BRC Inc (BRCC) 2025 Q1 法說會逐字稿

Greetings and welcome to Black Rifle Coffee Company first-quarter 2025 earnings conference call. (Operator Instructions)

問候並歡迎參加 Black Rifle Coffee Company 2025 年第一季財報電話會議。（操作員指示）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Matthew McGinley, Vice President, Investor Relations. Thank you. Please go ahead.

提醒一下，本次會議正在錄製中。現在我很高興介紹您的主持人、投資者關係副總裁馬修‧麥金利 (Matthew McGinley)。謝謝。請繼續。

Good morning, everyone, and thank you for joining Black Rifle Coffee Company's first-quarter 2025 financial results conference call. We released our results yesterday and the press release and related materials are available on our investor relations website at ir.blackrilecoffee.com. Before we begin, I would like to remind you of the company's Safe Harbor statement regarding forward-looking statements.

大家早安，謝謝您參加 Black Rifle Coffee Company 2025 年第一季財務業績電話會議。我們昨天發布了業績報告，新聞稿及相關資料可在我們的投資者關係網站 ir.blackrilecoffee.com 上查閱。在開始之前，我想提醒您注意公司關於前瞻性陳述的安全港聲明。

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. Additionally, this call will include non-GAAP financial measures such as adjusted EBITDA. Whenever we refer to EBITDA, we mean adjusted EBITDA unless otherwise noted. Reconciliation 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.

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。這些聲明是基於涉及風險和不確定性的預期，可能導致實際結果大不相同。有關這些風險的進一步討論，請參閱我們先前向美國證券交易委員會提交的文件。此外，本次電話會議還將包括調整後的 EBITDA 等非 GAAP 財務指標。除非另有說明，每當我們提到 EBITDA 時，我們指的是調整後的 EBITDA。我們的收益報告中包含了非公認會計準則 (non-GAAP) 指標與最直接可比較的公認會計準則 (GAAP) 指標的對賬，該報告已提交給美國證券交易委員會 (SEC)，並可在我們的投資者關係網站上查閱。

Now, please refer to the presentation on our investor relations website and turn to slide 4. I would now like to turn the call over to Chris Mondzelewski, CEO of Black Rifle Coffee Company.

現在，請參閱我們投資者關係網站上的簡報並翻到投影片 4。現在我想將電話轉給 Black Rifle 咖啡公司執行長 Chris Mondzelewski。

Thanks, Matt. Good morning, everyone. Joining me today are Evan Hafer, our Executive Chairman; Steve Kadenacy, our Chief Financial Officer; and Matt McGinley, our Head of Investor Relations.

謝謝，馬特。大家早安。今天與我一起出席的還有我們的執行主席 Evan Hafer、我們的財務長 Steve Kadenacy 和我們的投資者關係主管 Matt McGinley。

When we held our last quarterly call, we discussed the work completed in 2024 to strengthen our business foundation, streamlining operations, investing in infrastructure and building a more agile, efficient organization. These efforts have made us more adaptive to navigate an evolving operating environment, and we are confident in our positioning for 2025 and beyond.

在我們召開上次季度電話會議時，我們討論了 2024 年完成的工作，以加強我們的業務基礎、簡化營運、投資基礎設施並建立更靈活、更有效率的組織。這些努力使我們更能適應不斷變化的營運環境，我們對 2025 年及以後的定位充滿信心。

Our first quarter financial results were in line with expectations and consistent with our full year plan. While we did not anticipate tariffs or a potentially more challenging macro backdrop to start the year, we have built flexibility into our structure to respond effectively to any potential shifts in external conditions.

我們第一季的財務表現符合預期並與我們的全年計劃一致。雖然我們沒有預料到年初會出現關稅或可能更具挑戰性的宏觀背景，但我們已在結構中建立了靈活性，以有效應對外部條件的任何潛在變化。

Looking ahead, our focus remains on positioning the business for long-term growth. We're scaling the brand, deepening our partnerships at retail, and making sure every dollar we invest in the business is working hard for us. That means leaning into what's already working in core categories while also breaking new ground with initiatives like the launch of Black Rifle Energy. Moving to slide 6.

展望未來，我們的重點仍是實現業務的長期成長。我們正在擴大品牌規模，深化零售合作夥伴關係，並確保我們在業務上投入的每一美元都能為我們帶來回報。這意味著要依靠核心類別中已經有效的方法，同時也要透過推出 Black Rifle Energy 等措施開闢新天地。移至幻燈片 6。

In the US food, drug, and mass channels, Nielsen data shows the coffee category declined in unit volume during the first quarter, but overall sales remained positive due to pricing actions taken by sellers across the category. Black Rifle took no pricing actions during the period, but still delivered 21% sales growth, well ahead of the category's 4% increase.

尼爾森數據顯示，在美國食品、藥品和大眾通路中，咖啡類別的銷售量在第一季有所下降，但由於整個類別的賣家採取了定價行動，整體銷售額仍然保持正成長。Black Rifle 在此期間沒有採取任何定價行動，但銷售額仍成長了 21%，遠高於同類產品 4% 的增幅。

In grocery, our distribution as measured by ACV increased by 25 percentage points year over year to reach 45%. Across all tracked channels combined, ACV rose 12 points to 50%. We expect to build on this momentum throughout 2025 through new retail partnerships and expanded shelf presence with existing customers. Moving to slide 7.

在食品雜貨方面，以 ACV 衡量的分銷率年增了 25 個百分點，達到 45%。在所有追蹤的管道中，ACV 上漲了 12 點，達到 50%。我們期望透過新的零售合作夥伴關係和擴大現有客戶的貨架影響力，在 2025 年繼續保持這一勢頭。移至幻燈片 7。

Our direct-to-consumer channel remains a key part of the business, with over 180,000 active subscribers generating two-thirds of the segment's revenue. It gives us direct access to loyal customers, valuable insights, and a platform to test new products while also ensuring brand access where retail distribution is limited. We've made meaningful updates to improve both the subscription and non-subscription experience. Recent upgrades to our website and mobile app have improved functionality, while streamlined onboarding, such as simplified ID.me verification, an automatic promo application has made it easier to subscribe.

我們的直接面向消費者的管道仍然是業務的重要組成部分，超過 180,000 名活躍用戶創造了該部門三分之二的收入。它使我們能夠直接接觸忠實客戶、獲得寶貴的見解以及測試新產品的平台，同時也確保在零售分銷有限的領域能夠接觸到品牌。我們進行了有意義的更新，以改善訂閱和非訂閱體驗。我們網站和行動應用程式的最新升級改進了功能，同時簡化了入職流程，例如簡化的 ID.me 驗證、自動促銷應用程式使訂閱變得更加容易。

For our Coffee Club members, we've launched a new brand portal offering exclusive partner perks, expanded the subscriber store with BRCC gear only available to active members, and are introducing pre-paid subscription options. On the back end, we've shifted to more data-driven merchandizing to guide product assortment, inventory planning, and SKU optimization while staying true to our roots through founder-led product development.

