BRC Inc (BRCC) 2023 Q1 法說會逐字稿

Greetings. Welcome to the Black Rifle Coffee Company First Quarter 2023 Earnings Call. (Operator Instructions) Please note this conference is being recorded. I will now turn the conference over to your host, Tanner Doss, Vice President of Investor Relations, you may begin.

問候。歡迎參加 Black Rifle Coffee Company 2023 年第一季度收益電話會議。 （操作員說明）請注意，本次會議正在錄製中。現在我將把會議交給東道主投資者關係副總裁坦納·多斯 (Tanner Doss)，您可以開始了。

Good afternoon, everyone. Thank you for joining Black Rifle Coffee Company's conference call to discuss our first quarter 2023 financial results, which we released today and can be found on our website at ir.blackriflecoffee.com. With me on the call today is Evan Hafer, Founder and CEO; Tom Davin, Co-CEO; Greg Iverson, our Chief Financial Officer; and Toby Johnson, our Chief Operating Officer.

大家下午好。感謝您參加 Black Rifle Coffee Company 的電話會議，討論我們今天發布的 2023 年第一季度財務業績，該業績可在我們的網站 ir.blackriflecoffee.com 上找到。今天與我一起參加電話會議的是創始人兼首席執行官 Evan Hafer；湯姆·達文，聯合首席執行官；格雷格·艾弗森，我們的首席財務官；以及我們的首席運營官托比·約翰遜 (Toby Johnson)。

Before we get started, I'd like to remind you of the company's Safe-Harbor language, which I'm sure you're all familiar with. On today's call, management may make forward-looking statements, including guidance and underlying assumptions. Forward-looking statements are based on expectations that involve risks and uncertainties that could cause actual results to differ materially. For further discussion of risks related to our business, please see our previous filings with the SEC.

在我們開始之前，我想提醒您公司的安全港語言，我相信您都熟悉它。在今天的電話會議上，管理層可能會做出前瞻性陳述，包括指導和基本假設。前瞻性陳述基於涉及風險和不確定性的預期，這些風險和不確定性可能導致實際結果出現重大差異。有關與我們業務相關的風險的進一步討論，請參閱我們之前向 SEC 提交的文件。

This call will also contain non-GAAP financial measures such as adjusted EBITDA, reconciliations of these non-GAAP measures to the most comparable GAAP measures are included in the earnings release furnished to the SEC and they're also available on our Investor website.

此次電話會議還將包含非 GAAP 財務指標，例如調整後的 EBITDA，這些非 GAAP 指標與最具可比性的 GAAP 指標的調節表包含在向 SEC 提供的收益報告中，也可在我們的投資者網站上獲取。

Now I'd like to turn the call over to Evan Hafer, Founder and CEO of Black Rifle Coffee Company.

現在我想把電話轉給 Black Rifle 咖啡公司的創始人兼首席執行官埃文·哈弗 (Evan Hafer)。

Thanks, Tanner and good afternoon, everyone. It's hard to believe that this is our sixth earnings call since we became a public company. As most of you know, it was only a decade ago that I was bagged in coffee with my wife in our garage. At that time I had a vision to create a business, centered on supporting the veteran community with an authenticity that doesn't exist in other businesses.

謝謝，坦納，大家下午好。很難相信這是我們成為上市公司以來的第六次財報電話會議。你們大多數人都知道，就在十年前，我和妻子在車庫裡喝著咖啡。當時我的願景是創建一家企業，以其他企業所不存在的真實性來支持退伍軍人社區。

Over the past 8 years, Black Rifle Coffee has evolved from my original vision of a premium direct-to-consumer subscription coffee business into an omnichannel CPG business. And today, I am pleased to report that we have met or exceeded our financial expectations in Q1 and we are well-positioned for the remainder of the year.

在過去的 8 年裡，Black Rifle Coffee 已經從我最初的願景——直接面向消費者的優質訂閱咖啡業務發展成為全渠道 CPG 業務。今天，我很高興地向大家報告，我們已經達到或超出了第一季度的財務預期，並且我們在今年剩餘時間里處於有利地位。

While our business model has evolved, I'm most proud of the company's mission and purpose has remained steadfast. Our commitment to serving veterans, active duty military, first responders and their families has stayed constant. Being a mission oriented and purpose-driven company has always allowed Black Rifle Coffee to punch above our weight class with regards to attracting and retaining talent. I have always tried to surround myself with the best and the brightest team members that are going above and beyond to support Black Rifle's mission to create value for all of our stakeholders.

雖然我們的業務模式不斷發展，但最讓我感到自豪的是公司的使命和宗旨始終堅定不移。我們始終致力於為退伍軍人、現役軍人、急救人員及其家人提供服務。作為一家以使命為導向、目標驅動的公司，Black Rifle Coffee 在吸引和留住人才方面始終超越我們的重量級。我一直努力讓最優秀、最聰明的團隊成員圍繞在自己身邊，他們超越自我，支持 Black Rifle 的使命，為所有利益相關者創造價值。

Last quarter, I highlighted our new CHRO, Marty Manning and our new CTO, Chris Clark, both of whom are talented executives with deep business experience, who also served our country through active duty military service. Both Marty and Chris are passionate about Black Rifle's mission and have the skills and experience to help me continue to deliver sustainable growth.

上個季度，我重點介紹了我們的新任首席人力資源官馬蒂·曼寧 (Marty Manning) 和新任首席技術官克里斯·克拉克 (Chris Clark)，他們都是才華橫溢的高管，擁有豐富的商業經驗，還通過現役服役為我們的國家服務。馬蒂和克里斯都對 Black Rifle 的使命充滿熱情，並擁有幫助我繼續實現可持續增長的技能和經驗。

Today, I'm also excited to announce our new Chief Marketing Officer, Chris Mondzelewski. Chris brings over 20 years of consumer marketing business and leadership experience. Most recently, serving as the Chief Growth Officer of Mars', $12 billion plus Global Petcare business. More importantly, prior to his business career, Chris served 5 years in the United States Marine Corp, deploying wants to support Operation Desert freedom.

今天，我還很高興宣布任命 Chris Mondzelewski 為我們的新任首席營銷官。 Chris 擁有 20 多年的消費者營銷業務和領導經驗。最近，擔任瑪氏價值超過 120 億美元的全球寵物護理業務的首席增長官。更重要的是，在開始商業生涯之前，克里斯曾在美國海軍陸戰隊服役 5 年，部署支持沙漠自由行動。

Outside of his own service, Chris has a deep personal connection to the military and law enforcement communities. His wife served in the Navy, his brother and sister-in-law are still in active duty in the Navy, another brother is a police officer in Pittsburgh and his daughter serves as an active duty surface warfare officer in the Navy. Chris' business background working across multiple sales channels and his commitment to our mission will be instrumental in our marketing and branding efforts. As we optimize our marketing spend to become more of an omnichannel focused business.

在他自己的服務之外，克里斯與軍隊和執法界有著深厚的個人聯繫。他的妻子在海軍服役，他的兄弟和嫂子仍在海軍現役，另一個兄弟是匹茲堡的一名警察，他的女兒是海軍現役水面戰軍官。克里斯在多個銷售渠道工作的商業背景以及他對我們使命的承諾將有助於我們的營銷和品牌推廣工作。隨著我們優化營銷支出，成為更加註重全渠道的業務。

Chris' addition to the senior leadership team rounds out a very seasoned executive group that not only can deliver results to our shareholders, but also are driven by our mission to support the veteran active duty and first responder communities. As our leadership team continues to drive results, we continue to use our platform to give back to our loyal and growing community, which has been ingrained in our culture since day one. As I built this business out of my garage, although I didn't take a paycheck my first year, I was able to donate 10s of thousands of dollars back to the veteran community through non-profits.

