Celsius Holdings Inc (CELH) 2020 Q1 法說會逐字稿

Greetings, and welcome to the Celsius Holdings, Inc. First Quarter 2020 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Cameron Donahue with Hayden IR. Thank you, Mr. Donahue. You may begin.

您好，歡迎參加攝氏控股公司 2020 年第一季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向大家介紹主持人卡梅倫·多納休 (Cameron Donahue) 和 Hayden IR。謝謝你，多納休先生。你可以開始了。

Thank you, and good morning, everyone. We appreciate you joining us today for Celsius Holdings First Quarter 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 年第一季財報電話會議。今天與我一起參加電話會議的還有總裁兼執行長 John Fieldly；和財務長埃德溫·內格倫（Edwin Negron）。

Following the prepared remarks, we will open the call to your questions and instructions will be given at that time.

在準備好發言後，我們將開始電話詢問您的問題，屆時將給予指示。

The company filed its Form 10-Q with the SEC and issued a press release today. All materials are available on the company's website at celsiusholdingsinc.com under the Investor Relations section.

該公司向 SEC 提交了 10-Q 表格，並於今天發布了新聞稿。所有資料均可在公司網站 celsiusholdingsinc.com 的投資者關係部分取得。

As a reminder, before I turn the call over to John, the audio replay will be available later today.

提醒一下，在我將電話轉給約翰之前，音訊重播將於今天晚些時候提供。

Please also be aware that this call may contain forward-looking statements, which are based on forecasts, expectations and other information available to management as of today, May 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 obligation and disclaims any duty to update any of these forward-looking statements. We encourage you to review in full our safe harbor disclosures 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，這些陳述基於截至今天（2020 年5 月12 日）管理層可獲得的預測、預期和其他資訊。許多超出預期的風險和不確定性。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。我們鼓勵您完整查看今天的新聞稿中包含的安全港披露以及我們向 SEC 提交的季度文件，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. Good morning, everyone, and thank you for joining us today.

謝謝你，卡梅倫。大家早安，感謝您今天加入我們。

First, our thoughts and prayers are with all of those who have been impacted by COVID-19, and I want to thank all of our Celsius team members and partners for their dedication, efforts and support. We're incredibly proud of our team who have maintained the integrity of our operations and performance.

首先，我們與所有受到 COVID-19 影響的人同在並為他們祈禱，我要感謝所有 Celeste 團隊成員和合作夥伴的奉獻、努力和支持。我們為我們的團隊感到無比自豪，他們保持了我們營運和績效的完整性。

The macro environment during the first quarter of 2020 was unlike any other we have seen in recent history, challenging organizations to respond in new and creative ways to manage and grow their business. At Celsius, we rose above the challenges and set another new sales record, with quarterly revenue of $28.2 million, an increase of 95% over last year. North America revenue was up 70%, and Europe was up exponentially due in part to our accretive acquisition of Func Food Group late in 2019, and Asia was up as well.

2020 年第一季的宏觀環境與我們近代歷史上所見過的任何其他環境都不同，這要求組織以新的、創造性的方式應對，以管理和發展業務。在攝氏度，我們克服了挑戰，再創銷售新紀錄，季度收入達到 2820 萬美元，比去年增長 95%。北美營收成長了 70%，歐洲營收呈指數級成長，部分原因是我們在 2019 年底對 Func Food Group 的增值收購，亞洲營收也出現了成長。

Consumer demand in the beverage industry continues to trend towards the pursuit of healthier alternatives versus conventional beverages. Although consumer traffic and purchasing patterns have been severely disrupted, traditional shopping habits gave way to tremendous increases in online ordering, curbside pickup, pantry purchasing while consumers complied with the stay at home orders.

飲料業的消費者需求持續趨向於追求比傳統飲料更健康的替代品。儘管消費者流量和購買模式受到嚴重干擾，但傳統的購物習慣被網上訂購、路邊取貨、食品採購的大幅增加所取代，同時消費者也遵守了居家訂單。

To meet consumer demand, we secured additional distribution agreements with partners in our primary U.S. networks, including Anheuser-Busch InBev, PepsiCo, Keurig Dr Pepper, and Molson MillerCoors distributors, which further expanded availability to new regions. We are continuing our quest to build a national distribution network which now includes more than 100 regional DSD or direct store delivery partners. Our DSD partners also provide us with additional routes to market for incremental points of growth. In addition, we transitioned Target and 7-Eleven from the wholesale network to our DSD partner, Big Geyser, in New York metropolitan area and saw volumes more than double.

為了滿足消費者的需求，我們與美國主要網路中的合作夥伴簽訂了額外的分銷協議，包括 Anheuser-Busch InBev、PepsiCo、Keurig Dr Pepper 和 Molson MillerCoors 分銷商，這進一步擴大了新地區的供應。我們正在繼續尋求建立一個全國性的分銷網絡，目前該網絡已包括 100 多個地區 DSD 或直營商店配送合作夥伴。我們的 DSD 合作夥伴也為我們提供了額外的市場途徑，以實現增量成長點。此外，我們將 Target 和 7-11 從批發網路轉移到紐約大都會區的 DSD 合作夥伴 Big Geyser，銷量增加了一倍以上。

Across the board in the U.S. market, stores that we have transitioned to the DSD network saw, on average, a 40% increase in sales volume on top of our 30% same-store sales growth rate. We are planning for more -- planning on more accounts transitioning to DSD partners and the DSD network throughout 2020 as we continue our pursuit of reaching more consumers at more points of distribution.

在美國市場，我們已過渡到 DSD 網路的商店的同店銷售額成長率平均為 30%，而銷售額平均成長了 40%。我們正在計劃更多 - 計劃在 2020 年將更多帳戶過渡到 DSD 合作夥伴和 DSD 網絡，因為我們將繼續追求在更多分銷點接觸更多消費者。

With the recent news of Bang Energy transitioning to the PepsiCo distribution network, this event has further opened up additional opportunities for Celsius to gain additional distribution partners as we continue to expand our -- to a national network. During the quarter, we launched nationwide availability of our product at more than 1,500 store locations through Walmart, the country's largest retailer. Early data from the retail channel indicates strong reception by its consumers, and we expect additional flavors to be added in the next reset. In addition, we implemented and launched within Walmart, about 50% split between DSD and going direct through their warehouse, and further expect to transition over these existing Walmarts to the DSD network through the back half of 2020 as we gain additional coverage.

隨著 Bang Energy 近期過渡到百事可樂分銷網絡的消息，隨著我們繼續將我們的網絡擴展到全國網絡，這一活動進一步為攝氏度提供了獲得更多分銷合作夥伴的更多機會。本季度，我們透過美國最大的零售商沃爾瑪在全國 1,500 多家商店推出了我們的產品。來自零售通路的早期數據顯示其受到消費者的強烈歡迎，我們預計在下一次重置中會添加更多口味。此外，我們在沃爾瑪內部實施並推出了大約50% 的費用在DSD 之間分配並直接通過其倉庫，並進一步期望隨著我們獲得更多覆蓋範圍，在2020 年下半年將這些現有的沃爾瑪過渡到DSD 網路。

In addition at Target, one of our key retail partners, we expanded our product assortment to 5 flavors nationwide with the addition of great-tasting Grapefruit Melon Green Tea. We introduced our newest flavor, refreshing and exotic jackfruit, a tropical taste with a burst of sweetness and a tangy twist available in our new CELSIUS HEAT packaging. The standout packaging and label redesign position the brand as highly credible and sets the stage for the next phase of growth. Its visual effects reinforces our brand structure and function claims, which are clinically proven and a clear differentiator among brands in the performance energy category while appealing to a broader audience.

