Celsius Holdings Inc (CELH) 2020 Q4 法說會逐字稿

Greetings, and welcome to Celsius Holdings Fourth Quarter and 2020 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加攝氏控股第四季和 2020 年收益電話會議。 （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. Thank you, Cameron. You may begin.

現在我很高興向您介紹主持人，Celsius 投資者關係部門的卡梅倫·多納休 (Cameron Donahue)。謝謝你，卡梅倫。你可以開始了。

Thank you, and good morning, everyone. We appreciate you joining us today for Celsius Holdings Fourth Quarter and Full Year 2020 Earnings Conference Call. Joining me on the call today are John Fieldly, President and Chief Executive Officer; and Edwin Negron, Chief Financial Officer.

謝謝大家，大家早安。我們感謝您今天加入我們攝氏控股 2020 年第四季和全年財報電話會議。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）。

Following the prepared remarks, we'll open the call to your questions and instructions will begin at that time. The company filed its Form 10-K 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.

在準備好發言後，我們將開始電話詢問您的問題，屆時將開始提供指示。該公司向 SEC 提交了 10-K 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。

Please also be aware that this call maybe contain forward-looking statements, which are based on forecasts, expectations and other information available to the management as of March 11, 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 obligations 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.

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3 月11 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承受範圍。控制。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 remarks. John?

接下來，我想將電話轉給總裁兼執行長約翰·菲爾德利 (John Fieldly)，聽取他準備好的演講。約翰？

Thank you, Cameron, and good morning, everyone, and thank you for joining us today. As we have all been impacted by the COVID-19 pandemic, our fourth quarter and full year 2020 has been impacted as well, materially impacting several channels of trade Celsius operates in, including our health and fitness, vending, food service as well as reduced foot traffic in several channels of trade throughout the country. In addition, our EU, Middle East, Southeast Asia and Australia operations, which remain adversely affected by COVID-19 pandemic.

謝謝卡梅倫，大家早安，謝謝你們今天加入我們。由於我們都受到了COVID-19 大流行的影響，我們的第四季度和2020 年全年也受到了影響，對攝氏度運營的多個貿易渠道產生了重大影響，包括我們的健康和健身、自動售貨、食品服務以及減少的全國多個貿易管道的人流。此外，我們的歐盟、中東、東南亞和澳洲業務仍受到 COVID-19 大流行的不利影響。

Traffic and purchasing patterns remain disrupted and online ordering patterns, pant repurchasing and curbside pickup, maintained more prevalence in response to the stay-at-home orders and the shifts in consumer lifestyles. While we have started to improve in the third and fourth quarter with capacity restrictions as well as reopenings and hardest hit channels, there still remains uncertainty. As there potentially could be reclosings of additional 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.

流量和購買模式仍然受到干擾，為了應對居家訂單和消費者生活方式的轉變，線上訂購模式、褲子回購和路邊提貨仍然更加流行。雖然我們在第三和第四季開始透過運力限制以及重新開放和受打擊最嚴重的管道有所改善，但仍存在不確定性。由於我們的業務區域可能會重新關閉更多病例，這可能會迫使某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。

In addition, we continue to monitor the environment and implement contingency plans to mitigate risk to our business. The company's operations are fully operational, and our products remain generally available for customers. Even despite these constraints affecting our business in 2020, we persevered to set new records in revenue each quarter and for the full year of 2020. Celsius achieved a new record of over $130 million in revenue, with approximately $8.5 million in income and approximately $15 million in EBITDA.

此外，我們繼續監控環境並實施應急計劃，以減輕我們業務的風險。該公司的業務已全面投入運營，我們的產品仍可供客戶普遍使用。儘管這些限制因素影響了我們2020 年的業務，但我們仍然堅持在每個季度和2020 年全年創造新的收入記錄。Celsius 實現了超過1.3 億美元收入的新記錄，其中收入約為850 萬美元，收入約1500 萬美元息稅折舊攤提前利潤 (EBITDA)。

Our fourth quarter and full year results reflects the tremendous operational and financial achievements Celsius has accomplished. More importantly is the future opportunity as these achievements laid the foundation for future success. This is only the beginning.

我們的第四季和全年業績反映了攝氏度所取得的巨大營運和財務成就。更重要的是未來的機遇，這些成就為未來的成功奠定了基礎。這只是個開始。

On the convenience channel side in North America, we did see tangible ACV gains, mostly through our expanded national DSD distribution and expansion through existing chains. These include the largest new customer, Speedway, which added about approximately 2,700 locations. Several large convenience chains had their coolers resets pushed back due to COVID-19 in 2020, but we expect a very strong spring cooler reset in this channel, both from those that pushed their resets in 2020 as well as new opportunities driven by our category-leading growth metrics, which are drastically outpacing the category growth rates.

在北美的便利通路方面，我們確實看到了 ACV 的實際收益，主要是透過我們擴大的全國 DSD 分銷和現有連鎖店的擴張。其中包括最大的新客戶 Speedway，該公司增加了約 2,700 個營業點。由於2020 年COVID-19 的影響，幾家大型便利連鎖店的冷卻器重置被推遲，但我們預計該渠道的春季冷卻器重置將非常強勁，這既來自那些在2020 年推動重置的公司，也來自於我們類別驅動的新機會 -領先的成長指標，大大超過了類別的成長率。

We also discussed another COVID impact in our third quarter earnings call, the aluminum can shortage. The shortage has impacted the entire industry. The large can manufacturers in the U.S. have all initiated major expansion projects with expected completion times coming somewhere in the back half of 2021 and potentially through 2022.

我們也在第三季財報電話會議上討論了新冠疫情的另一個影響，即鋁罐短缺。短缺影響了整個產業。美國大型罐頭製造商均已啟動重大擴建項目，預計完工時間為 2021 年下半年，甚至可能持續到 2022 年。

Celsius has successfully navigated this major disruption by leveraging our global relationships and strategic investors to secure the additional cans needed from both our Europe and Asia operations to support our growth. As outlined in our last call, this will impact our gross profit margins by a few points, but we remain confident that the company will run approximately in the low 40% gross profit range throughout 2021. This initiative and this initial conservative baseline expectation, which we expect to improve upon throughout the year.

攝氏利用我們的全球關係和戰略投資者，從我們的歐洲和亞洲業務中獲得了支持我們成長所需的額外罐頭，成功地應對了這一重大破壞。正如我們在上次電話會議中所述，這將對我們的毛利率產生幾個百分點的影響，但我們仍然有信心該公司在2021 年全年毛利將保持在40% 左右的低水平範圍內。這項措施和最初的保守基線預期，我們預計全年都會有所改善。

We continue to explore additional opportunities as they may become available to shorten the duration Celsius is impacted by the can shortage and there is potential for additional domestic can availability in the back half of 2021. This is due to both a return to higher on-premise sales as well as timing of new capacity coming online, which will improve our operational performance.

我們將繼續探索更多機會，因為它們可能會縮短攝氏受罐頭短缺影響的持續時間，並且 2021 年下半年有可能增加國內罐頭供應。這是由於內部部署水平的恢復銷售以及新產能上線的時間，這將改善我們的營運績效。

Turning to some of the financial highlights for the fourth quarter. Overall revenue was up 48% to $35.7 million from $24.1 million in the year ago quarter.

轉向第四季度的一些財務亮點。總營收從去年同期的 2,410 萬美元成長 48% 至 3,570 萬美元。

Domestic revenue grew 67%, approximately to $28.4 million, up from $17.1 million in the year ago quarter, which was driven by continued strong double-digit growth in traditional channels of trade, and our expansion with world-class retailers and distribution partners. Our continued strong double-digit growth in our e-commerce revenue saw Celsius draw within 0.2 of a point of market share within Red Bull on Amazon per stack line.

國內收入成長 67%，約 2,840 萬美元，高於去年同期的 1,710 萬美元，這得益於傳統貿易管道持續強勁的兩位數成長以及我們與世界級零售商和分銷合作夥伴的擴張。我們的電子商務收入持續強勁的兩位數成長，使得攝氏在亞馬遜上每條生產線的紅牛市佔率下降了 0.2 個百分點。

Additionally, our fitness channel saw a 22% growth rate compared to the fourth quarter of 2019, which is extremely positive given that many GMs continue to operate at limited capacities. International revenue increased 3% to $7.3 million from $7.1 million in the year ago quarter. Our Nordic revenue increased by approximately 2% to $6.9 million.

