Celsius Holdings Inc (CELH) 2019 Q4 法說會逐字稿

Greetings.

問候。

Welcome to Celsius Holdings, Inc.’s.

歡迎來到攝氏度控股公司。

Fourth Quarter and Full Year 2019 Earnings Call.

2019 年第四季及全年財報電話會議。

(Operator Instructions) Please note, this conference is being recorded.

（操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to Cameron Donahue with Hayden IR.

現在我將把會議交給 Hayden IR 的 Cameron Donahue。

Thank you.

謝謝。

You may begin.

你可以開始了。

Thank you, and good morning, everyone.

謝謝大家，大家早安。

We appreciate you joining us today for Celsius Holdings' Fourth Quarter and Full Year 2019 Earnings Conference Call.

我們感謝您今天參加攝氏度控股公司 2019 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 the prepared remarks, we'll 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-K with the SEC and issued a press release today.

該公司向 SEC 提交了 10-K 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 forecast, expectations and other information available to management as of today, March 12, 2020.

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（2020 年 3 月 12 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 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 was another outstanding year for Celsius as we further expanded our distribution network, adding new relationships with channel partners and expanded its existing accounts, extended our portfolio of products through our commitment to innovation, gained greater brand recognition and visibility and restructured our business model in China.

2019 年對於攝氏度來說又是一個出色的一年，我們進一步擴大了我們的分銷網絡，增加了與通路合作夥伴的新關係，並擴大了現有客戶，透過我們對創新的承諾擴展了我們的產品組合，獲得了更大的品牌認知度和知名度，並重組了我們的業務模式。中國。

Each of these initiatives are in support of our relentless commitment to building a solid infrastructure that positions Celsius as a global beverage leader and supports long-term growth and increasing returns for our shareholders.

這些舉措中的每一項都支持我們對建立堅實基礎設施的不懈承諾，使攝氏度成為全球飲料領導者，並支持股東的長期成長和不斷增加的回報。

The macro trends across the industry continue to accelerate as more consumers seek healthier alternatives, less sugar, functional beverages versus conventional beverages.

隨著越來越多的消費者尋求更健康的替代品、更少的糖、功能性飲料（與傳統飲料相比），整個行業的宏觀趨勢繼續加速。

In the energy drink category, one of the fastest-growing in the beverage category, it grew approximately 8% in North America through 2019 and is anticipated by Euromonitor to be an $85 billion category globally by 2025.

能量飲料類別是飲料類別中成長最快的類別之一，到 2019 年，該類別在北美的成長率約為 8%，Euromonitor 預計，到 2025 年，全球該類別的銷售額將達到 850 億美元。

In sync with each increasing demand, we are now reaching more consumers at more distribution ports than ever before.

隨著需求的不斷增長，我們現在在比以往更多的分銷港口接觸到更多的消費者。

We set a new sales record in 2019 with over $75 million in revenue, an increase of 43% over last year, and our North America revenues grew 53% to approximately $60 million in revenue.

2019 年，我們創下了新的銷售記錄，收入超過 7,500 萬美元，比去年增長 43%，北美收入增長 53%，達到約 6,000 萬美元。

This growth was driven by higher volumes and higher retail velocity rates across all channels of trade.

這一增長是由所有貿易管道的銷售增加和零售速度提高所推動的。

Throughout 2019, we set new quarterly records in top line revenue and our financial performance and finished the year with 4 quarters of sequential quarter-over-quarter growth with the fourth quarter of 2019 topping $24 million in revenue.

在整個 2019 年，我們在營收和財務業績方面創下了新的季度記錄，並在 2019 年第四季度實現了 4 個季度的連續環比增長，其中 2019 年第四季度的收入突破了 2,400 萬美元。

We are truly gaining considerable momentum.

我們確實獲得了巨大的動力。

The energy drink market remains robust, and we are well positioned to continue to gain share.

能量飲料市場依然強勁，我們有能力持續擴大份額。

Back on September 27, 2019, beverage industry analyst Bonnie Herzog of Wells Fargo at that time, now at Goldman Sachs, commented, "The fitness performance energy subcategory is now going mainstream, suggesting there's even more potential disruption across the category than we previously expected." And also mentioned, "There's still a long runway of growth across broader energy as new consumers enter the category." She is absolutely right.

早在2019 年9 月27 日，當時富國銀行現任職於高盛的飲料產業分析師邦妮·赫爾佐格(Bonnie Herzog) 評論道：「健身表現能量子類別現已成為主流，這表明該類別的潛在顛覆比我們之前預期的還要多」。還提到，“隨著新消費者進入該類別，更廣泛的能源領域仍有很長的成長道路。”她是絕對正確的。

We see a massive opportunity with seismic shifts taking place in the energy category for functional, better-for-you offerings.

我們看到能源類別正在發生巨大的變化，提供功能性的、更適合您的產品。

And with our proven functional health and wellness fitness position, we are gaining broad mass appeal.

憑藉我們經過驗證的功能性健康和健康健身地位，我們正在贏得廣泛的大眾吸引力。

We have never been more optimistic about our future.

我們對未來從未如此樂觀。

Focusing in on our geographies.

專注於我們的地理位置。

As I mentioned, in North America, revenues increased 53% to $60 million annually, with growth derived from all channels of trade, including health and wellness, retail, vending and online.

正如我所提到的，在北美，收入每年增長 53%，達到 6000 萬美元，增長來自所有貿易渠道，包括健康和保健、零售、自動售貨和線上。

And in Europe, European revenues increased 56% year-over-year as a result of strong new flavor launches, optimized in-store execution and 2 full months of fully consolidated revenues post the acquisition of Func Food Group in November and December.

在歐洲，由於新口味的強勁推出、店內執行的優化以及 11 月和 12 月收購 Func Food Group 後兩個月的完全合併收入，歐洲收入同比增長 56%。

And as expected, our revenue in Asia was down year-over-year due to the strategic shift in our business model in China to a royalty licensing model, which began in the beginning of 2019.

正如預期的那樣，由於我們從 2019 年初開始將中國業務模式策略轉變為版稅授權模式，我們在亞洲的營收則是年減。

Through an agreement with our long-standing partner, Qifeng Food Technology, we established an operating model that leverages the experienced team and established infrastructure and mitigates our risks.

透過與我們的長期合作夥伴奇峰食品科技達成協議，我們建立了一種營運模式，利用經驗豐富的團隊和現有的基礎設施來降低我們的風險。

We have eliminated the need for future capital injections by Celsius in China and created a vehicle where we recapture our previous invested -- divestments via the fixed repayments.

我們消除了未來攝氏在中國注資的需要，並創建了一個工具，讓我們可以透過固定還款收回先前的投資——撤資。

Asia remains an important piece of our growth strategy, and we believe the structure will accelerate our ability to capture market share in this rapidly growing China market.

亞洲仍然是我們成長策略的重要組成部分，我們相信這個結構將加快我們在這個快速成長的中國市場奪取市場份額的能力。

Shifting our approach positions us to receive nearly $7 million in initial minimum royalty fees and allows us to recoup more than $12 million of previously invested capital over the initial 5 years of the contract.

改變我們的方法使我們能夠獲得近 700 萬美元的初始最低特許權使用費，並使我們能夠在合約的最初 5 年內收回超過 1200 萬美元的先前投資資本。

This structure will be incremental to our cash flows throughout -- and financial results throughout 2020.

這種結構將增加我們整個現金流以及整個 2020 年的財務表現。

From a strategic standpoint, we completed an acquisition of Func Food Group, a Nordic wellness company.

從策略角度來看，我們完成了對北歐健康公司Func Food Group的收購。

The acquisition, which was immediate accretive, provides significant opportunity.

此次收購立即產生了增值作用，提供了重大機會。

We first began a relationship with Func Food Group in 2016, when they acquired our former distributor and assumed distribution of Celsius in the Nordics.

我們於 2016 年首次與 Func Food Group 建立了合作關係，當時他們收購了我們的前經銷商並承擔了 Celeste 在北歐的分銷業務。

This acquisition was an important step in our strategy to build a global dominant brand as it further solidifies our position as one of the best-selling fitness drinks in Sweden with an approximate 10% market share and opens a new distribution platform for the rest of Europe.

此次收購是我們打造全球主導品牌策略的重要一步，進一步鞏固了我們作為瑞典最暢銷的健身飲料之一（市場份額約為 10%）的地位，並為歐洲其他地區開闢了新的分銷平台。

Through this transaction, we gained an additional revenue stream with entirely new yet complementary product offering, Func Food's innovative FAST Sports Nutrition line and a number of operational synergies that we have already begun to capture.

透過這筆交易，我們透過全新且互補的產品供應、Func Food 的創新 FAST 運動營養系列以及我們已經開始捕捉的許多營運協同效應獲得了額外的收入來源。

On the North America distribution front, we remain focused on building our national distribution network, which now includes more than 100 regional direct store delivery partners, which is a 100% increase from July 2019, many of which are premier beverage distributors such as Anheuser-Busch InBev, Molson/MillerCoors, Keurig Dr. Pepper and Pepsi independent distributors.

