Celsius Holdings Inc (CELH) 2024 Q1 法說會逐字稿

Good day. My name is Ali, and I will be your conference operator today. At this time, I would like to welcome everyone to the Celsius Holdings, Inc. First Quarter 2024 Earnings Conference Call. (Operator Instructions)

再會。我叫阿里，今天我將擔任你們的會議操作員。現在，我歡迎大家參加攝氏控股公司 2024 年第一季財報電話會議。 （操作員說明）

Thank you. I'd now like to hand over the conference call to Paul Wiseman. You may now begin.

謝謝。我現在想將電話會議轉交給保羅·懷斯曼。你現在可以開始了。

Thank you, and good morning, everyone. We appreciate you joining us today for Celsius Holdings First Quarter 2024 Earnings Conference Call. Joining me on the call today are John Fieldly, Chairman and Chief Executive Officer; Jarrod Langhans, Chief Financial Officer; and Toby David, Chief of Staff. The call will open to questions following the prepared remarks.

謝謝大家，大家早安。我們感謝您今天加入我們攝氏控股 2024 年第一季財報電話會議。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)；賈羅德‧朗漢斯 (Jarrod Langhans)，財務長；和辦公室主任托比·大衛。在準備好發言後，電話會議將接受提問。

The company released its first 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 used to join today's call.

該公司今天早上早些時候發布了第一季收益新聞稿，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，今天稍後將提供此通話的音訊重播，並且可以透過用於加入今天通話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 first quarter of 2024.

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 2024 年第一季的收益發布。

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, Paul. Good morning, everyone. Thank you for joining us today. This morning, Celsius reported a 37% year-over-year increase in revenue for the first quarter of 2024, totaling $355.7 million for the period, a new first quarter revenue record for the company.

謝謝你，保羅。大家，早安。感謝您今天加入我們。今天上午，Celsius 公佈 2024 年第一季營收年增 37%，總計 3.557 億美元，創下該公司第一季營收新紀錄。

Celsius alone was responsible for approximately 47% of the entire energy drink category growth year-over-year in the first quarter. And as we reported in this morning's press release, Celsius now holds an 11.5% share in MULOC for the 4 weeks period ending April 14, according to Circana. This is a full point higher than the Q4 2023 and 4 points higher than 1 year ago.

第一季度，Celsius 就貢獻了整個能量飲料類別較去年同期成長的約 47%。正如我們在今天早上的新聞稿中報導的那樣，根據 Circana 的數據，截至 4 月 14 日的 4 週內，Celsius 目前持有 MULOC 11.5% 的股份。這比 2023 年第四季高出整整一個百分點，比一年前高出 4 個百分點。

These results, on their own, are very strong, especially after growing at a triple digit for the past 3 consecutive years. Even so, our first quarter revenue would have been higher, except that it was adversely affected due to inventory movements by our largest customer, which is beyond our control.

這些結果本身就非常強勁，尤其是在過去連續三年以三位數成長之後。即便如此，我們第一季的營收本來會更高，但由於我們最大客戶的庫存變動而受到不利影響，而這是我們無法控制的。

The year-over-year inventory variation is attributable to elevated first quarter 2023 restocking, which we believe was meant to compensate for the fourth quarter 2022 destocking and to prepare for a robust spring reset that were planned in 2023. However, no such first quarter restocking and spring reload in was observed this year. Absent these effects, we would have seen a higher growth rate.

庫存同比變化歸因於2023 年第一季補貨量增加，我們認為這是為了補償2022 年第四季度的去庫存，並為計劃於2023 年進行的強勁春季重置做好準備。一季並沒有出現這樣的情況今年出現了補貨和春季補貨。如果沒有這些影響，我們會看到更高的成長率。

Ongoing inventory fluctuations may be expected in subsequent quarters because our largest distributor constitutes approximately 62% of our total North America business during the first quarter of 2024. While these inventory fluctuations caused noise in our sequential quarterly revenue figures, what's important to focus on here is that Celsius is constantly on shelves, stocked cold, stacked high with a 98.4% ACV. And our category across all tracked channels and on track channels continues to grow.

預計後續幾季的庫存可能會持續波動，因為我們最大的經銷商約占我們2024 年第一季北美業務總量的62%。這裡需要重點關注的是攝氏一直在貨架上，冷庫存，堆得高高的，蘋果醋含量高達 98.4%。我們所有追蹤管道和正常管道的類別都在持續成長。

We introduced several new flavor innovations since the beginning of this year, including Galaxy Vibe, which may be our most refreshing and delicious flavor yet, as well as the CELSIUS Essentials line, which began its national distribution in January and has now achieved a 54.5% ACV and a 5.5-point share increase since we last reported in February. We estimate that retailers' spring resets were approximately 1/3 complete at the end of the quarter. And once concluded, we're expecting our best shelf space gains in the company history.

自今年年初以來，我們推出了多種新口味創新，包括Galaxy Vibe（這可能是我們迄今為止最清爽、最美味的口味），以及CELSIUS Essentials 系列，該系列於1 月份開始在全國分銷，目前已達到54.5% 的銷量自我們上次在 2 月報道以來，ACV 和份額增加了 5.5 個百分點。我們估計零售商的春季重置在本季度末大約完成了 1/3。一旦得出結論，我們預計將獲得公司歷史上最好的貨架空間收益。

The importance of these space gain increases and placements and improvements cannot be overstated. The visual impact of multiple full shelves of cold Celsius in convenience stores and coolers and in the grocery shelf is a powerful in-store billboard and showcases our portfolio. The full effect of these shelf resets is expected to be reflected in the scanner data beginning in July.

這些空間增益的增加以及佈局和改進的重要性怎麼強調都不為過。便利商店、冷藏櫃和雜貨店貨架上多個滿架的攝氏低溫的視覺衝擊力是一個強大的店內廣告牌，展示了我們的產品組合。這些貨架重置的全部影響預計將反映在 7 月開始的掃描器數據中。

In March, we launched a new incentive program with Pepsi that further aligns our shared interest within the energy category, including alignment around priorities and delivering a program that will contribute to our long-term goal of becoming the #1 energy drink brand in the world.

三月份，我們與百事可樂推出了一項新的激勵計劃，進一步協調我們在能源類別中的共同利益，包括圍繞優先事項進行協調，並實施一項有助於我們成為世界第一能量飲料品牌的長期目標的計劃。

As we prepare for our 100 Days of Summer campaign, we are well positioned with the best in-store presence in company history, the most refreshing products and some great marketing initiatives, which I'll discuss later in the call, and as just noted, a strong aligned partnership with our North America distribution partner.

在我們準備夏季100 天活動時，我們處於有利位置，擁有公司歷史上最好的店內展示、最令人耳目一新的產品和一些出色的營銷舉措，我將在稍後的電話會議中討論這些內容，正如剛才所提到的，與我們的北美分銷合作夥伴建立了牢固的合作夥伴關係。

Celsius' share in MULOC in the most recent 4-week data as of April 14, as stated, was 11.5 share, an increase of approximately 4 points compared to the year ago period. We're pleased with our continued share growth across all tracked channels. As we shared on our last earnings call, there are 12 major U.S. markets where Celsius maintains a 15-point share or greater, and we are within just a few points of 15 share in several additional markets.

截至 4 月 14 日的最近 4 週數據顯示，Celsius 在 MULOC 中的份額為 11.5 份額，與去年同期相比增加了約 4 個百分點。我們對所有追蹤管道的份額持續成長感到滿意。正如我們在上次財報電話會議上分享的那樣，Celsius 在美國12 個主要市場中保持著15 點或更高的份額，而在其他幾個市場中，我們的份額與15 點的份額僅差幾個點。

With our growth and expansion, we're adding more talented people. And already this year, we've increased our sales and key accounts team by approximately 85%. By the end of this year, we are expecting to have 3 times as many sales staff compared to this time last year, supporting our growth and the opportunities we see ahead. Our world-class operation teams continue to do efficiencies to reduce freight and raw material cost savings this quarter, contributing to our highest gross margin to date at 51.2%.

