Stryve Foods Inc (SNAX) 2023 Q2 法說會逐字稿

Good afternoon, everyone. Welcome to the Stryve Foods second-quarter fiscal 2023 financial results conference call. (Operator Instructions) Please note, today's event is being recorded.

大家下午好。歡迎參加 Stryve Foods 2023 財年第二季度財務業績電話會議。 （操作員說明）請注意，今天的活動正在錄製中。

Now I'll turn the call over to Sandy Martin, Three Part Advisors, to make introductions and read the Safe Harbor statement. Please go ahead.

現在我將把電話轉給三部分顧問桑迪·馬丁 (Sandy Martin)，由其進行介紹並閱讀安全港聲明。請繼續。

Thank you, operator, and welcome to the Stryve Foods second-quarter earnings conference call. With me today are Stryve's Chief Executive Officer, Chris Boever; and Chief Financial Officer, Alex Hawkins.

謝謝您，運營商，歡迎參加 Stryve Foods 第二季度收益電話會議。今天與我在一起的有 Stryve 首席執行官 Chris Boever；和首席財務官亞歷克斯·霍金斯。

Before we begin, I would like to remind everyone that part of our discussion today will include forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, by their nature, are uncertain and outside of the company's control.

在我們開始之前，我想提醒大家，我們今天討論的一部分將包括根據 1995 年《私人證券訴訟改革法案》的安全港條款做出的前瞻性陳述。前瞻性陳述就其性質而言，是不確定的並且不在公司的控制範圍內。

Actual results could differ materially from these expectations. These statements are not guarantees of future performance and, therefore, undue reliance should not be placed upon them. We do not undertake to update these forward-looking statements at a later date, and they only refer to today.

實際結果可能與這些預期存在重大差異。這些陳述並不是對未來業績的保證，因此，不應過度依賴它們。我們不承諾日後更新這些前瞻性陳述，它們僅涉及今天。

In addition, today's call will include a discussion of non-GAAP financial measures, including adjusted EBITDA and adjusted EPS. Non-GAAP financial measures should be considered as a supplement to, and not a substitute for, GAAP financial measures. We refer you to the reconciliation of non-GAAP to the nearest GAAP measure included in today's earnings press release for further detail.

此外，今天的電話會議還將討論非公認會計準則財務指標，包括調整後的 EBITDA 和調整後的每股收益。非 GAAP 財務指標應被視為 GAAP 財務指標的補充，而不是替代。我們建議您參閱今天的收益新聞稿中包含的非公認會計原則與最接近的公認會計原則衡量標準的調節表，以了解更多詳細信息。

This call is being webcast and can be accessed through the audio link on the News and Events page of the Investor section at ir.stryve.com. And the earnings press release is posted on our website.

本次電話會議正在進行網絡直播，可以通過 ir.stryve.com 投資者部分的新聞和活動頁面上的音頻鏈接進行收聽。收益新聞稿發佈在我們的網站上。

And with that, I would now like to turn the call over to Chris Boever. Chris?

現在，我想將電話轉給克里斯·博弗。克里斯？

Thank you, Sandy, and welcome. And thank you for joining us for our second-quarter earnings call. I have completed my first full year. I am proud of the significant accomplishments that the team has achieved. We are a new company, one that is now in excellent position to deliver against our full potential.

謝謝你，桑迪，歡迎。感謝您參加我們的第二季度財報電話會議。我已經完成了我的第一個完整學年。我為團隊取得的重大成就感到自豪。我們是一家新公司，現在處於充分發揮我們潛力的絕佳位置。

We have transformed the company from one with a net loss of over $44 million in the 12 months prior to our transformation to one that has improved that by $26 million, with a rate of material improvements each and every quarter; one that lost $11.4 million in adjusted EBITDA last year in the second quarter to one that lost only $2.4 million on $5 million less in revenue.

我們將公司從轉型前 12 個月內淨虧損超過 4400 萬美元的公司轉變為淨虧損增加 2600 萬美元的公司，並且每個季度都有重大改進；去年第二季度調整後 EBITDA 虧損 1140 萬美元，而收入減少 500 萬美元，僅虧損 240 萬美元。

Our pride is high. We are more determined than ever to build off the foundation created and the momentum we are generating. Upon reflection of my first year with Stryve, it is important that we highlight several accomplishments from our transformation.

我們的自豪感很高。我們比以往任何時候都更加堅定地鞏固已建立的基礎和我們正在產生的勢頭。回顧我在 Stryve 的第一年，重要的是我們要強調我們轉型中取得的幾項成就。

We have streamlined, prioritized the organization, better leveraging our talents and assets. We have simplified our portfolio consistent with our strategy, eliminating approximately two-thirds of our SKUs. We have executed two separate pricing actions, better reflecting inflation, restoring our gross margin potential.

