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.

您好，歡迎來到 Celsius Holdings 2022 財年第四季度財報電話會議。 （操作員說明）提醒一下，正在錄製此會議。現在我很高興向您介紹主持人 Cameron Donahue，Celsius Holdings 的投資者關係。謝謝。你可以開始了。

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。感謝您今天加入我們，參加 Celsius Holdings 2022 年第四季度收益電話會議。今天和我一起參加電話會議的是總裁兼首席執行官 John Fieldly；和首席財務官 Jarrod Langhans。在準備好的評論之後，我們將開始對您的問題進行呼叫，屆時將開始提供說明。

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.

公司今晚早些時候發布了我們的收益新聞稿，所有材料都將在公司網站 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新聞稿中的相同網絡直播鏈接進行訪問。

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 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，這些陳述基於截至 2023 年 3 月 1 日管理層可獲得的預測、期望和其他信息。這些陳述涉及許多風險和不確定性，包括許多超出公司控制範圍的風險和不確定性.除法律要求的範圍外，Celsius 不承擔更新任何這些前瞻性陳述的義務，也不承擔任何義務。

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?

我們鼓勵您完整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，以獲取更多信息。有了這個，讓我把電話轉給總裁兼首席執行官約翰·菲爾德利，讓他發表準備好的講話。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.

謝謝你，卡梅倫。大家下午好，感謝您今天加入我們。我們第四季度的銷售額達到創紀錄的 1.78 億美元，比去年第四季度的 1.04 億美元增長 71%。儘管我們在第三季度討論了大約 1500 萬至 2000 萬美元的收入增長，但這是由百事可樂系統在準備從 2022 年 10 月 1 日開始的分銷過渡期間填充庫存管道所推動的。我們認為分銷商庫存水平是隨著我們今年第一季度的開始，現在又回到了正常水平。

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.

全年銷售額總計 6.54 億美元，與 2021 年的 3.14 億美元相比增長 108% 或 3.4 億美元。根據 2023 年 1 月 1 日為期 52 週的 IRI 能源類別 SPINS MULO+C 數據，代表 2022 年的日曆年，Celsius 是 2022 年全年能源類別增長的第一大品牌驅動力，貢獻了該類別美元增長的 22%，推動該類別零售額增長約 4.74 億美元。

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.

我們繼續看到所有渠道（包括非跟踪渠道）的增長，截至 2022 年 12 月 31 日止年度，俱樂部渠道銷售額總計超過 1.38 億美元，與去年的 4000 萬美元相比增長了 247%。我們還在 2022 年通過亞馬遜創下了創紀錄的銷售額，與 2021 年的全年銷售額相比，全年銷售額約為 5800 萬美元，增加了 3200 萬美元，大約增長了 83%。此外，根據截至 2023 年 1 月 1 日過去 12 週的 IRI MULO+C Total Energy（佔第四季度的大部分時間），Celsius 現在是該類別中排名第三的能量飲料品牌，美元銷售額增長約 128%上年同期。

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.

我們的第四季度是自與百事可樂建立分銷合作夥伴關係以來的第一個季度。在第四季度，我們有額外的 3800 萬美元銷售和營銷費用，這些費用與先前分銷商的終止相關費用有關，這些費用已被確認。這些分銷商中的大多數都在 2022 年 11 月 1 日之前進行了過渡，並結合了第三季度記錄的大約 1.56 億美元的類似賬面費用。

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，主要與分銷商終止成本相關。這完成了我們的經銷商向 PepsiCo 網絡的過渡，我們預計未來不會有任何進一步的重大變化。我們對百事可樂合作夥伴以及我們的 Celsius 團隊的過渡都非常滿意。我要感謝我們以前的所有經銷商所做的出色工作，他們幫助我們建立了 Celsius 品牌，尤其是在過去幾年充滿挑戰的宏觀經濟時期。

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 4 週期間的收益補充中強調的那樣，根據截至 2023 年 1 月 1 日的 SPINS 和 IRI Total Energy，在 MULO+C 中，Celsius 是排名第三的能量飲料，在能量類別中的份額為 6.4 美元，而份額為 3.4 美元在去年同期，ACV 現在達到約 89.7%，而去年同期為 59.6%。此外，在便利渠道，Celsius 的 ACV 增長了約 96%，從去年同期的 45.3% 增長到 89%。

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.

我們在前進的基礎上看到了巨大的增長機會和便利。此外，在餐飲服務渠道，我們現在已經在美國擴展了 1,600 多所學院和大學以及 1,600 多個醫療機構。我們還將繼續推動與萬豪和希爾頓等主要百事可樂客戶以及旅遊和機場部門和賭場的授權，這些都是品牌的增量。國際銷售額在第四季度確實增長了 38%，總計 1150 萬美元，而 2021 年第四季度為 830 萬美元。我們相信百事可樂未來的國際增長機會很大。

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.

雖然我們剛剛開始與百事可樂的分銷合作夥伴關係，最初的重點是將美國分銷過渡到他們的網絡，但我們已經開始初步討論，我們看到了未來在全球範圍內利用的重大機會，反映了消費者偏好的變化為您提供更好的產品。

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.

雖然美國的轉型占據了我們迄今為止的大部分關注點，但我們確實希望將來在更多國家/地區宣布更多的國際擴張計劃。轉向我們的毛利。本季度毛利潤在第四季度增長了約 90%，達到創紀錄的 7900 萬美元，比去年同期增長 4200 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.

我們本季度的毛利率總計為 44.4%，比去年同期增加了約 445 個基點。正如我們在上次財報電話會議上所討論的那樣，隨著我們通過供應鏈進一步提高效率，我們重申我們對連續連續提高利潤率的預期。正如我們上次電話會議所述，我們的目標是在 2022 年退出時實現 40 % 的毛利率，我們已經實現了。

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.