隨著我們的成長和擴張，我們正在增加更多的人才。今年，我們的銷售和大客戶團隊人數增加了約 85%。到今年年底，我們預計銷售人員數量將是去年同期的三倍，以支持我們的成長和我們看到的未來​​機會。我們世界一流的營運團隊本季繼續提高效率，減少運費和原材料成本，為我們迄今為止最高的毛利率做出了貢獻，達到 51.2%。

Turning to pricing. We have generally maintained flat pricing on a per volume basis across our portfolio while strategically promoting our new 16-ounce line of CELSIUS Essentials to drive trial. And reduced pricing and scanner data reflects CELSIUS Essentials' promotions and the increased mix of variety packs into our overall sales, which come with a lower per ounce cost.

轉向定價。我們的產品組合總體上保持按銷售固定定價，同時策略性地推廣我們新的 16 盎司 CELSIUS Essentials 系列以推動試用。價格和掃描器數據的降低反映了 CELSIUS Essentials 的促銷活動以及我們整體銷售中品種包裝的增加，每盎司成本也降低了。

We continue to consider strategic pricing and promotional opportunities that allow us to maintain our premium position in the category while maintaining velocity. With that said, we continue to review and monitor both our distribution and infrastructure and the commodity environment across the back half of 2024 and into 2025.

我們繼續考慮策略定價和促銷機會，使我們能夠在保持速度的同時保持在該類別中的優質地位。儘管如此，我們將在 2024 年下半年和 2025 年繼續審查和監控我們的分銷和基礎​​設施以及商品環境。

Celsius' new product innovation this year is the best-tasting and most refreshing beverages we've ever created. A new favorite here is CELSIUS Galaxy Vibe, which joins other excellent 2024 additions in our 12-ounce line, including Blue Raspberry Lemonade, Sparkling Raspberry Peach, Astro Vibe. We are very pleased with the strong retailers supporting our initiatives rolling out our 16-ounce line of CELSIUS Essentials, which now has reached approximately 54.5% ACV as of mid-April, with availability increasing across the country.

攝氏今年的新產品創新是我們創造的味道最好、最清爽的飲料。這裡最受歡迎的新產品是 CELSIUS Galaxy Vibe，它與我們 12 盎司係列中其他 2024 年新增的優秀產品一起，包括藍色覆盆子檸檬水、閃閃發光的覆盆子桃子、Astro Vibe。我們非常高興強大的零售商支持我們推出 16 盎司 CELSIUS Essentials 系列的舉措，截至 4 月中旬，該產品的 ACV 含量已達到約 54.5%，並且全國範圍內的供應量不斷增加。

CELSIUS On the Go powders continues to perform well with our recent innovation, with a refreshing Strawberry Coconut and Blueberry Lemonade being our top 2 performers. We have more Celsius On the Go powder innovation plan for this year and continue to see great opportunities with this line.

CELSIUS On the Go 粉末憑藉我們最近的創新繼續表現良好，清爽的草莓椰子和藍莓檸檬水是我們表現最好的兩款產品。今年我們有更多的攝氏度 On the Go 粉末創新計劃，並繼續看到這條生產線的巨大機會。

Nontracked channels, including club, e-com and foodservice continue to be tailwinds to our overall growth. Club sales in the first quarter increased 36% to $63 million compared to $46.5 million in the same period in 2023. Sales on Amazon increased 30% year-over-year to $28 million in the first quarter, up from $21.8 million in the prior period. Celsius ended the first quarter with a 20.2 share compared to Monster with a 20 share and Red Bull with a 12.3 share according to Stackline 12-week data ending March 30, 2024.

非追蹤管道，包括俱樂部、電子商務和餐飲服務，持續推動我們的整體成長。第一季俱樂部銷售額成長 36%，達到 6,300 萬美元，而 2023 年同期為 4,650 萬美元。根據 Stackline 截至 2024 年 3 月 30 日的 12 週數據，第一季結束時，Celsius 的市佔率為 20.2，Monster 為 20，紅牛為 12.3。

Approximately 12% of Celsius' sales through Pepsi in the quarter was to the foodservice channel, with especially strong sales in restaurants, recreation, lodging and gaming locations. International sales, which do not include Canada, increased 42% in the quarter to $16.2 million. Celsius' launch in Canada, which began in January, continues to exceed expectations, and we recently achieved a 5.5 share through the first 2 periods of 2024, according to Nielsen.

本季度，Celsius 透過百事可樂實現的銷售額中，約有 12% 流向餐飲服務管道，其中餐廳、娛樂、住宿和遊戲場所的銷售額尤其強勁。本季國際銷售額（不包括加拿大）成長了 42%，達到 1,620 萬美元。尼爾森表示，Celsius 於 1 月開始在加拿大推出，繼續超出預期，最近在 2024 年的前兩個時期取得了 5.5 的市場份額。

In the first quarter, Celsius announced plans to expand in Australia, France, Ireland, New Zealand and United Kingdom, executing our stated strategy to pursue measured international growth, balancing investment levels in new markets. I'm excited to say that as of April, Celsius is now officially available in select gyms and retailers across the United Kingdom and Ireland. Sales in Australia and New Zealand, as well as France, are planned to gradually begin in the fourth quarter of 2024, with phased expansion across the countries in 2025.

第一季度，Celsius 宣布計劃在澳洲、法國、愛爾蘭、紐西蘭和英國進行擴張，執行我們既定的策略，以追求可衡量的國際成長，平衡新市場的投資水平。我很高興地說，從四月開始，Celsius 現已在英國和愛爾蘭的精選健身房和零售商中正式上市。計劃於 2024 年第四季逐步開始在澳洲、紐西蘭以及法國的銷售，並於 2025 年在各國分階段擴張。

Finally, we produced some fantastic marketing activations recently, including Celsius Cosmic Desert event in Coachella, which hosted celebrities and influencers as well as performers (sic) [performances] by leading artists. Celsius was also featured in a recent Saturday Night Live opening skit, making clear that Celsius is the top-of-mind functional energy brand in pop culture. And just last weekend, we activated our global partnership with Ferrari at the Formula One Miami Grand Prix. Congratulations to the Ferrari team for their podium finish.

最後，我們最近推出了一些精彩的行銷活動，包括科切拉(Coachella) 的攝氏宇宙沙漠(Celsius Cosmic Desert) 活動，該活動邀請了名人、有影響力的人士以及頂尖藝術家的表演者（原文如此）[表演]。近期，Celsius 也出現在《週六夜現場》的開場短劇中，這清楚地表明，Celsius 是流行文化中最受關注的功能性能量品牌。就在上週末，我們在一級方程式邁阿密大獎賽上啟動了與法拉利的全球合作關係。恭喜法拉利車隊登上頒獎台。

I'll now turn the call over to Celsius' Chief Financial Officer, Jarrod Langhans, to discuss our first quarter financial results. Jerry?

現在我將把電話轉給攝氏度財務長賈羅德·朗漢斯 (Jarrod Langhans)，討論我們第一季的財務表現。傑瑞？

Thank you, John. Celsius delivered another record-setting quarter, exceeding our expectations and producing strong returns while we grew the business and levered in certain areas.

謝謝你，約翰。攝氏又創造了創紀錄的季度業績，超出了我們的預期，並在我們發展業務並在某些領域發揮槓桿作用的同時產生了強勁的回報。

Revenue for the 3 months ended March 31, 2024, was approximately $355.7 million, an increase of 37% from $259.9 million in the prior year period. To put this growth rate into historical context, when Monster Energy achieved $1.3 billion in net sales, they grew revenue 30% the following year. Adjusted for the inventory fluctuations John mentioned previously, Celsius would have grown at an even higher rate in the first quarter of 2024.

