Celsius Holdings Inc (CELH) 2023 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Celsius Second Quarter 2023 Earnings Call. (Operator Instructions)

女士們、先生們，美好的一天，歡迎參加攝氏 2023 年第二季度財報電話會議。 （操作員說明）

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

這次，我很高興將發言權交給東道主，Celsius 投資者關係部的卡梅倫·多納休 (Cameron Donahue)。

Thank you, and good afternoon, everyone. We appreciate you joining us today for Celsius Holdings Second 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.

謝謝大家，大家下午好。感謝您今天加入我們攝氏控股 2023 年第二季度收益電話會議。今天與我一起參加電話會議的還有總裁兼首席執行官 John Fieldly；和首席財務官 Jarrod Langhans。在準備好發言後，我們將開始電話詢問您的問題，屆時將給出指示。

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 press release.

該公司今天下午早些時候發布了收益新聞稿，所有材料均可在公司網站 celsiusholdingsinc.com 上獲取。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實時網絡廣播鏈接進行訪問。

Please also be aware that this call may contain forward-looking statements, which are based on forecasts, expectations and other information available to management as of August 8, 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.

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8 月8 日管理層可獲得的預測、預期和其他信息。這些陳述涉及眾多風險和不確定性，其中許多風險和不確定性超出了公司的控制範圍。除法律要求的範圍外，攝氏控股不承擔任何義務，也不承擔更新任何這些前瞻性陳述的義務。我們鼓勵您完整閱讀今天的新聞稿中包含的安全港聲明以及我們向 SEC 提交的季度文件，以獲取更多信息。

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

接下來，我想將電話轉給總裁兼首席執行官約翰·菲爾德利 (John Fieldly)，聽取他準備好的講話。約翰？

Thank you, Cameron. Good afternoon, everyone. We thank you for joining us today. On our first quarter call, I highlighted that it was the first quarter in company history to exceed $200 million in sales. Today, I highlight for the first time in company history, we achieved over $300 million in a single quarter. Our record sales in the second quarter totaled approximately $326 million, an increase of 112% from last year's second quarter of approximately $154 million.

謝謝你，卡梅倫。大家下午好。我們感謝您今天加入我們。在我們第一季度的電話會議上，我強調這是公司歷史上第一個銷售額超過 2 億美元的季度。今天，我在公司歷史上首次強調，我們在一個季度內實現了超過 3 億美元的收入。我們第二季度的創紀錄銷售額總計約為 3.26 億美元，比去年第二季度的約 1.54 億美元增長了 112%。

In our North America business, revenue increased 114% for the quarter to $311 million, up from $145 million in the prior year second quarter. Celsius continues to be the top driver of growth within the energy category, both in dollars and unit growth in total U.S. MULOC energy for the last 52 weeks ending June 18, 2023, contributing over $665 million in incremental retail sales or 23% of the category growth and $204 million in incremental units, representing 35% of the category growth.

在我們的北美業務中，本季度收入增長 114% 至 3.11 億美元，高於去年第二季度的 1.45 億美元。截至2023 年6 月18 日的過去52 週，無論以美元還是美國MULOC 能源總量增長來看，攝氏度仍然是能源類別增長的最大推動力，貢獻了超過6.65 億美元的增量零售額，佔該類別的23%增長和增量單位 2.04 億美元，佔該類別增長的 35%。

Per IRI, in the 4 weeks ending as of June 18, 2023, in MULOC total energy, Celsius maintains the #3 energy drink brand in the United States, representing a new market share record in the company history in the category of 8.6%, doubling its market share of 4.3% in the year ago period. We continue to see growth across all channels, both tracked and nontracked, with our club channel sales hitting another quarterly record of approximately $68 million for the quarter ending June 30, 2023, up 120% approximately, compared to $31 million in the second quarter of 2022.

根據IRI，截至2023 年6 月18 日的4 週內，在MULOC 總能量中，Celsius 保持了美國第三大能量飲料品牌的地位，創下了公司歷史上該類別市場份額的新紀錄，達到8.6% ，其市場份額較去年同期翻了一番，達到 4.3%。我們繼續看到所有渠道（包括跟踪和非跟踪）的增長，截至2023 年6 月30 日的季度，我們的俱樂部渠道銷售額再創季度紀錄，約為6800 萬美元，較2023 年第二季度的3100 萬美元增長約120%。 2022 年。

Second quarter channel sales also exceeded our first quarter sales by approximately $20 million, which was driven by a full roll-up of our second new pack size of our Vibe energy pack going into Sam's Club and the first full quarter of our national rollout within BJ's. We also just hit a new record on Amazon with over $28 million in sales, up 108% from the prior period second quarter revenue of $14 million approximately.

第二季度渠道銷售額也超過第一季度銷售額約 2000 萬美元，這是由於我們在山姆會員店全面推出第二個新包裝尺寸的 Vibe 能量包以及在 BJ 的全國推出的第一個完整季度。我們還在亞馬遜上創下了新紀錄，銷售額超過 2800 萬美元，比上一季度第二季度約 1400 萬美元的收入增長了 108%。

Celsius maintained its position as the second largest energy drink brand with approximately an 18.6% share of the energy category as of the last 14 weeks' period ending June 30, 2023, per Stackline, energy drink category data, total U.S. on Amazon. In addition, we continue to expand growth opportunities in nontracked foodservice channels and are gaining more distributions in colleges, universities, hospitals, hotels, eateries, casinos and more. Overall, foodservice represented and exceeds approximately 11% of our PepsiCo revenues, and we see this as an area of growth and scale in the future.

根據 Stackline 的美國亞馬遜能量飲料類別數據，截至 2023 年 6 月 30 日的過去 14 週，Celsius 保持了第二大能量飲料品牌的地位，在能量飲料類別中佔據約 18.6% 的份額。此外，我們繼續擴大非跟踪餐飲服務渠道的增長機會，並在學院、大學、醫院、酒店、餐館、賭場等領域獲得更多分銷。總體而言，餐飲服務佔百事公司收入的約 11%，我們認為這是未來增長和規模擴大的領域。

We have been extremely happy with our PepsiCo partnership and see a long runway of growth ahead across a variety of channels, including expanded retail, convenience and foodservice. As highlighted in our earnings supplement for the 4-week period ending per IRI SPINS, total energy data ending June 18, 2023, as stated in MULOC, Celsius maintains the #3 energy drink position in the U.S. and now has an 8.6% market share, which doubled from the prior year's share of 4.3%. In addition, and according to MULOC, Celsius grew its ACV to a record of 96.8% versus 79.8% in the year ago period, which is a tremendous achievement by our teams and our partner with PepsiCo.

我們對與百事公司的合作夥伴關係感到非常滿意，並看到各種渠道未來的長期增長，包括擴大零售、便利和餐飲服務。正如我們在截至2023 年6 月18 日的IRI SPINS 總能源數據（MULOC 中所述）的4 週收益補充中所強調的，Celsius 保持著美國第三大能量飲料的地位，目前擁有8.6% 的市場份額，比上一年 4.3% 的份額翻了一番。此外，根據 MULOC 的數據，Celsius 的 ACV 增長至創紀錄的 96.8%，而去年同期為 79.8%，這是我們的團隊和百事可樂合作夥伴取得的巨大成就。

And in addition, in convenience, Celsius has gained an additional 31.9 points of ACV growth versus the prior year ending period and resides at a 94.9% ACV compared with 62.9% of ACV in the prior year. This provides a tremendous amount of opportunity as we continue to gain greater availability across the country as we -- and in addition, as we continue to build greater awareness with our consumers.

此外，在方便性方面，Celsius 的 ACV 比上年末增加了 31.9 個百分點，ACV 為 94.9%，而上一年的 ACV 為 62.9%。這提供了巨大的機會，因為我們繼續在全國范圍內獲得更多的可用性，此外，我們還繼續提高消費者的意識。

International sales grew 76% in the second quarter totaling $15.1 million compared to $8.6 million in the second quarter of 2022. We believe that there is a significant opportunity for incremental growth going forward with PepsiCo over the next 3 to 5 years. Although earlier in our process, we are mapping out rollout plans and continue to have discussions with our partners on opportunities for 2024 and beyond. While the U.S. transition has taken the majority of our focus to date, we do expect to announce additional international expansion opportunities and plans in the future.

第二季度國際銷售額增長 76%，總計 1,510 萬美元，而 2022 年第二季度為 860 萬美元。我們相信，百事可樂在未來 3 到 5 年內存在增量增長的重大機會。儘管處於流程的早期階段，我們正在製定推出計劃，並繼續與合作夥伴討論 2024 年及以後的機遇。雖然迄今為止，美國轉型已成為我們的主要關注點，但我們確實預計未來將宣布更多的國際擴張機會和計劃。

With that said, we continue to work towards early 2024 for some opportunities to roll out internationally with 2023 being a year of planning around logistics, production, distribution, et cetera. The goal will be to create a blueprint in a handful of countries in which -- in 2024 for further expansion within '25 and '26. We will provide additional details as we continue to get closer to those dates.

