Celsius Holdings Inc (CELH) 2023 Q1 法說會逐字稿

Greetings. Welcome to the Celsius Holdings, Inc. First Quarter 2023 Earnings Call. (Operator Instructions) Please note, this conference is being recorded. It is now my pleasure to introduce your host, Cameron Donahue, Investor Relations for Celsius. Thank you, Cameron. You may begin.

問候。歡迎來到 Celsius Holdings, Inc. 2023 年第一季度財報電話會議。 （操作員說明）請注意，正在錄製此會議。現在我很高興向大家介紹 Celsius 投資者關係部的 Cameron Donahue。謝謝你，卡梅倫。你可以開始了。

Thank you, Operator, and good afternoon, everyone. We appreciate you joining us today for Celsius Holdings First Quarter 2023 Earnings Conference Call. Joining me on the call today are John Fieldly, President and Chief Executive Officer; and Jarrod Langhans, Chief Financial Officer. Following the prepared remarks, we'll open the call to your questions and instructions will be given at that time.

謝謝接線員，大家下午好。感謝您今天加入我們，參加 Celsius Holdings 2023 年第一季度收益電話會議。今天和我一起參加電話會議的是總裁兼首席執行官 John Fieldly；和首席財務官 Jarrod Langhans。在準備好的評論之後，我們將打開您的問題的電話，屆時將給出說明。

The company released the earnings press release earlier this afternoon, 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 can be accessed with the same live webcast link in our conference call announcement and earnings press release.

公司今天下午早些時候發布了收益新聞稿，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和收益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 May 9, 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 Holdings undertakes no obligation and disclaims any duty to update any of these forward-looking statements. We encourage you to review in full our safe harbor statements contained in today's press release and our quarterly filings with the SEC for additional information. With that, I'd like to turn the call over to President and Chief Executive Officer, John Fieldly, for his prepared remarks. John?

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 5 月 9 日管理層可獲得的預測、預期和其他信息。這些陳述涉及許多風險和不確定性，包括許多超出公司範圍的風險和不確定性控制。除法律要求的範圍外，Celsius Holdings 不承擔更新任何這些前瞻性陳述的義務，也不承擔任何責任。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季度文件，以獲取更多信息。有了這個，我想把電話轉給總裁兼首席執行官約翰·菲爾德利，聽他準備好的發言。約翰？

Thank you, Cameron. Good afternoon, everyone, and thank you for joining us today. We achieved record sales for the first quarter of approximately $260 million, an increase of 95% from last year's first quarter of $133 million, exceeding the $200 million revenue threshold for the first time in company history. And we saw sequential increase from the fourth quarter of sales of $178 million, exceeded it by $82 million or 46% growth sequentially. Our North America revenue increased 101% for the quarter to $249 million, up from $124 million in the year ago quarter.

謝謝你，卡梅倫。大家下午好，感謝您今天加入我們。我們第一季度的銷售額達到創紀錄的約 2.6 億美元，比去年第一季度的 1.33 億美元增長 95%，在公司歷史上首次超過 2 億美元的收入門檻。我們看到第四季度銷售額為 1.78 億美元，環比增長 8200 萬美元，環比增長 46%。我們的北美收入本季度增長 101% 至 2.49 億美元，高於去年同期的 1.24 億美元。

Celsius continues to be the top driver of growth within the energy category and was the number one dollar growth brand in total U.S. MULOC Energy for the last 52 weeks ending as of March 26, 2023, growing approximately $552 million in increased retail sales and contributed to 23% of category growth on an overall increase of 139.6% versus the year ago period.

在截至 2023 年 3 月 26 日的過去 52 週內，Celsius 仍然是能源類別中增長的最大推動力，並且是美國 MULOC Energy 總銷售額增長第一的品牌，零售額增長了約 5.52 億美元，並為類別增長 23%，與去年同期相比整體增長 139.6%。

Per IRI in the last 4 weeks ending as of March 26, 2023, in total MULOC Energy, Celsius is the number three energy drink brand in the United States, reaching a new market share record totaling 7.5%, doubling its 3.7% share a year ago. As Celsius and Pepsi continue to synchronize our organizations, we continue to see opportunities for future efficiencies.

根據 IRI 在截至 2023 年 3 月 26 日的過去 4 週內，在 MULOC Energy 中，Celsius 是美國第三大能量飲料品牌，達到了新的市場份額記錄，總計 7.5%，比其 3.7% 的份額每年翻了一番前。隨著 Celsius 和 Pepsi 繼續同步我們的組織，我們繼續看到未來提高效率的機會。

In the first quarter, we experienced an inventory build quarter-over-quarter from December 31, 2022. We expect this increase was due to anticipated retailer resets and to build inventory levels. We will continue to work with Pepsi to make sure there is adequate inventory and update shareholders quarterly if there is any significant deltas that impact the warehouse center inventory levels. Jarrod will provide additional details shortly.

在第一季度，我們經歷了從 2022 年 12 月 31 日開始的季度環比庫存增加。我們預計這一增長是由於預期的零售商重置和建立庫存水平。我們將繼續與百事可樂合作，以確保有足夠的庫存，如果有任何影響倉庫中心庫存水平的重大變化，我們將每季度向股東更新一次。 Jarrod 將很快提供更多詳細信息。

We continue to see growth across all channels, including those non-tracked, with the Club channel sales totaling over $47 million for the quarter ending March 31, 2023, up 77% compared to $26 million in the first quarter of 2022. We also just hit a new record on Amazon. Celsius is now the second largest energy drink brand with a 19.1% share of the energy category as of the last 4-week period ending April 22, 2023 per stack line energy drink category total U.S. data. In addition, we continue to expand growth opportunities and non-tracked food service channels and are gaining more distribution in colleges, universities, hospitals, hotels, eateries and casinos and more. Overall, food service represented approximately about 10% of our PepsiCo revenues, and we see significant opportunities to scale and grow over time.

我們繼續看到所有渠道（包括非跟踪渠道）的增長，截至 2023 年 3 月 31 日的季度，俱樂部渠道銷售額總計超過 4700 萬美元，與 2022 年第一季度的 2600 萬美元相比增長 77%。我們還剛剛在亞馬遜上創下新紀錄。 Celsius 現在是第二大能量飲料品牌，截至 2023 年 4 月 22 日的最後 4 週期間，根據美國能量飲料類別總數據，攝氏在能量類別中的份額為 19.1%。此外，我們繼續擴大增長機會和非跟踪食品服務渠道，並在學院、大學、醫院、酒店、餐館和賭場等獲得更多分銷。總體而言，餐飲服務約佔百事可樂收入的 10%，我們看到了隨著時間的推移擴大規模和增長的重要機會。

We have been extremely happy with our PepsiCo partnership and see a long runway of growth ahead of us across a variety of channels, including expanding in retail, convenience, and foodservice. As highlighted in our earnings supplement for the 4-week period, per IRI spends, total energy data ending March 26, 2023 as stated, in MULOC, Celsius as the number three energy drink brand in the United States now has a 7.5% market share, doubling from its 3.7% share a year ago, reaching an all-time new high.

我們對百事可樂的合作夥伴關係感到非常高興，並看到我們在各種渠道上都有很長的增長路要走，包括在零售、便利和餐飲服務方面的擴張。正如我們在 4 週期間的收益補充中強調的那樣，根據 IRI 支出，截至 2023 年 3 月 26 日的總能量數據如前所述，在 MULOC，Celsius 作為美國第三大能量飲料品牌現在擁有 7.5% 的市場份額，比一年前的 3.7% 翻了一番，創歷史新高。

In addition, in MULOC, Celsius grew its ACV to a record 95.4% versus 69.5% in the year ago period, which is a tremendous achievement by both our teams and our partner, Pepsi.

此外，在 MULOC，Celsius 將其 ACV 增長到創紀錄的 95.4%，而去年同期為 69.5%，這是我們的團隊和我們的合作夥伴百事可樂取得的巨大成就。

And in convenience, Celsius has gained an additional 37.7 points of ACV growth versus the prior year to end the period at a 93.4% compared to 55.7% of ACV in the prior year. This provides a tremendous opportunity as we have gained greater availability across the country in the convenience channel and are now gaining more awareness with consumers.

