Stryve Foods Inc (SNAX) 2024 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Stryve Foods, Inc., first quarter 2024 earnings call. (Operator Instructions) This call is being recorded on Tuesday, May 14, 2024. I would now like to turn the conference over to Mr. Weil. Please go ahead.

女士們、先生們，下午好，歡迎參加 Stryve Foods, Inc. 2024 年第一季財報電話會議。（操作員說明）此通話錄音時間為 2024 年 5 月 14 日星期二。我現在想把大會交給韋爾先生。請繼續。

Thank you, operator, and welcome to the Stryve Foods fiscal year 2024 first quarter earnings conference call. With me today are Stryve's Chief Executive Officer, Chris Boever; and Chief Financial Officer, Alex Hawkins.

謝謝業者，歡迎參加 Stryve Foods 2024 財年第一季財報電話會議。今天與我在一起的有 Stryve 執行長 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. 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.

在開始之前，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。前瞻性陳述本質上是不確定的，並且不在公司的控制範圍內。實際結果可能與這些預期有重大差異。這些陳述並不是對未來績效的保證，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，它們只涉及今天。

In addition, today's call will include a discussion of non-GAAP financial measures, including adjusted EBITDA and adjusted EPS. Nonfinancial 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 refer to 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 和調整後的每股盈餘。非財務指標應被視為 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，請參閱詳細資訊。

This call is being webcast and can be accessed through audio link on the News and Events page of the Investors section at ir.stryve.com. Also, the earnings press release is posted on our website, and a copy of the release has been included in the Form 8-K submitted to the SEC.

本次電話會議正在進行網路直播，可以透過 ir.stryve.com 投資者部分的新聞和活動頁面上的音訊連結進行收聽。此外，收益新聞稿發佈在我們的網站上，並且該新聞稿的副本已包含在提交給 SEC 的 8-K 表格中。

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？

Thanks, Weil. Good afternoon, and thank you for joining us today. The first quarter of 2024 marks the next phase of transformation for Stryve Foods. With the significant improvements we have made on cost, capabilities, process, and quality mostly behind us, we are excited and energized about the future. We are executing the strategy, supporting our vision to redefine the snacking category with healthier, high-protein solutions that meet the evolving needs of today's consumers.

謝謝，威爾。下午好，感謝您今天加入我們。2024 年第一季標誌著 Stryve Foods 進入下一階段的轉型。隨著我們在成本、能力、流程和品質方面取得的重大改進，我們對未來感到興奮和充滿活力。我們正在執行這項策略，支持我們的願景，透過更健康的高蛋白解決方案重新定義零食類別，以滿足當今消費者不斷變化的需求。

This quarter, we've seen significant progress in several strategic areas that are vital to our growth and operational efficiency. A standout achievement has been the success of our new packaging initiative, which has been instrumental in driving the exceptional year-over-year improvements in our retail velocity. The consumer response to our new packaging is exceeding our expectations. We are experiencing velocity improvements on each of our three brands, with the Stryve brand leading the way.

本季度，我們在幾個對我們的成長和營運效率至關重要的策略領域取得了重大進展。我們新包裝計劃的成功是一項突出的成就，它有助於推動我們的零售速度逐年顯著提高。消費者對我們新包裝的反應超出了我們的預期。我們正在經歷三個品牌的速度提升，其中 Stryve 品牌處於領先地位。

Retail sales velocity for the Stryve brand, as measured by SPINS data ending March 24, has increased at an accelerated rate, up 24.7% over 24 weeks, up 35.7% over 12 weeks, and up an amazing 51% over 4 weeks. Retail velocity is an important metric, capturing the rate of sales per point of distribution. We are greatly exceeding the performance of the category, showcasing the shelf presence, consumer appeal, and market fit of our new and improved packaging design. As of now, we believe that the transition to the new packaging is a little over halfway complete on retail shelves.

根據截至 3 月 24 日的 SPINS 數據衡量，Stryve 品牌的零售速度正在加速成長，在 24 週內成長了 24.7%，在 12 週內成長了 35.7%，在 4 週內成長了驚人的 51%。零售速度是一個重要的指標，捕捉每個分銷點的銷售率。我們大大超越了該類別的表現，並展示了我們新的和改進的包裝設計的貨架存在、消費者吸引力和市場契合度。截至目前，我們認為零售貨架上向新包裝的過渡已完成一半多一點。

This ongoing rollout and supporting data will play a critical role in our ability to secure additional distribution. The positive reception and improved shelf presence has bolstered our position in the market, allowing us to expand our reach and enhance consumer engagement while earning more market share. Moreover, we've achieved considerable improvements in the quality of our products through enhancements to our manufacturing processes. These changes have elevated the consumer experience, ensuring that our products not only look appealing on the outside, but also consistently deliver on taste.

