed capital into smaller such trades, which tend to generate higher margin. The company has over $7.6 million in net short-term receivables that are due in less than 60 days.

截至 2023 年 6 月 30 日，我們的現金餘額為 510 萬美元，營運資金盈餘為 770 萬美元。 2023 年第二季現金減少主要是由於營運中使用的現金為 420 萬美元。此外，該公司還將資本部署到較小的此類交易中，這往往會產生更高的利潤。該公司有超過 760 萬美元的短期應收帳款淨額，且在 60 天內到期。

With that, I'd like to turn the call back over to Michael Roper.

說到這裡，我想把電話轉回給麥可‧羅珀。

Thanks for the financial overview, Jennifer. Appreciate it. We're excited to report that our updated diversification strategy and emergence as a global agri-food supply chain organization are yielding positive results. The addition of Sadot Agri-Foods has undeniably generated substantial value for the company.

感謝您提供財務概覽，珍妮佛。欣賞它。我們很高興地報告，我們更新的多元化策略和作為全球農產品供應鏈組織的崛起正在取得積極成果。不可否認，Sadot Agri-Foods 的加入為公司創造了巨大的價值。

Now I'd like to turn our attention to the Food Service Operations. As we progress on our strategic pivot towards the global food supply chain sector, we announced previously that we'll be restructuring our three restaurant subsidiaries. We are reducing restaurant operating expense and overhead as well as working capital demands by closing underperforming restaurant locations while refranchising or selling most of our remaining company-owned locations. We will shift to a franchise royalty-generating model focused on our Pokémoto concept.

現在我想把我們的注意力轉向餐飲服務營運。隨著我們向全球食品供應鏈產業的策略轉型取得進展，我們先前宣布將重組我們的三家餐廳子公司。我們透過關閉表現不佳的餐廳地點，同時重新特許經營或出售我們公司擁有的大部分剩餘地點，來減少餐廳營運費用和管理費用以及營運資金需求。我們將轉向專注於 Pokémoto 概念的特許經營版稅生成模式。

With 32 units open, 2 more scheduled to open next week, and another 58 franchises sold but not yet open, we are seeing significant interest and confidence in Pokémoto. In fact, we just completed the sale of 3 additional Pokémoto franchise locations in Kansas and Oklahoma just last week. Franchisees of our Muscle Maker Grill restaurants will have the option to remain as a Muscle Maker Grill restaurant, convert to Pokémoto or become a dual-branded Pokémoto/Muscle Maker Grill unit.

共有 32 個單位開業，另有 2 個單位計劃於下週開業，另有 58 個特許經營店已售出但尚未開業，我們看到了人們對 Pokémoto 的濃厚興趣和信心。事實上，我們上週剛完成了堪薩斯州和俄克拉荷馬州另外 3 家 Pokémoto 特許經營店的出售。我們 Muscle Maker Grill 餐廳的特許經營商可以選擇繼續作為 Muscle Maker Grill 餐廳、轉換為 Pokémoto 或成為 Pokémoto/Muscle Maker Grill 雙品牌單位。

Lastly, we're seeking strategic alternatives for our Superfit Foods concept. So we're making some significant changes inside this restaurant division that will reduce our costs and improve our overall cash flow. These actions will allow us to strengthen our balance sheet and reallocate funds towards growing the agri-food supply chain business, reinforcing our commitment to increasing shareholder value by focusing on our path to profitability, market diversification, and a strengthened brand presence.

最後，我們正在為我們的 Superfit Foods 概念尋找策略替代方案。因此，我們正在該餐廳部門內部進行一些重大變革，這將降低我們的成本並改善我們的整體現金流。這些行動將使我們能夠加強我們的資產負債表，並重新分配資金來發展農產品供應鏈業務，加強我們透過專注於獲利之路、市場多元化和增強品牌影響力來增加股東價值的承諾。

In summary, we are extremely pleased and proud with our performance this quarter. Before I finish, I would like to also note that Sadot Group was recently added to the Russell Microcap Index. We are proud to be added to the Russell Microcap Index as we believe it shows our continued progress and efforts towards becoming a more significant player in the global food supply chain sector.

總而言之，我們對本季的表現感到非常滿意和自豪。在結束之前，我還想指出 Sadot Group 最近被添加到羅素微型股指數中。我們很榮幸被納入羅素微型股指數，因為我們相信這表明我們在成為全球食品供應鏈領域更重要的參與者方面不斷取得進步和努力。

Looking back on the work accomplished to date, we're extremely proud of our achievements, but the real excitement lies in our future. Moreover, we're thrilled to share that in the coming days, weeks and months will be filled with additional exciting news as we continue to grow and shape the future of Sadot Group Inc. Your continued support and engagement are invaluable to us, and we eagerly anticipate sharing our progress and milestones with you. With that, let's open the call to questions from the analysts.

回顧迄今為止所完成的工作，我們對我們的成就感到非常自豪，但真正令人興奮的是我們的未來。此外，我們很高興與大家分享，隨著我們不斷發展和塑造Sadot Group Inc. 的未來，未來幾天、幾週和幾個月將充滿更多令人興奮的消息。您的持續支持和參與對我們來說非常寶貴，我們熱切期待與您分享我們的進展和里程碑。接下來，讓我們開始接受分析師提問。

I would like everyone to please note that Kevin Mohan, Chairman of the Board of Sadot Group, is on the call and will be participating in the Q&A portion. We'll take the first question from Aaron Grey with Alliance Global Partners. Aaron?

我希望大家注意，Sadot 集團董事會主席 Kevin Mohan 正在參加電話會議並將參加問答部分。我們將回答 Aaron Gray 和 Alliance Global Partners 提出的第一個問題。亞倫？

Congrats on all the initiatives and strategic actions. First question for me, just on the quarter, I know it's still very early days for Sadot revenues. Still seeing good monthly revenues, above the $45 million each month, but it is down a little bit from the prior quarter. So just from a high-level perspective, if you could provide some commentary on what you're seeing in terms of transactions and size.