話雖如此，我們將繼續努力爭取 2024 年初在國際上推出一些機會，2023 年將是圍繞物流、生產、分銷等進行規劃的一年。我們的目標是在 2024 年在少數國家/地區製定藍圖，以便在“25”和“26”內進一步擴張。隨著日期的臨近，我們將提供更多詳細信息。

Beyond new markets, we are very excited about a number of innovations that our team has been working on throughout the year. We hope to -- some initial exciting launch plans in 2024 and beyond, and we'll provide additional insight as we get closer to those launch dates.

除了新市場之外，我們的團隊全年致力於的許多創新也讓我們感到非常興奮。我們希望在 2024 年及以後製定一些令人興奮的初步發布計劃，隨著發布日期的臨近，我們將提供更多見解。

The company achieved a record non-GAAP adjusted EBITDA of $78.1 million in the second quarter, representing approximately 24% of sales. This was driven by gross margin improvement by over 1,000 basis points from the year ago period to 48.8%, up from 38.5%.

該公司第二季度實現了創紀錄的非 GAAP 調整後 EBITDA 7,810 萬美元，約佔銷售額的 24%。這是由於毛利率比去年同期提高了 1,000 個基點，從 38.5% 升至 48.8%。

In addition, we saw continued leverage across our sales and marketing with a total of approximately 19.2% of sales in the second quarter compared to 21.1% in the prior year. This leverage was more of a product of accelerated sales as we did increase our spend in the second quarter, as we outlined in our first quarter call.

此外，我們的銷售和營銷持續發揮槓桿作用，第二季度銷售額約佔銷售額的 19.2%，而去年同期為 21.1%。正如我們在第一季度電話會議中概述的那樣，這種槓桿作用更多地是銷售加速的產物，因為我們確實在第二季度增加了支出。

In addition, we have seen some savings as we have rolled out slower pace against our headcount, resulting in our initial budgeted expectations. We will look to add additional headcounts across the back half of 2023. Jarrod will walk you through in more detail some expectation around this area. Celsius was the leader in unit growth over the last 12 weeks ending June 18, 2023, per IRI for the entire beverage category, contributing over 17% of unit growth in LRB, which is liquid -- total liquid refrigerated beverages.

此外，我們還看到了一些節省，因為我們放慢了員工數量，從而達到了我們最初的預算預期。我們將在 2023 年下半年增加額外的員工人數。Jarrod 將向您詳細介紹有關此領域的一些期望。根據 IRI，截至 2023 年 6 月 18 日的過去 12 週內，Celsius 是整個飲料類別銷量增長的領先者，為 LRB（液態冷凍飲料）的銷量增長貢獻了超過 17%。

As the company continues to gain new consumers, we believe they are unique to the energy category, which further increases the value of each of our customers. With this proximity, equal mix of male and female customers, the average age demographic is 18 to 45 plus, we are expanding the energy category with expanded consumer base and usage occasions to Celsius consumer, making it a daily part of their active lifestyle with consumption patterns that are similar to coffee than traditional impulse purchases with legacy energy drink brands.

隨著公司不斷獲得新的消費者，我們相信他們在能源類別中是獨一無二的，這進一步增加了我們每個客戶的價值。由於男性和女性客戶的接近、平等混合，平均年齡在18 至45 歲以上，我們正在通過擴大消費者基礎和使用場合來擴大能源類別，將其擴展到攝氏度消費者，使其成為他們積極消費生活方式的日常組成部分與傳統能量飲料品牌的傳統衝動購買相比，這種模式類似於咖啡。

To close my prepared remarks, both on a dollar and unit growth, Celsius is the industry leading in the category with tracked channels showing acceleration year-over-year. Our customer is unique, expanding the category to new consumers while they're increasing their dollar spend on Celsius. This is even further evident by our record sales in the club channel and on Amazon as well as the rapid growth in ACV expansion we've seen and reported in MULOC. With our top line growth of 112% for the quarter, we saw over approximately 400% growth in operating income, showing the leverage in our operating model to drive further shareholder value.

作為我準備好的發言的結束語，無論是美元增長還是單位增長，Celsius 都是該類別中的行業領先者，跟踪渠道顯示逐年加速增長。我們的客戶是獨一無二的，他們在增加在攝氏度上的花費的同時，將類別擴展到新消費者。我們在俱樂部渠道和亞馬遜上創下的銷售記錄以及我們在 MULOC 中看到和報告的 ACV 擴張的快速增長進一步證明了這一點。本季度我們的收入增長了 112%，營業收入增長了約 400%，這表明我們的運營模式可以進一步推動股東價值。

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

我現在將把電話轉給我們的首席財務官賈羅德·朗漢斯 (Jarrod Langhans)，聽取他準備好的講話。賈羅德？

Thank you, John, and thank you all for joining us. It was another great quarter where we continued to exceed both internal and external expectations. Not only are we continuing to benefit from the distribution system of Pepsi, but we're also delivering on increased SKU count, improved placement, increased displays and continuous improvement within velocities. As we look to Q3 and beyond, we will continue to invest in our growth, and we have multiple opportunities and strategies that we will be testing in the back half of the year. In addition, we have seen the opportunities of leverage across our business with gross margins, operating margins and EBITDA margins all improving quarter-over-quarter.

謝謝你，約翰，也感謝大家加入我們。這是又一個偉大的季度，我們繼續超出內部和外部預期。我們不僅繼續受益於百事可樂的分銷系統，而且還增加了 SKU 數量、改進了佈局、增加了展示並不斷改進了速度。展望第三季度及以後，我們將繼續投資於增長，我們將在今年下半年測試多種機會和策略。此外，我們還看到了整個業務的槓桿機會，毛利率、營業利潤率和 EBITDA 利潤率均逐季提高。

Before I jump into the results, let's start with some administrative comments. In regards to progress on clearing our material weaknesses, as things stand through the second quarter, we have seen very good progress, and we have a clear path ahead of us. With that said, we will not be able to provide full clearance until we get through the entire year and complete all testing.

在討論結果之前，讓我們先來看一些行政評論。關於消除實質性弱點的進展，從第二季度的情況來看，我們看到了很好的進展，我們前面有一條清晰的道路。話雖如此，在我們度過全年並完成所有測試之前，我們將無法提供完全許可。

In terms of legal updates, in mid-July, we reached a preliminary agreement to settle the securities class action suit. The agreement provides for a single cash payment of $7.9 million in exchange for the release of claims. Although we were confident that we would have prevailed, our leadership team felt that our time was best spent on growing the business and the many opportunities ahead of us as opposed to replaying challenges that existed as a result of the pace of our growth from a few years back.

在法律更新方面，7月中旬，我們就證券集體訴訟達成了和解初步協議。該協議規定一次性支付 790 萬美元現金，以換取放棄索賠。儘管我們相信我們會取得勝利，但我們的領導團隊認為，我們的時間最好花在發展業務和我們面前的許多機會上，而不是重演因我們的增長速度而存在的挑戰。幾年前。

Regarding the SEC review, we will 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.

關於 SEC 審查，我們將繼續配合收到的任何詢問或請求。儘管如此，我們目前沒有任何進一步的更新。

Turning to our second quarter financial results. Our second quarter revenue for the 3 months ended June 30, 2023, was approximately $326 million, an increase of 112% from $154 million for the 3 months ended June 30, 2022, driven by our North American business, where second quarter revenues were $311 million, an increase of 114% from the same period in 2022. International revenue grew 76% to $15 million as we saw a recovery of the business from the challenging environment that existed in the prior year.

轉向我們第二季度的財務業績。截至2023年6月30日止三個月的第二季度收入約為3.26億美元，較截至2022年6月30日止三個月的1.54億美元增長112%，這主要得益於我們的北美業務，其中第二季度收入為311美元百萬美元，比 2022 年同期增長 114%。國際收入增長 76%，達到 1500 萬美元，因為我們看到業務從上一年存在的挑戰性環境中復蘇。

The acceleration of growth relative to Q1 in North America sales volume can be attributed to several key factors. A primary driver has been our successful integration into the Pepsi distribution system, which has resulted in continued growth. Notably, we have experienced consistent and robust expansion in traditional distribution channels and club channels with SKU increases and SKU placement contributing significantly. Moreover, our products have found their way into several new channels within [CNG] and foodservice, further fueling the sales growth. Additionally, following substantial growth in our ACV, we have observed a notable increase in product velocity.