方便起見，Celsius 的 ACV 比上一年增加了 37.7 個百分點，與上一年的 ACV 的 55.7% 相比，該期間結束時達到 93.4%。這提供了一個巨大的機會，因為我們在全國范圍內通過便利渠道獲得了更多的可用性，並且現在正在獲得消費者的更多關注。

Internationally, sales grew 15% growth rate for the quarter, totaling $11.4 million compared to $9.9 million in the first quarter of 2022. We believe there is significant opportunity for international growth going forward with PepsiCo. While we just began our distribution partnership with Pepsi and our 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 global scale in the future, reflecting the changes in consumer preferences for better-for-you offerings.

在國際上，本季度銷售額增長了 15%，總計 1140 萬美元，而 2022 年第一季度為 990 萬美元。我們相信百事可樂未來的國際增長機會很大。雖然我們剛剛開始與百事可樂的分銷合作夥伴關係，並且我們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，我們看到未來利用全球規模的重大機會，反映消費者偏好的變化為您提供更好的產品。

While the U.S. transition has taken a majority of our focus to date, we do expect to announce additional international expansion details in the future. With that said, we look forward, probably likely to early 2024, for opportunities to roll out internationally with 2023 being a year of planning around logistics, production, distribution and marketing.

雖然迄今為止美國的轉型占據了我們的大部分注意力，但我們確實希望在未來宣布更多的國際擴張細節。話雖如此，我們期待著，很可能到 2024 年初，有機會在國際上推廣，2023 年是圍繞物流、生產、分銷和營銷進行規劃的一年。

The company achieved a record non-GAAP adjusted EBITDA of $48.7 million for the first quarter, representing over 18% of sales for the period. This was driven by not only record sales, but we also saw benefits across the timing of marketing and sales programs as well as the results of gaining operational leverage across G&A. Although we saw some very good leverage across our SG&A, we would expect our investments to increase during the summer season of Q2 and Q3 of this year as we continue to drive growth awareness profitably and are entering into a number of campaigns designed to grow brand awareness.

公司第一季度的非公認會計原則調整後 EBITDA 達到創紀錄的 4870 萬美元，占同期銷售額的 18% 以上。這不僅受到創紀錄銷售額的推動，而且我們還看到了營銷和銷售計劃的時間安排帶來的好處，以及在 G&A 中獲得運營槓桿的結果。儘管我們在 SG&A 中看到了一些非常好的槓桿作用，但我們預計我們的投資將在今年第二季度和第三季度的夏季增加，因為我們將繼續以盈利的方式推動增長意識，並開展一系列旨在提高品牌知名度的活動.

The company sees opportunities to drive incremental efficiencies to the back half of 2023 from expected improvements in gross profit margins as we optimize and synergize our supply chain and gain more efficiencies. In addition, we see additional leverage opportunities as we scale to drive further efficiencies in our SG&A.

隨著我們優化和協同我們的供應鏈並獲得更高的效率，公司看到了從毛利率的預期改善到 2023 年下半年推動增量效率的機會。此外，隨著我們擴大規模以進一步提高 SG&A 的效率，我們看到了更多的槓桿機會。

To close my prepared remarks, we achieved the highest quarterly dollar sales growth in company history in the first quarter. And as previously -- our previous recorded highest quarterly record revenue was in Q3 of 2022. We exceeded by over $70 million. We are gaining market share at the fastest pace in company history, while at the same time drove the highest quarterly EBITDA margin of over 18%, demonstrating the leverage in our operating model. We believe we have significant runway ahead of us and are excited about the spring resets, driving additional shelf space in both new and existing customers while optimizing our placements. Celsius is now an established leader in the energy category, driving growth in the entire category with incremental opportunities for further growth as we continue to scale and leverage our partnership. I will now turn the call over to Jarrod Langhans, our Chief Financial Officer, for his prepared remarks. Jarrod?

結束我準備好的發言，我們在第一季度實現了公司歷史上最高的季度美元銷售額增長。和以前一樣——我們之前創下的最高季度收入記錄是在 2022 年第三季度。我們超過了 7000 萬美元。我們正在以公司歷史上最快的速度獲得市場份額，同時推動超過 18% 的最高季度 EBITDA 利潤率，展示了我們運營模式的影響力。我們相信我們前面有一條重要的跑道，並對春季重置感到興奮，在優化我們的展示位置的同時，為新老客戶帶來更多的貨架空間。 Celsius 現在是能源類別的公認領導者，隨著我們繼續擴大和利用我們的合作夥伴關係，推動整個類別的增長並提供進一步增長的增量機會。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. Turning to our first quarter financial results, revenue was approximately $260 million, an increase of 95% from $133 million, driven by our North American business. Our first quarter revenues were $249 million, an increase of 101% from the same period in 2022. The primary factors behind the increase in North American sales volume were related to our integration into the Pepsi distribution system, where we saw increases across the board, including continued strong growth in traditional distribution channels including SKU increases, as well as distribution across a number of new channels within CNG and foodservice. We've also seen our velocity increase post our significant ACV growth.

謝謝你，約翰。談到我們第一季度的財務業績，在北美業務的推動下，收入約為 2.6 億美元，較 1.33 億美元增長 95%。我們第一季度的收入為 2.49 億美元，比 2022 年同期增長 101%。北美銷量增長的主要因素與我們融入百事可樂分銷系統有關，我們看到了全面增長，包括傳統分銷渠道的持續強勁增長，包括 SKU 的增加，以及壓縮天然氣和餐飲服務中的許多新渠道的分銷。我們還看到我們的速度在 ACV 顯著增長後有所提高。

During the quarter, we saw an increase in the days inventory outstanding within the mixing centers relative to the end of 2022, which equated to roughly $20 million to $25 million in incremental sales. We would anticipate that this build would be sustained through the summer selling season as we continue to see steady growth across our footprint.

在本季度，我們看到與 2022 年底相比，混合中心內的未清庫存天數有所增加，這相當於大約 2000 萬至 2500 萬美元的增量銷售額。我們預計，隨著我們繼續看到我們的足跡穩步增長，這種建設將持續到整個夏季銷售季節。

Gross profit for the quarter increased 111% to $114 million, up from $54 million in the year ago quarter. Gross profit margins in the first quarter were approximately 44% of revenues compared to approximately 40% for the prior year first quarter. The improvement in gross profit margins was due to lower average can prices and leverage of our Orbit model, offset in part by increased freight and a few million dollars of inventory write-offs. Q1 was the second quarter that we were operating within our new distribution system, and we continue to drive efficiencies and optimization within the system while maintaining our number one goal of keeping the shelf stocked in order to meet the consumer demand. And looking out across the year, we continue to believe that we will operate with gross margins in the mid-40s with some pressure during the first half of the year while we fully integrate into our new distribution system and begin to better optimize our supply chain with upside in the back half of the year.

本季度毛利潤增長 111% 至 1.14 億美元，高於去年同期的 5400 萬美元。第一季度的毛利率約為收入的 44%，而去年第一季度約為 40%。毛利率的提高是由於較低的平均罐頭價格和我們 Orbit 模型的槓桿作用，部分被增加的運費和數百萬美元的庫存註銷所抵消。第一季度是我們在新分銷系統中運營的第二個季度，我們將繼續提高系統內的效率和優化，同時保持保持貨架庫存以滿足消費者需求的首要目標。展望全年，我們繼續相信我們將在 40 年代中期以毛利率運營，並在今年上半年承受一些壓力，同時我們完全融入我們的新分銷系統並開始更好地優化我們的供應鏈下半年有上漲空間。

Sales and marketing expenses for the 3 months ended March 31, 2023 were approximately $48 million, an increase of approximately 51%. Although we saw increased marketing investment during the quarter in line with historical spend, this was offset by less expense within sales due to timing of our activation. As a percentage of sales, sales and marketing was 18.3% compared to 23.7% in the prior year. On a full year basis, we continue to expect our sales and marketing expenditures to remain consistent with historical run rates. As noted, this quarter benefited by timing as well as some inventory builds within our mixing centers.