我們對組織進行了精簡和優先排序，更好地利用我們的人才和資產。我們根據我們的戰略簡化了我們的產品組合，消除了大約三分之二的 SKU。我們執行了兩項單獨的定價行動，更好地反映通貨膨脹，恢復我們的毛利率潛力。

We have introduced and now embedded productivity into our culture that will continue to drive enhancements to our P&L. We have clear measurable goals, aligned cross functioning, ensuring organizational focus.

我們已經引入生產力並將其融入我們的文化中，這將繼續推動我們損益的提高。我們有明確的可衡量目標，協調一致的跨職能，確保組織重點。

We have conducted research and are now leveraging consumer and customer insights to better understand what's working and what's not. We have listened to these insights, analyzed, and are now actioning the voice of the consumer and customer.

我們已經進行了研究，現在正在利用消費者和客戶的見解來更好地了解哪些有效，哪些無效。我們聽取了這些見解並進行了分析，現在正在根據消費者和客戶的聲音採取行動。

We have created and are launching new strategic brand positioning, clearly segmenting each brand, the role of each brand, complementing the broader category with innovative solutions. We have addressed product quality, offering a consistent, high-quality consumer experience, utilizing process discipline, focusing on our core product. We have instituted a zero-waste culture, ensuring we are not simply delivering better-for-you protein snacks, but also responsibly ensuring we are better for the planet.

我們已經創建並正在推出新的戰略品牌定位，明確劃分每個品牌、每個品牌的角色，通過創新解決方案補充更廣泛的類別。我們注重產品質量，提供一致、高質量的消費者體驗，利用流程紀律，專注於我們的核心產品。我們建立了零廢物文化，確保我們不僅為您提供更適合您的蛋白質零食，而且還負責任地確保我們為地球帶來更好的利益。

We have developed innovative capabilities including a pipeline of ideas that are prioritized and focused for multi-year growth and margin expansion. We developed and launched into the meat snack -- meat sticks segment on both Stryve and Vacadillos brands in stick and bite form, which is over half the current category's dollar sales.

我們開發了創新能力，包括一系列優先考慮並專注於多年增長和利潤擴張的想法。我們開發並推出了肉類零食——Stryve 和 Vacadillos 品牌的肉棒細分市場，以棒狀和咬狀形式銷售，佔當前類別銷售額的一半以上。

I want to assure all stakeholders that we are maniacally focused on the management and oversight of costs, resources, investments, capital, debt, and all aspects related to cash. In parallel, we have gained nearly a 20% increase in our total points of distribution, improved our price mix by nearly 16%, and have created momentum in our top line, as evidenced by the most recent 12-week SPINS data, where we have delivered nearly 35% growth in measured channels.

我想向所有利益相關者保證，我們非常專注於成本、資源、投資、資本、債務以及與現金相關的所有方面的管理和監督。與此同時，我們的總分銷點增加了近 20%，我們的價格組合改善了近 16%，並在我們的營收中創造了動力，正如最近 12 週的 SPINS 數據所證明的那樣，我們實測渠道實現了近35% 的增長。

The amount of progress, aggregately, is impressive. I am immensely appreciative of my teammates. We are energized and committed to the next phase of our journey, delivering growth and profitability.

總體而言，取得的進展令人印象深刻。我非常感謝我的隊友們。我們充滿活力並致力於下一階段的旅程，實現增長和盈利。

In mid-July, we provided preliminary financial highlights for the second quarter of 2023 and announced a reverse stock split that was effective on July 14. In line with our second-quarter sales range, we reported net sales of $6 million for the company's second fiscal quarter that ended June 30.

7 月中旬，我們提供了2023 年第二季度的初步財務摘要，並宣佈於7 月14 日生效的反向股票分割。根據我們第二季度的銷售範圍，我們報告公司第二季度的淨銷售額為600 萬美元。截至 6 月 30 日的財政季度。

We knew at the beginning of the year we'd face challenges forecasting with precision, given our SKU rationalization, renovation, innovation agenda, and distribution plans for 2023 juxtaposed with retailer and category dynamics. Lots of moving parts in our transformation over the 12 months.

我們在年初就知道，鑑於我們的 SKU 合理化、改造、創新議程以及 2023 年的分銷計劃以及零售商和品類動態，我們將面臨精確預測的挑戰。在過去 12 個月的轉型過程中，我們經歷了很多變化。

The new Stryve has already started to demonstrate momentum in our business, with meaningful opportunities in front of us. Our changes and improvements in strategy, structure, process, culture, and capabilities have cleared the way for us growing sequentially. We continue to execute against multiple sizable opportunities in front of us, advancing into the next phase of our plan, growth, which leads to profitability.