對於我們的咖啡俱樂部會員，我們推出了一個新的品牌門戶，提供獨家合作夥伴特權，擴展了訂閱者商店，為活躍會員提供 BRCC 裝備，並推出了預付費訂閱選項。在後端，我們已轉向更多數據驅動的商品銷售，以指導產品分類、庫存計劃和 SKU 優化，同時透過創始人主導的產品開發忠於我們的根源。

Like many subscription-based DTC businesses, we felt the impact of consumers shifting toward retail purchases, especially as our products have become more widely available in stores. DTC revenue declined 15% in the quarter. Though adjusting for last year's loyalty reserve, the decline was closer to 5%. It's not yet where we want to be, but the actions we've taken are beginning to show encouraging signs of stabilization. Slide 8.

與許多基於訂閱的 DTC 企業一樣，我們感受到了消費者轉向零售購買的影響，尤其是當我們的產品在商店中越來越廣泛地供應時。本季 DTC 營收下降了 15%。儘管根據去年的忠誠度儲備進行了調整，但降幅仍接近 5%。雖然我們還沒有達到我們想要的目標，但是我們採取的行動開始顯示出令人鼓舞的穩定跡象。幻燈片 8。

Our ready to drink coffee business continues to outperform the category, with first quarter sales up 7% in a category that declined 6% according to Nielsen. This growth underscores the strength of our brands and our ability to drive sales even in a contracting market. We've maintained our standing as the third largest RTD coffee brand in the US, with distribution in only half of the available markets. We see significant runway ahead and are using the operational experience we've gained to support our new energy platform. Slide 9.

我們的即飲咖啡業務持續表現優於同類產品，根據尼爾森的數據，第一季的銷售額成長了 7%，而同類產品的銷售額則下降了 6%。這一成長凸顯了我們品牌的實力以及即使在萎縮的市場中我們推動銷售的能力。我們一直保持著美國第三大即飲咖啡品牌的地位，但只在半數可用市場有銷售。我們看到未來的巨大潛力，並正在利用我們獲得的營運經驗來支持我們的新能源平台。幻燈片 9。

We launched Black Rifle Energy into retail in January, and while it was only on shelves for a portion of the quarter, we're encouraged by the early traction. By the end of the first quarter, the product was available in nearly 12,000 retail locations, reaching 21% ACV. Through our partnership with Keurig Dr. Pepper, we have access to a national direct store delivery network covering 180,000 doors.

我們於一月份將 Black Rifle Energy 推向零售市場，雖然它只在本季的一部分時間上上架，但我們對早期的吸引力感到鼓舞。截至第一季末，該產品已在近 12,000 個零售點銷售，ACV 達到 21%。透過與 Keurig Dr. Pepper 的合作，我們可以存取覆蓋 180,000 家門市的全國直銷配送網路。

Over the next two years, we expect to continue expanding our footprint in a disciplined way with a near-term focus on 12 priority markets. We will ramp up energy specific marketing spend to support awareness and trial, particularly in the convenience channel. Our decision to enter the energy category was backed by consumer data showing that 58% of our coffee customers also purchase energy drinks with a significant portion of our media audience consuming only energy.

在接下來的兩年裡，我們預計將繼續以有紀律的方式擴大我們的業務範圍，並在近期內專注於 12 個優先市場。我們將增加能源專案行銷支出，以支援宣傳和試用，特別是在便利管道。我們決定進入能量類別是基於消費者數據的支持，數據顯示，58% 的咖啡顧客也會購買能量飲料，而我們媒體受眾中有相當一部分只消費能量。

While it's a competitive category, it represents a significant addressable market over $20 billion in annual sales. We're pleased with the early momentum and believe this launch lays the foundation for a long-term growth in a high-value category. Before I turn it over to Steve for a deeper dive on the numbers, I want to take a moment to talk about something core to who we are, not just as a business, but as a brand with a mission.

雖然這是一個競爭激烈的類別，但它代表著一個年銷售額超過 200 億美元的重要目標市場。我們對早期的發展動能感到滿意，並相信此次發佈為高價值類別的長期成長奠定了基礎。在我將問題交給史蒂夫進行更深入的數位分析之前，我想花點時間談談我們的核心身份，我們不僅僅是一家企業，更是一個肩負使命的品牌。

In the first quarter, we continued making monetary and product donations to military units and first responder organizations across the US and around the world. That included firehouses, police departments, and deployed units stationed in both expected and unexpected locations, places where a refreshing beverage or a great cup of coffee can make a real difference. We're proud to carry this mission forward into the second quarter with support planned for more than a dozen events and ongoing outreach to those who serve. These efforts aren't side projects. They're fundamental to how we define success.

第一季度，我們繼續向美國和世界各地的軍事單位和急救組織提供資金和產品捐贈。其中包括消防局、警察局以及部署在預期和意外地點的部隊，在這些地方，一杯清涼的飲料或一杯美味的咖啡就能帶來真正的改變。我們很榮幸能夠將這項使命延續到第二季​​度，並計劃為十多個活動提供支持，並持續為服務人員提供支援。這些努力並不是附帶項目。它們是我們定義成功的基礎。

We're building more than a beverage company. We're building a community that stands behind the people who serve. Whether it's a no-no deployment or a fire crew running on fumes, our message is simple. You're not alone, we're with you every step of the way. That commitment is what sets Black Rifle apart. It's what drives loyalty from our customers and pride from our team, many of whom have worn the uniform themselves. This mission is not an initiative, it's a core part of our identity, and it continues to guide everything we do. With that, I'll turn it over to Steve.

我們正在創建的不僅僅是一家飲料公司。我們正在建立一個支持服務人民的社區。無論是禁止部署還是消防隊依靠煙霧運行，我們的資訊都很簡單。你並不孤單，我們會一路陪伴你。正是這種承諾讓 Black Rifle 與眾不同。它激發了客戶的忠誠度和團隊成員的自豪感，其中許多人自己也穿過制服。這項使命不是一項倡議，而是我們身分認同的核心部分，並將繼續指導我們所做的一切。說完這些，我就把麥克風交給史蒂夫。

Thank you, Mondz. I'll start with slide 11. First quarter revenue declined 9% compared to the prior year, primarily due to the impact of $8.5 million in bartered transactions and a $3.4 million benefit from a change in loyalty rewards accruals in the first quarter of 2024. Excluding these items, first quarter revenue increased 4%.

謝謝你，Mondz。我先從第 11 張投影片開始。第一季營收與前一年相比下降了 9%，主要原因是 2024 年第一季 850 萬美元的以物易物交易的影響以及 340 萬美元的忠誠度獎勵累積變動收益。除這些項目外，第一季營收成長了 4%。

Our wholesale segment, which primarily sells packaged coffee and ready to drink beverages to retailers, declined 6% year over year. However, excluding the $8.5 million in non-recurring revenue from last year, sales in this segment grew 9% in the first quarter. New distribution and expanded shelf presence drove a fourfold increase in sales to FDM retailers compared to the prior year. Sales to our largest retail customer grew 3% over the same period.

