Celsius Holdings Inc (CELH) 2020 Q3 法說會逐字稿

Greetings, and welcome to Celsius Holdings Third Quarter Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Cameron Donahue, Investor Relations for Celsius. Thank you. You may begin.

您好，歡迎參加攝氏控股第三季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。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。你可以開始了。

Thank you, and good morning, everyone. We appreciate you joining us today for Celsius Holdings' Third Quarter 2020 Earnings Conference Call. Joining the call today are John Fieldly, President and Chief Executive Officer; and Edwin Negron, Chief Financial Officer. Following their prepared remarks, we'll open the call to your questions and instructions will be given at that time. The company filed its Form 10-Q with the SEC and issued the earnings press release premarket today. All materials are available on the company's website at celsiusholdingsinc.com under the Investor Relations section.

謝謝大家，大家早安。我們感謝您今天參加攝氏度控股公司 2020 年第三季財報電話會議。今天加入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）。在他們準備好發言後，我們將開始電話詢問您的問題，屆時將給予指示。該公司向 SEC 提交了 10-Q 表格，並在今天在盤前發布了收益新聞稿。所有資料均可在公司網站 celsiusholdingsinc.com 的投資者關係部分取得。

As a reminder, before I turn the call over to John, the audio replay will be available later today. Please also be aware that this call may contain forward-looking statements that are based on forecast, expectations and other information available to management as of today, November 12, 2020. These statements involve numerous risks and uncertainties, including many that are beyond the company's control. Except to the extent as required by applicable 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 releases and our quarterly filings with the SEC for additional information. With that, I'd like to turn the call over to President and Chief Executive Officer, John Fieldly, for his prepared remarks. John?

提醒一下，在我將電話轉給約翰之前，音訊重播將於今天晚些時候提供。另請注意，本次電話會議可能包含前瞻性陳述，這些陳述基於截至今天（2020 年11 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承受範圍。控制。除適用法律要求的範圍外，攝氏控股不承擔任何義務，也不承擔更新任何這些前瞻性聲明的義務。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。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. Good morning, everyone, and thank you for joining us today. Our third quarter continued to see the impacts of the COVID-19 pandemic, materially impacting several channels of trade for Celsius, including our health and fitness, vending and food service as well as a reduction in foot traffic in several other channels. While we did begin to see an improvement in the third quarter with capacity restrictions and reopenings in our hardest-hit channels, this remains significantly uncertain as there potentially could be reclosings with additional cases and increase in our regions of operation and extended closures in some states and countries.

謝謝你，卡梅倫。大家早安，感謝您今天加入我們。我們第三季繼續受到 COVID-19 大流行的影響，對攝氏度的多個貿易管道產生了重大影響，包括我們的健康和健身、自動販賣機和食品服務，以及其他幾個管道的人流量減少。雖然我們在第三季確實開始看到情況有所改善，但受運力限制和受打擊最嚴重的管道重新開放，這仍然存在很大的不確定性，因為可能會因更多病例而重新關閉，我們的營運地區可能會增加，並且某些州的關閉時間會延長和國家。

The health and safety of our employees, customers, consumers and partners remains our top priority, and we continue to monitor the environment and implement contingency plans to mitigate risk to our business. In addition to the COVID disruptions in our retail channels, the entire beverage industry is now being impacted by an aluminum can shortage taking place in the United States. The impact is across the board, with major bottlers recently announcing a material shortfall in cans for 2021 and many smaller brands are being turned away. We have been in continual dialogue with our suppliers. And while they remain certain to fulfill our base can needs for 2021, they indicated they do not expect to be able to fill our expected growth from our internal projections.

員工、客戶、消費者和合作夥伴的健康和安全仍然是我們的首要任務，我們將繼續監控環境並實施應急計劃，以減輕我們業務的風險。除了新冠肺炎疫情對我們零售通路的干擾之外，整個飲料產業現在也受到美國鋁罐短缺的影響。影響是全面的，主要裝瓶商最近宣布 2021 年罐裝材料短缺，許多較小的品牌被拒之門外。我們一直與供應商保持持續對話。雖然他們仍然確定能滿足我們 2021 年的基本需求，但他們表示，他們預計無法滿足我們內部預測的預期成長。

While this is a significant issue, we have also found a solution. Being an international company, we have been able to leverage our global relationships and strategic investors and will be securing additional cans needed -- as needed from Europe and Asia to support our growth. While this is great news, on all these incremental cans we are able to source outside of the United States, we will see an increase in our cost of goods over the short-term period through 2021, which will impact our gross profit margins by a few points, but we remain confident the company will be at least at a run rate in the low 40s on a gross profit basis.

雖然這是一個重要問題，但我們也找到了解決方案。作為一家國際公司，我們能夠利用我們的全球關係和戰略投資者，並將根據歐洲和亞洲的需要獲得更多所需的罐頭，以支持我們的成長。雖然這是個好消息，但對於我們能夠在美國境外採購的所有這些增量罐，我們將看到在 2021 年的短期內我們的商品成本會增加，這將對我們的毛利率產生幾點，但我們仍然有信心該公司的毛利至少將保持在40 左右。

We are currently expecting 2021 as being impacted for the entire year until the new plants in the United States get up and running, balancing supply and demand as we head into 2022. We will continue to explore additional opportunities as they become available to shorten the duration Celsius is impacted by this can shortage but wanted to set an initial conservative expectation as a baseline. I am sure -- I assure you our team is focused on continuing to improve operational performance, and the team is focused on improving efficiencies as we continue to scale. And we will work to mitigate and offset this increase as much as operationally possible throughout 2021.

我們目前預計 2021 年全年都會受到影響，直到美國的新工廠建成並運行，在進入 2022 年時實現供需平衡。我們將繼續探索更多機會，以縮短持續時間攝氏度受到了罐頭短缺的影響，但希望設定一個最初的保守預期作為基線。我確信—我向您保證，我們的團隊專注於持續提高營運績效，並且隨著我們不斷擴大規模，團隊專注於提高效率。我們將在 2021 年期間盡可能減少和抵消這一增長。

With the -- with the only negatives for the quarter out of the way, I am extremely proud and excited with our team at Celsius and the accomplishments they've made during the quarter. The third quarter results were at an all-time record for the company, including record revenue, gross profit, gross margins, operation income, net income, earnings per share and cash flow from operations. Overall, revenue was up over 80% to approximately $36.8 million from $20.4 million in the year-ago quarter. Domestic revenues, we saw growth of 60% to $26.9 million, up from $16.8 million in the year-ago quarter, which was driven by expansion in retail outlets, where we grew over 19,000 locations from the year-ago period, expanded our distribution through DSD and saw organic same-store sales growth. And we saw over 100% growth in our e-commerce channels during the quarter.

隨著本季唯一的負面因素的解決，我對我們在攝氏度的團隊以及他們在本季度取得的成就感到非常自豪和興奮。該公司第三季業績創下歷史新高，包括創紀錄的收入、毛利、毛利率、營業收入、淨利、每股盈餘和營運現金流。總體而言，營收從去年同期的 2,040 萬美元成長了 80% 以上，達到約 3,680 萬美元。國內收入成長 60%，達到 2,690 萬美元，高於去年同期的 1,680 萬美元，這是由零售店擴張推動的，零售店比去年同期增加了 19,000 多個門市，透過DSD 實現了同店銷售額的有機增長。本季我們的電子商務通路成長了 100% 以上。

Our e-com revenue was driven by Amazon where we saw an increase of over 111% to over $5.6 million for the quarter, which represented about 22% of our domestic revenue. Initial revenue increased 172% to $10 million approximately from $3.7 million in the year-ago quarter, in which we saw our Nordic revenue increase 182% to $9.5 million, also a quarterly record since the acquisition and sequential growth of approximately 10% from the first to the second quarter.

我們的電子商務收入由亞馬遜推動，本季成長超過 111%，達到 560 萬美元以上，約占我們國內收入的 22%。初始收入從去年同期的 370 萬美元增長 172% 至約 1000 萬美元，其中我們的 Nordic 收入增長 182% 至 950 萬美元，這也是自收購以來的季度記錄，並且比第一季連續增長約 10%到第二季。

Consumer demand for the Celsius brand has only grown stronger through 2021. And with the most recent reported United States SPINS data for the 52 weeks ending October 4, 2020 confirms that we have significantly outpaced the category across multiple channels. This includes a 43.9% growth in the convenience channel, outpacing the category by approximately 14.8x, with new store additions ramping up our ACV to approximately 16%. And in the MULO channel, our growth rate is over approximately 100% with an ACV currently at 36.5%, outpacing the category growth by 7.4%. Additionally, third-party data reflects the same trends on Nielsen as reported all channels as of October 27, 2020, the Celsius sales were up over 61.3% for the 4 weeks ending with a 0.6 share.

到 2021 年，消費者對攝氏品牌的需求只會變得更加強勁。最新報告的美國 SPINS 截至 2020 年 10 月 4 日的 52 週數據證實，我們在多個管道上都顯著超過了該類別。其中便利通路成長了 43.9%，比同類產品成長了約 14.8 倍，新店的增加使我們的 ACV 成長至約 16%。在 MULO 通路中，我們的成長率超過約 100%，目前 ACV 為 36.5%，比類別成長率高出 7.4%。此外，第三方數據反映了尼爾森截至 2020 年 10 月 27 日所有管道報告的相同趨勢，Celsius 銷售額在 4 週內增長了 61.3% 以上，最終佔據了 0.6 的份額。

The next largest growth rate in the category was Red Bull with approximately growth rates of 20.2% for the most recent 4-week period. According to Stackline, which tracks energy drink sales on Amazon in the United States for the 4 weeks ending October 17, 2020, sales in dollars in the energy drink category by Amazon, including energy shots, grew by over 157.5% versus the same period a year ago, and Celsius sales increased, outpacing the category by 190.3%. And our share increased to 13.9% of the category, which puts Celsius as the third largest energy drink brand on Amazon, just behind Monster Energy at a 31.2% share, which grew 156%, and Red Bull, which is at a 15.8% share, which grew at 179% growth rate. Being the third largest brand on Amazon demonstrates our opportunity and verifies Celsius warrants additional and much better placements as we continue to scale.