這種持續的推出和支援數據將對我們確保額外分發的能力發揮關鍵作用。正面的迴響和貨架狀況的改善鞏固了我們的市場地位，使我們能夠擴大影響範圍並提高消費者參與度，同時贏得更多市場份額。此外，透過改進製造工藝，我們的產品品質得到了顯著提高。這些變化提升了消費者體驗，確保我們的產品不僅外觀吸引人，而且始終如一地提供口味。

We are gaining new users with our strategic position, and with our improved product quality, our confidence is high that repeat levels will also be high, ultimately fueling stronger velocities and brand loyalty. Alongside these product and packaging advancements, we have continued to drive efficiencies and productivity throughout the organization. Our focus on operational excellence has allowed us to optimize resources, reduce waste and improve our overall cost structure. These efforts collectively contribute to our performance this quarter and set a strong foundation for growth and ultimately, profitability.

我們憑藉著我們的策略地位贏得了新用戶，隨著產品品質的提高，我們對重複率也會很高充滿信心，最終推動更快的速度和品牌忠誠度。除了這些產品和包裝的進步之外，我們也持續提高整個組織的效率和生產力。我們對卓越營運的關注使我們能夠優化資源、減少浪費並改善整體成本結構。這些努力共同為我們本季的業績做出了貢獻，並為成長和最終獲利奠定了堅實的基礎。

Our strategy will focus on leveraging the momentum we have built. We aim to fully capitalize on additional distribution channels as a result of our improved retail performance. By increasing our distribution footprint, we not only expand our reach, but we also enhance our ability to positively impact the highly expandable meat snack category.

我們的策略將專注於利用我們已經建立的勢頭。由於零售業績的改善，我們的目標是充分利用額外的分銷管道。透過擴大我們的分銷足跡，我們不僅擴大了我們的覆蓋範圍，而且還增強了我們對高度可擴展的肉類零食類別產生積極影響的能力。

I am pleased to share we have regained a rotation for the Vacadillos brand at Costco Southeast division, which is now available in the warehouse clubs. Early indicators are positive, demonstrated by, once again, strong velocities. As we look to the future, we have built a robust innovation pipeline that will further leverage our capabilities and capacity to enable even greater brand and category expansion. Certainly, there will be more to share on this front in the future.

我很高興地告訴大家，我們已經在 Costco 東南部重新獲得了 Vacadillos 品牌的輪換，該品牌現已在倉庫俱樂部出售。早期指標是正面的，強勁的成長速度再次證明了這一點。展望未來，我們已經建立了強大的創新管道，將進一步利用我們的能力和能力來實現更大的品牌和品類擴張。當然，未來還會有更多這方面的內容可以分享。

Operational excellence will remain a cornerstone of our strategy. The efficiencies we've driven in our manufacturing processes will be built upon to ensure that we can scale effectively while managing costs. Our commitment to continuous improvement will involve further investments in technology and processes that enhance our agility while expanding margins.

卓越營運仍將是我們策略的基石。我們在製造流程中提高的效率將確保我們能夠在管理成本的同時有效擴展規模。我們對持續改進的承諾將涉及對技術和流程的進一步投資，以增強我們的敏捷性，同時擴大利潤。

In summary, our strategy is centered on execution, growing our core, supported by operational excellence. These pillars will drive our performance in the near term and position us for future success in the evolving category and industry. Our goal is clear, to continue to deliver exceptional value to our consumers, partners, and shareholders, while leading the way with the most highly differentiated, best tasting products, the better-for-you protein snacking category has ever experienced.

總之，我們的策略以執行為中心，發展我們的核心，並以卓越營運為支援。這些支柱將在短期內推動我們的業績，並使我們在不斷發展的類別和行業中取得未來的成功。我們的目標很明確，即繼續為我們的消費者、合作夥伴和股東提供卓越的價值，同時以最具差異化、最美味的產品引領潮流，成為有史以來最適合您的蛋白質零食類別。

With that, I'll turn it over to our CFO, Alex Hawkins. Alex?