在北美分銷方面，我們仍然專注於建立我們的全國分銷網絡，目前包括 100 多家區域直營商店配送合作夥伴，較 2019 年 7 月增長了 100%，其中許多是 Anheuser 等頂級飲料分銷商- Busch InBev、Molson/MillerCoors、Keurig Dr. Pepper 和百事可樂獨立經銷商。

We expanded our availability to more than 65,000 locations across the United States, an increase in our store count by over 62% compared to the beginning of 2019.

我們將供應範圍擴大到美國各地 65,000 多個地點，與 2019 年初相比，我們的商店數量增加了 62% 以上。

Through these relationships, we not only expanded availability, but it's also been a catalyst to increase our retail sales velocity, reducing our out-of-stock situations and improving inventory management at point of sale.

透過這些關係，我們不僅擴大了供應量，而且還成為提高零售銷售速度、減少缺貨情況並改善銷售點庫存管理的催化劑。

We are making great progress and plan to have majority coverage in many metropolitan markets across the United States by summer, which will reinforce our platform from continued growth.

我們正在取得巨大進展，並計劃在夏季之前在美國許多大都市市場實現大部分覆蓋，這將加強我們平台的持續成長。

In the first half of 2019, we signed a distribution agreement with Big Geyser, New York's largest independent nonalcoholic distributor serving the 5 boroughs of New York City and the counties of Nassau, Suffolk, Westchester and Putnam.

2019年上半年，我們與紐約最大的獨立非酒精飲料分銷商Big Geyser簽署了分銷協議，為紐​​約市5個行政區以及拿騷、薩福克、威徹斯特和普特南縣提供服務。

Big Geyser serves more than 20,000 locations and the massive New York City metropolitan market.

Big Geyser 為 20,000 多個地點和龐大的紐約市大都會市場提供服務。

And beginning in the third quarter, we successfully transitioned 7-Eleven and Target locations over to our preferred distribution partner in the territory, significantly increasing our distribution in the New York City market.

從第三季開始，我們成功地將 7-11 和 Target 門市轉變為我們在該地區的首選分銷合作夥伴，從​​而顯著增加了我們在紐約市市場的分銷。

As we continue to build out our direct store delivery network, we'll continue to transition additional key accounts over, as we did with Big Geyser, which we believe will further increase our in-store presence and velocity rates at retail, where we are already seeing a 40% lift in sales in existing accounts through this model.

隨著我們繼續建立我們的直接商店送貨網絡，我們將繼續轉移更多的關鍵客戶，就像我們對Big Geyser 所做的那樣，我們相信這將進一步增加我們的店內存在和零售速度，我們所在的位置透過這種模式，現有客戶的銷售額已經提高了 40%。

In addition, we have added a number of marquee accounts in North America network in 2019, including, just to name a few, QuikTrip, Stop & Shop and expanded in many of our existing accounts, including CVS, Rite Aid, Target, 7-Eleven, DICK'S Sporting Goods, Kroger, Gold's Gym, 24-Hour, Anytime Fitness and many, many others.

此外，我們於 2019 年在北美網路中新增了許多大型帳戶，其中包括 QuikTrip、Stop & Shop 等，並擴展了我們的許多現有帳戶，包括 CVS、Rite Aid、Target、7- 11、DICK'S Sporting Goods 、Kroger、Gold's Gym、24-Hour、Anytime Fitness 等等。

More recently, we signed a national authorization agreement with Foodbuy, a business unit of Compass Group North America.

最近，我們與康帕斯集團北美業務部門Foodbuy簽署了國家授權協議。

Foodbuy is the largest foodservice procurement and supply chain solution organization in North America with over 85,000 unique customer locations.

Foodbuy 是北美最大的食品服務採購和供應鏈解決方案組織，擁有超過 85,000 個獨特的客戶地點。

Our beverages are now available nationwide across all Compass divisions and North America business units.

我們的飲料現已在全國所有 Compass 部門和北美業務部門銷售。

This new channel adds incremental market opportunities for us, which will include hospitals, airports, college campuses, restaurants and casinos, among others.

這個新管道為我們增加了增量市場機會，其中包括醫院、機場、大學校園、餐廳和賭場等。

And this momentum will continue throughout 2020 with the most recent announcement, new retail partner, Walmart, where we have in planogram into over 1,500 locations in the beverage set throughout North America and see significant opportunity.

隨著最近宣布的新零售合作夥伴沃爾瑪，這一勢頭將在 2020 年持續下去，我們在貨架圖中已在北美地區開設了 1,500 多個飲料店，並看到了巨大的機會。

In the grocery and mass market channel, a highlight was the expansion with Kroger, the largest grocery store chain in the United States, with more than 1,100 locations nationwide under that banner.

在雜貨和大眾市場通路中，一個亮點是與美國最大的雜貨連鎖店 Kroger 的擴張，該品牌在全國擁有 1,100 多家分店。

Our first placements with Kroger were in the second quarter of 2019, and the product is now available across all of its stores, including both the beverage aisles and sports nutrition sets.

我們在克羅格的首次展示是在 2019 年第二季度，該產品現已在其所有商店出售，包括飲料貨架和運動營養品套裝。

With the expansion, Celsius is now available in more than 7,000 grocery stores nationwide.

隨著擴張，Celsius 現已在全國 7,000 多家雜貨店出售。

SPINS-based brand performance in the grocery MULO channel over the past 52 weeks through December 29, 2019, demonstrates tremendous momentum in this channel with a growth rate of over 110% in the past year.

截至 2019 年 12 月 29 日的過去 52 週，基於 SPINS 的品牌在雜貨 MULO 渠道的表現顯示了該渠道的巨大勢頭，過去一年的增長率超過 110%。

We are well positioned to drive further growth and maximize our distribution and retail partners, driving increased velocity rates and availability throughout 2020.

我們處於有利地位，可以推動進一步成長並最大限度地利用我們的分銷和零售合作夥伴，從​​而在 2020 年提高速度和可用性。

In the convenience channel, in 2019, we launched placements with QuikTrip, an $11 billion enterprise with more than 800 stores in 11 states, and expanded with other convenience chains, including Circle K, Meijer's Convenience, Flying J-Pilot, further expansion in 7-Eleven, RaceTrac and others.

在便利通路方面，2019年，我們與QuikTrip（一家價值110 億美元的企業，在11 個州擁有800 多家門市）開展了佈局，並與其他便利連鎖店進行了擴張，包括Circle K、Meijer's Convenience、 Flying J-Pilot，並在7 個州進一步擴張。- 十一、RaceTrac 等。

Our network of convenience stores continues to grow and will continue to grow throughout 2020 as we continue to gain interest for more convenience retail partners.

隨著我們不斷吸引更多便利零售合作夥伴的興趣，我們的便利商店網路持續成長，並將在 2020 年繼續成長。

We anticipate that more convenience retailers will be allocating more placements to Celsius in 2020 based on changes in consumer preferences and the momentum we are gaining in existing accounts in this channel.

我們預計，根據消費者偏好的變化以及我們在該通路現有帳戶中獲得的勢頭，到 2020 年，更多便利零售商將向攝氏度分配更多的展示位置。

We see a massive opportunity in the convenience channel.

我們在便利管道中看到了巨大的機會。

In this channel, the most recent SPINS data for the prior 52 weeks ending December 29, 2019, shows Celsius is growing faster than the category at a 44.5% growth rate versus the prior year with an ACV, or all accumulated volume, of 12.2%.

在此管道中，截至2019 年12 月29 日的前52 週的最新SPINS 數據顯示，Celsius 的成長速度比該類別更快，與上一年相比，成長率為44.5%，ACV（或所有累積交易量）為12.2% 。

This indicates we have a long runway ahead.

這顯示我們前面還有很長的跑道。

In the vending channel and micro markets, we are now available through more than 600 vending and micro market operators, covering more than 10,000 micro markets and thousands of healthy vending units throughout the United States.

在自動販賣機和微型市場方面，我們現在可以透過600多家自動販賣機和微型市場營運商，覆蓋全美10,000多個微型市場和數千個健康自動販賣單位。

Through 2019, we saw an increase in the strong growth in the channel, fueled by strong purchases by both Canteen and Compass Group.

2019 年，在 Canteen 和 Compass Group 的強勁採購推動下，我們看到該通路的強勁成長。

We see continued growth opportunities in this channel as we gain further placements at -- in at-work locations, restaurants, hotels, hospitalities as well as colleges and universities.

隨著我們在工作場所、餐廳、酒店、酒店以及學院和大學獲得更多職位，我們看到了該管道的持續成長機會。

Most recently, we gained placements through OTG and are now available in retail locations in 9 major airports in the United States, including JFK and Newark in New York as well as others.