此類別中成長率第二高的是紅牛，最近 4 週的成長率約為 20.2%。 Stackline 追蹤了截至 2020 年 10 月 17 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）與去年同期相比增長了 157.5% 以上。一年前，Celsius的銷售成長，超過同類產品190.3%。我們的份額增加到該類別的 13.9%，這使得攝氏度成為亞馬遜上第三大能量飲料品牌，僅次於 Monster Energy 的 31.2% 份額（增長了 156%）和紅牛（15.8% 的份額） ，以179 %的成長率成長。作為亞馬遜上的第三大品牌證明了我們的機會，並驗證了隨著我們不斷擴大規模，Celsius 值得獲得更多、更好的展示位置。

Through the third quarter, traffic and purchasing patterns remained disruptive and online ordering patterns, cans repurchasing and curbside pickups became more prevalent in response to stay-at-home orders in particular markets and consumers shifting their lifestyles. During the quarter, we continue to see impacts in several of our distribution channels, mainly our health club, vitamin specialty and vending channels. Our health club channel, specialty channel saw revenue decline by approximately 23% in the third quarter. This was historically represented at approximately 20% to 25% of our United States revenues, and this channel remains predominantly shut down during the quarter. We did begin to see some reopenings at a limited capacity during the quarter but expect revenues from this channel to remain materially down in the fourth quarter. We do expect continued openings throughout 2021 and a rebound.

在整個第三季度，流量和購買模式仍然具有破壞性，線上訂購模式、罐頭回購和路邊取貨變得更加普遍，以應對特定市場的居家訂單和消費者生活方式的改變。在本季度，我們的幾個分銷管道繼續受到影響，主要是我們的健身俱樂部、維生素專賣店和自動販賣機。我們的健身俱樂部通路、專業通路第三季營收下降了約 23%。從歷史上看，該管道約占我們美國收入的 20% 至 25%，且該管道在本季度仍然主要處於關閉狀態。我們確實開始看到一些在本季度以有限的容量重新開放，但預計該管道的收入在第四季度仍將大幅下降。我們確實預計 2021 年將繼續開業並出現反彈。

As I discussed in the second quarter earnings call, despite these 2 channels essentially shut down, our consumers shifted their purchasing patterns of Celsius to other channels, which did not only replace the sales in these channels but drove record revenues and accelerated revenue growth of over 60% in the third quarter in North America, further reinforcing the opportunity we have at Celsius. Our brand is more than just an impulse purchase. We are part of daily lifestyle aligned for today's health minded consumer. The Celsius consumer brings significant value to retailers, not just as an expanded age bracket and a 50% female demographic, but our consumers are recurring, regularly consuming Celsius as part of a daily lifestyle, further expanding the channels and category growth.

正如我在第二季財報電話會議中討論的那樣，儘管這兩個管道基本上關閉，但我們的消費者將攝氏溫度的購買模式轉移到其他管道，這不僅取代了這些管道的銷售，而且推動了創紀錄的收入並加速了超過北美第三季成長 60%，進一步加強了我們在攝氏度的機會。我們的品牌不僅僅是一種衝動購買。我們是當今注重健康的消費者日常生活生活方式的一部分。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%，而且我們的消費者經常將攝氏消費作為日常生活的一部分，進一步擴大渠道和品類增長。

During the quarter, we made significant process on further building out our DSD distribution networks on our pursuit for a national network to service our accounts. We secured additional distribution partners in Anheuser-Busch, PepsiCo, Keurig Dr. Pepper, MillerCoors network partners, further expanding availability in new regions. We further transitioned Target and 7-Eleven over to their wholesaler Big Geyser in New York during the third quarter and have already seen volumes more than double in those locations. The company initially announced last summer that we're building out our national DSD network, starting with our first major account, DSD partner, Big Geyser New York City metropolitan market. We have now built our network to over 147 regional direct store delivery partners, and we anticipate our DSD network now covers approximately 75% of major metropolitan markets in the United States.

本季度，我們在進一步建立 DSD 分銷網絡方面取得了重大進展，以期建立全國性的網路來為我們的客戶提供服務。我們在 Anheuser-Busch、PepsiCo、Keurig Dr. Pepper、MillerCoors 網路合作夥伴中獲得了更多經銷合作夥伴，進一步擴大了新地區的可用性。第三季度，我們進一步將 Target 和 7-11 轉移給了他們在紐約的批發商 Big Geyser，這些地點的銷量已經增加了一倍多。該公司最初在去年夏天宣布，我們正在建立全國 DSD 網絡，首先是我們的第一個主要客戶、DSD 合作夥伴、紐約市大間歇泉市場。目前，我們與超過 147 個區域直營商店配送合作夥伴建立了網絡，預計我們的 DSD 網路現已覆蓋美國約 75% 的主要大都市市場。

One of the initial challenges we did have building out our network was really working with the retailers as you have to cover the retailer distribution and the stores in order to flip over those retailers to your distribution partners. So this is why the percentage of stores serviced by DSD is materially lower currently than our overall coverage, which is approximately 75% of metropolitan markets. Now that we have grown our overall coverage and completed full regional coverage on geographical areas, we have now seen an over 100% increase in number of stores serviced by our DSD network from our Q2 earnings call, which includes our most recently announced Target DSD conversion and the 2,700 Speedway store expansion we most recently announced. The company anticipates that approximately 30% of doors will be currently covered by DSD distribution, which would be adding additional stores locations throughout the back half of Q4 and into 2021.

我們建立網路的最初挑戰之一是與零售商真正合作，因為您必須涵蓋零售商分銷和商店，以便將這些零售商移交給您的分銷合作夥伴。因此，這就是為什麼目前由 DSD 提供服務的商店百分比大大低於我們的整體覆蓋率（約佔大都會市場的 75%）。現在，我們已經擴大了整體覆蓋範圍，並完成了對地理區域的全面區域覆蓋，從第二季度財報電話會議來看，我們的DSD 網路所服務的商店數量增加了100% 以上，其中包括我們最近宣布的目標DSD 轉換以及我們最近宣布的 2,700 家 Speedway 商店擴張計劃。該公司預計，目前 DSD 分銷將覆蓋約 30% 的門市，並將在第四季度後半段和 2021 年增加更多門市。

We anticipate that the accelerated transition will continue and include convenience, as such, the recently announced Speedway launch drug and grocery. Over the next 2 to 3 years, we expect approximately 70% of our retail stores to be serviced by DSD distribution and the associated benefits of doubling revenues in those accounts as we continue to transition.

我們預計加速轉型將持續下去，並包括便利性，例如最近宣布的 Speedway 推出藥品和雜貨。在接下來的 2 到 3 年裡，我們預計大約 70% 的零售店將接受 DSD 分銷服務，隨著我們繼續轉型，這些帳戶的收入將翻倍。

In our mass channel, Celsius saw significant growth through our recently announced exclusive launch of Kiwi Guava Lime Flavor of On-The-Go Stick Powders into over 2,700 Walmart locations. In addition to the Walmart launch of the new flavor, the company expanded our On-The-Go sticks into Publix over 1,200 locations with 5 flavors and expanded our flavor offerings throughout Europa, who services the gym channel as well as Vitamin Shoppe and HEB in Texas. We also expect to transition the remaining 50% of Walmart stores to DSD in the beginning of 2021.

在我們的大眾通路中，Celsius 透過最近宣佈在 2,700 多個沃爾瑪門市獨家推出奇異果番石榴青檸味便攜式棒粉，實現了顯著增長。除了沃爾瑪推出新口味外，該公司還將On-The-Go 棒擴展到Publix 的1,200 多個地點，提供5 種口味，並將我們的口味產品擴展到整個Europa，該公司為健身房頻道以及維生素專櫃和HEB 提供服務。德克薩斯州。我們也預計在 2021 年初將剩餘 50% 的沃爾瑪商店過渡到 DSD。

We transitioned, as stated, 1,200 Target stores to DSD through September and October, with additional plans and regions to transition throughout the back half of 2020 and through 2021. Target is a great case study for Celsius. As we have steadily grown our initial 2 SKUs in a 200-store test to national availability with 5 flavors serviced now by DSD, the company also participated in an [NCAP] program, which -- to support the transition in August and September, which was very successful.

如前所述，我們在9 月和10 月將1,200 家Target 商店過渡到DSD，並在2020 年下半年和2021 年期間制定了其他計劃和地區進行過渡。Target 是攝氏度的一個很好的研究案例。隨著我們在200 家商店測試中穩步增加最初的2 個SKU，以實現目前由DSD 提供5 種口味的全國供應，該公司還參與了[NCAP] 計劃，該計劃旨在支持8 月和9 月的過渡，該計劃非常成功。

In the convenience channel during the third quarter, we announced the expansion as stated in Speedway to over 2,700 locations, which are now serviced by DSD and grew our ACV in the channel -- in the convenience channel in North America to approximately 16%. We also expanded and brought on Xtra Mart, Kum & Go and Union Pacific stores.

