Celsius Holdings Inc (CELH) 2018 Q4 法說會逐字稿

Greetings, and welcome to the Celsius Holdings Fourth Quarter and Full Year 2018 Earnings Conference Call.

您好，歡迎參加攝氏控股 2018 年第四季和全年收益電話會議。

(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。

It is now my pleasure to introduce your host, Cameron Donahue of Hayden IR.

現在我很高興向您介紹主持人，來自 Hayden IR 的 Cameron Donahue。

Thank you.

謝謝。

You may begin.

你可以開始了。

Thank you.

謝謝。

Good afternoon, everyone.

大家下午好。

We appreciate you joining us today for Celsius Holdings Fourth Quarter and Full Year 2018 Earnings Conference Call.

我們感謝您今天加入我們攝氏控股 2018 年第四季和全年財報電話會議。

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。

The company filed its annual report with the SEC and issued a press release today.

該公司向美國證券交易委員會提交了年度報告，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, March 14, 2019.

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（2019 年 3 月 14 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 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 to turn the call over to President and Chief Executive Officer, John Fieldly, for his prepared comments.

說到這裡，我想將電話轉給總裁兼執行長約翰·菲爾德利（John Fieldly），聽聽他準備好的評論。

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。

2018 was an exceptional year for the company, as we expanded our distribution channels and increased our product availability through existing channels to gain greater visibility for our portfolio, our premium fitness beverages, all while accelerating our top line revenue growth.

2018 年對公司來說是不平凡的一年，我們擴大了分銷管道，並透過現有管道提高了產品供應量，從而提高了我們的產品組合和優質健身飲料的知名度，同時加速了我們的營收增長。

With innovative products and compelling packaging, we're reaching more and more consumers each and every day.

憑藉創新的產品和引人注目的包裝，我們每天都在接觸越來越多的消費者。

Our strategy of positioning Celsius as a global beverage leader for health-minded consumers remains our top priority.

我們的策略是將攝氏度定位為注重健康的消費者的全球飲料領導者，這仍然是我們的首要任務。

We continued our expansion further in traditional retail with great success.

我們繼續在傳統零售領域進一步擴張，並取得了巨大成功。

And we positioned the company for future growth with expanded roles within our ranks.

我們透過擴大隊伍中的角色來為公司未來的發展做好準備。

In addition, we brought on high-performance individuals with diverse background and experience.

此外，我們也聘請了具有不同背景和經驗的高績效人才。

Jon McKillop was promoted to Executive Vice President of North America sales and Edwin Negron was appointed as Chief Financial Officer in July of 2018.

2018 年 7 月，Jon McKillop 晉升為北美銷售執行副總裁，Edwin Negron 被任命為財務長。

And Matt Kahn joined the company as our Executive Vice President of Marketing in October.

馬特卡恩 (Matt Kahn) 於 10 月加入公司，擔任行銷執行副總裁。

On top of these additions, we further transformed the organization to support our growth in all departments, which will allow us to pursue our growth initiatives and strengthen our financial performance.

除了這些新增人員之外，我們還進一步改造了組織，以支持我們所有部門的成長，這將使我們能夠推行我們的成長計劃並增強我們的財務表現。

Celsius' 2018 performance sets a new record for our portfolio with extraordinary gains in our efforts to increase distribution, expand availability of our products, reaching more consumers and increasing our brand awareness as we continue to target health-minded consumers where they live, work and play.

2018 年，Celsius 的業績為我們的產品組合創造了新紀錄，我們在努力增加分銷、擴大產品供應、接觸更多消費者並提高我們的品牌知名度方面取得了非凡的成果，因為我們繼續瞄準生活、工作和工作場所的注重健康的消費者。

Throughout the year, we achieved a steady stream of new high-profile marquee domestic retail and distribution partners with the addition of Target, Food Lion, Hannafords and CVS, as well as continued expansion with existing accounts such as 7-Eleven, RaceTrac, Sprouts, Harris Teeter and many others.

在這一年裡，我們源源不斷地獲得了新的知名國內零售和分銷合作夥伴，包括 Target、Food Lion、Hannafords 和 CVS，並持續擴張 7-11、RaceTrac、Sprouts 等現有客戶、哈里斯·蒂特等等。

At the same time, our dedicated sales team drove a 62% annual growth rate in North America sales.

同時，我們敬業的銷售團隊推動北美銷售額達到 62% 的年增長率。

All channels of trade, including health and fitness, grocery, the expansion into Drug, Mass, Military, Vending and online sales drove sustained revenue growth throughout the year as we drove increased velocities in existing accounts and expanded our distribution, reaching more consumers and positioning Celsius for continued growth into 2019.

所有貿易管道，包括健康和健身、雜貨、藥品、大眾、軍事、自動販賣機和線上銷售的擴張，推動了全年收入的持續成長，因為我們提高了現有帳戶的速度並擴大了我們的分銷，接觸更多的消費者和定位攝氏度，預計 2019 年將持續成長。

In Europe, we experienced a decrease in revenue of 17% for the year as a result of timing of promotional programs, new flavor launches and our partner's strategic reduction of inventory carrying levels.

在歐洲，由於促銷計劃、新口味推出以及我們的合作夥伴策略性降低庫存水平，我們今年的收入下降了 17%。

However, we are optimistic about our partner's ability to stabilize our revenues and are intrigued with our pipeline of planned innovation into 2019.

然而，我們對合作夥伴穩定收入的能力感到樂觀，並對我們計劃在 2019 年的創新管道感興趣。

In January 2019, we launched a great new tasting flavor, Peach Vibe, which has quickly become a top-selling flavor in the region.

2019 年 1 月，我們推出了一款出色的新口味口味 Peach Vibe，這款口味已迅速成為該地區最暢銷的口味。

And with a strong pipeline of planned innovation, supported by key targeted marketing programs, we are well positioned to expand and capture more market share in the region.

憑藉強大的計劃創新管道，在關鍵的有針對性的行銷計劃的支持下，我們處於有利地位，可以擴大並佔領該地區更多的市場份額。

In Asia, revenues increased to $4.3 million for the year -- full year 2018 with expansion in Hong Kong and continued focus building consumer awareness and trial in the region.

在亞洲，隨著在香港的擴張以及繼續專注於在該地區建立消費者意識和試用，2018 年全年收入增至 430 萬美元。

And in addition, in China, we expanded to over 47,000 locations in 63 cities with regional distribution through our partnership with Qifeng Food Technology.

此外，在中國，我們透過與奇峰食品科技的合作，將區域分銷擴展到63個城市的47,000多個地點。

Our strategic investment in the region for 2018 totaled approximately $7.2 million, which established a foundation for our brand to continue to build upon.

2018 年我們在該地區的戰略投資總額約為 720 萬美元，為我們品牌的繼續發展奠定了基礎。

In China, during the year, we established infrastructure, operation, sales and marketing to continue our commercialization efforts in the region.

在中國，這一年我們建立了基礎設施、營運、銷售和行銷，以繼續我們在該地區的商業化工作。

With additional investments necessary to reach optimal commercial -- commercialization levels in China, we looked at several alternative solutions and structures to continue our expansion in the region.

為了在中國達到最佳的商業化水平，需要額外的投資，我們研究了幾種替代方案和結構，以繼續我們在該地區的擴張。

After extensive analysis and review, subsequent to year-end, we announced our plans to restructure our business model in China to continue to capitalize on growing demand in the region, while putting a financial structure in place that allows us to recapture more than $10 million we have invested in startup and commercialization efforts.

經過廣泛的分析和審查，年底後，我們宣布計劃重組在中國的業務模式，以繼續利用該地區不斷增長的需求，同時建立一個財務結構，使我們能夠重新獲得超過 1000 萬美元的資金我們投資了啟動和商業化工作。

The agreement represents a significant milestone for our partnership, which will create mutual benefits for our organizations and enable Celsius to continue to expand its commercialization efforts in China while significantly mitigating our risks and eliminating the need for additional direct investments, which will allow us to focus our working capital on North America and other emerging markets.

該協議是我們合作夥伴關係的一個重要里程碑，它將為我們的組織創造互惠互利，並使攝氏度能夠繼續擴大其在中國的商業化努力，同時顯著降低我們的風險並消除額外直接投資的需要，這將使我們能夠專注於我們在北美和其他新興市場的營運資金。

In the region, we laid a pathway for continued growth in 2019 and beyond, and we'll provide additional details later in the call.

在該地區，我們為 2019 年及以後的持續成長奠定了基礎，我們將在稍後的電話會議中提供更多詳細資訊。

For the full year of 2018, revenue increased 45% to an annual record of $52.6 million.

2018 年全年營收成長 45%，達到 5,260 萬美元，創下年度紀錄。

North America revenues increased 62% to $38.9 million and international revenues increased 13% to $13.7 million for the year.

全年北美營收成長 62% 至 3,890 萬美元，國際營收成長 13% 至 1,370 萬美元。

North America growth was driven by orders from new retail partners such as Target, CVS, all while both exceeding our internal expectations and new grocery and convenient store accounts such as Food Lion and Circle K. At the same time, we also experienced growth across, as previously mentioned, all of our existing accounts and channels, including 7-Eleven, Sunoco, RaceTrac and many others.

北美的成長是由Target、CVS 等新零售合作夥伴的訂單推動的，這些訂單都超出了我們的內部預期，以及Food Lion 和Circle K 等新雜貨店和便利商店客戶。領域的成長：如前所述，我們所有現有的帳戶和管道，包括 7-11、Sunoco、RaceTrac 等。

As our base of consumers continues to widen, a macro level demand for functional healthy fitness board energy drinks continues to bring momentum and is disrupting the traditional Energy category.

隨著我們的消費者群體不斷擴大，對功能性健康健身板能量飲料的宏觀需求繼續帶來動力，並正在顛覆傳統的能量類別。

Functional beverages are expected to emerge as one, if not the fastest-growing categories in the beverage industry.

功能性飲料即使不是飲料行業成長最快的類別，也有望成為其中之一。

Specifically, functional and energy drinks are in high demand.

