Celsius Holdings Inc (CELH) 2023 Q4 法說會逐字稿

Greetings, and welcome to Celsius' Full Year 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加攝氏 2023 年全年財報電話會議。 （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 Paul Wiseman, Investors Relations for Celsius. Thank you may begin.

現在我很高興向大家介紹攝氏投資者關係部的保羅‧懷斯曼 (Paul Wiseman)。謝謝你可以開始了。

Thank you, and good morning, everyone. We appreciate you joining us today for Celsius Holdings Fourth Quarter 2023 Earnings Conference Call. Joining me on the call today are John Fieldly, Chairman and Chief Executive Officer; and Jarrod Langhans, Chief Financial Officer. The call will open to questions following the prepared remarks.

謝謝大家，大家早安。感謝您今天加入我們攝氏控股 2023 年第四季財報電話會議。今天與我一起參加電話會議的還有董事長兼執行長約翰‧菲爾德利 (John Fieldly)；和財務長 Jarrod Langhans。在準備好發言後，電話會議將接受提問。

The company released its fourth quarter earnings press release earlier this morning, and all materials are available on the company's website celsiusholdingsinc.com as well as on the SEC's website, sec.gov. As a reminder, an audio replay of this call will be available later today and can be accessed with the same live webcast link in our conference call announcement released.

該公司今天早上早些時候發布了第四季度收益新聞稿，所有資料均可在該公司網站 celsiusholdingsinc.com 以及 SEC 網站 sec.gov 上取得。提醒一下，今天稍後將提供本次電話會議的音訊重播，並且可以透過我們發布的電話會議公告中的相同即時網路廣播連結進行存取。

Please be aware that this call may contain forward-looking statements, which are based on forecasts, expectations and other information available to management at this time. 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 in our quarterly filings with the SEC for additional information.

請注意，本次電話會議可能包含前瞻性陳述，這些陳述是基於管理層目前可獲得的預測、期望和其他資訊。這些陳述涉及許多風險和不確定性，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以及我們向 SEC 提交的季度文件中包含的安全港聲明，以獲取更多資訊。

Additionally, management will share operating results on both a GAAP and non-GAAP basis. Descriptions of the 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 with GAAP are detailed in our earnings release for the fourth 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 年第四季度的收益發布。

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

接下來，我想將電話轉給董事長兼執行長約翰·菲爾德利 (John Fieldly)，聽取他準備好的演講。

Thank you, and welcome, everyone, to today's call. Also welcome to Paul Wiseman, who recently joined Celsius as our Senior Vice President of Communications. Celsius had a stellar 2023 fourth quarter, the best earnings year in our company's history. We have achieved nearly complete distribution coverage in the United States, topping 98% ACV, which is a major achievement, putting our products in reach of more consumers and more consumption occasions with greater flavors and size options than ever before. In 2023, Celsius set a new yearly revenue record, growing more than 102% or $664 million in sales to finish the year at just over $1.3 billion. Celsius is now truly a $1 billion brand.

謝謝大家，歡迎大家參加今天的電話會議。同時歡迎 Paul Wiseman，他最近加入攝氏度，擔任我們的傳播資深副總裁。攝氏 2023 年第四季業績出色，是我們公司史上獲利最好的一年。我們在美國實現了幾乎完整的分銷覆蓋，ACV 超過98%，這是一項重大成就，使我們的產品以比以往更多的口味和尺寸選擇覆蓋到更多的消費者和更多的消費場合。 2023 年，Celsius 創下了新的年度收入記錄，銷售額成長超過 102%，即 6.64 億美元，全年銷售額略高於 13 億美元。攝氏現在確實是一個價值 10 億美元的品牌。

Our impressive share gains in 2023 have resulted in Celsius becoming the first company to break the 10-share barrier in more than a decade. According to Circana, IRI's recent 4-week read ending February 11, 2024 in total energy U.S., Celsius held a new record of 11.5 share nationwide in MULOC. The energy drink category is now a 3-team race.

我們在 2023 年實現了令人印象深刻的股價成長，使攝氏度成為十多年來第一家突破 10 股大關的公司。根據 Circana 的數據，IRI 截至 2024 年 2 月 11 日的最近 4 週美國能源總量數據中，攝氏度在全國 MULOC 中所佔份額創下 11.5 的新紀錄。能量飲料類別現在由 3 支隊伍參加。

As of January 2024, Celsius had exceeded a 15 share in over a dozen U.S. markets and a few of those, we are within just a few points of our next closest competitor or have already taken them. Our strong innovation pipeline continues to delight consumers whose taste for zero sugar energy drinks has nearly tripled the overall category sales to a zero sugar majority. Although this year, we have launched 2 new core SKUs, Sparkling Raspberry Peach and Fizz-Free Blue Raspberry Lemonade. In addition, 2 new Celsius Vibe flavors, Astro Vibe and Galaxy Vibe, which has taken our Space Odyssey, truly even further with the launch of our Cosmic Vibe in 2023 in Circle K.

截至 2024 年 1 月，Celsius 在美國十幾個市場的份額已超過 15，其中一些市場我們與第二大競爭對手僅相差幾分，或者已經超越了他們。我們強大的創新產品線繼續讓消費者滿意，他們對零糖能量飲料的口味使整個類別銷售額幾乎增加了兩倍，達到零糖大多數。今年，我們推出了 2 個新的核心 SKU，即 Sparkling Raspberry Peach 和 Fizz-Free Blue Raspberry Lemonade。此外，2023 年在 Circle K 推出的 Cosmic Vibe 還推出了 2 種新的 Celeste Vibe 口味：Astro Vibe 和 Galaxy Vibe，它們使我們的 Space Odyssey 真正走得更遠。

Celsius also launched Celsius Essential's product line, which has proven essential performance energy with essential aminos. We are executing our plans to grow the business internationally, taking a methodical approach in each new market we enter.

Celeste也推出了Celsius Essential產品線，該產品線已被證明含有必需胺基酸，具有必需的性能能量。我們正在執行我們的國際業務發展計劃，在我們進入的每個新市場中都採取有條不紊的方法。

We're very pleased with our sales in Canada after 2 months in the country. Consumer enthusiasm and acceptance has exceeded our expectations. We're pursuing disciplined growth in our best-in-class sales and marketing organizations. And just 2 weeks ago, Celsius was recognized with the 7-Eleven's prestigious 2023 Supplier of the Year award in a nonalcoholic category. This is a tremendous achievement. And I want to thank all our dedicated team members on achieving this great top industry award. Best-in-class teams drive best-in-class results.

經過兩個月的努力，我們對加拿大的銷售感到非常滿意。消費者的熱情和接受度超出了我們的預期。我們致力於在一流的銷售和行銷組織中實現有紀律的發展。就在兩週前，Celsius 榮獲 7-11 享有盛譽的 2023 年非酒精類年度供應商獎。這是一項巨大的成就。我要感謝我們所有敬業的團隊成員獲得這項偉大的頂級行業獎項。一流的團隊帶來一流的成果。

With nearly full distribution, we are focusing on driving growth through 3 areas: increasing total distribution points at each location, growing in nontracked channels and international expansion over the long-term horizon. Celsius was again the top driver of the energy category in dollars and units sold in MULOC, ending in the fourth quarter, up 126.6% and up 140.2% for the full year of 2023, supporting a 30.6% of all the energy category growth for the year.

隨著分銷接近全面，我們專注於透過三個領域推動成長：增加每個地點的總分銷點、非追蹤管道的成長以及長期的國際擴張。以美元和單位計，攝氏度再次成為 MULOC 能源類別的最大推動力，截至第四季度，增長 126.6%，2023 年全年增長 140.2%，支持了整個能源類別增長的 30.6%。

Already this year, we've launched several new and exciting innovations as well as a brand update to our line of Fizz-Free beverages, which have a strong and loyal consumer base. A new Fizz-Free multipack available now in Target stores brings together refreshing selection to our consumers who prefer the noncarbonated energy drinks.

今年，我們已經推出了幾項令人興奮的新創新，並對我們的無汽飲料系列進行了品牌更新，該系列飲料擁有強大而忠實的消費者基礎。 Target 商店現已推出新的無氣泡合裝裝，為喜歡非碳酸能量飲料的消費者帶來了耳目一新的選擇。

Sales of Celsius Essentials, our new line of performance-oriented and energy, a 16-ounce beverage products launched in the fourth quarter at 7-Eleven stores across the United States and our 2 new flavors, Sparkling Mango Tango and Sparkling Fruit Burst bring the Celsius Essential line to 6 unique SKUs. As of January 2024, Celsius Essentials has achieved a record 40% ACV year-to-date, February 18th, it's at 49% ACV, continuing to see greater acceptance across retailers across the country.