最近，我們透過 OTG 獲得了展示位置，現在在美國 9 個主要機場的零售店有售，其中包括紐約的甘迺迪機場和紐瓦克機場等。

This channel continues to represent a large opportunity for energy drink sales in the country, and we plan to capture a significant portion of this opportunity.

該管道繼續代表著該國能量飲料銷售的巨大機會，我們計劃抓住這一機會的很大一部分。

On the portfolio innovation front, continuous innovation has been a cornerstone of our business from the beginning, which is driven by our cross-functional teams.

在產品組合創新方面，持續創新從一開始就是我們業務的基石，這是由我們的跨職能團隊推動的。

And in 2019, we exhibited our industry leadership with the launch of innovative flavors which are trend-forward and aligned with today's health-minded consumer.

2019 年，我們推出了引領潮流並符合當今注重健康的消費者的創新口味，展現了我們的產業領導地位。

Each of our trend-forward innovative flavor launches have been extremely well received, affirming our connection to consumers' tastes and preferences.

我們推出的每一款引領潮流的創新口味都非常受歡迎，證實了我們與消費者口味和偏好的連結。

Subsequent to year-end, we unveiled our latest addition, refreshing, exotic Jackfruit, the latest flavor, which is available in our new heat -- CELSIUS HEAT packaging, a tropical taste with a burst of sweetness and a tangy twist.

年底後，我們推出了最新的產品，清新、充滿異國情調的菠蘿蜜，這是最新的口味，採用我們的新加熱方式 - CELSIUS HEAT 包裝，熱帶口味，帶有一陣甜味和濃鬱的味道。

Further expanding our product portfolio, we also celebrated the successful launch of a new innovative line of beverages, our branch-chained amino acid, BCAA, functional beverages that fuels muscle recovery.

為了進一步擴大我們的產品組合，我們還慶祝了新的創新飲料系列的成功推出，即我們的支鏈氨基酸、支鏈氨基酸、促進肌肉恢復的功能性飲料。

The line was initially launched in the fitness channel as a response to demand within the fitness community for healthy energy offerings that support work -- post-workout.

該系列產品最初在健身頻道推出，是為了滿足健身界對支持工作（運動後）的健康能量產品的需求。

In addition, it further expands our usage occasions.

另外，它進一步擴大了我們的使用場合。

Our BCAA products are a strong complement to our existing lineup of fitness beverages.

我們的支鏈胺基酸產品是我們現有健身飲料系列的強大補充。

Our innovations team is diligently working on new offerings with a focus on new verticals and adjacent categories that increase the breadth of our portfolio, all while leveraging our delicious innovation flavors combinations, further building upon the premium great-tasting functional portfolio.

我們的創新團隊正在努力開發新產品，專注於新的垂直領域和相鄰類別，以增加我們產品組合的廣度，同時利用我們美味的創新口味組合，進一步建立優質美味的功能產品組合。

In addition, we expanded -- in addition to expanding distribution and the introduction of new products, we stepped up our efforts to increase brand awareness in 2019, further building upon our brand equity and driving our premium positioning in the energy category.

此外，我們還進行了擴張——除了擴大分銷和推出新產品外，2019 年我們還加強提高品牌知名度，進一步鞏固我們的品牌資產並推動我們在能源類別的高端定位。

We're creating meaningful and emotional connections with consumers online and off-line.

我們在線上和線下與消費者建立有意義的情感連結。

One of our integrated programs included the launch of our first national guerilla marketing tour, our Live Fit Tour, featuring various integrated fitness activities, including outdoor classes hosted by popular local instructors and ambassadors from several nationwide fitness chains as well as competitive activities.

我們的綜合計劃之一包括啟動我們的第一個全國遊擊行銷之旅——Live Fit Tour，其中包括各種綜合健身活動，包括由當地受歡迎的教練和全國多家健身連鎖店大使主持的戶外課程以及競技活動。

We made our way across the United States with stops in key cities.

我們穿越美國，在主要城市停留。

As a result of these efforts, we reached tens of thousands of new consumers in high energy settings, most conductive to the consumption of our products in a cost-effective way.

透過這些努力，我們在高能源環境中吸引了數以萬計的新消費者，這些消費者最有利於以具成本效益的方式消費我們的產品。

In addition, we connected with consumers where they live, work and play.

此外，我們也與消費者生活、工作和娛樂的地方建立聯繫。

Through a variety of programs, we expanded our community and created meaningful connections.

透過各種計劃，我們擴大了社區並建立了有意義的聯繫。

In 2020, we will continue to drive our awareness through meaningful and emotional connections with consumers and continue to leverage today's trends to build upon our global iconic Celsius brand.

2020 年，我們將繼續透過與消費者有意義和情感的聯繫來提高我們的意識，並繼續利用當今的趨勢來打造我們的全球標誌性攝氏度品牌。

Our strategy remains consistent: Striving for a consistent, continuous value creation with continual focus on strengthening our core, building our communities and expanding our distribution networks through high-quality partnerships, further optimizing existing accounts and leveraging our infrastructure to drive continued growth and improved profitability.

我們的策略保持一致：努力實現一致、持續的價值創造，持續專注於加強我們的核心、建立我們的社區並透過高品質的合作夥伴關係擴大我們的分銷網絡，進一步優化現有客戶並利用我們的基礎設施來推動持續成長和提高獲利能力。

It is an exciting time in our industry, as seismic shifts are taking place in food and beverage, and consumers are demanding more from their beverages.

這是我們產業的一個令人興奮的時刻，食品和飲料領域正在發生翻天覆地的變化，消費者對飲料的要求也越來越高。

We see continued momentum with our portfolio to capitalize on these trends to drive a premium leadership position with our Celsius portfolio.

我們看到我們的投資組合將繼續保持勢頭，利用這些趨勢來推動我們的攝氏投資組合佔據優質領導地位。

I look forward to discussing our progress throughout 2020.

我期待著討論 2020 年我們的進展。

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。

For the 3 months ended December 31, 2019, revenue was a record high $24.1 million, an increase of $9.4 million or 64% compared to $14.7 million for the same period last year.

截至2019年12月31日的三個月，營收創歷史新高2,410萬美元，較去年同期的1,470萬美元增加940萬美元，成長64%。

The overall increase in revenues was basically due to increases in sales volumes as opposed to increases in product pricing.

收入的整體成長主要是由於銷售量的成長，而不是產品定價的成長。

Breaking the 64% increase down by geography.

打破了按地域劃分的 64% 增幅。

In North America, continued strong growth drove an increase of $6.1 million to a record $17.1 million, mainly related to double-digit growth in both existing accounts and distribution expansion.

在北美，持續強勁的成長帶動了 610 萬美元的成長，達到創紀錄的 1,710 萬美元，這主要與現有帳戶和分銷擴張的兩位數成長有關。

The European markets also increased by $4.7 million compared to the fourth quarter of 2018.

與 2018 年第四季相比，歐洲市場也增加了 470 萬美元。

The Asian markets reflect the change in our China business model to a royalty and license fee arrangement, effective January 1, 2019.

亞洲市場反映了我們中國業務模式向特許權使用費和許可費安排的變化，該變化將於 2019 年 1 月 1 日生效。

Asian revenue amounted to $212,000 compared to $1.6 million in the year ago period.

亞洲收入達 21.2 萬美元，去年同期為 160 萬美元。

However, in Asia, there was also a corresponding decrease in expenses, which significantly contributed to improving our profitability in the fourth quarter of 2019.

然而，在亞洲，費用也相應減少，這對我們2019年第四季獲利能力的改善做出了顯著貢獻。

Revenue from all other areas was $32,000.

所有其他領域的收入為 32,000 美元。

The total increase in revenues pertains to additional sales volume as opposed to increases in product pricing.

收入的總成長與銷售量的增加有關，而不是產品定價的成長。

Gross profit increased by $4.6 million or 85% to $10.1 million from $5.4 million for the same quarter in 2018.

毛利從 2018 年同一季度的 540 萬美元增至 1,010 萬美元，成長 460 萬美元，成長 85%。

Gross profit margin for the 3 months ended December 31, 2019, was 41.9%, which compares favorably to 37.1% for the 2018 quarter.

截至2019年12月31日止三個月的毛利率為41.9%，優於2018年季的37.1%。

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。

Selling and marketing expenses for the 3 months ended December 31, 2019, were $7 million, an increase of $4.2 million or 152% from $2.8 million in the same quarter in 2018.

截至 2019 年 12 月 31 日止三個月的銷售和行銷費用為 700 萬美元，比 2018 年同一季度的 280 萬美元增加了 420 萬美元，增幅為 152%。

The increase is mainly due to higher marketing investments of $1.6 million as the prior year amount reflected a reduction of $900,000 related to the settlement of marketing charges with our China distributor for 2019.