此外，與 2019 年第四季相比，我們的健身頻道成長率為 22%，鑑於許多 GM 的營運能力仍然有限，這是非常積極的。國際營收成長 3%，從去年同期的 710 萬美元增至 730 萬美元。我們的北歐收入成長了約 2%，達到 690 萬美元。

The market was still strongly impacted by channel closures from COVID and timing of promotional programs. Despite these challenges, we have fully integrated and leveraged our synergistic benefits from the acquisition of Func Food, which has immediately been accretive to our earnings and is an important step in our strategy to build a global dominant brand.

市場仍然受到新冠疫情導致的管道關閉和促銷計劃時機的強烈影響。儘管面臨這些挑戰，我們還是充分整合並利用了收購 Func Food 所帶來的協同效益，這立即增加了我們的收益，是我們打造全球主導品牌策略的重要一步。

For the quarter, we focused on the collaborative benefits for further integration with marketing, operations and financial integrations, which will improve efficiencies and operational performance. In addition to the strong revenue momentum in the fourth quarter, the company hit record gross margin percentage levels totaling 48.9%, and 54.7% when excluding outbound freight. Net income was achieved at $1.7 million and adjusted EBITDA of $3 million for the quarter, approximately an 8.5% EBITDA margin. Consumer demand for Celsius has grown stronger through 2020, with the most recent reported United States SPINS data U.S. Google Plus Convenience for the 52 weeks ending January 24, 2021, confirms that we have significantly outpaced the category across multiple channels. This includes a 57.9% growth in the total reported channels, outpacing the category growth rate by 8x, with an average ACV of approximately 25%, which demonstrates Celsius warrants additional shelf placements and provides a runway for future growth.

本季度，我們將重點放在與行銷、營運和財務整合進一步整合的協作效益，這將提高效率和營運績效。除了第四季強勁的營收動能外，該公司的毛利率水準達到創紀錄的48.9%，不包括出境運費時毛利率達到54.7%。該季度實現淨利潤 170 萬美元，調整後 EBITDA 為 300 萬美元，EBITDA 利潤率約為 8.5%。到了2020 年，消費者對攝氏度的需求變得更加強勁，最新報告的美國SPINS 數據截至2021 年1 月24 日的52 週內的美國Google Plus Convenience 證實，我們在多個管道上顯著超過該類別。其中，報告渠道總數增長了 57.9%，比類別增長率高出 8 倍，平均 ACV 約為 25%，這表明攝氏度有必要增加貨架位置，並為未來增長提供跑道。

Additionally, third-party data reflects the same trends with Nielsen reported all accumulated channels on February 20, 2021, the company's sales were up 88% for the last 2 weeks with a 1% market share of the category and up 97.9% for the preceding 4 weeks.

此外，第三方數據也反映了與尼爾森報告相同的趨勢，截至2021年2月20日，該公司的所有累積管道的銷售額在過去兩週內增長了88%，該類別的市場份額為1% ，而之前的成長為97.9% 4週。

The next highest comp for the most recent 2-week data was Red Bull, which grew at 14.8% and 17.7% over the 4-week time frame. Our e-commerce channel, according to stack line, which tracks energy drink sales on Amazon in the United States for the 4 weeks ending February 13, 2021, sales in dollars in the energy drink category by Amazon, including energy shots, grew at 177.8% versus the same period a year ago. As Celsius sales increased 224.8% and our share increased 2.1% to 14.5% of the category, which puts Celsius as the third-largest energy drink brand on Amazon, just behind Monster Energy at a 34.2% share, which grew at a 193.7% growth rate; and Red Bull, which is at a 14.7% share and grew at 171.8% growth rate.

最近 2 週數據中排名第二的是紅牛，在 4 週時間範圍內的成長率分別為 14.8% 和 17.7%。根據我們的電子商務通路 stackline 的數據，該公司追蹤了截至 2021 年 2 月 13 日的 4 週美國亞馬遜上的能量飲料銷售額，亞馬遜能量飲料類別的銷售額（包括能量飲料）增長了 177.8% %與一年前同期相比。 Celeste 銷售額成長了224.8%，我們在該類別的份額成長了2.1%，達到14.5%，這使得Celeste 成為亞馬遜上第三大能量飲料品牌，僅次於Monster Energy 的34.2% 份額，後者成長了193.7%速度;紅牛的份額為 14.7%，成長率為 171.8%。

Being the third-largest brand with this share on Amazon demonstrates and reinforces our market opportunity in the energy category in traditional retail. And with a level distribution playing field, a 14.5% share equates to approximately over $2 billion in reported retail sales according to recent total Nielsen category data. This is why we're so excited with our national distribution network, which will provide us with the opportunity to gain those placements, and again verify Celsius warrants better placements and greater distribution.

作為亞馬遜上擁有這一份額的第三大品牌，展示並強化了我們在傳統零售能源類別中的市場機會。根據尼爾森最近的總品類數據，在公平的分銷競爭環境下，14.5% 的份額相當於報告零售額約超過 20 億美元。這就是為什麼我們對我們的全國分銷網絡如此興奮，這將為我們提供獲得這些展示位置的機會，並再次驗證攝氏度是否有更好的展示位置和更大的分銷範圍。

During the fourth quarter, we made significant progress on further building out our national DSD network to service accounts. We secured additional distribution partners in the Anheuser-Busch network, further expanding availability to new regions. In addition, we have initiated new hires to help optimize and educate our national DSD network. We recently hired Tony Guilfoyle as EVP of Sales in North America. Tony was formerly with Rockstar Energy, building their sales organization and leading the growth from initial revenues of $5 million to the multibillion-dollar organization, and the buyout through Pepsi.

第四季度，我們在進一步建立全國 DSD 網路以服務客戶方面取得了重大進展。我們在安海斯-布希網路中獲得了更多分銷合作夥伴，進一步將可用性擴展到新地區。此外，我們還招募了新員工來幫助優化和教育我們的全國 DSD 網路。我們最近聘請 Tony Guilfoyle 擔任北美銷售執行副總裁。 Tony 之前曾在 Rockstar Energy 工作，負責建立他們的銷售組織並領導其從最初的 500 萬美元收入成長到數十億美元的組織，並透過百事可樂進行收購。

To expedite our growth, we have added over 50 new team members to support our national network and marketing initiative to drive channel expansion as well as educate and to support our partners. We have begun our rollout of Celsius-branded coolers. And in the first quarter of 2021, we rolled out our first phase of the 1,000 coolers that are currently on order to support our DSD partners and key accounts. The initial rollout of the coolers is showing positive ROI with a payback of approximately 3 months and over a 200% increase in velocity rates. And to this date, we have placed over 200 coolers in key accounts. We have now built out our network to over 150 regional direct store delivery partners, with new partners covering Chicago, San Francisco and many other markets. We estimate that our DSD network now covers approximately 85% of major metropolitan markets in the United States.

為了加快我們的發展，我們增加了 50 多名新團隊成員，以支持我們的全國網路和行銷計劃，推動通路擴張以及教育和支持我們的合作夥伴。我們已經開始推出攝氏品牌的冷卻器。 2021 年第一季度，我們推出了第一階段的 1,000 台冷卻器，目前正在訂購這些冷卻器，以支援我們的 DSD 合作夥伴和大客戶。冷卻器的首次推出顯示出積極的投資回報率，投資回收期約為 3 個月，速度提高了 200% 以上。迄今為止，我們已在大客戶中放置了 200 多個冷卻器。目前，我們已將網路擴展到超過 150 個區域直營商店配送合作夥伴，新合作夥伴涵蓋芝加哥、舊金山和許多其他市場。我們估計，我們的 DSD 網路目前涵蓋了美國約 85% 的主要大都市市場。

We further transitioned target over from wholesale to Big Geyser in New York City during the third quarter and have already seen volumes more than double in those locations. Due to this success, we have further transitioned to about approximately 82% of all targets to DSD as of today and have already begun transitioning CVS, Walmart and others. We anticipate beginning to see these benefits of our recent announced DSD service retail locations taking place throughout 2021, with the majority of the impact of these transitions and new locations reflected fully in the first quarter of 2021 and then ongoing throughout the transition of the remaining of 2021 with new accounts as well as our existing accounts.

第三季度，我們進一步將目標從批發轉向紐約市的 Big Geyser，而這些地點的銷售量已經增加了一倍以上。由於這一成功，截至今天，我們已將大約 82% 的目標進一步過渡到 DSD，並且已經開始過渡到 CVS、沃爾瑪和其他公司。我們預計，我們最近宣布的DSD 服務零售點的這些好處將在2021 年全年顯現出來，這些轉型和新地點的大部分影響將在2021 年第一季度得到充分體現，然後在其餘業務的轉型過程中持續存在。2021 年將有新帳戶以及我們現有的帳戶。

Today, in the United States, our total door count now exceeds over 82,000 locations nationally, growing 18,000 doors from the same point in 2018. We expect this number to grow even further in the coming quarters as retailers execute their planogram resets, which were delayed due to COVID.