截至 2024 年 3 月 31 日的三個月營收約為 3.557 億美元，比去年同期的 2.599 億美元成長 37%。考慮到這一成長率的歷史背景，當 Monster Energy 實現 13 億美元的淨銷售額時，他們第二年的收入成長了 30%。在根據 John 先前提到的庫存波動進行調整後，Celsius 在 2024 年第一季的成長率將會更高。

North American revenue, which includes the United States and Canada, was $339.5 million, an increase of 37% from the same period last year. International revenue grew 42% to $16.2 million as velocity continued to increase. We attribute our sales volume growth for the quarter to several key factors, including our ability to drive increased consumer demand, strong innovation and excellent in-store execution by our key account and field sales teams. Continued growth in the club, e-commerce and foodservice channels also served as a solid driver of our revenue growth in the quarter, as did strong year-over-year share gains of more than 69% or 4 points in the convenience and gas channel.

北美地區營收（包括美國和加拿大）為3.395億美元，比去年同期成長37%。隨著速度持續加快，國際收入成長 42% 至 1,620 萬美元。我們將本季銷售的成長歸因於幾個關鍵因素，包括我們推動消費者需求成長的能力、強大的創新以及我們的大客戶和現場銷售團隊出色的店內執行力。俱樂部、電子商務和餐飲服務通路的持續成長也成為我們本季營收成長的堅實驅動力，便利性和瓦斯通路的份額年增超過 69% 或 4 個百分點。

Gross profit in the first quarter increased 60% to $182.2 million, up from $113.8 million in the prior year period. Gross profit margins in the first quarter were 51.2% of revenues compared to 43.8% for the prior year period. The improvement in gross profit margins is attributed to reduced freight and raw material costs. First quarter freight costs as a percentage of net invoice sales decreased 120 basis points year-over-year, and cost of goods sold decreased 470 basis points.

第一季毛利成長 60%，達到 1.822 億美元，高於去年同期的 1.138 億美元。第一季毛利率佔營收的 51.2%，去年同期為 43.8%。毛利率的改善歸因於運費和原物料成本的下降。第一季貨運成本佔發票淨銷售額的百分比年減 120 個基點，銷售成本下降 470 個基點。

As we look to the remainder of the year, we have a number of key drivers that we are monitoring, including fuel costs, which have been rising; other commodity costs, such as aluminum; and our promotional calendar. As a result, we are taking a conservative approach to the remainder of the year and continue to stick with our commentary from February, where we noted that gross margins in the high 40s was very achievable, but that we were not ready to move too far from that expectation until we got further into the year.

展望今年剩餘時間，我們正在監控許多關鍵驅動因素，包括一直在上漲的燃料成本；其他商品成本，例如鋁；以及我們的促銷日曆。因此，我們對今年剩餘時間採取保守態度，並繼續堅持 2 月份的評論，當時我們指出 40 左右的毛利率是非常可以實現的，但我們不准備走得太遠。一年。

Sales and marketing expenses for the quarter were 21% of revenue. We have hired a significant number of new team members and are on track to fill the remaining open positions by the end of Q2. But based on timing, we did see some benefit in Q1, which was slightly below where we expected to be and 3 points higher than the same period in 2023. We will continue to invest and plan to maintain investment in this area as we expand further into our 31 [drill deep] markets and internationally. As we continue to grow, our investment in sales and marketing will remain within the 20% to 23% range.

該季度的銷售和行銷費用佔收入的 21%。我們已經聘請了大量新團隊成員，並預計在第二季末填補剩餘的空缺職位。但從時間安排來看，我們確實在第一季看到了一些收益，略低於我們的預期，比2023 年同期高出3 個百分點。領域的投資進入我們的 31 個[深入]市場和國際市場。隨著我們的不斷發展，我們在銷售和行銷方面的投資將保持在20%到23%的範圍內。

General and administrative expenses for the first quarter of 2024 were approximately $23.2 million, an increase of 9% relative to Q1 2023. As a percentage of sales, G&A was 7% compared to 8% in the prior year period as we continue to leverage, and due to lower third-party costs, such as legal fees. As we look across the remainder of the year, we would anticipate some ebbs and flows within G&A, but we remain confident that we will be able to leverage this area in 2024.

2024 年第一季的一般及管理費用約為2,320 萬美元，較2023 年第一季成長9%。為8%。展望今年剩餘時間，我們預計 G&A 會出現一些起伏，但我們仍然有信心在 2024 年利用這一領域。

Non-GAAP adjusted EBITDA increased 81% to approximately $88 million in the first quarter compared to $48.7 million in the prior year period, driven substantially by revenue growth and increase in margins and our continued leverage across SG&A. Net income attributed to common shareholders increased 106% to $65 million in the quarter or $0.27 per diluted share compared to $0.13 in the prior year period. We ended the quarter with approximately $879.5 million of cash on hand, which continues to accrue interest and remains available for strategic growth initiatives.

第一季非 GAAP 調整後 EBITDA 成長 81%，達到約 8,800 萬美元，而去年同期為 4,870 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。本季歸屬於普通股股東的淨利成長 106%，達到 6,500 萬美元，攤薄後每股收益為 0.27 美元，去年同期為 0.13 美元。本季結束時，我們手頭現金約為 8.795 億美元，這些現金將繼續產生利息，並仍可用於策略性成長計畫。

Cash flows provided by operating activities totaled $135 million in the first quarter, which compares to negative $14 million in net cash provided by operating activities in the prior year period. We will continue to invest in our working capital as well as CapEx around coolers in our fleet to drive further growth, but we do see a great opportunity to continue to drive strong cash flow growth across 2024.

第一季經營活動提供的現金流量總額為 1.35 億美元，而去年同期經營活動提供的淨現金為負 1,400 萬美元。我們將繼續投資我們的營運資本以及圍繞我們機隊冷卻器的資本支出，以推動進一步增長，但我們確實看到了在 2024 年繼續推動現金流強勁增長的絕佳機會。

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

我們準備好的演講到此結束。接線員，您現在可以發起提問。

(Operator Instructions) Our first question comes from Kaumil Gajrawala from Jefferies.

（操作員說明）我們的第一個問題來自 Jefferies 的 Kaumil Gajrawala。

A question on inventories as we're thinking about 2Q, maybe how businesses progressed from a consumption perspective in 2Q. But also our inventory is now tight and low as we're going into another 2/3 of shelf resets to maybe some of the $20 million reverse in 2Q. Can you just give some context around that?

當我們考慮第二季時，有一個關於庫存的問題，也許從消費的角度來看，第二季企業的進展如何。但我們的庫存現在也很緊張，而且很低，因為我們將重新調整 2/3 的貨架，可能是第二季 2000 萬美元的逆轉中的一部分。能提供一些相關背景嗎？

Yes. Great question. We did state that in our prepared remarks in regards to some of the inventory fluctuation with our partner. We don't control the inventory levels, but we do feel that everyone is optimizing inventory levels as we move forward, and we'll see how that evolves. If you look at our inventory levels over the last 15 months, looking at the -- especially the cash flow statement, we've optimized our inventory levels as well, about $47 million. So I think every business is going to be optimizing.

是的。很好的問題。我們確實在準備好的評論中就與合作夥伴的一些庫存波動指出了這一點。我們不控制庫存水平，但我們確實感覺到，隨著我們的前進，每個人都在優化庫存水平，我們將看看情況如何發展。如果你看看我們過去 15 個月的庫存水平，尤其是現金流量表，我們也優化了我們的庫存水平，約為 4700 萬美元。所以我認為每個企業都會進行最佳化。

I think, really, the most important thing when we look at it is keeping the shelf stocked, most importantly keeping the shelves cold and just preparing for this -- the reset season that's underway as we continue to progress forward. And the scan data is really strong, especially last week at the register, according to Circana. So we feel like we're in a good shape. But to predict where inventory levels move is just really difficult for our partner. I don't know, Jarrod, if you have any further comments to add.