這一增長主要是由於行銷投資增加了 160 萬美元，而上一年的金額反映出​​與 2019 年與中國經銷商結算行銷費用相關的 90 萬美元減少。

This quarter reflects increases of $1.3 million related to sales and marketing employee investments and $1.3 million of incremental charges pertaining to trade marketing activities and distribution costs, as these results now include the impact of the European business integration as of the date of the acquisition on October 25, 2019.

本季反映了與銷售和行銷員工投資相關的130 萬美元的成長，以及與貿易行銷活動和分銷成本相關的130 萬美元的增量費用，因為這些結果現在包括截至10 月收購之日歐洲業務一體化的影響2019 年 25 日。

General and administrative expenses for the 3 months ended December 31, 2019, were $4.4 million, an increase of $1.3 million or 43% from $3.1 million for the 3 months ended December 31, 2018.

截至2019年12月31日止三個月的一般及行政費用為440萬美元，較截至2018年12月31日止三個月的310萬美元增加130萬美元，增幅43%。

The increase was primarily due to acquisition costs amounting to $434,000.

增加的主要原因是購置成本達 434,000 美元。

Additionally, stock option expense increased by $287,000 when compared to the same period last year.

此外，股票選擇權費用比去年同期增加了 287,000 美元。

Employee costs increased by $196,000, and depreciation and amortization also increased $110,000 as well as all other administrative costs, which reflected an increase of $287,000 since they now reflect the European expenses incurred in these areas as of the date of the acquisition.

員工成本增加了 196,000 美元，折舊和攤提以及所有其他管理成本也增加了 110,000 美元，增加了 287,000 美元，因為它們現在反映了截至收購之日在這些領域產生的歐洲費用。

Below the operating profit line.

低於營業利潤線。

Total other income amounted to $150,000 for the 3 months ended December 31, 2019, which represents a fluctuation of $593,000 from other expenses incurred in the amount of $443,000 for the same period in 2018.

截至 2019 年 12 月 31 日的三個月，其他收入總額為 150,000 美元，與 2018 年同期發生的 443,000 美元的其他費用相比，波動了 593,000 美元。

The variance is mainly the result of the gain in the note receivable from China of $410,000, which is denominated in the Chinese currency.

差異主要是來自中國的應收票據收益 41 萬美元（以人民幣計價）所致。

Additionally, there were lower financial amortization costs of $273,000, which were partially offset by higher net interest expense of $60,000 and an increase in other miscellaneous expenses of $30,000.

此外，財務攤銷成本減少了 273,000 美元，但部分被淨利息支出增加 60,000 美元和其他雜項支出增加 30,000 美元所抵消。

As a result of the above, for the 3 months ended December 31, 2019, the company had a net loss available to common stockholders of $1.1 million or $0.02 per basic and diluted shares compared to a net loss of $893,000 or $0.02 per basic and diluted shares in the year ago period.

由於上述原因，截至2019 年12 月31 日的三個月，該公司普通股股東可獲得的淨虧損為110 萬美元，或每股基本股和稀釋股0.02 美元，而淨虧損為893,000 美元，或每股基本股和稀釋股0.02 美元。去年同期的股票。

Adjusted EBITDA, excluding the net Asia investment, for the fourth quarter of 2019 was $607,000 compared to $136,000 in the fourth quarter of 2018.

2019 年第四季調整後 EBITDA（不含亞洲淨投資）為 607,000 美元，而 2018 年第四季為 136,000 美元。

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 have been included in our earnings release.

為此，我們的 GAAP 業績與非 GAAP 資料的調整表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 the year ended December 31, 2019, revenue was approximately $75.1 million, a robust increase of $22.5 million or 43% from $52.6 million for the year ended December 31, 2018.

截至2019年12月31日止年度，營收約為7,510萬美元，較截至2018年12月31日止年度的5,260萬美元強勁成長2,250萬美元，即43%。

This significant revenue growth was mainly associated with the results of the North American region, which delivered an increase of $20.8 million over last year or an increase of 53%.

這一顯著的收入成長主要與北美地區的業績有關，該地區的收入比去年增加了 2,080 萬美元，增幅為 53%。

The European region provided $14.5 million of revenue, an increase of $5.2 million or 56%.

歐洲地區提供了 1,450 萬美元的收入，增加了 520 萬美元，即 56%。

Asian revenues for 2019 reflect the change in our China business model to a royalty and license fee arrangement, effective January 1, 2019.

2019 年亞洲收入反映了我們的中國業務模式向特許權使用費和許可費安排的轉變，該變更自 2019 年 1 月 1 日起生效。

Asia revenue decreased to $841,000 in 2019 compared to $4.3 million in 2018 as a result of this change.

由於這項變化，2019 年亞洲收入從 2018 年的 430 萬美元下降至 841,000 美元。

Revenues from all other regions amounted to $191,000, which was aligned with prior year results.

所有其他地區的收入達 191,000 美元，與上年業績一致。

The total increase in revenues from the 2018 period to the 2019 period was basically attributable to an increase in sales volumes as opposed to increases in product pricing.

2018年至2019年期間總收入的成長主要歸因於銷售量的增加，而非產品價格的上漲。

Gross profit increased by $10.2 million or 49% to $31.3 million from $21.1 million for the year ended December 31, 2019.

截至 2019 年 12 月 31 日止年度，毛利從 2,110 萬美元增至 3,130 萬美元，增幅為 1,020 萬美元，增幅為 49%。

Gross profit margins totaled 42% and 40% in the years ended December 31, 2019 and December 31, 2018, respectively.

截至2019年12月31日及2018年12月31日止年度，毛利率總計分別為42%及40%。

This increase in gross margin profitability is mainly related to reductions in product repackaging costs, freight costs and the favorable impact of the consolidation of the European business.

毛利率的成長主要與產品重新包裝成本、運費成本的降低以及歐洲業務整合的有利影響有關。

The increase in gross profit margins contributed an incremental profitability of $1.2 million for the 2019 year.

毛利率的提高為 2019 年貢獻了 120 萬美元的增量獲利。

Sales and marketing expenses for the year ended December 31, 2019 were $21.1 million, a decrease of basically $100,000 or 0.5% from $21.2 million for the year ended December 31, 2018.

截至2019年12月31日止年度的銷售及行銷費用為2,110萬美元，較截至2018年12月31日止年度的2,120萬美元基本減少10萬美元或0.5%。

This apparent decrease is mainly due to the change in our China business model to a royalty and licensing framework, effective January 1, 2019, which no longer requires direct marketing investments by Celsius.

這一明顯下降主要是由於我們的中國業務模式轉變為特許權使用費和許可框架，該框架於 2019 年 1 月 1 日生效，不再需要攝氏度的直接行銷投資。

Excluding this impact, which amounted to a $7.2 million reduction for 2019, our investment in marketing activities actually increased by $1.3 million or 20% when compared to the same period in 2018.

排除這一影響（2019 年減少了 720 萬美元），我們在行銷活動上的投資實際上比 2018 年同期增加了 130 萬美元，即 20%。

These figures now include the marketing investments that are performed in our European business as of October 25, 2019.

這些數字現在包括截至 2019 年 10 月 25 日在我們歐洲業務中進行的行銷投資。

Additionally, our support to distributors and investment in trade activities were $2.3 million higher for the 12 months ended December 31, 2019, than for the same period last year.

此外，截至 2019 年 12 月 31 日的 12 個月，我們對經銷商的支援和貿易活動投資比去年同期增加了 230 萬美元。

Furthermore, investments related to sales and marketing personnel, which now include the European business as of the date of the acquisition, were $1.7 million higher for 2019 than for the same period last year.

此外，2019 年與銷售和行銷人員相關的投資（目前包括截至收購之日的歐洲業務）比去年同期增加了 170 萬美元。

Also, broker commissions and storage and distribution costs were $1.8 million higher during the 12 months ended December 31, 2019, than for the same period last year due to increases in our business volume and the integration of our European operations as of the date of the acquisition.

此外，截至 2019 年 12 月 31 日的 12 個月內，由於我們的業務量增加以及歐洲業務的整合，經紀佣金以及存儲和分銷成本比去年同期增加了 180 萬美元。獲得。

General and administrative expenses for the year ended December 31, 2019 were approximately $11.6 million, an increase of $1.1 million or 11% from $10.5 million for the year ended December 31, 2018.

截至2019年12月31日止年度的一般及行政費用約為1,160萬美元，較截至2018年12月31日止年度的1,050萬美元增加110萬美元或11%。

The increase was mainly due to higher stock-based compensation of $540,000 and $580,000 related to acquisition costs.

這一增長主要是由於與收購成本相關的股票薪酬增加了 540,000 美元和 580,000 美元。

Additionally, there were incremental expenses of $452,000 pertaining to employee costs, $250,000 pertaining to higher professional services, $150,000 of depreciation and amortization and $130,000 pertaining to other administrative costs, as these expenses also include the impact of the European business integration as of the date of the acquisition.

