Celsius Holdings Inc (CELH) 2024 Q2 法說會逐字稿

Thank you for standing by. My name is Eric, and I will be your conference operator today. At this time, I would like to welcome everyone to the Celsius Holdings Incorporated Second-Quarter 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers remarks, there will be a question-and-answer session. (Operator Instructions) Thank you.

謝謝你的支持。我叫艾瑞克，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 年第二季財報電話會議。所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。 （操作員說明）謝謝。

I'd now like to turn the call over to Paul Wiseman, Investor Relations. Please go ahead.

我現在想將電話轉給投資者關係部的保羅懷斯曼 (Paul Wiseman)。請繼續。

Thank you, and good morning, everyone. We appreciate you joining us today for Celsius Holdings second quarter 2024 earnings webcast. Joining me today John Fieldly, Chairman and Chief Executive Officer; Jarrod Langhans, Chief Financial Officer; and Toby David, Chief of Staff.

謝謝大家，大家早安。感謝您今天加入我們攝氏控股 2024 年第二季收益網路廣播。今天加入我的行列，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。

The speakers will take questions following the prepared remarks. The company released its second quarter earnings press release earlier this morning, and all materials are available on the company's website, ir.celsiusholdingsinc.com, as well as on SEC's website, sec.gov. As a reminder, an audio replay of this webcast will be available later today and can be accessed with the same link used to join today's webcast.

發言人將在準備好的發言後回答問題。該公司今天早上早些時候發布了第二季度收益新聞稿，所有資料均可在該公司網站 ir.celsiusholdingsinc.com 以及 SEC 網站 sec.gov 上取得。提醒一下，該網路廣播的音訊重播將於今天晚些時候提供，並且可以透過用於加入今天網路廣播的相同連結進行存取。

Please be aware that this discussion 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.

請注意，本討論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、預期和其他資訊。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。

We encourage you to review in full our safe harbor statements and risk factors contained in today's press release and in our quarterly filings with the SEC for additional information, which contain a description of risks that may result in actual results differing materially from those contemplated by our forward-looking statements.

我們鼓勵您完整審查今天的新聞稿和我們向SEC 提交的季度文件中包含的安全港聲明和風險因素，以獲取更多信息，其中包含可能導致實際結果與我們預期的結果存在重大差異的風險描述。

Additionally, management will share operating results on both a GAAP and non-GAAP basis. Descriptions of these 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 second 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。我們使用的這些非 GAAP 財務指標的描述，例如非 GAAP 調整後的 EBITDA 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 年第二季度的收益發布。

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

接下來，我想將其交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, and good morning, everyone. I hope you've all cracked open a cold Celsius to kick start our early morning start time this quarter. Celsius reported record second quarter 2024 financial results this morning across revenue, profit, gross margin that broadly reflect our positive momentum in an otherwise challenging macro environment.

謝謝你，保羅，大家早安。我希望你們都能在寒冷的攝氏度下開始我們本季的清晨開始時間。攝氏今天上午公佈了創紀錄的 2024 年第二季度財務業績，涵蓋收入、利潤和毛利率，這廣泛反映了我們在充滿挑戰的宏觀環境中的積極勢頭。

Despite systematic and unanticipated category growth pressure in the second quarter, Celsius was resilient and delivered delicious new innovation, expanded in-store shelf presence and continued to bring new consumers into the category, contributing 47% of all category growth in the quarter, making Celsius the clear category growth leader.

儘管第二季面臨系統性和意外的品類成長壓力，Celsius 依然堅韌不拔，推出了美味的新創新，擴大了店內貨架，並繼續吸引新消費者進入該品類，貢獻了本季度所有品類增長的47%，使明確的品類成長領導者。

Total revenue quarter of 2024 increased 23% year over year to $402 million, and 2024 first half revenue increased 29% to $757.7 million. International revenue increased 30% in the second quarter to $19.6 million. Celsius achieved fantastic shelf space gains during the seasons, shelf resets, increasing our average SKUs sold per store by more than 35% according to Circana's last four-week read ending July 14, 2024 compared to the last four weeks ending December 3, 2023.

2024 年季度總營收年增 23% 至 4.02 億美元，2024 年上半年營收成長 29% 至 7.577 億美元。第二季國際營收成長 30%，達到 1,960 萬美元。根據Circana 截至2024 年7 月14 日的最後四週的數據顯示，與截至2023 年12 月3 日的最後四週相比，Celsius 在季節期間實現了驚人的貨架空間增長，貨架重置，使我們每家商店的平均SKU 銷量增加了35% 以上。

Within the convenience channel, our average SKUs selling per store increased 43% across the same period. While we achieved strong space gains, we also began to feel the effects of the same macroeconomic factors that are pressuring same-store sales and affecting consumer purchasing habits.