儘管我們在俱樂部頻道看到了顯著增長，但還是取得了改善，因為該頻道有一個故事，由於二次重新包裝設施的利潤率較低，這是包裝尺寸所必需的。我們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過渡到在線包裝。因此，產品不必移動到輔助位置設施。

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，我們正在努力通過從第四季度開始的過渡將我們的包裝尺寸從 15 件裝增加到 18 件裝。我們確實在第四季度在 Costco 推出了第二個 SKU 的 Vibe 多件裝，並在第一季度一直持續到 2023 年第一季度。我們還在 Sam's Club 的俱樂部套裝中推出了第二個 SKU。在 2023 年第一季度，我們將通過 BJ's 在全國范圍內全面推廣。

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.

公司確實看到了在 2023 年及以後通過俱樂部渠道的預期改進以及我們從大量獨立分銷商向百事可樂分銷的過渡來提高效率的機會。這將使我們的團隊能夠整合銷售、營銷和分銷工作，這將帶來相關的成本效益，我們希望在未來認識到這一點並加以利用。

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.

國際第三方數據繼續顯示加速增長指標，我們相信 Celsius 將繼續推動銷售額更高，因為我們通過與新的全國零售商和獨立連鎖店的額外發布來增加跨渠道的 ACV，並進一步利用我們與百事公司。

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 日開始的初始分配轉移到 2022 年第四季度和 2023 年第一季度，消費者對攝氏度的需求從 2022 年 10 月 1 日開始重新加速。尼爾森掃描數據和能源報告的最新時期截至 1 月 28 日，到 2023 年，Celsius 銷售額在前 4 週增長，同比增長 136%，截至 12 週增長 129.8%，第四季度增長 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.

相比之下，能源類別在 4 週內增長了約 17.1%，在 12 週內增長了 18.8%，在第四季度同期增長了 10.8%。在亞馬遜上，Celsius 是第二大能量飲料品牌，在該類別中佔有 16.94% 的份額，領先於 11.71% 的紅牛，僅次於 Monster，後者的同比份額為 26.38%， 2023 年 2 月 11 日，根據 Stackline、Total Energy、Total U.S.

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.

亞馬遜 2022 年全年銷售額創下 5800 萬美元的歷史新高，而上一年的總銷售額為 3200 萬美元，正如我們之前所說，增長了 83%。隨著我們繼續在全渠道世界中利用消費者，我們看到了巨大的機遇。該公司計劃在 2023 年再購買 15,000 個專用品牌 Celsius 冷卻器，到 2023 年年底，這將使我們在美國的專用 Celsius 冷卻器總數超過 20,000 個。

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.

正如我們之前在百事可樂能源專用冷卻器中討論的那樣，這將是我們期望獲得的額外冷放置的增量，它提供了多達 50,000 個額外放置機會的額外增量。我們在美國的門店數量現已超過全國 210,000 家門店，比第三季度增長約 20%，併計劃在 2023 年之前進一步擴張，並通過百事可樂分銷協議加速擴張。

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.

在我把電話轉給 Jarrod 之前，我想概述一下公司正在關注的一些關鍵支柱，以進一步推動股東價值。第一個支柱是營收增長，包括增加 Celsius 門店和渠道的數量。新零售商，現有渠道內的全國擴張，例如我們最近的全國擴張，如前所述，BJ's 和全國推出，從本季度開始 - 2023 年第一季度與 ALDI。

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，利用和擴展餐飲服務和大學等新渠道，還增加每個地點攜帶的物品數量，重點關注推動速度的關鍵驅動因素和利用國際增長的機會。我們的第二個支柱是卓越運營。這些驅動因素包括對毛利率的關注。我們對毛利率的關注將隨著我們的規模擴大而提高效率和槓桿作用，利用我們的軌道模型——我們的分佈軌道模型來提高效率。

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，從聯合包裝商直接運送到分銷商，優化貨運倉儲成本，垂直整合和提高我們的廢料和廢物效率。還專注於銷售和營銷計劃以獲得進一步的影響力，優化我們的百事可樂合作夥伴關係和 G＆A，優化我們的每位員工收入，利用軟件優化並專注於建立我們的內部和內部專業知識以推動規模。

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生成和 EBITDA 槓桿。隨著我們規模的擴大，推動 EBITDA 增長的目標。在結束我準備好的百事可樂過渡現已完成的發言時，隨著我們開始擴大國際市場以進一步利用我們的未來並優化我們的槓桿作用，為我們的股東帶來更多價值，Celsius 已準備好迎接下一階段的增長和更多機會。 Celsius 現已確立為美國能源類別的領導者，在 2022 年全年推動整個類別的增長，並有更多機會進一步推動增長到 2023 年及以後。我現在將把電話轉給我們的首席財務官 Jarrod Langhans，聽他準備好發言。杰羅德？

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.

謝謝你，約翰。在進入年度和季度的財務業績之前，我將介紹一些行政項目。這是另一個非常令人興奮和忙碌的季度。在本季度，我們成功地集成到百事可樂分銷系統中，從 60 年代中期的 ACV 迅速發展到 80 年代中期。除了遷移到 Pepsi 系統之外，我們還處理了之前與經銷商的大部分終止交易，包括最終付款、庫存退貨等。

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 John 所提到的，過渡繼續進行得非常順利，我們很高興看到這種長期合作夥伴關係的結果。因此，讓我們來看看一些會計更新。讓我們從與過渡相關的費用開始。在我們的年度業績中，我們記錄了與 2022 年發出的終止通知相關的約 1.94 億美元的終止費用，主要與百事可樂分銷的轉讓有關。

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，我們已經有效地將所有計劃轉移到百事可樂的活動，以及一些額外的領域。在第四季度，隨著我們從之前的分銷網絡過渡到百事可樂系統，我們發現庫存儲備和其他相關成本有所增加。作為我們與先前經銷商簽訂的合同的一部分，我們接受退貨，並且必須就產品取回或處置產品做出決定。

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.