接下來，我會交給我們的財務長 Alex Hawkins。亞歷克斯？

Thanks, Chris. Good afternoon, everyone. I'm pleased to provide a detailed overview of our financial results for the first quarter of 2024, which reflect both our strong operational execution and strategic focus.

謝謝，克里斯。大家下午好。我很高興詳細概述我們 2024 年第一季的財務業績，這反映了我們強大的營運執行力和策略重點。

This quarter, we reported net sales of $4.6 million. While this represents a slight decrease of approximately 1% compared to the same period last year, it is important to recognize the significant strides we have made in terms of profitability and market penetration. The marginal change in net sales was largely attributed to our strategic decision to enhance product quality and packaging, which initially slowed some of our traditional sales channels but have set the stage for enhanced performance as these initiatives continue to gain traction.

本季度，我們報告淨銷售額為 460 萬美元。雖然與去年同期相比略有下降約 1%，但重要的是要認識到我們在獲利能力和市場滲透方面取得的重大進展。淨銷售額的邊際變化很大程度上歸因於我們提高產品品質和包裝的策略決策，這最初減緩了我們的一些傳統銷售管道，但隨著這些舉措繼續獲得關注，為提高業績奠定了基礎。

Additionally, the prior year period was benefited by a temporary display program that we elected not to pursue in 2024 as we have targeted our efforts towards securing more permanent distribution points and making better decisions with respect to how and when we look to promote our products. Ultimately, the increased sell-through of our products driven by our packaging enhancements and improved product quality, as well as some of the new distribution we have secured, largely made up for the display program and with more attractive unit economics.

此外，上一年期間也受益於臨時展示計劃，我們選擇在2024 年不再實施該計劃，因為我們的目標是確保更多永久分銷點，並就如何以及何時推廣我們的產品做出更好的決策。最終，由於我們的包裝增強和產品品質提高，以及我們獲得的一些新分銷，我們產品的銷量增加，很大程度上彌補了展示計劃的影響，並具有更具吸引力的單位經濟效益。

Our gross profit was $1.02 million for the quarter, with a gross margin of 22.1% compared to $0.96 million in the prior year period with a gross margin of 20.7%. This improvement is a direct result of our focused efforts on influencing product price mix, manufacturing efficiencies, and cost management, which have allowed us to better leverage our resources and reduce cost per unit. This result is even more meaningful given that prevailing beef prices for the quarter were considerably higher this year than they were in the year ago period. But despite that dynamic, our transformation efforts still showed an improved gross margin.

本季我們的毛利為 102 萬美元，毛利率為 22.1%，而去年同期的毛利為 96 萬美元，毛利率為 20.7%。這項改進是我們專注於影響產品價格結構、製造效率和成本管理的直接結果，這使我們能夠更好地利用我們的資源並降低單位成本。鑑於今年本季牛肉價格遠高於去年同期，這一結果更有意義。但儘管如此，我們的轉型努力仍顯示出毛利率的提高。

We do expect to see some continued volatility in beef prices for the future. However, so far in the second quarter, we're experiencing a welcome (inaudible) and hope to see that trend continue. Either way, we stand ready to respond strategically as we have shown we can do in the past.

我們確實預計未來牛肉價格將持續波動。然而，到目前為止，第二季度，我們受到了歡迎（聽不清楚），並希望看到這種趨勢繼續下去。無論哪種方式，我們都準備好做出策略性回應，正如我們過去所展示的那樣。

Operating expenses for the quarter were $4.0 million, down 22.7% from the year ago period and down approximately 52% from the same period two years ago. This is consistent with our transformation strategy and that we are continuing to find ways to pull cost out of the system and position ourselves for operating leverage as we scale with improved unit economics. Consequently, our operating income showed a significant reduction in losses, improving to a $3 million operating loss as compared to a $4.2 million operating loss in the same quarter last year. This 29% reduction in operating loss underscores our progress in optimizing our operational effectiveness and driving towards profitability.

該季度營運費用為 400 萬美元，比去年同期下降 22.7%，比兩年前同期下降約 52%。這與我們的轉型策略是一致的，我們正在繼續尋找方法將成本從系統中剔除，並在我們擴大規模並提高單位經濟效益的同時，為自己定位營運槓桿。因此，我們的營業收入顯示虧損大幅減少，營業虧損從去年同期的 420 萬美元降至 300 萬美元。營運虧損減少 29%，凸顯了我們在優化營運效率和推動獲利方面取得的進展。

Our net loss for the first quarter was $3.9 million, which is a marked improvement from $4.6 million in the prior year period. In the first quarter of this year, we extended maturities of certain bridge notes put in place last April. As part of that extension, certain warrants associated with those bridge notes were modified and the accounting treatment for such modification was a onetime noncash charge to other expense of $0.3 million in the current year period.

