Celsius Holdings Inc (CELH) 2022 Q4 法說會逐字稿

Greetings, and welcome to the Celsius Holdings Fourth Quarter Fiscal Year 2022 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Cameron Donahue, Investor Relations for Celsius Holdings. Thank you. You may begin.

各位來賓，歡迎參加 Celsius Holdings 2022 財年第四季財報電話會議。 （操作說明）提醒各位，本次會議正在錄音。現在，我榮幸地向大家介紹主持人，Celsius Holdings 投資者關係負責人 Cameron Donahue。謝謝。會議可以開始了。

Thank you, and good afternoon, everyone. We appreciate you joining us today for Celsius Holdings Fourth 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 begin at that time.

謝謝大家，下午好。感謝各位今天參加Celsius Holdings 2022年第四季財報電話會議。今天與我一同出席會議的有總裁兼執行長John Fieldly先生和財務長Jarrod Langhans先生。在各位發言結束後，我們將開放提問環節，屆時將開始提問。

The company released our earnings press release earlier this evening, and all materials will be available on the company's website, celsiusholdingsinc.com. As a reminder, before I turn the call over to John, an audio replay will be available later today and will be accessed with the same live webcast link in our conference call announcement press release.

該公司已於今晚早些時候發布了盈利新聞稿，所有資料均可在公司網站 celsiusholdingsinc.com 上查閱。再次提醒，在我將電話會議交給 John 之前，稍後將提供音訊回放，您可以透過電話會議公告新聞稿中的網路直播連結存取。

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 March 1, 2023. 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 undertakes no obligations and disclaims any duty to update any of these forward-looking statements.

另請注意，本次電話會議可能包含前瞻性陳述，這些陳述是基於管理層截至2023年3月1日可獲得的預測、預期及其他資訊。這些陳述涉及諸多風險和不確定性，其中許多風險和不確定性超出公司的控制範圍。除法律另有規定外，Celsius不承擔任何更新這些前瞻性陳述的義務，亦不承擔任何更新義務。

We encourage you to review in full our safe harbor statements contained in today's press release and our filings with the SEC for additional information. With that, let me turn the call over to President and Chief Executive Officer, John Fieldly, for his prepared remarks. John?

我們建議您仔細閱讀今天新聞稿中包含的「安全港」聲明以及我們向美國證券交易委員會提交的文件，以獲取更多資訊。接下來，我將把電話交給總裁兼執行長約翰·菲爾德利先生，請他發表準備好的演講。約翰？

Thank you, Cameron. Good afternoon, everyone, and thank you for joining us today. We achieved record sales for the fourth quarter of $178 million, an increase of 71% from last year's fourth quarter of $104 million. This revenue growth was driven despite approximately $15 million to $20 million we discussed in the third quarter that was driven by the inventory pipe fill by the Pepsi system in the preparation for distribution transition that began October 1, 2022. We believe the distributor inventory levels are now back to normalized levels as we began the first quarter of this year.

謝謝卡梅倫。大家下午好，感謝各位今天參加我們的節目。我們第四季的銷售額創下歷史新高，達到1.78億美元，比去年同期的1.04億美元成長了71%。儘管我們在第三季討論過，由於百事系統為準備2022年10月1日開始的分銷過渡而進行的庫存補貨，導致約1500萬至2000萬美元的損失，但收入仍然實現了增長。我們相信，截至今年第一季初，分銷商的庫存水準已恢復正常。

For the full year, sales totaled $654 million, up 108% or $340 million growth compared to $314 million in 2021. According to the January 1, 2023, 52-week IRI energy category SPINS MULO+C data, representing the calendar year for 2022, Celsius is the #1 brand driver of growth in the energy category in all of 2022, responsible for 22% of the category dollar growth, driving $474 million approximately in incremental retail sales for the category.

全年銷售額達 6.54 億美元，較 2021 年的 3.14 億美元成長 108%，即 3.4 億美元。根據 2023 年 1 月 1 日 IRI 能源品類 SPINS MULO+C 的 52 週數據（代表 2022 年全年），Celsius 是 2022 年能源品類增長的第一大品牌，貢獻了該品類 22% 的銷售額增長，為該品類帶來了約 4.74 億美元的零售額。

We continue to see growth across all channels, including those non-tracked, with the club channel sales totaling over $138 million for the year ending December 31, 2022, which were up 247% compared to $40 million last year. We also hit record sales through Amazon in 2022, with full year sales of approximately $58 million versus full year sales in 2021, up $32 million, up 83% approximately. In addition, according to the trailing 12 weeks IRI MULO+C Total Energy as of January 1, 2023, representing the majority of the fourth quarter, Celsius is now the #3 energy drink brand in the category with dollar sales growing approximately 128% versus the same period in the prior year.

我們持續看到所有管道（包括未追蹤管道）的成長，截至2022年12月31日，俱樂部通路銷售額超過1.38億美元，較上年的4,000萬美元成長247%。 2022年，我們在亞馬遜的銷售額也創下歷史新高，全年銷售額約5,800萬美元，較2021年全年成長3,200萬美元，增幅約83%。此外，根據截至2023年1月1日的過去12週IRI MULO+C總能量飲料市場數據（涵蓋第四季度的大部分時間），Celsius目前已成為該品類排名第三的能量飲料品牌，銷售額較上年同期增長約128%。

Our fourth quarter represented our first quarter since the commencement and distribution partnership with PepsiCo. During the fourth quarter, we had an additional $38 million in expense of sales and marketing related to termination associated expenses from prior distributors, which was recognized. Most of these distributors were transitioned by November 1, 2022, and in conjunction with approximately $156 million of similar book charges that were recorded in the third quarter.

第四季是我們與百事公司建立分銷合作關係後的第一個季度。第四季度，我們確認了與先前分銷商終止合作相關的銷售和行銷費用，金額為3,800萬美元。大部分經銷商已於2022年11月1日前完成過渡，同時，我們在第三季也確認了約1.56億美元的類似帳面費用。

For the full year, transition costs totaled $194 million associated with -- mainly associated with distributor termination costs. This completes our distributor transition to the PepsiCo network, and we do not anticipate any further material changes going forward. We have been extremely happy with the transition, both from our PepsiCo partner as well as with our Celsius team. And I'd like to thank all of our previous distributors for their amazing work that they did helping us build the Celsius brand, especially through these challenging macroeconomic times over the last few years.

全年過渡成本總計1.94億美元，主要與經銷商終止合作相關。至此，我們已完成經銷商向百事可樂網路的過渡，預計未來不會再有任何重大變化。我們對此次過渡非常滿意，無論是百事可樂合作夥伴或Celsius團隊都給予了高度評價。在此，我要感謝所有先前的經銷商，感謝他們為我們打造Celsius品牌所做的出色工作，尤其是在過去幾年充滿挑戰的宏觀經濟環境下。

As highlighted in our earnings supplement for the 4 weeks period and according to SPINS and IRI Total Energy as of January 1, 2023, in the MULO+C, Celsius is the #3 energy drink with a $6.4 share in the energy category versus $3.4 share in the year ago period, with an ACV now reaching approximately 89.7% versus 59.6% in the year ago period. In addition, in the convenience channel, Celsius has seen approximately a 96% increase in ACV growing to 89% compared to 45.3% in the year ago period.

正如我們在四周收益補充報告中所強調的，根據SPINS和IRI截至2023年1月1日的綜合零售通路（MULO+C）總能量飲料市場數據，Celsius在能量飲料品類中排名第三，市場份額為6.4%，高於去年同期的3.4%，年均銷售額（ACV）也從去年同期的59.6%增長至約7%。此外，在便利商店通路，Celsius的年均銷售額也成長了約96%，達到89%，而去年同期為45.3%。

We see substantial growth opportunities and convenience on a go-forward basis. In addition, in the foodservice channel, we have now expanded over 1,600 colleges and universities and over 1,600 health care locations in the United States. And we're also continuing to drive authorizations with key Pepsi customers such as the Marriott and Hilton as well as travel and airport segment and casinos, which are all incremental to the brand. International sales did see a 38% growth in the fourth quarter, totaling $11.5 million compared to $8.3 million in the fourth quarter of 2021. We believe there is significant opportunities for international growth going forward with PepsiCo.

我們看到未來巨大的成長機會和便利性。此外，在餐飲服務管道，我們已在美國拓展了超過1,600所大學和1,600多家醫療機構。我們也持續推動與百事可樂重要客戶（如萬豪和希爾頓酒店集團）以及旅遊、機場和賭場等產業的授權合作，這些合作都對品牌而言是增值。第四季國際銷售額成長了38%，達到1150萬美元，而2021年第四季為830萬美元。我們相信，百事公司未來在國際市場擁有巨大的成長潛力。

While we just began our distribution partnership with Pepsi and the initial focus has been on the U.S. distribution transition to their network, we have begun initial discussions and we see significant opportunities to capitalize on a global scale in the future, reflecting the changes in consumer preferences for better-for-you offerings.

雖然我們與百事可樂的經銷合作關係才剛剛開始，最初的重點是將美國的經銷管道過渡到他們的網絡，但我們已經開始了初步的討論，並且我們看到了未來在全球範圍內利用這一巨大機遇的機會，這反映了消費者對更健康產品的偏好變化。

While the U.S. transition has taken the majority of our focus to date, we do expect to announce additional international expansion initiatives in additional countries in the future. Turning to our gross profit. Gross profit for the quarter increased approximately 90% in the fourth quarter to a record for the quarter of $79 million, up $42 million in the year ago quarter.

雖然迄今為止，我們的大部分精力都集中在美國市場的轉型上，但我們預計未來將在其他國家宣布更多國際擴張計劃。再來看我們的毛利。第四季毛利年增約90%，達到創紀錄的7,900萬美元，比去年同期成長4,200萬美元。

Our gross margins for the quarter totaled 44.4% and increased approximately 445 basis points from the prior year. As discussed on our last earnings call, we reiterate our expectations for continued sequential margin percentage improvements as we further gain efficiencies through our supply chain. And as stated on our last call, our goal was to achieve a mid-40 gross profit margin upon our exit of 2022, which we have achieved.

本季毛利率總計為 44.4%，較上年同期成長約 445 個基點。正如我們在上次財報電話會議上所述，我們重申，隨著供應鏈效率的進一步提升，毛利率將繼續環比成長。此外，正如我們在上次電話會議中所述，我們的目標是在 2022 年底實現 40% 左右的毛利率，而我們已經實現了這一目標。

The improvement was made despite the significant growth we saw in the club channel as this channel has a story had lower margins due to secondary repacking facilities, which is required for the pack size. We continue to initiate production efficiencies to improve margins in this channel, including working with our co-packers to transition to in-line packing. So the product doesn't have to be moved to a secondary location facility.