在第三季的便利管道中，我們宣布將Speedway 中所述的業務擴展至2,700 多個地點，這些地點現在由DSD 提供服務，並將我們在該頻道中的ACV（北美便利通路中的ACV）增長至約16%。我們還擴大並引進了 Xtra Mart、Kum & Go 和 Union Pacific 商店。

In the retail space, our total U.S. store count now exceeds 79,000 locations nationally, which is up for more than 19,000 locations or 32% growth from the 60,000 locations we announced in Q3 of 2019 on our earnings call. We expect the number to grow even further in the coming quarters as retailers execute planogram resets, which were delayed in the summer months this year.

在零售領域，我們在美國的門市總數現已超過 79,000 家，比我們在 2019 年第三季財報電話會議上宣布的 60,000 家門市增加了 19,000 多家，即成長了 32%。我們預計，隨著零售商執行貨架圖重置（今年夏季的幾個月被推遲），這一數字將在未來幾季進一步成長。

In Europe, we continue to capture incremental benefits and synergies from full integration of Func Food, a Nordic wellness company, into our operations. The business was immediately accretive to earnings and an important step in our strategy to build out a global dynamic brand. As in the United States, our Europe operations were impacted by COVID and saw decreases in the fast protein snack portfolio continued through the third quarter as consumers shifted habits to confectionery products, but we do see the protein category continuing to rebound in the fourth quarter and expect it to continue to rebound into 2021. These decreases were more than offset by the sales increases of Celsius in the region, which we continue to see great opportunity and momentum.

在歐洲，我們繼續透過將北歐健康公司 Func Food 完全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。與美國一樣，我們的歐洲業務受到了新冠疫情的影響，隨著消費者習慣轉向糖果產品，快速蛋白質零食產品組合在第三季度持續下降，但我們確實看到蛋白質類別在第四季度繼續反彈，預計到2021 年它將繼續反彈。這些下降被攝氏在該地區的銷售成長所抵消，我們繼續看到巨大的機會和動力。

Some of our operational highlights. In Sweden, we had a great successful launch of a new flavor, great-tasting strawberry marshmallow which we launched in August and September. And we also kicked off, in the back half of the third quarter, a limited edition Blueberry Frost, which is great tasting and was well received by consumers and retailers in the country. In Finland, we saw great, very strong campaign in Kesko, one of the country's leading hypermarkets where we saw over 65% growth versus in the prior year quarter. And the team launched a great tasting indulgence bar in August, which has been very well received by consumers.

我們的一些營運亮點。在瑞典，我們在八月和九月推出了一種新口味、美味的草莓棉花糖，並取得了巨大成功。我們也在第三季後半段推出了限量版藍莓霜，味道極佳，受到了國內消費者和零售商的好評。在芬蘭，我們在全國領先的大賣場之一 Kesko 看到了非常強大的行銷活動，與去年同期相比成長了 65% 以上。團隊在8月推出了一款美味的縱享吧，受到了消費者的一致好評。

As with Europe and the United States, China and APAC were impacted as well by COVID-19. Recovery continues and we saw momentum gain in the summer months. In China, we maintain a licensing royalty model in a market where distributors cover approximately 76 cities and now cover approximately 60,000 points of distribution at the end of the third quarter. And in Malaysia, we maintain a direct relationship with a local distributor where we maintain approximately 2,000 7-Elevens, with plans to reenter the fitness channel, specialty and gyms and additional retailers as the 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.

與歐洲和美國一樣，中國和亞太地區也受到了 COVID-19 的影響。復甦仍在繼續，我們在夏季看到了勢頭的增強。在中國，我們在市場上維持許可使用費模式，經銷商覆蓋約 76 個城市，截至第三季末目前已覆蓋約 60,000 個分銷點。在馬來西亞，我們與當地經銷商保持直接關係，在那裡我們擁有大約 2,000 家 7-11 便利商店，並計劃隨著復甦的繼續而重新進入健身通路、專賣店和健身房以及其他零售商。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。

On the marketing front, we continue to innovate, target new and existing consumers with a live, work and play to prioritize meaningful and emotional connections through robust marketing programs that drive live integrated programs, competitive activities even while consumers are at home. Specifically during the quarter, despite COVID-19 restrictions, we sponsored over 25 advanced, both in-person and virtual, sampled thousands of cans in hands during the quarters in our key markets. We also supported our first responders with thousands of donations to doctors, nurses, police, army, firefighters and also supported the California fires. In addition, we started our Live Fit Tour in the Florida market, where we reached out and sampled and activated gyms and also create experiential out-store activities throughout the quarter and have plans to further expand throughout Q4.

在行銷方面，我們不斷創新，以生活、工作和娛樂為目標的新老消費者，透過強大的行銷計劃優先考慮有意義和情感的聯繫，這些計劃推動即時綜合計劃、競爭性活動，即使消費者在家時也是如此。具體而言，在本季度，儘管受到新冠肺炎(COVID-19) 的限制，我們仍贊助了超過25 項先進活動，包括現場和虛擬活動，並在我們的主要市場上對數千罐樣品​​進行了採樣。我們也向醫生、護士、警察、軍隊、消防員捐贈了數千筆捐款來支持我們的急救人員，並支持了加州火災。此外，我們在佛羅裡達市場啟動了 Live Fit 之旅，在那裡我們接觸、採樣和激活了健身房，並在整個季度創建了體驗式店外活動，併計劃在整個第四季度進一步擴展。

In addition, we further leveraged our SWEAT WITH CELSIUS Instagram live workout programs and further leveraged our brand ambassadors and influencers where we've connected meaningfully with more consumers. In addition, we continue to partner with our core retailers. And most recently, we partnered in a college program where we have distributed over 100,000 On-The-Go sticks to college students through the Walmart back to school, college program.

此外，我們進一步利用 SWEAT WITH CELSIUS Instagram 直播鍛鍊計劃，並進一步利用我們的品牌大使和影響者，與更多消費者建立了有意義的聯繫。此外，我們繼續與核心零售商合作。最近，我們與一個大學計畫合作，透過沃爾瑪返校大學計畫向大學生分發了超過 100,000 個 On-The-Go 棒。

Our brand is resonating with an expanded consumer base, distribution platform and retail locations, with the tailwinds and overall increased focus on health and wellness and specifically in the energy category, where functional energy is recognized throughout the industry as the driver of future growth and shelf space with retailers. We remain focused on driving profitable growth in an industry that is rapidly changing. We're growing exponentially and adapting quickly, outpacing our competitors and grabbing market share. The momentum we are creating reinforces our confidence in the long-term growth and profitable aspects of our business and we believe we are just getting started. Heading into the fourth quarter of 2020, we remain excited and are seeing sales orders through October in the United States exceed over a 50% growth rate versus the prior year. I will now turn the call over to Edwin Negron-Carballo, our Chief Financial Officer, for his prepared remarks. Edwin?

我們的品牌與擴大的消費者基礎、分銷平台和零售地點產生共鳴，隨著人們對健康和保健的整體關注度的提高，特別是在能源類別中，功能性能源被整個行業視為未來增長和貨架的驅動力與零售商的空間。我們仍然專注於推動快速變化的行業的獲利成長。我們正在呈指數級增長並快速適應，超越競爭對手並搶佔市場份額。我們正在創造的勢頭增強了我們對業務長期增長和盈利方面的信心，我們相信我們才剛剛開始。進入 2020 年第四季度，我們仍然感到興奮，並看到美國 10 月的銷售訂單比上年增長超過 50%。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. Starting with our third quarter results, for the 3 months ended September 30, 2020, revenue was $36.8 million, a substantial increase of $16.4 million or 80.4% from $20.4 million for the same quarter of 2019. The revenue increase of 80.4% was attributable to continued strong growth of 60.4% in North American revenues, reflecting double-digit growth from existing accounts, new distribution and expanded presence in major retailers.

謝謝你，約翰。從第三季業績開始，截至2020 年9 月30 日的三個月，營收為3,680 萬美元，較2019 年同季的2,040 萬美元大幅成長1,640 萬美元，即80.4%。營收成長80.4% 歸因於北美收入持續強勁成長 60.4%，反映出現有客戶、新分銷和主要零售商業務擴張帶來的兩位數成長。

European revenue for the 3 months ended September 30, 2020, was $9.5 million, which translates to a robust increase of 182.3% from 2019 quarter revenue of $3.4 million. The 2020 figures now reflect the full financial impact of the consolidation of Func Food Group, our European distribution partner whom we acquired in October 2019.

截至 2020 年 9 月 30 日的三個月歐洲營收為 950 萬美元，比 2019 年季度營收 340 萬美元強勁成長 182.3%。 2020 年的數據現在反映了 Func Food Group 合併的全部財務影響，Func Food Group 是我們於 2019 年 10 月收購的歐洲分銷合作夥伴。

Asian revenues, which basically consists of royalty income from our China licensee, were essentially $275,000 for the 3 months ended September 30, 2020, an increase of 40.8% from $195,000 in the 2019 quarter. Other international markets generated $145,000 of revenue during the third quarter of 2020, an increase of basically $57,000 when compared to $88,000 for the same quarter in the prior year. The total increase in revenues from the 2019 quarter to the 2020 quarter was mainly related to increases in sales volume as opposed to increases in product pricing.

