Celsius Holdings Inc (CELH) 2023 Q3 法說會逐字稿

Greetings, and welcome to Celsius' Third Quarter 2023 Financial Results. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎閱讀攝氏 2023 年第三季財務業績。 （操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Cameron Donahue, Investor Relations for Celsius Holdings. Thank you. You may begin.

現在我很高興向您介紹主持人，Celsius Holdings 投資者關係部門的卡梅倫·多納休 (Cameron Donahue)。謝謝。你可以開始了。

Thank you, and good morning, everyone. We appreciate you joining us today for Celsius Holdings Third 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.

謝謝大家，大家早安。我們感謝您今天加入我們攝氏控股 2023 年第三季財報電話會議。今天與我一起參加電話會議的還有總裁兼執行長 John Fieldly；和財務長 Jarrod Langhans。

Following the prepared remarks, we'll open the call to your questions at that time. The company released its third quarter earnings press release earlier this morning, and all materials are available on the company's website, celsiusholdingsinc.com; as well as in the SEC's website, sec.gov.

在準備好發言後，我們將立即開始電話詢問您的問題。該公司今天早上早些時候發布了第三季收益新聞稿，所有資料均可在該公司網站 celsiusholdingsinc.com 上取得；以及 SEC 網站 sec.gov。

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 announced in the press release.

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訊重播，並且可以透過新聞稿中宣布的電話會議中的相同即時網路廣播連結進行存取。

Please also be aware that this call may contain forward-looking statements, which are based on forecasts, expectations and other information available to management as of November 7, 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 obligations 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11 月7 日管理層可獲得的預測、預期和其他資訊。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聲明的義務。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，以獲取更多資訊。

Additionally, management will share operating results on both a GAAP basis and on non-GAAP basis. Descriptions of those non-GAAP financial measures that we use such as non-GAAP adjusted EBITDA and reconciliations of these measures to our results as reported in accordance to GAAP are detailed in our earnings press release for the third quarter of 2023.

此外，管理階層將根據公認會計原則和非公認會計原則分享經營績效。我們使用的非 GAAP 財務指標（例如非 GAAP 調整後 EBITDA）的描述，以及這些指標與我們根據 GAAP 報告的結果的調節，詳見我們 2023 年第三季的收益新聞稿。

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

接下來，我想將電話轉給我們的總裁兼執行長約翰·菲爾德利，請他發表準備好的演講。約翰？

Thank you, Cameron. Good morning, everyone, and thank you for joining us today.

謝謝你，卡梅倫。大家早安，感謝您今天加入我們。

Celsius achieved record sales in the third quarter that totaled approximately $385 million, up 104% from $188 million from the prior year third quarter. This was driven predominantly by North America revenue, which increased 107% to $371 million, up from $180 million for the prior year third quarter.

攝氏第三季銷售額創歷史新高，總計約 3.85 億美元，較去年第三季的 1.88 億美元成長 104%。這主要是由北美收入推動的，該收入增長了 107%，達到 3.71 億美元，高於去年第三季的 1.8 億美元。

Celsius continues to be the top driver of growth in the energy category, both in dollars and units through tracked channels. Celsius is the #1 dollar and unit growth brand over the last 52 weeks per IRI total U.S. MULOC energy category data ending October 8, 2023, growing approximately $950 million incremental dollars, up 144% versus a year ago while representing 28% of all category dollar growth.

無論以美元還是透過追蹤管道計算的單位，攝氏度仍然是能源類別成長的最大推動力。根據截至2023 年10 月8 日的IRI 美國MULOC 能源類別數據，過去52 週，Celsius 是美元和單位增長排名第一的品牌，增量增長約9.5 億美元，比一年前增長144%，佔所有類別的28%美元成長。

In addition, our unit growth totaled 289.2 million incremental units, an increase of 114% versus a year ago and totaled 39% of all category unit growth. Per IRI, in the 4-weeks period ending October 8, 2023, in MULOC, Celsius is the #3 energy drink brand in the U.S. with approximately a 10.5% market share, more than doubling its 4.4% share in the same period last year. This dollar growth on 10.5% share has not been achieved in the last decade.

此外，我們的銷量增量總計為 2.892 億輛，較去年同期成長 114%，佔所有類別銷量成長的 39%。根據 IRI，截至 2023 年 10 月 8 日的 4 週內，Celsius 是美國排名第三的能量飲料品牌，市佔率約為 10.5%，是去年同期 4.4% 份額的兩倍多。 10.5% 的美元成長率是過去十年從未實現過的。

We continue to see growth across all channels, both tracked and non-tracked, with our club channel sales totaling approximately $63.2 million for the quarter ending September 30, up 83.3% year-over-year compared to $34.5 million for the prior period third quarter.

我們繼續看到所有管道（包括追蹤和非追蹤）的成長，截至9 月30 日的季度，我們的俱樂部通路銷售額總計約為6,320 萬美元，同比增長83.3%，而上一季第三季度的銷售額為3,450 萬美元。

Per Stackline on Amazon, over the last 14 weeks ending September 30, 2023, Celsius is now the best-selling energy drink on Amazon with approximately a 21.4% share in the energy category, ahead of Monster at an 18.6% share and Red Bull at a 13% share.

根據亞馬遜Stackline 的數據，截至2023 年9 月30 日的過去14 週，Celsius 現已成為亞馬遜上最暢銷的能量飲料，在能量類別中佔據約21.4% 的份額，領先於Monster 的18.6% 和紅牛的18.6%。13% 的份額。

Our third quarter 2023 Amazon sales totaled approximately $22.2 million versus $15.6 million for the year-ago period, an increase of approximately 42%. Celsius is now the #1 energy drink brand on Instacart and continues to outpace that category of growth as the largest and fastest-growing brand on the platform.

2023 年第三季亞馬遜銷售額總計約 2,220 萬美元，而去年同期為 1,560 萬美元，成長約 42%。目前，Celsius 是 Instacart 上排名第一的能量飲料品牌，並且繼續超越該類別的成長，成為該平台上最大、成長最快的品牌。

We continue to expand our growth opportunities in non-tracked foodservice channels and are gaining more distribution points at colleges, universities, hospitals, hotels, eateries, casinos and more.

我們繼續擴大非追蹤餐飲服務管道的成長機會，並在學院、大學、醫院、酒店、餐廳、賭場等地獲得更多分銷點。

Overall foodservice continues to exceed approximately 10% of our PepsiCo revenues, and we see this area as an opportunity for further growth and scale. We are extremely happy with our PepsiCo partnership, and we believe there is a long runway ahead of growth across a variety of channels, including expanding at retail, convenience and at foodservice.

整體餐飲服務持續超過百事可樂公司收入的約 10%，我們認為該領域是進一步成長和擴大規模的機會。我們對與百事公司的合作關係感到非常滿意，我們相信各種管道的成長還有很長的路要走，包括在零售、便利和餐飲服務領域的擴張。

During the quarter in foodservice, I'd like to highlight that Celsius is now available in over 2,000 Jersey Mike locations across the United States, and we've now gained authorization in over 3,000 Dunkin' Donuts nationwide. This illustrates the many unique usage occasions that we are seeing, and our customers are enjoying our Celsius products.

在本季度的餐飲服務領域，我想強調的是，Celsius 現已在美國澤西邁克的 2,000 多個門市銷售，並且我們現已獲得全國 3,000 多個 Dunkin' Donuts 的授權。這說明了我們所看到的許多獨特的使用場合，我們的客戶正在享受我們的攝氏產品。

As highlighted in our earnings supplement, per IRI, for the 4-week period ending October 8, 2023, we have increased our market share in MULOC by approximately 138% to a 10.5% share, which has not been achieved in the energy category over the past decade versus a 4.4% share in the prior year period. In MULOC, Celsius grew its ACV to 95.6% versus 72.1% year-over-year.

正如我們在收益補充中所強調的，根據IRI，在截至2023 年10 月8 日的4 週期間，我們在MULOC 的市佔率增加了約138%，達到10.5%，這是能源類別中尚未實現的目標。過去十年的份額為 4.4%，而去年同期為 4.4%。在 MULOC，Celsius 的 ACV 成長至 95.6%，去年同期為 72.1%。

In convenience, Celsius gained an additional 22.6% of ACV growth versus the prior year period ending and resides at approximately 95.6% of ACV compared with a 73% of ACV in the prior year. This provides tremendous opportunities as we continue to grow customer awareness and our national availability.

方便起見，與去年同期相比，Celsius 的 ACV 增加了 22.6%，約為 ACV 的 95.6%，而去年同期為 73%。隨著我們不斷提高客戶意識和全國可用性，這提供了巨大的機會。

International sales grew approximately 56% in the third quarter, totaling $13.6 million compared to $8.7 million in the third quarter of 2022, driven in large part by successful innovation launches, increased velocity and brand awareness.

第三季國際銷售額成長約 56%，總計 1,360 萬美元，而 2022 年第三季為 870 萬美元，這在很大程度上得益於成功的創新發布、速度和品牌知名度的提高。

The first major international market in which we plan to expand to under the PepsiCo umbrella is Canada, expected to launch in the first quarter of 2024. We believe there are significant opportunities for incremental growth over the next 3 to 5 years as we execute our international expansion blueprint in a handful of countries in 2024, with opportunities for further expansion in '25, '26 and beyond. We expect to provide additional details as we get closer to these dates.

我們計劃在百事可樂旗下拓展的第一個主要國際市場是加拿大，預計將於 2024 年第一季推出。我們相信，隨著我們執行國際業務，未來 3 至 5 年將有巨大的增量成長機會2024年在少數國家製定了擴張藍圖，並有機會在「25」、「26」及以後進一步擴張。隨著這些日期的臨近，我們希望提供更多詳細資訊。

Beyond new markets, we are very excited about a number of our innovative launches that our team has created and have been working through, including our recent launch of our newest Vibe flavor, Cosmic Vibe, a great-tasting sparkling fruit punch flavor, which is out of this world and is now available at Circle K.

除了新市場之外，我們對團隊創造和一直在努力推出的許多創新產品感到非常興奮，包括我們最近推出的最新 Vibe 口味 Cosmic Vibe，這是一種美味的起泡水果潘趣口味，獨一無二，現已在Circle K 發售。

In addition, just recently in November, we launched a new 16-ounce line, CELSIUS ESSENTIALS, which is exclusively available initially at 7-Eleven through the remainder of 2023 with a nationwide rollout planned in 2024. CELSIUS ESSENTIALS is formulated for fitness enthusiasts looking to elevate their performance. Each can of CELSIUS ESSENTIALS contains 270 milligrams of caffeine, our essential aminos as well as our proprietary blend, providing you with the combination of enhanced physical performance and cognitive benefits. This new line comes in 4 great-tasting flavors: Blue Crush, Cherry Limeade, Dragonberry and Orangesicle.

