Celsius Holdings Inc (CELH) 2021 Q3 法說會逐字稿

Greetings, and welcome to Celsius Holdings, Inc.

您好，歡迎來到攝氏控股公司。

Third Quarter 2021 Financial Results.

2021 年第三季財務業績。

(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, Investor Relations for Celsius Holdings.

現在我很高興向您介紹主持人，Celsius Holdings 投資者關係部門的卡梅倫·多納休 (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 Third Quarter 2021 Earnings Conference Call.

我們感謝您今天加入我們攝氏控股 2021 年第三季財報電話會議。

Joining me on the call today are John Fieldly, Chairman, 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董事長、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 released the earnings press release premarket this morning.

該公司今天上午在盤前發布了收益新聞稿。

All materials will be available on the Company's website, 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, an audio replay will be available later today.

提醒一下，在我將電話轉給約翰之前，今天晚些時候將提供音訊重播。

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 November 11, 2021.

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 2021 年 11 月 11 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 law, Celsius Holdings undertakes no obligations and disclaims any duty to update any of these forward-looking statements.

除法律要求的範圍外，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 statements contained in today's press release and our quarterly filings with the SEC for additional information.

我們鼓勵您完整閱讀今天新聞稿中包含的安全港聲明以及我們向 SEC 提交的季度文件，以獲取更多資訊。

With that, let me turn the call over to Chief Executive Officer, John Fieldly for opening comments.

接下來，讓我將電話轉給執行長約翰·菲爾德利 (John Fieldly) 徵求開場評論。

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。

In the third quarter, Celsius not only achieved another sales record for the quarter, but beat our previous quarterly record from Q2 by almost 50%, beating by 46% growth on a sequential basis from Q2 2021.

第三季度，Celsius 不僅再創本季銷售記錄，而且比第二季度的季度記錄高出近 50%，比 2021 年第二季度的環比增長 46%。

The Company accomplished this exponential growth despite the tremendous supply chain constraints that continue to impact the industry.

儘管巨大的供應鏈限制繼續影響該行業，但該公司仍實現了指數級增長。

In order to hit the majority of our orders during the quarter, we did have to sacrifice some efficiencies on the margin side, which we believe are either one-time costs or short-term in nature with specific identifiable processes we are implementing to improve our margin profile going forward.

為了在本季度完成我們的大部分訂單，我們確實必須犧牲利潤方面的一些效率，我們認為這要么是一次性成本，要么是短期性質的，我們正在實施特定的可識別流程來提高我們的效率。未來的利潤狀況。

The largest one-time cost impacting margins during the quarter stemmed from the build-out of our 6 orbit distribution warehouse centers, which we announced in the second quarter.

本季對利潤率影響最大的一次性成本源自於我們在第二季宣布的 6 個軌道配送倉庫中心的擴張。

We expect to see tangible efficiencies in both miles on cases freight costs as well as reduced inventory stock-outs with our distribution partners going forward from this initiative.

我們預計，透過這項舉措，我們的分銷合作夥伴將在運輸成本方面看到兩英里的實際效率，並減少庫存缺貨。

But we did have incremental costs in Q3 as we essentially moved from 2 main warehouse centers to 6, while also significantly expanding inventory runs with our co-packers.

但我們在第三季確實增加了成本，因為我們基本上從 2 個主要倉庫中心搬到了 6 個，同時也大幅擴大了代包裝商的庫存運作。

With this, we had excess freight costs as we built out and optimized inventory levels across our warehouses, which is reflected in our cost of goods, and we estimate impacted margins by approximately 3% for the quarter.

因此，當我們建立和優化整個倉庫的庫存水準時，我們的運費成本過高，這反映在我們的商品成本中，我們估計本季利潤率受影響約 3%。

In addition, we experienced increased freight costs associated with higher labor and fuel costs, which we are monitoring.

此外，我們正在監測與勞動力和燃料成本上升相關的貨運成本增加。

As an average, freight costs have increased industry-wide by 20% versus the prior year per DAT Trendlines who tracks freight trends nationwide.

根據追蹤全國貨運趨勢的 DAT Trendlines 的數據，整個行業的貨運成本平均比去年增加了 20%。

In addition to short-term margin impacts, we continue to utilize international cans sourced, which carry a higher cost.

除了短期利潤影響外，我們繼續使用國際罐頭，但成本較高。

When we placed these can orders, we expected the vast majority to come in and be utilized during 2021.

當我們下這些罐頭訂單時，我們預計絕大多數將在 2021 年交付並使用。

Unfortunately, many are still outside of the United States brand or waiting at ports to be unloaded, which have been offset by purchasing spot rate cans from the U.S. suppliers.

不幸的是，許多仍然不是美國品牌或在港口等待卸貨，這已透過從美國供應商購買現貨罐頭來抵消。

But with the significant increase in the aluminum prices, spot rate increased significantly.

但隨著鋁價大幅上漲，現貨價格大幅上漲。

With that said, the higher spot rate as well as the higher import cans have impacted margin for the quarter by approximately 5.3%.

儘管如此，較高的現貨價格以及較高的進口罐頭影響了本季利潤率約 5.3%。

With that said, we experienced short-term and one-time margin impacts during the third quarter, which totaled approximately 7.5%.

話雖如此，我們在第三季經歷了短期和一次性的利潤影響，總計約 7.5%。

When taking this into account, our normalized margins would have been approximately 47.2% for the quarter, including outbound freight.

考慮到這一點，本季我們的標準化利潤率約為 47.2%（包括出境運費）。

To further optimize our supply chain going forward, we have added 2 new contracts with 2 of the top U.S. can manufacturers for 2022, which will move us away from the higher spot rate purchases and international cans.

為了進一步優化我們未來的供應鏈，我們在 2022 年與美國兩家頂級罐頭製造商簽訂了 2 份新合同，這將使我們擺脫較高的現貨價格採購和國際罐頭。

We believe the adequate U.S. can source for 2022 to support our growth.

我們相信美國可以在 2022 年提供充足的資源來支持我們的成長。

We will likely have to cycle, though, some of the international cans that have been delayed, depending on when they arrive and get delivered in the U.S. through the first 6 months of 2022.

不過，我們可能必須循環處理一些被推遲的國際罐裝貨物，具體取決於它們在 2022 年前 6 個月內到達美國並交付的時間。

But we expect the vast majority of our cans will be from U.S.-sourced, on a contract basis, materially reducing our can costs versus 2021.

但我們預計我們的絕大多數罐頭將根據合約從美國採購，與 2021 年相比，我們的罐頭成本將大幅降低。

Some other cost increases we saw in the third quarter, such as raw materials, co-pack fees, tolling fees and inefficient less and load shipping costs.

我們在第三季看到了一些其他成本的增加，例如原材料、共同包裝費、通行費以及低效率的裝運成本。

We expect the majority of these will be offset in 2022 as we continue to negotiate better pricing with our scale.

我們預計，隨著我們繼續根據規模協商更好的定價，其中大部分將在 2022 年得到抵銷。

While it remains uncertain, the energy category is one of the lone outliers that have not increased pricing, driven by the top 2 players in the space, we believe the key factors in that decision is due to the rapid growth in consumer demand for functional performance energy drinks and the associated increase in new brands coming to market.

雖然仍不確定，但能源類別是唯一沒有提高定價的異常值之一，受到該領域兩大參與者的推動，我們認為做出這一決定的關鍵因素是消費者對功能性能需求的快速增長能量飲料以及進入市場的新品牌的相關增加。

The smaller scale new entrants face significant higher shipping, raw materials, co-pack fees, competition, and by not taking price the top 2 energy drink, place an outsized cost on the new entrants entering the market to protect their share.

規模較小的新進業者面臨更高的運輸、原材料、共同包裝費用和競爭，並且透過不定價排名前兩位的能量飲料，為進入市場的新進入者帶來了巨大的成本，以保護他們的份額。

For Celsius, we have reached a critical mass where we will not be impact our ability to grow, as evidenced by the record third quarter.

對於攝氏度來說，我們已經達到了一個臨界點，我們的成長能力不會受到影響，第三季創紀錄的業績證明了這一點。

And the only downside is that some of the expedited scale-based incremental margin improvements are being offset by cost increases that are not transitory.

唯一的缺點是，一些基於規模的快速增量利潤改善被非暫時性的成本增加所抵消。

Even with that, longer term, we expect margin expansion throughout 2022.

即便如此，從長遠來看，我們預計 2022 年利潤率將會擴大。

As stated prior, we have identified one-time and short-term cost increases and have planned strategies to mitigate as we continue to optimize and transition our stores to DSD distribution with further future scale-based benefits with our current growth trajectory.

如前所述，我們已經確定了一次性和短期的成本增加，並規劃了緩解策略，因為我們將繼續優化我們的商店並將其過渡到DSD 分銷，並根據我們當前的成長軌跡，進一步實現未來基於規模的效益。

To conclude our margin analysis, as we recognize revenue growth rates more than double in North America at over 200% and continue to accelerate further, we made a cautious decision in the third quarter to ensure that we have the operational infrastructure to support our revenue growth to much higher levels and fully take advantage of the opportunities to take market share at an increased pace.

總結我們的利潤率分析，由於我們認識到北美地區的收入增長率超過 200%，並且繼續進一步加速，因此我們在第三季度做出了謹慎的決定，以確保我們擁有支持收入增長的運營基礎設施達到更高的水平，並充分利用機會以更快的速度佔領市場份額。

As such, the accelerated initiatives on several operational improvements to position us for exponential future growth, which impacted margins by approximately 7%, just from the one-time items in the third quarter.

因此，多項營運改善的加速舉措為我們未來的指數級成長奠定了基礎，光是第三季的一次性項目就對利潤率產生了約 7% 的影響。

Additional incremental near-term benefits will be recognized if price increases are initiated by the top brands to our 2022 expectations.

如果頂級品牌按照我們 2022 年的預期漲價，將會帶來額外的短期效益。

In the meantime, we are implementing and further evaluating our promotional strategies.

同時，我們正在實施並進一步評估我們的促銷策略。

We wanted to ensure we provided a detailed breakdown on margins and that our forward expectations of continued leverage remain unchanged before we detailed the record achievements accomplished in the third quarter.

在我們詳細介紹第三季的創紀錄成就之前，我們希望確保提供詳細的利潤率明細，並確保我們對持續槓桿的預期保持不變。

Our record third quarter results are representative of the momentum that the Celsius brand is achieving across the board.

我們創紀錄的第三季業績代表了攝氏品牌全面實現的勢頭。

Revenue growth, driven by continued new store additions, SKU expansion, cooler placements, DSD coverage expansion as well as continuing to transition existing accounts, brand recognition, influences organically supporting Celsius are just a subset of the drivers that cumulated in the record third quarter results in North America.