具體來說，功能性和能量飲料的需求量很大。

Busier lifestyles and a focus on health and wellness are driving the need for convenient alternatives that give consumers a way to manage their well-being, while they are on the go.

忙碌的生活方式以及對健康和保健的關注推動了對便捷替代方案的需求，讓消費者能夠在忙碌中管理自己的健康。

Consumers are increasingly seeking beverages that help them achieve their health and fitness and wellness goals.

消費者越來越多地尋求能夠幫助他們實現健康、健身和保健目標的飲料。

With a strong demand as a backdrop, our proven ability to onboard new distribution partners, identify new channels and optimize routes to ensure product availability have all been instrumental to our success.

在強勁的需求背景下，我們在引入新的分銷合作夥伴、識別新管道和優化路線以確保產品可用性方面的成熟能力對我們的成功至關重要。

Today, we have over 4 active co-packers in North America, 2 in Europe and 2 in Asia with more identified, which will continue to support our growth.

如今，我們在北美擁有超過 4 家活躍的代加工商，在歐洲有 2 家，在亞洲有 2 家，而且還有更多知名代加工商，這將繼續支持我們的成長。

As an example, additional growth, volumes in the Military channel continue to exceed expectations and are reaching a 5 million, 52-week retail sales run rate and continue to grow.

例如，軍事頻道的銷售量持續超出預期，達到 52 週零售銷售運行率 500 萬件，並持續成長。

The dedicated team of professionals and our fitness channel are also delivering higher volumes with further expansion in key accounts such as 24-Hour Fitness, Gold's Gym, Planet Fitness, Smoothie King and many others.

敬業的專業團隊和我們的健身管道也提供了更高的銷量，並進一步擴大了 24-Hour Fitness、Gold's Gym、Planet Fitness、Smoothie King 等主要客戶的規模。

Our newest channel of focus in North America is our Vending channel, which we launched in the later part of 2017.

我們在北美最新的重點通路是我們於 2017 年下半年推出的自動販賣機通路。

This channel is demonstrating the significant upside potential in 2019 with expansion in more than over 10,000 locations nationwide through a dedicated team, specifically focused to grow this channel.

該管道在 2019 年展示了巨大的上升潛力，透過專門致力於發展該管道的專門團隊在全國 10,000 多個地點進行了擴張。

To date, Celsius has been added to vending machines and micro-markets of refreshment solution providers, which include Accent Food, Canteen, First Class Vending, Five Star Food Service, Southern Refreshments and Celsius is available for distribution throughout the United States in the Vending channel through Vistar.

迄今為止，Celsius 已被添加到自動販賣機和茶點解決方案提供商的微型市場中，其中包括Accent Food、Canteen、First Class Vending、Five Star Food Service、Southern Refreshments，Celsius 可以在美國各地的Vending 中進行分銷。

We see a lot of opportunity in this channel as we reach new targets such as corporate work environments, universities and travel centers.

當我們達到企業工作環境、大學和旅遊中心等新目標時，我們在這個管道中看到了許多機會。

Specific to Celsius, our SPINS IRI data as of December 30, 2019, indicates strong momentum in the convenience channel, where Celsius is growing over 36% over the past 52 weeks when compared to the convenience channel category growth overall of 6% for the same period.

具體到攝氏度，我們截至 2019 年 12 月 30 日的 SPINS IRI 數據顯示便利通路勢頭強勁，過去 52 週內攝氏度增長超過 36%，而同期便利通路類別總體增長率為 6%時期。

We are outpacing the category growth in the convenience channel by a measure of 6.2x with only a 10.2% ACV, all accumulated volume.

我們的便利通路品類成長速度超過了 6.2 倍，所有累計銷量的 ACV 僅為 10.2%。

And we see massive opportunities as we continue to expand and further our reach in this category.

隨著我們繼續擴大並進一步擴大我們在這一領域的影響力，我們看到了巨大的機會。

Subsequent to year-end, we added a number of marquee accounts to our North America distribution network, including new placements at over 250 DICK’S Sporting Goods stores nationwide and further expansion in CVS, Target and many of our existing national partners.

年底後，我們在北美分銷網絡中增加了許多大客戶，包括在全國 250 多家 DICK’S Sporting Goods 商店進行新的安置，並在 CVS、Target 和許多現有的全國合作夥伴中進一步擴張。

In addition, we have further been building out our national distribution network with agreements from a number of new network partners associated with Anheuser-Busch InBev, Keurig Dr. Pepper, PepsiCo and MillerCoors network partners, which will further strengthen our distribution and availability into 2019.

此外，我們還與 Anheuser-Busch InBev、Keurig Dr. Pepper、PepsiCo 和 MillerCoors 網路合作夥伴簽訂了協議，進一步建立我們的全國分銷網絡，這將在 2019 年進一步加強我們的分銷和可用性。

In China, as previously mentioned, we significantly expanded our presence in 2018, with broader distribution through our existing partnership with Qifeng Foods Technology, a national wholesale distributor of food and beverages.

在中國，如前所述，我們在 2018 年大幅擴大了業務範圍，透過與全國食品和飲料批發經銷商奇豐食品科技的現有合作夥伴關係擴大了分銷範圍。

Qifeng Food Technology was originally our partner when we initially launched in China.

當我們最初在中國推出時，奇峰食品科技最初是我們的合作夥伴。

And since that time, they have been instrumental in our success and growth in the region.

從那時起，他們就為我們在該地區的成功和發展發揮了重要作用。

Through their expertise, relationships, network of distribution partners, Celsius is now available in over 63 cities and 47,000 locations across China.

憑藉其專業知識、關係和分銷合作夥伴網絡，Celsius 現已在中國超過 63 個城市和 47,000 個地點提供服務。

We have invested more than 10,000 -- $10 million in Asia markets to date to establish a local infrastructure that includes distribution, sales, marketing and operational logistics to support the current business and to exemplify growth in the region, which we believe has a great opportunity for the future.

迄今為止，我們已在亞洲市場投資超過10,000 至1000 萬美元，以建立包括分銷、銷售、營銷和運營物流在內的本地基礎設施，以支持當前業務並體現該地區的增長，我們相信該地區擁有巨大的機會為了未來。

Earlier this year, in January of 2019, as mentioned earlier, we signed a definitive agreement to establish a royalty licensing agreement and repayment of investment agreement with Qifeng Food Technology in order to create a risk-mitigated method of moving forward in China and continuing to capture market share.

今年早些時候，即2019年1月，如前所述，我們與奇峰食品科技簽署了一份最終協議，建立特許權使用費許可協議和投資償還協議，以創建一種降低風險的方法，在中國前進並繼續佔領市場。

Under the agreement, Qifeng Food Technology is granted the exclusive licensing rights to manufacture, market and commercialize Celsius branded products in China.

根據協議，奇峰食品科技獲得在中國製造、行銷和商業化Celsius品牌產品的獨家許可權。

In exchange, we will receive a fixed licensing fee of $6.9 million over the next 5-year term before transitioning to a volume-based royalty fee.

作為交換，我們將在未來 5 年期限內收到 690 萬美元的固定許可費，然後過渡到基於數量的特許權使用費。

The initial royalty fee, which is fixed, is based on discounting initial anticipated volumes by 50%.

初始特許權使用費是固定的，基於初始預期數量折扣 50%。

In addition to the initial fixed royalty, Qifeng Foods Technology will repay through a capital loan, the amount invested in China, over their 5-year initial term.

除了最初的固定特許權使用費外，奇峰食品科技還將在 5 年的初始期限內透過資本貸款償還在中國投資的金額。

We believe the strategic move creates a stronger, collaborative relationship between the 2 companies and offers such of us availability means to capitalize on the tremendous demand in the region and extract additional value for our shareholders.

我們相信，這項策略舉措在兩家公司之間建立了更牢固的合作關係，並為我們提供了利用該地區巨大需求並為我們的股東獲取額外價值的手段。

The increase in North American and Asia revenues for 2018 were partially offset by 70% -- 17% decline in European revenues, as previously mentioned, despite it was primarily due to the result of timing of promotional programs, a reduction of inventory carrying values by our distribution partner.

2018 年北美和亞洲收入的成長被 70% 的部分抵消——如前所述，歐洲收入下降 17%，儘管這主要是由於促銷計劃的時間安排、庫存帳面價值減少我們的分銷合作夥伴。

Our optimism about the opportunities in the region is reinforced by continued expansion in Norway and Finland, and new innovation being introduced in Sweden.

挪威和芬蘭的持續擴張以及瑞典引入的新創新增強了我們對該地區機會的樂觀態度。

We are continuing to pursue the addition of several new key retailers to expand our distribution in the region and anticipate our Nordic revenues to return to more normalized levels in 2019.

我們正在繼續尋求增加幾家新的主要零售商，以擴大我們在該地區的分銷，並預計我們的北歐收入將在 2019 年恢復到更正常的水平。

Now moving to a recent complaint filed in the Federal District Court in the District of Nevada by Rockstar Energy.

現在轉向 Rockstar Energy 最近向內華達州聯邦地方法院提起的訴訟。

As an organization, we continue to expand and Celsius continues to gain momentum.

作為一個組織，我們不斷擴張，Celsius 不斷獲得動力。

Other brands like Rockstar will lose shelf space as a result of our success.

Rockstar 等其他品牌將因我們的成功而失去貨架空間。

Today, we are gaining eye-level placements in many retailers across the country and are outselling many of the SKUs of other much larger brands.

如今，我們在全國許多零售商中獲得了矚目的地位，並且銷售量超過了其他大品牌的許多 SKU。

With that said, Celsius is replacing these slower-moving items from these other brands as these once dominant brands are not aligned or positioned with today's health-minded consumer.

話雖如此，Celsius 正在取代其他品牌的這些滯銷商品，因為這些曾經占主導地位的品牌與當今注重健康的消費者不一致或定位不符。

In addition, many envy our structure function claims, which are backed by science as well as our health forward functional fitness position, which is aligned with today's health-minded consumer and is disrupting the category.