恭喜所有舉措和策略行動。我的第一個問題是，就本季而言，我知道 Sadot 收入還處於早期階段。月收入仍然不錯，每月超過 4500 萬美元，但比上一季略有下降。因此，從高層次的角度來看，您是否可以就您所看到的交易和規模提供一些評論。

And I know sometimes it can be a thin-margin business. So are there some times where you're passing up some revenue opportunities just given the lower margins associated with it? And do you think you're getting some credit terms that might offer you greater opportunity for those revenues? So any color in terms of the sales outlook that you're expecting in terms of the size of the monthly revenues and if you think that $50 million monthly revenue is a better run rate going forward or not?

我知道有時這可能是一項利潤微薄的業務。那麼，有時您是否會因為利潤率較低而放棄一些收入機會？您是否認為您獲得的一些信貸條款可能會為您提供更多獲得這些收入的機會？那麼，您對每月收入規模的銷售前景有什麼期望，以及您是否認為 5000 萬美元的月收入是一個更好的運行率？

Okay. Thanks, Aaron, and this is Mike. And just before I start, just I apologize to everybody, I'm actually at the end of my isolation from COVID. So we are all in different rooms right now. So if we sound like we're talking over each other, I apologize, but I'm having to isolate around that. If you hear me cough and all that, that's me trying to get through it. So I apologize in advance.

好的。謝謝，亞倫，這是麥克。在我開始之前，我向大家道歉，我實際上已經結束了與新冠病毒的隔離。所以我們現在都在不同的房間。因此，如果我們聽起來像是在互相交談，我很抱歉，但我必須圍繞這個問題進行隔離。如果你聽到我咳嗽之類的聲音，那就是我在努力克服它。所以我提前道歉。

And Aaron, thanks for your question. You worked in about nine of them, always one question that are in there. But I will -- I'll start addressing some of those. At the beginning, the biggest question kind of summarizing, I'll be talking about revenue, right, and what's the revenue look like as we move forward on things. And I'd like to look at revenue in a couple of different ways.

亞倫，謝謝你的提問。你參與了其中大約九個項目，其中總是存在一個問題。但我會——我將開始解決其中的一些問題。首先，總結一下最大的問題，我將討論收入，對吧，以及隨著我們的進展，收入會是什麼樣子。我想從幾個不同的角度來看收入。

We've -- revenue can definitely be impacted by the size of the transaction, the type of the transaction, the price of the commodity, all kinds of different things that are in there. And what we have noticed in the last quarter is that really, what drives a lot of the revenue numbers is the price of the commodity itself. So as commodity prices drop in general, your revenue can drop with it and vice versa, okay?

我們已經——收入肯定會受到交易規模、交易類型、商品價格以及其中的各種不同事物的影響。我們在上個季度注意到的是，推動大量收入數字的實際上是商品本身的價格。因此，隨著商品價格普遍下降，您的收入也會隨之下降，反之亦然，好嗎？

Now we're still shipping basically the same tonnage of product. It's just that if corn is $0.10 a ton cheaper than what it was the previous quarter, your revenue could go down. So a little bit is fluctuating through the commodity world like that.

現在我們仍在運輸基本相同噸位的產品。只是，如果玉米比上一季每噸便宜 0.10 美元，您的收入可能會下降。因此，商品世界正在發生一點點波動。

You did mention things about margin and what does it look like in the future and what our run rate might be as we're looking out into the next quarters. If I take a look back over the last eight months, our highest quarter was, call it, $93 million that we reported in revenue. Our lowest was about $46 million -- $45 million, $46 million that we reported, but our average is around $63 million. We view that as that's really where we see things moving forward in the future, right, is to that level.

您確實提到了有關利潤率的問題，以及未來的情況以及我們在展望未來幾季時的運行率可能會是多少。如果我回顧過去八個月，我們報告的收入最高的季度是 9300 萬美元。我們的最低價格約為 4600 萬美元——我們報告的 4500 萬美元、4600 萬美元，但我們的平均水平約為 6300 萬美元。我們認為，這確實是我們看到未來事情向前發展的地方，對吧，就是達到這個水平。

However, that's where we are today not including adding things like new orders or new trades coming in through Latam. If you remember, we announced about a month ago, 1.5 month ago that we started a new venture and called it Sadot Latam, which is Latin America -- the North Americas, right, North, Central, and South America trade routes. And so those are just starting to come online now. We've actually just initiated our first trade. We'll be talking a little bit more about that in the next week or two here a little more details.

然而，這就是我們今天的情況，不包括添加透過拉丁美洲進入的新訂單或新交易等內容。如果你還記得的話，我們大約一個月前，1.5個月前宣布，我們開始了一個新的合資企業，並將其命名為Sadot Latam，即拉丁美洲——北美、右、北、中、南美洲貿易路線。所以這些現在才剛開始上線。實際上我們剛剛開始了第一筆交易。我們將在接下來的一兩週內詳細討論這一點。

But we did just start initiating our first trade through there. So you'll start seeing that layer in on top of the averages that we've been seeing so far. So that, call it, the $60 million on average, and they start layering Latam on top of it, those are some pretty good numbers.

但我們確實剛開始透過那裡開始我們的第一筆交易。因此，您將開始看到該層位於我們迄今為止所看到的平均值之上。因此，平均 6000 萬美元，他們開始在其之上疊加拉丁美洲，這些都是相當不錯的數字。

You did ask about margins and trades that are out there. And I'll let you know that there are instances where we just pass up on a trade, right? I mean, it's very conceivable that -- and I'll use an example, there was one that was out there that was for about $15 million. And at the end of the day, when you looked at it, the margin on it was literally like $20,000. It's just not worth doing it or whatever.