儘管俱樂部通路實現了顯著成長，但由於包裝尺寸的限制，該通路利潤率較低，需要二次分裝，因此我們仍取得了改進。我們持續推動生產效率提升，以提高該通路的利潤率，包括與代工包裝商合作，過渡到線上包裝，從而避免產品被運送到二次包裝設施。

In addition, we are working to increase our pack size from a 15 pack to an 18 pack size through this transition, which started in the fourth quarter. We did launch a second SKU of Vibe multipack in the fourth quarter at Costco and in the first -- through -- and will continue through the first quarter of 2023. And we launched a second SKU also at a club pack at Sam's Club. And in the first quarter of 2023, we are fully rolling out through BJ's nationally.

此外，我們正在努力將包裝規格從15支裝增加到18支裝，這項過渡工作已於第四季啟動。我們在第四季於Costco推出了Vibe多包裝的第二個SKU，並將持續銷售至2023年第一季。我們也在Sam's Club推出了第二個SKU的會員裝。 2023年第一季度，我們將在BJ's全國全面推廣該產品。

The company does see opportunities to drive incremental efficiencies in 2023 and beyond from both the expected improvements in the club channel, in addition to with our transition from a significant number of independent distributors to PepsiCo's distribution. This will allow our team to consolidate sales, marketing and distribution efforts, which will have associated cost benefits, which we expect to recognize and leverage in the future.

公司認為，隨著俱樂部通路的預期改善，以及我們從大量獨立分銷商過渡到百事公司統一分銷，2023年及以後將有機會進一步提升效率。這將使我們的團隊能夠整合銷售、行銷和分銷工作，從而帶來相應的成本效益，我們預計未來將能夠實現並充分利用這些效益。

International third-party back data continues to show accelerated 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 new national retailers and independent chains and further leveraging our new partnership with PepsiCo.

國際第三方數據持續顯示加速成長指標，我們相信隨著我們透過與新的全國零售商和獨立連鎖店合作推出更多產品，並進一步利用我們與百事可樂的新合作關係，提高各通路的年度合約價值，Celsius 將繼續推動銷售額進一步提高。

Consumer demand for Celsius on a dollar basis reaccelerated to the fourth quarter of 2022 and into the first quarter of 2023 from the initial distribution shift, which started October 1, 2022. The most recent period Nielsen scan data and Energy reported as of January 28, 2023, so Celsius sales were up as of the 4 weeks, 136% year-over-year, 129.8% for the 12 weeks ending, 127.5% for the fourth quarter.

從2022年10月1日開始的初步分銷調整後，以美元計價的Celsius消費者需求在2022年第四季和2023年第一季再次加速成長。根據尼爾森掃描數據和能源報告公司截至2023年1月28日的最新數據，Celsius的銷售額在截至2023年1月28日的4週內同比增長136%，在截至2023年1月28日的12週內同比增長129.8%，在第四季度同比增長127.5%。

This compares to the energy category, which grew approximately 17.1% for the 4-week period, ending 18.8% for the 12-week period ending and 10.8% for the fourth quarter over the same period. On Amazon, Celsius is the second largest energy drink brand with a 16.94% share in the category, ahead of Red Bull, which is at 11.71% share and just behind Monster, which is at a 26.38% share year-over-year periods as of February 11, 2023, per Stackline, Total Energy, Total U.S.

相較之下，能量飲料類別在過去四周成長了約 17.1%，在過去十二週成長了 18.8%，第四季同期成長了 10.8%。在亞馬遜。

Amazon full year 2022 sales hit a record for us at $58 million versus the prior year, which totaled $32 million, which, as we stated earlier, was up 83%. We see great opportunities as we continue to leverage consumers in the omnichannel world. The company has plans to acquire place an additional 15,000 dedicated branded Celsius coolers in 2023, which will bring our total dedicated Celsius coolers in the U.S. to over 20,000 by the end of this year of 2023.

2022年全年，亞馬遜銷售額達到5,800萬美元，創下公司歷史新高，而前一年為3,200萬美元，如我們先前提到的，增幅高達83%。我們看到，隨著我們繼續在全通路領域充分利用消費者資源，未來蘊藏著巨大的機會。公司計劃在2023年增設15,000台Celsius品牌專屬保溫箱，屆時，到2023年底，我們在美國銷售的Celsius品牌專屬保溫箱總數將超過20,000台。

This will be the incremental to the additional cold placements we expect to gain as we discussed before in the PepsiCo energy dedicated coolers, which provides an additional incremental up to 50,000 additional placement opportunities. Our U.S. store count now exceeds over 210,000 locations nationally, growing approximately 20% from the third quarter, with additional expansions planned through 2023, accelerated by the PepsiCo distribution agreement.

這將是我們預期新增冷藏櫃數量的補充，正如我們之前在百事可樂專用能量飲料冷藏櫃項目中討論的那樣，這些冷藏櫃將額外提供多達 5 萬個冷藏櫃位。目前，我們在全美的門市數量已超過 21 萬家，較第三季度增長約 20%，併計劃在 2023 年前繼續擴張，而百事可樂的分銷協議將加速這一進程。

Before I turn the call over to Jarrod, I want to outline some key pillars the company is focusing on to drive further shareholder value. The first pillar is top line growth, which includes increasing the number of stores and channels that carry Celsius. New retailers, national expansions within existing channels, such as our recent national expansion, as mentioned earlier, with BJ's and also a national rollout, which starts this quarter -- the first quarter of 2023 with ALDI.

在將電話交給 Jarrod 之前，我想先概述一下公司為進一步提升股東價值而重點關注的幾個關鍵支柱。第一個支柱是營收成長，包括增加銷售 Celsius 產品的門市和通路數量。具體措施包括拓展新零售商、在現有管道內進行全國性擴張（例如我們先前提到的與 BJ's 的全國性合作），以及從本季度開始（即 2023 年第一季）與 ALDI 的全國性推廣。

In addition, leveraging and expanding new channels such as foodservice and college universities, also increasing the number of items carried per location, focusing on key drivers to drive velocity rates and the opportunities to leverage with international growth. Our second pillar is the operational excellence. These drivers include a focus on gross margin. Our focus on gross margin will be driving efficiencies and leverage as we scale, leveraging our orbit model -- our distribution orbit model to drive more efficiencies.

此外，我們將利用並拓展餐飲服務和大學等新通路，增加每家門市的商品種類，並專注於提升銷售速度的關鍵驅動因素，並抓住國際成長機會。我們的第二個支柱是卓越營運。這其中就包括對毛利率的關注。我們將透過關注毛利率來提升效率，並在規模擴張的過程中充分利用我們的軌道模式——即我們的分銷軌道模式——來進一步提高效率。

As an example, shipping from co-packers straight to distributor, optimizing freight warehousing costs, vertically integrating and improving our scrap and waste efficiencies. Also focusing on sales and marketing initiatives to gain further leverage, optimizing our PepsiCo partnership and in the G&A, optimizing our revenue per employee, leveraging software optimizations and focusing on building our internal and expertise internally to drive scale.

例如，我們採取的措施包括：從代工包裝商直接向分銷商發貨、優化貨運倉儲成本、垂直整合以及提高廢料和廢棄物處理效率。此外，我們也專注於銷售和行銷措施以進一步擴大影響力，優化與百事可樂的合作關係，優化一般及行政費用，提高人均收入，利用軟體優化，並致力於內部人才和專業技能的培養以擴大規模。

The driver of the final pillar is cash generation and EBITDA leverage. Goal of driving increased EBITDA and as we scale. To close my prepared remarks with the PepsiCo transition now complete, Celsius is positioned for the next phase of growth with further opportunities as we begin to expand international markets to further capitalize on our future and optimize our leverage, driving further value for our shareholders. Celsius is now established as a leader in the energy category in the United States, driving growth for the entire category at all of 2022, with incremental opportunities to further drive growth to 2023 and beyond. I will now turn the call over to Jarrod Langhans, our Chief Financial Officer, for his prepared remarks. Jarrod?

最後一個支柱的驅動力是現金流和 EBITDA 槓桿。我們的目標是隨著規模的擴大，推動 EBITDA 的成長。鑑於百事可樂過渡期已完成，Celsius 已為下一階段的成長做好準備，隨著我們開始拓展國際市場，我們將迎來更多機遇，從而進一步把握未來機遇，優化槓桿，為股東創造更多價值。 Celsius 目前已成為美國能源領域的領導者，在 2022 年全年推動了整個品類的成長，並擁有更多機會在 2023 年及以後進一步推動成長。現在，我將把電話會議交給我們的財務長 Jarrod Langhans，請他發表準備好的發言。 Jarrod？

Thank you, John. Before jumping into the financial results for the year and the quarter, I'll cover a few administrative items. It was another very exciting and busy quarter. For the quarter, we successfully integrated into the Pepsi distribution system going from an ACV in the mid-60s to the high 80s very quickly. In addition to moving to the Pepsi system, we processed the majority of our prior distributors terminations, including final payments, inventory returns, et cetera.

謝謝約翰。在詳細介紹年度和季度財務表現之前，我先簡單介紹一些行政事項。這又是一個令人興奮又忙碌的季度。本季度，我們成功整合到百事可樂的分銷系統中，平均合約價值（ACV）迅速從60多美元提升至80多美元。除了整合到百事可樂系統之外，我們還處理了大部分原始分銷商的終止合作事宜，包括最終付款、庫存退貨等等。

As John mentioned, the transition continues to go very well, and we are excited to see the results of this long-term partnership. So let's walk through some accounting updates. Let's start with transition-related expenses. Included within our annual results, we recorded approximately $194 million of termination expenses associated with termination notices issued in 2022, primarily related to the transfer of distribution of Pepsi.

正如約翰所提到的，過渡工作進展非常順利，我們對這項長期合作的成果充滿期待。接下來，我們來看看一些會計的最新進展。首先是與過渡相關的費用。在我們的年度業績中，我們計入了約1.94億美元的終止費用，這些費用與2022年發出的終止通知有關，主要涉及百事可樂分銷權的轉移。

As of the first quarter of 2023, we have effectively transferred all activities that we had set out to transfer to Pepsi, plus a few additional areas. During the fourth quarter, we saw some increases in inventory reserves and other related costs as we transition from our prior distribution network and into the Pepsi system. As a part of our contract with the prior distributors, we accepted return product and had to make decisions on the product in terms of taking the product back or disposing of the product.

截至2023年第一季度，我們已成功將所有計劃轉移給百事公司的業務活動以及部分其他業務領域轉移完畢。第四季度，隨著我們從原有分銷網絡過渡到百事系統，庫存儲備和其他相關成本增加。根據與原分銷商的合同，我們接受退貨，並需決定是收回產品還是處置產品。

In a number of instances, we chose the donator disposes the product. In addition, in the fourth quarter, we made a decision to overinvest as a part of the integration into the Pepsi system in order to support the significant expansion. More on that later.