截至 2023 年 3 月 31 日止三個月的銷售和營銷費用約為 4800 萬美元，增長約 51%。儘管我們看到本季度的營銷投資與歷史支出一致，但由於我們激活的時間安排，這被銷售費用減少所抵消。作為銷售額的百分比，銷售和營銷為 18.3%，而上一年為 23.7%。在全年基礎上，我們繼續預計我們的銷售和營銷支出將與歷史運行率保持一致。如前所述，本季度受益於時間安排以及我們混合中心內的一些庫存建設。

General and administrative expenses for the 3 months ended March 31, 2023 were approximately $21 million, an increase of 75% relative to Q1 2022. This increase was due to increased employee costs associated with building a back shop that can scale as we grow, including stock-based compensation as well as administrative fees such as legal, audit and other consulting fees.

截至 2023 年 3 月 31 日止三個月的一般和行政費用約為 2100 萬美元，比 2022 年第一季度增長 75%。這一增長是由於與建立可隨著我們的增長而擴展的後店相關的員工成本增加，包括基於股票的薪酬以及法律、審計和其他諮詢費用等行政費用。

G&A expense as a percentage of sales was 8% for the first quarter of 2023 versus 9% in the prior year, which is in line with expectations. We would expect to see this area begin to leverage against our growth during 2023.

2023 年第一季度 G&A 費用佔銷售額的百分比為 8%，而去年同期為 9%，符合預期。我們希望看到這一領域在 2023 年開始對我們的增長產生影響。

Moving to our back-office build-out, we have significantly expanded our back-office team over the last year, adding a number of team members across IT, FP&A, controlling, legal and HR, driving great improvements, consistency in processes, and transparency across the business. We look forward to the many successes that these team members will assist us with as we look to deliver an effective control environment for 2023 and drive further value with our operations, sales, and marketing teams.

轉向我們的後台擴建，我們在去年顯著擴大了我們的後台團隊，在 IT、FP&A、控制、法律和人力資源方面增加了一些團隊成員，推動了巨大的改進、流程的一致性和整個業務的透明度。我們期待著這些團隊成員將協助我們取得許多成功，因為我們希望為 2023 年提供有效的控制環境，並通過我們的運營、銷售和營銷團隊進一步創造價值。

From a legal perspective, we have closed on the settlement proceedings with our can label and are pleased to have that behind us. In regard to the SEC review, we continue to cooperate with any inquiries or requests that are received. With that said, we do not have any further updates at this point in time.

從法律的角度來看，我們已經結束了與我們的易拉罐標籤的和解程序，並很高興將其拋在腦後。關於 SEC 審查，我們將繼續配合收到的任何詢問或請求。話雖如此，我們目前沒有任何進一步的更新。

Focusing now on liquidity and capital resources, as of March 31, 2023, we had cash of approximately $634 million and net working capital of approximately $801 million. Included within the first quarter cash balance was approximately $38 million, which is primarily balances due to Pepsi representing excess funds provided by Pepsi for our distributor transition. Cash flows used by operating activities totaled $14 million for the first quarter, which compares to $9 million in net cash provided by operating activities in Q1 last year. Overall, we saw some cash usage associated with our growth as well as the timing of working capital. As we look to Q2, we would expect to return the excess funds to Pepsi while also improving on our DSO. Overall, we would expect that excluding timing impacts of cash transactions associated with the Pepsi transaction, we will continue to generate cash year-over-year.

現在關注流動性和資本資源，截至 2023 年 3 月 31 日，我們擁有約 6.34 億美元的現金和約 8.01 億美元的淨營運資金。第一季度的現金餘額約為 3800 萬美元，主要是應付百事可樂的餘額，代表百事可樂為我們的經銷商轉型提供的超額資金。第一季度經營活動使用的現金流量總計 1400 萬美元，而去年第一季度經營活動提供的淨現金為 900 萬美元。總的來說，我們看到了一些與我們的增長相關的現金使用以及營運資金的時機。展望第二季度，我們希望將多餘的資金返還給百事可樂，同時改進我們的 DSO。總體而言，我們預計排除與百事可樂交易相關的現金交易的時間影響，我們將繼續同比產生現金。

Looking at inventory, total inventory ended at roughly $150 million, down versus the prior quarter. This was driven in large part by the significant increases that we saw in our sales volume. As we look to the busy summer months, we will see production increase significantly to accommodate the demand of the market. Going forward, we would look to carry additional inventory in order to make sure that we are able to keep up with the significant growth we are experiencing. At the same time, we do see opportunities to drive efficiencies in our DIO as we move through 2023. This concludes our prepared remarks. Operator, you may now open the call for questions. Thank you.

從庫存來看，總庫存約為 1.5 億美元，低於上一季度。這在很大程度上是由於我們看到銷量的顯著增長。展望繁忙的夏季，我們將看到產量大幅增加以滿足市場需求。展望未來，我們希望增加庫存，以確保我們能夠跟上我們正在經歷的顯著增長。與此同時，隨著 2023 年的到來，我們確實看到了提高 DIO 效率的機會。我們準備好的評論到此結束。接線員，您現在可以打開電話提問。謝謝。

(Operator Instructions) Our first question is coming from Mark Astrachan from Stifel.

（操作員說明）我們的第一個問題來自 Stifel 的 Mark Astrachan。

I'm still writing down some of that stuff that you just breezed through. Whew, that is a fast transcript. Anyway, I guess to start, maybe give us a bit of an update on how the spring resets look from a shelf space standpoint and how much is in existing energy doors, how much is coming in or going into new doors and kind of overall expectations for incremental space for the year?

我仍在寫下您剛剛輕鬆完成的一些內容。哇，這是一個快速的成績單。不管怎樣，我想開始吧，也許給我們一些更新，從貨架空間的角度來看彈簧重置的樣子，現有的能量門有多少，新門進來或進入新門的數量以及總體期望的種類為當年的增量空間？

Yes, Mark, great question. I think we had a -- we're really excited about the resets that started off this year, especially started in January. We saw a good increase in the quarter. What we're looking at is we saw a lot of great expansion, as I kind of mentioned on the call, in the convenience channel, where we saw the biggest really ACV gains when you go from over a 37.7% really increasing points of distribution in convenience. That's a really big win for the company. It's really the last channel of expansion for us into tracked channels. We're really excited about that. I think we're seeing good velocities in the convenience channel as well. We're seeing them grow. That's a big win. Also, in overall MULOC, getting to that 95.4% of ACV, most recently as of the March 26 data coming out of the IRI SPINS data. I think we have some more expansion there, but we really grew significantly on the resets. Also, the number of items carried on average per store increased as well. Right now, we're looking at about an average, at the last 4 weeks as of March 26, really at the end of the quarter, we went from an average of about 13.6 items per location in the recorded channel versus the prior year was at 8.6%. We saw a really good growth in a number of units. We've got some more resets ahead of us. I think the biggest opportunity we have as well as in tracked channels is really gaining better placements in locations, more cold availability, more cooler placements and those type of execution. Maybe not a large increase in number of doors being at the 95% at the end of the quarter, but really the breadth in each retailer, there's massive opportunity for us.

是的，馬克，好問題。我認為我們有一個 - 我們對今年開始的重置感到非常興奮，尤其是從一月份開始。我們在本季度看到了良好的增長。我們看到的是，正如我在電話會議上提到的那樣，在便利渠道中，我們看到了很大的擴張，當你從超過 37.7% 的實際增加的分銷點開始時，我們看到了最大的實際 ACV 收益不便。這對公司來說是一個非常大的勝利。這確實是我們擴展到跟踪渠道的最後一個渠道。我們對此感到非常興奮。我認為我們在便利渠道中也看到了良好的速度。我們看到他們成長。這是一個巨大的勝利。此外，在整個 MULOC 中，達到 95.4% 的 ACV，最近一次是 3 月 26 日來自 IRI SPINS 數據的數據。我認為我們在那裡有更多的擴展，但我們在重置方面確實取得了顯著進展。此外，每家商店平均攜帶的商品數量也有所增加。現在，我們看到的是平均水平，在截至 3 月 26 日的最後 4 週，實際上是在本季度末，與上一年相比，我們在錄製頻道中平均每個位置有大約 13.6 件商品8.6%。我們看到許多單位的增長非常好。我們前面還有一些重置。我認為我們擁有的最大機會以及在跟踪渠道中真正獲得更好的地點安置、更多的冷可用性、更酷的安置和那些類型的執行。到本季度末，門的數量可能不會大幅增加到 95%，但實際上每個零售商的廣度，對我們來說都是巨大的機會。

Got it. That's helpful. And maybe just on the doors, so existing doors versus new doors, do you still want to be in the legacy energy door? And then somewhat related to that, I think many folks have been surprised that the velocity is being not only as strong as they've been, but actually accelerating with all the incremental points of distribution. How much of that is just higher velocity C-stores versus just overall brand awareness? And kind of how do you think about that number through the summer?