您確實詢問過有關保證金和交易的問題。我會讓你知道，在某些情況下我們會放棄交易，對吧？我的意思是，這是非常有可能的——我將舉一個例子，有一個售價約 1500 萬美元的產品。到最後，當你查看它時，你會發現它的保證金實際上是 20,000 美元。只是不值得這樣做或其他什麼。

It's not worth taking the risks or anything like that. So yes, we do take a look at those type of things in regards to picking up trades.

不值得冒這樣的風險。所以，是的，我們確實會考慮一些有關進行交易的事情。

Jennifer, do you want to throw anything in there about margins?

詹妮弗，你想在其中添加一些有關利潤的內容嗎？

Yes, absolutely. So on the Sadot Agri-Foods, the margins today are solely dependent on the trade business that we're doing right now. Like Mike said, that doesn't include the Sadot Latam that has recently started. It also doesn't include any of the other verticals that we've done.

是的，一點沒錯。因此，對於薩多特農業食品公司來說，今天的利潤完全取決於我們現在正在進行的貿易業務。正如麥克所說，這不包括最近啟動的 Sadot Latam。它也不包括我們已經完成的任何其他垂直領域。

Moving forward, we mentioned before, we're going to incorporate the Zambia farm in there. We will use them to control the originations. We also want to be able to control the destinations and the logistics of all of our trades. And by controlling all manners of those, we'll potentially be able to create more consistent and higher margins across the board. Anything else out there?

展望未來，我們之前提到過，我們將把贊比亞農場納入其中。我們將使用它們來控制起源。我們也希望能夠控制所有交易的目的地和物流。透過控制這些方面的所有方式，我們將有可能全面創造更一致、更高的利潤。還有什麼嗎？

That was -- I really appreciate that on the revenue and then some of the margin color there, too. I want to dig a little bit deeper on the margin side.

那是——我真的很欣賞收入，還有一些利潤率。我想在邊緣方面進行更深入的挖掘。

So last quarter, you had spoken to some seasonality in the margins for the Sadot business, it was in the low 2s. We're about 2% again for this quarter. So just wondering, is there still some seasonality in there?

所以上個季度，您談到了 Sadot 業務利潤率的一些季節性，它處於低 2 的水平。本季我們的成長率又回到了 2% 左右。所以只是想知道，那裡還有季節性嗎？

And does seasonality then get stronger in the back half of the year, just to familiarize ourselves with the business, familiarize ourselves a bit?

下半年季節性是否會變得更強，只是為了熟悉業務，熟悉一點？

And then speaking towards Latam, with the partnership, anything to think about in terms of the margin of that revenue and the structure of the economics of that partnership that might impact the margins being lower than for the rest of the business?

然後談到拉美，透過合作夥伴關係，在收入利潤率和該合作夥伴關係的經濟結構方面有什麼需要考慮的，這可能會影響利潤率低於其他業務？

Yeah, let me talk about -- and again, I never know if I pronounce it right, it's La-tam, La-tem, Latem. It's L-A-T-A-M, however you want to pronounce that, right? But I'm from Chicago, I say things funny sometimes.

是的，讓我再說一遍，我從來不知道我發音是否正確，它是 La-tam，La-tem，Latem。它是 L-A-T-A-M，但你想發音，對嗎？但我來自芝加哥，有時我會說一些有趣的話。

But looking at that, look, those are -- those trades are pretty typical trades of what we've been seeing. So they're still going to be in the corn, the wheat, the soy, those type of areas, and basically, some of the sizes as well. The key point about it is it gives us a different hemisphere than what we've been doing before. So if we're in a seasonality issue in one hemisphere, then this can pick up sales in the other hemisphere and vice versa, right?

但看看這些，這些交易是我們所看到的非常典型的交易。因此，它們仍然會出現在玉米、小麥、大豆等類型的區域，基本上也會出現在某些規格的區域。其關鍵點在於，它為我們提供了一個與之前所做的不同的半球。因此，如果我們在一個半球遇到季節性問題，那麼這可能會增加另一個半球的銷售額，反之亦然，對吧？

So it helps smooth some of this stuff out from a seasonality perspective. So I expect moving forward that seasonality will start playing a lower, I guess, effect, if you want to say. Not that we're still going to have seasonality in a certain hemisphere, but the other one will start picking up for it to give you a little bit more consistency as you move forward.

因此，從季節性角度來看，它有助於消除一些問題。因此，如果你想說的話，我預計未來季節性的影響將開始減弱。並不是說我們在某個半球仍然會有季節性，但另一個半球會開始接受它，以便在你前進的過程中為你帶來更多的一致性。

Jennifer, you got anything else on that?

詹妮弗，你還有其他的事情嗎？

No. I mean, I think that addresses most of it. And then as we continue to build our trade business and extend into different areas, that will continue to smooth itself out.

不，我的意思是，我認為這解決了大部分問題。然後，隨著我們繼續建立貿易業務並擴展到不同領域，這將繼續順利進行。

Okay. Great. Thanks for that color. Last one for me, just in terms of optimization of the restaurant business. Any color you could provide on timing of some of the initiatives, namely closing of the underperforming stores? When do you expect to sell some of those owned stores to franchises? And then when you might come to a resolution on those strategic alternatives for Superfit? So just any color on expected timing of those would be helpful.

好的。偉大的。謝謝那個顏色。最後一個對我來說，只是關於餐廳業務的最佳化。您可以就某些措施的實施時間（即關閉表現不佳的商店）提供任何資訊嗎？您預計什麼時候將其中一些自有商店出售給特許經營店？然後您什麼時候可以就 Superfit 的策略替代方案做出決定？因此，任何關於這些預期時間的顏色都會有所幫助。

Okay. Sure. Let me jump in there. So we've already started the initiatives, right? We've already started closing a few locations that were underperforming. We've actually sold one of our locations in the Connecticut market for Pokémoto to a franchisee, and we've gotten discussions with a bunch of other people as well for some of the remaining units there. So we're already in the motion of doing this. And you're starting to see some of those results as Q2 loss in the restaurant group is less than Q1 loss as we're starting to roll through some of these things, right?