此外，許多人羨慕我們的結構功能主張，這些主張有科學依據，以及我們的健康前瞻性功能健身立場，這與當今注重健康的消費者相一致，並且正在顛覆該類別。

On December 18, 2018, Rockstar, Inc.

2018 年 12 月 18 日，Rockstar, Inc.

and Rockstar Energy owner filed a frivolous suit against Celsius.

Rockstar Energy 的所有者對攝氏度提起了無意義的訴訟。

Rockstar complains and alleges false advertising, violation of trade practices and unfair competition.

Rockstar 投訴並指控虛假廣告、違反貿易慣例和不公平競爭。

We find this lawsuit meritless and we will vigorously fight this unfound lawsuit.

我們認為該訴訟毫無根據，我們將大力對抗這項毫無根據的訴訟。

Moving to our sales and marketing investments in 2018, we increased our investments on sales and marketing programs with targeted and proactive campaigns to support our momentum.

轉向 2018 年的銷售和行銷投資，我們透過有針對性的主動活動增加了對銷售和行銷計劃的投資，以支持我們的發展勢頭。

In addition, we further strengthened our sales, marketing and operational departments, all while driving record revenues and delivering a positive net -- non-GAAP adjusted EBITDA, excluding our Asia investments.

此外，我們進一步加強了銷售、行銷和營運部門，同時推動了創紀錄的收入並實現了正淨值——非公認會計原則調整後的 EBITDA（不包括我們的亞洲投資）。

Our team is focused on driving profitable growth and building shareholder value.

我們的團隊專注於推動獲利成長和創造股東價值。

Our targeted digital and social marketing platforms are nurturing an active lifestyle community to reinforce engagement and raise awareness of our brands.

我們有針對性的數位和社交行銷平台正在培育一個積極的生活方式社區，以加強參與並提高我們品牌的知名度。

Simultaneously, we remain active with events and programs such as Tough Mudder, a series of competitive events for a range of athletic ability.

同時，我們仍然積極開展 Tough Mudder 等活動和計劃，這是一系列針對各種運動能力的競技活動。

We attended over 32 weekly events in key markets in 2018 and provided more than 153,000 samples to tens of thousands of health-minded consumers across the country where we received rave reviews and expanded our community.

2018 年，我們在主要市場參加了超過 32 場每週活動，並向全國數萬名註重健康的消費者提供了超過 153,000 個樣品，我們在這些活動中獲得了好評並擴大了我們的社區。

In addition, we conducted over 63 targeted Guerrilla Marketing programs where we sampled and interacted with over 95,000 consumers.

此外，我們還開展了超過 63 個有針對性的遊擊行銷計劃，對超過 95,000 名消費者進行了抽樣調查並進行了互動。

We also executed over 1,100 targeted demos at key retailers and attended over 66 consumer -- large consumer and trade events, including Health and Wellness Expos, Mr. Olympia, Europa Games, 7-Eleven Experience, NACS, just to name a few.

我們還在主要零售商處進行了1,100 多個有針對性的演示，並參加了超過66 個消費者大型消費者和貿易活動，其中包括Health and Wellness Expos、Mr. Olympia、Europa Games、7-11 Experience、NACS 等。

Our marketing programs for 2019 include an increase of targeted digital social media and influencer marketing campaigns as well as expanded -- expansion in sampling programs across the country in targeted markets.

我們 2019 年的行銷計畫包括增加有針對性的數位社群媒體和有影響力的行銷活動，以及在全國目標市場擴大抽樣計畫。

In addition, we have increased our consumer and trade events.

此外，我們也增加了消費者和貿易活動。

We'll be partnering with Tough Mudder again in 2019, driving trial, awareness and increasing our household penetration.

我們將在 2019 年再次與 Tough Mudder 合作，推動試用、提高認知度並提高我們的家庭普及率。

In addition, we have a great pipeline of planned innovative flavors and new product scheduled for 2019, creating further opportunities for synergy and efficiencies within the ranks of our sales team, allowing for our expanded portfolio to flow through our existing distribution channels and to current and new retail partner shelves adding incremental true innovation to retailers' energy and functional product sets.

此外，我們還有大量計劃於2019 年推出的創新口味和新產品，為我們的銷售團隊內部的協同和效率創造了更多機會，使我們擴大的產品組合能夠透過我們現有的分銷管道流向當前和未來的市場。

These new additions further our mission to create science-based proprietary and innovative offerings.

這些新增內容進一步推動了我們創造以科學為基礎的專有和創新產品的使命。

All in all, 2018 was an extremely successful year.

總而言之，2018 年是極為成功的一年。

We have laid a solid foundation for the future with a proven model for expansion and growth.

我們透過行之有效的擴張和成長模式為未來奠定了堅實的基礎。

And I look forward to speaking with you about additional accomplishments as they occur throughout 2019.

我期待與您討論 2019 年的其他成就。

We are a lean organization, capitalizing on today's health and wellness trends.

我們是一個精益組織，充分利用當今的健康和保健趨勢。

With our innovative portfolio of fitness forward products, which is positioned to disrupt the Energy category.

憑藉我們創新的健身前沿產品組合，該產品組合旨在顛覆能源類別。

Our brand is resonating with today's health-minded consumer and is gaining considerable momentum.

我們的品牌與當今注重健康的消費者產生共鳴，並獲得了相當大的發展動能。

Our future has never looked brighter.

我們的未來從未如此光明。

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

現在，我將把電話轉給我們的財務長 Edwin Negron-Carballo)，聽取他準備好的演講。

Edwin?

埃德溫？

Thank you, John.

謝謝你，約翰。

Starting with the quarterly results, total revenue for the fourth quarter of 2018 was $14.7 million, up 62% compared to $9.1 million in the year ago quarter.

從季度業績開始，2018年第四季的總營收為1,470萬美元，比去年同期的910萬美元成長62%。

By geography, North American sales were up a robust 63% year-over-year to a record $10.9 million, up 63% compared to $6.7 million in the fourth quarter of 2017.

按地區劃分，北美銷售額年增 63%，達到創紀錄的 1,090 萬美元，較 2017 年第四季的 670 萬美元成長 63%。

This increase was driven by growth in excess of 50% across each of our domestic channels.

這一成長是由我們每個國內通路超過 50% 的成長所推動的。

These results are a reflection of the continued momentum in existing accounts and the partnering with new distributors, thereby increasing our distribution network, making our products available to additional consumers.

這些結果反映了現有客戶的持續成長動能以及與新經銷商的合作，從而擴大了我們的分銷網絡，使我們的產品可供更多消費者使用。

In Asia, sales also increased by an exponential 367% from $435,000 in the year ago quarter to $1.6 million in the current period, mainly due to the investment in good traction that has been obtained in the region throughout 2018.

在亞洲，銷售額也從去年同期的 43.5 萬美元增長了 367%，達到本期的 160 萬美元，這主要歸功於 2018 年該地區的良好投資。

In Europe, revenue increased 9% in the fourth quarter to $2.1 million as a direct result of new flavor launches in the region, which are being well accepted by consumers.

在歐洲，第四季度營收成長了 9%，達到 210 萬美元，這直接歸功於該地區推出的新口味，並受到消費者的廣泛接受。

Across the board, the increases in revenue were driven by higher sales volumes as opposed to increases in product pricing.

總體而言，收入的成長是由銷售增加所推動的，而不是產品定價的上漲。

Gross profit for the fourth quarter of 2018 increased by a robust 43% to $5.5 million, up from $3.8 million in the year ago quarter.

2018 年第四季的毛利強勁成長 43%，達到 550 萬美元，高於去年同期的 380 萬美元。

In contrast, gross profit margin decreased from 41.6% in the fourth quarter of 2017 to 37.1% in the fourth quarter of 2018.

相較之下，毛利率從2017年第四季的41.6%下降至2018年第四季的37.1%。

The increase in gross profit dollars was mainly attributable to the increase in sales volume, while the decrease in gross profit margin was mainly attributable to increases in promotional allowances with new accounts, lower margin on sales in Asia and increases in freight and production costs in North America.

毛利的增加主要是由於銷售量的增加，而毛利率的下降主要是由於新客戶促銷津貼的增加、亞洲銷售利潤率的下降以及北方地區運費和生產成本的增加美國。

All these aspects are being addressed to maximize our profitability in 2019.

所有這些方面都在解決，以最大限度地提高我們 2019 年的盈利能力。

Selling and marketing expenses for the fourth quarter of 2018 amounted to $2.8 million.

2018 年第四季的銷售和行銷費用為 280 萬美元。

This translates to a significant decrease of $4.5 million when compared to $7.3 million in the year ago quarter.

這意味著與去年同期的 730 萬美元相比，大幅減少了 450 萬美元。

The 62% decrease was primarily due to reduction in the China marketing investment of approximately $5 million when compared to Q4 2017, which was partially offset by increased spending in other areas such as broker costs of $200,000, storage and distribution costs of an additional $200,000 and employee costs of $50,000.

下降62% 的主要原因是與2017 年第四季相比，中國行銷投資減少了約500 萬美元，但其他領域的支出增加部分抵消了這一支出，例如經紀人成本增加了20 萬美元，存儲和分銷成本增加了20 萬美元，員工成本為 5 萬美元。

General and administrative expenses for the fourth quarter of 2018 totaled $3 million compared to $1.6 million in the year ago quarter, a variance of 87%.

2018 年第四季的一般及管理費用總計 300 萬美元，而去年同期為 160 萬美元，差異達 87%。

The increase was mainly due to the stock-based compensation expense of $1.2 million or an increase of $585,000 when compared to fourth quarter of 2017, as well as an increase in administrative costs of $370,000, an increase of $305,000 pertaining to employee costs and an increase of $150,000 pertaining to research and development costs.

增加的主要原因是股票薪酬費用增加了 120 萬美元，較 2017 年第四季度增加了 585,000 美元，以及管理費用增加了 370,000 美元，與員工成本相關的費用增加了 305,000 美元， 150,000 美元用於研發費用。

Net loss to common stockholders for the fourth quarter of 2018 was approximately $893,000 or $0.02 per share compared to a loss of $5.3 million or $0.12 per share for the corresponding period last year.

