Celsius Holdings Inc (CELH) 2018 Q3 法說會逐字稿

Greetings, and welcome to the Celsius Holdings Third Quarter 2018 Earnings Conference Call.

您好，歡迎參加攝氏控股 2018 年第三季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to Cameron Donahue.

我現在想把會議交給卡梅倫·多納休。

Thank you.

謝謝。

Please begin.

請開始。

Thank you.

謝謝。

Good afternoon, everyone.

大家下午好。

We appreciate you joining us today for Celsius Holdings Third Quarter 2018 Earnings Conference Call.

我們感謝您今天參加攝氏控股 2018 年第三季財報電話會議。

Joining me on the call today are John Fieldly, President and Chief Executive Officer; and Edwin Negron, Chief Financial Officer.

今天與我一起參加電話會議的還有總裁兼執行長 John Fieldly；和財務長埃德溫·內格倫（Edwin Negron）。

Following prepared comments, we will open the call to your questions and then instructions will be given at that time.

在準備好意見後，我們將開始電話詢問您的問題，屆時將給予指示。

We have filed our quarterly report with the SEC and issued a press release today.

我們已向美國證券交易委員會提交了季度報告，並於今天發布了新聞稿。

All materials are available on the company's website at celsiusholdingsinc.com under the Investor Relations section.

所有資料均可在公司網站 celsiusholdingsinc.com 的投資者關係部分取得。

As a reminder, before I turn the call over to John, the audio replay will be available later today.

提醒一下，在我將電話轉給約翰之前，音訊重播將於今天晚些時候提供。

Please also be aware that this call may contain forward-looking statements which are based on forecast, expectations and other information available to management as of today, November 8, 2018.

另請注意，本次電話會議可能包含前瞻性陳述，這些陳述基於截至今天（2018 年 11 月 8 日）管理層可獲得的預測、預期和其他資訊。

These statements involve numerous risks and uncertainties, including many that are beyond the company's control.

這些陳述涉及許多風險和不確定性，其中許多風險和不確定性超出了公司的控制範圍。

Except to the extent as required by applicable law, Celsius Holdings undertakes no obligations and disclaims any duty to update any of these forward-looking statements.

除適用法律要求的範圍外，攝氏控股不承擔任何義務，也不承擔更新任何這些前瞻性聲明的義務。

We encourage you to review in full our safe harbor disclosures contained in today's press release and our quarterly filings with the SEC for additional information.

我們鼓勵您完整查看今天的新聞稿中包含的安全港披露以及我們向 SEC 提交的季度文件，以獲取更多資訊。

With that, I'd like turn the call over to President and Chief Executive Officer, John Fieldly, for his prepared comments.

因此，我想將電話轉給總裁兼執行長約翰·菲爾德利（John Fieldly），聽取他準備好的評論。

John?

約翰？

Thank you, Cameron.

謝謝你，卡梅倫。

Good afternoon, everyone, and thank you for joining us today.

大家下午好，感謝您今天加入我們。

During the third quarter, we achieved new record volume levels, and we further increased our footprint with increased distribution and expansion in a multiple other regions across multiple channels.

在第三季度，我們實現了新的銷售水平，並透過多個管道在多個其他地區增加分銷和擴張，進一步擴大了我們的足跡。

Expanding our reach and availability.

擴大我們的覆蓋範圍和可用性。

Our focus and targeted investments in sales and marketing provided returns in the form of increased sales volumes, increased brand awareness and increased availability of our products as we continue to maintain premium pricing.

我們對銷售和行銷的關注和有針對性的投資帶來了回報，即隨著我們繼續保持溢價，銷量增加、品牌知名度提高和產品可用性增加。

These record volume level demonstrates our products are in demand, and our growing consumer base has never been stronger.

這些創紀錄的銷售水準表明我們的產品很受歡迎，而且我們不斷增長的消費者基礎從未如此強大。

For the third quarter, revenue increased 54% to a record $16.6 million.

第三季營收成長 54%，達到創紀錄的 1,660 萬美元。

North America revenues increased 92% to a record $11.4 million, and international revenues increased 7%, driven by reorders in Asia, which were partially offset by a 15% decrease in European revenues, mainly as a result of our Swedish distribution partner returning to more normalized ordering patterns as they have optimized their inventory levels and are cycling new flavor launches when compared to the prior year.

北美收入成長92%，達到創紀錄的1,140 萬美元，在亞洲重新訂購的推動下，國際收入增長7%，但歐洲收入下降15% 部分抵消了這一增長，這主要是由於我們的瑞典分銷合作夥伴恢復了更多訂單。

North America growth was driven from reorders from new accounts such as Target, CVS and Wawa, which we began sell-through during the quarter.

北美的成長是由 Target、CVS 和 Wawa 等新客戶的再訂購所推動的，我們在本季開始銷售這些客戶。

In addition, we experienced strong growth from existing accounts as a result of the expansion in our consumer base and demand for our products.

此外，由於我們的消費者基礎和產品需求的擴大，我們的現有客戶實現了強勁成長。

Our production has returned to more normalized traditional levels, following the challenges we face during the second quarter as we continue to add additional co-packers to alleviate bottlenecks and lay the foundation for accelerated growth.

繼第二季面臨的挑戰之後，我們的生產已恢復到更正常化的傳統水平，我們繼續增加更多的代加工廠以緩解瓶頸並為加速成長奠定基礎。

Third quarter reflects strong demand as we continue to capitalize on today's global health and wellness trends, targeting active health-minded consumers.

第三季反映了強勁的需求，因為我們繼續利用當今的全球健康和保健趨勢，瞄準積極關注健康的消費者。

These growing trends are present in every market, and the continued solid execution of our strategy to increase demand through a diversity of channels and geographic location continues to drive significant results.

這些成長趨勢存在於每個市場，我們持續紮實地執行透過多元化管道和地理位置增加需求的策略，並繼續推動取得顯著成果。

Most notably, we significantly expanded our presence in China with broader distribution to the modern trade through our previously established partner, Qifeng Food Technology, a national wholesale distributor of food and beverages.

最值得注意的是，我們透過先前建立的合作夥伴奇豐食品科技（一家全國性食品和飲料批發分銷商），顯著擴大了我們在中國的業務，並更廣泛地分銷到現代貿易。

As you may recall, we began our partnership with Qifeng Food's more than a year ago when we initially entered China market with placements in small select channels across Tier 1 cities including Beijing, Guangzhou and Shenzhen as well as more than 30 other small markets across 14 provinces.

您可能還記得，一年多前，我們開始與奇峰食品建立合作夥伴關係，當時我們最初進入中國市場，在北京、廣州和深圳等一線城市以及14 個國家/地區的30 多個其他小型市場進行了投放。

The majority of our placements were in smaller, less mainstream retailers, albeit the consumer response was overwhelmingly positive.

儘管消費者反應極為積極，但我們的大部分展示位置都在規模較小、不太主流的零售商中。

With their network of distributors, national expertise and proven ability to execute operationally, Qifeng Foods has successfully placed CELSIUS in more than 45 cities across 33,000 locations across China, including 15,000 key accounts.

