Celsius Holdings Inc (CELH) 2019 Q1 法說會逐字稿

Greetings and welcome to the Celsius Holdings First Quarter 2019 Earnings Call.

您好，歡迎參加攝氏控股 2019 年第一季財報電話會議。

(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。

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

現在我很高興向大家介紹主持人卡梅倫·多納休 (Cameron Donahue) 和 Hayden IR。

Thank you.

謝謝。

Mr. Donahue, you may begin.

多納休先生，您可以開始了。

Thank you and good morning, everyone.

謝謝大家，早安。

We appreciate you joining us today for Celsius Holdings first quarter earnings conference call.

我們感謝您今天加入我們攝氏控股第一季財報電話會議。

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

在準備好發言後，我們將開始電話詢問您的問題，屆時將給予指示。

The company filed its Form 10-Q with the SEC and issued a press release today.

該公司向 SEC 提交了 10-Q 表格，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 forecasts, expectations and other information available to management as of today, May 9, 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 5 月 9 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 obligation 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 morning everyone and thank you for joining us today.

大家早安，感謝您今天加入我們。

2019 is off to a strong start as we execute our strategy of positioning Celsius as a global beverage leader for health-minded consumers.

2019 年是一個良好的開端，我們執行了將攝氏度定位為面向健康消費者的全球飲料領導者的策略。

In the quarter, we made significant progress on important drivers of growth for our business, launching with new customers as well as major national expansion with both Target and CVS, increased distribution and kicked off new marketing programs aimed at building our brand awareness.

本季度，我們在業務成長的重要驅動力方面取得了重大進展，推出了新客戶以及透過 Target 和 CVS 進行重大全國擴張，增加了分銷並啟動了旨在建立我們品牌知名度的新行銷計劃。

This progress in conjunction with the accomplishments and achievements in 2018 fueled a 41% increase in North America revenues.

這項進步與 2018 年的成就和成就相結合，推動了北美收入成長 41%。

Another important accomplishment on the international distribution front this quarter was the finalization of our China royalty agreement, which will allow us to recoup our $12.2 million investment and which positions Celsius to further grow our market share in this important market at a risk-adjusted basis.

本季度國際分銷方面的另一項重要成就是敲定了我們的中國特許權使用費協議，這將使我們能夠收回1220 萬美元的投資，並使攝氏度能夠在風險調整的基礎上進一步擴大我們在這個重要市場的市佔率。

This quarter, we have once again demonstrated our ability to enter new channels, on board new distribution partners and optimize our routes ensuring product availability.

本季度，我們再次證明了我們進入新通路、加入新分銷合作夥伴以及優化路線以確保產品可用性的能力。

Top line performance in the first quarter was driven by continued expansion in North America.

第一季的營收業績受到北美地區持續擴張的推動。

In this geography, we announced new high-profile launches and expansions with leading national retailers, including Target, CVS, Rite Aid, Food Lion and DICK'S Sporting Goods.

在該地區，我們宣布與 Target、CVS、Rite Aid、Food Lion 和 DICK'S Sporting Goods 等領先的全國零售商合作推出新產品並進行擴張。

In addition, we made further progress in the fitness, military and vending channels in North America.

此外，我們在北美的健身、軍事、販賣管道也取得了進一步的進展。

National rollouts with both Target and CVS are a direct outcome of the accelerating market demand for our portfolio.

Target 和 CVS 的全國推廣是市場對我們產品組合需求不斷增長的直接結果。

After a successful test where we saw strong sell-through, Target has now increased the number of flavors to 3 SKUs, Sparkling Watermelon, Kiwi Guava and Orange as well as non-carbonated Green Tea Peach Mango to over 1,200 of their 1,800 domestic locations.

經過一次成功的測試，我們看到了強勁的銷售量，Target 現在已將口味數量增加到3 個SKU，即氣泡西瓜、奇異果番石榴和橙子，以及非碳酸綠茶桃子芒果，覆蓋其1,800 個國內門店中的1,200 多個。

And in April, we will be expanding to over 1,500 locations.

4 月份，我們將擴展到 1,500 多個地點。

Our national expansion in CVS, our first entry into the drug channel, where we tested initially with 550 stores.

我們在 CVS 進行全國擴張，這是我們首次進入藥品管道，我們最初在 550 家商店進行了測試。

We are now have expanded to over 7,500 stores nationwide with 3 flavors in the cold door.

目前我們的門市已擴展到全國7,500多家，冷門有3種口味。

Both these expansions are underway.

這兩項擴張正在進行中。

Celsius further expands their domestic presence in national drug retail footprint with the addition of Rite Aid during the quarter, where we are currently placed in over 2,300 of their 3,000 stores.

在本季度，隨著 Rite Aid 的加入，Celsius 進一步擴大了其在全國藥品零售領域的影響力，目前我們在其 3,000 家商店中的 2,300 多家商店中佔有一席之地。

Together with CVS and Rite Aid, we now have approximately 11,000 domestic retail locations in the drug channel, representing a significant new opportunity for us to increase our product availability and greater visibility for our portfolio of premium fitness beverages.

與 CVS 和 Rite Aid 一起，我們現在在藥品通路擁有約 11,000 個國內零售點，這對我們來說是一個重要的新機會，可以提高我們的產品供應量並提高我們優質健身飲料產品組合的知名度。

Additionally, significant opportunities remain with other key drugstore chains in the channel.

此外，該通路中的其他主要藥局連鎖店仍存在重大機會。

I'm also pleased to announce that we secured additional distribution agreements with partners, including Anheuser-Busch, Keurig Dr. Pepper and MillerCoors independent network partners.

我還很高興地宣布，我們與合作夥伴達成了額外的分銷協議，其中包括 Anheuser-Busch、Keurig Dr. Pepper 和 MillerCoors 獨立網路合作夥伴。

These new distribution agreements further expand our availability into new regions and will allow us to maintain our shelf presence in key retailers, where we are out selling the warehouse replenishment systems.

這些新的分銷協議進一步將我們的供應範圍擴大到新的地區，並使我們能夠維持在主要零售商的貨架上的存在，我們在這些零售商中銷售倉庫補貨系統。

In addition, subsequent to quarter end, we signed one of the strongest and most transformative agreements to date, announcing a new distribution agreement with Big Geyser, which will significantly increase our presence in the massive New York City metropolitan area.

此外，在季度末之後，我們簽署了迄今為止最強有力、最具變革性的協議之一，宣布與Big Geyser 達成新的分銷協議，這將顯著增加我們在紐約市大都會區的影響力。

Big Geyser has been instrumental in building numerous brands over the years.

多年來，Big Geyser 在打造眾多品牌方面發揮了重要作用。

And it's New York's largest independent non-alcoholic beverage distributor serving over 20,000 locations in the market.

它是紐約最大的獨立非酒精飲料經銷商，為市場上 20,000 多個地點提供服務。

We are eager to partner with them and build out New York City together, where we already have seen greater brand acceptance in the health, vitamin specialty and fitness channels.

我們渴望與他們合作，共同建立紐約市，我們已經在健康、維生素專業和健身管道中看到了更高的品牌接受度。

Functional beverages have emerged 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中成長最快的類別，也已成為其中之一。

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're 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利替代品的需求，讓消費者能夠在旅途中管理自己的健康。

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

消費者越來越多地尋求能夠幫助他們實現健康和保健目標的飲料。

Celsius is positioned not only at the forefront of this global trend, but also has the ability to benefit across more channels than any other beverage company, including over big-box retail, convenience, grocery, drug store channel, fitness, health and wellness, vitamins specialty, sporting goods, military and healthy vending.

攝氏不僅處於這一全球趨勢的前沿，而且有能力比任何其他飲料公司在更多管道中受益，包括大型零售、便利、雜貨、藥房通路、健身、健康和保健，維生素專業、體育用品、軍事和健康自動售貨。

Stemming from this opportunity, we have also, for the first time, been recognized by leading industry sell-side research analysts and included in both their industry reports as well as in updated reports on larger competitors, such as Monster, which they cover, where Celsius has been referenced as both an industry threat and a competitor to the growing segment.