2018 年第四季普通股股東淨虧損約為 893,000 美元，即每股 0.02 美元，而去年同期虧損為 530 萬美元，即每股 0.12 美元。

The losses included preferred dividends of approximately $44,000 in the fourth quarter of 2018 and $92,000 for the fourth quarter of 2017.

虧損包括2018年第四季約44,000美元的優先股股息和2017年第四季約92,000美元的優先股股息。

Operating expenses for the fourth quarter of 2018 included noncash charges, such as depreciation, amortization, stock-based compensation expense and a loss on debt extinguishment for a total of $1.6 million compared to $606,000 for the fourth quarter of 2017.

2018 年第四季的營運費用包括折舊、攤提、股票補償費用和債務清償損失等非現金費用，總計 160 萬美元，而 2017 年第四季為 606,000 美元。

As such, adjusted non-GAAP EBITDA for the fourth quarter of 2018 was $785,000.

因此，2018 年第四季調整後的非 GAAP EBITDA 為 785,000 美元。

Additionally, our results included $250,000 of onetime charges as well as a favorable impact of $900,000 related to the reconciliation of the investments in China.

此外，我們的結果還包括 25 萬美元的一次性費用以及與中國投資調節相關的 90 萬美元的有利影響。

Excluding these aspects, net non-GAAP adjusted EBITDA for the fourth quarter was $135,000 or 20% of the prior year amount of $705,000.

排除這些因素，第四季度非 GAAP 調整後 EBITDA 淨額為 135,000 美元，是去年同期 705,000 美元的 20%。

We believe this information and comparisons of adjusted EBITDA and other non-GAAP financial measures enhance the overall understanding and visibility of our true 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績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 full year results.

現在轉向我們的全年業績。

For 2018, revenues increased significantly by 45% from $36.2 million to $52.6 million this year.

2018 年，營收大幅成長 45%，從 3,620 萬美元增至 5,260 萬美元。

The increase was a result of a strong year-over-year growth in North American sales of 62%, delivering revenue of $38.9 million.

這一成長得益於北美地區銷售額年增 62%，營收達到 3,890 萬美元。

Revenues from Asia also experienced a dramatic increase of 438% year-over-year to $4.3 million.

來自亞洲的營收也較去年同期大幅成長 438%，達到 430 萬美元。

The increases in revenue in North America and Asia were partially offset by a year-over-year decrease in European revenue of 17% due to the timing of new flavor launches, the discontinuation of some flavors and normalization of inventory levels.

北美和亞洲收入的成長被歐洲收入年減 17% 所部分抵消，原因是新口味的推出時間、某些口味的停產以及庫存水準的正常化。

Gross profit for the full year increased by 37% from $15.4 million for 2017 to $21.1 million for 2018.

全年毛利從 2017 年的 1,540 萬美元增至 2018 年的 2,110 萬美元，成長了 37%。

The gross profit margins reflected a contraction from 42.7% for 2017 to 40% for 2018.

毛利率從2017年的42.7%下降至2018年的40%。

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 freight, production costs and new account acquisition costs.

毛利的增加主要歸因於銷售量的增加，而毛利率的下降主要與運費、生產成本和新客戶獲取成本的增加有關。

Sales and marketing expenses increased by 28% from $16.6 million for 2017 to $21.2 million for 2018.

銷售和行銷費用從 2017 年的 1,660 萬美元增加到 2018 年的 2,120 萬美元，成長了 28%。

The increase is mainly due to marketing program investments, particularly in the China market, which accounted for $7.2 million of total marketing costs as well as investments in employee resources, broker costs and storage and distribution costs.

這一成長主要是由於行銷計畫投資，特別是在中國市場，佔總行銷成本720萬美元，以及對員工資源、經紀人成本以及儲存和分銷成本的投資。

General and administrative expenses for 2018 were $10.5 million, an increase of 52% compared to $6.9 million for 2017.

2018 年的一般及行政費用為 1,050 萬美元，較 2017 年的 690 萬美元成長 52%。

The increase in G&A expenses was mainly due to the stock-based compensation expense of $1.7 million, the settlement of a lawsuit with a former distributor of $1 million and increases in several other areas such as research and development costs, employee costs and professional fees.

G＆A費用的增加主要是由於170萬美元的股票補償費用、與前經銷商的100萬美元的訴訟和解以及研發成本、員工成本和專業費用等其他幾個領域的增加。

Below the operating line, other expenses were up from $161,000 in 2017, which was mainly related to interest expense to $566,000 for 2018.

在營業線以下，其他費用從 2017 年的 161,000 美元（主要與利息費用相關）增加到 2018 年的 566,000 美元。

For the 2018 period, interest expense amounted to $175,000.

2018 年期間，利息支出為 175,000 美元。

As such, the bulk of the increase in other expenses of approximately $392,000 was mainly related to a loss on the extinguishment of debt of $377,000.

因此，其他費用增加約 39.2 萬美元，大部分主要與 37.7 萬美元的債務清償損失有關。

The net loss available to common stockholders for 2018 was $11.4 million or a loss of $0.23 per share compared to a net loss of $8.6 million or $0.19 per share for 2017.

2018 年普通股股東的淨虧損為 1,140 萬美元，即每股虧損 0.23 美元，而 2017 年的淨虧損為 860 萬美元，即每股虧損 0.19 美元。

Operating expenses for the full year 2018 included noncash charges for depreciation, amortization, stock-based compensation and loss on debt extinguishment, totaling approximately $4.7 million compared to $2.6 million for the full year 2017.

2018 年全年營運費用包括折舊、攤提、股票補償和債務清償損失等非現金費用，總計約 470 萬美元，而 2017 年全年為 260 萬美元。

As such, adjusted EBITDA for the full year of 2018 was a negative $6.3 million.

因此，2018 年全年調整後 EBITDA 為負 630 萬美元。

Additionally, our results included onetime expenses of $1.3 million, mainly related to the settlement of a lawsuit with a former distributor of $1 million.

此外，我們的業績還包括 130 萬美元的一次性費用，主要與與前經銷商的 100 萬美元訴訟和解有關。

Similarly, our 2018 results also reflects $7.2 million of expenses related to our net China investment.

同樣，我們 2018 年的業績也反映了與我們的中國淨投資相關的 720 萬美元費用。

Excluding the China investment and onetime charges, we delivered a positive non-GAAP adjusted EBITDA of $2.2 million for the full year 2018.

不包括中國投資和一次性費用，我們 2018 年全年的非 GAAP 調整後 EBITDA 為 220 萬美元。

Now turning to the balance sheet.

現在轉向資產負債表。

As of December 31, 2018, the company had cash of $7.7 million and working capital of $20.2 million.

截至2018年12月31日，該公司擁有現金770萬美元，營運資金2,020萬美元。

This compares to $14.2 million in cash and working capital of $20.5 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 2,050 萬美元。

Changes in operating assets and liabilities utilized $5.5 million of cash, of which $1 million was related to the settlement of the lawsuit.

經營資產和負債的變動動用了 550 萬美元現金，其中 100 萬美元與訴訟和解有關。

Late in the fourth quarter, we entered into convertible loan agreements for the issuance of an aggregate of $10 million in principal of unsecured convertible notes, due in December 2020.

在第四季末，我們簽訂了可轉換貸款協議，發行本金總額為 1,000 萬美元的無擔保可轉換票據，將於 2020 年 12 月到期。

The principal amount of one of these loans is $5 million and replaces an existing $3.5 million credit facility netting incremental proceeds of $1.5 million.

其中一筆貸款的本金額為 500 萬美元，取代現有的 350 萬美元信貸額度，淨增量收益為 150 萬美元。

Two additional loans with principal amounts of $3 million and $2 million represent new capital.

另外兩筆本金分別為 300 萬美元和 200 萬美元的貸款代表新資本。

We are using the aggregate net proceeds of $6.5 million for working capital purposes in support of the ongoing expansion of our operations.

我們將 650 萬美元的淨收益總額用作營運資金，以支持我們業務的持續擴張。

The additional capital provides us with sufficient resources to execute our current '19 operating plans.

額外的資本為我們提供了足夠的資源來執行我們目前的 '19 營運計劃。

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

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 full year of 2018 totaled $11.6 million.

2018 年全年營運所用現金總計 1,160 萬美元。

The use of cash in 2018 is mainly related to operational losses, driven by high levels of investments in China and marketing initiatives in North America as well as high levels of working capital required to support our incremental business model.

2018年的現金使用主要與營運虧損有關，這是由於在中國的高額投資和北美的營銷舉措以及支持我們增量業務模式所需的高額營運資金所致。

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 FBR.

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

Let me say first, congratulations on the growth and improvement in metrics for both Q4 and the year.

首先，我要祝賀第四季和今年指標的成長和改進。

Thank you, Jeff, appreciate that.

謝謝你，傑夫，很感激。

We really had a really solid fourth quarter and 2018 was a milestone year for the company.

我們的第四季確實表現出色，2018 年對公司來說是具有里程碑意義的一年。

Can you speak more about what you're seeing with Target, CVS and the convenience store channel?

能詳細談談您對 Target、CVS 和便利商店通路的看法嗎？

Just wondering about the sell-throughs there.

只是想知道那裡的銷售情況。

I know you touched on some things in your prepared comments.

我知道您在準備好的評論中談到了一些事情。

Maybe touch on door count plans, adding news SKUs, those sorts of things, what's been happening -- the trends there.

也許會涉及門數計劃，添加新聞 SKU，諸如此類的事情，正在發生的事情 - 那裡的趨勢。

Sure.

當然。

Thank you, Jeff.

謝謝你，傑夫。

Target has been a great success for you -- if you've been watching.

如果您一直在關注的話，Target 已經為您帶來了巨大的成功。

We started off in 2018 with a test in 5 stores -- 500 stores.

我們從 2018 年開始在 5 家商店（即 500 家商店）進行測試。

We've now expanded that to almost 1,200 stores in Target.