憑藉其經銷商網路、全國性的專業知識和經過驗證的營運執行能力，旗豐食品已成功將 CELSIUS 推廣到中國超過 45 個城市的 33,000 個地點，其中包括 15,000 個大客戶。

Achieving broader distribution with larger retailers in China is a significant milestone in our efforts to increase product availability internationally.

與中國大型零售商實現更廣泛的分銷是我們努力提高產品國際供應量的一個重要里程碑。

And we are positioning CELSIUS as a global beverage leader for active health-minded consumers.

我們將 CELSIUS 定位為全球飲料領導者，為注重健康的消費者服務。

With our investment of more than $8 million in the Asian markets to date, we have established a local infrastructure, including distribution, sales, marketing and operational logistics that will support exponential growth as we continue to strengthen our foothold in the region.

迄今為止，我們在亞洲市場的投資已超過 800 萬美元，已經建立了本地基礎設施，包括分銷、銷售、營銷和營運物流，這將支持我們繼續加強在該地區的立足點，實現指數級增長。

As we look into 2019, we are exploring further opportunities to partner with local influential strategic partners to further leverage our established operations, local infrastructure and local subsidiaries as well as further leveraging our existing local established networks to capitalize on today's health and wellness trends in the region, driving further availability and awareness for CELSIUS.

展望2019 年，我們正在探索與當地有影響力的戰略合作夥伴合作的更多機會，以進一步利用我們現有的業務、當地基礎設施和當地子公司，並進一步利用我們現有的當地網絡，以利用當今健康和保健趨勢地區，進一步推動 CELSIUS 的可用性和認知度。

Domestically, we have impressive gains in new distribution with placements on the energy drink shelves in Target, a key national retailer, broadening our national footprint.

在國內，我們在全國主要零售商塔吉特 (Target) 的能量飲料貨架上進行了新分銷，取得了令人矚目的成果，擴大了我們的全國足跡。

Additionally, our convenience store channel expansion continues with notable retailers such as Wawa, 7-Eleven, Sunoco, Circle K along with many others where we're seeing excellent product acceptance.

此外，我們的便利商店通路繼續擴張，與 Wawa、7-11、Sunoco、Circle K 等知名零售商以及許多其他零售商合作，我們在這些零售商中看到了出色的產品接受度。

Celsius also saw a key expansion during the quarter at CVS, which provides significant opportunity for future growth and national exposure.

CVS 在本季也實現了重大擴張，這為未來的成長和全國曝光提供了重要機會。

With Target, initial placements included 3 SKUs; Sparkling Orange, Peach Mango and Sparkling Watermelon in single-serve 12-ounce cans now in more than over 1,000 of the over 1,800 location Target stores throughout the nation.

Target 的初步投放包括 3 個 SKU；單份 12 盎司罐裝的氣泡橙、桃子芒果和氣泡西瓜現已在全國 1,800 多家 Target 商店中的 1,000 多家出售。

Achieving placements at such a high profile, esteemed retailer as Target, our brand -- takes our brand recognition to the next level.

在像我們的品牌 Target 這樣備受矚目、受人尊敬的零售商中獲得展示機會，將我們的品牌知名度提升到了一個新的水平。

Target's focus on health-minded conscious millennials strategically aligns with one of our top audiences we are aiming to reach.

Target 對具有健康意識的千禧世代的關注在策略上與我們的目標受眾之一是一致的。

The initial launch exceeded our expectations, and the buyer is already making plans to add additional flavors.

最初的推出超出了我們的預期，買家已經計劃添加更多口味。

In addition, during the quarter, we drove continued momentum in existing accounts, which was one of the key drivers of our growth in North America during the third quarter.

此外，在本季度，我們推動了現有客戶的持續成長勢頭，這是我們第三季度北美業務成長的關鍵驅動力之一。

Domestic sales was a record $11.4 million, which was up 92% year-over-year as a direct result of the work we are doing to increase brand awareness through our strategic investments in sales and marketing.

國內銷售額達到創紀錄的 1,140 萬美元，年增 92%，這直接歸功於我們透過銷售和行銷方面的策略性投資來提高品牌知名度。

We remain at record levels of production, and this, coupled with our strong network of distributors, puts us in the prime position for a strong finish in 2018.

我們的產量保持在創紀錄的水平，再加上我們強大的經銷商網絡，使我們處於有利地位，能夠在 2018 年取得強勁業績。

We continue to focus on optimizing our routes to market in key regions with strong partners, where we have ongoing discussions with major distribution networks, which we are looking to leverage in 2019 as we continue to expand our footprint and availability.

我們繼續專注於與強大的合作夥伴一起優化我們在關鍵地區的市場路線，我們與主要分銷網絡進行持續討論，我們希望在 2019 年繼續擴大我們的足跡和可用性，利用這些網絡。

In addition, during the quarter, we continued to target consumers with a live, work and play, and our CELSIUS Original's core line was added over 5,000 vending machines in micromarkets of national refreshment solution providers, leading a new wave of healthy energy via the vending channel.

此外，本季我們持續瞄準住、工作、玩的消費者，CELSIUS Original核心線在全國茶點解決方案提供商微店新增超過5000台自動販賣機，引領健康能量新浪潮通路。

Placement in the vending channel provides additional exposure to new customers while allowing customers to try a single-serve cold can of CELSIUS.

放置在自動販賣機通道可以增加新顧客的接觸機會，同時讓顧客嘗試單份冷罐 CELSIUS。

Opportunities in this channel are showing significant upside.

該管道的機會顯示出顯著的上升空間。

Initial feedback has been extremely positive, and we are exceeding our partner's expectations in both micromarkets and glass front vending.

最初的回饋非常積極，我們在微型市場和玻璃自動販賣機方面都超出了合作夥伴的期望。

With a dedicated team focused on growing this channel, we view vending as a key channel for future sales growth.

我們有一支專注於發展該通路的專門團隊，我們將自動販賣機視為未來銷售成長的關鍵管道。

It is yet another avenue for reaching consumers with a live, work and play.

這是接觸消費者生活、工作和娛樂的另一途徑。

Our products are perfect for the vending channel, who are demanding healthier energy options at work, on the go and on campus.

我們的產品非常適合自動販賣機管道，他們在工作、旅途中和校園中需要更健康的能源選擇。

As previously mentioned, the increases in North America and Asia were partially offset by a 15% decrease in European revenues, mainly as a result of our Swedish distribution partner returning to more normalized ordering patterns and as they have optimized their inventory levels and are cycling new flavors when compared to the prior year, although our distribution partner continued to see positive sales growth.

如前所述，北美和亞洲的成長被歐洲收入下降 15% 部分抵消，這主要是由於我們的瑞典分銷合作夥伴恢復了更標準化的訂購模式，並且他們優化了庫存水平並正在循環使用新產品。儘管我們的分銷合作夥伴的銷售繼續實現積極增長，但與前一年相比，口味仍保持增長。

We remain encouraged by the near-term prospect of adding several new key retailers to expand our distribution in Finland and Norway this year, which we believe will further our penetration and availability in those markets.

我們仍然對今年增加幾家新的主要零售商以擴大我們在芬蘭和挪威的分銷的近期前景感到鼓舞，我們相信這將進一步提高我們在這些市場的滲透率和可用性。

Our military channel continues to exceed our distributors' and buyers' expectations.

