BRC Inc (BRCC) 2024 Q3 法說會逐字稿

Greetings and welcome to the Black Rifle Coffee Company third-quarter 2024 earnings call.

歡迎參加 Black Rifle Coffee Company 2024 年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

It is now my pleasure to introduce your host, Matt McGinley. Thank you. You may begin.

現在我很高興向大家介紹你們的主持人馬特·麥克金利。謝謝。你可以開始了。

Good morning, everyone, and thank you for joining Black Rifle Coffee Company's third-quarter 2024 financial results conference call. We released our results yesterday, and they can be found on our website at ir.blackriflecoffee.com. Before we begin, I would like to remind you of the company's Safe Harbor statement.

大家早安，感謝您參加 Black Rifle Coffee 公司 2024 年第三季財務業績電話會議。我們昨天發布了結果，您可以在我們的網站 ir.blackriflecoffee.com 上找到結果。在開始之前，我想提醒您注意公司的安全港聲明。

During today's call, management may make forward-looking statements, including guidance and the underlying assumptions. These statements are based on expectations that involve risks and uncertainties, which could cause actual results to differ materially. For a further discussion of these risks, please refer to our previous filings with the SEC.

在今天的電話會議中，管理階層可能會做出前瞻性陳述，包括指導和基本假設。這些陳述是基於涉及風險和不確定性的預期，這可能導致實際結果有重大差異。有關這些風險的進一步討論，請參閱我們先前向 SEC 提交的文件。

Additionally, this call will include non-GAAP financial measures such as adjusted EBITDA and free cash flow. Whenever we refer to EBITDA, we mean adjusted EBITDA, unless otherwise noted. Reconciliations of non-GAAP measures to the most directly comparable GAAP measures are included in our earnings release, which was furnished to the SEC and is available on our Investor Relations website. Now please refer to the presentation on our Investor Relations website and turn to slide 4.

此外，本次電話會議還將包括非公認會計準則財務指標，例如調整後的 EBITDA 和自由現金流量。除非另有說明，每當我們提到 EBITDA 時，我們指的是調整後的 EBITDA。非公認會計準則衡量標準與最直接可比較的公認會計準則衡量標準的調節包含在我們的收益報告中，該報告已提供給美國證券交易委員會，並可在我們的投資者關係網站上取得。現在請參閱我們投資者關係網站上的簡報並前往投影片 4。

I would now like to turn the call over to Christopher Mondzelewski, CEO of Black Rifle Coffee Company. Mons?

我現在想把電話轉給 Black Rifle 咖啡公司執行長 Christopher Mondzelewski。蒙斯？

Thanks, Matt, and good morning, everyone. Joining me today is Evan Hafer, our Founder and Executive Chairman; and Stephen Kadenacy, our Chief Financial Officer. Before we dive into the review of our business, I want to take a moment with Veterans Day approaching to express our heartfelt gratitude. As a veteran-founded company and with 50% of our employees or their family members connected to the military, we are profoundly grateful to those currently serving and to all who have served. Your courage and your sacrifice inspire everything we do.

謝謝馬特，大家早安。今天加入我的是我們的創辦人兼執行主席 Evan Hafer；以及我們的財務長 Stephen Kadenacy。在我們深入回顧我們的業務之前，我想在退伍軍人節即將到來之際花點時間表達我們衷心的謝意。作為一家由退伍軍人創辦的公司，我們 50% 的員工或其家人與軍隊有聯繫，我們對目前服役的人員和所有曾經服役的人深表感謝。你們的勇氣和犧牲激勵著我們所做的一切。

Supporting the veteran community is at the heart of who we are, and we are honored to uphold that commitment, not just on Veterans' Day, but every day.

支持退伍軍人社區是我們的核心，我們很榮幸能夠堅持這項承諾，不僅在退伍軍人節，而且在每一天。

Turning to our quarterly results.

轉向我們的季度業績。

We have made substantial progress this year in building a solid foundation that strengthens the core of our business and establishes a scalable model to support the long-term growth and value creation we expect. Our investments in operational excellence, spanning our supply chain, forecasting capabilities and overall business management continue to drive meaningful improvements.

今年，我們在建立堅實的基礎方面取得了實質進展，加強了我們業務的核心，並建立了可擴展的模型來支持我們預期的長期成長和價值創造。我們在供應鏈、預測能力和整體業務管理方面的卓越營運投資繼續推動有意義的改進。

To that end, I'm pleased with our performance this quarter, including an 18 basis points sequential increase in ACV at grocery, a year-over-year improvement in gross margin of more than 8 basis points and 15% growth in adjusted EBITDA compared to the third quarter of last year. On last quarter's call, we announced the launch of Black Rifle Energy and during this quarter, we announced our energy distribution partnership with Keurig Dr. Pepper, which builds on the K-Cup partnership we established with KDP earlier this year. KDP shares a deep commitment to our mission of supporting veterans' causes, and we are proud to have them as a partner.

為此，我對我們本季的業績感到滿意，包括雜貨店的 ACV 環比增長 18 個基點，毛利率同比提高 8 個基點以上，調整後 EBITDA 與去年同期相比增長 15%到去年第三季度。在上個季度的電話會議上，我們宣布推出Black Rifle Energy，在本季度，我們宣布與Keurig Dr. Pepper 建立能源分銷合作夥伴關係，該合作夥伴關係建立在我們今年早些時候與KDP 建立的K -Cup 合作夥伴關係的基礎上。KDP 與我們一樣堅定致力於支持退伍軍人事業的使命，我們很自豪能有他們作為合作夥伴。

According to Nielsen, the energy drink category generates over $20 billion in retail sales across tracked channels, significantly outpacing the 2 categories where we currently compete, coffee at over $11 billion and ready-to-drink coffee is $4 billion. Most importantly, this is a category that aligns well with our fans, especially among younger audiences. While our soul will always be in coffee, we are proud to soon offer energy products in a format that broadens both our audience and the occasions for consumption.

根據尼爾森的數據，能量飲料類別在追蹤管道中產生了超過 200 億美元的零售額，大大超過了我們目前競爭的兩個類別，即咖啡超過 110 億美元，即飲咖啡為 40 億美元。最重要的是，這個類別非常適合我們的粉絲，尤其是年輕觀眾。雖然我們的靈魂將永遠存在於咖啡中，但我們很自豪很快就能以擴大我們的受眾和消費場合的形式提供能源產品。

KDP's direct store delivery network, DSD, currently reaches 80% of the US population and will provide us with access to over 180,000 retail outlets nationwide.

KDP 的直營商店配送網路 DSD 目前涵蓋了 80% 的美國人口，將為我們提供進入全國超過 180,000 個零售店的服務。

This partnership allows us to scale nationally with efficiency and at a speed that would have been difficult to replicate on our own. We are particularly encouraged by KDP's commitment to capturing market share in the energy category through a portfolio-based strategy.

這種夥伴關係使我們能夠以我們自己難以複製的效率和速度在全國範圍內進行擴展。KDP 致力於透過基於投資組合的策略來佔領能源類別的市場份額，這讓我們尤其感到鼓舞。

With the addition of Black Rifle Energy, KDP is assembling a lineup of 4 distinct brands, each tailored to different flavors, occasions and consumer demographics. As more volume flows through KDP's manufacturing and distribution network, we believe every brand in the portfolio will benefit. We expect this approach to collectively maximize efficiency, reach and market penetration across the energy category. We will dive deeper into our energy strategy shortly.

隨著 Black Rifle Energy 的加入，KDP 正在組建 4 個不同品牌的陣容，每個品牌都針對不同的口味、場合和消費者群體量身定制。隨著越來越多的銷售量流經 KDP 的製造和分銷網絡，我們相信產品組合中的每個品牌都會受益。我們預計這種方法將共同最大限度地提高整個能源類別的效率、覆蓋範圍和市場滲透率。我們很快將深入探討我們的能源策略。

But before we do, it's important to reinforce the principles that have defined Black Rifle from day 1.

但在此之前，重要的是要強化從第一天起定義 Black Rifle 的原則。

Our company was founded by special operations veterans who are experts in guerrilla warfare, and we apply that mindset across every facet of Black Rifle. We are a substantially smaller organization with fewer resources than many of the companies we compete against. This requires us to deploy small, agile teams, adapt quickly to market changes and act with speed, much like a guerrilla force in the field.

我們公司是由遊擊戰方面的專家、特種作戰退伍軍人創立的，我們將這種理念應用到 Black Rifle 的各個方面。與我們的競爭對手相比，我們的組織規模要小得多，資源也更少。這就要求我們部署小而敏捷的團隊，快速適應市場變化，快速行動，就像戰場上的遊擊隊一樣。

Resourcefulness is our DNA. We rely on lean operations and unconventional tactics to maximize our impact while keeping costs low. Our people and our culture drive this.

足智多謀是我們的基因。我們依靠精益營運和非常規策略來最大限度地發揮我們的影響力，同時保持低成本。我們的人民和文化推動著這一點。

Many of our leaders bring this same thinking from their respective military experiences, but all Black Rifle associates share this mindset. Our loyal customer base forms the backbone of our success, a community driven by shared values, much like the morale and identity that fuel elite military units.

我們的許多領導人都從各自的軍事經驗中得出了同樣的想法，但所有 Black Rifle 員工都擁有這種心態。我們忠實的客戶群構成了我們成功的支柱，這是一個由共同價值觀驅動的社區，就像推動精銳軍事部隊的士氣和身份一樣。

We will continue to innovate our product offerings and expand into new categories like energy. If it makes sense to partner, as it does in energy, we will align with large, well-capitalized operators to magnify our impact. If it makes sense to develop internal resources such as roasting our own coffee or using our own sales force to grow distribution in FDM channels, we will pursue that route. We have a strong team, strong brand identity and a loyal customer base that understands our mission-driven business model.