知道了。這很有幫助。也許只是在門上，所以現有的門與新門相比，你還想使用傳統的能量門嗎？然後與此相關的是，我認為很多人都驚訝於速度不僅像以前一樣強勁，而且實際上隨著所有增量分佈點而加速。其中有多少只是速度更快的 C 店，而不是整體品牌知名度？你如何看待整個夏天的這個數字？

Yes. I think when you look at our, I guess as you called them, legacy doors, that's mainly in the food, when you look at the food channel. We still maintain in the HCC section in a variety of stores, including Publix and Kroger and those. But a majority of the stores outside of those are in energy. We do great business in the food channel. We do extremely well at Publix, doing extremely well at Kroger. It's really about gaining those additional off-shelf placements, those additional cold placements, cooler placements. We're not going to change that strategy within the food in our existing business at this time. But when we look at the distribution ahead, there is opportunities for additional SKUs. We see that. We've got some great innovation planned for this summer. I think you saw some great innovation come out in the first quarter with new flavor innovation, our lemon-lime, our green apple cherry flavor at 7-Eleven was a great win for us. There's a lot of great innovation coming this summer that we'll be able to add some additional breadth within the retailers.

是的。我想當你看我們的時候，我猜你稱之為傳統門，當你看食物頻道時，它主要在食物中。我們仍然在各種商店的 HCC 部分維護，包括 Publix 和 Kroger 等。但除此之外的大多數商店都是能源商店。我們在食品渠道做得很好。我們在 Publix 做得非常好，在 Kroger 也做得非常好。這實際上是關於獲得那些額外的現成展示位置，那些額外的冷展示位置，更酷的展示位置。目前，我們不會改變現有業務的食品戰略。但是當我們看未來的分佈時，會有更多 SKU 的機會。我們看到了。我們為今年夏天計劃了一些偉大的創新。我想你在第一季度看到了一些偉大的創新，包括新的口味創新，我們的檸檬酸橙，我們在 7-11 的青蘋果櫻桃口味對我們來說是一個偉大的勝利。今年夏天會有很多偉大的創新，我們將能夠在零售商中增加一些額外的廣度。

That's great. And just on the velocity? Thank you.

那太棒了。就速度而言？謝謝。

Yes. I think we're seeing velocity increase, Mark. I think there's opportunities for sure to go further north on that. We've got some great marketing programs ahead of us, and we think summer is going to be a great summer for us. We're watching it closely. I think we don't provide any forward guidance, but something to look at, and we're monitoring it closely all around, especially as we increased such an exponential increase in ACV.

是的。馬克，我認為我們正在看到速度增加。我認為肯定有機會在這方面走得更遠。我們前面有一些很棒的營銷計劃，我們認為夏天對我們來說將是一個美好的夏天。我們正在密切關注它。我認為我們沒有提供任何前瞻性指導，但有一些值得關注的東西，我們正在密切關注它，特別是當我們增加 ACV 的這種指數增長時。

Your next question is coming from Jeff Van Sinderen from B. Riley.

你的下一個問題來自 B. Riley 的 Jeff Van Sinderen。

Let me add my congratulations on the strong quarterly metrics. I wonder if we can kind of circle back to and delve a little bit more into how much of the Q1 reacceleration of growth was initial channel fill for new stores, new doors call it, added SKUs, etc., versus reorders derived from sell-through at retail. Just trying to get a better sense I guess of how much the initial channel fill impacted new doors, new SKUs in the quarter? And then maybe what impact that phenomenon might have in Q2? I think you alluded to a little bit of that or Jarrod did in his prepared comments, maybe just how we should think about growth acceleration from here.

讓我對強勁的季度指標表示祝賀。我想知道我們是否可以回過頭來更深入地研究第一季度增長的再加速有多少是新店的初始渠道填充、新門稱它、添加的 SKU 等，而不是來自銷售的再訂單-通過零售。只是想更好地了解最初的渠道填充對本季度新門、新 SKU 的影響有多大？那麼這種現象可能會對第二季度產生什麼影響？我想你提到了一點點，或者 Jarrod 在他準備好的評論中提到了一點，也許我們應該如何從這裡考慮增長加速。

Yes. No, thanks, Jeff. We did gain some distribution with the resets that've taken place. And I think as we're starting to see velocity increase, that is a really good sign that we're cycling through whatever pipe sales we had for the quarter. The increase in distribution didn't slow the overall velocity. The sales are moving quicker out of the register. I think that puts us in a good position. We feel really confident. It's hard to say exactly what the pipe fill was. We did talk about in the quarter how we saw Pepsi increase inventory levels, which Jarrod talked about earlier in regards to approximately $20 million to $25 million infill as the average impact for the quarter with the increase in inventory levels. But I think seeing the velocities increase, I think we're get a really strong feeling that we're seeing repeat purchases out there.

是的。不，謝謝，傑夫。我們確實通過已經發生的重置獲得了一些分佈。而且我認為當我們開始看到速度增加時，這是一個非常好的跡象，表明我們正在循環我們本季度的任何管道銷售。分佈的增加並沒有減慢整體速度。銷售正在更快地離開登記冊。我認為這使我們處於有利地位。我們感到非常有信心。很難準確地說出管道填充物是什麼。我們確實在本季度討論了我們如何看到百事可樂增加庫存水平，Jarrod 早些時候談到了大約 2000 萬至 2500 萬美元的填充作為庫存水平增加對本季度的平均影響。但我認為看到速度增加，我認為我們有一種非常強烈的感覺，我們正在看到那裡的重複購買。

Okay. That's helpful in quantifying the inventory with Pepsi. And let me ask you this, as you're going into some of the -- I mean you've got a great ACV now, so you're going into some I guess some C-stores, for example, that might be lower volumes. Some other doors within various retailers that might be perhaps a little bit lower volume. Just wondering what you're experiencing there as far as sell-throughs? And then overall, what's your outlook for your business in the C-channel?

好的。這有助於量化百事可樂的庫存。讓我問你這個，因為你要進入一些 - 我的意思是你現在有一個很棒的 ACV，所以你要進入一些我猜一些 C-stores，例如，可能會更低卷。不同零售商中的其他一些門的數量可能會少一些。只是想知道就銷售量而言，您在那裡經歷了什麼？那麼總體而言，您對您在 C 渠道的業務前景有何看法？

Yes, that's a great question. I mean we did gain a lot of Tier 3 and Tier 4 convenience distribution, especially with the expansion since October with the Pepsi system. We had a lot of Tier 1 and Tier 2. It's really building out a further breadth within those, within our convenience where we're seeing, starting to see velocities increase. I think when you look at the smaller Tier 3, Tier 4, the lower velocity, it's difficult to get the true reporting on that, on the velocity. I think we're looking at the overall velocity as a good number, an indication on how the overall health of the portfolio is performing. And I think we're really confident in convenience. We know this brand performs well. We're seeing usage occasions expand outside of energy. And we're just really excited on where the brand is and where the portfolio and where we're headed. It's something we're monitoring closely, but foodservice now, when you look at foodservice opportunity, which is 10% of Celsius' business, it just shows you the broad brush of the portfolio and how it's resonating with a broad brush of consumers today.

