Celsius Holdings Inc (CELH) 2021 Q2 法說會逐字稿

Greetings and welcome to Celsius Holdings Inc. Second Quarter 2021 Financial Results. (Operator Instructions) It is now my pleasure to introduce your host, Cameron Donahue, Investor Relations for Celsius Holdings. Thank you. You may begin.

歡迎來到攝氏控股公司 2021 年第二季財務業績。 （操作員說明） 現在我很高興向您介紹主持人，Celsius Holdings 投資者關係部門的 Cameron Donahue。謝謝。你可以開始了。

Thank you, and good morning everyone. We appreciate you joining us today for Celsius Holdings' second quarter 2021 earnings conference call. Joining me on the call today are John Fieldly, President and Chief Executive Officer; and Edwin Negron, Chief Financial Officer. Following the prepared remarks, we'll open the call to your questions and instructions will be given at that time.

謝謝大家，大家早安。感謝您今天加入我們攝氏控股 2021 年第二季財報電話會議。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）。在準備好發言後，我們將開始電話詢問您的問題，屆時將給予指示。

The company filed its Form 10-Q with the SEC and initiated a press release today. All materials are available on the company's website celsiusholdingsinc.com under the Investor Relations section. As a reminder, before I turn the call over to John, an audio replay will be available later today. Please also be aware, this call may contain forward-looking statements which are based on forecasts, expectations and other information available to management as of August 12, 2021 These statements involve numerous risks and uncertainties, including many that are beyond the company's control. Except to the extent as required by law, Celsius Holdings undertakes no obligation and disclaims any duty to update any of these forward-looking statements. 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.

該公司向 SEC 提交了 10-Q 表格，並於今天發布了新聞稿。所有資料均可在公司網站 celsiusholdingsinc.com 的投資者關係部分取得。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。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8 月12 日管理層可獲得的預測、預期和其他資訊。這些陳述涉及眾多風險和不確定性，其中許多風險和不確定性超出了公司的控制範圍。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。我們鼓勵您完整閱讀今天的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, I'd like to turn the call over to President and Chief Executive Officer, John Fieldly, for his prepared comments. John?

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。約翰？

Thank you, Cameron, good morning everyone, and thank you for joining us today. Our record second quarter results are representative of the momentum that the Celsius brand is achieving across the Board, with increased sales growth, SKU expansion, distribution gains, increased brand recognition, and increased organic social support are just some of the drivers supporting what we feel has been a significant step-up for the company. We believe this also provide leverage to drive further acceleration in market share gains.

謝謝卡梅倫，大家早安，謝謝您今天加入我們。我們創紀錄的第二季度業績代表了 Celeste 品牌全面實現的勢頭，銷售增長、SKU 擴張、分銷收益、品牌認知度提高以及有機社會支持的增加只是支持我們感受的部分驅動因素對公司來說是一個重大進步。我們相信這也為推動市場佔有率的進一步加速成長提供了槓桿作用。

Total sales for the quarter totaled $65.1 million, up 117% from $30 million in the year ago quarter. Our domestic revenue increased 157% to $53.7 million, up from $20.8 million in the year ago quarter, with both of these percentage growth rates, the highest in our history. Two of the hardest-hit channels from COVID are fitness channel and vending channel each had triple-digit growth, which contributed approximately $4.9 million of incremental revenue when compared to the prior quarter. International sales growth grew 25% to $11.5 million primarily from a 23% growth in Nordic sales of $10.8 million.

該季度總銷售額為 6,510 萬美元，比去年同期的 3,000 萬美元成長 117%。我們的國內收入成長了 157%，達到 5,370 萬美元，高於去年同期的 2,080 萬美元，這兩個百分比成長率均為我們歷史上最高的。受新冠疫情影響最嚴重的兩個管道是健身管道和自動販賣機管道，兩者都實現了三位數成長，與上一季相比貢獻了約 490 萬美元的增量收入。國際銷售額成長 25%，達到 1,150 萬美元，主要來自北歐銷售額成長 23%，達到 1,080 萬美元。

Even with the record second quarter and first 6 months of 2021, we are still dealing with the impacts of COVID-19, including in our International markets, increased costs in raw materials and transportation. Our fitness channel and vending channels saw tremendous growth of both a year-over-year period and sequential basis with positive trends continuing into the third quarter. Although the comparable basis from the second quarter of 2022 was the low mark for both of these channels, the growth rate and total sales for each continued to improve.

即使 2021 年第二季和前 6 個月創歷史新高，我們仍在應對 COVID-19 的影響，包括在我們的國際市場、原材料和運輸成本增加。我們的健身通路和自動販賣機年比和季比均出現了巨大成長，正面趨勢持續到第三季。儘管 2022 年第二季的可比較基礎對於這兩個通路來說都是低點，但每個通路的成長率和總銷售額都在持續改善。

Our EU, Middle East, Asia Pacific, Australia operations remained adversely affected by COVID-19 with varying restrictions and lockdowns in these markets. Overall, we have been seeing sequential improvements over the last several quarters with capacity restrictions, as well as re-openings in the hardest hit channels, but there still remains a lot of uncertainty, as there potentially could be re-closings due to new variants and cases increasing in our regions of operations, which could force extended closures in some states and countries. The health and safety of our employees and partners remains our top priority and the safety precautions have been implemented, which we have developed and adopted in line with guidance from public health authorities.

我們的歐盟、中東、亞太地區、澳洲業務仍受到 COVID-19 的不利影響，這些市場受到不同程度的限制和封鎖。總體而言，我們在過去幾個季度中看到，由於容量限制，以及受打擊最嚴重的管道重新開放，情況有所改善，但仍然存在許多不確定性，因為新變體可能會重新關閉我們業務所在地區的病例不斷增加，這可能會迫使一些州和國家延長關閉時間。員工和合作夥伴的健康和安全仍然是我們的首要任務，我們已經根據公共衛生當局的指導制定和採用了安全預防措施。

The aluminum can shortage driven by COVID and impacting the entire industry remains in place, but for Celsius we believe we are well positioned from our proactive sourcing of international cans and new relationships with top can manufacturers in the U.S., which have been initiated major expansion projects and continued to anticipate the completion of this expansion in the back half of 2021 through 2022.

由新冠疫情引發的鋁罐短缺並影響整個行業的情況仍然存在，但對於攝氏度來說，我們相信，由於我們積極採購國際罐頭以及與美國頂級罐頭製造商建立的新關係，我們處於有利地位，這些製造商已經啟動了重大擴張項目並繼續預計此次擴建將於 2021 年下半年至 2022 年完成。

We implemented our contingency plans around production and which imported can production started in March of 2021. We anticipate 50% of our can supply for 2021 be derived from imported and wrapped cans, which should decrease late in 2021 and through 2022. We expect a significant majority of cans will be sourced domestically in 2022, improving our margins, and at this point we believe Q1 of 2021 was the low point for margins with the back half of 2021 showing sequential improvements towards our fiscal year 2020 levels.

我們圍繞生產實施了應急計劃，進口罐頭生產已於 2021 年 3 月開始。我們預計 2021 年 50% 的罐頭供應來自進口和包裝罐，這一數量應在 2021 年末和 2022 年減少。我們預計到2022年，大多數罐頭將在國內採購，從而提高我們的利潤率，目前我們認為2021 年第一季是利潤率的最低點，2021 年下半年顯示出我們向2020 財年水準的連續改善。

In addition, the team is expanding warehouse distribution sites to 6 regional orbit model to drive efficiencies, implementing plans to further secure raw materials with minimum floor stock programs, blanket purchase orders, and second and third alternatives of suppliers. The teams continue to quickly adapt to new COVID environment and are focused on driving efficiencies and operational performance and believe we are -- with our significantly expanded scale, we have the opportunity to leverage this to reduce input costs as we move forward. We have also further integrated and leveraged synergistic benefits from our global operations, focusing on marketing, operations, financial integrations, implementing our strategy to build a global dominant iconic brand.

此外，該團隊正在將倉庫配送站點擴展到 6 個區域軌道模型以提高效率，實施計劃以透過最低庫存計劃、一攬子採購訂單以及供應商的第二和第三替代方案進一步確保原材料。這些團隊繼續快速適應新的新冠疫情環境，專注於提高效率和營運績效，並相信，隨著規模的顯著擴大，我們有機會在前進的過程中利用這一點來降低投入成本。我們也進一步整合並發揮全球業務的協同效益，聚焦行銷、營運、財務一體化，實施打造全球主導品牌的策略。

The company improved our fill rates through the second quarter from the 80% level in Q1 driven by shipping delays and can shortages, gas shortages in the East Coast and the Texas freeze which impacted our co-packers and warehouses for several weeks. We ended the second quarter in June at approximately 90% fill rate, and expect to see this improve further in the back half as we continue to reach normalized levels of inventory.

