Celsius Holdings Inc (CELH) 2022 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Celsius Quarter 3 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 3 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. Sir, the floor is yours.

此時，我很高興將發言權交給您的主持人 Cameron Donahue。先生，地板是你的。

Thank you. Good afternoon, everyone. We appreciate you joining us today for Celsius Holdings Third Quarter 2022 Earnings Conference Call. Joining on the call today are John Fieldly, President and Chief Executive Officer; and Jarrod Langhans, Chief Financial Officer.

謝謝你。大家下午好。感謝您今天加入我們參加攝氏控股 2022 年第三季度收益電話會議。今天加入電話會議的是總裁兼首席執行官 John Fieldly；和首席財務官 Jarrod Langhans。

Following the prepared remarks, we'll open the call to your questions and instructions will be given at that time. The company released the earnings press release upon market close this afternoon, and all materials will be available on the company's website, celsiusholdingsinc.com. 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 release.

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。公司在今天下午收市時發布了財報新聞稿，所有材料將在公司網站 celsiusholdingsinc.com 上提供。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發布中的相同實時網絡廣播鏈接進行訪問。

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 November 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 statement containing 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 11 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我們的安全港聲明，其中包含今天的新聞稿和我們向 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. The company achieved a record quarter in the third quarter of 2022, with sales over $188 million, delivering revenue growth of over 98%. And according to the most recent scan data at retail per IRI MULO+C Total Energy, 1 week ending October 23, 2022, Celsius is now the third largest energy drink in the United States. In addition, according to the trailing 12-week IRI MULO+C Total Energy as of October 2, 2022, representing the majority of the third quarter, Celsius was again the #1 brand driver of growth in the energy category in the United States, responsible for 29% of the category growth, driving over approximately incremental $123 million in sales for the category.

謝謝你，卡梅倫。大家下午好，感謝您今天加入我們。該公司在 2022 年第三季度實現了創紀錄的季度，銷售額超過 1.88 億美元，收入增長超過 98%。根據 IRI MULO+C Total Energy 的最新零售掃描數據，截至 2022 年 10 月 23 日的 1 週，Celsius 現在是美國第三大能量飲料。此外，根據截至 2022 年 10 月 2 日過去 12 週的 IRI MULO+C Total Energy（佔第三季度大部分時間），Celsius 再次成為美國能源類別增長的第一品牌驅動力，負責該類別增長的 29%，推動該類別銷售額增加約 1.23 億美元。

This represents the third consecutive quarter at the #1 spot and prior to the transition to the PepsiCo distribution network, which started October 1, 2022, and will be represented in our fourth quarter numbers. We continue to see growth across all channels, including the non-tracked, with our club channel sales in the third quarter totaling over $34 million in sales increased -- increasing by approximately $20 million from the third quarter of 2021. Amazon sales, another non-track channel, for the third quarter hit a new quarterly record of approximately $16 million. And year-to-date, in 2022, totaled approximately $43 million and was up 108% compared to approximately $21 million in the 9 months ending 2021. Third quarter retailer highlights include the benefits from our Walmart expansions announced in the first quarter of this year, on a year-to-date basis, continuing to hit new revenue records.

這是從 2022 年 10 月 1 日開始，在向百事可樂分銷網絡過渡之前連續第三個季度排名第一，並將在我們的第四季度數據中體現出來。我們繼續看到所有渠道（包括非跟踪渠道）的增長，第三季度我們的俱樂部渠道銷售額總計超過 3400 萬美元，比 2021 年第三季度增加了約 2000 萬美元。亞馬遜銷售額，另一個非-track 頻道，第三季度創下約 1600 萬美元的新季度記錄。年初至今，2022 年的總額約為 4300 萬美元，與截至 2021 年的 9 個月的約 2100 萬美元相比增長了 108%。第三季度零售商的亮點包括我們在今年第一季度宣布的沃爾瑪擴張帶來的好處，在年初至今的基礎上，繼續創下新的收入記錄。

In the convenience channel, where we see the largest opportunity, Celsius continues to perform extremely well and according to the convenience in gas, IRI as of the 12 weeks ending October 2, 2022, Total U.S. Energy, Celsius sales increased 158% in the channel, setting a new sales record. In the grocery channel, both Kroger and Publix lead the incremental revenue growth in the third quarter of 2022, with both retailers setting new records in sales and share gains in the energy category.

在我們看到最大機會的便利渠道中，Celsius 繼續表現出色，根據天然氣便利性，IRI 截至 2022 年 10 月 2 日的 12 週，Total U.S. Energy,Celsius 渠道的銷售額增長了 158% ，創下新的銷售記錄。在雜貨渠道中，克羅格和 Publix 均引領 2022 年第三季度的增量收入增長，兩家零售商在能源類別的銷售額和份額增長方面均創下新紀錄。

We officially commenced our distribution partnership with PepsiCo subsequently to the third quarter with the distribution to most of our retail accounts transitioning as of October 1, 2022. While early initial track data on both ACV and items carried per store growth indicate impressive gains already gained and exceeding our initial expectations on both these tangible metrics. In addition, the transition process with respect to our retail partners as well as our consumers also have exceeded our initial expectations. As highlighted in the earnings supplement for the 1 week ending October 23, 2022, IRI data reported in MULO+C, Total Energy, Celsius has past surpassed Bang to be the #3 energy drink in the United States with a 4.9% market share compared to Bang's 4.4.

我們在第三季度正式開始與百事可樂的分銷合作夥伴關係，到 2022 年 10 月 1 日，我們的大部分零售賬戶的分銷過渡。雖然關於 ACV 和每家商店攜帶的物品增長的早期初步跟踪數據表明已經獲得了可觀的收益，並且超出了我們對這兩個有形指標的最初預期。此外，我們的零售合作夥伴以及我們的消費者的過渡過程也超出了我們最初的預期。正如在截至 2022 年 10 月 23 日的 1 週的收益補充中所強調的那樣，在 MULO+C、Total Energy、Celsius 中報告的 IRI 數據已經超過 Bang，成為美國排名第三的能量飲料，市場份額為 4.9%到 Bang 的 4.4。

In addition, Celsius has seen approximately 11% increase in ACV since October 1, 2022, and the initial launch with the PepsiCo distribution network, with average items carried per store increasing from an average of 7.7% to 8.3% over the same time, 3-week time frame. In the convenience store channel, Celsius has seen the largest gain with approximately a 23% increase in ACV since October 1 of this year. Our third quarter sales hit another record of approximately $188 million in the -- with U.S. sales totaling about $179.5 million and approximately $34 million sequential increase from the second quarter of this year.

此外，自 2022 年 10 月 1 日以來，Celsius 的 ACV 增加了約 11%，並首次與百事可樂分銷網絡一起推出，同期每家商店的平均商品從平均 7.7% 增加到 8.3%，3 - 週時間範圍。在便利店渠道中，Celsius 的漲幅最大，自今年 10 月 1 日以來，ACV 增長了約 23%。我們第三季度的銷售額再創紀錄，約為 1.88 億美元，美國銷售額總計約 1.795 億美元，較今年第二季度環比增長約 3400 萬美元。

Revenue growth was driven by over a $60,000 increase in door count from the prior quarter with convenience store additions, representing 37,000 of the 60,000 increase, club channel expansion as well as increased items carried at locations in conjunction with increased placements at retailers, including both branded coolers at retail locations. International sales only represented approximately about 4.6% of total sales for the quarter with total sales of approximately $8.7 million compared to $10.4 million in the prior year quarter.

收入增長的推動因素是門數比上一季度增加了 60,000 多美元，便利店增加了 60,000 間中的 37,000 間，俱樂部渠道擴張以及在地點攜帶的物品增加以及零售商的展示位置增加，包括兩個品牌零售點的冷卻器。國際銷售額僅佔本季度總銷售額的約 4.6%，總銷售額約為 870 萬美元，而去年同期為 1040 萬美元。

Our European revenues represented a $7.5 million of international revenue compared to $9.5 million a year ago quarter, a decrease of approximately 21%, with around 1/3 of the revenue decrease associated with foreign exchange impacts as well as timing of innovation and supply chain disruptions. Revenue for the other international markets totaled $1.1 million, up approximately 30% from $883,000, which included royalties from China. We believe there is significant opportunity for international growth going forward with PepsiCo as part of our distribution agreement that we entered into.

我們的歐洲收入佔國際收入的 750 萬美元，與去年同期的 950 萬美元相比，下降了約 21%，其中約 1/3 的收入下降與外匯影響以及創新時機和供應鏈中斷有關.其他國際市場的收入總計 110 萬美元，比 883,000 美元增長約 30%，其中包括來自中國的特許權使用費。作為我們簽訂的分銷協議的一部分，我們相信百事可樂在國際增長方面存在重大機遇。

Both Pepsi and Celsius are committed and expanding internationally, utilizing Pepsi's best-in-class international distribution system, while we just began our distribution partnership with Pepsi and our initial focus will be in the U.S. distribution and transitioning our distribution to the PepsiCo U.S. distribution network, we see significant opportunity to capitalize on a global scale reflecting the changes in consumer preferences for better-for-you offerings, low and no sugar and more -- the need for more energy.

