Celsius Holdings Inc (CELH) 2022 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Celsius Q2 2022 Earnings Call. (Operator Instructions)

女士們，先生們，美好的一天，歡迎來到攝氏 2022 年第二季度財報電話會議。 （操作員說明）

At this time, it is my pleasure to turn the floor over to your host, Cameron Donahue, Investor Relations. Sir, the floor is yours.

現在，我很高興將發言權交給您的主持人，投資者關係部的 Cameron Donahue。先生，地板是你的。

Thank you. Good afternoon, everyone. We appreciate you joining us today for Celsius Holdings Second Quarter 2022 Earnings Conference Call. Joining me on the call today are John Fieldly, President and Chief Executive Officer; and Jarrod Langhans, Chief Financial Officer. Following the prepared remarks, we'll open the call to your questions and instructions will be given at that time.

謝謝你。大家下午好。感謝您今天加入我們參加攝氏控股 2022 年第二季度收益電話會議。今天和我一起參加電話會議的是總裁兼首席執行官 John Fieldly；和首席財務官 Jarrod Langhans。在準備好的評論之後，我們將打開您的問題的電話，屆時將給出說明。

The company released their earnings press release upon market close this afternoon, and all materials will be available on the company's website, celsiusholdingsinc.com, under the Investor Relations section. As a reminder, before I turn the call to John, an audio replay will be available later today and can be accessed with the same live webcast link in our conference call announcement and earnings press release.

該公司在今天下午收盤時發布了收益新聞稿，所有材料都將在公司網站 celsiusholdingsinc.com 的投資者關係部分下提供。提醒一下，在我將電話轉給約翰之前，今天晚些時候將提供音頻重播，並且可以通過我們的電話會議公告和收益新聞稿中的相同實時網絡直播鏈接訪問。

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 August 9, 2022. These statements involve numerous risks and uncertainties, including many that are beyond the company's control. Except to the extent as required by law, Celsius Holdings undertakes no obligations and disclaims any duty to update any of these forward-looking statements. We encourage you to review in full our safe harbor statements contained in today's press release and our quarterly filings with the SEC for additional information.

另請注意，本次電話會議可能包含前瞻性陳述，這些陳述基於截至 2022 年 8 月 9 日管理層可獲得的預測、預期和其他信息。這些陳述涉及眾多風險和不確定性，包括許多超出公司控制範圍的風險和不確定性.除法律要求外，Celsius Holdings 不承擔任何義務，也不承擔更新這些前瞻性陳述的任何義務。我們鼓勵您完整查看今天新聞稿中包含的安全港聲明以及我們向 SEC 提交的季度文件，以獲取更多信息。

With that, I'd like to turn the call over to President and Chief Executive Officer, John Fieldly, for his prepared remarks. John?

有了這個，我想把電話轉給總裁兼首席執行官約翰·菲爾德利，請他準備好講話。約翰？

Thank you, Cameron. Good afternoon, everyone, and thank you for joining us today. Our record second quarter represented our 16th consecutive quarter of sequential growth and an 18% increase over the first quarter of 2022. According to the trailing 12 weeks IRI MULO+C data as of July 10, 2022, Celsius continues to be the top driver of the energy category growth, representing 34% of the category growth, which corresponds to the #1 brand driving category growth. We were also notified last Friday that the S&P announced that Celsius will be added to the S&P MidCap 400 Index, graduating from the S&P SmallCap 600 Index after the close of trading today, August 9.

謝謝你，卡梅倫。大家下午好，感謝您今天加入我們。我們創紀錄的第二季度代表我們連續第 16 個季度連續增長，比 2022 年第一季度增長 18%。根據截至 2022 年 7 月 10 日的 12 週 IRI MULO+C 數據，攝氏繼續是能源類別增長，佔類別增長的 34%，對應於排名第一的品牌推動類別增長。我們上週五還收到通知，標普宣布，Celsius 將被納入標普中盤 400 指數，在今天（8 月 9 日）收盤後從標普中小盤 600 指數畢業。

We continue to see growth across all channels, including those not tracked, with the club channel sales increasing by approximately $24.9 million for the second quarter in 2002 (sic) [2022] from 2021, an additional rollout and expansion in over 175 new BJ wholesale locations that have been -- took place in the second quarter. Our vending and foodservice channels continue to see rapid expansion with over 50% growth in sales from the first quarter with approximately $4.4 million in sales in the second quarter.

我們繼續看到所有渠道（包括未跟踪的渠道）的增長，從 2021 年起，2002 年第二季度（原文如此）[2022] 的俱樂部渠道銷售額增加了約 2490 萬美元，另外推出和擴展了超過 175 家新的 BJ 批發已經在第二季度發生的地點。我們的自動售貨和餐飲服務渠道繼續快速擴張，銷售額較第一季度增長 50% 以上，第二季度銷售額約為 440 萬美元。

Additional second quarter retailer highlights include the benefits from the Walmart expansion we discussed on our Q1 2022 earnings call. Sales increased over 700% on a year-over-year basis in accordance with SPINS 12-week data as of June 12, 2022. And in the convenience channel, sales increased overall by 227% compared to the second quarter in 2021. And Celsius is now ranked the #5 brand in the convenience channel per SPINS energy 12-week ending June 12, 2022.

第二季度零售商的其他亮點包括我們在 2022 年第一季度財報電話會議上討論的沃爾瑪擴張帶來的好處。根據 SPINS 截至 2022 年 6 月 12 日的 12 週數據，銷售額同比增長超過 700%。在便利渠道中，與 2021 年第二季度相比，銷售額總體增長了 227%。和攝氏現在在截至 2022 年 6 月 12 日的 12 週內，在便利頻道中排名第五。

Moving to the most recent highlights for Celsius. On Monday, August 1, we announced a distribution and investment agreement with PepsiCo. This transformational partnership provides significant near-term U.S. growth acceleration with an estimated 40% increase in incremental distribution on top of our internal projected door growth over the next 12 months. We have also begun the transition with PepsiCo -- to PepsiCo through our distribution and expect most of the transition to take place by the end of the fourth quarter.

轉到攝氏溫度的最新亮點。 8 月 1 日星期一，我們宣布與百事可樂公司達成分銷和投資協議。這種變革性的合作夥伴關係提供了顯著的近期美國增長加速，在我們內部預計的未來 12 個月增長的基礎上，估計增量分配增加了 40%。我們還開始了與百事可樂的過渡——通過我們的分銷向百事可樂過渡，並預計大部分過渡將在第四季度末進行。

As part of the transition, a $550 million convertible preferred investment was made by PepsiCo in Celsius, and the investment aligns incentives for both parties. The underlying -- the investment is priced at $75 per share. It converts approximately 7.3 million shares, which equates to approximately about 8.5% ownership in Celsius on an as-converted basis.

作為過渡的一部分，百事可樂在攝氏度進行了 5.5 億美元的可轉換優先投資，該投資調整了雙方的激勵措施。標的——投資定價為每股 75 美元。它轉換了大約 730 萬股股票，相當於轉換後的攝氏約 8.5% 的所有權。

The preferred shares receive a 5% annual dividend, paid quarterly in cash or in kind at Celsius' option. One point of clarification we want to be clear, on the call last week, we notified and discussed the transition was cash-neutral in regards to our distribution network. This was not inclusive of the $550 million investment by PepsiCo. In regards to the distribution settlement and transition costs, PepsiCo will assist with these charges as part of the distribution channel transition agreements, whereby the cost will be cash-neutral to Celsius.

優先股每年獲得 5% 的股息，每季度以現金或實物形式支付，由攝氏選擇。我們想澄清一點，在上週的電話會議上，我們通知並討論了過渡對於我們的分銷網絡而言是現金中性的。這還不包括百事可樂的 5.5 億美元投資。關於分銷結算和過渡成本，百事可樂將協助支付這些費用，作為分銷渠道過渡協議的一部分，由此成本將與攝氏度保持現金中性。

As part of the strategic alignment and agreement with PepsiCo, we want to officially welcome James Lee to our Board of Directors. James Lee -- Mr. Lee is currently the Senior Vice President, Chief Strategy and Transformational Officer of PepsiCo Beverages North America, PepsiCo's largest operating sector. He is responsible for leading the PBNA's long-term strategy, business development, digital and value chain transformation and sustainability. Mr. Lee joined PepsiCo in 1998 and has had several financial leadership and other leadership roles since that time, including Senior Vice President of PBNA, Senior Vice President and CFO of Russia and CIS region; Vice President and CFO of Southeast Europe; Senior Director and CFO of PepsiCo, Australia and New Zealand; and Senior Director, Strategy and Planning of China Beverages. We look forward to utilizing his significant experience in both domestic and international opportunities.

作為與百事公司的戰略調整和協議的一部分，我們希望正式歡迎 James Lee 加入我們的董事會。 James Lee - Lee 先生目前是 PepsiCo Beverages North America 的高級副總裁、首席戰略和轉型官，這是 PepsiCo 最大的運營部門。他負責領導 PBNA 的長期戰略、業務發展、數字和價值鏈轉型以及可持續性。李先生於 1998 年加入百事公司，從那時起擔任過多個財務領導和其他領導職務，包括 PBNA 高級副總裁、俄羅斯和獨聯體地區高級副總裁兼首席財務官；東南歐副總裁兼首席財務官；澳大利亞和新西蘭百事公司高級總監兼首席財務官；中國飲料戰略與規劃高級總監。我們期待著利用他在國內和國際機會中的重要經驗。

For those of you who did not have a chance to join our conference call discussing the key drivers of this agreement and transition, a replay with a slide presentation can be accessed on the webcast included in the link in the press release that was released Monday, August 1.

對於那些沒有機會參加我們討論該協議和過渡的關鍵驅動因素的電話會議的人，可以在周一發布的新聞稿鏈接中包含的網絡廣播上觀看帶有幻燈片演示的重播， 8 月 1 日。

Moving to some additional financial highlights for the second quarter. Sales hit another quarterly record of $154 million, and our U.S. revenue totaled $145.4 million as approximately $22 million increase sequentially from the first quarter in U.S. revenues. Revenue growth was driven by continued new store additions with C-store additional drivers a significant portion of the U.S. growth, SKU expansion, additional cold placements with both our branded Celsius coolers and expanding in retail coolers.