由於這個機會，我們還首次得到了領先的行業賣方研究分析師的認可，並被納入他們的行業報告以及有關較大競爭對手的最新報告中，例如他們所涵蓋的 Monster，其中攝氏溫度既被視為產業威脅，又被視為不斷成長的細分市場的競爭對手。

We are outpacing the category growth in the convenience channel by a measure of 4.3 times, and we see massive opportunity as we continue to expand and further our reach in the category.

我們在便利通路的品類成長速度超過了 4.3 倍，隨著我們繼續擴大並進一步擴大我們在該品類的影響力，我們看到了巨大的機會。

Per the latest SPINS 52-week ending March 24, 2019 convenience scan data brand CELSIUS grew 38.4% over the prior year and is ranked one of the top 15th brands in the category with only an ACV up 10.8%, that's all accumulated volume, which validates the strong demand for our portfolio.

根據截至2019 年3 月24 日的最新SPINS 52 週數據，便利掃描品牌CELSIUS 比上一年增長了38.4%，位列該類別中排名前15 的品牌之一，僅ACV 增長了10.8%，這都是累計銷量，其中證實了對我們投資組合的強勁需求。

Additionally, we continue to see strong growth in all channels of trade.

此外，我們繼續看到所有貿易管道的強勁成長。

The military channel continues to perform well.

軍事頻道繼續表現良好。

We are very optimistic about further expansion in the channel.

我們對通路的進一步拓展非常樂觀。

Also our dedicated team of professionals and our fitness channel have also delivered higher volumes in key accounts as 24 Hour, Gold's Gym, Planet Fitness, Movie King and many others.

此外，我們的專業專業團隊和健身頻道也為 24 Hour、Gold's Gym、Planet Fitness、Movie King 等重要客戶提供了更高的銷售量。

Our vending channel, which is just barely over a year old, is positioned to deliver strong growth in 2019 with expansion to over 10,000 locations nationwide through a dedicated team especially focused on this channel.

我們的自動販賣機成立僅一年多一點，預計將在 2019 年實現強勁成長，透過專門專注於該通路的專業團隊擴展到全國 10,000 多個地點。

To date, CELSIUS has been added to the vending machines in micro markets of refreshments solution providers, which include Ac Food, Canteen, First Class Vending, [4 Star service group], Southern Refreshment, and CELSIUS is available for distribution throughout the United States in the vending channel through Vistar.

迄今為止，CELSIUS已被添加到茶點解決方案提供商的微型市場的自動販賣機中，其中包括Ac Food、Canteen、First Class Vending、[四星級服務集團]、Southern Refreshment，並且CELSIUS可在美國各地分銷在 Vistar 的自動販賣機道中。

This channel offers significant opportunity and reach, targeting new customers, new consumers, such as work, at-work location environments, universities and travel centers.

該管道提供了重要的機會和覆蓋範圍，針對新客戶、新消費者，例如工作、工作地點環境、大學和旅遊中心。

Lastly, our e-commerce channel continues to deliver exceptional performance as we continue through our sales efforts targeting consumers where they live, work and play.

最後，我們的電子商務管道繼續提供卓越的業績，因為我們繼續針對消費者生活、工作和娛樂的地方開展銷售工作。

In addition, during the quarter, we expanded our CELSIUS portfolio lined up with a great tasting sparkling Fuji Apple Pear.

此外，在本季度，我們擴大了 CELSIUS 產品組合，推出了美味的起泡富士蘋果梨。

This delicious refreshing flavor is perfect for our lineup as we further position the brand as a proven of function healthier alternative to traditional energy drinks out there today.

這種美味清爽的口味非常適合我們的產品線，因為我們進一步將該品牌定位為當今傳統能量飲料的經過驗證的功能更健康的替代品。

Fuji Apple Pear broadens our appeal and reach, and has quickly become a top-selling flavor in the fitness channel during the first quarter where we initially launched it.

富士蘋果梨擴大了我們的吸引力和影響力，並在我們最初推出它的第一季迅速成為健身管道中最暢銷的口味。

We anticipate national rollout and expansion with this new flavor, Fuji Apple Pear, in key retailers on the next planogram resets.

我們預計在下一次貨架圖重置時，這種新口味富士蘋果梨將在全國範圍內推出並在主要零售商中推廣。

I'd like to thank our dedicated sales team in North America for their ongoing success in expanding our channels of trade, including health and fitness, grocery, broadening our expansion into the drug store, mass merchant, military and vending, as well as increasing the number of SKUs in each channel of trade.

我要感謝我們在北美的專業銷售團隊，他們不斷成功地拓展了我們的貿易管道，包括健康和健身、雜貨店、將我們的業務擴展到藥局、大眾商戶、軍事和自動販賣機，以及不斷增加每個貿易管道中的SKU 數量。

I'd also like to acknowledge the success of our team in Europe, where they grew sales at 20% during the quarter from the prior year.

我還要感謝我們歐洲團隊所取得的成功，他們在該季度的銷售額較上一年增長了 20%。

New flavors launched in European market have been very well received, leading to channel growth and expansion, and turning around the decline we have previously seen in the region.

在歐洲市場推出的新口味非常受歡迎，導致通路成長和擴張，並扭轉了我們之前在該地區看到的下滑趨勢。

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

2019 年 1 月，我們推出了一種名為 Peach Vibe 的全新美味口味，該口味已迅速成為該地區最暢銷的口味。

We have a strong pipeline of planned innovation, supported by key targeted marketing programs to expand and capture more market share in the European market.

我們擁有強大的計劃創新管道，並得到關鍵的有針對性的行銷計劃的支持，以擴大和佔領歐洲市場的更多市場份額。

In Asia in March, we closed a definitive agreement to establish a royalty licensing and repayment of an invested agreement with Qifeng Food Technology.

三月在亞洲，我們與奇豐食品科技達成了一項最終協議，以建立特許權使用費和償還投資協議。

This creates a risk-mitigated method to advance our business in China and grow our share in this important market.

這創造了一種降低風險的方法來推進我們在中國的業務並增加我們在這個重要市場的份額。

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

根據協議，奇峰食品科技擁有在中國製造、行銷和商業化Celsius品牌產品的獨家權利。

In exchange, we will receive a licensing fee roughly approximately $6.9 million over the next 5 years, at which point it will transition to a volume-based royalty fee.

作為交換，我們將在未來 5 年內收到約 690 萬美元的許可費，屆時將轉變為基於數量的特許權使用費。

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

初始特許權使用費基於初始預期數量折扣 50%。

In addition to the fixed royalty fees, Qifeng Technology will repay the $12.2 million of invested capital over the initial 5-year term.

除了固定特許權使用費外，奇峰科技還將在最初的 5 年期限內償還 1,220 萬美元的投資資本。

Through this agreement, we have created a stronger collaborative relationship between the companies to capitalize on the considerable opportunity and consumer demand in the region.

透過這項協議，我們在公司之間建立了更牢固的合作關係，以利用該地區的巨大機會和消費者需求。

Last year, we significantly expanded our presence in China through our existing partnership with Qifeng Foods Technology, who has been instrumental in our success and growth in the region.

去年，我們透過與奇峰食品科技的現有合作夥伴關係，顯著擴大了我們在中國的業務，奇峰食品科技為我們在該地區的成功和發展發揮了重要作用。

Through their experience, relationships and network of distribution partners, Celsius is now available in over 63 cities and over 65,000 locations across China.

憑藉其經驗、關係和分銷合作夥伴網絡，Celsius 現已在中國超過 63 個城市和超過 65,000 個地點提供服務。

Moving to our marketing and brand development initiatives.

轉向我們的行銷和品牌發展計劃。

We announced our first partnership in the esports field with [Echo Fox], a premier esports organization and media company who signed Celsius as its official performance energy drink sponsor.