我們以性能為導向的新系列能量飲料Celsius Essentials 的銷售，是第四季度在美國7-11 便利店推出的16 盎司飲料產品，以及我們的2 種新口味：起泡芒果探戈(Sparkling Mango Tango)和起泡水果爆裂(Sparkling Fruit Burst)，帶來了攝氏基本系列有 6 個獨特的 SKU。截至 2024 年 1 月，Celsius Essentials 年初至今的 ACV 達到了創紀錄的 40%，2 月 18 日，ACV 達到 49%，繼續受到全國零售商的廣泛認可。

Also in January, our Celsius on-the-go powder claimed the position in the energy powder category according to Circana's IRI commanding a 23.1 share, having increased 5.6% compared to the prior period. We have several new on-the-go powder innovations plan for this year and see great opportunities with our [virtual] on-the-go product line.

同樣在 1 月份，根據 Circana 的 IRI 數據，我們的攝氏度便攜式粉末在能量粉類別中佔據一席之地，佔據 23.1 的份額，與上一時期相比增加了 5.6%。今年我們有幾項新的行動粉末創新計劃，並看到我們的[虛擬]行動產品線蘊藏著巨大的機會。

In 2024, spring resets began in January and typically run through May. We are very pleased with the incremental space we're gaining, which will be reflected across the first and second quarters of 2024. As a reminder, planograms used for most of 2023 when our dollar sales grew 140% were created while we were holding and held approximately 4.5 share in the category. For 2024, shelf space planning was conducted with retail partners in Q3 of 2023, when we held a digital -- double-digit share position. Celsius is also now fully integrated into PepsiCo's annual planning cycle, and we anticipate ongoing close collaboration with our primary North American distribution partner and expanded key accounts team.

2024 年，春季重置從 1 月開始，通常持續到 5 月。我們對所獲得的增量空間感到非常滿意，這將在2024 年第一季和第二季得到體現。提醒一下，2023 年大部分時間我們的美元銷售額增長140% 時使用的貨架圖是在我們持有和持有該類別約 4.5 股。對於 2024 年，貨架空間規劃是在 2023 年第三季與零售合作夥伴進行的，當時我們佔據了數字兩位數的份額。攝氏現已完全融入百事公司的年度規劃週期，我們預計將與我們主要的北美分銷合作夥伴和擴大的大客戶團隊持續密切合作。

Our pursuit of a perfect store resulted in a 60% increase in display activity across the United States, and we placed more than over 10,000 Celsius branded coolers in 2023 and an increase of over 300% year-over-year. We intend to continue growing our base of branded coolers throughout this year.

我們對完美商店的追求導緻美國各地的展示活動增加了 60%，到 2023 年我們放置了超過 10,000 個攝氏度品牌冷藏箱，同比增長超過 300%。我們打算在今年繼續擴大我們的品牌冷卻器基礎。

Nontracked channels continue to be a tailwind for us as well. Club sales for the fourth quarter were $77.1 million, up 64% year-over-year. Club sales for the full year 2023 were $254.6 million, representing an $83.6 million increase year-over-year.

非追蹤管道也持續為我們帶來推動力。第四季俱樂部銷售額為 7,710 萬美元，較去年同期成長 64%。 2023 年全年俱樂部銷售額為 2.546 億美元，年增 8,360 萬美元。

We achieved the #1 energy drink position on Amazon in 2023, finishing the full year revenue at $101 million, a 72.9% increase year-over-year. Our refreshing great tasting products are ideal for the meal occasion, and today, more than 12.5% of our PepsiCo sales is to the foodservice channel. For example, in 2023, we gained distribution in over 2,000 Jersey Mike stores and are authorized to sell in more than 3,000 Dunkin' Donut locations nationwide. We believe there is incremental growth opportunities for Celsius and nontracked outlets, such as vending, hospitals, corporate cafeterias and college campuses and more.

2023 年，我們在亞馬遜能量飲料上排名第一，全年收入達到 1.01 億美元，年增 72.9%。我們清爽美味的產品是用餐場合的理想選擇，如今，百事公司 12.5% 以上的銷售額來自餐飲服務管道。例如，2023 年，我們獲得了超過 2,000 家 Jersey Mike 商店的分銷權，並被授權在全國 3,000 多家 Dunkin' Donut 門市進行銷售。我們相信，Celsius 和非追蹤商店（例如自動販賣機、醫院、公司食堂和大學校園等）存在增量成長機會。

Turning to international. We began distribution in sales in Canada through Pepsi in mid-January. As we had previously signaled, after approximately 1 month of sales, we are very pleased with the results and even more so to delight our Canadian consumers who have embraced our products.

轉向國際化。我們於一月中旬開始透過百事可樂在加拿大進行銷售。正如我們之前所表示的，經過大約 1 個月的銷售後，我們對結果非常滿意，更讓接受我們產品的加拿大消費者感到高興。

International sales reached $14.6 million in the fourth quarter of 2023 and $54.7 million for the full year.

2023 年第四季國際銷售額達 1,460 萬美元，全年銷售額達 5,470 萬美元。

Also in January, we announced a sales and distribution agreement with Suntory Beverage for Great Britain and Ireland. We expect sales in the United Kingdom to begin gradually starting in the Finnish channel in the second quarter.

同樣在一月份，我們宣布與三得利飲料公司簽署了英國和愛爾蘭的銷售和分銷協議。我們預計第二季將在芬蘭通路逐步開始在英國的銷售。

We expect additional international expansion this year. And as previously stated, we're taking a methodical approach to our international growth, and we will be following our international growth playbook in each new market we enter.

我們預計今年將進一步進行國際擴張。如前所述，我們正在採取有條不紊的方法來實現國際成長，並且我們將在進入的每個新市場中遵循我們的國際成長策略。

Before I hand it over to Jarrod to discuss financial highlights for the quarter and the full year, we have several exciting marketing developments and achievements to be proud of. Celsius recently announced a renewed multiyear global team sponsorship with Formula One's iconic Ferrari racing team. Major League soccer kicked off its regular season last week, and Celsius is a proud league partner as well as key sponsor of multiple teams and players across the United States and Canada. These strategic investments placed our premium brand in the forefront of consumers who share our passion to live fit.

在我將其交給賈羅德討論本季和全年的財務亮點之前，我們有一些令人興奮的營銷發展和成就​​值得自豪。攝氏最近宣布與一級方程式賽車標誌性的法拉利車隊續簽多年期全球車隊贊助協議。美國職業足球大聯盟上週開始了常規賽季，Celsius 是令人自豪的聯盟合作夥伴，也是美國和加拿大多支球隊和球員的主要贊助商。這些策略投資將我們的優質品牌推向了與我們一樣熱衷健身的消費者的前沿。

With that, I'll pass it over to our Chief Financial Officer, Jarrod Langhans, to discuss our fourth quarter and 2023 full year financial results. Jarrod?

接下來，我將把它交給我們的財務長 Jarrod Langhans，討論我們第四季和 2023 年全年的財務表現。賈羅德？

Thanks, John. It was another great quarter in which we continue to exceed both internal and external expectations. Not only are we continuing to benefit from Pepsi's distribution system, but we're also delivering on increased SKU count, improved placement, increased displays and continuous improvement within velocities. As we look to Q1 and beyond, we will continue to invest in our growth.

謝謝，約翰。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。展望第一季及以後，我們將繼續投資於我們的成長。

Turning to our fourth quarter financial highlights. Revenue for the 3 months ended December 31, 2023, was approximately $347 million, an increase of 95% from $178 million for the 3 months ended December 31, 2022. Driven by our North American business, where fourth quarter revenues were $333 million, an increase of 97% from the same period in 2022. International revenue grew 68% to $15 million as velocity continued to increase. As it relates to days on hand with our primary distributor, our inventory turns relative to depletions was consistent with our Q3 2023 turnover.

轉向我們第四季的財務亮點。截至2023 年12 月31 日止三個月的營收約為3.47 億美元，較截至2022 年12 月31 日止三個月的1.78 億美元成長95%。在北美業務的推動下，第四季收入為3.33 億美元，較 2022 年同期成長 97%。隨著速度持續加快，國際營收成長 68%，達到 1,500 萬美元。由於它與我們的主要經銷商的庫存天數有關，因此我們的庫存週轉率相對於消耗量與我們 2023 年第三季度的營業額一致。

We attribute our sales volume growth for the quarter compared to 2022 to several key drivers, including successful integration into 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 in placement improvements contributing significantly. Moreover, our products are now found in several new channels within CNG and foodservice.

