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，今天我將擔任您的會議主持人。現在，我歡迎大家參加Celsius Holdings, Inc. 2024 年第一季財報電話會議。 （操作員指令）

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

謝謝。現在我想將電話會議交給保羅·懷斯曼。現在您就可以開始了。

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，早安。感謝您今天參加 Celsius Holdings 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)； Jarrod Langhans，財務長；以及參謀長托比·戴維（Toby David）。在準備好的發言之後，電話會議將開始接受提問。

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.

該公司今天早上發布了第一季收益新聞稿，所有資料均可在公司網站 celsiusholdingsinc.com 以及美國證券交易委員會網站 sec.gov 上查閱。提醒一下，本次通話的音訊回放將於今天稍後提供，您可以透過加入今天通話的相同現場網路直播連結進行存取。

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掌握的預測、預期和其他資訊。這些聲明涉及許多風險和不確定性，其中許多超出了公司的控制範圍。除法律要求的範圍外，Celsius Holdings 不承擔任何義務，也不承擔更新任何前瞻性聲明的責任。我們鼓勵您完整閱讀今天的新聞稿和我們向美國證券交易委員會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，管理層將根據 GAAP 和非 GAAP 分享經營業績。我們使用的非 GAAP 財務指標（例如非 GAAP 調整後 EBITDA）的描述，以及這些指標與根據 GAAP 報告的結果的對賬，在我們 2024 年第一季度的收益報告中有詳細說明。

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，請他發表準備好的演講。

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%，當期總計 3.557 億美元，創下了該公司第一季營收的新紀錄。

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.

今年第一季度，光是Celsius一款飲料就貢獻了整個能量飲料類別約47%的年成長。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點，比一年前高出 4 個點。

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，特別是在過去連續三年維持三位數成長之後。即便如此，我們的第一季營收本來會更高，但由於我們最大客戶的庫存變動而受到不利影響，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 年第一季補貨增加，我們認為這是為了彌補 2022 年第四季度的去庫存，並為 2023 年計劃的強勁春季重置做準備。如果沒有這些影響，我們將看到更高的成長率。

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.

由於我們最大的經銷商在 2024 年第一季度占我們北美總業務的約 62%，因此後續幾個季度可能會出現持續的庫存波動。而且，我們所有追蹤管道和在軌渠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.

我們自今年年初以來推出了幾種新的口味創新，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 月份開始在全國範圍內銷售，自 2 月份上次報告以來，現已實現 54.5% 的 ACV 和 5.5 個百分點的份額增長。我們估計，截至本季末零售商的春季重置工作已完成約三分之一。一旦達成協議，我們預計公司貨架空間將獲得歷史上最好的成長。

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、佈局和改進的重要性怎麼強調也不為過。便利商店、冷藏室和雜貨店貨架上擺滿多個冷藏攝氏度的貨架，其視覺衝擊力就像一個強大的店內廣告牌，可以展示我們的產品組合。預計這些貨架重置的全部效果將從 7 月開始在掃描器數據中反映出來。

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.

今年 3 月，我們與百事可樂合作推出了一項新的激勵計劃，進一步協調我們在能量飲料領域的共同利益，包括協調優先事項，並實施一項有助於我們實現成為全球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.

當我們為「100 天夏季活動」做準備時，我們已做好準備，擁有公司歷史上最好的店內形象、最清爽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，而且正如剛才提到的，我們還與北美分銷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.

如上所示，截至 4 月 14 日的最近 4 週數據中，Celsius 在 MULOC 的份額為 11.5%，比去年同期增加了約 4 個百分點。我們對所有追蹤管道的份額持續成長感到高興。正如我們在上次財報電話會議上所分享的那樣，在美國 12 個主要市場中，Celsius 的份額保持著 15 個百分點或更高，在其他幾個市場中，我們的份額也僅略高於 15 個百分點。

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，我們正在招募更多優秀的人才。今年，我們的銷售和大客戶團隊規模增加了約 85%。到今年年底，我們預計銷售人員的數量將比去年同期增加三倍，以支持我們的成長和未來的機會。我們世界一流的營運團隊本季持續提高效率，降低運費和原物料成本，使我們的毛利率達到迄今為止最高的 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.