由於運輸延誤、罐頭短缺、東海岸天然氣短缺以及德克薩斯州的冰凍影響了我們的代加工廠和倉庫數週，該公司第二季度的填充率從第一季的80% 水平提高。在六月第二季結束時，我們的填充率約為 90%，隨著我們繼續達到正常化的庫存水平，預計下半年這一情況將進一步改善。

Turning to some additional financial highlights for the second quarter. Our domestic sales revenue topped $53.7 million, was driven by accelerated triple-digit growth in traditional channels of trade, expansion of world-class retailers and further activation and growth from our distribution partners.

轉向第二季度的一些其他財務亮點。我們的國內銷售收入突破 5,370 萬美元，這得益於傳統貿易通路三位數的加速成長、世界級零售商的擴張以及分銷合作夥伴的進一步活化和成長。

Our DSD, Direct Store Delivery network delivered growth of 333% and our distributor revenues when compared to the prior year. Our fitness channel as discussed, sales increased over 300% from the prior year in addition to our vending growth which saw over 250% growth rate, which together contributed that $4.9 million of incremental revenue when compared to the prior year.

與前一年相比，我們的 DSD、直接商店配送網路和經銷商收入成長了 333%。正如我們所討論的，我們的健身頻道的銷售額比上一年增長了300% 以上，此外我們的自動售貨增長率也超過了250%，與上一年相比，這總共貢獻了490 萬美元的增量收入。

As of July 1, we have over 18,500 vending micro-market placements and we expect that growth to continue throughout the year as we drive additional new national distribution agreements with Performance, Food Group, contracts and additional several regional agreements.

截至7 月1 日，我們擁有超過18,500 個自動售貨微型市場，隨著我們與Performance、Food Group 簽訂更多新的全國分銷協議、合約和其他幾項區域協議，我們預計這一增長將在全年持續。

In addition, all major chains at our gym, fitness channel expanded SKUs where we further expanded our new offering, our new flavor, our Tropical Vibe and our Strawberry Guava flavor, which is now the #1 selling flavor in the fitness channel. On a mass club, channel continues to accelerate. We are now fully rolled out nationally in all 561 Costco locations. In addition in Target, we have converted approximately 95% to DSD and are also in process of launching 4-packs.

此外，我們健身房、健身頻道的所有主要連鎖店都擴大了 SKU，進一步擴大了我們的新產品、新口味、熱帶氛圍和草莓番石榴口味，後者現在是健身頻道中銷量第一的口味。在大眾俱樂部，通路不斷加速。我們現已在全國所有 561 家 Costco 門市全面推廣。此外，在 Target，我們已將大約 95% 轉換為 DSD，並且正在推出 4 包。

On our convenience channel side in North America, which represents the largest market in the energy drink category over $10 billion in annual sales. The latest SPINS data shows an 86% year-over-year increase for Celsius product portfolio in the convenience channel compared to a 9.1% overall growth in the energy category, while Celsius is only holding 17.1% ACV, which truly shows the opportunity we have lying ahead as we continue to further expand. Through this year we have added over 19,000 convenience stores to the last 12 months with additional accounts expected anticipated as fall resets take place. This is per SPINS shelf-stable energy functional beverage convenience, 52 weeks ending July 11, 2021.

在北美的便利通路方面，這是能量飲料類別中最大的市場，年銷售額超過 100 億美元。最新的 SPINS 數據顯示，Celsius 便利通路產品組合年增 86%，而能源類別整體成長 9.1%，而 Celsius 只持有 17.1% ACV，這真正表明了我們所擁有的機會隨著我們繼續進一步擴張，我們的前景一片光明。今年以來，我們在過去 12 個月內新增了 19,000 多家便利商店，隨著秋季重置的進行，預計將有更多帳戶。這是根據 SPINS 的保質期穩定的能量功能飲料便利，截至 2021 年 7 月 11 日的 52 週。

Industry-backed third-party data continues to show accelerated growth metrics. We are confident that Celsius will continue to drive sales even higher as we continue to increase our ACV across channels through additional launches with nationwide retailers chains and transforming our existing distribution to our DSD service model network.

業界支持的第三方數據繼續顯示加速成長指標。我們相信，隨著我們透過與全國零售商連鎖店的額外推出以及將我們現有的分銷轉變為我們的 DSD 服務模式網絡，繼續增加跨渠道的 ACV，Celsius 將繼續推動銷售額更高。

Consumer demand for Celsius accelerated through the second quarter of 2021 with most recent reported Nielsen scan data as of July 3, 2021 showing sales of Celsius were up 193% year-over-year for the 2 weeks ending, and 195% for the 12 weeks ending with a 1.6 share of the total energy drink category over the last 4 weeks.

消費者對攝氏度的需求在2021 年第二季度加速增長，截至2021 年7 月3 日的最新尼爾森掃描數據顯示，在截至2 週的時間內，攝氏度的銷售額同比增長193%，在過去12 週的銷售額年增195%過去 4 週，能量飲料類別中所佔份額為 1.6。

On Amazon, Celsius is the third-largest energy drink with a 13.12% share of the energy drink category just 1.32% share behind Red Bull at a 14.44% share, and 18.13% behind Monster at a 31.25% share last 52 weeks ending July 10, 2021 Stackline, Energy Drink Category, Total U.S.

在亞馬遜上，Celsius 是第三大能量飲料，在能量飲料類別中佔有13.12% 的份額，在截至7 月10 日的過去52 週內，僅落後於紅牛（14.44%）的1.32% 份額，落後於Monster（31.25% 的份額）18.13% , 2021 Stackline，能量飲料類別，美國總計

And for the 4 weeks ending July 3, 2021, category sales including shots surged a 104.5% with Bang sales up 216.1%, Celsius sales were up 133.1%, Red Bull sales were up 109.4% and Monster sales were up 59.9%. According to Stackline, latest year-to-date Leaderboard Ranking, most popular search brands in the U.S., Grocery Department, Celsius is the number one fastest-growing brand while positioned at 18 overall for the reported period ending July 3, 2021.

截至2021 年7 月3 日的4 週內，包括烈酒在內的品類銷售額猛增104.5%，其中Bang 銷售額增長216.1%，Celsius 銷售額增長133.1%，Red Bull 銷售額增長109.4%，Monster銷售額成長59.9%。根據 Stackline 最新的今年迄今美國雜貨部最受歡迎搜尋品牌排行榜，Celsius 是成長最快的品牌第一名，在截至 2021 年 7 月 3 日的報告期間總體排名第 18 位。

We continue to see acceleration and are now beginning to also see the additional lift from the conversion of our accounts to our national DSD network. This delivered a growth of 333% in our distribution revenues when compared to the prior year second quarter. We secured additional distribution agreements with partners in the Anheuser-Busch -- independent Anheuser-Busch network, independent PepsiCo, Keurig Dr Pepper and MillerCoors network further expanding availability to new regions as Celsius builds out its national distribution network, which now includes over 190 regional direct store delivery DSD partners distribution centers now covering approximately 90% of major metropolitan markets and 85% of total U.S. counties are now covered. We also filled one of the major gaps in our DSD network is the Mid-Atlantic region, adding additional securing initially additional 3 new distributors in that region, which were signed up in the second quarter.

我們繼續看到加速發展，現在也開始看到我們的帳戶轉換到國家 DSD 網路帶來的額外提升。與去年第二季相比，我們的分銷收入成長了 333%。我們與Anheuser-Busch 的合作夥伴簽訂了額外的分銷協議——獨立的Anheuser-Busch 網路、獨立的PepsiCo、Keurig Dr Pepper 和MillerCoors 網絡，隨著攝氏度建立其全國分銷網絡（目前包括190 多個區域） ，進一步擴大了新地區的可用性。直接商店配送 DSD 合作夥伴的配送中心現已覆蓋約 90% 的主要大都市市場和美國 85% 的縣。我們還填補了 DSD 網路中大西洋中部地區的主要空白之一，並在該地區最初增加了 3 個新經銷商，這些經銷商已於第二季度簽約。

Transitioning to DSD continues with our retail partners with 45% of retail stores are now serviced by DSD. Key accounts converted with over 75% transitioned to DSD include Target, Walmart, RaceTrac, Kroger, Circle K, Speedway, Murphy's USA with CVS and 7-Eleven also in the process with more being transitioned in the back half of 2021 and through 2022.