我們宣布與首屈一指的電子競技組織和媒體公司 [Echo Fox] 在電子競技領域建立了首次合作夥伴關係，並與攝氏度簽約為其官方功能能量飲料贊助商。

Echo fitness is home to some of the world's top esports athletes and field teams across a variety of titles.

Echo Fitness 是一些世界頂級電競運動員和各種冠軍隊伍的所在地。

The organization's focus on player development, competitive achievement and effective training practices aligns with our brand mission to provide functional healthy fitness drinks to a new generation of athletes.

該組織對運動員發展、競技成績和有效訓練實踐的關注與我們為新一代運動員提供功能性健康健身飲料的品牌使命相一致。

Fierce competition has motivated players to adopt strict physical and mental training regimes to stay sharp, and Celsius will help them achieve their peak performance.

激烈的比賽促使球員採取嚴格的身體和心理訓練制度來保持敏銳，而Celsius將幫助他們達到巔峰表現。

Marketing activities uptake continually remain active with local demos, events and programs.

行銷活動透過本地演示、活動和計劃持續保持活躍。

During the quarter, we executed over 500 targeted demos at key retailers and attended large consumer and trade events, including health and wellness expos, Arnold Classic, Europa Games, 7-11 Experience and Expo West, just to name a few.

本季度，我們在主要零售商處進行了500 多個有針對性的演示，並參加了大型消費者和貿易活動，包括健康和保健博覽會、Arnold Classic、Europa Games、7-11 Experience 和Expo West 等。

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

我們 2019 年淨行銷計畫包括增加有針對性的數位社群媒體、有影響力的行銷計畫和活動，以及在全國目標市場擴大我們的抽樣計畫。

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

從四月開始，我們將繼續積極開展 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 will be attending over 23 cities and we'll be providing samples to over 200,000 health-minded consumers across the country further expanding our community.

我們將涵蓋超過 23 個城市，並向全國超過 20 萬名註重健康的消費者提供樣品，進一步擴大我們的社區。

In addition, we will be conducting targeted guerilla programs in key markets and interacting with consumers.

此外，我們還將在重點市場開展針對性的遊擊計劃，並與消費者互動。

Continued focus on key drivers of growth led to record growth in the first quarter.

持續關注關鍵成長驅動因素導致第一季實現創紀錄的成長。

Revenue grew 20% to $14.5 million, led by domestic growth of 41% to a record $11.4 million during the quarter.

本季營收成長 20%，達到 1,450 萬美元，其中國內成長 41%，達到創紀錄的 1,140 萬美元。

International revenues decreased by approximately $900,000 to $3.1 million for the quarter.

該季度國際收入減少約 90 萬美元，至 310 萬美元。

As mentioned earlier, we had growth in Europe and turned around declining sales in the region, which was, however, offset by a $1.3 million revenue reduction from China as we transition to a royalty licensing model.

如前所述，我們在歐洲取得了成長，並扭轉了該地區銷售額下降的局面，但由於我們過渡到特許權使用費許可模式，中國收入減少了 130 萬美元，抵消了這一影響。

Consumer demand is very strong in China and we are pleased to shift to this model in the region that allows us to focus our working capital in North America and other emerging markets.

中國的消費者需求非常強勁，我們很高興在該地區轉向這種模式，這使我們能夠將營運資金集中在北美和其他新興市場。

We are leveraging our growth drivers, while remaining a lean and performance-driven organization, capitalizing on today's health and wellness trends.

我們正在利用我們的成長動力，同時保持精益和績效驅動的組織，利用當今的健康和保健趨勢。

Our innovative portfolio of fitness board products is increasingly well positioned to disrupt the energy category.

我們的創新健身板產品組合越來越有能力顛覆能源類別。

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。

I'm excited for our prospects in 2019.

我對 2019 年的前景感到興奮。

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

我現在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。

For the 3 months ended March 31, 2019, revenue was approximately $14.5 million.

截至 2019 年 3 月 31 日的三個月，營收約為 1,450 萬美元。

A considerable increase of $2.4 million or 20% from $12.1 million for the same period last year.

與去年同期的 1,210 萬美元相比，大幅增加了 240 萬美元，即 20%。

The revenue increase of 20% was basically attributable to continuous strong growth of 41% in North American revenues driven by double-digit expansion in existing accounts as well as new distribution.

20%的營收成長主要歸功於現有帳戶兩位數擴張以及新分銷的推動，北美營收持續強勁成長41%。

European sales achieved a solid 20% growth, mainly as a result of the launch of new flavors that have been very well accepted in the market.

歐洲銷量實現了 20% 的穩健增長，主要是由於推出了深受市場歡迎的新口味。

Asian revenues reflect a change in business model and therefore show a considerable reduction of approximately $1.3 million when compared to the prior year results for the 3 months ended March 31, 2019.

亞洲收入反映了商業模式的變化，因此與去年截至 2019 年 3 月 31 日的三個月業績相比，大幅減少了約 130 萬美元。

The total increase in revenues from 2018 to 2019 was mainly related to increases in sales volume as opposed to increases in product pricing.

2018年至2019年的總收入成長主要與銷售量的成長有關，而非產品定價的成長。

Excluding the China results, revenue from continuing operations reflected an increase of 35% during the first quarter of 2019.

不包括中國業績，2019 年第一季持續經營業務收入成長了 35%。

For the first 3 months ended March 31, 2019, gross profit increased by approximately $960,000 or 20% from $4.8 million in 2018 to $5.7 million for the first quarter of 2019.

截至2019年3月31日的前三個月，毛利從2018年的480萬美元增加到2019年第一季的570萬美元，成長約96萬美元，即20%。

Gross profit margins remain in line at 39.5% for the 3 months ended March 31, 2019 when compared to the same period in 2018.

截至2019年3月31日止三個月，與2018年同期相比，毛利率維持在39.5%。

The increase in gross profit dollars is mainly related to increases in sales volume as opposed to increases in product pricing.

毛利的增加主要與銷售量的增加有關，而不是產品定價的增加。

Sales and marketing expenses for the 3 months ended March 31, 2019 were approximately $3.6 million, a decrease of approximately $2 million or 36% from $5.6 million in the same period in 2018.

截至2019年3月31日止三個月的銷售和行銷費用約為360萬美元，較2018年同期的560萬美元減少約200萬美元，即36%。

The decrease is mainly due to the change in business model in China, which does not required direct marketing investments.

減少的主要原因是中國商業模式的變化，不需要直接行銷投資。

The actual reduction in marketing investments amounted to $2.8 million, which was partially offset by increases in sales expenses of $385,000, storage and distribution expenses of $186,000 and increases in headcount investments of $250,000.

行銷投資的實際減少額為 280 萬美元，部分被銷售費用增加 385,000 美元、倉儲和分銷費用增加 186,000 美元以及員工投資增加 250,000 美元所部分抵消。

General and administrative expenses for the 3 months ended March 31, 2019 were approximately $2.6 million, an increase of $620,000 or 31% from $2 million for the 3 months ended March 31, 2018.

截至2019年3月31日止三個月的一般及行政費用約為260萬美元，較截至2018年3月31日止三個月的200萬美元增加62萬美元或31%。

The increase was primarily due to stock option expense, which accounted for 95% of the variance or $588,000.

增加的主要原因是股票選擇權費用，佔差異的 95%，即 588,000 美元。

There were increases in other administrative expenses of approximately $103,000, mainly related to insurance expense, professional fees and depreciation, which were partially offset by savings in R&D costs of approximately $18,000 and lower compensation expenses of $53,000 as the prior year results included their retirement compensation for the prior CEO.

其他管理費用增加了約103,000 美元，主要與保險費用、專業費用和折舊有關，但部分增加被研發成本節省約18,000 美元和補償費用減少53,000 美元所部分抵消，因為上一年的業績包括他們的退休補償金前任執行長。

Total other income increased by approximately $12.2 million for the 3 months ended March 31, 2019, mainly related to the recognition of the note receivable from our China distributor.