百事可樂和攝氏都致力於利用百事可樂一流的國際分銷系統進行國際擴張，而我們剛剛開始與百事可樂建立分銷合作夥伴關係，我們最初的重點將是美國分銷並將我們的分銷過渡到百事可樂美國分銷網絡，我們看到了在全球範圍內利用的重大機會，這反映了消費者對更好的產品、低糖和無糖等產品偏好的變化——對更多能源的需求。

While the U.S. transition has taken a majority of our focus to date, we expect to have additional international rollouts details through additional calls and quarterlies going forward through 2023. Gross profit for the quarter increased 109% to approximately $79 million, up from approximately $38 million in the year ago quarter, and gross profit margins were 41.8% and 49.6%, excluding outbound freight for the 3 months ending October -- or September 30, 2022, compared to 39.7% and 48.8% excluding outbound free in the prior year quarter. This represents a 330 basis point increase from the second quarter gross margin percent and consistent with our expectations and discussions from our second quarter earnings conference call.

雖然迄今為止美國的轉型已成為我們關注的主要焦點，但我們預計到 2023 年將通過額外的電話和季度獲得更多的國際推廣細節。本季度的毛利潤從約 3800 萬美元增長 109% 至約 7900 萬美元在去年同期，毛利率分別為 41.8% 和 49.6%，不包括截至 10 月 - 或 2022 年 9 月 30 日的 3 個月的出境運費，而上一季度不包括出境免費的毛利率分別為 39.7% 和 48.8%。這比第二季度的毛利率增加了 330 個基點，與我們在第二季度財報電話會議上的預期和討論一致。

We reiterate our expectations for continued sequential gross margin percent improvement through the fourth quarter, with gross margin percent expected to be in the mid-40s by year-end. Our product channel mix -- sales mix also has been impacted margins as the club channel revenues has historically had a lower margin levels due to the secondary repack nature of the product. With the rapid growth of the channel, which contributed to approximately $34 million in revenue in the third quarter and has increased our overall margin pressure, and we continue to initiate production efficiencies to improve margins in this channel, including working with our co-packers who have the capabilities to produce in line and also so we can limit the number of secondary production facilities. Even with higher sales than originally forecasted in the sales mix in the club channel, our margin guidance has stayed consistent for 2022 as we continue to optimize our supply chain and gaining incremental efficiencies against rising inflation pressures.

我們重申我們對第四季度持續毛利率持續改善的預期，預計到年底毛利率將在 40 年代中期。我們的產品渠道組合——銷售組合也受到了利潤率的影響，因為俱樂部渠道收入歷來由於產品的二次重新包裝性質而具有較低的利潤率水平。隨著渠道的快速增長，第三季度的收入約為 3400 萬美元，並增加了我們的整體利潤率壓力，我們將繼續提高生產效率以提高該渠道的利潤率，包括與我們的合作包裝商合作具有生產線的能力，因此我們可以限制二級生產設施的數量。即使俱樂部渠道的銷售組合中的銷售額高於最初預測的銷售額，我們的利潤率指導在 2022 年仍保持一致，因為我們將繼續優化我們的供應鏈並提高效率以應對不斷上升的通脹壓力。

In addition, with our transition from a significant number of independent distribution partners to the PepsiCo distribution network, this will allow our team to consolidate sales, marketing, distribution efforts with planned associated cost benefits, which we expect to recognize and leverage through 2023 and beyond. We will also provide additional clarity on both gross and operating leverage and targets as we move through the transition, but I expect to see additional leverage as we look to drive efficiencies post transition.

此外，隨著我們從大量獨立分銷合作夥伴向百事可樂分銷網絡的過渡，這將使我們的團隊能夠將銷售、營銷、分銷工作與計劃的相關成本效益相結合，我們預計將在 2023 年及以後認識到並利用這些成本效益.隨著過渡的推進，我們還將進一步明確總槓桿和運營槓桿以及目標，但我希望看到額外的槓桿，因為我們希望在過渡後提高效率。

Some additional highlights for the third quarter, 92% of our MULO+C -- reported MULO+C retail store locations are now serviced through our DSD network, up from 72% in the third quarter of 2021. Our mass channel is now more or less 100% DSD serviced and 99% of our convenience channel is serviced by DSD. Industry-backed third-party data continues to show accelerating growth metrics, and we are confident that Celsius will continue to drive sales even higher as we increase our ACV across channels through additional launches with nationwide retailers independent chains and through our new partnership with the PepsiCo distribution network. Consumer demand for Celsius on a dollar basis accelerated in the third quarter of 2022 and has reaccelerated after the initial distribution shift on October 1 of this year to the PepsiCo distribution network.

第三季度的一些額外亮點，我們 MULO+C 的 92%——報告的 MULO+C 零售店位置現在通過我們的 DSD 網絡提供服務，高於 2021 年第三季度的 72%。我們的大眾渠道現在更多或少於 100% 的 DSD 服務，我們 99% 的便利渠道由 DSD 提供服務。行業支持的第三方數據繼續顯示加速增長指標，我們相信，隨著我們通過與全國零售商獨立連鎖店的額外推出以及與百事可樂的新合作夥伴關係增加跨渠道的 ACV，Celsius 將繼續推動銷售額更高分銷渠道。以美元計，消費者對攝氏度的需求在 2022 年第三季度加速，並在今年 10 月 1 日最初的分銷轉移到百事可樂分銷網絡後重新加速。

The most recently reported Nielsen data, as of October 22, 2022, shows Celsius sales were up 118% year-over-year for the 2 weeks, 120% for the 12 weeks and 126% for the third quarter. This compares to the total energy category, which grew 10% for the 2-week period, ending 10% for the 12-week period and 10% in the third quarter over the same time period.

尼爾森最新報告的截至 2022 年 10 月 22 日的數據顯示，Celsius 的銷售額在兩週內同比增長 118%，在 12 週內同比增長 120%，在第三季度同比增長 126%。相比之下，總能源類別在 2 週期間增長 10%，在 12 週期間結束 10%，在第三季度同期增長 10%。

On Amazon, Celsius is the second largest energy drink with an 18.5% share of the energy drink category ahead of Red Bull at 12.01% share and trailing Monster at a 26.2% share on a year-to-date basis ending October 22, 2022, and according to Stackline, total U.S. Energy on Amazon. Celsius reported sales year-over-year grew 79% compared to Amazon energy drink sales business, which grew at 39%, outpacing the category.

截至 2022 年 10 月 22 日為止，Celsius 是亞馬遜第二大能量飲料，在能量飲料類別中佔有 18.5% 的份額，領先於 Red Bull 的 12.01% 和 26.2% 的 Monster，根據 Stackline 的數據，亞馬遜上的美國能源總量。攝氏報告稱，與亞馬遜能量飲料銷售業務相比，銷售額同比增長 79%，增長 39%，超過了該類別。

The company placed an additional 550 coolers in the third quarter of 2022 and over 3,500 since the beginning of 2021. The company anticipates a continued acceleration of cooler placements through 2022 and into and through 2023 in addition to the incremental placements and Pepsi energy coolers, which provides approximately over 50,000 additional placements that are rolling out right now. U.S. store count now totals 174,000 locations nationwide in the U.S., growing over 60,000 doors or 54% from 114,000 doors as reported in the third quarter of 2021, with additional expansion planned throughout the rest of the year and into 2023, accelerated by the end being accelerated by the PepsiCo distribution agreement. Convenience store locations increased by largest by 77% or approximately 37,000 locations to 86,000 locations at the end of the third quarter of 2022 compared to 49,000 locations at the end of the third quarter in 2021.

該公司在 2022 年第三季度增加了 550 個冷卻器，自 2021 年初以來增加了 3,500 個。該公司預計，除了增量放置和百事可樂能量冷卻器之外，冷卻器的放置將持續加速到 2022 年和 2023 年。提供大約 50,000 多個額外的展示位置，目前正在推出。美國門店數量目前在美國全國共有 174,000 家門店，比 2021 年第三季度報告的 114,000 家門店增加了 60,000 多家或 54%，併計劃在今年剩餘時間和 2023 年進一步擴張，到年底加速百事可樂分銷協議加速了這一進程。與 2021 年第三季度末的 49,000 個地點相比，到 2022 年第三季度末，便利店地點增加了 77% 或約 37,000 個，達到 86,000 個地點。

On our co-packer front, we continue to expand our partners and scale at existing locations, improving line time priority. Our total U.S. co-packer footprint now totals 13 that are active, which will help keep our product in stock and support our massive growth.