現在，我們已將其擴展到 Target 的近 1,200 家商店。

Started off with 2 SKUs, now we're up to 3 SKUs and hopefully soon you'll be seeing a fourth SKU.

一開始有 2 個 SKU，現在我們已增加到 3 個 SKU，希望您很快就會看到第四個 SKU。

The sell-through rate has been -- everyone has been very pleased with the sell-through rate.

售貨率一直是－每個人都對售貨率非常滿意。

Initial expectations internally, we've exceeded internal expectations at Target as well as our own.

根據內部最初的預期，我們超越了塔吉特以及我們自己的內部預期。

We're still working through the supply chain.

我們仍在透過供應鏈進行工作。

We are going through the warehouse through Target which has, as a result, the product is selling a lot quicker than they can keep it on the shelf.

我們正在透過塔吉特公司檢查倉庫，因此，產品的銷售速度比他們在貨架上的存放速度要快得多。

So we do see some out of stocks frequently throughout the country over the last several months.

所以過去幾個月我們確實看到全國各地經常出現缺貨的情況。

And our team has been working with the supply chain to make sure we have ample product on the shelf.

我們的團隊一直在與供應鏈合作，以確保我們的貨架上有充足的產品。

So the good news is, we are seeing up -- increases in turns and as we continue to build out our national distribution network, we'll be able to use some DSD partners to keep those shelves fully stocked.

所以好消息是，我們看到輪流增加，隨著我們繼續建立我們的全國分銷網絡，我們將能夠利用一些 DSD 合作夥伴來保持這些貨架上的庫存充足。

So the sell-through at Target has been positive and we look to further expand with them in 2019.

因此，塔吉特 (Target) 的銷量一直是積極的，我們希望在 2019 年與他們進一步擴大業務。

We see the Target as a great partner for us.

我們將目標公司視為我們的優秀合作夥伴。

CVS has been a great account.

CVS 是一個很棒的帳戶。

As you recall, we started a test with them as well of 500 healthier and better-for-you coolers that they had as an initial test.

您還記得嗎，我們還對他們進行了一項測試，測試了他們作為初始測試的 500 個更健康、更適合您的冷卻器。

CVS today, for 2019, we further expanded by the end of 2018, we're in over 1,000 stores with 3 SKUs and we have been authorized nationwide for 2019.

今天的CVS，2019年，我們在2018年底進一步擴張，我們的門市超過1000家，有3個SKU，2019年我們已經在全國範圍內獲得授權。

So we are in the process of going through that, the fulfillment process through their DCs to expand to all locations.

因此，我們正在經歷這個過程，即透過他們的配送中心擴展到所有地點的履行過程。

So we see great success in the Drug channel, especially with CVS and the other marquee banners as well, which we are actively talking to.

因此，我們看到藥品頻道取得了巨大成功，尤其是 CVS 和我們正在積極與之交談的其他字幕橫幅。

So between the Mass channel at Target and the Drug channel, just a lot of exponential growth there and opportunities.

因此，在塔吉特的大眾通路和藥品管道之間，有許多指數級增長和機會。

Okay.

好的。

That's great to hear.

很高興聽到這個消息。

And then as a follow-up to that, maybe you can update us a little bit more on how things are going, adding the domestic co-packers.

然後，作為後續行動，也許您可以向我們介紹更多最新情況，添加國內代加工商。

I think you're working on some of those or speaking to some of those.

我認為您正在研究其中的一些內容或與其中的一些內容進行交談。

And then, maybe you can just speak a little bit more about some of the advantages of adding new distribution partners and what you expect to gain from those relationships in 2019 and beyond?

然後，也許您可以多談談添加新分銷合作夥伴的一些優勢，以及您期望在 2019 年及以後從這些關係中獲得什麼？

Absolutely.

絕對地。

Just to go back to your initial question in regards to following up on the convenience channel, and that really ties in to our new distribution partners.

回到您最初關於跟進便利管道的問題，這確實與我們的新分銷合作夥伴息息相關。

So I'll answer the beginning -- the end part of that -- your question first.

所以我將首先回答你的問題的開頭部分和結尾部分。

We see great opportunity with the new partners and the opportunity in the convenience channel.

我們看到了新合作夥伴的巨大機會以及便利管道的機會。

Keep in mind, we're currently at about a 10% ACV, seeing extremely good growth rates and getting a lot of interest from other marquee banners.

請記住，我們目前的 ACV 約為 10%，看到了非常好的成長率，並從其他大橫幅中獲得了許多興趣。

We further expanded in Circle K, we see great opportunities with them in 2019.

我們在 Circle K 進一步擴張，我們在 2019 年看到了與他們合作的巨大機會。

QT is another customer we're working with.

QT 是我們合作的另一個客戶。

We see great opportunity there.

我們在那裡看到了巨大的機會。

And we've just a lot of interest for this category.

我們對這個類別非常感興趣。

There is a really a renaissance taking place right now in the Energy category.

能源類別現在確實正在發生復興。

You're seeing a lot of -- as health and wellness trends continue to take hold, you're seeing these fitness functional energy products really gaining the opportunities that it never had been able to accomplish.

隨著健康和養生趨勢的持續流行，您會看到許多健身功能性能量產品真正獲得了前所未有的機會。

And there's a migration taking place for healthier alternatives in the category.

且該類別中正在發生對更健康替代品的遷移。

Just like the sugary soda CSD category was affected many years ago, from sparkling waters, you're seeing that in the Energy category today.

就像多年前含糖汽水 CSD 類別受到蘇打水的影響一樣，您今天在能源類別中也能看到這種情況。

And that's where we see great opportunities in the convenience channel.

這就是我們在便利管道中看到的巨大機會。

And how we're going to leverage the convenience channel is through our new distribution partners.

我們將如何利用便利管道是透過我們的新分銷合作夥伴。

Over the last 3 to 6 months, we've been able to close key contracts and solidify distribution partners throughout the country with some of the largest strategic supply partners in the United States.

在過去的 3 到 6 個月中，我們與美國一些最大的戰略供應合作夥伴簽訂了重要合約並鞏固了全國各地的分銷合作夥伴。

We've closed several Anheuser-Busch network partners, Keurig Dr. Pepper network partners as well as the independent Pepsi bottlers as well and we're seeing tremendous opportunities.

我們已經關閉了幾個 Anheuser-Busch 網路合作夥伴、Keurig Dr. Pepper 網路合作夥伴以及獨立的百事可樂裝瓶商，我們看到了巨大的機會。

That is going to make sure we stay stocked in this channel.

這將確保我們在這個頻道中保持庫存。

This channel is very competitive.

這個通路競爭非常激烈。

We need to make sure that we have feet on the street that's able to keep those shelves stocked because we are turning.

我們需要確保我們的腳步能夠在街上保持貨架上的庫存，因為我們正在轉彎。

And we're turning at a really high growth rate.

我們的成長率非常高。

And as I mentioned on the call, we're out-turning a lot of the competitors of much larger brands.

正如我在電話中提到的，我們正在擊敗許多大品牌的競爭對手。

So by closing these additional DSD network partners, it's going to not only provide additional availability, additional points of distribution in this channel, but most importantly, make sure we stay stocked and maintain our position on the shelf.

因此，透過關閉這些額外的 DSD 網路合作夥伴，不僅會在該通路中提供額外的可用性和額外的分銷點，而且最重要的是，確保我們保持庫存並保持我們在貨架上的地位。

And in regards to the co-packers, we have been adding co-packers throughout Q3 and Q4.

至於代加工商，我們在第三季和第四季一直在增加代加工商。

We currently have 4 co-packers currently active and we have 3 additional co-packers that are going through our quality assurance process and supplier onboarding processes.

目前，我們有 4 家活躍的代加工商，另外還有 3 位代加工商正在經歷我們的品質保證流程和供應商入職流程。

So we feel at this stage, we are ready for beverage season.

所以我們覺得現階段我們已經為飲料季節做好準備了。

We've increased our inventories in the first quarter as well as coming towards the end of Q4 and we feel we will have ample supply.

我們在第一季以及第四季末增加了庫存，我們認為我們將有充足的供應。

We're building strong partnerships with our suppliers.

我們正在與供應商建立牢固的合作關係。

So we feel we're well positioned for this summer.

所以我們覺得今年夏天我們已經準備好了。

Okay, great.

好的，太好了。

And then, one more quick -- hopefully, a quick one, if I could squeeze it in.

然後，再快一點——希望是快一點，如果我能把它塞進去的話。

Just wondering do you feel like the Nordic area is as normalized or is normalizing now?

只是想知道您覺得北歐地區是否已經正常化或正在正常化？

I think the segment was a little stronger in Q4.

我認為第四季該細分市場稍強。

I think you mentioned it was actually up or EU was up.

我想你提到它實際上已經上漲或歐盟已經上漲。

So just wondering kind of what your thoughts are on that?

所以想知道你對此有何想法？

Yes.

是的。

We feel the Nordic business is going to turn to more normalized levels.

我們認為北歐業務將轉向更正常化的水平。

We were down for the year 17%.

我們這一年下降了 17%。

A lot of that came with Q2 -- revenues -- Q1, Q2 revenues in 2018.

其中許多來自第二季的營收——2018 年第一季、第二季的營收。

I think, we just launched a new flavor in the region called Peach Vibe, which has allowed us to further increase our market share, and it's been one of the most successful flavors in the region over the last several years.

我認為，我們剛剛在該地區推出了一種名為 Peach Vibe 的新口味，這使我們能夠進一步增加我們的市場份額，並且它是過去幾年該地區最成功的口味之一。

So we're very optimistic about the opportunities that we have in the market.

因此，我們對市場上的機會非常樂觀。

We also have a lot of new flavor innovation coming in the market in 2019, and we feel optimistic about that.

2019年我們還有很多新口味創新上市，我們對此感到樂觀。

Our next question comes from the line of Jeffrey Cohen with Ladenburg Thalmann.

我們的下一個問題來自傑弗裡·科恩和拉登堡·塔爾曼的對話。

Can you hear me okay?

你聽得到我說話嗎？

Yes, [Anthony] (sic) [Jeff].