在某些情況下，我們選擇由捐贈者自行處置產品。此外，為了支持業務的顯著擴張，我們在第四季度決定加強投資力度，以整合到百事可樂體系中。稍後會詳細介紹。

Now let's talk taxes. As a reminder, from our Q3 call, our effective tax rate for the year 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 is being expensed over 20 years for book purposes. As this expense is nondeductible for tax purposes, we recorded a deferred tax liability in the third quarter as a discrete item.

現在我們來談談稅務問題。提醒一下，正如我們在第三季財報電話會議上提到的，我們本年度的實際稅率低於21%的法定聯邦所得稅率，這主要是由於2.825億美元的A系列優先股價值調整的稅務影響，該調整在賬面上分20年攤銷。由於這項支出在稅法上不可抵扣，我們在第三季將遞延所得稅負債作為單獨項目計入。

The effective income tax rate for the year was also impacted by a disallowed stock-based compensation expense, state and local income taxes and the release of certain state income tax reserves. Moving on to a few legal items. We have progressed on the settlement associated with our can label. As of the middle of February, the notification process was completed, and we would expect to close this out prior to the end of the second quarter.

本年度的實際所得稅率也受到一項不認可的股權激勵費用、州和地方所得稅以及部分州所得稅準備金釋放的影響。接下來談談一些法律事項。我們在罐頭標籤相關的和解事宜上取得了進展。截至二月中旬，通知流程已完成，我們預計在第二季末之前完成和解。

As many of you know, we received an unfavorable verdict in January of 2023 around litigation involving Flo Rida. We have incorporated a detailed discussion within our 10-K as well as a range of potential outcomes. We are in the process of appealing and believe that we will ultimately prevail. In regards to the SEC review, we continue to cooperate with any inquiries or requests that are received, but don't really have any updates beyond that.

如大家所知，我們在2023年1月就與Flo Rida相關的訴訟案中敗訴。我們在10-K文件中對此進行了詳細討論，並分析了各種可能的結果。我們正在提起上訴，並相信最終會勝訴。關於美國證券交易委員會（SEC）的審查，我們將繼續配合其任何問詢或要求，但除此之外，目前沒有其他更新資訊。

Before moving to the results, I wanted to make a few comments on our internal control environment. We have significantly expanded our finance team, especially during the fourth quarter, and our control environment has seen great improvements across 2022. With that said, 2022 was a very busy year with our significant growth, Pepsi transition and new team members. And as a result, although we were able to make progress and saw many improvements, we were not able to get to a position where we could fully clear the material weaknesses from 2021. This is reflected in our 10-K.

在介紹業績之前，我想先談談我們的內部控制環境。我們大幅擴充了財務團隊，尤其是在第四季度，因此我們的控制環境在2022年取得了顯著改善。儘管如此，2022年對我們來說也是非常忙碌的一年，我們經歷了顯著的成長、百事可樂的轉型以及新團隊成員的加入。因此，儘管我們取得了一些進展並看到了許多改進，但我們仍然無法完全消除2021年遺留的重大缺陷。這一點已反映在我們的10-K報告中。

As we look out across 2023, the team is focused on working towards fully clearing these items, and we will work diligently to get across the finish line. Turning to our fourth quarter financial results. Revenue was approximately $178 million, an increase of 71% from $104 million, driven by North America, where fourth quarter revenues were $160 million, an increase of 74% from the same period in 2021. The primary factors behind the increase in North American sales volume were related to our integration into the Pepsi distribution system as well as continued strong growth in traditional distribution channels, combined with an increase in an optimization of our product's presence across our footprint.

展望2023年，團隊正全力以赴，力求徹底解決這些問題，我們將不懈努力，最終達成目標。接下來，我們來看看第四季的財務表現。營收約1.78億美元，較上年同期的1.04億美元成長71%，主要得益於北美地區的強勁成長。北美地區第四季營收為1.6億美元，較2021年同期成長74%。北美地區銷售成長的主要原因在於我們已成功整合到百事可樂的分銷體系中，傳統分銷管道持續強勁成長，以及我們不斷優化產品在各銷售區域的佈局。

As a reminder, we discussed on our third call that revenue in the third quarter was elevated as a result of building inventories at Pepsi warehouses and distribution centers. This was a onetime pipe fill of around $15 million to $20 million. Gross profit for the quarter increased 90% to $79 million, up from $42 million in the year ago quarter. Gross profit margin in the fourth quarter were 44% of revenues compared to 40% for the prior year fourth quarter. The improvements in gross profit margins were due to lower average can prices, improvements in freight lanes from our orbit model and transition into Pepsi as well as pricing benefits.

再次提醒，我們在第三次電話會議上討論過，第三季營收成長是由於百事倉庫和配送中心的庫存增加所致。這是一筆約1500萬至2000萬美元的一次性庫存補充。本季毛利成長90%至7,900萬美元，高於去年同期的4,200萬美元。第四季毛利率為營收的44%，高於去年同期的40%。毛利率的提升得益於平均罐裝價格下降、我們軌道式運輸模式帶來的貨運線路改善、百事可樂業務的轉型以及定價優勢。

Sales and marketing expenses for the 3 months ended December 31, 2022, were approximately $90 million, an increase of approximately 265%. This increase was primarily attributable to termination expenses of prior distributors in the amount of $38 million as well as an intentional increase in marketing spend versus budget in the amount of $15 million as we moved into the Pepsi distribution system.

截至 2022 年 12 月 31 日的三個月內，銷售和行銷費用約為 9,000 萬美元，成長約 265%。這一增長主要歸因於終止與先前分銷商的合作費用 3800 萬美元，以及在我們過渡到百事可樂分銷系統後，有意將營銷支出增加到預算之外的 1500 萬美元。

With the huge gains that were made in ACV, we felt that it was appropriate to overinvest in marketing in support of this expansion. As a percentage of sales, sales and marketing would have been in line with historical rates had we not incurred the termination expenses and put forth the additional marketing investment. As we moved into Q1 2023, we expect our sales and marketing spend to be in line with historical rates as a percentage of sales.

鑑於年度合約價值 (ACV) 的大幅成長，我們認為有必要增加行銷投資以支持業務擴張。如果我們沒有承擔終止合約費用並進行額外的行銷投資，銷售和行銷支出佔銷售額的比例將與歷史水準持平。進入 2023 年第一季度，我們預期銷售和行銷支出佔銷售額的比例將與歷史水準持平。

General and administrative expenses for the 3 months ended December 31, 2022, were approximately $22 million, an increase of 54% relative to 2021. This increase was due to increased employee costs associated with building back shop that can scale as we grow as well as administrative fees such as legal, audit and other consulting fees. G&A expense as a percentage of sales was 12% for the fourth quarter of 2022 versus 14% in the prior year, which was in line with our annual rate. We would expect to see this area leverage during 2023 once we have fully built out the team.

截至2022年12月31日止三個月的管理費用約為2,200萬美元，較2021年同期成長54%。成長的主要原因是為建立可擴展的後台支援團隊而增加的員工成本，以及法律、審計和其他諮詢費用等行政開支。 2022年第四季管理費用佔銷售額的12%，而去年同期為14%，與年度平均持平。我們預計，隨著團隊的全面組建，該項支出將在2023年得到有效控制。

Turning to our full year financial results. We had revenue of approximately $654 million, an increase of $340 million or 108% from $314 million in the prior year, driven by 126% revenue growth in North America. The primary factors behind the increase in North American sales volumes were related to continued strong growth in traditional distribution channels, combined with an increase in optimization of our products across North America as well as our transition into the Pepsi system.

接下來來看看我們全年的財務表現。我們的營收約為6.54億美元，較前一年的3.14億美元成長了3.4億美元，成長 108%，主要得益於北美地區126%的營收成長。北美地區銷售成長的主要因素包括傳統分銷管道的持續強勁成長，以及我們在北美地區產品優化程度的提高和我們向百事系統轉型。

Gross profit increased 111% to $271 million, up from $128 million in the prior year. Gross profit margins were also improved, up 66 basis points on a full year basis. We saw gradual improvement in our gross profit margins across the back half of 2022 as we saw improvements in our average can cost with less higher-priced international cans, more efficient freight lanes with our Orbit model and also some pricing benefits.

毛利成長111%，達到2.71億美元，高於上年的1.28億美元。毛利率也得到提升，全年季增66個基點。 2022年下半年，隨著平均罐體成本的降低（高價國際罐體減少）、Orbit模式提升了貨運效率以及一些定價優勢，我們的毛利率逐步改善。

Sales and marketing expense for the year ended December 31, 2022, were $353 million, an increase of $278 million or 372% from $75 million in the prior year. The largest increase was from $194 million of termination expenses to our prior distribution network. In addition, we had increased incremental marketing investment activities of roughly $48 million, saw increased employee costs of $8 million and had increases of $28 million across storage, distribution, broker costs and trade spend.

截至2022年12月31日止年度，銷售及行銷費用為3.53億美元，較上年同期的7,500萬美元增加2.78億美元，增幅達372%。其中，最大的增幅為1.94億美元的終止費，用於支付我們先前的經銷網路費用。此外，我們的新增行銷投資活動約4,800萬美元，員工成本增加800萬美元，倉儲、配送、經紀費用和貿易支出共增加2,800萬美元。

Sales and marketing costs as a percentage of sales were consistent year-over-year when excluding the $194 million in termination expenses and fourth quarter incremental marketing spend. General and administrative expenses were approximately $76 million, an increase of $18 million or 32% from $58 million. Employee costs for the year ended December 31, 2022, reflected an increase of $5 million as investments in this area were required to properly support our higher business volume in commercial and operation areas of the business.

剔除1.94億美元的終止費用和第四季新增行銷支出後，銷售和行銷成本佔銷售額的百分比與去年同期持平。一般及行政費用約7,600萬美元，較上年同期的5,800萬美元增加1,800萬美元，增幅達32%。截至2022年12月31日止年度的員工成本增加了500萬美元，這是由於需要加大對該領域的投資，以更好地支持公司商業和營運領域業務量的成長。

Administrative costs drove an increase of $26 million, mainly related to increases in legal expenses, audit costs, insurance costs and other consulting fees. Depreciation, amortization and impairment had an increase of $3 million when compared to the prior year due to investments in operational equipment, mainly coolers and the impairment of the Func Food brand name, the increased expenses were offset by lower stock option expense in 2022, which was $21 million, a decrease of $16 million from the prior year period.