我們的零售合作夥伴繼續向 DSD 過渡，目前 45% 的零售店由 DSD 提供服務。超過75% 的主要客戶已轉為DSD，其中包括Target、沃爾瑪、RaceTrac、Kroger、Circle K、Speedway、Murphy's USA with CVS 和7-11，這些客戶也在轉型過程中，更多客戶將在2021 年下半年至2022 年轉型。

Our rollout of Celsius branded coolers in the second quarter, total approximately 300 and now have over 500 placed in the market through the first 6 months of 2021. We have also implemented additional comprehensive tracking tools to leverage our growth and accelerate the metrics through the retail partners. We expect additional cooler placements to the back half of this year at similar or increased numbers as we continue to see strong velocity rates and increased same-store sales.

我們在第二季度推出了攝氏度品牌冷卻器，總數約為300 台，到2021 年前6 個月，市場上已有500 多台。我們還實施了其他全面的追蹤工具，以利用我們的成長並透過零售加速衡量指標夥伴。隨著我們繼續看到強勁的流通速度和同店銷售額的增加，我們預計今年下半年會出現更多更酷的展示位置，數量類似或增加。

Today in the United States, our total door count now exceeds over 100,000 locations, which is a major milestone, and grew over by 20,000 doors in the beginning of 2021, with additional expansion planned throughout the rest of this year as retailers resets take place.

如今，在美國，我們的門市總數已超過 100,000 個，這是一個重要的里程碑，並且在 2021 年初增加了 20,000 個門市，隨著零售商的重新調整，計劃在今年剩餘時間內進行進一步擴張。

On our co-packer front, we continue to expand our partners and scale at existing locations, improving our line time priority. Our total U.S. co-packer footprint now totals 9 active locations, which will help fuel our growth and limit our out-of-stocks and support the national massive growth opportunity that lies ahead.

在我們的代加工方面，我們繼續擴大我們的合作夥伴並在現有地點擴大規模，提高我們的生產線時間優先順序。我們的美國代加工工廠目前共有 9 個活躍地點，這將有助於推動我們的成長並限制我們的缺貨，並支持未來的全國大規模成長機會。

During the second quarter, we increased our inventory levels up to $63 million, up 27% from $36 million at the end of the first quarter to support our growth and increased warehouse distribution centers and to better service our customers and meet demand, as well as increased our inventory of raw materials.

第二季度，我們將庫存水準增加至 6,300 萬美元，比第一季末的 3,600 萬美元成長 27%，以支持我們的成長和增加倉庫配送中心，更好地服務我們的客戶並滿足需求，以及增加了我們的原料庫存。

In Europe, Nordic sales increased 23% versus the prior year, helped by the growth of our Celsius portfolio and the launch of 2 new flavors of Tropical flavors. In addition, our Global Celsius EMEA packaging launched in Finland where initial results have been extremely positive and has been further rolled out to a top main retailer SOK expanding to 832 locations. The FAST portfolio experienced out of stocks during the quarter due to co-packer delays associated with COVID which has started to normalize in the back half of the quarter.

在歐洲，北歐銷售額比前一年增長了 23%，這得益於我們的攝氏度產品組合的增長以及 2 種新熱帶口味的推出。此外，我們在芬蘭推出的全球攝氏歐洲、中東和非洲包裝，初步結果非常積極，並已進一步推廣到頂級主要零售商 SOK，擴展到 832 個地點。由於與新冠肺炎相關的代加工廠延誤，FAST 投資組合在本季出現缺貨情況，而疫情已在本季後半段開始恢復正常。

Celsius sales made up for the reduction in the FAST portfolio to drive positive growth in territory. We also have initially a soft launch the FAST portfolio in the U.S. through Amazon. We continue to evaluate the timing of additional European expansion markets. We are confirmed to launch the first Amazon EU market of U.K. and Germany in the back half of 2021, and expect to launch additional EU countries through 2022 including Sweden, Spain, Italy, France and several others.

攝氏銷售額彌補了 FAST 產品組合的減少，推動了該地區的正成長。我們最初也透過亞馬遜在美國試行推出 FAST 產品組合。我們將繼續評估其他歐洲市場擴張的時機。我們已確認將於 2021 年下半年推出英國和德國的第一個亞馬遜歐盟市場，並預計到 2022 年將推出更多歐盟國家，包括瑞典、西班牙、義大利、法國等。

In China, we maintain a licensing royalty model in the market, where our distributor covers approximately 76 cities and over 60,000 locations of distribution. Our other international markets have been impacted, both the in-country service and our buyer our co-packers supporting these countries due to COVID impacts. We anticipate that these geographies once fully opened will provide additional long-term growth opportunities. As with Europe and the United States, we see significant opportunities to capitalize on a global scale, reflecting the changes in consumer preferences for better-for-you offerings in this enormous Asian market.

在中國，我們在市場上維持許可使用費模式，我們的經銷商涵蓋約76個城市和超過60,000個經銷地點。由於新冠疫情的影響，我們的其他國際市場也受到了影響，包括國內服務和我們的買家以及為這些國家提供支援的代加工商。我們預計這些地區一旦全面開放將提供額外的長期成長機會。與歐洲和美國一樣，我們看到了在全球範圍內利用的重大機會，這反映了這個巨大的亞洲市場中消費者對「更適合您」的產品偏好的變化。

Now moving to the marketing. On the marketing front, we continue to activate, targeting consumers, they live, work and play building meaningful and emotional connections through robust integrated marketing programs. Specifically during the quarter, despite the COVID restrictions we sponsored targeted programs both in-person and virtual. We further expanded and integrated our experiential sampling Live Fit Tour in Florida, Texas and California and other markets as well. In addition, we further expanded our brand ambassadors influencer programs reaching more consumers in a meaningful way.

現在轉向行銷。在行銷方面，我們繼續以消費者為目標，透過強有力的整合行銷計劃，在他們的生活、工作和娛樂中建立有意義的情感聯繫。特別是在本季度，儘管有新冠疫情的限制，我們還是贊助了面對面和虛擬的有針對性的計畫。我們進一步擴展和整合了佛羅裡達州、德克薩斯州和加利福尼亞州以及其他市場的體驗式採樣 Live Fit 之旅。此外，我們也進一步擴大了品牌大使影響者計劃，以有意義的方式接觸更多消費者。

In addition, on June 9, 2021, the company completed an offering which generated net proceeds to the company of approximately $67.8 million and tended use of proceeds, primarily for growth capital, including building of inventory to support our sales growth, leveraging and optimizing our warehousing, targeting -- investments in targeted marketing programs, as well as the expansion of the Celsius-branded cooler program.

此外，2021 年6 月9 日，該公司完成了一次發行，為公司帶來了約6,780 萬美元的淨收益，並將收益主要用於成長資本，包括建立庫存以支持我們的銷售成長、利用和優化我們的倉儲、目標定位－投資於目標行銷計劃，以及擴展Celsius品牌冷卻器計劃。

We have reached another inflection point and our operations and growth, one which positions Celsius for exponential sales and market share growth. With this, we have been proactive in the building that Celsius team to maximize the opportunity as well as with key partners such as Ernst & Young as our corporate auditors beginning in the third quarter of 2021.

我們的營運和成長已經達到了另一個轉折點，這使得攝氏銷售額和市場份額呈指數級增長。因此，我們一直在積極建立攝氏團隊，以最大限度地利用機會，並與安永等主要合作夥伴合作，從 2021 年第三季開始擔任我們的企業審計師。

Our national DSD network is in place with our retail partners accelerating distribution, which we have only just begun to recognize the incremental growth associated with these transactions. Our team is ready and our infrastructure is in place to support the sales growth we expect on an expedited scale.

我們的全國 DSD 網路已經到位，我們的零售合作夥伴正在加速分銷，我們才剛開始認識到與這些交易相關的增量成長。我們的團隊已準備就緒，基礎設施也已到位，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. Edwin?

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。埃德溫？

Thank you, John. First, I wanted to cover the June 9 public offering led by UBS and Jefferies. The company issued and sold 1,133,953 shares of common stock, approximately a 1.7% dilution, and the selling stockholders sold 6,257,455 shares in the aggregate of common stock in the offering at a price of $62.50. The offering generated net proceeds for the company of $67.8 million with net proceeds for selling stockholders of $375 million.