我們第一季的淨虧損為 390 萬美元，比去年同期的 460 萬美元有顯著改善。今年第一季度，我們延長了去年四月發行的某些過橋票據的期限。作為延期的一部分，與這些過渡票據相關的某些認股權證被修改，這種修改的會計處理是一次性非現金費用，計入本年度其他費用 30 萬美元。

Accordingly, our EBITDA loss on an adjusted basis for the first quarter of 2024 represents our best quarter ever at $2.3 million as compared to the adjusted EBITDA loss of $3.5 million in the year ago quarter. That's a 35.2% reduction in our adjusted EBITDA loss on a year-over-year basis on roughly the same net sales figure. Our transformation efforts are working, and we expect to continue to see the benefits of those in the quarters to come. This performance is indicative of the underlying strength of our business model and the success of our strategic initiatives. These results provide a solid foundation for sustained progress in our path to profitability and support our optimistic outlook for the remainder of the year.

因此，我們 2024 年第一季調整後的 EBITDA 虧損為 230 萬美元，是我們有史以來最好的季度，而去年同期調整後的 EBITDA 虧損為 350 萬美元。在大致相同的淨銷售額數據的基礎上，我們調整後的 EBITDA 損失比去年同期減少了 35.2%。我們的轉型努力正在發揮作用，我們預計在未來幾季將繼續看到這些成果的好處。這一業績顯示了我們業務模式的潛在優勢和我們策略舉措的成功。這些結果為我們在獲利之路上持續取得進展奠定了堅實的基礎，並支持我們對今年剩餘時間的樂觀前景。

In assessing our balance sheet at the end of the first quarter of 2024, it's important to recognize that financial prudence we're exercising during this critical phase of our turnaround strategy. Our cash position is currently at approximately $0.4 million. This reflects a carefully managed liquidity strategy, emphasizing stringent cash conservation as we navigate through significant operational enhancements and the strategic realignments which are now bearing fruit.

在評估 2024 年第一季末的資產負債表時，重要的是要認識到我們在扭虧為盈策略的這一關鍵階段所採取的財務審慎態度。目前我們的現金狀況約為 40 萬美元。這反映了我們精心管理的流動性策略，強調在我們進行重大營運改善和策略調整時嚴格保留現金，這些調整現已取得成果。

Our liquidity constraints are being actively managed with rigorous controls on expenditure and enhancements in operational efficiency to extend our financial runway. Additionally, we previously announced the closing of $1.6 million in convertible bridge notes last month, which we believe, along with our recently extended line of credit, have provided us with the ability to manage day-to-day operations in the near term and the near-term working capital ramp required by the success we're seeing in the market from our packaging.

我們正在透過嚴格控制支出和提高營運效率來積極管理流動性限制，以擴大我們的財務跑道。此外，我們之前宣布上個月完成了 160 萬美元的可轉換過橋票據，我們相信，加上我們最近延長的信貸額度，使我們有能力在短期內管理日常運營，並且我們在包裝市場上看到的成功需要短期營運資金的增加。

As we continue to navigate through these challenging financial conditions juxtaposed by our brand's success at retail, our focus is on strengthening our balance sheet through careful cash management, prudent expense control, and strategic financial planning. This disciplined approach is crucial as we work towards strengthening our financial position and ensuring long-term sustainability and growth. As we look forward to the remainder of 2024, acknowledging the currently liquidity constraints we face, we are still committed to achieving our strategic goals and financial targets.

當我們繼續應對這些充滿挑戰的財務狀況以及我們品牌在零售領域的成功時，我們的重點是透過謹慎的現金管理、審慎的費用控制和策略財務規劃來加強我們的資產負債表。在我們努力加強財務狀況並確保長期可持續性和成長時，這種嚴格的方法至關重要。展望 2024 年剩餘時間，承認我們目前面臨的流動性限制，我們仍然致力於實現我們的策略目標和財務目標。

For the fiscal year 2024, we are reiterating our guidance for net sales. We project net sales to be in the range of $24 million to $30 million. This guidance is based on several factors, including the anticipated full rollout of our new packaging, expected improvements in retail velocities, and the execution of our capital plans. These factors are expected to drive increased sales volumes as the year progresses. We are rigorously controlling expenditures and optimizing operational efficiencies to ensure that our financial resources are aligned with our strategic priorities. This includes continuous efforts to improve our cost structure, enhance our manufacturing processes, and manage our inventory more effectively.