我們將繼續創新我們的產品並擴展到能源等新類別。如果合作有意義，就像在能源領域一樣，我們將與資本充足的大型營運商結盟，以擴大我們的影響力。如果開發內部資源（例如我們自己烘焙咖啡或利用我們自己的銷售團隊來擴大 FDM 管道的分銷）有意義，我們將採取這條路線。我們擁有強大的團隊、強大的品牌形象和忠誠的客戶群，他們了解我們的使命驅動的商業模式。

As an upstart, we fight hard. We have the ability to capitalize on market opportunities and punch well above our weight. Returning to the quarter's results, I'll now discuss our channel highlights, beginning with slide 6. According to Nielsen consumption data in the food, drug and mass channel, we achieved 15% growth in the third quarter, outperforming a flat category. Year-to-date, we have grown nearly 25.8%, while the category declined by 1%.

作為新貴，我們奮力拼搏。我們有能力利用市場機會並發揮超出我們能力範圍的力量。回到本季的業績，我現在將從幻燈片 6 開始討論我們的頻道亮點。根據尼爾森食品、藥品和大眾通路的消費數據，我們第三季實現了 15% 的成長，表現優於持平的類別。今年迄今為止，我們成長了近 25.8%，而該類別下降了 1%。

Category trends have been challenging, but September marked the first month in over a year where ground coffee sales for the category had positive dollar growth. In the grocery channel, our ACV increased 32 point year-over-year and 18 basis points quarter-over-quarter to 41%, and we expect continued distribution growth throughout 2025. With Black Rifle products becoming more widely available at retail, we are excited about the opportunity to expand our reach and better meet consumer demand.

品類趨勢一直充滿挑戰，但 9 月是一年多來第一個月該類別研磨咖啡銷售額實現正成長。在雜貨通路，我們的 ACV 年比成長 32 個百分點，季增 18 個基點，達到 41%，我們預計 2025 年分銷將持續成長。隨著 Black Rifle 產品在零售領域的普及，我們很高興有機會擴大我們的業務範圍並更好地滿足消費者的需求。

Moving to slide 7. We gained share and grew distribution in ready-to-drink in the third quarter. We ended the quarter with 47% ACV, a 5 basis points increase from the prior year. On a year-to-date basis, the ready-to-drink category has slowed, declining 5.1% compared to the prior year time period, but Black Rifle continues to outperform the category by 460 basis points.

轉到投影片 7。第三季我們在即飲飲料領域獲得了市場份額並擴大了分銷。本季結束時，我們的 ACV 為 47%，比前一年增加了 5 個基點。年初至今，即飲飲料類別成長放緩，與去年同期相比下降了 5.1%，但 Black Rifle 的表現繼續優於該類別 460 個基點。

Slide 8. We were able to showcase Black Rifle Energy at the National Association of Convenience Store Conference in Las Vegas last month and received positive feedback on the taste and distinctive packaging. We remain on track for shipments to commence late in the fourth quarter with broader distribution growth expected next year.

幻燈片 8。上個月，我們在拉斯維加斯舉行的全國便利商店協會會議上展示了 Black Rifle Energy，並收到了有關其口味和獨特包裝的正面回饋。我們仍有望在第四季末開始出貨，預計明年的分銷將出現更廣泛的成長。

As we highlighted last quarter, our research suggests that 58% of our consumers are already energy drinkers and about 90% of our consumers are interested in energy drinks derived from natural sources. Many of the fans of our brand are looking for a more refreshing profile for their energy consumption outside of coffee, and we believe this category will be a natural extension of the brand.

正如我們在上季度所強調的那樣，我們的研究表明，58% 的消費者已經是能量飲用者，約 90% 的消費者對天然來源的能量飲料感興趣。我們品牌的許多粉絲正在尋找咖啡之外更清爽的能量消耗概況，我們相信這個類別將是品牌的自然延伸。

Just as we source the best beans for our coffee, we're using top quality ingredients in our energy drinks. We've crafted a clean energy system with green coffee extract and other natural caffeine sources and all 4 launch flavors scored highly with consumers. Our can design embodies Black Rifle's mission-driven ethos, and we believe it will deliver visibility on shelf or in the coolers, setting us apart from the competition.

正如我們為咖啡採購最好的咖啡豆一樣，我們在能量飲料中使用最優質的原料。我們用生咖啡萃取物和其他天然咖啡因來源打造了一個清潔能源系統，所有 4 種推出的口味都獲得了消費者的高度評價。我們的罐頭設計體現了 Black Rifle 使命驅動的精神，我們相信它將在貨架上或冷藏箱中提供可見性，使我們在競爭中脫穎而出。

Turning to slide 9. Our direct-to-consumer or DTC business continues to be impacted by broader market trends with consumers shifting away from DTC channels and returning to retail purchasing patterns in the post-pandemic period. This is one of the reasons we started building our wholesale coffee business in FDM a little over a year ago. We've aligned our sales and marketing efforts to prioritize growth in the wholesale channel. We anticipate that some of our DTC customers will continue shifting their purchases from online to in-store.

轉到投影片 9。我們的直接面向消費者或 DTC 業務繼續受到更廣泛的市場趨勢的影響，消費者在大流行後時期從 DTC 管道轉向零售購買模式。這是我們一年多前開始在 FDM 建立批發咖啡業務的原因之一。我們調整了銷售和行銷工作，優先考慮批發管道的成長。我們預計，我們的一些 DTC 客戶將繼續將購買方式從網路轉移到實體店面。

Our subscription business is the largest revenue contributor to our DTC segment. We continue to see stabilization in our subscription counts in the third quarter with positive subscriber growth in September. We've enhanced our website to include simpler subscription bundling options and average order volume of new subscriptions in the third quarter was 10% higher than with existing subscribers.

我們的訂閱業務是 DTC 部門最大的營收貢獻者。我們看到第三季的訂閱數量持續穩定，九月份的訂閱人數出現正面成長。我們增強了我們的網站，包括更簡單的訂閱捆綁選項，第三季新訂閱的平均訂單量比現有訂閱者高出 10%。

Finally, in our Outposts, we focused on execution with the plan implemented in the third quarter gaining momentum in October. Stronger promotions have driven ticket growth and improved inventory management has enhanced efficiency.

最後，在我們的前哨基地，我們專注於執行，第三季實施的計劃在 10 月取得了勢頭。更強勁的促銷活動推動了門票成長，而改進的庫存管理則提高了效率。

While progress is emerging, we expect more consistent results as these efforts solidify. We continue to see significant potential in the Outpost business, but have prioritized investments in wholesale distribution and brand awareness. We are refining our store template and evaluating the optimal balance between company-owned and franchise-operated units with a full strategy for this segment expected next year. Steve will now provide a review of our financial results.

雖然正在取得進展，但隨著這些努力的鞏固，我們預計會取得更一致的結果。我們繼續看到前哨業務的巨大潛力，但優先投資於批發分銷和品牌知名度。我們正在完善我們的商店模板，並評估公司自有和特許經營單位之間的最佳平衡，並預計明年為該細分市場制定全面策略。史蒂夫現在將對我們的財務業績進行審查。

Steve?

史蒂夫？

Thank you, Mondz. Please turn to slide 11. Third quarter revenue declined 2% year-over-year, primarily due to cycling of barter transactions from the prior year, shifting consumer preferences away from direct-to-consumer channels and a slower pace of growth in the coffee and ready-to-drink categories.

謝謝你，蒙茲。請翻到投影片 11。第三季營收年減 2%，主要是由於以物易物較上年循環，消費者偏好從直接面向消費者的管道轉移，以及咖啡和即飲的成長速度放緩類別。

While the barter transaction was necessary to address excess RTD inventory last year, it is not a revenue stream we aim to replicate in ongoing operations. As Mondz mentioned earlier, we reallocated resources towards growing our wholesale business as consumer behavior shifted away from DTC channels post pandemic and our brand became more accessible in retail.

雖然以物易物交易對於解決去年 RTD 庫存過剩問題是必要的，但這並不是我們希望在持續營運中複製的收入來源。正如 Mondz 之前提到的，隨著疫情後消費者行為從 DTC 管道轉移，以及我們的品牌在零售領域變得更容易獲得，我們重新分配了資源來發展我們的批發業務。

The good news is that our strategy is paying off. Year-to-date sales in our wholesale segment have grown 17% compared to the same period last year, and we achieved a 3% revenue growth this quarter in wholesale. Sales to our largest customer were steady this quarter compared with the same period last year, and sales to other FDM retailers are 3 times larger than they were in the third quarter of last year, driven primarily by our products now being carried in more retailers.

好消息是我們的策略正在發揮成效。年初至今，我們批發業務的銷售額與去年同期相比成長了 17%，本季批發業務的營收成長了 3%。本季對我們最大客戶的銷售與去年同期相比保持穩定，對其他 FDM 零售商的銷售比去年第三季度增加了 3 倍，這主要是由於我們的產品現在在更多零售商中銷售。

Looking ahead, we expect continued distribution growth in coffee and increased sales of Black Rifle Energy to be key growth drivers in both 2025 and 2026. Our earnings and free cash flow metrics continued to improve in the third quarter.

展望未來，我們預計咖啡分銷的持續成長和 Black Rifle Energy 銷售量的增加將成為 2025 年和 2026 年的主要成長動力。我們的獲利和自由現金流指標在第三季持續改善。

EBITDA rose from 6.2% to 7.2% of sales as gross margin gains outpaced our investments in marketing and advertising. Our focus on driving efficiencies across the business and directing resources towards the highest return initiatives is clearly impacting both margin rate and cash flow generation. On a year-to-date basis, we've seen a $60 million improvement in free cash flow generation compared to the same period in 2023.