我們的軍事管道繼續超越經銷商和買家的期望。

They are currently selling over 16,000 units per week, and the forward sales trajectory continues to trend upward for this channel.

目前，他們每週的銷量超過 16,000 件，而該通路的預期銷售軌跡持續呈上升趨勢。

Demand for healthy, functional energy sets remain robust.

對健康、功能性能量組合的需求仍然強勁。

Our SPINS IRI data as of September 9, 2018, provides definitive proof and points that demand for our products in particular in the line of -- is in line with market trends.

截至 2018 年 9 月 9 日，我們的 SPINS IRI 數據提供了明確的證據並指出，我們的產品（尤其是以下產品線）的需求符合市場趨勢。

The convenience channel market has growth of over 5.8% over the past 12 months, which compares to our growth with CELSIUS at a 41.8% growth rate in the same market.

便利通路市場在過去 12 個月的成長率超過 5.8%，而我們與 CELSIUS 在同一市場的成長率為 41.8%。

We are outpacing the category growth in the convenience channel by a measure of 7.

我們比便利通路的品類成長快了 7 個百分點。

We remain highly active with our sales and marketing initiatives, including programs during the quarter such as Tough Mudder, a series of competitive events for a range of athletic performances from beginner to the elite, with courses engineered for teamwork, where we attended over 18 events during the quarter and sampled over 75,000 health-minded consumers.

我們仍然高度積極地開展銷售和行銷活動，包括本季度的項目，例如Tough Mudder，這是一系列針對從初學者到精英的一系列運動表現的競技活動，課程專為團隊合作而設計，我們參加了超過18 場活動該季度對超過 75,000 名註重健康的消費者進行了抽樣調查。

Our marketing activities are in full swing with multiple events each and every weekend, with demonstrations and weekly guerilla sampling programs taking place between events.

我們的行銷活動正在如火如荼地進行，每個週末都會舉辦多項活動，並在活動之間進行演示和每週遊擊採樣計劃。

Through our targeted guerilla sampling events, we sampled over 150,000 consumers this year and growing.

透過我們有針對性的遊擊抽樣活動，今年我們對超過 15 萬名消費者進行了抽樣調查，而且這一數字還在增加。

In addition, our team attended multiple consumer and trade events including Mr. Olympia in Vegas, where we sampled an additional 12,000 health-minded consumers.

此外，我們的團隊也參與了許多消費者和貿易活動，包括在拉斯維加斯舉行的 Mr. Olympia，我們在會上對另外 12,000 名註重健康的消費者進行了抽樣調查。

Sequentially, to the end of the quarter, we added an additional Executive Vice President of Marketing, Matt Kahn, to serve for the company and lead our marketing initiatives.

隨後，到本季末，我們又增加了一位行銷執行副總裁馬特·卡恩 (Matt Kahn)，為公司服務並領導我們的行銷計劃。

He brings over 20 years of marketing experience to Celsius, having served a majority of his career in the beverage industry for companies with great brands such as Coca-Cola, glacéau vitaminwater, smartwater, Powerade and Heineken as well.

他為攝氏度帶來了 20 多年的行銷經驗，職業生涯的大部分時間都在飲料行業，為擁有可口可樂、glacéau Vitaminwater、smartwater、Powerade 和 Heineken 等知名品牌的公司服務。

And he has a proven track record of building brands, driving innovation and motivating teams to deliver exceptional results.

他在打造品牌、推動創新和激勵團隊取得卓越成果方面擁有良好的記錄。

And he has an impressive outlook for our future.

他對我們的未來有著令人印象深刻的展望。

We're excited for him to join our team.

我們很高興他加入我們的團隊。

The momentum of our business is continuing to accelerate with significant progress being made to expand distribution, increase brand awareness through our targeted and proactive marketing campaigns and management of production and cost of goods, all against a backdrop of increased consumer demand.

在消費者需求增加的背景下，我們的業務勢頭持續加速，在擴大分銷、透過有針對性和主動的行銷活動以及生產和商品成本管理來提高品牌知名度方面取得了重大進展。

We are encouraged by our progress we are making and energized by the opportunity before us.

我們對所取得的進步感到鼓舞，並因擺在我們面前的機會而充滿活力。

I look forward to providing you further additional updates as we head towards a strong 2018 finish.

在我們邁向 2018 年圓滿收官之際，我期待為您提供進一步的更新資訊。

I will now turn the call over to Edwin Negron-Carballo, Chief Financial Officer, for his prepared remarks.

我現在將把電話轉給財務長 Edwin Negron-Carballo，聽取他準備好的演講。

Edwin?

埃德溫？

Thank you, John.

謝謝你，約翰。

Total revenue for the third quarter of 2018 was a record $16.6 million compared to $10.8 million in the third quarter of 2017, which translates to a significant increase of 54%.

2018 年第三季的總營收達到創紀錄的 1,660 萬美元，較 2017 年第三季的 1,080 萬美元大幅成長 54%。

By geography, North American sales were up a robust 92% year-over-year from $5.9 million in the third quarter of 2017 to $11.4 million in the third quarter of this year.

按地區劃分，北美銷售額年增 92%，從 2017 年第三季的 590 萬美元增至今年第三季的 1,140 萬美元。

This increase was mainly due to growth in existing accounts and distribution expansion.

這一增長主要是由於現有帳戶的成長和分銷擴張。

In Asia, sales also increased considerably from $362,000 in the year ago quarter to $1.4 million in the current period, an increase of 273% due primarily to the recent modern trade launch that John discussed.

在亞洲，銷售額也大幅增長，從去年同期的 362,000 美元增至本期的 140 萬美元，增長了 273%，這主要歸功於 John 討論的最近推出的現代貿易。

The strengthening of North American and Asian sales was partially offset by a slight decrease of -- in revenue of 3% pertaining to other international regions and a 50% decrease in revenue in Europe as a result of our principal European distributor lowering their inventory levels, timing delays regarding launch of new flavors and discontinuation of certain other flavors.

北美和亞洲銷售的強勁增長被其他國際地區收入小幅下降 3% 以及歐洲主要經銷商降低庫存水平導致歐洲收入下降 50% 所部分抵消，新口味的推出和某些其他口味的停產的時間延遲。

The net increase in revenues was driven by higher sales volumes as opposed to increases in product pricing.

收入淨成長是由銷售增加而非產品定價上漲所推動的。

Gross profit dollars for the third quarter of 2018 increased by a healthy 47% to $6.9 million, up from $4.7 million in the year ago quarter.

2018 年第三季的毛利健康成長 47%，達到 690 萬美元，高於去年同期的 470 萬美元。

In contrast, gross profit margin slightly decreased to 41.5% in 2018 when compared to the prior year results of 43.3%.

相較之下，2018 年毛利率略有下降至 41.5%，而去年同期為 43.3%。

The increase in gross profit dollars was mainly attributable to increase in sales volume, while the decrease in gross profit margin was mainly attributable to increases in promotional allowances, slotting charges and increase in production and repackaging costs.