此外，在我們主要的零售合作夥伴之一 TTarget (Target)，我們將產品種類擴展到全國 5 種口味，並添加了美味的柚子瓜綠茶。我們推出了最新的口味，清爽而充滿異國情調的菠蘿蜜，熱帶口味，帶有一陣甜味和濃鬱的風味，採用我們的新 CELSIUS HEAT 包裝。出色的包裝和標籤重新設計使品牌具有高度可信度，並為下一階段的成長奠定了基礎。它的視覺效果強化了我們的品牌結構和功能主張，這些都經過臨床證明，是性能能量類別中品牌的明顯差異化因素，同時吸引了更廣泛的受眾。

Clearly, our momentum continues in the first quarter despite an extremely volatile and uncertain business environment brought to us by the COVID-19 virus. Our success in the first quarter was driven by several key factors that are unique to Celsius and give us a strong competitive advantage. We have an extremely strong brand, a diverse and growing network of retailers, distributors and partners and a strong balance sheet that enables us to rise above challenges that many companies are facing amidst the COVID pandemic.

顯然，儘管 COVID-19 病毒為我們帶來了極不穩定和不確定的商業環境，但我們第一季的勢頭仍在繼續。我們第一季的成功是由攝氏度獨有的幾個關鍵因素推動的，這些因素為我們帶來了強大的競爭優勢。我們擁有極其強大的品牌、多元化且不斷發展的零售商、分銷​​商和合作夥伴網絡以及強大的資產負債表，使我們能夠克服許多公司在新冠疫情期間面臨的挑戰。

As early as late December, we began increasing product and raw material inventories in anticipation of resets with major retailers that were planned for the March and April time frame. The strength of our balance sheet enabled us to continue to build inventories during the quarter despite the demand as the virus situation unfolded while other brands were impacted. We were very well positioned in the first quarter when the grocery, mass channel and drug channel partners increased orders outside of their normal ordering patterns as shelves were emptied as a result of consumer pantry purchasing. As supply chains return to more normal levels with shelves adequately stocked, our throughput remains steady. And due to our decision around inventory management at a higher level of support, we were able to provide our retailers, distributors and partners. In addition, also being located in Hurricane Alley in South Florida, we were well positioned with contingency operation plans in place, making our transition to many of our workers who are now working from home very seamless.

早在 12 月底，我們就開始增加產品和原材料庫存，以應對主要零售商計劃在 3 月和 4 月期間進行的重置。儘管隨著病毒情勢的發展以及其他品牌受到影響，需求增加，但我們的資產負債表實力使我們能夠在本季度繼續增加庫存。我們在第一季處於非常有利的位置，當時雜貨店、大眾通路和藥品通路合作夥伴在正常訂購模式之外增加了訂單，因為消費者食品儲藏室採購導致貨架被清空。隨著供應鏈恢復到更正常的水平，貨架庫存充足，我們的吞吐量保持穩定。由於我們在庫存管理方面做出了更高層級的支持，我們能夠為我們的零售商、經銷商和合作夥伴提供支援。此外，我們也位於南佛羅裡達州的颶風巷，地理位置優越，制定了緊急行動計劃，使我們能夠非常順利地過渡到許多現在在家工作的員工。

Critical to our growth plans is our marketing strategy that creates meaningful and emotional connections with consumers. Up until the COVID virus pandemic, a significant component of our marketing strategy primarily consisted of live integrated programs that reach a critical mass of consumers at large gatherings. Our Live Fit Tour, for example, integrated fitness and competitive activities, where we reached tens of thousands of new consumers in high-energy settings. With the stay at home orders, large gatherings of people at events came to a hard stop. And we were challenged to quickly pivot our marketing strategies and find innovative ways to get in front of consumers.

我們的成長計畫的關鍵是我們的行銷策略，即與消費者建立有意義的情感連結。直到新冠病毒大流行之前，我們行銷策略的一個重要組成部分主要包括在大型聚會上吸引大量消費者的即時綜合節目。例如，我們的 Live Fit Tour 將健身和競技活動融為一體，在高能量的環境中吸引了數以萬計的新消費者。隨著居家令的實施，大型活動的人群聚集被嚴格阻止。我們面臨的挑戰是快速調整我們的行銷策略並找到創新的方式來吸引消費者。

As a small nimble organization, we quickly shifted our marketing resources from experiential off-line activation to online programs that enable consumer connections and create a different yet meaningful experience. One example was in April, where we launched a SWEAT WITH CELSIUS, a virtual workout platform that is live-streamed on our Instagram account. With the gyms and fitness centers closed across the country, we used Instagram platform to facilitate consumer connections through at-home workouts. The program consisted of 3 weekly workouts hosted by well-known local fitness trainers located throughout the country. The different workouts offered followers a chance to try new workouts, release stress and maintain a sense of normalcy. The workouts require minimal to no equipment, can be modified for all fitness levels.

作為一個靈活的小型組織，我們迅速將行銷資源從體驗式離線啟動轉移到線上計劃，以建立消費者聯繫並創造不同但有意義的體驗。一個例子是 4 月份，我們推出了 SWEAT WITH CELSIUS，這是一個虛擬鍛鍊平台，可在我們的 Instagram 帳戶上進行直播。由於全國各地的健身房和健身中心都關閉了，我們利用 Instagram 平台透過在家運動來促進消費者聯繫。該計劃包括每週 3 次的鍛煉，由全國各地的知名當地健身教練主持。不同的鍛鍊為追隨者提供了嘗試新鍛鍊、釋放壓力和保持正常感的機會。這些運動幾乎不需要任何設備，可以針對所有健身水平進行修改。

In addition to SWEAT WITH CELSIUS, we also partnered nationally with Barry's, a leader in the fitness space, in its at-home live Instagram series where Celsius is profiled as the official energy drink powering Barry's at-home streaming workouts. The partnership is helping communities come together and continue to live fit even outside of the gym.

除了SWEAT WITH CELSIUS 之外，我們還與健身領域的領導者Barry's 在其家庭直播Instagram 系列中在全國範圍內進行了合作，在該系列中，Celsius 被描述為為Barry 的家庭流媒體鍛煉提供動力的官方能量飲料。此次合作正在幫助社區團結起來，即使在健身房外也能繼續保持健康的生活。

We are also deploying more online campaigns to deliver tens of millions of additional impressions to highly targeted audiences, such as with our sponsorship of the energy aisle within Instacart, a leading home grocery delivery service. In addition, we're leveraging walmart.com, target.com, bodybuilding.com and Amazon as we continue to gain momentum. Most recently, we were able to get data from Stackline, which tracks energy drink sales on Amazon in the United States. And for the 13 weeks ending April 11, 2020, sales in dollars in the energy drink category within Amazon versus the same period a year ago indicated Celsius sales growth of 118.2%, and its share increased 2% within the category to 11.4%, which further demonstrates the momentum we are building in the category with Celsius. Celsius was ranked the third largest brand in the category behind Monster and Red Bull.

我們還部署了更多線上活動，向高度針對性的受眾提供數千萬次額外印象，例如我們對 Instacart（領先的家庭雜貨配送服務）內的能源通道的贊助。此外，我們還利用 walmart.com、target.com、bodybuilding.com 和亞馬遜來繼續獲得發展勢頭。最近，我們能夠從 Stackline 獲取數據，該公司追蹤美國亞馬遜上的能量飲料銷售情況。截至2020 年4 月11 日的13 週內，亞馬遜能量飲料類別的銷售額（以美元計算）與去年同期相比，Celsius 的銷售額增長了118.2%，其在該類別中的份額增加了2% ，達到11.4%，進一步展示了我們與攝氏度在該類別中建立的勢頭。攝氏在該類別中排名第三大品牌，僅次於怪獸和紅牛。

While our highly talented marketing team quickly shifts our approach from off-line to online, we fully expect to pivot just as rapidly back to off-line as gyms begin to reopen and consumer gatherings and events are given the green light. This may look slightly different than it did before the virus, perhaps with more outdoor workouts and smaller gatherings, but we're already planning and positioning for activation in the second half of 2020 when we are given the signal.