在許多情況下，我們選擇捐贈者處置產品。此外，在第四季度，我們決定將過度投資作為整合到百事可樂系統的一部分，以支持大幅擴張。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.

現在讓我們談談稅收。提醒一下，根據我們第三季度的電話會議，我們今年的有效稅率從 21% 的法定聯邦所得稅率遞延，這主要是由於 2.825 億美元的 A 系列優先股價值調整的稅收影響，該調整已計入費用20 年用於書籍目的。由於這筆費用不可用於稅收減免，我們在第三季度將遞延所得稅負債記錄為一個獨立項目。

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.

當年的實際所得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儲備的釋放的影響。繼續討論一些法律項目。我們在與我們的罐頭標籤相關的和解方面取得了進展。截至 2 月中旬，通知流程已完成，我們預計將在第二季度末之前完成。

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.

正如你們許多人所知，我們在 2023 年 1 月收到了一項涉及 Flo Rida 的訴訟的不利判決。我們在 10-K 以及一系列潛在結果中納入了詳細討論。我們正在申訴中，相信我們最終會勝訴。關於 SEC 審查，我們將繼續配合收到的任何詢問或請求，但除此之外沒有任何更新。

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.

在談到結果之前，我想對我們的內部控制環境發表一些評論。我們顯著擴大了我們的財務團隊，尤其是在第四季度，我們的控制環境在 2022 年有了很大的改善。話雖如此，2022 年是非常忙碌的一年，我們實現了顯著增長、百事可樂轉型和新的團隊成員。結果，儘管我們能夠取得進展並看到許多改進，但我們無法達到可以從 2021 年開始完全清除材料弱點的位置。這反映在我們的 10-K 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，該團隊將專注於全面清理這些項目，我們將努力工作以跨越終點線。轉向我們的第四季度財務業績。營收約為1.78億美元，較1.04億美元增長71%，受北美推動，第四季度營收為1.6億美元，較2021年同期增長74%。北美銷售額增長背後的主要因素數量與我們融入百事可樂分銷系統以及傳統分銷渠道的持續強勁增長以及我們產品在我們足跡中的存在優化的增加有關。

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.

提醒一下，我們在第三次電話會議上討論過，由於百事可樂倉庫和配送中心的庫存增加，第三季度的收入有所增加。這是一次管道填充，大約需要 1500 萬到 2000 萬美元。本季度毛利潤增長 90% 至 7900 萬美元，高於去年同期的 4200 萬美元。第四季度的毛利率佔收入的 44%，而去年第四季度為 40%。毛利率的提高是由於較低的平均罐頭價格、我們的軌道模型貨運通道的改進以及向百事可樂的過渡以及定價優勢。

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 日止三個月的銷售和營銷費用約為 9000 萬美元，增長約 265%。這一增長主要歸因於 3800 萬美元的先前分銷商的終止費用，以及在我們進入百事可樂分銷系統時有意增加 1500 萬美元的營銷支出與預算。

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 ACV 取得的巨大收益，我們認為在營銷方面過度投資以支持這種擴張是合適的。如果我們沒有產生終止費用並進行額外的營銷投資，那麼銷售額、銷售額和營銷的百分比將與歷史水平保持一致。隨著我們進入 2023 年第一季度，我們預計我們的銷售和營銷支出佔銷售額的百分比將與歷史水平保持一致。

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 日止三個月的一般和行政費用約為 2200 萬美元，比 2021 年增長 54%。這一增長是由於與建造可隨著我們的增長而擴展的後店相關的員工成本增加以及行政費用，例如法律、審計和其他諮詢費用。 2022 年第四季度 G&A 費用佔銷售額的百分比為 12%，而去年同期為 14%，這與我們的年率一致。一旦我們完全組建了團隊，我們希望在 2023 年看到這一領域的槓桿作用。

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.

轉向我們的全年財務業績。在北美收入增長 126% 的推動下，我們的收入約為 6.54 億美元，比上一年的 3.14 億美元增加 3.4 億美元或 108%。北美銷量增長背後的主要因素與傳統分銷渠道的持續強勁增長、我們在北美的產品優化增加以及我們向百事可樂系統的過渡有關。

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.

毛利潤從去年的 1.28 億美元增長 111% 至 2.71 億美元。毛利率也有所改善，全年增長 66 個基點。我們看到我們的毛利率在 2022 年下半年逐漸改善，因為我們看到我們的平均罐頭成本有所改善，國際罐頭價格較低，Orbit 模型的貨運通道效率更高，還有一些定價優勢。

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 日止年度的銷售和營銷費用為 3.53 億美元，比上年的 7500 萬美元增加 2.78 億美元或 372%。最大的增長是從 1.94 億美元的終止費用到我們之前的分銷網絡。此外，我們增加了大約 4800 萬美元的增量營銷投資活動，增加了 800 萬美元的員工成本，並且在存儲、分銷、經紀人成本和貿易支出方面增加了 2800 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.

排除 1.94 億美元的解僱費用和第四季度增量營銷支出後，銷售和營銷成本佔銷售額的百分比與去年同期持平。一般和行政費用約為 7600 萬美元，比 5800 萬美元增加 1800 萬美元或 32%。截至 2022 年 12 月 31 日止年度的員工成本增加了 500 萬美元，因為需要對該領域的投資來適當支持我們在商業和運營領域的更高業務量。

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.