克里斯加入高級領導團隊，完善了一個經驗豐富的執行團隊，該團隊不僅可以為我們的股東帶來成果，而且還受到我們支持現役退伍軍人和急救人員社區的使命的推動。隨著我們的領導團隊不斷推動成果，我們將繼續利用我們的平台來回饋我們忠誠且不斷發展的社區，這從第一天起就已經根深蒂固地融入我們的文化中。當我在車庫裡建立這家企業時，儘管第一年我沒有領薪水，但我能夠通過非營利組織向退伍軍人社區捐贈數十萬美元。

As we continue to scale our commitment to our community has never been stronger and our impact has never been greater. A recent example of our commitment was the 2 US Army Black Hawk helicopters that crashed under training mission outside of Fort Campbell Kentucky, close to Clarksville, a Tennessee outpost. Over the course of 2 days, our Clarksville outpost raised over $50,000 for the Screaming Eagle's Aviation Association, which will go directly to the families of the 9 soldiers who died that day. Here at Black Rifle, we know that no monetary donation can compensate for the loss their families endured. But we wanted to show our support for our brothers and sisters in arms and let everyone know that the community had their back.

隨著我們不斷擴大規模，我們對社區的承諾從未如此堅定，我們的影響也從未如此巨大。最近我們履行承諾的一個例子是，兩架美國陸軍黑鷹直升機在肯塔基州坎貝爾堡外靠近田納西州前哨基地克拉克斯維爾的訓練任務中墜毀。在兩天的時間裡，我們的克拉克斯維爾前哨基地為嘯鷹航空協會籌集了超過 50,000 美元，這筆善款將直接捐獻給當天陣亡的 9 名士兵的家屬。在 Black Rifle，我們知道任何金錢捐贈都無法彌補他們家人所遭受的損失。但我們想表達對我們戰友的支持，並讓每個人都知道社區支持他們。

Another example is our recent donation to the Special Operations Warrior Foundation, which will help fund the preschool program for children of fallen special operations personnel and Medal of Honor recipients. These donations are used to ensure their education support from pre-school through post secondary education occurs at no-cost to the families. This was funded by our commitment to give a portion of our proceeds of every bag a coffee and box of rounds that we sell through the FDM channel.

另一個例子是我們最近向特種作戰戰士基金會捐款，該基金會將幫助資助陣亡特種作戰人員和榮譽勳章獲得者的孩子的學前項目。這些捐款用於確保家庭免費獲得從學前教育到中學後教育的教育支持。我們承諾將通過 FDM 渠道銷售的每袋咖啡和一盒子彈的收益的一部分來資助這一項目。

In the short-time that we've had this channel, we were able to raise over $500,000 for this donation. As you can imagine, I spent over 20 years in the special operations community and I know just how impactful these donations can be to the families to relieve the stress of losing a husband, a father, a wife and a mother. These are just a couple of the recent highlights that are at the core of our mission and continue to build our unique connection with our community. The larger our brand continues to grow, the larger our impact will be to those who serve.

在我們建立這個渠道的短時間內，我們為這次捐款籌集了超過 500,000 美元。正如你所想像的那樣，我在特種作戰界工作了 20 多年，我知道這些捐款對緩解失去丈夫、父親、妻子和母親的家庭的壓力有多大的影響。這些只是最近的一些亮點，它們是我們使命的核心，並將繼續與我們的社區建立獨特的聯繫。我們的品牌持續發展得越大，我們對服務者的影響就越大。

We are constantly working with our partners to donate a portion of our proceeds from the sale of our bagged coffee, rounds and our RTD to ensure we continue supporting the veteran, active duty and first responder communities. None of this could have been done without the support of the community. And I just wanted to thank everyone who has supported and continues to support through the purchase of our products and support of the brand.

我們不斷與合作夥伴合作，捐贈袋裝咖啡、咖啡和 RTD 銷售收入的一部分，以確保我們繼續支持退伍軍人、現役軍人和急救人員社區。如果沒有社區的支持，這一切都是不可能完成的。我只想感謝所有通過購買我們的產品和支持該品牌而支持並繼續支持的人。

My goal has always been to build an enduring brand that will be around for generations. In order to build a sustainable brand, we need to be adaptable. As the world has changed over the past couple of years, we knew that we had to adapt our business model to fit the changing economic landscape. As the economic backdrop changed over the last 18 months, we've adjusted our priorities as well from maximizing growth at all cost to profit and capital efficient growth.

我的目標始終是打造一個世代相傳的持久品牌。為了建立一個可持續發展的品牌，我們需要適應。隨著過去幾年世界發生了變化，我們知道我們必須調整我們的商業模式以適應不斷變化的經濟格局。隨著過去 18 個月經濟背景的變化，我們也調整了優先事項，從不惜一切代價實現增長最大化轉向利潤和資本高效增長。

We know this might have seemed like a sudden shift in our overall plan, but we knew that the entry into FDM was the right area to focus in the short, medium and long-term. To date, this has paid off and we're excited to share more over the following months from this channel.

我們知道這似乎是我們整體計劃的突然轉變，但我們知道進入 FDM 是短期、中期和長期重點關注的正確領域。迄今為止，這已經得到了回報，我們很高興在接下來的幾個月中通過該渠道分享更多內容。

With that, I want to turn the call over to Tom for additional color into the quarter. Tom?

有了這個，我想把電話轉給湯姆，為這個季度增添更多色彩。湯姆？

Thanks, Evan and good afternoon, everyone. I will start by highlighting details from each channel of our business, including an update on key profitability initiatives. Channel highlights, starting first with our Wholesale channel. Q1 of 2023 marked the first quarter in our company's history that the Wholesale channel was the largest revenue driver for the quarter. Wholesale channel is still very early in its trajectory providing significant revenue growth opportunities for the foreseeable future.

謝謝埃文，大家下午好。首先，我將重點介紹我們業務每個渠道的詳細信息，包括關鍵盈利計劃的最新情況。渠道亮點，首先從我們的批發渠道開始。 2023 年第一季度是我們公司歷史上第一個批發渠道成為該季度最大收入驅動力的季度。批發渠道仍處於發展初期，在可預見的未來提供巨大的收入增長機會。

Our decision to shift focus to the Food, Drug and Mass or FDM channel was an important step on our path to profitability and a major contributor to BRCC becoming an omnichannel CPG business. As we mentioned on last quarter's call, in less than 7 months from initial discussions, our coffee earned placement on shelves in over 4,400 Walmart stores. We have quickly grown to become the #1 brand of bagged coffee in 12-ounce in smaller sizes.

我們決定將重點轉向食品、藥品和大眾食品或 FDM 渠道，這是我們盈利之路上的重要一步，也是 BRCC 成為全渠道 CPG 業務的主要貢獻者。正如我們在上季度的電話會議中提到的，在最初討論後不到 7 個月的時間裡，我們的咖啡就在 4,400 多家沃爾瑪商店的貨架上獲得了展示位置。我們已迅速成長為 12 盎司小規格袋裝咖啡第一品牌。

Further, Black Rifle Coffee achieved a 3.8% share of the overall Walmart Coffee segment per Nielsen data. Note that this was without any marketing or promotion. I'm excited to share that earlier this week, we launched our first promotion with Walmart, featuring [N caps] that show our Medal of Honor roast where proceeds from all sales will be donated to the Medal of Honor museum in Arlington, Texas, as yet another example of how Black Rifle Coffee is working to fulfill its mission to support the veteran community.

此外，根據尼爾森數據，Black Rifle Coffee 在沃爾瑪咖啡整體市場中佔據 3.8% 的份額。請注意，這沒有任何營銷或促銷。我很高興與大家分享，本週早些時候，我們與沃爾瑪合作推出了首次促銷活動，其中 [N 瓶蓋] 展示了我們的榮譽勳章烘焙食品，所有銷售收入將捐贈給位於德克薩斯州阿靈頓的榮譽勳章博物館，這是 Black Rifle Coffee 如何努力履行其支持退伍軍人社區使命的另一個例子。

As mentioned on our last earnings call, we plan to enter one or more new Food, Drug and Mass accounts towards the second half of this year as resets occur in the June to October time frame. We will share additional details regarding innovation and growth within the FDM channel during our Q2 call in August.