是的，這是一個很好的問題。我的意思是我們確實獲得了很多 Tier 3 和 Tier 4 便利配送，特別是自 10 月以來百事可樂系統的擴張。我們有很多第 1 層和第 2 層。在我們所看到的便利範圍內，它確實在其中擴大了範圍，開始看到速度增加。我認為當你查看較小的第 3 層、第 4 層時，速度較低時，很難獲得關於速度的真實報告。我認為我們正在將整體速度視為一個很好的數字，表明投資組合的整體健康狀況如何。而且我認為我們對便利性非常有信心。我們知道這個品牌表現良好。我們看到使用場合擴展到能源之外。我們對品牌的位置、產品組合的位置以及我們的發展方向感到非常興奮。這是我們正在密切關注的事情，但現在的餐飲服務，當你看到餐飲服務機會時，它佔 Celsius 業務的 10%，它只是向你展示了投資組合的廣泛刷子，以及它如何與當今廣大消費者產生共鳴。

It sounds like you're gaining more -- you feel like you're gaining more traction in foodservice and some of the other channels as well that are not reported or not tracked.

聽起來您獲得了更多——您感覺您在餐飲服務和其他一些未報告或未跟踪的渠道中獲得了更多關注。

That's correct. We see great opportunity in non-tracked channels as well.

這是正確的。我們在非跟踪渠道中也看到了巨大的機會。

Your next question is coming from Kevin Grundy from Jefferies.

您的下一個問題來自 Jefferies 的 Kevin Grundy。

Question, John, for you. Just in terms of the ambition now with items per store, so the ACV progress has been fantastic. I remember a conversation you and I had in the fall, and it was a 10% market share was kind of an ambition at that point. If we can get 92% ACV, if we can get 15 items per store, if we can maintain current velocity. You're kind of checking all the boxes at this point, around 7.5% share. This path to 10% is very, very near and present now. As you kind of take a step back, what do you think is possible now in the Pepsi system? The 10%, again, seems like it's very attainable and near term. What do you think is possible now for this brand as you look at the strength and the reach of the Pepsi system as well as what you guys have done with the brand?

問題，約翰，給你。就現在每家商店的物品的雄心而言，ACV 的進展非常好。我記得你和我在秋天的一次談話，當時 10% 的市場份額是一種雄心壯志。如果我們能獲得 92% 的 ACV，如果我們能在每個商店獲得 15 件商品，如果我們能保持當前的速度。此時你有點勾選了所有的框，大約 7.5% 的份額。這條通往 10% 的道路非常、非常接近並且現在已經存在。當你退後一步時，你認為百事可樂系統現在有什麼可能？同樣，10% 似乎是可以實現的並且是近期的。當您審視百事可樂系統的實力和影響力以及你們對這個品牌所做的一切時，您認為這個品牌現在有什麼可能？

Yes. I think, Kevin, I mean, it's a great question. I think we've just seen this ACV, we're quite amazed with how quickly the ACV has come together at a 95%. Internally, we thought we were going to at least take potentially another 12 months, 18 months to get to that 95% ACV. Totally really give hats off to our sales team, our key accounts team, and also all our partners at Pepsi has done just an amazing job. I think they see the opportunity we have here with Celsius that is bringing in new consumers to the category. And I think when you look at it, we have a lot to learn over the next probably a quarter or 2 to see how this product, this portfolio performs in the channels that it's expanded in, especially in the convenience channel so quickly. I think we'll have a better view of that probably the end of next quarter and especially at the end of Q3. But when you look at the number of items per store, we're at 13.6%. When you look at some of the current velocity numbers we had on a per SKU item and you look at gaining 15 to 17 items per store by the end of the year, that's potential, that gets you close to that 10% opportunity, 10% share in the category. We're really excited to hit the 7.5% share most recently at the end of the first quarter, and there's lots of opportunities ahead.

是的。我想，凱文，我的意思是，這是一個很好的問題。我想我們剛剛看到了這個 ACV，我們對 ACV 達到 95% 的速度如此之快感到非常驚訝。在內部，我們認為我們可能至少還需要 12 個月、18 個月才能達到 95% 的 ACV。真的要向我們的銷售團隊、大客戶團隊以及百事可樂的所有合作夥伴致敬，他們的工作非常出色。我認為他們看到了我們與 Celsius 的合作機會，將新的消費者引入該類別。而且我認為，當您查看它時，我們在接下來的一兩個季度內可能需要學習很多東西，以了解該產品，該產品組合在其擴展的渠道中的表現，尤其是在便利渠道中如此迅速。我認為我們可能會在下個季度末，尤其是在第三季度末對此有更好的了解。但是當你查看每家商店的商品數量時，我們是 13.6%。當你查看我們在每個 SKU 項目上的一些當前速度數字時，你會看到到年底每個商店獲得 15 到 17 個項目，這是有潛力的，這讓你接近 10% 的機會，10%在類別中分享。我們很高興最近在第一季度末達到 7.5% 的份額，未來還有很多機會。

And then just a follow-up. I feel like I'd probably be remiss if we did not touch on some of the competitive launches in the space, including Monster Zero Sugar, Reign Storm, which it's not lost on me for a moment, kind of looks remarkably from a packaging perspective like your product, Prime in sports and energy. There's been a lot in a fairly short period of time. And I know it's still very early days with Zero Sugar and Reign Storm which are kind of just hitting. Thoughts there in terms of how worrisome those competitive launches are? Anything you're seeing very early days where there's some overlap with Celsius? Anything you can give there in terms of market share, velocity, etc., I think would be helpful to folks. I can pass it on. Thank you.

然後只是跟進。我覺得如果我們不觸及該領域的一些競爭性發布，我可能會失職，包括 Monster Zero Sugar、Reign Storm，我暫時沒有忘記它，從包裝的角度來看，它看起來非常出色喜歡你們的產品，Prime in sports and energy。在相當短的時間內發生了很多事情。而且我知道零糖和 Reign Storm 還處於早期階段，它們剛剛開始流行。關於這些競爭性發布有多令人擔憂的想法？你在很早的時候看到什麼與 Celsius 有一些重疊嗎？你能在市場份額、速度等方面提供的任何信息，我認為都會對人們有所幫助。我可以傳下去謝謝。

Yes. Kevin, great question. I mean there's competition every day. And energy category is about as fierce as they come. Tons of new competition every day. And I think where the opportunity lies, what we're looking at, you talk about where Celsius can go, it's like in Miami, when you look at the Miami Fort Lauderdale market in MULOC the last 4 weeks ending as of April 23, 2023, we have about a 21.7% share in the market. There's a lot of opportunities. We're number two brand now on Amazon. We compete with a lot of different brands in the category. I'm not going to comment on any other brand out there. It's a big category and we wish every brand luck on operating their business. We're really excited where our portfolio is, where it's resonating with consumers, excited about our partner Pepsi, and just see a lot of opportunities at this time. We're really excited about moving forward.

是的。凱文，好問題。我的意思是每天都有競爭。能源類別就像它們來的一樣激烈。每天都有大量的新比賽。而且我認為機會在哪裡，我們正在看什麼，你談論 Celsius 可以去哪裡，就像在邁阿密，當你在 MULOC 看過去 4 週的邁阿密勞德代爾堡市場時，截至 2023 年 4 月 23 日，我們在市場上佔有約 21.7% 的份額。有很多機會。我們現在是亞馬遜上的第二大品牌。我們與該類別中的許多不同品牌競爭。我不打算評論任何其他品牌。這是一個很大的類別，我們希望每個品牌都能在經營他們的業務時好運。我們真的很興奮我們的產品組合在哪裡，它與消費者產生共鳴，對我們的合作夥伴百事可樂感到興奮，並且在這個時候看到了很多機會。我們對前進感到非常興奮。

Your next question is coming from Peter Grom from UBS.

你的下一個問題來自瑞銀的 Peter Grom。

Thanks, Operator, and good evening, everyone. Jarrod, I just had a few questions on gross margin. Maybe just first, can you just help us understand how much the inventory write-off impacted GM this quarter? And then second, I recognize you still expect gross margin for the year in this mid-40% range, and I may have misheard you, but I thought you mentioned that it's like 1/2 gross margins to be under pressure. Is that just relative to the mid-40% range? Is that year-over-year? Just any color on that comment would be helpful.