轉到第二季度的一些其他財務亮點。銷售額再次創下 1.54 億美元的季度記錄，我們的美國收入總計 1.454 億美元，比第一季度美國收入環比增長約 2200 萬美元。收入增長的推動因素是持續增加新店，其中 C 店的額外驅動因素占美國增長的很大一部分、SKU 擴張、我們品牌的攝氏冷卻器的額外冷藏放置以及零售冷卻器的擴張。

International sales represented approximately 5.6% of total sales for the quarter with sales down about $2.9 million or 25% to $8.6 million from $11.5 million a year ago quarter. Driven by the Nordic, revenue decreased to $7.3 million compared to $10.8 million the prior year. This was partially offset by sales in other international markets, which totaled approximately $1.3 million, was up $680,000 and included royalties from China.

國際銷售額約佔本季度總銷售額的 5.6%，銷售額從去年同期的 1150 萬美元下降約 290 萬美元或 25% 至 860 萬美元。在北歐的推動下，收入從去年的 1080 萬美元下降到 730 萬美元。這被其他國際市場的銷售額部分抵消，總額約為 130 萬美元，增加了 680,000 美元，其中包括來自中國的特許權使用費。

Gross profit for the quarter increased 110% approximately to $59.3 million, up from $28.2 million for the year ago quarter. Gross margin was approximately 38.5% or about 44%, excluding outbound freight, compared to 43.4% and 51.8%, excluding outbound freight, in the prior year quarter. This represented approximately 190% basis point decline from the first quarter margins and is consistent with our expectations that we discussed on our Q1's earnings call. We expect Q2 as came in as expected, where we saw our margins under pressure due to the large percentage of international cans flushing through during the quarter.

本季度毛利潤從去年同期的 2820 萬美元增長約 110% 至 5930 萬美元。毛利率約為 38.5% 或約 44%，不包括出境貨運，而去年同期為 43.4% 和 51.8%，不包括出境貨運。這比第一季度的利潤率下降了大約 190%，這與我們在第一季度財報電話會議上討論的預期一致。我們預計第二季度將如期到來，由於本季度大量國際罐頭湧入，我們看到我們的利潤率面臨壓力。

We reiterate our expectations of sequential gross margin improvements throughout 2022 with fourth quarter gross profit margin is expected to be in the mid-40s. With the exception of higher cost with international cans, a majority of our other COGS increases have been offset by scale efficiencies through raw materials, production, full truck shipments and reducing the miles on cases as well as optimizing our six orbit warehouse expansion, which we announced last fall.

我們重申我們對整個 2022 年毛利率連續改善的預期，第四季度毛利率預計將在 40 年代中期。除了國際罐的成本較高外，我們的其他大部分銷貨成本增加已被原材料、生產、整車運輸和減少箱子里程以及優化我們的六軌道倉庫擴建等規模效率所抵消。去年秋天宣布。

Our product channel mix has also been impacted -- margins as well in regards to the club channel revenue, which has historically been lower margins due to the secondary repacking facilities that is required and needed. With this rapid growth in the channel, which represented approximately $30.9 million of revenue in the second quarter, it has increased the overall margin pressure. And we continue to take initiatives and through production initiatives to improve margins in this channel, including working with our co-packers who are working on capabilities to basically conduct the multi-packing in line versus hand packing. So this will improve our margins on a go-forward basis, which we expect to implement some time in the fourth quarter or early Q1 of 2023.

我們的產品渠道組合也受到了影響——利潤率以及俱樂部渠道收入方面的利潤率，由於需要和需要二級重新包裝設施，利潤率歷來較低。隨著該渠道的快速增長，第二季度的收入約為 3090 萬美元，這增加了整體利潤率壓力。我們將繼續採取舉措並通過生產舉措來提高該渠道的利潤率，包括與我們的合作包裝商合作，他們正在努力實現基本進行多包裝在線包裝與手工包裝的能力。因此，這將進一步提高我們的利潤率，我們預計將在 2023 年第四季度或第一季度初的某個時間實施。

Overall, we see -- continue to expect cycling through the majority of our remaining international cans in the third quarter. In conjunction with the price increase rollout, we expect our margins to move back to that mid-40% range in the fourth quarter, even with a higher mix of club business. In addition, we are transitioning from a significant number of our independent distributors to the PepsiCo distribution. This will allow our team to consolidate sales, marketing and distribution efforts with associated cost benefits, which we expect to recognize and leverage once the transition is complete. We will provide additional clarity on both margins and operational leverage and targets as we move through the transition but expect additional net benefits on both of these metrics.

總體而言，我們看到 - 繼續期待在第三季度通過我們剩餘的大部分國際罐頭。隨著價格上漲的推出，我們預計我們的利潤率將在第四季度回到 40% 的中間範圍，即使俱樂部業務的組合更高。此外，我們正在從大量獨立分銷商過渡到百事可樂分銷。這將使我們的團隊能夠整合銷售、營銷和分銷工作以及相關的成本效益，我們希望在過渡完成後認識到並利用這些優勢。隨著過渡的推進，我們將進一步明確利潤率、運營槓桿和目標，但預計這兩個指標都會帶來額外的淨收益。

Some additional highlights for the second quarter. Our DSD network sales delivered growth of 208% in the second quarter when compared to the prior year, totaling approximately $61.9 million with over $41.8 million approximately in incremental revenue generated during the quarter. On our fitness and vitamin specialty channels, we launched the co-branded displays with CycleBar, and we expanded into Life Time Fitness. We are now the #1 selling SKU brand in fitness and saw record revenues in June.

第二季度的一些額外亮點。與去年同期相比，我們的 DSD 網絡銷售額在第二季度實現了 208% 的增長，總計約 6190 萬美元，本季度產生的增量收入約為 4180 萬美元。在我們的健身和維生素專業頻道上，我們推出了與 CycleBar 的聯合品牌展示，並擴展到 Life Time Fitness。我們現在是健身領域銷量第一的 SKU 品牌，並在 6 月份實現了創紀錄的收入。

On our mass club channel, it continues to accelerate. The club channel now totals 1,337 locations with approximated expansion of 175 BJ locations, as discussed, we expanded in the second quarter. In the convenience channel, our stores continue to increase -- our store locations increased by 97% or over 40,000 locations to 82,000 locations at the end of the second quarter of this year. This compares to 42,000 locations at the end of the second quarter last year. The convenience store channel accounted for on retail on sales, according to IRI SPINS, of about $87 million in the second quarter, and our sales were up 227% compared to the second quarter and 2021 according to IRI SPINS.

在我們的大眾俱樂部頻道上，它繼續加速。俱樂部頻道現在共有 1,337 個地點，大約擴大了 175 個 BJ 地點，如前所述，我們在第二季度進行了擴展。在便利渠道方面，我們的門店繼續增加——截至今年第二季度末，我們的門店數量增加了 97% 或超過 40,000 家，達到 82,000 家。相比之下，去年第二季度末有 42,000 個地點。根據 IRI SPINS 的數據，便利店渠道在零售額中的佔比約為 8700 萬美元，根據 IRI SPINS 的數據，與第二季度和 2021 年相比，我們的銷售額增長了 227%。

Industry-backed third-party data continues to show accelerated growth metrics. We are confident that Celsius will continue to drive sales even higher as we increase our ACV across channels and have launched additional nationwide and expand our independent chains through our new distribution agreement with PepsiCo.

行業支持的第三方數據繼續顯示加速增長指標。我們有信心，隨著我們跨渠道增加 ACV 並通過與百事可樂公司的新分銷協議在全國范圍內推出更多並擴大我們的獨立連鎖店，Celsius 將繼續推動銷售額更高。

Consumer demand for Celsius on a dollar base accelerated through the second quarter of 2022 and through July of 2022 to record levels. The most recent reported Nielsen scan data as of July 16, 2022, shows Celsius sales are up 143% year-over-year for 4 weeks, 194% for the 12 weeks and 185% for the second quarter. This compares to the -- the overall energy category, which grew 8% for the 4 weeks, 8% for the 12 weeks, approximately 8% for the second quarter over the same period.

到 2022 年第二季度和 2022 年 7 月，以美元為基礎的消費者對攝氏溫度的需求加速達到創紀錄水平。截至 2022 年 7 月 16 日，最新報告的尼爾森掃描數據顯示，Celsius 銷售額在 4 週內同比增長 143%，在 12 週內同比增長 194%，在第二季度增長 185%。相比之下，整體能源類別在 4 週內增長 8%，在 12 週內增長 8%，第二季度同期增長約 8%。

On Amazon, Celsius has continued to maintain the second-largest energy drink spot with a 22.6% approximately share in the energy category, ahead of Red Bull that has a share of approximately 10.6% and just behind Monster at a 24.7% approximately. And this is as of the latest 4 weeks ending July 30, 2022, Stackline Energy category data: Total U.S. Celsius year-over-year sales is up 185% compared to Amazon energy category, which is up 79%. Celsius is outpacing the category growth on the platform by approximately 2.5% on a year-over-year basis, and that is the 4 weeks ending July 30, 2022, Stackline Total Energy: Total U.S.

在亞馬遜上，Celsius 繼續以大約 22.6% 的能源類別份額保持在第二大能量飲料市場，領先於份額約為 10.6% 的 Red Bull 和大約 24.7% 的 Monster。這是截至 2022 年 7 月 30 日的最近 4 週，Stackline 能源類別數據：與亞馬遜能源類別相比，美國攝氏度的總銷售額同比增長 185%，後者增長了 79%。在截至 2022 年 7 月 30 日的 4 週內，Celsius 在平台上的類別增長率超過了約 2.5%，Stackline Total Energy: Total U.S.

The company placed an additional 800 coolers in the second quarter of 2022 and over 2,700 since the beginning of this year. The company anticipates the continued acceleration of cooler placements throughout 2022. Our total U.S. store count now totals approximately 196,000 (sic) [169,000] locations nationally, growing over 59,000 doors and locations or 54% growth from 109,000 doors or stores reported as of the end of the second quarter of 2021 with additional expansion planned throughout 2022 and acceleration anticipated with the new partnership with PepsiCo.