雖然我們才華橫溢的行銷團隊迅速將我們的方法從線下轉向線上，但我們完全期望隨著健身房開始重新開放、消費者聚會和活動獲得批准，我們也能盡快回到線下。這可能看起來與病毒爆發之前略有不同，可能會有更多的戶外鍛煉和較小的聚會，但我們已經在計劃和定位在 2020 年下半年收到信號時激活。

In Europe, we further integrated the Func Food Group in our operations and are seeing great benefits and see additional future synergistic opportunities. In addition, the team further improved their operational performance through improved focus and execution, which we are very pleased with. Celsius, it was reported, was amongst the fastest-growing energy drinks in the Sweden market during the first quarter per Nielsen scan data.

在歐洲，我們進一步將 Func Food 集團整合到我們的營運中，並看到了巨大的效益，並看到了未來更多的協同機會。此外，團隊透過提高專注度和執行力，進一步提高了營運績效，我們對此感到非常滿意。據報道，根據尼爾森掃描數據，攝氏是第一季瑞典市場成長最快的能量飲料之一。

During the quarter, the team successfully launched a great-tasting tropical flamingo flavor with great success, leveraging superior in-store execution and targeted experiential marketing programs, which drove strong performance for Celsius in the market despite the impacts of COVID.

本季度，該團隊憑藉卓越的店內執行力和有針對性的體驗式營銷計劃，成功推出了美味的熱帶火烈鳥口味，取得了巨大成功，儘管受到新冠疫情的影響，仍推動了攝氏度在市場上的強勁表現。

Our first quarter was a strong start to the year. We remain focused on driving profitable growth by expanding and increasing our distribution networks, nurturing relationships with new and existing accounts and engaging consumers through a variety of creative mediums. We are successfully growing in an industry that is rapidly changing and quickly adapting to changes in the broader market. While it's difficult to predict what, if any, impact macroeconomic shocks will have on our business over the next few quarters, we remain confident in our ability to maintain our momentum over the long term and capitalize on the growing consumer demand for healthy, functional beverages.

我們的第一季是今年的好開始。我們仍然專注於透過擴大和增加我們的分銷網絡、培養與新客戶和現有客戶的關係以及透過各種創意媒介吸引消費者來推動利潤成長。我們在一個快速變化的行業中成功成長，並迅速適應更廣泛市場的變化。雖然很難預測未來幾季宏觀經濟衝擊將對我們的業務產生什麼影響（如果有的話），但我們仍然相信我們有能力保持長期發展勢頭，並利用消費者對健康功能飲料不斷增長的需求。

As we enter the second quarter, we are seeing growth in April orders. And in North America, we have seen growth of approximately 38% over the prior year, which provides us further confidence on our ability to maintain our momentum in the category. Notwithstanding the foregoing, the uncertainties resulted from COVID outbreak may have unforeseen and unexpected impacts on our results of operations.

隨著進入第二季度，我們看到 4 月的訂單有所增長。在北美，我們看到比前一年增長了約 38%，這讓我們對保持該類別勢頭的能力更加充滿信心。儘管如此，新冠疫情爆發帶來的不確定性可能會對我們的經營業績產生不可預見且意外的影響。

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

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

Thank you, John.

謝謝你，約翰。

For the 3 months ended March 31, 2020, revenue was a record-high $28.2 million, an increase of $13.7 million or 95% compared to $14.5 million for the same period last year. The overall increase in revenues was due to increases in sales volumes as opposed to increases in product pricing. By geography, the 95% revenue increase was attributable to continued strong growth of 70% in North America, reflecting double-digit growth from both existing accounts and new distribution expansion, including expansion at world-class retailers.

截至2020年3月31日的三個月，營收創歷史新高2,820萬美元，較去年同期的1,450萬美元增加1,370萬美元，成長95%。收入的整體成長是由於銷售量的成長，而不是產品定價的成長。按地區劃分，95% 的營收成長歸因於北美地區 70% 的持續強勁成長，反映出現有客戶和新分銷擴張（包括世界級零售商的擴張）帶來的兩位數成長。

Consequently, North American revenue delivered a record $19.4 million for the quarter or an $8 million increase when compared to the prior year quarter. Revenue from the European markets was $8.5 million or an increase of $5.5 million compared to the first quarter of 2019, reflecting the full impact of consolidating the results of our European operations. Asian revenue totaled $268,000 compared to $53,000 in the year ago period. Asian results for the first quarters of 2020 and 2019 are now comparable as both periods reflect the change in our China business model to a royalty and license fee arrangement, effective January 1, 2019. Revenue from all other areas amounted to $57,000.

因此，北美地區本季營收達到創紀錄的 1,940 萬美元，與去年同期相比增加了 800 萬美元。來自歐洲市場的收入為 850 萬美元，較 2019 年第一季增加 550 萬美元，反映了整合歐洲業務業績的全面影響。亞洲收入總計 268,000 美元，而去年同期為 53,000 美元。 2020 年和2019 年第一季的亞洲業績現已具有可比性，因為這兩個時期都反映了我們的中國業務模式向特許權使用費和許可費安排的變化，自2019 年1 月1 日起生效。

Gross profit increased by $7.3 million or 127% to $13 million in the first quarter of 2020, up from $5.7 million in the year ago quarter. Gross profit margin for the first 3 months ended March 31, 2020, was 46.1%, which compares favorably to 39.5% for the 2019 quarter. The increase in gross profit margin and dollars reflects the impact of the consolidation of the European operations and the result of the increase in sales volumes across all geographies as opposed to increases in product pricing. The increase in gross profit margin translated to an incremental $1.9 million of profitability in this quarter.

2020 年第一季毛利增加 730 萬美元，增幅 127%，達到 1,300 萬美元，高於去年同期的 570 萬美元。截至2020年3月31日的前三個月毛利率為46.1%，優於2019年季的39.5%。毛利率和美元的成長反映了歐洲業務整合的影響以及所有地區銷售增加而不是產品定價上漲的結果。毛利率的提高意味著本季獲利能力增加了 190 萬美元。

Selling and marketing expenses for the 3 months ended March 31, 2020, were $7.5 million, an increase of $3.9 million or 108% from $3.6 million for the same quarter in 2019. The increase is mainly due to the impact of the consolidation of the operations of our Nordics partner, which was not reflected in the 2019 results. Consequently, marketing expenses increased $1.6 million or 132% compared to the first quarter of 2019. Similarly, all other sales and marketing expenses reflect the increases related to the consolidation of the European operations. Specifically, employee costs increased $1.5 million or 114% from the 2019 quarter to the 2020 quarter and also reflect investments in human resources to properly service our markets. Moreover, due to the increase in business volume, our support to distributors and investment in trade activities increased by $353,000, and our storage and distribution costs also increased by $486,000.

截至2020年3月31日止三個月的銷售和行銷費用為750萬美元，較2019年同季度的360萬美元增加390萬美元，增幅108%。的北歐合作夥伴，這並沒有反映在2019 年的業績上。因此，與 2019 年第一季相比，行銷費用增加了 160 萬美元，即 132%。具體而言，從 2019 年季度到 2020 年季度，員工成本增加了 150 萬美元，即 114%，這也反映了為正確服務市場而進行的人力資源投資。而且，由於業務量的增加，我們對經銷商的支持和貿易活動的投資增加了353,000美元，我們的倉儲和分銷成本也增加了486,000美元。

General and administrative expenses for the 3 months ended March 31, 2020, were $4.2 million, an increase of $1.6 million or 62% compared to $2.6 million for the 3 months ended March 31, 2019. This increase similarly reflects the impact of the consolidation of the operations of our Nordics partner. As such, administrative expenses reflected an increase of $1.1 million, which included an addition of $221,000 to our bad debt reserve in order to cover potential collectibility risks associated with the COVID-19 situation. Employee costs for the 3 months ended March 31, 2020, reflected an increase of $302,000 or 47%, not only related to the consolidation of our European business, but also reflecting investment in resources in order to properly support our higher business volume. All other increases for general and administrative expenses amounted to $232,000 when compared to the prior year quarter.