新的 Stryve 已經開始在我們的業務中展現出強勁的勢頭，我們面前充滿了有意義的機遇。我們在戰略、架構、流程、文化、能力等方面的變革和改進，為我們的持續成長掃清了道路。我們繼續抓住擺在我們面前的多個重大機會，進入我們計劃的下一階段：增長，從而實現盈利。

Since our last earnings call, we have been executing on two important and meaningful accomplishments. Recall our innovation launch of the Vacadillos brand, where we expanded our fast-growing lineup of Carne Seca with a new flavor, chipotle honey, hoping to make it the fastest-growing brand in the jerky segment.

自上次財報電話會議以來，我們一直在取得兩項重要且有意義的成就。回想一下我們創新推出的 Vacadillos 品牌，我們用新口味墨西哥辣椒蜂蜜擴展了快速增長的 Carne Seca 產品線，希望使其成為肉乾領域增長最快的品牌。

We also entered into the large and growing meat stick segment with Vacadillos, introducing two terrific, great-tasting offerings, chili lime and habanero beef sticks. Vacadillos air-dried beef sticks deliver important consumer benefits: higher grams of protein, 14 grams; with no sugar; no preservatives; only ingredients that consumers can pronounce, versus the category leader, which delivers only 6 grams of protein, with a very different ingredient panel. With these attributes, it's no surprise that we are encouraged by the consumer's response.

我們還與 Vacadillos 一起進入了規模龐大且不斷增長的肉棒市場，推出了兩種非常棒的美味產品：辣椒酸橙和哈瓦那牛肉棒。 Vacadillos 風乾牛肉棒為消費者帶來了重要的好處：蛋白質含量更高，為 14 克；不含糖；無防腐劑;只提供消費者可以發音的成分，而該類別的領導者僅提供 6 克蛋白質，並且成分面板非常不同。有了這些特性，我們對消費者的反應感到鼓舞也就不足為奇了。

Q2 was driven by innovative platforms and extensions: our Folds of Honor partnership on the Stryve brand, our new brand positioning with a new package starting to transition in-store. Our portfolio has been rationalized and optimized simultaneously. And we created and are now implementing and executing the strategic imperatives.

第二季度是由創新平台和擴展推動的：我們在 Stryve 品牌上的 Folds of Honor 合作夥伴關係、我們的新品牌定位和新包裝開始在店內過渡。我們的投資組合已同時合理化和優化。我們制定了戰略要務，現在正在實施和執行這些戰略要務。

We have been aggressively managing costs, investments, cash, and more. Our performance management plan supports the objectives, goals, strategy, and metrics. And the organization is executing as one team. Enterprise-wide alignment is a key component as we become a true operating company.

我們一直在積極管理成本、投資、現金等。我們的績效管理計劃支持目的、目標、策略和指標。該組織是作為一個團隊執行的。當我們成為一家真正的運營公司時，企業範圍內的協調是一個關鍵組成部分。

I continue to be very pleased about the response from our retail partners to our new category growth strategy, focused on assortment optimization. Many retailer category reviews are underway. Additional distribution wins are being awarded across all classes of trade. We will continue to experience increases in distribution and velocity. As always, we will share those once active in-store.

我仍然對我們的零售合作夥伴對我們專注於品種優化的新品類增長戰略的反應感到非常高興。許多零售商類別審查正在進行中。所有類別的貿易都將獲得額外的分銷勝利。我們將繼續經歷分佈和速度的增加。一如既往，我們將分享那些曾經在店內活躍的內容。

Our new strategy is working, and we are just getting started. We are focused on driving trial with better in-store tactics, along with a new compelling marketing campaign inclusive of Folds of Honor patriotic packs.

我們的新戰略正在發揮作用，而且我們才剛剛開始。我們專注於通過更好的店內策略來推動試用，以及包括榮譽折疊愛國包在內的新的引人注目的營銷活動。

We have built a foundation. We are proving that we are building a great company, one that responsibly manages costs, drives productivity, expands margins, improves cash, builds brands, builds consumer loyalty, collaborates with retailers, earns greater market share, and invests strategically for return.

我們已經打下了基礎。我們正在證明，我們正在建立一家偉大的公司，一家負責任地管理成本、提高生產率、擴大利潤、增加現金、打造品牌、建立消費者忠誠度、與零售商合作、贏得更大市場份額並進行戰略投資以獲取回報的公司。

We are growing, and we will grow faster. And we will deliver profit with that growth. We are starting to see the impact the change are having in our numbers. We expect to grow at a rate well above the meat snack category, with accelerating consumption ultimately earning more gains in market share.