北美銷量相對第一季度的加速增長可歸因於幾個關鍵因素。主要推動力是我們成功融入百事可樂分銷系統，從而實現了持續增長。值得注意的是，我們在傳統分銷渠道和俱樂部渠道方面經歷了持續強勁的擴張，SKU 增加和 SKU 放置貢獻顯著。此外，我們的產品已進入 [CNG] 和餐飲服務領域的多個新渠道，進一步推動了銷售增長。此外，隨著 ACV 的大幅增長，我們發現產品速度顯著提高。

During the quarter, we did not see a significant increase in days inventory outstanding within the Pepsi mixing centers relative to the end of Q1 2023 as the changes likely contributed less than $5 million in incremental growth and therefore, was not a key driver of our growth in Q2. In looking at our promotional allowance, we continue to see a consistent rate relative to prior quarters. As we look to the back half of the year, we would expect this to see some increases as our 100 Days of Summer program will incorporate incentive programs that fall within this bucket as opposed to the sales and marketing bucket.

在本季度，與2023 年第一季度末相比，我們沒有看到百事混合中心內的未清庫存天數顯著增加，因為這些變化可能對增量增長的貢獻不到500 萬美元，因此不是我們增長的關鍵驅動力在第二季度。在查看我們的促銷津貼時，我們繼續看到與前幾個季度相比保持一致。展望今年下半年，我們預計這一數字會有所增加，因為我們的 100 天夏季計劃將納入屬於這一類別（而不是銷售和營銷類別）的激勵計劃。

As a result, there will be some movement between promotional allowances as a percentage of sales and sales and marketing as a percentage of sales in Q3, which, in essence, will reduce the top line, but overall, will not impact expectations around total EBITDA or net income as it is simply where the spend is classified within the P&L.

因此，促銷津貼佔銷售額的百分比與第三季度銷售和營銷佔銷售額的百分比之間將會出現一些變化，這本質上會減少營收，但總體而言，不會影響 EBITDA 總額的預期或淨收入，因為它只是將支出分類在損益表中。

Gross profit for the 3 months ended June 30, 2023, increased 168% to $159 million, up from $59 million in the year ago quarter. Gross profit margins in the second quarter were approximately 49% of revenues compared to approximately 39% for the prior year second quarter. The improvement in gross profit margins is attributed to lower package and raw material unit costs, reduced product waste and scrap and improved inbound and outbound freight efficiency.

截至 2023 年 6 月 30 日的三個月毛利潤增長 168%，達到 1.59 億美元，高於去年同期的 5900 萬美元。第二季度的毛利率約為收入的 49%，而去年第二季度的毛利率約為 39%。毛利率的提高歸因於包裝和原材料單位成本的降低、產品浪費和報廢的減少以及進出境貨運效率的提高。

Q2 was the third quarter that we were operating within our new distribution system, and we continue to drive efficiencies and optimization within the system while maintaining our #1 goal of keeping the shelf stocked in order to meet the consumer demand.

第二季度是我們在新分銷系統中運營的第三個季度，我們繼續提高系統內的效率和優化，同時保持我們的第一目標，即保持貨架庫存以滿足消費者需求。

And looking towards the second half of the year, we believe that we will operate with gross margins in the mid- to high 40s. The second quarter saw improved freight lanes as a percentage of net revenues relative to Q1. This is one area that we will continue to monitor but has the potential to fluctuate during the back half of the year. In addition, increased promotional allowances will put some pressure on the top line relative to gross margins, both of which are driving our overall margin expectations.

展望今年下半年，我們相信我們的毛利率將在 40 多歲左右。與第一季度相比，第二季度貨運通道占淨收入的百分比有所改善。這是我們將繼續監控的一個領域，但在今年下半年可能會出現波動。此外，促銷補貼的增加將對相對於毛利率的營收造成一定壓力，這兩者都推動了我們的整體利潤率預期。

Sales and marketing expenses for the 3 months ended June 30, 2023, were approximately $63 million, an increase of approximately 93% compared to the second quarter of 2022. We saw increased marketing and sales investment during the quarter, but at the same time, saw our SKU count and velocities accelerate at a rate in excess of our budget, delivering good leverage across the sales and marketing expense lines.

截至2023 年6 月30 日的三個月的銷售和營銷費用約為6300 萬美元，與2022 年第二季度相比增加了約93%。我們看到本季度的營銷和銷售投資有所增加，但與此同時，看到我們的 SKU 數量和速度以超出預算的速度加速，在銷售和營銷費用線中提供了良好的槓桿作用。

As a percentage of sales, sales and marketing was 19% compared to 21% in the prior year. On a full year basis, we will continue to invest in our sales and marketing expenditures and would expect to see some further increase as our 100 Days of Summer program only included 1 month in Q2 with 2-plus months in the third quarter.

銷售和營銷佔銷售額的百分比為 19%，而上一年為 21%。全年來看，我們將繼續投資於銷售和營銷支出，並預計會進一步增加，因為我們的 100 天夏季計劃僅包括第二季度的 1 個月，第三季度的 2 個多月。

As we look to Q4, we are working on some strategic investment programs across the U.S., which will include programs with our distribution partner as well as specific sales and marketing activities beyond our budgeted pillar strategy, albeit we would not expect these opportunities and investments to exceed our historical sales and marketing spend from prior years.

展望第四季度，我們正在美國各地開展一些戰略投資計劃，其中包括與我們的分銷合作夥伴的計劃以及超出我們預算支柱戰略的具體銷售和營銷活動，儘管我們預計這些機會和投資不會超過了我們往年的歷史銷售和營銷支出。

General and administrative expenses for the 3 months ended June 30, 2023, were approximately $32 million, an increase of 119% relative to Q2 2022. This increase was due to increased administrative fees such as legal as well as audit and other consulting fees. G&A expense as a percentage of sales was 10% for the second quarter of 2023 versus 9% in the prior year and versus 8% in the prior quarter, which is higher than expected primarily due to the class action litigation settlement accrual that was booked in Q2. Adjusting for this accrual, G&A was better aligned with historical rates.

截至 2023 年 6 月 30 日的三個月的一般和管理費用約為 3,200 萬美元，較 2022 年第二季度增長 119%。這一增長是由於法律、審計和其他諮詢費用等管理費用的增加。 2023 年第二季度的一般管理費用佔銷售額的百分比為10%，而上一年為9%，上一季度為8%，這高於預期，主要是由於計入的集體訴訟和解應計費用Q2。根據這一應計費用進行調整後，一般行政費用與歷史比率更加一致。

Looking at the first half of the year. Revenue for the 6 months ended June 30, 2023, was approximately $586 million, an increase of 104% from $287 million for the 6 months ended June 30, 2022. This was driven by our North American business, where first half revenues were $559 million, an increase of 108% from the same period in 2022. International revenue grew 43% to $27 million in the first half of the year.

縱觀上半年。截至2023年6月30日止6個月的收入約為5.86億美元，較截至2022年6月30日止6個月的2.87億美元增長104%。這是由我們的北美業務推動的，該業務上半年收入為5.59億美元，較2022年同期增長108%。上半年國際收入增長43%，達到2700萬美元。

Gross profit for the 6 months ended June 30, 2023, increased 141% to $273 million, up from $113 million in the year ago first half. Gross profit margins in the first half were approximately 47% of revenues compared to approximately 39% for the prior year first half. The improvement in gross profit margins is attributed to lower package and raw material unit costs and improved inbound and outbound freight efficiency in the second quarter.

截至 2023 年 6 月 30 日的 6 個月毛利潤增長 141%，達到 2.73 億美元，高於去年同期的 1.13 億美元。上半年毛利率約佔收入的 47%，而去年上半年約為 39%。毛利率的改善歸因於第二季度包裝和原材料單位成本的降低以及進出境貨運效率的提高。

As a percentage of sales, sales and marketing was 19% in the first half of 2023 compared to 22% in the prior year first half. G&A expense as a percentage of sales was 9% for the first half of 2023 versus 9% in the prior year same period.

2023 年上半年，銷售和營銷佔銷售額的百分比為 19%，而上年上半年為 22%。 2023 年上半年，一般管理費用佔銷售額的百分比為 9%，而上年同期為 9%。

Focusing now on liquidity and capital resources. As of June 30, 2023, we had cash in excess of $680 million and net working capital in excess of $800 million. In the second quarter, we returned in excess of $30 million for the balances due to Pepsi, representing excess funds provided by Pepsi for our distributor transition and this reduced restricted cash on the balance sheet by the same amount.

現在的重點是流動性和資本資源。截至 2023 年 6 月 30 日，我們的現金超過 6.8 億美元，淨營運資本超過 8 億美元。第二季度，我們返還了超過 3000 萬美元的應付百事可樂餘額，這是百事可樂為我們的經銷商轉型提供的超額資金，這使資產負債表上的限制性現金減少了相同數額。

Cash flows provided by operating activities totaled $45 million for the 6 months ended June 30, 2023, which compares to $42 million in net cash provided by operating activities for the 6 months ended June 30, 2022. The increase in cash generation was driven by an increase in net income and improvements in working capital, offset in part by the reimbursement to Pepsi, which I just noted.