截至2020年3月31日止三個月的一般及行政費用為420萬美元，較截至2019年3月31日止三個月的260萬美元增加160萬美元，即62%。反映了合併的影響我們北歐合作夥伴的運作。因此，管理費用增加了 110 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 情況相關的潛在收款風險。截至2020 年3 月31 日的三個月的員工成本增加了302,000 美元，即47%，這不僅與我們歐洲業務的整合有關，還反映了為了適當支持我們更高的業務量而進行的資源投資。與去年同期相比，所有其他一般和管理費用的增加額為 232,000 美元。

Below the operating profit line, total other expenses were $702,000 for the 3 months ended March 31, 2020, which reflects an increase of $12.9 million when compared to the prior year results which included a gain of $12.2 million related to the recognition of a note receivable in connection with the change in our China business model at the beginning of 2019. Furthermore, the results for the 2020 quarter include amortization expenses of $310,000, total net interest expense of $273,000, foreign exchange losses of $78,000, and all other items amount to a net expense of $41,500. As a result of all this activity, the company had net income of $546,000 or $0.01 per basic and diluted shares for the first quarter of 2020 compared to net income in the year ago quarter of $11.7 million or $0.19 per diluted shares, which included the $12.2 million gain on the recognition of the note receivable. Adjusted EBITDA was $2.8 million compared to $878,000 for the first 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.

截至 2020 年 3 月 31 日的三個月，營業利潤線以下的其他費用總額為 702,000 美元，與上年業績相比增加了 1,290 萬美元，其中包括與應收票據確認相關的 1,220 萬美元收益與2019 年初我們中國業務模式的變化有關。由於所有這些活動，該公司2020 年第一季的淨利潤為546,000 美元，即每股基本股和稀釋股0.01 美元，而去年同期的淨利潤為1170 萬美元，即每股稀釋股0.19 美元，其中包括12.2 美元萬元的應收票據確認收益。調整後 EBITDA 為 280 萬美元，而 2019 年第一季為 878,000 美元。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 March 31, 2020, the company had cash of $19.1 million compared to $23.1 million as of December 31, 2019. The company also had working capital of $27.4 million as of March 31, 2020, compared to $24.8 million as of December 31, 2019. Cash used by operations during the 3 months ended March 31, 2020, totaled $3.8 million, reflecting an increase in working capital used mainly related to an increase in inventories of $5.5 million to support our business growth and, as a precautionary measure, to minimize any potential disruptions in the supply chain regarding the COVID-19 situation.

截至2020年3月31日，該公司擁有現金1,910萬美元，而截至2019年12月31日為2,310萬美元。截至2020 年3 月31 日的三個月內，營運所使用的現金總計380 萬美元，反映出營運資金使用的增加，主要與庫存增加550 萬美元有關，以支持我們的業務成長，並作為預防措施，最大限度地減少與 COVID-19 相關的供應鏈的任何潛在中斷。

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

我們準備好的演講到此結束。接線員，您現在可以發起提問。

(Operator Instructions) Our first question comes from the line of David Bain with ROTH Capital Partners.

（操作員說明）我們的第一個問題來自大衛貝恩（David Bain）和羅仕資本合夥人（ROTH Capital Partners）的電話。

Congratulations on a great first quarter. I'm hoping you could opine further on the broader functional energy segment activity and potential repercussions for Celsius. You kind of touched on it in the prepared remarks, but when we look at the moves by Pepsi such as acquiring Rockstar and becoming just distributor for Bang away from one of your partners, Anheuser, all this seems to leave more and more holes for distributors in the segment. I guess the question is, is segment activity potentially shifting distribution conversations to larger, more acute deals in the wake of kind of the industry trend?

恭喜第一季表現出色。我希望您能就更廣泛的功能性能源領域活動以及對攝氏度的潛在影響發表進一步的看法。您在準備好的演講中提到了這一點，但是當我們看到百事可樂採取的舉措，例如收購Rockstar 以及從您的合作夥伴之一Anheuser 手中成為Bang 的經銷商時，所有這一切似乎給經銷商留下了越來越多的漏洞在段。我想問題是，隨著產業趨勢的發展，細分市場活動是否有可能將分銷對話轉向規模更大、更尖銳的交易？

Excellent, Dave. Thank you for the question. And also, when you look at it, there's a lot of opportunity here, especially what transpired most recently during the quarter, and I touched on it briefly in the prepared remarks, in regards to Bang, providing that notification and moving out of an independent network, which comprised mostly of Anheuser-Busch distributors to 100% Pepsi. So you're already seeing those transitions taking place right now in markets where Bang was self-distributing. And we're hearing word over the next, really, 60 days, they'll be making the transition from the other distributors over to Pepsi. So there is a lot of disruption. Where there's disruption, there's opportunity. Switching networks has always been very disruptive for brands, so we are very eager to take advantage of the disruption in the marketplace. So there has been a lot of changes and even within what's going on within brands, when you look at what's taking place with Bang, but also with COVID-19, which has also affected a tremendous amount of channels. Being one in the energy drink category, the convenience channel has been extremely affected with traffic and also fitness and food service. So there's a lot of changes taking place right now.

太棒了，戴夫。謝謝你的提問。而且，當你看到它時，你會發現這裡有很多機會，特別是本季度最近發生的事情，我在準備好的評論中簡要談到了有關 Bang 的內容，提供了該通知並擺脫了獨立該網路主要由100% 百事可樂的Anheuser-Busch 經銷商組成。因此，您現在已經看到 Bang 自行分銷的市場正在發生這些轉變。我們聽到消息稱，在接下來的 60 天內，他們將從其他經銷商轉向百事可樂。所以有很多幹擾。哪裡有顛覆，哪裡就有機會。交換網路對於品牌來說一直具有很大的顛覆性，因此我們非常渴望利用市場的顛覆性優勢。因此，即使在品牌內部發生的事情也發生了很多變化，當你看看 Bang 所發生的事情時，還有 COVID-19，它也影響了大量的管道。便利通路作為能量飲料類別之一，受到交通、健身、餐飲等影響極大。所以現在正在發生很多變化。

We feel we're in a good position. We're already up to 100 distributors. And the ones we were talking with and had conversations ongoing in dialogue, it was really a challenge because Bang had exclusivity in a lot of contracts that were in place with these distributors. But now that has opened. We have discussions ongoing. And we feel we're in a really good spot. Some of the distributors that are releasing Bang are very excited for the opportunity to work with Celsius. And we think we're like well positioned on the other side of this to capitalize on the health and wellness trends that are here today and not going away.

我們覺得我們處於一個有利的位置。我們已經有多達 100 家經銷商。對於與我們交談並正在進行對話的人來說，這確實是一個挑戰，因為 Bang 在與這些分銷商簽訂的許多合約中擁有排他性。但現在已經開放了。我們正在進行討論。我們覺得我們處於一個非常好的位置。一些發行 Bang 的發行商對於有機會與攝氏合作感到非常興奮。我們認為，我們在另一方面處於有利地位，可以利用當今存在且不會消失的健康和保健趨勢。

Great. No, it sounds like it's opened up some things. And you mentioned disruption as a competitor switches major distribution. Alternatively, do you think that Pepsi may add a little bit to be more promotional here with Bang?