毛利率增加主要由於銷售增加，而毛利率下降主要由於促銷津貼、進場費以及生產和重新包裝成本增加。

Selling and marketing expenses for the quarter ended September 30, 2018, were $8.7 million compared to $4.7 million in the year ago quarter, an increase of 84%.

截至 2018 年 9 月 30 日的季度銷售和行銷費用為 870 萬美元，較去年同期的 470 萬美元成長 84%。

The increase is due primarily to marketing investments to continue to build our brand, particularly in the China market and investments in employee costs.

這一成長主要是由於繼續打造我們品牌的行銷投資（特別是在中國市場）以及員工成本投資。

Regarding general and administrative expenses for the third quarter of 2018, they amounted to $2.3 million compared to $1.6 million for the year ago quarter, an increase of 47%.

2018 年第三季的一般及管理費用為 230 萬美元，較上年同期的 160 萬美元成長 47%。

The increase was primarily due to an increase in stock-based compensation of $552,000 when compared to Q3 for 2017 as well as increases in employee costs of $129,000 and increase in professional fees of $91,000, which were partially offset by savings of $44,000 in other administrative areas.

這一增長主要是由於與2017 年第三季度相比，股票薪酬增加了552,000 美元，以及員工成本增加了129,000 美元，專業費用增加了91,000 美元，但其他行政領域節省的44,000 美元部分抵消了這一增加。

Net loss to common stockholders for the third quarter of 2018 was $4.2 million or $0.08 per share compared to $1.7 million or $0.04 per share for the corresponding period last year.

2018 年第三季普通股股東淨虧損為 420 萬美元，即每股 0.08 美元，去年同期為 170 萬美元，即每股 0.04 美元。

These losses included preferred dividends of approximately $44,000 for the third quarter of 2018 and $92,000 for the third quarter of 2017.

這些損失包括 2018 年第三季約 44,000 美元的優先股股息和 2017 年第三季約 92,000 美元的優先股股息。

Operating expenses for the third quarter of 2018 included noncash charges, such as depreciation, amortization and stock-based compensation, for a total of $1.3 million compared to $734,000 for the third quarter of 2017.

2018 年第三季的營運支出包括折舊、攤提和股票薪酬等非現金費用，總計 130 萬美元，而 2017 年第三季為 734,000 美元。

As such, adjusted EBITDA for the third quarter of 2018 was a loss of $2.9 million, which included $5.1 million related to investments in our product launch in China and distribution expansion in Hong Kong.

因此，2018 年第三季調整後 EBITDA 為虧損 290 萬美元，其中包括與我們在中國推出產品和在香港分銷擴張的投資相關的 510 萬美元。

Excluding the investment in Asia, adjusted EBITDA was a positive $2.2 million, a significant improvement year-over-year compared to $1.1 million in 2017.

不包括在亞洲的投資，調整後的 EBITDA 為正 220 萬美元，與 2017 年的 110 萬美元相比，年比顯著改善。

We believe this information and comparisons of adjusted EBITDA and other non-GAAP financial measures enhance the overall understanding and visibility of our true business performance.

我們相信這些資訊以及調整後 EBITDA 和其他非 GAAP 財務指標的比較可以增強我們對真實業務績效的整體理解和可見性。

To that effect, a reconciliation of our GAAP results to non-GAAP figures has been included in our earnings release.

為此，我們的 GAAP 業績與非 GAAP 數據的調整已包含在我們的收益發布中。

Now turning to our year-to-date results.

現在轉向我們今年迄今為止的結果。

For the first 9 months of 2018, revenues increased a solid 40% from $27 million to $37.9 million in this year.

2018 年前 9 個月，營收穩定成長 40%，從 2,700 萬美元增至 3,790 萬美元。

The increase was a result of strong growth in North American sales revenue of $10.6 million when compared to the same period for 2017.

這一成長是由於北美銷售收入較 2017 年同期強勁增長 1,060 萬美元。

Revenue from Asia and other markets also reflected an increase of approximately $2.4 million when compared to the same period in 2017.

與 2017 年同期相比，來自亞洲和其他市場的收入也增加了約 240 萬美元。

These increases were partially offset by a decrease in our European revenue of 23%.

這些成長被我們歐洲收入下降 23% 所部分抵消。

Here again, the increase -- the net increase in revenues was driven by additional sales volume as opposed to increases in product pricing.

同樣，收入的淨成長是由銷售增加所推動的，而不是產品定價的成長。

Gross profit dollars for the first 9 months of 2018 increased by a solid 34% from $11.6 million to $15.6 million for the 9 months ended September 30, 2018.

截至 2018 年 9 月 30 日止的 9 個月，2018 年前 9 個月的毛利從 1,160 萬美元成長了 34%，達到 1,560 萬美元。

Gross profit margins decreased to 41.2% in 2018 from 43% for the same period in 2017.

毛利率從2017年同期的43%下降至2018年的41.2%。

The increase in gross profit dollars is primarily attributable to increases in sales volume, while the decrease in gross profit margin is mainly related to increases in promotional allowances, slotting charges and increase in production and repacking costs.

毛利率的增加主要由於銷售量的增加，而毛利率的下降主要與促銷津貼、進場費用的增加以及生產和重新包裝成本的增加有關。

Sales and marketing expenses increased by $9.2 million during the first 9 months of 2018 to $18.4 million when compared to $9.3 million in 2017.

2018 年前 9 個月，銷售和行銷費用增加了 920 萬美元，達到 1,840 萬美元，而 2017 年為 930 萬美元。

The increase is primarily due to marketing program investments including China investment of $8.1 million as well as increases in human resources investments in both marketing and the sales areas.

這一成長主要是由於行銷計劃投資，包括在中國的 810 萬美元投資，以及行銷和銷售領域人力資源投資的增加。

General and administrative expenses for the 9 months ended September 30, 2018, were approximately $7.4 million, an increase of $2.2 million from $5.3 million for the 9 months ended September 30, 2017.

截至2018年9月30日止9個月的一般及行政費用約為740萬美元，較截至2017年9月30日止9個月的530萬美元增加220萬美元。

The increase in general and administrative costs is mainly related to the increase in stock-based compensation, the settlement of a territorial dispute with a distributor and an increase in research and development costs, which were partially offset by savings in other areas.

一般和行政成本的增加主要與股票薪酬的增加、與經銷商的領土爭端的解決以及研發成本的增加有關，這些成本被其他領域的節省部分抵消。

Below the operating line, other expenses, which mainly relate to interest expense, were basically flat year-over-year at $123,000 for the first 9 months of 2018 compared to $122,000 for the first 9 months of 2017.

在營業線以下，其他費用（主要與利息費用相關）與 2018 年前 9 個月基本持平，為 123,000 美元，而 2017 年前 9 個月為 122,000 美元。

The net loss attributed to common stockholders for the first 9 months of 2018 was $10.5 million or a loss of $0.21 per share compared to a net loss of $3.3 million or $0.08 per share for the year-ago period.

2018 年前 9 個月歸屬於普通股股東的淨虧損為 1,050 萬美元，即每股虧損 0.21 美元，而去年同期的淨虧損為 330 萬美元，即每股虧損 0.08 美元。

Operating expenses for the first 9 months of 2018 included noncash charges for depreciation, amortization and stock-based compensation totaling approximately $3.4 million compared to $2.4 million in the 9 months of 2017.