截至2023 年6 月30 日止6 個月，經營活動提供的現金流量總計4,500 萬美元，而截至2022 年6 月30 日止6 個月，經營活動提供的淨現金為4,200 萬美元。現金產生的增加是由於淨收入的增加和營運資金的改善，部分被我剛才提到的百事可樂的償還所抵消。

Looking at inventory. Total inventory ended at just above $150 million, flat versus the prior quarter. This was driven in large part by the significant increase that we saw in our sales volume. As we look to the second half of the year, we will see production increases to accommodate the demand of the market. Going forward, we will continue to monitor inventory to ensure we are able to keep up with the significant growth we are experiencing.

看庫存。總庫存最終略高於 1.5 億美元，與上一季度持平。這在很大程度上是由於我們的銷量大幅增長所致。展望下半年，我們將看到產量增加，以滿足市場需求。展望未來，我們將繼續監控庫存，以確保我們能夠跟上正在經歷的顯著增長。

At the same time, we do see opportunities to continue to drive efficiency in our DIO as we move through 2023 and into 2024. This concludes our prepared remarks. Operator, you may now open the call for questions. Thank you all.

與此同時，隨著 2023 年和 2024 年的到來，我們確實看到了繼續提高 DIO 效率的機會。我們準備好的發言到此結束。接線員，您現在可以發起提問。謝謝你們。

(Operator Instructions) And we'll take our first question from Jon Keypour from Bank of America.

（操作員說明）我們將回答來自美國銀行的 Jon Keypour 的第一個問題。

Congratulations on the quarter. I guess to start, could you guys tell us anything you've seen in terms of exit rate out of 2Q and maybe what quarter-to-date has looked like so far?

祝賀本季度。我想首先，你們能告訴我們你們在第二季度的退出率方面看到的任何情況嗎？也許到目前為止，本季度迄今為止的情況如何？

Thank you. Appreciate the question. Teams did a great job in the second quarter being north of $300 million. We're really excited about the performance of the brand in our portfolio. We don't give any forward guidance right now. So -- but I will say that the company performed extremely well during the quarter.

謝謝。感謝這個問題。團隊在第二季度表現出色，收入超過 3 億美元。我們對該品牌在我們產品組合中的表現感到非常興奮。我們現在不提供任何前瞻性指導。所以，但我要說的是，該公司在本季度的表現非常好。

Okay. If I could ask a follow-up. You guys mentioned the 11% of sales through Pepsi went into the foodservice channel. I was just wondering if you could -- I know it will be in the Q, but if you could let us know what the Pepsi size was.

好的。如果我可以詢問後續情況。你們提到百事可樂 11% 的銷售額進入了餐飲服務渠道。我只是想知道你是否可以 - 我知道它會在 Q 中，但是你是否可以讓我們知道百事可樂的尺寸是多少。

And I guess, how should we think about that channel going forward as the school year starts up pretty soon? Are you guys fully distributed across colleges? Is the opportunity in the next 2 quarters coming from that, specifically from colleges, or is it -- there's a lot more to be had? Are you guys also sort of distributed in the other foodservice channels you guys mentioned?

我想，隨著學年即將開始，我們應該如何考慮該頻道的發展？你們完全分佈在各個學院嗎？未來兩個季度的機會是否來自於此，特別是來自大學，還是——還有更多的機會？你們是否也分佈在你們提到的其他餐飲服務渠道中？

Yes. That's a good point, Jon. When you look at the quarter, 11% of our revenue through Pepsi was attributed to the foodservice division, and that does include college and universities, and we know that was pretty much down for the quarter. So with the summer and everyone getting back to college and campus and Celsius, we launched our Celsius University and graduated 170 students just 2 weeks ago that are going to be going back to campuses around the country. So really excited about that. That is correct. That volume is not included in that second quarter, and there could be some opportunities for us in Q3 as everyone gets back to campus.

是的。這是一個很好的觀點，喬恩。當您查看本季度時，我們通過百事可樂獲得的收入中有 11% 歸因於餐飲服務部門，其中確實包括學院和大學，我們知道該季度的收入大幅下降。因此，隨著夏天的到來，每個人都回到了大學和校園，Celsius 大學成立了，兩週前，170 名學生畢業，他們將返回全國各地的校園。對此我真的很興奮。那是對的。這一數量不包括在第二季度，隨著每個人都回到校園，我們在第三季度可能會有一些機會。

In regards to the overall revenue, it represented about 56.7%, was the Pepsi revenue. That's -- so you can take 11% of that number.

就整體收入而言，約佔56.7%的是百事可樂的收入。也就是說——所以你可以取這個數字的 11%。

And we'll take our next question from Mark Astrachan from Stifel.

我們將回答 Stifel 的 Mark Astrachan 提出的下一個問題。

I guess my shout-out is going to be to whoever in marketing decided to invest in the fight this past weekend and the Miami FC sponsorship pre Messi. So hats off to that person or persons. On a question, I guess, from your standpoint, are you surprised at the level of distribution that you've achieved through Pepsi? If yes, what channels have surprised you? And then how do you think about where the distribution points can go in terms of where, in absolute -- or where, on a percentage basis -- or if you don't want to answer specifically, how to just broadly think about where we are today versus where you could be in certain key channels?

我想我要大聲疾呼的是營銷部門決定投資上週末的比賽以及邁阿密足球俱樂部贊助梅西之前的人。向那個人或那些人致敬。關於一個問題，我想，從您的角度來看，您對通過百事可樂實現的分銷水平感到驚訝嗎？如果有，哪些渠道讓您感到驚訝？然後你如何考慮分配點可以去哪裡，以絕對的方式——或者以百分比為基礎——或者如果你不想具體回答，如何廣泛地思考我們在哪裡今天與您在某些關鍵渠道中可能處於什麼位置？

Yes. Mark, I mean, great question. I see the relationship with Pepsi has been just a great transition and a great opportunity. I think it's exceeded all of our expectations internally in our internal budgets. Again, hats off to our team or all of our sales team members and our marketing team members and operations and finance team. I mean it's really -- it's a 360 approach, the way we're able to tie in and just forge a really great partnership. And everyone on the PepsiCo within all their divisions have been very collaborative. We've been hiring a lot of staff members that work closely with them. It was a seamless transition.

是的。馬克，我的意思是，很好的問題。我認為與百事可樂的關係是一個偉大的轉變和一個很好的機會。我認為這超出了我們內部預算的所有預期。再次向我們的團隊或所有銷售團隊成員、營銷團隊成員以及運營和財務團隊致敬。我的意思是，這確實是一種 360 度的方法，我們能夠通過這種方式建立真正良好的合作夥伴關係。百事公司各部門的每個人都非常協作。我們已經僱用了很多與他們密切合作的員工。這是一個無縫的過渡。

I think the biggest opportunity we saw going into the partnership was really gaining additional distribution in convenience and gas. And that's -- the biggest ACV gains that we've seen is in convenience and gas and then seeing the number of items being -- that are scanning at each point of distribution has increased as well.

我認為我們在合作中看到的最大機會實際上是獲得便利和天然氣方面的額外分配。我們所看到的 ACV 最大的收益是在便利性和汽油方面，然後看到在每個配送點掃描的物品數量也有所增加。

So the foodservice was something we weren't even thinking about, and having that represent 11% of our revenue just really surprised us. I think we know Celsius is being consumed outside of that traditional energy drink usage occasion, pairing it with food and those of the likes. So that was -- I mean, we saw that as an opportunity, but we didn't think it would be as large of an opportunity as it is today, representing 11%.

因此，我們根本沒有考慮過餐飲服務，但它占我們收入的 11% 確實讓我們感到驚訝。我想我們知道攝氏度在傳統的能量飲料使用場合之外被消費，它與食物和類似的東西搭配。所以，我的意思是，我們認為這是一個機會，但我們認為它不會像今天這樣大，佔 11%。

And then we talked about in the last to Jon at Bank of America in regards to college and universities are really going to be opening up next month. So that was a big surprise. And everything is going extremely smoothly with the partnership, and we look forward to a bright future together.

然後我們在最後與美國銀行的喬恩談到了下個月真正開放的學院和大學。所以這是一個很大的驚喜。合作關係一切進展順利，我們期待共同創造光明的未來。

Got it. Okay. Maybe a similar sort of question but put differently. So the shelf space that you're getting and total distribution points increasing obviously a lot, how much of that is coming from other energy brands versus incremental space in additional coolers? And what do you think the opportunity is for the latter, assuming that, that's a contributing factor here?