如今，在美國，我們的門市總數已超過82,000 個，比2018 年同期增加了18,000 個。我們預計，隨著零售商執行貨架圖重置（這一計劃被推遲），這一數字在未來幾個季度將進一步增長。由於新冠肺炎。

On our co-packing front, Celsius went live on production with a new dedicated co-packer plant in North Carolina. This brings our total U.S. co-packer footprint to 8 locations that are active, which will help protect the future out of stocks and support our massive growth.

在我們的聯合包裝方面，Celsius 在北卡羅來納州的一家新的專用聯合包裝工廠開始生產。這使得我們在美國的代加工基地總數達到了 8 個活躍地點，這將有助於保護未來的庫存並支持我們的大規模成長。

In Europe, we continue to capture incremental benefits and synergies from the full integration of Funk Food Group, a Nordic wellness company, into our operations. The business was immediately accretive to earnings and is an important step in our strategy to build a global dynamic brand. As the United States and Europe operations were impacted by COVID and was impacted mainly due to supply constraints with the fast protein snack portfolio, which were partially offset by the growth in Celsius sales in the regions, we continue to see great opportunities and momentum in the market.

在歐洲，我們繼續透過將北歐健康公司 Funk Food Group 全面整合到我們的營運中來獲得增量效益和協同效應。該業務立即增加了收益，是我們打造全球動態品牌策略的重要一步。由於美國和歐洲的業務受到了新冠疫情的影響，並且主要是由於快速蛋白質零食產品組合的供應限製而受到影響，而這些地區的攝氏銷售額的增長部分抵消了這一影響，因此我們繼續看到該地區的巨大機會和勢頭。市場。

In Sweden, we launched a great-tasting blueberry frost. And in Finland, despite shutdowns, we launched a new flavor, +Energy and (inaudible) bar under the FAST brand, which was the #1 selling bar in the country. In addition, we are evaluating the U.K. and working with Amazon Europe to further expand our e-commerce opportunities throughout Europe. In China and APAC recoveries continued, and we saw positive sales momentum regain.

在瑞典，我們推出了美味的藍莓霜。在芬蘭，儘管停工，我們還是以 FAST 品牌推出了新口味的 +Energy 和（聽不清楚）能量棒，這是全國銷量第一的能量棒。此外，我們正在評估英國並與亞馬遜歐洲合作，進一步擴大我們在整個歐洲的電子商務機會。在中國和亞太地區，復甦仍在繼續，我們看到積極的銷售勢頭重新恢復。

In China, we maintained a licensing royalty model in the market, where our distributor covers approximately 76 cities and now is over 60,000 locations of distribution as of the end of 2020. And in Malaysia, where we maintain a direct relationship with the local distributors, we maintain approximately 2,000 retail locations, with plans to reenter the gyms, vitamin-specialty gyms and other retailers as recovery continues. As with Europe and the United States, we see great opportunity to capitalize on the changes in consumer preferences for better-for-you offerings, and we see tremendous opportunities in the enormous market of Asia.

在中國，我們在市場上保持許可使用費模式，我們的經銷商覆蓋約 76 個城市，截至 2020 年底，分銷地點超過 60,000 個。在馬來西亞，我們與當地分銷商保持直接關係，我們維持著大約2,000 個零售點，並計劃隨著復甦的持續而重新進入健身房、維生素專業健身房和其他零售商。與歐洲和美國一樣，我們看到了利用消費者偏好的變化提供更適合您的產品的絕佳機會，並且我們在亞洲的巨大市場中看到了巨大的機會。

Now moving to marketing. On the marketing front, we continue to activate, targeting new and existing customers where they live, work and play, building meaningful and emotional connections through robust integrated marketing programs, even while consumers are at home. Specifically during the quarter, despite continued COVID restrictions, we sponsored targeted events, both in person and in virtual. We've filled over thousands of cans and hands in the quarter in key markets that were open, continued to support our first responders. We handed out over 0.5 million cans to nurses, doctors, COVID testing sites, even the firefighters in -- fighting the California fires were handed out cans. In addition, we reactivated our Live Fit Tour, which is an integrated experiential sampling tour. We further activated our SWEAT WITH CELSIUS on Instagram, on which our live workouts have continued. And we further leveraged and built out our brand ambassador program and influencer programs, reaching more consumers in a meaningful way.

現在轉向行銷。在行銷方面，我們繼續針對新舊客戶生活、工作和娛樂的地方進行激活，透過強大的整合行銷計劃建立有意義的情感聯繫，即使消費者在家時也是如此。具體來說，在本季度，儘管新冠肺炎疫情持續實施限制，我們仍以面對面和虛擬方式贊助了有針對性的活動。本季度，我們在開放的主要市場中裝滿了數千罐和手，繼續為我們的急救人員提供支援。我們向護士、醫生、新冠病毒檢測站，甚至是加州大火的消防員發放了超過 50 萬罐罐頭。此外，我們重新啟動了 Live Fit Tour，這是一次綜合體驗式採樣之旅。我們在 Instagram 上進一步啟動了 SWEAT with CELSIUS，我們的現場鍛鍊仍在繼續。我們進一步利用和建立了我們的品牌大使計劃和影響者計劃，以有意義的方式接觸更多消費者。

In addition, we partnered with our key accounts, most recently with Walmart, where we handed out over 100,000 sticks to college students going back to school. And we kicked off a targeted integrated college brand ambassador program, which targets universities and key markets around the country.

此外，我們還與重要客戶合作，最近一次是與沃爾瑪合作，向重返校園的大學生髮放了超過 10 萬根棍子。我們還啟動了一項有針對性的綜合大學品牌大使計劃，該計劃針對全國各地的大學和主要市場。

Celsius is driving the momentum in the energy category, hitting record North America sales growth rates in January and February of 2021 through tracked Nielsen channels, outpacing the category growth. Our brand is resonating with a diverse consumer base, expanding the category demographics and supported by the increased focus on health and wellness, specifically in the energy category, where Functional Energy is recognized throughout the industry as a driver of future growth and shelf presence with retailers.

攝氏度正在推動能源類別的發展勢頭，透過尼爾森追蹤管道，2021 年 1 月和 2 月北美銷售成長率創下歷史新高，超過了該類別的成長。我們的品牌與多元化的消費者群產生共鳴，擴大了品類人口統計數據，並受到對健康和保健的日益關注的支持，特別是在能源領域，功能性能源在整個行業中被認為是未來增長和零售商貨架展示的驅動力。

The Celsius consumer brings significant value to retailers, not just as an expanded age bracket and a 50% female demographic, but our consumers are reoccurring, regularly consuming Celsius as part of a daily lifestyle, further expanding the channel. Our national DSD network is now in place, positioning Celsius to grab further market share on an expediated basis, especially in the convenience channel. The entire team is excited and are confident we are just getting started on the opportunity in front of us.

攝氏消費者為零售商帶來了巨大的價值，不僅是因為年齡範圍擴大和女性人口占 50%，而且我們的消費者不斷出現，定期將攝氏消費作為日常生活的一部分，進一步擴大了渠道。我們的全國 DSD 網路現已就位，使攝氏度能夠迅速搶佔更多市場份額，特別是在便利通路方面。整個團隊都很興奮，並且相信我們剛開始抓住眼前的機會。

Before turning the call over to Edwin, I also want to add additional color on our ESG, environmental, social, governance commitments and initiatives, many of which have been ongoing. As we have increased our public visibility, both with consumers and investors, it is paramount that we articulate this dedication.

在將電話轉給 Edwin 之前，我還想對我們的 ESG、環境、社會、治理承諾和舉措進行補充，其中許多承諾和舉措一直在進行中。隨著我們在消費者和投資者中的公眾知名度不斷提高，表達這種奉獻精神至關重要。

With that, the company is currently in the process of reviewing best-in-class reporting standards to ensure all material components of ESG are covered in our initial report. In the interim, the following are some specific items detailing key operational components at Celsius on this commitment. We are committed to sustainability and to the principles to reduce, reuse and recycle. Approximately 95% of our products are sold in aluminum cans, which are 100% recyclable. In addition, with our 12-ounce cans, we can ship approximately 3x as many in a standard semitrailer versus 12-ounce glass bottles. Our can suppliers are leading initiatives, reducing the amount of aluminum in each can and also increase the amount of recycled aluminum in each can being manufactured. We have initiated a program to reduce the miles on cans through strategic placements of warehouses in conjunction with our co-packer locations and end consumer served as well as focusing on more completed loads of full transit, also reducing the carbon footprint on our transportation.