我認為，實際上，當我們看到它時，最重要的是保持貨架庫存，最重要的是保持貨架冷藏，並為此做好準備——隨著我們繼續前進，重置季節正在進行中。據 Circana 稱，掃描數據非常強大，尤其是上週在收銀機上的數據。所以我們感覺我們的狀態很好。但對於我們的合作夥伴來說，預測庫存水準的變化確實很困難。賈羅德，我不知道您是否有其他意見要補充。

Like John said, depletions are really good. They're rock solid. But as I look at April, I'd say this is kind of a new normal for us at the moment. We'll see where our partner goes from here, but I wouldn't bake in a reversal of what we've seen.

正如約翰所說，消耗確實很好。他們堅如磐石。但當我回顧四月時，我想說這對我們來說是一種新常態。我們將看看我們的合作夥伴接下來會走向何方，但我不會與我們所看到的發生逆轉。

Okay. Got it. And then margins were quite substantially ahead of plan. Was there anything onetime in there? Or is it just sort of leverage off your growth?

好的。知道了。然後利潤率大大超出了計劃。裡面曾經有東西嗎？或者這只是對你的成長的某種槓桿作用？

Yes. Jarrod, why don't you talk about the margins?

是的。賈羅德，為什麼不談談利潤呢？

Yes. I mean, you know I always point to freight as something that fluctuates from quarter-to-quarter, and that's definitely been something that, if you look back over the last 3 years, it has been. We've been able to keep it within kind of a set of guardrails, but we did see some good freight rates this quarter. We'll continue to look to optimize that, but some of that will be dependent upon fuel costs as we look out into the back half of the year.

是的。我的意思是，你知道我總是指出運費是每個季度都會波動的，如果你回顧過去三年，這肯定是這樣的。我們已經能夠將其保持在一組護欄內，但本季度我們確實看到了一些不錯的運費。我們將繼續尋求優化，但其中一些將取決於我們展望今年下半年的燃料成本。

We have seen some good activity in terms of leveraging our business and our scale around raw materials. But at the same time, we are moving into a much higher promotional time period with 100 Days of Summer. So that's why we kind of said we're not ready to put the line in the sand at the rate we were able to deliver in Q1. We're always going to try to deliver that or better, and we do have a kind of a long-term goal that we're looking to get to.

我們在利用我們的業務和原材料規模方面看到了一些良好的活動。但同時，我們正進入一個更高的促銷時段，即「夏季 100 天」。因此，這就是為什麼我們說我們還沒有準備好以我們在第一季能夠交付的速度將生產線擱置起來。我們總是會努力實現這一目標或更好，而且我們確實有一個我們希望實現的長期目標。

But I would say, as we look out to Q2, Q3, Q4, we're kind of sticking with what we said at the end of February, which was kind of that high end of the 40s and not quite locking in into the 50s yet.

但我想說，當我們展望第二季、第三季、第四季時，我們有點堅持我們在 2 月底所說的內容，這是 40 年代的高端，而不是完全鎖定在 50 年代然而。

Mark Astrachan from Stifel.

來自 Stifel 的 Mark Astrachan。

I wanted to go back to that last question, the one that we're getting a lot today as far as the timing of this inventory stock. So if I do some rough math, it looks like you've undershipped demand, per scanner data, recently in the last 2 quarters. 1Q, obviously, when you're lumping in the rollout into Canada. Would you state that even more pronounced? So I guess the question is, a, what do you say to that? Meaning that we saw -- kind of see where end demand is versus what your sales are, and your sales are a lot lower.

我想回到最後一個問題，我們今天收到很多關於庫存時間的問題。因此，如果我做一些粗略的計算，根據掃描器數據，最近兩個季度的需求似乎低於需求。顯然，第一季度，當你集中在加拿大推出時。您能說這一點更明顯嗎？所以我想問題是，你對此有何看法？這意味著我們看到了——看看最終需求與你的銷售額的關係，你的銷售額要低得多。

And two, as you think about how Pepsi is managing shelves, does this have an impact? Have you seen any impact from a service-level standpoint on how to stock and whatnot? And kind of how do you work with them to make sure that you prevent that, assuming that you haven't seen it yet, but may, given where trends seem to be moving?

第二，當您考慮百事可樂如何管理貨架時，這會產生影響嗎？從服務水準的角度來看，您是否看到過對如何庫存等方面有任何影響？假設你還沒有看到這種情況，但考慮到趨勢似乎正在發生變化，你如何與他們合作以確保防止這種情況發生？

Yes. Mark, I'll take the beginning of the question. When you look at the inventory levels, I think our partners are at really good inventory levels right now. We're maintaining deliveries, we're keeping products in stock. We're seeing scan data. We just broke a record on the share gain to 11.5. So product is flowing. I think we're both getting -- learning about each other, our supply chains, and looking to further optimize.

是的。馬克，我來回答問題的開頭。當你查看庫存水準時，我認為我們的合作夥伴目前的庫存水準非常好。我們保持交貨，保持產品庫存。我們正在看到掃描資料。我們剛剛打破了股價漲幅紀錄，達到 11.5。所以產品是流動的。我認為我們都在互相了解，了解我們的供應鏈，並尋求進一步優化。

So I can't speak for our partner, but they are maintaining supply levels, servicing customers. We have greater ACV. The resets have gone well, the ones that have been reset so far. So -- and we're further working on programs with 100 Days of Summer, working on further displays and NCAP programs.

所以我不能代表我們的合作夥伴說話，但他們正在維持供應水平，為客戶提供服務。我們有更大的ACV。重置進展順利，到目前為止已經重置了。因此，我們正在進一步開展《夏日 100 天》項目，進行進一步的展示和 NCAP 項目。

So I think we feel really good where we're at. You're going to see some optimization on both sides. Like I said to Kaumil is that we did optimize our inventory as well, about $47 million in the last 15 months, if you look at the cash flow statement.

所以我認為我們現在的感覺非常好。您將看到雙方都進行了一些優化。正如我對 Kaumil 所說，我們也確實優化了我們的庫存，如果您查看現金流量表，過去 15 個月的庫存約為 4700 萬美元。

So in regards to shelves, we're not seeing out of stocks. You're always going to have some, that's just part of the business, but always out there's ways to further optimize.And I think we're in a -- we're in a really good place. We have good inventory levels now. We feel confident in our inventory levels and confident in the Pepsi inventory levels supporting our growth.

因此，就貨架而言，我們沒有看到缺貨的情況。你總是會有一些，這只是業務的一部分，但總是有辦法進一步優化。我們現在有良好的庫存水準。我們對我們的庫存水準充滿信心，對支持我們成長的百事可樂庫存水準充滿信心。

Got it. Okay. And then I guess just staying on the point, was there any change in the inventory levels that Pepsi held through the March quarter that was notable? I say that in part just out of curiosity and partly with the view that distribution points continue to expand. Obviously, you talked about what you did through March 31, implying a pretty substantial increase in distribution points as you head to summer.

知道了。好的。然後我想繼續關注這一點，百事可樂整個三月季度的庫存水準是否有任何值得注意的變化？我這樣說，部分是出於好奇，部分是因為分發點不斷擴大。顯然，您談到了 3 月 31 日之前所做的事情，這意味著隨著夏季的到來，分發點將大幅增加。

So it would just be odd to me that you would reduce the amount of inventory for Pepsi. And I guess just how do you think about that progression through? I know you talked about April being a little bit weaker. So I guess, sort of related to the first question, but kind of how does the timing of that worked through? Did they hold more at the beginning of the quarter and less at the end of the quarter?