在我們的聯合包裝商方面，我們繼續擴大我們的合作夥伴並在現有地點擴大規模，提高生產線時間優先級。我們在美國的聯合包裝商總足跡現在共有 13 個活躍，這將有助於保持我們的產品庫存並支持我們的大規模增長。

Before I turn the call over to Jarrod, I want to close my prepared comments recognizing the amazing job of the entire team and our partners, which they have done, establishing Celsius as a leading brand, driving growth in the entire energy drink category in the U.S. Our consumer demand remains robust. Our portfolio is resonating with a broad consumer base, and our teams are positioned to leverage 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評論，以表彰整個團隊和我們的合作夥伴所做的出色工作，他們所做的工作將 Celsius 確立為領先品牌，推動了整個能量飲料類別的增長美國 我們的消費者需求依然強勁。我們的產品組合與廣泛的消費者群產生了共鳴，我們的團隊已準備好與我們的新合作夥伴百事可樂一起利用未來的增長機會。

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

我現在將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. Before jumping into the financial results for the quarter, I'll cover a few administrative items, including transaction-related items stemming from our PepsiCo distribution agreement. It was a very exciting and busy quarter. The announcement of the partnership with Pepsi through a distribution agreement and investment is a significant step in our growth and key to our ability to not only continue to grow the category but to grow market share. Although Pepsi did not start distributing our product until October 1, we worked in conjunction with their operations team to make sure that they add Celsius in all of their key locations across the U.S. As John mentioned, the transition has gone very well, and we are excited to see the early results of this long-term partnership.

謝謝你，約翰。在進入本季度的財務業績之前，我將介紹一些管理項目，包括來自我們百事可樂分銷協議的與交易相關的項目。這是一個非常令人興奮和忙碌的季度。通過分銷協議和投資宣布與百事可樂建立合作夥伴關係是我們增長的重要一步，也是我們不僅能夠繼續發展該類別而且擴大市場份額的關鍵。儘管百事可樂直到 10 月 1 日才開始銷售我們的產品，但我們與他們的運營團隊合作，確保他們在美國所有關鍵地點添加攝氏度。正如約翰所說，過渡進展順利，我們正在很高興看到這種長期合作夥伴關係的早期成果。

So let's walk through some accounting highlights associated with this transaction. Let's start with the termination expenses. Included within our quarterly results, we recorded $155.4 million of termination expenses associated with termination notices issued during the quarter so that we could transfer distribution to Pepsi. We had an additional $50 million of termination expenses agreed upon in the fourth quarter as well, which will be recorded in our Q4 results. We have already transitioned most of our distribution footprint over to Pepsi but there will be some activity in Q4 and through the beginning of Q1 2023. These expenditures were funded by Pepsi, and as a result, we have recorded the funding as a deferred revenue that will be amortized over the 20-year period of the associated distribution agreement.

因此，讓我們來看看與此交易相關的一些會計要點。讓我們從終止費用開始。在我們的季度業績中，我們記錄了與本季度發布的終止通知相關的 1.554 億美元的終止費用，以便我們可以將分配轉移給百事可樂。我們還在第四季度商定了額外的 5000 萬美元的終止費用，這將記錄在我們的第四季度業績中。我們已經將大部分分銷業務轉移到百事可樂，但在第四季度和 2023 年第一季度初會有一些活動。這些支出由百事可樂提供資金，因此，我們將資金記錄為遞延收入將在相關分銷協議的 20 年內攤銷。

Looking at the preferred share investment. We received $550 million in cash from Pepsi during the quarter as a payment for the Series A preferred shares. As a part of generally accepted accounting principles, we value this instrument at $832.5 million and recorded this valuation net of issuance costs within the mezzanine section of our balance sheet. The difference in cash proceeds and the valuation was recorded as another asset, and we will amortize this balance over the 20-year period associated with the distribution agreement as a contra revenue.

看優先股投資。我們在本季度從百事可樂收到了 5.5 億美元現金，作為 A 系列優先股的支付。作為公認會計原則的一部分，我們對該工具的估值為 8.325 億美元，並將該估值扣除發行成本後記入資產負債表的夾層部分。現金收益和估值的差異被記錄為另一項資產，我們將在與分銷協議相關的 20 年期間將該餘額攤銷為對沖收入。

Let's talk taxes as well. Our effective tax rate for the 9 months ended September 30, 2022...

讓我們也談談稅收。我們截至 2022 年 9 月 30 日止 9 個月的有效稅率...

(technical difficulty)

（技術難度）

9 months ended September 30, 2022, deferred from the statutory federal income tax rate of 21%, primarily due to the tax impact of the $282.5 million Series A preferred stock value adjustment, which will be expensed over 20 years for book purposes. As this expense is nondeductible for tax purposes, we recorded $71.4 million in deferred tax liabilities in the third quarter as a discrete item. The effective income tax rate for the 9 months ended September 30 was also impacted by disallowed stock-based compensation expense, state and local income taxes and the release of certain state income tax reserves. I believe that covers the unique items from the agreements with Pepsi.

截至 2022 年 9 月 30 日的 9 個月，從 21% 的法定聯邦所得稅率推遲，主要是由於 2.825 億美元的 A 系列優先股價值調整的稅收影響，該調整將在 20 年內用於賬面目的。由於該費用不可用於稅收目的，因此我們在第三季度將 7140 萬美元的遞延所得稅負債記錄為離散項目。截至 9 月 30 日止 9 個月的有效所得稅稅率還受到不允許的基於股票的補償費用、州和地方所得稅以及某些州所得稅準備金的釋放的影響。我相信這涵蓋了與百事可樂協議中的獨特項目。

And looking at other activities that occurred during the quarter, we had previously planned on bringing our FAST brand to the U.S. from Finland, but as a result of the Pepsi partnership, we will be focusing on our core Celsius Energy brand in the U.S. transition and rolling this product out internationally, and in turn, we performed a valuation whereby we determined that the FAST brand was impaired in the amount of $2.4 million.

看看本季度發生的其他活動，我們之前曾計劃將我們的 FAST 品牌從芬蘭帶到美國，但由於百事可樂的合作夥伴關係，我們將專注於我們在美國轉型的核心攝氏能源品牌，以及在國際上推出該產品，反過來，我們進行了估值，確定 FAST 品牌受損 240 萬美元。

Moving on to litigation costs. As was noted in an 8-K that we issued last month, we have agreed to settle a class action filing in the amount of $7.8 million associated with our can label. Although we believe that our claims on the can were accurate, we believe that the cost, energy and focus that would have been needed was better utilized on transitioning over to Pepsi and growing our business. In regards to the SEC review, we do not have an update, but we'll continue to cooperate with any inquiries or requests that are received.

繼續訴訟費用。正如我們上個月發布的 8-K 中所述，我們已同意就與我們的罐頭標籤相關的 780 萬美元的集體訴訟文件達成和解。儘管我們相信我們對罐頭的說法是準確的，但我們相信，在過渡到百事可樂和發展我們的業務時，我們需要更好地利用成本、精力和重點。關於美國證券交易委員會的審查，我們沒有更新，但我們將繼續配合收到的任何詢問或請求。

Turning to our third quarter financial results. Our third quarter ended September 30, 2022, had revenue of approximately $188.2 million, an increase of $93.3 million or 98% from $94.9 million for the 3 months ended September 30, 2021. Approximately 102% of this growth was a result of increased revenues from North America, where third quarter 2022 revenues were $179.5 million, an increase of $95.1 million or 112% from the same period in 2021. The balance of the revenues for the 3 months ended September 30, 2020 quarter, were mainly attributable to European revenues of $7.5 million, which decreased by $2 million from the same period in 2021 due to foreign exchange rates, timing of new product launches and continuing supply chain challenges.

轉向我們的第三季度財務業績。我們截至 2022 年 9 月 30 日的第三季度收入約為 1.882 億美元，比截至 2021 年 9 月 30 日的 3 個月的 9490 萬美元增加了 9330 萬美元或 98%。這一增長的大約 102% 是由於來自北美地區 2022 年第三季度收入為 1.795 億美元，比 2021 年同期增加 9510 萬美元或 112%。截至 2020 年 9 月 30 日季度的 3 個月收入餘額主要來自歐洲收入750 萬美元，由於匯率、新產品發佈時間和持續的供應鏈挑戰，比 2021 年同期減少了 200 萬美元。

Asian revenues, which include royalty revenues from our China licensee, contributed an additional $1 million, an increase of 37% from approximately $700,000 for the same period in 2021. Other international markets generated approximately $200,000 in revenues during the 3 months ended September 30, 2022, an increase of 3%. The total increase in revenue is largely attributable to increases in sales volume as opposed to increases in product pricing.

亞洲收入（包括我們中國被許可人的特許權使用費收入）額外貢獻了 100 萬美元，比 2021 年同期的約 700,000 美元增長了 37%。截至 2022 年 9 月 30 日的 3 個月內，其他國際市場產生了約 200,000 美元的收入, 增加 3%。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 an optimization of our products presence in world-class retailers. Additionally, revenues were increased as a result of building inventories at Pepsi warehouses and distribution centers in anticipation of the transition to the Pepsi distribution network. These revenues were offset by the prior distribution network, which reduced their inventory balances as the majority of the prior distribution system was terminated as of September 30, 2022.

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在世界級零售商中優化產品存在有關。此外，由於預期向百事可樂分銷網絡過渡，在百事倉庫和配送中心建立庫存，收入增加。這些收入被先前的分銷網絡所抵消，由於大部分先前的分銷系統於 2022 年 9 月 30 日終止，這減少了他們的庫存餘額。

Gross profit. For the 3 months ended September 30, 2022, gross profit increased by approximately $41 million or 109% to $78.7 million. Gross profit margin reflected an increase to 41.8%, 49.6% excluding outbound freight of revenues for the 3 months ended September 30, 2022, relative to 39.7% or 48.8% excluding outbound freight for the prior year quarter. The improvement in gross profit dollars was due in part to the improved average can prices within our inventory as well as improved freight costs relative to the third quarter of last year.