與 2022 年相比，我們將本季的銷售成長歸因於幾個關鍵驅動因素，包括成功整合到百事可樂分銷系統，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 的增加對排名的改善做出了重大貢獻。此外，我們的產品現已出現在 CNG 和餐飲服務領域的多個新管道中。

Gross profit for the 3 months ended December 31, 2023, increased 110% to $166 million, up from $79 million in the year ago quarter. Gross profit margins in the fourth quarter were approximately 48% of revenues compared to approximately 44% for the prior year fourth quarter. The improvement in gross profit margins is attributed to efficiencies in raw material sourcing product-based reduction and benefits from improved leverage across promotional allowances. Q4 was the fifth consecutive quarter that we were operating within the Pepsi distribution system, and we expect to continue driving efficiencies while maintaining our #1 goal of keeping the shelf stock to meet strong consumer demand.

截至 2023 年 12 月 31 日的三個月毛利成長 110%，達到 1.66 億美元，高於去年同期的 7,900 萬美元。第四季的毛利率約為營收的 48%，而去年第四季的毛利率約為 44%。毛利率的提高歸因於基於產品的原材料採購效率的降低以及促銷津貼槓桿率提高的好處。第四季是我們在百事可樂分銷系統內營運的連續第五個季度，我們預計將繼續提高效率，同時維持我們的第一個目標，即保持貨架庫存以滿足強勁的消費者需求。

Sales and marketing expenses for the quarter were approximately $80 million, a decrease of approximately 11% compared to the fourth quarter of 2022. The decrease was due to prior year costs associated with the termination of legacy distributors as part of the transition to the Pepsi network.

本季的銷售和行銷費用約為 8,000 萬美元，與 2022 年第四季相比減少約 11%。減少的原因是去年與百事可樂網路過渡過程中終止傳統經銷商相關的成本。

We continue to invest behind our growth in Q4, incurring sales and marketing costs in line with historical rates. As a percentage of sales, sales and marketing was 23% compared to 29% in the prior year adjusted for distributor termination expenses in 2022. We plan to continue investment in our sales and marketing and plan a similar spend as a percentage of sales in the first quarter of 2024.

我們繼續投資支持第四季度的成長，並按照歷史水準產生銷售和行銷成本。根據2022 年經銷商終止費用調整後，銷售和行銷佔銷售額的百分比為23%，而前一年為29%。我們計劃繼續投資於銷售和行銷，並計劃在2022 年保持類似的支出佔銷售額的百分比。2024 年第一季。

General and administrative expenses for the 3 months ended December 31, 2023, were approximately $27 million, an increase of 24% relative to Q4 2022. As a percentage of sales, G&A was 8% compared to 12% in the prior year as we continue to leverage our G&A against our significant growth. And looking back at prior periods, even with our historical growth rates, we do tend to see some seasonality within the fourth quarter relative to the third quarter. We saw similar activities in the fourth quarter, whereby we are not able to capitalize on the great work from our sales and marketing teams as it relates to displays on hand and other promotional activities that we are able to take advantage of during the summer selling season. Even with this, we ended the year strong and have since well exceeded the 10 share marker as noted by John earlier in the call.

截至2023 年12 月31 日的三個月的一般及管理費用約為2,700 萬美元，較2022 年第四季成長24%。隨著我們繼續研究，一般及行政費用佔銷售額的百分比為8% ，而前一年則為12%利用我們的一般管理費用來實現我們的顯著成長。回顧之前的時期，即使考慮到我們的歷史成長率，我們確實傾向於看到第四季度相對於第三季度存在一些季節性。我們在第四季度看到了類似的活動，因此我們無法利用我們的銷售和行銷團隊的出色工作，因為這與我們在夏季銷售季節能夠利用的現有展示和其他促銷活動有關。儘管如此，我們還是以強勁的勢頭結束了這一年，並遠遠超過了約翰早些時候在電話會議中指出的 10 股大關。

Looking at the full year 2023. As you will see in the 10-K issued this morning, we made great progress in our remediation efforts around our internal control environment. We were successful in remediating the prior period controls associated with IT general controls as well as creating and delivering a much more robust [coastal] environment. Although we made huge strides in 2023, there are still a handful of areas where components of larger areas of the control environment needs some additional time to fully remediate.

展望2023年全年。正如您在今天早上發布的10-K中看到的那樣，我們圍繞內部控制環境的整改工作取得了巨大進展。我們成功地修復了與 IT 一般控制相關的前期控制，並創建和提供了更強大的[沿海]環境。儘管我們在 2023 年取得了巨大進步，但仍有少數領域的控制環境較大區域的組件需要一些額外的時間來完全修復。

With that said, I'd like to thank the entire Celsius team for the great effort and in particular, our finance and IT teams for their focus and dedication to this matter in 2023. I look forward to our continued progress in 2024.

話雖如此，我要感謝整個攝氏團隊所做的巨大努力，特別是我們的財務和 IT 團隊在 2023 年對此事的關注和奉獻。我期待我們在 2024 年繼續取得進展。

Now to the results. Revenue for the 12 months ended December 31, 2023, was approximately $1.3 billion an increase of 102% from $654 million for the 12 months ended December 31, 2022, driven by our North American business. North America full year 2023 revenues were $1.27 billion, an increase of 105% from the same period in 2022. International revenue grew 52% to $55 million in 2023 relative to full year 2022.

現在看結果。截至2023年12月31日止12個月的營收約為13億美元，較截至2022年12月31日止12個月的6.54億美元成長102%，這主要得益於我們的北美業務。北美地區 2023 年全年營收為 12.7 億美元，較 2022 年同期成長 105%。2023 年國際營收較 2022 年全年成長 52%，達到 5,500 萬美元。

Gross profit for the 12 months ended December 31, 2023, increased 134% to $633 million, up from $271 million in the prior year period. Gross profit margins in the full year of 2023 were approximately 48% of revenues compared to approximately 41% for the prior year period. The improvement in gross profit margins is attributed to lower package and raw material costs.

截至 2023 年 12 月 31 日的 12 個月毛利成長 134%，達到 6.33 億美元，高於去年同期的 2.71 億美元。 2023 年全年毛利率約為營收的 48%，而去年同期約為 41%。毛利率的改善歸因於包裝和原物料成本的降低。

As things stand today, we would expect 2024 gross profit margins to be fairly consistent with the Q4 and full year margin profile, as we are confident in maintaining the great progress that was made in 2023. We are always shooting for the moon but with the uncertainty around the macro environment from both an operational and promotional perspective, we believe that it is prudent to give ourselves some additional time into 2024.

從目前的情況來看，我們預計 2024 年的毛利率將與第四季度和全年的利潤率狀況相當一致，因為我們有信心保持 2023 年的巨大進步。從營運和促銷角度來看，宏觀環境都存在不確定性，我們認為，在2024 年之前給自己一些額外的時間是謹慎的做法。

As a percentage of sales, sales and marketing was 20% in the 12 months of 2023 compared to 24% in the prior year same period, adjusted for distributor termination expenses. This demonstrated the leverage that we can obtain within our sales and marketing costs.

經經銷商終止費用調整後，2023 年 12 個月，銷售和行銷佔銷售額的百分比為 20%，而去年同期為 24%。這證明了我們可以在銷售和行銷成本中獲得槓桿作用。

We made great progress in 2023, but we are now moving to the next level and the next target beyond 10% market share. And to do that, we will need to continue to invest in our growth and our brand, as seen with the multiple Super Bowl activations that we did in February, our recently announced multiyear partnership with Ferrari within Formula One as well as our multiyear MLS partnership.

我們在 2023 年取得了巨大進步，但我們現在正在邁向新的水平和超過 10% 市場份額的下一個目標。為此，我們需要繼續投資於我們的成長和我們的品牌，正如我們在二月份所做的多次超級碗活動、我們最近宣布的與法拉利在一級方程式賽車領域的多年合作夥伴關係以及我們在美國職業足球大聯盟的多年合作夥伴關係一樣。 。

G&A expense as a percentage of sales was 8% for the 12 months of 2023 versus 12% in the prior year same period. We will continue to invest in our back shop and build out a team that is value-added to our operations, sales and marketing programs. There will be opportunity to further leverage G&A in 2024 and beyond, but it will be at a thoughtful and methodical pace.

2023 年 12 個月的一般管理費用佔銷售額的百分比為 8%，而去年同期為 12%。我們將繼續投資我們的後勤部門，並建立一支為我們的營運、銷售和行銷計劃增值的團隊。 2024 年及以後，我們將有機會進一步利用 G&A，但步伐將經過深思熟慮且有條不紊。

Focusing now on liquidity and capital resources. As of December 31, 2023, we had cash in excess of $755 million and net working capital in excess of $928 million. Cash flows provided by operating activities totaled in excess of $140 million for the 12 months ended December 31, 2023, which compares to $108 million in net cash provided by operating activities for the 12 months ended December 31, 2022.