因此，公司目前正在審查一流的報告標準，以確保我們的初始報告涵蓋 ESG 的所有重要組成部分。在此期間，以下是一些具體項目，詳細說明了攝氏度的這項承諾的關鍵營運組成部分。我們致力於永續發展以及減少、重複使用和回收的原則。我們大約 95% 的產品以鋁罐形式出售，鋁罐 100% 可回收。此外，使用我們的 12 盎司罐裝，我們用標準半拖車運輸的數量約為 12 盎司玻璃瓶裝運量的 3 倍。我們的罐頭供應商正在採取領先舉措，減少每個罐頭中的鋁含量，並增加每個罐頭製造中的回收鋁量。我們啟動了一項計劃，透過策略性地佈局倉庫、與我們的代加工地點和服務的最終消費者相結合，以及重點關注更多完整運輸的負載，減少罐頭運輸的里程，同時減少我們運輸中的碳足跡。

On a social and health aspects, Celsius is clinically proven functional energy drink, which sellers metabolism, burns body fat and promotes a healthy active lifestyle. With our 8 essential vitamins and no sugar, we are a great alternative to sugary energy drinks, encouraging people who live a healthy, active lifestyle.

在社會和健康方面，Celsius是經過臨床驗證的功能性能量飲料，可以促進新陳代謝、燃燒體內脂肪並促進健康積極的生活方式。我們含有 8 種必需維生素且不含糖，是含糖能量飲料的絕佳替代品，鼓勵人們過著健康、積極的生活方式。

Our European team has implemented significant programs in addition to these items listed, including saving over 158 tons of CO2 emissions by utilizing rail on inbound shipments and have also implemented strategies to reduce plastics on packaging. As mentioned, this is just a highlight of some of the key items already at the core of Celsius, and we look forward to providing more details report reflecting our commitments to our EC ESG, environmental, social and governance policies.

除了列出的這些項目外，我們的歐洲團隊還實施了重要計劃，包括利用鐵路入境運輸減少超過 158 噸二氧化碳排放，並實施了減少包裝上塑膠的策略。如前所述，這只是攝氏核心的一些關鍵項目的一個亮點，我們期待提供更多詳細報告，反映我們對 EC ESG、環境、社會和治理政策的承諾。

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

我現在將把電話轉給我們的財務長 Edwin Negron-Carballo，聽取他準備好的演講。埃德溫？

Thank you, John. Our fourth quarter results for the 3 months ended December 31, 2020, delivered revenue of $35.7 million, an increase of $11.5 million, which translates to a solid 48% growth when compared to $24.1 million for the same period last year. The increase was primarily due to strong growth in North American sales revenue, which was a record $28.4 million, up a robust 67% from the $17.1 million in the prior year quarter, and accounted for 98% of the increase in total revenue.

謝謝你，約翰。截至 2020 年 12 月 31 日止三個月的第四季業績，營收為 3,570 萬美元，增加了 1,150 萬美元，與去年同期的 2,410 萬美元相比，實現了 48% 的穩健成長。這一成長主要得益於北美銷售收入的強勁成長，達到創紀錄的 2,840 萬美元，比去年同期的 1,710 萬美元強勁成長 67%，佔總營收成長的 98%。

European revenue for the fourth quarter of 2020 was $6.9 million, up 2% from the $6.8 million in the fourth quarter of 2019. The European business was affected by some stock-outs as well as the impact of the pandemic.

2020年第四季歐洲營收為690萬美元，較2019年第四季的680萬美元成長2%。歐洲業務受到部分缺貨以及疫情影響。

Asian revenue amounted to $224,000, an increase of 6% from the prior year quarter pertaining to our royalty income from our China licensee. Revenue from all other areas amounted to $117,000, up to 166% from $32,000, reflecting the expansion or business development into other geographies.

亞洲收入達 224,000 美元，比去年同期增長 6%，這與我們來自中國被許可人的特許權使用費收入有關。來自所有其他地區的收入達 117,000 美元，較 32,000 美元增長 166%，反映了向其他地區的擴張或業務發展。

Gross profit in Q4 2020 increased by $7.3 million, landing at $17.4 million, which translates to a substantial 74% growth from $10 million for the same quarter in 2019. Gross profit margin for the 3 months ended December 31, 2020, was a very healthy 48.9%, up 700 basis points from 41.9% in the fourth quarter of 2019. If we then exclude outbound freight, gross margin profitability would amount to a robust 57.2%, up 750 basis points compared to the same normalized figure of 49.7% in the fourth quarter of 2019.

2020 年第四季的毛利增加了 730 萬美元，達到 1,740 萬美元，比 2019 年同季的 1,000 萬美元大幅成長 74%。截至 2020 年 12 月 31 日止 3 個月的毛利率非常健康48.9 %，比2019 年第四季的41.9% 上升700 個基點。如果我們排除出境運費，毛利率將達到強勁的57.2%，比2019 年第四季 49.7% 的標準化數字上升750 個基點。2019年第第四季。

Additionally, we performed an overall estimate or analysis of the $7.3 million increase, which reflected that approximately $2.5 million or 35% of this increase pertains to price or cost optimizations. Specifically, this relates to lower promotions or discounting in the quarter and the beneficial impact of the stronger euro currency as well as some synergistic beneficial impacts in the supply chain. We then estimated that approximately $4.8 million or 65% of the increase is related to favorable volume impact. While we have very good tailwinds in all these areas during the fourth quarter, these results may not be indicative or transferable to the immediate future periods as there are indications that our margins will come under pressure due to increased costs related to the sourcing of cans, the strengthening of the U.S. dollar and increase in fuel costs, which have a direct and high correlation to our freight costs, and an indirect impact in the processing costs and the cost of other raw materials.

此外，我們對 730 萬美元的成長進行了總體估計或分析，這反映出約 250 萬美元或其中 35% 的成長與價格或成本優化有關。具體來說，這與本季較低的促銷或折扣、歐元走強的有利影響以及供應鏈中的一些協同有利影響有關。然後我們估計大約 480 萬美元或成長的 65% 與有利的銷售影響有關。雖然我們在第四季度在所有這些領域都有很好的順風車，但這些結果可能不具有指示性或可轉移到不久的將來，因為有跡象表明，由於與罐頭採購相關的成本增加，我們的利潤將面臨壓力，美元走強和燃料成本上升，這與我們的貨運成本有直接且高度相關，並間接影響加工成本和其他原材料的成本。

Now turning to operational expenditures. Selling and marketing expenses for the 3 months ended December 31, 2020, were $11.2 million, an increase of $4.2 million or 59.5% from $7 million in the same quarter in 2019. This increase reflects the impact of the consolidation of the operational results of our European business following our October 2019 acquisition. Specifically, our investments in marketing activities amounted to $4.7 million, an increase of $2.3 million when compared to the prior year quarter. This increase not only reflects the consolidation of the European business, but also a catch-up of the experiential marketing activities since these types of events were significantly limited in prior quarters.

現在轉向營運支出。截至2020 年12 月31 日止三個月的銷售和行銷費用為1,120 萬美元，比2019 年同一季度的700 萬美元增加了420 萬美元，增幅為59.5%。這一增長反映了我們營運業績合併的影響。2019 年 10 月收購後的歐洲業務。具體來說，我們在行銷活動方面的投資達到 470 萬美元，比去年同期增加了 230 萬美元。這一成長不僅反映了歐洲業務的整合，也反映了體驗式行銷活動的追趕，因為此類活動在前幾個季度明顯受到限制。

Additionally, the 2020 quarter reflects increases of $520,000 related to sales and marketing investments for additional employee resources and $1.4 million of incremental expenses pertaining to trade marketing activities as well as distribution and storage costs. These increases are directly related to the greater business volume as well as include the impact of the European business integration. Additionally, currency impacts were estimated to increase sales and marketing expenses by $75,000 when compared to the prior year quarter.

此外，2020 年季度還反映出與額外員工資源的銷售和行銷投資相關的 52 萬美元的成長，以及與貿易行銷活動以及分銷和儲存成本相關的 140 萬美元的增量費用。這些成長與更大的業務量直接相關，也包括歐洲業務一體化的影響。此外，與去年同期相比，匯率影響預計將使銷售和行銷費用增加 75,000 美元。

General and administrative expenses for the 3 months ended December 31, 2020, were $5.7 million, an increase of $1.3 million or 30% from $4.4 million for the 3 months ended December 31, 2019. This increase also reflects the impact of the consolidation of the operational results of our European business.

截至2020年12月31日止三個月的一般及行政開支為570萬美元，較截至2019年12月31日止三個月的440萬美元增加130萬美元，即30%。這一增長也反映了合併的影響我們歐洲業務的營運表現。

Furthermore, employee costs increased by $474,000 when compared to the prior year quarter, which also reflects increases in headcount in order to have a good infrastructure to properly support the growing business. The increase also reflects the impact of foreign currency translation in this area, which was estimated at 3% of the total consolidated employee costs.