謝謝你，約翰。首先，我想介紹一下 6 月 9 日由瑞銀 (UBS) 和傑富瑞 (Jefferies) 牽頭的公開發行。該公司發行並出售了 1,133,953 股普通股，稀釋率約為 1.7%，售股股東以 62.50 美元的價格出售了本次發行中普通股總數中的 6,257,455 股。此次發行為該公司帶來了 6,780 萬美元的淨收益，其中出售股東的淨收益為 3.75 億美元。

The company did not receive any proceeds from the sale of shares by the selling stockholders. The company intends to use the proceeds for general corporate purposes, such as working capital financing, expanding our Celsius branded cooler program, and expanding our warehouses and distribution model to reduce miles on cans and better service our distributors.

該公司並未從售股股東出售股份中獲得任何收益。該公司打算將所得款項用於一般企業用途，例如營運資本融資、擴大我們的攝氏度品牌冷卻器計劃，以及擴大我們的倉庫和分銷模式，以減少罐裝里程並更好地為我們的分銷商提供服務。

Now turning to the second quarter results. Our second quarter revenue for the 3 months ended June 30, 2021 was approximately $65.1 million, a robust increase of $35.1 million which translated into a significant growth of 117% from $30 million for the 3 month ended June 30, 2020. Approximately 94% of this growth was a result of increased revenues in North America where 2021 second quarter revenues were $53.6 million, a considerable increase of $32.8 million or an impressive 157% increase from the 2020 quarter.

現在轉向第二季業績。截至2021 年6 月30 日止三個月的第二季營收約為6,510 萬美元，強勁成長了3,510 萬美元，較截至2020 年6 月30 日止三個月的3,000 萬美元大幅成長117%。約94%這一增長得益於北美地區收入的增加，2021 年第二季營收為 5,360 萬美元，較 2020 年季度大幅增長 3,280 萬美元，增幅高達 157%。

The balance of the increase was largely attributable to a 23% growth in European revenues, to $10.8 million in the 2021 quarter from $8.8 million in the prior year quarter. Asian revenues, which primarily consist of royalty revenues from our China licensee for the 3 months ended June 30, 2021 were $619,000, an increase of 89.9% from $326,000 for the prior year quarter. This increase was provided for in our licensing agreement. Other international markets generated $62,000 in revenue during the 3 months ended June 30, 2021, a decrease of $45,000 from $107,000 for the prior year quarter, mainly related to an operational restructuring in the Middle East.

其餘成長主要歸因於歐洲營收成長 23%，從去年同期的 880 萬美元增至 2021 年季度的 1,080 萬美元。截至 2021 年 6 月 30 日的三個月，亞洲收入（主要包括來自中國被授權人的特許權使用費收入）為 619,000 美元，比去年同期的 326,000 美元增長 89.9%。我們的許可協議中規定了這一增長。截至 2021 年 6 月 30 日的三個月內，其他國際市場產生了 62,000 美元的收入，比去年同期的 107,000 美元減少了 45,000 美元，主要與中東的業務重組有關。

The total increase in revenue was mainly related to increases in sales volume as opposed to increases in product pricing. The primary factors behind the increase in North American sales volume were related to continued strong triple-digit growth in traditional distribution channels, combined with an increase in an optimization of our presence in world-class retailers.

總收入的成長主要與銷售量的成長有關，而不是產品定價的成長。北美銷售成長的主要因素與傳統分銷管道持續強勁的三位數成長以及我們在世界級零售商中的影響力的不斷優化有關。

Additionally, the continued expansion of our DSD network resulted in significant growth in distributor revenues when compared to the prior year quarter. We also achieved triple-digit growth in our fitness and vending channels in the 2021 quarter, which contributed considerable incremental revenue when compared to the prior year quarter during which time many fitness facilities were closed due to the COVID-19 pandemic. Furthermore, we estimate that the strengthening of the Europe accounted for approximately 2.3% of the increase in European revenue in the 2021 quarter from the prior year quarter.

此外，與去年同期相比，我們的 DSD 網路的持續擴張導致經銷商收入顯著增長。我們的健身和自動販賣機通路在 2021 年季度也實現了三位數的成長，與去年同期相比，這貢獻了可觀的增量收入，當時許多健身設施因 COVID-19 大流行而關閉。此外，我們估計歐洲的走強約佔 2021 年季度歐洲營收年增的 2.3%。

Gross profit for Q2 increased by approximately $15.2 million or 117% to $28.2 million, from $13 million for the 3 months ended June 30, 2020. Gross profit margins reflected a nominal increase to 43.4% for the 3 months ended June 30, 2021, from 43.3% for the 2020 quarter.

第二季毛利從截至2020 年6 月30 日止3 個月的1,300 萬美元增加約1,520 萬美元，即117%，至2,820 萬美元。截至2021 年6 月30 日止3 個月，毛利率名目成長至 43.4%。2020 年季為 43.3%。

Excluding freight, as some of our competitors do not include this as cost of goods sold, our adjusted gross profit for the second quarter would translate to 51.8% compared to 50.5% in the second quarter of 2020. The increase in gross profit dollars is mainly related to increases in volume, while the nominal increase in gross profit margins is mainly related to lower processing costs and repackaging costs.

不包括運費，由於我們的一些競爭對手不將其計入銷售成本，我們第二季調整後的毛利將達到 51.8%，而 2020 年第二季為 50.5%。毛利的成長主要是由於毛利率的名目成長主要與加工成本和重新包裝成本的降低有關。

We estimate that the increase in gross profit dollars of approximately $15.2 million from 2020 quarter to the 2021 quarter reflected $14.4 million related to volume increases, as well as favorable cost impact of approximately $25,000 and favorable currency impact of $796,000.

我們估計，從 2020 年季度到 2021 年季度，毛利增加了約 1,520 萬美元，反映出與銷售成長相關的 1,440 萬美元，以及約 25,000 美元的有利成本影響和 796,000 美元的有利貨幣影響。

Sales and marketing expenses for the 3 months ended June 30, 2021 were $15.5 million, an increase of $7.6 million or 96.2% from $7.9 million for the 3 months ended June 30, 2020. This increase was mainly attributable to additional marketing investment activities, which resulted in an increase of $4.2 million when compared to the prior year quarter.

截至2021年6月30日止三個月的銷售及行銷費用為1,550萬美元，較截至2020年6月30日止三個月的790萬美元增加760萬美元，增幅96.2%。這一增長主要歸因於額外的行銷投資活動，其中與去年同期相比增加了 420 萬美元。

Additionally, employee costs increased by $900,000 from the year ago quarter as we continue to invest in this area in order to have the proper infrastructure to support our growth. Additionally, we're now incurring in travel and business expenses as we are able to resume our in-person marketing events and selling activities.

此外，由於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，因此員工成本比去年同期增加了 90 萬美元。此外，由於我們能夠恢復現場行銷活動和銷售活動，我們現在還需要承擔差旅和商務費用。

Similarly, we experienced increases in other sales expenses in the amount of $795,000 mainly related to trade marketing activities to support our ongoing DSD network expansion. Lastly, storage and distribution expenses, as well as broker costs accounted for the remainder of the increase in this area of $1.7 million from the 2020 quarter. As a percentage of revenue, sales and marketing expenses amounted to 23.9% in the second quarter of 2021 compared to 26.2% in the second quarter of 2020.

同樣，我們的其他銷售費用增加了 795,000 美元，主要與貿易行銷活動有關，以支持我們正在進行的 DSD 網路擴張。最後，與 2020 年季度相比，儲存和分銷費用以及經紀人成本佔該領域 170 萬美元增量的剩餘部分。 2021 年第二季銷售和行銷費用佔收入的比例為 23.9%，而 2020 年第二季為 26.2%。

General and administrative expenses for the 3 months ended June 30, 2021 were $9.1 million, an increase of $5.2 million or 133% from $3.9 million for the 3 months ended June 30, 2020. This increase was primarily attributable to stock option expense, which amounted to $4 million for the 3 months ended June 30, 2021, or an increase of $2.8 million, which accounts for 51.9% of the total increase in this area when compared to the prior year quarter.