毛利。截至 2022 年 9 月 30 日的 3 個月，毛利潤增加約 4100 萬美元或 109% 至 7870 萬美元。截至 2022 年 9 月 30 日止 3 個月，毛利率增長至 41.8%，不包括出境運費的收入為 49.6%，而去年同期為 39.7% 或 48.8%（不包括出境運費）。毛利潤的增加部分是由於我們庫存中平均罐頭價格的提高以及相對於去年第三季度的運費成本的提高。

Sales and marketing expenses for the 3 months ended September 30, 2022, were approximately $198.8 million, an increase of approximately $176.1 million or 779%, relative to September 30, 2021. This increase was primarily attributable to termination expenses of prior distributors, which resulted in an increase of $155.4 million when compared to the prior year quarter. As a percentage of sales, sales and marketing represented approximately 23% of revenue in the third quarter of 2022 after backing out the $155.4 million of termination fees compared to 24% for the third quarter of 2021.

截至 2022 年 9 月 30 日止 3 個月的銷售和營銷費用約為 1.988 億美元，較 2021 年 9 月 30 日增加約 1.761 億美元或 779%。這一增長主要是由於先前經銷商的終止費用，導致與去年同期相比增加了 1.554 億美元。在扣除 1.554 億美元的終止費後，2022 年第三季度銷售和營銷佔銷售額的百分比約為 23%，而 2021 年第三季度這一比例為 24%。

General and administrative expenses for the 3 months ended September 30, 2022, were approximately $27.5 million, an increase of $4.2 million or 18% from $23.3 million for the 3 months ended September 30, 2021. Employee costs for the 3 months ended September 30, 2022, reflect an increase of $900,000 as investment in this area are also required to properly support our higher business volume and the commercial and operational areas of our business.

截至 2022 年 9 月 30 日止 3 個月的一般和行政費用約為 2750 萬美元，比截至 2021 年 9 月 30 日止 3 個月的 2330 萬美元增加 420 萬美元或 18%。截至 9 月 30 日止 3 個月的員工成本，到 2022 年，增加了 900,000 美元，因為還需要對該領域的投資以適當支持我們更高的業務量以及我們業務的商業和運營領域。

Impairment expenses increased by approximately $2.4 million when compared to the prior year quarter. These increases were offset by an $11.7 million decrease in stock-based compensation, which amounted to $6.3 million in the current quarter when compared to the prior year quarter. 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. Administrative expenses also increased by $12.3 million, primarily due to a litigation settlement in the amount of $7.8 million as well as increased costs associated with third-party service providers including internal control on SOX compliance, audit fees and other litigation.

與去年同期相比，減值費用增加了約 240 萬美元。這些增長被股票薪酬減少 1170 萬美元所抵消，與去年同期相比，本季度減少了 630 萬美元。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。行政費用也增加了 1230 萬美元，主要是由於 780 萬美元的訴訟和解以及與第三方服務提供商相關的成本增加，包括對 SOX 合規性、審計費用和其他訴訟的內部控制。

Lastly, all other administrative expenses, which were mainly composed of research, development and quality control testing increased by approximately $300,000. As a total percent of revenue, G&A costs decreased to 15% of sales for the 3 months ended September 30, 2022, compared to 25% in the prior year. When you take some of the outliers out of the equation and exclude items such as $7.8 million for the litigation settlement agreement, $2.4 million related to the brand impairment charge and stock-based compensation is $6.3 million, G&A expense as a percentage of sales was 6% for the third quarter 2022. And excluding the stock-based compensation of $17.9 million in 2021, the G&A expense as a percentage of sales was 6% as well.

最後，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增加了約 300,000 美元。截至 2022 年 9 月 30 日的 3 個月，G&A 成本佔總收入的百分比降至銷售額的 15%，而上一年為 25%。當您從等式中剔除一些異常值並排除諸如訴訟和解協議的 780 萬美元等項目時，與品牌減損費用和股票補償相關的 240 萬美元為 630 萬美元，G&A 費用佔銷售額的百分比為 6 2022 年第三季度的百分比。不包括 2021 年 1790 萬美元的股票薪酬，G&A 費用佔銷售額的百分比也為 6%。

Focusing now on liquidity and capital resources. As of September 30, 2022, and December 31, 2021, we had cash of approximately $727 million and $16.3 million, respectively, and working capital of approximately $755.7 million and $169.2 million, respectively. Included within the Q3 2022 cash balance was approximately $135 million of cash that will be utilized for termination payments.

現在專注於流動性和資本資源。截至 2022 年 9 月 30 日和 2021 年 12 月 31 日，我們的現金分別約為 7.27 億美元和 1630 萬美元，營運資金分別約為 7.557 億美元和 1.692 億美元。 2022 年第三季度現金餘額中包括大約 1.35 億美元的現金，將用於支付解僱費。

Cash flow is provided by operating activities totaled $171 million for the 9 months ended September 30, 2022, which compares to $52.1 million in net cash used in operating activities for the 9 months ended September 30, 2021. The approximately $223 million increase in cash generation was driven by the timing of transactional costs associated with the Pepsi distribution system as well as continued growth in the operations of the company.

截至 2022 年 9 月 30 日止 9 個月，經營活動提供的現金流總額為 1.71 億美元，而截至 2021 年 9 月 30 日止 9 個月的經營活動中使用的現金淨額為 5210 萬美元。現金產生增加約 2.23 億美元受與百事可樂分銷系統相關的交易成本的時機以及公司運營的持續增長驅動。

And looking at inventory, total Q3 inventory ended at $154 million, down relative to the $191 million at the end of December 2021, as we benefited from growth in our business as well as a pipe filling in advance of Pepsi beginning to distribute our product. We expect some increases as we continue to grow and also as we prepare to launch a number of new flavors in the first quarter of 2023. We will continue to carry some additional inventory in order to make sure that we are able to keep up with the significant growth we are experiencing, but we'd expect to start to drive some efficiencies in our DIO as we move through 2023. 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 Pepsi distribution network across the U.S. and then internationally.

從庫存來看，第三季度總庫存為 1.54 億美元，低於 2021 年 12 月底的 1.91 億美元，因為我們受益於業務增長以及百事可樂開始分銷我們產品之前的管道填充。我們預計，隨著我們的持續增長以及我們準備在 2023 年第一季度推出一些新口味，我們將繼續增加一些庫存，以確保我們能夠跟上我們正在經歷顯著增長，但隨著我們進入 2023 年，我們預計將開始提高 DIO 的一些效率。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)

（操作員說明）

And our first question comes from Mark Astrachan from Stifel.

我們的第一個問題來自 Stifel 的 Mark Astrachan。

I guess I wanted to start on the distribution gains and the shelf space. So obviously, we all know the challenges that the Bang is dealing with, you're obviously also transitioning into basically the same shelves that they had. So is it simply a one-to-one sort of trade-off there? How do you think about what your shelf space is going to look like as you go forward over the next kind of 3 to 6 months as the changeover is completed heading into the spring resets? Do you think you can end up with more space? How do you think about the number of SKUs you can put on shelves relative to where you are or where Bang is today? And maybe that's just a good starting point.

我想我想從分銷收益和貨架空間開始。所以很明顯，我們都知道 Bang 正在應對的挑戰，你顯然也在過渡到他們所擁有的基本相同的貨架上。那麼這僅僅是一種一對一的權衡嗎？您如何看待您的貨架空間在接下來的 3 到 6 個月內會是什麼樣子，因為轉換已經完成，即將進入春季重置？你認為你能得到更多的空間嗎？相對於您所在的位置或 Bang 今天的位置，您如何看待可以上架的 SKU 數量？也許這只是一個很好的起點。

Yes. Thank you, Mark. We appreciate it. Great question. We have some audio difficulty. The team down in South Florida. We are in the middle of a little bit of a hurricane, but with weather coming through here, we expect to have a little choppiness. But great question, Mark. I mean what we're seeing, there is a lot of opportunities out there. I think what you're seeing, especially with the gains right now that we're seeing as of October 1, as referenced in the prepared remarks, where we did see the number of SKUs just in the 3-week period increase on shelf space with the largest gain coming from convenience. There is obviously disruption that's out there with Bang and the distribution network that they have exited and what they're putting together. So there is opportunities that are really coming out of normal course of resets that the team is vigorously working to take advantage on as well as every other brand in the energy category.

是的。謝謝你，馬克。我們很感激。好問題。我們有一些音頻困難。球隊在南佛羅里達。我們正處於一場颶風的中間，但隨著天氣的到來，我們預計會有一點波濤洶湧。但很好的問題，馬克。我的意思是我們所看到的，那裡有很多機會。我想你所看到的，尤其是我們在 10 月 1 日看到的收益，正如準備好的評論中提到的那樣，我們確實看到貨架空間的 SKU 數量在 3 週內增加最大的收益來自便利。 Bang和他們已經退出的分銷網絡以及他們正在整合的東西顯然存在中斷。因此，團隊正在積極努力利用正常的重置過程中真正出現的機會，以及能源類別中的所有其他品牌。

We do look at -- when you look at what we were able to capture with Coke Energy when that was going through and being delisted in many retailers, we're able to take advantage of a lot of that opportunity and gain incremental shelf space on that change. I think the momentum we have allows us to be one of the top choices. When you look at -- when retailers are looking to add and find a replacement, if that's what they so choose at certain retailer locations. So I think we're in a good advantage to take -- to move into some of that space as we have, as you're seeing with a variety of key retailers.