正如我們在上次財報電話會議上提到的，我們計劃在今年下半年輸入一個或多個新的食品、藥品和大眾賬戶，因為重置將在 6 月至 10 月期間進行。我們將在 8 月份的第二季度電話會議上分享有關 FDM 渠道創新和增長的更多詳細信息。

Shifting now to ready-to-drink. We have been pleased with the continued excitement around our brand in the convenient and grocery channels. Q1 was the first time in our brand's history that we've had availability of our core SKUs, as well as limited time offering SKUs for the seasonal load-ins, while you'll see a small jump in our percentage ACV in ready-to-drink doors compared to Q4, the additional 2 core SKUs were at in Q1 and the incremental doors from the load-in won't start appearing in the Nielsen data until mid to late May, despite the live-in reporting, we continue to outpace the category by 7x in terms of both unit and dollar sales per Nielsen data on a year-to-date basis.

現在轉向即飲型。我們對我們的品牌在便利和雜貨渠道中的持續興奮感到高興。第一季度是我們品牌歷史上第一次提供核心 SKU，以及季節性加載的限時供應 SKU，同時您會看到我們的 ACV 百分比在現成庫存中出現了小幅躍升。 - 與第四季度相比，第一季度增加了 2 個核心 SKU，並且裝載的增量門要到 5 月中下旬才會開始出現在尼爾森數據中，儘管有實時報告，但我們繼續根據尼爾森年初至今的數據，無論是銷量還是美元銷量，該產品都比同類產品高出 7 倍。

Our RTD investment will allow Black Rifle Coffee to participate in summer promotion activity for the first time ever. Starting in late May, we will launch a mission-driven campaign during the 100 days of summer in partnership with the military charity called the Boot Campaign, targeting the bold goal of raising $1 million for veteran health initiatives. This promotion will allow Black Rifle to drive trial and continue taking market share, all while supporting veterans and active duty military members and their families. Overall, this summer is shaping up to be very exciting for our wholesale business.

我們的 RTD 投資將使 Black Rifle Coffee 首次參與夏季促銷活動。從 5 月下旬開始，我們將與軍事慈善機構 Boot Campaign 合作，在夏季的 100 天期間發起一項以使命為導向的活動，目標是為退伍軍人健康計劃籌集 100 萬美元。此次促銷活動將使 Black Rifle 能夠推動試驗並繼續佔據市場份額，同時支持退伍軍人和現役軍人及其家人。總的來說，今年夏天對我們的批發業務來說將是非常令人興奮的。

Turning now to our Outpost business. As we announced last month with the departure of Heath Nielsen, I have assumed direct leadership at the Outpost division. This year, there are 3 main objectives for the retail outpost business. Number one, continue to enhance the customer experience within our company and franchise locations to drive repeat visits and transaction growth. Number 2, develop the leadership capabilities of the Outpost teams in order to nurture a positive results oriented culture at each retail outpost.

現在轉向我們的 Outpost 業務。正如我們上個月宣布的希斯·尼爾森 (Heath Nielsen) 離職一樣，我將直接領導前哨部門。今年，零售前哨業務有 3 個主要目標。第一，繼續增強我們公司和特許經營地點的客戶體驗，以推動重複訪問和交易增長。第二，培養前哨站團隊的領導能力，以便在每個零售前哨站培育積極的、以結果為導向的文化。

Number 3, refine our new prototype model to further elevate the BRCC experience, while value engineering overall buildout costs. We continue to see significant long-term opportunity for this component of our overall growth strategy. For 2023, we continue to plan to open 3 company-owned Outpost, one of which has already opened in Waco, Texas in March.

第三，完善我們的新原型模型，以進一步提升 BRCC 體驗，同時重視工程總體建設成本。我們繼續看到我們整體增長戰略的這一組成部分存在重大的長期機會。 2023 年，我們繼續計劃開設 3 家公司自有的 Outpost，其中一間已於 3 月在德克薩斯州韋科開業。

Lastly, I want to highlight our direct-to-consumer channel. We operate the largest branded subscription coffee business in the United States with over 255,000 subscribers. We've continued to see a slight decline in subscribers quarter-over-quarter, which aligns with our expectations. As Evan mentioned, bringing Chris Mondzelewski aboard as Chief Marketing Officer provides us with additional firepower to define and execute marketing programs in order to drive growth across all channels of our business, including direct-to-consumer.

最後，我想強調一下我們的直接面向消費者的渠道。我們經營著美國最大的品牌訂閱咖啡業務，擁有超過 255,000 名訂閱者。我們繼續看到訂戶數量環比略有下降，這符合我們的預期。正如 Evan 提到的，任命 Chris Mondzelewski 擔任首席營銷官為我們提供了額外的火力來定義和執行營銷計劃，以推動我們業務所有渠道（包括直接面向消費者）的增長。

We expect to further optimize marketing spend to meet our high internal return thresholds, while marketing spend is declining as a percentage of revenue, it is generating improved returns. As I highlighted on our Q4 call, we are committed to becoming profitable this year. This will be achieved primarily through 3 key initiatives that will be executed through the balance of the year.

我們希望進一步優化營銷支出，以滿足我們較高的內部回報門檻，雖然營銷支出佔收入的百分比正在下降，但它正在產生更高的回報。正如我在第四季度電話會議上強調的那樣，我們致力於今年實現盈利。這將主要通過今年餘下時間執行的三項關鍵舉措來實現。

Initiative number one, continued expansion of our Wholesale channel. Number 2, price increases; number 3, cost leverage. I'm pleased to report that we are on plan with all 3 of these initiatives through Q1 with our cost leverage initiative being the most visible in the Q1 financials. You'll begin to see the benefits of the February price increases in Q2, as well as the increased percentage ACV and door growth throughout the Wholesale channel. Of course, there is still plenty of work to be done, but we are very satisfied with progress to date. Due to this progress, we are reaffirming our 2023 annual guidance that we provided in March.

第一個舉措是繼續擴大我們的批發渠道。第二，價格上漲；第三，成本槓桿。我很高興地向大家報告，我們正在按計劃在第一季度實施所有這 3 項舉措，其中我們的成本槓桿舉措在第一季度的財務數據中最為明顯。您將開始看到第二季度 2 月份價格上漲的好處，以及整個批發渠道 ACV 和門增長百分比的增加。當然，還有很多工作要做，但我們對迄今為止的進展感到非常滿意。鑑於這一進展，我們重申 3 月份提供的 2023 年度指導。

Greg Iverson will give you more detail. Greg, over to you.

格雷格·艾弗森將為您提供更多細節。格雷格，交給你了。

Thanks, Tom, and good afternoon, everyone. Today, I will discuss our 2023 first quarter financial results and reaffirm our 2023 full-year outlook. Turning first to our financial results for the first quarter, total revenue increased 27% to $83.5 million, compared to $65.8 million in Q1 of last year. The meaningful increase in revenue was driven by our wholesale channel, which continued its impressive growth from the first quarter of 2022, increasing by 82%.

謝謝湯姆，大家下午好。今天，我將討論我們 2023 年第一季度的財務業績，並重申我們的 2023 年全年展望。首先來看我們第一季度的財務業績，總收入增長了 27%，達到 8350 萬美元，而去年第一季度的總收入為 6580 萬美元。收入的顯著增長是由我們的批發渠道推動的，該渠道自 2022 年第一季度以來繼續保持令人印象深刻的增長，增長了 82%。

Now I will give some additional details on our 3 sales channels. Beginning with Wholesale, revenue increased 82% to $40 million in Q1 compared to $21.9 million during Q1 of last year. The increase was primarily driven by our entry into Food, Drug and Mass as we began selling our bagged coffee and rounds in over 4,400 Walmart stores. We also saw a material increase in our ready-to-drink percent ACV, which measures distribution across both convenience, gas and FDM.