此外，與去年同期相比，員工成本增加了 474,000 美元，這也反映了員工人數的增加，以便擁有良好的基礎設施來適當支持不斷增長的業務。這一增長也反映了該領域外幣換算的影響，估計佔合併員工成本總額的 3%。

Depreciation and amortization also reflected an increase of $220,000 when compared to the prior year quarter. Additionally, there was a reclassification of amortization expenses of $430,000, which were previously presented in the other expense area during the prior quarters of 2020. Furthermore, stock option expense for the last quarter of 2020 reflected an increase of $144,000 when compared to the prior year quarter. All other administrative expenses resulted in a net decrease of approximately $63,000 as the prior year quarter included acquisition-related expenses of approximately $126,000. If we exclude stock option expense as well as depreciation and amortization expenses, operational G&A expenditures truly represented 8.8% of revenue, which compares favorably to 10.8% with the prior year quarter on a comparable basis, as it also excludes the $126,000 of acquisition costs.

與去年同期相比，折舊和攤提也增加了 22 萬美元。 Additionally, there was a reclassification of amortization expenses of $430,000, which were previously presented in the other expense area during the prior quarters of 2020. Furthermore, stock option expense for the last quarter of 2020 reflected an increase of $144,000 when compared to the prior year四分之一.所有其他管理費用淨減少約 63,000 美元，因為去年同期包括約 126,000 美元的收購相關費用。如果我們排除股票選擇權費用以及折舊和攤銷費用，營運G&A 支出確實佔收入的8.8%，與去年同期的10.8% 相比，在可比基礎上要好得多，因為它還排除了126,000 美元的購買成本。

Other income and expenses. Total other income amounted to approximately $1.3 million for the 3 months ended December 31, 2020, which represents an increase of $1.1 million from other income of $150,000 for the same period in 2019. This increase is mainly related to a favorable impact of net foreign currency exchange gains when compared to the prior year quarter of approximately $330,000. Additionally, the current year quarter reflected incremental net interest income of approximately $160,000, lower bond amortization costs of $50,000, the favorable impact of the reclass of amortization expenses to the G&A area of $430,000 and a net favorable impact of $140,000 pertaining to all other income and expense components.

其他收入和支出。截至2020年12月31日止三個月的其他收入總額約為130萬美元，較2019年同期的15萬美元其他收入增加110萬美元。這一增加主要與淨外匯的有利影響有關與去年同期相比，匯兌收益約為33 萬美元。此外，本季淨利息收入增量約為160,000 美元，債券攤銷成本降低50,000 美元，攤銷費用重新分類至G&A 領域的有利影響為430,000 美元，以及與所有其他收入和費用相關的淨有利影響為140,000 美元。費用組成部分。

As a result of all of the above, fourth quarter net income totaled $1.7 million or $0.02 per basic and diluted shares based on 71.9 million basic shares and 76.5 million fully diluted shares. This compares to a net loss of $1.1 million available to common stockholders or a loss of $0.02 per basic and diluted shares based on a weighted average of 68.9 million shares and 72.6 million fully diluted shares in the year ago period.

由於上述所有因素，第四季度淨利潤總計 170 萬美元，即每股基本股和稀釋股 0.02 美元（基於 7,190 萬股基本股和 7,650 萬股完全稀釋股）。相較之下，普通股股東的淨虧損為 110 萬美元，或根據去年同期 6,890 萬股和 7,260 萬股完全稀釋股票的加權平均數計算，每股基本股和稀釋股虧損 0.02 美元。

Adjusted EBITDA for the fourth quarter was $3 million, an increase of $2.4 million when compared to $606,000 in the year ago quarter. We believe this information and comparisons of adjusted EBITDA and other non-GAAP financial measures enhance the overall understanding and visibility of our true business performance. To that effect, a reconciliation of our GAAP results to non-GAAP financial figures has been included in our earnings release.

第四季調整後 EBITDA 為 300 萬美元，比去年同期的 606,000 美元增加了 240 萬美元。我們相信這些資訊以及調整後 EBITDA 和其他非 GAAP 財務指標的比較可以增強我們對真實業務績效的整體理解和可見性。為此，我們的 GAAP 業績與非 GAAP 財務數據的調整表已包含在我們的收益發布中。

Now focusing on some liquidity aspects. As of December 31, 2020, the company had cash of $43.2 million, and working capital of approximately $64.9 million, which translates to an increase of $40.1 million when compared to $24.8 million as of December 31, 2019. Also, on October 30, 2020, the company paid off the bonds payable related to the acquisition of our European business in the amount of approximately $10 million and are now debt-free. Furthermore, cash flows provided by operating activities totaled $3.4 million for the year 2020, representing a $2.4 million increase from $1 million in 2019. The increase was primarily driven by operating income adjusted for noncash items. The increase was further driven by efficient management of accounts payable, accrued expenses and other liabilities. And partially offset by cash utilization pertaining to increases in accounts receivables, inventories and prepaid expenses, which are directly related to the significant growth in business volume.

現在專注於一些流動性方面。截至2020年12月31日，該公司擁有現金4,320萬美元，營運資金約為6,490萬美元，與截至2019年12月31日的2,480萬美元相比增加了4,010萬美元。此外，2020年10月30日，該公司還清了與收購我們歐洲業務相關的應付債券，金額約1000萬美元，目前已無債務。此外，2020 年經營活動提供的現金流量總額為 340 萬美元，比 2019 年的 100 萬美元增加了 240 萬美元。這一增長主要是由非現金項目調整後的營業收入推動的。這一增長是由於有效管理應付帳款、應計費用和其他負債而進一步推動的。部分被與業務量大幅成長直接相關的應收帳款、存貨和預付費用增加所涉及的現金使用所抵銷。

Now turning to some additional metrics used to monitor the business. This provides a good perspective of our operational performance using Q4 business volume as a basis for their computations. Our DSOs, or daily sales outstanding, landed at 37 days as of December 31, 2020. Similarly, our inventory days on hand amounted to 91 days and our payable days were also 37 days. Additionally, operational cash flow for the year amounted to 43% of operational income despite the net increases in working capital, which translated to a use of cash of over $13 million. As such, we have very good liquidity in order to plow back into the business and make investments that yield a high ROI and continue to accelerate top line growth.

現在轉向一些用於監控業務的附加指標。這為我們使用第四季度業務量作為計算基礎來了解我們的營運績效提供了一個很好的視角。截至 2020 年 12 月 31 日，我們的 DSO（即每日應付）為 37 天。同樣，我們的庫存天數為 91 天，應付帳款天數也為 37 天。此外，儘管營運資本淨增加，全年營運現金流仍佔營運收入的 43%，這意味著現金使用超過 1,300 萬美元。因此，我們擁有非常良好的流動性，可以重新投入業務並進行可產生高投資回報率的投資，並繼續加速營收成長。

Finally, we have included the full year 2020 financial results in our earnings press release. That concludes our prepared remarks. Operator, you may now open up the call for questions. Thank you.

最後，我們在收益新聞稿中納入了 2020 年全年財務表現。我們準備好的演講到此結束。接線員，現在可以撥打電話提問。謝謝。

(Operator Instructions) Our first question comes from the line of Jeff Van Sinderen with B. Riley & Company.

（操作員說明）我們的第一個問題來自 B. Riley & Company 的 Jeff Van Sinderen。

And let me say congratulations on the continued progress. It appears that the Nielsen data is showing acceleration vis-à-vis your comments regarding early 2021. Is that correct? And then any thoughts on the Nielsen sell-through data versus your actual sell-through in Q4? Just wondering if there might be something in terms of sell-in versus sell-through that didn't quite match some of the sell-through data that we're showing on Nielsen, any thoughts there?

讓我對持續取得的進展表示祝賀。尼爾森數據似乎顯示出與您對 2021 年初的評論相比有所加速。這是正確的嗎？那麼對尼爾森銷售數據與第四季實際銷售數據有何看法？只是想知道在銷售與銷售方面是否可能存在某些與我們在尼爾森上顯示的一些銷售數據不太相符的情況，有什麼想法嗎？

Yes. Excellent. Thank you, Jeff. Yes, the team did -- the company did a great job. The team worked really hard. It was just a monumental year when you look at it all around for the company. But you are correct, that Nielsen data is extremely strong what we're seeing. I know the most recent Nielsen data had us somewhere around 80% to 90% growth rate on the 2-week and 4 weeks. So that's looking really at the -- at Q1. The results we show here is the fourth quarter. And -- but there has been some lags on the scan data to the sell-in on the timing of shipments with the company putting up numbers. But we've been pretty consistent on North America growth at a 60%, 66% growth rate this most recent quarter in Q4, but we weren't really driving that trajectory. So we'll see how we transpire here. That is what's happening at the register, and it's great to see. We're just as excited as everyone else.