行政費用增加了 2600 萬美元，主要與法律費用、審計費用、保險費用和其他諮詢費用的增加有關。由於對運營設備（主要是冷卻器）的投資和 Func Food 品牌名稱的減值，折舊、攤銷和減值與上一年相比增加了 300 萬美元，增加的費用被 2022 年較低的股票期權費用所抵消，這為 2100 萬美元，比上年同期減少 1600 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.

股票期權費用的這一變化主要是由於對 2021 年修改的某些基於股份的支付獎勵進行了重估。G&A 費用佔銷售額的百分比為 12%，而上一年為 18%。不包括基於股票的薪酬，G&A 費用佔銷售額的百分比為 8%，而上一年為 7%。現在關注流動性和資本資源。截至 2022 年 12 月 31 日和 2021 年 12 月 31 日，我們分別擁有約 6.53 億美元和 1600 萬美元的現金，以及分別約 7.57 億美元和 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 年現金餘額中包括約 3900 萬美元的受限現金，其中 3500 萬美元應歸還給百事可樂，代表百事可樂為我們的經銷商過渡提供的超額資金以及應付前經銷商的 400 萬美元剩餘應計款項。 2022 年經營活動提供的現金流量總計 1.08 億美元，而 2021 年經營活動使用的淨現金為 9700 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.

現金產生增加約 2.05 億美元的原因是公司業務的持續增長以及營運資本收益，包括與百事可樂分銷轉型相關的交易成本的時間安排。看看存貨，總存貨為 1.73 億美元，比上一年減少了 1800 萬美元。我們將繼續增加庫存，以確保我們能夠跟上我們正在經歷的顯著增長。但我們希望在 2023 年繼續提高 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.

隨著業務產生現金以及我們百事可樂合作夥伴的注入資金，我們有足夠的火力將我們的業務提升到一個新的水平，並最終在未來幾年在美國和國際上。我們準備好的發言到此結束。接線員，您現在可以打開電話提問。謝謝。

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

（操作員說明）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.

首先對我來說，我認為只是為了清楚起見，只是試圖將北美的銷售增長表現與我們在掃描渠道中看到的情況相比較。我知道這裡有一些移動部件，其中最重要的是 Jarrod，將 1500 萬美元提前到 2000 萬美元，你在上次電話會議上量化並再次提到了這一點。

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?

Jarrod，你還提到了一些產品退貨，這會是一個拖累。我想有點相反，你在俱樂部也有強勁的增長。你有一些分銷勝利，約翰之前談到過。也許只是評論一下我們看到的與北美增長 74% 的差距。尼爾森渠道漲幅非常強勁，上漲了約 130%。你能為我們調和一下 2 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，如果你看看管道填充，從北美的角度來看，它會讓我們超過 90%。我們希望在季節性或時間方面對我們的一些大客戶有所幫助。所以我懷疑年底還有一點營運資本管理，這會稍微降低庫存。所以從這個角度來看，我認為掃描數據仍然是準確的。

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.

如果你看看第一季度以及我們迄今為止的表現，我們會繼續加速增長並且做得很好。因此，我認為第三季度和第四季度在百事可樂系統的入職和集成以及管道填充以及與我們的一些客戶相關的某種年終營運資金類型活動方面有些笨拙。

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，這絕對有道理，賈羅德。然後只是後續行動，更廣泛地說，向百事可樂系統的過渡，看起來真的非常非常好。也許只是春季貨架空間上的一些顏色重置在那裡獲勝，你們有點期待著陸？然後只是關於我們所處位置的進一步背景。我們看到了 ACV 斜坡。你們提到了其中的一些。我們可以在尼爾森數據中看到它，但也許只是我們所處的一些背景，最終，當我們考慮 ACV、考慮總分銷點，甚至考慮非跟踪時，你認為公司將登陸的地方渠道，你們在大學校園、醫療保健等方面取得的一些勝利？只要讓我們了解我們所處的位置，最終，當這開始從完全分佈式的角度來看更接近我們的目標時。

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 Jarrod 提到的那樣，我認為勢頭很大，尤其是在 2023 年第一季度。我們的 ACV，我們在這一年結束時大約 90%，平均 90% ACV 左右，大約 89%，正如我們之前所說的.通過與百事可樂系統的過渡，執行力極佳。請記住，我們仍有一些分銷商在本季度轉移。因此，從 10 月 1 日的過渡窗口開始，它並不是純粹的 100% 百事可樂系統。

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.

但我們確實希望獲得額外的 ACV 點，尤其是在春季重置即將到來的情況下。我們也一直非常積極，並且已經在那裡獲得了額外的銀行空間。所以團隊 - 我只是向在我們的關鍵客戶團隊中非常努力工作的團隊致敬，獲得增量分配並獲得新的分配。所以我們對即將推出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.

正如我之前談到的，我們也談到了 BJ 和俱樂部頻道，非跟踪。我認為那裡有機會推出，也意味著增加貨架空間。然後在替代渠道中，餐飲服務對我們來說是一個巨大的機會。我剛剛談到了我們目前大約有 1,600 所學院和大學，然後是醫院以及大約 1,600 所醫院，但我們在餐飲服務行業才剛剛起步。這可能是一個相當大的優勢，尤其是當我們看到 Celsius 的使用場合真正擴大時。

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.

所以我們現在真的很興奮。我們不會提供前瞻性的 ACV 指南。但就目前情況而言，我們的狀態非常好，並期待著一個偉大的 2023 年。

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。

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?

請問我兩個問題。首先是只考慮分配，而不是 ACV，而是實際的分配點。你能談談你是如何考慮你在 23 年的發展方向的嗎？此時我們接近春季重置。您按百分比獲得了什麼？

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.