截至2021年6月30日止三個月的一般及行政費用為910萬美元，較截至2020年6月30日止三個月的390萬美元增加520萬美元，即133%。這一增長主要歸因於股票選擇權費用，該費用為截至 2021 年 6 月 30 日的 3 個月，增長至 400 萬美元，即增加了 280 萬美元，與去年同期相比，佔該領域總增長的 51.9%。

Management deems it very important to motivate employees by providing them ownership in the business in order to promote overperformance. Additionally employee cost for the 3 months ended June 30, 2021, reflect an increase of $670,000 or 61%, as investments in this area are also required to properly support our higher business volume and the commercial and operational areas of the business. Additionally, travel and other similar expenses are now being incurred. Administrative expenses amounted to $2.7 million or an increase of $1.4 million or 107.7% when compared to the prior year quarter. This variance is mainly related to an increase in bad debt reserve of $650,000 to properly cover any potential realization exposures.

管理層認為，透過為員工提供企業所有權來激勵員工以促進超額績效非常重要。此外，截至2021 年6 月30 日的三個月的員工成本增加了670,000 美元，即61%，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以及業務的商業和運營領域。此外，現在也產生旅費和其他類似費用。管理費用為 270 萬美元，與去年同期相比增加了 140 萬美元，即 107.7%。這一差異主要與壞帳準備金增加 650,000 美元有關，以適當涵蓋任何潛在的變現風險。

We also experienced increases in audit costs, legal expenses, insurance costs and office rent, which accounted for the majority of the remaining fluctuation of $750,000. Depreciation and amortization increased by approximately $124,000 when compared to the prior year quarter. Lastly, all other administrative expenses, which were mainly composed of research, development, and quality control testing, increased by $200,000 when compared to the second quarter of 2020.

我們還經歷了審計費用、法律費用、保險費用和辦公室租金的增加，這些費用佔了剩餘 75 萬美元波動的大部分。與去年同期相比，折舊和攤提增加了約 124,000 美元。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 20 萬美元。

Total net other income for the 3 months ended June 30, 2021, amounted to $361,500 which reflects an increase of $51,500 when compared to the total other income of $310,000 for the 3 months ended June 30, 2020. The total other net income of $361,500 is composed of foreign currency exchange gains of $178,000, miscellaneous other non-operational income of $108,000, interest income of $77,000 related to the note receivable from our China licensee, which were partially offset by miscellaneous interest expense of $1,400 pertaining to financial leases.

截至2021 年6 月30 日止3 個月的其他淨收入總額為361,500 美元，與截至2020 年6 月30 日止3 個月的其他收入總額310,000 美元相比，增加了51,500 美元。其他淨收入總額為361,500 美元其中包括178,000 美元的外匯收益、108,000 美元的其他雜項非營業收入、與中國被許可方應收票據相關的利息收入77,000 美元，其中部分被與融資租賃相關的1,400 美元的雜項利息支出所抵消。

The note receivable requires repayment by our licensee over 5-year period. The note receivable is due from the licensee in accordance with his terms, even if the independent license arrangement is terminated. As a result of the above, the net income for the 3 months ended June 30, 2021 was $3.9 million or $0.05 per share on a weighted average of 73.2 million shares outstanding and dilutive earnings of $0.05 per share based on a fully diluted weighted average of 77.2 million shares outstanding. In comparison, for the 3 months ended June 30, 2020, the company had net income of approximately $1.6 million or $0.02 per share based on a weighted average of 69.4 million shares outstanding and a dilutive earnings per share of $0.02 based on a fully dilutive weighted average of 71.5 million shares outstanding.

應收票據要求我們的被授權人在 5 年內償還。即使獨立許可安排終止，應收票據仍應根據被授權人的條款向其支付。綜上所述，截至2021 年6 月30 日止3 個月的淨利為390 萬美元，以7,320 萬股已發行股票的加權平均計算，每股收益為0.05 美元，根據完全稀釋加權平均數計算，稀釋收益為每股0.05 美元。已發行股數為 7,720 萬股。相較之下，截至2020 年6 月30 日的三個月，該公司的淨利潤約為160 萬美元，或每股0.02 美元，基於6,940 萬股已發行股票的加權平均，每股稀釋收益為0.02 美元，基於完全稀釋加權平均已發行股數為 7,150 萬股。

Focusing now on liquidity and capital resources. As of June 30, 2021, and December 31, 2020, we had cash of 83.8 and $43.2 million respectively and working capital of 151 and $66.2 million respectively with no long-term debt. Cash flows used by operating activities totaled $30.3 million for the 6 months ended June 30, 2021, representing a $26.1 million increase from net cash used in operating activities of $4.3 million for the 6 months ended June 30, 2020. The use of cash was mainly related to increase in our inventory levels in order to properly service demand for our products. Our net inventory increased $45.4 million from Q4 2020 to $63.8 million in Q2 of 2021. Excluding this significant increase in inventory, cash flow from operations would have totaled $15.1 million.

現在的重點是流動性和資本資源。截至2021年6月30日和2020年12月31日，我們的現金分別為83.8和4320萬美元，營運資金分別為151和6620萬美元，沒有長期債務。截至2021年6月30日止6個月，經營活動使用的現金流量總計3,030萬美元，較截至2020年6月30日止6個月的經營活動使用的現金淨額430萬美元增加2,610萬美元。現金使用主要是與增加庫存水準有關，以便妥善滿足對我們產品的需求。我們的淨庫存從 2020 年第四季增加了 4,540 萬美元，到 2021 年第二季增加了 6,380 萬美元。排除庫存的大幅增加，營運現金流總計為 1,510 萬美元。

I also wanted to cover a few additional metrics we believe provide a good perspective of our operational performance using Q2 business volume as a basis. Our DSOs or daily sales outstanding were approximately 45 days. Our inventory days on hand were approximately 155 days and our payable -- our days payable outstanding were approximately 31 days. Given our growth, these are very good working capital metrics.

我還想介紹一些額外的指標，我們相信這些指標可以以第二季的業務量為基礎來很好地反映我們的營運績效。我們的 DSO 或每日應收銷售額約為 45 天。我們的庫存天數約為 155 天，應付帳款天數約為 31 天。鑑於我們的成長，這些都是非常好的營運資本指標。

Lastly, adjusted EBITDA for the second quarter was $7.9 million or 12.2% of revenues. We believe this information of adjusted EBITDA and other non-GAAP financial measures enhance the overall understanding and visibility of our true business performance. To that effect, a reconciliation of our GAAP results to non-GAAP figures has been included in our earnings press release.

最後，第二季調整後 EBITDA 為 790 萬美元，佔營收的 12.2%。我們相信調整後的 EBITDA 和其他非 GAAP 財務指標的資訊可以增強我們對真實業務績效的整體理解和可見性。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新聞稿中。

This concludes our prepared remarks. Operator, you may now open the call for questions. Thank you.

我們準備好的演講到此結束。接線員，您現在可以發起提問。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. I guess, first, there is meant to be quite a significant amount of, I guess, catch-up shelf resets this fall, after some delays and those sorts of things. Obviously, you've gained quite a bit of distribution. You have some momentum. Should we be expecting that to accelerate into those resets? Or do you think you've maybe captured a reasonable amount of what you would have captured at a reset, anyways we should just expect things to kind of continue along its current path?

有幾個問題。我想，首先，在經歷了一些延誤和諸如此類的事情之後，今年秋天將會有相當多的追趕貨架重置。顯然，您已經獲得了相當多的發行量。你有一些動力。我們是否應該期待這種情況會加速到重置階段？或者你認為你可能已經捕獲了在重置時捕獲的合理數量的東西，無論如何我們應該期望事情沿著當前的路徑繼續下去？

This is John. When we look at resets, we added about 20,000 stores through the first 6 months of the year, reaching 100,000 doors is a major milestone for the company. What we're seeing, Coke Energy is getting listed out there right now and our team has been extremely aggressive potentially getting some of that space for us in the back half of this year as retailers are doing some mid-year cut-ins. So that we saw in the resets are a little bit unique given with COVID in 2020. There is some different timing on resets. So we are seeing shelf sets get -- gaining additional distribution. We expect to gain additional distribution in Q3.