截至2019年3月31日止3個月，其他收入總額增加約1,220萬美元，主要與確認中國經銷商的應收票據有關。

As per the agreement, we will receive the net investment made into China over the next 5 years.

根據協議，我們將獲得未來5年對中國的淨投資。

Additionally, we will also receive interest income, which amounted to approximately $90,000 for the 3 months ended March 31, 2019.

此外，我們還將獲得利息收入，截至 2019 年 3 月 31 日的三個月約為 9 萬美元。

As a result of the above, for the 3 months ended March 31, 2019, Celsius had net income of approximately $11.7 million to common shareholders or $0.20 per share based on a weighted average of 57,155,445 shares outstanding.

綜上所述，截至2019 年3 月31 日的三個月，Celsius 為普通股股東帶來的淨利潤約為1,170 萬美元，或每股0.20 美元（基於57,155,445 股已發行股票的加權平均數） 。

In comparison, for the 3 months ended March 31, 2018, we had a net loss of approximately $2.8 million and after giving effect to preferred stock dividends of approximately $83,000, a net loss available to common shareholders of $2.9 million or $0.06 per share based on a weighted average of 47,449,553 shares outstanding.

相較之下，截至2018 年3 月31 日的三個月，我們的淨虧損約為280 萬美元，在派發約83,000 美元的優先股股息後，普通股股東可獲得的淨虧損為290 萬美元，即每股0.06 美元。

As of March 31, 2019 and December 31, 2018, we had cash of approximately 2.8 and $7.7 million , respectively, and working capital of approximately 23.8 and $19.6 million , respectively.

截至2019年3月31日和2018年12月31日，我們的現金分別約為2.8和770萬美元，營運資金分別約為23.8和1960萬美元。

Cash used in operations during the 3 months ended March 31, 2019 and the year ended December 31, 2018 total approximately 6.8 and $4.3 million , respectively, reflecting investments in inventory, prepayments and deposits, as well as the settlement of marketing expenses related to the China change in business model.

截至2019年3月31日的三個月和截至2018年12月31日的年度，營運中使用的現金總額分別約為68,430萬美元，反映了庫存、預付款和存款的投資，以及與公司相關的行銷費用的結算。

As such, adjusted EBITDA for the first quarter of 2019 was approximately a positive $878,000 compared to a loss of $2.1 million in the first quarter of 2018.

因此，2019 年第一季調整後 EBITDA 約為正 878,000 美元，而 2018 年第一季虧損 210 萬美元。

In arriving to our adjusted EBITDA results for the 3 months ended March 31, 2019, we included favorable adjustments for depreciation and amortization of $107,000, net interest expense of approximately $30,000 and also backed out the gain of $12.2 million related to the note receivable from China.

在得出截至2019 年3 月31 日止3 個月的調整後EBITDA 業績時，我們對折舊和攤銷進行了有利的調整，包括107,000 美元、淨利息支出約30,000 美元，並取消了與來自中國的應收票據相關的1,220 萬美元收益。

As such, our net non-GAAP adjusted EBITDA for the quarter was $717,000 higher than the 2018 results.

因此，我們本季的非 GAAP 調整後 EBITDA 淨額比 2018 年業績高出 717,000 美元。

Using this apples-to-apples comparison, adjusted EBITDA increased over 400%, a significant improvement year-over-year when compared to the first quarter of 2018.

透過這種同類比較，調整後的 EBITDA 成長了 400% 以上，與 2018 年第一季相比，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。

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。

Thank you.

謝謝。

We will now be conducting a question-and-answer session.

我們現在將進行問答環節。

(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。

Congratulations on the strong results.

祝賀取得了優異的成績。

John, I wonder if you can speak a little bit more about what your new distributor in New York area can mean for your business in that region.

約翰，我想知道您是否可以多談談您在紐約地區的新經銷商對該地區的業務意味著什麼。

And maybe you could update us on the latest trends in business at Target and CVS?

或許您可以向我們介紹 Target 和 CVS 的最新業務趨勢？

I know you had really successful roll out there.

我知道你們在那裡的推廣非常成功。

And then any other major customer that you feel is worth highlighting?

那麼您認為還有其他值得強調的主要客戶嗎？

Sure.

當然。

Thank you, Jeff.

謝謝你，傑夫。

In regards to the Big Geyser announcement, we're very excited about that opportunity in the New York City metropolitan area.

關於大間歇泉的宣布，我們對紐約市大都會區的這個機會感到非常興奮。

Big Geyser has been instrumental on building brands from vitaminwater by several others in the area.

Big Geyser 在該地區其他幾家公司利用維生素水打造品牌方面發揮了重要作用。

Just really a great team there, dedicated team, and focus and aggressive.

那裡真的是一支很棒的團隊，專注的團隊，專注且積極。

They have a very focused sales organization.

他們有一個非常專注的銷售組織。

And we've actually started to kick off -- next week is the official kick off with them.

我們實際上已經開始了——下周是他們的正式開始。

We're really excited.

我們真的很興奮。

I mean, the challenge we had in New York, we've had limited distribution except outside of the vitamin specialty and health clubs.

我的意思是，我們在紐約遇到的挑戰是，除了維生素專賣店和健身俱樂部之外，我們的分銷範圍很有限。

And although we have authorization in 7-11 and CVS and Target, due to the other DSD brands, we are really having a difficult time keeping product on the shelf, given our ability to use the -- really the only route to market in that region is through the wholesalers and/or through the warehouse of those existing retailers.

儘管我們擁有 7-11、CVS 和 Target 的授權，但由於其他 DSD 品牌的原因，我們確實很難將產品保留在貨架上，因為我們有能力使用——實際上是進入該市場的唯一途徑。是透過批發商和/或透過那些現有零售商的倉庫。

So we're expecting a great opportunity.

所以我們期待著一個很好的機會。

Edwin and I were up in New York.

埃德溫和我在紐約。

We do spend some time up there speaking with investors and I will tell you that everyone is aware of Celsius, Barry's Bootcamp, Equinox, 24 Hour, Gold's Gym and -- want to buy the product and look forward to having it more available throughout the city, so perfect demographic for us as well and we're really excited about that.

我們確實花了一些時間在那裡與投資者交談，我會告訴你，每個人都知道攝氏度、巴里訓練營、Equinox、24 Hour、Gold's Gym，並且希望購買該產品並期待在整個過程中更多地使用它。

In regards to Target, I did make some comments on Target and CVS during the prepared remarks.

關於Target，我在準備好的演講中確實對Target和CVS發表了一些評論。

Target is going very well.

目標進展順利。

We have been expanded into 1,500 stores starting in really towards the end of April, May.

從 4 月底、5 月開始，我們的門市數量已擴展到 1,500 家。

So we've now expanded.

所以我們現在已經擴大了。

If you recall, we started off with 500 store test and moved to 1,200 and now we're expanding even further, with 1,500.

如果你還記得的話，我們一開始測試了 500 家商店，後來擴展到 1,200 家，現在我們正在進一步擴大規模，達到 1,500 家。

Now I know, last quarter when we had our earnings call, there were questions about out of stocks.

現在我知道，上個季度我們召開財報電話會議時，有人提出了有關缺貨的問題。

We're still seeing out of stocks at Target.

我們仍然看到塔吉特百貨缺貨。

Their replenishment systems are having a really hard difficulty keeping up with the movement and the momentum.

他們的補給系統很難跟上運動和動力。

So, we're actually talking to them currently about looking at other alternatives at moving some regions to a DSD model where we have a DSD presence and coverage.

因此，我們目前實際上正在與他們討論尋找其他替代方案，將某些地區轉移到我們擁有 DSD 存在和覆蓋範圍的 DSD 模型。

So that is another exciting avenue to give to these new -- and offer to these new DSD partners we're bringing on board, so really excited about Target.

因此，這是向這些新合作夥伴提供的另一個令人興奮的途徑，並為我們引入的這些新的 DSD 合作夥伴提供服務，因此對塔吉特感到非常興奮。

We're going to add another flavor and we're talking to them on gaining cold availability as well towards the back half of the year.