截至 2020 年 9 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，基本上為 275,000 美元，比 2019 年季度的 195,000 美元增長了 40.8%。其他國際市場在 2020 年第三季創造了 145,000 美元的收入，與去年同期的 88,000 美元相比，基本上增加了 57,000 美元。 2019 年季度到 2020 年季度的總收入成長主要與銷售量的成長有關，而不是產品定價的成長。

For the 3 months ended September 30, 2020, gross profit increased by approximately $8.9 million or 103% to $17.5 million from $8.6 million for the same quarter in 2019. Gross profit margins for the 3 months ended September 30, 2020, were a very healthy 46.7%, which compared favorably to 42.2% for the same quarter in 2019. The increase in profit margins delivered an incremental $1.9 million of profitability this quarter. The increase in gross profit is mainly related to increases in sales volume from the 2019 quarter to the 2020 quarter as opposed to increases in product pricing.

截至2020年9月30日止的三個月，毛利從2019年同季度的860萬美元增加至1750萬美元，增幅約為890萬美元，即103%。截至2020年9月30日止的三個月的毛利率非常健康46.7%，優於 2019 年同季的 42.2%。利潤率的提高使本季的獲利能力增加了 190 萬美元。毛利的成長主要與2019年季至2020年季度的銷售成長有關，而非產品定價的成長。

Sales and marketing expenses for the 3 months ended September 30, 2020, were $8.3 million, an increase of basically $3.3 million or 68% from $4.9 million in the 2019 quarter. This increase reflects the impact of the full consolidation of the operating results of Func Food, thereby resulting in an increase in our marketing investments of 88% or $1.7 million from the prior year quarter. Similarly, all other sales and marketing expenses give effect to the increases related to the consolidation of Func Food Group's operations.

截至 2020 年 9 月 30 日的三個月銷售和行銷費用為 830 萬美元，比 2019 年季度的 490 萬美元增加了 330 萬美元，增幅為 68%。這一成長反映了 Func Food 經營績效全面合併的影響，從而導致我們的行銷投資比去年同期增加了 88%，即 170 萬美元。同樣，所有其他銷售和行銷費用均會因 Func Food 集團業務合併而增加。

Specifically, employee costs which also includes investment in human resources to properly service our markets increased to $2.3 million or 71% from the prior year quarter. Moreover, due to increase in business volume from the 2019 quarter to the 2020 quarter, our support to distributors and investment in trade activities as well as our storage and distribution costs increased by $705,000 when compared to the prior year quarter.

具體來說，員工成本（還包括為正確服務市場而進行的人力資源投資）增加至 230 萬美元，比去年同期增加了 71%。此外，由於2019年季度到2020年季度的業務量增加，我們對分銷商的支持和貿易活動的投資以及我們的存儲和分銷成本與去年同期相比增加了705,000美元。

General and administrative expenses for the 3 months ended September 30, 2020, were essentially $4.6 million, an increase of basically $2.4 million or 108% from $2.2 million for the 3 months ended September 30, 2019. This increase similarly reflects the impact of the consolidation of Func Food's operations, which were not present in the results for the 2019 quarter. As such, administrative expenses for the 3 months ended September 30, 2020, were $1.3 million, an increase of essentially $866,000 or 182% from basically $476,000 for the prior year quarter.

截至2020年9月30日止三個月的一般及行政費用基本為460萬美元，較截至2019年9月30日止三個月的220萬美元基本增加240萬美元或108%。這一增長同樣反映了合併的影響Func Food 的業務，這些未出現在 2019 年季度的業績中。因此，截至 2020 年 9 月 30 日的三個月的管理費用為 130 萬美元，比去年同期的 476,000 美元增加了 866,000 美元，即 182%。

Employee costs for the 3 months ended September 30, 2020, reflected an increase of $360,000 or 63%, not only attributable to the consolidation of Func Food Group's operations but also reflecting additional investment in resources in order to properly support our higher business volume. All other increases for general and administrative expenses from the 2019 quarter to the 2020 quarter were approximately $1.1 million. These increases are mainly related to higher stock option expense of $1.2 million; an additional depreciation and amortization of $15,000, which were partially offset by net decreases in all other administrative expenses amounting to $122,000.

截至2020 年9 月30 日的三個月的員工成本增加了360,000 美元或63%，這不僅歸因於Func Food Group 業務的整合，還反映了為了適當支持我們更高的業務量而對資源進行的額外投資。從 2019 年季度到 2020 年季度，所有其他一般和管理費用的增加約為 110 萬美元。這些成長主要與 120 萬美元的股票選擇權費用增加有關；額外折舊和攤銷15 000美元，部分被所有其他行政費用淨減少122 000美元所抵銷。

Total net other income for the 3 months ended September 30, 2020, was basically $45,000, which compares favorably to other expenses of $543,000 for the same period in the prior year. The 2020 quarter results reflect a total favorable impact of approximately $588,000, which includes $155,000 of lower amortization expenses, $143,000 gain related to foreign currency fluctuations, $408,000 gain on the note receivable from China and net other miscellaneous expenses of $63,000, which were partially offset by higher net interest expenses of $55,000.

截至 2020 年 9 月 30 日的三個月的其他淨收入總額基本上為 45,000 美元，與上一年同期的其他費用 543,000 美元相比，情況良好。 2020 年季度業績反映了約588,000 美元的整體有利影響，其中包括155,000 美元的較低攤銷費用、與外幣波動相關的143,000 美元收益、來自中國的應收票據收益408,000 美元以及63,000 美元的其他雜項費用淨額，這些費用被部分抵消淨利息支出增加 55,000 美元。

As a result of the above, for the 3 months ended September 30, 2020, net income was $4.8 million or $0.06 per diluted share compared to net income of $961,000 or dilutive earnings of $0.03 per share in the year-ago quarter. Adjusted EBITDA was $6.9 million compared to a loss of $2.6 million for the third quarter of 2019. 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 figures has been included in our earnings release.

綜上所述，截至 2020 年 9 月 30 日的三個月，淨利為 480 萬美元，或稀釋每股收益 0.06 美元，而去年同期淨利潤為 961,000 美元，或稀釋每股收益 0.03 美元。調整後 EBITDA 為 690 萬美元，而 2019 年第三季虧損 260 萬美元。我們相信，這些資訊以及調整後 EBITDA 和其他非 GAAP 財務指標的比較增強了我們對真實業務業績的整體理解和可見性。為此，我們的 GAAP 業績與非 GAAP 數據的調整已包含在我們的收益發布中。

Now turning to the year-to-date results. For the 9 months ended September 30, 2020, revenue was essentially $95.1 million, an increase of $44.1 million or a significant increase of 86% from $51 million for the same period in 2019. The revenue increase was attributable in large part to continued strong growth of 57% in North American revenues, reflecting double-digit growth in both existing accounts and new distribution as well as expanded presence in major retailers.

現在轉向今年迄今的結果。截至2020年9月30日的9個月，營收基本為9,510萬美元，比2019年同期的5,100萬美元增加了4,410萬美元，顯著成長了86%。營收的成長很大程度歸功於持續強勁的成長佔北美收入的 57%，反映了現有客戶和新分銷的兩位數成長以及在主要零售商中的影響力擴大。

European revenue was $26.8 million for the 9 months ended September 30, 2020, an increase of 251% from $7.6 million in revenue for the 2019 period. The 2020 figures now reflect the full financial impact of the consolidation of Func Food Group. Asian revenues, which basically consists of royalty income from our China licensee, were $969,000 for the 9 months ended September 30, 2020, an increase of 38% from $629,000 for the 2019 period.

截至 2020 年 9 月 30 日的 9 個月，歐洲收入為 2,680 萬美元，較 2019 年期間的 760 萬美元增長 251%。 2020 年的數據現已反映 Func Food 集團合併的全部財務影響。截至 2020 年 9 月 30 日的 9 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 969,000 美元，較 2019 年期間的 629,000 美元增長 38%。

Other international markets generated $309,000 of revenue during the 9 months ended September 30, 2020, an increase of basically $150,000 from $160,000 for the same period in 2019. The total increase in revenue from the 2019 period to the 2020 period was mainly related to increases in sales volume as opposed to increases in product pricing.

截至2020年9月30日的9個月內，其他國際市場產生了309,000美元的收入，較2019年同期的160,000美元基本增加了150,000美元。2019年期間到2020年期間的總收入增長主要與銷量的增加而不是產品價格的增加。

For the 9 months ended September 30, 2020, gross profit increased by approximately $22.3 million or a robust 105% increase to $43.5 million from $21.2 million for the same period in 2019. Gross profit margins increased to 45.8% for the 9 months ended September 30, 2020, from 41.6% for the same period in 2019. The increase in gross profit dollars and gross profit margins is mainly related to increases in volume as opposed to increases in product pricing. Sales and marketing expenses for the 9 months ended September 30, 2020, were $23.6 million, an increase of effectively $9.5 million or 68% from $14.1 million for the same period in 2019. This increase reflects the impact of the consolidation of Func Food Group following its October 2019 acquisition by the company. As a result, our marketing investments increased by 77% or $4.2 million from the 2019 period. Similarly, all other sales and marketing expenses reflect the increases related to the consolidation of Func Food Group's operations.