好的。當然。讓我跳進去。所以我們已經開始了這些舉措，對嗎？我們已經開始關閉一些表現不佳的地點。實際上，我們已經將康乃狄克州市場上的一個 Pokémoto 店出售給了一家特許經營商，並且我們還與其他一些人就那裡剩餘的一些單位進行了討論。所以我們已經開始這樣做了。您開始看到其中一些結果，因為餐廳集團第二季度的損失小於第一季的損失，因為我們開始滾動處理其中一些事情，對嗎？

And so we're aggressively pursuing it. And again, it's a little bit different depending on each location. There will be some locations that we close. I think most of those -- there might be one more that's in there that we might just purely close. The rest is going to be trying to convert them over to franchise locations.

因此，我們正在積極追求這一目標。再說一遍，根據每個位置的不同，情況略有不同。我們將關閉一些地點。我認為其中的大多數——可能還有一個我們可能會完全關閉。其餘的將嘗試將它們轉變為特許經營地點。

And like I said, we've already got one of them converted over. We've got discussions with multiple people and others as well. So throughout Q3, you're going to be seeing all those impacts happening and then throughout Q4 as well, right, as we finalize it out.

正如我所說，我們已經將其中一個轉換過來。我們也與多人和其他人進行了討論。因此，在整個第三季度，您將看到所有這些影響正在發生，然後在整個第四季度，對吧，當我們最終確定時。

I'd like to look at it almost from a -- almost a run rate. When you take a look at year to date on the restaurant side of the business, we lost, call it, $600,000, a little bit less than that, but let's just round it to $600,000. So if I annualize that, you're over $1 million a year in savings as we convert all these things. Now that's assuming we can execute at 100% of each location that's in there and successfully sell them. So we think there's a pretty good impact on the bottom line just from doing some of this restructuring.

我想從幾乎運行率來看待它。當你看看今年迄今為止餐廳業務的情況時，我們損失了 60 萬美元，比這個少了一點，但我們將其四捨五入為 60 萬美元。因此，如果我按年計算，當我們轉換所有這些東西時，每年可以節省超過 100 萬美元。現在假設我們可以 100% 執行其中的每個位置並成功出售它們。因此，我們認為僅進行一些重組就會對利潤產生相當好的影響。

And then you have your corporate overhead that's part of it as well, right? You've got -- obviously, as you start doing these things, you don't have to have as much from a corporate perspective, meaning health insurance gets reduced, payroll processing gets reduced and regular insurance gets reduced, those type of things. I'll start falling into the corporate overhead bucket, and you'll see some reductions there as well. And we think that could be as high as an additional $0.5 million to $1 million on top of it. So there should be some pretty good impact on the bottom line as we move forward and allowing us to shift resources more into the Sadot side of the equation.

然後你的公司管理費用也是其中的一部分，對吧？顯然，當你開始做這些事情時，從公司的角度來看，你不必有那麼多，這意味著健康保險減少，工資單處理減少，定期保險減少，諸如此類的事情。我將開始歸入公司管理費用桶，你也會看到那裡有一些減少。我們認為除此之外可能還會額外增加 50 萬至 100 萬美元。因此，當我們繼續前進並允許我們將資源更多地轉移到等式的薩多特方面時，應該會對底線產生一些相當好的影響。

Regarding Superfit, we just started that process, right? And so we have had some inquiries. We're following up on those inquiries right now. Don't have a lot to report there yet other than we are aggressively pursuing that and following up with everybody that's out there. So we have had some pretty decent interest just from making the announcement a couple of weeks ago. So it's looking pretty good from that perspective.

關於 Superfit，我們才剛開始這個過程，對吧？因此我們進行了一些詢問。我們現在正在跟進這些詢問。除了我們正在積極追求這一點並跟進那裡的每個人之外，還沒有太多可報告的內容。因此，幾週前宣布這項消息後，我們就引起了一些相當大的興趣。所以從這個角度來看，它看起來相當不錯。

Okay, great.

好的，太好了。

Bill Gregozeski, Greenridge Global.

比爾‧格雷戈澤斯基 (Bill Gregozeski)，Greenridge Global。

Great quarter. I have a handful of questions about the Farm Operations. For just looking at Zambia, you've given a range of crops. Should we expect this to be a diversified planting farm on an annual basis? And then how should we look at the margins for that?

很棒的季度。我有一些關於農場運作的問題。僅就贊比亞而言，您就提供了一系列農作物。我們是否應該期望這是一個每年多元化的種植農場？那我們該如何看待其利潤呢？

And then also, you mentioned storage and other services you're going to provide to area farmers. What's the CapEx need and timing for that and margins for that?

然後，您還提到了您將向當地農民提供的儲存和其他服務。資本支出需求、時間安排、利潤率是多少？

So let me talk about -- quickly about some of the crops and all that that's there. So we currently have wheat that's planted. We expect to harvest that wheat end of September, beginning of October timeframe. That's when the harvest season is. As we mentioned earlier, we don't have the final approval from the government authorities yet.

讓我快速談談一些農作物和那裡的所有東西。所以我們目前已經種植了小麥。我們預計在 9 月底、10 月初收穫小麥。那時正是收穫的季節。正如我們之前提到的，我們尚未獲得政府當局的最終批准。

That should happen hopefully any day now. But we do have the right to use, right? And so we're farming it almost like a lease, to a certain degree, I guess. It's probably a bad analogy for it, but we do have the right to be operating that farm. And so we've started those initial operations, so we don't miss the harvest season that's coming up.

希望現在任何一天都會發生這種情況。但我們確實有使用權，對嗎？所以我想，在某種程度上，我們幾乎像租賃一樣耕種它。這可能是個不好的類比，但我們確實有權利經營那個農場。因此，我們已經開始了這些初步操作，這樣我們就不會錯過即將到來的收穫季節。

Now on top of wheat, we also have mangoes. We've got avocados. And we can plant different crops as we move through. And just to be clear, the farm itself, as it is today, is not 100% planted, right? So we're going to be able to increase some of the crops and some of the harvest numbers or whatever that come out of there over time as well, right, as we fully integrate that farm from where it is today. So things are looking up from that perspective.