我們將添加另一種口味，並正在與他們討論如何在今年下半年獲得冷貨。

So we see Target as a great partner for Celsius.

因此，我們認為 Target 是攝氏度的重要合作夥伴。

CVS has been a great partnership as well.

CVS 也是很好的合作夥伴。

Still early.

還早呢。

We're still early with both of these retailers and partners, but we are rolling out nationally in CVS.

我們與這些零售商和合作夥伴的合作還處於早期階段，但我們正在全國推廣 CVS。

You'll find 3 flavors and hopefully a store near you shortly, if it's not already on the shelf.

您會發現 3 種口味，並且希望很快就能在您附近找到一家商店（如果它還沒有上架的話）。

Initial feedback has been extremely positive.

最初的回饋非常正面。

Last month and in the end of March, we did really a sampling at the headquarter where we sampled over 25 CVS corporate employees and they said, we're one of the most liked brands that have ever been sampled at the headquarters.

上個月和三月底，我們在總部進行了抽樣調查，對超過 25 名 CVS 公司員工進行了抽樣調查，他們說，我們是總部抽樣調查中最受歡迎的品牌之一。

So really getting a headquarter support behind us, which is key, and we're excited about that offering.

因此，真正獲得總部的支持是關鍵，我們對此感到興奮。

This is just the beginning with the 3 flavors in all stores.

這只是開始，所有商店都有 3 種口味。

We're looking for a really a long-term partnership.

我們正在尋找真正的長期合作關係。

And then also with Rite Aid now with national distribution about over 2,000 locations of their 3,000 really has opened the door to really put Celsius in the drug channel in a big way.

然後，Rite Aid 現在在全國分佈了 3,000 個地點中的大約 2,000 個地點，這確實為真正將攝氏度大舉進入毒品渠道打開了大門。

We are talking with Walgreens as well, and we look forward to partnering with them.

我們也在與沃爾格林洽談，我們期待與他們合作。

But lot of opportunity in this new emerging channel for brand CELSIUS in 2019.

但 2019 年 CELSIUS 品牌這個新興管道有很多機會。

And regards to new customers, we did mention at the end of [2019's] earnings call, we did have marquee accounts, we would be naming and we have named a few already up to this point.

至於新客戶，我們確實在 [2019 年] 財報電話會議結束時提到，我們確實擁有大型帳戶，我們將對其進行命名，到目前為止我們已經命名了一些帳戶。

We do have several more, we will be announcing over the next several months as we roll them out, and that's going to be in the convenience channel as well as the grocery channel.

我們確實還有更多，我們將在接下來的幾個月內推出它們，這將在便利管道和雜貨管道中宣布。

So, we are bringing on additional accounts.

因此，我們正在增加額外的帳戶。

I think the key is when you look at our overall volumes as well, Jeff, is that it was great to see and we continue to see that SPINS IRI data showing that strong 38% growth, an off-tick coming from the register.

我認為關鍵是，傑夫，當你看看我們的整體銷售時，你會發現很高興看到這一點，而且我們繼續看到SPINS IRI 數據顯示38% 的強勁增長，這是來自收銀機的不勾選。

So, we're really excited about the momentum we have built and the opportunity that lies ahead.

因此，我們對我們已經建立的勢頭和未來的機會感到非常興奮。

Okay.

好的。

Good to hear.

很高興聽到。

And then could you update us on the co-packer picture.

然後您能否向我們介紹代加工圖片的最新情況。

What you have set up there?

你在那裡設置了什麼？

And I guess how the revised set-up should benefit you during the peak selling season?

我想修改後的設定將如何在銷售旺季使您受益？

Yes, one thing we're monitoring very closely.

是的，我們正在密切監視一件事。

Our inventories are up, probably about the highest they've been.

我們的庫存增加了，可能是歷史最高水準。

That's strategically done to make sure that we can fill the pipe orders and support these new customers coming on board.

這是策略性的做法，以確保我們能夠滿足管道訂單並支持這些新客戶的加入。

This is -- right around this time last year is when we started to see a really big pickup as well heading into beverage season.

就在去年的這個時候，我們開始看到飲料季節的大幅回升。

So, we are preparing for that as well.

所以，我們也正在為此做準備。

We have solidified our relationships, we had several Refresco in the office, not only a couple of months ago, they were here again.

我們已經鞏固了我們的關係，我們辦公室裡有幾位Refresco，不僅是幾個月前，他們又來了。

We're building a really strong relationship with Refresco.

我們正在與 Refresco 建立非常牢固的關係。

We do have 4 co-packers that are active.

我們確實有 4 家活躍的代加工商。

We feel, at this stage, we have an ample supply of product we're going to be able to deliver for 2019 and we're building out our co-packer network for 2020 and beyond.

我們認為，現階段我們擁有充足的產品供應，能夠在 2019 年交付，並且我們正在為 2020 年及以後建立我們的代加工網路。

Okay.

好的。

Great.

偉大的。

And then anything else you can give us on the Nordic region?

關於北歐地區，您還有什麼可以告訴我們的嗎？

The European region, obviously, saw a good turnaround there, which is better than we're expecting.

顯然，歐洲地區出現了良好的轉變，這比我們的預期要好。

And then maybe just touch on outside the Nordic region.

然後也許只是談談北歐地區以外的地區。

Any plans or any strategy that you can offer on other parts of Europe?

您可以在歐洲其他地區提供什麼計劃或策略嗎？

Sure.

當然。

Thank you.

謝謝。

Regards the Nordics, they did had a really good first quarter, as we mentioned.

至於北歐人，正如我們所提到的，他們第一季的表現確實非常好。

They had a new launch with a flavor called Peach Vibe, which was really successful.

他們推出了一款名為 Peach Vibe 的新口味，非常成功。

It seems to be the overall downturn we saw in 2017 and 2018 has stabilized.

2017年和2018年我們看到的整體低迷似乎穩定下來。

We're working with them really closely to continue to make sure we stabilize that Nordic operations and protect our that revenue that's there.

我們正在與他們密切合作，以繼續確保我們穩定北歐業務並保護我們在那裡的收入。

So we're working with them closely.

所以我們正在與他們密切合作。

We're really focused at this point on North American expansion.

我們目前真正關注的是北美擴張。

There's opportunities throughout Europe, but with the limited resources we have -- as I mentioned, we're a really lean team.

整個歐洲都有機會，但由於我們擁有的資源有限——正如我所提到的，我們是一個非常精簡的團隊。

There's so much opportunity right now in North America with the expansions that's going place.

隨著正在進行的擴張，北美現在有很多機會。

We are very much focused on North America.

我們非常關注北美。

We do have -- through our Nordic partner, there is activities and store expansion going on, taking place in Finland and Norway.

我們確實透過我們的北歐合作夥伴在芬蘭和挪威進行了活動和商店擴張。

But outside of that, at this point, we are really focused on North America.

但除此之外，目前我們真正關注的是北美。

China, we talked about really the change in the business model to a royalty-based model.

在中國，我們真正討論了商業模式向特許權使用費模式的轉變。

So that does free up additional resources as well and capital.

因此，這確實釋放了額外的資源和資本。

And during the first quarter, we added over $800,000 positive adjusted EBITDA for the quarter.

在第一季度，我們為該季度增加了超過 80 萬美元的正調整 EBITDA。

So we are very excited about that, going back truly driving profitable top line revenue growth.

因此，我們對此感到非常興奮，能夠真正推動獲利性頂線收入成長。

Yes.

是的。

It's great to see the improvement in EBITDA as well.

很高興看到 EBITDA 也有所改善。

I'll take the rest offline.

我會把剩下的部分離線。

Continue to success.

繼續走向成功。

Thank you, Jeff.

謝謝你，傑夫。

Appreciate it.

欣賞它。

Thank you.

謝謝。

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。

John, could you talk about the powder packs out there now?

約翰，你能談談現在的粉包嗎？

How many flavors are out there?

那裡有多少種口味？

And what's your current distribution channels on those?