在便利通路內，我們每家商店的平均 SKU 銷量在同一時期成長了 43%。雖然我們取得了強勁的空間成長，但我們也開始感受到同樣的宏觀經濟因素的影響，這些因素正在給同店銷售帶來壓力並影響消費者的購買習慣。

Just last week, one of the largest convenience change noted their same-store sales were down more than 4%. These and other factors contributed to the second quarter energy drink category slowdown. Competition within the energy category has never been greater, which is why we continue to add resources across sales, merchandising, key accounts and field marketing. The full sugar energy category subset has stagnated for several years, and the growth fight has moved to the sugar-free sector, which is now approximately half of the category.

就在上週，最大的便利商店變化之一指出，他們的同店銷售額下降了 4% 以上。這些因素和其他因素導致第二季能量飲料類別放緩。能源類別內的競爭從未如此激烈，這就是我們繼續在銷售、推銷、大客戶和現場行銷方面增加資源的原因。全糖能源類別子集已停滯數年，成長鬥爭已轉移到無糖能源領域，目前約佔該類別的一半。

Celsius is the second largest brand within the sugar-free energy subset, and it is from here that we are driving the entire category's growth this year. We believe that we have set our business up for long-term success, but we see short-term impacts from competition and macroeconomic factors along the way.

攝氏是無糖能源子集中的第二大品牌，正是從這裡我們今年才推動整個類別的成長。我們相信，我們的業務已經為長期成功做好了準備，但我們也看到了競爭和宏觀經濟因素帶​​來的短期影響。

The combination of macroeconomic headwinds, delayed resets and programs and increased competition applied a lot of pressure to our business in the second quarter. Despite these pressures, Celsius still grew at a 10x the category growth rate in the second quarter. We responded to pressures during the quarter and saw our market share stabilize.

宏觀經濟逆風、延遲重啟和計劃以及競爭加劇給我們第二季度的業務帶來了很大壓力。儘管面臨這些壓力，Celsius 在第二季仍以 10 倍的品類成長率成長。我們在本季應對了壓力，市佔率穩定下來。

Now as we begin to recapture lost share, we're moving aggressively to gain our growth and momentum, and we believe that we have great programs for the back half of the third quarter and into the fourth quarter. We also expect that macroeconomic forces will continue to impact the category.

現在，當我們開始奪回失去的份額時，我們正在積極採取行動以獲得成長和動力，我們相信我們在第三季後半段和第四季有很好的計劃。我們也預期宏觀經濟力量將繼續影響該類別。

With a solid set of programming, promotional programs, incentive programs and cash in the bank, we are eager and ready to take on the challenges ahead of us. Additionally, we are formulating several fantastic programs for 2025, including new innovation, new channel and product opportunities, international expansions and new partnerships.

憑藉一整套可靠的計劃、促銷計劃、激勵計劃和銀行現金，我們渴望並準備好迎接眼前的挑戰。此外，我們正在為 2025 年制定多項精彩計劃，包括新創新、新通路和產品機會、國際擴張和新合作夥伴關係。

Our partnership with Pepsi remains strong. The added incentive program announced last quarter continues to percolate through the system and is expected to be fully ramped in the second half of this year where we have fully incentivized our partner to lean in with us. Celsius' share in MULOC in the last four-week period ending July 14 was 11%, an increase of 1.4% compared to the year ago period and down half of a percentage point quarter over quarter.

我們與百事可樂的合作關係依然牢固。上季宣布的額外激勵計劃繼續滲透到整個系統中，預計將在今年下半年全面啟動，我們已充分激勵我們的合作夥伴與我們合作。截至 7 月 14 日的過去 4 週內，Celsius 在 MULOC 中的份額為 11%，與去年同期相比增加了 1.4%，環比下降了 0.5 個百分點。

Beginning this quarter, we're going to reference Circana's new Mulo plus geography, which includes track channels captured in MULO and adds online retailers and club channel. We believe that when coupled with the convenience store geography, this measure better represents today's consumer purchasing habits and patterns.

從本季開始，我們將參考 Circana 的新 Mulo plus 地理，其中包括 MULO 中捕獲的賽道頻道，並添加線上零售商和俱樂部頻道。我們相信，與便利商店的地理位置結合，這項指標可以更好地代表當今消費者的購買習慣和模式。

In addition, we have seen some shifting among the channels and this metric will provide a more holistic category view. Celsius' share in Muloplus with convenience is rolling four weeks period ending July 14, 2024 was 12.04%. The energy drink category has always been highly competitive and right now is no different.