談到定價。我們通常在整個產品組合中保持按卷固定定價，同時策略性地推廣我們新的 16 盎司 CELSIUS Essentials 系列以推動試用。降低價格和掃描器數據反映了 CELSIUS Essentials 的促銷活動以及整體銷售中多種包裝的增加，從而降低了每盎司的成本。

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，以便我們保持在該類別中的領先地位，同時保持速度。話雖如此，我們將繼續審查和監控 2024 年下半年和 2025 年的分銷和基礎​​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.

Celsius 今年的新產品創新是我們迄今為止創造的味道最好、最清爽的飲料。這裡的新寵是 CELSIUS Galaxy Vibe，它加入了我們 12 盎司係列中其他 2024 年的優秀產品，包括藍莓檸檬水、氣泡樹莓桃子和 Astro Vibe。我們非常高興有強大的零售商支持我們的計劃，推出我們的 16 盎司 CELSIUS Essentials 系列，截至 4 月中旬，該系列的 ACV 現已達到約 54.5%，並且在全國範圍內的供應量也在增加。

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.

憑藉我們最近的創新，CELSIUS On the Go 粉末繼續表現良好，其中清爽的草莓椰子和藍莓檸檬水是表現最好的兩種產品。我們今年有更多 Celsius On the Go 粉末創新計劃，並繼續看到該系列產品的巨大機會。

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.

俱樂部、電子商務和餐飲服務等非追蹤管道繼續成為我們整體成長的順風。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。根據截至 2024 年 3 月 30 日的 Stackline 12 週數據，Celsius 在第一季結束時的市佔率為 20.2%，而 Monster 的市佔率為 20%，Red Bull 的市佔率為 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 透過百事可樂的銷售額約有 12% 來自餐飲服務管道，其中餐廳、娛樂、住宿和遊戲場所的銷售尤其強勁。不包括加拿大在內的國際銷售額本季成長了 42%，達到 1,620 萬美元。 Celsius 於 1 月在加拿大推出，其表現繼續超出預期，根據尼爾森的數據，我們最近在 2024 年前兩個時期實現了 5.5 的份額。

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 宣布了在澳洲、法國、愛爾蘭、紐西蘭和英國擴張的計劃，執行我們既定的策略，追求有節制的國際成長，平衡在新市場的投資水平。我很高興地說，從 4 月開始，Celsius 已在英國和愛爾蘭的指定健身房和零售店正式發售。計劃於 2024 年第四季逐步開始在澳洲、紐西蘭和法國進行銷售，並於 2025 年分階段在各國進行擴展。

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，我們最近製作了一些精彩的行銷活動，包括在科切拉舉辦的 Celsius Cosmic Desert 活動，該活動邀請了名人和有影響力的人士以及頂尖藝術家進行表演。 Celsius 也出現在最近的《週六夜現場》開場短劇中，明確表明 Celsius 是流行文化中最受歡迎的功能性能量品牌。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，我將電話轉給 Celsius 的財務長 Jarrod Langhans，討論我們的第一季財務表現。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。 Celsius 再創一個季度紀錄，超出了我們的預期，在我們擴大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 3 個月的營收約為 3.557 億美元，較去年同期的 2.599 億美元成長 37%。將這一成長率放在歷史背景下來看，當 Monster Energy 實現 13 億美元的淨銷售額時，第二年其收入成長了 30%。經過約翰之前提到的庫存波動調整後，2024 年第一季的攝氏度成長率將會更高。

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.

包括美國和加拿大在內的北美營收為3.395億美元，較去年同期成長37%。隨著速度不斷提高，國際收入成長 42%，達到 1,620 萬美元。我們將本季銷售量的成長歸功於幾個關鍵因素，包括我們推動消費者需求成長的能力、強大的創新能力以及我們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是本季我們營收成長的強勁動力，便利商店和加油站通路的份額較去年同期強勁成長超過 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.

第一季毛利從去年同期的 1.138 億美元成長 60% 至 1.822 億美元。第一季毛利率為營收的51.2%，去年同期為43.8%。毛利率的提高得益於運費和原物料成本的降低。第一季度，運費成本佔淨發票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，我們正在關註一些關鍵驅動因素，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的業績持保守態度，並將繼續堅持我們 2 月份的評論，當時我們指出，40% 以上的毛利率是非常有可能實現的，但我們不准備在進入今年晚些時候之前將這一預期提高得太遠。

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.