我們的批發部門主要向零售商銷售包裝咖啡和即飲飲料，比去年同期下降了 6%。然而，不包括去年 850 萬美元的非經常性收入，該部門第一季的銷售額成長了 9%。新的分銷管道和擴大的貨架空間使得 FDM 零售商的銷售額比上一年增長了四倍。我們最大的零售客戶的銷售額在同一時期成長了 3%。

Revenue in our direct-to-consumer segment declined 15% in the first quarter, excluding the $3.4 million dollar impact from the loyalty rewards accrual change in the prior year, the decline was 5%. This was driven by increased retail availability of Black Rifle products, a broader shift in consumer behavior away from direct-to-consumer channels, and our deliberate reallocation of resources towards wholesale. Our outpost segment grew revenue by 2%, driven by higher franchise revenue and continued growth in the average order value from bundling and improved merchandizing. Slide 12.

我們直接面向消費者部門的營收在第一季下降了 15%，不包括上年度忠誠度獎勵累積變化帶來的 340 萬美元的影響，降幅為 5%。這是由於 Black Rifle 產品的零售供應量增加、消費者行為從直接面向消費者的管道轉變以及我們有意將資源重新分配給批發市場所致。我們的前哨部門收入增加了 2%，這得益於特許經營收入的增加以及捆綁銷售和商品推銷改進帶來的平均訂單價值的持續增長。幻燈片 12。

Gross margin declined 680 basis points in the first quarter to 36% of sales. The primary drivers of the decline were a strong 500 basis point impact from increased investment in trade and pricing, 330 basis points from green coffee inflation, and a 200 basis point impact from the change in loyalty rewards. These pressures were partially offset by nearly 400 basis points of benefit from productivity gains and favorable product mix. Slide 13.

第一季毛利率下降 680 個基點，至銷售額的 36%。導致下降的主要因素是貿易和定價投資增加帶來的 500 個基點的強勁影響、生咖啡通膨帶來的 330 個基點的影響以及忠誠度獎勵變化帶來的 200 個基點的影響。這些壓力被生產力提高和有利的產品組合帶來的近400個基點的收益部分抵消。幻燈片 13。

As we suggested in our guidance in March, we expect to generate limited EBITDA in the first half of the year, reflecting the impact of non-recurring revenue in the prior year, the timing of trading and advertising, and revenue gains that are expected to build throughout the year. As a result, adjusted EBITDA declined by $11.6 million compared to the first quarter of last year, reaching approximately $1 million in the first quarter of 2025.

正如我們在 3 月的指引中所建議的那樣，我們預計今年上半年的 EBITDA 將有限，這反映了去年非經常性收入的影響、交易和廣告的時間以及預計全年的收入成長。因此，調整後的 EBITDA 與去年第一季相比下降了 1,160 萬美元，到 2025 年第一季達到約 100 萬美元。

Over the past 18 months, we've made significant progress in driving productivity, enhancing operating efficiency, and directing resources towards the highest return initiatives. As a result, salaries, wages and benefits declined 11% due to reduction in headcount, while G&A expenses fell 23% year over year, driven by lower professional services spend and reductions in corporate infrastructure. Page 15.

在過去的 18 個月裡，我們在提高生產力、增強營運效率和將資源用於最高回報計劃方面取得了重大進展。結果，由於員工人數減少，工資、薪水和福利下降了 11%，而由於專業服務支出減少和公司基礎設施減少，一般及行政費用同比下降了 23%。第 15 頁。

We are maintaining our full year revenue guidance of $395 million to $425 million and continue to expect that the first quarter will represent the low point for revenue with sequential growth throughout the year. This ramp will be supported by ongoing distribution gains in both packaged coffee and energy along with targeted marketing and trade investments to drive awareness and repeat purchases. As a reminder, $30.4 million in revenue from 2024 will not repeat. We cycled $11.8 million of that non-recurring revenue in the first quarter and expect an additional $5.8 million impact in the second quarter.

我們維持全年 3.95 億至 4.25 億美元的營收預期，並繼續預計第一季將是營收的最低點，但全年將實現連續成長。這一成長將得益於包裝咖啡和能源的持續分銷收益以及有針對性的行銷和貿易投資，以提高知名度和重複購買率。需要提醒的是，2024 年的 3,040 萬美元收入將不會重複。我們在第一季循環了 1,180 萬美元的非經常性收入，預計第二季還將產生 580 萬美元的影響。

While we remain confident in the three-year outlook we outlined in January and in the 2025 operating plans shared in March, our previous guidance did not contemplate tariffs. Virtually, all coffee consumed in the US is imported. To help frame the potential impact, we estimate that roughly one-third of our cost of goods sold is tied to imports. The majority of this is green coffee or coffee extracts with a smaller portion related to packaging, apparel, and merchandise. Most of our coffee is sourced from Central America, Brazil, and Colombia.

雖然我們對 1 月份概述的三年展望和 3 月份分享的 2025 年營運計劃仍然充滿信心，但我們先前的指導並未考慮關稅。事實上，美國消費的所有咖啡都是進口的。為了幫助確定潛在影響，我們估計大約三分之一的銷售成本與進口有關。其中大部分是綠咖啡或咖啡萃取物，一小部分與包裝、服裝和商品有關。我們的咖啡大部分來自中美洲、巴西和哥倫比亞。

While the situation remains fluid, we currently estimate the impact of tariffs under the existing framework will be approximately $5 million to EBITDA in 2025. We are taking proactive steps to protect gross margin and our accelerating initiatives to enhance productivity across our supply chain. In addition, we recently implemented a price increase, consistent with actions taken by other packaged coffee manufacturers to offset the significant rise in green coffee prices. Even before tariffs were introduced, prices for high-quality Arabica coffee more than doubled since the beginning of 2024.

儘管情況仍不穩定，但我們目前估計，在現有框架下，關稅對 2025 年 EBITDA 的影響將達到約 500 萬美元。我們正在採取積極措施保護毛利率，並加快措施提高整個供應鏈的生產力。此外，我們最近實施了價格上調，這與其他包裝咖啡製造商為抵消生咖啡價格大幅上漲而採取的行動一致。甚至在徵收關稅之前，優質阿拉比卡咖啡的價格自 2024 年初以來就上漲了一倍多。

We remain mindful of maintaining competitive shelf pricing to support strong retail velocity, so this pricing decision was not made lightly. We expect a modest top line benefit from pricing in the second half of 2025, which will provide a partial offset to the inflationary pressure we are experiencing from green coffee. We now expect gross margins to be in the 35% to 37% range compared to our prior estimate of 37% to 39%.