此外，就在最近的11 月，我們推出了新的16 盎司係列產品CELSIUS ESSENTIALS，該產品最初在7-11 店獨家銷售，直至2023 年剩餘時間，計劃於2024 年在全國範圍內推出。CELSIUS ESSENTIALSLS專為健身愛好者配製提升他們的表現。每罐 CELSIUS ESSENTIALS 含有 270 毫克咖啡因、我們的必需氨基酸以及我們的專有混合物，可為您提供增強的身體表現和認知益處。這個新系列有 4 種美味口味：Blue Crush、Cherry Limeade、Dragonberry 和 Orangesicle。

Net income attributed to common shareholders totaled $70.5 million in the quarter or $0.89 per diluted share compared to a net loss of $186.5 million or a net loss of $2.46 per diluted share. The prior year losses were preliminarily driven by termination expenses as we moved from our prior distribution network to the PepsiCo distribution system.

本季歸屬於普通股股東的淨利總計 7,050 萬美元，或稀釋後每股 0.89 美元，而淨虧損為 1.865 億美元，或稀釋後每股淨虧損 2.46 美元。上一年度的虧損最初是由我們從先前的經銷網路轉向百事可樂分銷系統時的終止費用所造成的。

Non-GAAP adjusted EBITDA increased 318% to approximately $104 million in the quarter compared to $25 million in the prior year period, driven substantially by revenue growth, an increase in margins and our continued leverage across our SG&A.

本季非 GAAP 調整後 EBITDA 成長 318%，達到約 1.04 億美元，而去年同期為 2,500 萬美元，這主要得益於營收成長、利潤率增加以及我們對 SG&A 的持續槓桿作用。

Our record non-GAAP adjusted EBITDA in the third quarter represented approximately 27% of sales. This was driven by gross margin improvements, up 860 basis points from the prior year ago to approximately 50.4% of gross profit versus 41.8%.

我們第三季創紀錄的非 GAAP 調整後 EBITDA 約佔銷售額的 27%。這是由毛利率改善推動的，毛利率比上年同期增長 860 個基點，佔毛利的比例從 41.8% 升至約 50.4%。

In addition, we saw a combination of leverage across our sales and marketing totaling approximately 19.1% of sales in the third quarter compared to 23% adjusted for distributor termination expenses in the prior year period.

此外，我們發現銷售和行銷的槓桿組合總計約佔第三季銷售額的 19.1%，而去年同期經經銷商終止費用調整後的槓桿率為 23%。

G&A, general and administrative expenses, totaled approximately 6% in the third quarter compared to 14.6% of sales in the prior year period. Jarrod will cover these items in more detail shortly.

第三季的一般及管理費用、一般及管理費用總計約佔銷售額的 6%，而去年同期則佔銷售額的 14.6%。 Jarrod 很快就會更詳細地介紹這些項目。

Our distribution partner, PepsiCo, continues to facilitate ACV expansion, supporting new customer acquisitions across broad demographics and new usage occasions. Going forward, we expect that our key incremental growth drivers are expected to be increasing our SKUs, our flavors and facings at retail, improving shelf placements, more placements in stores, secondary placements and Celsius-branded cooler placements as well as expanded independent convenience expansion initiatives as well as foodservice and increasing our velocities at shelf.

我們的分銷合作夥伴百事可樂公司繼續促進 ACV 的擴張，支持在廣泛的人口統計和新的使用場合中獲取新客戶。展望未來，我們預計，我們的主要增量成長動力將是增加我們的 SKU、零售口味和外觀、改善貨架佈局、商店中的更多佈局、二級佈局和攝氏度品牌冷卻器佈局以及擴大獨立便利擴張倡議以及餐飲服務並提高我們的貨架速度。

In recent calls, I've also cited South Florida as an example of what a more developed mature market can look like. Over the last 4 weeks, as of October 8, 2023, per IRI, Celsius in South Florida market share was approximately 24.1%. At the beginning of January of 2023, our market share was 17.7%. This shows the strong market share and growth the Celsius brand has achieved in the South Florida market as well as the opportunities that we see in a broader market as we look for national U.S. availability as we continue to roll out into further locations and improve our placements at retail as well as our velocities.

在最近的電話會議中，我還引用了南佛羅裡達州作為一個更發達的成熟市場的例子。根據 IRI 的數據，截至 2023 年 10 月 8 日，在過去 4 週內，Celsius 在南佛羅裡達州的市佔率約為 24.1%。截至2023年1月初，我們的市佔率為17.7%。這顯示了攝氏品牌在南佛羅裡達市場取得的強勁市場份額和成長，以及我們在更廣泛的市場中看到的機會，因為我們在繼續向更多地區推廣並改善我們的展示位置時，正在尋求美國全國的供應。零售以及我們的速度。

To conclude my prepared remarks, Celsius continues to lead both on a dollar and unit growth basis in the energy category. The leverage in our operating model is becoming more apparent with incremental growth, highlighted by our 104% sales growth in the third quarter, delivering over a 300% adjusted EBITDA growth. Our customers have been growing the category, both in demographics and usage occasions, increasing their dollar spend on Celsius.

最後，在我準備好的發言中，攝氏度繼續在能源類別中以美元和單位增長為基礎領先。隨著增量成長，我們營運模式的槓桿作用變得更加明顯，第三季銷售額成長 104%，調整後 EBITDA 成長超過 300%。我們的客戶在人口統計和使用場合方面都在不斷擴大該類別，增加了他們在攝氏度上的花費。

I also want to highlight the Celsius team and the amazing job they're doing. We have added over 200 new full-time and part-time employees during the third quarter. Developing our world-class team continues to position Celsius to execute against our growth opportunities that we see in front of us while driving operational leverage to unlock greater shareholder value.

我還想強調一下 Celeste 團隊以及他們所做的出色工作。第三季我們新增了 200 多名全職和兼職員工。發展我們的世界一流團隊將繼續使攝氏能夠抓住我們面前的成長機會，同時推動營運槓桿以釋放更大的股東價值。

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

現在我將把電話轉給我們的財務長 Jarrod Langhans，聽取他準備好的演講。賈羅德？

Thank you, John. Thank you all for joining us this morning.

謝謝你，約翰。感謝大家今天早上加入我們。

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. We plan to continue investment in our growth in Q4 and beyond. In addition, we have seen the benefits of leverage across our business with gross margins, operating margins and EBITDA margins all improving.

這是又一個偉大的季度，我們繼續超越內部和外部預期。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。我們計劃在第四季度及以後繼續投資於我們的成長。此外，我們還看到了整個業務槓桿的好處，毛利率、營業利潤率和 EBITDA 利潤率均有所改善。

As we announced last week, the company initiated a 3-for-1 forward stock split, and we expect that the common stock will trade on a split-adjusted basis commencing with the opening of trading on the Nasdaq Capital Market on November 15, 2023.

正如我們上周宣布的那樣，該公司啟動了3 比1 的遠期股票分割，我們預計普通股將從2023 年11 月15 日在納斯達克資本市場開市開始在分割調整後的基礎上進行交易。

Turning to our third quarter financial highlights. Revenue for the 3 months ended September 30, 2023 was approximately $385 million, an increase of 104% from $188 million from the same period in 2022. North American third quarter revenues were $371 million, an increase of 107% from the same period in 2022. International revenue grew 56% to $14 million as we saw a recovery from the challenging environment that existed in the prior year.

轉向我們第三季的財務亮點。截至2023年9月30日的三個月收入約為3.85億美元，較2022年同期的1.88億美元增長104%。北美第三季度收入為3.71億美元，較2022年同期增長107% . 國際收入成長了56%，達到1,400 萬美元，因為我們看到從上一年存在的充滿挑戰的環境中復甦。

We attribute our sales volume growth for the quarter compared to 2022 to several key drivers, including a successful integration to the Pepsi distribution system, which has resulted in broader availability, increased SKU mix and improved placement. We're also benefiting from robust expansion in our traditional distribution channels and club channels with SKU increases and placement improvements all contributing.

與 2022 年相比，我們將本季銷售的成長歸因於幾個關鍵驅動因素，包括與百事可樂分銷系統的成功整合，這導致了更廣泛的可用性、增加了 SKU 組合併改善了佈局。我們也受益於傳統分銷管道和俱樂部管道的強勁擴張，SKU 的增加和佈局的改進都做出了貢獻。

More ever, our products are now found in several new channels within C&G and foodservice. As discussed in the prior year, there was a pipe fill in Q3 2022. We also had growth in inventory at our distributor in Q3 of 2023, which was an offset to the prior year pipe fill. As a result, inventory was not a significant component of the year-over-year percentage increase.

更重要的是，我們的產品現在出現在 C&G 和餐飲服務領域的多個新管道中。正如上一年所討論的，2022 年第三季度進行了管道填充。2023 年第三季度我們經銷商的庫存也有所增長，這是對上一年管道填充的抵消。因此，庫存並不是同比增長百分比的重要組成部分。

Increased product availability has improved the success rate of our promotional activities. For the third quarter of 2023, the company received updated information related to promotional activity across our footprint and evaluated this data in conjunction with recent trends in activity, which resulted in improvements and adjustments to our promotional allowance accrual. As a result, despite increasing our promotional activity during the 100 Days of Summer campaign as a percentage of revenue, the promotional spend was consistent with the prior year period.

產品供應量的增加提高了我們促銷活動的成功率。 2023 年第三季度，公司收到了與我們整個業務範圍內的促銷活動相關的最新信息，並結合近期活動趨勢評估了這些數據，從而改進和調整了我們的促銷津貼應計情況。因此，儘管我們在「夏日百日」活動期間的促銷活動佔收入的比例有所增加，但促銷支出與去年同期持平。

Gross profit for the third quarter increased 147% to $194 million, up from $79 million in the prior year period. Gross profit margins in the quarter were approximately 50% of revenues compared to approximately 42% for the prior year third quarter. The improvement is attributed to lower package and raw material costs as well as improved waste and freight lane efficiency.

第三季毛利成長 147%，達到 1.94 億美元，高於去年同期的 7,900 萬美元。本季的毛利率約為營收的 50%，而去年第三季的毛利率約為 42%。這項改進歸因於包裝和原材料成本的降低以及廢物和貨運通道效率的提高。

Sales and marketing expenses for the quarter were approximately $73 million, a decrease of approximately 63% compared to the third quarter of 2022. The decrease was due to prior year costs associated with the termination of legacy distributors as a part of the transition to the Pepsi network. Adjusting for last year's termination expense, marketing and sales investment increased in the quarter, while SKU count distribution and velocity budgets outperformed, delivering good leverage across the sales and marketing expense lines.