是的，[安東尼]（原文如此）[傑夫]。

Yes.

是的。

Thank you.

謝謝。

So could you talk a little bit about the Lavit deal and locations, distribution as far as geographic locations and impact that may have upon the cost of goods and some of the packaging expenses?

那麼您能否談談 Lavit 的交易和地點、地理位置的分銷以及可能對商品成本和一些包裝費用的影響？

[Anthony] (sic) [Jeff], could you just repeat the front end of that question briefly, I'm sorry?

[安東尼]（原文如此）[傑夫]，你能簡單地重複一下這個問題的前端嗎？

The Lavit deal for the powder cups.

Lavit 的粉杯交易。

Powder cups.

粉杯。

Oh, yes.

哦是的。

We -- in regards to the Lavit opportunity, we see this is a great opportunity with our Lavit on-the-go really at work locations.

關於 Lavit 的機會，我們認為這是一個很好的機會，可以讓我們的 Lavit 隨時隨地在工作場所使用。

Lavit is really bringing Celsius to a new channel, further expanding our at-work initiative through the Vending channel.

Lavit 確實將攝氏度帶入了一個新管道，透過自動販賣機管道進一步擴大了我們的工作計畫。

But with Lavit, these are really sparkling water, healthier beverages that Lavit's mission is to bring to the office space.

但對於 Lavit，這些都是真正的蘇打水、更健康的飲料，Lavit 的使命是將其帶入辦公空間。

So they're very much aligned with our mission as well.

所以他們也與我們的使命非常一致。

And we see that as a great fit.

我們認為這是一個非常合適的選擇。

We launched with our first flavor, which was our Orange, orange powder product.

我們推出了第一種口味，即我們的橘子、橙粉產品。

We're working with them on additional innovation for 2019.

我們正在與他們合作，在 2019 年進行更多創新。

They are vigorously placing a lot of machines throughout the country with key corporations.

他們正在全國各地的主要企業大力部署大量機器。

So it's another opportunity for individuals to enjoy Celsius.

因此，這是個人享受攝氏度的另一個機會。

So we see that as a great opportunity for us, bringing us into a new channel for incremental revenue.

因此，我們認為這對我們來說是一個很好的機會，使我們進入了增加收入的新管道。

Okay.

好的。

Got it.

知道了。

And can you talk about some of the anticipated marketing partnerships?

您能談談一些預期的行銷合作夥伴關係嗎？

Are there new ones that we should look for in the coming year?

來年我們該尋找新的嗎？

Yes.

是的。

We will have new partnerships coming onboard.

我們將有新的合作夥伴加入。

We've been very busy as an organization over the last 3 -- 6 months.

在過去的 3 - 6 個月裡，我們作為一個組織一直非常忙碌。

Matt Kahn has put together an extremely aggressive plan for 2019.

馬特·卡恩 (Matt Kahn) 為 2019 年制定了極其激進的計劃。

We are -- you'll see that we're partnering with Tough Mudder again in 2019, which is about to get started here in the next few weeks.

您將看到，我們將在 2019 年再次與 Tough Mudder 合作，該合作將於未來幾週內開始。

We're really excited about that partnership.

我們對這種夥伴關係感到非常興奮。

We're going to do further activation with Tough Mudder.

我們將使用 Tough Mudder 進行進一步啟動。

We're also working on tying that in to key retail partners.

我們也致力於將其與主要零售合作夥伴聯繫起來。

So we're activating the trade, which is so critical at this stage of the company.

因此，我們正在啟動貿易，這在公司現階段非常重要。

You'll see additional opportunities and additional really marketing properties that we'll bring to the table.

您將看到我們將帶來的更多機會和更多真正的行銷屬性。

In addition, we're also integrating a influencer program, further driving that further and expanding upon that and further activating digital social activations.

此外，我們還整合了影響者計劃，進一步推動並擴展該計劃，並進一步啟動數位社交活動。

So it is a full encompassing marketing plan, you'll see rolling out.

所以這是一個全面的行銷計劃，你會看到它的推出。

More to come on that as we continue to progress, but we're going to continue with our mission to continue to target consumers where they live, work and play.

隨著我們不斷進步，還會有更多的事情發生，但我們將繼續履行我們的使命，繼續以消費者生活、工作和娛樂的地方為目標。

We want to be a part of everyone's life, looking to live a healthy, active lifestyle.

我們希望成為每個人生活的一部分，尋求健康、積極的生活方式。

Okay.

好的。

Got it.

知道了。

And one more, if I may.

如果可以的話，再來一張。

Edwin, could you talk a little bit about margins -- the current margins and maybe talk about the impact that additional co-packers may have going forward?

Edwin，您能否談談利潤率——當前的利潤率，也許還可以談談更多代加工廠未來可能產生的影響？

And are there any onetime margin hits in nature from the fourth quarter that you expected to get back during 2019?

您預計第四季的利潤率是否會在 2019 年恢復？

Sure.

當然。

Very well.

很好。

Thank you.

謝謝。

Very good question.

非常好的問題。

Absolutely.

絕對地。

One of the things that John and I have been evaluating -- excuse me, the trade-off as it relates to expanding our co-packers because we have experienced a little bit of additional cost as it relates to some of those co-packers.

約翰和我一直在評估的事情之一 - 對不起，這是與擴大我們的代加工廠有關的權衡，因為我們經歷了一些與其中一些代加工廠有關的額外成本。

But again, we want to guarantee that we have sufficient inventory levels to service the summer season at this point.

但同樣，我們希望確保目前有足夠的庫存水準來滿足夏季的需求。

We did have some onetime charges, not much regarding some excess and obsolescence inventory.

我們確實有一些一次性費用，但與一些過剩和過時的庫存有關的費用並不多。

But again, we're keeping a very good eye on that and our freight costs to make sure that in 2019, we will maximize our margins going forward.

但我們再次密切關注這一點以及我們的貨運成本，以確保在 2019 年我們將實現利潤最大化。

Okay.

好的。

Got it.

知道了。

And no forward-looking guidance on any metrics for '19 at this point?

目前還沒有關於 19 年任何指標的前瞻性指導嗎？

Correct?

正確的？

No.

不。

Not at this point, Jeff.

傑夫，現在還不行。

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

（操作員說明）我們的下一個問題來自 Anthony Vendetti 和 Maxim 的線路。

I just wanted to focus on -- a little bit first on the China investment and then go forward with some of the questions that I have.

我只是想先關註一下對中國的投資，然後再回答我提出的一些問題。

So on China, it looks like it was a negative $1 million.

所以在中國，看起來是負100萬美元。

Is that because as you said this reconciliation of the investments there?

這是因為正如您所說的那樣，那裡的投資是對帳的嗎？

Did they already pay $950,000 in the fourth quarter to recoup some of the investment you've made in China?

他們是否已經在第四季度支付了 95 萬美元來收回您在中國的部分投資？

No, no.

不，不。

They have not.

他們沒有。

This pertains basically to the reconciliation and the [vouching] that we've been doing as it relates to the accrued expenses that we have done.

這基本上涉及我們一直在做的對帳和[擔保]，因為它與我們所做的應計費用有關。

But no, it has not translated into, let's call it, any cash flow.

但不，它還沒有轉化為任何現金流。

Okay.

好的。

I see, I see.

我明白了，我明白了。

And has the deal officially closed?

交易正式完成了嗎？

Or is it still waiting final approval, signatures, all that?

或仍在等待最終批准、簽名等等？

Anthony, this is John.

安東尼，這是約翰。

We've executed a definitive agreement as of January 1, 2019.

我們已於 2019 年 1 月 1 日簽署了最終協議。

We're going through the final reconciliation and we'll have the loan -- capital loan finalized by the end of this month.

我們正在進行最後的對賬，我們將在本月底之前完成貸款—資本貸款。

So we have come to mutually agreed upon terms.

因此，我們達成了共同商定的條款。

We're looking at approximately in excess of $10 million on the capital loan to be repaid over the 5-year term, but that will be finalized by the end of this month or sooner.

我們正在考慮在 5 年內償還約超過 1000 萬美元的資本貸款，但這將在本月底或更早之前完成。

Okay, great.

好的，太好了。

And then, gross margin.

然後是毛利率。

Now that you're going to be out of China in terms of a direct investment there.

現在，就直接投資而言，你將離開中國。

I know there's royalty there, but should the gross margin for the rest of the business start to move back up?

我知道那裡有特許權使用費，但其他業務的毛利率是否應該開始回升？

Or is this gross margin in the high 30s is more appropriate for 2019?

還是這個30多歲的毛利率比較適合2019年？

Yes, that's a good question.

是的，這是一個好問題。

As we grow in scale, we're bringing on some marquee accounts.

隨著我們規模的擴大，我們正在引進一些大客戶。

With the marquee accounts comes slotting as well as additional promotional activity really, which is required to really, if you want to call it, set the account to make sure you're getting the off-takes and the pull-through.

隨著大帳篷帳戶的出現，確實會出現插檔以及額外的促銷活動，如果您想稱之為，則確實需要設置帳戶以確保您獲得承購和拉動。

So on these early stages with these new marquee accounts, we are taking a lesser margin as a result of increased promotional activity.

因此，在這些新的大客戶的早期階段，由於促銷活動的增加，我們獲得的利潤較少。

And keep in mind, slotting and promotions are a direct offset against revenue.

請記住，排位和促銷會直接抵消收入。

So although our kind of run rates -- optimal run rate margins will be much higher as we continue to scale on the second year, we will have some margin contraction on these new accounts.

因此，儘管隨著我們在第二年繼續擴大規模，我們的運行率——最佳運行率利潤率將會高得多，但這些新帳戶的利潤率將會有所收縮。

So you're working on a blended margin.

所以你正在研究混合利潤。

I think if you look at historically where we finished the year for 2018, we should be somewhere around that target.

我認為，如果你回顧一下 2018 年的歷史情況，我們應該會接近這個目標。

It seems more than achievable at this point.

在這一點上，這似乎是完全可以實現的。

But also as we gain further momentum, we'll be -- as Edwin mentioned, be able to leverage these new co-packers coming onboard to drive additional efficiencies in the cost of goods.