是的。出色的。謝謝你，傑夫。是的，團隊做到了——公司做得很好。團隊工作非常努力。從公司的整體情況來看，這是具有里程碑意義的一年。但你是對的，尼爾森的數據非常有力，正如我們所看到的。我知道尼爾森的最新數據顯示，我們在 2 週和 4 週內的成長率約為 80% 至 90%。所以這實際上是在第一季。我們在這裡顯示的結果是第四季。而且，但掃描資料與公司公佈的出貨時間的銷售資料有些延遲。但我們對北美地區的成長率相當一致，即第四季最近一個季度的成長率為 60%、66%，但我們並沒有真正推動這一趨勢。所以我們將看看我們在這裡是如何發生的。這就是收銀台上發生的事情，很高興看到。我們和其他人一樣興奮。

Okay. And then could you maybe speak more to some of the resets that are happening that were delayed due to COVID? I understand some of those are happening for spring, and how you expect that to impact your business heading into the peak summer period?

好的。那麼您能否多談談一些因新冠疫情而推遲的重置？據我了解，其中一些情況是在春季發生的，您預計這會對您進入夏季高峰期的業務產生什麼影響？

Yes. I mean, when you look at the stores that were added in 2020, it's roughly about 18,000 locations. And as we said, I mean, we're really impacted in 2020 due to the reset delays. So that looks very promising to take place really over the next several months is what we're hearing is spring resets. And mainly, a lot of them are kind of coming in the convenience channel. That's where we were really hindered in 2020. So we expect a sizable increase in our store count over the next several months as they get resets and these retailers go back into resetting deployment grants. We haven't disclosed any key accounts that will be coming on, but we're excited on what we're hearing. We'll let everyone know as soon as they are finally reset, but we're looking to be very optimistic as we sit here today looking at the Nielsen data and then what's to come with some new distribution coming on board in the next several months.

是的。我的意思是，當你看看 2020 年新增的商店時，你會發現大約有 18,000 個地點。正如我們所說，我的意思是，由於重置延遲，我們在 2020 年確實受到了影響。因此，這看起來非常有希望在接下來的幾個月內真正發生，這就是我們聽到的春季重置。主要是，其中許多都是透過便利管道進入的。這就是我們在 2020 年真正受到阻礙的地方。因此，我們預計在接下來的幾個月裡，隨著商店數量的重置以及這些零售商重新重置部署撥款，我們的商店數量將大幅增加。我們尚未透露任何即將發生的重要客戶，但我們對所聽到的消息感到興奮。一旦最終重置，我們就會讓大家知道，但當我們今天坐在這裡查看尼爾森數據以及未來幾個月內推出的一些新發行版時，我們希望保持非常樂觀的態度。

Okay. Great. And then if I could just squeeze in one more follow-up. Just any more color you could give us on flipping to DSDs in the near-term, or, let's say, in the first half, where you aren't fully converted, just to look out there?

好的。偉大的。然後我是否可以再擠出一個後續行動。您可以給我們更多有關近期轉向 DSD 的資訊嗎？或者，比方說，在上半年，您還沒有完全轉換，只是為了看看那裡？

Yes. We are fully committed to DSD. The transition, when we transition our key accounts over to the preferred DSD model, we're seeing very much increased velocities, most importantly, keeping Celsius in stock and also getting those secondary and third displays and also, most importantly, getting the product cold. So we have started CVS. We further expanded with CVS. I mentioned that earlier in the call. If you recall, in Q3, we did convert the New York City metropolitan market over to Big Geyser. And due to the success we've seen there, we've already started to further transition out other markets around the country. In addition, 7-Eleven is a big initiative in 2021, transitioning that volume over to DSD. We're working with all of our key accounts on this transitional plan. So 7-Eleven will be transitioning right around the May time frame, starting on the West, and then we'll be bringing it over to the East really zone by zone as they do the recording. So excited about that, and we are fully committed to DSD. All the new distribution coming on will be serviced by DSD as well.

是的。我們完全致力於 DSD。在過渡過程中，當我們將主要客戶轉向首選的DSD 型號時，我們看到速度大大提高，最重要的是，保持了攝氏度的庫存，並獲得了第二個和第三個顯示器，最重要的是，使產品變冷。所以我們啟動了CVS。我們透過 CVS 進一步擴展。我早些時候在電話中提到過這一點。如果你還記得，在第三季度，我們確實將紐約市大都會市場轉變為 Big Geyser。由於我們在那裡取得了成功，我們已經開始進一步向全國其他市場轉型。此外，7-11 是 2021 年的一項重大舉措，將銷售轉移到 DSD。我們正在與所有重要客戶合作制定這項過渡計畫。因此，7-11 將在 5 月的時間範圍內進行過渡，從西部開始，然後我們將在他們進行錄製時將其逐個區域轉移到東部。對此感到非常興奮，我們完全致力於 DSD。所有即將推出的新發行版也將由 DSD 提供服務。

And did you say 200% increases you were seeing with -- where you put in the coolers, was that right?

您是否說過您看到的 200% 的增長 - 您放入冷卻器的位置，對嗎？

Yes, that is right. We've already placed about 200 coolers. We have over 1,000 coolers on order currently. And we are facing this -- our team is doing a great job placing these coolers and strategic accounts. And we're seeing roughly a fairly short period of payback, upwards to 3 months, and also over a 200% increase in some of these stores. And we do have some stores that are actually returning into the #1 selling energy drink in these locations. So with the right placement. And kind of what we see on Amazon. We're the third-largest brand on Amazon, giving Celsius the same opportunity and the same shelf presence will turn at the same rate, if not better than the major leading brands.

對就這樣。我們已經放置了大約 200 個冷卻器。目前我們已訂購 1,000 多個冷卻器。我們正面臨這個問題——我們的團隊在放置這些冷卻器和戰略客戶方面做得很好。我們看到投資回收期大約相當短，最多 3 個月，其中一些商店的投資回報率還超過 200%。我們確實有一些商店實際上正在這些地區重新成為銷量第一的能量飲料。因此，只要放置正確。就像我們在亞馬遜上看到的那樣。我們是亞馬遜上的第三大品牌，為攝氏提供了相同的機會，相同的貨架展示將以相同的速度變化，即使不比主要領先品牌更好。

(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。

So now that it's been a year since the Funk acquisition, I was wondering if you had an opportunity to break out any of the growth metrics, which would include that because I know that some of their other streams or streams that are direct now and they were previously in your hands.

所以現在 Funk 收購已經一年了，我想知道你是否有機會打破任何成長指標，其中包括這一點，因為我知道他們的一些其他流或現在是直接的流，他們以前在你手中。

When you look at the year-over-year, when you look at 2019 to 2020, you're looking at pretty much comparisons on apple-to-apple basis there. And I guess, when you look at yes -- well, remember, John, at the end of last year, Q4 fully consolidated was only 2 quarters. Versus this year where we have 3 quarters. So Jeff, I don't know if that's what you're looking for, but it's a little bit of apples and oranges from that perspective.

當你查看同比情況時，當你查看 2019 年至 2020 年時，你會看到相當多的同類比較。我想，當你看到「是」時——好吧，記住，約翰，在去年年底，第四季度完全合併後的數據只有兩個季度。與今年相比，我們有 3 個季度。傑夫，我不知道這是否是您要找的東西，但從這個角度來看，這有點像蘋果和橘子。

Yes. I guess when you look at the fourth quarter, Jeff, that's what Rob was alluding to in regards you're looking at fairly close to almost a comp. As we stated on an earlier call, they weren't impacted by COVID. And our FAST protein snack portfolio, which is a large chunk of sales that come out of Finland was impacted due to out of stocks. A lot of the confectionery manufacturers were operating at limited capacity, unfortunately, during that time. So we've had some disruptions in supply chain, but we do still feel very optimistic. We're very excited about the opportunity we have in Europe, same opportunity in North America, is in Europe. We expect this to continue to improve as we go through and work through 2021 and get through this pandemic, which team is very promising.

是的。我想當你看第四節的時候，傑夫，這就是羅布所暗示的，你正在看的幾乎是一個比較。正如我們在先前的電話會議中所說，他們沒有受到新冠疫情的影響。我們的 FAST 蛋白質零食產品組合（其中很大一部分來自芬蘭）因缺貨而受到影響。不幸的是，在那段時間，許多醣果製造商的產能有限。因此，我們的供應鏈出現了一些中斷，但我們仍然感到非常樂觀。我們對歐洲擁有的機會感到非常興奮，北美也有同樣的機會。我們預計，隨著 2021 年的到來和努力，並度過這場大流行，這種情況將繼續改善，這個團隊非常有前途。

Great. Okay. Could you give us any additional color on how the launch has gone with Strawberry, Guava? And any commentary on On-The-Go sticks portfolio and its growth, perhaps, for this quarter, if you break it out or you're breaking out?