行政成本增加2,600萬美元，主要與法律費用、審計費用、保險費用和其他諮詢費的增加有關。由於營運設備（主要是冷藏設備）的投資以及Func Food品牌名稱的減值，折舊、攤提和減損費用較前一年增加300萬美元。這些增加的費用被2022年較低的股票選擇權支出所抵消，2022年股票選擇權支出為2,100萬美元，較上年同期減少1,600萬美元。

This change in stock option expense was mainly attributable to the revaluation of certain share-based payment awards that were modified during 2021. G&A expense as a percentage of sales was 12% versus 18% in the prior year. Excluding stock-based compensation, G&A expense as a percentage of sales was 8% versus 7% in the prior year. Focusing now on liquidity and capital resources. As of December 31, 2022, and December 31, 2021, we had cash of approximately $653 million and $16 million, respectively, and working capital of approximately $757 million and $169 million, respectively.

股票選擇權費用的變化主要歸因於2021年期間修改的某些股份支付獎勵的重估。一般及行政費用佔銷售額的12%，而上年度為18%。剔除股份支付費用後，一般及行政費用佔銷售額的8%，而上年度為7%。接下來，我們將重點放在流動性和資本資源。截至2022年12月31日及2021年12月31日，我們分別持有約6.53億美元及1,600萬美元的現金，以及約7.57億美元及1.69億美元的營運資金。

Included within the 2022 cash balance was approximately $39 million of restricted cash that represents $35 million due back to Pepsi, representing excess funds provided by Pepsi for our distributor transition and $4 million of remaining accrued payments due to former distributors. Cash flows provided by operating activities totaled $108 million for 2022, which compares to $97 million in net cash used in operating activities in 2021.

2022 年現金餘額中包含約 3,900 萬美元的受限現金，其中包括應付給百事可樂的 3,500 萬美元（百事可樂為我們的經銷商過渡提供的超額資金）以及應付給原經銷商的 400 萬美元剩餘應付款項。 2022 年經營活動產生的現金流量總計 1.08 億美元，而 2021 年經營活動使用的淨現金流量為 9,700 萬美元。

The approximately $205 million increase in cash generation was driven by continued growth in operations of the company as well as working capital benefits, including the timing of transactional costs associated with the Pepsi distribution transition. And looking at inventory, total inventory ended at $173 million, down over $18 million versus the prior year. We'll continue to carry additional inventory in order to make sure that we are able to keep up with the significant growth we are experiencing. But we would expect to continue to drive efficiencies in our DIO as we move through 2023.

現金流增加約2.05億美元，主要得益於公司營運的持續成長以及營運資本的改善，其中包括與百事可樂分銷通路過渡相關的交易成本的及時到帳。庫存方面，總庫存額為1.73億美元，較上年減少超過1,800萬美元。我們將繼續保持一定的庫存水平，以確保能夠跟上公司目前的顯著成長。同時，我們預計在2023年將持續提高庫存週轉天數（DIO）的效率。

With the business generating cash as well as the injection of funds from our PepsiCo partnership, we have sufficient firepower to take our business to the next level across the U.S. and eventually internationally in the coming years. This concludes our prepared remarks. Operator, you may now open the call for questions. Thank you.

憑藉公司本身的現金流以及百事可樂合作帶來的資金注入，我們擁有充足的實力，在未來幾年內將業務拓展到美國乃至全球，邁向新的高度。以上就是我們準備好的發言稿。接線員，現在可以開始提問了。謝謝。

(Operator Instructions) Our first question comes from the line of Kevin Grundy with Jefferies.

（操作說明）我們的第一個問題來自 Jefferies 的 Kevin Grundy。

First for me, I think just in the interest of clarity, just trying to reconcile a bit the performance in North America on sales growth relative to what we saw in the scan channels. I know a handful of moving parts here, not the least of which would be, Jarrod, the pull forward the $15 million to $20 million, which you quantified last call and mentioned again.

首先，為了更清楚地說明情況，我想稍微解釋一下北美銷售成長的表現與我們在掃描管道看到的情況之間的差異。我知道這裡面有很多變數，其中最重要的是，賈羅德，你上次通話中提到的那1500萬到2000萬美元的提前到賬款項，你又再次提到了這一點。

Jarrod, you also mentioned some product returns, which would be a drag. I guess kind of going the other way, you also had strong growth in club again. You had some distribution wins, which John talked about before. Maybe just comment a bit on the gap that we saw with North America up 74%. Nielsen channel is up very strongly, up about 130%. Can you just kind of reconcile the 2 for us a bit?

賈羅德，你也提到了一些產品退貨，這確實會拖累業績。不過，另一方面，你們的俱樂部業務也再次實現了強勁成長。你們也贏得了一些分銷管道，約翰之前也提到過。或許你可以稍微解釋一下北美成長74%和尼爾森通路成長130%之間的差距。你能幫我們分析一下這兩者之間的差異嗎？

Yes, Kevin, if you look at the pipe fill that would have brought us up to in excess of 90% from a North American perspective. We are hoping a little bit to some of our bigger customers in terms of seasonality or in terms of timing. So I suspect there was also a little bit of working capital management at the end of the year, which would have pulled inventories down a little bit. So from that perspective, I think the scan data continues to be accurate.

是的，凱文，如果你看一下管道填充率，從北美地區來看，我們的填充率已經超過90%。我們希望能夠稍微滿足一些大客戶的需求，這主要是由於季節性因素或時間安排的原因。所以我懷疑年底也進行了一些營運資金管理，這導致庫存略有下降。因此，從這個角度來看，我認為掃描資料仍然是準確的。

If you look at Q1 and how we've done thus far, we continue to accelerate our growth and do very well. So I think there's a little bit of clunkiness around Q3 and Q4 with the onboarding and integration into the Pepsi system and the pipe fill and also some kind of year-end working capital type activities associated with some of our customers.

如果回顧第一季以及我們迄今為止的表現，我們會發現我們持續加速成長，並且業績非常出色。因此，我認為第三季和第四季可能會出現一些小問題，例如客戶匯入和整合到百事可樂系統以及管道灌裝方面的問題，還有與部分客戶相關的年終營運資金活動。

Yes, yes, that definitely makes sense, Jarrod. And then just the follow-up, just more broadly, the transition to the Pepsi system, it seems like it's gone really, really well. Maybe just some color on the spring shelf space resets wins there, where you guys sort of expect to land? And then just further context for kind of where we are. We see the ACV ramp. You guys mentioned some of that. We can see it in the Nielsen data, but maybe just some context from where we are and ultimately, where you think the company will land as we think about ACV, as we think about total distribution points and even as we think about non-track channels, some of the wins you guys have on college campuses, health care, et cetera? Just give us a sense for where we are and ultimately, when this starts to look something closer to where the ambition is from a fully distributed perspective.

是的，是的，Jarrod，這絕對說得通。接下來，更廣泛地說，向百事系統的過渡似乎非常順利。或許可以談談春季貨架空間調整帶來的效益，你們預計最終會達到什麼水準？再補充一些關於我們目前情況的背景資訊。我們看到了年度合約價值（ACV）的成長。你們也提到了一些。我們可以從尼爾森的數據中看到這一點，但或許可以談談我們目前的狀況，以及最終，考慮到年度合約價值、總分銷點，甚至包括非追蹤管道，例如你們在大學校園、醫療保健等領域取得的一些成功，你們認為公司最終會達到什麼目標？請讓我們了解一下我們目前的狀況，以及最終，從全面分銷的角度來看，何時才能更接近你們的目標。

Yes, Kevin, great question. I think there's a lot of momentum, as Jarrod mentioned, especially in the first quarter of 2023. Our ACV, we finished the year right around 90%, give it right around an averaging 90% ACV, about 89%, as we talked earlier. Great execution through the transition with the Pepsi system. Keep in mind we still had some distributors that transferred over in the quarter. So it weren't purely 100% Pepsi system from that October 1 transition window.

是的，凱文，問得好。正如賈羅德所提到的，我認為目前勢頭強勁，尤其是在2023年第一季。我們的年度合約價值（ACV）全年都在90%左右，平均下來大約是89%，正如我們之前討論過的。在與百事系統過渡的過程中，我們執行得非常出色。需要注意的是，我們還有一些分銷商是在本季才完成過渡的。所以，從10月1日的過渡期開始，並非完全是百事系統。

But we do expect to pick up additional ACV points, especially with the spring resets that are coming ahead. We also have been very aggressive and gaining additional bank space has been out there. So the teams -- I just hats off to the teams working extremely hard on our key accounts team, gaining incremental distribution and also picking up new distribution as well. So we're really excited about the next resets coming out.

但我們預計ACV（年度合約價值）會繼續成長，尤其是在即將到來的春季重置之後。我們也一直在積極拓展業務，爭取更多的銀行帳戶。因此，我要特別感謝我們重點客戶團隊的辛勤付出，他們不僅實現了增量分銷，還成功開發了新的分銷管道。所以我們對即將到來的下一次重置感到非常興奮。

As I talked about earlier, we talked about BJ's as well and the club channel, non-tracked. I think there's opportunities there that's rolling out, also meaning incremental shelf space. And then in the alternative channel, foodservice has been a big opportunity for us. I just touched on the college and university where we have about 1,600 currently and then hospitals as well as around 1,600, but we're really just getting started in the foodservice business. That could be a considerable amount of upside, especially when we're seeing the usage occasion with Celsius really expanding.

正如我之前提到的，我們也談到了BJ's以及俱樂部管道（非追蹤管道）。我認為那裡蘊藏著一些機會，這些機會正在逐步擴大，也意味著貨架空間的增加。此外，在其他管道，餐飲服務對我們來說也是一個巨大的機會。我剛才提到了我們目前在大學和醫院（大約1600家合作商戶）的業務，但我們在餐飲服務領域才剛起步。這可能蘊藏著巨大的成長潛力，尤其是在我們看到Celsius的使用場景正在迅速擴展的情況下。

So we're really excited right now. We're not going to provide forward-looking ACV guidance. But where it stands right now, we're in really good shape and look forward to a great 2023.

所以我們現在真的非常興奮。我們不會提供前瞻性的年度現金流預測。但就目前情況而言，我們處境非常好，並期待2023年能取得佳績。

Our next question comes from the line of Mark Astrachan with Stifel.

我們的下一個問題來自 Stifel 的 Mark Astrachan 第一線員工。

Two questions for me, please. First is on just thinking about distribution, not ACV, but actual distribution points. Could you just talk about how you're thinking about where you're going in '23? We're close to spring resets at this point. What have you secured on a percentage basis?

請容許我問兩個問題。第一個問題是關於分銷管道的，不是年度合約價值（ACV），而是實際的分銷點。能否談談您對2023年的發展規劃？現在離春季調整期很近了。您目前已經落實了多少百分比的通路？

And maybe more broadly, how do we think about where the product is going? Is it in existing energy coolers? Or are you moving into more dedicated performance functional, helpful coolers? That's the first question.