該公司在 2022 年第二季度又增加了 800 台冷卻器，自今年年初以來又增加了 2,700 台。該公司預計，在整個 2022 年，涼爽的位置將持續加速。我們的美國門店總數目前在全國總計約為 196,000 (sic) [169,000] 家門店，增長超過 59,000 家門店和門店，或比截至年底報告的 109,000 家門店增長 54% 2021 年第二季度，計劃在 2022 年全年進行額外擴張，並預計與百事可樂的新合作夥伴關係將加速。

On our co-packer front, we continue to expand our co-packer partners and scale at existing locations, improving our line priority time. Our total U.S. co-packer footprint totals 13 that are active, which will help protect future out of stocks and support our massive growth. Internationally, Nordics revenue totaled at $7.3 million, a decrease from the prior quarter, primarily due to foreign exchange rates and timing of orders -- and both timing of new launches with end consumers as well as supply chain delays in the market. Revenue from other markets totaled about $1.3 million. It was up 957% (sic) [91.2%] from $680,000, which included revenues from China.

在我們的聯合包裝商方面，我們繼續擴大我們的聯合包裝商合作夥伴並在現有地點擴大規模，從而提高我們的生產線優先時間。我們在美國的總合作包裝商足跡共有 13 家活躍，這將有助於保護未來的缺貨並支持我們的大規模增長。在國際上，北歐的收入總計為 730 萬美元，比上一季度有所下降，主要是由於外匯匯率和訂單時間——以及與最終消費者推出新產品的時間以及市場供應鏈延遲。來自其他市場的收入總計約 130 萬美元。它從 680,000 美元增長了 957%（原文如此）[91.2%]，其中包括來自中國的收入。

As we have publicly stated on past several calls, we continue to explore discussions with large-scale international distribution partners, which can facilitate material worldwide expansion. I'm excited to say we have now found that partner. As part of the PepsiCo distribution agreement, Celsius is now the preferred global energy partner with PepsiCo, which holds the #2 position in beverage distribution globally. While we just began our distribution partnership with PepsiCo and the initial focus will be on U.S. distribution transition to their networks, we see significant opportunities to capitalize on global scale, reflecting the changes in consumer preferences for better-for-you offering, which will now include the distribution partnership to accomplish our international expansion goals.

正如我們在過去幾次電話會議中公開表示的那樣，我們將繼續探索與大型國際分銷合作夥伴的討論，這可以促進全球範圍內的物質擴張。我很高興地說我們現在已經找到了那個合作夥伴。作為百事公司分銷協議的一部分，Celsius 現在是百事公司的首選全球能源合作夥伴，百事公司在全球飲料分銷領域排名第二。雖然我們剛剛開始與百事可樂建立分銷合作夥伴關係，最初的重點將是美國分銷向他們網絡的過渡，但我們看到了利用全球規模的重大機會，這反映了消費者對“更適合你”產品的偏好的變化，現在包括分銷合作夥伴關係，以實現我們的國際擴張目標。

Before I turn the call over to Jarrod, I want to close my prepared remarks recognizing the amazing job of our entire team and all of our partners has -- which they have done, establishing Celsius as the leading driver of brand growth in the energy category over the first half of 2022 and the incremental opportunities for growth going forward with our new partner, PepsiCo.

在我將電話轉給 Jarrod 之前，我想結束我準備好的講話，以表彰我們整個團隊和我們所有合作夥伴所做的出色工作——他們已經做到了，這使攝氏度成為能源類別品牌增長的主要驅動力2022 年上半年，以及與我們的新合作夥伴百事可樂一起增加的增長機會。

I'd like to turn the call now over to Jarrod Langhans, our Chief Financial Officer, for his prepared remarks. Jarrod?

我現在想把電話轉給我們的首席財務官 Jarrod Langhans，請他準備好講話。賈羅德？

Thank you, John, and good afternoon, everyone. Before jumping into the results, I'll cover a quick housekeeping item. As an update to our previously disclosed SEC inquiry, we have fully responded to all follow-up questions but do not have any material updates to date on this process other than reaffirming our previous comments.

謝謝你，約翰，大家下午好。在進入結果之前，我將介紹一個快速的內務管理項目。作為對我們之前披露的 SEC 調查的更新，我們已經完全回答了所有後續問題，但除了重申我們之前的評論外，迄今為止沒有關於此過程的任何重大更新。

Turning to our second quarter financial results. Our second quarter revenue for the 3 months ended June 30, 2022, was approximately $154 million, an increase of $88.9 million or 137% from $65.1 million for the 3 months ended June 30, 2021. Approximately 103% of this growth was as a result of increased revenue from North America where second quarter 2022 revenues were $145.4 million, an increase of $91.8 million or 171% from the 2021 quarter. The balance of the revenue for 2022 was mainly attributed to European revenue of $7.3 million, which decreased from the prior year quarter, primarily due to foreign exchange rates and timing.

轉向我們的第二季度財務業績。截至 2022 年 6 月 30 日止 3 個月的第二季度收入約為 1.54 億美元，比截至 2021 年 6 月 30 日止 3 個月的 6510 萬美元增加 8890 萬美元或 137%。大約 103% 的增長是由於來自北美的收入增加，其中 2022 年第二季度的收入為 1.454 億美元，比 2021 年季度增加 9180 萬美元或 171%。 2022 年的收入餘額主要歸因於歐洲收入 730 萬美元，較上年同期有所下降，主要是由於匯率和時間安排。

Asian revenues, which include royalty revenues from our China licensee, contributed an additional approximately $900,000, an increase of 43% from approximately $600,000 for the prior year quarter, which includes increases in royalties payable under our licensing agreement. Other international markets generated approximately $400,000 in revenues during the 2022 quarter, an increase of roughly $400,000 or 634% from the prior year quarter. Total increase in revenue was largely attributable to increases in sales volumes as opposed to increases in product pricing.

亞洲收入（包括我們中國被許可方的特許權使用費收入）額外貢獻了約 900,000 美元，比去年同期的約 600,000 美元增加了 43%，其中包括根據我們的許可協議應付的特許權使用費的增加。其他國際市場在 2022 年季度創造了約 400,000 美元的收入，比去年同期增加約 400,000 美元或 634%。收入的總增長主要歸因於銷量的增加，而不是產品定價的增加。

The primary factors behind the increase in North American sales volume were related to continued strong triple-digit growth in traditional distribution channels combined with an increase in optimization of our products' presence in world-class retailers, i.e. additional SKUs. Additionally, the continued expansion of our DSD -- or direct store delivery -- network resulted in significant growth in distributor revenues of in excess of 200% when compared to the prior year quarter.

北美銷量增長背後的主要因素與傳統分銷渠道持續強勁的三位數增長以及我們產品在世界級零售商中的存在優化增加有關，即增加 SKU。此外，與去年同期相比，我們的 DSD（或直接商店交付）網絡的持續擴展導致分銷商收入顯著增長超過 200%。

Gross profit. For the 3 months ended June 30, 2022, gross profit increased by approximately $31.1 million or 110% to $59.3 million from $28.2 million for the 3 months ended June 30, 2021. Gross profit margins reflected a decrease to 38.5%, 44% excluding outbound freight for the 3 months ended June 30, 2022, from 43.4% or 51.8% excluding outbound freight for the 2021 quarter. The increase in gross profit dollars is related to increases in volumes, while the decrease in gross profit margin is mainly related to higher raw material costs, primarily aluminum cans, ocean freight costs, transportation costs and repackaging costs.

毛利。截至 2022 年 6 月 30 日止 3 個月，毛利潤從截至 2021 年 6 月 30 日止 3 個月的 2,820 萬美元增加約 3,110 萬美元或 110% 至 5,930 萬美元。毛利率下降至 38.5%，不包括海外業務為 44%截至 2022 年 6 月 30 日止 3 個月的運費，從 43.4% 或 51.8% （不包括 2021 年季度的出境運費）。毛利美元的增加與銷量增加有關，而毛利率的下降主要與原材料成本增加有關，主要是鋁罐、海運成本、運輸成本和重新包裝成本。

We estimate that the increase in gross profit dollars of approximately $31.1 million from the 2021 quarter to the 2022 quarter included $40.7 million related to volume increases as well as an unfavorable cost impact of approximately $7.5 million and unfavorable currency impact of $2.1 million.

我們估計，從 2021 年季度到 2022 年季度，毛利潤增加約 3110 萬美元，其中包括與銷量增加相關的 4070 萬美元，以及約 750 萬美元的不利成本影響和 210 萬美元的不利貨幣影響。

As a percentage of sales, sales and marketing was 21% of revenue in the second quarter of 2022 compared to 24% in the second quarter of 2021 as we were able to leverage our accelerated growth. General and administrative expenses for the 3 months ended June 30, 2022, were approximately $14.4 million, an increase of $2.1 million or 17% from $12.3 million for the 3 months ended June 30, 2021. Employee costs for the 3 months ended June 30, 2022, reflect an increase of $1 million in investments in this area also required to properly support our higher business volume in the commercial and operation areas of the business as well as travel and expenses, which are now being incurred.

2022 年第二季度，銷售和營銷佔銷售額的百分比為 21%，而 2021 年第二季度為 24%，因為我們能夠利用我們的加速增長。截至 2022 年 6 月 30 日止 3 個月的一般和行政費用約為 1440 萬美元，比截至 2021 年 6 月 30 日止 3 個月的 1230 萬美元增加 210 萬美元或 17%。截至 6 月 30 日止 3 個月的員工成本， 2022 年，該領域的投資增加了 100 萬美元，以適當支持我們在業務的商業和運營領域的更高業務量以及現在正在發生的差旅和費用。

Administrative expenses amounted to $6.8 million or an increase of $4.1 million when compared to the prior year quarter. Depreciation and amortization increased by approximately $200,000 when compared to the prior year quarter. These increases were offset by a $3 million decrease in stock-based compensation, which amounted to $4.2 million when compared to the prior year quarter.