此外，我們還看到頻道之間發生了一些轉變，該指標將提供更全面的類別視圖。截至 2024 年 7 月 14 日的四個星期內，Celsius 在 Muloplus 中的便利份額為 12.04%。能量飲料類別一直競爭激烈，現在也不例外。

Celsius is disrupting the category status quo and we remain resilient in our pursuit to become the world's number one energy drink brand by growing the category through leadership, high quality innovation and premium marketing.

攝氏度正在打破品類現狀，我們透過領導力、高品質創新和優質行銷來發展該品類，從而保持韌性，追求成為世界第一的能量飲料品牌。

Our field marketing team grew by 50% in the past year. They are a driving force behind our drill-deep marketing strategy which focuses resources on the most important markets for our growth. We currently have 16 markets that are above or within two points of a 15 share and our drill-deep strategy is driving force behind our growth.

去年我們的現場行銷團隊成長了 50%。他們是我們深入行銷策略背後的驅動力，該策略將資源集中在對我們成長最重要的市場上。目前，我們有 16 個市場的份額高於或相差不到 2 個百分點，而我們的深入策略是我們成長的推動力。

Looking ahead, we are implementing several programs across the back half of 2024 to invest in our growth, such as shopper marketing programs, promotional programs and investments across our marketing platforms.

展望未來，我們將在 2024 年下半年實施多項計畫來投資我們的成長，例如購物者行銷計畫、促銷計畫和整個行銷平台的投資。

Similar to the top two competitors and the category, we believe that there is room for further pricing and this is something we believe will benefit us in 2025 and act as an offset in commodity inflation, freight lanes, our distribution infrastructure and our supply chain infrastructure.

與前兩名競爭對手和該類別類似，我們認為還有進一步定價的空間，我們相信這將使我們在 2025 年受益，並抵消商品通膨、貨運通道、我們的分銷基礎設施和供應鏈基礎設施。

Celsius launched three new great tasting flavors, very refreshing, perfectly timed for summer, including Celsius Sparkling Watermelon Lemonade, Sparkling Kiwi Strawberry and Sparkling Cherry Cola. I am sure you'll see these great new Celsius flavors poolside and at backyard cookouts throughout summer and beyond. Also, Celsius Sparkling Green Apple Cherry launched in Canada last quarter, making six delicious flavors now available in the country.

攝氏推出了三種新的美味口味，非常清爽，非常適合夏季，包括攝氏度起泡西瓜檸檬水、起泡獼猴桃草莓和起泡櫻桃可樂。我相信您會在整個夏天及以後的泳池邊和後院野餐中看到這些很棒的新攝氏風味。此外，Celsius Sparkling Green Apple Cherry 上季在加拿大推出，目前在該國推出了六種美味口味。

Three of our most popular Celsius Vibe flavors launched at Celsius On The Go powders in the second quarter, adding Peach Vibe, Tropical Vibe, and Arctic Vibe to the very portable and customizable energy powder. We are also working on some very interesting concepts for the first quarter of 2025 and more to come on that.

第二季度，我們在Celsius On The Go能量粉上推出了三種最受歡迎的Celsius Vibe口味，在這款非常便攜且可定制的能量粉中添加了桃子Vibe、熱帶Vibe和北極Vibe。我們也正在研究 2025 年第一季的一些非常有趣的概念以及更多相關概念。

Non-track channels including club, e-commerce and foodservice, continue to be tailwinds to our overall growth. Club sales in the second quarter increased 30% to $88 million compared to $68 million in the same period of 2023.

包括俱樂部、電子商務和餐飲服務在內的非賽道管道繼續成為我們整體成長的推動力。第二季俱樂部銷售額成長 30%，達到 8,800 萬美元，而 2023 年同期為 6,800 萬美元。

For the three months ending June 30, Celsius sales on Amazon increased 41% year over year to $39.9 million, up from $28.2 million in the prior year period.

截至 6 月 30 日的三個月，Celsius 在亞馬遜上的銷售額年增 41%，達到 3,990 萬美元，高於去年同期的 2,820 萬美元。

Celsius ended the second quarter with a 19.7 share compared to Monster with a 21.8 share and Red Bull with a 14 share. According to stock lines last 14-week period ending July 6, 2024, Celsius performed exceptionally well on Amazon during July's Prime Day, pushing our share in the energy category on the platform to 22.1 in the last four week read ending July 20 and we recaptured our number one position compared to Monster at 21.5% and Red Bull at 13.8% according to Stackline.