知道了。好的。也許是類似的問題，但提出的方式不同。因此，您獲得的貨架空間和總分銷點明顯增加了很多，其中有多少來自其他能源品牌，而不是額外冷卻器的增量空間？假設這是一個促成因素，您認為後者的機會是什麼？

Yes. I think that's a great point. I know in the latest IRI MULOC data as of June 18, 2023, we had about -- in the last 4 weeks, we had about 14.6 [facings] in the U.S. So that is a sizable increase from where we started the year at. And those resets really helped with a lot of our retailers. We did have some summer cut-ins with variety packs, which added to that number as we're heading in -- as we're going through summer.

是的。我認為這是一個很好的觀點。我知道，在截至 2023 年 6 月 18 日的最新 IRI MULOC 數據中，在過去 4 週內，我們在美國大約有 14.6 個[面臨]，所以這比我們年初的情況有相當大的增長。這些重置確實對我們的許多零售商都有幫助。我們確實有一些帶有多種包的夏季切入，當我們進入夏季時，這個數字就增加了。

The coolers have really helped. We have -- our teams have been working very collaboratively with Pepsi, not only going in some of the PepsiCo energy coolers, but also Celsius-focused and dedicated coolers that we've been investing in and placing around the country.

冷卻器確實很有幫助。我們的團隊一直與百事可樂密切合作，不僅購買了一些百事能源冷卻器，還購買了我們在全國各地投資和放置的以攝氏度為中心的專用冷卻器。

So I would say it's a mix. Whatever the shelves or the planograms, the way they were adjusted in the first -- beginning of the year, I'm not sure we took space from other brands in regards to like midyear summer resets. But it seems like we did gain incrementality. We are hearing from a variety of buyers. They're looking at further -- potentially reducing maybe some juice -- the juice-coffee category, also potentially looking at some CSDs to give more space to energy as they look for the resets in '24.

所以我會說這是一個混合體。無論貨架或貨架圖如何，以及它們在年初的調整方式，我不確定我們在年中夏季重置等方面是否與其他品牌佔據了空間。但看來我們確實獲得了增量。我們收到了各種買家的來信。他們正在進一步研究——可能會減少一些果汁——果汁咖啡類別，也可能會考慮一些碳酸飲料，以便在他們尋求 24 年的重置時為能量提供更多空間。

And we'll take our next question from Peter Grom from UBS.

我們將回答瑞銀集團 (UBS) 的彼得·格羅姆 (Peter Grom) 提出的下一個問題。

So John, you kind of touched on this a little bit, but I would love to kind of get some updated thoughts on the international rollout that you outlined last quarter. Just any views on potential markets. How do you think about the market share opportunity over the next couple of years? And just -- it's probably hard to do right now, but just any parameters you can provide in terms of how we should think about the contribution to growth looking ahead would be really helpful.

約翰，您稍微談到了這一點，但我很想了解您上季度概述的國際推廣的一些最新想法。只是對潛在市場的任何看法。您如何看待未來幾年的市場份額機會？只是——現在可能很難做到，但只要你能提供任何關於我們應該如何考慮對未來增長的貢獻的參數，就會非常有幫助。

Peter, it's Jarrod. If you use one of our competitors that you guys have available data for as a proxy, they run about 35% to 40% of their revenues in the international markets. So I think that's a good barometer for the eventual size of the prize. Obviously, we've got work to do to get any kind of scale internationally. We are working with our partner on a number of opportunities to expand across the globe. We have mentioned we'll probably focus on the energy categories or energy countries that are more familiar with energy as opposed to trying to go in and creating the category.

彼得，我是賈羅德。如果您使用我們的競爭對手之一（你們擁有可用數據）作為代理，他們大約 35% 到 40% 的收入來自國際市場。所以我認為這是衡量最終獎金規模的一個很好的晴雨表。顯然，我們還有很多工作要做才能在國際上取得一定的規模。我們正在與我們的合作夥伴合作，尋找許多在全球範圍內擴張的機會。我們已經提到，我們可能會關注能源類別或更熟悉能源的能源國家，而不是嘗試進入並創建該類別。

In terms of timing, we're working through a number of things. We would expect to launch some opportunities in early 2024. But we're going to hold off until we get closer to that time period before we start announcing plans and in part due to competitive measures because we've got to keep some of that close to the vest for now. But we see it as a big opportunity over the next 3 to 5 years. We'll have more data available as we get closer to the end of the year and closer to the launch period.

在時間安排方面，我們正在解決很多事情。我們預計會在 2024 年初推出一些機會。但我們將推遲到接近這個時間段後再開始宣布計劃，部分原因是競爭措施，因為我們必須保持其中一些接近現在還是馬甲吧。但我們認為這是未來 3 到 5 年的巨大機遇。隨著年底和發布期的臨近，我們將獲得更多可用數據。

Super helpful, Jarrod. If I can just follow up on gross margin. Obviously, very strong. But I think back in May, the expectation was for 40% or mid-40% gross margin. So can you maybe -- you talked about the drivers of the expansion, but can you maybe just help us understand the drivers of the upside versus kind of what you outlined back in May?

超級有幫助，賈羅德。如果我能跟進毛利率就好了。顯然，非常強。但我想早在 5 月份，毛利率的預期是 40% 或 40% 左右。那麼，您是否可以——您談到了擴張的驅動因素，但您能否幫助我們了解上行的驅動因素與您在五月份概述的那種驅動因素？

And then looking ahead, I think you mentioned -- I may have misheard this, but I think you mentioned mid- to high 40s gross margin. Is that simply conservatism? Or is there a reason why margins would kind of moderate sequentially versus what we just saw here in the second quarter?

然後展望未來，我想你提到了——我可能聽錯了，但我認為你提到了 40 多歲的中高毛利率。這僅僅是保守主義嗎？或者，與我們在第二季度看到的情況相比，利潤率會連續下降，是否有原因？

Yes. When we were -- back in December and -- or actually last November, we were talking about mid-40s as kind of the target. As we did our Q1 call, we talked about probably on the low end of the mid-40s in the first half of the year and the high end of the mid-40s in the back half of the year. I think we did see some really good leverage across our finished goods, but also, I think we had about 100 basis points of improvement within freight, which was very helpful. So I think there is some opportunity to maintain where we got to.

是的。當我們 - 早在 12 月和 - 或者實際上是去年 11 月時，我們正在談論 40 歲左右作為目標。在我們進行第一季度電話會議時，我們可能討論了上半年 40 年代中期的低端和下半年 40 年代中期的高端。我認為我們確實在成品上看到了一些非常好的槓桿作用，而且我認為我們在貨運方面有大約 100 個基點的改進，這非常有幫助。所以我認為我們有機會保持現狀。

Now the freight is kind of a bit of an outlier. The goal is to be closer to the freight rate that we were at this quarter, but there is still -- that is still kind of a variable that we're not comfortable locking in at the moment. So there could be some volatility there.

現在運費有點異常。我們的目標是接近本季度的運費，但仍然存在——這仍然是一個我們目前不願意鎖定的變量。因此，那裡可能存在一些波動。

We also have some opportunity from a slotting and -- perspective and from, call it, a contra-revenue perspective in the back half of the year to push some sales and to push further growth. So that could put a little bit of pressure on the margins, which is kind of why we were pointing to more of, call it, mid-40s, back on to that kind of high end of the mid-40s as opposed to going higher from that perspective.

我們還有一些機會從下半年的角度和所謂的收入對比角度來推動一些銷售並推動進一步增長。因此，這可能會給利潤率帶來一點壓力，這就是為什麼我們指向更多，稱之為 40 年代中期，回到 40 年代中期的那種高端，而不是走得更高。從這個角度來看。

Congrats again on the great results.

再次祝賀取得的優異成績。

And next, we'll go to Jeff Van Sinderen from B. Riley.

接下來，我們請來 B. Riley 的 Jeff Van Sinderen。

Let me add my congratulations on strong metrics for the quarter. How much do you think Q2 benefited from stocking ahead of the summer seasonal sell-through peak? And any sense you have of product inventory levels in the channel? I realize that's a really tough question. And then how are you thinking about sales growth for Q3, whether you think it would moderate because maybe there was a little stocking in Q2 or just the sell-throughs are so strong that there's no reason that it would moderate?

讓我對本季度的強勁指標表示祝賀。您認為第二季度從夏季季節性銷售高峰之前的備貨中獲益多少？您對渠道中的產品庫存水平有何了解？我意識到這是一個非常棘手的問題。然後，您如何看待第三季度的銷售增長，您是否認為第三季度的銷售增長會放緩，因為第二季度可能有一點庫存，或者只是銷售量如此強勁，以至於沒有理由會放緩？

So I'll take the first part of that. From a DIO perspective, we're pretty consistent. I mentioned that on my prepared remarks, would have been less than a $5 million kind of benefit in the quarter. So really, the DIO over the course of the quarter when we're looking at Q1 and Q2 was pretty consistent. We would hope that, that kind of rate would stay the same in Q3 from a DIO perspective in terms of kind of growth and depletion and those kind of things.