本季的銷售和行銷費用約為 7,300 萬美元，與 2022 年第三季相比減少了約 63%。這一減少是由於去年在向百事可樂過渡期間終止傳統經銷商的相關成本。網路。在調整去年的終止費用後，本季的行銷和銷售投資有所增加，而 SKU 數量分配和速度預算表現出色，在銷售和行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 23% in the prior year, adjusted for distributor termination expenses. We plan to continue investment in our sales and marketing with increased planned spend as a percentage of sales in the fourth quarter to execute strategic seasonal investment programs with our distribution partner.

經經銷商終止費用調整後，銷售和行銷佔銷售額的百分比為 19%，而前一年為 23%。我們計劃繼續對銷售和行銷進行投資，增加第四季度計劃支出佔銷售額的百分比，以便與我們的分銷合作夥伴執行策略季節性投資計劃。

General and administrative expenses for the quarter were approximately $23 million, a decrease of 17% relative to Q3 2022. This decrease was due to the impact of timing of legal settlements and the Func Foods brands impairment in Q3 2022.

本季的一般和管理費用約為 2,300 萬美元，較 2022 年第三季下降 17%。這一下降是由於法律和解時間以及 Func Foods 品牌在 2022 年第三季減損的影響。

Moving to a few comments around quarter-over-quarter activity to provide some additional insight into our recent activity. Revenue for the third quarter increased sequentially by 18%, driven by distribution gains across tracked and untracked channels as well as SKUs per location and SKU placement.

接下來談談有關季度環比活動的一些評論，以提供對我們近期活動的一些額外見解。第三季營收季增 18%，這得益於追蹤和非追蹤通路的分銷收益以及每個地點的 SKU 和 SKU 放置。

In addition to these drivers, we benefited from some inventory building within our primary distributor as well as from adjustments to our promotional allowances with some offsets to our growth as a result of mix within our SKUs and channels. An estimate of the impact of inventory, promos and SKU channel mix compared to Q2 would have been roughly $20 million.

除了這些驅動因素之外，我們還受益於主要經銷商內的一些庫存建設以及促銷津貼的調整，並因我們的 SKU 和通路內的混合而抵消了我們的成長。與第二季相比，庫存、促銷和 SKU 通路組合的影響估計約為 2000 萬美元。

Gross profit dollars increased by 22%, and gross margin improved by 165 basis points sequentially from the second quarter, driven by positive adjustments to our promotional allowance accounts as we maintained our leverage across raw materials, freight and scrap rates. Excluding the promotional allowance benefit, we would have had gross profit margins consistent with Q2.

毛利成長了 22%，毛利率比第二季度連續提高了 165 個基點，這得益於我們維持原材料、運費和廢品率方面的槓桿作用，對促銷津貼帳戶進行了積極調整。如果不包括促銷津貼福利，我們的毛利率將與第二季保持一致。

Looking at the first 3 quarters of the year, revenue for the 9 months ended September 30 was approximately $971 million, an increase of 104% from $476 million for the 9 months ended September 30, 2022, driven by our North American business. North America year-to-date revenues were $931 million, an increase of 108% from the same period in 2022. International revenue grew 46% to $40 million in the first 9 months of 2023.

縱觀今年前三個季度，在北美業務的推動下，截至9 月30 日的9 個月的收入約為9.71 億美元，較截至2022 年9 月30 日的9 個月的4.76 億美元增長了104%。北美地區年初至今的營收為 9.31 億美元，較 2022 年同期成長 108%。2023 年前 9 個月，國際營收成長 46%，達到 4,000 萬美元。

Gross profit for the first 9 months of this year increased 143% to $467 million, up from $192 million in the prior year period. Gross profit margins in the first 9 months were approximately 48% of revenues compared to approximately 40% for the prior year period. The improvement in gross profit margin is attributed to lower package and raw material costs and improved freight lane efficiency. As things stand today, we would expect Q4 gross profit margin to be consistent with the Q2 and full year margin profile.

今年前 9 個月的毛利成長了 143%，達到 4.67 億美元，高於去年同期的 1.92 億美元。前 9 個月的毛利率約為營收的 48%，而去年同期約為 40%。毛利率的提高歸因於包裝和原物料成本的降低以及貨運通道效率的提高。從目前的情況來看，我們預計第四季的毛利率將與第二季和全年的利潤率狀況保持一致。

As a percentage of sales, sales and marketing was 19% in the first 9 months of 2023 compared to 22% in the prior year period, adjusted for distributor termination expenses. G&A expense as percentage of sales was 8% for the first 9 months of 2023 versus 11% in the prior year.

經經銷商終止費用調整後，2023 年前 9 個月，銷售和行銷佔銷售額的百分比為 19%，去年同期為 22%。 2023 年前 9 個月的一般管理費用佔銷售額的百分比為 8%，而前一年為 11%。

Focusing now on liquidity and capital resources. As of September 30, we had cash in excess of $760 million and net working capital in excess of $879 million. Cash flows provided by operating activities totaled $136 million for the 9 months ended September 30, which compares to $171 million in net cash provided by operating activities for the same prior year period. The change in cash generation was driven by an increase in net income, offset by working capital and timing benefits of transactions associated with the Pepsi share purchase and distribution agreement in 2022.

現在的重點是流動性和資本資源。截至 9 月 30 日，我們的現金超過 7.6 億美元，營運淨資本超過 8.79 億美元。截至 9 月 30 日的 9 個月，經營活動提供的現金流總計 1.36 億美元，而去年同期經營活動提供的淨現金為 1.71 億美元。現金產生的變化是由淨利潤的成長所推動的，但被營運資本和與 2022 年百事可樂股票購買和分銷協議相關的交易的時間效益所抵消。

Looking at inventory, total inventory in the third quarter of 2023 ended at $199 million, up approximately $46 million from the quarter ended June 30, 2023. This was driven in large part by increases that we saw in our sales volume in addition to increases associated with innovation inventory building ahead of January launches. Going forward, we will continue to monitor inventory to ensure we are able to keep up with the growth we are expecting. At the same time, we do see opportunities to drive efficiencies in our DIO as we move into 2024.

從庫存來看，2023 年第三季的總庫存為1.99 億美元，比截至2023 年6 月30 日的季度增加了約4,600 萬美元。這在很大程度上是由我們看到的銷量增長以及相關的成長推動的。在 1 月發布之前建立創新庫存。展望未來，我們將繼續監控庫存，以確保我們能夠跟上我們預期的成長。同時，進入 2024 年，我們確實看到了提高 DIO 效率的機會。

This concludes our prepared remarks. Operator, you may now open the call for questions. Thank you.

我們準備好的演講到此結束。接線員，您現在可以發起提問。謝謝。

(Operator Instructions) Our first question comes from the line of Mark Astrachan with Stifel.

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

I guess maybe to start, just on distribution points, any sort of benchmark you can give? Obviously, the growth has been significant. But how do we think about it in terms of where it can go? Like if you look at where Celsius' total distribution points are versus Monster and Red Bull, they're about 50% of those 2 brands. If you look at convenience stores as an example, your current distribution footprint is about 20% less than where Bang was at peak distribution. So any sort of color you can give on kind of where you think the right level of distribution can be, maybe longer term holistically and sort of shorter-term line of sight as you head into '24, particularly given fall and then spring resets?

我想也許可以從分發點開始，您可以提供任何類型的基準嗎？顯然，成長是顯著的。但我們要如何考慮它的去向呢？就像如果你看看Celsius的總分銷點與Monster和Red Bull的分佈情況一樣，它們大約佔這兩個品牌的50%。如果以便利商店為例，您目前的分銷足跡比 Bang 分銷高峰時減少了約 20%。因此，您可以在您認為正確的分佈水平上給出任何類型的顏色，也許是長期整體和短期視線，因為您進入 24 年，特別是考慮到秋季和春季重置？

Yes. Thank you, Mark. When you look at the distribution points, if we look at kind of the peers that we're looking up to, obviously, it's Monster and Red Bull. So over time, that is our goal and objective is to achieve those maximum distribution points, which the 2 leaders have in the category. I think we're still in the earlier phase in the -- as we -- in the growth cycle and the opportunities. We'll continue to evolve upon resets as we continue to evolve through 2024 and beyond.

是的。謝謝你，馬克。當你看看分銷點時，如果我們看看我們所期待的同行，顯然，它是怪物和紅牛。因此，隨著時間的推移，這就是我們的目標，目標是實現兩位領導者在該類別中擁有的最大分配點。我認為我們仍處於成長週期和機會的早期階段。我們將在重置後繼續發展，直到 2024 年及以後繼續發展。

I think when you look at the average points of distribution when you look at -- we're right around 95.6%, really need to continue to work on the total breadth within the distribution points. And we just got finished with NACS last month, which was a great show, probably the best show in company history. A lot of excitement around some of our new innovation of our core flavors as well as further expansion upon our Vibe flavors as well as the launch of our CELSIUS ESSENTIALS line. So that's our peer group we expect over time, and our goal and objective is to have the same points of distribution as Red Bull and Monster.

我認為，當您查看平均分佈點時，我們的準確率約為 95.6%，確實需要繼續研究分佈點內的總寬度。上個月我們剛結束了 NACS，這是一場精彩的表演，可能是公司歷史上最好的表演。我們對核心口味的一些新創新、對 Vibe 口味的進一步擴展以及 CELSIUS ESSENTIALS 系列的推出，令人興奮不已。這就是我們隨著時間的推移所期望的同行群體，我們的目標是擁有與紅牛和怪物相同的分銷點。

Got it. Okay, that's helpful. And then looking at the Amazon, Costco sales in the quarter, they were a little bit slower, I think, sequentially in terms of rate of growth than they were in 2Q. I get it's a bit of a challenge to try to model that from where we all sit. But anything that you can call out there that may have played into that would be helpful, too, please.

知道了。好的，這很有幫助。然後看看亞馬遜、好市多在本季的銷售情況，我認為，就成長率而言，它們的環比速度比第二季要慢一些。我知道嘗試從我們所有人所處的位置進行建模是一個挑戰。但是，您可以在那裡提出的任何可能發揮作用的內容也會有所幫助。

Yes, I think -- I mean you got to look at each customer somewhat differently in different channels. Also, you're looking at a singular customer versus a category or a channel. So I think modeling it out, it does get a little bit challenging.