由於毛利率成長超過了我們在行銷和廣告方面的投資，EBITDA 從佔銷售額的 6.2% 上升至 7.2%。我們專注於提高整個業務的效率並將資源用於最高回報計劃，這顯然會影響利潤率和現金流的產生。今年迄今為止，我們的自由現金流產生量比 2023 年同期增加了 6,000 萬美元。

This improvement is primarily driven by better margins and reduced working capital investment. Inventory grew sequentially in the third quarter due to K-Cup purchases, which pulled a launch fee forward into this year and provided per cup cost savings to lower COGS as the product sells. This program accounted for most of the inventory build this quarter, and we expect its depletion to generate cash through year-end.

這項改善主要是由於利潤率提高和營運資本投資減少所致。由於 K-Cup 的購買，第三季庫存環比增長，這將啟動費提前到了今年，並節省了每杯成本，以降低產品銷售時的銷貨成本。該計劃佔本季庫存建設的大部分，我們預計其消耗將在年底產生現金。

Moving to slide 12. Our focus on productivity improvements has resulted in gross margins exceeding our 40% target for the third consecutive quarters, and we anticipate staying above that threshold for the year. Supply chain enhancements have driven productivity gains, adding 400 basis points to our third quarter gross margin. Additionally, favorable product mix provided a 160 basis points lift, supported by distribution growth in the coffee aisle at FDM retailers.

轉到投影片 12。我們對生產力提高的關注使得毛利率連續第三個季度超過了我們 40% 的目標，我們預計今年將保持在這一門檻之上。供應鏈的增強推動了生產力的提高，使我們第三季的毛利率增加了 400 個基點。此外，在 FDM 零售商咖啡通道分銷成長的支持下，有利的產品組合帶來了 160 個基點的提升。

While we actively mitigate margin volatility through forward purchase contracts for green coffee, higher green coffee prices exerted modest pressure on gross margins in the quarter. Overall, we are very pleased with the progress we have made in improving profitability this year.

雖然我們透過生咖啡遠期購買合約積極緩解利潤率波動，但生咖啡價格上漲對本季毛利率造成了適度壓力。總體而言，我們對今年在提高獲利能力方面取得的進展感到非常滿意。

Slide 13. Adjusted EBITDA for the quarter was $7.1 million, up from 15% from the same period in the prior year as gross margin improvement more than offset planned investment in marketing as well as normalization of payroll accruals compared to the prior year. Year-to-date, we have generated nearly $30 million in EBITDA, a significant improvement from just above breakeven in the same period last year and with our EBITDA margin rising over 10 basis points to 10.4%.

幻燈片 13。本季度調整後 EBITDA 為 710 萬美元，較上年同期增長 15%，原因是毛利率的改善超過了營銷計劃投資以及與上年相比應計工資正常化的影響。今年迄今為止，我們的 EBITDA 已達到近 3000 萬美元，比去年同期的盈虧平衡點有了顯著改善，我們的 EBITDA 利潤率上升了 10 個基點以上，達到 10.4%。

We remain committed to optimizing administrative resources and external expenses to support growth and are confident that this strategy will deliver economies of scale as revenue builds.

我們仍然致力於優化行政資源和外部支出以支持成長，並相信這項策略將隨著收入的增加而帶來規模經濟。

Turning to slide 15. We narrowed our revenue guidance from the prior range with variability primarily driven by the timing of shipments later in the quarter and the ramp in seasonal volume. We remain confident in the trajectory of our top line growth and expect to gain market share in both coffee and ready-to-drink categories.

轉到投影片 15。我們縮小了先前的營收指引範圍，其變化主要是由本季稍後的出貨時間和季節性銷售量的增加所造成的。我們對營收成長的軌跡仍然充滿信心，並期望在咖啡和即飲類別中獲得市場份額。

Year-to-date, our gross margin has improved by over 8 basis points to 42.3%, driven by productivity improvements, favorable mix and lapping RTD headwinds. We raised our full year gross margin guidance to 42% and expect fourth quarter gross margin to be in the high 30s range, reflecting normal seasonality in promotions and the absence of smaller onetime benefits.

今年迄今為止，在生產力提高、有利的產品組合和 RTD 逆風的推動下，我們的毛利率提高了 8 個基點以上，達到 42.3%。我們將全年毛利率指引上調至 42%，並預計第四季度毛利率將在 30 多美元的範圍內，反映出促銷活動的正常季節性以及不存在較小的一次性福利。

We also narrowed our EBITDA guidance to $35 million to $40 million for the year, which represents an increase at the midpoint from our prior range.

我們還將今年 EBITDA 指導範圍縮小至 3500 萬至 4000 萬美元，這比我們之前的範圍中位數有所增加。

We adjusted our free cash flow conversion expectations as a percentage of EBITDA and now expect to be free cash flow positive for the year. This year, we have been laser-focused on improving profitability and reducing working capital, which resulted in an impressive inflection in free cash flow generation year-to-date compared to the same period in 2023. Our initial cash flow guidance was based on different assumptions around revenue and product mix.

我們調整了自由現金流轉換預期佔 EBITDA 的百分比，現在預計今年自由現金流為正。今年，我們一直專注於提高獲利能力和減少營運資本，這導致今年迄今的自由現金流產生與 2023 年同期相比出現了令人印象深刻的變化。我們最初的現金流量指導是基於圍繞收入和產品組合的不同假設。

Additionally, we now expect to carry higher inventory than originally planned to support growth in the FDM channel. Overall, we have been gaining market share across bag coffee, K-Cups and RTD coffee, and we expect Black Rifle Energy to deliver similar success in 2025. The positive trends in our business are enhancing our ability to further our mission of supporting the veteran community while generating long-term value for shareholders.

此外，我們現在預計庫存將高於原始計劃，以支援 FDM 管道的成長。總體而言，我們在袋裝咖啡、K-Cups 和 RTD 咖啡領域持續獲得市場份額，我們預計 Black Rifle Energy 將在 2025 年取得類似的成功。我們業務的積極趨勢正在增強我們進一步履行支持退伍軍人社區的使命的能力，同時為股東創造長期價值。

Before we open the call for Q&A, I'd like to mention that we will be hosting an investor event on January 14 at the ICR Conference in Orlando, where we will share more detail on our longer-term goals. We hope you will join us either in person or via webcast.

在我們開始問答之前，我想提一下，我們將於 1 月 14 日在奧蘭多舉行的 ICR 會議上舉辦投資者活動，屆時我們將分享有關我們長期目標的更多細節。我們希望您親自或透過網路廣播加入我們。

With that, I'll turn the call over to the operator for the Q&A session.

這樣，我會將電話轉給接線生進行問答環節。

(Operator Instructions)

（操作員說明）

Michael Baker, D.A. Davidson.

麥可貝克，D.A.戴維森。

Okay. Great. Thanks, guys. I wanted to talk about some of the last quarter, we had a little bit of delay in timing of some new retail partners, and instead of that expected to come in 2024, I think you were expecting early 2025 from those retailers. Any update on that, how that's progressing, if we still expect to be in those retailers in early 2025?

好的。偉大的。謝謝，夥計們。我想談談上個季度的一些情況，我們在一些新零售合作夥伴的時間安排上略有延遲，我認為您預計這些零售商會在 2025 年初，而不是預計 2024 年。如果我們仍預計在 2025 年初進入這些零售商，有任何更新嗎？

Hey Michael, it's Chris. Thanks for the question. So yeah, it continues to progress exactly the way that we had talked about it last quarter. All of the conversations with every major retailer in the country continue to go very well. This last quarter, we were able to add Food Lion and Harris Teeter.

嘿邁克爾，我是克里斯。謝謝你的提問。所以，是的，它繼續按照我們上季度討論的方式繼續進展。與該國各大零售商的所有對話都進展順利。上個季度，我們添加了 Food Lion 和 Harris Teeter。

That has continued to move our distribution north. We're at 47% ACV right now. If you look at the top five brands in the category, they all exist in that 70%, 75% ACV range. We continue to believe that, that is the right target for us as a business. So as we add the other accounts next year on the timings that we talked about previously, largely in Q2, we will see the distribution continue to increase, and ultimately, that will be the objective for our business.

這使得我們的分銷繼續向北移動。我們現在的 ACV 為 47%。如果您查看該類別中排名前五的品牌，您會發現它們都存在於 70%、75% ACV 範圍內。我們仍然相信，這對我們企業來說是正確的目標。因此，當我們明年按照我們之前討論過的時間（主要是在第二季度）添加其他帳戶時，我們將看到分配繼續增加，最終，這將成為我們業務的目標。

Okay. So it seems like the guide down from last quarter was more of a timing thing, and we should get that next year, which I think is helpful. One more follow-up, and then I'll turn it to others or a clarification. The free cash flow guide, I'm a little so presumably, I suppose going from 80% flow-through to now just positive. What I'm hearing is that the free cash flow guidance will be a little bit lower because you're adding -- because of higher inventory. Is that the right interpretation? It's just a little unclear.

好的。因此，上個季度的指南似乎更像是時機問題，我們明年應該會得到這個指南，我認為這很有幫助。再跟進一次，然後我會將其轉給其他人或進行澄清。自由現金流指南，我有點這麼推測，我想從 80% 的流量到現在只是正值。我聽到的是，自由現金流指引會稍微低一些，因為你正在增加——因為庫存增加。這是正確的解釋嗎？只是有點不清楚。

That's right. This is Steve. Good question. We still expect very good cash flow for the year. We've already improved our cash flow year-over-year by $60 million.