現在除了小麥之外，我們還有芒果。我們有酪梨。我們可以在穿越時種植不同的作物。需要澄清的是，今天的農場本身並不是 100% 種植的，對嗎？因此，隨著時間的推移，當我們完全整合該農場時，我們將能夠增加一些作物和一些收成數量，或隨著時間的推移，從那裡產生的任何東西。所以從這個角度來看，事情正在好轉。

Regarding like margins and all that, I'm going to throw out a rough number. It's really in that like 25% range on those, but that can drastically move or whatever, depending on, obviously, the quality of the harvest and the crop and the commodity prices and everything at that time, right? So -- but you definitely have a lot higher margins there than you do through our normal trading cycle. And that's why when we talk about vertical integration, that's what helps the overall margins of the business, right, as you start incorporating, all the way down to the source, right, the origination side of the equation.

關於類似的利潤率和所有這些，我將給出一個粗略的數字。確實是在 25% 的範圍內，但這可能會急劇變化或其他什麼，顯然取決於收成和作物的品質以及商品價格和當時的一切，對嗎？所以，但你的利潤肯定比我們正常交易週期高很多。這就是為什麼當我們談論垂直整合時，這有助於提高業務的整體利潤，對，當你開始合併時，一直到源頭，對，等式的起源端。

And then you can -- so you control the source. You can control some of the logistics as you -- like in the shipping and those type of things. You can control some of the distribution. You can control, obviously, out of those at the store levels as well, right? So you got the origination, your logistics and the destination type of stuff that you can control that's in there.

然後你就可以－－這樣你就可以控制源頭。您可以隨心所欲地控制一些物流——例如運輸之類的事情。你可以控制一些分配。顯然，您也可以控製商店級別的人員，對嗎？因此，您可以控制其中的始發地、物流和目的地類型的內容。

Did I answer all your questions? Sorry, I want to make sure I didn't miss one.

我回答了你所有的問題嗎？抱歉，我想確保我沒有錯過任何一個。

Yeah. Sorry, I asked a lot in there. On the additional services like storage and things for other farmers in the area, what's the plan for CapEx on that? And what do you see from revenue margin potential from that business, that service business?

是的。抱歉，我在裡面問了很多。對於該地區其他農民的儲存和其他服務等附加服務，資本支出有何計畫？您對該業務、該服務業務的收入利潤率潛力有何看法？

Yeah, so a couple of things there. So we're looking at -- one of the advantages of the farm and where it's located is you have other local farms all around you, right? And where we're located is actually really pretty strategic. We've got some really good roads and some railroads and all that stuff that are right there, running either adjacent to our property or through our property, right?

是的，有幾件事。所以我們正在考慮——農場及其所在位置的優勢之一是你周圍還有其他當地農場，對嗎？我們所處的位置其實非常具有戰略意義。我們有一些非常好的道路和一些鐵路以及所有這些東西，要么毗鄰我們的財產，要么穿過我們的財產，對嗎？

And we'll be able to start -- and we've had discussions with some of the local farmers already about warehousing some of their crop, whatever that's in there as well, right? So being a hub or whatever to be able to distribute this stuff.

我們將能夠開始 - 我們已經與一些當地農民討論了倉儲他們的一些農作物的問題，無論那裡有什麼，對嗎？因此，成為一個能夠分發這些東西的中心或其他什麼。

And so we're just in the initial stages on that, right? I don't have a real true -- unless, Jennifer, do you remember -- I don't have a true CapEx number on that yet. Do you have something? I can't remember --

所以我們還處於初始階段，對吧？我還沒有真正的資本支出數字，除非詹妮弗，你還記得嗎？你有東西嗎？我不記得了——

It's still too early to discuss right now. We have some numbers, but it's still too early for us to go out and lay out the exact numbers.

現在討論還為時過早。我們有一些數字，但現在列出確切的數字還為時過早。

If I could jump in, too. This is Kevin Mohan. That's all going to be predicated on the different deals that we have working in those areas. And they can all change based on the size of the farms. And so I think that's information, though, that we will be able to get a little bit more detailed on at another time. We're just probably a little premature at this point.

如果我也能跳進去就好了。這是凱文莫漢。這一切都將取決於我們在這些領域所進行的不同交易。它們都可以根據農場的規模而改變。因此，我認為我們下次可以更詳細地了解這些資訊。我們現在可能還為時過早。

Okay. And then is this a model you want to replicate for other farms? Or would you look at other things like commodity processing as well?

好的。那麼您是否想為其他農場複製這種模式？或者您還會關注其他方面，例如商品加工嗎？

Yeah, I would say this is a model as we look at some of the other farms that are out there, right? I mean, we want to be the -- I guess it's a hub-and-spoke model for a certain degree, so you can accumulate different farms around you, not only from purchasing yourself, but then also through some of the different warehousing and distribution like we just talked about. So that's a pretty common structure that's there.

是的，我想說這是一個模型，因為我們看到了其他一些農場，對嗎？我的意思是，我們想成為——我想這在某種程度上是一種中心輻射模式，這樣你就可以在你周圍積累不同的農場，不僅可以透過自己購買，還可以透過一些不同的倉儲和就像我們剛才談到的分佈。這是一個非常常見的結構。

And so you create the consistency in the margins for this business because like Mike mentioned earlier with seasonality, the more verticals that you can integrate into your business, the easier you're able to capture these margins maybe in smaller increments, just if you could achieve those numbers that you've created as far as an expectation.

因此，您為該業務創造了利潤的一致性，因為就像邁克之前提到的季節性一樣，您可以整合到業務中的垂直行業越多，您就越容易以較小的增量獲取這些利潤，只要您可以達到您所創造的預期數字。

Okay. All right. And last question, did you guys buy any shares back from the buyback plan?