管理費用為 680 萬美元，與去年同期相比增加了 410 萬美元。與去年同期相比，折舊和攤銷增加了大約 200,000 美元。這些增長被股票薪酬減少 300 萬美元所抵消，與去年同期相比減少了 420 萬美元。

Management deems it very important to motivate employees by providing them ownership in the business in order to promote overperformance, which translates into the continued success of our business based on key performance attributes. All other administrative expenses, which were mainly composed of research, development and quality control testing, decreased by approximately $200,000 from the second quarter of 2021.

管理層認為通過為員工提供業務所有權來激勵員工非常重要，以促進超額績效，這轉化為基於關鍵績效屬性的業務持續成功。主要由研究、開發和質量控制測試組成的所有其他管理費用比 2021 年第二季度減少了約 200,000 美元。

Lastly, as a total percent of revenue, G&A costs decreased to 9% of sales for the 3 months ended June 30, 2022, compared to 19% in the prior year. When excluding stock-based compensation, G&A costs decreased to 7% of sales for the 3 months ended June 30, 2022, compared to 8% in the prior year.

最後，作為總收入百分比，截至 2022 年 6 月 30 日的 3 個月，G&A 成本佔銷售額的比例降至 9%，而去年為 19%。剔除股票薪酬後，截至 2022 年 6 月 30 日止 3 個月的 G&A 成本佔銷售額的比例降至 7%，而去年為 8%。

Net income for the 3 months ended June 30, 2022, was $9.2 million or $0.12 per share based on a weighted average of 75,451,165 shares outstanding and diluted earnings per share of $0.12 based on a fully diluted weighted average of 78,000 -- 78,371,705 shares outstanding, which includes the dilutive impact share-based awards of 2,920,540 shares. In comparison, for the 3 months ended June 30, 2021, the company had net income of approximately $800,000 or $0.01 per share based on a weighted average of 73,158,836 shares outstanding and a diluted earnings per share of $0.01 based on fully diluted weighted average of 77,238,389 shares outstanding.

截至 2022 年 6 月 30 日止 3 個月的淨收入為 920 萬美元或每股 0.12 美元，基於 75,451,165 股已發行股票的加權平均值，攤薄後每股收益為 0.12 美元，基於 78,000 - 78,371,705 股流通股的完全稀釋加權平均值，其中包括基於稀釋影響的股票獎勵 2,920,540 股。相比之下，截至 2021 年 6 月 30 日的 3 個月，公司的淨收入約為 800,000 美元或每股 0.01 美元，基於已發行股票的加權平均數 73,158,836 股，基於完全攤薄加權平均數 77,238,389 股的攤薄每股收益為 0.01 美元流通股。

Focusing now on liquidity and capital reserves. As of June 30, 2022, and December 31, 2021, we had cash of approximately $60 million and $16.3 million, respectively and working capital of approximately $197.9 million and $169.2 million, respectively, with no long-term debt. Cash flows provided by operating activities totaled approximately $42.3 million for the 6 months ended June 30, 2022, which compares to $30.3 million net cash used in operating activities for the 6 months ended June 30, 2021. The approximately $72.6 million increase in cash generation was driven by an increase in net income and improvements in working capital.

現在關注流動性和資本儲備。截至 2022 年 6 月 30 日和 2021 年 12 月 31 日，我們的現金分別約為 6000 萬美元和 1630 萬美元，營運資金分別約為 1.979 億美元和 1.692 億美元，沒有長期債務。截至 2022 年 6 月 30 日的 6 個月，經營活動提供的現金流總計約為 4230 萬美元，而截至 2021 年 6 月 30 日的 6 個月經營活動使用的現金淨額為 3030 萬美元。現金產生增加約 7260 萬美元受淨收入增加和營運資本改善的推動。

I also wanted to cover a few additional metrics we believe provide a good perspective of our operational performance in the second quarter. Starting with inventory, total Q2 ending inventory decreased to $162 million from $191 million as of December 31, 2021. In addition, raw material inventory decreased from approximately $90 million in the first quarter of 2022 to $57 million in the second quarter with the reduction primarily representing the pull-through of international cans as well as the fantastic job our sales and operations teams have done in selling product over the summer.

我還想介紹一些我們認為可以很好地了解我們第二季度的運營業績的其他指標。從庫存開始，第二季度末總庫存從截至 2021 年 12 月 31 日的 1.91 億美元降至 1.62 億美元。此外，原材料庫存從 2022 年第一季度的約 9000 萬美元降至第二季度的 5700 萬美元，主要是減少代表了國際罐頭的成功，以及我們的銷售和運營團隊在夏季銷售產品方面所做的出色工作。

As we've stated a number of times, even with this decrease, we are carrying some additional inventory as we work our way through the busy selling season and also with the ongoing supply chain challenges, but we have not seen any major disruptions in our supply chain network as demonstrated by our phenomenal fill rate. With the latest injection of funds from our PepsiCo transaction, we have sufficient firepower to take our business to the next level as we transition into the PepsiCo distribution network across the U.S. and then internationally.

正如我們多次聲明的那樣，即使出現這種減少，我們仍會增加一些庫存，因為我們正在努力度過繁忙的銷售季節以及持續的供應鏈挑戰，但我們沒有看到我們的任何重大中斷我們驚人的填充率證明了供應鍊網絡。隨著百事可樂交易的最新資金注入，我們有足夠的火力將我們的業務提升到一個新的水平，因為我們過渡到百事可樂在美國乃至國際的分銷網絡。

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

我們準備好的評論到此結束。接線員，您現在可以打開問題電話了。謝謝你。

(Operator Instructions) Our first question comes from Peter Grom with UBS.

（操作員說明）我們的第一個問題來自瑞銀的 Peter Grom。

Congrats on another strong result. So I know it's really only been a week here, but would just love to get some perspective on whether you have some updated thoughts on the Pepsi distribution agreement. Have you begun to wrap your head around like kind of a long-term revenue opportunity and how we should be really thinking about the benefits of top line growth looking out to 2023?

恭喜又一個強勁的結果。所以我知道這裡真的只有一個星期，但我只是想了解一下你是否對百事可樂分銷協議有一些更新的想法。您是否開始像長期收入機會一樣思考問題，以及我們應該如何真正考慮到 2023 年的收入增長帶來的好處？

Yes. Thank you, Peter. The team did a great job with results, and we are starting to work through that process. Based on our analysis, when we look at it, we look at the opportunity, we're also looking at the results from Bang relationship on increase of points of distribution and GDP. We do anticipate the expansion into these alternative channels or to unreported as well. In regards to foodservice and also independent convenience, we see a huge opportunity for the brand to expand. And we anticipate about a 40% increase in distribution at the end of solidifying this relationship over the first 12 months, and it could be a significant upside from that number. But initially, internally, we're going with a 40% increase over our expected growth rates that we were -- internally had over the last 12 months.

是的。謝謝你，彼得。團隊在結果方面做得很好，我們正在開始完成這個過程。根據我們的分析，當我們看它時，我們看機會，我們也在看邦關係對分配點和GDP增加的結果。我們確實預計會擴展到這些替代渠道或未報告的渠道。在餐飲服務和獨立便利方面，我們看到了品牌擴張的巨大機會。我們預計，在前 12 個月鞏固這種關係結束時，分銷量將增加約 40%，這可能是該數字的顯著增長。但最初，在內部，我們的預期增長率比過去 12 個月的預期增長率高出 40%。

Got it. Super helpful. And then I guess following up on a separate topic, just the gross margin progression. I know you reiterated sequential improvement, but still kind of a meaningful gap versus where you landed in 2Q versus kind of getting back to that mid-40s in 4Q. So is there any way to frame kind of the expectation for 3Q and then kind of the buildup from there into 4Q?

知道了。超級有幫助。然後我想跟進一個單獨的主題，只是毛利率的進展。我知道您重申了連續改進，但與您在 2Q 中達到的水平相比，與在 4Q 中回到 40 年代中期相比，仍然存在有意義的差距。那麼有什麼方法可以對 3Q 的預期以及從那裡到 4Q 的累積進行構建？

Yes. Yes. Thank you, Peter. We spoke -- I think it was our Q4 call, we talked about like some of the impact on the percentage is roughly around 6% in regards to some of the impact we were getting from the international cans. So we're still cycling through. So I know it looks like a big increase as we expect to be back in the mid-40s in Q4.

是的。是的。謝謝你，彼得。我們談到了——我認為這是我們的第四季度電話會議，我們談到了一些對百分比的影響，就我們從國際罐頭獲得的一些影響而言，大約是 6%。所以我們還在循環。所以我知道這看起來像是一個很大的增長，因為我們預計第四季度會回到 40 年代中期。

Q3 probably could be somewhat similar. There is some upside. We do think there is potential for sequential growth. We're working through cycling through the rest of these international cans that are on our balance sheet. All the cans now -- the majority of the cans are now in finished goods. So we'll be cycling -- we anticipate to cycle through the majority of the finished cans -- of the international cans in the third quarter.

第三季度可能有點相似。有一些好處。我們確實認為有連續增長的潛力。我們正在通過我們資產負債表上的其他國際罐頭進行循環。現在所有的罐子——大部分罐子現在都是成品。因此，我們將在第三季度循環使用國際罐頭中的大部分成品罐頭。

So it's hard to say on the exact percent where that will land, but we do think there's sequential growth in the third quarter. And then our goal is to get back to the mid-40% range by the end of the fourth quarter.

所以很難說具體的百分比會落在哪裡，但我們確實認為第三季度會出現連續增長。然後我們的目標是在第四季度末回到 40% 的中間區間。

Congrats again.

再次恭喜。

Thank you.

謝謝你。

Our next question comes from Kaumil Gajrawala with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Kaumil Gajrawala。

Can we talk about the club channel a little bit? You mentioned -- you gave us a good amount of figures on your success in the club. How much of that was kind of first-time fill-in versus kind of continuation? Obviously, BJ's seems to be a bit new. And can you maybe just talk about what we should expect from this channel going forward now that you seem to be in quite a few more stores?

我們能談談俱樂部頻道嗎？你提到過——你給了我們很多關於你在俱樂部取得成功的數據。其中有多少是第一次填寫而不是繼續？顯然，BJ 似乎有點新。既然你似乎在更多的商店裡，你能不能談談我們對這個頻道的期望？

Yes. Kaumil, good question. The club channel has been really surprising to us. We first started expanding in that channel. And really, that happened in the fourth quarter with the national rollout at Costco. And then in the first quarter of this year, we expanded into Sam's Club.