也許更廣泛地說，我們如何考慮產品的發展方向？它在現有的能量冷卻器中嗎？或者您正在轉向更專注的性能功能、有用的冷卻器？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。我會跳進去。關於分發點，據報導，我們目前正確地談論了 210,000 左右，但我們在非報告中獲得了相當數量的分發，正如 Jarrod 剛才談到的那樣，即餐飲服務。然後，正如百事可樂所說，OTS 細分市場，這是百事可樂非常強大的獨立市場。我們在第三季度談到了參與他們的金屬計劃，這實際上是他們獨立的忠誠度計劃。這對我們來說將是一個很好的機會。

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.

現在正在為 2023 年進行重置。所以這可能會增加相當多的數量。我們 - 那裡有超過 150,000 個額外的門或位置。所以我們正在密切關注這一點，而且肯定有相當大的上行空間。然後，當你查看報告的渠道部分時，我認為在第 3 層和第 4 層賬戶以及區域基礎上還有更多機會，我們在各種新市場和地區為我們獲得進一步的 ACV 收益。

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，對於放置產品的位置，我們將使用核心能量。所以這就是我們主要獲得貨架空間並做得非常好的地方，團隊在擴展該空間方面做得很好，我們預計下一次重置將在每個位置擴展更多項目。此外，我還談到了我們正在投資的冷卻器。我們預計到今年年底將擁有超過 20,000 個專用攝氏冷卻器。所以這是一個非常好的機會，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.

除了總計約 50,000 台的 PepsiCo 能量冷卻器外，目前還為我們提供了機會。因此，在 2023 年肯定有機會擴大一些商店、地點和冷卻器的可用性。

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.

知道了。這很有幫助。也許只是對之前的一些觀點的澄清。所以我仍在嘗試了解管道填充的放置和獲取。因此，第三季度的實際銷售額比實際銷售額高出 1500 萬至 2000 萬美元。那麼，為什麼不將第四季度添加到第四季度，第四季度基本上只是滿足需求，對吧？所以運行率應該更高，對吧，因為那時你正在為以前的服務提供服務。

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?

所以我想也許把所有的東西放在一起，我很驚訝銷售如此強勁，因為他們在第三季度遇到了逆風。那麼我們應該考慮第四季度的數字加上 1500 萬美元的運行率嗎？然後你在 12 月份也對庫存去庫存發表了一些評論。請幫忙把這些碎片放在一起好嗎？

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 Jarrod 和我在準備好的評論中發表的評論，當你看的時候——在價格銷售方面的增量大約是 1500 萬到 2000 萬美元。因此，我認為將其添加到第四季度，可以使您達到我們所看到的標準化運行率。我們 - 有一些年終庫存感覺 - 有庫存控制指標或可能有。因此，我們正在密切關注庫存水平。

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.

我們在庫存水平上沒有完全的透明度，但我們確實認為在第三季度將 2000 萬美元提前 - 第三季度的 1500 萬至 2000 萬美元會讓你達到第四季度的正常水平。請記住，本季度還有其他幾家分銷商也在轉型。因此，您並不是在尋求與我們的百事可樂公司建立完全 100% 的分銷商合作夥伴關係，以充分利用百事可樂分銷的全部力量。因此，在那段時間裡，Celsius 仍有一些大型市場正在轉型。 Jarrod，我不知道你是否還有其他意見。

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點歷史來了解我們合作夥伴庫存管理方面的一些潮起潮落，特別是我們最大的合作夥伴看到的是一種下拉的東西在每個季度末重複發生。顯然，在我們進入幾個季度後，我們就會有一個很好的基線，它不會真正產生影響，因為它更像是發生的一次性項目。

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.

但目前，我們看到了很好的掃描數據，我們正在與我們的客戶和我們的主要分銷商進行全面的溝通。所以我們看到 - 事情正在好轉。當我們進入 Q2 和 Q3 時，Q1 顯然沒有我們預期的那麼大。從季節性角度來看，Q4 和 Q1 可能更一致。

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

我們的下一個問題來自 Crédit Suisse 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? .

你能不能——你提到了一些與這些大分銷收益相關的銷售費用增加。你能不能給我們一些關於增量的背景信息？在這種分銷熱潮的這個階段，就如何考慮銷售費用佔收入的百分比而言，正確的運行率是多少？然後也許更多的是我們應該如何從運行率的角度來看待它？ .

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，好問題。我們確實通過轉型進行了投資。如果你看看——我們做出了一個戰略決策，Jarrod 在他準備好的評論中提到了這一點，關於我們如何在本季度超出預算約 1500 萬美元，真正支持分銷收益和 ACV 收益。從 10 月 1 日到年底，公司的 ACV 有了相當大的增長。我們將在 ACV 收益之前真正繼續投資作為一項戰略舉措，以確保消費者知道我們在哪裡，他們可以在哪裡購買 Celsius 並繼續推動速度。

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.