是的，我認為 - 我的意思是你必須在不同的管道中以不同的方式看待每個客戶。此外，您正在考慮的是單一客戶而不是類別或管道。所以我認為對其進行建模確實有點具有挑戰性。

In regards to Amazon, when you look at the lumpiness that was in the quarter from Q2 to Q3, when we dove into the data, it really was looking at a prime -- somewhat of a Prime build in Q2 due to Prime taking place June 11 and 12, which was really successful for us. So we did have some lumpiness there when looking at Amazon specifically.

就亞馬遜而言，當你看到第二季到第三季的波動性時，當我們深入研究數據時，它確實看到了Prime 的情況——由於Prime 活動在6 月舉行，所以在某種程度上是第二季的Prime 活動11和12，這對我們來說非常成功。因此，當我們專門研究亞馬遜時，我們確實遇到了一些困難。

And then when you look at the club channel, which is mainly Costco and Sam's because [it is] reported through IRI, when looking at that specifically, there is some lumpiness between the 2 customers on load-ins. It could be some seasonality at the end of the quarter. But both of our businesses are extremely strong in both those channels. And on Amazon, we actually gained over 2 points of share, which is -- last quarter when we reported on the second quarter, we finished our share number at 18.6%, and we just came in at 21.4%. So almost within a quarter, we gained over 200 basis points in share.

然後，當你查看俱樂部頻道時，主要是 Costco 和 Sam's，因為[它]是透過 IRI 報告的，具體來看，這兩個客戶之間的加載存在一些波動。季度末可能會出現一些季節性變化。但我們的兩家公司在這兩個管道上都非常強大。在亞馬遜上，我們實際上獲得了超過 2 個百分點的份額，即上個季度，當我們報告第二季度時，我們的份額達到了 18.6%，而我們剛剛進入了 21.4%。因此，幾乎在一個季度內，我們的份額增加了 200 多個基點。

So that's a really great achievement. The team has been working really hard, and we had a great Prime Day as well. So that's great to see. Also on the club business, continues to be a really strong business, and we don't really see that slowing down. We see great opportunities to further leverage additional pack sizes as we continue to scale within the club channel.

所以這是一個非常偉大的成就。團隊一直在努力工作，我們也度過了一個愉快的 Prime Day。所以很高興看到這一點。同樣在俱樂部業務方面，仍然是一項非常強勁的業務，我們並沒有真正看到這種放緩。隨著我們繼續在俱樂部管道內擴大規模，我們看到了進一步利用額外包裝尺寸的巨大機會。

Our next question comes from the line of Gerald Pascarelli with Wedbush.

我們的下一個問題來自傑拉爾德·帕斯卡雷利和韋德布希的對話。

I just had a question on Pepsi's current inventory levels. You've been in the system for a little over a year now. It looks like you built inventory in 3Q. Just some color on what you expect to happen with these inventory levels in the fourth quarter as we approach a low seasonality quarter ahead of winter. Do you expect any changes in their number of days on hand? Or is there nothing to suggest that there will be any incremental changes in their current inventory levels?

我剛剛對百事可樂目前的庫存水準有疑問。到現在你已經在這個系統待了一年多了。看來你們在第三季建立了庫存。隨著冬季來臨，季節性較低的季度即將來臨，您對第四季度庫存水準的預期會發生什麼，請做一些說明。您預計他們的可用天數會改變嗎？或者沒有任何跡象表明他們當前的庫存水準會有任何增量變化？

Yes, Gerald, that's a great question. And we're on our -- really cycling our first full year with them with PepsiCo selling their first case in October. But I'll turn that question over to Jarrod.

是的，傑拉德，這是一個很好的問題。我們正在與他們一起度過我們的第一個全年，百事可樂公司在 10 月銷售了他們的第一箱。但我會把這個問題轉交給賈羅德。

Yes. As we look last year, it was difficult to really kind of peg whether inventories were pulled down or it was just a matter of seasonality. As we look now, we do have some innovation that we filled the pipeline with, so we are ready from that perspective. But at the end of the day, the Pepsi team would have to determine if they're going to do any kind of management around the inventory as they're going into Q1. I will say we are excited as we move into 2024, but there's no guarantees in terms of the inventory management from that perspective.

是的。正如我們去年所看到的，很難真正確定庫存是否下降或只是季節性問題。正如我們現在所看到的，我們確實有一些創新，我們已經填充了管道，所以我們從這個角度做好了準備。但最終，百事可樂團隊必須確定在進入第一季時是否要對庫存進行任何形式的管理。我想說，當我們進入 2024 年時，我們感到很興奮，但從這個角度來看，庫存管理方面並沒有任何保證。

Understood. Next question is just on gross margin. Obviously, it looks like you're going to end the year in the high 40s. Jarrod, I know you've previously referenced a mid- to high-40s kind of medium-term outlook. Does this outperformance that we've seen in the last 2 quarters maybe change your medium-term outlook on how to think about gross margin? Or do you still expect it to remain volatile given that the focus is to continue to gain market share and stretch rate if you need to in certain instances? Any color there would be great.

明白了。下一個問題只是關於毛利率。顯然，今年你的業績似乎將達到 40 多歲。 Jarrod，我知道您之前提到過 40 多歲的中期前景。我們在過去兩季看到的優異表現是否可能改變您對毛利率的中期展望？或者，考慮到重點是在某些情況下需要繼續獲得市場份額和拉伸率，您是否仍然預計它會保持波動？任何顏色都會很棒。

Yes. I think as things stand today, knock on wood, from a raw material perspective, we have captured a lot of savings this year. And so that's been pretty consistent for the last few quarters. We have also maintained our outbound freight number for the last few quarters. Obviously, we know that fuel costs can spike at any point in time. That can cause some pain down the road. So I don't know that I'm ready to call the fuel or the outbound freight line as a lock.

是的。我認為就目前的情況來看，從原材料的角度來看，今年我們節省了大量成本。因此，過去幾季的情況非常穩定。我們也維持了過去幾季的出境貨運量。顯然，我們知道燃料成本隨時可能飆升。這可能會導致一些痛苦。所以我不知道我準備調用燃料還是出境貨運線路作為鎖定。

We are pretty comfortable where commodities stand today with what we've seen from a raw material perspective. So I think our raw material costs in kind of Q2 and Q3 should remain steady as we go into 2024. There is still that freight line, though, that could cause some fluctuations. I think the operations team did a fantastic job this year in really cleaning up the scrap and any kind of waste, really have done a great job with the aged inventory, really did a great job really tightening up the cost of raw materials. And they've really managed the freight lanes, especially the last 2 quarters, superbly. So hat's off to those guys for that.

從原料角度來看，我們對商品目前的狀況感到非常滿意。因此，我認為，進入 2024 年，我們第二季和第三季的原料成本應該保持穩定。不過，貨運線路仍然存在，可能會導致一些波動。我認為營運團隊今年在清理廢料和任何類型的廢物方面做得非常出色，在處理陳舊庫存方面確實做得很好，在收緊原材料成本方面確實做得很好。他們確實對貨運通道進行了出色的管理，尤其是在過去兩個季度。所以，向這些人致敬。

And our goal is to keep it up. Not sure how much more we can squeeze out of where we were going into '24. We'll definitely shoot for it, but there's no guarantees. But we are really in great shape as we're moving into '24.

我們的目標是保持下去。不知道我們還能從 24 年的計畫中擠出多少東西。我們一定會努力實現這一目標，但不能保證。但隨著我們進入 24 年，我們的狀態確實很好。

Our next question comes from the line of Vivien Azer with TD Cowen.

我們的下一個問題來自 Vivien Azer 和 TD Cowen 的對話。

Earlier in the Q&A, you commented on the importance of resets as one of the factors to drive continued growth and leverage in the Pepsi relationship. Last quarter, you commented that the conversations were early into 2024, and you talked about a couple of different categories where energy might be sourcing share. I was hoping you could just provide an update on your conversations with key retailers around shelf resets for '24.

在問答的早些時候，您評論了重置的重要性，作為推動百事可樂關係持續增長和影響力的因素之一。上個季度，您評論說對話是在 2024 年初進行的，並且您談到了能源可能會採購份額的幾個不同類別。我希望您能提供與主要零售商就 24 年貨架重置事宜進行的對話的最新情況。

Yes. Yes, Vivien, and it was -- we're still -- retailers are still defining their sets for next year, but we had probably one of the most successful NACS that the company has had in history. There's a lot of great excitement. I think when you look at what just happened currently this week, when you look at 7-Eleven taking 4 SKUs of our CELSIUS ESSENTIALS line, it just shows you nationwide, chain-wide. Also, if you go to a 7-Eleven right now, you'll see signage in front of every 7-Eleven as well as gas pump activity as well.

是的。是的，Vivien，零售商仍在定義明年的套裝，但我們可能擁有該公司歷史上最成功的 NACS 之一。有很多令人興奮的事情。我認為，當你看看本週剛發生的事情時，當你看到7-11 採取了我們的CELSIUS ESSENTIALS 系列的4 個SKU 時，它只是向你展示了全國範圍內、連鎖範圍內的情況。此外，如果您現在去 7-11 便利商店，您會在每個 7-11 便利商店前面看到標誌以及加油站活動。

So really excited with the way the partnerships are going with our key accounts. We've been -- we have a great key accounts team, best-in-class. We've had early conversations with every one of our major retailers. So we're pretty excited on where we sit heading into the new year on resets. We expect to gain distribution -- expanded distribution in our existing flavors as well as further expanding the new innovation we have in store for 2024.

我們對與我們的大客戶的合作夥伴關係感到非常興奮。我們擁有一支出色的、一流的大客戶團隊。我們已經與每一家主要零售商進行了早期對話。因此，我們對進入新的一年的重置感到非常興奮。我們期望獲得分銷——擴大我們現有口味的分銷，並進一步擴大我們在 2024 年準備的新創新。

So the team has been working really hard. We've been working really closely with Pepsi as well to make sure we're going to have really -- this is really heading into our first year of a strategic partnership, really launching our innovation on a nationwide basis versus if you go back last year, keep in mind, we just started with Pepsi late in Q4. Our plans and strategies weren't really aligned with their AOP process. We came in on the very tail end of that, so we're really trying to make up ground all year on the innovative launches.

所以團隊一直在努力工作。我們也一直與百事可樂密切合作，以確保我們將真正進入我們戰略合作夥伴關係的第一年，真正在全國範圍內推出我們的創新，而不是最後一次今年，請記住，我們在第四季度末才開始使用百事可樂。我們的計劃和策略與他們的 AOP 流程並不真正一致。我們處於最後階段，因此我們全年都在努力在創新發布上彌補不足。

So we're looking to have strategic prioritization periods within PepsiCo focused within quarters and months. So I think it's going to be really successful. Time will tell. We'll have to wait until probably about March, April to be able to see -- start to see the additional expansion show up in the IRI scan data. But the team feels pretty excited on where we stand, and there's a lot of great excitement. Being the #1 driver of both dollars and units in the category is really impressive to see in a brand like Celsius.