對於 2024 財年，我們重申對淨銷售額的指引。我們預計淨銷售額將在 2,400 萬美元至 3,000 萬美元之間。該指導基於多個因素，包括預期全面推出新包裝、零售速度的預期改善以及資本計劃的執行。隨著時間的推移，這些因素預計將推動銷量增加。我們嚴格控制支出並優化營運效率，以確保我們的財務資源與我們的策略重點一致。這包括不斷努力改善我們的成本結構、增強我們的製造流程以及更有效地管理我們的庫存。

While we are navigating through a period of significant financial prudence, our strategies are designed to lay the foundation for sustainable growth and improved profitability. As we execute on our strategic initiatives and as our new packaging continues to gain traction in the market, we expect to see gradual improvement in our financial performance to an ultimate breakeven point with the requisite volumes. We are optimistic about our ability to meet these targets and are committed to driving value for our shareholders through this disciplined financial management and our strategic growth initiatives.

雖然我們正在經歷一段財務審慎時期，但我們的策略旨在為永續成長和提高獲利能力奠定基礎。隨著我們執行策略性舉措以及我們的新包裝繼續在市場上獲得關注，我們預計我們的財務表現將逐步改善，達到最終的損益平衡點並達到所需的銷售量。我們對實現這些目標的能力感到樂觀，並致力於透過嚴格的財務管理和策略成長措施為股東創造價值。

With that, I'll turn it back to Chris, our CEO, to share more about our strategic vision and the exciting opportunities ahead for Stryve. Chris?

接下來，我將把主題轉回給我們的執行長 Chris，分享更多有關我們的策略願景以及 Stryve 未來令人興奮的機會的資訊。克里斯？

Thank you, Alex. This quarter has been marked by significant enhancements across our operations, demonstrating our commitment to cost management. As we layer in growth, we will leverage our lower-cost network, leading us to a profitable outcome. These operational improvements are pivotal to our strategy for sustained growth and enhance shareholder value.

謝謝你，亞歷克斯。本季我們的業務顯著增強，體現了我們對成本管理的承諾。隨著我們分層成長，我們將利用我們的低成本網絡，實現盈利。這些營運改善對於我們持續成長和提高股東價值的策略至關重要。

This quarter, we delivered solid results driven primarily by significant improvements in our packaging and product quality. The sales team has been upgraded with experienced leaders and stronger broker partners. I fully anticipate an acceleration of growth in the coming quarters. The protein snack category continues to evolve with increasing consumer demand for healthier and more sustainable options.

本季度，我們取得了堅實的業績，這主要得益於包裝和產品品質的顯著改進。銷售團隊升級，擁有經驗豐富的領導者和強大的經紀商合作夥伴。我完全預計未來幾季的成長將加速。隨著消費者對更健康、更永續的選擇的需求不斷增加，蛋白質零食類別不斷發展。

We anticipate category growth driven by evolving lifestyle trends and a greater emphasis on protein, health, and wellness. Our products are well positioned to meet these changing consumer demand, thanks to their high nutritional value and alignment with current dietary trends, most notable reduction of sugar and free of preservatives.

我們預計，不斷變化的生活方式趨勢以及對蛋白質、健康和保健的更加重視將推動品類成長。我們的產品能夠很好地滿足這些不斷變化的消費者需求，這要歸功於它們的高營養價值並符合當前的飲食趨勢，最顯著的是減少糖分且不含防腐劑。

In conclusion, the outlook for Stryve Foods is optimistic. We are on a solid path, equipped with the right strategies, and ready to capitalize on the opportunities ahead. We are excited about what the future holds and believe that our focused approach will lead to accelerated growth and profitability.

總之，Stryve Foods 的前景是樂觀的。我們正走在一條堅實的道路上，配備了正確的策略，並準備好抓住未來的機會。我們對未來感到興奮，並相信我們專注的方法將帶來加速成長和獲利能力。

With that, I'd like to turn it over to the operator for Q&A. Operator?

這樣，我想將其轉交給接線員進行問答。操作員？

(Operator Instructions) Mike Grondahl, Northland Securities.