現在的重點是流動性和資本資源。截至 2023 年 12 月 31 日，我們的現金超過 7.55 億美元，營運淨資本超過 9.28 億美元。截至2023年12月31日止12個月，經營活動提供的現金流量總額超過1.4億美元，而截至2022年12月31日止12個月，經營活動提供的淨現金為1.08億美元。

We will continue to invest in our business (technical difficulty).

我們將繼續投資我們的業務（技術難度）。

(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 的對話。

Two questions for me. One, just on gross margin, maybe talk a little bit about why it stepped back in 4Q relative to 3Q, even after adjusting for the promotional allowance accrual last quarter, meaning I would have expected to see a little bit better. Was there some sort of one-offs in that number? And how do we think about progression of that into '24?

有兩個問題問我。一，就毛利率而言，也許可以談談為什麼第四季度相對於第三季度有所回落，即使在調整了上季度的促銷津貼應計額之後，這意味著我預計會看到更好的情況。這個數字中是否存在某種一次性的情況？我們如何看待將其推進到“24”？

And then the second question, I appreciate the commentary on inventories from a channel standpoint with your largest customer. But if I take a look at what the sales look like in the [scanner] data track channels in addition to what you disclosed in the regulatory filings on Amazon and Costco sales, I still get a fairly big disconnect between what it looks like you should have sold in the quarter and what you actually did, meaning that you undershipped somewhere in the channel. So maybe you could help with that, too.

然後是第二個問題，我很欣賞從你們最大客戶的管道角度對庫存的評論。但是，如果我看看[掃描器]資料追蹤管道中的銷售情況以及您在亞馬遜和好市多銷售的監管文件中披露的內容，我仍然會發現您應該做的事情之間存在相當大的脫節本季已售出商品以及您實際執行的操作，這意味著您在通路中的某個地方出貨不足。所以也許你也可以幫忙。

Yes. Thank you, Mark. I'll join in on the first part of the question, and I'll throw it over to Jarrod as well. I think when you look at the overall margins, I think we're really pleased with the margins, especially for the full year, up over 660 basis points. Just a phenomenal job on behalf of the team on supply chain and our key accounts team. We're maintaining a pricing promotional architecture within the category.

是的。謝謝你，馬克。我將參與問題的第一部分，並將其交給賈羅德。我認為，當你查看整體利潤率時，我認為我們對利潤率非常滿意，尤其是全年的利潤率，成長了 660 個基點以上。對於供應鏈團隊和我們的大客戶團隊來說，這是一項非凡的工作。我們正在該類別內維護定價促銷架構。

When you look at the, really the fourth quarter, we did launch a new line, our Celsius Essentials line, which are the 16-ounce line, and we had a variety of innovational launches that were executed during the quarter. So I think we're pretty pleased with where the margins came in, and there's opportunities to improve going forward. But at this point in time, I think that's a -- team did a really good job for the year.

當你看看第四季度時，我們確實推出了一個新系列，即我們的攝氏度必需品系列，即 16 盎司係列，並且我們在本季度執行了各種創新產品。因此，我認為我們對利潤率非常滿意，未來還有改進的機會。但在這個時候，我認為這個團隊今年做得非常好。

And in regards to inventory by channel, we did have some seasonal impact in Q4 that we did experience. We did have good results on Amazon and within the club channel, but we did see especially impacted mainly in food and really large format. A lot of our volume, we've done a great job on half of our distribution partner as well, really keeping the amount of cases on display up. We're still gaining -- we hope to gain additional placements and additional expansion in the upcoming sets that are being reset. But we do rely heavily, especially in large format on display activity. And when you look at the fourth quarter, we do see a lot of display activity coming from seasonal items that we're competing with outside of the summer or the rest of the year. So those are some headwinds we experienced in the fourth quarter, but I'll throw it over to Jarrod for any additional highlights.

就按通路劃分的庫存而言，我們確實在第四季度經歷了一些季節性影響。我們確實在亞馬遜和俱樂部管道內取得了不錯的成績，但我們確實看到主要在食品和大尺寸方面受到特別影響。我們在一半的分銷合作夥伴方面也做得很好，確實保持了展示的案例數量。我們仍在取得進展——我們希望在即將重置的系列中獲得額外的位置和額外的擴展。但我們確實嚴重依賴顯示活動，尤其是大尺寸顯示活動。當你觀察第四季時，我們確實看到大量的展示活動來自我們在夏季以外或今年剩餘時間競爭的季節性商品。這些是我們在第四季度經歷的一些不利因素，但我會將其交給賈羅德以獲取更多亮點。

No, you're right, John. It's -- when we're looking at kind of just more of a days-on-hand perspective with our largest distributor, we did have the innovations that we filled the pipe with that would offset, I would say maybe some reductions you're talking about, Mark. But on a net-net basis, the days on hand in total for us was in good shape. And to John's point, the Q4 tends to be a little bit pressured just because of the inventory on hand across our retail customers and our mass and grocery customers.

不，你是對的，約翰。當我們更多地關注我們最大的分銷商的現有情況時，我們確實有一些創新，我們在管道中填充了這些創新，可以抵消，我想說也許你會減少一些談論，馬克。但從淨淨基礎來看，我們的剩餘天數整體狀況良好。就約翰的觀點而言，第四季往往會面臨一些壓力，因為我們的零售客戶以及大眾和雜貨客戶手頭上有庫存。

Got it. Maybe just one follow-up then. If we think about the innovation in your comments you just made about the net-net kind of equaling out. It sounds like you're saying that the innovation offset the legacy products. Is that the case as you think about the shelf resets and incremental distribution, meaning it can't be a 1:1, so you're going to add more space. So why wouldn't the Pepsi system take more of the products, meaning taking innovation plus the legacy because you've got to backfill the legacy sales?

知道了。也許只是一個後續行動。如果我們考慮一下您剛才關於網路對等的評論中的創新。聽起來你是在說創新抵銷了傳統產品的影響。當您考慮貨架重置和增量分配時，情況是否如此，這意味著它不可能是 1:1，因此您要添加更多空間。那麼，為什麼百事可樂系統不採用更多的產品，也就是採用創新加上傳統產品，因為你必須回填傳統銷售呢？

Yes. I think when we looked at our #1 customer, we look at their inventory levels, they're fairly consistent with Q3 to Q4. So even though we did take some innovation on. So it's -- I think if we look at the scan data, we had really strong scan data in the fourth quarter, and it's -- we'll see how this continues to evolve.

是的。我認為當我們觀察我們的第一批客戶時，我們會觀察他們的庫存水平，它們與第三季度到第四季度相當一致。因此，儘管我們確實進行了一些創新。所以，我認為，如果我們查看掃描數據，我們在第四季度擁有非常強勁的掃描數據，我們將看到這種情況如何繼續發展。

Yes, it's a good question, Mark. I think, we can just tell you where we were as of 12/31 and on a net-net basis, in total, our days on hand were consistent and in good shape. And as we got to January, we started rolling out all of the innovation that you can see all across the U.S., and it's been very successful and being very good and it has been incremental thus far.

是的，這是個好問題，馬克。我想，我們可以告訴你截至 12 月 31 日我們的情況，在淨淨基礎上，總的來說，我們手頭上的日子是一致的，狀態良好。到了一月份，我們開始推出所有你在美國各地都能看到的創新，它非常成功，非常好，而且到目前為止一直在漸進。

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 was hoping to get some perspective on how you're thinking about the market share trajectory from here. Obviously, things sort of leveled out towards the latter portion of '23, but we've actually seen some nice improvement to start the year. Maybe just to start, is the improvement we've seen year-to-date, largely a function of kind of that innovation you touched on rather than shelf resets. And then I guess with more resets to come, how would you think investors should think about the share trajectory as we look out to March and into the spring. Jarrod, you mentioned that you've now surpassed 10%. You're now focusing on a new target. So just any color on what that new target might be from a share perspective.

因此，我希望從這裡了解您如何看待市場佔有率軌跡。顯然，23 年下半年情況有所趨於平穩，但我們實際上已經看到了今年伊始的一些不錯的改進。也許只是開始，我們今年迄今為止所看到的改進，很大程度上是您提到的創新的功能，而不是貨架重置的功能。然後我想，隨著更多的重置到來，當我們展望三月和春季時，您認為投資者應該如何考慮股價軌跡。 Jarrod，你提到你現在已經超過 10%了。您現在專注於一個新目標。因此，從股票的角度來看，新目標可能是什麼？

Yes. No. Thank you, Peter. I mean we're not going to give any forward guidance on the future share, but we do look at the current trajectories and where we are currently at within different category -- within a variety of segments and the categories. And you mentioned Amazon. We disclosed Amazon. We're close to a 20 share within the energy category on Amazon. And then -- if you also look at -- I mentioned in my script, we have 12 key markets that we're tracking ahead of 15 share within the category and that's MULOC data. So there is a good trajectory there.