本季銷售和行銷費用佔收入的21%。我們已經僱用了大量新團隊成員，並預計在第二季末填補剩餘的空缺職位。但根據時間安排，我們確實在第一季看到了一些好處，略低於我們的預期，比 2023 年同期高出 3 個百分點。隨著我們的不斷發展，我們對銷售和行銷的投資將保持在 20% 至 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 年第一季的一般及行政費用約為 2,320 萬美元，較 2023 年第一季成長 9%。 作為銷售額的百分比，一般及行政費用為 7%，而去年同期為 8%，這是因為我們繼續利用槓桿，且第三方成本（例如法律費用）較低。展望今年剩餘時間，我們預計 G&A 方面會出現一些起伏，但我們仍然有信心在 2024 年能夠充分利用這一領域。

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.

第一季非公認會計準則調整後 EBITDA 較去年同期的 4,870 萬美元增長 81% 至約 8,800 萬美元，這主要得益於收入增長、利潤率提高以及我們在銷售、一般及行政開支方面的持續槓桿作用。本季歸屬於普通股股東的淨利成長 106% 至 6,500 萬美元，即每股攤薄利潤 0.27 美元，而去年同期為 0.13 美元。截至本季末，我們手頭上有約 8.795 億美元現金，這些現金將繼續累積利息並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計 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。我們將繼續投資於我們的營運資金以及車隊冷卻器的資本支出，以推動進一步成長，但我們確實看到了在 2024 年繼續推動強勁現金流成長的絕佳機會。

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

我們的準備好的演講到此結束。接線員，您現在可以開始提問了。

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

(操作員指示) 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?

關於庫存的一個問題，我們正在思考第二季度，也許從消費角度來看，第二季企業進展如何。但我們的庫存現在也很緊張，而且數量很少，因為我們將再進行 2/3 的貨架重置，可能達到第二季 2000 萬美元的逆轉額。您能否提供一些相關背景資訊？

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。好問題。我們確實在與合作夥伴討論部分庫存波動的準備好的評論中提到了這一點。我們無法控制庫存水平，但我們確實感覺到，隨著我們不斷前進，每個人都在優化庫存水平，我們將觀察其如何發展。如果你查看我們過去 15 個月的庫存水平，特別是現金流量表，你會發現我們的庫存水平也優化了，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，真正最重要的是，我們認為最重要的事情是保持貨架庫存充足，最重要的是保持貨架冷藏，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，掃描數據確實強勁，尤其是上週在收銀台的數據。因此我們感覺我們的狀態很好。但對於我們的合作夥伴來說，預測庫存水準的變動確實非常困難。我不知道賈羅德，您是否還有其他評論需要補充。

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。它們堅如磐石。但當我展望四月時，我會說這對我們來說目前是一種新常態。我們將拭目以待我們的合作夥伴將走向何方，但我不會預測我們已經看到的情況將會逆轉。

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。然後利潤率就大大超出了計劃。那裡曾經有過什麼東西嗎？或者這只是對你的成長的一種槓桿？

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，你知道我總是指出貨運量每季都會有所波動，如果你回顧過去三年，你會發現情況確實如此。我們已經能夠將其控制在某種護欄範圍內，但本季度我們確實看到了一些良好的運費。我們將繼續尋求優化，但展望今年下半年，其中一些將取決於燃料成本。

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.

我們在利用原物料業務和規模方面看到了一些良好的舉措。但同時，隨著《和莎莫100天》的上映，我們正進入一個更高宣傳力度的時期。所以這就是為什麼我們說我們還沒有準備好以第一季的交貨速度來設定目標。我們將始終努力實現這一目標，甚至更好，我們確實有一個想要實現的長期目標。

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，展望第二季度、第三季度和第四季度，我們會堅持 2 月底的預測，即 40 多歲的高位，但尚未完全鎖定在 50 多歲。