（操作員指示）Mike Grondahl，北國證券。

Hey, guys. Thanks. Could you talk a little bit more about getting Vacadillos back in Costco? I think you said a Southeast division. And the reason I'm asking is, a couple of years ago, you guys got into Costco and it was highly promotional and you can argue maybe it wasn't priced appropriately. Can you just talk about Vacadillos getting into that region? And what you think pricing is going to look like and how you think this time around is maybe improved?

大家好。謝謝。能多談談關於讓 Vacadillos 重返 Costco 的事嗎？我想你說的是東南分區。我問的原因是，幾年前，你們進入了好市多，它的促銷力道很大，你可以說它的定價可能不合適。您能談談 Vacadillos 進入該地區的情況嗎？您認為定價會是什麼樣子？

Yeah, Mike, thanks for the question. Look, it's been a long, patient and consistent journey but getting our unit economics actually accurate, right, and positioned properly, then puts us in a position to now engage with a customer such as Costco to be able to deliver a complete solution that is priced properly for all parties to win. Their club member, certainly Costco, and as well Stryve this time.

是的，麥克，謝謝你的提問。看，這是一個漫長、耐心和一致的旅程，但讓我們的單位經濟效益真正準確、正確並定位得當，然後使我們現在能夠與 Costco 等客戶合作，從而能夠提供完整的解決方案，定價合理，各方都能獲勝。他們的俱樂部成員，當然是 Costco，這次還有 Stryve。

So we've designed a program to give us an opportunity to show the great attributes that the Vacadillos brand has to the Costco shopper in that region. We have ongoing discussions with other regions. We have some early indicators. We just went in the first week of May. So we're just basically seeing some of the early results and velocities are very strong. So the pricing, the proposition, the value is tremendous for all, and we feel this is a win-win-win, and it's something that we can repeat not only in that division, but other divisions as we gain momentum.

因此，我們設計了一個計劃，讓我們有機會向該地區的 Costco 購物者展示 Vacadillos 品牌的卓越品質。我們正在與其他地區進行討論。我們有一些早期指標。我們是五月第一週才去的。所以我們基本上只是看到一些早期結果並且速度非常快。因此，定價、主張和價值對所有人來說都是巨大的，我們認為這是雙贏的，我們不僅可以在部門中重複這一點，而且隨著我們獲得動力，我們可以在其他部門重複這一點。

Got it. And then maybe just a follow-up question. Chris, what two things give you the most visibility on the revenue ramp the rest of the year? Is it like the improved packaging, the expansion of the distribution footprint, expectations for repeat business or repurchases? I mean what are the top two things that you are looking at that gives you comfort revenues are going to ramp?

知道了。然後也許只是一個後續問題。克里斯，哪兩件事讓您最清楚地了解今年剩餘時間的收入成長？是像改進的包裝、擴大分銷範圍、對重複業務或回購的期望嗎？我的意思是，您所關注的最能讓您感到舒適的兩件事是什麼？

Thanks again. First and foremost, it's velocity. In all my 35-plus years in the industry, I have never seen a velocity spike like I have from a package change that we're experiencing. Now all three brands are all accelerating velocity, but the Stryve brand went through the largest renovation and we're seeing the largest increase dollars per point of distribution that's going from a velocity standpoint, significantly higher. In fact, as a result, it's creating many opportunities but with opportunities come challenges.

再次感謝。首先也是最重要的，它是速度。在我從事該行業 35 多年的時間裡，我從未見過像我們正在經歷的封裝變更所帶來的速度高峰。現在，所有三個品牌都在加速速度，但 Stryve 品牌經歷了最大的改造，我們看到每個分銷點的美元增幅最大，從速度的角度來看，明顯更高。事實上，它創造了很多機會，但機會也伴隨著挑戰。

So we were taken a bit by surprise as to the speed and the immediacy of the velocity improvements, and therefore, we've had to pivot and catch back up. So ultimately, our shipments probably are a little bit below where consumption is and we're catching up this quarter on that. So very, very optimistic. So much so that customers that we see direct leads from it's over 100% improvement in velocity on a like-to-like basis which obviously will drive new discussions around expanding that distribution either more stores within that retailer and/or more stores in the marketplace. So with that data comes a lot more fact-based category solutions that we can provide to the broader marketplace.