此外，還有452,000 美元的員工成本增量費用、250,000 美元的高級專業服務費用、150,000 美元的折舊和攤銷費用以及130,000 美元的其他管理費用，因為這些費用還包括截至2019 年7 月日歐洲業務一體化的影響。收購。

Below the operating line, total other income increased by $11.9 million for the year ended December 31, 2019, to $11.4 million from a loss of $565,000 for the year ended December 31, 2018, mainly as a result of the recognition of the gain pertaining to the agreement executed with our China distributor as part of the change in the business model, which includes the reimbursement of the investment made by the company in the China market during the 2017 and 2018 years.

在營業線以下，截至 2019 年 12 月 31 日止年度的其他收入總額從截至 2018 年 12 月 31 日止年度的虧損 565,000 美元增加至 1,140 萬美元，主要是由於確認了與作為業務模式變革的一部分，與我們的中國經銷商簽署的協議，其中包括償還公司2017年和2018年在中國市場的投資。

This has been recorded as a corresponding note receivable from our China distributor on the balance sheet, which is payable over a 5-year period.

這已在資產負債表上記錄為我們中國經銷商的相應應收票據，該票據的支付期限為 5 年。

The net result for the full year 2019 was net income to common shareholders of approximately $10 million or $0.16 per basic and diluted shares compared to a net loss of $11.4 million or $0.23 per basic and diluted shares for 2018.

2019 年全年的淨結果是普通股股東的淨利潤約為1,000 萬美元，即每股基本股和稀釋股0.16 美元，而2018 年的淨虧損為1,140 萬美元，即每股基本股和稀釋股0.23 美元。

Adjusted EBITDA, excluding the net Asia investment, for the full year 2019 was $4 million, which compares to $2.2 million in 2018.

2019 年全年調整後 EBITDA（不包括亞洲淨投資）為 400 萬美元，而 2018 年為 220 萬美元。

Again, a reconciliation of our GAAP results to these non-GAAP figures has been included in our earnings release.

同樣，我們的 GAAP 業績與這些非 GAAP 資料的對帳已包含在我們的收益發布中。

As of December 31, 2019, the company had cash of $23.1 million compared to $7.7 million as of December 31, 2018.

截至2019年12月31日，該公司擁有現金2,310萬美元，截至2018年12月31日為770萬美元。

The company also had working capital of $24.8 million as of December 31, 2019, compared to $19.6 million as of December 31, 2018.

截至2019年12月31日，該公司的營運資金為2,480萬美元，而截至2018年12月31日為1,960萬美元。

Cash provided by operations during the year ended December 31, 2019, totaled approximately $1 million, reflecting the net adjusted economic profitability from operations of $3.7 million and an increase in accounts payable of $2.6 million, which was partially offset by increases in accounts receivables, inventories, prepaid expenses as well as decreases in other liabilities for a total use of cash in these areas of $5.3 million.

截至2019 年12 月31 日的年度，營運提供的現金總計約為100 萬美元，反映出營運淨調整後經濟獲利能力為370 萬美元，應付帳款增加260 萬美元，部分應收帳款、庫存的增加所抵消、預付費用以及其他負債的減少，這些領域的現金使用總額為 530 萬美元。

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 is from Jeffrey Cohen with Ladenburg Thalmann.

（操作員說明）我們的第一個問題來自 Jeffrey Cohen 和 Ladenburg Thalmann。

So I'll keep it just to a few questions.

所以我只提出幾個問題。

Talk about the DSDs a little bit and their velocities as a benefit as far as going to DSDs.

稍微討論一下 DSD 及其速度，作為使用 DSD 的好處。

You talked about 100 partners.

您談到了 100 個合作夥伴。

What's left?

還剩下什麼？

Do you feel like you're 70% there, 80% there?

你覺得自己是70%還是80%？

What's left as far as DSD and channels and getting more efficiency there?

DSD 和頻道以及如何提高效率還剩下什麼？

Excellent.

出色的。

Thank you, Jeff.

謝謝你，傑夫。

On the DSD front, direct store delivery, you're correct.

在DSD方面，直接商店送貨，你是對的。

We are -- as I stated, we're 100 strong at the moment.

正如我所說，我們目前有 100 強。

As of reporting, we do have a variety of additional -- a few dozen additional distributors coming on board, and we're in discussions right now with many.

截至報告時，我們確實有幾十個額外的分銷商加入，我們現在正在與許多分銷商進行討論。

Right now at 100, we're probably right around 35% over key markets to cover in North America.

目前，我們的排名為 100，可能涵蓋了北美主要市場的 35% 左右。

We do feel we'll have most of the markets covered by summer, key markets where we will be able to start really flipping key accounts over to this preferred method.

我們確實認為夏季將涵蓋大部分市場，我們將能夠開始真正將主要客戶轉向這種首選方法。

We started to do it, as I mentioned, in New York City with Big Geyser.

正如我所提到的，我們開始在紐約市與 Big Geyser 合作。

7-Eleven is now serviced by Big Geyser.

7-11 便利商店現在由 Big Geyser 提供服務。

Target is serviced by Big Geyser, and CVS will be switched over momentarily.

Target 由 Big Geyser 提供服務，CVS 將立即切換。

So also, we're in talks with Rite Aid to flip them over as well.

同樣，我們也在與 Rite Aid 談判以翻轉它們。

So this is going to continue to happen and as we get these key DMAs covered.

因此，當我們涵蓋這些關鍵的 DMA 時，這種情況將會繼續發生。

And we already have 3 key markets covered, where we're working with the key accounts right now to flip those over by summer.

我們已經涵蓋了 3 個主要市場，我們現在正在與主要客戶合作，爭取在夏季之前完成這些市場。

So the velocity rates we're seeing when we flip to DSD model just did a great -- just did a better in-store execution, signage, making sure we're in stock.

因此，當我們轉向 DSD 模型時，我們看到的速度效果非常好——店內執行、標誌都更好，確保我們有庫存。

We're seeing velocity rates increase from our current existing rate that we're seeing in existing accounts, which the growth has been roughly around 30% to 35% in existing accounts.

我們看到現有帳戶的流通速度較目前有所增加，現有帳戶的成長率約為 30% 至 35%。

We're actually seeing a 40% lift in that as well.

實際上我們也看到了 40% 的提升。

So definitely, the velocity rates will continue to increase as we move towards more direct store delivery, key accounts going over to this model.

因此，隨著我們轉向更直接的商店交付，關鍵客戶轉向這種模式，速度肯定會繼續提高。

Okay.

好的。

Got it.

知道了。

Perfect.

完美的。

And then second question, you talked a little bit about Func Foods and, in particular, their FAST line out of Helsinki, Finland, as far as the protein bars and some of the other products coming to North America.

第二個問題，您談到了 Func Foods，特別是他們從芬蘭赫爾辛基出發的 FAST 系列，以及運往北美的蛋白質棒和其他一些產品。

Do you still expect that in 2020?

2020年你還這樣期待嗎？

And when will we see some placements?

我們什麼時候會看到一些展示位置？

Yes.

是的。

The FAST portfolio, which we acquired through the acquisition, we -- it's a great-tasting, innovative protein snack portfolio which is highly complementary to our current Celsius portfolio.

我們透過收購獲得的 FAST 產品組合是一種美味、創新的蛋白質零食產品組合，與我們目前的攝氏度產品組合高度互補。

We do see opportunities, not only further expanding within Sweden and Norway where we already have existing distribution with Celsius, but other markets as well throughout Europe.

我們確實看到了機遇，不僅在瑞典和挪威進一步擴張，我們已經與攝氏度進行了現有分銷，而且還擴大了整個歐洲的其他市場。

We are looking to start a very methodical launch of the FAST portfolio in 2020 with initially rolling out with online and starting to see it in a few retail partners.

我們希望在 2020 年開始有條不紊地推出 FAST 產品組合，首先在網路上推出，並開始在一些零售合作夥伴中看到它。

Once again, we're very focused on the Celsius portfolio with the massive momentum we have, but we do see the FAST portfolio as a complementary offering.

我們再次非常關注具有巨大勢頭的攝氏產品組合，但我們確實將 FAST 產品組合視為補充產品。

We are going to be very methodical on that.

我們將在這方面非常有條理。

We're very cognizant of resources, the limited resources as well, as well as the investments required when launching new brands within retail.

我們非常了解資源、有限的資源以及在零售領域推出新品牌所需的投資。

So we're very methodical on approach.

所以我們的方法非常有條理。

We will start to test it in 2020 as a complementary offering, which has a lot of synergistic benefits.

我們將於 2020 年開始測試它作為補充產品，它具有許多協同效益。

Got it.

知道了。

And then lastly for me and I guess for Edwin.

最後對我來說，我想對艾德溫來說。

You did call out some of the one-timers as far as the G&A line and the S&M line.

您確實提到了一些一次性產品，例如 G&A 線和 S&M 線。

So could you give us a little more flavor as far as normalization as far as what we see?