因此，你會減少百事可樂的庫存量，這對我來說很奇怪。我想你是如何看待這項進展的？我知道你說過四月有點虛弱。所以我想，這與第一個問題有點相關，但是這個時間安排是如何進行的？他們在季初持有更多而在季末持有更少嗎？

Yes. I mean we haven't spoken about April being weaker. I think Jarrod was talking about maintaining inventory levels with our partners, maintaining as we enter the second quarter. We're going to have to see how this how this plays, how the quarter unfolds. I think with optimizing inventories, we're getting more efficient. We're able to ship product in less number of days. Prior, we're running 14 days. And now, in many cases, we're shipping within 7. So we're just finding further ways to optimize our supply chain. So that's going to impact some of the revenue recognition standards in order as we continue to progress forward.

是的。我的意思是我們還沒有談到四月的疲軟。我認為賈羅德正在談論與我們的合作夥伴保持庫存水平，並在我們進入第二季度時保持這一水平。我們將不得不看看情況如何，本季如何展開。我認為透過優化庫存，我們的效率將會提高。我們能夠在更短的時間內運送產品。此前，我們運行了 14 天。現在，在很多情況下，我們都在 7 天內發貨。因此，隨著我們繼續前進，這將影響一些收入確認標準。

But I think the most important thing to really look at is what's taking place within the scanner data for the end user and the end customer, which continues to maintain. It seems to be extremely strong, and we got good momentum heading in, especially the 100 Days of Summer, double the sales staff, great refreshing innovation and a bunch of great marketing assets and activities. I don't know, Jarrod, is there any more color you want to add on there?

但我認為真正需要關注的最重要的事情是最終用戶和最終客戶的掃描器資料中發生的情況，這些資料仍在繼續維護。它似乎非常強大，我們取得了良好的勢頭，特別是夏季百日，銷售人員翻倍，令人耳目一新的創新以及一系列出色的營銷資產和活動。我不知道，Jarrod，你還想加什麼顏色嗎？

I'm aligned with you. I think we're in good shape. We haven't seen any service issues as they optimize their system. As long as they're getting product on the shelf, that's what we're most concerned with.

我和你是一致的。我認為我們狀態良好。當他們優化系統時，我們沒有看到任何服務問題。只要他們將產品上架，這就是我們最關心的。

Our next question comes from Jeff Van Sinderen from B. Riley.

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

I wanted to circle back to a comment you made on markets where you're getting close to a 15% market share. Maybe any more color you can add on that? I guess what specifically you've done in those markets to achieve that and plans to apply those initiatives to other markets?

我想回顧一下您對市場份額接近 15% 的市場所做的評論。也許您可以添加更多顏色？我想你們在這些市場上具體做了什麼來實現這一目標，並計劃將這些舉措應用到其他市場？

Yes, Jeff, great question. It's really exciting that now we're in 12 markets, major metropolitan markets in the U.S. right now that are over 15 share. And then we have several additional markets that are getting close to that range. So what we're seeing is just really further collaboration with our Pepsi partners, further building out our sales team and marketing teams and really using our methodological approach to marketing and activation, which has worked well. It's activating the consumer where they live, work and play, disrupting the path to purchase, building that awareness, getting that trial, and we have such great flavors and a great product and a great brand that we build that loyal consumer.

是的，傑夫，好問題。令人興奮的是，我們現在已進入 12 個市場，其中美國主要大都市市場的份額超過 15 個。然後我們還有幾個其他市場正在接近該範圍。因此，我們看到的是與百事可樂合作夥伴的進一步合作，進一步建立我們的銷售團隊和行銷團隊，並真正使用我們的方法論進行行銷和激活，效果很好。它激活了消費者生活、工作和娛樂的地方，擾亂了購買路徑，建立了這種意識，進行了試用，我們擁有如此出色的口味、出色的產品和出色的品牌，我們可以建立忠實的消費者。

And when we're seeing our Celsius consumers further increasing their consumption levels as we've further built out our availability, we're seeing category growth or driving category growth, about 47% of the category growth is coming from new to category, and Celsius is creating that. So really exciting. It's really about gaining that additional distribution and really closing the gap within convenience, and we've talked about that for many years. We've done well in large format and online and with gyms and health clubs. And now we're really -- next phase is really closing the gap in convenience and getting better placement. You're seeing the share numbers start to increase there.

當我們看到我們的攝氏度消費者進一步提高他們的消費水平，因為我們進一步擴大了我們的可用性，我們看到類別增長或推動類別增長，大約 47% 的類別增長來自新類別，並且攝氏正在創造這一點。真的很令人興奮。這實際上是為了獲得額外的分配並真正縮小便利性方面的差距，我們已經討論了很多年。我們在大幅面、線上以及健身房和健身俱樂部方面都做得很好。現在我們真的 - 下一階段真正縮小便利性方面的差距並獲得更好的安置。您會看到那裡的股票數量開始增加。

Okay. Great. And then I just wanted to circle back to spring resets as well. Maybe you could just speak a little bit more about where you're seeing the most significant gains. Maybe touch on that in terms of SKUs, spacings, quality of shelf locations, that sort of thing.

好的。偉大的。然後我也想回到春季重置。也許您可以多談談您在哪些方面看到了最顯著的收益。也許可以從 SKU、間距、貨架位置的品質等方面來談。

Yes. I think when you look at the resets, we're really excited. It's going to be convenience is the biggest opportunity. So we're expecting some pretty good growth within the convenience channel as well as our existing accounts.

是的。我想當你看到重置時，我們真的很興奮。便利性就是最大的機會。因此，我們預計便利管道以及我們現有的帳戶將出現相當好的成長。

As an example, in Publix, we just moved over from the HPC to the energy category and the energy set. And we've gained further replacement in front checkout coolers, and we're working with several other retailers. More to come on that. We expect full resets to be done by the end of June, but really looking to gain further placements in all accounts. The key accounts team has been extremely positive this year.

舉個例子，在 Publix 中，我們剛剛從 HPC 轉移到能源類別和能源集。我們已經進一步更換了前結帳冷卻器，並且我們正在與其他幾家零售商合作。未來還會有更多內容。我們預計在 6 月底之前完成全面重置，但確實希望在所有帳戶中獲得更多安置。大客戶團隊今年的表現非常正面。

Okay. Great. And then just as a follow-up to that. As far as the coolers scaling, what are the plans for coolers this year? And also, is there an opportunity to get into a lot more coolers that are maybe not Celsius coolers at this point?

好的。偉大的。然後作為後續行動。就冷卻器規模而言，今年冷卻器的計畫是什麼？而且，目前是否有機會進入更多可能不是攝氏冷卻器的冷卻器？

Yes, I think that's a huge opportunity, and that's really partnering with PepEnergy and working really closely with our Pepsi partner, gaining more distribution and availability in cold placements. Our key accounts team is working on branded Celsius coolers, that's a big initiative. We're not going to put a number out, but they're a substantial number we're looking to place. And in regards to the first quarter, I think the team's placed almost 3,000 coolers. But lots of opportunities with coolers we expect to really continue the momentum as we go forward.

是的，我認為這是一個巨大的機會，這就是與 PepEnergy 真正的合作，並與我們的百事可樂合作夥伴密切合作，在冷盤中獲得更多的分銷和可用性。我們的大客戶團隊正在開髮品牌攝氏度冷卻器，這是一項重大舉措。我們不會公佈具體數字，但我們希望公佈的數字相當可觀。至於第一季度，我認為團隊放置了近 3,000 個冷卻器。但我們希望冷卻器有很多機會，在我們前進的過程中真正延續這種勢頭。

The next question comes from Jonathan Keypour from Bank of America.

下一個問題來自美國銀行的 Jonathan Keypour。

I've got a couple on margins and then a couple on sales. I guess on margins, just looking at the chart on aluminum, I think it's up pretty meaningfully year-over-year. Can you guys give us any kind of magnitude of COGS exposure to aluminum and, I guess, a sense of timing about maybe where those higher costs will flow through?