因此，我們希望百事公司內部的策略優先順序集中在季度和月內。所以我認為這將會非常成功。時間會證明一切。我們可能要等到三月、四月左右才能看到——開始看到 IRI 掃描資料中出現的額外擴張。但團隊對我們所處的位置感到非常興奮，而且非常興奮。像攝氏這樣的品牌在該類別中成為美元和單位的第一名，著實令人印象深刻。

Absolutely. Very comprehensive response. Just as a follow-up, 2023 was supposed to be back half weighted in terms of expanding your headcount. Can you just update us on the hiring? Kind of were you guys on plan in the third quarter? Should that accelerate in the fourth quarter? Any incremental detail would be helpful.

絕對地。非常全面的回應。作為後續行動，2023 年在擴大員工人數方面應該會減半。能為我們介紹一下招募的最新情況嗎？你們第三季有計畫嗎？第四季這種情況應該會加速嗎？任何增量細節都會有所幫助。

Yes. We actually -- we have actually our national sales and marketing conferences taking place this week in Miami. We'll have all of our team members are currently -- Jarrod and I are heading down right after our earnings call. And we have about 3 days of great presentation. It's really getting all of our team members excited.

是的。實際上，我們本週在邁阿密舉行了全國銷售和行銷會議。我們所有的團隊成員目前都在——賈羅德和我在財報電話會議結束後立即前往。我們有大約 3 天的精彩演講。這確實讓我們所有的團隊成員都感到興奮。

Our plans and budgets for next year is to continue to bring on talented team members, really building out the breadth within our organization, within all departments, within HR, further expansion in finance, logistics, operations, sales, marketing, and really focusing and expanding upon our drill-deep markets as well. I know we've talked about that over the years. And currently, we're focusing on a drill-deep strategy within 23 markets, and we'll be expanding that next year to over 30.

我們明年的計劃和預算是繼續引進有才華的團隊成員，真正擴大我們組織內、所有部門內、人力資源內的廣度，進一步擴展財務、物流、運營、銷售、營銷，並真正關注和還拓展了我們深入的市場。我知道我們多年來一直在談論這個問題。目前，我們正專注於在 23 個市場內實施深入策略，明年我們將擴大到 30 多個市場。

So we're building out our field teams, our sales teams, and we're seeing great results and ROI return when we place these individuals and expand these positions. So that's another thing we're monitoring really closely as well as we're applying assets, making sure we're driving that value and that overall return. So you'll expect us to continue. We are hiring, and we have a lot of job postings up on LinkedIn as well. So we expect that to continue. We're monitoring it closely, though.

因此，我們正在建立我們的現場團隊、銷售團隊，當我們安置這些人員並擴大這些職位時，我們看到了巨大的成果和投資回報率回報。因此，這是我們正在密切監控的另一件事以及我們正在應用的資產，以確保我們正在推動該價值和整體回報。所以你會期望我們繼續。我們正在招聘，LinkedIn 上也發布了很多招聘資訊。所以我們預計這種情況會持續下去。不過，我們正在密切監視它。

Our next question comes from the line of Michael Lavery with Piper Sandler.

我們的下一個問題來自邁克爾·拉弗里 (Michael Lavery) 和派珀·桑德勒 (Piper Sandler) 的對話。

Just was wondering if you could unpack some of the margin drivers. You had called out last quarter the sequential dip you were expecting from the higher promotional activity and higher marketing spending. This is EBITDA margins, obviously. But then it went up instead. You touched a little bit on some of the promotional dynamics not coming through quite as you had expected and being a minimal or not a tailwind -- I mean, a headwind. But can you just help us understand some of the other factors in part just to get an idea of what is sustainable and how to think about looking ahead?

只是想知道您是否可以解開一些保證金驅動因素。您在上個季度指出了由於促銷活動增加和行銷支出增加而預期的環比下降。顯然，這是 EBITDA 利潤率。但後來反而上漲了。您談到了一些促銷動態，但沒有像您預期的那樣實現，並且是最小的或不是順風——我的意思是，逆風。但您能否幫助我們了解其他一些因素，部分只是為了了解什麼是永續的以及如何思考未來？

Yes, I'll let Jarrod dive into some details there. But I think on a higher level, when you look at some of the expanded distribution that we've had, we've expanded into really like foodservice and some other independent locations that just historically, when the cases come through, are somewhat of a lower promotional allowance or cost of doing business in those channels, but we did see some leverage there. And there was also -- we had some timing in the quarter as well.

是的，我會讓賈羅德深入探討一些細節。但我認為，在更高的層面上，當你看到我們已經擴大的一些分銷管道時，我們已經擴展到非常類似的餐飲服務和其他一些獨立地點，從歷史上看，當案件發生時，這些地點在某種程度上是一個較低的促銷津貼或在這些管道開展業務的成本，但我們確實看到了一些槓桿作用。此外，我們在本季也有一些時機。

But I'll throw that over to Jarrod to further provide additional details and answer that question.

但我會將其交給 Jarrod，以進一步提供更多詳細資訊並回答該問題。

Yes. So there's, as you said, a handful of things to unpack. I'm going to start from the bottom and work my way up. But I'll start within the kind of well, I guess, the middle of the P&L. So if you look at G&A, we did see some really good leverage there. We benefited from some of that outsized top line growth relative to the spend we have. As we look out into 2024, we -- on a 9-month basis, I believe our G&A is about 7.9%. I think we were pegging roughly 8% for the year. So we did track a little bit better in Q3.

是的。所以，正如你所說，有一些東西需要解開。我將從底層開始，一步步向上。但我想，我將從損益表的中間開始。因此，如果你看看 G&A，我們確實看到了一些非常好的槓桿作用。相對於我們的支出而言，我們受益於一些超額的收入成長。展望 2024 年，我認為以 9 個月為基礎，我們的 G&A 約為 7.9%。我認為今年我們的目標是大約 8%。所以我們在第三季的追蹤情況確實好一些。

Probably where we land on a full year basis next year, obviously, this year, it will be somewhere in between those 2, but next year would be kind of in between there. Is it going to be in that 7% to 8% range on a full year basis in '24, where we'll see some leverage come through? But good leverage coming through on the G&A line. I think a lot of that is sustainable. There's probably a little bit as we continue to build out our teams that we'll give back as we continue to scale and really try to set our business up.

明年我們可能會以全年為基礎，顯然今年會介於這兩者之間，但明年會介於兩者之間。 24 年全年的成長率是否會在 7% 到 8% 的範圍內，我們會看到一些槓桿作用出現？但在一般行政費用方面卻發揮了良好的槓桿作用。我認為其中很多都是可持續的。隨著我們繼續組建我們的團隊，當我們繼續擴大規模並真正嘗試建立我們的業務時，我們可能會回饋一些。

There's also some international expansion we've been talking about and things like that, where there will be some investment upfront that will drive some costs. And so you won't see the full leverage, but we will see good leverage in the G&A line. On the sales and marketing line, we've been averaging kind of that 19% to 20%. This year, historically, we've probably been in the 22% to 24%. So we've seen a bit of leverage there.

我們也一直在討論一些國際擴張之類的事情，其中​​會有一些前期投資，這會增加一些成本。因此，您不會看到完整的槓桿作用，但我們會在 G&A 行中看到良好的槓桿作用。在銷售和行銷方面，我們的平均比例為 19% 到 20%。從歷史上看，今年我們可能處於 22% 到 24% 之間。所以我們在那裡看到了一些槓桿作用。

As we look out into next year, we don't think that the competition is going to get any easier. So we will continue to invest into the market and look to continue -- we don't have exact numbers. We do have our budget, but we don't really give out specific numbers along the way, especially since we don't give the sales guidance out. But we would look to continue to invest into the business and really drive the growth of the business, but we have seen some leverage there throughout the year.

展望明年，我們認為競爭不會變得更容易。因此，我們將繼續投資市場並期待繼續——我們沒有確切的數字。我們確實有預算，但我們並沒有真正給出具體數字，特別是因為我們沒有給出銷售指導。但我們希望繼續投資該業務並真正推動該業務的成長，但我們全年都看到了一些槓桿作用。

If you go up to the gross profit line, we did just talk about that where after Q1, you saw the benefits of really the improvements you've seen in commodities across the board, across both us and our competition. Also, we had rolled off of the international cans, whereas in Q1, we had international cans still on the system. By the time we got to Q2, it was a clean view. And so we've really seen some benefits come through the raw materials.

如果你上升到毛利線，我們確實談到了第一季之後，你看到了大宗商品全面改善的好處，無論是我們還是我們的競爭對手。此外，我們已經取消了國際罐頭，而在第一季度，我們的系統上仍然有國際罐頭。當我們到達第二季度時，景色已經很乾淨了。因此，我們確實看到了原料帶來的一些好處。

And also, you've seen really the benefits of the freight lanes that were established. I think we were running about, on a year-to-date basis, 4.9%, whereas last year, it was 5.9%. So we got 100 basis points just out of running better from a freight lane perspective. And actually, if you look to Q3 and Q2, it's been a little bit better than that number. So we've seen kind of benefits on each line along the way really driving that EBITDA margin across the year.

而且，您確實已經看到了已建立的貨運通道的好處。我認為今年迄今我們的成長率約為 4.9%，而去年為 5.9%。因此，從貨運通道的角度來看，我們運作得更好，因此獲得了 100 個基點。事實上，如果你看看第三季和第二季度，你會發現它比這個數字好一些。因此，我們已經看到每條生產線都帶來了一些好處，真正推動了全年的 EBITDA 利潤率。

That's helpful. Could I just also follow up on the Canada launch? And I know you said it's in the first quarter. Should we expect pipeline fill for that in 4Q? Or would it be a little bit later in the first quarter? I guess the follow-up is really kind of 4Q-minded. Maybe one, is there a Canada impact we should keep in mind? And then maybe any color on how it's looking quarter-to-date that you can give us?

這很有幫助。我可以跟進加拿大的發布嗎？我知道你說過這是在第一季。我們是否應該預期第四季度管道會被填滿？或者第一季會晚一點嗎？我猜後續真的有點4Q的心思了。也許第一，我們應該牢記加拿大的影響嗎？然後，您可以向我們提供有關本季度迄今為止的情況的任何資訊嗎？

Yes. I mean Canada will be, from a build and an impact in '24, it will be kind of inconsequential. We expect good growth. We expect to get in there and start capturing market share. We expect to put forth the investment that's needed to really kind of seed it and grow fast in '24. But it won't be a huge driver of inventory or growth in Q4 or Q1. And the rollout will happen in Q1, but it won't be a 1/1 launch.