那麼，就我們所看到的標準化而言，您能給我們更多的了解嗎？

I know that we had the European business integration.

我知道我們進行了歐洲業務整合。

But I'm just trying to get a sense of that sales and marketing, you talked about, the $21.2 million to $21.1 million on an annual change.

但我只是想了解你提到的銷售和行銷，每年 2,120 萬美元到 2,110 萬美元的變化。

So is it something we should think about increasing toward the 20% range?

那麼我們是否應該考慮向 20% 的範圍增加？

Or is that more like the 40% range for the upcoming year?

或者這更像是明年 40% 的範圍？

And the same for G&A.

G&A 也是如此。

Sure.

當然。

Yes, very good question.

是的，非常好的問題。

Absolutely, we're still kind of evaluating, bettering our arms around the European business.

當然，我們仍在評估、改善我們對歐洲業務的掌控。

But to answer your question, yes, we're seeing or we're estimating around an increase of 20% in the OpEx lines.

但要回答你的問題，是的，我們看到或估計營運支出增加了 20% 左右。

And obviously, it's going to depend as well as it relates to the marketing investment that we also have on the European business side.

顯然，這將取決於我們在歐洲業務方面的行銷投資，並與之相關。

But yes, I would think 20% to 25% would be something reasonable.

但是，是的，我認為 20% 到 25% 是合理的。

Our next question is from Jeff Van Sinderen with B. Riley FBR.

我們的下一個問題來自 Jeff Van Sinderen 和 B. Riley FBR。

Can you speak more about what drove the addition of Walmart?

能詳細談談沃爾瑪加入的原因嗎？

How the initial rollout will go?

最初的推出將如何進行？

And what could the revenue potential be with Walmart?

沃爾瑪的收入潛力有多大？

I know it's early, but even if just order of magnitude, your thinking around that.

我知道現在還為時過早，但即使只是數量級，你也會對此進行思考。

Yes.

是的。

Thank you, Jeff.

謝謝你，傑夫。

Great question.

很好的問題。

I mean, just as an example, I just want to -- just I think it's easy -- I think it's also good to talk about the mass channel MULO data as well, and we kind of did mention that we're seeing over 100% growth in the MULO channel.

我的意思是，僅舉個例子，我只是想 - 只是我認為這很容易 - 我認為談論大眾頻道 MULO 數據也很好，我們確實提到我們看到了超過 100 個數據MULO 渠道的增長百分比。

And also, I think it's important to also point about what happened and transpired at Target, where we initially launched in Target in late 2018 with 2 flavors and a limited number of stores and continued that evolution for further expansion.

此外，我認為還必須指出 Target 發生的事情，我們最初在 2018 年底在 Target 推出了 2 種口味和有限數量的商店，並繼續這種演變以進一步擴張。

Through every reset, we were able to add additional stores as well as additional flavors, to now we're chain-wide with 5 flavors.

透過每次重置，我們都能夠添加更多商店和更多口味，現在我們的連鎖店有 5 種口味。

So I think you're going to see that same momentum in Walmart.

所以我認為你會在沃爾瑪看到同樣的勢頭。

For Walmart, those 1,500 stores, half of those stores are currently serviced by key DSD partners in given markets.

對於沃爾瑪來說，這 1,500 家商店中有一半目前由特定市場的主要 DSD 合作夥伴提供服務。

The other half is going direct through the warehouse.

另一半則直接通過倉庫。

Until we build out the DMAs, we'll be flipping those over to DSD.

在我們建造 DMA 之前，我們會將其轉交給 DSD。

Where the DSD partners really serviced Walmart first before the warehouse clubs, we're able to get that through their supply chain going direct to Walmart.

DSD 合作夥伴在倉庫俱樂部之前首先為沃爾瑪提供服務，我們可以透過他們的供應鏈直接向沃爾瑪提供服務。

But the initial feedback has been extremely positive, where we have landed within Walmart.

但最初的回饋非常積極，我們已經進入了沃爾瑪。

And there's already talks about adding additional flavors at the next reset.

並且已經有關於在下次重置時添加其他口味的討論。

So we think Walmart is going to be a massive opportunity.

因此，我們認為沃爾瑪將是一個巨大的機會。

Right now, just like in Target, we're starting off on the dry shelf in the energy set.

現在，就像在 Target 一樣，我們從能源組的乾燥架開始。

But there is so much more additional opportunities to further expand and also leverage some of their petrol state locations as well through Murphy's Oil and so forth.

但還有更多的機會進一步擴張，並透過墨菲石油公司等利用其一些石油州的位置。

So we see this as a massive opportunity.

所以我們認為這是一個巨大的機會。

It's growing with the account.

它隨著帳戶的增長而增長。

It's managing your key accounts and leveraging the Celsius portfolio within those with multiple points of disruption and educating consumers who are there as well.

它可以管理您的關鍵客戶，並在具有多個中斷點的客戶中利用攝氏產品組合，並對那裡的消費者進行教育。

So I have always talked about we're all creatures of habit, and it takes time to activate these key accounts.

所以我一直說我們都是習慣的生物，啟動這些關鍵客戶需要時間。

We're in the process of doing it.

我們正在做這件事。

And on walmart.com, we've been doing extremely well as well.

在 walmart.com 上，我們也做得非常好。

We've been targeting and leveraging a lot of the Walmart pickups, their at-home deliveries and really integrating into the account as we do with all of our key accounts.

我們一直瞄準並利用許多沃爾瑪自提、他們的上門送貨服務，並真正融入我們的帳戶中，就像我們對待所有重要客戶一樣。

So we see massive opportunity.

所以我們看到了巨大的機會。

To provide you a specific number, not in a position to do that today.

向您提供具體的數字，但今天無法做到這一點。

But I will say the opportunity is extremely promising, and the initial momentum has been overwhelmingly positive.

但我要說的是，這個機會非常有希望，而且最初的勢頭非常積極。

Okay.

好的。

Great to hear.

很高興聽到。

And then could you speak more about the drivers of your strong international growth and give us a little more color on how the Func integration is going?

然後您能否多談談您們強勁的國際成長的驅動因素，並為我們介紹一下 Func 整合的進展？

And any synergies you're seeing there?

您在那裡看到了任何協同效應嗎？

Yes.

是的。

The international growth, it has really been driven this year -- really driving from that Nordic revenue with our now acquired Func Food Group partner.

今年的國際成長確實得到了推動——真正來自我們現在收購的 Func Food Group 合作夥伴的北歐收入。

And they actually are on track to exceed a 10% market share in Sweden within the energy category.

事實上，他們在瑞典能源類別中的市佔率預計將超過 10%。

They're building considerable momentum with some of their new innovative flavors that they have had excellent in-store execution and really leveraging our model that we've talked about over the years.

他們透過一些新的創新口味建立了相當大的勢頭，這些口味在店內擁有出色的執行力，並真正利用了我們多年來討論的模式。

It's activating consumers online through -- and also leveraging them off-line through an experiential marketing activity.

它透過體驗式行銷活動在線上激活消費者，並在線下利用他們。

That has been very successful on the ground and integrating everything into a 360 approach driving back to retail.

這在實地非常成功，並將一切整合到 360 度方法中，推動零售業的發展。

So that's been extremely successful.

所以這是非常成功的。

In Finland, they further expanded in SOK and also the other key retailers there.

在芬蘭，他們進一步擴大了 SOK 以及那裡的其他主要零售商的業務。

We saw further expansion in 2019 in Norway through 7-Eleven.

2019 年，7-11 便利商店在挪威的業務進一步擴張。

The test was very successful.

測試非常成功。

They rolled this out to all the 7-Elevens within the country, and we're also in the #2 -- gaining authorization right now in the #2 petrol retailer in country.

他們向全國所有 7-11 便利商店推出了這項服務，我們也位列第二——目前已獲得全國第二大汽油零售商的授權。

So things are going very well, very well much embedded in health and wellness in gyms and health clubs and making further expansion into mainstream retail.

所以一切進展順利，很好地融入了健身房和健身俱樂部的健康和保健領域，並進一步擴展到主流零售業。

Some of the synergies we already have implemented is cross -- really cross-functional teams, leveraging key insights and leveraging best practices through our cross-functional teams on sales and marketing initiatives to really leverage that, and that has seen some synergies.

我們已經實現的一些協同效應是跨職能的——真正的跨職能團隊，透過我們的跨職能團隊在銷售和行銷計劃上利用關鍵見解和最佳實踐，以真正利用這一點，並且已經看到了一些協同效應。

Also, we've seen some synergies within the G&A side.

此外，我們也看到了一般管理費用方面的一些綜效。

We've already started to implement cost-savings initiatives as well through improving logistics, also cost of goods.

我們已經開始透過改善物流和貨物成本來實施節省成本的措施。

We saw savings in insurance and audit cost and IT.

我們看到了保險、審計成本和 IT 成本的節省。

So we're really looking at all aspects of this, as we continue to go through to really drive the best ROI and the best benefit from this acquisition.