偉大的。不，聽起來像是打開了一些東西。您提到了競爭對手更換主要分銷管道時造成的破壞。或者，您認為百事可樂是否可以與 Bang 一起在這裡增加一點促銷力度？

I think so. I think you're going to see a lot of activities and promotional activities happening in summer beverage season. We're already talking with many key retailers to be included in those programs in really the July-August time frame. Retailers want to get consumers back into store. They're looking for new innovation. They're looking for special pricing, promotions to drive traffic back into retail. And we have been through this whole process with our repivoting our teams to work on online, to partner with our retailers on online activation, customer pickups, those type of things. We feel we've built really good relationships to be included in some of those programs. As an example, we're working with CVS and Target right now as well as 7-Eleven on some really big off-shelf programs to drive additional awareness of Celsius and to take advantage of the opportunities on partnering with these retailers. So you're going to see a lot of pricing opportunities and promotional activity once we head into summer beverage season, which seems to be aligned with many retailers. But I think the category overall on pricing remains strong. And we have a premium position in the category that is not going to change. We're driving a premium position as this category continues to grow and evolve for this better-for-you, functional performance energy category that every retailer in the country is looking to expand on. And Celsius is a major component of that category.

我想是的。我想你會在夏季飲料季節看到很多活動和促銷活動。我們已經與許多主要零售商進行了談判，希望在 7 月至 8 月的時間範圍內將其納入這些計劃。零售商希望讓消費者重返商店。他們正在尋找新的創新。他們正在尋找特殊的定價和促銷活動，以將客流量重新帶回零售業。我們已經完成了整個過程，我們的團隊重新轉向線上工作，與我們的零售商合作進行線上啟動、客戶提貨等此類事情。我們覺得我們已經建立了非常良好的關係，可以參與其中一些計劃。舉個例子，我們現在正在與 CVS 和 Target 以及 7-11 合作開展一些非常大型的現貨計劃，以提高對攝氏度的認識，並利用與這些零售商合作的機會。因此，一旦我們進入夏季飲料季節，您將看到許多定價機會和促銷活動，這似乎與許多零售商一致。但我認為該類別的整體定價仍然強勁。我們在該類別中的領先地位不會改變。隨著這一類別的不斷發展和發展，我們正在推動這一高端地位，以提供對您更有利的功能性性能能源類別，該國的每個零售商都在尋求擴展這一類別。攝氏度溫度是該類別的主要組成部分。

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。

John and Edwin, great readout. I'll keep my questions to 4 or 5. So can you talk about the spike in European volume, specifically outside of the Nordics? Where are you seeing that tremendous growth from?

約翰和艾德溫，讀得很好。我將把我的問題保留在 4 或 5 個以內。您從哪裡看到如此巨大的成長？

Sure. Really, the -- when you look at the European volume, you're seeing that on the full quarter of revenue recognition due to -- with the acquisition on the accretive nature. So we did see good revenue growth within the Nordics. As I mentioned, Sweden was one -- within Sweden, Celsius was one of the fastest-growing energy drink brands during the quarter in accordance to Nielsen. The other markets mainly where the sales are derived from is Norway and Finland. And keep in mind, that market was very challenged during the quarter due to the lockdowns that -- which took place. So really, the growth was pretty much all driven by the Swedish market. The Swedish market has taken a different approach versus other markets and countries around the world. So that's how we're defining much of the growth there.

當然。事實上，當你查看歐洲的銷售時，你會發現整個季度的收入確認都是因為收購的增值性所致。因此，我們確實看到北歐地區的收入成長良好。正如我所提到的，瑞典就是其中之一——根據尼爾森的數據，在瑞典，Celsius 是本季成長最快的能量飲料品牌之一。銷售主要來自的其他市場是挪威和芬蘭。請記住，由於發生的封鎖，該市場在本季面臨很大的挑戰。事實上，成長幾乎全部是由瑞典市場推動的。與世界其他市場和國家相比，瑞典市場採取了不同的方法。這就是我們定義大部分成長的方式。

Got it. And could you talk about the introduction of the Peach Vibe limited edition? And besides online, where is that being sold?

知道了。您能談談 Peach Vibe 限量版的介紹嗎？除了網路上，哪裡還有賣？

We just announced our Peach Vibe, our newest flavor, to bring excitement to many retailers, just rolling out right now. We'll have it authorized in many retailers around the country over the next several months as planograms get reset. Right now, it's available on Amazon and other retailers and soon to be to a fine retailer near you.

我們剛剛推出了最新口味的 Peach Vibe，即將推出，為許多零售商帶來興奮。隨著貨架圖的重置，我們將在未來幾個月內在全國各地的許多零售商處獲得授權。目前，它可以在亞馬遜和其他零售商處購買，並且很快就會在您附近的優質零售商處出售。

Perfect. Got it. And can you talk about the closing of Func? And any update as far as snacks and bars in North America?

完美的。知道了。您能談談 Func 的關閉嗎？北美的零食和酒吧有什麼更新嗎？

Yes. I think the acquisition has gone extremely well. We have a really good team over there. We've been working cross-functionally within organization, sales and marketing, a lot of initiatives, a lot of collaboration. And there's further synergistic opportunities as we continue to scale. We're working on renegotiating contracts, our warehouses, suppliers. A lot of good things for additional accretion and margin as well as we grow. We have looked at bringing over the FAST protein bar line to North America. Due to the COVID situation, we've delayed that some. We're currently still evaluating that, and we'll have more to share with you in the quarters to come.

是的。我認為這次收購進展得非常順利。我們那裡有一支非常優秀的團隊。我們一直在組織、銷售和行銷領域進行跨職能工作，採取了許多舉措，進行了大量協作。隨著我們不斷擴大規模，將有進一步的協同機會。我們正在努力重新談判合約、倉庫和供應商。有很多好處可以增加額外的增值和利潤以及我們的成長。我們考慮將 FAST 蛋白棒系列引進北美。由於新冠疫情的影響，我們推遲了一些時間。我們目前仍在評估這一點，我們將在未來幾季與您分享更多資訊。

Okay. Got it. And then lastly, I think for you, Edwin. Can you talk about the inventory and the inventory build? It looks like your comments were about $5.5 million in increase. So where does that lie? And how does that relate to the number of canners you're using, at least domestically? And is it specific to region or territory or product line?

好的。知道了。最後，我想為你著想，埃德溫。能談談庫存和庫存建設嗎？看來您的評論增加了約 550 萬美元。那麼這到底在哪裡呢？這與您使用的罐頭製造商的數量（至少在國內）有何關係？它是否特定於地區或地區或產品線？

Yes. Thank you. Very good question. Absolutely. Yes, the increase was about $5 million -- $5.5 million. And yes, it's mainly here in the U.S. That translates, just to give you some perspective, to about 130 days of inventory. And what we did is make sure that we increase our inventories so that if there's any disruption in the supply chain that we're able to address it. So from that perspective, it was something that we planned for, a strategic move. We wanted to make sure coming into the summer selling season that we had good levels of inventory and obviously not have any disruptions. So yes, absolutely, it was something that we did knowingly. And then obviously, when you look at inventory levels, you have to look not only at the historic demand but also plan for the future demand as well.

是的。謝謝。非常好的問題。絕對地。是的，增加了大約 500 萬至 550 萬美元。是的，主要是在美國。我們所做的就是確保增加庫存，以便在供應鏈出現任何中斷時我們能夠解決它。所以從這個角度來看，這是我們計畫好的事情，一個策略性舉措。我們希望確保在夏季銷售季節到來時我們擁有良好的庫存水平，並且顯然不會出現任何中斷。所以，是的，絕對是我們故意要做的事情。顯然，當您查看庫存水準時，您不僅要考慮歷史需求，還要考慮未來的需求。

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

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

Let me add my congratulations on terrific work in Q1. You mentioned Walmart as roughly 50% DSD at this point, I believe. Can you give us more color on what you're seeing at that retailer and maybe touch on converting to more DSDs there, how that is expected to go? And then maybe give us a sense -- a latest sense of how your business is trending with Target and where you are with DSDs there?