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，即我們今天收到的許多關於庫存時間的問題。因此，如果我進行一些粗略的計算，則似乎根據掃描器數據，最近兩個季度中您的出貨量低於需求。 1Q，顯然，當您將其推廣到加拿大時。您會更加明顯地表達這一點嗎？所以我想問題是，a，你對此有何看法？意思是我們看到了最終需求與銷售額之間的對比，發現銷售額要低得多。

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，當您思考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，您是否看到對如何庫存等有任何影響？那麼您如何與他們合作以確保可以防止這種情況發生，假設您還沒有看到這種情況，但考慮到趨勢似乎正在發生變化，可能會發生這種情況？

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，我來回答這個問題。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。我們正在維持交貨，並保持產品庫存。我們正在查看掃描資料。我們的股價剛創下11.5%的漲幅紀錄。因此產品正在流動。我認為我們都在了解彼此、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.

因此，我不能代表我們的合作夥伴發言，但他們正在維持供應水平，為客戶提供服務。我們的 ACV 較高。到目前為止，重置工作進展順利。所以 — — 我們正在進一步開展《100 Days of Summer》項目，並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.

所以我認為我們對目前的狀況感覺非常好。您將會看到雙方的一些優化。就像我對 Kaumil 所說的那樣，我們確實也優化了庫存，如果你看一下現金流量表，你會發現過去 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，但總是有進一步優化的方法。我們現在的庫存水準良好。我們對我們的庫存水準充滿信心，也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。然後我想繼續討論這個問題，百事可樂在 3 月季度的庫存水準是否有任何顯著的變化？我這樣說，部分是出於好奇，部分是出於認為分銷點會不斷擴大。顯然，您談到了截至 3 月 31 日所做的事情，這意味著進入夏季後分銷點的數量將大幅增加。

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，對我來說，減少百事可樂的庫存量是一件很奇怪的事。我猜您是如何看待這項進展的？我知道您說過四月會稍微弱一點。所以我想這有點與第一個問題有關，但是其時間安排是怎麼樣的呢？他們是否在季度初持有較多股份，而在季度末持有較少股份？

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份經濟會比較疲軟。我認為賈羅德談論的是與我們的合作夥伴一起維持庫存水平，在進入第二季度時保持庫存水平。我們將不得不觀察這種情況將如何發展，本季將如何展開。我認為透過優化庫存，我們會變得更有效率。我們能夠在更短的時間內出貨。此前，我們已經運行了 14 天。現在，在很多情況下，我們都能在 7 天內出貨。因此，隨著我們繼續前進，這將對一些收入確認標準產生影響。

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，真正需要關注的是最終用戶和最終客戶的掃描器數據中發生的情況，這些數據仍在持續保持。它似乎非常強勁，我們獲得了良好的發展勢頭，尤其是“100 Days of Summer”，銷售人員增加了一倍，令人耳目一新的創新和一系列出色的營銷資產和活動。我不知道，賈羅德，你還想添加更多顏色嗎？

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.

我和你意見一致。我認為我們的情況很好。由於他們優化了系統，我們沒有發現任何服務問題。只要產品上架，這就是我們最關心的事。

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

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?

我想回到您對您市場份額接近 15% 的市場所發表的評論。也許您還可以添加一些顏色？我想問您在這些市場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，這個問題問得很好。令人興奮的是，現在我們已經進入了美國 12 個市場，主要大都市市場的份額超過 15%。我們還有幾個其他市場也接近這個範圍。因此，我們看到的只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進行行銷和激活，並且效果很好。它在消費者生活、工作和娛樂場所激活消費者，顛覆他們的購買路徑，建立消費者的認知，獲得消費者的試用，我們擁有如此美妙的口味、優質的產品和優質的品牌，從而打造出忠誠的消費者。

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.

隨著我們進一步擴大供應範圍，我們看到 Celsius 消費者的消費水準也在進一步提高，我們看到了品類的成長或推動品類的成長，大約 47% 的品類成長來自新品類，而 Celsius 正在創造這一成長。真是令人興奮。這實際上是為了獲得額外的分銷，並真正縮小便利性的差距，我們已經討論這個問題很多年了。我們在大型媒體、線上線下以及健身房和健康俱樂部領域都取得了良好的成績。現在我們真的——下一階段是真正縮小便利性的差距並獲得更好的定位。您會看到那裡的份額數字開始增加。

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。也許您可以再多談談您看到的最顯著的收益是什麼。也許可以從SKU、間距、貨架位置品質等方面來談及這一點。

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，我們會非常興奮。便利將會是最大的機會。因此，我們預期便利通路和現有帳戶都會有相當好的成長。

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.