謝謝接線員，大家晚上好。 Jarrod，我只是有幾個關於毛利率的問題。也許只是首先，您能否幫助我們了解本季度庫存註銷對通用汽車的影響有多大？其次，我知道你仍然預計今年的毛利率在 40% 左右的範圍內，我可能聽錯了你的意思，但我認為你提到過 1/2 的毛利率面臨壓力。這只是相對於 40% 的中間範圍嗎？是年復一年嗎？該評論上的任何顏色都會有所幫助。

Yes. No, we were -- we've been consistent with saying we're going to be in the mid-40s. If you looked at the run rate we left Q4 on, we did see some additional write-offs on inventory as we are building out the supply chain and driving some efficiencies within that channel. As I mentioned on the call, it's a couple of million dollars, so not a huge amount, but enough to impact the margin a little bit. We also had a little bit higher freight costs within the quarter. As we get to the back half of the year, we'll be looking to clean up the freight lanes and make sure we got the supply chain operating as efficiently as possible and making sure we're fully optimized. It was really just around the inventory and the create in terms of what would have driven margins really from a Q4 to a Q1 perspective. But we're still confident in the mid-40s and we see the opportunity for upside in the back half of the year as we get fully integrated into our new distributor.

是的。不，我們 - 我們一直說我們將在 40 年代中期。如果您查看我們在第四季度保持的運行率，我們確實看到了一些額外的庫存註銷，因為我們正在構建供應鏈並提高該渠道的效率。正如我在電話中提到的，這是幾百萬美元，所以不是很大，但足以對利潤率產生一點影響。本季度我們的運費也略高。當我們進入今年下半年時，我們將尋求清理貨運通道，確保我們的供應鏈盡可能高效地運作，並確保我們得到充分優化。從第四季度到第一季度的角度來看，真正推動利潤率的因素實際上只是圍繞庫存和創造。但我們對 40 年代中期仍然充滿信心，並且隨著我們完全融入我們的新分銷商，我們看到了今年下半年的上漲機會。

Okay. Super helpful. And I guess just -- I would love to get some more details on kind of this international discussion. And I recognize that it's likely to prove to be a '24 narrative, but can you maybe just help us understand the work you've done that informs the decision that the brand can resonate and do well in these markets? What markets are you targeting initially? Is this going to be some broad-based multimarket rollout? Is it going to be more gradual? Just any initial color you can provide would be super helpful.

好的。超級有幫助。我想只是-- 我很想了解有關這種國際討論的更多詳細信息。我認識到這很可能被證明是一個 24 世紀的故事，但你能否幫助我們理解你所做的工作，這些工作為品牌可以在這些市場上引起共鳴並取得成功的決定提供了信息？您最初的目標市場是什麼？這會是一些基礎廣泛的多市場推出嗎？會更循序漸進嗎？您可以提供的任何初始顏色都會非常有幫助。

Yes. I think we've talked about this on some of the conferences we've been in back in March. But from our perspective, we look to hit markets that are obviously already well-defined energy markets so we're not going into a new market that we have to train the customer on what is energy. If you look around, kind of think of APAC in Europe, the different markets that are popular energy drink markets, we'd look to roll into those first. We're not going to do a shotgun approach. We'll look to go into a handful of markets first and learn and partner in most instances with Pepsi or Pepsi partners and really use that as a tool to learn to build the model. And then from there, we would look to roll into more markets over the coming years. But I would say for kind of a 2024 launch, we're looking at a handful of markets to really get into, understand them, learn them, but they're going to be the bigger energy markets across Europe and APAC. We do see some opportunities in some smaller markets where we can kind of roll in because they're close to co-packers and they're ready. But those wouldn't really move the needle. There's some core markets we'll learn at and most people know what those markets would be if you look in Europe and in APAC in terms of what are the big energy drink markets. That's really -- this year, it's all about planning. It's about getting aligned with the partners. It's about creating market launch plans and then looking to roll out in 2024.

是的。我想我們已經在三月份參加的一些會議上討論過這個問題。但從我們的角度來看，我們希望打入顯然已經定義明確的能源市場，因此我們不會進入一個新市場，我們必須就什麼是能源對客戶進行培訓。如果你環顧四周，想想歐洲的亞太地區，不同的市場是流行的能量飲料市場，我們希望首先進入這些市場。我們不會採用散彈槍方法。我們將首先進入少數幾個市場，並在大多數情況下與百事可樂或百事可樂合作夥伴學習和合作，並真正將其用作學習構建模型的工具。然後從那裡開始，我們希望在未來幾年進軍更多市場。但我想說的是，對於 2024 年的發布，我們正在尋找一些真正進入、了解、學習的市場，但它們將成為歐洲和亞太地區更大的能源市場。我們確實在一些較小的市場中看到了一些機會，我們可以在這些市場上投入使用，因為它們離代加工商很近，而且它們已經準備好了。但這些並不能真正起到推動作用。我們將學習一些核心市場，如果你看看歐洲和亞太地區的大型能量飲料市場，大多數人都知道這些市場是什麼。這真的是 - 今年，一切都與計劃有關。這是關於與合作夥伴保持一致。這是關於製定市場啟動計劃，然後希望在 2024 年推出。

Your next question is coming from Jon Keypour from Bank of America.

你的下一個問題來自美國銀行的 Jon Keypour。

I just wanted to drill into the foodservice commentary you guys had. If I heard correctly, that was 10% of sales in the quarter. And I'm just wondering maybe what the impact as Pepsi kind of brought in that inventory to sell, what that -- what the pipe fills for foodservice might have been in 1Q?

我只是想深入了解你們的餐飲服務評論。如果我沒聽錯的話，那是本季度銷售額的 10%。我只是想知道，百事可樂帶來的庫存銷售會產生什麼影響，那是什麼——第一季度餐飲服務的管道填充可能是什麼？

Yes, Jon, great question. And just to correct myself there, that is 10% of our Pepsi sales approximately is coming from the foodservice business. We've been working on that since October when we first launched, initially partnered with Pepsi. We've been expanding distribution in a variety of outlets and college universities, hospitals, just expanded into a variety of hotels. It is not really a pipe fill in the quarter I would say, we just to continue to build upon the momentum. We are gaining more distribution, but we're seeing good reorders, strong reorders within the channel, and we think that can be a really meaningful growth opportunity for us as we go forward and gain more distribution. We just really -- as we look ahead, the distribution opportunities is at eateries and within fast casual restaurants. We feel there's a great opportunity there, and that really has been untapped. It definitely tells you the brand resonates with an extremely broad consumer just to see the sales mix at the Pepsi system of approximately 10% of sales today. It gets us really excited.

是的，喬恩，好問題。糾正一下，我們的百事可樂銷售額中大約有 10% 來自餐飲服務業務。自 10 月我們首次推出以來，我們一直致力於此，最初是與百事可樂合作。我們一直在擴大分佈在各種網點和大學、醫院，剛剛擴展到各種酒店。我想說的是，這並不是本季度真正的管道填充，我們只是繼續保持這種勢頭。我們正在獲得更多分銷，但我們看到良好的再訂購，渠道內的強勁再訂購，我們認為隨著我們前進並獲得更多分銷，這對我們來說可能是一個真正有意義的增長機會。我們只是真的 - 當我們展望未來時，分銷機會是在餐館和快速休閒餐廳內。我們覺得那裡有一個很好的機會，而且確實尚未開發。它肯定告訴你這個品牌與極其廣泛的消費者產生共鳴，只是看到百事可樂系統的銷售組合佔今天銷售額的大約 10%。這讓我們非常興奮。

Just one follow-up. I guess looking at the Nielsen data, this is a boring question that I got asked a lot last quarter, but I have 1Q growth in scanned channels about 138%. If we use that and sort of apply to what 1Q was in '22, it implies something like $290 million. It's about a $45 million difference. Whereas if you do the same math in 4Q, it was about a $50 million difference. Is that the same kind of like the lag between scanned and reported that we should kind of expect? Or is it going to be -- is there any line-of-sight you guys have to some lumpiness or more or less any kind of swings in that regard?