現在我將提供有關我們 3 個銷售渠道的更多詳細信息。從批發業務開始，第一季度的收入增長了 82%，達到 4000 萬美元，而去年第一季度的收入為 2190 萬美元。這一增長主要是由於我們進入食品、藥品和大眾市場，因為我們開始在 4,400 多家沃爾瑪商店銷售袋裝咖啡和咖啡。我們還發現即飲 ACV 百分比大幅增加，該百分比衡量便利飲料、天然氣和 FDM 的分佈情況。

RTD percent ACV more than doubled to 38.5% versus 15.5% a year ago. This increase was driven by adding 16,000 incremental doors, as well as introducing innovation for the first time in Q1 of 2023. Next, our direct-to-consumer revenue decreased by 4% to $36.8 million in Q1 of 2023, compared to $38.3 million in Q1 of last year. This decline was mainly the direct result of decreased digital advertising spend as we continue to prioritize our high-growth and high returning Wholesale channel.

RTD 百分比 ACV 增加了一倍多，達到 38.5%，而一年前為 15.5%。這一增長是通過增加 16,000 個增量門以及在 2023 年第一季度首次引入創新來推動的。接下來，我們的直接面向消費者的收入在 2023 年第一季度下降了 4%，至 3680 萬美元，而 2023 年第一季度為 3830 萬美元。去年第一季度。這種下降主要是數字廣告支出減少的直接結果，因為我們繼續優先考慮高增長和高回報的批發渠道。

Next, revenue from Outpost increased 21% to $6.7 million in Q1, compared to $5.5 million last year. The main driver was an increase in our company-owned store count, which increased to 16 outposts as of Q1 2023 compared to 9 in Q1 2022. As Tom mentioned, we opened one store in Waco, Texas during Q1, bringing our total number of Outpost to 27 with 16 company-owned and 11 franchised stores.

接下來，第一季度 Outpost 的收入增長了 21%，達到 670 萬美元，而去年為 550 萬美元。主要驅動因素是我們公司自有商店數量的增加，截至 2023 年第一季度，該商店數量增加到 16 個，而 2022 年第一季度為 9 個。正如 Tom 提到的，我們在第一季度在德克薩斯州韋科開設了一家商店，使我們的門店總數增加Outpost 增至 27 家，擁有 16 家自營店和 11 家特許經營店。

Turning to profitability. Our Q1 gross margin was 33%, decreasing approximately 230 basis points from 35.3% in Q1 of last year. The decrease was driven by increases in the cost of coffee and RTD raw materials, which increased as a result of adding capacity in new co-manufacturing locations. The increase in raw materials and increased capacity also led to higher transportation and inventory carrying costs.

轉向盈利能力。我們第一季度的毛利率為 33%，比去年第一季度的 35.3% 下降了約 230 個基點。下降的原因是咖啡和即飲原材料成本增加，而新聯合製造基地產能增加導致成本增加。原材料的增加和產能的增加也導致運輸和庫存持有成本上升。

Additionally, we incurred $1.8 million in expenses related to the start-up of new RTD innovation products and co-manufacturers impacting gross margins by 215 basis points. We have taken action across multiple fronts to combat the inflation we have been experiencing.

此外，我們還產生了 180 萬美元的與啟動新 RTD 創新產品和聯合製造商相關的費用，影響毛利率 215 個基點。我們已在多個方面採取行動來應對我們正在經歷的通貨膨脹。

In addition, as Tom mentioned, we took additional pricing actions in February across our RTD portfolio, as well as our DTC channel. Because these pricing actions took place around the middle of Q1, the full impact of these actions will flow through our P&L throughout the remainder of 2023. We also have a number of logistics related efficiencies slated to take place in the back half of the year. As a result, we continue to expect our margins to improve sequentially throughout the year.

此外，正如 Tom 提到的，我們在 2 月份對 RTD 產品組合以及 DTC 渠道採取了額外的定價行動。由於這些定價行動發生在第一季度中期左右，因此這些行動的全部影響將貫穿我們 2023 年剩餘時間的損益表。我們還計劃在今年下半年進行一些與物流相關的效率提升。因此，我們繼續預計全年利潤率將持續改善。

Turning to our operating expenses as a percentage of sales, our operating expenses during Q1 decreased by 575 basis points to 53.6% as compared to last year, as we began to drive significant operating leverage across our expense base. I will walk through the drivers of these decreases beginning with marketing and advertising.

就我們的運營費用佔銷售額的百分比而言，我們第一季度的運營費用比去年下降了 575 個基點，達到 53.6%，因為我們開始在整個費用基礎上提高運營槓桿。我將從營銷和廣告開始介紹這些下降的驅動因素。

For the first quarter of 2023, marketing expenses decreased 12.4% to $7.1 million from $8.2 million in the first quarter of 2022. As a percentage of sales, marketing decreased by 380 basis points to 8.6% compared to the same quarter last year. The decrease in expense was driven by our strategic reductions in lower returning advertising platforms. In addition, our focus on our wholesale channel is driving the leverage and efficiency with our marketing and advertising spend that we have been anticipating.

2023年第一季度，營銷費用從2022年第一季度的820萬美元下降12.4%至710萬美元。與去年同期相比，營銷費用佔銷售額的百分比下降380個基點至8.6%。費用減少是由於我們戰略性減少回報率較低的廣告平台。此外，我們對批發渠道的關注正在推動我們一直預期的營銷和廣告支出的槓桿作用和效率。

Next, our salaries, wages and benefits increased 23.8% to $19.8 million from $16 million in the first quarter of 2022. Importantly, as a percentage of revenue, it decreased by 60 basis points to 23.7%, compared to 24.3% in Q1 of last year as we again are beginning to see leverage in our operating expenses. The increase in dollars was due to a year-over-year increase in employee headcount to support our significant revenue growth, as well as $700,000 in severance related to reductions in headcount across the company in Q1.

接下來，我們的薪水、工資和福利從 2022 年第一季度的 1600 萬美元增長了 23.8%，達到 1980 萬美元。重要的是，佔收入的百分比下降了 60 個基點，達到 23.7%，而去年第一季度為 24.3%今年我們再次開始看到運營支出的槓桿作用。美元增加的原因是員工人數同比增加，以支持我們顯著的收入增長，以及與第一季度全公司員工人數減少相關的 700,000 美元遣散費。

Moving on, our G&A expenses increased 19.3% to $17.8 million compared to $14.9 million in the first quarter of 2022. As a percentage of revenue, G&A decreased by 135 basis points to 21.3% of revenue compared to 22.6% last year. This increase in dollars was driven by incremental IT infrastructure spending, as well as professional services to support the expansion of new and existing sales channels and product lines. As with our marketing and our salaries and wages, we achieved significant leverage in our G&A expense in the quarter.

接下來，我們的 G&A 費用增加了 19.3%，達到 1,780 萬美元，而 2022 年第一季度為 1,490 萬美元。G&A 佔收入的百分比下降了 135 個基點，達到收入的 21.3%，而去年為 22.6%。這一美元增長是由 IT 基礎設施支出增量以及支持新的和現有銷售渠道和產品線擴展的專業服務推動的。與我們的營銷和薪資一樣，我們在本季度的一般及行政費用方面實現了顯著的槓桿作用。

In addition to the GAAP measures I discussed, adjusted EBITDA is an important profitability measure that we use internally to manage our business. For the first quarter of 2023, adjusted EBITDA was a loss of $5.1 million versus a loss of $6.3 million a year ago. This progress toward profitability was driven by our revenue growth and operating expense leverage, partially offset by lower gross margins.

除了我討論的 GAAP 衡量標準之外，調整後的 EBITDA 是我們內部用來管理業務的一項重要的盈利能力衡量標準。 2023 年第一季度，調整後 EBITDA 虧損 510 萬美元，而一年前為虧損 630 萬美元。盈利能力的進步是由我們的收入增長和運營費用槓桿推動的，但部分被毛利率下降所抵消。

Now I'll briefly walk through our balance sheet for the first quarter of 2023. We ended Q1 with $26 million of cash on the balance sheet compared to $38.9 million as of December 31st. We also had $56.2 million of debt compared to $49.2 million as of December 31st. You will recall that last quarter, we discussed an intentional inventory build, which is mostly in RTD. We built inventory over the past 2 quarters to support the expansion of our RTD product, including the C-store load-in cycle and new product innovation.