是的。不，謝謝你，彼得。我的意思是，我們不會對未來的份額提供任何前瞻性指導，但我們確實會研究當前的軌跡以及我們目前在不同類別中的位置 - 在各種細分市場和類別中。你提到了亞馬遜。我們披露了亞馬遜。我們在亞馬遜能源類別的份額接近 20。然後，如果您也看一下，我在腳本中提到，我們正在追蹤 12 個關鍵市場，領先於該類別中的 15 個市場份額，這就是 MULOC 數據。所以那裡有一個很好的軌跡。

I think the biggest opportunity for us when you look at it is really in convenience. And we've built this brand going through the variety of channels. And the last -- the biggest opportunity is in convenience, where you about 56% 57% of all sales are sold.

我認為，當你看到它時，我們最大的機會確實是便利。我們透過各種管道建立了這個品牌。最後——最大的機會在於便利性，所有銷售額的約 56% 57% 都被售出。

So that's where we anticipate the biggest resets to take place. In the coming resets, right now, in the convenience channel, we are just at a 10 share. So we're really excited about the opportunities you have there versus if you just look at the food category, we're roughly around a 16 share within the energy category.

因此，我們預計最大的重置將會發生。在即將到來的重置中，目前在便利頻道中，我們的份額僅為 10。因此，我們對您在那裡擁有的機會感到非常興奮，如果您只看食品類別，我們在能源類別中的份額大約為 16 左右。

So those are some recent data points that we have that, that we've shared within the script as well as in the earnings release. And we've talked before, we're somewhere between the average, as Jarrod mentioned, we're about we closed at about a 10 share, and we're on close to a 20 share within Amazon. So we're working hard. The team is working hard and we're executing, and that doesn't include the new 16-ounce Essentials line, which is just getting started this year, which we're excited about.

這些是我們在腳本和收益發布中分享的一些最新數據點。我們之前說過，我們的股價介於平均水平之間，正如 Jarrod 所提到的，我們的收盤價約為 10 股，而我們在亞馬遜內部的股價接近 20 股。所以我們正在努力工作。團隊正在努力工作，我們正在執行，其中不包括新的 16 盎司 Essentials 系列，該系列今年才剛剛開始，我們對此感到興奮。

No, that's really helpful. And then I guess just on follow-up just on international. Can you maybe help us understand how we should think about the contribution from a revenue perspective. Are you exploring any additional markets for this year? Or would anything else kind of be more of a '25 narrative? And then just within that, I'm sure a lot of people and you've gotten this question a lot, but just, maybe explain why Suntory was the distributor of choice for the U.K. and Ireland?

不，這真的很有幫助。然後我想只是國際賽事的後續行動。您能否幫助我們了解應該如何從收入角度考慮貢獻？今年您是否正在探索其他市場？或者有其他更像 25 世紀敘事的東西嗎？然後就在這個範圍內，我相信很多人和你都收到過這個問題，但是，也許可以解釋為什麼三得利是英國和愛爾蘭的首選經銷商？

Yes. Thank you, Peter. I think number one, when we look at international expansion, we just went into Canada. We talked about that into -- on the script. We're really excited on the consumer acceptance. We're also excited about the -- we're in 7-Eleven in Couche-Tard. It's product is doing really well, and we're expanding. So our partner is excited. Canada should be a big market. U.K., did announce Suntory for our partner there. They -- we're looking for the best partners to align with on our go-to-market strategy. One thing that was very attractive about Suntory is their access to the gym community.

是的。謝謝你，彼得。我認為第一，當我們考慮國際擴張時，我們剛剛進入加拿大。我們在劇本中討論了這一點。我們對消費者的接受感到非常興奮。我們也很興奮——我們在 Couche-Tard 的 7-11 便利商店。它的產品做得非常好，我們正在擴張。所以我們的合作夥伴很興奮。加拿大應該是一個大市場。英國確實宣布三得利為我們在那裡的合作夥伴。他們—我們正在尋找最好的合作夥伴來配合我們的市場策略。三得利非常有吸引力的一件事是他們可以進入健身房社區。

And we're really focused on a methodical approach as we expand and grow, really about building awareness, trial, that foundational base of loyalty and then scaling. So as we look to see the size and the timing and sequencing of international, I think that's -- we'll know that as we go through these markets and expand in these markets. And how quickly we are accepted, we can move as fast as we can. But we want to be very cognizant on entering new markets through a methodical approach about building that loyal foundation before we go and overall scale. So those are the comments there in regards, and we're really excited about our partnership with Suntory.

隨著我們的擴張和成長，我們真正關注的是一種有條不紊的方法，真正涉及建立意識、試驗、忠誠度的基礎，然後擴大規模。因此，當我們觀察國際市場的規模、時間和順序時，我認為，當我們瀏覽這些市場並在這些市場擴張時，我們就會知道這一點。我們能多快被接受，就能盡快行動。但我們希望透過有條不紊的方法進入新市場，在我們進入新市場之前建立忠誠的基礎和整體規模。這些是相關評論，我們對與三得利的合作感到非常興奮。

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。

You touched on unmeasured channels as one of your big opportunities and gave some examples, corporate cafeterias, universities vending. There's lots of physical distribution points under all that. And I just would love to get a sense of how we should think about how quickly -- how close to hand those are? How quickly those could ramp up, kind of what the trajectory might look like for momentum in those areas?

您提到不可衡量的管道是您的重大機會之一，並舉了一些例子，例如企業食堂、大學自動販賣機。在這一切之下有許多物理分配點。我只是想了解我們該如何思考這些事情能以多快的速度、多近的距離實現？這些成長的速度有多快，這些領域的動力軌跡可能是什麼樣的呢？

Yes. I think everyone is really excited about that. When you look at our PepsiCo revenues, over 12% is coming from really the foodservice. Internally here, we think there's a big opportunity there. We see that Celsius is much broader opportunity when you look at the TAM versus, say, traditional energy, we're seeing consumers -- consumer consumption increase outside of that energy need state. We're seeing the product being paired with sandwiches and smoothies and bowls and a variety of opportunities for fast casual.

是的。我認為每個人都對此感到非常興奮。如果你看看我們的百事公司收入，你會發現超過 12% 的收入實際上來自餐飲服務。在內部，我們認為那裡有很大的機會。當你看到 TAM 與傳統能源相比，我們發現攝氏溫度是更廣泛的機會，我們看到消費者——消費者消費在能源需求狀態之外增加。我們看到該產品與三明治、冰沙和碗以及各種快速休閒的機會搭配。

So I think it's a little bit too early for us to really know how big that opportunity is. We have a -- we'll probably know over the next 12 to 24 months as we further expand in some additional quick service as well as expand in additional foodservice accounts and then universities and hospitals as well is a huge opportunity for us. Not able to quantify that at this time, but we do see it as big opportunity.

因此，我認為現在要真正了解這個機會有多大還為時過早。我們可能會在接下來的 12 到 24 個月內知道，因為我們將進一步擴大一些額外的快速服務以及擴大額外的餐飲服務帳戶，然後大學和醫院對我們來說也是一個巨大的機會。目前無法量化，但我們確實認為這是一個巨大的機會。

Okay. And just on the Canada, U.K., Ireland launches, as we think about margins for 2024, obviously, you'd spend ahead of really ramping those revenues. And so all else equal, should we expect a dip in EBITDA margins for -- or EBIT margins for 2024 versus 2023? Or can you just give us a sense of how to think about the spending or what's in your plans for how that looks?

好的。就加拿大、英國、愛爾蘭的推出而言，當我們考慮 2024 年的利潤率時，顯然，你會在真正增加這些收入之前進行支出。因此，在其他條件相同的情況下，我們是否應該預期 2024 年的 EBITDA 利潤率或 2023 年的 EBIT 利潤率會下降？或者您能否讓我們了解如何考慮支出或您的計劃中有哪些內容？

Yes. I'll turn that over to Jarrod for additional comments.