因此，我們對速度改進的速度和即時性感到有點驚訝，因此，我們必須調整方向並迎頭趕上。因此，最終，我們的出貨量可能略低於消費量，本季我們將迎頭趕上。所以非常非常樂觀。如此之多，以至於我們看到直接導致客戶在相似的基礎上速度提高了100% 以上，這顯然將推動圍繞擴大分銷範圍的新討論，要么在該零售商內開設更多商店，要么在市場上開設更多商店。因此，有了這些數據，我們就可以向更廣泛的市場提供更多基於事實的類別解決方案。

Secondly, we've gotten our pricing pretty much positioned properly now after several rounds of pricing that we took over the last 20 months since I've been here. So I feel good about where we're at from a price and value perspective. We're being smarter and sharper about our promotional tactics that we participate in and ensuring that they're a good investment with a good return on it.

其次，自從我來到這裡以來，經過過去 20 個月的幾輪定價，現在我們的定價已經基本定位正確。因此，從價格和價值的角度來看，我對我們所處的位置感到滿意。我們對我們參與的促銷策略變得更加聰明和敏銳，並確保它們是一項良好的投資並獲得良好的回報。

And then lastly, the next thing that's going to drive a lot more growth for us and compound that velocity will be expanded distribution. As you know, we're a pretty lowly penetrated brand. We've got lots of white space to capture distribution. And with that, lower penetration should drive significant improvements in our growth outlook, not even diluting the velocity and where we're currently at because we're still such a new business, if you will.

最後，下一件將為我們帶來更多成長並提高速度的事情將是擴大分銷。如您所知，我們是一個滲透率相當低的品牌。我們有很多空白來捕捉分佈。因此，較低的滲透率應該會推動我們的成長前景顯著改善，甚至不會削弱速度和我們目前所處的位置，因為如果你願意的話，我們仍然是一個新業務。

So I think all those things compounded. And when we get new people to try the product for the first time, the experience that they're going to get with the new and improved quality that we've unlocked is just exceptional. So we believe repeat levels are going to be an all-time high for our brand, which were already pretty decent from our experiences that we've had in our early days online, where we can see subscriptions and consumer engagement and repeat, et cetera, from our online business.

所以我認為所有這些事情都變得複雜了。當我們讓新人第一次嘗試該產品時，他們將透過我們解鎖的新的和改進的品質獲得非凡的體驗。因此，我們相信我們品牌的重複水平將達到歷史最高水平，從我們早期的線上經驗來看，這已經相當不錯了，我們可以看到訂閱、消費者參與度和重複等等，來自我們的線上業務。

But to see the actual velocities top like they have as quickly. We know new consumers are coming into the franchise, trying us for the first time, and we are very confident that the quality and consistency that they're going to experience now is the best that we've ever delivered, and we think the category has ever seen with 50% more protein than the leading jerky, which is the number one reason consumers come to the category, delivering with total convenience and portability with no preservatives and very little to no sugar, depending on which variety you're selecting gives us incredible amount of confidence that the taste, the consistency, and the positive experience will yield repeat purchases and stronger brand loyalty.

但要看到實際速度達到如此快的速度。我們知道新消費者正在進入特許經營權，第一次嘗試我們，我們非常有信心他們現在將體驗到的質量和一致性是我們所提供的最好的，我們認為該類別其蛋白質含量比領先的肉乾多50%，這是消費者選擇該類別的首要原因，它提供完全的便利性和便攜性，不含防腐劑，幾乎不含糖，具體取決於您選擇的品種我們堅信，味道、一致性和積極的體驗將帶來重複購買和更強的品牌忠誠度。

So we're very optimistic now and I'm excited about what the next phase is going to be to be able to go out now and confidently, back base-wide, drive a complete category solution for our retail partners.

因此，我們現在非常樂觀，我對下一階段將能夠走出去並自信地在整個基地範圍內為我們的零售合作夥伴推動完整的類別解決方案感到興奮。

And maybe last question for Alex. Alex, you did these bridge notes in the quarter, can you finance, kind of keep this going as the revenue ramp supply the working capital that's needed. Just some insight on your comfort with being able to do that?

也許是亞歷克斯的最後一個問題。亞歷克斯，你在本季做了這些過渡筆記，你能融資嗎？只是對您能夠做到這一點的舒適度有一些了解嗎？

We don't have the installed borrowing capacity today to fund the full working capital ramp that's going to be required for us to hit what we know is coming. Like Chris said, this has happened, the velocity has happened quickly. We're catching back up. A lot of the way that we're going to see growth is through new distribution, and that can tend to be lumpier growth, where you have a distribution reset and all of a sudden, you're shipping to a significantly more amount of stores, which requires a significant bump in your inventory.