2018 年前 9 個月的營運支出包括折舊、攤提和股票薪酬等非現金費用，總計約 340 萬美元，而 2017 年前 9 個月的營運支出為 240 萬美元。

Adjusted EBITDA for the first 9 months of 2018 was a negative $6 million, which included $8.1 million of expenses related to a product launch in Asia and onetime expenses mainly pertaining to a settlement of a lawsuit with a former distributor of approximately $1 million.

2018 年前 9 個月的調整後 EBITDA 為負 600 萬美元，其中包括與在亞洲推出產品相關的 810 萬美元費用以及主要與與前分銷商達成訴訟和解有關的一次性費用約 100 萬美元。

Excluding the Asia investment and onetime charges, we delivered a positive non-GAAP adjusted EBITDA of $2.1 million for the 9 months of 2018.

不包括亞洲投資和一次性費用，我們在 2018 年 9 個月實現了 210 萬美元的非 GAAP 調整後 EBITDA。

Now turning to the balance sheet.

現在轉向資產負債表。

As of September 30, 2018, the company had cash of $5.3 million and working capital of $16.3 million.

截至2018年9月30日，該公司擁有現金530萬美元，營運資金1,630萬美元。

This compares to $14.2 million in cash and working capital of $20.6 million as of December 31, 2017.

相較之下，截至 2017 年 12 月 31 日，現金為 1,420 萬美元，營運資金為 2,060 萬美元。

We continue to have good turns in our working capital with good margins.

我們的營運資金持續保持良好的成長，利潤率也很高。

As such, we continue to believe that our current cash balance and the results of operations will deliver sufficient liquidity to meet our anticipated cash needs during the next 12 months.

因此，我們仍然相信，我們目前的現金餘額和經營業績將提供足夠的流動性，以滿足我們未來 12 個月的預期現金需求。

Cash used in operations for the first 9 months of 2018 totaled $9 million.

2018 年前 9 個月營運中使用的現金總額為 900 萬美元。

The use of cash in 2018 is mainly related to increased operational losses, driven by high levels of investment in product launches and marketing initiatives primarily in Asia.

2018 年現金使用主要與營運虧損增加有關，這是由於對主要在亞洲的產品發布和行銷活動的高額投資所推動的。

That concludes our prepared remarks.

我們準備好的演講到此結束。

Operator, you may now open the call for questions.

接線員，您現在可以發起提問。

Thank you.

謝謝。

(Operator Instructions) Our first question comes from the line of Jeff Van Sinderen with B. Riley.

（操作員說明）我們的第一個問題來自 Jeff Van Sinderen 和 B. Riley 的線路。

John, can you speak a little bit more about the domestic sell-through trends?

約翰，您能多談談國內的銷售趨勢嗎？

Maybe delve into the rollout with CVS and Target, and I guess how those are going, and how the door count might evolve in the future there?

也許深入研究 CVS 和 Target 的推出，我猜這些進展如何，以及未來門數可能會如何發展？

Yes, absolutely, Jeff.

是的，絕對是，傑夫。

For the quarter, we saw great sell-through.

在本季度，我們看到了巨大的銷售量。

Fairly all of our channels are showing extremely strong sell-through, and Target and CVS has been a great opportunity for us this year in 2018, where we initially launched, as we call it, a smaller test last quarter in regards to about 500 stores.

幾乎我們所有的管道都表現出了極其強勁的銷售能力，Target 和CVS 今年對我們來說是一個很好的機會，在2018 年，我們最初在上個季度針對約500 家商店推出了我們所說的較小測試。

Target has expanded us further.

Target 進一步擴大了我們的規模。

We're in over 1,000 stores today.

目前我們的門市數量已超過 1,000 家。

There is a lot of opportunity to continue to scale in 2019.

2019年有很多繼續擴大規模的機會。

We see Target as a great partner for us, a great national footprint to capitalize on.

我們將塔吉特視為我們的重要合作夥伴，我們在全國範圍內的足跡值得充分利用。

And we're getting great interest and seeing good takeaways on the product.

我們對該產品產生了極大的興趣並看到了很好的收穫。

So we see Target as a great long-term partner.

因此，我們認為塔吉特是一個很好的長期合作夥伴。

We had very strong sell-through throughout the quarter, and the same goes with CVS.

我們整個季度的銷售量都非常強勁，CVS 也是如此。

CVS, we're in 500 -- about 550 locations and growing.

CVS，我們擁有 500 至 550 個地點，並且還在增加。

We do have buyer resets coming up.

我們確實即將進行買家重置。

We've gone through the year-end reviews, and it looks extremely positive to continue to partner with them towards the -- really towards 2019 as we look to move forward.

我們已經完成了年終審查，在我們期待前進的過程中，繼續與他們合作，實際上是在 2019 年，這看起來非常積極。

And we're also actively speaking with other vendors in that drug channel as well, where we see great opportunity, really targeting that health-minded consumer.

我們也積極與該藥品管道的其他供應商進行對話，我們看到了巨大的機會，真正針對注重健康的消費者。

Okay, great.

好的，太好了。

And then I know you added marketing talent recently.

然後我知道您最近增加了行銷人才。

Just wondering any early thoughts on how you might evolve your marketing plans?

只是想知道您對如何制定行銷計劃有什麼早期想法嗎？

Yes.

是的。

We did bring on Matt Kahn to the marketing team.

我們確實邀請了馬特·卡恩加入行銷團隊。

He has over 20 years of experience, as I previously stated.

正如我之前所說，他擁有 20 多年的經驗。

He is a great addition to the team.

他是團隊的重要補充。

He has a proven track record of building brands, driving innovation and really motivating teams to deliver exceptional results.

他在打造品牌、推動創新和真正激勵團隊取得卓越成果方面擁有良好的記錄。

So we'd look -- you won't see anything drastic, any changes.

所以我們會看——你不會看到任何劇烈的變化。

We have a firm foundation that has been laid.

我們已經奠定了堅實的基礎。

Vanessa Walker, just thank her for her services and dedication to the company.

凡妮莎·沃克（Vanessa Walker），感謝她對公司的服務和奉獻。

We have a great foundation that has been laid to build upon.

我們已經奠定了可以繼續發展的偉大基礎。

So you're going to see more from us as we continue to scale along.

因此，隨著我們繼續擴大規模，您將從我們這裡看到更多。

In 2019, you're going to see more consumer activation, more trade activation as well.

2019 年，您將看到更多的消費者激活，以及更多的貿易激活。

But we're not going to move away from our core.

但我們不會偏離我們的核心。

We are targeting consumers, health-minded consumers with a live, work and play through a variety of initiatives from social media to key ambassador and influencer programs as well as events and guerilla sampling plans through 2019.

2019 年，我們透過社群媒體、重要大使和影響者計畫以及活動和遊擊抽樣計畫等各種舉措，瞄準消費者、注重健康的消費者，讓他們能夠生活、工作和娛樂。

Okay, great.

好的，太好了。

And then if I could squeeze in one more.