現在，我將簡要介紹一下我們 2023 年第一季度的資產負債表。截至第一季度末，我們資產負債表上的現金為 2600 萬美元，而截至 12 月 31 日為 3890 萬美元。我們還有 5,620 萬美元的債務，而截至 12 月 31 日，我們的債務為 4,920 萬美元。您可能還記得，上個季度，我們討論了有意建立庫存，其中主要是在 RTD 中。我們在過去兩個季度建立了庫存，以支持我們的 RTD 產品的擴展，包括便利店的裝載週期和新產品創新。

Also, as Tom mentioned, we are currently launching our 100-days of summer RTD promo. While the promo will have some negative impact on our Q2 gross margin, we expect it to further drive customer trial and allow us to continue taking market share. At our current RTD inventory levels, we believe we're well positioned to address demand and now have the flexibility we need to adjust our production schedules as needed the remainder of the year based on sell-through and door growth. As we convert our RTD inventory into cash over the coming quarters, we expect to see our operating cash flow improve significantly.

此外，正如 Tom 提到的，我們目前正在推出為期 100 天的夏季 RTD 促銷活動。雖然促銷活動將對我們第二季度的毛利率產生一些負面影響，但我們預計它將進一步推動客戶試用，並使我們能夠繼續佔據市場份額。在我們目前的 RTD 庫存水平上，我們相信我們已做好充分準備來滿足需求，並且現在擁有根據銷量和門數增長情況根據今年剩餘時間的需要調整生產計劃所需的靈活性。隨著我們在未來幾個季度將 RTD 庫存轉換為現金，我們預計我們的運營現金流將顯著改善。

Finally, as Tom mentioned, we remain committed to generating positive adjusted EBITDA in 2023 and we are reaffirming our prior financial outlook from our Q4 call. As a reminder, that full year outlook is revenue of $400 million to $440 million, gross margin target of 36% to 37.5% and positive adjusted EBITDA of $5 million to $20 million.

最後，正如 Tom 提到的，我們仍然致力於在 2023 年產生正的調整後 EBITDA，並且我們重申了我們之前在第四季度電話會議中的財務前景。需要提醒的是，全年預期收入為 4 億至 4.4 億美元，毛利率目標為 36% 至 37.5%，調整後 EBITDA 為 500 萬至 2000 萬美元。

With that, I will turn the call over to the operator for questions.

這樣，我會將電話轉給接線員詢問問題。

(Operator Instructions) And our first question come from the line of Sharon Zackfia with William Blair.

（操作員說明）我們的第一個問題來自 Sharon Zackfia 和 William Blair 的線路。

I was curious on the new Chief Marketing Officer. If you could maybe give us what you think the top 3 priorities for him would be? And if there's any ticker demographic that you feel like you're not reaching as well as you should that perhaps is expertise could help kind of bring to the table? And then I have a follow-up.

我對新任首席營銷官很好奇。您能否告訴我們您認為他最優先考慮的三個事項是什麼？如果您覺得自己沒有達到預期的目標，那麼專業知識可能會有所幫助？然後我有一個後續行動。

Hey, Sharon, it's Tom Davin. Thanks for the question and I'm going to turn that one over to Evan Hafer.

嘿，莎倫，我是湯姆·達文。感謝您提出問題，我將把這個問題轉交給埃文·哈弗 (Evan Hafer)。

Yes, I think that from mapping out his priorities, the big thing that we've been discussing is aligning the omnichannel business around our marketing initiatives and objectives. So as we start to look at the opportunities within the sales channel, it's really about optimizing our marketing dollars and being able to reach the customer base more effectively. So when I look at it, it's mission, goals, objectives and then really capturing the right type of team, so that we're developing new talent and recruiting another layer of talent to capture those opportunities.

是的，我認為從制定他的優先事項開始，我們一直在討論的最重要的事情是圍繞我們的營銷計劃和目標調整全渠道業務。因此，當我們開始尋找銷售渠道內的機會時，實際上是為了優化我們的營銷資金並能夠更有效地接觸客戶群。因此，當我看待它時，它是使命、目標、目標，然後真正捕獲正確類型的團隊，以便我們開發新人才並招募另一層人才來抓住這些機會。

And I think there was some mention of some incremental pressure on gross margin in the second quarter. I just wanted to clarify kind of order of magnitude of what you're thinking. And if that creates a more back end sorry, I have I thought I was talking to Mike and maybe you can tell I have cold here back-end weighted, (inaudible) to gross margin then perhaps the Street have been thinking?

我認為有人提到第二季度毛利率面臨一些增量壓力。我只是想澄清一下你的想法的數量級。如果這會產生更多的後端，抱歉，我以為我正在和邁克交談，也許你可以看出我這里後端加權（聽不清）毛利率很冷，那麼也許華爾街一直在想？

Yes, Sharon, it's Greg. I can address that. The one new factor that we brought up in our commentary related to gross margin is the promotion we're running for ready-to-drink. So that will have some impact on Q2, but it's not a primary driver. So as you saw, our Q1 gross margins were in line with the expectations, improvement sequentially versus Q4 and we continue to expect sequential step-ups in gross margins starting in Q2 and beyond. And that's factoring in this additional promo.

是的，莎倫，我是格雷格。我可以解決這個問題。我們在與毛利率相關的評論中提出的一個新因素是我們正在進行的即飲促銷活動。因此這將對第二季度產生一些影響，但不是主要驅動因素。因此，正如您所看到的，我們第一季度的毛利率符合預期，與第四季度相比連續改善，我們繼續預計第二季度及以後毛利率將連續上升。這就是這個額外促銷的因素。

I'm going to try for one more question if my voice hold out. Tom, myself kind of cutting in and out, did you reiterate plans for 100,000 RTD doors this year?

如果我的聲音還堅持的話，我會再嘗試問一個問題。湯姆，我本人也有點插話，您是否重申了今年 100,000 個 RTD 門的計劃？

I'm not sure we explicitly reiterated that, but we have before, so that is very much a good number, Sharon.

我不確定我們是否明確重申過這一點，但我們之前已經重申過，所以這是一個很好的數字，莎倫。

And we shared that in our last earnings call, that's consistent.

我們在上次財報電話會議上分享了這一點，這是一致的。

And our next question comes from the line of George Kelly with ROTH MKM.

我們的下一個問題來自 George Kelly 和 ROTH MKM 的對話。

Okay. Sorry about that. Curious if you can update us on the Walmart market share and if that's continued to grow subsequent to the quarter?

好的。對於那個很抱歉。想知道您能否向我們介紹沃爾瑪市場份額的最新情況以及該份額在本季度之後是否繼續增長？

Yes, I'm happy to take that. So we've held our market share at 3.8%, which is what we shared in our last earnings call. So we've maintained pace with the growth of the category. We feel really pleased with how the Walmart business has continued to develop and the core trends that we're building. What we have, which is consistent with what's in our plans are some additional things that you'll see. If you go into a Walmart right now, you'll see our first N cap in Walmart that we've had since we launched. We're really proud of this one, we think it's going to help us drive trial and awareness for our product, which is the #1 thing we can do.

是的，我很樂意接受。因此，我們的市場份額保持在 3.8%，這是我們在上次財報電話會議中分享的數據。因此，我們與該類別的增長保持同步。我們對沃爾瑪業務的持續發展以及我們正在構建的核心趨勢感到非常滿意。我們所擁有的與我們計劃中的內容一致的是您將看到的一些其他內容。如果您現在走進沃爾瑪，您會看到我們自推出以來在沃爾瑪推出的第一個 N 帽。我們對此感到非常自豪，我們認為它將幫助我們推動產品的試用和認知度，這是我們能做的第一件事。

We have great repeat rates on our products in Walmart and that will just help continue to drive people into the aisle. But the other thing that we've done on that N cap is we have a Medal of Honor, 22 count round pack, all of the profits from that pack will go to the Medal of Honor Foundation. So as people are discovering our brand and trying it for the first time, they're also learning about our mission and what we stand for as a company.