是的。我的意思是，從 24 年的建設和影響來看，加拿大將是無關緊要的。我們預計會有良好的成長。我們希望進入那裡並開始佔領市場份額。我們預計將在 24 年提供真正播種和快速成長所需的投資。但它不會成為第四季度或第一季庫存或成長的巨大推動力。推出將在第一季進行，但不會是 1/1 發布。

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

我們的下一個問題來自瑞銀集團 (UBS) 的彼得·格羅姆 (Peter Grom)。

So I kind of wanted to follow up on that, just kind of the international expansion plan. You have Canada in 1Q. I think you mentioned a few other countries. Can you maybe just help us understand how you evaluate the various international opportunities, which markets, timing, et cetera? Are these markets where you're going to be fully aligned with PepsiCo and their partners? Or are there other partners you're considering? And then I guess I would be curious from a profit perspective, as you start to expand further outside of the U.S., how should we think about the impact to margins?

所以我有點想跟進國際擴張計劃。第一季有加拿大。我想你提到了其他幾個國家。您能否幫助我們了解您如何評估各種國際機會、哪些市場、時機等等？您將在這些市場中與百事可樂及其合作夥伴完全保持一致嗎？或者您正在考慮其他合作夥伴嗎？然後我想從利潤的角度來看我會很好奇，當你開始在美國以外進一步擴張時，我們應該如何考慮對利潤率的影響？

Yes. Thank you, Peter. We've talked about this on a variety of other calls in the past as well. I mean we're looking at the largest energy drink markets in the world. So that's -- those are the biggest opportunities we see. When you look at those, you're looking at the U.K., you look at Germany, you look at Japan, Australia. A lot of big opportunities out there, and Pepsi partnerships are really our priority. There will be other markets where we do see other opportunities with other partners, so we can evaluate those as we continue to move forward.

是的。謝謝你，彼得。我們過去也在其他各種電話會議上討論過這個問題。我的意思是，我們正在關注世界上最大的能量飲料市場。所以這就是我們看到的最大的機會。當你看這些時，你會看到英國、德國、日本、澳洲。那裡有很多巨大的機會，與百事可樂的合作確實是我們的首要任務。在其他市場，我們確實會看到與其他合作夥伴的其他機會，因此我們可以在繼續前進的過程中評估這些機會。

The first market that we're partnering with is in Canada, so the teams are really focused on that. And we have spoken about other markets that we're working on to further roll out into '24 and '25. So I think we're a little bit too early to talk about a lot of those structures. There's a lot involved to make sure you have the right value chain, the right opportunity for exactly what you're talking about, the longevity of profitability as we go forward in these markets.

我們合作的第一個市場是加拿大，因此團隊非常關注這一點。我們已經談到了我們正在努力在 24 和 25 年進一步推廣的其他市場。所以我認為我們現在談論很多這樣的結構還為時過早。為了確保您擁有正確的價值鏈、針對您所談論的內容的正確機會以及我們在這些市場中前進時的長期盈利能力，需要進行很多工作。

So we're using Monster international structures and P&Ls as a guideline for us as we look forward to really partnering with our partners and expanding together in these new markets. But that's -- we have a variety of markets we're looking at. But currently, we're rolling out into -- focused on Canada as the biggest opportunity at our hands at the moment.

因此，我們使用 Monster 國際結構和損益表作為我們的指南，因為我們期待與我們的合作夥伴真正合作並在這些新市場中共同擴張。但我們正在關注各種各樣的市場。但目前，我們正在重點關注加拿大，這是我們目前手上最大的機會。

Got it. And then, Jarrod, I apologize, you were kind of running through some of these items a bit quickly. But I think you mentioned there was, call it, a $20 million benefit to 3Q revenue. Can you maybe just run through that again? Like how much was the promotional allowance? Did you build inventory ahead of what you were lapping a year ago? So yes, if you can just unpack that a little bit, I think that would be helpful.

知道了。然後，賈羅德，我很抱歉，你有點快速地瀏覽了其中一些項目。但我想你有提到過，可以說，第三季營收有 2000 萬美元的收益。你能再講一遍嗎？例如促銷津貼是多少？您的庫存是否比一年前的庫存提前了？所以，是的，如果你能稍微解開它，我認為那會很有幫助。

Yes, so it was -- if you look at Q1 -- or sorry, Q3 of '22 versus Q3 of '23, we talked about there was a bit of a pipe fill from inventory last year. And then if you look this year, we had a bit of a pipe fill probably somewhere in between that $10 million to $15 million range. And so it wasn't a significant factor in terms of the year-over-year growth percentage from an apples-to-apples perspective. If you looked at Q2 to Q3, it was a benefit from Q2 to Q3 within the revenue figures. So that's the inventory piece.

是的，如果你看看第一季度，或者抱歉，22 年的第三季度與 23 年的第三季度相比，我們談到去年庫存中有一些管道填充。如果你看看今年，我們的管道填充量可能在 1000 萬美元到 1500 萬美元之間。因此，從同類的角度來看，這並不是同比成長百分比的重要因素。如果您查看第二季到第三季度，您會發現營收數據中第二季到第三季的收益。這就是庫存部分。

I mean we're starting to see leverage come through the promo line. So we did see a benefit, and we have updated our estimates around promotional allowance. Just a lot that John mentioned is about the -- we've had significant ACV growth. We've been moving into a lot of, call it, non-tracked channels, but a lot of areas where you don't see promotional activity as deep, and so you start to see that benefit.

我的意思是，我們開始看到透過促銷活動發揮槓桿作用。所以我們確實看到了好處，並且我們更新了有關促銷津貼的估計。約翰提到的很多內容都是關於——我們的蘋果醋有了顯著的增長。我們已經進入了很多非追蹤管道，但在很多領域你並沒有看到促銷活動那麼深入，所以你開始看到這種好處。

And if you look at Monster as an example, historically, you can see where their promo as a percentage of gross revenue or gross dollars improved over time. And so we're starting to see that as well. Now we did invest or add additional incentives in Q3, but the leverage allowed us to more or less have a percentage of revenue or a percentage of gross revenue consistent year-over-year when you're looking at Q3 2022 to Q3 2023. And so that's where that was called out.

如果你以 Monster 為例，從歷史上看，你可以看到他們的促銷佔總收入或總美元的百分比隨著時間的推移而提高。我們也開始看到這一點。現在，我們確實在第三季度進行了投資或添加了額外的激勵措施，但當您查看2022 年第三季至2023 年第三季時，槓桿作用使我們或多或少能夠保持一定比例的收入或總收入的百分比與去年同期保持一致。所以這就是被呼籲的地方。

Our next question comes from the line of Jon Andersen with William Blair.

我們的下一個問題來自喬恩·安徒生和威廉·布萊爾的對話。

I wanted to ask first about the rollout of foodservice. You mentioned the 2,000 Jersey Mike's, and then I think you mentioned authorizations in over 3,000 Dunkin' Donuts nationwide. What's the timing of that with Dunkin' Donuts? And what are your expectations for further rollout in eateries as you move forward this year and next?

我想先問一下餐飲服務的推出。您提到了 2,000 個 Jersey Mike's，然後我想您提到了全國 3,000 多個 Dunkin' Donuts 的授權。 Dunkin' Donuts 的時間是什麼時候？隨著今年和明年的推進，您對餐廳進一步推出的期望是什麼？

Yes, Jon, great question. I think we do see a huge opportunity in foodservice. I think when you look at -- and we've talked about this with Celsius, which is unique, is that consumers really are enjoying Celsius and consuming Celsius outside of that traditional energy drink consumption occasion, which I think is a huge unlock for the brand and the portfolio. When you look at Jersey Mike's, we're really using that and really focused on that as a proof of concept. This is really our first nationwide fast-casual chain, and initial feedback has been positive.

是的，喬恩，好問題。我認為我們確實在餐飲服務領域看到了巨大的機會。我認為，當你看到——我們已經與攝氏度討論過這一點，這是獨一無二的，消費者確實在傳統的能量飲料消費場合之外享受攝氏度和消費攝氏度，我認為這是一個巨大的解鎖品牌和產品組合。當你看到 Jersey Mike 的時候，你會發現我們確實在使用它，並且真正專注於將其作為概念驗證。這確實是我們第一家全國性的休閒快餐連鎖店，最初的回饋是正面的。

But we're really, really early. I mean you look at it probably only about 4 weeks in, but initially has been fairly excited on the partnership. And we're going to continue to see how that goes. I think that's -- if that's successful, we'll be able to roll that out to other fast-casual restaurants and eateries that Pepsi has access to. And Pepsi has vast access to a large portion of foodservice.

但我們真的非常非常早。我的意思是，你可能只看了大約 4 週的時間，但一開始就對這次合作感到相當興奮。我們將繼續看看情況如何。我認為，如果成功，我們將能夠將其推廣到百事可樂擁有的其他快餐休閒餐廳和餐廳。百事可樂擁有大量的餐飲服務。

So Dunkin' Donuts was a great addition. Unfortunately, we only have 1 SKU currently that is authorized, and that's our orange flavor, which tastes great and refreshing. I have heard feedback from a variety of new customers to the portfolio that they've actually found Celsius and learned about Celsius because of the distribution gains in Dunkin' Donuts, which was great. So I think the foodservice could be a great way to also bring new consumers into the franchise and the portfolio.

所以鄧肯甜甜圈是一個很好的補充。不幸的是，我們目前只有1個SKU是授權的，那就是我們的橘子味，味道很棒，很清爽。我聽到了來自該產品組合的許多新客戶的反饋，他們實際上已經找到了攝氏度並了解了攝氏度，因為 Dunkin' Donuts 的分銷收益增加了，這非常棒。因此，我認為餐飲服務可能是將新消費者帶入特許經營和產品組合的好方法。

We are in about 3,000 to 4,000 Dunkin' Donuts currently. There's a lot more Dunkin' Donuts to further leverage and grow upon. So it's really that proof of concept and also getting more flavors in. Jersey Mike's, we have about 3 flavors right now, and Dunkin' Donuts is 1. So still in the early phase, but I think when you see the success of our revenue, our PepsiCo revenue, approximately 10% is foodservice, which is universities and hospitals. I think we're all really excited about the opportunity that lies ahead.