截至2020年9月30日的9個月，毛利增加約2,230萬美元，從2019年同期的2,120萬美元增至4,350萬美元，增幅達105%。截至9月30日的9個月，毛利率增加至45.8% ，從2019年同期的41.6%上升到2020年。毛利和毛利率的增加主要與銷售量的增加有關，而不是與產品定價的增加有關。截至2020 年9 月30 日的9 個月銷售和行銷費用為2,360 萬美元，比2019 年同期的1,410 萬美元實際增加了950 萬美元，即68%。這一增長反映了Func Food 集團合併後的影響2019 年 10 月被公司收購。因此，我們的行銷投資比 2019 年增加了 77%，即 420 萬美元。同樣，所有其他銷售和行銷費用都反映了與 Func Food 集團業務合併相關的成長。

Specifically, employee costs for the 2020 period, which also includes investments in human resources to properly service our markets, increased by $3.6 million or 88% from the 2019 period. Moreover, due to the increase in business volume, our support to the distributors, investment in trade activities as well as storage and distribution costs increased by $1.7 million from the 2019 period to the 2020 period.

具體而言，2020 年期間的員工成本（其中還包括為正確服務我們的市場而進行的人力資源投資）比 2019 年期間增加了 360 萬美元，即 88%。此外，由於業務量的增加，我們對經銷商的支持、貿易活動的投資以及倉儲和分銷成本從2019年期間到2020年期間增加了170萬美元。

General and administrative expenses for the 9 months ended September 30, 2020, were essentially $12.5 million, an increase of $5.3 million or 72% from $7.2 million for the 9 months ended September 30, 2019. This increase similarly reflects the impact of the consolidation of Func Food's operations, which were not present in the results for the 2019 period. As such, administrative expenses reflected an increase of $2.6 million, which included an increase of $221,000 in our bad debt reserve to cover potential collectibility risks associated with the COVID-19 pandemic.

截至2020年9月30日止9個月的一般及行政費用基本為1250萬美元，較截至2019年9月30日止9個月的720萬美元增加了530萬美元，即72%。這一成長同樣反映了合併的影響Func Food 的業務未出現在 2019 年期間的業績中。因此，管理費用增加了 260 萬美元，其中包括我們的壞帳準備金增加了 221,000 美元，以應對與 COVID-19 大流行相關的潛在收款風險。

Employee costs for the 9 months ended September 30, 2020, reflect an increase of $1.1 million or 59%, not only attributable to Func Food's operations but also related to additional investments in resources in order to properly support our higher business volume. All other increases for general and administrative expenses from the 2019 period to the 2020 period were $1.4 million. These increases mostly resulted from higher stock option expense of $1.3 million, higher depreciation and amortization of $34,000 and net increases in all other administrative expenses of $59,000.

截至2020 年9 月30 日的9 個月，員工成本增加了110 萬美元或59%，這不僅歸因於Func Food 的運營，還與為適當支持我們更高的業務量而進行的額外資源投資有關。從 2019 年期間到 2020 年期間，所有其他一般和行政費用的成長均為 140 萬美元。這些增長主要是由於股票選擇權費用增加 130 萬美元、折舊和攤提增加 34,000 美元以及所有其他管理費用淨增加 59,000 美元。

Total net other expenses for the 9 months ended September 30, 2020, were $590,000, which reflects a variance of $11.9 million when compared to total net other income of $11.3 million for the same period in the prior year. The variance of $11.9 million is mainly related to the recognition of a gain of $12.1 million pertaining to a note receivable from our Chinese licensee. The note receivable is part of an agreement executed with our China distributor related to the restructuring of our business relationship to a royalty-based model, which requires the repayment over a 5-year period of the investment the company made in China during the 2017 and 2018 years.

截至 2020 年 9 月 30 日的 9 個月其他淨支出總額為 59 萬美元，與去年同期的其他淨收入總額 1,130 萬美元相比，差異為 1,190 萬美元。 1,190 萬美元的差異主要與確認與中國被許可人應收票據相關的 1,210 萬美元收益有關。應收票據是與我們的中國經銷商簽署的協議的一部分，該協議涉及將我們的業務關係重組為基於特許權使用費的模式，該協議要求公司在2017 年和2017 年在中國進行的投資在5 年內償還2018 年。

As a result of the above, for the 9 months ended September 30, 2020, the company had net income of $6.9 million or $0.09 per diluted share. In comparison, for the 9 months ended September 30, 2019, there was net income of $11.1 million or $0.20 per diluted share. The net income for the 2019 period included a nonrecurring gain of $20.1 million related to a note receivable from our China licensee. Adjusted EBITDA for the first 9 months of 2020 was $12.2 million compared to a loss of $3.4 million for 2019. 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 figures has been included in our earnings release.

綜上所述，截至 2020 年 9 月 30 日的 9 個月，該公司的淨利潤為 690 萬美元，即稀釋後每股收益 0.09 美元。相比之下，截至 2019 年 9 月 30 日的 9 個月，淨利為 1,110 萬美元，即稀釋後每股收益 0.20 美元。 2019 年期間的淨利潤包括與中國被許可人應收票據相關的 2,010 萬美元非經常性收益。 2020 年前9 個月的調整後EBITDA 為1220 萬美元，而2019 年為虧損340 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 數據的調整已包含在我們的收益發布中。

As of September 30, 2020 and December 31, 2019, the company had cash of approximately $52.2 million and $23.1 million, respectively, and working capital of approximately $62.2 million and $24.8 million, respectively. Cash provided by operations during the 9 months ended September 30, 2020, was approximately $3.8 million compared to cash used in operations of essentially $966,000 for the 9-month period ended September 30, 2019.

截至2020年9月30日及2019年12月31日，該公司的現金分別約為5,220萬美元及2,310萬美元，營運資金分別約為6,220萬美元及2,480萬美元。截至2020年9月30日的9個月期間，營運提供的現金約為380萬美元，而截至2019年9月30日的9個月期間，營運所使用的現金約為966,000美元。

Finally, subsequent to the end of the third quarter, on October 30, 2020, the company paid off the bonds payable related to the acquisition of Func Food in the amount of approximately $10 million and is now debt-free. That concludes our prepared remarks. Operator, you may now open the call for questions. Thank you.

最後，在第三季末後，在2020年10月30日，該公司償還了與收購Func Food相關的應付債券，金額約1,000萬美元，目前已無債務。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 Jeff Van Sinderen with B. Riley and Company.

（操作員說明）我們的第一個問題來自 Jeff Van Sinderen 和 B. Riley 及其公司的線路。

First, let me say congratulations on the strong Q3 metrics. Terrific to see. John, maybe you can just touch on -- I know you've ramped the DSD network quite a bit. I think you said you're at 147. But maybe you could just speak to which regions you feel are best covered at this point, maybe where you still need to fill in or add DSD partners. And then what does kind of the optimization of your DSD network look like at the next phase based on recent business trends? And kind of maybe just review the time frame of getting to that optimization.

首先，我要祝賀第三季的強勁指標。很高興看到。約翰，也許你可以談談——我知道你已經對 DSD 網路進行了很大的改進。我想您說過您現在處於 147 級。但也許您可以只談談您認為此時最能覆蓋哪些區域，也許您仍需要填寫或添加 DSD 合作夥伴。那麼根據最近的業務趨勢，您的DSD網路下一階段的最佳化是什麼樣的呢？也許只是回顧一下實現優化的時間框架。

Yes, no. Thank you, Jeff. Really appreciate it. The team did a great outstanding job during the quarter during these unprecedented times. So really excited about the results and the momentum where we're at. But you're absolutely right. As I stated on the call, we're at right around 147 DSD partners today. We have about 75% of the major metropolitan markets covered so that allows us to really activate our retailers. So our team, our key accounts team is in the process really working with our retail partners and getting plans in place to transition from a direct model to the DSD model where we just see great lift, really gets us much better placement, better activation, better in-store execution and so forth. And that's really what we've been seeing.

是的，不是。謝謝你，傑夫。真的很感激。在這個前所未有的時期，該團隊在本季做得非常出色。我們對結果和目前的勢頭感到非常興奮。但你是絕對正確的。正如我在電話會議上所說，我們今天大約有 147 個 DSD 合作夥伴。我們涵蓋了大約 75% 的主要大都市市場，這使我們能夠真正啟動我們的零售商。因此，我們的團隊、我們的大客戶團隊正在與我們的零售合作夥伴真正合作，制定計劃，從直接模式過渡到DSD 模式，我們看到了巨大的提升，確實讓我們獲得了更好的定位、更好的激活，更好的店內執行等等。這確實是我們所看到的。

That's what we've been seeing as we flip over Target, CVS, 7-Eleven in New York and with out routes in California as well. So lots of momentum there. When you look at the areas where we're still working on -- and need coverage, the team's working very closely with a variety of potential customers in the Mid-Atlantic states, northern Cal, California, we've been working on. And also, there's pockets in the middle of the country as well as certain pockets in Texas that we're working on.

這就是我們在紐約翻轉 Target、CVS、7-11 以及在加州沒有路線時所看到的情況。那裡有很大的動力。當你看到我們仍在努力並需要涵蓋的領域時，你會發現團隊正在與大西洋中部各州、加州北部、加州的各種潛在客戶密切合作，我們一直在努力。此外，我們正在研究該國中部的一些地區以及德克薩斯州的某些地區。

But we do have 75% of the major metropolitan markets covered. We can cover a good portion and a good footprint of our existing distribution. So really just in the process, working with our retailers. We've talked about Walmart before, 50% are currently covered by DSD. We're hoping that will change in the -- really in Q1 of 2021 as we continue to work with those retail partners and flip over these key accounts.

但我們確實涵蓋了 75% 的主要大都市市場。我們可以涵蓋現有發行版的很大一部分和良好的足跡。所以實際上只是在這個過程中，與我們的零售商合作。我們之前講過沃爾瑪，目前DSD覆蓋了50%。我們希望這種情況能夠在 2021 年第一季改變，因為我們將繼續與這些零售合作夥伴合作並翻轉這些關鍵客戶。

So we think we're in a great position. We're in great standing, a better position than we ever have been on our retail distribution footprint and just really excited. We're seeing these distributors continually reorder products, working with us. We have some great team members, field sales team members that are working on activating these distributors. So we think we're in a really great position as we exit 2020 and head into 2021.