所以這真的很關鍵。我認為我們繼續投資以擴大分銷點和 ACV 的數量是非常重要的。我認為當你看歷史利率時，如果你回去，我們一直在 23、23.5 左右運行。如果你退出——在第四季度，如果你退出 Jarrod 提到的 1500 萬美元，那就結束了，再加上退出大約 3800 萬美元的過渡費，你就會回到大約相同的運行率那裡佔收入的 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，我們將繼續投資於品牌，繼續打造品牌，尤其是在我們繼續增加分銷的同時，我們真正專注於提高速度，尤其是進入重置階段。

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

是的。因此，對於第一季度，這個想法將回到 22% 以上。

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。偉大的。然後它似乎非常有意 - 關於國際推廣的一些評論。很明顯，你在美國做得很好，與你來自的地方相比，你的份額很高，但還有很長的路要走。為什麼現在是開始思考或談論國際化的合適時機？

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。我們在國際上確實有機會與百事可樂合作。我們主要關注美國和我們在這裡的擴張機會，但我們確實在全球範圍內看到了機會，通過百事可樂系統以及我們現有的合作夥伴在北歐和我們的亞洲分銷中尋找機會以及我們真正奠定基礎的亞太市場。因此，能源市場在全球範圍內繼續增長，我們看到這些健康和保健趨勢繼續獲得動力，我們對 Celsius 的興趣越來越大。但我們的主要優先事項是北美。

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

我們的下一個問題來自瑞銀的 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?

所以我只想快速澄清一下凱文關於季度至今加速的問題。這只是一個廣泛的評論嗎？在針對百事可樂轉型進行調整後，您是否真的看到本季度至今的營收增長強於您在第四季度看到的 90% 以上的增長？

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 Jarrod 所指的是他所引用的尼爾森掃描數據和 IRI SPINS 數據，我們沒有提供任何關於第一季度的前瞻性指導。

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。好的。這很有幫助。然後，我想，我只是想問一下毛利率。所以你在第三季度和第四季度看到了一些不錯的連續進展。那麼，44% 以上的退出率如何影響您對 2023 年毛利率的看法？隨著我們這一年的進展，您是否期望從這裡開始連續改進？

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，這是賈羅德。所以我認為從毛利率的角度來看，我們的想法是在我們擁有的 40 年代中期退出本季度。實際上，我們整個季度都達到了 40 多歲。所以我們確實看到了我們期望通過的改進。我們不再受制於過去 18 個月的歷史罐頭費用。我們在貨運通道內看到了很好的機會，因為我們將產品直接運送到百事可樂的配送中心或混合中心。

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.

我們還從 COGS 的角度或原材料的角度看到了其他一些領域，我們看到了一些優勢或一些好處。因此，我們認為整個 2023 年 40 年代中期仍然有效。我們在這一年的工作中是否有機會做得更好？確實。但目前，我們認為堅持這一點是可行的方法，因為我們真的不知道今年餘下時間在大宗商品等方面的表現如何。

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 年代中期充滿信心，我們可能更傾向於看到機會，而不是看到其他不允許我們達到這些數字的領域。

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

（操作員說明）我們的下一個問題來自 Gerald Pascarelli 與 Wedbush 的對話。

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?

我的實際上是專門在亞馬遜頻道上的。顯然，當您查看跟踪渠道時，趨勢看起來和以往一樣好。但是您確實在亞馬遜渠道中看到了一些減速。那麼，您是否可以談談這背後的驅動因素？然後具體來說，您可以提供關於該頻道在頭幾個月的具體趨勢的任何顏色，我認為這會有幫助嗎？

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，很好的問題。在亞馬遜，我們說 - 在我們準備好的評論中，擁有非常強大的亞馬遜業務。這個季度是——我們將密切關注這一點。這就是為什麼我們想在那里分享信息。隨著我們獲得更多的 ACV，我們將不得不觀察它的表現，但很高興看到它在本季度繼續表現出良好、穩健的增長。

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.

在本季度，我們確實對亞馬遜周圍的一些倉庫變動有所了解，這可能會導致一些延誤，因為他們在不同地點移動產品，他們正在關閉一些地點並開設更多地點。因此，肯定會發生一些庫存變動，尤其是在假期前後，而且他們——顯然，他們的倉庫可能會處理大量庫存。

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.

因此，本季度一些倉庫的庫存存在一些挑戰。但我認為——在我們展望未來時，我認為這對我們來說仍然是一項非常強大的業務。我們生活在一個全渠道的世界中。消費者想要它，他們想要它，當他們想要它時。我們擁抱所有平台，包括 Instacart 以及推動零售和送貨上門，我們也看到了很好的結果。

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 Jonathan Keypour。

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?

我只是想知道在第 4 季度，ACV 在各州的地理分佈在哪裡，你們搬到了哪些地區。然後還剩下什麼可以搬進去？然後，我想，當你們花錢來激活並讓消費者了解產品時，我們應該如何考慮在以最佳消費或更優化消費運營之前進入新地域的延遲.我想，營銷對消費者反應的影響是什麼？

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，好問題。從歷史上看，在百事可樂之前，我們主要關注具有更高 ACV 的區域。在百事可樂之前，我相信當時我們大約有 65%、67% 的 ACV。所以——在這個國家的某些地區，東北、東南、德克薩斯市場和南加州，我們看到了更大、更高的 ACV 市場。

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.

但隨著向百事可樂的過渡，我們看到 ACV 的收益在其他市場確實得到了廣泛開放。這真的可以追溯到我們在第四季度進行的額外營銷投資，因為我們希望繼續提高速度並教育消費者 Celsius 是什麼以及我們所在的位置。

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.

當你看那個地區時，你是在看這個國家的中心，你是在看西北部的後方。我們獲得了很多分佈。因此，在這些地區，我們看到了一些巨大的進步，尤其是在大西洋中部地區。所以我們現在在全國大約有 90%、89% 的 ACV。

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?