我們的產品在沃爾瑪的重複率很高，這將有助於繼續吸引人們進入貨架。但是我們在 N 上限上所做的另一件事是我們有一個榮譽勳章 22 輪套裝，該套裝的所有利潤都將捐獻給榮譽勳章基金會。因此，當人們發現我們的品牌並首次嘗試時，他們也在了解我們的使命以及我們作為一家公司的立場。

And then second question for me, still on the FDM business, trying to think about next year and beyond. And I understand that you've really been focused this year on Walmart. I think you said in your prepared remarks that there's a second big partner coming in the back half, correct me if I'm wrong. But just thinking about next year, like is there a moment when you can turn on a whole bunch of additional partners and you'll feel more comfortable in sort of turning on a big door number? Or will it be sort of steady as she goes and it will be incremental at least for the next few years?

然後是我的第二個問題，仍然是 FDM 業務，試圖思考明年及以後的情況。據我所知，您今年確實非常關注沃爾瑪。我記得你在準備好的發言中說過，後半區有第二個大夥伴來了，如果我錯了，請糾正我。但想想明年，是否有那麼一個時刻，您可以與一大堆額外的合作夥伴建立聯繫，並且在打開一個大號碼時您會感到更自在？或者說，隨著她的發展，它會變得穩定，並且至少在接下來的幾年裡會逐漸增加？

Yes, we are -- we remain confident in what we've shared which is that we will be adding one or more new partners in FDM in 2023. We're also building out relationships that will enable us to scale that business, to your point, from a capacity standpoint, the right packs for the channel and we remain confident in that expansion plan. As you may know, the reset windows for the FDM channel stretch kind of in the July through October time frame. So that will be one of the things that is more back half loaded in the 2023 plan and it aligns with our plans that we laid out last quarter.

是的，我們對我們所分享的內容仍然充滿信心，即我們將在 2023 年在 FDM 領域增加一個或多個新合作夥伴。我們還在建立關係，使我們能夠擴展該業務，以滿足您的需求一點，從容量的角度來看，適合該渠道的包裝，我們對該擴張計劃仍然充滿信心。如您所知，FDM 通道的重置窗口在 7 月到 10 月的時間範圍內延伸。因此，這將是 2023 年計劃中較晚完成的事情之一，它與我們上季度製定的計劃一致。

Our next question comes from the line of Sarang Vora with Telsey Advisory Group.

我們的下一個問題來自 Sarang Vora 與 Telsey Advisory Group 的對話。

Great quarter and great to see the guidance maintained. My question is on Walmart, I mean, you have a great market share it's growing. You're launching the first promotion N cap promotion. Can you share like how else can you deepen the relationship? Is there a thought of more SKUs, price changes? And just touching on that, on the marketing side, I know you are focused on driving awareness across the customer at Walmart. So just curious to know on the marketing side, how is the marketing transitioning from more DTC focus to Walmart? Like how do you get that attention of that Walmart customer? So just curious to know some of these details.

很棒的季度，很高興看到指導得以維持。我的問題是關於沃爾瑪的，我的意思是，你們擁有巨大的市場份額，而且還在不斷增長。您正在啟動第一個促銷 N cap 促銷。您能否分享一下如何加深雙方的關係？有沒有想過增加SKU、價格變動？談到這一點，在營銷方面，我知道你們專注於提高沃爾瑪顧客的認知度。所以我想知道在營銷方面，營銷是如何從 DTC 重點轉向沃爾瑪的？比如你如何引起沃爾瑪顧客的注意？所以只是想知道其中一些細節。

So I'll talk a little bit about Walmart and how we're looking at that business as far as expansion. So Walmart's resets take place in July. Our job as a partner to Walmart is to continue performing for their shopper. For Black Rifle, innovation is in our DNA, so we will continue to bring new product offerings to all of our retail partners for their consideration. So we are continuing to develop and innovate and we'll bring that forward to our partners.

因此，我將談談沃爾瑪以及我們如何看待該業務的擴張。因此，沃爾瑪的重置將在七月進行。作為沃爾瑪的合作夥伴，我們的工作是繼續為他們的購物者提供服務。對於 Black Rifle 來說，創新是我們的 DNA，因此我們將繼續為所有零售合作夥伴提供新產品供他們考慮。因此，我們將繼續開發和創新，並將其帶給我們的合作夥伴。

From a marketing standpoint, as I mentioned, the most important thing is driving trial, driving people into Walmart to try our products. We are already working with our new CMO to help us do that and we will see increased marketing efforts that drive awareness for our presence on the shelf at Walmart. And as I mentioned, just being on an N cap is a great way of driving that trial and awareness as well, 30 million people a day walking into a Walmart. When they see that N cap, it will help drive in to our brand and into the aisle.

從營銷的角度來看，正如我提到的，最重要的是推動試用，推動人們進入沃爾瑪嘗試我們的產品。我們已經在與新任首席營銷官合作來幫助我們做到這一點，我們將看到加大營銷力度，提高我們在沃爾瑪貨架上的知名度。正如我所提到的，僅僅持有 N 帽也是推動試用和提高意識的好方法，每天有 3000 萬人走進沃爾瑪。當他們看到 N 帽時，將有助於了解我們的品牌並進入過道。

And one question for Greg. Inventory is pretty high and I understand it's RTD right now, which will kind of slow down as you go through this promotion in the second quarter. Just a thought on how does inventory look by the end of this year? Do you have any thought on that?

還有一個問題要問格雷格。庫存相當高，我知道現在是 RTD，隨著第二季度的促銷活動，庫存量會有所放緩。想一想今年年底的庫存情況如何？你對此有什麼想法嗎？

Yes, absolutely and you're right. It's exactly as we described on the call that we've been proactively building inventory, RTD inventory that is in the fourth quarter and then again in Q1. That's for the innovation SKUs as well as the seasonal load-in for C stores. So our production schedule in the back half of the year really, really moderates. And then also the expectation is that the volumes or sales really ramp up. So yes, we expect our inventory levels to come down significantly, not necessarily in the second quarter, but in the third and the fourth quarter, so that we end the year with the inventory levels really in line with what we intend to maintain is probably normalized safety stock.

是的，絕對是，你是對的。正如我們在電話會議中所描述的那樣，我們一直在積極建立庫存，即第四季度和第一季度的 RTD 庫存。這是針對創新 SKU 以及 C 店的季節性進貨。因此，我們下半年的生產計劃確實非常溫和。然後，人們還期望銷量或銷量真正上升。所以，是的，我們預計我們的庫存水平將大幅下降，不一定是在第二季度，而是在第三和第四季度，這樣我們年底的庫存水平可能真正符合我們打算維持的水平標準化安全庫存。

Our next question comes from the line of Joe Altobello with Raymond James.

我們的下一個問題來自喬·阿爾托貝洛和雷蒙德·詹姆斯的對話。

Apologize if I missed it, but why were wholesale doors down sequentially?

如果我錯過了，請道歉，但為什麼批發門會依次關閉？

Yes, I can talk about that. So if you look at our wholesale doors, we did have a slight dip from Q4 to Q1 and that was driven by one of our specialty retail partners who brought in bagged coffee as a holiday seasonal offering for gifting, which did roll off in Q1. Despite that small change in doors, our dollar growth across FDM coffee and specialty continues to track with our predictions and we do remain very confident in our plans for 2023 and beyond.

是的，我可以談談這個。因此，如果你看看我們的批發業務，我們的銷量確實從第四季度到第一季度略有下降，這是由我們的一家專業零售合作夥伴推動的，他們引入了袋裝咖啡作為節日季節性禮品，該產品確實在第一季度有所下降。儘管門面發生了微小的變化，但我們在 FDM 咖啡和精品咖啡領域的美元增長繼續符合我們的預測，我們對 2023 年及以後的計劃仍然非常有信心。

The other thing I would call out is, doors are a bit of an imperfect measure for that growth because each door has variability and velocity that it generates for our business. So the most recent doors that we've added in the FDM channel really have the highest impact to our business because of the significant shopper foot traffic that goes into those doors. Additionally, the shopping trip within those doors is a grocery shopping trip, which has coffee on the list for purchase during that visit. So our velocities and our sales coming out of those doors are going to be incrementally higher.