營收成長的推動因素包括持續增加新店、SKU 擴張、更酷的陳列、DSD 覆蓋範圍擴大以及現有客戶的持續轉型、品牌認知度、有機支持攝氏度的影響力只是第三季度創紀錄業績累積的驅動因素的一部分在北美。

Total sales for the quarter totaled $94.9 million, up 158% from $36.8 million in the year-ago quarter.

該季度總銷售額為 9,490 萬美元，比去年同期的 3,680 萬美元增長 158%。

Our domestic sales revenue increased 214% to $84.5 million, up from $26.9 million in the year-ago quarter, with both of these percentage growth rates, the highest in our history, and in North America sales up 58% from the second quarter sequentially.

我們的國內銷售收入成長了214%，達到8,450 萬美元，高於去年同期的2,690 萬美元，這兩個百分比成長率均為我們歷史上最高的，北美銷售額比第二季連續成長了58% 。

We continue to see 2 of our hardest hit channels from COVID, our Fitness Channel and our Vending Channel, not only rebound by the drive of new sales records, with again, reaching triple-digit growth rates and contributing approximately $5.2 million in incremental revenue when compared to the prior year.

我們繼續看到受新冠疫情影響最嚴重的兩個頻道，即健身頻道和自動售貨頻道，不僅在新的銷售記錄的推動下反彈，而且再次達到三位數的增長率，並貢獻了約520萬美元的增量收入。與前一年相比。

International sales grew 5% to $10.4 million for the quarter and 18% through the first 9 months of this year.

本季國際銷售額成長 5%，達到 1,040 萬美元，今年前 9 個月成長 18%。

We are still dealing with the impacts of COVID-19, most pronounced in the European markets, with all markets facing increased cost in raw materials, transportation.

我們仍在應對 COVID-19 的影響，這在歐洲市場最為明顯，所有市場都面臨原材料和運輸成本增加的問題。

Our EU, Middle East, Southeast Asia and Australia operations remain adversely affected by COVID-19 with varying restrictions and lockdowns in the markets.

我們的歐盟、中東、東南亞和澳洲業務仍受到 COVID-19 的不利影響，市場受到不同程度的限制和封鎖。

Overall, we continue to see quarterly improvements over -- quarter-over-quarter with capacity restrictions as well as re-openings in the hardest hit channels, but there still remains uncertainty as there could be potential re-closings due to new variants during the winter months and case increases in the regions of operations, which could force closures in some states and countries.

總體而言，我們繼續看到季度環比的改善，原因是運力限制以及受打擊最嚴重的管道重新開放，但仍然存在不確定性，因為在疫情期間，由於新的變體，可能會出現重新關閉的情況。冬季月份和行動地區病例增加，這可能會迫使一些州和國家關閉。

Turning to some additional financial highlights for the quarter.

轉向本季度的一些其他財務亮點。

Our domestic revenue reached at $85.4 million, was driven by accelerated triple growth in our channels of trade, expansion with world-class retailers further activation and growth from our distribution partners.

我們的國內收入達到 8,540 萬美元，這得益於我們的貿易管道加速三倍增長、世界級零售商的擴張、分銷合作夥伴的進一步激活和增長。

Direct store delivery network grew over 429% in revenues when compared to the prior year.

與前一年相比，直營店配送網路的收入成長了 429% 以上。

Also, our Club Channel continues to accelerate.

此外，我們的俱樂部頻道也不斷加速發展。

Following the expansion rollout of over 550 plus Costco stores in late Q2 to Q3, Costco growth now has been listed as just over a 10% revenue customer.

繼第二季末至第三季擴張超過 550 家 Costco 門市後，Costco 的客戶收入成長率現已超過 10%。

We are also now rolling out onto their platform, costco.com, in addition to Sam's Club, we are launching in several test markets during the fourth quarter, driven by the strong growth in Walmart.

我們現在也在他們的平台 costco.com 上推出，除了山姆會員店之外，在沃爾瑪強勁增長的推動下，我們將於第四季度在幾個測試市場推出。

On the Convenience channel side, in North America, the latest SPINS data shows a growth of 205.5% year-over-year increase for the Celsius product portfolio in the Convenience channel compared to a 13.6% overall growth in the energy drink category as of October 3, 2021, last 12 weeks, while during the same period, our ACV increased 118% versus the prior year to 34.7% total ACV average.

在北美的便利通路方面，最新的 SPINS 數據顯示，便利通路中的攝氏度產品組合年增了 205.5%，而截至 10 月份能量飲料類別的總體增長率為 13.6%截至2021 年12 月3 日，過去12週，而在同一時期，我們的ACV 較前一年增長了118%，達到總ACV 平均值的34.7%。

Industry backed third-party data continues to show accelerated growth metrics, and we are confident that Celsius will continue to drive sales even higher as we continue to accelerate our ACV across channels through additional launches with new nationwide chains and transition existing accounts to our DSD network.

由業界支持的第三方數據繼續顯示加速成長指標，我們相信，隨著我們繼續透過新的全國性連鎖店的額外推出以及將現有帳戶轉移到我們的DSD 網路來加速跨通路的ACV，Celsius 將繼續推動銷售額更高。

Consumer demand for Celsius accelerated through the third quarter of 2021 to record levels with the most recent Nielsen scan data as of October 23, 2021, showing Celsius sales up over 205% year-over-year for the 2 weeks plus 213% for the 4 weeks, and plus 204% for the 12 weeks, with a 2% share of the energy drink category overall for the last 4 weeks.

截至2021 年10 月23 日的尼爾森最新掃描數據顯示，2021 年第三季度消費者對攝氏度的需求加速達到創紀錄水平，該數據顯示攝氏度兩週內的銷量同比增長超過205%，第四季度的銷量年增213%。週，加上 12 週的 204%，以及過去 4 週能量飲料類別總體份額的 2%。

This compares to the total energy drink category, which grew 14% year-over-year for the 2 weeks ending in 12% for the 12 weeks ending over the same period.

相較之下，能量飲料總類別在過去 2 週內年增 14%，在同期結束的 12 週內年增 12%。

On Amazon, Celsius is the second largest energy drink with an 18.4% share of the energy drink category, 2.88% ahead of Red Bull at a 15.5% share and just 7.6% share behind Monster Energy at 25.9% share, last 4 weeks ending October 30, 2021, per Stackline, Energy Drink Category, total U.S..

截至10 月的過去4 週，Celsius 是亞馬遜第二大能量飲料，在能量飲料類別中佔據18.4% 的份額，比紅牛(15.5%) 的份額高出2.88%，僅落後於Monster Energy (25.9%)的7.6% 份額2021 年 3 月 30 日，根據 Stackline，能量飲料類別，美國總計。

Transitioning to DSD continues and remains a top priority with our retail partners due to the increased velocities that are gained to the preferred route to market.

由於首選市場路徑的速度加快，向 DSD 的過渡仍在繼續，並且仍然是我們零售合作夥伴的首要任務。

Today, for our latest MULO retail sales data, we estimate that we have transitioned and initially optimized approximately 50% of the stores reporting into SPINS MULO channel and have planned further plans and expansion with additional DSD partners through the back half of Q4 and into 2022.

今天，對於我們最新的MULO 零售銷售數據，我們估計我們已經過渡並初步優化了大約50% 報告到SPINS MULO 管道的商店，併計劃在第四季度後半段和2022 年與其他DSD 合作夥伴一起制定進一步的計劃和擴張。

Some of the key retailers that have transitioned over 75% of their stores include Target, Walmart, RaceTrac, Kroger, Circle K, Speedway, Murphy's U.S.A.

一些已完成 75% 以上門市轉型的主要零售商包括 Target、沃爾瑪、RaceTrac、Kroger、Circle K、Speedway、Murphy's U.S.A.

with CVS and 7-Eleven also expanding in other markets.

CVS 和 7-11 也在其他市場擴張。

Historically, it takes on average 2 to 3 months to optimize stores once they have transitioned to DSD before we see that increased velocity levels.

從歷史上看，一旦商店過渡到 DSD，我們平均需要 2 到 3 個月的時間來優化商店，然後我們才能看到速度水平的提高。

In addition to transitioning retailers and activating our DSD network, we continue to roll out Celsius branded coolers in the third quarter with an additional 400 coolers placed in over 900 coolers for the first 9 months of 2021.

除了轉型零售商和激活我們的 DSD 網路外，我們還在第三季度繼續推出攝氏品牌冷藏箱，並在 2021 年前 9 個月在 900 多個冷藏箱中額外放置了 400 個冷藏箱。

We have also implemented comprehensive tracking tools in place to monitor accelerated growth metrics with our retail partners, and we plan additional cooler expansion initiatives through the remainder of 2021 with an accelerated rollout in 2022.

我們還實施了全面的追蹤工具，與零售合作夥伴一起監控加速成長指標，並計劃在 2021 年剩餘時間內實施更多冷卻器擴張計劃，並在 2022 年加速推出。

Today in the United States, our total door count now exceeds 118,000 locations nationally, growing 38,000 doors or 48% from the beginning of 2021, with additional expansion planned throughout 2021 and through 2022 as retailer resets take place.

如今，在美國，我們的門市總數已超過 118,000 個，比 2021 年初增加了 38,000 個，增幅為 48%，隨著零售商的重新調整，計劃在 2021 年至 2022 年進行額外擴張。

In Europe, our Nordic sales totaled $9.5 million compared to a similar amount in the prior year.

在歐洲，我們的北歐銷售額總計 950 萬美元，與去年同期相比。

The top line revenue was impacted by a pullback in inventory fills during the quarter for our new global can launch in September, which also included a great fresh Apple flavor.

我們在 9 月推出的新全球罐頭產品（其中還包括新鮮的蘋果口味）在本季的庫存填充量下降，從而影響了營收收入。

Our relaunch of the Celsius brand on our global uniform can design platform presents a great opportunity for further growth in synergistic alignment globally.

我們在全球製服罐設計平台上重新推出攝氏品牌，為全球協同合作的進一步發展提供了絕佳機會。

Our market share in Sweden did decrease early in the third quarter with the pending can new redesign and launch, but increased to 9.3% of the total energy market in Sweden in September.

由於即將進行新的重新設計和推出，我們在瑞典的市佔率在第三季初確實有所下降，但在 9 月增加到瑞典能源市場總量的 9.3%。

In Finland, we launched a Mint Chocolate bar with a holiday heme wrap, highlighted with in-store displays to secure space during the holiday season.

在芬蘭，我們推出了一款帶有節日血紅素包裝的薄荷巧克力棒，並在店內展示以確保節日期間的空間。

We also launched a great-tasting new RTD protein line, which was launching in the fourth quarter with initial orders of over 300,000.