是的。考米爾，好問題。俱樂部頻道讓我們感到非常驚訝。我們首先開始在該渠道進行擴展。真的，這發生在第四季度，在 Costco 全國推廣。然後在今年第一季度，我們擴展到山姆會員店。

So when you're looking at the second quarter, you're really looking at reorders from those customers. Now those 175 stores from BJ's are new. But in general, you're looking at majority of reorders that are flowing through those clubs. And the volume coming through those clubs is just really exciting because just shows you the opportunity. And we're not seeing any slowdowns in alternative -- from the other channels as well. So it was really incremental to our overall sales.

因此，當您查看第二季度時，您實際上是在查看這些客戶的重新訂購。現在，BJ's 的 175 家商店是新的。但總的來說，您正在查看流經這些俱樂部的大多數重新訂購。來自這些俱樂部的數量真的很令人興奮，因為它只是向你展示了機會。而且我們沒有看到其他渠道的任何放緩 - 也來自其他渠道。所以這對我們的整體銷售額來說確實是增量的。

Okay. Great. And then on the -- it's been a week now. You've probably had some, I guess, tough conversations on the transition over to the Pepsi system. Could you just talk about what you're doing to try to keep it be as smooth as possible?

好的。偉大的。然後 - 現在已經一周了。我猜你可能已經就過渡到百事可樂系統進行了一些艱難的對話。你能談談你正在做些什麼來盡量保持它盡可能順利嗎？

Yes. We're working with the team. So I've spent a lot of time today with the teams as well, trying to work on -- get our plans ahead. We have a lot of team members that have worked through the PepsiCo transition in the past. And I think with the groups involved, we're going to hopefully be able to mitigate as much of the disruption as possible. We know there will be disruption, but we're trying to put plans in place to mitigate that, especially with the transition of the timing and when the -- your existing distributors and your new partner can start servicing chains.

是的。我們正在與團隊合作。所以我今天也花了很多時間和團隊在一起，努力工作——讓我們的計劃提前。我們有很多團隊成員過去曾經歷過百事可樂的過渡。而且我認為與所涉及的團體一起，我們希望能夠盡可能多地減輕干擾。我們知道會有中斷，但我們正在努力製定計劃來緩解這種情況，特別是隨著時間的轉變以及您現有的分銷商和您的新合作夥伴何時可以開始為連鎖店提供服務。

We're trying to work closely with a lot of our distributors. We're going to start really working with them on the transition piece to try to limit the impact that you see in the marketplace. And that's the best we can do at this point. We do have plans in place, and we're working to fill that supply chain on the PepsiCo system. We're working on that over the next several weeks. We'll be filling a lot of their mixing centers at first before we go, and then we'll move to direct with some of the larger distributors to really optimize shipping costs and logistics costs as well.

我們正在努力與我們的許多經銷商密切合作。我們將開始與他們在過渡部分上真正合作，以嘗試限制您在市場上看到的影響。這是我們目前能做的最好的事情。我們確實有計劃，我們正在努力填補百事可樂系統的供應鏈。我們將在接下來的幾週內努力解決這個問題。在我們出發之前，我們將首先填充他們的很多混合中心，然後我們將直接與一些較大的分銷商合作，以真正優化運輸成本和物流成本。

Our next question comes from Kevin Grundy with Jefferies.

我們的下一個問題來自 Jefferies 的 Kevin Grundy。

I wanted to pivot to the international business. A 2-part question. The first one, just sort of near term and cleanup. Jarrod, I think you mentioned the results in Europe. Some of it was timing-related. Certainly, the stronger dollar played a part. Should we expect to see that reverse? It's such a smaller part of the business, but I think it's sort of enough to move the needle a bit versus The Street in the quarter. Maybe just comment on some of the near-term dynamics. And I think, John, more importantly, of course, is going to be the opportunity with PepsiCo, where I understand they have a right of first refusal for the international distribution. Maybe just speak to how quickly you can move on that opportunity, balancing the significant opportunity you have in the U.S. as well.

我想轉向國際業務。一個兩部分的問題。第一個，只是短期和清理。 Jarrod，我想你提到了歐洲的結果。其中一些與時間有關。當然，美元走強起到了一定的作用。我們應該期待看到這種逆轉嗎？這是業務的一小部分，但我認為與本季度的 The Street 相比，它足以讓針稍微移動一點。也許只是評論一些近期的動態。而且我認為，約翰，當然，更重要的是，將成為百事可樂的機會，我知道他們有權優先選擇國際分銷。也許只是說說你能多快抓住這個機會，平衡你在美國擁有的重要機會。

Yes. So Kevin, the first part, there were some issues in getting the supplies and the product in that we needed, especially for a new line that we were trying to get in, a new SKU into Sweden. And so we weren't able to get that in for the selling season. So we did miss that.

是的。所以凱文，第一部分，在獲得我們需要的用品和產品方面存在一些問題，特別是對於我們試圖進入的新生產線，即進入瑞典的新 SKU。所以我們無法在銷售季節獲得它。所以我們確實錯過了。

If you look at July, we've had very good results. The team has worked and been very focused on making sure that we've got products on the shelves. And so we are moving back into the right direction, and we fully expect the team to be in good shape in the back half of the year versus the first half of the year, but we did have a lot of supply chain issues. Many of those were around the location in terms of availability of transportation because it was being utilized for other needs. But at the moment, we are ready. The product is on the shelf. And we saw, like I said, very good results in July, and we expect good results for the rest of the year.

如果你看一下 7 月，我們已經取得了非常好的結果。該團隊一直在努力並非常專注於確保我們的產品上架。所以我們正朝著正確的方向前進，我們完全期望團隊在下半年與上半年相比處於良好狀態，但我們確實遇到了很多供應鏈問題。就交通的可用性而言，其中許多都在該地點附近，因為它被用於滿足其他需求。但此刻，我們已經準備好了。產品在貨架上。就像我說的，我們在 7 月份看到了非常好的結果，我們預計今年剩餘時間會有好的結果。

Yes. And Kevin, on part 2 of your question in regards to the international opportunity, we see massive opportunities. Like I said before, the same health and wellness trends that we see in North America are global trends. And this fitness health and wellness trend is a megatrend that's kind of really taking on all regions of the globe.

是的。凱文，關於你關於國際機會的問題的第 2 部分，我們看到了巨大的機會。正如我之前所說，我們在北美看到的同樣的健康和保健趨勢是全球趨勢。這種健身健康和保健趨勢是一種真正影響全球所有地區的大趨勢。

So I think it's going to be timing and sequencing. We do not -- we want to make sure that when we enter new markets, we enter it correctly, very methodically on our approach as we've done to make sure we build that loyal consumer and really become part of a daily lifestyle or the daily routine. We're really adamant on that as we build scale. Want to be cognizant on entering new markets, but talking about the U.K. and Germany as near-term opportunities.

所以我認為這將是時間和順序。我們不——我們希望確保當我們進入新市場時，我們正確、非常有條不紊地進入新市場，就像我們所做的那樣，確保我們建立忠誠的消費者並真正成為日常生活的一部分或日常生活。當我們建立規模時，我們真的堅持這一點。想要了解進入新市場，但將英國和德國視為近期機會。

But right now, we're really focused as a company on this transition. We want to make sure this North America transition gets completed with the least disruption as possible. And then we do have ongoing discussions now with the opportunities in the U.K. where we're looking to explore.

但現在，作為一家公司，我們真正專注於這一轉變。我們希望確保在盡可能減少干擾的情況下完成這一北美過渡。然後，我們現在確實正在與我們正在尋求探索的英國的機會進行討論。

Just a quick follow-up on what you're seeing with current trends. As we look at the Nielsen data, the category slowed a little bit. Your data still looks quite good. I think the distribution gains -- or excuse me, the sales gains are -- year-over-year sales growth being more driven by distribution than velocity. I think that it has been more recently. Do you want to speak to that at all? Has anything been surprising to you in terms of how your results have come in or with respect to pull-through from a velocity perspective as you've expanded into additional doors?

只需快速跟進您所看到的當前趨勢。當我們查看尼爾森的數據時，該類別有所放緩。您的數據看起來仍然相當不錯。我認為分銷收益——或者對不起，銷售收益是——同比銷售增長更多地是由分銷而不是速度推動的。我認為它是最近的。你想和那個說話嗎？當您擴展到其他門時，就您的結果如何產生或從速度的角度來看，有什麼讓您感到驚訝的事情嗎？

Yes. No, Kevin, I think the brand is performing really well given the growth we've seen, especially over the most recent resets in entering new markets and new retailers. So we're watching it. We watch it very closely. We do see good growth coming out of our established markets. Some of our new markets, as you enter new markets, your velocity is not going to be as high as some of your more mature markets that are building.

是的。不，凱文，考慮到我們所看到的增長，我認為該品牌的表現非常好，尤其是在最近進入新市場和新零售商的重置之後。所以我們正在關注它。我們非常密切地關注它。我們確實看到成熟市場的良好增長。我們的一些新市場，當你進入新市場時，你的速度不會像你正在建設的一些更成熟的市場那樣高。

So we're being very cognizant of that, very methodical on our targeted marketing programs, really making sure we're building the brand awareness in those markets while strategies over the next, really right now in Q3, we have a lot of great programs going on. You'll see that towards the back half of this year and into 2023. So that is something we're watching very closely, but we think the velocity levels are truly strong, especially given the expansion in the [ACV gates.]

所以我們非常清楚這一點，在我們的目標營銷計劃上非常有條不紊，真正確保我們在這些市場建立品牌知名度，而在接下來的戰略中，真的現在在第三季度，我們有很多很棒的計劃繼續。你會在今年下半年和 2023 年看到這一點。所以這是我們正在密切關注的事情，但我們認為速度水平確實很強，特別是考慮到 [ACV 大門的擴張。]

Our next question comes from Mark Astrachan with Stifel.

我們的下一個問題來自 Stifel 的 Mark Astrachan。

Partly just following up on that question. So if you look at where your penetration is versus the energy drink category and larger peers, you have roughly 50% of sales coming from C-store. So I guess as you think about expanding that probably via the Pepsi partnership, how do you factor in the velocity in what should be a higher sales per unit or per space channel? That's the first question.