所以我將討論第一部分。從 DIO 的角度來看，我們非常一致。我提到，根據我準備好的發言，本季度的收益將少於 500 萬美元。事實上，當我們觀察第一季度和第二季度時，整個季度的 DIO 非常一致。我們希望，從 DIO 的角度來看，第三季度的增長率在增長和消耗等方面保持不變。

Yes. When you look at where we are, Jeff, I think if you look at the second quarter, the numbers, just really solid results all the way around. We saw velocities expand slightly. We saw the distribution grow, number of items per store grow. We're really pushing on a variety of marketing vehicles in the quarter for Q3. We talked about the MLS opportunity that we just recently aligned with as well as the recent Jake Paul fight over the weekend, lots of activation, social radiation.

是的。傑夫，當你看看我們的處境時，我想如果你看看第二季度的數字，你會發現所有的結果都是非常可靠的。我們看到速度略有增加。我們看到分銷量在增長，每家商店的商品數量也在增長。我們確實在第三季度推出了各種營銷工具。我們談到了我們最近剛剛參與的美國職業足球大聯盟的機會，以及最近週末傑克·保羅的比賽，大量的激活和社交輻射。

The teams are doing really well. We're in 100 Days of Summer program. So really excited for the summer. I mean we're watching it. We'll have to see how everything pans out for the rest of the quarter here. But based on the latest data and scan datas that we were seeing, it looks like we're -- we'll continue to maintain on trend.

球隊表現非常好。我們正在參加 100 天暑期項目。對夏天真的很興奮。我的意思是我們正在關注它。我們必須看看本季度剩餘時間裡一切進展如何。但根據我們看到的最新數據和掃描數據，我們似乎將繼續保持這一趨勢。

Yes, pretty good there. Do you have enough production capacity, do you think, to meet demand? And since -- we did notice a couple of stock outs in the club channel, obviously, a high-class challenge. How are you flexing the remedy where you get sort of -- I think it's a very small thing. I don't think it's happening widespread, but when you're getting those stock outs, how are you flexing the remedy those?

是的，那里相當不錯。您認為您有足夠的生產能力來滿足需求嗎？從那時起，我們確實注意到俱樂部頻道出現了一些缺貨，顯然，這是一個高級挑戰。你如何在你得到的地方靈活運用補救措施——我認為這是一件很小的事情。我不認為這種情況會廣泛發生，但是當你出現缺貨時，你如何採取補救措施？

Yes. I think if you look at the percentage of our sales to our inventory balance, I think we're in a pretty good shape when you look at that on a percentage basis as we're maintaining. But right now, I have the operation team trying to produce enough product, and I have the sales team trying to outsell them. But things are going well. I think we've got a good inventory balance. I think we did have some short shipments in the quarter, but we're still shipping 95%-plus shipping rates.

是的。我認為，如果你看看我們的銷售額佔庫存平衡的百分比，我認為當你按照我們所維持的百分比來看時，我們的狀況非常好。但現在，我的運營團隊試圖生產足夠的產品，我的銷售團隊試圖超越他們。但事情進展順利。我認為我們的庫存平衡良好。我認為本季度我們確實出現了一些發貨短缺的情況，但我們的發貨率仍然超過 95%。

So I think we're in really good shape there. We might have a couple of sporadic out of stocks during the quarter in certain markets. But otherwise, it was all pretty much over 95%. And as we head into summer, we're looking to trying to build inventory at the moment slightly, but we're in good shape. We have about 17 co-packers and partners around the country. And we're able to continue to keep up with demand plus.

所以我認為我們的狀況非常好。本季度某些市場可能會出現零星的缺貨情況。但除此之外，幾乎都超過了 95%。隨著夏季的到來，我們目前正在嘗試稍微增加庫存，但我們的狀況良好。我們在全國擁有約 17 家代加工商和合作夥伴。我們能夠繼續滿足需求。

And we -- as John noted, we just onboarded a couple of co-packers as well so -- to get up to that 17 number. So we're in good shape in terms of having the capacity and having the co-packers that we need, and we'll actually look to build out what was once a six orbit model, looking to make that more of an eight orbit model over the course of the back half of the year. So from a capacity perspective, we're in great shape. We've onboarded some additional partners. And so we'll make sure that shelves are stocked in Q3 and Q4.

正如 John 所指出的，我們也剛剛招募了幾位代加工廠，以達到 17 個數字。因此，我們在擁有所需的能力和代加工廠方面處於良好狀態，我們實際上會尋求構建曾經的六軌道模型，希望使其更像是八軌道模型今年下半年。因此，從能力的角度來看，我們的狀況很好。我們已經加入了一些額外的合作夥伴。因此，我們將確保第三季度和第四季度的貨架有貨。

And we'll take our next question from Michael Lavery from Piper Sandler.

我們將回答 Piper Sandler 的 Michael Lavery 提出的下一個問題。

Just as a consumer, I've noticed some but growing number of secondary placements, including some of the branded fridges. And you touched on this in your prepared remarks, but can you maybe give a sense of how big a push you have behind that? And maybe that, coupled with just -- as you've had your 3 quarters into Pepsi distribution, as you come up on resets, another round, are you getting kind of a second push as the momentum has been so much stronger? Just some -- what's some of the distribution upside ahead and how much is some of the secondary placements or the branded fridges a big part of that?

作為一名消費者，我注意到一些次要投放的數量正在不斷增加，其中包括一些品牌冰箱。您在準備好的發言中談到了這一點，但您能否透露一下您在這背後有多大的推動力？也許，再加上——當你已經進入百事可樂分銷的三個季度，當你進行重置時，另一輪，你是否會得到第二次推動，因為勢頭如此強勁？只是一些 - 未來的一些分銷優勢是什麼？一些二級佈局或品牌冰箱佔其中的很大一部分？

Yes. No, Michael, that's a great question. And in regards to building a brand, especially in the energy category and just in the beverage category in general and the competitive nature, we've got a lot of great marketing. We're reaching consumers on the top funnel, walking them down for -- to drive that awareness. And then most importantly, we got to get what they call the lips and create that loyalty, what you get when you connect the consumer with Celsius.

是的。不，邁克爾，這是一個很好的問題。在建立品牌方面，特別是在能源類別和飲料類別以及競爭性質方面，我們進行了很多出色的營銷。我們正在接觸頂層渠道的消費者，引導他們向下——提高這種意識。最重要的是，我們必須獲得他們所說的“嘴唇”並創造忠誠度，當你將消費者與攝氏度聯繫起來時你會得到什麼。

So the secondary displays are extremely critical as we continue to grow within the category. We have a variety -- all of our sales team members are really focused on those secondary placements. Most importantly, the cold placements are extremely critical.

因此，隨著我們在該類別中的不斷發展，輔助顯示器極其重要。我們有各種各樣的選擇——我們所有的銷售團隊成員都非常關注這些次要的安置。最重要的是，冷放置極其關鍵。

What we're doing is capitalizing on that impulse purchase opportunity that's out there, cold checkouts to create that connection with the consumer and most importantly, create that loyalty because we know we have a really high loyalty rate once a consumer tries, which we're really excited about.

我們正在做的就是利用現有的衝動購買機會，通過冷結賬來與消費者建立聯繫，最重要的是，建立忠誠度，因為我們知道一旦消費者嘗試，我們的忠誠度就會很高，我們會這樣做。真的很興奮。

The Celsius coolers have been a big push. There's a variety of them out there. I think the biggest opportunity when you look ahead is further gaining additional SKUs in cold placements. I know a lot of the cold placements of some of the larger chains maybe in grocery and mass is somewhat limited to only a few flavors versus some of the larger convenience store chains now.

攝氏度冷卻器是一個巨大的推動力。那裡有各種各樣的東西。我認為，展望未來，最大的機會是在冷盤中進一步獲得更多 SKU。我知道一些較大的連鎖店的很多冷盤可能在雜貨店和大眾店，與現在一些較大的連鎖便利店相比，在某種程度上僅限於幾種口味。

We're getting closer to almost a full shelf in a lot of these locations within certain regions of the country. So that's going to be a big opportunity is the cold placements. So that's what our teams are focusing on.

我們正在接近在該國某些地區的許多此類地點幾乎滿架的狀態。因此，冷安置將是一個巨大的機會。這就是我們團隊所關注的重點。

Next year for resets, we're talking with buyers now. We're looking for -- really to gain more cold availability and secondary placements really within that outer wall of the stores, so you get the higher foot traffic. But that's really critical as we continue to grow forward. We need to continue to capitalize on that.