所以我們認為我們處於有利地位。我們的地位非常好，在零售分銷領域比以往任何時候都處於更好的地位，我們真的很興奮。我們看到這些經銷商不斷與我們合作重新訂購產品。我們有一些優秀的團隊成員、現場銷售團隊成員正在致力於啟動這些經銷商。因此，我們認為，在退出 2020 年並進入 2021 年時，我們處於非常有利的位置。

Okay, great. And then kind of a multipart question here. Can you speak on how the process of converting Target to DSD has been going? Maybe what sort of lift you're experiencing lately when you convert to DSD overall. I think you said something along the lines of 50%. And then I think you also mentioned Walmart flipping to DSD in the first part of next year. Maybe you can just elaborate a little bit on that. And then just curious, any more thoughts you have on the C-store channel and how business is going with Speedway.

好的，太好了。然後是一個由多部分組成的問題。您能談談將 Target 轉換為 DSD 的過程進展如何嗎？也許您最近在整體上轉換為 DSD 時會經歷什麼樣的提升。我認為你所說的大概是50%。然後我想你也提到了沃爾瑪在明年上半年轉向 DSD。也許你可以詳細說明一下。然後只是好奇，您對便利商店管道還有什麼想法以及 Speedway 的業務進展如何。

Okay, excellent. Target, we mentioned press release is out. We have been working on flipping over 1,200 stores. That's -- there's a whole process that gets involved there to even get to that point. So it's making sure you're covering all the stores within a given DMA, making sure that your -- the vendor numbers have to be loaded. There's a lot of back office work that has to be done not only on the Celsius side but also on the retailer side.

好的，非常好。目標，我們提到新聞稿已經發布。我們一直致力於翻轉 1,200 多家商店。那就是——有一個完整的過程參與其中，甚至達到這一點。因此，它要確保覆蓋給定 DMA 內的所有商店，確保必須載入供應商編號。有很多後台工作不僅需要在攝氏度方面完成，而且還需要在零售商方面完成。

And once that's all completed, then that needs to be communicated to our distributor partners, activated at retail. We do provide support with our field sales team as well, making sure these shelves get set. I've been working on it over the last 2 months, really September and October, getting those 1,200 Target stores set. There's additional Target opportunities to flip, as I mentioned, as we head into 2021.

一旦全部完成，就需要將其傳達給我們的經銷商合作夥伴，並在零售時啟動。我們也為現場銷售團隊提供支持，確保這些貨架得到設置。過去 2 個月（實際上是 9 月和 10 月）我一直在努力，為 1,200 家 Target 商店做好準備。正如我所提到的，隨著我們進入 2021 年，塔吉特還有更多翻轉機會。

In regards to Walmart, we are in -- about 50% of those Walmart's are currently serviced by DSD. Due to COVID and a lot of challenges, as we know with these retailers with a lot of back office roles and responsibilities and physicians working from home, has taken a little bit longer. So we anticipate Walmart, we'll get together with them and we'll continue to work on moving them over to DSD, which is the preferred method. And we anticipate that to happen sometime in Q1, early 2021.

就沃爾瑪而言，我們目前約有 50% 的沃爾瑪店由 DSD 提供服務。由於新冠疫情和許多挑戰，正如我們所知，這些零售商擁有大量後台角色和職責，而醫生在家工作，需要更長的時間。因此，我們期待沃爾瑪，我們將與他們合作，我們將繼續努力將他們轉移到 DSD，這是首選方法。我們預計這將在 2021 年初第一季的某個時候發生。

As it relates to convenience, convenience, we're up to a 16% ACV, outpacing the category growth. Obviously, we're into -- getting into the thick of buyer season so really account calls for 2021. It has been extremely positive as -- where we sit today and looking into 2021. We're getting a lot of excitement as we did last year at Max as we presented there. We did have a booth there. We got a lot of excitement. We're anticipating a lot of resets in 2020, which have been delayed but we anticipate those to come around. We're expecting more accounts coming on board in the convenience channel in that March, April time frame in 2021. And we'll have more announcements over the next coming quarters about expansion in existing accounts as well as new distribution coming on board within that convenience channel.

由於它涉及便利性、方便性，我們的 ACV 達到了 16%，超過了類別的成長。顯然，我們正在進入 - 進入買家旺季，因此真正考慮到 2021 年的需求。這是非常積極的 - 我們今天坐在那裡展望 2021 年。我們感到非常興奮去年我們在 Max 上發表了演講。我們在那裡確實有一個攤位。我們非常興奮。我們預計 2020 年會有大量重置，雖然這些重置已被推遲，但我們預計這些重置將會出現。我們預計在 2021 年 3 月、4 月的時間範圍內會有更多帳戶加入便利管道。我們將在接下來的幾個季度發布更多關於現有帳戶擴張以及在此期間加入新分銷的公告便捷通道。

As you look at Speedway, it's -- we're currently in the process of the first -- really the first phase of the relaunch. Initial feedback has been positive on the -- in the 2,700 stores we're in. So initial feedback has been positive. We'll continue to monitor but I don't have anything else to really report on at this time in regards to Speedway, but things seem to be going well.

當你看到 Speedway 時，我們目前正處於重新啟動的第一階段。我們所在的 2,700 家商店的初步回饋是正面的。所以初步回饋是正面的。我們將繼續監控，但目前我沒有其他關於 Speedway 的真正報告，但事情似乎進展順利。

Our next question comes from the line of Jeffrey Cohen with Ladenburg Thalmann.

我們的下一個問題來自傑弗裡·科恩和拉登堡·塔爾曼的對話。

So a few branded questions and 1 more of a macro question. So can you talk about the On-The-Go sticks? It's now up to 6 SKUs. Has that yet become a material portion of the overall business, at least in North America?

這是幾個品牌問題和一個宏觀問題。那麼您能談談 On-The-Go 棒嗎？現在最多有 6 個 SKU。這是否已經成為整個業務的重要組成部分，至少在北美？

Yes. The On-The-Go sticks is a great offering for us because that expands our usage occasion. So we see a lot of -- we're seeing a lot of momentum, with individuals making it part of their smoothie combinations, also taking it on their travel. The travel is down. We've seen a lot of -- offers a lot more portability. And we are seeing -- we expect it to be a meaningful part of our business. Obviously, the RTDs will drive the bulk of our revenues but we do see this additional opportunity with the On-The-Go sticks. They're doing well at Publix. We just expanded into Walmart with them. With Vitamin Shoppe, we've done really well over the years and online. And HEB has had them for some time as well as Harris Teeter.

是的。 On-The-Go 棒對我們來說是一個很好的產品，因為它擴大了我們的使用場合。因此，我們看到了很多——我們看到了很多動力，人們將其作為冰沙組合的一部分，並在旅行中攜帶它。旅行減少了。我們已經看到了很多——提供了更多的可移植性。我們看到——我們希望它成為我們業務中有意義的一部分。顯然，RTD 將推動我們的大部分收入，但我們確實看到了 On-The-Go 棒帶來的額外機會。他們在 Publix 做得很好。我們剛剛和他們一起擴展到沃爾瑪。多年來，我們透過維生素專櫃（Vitamin Shoppe）在網路上做得非常好。 HEB 和 Harris Teeter 一樣，已經擁有它們一段時間了。

So we do get a lot of excitement, a lot of interest on them. We do have some new flavors planned for 2021. And as it will be a meaningful business -- part of our business, it is a piece of our business, and we expect it to deliver revenue and gross profits as we continue to scale, and the team does put priority on it as well. But our main focus is the RTDs.

所以我們確實對他們感到非常興奮和興趣。我們確實計劃在2021 年推出一些新口味。因為這將是一項有意義的業務——我們業務的一部分，它是我們業務的一部分，我們預計隨著我們繼續擴大規模，它將帶來收入和毛利，團隊也確實優先考慮它。但我們的主要關注點是 RTD。

Got it. You did mention a couple of new flavors, that strawberry marshmallow and Blueberry Frost. Can you tell us what the timing is on that? And is that's the traditional line or the HEAT Line and where we might expect that to pop up?

知道了。您確實提到了幾種新口味，即草莓棉花糖和藍莓霜。能告訴我們具體時間嗎？這是傳統線路還是 HEAT 線路？我們預計它會出現在哪裡？

Yes. It's in the market now in the Nordics. Great tasting strawberry marshmallow and the frost is great-tasting. The Blueberry Frost is limited edition that we just launched at the end of the third quarter. So locally here in the U.S., it's -- we don't have that slotted to arrive, but it is in the Nordics. If you're traveling over to Sweden, Finland or Norway, you will be able to find that.

是的。它現在在北歐市場上銷售。草莓棉花糖味道很好，霜也很好吃。藍莓霜是我們第三季末剛推出的限量版。所以在美國本地，我們沒有到達的時間，但它是在北歐。如果您前往瑞典、芬蘭或挪威旅行，您將能夠找到它。

Okay, got it. And then next, could you talk about now that Func is closed, could you talk a little bit about the vitamin channel and if you're seeing any disruptions with the GNC situation?

好，知道了。接下來，您能否談談現在 Func 已關閉，您能否談談維生素管道以及您是否看到 GNC 情況出現任何中斷？

Jeff, can you repeat the question, sorry?