這是正確的。這是史蒂夫。好問題。我們仍然預計今年的現金流將非常好。我們的現金流已經比去年同期增加了 6000 萬美元。

We expect very robust cash flow in Q4, but we did have acceleration of K-Cup purchases in the quarter. We did that strategically because we received a $0.03 per cup, and it was 26 million cups discount going forward, and as you know, in the gross margin, all the little things that you do really add up. So we are focused on the pennies to drive the profit. But we still expect robust cash flow.

我們預計第四季度的現金流將非常強勁，但本季我們確實加速了 K-Cup 的採購。我們之所以這樣做是有策略的，因為我們每杯獲得0.03 美元的折扣，而且未來將有2600 萬杯折扣，而且如您所知，在毛利率中，您所做的所有小事情確實會增加。因此，我們專注於提高利潤。但我們仍然預期現金流強勁。

But given the inventory changes, we did change the way we were looking at it.

但考慮到庫存的變化，我們確實改變了看待它的方式。

Yeah. No good. Take the discount. That makes perfect sense. Okay, great. I'll turn it over to others. Thanks.

是的。不好。拿折扣吧。這完全有道理。好的，太好了。我會把它轉給其他人。謝謝。

Sarang Vora, Telsey Advisory Group.

Sarang Vora，特爾西諮詢小組。

Great, good morning guys. So two questions here. First, on the fourth quarter guidance, it does seem like when you exclude the barter transaction from last year, which was, I think, about $28 million to sales, you are seeing a sequential improvement in the sales and a return to a positive sales growth trajectory. So curious to know like what's driving that sequential change? Are you seeing a bit of more of a normalization, account wins coming back? Just curious to know like how we should think about fourth quarter relative to third quarter and turning positive trend on the sales, excluding the barter.

太好了，大家早安。所以這裡有兩個問題。首先，根據第四季度的指導，當你排除去年的以物易物交易（我認為銷售額約為 2800 萬美元）時，你確實會看到銷售額的連續改善並恢復正銷售額成長軌跡。很想知道是什麼推動了這種連續的改變？您是否看到了更多的正常化，帳戶獲勝的情況又回來了？只是想知道我們應該如何看待第四季相對於第三季的情況以及如何扭轉銷售的正面趨勢（不包括以物易物）。

It's a good question. Obviously, we had some headwinds in the quarter relative to our DTC business and our Outpost business, which we expected to be down, and we let you all know that. But we had enough tailwinds to make up for also cycling that KBS transaction. If you look ex KBS revenue overall was up 2%. FBM ex our largest customer was up 200% or 3 times and wholesale ex the barter transaction was up 12%.

這是一個好問題。顯然，本季我們的 DTC 業務和 Outpost 業務遇到了一些阻力，我們預計這些業務將會下降，我們讓大家都知道這一點。但我們有足夠的順風車來彌補 KBS 交易的循環。如果你看看 KBS 的整體營收成長了 2%。FBM（除我們最大的客戶）成長了 200% 或 3 倍，批發（除以物易物交易）成長了 12%。

So in the markets that we're focused on, we are succeeding, and that's coming out in our ACV and it's coming out in our underlying growth rates.

因此，在我們關注的市場中，我們正在取得成功，這體現在我們的 ACV 中，也體現在我們的基本成長率中。

And I think just to build on that, Sarang, we talked a little bit last quarter about wanting to put the right level of promotional activity in the market in order to ensure that as we hit the coffee season, we can continue to be a key winner, and we're pleased with the results on that. If you look at the latest period, we were among the fastest growers at 28% in grocery growth.

我認為，在此基礎上，Sarang，我們在上個季度談到了希望在市場上開展適當水平的促銷活動，以確保當我們進入咖啡季節時，我們可以繼續成為關鍵獲勝者，我們對結果感到滿意。如果你看看最近一段時間，我們是成長最快的企業之一，食品雜貨成長了 28%。

And as Steve said, we will continue to sharpen our ability to understand exactly where we want to have our promotional level in the markets with any of our key customers, and that will continue as we look at Q4. So we hope that this momentum that we have right now is going to push forward into Q4, and that largely is the driver.

正如史蒂夫所說，我們將繼續提高我們的能力，以準確了解我們希望與我們的任何主要客戶在市場上達到什麼樣的促銷水平，這將在我們展望第四季度時繼續下去。因此，我們希望我們現在擁有的這種勢頭能夠推進到第四季度，這在很大程度上是驅動力。

Even in RTD, I want to mention, we've got the category declining throughout the year. But in the latest period, we're at 1.3% growth, which is well above where the category plays. So again, in any of the segments we're playing in, we expect that growth above market to play out in Q4.

我想提一下，即使在 RTD 領域，該類別全年也在下降。但最近一段時間，我們的成長率為 1.3%，遠高於該類別的成長率。因此，在我們參與的任何細分市場中，我們預計第四季度都會出現高於市場水平的成長。

That's great, and a more exciting one is the energy drinks. I mean we can't wait to try what comes out in December. Just curious if you can share, I know there's an Analyst Day coming up to the extent you can share like how we should think about the ramp into '25 or any color you can give us on the margin structure of the energy business? Is it still like 40% gross margin and above?

那太好了，更令人興奮的是能量飲料。我的意思是我們迫不及待地想嘗試 12 月發布的產品。只是好奇您是否可以分享，我知道分析師日即將到來，您可以分享我們應該如何考慮進入 25 年的斜坡，或者您可以給我們提供有關能源業務利潤結構的任何顏色嗎？毛利率還是40%以上嗎？

Or how do you plan to distribute it like roll out nationwide in '25? Any color or thoughts, early thoughts would be helpful on energy drinks.

或者你打算如何分發它，例如在 25 年在全國推廣？任何顏色或想法，早期的想法都會對能量飲料有所幫助。

Great. Well, let me start, and Steve will probably build on a few of my comments. We're extremely excited. So I talked a little bit in my opening remarks about for us as a business, we're very lean. We're going to remain lean, and it's really important in our business model that we find partners who are well aligned with what we do from a value standpoint, focusing our mission on the military.

偉大的。好吧，讓我開始吧，史蒂夫可能會以我的一些評論為基礎。我們非常興奮。因此，我在開場白中談到了我們作為一家企業，我們非常精簡。我們將保持精簡，在我們的商業模式中非常重要的是，我們找到從價值角度來看與我們的工作高度一致的合作夥伴，將我們的使命集中在軍事上。

But likewise, we need to work with partners that really multiply our capabilities, and KDP has been a fantastic example of that. We've talked already about the partnership in pods, and we're seeing success with that already. We're extremely excited about this partnership in energy with KDP. So they will play a key role clearly in the rollout of this.

但同樣，我們需要與能夠真正增強我們能力的合作夥伴合作，KDP 就是一個很好的例子。我們已經討論了 Pod 中的合作夥伴關係，並且我們已經看到了成功。我們對與 KDP 的能源合作夥伴關係感到非常興奮。因此，他們顯然將在這項措施的推出中發揮關鍵作用。

We've been designing the product with them together. We're designing the rollout plan with them.

我們一直在與他們一起設計產品。我們正在與他們一起設計推出計劃。

That rollout will happen efficiently, and we're going to do it in a smart manner. We're going to focus very much on on-demand channels such as C-store in the early going to ensure that we can get strong trial of the product. Clearly, we'll have a lot of promotion and advertising behind that as well. So we can ensure we're very, very proud of the product quality.

該部署將會有效率地進行，我們將以明智的方式進行。我們早期會非常關注便利商店等隨選管道，確保我們能夠得到強而有力的產品試用。顯然，我們也會在這背後進行大量的促銷和廣告。因此，我們可以確保我們對產品品質感到非常非常自豪。

It's a no-sugar item. The flavor profile is fantastic. You will get to try it hopefully here soon, and we want to make sure we get those cans in folks' hands. As far as guidance on the distribution, we're not going to give exact numbers.

這是一款無糖產品。味道非常棒。希望您很快就能在這裡嘗試一下，我們希望確保將這些罐子送到人們手中。至於分配的指導，我們不會給出確切的數字。

Ultimately, we believe that we can get to 80% ACV on this product.

最終，我們相信我們可以透過該產品獲得 80% 的 ACV。

That's a big part of the reason why we're working with KDP is the muscle that they have in the DSD arena. That won't be something that will happen in the first year. That happens over a period of years. So I think the ramp-up next year will be, again, focused on those high, what I'd like to call immediate demand channels like C-store, other areas, gas stations, et cetera, and then as we build that scale, we'll go into larger customers as we move into '26.

我們與 KDP 合作的一個重要原因是他們在 DSD 領域擁有強大的實力。這不會是第一年發生的事。這種情況會持續數年。因此，我認為明年的成長將再次集中在那些高需求管道，我稱之為即時需求管道，如便利商店、其他區域、加油站等，然後隨著我們建立這一規模，進入26 年後我們將進入更大的客戶。

So again, we're not going to talk to the specifics of that, but we're very excited about the plan we have in place. We think it's going to be successful.

再說一次，我們不會談論具體細節，但我們對我們制定的計劃感到非常興奮。我們認為它會成功。

And Sarang, relative to your question on energy margins, over time, energy margins are going to be very strong. The first year, they will be less strong. It will be under 40%, largely because of the slotting and the trade expenses related to rolling out the product. So just something to keep in mind there, strong but growing significantly over time, and maybe just to expand that to how you should think about 2025, and we're not giving guidance now, but we will have stronger growth, but we still have some headwinds.