這是約翰。當我們看看重置時，我們在今年前 6 個月增加了約 20,000 家商店，達到 100,000 家門市是公司的一個重要里程碑。我們看到，可口可樂能源公司現在正在上市，我們的團隊非常積極地可能在今年下半年為我們獲得一些空間，因為零售商正在進行一些年中削減。因此，考慮到 2020 年的新冠疫情，我們看到的重置有點獨特。重置的時間有一些不同。因此，我們看到貨架組獲得了額外的分銷。我們預計在第三季獲得額外的分配。

Also the activation of the DSD network, really going after small format independents is a huge opportunity for us as we continue to activate this DSD network. So we anticipate stores to continue to grow. We'll see at the same rate, but early indications are we will continue to grow doors throughout the year and then as we anticipate larger resets happening in 2022.

此外，隨著我們繼續激活這個 DSD 網絡，DSD 網路的激活，真正追求小型獨立音樂人對我們來說是一個巨大的機會。因此，我們預計商店將繼續成長。我們將以相同的速度看到，但早期跡象表明我們將繼續全年增加門，然後我們預計 2022 年將發生更大規模的重置。

Got it. And then if I could ask about Europe. You mentioned that you are planning on launching an Amazon Europe in a series of markets. Can you maybe just add a little bit more detail on maybe the market size, what your expectations are for contribution in those launches, that sort of thing?

知道了。然後可以問一下歐洲的情況嗎？您提到您計劃在一系列市場推出亞馬遜歐洲。您能否添加更多關於市場規模、您對這些發布的貢獻的期望等細節？

Yes, we've been talking about it for some time. We're obviously doing extremely well on Amazon in North America and working with the European partners and divisions over there. We're looking for really in Q3 to launch in the U.K. and Germany and other markets. Early indication, it is the overall size of the energy drink market on Amazon is not as large as the U.S. We do anticipate incremental revenue, but most importantly it gives us additional exposure as we expand into these markets. So think of it as air cover per se as we entered the U.K. and Germany and opportunity as we look for partners in retail as well as distributors. So lots of opportunity as we look to further expand throughout Europe, but in regards to significant dollars to top line, we'll see how it prevails, but we anticipate it to be incremental.

是的，我們已經討論了一段時間了。顯然，我們在北美的亞馬遜上做得非常好，並與那裡的歐洲合作夥伴和部門合作。我們希望真正在第三季在英國、德國和其他市場推出。早期跡象表明，亞馬遜能量飲料市場的整體規模並不像美國那麼大。我們確實預計收入會增加，但最重要的是，當我們擴展到這些市場時，它會給我們帶來額外的曝光。因此，當我們進入英國和德國時，可以將其視為空中掩護，當我們尋找零售和分銷商合作夥伴時，可以將其視為機會。當我們尋求在整個歐洲進一步擴張時，有很多機會，但就收入而言，我們將看到它如何流行，但我們預計它將是增量的。

Okay, great. And maybe a final question on margins. It sounds like you have quite a bit of confidence in getting your gross margins back up to where they were. But I guess was just under 47% last year. Is that what you are indicating when you're saying we will sequentially get better to get back to that 40 -- I guess 46.6%? Or was that maybe longer range? Is that kind of a year -- because the figure for what you intend to exit the year, what do you think you'll get the full year to?

好的，太好了。也許最後一個問題是關於利潤率的。聽起來您對讓毛利率恢復到原來的水平很有信心。但我猜去年這個比例略低於 47%。當你說我們會逐漸變得更好，回到 40%——我猜是 46.6% 時，這就是你所暗示的嗎？或者說射程可能更長？那是這樣的一年嗎？因為你打算結束這一年的數字，你認為你全年會達到什麼目標？

Yes, we feel in the back half of 2021 of this year, we're going to see sequential growth anticipated in the margins, as we've seen in Q1 and in Q2. There's a lot of variables out there, freight costs as well and in extremely volatile as well as we will be cycling through some imported cans and raw materials. So that will put some pressure on our margins in Q2 and potentially into Q4. We do anticipate more U.S. can manufacturing to be utilized towards the back half of 2021 and into 2022. And Edwin, I don't know if you want to add any additional color on that?

是的，我們認為在 2021 年下半年，我們將看到利潤率預期連續成長，正如我們在第一季和第二季所看到的那樣。那裡有很多變數，運輸成本也非常不穩定，而且我們將循環使用一些進口罐頭和原料。因此，這將對我們第二季甚至第四季的利潤率造成一些壓力。我們確實預計 2021 年下半年和 2022 年將使用更多的美國罐頭製造。Edwin，我不知道您是否想在此基礎上添加任何其他內容？

Yes. Yes, I agree, there's a lot of variables and the other one that I always like to emphasize is the parity between the U.S. dollar and the euro. And the dollar is strengthening. So I think that's also going to come into play as well. Again so difficult to kind of predict where we're going to land, but I always want to make sure that that's also taken into consideration.

是的。是的，我同意，有很多變數，另一個我總是喜歡強調的是美元和歐元之間的平價。美元正在走強。所以我認為這也會發揮作用。同樣很難預測我們將在哪裡著陸，但我總是想確保這一點也被考慮在內。

Yes. No. Good point. But we do anticipate the Q2 results at around 43% gross profit to anticipate being the floor as we continue to move forward.

是的。不，說得好。但我們確實預計第二季的毛利約為 43%，這是我們繼續前進的底線。

Our next question comes from the line of Sean King with UBS.

我們的下一個問題來自瑞銀集團的肖恩金 (Sean King)。

How are you thinking about pricing in the energy drink category? And I guess, just maybe your ability to take pricing given some of the consumer loyalty metrics that you've seen?

您如何考慮能量飲料類別的定價？我想，也許您有能力根據您所看到的一些消費者忠誠度指標來定價？

Yes, I mean consumer loyalty has been extremely high for us. That's more of a competitive advantage we have is our loyal fan base. In regards to pricing, we do think there's opportunities on pricing as we continue to grow in scale. When we look at pricing right now, we're really watching what the other players in the category are doing and also same with Monster and many players really watching our promotional allocations, allowances and plans as we go forward to mitigate the overall front line price increase.

是的，我的意思是我們的消費者忠誠度非常高。我們擁有的更多競爭優勢是我們忠實的粉絲群。在定價方面，我們確實認為隨著我們規模的不斷擴大，定價上存在機會。當我們現在考慮定價時，我們確實在關注該類別中的其他玩家在做什麼，也與 Monster 相同，許多玩家在我們繼續降低整體一線價格的過程中真正關注我們的促銷分配、津貼和計劃增加。

Great. If I could squeeze one more in. I just was curious just to how to understand the mechanics of the shift to DSD. And if that does have a drag on margins going forward?

偉大的。如果我能再擠進去一點的話。我只是很好奇如何理解轉變為 DSD 的機制。這是否會拖累未來的利潤率？

Yes. No, it's a great question. I mean there is somewhat of a transition. We are getting a top line dollars and we're giving up margin to move to our DSD network, but there's a lot of synergistic benefits that you receive on transitioning. So what we're seeing is it's really potentially margin-neutral. And also where we see opportunities as we grow further scale to really, really leverage some of those efficiencies on a larger scale operations as we continue to grow to further increase our margin. So at this point, as we make the transition, it has been fairly neutral.

是的。不，這是一個很好的問題。我的意思是有一些過渡。我們獲得了收入，並放棄了利潤來轉向我們的 DSD 網絡，但在轉型過程中您會獲得很多協同效益。所以我們看到的是它確實可能是保證金中性的。隨著我們進一步擴大規模，我們看到了機會，在我們繼續發展以進一步提高利潤率的同時，真正、真正地在更大規模的營運中利用一些效率。因此，在這一點上，當我們進行過渡時，它是相當中性的。

Yes, the way I would look at it as well is, from my perspective is, kind of short-term versus long-term or mid-term, initially, there may be an impact to contraction, but as John mentioned, then with the synergies and the other benefits will definitely be able to make that up.

是的，從我的角度來看，我看待它的方式是，短期與長期或中期相比，最初可能會對收縮產生影響，但正如約翰所提到的，然後隨著協同效應和其他好處肯定能夠彌補這一點。

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

（操作員說明）我們的下一個問題來自 Jeffrey Cohen 和 Ladenburg Thalmann 的線路。

Just a bit of a follow-up on a couple of Kaumil's questions as far as the big 5 plus in Western Europe, you're going to launch out on EU Amazon. Are there any plans for other channels to happen in the short to mid-term as far as the gym channels or retail?

只是對 Kaumil 的幾個問題進行一些跟進，就西歐的 5+ 強而言，您將在歐洲亞馬遜上推出。就健身房通路或零售而言，中短期內是否有計畫推出其他通路？

Yes, that is a massive opportunity. We are under discussions. We're looking at that with a variety of opportunities of potential partners. So more on that in the coming quarters. But at this point, our first step is to expand with Amazon and then we're looking for other partners in those markets where we are under discussions.