我有幾個處於利潤狀態，然後有兩個處於銷售狀態。我想就利潤而言，只要看看鋁的圖表，我認為它的年增長相當有意義。你們能給我們提供鋁的銷貨成本（COGS）暴露程度嗎？

Yes, Jon, and then I'll turn it over to Jarrod.

是的，喬恩，然後我會把它交給賈羅德。

Yes. So a couple of things. Let me jump on an inventory question that was asked. Just to clarify, when I was talking about April, I was talking about days on hand is consistent from March into April. So that wasn't a knock-on what we're seeing. In April, as we continue to see our resets happen, we're doing very well and you can see the consumer data. We continue to get more SKUs. We continue to get more space, et cetera. So just a clarity there. That was more of a days on hand comment more than anything.

是的。有幾件事。讓我直接回答一個庫存問題。澄清一下，當我談論四月時，我談論的是從三月到四月的現有天數是一致的。所以這並不是我們所看到的連鎖反應。四月份，隨著我們繼續看到我們的重置發生，我們做得很好，您可以看到消費者數據。我們繼續獲得更多 SKU。我們繼續獲得更多空間等等。所以只是澄清一下。這更像是一天的評論。

In terms of the aluminum, you've seen some fuel costs go up. We have locked in a lot of our aluminum pricing. So we're in pretty good shape there. So we tend to lock that in around Q4 of every year.

就鋁而言，您已經看到燃料成本上升。我們已經鎖定了許多鋁的定價。所以我們在那裡的狀況非常好。因此，我們傾向於將其鎖定在每年第四季左右。

Okay. Cool. On margins, again, just in terms of the amendments to the Pepsi agreement. I guess what are the other implications to the margin from here? What -- is there a benefit? Is it likely diluted? Anything. Like just a sense of what it may or may not do to margins.

好的。涼爽的。再次，就百事可樂協議的修正案而言。我想這裡的利潤還有哪些影響？什麼－有什麼好處嗎？有可能被稀釋嗎？任何事物。就像只是了解它可能或可能不會對利潤產生什麼影響。

Yes. So the incentive program is for Pepsi, it's incentive-based, right? So obviously, we're going to get something for it. So the idea is to really drive what our priorities are, what their priorities are across energy. We want to be the #1 energy brand in the world. It's also really to drive alignment.

是的。所以激勵計劃是針對百事可樂的，它是基於激勵的，對嗎？顯然，我們會為此得到一些東西。因此，我們的想法是真正推動我們的優先事項以及他們在整個能源領域的優先事項。我們希望成為世界第一能源品牌。這也確實是為了推動協調。

And so from that perspective, it's an incentive program. So the idea is to really push us to the next level. There is -- obviously, it's an incentive program, so there is obviously a cost to that program. So it's something that I would look to see ramping up across, call it, the first 6, 7, 8 months of the year, and to really be cruising by the time we get to the back part of the year.

因此從這個角度來看，這是一個激勵計劃。所以我們的想法是真正將我們推向一個新的水平。顯然，這是一個激勵計劃，因此該計劃顯然是有成本的。因此，我希望看到這一情況在今年的前 6、7、8 個月有所增加，並在我們進入今年下半年時真正實現巡航。

Cool. And sorry, just a couple more on revenue. I guess, specifically in Costco, that became in a bit light, same as on foodservice. Just wondering about the sequential decline in Costco and the flat foodservice, any drivers there that you can point to or what to expect going forward, please?

涼爽的。抱歉，還有一些關於收入的問題。我想，特別是在好市多，這變得有點輕鬆，就像餐飲服務一樣。只是想知道 Costco 的連續下降和餐飲服務的扁平化，您可以指出其中的任何驅動因素或對未來有何期望嗎？

Yes. So Costco, really the club channel, we probably should have called that out last quarter, but we did see a really good Thanksgiving week and Black Friday. So we had -- the team really activated phenomenally there. So we did get a bit of a bump there in Q4 versus Q1. Q1 does also tend to be a little slower in the club channel.

是的。所以好市多，真正的俱樂部頻道，我們可能應該在上個季度指出這一點，但我們確實看到了非常好的感恩節週和黑色星期五。所以我們的團隊在那裡表現得非常活躍。因此，與第一季相比，我們在第四季度確實取得了一些進步。 Q1 在俱樂部頻道中也往往會慢一些。

What was the other part? The foodservice. Foodservice remains strong. That can be a little lumpy at times. But being up at that 12-ish range is pretty good for us. And we do -- we are seeing gains in areas like convenience. So we're seeing gains in some of the areas that are, from a scale perspective, bigger. So as we see gains there, you may not see the same percentage growth from 1%, but we are seeing dollar growth.

另一部分是什麼？餐飲服務。餐飲服務依然強勁。有時可能會有點不穩定。但達到 12 左右的範圍對我們來說是相當好的。我們確實看到了便利等領域的進步。因此，從規模角度來看，我們看到一些領域取得了更大的進展。因此，當我們看到那裡的收益時，您可能不會看到 1% 的相同百分比增長，但我們看到美元的增長。

Cool. And then just last one on the shelf resets coming up. So it sounds like 1/3 down already, 2/3 coming, so basically, a doubling of what's already been put in the -- or more than doubling what's been put in the trade already.

涼爽的。然後架子上的最後一個就會重置。所以聽起來已經下降了 1/3，即將下降 2/3，所以基本上，已經投入的資金增加了一倍，或者已經投入交易的資金增加了一倍以上。

I guess, in the Nielsen, you can see that TDPs in the average number of items looks great. But if it's going to keep moving up from there, I guess, is that going to be -- does that kind of imply new flavors or innovations coming to market by the end of the year? Or is it going to be like double, triple facing, that kind of thing?

我想，在尼爾森中，您可以看到平均項目數中的 TDP 看起來很棒。但如果它繼續從那裡上升，我想，這是否意味著新口味或創新將在今年年底上市？還是雙面、三面之類的東西？

Yes. I think the goal is to gain double, triple facing. So a lot of the resets -- average items per store might not increase -- show up in the scanner data. But we're gaining those secondary, third placements and better placements within retailers. So as an example, like within -- I mentioned Publix, moving from HPC into the energy aisle, also gaining additional availability and placements in cold checkouts. That's an example of a transitional move. And also, we're looking at other retailers as well.

是的。我認為目標是獲得雙重、三重面對。因此，許多重置（每個商店的平均商品可能不會增加）都會顯示在掃描器資料中。但我們正在獲得第二、第三的位置以及零售商內更好的位置。舉個例子，我提到了 Publix，從 HPC 轉向能源領域，也獲得了額外的可用性和冷結帳的位置。這是過渡性措施的一個例子。此外，我們也在尋找其他零售商。

So we do have innovation coming in this year, which we're launching. We launched a CELSIUS Essentials. We got Galaxy Vibe, a variety of other great flavors. But we're really -- I think the bulk of the resets you're going to be seeing them by double, triple facing within stores and gaining a secondary placements.

因此，我們今年確實推出了一些創新。我們推出了 CELSIUS Essentials。我們買了 Galaxy Vibe，還有其他各種很棒的口味。但我們真的——我認為大部分重置你會在商店中看到它們的雙重、三重面孔並獲得二次展示位置。

Our next question comes from Michael Lavery from Piper Sandler.

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

Just wanted to come back to the inventory for a minute. And I think you've been clear not to expect a snapback or an inventory restocking. But should we expect any more destocking? I know you said the inventory levels feel about right, but how low could it go? Is that something we should watch out for?