然後如果我能再擠進去一個。

I think in your prepared comments, you said production is normalizing.

我認為在您準備好的評論中，您說生產正在正常化。

Given the increased volumes you're running, maybe you can speak to how your co-packer setup is evolving and how that should benefit you going forward.

鑑於您的運作量不斷增加，也許您可以談談您的代加工廠設置是如何發展的，以及這將如何使您的未來受益。

Yes.

是的。

As we continue to grow in scale, co-packer availability out in the North America has been challenging.

隨著我們規模的不斷擴大，北美代加工工廠的可用性一直面臨挑戰。

There’s a lot of growth in the sleek can business where we are operating and producing at these co-packers throughout the country.

我們在全國各地的這些代加工廠運作和生產的時尚罐頭業務有了很大的成長。

Currently, we're operating at 4 co-packers.

目前，我們有 4 家代加工廠。

We are in talks currently with 4 other co-packers for 2019 as we continue to build out the supply chain.

隨著我們繼續建造供應鏈，我們目前正在與其他 4 家代加工商就 2019 年的事宜進行談判。

At this point, we are bringing inventory levels back up to more normalized levels to really support the growth as we look to continue this momentum into 2019.

目前，我們正在將庫存水準恢復到更正常的水平，以真正支持成長，因為我們希望將這一勢頭延續到 2019 年。

There is availability out there.

那裡有空房。

You're starting to see we have -- there is some talk about cans being -- having supply issues, but we have good relationships with our can manufacturer, and we have not been affected with that.

你開始看到我們——有一些關於罐頭的討論——存在供應問題，但我們與罐頭製造商有著良好的關係，我們沒有受到影響。

We have been working with them very closely as well.

我們也一直與他們密切合作。

They were just in the office 2 weeks ago, and they are committed to partnering with Celsius and ACV, tremendous upside.

他們兩週前剛到辦公室，並致力於與攝氏和 ACV 合作，這是巨大的優勢。

So really working solidifying those relationships with our partners and suppliers as this is a joint effort as we build this brand together.

因此，我們要真正努力鞏固與合作夥伴和供應商的關係，因為這是我們共同打造這個品牌的共同努力。

So we see great opportunity and availability for 2019 to support the growth that we're seeing and the interest and the demand that's being -- that has been creating.

因此，我們認為 2019 年有巨大的機會和可用性來支持我們所看到的成長以及正在創造的興趣和需求。

(Operator Instructions) Our next question comes the line of Jeffrey Cohen with Ladenburg Thalmann.

（操作員說明）我們的下一個問題來自傑弗裡·科恩（Jeffrey Cohen）和拉登堡·塔爾曼（Ladenburg Thalmann）的對話。

This is actually Destiny on for Jeff.

這實際上是傑夫的命運。

I had a few questions.

我有幾個問題。

Could you explain a bit more some of the strategic partners you're evaluating in China?

您能否多解釋一下您正在評估的一些在中國的戰略合作夥伴？

What areas do you think they would be in and things like that?

您認為他們會在哪些領域以及類似的事情？

Sure.

當然。

We currently -- as we continue to scale throughout China, we are looking to leverage -- further leverage our strategic networks as the last 2 rounds of financing brought in influential strategic investors that are located in China.

目前，隨著我們繼續在中國擴大規模，我們正在尋求進一步利用我們的戰略網絡，因為最近兩輪融資引入了位於中國的有影響力的戰略投資者。

We’re also talking to a variety of other strategic investors that we would be able to leverage further to really drive Celsius further, quicker and to a broader audience.

我們也正在與其他各種策略投資者進行洽談，我們將能夠進一步利用這些投資者來真正推動攝氏度走得更遠、更快並吸引更廣泛的受眾。

We're talking a variety of different strategics, which are also within retail segment as well as with -- that can help also with advertising as well.

我們正在談論各種不同的策略，這些策略也屬於零售領域，也可以幫助廣告。

So I don't have any further information I can share at this point, but we are talking to a variety of local strategic investors to help us penetrate further into the market.

因此，我目前沒有任何進一步的資訊可以分享，但我們正在與各種當地策略投資者交談，以幫助我們進一步滲透到市場。

Okay, got it.

好的，明白了。

And then it sounds like you're having some great success or early success with the vending channels.

聽起來您在自動販賣機上取得了一些巨大的成功或早期的成功。

Do you think you'll be able to replicate that in China as well?

您認為您也能在中國複製這個模式嗎？

Or is there really no interest there?

還是真的沒興趣？

And then I have follow-up on the vending channel.

然後我跟進了自動售貨管道。

Yes, absolutely.

是的，絕對是。

That's -- we are replicating our same strategy in North America as well as in the Nordics as well in China.

也就是說，我們正在北美、北歐和中國複製同樣的策略。

We see great opportunity in healthy vending in micromarkets within office buildings.

我們看到了辦公大樓內微型市場健康販賣的巨大機會。

And that's been a great success for us.

這對我們來說是一個巨大的成功。

We initially rolled that out and partner with Vistar as well as Canteen and several other large national vending wholesalers.

我們最初推出了這項服務，並與 Vistar、Canteen 和其他幾家大型全國性自動販賣機批發商合作。

And the initial rollout started in the second quarter, and it's really turned out very successful in the third quarter.

最初的推出是在第二季開始的，第三季確實非常成功。

And we see that continuing to build throughout 2019.

我們看到這一趨勢在 2019 年持續成長。

We see great opportunities, and we're working at -- we see the same opportunities as well in Hong Kong, we're seeing a lot of office buildings as well.

我們看到了巨大的機會，我們正在努力——我們在香港也看到了同樣的機會，我們也看到了很多辦公大樓。

Cold availability, and there's nothing best than a healthier -- a healthy CELSIUS -- a Celsius energy drink next to healthier products in these healthier vending alternatives.

冷飲，在這些更健康的自動販賣替代品中，沒有什麼比更健康的——健康的 CELSIUS——一種攝氏能量飲料和更健康的產品更好的了。

Okay, got it.

好的，明白了。

And then I also believe that I've read that all the original products are available to be implemented into a vending machine.

然後我還相信我已經讀到所有原始產品都可以應用於自動販賣機。

How are your distributors determining which ones to put in?

您的經銷商如何決定要投放哪些內容？

Does it go by geography or based on demand, things like that?

是根據地理位置還是根據需求之類的？

We have a -- well, we have a standard planograms that are set up.

我們有一個——嗯，我們有一個標準的貨架圖。

You will see variances out there in the marketplace based on the operator that's managing those vending machines.

根據管理這些自動販賣機的營運商的不同，您會在市場上看到差異。

So you will see inconsistencies throughout the market around different flavor availability, but you will see a lot -- mainly our core flavors that we're pushing this time of the year, entering summer.

因此，你會看到整個市場上不同口味供應的不一致，但你會看到很多——主要是我們每年這個時候進入夏季時推出的核心口味。

We have Kiwi Guava as a new great flavor with great acceptance, Raspberry Acai, and the Orange is a great flavor as well, as well as all our other favors that we offer.

我們有獼猴桃番石榴作為一種新的美味口味，廣受好評，覆盆子巴西莓和橙子也是一種很棒的口味，以及我們提供的所有其他優惠。

But all favors -- you are correct that all flavors are available through the vending.