我們正在成長，而且會成長得更快。我們將隨著這種增長帶來利潤。我們開始看到這一變化對我們的數字產生的影響。我們預計其增長速度將遠高於肉類零食類別，消費的加速最終將贏得更多的市場份額。

We will not grow at all costs. We are partnering with retailers, collaboratively executing on the fundamentals: distribution, shelving, merchandising, and pricing. We will enhance margins with operational improvement. We will keep costs down. And we are committed to delivering a profitable, innovative, growing company with the very best-tasting better-for-you offering this category has ever seen.

我們不會不惜一切代價實現增長。我們正在與零售商合作，在分銷、貨架、推銷和定價等基本方面進行協作執行。我們將通過改善運營來提高利潤率。我們將降低成本。我們致力於打造一家盈利、創新、不斷成長的公司，提供同類產品中最美味、更適合您的產品。

We continue to beat the drum about a zero-waste culture. We now have several value-generating initiatives where the team has discovered and are implementing ways to eliminate and monetize what was formerly known as waste, providing solutions that enhance our economic outcome and our environmental impact.

我們繼續宣揚零廢物文化。我們現在有幾項創造價值的計劃，團隊已經發現並正在實施消除以前稱為廢物的方法並將其貨幣化，提供可提高我們的經濟成果和環境影響的解決方案。

In addition to Two Tails pet treats, we are now selling shelf-stable ingredients to manufacturers of ready-to-eat kits or MRE kits. Both of these initiatives are proving to be incremental to our core business.

除了“Two Tails”寵物零食外，我們現在還向即食套件或 MRE 套件的製造商銷售耐儲存的成分。事實證明，這兩項舉措都對我們的核心業務有所裨益。

As many of you know, prior to Stryve, I had the privilege to be a part of successful turnaround and have learned what it takes: ownership, clarity, focus, discipline, engagement, teamwork, patience, and consistency. The speed that we have progressed and are executing on cost, cash management, productivity, combined with optimizing the portfolio, including the rationalization, renovation, and innovation of our multi-brand portfolio, has been truly impressive.

正如你們許多人所知，在加入 Stryve 之前，我有幸成為成功轉型的一部分，並了解了成功需要什麼：主人翁精神、清晰度、專注、紀律、參與、團隊合作、耐心和一致性。我們在成本、現金管理、生產力以及優化產品組合（包括多品牌產品組合的合理化、翻新和創新）方面取得的進展和執行速度確實令人印象深刻。

We are delivering on each and everything I said we would since I outlined our new strategy. We continue to set new quarterly records for company performance. And we have demonstrated that we deliver on our commitments. Our second quarter was our fourth consecutive quarter of improved year-over-year operational and financial results, with narrow losses and improved adjusted EBITDA.

自從我概述了我們的新戰略以來，我們正在兌現我所說的一切。我們繼續創造公司業績的新季度記錄。我們已經證明我們兌現了我們的承諾。第二季度是我們連續第四個季度實現運營和財務業績同比改善，虧損收窄，調整後 EBITDA 有所改善。

Transformations of this magnitude -- ones that require fixing, creating, and building -- for a company our size, undoubtedly, will create choppiness on timing of each and every metric, especially revenues. Given our stage, distribution is and will be a significant growth driver, which creates variability in the timing and scale of revenue flows. As we continue to gain scale, better visibility will be an outgrowth, leading to increased predictability over time.

對於我們這樣規模的公司來說，這種規模的變革——需要修復、創造和構建——毫無疑問，將導致每一項指標（尤其是收入）的時間安排出現波動。鑑於我們所處的階段，分銷現在和將來都是重要的增長動力，這會導致收入流的時間和規模發生變化。隨著我們不斷擴大規模，更好的可見性將成為必然，隨著時間的推移，可預測性也會隨之提高。

With that being said, we continue to accelerate improvements in all we do, significantly narrowing the rate of losses, with promise and expectation of profitability in the near future. With that, I will turn the call over to Alex.

話雖如此，我們繼續加快所做的一切改進，顯著縮小損失率，並在不久的將來實現盈利的承諾和預期。這樣，我會將電話轉給亞歷克斯。

Thanks, Chris. As Chris shared, Q2 is our fourth consecutive quarter of improved year-over-year bottom-line results. And we know that our turnaround actions and process improvements have begun to take hold across the organization. With a significantly improved price value proposition on our new products, repeatable operational processes, better procurement of direct materials, and improving yields, we are building a more stable and sustainable operating company.