薩朗，相對於你關於能源利潤的問題，隨著時間的推移，能源利潤將非常強勁。第一年，他們的實力會減弱。它將低於 40%，主要是因為與推出產品相關的時段和貿易費用。因此，需要牢記的一點是，隨著時間的推移，強勁但會顯著增長，也許只是為了將其擴展到您應該如何看待2025 年，我們現在不提供指導，但我們會有更強勁的增長，但我們仍然有一些逆風。

So on the strong growth side, we'll have energy, we'll continue to expand in FDM. But we will still be cycling the partner transactions of $15 million that we have year-to-date. Coffee prices are rising. We're seeing that impact, although we're fairly successful at mitigating it, and I've already mentioned the slotting and trade.

因此，在強勁成長方面，我們將有活力，我們將繼續擴展 FDM。但我們仍將循環利用今年迄今 1500 萬美元的合作夥伴交易。咖啡價格正在上漲。我們已經看到了這種影響，儘管我們在減輕影響方面相當成功，而且我已經提到了時段和交易。

So you've got a bundle, and we expect stronger growth, but we'll still be fighting some headwinds.

所以你已經得到了一個捆綁，我們預計會有更強勁的成長，但我們仍然會遇到一些阻力。

One final point just to reinforce is that we've talked a lot about building our margin this year, through the expansion of our center store coffee business. That really gives us a good amount of firepower as we go into next year. As you think about the advertising plan and the working capital plan, the combination of the partnership with KDP, where they take on a lot of that resource through their sales force through management of the inventory, coupled with the strong margin we have in our business, gives us the room to go out there and do the most important thing. At the end of the day, at Black Rifle, our brand is first and foremost. So the majority of the investment that we will be putting into this is going to be out there building that brand.

最後要強調的一點是，我們今年已經討論了很多關於透過擴展中心店咖啡業務來建立利潤率的問題。這確實為我們進入明年提供了充足的火力。當你考慮廣告計劃和營運資金計劃時，與 KDP 的合作夥伴關係相結合，他們透過銷售隊伍透過庫存管理獲得了大量資源，再加上我們在業務中擁有的強勁利潤，給我們空間去做最重要的事情。歸根究底，在 Black Rifle，我們的品牌是第一位的。因此，我們將投入的大部分投資將用於打造該品牌。

That's great, super helpful guys. Good luck. Let's pass it on.

太棒了，超級有幫助的人。祝你好運。讓我們把它傳遞下來。

(Operator Instructions) Jon Anderson, William Blair.

（操作員說明）喬恩·安德森、威廉·布萊爾。

Hey, good morning, everybody. Thanks for the question. I wanted to ask on FDM. You made solid progress sequentially on ACV. I think sitting at 41% right now. You may have referred to this earlier, but I want to just a clarification. Are you still expecting to get towards your full distribution target by the end of 2025?

嘿，大家早安。謝謝你的提問。我想問FDM。您在 ACV 上連續取得了紮實的進展。我認為現在是 41%。您可能之前已經提到過這一點，但我只想澄清一下。您是否仍期望在 2025 年底前實現全面分銷目標？

And what level do you anticipate reaching at that point in time? Is it 75%? Is it 85%? What's the underlying goal there? Thanks.

您預計屆時會達到什麼水準？是75%嗎？是85%嗎？那裡的根本目標是什麼？謝謝。

Hi, Jon. Thanks for the question. Yeah, just to reiterate, so no, we had a number of our major customers shift into next year. So, we do not expect to get to our final goal on ACV this year. With those customers shifting into next year, I'll reinforce what I said before. We feel every one of those conversations has gone exceptionally well.

嗨，喬恩。謝謝你的提問。是的，只是重申一下，所以不，我們的一些主要客戶轉移到了明年。因此，我們預計今年不會實現 ACV 的最終目標。隨著這些客戶進入明年，我將強化我之前所說的內容。我們覺得每一​​次談話都進展得非常順利。

So yes, we do believe that by the end of '26, we're going to be in what we would consider to be full distribution which is going -- again, if I look at the top five brands in the category, they tend to play in that 70% to 75% range. That ultimately would be the goal for the business as we look at the end of '26.

所以，是的，我們確實相信，到 26 年底，我們將進入我們認為的全面分銷狀態——同樣，如果我看看該類別中排名前五的品牌，他們傾向於在70% 到75% 的範圍內發揮作用。當我們展望 26 年底時，這最終將成為企業的目標。

That's helpful. Thanks, and you referred to your largest customer and the business being stable year-over-year. Any more color you might be able to provide on your business with that largest customer, how its -- velocities are performing, what you're thinking from maybe an item level distribution opportunity going forward? Thanks.

這很有幫助。謝謝，您提到您最大的客戶和業務逐年穩定。您是否可以為您與最大客戶的業務提供更多信息，其速度表現如何，您對未來的項目級分銷機會有何想法？謝謝。

Sure. Yeah. We feel great about our business in our largest customer. We sit at a four share currently. We went through a period in the summer where we really had to work our portfolio in a manner where we believe we had the right SKUs across the right stores.

當然。是的。我們對我們最大客戶的業務感到非常滿意。我們目前持有四股。我們在夏天經歷了一段時期，我們確實必須以一種我們相信在正確的商店擁有正確的 SKU 的方式來工作我們的產品組合。

We did see some of our TDPs come down or total distribution points come down during that period. That is very common when you're looking at your third year of distribution that you're going into with a customer. We continue to be a leading growth player there. We have strong growth in the current period. We've really sharpened our promotional strategy to ensure that our prices are exactly where we want to have them.

在此期間，我們確實看到一些 TDP 下降或總分發點下降。當您考慮與客戶進行第三年的分銷時，這種情況很常見。我們仍然是那裡成長的領先者。我們當前時期成長強勁。我們確實加強了促銷策略，以確保我們的價格正是我們想要的。

And that has resulted actually in velocity increases that are up substantially behind those promotions. Where we've been able to get those promotions executed, we're actually seeing double-digit increases in velocity, and the bottom line is that we remain well above the category average, 50% plus above the category average when it comes to units per store per week in any of our customers that we have distribution, but certainly in our largest. So, we'll continue that plan going forward. As far as how we manage that next year, yes, we're not ready to talk specifics on that, but we do have some exciting innovation ideas.

這實際上導致了速度的提高，遠遠落後於這些促銷活動。在我們能夠執行這些促銷活動的地方，我們實際上看到速度呈兩位數增長，最重要的是，我們仍然遠高於類別平均水平，就數量而言，比類別平均水平高出 50% 以上每週每個商店在我們有分銷的任何客戶中，但肯定是在我們最大的客戶中。因此，我們將繼續推進該計劃。至於我們明年如何管理，是的，我們還沒有準備好談論具體細節，但我們確實有一些令人興奮的創新想法。

We talk a lot about energy. Clearly, we put a lot of resource into building that. But as you would imagine, having a strong center of store coffee business with the margins that it has, our innovation teams have been working hard there as well to ensure that as you look at our existing lines of business that we have in our largest customer and as we're expanding into new customers, we will have new items to be able to cut into the shelves there as those resets happen next year.

我們談了很多關於能源的話題。顯然，我們投入了大量資源來建構它。但正如您所想像的那樣，擁有強大的店內咖啡業務中心及其利潤，我們的創新團隊也一直在那裡努力工作，以確保當您查看我們在最大客戶中擁有的現有業務線時隨著我們向新客戶擴張，我們將有新的商品能夠在明年重新調整時進入那裡的貨架。

That's really helpful. Thanks. Good to hear. I did want to ask on energy. The research that you've done around this sounds very encouraging with respect to the receptivity of your users. Do you think there's a real opportunity for energy to be highly incremental? Or is there some risk that it could be cannibalistic to the customers in terms of looking for that energy boost? I'm trying to get a sense that based on the research that you've done, how incremental you think this will be in terms of bringing new users to the franchise and perhaps serving existing users across more occasions, so heightening the buy rate for the brand overall.

這真的很有幫助。謝謝。很高興聽到。我確實想問能源。您圍繞此所做的研究對於用戶的接受度來說聽起來非常令人鼓舞。您認為能源有真正的機會大幅增量嗎？或者是否存在一些風險，即在尋求能量提升方面，它可能會蠶食客戶？我試圖根據您所做的研究了解，您認為這對於為特許經營帶來新用戶以及可能在更多場合為現有用戶提供服務方面會產生多大的增量，從而提高購買率品牌整體。

Yeah, that's a fantastic question. We put a lot of research into that, and we feel actually great about the incrementality. There's never a situation where you have zero overlap, but it's going to be very low. The reality is that when we look at the consumer dynamics of the Black Rifle fan or of the total market, either way, energy plays a very different role than coffee does.

是的，這是一個很棒的問題。我們對此進行了大量研究，我們對增量感到非常滿意。永遠不會出現零重疊的情況，但它會非常低。現實情況是，當我們觀察 Black Rifle 粉絲或整個市場的消費動態時，無論哪種方式，能量所扮演的角色都與咖啡截然不同。

There are certainly consumers who drink both. We find that the consumers that drink both will tend to do it during different usage occasions. So, coffee tends to skew towards the morning. Energy will tend to skew more towards the afternoon. There are a lot of consumers, however, that really do have preferences in one arena or the other.

當然有消費者兩者都喝。我們發現，同時飲用這兩種飲料的消費者會傾向於在不同的使用場合進行飲用。因此，咖啡往往偏向早晨。能量往往會更偏向下午。然而，有許多消費者確實在某一領域有偏好。

They're either coffee drinkers and they want to be able to add an RTD coffee to their existing routine, which may involve hot coffee already, and the growing demographic is really those consumers that are drinking purely cold, more refreshing flavor profile beverages. These tend to be the younger demographics, and as we look at the Black Rifle fan base, I would remind everyone, we have a huge fan base already, right? I mean, across all of our media sources, we have up to 13 million folks who are following Black Rifle.