目前我們有大約 3,000 到 4,000 個 Dunkin' Donuts。還有更多 Dunkin' Donuts 可供進一步利用和發展。所以這確實是概念驗證，而且還加入了更多口味。Jersey Mike's，我們現在大約有3 種口味，而Dunkin' Donuts 是1 種。所以仍處於早期階段，但我認為當你看到我們收入的成功時我們百事公司的收入，大約10%是餐飲服務，也就是大學和醫院。我認為我們都對即將到來的機會感到非常興奮。

Absolutely. You've mentioned ESSENTIALS as a key innovation for 2024. How is that product line differentiated within your portfolio? And is that really a key element of achieving the greater shelf space and facings that you talked about that you expect in '24? Is that going to be more limited to select retailers such as 7-Eleven initially?

絕對地。您提到 ESSENTIALS 是 2024 年的關鍵創新。該產品線在您的產品組合中有何差異化？這真的是您所期望的 24 年實現更大貨架空間和飾面的關鍵要素嗎？最初這是否會僅限於 7-11 等特定零售商？

Yes, it's going to -- the CELSIUS ESSENTIALS line is going to be limited to particular retailers initially. We're really focused on further building out our core portfolio. So that's -- when you look at prioritizations, our prioritization is, number one, our core Vibe offerings, flavor profiles; and then secondary will be our CELSIUS ESSENTIALS that's going after that performance energy segment.

是的，CELSIUS ESSENTIALS 系列最初將僅限於特定零售商。我們真正專注於進一步建立我們的核心產品組合。所以，當你考慮優先事項時，我們的優先順序是，第一，我們的核心 Vibe 產品、風味特徵；其次是我們的 CELSIUS ESSENTIALS，它致力於性能能源領域。

Initial feedback has been extremely positive. And it is designed to be incremental on top of the gains that we're already anticipating we're getting in '24. So -- and we've aligned with our partners on this as well, and feedback has been initially well received.

最初的回饋非常正面。它的設計初衷是在我們已經預計 24 年的成果之上實現增量。因此，我們也與我們的合作夥伴就此達成一致，並且最初收到了很好的回饋。

And last one for me. As you think about -- you mentioned kind of the secondary placements. And I think part of that is leveraging your relationship with PepsiCo in terms of coolers, and part of it is your own effort to establish branded cooler locations. Where are you with respect to Celsius coolers this year? I know you had set a target earlier in the year. Are you on track to deliver that? And how much more opportunity is there on that front as you look ahead?

最後一張給我。正如您所想，您提到了某種次要安置。我認為其中一部分是利用您與百事可樂在冷卻器方面的關係，一部分是您自己努力建立品牌冷卻器位置。今年您對攝氏冷卻器的看法如何？我知道您在今年早些時候設定了目標。您有望實現這項目標嗎？展望未來，這方面還有多少機會？

Yes, no, Jon, that's a great question and something the teams are extremely focused on, not only within our core team members, but also within the PepsiCo sales organization. So our cooler initiative and program is part of our perfect stores strategy. So that's a way we KPI the team as well. So you're going to get warm placement, cold placement, secondary placement and could include an end cap and then most -- and then also cold placement upfront as well as the perfect store has a Celsius-branded cooler.

是的，不，喬恩，這是一個很好的問題，也是團隊非常關注的問題，不僅在我們的核心團隊成員內部，而且在百事可樂銷售組織內部。因此，我們更酷的舉措和計劃是我們完美商店策略的一部分。這也是我們對團隊進行 KPI 的一種方式。因此，您將獲得熱放置、冷放置、二次放置，並且可以包括端蓋，然後是大多數 - 然後也可以預先冷放置，以及完美的商店有一個攝氏度品牌的冷卻器。

So our goal was approximately around 15,000 to be placed this year. We're working towards that. We'll see if we're going to be able to achieve it. We only have a few months left. The coolers -- our biggest win we're working on now is gaining chain-wide national authorization in front checkout coolers at major retailers, where we can really close 1,000, 2,000, 3,000 store locations.

因此，我們今年的目標大約是 15,000 名左右。我們正在為此努力。我們將看看是否能夠實現這一目標。我們只剩下幾個月的時間了。冷藏櫃——我們現在正在努力的最大勝利是在主要零售商的前台結帳冷藏櫃中獲得連鎖範圍的國家授權，我們可以真正關閉 1,000、2,000、3,000 個商店地點。

As an example, we just entered Publix stores with expanded distribution in the front end cap -- front checkout coolers. So that was a big win. Although not a Celsius-branded cooler, we do have great placement in those checkouts, and that's going to allow us to continue to increase our availability, increase trial and take advantage of those impulse purchases that we know Celsius can capitalize on.

舉個例子，我們剛剛進入 Publix 商店，在前端蓋上擴大了分銷範圍——前端結帳冷卻器。所以這是一個巨大的勝利。雖然不是Celsius品牌的冷卻器，但我們確實在這些結帳中佔據了很好的位置，這將使我們能夠繼續提高可用性，增加試用並利用我們知道Celsius可以利用的衝動購買。

Our next question comes from the line of Eric Serotta with Morgan Stanley.

我們的下一個問題來自 Eric Serotta 與摩根士丹利 (Morgan Stanley) 的對話。

First, a quick housekeeping question. I know you talked about selling and marketing expense as a percentage of sales being up in the fourth quarter. What about promotional allowances? Are you guys in the short term looking for any material changes in promo allowances versus where you were in the third quarter post the adjustment that you made? And then I'll have a bigger-picture question.

首先，一個快速的內務問題。我知道您談到第四季度銷售和行銷費用佔銷售額的百分比有所上升。促銷津貼怎麼樣？你們是否在短期內尋找促銷津貼與調整後第三季的情況相比有任何重大變化？然後我會問一個更宏觀的問題。

Yes. For the promos, I'd look more to the year-to-date percentage as we look to Q4. But John, do you want to jump on the sales and marketing or you want me to jump on that one?

是的。對於促銷活動，我會更專注於今年迄今的百分比，就像我們關註第四季度一樣。但約翰，你想跳到銷售和行銷領域還是想讓我跳到那個領域？

Yes, go ahead.

好，去吧。

Yes. So sales and marketing, obviously, it's a little trickier in October, November, December. You've got Halloween, Thanksgiving, Christmas, so you have to come up with a little bit different incentives and different programs. So we're working those through the system. And then, obviously, we're looking to hit the ground running with a number of the sponsorships that we picked up that we press released over the last 6 months.

是的。因此，銷售和行銷顯然在 10 月、11 月和 12 月會有點棘手。你有萬聖節、感恩節、聖誕節，所以你必須想出一些不同的激勵措施和不同的計劃。所以我們正在透過系統來處理這些問題。然後，顯然，我們希望透過過去 6 個月內發布的新聞發布的一些贊助來開始運作。

So we are looking to continue to spend into the holiday season. We found it to be very successful last year when we spent into the holiday season. Part of that was also because our ACV went from a 65 to a 90 pretty quickly. We've been sitting at that 90 all year. So the goal is to really help build those velocities as we work our way into 2024 from a sales and marketing perspective.

因此，我們希望繼續在假期期間消費。去年我們度過假期時，我們發現它非常成功。部分原因還在於我們的 ACV 很快就從 65 升至 90。我們一整年都坐在那個90。因此，我們的目標是從銷售和行銷的角度真正幫助提高這些速度，邁入 2024 年。

And especially also leaning into by our reset window. So...

尤其是我們的重置視窗。所以...

Great. And that sort of leads into my next question, which is on velocities. I think one of the big positive surprises over the past year, certainly the past 6 to 9 months, has been the acceleration in velocities as you've rapidly expanded distribution. How are you thinking about the scope for velocity growth over the next, call it, 12 to 24 months?

偉大的。這就引出了我的下一個問題，速度。我認為過去一年（當然是過去 6 到 9 個月）最大的積極驚喜之一是隨著您迅速擴大分銷而加快速度。您如何看待未來（即 12 至 24 個月）速度成長的範圍？

On the one hand, some new distribution you're adding maybe a little bit less productive, but you are -- seem to be getting some billboard effect and some broader awareness. So big picture, how are you thinking about potential for velocity over the coming year or 2?

一方面，您添加的一些新發行版的生產力可能會稍低一些，但您似乎獲得了一些廣告看板效應和更廣泛的認識。這麼大的圖景，您如何看待未來一兩年的速度潛力？

Yes. I think, Eric, when you look at it, that's something that we're really focused on. And it's going to come from a variety of different areas in order to continue to drive forward. We are entering uncharted territories at north of a 10% share, which hasn't been achieved in the energy category in over a decade. But when you look at some of the great -- what has taken place over the last 9 months this year, it's just really a great achievement to the team and our partners.

是的。我想，艾瑞克，當你看到它時，你會發現這才是我們真正關注的事情。為了繼續前進，它將來自各個不同的領域。我們正在進入 10% 份額以上的未知領域，這是十多年來能源類別中從未實現過的。但是當你看看今年過去 9 個月裡發生的一些偉大的事情時，你會發現這對團隊和我們的合作夥伴來說確實是一項偉大的成就。

I think one exciting news piece we just got recently is from Numerator and the way we're tracking household penetration, and our household penetration more than doubled. So we were right around a 25% household penetration versus an 11.1% in the year-ago period when we tracked it last time per Numerator. And we were -- Celsius was the #1 growth brand in all of sports and energy.

我認為我們最近剛收到的一條令人興奮的消息來自 Numerator 以及我們追蹤家庭滲透率的方式，我們的家庭滲透率增加了一倍多。因此，我們的家庭滲透率約為 25%，而去年我們上次追蹤每個分子時的家庭滲透率為 11.1%。我們是－Celsius 是所有運動和能源領域排名第一的成長品牌。

So we're getting some really good traction there. The teams have been doing really great on leveraging our marketing strategies. I think there's a lot of opportunity to further drive ROI out of our marketing programs within our sales programs as well. So where velocities go from here, that's really somewhat an unknown, but we're working to continue to drive that forward.

所以我們在那裡得到了一些非常好的牽引力。這些團隊在利用我們的行銷策略方面做得非常出色。我認為在我們的銷售計劃中也有很多機會進一步提高行銷計劃的投資報酬率。因此，速度從這裡走向何方，這確實有點未知，但我們正在努力繼續推動這一進程。

I think on the resets coming in, when you look at the expansion that we anticipate getting additional shelf space, that's going to allow us to have better presence. That's going to further build out that billboard effect to be able to engage with the shopper at the point of purchase, which is super critical. So time will tell. I guess we'll find out as we continue to evolve quarter-over-quarter on future calls.