是的。我會將其轉交給 Jarrod 以徵求更多意見。

Yes. So they're going to be a little different. Canada where most of the population is, I think, within 80 miles of the U.S. border and also being so close. We actually already had a co-packer in Canada that we were using as a backup for our U.S. business. So that rollout and that growth, we think, will be at a different trajectory than the U.K., which we're kind of launching from 0. So there will be investment in both markets as we build brand awareness and as we really build out the system. We won't have the same scale and leverage advantages within the manufacturing as we do in the U.S. So there is going to be some costs and some investment there. But it will be, let's call it -- it's not going to be a significant component of either our growth or our cost infrastructure this year. So we do believe that the numbers that we discussed on our prepared remarks, we'll be able to handle those investments as well.

是的。所以他們會有點不同。我認為加拿大的大部分人口都在距離美國邊境 80 英里的範圍內，而且距離也很近。實際上，我們已經在加拿大擁有一家代加工商，我們將其用作美國業務的後備。因此，我們認為，這種推出和成長將處於與英國不同的軌跡，我們是從 0 開始推出的。因此，隨著我們建立品牌知名度以及我們真正建立系統。我們在製造業中不會擁有與美國相同的規模和槓桿優勢，因此那裡將會有一些成本和一些投資。但我們可以這麼說——它不會成為我們今年成長或成本基礎設施的重要組成部分。因此，我們確實相信，我們在準備好的評論中討論的數字也將能夠處理這些投資。

Yes. And I'll just -- in regards to -- when you look at it, Michael, one thing we've noticed is the brand awareness, even though we're not in the U.K., there is an underlying brand awareness just associated with -- the world is really so small these days, a one click away. So a lot of our influencers and social media activations are actually being picked up with our potential consumers in the U.K. So we had a little bit -- we have more brand awareness than we actually had initially anticipated based on our research. So we're excited, we think it's going to be a great market for us.

是的。我只是——關於——當你看到它時，邁克爾，我們注意到的一件事是品牌知名度，即使我們不在英國，也有一種潛在的品牌知名度與——現在的世界真是太小了，一鍵點擊即可。因此，我們的許多影響者和社群媒體活動實際上都被我們在英國的潛在消費者所接受。因此，我們的品牌知名度比我們最初根據我們的研究預期的要高。所以我們很興奮，我們認為這對我們來說將是一個巨大的市場。

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

我們的下一個問題來自 Wedbush Securities 的 Gerald Pascarelli。

Great. Just one on gross margin. Another quarter in the high 40s here. But in the energy category, you've already had a larger competitor take a rate increase. There's sentiment that your larger competitor will ultimately follow suit. So in the event this happens, how do you think about managing your price gaps relative to peers? I guess, just curious on your thoughts around a potential rate increase this year as that would obviously imply upside to your high 40s margin target? Any color there would be great.

偉大的。毛利率只有一項。這裡還有四分之一在 40 多歲。但在能源領域，更大的競爭對手已經提高了費率。有人認為，更大的競爭對手最終也會跟進。因此，如果發生這種情況，您如何考慮管理與同行相比的價格差距？我想，只是好奇您對今年可能升息的想法，因為這顯然意味著您 40 多歲的高利潤率目標有上升空間？任何顏色都會很棒。

Yes. Thank you, Gerald. There's opportunities. We want to be a premium-priced product. I think if you look at it per ounce basis, we feel we're very competitively priced. There's a variety of different levers than just taking frontline pricing. So we have our pricing promotional strategies that we utilize as well. We just -- we're launching a new line extension as well with our Celsius Essential 16-ounce. And then you also -- you have your pricing architecture by channel as well so in pack size.

是的。謝謝你，傑拉德。有機會。我們希望成為高價產品。我認為如果你以每盎司為基礎來看，我們覺得我們的價格非常有競爭力。除了採用一線定價之外，還有多種不同的槓桿。因此，我們也有自己使用的定價促銷策略。我們剛剛推出了新的產品線擴展，以及我們的攝氏 Essential 16 盎司。然後，您還可以按通路以及包裝尺寸獲得定價架構。

So there's ways to navigate that. I think we're very pleased with the way we finished the year with margins and we're really focused on driving share and revenue growth and continue to drive consumer consumption and ultimately, that daily consumption we're looking for. And we're just really getting started here. When you look at just now a 10 share in the energy category in convenience. So there's a long runway ahead. But it's something we watch closely. At this point, we're not going to make any comments on future any price increases at this time.

所以有一些方法可以解決這個問題。我認為我們對今年的利潤率感到非常滿意，我們真正專注於推動份額和收入成長，並繼續推動消費者消費，並最終推動我們所尋求的日常消費。我們才剛開始。當你看看剛才在便利能源類別中所佔的份額時，有10%。所以前面還有很長的跑道。但這是我們密切關注的事情。目前，我們不會對未來的任何漲價發表任何評論。

Understood. Just one more for me. I think your nonmeasured channel revenue came in a little better than expected, specifically related to Amazon at least what we were modeling for. In a lower seasonal quarter, your 4Q absolute revenue is almost in line with your second quarter, which obviously benefited from Prime Day. So any incremental color on the drivers in the quarter within that channel would be helpful if you could provide any.

明白了。只給我一個。我認為你們的非衡量通路收入比預期好一些，特別是與亞馬遜相關，至少是我們建模的對象。在季節性較低的季度，您的第四季度絕對收入幾乎與第二季度一致，這顯然受益於 Prime Day。因此，如果您可以提供任何關於該頻道內季度驅動程式的增量顏色，都會有所幫助。

Yes. I mean Amazon, we had a great -- in the quarter, it was a great period. And there is a lot of timing as well within shipments and how the Amazon kind of controls or feeds inventory through their warehouses based on their algorithms. So we're going to keep shipping them. We're going to -- we're #1 energy drink right now, roughly about a 20 share in the energy category. I don't really have much color than that, but continue to drive further revenues through that channel. It is an omnichannel world, and that's something we really focus here at Celsius. We want to deliver Celsius to consumers when they want it, how they want it.

是的。我的意思是亞馬遜，我們在本季經歷了一段偉大的時期，這是一個偉大的時期。發貨過程中也有很多時間安排，以及亞馬遜如何根據其演算法控製或透過其倉庫提供庫存。所以我們將繼續運送它們。我們現在是排名第一的能量飲料，大約在能量類別中佔據 20 份額。我確實沒有比這更多的色彩，但繼續透過該管道推動更多收入。這是一個全通路的世界，這也是我們在攝氏度真正關注的事情。我們希望在消費者需要的時候、以他們想要的方式提供攝氏度給他們。

I think it does show too, that there is still opportunity for continued growth within the Amazon channel. So it's not necessarily slowing down suddenly just because we got to a certain spot within that. So I do see that as a continued growth opportunity for us as we look out into 2024.

我認為這也顯示亞馬遜通路內仍有持續成長的機會。因此，它不一定會因為我們到達其中的某個位置而突然減速。因此，展望 2024 年，我確實認為這對我們來說是一個持續成長的機會。

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

我們的下一個問題來自肖恩·麥高恩 (Sean McGowan) 與羅斯資本合夥人 (ROTH Capital Partners) 的對話。

A couple of quickies here. On the sales and marketing, give some good color on what we expect in the first quarter. And I think that rate of 23% is a little higher than you had talked about for some periods in the past. Is that a good number to use for the full year of '24?

這裡有一些快速介紹。在銷售和行銷方面，請對我們對第一季的預期進行一些良好的描述。我認為23%的比率比你過去一段時期談到的要高一些。這個數字適合用於 24 年全年嗎？

I think I referred to Q1 and Q4 in my prepared remarks. And if you look at our Q1 activations and activity, we've got the Super Bowl activations we did that that we believe were very successful. We've actually got a Jake Paul fight this weekend down in Puerto Rico with another number of influencers that we support. We kicked off the MLS last week or a couple of weeks ago. We kicked off the F1 partnership. So we've got a number of things that are really rolling in Q1 to keep the momentum going.

我想我在準備好的演講中提到了 Q1 和 Q4。如果您查看我們第一季的激活和活動，您會發現我們所做的超級碗激活非常成功。實際上，這個週末我們在波多黎各與我們支持的其他一些有影響力的人進行了一場傑克保羅的戰鬥。我們上週或幾週前開始了美國職業足球大聯盟（MLS）。我們啟動了 F1 合作夥伴關係。因此，我們在第一季確實採取了許多措施來保持勢頭。

As we look at a full year basis, historically, we've been in the 22% to 24% range. We were at 20% on a year-to-date basis in 2023. I think those are kind of the data points to stick to. If we've got opportunity to invest ahead of growth, we're going to continue to invest it. We're going to spend our money wisely. John and I require an ROI on everything we do. So we're not going to spend foolishly. But if we see opportunity to push growth, we'll push growth, if we don't see it, we'll continue to lever.