我們還推出了美味的新 RTD 蛋白質系列，該產品於第四季度推出，首批訂單超過 30 萬份。

We believe this is a great test market for our products with additional geographic expansion opportunities.

我們相信，這是我們產品的一個很好的測試市場，具有額外的地理擴張機會。

Additionally, the Fast portfolio -- Bar launched in the U.S. Sales have been going extremely well.

此外，Fast 產品組合－Bar 在美國推出，銷售進展非常順利。

It actually increased 50% in the third quarter from the prior Q2 run rate, validating the opportunity for further U.S. expansion and potentially expanding in the Fitness channel in 2022.

實際上，第三季的運作率比先前第二季的運作率成長了 50%，這證實了在美國進一步擴張的機會，並有可能在 2022 年在健身管道擴張。

We've recently also launched on Amazon EU spending.

我們最近也推出了亞馬遜歐盟支出。

Expansion began in the United Kingdom with launched 3 flavors, 6 Fast Bars, and Germany also expanded and launched today, most recently with 3 flavors of the Celsius portfolio, and we expect additional EU countries to come online in the fourth quarter and in Q1.

擴張始於英國，推出了3 種口味、6 種Fast Bars，德國今天也進行了擴張和推出，最近推出了3 種口味的攝氏度產品組合，我們預計其他歐盟國家將在第四季度和第一季度上線。

In China, we maintain a licensing royalty model in the market, where distribution covers approximately 76 cities and approximately 60,000 locations, and we see great opportunities in this growing market.

在中國，我們在市場上維持許可使用費模式，分銷覆蓋約76個城市和約60,000個地點，我們在這個不斷增長的市場中看到了巨大的機會。

Now, moving in the marketing.

現在，轉向行銷。

On the marketing front, we continue to accelerate and target new consumers and existing consumers where they live, work and play, by having meaningful and emotional connections through robust integrated marketing programs, reaching more consumers each and every day.

在行銷方面，我們繼續加速並瞄準新消費者和現有消費者的生活、工作和娛樂場所，透過強大的整合行銷計劃建立有意義的情感聯繫，每天接觸更多的消費者。

We're not only driving growth in the energy category, but are also expanding the demographics while bringing an industry-leading percentage of consumers from outside the category who are new.

我們不僅推動能源類別的成長，而且還在擴大人口結構，同時吸引行業領先的來自該類別之外的新消費者比例。

We have also reached another inflection point in our operations and growth, one which positions Celsius for exponential growth and market share gains.

我們的營運和成長也達到了另一個轉折點，這使得攝氏指數實現指數級增長和市場份額增長。

We have committed the resources, both in personnel and operational infrastructure to maximize this opportunity and support the incremental growth drivers, our national DSD distribution platform has opened in the convenience store channel in the United States.

我們在人員和營運基礎設施方面投入了資源，以最大限度地利用這一機會並支持增量成長動力，我們的全國 DSD 分銷平台已在美國便利商店通路開業。

We are also not only seeing significant expansion in ACV across all channels, but doing so while increasing our velocities at retail.

我們不僅看到 ACV 在所有管道上的顯著擴張，而且同時提高了我們的零售速度。

We are in a unique position to see material occurring growth in both due to we are just materially entering the most productive convenience channel in the United States, while transitioning our existing accounts to DSD network, where we have seen incremental growth post transition.

我們處於一個獨特的位置，可以看到這兩個領域都出現實質成長，因為我們剛剛實質地進入美國最俱生產力的便利管道，同時將我們現有的帳戶轉移到DSD 網絡，我們在DSD網路中看到了轉型後的增量成長。

Our team is ready, our infrastructure is in place to support the sales growth we expect on an expedited basis.

我們的團隊已準備就緒，我們的基礎設施已到位，可以支援我們預期的快速銷售成長。

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。

Our third quarter revenue for the 3 months ended September 30, 2021, was $94.9 million, an increase of $58.1 million or 158% from $36.8 million for the 3 months ended September 30, 2020.

截至2021年9月30日的三個月，我們的第三季營收為9,490萬美元，比截至2020年9月30日的三個月的3,680萬美元增加了5,810萬美元，增幅為158%。

The 99% of this growth was a result of increased revenues from North America, where third quarter revenues for 2021 were $84.5 million or an increase of $57.6 million or a robust 214% from $26.9 million in the 2020 quarter.

這一成長的 99% 是來自北美收入增加的結果，2021 年第三季營收為 8,450 萬美元，增加了 5,760 萬美元，比 2020 年季度的 2,690 萬美元增長了 214%。

The balance of the revenues for the 2021 quarter were mainly related to European revenues of $9.5 million, which were similar to the prior year quarter.

2021 年季度的收入餘額主要與歐洲收入 950 萬美元有關，與去年同期相似。

Asian revenues, which include royalty revenues from our China licensee contributed an additional $706,000, an increase of 157% from $275,000 for the prior year quarter.

亞洲收入（包括來自中國被許可人的特許權使用費收入）額外貢獻了 706,000 美元，比去年同期的 275,000 美元增長了 157%。

Other international markets generated $177,000 in revenues during the 3 months ended September 30, 2021, an increase of $32,000 or 22% from $145,000 for the prior year quarter.

截至 2021 年 9 月 30 日的三個月內，其他國際市場產生了 177,000 美元的收入，比去年同期的 145,000 美元增加了 32,000 美元，即 22%。

Gross profit for Q3 increased by $20.2 million or 115% to $37.7 million from $17.5 million for the 3 months ended September 30, 2020.

截至 2020 年 9 月 30 日的三個月，第三季的毛利從 1,750 萬美元增至 3,770 萬美元，增幅為 2,020 萬美元，即 115%。

Gross profit margins reflected a decrease to 40% for the 3 months ended September 30, 2021, from 47.6% for the 2020 quarter.

截至2021年9月30日的三個月，毛利率從2020年季的47.6%下降至40%。

Excluding freight out, as some of our competitors do not include this charge as the cost of goods sold, our adjusted gross margin for the 2021 quarter was 49.8% compared to 53.7% in the third quarter of 2020.

不包括運費，因為我們的一些競爭對手不將此項費用計入銷售商品成本，我們 2021 年季度調整後的毛利率為 49.8%，而 2020 年第三季為 53.7%。

The increase in gross profit dollars is mainly related to increases in volume, while the decrease in gross profit margin is mainly related to higher raw material costs, ocean freights, transportation costs and repackaging costs.

毛利的增加主要與銷售量的增加有關，而毛利率的下降主要與原物料成本、海運費、運輸成本和重新包裝成本的增加有關。

We estimate that the increase in gross profit dollars of $20.2 million included $28 million related to volume increases.

我們估計毛利增加 2,020 萬美元，其中包括與銷售增加相關的 2,800 萬美元。

An unfavorable cost impact of $7.4 million and a favorable currency impact of $31,000.

不利的成本影響為 740 萬美元，有利的貨幣影響為 31,000 美元。

Sales and marketing expenses for the 3 months ended September 30, 2021, were $22.6 million, an increase of $14.4 million or 174% from $8.3 million for the 3 months ended September 30, 2020.

截至2021年9月30日止三個月的銷售及行銷費用為2,260萬美元，較截至2020年9月30日止三個月的830萬美元增加1,440萬美元，增幅174%。

This increase was mainly related to higher marketing investment activities, which resulted in an increase of $7.7 million when compared to the prior year quarter.

這一增長主要與行銷投資活動增加有關，與去年同期相比增加了 770 萬美元。

Additionally, employee costs increased by $2.6 million from the year-ago quarter as we continue to invest in this area in order to have the proper infrastructure to support our growth as well as incur an additional travel and business expenses since we're now able to resume in-person marketing events and selling activities.

此外，員工成本比去年同期增加了 260 萬美元，因為我們繼續在這一領域進行投資，以便擁有適當的基礎設施來支持我們的成長，並產生額外的差旅和商務費用，因為我們現在能夠恢復面對面的行銷活動和銷售活動。

Similarly, we experienced increases in other sales and marketing expenses in the amount of $400,000, mainly related to trade marketing activities to support our ongoing DSD network expansion.

同樣，我們的其他銷售和行銷費用增加了 40 萬美元，主要與支持我們正在進行的 DSD 網路擴張的貿易行銷活動有關。

Lastly, storage and distribution expenses as well as broker costs accounted for the remainder of the increase in this area in the amount of $3.7 million from the year-ago quarter.

最後，儲存和分銷費用以及經紀人成本佔該領域剩餘成長的一部分，與去年同期相比增加了 370 萬美元。

As a percentage of revenue, sales and marketing expenses were 23.8% of revenue in the third quarter of 2021 compared to 22.6% in the third quarter of 2020.

從佔收入的百分比來看，2021 年第三季銷售和行銷費用佔收入的 23.8%，而 2020 年第三季為 22.6%。

General and administrative expenses for the 3 months ended September 30, 2021, were $11.1 million, an increase of $6.4 million or 134% from $4.8 million for the 3 months ended September 30, 2020.

截至2021年9月30日止三個月的一般及行政費用為1,110萬美元，較截至2020年9月30日止三個月的480萬美元增加640萬美元，增幅134%。

This increase was mainly related to stock option expense, which amounted to $5.8 million for the 3 months ended September 30, 2021, an increase of $3.7 million, which accounts for 50% of the total increase in this area when compared to the prior year quarter.

這一成長主要與股票選擇權費用有關，截至2021年9月30日的三個月，股票選擇權費用為580萬美元，與去年同期相比增加了370萬美元，佔該領域總成長的50% 。

Management deems it very important to motivate employees by providing them ownership in the business in order to promote their overall performance.

管理層認為透過為員工提供企業所有權來激勵員工非常重要，以提高他們的整體績效。

Additionally, employee costs for the 3 months ended September 30, 2021, reflect an increase of $1 million or 108% as investments in this area are also required to properly support our higher business volume.

此外，截至 2021 年 9 月 30 日的三個月的員工成本增加了 100 萬美元或 108%，因為還需要在這一領域進行投資以適當支持我們更高的業務量。

Administrative expenses amounted to $2.6 million or an increase of $1.3 million or 97% when compared to the prior year quarter.

管理費用為 260 萬美元，與去年同期相比增加了 130 萬美元，增幅為 97%。

This variance is mainly related to an increase in bad debt reserve of $200,000 and increases in audit costs, legal expenses, insurance costs and office rent account for the majority of the remaining fluctuation of $1.1 million.

這一差異主要與壞帳準備金增加20萬美元有關，而審計費用、法律費用、保險費用和辦公室租金的增加佔剩餘波動110萬美元的大部分。

Depreciation and amortization increased by $200,000 when compared to the prior year quarter.