我們確實看到了——當你看到我們能夠通過可口可樂能源獲得的東西時，這些東西正在經歷並在許多零售商中被退市，我們能夠利用很多這樣的機會並獲得更多的貨架空間那個改變。我認為我們擁有的勢頭使我們成為最佳選擇之一。當您查看 - 當零售商希望添加並找到替代品時，如果這是他們在某些零售商位置選擇的。所以我認為我們處於一個很好的優勢 - 像我們一樣進入一些空間，正如你在各種主要零售商中看到的那樣。

And then as you look forward and we look for the spring resets, I think we're in a really great position. We know we're incremental to the category. We know being the #1 driver of growth in the category, it puts us in a really good position as we're looking for resets. And right now, we're in the midst of buyer season -- selling season coming out of one of the greatest macs the company has ever had out in Vegas, and I know there was a lot of retailers coming by the booth. So I think we're well positioned. Obviously, we don't provide forward guidance on revenues, but we feel really optimistic on where this brand is positioned, especially leveraging Pepsi and our new distribution partnership.

然後，當您向前看時，我們正在尋找彈簧復位，我認為我們處於非常好的位置。我們知道我們是該類別的增量。我們知道作為該類別增長的第一推動力，它使我們處於一個非常好的位置，因為我們正在尋找重置。而現在，我們正處於買家旺季——銷售旺季來自該公司在拉斯維加斯推出的最偉大的 Mac 之一，我知道有很多零售商來到展位。所以我認為我們的定位很好。顯然，我們不提供有關收入的前瞻性指導，但我們對該品牌的定位感到非常樂觀，特別是利用百事可樂和我們新的分銷合作夥伴關係。

That's great. Maybe just one sort of related follow-up there. If you could talk a bit about the velocity in terms of sales per point of distribution or however you want to think about that metric as you transition, especially into convenience stores where you're selling single-serve items, how should we be thinking generally about kind of where the current trends are and how we think about that going forward?

那太棒了。也許只是一種相關的後續行動。如果您可以談談每個分銷點的銷售速度，或者您想在過渡時考慮該指標，特別是在您銷售單份商品的便利店中，我們應該如何思考關於當前趨勢在哪里以及我們如何看待未來的趨勢？

Yes, that's something we're watching really closely. Now keep in mind, like when we're looking -- we're entering a lot of new distribution. And we're also entering some new markets where the brand has lower awareness than really where we've been building out over the last, call it, 2 to 3 years in some of our core markets. So as you saw in our P&L, we're further increasing our investments and expanding -- it's something we're really watching closely. I think you're also -- we're getting into more of those Tier 3, Tier 4 accounts that as we go forward, potentially may not be as productive as the Tier 1 and Tier 2 accounts, which we are in today.

是的，這是我們正在密切關注的事情。現在請記住，就像我們正在尋找的時候 - 我們正在進入很多新的發行版。我們還進入了一些新市場，在這些市場中，品牌的知名度低於我們在過去 2 到 3 年在我們的一些核心市場中建立的實際情況。因此，正如您在我們的損益表中看到的那樣，我們正在進一步增加投資和擴張——這是我們真正密切關注的事情。我認為你也是——我們正在進入更多的第 3 層、第 4 層賬戶，隨著我們的發展，這些賬戶的生產力可能不如我們今天所處的第 1 層和第 2 層賬戶。

So we're watching that closely. When we look at it, it seems to be at a level basis right now, kind of what we're seeing over the last several data pools, but that's really to be determined. The brand has been performing really well. So it's something we're watching closely as well. I can't really give you an answer on that at this point.

所以我們正在密切關注。當我們查看它時，它現在似乎處於一個水平的基礎上，就像我們在過去幾個數據池中看到的那樣，但這確實有待確定。該品牌的表現非常好。所以這也是我們正在密切關注的事情。在這一點上，我真的不能給你答案。

And our next question comes from Kevin Grundy from Jefferies.

我們的下一個問題來自 Jefferies 的 Kevin Grundy。

This is Noah on for Kevin. I was looking to dig a little further into your PepsiCo distribution transition. And first, starting off in the U.S., could you give us a little more context on how much business has already been transitioned sort of some early observations in the areas of your business that has been shifted and what your expectations are for the remainder of the year?

這是凱文的諾亞。我希望進一步深入了解您的百事可樂分銷過渡。首先，從美國開始，您能否為我們提供更多背景信息，說明已經轉變了多少業務，在您的業務領域已經轉變的一些早期觀察結果以及您對剩餘業務的期望是什麼？年？

Kevin, if you listen to the Pepsi call that was about a month ago, there were 2 weeks into October, they already announced that we were in excess of 80% with our DSD business, and we've continued to expand out there. And like I said on the call, there are a handful more geographies or territories that Pepsi will be rolling out into over the course of Q4 and into Q1. But really, everything that we've planned on transferring to them plus additional territory has been kind of locked in. So although I don't have an exact number for you, we're confident by the time we get to early Q1, we'll be in great shape. Now there are still a couple of distributors out there that we are not transitioning. But at the end of the day, we'll end up transitioning most of all of our DSD network.

凱文，如果你聽一下大約一個月前的百事可樂電話，到 10 月還有兩週，他們已經宣布我們的 DSD 業務已超過 80%，而且我們還在繼續擴張。就像我在電話會議上所說的那樣，百事可樂將在第四季度和第一季度推出更多的地理或地區。但實際上，我們計劃轉移給他們的所有東西以及額外的領土都已經鎖定。所以雖然我沒有確切的數字給你，但我們有信心在第一季度初時，我們會很好的。現在仍然有幾個分銷商我們沒有過渡。但歸根結底，我們最終將轉換大部分 DSD 網絡。

Yes, I think -- just to chime in as well, add a little bit more color in regards to what we're seeing. When you look at that data point that we referenced in the prerecording and also in our earnings supplement that was filed, when you look at the momentum we've gained since October 1, I think it really shows the team is doing an excellent job on the way we're wired into Pepsi and a lot of our team members. So the transition is moving really nicely. And talking about those 50,000 incremental cooler spaces in that Coke Energy, we're already seeing those come to fruition as well as food service as well coming to fruition, especially at the college/university level. So we're seeing a lot of extreme positive just over the, really, call it, the first 3 to 4 weeks of the relationship.

是的，我認為 - 只是為了插話，為我們所看到的內容添加更多顏色。當您查看我們在預先記錄和提交的收益補充中引用的數據點時，當您查看我們自 10 月 1 日以來獲得的勢頭時，我認為這確實表明團隊在我們與百事可樂和我們許多團隊成員的聯繫方式。所以過渡非常順利。談到可口可樂能源中那些 50,000 個增量冷卻器空間，我們已經看到這些空間以及食品服務正在取得成果，尤其是在大學/大學層面。所以我們在這段關係的前 3 到 4 週看到了很多極端積極的一面。

Great. That's really helpful. And just one more, if I may. In terms of the potential international expansion that could occur, could you maybe just share some thoughts on sort of how you're thinking about expansion and sort of where -- what the time line is on that and how that would work to the systems?

偉大的。這真的很有幫助。如果可以的話，還有一個。就可能發生的潛在國際擴張而言，您能否分享一些關於您如何考慮擴張以及在哪裡進行擴張的想法 - 時間線是什麼以及這將如何對系統起作用？

Yes. Right now, we're extremely focused on the U.S. transition. The opportunity -- both parties see opportunities on an international front with over 126 markets that Pepsi has great distribution in. It's timing and sequencing. So I think it's -- we're very cognizant about that, being very methodical in our approach when you look at. They're going to be our preferred partner going forward, and we'll have more details to come as we really look through 2023. But we're really taking timing and sequencing as we scale. And we want to make sure that it's -- that we enter these markets appropriately and have the right strategy in place as well.

是的。目前，我們非常關注美國的轉型。機會——雙方都在國際前沿看到了機會，百事可樂在超過 126 個市場中有很大的分佈。這是時機和順序。所以我認為這是 - 我們非常清楚這一點，當你看時，我們的方法非常有條理。他們將成為我們未來的首選合作夥伴，隨著我們真正展望 2023 年，我們將獲得更多細節。但隨著我們的規模擴大，我們確實在考慮時間和順序。我們希望確保它是 - 我們適當地進入這些市場並製定正確的戰略。

And our next question comes from Peter Grom from UBS.

我們的下一個問題來自瑞銀的 Peter Grom。

So I guess just to start, can you maybe just help us understand the impact from the sales to Pepsi in the quarter? I think the 10-Q says that Pepsi made up about 12.4% of sales, which is pretty substantial. So I guess, is there any way to kind of quantify or break out what was kind of onetime in nature versus kind of what is recurring? And I guess what I'm really trying to get at and understand, you don't give forward guidance, but how should we be thinking about 4Q revenue growth in North America, given all the noise that kind of occurred through this transition?