我們始終注意保持有競爭力的貨架價格以支持強勁的零售速度，因此這個定價決定並不是輕易做出的。我們預計 2025 年下半年定價將帶來適度的收入收益，這將部分抵消我們因生咖啡而經歷的通膨壓力。我們現在預計毛利率將在 35% 至 37% 之間，而先前預計為 37% 至 39%。

Key drivers of the outlook compared to prior year results include at least a 300 basis point impact from green coffee inflation, net of pricing, with the incremental pressure due to higher production volume requiring more purchases at spot rates. A 250 basis point impact from trade investment behind energy and a more normalized promotional cadence. At least a 100 basis point impact from tariffs with nearly all of that expected in the second half of the year. These pressures are expected to be partially offset by at least a 200 basis point benefit from productivity initiatives and a more favorable product mix. While tariffs and green coffee inflation create near-term uncertainty, we remain focused on positioning the business for long-term success.

與去年相比，前景的主要驅動因素包括生咖啡通膨至少 300 個基點的影響（扣除定價），以及由於產量增加而需要以現貨價格進行更多採購而產生的增量壓力。能源貿易投資和更規範的促銷節奏帶來 250 個基點的影響。關稅將帶來至少 100 個基點的影響，預計幾乎所有影響都將在今年下半年顯現。預計這些壓力將被生產力措施和更有利的產品組合帶來的至少 200 個基點的收益部分抵消。儘管關稅和生咖啡通膨造成了短期不確定性，但我們仍然專注於為長期成功定位業務。

Our cost reduction and efficiency initiatives over the past two years have significantly improved margins in cash flow, enabling us to reinvest in the brand and expand into the energy category this year. As part of that effort, we have reviewed our entire cost base and are confident we will achieve $8 million to $10 million in annualized cost savings by streamlining operations and driving continuous improvement. As a direct result of operating expense reductions and additional supply chain productivity, we are maintaining our previous EBITDA guidance of $20 million to $30 million.

過去兩年來，我們採取的成本削減和效率提升措施顯著提高了現金流利潤率，使我們能夠在今年對該品牌進行再投資，並擴展到能源領域。作為這項工作的一部分，我們審查了我們的整個成本基礎，並有信心透過精簡營運和推動持續改進，實現每年 800 萬至 1000 萬美元的成本節約。由於營運費用的減少和供應鏈生產力的提高，我們維持先前的 2,000 萬至 3,000 萬美元的 EBITDA 預期。

To help with modeling, we expect gross margin to be 1 to 2 points lower in the second quarter than the 36% rate in the first quarter, with sequential improvement in the second half as the benefits of pricing and productivity begin to take hold. As previously noted, we anticipate adjusted EBITDA will be limited in the first half with a step up in the back half as revenue builds. We maintain focus on driving operating leverage by tightening, managing gross margins and expenses, ensuring that we can scale efficiently while supporting the long-term growth and resilience of the business.

為了幫助建模，我們預計第二季的毛利率將比第一季的 36% 低 1 到 2 個百分點，隨著定價和生產力的優勢開始顯現，下半年的毛利率將持續改善。如前所述，我們預計上半年調整後的 EBITDA 將受到限制，而下半年隨著收入的增加，調整後的 EBITDA 將有所上升。我們繼續專注於透過收緊、管理毛利率和費用來提高營運槓桿，確保我們能夠有效擴大規模，同時支持業務的長期成長和彈性。

While tariffs were not contemplated in our original plan, we're encouraged by the operational progress so far this year, particularly the early distribution gains for Black Rifle Energy. We remain confident in our ability to deliver both top line growth and adjusted EBITDA in line with the three-year plan we laid out in January. Operator, we are now ready for Q&A.

雖然我們最初的計劃中沒有考慮關稅，但我們對今年迄今為止的營運進展感到鼓舞，特別是 Black Rifle Energy 早期的分銷收益。我們仍然有信心，我們有能力按照我們在一月份制定的三年計劃實現營收成長和調整後的 EBITDA。接線員，我們現在可以進行問答了。

(Operator instructions)

（操作員指示）

Michael Baker, D.A. Davidson.

麥可貝克、D.A.戴維森。

Mr. Baker, your line is live. Please make sure your phone is not on mute.

貝克先生，您的電話已接通。請確保您的手機未處於靜音狀態。

Got it. Sorry, I was on mute. One bigger picture question and then a more specific follow up. Bigger picture, how do you think your business reacts to what looks like an economic slowdown? I suppose on one hand, if things get tough for the consumer, you get a little bit more coffee at home rather than going out to Starbucks or other restaurants. On the other hand, you guys have a little bit of a premium positioning, so do you think you're getting any trade down? Have you seen any kind of trade down? Any sort of view on the consumer right now?

知道了。抱歉，我靜音了。先問一個更大的問題，然後是更具體的後續問題。從更大角度來看，您認為您的企業將如何應對看似經濟放緩的情況？我想，一方面，如果消費者的日子不好過，你可以在家裡多喝一點咖啡，而不是去星巴克或其他餐廳。另一方面，你們的定位有點高端，所以你認為你們的交易量會下降嗎？您有看過任何形式的貿易下滑嗎？對現在的消費者有什麼看法？

Yeah, thanks, Michael. Great question. I think you nailed a component of it already, but just to elaborate a bit on that, we've seen this a number of times in the business. When the economy slows down, what you said is true. We do see a shift of consumers that move from coffee shop to at home coffee, and in those -- in that case, those are coffee heads that want a high-quality product. They tend to shift to super premium brands and we see a tailwind around that. We obviously do have coffee shops, but that's a very small percentage of our portfolio overall versus other brands in a category. So we feel great about that.

是的，謝謝，邁克爾。好問題。我認為您已經掌握了它的一個組成部分，但只是為了詳細說明一下，我們在業務中已經多次看到這種情況。當經濟放緩時，您說的是對的。我們確實看到消費者從咖啡店轉向在家喝咖啡的轉變，在這種情況下，他們是想要高品質產品的咖啡愛好者。他們傾向於轉向超高端品牌，我們看到了這方面的順風。我們確實有咖啡店，但與同類品牌相比，這只占我們整體產品組合的一小部分。因此我們對此感到非常高興。

As far as, the category then within grocery, yes, some of the lower priced brands are doing well, but overall, the category is doing very well. A lot of that is on the back of some of the price increases. But even on a unit standpoint, there's reasonable stabilization in the category even given some of these price increases, and for us, we're seeing our units up 34% across the market in Q1, so we feel great about just the number of Black Rifle products that are being taken home.

就食品雜貨類別而言，是的，一些價格較低的品牌表現良好，但總體而言，該類別表現非常好。其中很大一部分是由於價格上漲造成的。但即使從單位角度來看，即使價格有所上漲，該類別仍保持合理的穩定，對於我們來說，我們看到第一季整個市場的單位增長了 34%，因此我們對 Black Rifle 產品被帶回家的數量感到非常高興。

Okay. Thank you. That makes sense. My more specific question on the outlook on the guidance, a couple of changes, particularly in gross margin, the trade spend and normal promotion, that's now going to be a 250 basis point hit. I think, last quarter, you talked about it being a 150 basis point hit. So are you spending more now than you had originally anticipated and if so, why?