與去年同期相比，折舊和攤提增加了 20 萬美元。

Lastly, all other administrative expenses, which were mainly composed of research, development and quality control testing increased by $235,000 when compared to the second quarter of 2020.

最後，所有其他管理費用（主要包括研究、開發和品質控制測試）與 2020 年第二季相比增加了 235,000 美元。

As a percentage of revenue, general and administrative expenses were 11.7% in the third quarter of 2021 when compared to 12.9% for the prior year quarter.

2021 年第三季一般及管理費用佔營收的百分比為 11.7%，去年同期為 12.9%。

If we then exclude the non-operational stock option expense, general and administrative expenses for the 2021 quarter would amount to only 6% of revenues.

如果我們排除非營運性股票選擇權費用，2021 年季度的一般和管理費用將只佔收入的 6%。

Now turning to other income and expenses.

現在轉向其他收入和支出。

Total net other expenses for the 3 months ended September 30, 2021, amounted to $353,000, which reflects an increase of $593,000 when compared to net other income of $240,000 for the 3 months ended September 30, 2020.

截至2021年9月30日的三個月的其他淨支出總額為353,000美元，與截至2020年9月30日的三個月的其他淨收入240,000美元相比增加了593,000美元。

The net other expense of $353,000 is composed of foreign currency exchange losses of $328,000, net other expenses of $97,000, interest income of $77,000 related to the note receivable from our China licensee, which were partially offset by other interest expenses of $4,500.

353,000 美元的其他費用淨額包括 328,000 美元的外匯兌換損失、97,000 美元的其他費用淨額、與來自中國被許可人的應收票據相關的利息收入 77,000 美元，部分被 4,500 美元的其他利息費用抵消。

Net income.

淨利。

As a result of the above, net income for the 3 months ended September 30, 2021, was $2.7 million or $0.04 per share-based on a weighted average of 74.6 million shares outstanding and diluted earnings of $0.04 per share-based on a fully diluted weighted average of 78.4 million shares outstanding.

綜上所述，截至2021 年9 月30 日的三個月淨利為270 萬美元，即每股0.04 美元（基於7,460 萬股已發行股票的加權平均數），稀釋後收益為每股0.04 美元（基於完全稀釋後的每股盈餘）加權平均已發行股數為 7,840 萬股。

In comparison, for the 3 months ended September 30, 2020, the company had net income of $4.8 million or $0.07 per share based on a weighted average of 70.4 million shares outstanding and a diluted earnings per share of $0.06 based on a fully diluted weighted average of 74.8 million shares outstanding.

相較之下，截至2020 年9 月30 日的三個月，該公司的淨利潤為480 萬美元，即每股0.07 美元（基於7,040 萬股已發行股票的加權平均數），稀釋後每股收益為0.06 美元（基於完全稀釋加權平均數） 7,480萬股已發行股票。

Focusing now on liquidity and capital resources.

現在的重點是流動性和資本資源。

As of September 30, 2021, and December 31, 2020, we had cash of 61.4 and $43.2 million, respectively, and working capital of 157 and $65 million, respectively, with no long-term debt.

截至2021年9月30日和2020年12月31日，我們的現金分別為61.4和4320萬美元，營運資金分別為157和6500萬美元，沒有長期債務。

Cash flows used in operating activities totaled $52 million for the 9 months ended September 30, 2021, which compares to $3.8 million of net cash provided by operating activities for the 9 months ended September 30, 2020.

截至2021年9月30日的9個月，經營活動使用的現金流量總計5,200萬美元，而截至2020年9月30日的9個月，經營活動提供的淨現金為380萬美元。

The use of cash is mainly related to the increase in our inventory levels in order to properly service demand for our Celsius products.

現金的使用主要與我們的庫存水準增加有關，以便妥善滿足對我們的攝氏產品的需求。

Inventory increased by $104 million during the 9-month period ended September 30, 2021.

截至 2021 年 9 月 30 日的 9 個月期間，庫存增加了 1.04 億美元。

Sequentially, inventory increased $58 million from the second quarter of 2021.

隨後，庫存較 2021 年第二季增加了 5,800 萬美元。

Without this significant increase in inventory, cash flow from operations for the 9 months ended 2021 would have totaled $52 million.

如果沒有庫存的大幅增加，截至 2021 年 9 個月的營運現金流將總計 5,200 萬美元。

This concludes our prepared remarks.

我們準備好的演講到此結束。

Operator, you may now open the call for questions.

接線員，您現在可以發起提問。

Thank you.

謝謝。

(Operator Instructions) Our first question comes from the line of Kaumil Gajrawala with Credit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸銀行的 Kaumil Gajrawala 線路。

A couple of questions on -- the first one, I guess, remarks went a little fast.

我想，關於第一個問題的幾個問題，評論有點快。

Can you just -- when you were talking about pricing, did you said you have intentions to take price?

你能不能－當你談論定價時，你是否說過你有接受定價的意圖？

Or that you're not -- you're not taking pricing because of competition?

或者你不是——你不會因為競爭而採取定價？

Right now, we are evaluating it.

目前，我們正在對其進行評估。

And we're really keeping a close eye on the market.

我們確實在密切關注市場。

And obviously, the lot of top 2 players, but we are doing pricing strategies in regards to promotional strategies as we go forward in pricing architecture within the portfolio.

顯然，有許多排名前兩名的參與者，但隨著我們在產品組合內的定價架構中前進，我們正在製定與促銷策略相關的定價策略。

But it is something we're looking at as we go forward.

但這是我們前進過程中正在考慮的事情。

We do feel, based on these one-time charges, importing of cans as well as the freight cost, the increases in freight costs we've seen really moving to the 6 orbit model that we talked about in the past, we can get back to more of a normalized gross profit once we cycle through the imported cans and move away from the spot rate purchases.

我們確實覺得，基於這些一次性費用，罐頭的進口以及貨運成本，我們看到貨運成本的增加確實轉向了我們過去談到的6軌道模型，我們可以收回一旦我們循環使用進口罐頭並放棄即期購買，就會獲得更多的標準化毛利潤。

But it is something definitely we're looking at as we continue to go forward.

但在我們繼續前進的過程中，這肯定是我們正在關注的事情。

We're seeing transitory increases in a variety of other costs.

我們看到各種其他成本暫時增加。

The question is are those permanent or transitory, is which we're evaluating.

問題是那些是永久的還是暫時的，這正是我們正在評估的。

And just your best guess from what you're seeing in the market at the moment.

這只是您根據目前市場情況做出的最佳猜測。

Does it look like the competition is reducing promo, taking price in a way that would make it possible for you guys to follow?

競爭對手是否正在減少促銷，以一種讓你們可以跟隨的方式定價？

We are seeing that in the marketplace by other players in regards to promotional strategies.

我們在市場上看到其他參與者在促銷策略方面也是如此。

So we're not the anomaly out there.

所以我們並不是異常現象。

Got it.

知道了。

And then if I can -- if I can ask a little bit about maybe dissecting the growth between the incremental contribution of all the distribution gains that you're winning versus kind of an equivalent of same-store sales.

然後，如果可以的話——如果我可以問一下，也許可以剖析一下你所贏得的所有分銷收益的增量貢獻與相當於同店銷售的增量貢獻之間的增長。

I don't know if you can give us precise figures, but at least maybe give us some guidance on the growth, which has been substantial.

我不知道你是否能為我們提供準確的數字，但至少可以給我們一些關於成長的指導，成長是巨大的。

Is it 50-50 new distribution versus old?

新發行版與舊發行版的比例是 50-50 嗎？

Is it 70-30?

是70-30嗎？

Can you give us a rough idea?

你能給我們一個大概的想法嗎？

Yes.

是的。

I think when you look at the numbers, it's quite a -- the team is doing a great job.

我認為當你看這些數字時，你會發現團隊做得非常出色。

#1, with Coke Energy coming out, we all know that's just discontinued.

#1，隨著可口可樂的推出，我們都知道它剛剛停產了。

We're able to pick up a lot of incremental points of distribution and taking advantage of that.

我們能夠獲得許多增量分發點並加以利用。

So when you look at the number of stores that the team was able to capture during the period, which, keep in mind, is outside of normal reset windows.

因此，當您查看團隊在此期間能夠捕獲的商店數量時，請記住，這超出了正常的重置視窗。

So that was a great win for us during the quarter.

因此，這對我們本季來說是一場偉大的勝利。

We're seeing same-store sales further increase as we move to migrate them more over to our DSD network.

隨著我們將更多內容遷移到 DSD 網絡，我們看到同店銷售額進一步成長。

Our DSD network performed phenomenally during the quarter when we were up over 400% there.

我們的 DSD 網路在本季表現出色，增幅超過 400%。

So the team is doing a great job.

所以團隊做得很好。

We've got a lot of good processes in place to currently continue to optimize.

我們已經制定了很多良好的流程，目前可以繼續優化。

We are nowhere near fully optimized within the distribution network, but we're putting processes in place, team members.

我們的分銷網絡遠未達到完全優化，但我們正在將流程落實到位，團隊成員。

We've hired a variety of great team members that are well experienced and capable to continue to drive revenues here.

我們聘請了各種優秀的團隊成員，他們經驗豐富，有能力繼續增加收入。

And we also have our cooler placement strategy, where we see great opportunities there to further leverage as when we place a cooler with Celsius, we see exponential growth there in the existing accounts.

我們還有冷卻器放置策略，我們看到了進一步利用冷卻器的巨大機會，因為當我們用攝氏度放置冷卻器時，我們看到現有帳戶呈指數級增長。

So lots of opportunities on all fronts, and we've got strategies in place to leverage.

各方面都有很多機會，我們已經制定了可以利用的策略。

Okay.

好的。

And then just finally on what you're seeing in terms of -- the Gyms and fitness businesses have very notably turned around.

最後，你所看到的——健身房和健身業務已經發生了非常顯著的轉變。

I understand there will be a mix effect away from that business.

我知道該業務將會產生混合效應。

But maybe just what you're seeing in that channel would be helpful.

但也許您在該頻道中看到的內容會有所幫助。

I mean it's really -- like I highlighted the Fitness channel, obviously, that's been a core for Celsius since its inception, and it's great to see it continue to rebound there.

我的意思是，就像我強調的健身頻道一樣，顯然，它自成立以來一直是攝氏度的核心，很高興看到它在那裡繼續反彈。

Lots of opportunities.

很多機會。

I mean, that's great seeing everyone going back.

我的意思是，很高興看到每個人都回來了。

I think that just goes and further shows you the opportunity we have at Celsius.

我認為這進一步向您展示了我們在攝氏度所擁有的機會。

Healthier, better for you, fitness forward position, Celsius did align with today's health-minded consumer.