所以我想剛開始，你能不能幫助我們了解本季度銷售對百事可樂的影響？我認為 10-Q 表明百事可樂約佔銷售額的 12.4%，這是相當可觀的。所以我想，有沒有什麼方法可以量化或打破自然界中一次性的與反復出現的？而且我想我真正想要了解和理解的是，您沒有提供前瞻性指導，但是考慮到在這種轉變中發生的所有噪音，我們應該如何考慮北美第四季度的收入增長？

Yes, Peter. Good to hear from you. Let me talk about on the call back in August, it's going to be noisy this quarter and next quarter. We did have a pipe fill. So there is some timing there. To be honest, it's very difficult to put an exact number on what was the benefit of the pipe fill versus the offset of the distributors winding down their inventory and then pulling back at the end retailer or the end customer. If we had to kind of peg it, are we talking -- I don't know, $15 million, $20 million, somewhere in that range, that could potentially be shifted from 1 quarter to the other on the top end. I don't know if that's the exact number, but that's kind of the gut feel I have. Again, you got the transition where there's a little bit of a dip you take. If you go back and look at some of the data with Bang, they have the same impact.

是的，彼得。很高興聽到你的消息。再說說八月份的電話，這個季度和下個季度都會很吵。我們確實有一個管道填充。所以那裡有一些時間。老實說，很難準確數字說明管道填充的好處與分銷商減少庫存然後撤回最終零售商或最終客戶的抵消之間的關係。如果我們不得不固定它，我們是在談論 - 我不知道，1500 萬美元，2000 萬美元，在那個範圍內的某個地方，這可能會從一個季度轉移到另一個季度。我不知道這是否是確切的數字，但這就是我的直覺。再一次，你得到了過渡，你有一點點下降。如果你回過頭來看看 Bang 的一些數據，它們會產生同樣的影響。

At the same time, we're getting into a lot of space that we haven't been in. So as we look at Q4 and then into Q1, those coolers John talked about, food service. So we were -- it's not an apples-to-apples comparison when we look at what happened with Bang in terms of what is the data telling us. So we think there's still a very big opportunity in Q4 and into Q1 to get into a lot of space we haven't been to before. On top of expanding the SKU count and the retailers we're at and getting into more space from -- as there's some disruption within the industry. So I think overall, that's probably the best I could do for you. It's not exact. I don't have a bunch of data to support it, but that's kind of the feel we have.

與此同時，我們進入了很多我們沒有進入的領域。所以當我們看第四季度和第一季度時，約翰談到的那些冷卻器，食品服務。所以我們 - 當我們根據數據告訴我們的內容來看待 Bang 發生的事情時，這不是一個蘋果對蘋果的比較。因此，我們認為第四季度和第一季度仍有很大的機會進入我們以前從未涉足過的很多領域。除了擴大 SKU 數量和我們所在的零售商並從中獲得更多空間之外——因為該行業存在一些混亂。所以我認為總的來說，這可能是我能為你做的最好的事情。這不准確。我沒有大量數據來支持它，但這就是我們的感覺。

Got it. That's really helpful. And then can I just ask one on just the gross margin trajectory? I may have missed this, so apologies. But are we through the higher-cost cans at this point? And then, John, I think you mentioned 4 mid-40s by year-end. I might be reading too much into this, but is that in reference to an exit rate? Or should we still be expecting fourth quarter gross margins to still be in that same ballpark?

知道了。這真的很有幫助。然後我可以只問一個關於毛利率軌蹟的問題嗎？我可能錯過了這個，所以很抱歉。但我們現在是否通過了成本更高的罐頭？然後，約翰，我想你在年底之前提到了 4 個 40 多歲的人。我可能對此讀得太多了，但這是指退出率嗎？或者我們是否應該仍然期望第四季度的毛利率仍然在同一個範圍內？

Yes. No, Peter, excellent question. I mean the international cans, we were anticipating cycling through the majority of our international cans by the end of the third quarter. Due to the flow of some of the international cans, the way they've come in on East Coast, West Coast, we are sitting on still some international cans, although a much smaller amount of our overall total inventory, mainly on the West Coast of the country. So when we look at our margins and some of the improvements, also the sales mix we talked about with the Costco pack or IT packs, when we look at the mid-40s, we believe we can hit the mid-40% range by the end -- continue to hit the mid-40 range by the end of the year. We're looking at somewhere between 43.5% to 47.5%, somewhere around that range.

是的。不，彼得，很好的問題。我的意思是國際罐頭，我們預計到第三季度末將通過我們的大部分國際罐頭。由於一些國際罐頭的流動，它們進入東海岸，西海岸的方式，我們仍然坐在一些國際罐頭上，儘管我們的總庫存量要小得多，主要在西海岸國家的。因此，當我們查看我們的利潤率和一些改進時，以及我們談到的 Costco 包裝或 IT 包裝的銷售組合時，當我們查看 40 年代中期時，我們相信我們可以在 40% 的範圍內達到結束——到今年年底繼續達到 40 的中間區間。我們正在尋找介於 43.5% 到 47.5% 之間的某個位置，大約在這個範圍內。

It's a little bit hard to say with -- you got gas prices that come down, we're seeing some softening in the aluminum pricing as well, and then we will be cycling through some of those international cans on that mix as we go through here. And then we did have some returns come through as well of some product that's flowing through in regards to the -- moving out of the prior distribution network. So little bit of, as Jarrod mentioned, noise that's coming through the system. But getting that mid-40% range, I think, is definitely an eye for us as an organization.

很難說 - 你的汽油價格下降了，我們看到鋁價格也有所走軟，然後我們將在我們經歷的過程中循環使用其中一些國際罐頭這裡。然後，我們確實也有一些回報來自一些產品，這些產品正在流出之前的分銷網絡。正如 Jarrod 所提到的，只有一點點噪音來自系統。但我認為，達到 40% 的中間範圍絕對是我們作為一個組織的眼光。

(Operator Instructions)

（操作員說明）

Our next question comes from Jeffrey Van Sinderen from B. Riley.

我們的下一個問題來自 B. Riley 的 Jeffrey Van Sinderen。

Just wanted to circle back to a couple of things on the ramp with Pepsi's DSD. Sounds like it's going extremely well. I guess what are the next steps that you've touched on a lot in Q4, but what are the next steps as we think about Q1? I know you mentioned kind of the spring resets? And then overall, what are the milestones we should be looking for to track the progress when you report Q4 and Q1?

只是想用百事可樂的DSD回到斜坡上的幾件事。聽起來進展非常順利。我猜你在第四季度經常提到的下一步是什麼，但是當我們考慮第一季度時，下一步是什麼？我知道你提到過那種彈簧復位？然後總體而言，當您報告第四季度和第一季度時，我們應該尋找哪些里程碑來跟踪進度？

Yes. I think -- Jeff, great question. I mean, we are seeing a great opportunity. I think the milestones you're going to see within us is really the expansion in convenience. We started to see that really just in a few weeks. I mean we see a huge opportunity in convenience expanding that ACV and the number of SKUs and items per store. So that's really where you're going to see robust growth out of the organization and also maintaining that velocity at retail, which is so critical. So those are the metrics we're really watching.

是的。我想——傑夫，好問題。我的意思是，我們看到了一個很好的機會。我認為您將在我們內部看到的里程碑實際上是便利性的擴展。幾週後我們就開始真正看到這一點。我的意思是，我們看到了擴大 ACV 以及每家商店的 SKU 和商品數量的巨大機會。因此，這確實是您將看到組織強勁增長並保持零售速度的地方，這非常關鍵。所以這些是我們真正關注的指標。

Convenience is a massive opportunity and PepsiCo has this program of metals program, which is a loyalty program with over 150 independent retailers. So that's going to be a big opportunity as we start to penetrate that opportunity and then the foodservice opportunity that's out there. Unfortunately, that channel as majority is unreported. So when you're looking at reported numbers. Really, I think the opportunity is getting that ACV number. When you look at the 2 largest players north of that 90 ACV range where we have room to grow as it stands now.

便利是一個巨大的機會，百事可樂有這個金屬計劃，這是一個擁有 150 多家獨立零售商的忠誠度計劃。所以這將是一個很大的機會，因為我們開始滲透這個機會，然後是那裡的餐飲服務機會。不幸的是，該渠道作為多數沒有被報導。因此，當您查看報告的數字時。真的，我認為機會是獲得那個 ACV 號碼。當您查看 90 ACV 範圍以北的 2 家最大的玩家時，我們現在有增長的空間。

Okay. That's helpful. And then if we could switch to the club channel for a minute. I know you mentioned Walmart. I'm not sure if you mentioned Sam's Club. Maybe I missed it, but just wondering as you sit here today, what do you feel is left to do in the club channel? I know you mentioned margins there, too. But -- and then maybe any other retailers that are not part of the network or maybe they are part of the network that you're eyeing here and could potentially add?