我要指出的另一件事是，門對於增長來說有點不完美，因為每扇門都有為我們的業務帶來的可變性和速度。因此，我們在 FDM 渠道中添加的最新門確實對我們的業務影響最大，因為進入這些門的購物者人流量很大。此外，這些門內的購物之旅是雜貨店購物之旅，其中包括在那次訪問期間購買的咖啡清單。因此，我們的速度和銷售額將會逐漸提高。

And I apologize, I have another door question. RTD doors, I think were up 1,800 or so sequentially and I know you had a test with a retailer that had 18,000 doors that was coming back. Maybe help us understand the timing of when those 18,000 doors come back into the system?

我很抱歉，我還有另一個門問題。 RTD 門，我認為連續增加了 1,800 門左右，我知道您對一家零售商進行了測試，該零售商有 18,000 門正在恢復。也許可以幫助我們了解這 18,000 個門何時重新進入系統？

Yes, so for RTD, the gains that we saw in an ACV if you look from the beginning of the year, they're up about 3%. And that mirrors the door gains, which from the beginning of the year around 2,700. The biggest drivers of those door gains are C-store customers, namely [7-Eleven, Circle K, Racetrack and GPM]. That large retailer that we mentioned is still going to flow through our door count, but it is not captured in the door count right now. It will be reflected in the 5/20 -- May 20th release of Nielsen data.

是的，對於 RTD 來說，如果從今年年初開始看，我們在 ACV 中看到的收益增長了約 3%。這反映了門的收益，從今年年初開始，門收益約為 2,700。這些門市增長的最大推動力是便利店顧客，即[7-11、Circle K、Racetrack 和 GPM]。我們提到的那個大型零售商仍然會通過我們的門數統計，但現在還沒有在門數統計中捕獲。這將反映在 5 月 20 日——5 月 20 日發布的尼爾森數據中。

The other thing I'll call out about ACV specifically is our new SKUs that we've launched, the Vanilla Bomb and Salted Caramel, which are approximately 10% of our sales currently as we're building their distribution. They are also not reflected in that ACV number. They will be in the 5/20 release as well.

關於 ACV，我要特別指出的另一件事是我們推出的新 SKU，香草炸彈和鹹焦糖，在我們建立分銷渠道時，它們約占我們目前銷售額的 10%。它們也沒有反映在 ACV 編號中。它們也將出現在 5/20 版本中。

And maybe one last one, if I could. The guidance for 2023, does that assume that you get another FDM account this year?

如果可以的話，也許還有最後一件事。 2023 年的指導是否假設您今年獲得另一個 FDM 帳戶？

Yes, the guidance would be consistent with what we shared and outlined, one incremental partner at a minimum. So we're sustaining and reiterating that guidance and it's very much aligned with the plans we shared in the last earnings call.

是的，該指南將與我們分享和概述的內容保持一致，至少一個增量合作夥伴。因此，我們維持並重申這一指導意見，它與我們在上次財報電話會議中分享的計劃非常一致。

Okay. So it does assume at least one incremental FDM customer?

好的。那麼它確實假定至少有一個增量 FDM 客戶嗎？

And our next question comes from the line of Bill Chappell with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Bill Chappell。

Just following up, I mean, your commentary about great repeat rates at Walmart and very pleased. Can you kind of give us a little bit of idea how that breaks down geographically or from rural Walmart versus more urban Walmart because I guess I don't view or I don't think the Walmart customer is not just kind of one customer. And I know your base has been more geographically to the South, Southwest. So I'm just trying to understand how the brand is performing as you get kind of more out of that core region?

我的意思是，我只是跟進您對沃爾瑪高重複率的評論，對此我感到非常高興。您能否給我們一點想法，從地理上或農村沃爾瑪與城市沃爾瑪的角度來看，這是如何細分的，因為我想我不認為或者我不認為沃爾瑪客戶不僅僅是一個客戶。我知道你們的基地在地理位置上更偏向南部、西南部。所以我只是想了解當您從該核心區域獲得更多收益時該品牌的表現如何？

We are resonating with the American shopper. America shops at Walmart and that's who we're resonating with. It is not in certain states, it's fairly universal across various geographies. And so we don't see that, we actually don't see that in our base business on D2C either. Our #1 market is the Greater New York area. Number 2 is the Greater Dallas area, number 3 is Los Angeles. So what's nice about where Walmarts are located is it's a very complementary business to our D2C business. A lot of our D2C consumers and customers are located in more urban locations. And most retailers, including Walmart are not in dense urban areas.

我們正在與美國購物者產生共鳴。美國人在沃爾瑪購物，這就是我們引起共鳴的人。它不是在某些州，而是在各個地區相當普遍。所以我們沒有看到這一點，實際上我們在 D2C 的基礎業務中也沒有看到這一點。我們的第一大市場是大紐約地區。排名第二的是大達拉斯地區，排名第三的是洛杉磯。因此，沃爾瑪所處位置的好處在於，它與我們的 D2C 業務非常互補。我們的許多 D2C 消費者和客戶都位於城市地區。包括沃爾瑪在內的大多數零售商都不位於人口稠密的城市地區。

So it is a nice complement to our business and that's generally what we're seeing. We definitely are pleased with the national roll out of our Walmart business and that is informing how we will roll out at other grocery customers. And again, this is consistent with the plans that we had laid out for 2023 and beyond.

因此，這是對我們業務的一個很好的補充，這也是我們所看到的。我們對沃爾瑪業務在全國范圍內的推廣感到非常滿意，這也告訴我們將如何向其他雜貨客戶推廣。同樣，這與我們為 2023 年及以後製定的計劃是一致的。

Got it. So you're getting similar market share across all 4,400 Walmarts?

知道了。那麼您在所有 4,400 家沃爾瑪中獲得了相似的市場份額？

Well, I think there's different formats and different velocities based on traffic, different coffee sets based on the size of the store. So there is variability, it isn't uniform, but it definitely mirrors what we would expect. Some variability store-to-store and we'll continue to optimize the assortment and the SKU count by store in order to make sure we're pleasing as many shoppers as possible that come into Walmart.

嗯，我認為根據流量有不同的格式和不同的速度，根據商店的大小有不同的咖啡套件。所以存在可變性，它並不統一，但它絕對反映了我們的期望。商店之間存在一些差異，我們將繼續優化商店的品種和 SKU 數量，以確保我們取悅盡可能多的進入沃爾瑪的購物者。

And can you just quantify what the repeat rate is right now? Or is it just still too early to quantify?

您能量化一下現在的重複率嗎？或者現在量化還為時過早？

It's a bit early to quantify. What I would say is, we are monitoring this very closely. We've invested in Luminate data, which is proprietary data from Walmart. And what we see that's really encouraging is our loyalty, our repeat rates, they're on par with the biggest brands in the category, which is fantastic and that's what really directs us to say driving trial is the key because when people come to our brands, they love our mission, they love what we stand for. And they also -- we hear over and over again that the quality of our products and the taste, the premium nature of our coffee is what brings them back again and again.

現在量化還為時過早。我想說的是，我們正在密切關注此事。我們投資了 Luminate 數據，這是沃爾瑪的專有數據。我們看到真正令人鼓舞的是我們的忠誠度，我們的重複率，它們與該類別中最大的品牌相當，這太棒了，這才是真正引導我們說駕駛試用是關鍵的原因，因為當人們來到我們的網站時品牌，他們熱愛我們的使命，他們熱愛我們所代表的東西。他們還——我們一次又一次地聽到我們的產品質量和口味以及我們咖啡的優質特性讓他們一次又一次地回來。

Last one for me, just any thought on kind of apparel sales or accessory sales? Is that being kind of deemphasized per se right now?