更健康，更適合您，健身前沿地位，Celsius 確實符合當今注重健康的消費者。

The health and wellness trends are even stronger now than ever before.

現在的健康和保健趨勢比以往任何時候都更加強勁。

And the transition is taking place, and it's affecting the energy category.

這種轉變正在發生，並且正在影響能源類別。

So we're in a really good spot.

所以我們處於一個非常好的位置。

I think that's just good indicators to see that channel come back even at a stronger pace.

我認為這只是一個很好的指標，表明該通道甚至以更快的速度回歸。

Your next question comes from the line of Kevin Grundy with Jefferies.

你的下一個問題來自凱文·格倫迪和傑弗里斯的對話。

Congratulations on the continued momentum.

恭喜您繼續保持勢頭。

I want to kind of pick up on the same line of questioning, just around the U.S. business specifically and the conversion to DSD.

我想回答同樣的問題，特別是關於美國業務以及向 DSD 的轉換。

We look at the Nielsen data, the distribution gains look great.

我們來看看尼爾森的數據，分配收益看起來很大。

And importantly, the Velocity gain is quite good as well.

重要的是，速度增益也相當不錯。

John, I think as you rightly pointed out, the brand is still very underrepresented in the Convenience channel, which is obviously a huge opportunity.

約翰，我認為正如您正確指出的那樣，該品牌在便利管道中的代表性仍然很低，這顯然是一個巨大的機會。

Just a handful of questions here on this topic.

關於這個主題只有幾個問題。

Just confirm, I think the numbers, 50% of accounts have been switched over to DSD at this point.

請確認一下，我認為目前有 50% 的帳戶已切換到 DSD。

I think the longer-term goal was 80%.

我認為長期目標是80%。

Just confirm those numbers, and how quickly you can get to that long-term goal?

只要確認這些數字，您能多快實現該長期目標？

Relatedly, how has distribution velocity tracked relative to the company's own internal expectations?

與此相關的是，相對於公司本身的內部預期，分銷速度是如何追蹤的？

And then just lastly, in this area, do you have any early reads on shelf space, what those gains could look like as you think about next year?

最後，在這個領域，您對貨架空間有什麼早期的了解嗎？當您考慮明年時，這些收益會是什麼樣子？

And then I have a follow-up.

然後我有一個後續行動。

In regards to the 50% number I put out there in regards to -- that was MULO reported channels.

至於我在那裡公佈的 50% 的數字，那就是 MULO 報導的管道。

So right now, we're at 50%.

所以現在，我們的進度是 50%。

I think -- still that 80% number is ideal currently with our distribution math and network.

我認為，目前對於我們的分佈數學和網路來說，80% 的數字仍然是理想的。

We would like that number to go higher.

我們希望這個數字更高。

But I think 80% would be a great number for the company to continue to strive for.

但我認為80%對於公司來說是一個值得繼續努力的偉大數字。

We're working on that.

我們正在努力解決這個問題。

As we move into 2022, I think you'll see more of our distribution continuing to convert over.

當我們進入 2022 年時，我認為您會看到我們的更多發行版繼續進行轉換。

And also all the new distribution coming on that we anticipate is most likely being serviced by our distribution network.

而且我們預計即將推出的所有新發行版很可能都會由我們的發行網路提供服務。

When you look at the velocities, the velocities are meeting our internal expectations.

當您查看速度時，速度滿足我們的內部期望。

Velocity is, as you've seen in the scan data, has continued to increase.

正如您在掃描資料中看到的那樣，速度持續增加。

So even as we're increasing our ACV, which is a good thing to see there.

因此，即使我們正在增加 ACV，這也是一件好事。

And the brand is resonating well.

而且該品牌引起了良好的共鳴。

When you look at 2022 space opportunities, we're really excited about that.

當您看到 2022 年的太空機會時，我們對此感到非常興奮。

We just attended NACS, many of them on the call.

我們剛剛參加了 NACS，其中許多人都在電話會議中。

It's the largest show in the country in the U.S. in the convenience channel.

這是美國便利頻道中最大的節目。

We had a great booth, a great presence.

我們有一個很棒的展位，一個很棒的存在。

And some of the initial feedback we got from the show was really positive.

我們從節目中得到的一些初步回饋非常積極。

Now we don't know until resets take place.

現在我們不知道，直到重置發生。

Likely around March-April time frame, is usually when they take place in the convenience store industry.

可能在三月至四月左右的時間範圍內，通常是便利商店產業發生的時間。

But we feel really optimistic there.

但我們對此感到非常樂觀。

And initial feedback has been positive.

最初的回饋是正面的。

We'll continue to keep everyone updated as we gain more distribution in stores.

隨著我們在商店中獲得更多分銷，我們將繼續向大家通報最新情況。

We won't know until the resets are final.

在重置最終完成之前我們不會知道。

But it was probably one of the best NACS shows we've had in company history.

但這可能是我們公司歷史上最好的 NACS 展會之一。

So really excited about that.

對此我真的很興奮。

Great.

偉大的。

Just pivoting to the margin outlook, but a little bit more longer-term oriented, I guess I would say, I think there's an expectation in the marketplace that the margin potential here could be substantial over time.

只是轉向利潤率前景，但我想我會說，我認為市場預期，隨著時間的推移，這裡的利潤率潛力可能會很大。

John, and then Edwin, if you could as well, please, just your updated thoughts on broadly your vision for this business, how you're balancing the market share opportunity with the substantial scope for margin improvement?

約翰，然後是埃德溫，請介紹一下您對這項業務的整體願景的最新想法，您如何平衡市場份額機會與利潤率大幅提升的空間？

Understanding those dynamics are not mutually exclusive, but your updated thoughts there would be helpful.

了解這些動態並不互相排斥，但您的最新想法會有所幫助。

And then I have one last follow-up.

然後我還有最後一個跟進。

I think what's interesting -- if you look at our average scan on a per can basis, has increased on the 12-week and 24.

我認為有趣的是，如果您以每罐為基礎查看我們的平均掃描次數，您會發現在 12 週和 24 週期間有所增加。

So we have been reducing our promotions.

所以我們一直在減少促銷活動。

So that promotional strategy has been taking place and it hasn't decreased the velocity levels.

因此，促銷策略一直在實施，並且並沒有降低速度水準。

So we do feel there's opportunities there as we scale.

因此，我們確實認為隨著我們規模的擴大，存在著機會。

In regards to the overall margins, we've historically said that we can get back to our pre-COVID margin profiles in our existing setup.

關於整體利潤率，我們歷來說過，我們可以在現有設置中恢復到新冠疫情前的利潤率狀況。

We feel there's further opportunities to leverage our scale as we drive further volume as well as the synergistic benefits of moving towards our 6 orbit distribution warehouse model, where we can better serve our customers in a more efficient, more effective manner and keep them in stock as well.

我們認為，隨著我們進一步提高銷量，以及轉向6 軌道分銷倉庫模式的協同效益，我們還有更多機會利用我們的規模，在這種模式下，我們可以以更有效率、更有效的方式更好地為客戶服務，並保持庫存。以及。

So there's a lot of opportunities there on a go-forward basis, I would agree with you, there's a lot of margin upside.

因此，在未來的基礎上有很多機會，我同意你的觀點，利潤率有很大的上升空間。

And the team is working on strategies to implement that.

該團隊正在製定實施策略。

I'll turn it over to Edwin as well.

我也會把它交給埃德溫。

Yes, absolutely, Kevin.

是的，絕對是，凱文。

I mean one of the things that I wanted to add, you're absolutely right.

我的意思是我想補充的一件事，你絕對是對的。

From my perspective, as we continue to gain market share, which translates into additional volume, that's going to drive more synergies.

從我的角度來看，隨著我們繼續獲得市場份額（轉化為額外的銷售），這將帶來更多的協同效應。

And as we normalize or the supply chain normalizes going forward, that should also benefit.

隨著我們的正常化或供應鏈的正常化，這也應該會受益。

So there are significant opportunities from our standpoint.

因此，從我們的角度來看，存在著重大機會。

And as John said, once we start getting the benefits of those 6 orbits, all those things should have a very good positive effect on margins.

正如約翰所說，一旦我們開始獲得這 6 個軌道的好處，所有這些都應該對利潤率產生非常好的正面影響。

Got it.

知道了。

Just one last one for me, and then I'll pass it on.

給我最後一張，然後我會把它傳遞出去。

So cash flow running negative, but the business requiring investment in coolers, also inventory up and up to a degree greater than sales growth.

因此，現金流為負，但企業需要投資冷卻器，庫存也增加，且增加的程度大於銷售成長。

Could you just provide your updated thoughts on your ability to fund the business organically at this point?

您能否就目前為企業提供有機資金的能力提供最新的想法？

What are your thoughts for the year?

這一年你有什麼想法？

What are your thoughts looking out to next year as you think about the capital requirements to fund your top line objectives, and then I'll pass it on.

當您考慮為您的頂線目標提供資金的資本要求時，您對明年有何想法，然後我會轉達。

Yes.

是的。

Kevin.

凱文.

I'll jump in the first part of that.

我將跳到第一部分。

In regards to our cash position, we feel we have sufficient cash to meet our needs on a go-forward basis.

就我們的現金狀況而言，我們認為我們有足夠的現金來滿足未來的需求。

We did increase inventories that were strategic.

我們確實增加了戰略性庫存。

We spoke about that prior as well, and we feel we're optimized.

我們之前也談過這一點，我們覺得我們已經得到了優化。

We're going to continue to invest in the business, inventory, personnel and resources as we continue to scale, so we can drive that optimal leverage and reach our goals.

隨著我們不斷擴大規模，我們將繼續投資於業務、庫存、人員和資源，以便我們能夠實現最佳槓桿並實現我們的目標。

So sure.

非常確定。

Yes, I'd like to add.

是的，我想補充一下。

I mean, if we back out the inventory aspect or build-up, we would have delivered over $50 million of cash flow from operations.

我的意思是，如果我們取消庫存方面或庫存增加，我們將從營運中獲得超過 5000 萬美元的現金流。

Even if you back out all the working capital components to have a normalized pro forma cash flow, we would have delivered over $13 million of cash.

即使您撤回所有營運資金部分以獲得正常化的預計現金流，我們也將交付超過 1300 萬美元的現金。

So I agree -- fully agree with John that we have -- the business is generating sufficient cash flow going forward, and we did make significant investments in the coolers.

所以我同意——完全同意約翰的觀點——我們的業務正在產生足夠的現金流，而且我們確實在冷卻器方面進行了大量投資。

But again, that's going to translate into incremental volume as well.

但同樣，這也將轉化為增量。

So I don't -- those out going forward that we should be able to generate sufficient cash flow.