舉例來說，在 Publix，我們剛剛從 HPC 轉移到能源類別和能源集。我們已經獲得了前台結帳冷卻器的進一步替換，並且我們正在與其他幾家零售商合作。有關這方面還有更多內容。我們預計將在 6 月底完成全面重置，但真正希望的是在所有帳戶中獲得進一步的安置。今年，大客戶團隊表現極為正面。

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。然後只是作為對此的後續行動。就冷卻器的擴展而言，今年冷卻器的計劃是什麼？此外，現在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，那就是與 PepEnergy 合作，與我們的百事可樂合作夥伴密切合作，以獲得更多的分銷和冷藏展示位置的可用性。我們的主要客戶團隊正在致力於打造品牌攝氏冷卻器，這是一項重大舉措。我們不會公佈具體數字，但我們希望看到一個相當大的數字。就第一季而言，我認為該團隊已經放置了近 3,000 個冷卻器。但隨著冷卻器的發展，我們期望它能繼續保持良好的發展勢頭，為未來發展提供更多機會。

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

下一個問題來自美國銀行的喬納森·基普爾（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?

我有一些關於利潤的問題，還有一些關於銷售額的問題。我想，就利潤率而言，只要看一下鋁的圖表，我認為它的利潤率比去年同期有相當大的成長。你們能否告訴我們鋁的銷貨成本敞口的大小，以及這些更高成本可能流向何處的時間？

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

是的，喬恩，然後我將把它交給賈羅德。

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。讓我來回答一下所問的一個庫存問題。需要澄清的是，當我談到四月時，我指的是從三月到四月庫存天數是一致的。所以我們看到的情況並不是什麼連鎖反應。四月份，隨著我們繼續看到重置的發生，我們做得非常好，您可以看到消費者數據。我們將繼續獲得更多的 SKU。我們繼續獲得更多的空間等等。因此這裡只是澄清一下。這更像是幾天來的評論。

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，您已經看到一些燃料成本上漲。我們已經鎖定了許多鋁的價格。因此我們的情況非常好。因此，我們傾向於在每年第四季左右鎖定這一目標。

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。再次強調，僅就百事可樂協議的修訂而言，利潤率是關鍵。我猜想這對利潤還有什麼影響？有什麼好處嗎？它可能被稀釋嗎？任何事物。就像只是了解它可能對利潤產生什麼影響或不產生什麼影響。

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，我們將會得到一些東西。因此，我們的想法實際上是要推動我們的優先事項是什麼，以及他們的優先事項是什麼。我們想成為世界第一的能源品牌。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.

從這個角度來看，這是一個激勵計劃。所以這個想法是為了真正推動我們邁向新的水平。顯然，這是一個激勵計劃，因此該計劃顯然是有成本的。所以，我希望看到這一情況在今年的前 6、7、8 個月逐漸好轉，到下半年才真正步入正軌。

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，關於收入，我只想再說幾點。我想，特別是在 Costco，這變得有點輕鬆，就像在餐飲服務一樣。我只是想知道 Costco 的連續下滑和餐飲服務持平的原因，您能指出其中的任何驅動因素或未來的預期嗎？

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。因此，Costco，實際上是俱樂部管道，我們可能應該在上個季度指出這一點，但我們確實看到了一個非常好的感恩節周和黑色星期五。所以，我們——團隊在那裡真的發揮了驚人的作用。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 在俱樂部頻道中也確實往往有點慢。

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。有時這可能會有點不順利。但對我們來說，達到 12 左右已經相當不錯了。我們確實看到了便利性等方面的進步。因此，從規模角度來看，我們看到某些領域的成長更為顯著。因此，當我們看到成長時，您可能不會看到 1% 的相同百分比成長，但我們看到的是美元的成長。

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重置了。因此，聽起來好像 1/3 已經下降，2/3 即將到來，所以基本上，已經投入的資金增加了一倍——或者說是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，你可以看到平均項目數的 TDP 看起來很棒。但如果它繼續上漲的話，我想，這是否意味著今年年底將會有新的口味或創新產品進入市場？或會像雙重、三重面對那樣？