偉大的。然後只是跟進。就-我想我正在嘗試根據您是否有冰箱來考慮您所在的商店，它是否是自己的冰箱。我想我只是 - 我正在嘗試了解每種上市情況下的生產力如何，這些情況如何比較？

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，就像 - 當你們在一個地方擁有自己的冰箱時，它就像是 1.5 倍更好的銷售拉動，就像只是試圖了解這種相對有效性一樣。

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，一個很好的問題。我們還沒有真正討論過確切的數字。我們之前說過的是，從歷史上看，我們已經回到過去，就像去年一樣，我們在談論冷卻器，冷卻器的投資回收期大約是 5 個月左右。但我要告訴你的是，當我們有一個冷卻器時，當我們有那個冷放置時，銷售額會呈指數增長，它必須從收銀機到 60，這是獲得最大收益的最佳放置。這才是團隊真正關注的重點。目標是提前註冊並獲得 60 個註冊。

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，對於我們這個產品來說，冷卻器絕對是很好的工具。這是——他們看到了它，我們的消費者能夠購買它，而且正如我們之前多次說過的那樣，你會得到更高的輪換率，如果它很冷，它就會被出售。所以這是我們內部真正說的話。但我真的只能對此發表評論。

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 的對話。

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?

我只是想回到今年增加 SKU 數量的機會。也許只是給我們一個感覺，如果可以的話，通過渠道，如果你考慮一下上半年、下半年，你具體希望這些賬戶在哪裡增長最多，或者有什麼想法嗎？

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，好問題。我認為，當您查看我們當前的 - 當您查看當前的 ACV [搬出] 數量時，自百事可樂合作夥伴關係以來，每家商店的平均商品數量呈指數級增長，而我們目前大致處於 - 它是12.5，就像每個商店 12.5 件物品一樣，我們確實預計在下一次重置時會繼續增加。那降落在哪裡？我認為我們不太願意對此發表評論。我們有內部期望。

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重置，我們會有更好的理解，我們可能會在 4 月左右開始查看 4 月的數據，你應該能夠更好地了解我們將要進行的工作今年下半年剩下的時間。

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。好的。這很有幫助。然後只是一些關於利潤率的事情。你對百事可樂效率機會的最新想法——百事可樂的整體分銷，然後可能是俱樂部分銷，以及該過程對損益指標的潛在好處。還注意到你提到要付出一些代價。我想知道你們今年是否打算提高價格。

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。這是杰羅德。我將從提高效率開始。在俱樂部頻道中，John 確實提到過，從歷史上看，我們不得不去二級包裝設施。我們已經找到了許多可以為我們打包的合作包裝商，這絕對是一種效率，並且在我們展望 2023 年時將有助於提高利潤率。我們確實在第四季度開始這樣做，並開始將其擴展到Q1的大部分俱樂部頻道。

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.

我們確實有在第四季度充分發揮作用的定價，但這將使我們在 2023 年受益。我們目前還沒有宣布 2023 年的任何消息。所以我們會堅持下去，看看我們的著陸點。但其他機會確實是我們創建的 Orbit 模型，以繼續推動貨運線路並繼續提高那裡的效率，並在原材料採購方面利用我們的規模，並從我們所看到的一些變化中受益在定價方面跨越原材料類別。

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?

接下來，Jarrod，關於您對效率所做的評論，您能否讓我們了解一下利潤率提高的數量級上升空間？我不得不考慮把罐頭從生產線上取下來，把它放在你以前用來切割邊緣的諾克斯堡盒子裡。那麼有什麼好處呢？您是在談論數百個基點的改進潛力嗎？

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

是的。我的意思是我猜，40 多歲是一個廣泛的範圍。我想上次通話時，我們提到了...

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?

特別是在俱樂部上，我特別提到了那些額外的包裝，俱樂部中的 18 包，比如如果你在那裡有更多的罐子，並且在更薄的紙板上有更高效的工藝，那麼利潤率會高多少，它不再是瓦楞紙了。那麼，與您 6 個月前的產品相比，該產品的利潤率高了多少？

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，最終，我們必須將它們全部放入同一個聯合包裝機中才能獲得這種好處。所以我們還沒有完全過渡，但我認為今年我們將有機會做到這一點。如果你看一下俱樂部利潤率，那是相當不錯的。這可能是幾個百分點，但你必須記住，從這個角度來看，俱樂部只是我們業務的一小部分。所以在這塊業務上有一些機會。我認為也有機會，就像我說的那樣，貨運通道可以改善這一點。如果您查看我們的歷史匯率。在過去的 2 年裡，貨運線路對我們來說已經下降了。

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，如果你回顧過去幾年，年增長率從大約 6% 上升到 4%。因此，我們在這方面看到了一些進展。我們將看到鋁罐以及對我們施加壓力的地方。三氯蔗糖和咖啡因等其他東西也有機會。

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。然後跟進之前關於潛在安置或重置的評論以及 4 月份可能帶來的好處。您是否還希望在一些後壁冰箱內獲得更好的位置，去一些商店並且您的腳踝有點低，您是否希望在重置時獲得更好的位置？ .

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。是的。所以絕對。我們絕對不想買你在那裡提到的腳踝。所以我們的目標是擺脫困境，擺脫流鼻血，進入我們所說的靶心。這就是我們的大客戶團隊所關注的——如果你看看我們非常接近的很多領域，並瞄準一些現有的銀行空間。所以我希望我們在下一次重置時非常突出，希望您在我們前進的過程中開始在更好的地方看到我們，特別是我們現在擁有百事可樂的分銷能力。

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

我們的下一個問題來自 Jeffrey Cohen 和 Ladenburg Diamond 的台詞。

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?