更廣泛地說，我們該如何看待這款產品的未來發展方向？是應用於現有的節能型冷凍設備？還是轉向更專業、更注重性能和實用性的冷凍設備？這是第一個問題。

Yes. Thank you, Mark. I'll jump in. In regards to distribution points, we talked about currently rightly around 210,000 as reported, but we are gaining considerable amounts of distribution incrementally in the nonreported as Jarrod just talked about earlier, the foodservice. And then as Pepsi calls it, the OTS segment, which is the independent market, which Pepsi is really strong. And we talked about that in the third quarter being involved in their metals program, which is really their independent loyalty program. And that's going to be a great opportunity for us.

是的，謝謝你，馬克。我來說兩句話。關於分銷點，我們之前討論過，目前報告的分銷點大約是21萬個，但正如賈羅德剛才提到的，我們在未報告的管道（例如餐飲服務）中正在穩步拓展分銷管道。此外，百事可樂稱之為OTS（非零售通路）板塊，也就是獨立市場，而百事可樂在這個市場實力非常強勁。我們在第三季財報中提到過，我們參與了他們的金屬計劃，這實際上是他們的獨立會員忠誠度計劃。這對我們來說將是一個絕佳的機會。

There's resets taking place for 2023 now. So that could add considerable amounts. We're -- there's over 150,000 additional doors or locations that are out there. So we're watching that closely, and there's definitely considerable upside. Then when you look at the reported channel segment, I think there's additional opportunities there in regards to Tier 3 and Tier 4 accounts and on a regional basis as well as we gain further ACV gains in a variety of new markets and territories for us.

2023年的調整正在進行中，這可能會帶來可觀的成長。我們還有超過15萬個新增的門市或地點。所以我們正在密切關注，這方面肯定有很大的成長空間。此外，從通路細分來看，我認為在三級和四級客戶以及區域層面，隨著我們在各種新市場和地區獲得進一步的年度合約價值增長，也存在更多機會。

In addition, to where the product is being placed, we're going core energy. So that's where we're mainly gaining our shelf space and doing extremely well, and the team has done a great job expanding that space, and we expect the next resets to be expanded with additional items per location. Also, I talked about the coolers that we're investing in. We anticipate by the end of the year to have over 20,000 dedicated Celsius coolers. And so that's a really great opportunity, and we've never had that before.

此外，在產品擺放方面，我們正著力打造核心能量產品。因此，我們主要透過拓展核心能量產品貨架空間來提升銷量，並且業績斐然。團隊在拓展這部分空間方面做得非常出色，我們預計下次貨架調整後，每家店的商品種類將會更加豐富。另外，我還提到了我們正在投資的冷藏櫃。我們預計到年底將擁有超過2萬台Celsius專用冷藏櫃。這是一個絕佳的機會，我們以前從未有過這樣的機會。

In addition to the PepsiCo energy coolers, which were totaled up to about 50,000, currently that gives us opportunity. So definitely opportunities ahead in 2023 to expand a number of stores, locations and coolers availability.

除了百事可樂公司目前已投入使用的約 5 萬台能量飲料冷藏櫃之外，這為我們提供了更多機會。因此，2023 年我們肯定有機會擴大門市數量、覆蓋更多地點並增加冷藏櫃的供應量。

Got it. That's helpful. And maybe just a clarification on some previous points. So I'm still trying to understand the puts and takes of the pipeline fill. So $15 million to $20 million of sales ahead of actual sales in the third quarter. So why wouldn't you add that to the fourth quarter be coming out of fourth quarter, fourth quarter is essentially just servicing what demand is, right? So that run rate should then be higher, right, because then you're servicing kind of what was there previously.

明白了，這很有幫助。或許還需要澄清一下之前的一些觀點。我還在努力理解管道填充的盈虧情況。例如，第三季實際銷售額之前預計會有 1500 萬到 2000 萬美元的銷售額。那為什麼不把這部分收入計入第四季呢？第四季本質上只是滿足需求，對吧？所以，第四季的運行率應該更高才對，因為這樣一來，你就是在滿足之前就已經存在的需求了。

So I guess maybe put all together, I'm surprised sales were as strong as they were given that you had that headwind in the third quarter. So is the run rate we should be thinking about the number in the fourth quarter plus the $15 million? And then you made some comments about the inventory destocking as well in December. So kind of help put those pieces together, please?

所以，綜合所有因素來看，考慮到第三季的不利因素，我對銷售額能如此強勁感到驚訝。那麼，我們應該把第四季的銷售額加上那1500萬美元作為衡量銷售成長的指標嗎？另外，您在12月也提到了庫存去化。請您幫忙把這些資訊整合起來好嗎？

Yes. With regards to the comments that Jarrod and I made in the prepared remarks, when you look at the -- it's right around $15 million to $20 million what was incremental in regards to a price sales. So adding that to Q4, I think, gets you to kind of what we saw as a normalized run rate. We are -- there is some year-end inventory felt -- there was inventory control metrics or potentially there could have been. So we're watching the inventory levels very closely.

是的。關於我和賈羅德在事先準備好的演講稿中提到的內容，如果你看一下——就價格銷售而言，增量大約在1500萬美元到2000萬美元之間。所以，把這部分金額加到第四季度，我認為就能達到我們之前看到的正常運行速度。我們——考慮到一些年末庫存——存在庫存控制指標，或者可能存在庫存控制指標。因此，我們正在密切關注庫存水準。

We don't have full transparency on the inventory levels, but we do think pulling forward that $20 million in Q3 that will be -- $15 million to $20 million in Q3 kind of gets you to a normalized level for Q4. Keep in mind there were several other distributors that were transitioning in the quarter too. So you're not looking at a full 100% distributor partnership with our PepsiCo leveraging the full power of the distribution of PepsiCo. So there's still some large markets for Celsius that were transitioning during that time. I don't know if you have any other comments, Jarrod.

我們目前無法完全掌握庫存水平，但我們認為將第三季提前到第四季的2000萬美元（也就是1500萬到2000萬美元）能夠使第四季度的庫存水平恢復正常。需要注意的是，本季還有其他幾家經銷商也在進行轉型。因此，我們目前還無法與百事公司建立100%的分銷合作關係，也無法充分利用百事公司的分銷能力。所以，Celsius目前仍有一些大型市場正在經歷轉型期。賈羅德，我不知道你還有什麼要補充的。

Yes, I think we need a little bit of history, too, to understand some of the ebbs and flows in terms of the inventory management of our partners, in particular, our biggest partner to see kind of is a pull down something that's going to recur at the end of every quarter. And obviously, after we get to a couple of quarters, then we'll have a good kind of baseline and it won't really be impactful because it will be more kind of like that onetime item that happens.

是的，我認為我們也需要一些歷史數據，以便了解我們合作夥伴庫存管理方面的一些波動，特別是我們最大的合作夥伴，他們每季末都會出現庫存下調的情況。顯然，幾個季度後，我們就能建立一個比較穩定的基線，屆時這種情況的影響就會小很多，因為它更像是一次性事件。

But at the moment, we're seeing great scan data, we're getting good pull-through across the board with our customers and our primary distributor. So we're seeing -- things are looking up. Q1 obviously is not as big as we expect when we get to Q2 and Q3. And Q4 and Q1 are probably more consistent with each other from a seasonality perspective.

但就目前而言，我們看到了非常好的掃描數據，我們的客戶和主要經銷商的銷售情況也普遍良好。所以，我們看到——情況正在好轉。顯然，第一季的業績不如我們預期，但第二季和第三季的業績會更好。從季節性角度來看，第四季和第一季的業績可能會更加一致。

Our next question comes from the line of Kaumil Gajrawala with Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Kaumil Gajrawala。

Can you -- you alluded a little bit to some increased selling expenses related to some of these big distribution gains. Can you maybe just give us some context on how much was incremental? What's the right run rate in terms of how to think about selling expenses as a percentage of revenue during this phase of sort of this distribution boom? And then maybe more of a how we should look at it on a more of a run rate standpoint? .

您剛才提到，由於分銷管道的大幅擴張，銷售費用增加。能否具體說明一下，新增費用有多少？在目前分銷管道蓬勃發展的階段，銷售費用佔收入的百分比應該是多少？此外，從更宏觀的角度來看，我們應該如何看待這個問題？

Yes, Kaumil, great question. We did invest through the transition. If you look at the -- we made a strategic decision, Jarrod kind of alluded to it in his prepared remarks about how we went over budget by about $15 million in the quarter, really supporting the distribution gains and the ACV gains. And the company has seen a considerable amount of increase in ACV going from October 1 to where we ended the year. We made it a strategic initiative to really continue to invest ahead of those ACV gains to make sure consumers know where we are, where they can purchase Celsius and continue to drive velocity.

是的，Kaumil，問得好。我們在轉型期間確實進行了投資。如果你看一下——我們做出了一項戰略決策，Jarrod 在他事先準備好的發言稿中也提到了這一點，即我們本季度超支約 1500 萬美元，這確實有助於提升分銷渠道和年度合同價值 (ACV)。從 10 月 1 日到年底，該公司的 ACV 成長顯著。我們制定了一項策略性舉措，在 ACV 成長之前繼續投資，以確保消費者了解我們的業務範圍，並知道在哪裡可以購買 Celsius 產品，並持續提升銷售速度。

So that was really key. I think it's very important we continue to invest with the expansion of the number of points of distribution and the ACV. I think when you look at historical rates, if you go back, we've been running around 23, 23.5. And if you back out -- in the fourth quarter, if you back out the $15 million that Jarrod was referencing, that was over plus back out the transition fees of about $38 million, you kind of get it back to that same run rate around 22% of revenue there.

所以這一點至關重要。我認為繼續投資擴大分銷點數量和提高年度合約價值（ACV）非常重要。回顧歷史數據，我們之前的ACV一直維持在23%到23.5%左右。如果扣除賈羅德提到的第四季的1500萬美元支出（這筆支出超過了3800萬美元的過渡費用），再扣除大約3800萬美元的過渡費，ACV佔比就回到了之前的水平，大約佔收入的22%。

So we're going to continue to invest in the brand, continue to build the brand, especially as we continue to increase the distribution, and we're really focused on driving velocity, especially heading into resets.

因此，我們將繼續投資品牌，繼續建立品牌，尤其是在我們不斷擴大分銷管道的情況下，我們真正專注於提高銷售速度，尤其是在重置之際。

Yes. And so for Q1, the idea would be back to more along that 22%.

是的。因此，第一季的目標應該是回到22%左右。

Okay. Great. And then it seems very intentional the -- some of the commentary about the international rollout. You're doing very well in the United States, obviously, and your share is high compared to where you came from, but still a long way to go. Why is now the right time to start thinking about or talking about international?