您目前的分銷管道是什麼？

Thank you, Jeff.

謝謝你，傑夫。

Yes -- we've been experimenting with a variety of new flavors.

是的——我們一直在嘗試各種新口味。

We actually have a new flavors in the pipeline for our powder products as well.

事實上，我們的粉末產品也正在研發新口味。

We're going through testing through our innovation meetings and innovation team.

我們正在透過創新會議和創新團隊進行測試。

We do have 2 flavors that we launched in late 2018.

我們確實在 2018 年底推出了 2 種口味。

The cranberry lemon and a coconut which is really great flavors.

蔓越莓檸檬和椰子味道真的很棒。

Main distribution outside of the orange and the wild berry is it's mainly in the health vitamin specialty channel as well as health clubs, and it's been doing very well.

主要分佈在橙子和野生漿果之外，主要是在保健維生素專賣渠道以及健身俱樂部，而且一直做得很好。

We got some -- Matt and his team has some very interesting marketing programs around that, further integrating it into smoothies, that's being a big opportunity with us.

我們得到了一些——馬特和他的團隊圍繞這一點制定了一些非常有趣的營銷計劃，進一步將其整合到冰沙中，這對我們來說是一個巨大的機會。

It actually is doing very well at Smoothie King as well.

事實上，它在 Smoothie King 的表現也非常好。

So we're working with them in conjunction on getting the brand out there more because there's a lot more to do with our powder products; they're great on the go; great flavor.

因此，我們正在與他們合作，進一步擴大品牌知名度，因為我們的粉末產品有很多用途；他們在旅途中表現出色；味道很棒。

And we do have plans for that on the (inaudible), but we're very much focused on the RTDs where the big opportunity right now on the RTD is driving about 85% of our revenue is the overall arching focus and then also bringing in those powder products as additional points of disruption.

我們確實有這方面的計劃（聽不清楚），但我們非常關注 RTD，RTD 上目前的巨大機會推動了我們約 85% 的收入，這是整體的重點，然後也引入了這些粉末產品作為額外的幹擾點。

Okay.

好的。

I got it.

我得到了它。

And can you talk a little bit about international and how we should think about on your modeling for international for the year, ex-China.

您能否談談國際化以及我們應該如何考慮您今年除中國以外的國際化模特兒。

I know that this quarter was very solid.

我知道這個季度非常穩定。

Q2 is a super easy comp off last year's $0.77 million for the second quarter.

與去年第二季的 77 萬美元相比，第二季是一個超級簡單的補償。

How should we kind of think about modeling the full year on the international side?

我們應該如何考慮在國際方面對全年進行建模？

Yes, I think on a full year on the international side, I think you have to break it out by China and then Europe.

是的，我認為在國際方面一整年，我認為你必須在中國和歐洲方面取得突破。

Obviously, the China will be more in line with the royalty model, as we continue to ramp volumes as we progress through the launch cycle, as we continue to expand in China.

顯然，中國將更符合特許權使用費模式，隨著我們在發布週期的進展以及我們在中國的不斷擴張，我們將繼續增加銷售量。

Europe, we've stated prior and within our European market really about stabilization within the region and we anticipate that move to more normalized levels as we stated in the past.

歐洲，我們之前在歐洲市場內確實表示過該地區的穩定，我們預計會像我們過去所說的那樣達到更正常化的水平。

We do have a strong presence with ACV there.

我們的 ACV 在那裡確實有很強的影響力。

We don't see a tremendous amount of expansion at this point.

目前我們還沒有看到大規模的擴張。

We're using all of our capital resources for North America, so more of a stabilization.

我們將所有的資本資源都用於北美，因此更加穩定。

Okay.

好的。

Got it.

知道了。

And then a couple of housekeeping items.

然後是一些家務用品。

The jump in shares from Q4 to Q1, share counts up to 57.1 million, what was that from?

從Q4到Q1的份額激增，份額達到5710萬股，這是怎麼來的？

That was mainly associated with the conversion of the preferred shares at the end of 2018.

這主要與2018年底優先股轉股有關。

I'll let Edwin -- move the call over to Edwin.

我會讓艾德溫——把電話轉給艾德溫。

Yes, correct.

是的，正確。

Yes, basically related to, as John just mentioned, conversion of preferred stock to common stock to the tune of about 6 million shares.

是的，基本上與約翰剛才提到的將優先股轉換為普通股有關，數量約為 600 萬股。

So that was basically of the main jump there.

這基本上就是主要的跳躍。

Okay.

好的。

I got it.

我得到了它。

That was Carl DeSantis preferred shares.

那是卡爾·德桑蒂斯的優先股。

So now that really cleans up the cap table on the balance sheet.

所以現在這確實清理了資產負債表上的股權結構表。

There is no more preferred stock on the balance sheet.

資產負債表上不再有優先股。

So that fairly cleans up that component.

這樣就相當清理了該組件。

Got it.

知道了。

And Edwin, so you've got the [12.27] on the gain for Q1.

Edwin，所以你得到了第一季增益的 [12.27]。

So, we shouldn't see any further gains from the note or we should see some positive interest on that going forward, is that right.

因此，我們不應該看到該票據有任何進一步的收益，或者我們應該看到對此的一些積極興趣，對嗎？

How should we are modeled that over the balance of this year and going forward?

在今年和未來的剩餘時間裡，我們應該如何建模？

Correct.

正確的。

Correct.

正確的。

Yes.

是的。

We booked a gain now, which is a biggest portion, obviously, as it relates to booking the note receivable.

我們現在記入了收益，顯然，這是最大的一部分，因為它與記入應收票據有關。

And then going forward, as John mentioned, we're going to have royalty revenue and then some interest income in the range, I would say, of about $90,000 in that range.

然後，正如約翰所提到的，我們將獲得特許權使用費收入，然後是一些利息收入，我想說，在這個範圍內大約為 90,000 美元。

Keep it in mind that it's denominated in local currency in China local currency.

請記住，它是以中國當地貨幣計價的。

So there's going to be some variations or translation effects, but we expect that the interest would be in the range of $90,000 to $95,000 on a quarterly basis.

因此，將會出現一些變化或轉換效應，但我們預計每季的利息將在 90,000 美元到 95,000 美元之間。

Got it.

知道了。

Okay and then lastly for me, could you are talking a little bit about the margins out there.

好吧，最後對我來說，你能談談那裡的利潤嗎？

I know that you said that they're being driven mainly from volumes, so how should we look going forward?

我知道你說過它們主要是由銷售驅動的，那我們該如何展望未來呢？

Should we see some improvement, modest improvement, as volumes increase, is that a good way to think about it?

隨著銷量的增加，我們是否應該看到一些改進，適度的改進，這是一個很好的思考方式嗎？

Sure.

當然。

Yes.

是的。

We're looking to have some improvement in margins.

我們希望利潤率有所改善。

As John mentioned, we are partnering with co-packers and leveraging that.

正如約翰所提到的，我們正在與代加工商合作並利用這一點。

So also when we see those benefits flow through.

當我們看到這些好處流動時也是如此。

The fact is well that -- some volume increases are expected as well.

事實是－預計銷量也會增加。

We are hoping to be in that same range, 39% to low-40s going forward.

我們希望未來能維持在同樣的範圍內，即 39% 到 40 左右。

And I think just to jump in there as well, some of the improvements that we're making, that is more of a long term, that's the long term.

我認為，我們正在做的一些改進是長期的，這就是長期的。

In the short term, as Edwin mentioned, I mean we're probably going to be right around that range.

從短期來看，正如埃德溫所提到的，我的意思是我們可能會在這個範圍內。

We do have these new customers coming on board, especially these new DSD partners where we have launch plans and initiatives to gain immediate shelf space for the product.

我們確實有這些新客戶加入，特別是這些新的 DSD 合作夥伴，我們在這些合作夥伴中推出了計劃和舉措，以立即為產品贏得貨架空間。

So we are doing a little bit heavier promotions in the beginning of these relationships to make sure that we're able to get the product shelf appropriately as well as incentive, and those run through the top line revenue number, therefore affecting our gross profit margin.