謝謝，克里斯。正如克里斯分享的那樣，第二季度是我們連續第四個季度實現淨利潤同比改善。我們知道，我們的扭虧為盈行動和流程改進已開始在整個組織中發揮作用。通過顯著提高新產品的價格價值主張、可重複的運營流程、更好的直接材料採購以及提高產量，我們正在建立一個更加穩定和可持續的運營公司。

As part of that, we have materially reduced cash operating expenses and narrowed losses again this quarter. We have also made further strides to establish a leaner, more productive organization with streamlined operations and better offerings. And we are well positioned to accelerate profitability with the requisite growth in volumes.

作為其中的一部分，我們本季度大幅減少了現金運營支出並再次縮小了虧損。我們還取得了進一步的進展，建立了一個更精簡、更高效的組織，簡化了運營並提供更好的產品。我們已做好充分準備，可以通過必要的銷量增長來加速盈利。

As we messaged in our year-end call a few months ago, we believe many distributors and retailers managed down inventory levels beginning in the fourth quarter of 2022, with orders diverging from consumption. And as expected, we saw more normalcy in the second quarter of this year. But that's normalcy with respect to orders tracking consumption, not a restocking to historical inventory levels, to be clear.

正如我們在幾個月前的年終電話會議中所傳達的信息，我們相信許多分銷商和零售商從 2022 年第四季度開始就降低了庫存水平，訂單與消費出現分化。正如預期的那樣，我們在今年第二季度看到了更多的常態。但需要明確的是，這是跟踪消費的訂單的常態，而不是補充庫存至歷史庫存水平。

And as Chris mentioned, we have seen positive traction with new distribution wins this year, which will be the primary driver of growth in our business for the foreseeable future, given that we are just beginning to scratch the surface of the retail market with our superior offerings. We continue to believe that it only takes just a few retail wins to yield step function growth on a sequential basis due to the size and scale of the category and our retail partners.

正如克里斯所提到的，我們今年已經看到了新分銷勝利的積極推動力，這將是在可預見的未來我們業務增長的主要驅動力，因為我們剛剛開始憑藉我們的優勢涉足零售市場的表面。供品。我們仍然相信，由於該類別以及我們的零售合作夥伴的規模和規模，只需要取得一些零售勝利就可以實現連續的階梯函數增長。

Let's walk through the financial results for Q2. Net sales were $6 million, compared to $10.9 million in the year-ago quarter. The year-over-year decline was what we expected for the second quarter, reflecting our rationalization of non-profitable revenues that occurred in the prior-year period.

讓我們看一下第二季度的財務業績。淨銷售額為 600 萬美元，而去年同期為 1,090 萬美元。第二季度的同比下降符合我們的預期，反映出我們對上年同期非盈利收入的合理化。

Our gross profit for the quarter was $1.1 million or 17.5% of net sales, compared to negative gross profit of $4.4 million in the year-ago quarter. This improvement on lower volumes underlines the importance of our decision to rationalize the non-profitable revenue streams.

我們本季度的毛利潤為 110 萬美元，占淨銷售額的 17.5%，而去年同期毛利潤為負 440 萬美元。這種銷量下降的改善突顯了我們合理化非盈利性收入流的決定的重要性。

As a reminder, late last year, we intentionally reduced our volumes through a multifaceted rationalization program to refocus the company on its quality core revenue streams. This margin improvement is also further evidence of our pricing and productivity agenda taking hold.

提醒一下，去年年底，我們通過多方面的合理化計劃有意減少了產量，以使公司重新將重點放在優質的核心收入流上。利潤率的提高也進一步證明了我們的定價和生產力議程得到了落實。

On a sequential basis, our net sales are up over 29% versus Q1 of this year. This reflects new distribution wins and our improved retail consumption data over the last few months.

與今年第一季度相比，我們的淨銷售額環比增長了 29% 以上。這反映了新的分銷勝利以及過去幾個月我們零售消費數據的改善。

Operating expenses for the second quarter were $4.4 million, which compared favorably to the prior-year Q2 of $11.5 million, and sequentially from Q1 of this year of $5.2 million. We continued to show progress in our cost elimination and mitigation strategies.

第二季度的運營費用為 440 萬美元，好於去年第二季度的 1150 萬美元，也好於今年第一季度的 520 萬美元。我們在成本消除和緩解策略方面繼續取得進展。

We previously committed to you that we would remove 50% of operating expenses in the back half of 2022, which we delivered. This quarter, we eliminated 62% of our operating expenses versus the prior-year period. And we have continued to improve on that cost structure while also improving our in-market performance this year.