他們要么是咖啡飲用者，希望能夠在現有的日常習慣中添加即飲咖啡，其中可能已經涉及熱咖啡，而不斷增長的人群實際上是那些飲用純冷、更清爽風味飲料的消費者。這些人往往是年輕人，當我們觀察 Black Rifle 粉絲群時，我想提醒大家，我們已經擁有龐大的粉絲群了，對吧？我的意思是，在我們所有的媒體來源中，有多達 1300 萬人關注 Black Rifle。

As we access that fan base, we find that a huge percentage of them are already energy drinkers and open to energy as a brand. The other thing we feel good about is that even within the energy category, we believe that we will be highly incremental. There are certainly brands out there that we will compete with. It's a crowded category as far as the number of brands, but it's a giant category at $20 billion. So, there's plenty of room to come in.

當我們接觸到這個粉絲群時，我們發現他們中很大一部分人已經是能量飲用者，並且對能量品牌持開放態度。另一件令我們感到滿意的事情是，即使在能源領域，我們也相信我們將實現高度增量。當然，我們會與一些品牌競爭。就品牌數量而言，這是一個擁擠的類別，但它是一個價值 200 億美元的龐大類別。所以，有足夠的空間可以進來。

And we believe that with our lifestyle positioning, our focus on mission and then the product profile that we put together, again, clean ingredients, zero sugar, we really believe that, again, not only are we going to be incremental to our coffee business, we think we could be quite incremental to the energy category as a whole.

我們相信，透過我們的生活方式定位，我們對使命的關注，以及我們整合的產品簡介，清潔成分，零糖，我們真的相信，我們不僅會增加我們的咖啡業務，我們認為我們可以在整個能源類別中取得相當大的進步。

Yeah, that's a good point. That will be important to retailers as well. The last one, if I can just squeeze one more in. I think in the prepared comments, you mentioned that the subscriber base actually inflected positive in September or at a minimum, you were seeing slowing declines. What are your expectations on that going forward? And how should we think about that into '25? Thanks.

是的，這是一個好點。這對零售商也很重要。最後一張，如果我能再擠一張就好了。我認為在準備好的評論中，您提到訂戶群實際上在 9 月出現了積極的變化，或者至少，您看到了下降速度放緩。您對此有何期望？進入 25 年後我們該如何思考這一點？謝謝。

So yes, just to give you a little bit of context on where it is now, we are happy with what we're calling the stabilization. That element of our business has continued to decline. We've talked about that. That is driven entirely by the consumer dynamic as consumers have changed their shopping patterns post pandemic. The reality is that we are seeing a good number of our consumers, as we have more data available, we're seeing a reasonable number of our consumers flowing into grocery.

所以，是的，只是為了向您提供一些有關目前情況的背景信息，我們對我們所說的穩定感到滿意。我們業務的這項要素持續下降。我們已經討論過了。這完全是由消費者動態驅動的，因為消費者在大流行後改變了他們的購物模式。現實情況是，隨著我們擁有更多可用數據，我們看到大量消費者湧入雜貨店。

So that's good. We're very happy about that. As long as we can maintain them as consumers, our goal is obviously to ensure that we are putting our products wherever they want to be able to buy it. What we continue to be most focused on in our subscription business are the subscribers themselves. Again, we're always very happy to sell someone a onetime purchase off of one of our sites.

所以這樣很好。我們對此感到非常高興。只要我們能夠維持他們作為消費者的地位，我們的目標顯然就是確保我們將我們的產品放在他們想要購買的任何地方。我們在訂閱業務中最關注的仍然是訂閱者本身。再說一遍，我們總是很樂意向某人出售我們網站上的一次性商品。

Again, we want to meet their needs where they want to buy at. But the subscribers are very valuable to us, and to the point you made, we have seen -- actually, in this latest period, we've seen an increase in our subscriber base. We still have churn where we'll lose subscribers every period, but that churn is actually reducing to the point where we're starting to see those cancel each other out, and we've even had weeks where we're seeing a net positive. So that will continue to be our goal.

同樣，我們希望在他們想要購買的地方滿足他們的需求。但訂戶對我們來說非常有價值，就您所說的而言，我們已經看到 - 實際上，在最近一段時間裡，我們已經看到我們的訂戶基數有所增加。我們仍然存在客戶流失，每個時期都會失去訂閱者，但這種客戶流失實際上正在減少到我們開始看到這些因素相互抵消的程度，甚至有幾週的時間我們看到了淨積極的結果。因此，這將繼續是我們的目標。

I'm not going to give specific guidance on that element of our business for '25 right now. I would tell you, it's not where we believe we're going to get strong growth simply because that consumer dynamic continues to shift back in store. But our focus will be on the subscribers themselves, ensuring that we see stabilization, and then I'd like to believe, over time, growth back in that segment of our overall DTC business.

我現在不會就 25 年業務的這一要素提供具體指導。我想告訴你，這並不是我們相信我們會因為消費者動態繼續回到商店而獲得強勁成長的地方。但我們的重點將放在訂戶本身，確保我們看到穩定，然後我相信，隨著時間的推移，我們整個 DTC 業務的該部分會重新成長。

Thank you so much, really helpful.

非常感謝，真的很有幫助。

JP Wollam, ROTH Capital Partners.

JP Wollam，羅仕資本合夥人。

Hey, good morning guys. Thanks. Thanks for taking my question. If I could maybe just start on the FDM side. I want to dig in a little bit to Albertsons and just understand how it's ramped. I think that's one of your maybe main account or large retailers that you've been in for a year plus at this point. So if you could maybe just share where your market share is at Albertsons and just what that ramp means for your expectations as you roll out on shelves next year at additional retailers?

嘿，早上好，夥計們。謝謝。感謝您提出我的問題。如果可以的話，我可以從 FDM 方面開始。我想深入了解艾伯森，了解它是如何發展起來的。我認為這可能是您的主要客戶或大型零售商之一，您已經在這一點上工作了一年多。那麼，您是否可以分享一下您在艾伯森 (Albertsons) 的市場份額，以及明年在其他零售商上架時，這種增長對您的期望意味著什麼？

Sure. Thanks for the question. So yes, as you indicated, we rolled out -- we started the rollout about Q3 of last year. So we are lapping that as we speak. We feel really good about it.

當然。謝謝你的提問。所以，是的，正如您所指出的，我們推出了——我們從去年第三季開始推出。因此，我們正在談論這一點。我們對此感覺非常好。

We are in 85% distribution across all of Albertsons. So that is normal of any of their top brands. We continue to climb in share. So we're among their top 20 brands across the total. But in many of the segments of Albertsons, we're quite a bit higher than that.

我們在所有艾伯森家族的分佈率為 85%。所以這對於他們的任何頂級品牌來說都是正常的。我們的份額持續攀升。因此，我們躋身他們的前 20 名品牌之列。但在艾伯森的許多細分市場中，我們的水平要高得多。

As far as numbers, our RTD business, which was actually in distribution even earlier, is growing 15%, which is a very strong number versus the category, and then overall, we're seeing close to 60% growth. Again, we're lapping the introduction of this a year ago. So very strong growth numbers versus that period.Â

就數字而言，我們的 RTD 業務（實際上更早開始分銷）增長了 15%，與該類別相比，這是一個非常強勁的數字，總體而言，我們看到了接近 60% 的增長。我們再次對一年前推出的這項產品表示歡迎。與那個時期相比，成長數字非常強勁。

But even as we then move into that full distribution period, based off of the execution we are seeing, some of the promotion we've put in, which is pushing up velocity similar to the other customers that we're in, we expect to continue to see that share growth as we progress all the way through '25. So overall, we consider it to be a very successful rollout.

但即使我們隨後進入完整的分銷期，根據我們所看到的執行情況，我們進行的一些促銷活動正在提高速度，與我們所在的其他客戶類似，我們預計隨著我們在25 年一路前進，我們將繼續看到這一份額的成長。總的來說，我們認為這是一次非常成功的推出。

A lot of room for improvement. The share still hovers between 1 and 2, and as you know, we're a 4 share in our largest customer. So as we look at that, we'll continue to drive and really manage our portfolio in store behind our success to ensure that we can continue to get as much leverage out of those continued share gains as we move into '25.

有很大的改進空間。份額仍然徘徊在 1 到 2 之間，如您所知，我們最大客戶的份額為 4。因此，當我們考慮這一點時，我們將繼續推動並真正管理我們的投資組合，以確保我們在進入 25 年後能夠繼續從這些持續的股票收益中獲得盡可能多的槓桿作用。

I think that last point is really important. We have massive improvement in front of us. We have a small share as we roll out in new retail outlets and then we expand SKUs over time. So ACV is only one element, then comes the revenue on those SKUs, then comes SKU expansion, and what we're seeing is our velocities are doing quite well.

我認為最後一點非常重要。我們面前有巨大的進步。我們在新零售店推出時佔據了一小部分份額，然後隨著時間的推移我們擴大了 SKU。因此，ACV 只是其中一個要素，然後是這些 SKU 的收入，然後是 SKU 的擴展，我們看到我們的速度表現得相當不錯。

And obviously, we're outperforming the category, and that bodes well for us to improve our SKU count on shelf.

顯然，我們的表現優於同類產品，這對我們提高貨架上的 SKU 數量來說是個好兆頭。

Great. That's very helpful, and then maybe I just want to make sure that I understand. It sounds like, I think, Chris, you said end of 2026 is now when you expect to see full distribution in the FDM business, and I believe it was maybe by end of 2025 on past calls.