第二季末，Celsius 的市佔率為 19.7，Monster 為 21.8，Red Bull 為 14。根據截至2024 年7 月6 日的過去14 週的股票行情，Celsius 在7 月Prime Day 期間在亞馬遜上表現異常出色，在截至7 月20 日的過去4 週數據中，我們在平台能源類別中的份額達到了22.1，我們重新奪回了根據 Stackline 的數據，與 Monster（21.5%）和 Red Bull（13.8%）相比，我們排名第一。

Approximately 12.1% of Celsius total North America sales to PepsiCo in the quarter was through the food service channel, with strong results in workplace, restaurants, recreation, lodging and gaming sales. Celsius increase in international revenue in the second quarter was driven by improved velocity and brand awareness.

本季度，百事公司在北美地區的銷售總額中約 12.1% 是透過食品服務管道實現的，其中工作場所、餐廳、娛樂、住宿和遊戲銷售業績強勁。第二季攝氏國際營收的成長得益於速度和品牌知名度的提升。

Growth in Canada continues to exceed our initial expectations and the product is performing well across all platforms with notable strength in the club and convenience channels. We are running our new marketing entry playbook and building a solid foundation in gyms and fitness communities, as well as making new entries into the food service category.

加拿大的成長持續超越我們最初的預期，該產品在所有平台上表現良好，在俱樂部和便利管道方面具有顯著的優勢。我們正在運行新的行銷進入策略，在健身房和健身社群打下堅實的基礎，並進入食品服務類別。

Sales of Celsius began in UK and Ireland in the second quarter and we're following our international expansion playbook to see product launch with a key retailer and grow international launch. Similar to Canada, our progress in this new global market is exceeding initial expectations.

Celeste 於第二季在英國和愛爾蘭開始銷售，我們正在遵循我們的國際擴張策略，在一家主要零售商處推出產品，並擴大國際市場的推出。與加拿大類似，我們在這個新的全球市場的進展超出了最初的預期。

Our plans for Australia, New Zealand and France remain on track for launches later in the year and we're expected to continue to grow. Our global growth strategy this year are pursuing favorable distribution partnerships and opportunistic energy drink markets.

我們在澳洲、紐西蘭和法國的計劃仍在按計劃在今年稍後推出，並且預計將繼續增長。我們今年的全球成長策略是尋求有利的分銷合作夥伴關係和機會主義的能量飲料市場。

Here in the States and abroad, Celsius marketing and sales teams are spreading the Celsius listed messaging and supporting our customers pursuit on their own health and positive fitness lifestyles. Our 100 days of summer programming is meaningful, increasing the number of eye-catching in-store displays featuring exciting Celsius marketing activations like our Ferrari F1 title promotion which is designed to increase customer trial and loyalty.

在美國和國外，Celsius 行銷和銷售團隊正在傳播 Celsius 列出的訊息，並支持我們的客戶追求自身健康和積極的健身生活方式。我們為期 100 天的夏季計畫非常有意義，增加了引人注目的店內展示數量，其中包括令人興奮的攝氏行銷活動，例如旨在提高客戶試用率和忠誠度的法拉利 F1 冠軍促銷活動。

As I mentioned earlier, we continue to invest in our marketing and sales to drive continued growth and to be the most valuable part beverage partner to our retail customers. In the last 12 months we have grown our field sales team by more than 250% and we're still hiring to drive growth in opportunistic markets.

正如我之前提到的，我們繼續投資於行銷和銷售，以推動持續成長，並成為我們零售客戶最有價值的部分飲料合作夥伴。在過去 12 個月中，我們的現場銷售團隊規模擴大了 250% 以上，我們仍在招募人員以推動機會市場的成長。

I'll now turn the call over to Celsius Chief Financial Officer, Jarrod Langhans.

我現在將把電話轉給攝氏度財務長賈羅德‧朗漢斯 (Jarrod Langhans)。

Thank you, John. Celsius delivered another record-setting quarter, producing strong returns while we grew the business and levered in certain areas. Revenue for the three months ended June 30, 2024, was approximately $402 million, an increase of 23% from $326 million in the prior year period. North American revenue, which includes the United States and Canada, was $382 million, an increase of 23% from the prior year period.

謝謝你，約翰。攝氏又創造了創紀錄的季度業績，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。截至 2024 年 6 月 30 日止三個月的營收約為 4.02 億美元，較上年同期的 3.26 億美元成長 23%。北美地區（包括美國和加拿大）營收為 3.82 億美元，較上年同期成長 23%。

International revenue grew 30% to $20 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, offset in part by inventory timing movements or days on hand associated with our largest distributor.