是的，這是一個巨大的機會。我們正在討論中。我們正在尋找潛在合作夥伴的各種機會。未來幾季我們將對此進行更多討論。但目前，我們的第一步是與亞馬遜一起擴張，然後我們在我們正在討論的市場中尋找其他合作夥伴。

Great. And then second for us. Could you talk about the coolers and what we should expect for the back half and talk a little bit about some of the channels of velocity that you're getting to there and how that may roll out in some of the data in stores as far as what they're finding as far as the effect on the floors?

偉大的。然後是我們的第二名。您能否談談冷卻器以及我們對後半部分的期望，並談談您所達到的一些速度渠道以及如何在商店中的某些數據中推出這些渠道他們對地板的影響有何發現？

Yes. No, it's a great question. In regards to sitting here in 2019 and 2018, we had into 2020, we really had a lot of out of stocks at retail, just due to the velocity of the products. So moving to DSD is one step in enhancing our availability, maintaining that in-stock position and then taking it to the next step further is getting coolers placed strategically in locations where we really can drive a velocity and really service our customers, historically up and so really over 12 months ago the majority of our sales are all take home. So with the cold availability, that allows us to take part of the larger energy drink category, which is at immediate impulse purchase. And what we're seeing when we place coolers in strategic locations where our consumers are, we're seeing great returns on the investments in the coolers ROI and better servicing for our customers and also it's a greater partnership with our DSD partners.

是的。不，這是一個很好的問題。就 2019 年和 2018 年而言，進入 2020 年，由於產品的流通速度，我們的零售確實出現了大量缺貨。因此，轉向 DSD 是提高我們的可用性、保持庫存狀況的一個步驟，然後進一步將冷卻器策略性地放置在我們真正能夠提高速度並真正為客戶提供服務的位置，從歷史上看，所以實際上在12 個月前，我們的大部分銷售額都帶回家了。因此，隨著冷飲的供應，我們可以參與更大的能量飲料類別，這是立即衝動購買的一部分。當我們將冷卻器放置在消費者所在的戰略位置時，我們看到了冷卻器投資回報率的巨大回報，為我們的客戶提供了更好的服務，而且與我們的DSD 合作夥伴建立了更好的合作關係。

So I think of it like the salesperson as well when you see those coolers there. They look great. We are -- I have indicated as I stated, we have about 500 that are currently placed as of June 30. We have many more we anticipate to place in the back half of this year and into 2022. We're working on some cooler programs in some larger retailers for 2022 as well. So really in a good place as we continue to service our customers better, where they live, work and play.

所以當你看到那些冷卻器時，我也會像銷售人員一樣想到它。他們看起來很棒。正如我所說，截至 6 月 30 日，我們目前已部署了大約 500 個。我們預計將在今年下半年和 2022 年部署更多。我們正在開發一些更酷的產品一些大型零售商也將在2022年開展計劃。隨著我們繼續為客戶提供更好的服務，他們生活、工作和娛樂的地方，這確實是一個好地方。

Got it. And then lastly, first, can you talk about the throughput rates previously 80% and 90% reported out this quarter. So where's kind of steady state, and what are the push and pulls there involved?

知道了。最後，首先，您能談談本季之前報告的 80% 和 90% 的吞吐量嗎？那麼什麼是穩定狀態？那裡涉及什麼推力和拉力？

Yes, fill rates in Q1 were roughly around 80%. We have increased those to the back half of the second quarter, mainly in June, getting to a 90% fill rate there. So we anticipate that to continue to sequentially increase over the next several months. Currently, in Q2 we're averaging right around that 94%, 93% fill rate, that should increase as we further increase our inventories. Moving to this 6-orbit model of warehousing also will allow us to drive some efficiencies. The key is to get the inventory levels at a -- at the right level and then we'll be able to continue to improve fill rates.

是的，第一季的填充率大約在 80% 左右。我們已將這些增加到第二季後半段，主要是在 6 月份，在那裡達到 90% 的填充率。因此，我們預計這一數字在未來幾個月將繼續持續成長。目前，第二季我們的平均填充率約為 94%、93%，隨著我們進一步增加庫存，填充率應該會增加。轉向這種 6 軌道倉儲模型也將使我們能夠提高一些效率。關鍵是將庫存水準保持在正確的水平，然後我們將能夠繼續提高填充率。

Congrats on the strong read out.

恭喜強者讀出。

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

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

Just any update you can give us on where we are on CVS and 7-Eleven's progress on flipping to maxed out DSD?

您能否向我們提供有關 CVS 和 7-11 在轉向最大 DSD 方面的進展的最新資訊？

Yes. Great question, Jeff. In regards to 7-Eleven, we continue to make progress each and every day. The whole West Coast division has been turned over. We're working on the Southeast Division and several other regions. So we seem to have a full support of 7-Eleven, really closing the gaps. Now that we have about 85% of every county covered in the U.S., really gives us further grip. Our DSD team really made great strides in the second quarter, securing the final pieces of some of these counties that needed to be covered in order to flip over the zones. So really excited on 7-Eleven. That's going to continue to transition there. And then CVS, we make -- we're making progress on that each and every day.

是的。好問題，傑夫。對於7-11，我們每天都在不斷進步。整個西海岸賽區已經被移交。我們正在東南賽區和其他幾個地區開展工作。所以我們似乎全力支持7-11，真正縮小了差距。現在我們已經涵蓋了美國每個縣的大約 85%，這確實讓我們有了更大的控制力。我們的 DSD 團隊在第二季度確實取得了巨大進步，確保了需要覆蓋的一些縣的最後部分，以便翻轉區域。 7-11 真的很興奮。這將繼續在那裡轉變。然後是 CVS，我們每天都在這方面取得進展。

More zones or more DCs are being converted. Still have a lot of work ahead to continue to move forward, mainly with the Anheuser-Busch network. There's some challenges on alcohol distributor servicing, some nuances there we're working through. But all in all, everyone is in favor and flipping over to DSD. And then the CVS, if you look at it, we have full shelves across the country. So lots of opportunity to drive volume to better service our customers.

更多區域或更多 DC 正在轉換。仍有大量工作需要繼續推進，主要是與安海斯-布希網路的合作。酒精經銷商的服務存在一些挑戰，我們正在解決一些細微差別。但總而言之，每個人都贊成並轉向 DSD。然後是 CVS，如果你看一下，我們在全國都有完整的貨架。因此有很多機會來提高銷量，從而更好地服務我們的客戶。

Okay, great. And then any -- are you anticipating any impact on the fitness and vending channel with the resurgence of COVID or do you think we're beyond that?

好的，太好了。那麼，您是否預計新冠疫情的捲土重來會對健身和自動販賣機管道產生任何影響，或者您認為我們的影響超出了這個範圍？

Yes, it's a great question. I mean, we saw great growth in the second quarter in our fitness and vending, but between the both of them were $4.9 million. We haven't seen it slow down yet. That is definitely a concern we're having. We're taking additional protocols and safety measures throughout the whole company. Time will tell. At this point, we're seeing, especially in Florida, Texas, and many markets, we're seeing the gyms are coming back. So people are very cautious, but it seems to be a growing opportunity for Celsius. So time will tell. I don't have a great answer on that, but we're watching, monitoring that closely and we're aggressively pursuing those markets.

是的，這是一個很好的問題。我的意思是，我們在第二季的健身和自動販賣機方面看到了巨大的成長，但兩者的總價值為 490 萬美元。我們還沒有看到它放緩。這絕對是我們所關心的問題。我們正在整個公司採取額外的協議和安全措施。時間會證明一切。目前，我們看到，尤其是在佛羅裡達州、德克薩斯州和許多市場，我們看到健身房正在回歸。所以人們非常謹慎，但這對Celsius來說似乎是一個成長的機會。所以時間會證明一切。對此我沒有很好的答案，但我們正在密切關注，並且正在積極開拓這些市場。

Okay. And then if I could just squeeze in one more. If you could touch on the launch of the 4-packs?