明年重置，我們現在正在與買家交談。我們正在尋找——實際上是為了在商店的外牆內獲得更多的冷供應和二次展示位置，這樣你就能獲得更高的人流量。但這對於我們不斷向前發展來說非常重要。我們需要繼續利用這一點。

I don't know if you've gone into Circle K, we just launched our [Cosmic bot]. It's been out for a few weeks. And we did have [K stack] displays in all Circle Ks, which was great. And also, the 7-Eleven has been a big supporter of the brand as well, providing secondary placements.

我不知道你是否已經進入 Circle K，我們剛剛推出了我們的【宇宙機器人】。它已經出來幾個星期了。我們確實在所有 Circle K 中都展示了 [K stack]，這非常棒。此外，7-11 也一直是該品牌的大力支持者，提供二次投放。

Okay. That's great color. And can I just have a clarification question on 3Q? You mentioned some of the greater promotional spending tied to 100 Days of Summer, but I guess 2 things. One, maybe could you quantify that at all? Or either way, would we be right to think that if it's a promotional price reduction, we would see that in the scanner data as well. It's not an adjustment from that, that we would need to make, right?

好的。那顏色真棒。我可以澄清一下 3Q 的問題嗎？您提到了與夏日百日活動相關的一些更大的促銷支出，但我猜有兩件事。第一，也許你能量化一下嗎？或者無論哪種方式，我們是否正確地認為，如果是促銷降價，我們也會在掃描儀數據中看到這一點。我們不需要對此進行調整，對吧？

It's a mix. There's -- I won't get into a gap too deep with ASC 606. There are certain things that you can do from an incentive perspective that gets recorded as a contra-revenue. It may not be something, let's say, buy 2 for 4 type concept. So there's another number of incentives that you can offer through that type of activity that would still be put there, and you might not pick it up in the scan data.

這是一個混合。我不會與 ASC 606 產生太大的分歧。從激勵的角度來看，你可以做一些事情，這些事情會被記錄為對沖收入。比如說，這可能不是“買2送4”的概念。因此，您可以通過此類活動提供其他一些激勵措施，這些激勵措施仍然會放在那裡，但您可能不會在掃描數據中發現它。

I'd say probably the easiest way to look at it is if you kind of -- within our 10-Q, which is also filed, so you can pull it now. But if you take a look at kind of the promotional activity, the promotional dollars that we spent relative to -- you have to do it based off gross sales, so you got to take the promos, add it to our net sales number, and that will give you kind of the percentage that we've been running. We've typically been running around 20%. So I'd look for that to go up a bit when we look at Q3.

我想說，最簡單的查看方法可能是，如果您在我們的 10-Q 範圍內，該文件也已歸檔，因此您現在就可以提取它。但是，如果你看一下促銷活動的類型，我們花費的促銷資金相對於——你必鬚根據總銷售額來進行，所以你必須採取促銷活動，將其添加到我們的淨銷售額中，並且這將為您提供我們一直在運行的百分比。我們通常運行 20% 左右。因此，當我們看第三季度時，我希望這一數字會有所上升。

And we'll take our next call from Gerald Pascarelli from Wedbush Securities.

我們將接聽 Wedbush 證券公司 Gerald Pascarelli 的下一個電話。

So I just -- I had a clarification I was hoping that you could help me with on distributor inventory levels. So just to make sure I'm understanding this correctly, you had $20 million to $25 million last quarter that was shipped into the Pepsi distribution system ahead of summer. I think you called out $5 million on the call today. So just to be clear, like -- is this expected to reverse? Or is it one of those things like given kind of how new your partnership is with Pepsi, they're still trying to find the right inventory levels and there's a chance that there's essentially no reversal in these, in particular, given how strong your consumer takeaway trends have been? Just any incremental color you could provide there would be great.

所以我只是——我有一個澄清，希望你能在經銷商庫存水平方面幫助我。因此，為了確保我正確理解這一點，上個季度有 2000 萬至 2500 萬美元在夏季之前運入百事可樂分銷系統。我想你今天在電話會議上撥出了 500 萬美元。所以要明確的是，這種情況預計會逆轉嗎？或者是這樣的事情之一，比如你與百事可樂的合作關係有多新，他們仍在努力尋找合適的庫存水平，而且這些水平有可能基本上沒有逆轉，特別是考慮到你的消費者有多強大外賣趨勢一直如何？只要你能提供任何增量顏色就會很棒。

Yes. So it was less than $5 million. That was just rounding up. So it was kind of de minimis this quarter. So the DIO is very consistent quarter-over-quarter. And that goes back to -- in Q4, we felt inventories were low. So they are at a level that we would prefer they stay. But obviously, it's part of the partnership, so it's not just us.

是的。所以不到500萬美元。那隻是四捨五入。所以本季度的情況是微乎其微的。因此，DIO 季度環比非常穩定。這可以追溯到第四季度，我們認為庫存很低。因此，他們處於我們希望他們保持的水平。但顯然，這是合作夥伴關係的一部分，所以不僅僅是我們。

Now will that change? It could. Again, right now, Q1 and Q2 have been consistent from a DIO perspective. We'd expect that to continue on to Q3. When we get to Q4, I'm not sure if that will stay at. It's kind of what I'll call, a preferred run rate or if it would go down, that's something that our partner will have to make that decision in terms of how they want to kind of end the year prior to moving into the Q1 2024.

現在這種情況會改變嗎？它可以。同樣，從 DIO 的角度來看，第一季度和第二季度是一致的。我們預計這種情況將持續到第三季度。當我們到達第四季度時，我不確定這種情況是否會持續下去。這就是我所說的首選運行率，或者是否會下降，這是我們的合作夥伴必鬚根據他們希望如何在進入 2024 年第一季度之前結束這一年而做出的決定。

Perfect. Just one more for me on nonmeasured channels. I know that in club, you're getting some distribution with Sam's, with BJ's, which is new to this year. But you really did expand your distribution in Costco over the course of 2022. And I think that where revenues came in for 2Q were a little higher certainly than I would have expected as -- in addition to your revenues in Amazon. So maybe just some incremental color on the drivers there. I assume Costco has probably the Vibe variety pack relative to the prior quarter, but any color you could provide there would be great.

完美的。就我而言，在非測量渠道上還有一個。我知道在俱樂部，你會得到 Sam's 和 BJ's 的一些分銷，這是今年的新內容。但你確實在 2022 年擴大了在 Costco 的分銷。我認為，除了亞馬遜的收入之外，第二季度的收入肯定比我的預期要高一些。所以也許只是在驅動程序上增加一些顏色。我認為 Costco 可能有相對於上一季度的 Vibe 品種包，但你能提供的任何顏色都會很棒。

Yes. Gerald, I'll just jump in. You are correct. We did have that Vibe pack rollout. It's been really successful. So now we have 2 packs in Costco. We also did some promotional activities and then with the rollout of Sam's. So that's why we're seeing that club channel have a really good quarter within the second quarter, and we'll see how that progresses into Q3.

是的。杰拉德，我就插話。你是對的。我們確實推出了 Vibe 包。這真的很成功。所以現在我們在 Costco 有 2 包。我們還做了一些促銷活動，然後推出了 Sam's。這就是為什麼我們看到俱樂部頻道在第二季度表現非常出色，我們將看到第三季度的進展如何。

And next, we'll go to Jim Salera from Stephens.

接下來，我們將請來斯蒂芬斯的吉姆·薩萊拉。

I wanted to dig down a little bit on the club channel. Do you have any sense for how many of the consumers that are purchasing in club are incremental to the brand, given that it's probably a different consumer than would be in a c-store or maybe even a traditional [FEM]? Do you have any sense for how many of them are new or have trialed it in a single-serve option and then are buying the pack in club?

我想深入了解一下俱樂部頻道。您是否知道在俱樂部購買的消費者中有多少是品牌的增量消費者，因為他們可能與便利店甚至傳統的 [FEM] 中的消費者不同？您知道其中有多少人是新人，或者已經嘗試過單份服務，然後在俱樂部購買整套產品嗎？

Yes. Jim, I think that's a great point. And if you've been tracking the company for some time, when we expanded into the club channel, it was really like all tides rose at the same level. So it has been incremental to our overall sales, and we haven't seen any cannibalization. So it does seem like it's incremental to our overall revenues.

是的。吉姆，我認為這是一個很好的觀點。如果你已經跟踪公司一段時間了，當我們擴展到俱樂部頻道時，你會發現所有的潮水都在同一水平上上漲。因此，它對我們的整體銷售額有所增加，而且我們沒有看到任何蠶食。因此，這似乎確實增加了我們的整體收入。

What would drive -- so are they consumers that are new to the brand and are just buying -- because I would think buying a larger pack size is like -- of an 18-pack is something that core energy drink consumer would buy, but you guys have done a very good job of kind of reaching outside that core energy drink buyer. So do you have any sense for -- is this like a traditional coffee or a tea consumer that's trying Celsius because it has a different positioning than the traditional energy beverage?