讓我對第一季的出色工作表示祝賀。我相信，您提到沃爾瑪目前 DSD 佔比約為 50%。您能給我們更多關於您在該零售商看到的情況的信息嗎？然後也許可以讓我們了解一下您的業務在 Target 中的發展趨勢以及您在 DSD 方面的進展？

Yes. Absolutely. Thank you, Jeff. We are working with every single one of our key retailers to flip them over and move them over from a wholesaler direct model over to the DSD partners. Just due to the velocity we're seeing better in stocks, better placements, better execution. Celsius is just turning at such a high rate, it really needs that additional touch points at retail. So at Walmart, we -- half the stores are being serviced by DSD, and we're seeing great results there. We're seeing it in coolers, in addition to the dry shelves and seeing good rotation and velocity. The other stores that are going through the warehouse, they're not serviced as well. We're seeing out of stocks and poor execution in retail. So we're supplementing that in certain markets with merchandisers. But what we are also doing is working on flipping those over to the DSD as we build out these territories. So we've been working very closely with the buyers, and we feel confident in the back half of this year, we'll have more Walmarts really moved over to this preferred route to market.

是的。絕對地。謝謝你，傑夫。我們正在與每位主要零售商合作，將其從批發商直接模式轉移到 DSD 合作夥伴。只是由於我們看到股票的速度更快、佈局更好、執行力更好。攝氏的轉變速度如此之高，它確實需要零售方面的額外接觸點。因此，在沃爾瑪，我們一半的商店都由 DSD 提供服務，我們在那裡看到了很好的結果。除了乾燥架之外，我們還在冷卻器中看到了它，並且看到了良好的旋轉和速度。其他正在通過倉庫的商店也沒有得到服務。我們看到庫存短缺，零售業執行不力。因此，我們在某些​​市場上透過經銷商來補充這一點。但我們也在做的事情是，當我們建造這些地區時，將這些轉交給 DSD。因此，我們一直與買家密切合作，我們對今年下半年充滿信心，我們將有更多的沃爾瑪真正轉向這種首選的市場途徑。

And the same thing with Target. Right now, the Targets in the New York metropolitan market are serviced by Big Geyser. We're seeing great velocities there, moving from warehouse over to DSD and we are working with them diligently on flipping over key markets. We already have 5 markets identified where we have coverage. We're going to be flipping those over in the next few months as we rotate warehouses. And we're also working on other key markets, especially with the Bang news and our further progression on signing up distributors for our national DSD network. So also, we have a big program kicking off with them as I alluded to earlier with Jeff's question in regards to some big promotional activity that is planned in July with Target. So that will drive additional volume, placements, execution and move -- allow us to move quicker over to the DSD model, where we're seeing great momentum. Target is a great account for us. We're already up to 5 flavors and we're looking to be a big player in their energy drink category at Target.

塔吉特也是如此。目前，紐約大都會市場的 Targets 由 Big Geyser 提供服務。我們看到那裡的速度非常快，從倉庫轉移到 DSD，我們正在與他們努力合作以翻轉關鍵市場。我們已經確定了 5 個我們涵蓋的市場。隨著倉庫的輪換，我們將在接下來的幾個月內翻轉這些內容。我們也在其他關鍵市場開展工作，特別是 Bang 新聞以及我們在為全國 DSD 網路簽約經銷商方面取得的進一步進展。同樣，我們也與他們一起啟動了一項大型計劃，正如我之前在傑夫的問題中提到的，有關計劃於 7 月份與塔吉特 (Target) 計劃進行的一些大型促銷活動。因此，這將推動額外的銷售、展示位置、執行和移動——使我們能夠更快地轉向 DSD 模型，我們在該模型中看到了巨大的勢頭。 Target 對我們來說是個很好的客戶。我們已經擁有多達 5 種口味，我們希望成為 Target 能量飲料類別的重要參與者。

Okay, great. And then I know it's early, but any color you can give us on what you're seeing in some of the regions in the U.S. that are starting to reopen? And then what are you anticipating in your business as more of the country reopens?

好的，太好了。然後我知道現在還為時過早，但是您能給我們介紹一下您在美國一些開始重新開放的地區所看到的情況嗎？那麼，隨著該國更多地區重新開放，您對您的業務有何期望？

With everything going on, it's very uncertain, as we talked about. It's hard to say what the future holds with the current environment as countries open and close, and you're seeing the gym channel come back. Starting to see some businesses reopening and restaurants in key markets. It's really hard to say in the current environment. I will say, which we said publicly, that orders in April were up 38%, but it's really a week-by-week situation. Many CPG companies and other companies, as you know, are pulling estimates and forecasts. We don't provide guidance, but we do feel, based on initial results in April, we are still maintaining good momentum. What the future holds is to be determined. But we do feel in the overall broader energy drink category, we're in a really good position with everything that's taking place in the macro environment for healthy, better for you, functional beverages and what's taking place in the energy category.

正如我們所討論的，隨著一切的發生，一切都非常不確定。隨著國家開放和關閉，很難說在當前環境下未來會怎樣，而且你會看到健身房頻道又回來了。一些企業和餐廳開始在主要市場重新開業。在現在的環境下確實很難說。我要說的是，我們公開說過，4 月的訂單增加了 38%，但這確實是逐週的情況。如您所知，許多消費品公司和其他公司正在調整估計和預測。我們不提供指導，但我們確實認為，根據 4 月的初步結果，我們仍然保持著良好的勢頭。未來會怎樣，還有待確定。但我們確實認為，在整個更廣泛的能量飲料類別中，我們處於一個非常有利的位置，在宏觀環境中發生的一切都是為了健康、對你更好、功能性飲料以及能量類別中發生的事情。

Okay. And then just one more follow-up, if I could add to that. Any more color you can give us on how you're evolving marketing plans for the near term? And how you're thinking about flexing as plants -- as plans for the U.S. to reopen?

好的。如果我可以補充的話，那麼還有一個後續行動。您能告訴我們您如何制定近期行銷計劃嗎？您如何考慮像植物一樣靈活——作為美國重新開放的計劃？

Yes. I mean we've really -- through the first quarter, we really reengineered a lot of our -- all the sales and marketing teams to realign them to current opportunities. That's one thing that's great about being a nimble organization. We repositioned our fitness team. We repositioned our foodservice team to help out in retail during the pantry loading, and they're further working on integration, on online integrated programs with our key regional grocery stores, mass-market merchants and vitamin specialty stores, which are still open as well. So a lot of integration. It's going to be a lot of social media, e-commerce. I touched on the most recent data point we got where Celsius is the third largest brand on Amazon in the energy drink category. That's an amazing achievement for our team and it just shows you the momentum we have. We need to further leverage that and move into other segments as well, continue to drive momentum. But we're going to continue to provide emotional engagements with our consumers and continue to build out our fan base and our communities, which is so critical and key to our long-term success. And then we'll continue to move back into some online activation as the markets permit being very cautious and safe through the process. But our goal is to help people live a healthy, better lifestyle, and we want to be there to support them.