好的，太好了。然後，關於國際市場推廣的一些評論似乎是有意為之。顯然，你們在美國做得非常好，市場佔有率也比你們最初的市場高得多，但距離國際市場還有很長的路要走。為什麼現在是開始考慮或討論國際市場的合適時機？

Yes. We do have opportunities internationally with Pepsi. We're mainly focused on the United States and the expansion opportunities we have here, but we do see opportunities on a global basis, and there's partners through the PepsiCo system as well as our existing partners looking at in the Nordics and also our Asia distribution and the APAC markets where we've been really laying a foundation. So the energy market continues to grow around the globe, and we see these health and wellness trends continuing to gain momentum, and we're getting more interest from Celsius. But our main priority is North America.

是的。我們在國際上與百事公司有許多合作機會。我們目前主要專注於美國市場及其擴張機會，但我們也看到了全球範圍內的機會。百事公司體系內的合作夥伴以及我們現有的合作夥伴都在關注北歐、亞洲分銷以及亞太市場，我們在這些市場已經打下了堅實的基礎。全球能源市場持續成長，我們看到健康和保健趨勢持續發展，Celsius 也對我們表現出了越來越濃厚的興趣。但我們的首要任務仍是北美市場。

Our next question comes from the line of Peter Grom with UBS.

我們的下一個問題來自瑞銀集團的 Peter Grom。

So I just wanted to ask a quick clarification in response to Kevin's question on the quarter-to-date acceleration. Is that just a broad-based comment? Are you actually seeing top line growth quarter-to-date stronger than the 90-plus percent growth you saw in 4Q after adjusting for the Pepsi transition?

所以我想就凱文關於本季迄今為止成長加速的問題快速確認一下。這只是一個籠統的說法嗎？你們是否真的看到本季迄今的營收成長比第四季調整百事可樂過渡期後超過90%的成長還要強勁？

Yes. I think what Jarrod was alluding to is the Nielsen scan data and IRI SPINS data that he's referencing that we weren't providing any forward guidance on Q1.

是的。我認為賈羅德指的是尼爾森的掃描數據和IRI SPINS的數據，他提到的這些數據表明我們沒有對第一季的業績做出任何前瞻性指引。

Okay. All right. That's helpful. And then, I guess, I just wanted to ask around gross margin. So you've seen some nice sequential progression in 3Q and 4Q. So how does the exit rate of 44% plus kind of inform your view on gross margin looking out to 2023? And just would you expect sequential improvement from here as we move through the year?

好的，這很有幫助。然後，我想問毛利率方面的問題。您已經看到第三季和第四季毛利率出現了不錯的環比成長。那麼，44%以上的退出率對您展望2023年毛利率有何影響？您預計隨著年內推進，毛利率會繼續環比成長嗎？

Peter, so this is Jarrod. So I think from a gross margin perspective, the idea was to exit the quarter at kind of that mid-40s, which we have. Actually, we kind of hit the mid-40s for the entire quarter. So we did see the improvements that we expect to come through. We're no longer beholden to the expense of cans that we had historically over the last kind of 18 months. We're seeing good opportunity within the freight lanes as we deliver products straight to distribution centers or mixing centers with Pepsi.

彼得，這位是賈羅德。從毛利率的角度來看，我們的目標是本季末毛利率達到40%左右，而我們也確實做到了。實際上，整個季度我們的毛利率都維持在40%左右。所以我們確實看到了預期中的改善。我們不再像過去18個月那樣受制於罐裝飲料的成本。隨著我們直接將產品運送到配送中心或百事可樂的混合中心，我們在貨運方面看到了良好的發展機會。

We're also seeing some other areas from a COGS perspective or raw materials perspective, where we're seeing some advantages or some benefits. So we think kind of that mid-40s throughout 2023 is still valid. Is there opportunity as we work through the year to do better? Definitely. But at the moment, we think kind of sticking with that is the way to go, seeing that we don't really know how the rest of the year will go when it comes to commodities and things like that.

從銷售成本或原材料的角度來看，我們也看到了一些其他方面的優勢或好處。因此，我們認為2023年全年約40%的目標仍然有效。當然，在這一年中，我們是否有機會做得更好？當然有。但目前，考慮到我們無法準確預測今年剩餘時間里大宗商品等市場行情，我們認為堅持這一目標是正確的做法。

But at the moment, we're confident in that mid-40s, and we're probably more on the side of seeing opportunities than we are seeing other areas that would not allow us to hit those numbers.

但目前，我們對40%左右的目標很有信心，而且我們更傾向於看到機遇，而不是看到其他可能阻礙我們實現這些數字的領域。

(Operator Instructions) Our next question comes from the line of Gerald Pascarelli with Wedbush.

（操作說明）我們的下一個問題來自 Wedbush 公司的 Gerald Pascarelli。

Mine is actually on the Amazon channel specifically. Obviously, when you look at track channels, trends have looked as good as they ever have. But you did see some decel in the Amazon channel. And so if you could talk about any drivers behind that? And then specifically, any color you could provide on how that channel specifically has trended over the first couple of months here, I think that would be helpful?

我的帳戶實際上專門在亞馬遜頻道。顯然，從賽道通路來看，成長趨勢一直都很好。但亞馬遜頻道的成長確實出現了一些放緩。所以，您能否談談背後的驅動因素？特別是，您能否具體分析該管道在過去幾個月的成長趨勢？我認為這將非常有幫助。

Yes. No, great question. In Amazon, we said -- in our prepared remarks, have a really strong Amazon business. The quarter is -- we're going to be watching that closely. That's why we wanted to share the information there. As we gain more ACV, we're going to have to watch to see how that performs, but it was great to see it up for the quarter and continuing to show good, solid growth.

是的。不，問得好。關於亞馬遜，我們在事先準備好的發言稿中提到，亞馬遜業務非常強勁。本季我們會密切關注。所以我們才想分享這些資訊。隨著年度合約價值 (ACV) 的增加，我們需要觀察其表現，但很高興看到本季度 ACV 有所增長，並繼續保持穩健增長。

In the quarter, we did have some in regards to some warehouse movements underlying around Amazon, which potentially caused some delays as they were moving products in different locations, they're closing some locations and opening additional locations. So there was definitely some inventory movement that was taking place, especially around the holiday season, and they were -- obviously, they were likely going through substantial volumes through their warehouses.

本季度，亞馬遜的一些倉庫調動可能導致了一些延遲，因為他們正在將產品轉移到不同的地點，關閉一些倉庫並開設新的倉庫。因此，庫存確實發生了一些變動，尤其是在假日期間，他們的倉庫很可能正在經歷大量的貨物處理。

So there were some challenges in the quarter with inventory in regards to some of the warehouses. But I think -- as we look forward, I think that's still going to be a really strong business for us. We live in an omnichannel world. Consumers want it, how they want it, when they want it. And we embrace all platforms, including Instacart as well and driving to retail and home delivery, which we see great results as well.

所以本季部分倉庫的庫存確實面臨一些挑戰。但我認為，展望未來，這仍然會是我們一項非常強勁的業務。我們生活在一個全通路的世界。消費者想要什麼，就以什麼方式，在什麼時間。我們擁抱所有平台，包括Instacart，並積極拓展零售和送貨上門服務，這些都取得了顯著成效。

Our next question comes from the line of Jonathan Keypour with Bank of America.

我們的下一個問題來自美國銀行的喬納森·凱普爾。

I'm just wondering in 4Q, where the ACV was filled geographically in the states sort of what regions did you guys move into. And then what is left to move into? And then also, I guess, as you guys spend to activate and kind of get consumers aware of the product, how should we think about maybe like a lag on entering a new geography before you kind of operating at like optimal consumption or more optimal consumption. I guess, what is sort of the flow-through of the marketing into consumer response?

我想了解一下第四季度，你們在美國各地的ACV（年度合約價值）都涵蓋了哪些地區？你們又拓展到了哪些地區？還有哪些地區尚未拓展？另外，我想問的是，在你們投入資金進行產品推廣，提高消費者認知度的同時，進入新市場後，在達到最佳或更理想的消費水平之前，是否存在一定的滯後效應？我想了解的是，行銷活動是如何轉化為消費者回饋的？

Yes, Jonathan, great question. Historically, we have been, prior to PepsiCo, mainly regionally focus with a higher ACV. And prior to PepsiCo, we were roughly around, I believe, like 65%, 67% ACV at the time. So -- and very much regionally to certain pockets of the country, the Northeast, Southeast, Texas markets and Southern California, we saw our bigger higher ACV markets.

是的，喬納森，問得好。從歷史來看，在百事可樂收購之前，我們主要專注於區域市場，追求更高的平均合約價值（ACV）。在百事可樂收購之前，我們的平均合約價值大概在65%到67%左右。所以，我們主要集中在美國的一些特定區域，例如東北部、東南部、德克薩斯州和南加州，這些地區的市場平均合約價值較高。

But with the transition to Pepsi, we're seeing ACV gains really open up broadly in other markets. And that really goes back to that additional investment in marketing that we made in Q4 because of the ACV gains as we wanted to continue to drive velocity rates and educate consumers what Celsius is and where we're located.

但隨著與百事可樂的合作，我們看到其他市場的年度合約價值 (ACV) 成長也顯著提升。這主要歸功於我們在第四季度加大了行銷投入，因為我們希望持續提高銷售速度，並讓消費者了解 Celsius 品牌及其業務範圍。

And when you look at that area, you're looking at the center of the country, you're looking in the back Northwest. We gained a lot of distribution. So those areas, we saw some great gains, especially in regards to the mid-Atlantic areas as well. So we're roughly around 90%, 89% ACV right now nationwide.

當你觀察那個區域時，你會發現它位於美國中部，也就是西北偏遠地區。我們獲得了大量的分銷管道。因此，在這些地區，我們看到了顯著的成長，尤其是在大西洋中部地區。目前，我們全國的ACV（實際合約價值）大約在90%到89%之間。

Great. And then just a follow-up. In terms of -- I guess I'm trying to think about how a store you're in depending on whether or not you have a fridge, it's an own fridge or not. I guess I just -- I'm trying to get a sense of how productivity in each of those kinds of go-to-market scenarios, how do those compare?

好的。還有一個後續問題。我想問的是——你所在的商店是否配備冰箱，是否擁有自己的冰箱，這會影響你的營運效率嗎？我想了解的是，在這兩種不同的市場推廣模式下，生產力有何差異？

So basically, like -- is it like a 1.5x better sales pull-through when you guys have an own fridge in a location, something like just trying to get a sense of that kind of relative effectiveness.

所以基本上，例如——當你們在某個地點擁有自己的冰箱時，銷售額是否會提高 1.5 倍？我們只是想了解一下這種相對效果。

Yes. No, I mean, a great question. We haven't really discussed that the exact number. What we have stated prior is, historically, we've gone back, like last year, we were talking about coolers and the payback period on the cooler was roughly around 5 months. But what I will tell you, when we have a cooler, the sales increase exponentially when we have that cold placement, it's got to be 60 from the register, an optimally placed to get the maximum benefit. And that's rea0lly what the teams are focused on. The goal is to be upfront and 60 from the register.