從歷史上看，我們的全年成長率一直處於 22% 至 24% 的範圍內。 2023 年年初至今，我們的成長率為 20%。我認為這些都是值得堅持的數據點。如果我們有機會在成長之前進行投資，我們將繼續投資。我們會明智地花錢。約翰和我要求我們所做的一切都有投資報酬率。所以我們不會愚蠢地花錢。但如果我們看到推動成長的機會，我們就會推動成長，如果我們沒有看到機會，我們就會繼續槓桿化。

Okay. And then on the Essentials line, could you give us, I mean, that's pretty rapid acceleration of ACV. Where do you think that goes? And basically, more generally, what is the plan for additional SKUs and additional outlets for that line. I'm seeing it in its own cooler or a separate cooler in some stores. Do you think this can double that? Can you get to a 80% plus ACV by the end of the year?

好的。然後在 Essentials 線上，您能否告訴我們，我的意思是，ACV 的加速速度相當快。你認為那會去哪裡？基本上，更一般地說，該系列的額外 SKU 和額外銷售點的計劃是什麼。我在一些商店看到它有自己的冷卻器或單獨的冷卻器。你認為這可以翻倍嗎？到年底你能達到 80% 以上的 ACV 嗎？

That's -- well, we've never launched a new line with our new distribution partner, PepsiCo. So I think we have a lot to learn. We are working hard. We think it can definitely be incremental. There is a lot of opportunity in there. That 16-ounce Celsius Essentials has been really well recepted by consumers. What's great? It's not cannibalizing existing sales. So we are bringing in additional new consumers and converting new consumers into the Celsius portfolio. So that has us really excited. It's not -- we're not trading our existing consumers. So the initial data.

那是——嗯，我們從未與新的分銷合作夥伴百事可樂一起推出新產品線。所以我認為我們有很多東西要學習。我們正在努力工作。我們認為這絕對可以是漸進的。那裡有很多機會。 16盎司的Celsius Essentials確實受到了消費者的歡迎。有什麼了不起的？它不會蠶食現有的銷售。因此，我們正在引進更多的新消費者，並將新消費者轉變為攝氏產品組合。這讓我們非常興奮。這不是－我們不會交易現有的消費者。所以初始數據。

It's still early. When you look at it, you're only talking like 8 weeks, 12 weeks of data we have at best in certain stores. So we really need to get a little bit more data underneath our belts as we move into -- get through Q1 and most importantly, see what these resets bring that are coming out. So I think this summer, we'll have a better read on how this portfolio is going to perform the Celsius Essential line within our overall global portfolio.

現在還早。當你查看它時，你會發現我們在某些​​商店最多擁有 8 週、12 週的數據。因此，當我們進入第一季時，我們確實需要獲得更多的數據，最重要的是，看看這些重置會帶來什麼。因此，我認為今年夏天，我們將更好地了解該投資組合將如何在我們的整體全球投資組合中執行攝氏基本系列。

Yes. It's a great product. You should get out and taste it, if you haven't yet.

是的。這是一個很棒的產品。如果你還沒嚐過的話，你應該出去嚐嚐。

It tastes great.

味道好極了。

I have some in my office.

我的辦公室裡有一些。

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。

Great. So could you give a little bit more granularity as to what drove the step-up in Pepsi revenue through the foodservice channel? I think it had been running at 10%, now it's at 12.5%. I think Jersey Mikes and Dunkin' are still very early days, and I'm not sure if those go through Pepsi, so maybe you could clarify that. But what specific channels are you seeing traction in, in foodservice through Pepsi?

偉大的。那麼，您能否更詳細地說明是什麼推動了百事可樂透過餐飲服務管道的收入增加？我認為它以前是 10%，現在是 12.5%。我認為 Jersey Mikes 和 Dunkin' 還處於早期階段，我不確定它們是否通過百事可樂，所以也許你可以澄清一下。但您認為百事可樂在餐飲服務領域的哪些具體管道受到關注？

And then a broader question, in terms of the new SKUs that you're adding, particularly on the Vibes and the core flavors, what are you seeing in terms of incrementality there? How are the sort of legacy flavors and by legacy core and Vibes flavors performing as you're introducing these new SKUs? And then sort of what do you see as the limit for SKU count or flavor variety here, you're still a long way from Monster and Red Bull?

然後是一個更廣泛的問題，就您添加的新 SKU 而言，特別是 Vibes 和核心口味，您在增量方面看到了什麼？當您推出這些新 SKU 時，傳統口味以及傳統核心口味和 Vibes 口味的表現如何？那麼您認為這裡的 SKU 數量或口味品種的限制是什麼，您距離 Monster 和 Red Bull 還很遠？

I'll start with the foodservice one. John can have the -- all the other ones. So foodservice, I look at that as just continued momentum. I mean, if you look at our club program, once we start launching with them, we've got good progress, good momentum, but then you really see the volumes and velocity is growing. We're seeing the same thing across foodservice. We also had the college program fully in place in Q4. So as we talked about last quarter over the summer season, it tends to die down a bit when the college campus is empty out.

我將從餐飲服務開始。約翰可以擁有－－所有其他的。所以餐飲服務，我認為這是持續的動力。我的意思是，如果你看看我們的俱樂部計劃，一旦我們開始與他們一起啟動，我們就取得了良好的進展，良好的勢頭，但你真的會看到數量和速度都在增長。我們在餐飲服務領域也看到了同樣的情況。我們也在第四季全面落實了大學計畫。因此，正如我們談到的夏季最後一個季度，當大學校園空無一人時，它往往會減弱一些。

We're also seeing great progress in the other channels within foodservice that we're in. You mentioned, Mikes, you mentioned Dunkin', there's also hospitals. There's a variety of other food establishments. And so we're just continuing to see ongoing momentum across that channel, and we're really seeing that grow and be built out. And our distributor has really been helping significantly with that. So continued momentum, and we're doing great there. But let me throw the other ones over to John.

我們也看到我們所在的餐飲服務的其他管道取得了巨大進步。你提到過，Mikes，你提到 Dunkin'，還有醫院。還有各種其他食品店。因此，我們繼續看到該管道的持續勢頭，並且我們確實看到了這種成長和擴大。我們的經銷商確實在這方面提供了顯著的幫助。持續的勢頭，我們在那裡做得很好。但讓我把其他的交給約翰。

Yes. And just a further detail on that. I think we're also seeing great momentum. And you talked about the step up and Jarrod, you mentioned college universities as a big opportunity and seeing growth there. But also vending. Keep in mind, vending is also going through that foodservice and the vending, we've expanded in vending. We're seeing great results in vending.

是的。還有更多細節。我認為我們也看到了巨大的勢頭。你談到了這一進步，賈羅德，你提到大學是一個巨大的機會，並且看到了那裡的成長。但也有販賣。請記住，自動販賣機還包括餐飲服務和自動販賣機，我們已經擴大了自動販賣範圍。我們在自動販賣方面看到了很好的成果。

And at-work micro markets, we talked about those prior on several calls prior. The at-work micro-market opportunity is really good. I mean you see a lot of opportunities at work locations. So you're seeing the product continuing to scale. And I agree with you, Eric. I think seeing that go from 10% to 12%, just shows you the growth opportunity we have on an overall basis in this nontracked channel opportunity.

至於工作中的微觀市場，我們之前在幾次電話會議上討論過這些問題。工作中的微觀市場機會確實很好。我的意思是你在工作地點看到很多機會。所以你會看到該產品不斷擴大規模。我同意你的觀點，埃里克。我認為看到從 10% 到 12%，只是向您展示了我們在這個非追蹤管道機會中整體上擁有的成長機會。

Looking at new SKUs, the Vibe line, we're excited about the Vibe line, talk about the success we had, I mentioned on the comments on the call earlier that Cosmic Vibe, we launched at Circle K and really going intergalactic with the theme of Space -- the Space Odyssey with our 2 new Vibe flavors to have a Space team. We're really excited on rolling that out. We're going to have some events coming up at Coachella and a variety of neat things to -- that you, guys, will be able to see.

看看新的SKU，Vibe 系列，我們對Vibe 系列感到興奮，談論我們所取得的成功，我在早些時候的電話會議評論中提到了Cosmic Vibe，我們在Circle K 推出了這款產品，真正以星際為主題太空－太空漫遊，我們有 2 種新的 Vibe 風格，可以組成太空團隊。我們非常高興能推出它。我們將在科切拉音樂節上舉辦一些活動以及各種精彩的活動——你們，夥計們，將能夠看到。

The Vibe line is going to be a totally separate line. We're going to scale and grow that. I think there's a lot of opportunities to bring out innovative flavors and experiences with every sip. And then our core flavors, the team continues to come out with great flavors. I mean, you look at core, even expanding the core into our no Fizz line as well, where there's Blue Raspberry Lemonade that we launched at 7-Eleven in Q1 has been phenomenal. I mean the product tastes great and really expands this non-Fizz or non-carb opportunity that could be in wholly another revenue stream and ultimately an extension of our portfolio as well.