偉大的。這非常有幫助，也許我只是想確保我理解。克里斯，我想，您說過 2026 年底您預計會在 FDM 業務中看到全面分銷，而且我相信根據過去的電話，可能會在 2025 年底之前實現。

So I just want to double check, a, that, that's correct? And then b, if you could just dig in a little bit, have conversations with retailers about resets not gone as planned? Any additional color there would be very helpful. Thank you, guys.

所以我只是想仔細檢查一下，a，那個，這是正確的嗎？然後，如果您能稍微深入一點，與零售商討論重置未按計劃進行的情況？任何額外的顏色都會非常有幫助。謝謝你們，夥計們。

So just to reiterate, yes, that is correct. So we believe by the end of '26, we're going to be in full distribution. I had quoted that number of 70 to 75 are where the top players are at. As we add every major customer in the US, we believe that that's where we can net out. As far as -- yes, we did talk last quarter about shifting of customers.

所以重申一下，是的，這是正確的。因此，我們相信到 26 年底，我們將實現全面分發。我曾經說過，70 到 75 的數字是頂級玩家所在的數字。當我們加入美國的每個主要客戶時，我們相信這就是我們可以淨賺的地方。是的，我們上個季度確實討論過客戶轉移的問題。

So we did have some customers that shifted from 25 to 26, and this did adjust our expectations a bit. The great news is just building on Steve's point, we continue to have all of the success that we have expected in every customer that we've rolled into. So while there was some timing changes, largely based off of the calendars and plans of those customers themselves, we continue to feel very good about the rollouts and our ability to gain immediate footholds, and what I mean by that is velocities that are well above the category average. When you're coming in, in your first year and you're seeing velocities that are already above the category average in those grocers, it gives us great hope that over time, we'll be able to add additional SKUs and continue to push our share picture up in each one of them.

所以我們確實有一些客戶從 25 人變成了 26 人，這確實稍微調整了我們的期望。好消息是在史蒂夫的觀點的基礎上，我們繼續獲得我們對每位客戶所期望的成功。因此，雖然有一些時間上的變化，主要是基於這些客戶本身的日曆和計劃，但我們仍然對推出和立即立足的能力感到非常滿意，我的意思是速度遠高於類別平均數。當你進來的第一年，你會看到這些雜貨店的速度已經高於同類平均水平，這給了我們很大的希望，隨著時間的推移，我們將能夠添加更多的 SKU 並繼續推動我們在每一張照片中分享照片。

Great, understood. Thank you and Happy Veterans Day to everyone over there. Thank you guys for service. Thank you.

太好了，明白了。謝謝你們，祝大家退伍軍人節快樂。謝謝你們的服務。謝謝。

Thanks for calling that out.

感謝您指出這一點。

Joe Altobello, Raymond James.

喬·阿爾托貝洛，雷蒙德·詹姆斯。

Thanks. Hey guys, good morning. Just first, a quick housekeeping item. The revenue guidance or the implied revenue guide for Q4, what are you guys assuming in terms of initial trade load for energy? I know it's late in the quarter, so it's probably small, but just curious.

謝謝。嘿夥計們，早安。首先，一個快速的家務用品。第四季的收入指導或隱含收入指導，你們對能源的初始貿易負荷有何假設？我知道現在已經是本季末了，所以可能很小，但只是好奇。

What do we assume what for energy, sorry, Joe?

抱歉，喬，我們對能源有何假設？

The initial trade load for energy. Shipments.

能源的初始貿易負荷。出貨量。

To be honest, the trade comes when it gets on shelf. So anything that we would guide -- that we would book would be an estimate at this point. So we can't give you exact numbers, but it is immaterial, and it booked as contra revenue.

老實說，當產品上架時，交易就來了。因此，我們將指導的任何內容——我們將預訂的任何內容都將是此時的估計。所以我們無法給你確切的數字，但這並不重要，它被記為備抵收入。

Got you. Okay, and in terms of '25, I know you're not giving guidance today, but you did mention some margin headwinds next year, higher green coffee prices, the energy launch, et cetera. So at least directionally, can you help us think about how we should think about EBITDA margins next year after the big improvement this year?

明白你了。好的，就 25 年而言，我知道您今天沒有提供指導，但您確實提到了明年的一些利潤逆風、生咖啡價格上漲、能源推出等等。那麼至少從方向上來說，您能否幫助我們思考一下，在今年的大幅改善之後，明年我們該如何看待 EBITDA 利潤率？

Yes. I mean we're very focused on continuing operational excellence. So we're driving cost currently out of the business, as you can see in our current margins, and we'll continue to do that. But there's no question that our trade and slotting fees are going to be higher next year. Our coffee prices are going to be higher, but we're also focused on other productivity improvements within the supply chain to drive gross margin.

是的。我的意思是，我們非常注重持續卓越營運。因此，我們目前正在降低業務成本，正如您在我們當前的利潤率中看到的那樣，我們將繼續這樣做。但毫無疑問，明年我們的交易費和進場費將會更高。我們的咖啡價格將會更高，但我們也專注於供應鏈內其他生產力的提高，以提高毛利率。

And as I mentioned, I gave guidance that energy will be below 40%. So that is going to be the primary driver in addition to the marketing expense around the energy launch. So I can't give you exact numbers, but I wouldn't expect significant growth on -- from a percentage standpoint on the bottom line.

正如我所提到的，我給出的指導是能量將低於 40%。因此，除了圍繞能源推出的行銷費用之外，這將成為主要驅動力。因此，我無法給您確切的數字，但從利潤百分比的角度來看，我預計不會出現顯著增長。

Okay, great. Thank you.

好的，太好了。謝謝。

Bill Chappell, Truist Securities.

比爾‧查普爾 (Bill Chappell)，Truist 證券公司。

Thanks. Good morning. My first question on the -- just the coffee outlook. Obviously, the overall category has been weak for the past few months on a volume basis, and as you look to next year, do you expect distribution and market share to primarily be the drivers? Or do you think the category bounces back to some extent?

謝謝。早安.我的第一個問題是關於咖啡的前景。顯然，過去幾個月整個類別的銷量一直疲軟，展望明年，您是否預計分銷和市場份額將成為主要驅動力？還是您認為該品類是否會出現某種程度的反彈？

Hey, Bill, thanks for the question. So I think let me break it apart. I think each category we have a different perspective on. When you look at center store coffee, we actually saw an increase in the latest period. It did have a weak year overall so far, but there's 3% growth in the latest period.

嘿，比爾，謝謝你的提問。所以我想讓我把它分開。我認為我們對每個類別都有不同的看法。當你觀察中心商店的咖啡時，我們實際上看到了最近一段時間的成長。到目前為止，今年整體表現確實疲軟，但最近一段時間增長了 3%。

And we believe that, that will continue to recover over the seasons, so to speak, and as far as how we go into next year, -- our belief is that coffee is a category that has been around a long time in the US. It has gone through dips at times. We believe it's here to stay. I don't think that center store coffee is going to be an explosive category necessarily, the way that we see some of the RTD segments.

我們相信，可以說，隨著季節的推移，這種情況將繼續恢復，就我們明年的情況而言，我們相信咖啡是一個在美國存在很長時間的類別。它有時會經歷低潮。我們相信它會一直存在。我不認為中心店咖啡一定會成為一個爆炸性的類別，就像我們看待一些即飲咖啡細分市場的方式一樣。

But at the same time, we do believe that we will see that category return to growth. That being said, the vast majority of our growth will continue to come from, as you said, distribution gains and then our ability to continue to drive share. That's the nice thing that is even if we had a year where the category saw softness again, there's still a great opportunity for Black Rifle to drive strong growth through those two elements. When it comes to RTD, it has been weaker, and I think there's a number of factors that play into that.

但同時，我們確實相信我們將看到該類別恢復成長。話雖如此，正如您所說，我們的絕大多數成長將繼續來自分銷收益，以及我們繼續推動份額的能力。這是一件好事，即使今年該類別再次出現疲軟，Black Rifle 仍然有很好的機會透過這兩個因素推動強勁成長。當談到 RTD 時，它一直較弱，我認為有很多因素造成了這種情況。

RTD coffee tends to be a bit more of an expensive RTD segment given the ingredients than other segments that are out there. So as wallets have tightened, that is certainly a factor that has played out, and I think some of it is the category itself, ensuring that any category has to innovate itself to continue to meet consumer demands, and that's something that we're working very hard on behind the scenes. So while we don't necessarily expect explosive growth on RTD coffee specifically, we do believe that we can still grow rather explosively versus that category given our ability to continue to meet consumer demands where they are at.

考慮到成分，即飲咖啡往往比其他市場更昂貴。因此，隨著錢包緊縮，這肯定是一個已經發揮作用的因素，我認為其中一些因素是類別本身，確保任何類別都必須進行自我創新以繼續滿足消費者的需求，這就是我們正在努力的事情在幕後非常努力。因此，雖然我們不一定期望即飲咖啡會出現爆炸性增長，但我們確實相信，鑑於我們有能力繼續滿足消費者的需求，與該類別相比，我們仍然可以實現爆炸性增長。

I'm not going to talk in specifics about this. But just like any other segment of our business, we're going to continue to evolve our portfolio. We believe that we can do that at a greater speed and exactness than our competition, given how we're constructed as a business, and we will take advantage of that as we go into '25.