是的。不，我的意思是，問得好。我們還沒真正討論過確切的數字。我們之前說過，根據歷史數據，例如去年，我們討論過冷藏櫃，冷藏櫃的投資回收期大約是5個月。但我可以告訴你的是，當我們使用冷藏櫃時，銷量會呈指數級增長。冷藏櫃必須擺放在距離收銀台60碼（約45公尺）的最佳位置，才能獲得最大效益。這正是團隊目前關注的重點。我們的目標是讓冷藏櫃擺放在收銀台前60碼（約45公尺）的位置。

So definitely, coolers are great tools for us, the product. It's -- they see it and our consumers are able to buy it and you get a higher rotation as we were saying many times before, if it's cold, it's sold. So that's something we really say internally. But that's really all I can comment on that.

所以，冷藏櫃絕對是我們產品的絕佳工具。消費者看到冷藏櫃就能購買，正如我們之前多次提到的，冷藏櫃能提高產品的周轉率，產品越冷賣得越好。這是我們內部普遍認同的觀點。但我只能就此發表一些看法了。

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

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

I just wanted to kind of circle back to the opportunity to increase SKU count this year. Maybe just give us a sense, if you could, by channel, where specifically do you expect those accounts to grow most maybe if you think about it first half, second half, just any thoughts around that?

我只是想再談談今年增加 SKU 數量的機會。您能否按管道具體說明一下，您預期哪些管道的帳戶成長最快？例如上半年、下半年，您有什麼想法嗎？

Yes, Jeff, great question. I think when you look at our current -- when you're looking at the current ACV [move out] number, the average items carried per store has increased exponentially since the PepsiCo partnership, and we're currently sitting at roughly -- it's 12.5, like 12.5 items per store, we do anticipate that to continue to increase with the next resets. Where that lands? I think we not really comfortable on commenting on that. We have internal expectations.

是的，傑夫，問得好。我認為，從我們目前的——也就是目前的ACV（出貨量）數據來看，自從與百事可樂合作以來，每家門市的平均商品數量呈指數級增長，目前大約是每家門市12.5件商品。我們預計在接下來的調整中，這個數字還會繼續成長。至於最終會達到什麼水準？我們不太方便對此發表評論。我們內部對此有所預期。

But I think we'll have a better understanding as we get through the resets that are taking place, and we look maybe around April start looking at the data in April, you should be able to get a better set on where we will be for the rest of the back half of the year.

但我認為，隨著我們完成正在進行的調整，我們會更了解情況。也許從四月開始，我們會開始查看四月的數據，屆時應該可以更好地了解今年下半年的情況。

Okay. Good. That's helpful. And then just a couple of things around margins. Your latest thoughts on efficiency opportunities with Pepsi -- overall Pepsi distribution and then maybe club distribution and the potential benefit to P&L metrics from that process. Also noticed you mentioned taking some price. I'm wondering if you're planning to take more price this year.

好的，很好，這很有幫助。接下來還有幾個關於利潤率的問題。您最近對百事可樂的效率提升有什麼想法——包括百事可樂的整體分銷管道，以及俱樂部分銷管道，以及這些管道對損益指標的潛在益處。另外，您提到要降低一些價格。我想知道您今年是否計劃進一步降低價格。

Yes. This is Jarrod. I'll start with some efficiencies. With the club channel, John did mention that, historically, we've had to go to a secondary packing facility. We have found a number of co-packers that can pack that in line for us so that is definitely an efficiency and will help drive margin as we look out over 2023. We did start doing that a little bit in Q4 and start expanding that to most of the club channel in Q1.

是的，我是賈羅德。我先來說說效率提升方面。約翰提到，過去我們透過俱樂部通路銷售產品時，我們需要送到二級包裝廠進行包裝。現在我們找到了一些代工包裝商，他們可以為我們進行流水線包裝，這無疑提高了效率，也有助於我們在2023年提升利潤率。我們在第四季開始嘗試這種模式，並在第一季將其推廣到大部分俱樂部管道。

We do have pricing that was kind of fully in play in Q4, but that will benefit us across 2023. We haven't announced anything for 2023 at the moment. So we'll sit tight on that and see where we land. But other opportunities really it's the Orbit model we've created to continue to drive the freight lines and continue to drive efficiencies there and also taking advantage of our scale when it comes to raw material purchases and benefiting from some of the changes we've seen across the raw materials categories in terms of pricing.

我們第四季已經基本實施了定價策略，這將使我們在2023年受益。目前我們還沒有公佈2023年的任何計劃。所以我們會保持觀望，看看最終結果如何。但其他機會在於我們創建的Orbit模式，該模式旨在繼續推動貨運業務發展，提高效率，同時利用我們在原材料採購方面的規模優勢，並從原材料價格的變化中獲益。

Next question comes from the line of Sean McGowan with ROTH Capital Partners.

下一個問題來自 ROTH Capital Partners 的 Sean McGowan。

Following up, Jarrod, on the comments you made regarding efficiencies, can you give us some sense of what the kind of order of magnitude upside is on that margin improvement? I got to think that taking the cans off the line, putting it in the Fort Knox box you used to have cut into the margins. So what is the upside? Are you talking about hundreds of basis points of improvement potential?

賈羅德，關於你之前提到的效率提升，你能大概說說利潤率提升的空間有多大嗎？我覺得把罐頭從生產線上拿下來，放進以前那種厚厚的包裝盒裡，一定會影響利潤。所以，提升的空間到底有多大？你指的是幾百個基點的提升潛力嗎？

Yes. I mean I guess, mid-40s is a wide range. I think last call, we mentioned out...

是的。我的意思是，四十多歲確實是個很大的範圍。我想上次我們有提到…

Specifically on the club, I mentioned specifically on those extra pack, the 18 packs in the clubs, like how much higher margin would that be if you got more cans in there and a more efficient process on a thinner cardboard, it's not corrugated anymore. So how much higher margin is that item from what you had 6 months ago?

具體來說，關於俱樂部，我特別提到了那些額外的包裝，也就是俱樂部裡的18罐裝，如果裡面裝更多罐飲料，並且採用更薄的紙板（不再是瓦楞紙板了），提高生產效率，利潤會提高多少？那麼，與6個月前相比，這款產品的利潤提高了多少？

I mean, ultimately, we have to get it all into the same co-packer set in order to get that benefit. So we haven't fully transitioned, but I think we'll have the opportunity to do that this year. If you looked at the club margin, it's pretty good. It could be a couple of percentage points, but you got to remember that the club is only a small piece of our business from that perspective. So there is some opportunity there on that piece of the business. I think there's also opportunity, like I said, with the freight lanes on improving that. If you look at our historical rates. Over the course of the last 2 years, the freight lines have gone down for us.

我的意思是，歸根結底，我們必須把所有產品都整合到同一個代工包裝商系統中才能獲得這種優勢。所以我們還沒有完全轉型，但我認為今年我們有機會做到這一點。如果你看一下會員制利潤率，它相當不錯。雖然可能只有幾個百分點，但你要記住，從這個角度來看，會員制業務只是我們業務的一小部分。所以，這部分業務還有一些提升空間。我認為，就像我之前說的，貨運線路也有機會改進。如果你看一下我們過去兩年的運價，你會發現我們的貨運線路運價一直在下降。

I think if you look over the last couple of years, it's gone from roughly 6% to 4% on an annualized basis. So we've seen some gains there across that. We'll see what the aluminum cans as well where that was putting pressure on us. And there's opportunity with other things like sucralose and caffeine as well.

我認為，如果回顧過去幾年，年化成長率已經從大約 6% 下降到 4%。所以我們在這一領域看到了一些成長。我們也會關注鋁罐的情況，它之前給我們帶來了一些壓力。此外，像三氯蔗糖和咖啡因之類的其他成分也蘊藏著機會。

Okay. And then following up on the earlier comments about potential placement or resets and the benefits that could come in April. Would you also expect to get kind of better position within some of the back wall refrigerators, going to some stores and you're kind of down by the ankle, would you expect to get some better placement higher up on a reset? .

好的。接著先前關於貨架擺放位置調整或重新擺放以及四月份可能帶來的好處的評論。您是否也期望在一些後牆冷藏櫃中獲得更好的位置？例如去一些商店，您的商品擺放在靠近腳踝的位置，您是否期望在重新擺放後獲得更高的位置？

Yes. Yes. So absolutely. We definitely don't want to be buy your ankles that you mentioned there. So our goal is to get out of the cutter and get out of the nose bleed and getting into bullseye that we say. And that's what our key accounts team is focused on -- if you look at a lot of the areas we're getting very close and targeting some of the bank space that's out there. So I expected us to be pretty prominent on the next resets and hopefully, you start seeing us in much better places as we go forward, especially we have the distribution power of PepsiCo now.

是的，沒錯。當然。我們絕對不想像你剛才提到的那樣，淪為「被你踩在腳踝上」。所以我們的目標是擺脫「被踩在腳踝上」的困境，直擊要害，正如我們所說的「靶心」。這正是我們重點客戶團隊的工作重點——如果你看看我們正在努力接近的許多領域，你會發現我們正在瞄準一些銀行客戶。所以我預計我們會在接下來的市場調整中佔據相當重要的位置，希望隨著時間的推移，你會看到我們取得更大的進步，尤其現在我們擁有百事可樂強大的分銷能力。

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

我們的下一個問題來自傑弗裡·科恩與拉登堡鑽石公司合作的系列。

Just a few from my end. I know I heard impairment on the Func line. Can you talk a little bit about what's going on there with Splunk and any of the fast forwards out to fill in? And then maybe talk about what you can as far as Pepsico and some of their SKUs as far as food and protein goes and what discussions and opportunities may be going on there as far as SKU expansion from year-end?

我這邊也有一些問題。我知道Func生產線故障了。您能否簡單談談Splunk那邊的情況，以及是否有任何快速推進的計劃來填補空缺？另外，能否談談百事公司及其食品和蛋白質產品線的情況，以及年底前在產品線擴張方面可能有哪些討論和機會？

Yes. Yes. In regards to the Nordics, Celsius Europe has been mainly Sweden distribution in Finland. It's been going really well, and they had a great fourth quarter, had some new innovation that came in, and they're doing a great job with the Celsius portfolio. With our FAST brand, our snack portfolio, which is focused on Finland. And there's opportunities there. We're not -- it's not -- we haven't really had any discussions with PepsiCo now on potentially distributing that in other areas.