好的。好的。最後一個問題，你們從回購計畫中回購了任何股票嗎？

Yeah. So if you don't mind, Mike, I'm going to take that one. Yeah, so as far as the stock buyback program, we did implement our stock buyback program. I think it's really important, William, that everybody that's on this call understands that one of the challenges that you have as a public company is that if you have material nonpublic information that's ongoing -- and I would use just as one small example of that, the services agreement with Aggia -- when you have something that you make a material change on like that, you can't trade on that.

是的。所以，如果你不介意的話，麥克，我就買那個。是的，就股票回購計畫而言，我們確實實施了股票回購計畫。威廉，我認為這一點非常重要，參加這次電話會議的每個人都明白，作為一家上市公司，您面臨的挑戰之一是，如果您擁有持續的重大非公開信息，我只想舉一個小例子，與Aggia 的服務協議——當你對某個東西做出這樣的實質改變時，你就不能用它進行交易。

And so because of the bulk of what we've had going as far as material nonpublic events that are working on in the background, we've been fairly limited. But I think it's important for the investors to know that we do have the plan in place, and we have every intention of taking advantage of it when the time is right and when we are not in a blackout period.

因此，由於我們所做的大部分工作都是在後台進行的重大非公開活動，因此我們的能力相當有限。但我認為讓投資者知道我們確實已經制定了計劃，並且我們完全有意在時機成熟且不處於封鎖期時利用它，這一點很重要。

Tom Kerr, Zacks Research.

湯姆·克爾，扎克斯研究。

Just a follow-up question on the overall Sadot business as it pertains to commodity prices. You mentioned that a high commodity price would be higher revenue, but does it affect margins? And I just noticed that rice prices were at 12-year highs. I mean, would something like that be positive, negative or neutral? Because you're just looking at a spread business on margins or profits.

這是關於整個 Sadot 業務的後續問題，因為它與商品價格有關。您提到高商品價格會帶來更高的收入，但這會影響利潤率嗎？我剛剛注意到大米價格處於 12 年來的最高點。我的意思是，類似的事情是正面的、負面的還是中性的？因為你只是在關注利潤或利潤的價差業務。

Do you guys want me to take it? Again, we're in different rooms. Jennifer? Kevin?

你們想讓我拿走嗎？再說一遍，我們在不同的房間。詹妮弗？凱文？

Sorry, I was on mute. I apologize on that. I was trying (inaudible) everybody. So it just depends on the trades because when you're doing trades, sometimes you're executing on the contracts now, sometimes you're executing later.

抱歉，我當時處於靜音狀態。我對此表示歉意。我正在嘗試（聽不清楚）每個人。因此，這僅取決於交易，因為當您進行交易時，有時您現在正在執行合約，有時您稍後執行。

Are they locked-in prices? Are you doing longer-term prices? Are you hedging those risks? There's all different types of variables that come into play, and it depends on the type of trade. And just because rice prices are up, it doesn't mean that spread is necessarily there. It can depend on the type of trading situation.

它們是鎖定價格嗎？你們正在做長期價格嗎？您是否對沖這些風險？有各種不同類型的變數在起作用，這取決於交易類型。大米價格上漲，並不代表一定存在價差。這可能取決於交易情況的類型。

Mike, Kevin, do you want to add anything to that?

麥克、凱文，你們想補充什麼嗎？

No, I think that really -- sums it up, right? I mean, so you've got --

不，我認為這確實是——總結一下，對吧？我的意思是，所以你有——

Yeah.

是的。

Sorry. Okay. Sorry, jumping on top each other. Yeah, so like Jennifer said, it is -- so when people look at just pure revenue, right, I mean, remember, there's a lot more tied into it from the margin perspective, right, and how you can drive margin through there. So it's not necessarily linear to the revenue side of the equation, so type of trade, the timing of trade, all that stuff that's in there. So I just want to make sure we're a little bit careful on just focusing on the commodity price up or down, but that's not necessarily what drives the margin.

對不起。好的。抱歉，互相跳到了一起。是的，就像珍妮佛說的那樣，所以當人們只關注純粹的收入時，對吧，我的意思是，記住，從利潤率角度來看，還有更多的因素與它相關，對吧，以及如何提高利潤率。因此，它不一定與等式的收入方面呈線性關係，因此交易類型、交易時間以及其中的所有內容。因此，我只是想確保我們在關注大宗商品價格上漲或下跌時保持謹慎，但這不一定是利潤率的推動因素。

Got it. Okay, that makes sense. And on the restaurant business, and sorry if I missed this, the -- were the franchisees or your corporate-owned have seen problems with food price inflation or the ability to raise prices to cover that and that big issue of the day?

知道了。好吧，這是有道理的。關於餐飲業，抱歉，如果我錯過了這一點，特許經營商或您的公司擁有者是否已經看到食品價格上漲的問題，或者是否有能力提高價格來解決這個問題以及當今的大問題？

Yeah, so that, we have a few [at this] -- I'm sure we all know on the call, right, last year, especially, there was a huge increase in food prices, right, across the board, right, retail side, wholesaler side, everything in virtually all commodities and items that were out there. And it also went into paper goods and everything as well. And we have seen, though, recently in the last quarter or so, that has basically stabilized.

是的，所以，我們有一些（在這方面）——我相信我們在電話會議上都知道，對，去年，特別是，食品價格大幅上漲，對，全面，對，零售方面，批發商方面，幾乎所有商品和物品的一切。它也進入了紙製品和其他一切領域。不過，我們已經看到，最近在上個季度左右，情況基本上已經穩定下來。

Now it's really more of certain commodities might be up while certain other ones are down or whatever, right? And so it's -- overall, it has stabilized. And as a matter of fact, when you look at our food cost percentage as a percentage of sales of the restaurants, our food cost actually as a percentage decreased in this quarter versus the previous quarter and the previous year. So we are attacking some of that food stuff.