好的。謝謝。這很有道理。我關於指導前景的更具體問題，有幾個變化，特別是在毛利率、貿易支出和正常促銷方面，現在將產生 250 個基點的衝擊。我認為，上個季度您談到了 150 個基點的衝擊。那麼，您現在的支出是否超出了最初的預期？如果是，為什麼？

We're really driving the energy launch on the trade side, although we did have some pricing actions actually price -- pricing down in some of our grocery retailers to drive trial. We don't expect it to be quite as significant over the course of the full year, but it was an impact in the quarter. And then obviously, coffee inflation is a significant piece of that because of the higher volumes that we're driving. We actually had to go out into the spot markets versus utilizing the contracts that we have already in place at lower prices, so that drove some of it.

我們確實在貿易方面推動能源的推出，儘管我們確實採取了一些定價行動——實際上是降低一些雜貨零售商的價格以推動試驗。我們預計它對全年的影響不會那麼顯著，但它對本季產生了影響。顯然，由於我們推動的銷量增加，咖啡價格上漲是其中的一個重要因素。我們實際上必須進入現貨市場，而不是利用我們已經簽訂的較低價格的合同，所以這推動了部分因素。

And then we have in that gross margin full year outlook, we've got some indication in there around tariffs. Which actually should push us to below the midpoint of our EBITDA range. If those do materialize, we think we can make up and keep within the range given our actions within the business to be more efficient and more productive, but those tariffs are another element of it.

然後，我們在全年毛利率展望中對關稅進行了一些預測。這實際上應該會將我們的利潤推至 EBITDA 範圍的中點以下。如果這些確實實現，我們認為我們可以彌補並保持在範圍內，因為我們在業務中採取的行動更有效率、更有生產力，但這些關稅是其中的另一個因素。

Right. But specific to the 2.5 point impact from trade spending and normal promotional cadence, again, I think that was 150 in the fourth quarter report that that's due to the trying to drive -- driving some trial from lower pricing, is that right?

正確的。但具體到貿易支出和正常促銷節奏帶來的 2.5 點影響，我認為第四季度報告中的數字是 150，這是由於試圖透過降低價格來推動一些嘗試，對嗎？

Correct.

正確的。

Sarang Vora, Telsey Advisory Group.

Sarang Vora，特爾西諮詢小組。

Great, thank you for taking the question. My first question is on the energy drink. I mean, very good launch in the last three months on the energy side. Can you share any early feedbacks? I know you talked about positive and the ramp is strong, but any early feedbacks on like, pricing, taste, flavor distribution, that positively surprised you and anything that you know you feel like you can change as the year goes by?

太好了，謝謝你回答這個問題。我的第一個問題是關於能量飲料的。我的意思是，過去三個月在能源方面的進展非常好。能分享一些早期回饋嗎？我知道您談到了積極的方面，而且增長勢頭強勁，但是關於定價、口味、風味分佈等方面的任何早期反饋是否讓您感到驚喜，以及隨著時間的推移，您覺得可以改變什麼嗎？

Hi, Sarang. Yeah, thanks for the question. Yeah, so far, we feel great about the launch. It is early days. We're not in a position to be able to talk to some of the specific numbers around how we're doing in any particular retailer. We're just not far enough into the season yet and deep enough into the distribution, but we are ahead of our expectations, as I mentioned in the prepared comments on distribution at over 20% of the market already.

你好，Sarang。是的，謝謝你的提問。是的，到目前為止，我們對這次發布感覺很好。現在還為時過早。我們無法透露我們在任何特定零售商的業績的具體數字。雖然我們還沒有進入這個季節，分銷也不夠深入，但我們已經超出了我們的預期，正如我在準備好的評論中提到的，我們的分銷份額已經超過 20%。

And just as a reminder, the way we're doing this strategically, so we do have our largest customer in distribution, there will be other food customers and distribution. And then we're focusing from a convenience standpoint in 12 key markets which we're working hand in hand with Keurig Dr. Pepper on not only the regional or national customers in those markets which can be tracked, but many of the sea stores in those markets are what we call up and down the street or UDS convenience stores, and those actually cannot be publicly tracked. So we're -- we will, as we get deeper into the season start to release some information around those customers as well, which you know we'll work hand in hand with Dr. Pepper on.

需要提醒的是，我們採取的策略是，我們在分銷領域擁有最大的客戶，還會有其他食品客戶和分銷商。然後，我們從便利的角度關注 12 個主要市場，我們正與 Keurig Dr. Pepper 攜手合作，不僅關注這些市場中可追踪的區域或國家客戶，而且這些市場中的許多海上商店就是我們所說的街上或街下的 UDS 便利店，這些實際上無法公開追踪。因此，隨著季節的深入，我們也會開始發布一些有關這些客戶的信息，你知道我們將與 Dr. Pepper 攜手合作。

But yes, some of the upfront, non-quantitative feedback is that you know the product is selling well. Marketing programs are just now turning on in those markets. You'll start to see them across those 12 markets. Some of the programs obviously will be national, particularly in our owned media.

但是是的，一些前期的非量化回饋表明你知道該產品賣得很好。這些市場的營銷計劃目前才剛開始。您將開始在這 12 個市場中看到它們。一些節目顯然將是全國性的，特別是在我們自己的媒體上。

And then you asked our product, we feel good about the product. We're tracking this very closely. It's a -- we went after, we talked about this. We went after a very clean flavor profile to match the clean ingredients that we're using in Black Rifle Energy, so we're not putting a lot of the same chemicals that are in other products into our product. And with that clean product delivery, we're getting a very good feedback on a clean, crisp flavor profile. So again, meeting what we intended, but a long way to go.

然後你問我們的產品，我們對產品感覺很好。我們正在密切關注此事。這是一個──我們追查過，討論過這個問題。我們追求一種非常純淨的風味，以配合我們在 Black Rifle Energy 中使用的純淨成分，因此我們不會在我們的產品中添加大量與其他產品相同的化學物質。透過這種乾淨的產品交付，我們獲得了關於乾淨、清爽的風味特徵的非常好的反饋。所以，我們再次達到了預期目標，但還有很長的路要走。

That's great. I love the product, so that's good to hear. Steve, there's a question on your second half guidance, now it includes tariff, there's trade promotion as we talked before, they all stepped up, coffee inflation stepped up, but you maintain the guidance -- EBITDA guidance of $20 million to $30 million. And you know, obviously, the savings went up in the back half of about $8 million to $10 million. Can you share some of the incremental cost saving initiatives or buckets that gives you a greater confidence in achieving the EBITDA range? Thanks.