Vibe 系列將是一條完全獨立的產品線。我們將擴大和發展它。我認為每一口都有許多機會帶來創新的口味和體驗。然後我們的核心口味，團隊繼續推出很棒的口味。我的意思是，你看看核心，甚至將核心擴展到我們的無菲茲系列，其中有我們在第一季在 7-11 推出的藍莓檸檬水，效果非常出色。我的意思是，該產品味道很棒，並且真正擴展了這種非汽水或非碳水化合物的機會，這可能完全是另一個收入來源，並最終也是我們產品組合的延伸。

So we're monitoring the SKUs. Obviously, you need to do SKU rationalization. So that's something we talk internally at innovation meetings. We'll be doing that each year. We want to -- we'll cut our, as I call it, our tail or slow-moving SKUs. But we do see consumers looking for new innovation and staying within our portfolio, which is great. So our new Sparkling Peach, Raspberry Peach is phenomenal, great flavor. Eric, try it, please go out and try it. I think you'll enjoy as much as we do.

所以我們正在監控 SKU。顯然，你需要進行SKU合理化。這就是我們在創新會議上內部討論的內容。我們每年都會這樣做。我們想要——正如我所說的那樣，我們將削減我們的尾部或緩慢移動的 SKU。但我們確實看到消費者尋求新的創新並留在我們的產品組合中，這很棒。所以我們的新起泡桃子——覆盆子桃子是非凡的，味道極佳。艾瑞克，試試吧，請出去試試。我想你會和我們一樣享受的。

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。

I wanted to drill down a little bit on the coolers because I have been in Cleveland, Ohio, and I was very surprised to see a Celsius branded cooler very prominently displayed at the cash wrap of the local grocerier. And so can you just talk about kind of the channel strategy there? How you want to get those coolers placed? And then maybe as a part 2 to that question, just any color you can offer on incremental uplift, velocity, repeat rates, trial buys in locations that do have the branded fridges?

我想深入了解冷卻器，因為我去過俄亥俄州克利夫蘭，我非常驚訝地看到當地雜貨店的現金包裝上非常顯眼地展示了攝氏度品牌的冷卻器。那麼您能談談那裡的渠道策略嗎？您想如何放置這些冷卻器？然後，也許作為該問題的第二部分，您可以在增量提升、速度、重複率、在有品牌冰箱的地方進行試用購買方面提供任何顏色嗎？

Yes. Jim, it's a big, big initiative we've had over the years trying to get more cooler placement. If you've been tracking the company over the years, we've been historically sold warm. So we had to build a loyal consumer that would actually have to take the product home and chill it and then drink of the daily lifestyle and routine. And that really shows to the loyalty around the Celsius consumer.

是的。吉姆，這是我們多年來一直在努力獲得更酷的展示位置的一項非常非常大的舉措。如果您多年來一直在追蹤該公司，您會發現我們歷來都受到熱烈歡迎。因此，我們必須培養忠實的消費者，他們實際上必須將產品帶回家並冷藏，然後按照日常生活方式飲用。這確實顯示了攝氏消費者的忠誠度。

Cold availability is key to the success in order to compete in the energy category, especially with the impulse purchases. That is the biggest opportunity for us, and kind of mentioning it prior to the question, when we look at the convenience channel, that impulse purchase is key to the success of where we want to go and who we want to be in the category.

冷供應是能源領域競爭成功的關鍵，尤其是在衝動購買的情況下。這對我們來說是最大的機會，在問題之前提到這一點，當我們考慮便利管道時，衝動購買是我們想去的地方以及我們想成為該類別的人的成功的關鍵。

So we have -- we placed about 10,000 coolers. We are investing in more coolers. We're working on placing more coolers. We want to be right at checkout. Eye-level is critical. We're talking to a variety of retailers as well, to gain additional checkout coolers. So I think that's a big opportunity. Most recently down in South Florida, if you look at Publix, we've gained checkout coolers, and we're looking to gain additional checkout coolers on the next reset.

所以我們放置了大約 10,000 個冷卻器。我們正在投資更多的冷卻器。我們正在努力放置更多冷卻器。我們希望在結帳時就到。視線水平至關重要。我們也正在與多家零售商洽談，以獲得更多的收銀台。所以我認為這是一個很大的機會。最近在南佛羅裡達州，如果你看看 Publix，我們已經獲得了結帳冷卻器，並且我們希望在下一次重置時獲得額外的結帳冷卻器。

So that's a big opportunity. We do see uplift. If you're by the register and you're cold, kind of the saying we say internally here, if it's cold, it's sold. So the other thing is stacking high and watch it fly. Some comments we make around displays. But definitely a lift, the exact lift is hard to say because each channel and each store in each region is quite different on the velocity levels, but there is a substantial lift.

所以這是一個很大的機會。我們確實看到了提升。如果你在收銀台旁邊，感覺很冷，就像我們內部所說的那樣，如果冷了，就賣了。所以另一件事就是堆得高高的，看著它飛翔。我們圍繞著顯示器發表的一些評論。但肯定是有提升，確切的提升很難說，因為每個地區每個管道、每個店的速度水平差異很大，但是有很大的提升。

Okay. Great. And maybe one follow-up on that. Are all of the actual use in the cooler consistent across the portfolio? Or do you guys make changes on that based on channel, local geography? Like could we see a Celsius lines in there? Or some of the other product innovations show up in the coolers?

好的。偉大的。也許還有一個後續行動。整個產品組合中冷卻器的所有實際使用情況是否一致？或者你們會根據頻道、當地地理位置進行更改嗎？就像我們能在那裡看到攝氏線嗎？或是一些其他產品創新出現在冷卻器中？

Yes. That's a great question. So we do have planograms and progressions we work on based on the size of the cooler. There is a little bit of regional seasonality that based on a retailer, we do exclusive flavors. So like at Circle K, we did our Cosmic Vibe. I talked about 7-Eleven, the new launch with the Raspberry Lemonade so -- Fizz-Free.

是的。這是一個很好的問題。因此，我們確實有根據冷卻器的尺寸設計的貨架圖和進度。根據零售商的不同，有一點區域季節性因素，我們會做獨家口味。就像在 Circle K 一樣，我們做了我們的 Cosmic Vibe。我談到了 7-11，這是新推出的覆盆子檸檬水，所以——沒有嘶嘶聲。

So you will see potentially unique flavors and given coolers, but we do have a standard national planogram that's being followed, probably not always followed to the tea, but that is something we work on as an overall organization and work with our PepsiCo partners to keep the progressions in the coolers in accordance to our planogram.

所以你會看到潛在的獨特口味和給定的冷卻器，但我們確實有一個正在遵循的標準國家貨架圖，可能並不總是遵循茶，但這是我們作為一個整體組織所做的事情，並與我們的百事可樂合作夥伴合作，以保持根據我們的貨架圖，冷卻器中的進度。

So the core should be have its own planogram, the Vibe should have a planogram and also our Fizz-Free line should have a planogram as well as our Celsius Essentials 16-ounce. So that's kind of how our go-to-market strategy.

因此，核心應該有自己的貨架圖，Vibe應該有貨架圖，我們的Fizz-Free系列以及我們的Celsius Essentials 16盎司也應該有貨架圖。這就是我們的市場策略。

That's all the time we have for questions. I'd like to hand it back to John Fieldly for closing remarks.

這就是我們提問的時間。我想把它交還給約翰·菲爾德利（John Fieldly）做結束語。

Thank you, Doug, and thank you, everyone, for joining us today on our Celsius Holdings Fourth Quarter 2023 Earnings Call. I'd like to thank and close by thanking all of our employees. Your dedication to Celsius has helped to create the success we're enjoying today. And together, we'll continue to provide essential energy to more consumers so they can pursue their own live fit lifestyles with a cold Celsius in their hands. Celsius will be participating in several upcoming conferences details of which will be published on our Investor Relations corporate website. We look forward to seeing many of you there.

謝謝道格，也謝謝大家今天參加我們的攝氏控股公司 2023 年第四季財報電話會議。最後，我要感謝我們所有的員工。您對攝氏的奉獻幫助我們創造了今天的成功。我們將共同努力，繼續為更多消費者提供必需的能量，以便他們能夠在寒冷的攝氏溫度下追求自己的生活方式。攝氏將參加幾個即將舉行的會議，詳細資訊將發佈在我們的投資者關係公司網站上。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。