好的。這很有幫助。然後如果我們可以切換到俱樂部頻道一分鐘。我知道你提到了沃爾瑪。我不確定你是否提到了山姆會員店。也許我錯過了，但只是想知道當你今天坐在這裡時，你覺得俱樂部頻道還有什麼事情要做？我知道你也提到了利潤。但是 - 然後可能是任何其他不屬於網絡的零售商，或者他們可能是您正在關注的網絡的一部分並且可能會添加？

So from the club channel, we just started getting into Sam's Club at the end of Q1. So if you kind of looked at Costco a year before that, it took 2, 3 quarters for it to get ramped up. So Sam's Club is really starting to ramp up for us, and it's starting to really produce very well for us. So I think we still have good continued growth in Sam's Club, consistent with what we saw with Costco. And then there's still BJs, which we're in stores now, but we've got some more opportunity to expand across their entire footprint. So I think there's still some good room to grow for club and club is going to be a good area for us.

所以從俱樂部渠道，我們在第一季度末才開始進入山姆俱樂部。因此，如果您在那之前一年看看 Costco，它需要 2、3 個季度才能得到提升。所以山姆會員店真的開始為我們服務了，它開始對我們產生很好的效果。所以我認為我們在山姆會員店仍然有良好的持續增長，這與我們在 Costco 看到的情況一致。然後還有 BJ，我們現在在商店裡，但我們有更多的機會擴展他們的整個足跡。所以我認為俱樂部還有一些很好的發展空間，俱樂部對我們來說將是一個很好的領域。

The other thing is we've seen the demographics coming out of club has -- it's not cannibalized the growth in other channels. So it seems to be a consumer that's got the same interest, same live fit, interest, essential energy and those kind of things, but it's a consumer that may not be shopping in the other channels. So we're seeing good growth come out of both areas, and it's continued.

另一件事是我們已經看到來自俱樂部的人口統計數據 - 它並沒有蠶食其他渠道的增長。所以似乎是一個有同樣興趣、同樣健康、興趣、基本能量和這些東西的消費者，但它是一個可能不在其他渠道購物的消費者。因此，我們看到這兩個領域都出現了良好的增長，並且還在繼續。

Makes sense. And then just one more for the housekeeping. I'm just wondering how many coolers that Pepsi has that you're getting into in their network at this point?

說得通。然後再做一次家務。我只是想知道百事可樂目前在他們的網絡中有多少冷卻器？

Yes. I think at this point, we don't really have a clear number on the total opportunity, but what we've been told and really what we're working towards is there's roughly around 50,000 energy Pepsi-owned coolers that we will be gaining additional placement in. But we're -- there's also other opportunities that given retailers that Pepsi owns the space and we're able to participate in. So it's probably a much larger number than that, but 50,000 is kind of what we're -- 50,000 is really what we're told is immediate opportunity to that.

是的。我認為在這一點上，我們對總機會並沒有一個明確的數字，但我們被告知以及我們正在努力爭取的是大約 50,000 個能源百事可樂擁有的冷卻器，我們將獲得額外的安置。但是我們還有其他機會，給零售商提供了百事可樂擁有空間並且我們能夠參與的機會。所以這個數字可能比這要大得多，但50,000是我們的目標-- 50,000 確實是我們被告知的直接機會。

Yes. There's the other coolers that we see as well. So as I make my rounds across Florida, I've seen us enter different coolers over the last 3 weeks. I'll be in a store or a shopping center in 1 week. If we're not there and then give the sales guys a hard time and we're there in the next week. So that's an area that they are rolling us out. They could get us there in week 1, but the goal is to really get it across the 50,000 energy coolers, but then also the opportunity to get into their other coolers as well.

是的。我們還看到了其他冷卻器。因此，當我在佛羅里達州巡迴演出時，我看到我們在過去 3 週內進入了不同的冷卻器。我將在 1 週內到商店或購物中心。如果我們不在那裡，然後給銷售人員帶來困難，那麼我們下週就會在那裡。所以這是他們正在推出的一個領域。他們可以在第 1 週將我們帶到那裡，但目標是真正通過 50,000 個能源冷卻器，但同時也有機會進入他們的其他冷卻器。

And our next question comes from Jeffrey Cohen from Ladenburg Thalmann.

我們的下一個問題來自 Ladenburg Thalmann 的 Jeffrey Cohen。

Couple of questions from our end. Jarrod, you're talking earlier about the termination expense paid. So, one, was that paid? You said it was paid by Pepsi and it will show up under deferred revenue. Is that right?

我們這邊有幾個問題。 Jarrod，你之前在談論支付的終止費用。那麼，第一，那是有償的嗎？你說它是由百事可樂支付的，它將顯示在遞延收入項下。那正確嗎？

Yes, it was paid by Pepsi. Yes, so we had an initial tranche of $174.7 million, of which we ended up accruing $155 million for. So we've got Whatever we don't spend, we sent back, but then we also did some settlements in Q4 as well.

是的，它是由百事可樂支付的。是的，所以我們最初的部分是 1.747 億美元，最終我們為其中積累了 1.55 億美元。所以我們得到了我們不花的任何東西，我們寄回了，但我們也在第四季度做了一些結算。

Right. That would be -- I think you stated $50 million for Q4. Is there any follow-on after Q4 expected or that should be wrapping it up.

正確的。那將是-我認為您為第四季度聲明了 5000 萬美元。預計第四季度之後是否有任何後續行動，或者應該結束它。

It's a good question. I think that we're in great shape from that perspective. I can't say absolutely nothing after that, but the goal is to really be in a position that we're locked in moving into 2023 clean and really focused on getting into all the locations and having them with a stable footprint and knowing exactly what they need to do as we roll out and we look to really start to capture market share in 2023.

這是個好問題。從這個角度來看，我認為我們的狀態很好。在那之後我不能說什麼，但我們的目標是真正處於我們鎖定到 2023 年干淨利落的位置，並真正專注於進入所有位置，讓它們擁有穩定的足跡並確切地知道什麼隨著我們的推出，他們需要這樣做，我們希望在 2023 年真正開始佔領市場份額。

Got it. Okay. And then secondly, for us, could you talk a little bit about SKUs from 2 perspectives, I imagine. The first perspective being -- what's the right number for some of these retailers and SKUs? I know you started out with 1s and 2s and 3s in a number of them. Talk about that a little bit and then talk about SKUs from the company's perspective as far as the totals you have? And John did mention some new flavors coming to '23. Will flavors more out of favor go away as new flavors are added on? Or how should we think about that in 3 .

知道了。好的。其次，對我們來說，我想你能從兩個角度談談 SKU。第一個觀點是——這些零售商和 SKU 的正確數字是多少？我知道你一開始是用 1s 和 2s 和 3s 開始的。稍微談一下，然後從公司的角度談談你擁有的總量的 SKU？約翰確實提到了 23 年的一些新口味。隨著新口味的加入，更不受歡迎的口味會消失嗎？或者我們應該如何考慮 3 。

Yes. I think it's -- you've been following the company for some time. We have entered stores in 1 or 2 flavors, and now we've grown -- look at Publix as an example. We have over -- almost -- well over 15 flavors and SKUs and products now in retail as well as multipacks. So there's a massive opportunity for us where we stand. And I think when you look at where we're at now on average nationwide, you're looking at about 8.6% items. So a lot of the major other players and leaders in the category have north of 20 to 30 items in a given outlet. So the opportunity to grow is, we're just getting started here. Now the #3 energy drink officially as the last data pool for the 1 week, just really excited about that.

是的。我認為是——你已經關注公司一段時間了。我們已經進入了 1 或 2 種口味的商店，現在我們已經成長——以 Publix 為例。我們現在有超過 - 幾乎 - 超過 15 種口味和 SKU 以及零售產品以及多包裝產品。因此，我們所處的位置對我們來說是一個巨大的機會。而且我認為，當您查看我們現在在全國范圍內的平均水平時，您會看到大約 8.6% 的項目。因此，該類別中的許多其他主要參與者和領導者在給定的出口中擁有超過 20 到 30 件商品。所以成長的機會是，我們才剛剛開始。現在排名第三的能量飲料正式成為 1 週的最後一個數據池，對此真的很興奮。

I think that's going to open up additional opportunities, especially with the Bang transition. And also, when you look at the resets that are taken to take place next year upon retailers resetting for the transformation of the energy category, better for you in new age energy, which Celsius is a major contributor to. So I don't have a real specific number for you, but we're going to get as much space as we can out there, for sure.

我認為這將帶來更多的機會，尤其是在 Bang 過渡的情況下。此外，當您查看明年零售商為能源類別轉型而進行的重置時，對您來說更好的是新時代的能源，攝氏是其中的主要貢獻者。所以我沒有給你一個真正的具體數字，但我們肯定會在那裡獲得盡可能多的空間。

Got it. And then lastly for us, is 13 a good number on the co-packer front? Or could that change based on volumes and/or geographies?

知道了。最後對我們來說，13 在聯合包裝機方面是一個好數字嗎？還是會根據數量和/或地理位置而改變？

So we're at 13% now, but we've got backup ones beyond that. So we've got co-packers that we can turn on, quickly. And some of them, there's a number of co-packers that have multiple locations, so we're co-packing in some of their locations so we can flip on their other locations as well. So we're set up from a capacity perspective for a number of years to come.

所以我們現在是 13%，但除此之外我們還有備用的。所以我們有可以快速打開的聯合包裝器。其中一些，有許多聯合包裝商有多個地點，所以我們在他們的一些地點聯合包裝，這樣我們也可以在他們的其他地點翻轉。因此，我們從容量的角度來看未來幾年。

And our next question comes from Anthony Vendetti from Maxim Group.