但萬事如意——你是對的，所有口味都可以透過自動販賣機買到。

It does get limited on the number of slots of availability, so you will see a variance out there in the marketplace.

它確實受到可用插槽數量的限制，因此您會在市場上看到差異。

Right.

正確的。

Okay.

好的。

And then I thought I know or I heard that you also mentioned premium pricing.

然後我想我知道或我聽說你也提到了溢價。

So what types of pricing trends are you seeing as compared to last year, even last quarter?

那麼，與去年甚至上季相比，您看到了哪些類型的定價趨勢？

Well, what we are doing are maintaining our pricing.

好吧，我們正在做的是維持我們的定價。

We're driving strong revenue growth maintaining our gross profit margins, and we are not discounting price.

我們正在推動強勁的營收成長，維持我們的毛利率，我們不會打折。

We are driving our premium pricing in the marketplace, and this growth is not coming from discounting products.

我們正在推動市場上的溢價，這種成長並非來自折扣產品。

I think that's what we are trying to clarify early -- in the earlier comments, that this growth is organic growth from consumers, from reorders, on a great trajectory, and it's not driven by discounted products.

我認為這就是我們早期試圖澄清的——在之前的評論中，這種增長是來自消費者、來自再訂購的有機增長，沿著良好的軌跡，而不是由打折產品驅動的。

This is sustained growth.

這就是持續成長。

(Operator Instructions) And our next question comes from the line of Anthony Vendetti with Maxim Group.

（操作員說明）我們的下一個問題來自 Maxim Group 的 Anthony Vendetti。

So I just want to understand the launch in China and how much more money is going in there.

所以我只想了解在中國的推出以及那裡投入了多少資金。

Because the sales and marketing expense for the quarter was a lot more than we were looking for.

因為該季度的銷售和行銷費用比我們預期的要多得多。

Was that mostly due to the investments in China?

這主要是由於在中國的投資嗎？

Or is there something else there?

或是還有其他東西嗎？

Yes.

是的。

During the quarter with the investments in China, that probably is higher than you anticipated, we did do a lot of activation in the quarter as we are entering the planograms for resets or the planogram discussions as they -- as all the retailers are planning out 2019.

本季在中國的投資可能高於您的預期，我們在本季度確實做了很多激活工作，因為我們正在輸入貨架圖進行重置或貨架圖討論，因為所有零售商都在計劃2019.

So there was a lot of activation that took place during the quarter as we're setting the stage in China for 2019 as we continue discussions with these key accounts to further deepen the penetration within the market.

因此，本季發生了許多活動，我們正在為 2019 年在中國做好準備，同時我們將繼續與這些重要客戶進行討論，以進一步加深市場滲透率。

And John, I think -- or Edwin, I think I missed the number for how much was invested specifically in China.

我想約翰——或者說艾德溫，我想我錯過了專門在中國投資的數字。

It was a combination of people and marketing, I guess, you said.

你說，我想這是人和行銷的結合。

What was the increased expense?

增加的開支是多少？

Because I heard one number but I didn't know how -- maybe what time, just for people...

因為我聽到了一個數字，但我不知道如何——也許什麼時間，只是為了人們…

Yes, you're talking -- for the year-to-date, it was $8 million, about $8.1 million of investment in China.

是的，你說的是——今年迄今為止，在中國的投資額為 800 萬美元，約 810 萬美元。

That's what I heard, year-to-date.

這是我今年至今聽到的。

And for the quarter, how much was it?

這個季度的金額是多少？

For the quarter, it was about $5.1 million.

本季約 510 萬美元。

For this quarter, it was $5.1 million, okay.

本季為 510 萬美元，好吧。

That wasn't just in sales and marketing.

這不僅僅是在銷售和行銷方面。

You have sales and marketing and then there were some other investments in the quarter, right, in China?

你們有銷售和行銷，然後本季還有一些其他投資，對吧，在中國？

That's correct.

這是正確的。

We had sales -- obviously, we invested in North America.

我們有銷售——顯然，我們在北美進行了投資。

We had a variety of activation going on.

我們正在進行各種激活。

As mentioned, we were very active in the third quarter in North America at a variety of trade shows, consumer events, Tough Mudder events.

如前所述，第三季我們在北美的各種貿易展覽、消費者活動、Tough Mudder 活動中非常活躍。

We handed out thousands -- hundreds of thousands of cans, a lot of activation and getting great feedback with the targeted marketing.

我們分發了數千個、數十萬個罐子，進行了大量的激活，並透過有針對性的行銷獲得了很好的回饋。

And so just as we go forward though, this was more of a -- based on all the things you just mentioned, John, it was more of an anomaly for this quarter than it is in the go-forward expectation, correct?

因此，就在我們繼續前進的時候，約翰，基於你剛才提到的所有事情，這更多的是本季度的異常情況，而不是未來的預期，對嗎？

That would be correct.

那是正確的。

Yes, okay.

是的，好的。

And then I don't know if I missed it, but did you give an update on 7-Eleven?

然後我不知道我是否錯過了，但是你有7-11的更新嗎？

Just briefly touched on 7-Eleven.

剛剛簡單介紹了7-11。

7-Eleven is doing extremely well.

7-11 的經營狀況非常好。

We are seeing good turns.

我們看到了好的轉折。

We're partnered with McLane.

我們與麥克萊恩合作。

And things are moving along very nicely with 7-Eleven.

7-11 的發展非常順利。

We see them as a great partner.

我們將他們視為出色的合作夥伴。

They allow us to have national broad distribution.

它們使我們能夠在全國範圍內進行廣泛的發行。

We're using them as a great example of what's -- how Celsius tend to perform within the convenience channel.

我們用它們作為一個很好的例子來說明攝氏在便利通道中的表現。

And that's allowed us to expand this year throughout Wawa, further expansion within racetrack, our QT and Circle K as well in key regions.

這使得我們今年能夠在 Wawa 範圍內進行擴張，在賽道、QT 和 Circle K 以及關鍵地區進一步擴張。

Okay.

好的。

And then just in Norway.

然後就在挪威。

Are those timing issues, inventory issues, all of that, is that pretty much resolved right now?

這些時間問題、庫存問題，所有這些問題，現在已經基本解決了嗎？

Or is there still some lingering issues there?

還是仍然存在一些揮之不去的問題？

In the Nordics, we're starting to see that inventory move to more normalized levels.

在北歐，我們開始看到庫存轉向更正常化的水平。

We mentioned that last quarter that we would see more normalized.

我們在上個季度提到我們會看到更加正常化。

This quarter we saw it being more normalized.

本季我們看到它變得更加正常化。

We will still see and experience historical, I guess, there would be seasonality effects, but we do see normalized level of revenues or inventories on their side.

我想，我們仍然會看到並經歷歷史性的季節性影響，但我們確實看到了收入或庫存的正常化水平。

The product is still growing in the market, and we are very confident to continue to move forward with further expansion.

該產品在市場上仍在成長，我們非常有信心繼續進一步擴張。

As you mentioned, Norway and Finland are good opportunities.