但隨著我們獲得進一步的動力，正如艾德溫所提到的，我們將能夠利用這些新加入的代加工商來提高商品成本的效率。

We also are receiving some freight savings heading into the new year versus what we experienced in Q4.

與第四季相比，進入新的一年，我們還節省了一些運費。

Q4 freight rates were extremely high on a per pallet basis, but they have leveled off and actually decreased slightly.

第四季每個托盤的運費非常高，但已經趨於平穩，實際上略有下降。

So I think as a good range is to look at the full year margin for 2018.

因此，我認為一個好的範圍是查看 2018 年全年利潤率。

Okay.

好的。

Now that's helpful, John.

現在這很有幫助，約翰。

Just in terms of inventory, it looks like that almost doubled here.

僅就庫存而言，這裡看起來幾乎翻了一番。

Was that some of the new SKUs coming online or what was that?

是一些即將上線的新 SKU 還是什麼？

Sure.

當然。

Edwin, would you like to answer that?

艾德溫，你願意回答這個問題嗎？

Absolutely.

絕對地。

Yes.

是的。

Thank you.

謝謝。

Yes, it's basically -- again, we're getting ready for the summer season and that's why you see inventory levels have increased.

是的，基本上，我們正​​在為夏季做好準備，這就是為什麼你會看到庫存水準增加。

And if you look prospectively, we think that, that going forward is going to be the right level of inventory, so we can service our accounts and avoid out of stocks.

如果你前瞻性地看待，我們認為，未來的庫存水準將是合適的，這樣我們就可以為我們的客戶提供服務並避免缺貨。

So we feel comfortable with that.

所以我們對此感到很舒服。

Okay.

好的。

And then lastly, in terms of competition, just based on data we've been able to gather, because this probably held -- Bang, looks like they're approximately $500 million in revenue if we can figure that out correctly.

最後，就競爭而言，僅根據我們能夠收集的數據，因為這可能成立 - Bang，如果我們能正確計算的話，看起來他們的收入約為 5 億美元。

How do you look at yourselves in terms of positioning against Bang?

你如何看待自己對Bang的定位？

And what are your strategies in 2019 to sort of counter their growth?

2019 年你們有哪些策略來應對它們的成長？

Yes, Anthony, that's a great question.

是的，安東尼，這是一個很好的問題。

And VPX has done a great job.

VPX 做得非常出色。

And they are capitalizing on these new trends.

他們正在利用這些新趨勢。

As I mentioned earlier, there's a renaissance happening in the Energy category and it's being disrupted today, and it's happening rapidly.

正如我之前提到的，能源類別正在復興，但今天它正在被顛覆，而且發生得很快。

You can see that with Bang's success over the last 6 months.

您可以從 Bang 在過去 6 個月的成功中看到這一點。

Last year as well, they've been gaining a tremendous amount of traction and so is Celsius.

去年，它們也獲得了巨大的關注，攝氏也是如此。

We see Bang as a complementary.

我們將 Bang 視為互補品。

Their Target consumer is 18 to 24, ours is 24 to 36.

他們的目標消費者是 18 至 24 歲，我們的目標消費者是 24 至 36 歲。

We are more female.

我們更女性化。

We have 50% female, 50% male.

我們有 50% 女性，50% 男性。

When you look at our demographics and we complement each other nicely as this new category is really evolving.

當你看看我們的人口統計數據時，我們可以很好地互補，因為這個新類別確實在不斷發展。

And Rodney Sacks on Monster, Monster mentioned on the last earnings call, about the new category, being this performance energy category.

羅德尼·薩克斯 (Rodney Sacks) 談到 Monster，Monster 在上次財報電話會議上提到了新類別，即性能能源類別。

And it's not just a new category.

這不僅僅是一個新類別。

That's going to be really the new Energy category overall.

這將是真正的新能源類別。

And you're seeing these early indications of the transformation of this category, just like the CSD category was disrupted as well.

您將看到該類別轉型的早期跡象，就像 CSD 類別也受到了破壞一樣。

So we see great opportunities and also bringing our partners that are coming onboard, further partnerships with Target and CVS, the AV Network, PEP -- and the PepsiCo (inaudible).

因此，我們看到了巨大的機遇，並吸引了即將加入的合作夥伴，與 Target 和 CVS、AV Network、PEP 以及百事可樂（聽不清楚）進一步建立合作關係。

This is happening extremely rapidly.

這種情況發生得極為迅速。

As you -- John [alluded], let me just follow-up on the network.

正如約翰[所提到的]，讓我在網路上跟進。

So you're signing up some of these independent distributors that are part of Anheuser-Busch, Keurig Dr. Pepper.

因此，您要與 Anheuser-Busch、Keurig Dr. Pepper 旗下的一些獨立經銷商簽約。

I'm just curious what do you see as the synergies there or the benefit of being part of those networks?

我只是好奇您認為這些網路的協同作用或成為這些網路一部分的好處是什麼？

Is it more than just having those distributors?

不僅僅是擁有這些經銷商嗎？

What additional benefit is it that they're part of these larger companies?

他們加入這些大公司有什麼額外的好處？

Yes.

是的。

It's critical in our business, in the beverage business.

這對我們的業務、飲料業務至關重要。

We built up to this point, we've been very reliant on the wholesale network and direct to retail leveraging, really the supply chains of our customers.

到目前為止，我們一直非常依賴批發網路並直接利用零售槓桿，實際上是我們客戶的供應鏈。

Unfortunately, as an example, on Target, we've seen out of stocks considerably because the product is moving so quickly.

不幸的是，舉個例子，在 Target 上，我們已經看到大量缺貨，因為該產品的銷售速度太快了。

By leveraging these DSD partnerships, these individuals are in the store each and every week.

透過利用這些 DSD 合作夥伴關係，這些人每週都會出現在商店中。

Sometimes multiple times in a given week.

有時在一周內多次。

Not only will we have proper shelf tags, merchandising and POS, we'll also maintain our presence and make sure we're in stock.

我們不僅擁有適當的貨架標籤、推銷和 POS，我們還將保持我們的存在並確保我們有庫存。

I will tell you going through the warehouse, we see a lot of inconsistencies, price tags aren't up; when we're on promotion, the deal tags aren't up.

我會告訴你，透過倉庫，我們看到很多不一致的地方，價格標籤沒有上來；當我們進行促銷時，優惠標籤不會出現。

So we'll be able to gain and leverage really, it's the power of the people that you get from the DSD market and then also -- they also go into many other local areas -- independents in their region.

因此，我們將能夠真正獲得和利用，這是從 DSD 市場獲得的人們的力量，然後他們也進入許多其他當地地區 - 他們所在地區的獨立人士。

So not only are we picking the people power, we're also picking up additional distribution within those communities.

因此，我們不僅選擇了人民的力量，而且還在這些社區內獲得了額外的分配。

So the additional touch points per week is not critical, but much more important as you move forward to try to make sure that everything setup correctly, like you said, I didn't realize that lot of times things, if you're not there often enough, they're not tagged right or it's the wrong promotion and all that, so having these networks that are more frequent touch points makes a difference?

因此，每週額外的接觸點並不重要，但更重要的是，當你繼續努力確保一切設置正確時，就像你說的，我沒有意識到很多時候，如果你不在場的話通常，它們沒有被正確標記，或者是錯誤的促銷等等，因此擁有這些更頻繁接觸點的網絡會有所不同嗎？

That is correct.

這是正確的。

Okay, great.

好的，太好了。

Appreciate it.

欣賞它。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question comes from the line of [Paul Johnson], a private investor.

我們的下一個問題來自私人投資者 [Paul Johnson]。

Wanted to understand -- you mentioned CVS and Target.

我想了解一下——您提到了 CVS 和 Target。

Can you tell us a little bit about the Delhaize Group, Food Lion and Hannaford, first of all, how they've done?

您能否向我們介紹 Delhaize Group、Food Lion 和 Hannaford，首先，他們的表現如何？

Yes.

是的。

Sure.

當然。

Thank you, Paul for calling in.

謝謝你，保羅打來。

The Delhaize Group, it's going well.

德爾海茲集團，進展順利。

We're in Food Lion, we have -- we are getting orders, we're growing with them.

我們在 Food Lion，我們收到訂單，我們與訂單一起成長。

There's a lot of further opportunity to scale within Food Lion.

Food Lion 內部還有很多進一步擴展的機會。

We're also running some programs and coming up in the second quarter to continue to support that.

我們也正在運行一些計劃，並將在第二季推出，以繼續支持這項計劃。

And we have some trade marketing programs scheduled as well.

我們也安排了一些貿易行銷計劃。

So we think it's met our internal expectations and we are working further to optimize the Food Lion opportunity, which is a massive opportunity.

因此，我們認為它滿足了我們的內部期望，我們正在進一步努力優化 Food Lion 機會，這是一個巨大的機會。

Our goal is to really get cold availability in these locations.

我們的目標是在這些地點真正獲得冷可用性。

Right now, we're in the dry shelf, so in the aisle.

現在，我們在乾燥的貨架上，所以在過道上。

So we're looking for additional placements within the store to gain additional off-take.

因此，我們正在店內尋找更多的展示位置，以獲得更多的承購量。

Hannafords has gone very well.

漢納福德進展順利。

That is supported by our distributor of Polar in the region.

這得到了我們該地區 Polar 經銷商的支持。

Sales are moving very well, increasing.

銷售進展順利，不斷增加。

We've stated before at several conferences in regards to our historical growth rate -- if you look at our [spins] data as well, we're growing about 30%, 36% organically.

我們之前在幾次會議上就我們的歷史成長率表示過——如果你也看看我們的[旋轉]數據，我們的有機成長率約為 30%、36%。

So we're seeing those type of growth rates at Hannafords as well.

因此，我們在漢納福德也看到了這種類型的成長率。

We do have an individual on the ground there.

我們確實有一個人在那裡。

We're setting up displays and you'll see more activation with them in 2019.