所以我不認為我們應該能夠產生足夠的現金流。

And in the quarter, we also -- if you look at the prepaid balance in inventory, right about $40 million, and that was strategically done to secure raw materials during the inventory constraints that we received in the COVID environment in Q2 and Q3.

在本季度，如果您查看庫存中的預付餘額，約為 4000 萬美元，這是為了在第二季度和第三季度的新冠疫情環境下庫存限制期間確保原材料安全而採取的戰略性舉措。

So taking that into effect, that should normalize, and we shouldn't have significant prepays on a go-forward basis as the environment gets more normalization.

因此，考慮到這一點，這應該會正常化，隨著環境變得更加正常化，我們不應該在未來的基礎上進行大量預付款。

Our next question comes from the line of Jeffrey Van Sinderen with B. Riley.

我們的下一個問題來自 Jeffrey Van Sinderen 和 B. Riley 的對話。

Let me add my congratulations on the phenomenal revenue growth.

讓我對驚人的收入成長表示祝賀。

Just wanted to follow-up on a couple of things.

只是想跟進一些事情。

On SG&A, I know you mentioned one-time items associated with the 6 orbit warehouse strategy.

關於 SG&A，我知道您提到了與 6 軌道倉庫策略相關的一次性項目。

Can you maybe speak about any extraordinary costs and expenses you anticipate into Q4 and early '22 around that?

您能否談談您預計第四季和 22 年初的任何特殊成本和費用？

Just wondering when we should expect those inputs around the 6 orbit strategy to be more normalized?

只是想知道我們什麼時候應該期望圍繞 6 軌道戰略的這些輸入更加正常化？

And then, I guess, what sort of contribution to P&L leverage could we see in '22 from that?

然後，我想，我們可以在 22 年看到對損益槓桿的什麼樣的貢獻？

The team is working really hard.

團隊工作非常努力。

I appreciate the question.

我很欣賞這個問題。

In regards to forward-looking information, we're not going to provide any true forward-looking guidance on leverage specifically on that.

關於前瞻性訊息，我們不會專門針對槓桿提供任何真正的前瞻性指導。

We do see, in the short term, our warehouse costs will increase going to the 6 orbit because we're investing ahead of our overall top line revenue.

我們確實看到，在短期內，我們的倉庫成本將增加到 6 軌道，因為我們的投資先於整體營收。

So just keep that in mind that our warehousing costs will increase as we're moving from 2 warehouses, move to 6 warehouses.

因此請記住，當我們從 2 個倉庫搬到 6 個倉庫時，我們的倉儲成本將會增加。

We'll have those into the full fourth quarter and beyond, where revenue needs to scale up to get that margin profile.

我們將在整個第四季度及以後實現這些目標，其中收入需要擴大才能獲得利潤率。

Also -- keep in mind, also, we are investing in marketing as well.

另外，請記住，我們也在行銷方面進行投資。

Our dents have come back extremely strong in the third quarter and in the fourth quarter.

我們的凹痕在第三季和第四季恢復得非常強勁。

So the company is investing in marketing, really touching those consumers where they live, work and play.

因此，該公司正在投資行銷，真正觸及那些生活、工作和娛樂的消費者。

But as we go forward with the growth rates we're seeing, we feel we're making the right moves in infrastructure, resources and to really be able to continue to drive top line revenue and market share within the operation -- channels we're operating in.

但隨著我們看到的成長率繼續前進，我們覺得我們在基礎設施、資源方面正在採取正確的舉措，並真正能夠繼續推動營運中的營收和市場份額——我們的管道重新運作。

Edwin, do you want to add any more additional comments?

Edwin，您還想增加更多評論嗎？

Sure, yes.

當然，是的。

And I think Jeff mentioned in the G&A area, yes, we had -- I mentioned an increase in the fact that we serve about $200,000.

我認為傑夫在 G&A 領域提到過，是的，我們有——我提到了我們提供約 20 萬美元的服務這一事實的增加。

And again, that's driven by the more volume that we have.

再說一遍，這是由我們擁有的更多銷量所推動的。

We want to be conservative in that area.

我們希望在這方面保持保守。

But yes, and we're seeing also some increases in professional expenses, again, to support the business.

但是，是的，我們再次看到專業費用增加，以支持業務。

So those kind of things are in there as well and have impacted our profitability.

因此，這些因素也存在並影響了我們的獲利能力。

Okay.

好的。

Fair enough.

很公平。

And then it seems like you have a pretty substantial opportunity to grow the business in Europe, outside of the Nordics.

然後，您似乎有相當大的機會在北歐以外的歐洲發展業務。

Just wondering if you could speak more about plans for further rollout into Germany and the U.K.

只是想知道您是否可以更多地談論進一步推廣到德國和英國的計劃。

Yes.

是的。

We're really excited to initially start and be able to service those markets through Amazon.

我們非常高興能夠開始透過亞馬遜為這些市場提供服務。

So we're really excited about that opportunity.

所以我們對這個機會感到非常興奮。

And we're talking to significant larger distributors in those markets as well.

我們也正在與這些市場中的大型分銷商進行洽談。

Really, when you look at the success of the U.S., that is gaining a lot of interest as well overseas with substantial potential partners.

確實，當你看到美國的成功時，你會發現它在海外以及擁有大量潛在合作夥伴的國家中也引起了極大的興趣。

So the company is evaluating.

所以公司正在評估。

Our main focus is North America as well.

我們的主要關注點也是北美。

We continue to optimize and grow in the Nordics.

我們在北歐不斷優化和發展。

But as we see opportunities in additional markets, we'll continue to evaluate.

但當我們看到其他市場的機會時，我們將繼續評估。

And the U.K. and Germany is an area of great opportunity for Celsius, and we expect to further optimize, initial is the rollout with Amazon, and we're looking for partners locally to continue to drive scale.

英國和德國對攝氏度來說是一個充滿機會的地區，我們希望進一步優化，首先是與亞馬遜的合作，我們正在當地尋找合作夥伴以繼續擴大規模。

Yes.

是的。

I agree.

我同意。

And to me the key is, like John has mentioned, we the have a light model there, in other words, go through either partners like Amazon or distributors where we don't have to make a significant investment, set up legal entities in the countries, that type of thing.

對我來說，關鍵是，就像約翰提到的那樣，我們在那裡有一個輕型模型，換句話說，透過亞馬遜等合作夥伴或分銷商，我們不必進行重大投資，在市場上建立法人實體。國家，諸如此類的事情。

And that's a more profitable model, and we can invoice in U.S. dollars and avoid any of the FX exposure.

這是一種更有利可圖的模式，我們可以用美元開立發票並避免任何外匯風險。

Okay.

好的。

If I could just squeeze in 1 more.

如果我能再擠進1個就好了。

Just wondering about the rollout of the Fast Bars beyond Amazon and also the protein drink line rollout.

只是想知道亞馬遜以外的 Fast Bars 的推出以及蛋白質飲料系列的推出。

Yes.

是的。

In regards to the Fast Bars, we've been -- it's a very methodical approach.

關於 Fast Bars，我們一直——這是一種非常有條理的方法。

We're investing as we see increased sales in that, and initially tested it in the second quarter on Amazon.

我們正在投資，因為我們看到這方面的銷售額增加，並最初在第二季度在亞馬遜上進行了測試。

So we have placed additional orders for the Bars.

因此，我們對金條下了額外的訂單。

They taste great.

它們味道好極了。

Initial feedback has been extremely positive in the U.S. We do -- we are currently importing the Bars from Europe.

美國的初步回饋非常正面。我們目前正在從歐洲進口金條。

So we have some supply constraints, but we're working with the manufacturer to be able to produce in the U.S. on a go-forward basis.

因此，我們有一些供應限制，但我們正在與製造商合作，以便能夠在美國繼續生產。

So the business is under evaluation, we're really learning about the consumers and how best to go to market to drive scale efficiently and profitably.

因此，業務正在接受評估，我們正在真正了解消費者以及如何最好地進入市場以有效和盈利地擴大規模。

So initial feedback has been really positive.

所以最初的回饋非常正面。

Like I said, sales are up 50% on Amazon with the Fast Protein Snack portfolio in the U.S., very excited as well.

正如我所說，美國亞馬遜快速蛋白質零食產品組合的銷售額成長了 50%，這也令人非常興奮。

The team in Finland launched a new protein RTD indulgence product line, which just tastes extremely amazing.

芬蘭團隊推出了新的蛋白質 RTD 放縱產品系列，其味道極為驚人。

Initial feedback has been extremely positive, and it launched with initial orders roughly around 300,000, which is extremely a success.

最初的回饋非常積極，一推出，初始訂單量約為 30 萬份，非常成功。

So we're evaluating that.

所以我們正在評估這一點。

We see a lot of opportunities as we continue to expand and grow into the protein space, mainly in Finland, where our Fast Protein Snack portfolio is one of the top-selling brands.

隨著我們不斷擴張和發展蛋白質領域，我們看到了很多機會，主要是在芬蘭，我們的快速蛋白質零食產品組合是那裡最暢銷的品牌之一。

And with this protein line, we are able to increase our overall margin profile versus the prior product.

與之前的產品相比，透過這個蛋白質系列，我們能夠提高我們的整體利潤率。

So team is doing a great job.

所以團隊做得很好。

We'll continue to evaluate that as we continue to grow in scale.

隨著我們規模的不斷擴大，我們將繼續評估這一點。

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。

Just a little follow-up on Jeff's question.

只是對傑夫的問題進行一些跟進。

Can you talk about number of SKUs now in Finland on the Fast line and then talk about SKUs on the Protein line as far as actual numbers?

您能否談談目前芬蘭快速線上的 SKU 數量，然後談談蛋白質線上的 SKU 的實際數量？

I think you have, at the moment, 2 SKUs that you've introduced in the U.S.?

我想你們目前在美國推出了 2 個 SKU？

Yes, we have.

是的我們有。

We have 2 flavors now currently available on Amazon.

目前我們在亞馬遜上有兩種口味。

We're also looking at additional flavors to further drive a variety of offerings there.

我們也正在尋找其他口味，以進一步推動那裡的產品種類多樣化。

So we're continuing to evaluate.

所以我們正在繼續評估。

The supply chain of importing them into the U.S., obviously, is challenging.

顯然，將它們進口到美國的供應鏈充滿挑戰。

So we don't want to drive too much scale.

所以我們不想推動太大的規模。

But we do want to build our consumer following, and that's what the teams are doing right now.

但我們確實希望建立我們的消費者追隨者，這就是團隊現在正在做的事情。

And we look into 2022 of potential rolling out additional channels of opportunity once we can produce locally and really drive efficient margin profile to further invest in the brands, the Fast brand in the U.S.