因此，我們在這些關係開始時會進行一些更大規模的促銷活動，以確保我們能夠適當地獲得產品貨架以及激勵措施，並且這些貫穿於營收數字，從而影響我們的毛利率。

But we are very much focused on improving margins and driving those levers for, again, further efficiencies on an optimal run rate, but we're probably be on the lower end of those ranges as we're going through this growth cycle with some new accounts and distribution coming on board.

但我們非常注重提高利潤率並推動這些槓桿，以進一步提高最佳運行率的效率，但我們可能處於這些範圍的下限，因為我們正在經歷這個增長週期，並推出了一些新產品帳戶和分配即將上線。

(Operator Instructions) 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。

Okay.

好的。

So just a couple of questions on China.

我想問幾個關於中國的問題。

So the volume at least in the first quarter, if you want to also give the sales.

因此，如果你還想給出銷量的話，至少第一季的銷量是這樣的。

What was the unit volume, was that up or down versus first quarter '18?

單位銷售量是多少，與 18 年第一季相比是上升還是下降？

We haven't really spoken about unit volumes, Anthony, in the past, but overall volume, as Edwin mentioned, revenues were up as a basis of volume, so volumes were up very much in line with overall pricing.

安東尼，我們過去並沒有真正談論過單位銷量，但正如埃德溫所提到的，總體銷量是作為銷量基礎而增長的，因此銷量的增長與整體定價非常一致。

We're running at the same overall discounts and allowances as we had in Q1 in the prior year.

我們的整體折扣和津貼與去年第一季相同。

So the revenue growth we are driving is really driven by -- is the overall volume that you're seeing, especially in North America.

因此，我們推動的營收成長實際上是由您所看到的整體銷售所推動的，尤其是在北美。

The decrease in revenue that you're seeing on a consolidated basis is really to $1.3 million from China that we recognized in 2018 Q1 versus this year we're only recognizing the royalty component.

綜合來看，我們在 2018 年第一季確認了來自中國的收入減少了 130 萬美元，而今年我們只確認了特許權使用費部分。

Got it.

知道了。

Okay.

好的。

And then on the Geyser contract, obviously, that's a big contract.

然後就間歇泉合約而言，顯然這是一份大合約。

You mentioned John that that's starting.

你提到約翰，那就開始了。

Can you talk a little bit about the cadence of the rollout.

能談談推出的節奏嗎？

Obviously 20,000 locations is a huge opportunity, but how do you expect that roll out to play out in 2019?

顯然，20,000 個地點是一個巨大的機會，但您預計 2019 年的推廣效果如何？

We have several key employees that are going to be working specifically with Big Geyser in the region.

我們有幾位關鍵員工將專門與該地區的 Big Geyser 合作。

Our first phase of rollout is really to go after the key accounts.

我們推出的第一階段其實是為了抓住關鍵客戶。

So that's going to be the grocery channel, where we already have authorizations, the drug channel, and 7-11.

這將是我們已經獲得授權的雜貨管道、藥品管道和 7-11。

There is a lot of 7-11s throughout the city, so that's going to be a major focus for us to gain that shelf presence in those key accounts.

整個城市有很多 7-11 便利商店，因此這將成為我們在這些大客戶中獲得貨架存在的主要焦點。

And then from that point, we will backfill the other accounts as well as independents represent a large portion of that number as well.

然後從那時起，我們將回填其他帳戶，獨立帳戶也佔該數字的很大一部分。

So, it's a combination.

所以，這是一個組合。

It's going to be a journey.

這將是一次旅程。

Overnight we are not authorized in 20,000 locations.

一夜之間，我們在 20,000 個地點沒有獲得授權。

So we're tackling the key accounts first and then we'll be moving through the rest of the account list very strategically, doing route rights, leveraging really empowering and motivating their sales team to further drive Celsius and gain us that shelves presence.

因此，我們首先處理關鍵客戶，然後我們將非常策略性地處理客戶名單的其餘部分，做好路線權，充分利用真正授權和激勵他們的銷售團隊進一步推動攝氏度並為我們贏得貨架存在。

Just as a follow-up on that.

只是作為後續行動。

John, I've heard the Geyser that they are a pretty tough negotiator.

約翰，我聽說間歇泉他們是一個非常強硬的談判者。

Is it safe to say that the gross margin on that is going to be a little bit less than your corporate gross margin but worth it based on the potential sales volume.

可以肯定地說，這方面的毛利率將略低於您公司的毛利率，但基於潛在的銷量，這是值得的。

We anticipate our margin to be very much consistent with other distributors.

我們預計我們的利潤率與其他分銷商非常一致。

Our overall net margin that we have there, they actually called us through the process.

我們在那裡的總體淨利潤率，他們實際上在整個過程中打電話給我們。

So this is a very mutual benefit, mutual relationship and a really good partnership.

所以這是一種非常互利、相互的關係，也是一種非常好的夥伴關係。

So I think we're going to see -- you're not going to see margin deterioration because of Big Geyser by any means.

所以我認為我們會看到——無論如何，你都不會看到因為大間歇泉而導致利潤率下降。

This is a really good opportunity for both companies and we see a great opportunities that lie ahead.

這對兩家公司來說都是一個非常好的機會，我們看到了未來的巨大機會。

(Operator Instructions) Our next question comes from the line of Aaron Grey with Alliance Global Partners.

（操作員說明）我們的下一個問題來自 Aaron Gray 和 Alliance Global Partners 的線路。

Congrats on the continued top line momentum.

祝賀持續的營收動能。

Thank you, Aaron.

謝謝你，亞倫。

Thank you, Aaron.

謝謝你，亞倫。

So first, I just want to dig a little bit deeper in terms of your market share.

首先，我想更深入地了解你們的市場佔有率。

Given your ACV still pretty low, can you just give us some color in terms of what your in-store market share is for those stores that you've been in for 12 months.

鑑於您的 ACV 仍然相當低，您能否告訴我們您已經營業 12 個月的商店的店內市場份額是多少。

And then, again, how much adding the number of SKUs that a store has can really help to boost that market share?

那麼，增加商店的 SKU 數量到底能在多大程度上真正幫助提高市場佔有率呢？

Yes.

是的。

Thank you, Aaron.

謝謝你，亞倫。

You are correct.

你是對的。

Our overall market share ACV at this stage is low.

現階段我們ACV的整體市佔率較低。

It's on the lower end, single digits in any of the channels that we look at today.

它處於較低端，在我們今天看到的任何頻道中都是個位數。

And keep in mind, we're on a journey.

請記住，我們正在旅途中。

Celsius was born in the diet nutrition, sports nutrition, coming from vitamins specialty, and really just started this journey really 3 years ago with the initial placements at 7-11 with 2 SKUs.

攝氏度誕生於飲食營養、運動營養領域，來自維生素專業，實際上三年前才開始這趟旅程，最初的位置是在 7-11，有 2 個 SKU。

And so we're just now moving out into really new channels for Celsius.

因此，我們現在剛剛進入攝氏度的真正新管道。

If you look at the drug channel is something new for 2019, the mass merchants is new for 2019.

如果說藥品通路是2019年的新事物，那麼大眾商戶也是2019年的新事物。

So we don't have those type of data points at this phase.

所以我們現階段沒有這些類型的資料點。

Where we do have data points is coming from the SPINS data in regards to the convenience channel where we see that ACV.

我們確實擁有的數據點來自與我們看到 ACV 的便利通道相關的 SPINS 數據。

Last time we reported the ACV number was at the end of the year and we're at a 10.3 ACV.

上次我們報告 ACV 數字是在今年年底，我們的 ACV 為 10.3。

So we have increased the ACV in that convenience channel to 10.8 and we also are sustaining and seeing those increased year-over-year growth rates in the high-30%, 38%, 39% growth rate.

因此，我們將該便利通路的 ACV 提高到了 10.8，我們也維持並看到了 30%、38%、39% 的高成長率。

So those are really good indicators about how the product is turning.