那太棒了。我很喜歡這個產品，所以聽到這個消息我很高興。史蒂夫，關於你的下半年指引有一個問題，現在它包括關稅，還有我們之前談到的貿易促銷，它們都提高了，咖啡通膨也提高了，但你維持指引——EBITDA 指引為 2000 萬至 3000 萬美元。你知道，顯然，下半年的節省增加了約 800 萬美元至 1000 萬美元。您能否分享一些增量成本節約措施或措施，讓您更有信心實現 EBITDA 範圍？謝謝。

Well, at a high level, Sarang, we can share. I mean, we are always focused on continuous improvements, so a lot of the things that we're focused on are just being more efficient as a business, cutting out inefficiencies that slow us down, being quick to market. We're clearly facing a fair number of headwinds in terms of inflation and tariffs, so I think that just kind of comes with the territory for us.

好吧，Sarang，從高層次來說，我們可以分享。我的意思是，我們始終專注於持續改進，因此，我們關注的許多事情只是提高企業效率，消除阻礙我們前進的低效率，快速進入市場。我們顯然在通貨膨脹和關稅方面面臨相當大的阻力，所以我認為這對我們來說是理所當然的。

I don't want to get into specifics of the 8 to 10 specifically. We will give you more details on that as we go, but it's kind of across the board in terms of the business, largely positioning us so that we can be agile and nimble going forward and continue to scale off a low base. We're already scaling off of our salaries and wages and SG&A costs in general from the prior year, we just think we can do it even better.

我不想具體談論 8 到 10 的具體細節。我們將在後續工作中為您提供更多詳細信息，但就業務而言，這涉及方方面面，主要是為了讓我們能夠在未來保持敏捷和靈活，並繼續在低基數上擴大規模。我們已經從前一年開始削減工資、薪水和銷售、一般及行政費用，我們只是認為我們可以做得更好。

Glenn West, William Blair.

格倫·韋斯特、威廉·布萊爾。

Hey, guys. Glenn West stepping in for John Anderson. I was hoping to touch on the DTC business quickly. I know in the past, we've kind of been talking about approaching a stabilization there, and then, I was down 5% adjusted for those loyalty reserves. I guess I'm curious kind of what strategies are being implemented to kind of further prevent the decline and ultimately get to a more stabilization there in light of kind of the reallocated investment and ad spend away from there.

嘿，大家好。格倫·韋斯特 (Glenn West) 接替約翰·安德森 (John Anderson)。我希望能夠快速談及 DTC 業務。我知道，過去我們一直在談論如何實現穩定，然後，我根據忠誠度儲備金調整了 5%。我想我很好奇正在實施什麼樣的策略來進一步防止下滑，並最終在重新分配投資和廣告支出的情況下實現更穩定的局面。

Yeah. Thanks, Glenn, for the question. So as you called out, this is a part of our business that it declined last year. We know we've talked about how our consumers are shifting from a behavioral standpoint to buying in wholesale, either brick and mortar wholesale or digital wholesale. We feel great about the growth, as I talked about, we've got 34% unit increase, 24% revenue increase, on the wholesale side of our coffee business.

是的。謝謝格倫提出這個問題。正如您所說，這是我們去年業務下滑的一部分。我們知道我們已經討論過我們的消費者如何從行為角度轉向批發購買，無論是實體批發還是數位批發。我們對成長感到非常滿意，正如我所說的，我們的咖啡業務批發方面的單位數量增加了 34%，收入增加了 24%。

For DTC, the idea for us is to create stabilization, which we feel like we've been able to do in Q1. So as you mentioned, 5% after you adjust for the loyalty points decline and that is with less dollars going into that business. As you would expect, we are shifting our spending towards our energy launch towards the continued support of our great coffee business in pods and bags, and of course, our RTD coffee business where we're number three in the market right now.

對於 DTC，我們的想法是創造穩定性，我們覺得我們已經能夠在第一季做到這一點。正如您所說，調整忠誠度積分後，其下降幅度為 5%，這意味著投入該業務的資金減少了。正如您所期望的，我們正在將支出轉向能源投放，以繼續支持我們出色的咖啡膠囊和咖啡袋業務，當然還有我們的即飲咖啡業務，目前我們在市場上排名第三。

With DTC there's less spending, which means you're going to have less folks coming in the front. At the top of the funnel, but we're operating much more efficiently with the folks that are coming in. So with a focus on the mobile app in particular because we know over two-thirds of our consumers are using the mobile app, we've been able to really increase our conversion numbers significantly so that even with a declined number of folks coming in with less spending to drive them in the top of the funnel. We're still able to get close to a stable revenue number.

採用 DTC 後，支出會減少，這意味著前面的人會減少。雖然我們處在漏斗的頂端，但是我們與進來的人的合作效率更高。因此，我們特別關注行動應用程序，因為我們知道超過三分之二的消費者正在使用行動應用程序，我們已經能夠真正大幅提高轉換率，這樣即使用戶數量減少，花費也減少，從而將他們推向漏斗的頂端。我們仍然能夠接近穩定的收入數字。

And most importantly, for us, we are seeing a full stabilization of our subscription business, and those are our most valuable consumers. We love all of our consumers, those that want to subscribe with us, of course, that long-term value for us is significant. So the focus will continue to be on conversion, and in particular, conversion to our subscription-based products. You're going to see more and more benefits for subscribers in order to be able to accept that. And you know, we expect the stabilization to continue through the rest of the year.

最重要的是，對我們來說，我們的訂閱業務正在全面穩定，而這些是我們最有價值的消費者。我們熱愛我們所有的消費者，那些想要訂閱我們服務的消費者，當然，這對我們來說具有重要的長期價值。因此，重點將繼續放在轉換上，特別是轉換到我們的基於訂閱的產品。為了能夠接受這一點，您將會看到訂閱者享受到越來越多的好處。你知道，我們預計這種穩定局面將在今年剩餘時間內持續下去。

George Kelly, Roth Capital Partners.

喬治凱利（George Kelly），羅斯資本合夥公司。

Hey, everybody. Thanks for taking my questions. So a couple of different topics I wanted to cover, the first is just on gross margin. I was hoping you could give a little more detail on the pricing that you took, how much was it? When did you take it? And then secondly, how long or, I guess, how kind of forward green coffee buying that you have under contract, how far does that get you? And kind of how should we think high level about 2026? And I know it's a long time from now, but when do you start sort of buying your 2026 needs?

嘿，大家好。感謝您回答我的問題。所以我想討論幾個不同的主題，第一個是毛利率。我希望您能更詳細說明一下您的定價，是多少？什麼時候拍的？其次，我想，根據合同，您購買綠咖啡的期限是多長，或者說，購買量有多少，能為您帶來多大的幫助？那麼，我們該如何從高層次思考 2026 年呢？我知道這距離現在還有很長一段時間，但是您什麼時候開始購買 2026 年所需的東西呢？

Yeah. No, great questions. On the pricing side, so we're a challenger brand, so we do not lead on the pricing side. So our comments and the prepared comments is about the future, and we plan to take pricing going forward that will largely hit towards the end of the second quarter and into the third and fourth quarter.