只是一個跟進。我想看看尼爾森的數據，這是一個無聊的問題，上個季度我被問了很多，但我在掃描渠道中的第一季度增長了大約 138%。如果我們使用它並將其應用於 22 年的 1Q，它意味著大約 2.9 億美元。大約相差 4500 萬美元。而如果你在第四季度做同樣的計算，就會有大約 5000 萬美元的差異。這是否與我們應該預料到的掃描和報告之間的延遲一樣？或者它會是 - 你們是否有任何視線在這方面有一些腫塊或或多或少的任何類型的波動？

Yes. I mean, what you're getting at is scans coming out of the registers, so when you look at it, I think there's probably some lumpiness in regards to the kind of the value chain as it's going through the Pepsi mixing centers and then into their sales farms and then into the customers and then cycling through. But it's something we watch. You also have the mix of our Amazon business as well as our Club business that's in there. It didn't grow at those faster rates. I think it's a mix of all those items and probably a little bit of timing.

是的。我的意思是，你得到的是從收銀機出來的掃描，所以當你看它時，我認為在價值鏈的類型方面可能存在一些問題，因為它通過百事可樂混合中心，然後進入他們的銷售農場，然後進入客戶，然後循環通過。但這是我們關注的事情。您還可以混合使用我們的亞馬遜業務以及我們的俱樂部業務。它沒有以那些更快的速度增長。我認為這是所有這些項目的混合，可能還有一點時間。

Thank you. (Operator Instructions) Your next question is coming from Gerald Prescarelli from Wedbush Securities.

謝謝。 （操作員說明）您的下一個問題來自 Wedbush Securities 的 Gerald Prescarelli。

Thanks very much for the question. Obviously, very strong revenue growth here. It sounds like distributor inventory levels are going to remain elevated at least over the next few months. Just on your supply chain, can you speak to your ability to continue to service this type of demand maybe over the longer term in particular as it relates to your aluminum can supply? Which is now back to being sourced domestically, which has obviously had a big benefit to your margins. Just I guess any kind of high-level color you could provide on your thoughts there would be helpful. Thanks.

非常感謝你的提問。顯然，這裡的收入增長非常強勁。聽起來經銷商庫存水平至少在接下來的幾個月內將保持高位。就您的供應鏈而言，您能否談談您在長期內繼續滿足此類需求的能力，尤其是與您的鋁罐供應相關的需求？現在又回到了國內採購，這顯然對您的利潤有很大好處。只是我想您可以根據自己的想法提供的任何一種高級顏色都會有所幫助。謝謝。

Yes. From a raw material perspective, we're in great shape. We've got multiple partners in the U.S., like you mentioned, from a can perspective. No issues there. From a capacity perspective, we've got the ability to quickly double in terms of capacity and in terms of production. We've got our Orbit model built, but we've got a number of co-packers that we inflect to, and we have capacity at our current co-packers that we can utilize as well. We're in great shape in order to meet the demand we're seeing or even demand outsized relative to what we're seeing. From a supply chain and production perspective, we're in good shape.

是的。從原材料的角度來看，我們的狀況很好。從罐頭的角度來看，正如您提到的，我們在美國有多個合作夥伴。那裡沒有問題。從產能的角度來看，我們有能力在產能和產量方面迅速翻一番。我們已經建立了我們的 Orbit 模型，但是我們有許多我們可以使用的聯合包裝商，我們也可以利用我們目前的聯合包裝商的能力。我們的狀態很好，可以滿足我們所看到的需求，甚至比我們所看到的需求更大。從供應鍊和生產的角度來看，我們的狀況良好。

Thanks, Jarrod, appreciate it. Next one for me is just on the Club channel. If you could just provide maybe a refresher of where we are kind of on the 18-pack transition? I know you were in the midst of rolling out a second variety pack to your legacy stores. And then finally, on the BJ's rollout, just where we are with that. I know that was taking place over the course of this quarter. Thanks.

謝謝，賈羅德，感激不盡。下一個對我來說只是在俱樂部頻道上。如果您可以提供我們在 18 件裝過渡中所處位置的複習？我知道您正在為您的傳統商店推出第二個品種包。最後，在 BJ 的推出中，我們所處的位置。我知道這發生在本季度的整個過程中。謝謝。

Gerald, it's John. We pretty much have moved into the 18-back within all of the Club channels. And we started to expand from our core variety pack. In addition, you'll see incremental placements at a variety of Club channels with our bi-pack that went in. And it's been doing -- both packs have been doing extremely well. And I think there's opportunities to get further flavor combinations and/or single flavors in that channel since we're seeing great success there.

杰拉德，是約翰。我們幾乎已經在所有俱樂部渠道中進入了 18 後衛。我們開始從我們的核心品種包擴展。此外，你會看到我們的雙包在各種俱樂部頻道中的增量展示位置。而且它一直在做 - 兩個包都做得非常好。而且我認為有機會在該渠道獲得更多口味組合和/或單一口味，因為我們在那裡看到了巨大的成功。

Your next question is coming from Michael Lavery from Piper Sandler.

您的下一個問題來自 Piper Sandler 的 Michael Lavery。

Just wanted to come back to the $20 million to $25 million inventory you mentioned for the Pepsi system, the inventory build. With the ACV running ahead of your expectations and velocities as well, is there a good portion of that that's really just an adjustment to faster sell-through and kind of a reset to normalized levels that are above what they would have initially expected? Or is that really some cushion volume that's pulled forward? Can you kind of dissect out of that amount if there's a bit of both?

只是想回到你提到的百事可樂系統的 2000 萬到 2500 萬美元的庫存，即庫存構建。隨著 ACV 的運行也超出了您的預期和速度，其中有很大一部分真的只是對更快的銷售進行調整，並重新設置到高於他們最初預期的正常水平嗎？或者這真的是一些向前拉的緩衝量？如果兩者兼而有之，你能從中剖析一下嗎？

Yes. There's a bit of a build for the summer selling season, so to get ready for it and to meet the expected volumes. To your point, a bit of that is in anticipation of Q2 and Q3. We've also got a number of activations and a number of sales and marketing programs that we've got ahead of us over summer. I would say it's partially -- well, in large part, it's preparation of what's to come.

是的。夏季銷售旺季有一些建設，所以要為此做好準備並滿足預期的銷量。就您而言，其中一部分是對第二季度和第三季度的預期。我們還有一些激活以及一些銷售和營銷計劃，我們在整個夏天都領先於我們。我會說它部分 - 嗯，在很大程度上，它是為即將發生的事情做準備。

Okay. That's helpful. And just on the SG&A run rate, it's been in roughly the same neighborhood the last 3 or so quarters. Looking ahead, I know you've talked about stepping up the marketing a little bit, but you also get some operating leverage benefits from the revenue growth. How do we think about just how that might look over the rest of the year?

好的。這很有幫助。就 SG&A 運行率而言，過去 3 個左右的季度大致處於同一街區。展望未來，我知道你已經談到了加強營銷，但你也從收入增長中獲得了一些經營槓桿效益。我們如何看待今年餘下時間的情況？

Yes. Our plan is -- or at least our expectation is, if we have the opportunity to continue to drive velocity, we want to maintain our kind of historical run rate. I think on our last call, we talked about kind of 22% to 24%. I think historically, we've been more in that 23%, 24% range, so we were talking about maybe shave off a couple of percent this year. We did just over 18% in the quarter. We did benefit with some of that inventory build, but also with the speed at which our revenues are growing and the ability that our marketing team has been able to really drive that velocity and our sales team has been able to drive the ACV with Pepsi. We have been benefiting and seeing leverage there. We are going to -- we've got 100 days of summer program. We've got activation in a number of things we'll be doing over the summer, so we do look to increase our marketing and sales spend. And so at least for the summer period, we're -- the goal is to stay consistent with history. But there is opportunities with the rate we're seeing the revenues grow to continue to leverage. And I think the goal for the year was to end the year up with kind of 22% marker. Can we do better? If we have the opportunity, we will. But at the same time, we want to make sure that we're putting the right money into the right investment and to making sure those velocities continue to grow.