我認為在即將到來的重置中，當你看到我們預計獲得額外貨架空間的擴展時，這將使我們擁有更好的存在感。這將進一步增強廣告看板效應，以便能夠在購買時與購物者互動，這是非常重要的。所以時間會證明一切。我想，隨著我們在未來的電話會議中繼續逐季度發展，我們會找到答案。

Our next question comes from the line of Jim Salera with Stephens.

我們的下一個問題來自吉姆·薩萊拉和史蒂芬斯的對話。

Congrats on the good quarter. I wanted to follow up on the foodservice piece because it seems like that would be an end market that would traditionally be for kind of carbonated soft drinks or teas. Do you have a sense for -- are those consumers in foodservice switching from drinking a Pepsi to drinking a Celsius or drinking a tea to a Celsius? And if that's the case, are you able to track that into switches from soft drinks or tea at retail as well?

恭喜季度表現良好。我想跟進餐飲服務部分，因為這似乎是傳統上碳酸軟性飲料或茶的終端市場。您是否有這樣的感覺：餐飲服務業的消費者是否從喝百事可樂轉向喝攝氏度，或從喝茶轉向喝攝氏度？如果是這樣的話，您是否也能夠將其追蹤到零售店從軟性飲料或茶的轉變中？

Jim, that's the great question. That's a huge unlock that we're working on. I think we need a little bit more data coming in as we expand into foodservice. What we're seeing with the Celsius consumer, what I think is fascinating, we saw this in convenience and we see this where our consumer is, number one, we're incremental to the category. And also our consumer, we've seen them have a bigger basket ring, i.e. purchasing Celsius with a water or a food item or a snack, which I think is another competitive advantage when looking at the Celsius consumer.

吉姆，這是個好問題。這是我們正在努力解決的一個巨大問題。我認為，當我們擴展到餐飲服務時，我們需要更多的數據。我們在攝氏消費者身上看到的，我認為很有趣，我們在便利性方面看到了這一點，我們在我們的消費者中看到了這一點，第一，我們正在向該類別增量。還有我們的消費者，我們看到他們有一個更大的籃子，即購買攝氏度與水、食品或零食一起購買，我認為這是考慮攝氏度消費者時的另一個競爭優勢。

Within foodservice, we have a hypothesis that our consumer is actually getting water or not getting a beverage because they're ordering on potentially Delivery Dudes or another platform where they're not getting the fountain drink. So we're not competing with the fountain. But we need more data on that. What we do see is within some of the apps that initial feedback has been on our set is that we are being incremental to these eateries and fast-casual restaurants within the beverage purchase.

在餐飲服務中，我們有一個假設，即我們的消費者實際上得到了水或沒有得到飲料，因為他們在潛在的 Delivery Dudes 或其他平台上訂購，而他們沒有得到噴泉飲料。所以我們不與噴泉競爭。但我們需要更多這方面的數據。我們確實看到，在一些應用程式中，我們的初步回饋是，我們正在增加這些餐廳和快餐休閒餐廳的飲料購買量。

Great. That's helpful color. And you might have already kind of addressed this, just saying it's still early days. But just thinking about the implications that, that has moving forward, do you think there's a possibility that if you do see those tea or carbonated soft drink consumers buying Celsius, but not participating in other energy buys, that you could find yourself outside of the energy category in retail and really be placed kind of throughout the store unlike some of the other traditional energy drinks?

偉大的。這是有用的顏色。您可能已經解決了這個問題，只是說現在還處於早期階段。但只要想想這所帶來的影響，你是否認為如果你確實看到那些茶或碳酸軟性飲料消費者購買攝氏度，但不參與其他能源購買，你是否有可能發現自己被排除在外零售中的能量類別是否真的像其他一些傳統能量飲料一樣放置在整個商店中？

We're seeing that now in certain locations within our given stores like Ralphs. They're placing us where you have grab-and-go. I know -- and several Publixes and Krogers were placed in -- we have secondary placements in the grab-and-go section, so where people are getting food and grabbing food items. So I think that's a huge opportunity for us. I know I see tons of people, we have a cafeteria or a small eatery right next to our office, and you see people having sandwiches and bowls, and they sell a lot of Celsius there.

我們現在在 Ralphs 等特定商店的某些地點看到了這一點。他們把我們安排在你可以拿走就走的地方。我知道——而且有幾家 Publixes 和 Krogers 被安置在——我們在“拿走就走”部分有次要安置，所以人們可以在那裡獲取食物並搶奪食物。所以我認為這對我們來說是一個巨大的機會。我知道我看到很多人，我們辦公室旁邊有一家自助餐廳或一家小餐館，你會看到人們在吃三明治和碗，他們在那裡賣很多攝氏度。

So I think there's a huge opportunity and unlock as we grow forward. Just that Celsius plays outside of traditional energy, and that opens up a bigger TAM opportunity. Also when you look at the -- some of the latest data points coming out and you look at total beverage brands, Celsius just made it into the top 10 within total beverages within the LRB, which is liquid refreshing beverages in the overall category, which is another great achievement that the portfolio has been able to achieve in the third quarter.

因此，我認為隨著我們的發展，存在著巨大的機會和釋放。正是攝氏在傳統能源之外發揮作用，這開啟了更大的 TAM 機會。此外，當你查看一些最新的數據點並查看總飲料品牌時，Celsius 剛剛進入 LRB 總飲料中的前 10 名，這是整個類別中的液體清涼飲料，這是該投資組合在第三季度取得的另一項偉大成就。

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

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

Just wanted to touch on sort of the fact that you've got ongoing distribution and elevation and SKU expansion. And I guess, how are you thinking about seasonality for Q4 this year, keeping in mind the comparison to the Pepsi launch last year?

只是想談談您正在進行的分銷、提升和 SKU 擴展這一事實。我想，考慮到與去年百事可樂推出的產品相比，您如何看待今年第四季的季節性？

Thanks, Jeff. When you look at seasonality, it is something in the category that has happened. We started -- we saw that last year. There is going to be some seasonality. We should all anticipate some seasonality within the quarter. And what that looks like as we go into -- finalize the quarter, we need to evaluate that.

謝謝，傑夫。當你觀察季節性時，你會發現它屬於已經發生的類別。我們開始了——我們去年就看到了這一點。會有一定的季節性。我們都應該預期本季會出現一些季節性變化。當我們進入最終確定本季時，我們需要對此進行評估。

But also, you have another -- we've talked about it earlier, a potential inventory -- reduction of inventory within our Pepsi partner, which is our main supplier at this point. So in addition to that and the seasonality, we anticipate some type of pullback in the fourth quarter just with traditional seasonality levels.

而且，還有另一個——我們之前已經討論過，潛在的庫存——減少我們的百事可樂合作夥伴（目前是我們的主要供應商）的庫存。因此，除了這一點和季節性因素之外，我們預計第四季度傳統的季節性水平會出現某種類型的回調。

Okay, that's helpful. And then aside from the ESSENTIALS line, is there other substantial innovation you have planned for 2024? Or is the main innovation engine ESSENTIALS for '24? Or maybe if you could just touch on further innovation plans for '24.

好的，這很有幫助。那麼，除了 ESSENTIALS 系列之外，您還計劃在 2024 年進行其他實質創新嗎？或者主要創新引擎是 24 世紀的必需品嗎？或者您可以談談 24 世紀的進一步創新計劃嗎？

Yes, absolutely. Innovation for '24, we have been working really hard. The team has been working really hard. We're going to continue to build out our portfolios between our core fruit [4] flavor offerings. We have some new great flavors coming in. We'll announce those shortly. We have new Vibe flavors coming out where we're going -- due to the success, this Cosmic Vibe, we're going to continue with that theme through a trilogy. So we'll have some great flavors on that.

是的，一點沒錯。 24年的創新，我們一直在努力。該團隊一直在努力工作。我們將繼續在我們的核心水果 [4] 風味產品之間建立我們的產品組合。我們推出了一些新的美味口味。我們很快就會宣布。我們將推出新的 Vibe 口味——由於 Cosmic Vibe 的成功，我們將透過三部曲繼續這個主題。所以我們會對此有一些很棒的口味。

I did talk about on the call our CELSIUS ESSENTIALS line, our 16-ounce line, really going after that performance energy category. And then a great opportunity we have, and it's something we don't really talk about too much, is our powders and on-the-go and really going beyond the bottle or beyond the can. We think that's a great opportunity. We have been getting a lot of interest -- further interest from retailers on that portfolio, and we will be bringing out our Vibe flavors into our powder product offerings into '24.

我確實在電話會議上談到了我們的 CELSIUS ESSENTIALS 系列，我們的 16 盎司係列，真正追求的是性能能量類別。然後我們有一個很好的機會，我們並沒有真正談論太多，那就是我們的粉末和移動產品，真正超越了瓶子或罐頭。我們認為這是一個很好的機會。我們已經引起了許多人的興趣，零售商對該產品組合也產生了進一步的興趣，我們將在 24 年將 Vibe 口味引入我們的粉末產品中。

So we'll see further expansion with all of our portfolios. And the team is really excited. We've got some great flavors, and I know you'll enjoy them, Jeff, as you've always been a big fan. So -- but we're excited where we stand.

因此，我們將看到我們所有產品組合的進一步擴張。團隊真的很興奮。我們有一些很棒的口味，我知道你會喜歡它們，傑夫，因為你一直是我們的忠實粉絲。所以——但我們對我們所處的位置感到興奮。

Can't wait to try them.

迫不及待想嘗試。

That is all the time we have for today. I'd like to hand the call back to John Fieldly for closing remarks.

這就是我們今天的全部時間了。我想將電話轉回給約翰·菲爾德利（John Fieldly），讓他致閉幕詞。

Thank you, Doug. On behalf of the company, I'd like to thank everyone for their continued support and interest. Our results demonstrates our products are gaining considerable momentum and capitalizing on today's global health and wellness trends, expanding the energy category and driving growth in both dollars and units.

謝謝你，道格。我謹代表公司感謝大家一直以來的支持與關注。我們的結果表明，我們的產品正在獲得巨大的動力，並利用當今的全球健康和保健趨勢，擴大能源類別並推動美元和單位的成長。

I'd 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 conferences throughout the month of November and December, including Stephens, Jefferies, Morgan Stanley, ROTH Capital Investor Conferences. We look forward to seeing many of you there.

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 11 月和 12 月即將舉行的多個投資者會議，包括 Stephens、Jefferies、摩根士丹利、ROTH Capital 投資者會議。我們期待在那裡見到你們中的許多人。

Thank you for your interest in Celsius. Stay healthy and live fit.

感謝您對攝氏度的興趣。保持健康並保持健康。

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

女士們、先生們，今天的電話會議到此結束。感謝您的參與。此時您可以斷開線路，度過美好的一天。