是的。不，很好的問題。在定價方面，我們是一個挑戰者品牌，所以我們在定價方面並不領先。因此，我們的評論和準備好的評論是關於未來的，我們計劃採取未來的定價措施，這將在很大程度上影響到第二季末以及第三季和第四季。

We're very meticulous about how we do that. We're looking at the prices of the brands that we're challenging. We want to stay competitive to them, so it really varies depending on whether you're buying bad coffee, ground or pods. We tend to be at a premium to our competitors in the bag, coffee and ground. However, we tend to be more on par relative to the pods. We will continue to do that. So we're pricing against what our competitors are doing, and they've all taken price. So we'll continue to kind of be where we want to be relative to them.

我們對於如何做到這一點非常細緻。我們正在關注我們所挑戰的品牌的價格。我們希望保持競爭力，因此這實際上取決於您購買的是劣質咖啡、研磨咖啡還是咖啡包。我們的袋裝咖啡、咖啡粉和研磨咖啡的價格往往比競爭對手更高。然而，我們相對於豆莢來說更傾向於同等水平。我們將繼續這樣做。因此，我們的定價與競爭對手的定價一致，而他們都採取了相同的定價。因此，我們將繼續保持我們想要相對於他們保持的位置。

We're not going to give you specifics on each category, but we've done a heck of a lot of research around pricing actions and understanding the elasticity of the segment in general, which tends to be quite low, so that we are not putting ourselves at risk. We're in terms of the pricing action to impact our volumes, there could be some, but we think where we're going to end up limits that risk dramatically.

我們不會向您提供每個類別的具體信息，但我們已經對定價行為進行了大量的研究，並了解了整個細分市場的彈性，而彈性往往很低，因此我們不會將自己置於風險之中。就定價行動而言，我們的銷售可能會受到一些影響，但我們認為最終會受到巨大風險的限制。

On the green coffee side, great question. We are about 95% hedged out for 2025. We're happy about that. On average, our competitors, based on our understanding and speaking with folks out there in the coffee market, are about 90 days out, so we're in a better position. Even though there's a 40% increase relative to where we were last year, our competitors are looking at over 100% increase relative to where they were last year. We're already looking out in 2026, it's a complex environment to try to understand, we look at that on a quarter-by-quarter basis and future contracts are priced on a quarter-by-quarter basis.

關於綠咖啡方面，這個問題問得很好。我們對 2025 年的對沖約為 95%。我們對此感到高興。根據我們的了解以及與咖啡市場人士的交流，我們的競爭對手平均落後我們約 90 天，因此我們處於更有利的地位。儘管與去年相比，我們的銷售額成長了 40%，但我們的競爭對手的銷售額卻比去年成長了 100% 以上。我們已經在展望 2026 年，這是一個需要努力去理解的複雜環境，我們會按季度來審視這個問題，未來的合約也是按季度來定價的。

You're generally seeing the prices of those four contracts being lower than what current coffee prices are. The closer you get to Q1, the higher price, the outside of Q1, Q2, 3, and 4, you see the cost of those futures going down. Our intention in 2026 will be to get hedged against whatever plan we put in place and whatever guidance we give the street rather than taking a risk in similar to how we're priced now. So right now, we certainly are staring at higher coffee prices out in 2026, but we continue to look at that on an active basis and we'll limit that risk as we go.

您通常會看到這四份合約的價格低於目前的咖啡價格。越接近 Q1，價格就越高，在 Q1、Q2、3 和 4 之外，你會看到這些期貨的成本下降。我們 2026 年的目標是針對我們制定的任何計劃和給予華爾街的任何指導進行對沖，而不是像現在這樣承擔定價風險。因此，目前我們肯定會看到 2026 年咖啡價格上漲，但我們會繼續積極關注這個問題，並逐步限制這種風險。

Okay, that was helpful. Thank you. And then, second question from me on your FDM business. You gave a lot of numbers that I just had a hard time keeping up with. So I guess the one I was hoping to that you could revisit or expand on, you gave your largest customer, I think, you said was plus 3% in the quarter. Can you give a breakdown on volume and price? Yeah, because I noticed that you lowered price a bit on shelf at least so just wondering kind of how that all shook out.

好的，這很有幫助。謝謝。然後，我的第二個問題是關於您的 FDM 業務。你給了很多數字，我很難跟上。所以我想我希望您能重新審視或擴展一下，您給您最大的客戶，我想，您說的是本季度增長了 3%。您能給出數量和價格的明細嗎？是的，因為我注意到你至少在貨架上降低了一點價格，所以我只是想知道這一切是如何發生的。

And then just broadly, you also gave a growth number for your smaller FDM partners outside of that large customer and I think it was huge, but I maybe missed that. So just if you could give a little bit more about volume and price about both your largest and then the smaller business -- the smaller partners there too, that would be great. Thank you.

然後，從廣義上講，您還給出了除該大客戶之外的小型 FDM 合作夥伴的成長數字，我認為這個數字很大，但我可能錯過了。因此，如果您可以提供更多關於您最大的業務和較小的業務（以及較小的合作夥伴）的產量和價格的信息，那就太好了。謝謝。

Yeah. In general, it is volume and price. We don't get into the details of both at a customer level, but you're right, our largest customer was up 3% net of all of that. And you are also correct that we have had aggressive pricing in that customer against our competitors, and that has paid off and that's the result of that 3% increase. And the rest of FDM, I believe the number we said was we're up 400% in the rest of grocery, and that's largely through the ACD gains -- distribution gains that we've had year over year.

是的。整體來說就是量價齊升。我們不會在客戶層面上討論這兩者的細節，但您說得對，我們最大的客戶的淨利潤增加了 3%。而且您說得對，我們對該客戶採取了比競爭對手更具競爭力的定價，而且這種做法獲得了回報，這就是 3% 漲幅的結果。至於 FDM 的其他業務，我相信我們所說的數字是，我們在其他雜貨業務中的增長了 400%，這主要是透過 ACD 收益（即我們逐年增加的分銷收益）實現的。

I think just to build on Steve's comment, when we look at our delivery, the number I mentioned, you know, earlier in the questions was for the total market. If I look at all the customers combined, our coffee business was up 24% in dollars and 34% in units. And for a brand in our position, we feel great about that.

我認為，基於史蒂夫的評論，當我們查看我們的交付情況時，我之前在問題中提到的數字是針對整個市場的。如果我把所有客戶綜合起來看，我們的咖啡業務以美元計算成長了 24%，以單位計算成長了 34%。對於我們這個地位的品牌來說，我們對此感到非常高興。

To Steve's point, we did sharpen the price in a number of customers promotionally. Obviously, we're taking -- we talked about the base price increase that we're taking on the business. That doesn't mean that we won't sharpen up promotion prices in order to be able to drive trial and we feel great about the effectiveness of that given the 34% increase in units. That's 34% more units being trialed by our consumers. We believe in our product quality, so when that happens, that allows us to build a long-term business.