我這邊只有幾個。我知道我聽到了 Func 線路上的損傷。你能談談 Splunk 和任何快進的人那裡發生了什麼嗎？然後也許可以談談就食品和蛋白質而言，百事可樂和他們的一些 SKU 可以做什麼，以及從年底開始擴大 SKU 方面可能會進行哪些討論和機會？

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。北歐方面，Celsius Europe一直主要是瑞典分佈在芬蘭。一切進展順利，他們第四季度表現出色，出現了一些新的創新，他們在 Celsius 產品組合方面做得很好。憑藉我們的 FAST 品牌，我們的零食產品組合專注於芬蘭。那裡有機會。我們不是 - 它不是 - 我們現在還沒有真正與百事可樂就可能在其他地區分發它進行任何討論。

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以及一些蛋白棒原材料方面遇到了一些挑戰。但業務繼續維持業務。在適當的時候，國際上可能會有機會，但不是現在。

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?

知道了。你能談談 SKU 擴展或新口味或所有口味以及針對美國以外的歐洲地區嗎？他們會在 SKU 和口味上針對特定國家/地區嗎？

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，真正放眼國際，共同利用一些創新，因為真的，當你審視當今世界時，尤其是社交媒體、意識和輻射，它跨越了大西洋。因此，我們正試圖在我們的口味發布中變得更加一致、更具戰略性。隨著我們的前進，我們希望有更多的一致性。但風味創新非常關鍵，一直在推動這一品類的發展，並期待我們繼續引領風味創新。

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。我知道我花了幾週的時間來獲得 Fantasy Vibe，然後最後談談 ALDI。有多少家商店 - 地理部署以及我們在 23 年期間可能會看到什麼？

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，我們正在進行全國推廣。所以期待在不久的將來在您附近的 ALDI 找到我們。我相信，那裡的商店數量——大概是——我認為大約有 600 家，並且大約在增長。

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?

只是想跟進冷卻器。約翰，您是否說過，到 23 年底，您預計 Celsius 冷卻器的品牌數量約為 20,000 台？

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.

這是正確的。零售是我們的內部目標，目前我們有大約 15,000 個訂單。所以 - 我們正在努力將這些戰略性地放置在我們的各種核心市場和核心零售商中。

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

22 年第 4 季度這個季度放置了多少？

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.

我們沒有透露我們在第四季度放置的數字。但是我們確實放置了一個很好的數字。但通過過渡，我們有點退縮了，我們預計新年會繼續增加。

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，到今年年底，我們的人數可能在 4,500 到 5,000 人之間。但總的來說，我們在進行過渡時對此有所保留。而且，我們確實在第三季度和第四季度增加了訂單。所以他們確實有一點準備時間。所以我們開始看到所有這些都得到保證。

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。最後是百事可樂能量冷卻器。你提到其中有 50,000 個。現在攝氏度數是多少？那些百事可樂冷卻器到 23 年底的目標是什麼？

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。我沒有關於我們在 50,000 人中有多少人的當前數字。我們正在努力重置這些數字。我希望我們有一個——我希望在年底前成為其中的大多數。這就是目標。因此，我們是百事可樂能源組合的一部分，我們希望在今年年底前加入每一個組合，我們將努力實現這一目標。

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糖替代品赤蘚糖醇的。您現在有多少產品具有這種功能？你是否擔心最近可能導致中風——心髒病發作增加的新聞？

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，這是投資組合中非常小的一部分。某些商店類型需要我們的甜葉菊類品牌產品。所以如果它超過我們銷售額的 1%，我會感到驚訝。所以對我們來說並不是一個很大的數量。這是我們提供給需要它的客戶群的東西，但並不是我們產品組合的核心。

And we're looking into it.

我們正在調查。

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 Crédit Suisse 的後續行動。

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?

我想把它帶回一個更高的層次來討論分配。你提到百事可樂的過渡已經完成，但實際的實際轉換，有時仍然與我們在安海斯-布希過渡期間看到的相似。還剩多少？你已經給出了很多關於它的一部分的非常詳細的數字，但是你是否 100% 可用但只有 60% 轉換。百事公司的實際可用性方面還剩下多少？

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.

好吧，只是澄清一下，當我們在準備好的評論中聲明過渡已經完成時。當我們談論分銷時，就是我們的分銷合作夥伴。所以我們現在大約有 90%、95% 由北美的百事公司提供服務。我們確實在某些市場保留了一些我們之前的分銷商和合作夥伴。但除此之外，我們幾乎 100% 完成了從 2022 年 10 月 1 日開始的百事可樂協議中的過渡。

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，當您查看商店分銷和商店擴張的機會時，我們已經達到報告商店的 89% ACV 數量。我們確實認為有相當大的 - 從那裡還有額外的好處，但我們現在無法真正評論它會到達哪裡。我認為我們在 4 月份的數據中有更好的指示，可以看出該公司今年真正可能完成的位置。

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.

現在有未報告的商店和地點，我們能夠獲得額外的分銷和更酷的展示位置。這確實是那些未報告的 OTS 商店，這是新的百事可樂獎牌計劃，我們被告知大約有 150,000 個這樣獨立的地點。

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。我們的重置也在進行中。然後在餐飲服務方面，餐飲服務也有巨大的機會，而且真的只是觸及表面。所以這對我們來說是另一個巨大的機會。

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。我想將電話轉回管理層以作結束語。

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。我們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發展勢頭，並且我們正在利用當今的全球健康和保健趨勢以及當今能量飲料類別正在發生的轉變。

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.

我們積極的生活方式定位是具有大眾吸引力的全球定位。我們正在建立我們的核心並利用機會和部署最佳實踐。在一個快速增長的龐大市場中，我們擁有成功的投資組合、戰略和團隊。我要感謝我們所有的投資者一直以來對我們團隊的支持和信任。該公司將參加 3 月 13 日那一周即將舉行的幾場投資者會議，包括參加美國銀行、瑞銀、羅斯會議、投資者會議。我們期待在那裡見到你們中的許多人。謝謝大家對 Celsius 和 live fit 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。感謝您的參與。此時您可以斷開線路，度過美好的一天。