偉大的。好的。您能為我們提供更多關於草莓、番石榴的發布情況嗎？對於本季的 On-The-Go 投資組合及其成長，如果你突破它或正在突破的話，有任何評論嗎？

Excellent, Jeff, the Strawberry Guava, we launched, has been one of the most successful launches in the fitness channel, although this fitness channel has been closed due to disruptions in given markets, it was one of the fastest turning items in that channel we saw in the fourth quarter. It's a great-tasting flavor, also has done extremely well on Amazon. With that -- and we're looking to further expand the availability there. So if you haven't tried, go out and try, it's a very tasty flavor, it is available.

太棒了，傑夫，我們推出的草莓番石榴是健身渠道中最成功的產品之一，儘管該健身渠道因特定市場的中斷而關閉，但它是我們該渠道中周轉最快的產品之一第四季看到的。它的味道非常好，在亞馬遜上也賣得非常好。有了這個——我們希望進一步擴大那裡的可用性。所以如果你沒有嘗試過，就出去嘗試吧，非常好吃的味道，可以的。

When you look at our stick business, our On-The-Go sticks, it is -- the bulk of our business is cans today. That breaks up the largest portion of our revenue, but we are seeing good growth with the On-The-Go sticks. They are now available at Walmart. We're seeing good rotations on Amazon. Vitamin Shop publics down in the Southeast, took the sticks on chain wide, so it's available there in all flavors. And we're getting more interest on those. We're seeing a lot of our core consumers purchasing our On-The-Go sticks. It's a lot of very versatile, also making some interesting smoothies and some combinations. So it is a good piece of our business, although the bulk of our business today is the RTD business.

當你看看我們的棒業務，我們的便攜式棒時，你會發現，今天我們的大部分業務都是罐裝的。這佔據了我們收入的最大部分，但我們看到 On-The-Go 棒的良好成長。它們現在在沃爾瑪有售。我們在亞馬遜上看到了良好的輪換。東南部的維生素商店公開銷售，連鎖店出售各種維生素棒，因此那裡有各種口味的維生素。我們對這些越來越感興趣。我們看到很多核心消費者購買我們的 On-The-Go 棒。它的用途非常廣泛，還可以製作一些有趣的冰沙和一些組合。因此，儘管我們今天的大部分業務是 RTD 業務，但這是我們的一項很好的業務。

Got it. Okay. And then last one for me is, on the margin side, the fourth quarter margins were quite strong or exceptionally strong, I should say. And you seem a little cautious on the pullthrough, although you've got now 8 active co-packer locations. So anything to read into there as far as modeling purposes and how you expect margins to play out during 2021?

知道了。好的。最後一個對我來說是，在利潤方面，我應該說，第四季度的利潤率相當強勁或異常強勁。儘管您現在已經有 8 個活躍的代加工廠地點，但您似乎對拉動有點謹慎。那麼，就建模目的以及您預計 2021 年利潤率如何發揮而言，有什麼值得解讀的嗎？

Yes, Jeff, there's a lot of variables there. And you're right, we're being somewhat cautious because there's, again, several aspects that play favorably now, even the strength of the euro, which we're seeing that pull back a little bit. We're also seeing increase in cost as it relates to the cans and sourcing. And again, all these things, for the most part, we're anticipating, obviously, it's going to have a short-term kind of pressure on downwards towards the margins. But the important thing is that we have inventory, especially as it relates to the cans, that kind of thing. And we're looking to do some things also to manage the impact of the currencies and so forth. But you're absolutely right. I mean there's a lot of variables there, and we're being somewhat cautious as it relates to the immediate Q1 and Q2.

是的，傑夫，那裡有很多變數。你是對的，我們有點謹慎，因為現在有幾個方面再次有利，甚至是歐元的強勢，我們看到歐元略有回落。我們也看到與罐頭和採購相關的成本增加。再說一次，所有這些事情，在很大程度上，我們預計，顯然，它將對利潤率產生短期的下行壓力。但重要的是我們有庫存，特別是與罐頭之類的東西相關的庫存。我們也希望採取一些措施來管理貨幣等的影響。但你是絕對正確的。我的意思是，那裡有很多變量，我們有些謹慎，因為它與當前的第一季和第二季有關。

(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。

I was just wondering, John, if you could comment a little bit on the international growth. It looks like there was a pause this quarter. You mentioned some of the COVID-19 impact. Can you speak specifically to which countries you think saw the most impact? And do you think starting here in the first quarter, things start to bounce back? Or is it going to be a couple of quarters in terms of growth bouncing back internationally?

約翰，我只是想知道您是否可以對國際成長發表一些評論。本季似乎出現了暫停。您提到了 COVID-19 的一些影響。能具體談談您認為影響最大的國家嗎？您認為從第一季開始，情況會開始反彈嗎？或者說，國際經濟成長會在幾個季度後才會反彈？

Yes. Thank you, Anthony. I mean when you look at the Nordics, they have been impacted. There's talks currently about Sweden also closing down again. I know Finland as well has been impacted. We're seeing some closures there. So Q1 likely will be -- has the potential to see another impact given some of the constraints and government closures and mandates. But the underlying business is extremely healthy and extremely strong. We have a lot of opportunity there, not only in Sweden, Norway and Finland, but also we're looking at some partnerships in the U.K. as well as Germany and Russia.

是的。謝謝你，安東尼。我的意思是，當你看看北歐國家時，他們受到了影響。目前有傳言稱瑞典也將再次關閉。我知道芬蘭也受到了影響。我們看到那裡有一些關閉。因此，考慮到一些限制以及政府關閉和授權，第一季可能會出現另一種影響。但其基礎業務非常健康且非常強勁。我們在那裡有很多機會，不僅在瑞典、挪威和芬蘭，而且我們也在英國、德國和俄羅斯尋求一些合作關係。

So there's some opportunities as we further expand out. But it is -- it really are sitting at a point where, really, over the next several quarters, we'll have to see how this evolves. I mean the vaccine is rolling out, so -- and that's rolling out very quickly. So that should also provide additional confidence with these governments. And we're keeping an eye on it. But the underlying financial conditions are improving. Also, winter will be breaking as well. So we're excited for that and getting to the back into summer beverage season.

因此，隨著我們進一步擴張，會有一些機會。但事實確實如此，在接下來的幾個季度裡，我們將不得不看看情況如何演變。我的意思是疫苗正在推出，所以——而且推出得非常快。因此，這也應該為這些政府帶來額外的信心。我們正在密切關注它。但基本的金融狀況正在改善。此外，冬天也將結束。因此，我們對此感到興奮，並期待回到夏季飲料季節。

Keep in mind, historically, their fourth quarter has been one of their lowest quarters historically. So it does have a seasonality to the business, and we expect -- just like any year, we do expect some seasonality within the business. So -- but we are extremely optimistic.

請記住，從歷史上看，他們的第四季是歷史上最低的季度之一。因此，它確實對業務有季節性，我們預計——就像任何一年一樣，我們確實預計業務會出現一些季節性。所以——但我們非常樂觀。

Okay. And then just remind me, when did Func Food close? Because it's now going to be apples-to-apples here in the first quarter. Was it partially apples-to-apples? Or when did it close in '19? Was it end of third quarter, fourth quarter?

好的。然後提醒我一下，Func Food 什麼時候關門的？因為第一季的情況將是勢均力敵的。是部分同類的情況嗎？或19年什麼時候關閉？是第三季末還是第四季？

Yes. The actual date was October 25. Anthony?

是的。實際日期是10月25日。安東尼？

October 25.

10 月 25 日。

Correct. 2019, October 25, 2019. So yes, there's -- and you're right. Going forward, that's one of the things that was making some comments prior. Even now fourth quarter, again, last year was basically 2 months versus this quarter being 3 months. But again, there's a lot of intricacy since last year because of the transaction. We were still not fully operational there, so to speak. They didn't have a lot of inventory. And then, at the end of Q4, it really took off.

正確的。 2019 年，2019 年 10 月 25 日。所以是的，有——你是對的。展望未來，這是之前發表評論的事情之一。即使現在第四季度，去年基本上是兩個月，而本季是三個月。但同樣，自去年以來，由於這筆交易，出現了許多錯綜複雜的情況。可以說，我們在那裡還沒有完全運作。他們沒有很多庫存。然後，在第四季度末，它真正起飛了。

And then just in terms of these coolers, you mentioned the strategy this year of rolling those out -- 200 now, rolling out 1,000 or a little bit more than that. What's the total cost for rolling out 1,000 do you expect approximately?