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（每家商店的平均商品數量可能不會增加）會顯示在掃描器資料中。但我們在零售商中獲得了二級、三級和更好的排名。舉個例子，就像我提到的 Publix，從 HPC 轉移到能源貨架，也獲得了額外的可用性和在冷結帳處的位置。這是一個過渡措施的例子。此外，我們也關注其他零售商。

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，我們今年確實有一些創新即將推出。我們推出了 CELSIUS Essentials。我們買了 Galaxy Vibe 和各種其他美味口味。但我們確實 - 我認為大部分的重置都是透過在商店內雙重、三重面對並獲得二次展示來看到的。

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?

只是想回到庫存一會兒。我想你已經明確表示不要指望反彈或庫存補充。但我們應該期待更多的去庫存嗎？我知道您說庫存水準感覺差不多，但它能降到多低？這是我們該警惕的事嗎？

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這一點或我們也無法控制這一點。我認為——銷售很順暢，收銀台的銷售很強。因此看起來平衡已經完成了。但誰知道下週或下下週會發生什麼事？但我認為，就目前而言，隨著三月底的結束，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，但您能談談其理由嗎？是什麼促使你這樣做的——它解決了什麼問題，因為顯然，它已經擁有了巨大的發展勢頭。從質上來說，這會帶來哪些改變以致於看起來值得改變這些條款？

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，當你審視合作關係時，我們正處於一個很好的階段——Celsius 在能源類別中處於領先地位。我們剛剛打破了第 10 股的記錄。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。我們對我們的員工也是這麼做的。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。因此，我認為它並沒有為我們的標準業務流程帶來任何改變。我們已經實施了多種激勵計劃。而且 — — 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，我們雙方共贏。這確實實現了我們的長期目標。我們對自己目前所處的位置充滿信心，也知道有什麼更好的方式來激勵雙方繼續推動 Celsius 的發展。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。這其實是為了確保我們能夠齊心協力邁出下一步，真正追逐市場上第二名和第一名的參與者。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的 Peter Grom。

Peter, are you here?

彼得，你在這裡嗎？

Our next question comes from Jon Andersen from William Blair.

我們的下一個問題來自 William Blair 的 Jon Andersen。

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.

我只是想問一下您所推動的類別成長。我的意思是，你推動了能源類別一半的成長。我很好奇，想知道您在多大程度上看到了這一點？作為該類別的新消費者，您認為您在多大程度上透過新的場合推動了購買率？那麼從家庭滲透率和重複率來看，品牌的整體表現如何？因此，深入研究一些支撐您所看到的成長的指標，既包括品牌所推動的類別，也包括您的品牌。

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，這個問題問得好。這是令人興奮的，因為當你觀察品牌轉移時，我們並沒有看到大量的成長來自於品牌轉移。它確實是漸進的，並且正在增加用戶強度。我們的核心消費者消費越來越大。然後大約是 35%，最近一天我們的核心或基礎消費增加。對我們來說，新類別的比例是 42%，這是截至 3 月底的數據。因此我們確實看到了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.

因此我們正在擴大這個類別。我們也正在改變消費者對能源的看法。我們已經看到了有關 Jersey Mike's 和 Dunkin' Donuts 的討論，與百事可樂的合作確實讓我們能夠抓住這個機會。我們擁有一些最清爽的——我們覺得我們擁有世界上最清爽的能量飲料。並且它正在顯現。

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.

我們正在吸引該類別中不斷增長的新消費者。我們的品牌擁有許多優良特性。我們關注對您更有利的趨勢。攝氏度含有 7 種以上的必需維生素。如果您想了解我們都希望我們的食物和飲料具有更多的功能，那麼 Celsius 就可以透過我們的產熱特性來實現這一點。

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.