部分只是跟進這個問題。因此，如果你看看你的滲透率與能量飲料類別和更大的同行相比，你大約有 50% 的銷售額來自 C-store。所以我想當你考慮通過百事可樂的合作夥伴關係來擴大它時，你如何考慮速度應該是每單位或每個空間渠道的更高銷售額？這是第一個問題。

Yes. We think that's a -- thank you, Mark. We think that's the biggest opportunity as well is with the PepsiCo system, is really being able to further expand the ACV in convenience as the latest data showed 67% of the volume in the energy category is coming from the convenience channel. And when you look at the data and look at how the product is performing and some of the broader retailers given Circle K, Speedway, QT, RaceTrac, just to name a few of those, the product is doing extremely well in those retailers.

是的。我們認為那是——謝謝你，馬克。我們認為最大的機會也是百事可樂系統，因為最新數據顯示，能源類別中 67% 的銷量來自便利渠道，因此確實能夠進一步擴大 ACV 的便利性。當您查看數據並查看產品的表現以及一些更廣泛的零售商（例如 Circle K、Speedway、QT、RaceTrac 等）時，產品在這些零售商中的表現非常好。

And as we're entering -- as we enter new markets, you are going to see a slower velocity at -- in the beginning, but we're seeing a higher velocity than we saw prior several years back when we were entering new markets. So the velocity level does seem to -- on the new stores, you enter slowly. You need to get involved into the daily consumers' lives, but then we do see that building on. So we do think that will balance out.

隨著我們進入——當我們進入新市場時，你會在一開始看到一個較慢的速度，但我們看到的速度比幾年前我們進入新市場時看到的要高.所以速度水平似乎確實——在新商店裡，你進入的速度很慢。你需要參與到消費者的日常生活中，但我們確實看到了這一點。所以我們確實認為這會平衡。

Now as we further expand into the larger convenience store channel and get a higher ACV, some of those stores will not be as productive as some of the stores that we're in currently. So just keep that in mind as well just given the geography, the volumes on some of these other, call it, Tier 3 or Tier 4 accounts that we'll be entering. So that's something to keep in mind.

現在，隨著我們進一步擴展到更大的便利店渠道並獲得更高的 ACV，其中一些商店的生產力將不如我們目前所在的一些商店。因此，請記住這一點，只要考慮到地理位置，其中一些其他賬戶的數量，稱之為我們將進入的第 3 層或第 4 層賬戶。所以要記住這一點。

It will also benefit from moving into the mixing centers because we'll be able to go with Pepsi and with their products into these smaller convenience as opposed to just going in on our own. So there will be some benefit in combining with them and working with them on their Medals program and a variety of different things that can help keep our velocity up at the same time.

它也將受益於搬入混合中心，因為我們將能夠與百事可樂及其產品一起進入這些更小的便利，而不是僅僅進入我們自己。因此，與他們結合併在他們的獎牌計劃上與他們合作會有一些好處，以及可以幫助同時保持我們的速度的各種不同的事情。

So we think there's some things that will help it go. But there's definitely -- as we enter new markets and new territories, we're pleased with what we're seeing, but it is a little slower to get things moving. And like John has mentioned a variety of times, we're really excited to see what we can do with foodservice as well.

所以我們認為有些事情可以幫助它發展。但肯定有——當我們進入新市場和新領域時，我們對我們所看到的感到滿意，但進展要慢一些。就像約翰多次提到的那樣，我們真的很高興看到我們也可以在餐飲服務方面做些什麼。

Yes. And I think just as well, when you look at where the opportunity lies, it's better placement in existing accounts as well and better placement in new distribution points, getting into that what we call the bull's eye within the coolers and getting in that strike zone that the sales team has been working on. We think PepsiCo will be able to really leverage that, especially through their Medals program as we expand independents.

是的。而且我認為同樣，當您看到機會所在時，最好將其放置在現有帳戶中以及更好地放置在新的分銷點中，進入我們所說的冷卻器中的靶心並進入該罷工區域銷售團隊一直在努力。我們認為百事可樂將能夠真正利用這一點，尤其是在我們擴大獨立企業時通過他們的獎牌計劃。

Got it. That's helpful. And then maybe just following up, 2 related questions to that. One, why is it looking at Bang distribution points the ultimate opportunity rather than just the 40% incrementality that you're talking about? I think if you look at the data, Bang is roughly in twice the points of distribution that Celsius is today. And then second question, just on the mixing piece of it. Maybe talk a bit about that. Is that a potential starting point? How do you think about potentially working with Pepsi from a co-packing standpoint as well to sort of more cohabitate everything together under one roof?

知道了。這很有幫助。然後也許只是跟進，與此相關的 2 個問題。一，為什麼將 Bang 分發點視為最終機會，而不僅僅是您所說的 40% 增量？我認為，如果您查看數據，Bang 的分佈點大約是今天攝氏溫度的兩倍。然後是第二個問題，只是關於它的混合部分。或許可以談談這個。這是一個潛在的起點嗎？你如何看待可能從聯合包裝的角度與百事可樂合作，以及在一個屋簷下更多地同居？

Yes. I think your first question in regards to the 40% increase in distribution, I think that's a great reference point. That's really what we're using internally. We were just mentioning the Bang. We did watch that expansion through that process. But I agree, just a 40% increase in the overall distribution is kind of what we're expecting here over the next 12 months.

是的。我認為您的第一個問題是關於 40% 的分配增加，我認為這是一個很好的參考點。這確實是我們在內部使用的。我們剛剛提到了 Bang。我們確實通過這個過程看到了這種擴張。但我同意，整體分佈僅增加 40% 就是我們在未來 12 個月內所期望的。

When you do look at the initial rollout with PepsiCo on the logistics and operations side, we will be entering their mixing centers for immediate efficiencies to feed out to their distribution networks in a very most efficient manner. And then we'll continue to optimize that going direct to some of the larger houses. When you look at production and co-packing, I think that's opportunities down the road, but it's something we're not discussing today.

當您看到百事可樂在物流和運營方面的初步部署時，我們將進入他們的混合中心，以立即提高效率，以最有效的方式向他們的分銷網絡輸送。然後我們將繼續優化直接到一些較大的房子。當您查看生產和聯合包裝時，我認為這是未來的機會，但這是我們今天不討論的事情。

And just to be clear, it's distribution. So it's not top line. I think you got that, Mark, but just to be clear on the call, we're not looking for, all of a sudden, the top line to be 40% higher than we had expected. We're looking to get to distribution up 40%.

為了清楚起見，它是分佈。所以這不是頂線。我想你明白了，馬克，但為了在電話中明確，我們並不是在尋找，突然間，頂線比我們預期的高出 40%。我們希望分配到 40%。

Yes. No, I think that's well understood by folks.

是的。不，我認為人們很好理解。

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

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

I just wanted to follow up on the Nordics business. Does the Pepsi partnership change how you'll handle business in that -- in those countries as well as the FAST protein business associated with that?

我只是想跟進北歐業務。百事可樂的合作夥伴關係是否會改變您在這些國家處理業務的方式以及與之相關的 FAST 蛋白質業務？

Jeff, great question. Right now, I mean, we're really not -- we haven't really looked -- explored those opportunities yet. I do think -- we do think there's a big opportunity for the FAST portfolio. PepsiCo does have a big snacks business, as we all know. And our FAST portfolio is one of the leading protein snack portfolios in Finland.

傑夫，好問題。現在，我的意思是，我們真的沒有——我們還沒有真正看過——探索這些機會。我確實認為 - 我們確實認為 FAST 產品組合有很大的機會。眾所周知，百事可樂確實有很大的零食業務。我們的 FAST 產品組合是芬蘭領先的蛋白質零食產品組合之一。

So there is opportunities there, but I think we're a little bit earlier in the phase on the discussions there. But there is opportunities, [familiar] opportunities to get further synergies and leverage best practices and their distribution partners throughout those regions.

所以那裡有機會，但我認為我們在討論階段還早了一點。但是有機會，[熟悉的]機會來獲得進一步的協同作用，並利用這些地區的最佳實踐及其分銷合作夥伴。

Okay. And then I wanted to ask you about your plans for coolers. I know, obviously, you have a lot more capital to put into buying more coolers. But co-location with Pepsi coolers or how does that all evolve now with Pepsi as far as being cold?

好的。然後我想問你關於冷卻器的計劃。我知道，很明顯，你有更多的資金來購買更多的冷卻器。但是與百事可樂冷卻器共處一地，或者現在百事可樂如何發展到寒冷？

Placement is another great opportunity we've been spending some time talking about. We're going to be entering some of their co-branded energy coolers that are -- there's roughly about 50,000 to 70,000 of them out there in the marketplace just in North America alone and we'll be included in those coolers. So we're pretty excited about that.

安置是我們一直在談論的另一個絕佳機會。我們將進入他們的一些聯合品牌的能量冷卻器——僅在北美，市場上大約有 50,000 到 70,000 個，我們將被包括在這些冷卻器中。所以我們對此感到非常興奮。

In addition, we will be placing -- one of the big strategies as we all know, with placing coolers, we have over 2,700 that we placed so far this year in the first 6 months, we're looking to ramp that up. We do have orders in -- already placed for larger cooler placements and getting a lot of interest on those as well, trying to get a fixed fee from the checkout is ideal. That's where we want to be. We see great rotations and great opportunities. But we're definitely focused on placing coolers at front checkout.

此外，我們將放置 - 我們都知道的大策略之一，放置冷卻器，我們在今年前 6 個月中放置了超過 2,700 個，我們正在尋求增加。我們確實有訂單 - 已經訂購了更大的涼爽展示位置，並且對這些展示也很感興趣，嘗試從結賬處獲得固定費用是理想的。那就是我們想成為的地方。我們看到了巨大的輪換和巨大的機會。但我們絕對專注於在前台收銀台放置冷卻器。

Okay. And then just one more, if I could squeeze it in. Just any comments on pricing -- your pricing strategy?