是的。是的。就北歐市場而言，Celsius Europe 主要負責瑞典在芬蘭的分銷。進展非常順利，他們第四季業績斐然，推出了一些創新產品，Celsius 產品組合的運作也非常出色。我們的 FAST 品牌，也就是我們的零食產品組合，主要針對芬蘭市場。那裡有很多機會。我們目前還沒有與百事公司就其他地區的分銷事宜進行任何討論。

And we've had somewhat challenges in Europe with supply chains as well with some of the protein bar raw materials. But the business continue to maintain the business. And at the right time, there could be opportunities internationally just not right now.

我們在歐洲的供應鏈方面也遇到了一些挑戰，尤其是一些蛋白棒原料的供應。但公司仍在維持營運。時機成熟時，國際市場可能會出現機遇，但目前還不是時候。

Got it. And could you talk about SKU expansion or new flavors or all flavors and targeting ex U.S. territories as far as Europe? Will they be kind of country specific on the SKUs and flavors?

明白了。您能否談談產品種類擴展、新口味推出，或是所有口味的拓展，以及針對美國以外地區（包括歐洲）的市場策略？產品種類和口味會根據不同國家/地區而有所調整嗎？

Yes. Internationally, we have -- we're starting to leverage our -- the global supply chain as well, trying to gain more efficiencies. So really look internationally to leverage some of the innovation collaboratively because really, when you look at the world today, especially with social media, the awareness and radiation, it goes cross Atlantic. So we're trying to get more aligned, more strategic in our flavor launches. And as we go forward, we expect to have more consistency. But flavor innovation is extremely key has been driving the category and expect us to continue to lead in flavor innovation.

是的。在國際上，我們也開始利用我們的全球供應鏈，努力提高效率。因此，我們確實著眼於國際合作，以充分利用一些創新成果，因為放眼當今世界，尤其是在社交媒體、意識和影響力如此巨大的今天，資訊傳播已經跨越了大西洋。所以我們正努力在口味發布方面更加協調一致，更具策略性。展望未來，我們希望保持更高的一致性。口味創新至關重要，一直是推動品類發展的關鍵，我們期待繼續引領口味創新。

Yes. I know I took a couple of weeks to get that Fantasy Vibe and then lastly, talk about ALDI a little bit. How many stores -- geographical rollouts and what we may see during '23?

是的。我知道我花了幾個星期才營造出那種夢幻般的氛圍，最後，我想稍微聊聊ALDI。門市數量、地理佈局以及我們在2023年可能會看到的情況？

Yes. ALDI, we have a national rollout that's taking place. So expect to find us in an ALDI near you in the near future. And the number of stores, I believe, there -- it's roughly -- I think there was like 600 and growing roughly approximately.

是的。 ALDI正在進行全國性的推廣。所以在不久的將來，您就能在附近的ALDI超市找到我們。至於門市數量，我記得大概有600家，而且還在增加。

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

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

Just wanted to follow-up on the coolers. Did you say, John, about 20,000 coolers you expect to be in terms of the brand at Celsius coolers by the end of '23?

我只是想跟進一下關於保溫箱的事情。約翰，你剛才是不是說，到2023年底，Celsius品牌的保溫箱銷售量預計會達到2萬台左右？

That's correct. We have placed in retail is our internal goal, and we have about 15,000 on order currently. So -- and we're working on placing those strategically in a variety of our core markets and core retailers.

沒錯。我們的內部目標是將產品投放到零售通路，目前我們已經下了約15,000份訂單。所以——我們正在努力將這些產品策略性地投放到我們各個核心市場和核心零售商處。

And how many were placed in this quarter 4Q '22?

那麼，本季（2022 年第四季）有多少人被錄用？

We didn't disclose the number that was being -- that we placed in the fourth quarter. But we did place a good number. But through the transition, we kind of pulled back a little bit, and we expect that to continue to increase upon the New Year.

我們沒有透露第四季度的具體數字，但確實取得了不錯的成績。不過，在過渡期，我們略微放緩了步伐，預計新年後業績將繼續增長。

Yes we're probably somewhere between 4,500 and 5,000 by the end of the year. But overall, we held back on that as we were doing the transition. And also, we really ramped up our ordering in Q3 and Q4. So they do have a little bit of lead time. So we're starting to see all those come assure.

是的，到年底我們大概可以達到4500到5000輛。但總的來說，我們在轉型期間控制了銷售。而且，我們在第三季和第四季大幅增加了訂單量。所以他們確實有一些提前交貨的時間。因此，我們開始看到這些訂單陸續到貨。

Okay. And then lastly on the Pepsi energy coolers. You mentioned there's 50,000 of those. How many are Celsius in right now? And what's the goal by the end of '23 for those Pepsi coolers?

好的。最後是關於百事可樂能量飲料冷藏櫃的問題。您提到有5萬台。目前有多少台已經安裝在Celsius公司？到2023年底，這些百事可樂冷藏櫃的目標數量是多少？

Yes. I don't have that current number in regards to how many of the 50,000 we're in. We're working on getting those reset. I expect us to have a -- I'd like to be in the majority of them by the end of the year. That's the goal. So we're part of the PepsiCo energy portfolio, and we expect to be in every single one by the end of the year, and we'll work towards that goal.

是的。目前我還沒有確切的數字，也不知道我們參與了這5萬個專案中的多少個。我們正在努力調整數據。我預計到年底，我們能參與其中的大部分項目。這是我們的目標。我們是百事可樂能源產品組合的一部分，我們預計到年底能參與所有項目，我們會朝著這個目標努力。

Okay. And the last question is on erythritol, the sugar substitute. How many of your products have that right now? And are you concerned about the recent news that could cause an increase in stroke -- in heart attack?

好的。最後一個問題是關於赤藻醣醇，也就是糖的替代品。你們目前有多少產品含有赤藻醣醇？你們是否擔心最近有關赤藻醣醇可能導致中風或心臟病發作風險增加的新聞？

Yes, it's a very minor pieces of the portfolio. There's certain store types that have wanted the Stevia-type branded product from us. So I'd be surprised if it was more than 1% of our sales. So not really a big volume for us. It's something that we provided to a customer set that's wanted it, but not really core to our portfolio.

是的，這在我們產品組合中佔比很小。某些類型的商店確實需要我們銷售甜菊糖類品牌產品。所以，如果它的銷售額超過我們總銷售額的1%，我會感到很驚訝。因此，對我們來說，這確實不是一個很大的銷售量。我們只是為有需要的客戶提供這種產品，但它並非我們產品組合的核心。

And we're looking into it.

我們正在調查此事。

Our next question is a follow-up from the line of Kaumil Gajrawala with Crédit Suisse.

我們的下一個問題是 Kaumil Gajrawala 與瑞士信貸的後續問題。

I wanted to bring it back to a little more high level on talking about distribution. You mentioned the Pepsi transition is complete, but the actual practical conversions, they're still sometimes similar to what we saw during the Anheuser-Busch transition. How much is left? You've given a lot of very detailed figures about kind of piece of it, but are you 100% available but only 60% converted. How much is kind of left on the PepsiCo actual availability side?

我想把話題拉回分銷這個更高的層次。您提到百事可樂的轉型已經完成，但實際的轉換情況有時仍然類似於安海斯-布希轉型期間的情況。還剩下多少？您提供了許多非常詳細的數據，但實際情況是，產品供應率100%到位，但轉換率只有60%嗎？百事公司實際的供應量還剩下多少？

Well, just to clarify, when we stated in the prepared remarks that the transition has been complete. When we talk about distribution, that's our distribution partners. So we're about 90%, 95% being serviced now by PepsiCo in North America. We did keep on a few of our prior distributors and partners in certain markets. But other than that, we are pretty much 100% complete with the transition within the PepsiCo agreement that started October 1 of 2022.

好的，為了澄清一下，我們在事先準備好的發言稿中提到過渡已經完成。我們所說的分銷，指的是我們的分銷合作夥伴。目前，我們在北美地區約有90%到95%的業務由百事公司負責。在某些市場，我們保留了一些先前的經銷商和合作夥伴。除此之外，根據2022年10月1日生效的百事公司協議，過渡工作已基本完成。

Now when you look at the opportunity on store distribution and store expansion, we have reached that 89% ACV number of reported stores. We do think there's considerable -- there is additional upside from there, but we're not in a position right now to really comment on where that will arrive. I think we'll have a better indication at the April data to see where the company will really probably finish the year at.

現在，當我們審視門市分銷和擴張方面的機會時，我們已經達到了報告門市ACV的89%。我們認為仍有相當大的成長空間，但目前我們還不便預測最終的成長幅度。我認為，4月的數據將能讓我們更清楚地了解公司今年的最終表現。

Now there is nonreported stores and locations that we're able to gain additional distribution and cooler placements. And that's really those OTS stores which are nonreported, which is new PepsiCo's Medals program, and we're told there's about 150,000 of those so independent locations.

現在，我們得以拓展一些未上報的門市和地點，增加通路和冷藏櫃擺放位置。這些其實指的是那些未上報的OTS門市，也就是百事公司新推出的「獎牌計畫」的一部分，據我們了解，這類獨立門市大約有15萬家。

So we're working through those. Our resets are taking place as well. And then also in foodservice, there's a huge opportunity in foodservice and really just scratching the surface there. So that's another big opportunity for us.

所以我們正在努力解決這些問題。我們的調整也在進行中。此外，餐飲服務業也蘊藏著巨大的機遇，而我們目前僅僅觸及了皮毛。因此，這對我們來說是另一個重要的機會。

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

隊列中沒有其他問題了。我想把電話轉回給管理階層做總結發言。

Thank you. On behalf of the company, we'd like to thank everyone for their continued interest and support. Our results demonstrates, 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.

謝謝大家。我謹代表公司感謝各位一直以來的關注與支持。我們的業績表明，我們的產品正獲得顯著的成長勢頭，我們正充分利用當今全球健康養生趨勢以及能量飲料市場正在發生的變革。

Our active lifestyle position is a global position with mass appeal. We're building upon our core and leveraging opportunities and deploying best practices. We have a winning portfolio, strategy and team in a large, rapid growing market. I would like to thank all of our investors for their continued support and confidence in our team. The company will be attending several upcoming investor conferences the week of March 13, including attending Bank of America, UBS, ROTH Conference, investor conferences. And we look forward to meeting many of you there. Thank you, everyone, for your interest in Celsius and live fit.

我們積極健康的生活方式理念在全球廣受歡迎。我們正鞏固核心優勢，充分利用各種機遇，並推廣最佳實踐。我們擁有成功的產品組合、策略和團隊，身處在規模龐大、快速成長的市場。我衷心感謝所有投資人一直以來對我們團隊的支持與信任。公司將於3月13日當週參加多場投資者會議，包括美國銀行、瑞銀集團和羅斯國際投資大會等。我們期待與各位見面。感謝大家對Celsius和健康生活方式的關注。

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。現在可以掛斷電話了，祝您有美好的一天。