是什麼推動了核心能量飲料消費者會購買 18 瓶裝的東西——新接觸該品牌並且剛剛購買的消費者——因為我認為購買更大的包裝尺寸就像是這樣，但是你們在接觸核心能量飲料買家方面做得非常好。那麼您是否有任何感覺 - 這是否像傳統咖啡或茶消費者嘗試攝氏度一樣，因為它與傳統能量飲料有不同的定位？

Yes. I think you really kind of nailed it. That's something that's unique about Celsius is where our demographic of 50-50 male/female, our 18- to 45-plus consumer. One thing at the club channel, you're able to gain -- we have lots of sampling activities as well as we do see it as an incremental consumer, somewhat older as well, we've seen. Still getting more data points there, but I think that's one thing that differentiates Celsius from maybe other traditional energy drinks is really when you look at the opportunity we have on the different age demographics, the incrementality of the energy category.

是的。我認為你真的做到了。攝氏的獨特之處在於我們的人口為 50-50 歲的男性/女性，我們的消費者為 18 歲至 45 歲以上。在俱樂部頻道，你可以獲得的一件事是——我們有很多采樣活動，而且我們確實將其視為增量消費者，我們也看到了，年齡也有些大。那裡仍然有更多的數據點，但我認為，攝氏度與其他傳統能量飲料的區別之一是，當你看到我們在不同年齡人口統計數據上的機會時，能量類別的增量。

And then when you look at -- I talked about it in my prepared remarks, about the percentage of growth within LRB, which is liquid refrigerated beverages, just all of those beverages, we're really a unit growth driver that we saw in the last data. So truly incremental. It's really an exciting time. The club channel has been a great business for us. And it's something we're monitoring closely. It doesn't seem like it's cannibalizing at all.

然後，當你看時，我在準備好的發言中談到了 LRB 的增長百分比，即液體冷凍飲料，所有這些飲料，我們確實是我們在最後的數據。所以真正是增量的。這真是一個令人興奮的時刻。俱樂部頻道對我們來說是一項偉大的業務。這是我們正在密切監視的事情。看起來根本就不是在蠶食。

(Operator Instructions) And we'll take our next question from Sean McGowan from ROTH.

（操作員說明）我們將接受來自羅斯的 Sean McGowan 的下一個問題。

First, a quick clarification. Is 100% of that legal settlement in the G&A line?

首先，快速澄清一下。法律和解費用是否 100% 包含在 G&A 項目中？

Yes, that's correct, Sean.

是的，這是正確的，肖恩。

Okay. Then I wanted to get a little bit more color on sales and marketing. I think it would be fair to say that as a percentage of revenue, that came in lower than -- it seems like it was [again] lower than you expected. Did the dollar spend come in lower than expected? Or was that in line? And kind of give us a little bit more color, if you can, on what we should expect to see in the balance of the year given some of the comments you've made about promotion that would be a contra-revenue.

好的。然後我想在銷售和營銷方面獲得更多的色彩。我認為公平地說，作為收入的百分比，它的收入低於——看起來它[再次]低於你的預期。美元支出是否低於預期？或者說這是在排隊嗎？如果可以的話，請給我們更多的信息，讓我們了解今年餘下的時間裡我們應該看到什麼，因為您對促銷活動發表了一些評論，這將是一項相反的收入。

Yes. This is Jarrod. I'd expect some of the -- where we would kind of position the sales and marketing to be actually up in contra-revenue. We have been running between that 19% and 20% as opposed to close to that 22%. So we have been seeing really good leverage come through. Some of that is the sales have exceeded expectations. And some of that is we are getting better leverage through the system.

是的。這是賈羅德。我預計我們的銷售和營銷活動實際上會增加收入。我們一直在 19% 到 20% 之間運行，而不是接近 22%。所以我們已經看到了非常好的槓桿作用。其中一些是銷售超出預期。其中一些是我們通過該系統獲得了更好的槓桿作用。

And then the other piece is from a headcount perspective and a budgeting headcount perspective, we're adding heads but not at the same clip that we thought we may have needed to. So we will still continue to add headcount, which will drive a little bit of cost. Some of that will get moved up into contra.

然後另一件事是從人員數量和預算人員數量的角度來看，我們正在增加人頭，但不是在我們認為可能需要的同一剪輯上。所以我們仍然會繼續增加員工人數，這會帶來一點成本。其中一些將被提升到對立面。

So we do -- we will look in the back half of the year to spend that kind of historical rate close to that 22%. But again, some of it will be bucketed up in contra-revenue. And then really, we just need to get the headcount in to continue to drive the velocity and to drive the business.

所以我們會在今年下半年考慮將歷史利率花在接近 22% 的水平上。但同樣，其中一些將被用於對沖收入。事實上，我們只需要增加人員數量即可繼續提高速度並推動業務發展。

From a -- if you go just specifically to marketing, call it, advertising, we have actually been spending a little bit ahead of historical rates. So it's in some of those other buckets that we've seen kind of savings like storage and warehousing and some of the other sales lines where we've been able to really leverage the system. And our DIO, our internal DIO has gone down a bit. And so we've been able to leverage that across some of the sales and marketing spend as well.

從——如果你專門去營銷，稱之為廣告，我們的支出實際上比歷史水平要高一些。因此，在其他一些領域，我們看到了存儲和倉儲等方面的節省，以及我們能夠真正利用該系統的其他一些銷售線。我們的 DIO，我們內部的 DIO 下降了一點。因此，我們也能夠在一些銷售和營銷支出中利用這一點。

(Operator Instructions) And we'll take the next question from Anthony Vendetti from Maxim Group.

（操作員說明）我們將回答來自 Maxim Group 的 Anthony Vendetti 提出的下一個問題。

This is [Thomas] on for Anthony. So just kind of you guys just mentioned and you talked about it in the prepared remarks, but on the headcount additions, it seems like it might not be super aggressive in terms of expanding headcount, but just looking to get a little bit more color on where we might expect to see these headcount additions and kind of what you hope to achieve through this.

這是安東尼的[托馬斯]。所以，你們剛才提到的，你們在準備好的發言中談到了這一點，但在增加人員數量方面，似乎在擴大人員數量方面可能並不是非常激進，而只是希望獲得更多的色彩我們可能期望看到這些員工數量的增加以及您希望通過此實現的目標。

Yes. [Thomas], thank you. We're looking at applying additional resources as we continue to grow and scale. We're not going to, just a strategic standpoint, identify where we're adding additional resources within our operations, marketing and sales. But we do have additional headcounts planned for the back half of the year. We will be further building out our teams. And I did mention earlier, we did add 170 college university students to our university program that are heading to universities around the country right now.

是的。 [托馬斯]，謝謝你。隨著我們不斷發展和擴大規模，我們正在考慮應用更多資源。僅從戰略角度來看，我們不會確定在運營、營銷和銷售中添加額外資源的位置。但我們確實計劃在今年下半年增加員工人數。我們將進一步加強我們的團隊建設。我之前確實提到過，我們確實將 170 名大學生加入到我們的大學項目中，這些學生目前正在前往全國各地的大學。

Congrats on the quarter, guys.

伙計們，恭喜這個季度。

(Operator Instructions) And there are no further questions at this time. I'd like to turn the floor back to John Fieldly for closing remarks.

（操作員說明） 目前沒有其他問題。我想請約翰·菲爾德利做結束語。

Thank you, Karen. Thank you -- on behalf of the company, we'd like to thank everyone for their continued support and interest. Our results demonstrate our products are gaining considerable momentum. We are capitalizing on today's global health and wellness trends and the transformation that's taking place today in today's energy drink category. 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, rapidly growing market that consumers want.

謝謝你，凱倫。謝謝——我們謹代表公司感謝大家的持續支持和關注。我們的結果表明我們的產品正在獲得巨大的發展勢頭。我們正在利用當今的全球健康趨勢以及當今能量飲料類別正在發生的變革。我們的積極生活方式定位是具有大眾吸引力的全球定位。我們正在以我們的核心為基礎，利用機會並部署最佳實踐。在消費者想要的快速增長的大型市場中，我們擁有成功的產品組合、戰略和團隊。

I would like to take this time to thank our investors for their continued support and confidence in our team. The company will be attending several upcoming investor conferencings throughout the month of September, including Piper Sandler's, Barclays, Wells Fargo and B. Riley investor conferences, and we look forward to seeing many of you there. Thank you for your interest in Celsius. Stay healthy and live fit.

我想藉此機會感謝我們的投資者對我們團隊的持續支持和信任。該公司將參加 9 月份即將舉行的幾場投資者會議，包括 Piper Sandler's、巴克萊銀行、富國銀行和 B. Riley 投資者會議，我們期待在會上見到你們。感謝您對攝氏度的興趣。保持健康並保持健康。

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

謝謝。女士們、先生們，今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開線路，祝您度過愉快的一天。