正如您所提到的，挪威和芬蘭是很好的機會。

We continue to move further into those grocery outlets as well as hypermarkets within the region.

我們繼續進一步進軍該地區的雜貨店和大型超市。

Okay.

好的。

And then just lastly on SKU expansion.

最後是 SKU 擴充。

I know you said you have 3 brands in 1,000 of the 1,800 Target stores.

我知道您說過在 1,800 家 Target 商店中的 1,000 家中有 3 個品牌。

When for most of these stores are the resets going to take place where maybe you can get additional SKUs into whether be it CVS or Target or...

當大多數這些商店將進行重置時，也許您可以獲得額外的 SKU，無論是 CVS、Target 還是...

Yes.

是的。

Traditionally, the meetings take place in the back half of the year, so a lot of meetings have already taken place, and some are still taking place as we speak.

傳統上，會議在下半年舉行，因此許多會議已經舉行，有些會議在我們發言時仍在舉行。

And a lot -- and the retailers usually will update their sets, their planograms usually towards the back half of Q1 to Q2, you'll start to see some resets taking place.

而且很多 - 零售商通常會更新他們的產品系列，他們的貨架圖通常會在第一季到第二季的後半段更新，你會開始看到一些重置正在發生。

So we feel very confident to further expand in all of our channels with the momentum that we're experiencing currently.

因此，我們非常有信心以目前的勢頭進一步擴展我們的所有管道。

Our next question comes from the line of [Jerry David], a private investor.

我們的下一個問題來自私人投資者[Jerry David]。

John, I just wanted to make a couple of comments.

約翰，我只想發表幾點評論。

First, congratulations to you and the entire team.

首先，恭喜您和整個團隊。

Hitting that $16.6 million top line revenue is absolutely critical in the beverage industry.

對於飲料業來說，達到 1,660 萬美元的營收絕對至關重要。

And I'm so excited about you hitting that number because all the beverage companies are really being measured on that.

我對你達到這個數字感到非常興奮，因為所有飲料公司都在根據這個數字進行衡量。

So congratulations on that and the tremendous growth.

因此，祝賀這一點以及巨大的成長。

And also the investment in China, it's just -- to me, it's a just going to be -- it's a golden egg there waiting, and you guys are just doing a great job there with your alignments and so forth in China.

還有在中國的投資，對我來說，這是一個即將到來的投資，那裡有一個金蛋正在等待，你們在中國的聯盟等方面做得很好。

And the last thing I will comment is Matt Kahn, what a great pick you got there.

我要評論的最後一件事是馬特·卡恩（Matt Kahn），你的選擇真是太棒了。

He is a great guy with a great background, and I can see him really taking -- helping take Celsius to the next level.

他是一個偉大的人，有著偉大的背景，我可以看到他確實在幫助攝氏度邁向新的水平。

But I just want to congratulate you on such a great job to you and the rest of the team.

但我只想祝賀你和團隊其他成員取得如此出色的工作。

Thank you, [Jerry].

謝謝你，[傑瑞]。

We truly have a very strong and dedicated and passionate team, a focused team.

我們確實擁有一支非常強大、專注且充滿熱情的團隊，一支專注的團隊。

And we look forward to continuing to drive further success.

我們期待繼續推動進一步的成功。

Thank you very much.

非常感謝。

(Operator Instructions) Our next question comes from the line of [Peter Chisel] with [Via Productions].

（操作員說明）我們的下一個問題來自 [Peter Chisel] 和 [Via Productions] 的線路。

So what I really wanted to kind of just touch base on was the China expansion.

所以我真正想談的是中國的擴張。

And as of the last earnings call, at that time, to my understanding, the product was located in 25,000 locations at that time.

截至上次財報電話會議，據我了解，該產品當時分佈在 25,000 個地點。

So over the last quarter here, the revenue of $1.4 million, I was kind of crunching the numbers real quick, when I look that, about $60 in product per location.

因此，上個季度這裡的收入為 140 萬美元，我很快就計算了這些數字，當我看到每個地點的產品約為 60 美元時。

Is that a number that we are aiming for?

這是我們的目標數字嗎？

Is that above what we're looking for or below?

這是我們要尋找的上方還是下方？

Where does that fall?

那落在哪裡？

Excellent question.

很好的問題。

We're not really using same-store sales data.

我們並沒有真正使用同店銷售數據。

We have not done that in the past.

我們過去沒有這樣做過。

A lot of those stores came on late in the quarter.

其中許多商店都是在本季末開業的。

We are in about 127 subdistributors that are servicing those locations and about 15,000 key accounts.

我們擁有為這些地點提供服務的約 127 個子經銷商以及約 15,000 個重要客戶。

So the 25,000 was through the quarter, and then we closed that additional accounts towards the back half of the quarter.

因此，這 25,000 個帳戶是整個季度的，然後我們在本季後半段關閉了這些額外帳戶。

Okay.

好的。

And then just in regards to kind of future revenue and cash.

然後是關於未來的收入和現金。

What are you anticipating that the continued investment in China and the additional locations that we'll be adding would in turn result with revenue growth in the future?

您預計在中國的持續投資以及我們將增加的其他地點將帶來未來收入的成長嗎？

We're looking to move our investment into more normalized levels as we move forward.

隨著我們的前進，我們希望將我們的投資提升到更正常化的水平。

To be further in line, we have the investment in the initial year of launch, which was this year.

為了進一步保持一致，我們在推出的第一年（即今年）進行了投資。

And we're looking for -- as we moved through Q4 and then towards 2019, we're looking for more normalized P&L.

我們正在尋找——隨著第四季和 2019 年的到來，我們正在尋找更標準化的損益表。

There will still be investments, but they'll be more normalized.

還是會有投資，但投資會更正常化。

We have reached the end of our Q&A session.

我們的問答環節已經結束。

I would like to turn the floor back over to management for closing remarks.

我想將發言權交還給管理階層，讓他們發表結束語。

Thank you.

謝謝。

On behalf of the company, I'd like to thank everyone for their continued interest.

我謹代表公司感謝大家的持續關注。

Our third quarter result demonstrates our products are gaining considerable momentum.

我們第三季的業績顯示我們的產品正在獲得巨大的發展勢頭。

We are capitalizing on today's health and wellness trends.

我們正在利用當今的健康和保健趨勢。

Our active healthy lifestyle position is a global position with mass appeal.

我們積極健康的生活方式的定位是具有大眾吸引力的全球定位。

We're building upon our core business and leveraging opportunities and deploying best practices.

我們正在以我們的核心業務為基礎，利用機會並部署最佳實踐。

I am very proud of our dedicated team, and I thank our investors for their continued support.

我為我們的敬業團隊感到非常自豪，並感謝投資者的持續支持。

On December 5 and 6, management will be available and will be presenting at LD Micro.

12 月 5 日至 6 日，管理層將出席 LD Micro 並進行演講。

We look forward to seeing many of you there.

我們期待在那裡見到你們中的許多人。

Thank you everyone for your interest in Celsius, and have a great day.

感謝大家對攝氏的興趣，祝您有美好的一天。

Thank you.

謝謝。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time, and thank you for your participation.

此時您可以斷開線路，感謝您的參與。