然後就這些冷卻器而言，您提到了今年推出這些冷卻器的策略 - 現在推出 200 個，再推出 1,000 個或更多一點。您預計推出 1,000 個的總成本約為多少？

Yes. We haven't disclosed that. It is a positive ROI opportunity for us given our high-velocity rates. We have 1,000 initially on order right now, and we are looking for some other opportunities with some key accounts we're in discussions with. And we have the potential to roll out double that number by -- really by the end of 2021. So we're working with some key customers. We're seeing -- as long as we continue to see a good rate of return on these, we'll continue to get those placed in key formats. So -- but we haven't disclosed the cost, but it is -- we said the payback is roughly about 3 months for us currently. So it is a great investment for us. And we'll continue to get these coolers placed, and we'll continue to order and work with our distributors and key accounts.

是的。我們還沒有透露這一點。鑑於我們的高速度，這對我們來說是一個積極的投資回報機會。目前我們初步訂購了 1,000 件，我們正在與一些正在討論的重要客戶尋找其他機會。我們有潛力在 2021 年底之前將這個數字翻倍。因此，我們正在與一些關鍵客戶合作。我們看到，只要我們繼續看到這些產品的良好回報率，我們就會繼續將它們放在關鍵格式中。因此，我們尚未透露成本，但我們表示，目前我們的投資回收期約為 3 個月。所以這對我們來說是一筆巨大的投資。我們將繼續放置這些冷卻器，我們將繼續訂購並與我們的經銷商和大客戶合作。

And then Speedway, you said 2,700 locations. So you're in all 2,700 as of today? Is that the right number? And is there any more expansion there?

然後 Speedway，你說有 2,700 個地點。那麼截至今天，您已經達到 2,700 人了嗎？這個數字正確嗎？那裡還有更多的擴充嗎？

Yes. We're in approximately 2,700 today with roughly 2 flavors, and we are in the process of getting potentially the opportunity to get another -- some additional flavors listed in the next cut-in. So we think Speedway is going to be a great account for us. We've seen the great results at 7-Eleven over the years, the continued growth year-over-year at 7-Eleven and in many of our key convenience chains and partners. And if you look at where Speedways locations are, those are generally really good markets for Celsius. So we think it's going to be a great partnership, and we're at just the beginning of Speedways. So definitely look for more flavors there on the quarters to come and years to come. So look for a great partnership.

是的。今天我們有大約 2,700 種口味，大約有 2 種口味，我們正在尋找可能獲得另一種口味的機會 - 下一個切入中列出的一些其他口味。因此，我們認為 Speedway 對我們來說將是一個很好的客戶。多年來，我們看到了 7-11 的出色業績、7-11 以及我們許多主要便利連鎖店和合作夥伴的逐年持續成長。如果你看看 Speedways 的所在地，你會發現這些對攝氏來說通常都是非常好的市場。所以我們認為這將是一次很好的合作，而我們的賽道才剛開始。因此，在未來的幾個季度和幾年裡，一定要尋找更多的口味。因此，尋找良好的合作關係。

And then just in terms of the flavors, John, just whether it's Target or Walmart, is there -- when are those resets coming up? Is there -- do you believe near-term expansion or SKU expansion in those stores?

然後就口味而言，約翰，無論是塔吉特還是沃爾瑪，都存在——這些重置什麼時候出現？您是否相信這些商店的近期擴張或 SKU 擴張？

Yes. The -- when you look at the resets that we are anticipating, it is -- historically, it's been right around March 15 to April 15 is usually like the spring reset window and the convenience channel can get pushed back to to COVID as well, maybe runs into March or May. We're working closely with our partners. Everyone's got a little bit of a different schedule on timing this year. Usually, as we all know, we have a big event in North America at max in October, and then we look forward to those resets coming in spring in the Convenience channel.

是的。當你看到我們預期的重置時，從歷史上看，它是在 3 月 15 日到 4 月 15 日左右，通常就像春季重置窗口，便利通道也可以被推遲到新冠疫情期間，可能會持續到三月或五月。我們正在與我們的合作夥伴密切合作。今年每個人的時間安排都略有不同。眾所周知，我們通常會在 10 月在北美舉辦一場大型活動，然後我們期待春季在便利頻道中進行這些重置。

So everyone is working on a little bit slightly different calendar in 2021, but we do expect these resets to take place over the next several months, and you will be seeing additional flavors on shelf. What's interesting on the flavors on shelf, as we spoke about this before, Anthony, is when we add additional flavors, it doesn't cannibalize sales. It actually increases sales at an increasing rate for the whole portfolio. So it's all incremental to us, and that's what we've seen. So we look forward to continuing to drive positive momentum.

因此，每個人都在 2021 年制定略有不同的日曆，但我們確實預計這些重置將在接下來的幾個月內進行，並且您將在貨架上看到更多口味。安東尼，正如我們之前談到的那樣，貨架上的口味有趣的是，當我們添加額外的口味時，它不會蠶食銷售。實際上，它以越來越快的速度增加了整個產品組合的銷售。所以這對我們來說都是增量的，這就是我們所看到的。因此，我們期待繼續推動積極勢頭。

Okay. And then just lastly on the sales and marketing side other than the increased expense for coolers, are there any other programs you're running, whether it's additional sampling? Or -- I know you guys used to do the Tough Motors -- sponsor that. But is there any other events coming up whether it's the Olympics or anything like that, that you're looking to put money towards marketing dollars towards to increase the exposure? I know you mentioned the college rollouts and the sampling there, but any other programs?

好的。最後，在銷售和行銷方面，除了冷卻器費用增加之外，您是否正在運行任何其他計劃，是否是額外的樣品？或者 - 我知道你們曾經參加過 Tough Motors - 贊助它。但是，是否還有其他即將舉行的活動，無論是奧運會還是類似的活動，您希望投入資金進行行銷以增加曝光？我知道您提到了大學的推出和抽樣，但是還有其他計劃嗎？

Yes. We have a lot of great things in the work coming this summer. We have some big things planned. We're really excited about that. We've got a great summer launch plans, so be on the lookout for that. And we have a variety of things we're working on within our marketing vehicles. I touched on a couple of them on the call. We'll keep the -- we won't disclose too much of what we're doing in regards to tactics, but you will be seeing more of Celsius out there as we continue to increase our household penetration, really building that brand in a meaningful way with consumers. So we have a variety of different vehicles and mediums we will be executing as we really get to the beverage season this year, which we're really excited about. We think we're well positioned, better positioned than any year ever as we enter summer season so...

是的。今年夏天我們的工作中有很多很棒的事情。我們計劃了一些大事。我們對此感到非常興奮。我們有一個很棒的夏季發布計劃，所以請留意。我們的行銷工具正在進行多種工作。我在電話中提到了其中的幾個。我們將保留——我們不會透露太多我們在策略方面正在做的事情，但隨著我們繼續提高家庭滲透率，您將看到更多的攝氏度，真正在一個與消費者進行有意義的方式。因此，當我們真正進入今年的飲料季節時，我們將執行各種不同的工具和媒介，對此我們感到非常興奮。我們認為，當我們進入夏季時，我們處於有利的位置，比以往任何一年都處於更好的位置，所以...

There are no further questions in the queue. I'd like to hand the call back to management for closing remarks.

隊列中沒有其他問題。我想將電話轉交給管理階層以供結束語。

Thank you on behalf of the company. I'd like to thank everyone for their continued interest and support. Our results demonstrate our products are gaining considerable momentum. And we are capitalizing on today's global health and wellness trends and transformation taking place in today's energy drink category. Our active healthy lifestyle position is a global position with mass appeal. We're building upon our cooler and leveraging opportunities and deploying best practices. We have a winning portfolio of strategy and team at a large, rapidly growing market that consumers want. Our mission is to take Celsius to more consumers profitably. I'm very proud of our dedicated team, as without them, this tremendous opportunity would not be possible. In addition, I'd like to thank all of our investors for their continued support and confidence in our team. Thank you, everyone, for your interest in Celsius. Be safe, stay healthy, and have a great day.

我代表公司感謝您。我要感謝大家的持續關注與支持。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變化。我們積極健康的生活方式的定位是具有大眾吸引力的全球定位。我們正在以冷卻器為基礎，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成功的策略和團隊組合。我們的使命是將攝氏度帶給更多消費者並從中獲利。我為我們敬業的團隊感到非常自豪，因為沒有他們，這個巨大的機會就不可能實現。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。謝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，度過美好的一天。