是的。我的意思是，在第一季度，我們確實重新設計了許多銷售和行銷團隊，以使他們適應當前的機會。這是作為一個靈活的組織的一大優點。我們重新定位了我們的健身團隊。我們重新定位了我們的餐飲服務團隊，以在食品儲藏室裝載期間為零售提供幫助，他們正在進一步致力於與我們的主要區域雜貨店、大眾市場商家和維生素專賣店進行在線集成計劃的整合，這些商店也仍然營業。所以很多整合。將會有許多社交媒體和電子商務。我談到了我們獲得的最新數據，其中攝氏度是亞馬遜能量飲料類別中的第三大品牌。這對我們團隊來說是一項了不起的成就，它向您展示了我們的動力。我們需要進一步利用這一點，並進入其他領域，繼續推動勢頭。但我們將繼續與消費者進行情感交流，並繼續建立我們的粉絲群和社區，這對我們的長期成功至關重要。然後，隨著市場允許，我們將繼續進行一些線上激活，在此過程中保持非常謹慎和安全。但我們的目標是幫助人們過著健康、更好的生活方式，我們希望為他們提供支持。

(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 just wanted to follow up a little bit, John, on the Amazon point you made, #3 in terms of energy drinks on Amazon. Can you talk about this quarter specifically whether you were -- you believe you were positively impacted due to COVID-19 for this quarter on your total online, if you could just tell us what the growth was online or at Amazon for the quarter?

約翰，我只是想跟進一下您在亞馬遜上提出的觀點，即亞馬遜上的能量飲料#3。您能否具體談談本季的情況，您是否認為本季的 COVID-19 對您的線上總收入產生了積極影響？

Yes. Our online -- thank you, Anthony. The online business has -- over the years, has been a very strong area of growth for Celsius, even going back the last 5, 6 years, if you look at the overall internal online business that we've been able to generate. Yes, there were spikes in our online sales as really shopping patterns shift. But it was great to see that the tide lifted with Celsius at the same velocity rates as some of the other brands, and we outpaced the growth in many other brands, including Monster and Red Bull. So the growth has been strong. What was great to see is a lot of brands also we're seeing as some products are an impulse buy. What we've been able to see with really the fitness channel closing, convenience and foodservice, we saw a lot of volume transition over to other channels, and Celsius is part of a daily routine. I think that's very critical for the opportunity we have here. We're not just an impulse buy. We're part of a daily lifestyle. That's what we've been building over the last several years. That's where we're continuing to build, and that shows you the opportunity we have.

是的。我們的在線 - 謝謝你，安東尼。多年來，線上業務一直是攝氏非常強勁的成長領域，甚至可以追溯到過去 5、6 年，如果你看看我們能夠產生的整體內部線上業務。是的，隨著購物模式的轉變，我們的線上銷售額出現了激增。但很高興看到攝氏的潮流以與其他一些品牌相同的速度上升，並且我們超過了許多其他品牌的成長，包括怪物和紅牛。所以成長一直很強勁。很高興看到我們也看到了很多品牌，因為有些產品是衝動購買。我們所看到的是，隨著健身頻道的關閉、便利性和餐飲服務，我們看到大量流量轉移到其他頻道，而攝氏已成為日常生活的一部分。我認為這對我們在這裡擁有的機會非常重要。我們不只是衝動購買。我們是日常生活的一部分。這就是我們過去幾年一直在建造的。這就是我們正在繼續建立的領域，這向您展示了我們擁有的機會。

Okay. And then just one last follow-up on the COVID-19. I mean obviously, there's been some positive benefits you've seen from that. Can you talk a little bit about the -- just the positives and negatives? And if you're prepared in terms of down the road, any supply chain interruption? What sort of contingency plans do you have that's significant if the supply chain gets constrained at some point?

好的。接下來是關於 COVID-19 的最後一次後續行動。我的意思是，顯然，您已經看到了一些積極的好處。能簡單談談正面和負面的方面嗎？如果您已做好準備，是否會出現供應鏈中斷的情況？如果供應鏈在某個時刻受到限制，您有哪些重要的應急計畫？

Yes. I mean positive, I don't think there's really many positives. This is a terrible situation we're all in that we need to help everyone. It's heartbreaking what's going on with small businesses and what's taking place within communities, so we've pivoted and pivoted as quickly as we can where we have samplings and demos that we were doing that we weren't able to do. So we pivoted and supported the heroes around the country where Celsius has given out thousands of cases to over 450 hospitals around the country. We've pivoted to help consumers and to help small businesses, the trainers, personal trainers, to give them a platform so hopefully they can build and scale their consumer base and their client base with our SWEAT WITH CELSIUS campaigns and repositioned our sales organizations, as Edwin mentioned, on inventory.

是的。我的意思是積極的，我不認為有太多積極的一面。我們都處於這種可怕的境地，我們需要幫助每個人。小型企業正在發生的事情以及社區內正在發生的事情令人心碎，因此我們盡可能快地進行了轉變，我們已經做了一些我們無法做到的樣品和演示。因此，我們在全國範圍內為英雄們提供支持和支持，Celsius 已向全國 450 多家醫院提供了數千個病例。我們的重點是幫助消費者，幫助小型企業、培訓師、私人教練，為他們提供一個平台，希望他們能夠透過我們的SWEAT With CELSIUS 活動建立和擴大他們的消費者群和客戶群，並重新定位我們的銷售組織，正如埃德溫所提到的，關於庫存。

Starting in January, we really have set contingency plans up in each department going from accounting to operations, to sales to marketing and constantly reviewing those and altering those as we're going through this process. So contingency plans in place. We've implemented -- we've increased inventories throughout the whole quarter. We've also placed blanket purchase orders for further out periods than we've ever had before to make sure we have sufficient supply. We expanded the co-packer network, so we have availability at multiple co-packers in case there was a situation where a co-packer had to go down for several weeks, which we've heard stories about those. There's just been a lot that the company has done in the organization as we continue to pivot and shift through the current environment. But I do think the company and the employees have reacted really well and been very nimble. Has it been stressful for many? Absolutely. Transitioning many to work from home, it went seamlessly, but it has been difficult. It's not as seamless as working as a cohesive organization as we've done. But -- and considering some circumstances and the results the team has been able to put up, they've done an amazing job.

從一月份開始，我們確實在每個部門制定了應急計劃，從會計到運營，從銷售到行銷，並在整個過程中不斷審查和更改這些計劃。所以應急計劃已經到位。我們已經在整個季度增加了庫存。我們也比以往任何時候都下達了更長的一攬子採購訂單，以確保我們有足夠的供應。我們擴大了代加工網絡，因此我們可以在多個代加工工廠中提供服務，以防出現代加工工廠必須停機數週的情況，我們已經聽說過這樣的故事。隨著我們在當前環境中不斷調整和轉變，公司在組織中做了很多工作。但我確實認為公司和員工的反應非常好且非常靈活。對很多人來說壓力很大嗎？絕對地。讓許多人在家工作的過程很順利，但也很困難。它並不像我們作為一個有凝聚力的組織那樣無縫地工作。但是，考慮到一些情況和團隊已經取得的成果，他們做得非常出色。

Our next question is a follow-up question from the line of David Bain with ROTH Capital Partners.

我們的下一個問題是大衛貝恩 (David Bain) 和羅斯資本合夥人 (ROTH Capital Partners) 提出的後續問題。

If I could just quickly shift back to the distributor relationships and industry dynamics. It just seems like if -- it seems like the options for these distributors are becoming more limited, finding a functional energy category company with breadth and growth anywhere near like a Celsius. Just looking at the historical partnerships, though, we found that a lot of them -- a lot of the distributors would look to take a position in the company itself. Just any kind of thoughts on these types of partnership structures? And then also, any considerations on aligning more with one major player versus more bifurcated or fragmented distribution structure?