因此，這些都是關於產品發展的非常好的指標。

And when you go back and you look at that billboard effect, as you mentioned, adding additional flavors, how does that impact the overall offtake of the product.

當你回頭看看廣告看板效應時，正如你所提到的，添加額外的口味，這對產品的整體銷售有何影響。

We've been able to -- through a variety of data analytics and also monitoring sell-through in key accounts, by adding an additional SKU of Celsius, going from 2 to 3 not only adds one-third, it actually will almost double sales as you add that billboard.

我們已經能夠——透過各種數據分析並監控關鍵客戶的銷售情況，透過增加額外的攝氏度 SKU，從 2 增加到 3 不僅增加了三分之一，實際上幾乎使銷售額翻了一番當您添加該廣告牌時。

So we noticed several accounts where we're authorized with 2, moving that to a 4 level -- 4 SKUs, we actually quadruple sales in those accounts.

因此，我們注意到有幾個帳戶獲得了 2 個授權，將其提升到 4 個等級——4 個 SKU，實際上我們這些帳戶的銷售額增加了四倍。

So we are very much focused on gaining additional placements in these key accounts.

因此，我們非常注重在這些關鍵客戶中獲得更多的展示位置。

And that's where the DSD strategy comes in, building this national DSD network is very key.

這就是DSD策略的用武之地，建立這個全國性的DSD網路非常關鍵。

That will allow us to gain additional shelf presence and really fight for that shelf space that Celsius warrants and we need to demand.

這將使我們能夠獲得更多的貨架空間，並真正爭取攝氏保證的、我們需要要求的貨架空間。

So it's early in the stage to really get a true indicator on the household penetration, which is low and the market share in each one.

因此，真正獲得有關家庭滲透率（較低）以及每個家庭滲透率的市場份額的真實指標還處於早期階段。

We are at the early phases, but we are seeing great early indicators as we continue through our journey.

我們正處於早期階段，但隨著我們繼續我們的旅程，我們看到了很好的早期指標。

Thank you, Aaron.

謝謝你，亞倫。

For your question.

對於你的問題。

We really appreciate...

我們真的很感激...

That's really helpful.

這真的很有幫助。

And just one more if I could.

如果可以的話，就再多一個吧。

Could you just talk about the overall competitive dynamics and how those are evolving.

您能否談談整體競爭動態以及這些動態是如何演變的？

We've seen some of your competitors come out with new products.

我們看到你們的一些競爭對手推出了新產品。

I think Dr. Pepper came out with a 0-calorie energy.

我認為 Pepper 博士的能量是 0 卡路里。

We also seen Amazon come out with their own brand of energy drink, which is obviously a big channel for you guys.

我們也看到亞馬遜推出了自己的能量飲料品牌，這對你們來說顯然是一個很大的管道。

So can you just talk a little about how the competitive dynamics have been evolving and how that's been helping with your conversations or impact any conversations you've been having with potential retailers to put your products in?

那麼，您能否簡單談談競爭動態如何演變，以及這如何幫助您進行對話或影響您與潛在零售商進行的任何對話以將您的產品放入其中？

Absolutely, Aaron.

絕對是，亞倫。

That's a great question.

這是一個很好的問題。

And that's truly what's been opening the door for Celsius.

這確實是為攝氏度打開大門的原因。

When you look at what's happening in the overall category and not only in the energy category, but in really all categories in food and beverage, we just saw -- we're seeing innovation really leading the way the category is going.

當你看看整個類別中發生的事情時，不僅是在能源類別中，而且在食品和飲料的所有類別中，我們剛剛看到——我們看到創新真正引領了該類別的發展方向。

And energy, people are looking for better for you healthier alternatives and that is allowing Celsius to get placed and gain that placement with our healthy functional position and really our fitness forward position has allowed us to open doors.

和能源，人們正在尋找更好的更健康的替代品，這使得攝氏度能夠獲得位置，並通過我們健康的功能位置獲得該位置，實際上我們的健身前鋒位置讓我們打開了大門。

Competition has been continuing to increase.

競爭一直持續加劇。

As you mentioned, Amazon's coming out with products, we have Monster Reign has launched a fitness forward product, we have Bang, that's a company that's out there, doing very well, hasn't been able to gain a considerable amount of shelf space, we have C4.

正如你所提到的，亞馬遜推出了產品，我們有 Monster Reign 推出了健身前衛產品，我們有 Bang，這是一家做得很好的公司，但未能獲得相當大的貨架空間，我們有C4。

There's a lot of other players out there really going after this space.

還有很多其他玩家正在追逐這個領域。

But Celsius have this authenticity really coming in being born and steeped in science, born in the diet nutrition, sports nutrition channel which is allowing us to take this journey and allowing the placements.

但Celsius真正具有這種真實性，它誕生於科學之中，誕生於飲食營養、運動營養頻道，這使我們能夠踏上這段旅程並允許安置。

Retailers today are more open than they ever been to shelf Celsius.

今天的零售商對攝氏度的貨架比以往任何時候都更加開放。

And the reason is because this category is evolving, it's growing.

原因是這個類別正在不斷發展、不斷成長。

The subcategory is emerging with a performance energy, fitness energy category, which is opening the doors for Celsius like CELSIUS HEAT to compete as well.

該子類別正在興起，其中包括性能能量、健身能量類別，這也為像 CELSIUS HEAT 這樣的攝氏度打開了競爭之門。

So it's very exciting time in the category for the opportunities here and we are capitalizing on all these trends which is gaining additional shelf space and also bringing us to key DSD partners that are going to further bring Celsius to retails and further gain our presence in distribution with partners like Big Geyser, independent Anheuser-Busch, Pepsi and Keurig Dr. Pepper partner.

因此，對於這個類別來說，這是一個非常令人興奮的機會，我們正在利用所有這些趨勢，這些趨勢正在獲得更多的貨架空間，並為我們帶來了主要的DSD 合作夥伴，他們將進一步將攝氏度引進零售業，並進一步獲得我們在分銷領域的影響力其合作夥伴包括 Big Geyser、獨立的 Anheuser-Busch、百事可樂和 Keurig Dr. Pepper 合作夥伴。

So just a really exciting time.

所以這是一個非常令人興奮的時刻。

That is all the time we have for questions.

這就是我們提問的全部時間。

I'd like to hand the call back to management for closing comments.

我想將電話轉交給管理層以徵求結束意見。

Thank you, everyone.

謝謝大家。

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 first quarter results demonstrates our products are getting considerable momentum.

我們第一季的業績顯示我們的產品勢頭強勁。

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 are building upon our, leveraging opportunities and deploying best practices.

我們正在利用機會並部署最佳實踐。

We have a winning product in a large market that consumers love.

我們在廣大市場上擁有深受消費者喜愛的致勝產品。

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 proud of our dedicated sales team.

我為我們敬業的銷售團隊感到自豪。

As with them, our tremendous achievements and significant opportunities we see ahead would not be possible.

與他們一樣，我們未來所看到的巨大成就和重大機會也是不可能的。

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。

One final note, our management team will be presenting at 2 upcoming investor conferences, first being the B. Riley FBR Conference in Hollywood, California, May 22 and 23, and the Jefferies Consumer Conference in Nantucket on June 17 through June 19.

最後一點，我們的管理團隊將在即將舉行的2 場投資者會議上發表演講，首先是5 月22 日至23 日在加州好萊塢舉行的B. Riley FBR 會議，以及6 月17 日至19 日在楠塔基特島舉行的Jefferies 消費者會議。

We will also be hosting our Annual Shareholder Meeting on May 16 in Boca Raton.

我們也將於 5 月 16 日在博卡拉頓舉辦年度股東大會。

And we look forward to seeing many of you at these upcoming events.

我們期待在這些即將舉行的活動中見到你們。

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。

Thank you for your participation.

感謝您的參與。

You may disconnect your lines at this time and have a wonderful day.

此時您可以斷開線路並度過美好的一天。