現在確實更多的是某些商品可能會上漲，而某些其他商品可能會下跌或其他什麼，對吧？總體而言，它已經穩定下來。事實上，當你查看我們的食品成本佔餐廳銷售額的百分比時，我們的食品成本實際上與上一季和前一年相比，本季度有所下降。所以我們正在攻擊一些食品。

But overall, I would say that the food prices are stable. We did take price increases back in the first quarter and then Q4 of last year as well to offset some of that stuff. So as the prices of the food comes down, it helps us manage that in a lot easier way. We do it through menu management. And like I said, we've also done it through some price increases.

但總的來說，我想說食品價格是穩定的。我們確實在第一季和去年第四季重新漲價，以抵消其中的一些影響。因此，隨著食品價格的下降，它可以幫助我們以更輕鬆的方式進行管理。我們透過菜單管理來做到這一點。正如我所說，我們也透過提高價格來做到這一點。

So right now, we're not seeing a huge impact or push on food prices going up. It's pretty stable. We aren't planning right now to take a price increase. We are monitoring not only just what we think the consumer can handle because they're getting hit from all angles, obviously, right, with inflation and everything else going on out there. But we're also looking at our competitors to see what they're doing as well.

因此，目前我們還沒有看到食品價格上漲受到巨大影響或推動。是相當穩定的。我們現在不打算漲價。我們不僅監控我們認為消費者可以承受的情況，因為他們受到各個角度的打擊，顯然，通貨膨脹和其他一切正在發生的事情。但我們也在關注我們的競爭對手，看看他們也在做什麼。

And so we're in a hold mode right now from that perspective. But again, we're not seeing any increases. We're actually seeing a little bit of improvement that's out there. And that's not only just for our corporate stores, but also for the franchisees.

因此，從這個角度來看，我們現在處於等待模式。但同樣，我們沒有看到任何增加。我們實際上看到了一些改進。這不僅適用於我們的企業商店，也適用於特許經營商。

One area we are seeing an increase though on, as most can probably imagine, is in the labor side of the equation. So we're having to try to manage through some of that. Luckily enough, our model for the -- at the restaurant level doesn't require a lot of labor. There's not a lot of labor for just running the restaurant. There's not -- because there's no cooking and all the other stuff involved.

正如大多數人可能想像的那樣，我們看到成長的一個領域是勞動力方面。所以我們必須設法解決其中的一些問題。幸運的是，我們的餐廳等級模式不需要大量勞動力。光是經營餐廳就不需要太多的勞力。沒有——因為沒有烹飪和所有其他涉及的東西。

There's not a lot of labor for training either. So it's becoming more stable, but it is -- there is pressure going up. We just don't have as much of an impact as some other type of concepts may have.

培訓的勞動力也不是很多。所以它變得更加穩定，但壓力確實在上升。我們只是沒有像其他類型的概念那樣產生那麼大的影響。

Got it. That's helpful. One more quick one from me on the -- I'm still confused on the stock consulting expense. There's $1 million in the quarter. Does that maintain the next two quarters? Or does that eventually go away? I'm just confused on the timing of that, of how and when it goes away completely.

知道了。這很有幫助。我的另一個快速訊息是——我仍然對股票諮詢費用感到困惑。本季有 100 萬美元。未來兩季這種情況是否會持續下去？或者這種情況最終會消失嗎？我只是對它發生的時間、如何以及何時完全消失感到困惑。

Do you want me to speak on that, Mike?

麥克，你想讓我談談這個嗎？

Sure, if you want.

當然，如果你願意的話。

Okay. So the agreement was 80% of the Sadot Agri-Foods net income, which was reduced now to 40%. That -- what happens then is in the agreement to reduce those shares, they -- we provided those shares -- issued those shares to Aggia, so they have the shares fully issued. Those will vest based off of the percentage of income. So those shares, I believe it's 8 million shares right now, a little over 8 million, will vest quarterly until they are fully earned.

好的。因此，協議金額為 Sadot Agri-Foods 淨利潤的 80%，而現在已減少至 40%。然後發生的事情是在減少這些股份的協議中，他們——我們提供了這些股份——將這些股份發行給了Aggia，所以他們已經完全發行了這些股份。這些將根據收入的百分比進行歸屬。因此，我相信這些股票現在是 800 萬股，略高於 800 萬股，將按季度歸屬，直到完全賺取為止。

Once they are fully earned, then there is the debt component where we can accumulate debt up to roughly $71 million. That expense will not go away until the shares have been fully issued and that debt has been fully utilized as long as we want to continue this agreement. The two parties do.

一旦他們完全賺到，然後就是債務部分，我們可以累積債務高達約 7,100 萬美元。只要我們想繼續執行這項協議，在股票完全發行並且債務得到充分利用之前，這筆費用就不會消失。兩黨都這樣。

Got it. And it's just impossible to predict when that will be, right?

知道了。而且根本不可能預測那會是什麼時候，對吧？

It will depend on how fast and how large we grow.

這將取決於我們成長的速度和規模。

And how much the unit is profitable? Okay.

該單位的利潤是多少？好的。

Yes.

是的。

All right. That's all I have.

好的。這就是我的全部。

Ben Klieve, Lake Street Capital Markets.

Ben Klieve，湖街資本市場。

I had a bunch of questions on your vertical integration strategy, but those have generally been addressed. So I appreciate you calling on me. Congratulations on such a dynamic period, but I think I'm in good shape for now.

我對你們的垂直整​​合策略有很多疑問，但這些問題基本上已經解決。所以我很感謝你來找我。恭喜你度過了這樣一個充滿活力的時期，但我認為我現在狀態很好。

Great. Thanks, Ben.

偉大的。謝謝，本。

Rob Goldman, Goldman Small Cap Research.

羅布‧戈德曼，高盛小型股研究部。

Nice quarter. Most of my questions have been answered, but just a couple of quick ones regarding your new business in the Americas. Mike, you had mentioned that you just executed your first trade. Congratulations on that. My question with respect to that is, is that a little bit early in the cycle?