因此，我們正在真正關注此事的各個方面，因為我們將繼續努力真正推動本次收購的最佳投資回報率和最佳效益。

In addition, you're also seeing just much opportunity for us with that platform for European growth, but we're already talking to some new market partners and new distributors in a given market where we'll be able to leverage throughout 2020 and beyond.

此外，您還看到我們透過該平台實現歐洲成長的許多機會，但我們已經在與特定市場中的一些新市場合作夥伴和新經銷商進行洽談，我們將能夠在 2020 年及以後利用這些機會。

Okay.

好的。

Great.

偉大的。

And then if I could just squeeze one more in.

然後如果我能再擠一個進去就好了。

Any new planned key marketing initiatives you can touch on for 2020?

您可以談談 2020 年有哪些新計畫的關鍵行銷舉措嗎？

We have a variety of key marketing initiatives planned.

我們規劃了各種關鍵的行銷活動。

We just relaunched, really bringing back in continuation of the Live Fit Tour we launched in 2019 with great success.

我們剛剛重新推出，真正延續了我們在 2019 年推出的 Live Fit Tour，並取得了巨大成功。

We're going to continue that journey with the Live Fit Tour, bringing that to key markets around the country and leveraging that online/off-line experience in motion and connecting with consumers on an emotional level.

我們將透過 Live Fit Tour 繼續這趟旅程，將其帶到全國各地的主要市場，並利用線上/線下的運動體驗並在情感層面上與消費者建立聯繫。

Also some key initiatives has been with our tropical flamingo flavor launch in the Nordics.

我們也採取了一些關鍵舉措，在北歐推出了熱帶火烈鳥口味。

That was a great success as well.

這也是一個巨大的成功。

And you're also going to continue to see a lot of social digital activation, influencer marketing, really driving our community and further broadening our reach.

您還將繼續看到大量的社交數位活化、影響者行銷，真正推動我們的社群並進一步擴大我們的影響力。

(Operator Instructions) Our next question is from Anthony Vendetti with Maxim Group.

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

So just -- I hate to ask this question.

所以只是——我討厭問這個問題。

But I guess it's sort of on the top of mind of everyone.

但我想這是每個人最關心的問題。

So COVID-19, in terms of your production, is there any concern about that going forward?

那麼，就您的生產而言，COVID-19 是否會對未來產生任何擔憂？

And then in terms of sales, what's the best way you can categorize as we speak now anyway, what you see as the potential impact, if any, right now?

然後就銷售而言，無論如何，您可以對我們現在所說的進行分類的最佳方式是什麼？您認為目前的潛在影響（如果有的話）是什麼？

Yes.

是的。

Excellent.

出色的。

Anthony, we've been watching that coronavirus for -- since December when it first was initially spotted in Wuhan, due to our team on the ground that's based out of Hong Kong, our partner, Qifeng, with employees all through Mainland China.

安東尼，自 12 月首次在武漢發現冠狀病毒以來，我們一直在關注這種冠狀病毒，這要歸功於我們駐香港的團隊、我們的合作夥伴 Qifeng 以及遍布中國大陸的員工。

We've been keeping a close eye on it going back to December, and pre really the Chinese New Year.

我們從 12 月開始一直密切關注這一情況，甚至在農曆新年之前。

And it's something that, internally, we have been really planning for working closely with our suppliers all around the world.

在內部，我們一直在計劃與世界各地的供應商密切合作。

And we had increased inventories, increased raw materials.

我們增加了庫存，增加了原料。

We looked at -- what we do very frequently is really analyze our supply chain, making sure we're driving efficiencies, number one, but also making sure we have backup suppliers.

我們經常做的是真正分析我們的供應鏈，確保我們提高效率，這是第一位的，但也要確保我們有後備供應商。

So we feel very confident in the position where we currently are.

所以我們對目前的處境非常有信心。

All our suppliers have indicated there will not be any supply disruptions momentarily as the current position is.

我們所有的供應商都表示，目前不會有任何供應中斷的情況。

Obviously, things are sort of changing rapidly, so we're keeping an eye on it.

顯然，事情正在迅速變化，所以我們正在密切關注。

But we -- at this point, we do not have any concerns.

但我們——在這一點上，我們沒有任何擔憂。

We are keeping inventories up and our raw materials up and feel we're in a good position to weather a storm over the next several months, if needed, in working closely with all suppliers.

我們正在保持庫存和原材料的增加，並認為如果需要的話，我們可以與所有供應商密切合作，在未來幾個月內度過難關。

In regards to that sales impact, that's a little bit unknown at this point in our -- as we sit here and look ahead because the momentum we have experienced in Q1, we have not seen any slowdown.

關於銷售影響，目前我們還不清楚——因為我們坐在這裡展望未來，因為我們在第一季經歷的勢頭，我們沒有看到任何放緩。

And momentum has continued in a very solid fashion as we entered 2020.

進入 2020 年，這種勢頭繼續以非常強勁的方式持續。

So we're still seeing same-store sales increase.

因此，我們仍然看到同店銷售額正在成長。

We're seeing distribution expand, and we're set to have another record quarter for the company in Q1 2020.

我們看到分銷範圍不斷擴大，公司將在 2020 年第一季再創歷史新高。

So we feel we're well positioned.

所以我們覺得我們處於有利位置。

How that transpires into Q2 and beyond is unknown.

第二季及以後的情況如何發生尚不清楚。

We have had a lot of our conferences.

我們已經召開了很多會議。

And a lot of our marketing initiatives, where we market at trade conferences, as we all know, have been canceled, which has the potential to have ramifications.

眾所周知，我們在貿易會議上進行的許多行銷活動已被取消，這可能會產生影響。

But at this point, we have not seen any impact in our business.

但目前，我們還沒有看到我們的業務受到任何影響。

But that's not to say there will be an impact in the second quarter potentially.

但這並不是說第二季可能會產生影響。

Okay.

好的。

No, that's helpful, John.

不，這很有幫助，約翰。

And then obviously, PepsiCo purchased Rockstar Energy for about $3.9 billion.

顯然，百事以約 39 億美元收購了 Rockstar Energy。

How do you think that changes the competitive landscape for Celsius?

您認為這會如何改變攝氏的競爭格局？

Yes.

是的。

It's quite interesting.

這很有趣。

That's been a rumor for some time now as well as the rumor is that maybe Bang moves to their distribution network as the distribution partner.

這個傳聞已經有一段時間了，有傳言說 Bang 可能會作為分銷合作夥伴轉移到他們的分銷網絡。

You're hearing that in some of the trade magazines within the industry.

您可以在行業內的一些貿易雜誌上聽到這樣的說法。

Quite frankly, it's -- we see it as a great opportunity, and we see it as a great opportunity for a number of reasons.

坦白說，我們認為這是一個很好的機會，出於多種原因，我們認為這是一個很好的機會。

On prior calls, I've talked about the partnership within a 24-Hour Fitness, where we actually have been authorized in the Pepsi coolers through that chain.

在之前的電話中，我談到了 24 小時健身中心的合作夥伴關係，實際上我們已透過該連鎖店獲得了百事可樂冷卻器的授權。

Also, we see a lot of synergies and benefits working with their independent Pepsi distributors, who were in several.

此外，我們看到與他們的獨立百事可樂分銷商合作有很多協同效應和好處，這些分銷商在幾個地方。

They are very interested in carrying Celsius.

他們對攜帶Celsius非常感興趣。

So now that Pepsi has acquired Rockstar, this really allows us further opportunity for new distributors within the Pepsi system because Rockstar had an exclusive agreement that they could be the only energy drink.

現在百事可樂收購了 Rockstar，這確實為我們在百事可樂系統內的新經銷商提供了更多機會，因為 Rockstar 簽訂了獨家協議，他們可能是唯一的能量飲料。

So we feel this is an opportunity.

所以我們覺得這是一個機會。

It's going to open up more doors for us.

它將為我們打開更多的大門。

Also, in the event Bang does move over to the Pepsi bottlers or distribution system, that's going to open up further distributors for us and opportunities through additional Anheuser-Busch distributors and many others.

此外，如果 Bang 確實轉移到百事可樂裝瓶商或分銷系統，這將為我們開闢更多的分銷商，並透過其他安海斯-布希分銷商和許多其他分銷商提供機會。

So we actually see this as a great benefit that we're going to leverage over the next several months, and it's a great opportunity for us.

因此，我們實際上認為這是一個巨大的好處，我們將在接下來的幾個月中利用它，這對我們來說是一個很好的機會。

And then lastly, John, just on pricing.

最後，約翰，關於定價。

It seems that this category is able to continue -- to be able to garner premium pricing.

看來這個類別能夠持續下去──能夠獲得溢價。

Has that changed at all?

這有什麼改變嗎？

Or is that still the case as you come out with new brand -- new flavors, new versions of your product?