傑夫，抱歉，你能重複這個問題嗎？

Yes. Could you talk a little bit about the vitamin channel specific to this for the next quarter?

是的。您能談談下個季度專門針對此的維生素通道嗎？

Yes, yes. I mean, the vitamin channel has been challenged, especially supplement channel and then the gym business. It's -- we started to see great reopenings in Florida. We did start to see reopenings in Texas markets. And out in California, where actually, the outside. We have some outdoor activation to support those local partners, it's very key to our core. We're there to support the fitness channel.

是的是的。我的意思是，維生素管道受到了挑戰，尤其是補充劑管道，然後是健身房業務。我們開始看到佛羅裡達州重新開放。我們確實開始看到德克薩斯州市場重新開放。而在加州，其實是外面。我們有一些戶外活動來支持當地合作夥伴，這對我們的核心非常關鍵。我們隨時為健身頻道提供支援。

In regards to the vitamin specialty, I mean, the channel has been -- has struggled. We've talked about it, it was down 23% in the quarter. We anticipate it to come back. We feel health and wellness trends are here to stay. It's -- we don't see that going away anytime soon. It's more important now than ever before to stay healthy, stay fit, stay active. So we feel the sports nutrition space is going to continue to grow. It's a great way for a consumer to be -- learn about Celsius for the first time in that channel as well and to bring a lifelong Celsius consumer onboard.

就維生素專業而言，我的意思是，該管道一直在苦苦掙扎。我們已經討論過，該季度下降了 23%。我們預計它會回來。我們認為健康和保健趨勢將持續下去。我們認為這種情況不會很快消失。現在比以往任何時候都更重要的是保持健康、保持健康、保持活躍。因此，我們認為運動營養領域將持續成長。對於消費者來說，這是一種很好的方式——在該管道中首次了解攝氏度，並吸引終生的攝氏消費者。

Okay. And then lastly for me. If you could talk about the situation with the cans. As I understand it, you have had 4 or 5 facilities. Is the limiting factor the capacity of the current facilities or is the limiting factor the raw materials and the availability of the can manufacturing?

好的。最後對我來說。如果你能談談罐頭的情況。據我了解，你們有 4 到 5 個設施。限制因素是現有設施的產能還是原料和罐頭製造的可用性？

Yes. We've spoken about the cans. We were notified late in October about availability as we head into 2021. There is a massive can -- the physical actual body of the can shortage for 2021. It's anticipated. In 2021, the industry in North America is short about 30 billion cans. So lots of shortfalls and that really has to do with the capacity of the manufacturing of the physical can, not the filling of the can. When we talk about filling stations, that's the 5 filling stations or co-packers we've been working with.

是的。我們已經談論過罐頭了。我們在 10 月底收到有關 2021 年供應情況的通知。有一個巨大的罐頭——2021 年罐頭短缺的實體。這是預料之中的。 2021年，北美產業短缺約300億罐。如此多的短缺實際上與實體罐頭的製造能力有關，而不是罐頭的填充能力。當我們談論加油站時，指的是我們一直在合作的 5 個加油站或代加工廠。

We have capabilities to produce the cans but we -- to fill the cans into finished goods. The challenge we have, as we head into 2021, is the physical can body. So that's where the big shortfall is. All the can manufacturers, the larger can manufacturers are all running over capacity and turning brands away, unfortunately. So as I stated earlier on the opening remarks of the call, we do have contingency plans in place for that.

我們有能力生產罐頭，但我們——將罐頭填充成成品。進入 2021 年，我們面臨的挑戰是物理罐體。所以這就是最大的不足。不幸的是，所有的罐頭製造商，較大的罐頭製造商都在產能過剩，並拒絕了品牌。正如我之前在電話會議開場白中所說，我們確實為此制定了應急計劃。

Being a global company is an advantage to us. We were immediately able to start sourcing cans out of Asia, out of Europe as well, and immediately put our teams on that task to secure cans to sustain our growth and continue to outpace the category. So we will have sufficient ample supply as we head into -- as we head through in 2021. But it is an industry-wide issue everyone's going to be dealing with, which also can be an opportunity for brands that have cans.

作為一家全球性公司對我們來說是一個優勢。我們立即能夠開始從亞洲和歐洲採購罐頭，並立即讓我們的團隊承擔起確保罐頭的任務，以維持我們的成長並繼續超越該類別。因此，當我們進入 2021 年時，我們將擁有足夠充足的供應。但這是每個人都會面臨的全行業問題，這對於擁有罐頭的品牌來說也可能是一個機會。

Our next question comes from the line of David Bain with ROTH Capital.

我們的下一個問題來自大衛貝恩 (David Bain) 與羅斯資本 (ROTH Capital) 的對話。

And also, my congratulations on results and thanks for all the data points, you covered a lot. So I'll limit mine to 2. Just given the cash on the balance sheet, cash flow generation now, I mean, does this change your outlook either on potential M&A activity or brand extensions? And I mean, looking at the SKU average for your industry leader, you start to add Reign Body Fuel, Ultra Paradise, Dragon Tea whatever. It's got to be 3, 4, 5x yours in the same locations. So is that an opportunity potentially next year or am I thinking about that the right way?

另外，我對結果表示祝賀，並感謝所有數據點，您涵蓋了很多內容。所以我將我的限制為 2。只要考慮到資產負債表上的現金，現在現金流的產生，我的意思是，這是否會改變您對潛在併購活動或品牌延伸的看法？我的意思是，看看你的行業領導者的 SKU 平均值，你開始添加 Reign Body Fuel、Ultra Paradise、Dragon Tea 等。在相同的地點，它必須是你的 3、4、5 倍。那麼，這是否是明年潛在的機會，或者我是否以正確的方式思考這個問題？

Thank you, Dave, for the question. There's a ton of opportunity out there for us, no question about it. The key at Celsius is focused execution. We did finish the quarter with $52 million in cash, of which right around $42 million, if you back out the $10 million, paying off that debt, which we are debt-free. So that's been paid off. So we do have sufficient cash. We are generating cash flow positive.

謝謝戴夫提出的問題。毫無疑問，我們有很多機會。攝氏度的關鍵是專注執行。本季結束時，我們確實擁有 5,200 萬美元的現金，其中約 4,200 萬美元，如果你收回 1,000 萬美元，還清這筆債務，我們是無債的。所以這已經得到了回報。所以我們確實有足夠的現金。我們正在產生正現金流。

We will be investing in inventories to sustain growth, so we have funds earmarked for inventory investment. We also have some positive ROI targeted investments we'll be implementing into 2021 with cooler placements. If you're out in California, I know Dave, you're out there. If you stop into some routes, we're getting great placement with some really good cooler assets and the rotation and the ROI is extremely positive. So we'll be looking to invest in that area into 2021.

我們將投資庫存以維持成長，因此我們有專門用於庫存投資的資金。我們還有一些積極的投資報酬率目標投資，我們將在 2021 年實施更酷的佈局。如果你在加州，我知道戴夫，你就在那裡。如果您在某些路線上停下來，我們會獲得很好的位置，擁有一些非常好的、更酷的資產，並且輪換和投資回報率非常積極。因此，我們將尋求在 2021 年之前對該領域進行投資。

Opportunities arise every day. We're willing to evaluate them. And if we find an opportunity that's accretive to our shareholders, accretive in revenue, in gross profits, we'll look at it. But the strategy right now is to continue to stay focused, drive profitable growth and drive Celsius into a major player in the energy category and take share.

機會每天都會出現。我們願意評估他們。如果我們發現一個能為我們的股東帶來增值、增加收入、增加毛利的機會，我們就會考慮它。但目前的策略是繼續保持專注，推動獲利成長，推動攝氏成為能源領域的主要參與者並佔領市場份額。

Fantastic, okay. And then my follow-up would be is if it's possible to kind of help us bifurcate 3Q North American revenue growth into buckets like same-store sale, organic growth, SKU growth, door growth or any way we can kind of look at what the main pillars of the third quarter growth were?

太棒了，好吧。然後我的後續行動是，是否有可能幫助我們將第三季北美營收成長分為同店銷售、有機成長、SKU 成長、門市成長或任何我們可以了解的方式第三季成長的主要支柱是？

I mean, if you look at the growth in North America, like we stated on the call, I mean, on a year-to-date basis, you're up -- we're at a 57% growth rate. Edwin talked about a lot of the new distribution coming on. We did talk about the store count increase there that we saw. So it's an interesting year, as we all know, in 2020. So as consumer shifts being their purchasing patterns and now they're going back, there's a lot of dynamics taking place. So I don't really want to state anything. We haven't provided guidance. There is momentum behind the company. I did say we had a 50% growth in North America orders in house as of the end of October so that shows some underlying momentum there. But I would -- not going to provide any forward guidance at this time.

我的意思是，如果你看看北美的成長情況，就像我們在電話會議上所說的那樣，我的意思是，從年初至今來看，你會發現，我們的成長率是 57%。埃德溫談到了許多即將推出的新發行版。我們確實談到了我們看到的商店數量的增加。眾所周知，2020 年是有趣的一年。隨著消費者購買模式的轉變以及現在的回歸，會發生很多動態。所以我真的不想說什麼。我們沒有提供指導。公司背後有動力。我確實說過，截至 10 月底，我們的北美訂單增長了 50%，這表明那裡存在一些潛在的勢頭。但我目前不會提供任何前瞻性指引。

No problem. Just go ahead, are you going to follow up?