好的。然後如果我能再擠進去一個就好了。能談談 4 件裝的推出嗎？

Yes, the launch of the 4-packs, Jeff, you've been with us for some time as well. When you look at where we've been, it's the company transition to a single strategy to drive trial and awareness, and now due to our velocity has increased exponentially, especially in grocery mass. There is opportunities for further pack size, and I think everyone has been talking about multi-packs. So what we'll do strategically is further expanding the multi-pack offerings and the 4-packs going into Target is a great win for the company. It just shows you the velocity. We started off with 3 singles, 3 flavors, 4 flavors, 5 flavors expanded stores. Now we're taking that partnership to the next level with 4-packs and soon to be a multi-pack, we're working on as well as we look at 2022.

是的，4 件裝的推出，傑夫，你也和我們在一起有一段時間了。當你看看我們所取得的進展時，你會發現公司正在向單一策略過渡以推動試驗和意識，現在由於我們的速度呈指數級增長，尤其是在雜貨品質方面。有機會進一步擴大包裝尺寸，我想每個人都在談論多件裝。因此，我們將在策略上做的是進一步擴大多件裝產品，進入 Target 的 4 件裝產品對公司來說是一個巨大的勝利。它只是向您顯示速度。我們一開始有3個單店、3個口味、4個口味、5個口味的擴充店。現在，我們正在透過 4 件裝將這種合作關係提升到一個新的水平，很快就會推出多件裝，我們正在努力，我們也著眼於 2022 年。

So lots of opportunities there, but definitely take home, larger take home is going to increase our over velocity as well versus people buying 1 or 2 cans, you can pick up multiple packs. It's worked really well for us at Publics as an example, where we have singles and 4-packs. So expect more 4-packs and multi-packs coming in the back half of 2021 and then into 2022.

所以那裡有很多機會，但絕對可以帶回家，更大的帶回家也會提高我們的超速，與購買 1 或 2 罐的人相比，你可以拿起多包。以 Publics 為例，它的效果非常好，我們有單件裝和 4 件裝。因此，預計 2021 年下半年和 2022 年將出現更多 4 件裝和多件裝。

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

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

So in terms of the branded coolers, that seems to be going well. Can you give a little more color around the metrics? When you put in a branded cooler and then cap or at the checkout what do you see in terms of velocity or sell-through for that versus before you had the branded cooler in there?

因此，就品牌冷卻器而言，情況似乎進展順利。您能否為指標提供更多色彩？當您放入品牌冷卻器，然後蓋上蓋子或在結帳時，與您放置品牌冷卻器之前相比，您在速度或銷售方面看到什麼？

I mean it's all about retail execution for us. I mean, we're working on. Our teams are expanding. We are expanding our DSD support teams, our field marketing teams. We have great merchandisers and sales support teams we're building across the country. And it's all about now that our brand awareness continues to grow, our velocity grows. We need to have additional placements in stores. Our goal is to have 3 placements in every store. We want to be 3 points of disruption, we call it, as well as the importance of cold in an end cap. So that's a big initiative that strives.

我的意思是，對我們來說，這一切都與零售執行有關。我的意思是，我們正在努力。我們的團隊正在擴大。我們正在擴大 DSD 支援團隊和現場行銷團隊。我們正在全國建立優秀的跟單人員和銷售支援團隊。現在，我們的品牌知名度不斷提高，我們的速度不斷提高。我們需要在商店中有更多的展示位置。我們的目標是每家商店都有 3 個展示位置。我們希望成為 3 個顛覆點，我們稱之為“終結點”，以及“冷”的重要性。所以這是一項值得努力的重大舉措。

I mean it's important that we have that also additional stock on the floor in these retailers, but what we're seeing is the end capital drive with additional incremental rep, volume and velocities and then the cold equipment once it's in and you get cold placement at the proper location it grows even further exponentially there. So there's a lot of opportunity at placing cold equipment in the right locations and these are getting retailers in our given markets and we're just at the beginning of that.

我的意思是，重要的是我們在這些零售商的地板上還有額外的庫存，但我們看到的是最終的資本驅動，增加了額外的代表、數量和速度，然後是冷設備，一旦進入，你就會得到冷安置在適當的位置，它會進一步呈指數增長。因此，將冷設備放置在正確的位置有很多機會，這些機會正在讓零售商進入我們特定的市場，而我們才剛開始。

Okay, great. And then in terms of being able to meet the demand out there, I think right now we have around 9 co-packers if that's correct. Is that based on your 6-to-12-month plan right now from what you could see? Is that sufficient or are you looking to add more co-packers at this point?

好的，太好了。然後就能夠滿足那裡的需求而言，我認為現在我們有大約 9 個代加工商（如果這是正確的）。據您所知，這是基於您目前 6 到 12 個月的計劃嗎？這是否足夠，或者您現在是否希望添加更多代加工廠？

We're always talking and looking for great partners. Great partners build great brands and great company. So constantly talking with new co-packers and potential partners. We do feel we have the 9 co-packers now that are active will solidify our growth for the next 12 months depending on how things go. We're looking for further partners as well. We do have Paul Storey that joined the company. So he has been incremental building out our operations team, as our EVP of Operations. So he comes with a great wealth of knowledge and also potential partners. So lots of opportunity there. I mean if you look at our -- the velocity, the production levels that we've been producing over the last 2 months, we've produced more product than we did in all of 2020. So we are really well positioned as we continue to fulfill the demand that's out there for Celsius.

我們一直在討論並尋找優秀的合作夥伴。偉大的合作夥伴打造偉大的品牌和偉大的公司。因此，不斷與新的代加工商和潛在合作夥伴交談。我們確實認為，我們現在擁有 9 家活躍的代加工商，這將鞏固我們未來 12 個月的成長，具體取決於情況進展。我們也在尋找更多的合作夥伴。我們確實有保羅·斯托里加入了公司。因此，作為我們的營運執行副總裁，他一直在逐步建立我們的營運團隊。因此，他擁有豐富的知識和潛在的合作夥伴。那裡有很多機會。我的意思是，如果你看看過去 2 個月我們生產的速度和生產水平，我們生產的產品比 2020 年全年還要多。因此，我們在繼續生產的過程中處於有利地位。以滿足對攝氏溫度的需求。

This concludes our question-and-answer session. I'd like to hand the call back to management for closing remarks.

我們的問答環節到此結束。我想將電話轉交給管理階層以供結束語。

Thank you. On behalf of the company, we'd like to thank everyone for joining us today and their continued interest. Our results demonstrate our products are gaining considerable momentum. We are capitalizing on today's global health and wellness trends and the transformation taking place in today's energy drink category. Our active lifestyle position is a global position with mass appeal. We're building upon our core and leveraging opportunities and deploying best practices. We have an award-winning portfolio, strategy and team in a large, rapidly growing market that consumers want. We believe we'll be able to continue to navigate through the challenge ahead of us as a result of COVID-19 and we are well positioned to thrive in the transformation taking place in the category today.

謝謝。我們謹代表公司感謝大家今天加入我們以及他們的持續關注。我們的結果表明我們的產品正在獲得巨大的發展勢頭。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。我們的積極生活方式定位是具有大眾吸引力的全球定位。我們正在以我們的核心為基礎，利用機會並部署最佳實踐。我們在消費者想要的龐大、快速成長的市場中擁有屢獲殊榮的產品組合、策略和團隊。我們相信，我們將能夠繼續應對 COVID-19 帶來的挑戰，並且我們已做好充分準備，在當今該類別正在發生的轉型中蓬勃發展。

In addition, I'd like to thank all of our investors for their continued support and confidence in our team. Next week, we'll be hosting our Annual Shareholder Meeting, August 19 at 2:00 PM in Boca Raton. Notices have been sent out to all shareholders with a record date as of June 30, 2021. Additional information is available on our corporate website.

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。下週，我們將於 8 月 19 日下午 2:00 在博卡拉頓舉辦年度股東大會。通知已發送給所有股東，記錄日期截至 2021 年 6 月 30 日。更多資訊請造訪我們的公司網站。

Also upcoming conferences, we will be attending, Wells Fargo Fourth Annual Consumer Conference is being held September 23 to 24, also the Jefferies West Coast Consumer Conference is being held November 16 and 17. Look forward to seeing many of you there. Thank you everyone for your interest in Celsius. Be safe, stay healthy, and have a great day.

我們也將參加即將舉行的會議，富國銀行第四屆年度消費者會議將於9 月23 日至24 日舉行，傑富瑞西海岸消費者會議也將於11 月16 日至17 日舉行。期待在那裡見到你們。感謝大家對攝氏的興趣。確保安全，保持健康，祝您有美好的一天。

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。此時您可以斷開線路並度過美好的一天。