我們預計到 2022 年，一旦我們能夠在本地生產，並真正提高利潤率，進一步投資美國的 Fast 品牌，就有可能推出更多機會管道。

Right now in Finland, it's -- they launched an initial RTD protein line, which is an indulgence product.

現在在芬蘭，他們推出了原始的 RTD 蛋白質系列，這是一種放縱產品。

It takes phenomenal.

這需要驚人的。

The team is extremely excited about that.

團隊對此感到非常興奮。

Initial rollout has been positive, comes in 3 great flavors currently.

最初的推出非常積極，目前有 3 種很棒的口味。

And we'll continue to evaluate that.

我們將繼續評估這一點。

And as it continues to -- there is obviously synergistic opportunities to further scale in other markets as we grow, health-minded consumers, it's complementary product of Celsius, and we'll continue to evaluate.

隨著它的繼續發展，隨著我們的成長，在其他市場上顯然存在進一步擴大規模的協同機會，有健康意識的消費者，它是攝氏度的補充產品，我們將繼續評估。

Would you anticipate manufacturing in the U.S. in 2022?

您預計 2022 年美國會出現製造業嗎？

We anticipate manufacturing in the U.S. in 2022 with the protein snack portfolio, which is mainly the bars.

我們預計 2022 年將在美國生產蛋白質零食產品組合，主要是蛋白棒。

We're evaluating the protein RTDs with some of our local production as well.

我們也在評估我們本地生產的一些蛋白質 RTD。

So those are initial businesses, nearly emphasis in the U.S., but it is definitely something the team is currently evaluating.

因此，這些都是最初的業務，幾乎是美國的重點，但這絕對是團隊目前正在評估的事情。

Okay.

好的。

Got it.

知道了。

And looking for a little further commentary on the cooler front.

並尋找有關較冷前沿的進一步評論。

Any anticipated goals or aspirations for Q4 or for 2022 as far as aggregate numbers?

就總數而言，第四季或 2022 年有什麼預期目標或願望嗎？

Yes.

是的。

I mean, if you look at where our coolers, we -- in the first 9 months of this year, we placed over 900.

我的意思是，如果你看看我們的冷卻器在哪裡，今年前 9 個月，我們放置了 900 多個冷卻器。

So 400 just in Q3 alone.

光是第三季就有 400 人。

So we anticipate that momentum to continue to increase.

因此，我們預計這種勢頭將繼續增強。

It's very important.

這很重要。

We don't want to over push our coolers.

我們不想過度推動我們的冷卻器。

We want to make sure these coolers are placed in the right location.

我們要確保這些冷卻器放置在正確的位置。

So it's more of a methodical approach, but we are getting a lot more quest with the success that they're seeing.

所以這更像是一種有條不紊的方法，但隨著他們所看到的成功，我們得到了更多的探索。

So we placed a few coolers within a distributor, they see the success.

因此，我們在經銷商內放置了一些冷卻器，他們看到了成功。

And it's truly a partnership.

這是真正的合作關係。

And then we work together to really get into their top 20 accounts -- top 20% of their accounts.

然後我們共同努力真正進入他們的前 20 個帳戶——佔他們帳戶的前 20%。

We would love to have great coolers and great placements there.

我們希望那裡有很棒的冷卻器和很棒的位置。

So if you see a Celsius cooler out there, we've got some great new designs coming with a logo on the front, and they look extremely well, and they sell extremely well.

因此，如果您看到那裡的攝氏度冷卻器，我們有一些很棒的新設計，正面有徽標，它們看起來非常好，而且賣得非常好。

So grab have a cold Celsius if we see one.

因此，如果我們看到攝氏溫度，請先降溫。

Good.

好的。

And then lastly for us, any updates on U.S. flavors and SKUs?

最後對我們來說，美國口味和 SKU 有什麼更新嗎？

Should we expect more?

我們應該期待更多嗎？

Or will they be winding out in the future?

或者他們將來會退出嗎？

Talking in regards to the Vibe line?

談論 Vibe 系列嗎？

Yes.

是的。

Yes.

是的。

Our Vibe line has done extremely well.

我們的 Vibe 系列表現非常出色。

Our Peach Vibe and our Tropical Vibe has been one of our top sellers in the initial launch, as we rolled out new innovative flavors.

隨著我們推出新的創新口味，我們的 Peach Vibe 和 Tropical Vibe 一直是我們最初推出時最暢銷的產品之一。

We expect to continue that strategy, and we'll be coming out with a new Vibe this summer.

我們希望繼續這項策略，今年夏天我們將推出新的 Vibe。

So we're not going to disclose the flavor yet, but do anticipate a new Vibe coming that's going to taste great and amazing, and we'll have a great marketing strategy behind that, which is innovative, it really connects with consumers in a meaningful way.

所以我們還不打算透露它的口味，但我們預計會有一款新的Vibe 即將推出，它的味道會很棒，令人驚嘆，而且我們將在其背後製定一個出色的營銷策略，這是創新的，它真正以一種方式與消費者建立聯繫。有意義的方式。

Superb.

高超。

Congrats on the quarter.

恭喜本季。

Thank you, Jeffrey.

謝謝你，傑弗裡。

Thanks.

謝謝。

Our next question comes from the line of Anthony Vendetti with Maxim Group.

我們的下一個問題來自 Maxim Group 的 Anthony Vendetti。

So just a couple of questions on the store front or the doors to drink.

所以只有幾個關於店面或飲料門的問題。

Did you say you're at 118,000 at this point, and how many were added this quarter?

您是否說過此時您的人數為 118,000，本季增加了多少？

Yes.

是的。

That's correct, Anthony.

沒錯，安東尼。

We're -- store front, we're up to 118,000.

我們——店面人數達 118,000 人。

We have the stores that were added during the -- we said that were added year-to-date.

我們有在今年迄今新增的商店。

That was a number that was about -- was a 40% increase that we have in the greater store count this year.

今年我們的商店數量增加了 40%。

So there's a lot of opportunities on further expansion there in new doors.

因此，在新的領域中有很多進一步擴張的機會。

So I think that's a great area.

所以我認為這是一個很棒的領域。

The team is working hard.

團隊正在努力工作。

We have a great key accounts team that's focused on new distribution in all channels of trade.

我們擁有一支優秀的大客戶團隊，專注於所有貿易管道的新分銷。

Obviously, the biggest opportunity we see currently is in the Convenience channel, and really leveraging the DSD.

顯然，我們目前看到的最大機會是在便利頻道，並且真正利用了 DSD。

Just keep in mind, before our key accounts team was more handling the national accounts, but now leveraging our DSD partners, we're able to activate and work with the local regional chains, where these DSD partners have local relationships.

請記住，在我們的大客戶團隊更多地處理國民帳戶之前，但現在利用我們的 DSD 合作夥伴，我們能夠激活當地區域連鎖店並與其合作，這些 DSD 合作夥伴在當地擁有當地關係。

So we're excited about that, and that's a big initiative through the rest of this year and into 2022.

所以我們對此感到興奮，這是今年剩餘時間和 2022 年的重大舉措。

Okay.

好的。

And then just on the DSD front, you had, I believe, 224 regional DSD partners, and that covers 92% of the U.S. counties that you're currently serving.

然後，就 DSD 而言，我相信您有 224 個地區 DSD 合作夥伴，涵蓋了您目前服務的美國 92% 的縣。

Is that the right number?

這個數字正確嗎？

That is correct.

那是對的。

That is the right number.

這是正確的數字。

We had the largest increase in DSD partners in the third quarter, really sign up.

第三季我們的 DSD 合作夥伴增幅最大，確實簽約了。

Keep in mind, once we sign these distributors, it does take some time to get product to them, product to their warehouse, educate their team members and really optimize the accounts, the network and the distributors.

請記住，一旦我們與這些經銷商簽約，確實需要一些時間才能將產品交付給他們，將產品送到他們的倉庫，教育他們的團隊成員並真正優化帳戶、網路和經銷商。

So we do new product launches, it's the education process.

所以我們發布新產品，這是教育過程。

So it does take time, but it was the largest quarter, the increase in distribution partners, and we are about 92% of all counties in the U.S. are now covered.

所以這確實需要時間，但這是最大的季度，分銷合作夥伴的增加，我們現在涵蓋了美國所有縣的大約 92%。

So large portion of the population is covered.

覆蓋了很大一部分人口。

And now it's -- the teams are working on converting our key accounts over to DSD.

現在，團隊正在努力將我們的關鍵客戶轉換為 DSD。

And really, we're in the optimization phase as well as bringing on new accounts.

事實上，我們正​​處於優化階段以及引入新帳戶的階段。

So -- and that's why you saw that -- I think when you look at the great growth we had in our DSD network was up over 400% for the quarter and up sequentially as well.

所以——這就是你看到這一點的原因——我認為當你看到我們的 DSD 網路的巨大增長時，本季度增長了 400% 以上，並且連續增長。

So great opportunities there as we continue to execute and optimize.

當我們繼續執行和優化時，就會有巨大的機會。

And then just on the supply chain.

然後就在供應鏈上。

I know you talked about the cans and the trouble getting some of those from overseas.

我知道你談到了罐頭以及從海外購買一些罐頭的麻煩。

So you had to source some of those here in the U.S. on the spot market.

所以你必須在美國現貨市場上購買一些。

You said you have enough right now.

你說你現在已經夠了。

But what about the freight issue?

但是運費問題呢？

Is -- do you -- from what we're hearing, this is industry-wide across, across lot of industries, not just the food package, good industry, the drink industry.

從我們所聽到的情況來看，這是整個行業，跨越許多行業，而不僅僅是食品包裝、優質行業、飲料行業。

How are you planning to deal with that the rest of this year and into 2022, if it continues to be an issue?

如果這個問題仍然存在，您打算如何處理今年剩餘時間和 2022 年的問題？

Yes.

是的。

No, great question.

不，很好的問題。

You have to -- really on the scale of the business.

你必須——真正按照業務規模。

I mean, obviously, if we were at a larger scale and we weren't seeing our growth rates where they are, we would have more of a material effect on our freight that we're seeing on the overall general nationwide cost increases of freight.

我的意思是，顯然，如果我們的規模更大，並且我們沒有看到我們的成長率，我們將對我們的貨運產生更大的實質影響，就像我們看到的全國貨運成本整體成長一樣。

I mentioned according to DAT, it was about 20% overall.

我提到根據 DAT，總體約為 20%。

Keep in mind, we were going from 2 warehouses now migrating to 6 warehouses, where when we were running at 2 warehouses, we're bringing on DSD as well, we're shipping a lot of products, what they call less than a truck.