我們之前向您承諾，我們將在 2022 年下半年削減 50% 的運營費用，我們已經兌現了這一承諾。本季度，我們比去年同期削減了 62% 的運營費用。我們今年繼續改善成本結構，同時也提高了我們的市場表現。

I would like to highlight and call out what could be an unexpected change for some investors to our interest expense from Q1 to Q2 of this year, which moved from approximately $400,000 to around $900,000 in Q2. This increase is primarily tied to the issuance of $4.1 million of notes and associated warrants in April of this year, which was compounded greatly by the accounting treatment of these warrants, which differs from how the company has accounted for its warrant issuances in the past.

我想強調並指出，今年第一季度到第二季度我們的利息支出可能會出現意想不到的變化，第二季度的利息支出從約 40 萬美元增至約 90 萬美元。這一增長主要與今年4 月發行的410 萬美元票據和相關認股權證有關，這些認股權證的會計處理與該公司過去對其認股權證發行的會計處理方式不同，這大大加劇了這一增長。

These warrants are separate financial instruments under GAAP accounting. And since they were issued in connection with a debt instrument, they are booked on the balance sheet using the relative value method and amortized similar to debt issuance costs into interest expense over time. This non-cash interest expense started in Q2 in the amount of $0.4 million and will be fully amortized by our fiscal year-end.

這些認股權證是公認會計準則下的獨立金融工具。由於它們是與債務工具相關的發行，因此它們使用相對價值法在資產負債表上記賬，並與債務發行成本類似地隨著時間的推移攤銷為利息費用。該非現金利息支出從第二季度開始，金額為 40 萬美元，將在我們的財政年度結束時全部攤銷。

The second quarter net loss was $4.3 million or $2.05 per share. Recall that we implemented a one-for-15 reverse split in mid-July. So our EPS reflects the impact, with weighted average shares outstanding of 2.1 million for Q2. This favorably compares to a net loss of $16.4 million or $7.93 per share in the prior-year quarter.

第二季度淨虧損為 430 萬美元，即每股虧損 2.05 美元。回想一下，我們在 7 月中旬實施了 15 換 1 的反向分割。因此，我們的每股收益反映了這一影響，第二季度加權平均流通股為 210 萬股。與去年同期淨虧損 1640 萬美元或每股 7.93 美元相比，這一數字相當可觀。

The adjusted loss per share was $1.66 per share for the second quarter, which compares favorably to the adjusted net loss per share of $5.85 in the year-ago quarter. These adjustments are related to the non-cash interest expense associated with the warrants I just mentioned, as well as stock-based compensation.

第二季度調整後每股虧損為 1.66 美元，好於去年同期調整後每股淨虧損 5.85 美元。這些調整與我剛才提到的認股權證相關的非現金利息費用以及基於股票的薪酬有關。

Finally, our adjusted EBITDA loss for the second quarter was $2.4 million, our lowest adjusted EBITDA quarter in the history of the company. This compares favorably to the adjusted EBITDA loss of $11.4 million a year ago and represents a 32.2% improvement sequentially from Q1 of this year. You can find the GAAP to non-GAAP reconciliations at the end of today's press release.

最後，第二季度調整後 EBITDA 虧損為 240 萬美元，這是公司歷史上調整後 EBITDA 最低的季度。與一年前 1140 萬美元的調整後 EBITDA 虧損相比，這一數字相當不錯，比今年第一季度連續增長了 32.2%。您可以在今天新聞稿的末尾找到 GAAP 與非 GAAP 的調節表。

Turning to our balance sheet and financial position. At the end of the second quarter, we had approximately $320,000 of cash and cash equivalents, with positive networking capital, excluding cash and debt, of $5.8 million, with accounts receivable of $3 million and inventory of $8.4 million.

轉向我們的資產負債表和財務狀況。截至第二季度末，我們擁有約 32 萬美元的現金和現金等價物，其中不包括現金和債務的正網絡資本為 580 萬美元，應收賬款為 300 萬美元，庫存為 840 萬美元。

Recall that we have a line of credit based on accounts receivable and inventory to support our liquidity needs. Since putting this line in place last fall, we've actively managed our amounts drawn at any time to mitigate interest expense to the extent we could, only drawing what we need when we needed it.

回想一下，我們有基於應收賬款和庫存的信用額度來支持我們的流動性需求。自從去年秋天設立這條額度以來，我們一直積極管理隨時提取的金額，以盡可能減少利息支出，只在需要時提取我們需要的金額。

We also launched an at-the-market equity offering in July of this year for the ability to raise up to $5.7 million in at-the-market equity sales to opportunistically support our liquidity needs as we navigate the final stages of our turnaround. As we discussed in our prior call, some substantial retail distribution wins for Q2 and the balance of the year were secured because of our new products and packaging.