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

Most of my questions have been answered. But just on the marketing front, is Pepsi spending any direct dollars other than working on the distributor side and putting your SKUs and their coolers and so forth? Are they spending any actual marketing dollars on their own? Or is that all going to be under Celsius?

我的大部分問題都已得到解答。但僅在營銷方面，百事可樂除了在分銷商方面工作並放置您的 SKU 及其冷卻器等外，是否會直接花費任何資金？他們是否自己花費任何實際的營銷費用？或者這一切都將低於攝氏度？

Yes. So it's still early in the relationship. So there's definitely opportunities to partner on different things and different programs, whether we've talked about the college opportunities. So there are different -- is there a college program that we can partner on from a sponsorship perspective. So those are definitely on the table. And I'm not saying we're specifically having any discussion about that, but I'm saying those types of things we are having discussions about as to how can we work together.

是的。因此，它還處於關係的早期階段。所以肯定有機會在不同的事情和不同的項目上合作，無論我們是否談到了大學的機會。所以有不同 - 是否有一個我們可以從贊助角度合作的大學項目。所以這些肯定在桌面上。我並不是說我們正在專門討論這個問題，而是說我們正在討論我們如何一起工作的那些類型的事情。

When it comes to the various pricing and the go-to-market strategy, there are some opportunities for us to -- if you would think kind of co-op for things like that. The energy drink category is very promotional. So there are opportunities, and we will be running kind of joint promotions when it comes to the pricing of the cases and working with our -- especially our key accounts across the board. And then there's the metals program that Pepsi has as well that there's opportunity. So I guess you could call some of that more back-shop promotions, the front-facing promotions, again, (technical difficulty) but those are really going to be more of our focus. It's up to us to really push the brand and push the velocity when it comes to that component.

當談到各種定價和進入市場的策略時，我們有一些機會——如果你想為這樣的事情進行合作的話。能量飲料類別非常具有促銷性。所以有機會，我們將在案例定價和與我們的合作 - 特別是我們全面的關鍵客戶方面開展聯合促銷活動。然後是百事可樂的金屬項目，也有機會。所以我想你可以再次稱一些更多的後台促銷，正面促銷（技術難度），但這些真的會成為我們更多的關注點。當涉及到該組件時，我們有責任真正推動品牌並推動速度。

And just a follow-up on the coolers, right, because you placed 550. You're now at over 3,500. Pepsi has 50,000 initial coolers you're going to look at. But you mentioned you're looking to roll out more specific Celsius coolers, does that still make sense? And if so, why, versus just focusing on the Pepsi coolers at this point?

只是對冷卻器的跟進，對，因為您放置了 550。您現在超過 3,500。百事可樂有 50,000 個初始冷卻器供您參考。但是您提到您正在尋求推出更具體的攝氏冷卻器，這仍然有意義嗎？如果是這樣，為什麼，而不是在這一點上只關注百事可樂冷卻器？

Yes. I think -- I mean, we're really -- we're focused on all opportunities. And the Celsius brand will be wholly owned by Celsius, and they will only carry Celsius. And there's a huge opportunity there. We see the benefit on both the co-branded or coexistent in the energy Pepsi coolers for availability. And our branding coolers are a salient salesperson that's out there for us. So we see the great returns. We've got great ROI, and we do have a significant amount of coolers on order currently.

是的。我認為 - 我的意思是，我們真的 - 我們專注於所有機會。而Celsius品牌將由Celsius全資擁有，他們只會攜帶Celsius。那裡有一個巨大的機會。我們看到了能源百事可樂冷卻器中的聯合品牌或共存的好處。我們的品牌冷卻器是為我們服務的傑出銷售人員。所以我們看到了巨大的回報。我們的投資回報率很高，目前我們確實有大量的冷卻器在訂購中。

And our next question comes from Sean McGowan from ROTH Capital.

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

First, I just wanted to, Jarrod, if you wouldn't mind repeating the comments you made in your prepared remarks on the tax kind of noise in the quarter? I think your recording got a little muffled there. So would you mind repeating some of that? And then I have a follow-up.

首先，Jarrod，如果您不介意重複您在準備好的關於本季度稅收噪音的評論中發表的評論，我只是想這樣做？我覺得你的錄音在那裡有點低沉。所以你介意重複一些嗎？然後我有一個跟進。

Yes. So the gist of the noise this quarter is when we value the preferred shares, we put them on the books at $832.5 million and $282.5 million basically is premium. That's reported as an asset (technical difficulty) amortized as contra revenue over the total distribution agreement, so roughly 20 years. And so from a tax perspective, it's not deductible. So there's a flip tax timing (technical difficulty) basically a DTL, and we book -- ran that through the tax line this quarter. So that's a (technical difficulty) positive noise.

是的。因此，本季度噪音的要點是，當我們對優先股進行估值時，我們將它們記入賬面價值 8.325 億美元，而 2.825 億美元基本上是溢價。這被報告為一項資產（技術難度），在總分銷協議中攤銷為對沖收入，因此大約 20 年。所以從稅收的角度來看，它是不可扣除的。所以有一個翻轉稅收時機（技術難度）基本上是一個 DTL，我們預訂 - 在本季度通過稅線運行。所以這是一個（技術難度）積極的噪音。

Okay. So what do you think the -- we should be using as the effective tax rate kind of going forward when you don't have an event like that?

好的。那麼你認為 - 當你沒有這樣的事件時，我們應該將其用作有效稅率嗎？

I'll kind of look to the 21% federal, and roughly, 5%, 6% from the state rate. (technical difficulty).

我會看一下聯邦稅率的 21%，以及州稅率的大約 5%、6%。 （技術難度）。

All right. And then on the -- the other question I had was, can you remind us, did you take any additional price increases during the third quarter? And the reason I'm asking is like relative to my expectations, accounts receivable were higher and inventory was lower than I thought, which suggests to me that the timing may have been -- some shipments may even later than I thought. And how does that -- is there any price increase during the quarter that might have helped the gross margin because it came after a price increase?

好的。然後——我的另一個問題是，你能提醒我們，你在第三季度是否採取了任何額外的價格上漲？我問的原因是相對於我的預期，應收賬款比我想像的要高，庫存比我想像的要低，這對我來說，這表明時間可能已經 - 一些發貨可能比我想像的還要晚。那是怎麼回事 - 本季度是否有任何價格上漲可能有助於毛利率，因為它是在價格上漲之後出現的？

No. I mean we have kind of a rollout (technical difficulty) so nothing has changed from perspective. And that continued a little bit in Q4 as well (technical difficulty) we've gotten some of these accounts because our growth, we've been picking up (technical difficulty) even throughout this year, right? So from a pricing perspective, nothing has changed from the prior commentary.

不，我的意思是我們有一種推出（技術難度），所以從角度來看沒有任何改變。這在第四季度也持續了一點（技術難度），我們已經獲得了其中一些客戶，因為我們的增長，甚至在今年全年都在回升（技術難度），對吧？因此，從定價的角度來看，之前的評論沒有任何變化。

From a margin perspective, we (technical difficulty) we're benefiting from our (technical difficulty) model from a greater onboard freight gross profit, excluding onboard freight relative to Q3 of last year. We had a really good pick up. So that's contributing a lot of our benefit in the profit line. And then the other piece is, we are seeing the average can prices (technical difficulty) came through as we cycle through those cans and we cycle the percentage in (technical difficulty) more and more into a better overall (technical difficulty) raw material average case as (technical difficulty).

從利潤率的角度來看，我們（技術難度）從我們的（技術難度）模型中受益於更大的船上貨運毛利潤，不包括相對於去年第三季度的船上貨運。我們有一個非常好的接機。因此，這為我們在利潤線上帶來了很多好處。然後另一部分是，我們看到平均罐頭價格（技術難度）隨著我們循環這些罐頭而出現，我們將（技術難度）中的百分比越來越多地轉化為更好的整體（技術難度）原材料平均值案例為（技術難度）。

At this time, I would now like to turn it back to management for any closing remarks.

在這個時候，我現在想把它交還給管理層，以完成任何結束語。

Thank you. On behalf of the company, I'd like to thank everyone for their continued interest and support. Our results demonstrate our products are gaining considerable momentum, and we're capitalizing on today's global health and wellness trends and the transformation taking place in today's energy drink category. Our active position is a global position with mass appeal. We're built upon our core business and leveraging opportunities and deploying our best practices. We have a winning portfolio, strategy and team in a large, rapidly growing market that consumers want. In addition, I'd like to thank all of our investors for their continued support and confidence in our team. And thank you, everyone, for your interest in Celsius. Stay healthy, stay fit.

謝謝你。我謹代表公司感謝大家一直以來的關注和支持。我們的結果表明我們的產品正在獲得相當大的動力，我們正在利用當今全球健康和保健趨勢以及當今能量飲料類別發生的轉變。我們的積極立場是具有大眾吸引力的全球立場。我們建立在我們的核心業務之上，利用機會並部署我們的最佳實踐。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。此外，我要感謝我們所有的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 does conclude today's conference. We thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.

謝謝你。今天的會議到此結束。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。