請記住，我們從 2 個倉庫現在遷移到 6 個倉庫，當我們在 2 個倉庫運行時，我們也引入了 DSD，我們運輸了很多產品，他們稱之為少於卡車。

It's called LTL.

這稱為 LTL。

So that is a much higher cost of shipping product around the country, and we're shipping long hauls as well on LTL, less than a truckload.

因此，在全國範圍內運輸產品的成本要高得多，而且我們還以零擔運輸方式運輸長途運輸，比卡車裝載量少。

So once we move to this orbit model and we bring on our distributors, our distributors can take full truckloads.

因此，一旦我們轉向這種軌道模式並引入我們的經銷商，我們的經銷商就可以滿載卡車。

So not only are we shipping a full truck opportunity as we continue to optimize these distributors, we're shipping that truck at a lower -- a shorter difference.

因此，隨著我們繼續優化這些經銷商，我們不僅有機會運送整輛卡車，而且我們還能以更低的價格運送卡車——更短的差異。

So there's a lot of synergistic benefits on freight, just as we continue to scale and grow and gain that leverage versus more of a mature business in this current environment with the increases in freight that the overall industry is receiving.

因此，貨運方面存在著許多協同效益，正如我們在當前環境下不斷擴大規模和發展並獲得相對於更成熟的業務的槓桿作用一樣，隨著整個行業接收的貨運量的增加。

No, that's very helpful.

不，這非常有幫助。

And then just what -- did you say or did Edwin say there was a one-time cost that impacted this quarter for the movement from these 2 to 6 warehouses?

那麼，您是否說過或 Edwin 說過，從這 2 個倉庫到 6 個倉庫的搬遷會影響本季的一次性成本？

Yes, I stated that as -- it's calculated at roughly around 3% and that's really associated -- we're moving from 2 warehouses to 6 warehouses and we're really optimizing in the fourth quarter as well.

是的，我說過——據計算大約是 3% 左右，這確實是相關的——我們正在從 2 個倉庫搬到 6 個倉庫，我們也在第四季度進行了真正的優化。

Just keep that in mind.

要時時刻刻銘記在心。

We're not fully optimized in the fourth quarter.

我們在第四季還沒有完全優化。

We'll continue to optimize in Q1 and Q2 but when we moved to 6 orbits, we increased our inventory levels.

我們將在第一季和第二季繼續優化，但當我們轉向 6 個軌道時，我們增加了庫存水準。

We're still shipping longer loads -- longer lead times and longer distances as the inventory really optimizes.

隨著庫存真正優化，我們仍在運送更長的貨物——更長的交貨時間和更長的距離。

We have a variety of flavors, as we all know.

眾所周知，我們有多種口味。

So it's very important that we have all the flavors at each warehouse in order to be able to ship very efficiently.

因此，為了能夠非常有效率地運輸，我們在每個倉庫都擁有所有口味，這一點非常重要。

So that's why you saw our inventory levels increase at the end of September, and there's further optimization there.

這就是為什麼你看到我們的庫存水準在九月底增加，並且那裡有進一步的優化。

Edwin, do you want to add anything?

艾德溫，你想補充什麼嗎？

Yes.

是的。

No, John, I just wanted to add, in that sense, as we established, like you're saying, the additional orbits or warehouses, yes, there's been some incremental intra-warehouse freights and moving and redeploying some of the inventory to then get the synergies or the benefits going forward.

不，約翰，我只是想補充一點，從這個意義上說，正如您所說，我們建立了額外的軌道或倉庫，是的，有一些增量的倉庫內貨運，並將一些庫存移動和重新部署到那時獲得未來的協同效應或利益。

So I think that's what we were alluding to earlier.

所以我認為這就是我們之前提到的。

Our next question comes from the line of Sean McGowan with ROTH Capital.

我們的下一個問題來自肖恩·麥高恩 (Sean McGowan) 與羅斯資本 (ROTH Capital) 的對話。

A couple of questions surrounding the idea of what is normal going forward.

有幾個問題圍繞著未來正常的想法。

And you said you can get back to pre-COVID margins.

你說你可以回到新冠疫情前的利潤率。

Is that to suggest that you could -- what you were putting up before, let's say, the first quarter of COVID, is that what you aspire to get to, or turn all the economies to scale and everything can get you well beyond that?

這是否表明你可以——你之前提出的，比方說，新冠疫情第一季度，就是你渴望達到的目標，或者讓所有經濟體實現規模化，一切都可以讓你遠遠超出這個目標？

So what do you consider to be normalized gross margins now, ex freight?

那麼，您認為現在的標準化毛利率是多少（運費除外）？

Yes.

是的。

I think -- well, our margins include freight.

我認為——嗯，我們的利潤包括運費。

So I mean, if you look at it that way, we anticipate to get back around like that 46%, 47% margin profile that we had in 2020.

所以我的意思是，如果你這樣看，我們預計會回到 2020 年 46%、47% 的利潤率水準。

I think be an area of just currently as we continue to optimize.

我認為這只是目前我們不斷優化的一個領域。

But as we gain more scale, we can -- we anticipate to be able to go north of that.

但隨著我們規模的擴大，我們預計能夠超越這個規模。

But we're also looking at these transitory costs, so we're keeping that in mind as well.

但我們也在考慮這些暫時性成本，因此我們也牢記這一點。

So at the timing of those decreasing and getting back to more normalization.

因此，在這些減少並恢復正常化的時候。

But looking at a normal profile, I would say, like mid- to upper 40s is kind of an area we feel we can get back to it.

但從正常情況來看，我想說，40 多歲中上層是我們覺得可以回到的區域。

I don't know, Edwin, you want to...

我不知道，艾德溫，你想...

Yes.

是的。

No, I agree with that.

不，我同意這一點。

To me, it's more the timing because I fully agree with John that we will be able to get to that.

對我來說，這更重要的是時機，因為我完全同意約翰的觀點，我們將能夠做到這一點。

It's just more of the timing when that normalization occurs and we start getting all those benefits, perhaps towards the back end of 2022, that type of thing.

只是更多的是當這種正常化發生時，我們開始獲得所有這些好處，也許是在 2022 年底，類似的事情。

But to me, yes, without a doubt, we can get to that, it's just more of the timing issue.

但對我來說，是的，毫無疑問，我們可以做到這一點，這只是時間問題。

Yes.

是的。

All right.

好的。

That's helpful.

這很有幫助。

And just to clarify, when you give some of those color commentary on what the various puts and takes were in gross margin, do we -- should we be interpreting that as those are like -- like when you say 3% hit, that's 3 percentage points off of the gross margin.

只是為了澄清一下，當你對各種看跌期權和看跌期權的毛利率進行一些彩色評論時，我們是否應該將其解釋為像當你說 3% 命中時，那就是 3毛利率下降了幾個百分點。

Is that the way you interpret that?

你是這樣解釋的嗎？

Yes, that's correct.

對，那是正確的。

I mean the total adjustment, we look at the increasing -- really the cans and some of the other input costs as well as the freight of 3%.

我的意思是整體調整，我們關注的是增加的——實際上是罐頭和一些其他投入成本以及 3% 的運費。

That's how we're arriving at the 7% overall.

這就是我們整體達到 7% 的原因。

Great.

偉大的。

And then last thing, again, trying to figure out what's normal.

最後一件事，再次嘗試找出什麼是正常的。

To what extent does the inventory build here a way of dealing with logistical and supply chain challenges as opposed to just feeding consumer demand and retail expansion.

庫存在多大程度上是應對物流和供應鏈挑戰的一種方式，而不僅僅是滿足消費者需求和零售擴張。

How much overbuild is there in the inventory to try to smooth out some of those shipping challenges?

庫存中有多少過度建造來試圖解決一些運輸挑戰？

There's not -- we're not building -- at this point, and in the third quarter, we weren't building to drive efficiencies in margins.

目前，我們還沒有進行建設，而且在第三季度，我們的建設也不是為了提高利潤效率。

We're building inventory to drive and fulfill demand.

我們正在建立庫存來推動和滿足需求。

So that's -- the efficiencies are going to come down the road, maybe as we look at 2022.

所以，也許到 2022 年，效率將會提高。

But right now, I mean, we were -- our inventory does have a mix of spot rate product cans, we have import cans, and it's more at a higher level of costs when you look at the overall cost on a per case basis.

但現在，我的意思是，我們的庫存確實有現貨產品罐的組合，我們有進口罐，當你查看每箱的總體成本時，它的成本水平更高。

So those are things that are currently -- but we're building our inventories to justify and fill the 6 warehouses that we're bringing on board as we optimize our 6 orbit model in addition to meet the growing demand and the anticipated new stores coming on in the future as well as the optimization of the DSD network.

這些都是目前的情況，但我們正在建立庫存，以證明並填充我們在優化 6 軌道模型時引入的 6 個倉庫，此外還可以滿足不斷增長的需求和預期即將推出的新商店以及DSD網路的優化。

Yes.

是的。

From my perspective, it also -- there's always 2 ways to look at this -- base, like I say, looking back and looking forward.

從我的角度來看，總是有兩種方式來看待這個問題，就像我說的，回顧過去和展望未來。

And looking forward, based on hand, some compensations, we're probably like around 120 days.

展望未來，根據現有的一些補償，我們可能需要 120 天左右。

So again, something that it's not -- it's something that's still within the range of optimal that we're looking for.

再說一次，它不是——它仍然在我們正在尋找的最佳範圍內。

We have run out of time for questions.

我們已經沒有時間提問了。

I'd like to hand the call back to Mr. Fieldly for closing remarks.

我想將電話轉回給菲爾德利先生做總結發言。

Thank you.

謝謝。

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

今天，我們謹代表公司感謝大家的持續關注與支持。

Our results demonstrates our products are gaining considerable momentum as we are capitalizing on today's global health and wellness trends and the transformation taking place in today's energy drink category.

我們的結果表明，我們的產品正在獲得巨大的發展動力，因為我們正在利用當今的全球健康和保健趨勢以及當今能量飲料類別正在發生的轉變。

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

我們的積極生活方式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 practice.

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, strategy and team in a large, rapidly growing market that consumers want.

在消費者想要的快速成長的大型市場中，我們擁有成功的產品組合、策略和團隊。

We believe we'll be able to navigate through the challenges ahead as a result of the COVID-19, and we are well positioned to thrive in the transformation of today's energy drink category.

我們相信，我們將能夠應對 COVID-19 帶來的挑戰，並且我們已做好充分準備，在當今能量飲料類別的轉型中蓬勃發展。

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

此外，我還要感謝所有投資人對我們團隊的持續支持和信任。

Thank you, everyone, have a safe day, stay healthy, and grab a Celsius.

謝謝大家，祝您度過安全的一天，保持健康，並獲得攝氏溫度。

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，度過美好的一天。