我們還在今年 7 月推出了市場股票發行，能夠通過市場股票銷售籌集高達 570 萬美元的資金，以便在我們度過扭虧為盈的最後階段時抓住機會支持我們的流動性需求。正如我們在之前的電話會議中討論的那樣，由於我們的新產品和包裝，第二季度和今年剩餘時間的一些重大零售分銷勝利得到了保證。

Accordingly, while we continue to build up newly packaged inventory, we trade through our existing inventory of legacy packaging, which helps to explain the steady inventory levels from Q1 to Q2 despite our initiatives to bring down inventory levels. We anticipate that once the transition is complete, that our inventory levels will come down over the balance of the year.

因此，在我們繼續建立新包裝庫存的同時，我們通過現有的舊包裝庫存進行交易，這有助於解釋儘管我們採取了降低庫存水平的舉措，但從第一季度到第二季度庫存水平保持穩定。我們預計，一旦過渡完成，我們的庫存水平將在今年剩餘時間內下降。

Supported by our ATM facility and the debt financing last quarter, as well as our line of credit, with increased volumes, we expect cash consumption to decline as we take steps towards a self-sustaining model. We continue to focus on carefully managing our cash and working capital as we judiciously oversee our business, executing with discipline, and planning to continue to strictly manage liquidity.

在我們的 ATM 設施和上季度債務融資以及信貸額度的支持下，隨著交易量的增加，我們預計隨著我們採取步驟實現自我維持模式，現金消耗將會下降。我們繼續專注於謹慎管理我們的現金和營運資金，同時明智地監督我們的業務，嚴格執行，併計劃繼續嚴格管理流動性。

As Chris mentioned briefly before, with the magnitude of our retail partners' scale and the slow return to normalcy with respect to their assortment planning cycles, there can be some uncertainty with respect to the timing and scale of new distribution coming online. These variables can create meaningful swings in our shipments for our business, given our current low base, and that our growth will be augmented by distribution in the near term.

正如克里斯之前簡要提到的，由於我們的零售合作夥伴規模龐大，而且其品種規劃週期緩慢恢復正常，因此新分銷上線的時間和規模可能存在一些不確定性。鑑於我們目前的基數較低，這些變量可能會給我們的業務出貨量帶來有意義的波動，並且我們的增長將通過短期內的分銷而得到增強。

Accordingly, while we strongly believe with confidence that our product attributes and strong retail consumption data has and will result in new distribution and growth in shipments, our ability to precisely predict the timing of these flows presents a challenge. The nature of some of these opportunities are dynamic in terms of timing. And with the category's typical lead times, we may receive orders or changes to planned programs with short notice.

因此，雖然我們堅信我們的產品屬性和強大的零售消費數據已經並將導致新的分銷和出貨量增長，但我們精確預測這些流動時間的能力提出了挑戰。其中一些機會的性質在時間上是動態的。由於該類別的典型交貨時間，我們可能會在短時間內收到訂單或計劃項目的更改。

This order variability is normal for the industry and not as material from our retailers' perspectives, given their scale and the category size. However, given our low base, even variability with respect to a single promotion can make precisely forecasting a guidance range a challenge.

這種訂單變化對於行業來說是正常的，但考慮到零售商的規模和品類規模，從零售商的角度來看，這種變化並不重要。然而，鑑於我們的基數較低，即使單個促銷活動的變化也會使精確預測指導範圍成為一項挑戰。

While this variability can affect forecasting accuracy on shipments within the quarter or a year, it does not change our outlook for the overall trajectory of the business. As such, we feel that at this stage, it would not be prudent for us to provide continued top-line guidance that's time bound.

雖然這種變化可能會影響季度或一年內出貨量的預測準確性，但它不會改變我們對業務整體軌蹟的展望。因此，我們認為，在現階段，我們提供持續的、有時限的營收指導是不明智的。

We will be suspending our current guidance, and we will assess resuming forecasting at the appropriate time. While the lack of revenue guidance isn't ideal for our investor base, we do want to be transparent about these dynamics at play. That being said, in lieu of specific revenue guidance, we would like to direct investors to what we believe to be the best leading indicator of our near-term potential, our retail consumption data.

我們將暫停當前的指導，並將在適當的時候評估恢復預測。雖然缺乏收入指引對我們的投資者群體來說並不理想，但我們確實希望對這些動態保持透明。話雖如此，我們希望引導投資者關注我們認為是我們近期潛力的最佳領先指標，即我們的零售消費數據，而不是具體的收入指引。

We've previously discussed the 12-week data. But in the latest four-week SPINS data, that progress is accelerating. Our retail sales are up 39.5% year over year, with our total distribution points up 19.5%. Dollar velocity is up, and we are gaining share.