我們目前沒有足夠的借貸能力來為我們實現預期目標所需的全部營運資金提供資金。就像克里斯說的，這已經發生了，速度發生得很快。我們正在追趕。我們看到成長的許多方式是透過新的分銷，這往往會是不穩定的成長，在這種情況下，你會重置分銷，突然之間，你會運送到更多的商店，這需要大幅增加庫存。

So the way our existing line of credit works today, it doesn't tie to that exactly. And so we will need to bring in some amount of capital. These convertible bridge outs are an example of that. And we're going to continue to look for ways to in the most prudent way possible, with at least amount of dilution possible, fund our business to get to a self-sustaining model once we have the requisite volumes for that.

因此，我們現有的信貸額度目前的運作方式與此並不完全相關。因此我們需要引入一定數量的資金。這些可轉換的橋接輸出就是一個例子。一旦我們擁有了必要的數量，我們將繼續尋找方法，以最謹慎的方式，至少在稀釋可能的情況下，為我們的業務提供資金，以實現自我維持的模式。

But can we finance it today off of our existing facilities? No, we can't. They'll need to do some third-party infusion, whether it's additional convertible bridge notes or something else. I think that's evident in the guidance that we're giving and the balance sheet as we have it today.

但我們現在可以利用現有設施為其提供資金嗎？不，我們不能。他們需要進行一些第三方注入，無論是額外的可轉換橋音符還是其他東西。我認為這在我們提供的指導和我們今天的資產負債表中很明顯。

And to execute on this through the end of '24, do you have a rough range of what's needed?

為了在 24 年底前執行此任務，您是否有大致的需求範圍？

We do. We haven't disclosed that publicly right now, and we hope to provide some updates on that in the near future.

我們的確是。我們目前尚未公開披露這一點，我們希望在不久的將來提供一些更新。

One thing we've done exceptionally well is always find a solution. And we are actively working on solutions that's going to continue to fuel this really positive momentum that we've created to really delight the consumers, fulfill and meet and exceed our customer expectations, and deliver for our shareholders. One thing we've always done since I've been here is find a way to certainly close those gaps on an as-needed basis in the most prudent and efficient and scrappy and effective manner.

我們做得非常好的一件事就是總是能找到解決方案。我們正在積極研究解決方案，這些解決方案將繼續推動我們創造的真正積極的勢頭，真正取悅消費者，滿足、滿足並超越我們的客戶期望，並為我們的股東提供服務。自從我來到這裡以來，我們一直在做的一件事就是找到一種方法，以最謹慎、最高效、最鬥志、最有效的方式，根據需要縮小這些差距。

So rest assured, that's on our hit list of things to accomplish in the coming periods, and we fully expect to be able to continue to drive this momentum now that the marketplace is very excited about.

所以請放心，這是我們在未來一段時間內要完成的事情的重點清單，我們完全希望能夠繼續推動這一勢頭，因為市場對此感到非常興奮。

Thanks, guys.

多謝你們。

(Operator Instructions) There seems to be no further questions at this time. I'd now like to turn the call back over to Mr. Boever for final closing comments.

（操作員說明） 目前似乎沒有進一步的問題。現在我想將電話轉回給博弗先生以徵求最後的總結意見。

I certainly want to express our gratitude to all of our stakeholders for their continued support and belief in Stryve Foods. As we've discussed today, we are making substantial progress across all fronts from operational improvements to strategic market expansion and certainly financial discipline. We remain dedicated to delivering on our promises, driving value for our shareholders and exceeding the expectations of our customers. We are very enthusiastic about the future of our company, and I look forward to sharing our continued progress in the upcoming quarters.

我當然想向所有利害關係人表示感謝，感謝他們對 Stryve Foods 的持續支持和信任。正如我們今天所討論的，我們在從營運改善到策略市場擴張，當然還有財務紀律的各個方面都取得了實質進展。我們仍然致力於兌現我們的承諾，為股東創造價值並超越客戶的期望。我們對公司的未來充滿熱情，我期待分享我們在未來幾季的持續進步。

Thank you once again for joining today's call. Eat stake. Don't be a jerky. Thank you.

再次感謝您參加今天的電話會議。吃木樁。別當個混蛋。謝謝。

Thank you, sir. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. Have a lovely day.

謝謝你，先生。女士們、先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。祝你愉快。