不錯的季度。我的大部分問題都已得到解答，但只有幾個關於您在美洲的新業務的簡短問題。麥克，您提到您剛剛執行了第一筆交易。對此表示祝賀。我的問題是，這是否處於週期的早期？

I probably would have thought maybe your first transaction might not be until the next quarter. So that's certainly a positive. And just one more color on there, if you could provide that as well.

我可能會想也許你的第一筆交易可能要等到下個季度才會發生。所以這當然是正面的。如果你也能提供的話，就再多一種顏色。

Yeah, so a couple of things. One, we initiated the trade. I don't want to say we've -- I don't like to say executed until it's done, right, until all the stuff is done. We've got out of the boats, it's done, it has been delivered, and everybody can just say this thing is completely fully done. But, yes, it has been initiated, meaning we're loading boats and starting the process. We've got the agreements in place, and we're starting to make that happen.

是的，有幾件事。第一，我們發起了貿易。我不想說我們已經——我不想說執行直到它完成，對吧，直到所有的事情都完成。我們已經下了船，它完成了，它已經交付了，每個人都可以說這件事已經完全完成了。但是，是的，它已經啟動，這意味著我們正在裝船並開始這個過程。我們已經達成協議，並且正在開始實現這一目標。

And, yeah, it is earlier than we thought. Look, it takes a little bit of time to obviously set everything up, right, not only just from a trade perspective, but also just from a corporate governance, operational type of perspective, if you want to say, right?

是的，這比我們想像的還要早。看，顯然需要一點時間來設定一切，對吧，不僅從貿易角度，而且從公司治理、營運類型的角度來看，如果你想說，對嗎？

So it is a little bit earlier than we thought, but we're hitting the ground running. And it's all good news of things that are happening out there. So we're pretty pleased with what's been going on there so far and expect more than just, obviously, these initial ones that are coming through. So now it should be relatively consistent as we start moving forward.

所以這比我們想像的要早一些，但我們正在立即採取行動。這都是關於那裡正在發生的事情的好消息。因此，我們對迄今為止所發生的事情感到非常滿意，顯然，我們的期望不僅僅是這些最初的進展。所以現在當我們開始前進時它應該相對一致。

Sure. And with respect to that, do you anticipate the category in business, if you will, from that location to be similar to the traditional trading type of business you've been doing? Or might there be more of an emphasis on logistics or shipping?

當然。就此而言，如果您願意的話，您是否預期該地區的業務類別與您一直從事的傳統貿易類型業務類似？或是會更重視物流或運輸？

Yeah. I don't know if Jennifer has got any more insight than I do on this. But as far as I like to look at it, it's pretty similar to what we're doing everywhere else, right, meaning the same type of crops, the same type of model that's out there, except now it's in a different hemisphere, right? And we're focusing on the Americas on this one, right? So I don't know if that's answering your question, but that's how I view it.

是的。我不知道詹妮弗在這方面是否比我有更多的見解。但就我而言，它與我們在其他地方所做的非常相似，對吧，這意味著相同類型的作物，相同類型的模型，只是現在它位於不同的半球，對吧？我們這次的重點是美洲，對嗎？所以我不知道這是否回答了你的問題，但這就是我的看法。

Okay. Great.

好的。偉大的。

That concludes our Q&A portion of the call. Mr. Roper, do you have any final comments?

我們的電話問答部分到此結束。羅珀先生，您有什麼最後的意見嗎？

Yeah. So let me just -- yeah, let me just throw out there a little bit. I do want to express my gratitude and thanks for all the stakeholders and shareholders that have -- are believing in what we're doing and where we're going. We've obviously done a really big pivot in the company. And in a very short period of time, we've made a lot of progress and are moving at a pretty rapid pace being part of this overall global food supply chain, right?

是的。所以讓我——是的，讓我稍微拋一下。我確實想對所有相信我們正在做的事情和我們要去的地方的利益相關者和股東表示感謝。顯然，我們公司已經進行了一次非常大的轉型。在很短的時間內，我們取得了很大進展，並且正在以相當快的速度前進，成為整個全球食品供應鏈的一部分，對嗎？

And it's a big endeavor. It's not just one facet of the supply chain, it's all of it, right? And so we're getting into the farming side of the equation, obviously. We're already in the trade. We already have the consumer side. We'll be filling in other pieces in there as well, not only new verticals, but also expanding on existing verticals. And so we get deeper and deeper into that supply chain. So I just want to say thanks for everyone for believing in the company and where we're going.

這是一項巨大的努力。這不僅僅是供應鏈的一個方面，而是整個供應鏈，對嗎？顯然，我們正在進入等式的農業方面。我們已經開始做生意了。我們已經有了消費者方面。我們還將在那裡填充其他部分，不僅是新的垂直領域，而且還會擴展現有的垂直領域。因此，我們越來越深入地了解該供應鏈。所以我只想感謝大家對公司和我們未來發展方向的信任。

And then I also want to send out a quick thanks to all of our employees and vendors and partners that are out there. Really, they're the ones doing all the work. And there's a saying we have internally that sometimes we feel like we're drinking out of a firehose because there's a whole bunch going on. And all the employees are putting in extensive hours and efforts and doing everything they can to really make this company something special. So I wanted to thank everybody from there as well.

然後我還想向我們所有的員工、供應商和合作夥伴表達快速的感謝。確實，他們是做所有工作的人。我們內部有一種說法，有時我們覺得自己像是在從消防水帶喝水，因為發生了很多事情。所有員工都投入了大量的時間和精力，竭盡全力使這家公司真正與眾不同。所以我也想感謝那裡的所有人。

So that's all I had, Alexa. I appreciate it.

這就是我所擁有的一切，Alexa。我很感激。

Thank you so much, everyone. We will go ahead and conclude today's meeting.

謝謝大家！謝謝。我們將繼續結束今天的會議。

Great. Thanks, everybody.

偉大的。謝謝大家。