我們之前討論過 12 週數據。但在最新的 4 週 SPINS 數據中，這一進展正在加速。我們的零售額同比增長 39.5%，總經銷點增長 19.5%。美元流通速度上升，我們的份額正在增加。

And I should note, these trends have only barely begun to show the effects of our new packaging, which is specifically designed for retail conversion. With that, I would like to turn it back to Chris.

我應該指出，這些趨勢才剛剛開始顯示出我們專為零售轉型而設計的新包裝的效果。說到這裡，我想把它轉回給克里斯。

Thank you, Alex. We are pleased with our second-quarter results, which give us further confidence in our Stryve 2.0 plan and our progression of operational and financial improvements for 2023.

謝謝你，亞歷克斯。我們對第二季度的業績感到滿意，這讓我們對 Stryve 2.0 計劃以及 2023 年運營和財務改進的進展進一步充滿信心。

We have made significant progress on these initiatives that will be reflected in our growth rates moving forward. Our promise is to deliver a profitable, innovative growth company, one that delivers better-for-you protein snacks in a responsible manner that delights our consumers, collaborates and executes with our retailers, and delivers for our shareholders.

我們在這些舉措上取得了重大進展，這將反映在我們未來的增長率中。我們的承諾是打造一家盈利、創新的成長型公司，以負責任的方式為您提供更適合您的蛋白質零食，讓我們的消費者滿意，與我們的零售商合作和執行，並為我們的股東提供服務。

As the largest individual shareholder, I am fully aligned with the Board and all Stryve stakeholders. My confidence is high, and my commitment is unwavering.

作為最大的個人股東，我與董事會和所有 Stryve 利益相關者完全一致。我的信心很高，我的承諾堅定不移。

With that, I would like to open the line up for questions. Operator?

說到這裡，我想開始提問。操作員？

(Operator Instructions) Mike Grondahl, Northland Securities.

（操作員指示）Mike Grondahl，北國證券。

Hey, guys. Thanks. I know you're not giving revenue guidance. But can you say with any confidence, will 3Q revenue be greater than 2Q?

大家好。謝謝。我知道你沒有提供收入指導。但你能有把握地說，第三季度的收入會大於第二季度嗎？

I think what we'll see is a similar rationalized base in the back half of the year. And we'll see some new distribution coming online. But generally speaking, it'll be consistent with what we've seen in our rationalized base.

我認為我們將在今年下半年看到類似的合理化基礎。我們將看到一些新的發行版上線。但一般來說，這將與我們在合理化基礎中看到的情況一致。

Got it. And then, OpEx, does that sort of flatline from here? Is there more cost you can take out? The $4.4 million was pretty low.

知道了。然後，運營支出從現在開始會趨於平穩嗎？還有更多的費用可以拿出來嗎？ 440 萬美元相當低。

We think that there are more costs to take out. We've already taken some, and we're continuing to dig and turn over every stone. It's part of -- our strategy here is to identify areas that we can continue to streamline operations, become more efficient and more productive throughout the organization. And we're doing so in a manner that isn't sacrificing our retail performance.

我們認為還有更多的成本需要去除。我們已經拿走了一些，我們正在繼續挖掘並翻開每塊石頭。這是我們戰略的一部分，即確定我們可以繼續簡化運營、提高整個組織的效率和生產力的領域。我們這樣做的方式不會犧牲我們的零售業績。

Got it. Then maybe just lastly, the ATM you set up in July, how much have you taken off that so far?

知道了。也許最後，您在 7 月份設立的 ATM 機，到目前為止您已經取消了多少錢？

We'll be reporting that with more specificity in the coming filings. But we're for opportunistically looking and managing that as we do with any other source of liquidity for the business.

我們將在接下來的文件中更具體地報告這一點。但我們會像對待企業的任何其他流動性來源一樣，機會主義地尋找和管理這一點。

Okay.

好的。

Thank you, Mike.

謝謝你，邁克。

(Operator Instructions) All right. At this time, there are no further questions. So I'd like to return the floor to Chris Boever for any closing comments.

（操作員指示）好的。目前，沒有其他問題了。因此，我想請克里斯·博弗 (Chris Boever) 發言以徵求結束意見。

Well, thank you for joining us, and thank you for your interest in our company. We will look forward to providing an update of our progress on our third-quarter results in just a few short months.

好的，感謝您加入我們，也感謝您對我們公司的興趣。我們期待在短短幾個月內提供第三季度業績的最新進展。

Have a great rest of your Monday, and thank you for your support of Stryve.

祝您週一休息愉快，感謝您對 Stryve 的支持。

Thank you. The conference is now concluded. Thank you for attending today's presentation, and you may now disconnect your lines.

謝謝。會議現已結束。感謝您參加今天的演示，您現在可以掛斷電話了。