我不打算談論這個細節。但就像我們業務的任何其他部門一樣，我們將繼續發展我們的產品組合。我們相信，考慮到我們作為一家企業的構建方式，我們可以比競爭對手更快、更準確地做到這一點，並且在進入 25 年後我們將利用這一點。

Okay, and then switching to energy, maybe a little more color on why -- I mean KDP is certainly a great distribution partner, and I'm sure it's going to give you a lift up. But I'm just trying to understand why you're -- why them having a diversified approach with C4 and now company-owned Ghost is a good thing for you because I just don't see all three of those brands as completely mutually exclusive in terms of target audience. KDP doesn't have unlimited shelf space to put your brands and other brands, and so I'm just trying to understand how this is incrementally beneficial versus just having a distributor where you're the primary focus.

好吧，然後轉向能源，也許更多地解釋一下原因——我的意思是 KDP 無疑是一個很棒的分銷合作夥伴，我相信它會給你帶來提升。但我只是想理解為什麼他們對 C4 和現在公司擁有的 Ghost 採取多元化的做法對你來說是一件好事，因為我不認為這三個品牌是完全相互排斥的就目標受眾而言。KDP 沒有無限的貨架空間來放置您的品牌和其他品牌，因此我只是想了解與僅以您為主要關注點的經銷商相比，這會帶來怎樣的增量效益。

Yes, that's a great question. I'm going to start by saying KDP is a business that we have been strategically aligned with since the beginning of the year. We've been talking and they've been extremely transparent with us. One of the things we're most excited about is their overall ambition to be winners in the energy space. They talked a lot about this in their recent call.

是的，這是一個很好的問題。首先我要說的是，KDP 是我們自今年年初以來一直在策略上保持一致的業務。我們一直在交談，他們對我們非常透明。我們最興奮的事情之一是他們成為能源領域贏家的整體雄心。他們在最近的電話會議中對此進行了許多討論。

And the reality is that you're never going to win with one brand. You need to have multiple brands in a category of that size. So we knew from day one that, that would be the case. The reality is that the portfolio of brands they put together are winning brands, and you're right, there's never a complete exclusivity between brands that compete in the same category.

現實情況是，僅靠一個品牌永遠無法取勝。您需要在這種規模的類別中擁有多個品牌。所以我們從第一天就知道情況會是這樣。現實情況是，他們組合在一起的品牌組合都是獲勝品牌，你是對的，在同一類別中競爭的品牌之間從來不存在完全的排他性。

But I would tell you that it is a very carefully constructed portfolio. When you look at each of those brands, they really do play in completely different segments of the energy market. I'll use Ghost as an example, that obviously being the most recent element that they added. When you look at simply the flavor profiles of a Black Rifle versus a Ghost, you have Ghost with sour patch kids with Swedish fish. You have Black Rifle with Freedom Punch and Ranger Berry.

但我想告訴你，這是一個非常精心建構的投資組合。當你觀察這些品牌時，你會發現它們確實在能源市場的不同領域中發揮作用。我將使用 Ghost 作為範例，這顯然是他們添加的最新元素。當你簡單地看一下 Black Rifle 和 Ghost 的口味特徵時，你會發現 Ghost 配上酸味小孩和瑞典魚。你有黑色步槍、自由拳和遊俠漿果。

So just thinking about how the flavors themselves are even positioned, you can see it's vastly different. So we feel great about us being an overall net positive within that. I think the bottom line -- the other piece I want to call out is that their DSD muscle in each one of these accounts will win based on how those brands themselves win, right? You're competing with these brands one way or the other at the end of the day. The brands that are able to win the choice among consumers are the brands ultimately that are going to get distributed.

因此，只要想想口味本身的定位，你就會發現它有很大的不同。因此，我們對自己在這方面的整體淨積極性感到非常高興。我認為底線 - 我想指出的另一件事是，他們在每個帳戶中的 DSD 實力將根據這些品牌本身的獲勝方式而獲勝，對吧？歸根結底，你是在以一種或另一種方式與這些品牌競爭。能夠贏得消費者選擇的品牌，才是最終能夠流通的品牌。

So while it gives you a very strong route to market, it gives us efficiency and it allows us to build distribution much faster than if we were to do that on our own. The brand ultimately will be what dictates whether or not you stick over time.

因此，雖然它為您提供了一條非常強大的市場途徑，但它為我們提供了效率，並且使我們能夠比我們自己做的更快地建立分銷。品牌最終將決定你是否堅持下去。

And that's where we have a very, very high level of confidence in our brand. Again, every segment, every category we have gone into, we have been able to be a share winner. We continue to be a share winner in any of those segments. So we believe it will be the same in energy.

這就是我們對我們的品牌非常非常有信心的地方。同樣，我們進入的每個細分市場、每個類別，我們都能夠成為份額贏家。我們將繼續成為這些領域的份額贏家。所以我們相信能源方面也是如此。

Okay, thanks.

好的，謝謝。

Daniel (inaudible)

丹尼爾（聽不清楚）

Thank you. I wanted to ask about your marketing spend plans, what we saw in Q3. Is that an investment spend ahead of next year's distribution gains? Or is 10% of sales what I should be modeling going forward?

謝謝。我想問一下你們的行銷支出計劃，以及我們在第三季看到的情況。這是在明年分配收益之前的投資支出嗎？或者說我今後應該以銷售額的 10% 為模型？

You said marketing spend?

你說行銷支出？

Yes.

是的。

Yes. Well, we definitely ramped on the promotion side during the quarter and ads, agencies and shopper marketing, and so there's the promo aspects of what we did in the quarter. I would expect that to continue into Q4 given the seasonality and the holidays that are coming. But it is a little spiky.

是的。嗯，我們在本季度確實加大了促銷力度，包括廣告、代理商和購物者行銷，所以我們在本季所做的就是促銷方面的工作。考慮到季節性和即將到來的假期，我預計這種情況將持續到第四季。但它有點尖。

Typically through the year, energy will likely change that because we're on a rollout phase even in Q1 and Q2 of '25.

通常在一年中，能源可能會改變這種情況，因為即使在 25 年第一季和第二季我們也處於推出階段。

Okay, and then I just wanted to follow up on a previous question. Did you -- when you decided to go after energy drinks with a no sugar profile, did your research show that was really targeting a different customer than the RTDs? Because it would for me, and that is where the growth of the category is. I just wanted to get a sense of what your research said about that as well.

好的，然後我只想跟進之前的問題。當您決定購買不含糖的能量飲料時，您的研究是否表明它確實針對的是與 RTD 不同的客戶？因為這對我來說是這樣，這就是該類別的成長所在。我只是想了解一下您的研究對此的看法。

Yes. That's exactly right. So it was a reasonably easy decision for us for a number of reasons. One is that Black Rifle, again, our brand is everything to us. That brand positioned in the way that it does where we support both mission as well as very strong product quality has been one that has allowed us to deliver super premium products across the market.

是的。完全正確。因此，出於多種原因，這對我們來說是一個相當容易的決定。其中之一就是《Black Rifle》，我們的品牌對我們來說就是一切。品牌的定位是我們支持使命以及非常強大的產品質量，這使我們能夠在整個市場上提供超優質的產品。

So any of the categories that we compete in, we put together a flavor or I should say, an ingredient profile that is #1 in the market. We've talked a lot about the quality of beans that we buy for all of our distribution. So we knew the same would be true in energy. We wanted to use the best ingredients. This is why we put together an energy blend that is completely naturally sourced using green coffee beans, other natural extracts.

因此，我們參與競爭的任何類別都會組合出一種口味，或者我應該說，一種在市場上排名第一的成分概況。我們已經討論了很多我們為所有分銷商購買的咖啡豆的品質。所以我們知道能源領域也是如此。我們想使用最好的原料。這就是為什麼我們使用生咖啡豆和其他天然萃取物來製成完全天然的能量混合物。

And the no sugar piece, to your point, that is what our consumers demand right now. They are looking for a product. It's a double-digit growth segment of the category. So again, that was an easy decision. We believe that, that segment will continue to grow.

就您而言，無糖食品正是我們消費者現在的需求。他們正在尋找一種產品。這是該類別中兩位數成長的部分。再說一遍，這是一個簡單的決定。我們相信，該細分市場將繼續成長。

And again, from a flavor standpoint, we've talked about this. That's a much more subjective item. But when we've done testing, each one of our flavors has tested extremely well versus what we would consider to be like products in the rest of the category. So we feel quite confident in the product delivery.

再次，從風味的角度來看，我們已經討論過這一點。這是一個更主觀的項目。但是當我們完成測試時，我們的每種口味都經過了非常好的測試，與我們認為的同類其他產品相比。所以我們對產品交付非常有信心。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you, and we have reached the end of the question-and-answer session. I'll now turn the call over to Chris Monzlowvski for closing remarks.

謝謝大家，問答環節已經結束。現在我將把電話轉給克里斯·蒙茲洛夫斯基 (Chris Monzlowvski) 致閉幕詞。

Awesome. So thanks, everyone, for joining us today. Big day, make sure everyone gets out there and votes. We're very encouraged by the momentum in our business, the wholesale business, our efficiency gains. We're particularly excited about our new partnership, our growing partnership with KDP as we gear up for the energy launch.

驚人的。謝謝大家今天加入我們。重要的一天，確保每個人都出來投票。我們的業務、批發業務的發展動能以及效率的提升讓我們深受鼓舞。我們對我們的新合作夥伴關係感到特別興奮，隨著我們為能源發布做好準備，我們與 KDP 的合作夥伴關係不斷發展。

And we're very much looking forward to being able to share some more detail on this at our ICR event in January. So hopefully, we'll get a chance to see all of you down there. Thanks for the continued support. Everyone, have a great day.

我們非常期待能夠在一月的 ICR 活動中分享更多相關細節。希望我們有機會在那裡見到你們所有人。感謝您一直以來的支持。大家，祝你有美好的一天。

Thank you. This does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開線路。