是的。我們的計劃是——或者至少我們的期望是，如果我們有機會繼續提高速度，我們希望保持我們的歷史運行率。我想在我們上次電話會議上，我們談到了 22% 到 24%。我認為從歷史上看，我們一直處於 23%、24% 的範圍內，所以我們談論的是今年可能會削減幾個百分點。我們在本季度完成了略高於 18% 的工作。我們確實從一些庫存建設中受益，但也受益於我們收入增長的速度以及我們的營銷團隊能夠真正推動這種速度的能力，我們的銷售團隊已經能夠通過百事可樂推動 ACV。我們一直從中受益並看到了影響力。我們將 - 我們有 100 天的暑期課程。我們已經激活了我們將在夏季做的許多事情，因此我們確實希望增加我們的營銷和銷售支出。所以至少在夏季，我們的目標是與歷史保持一致。但是我們看到收入增長的速度有機會繼續發揮作用。我認為今年的目標是以 22% 的標記結束這一年。我們能做得更好嗎？如果我們有機會，我們會的。但與此同時，我們希望確保將正確的資金投入正確的投資，並確保這些速度繼續增長。

Your next question is coming from Thomas McGovern from Maxim Group.

您的下一個問題來自 Maxim Group 的 Thomas McGovern。

Just to start, I just have a question on the back-office build-out. Given your summer launches, which you guys have mentioned quite a few times, and then this presumed transition into the international markets, just want to get an idea of how you guys are looking at it? Do you think it's sufficient build-out for the near term? Or do you expect to continue to build on your back office throughout 2023?

剛開始，我只是有一個關於後台擴建的問題。考慮到你們已經多次提到的夏季發布，然後這可能會過渡到國際市場，只是想了解一下你們是如何看待它的？您認為短期內擴建是否足夠？或者您是否希望在整個 2023 年繼續建立您的後台？

Well, I think -- thanks, Thomas, for the question. I think when you look at the back office, as Jarrod was talking about, we've been building it out really on our finance, IT that he's referencing as well as our GL teams as well as our legal teams. When you look at back shop office there, we've built out a great team. We probably have a few more hires here that we're working on. But we've been really investing as well, in addition to Jarrod's departments that he was referencing on specific finance, HR, legal areas, we also are investing in operations department as well. We'll have some additional hires there as we scale and gain more really and open up additional co-packers or/and have greater runs taking place to drive more efficiencies with logistics and so on. But we have also been investing and continue to plan to invest and grow our sales teams and marketing teams as we build out. I think you're going to start -- you're going to see leverage opportunities, especially when you look at building out the human resources, and I think we're going to get better leverage on our marketing investments, especially now that we have much broader distribution coming in and have reached that 95% ACV in the U.S. Now when we build out internationally and the plans we're working on, we will be investing in these new markets. We'll have more details on that as we continue to get further and in back half of '23 and '24. But there will be initial investments that will be required to enter new markets on a go-forward basis.

好吧，我想——謝謝 Thomas 提出的問題。我認為當你看後台時，正如 Jarrod 所說，我們一直在真正地建立在我們的財務、他所引用的 IT 以及我們的 GL 團隊和我們的法律團隊之上。當你看看那裡的後台辦公室時，我們已經建立了一支優秀的團隊。我們可能正在招聘更多的員工。但我們也一直在真正投資，除了他在特定財務、人力資源、法律領域提到的 Jarrod 部門外，我們也在投資運營部門。隨著我們擴大規模並獲得更多收益並開設更多的合作包裝商或/和進行更多的運營以提高物流效率等，我們將在那裡增加一些員工。但我們也一直在投資並繼續計劃在我們建立時投資和發展我們的銷售團隊和營銷團隊。我認為你會開始 - 你會看到槓桿機會，特別是當你著眼於建立人力資源時，我認為我們將更好地利用我們的營銷投資，特別是現在我們有更廣泛的分佈進來，並在美國達到了 95% 的 ACV。現在，當我們在國際上建立和我們正在製定的計劃時，我們將投資這些新市場。隨著我們在 23 年和 24 年的後半段繼續取得進展，我們將提供更多詳細信息。但是，在前進的基礎上進入新市場將需要初始投資。

And then just my last question real quick is, if you guys are still providing these metrics, I was curious to know how many branded coolers there are at the end of the quarter? How many coolers you're in total? And then just kind of where you guys are at in terms of penetrating Pepsi's I believe it was 50,000 Pepsi and energy coolers that you guys mentioned on one of the last calls. Kind of want an update on there if you can provide it.

然後我的最後一個問題是，如果你們仍然提供這些指標，我很想知道本季度末有多少品牌冷卻器？你總共有多少個冷卻器？然後就是你們在滲透百事可樂方面所處的位置，我相信你們在最後一個電話中提到的是 50,000 個百事可樂和能量冷卻器。如果你能提供的話，有點想在那裡更新。

Yes. We've eliminated some of those specific details that we were -- due to competitive competition coming on in the category vigorously. We still have a big presence and a big push for coolers. And that's a big opportunity for us, gaining more cold placements. We see that opportunity. Now the number of coolers we're investing, we made a decision not to disclose that specific number on a go-forward basis. But we are investing in coolers. We're investing in additional placements, off-shelf racks and those types. And you think there's a lot of opportunities in the past, on the last call we said we were working towards and planning to have placed by the end of the year of approximately 20,000 Celsius branded coolers. But that's -- we're not going to provide any additional color on that.

是的。我們已經刪除了一些我們曾經的具體細節——由於該類別的競爭激烈。我們仍然有很大的影響力和對冷卻器的大力推動。這對我們來說是一個很好的機會，可以獲得更多的冷門安置。我們看到了這個機會。現在我們投資的冷卻器數量，我們決定不透露具體數字。但我們正在投資冷卻器。我們正在投資額外的展示位置、現成的貨架和那些類型。你認為過去有很多機會，在上次電話會議上我們說我們正在努力併計劃在今年年底之前放置大約 20,000 攝氏度的品牌冷卻器。但那是——我們不會為此提供任何額外的顏色。

Your next question is coming from Sean McGowan from ROTH.

您的下一個問題來自 ROTH 的 Sean McGowan。

I had a couple of questions. One on freight. Are you -- have you seen --

我有幾個問題。一個關於貨運。你——你看到了嗎——

Sean, are you there? We seem to have lost the signal.

肖恩，你在嗎？我們好像失去了信號。

I must be having a problem with the signal. I'll just talk to you guys later.

應該是信號有問題待會兒我再跟你們說。

Thank you. That concludes today's conference. We have reached the end of our question-and-answer session. I will now turn the call over to management for closing remarks. Please go ahead.

謝謝。今天的會議到此結束。我們的問答環節已經結束。我現在將把電話轉給管理層作結束語。請繼續。

Thank you, Matt. And thank you, everyone, on behalf of the company. I'd like to thank everyone for their continued interest and support. Our results demonstrate our products are gaining considerable momentum. We're capitalizing on today's global health and wellness trends and the transformation taking place in today's energy drink category. Our active lifestyle position is a global position with mass appeal. We're building upon our core business, leveraging opportunities, and deploying best practices. We have a winning portfolio, strategy, and team in a rapidly growing market that consumers want. I'd like to thank all our investors for their continued support and confidence in our team. The company will be attending several upcoming investor conferences the week of May 22, including Goldman Sachs and B. Riley. And in June, we will be attending Stifel, Evercore and Jefferies investor conferences, and we look forward to meeting and seeing many of you there. Thank you, everyone, for your interest in Celsius. Stay healthy and live safe.

謝謝你，馬特。並代表公司感謝大家。我要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可觀的發展勢頭。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。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業務，利用機會並部署最佳實踐。在消費者想要的快速增長的市場中，我們擁有成功的產品組合、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 5 月 22 日那一周即將舉行的幾場投資者會議，其中包括高盛 (Goldman Sachs) 和 B. Riley。 6 月，我們將參加 Stifel、Evercore 和 Jefferies 投資者會議，我們期待著在那裡與你們中的許多人見面。謝謝大家對 Celsius 的興趣。保持健康，安全生活。

Thank you, everyone. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

謝謝大家。今天的會議到此結束，此時您可以斷開您的線路。感謝您的參與。