好的。如果我能擠進去的話，再來一個。關於定價的任何評論——你的定價策略？

Pricing strategy has not changed. Where pricing strategy -- we did take price, as we announced. We'll expect -- we are rolling that through a phased approach. And we're monitoring pricing very closely as we continue to move forward. The category is price-sensitive, promotionally sensitive as well. So we do think there's opportunities to further take price with the brand as we maintain our premium position.

定價策略沒有改變。定價策略——正如我們宣布的那樣，我們確實採用了價格。我們會期待 - 我們正在通過分階段的方法來滾動它。隨著我們繼續前進，我們正在密切監控定價。該類別對價格敏感，對促銷也很敏感。因此，我們確實認為，在我們保持高端地位的同時，該品牌有機會進一步提高價格。

Our next question comes from Jeffrey Cohen with Ladenburg.

我們的下一個問題來自 Jeffrey Cohen 和 Ladenburg。

Congrats on the news last week, and congrats on the S&P upgrade.

恭喜上週的消息，並祝賀標準普爾上調。

Thanks, Jeff.

謝謝，傑夫。

Thanks, Jeff.

謝謝，傑夫。

Just a couple of questions from our side. So any commentary specifically on the rollout of the HEAT to-go sticks as far as your early learnings? And I'm assuming the to-go sticks are also part of the deal with Pepsi as well.

只是我們這邊的幾個問題。那麼，就您的早期學習而言，有任何關於 HEAT to-go 推出的評論嗎？而且我假設外賣棒也是與百事可樂交易的一部分。

Yes. Thanks, Jeff. The powdered product is going to be something we're managing internally. That's not part of the PepsiCo arrangement. We are seeing great interest in our powdered products. You'll see them at [spin it] and Walmart, many retailers, including down here in Florida, Publix, does well online. We do think On-The-Go for our core consumer, it is a smaller portion of our revenue. It does contribute to good gross -- does have good gross margins but -- and it tastes great. So there's an opportunity in the portfolio, but that is not part of that PepsiCo arrangement. But you will start to see it in more retailers around the country.

是的。謝謝，傑夫。粉狀產品將成為我們內部管理的東西。這不是百事可樂安排的一部分。我們對我們的粉末產品產生了濃厚的興趣。你會在 [spin it] 和沃爾瑪看到它們，許多零售商，包括佛羅里達州的 Publix，都在網上做得很好。我們確實認為，對於我們的核心消費者而言，On-The-Go 只占我們收入的一小部分。它確實貢獻了不錯的毛利率——確實有不錯的毛利率，但是——而且味道很好。所以投資組合中有一個機會，但這不是百事可樂安排的一部分。但是您將開始在全國更多的零售商中看到它。

Yes. We do see an opportunity to really expand the distribution across the retail market. And it's a product that can be transported pretty easily because of its -- it's lightweight. So we'll be able to roll it straight into the distribution centers of the various retailers.

是的。我們確實看到了真正擴大零售市場分銷的機會。它是一種可以很容易運輸的產品——因為它很輕。因此，我們將能夠將其直接推廣到各個零售商的配送中心。

Okay. Got it. That's helpful. Jarrod, could you maybe walk us through and comment on sales and marketing and G&A for the back half of the year and going forward? Does it -- does this seem unreasonable that we should expect a more muted ramp with the PepsiCo arrangement?

好的。知道了。這很有幫助。 Jarrod，您能否帶我們回顧一下下半年和未來的銷售和營銷以及 G&A？是否 - 這似乎是不合理的，我們應該期望百事可樂的安排更加溫和？

Yes. Especially in Q3, we'll probably keep our foot on the gas on the sales and marketing piece. Where we're seeing our leverage within G&A and within S&M is really our people cost, where we're able to scale up our business without adding the same number of heads over the last -- if you look year-over-year, so we got about 1% on the S&M line and 1% on the G&A line from (inaudible) to expand at the same rate from a personnel need.

是的。特別是在第三季度，我們可能會繼續關註銷售和營銷部分。我們看到我們在 G&A 和 S&M 中的影響力實際上是我們的人員成本，我們能夠在不增加與過去相同數量的人頭的情況下擴大我們的業務——如果你看年復一年的話，所以我們從（聽不清）獲得了大約 1% 的 S&M 線和 1% 的 G&A 線，以根據人員需求以相同的速度擴張。

So I think we'll be able to continue to maintain that kind of trajectory both from a marketing and a sales perspective. We will keep our foot on the gas and keep that going while we're doing the restocks and while we're really rolling into the Pepsi footprint. We want to keep the velocity going, and we want to keep the demand there and keep the brand in front of mind.

所以我認為我們將能夠從營銷和銷售的角度繼續保持這種軌跡。在我們進行補貨以及真正進入百事可樂足蹟的同時，我們將繼續加油。我們希望保持速度，我們希望保持需求並將品牌放在首位。

Our next question comes from Anthony Vendetti with Maxim Group.

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

Just a couple of questions. First on the expanded distribution. You've mentioned 40%-plus -- with the Pepsi distribution agreement, you'd be able to expand by 40%. Just on the capacity side, how quickly are you able to ramp up capacity to meet that? Is that currently in your current capacity? Or do you have to sign additional co-packer agreements and just kind of where you're at with that? And then I have a question about the termination agreements with the distributors.

只是幾個問題。首先是擴展分佈。您提到了 40% 以上——通過百事可樂分銷協議，您將能夠擴大 40%。僅在容量方面，您能夠以多快的速度提高容量以滿足這一要求？你目前的能力是這樣嗎？或者您是否必須簽署額外的聯合包裝協議，以及您的情況？然後我有一個關於與分銷商的終止協議的問題。

Within our current orbit structure that we've set up, we do have that capacity to flex up to meet the demand of the extra 40% in 2023 and also to continue to expand in 2024 and 2025. So as we look out over the next 3 years, from an expectation perspective, we've got plenty of capacity with our current system to meet the demand.

在我們目前建立的軌道結構中，我們確實有能力進行靈活調整以滿足 2023 年額外 40% 的需求，並在 2024 年和 2025 年繼續擴大。因此，我們展望下一個3 年，從預期的角度來看，我們現有的系統有足夠的能力來滿足需求。

And then on the termination agreement, I know that Pepsi is going to help with that. What percent approximately are they going to pay of those termination agreements with your DSD networks?

然後在終止協議上，我知道百事可樂會提供幫助。他們要為與您的 DSD 網絡的終止協議支付大約百分之幾？

Yes. So it's -- we've got the -- we're not going to be able to get all of our DSD network in this year. We think we can get most of it in this year. I think the way we're managing it is consistent with how Pepsi has managed Rockstar and Bang in terms of growing in the distribution. There will be some distributors that we keep, and there will be some distributors that over the next year or 2 years or maybe even 3 years that we'll roll out. So as we get farther away, further discussions will happen between us and Pepsi in terms of where we want to go. But at the moment, a majority or most of the cost of these terminations will be borne by Pepsi as a part of the partnership.

是的。所以它 - 我們已經得到了 - 我們將無法在今年獲得我們所有的 DSD 網絡。我們認為我們可以在今年獲得大部分。我認為我們管理它的方式與百事在分銷增長方面管理 Rockstar 和 Bang 的方式是一致的。我們會保留一些分銷商，並且會在未來一年或兩年甚至三年內推出一些分銷商。因此，隨著我們走得更遠，我們和百事可樂之間將就我們想去的地方進行進一步的討論。但目前，作為合作夥伴關係的一部分，這些終止的大部分或大部分費用將由百事可樂承擔。

Our next question comes from Sean McGowan with ROTH Capital.

我們的下一個問題來自 ROTH Capital 的 Sean McGowan。

Following up on some similar questioning before. But could you -- is there a scenario where you might imagine sales and gross margin actually dipping ahead of the full benefit of the transition? Is there a disruptive scenario where you actually have a slowdown in sales and a drop in gross margin? Or should we expect this to be kind of smooth up into the right, right from the get-go?

之前跟進了一些類似的問題。但是，您是否可以想像銷售和毛利率實際上會在過渡的全部收益之前下降？是否存在銷售放緩和毛利率下降的顛覆性場景？還是我們應該期望這從一開始就順利進入右邊？

In regards to -- Sean, the way we're seeing the third quarter, we are going to have a pipe order and a fill order into the PepsiCo system, and then we will have some returns that are going to be coming through as we pick up inventory. So it is going to be -- there's going to be a lot going on in the P&L in the third quarter in regards to sales with the pipe order to fill and then returns -- estimated returns on product that will -- in case they have to pick up product, which they likely will be picking up product from those distributors that will be terminating. So the margins, we do feel, should be somewhat accretive from this point forward, but I think soft guidance on that. I don't know if, Jarrod, you have anything to add.

關於 - 肖恩，我們看到第三季度的方式，我們將有一個管道訂單和一個填充訂單進入百事可樂系統，然後我們將獲得一些回報，因為我們將通過拿起庫存。所以它將會是——第三季度的損益表中將會發生很多事情，涉及到管道訂單填充然後退貨——產品的估計回報——以防萬一他們有拿起產品，他們可能會從那些將要終止的分銷商那裡拿起產品。因此，我們確實認為，從這一點開始，利潤率應該會有所增加，但我認為這方面的指導是軟性的。我不知道，Jarrod，你是否有什麼要補充的。

Yes. I mean it's really going to be up to us to make sure that we're meeting our fill rates. And so that's what we've been planning with our operations team and our sales and marketing team is really to make sure we got the product on the shelf. As long as the products are on the shelf, the consumer won't notice the difference. There will or potentially could be some sell-in as we move away from one group of distributors and into the other groups. So there could be a little bit of noise on the backside. But we believe that we'll be able to keep a good tight lid on things in terms of making sure products on the shelf.

是的。我的意思是，確保滿足我們的填充率真的取決於我們。這就是我們一直在與我們的運營團隊和我們的銷售和營銷團隊計劃的，以確保我們將產品上架。只要產品在貨架上，消費者就不會注意到差異。當我們從一組分銷商轉移到其他組時，將會或可能會出現一些拋售。所以背面可能會有一點噪音。但我們相信，在確保產品上架方面，我們將能夠保持良好的狀態。

Okay. And while you're -- mic is still on your hand, Jarrod, you talked on the last call last week about some things that you might help us out with on how they'll be accounted for, these distribution fees. I don't imagine it's going to all hit in 1 quarter. Is that a fair assumption, that it could kind of be spread out over several quarters? How is that going to be accounted for? How are you going to treat the assistance that you get from a P&L standpoint? And is the Pepsi investment right now sitting on the balance sheet as $550 million in preferred stock?