只是想回到庫存一分鐘。我認為您已經明確表示不會期望快速回升或庫存補貨。但我們應該期待更多的去庫存嗎？我知道你說過庫存水準感覺不錯，但它能低到什麼程度呢？這是我們該注意的嗎？

Yes. I mean I can't control that or we can't control that. I think it's -- sales are flowing, sales are strong at the register. So it seems to be like the balancing has been finalized. But who knows what next week or the week after happens? But I think, right now, it seems somewhat stable as we ended the -- ending March.

是的。我的意思是我無法控制，或者我們無法控制。我認為銷售量不斷增加，收銀台的銷售量也很強。所以看起來平衡已經完成。但誰知道下週或後下週會發生什麼事？但我認為，目前，隨著三月的結束，情況似乎有些穩定。

Okay. And just back on the incentive plan, you've given some color on that. I know you don't want to be too specific, but can you maybe touch on what the rationale was? What prompted you -- what problem was it fixing because, obviously, there was great momentum in place. What does this change qualitatively that makes it seem kind of worth changing the terms?

好的。回到激勵計劃，您已經對此進行了一些闡述。我知道您不想說得太具體，但您能談談這樣做的理由嗎？是什麼促使你——它解決了什麼問題，因為顯然，有很大的動力。這種質的改變是什麼使得改變條款看起來值得？

Yes. I think when you look at the partnership, we're heading in really at a great point within the -- where Celsius is within the energy category. We just broke that 10 share. You're looking at ways to further partner and incentivize our distributor and our partners. And we do that with our employees. We do have retailers and our distributors. So this is like a standard practice we've done in the past. So I don't think it's added anything out of our standard course of business. We've done a variety of incentive programs. And it's -- this further aligns us with additional prioritization within Pep Energy. Also solidifies this -- as more incentives, we both win together. And it really achieves our long-term goals. We feel really confident in where we are and what better way to incentivize both parties to continue to drive Celsius forward. I don't know, Jarrod, do you want to add anything else.

是的。我認為，當你看看我們的合作關係時，我們確實正處於一個很好的時刻——攝氏溫度屬於能源類別。我們剛剛打破了那 10 股。您正在尋找進一步合作並激勵我們的經銷商和合作夥伴的方法。我們與我們的員工一起這樣做。我們確實有零售商和分銷商。所以這就像是我們過去所做的標準做法。所以我認為它沒有在我們的標準業務流程之外添加任何內容。我們做了各種各樣的激勵計劃。這進一步使我們與 Pep Energy 內部的額外優先事項保持一致。也鞏固了這一點——隨著更多的激勵，我們雙方共同獲勝。它確實實現了我們的長期目標。我們對我們所處的位置以及有什麼更好的方式來激勵雙方繼續推動攝氏度前進感到非常有信心。我不知道，賈羅德，你還想補充什麼嗎？

I agree with you. It's really about making sure we're all fully aligned together to take that next step and to really go after the #2 and #1 players in the market. We need to do it together.

我同意你的看法。這實際上是為了確保我們所有人完全團結起來，邁出下一步，真正追隨市場上第二和第一的玩家。我們需要共同努力。

Yes.

是的。

The next question comes from Peter Grom from UBS.

下一個問題來自瑞銀集團的彼得‧葛羅姆。

Peter, are you here?

彼得，你在嗎？

Our next question comes from Jon Andersen from William Blair.

我們的下一個問題來自威廉布萊爾的喬恩安德森。

I just wanted to ask about the category growth that you're driving. I mean, you're driving half of the growth in the category, energy category. And I'm curious to know to what extent you're seeing that come through? As kind of new consumers into the category, to what extent you think you're driving buy rate through new occasions? And then how the brand is performing overall from a household penetration and the kind of repeat rates you're seeing? So just digging into some of the metrics underpinning the growth that you're seeing both for the category that the brand is driving, but also to your brands.

我只是想問一下你們正在推動的品類成長。我的意思是，能源類別成長的一半是由您推動的。我很想知道你在多大程度上看到了這一點？作為進入該類別的新消費者，您認為透過新場合在多大程度上推動了購買率？那麼從家庭滲透率和您所看到的重複率來看，品牌的整體表現如何？因此，只需深入研究一些支持您所看到的品牌所推動的類別以及您的品牌成長的指標。

Yes. No, great question. And it's exciting because we're -- when you look at like brand shifting, we're not seeing a substantial amount of our growth coming from brand shifting. It really is incremental and it's increasing the user intensification. Our core consumers are consuming more. And then it's about 35%, the latest day we had is intensification of more consumption of our core or base. And then new to category for us was 42%, and this was as of the end of March. So really seeing the 23% brand shift.

是的。不，很好的問題。這是令人興奮的，因為當你看到品牌轉變時，我們並沒有看到我們的大量成長來自品牌轉變。它確實是增量的，並且增加了用戶的密集度。我們的核心消費者正在消費更多。然後大約是 35%，最近一天我們的核心或基礎消耗加劇。截至 3 月底，我們的新類別為 42%。確實看到了 23% 的品牌轉變。

So we're expanding the category. We're changing the way consumers think about energy as well. And we've seen that talk about Jersey Mike's and Dunkin' Donuts, and really the partnership with Pepsi allows us to take advantage of this opportunity. We have some of the most refreshed -- we feel we have the most refreshing energy drinks in the world. And it's showing.

所以我們正在擴大這個類別。我們也在改變消費者對能源的看法。我們已經看到有關 Jersey Mike's 和 Dunkin' Donuts 的討論，實際上與百事可樂的合作使我們能夠利用這個機會。我們擁有一些最清爽的能量飲料——我們認為我們擁有世界上最清爽的能量飲料。它正在顯現。

We're bringing new consumers who are growing in the category. We got a lot of great attributes within the brand. We look at better-for-you trends. Celsius has over 7 essential vitamins. If you look at how we all want our foods and beverages to have more function, Celsius delivers on that with our thermogenic properties.

我們正在帶來該類別中不斷增長的新消費者。我們的品牌有很多很棒的屬性。我們關注更適合您的趨勢。攝氏度含有超過 7 種必需維生素。如果您了解我們如何希望我們的食品和飲料具有更多功能，Celsius 就會透過我們的生熱特性實現這一點。

And then you also look at fitness, this health and wellness trend, and we're all about live and fit and living life to the fullest. So I think we're really well positioned. And we haven't really seen that change within the user intensification as well as the increase to new to category over the last, really over the last 6 to almost a year now.

然後你也會關注健身，這種健康和保健趨勢，我們都致力於生活和健康，以及充實的生活。所以我認為我們的定位非常好。我們還沒有真正看到用戶密集度的變化以及過去六年到近一年內新類別的增加。

Great. That's helpful. And on these 33-or-so drill-down markets, can you talk about what you're doing there -- or 31 drill deep markets, what you're doing there that's different at present? And kind of what you're expecting in terms of, I guess, maybe share results as a measuring stick?

偉大的。這很有幫助。在這 33 個左右的深入市場上，您能談談您正在做的事情嗎？我想，您所期望的也許是分享結果作為衡量標準？

Yes, I think you talked about household penetration and that shows -- as we've continued to drive forward with our targeted marketing programs and as well as our distribution gains, our household penetration has reached an all-time high, most recently at a 29.7% household penetration. So really proud of the team and all the hard work they've been doing.

是的，我認為您談到了家庭滲透率，這表明，隨著我們繼續推進有針對性的營銷計劃以及我們的分銷收益，我們的家庭滲透率已達到歷史最高水平，最近達到了29.7% 家庭滲透率。非常為團隊和他們所做的所有辛勤工作感到自豪。

We take an approach of a drill-deep strategy. We're not going to get into specific strategies because a lot of competitors are listening on the call. But we have a proprietary blend of a special formula here which starts with the employee and a great product that we promote and market. And it's all about touching consumers where they live, work and play, creating awareness, creating trial and then creating loyalty.