我的最後一個問題是，對服裝銷售或配飾銷售有什麼想法嗎？現在這本身就被忽視了嗎？

No, I'll take that one. It's still very important to us as a lifestyle brand. It's maintaining the percentages in the retail outputs that we had talked about before. We mentioned that bagged coffee and merchandise makes up just under half of retail sales in our outposts and that's held consistent. We're obviously adding new T-shirt and mug designs driving innovation and consumer excitement there. And of course, when you go to our website, we feature the coffee, but there's all sorts of great product and merchandise software there. So again, very important to the branding element of the business as part of the omnichannel model and we'll continue to innovate with all the exciting creative people we have around Black Rifle Coffee.

不，我要那個。作為一個生活方式品牌，它對我們來說仍然非常重要。它保持了我們之前討論過的零售產出的百分比。我們提到過，袋裝咖啡和商品占我們前哨零售額的不到一半，而且這一情況一直保持不變。顯然，我們正在添加新的 T 恤和馬克杯設計，以推動創新和消費者興奮。當然，當您訪問我們的網站時，我們會推薦咖啡，但那裡還有各種出色的產品和商品軟件。再說一遍，作為全渠道模式的一部分，業務的品牌元素非常重要，我們將繼續與 Black Rifle Coffee 周圍所有令人興奮的創意人員一起創新。

And our next question comes from the line of Steve Powers with Deutsche Bank.

我們的下一個問題來自德意志銀行的史蒂夫·鮑爾斯（Steve Powers）。

Maybe picking up on comments on assortment. I guess, as you ramp up over the balance of the year, to what extent are you expecting to do that with the existing portfolio, the existing set of SKUs versus seeing a newer opportunity to expand the SKU set further, either different sizes and package types or different flavor varieties? And I'm thinking mainly about the wholesale FDM as well as the RTD part of the portfolio?

也許會注意到有關分類的評論。我想，當您在今年剩下的時間裡增加產量時，您希望在多大程度上利用現有的產品組合、現有的 SKU 集來做到這一點，而不是看到進一步擴展 SKU 集的新機會，無論是不同的尺寸和包裝類型或不同的風味品種？我主要考慮的是批發 FDM 以及產品組合的 RTD 部分？

Yes, so I'll take that one. This is Toby. I'd say it's a combination, so the great thing is we have a lot of data from our introduction into the FDM channel, so that we can really curate the SKUs that we would bring into a new set on a new shelf with a new partner. So looking at how many SKUs drive a large percentage of our sales, obviously, the shelf presence in a big box store like Walmart may be different from a more local grocery location. But we can really optimize and drive a great representation of the sales that we've seen based on the data that we've gotten, which is fairly robust.

是的，所以我就拿那個。這是托比。我想說這是一個組合，所以最棒的是我們在引入 FDM 渠道時獲得了大量數據，這樣我們就可以真正策劃 SKU，將其放入新貨架上的新系列中，並使用新的產品。夥伴。因此，看看有多少 SKU 推動了我們銷售額的很大一部分，顯然，像沃爾瑪這樣的大型商店的貨架可能與更本地的雜貨店不同。但我們確實可以根據我們獲得的數據來優化和推動我們所看到的銷售的良好表現，這是相當穩健的。

As I mentioned earlier, we're always going to be looking at opportunities to innovate and to bring that, it's in our DNA. We're going to bring that to our partners and work very collaboratively on what are the adjacent spaces and copy that we can go. So we continue to work on that and we'll share more as we solidify some of those plans.

正如我之前提到的，我們始終會尋找創新機會並實現這一點，這是我們的 DNA。我們將把它帶給我們的合作夥伴，並就我們可以去的相鄰空間和副本進行密切合作。因此，我們將繼續致力於此，並在鞏固其中一些計劃時分享更多內容。

From an RTD standpoint, I have to mention that our [Berry MoCA LTO] is going into market right now. It's shipping, it's in a beautiful can. There's a lot of excitement about it, it is fantastic. We will continue to look at the RTD space for innovation. We do have couple of other LTOs coming later this year, Cowboys LTO in Texas and Oklahoma and then our Pumpkin Spice in the fall. So we continue to bring news. You couple that with our 100 days of summer promotion that we're really excited about. We think it's a fantastic opportunity to drive trial and steal share. We are positioned very well with the growth we already have in the business to just continue driving this into our consumers' hands.

從 RTD 的角度來看，我不得不提的是，我們的 [Berry MoCA LTO] 現已進入市場。正在發貨，裝在一個漂亮的罐子裡。有很多令人興奮的事情，這太棒了。我們將繼續關注 RTD 空間的創新。今年晚些時候，我們確實還有其他幾個 LTO，德克薩斯州和俄克拉荷馬州的牛仔 LTO，然後是秋季的南瓜香料。所以我們繼續帶來消息。再加上我們非常興奮的 100 天夏季促銷活動。我們認為這是推動試用和搶占份額的絕佳機會。隨著業務的不斷增長，我們處於非常有利的位置，可以繼續將其推向消費者手中。

And the partnership we have with the Boot Campaign, which is a 14-year-old highly accredited non-profit, they're focused on improving veterans' lives by creating individual treatment programs for veterans and military families. When we promote for the first time, this is the first summer promotion we've had, we will be surrounding that with again something that just reinforces the mission of our company. So as people learn about us, they try us, they discover how delicious our products are. They also can learn about our mission and support veterans by buying our products, everywhere they find us.

我們與 Boot Campaign 建立了合作夥伴關係，Boot Campaign 是一家擁有 14 年曆史的高度認可的非營利組織，他們致力於通過為退伍軍人和軍人家庭制定個人治療計劃來改善退伍軍人的生活。當我們第一次促銷時，這是我們舉辦的第一次夏季促銷，我們將再次圍繞它開展一些能夠強化我們公司使命的活動。因此，當人們了解我們、嘗試我們時，就會發現我們的產品有多美味。他們還可以通過購買我們的產品來了解我們的使命並支持退伍軍人，無論他們在哪裡找到我們。

And Toby, while I've got you talking, maybe just on -- it sounds like from the comments earlier that product availability both current inventory levels and sort of visibility to supply is pretty good right now. But I guess I just wanted to a) validate that. And then b) maybe just ask if there are any points in the supply chain that are a bit tighter than others. Any points of places you're watching there may be risk factors as we go forward?

托比，雖然我已經讓你說話了，也許只是——從之前的評論來看，產品的可用性、當前的庫存水平和供應的可見性現在都相當不錯。但我想我只是想a）驗證這一點。然後 b) 也許只是詢問供應鏈中是否有任何點比其他點更緊。在我們前進的過程中，您關注的哪些地方可能存在風險因素？

Yes, I mean, we operate in a very dynamic global supply chain. So there's always things that we're going to continue to monitor, especially with where we source coffee from around the world. But we spent a lot of our time in 2022, taking the bottlenecks out of our capacity for all the products that we produce. So we feel very confident in our plans that we will be able to support those, not only in 2023, but beyond based on the partnerships we built across supplier community for all the products we make from bags of coffee and K Cups rounds to our RTD products. So that is not a constraint on our business at this time.

是的，我的意思是，我們在一個非常活躍的全球供應鏈中運營。因此，我們總是會繼續監控一些事情，尤其是我們從世界各地採購咖啡的地方。但我們在 2022 年花了很多時間來消除我們生產的所有產品的產能瓶頸。因此，我們對我們的計劃非常有信心，我們不僅能夠在 2023 年支持這些計劃，而且基於我們在供應商社區中為我們生產的所有產品（從袋裝咖啡和 K Cups 圓到 RTD）建立的合作夥伴關係，我們將能夠支持這些計劃產品。因此，目前這對我們的業務並沒有構成限制。

And we have reached the end of the question-and-answer session. I'll now turn the call over to Tom Davin for closing remarks.

我們的問答環節已經結束了。現在我將把電話轉給湯姆·達文（Tom Davin）做總結髮言。

Thank you everyone for joining the Q1 2023 conference call today and thank you also for the support of our mission at Black Rifle Coffee. Have a great afternoon.

感謝大家今天參加 2023 年第一季度電話會議，也感謝大家對 Black Rifle Coffee 使命的支持。祝你有個愉快的下午。

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

今天的會議到此結束，此時您可以掛斷電話了。感謝您的參與。