好的。 Jarrod，當你還在——麥克風還在你手上時，你在上週的最後一次電話會議上談到了一些你可能會幫助我們解決如何計算它們的事情，這些分發費用。我不認為它會在 1 個季度內全部擊中。這是一個公平的假設，它可以分散在幾個季度嗎？這將如何計算？從損益的角度來看，您將如何看待您獲得的幫助？百事可樂投資現在是否以 5.5 億美元優先股的形式出現在資產負債表上？

The settlement fees, the termination expenses, we will have to book an accrual for any distributors that we've basically sent a letter or sent a termination note on. So majority of the termination expense will be on the books at Q3. There will be some that have not sent letters for. There are some that we need to -- that don't have a 60-day term or a 90-day term or 120-day term. They might have a 1-year term. So we wouldn't have sent that yet.

結算費用，終止費用，我們將不得不為我們基本上已發送信函或發送終止通知的任何分銷商預訂應計費用。因此，大部分終止費用將在第三季度記錄在案。會有一些沒有寄信的。有些我們需要——沒有 60 天期限、90 天期限或 120 天期限。他們的任期可能為 1 年。所以我們還沒有發送那個。

So there will be -- most of them will be on the books. There are stragglers out there, but the majority of them will be in Q3. It will be recorded within OpEx as an expense. So it would be very significant. To give you a perspective, I think when we look back at Monster, it was something like $112 million or something to that impact. So it will be significant on our P&L. It will likely be higher than that with inflation that -- Monster paid their fees quite a while ago.

所以會有 - 他們中的大多數將在書上。那裡有落後者，但其中大多數將在第三季度。它將作為費用記錄在運營支出中。所以這將是非常重要的。為了給你一個視角，我認為當我們回顧 Monster 時，它產生了 1.12 億美元之類的影響。所以這對我們的損益表很重要。它可能會高於通貨膨脹——Monster 很久以前支付了他們的費用。

With that said, the assistance that we will get will be recorded into the balance sheet, and it will be amortized over the life of the agreement with Pepsi. We are kind of reviewing what we believe that term would be because there's a variety of clauses within the agreement that we need to make sure line up with GAAP and that we're making the right decision in terms of what the lifetime of that rollout would be. So the expense, more or less, will be hitting the P&L. The impact of the assistance from Pepsi will be borne over a number of years.

話雖如此，我們將獲得的援助將記錄在資產負債表中，並將在與百事可樂的協議期限內攤銷。我們正在審查我們認為該術語的含義，因為協議中有各種條款，我們需要確保符合公認會計原則，並且我們正在就該推出的生命週期做出正確的決定是。因此，費用或多或少會影響損益。百事可樂援助的影響將持續數年。

In terms of the preferred stock, at the moment, based on the way we're reading the research, it would be mezzanine equity. We should be finalizing that up in the next few weeks, though, in terms of where our expectations are from that aspect.

就優先股而言，目前，根據我們閱讀研究的方式，它將是夾層股權。不過，就我們對這方面的期望而言，我們應該在接下來的幾週內最終確定這一點。

Okay. And then on these termination fees, just to clarify, so if you know that you're going to be taking, just pick a hypothetical number of $150 million, you would book that $150 million as an expense in Q3 even if you didn't lay out all of that cash in Q3. So some portion of the offset would be assistance from Pepsi and the rest would be simply didn't pay it in cash yet, right? It's just a prepaid asset or something like that, right?

好的。然後關於這些終止費，只是為了澄清一下，所以如果你知道你將要接受，只需選擇一個 1.5 億美元的假設數字，即使你沒有，你也會在第三季度將這 1.5 億美元記為費用在第三季度佈置所有現金。所以抵消的一部分將來自百事可樂的援助，其餘的將根本沒有以現金支付，對吧？這只是一種預付資產或類似的東西，對吧？

Yes. So the cash impact should be nominal, but it will -- the expense is just a timing thing. So on the cash flow statement, it will be nominal. There might be a little bit of timing, probably not much, if any. But on the P&L, yes, it will be up in -- it will actually be a deferred revenue.

是的。所以現金影響應該是名義上的，但它會——費用只是時間問題。所以在現金流量表上，它是名義上的。可能會有一點時間，可能不會太多，如果有的話。但在損益表上，是的，它會上升——實際上是遞延收入。

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

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

Just a quick question on the international revenue. I think you mentioned on the call, John or Jarrod, I don't know, but timing of some shipments, supply chain issues. Is that something -- obviously, North America is incredibly strong, growing well over 100% for the last couple of quarters. Is it a distribution issue? Or is it a combination of distribution and supply chain? Is that something -- even though I know it's not a focus right now, but is that something that you think the Pepsi distributor agreement will help address?

只是一個關於國際收入的快速問題。我想你在電話中提到了 John 或 Jarrod，我不知道，但一些發貨時間、供應鏈問題。那是什麼 - 顯然，北美非常強大，在過去幾個季度中增長超過 100%。是分佈問題嗎？還是分銷和供應鏈的結合？那是什麼——儘管我知道它現在不是重點，但你認為百事可樂經銷商協議將有助於解決這個問題嗎？

Yes. So over in the Nordics, it was more of an ingredient issue and getting the ingredients to our co-pack partner in order to manufacture the product. And there were some distribution -- or not distribution, but supply chain channels that got disrupted because of the activity that was going on over there and still continues to go on over in that part of the world. So that was the biggest piece and because we couldn't get the right raw materials in for the new product we were launching or the new SKU we were launching, we weren't able to get that to market in time for the summer selling season. So that was the biggest component of -- over in Sweden, other than obviously the FX impact that we had.

是的。所以在北歐，更多的是成分問題，將成分送到我們的聯合包裝合作夥伴以生產產品。並且有一些分銷 - 或者不是分銷，但供應鏈渠道由於那裡正在進行的活動而中斷，並且仍在世界那個地區繼續進行。所以這是最大的一塊，因為我們無法為我們推出的新產品或我們推出的新 SKU 獲得合適的原材料，我們無法在夏季銷售季節及時將其推向市場.所以這是瑞典最大的組成部分，除了我們所擁有的外匯影響。

There was a little bit of the same kind of things that happened in Finland as well from an ingredient perspective. Those suppliers are back on track again. We've got our product. And we have been working with Paul, who's over in the U.S., on making sure that we've got enough stock over in -- with our -- actually, it's a German co-packer, as we go forward so that we don't have to worry about the out of stocks that we had before.

從成分的角度來看，芬蘭也發生了一些相同的事情。這些供應商又回到了正軌。我們有我們的產品。我們一直在與在美國的保羅合作，以確保我們有足夠的庫存——實際上，我們是德國的聯合包裝商，因為我們向前推進，所以我們不會’不必擔心我們以前的庫存不足。

So is that something you expect to be resolved here in the current quarter? Or is that going to take another couple of quarters to resolve?

那麼這是您希望在本季度解決的問題嗎？還是需要再過幾個季度才能解決？

No. It's resolved.

不，它已經解決了。

Lot of logistical challenges in the second quarter, too, Anthony. As Jarrod mentioned, there was a lot of disruption in supply chain for our European partners.

安東尼在第二節也面臨很多後勤挑戰。正如 Jarrod 所說，我們的歐洲合作夥伴的供應鏈出現了很多中斷。

And to the second part of your question with Pepsi, with their organization and their scale and ability from a procurement perspective, it will definitely benefit us from a supply chain perspective and a purchasing perspective both here and over in Europe. But like you said, it will be a huge opportunity for us in Europe because they've already got the supply chain set up, the distribution set up. We do have products that we're already manufacturing over there. So we are over there. So launching over there will be less complicated than if we didn't have anything over there already. So it does set us up well as well as over in Asia in that part of the world because we've got a co-packer over there as well.

關於百事可樂問題的第二部分，從採購的角度來看，從他們的組織、規模和能力來看，從供應鏈的角度和歐洲的採購角度來看，這肯定會讓我們受益。但就像你說的那樣，這對我們在歐洲的人來說將是一個巨大的機會，因為他們已經建立了供應鏈，建立了分銷。我們確實有我們已經在那裡生產的產品。所以我們在那邊。因此，在那裡發射將比我們在那裡沒有任何東西要簡單。所以它確實讓我們在亞洲和世界的那個地區建立了良好的基礎，因為我們在那裡也有一個聯合包裝商。

I'll turn the call back over to management for closing remarks.

我會將電話轉回給管理層以結束髮言。

Thank you. On behalf of the company, I'd like to thank everyone for their continued support and interest. Our results demonstrates our products are gaining considerable momentum. We're capitalizing on today's global health and wellness trends, and the transformation that is taking place in the energy category. Our active lifestyle position is a global position with mass appeal. We're building upon our core, leveraging opportunities and deploying best practices. We have a winning portfolio, strategy and team in a large, rapidly growing market that consumers want.

謝謝你。我謹代表公司感謝大家一直以來的支持和關注。我們的結果表明我們的產品正在獲得相當大的動力。我們正在利用當今的全球健康和保健趨勢，以及能源類別正在發生的轉變。我們積極的生活方式定位是具有大眾吸引力的全球定位。我們正在以我們的核心為基礎，利用機會並部署最佳實踐。在消費者想要的快速增長的大型市場中，我們擁有成功的產品組合、戰略和團隊。

In addition, I'd like to thank all our investors for their continued support and confidence in our team. And thank you to everyone for their interest in Celsius. Stay healthy, stay fit.

此外，我要感謝所有投資者對我們團隊的持續支持和信任。感謝大家對攝氏的興趣。保持健康，保持身材。

Thank you. This concludes today's conference call. We thank you for your participation. You may disconnect your lines at this time, and have a great day.

謝謝你。今天的電話會議到此結束。我們感謝您的參與。你可以在這個時候斷開你的線路，並度過美好的一天。