正如史蒂夫所說，我們確實透過促銷的方式提高了一些客戶的價格。顯然，我們正在採取——我們討論了我們正在採取的業務基本價格上漲。這並不意味著我們不會提高促銷價格以推動試用，考慮到單位數量增加了 34%，我們對此舉的有效性感到非常滿意。這意味著我們的消費者試用的單位數量增加了 34%。我們相信我們的產品質量，因此當產品品質達到一定水平時，我們就能建立長期業務。

And yes, just to further elaborate on Walmart where we feel great about our partnership, they've been -- they're with us since day one, fantastic partners to us. As Steve said, we don't talk in detail about specific numbers, but suffice to say, based off of what continues to be category leading numbers that we have driven year after year, with our largest customer, we have great plans in place for the back part of the year to, continue to be able to increase our expansion of the business, not only through our coffee business, but as we've talked about in energy as well.

是的，為了進一步闡述沃爾瑪，我們對與沃爾瑪的合作關係感到非常滿意，他們從第一天起就一直與我們在一起，是我們非常棒的合作夥伴。正如史蒂夫所說，我們不會詳細談論具體的數字，但可以說，基於我們年復一年與最大客戶一起推動的領先數字，我們為今年下半年制定了很好的計劃，繼續擴大我們的業務擴張，不僅透過我們的咖啡業務，而且正如我們所討論的，在能源領域也是如此。

Joseph Altobello, Raymond James.

約瑟夫‧阿爾托貝洛、雷蒙‧詹姆斯。

Hey, good morning. This is Martin on for Joe. I just want to touch on the pricing and sort of the guide for sales that hasn't moved at all, but you did mention that you took up pricing and that it could provide a modest tailwind to age. So just trying to gauge, was that originally contemplated in the guidance and would that sort of imply maybe lower volumes in the second half, or should we take away that maybe we should just have more confidence in the upper side of that range?

嘿，早安。馬丁代表喬發言。我只想談談定價問題，以及一些銷售指南，這些指南一直沒有改變。不過你確實提到過，你參與了定價研究，這可能會對葡萄酒的陳年起到一定的推動作用。因此，只是想判斷一下，這是否最初在指導中考慮到了，這是否意味著下半年的交易量可能會下降，或者我們是否應該認為我們應該對該範圍的上限更有信心？

I think there's puts and takes as you go through the year. We were always contemplating a potential price increase. We didn't give specifics on what was within that range, but yeah, the put is is the pricing on the revenue side, and you could have some elasticity in that number, but we're taking all of that into account without getting into specifics.

我認為，在這一年中，你會得到和得到一些東西。我們一直在考慮可能的價格上漲。我們沒有具體說明該範圍內的具體內容，但是是的，看跌期權是收入方面的定價，並且該數字可能會有一定的彈性，但我們會將所有這些都考慮在內，而不會具體說明。

Daniel Biolsi, Hedgeye.

丹尼爾·比奧爾西（Daniel Biolsi），Hedgeye。

So for the gross margins, how much of the 510 basis points of trade and price investment was due to the energy drink slotting fees and what was related, if any, to the packaged coffee?

那麼，對於毛利率而言，510 個基點的貿易和價格投資中有多少是由於能量飲料上架費造成的，如果有的話，又有多少與包裝咖啡有關？

A trade and slotting would be almost entirely the energy side of the business.

貿易和上架幾乎完全是業務的能源面。

And plotting feet in particular or?

並且特別繪製腳部或？

Sorry, you're coming in a bit muffled.

抱歉，你說話有點含糊。

Sorry, and that's related to the slotting fee for the energy drinks launch?

抱歉，這與能量飲料上市的上架費有關嗎？

Correct.

正確的。

And then the lag on importing the coffee beans to being sold, is that the 90 days you're talking about?

那麼從進口咖啡豆到銷售的延遲時間，您說的是 90 天嗎？

No, the 90 days was where our competitors seem to be hedged out. We're hedged out almost entirely for the full year based on our discussions with folks within the community of forward purchase contracts. The indication is that in an aggregate our competitors are hedged out about 90 days. In other words, in three months from now, they either have to put in new contracts within that time or they'll be buying at spot rates.

不，這 90 天似乎是我們的競爭對手被淘汰的時期。根據我們與遠期購買合約社區內人士的討論，我們幾乎完全對全年進行了對沖。有跡象表明，我們的競爭對手總體上對沖了約 90 天。換句話說，從現在起三個月內，他們要么必須在該期限內簽訂新合同，要么以現貨價格購買。

When do we start? Like how long does it take for the tariffs before they start running through your cost of goods sold?

我們什麼時候開始？例如，關稅需要多長時間才會開始影響到您的銷售成本？

Third quarter is our expectation.

第三季是我們的預期。

You could see a little bit of it in a second, but we expect that to primarily be into the third quarter.

您可能很快就會看到一點，但我們預計這主要會出現在第三季。

Thank you. At this time, I'd like to turn the floor back over to management for any additional or closing comments.

謝謝。現在，我想將發言權交還給管理層，請他們發表任何補充或結束評論。

Yeah, thanks, everyone, for the great questions. I will just summarize very quickly, tough operating environment right now. We feel great about where our business stands, as we've talked about, for our coffee business, which is the heart and soul of what we do at Black Rifle, we are growing share aggressively across all three segments, all three large segments we operate in, ground coffee, pods, and RTD coffee. We feel great about our expansion into energy. We're going to talk a lot about that next quarter as we have more metrics coming out of the season, but I feel like we're off to a great start.

是的，謝謝大家提出的這些精彩問題。我將很快總結一下當前的艱難經營環境。我們對我們的業務現狀感到非常滿意，正如我們談到的，對於我們的咖啡業務來說，它是 Black Rifle 業務的核心和靈魂，我們在所有三個細分市場的份額都在大幅增長，我們經營的三大細分市場，即研磨咖啡、膠囊咖啡和 RTD 咖啡。我們對向能源領域的擴張感到非常高興。由於本賽季將有更多指標出爐，我們將在下個季度對此進行大量討論，但我覺得我們已經有了一個好的開始。

And then finally, we have a lot of focus on the cost side of our business, which is something that, Steve, myself, the rest of our management team have really been focused on from day one. So this isn't new for us and really given that infrastructure and you know thinking that we've had in the business since day one, we feel very well positioned to be able to take on these additional challenges cost wise that have come our way. So excited about the results and look forward to talking to you next quarter.

最後，我們非常關注業務的成本方面，這也是史蒂夫、我以及我們管理團隊的其他成員從第一天起就一直關注的事情。所以這對我們來說並不新鮮，而且考慮到我們從第一天起就從事這項業務的基礎設施，我們感到非常有能力應對我們遇到的這些額外的成本挑戰。對結果感到非常興奮，並期待下個季度與您交談。

Ladies and gentlemen, thank you for your participation. This concludes today's event. You may disconnect your lines or log off the webcast at this time and enjoy the rest of your day.

女士們、先生們，感謝你們的參與。今天的活動到此結束。現在您可以斷開線路或退出網路廣播，享受剩餘的一天。