或者，當您推出新品牌、新口味、新版本的產品時，情況仍然如此嗎？

And then sort of talk about the plan going forward in terms of brand extensions.

然後談談品牌延伸方面的未來計畫。

Okay.

好的。

Excellent.

出色的。

In regards to pricing architecture, you're absolutely right.

關於定價架構，你是絕對正確的。

There's a great opportunity in the new age performance energy category for premiumization to develop.

新時代高性能能源類別存在著高端化發展的巨大機會。

Celsius is that premium offering.

攝氏溫度就是這樣的優質產品。

When Bang and REIGN were initially locked back in August when Bang -- when REIGN launched, they were doing significant buy 1, get 1 free, if you recall, with steep discounts.

當 Bang 和 REIGN 最初在 8 月被鎖定時——當 REIGN 推出時，如果你還記得的話，他們正在進行重大的買 1 送 1 活動，並提供大幅折扣。

Celsius maintained a -- really a premium pricing.

攝氏度維持了一個非常高的定價。

We did not discount at that same level, and we saw existing stores -- sales continue to grow.

我們沒有在同一水平上打折，而且我們看到現有商店的銷售額繼續增長。

So that really shows you the price elasticity on the Celsius portfolio, really being able to build a premium position in the category.

因此，這確實向您展示了攝氏投資組合的價格彈性，真正能夠在該類別中建立優質地位。

So we are very excited about that, being a premium player in the category.

因此，我們對此感到非常興奮，成為該類別中的優質參與者。

We think that -- we feel that's going to continue to grow.

我們認為——我們認為這將繼續增長。

You are going to see the value brands come into the category, mid-tier price brands, and you're going to have premium players within the category that are driving the overall category growth.

您將看到價值品牌進入該類別，中端價格品牌進入該類別，並且該類別中將有優質品牌推動整體類別的成長。

So we feel pricing remains strong, and there's additional opportunities to take pricing up in the future as well.

因此，我們認為定價仍然強勁，未來還有其他提高定價的機會。

As for our plans on innovative flavors and really line extensions into adjacent categories, we have a cross-functional innovation team on a global platform.

至於我們的創新口味和真正的產品線延伸到相鄰類別的計劃，我們在全球平台上擁有一支跨職能的創新團隊。

You will see additional -- really line extensions from us.

您將看到我們的更多產品線擴展。

We're going to continue to leverage our BCAA Recovery offering.

我們將繼續利用我們的支鏈胺基酸恢復產品。

You're also going to see a lot of innovative flavors coming from Celsius.

您還將看到來自攝氏度的許多創新口味。

We are on the forefront of connecting with consumers.

我們處於與消費者聯繫的最前線。

Our last several flavor launches has been spot on to exactly what the consumer wants and demands.

我們最近推出的幾種口味完全滿足了消費者的需求。

And we have a variety of innovative flavors coming to market in 2020 and beyond that will continue to drive that momentum into that category.

我們有多種創新口味將於 2020 年上市，之後將繼續推動該類別的發展動能。

And we're very excited where we stand and the position.

我們對我們的立場和立場感到非常興奮。

We now have a follow-up question from Jeffrey Cohen with Ladenburg Thalmann.

現在傑弗裡·科恩和拉登堡·塔爾曼向我們提出了後續問題。

Just a couple more I want to circle around with.

還有幾個我想繞一圈。

Any commentary as far as placement gross and overall growth for the BCAA line out there?

關於 BCAA 系列的安置總額和整體成長有何評論？

Thank you, Jeff.

謝謝你，傑夫。

In relation to the Celsius branch-chained amino acid recovery line, it launched in the late really September 2019.

攝氏支鏈胺基酸回收生產線於 2019 年 9 月下旬推出。

We're keeping it at this point in vitamin specialty.

我們目前將其保留在維生素專業領域。

We're keeping vitamin specialty special with this line.

我們在該系列產品中保持了維生素專業產品的特殊性。

We're building more brand awareness around the line before we bring it to mass retail.

在將其推向大眾零售之前，我們正在圍繞該產品線建立更多的品牌知名度。

We see massive opportunities right now with our core line as we continue to grow and scale with that.

隨著我們不斷發展和擴大規模，我們現在在我們的核心產品線中看到了巨大的機會。

We will bring our lines to the mainstream and to mass but at the right time.

我們將在適當的時候將我們的路線帶入主流和大眾。

As you all know, this space is very competitive, especially in the energy category.

眾所周知，這個領域競爭非常激烈，尤其是在能源領域。

And we want to make sure when we're moving our products out, it has the right velocity and the right brand awareness to be successful, making sure we already have generated trial and have brand awareness to truly leverage the power of retail.

我們希望確保當我們將產品轉移出去時，它具有正確的速度和正確的品牌知名度，以取得成功，確保我們已經進行了嘗試並擁有品牌知名度，以真正利用零售的力量。

Got it.

知道了。

And then for the fourth quarter, the top line was very much higher than what we had, extremely strong.

然後在第四季度，營收比我們高得多，非常強勁。

Is the demand outstripping the seasonality or at least did it in the fourth quarter?

需求是否超過了季節性，或至少在第四季是這樣？

Because it seems like historically, you've had more of the seasonality through Q3 and then probably secondary Q2.

因為從歷史上看，第三季和第二季可能有更多的季節性。

Yes.

是的。

It does seem -- when you look at our sales 4 quarters, every quarter-over-quarter growth, we are building momentum.

看起來確實如此——當你看看我們四個季度的銷售額，每個季度都在成長時，我們正在建立動力。

And historically, the business is very seasonal.

從歷史上看，該業務具有很強的季節性。

I think you -- as we continue to grow, we will see that.

我想，隨著我們不斷成長，我們會看到這一點。

But the brand is really gaining momentum.

但該品牌確實正在蓄勢待發。

We're seeing velocities continue to increase and new distribution coming on board.

我們看到速度繼續增加，新的發行版即將上線。

And then also, you also have the European consolidated revenue impact as well.

此外，歐洲綜合收入也會受到影響。

We had November and December of fully consolidated revenues.

我們 11 月和 12 月的收入完全合併。

If you just look at North America, we did have quarter-over-quarter growth, 4 consecutive quarters in North America.

如果你只看北美，我們確實實現了季度環比成長，北美連續四個季度實現成長。

But it's -- and I think that's going to continue as we move into 2020.

但我認為，隨著我們進入 2020 年，這種情況將會持續下去。

We're just seeing really solid momentum.

我們剛剛看到了非常強勁的勢頭。

But the underlying business, it just does have the opportunity to be seasonal, although we're currently not seeing that due to the growth of the brand and the brand momentum.

但基礎業務確實有機會成為季節性的，儘管由於品牌的成長和品牌勢頭，我們目前還沒有看到這一點。

Okay.

好的。

And when you talk about the momentum, and then you previously mentioned that you're set for a record Q1, you're referring to Q1 year-over-year over Q1 2019 or related to Q4 of 2019 into Q1 of 2020?

當您談到勢頭時，您之前提到您將創下第一季的記錄，您指的是 2019 年第一季的同比情況，還是與 2019 年第四季到 2020 年第一季相關的情況？

Yes.

是的。

Q4 was the biggest -- our Q4 2019 was the largest quarter in company history, and we anticipate to have another largest quarter in company history in Q1 2020.

第四季是最大的——2019 年第四季是公司歷史上最大的季度，我們預計 2020 年第一季將是公司歷史上另一個最大的季度。

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

我現在想將會議轉回管理階層進行閉幕致詞。

Thank you, Sherry.

謝謝你，雪莉。

Thank you, everyone.

謝謝大家。

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

我謹代表公司感謝大家今天的關注。

Our 2019 results demonstrates our products are gaining considerable momentum.

我們 2019 年的業績顯示我們的產品正在獲得巨大的發展勢頭。

We are capitalizing on today's global health and wellness trends and the changes taking place in today's energy drink category.

我們正在利用當今的全球健康趨勢以及當今能量飲料類別所發生的變化。

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

我們積極、健康的生活方式的定位是具有大眾吸引力的全球定位。

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

我們正在以我們的核心為基礎，利用機會並部署最佳實踐。

We have a winning portfolio and strategy in a rapidly growing market that consumers want.

在消費者想要的快速成長的市場中，我們擁有致勝的產品組合和策略。

Our mission at Celsius is to continue to grow Celsius and bring it to new customers profitably.

我們在攝氏度的使命是繼續發展攝氏度並將其帶給新客戶並帶來利潤。

I'm proud with our dedicated team, as without them, our tremendous achievements and significant opportunities we see ahead would not be possible.

我為我們的敬業團隊感到自豪，因為沒有他們，我們就不可能有巨大的成就和我們所看到的重大機會。

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

此外，我感謝我們的投資者對我們團隊的持續支持和信任。

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。

Thank you.

謝謝。

This does conclude today's conference.

今天的會議到此結束。

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

此時您可以斷開線路，感謝您的參與。