如果我能快速回到經銷商關係和產業動態就好了。似乎這些經銷商的選擇變得越來越有限，尋找一家業務廣度和成長速度接近攝氏溫度的功能性能源類別公司。不過，只要看看歷史上的合作關係，我們就會發現其中很多——很多分銷商都希望在公司本身佔有一席之地。對這些類型的合夥結構有什麼想法嗎？另外，對於更多地與一個主要參與者保持一致而不是更加分叉或分散的分銷結構有什麼考慮嗎？

Thank you, Dave. I mean there's a lot of relationships out there. We're working on a variety of them. We're going to do what's best for our shareholders and best for the organization and best for the company for Celsius to drive to number one. That's our goal. We're reviewing a variety of opportunities. We're looking at distributors, making sure we're with and aligned with the best distributor possible for that market to drive the best velocity and opportunity. So I'm not going to get into specifics on contract negotiations with given distributors. But we are very much aligned with shareholders' interest and going to do what's best to put Celsius in the best position possible as we continue to maximize the opportunity we have at hand.

謝謝你，戴夫。我的意思是，那裡有很多關係。我們正在研究其中的各種內容。我們將做對股東、組織和公司最有利的事情，讓攝氏度成為第一名。這就是我們的目標。我們正在審查各種機會。我們正在尋找分銷商，確保我們與該市場的最佳分銷商合作並保持一致，以推動最佳速度和機會。因此，我不會詳細討論與特定經銷商的合約談判。但我們與股東的利益非常一致，並將盡最大努力使攝氏度處於最佳位置，同時繼續最大限度地利用我們手頭上的機會。

Our next question comes from the line of Shawn Boyd with Next Mark Capital.

我們的下一個問題來自 Next Mark Capital 的 Shawn Boyd。

Can you hear me okay?

你聽得到我說話嗎？

Yes, we can, Shawn.

是的，我們可以，肖恩。

Great. Real quick. If you can just help us a little bit, and forgive me if this is a fairly naive question, but what percentage of your sales are from bricks-and-mortar retail versus online right now?

偉大的。真快。如果您能為我們提供一點幫助，請原諒我，如果這是一個相當幼稚的問題，但目前您的銷售額來自實體零售與線上零售的百分比是多少？

We -- historically, we used to disclose that information. To be quite honest with you, it's a little fragmented because many of our retail partners, as you know, are all offering online services. So we've expanded. When you look at online, we're on walmart.com. We're on amazon.com. We're on bodybuilding.com, vitaminshoppe.com. There's many, many .com businesses out there. We have a team dedicated to leveraging our retail partners through at pickup services. We're leveraging Instacart. There are so many different mediums now to drive online purchases and home delivery that I don't want to take out one customer if you're calling online, Amazon or walmart.com. We do not sell direct. We partner with our retail partners on our online business. So their online business is our online business. So specifically, I can't really answer that question because it is a broader component.

從歷史上看，我們曾經披露過這些資訊。老實說，它有點分散，因為如您所知，我們的許多零售合作夥伴都提供線上服務。所以我們已經擴大了。當您在線查看時，我們在 walmart.com 上。我們在 amazon.com 上。我們在 bodybuilding.com、vitaminshoppe.com 上。那裡有很多很多 .com 企業。我們有一個團隊致力於透過提貨服務利用我們的零售合作夥伴。我們正在利用 Instacart。現在有許多不同的媒介可以推動線上購買和送貨上門，如果您在線上致電亞馬遜或沃爾瑪，我不想帶走任何一位客戶。我們不直接銷售。我們與零售合作夥伴合作進行線上業務。所以他們的線上業務就是我們的線上業務。具體來說，我無法真正回答這個問題，因為它是一個更廣泛的組成部分。

Okay. I hear you on that. Let me go to the heart of this and not as in thinking about the impact of you flipping over to the DSDs. Maybe another way to come at it would be what percentage of your retail doors are currently serviced by DSDs. You've talked about the number in the past and the number today. I think you've released here over 100. But if you can help us just sort of how far are we on this shift right now and how quickly would it change, say, over the next 12 to 24 months.

好的。我聽到你的聲音了。讓我談談這個問題的核心，而不是考慮轉向 DSD 的影響。也許另一種解決方法是查看目前由 DSD 提供服務的零售門所佔的百分比。您談到了過去的數字和今天的數字。我想你們已經在這裡發布了100 多個。發生變化。

Yes. I mean, right now, we're at -- at the end of the year, we announced we're in roughly approximately 65,000 locations in North America. And today, less than 10% of those doors are serviced by DSD. So the opportunity is massive. The key is all about covering this particular DMAs of the warehouses that are serviced by these key accounts. And that's what we've been integrating and working on. And many of these retailers will be flipping over in the back half of this year to this preferred method. But I would say approximately, right now, you're probably looking at about 10% with DSD coverage.

是的。我的意思是，現在，到今年年底，我們宣布我們在北美大約有 65,000 個地點。如今，只有不到 10% 的門由 DSD 提供服務。所以機會是巨大的。關鍵在於覆蓋這些大客戶所服務的倉庫的特定 DMA。這就是我們一直在整合和努力的方向。許多零售商將在今年下半年轉向這種首選方法。但我想說，現在，您可能會看到大約 10% 的 DSD 覆蓋率。

Okay. Very helpful. And that 40% lift that you commented on with the stores in New York, has that been consistent across other geographic markets?

好的。非常有幫助。您對紐約商店評論的 40% 的提升，在其他地理市場上是否一致？

It has. It has. Actually, in certain areas, it's been even higher. So probably the 40% lift versus going direct to these key accounts seems like a good benchmark on top of the 30% growth rate we've been seeing in existing accounts. So there is a great opportunity by having the DSD coverage because you're getting that salesperson in the store on a frequent rotation to make sure the product is in stock, properly priced and is available and taking advantage of additional points of disruption in a given outlet, and it's all about placements and trade activation.

確實如此。確實如此。事實上，在某些領域，這個數字甚至更高。因此，除了我們在現有客戶中看到的 30% 的成長率之外，與直接存取這些關鍵客戶相比，40% 的提升似乎是一個很好的基準。因此，透過 DSD 覆蓋是一個很好的機會，因為您可以讓銷售人員在商店中進行頻繁輪換，以確保產品有庫存、價格合理且可用，並利用給定的額外中斷點出口，這一切都與展示位置和交易啟動有關。

Really good to hear. Last one for me. Your comment about April orders up 38% year-over-year. Given that we're now in an environment where we're starting to see additional states with reopening plans, and we understand it's going to be gradual. But as we move forward here, is it fair to assume that is a low mark for the month? I know that's just the first month, but would you -- is it fair to assume we continue -- we see those monthly sales growing from here?

真的很高興聽到。最後一張給我。您對 4 月訂單年增 38% 的評論。鑑於我們現在所處的環境，我們開始看到更多的州制定了重新開放計劃，並且我們知道這將是漸進的。但當我們繼續前進時，假設這是本月的低點是否公平？我知道這只是第一個月，但是你會嗎 - 假設我們繼續 - 我們會看到每月銷售額從這裡開始增長嗎？

Yes. I'm not going to talk about a future that I don't know. I mean there's a lot of questions there. How quickly does traffic return to normal in some of these channels. So I can't really comment on that.

是的。我不會談論我不知道的未來。我的意思是那裡有很多問題。其中一些渠道的流量恢復正常的速度有多快。所以我不能對此發表評論。

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, we'd like to thank everyone for their continued interest. Our results demonstrates our products are gaining considerable momentum as we're capitalizing on today's health and wellness trends. We are building upon our core and leveraging opportunities and deploying best practices. We have a winning portfolio and strategy 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. In addition, I want to thank all of our investors for their continued support and confidence in our team. We wish everyone well. Please stay safe in this current environment. Thank you for your interest, and have a great day.

謝謝。我們謹代表公司感謝大家的持續關注。我們的結果表明，隨著我們利用當今的健康和保健趨勢，我們的產品正在獲得巨大的發展勢頭。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，我們擁有致勝的產品組合和策略。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，我們就不可能取得巨大的成就和我們未來看到的重大機會。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。我們祝福大家一切順利。請在目前環境下保持安全。感謝您的關注，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。