沒問題。就說吧，你要跟進嗎？

No, not maybe -- the underlying, if you look at it, the SPINS data, [SCANS] data has us set about a 60% growth rate and that was the latest Nielsen data. In the convenience shell, we're at a 43% growth rate. We had gained some new distribution, as well. So I think organically, we've seen, and we stated this publicly, about a 30% growth rate in same-store sales and the other growth is coming from new distribution.

不，也許不是——如果你看一下的話，底層的 SPINS 數據、[SCANS] 數據讓我們設定了大約 60% 的成長率，這是最新的尼爾森數據。在便利領域，我們的成長率為 43%。我們也獲得了一些新的發行版。因此，我認為，從有機角度來看，我們已經看到，並且我們公開聲明了這一點，同店銷售額增長率約為 30%，其他增長來自新分銷。

(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 just on -- because there's a lot of talk about the can shortage across the industry, not just obviously what you're dealing with but it's just -- it's obviously a big issue. And it's excellent that you're able to source this outside. You said it's going to impact margins a little bit. Is it going to start to impact margins right now? Or do you need to start sourcing from Europe and Asia now? Or is that a '21 issue?

所以，就這樣——因為整個行業有很多關於罐頭短缺的討論，而不僅僅是你正在處理的問題，但這顯然是一個大問題。很高興您能夠從外部取得這些資源。你說這會對利潤率產生一點影響。現在它會開始影響利潤嗎？或者您現在需要開始從歐洲和亞洲採購嗎？還是這是 21 世紀的問題？

Yes. It's an industry-wide issue. We anticipate sourcing in Q4 so that will start in Q4.

是的。這是一個全行業的問題。我們預計在第四季度進行採購，因此採購將在第四季度開始。

Okay, okay. But in terms of being able to get the cans that you need based on the fact you seem like you're ahead of this curve, you don't see it being an issue in terms of being able to meet the forecast you have for the demand, correct?

好吧好吧。但是，就能夠根據您似乎領先於這條曲線這一事實來獲得您需要的罐頭而言，您不認為這對於能夠滿足您對未來的預測而言是一個問題要求，對嗎？

Yes, correct. We already have purchase orders in place. We've already -- are far along on the processing, order procurement process to have sufficient cans as we head into 2021.

是，對的。我們已經有採購訂單。我們已經在加工、訂單採購流程方面取得了很大進展，以便在 2021 年擁有足夠的罐頭。

Okay, great. And then as we -- you mentioned, on Amazon, you're the third after Monster and Red Bull. Just in terms of the corporate gross margin, is that in line or is it a little bit lower margin when you go in on Amazon? And just remind me, John, what -- or Edwin, what's the percent of revenue that comes from e-commerce or Amazon at this point?

好的，太好了。然後，正如您所提到的，在亞馬遜上，您是繼 Monster 和 Red Bull 之後的第三個。就公司毛利率而言，這與你進入亞馬遜時的毛利率是一致的還是有點低？請提醒我，約翰，或者埃德溫，目前來自電子商務或亞馬遜的收入百分比是多少？

Yes, just -- Anthony, it's roughly around 22% of our revenue for the third quarter, North America. So if you're looking at the segment there. In regards to gross profit margins, we don't disclose particular accounts, but overall, margins were very good for the quarter. And like we said, going forward due to the can -- importing of cans, we're looking at the low 40s on a go-forward basis as we go through 2021.

是的，只是——安東尼，這大約占我們第三季北美收入的 22% 左右。所以如果你正在看那裡的部分。關於毛利率，我們沒有透露具體的帳目，但總體而言，本季的利潤率非常好。正如我們所說，由於罐頭進口，我們預計到 2021 年，價格將保持在 40 多歲以下。

Okay, great. And on the DSD network, Anheuser-Busch, Big Geyser, those are the big ones, but you have DSD agreements with PepsiCo, Keurig Dr. Pepper and MillerCoors network. Are there any others -- and I know you said that right now, your DSD network, you believe can cover 75% of your major metropolitan areas. Are there other DSD partners that you believe you need to increase that penetration? Or at some point, maybe 75%, 80% is about as far as you can go in terms of DSD coverage?

好的，太好了。在 DSD 網路上，Anheuser-Busch、Big Geyser 等都是大公司，但您與 PepsiCo、Keurig Dr. Pepper 和 MillerCoors 網路簽訂了 DSD 協議。還有其他的嗎？我知道您現在說過，您認為您的 DSD 網路可以覆蓋 75% 的主要都會區。您認為還需要其他 DSD 合作夥伴來提高滲透率嗎？或者在某個時候，就 DSD 覆蓋率而言，也許 75%、80% 就已經是您所能達到的極限了？

No, great question. And keep in mind, the Pepsi and Anheuser-Busch and Keurig Dr. Pepper, we're dealing with the independents. So they're not corporate owned, so this is independents. Bulk of our distribution is with Anheuser-Busch independent wholesalers. A lot of brands can't even get to 75% major metropolitan coverage. So it is a great achievement where we're at today, but we are looking for full coverage and we'll continue to drive that through.

不，很好的問題。請記住，百事可樂、安海斯-布希和 Keurig Dr. Pepper，我們正在與獨立人士打交道。所以他們不是公司所有，所以這是獨立的。我們的大部分分銷是透過 Anheuser-Busch 獨立批發商進行的。很多品牌甚至達不到75%的大城市覆蓋率。因此，我們今天所取得的成就是一項偉大的成就，但我們正在尋求全面覆蓋，我們將繼續推動這一目標。

We will -- they were talking to a variety of additional distributors to help fill some of those voids, mainly in the Mid-Atlantic, Northern Cal, Texas, certain parts of Texas, and then there are certain regions within the middle of the country that we are looking for additional coverage on. But I think we're in a really good position right now with 75% major metropolitans covered. It's the opportunity to activate these distributors. We just picked up thousands of new potential sales reps that can be out there helping build the brand for Celsius. And we're looking to partner with them in a big way in 2021, and we've never been in a better position to have the opportunity we have on hand.

我們會——他們正在與各種其他經銷商進行談判，以幫助填補其中一些空白，主要是在大西洋中部、加利福尼亞州北部、德克薩斯州、德克薩斯州的某些地區，還有美國中部的某些地區我們正在尋找更多的報導。但我認為我們現在處於非常有利的位置，覆蓋了 75% 的主要大都市。這是啟動這些經銷商的機會。我們剛剛招募了數千名新的潛在銷售代表，他們可以幫助為攝氏度打造品牌。我們希望在 2021 年與他們進行大規模合作，而且我們現在處於前所未有的有利位置，能夠獲得現有的機會。

Okay, great. And then just lastly, a few years ago, you came out with the HEAT Line, which was -- it's a different packaging, different product, more caffeine than your standard Celsius line. Is there any other lines that you're looking at launching in '21? Or is it more going to be just an extension of what you have in additional flavors?

好的，太好了。最後，幾年前，你們推出了 HEAT 系列，它是一種不同的包裝，不同的產品，比標準的攝氏系列含有更多的咖啡因。您還考慮在 21 年推出其他產品線嗎？或者它更多地只是你所擁有的其他口味的延伸？

Yes. We have a great cross-functional innovation team. We have a lot of innovation planned for 2021 and beyond, some great line extensions, innovative flavors coming to market. And 1 opportunity we've had, which we've talked about with the Func Food acquisition, is leveraging that fast brand portfolio. So we're looking to partner with them. We've been partnering in bringing that fast protein snack portfolio to North America in Q1, starting to test it and seed it. And -- but there's a lot of opportunities in that category. We do see massive opportunities in the RTD category and that's where we're mainly focused. But look for some great-tasting flavor innovation, some line extensions as we head into and through 2021 and beyond.

是的。我們擁有優秀的跨職能創新團隊。我們計劃在 2021 年及以後進行大量創新，一些出色的產品線擴展和即將上市的創新口味。我們在收購 Func Food 時談到的第一個機會是利用快速的品牌組合。因此，我們正在尋求與他們合作。我們一直在合作，在第一季將快速蛋白質零食產品組合引入北美，並開始對其進行測試和播種。而且——但是這個類別有很多機會。我們確實在 RTD 類別中看到了巨大的機會，這也是我們主要關注的領域。但在 2021 年及以後，我們會尋找一些美味的風味創新和一些產品線延伸。

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

隊列中沒有其他問題。我想將電話轉回約翰·菲爾德利，讓他作結束語。

Thank you, Doug. Thank you, everyone. On behalf of the company, I'd like to thank everyone for their continued interest and support. Our results demonstrates the products are gaining considerable momentum. We're capitalizing on today's global health and wellness trends and the changes taking place in the transformation of today's energy drink category.

謝謝你，道格。謝謝大家。我謹代表公司感謝大家一直以來的關注與支持。我們的結果表明這些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趨勢以及當今能量飲料類別轉型中發生的變化。

Our active healthy lifestyle position is a global position with mass appeal. We're building upon our core and leveraging opportunities and deploying best practices. We have a winning portfolio, strategy and team in a rapidly growing market that consumers want. Our mission is to get Celsius to more consumers profitably. I'm very proud of our dedicated team, as without them, our tremendous achievements and significant opportunities we see ahead would not be possible.

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。我們正在以我們的核心為基礎，利用機會並部署最佳實踐。在消費者想要的快速成長的市場中，我們擁有成功的產品組合、策略和團隊。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，我們就不可能有巨大的成就和我們所看到的重大機會。

In addition, I thank our investors for their continued support and confidence in our team. And I thank everyone for your interest in Celsius. Be safe, stay healthy, and have a great day.

此外，我感謝我們的投資者對我們團隊的持續支持和信任。我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，度過美好的一天。