我們正在設定展示，您將在 2019 年看到更多的展示活動。

So we feel the Delhaize partnership is going well.

因此，我們認為與德爾海茲的合作進展順利。

And there's a lot of opportunity.

而且有很多機會。

We're just in infancy stages of that.

我們還處於起步階段。

Really capturing the share of that account.

真正捕獲該帳戶的份額。

Great.

偉大的。

And regarding the strong relationship with CVS, does that sort of preclude us from also getting some meaningful penetration at Walgreens?

關於與 CVS 的牢固關係，這是否會妨礙我們在沃爾格林獲得一些有意義的滲透？

No.

不。

I believe it helps us.

我相信這對我們有幫助。

If anything, it helps us.

如果有的話，它對我們有幫助。

So it does not preclude us at all.

所以它根本不排除我們。

Okay.

好的。

And regarding just more about the competitive threat, obviously, there's nothing, I mean even though the recipe for the Celsius drinks is complicated, there's nothing proprietary about the ingredients certainly.

關於更多的競爭威脅，顯然，沒有什麼，我的意思是，儘管攝氏飲料的配方很複雜，但其成分當然沒有什麼專有的。

What precludes some of the larger competitors essentially knocking us off?

是什麼阻止了一些較大的競爭對手從根本上擊敗我們？

It's -- that is a good question.

這是一個很好的問題。

We don't have a patent.

我們沒有專利。

It is a trade secret.

這是一個商業機密。

It's been a trade secret from the beginning.

從一開始這就是商業機密。

Our founders originally went down that path as a trade secret not to disclose the formula.

我們的創始人最初將這條道路作為商業機密，不透露公式。

It can be reformulated based on -- I'm sure, scientists can reformulate the product.

它可以根據——我確信，科學家可以重新配製該產品來重新配製。

We do have a competitive advantage with our position and the fan base and the consumers that we have built and the momentum behind us.

憑藉我們的地位、我們建立的粉絲群和消費者以及我們背後的動力，我們確實擁有競爭優勢。

But just like any product -- and a lot of other brands, it could be replicated, it's very difficult.

但就像任何產品以及許多其他品牌一樣，它可以被複製，但這非常困難。

The one thing that makes us very unique is we have the science over 6 clinical studies published in peer reviewed sports nutrition journals.

我們非常獨特的一件事是，我們在同行評審的運動營養期刊上發表了超過 6 項臨床研究。

In addition, the product -- the company has already been reviewed by the NAD and a class action lawsuit on our structure function claims has taken place in 2010 where the company prevailed.

此外，該公司的產品已經接受了 NAD 的審查，並於 2010 年就我們的結構功能索賠提起了集體訴訟，最終該公司勝訴。

So we have a lot of additional -- really value and additional science behind the product.

因此，我們的產品背後有許多額外的產品——真正的價值和額外的科學。

It would be very hard to replicate.

這將很難複製。

Keep in mind Coca-Cola and Nestle created Enviga back in 2009 and were shut down because they did not really do the proper research, they didn't have the proper studies behind the product.

請記住，可口可樂和雀巢早在 2009 年就創建了 Enviga，但後來被關閉，因為他們沒有真正進行適當的研究，他們沒有對產品背後進行適當的研究。

So we feel we're in a very good position to continue to capitalize on the market today and really capitalize our share and really the renaissance in the Energy category, targeting those health-minded consumers.

因此，我們認為我們處於非常有利的位置，可以繼續利用當今的市場，真正利用我們的份額以及能源類別的復興，並瞄準那些注重健康的消費者。

Okay, that's helpful.

好的，這很有幫助。

And just in terms of, you talked a little bit about the margins in a similar way on the cash burn.

就現金消耗而言，您以類似的方式談到了利潤率。

I know you, Edwin, had said that you don't expect to have additional cash needs for 2019, but I think you had said that last year and you did do the offering.

艾德溫，我知道你曾說過，你預計 2019 年不會有額外的現金需求，但我認為你去年就說過了，而且你確實進行了發行。

You did raise money by the shareholders.

你確實透過股東籌集了資金。

So are we fairly confident that for 2019, there won't be further dilution?

那麼我們是否有信心 2019 年不會再進一步稀釋？

Yes.

是的。

Thank you.

謝謝。

Yes.

是的。

Our current plan reflects that we will have sufficient funding or cash flow from our operations.

我們目前的計劃反映出我們將擁有足夠的營運資金或現金流。

But nevertheless, we always have Plan A, Plan B, Plan C where we've identified areas where we can generate more cash as it relates to perhaps reducing a little bit of our working capital in some cost-savings areas as well.

但儘管如此，我們總是有 A 計劃、B 計劃、C 計劃，我們已經確定了可以產生更多現金的領域，因為這也可能與在某些成本節約領域減少一點營運資本有關。

So I think we're well positioned to have sufficient cash flow for the next 12 months to operate the business.

因此，我認為我們處於有利位置，可以在未來 12 個月內擁有足夠的現金流來經營業務。

And I'll just add, Paul, as well.

我還要補充一點，保羅。

I mean, when you look at 2017 ex the Asia investment, 2017, we generated $2.6 million, almost $2.7 million in positive cash -- positive EBITDA, adjusted EBITDA, when you back out those Asian investments.

我的意思是，當你看看2017 年（不包括亞洲投資）時，2017 年，我們產生了260 萬美元，幾乎270 萬美元的正現金——正EBITDA，調整後的EBITDA，當你退出這些亞洲投資時。

And in 2018, on a full year, we're looking at about $2.2 million in positive adjusted EBITDA.

2018 年全年，我們預計調整後的 EBITDA 約為 220 萬美元。

So we're very focused as an organization on driving profitable growth.

因此，作為一個組織，我們非常專注於推動獲利成長。

So as Edwin mentioned, we do have levers that we can pull in the event we have some timing, but at this point, we do have sufficient capital to run this business profitably today.

正如埃德溫所提到的，如果我們有一些時機，我們確實有可以拉動的槓桿，但在這一點上，我們確實有足夠的資本來運營這項業務，以實現盈利。

Got it.

知道了。

And just one other question, which may be a little bit random, but because you speak to lot of analysts and shareholders, John, any sort of speculation as to why there's such an incredibly high short interest level?

還有一個問題，這可能有點隨機，但因為你與許多分析師和股東交談，約翰，有任何關於為什麼空頭利息水平如此之高的猜測嗎？

I know the float is small, but any theories on that because it's a little perplexing?

我知道浮動很小，但是有什麼理論嗎，因為它有點令人困惑？

Yes.

是的。

I agree with you, Paul.

我同意你的看法，保羅。

Unfortunately, I have no control over that.

不幸的是，我無法控制這一點。

From what we can tell, we have spoken with NASDAQ representatives, trying to identify maybe who the investor is, but it's hard to understand that.

據我們所知，我們已經與納斯達克代表進行了交談，試圖確定投資者是誰，但很難理解這一點。

We don't understand that, but what we can say is that it seems like the short interest has been there when we first were really brought on the Russell 2000 and 3000.

我們不明白這一點，但我們可以說的是，當我們第一次真正投資 Russell 2000 和 3000 時，空頭興趣似乎就已經存在了。

So -- and it's kind of hovered in a range.

所以——它有點徘徊在一個範圍內。

So maybe it has to do with index funds that are on the other side of the 2000 and 3000, but that's all we really know at this point.

所以也許這與 2000 點和 3000 點另一邊的指數基金有關，但這就是我們目前所知道的全部。

And we're really focused on driving results.

我們確實專注於推動成果。

There is a great opportunity in front of us and we're executing as an organization.

我們面前有一個巨大的機會，我們正在作為一個組織來執行。

(Operator Instructions) It appears we have no further questions at this time.

（操作員說明）目前看來我們沒有其他問題了。

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

我現在想將發言權交還給管理層以徵求結束意見。

Thank you.

謝謝。

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

我們謹代表公司感謝大家的持續關注。

Our fourth quarter and annual results demonstrates our products are gaining considerable momentum.

我們的第四季和年度業績表明我們的產品正在獲得巨大的發展勢頭。

As we are capitalizing on today's health and wellness trends, our active healthy lifestyle position is a global position with mass appeal.

當我們利用當今的健康和保健趨勢時，我們積極健康的生活方式的立場是具有大眾吸引力的全球立場。

We are 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。

2018 proved we have a winning product and a very large market that consumers love.

2018年證明我們擁有一個成功的產品和一個深受消費者喜愛的龐大市場。

Our mission is to get Celsius to more consumers profitably.

我們的使命是將攝氏度帶給更多消費者並從中獲利。

I'm very proud of our dedicated team.

我為我們敬業的團隊感到非常自豪。

As without them, our tremendous achievements in 2018 and significant opportunities we see in the coming year would not be possible.

沒有他們，我們就不可能在 2018 年取得巨大成就，也不可能在來年看到重大機會。

In addition, I'd like to thank our investors for their continued support and confidence in our team.

此外，我還要感謝我們的投資者對我們團隊的持續支持和信任。

On a final note, our management team will be presenting at 3 upcoming investor conferences, the first being the ROTH Capital Conference on March 17 and 18 in Southern California.

最後一點，我們的管理團隊將在即將舉行的 3 場投資者會議上發表演講，第一次是 3 月 17 日至 18 日在南加州舉行的羅斯資本會議。

In addition, we'll be at the B. Riley FBR Conference in Hollywood, California on May 22 and 23.

此外，我們還將參加 5 月 22 日至 23 日在加利福尼亞州好萊塢舉行的 B. Riley FBR 會議。

And the company will attend the Jefferies Consumer Conference in Nantucket through June 17 through the 19.

該公司將於 6 月 17 日至 19 日參加在楠塔基特島舉行的 Jefferies 消費者會議。

We look forward to seeing many of you at these upcoming conferences.

我們期待在即將舉行的這些會議上見到你們中的許多人。

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

謝謝大家對攝氏的興趣，祝您有美好的一天。

Ladies and gentlemen, this does conclude today's teleconference.

女士們、先生們，今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation, and have a wonderful day.

感謝您的參與，祝您有美好的一天。