然後你也會看看健身，這是健康和保健趨勢，我們所追求的是生活、健康以及充實的生活。所以我認為我們確實處於有利地位。而在過去 6 到近一年的時間裡，我們並沒有真正看到使用者強度的變化以及新類別的增加。

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。針對這些大約 33 個深入挖掘市場，您能談談您在那裡所做的工作嗎？我想，您所期望的可能是以分享結果作為衡量標準吧？

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，我想您談到了家庭滲透率，這表明——隨著我們繼續推進我們的有針對性的營銷計劃以及分銷收益，我們的家庭滲透率達到了歷史最高水平，最近達到了 29.7% 的家庭滲透率。我真的為這個團隊和他們所做的一切努力感到驕傲。

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.

我們採取的是深度挖礦策略。我們不會討論具體的策略，因為很多競爭對手都在聽電話。但我們擁有一種專有的特殊配方，從員工開始，到我們推廣和行銷的優質產品。這一切都是為了在消費者生活、工作和娛樂的環境中觸動他們，創造認知，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的 Peter Grom。

Can you hear me now?

現在你能聽到我的聲音嗎？

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。因此我想這裡只需要回答幾個問題。就庫存動態而言，賈羅德，您能否提醒我們一下，與一年前相比，我們的庫存情況如何？就像我猜你可能不了解你可能會做什麼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?

但當我們思考去年這種動態是如何演變的。我認為它在第二季度會保持下去，在第三季度會再次成長。那麼，我們是否應該預期，隨著時間的推移，這種與標準數據的差距將會持續下去？或者您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，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 中的所有人一樣，這一切都是為了優化供應鏈，以確保我們明智地花錢。因此我們確實看到第一季有一些成長，就像我們談到的，大約 2500 萬美元。在第二季和第三季度，我們看到了一些小幅成長，並且在第二季、第三季、第四季保持穩定。正如馬克之前所說，這其中有一些創新，所以如果不是因為他們在優化，也許第四季就會減少一些庫存。然後在第一季度，顯然又出現了一些優化。

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.

貨架上有產品沒有問題。我們確實有 KPI，我們會共同努力維護服務標準，因此我們對此沒有任何抱怨。我們完全相信他們完全致力於此，我們也完全致力於此。我們對那裡的進展非常滿意。但如果存在優化的機會，就像約翰所說的那樣，我們會這樣做，也歡迎他們這樣做。因此，我認為我提到的四月份庫存天數與三月份的庫存天數基本持平。但是消費者就在那裡，如果他們能夠維持庫存水平，並將產品保持在貨架上，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。然後只是跟進您提到的貨架重置和市場份額指標。我記得你說過 1/3 的貨架重置是在 3 月完成的。我的意思是這些實際上是在第一季什麼時候發生的？我只是想知道是否有好處，包括您在第四季度電話會議上提到的這些 4 週份額數據。我認為它與您在今天的最新版本中提到的 11.5% 相同。因此，從月度角度來看，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，您在分階段實施福利方面有什麼可以分享的嗎？我知道您提到了這一點，但我們要到七月才能看到全部好處。但五月的第一周我們的情況怎麼樣？真正的進展是什麼樣的？當這些重置發生時，是否真的有辦法將您對軌道成長或市場佔有率表現的實際預期融入背景中？

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，我認為是 11.5。因此我們看到了良好的進展。隨著這些重置不斷發生，我們將受益。一旦它們完全成熟，到 7 月初，一旦一切都成熟，我們就會真正看到我們所處的位置。

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.

有人抱怨說，與前幾年相比，今年的重置速度稍微慢了一點。但我們將獲得公司史上最好的太空收益。我們對此感到非常興奮。我們－我們的大客戶團隊和銷售人員正在與所有客戶勤奮合作。一旦我們完成所有這些重置，我們將迎來非凡的下半年。

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.

問答環節已經結束。現在我想將電話交還給約翰·菲爾德利，請他做最後的演講。

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.

謝謝接線員，也謝謝大家今天早上加入我們。我們已經聽到了投資者和分析師關於提前開始時間的回饋。因此從下個季度開始，我們將會稍早一些開始這次電話會議。

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，特別是感謝我們辛勤工作的員工。您的熱情和動力使得 Celsius 與眾不同。 Celsius 將參加即將舉行的幾次會議，我期待在那裡見到大家——你們每一個人。即將召開的會議的完整日程將很快公佈。在那之前，請保持健康並過上健康的生活。讓這一天變得美好，並喝上一杯清爽的攝氏度。

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。祝您有美好的一天。