我們採取深入鑽研的策略。我們不會討論具體策略，因為很多競爭對手都在聽電話會議。但我們在這裡擁有一種特殊配方的專有混合物，該配方從員工開始，與我們推廣和行銷的優質產品相結合。這一切都是為了接觸消費者生活、工作和娛樂的地方，創造意識，創造嘗試，然後創造忠誠。

Our next question comes from Peter Grom from UBS.

我們的下一個問題來自瑞銀集團的彼得‧葛羅姆。

Can you hear me now?

你聽得到我嗎？

Yes, we can hear you. Excellent.

是的，我們能聽到你的聲音。出色的。

All right. Cool. So I guess just a couple of follow-ups here. Just in terms of the inventory dynamic, Jarrod, can you just remind us what we're kind of comping against from a year ago perspective? Like I guess you might not have visibility on what types you might do or how will manage it sequentially.

好的。涼爽的。所以我想這裡只是一些後續行動。就庫存動態而言，Jarrod，您能否提醒我們，從一年前的角度來看，我們正在面臨哪些挑戰？就像我猜您可能不知道您可能會執行哪些類型或如何按順序管理它。

But when we just think of how this dynamic evolved last year. I think it kind of held in 2Q, grow again in 3Q. So does this -- should we expect kind of this gap versus standard data to kind of continue as we move through the year? Or would you expect it to kind of be more aligned at this point?

但當我們想想去年這種動態是如何演變的。我認為它在第二季度保持不變，在第三季度再次增長。那麼，我們是否應該預期這種與標準數據的差距會在這一年中持續下去？或者你希望它在這一點上更加一致？

Yes. I mean, remember, we were just getting started last year and so we're still learning each other. And obviously, as everybody in CPG, it's all about optimizing the supply chain to make sure we're spending our dollars wisely. So we did see some buildup in Q1 like we talked about, roughly $25 million. Across Q2 and Q3, we saw some minor buildup, and it kind of stuck steady for kind of Q2, Q3, Q4. To Mark's earlier point, there was some innovation in there, so that could have -- maybe there would have been some inventory taken down in Q4 if it weren't for that as they were optimizing. And then across Q1, clearly, there's been some optimization occurring again.

是的。我的意思是，請記住，我們去年才剛開始，所以我們仍在互相學習。顯然，正如 CPG 的每個人一樣，這一切都是為了優化供應鏈，以確保我們明智地花錢。因此，我們確實在第一季看到了一些積累，就像我們所說的那樣，大約是 2500 萬美元。在第二季和第三季度，我們看到了一些輕微的成長，並且在第二季、第三季和第四季中保持穩定。對於馬克之前的觀點，其中存在一些創新，因此，如果不是因為他們正在優化，第四季度可能會減少一些庫存。然後，在第一季度，顯然，再次發生了一些優化。

No issue with having product on the shelf. And we do have KPIs that we work together to maintain in terms of service standards, and so we have no complaints there. And we're fully -- believe they're fully committed, we're fully committed. So we're very happy with how things are going there. But if there's opportunity to optimize, like John said, we'll do it and they're welcome to do it, too. So I think what I mentioned with April is the days on hand that we saw kind of in March, kind of were maintained in April. But the consumer is there, if they can maintain inventory levels,and keep the product on the shelf, then that's -- we're comfortable with that.

產品上架沒有問題。我們確實有共同努力維護服務標準的關鍵績效指標，因此我們對此沒有任何抱怨。我們完全相信他們完全承諾，我們也完全承諾。所以我們對那裡的進展非常滿意。但如果有優化的機會，就像約翰說的那樣，我們會這樣做，也歡迎他們這樣做。所以我認為我提到的四月是我們在三月看到的現有天數，在四月保持的天數。但消費者就在那裡，如果他們能夠維持庫存水平，並將產品保留在貨架上，那麼我們對此感到滿意。

Okay. Great. And then just following up on kind of the shelf resets and kind of the market share metrics you mentioned. I think you said 1/3 of the shelf resets were done by March. I mean when did those actually take place in 1Q? I'm just trying to understand whether there is a benefit, including kind of these 4-week share figures that you mentioned on the 4Q call. I think it was the same 11.5% that you mentioned in the latest release today. So shares, kind of, on a monthly basis, held steady.

好的。偉大的。然後跟進你提到的貨架重置和市場份額指標。我想你說過 1/3 的貨架重置已在 3 月完成。我的意思是，這些實際上是什麼時候發生在第一季的？我只是想了解是否有好處，包括您在第四季度電話會議中提到的這些 4 週份額數據。我認為這與您在今天最新版本中提到的 11.5% 相同。因此，按月計算，股價保持穩定。

And then I think as we look ahead, is there anything you can share in terms of the phasing of the benefits? I know you touched on but we won't see the full benefit until July. But kind of where are we now in the first week of May? What's really the progression look like? And is there really any way to put into context what you actually expect in terms of track growth or market share performance as these resets happen?

然後我想，當我們展望未來時，在分階段的好處方面您有什麼可以分享的嗎？我知道您提到過，但我們要等到七月才能看到全部好處。但五月第一周我們現在處於什麼位置？真正的進展是什麼樣的？當這些重置發生時，是否真的有任何方法可以將您對軌道成長或市場份額表現的實際期望融入背景中？

Yes, I think [jamming] to 11 5. I think the last poll, maybe been in the last couple of weeks is more like 11 8. So we do continue to see the number climb as we go through April and into May. So we are seeing good progress. As those resets continue to happen, we'll benefit. Once they're fully baked in, we'll really see where we are once we get to early July, once everything is baked in. So we continue to be on track.

是的，我認為 [堵塞] 到 11 5。所以我們看到了良好的進展。隨著這些重置繼續發生，我們將從中受益。一旦它們完全成熟，一旦我們到了七月初，一旦一切都成熟了，我們就會真正看到我們的處境。

There's been some rumblings out there that it's been a little slower in terms of resets this year versus prior years. But we're going to have the best space gains that we've had in the history of the company. We're super excited about it. We're -- our key account team and our sales guys are working diligently with all of our customers. And we're going to have a phenomenal back half of the year once we get all these resets in place.

有傳言稱，今年的重置速度比往年慢一些。但我們將獲得公司史上最好的空間效益。我們對此感到非常興奮。我們的大客戶團隊和銷售人員正在與所有客戶一起努力工作。一旦我們完成所有這些重置，我們將在今年下半年取得驚人的成績。

We have reached the end of the question-and-answer session. I'd now like to hand back the call over to John Fieldly for final remarks.

我們的問答環節已經結束。我現在想將電話轉交給約翰·菲爾德利（John Fieldly）進行最後發言。

Thank you, operator, and thanks for everyone for joining us this morning. We've heard your feedback from our investors and analysts about the earlier start time. So starting next quarter, we will begin to start this call a little bit earlier.

謝謝您，接線生，也謝謝大家今天早上加入我們。我們已收到投資者和分析師對提前開始時間的回饋。因此，從下個季度開始，我們將開始提前一點開始這次電話會議。

Thank you for all of our partners, especially to our employees who have worked so hard. Your passion and drive is what makes Celsius special. Celsius will be participating in several upcoming conferences, and I look forward to seeing everyone -- each and everyone of you there. A full schedule of the upcoming conferences will be posted shortly. Until then, stay healthy and live fit. Make it a great day, and grab a refreshing Celsius.

感謝我們所有的合作夥伴，特別是辛勤工作的員工。您的熱情和幹勁讓攝氏變得與眾不同。攝氏將參加即將舉行的幾場會議，我期待著見到大家——在場的每一個人。即將舉行的會議的完整時間表將很快發布。在那之前，保持健康並保持健康。讓這一天過得愉快，享受清爽的攝氏溫度。

Thank you so much for attending today's conference call. You may now disconnect. Have a wonderful day.

非常感謝您參加今天的電話會議。您現在可以斷開連線。祝你有美好的一天。