隨著速度持續加快，國際收入成長了 30%，達到 2,000 萬美元。我們將本季的銷售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，但部分被庫存時間變動或銷售天數所抵銷。

During the quarter, we publicly stated that the impact of the inventory movements during the middle of June was approximately $20 million to $30 million. As we closed the quarter, we saw a slight uptick in the days on hand, and as a result, the impact was at the lower end of that range. Keep in mind, the energy drink category second quarter year-over-year unit sales volume was flat.

在本季度，我們公開表示 6 月中旬庫存變動的影響約為 2,000 萬至 3,000 萬美元。當我們結束本季度時，我們發現現有天數略有上升，因此，影響處於該範圍的下限。請記住，第二季能量飲料類別的銷量較去年同期持平。

Celsius unit sales volume increased 30.6% in the same period, increasing our unit share by 2.8 points versus a year ago. Strength in the club, e-commerce and food service channels also continued to serve as solid drivers of our revenue growth in the quarter, as did strong quarterly year-over-year share gains of 34% or 2.5 points in the convenience and gas channel.

同期，攝氏單位銷售量成長了 30.6%，單位比重比去年同期增加了 2.8 個百分點。俱樂部、電子商務和食品服務管道的實力也繼續成為我們本季營收成長的堅實驅動力，便利和燃氣通路的季度份額同比強勁增長 34% 或 2.5 個百分點。

With that said, the category overall softened in Q2 and has impacted the overall growth trajectory of the category. We have a solid foundation, and we look to continue to drive the category through innovation, bringing new consumers to the channel and increasing consumption opportunities.

話雖如此，該類別在第二季整體疲軟，並影響了該類別的整體成長軌跡。我們擁有堅實的基礎，我們希望透過創新繼續推動該品類的發展，為該通路帶來新的消費者並增加消費機會。

Gross profit in the second quarter increased 32% to $209 million, up from $159 million in the prior year period. Gross profit margins in the second quarter were 52% of revenues compared to approximately 49% for the prior year period.

第二季毛利成長 32%，達到 2.09 億美元，高於去年同期的 1.59 億美元。第二季毛利率佔營收的 52%，去年同期約為 49%。

The improvement in gross profit margins is attributed to reduced raw material costs and freight costs. Second quarter freight costs as a percentage of net invoice sales decreased 81 basis points year over year, and cost of goods sold decreased 236 basis points.

毛利率的改善歸因於原物料成本和運輸成本的下降。第二季貨運成本佔發票淨銷售額的百分比年減 81 個基點，銷售成本下降 236 個基點。

The first half of the year showed the strength of our business and our ability to leverage our supply and distribution systems. As we look to the second half of the year, we have a number of key drivers that we are monitoring such as raw materials, including the specific commodity cost of aluminum and fuel.

上半年展現了我們的業務實力以及我們利用供應和分銷系統的能力。展望今年下半年，我們正在監控許多關鍵驅動因素，例如原料，包括鋁和燃料的特定商品成本。

In addition, we will invest in growth with a wider promotional incentive calendar. As a result, we are sticking with a conservative approach for the remainder of the year and target gross margins in the high 40s to 50 range in the back half of the year.

此外，我們將透過更廣泛的促銷激勵日曆來投資於成長。因此，我們在今年剩餘時間內堅持保守策略，並將下半年的毛利率目標定在 40 至 50 左右。

Sales and marketing expenses for the second quarter came in within our targeted range of 20% to 23% at 22.6% of revenue. We continued to hire across sales and marketing in the second quarter and would look to these new employees to assist us in further driving growth and share gains as we look across the back half of the year and into 2025.

第二季的銷售和行銷費用佔收入的 22.6%，在我們 20% 至 23% 的目標範圍內。我們在第二季度繼續招募銷售和行銷人員，展望今年下半年和 2025 年，我們希望這些新員工能夠幫助我們進一步推動成長和份額成長。

As we look to Q3, with the timing of some of our programs, we anticipate that our spend will likely move above the high end of the range for the quarter as we further train our newer workforce and implement test market and test market some additional tactics. Based on the success of these tactics, we will adjust our spending across Q4 and into 2025.

展望第三季度，隨著我們一些計劃的時間表，我們預計，隨著我們進一步培訓新員工並實施測試市場和測試市場的一些額外策略，我們的支出可能會超過本季度範圍的高端。基於這些策略的成功，我們將調整第四季至 2025 年的支出。

General and administrative expenses for the second quarter of 2024 were approximately $24 million, a decrease of 24% relative to Q2 2023, when we incurred a $7.9 million legal charge. As a percentage of sales, G&A was 6% compared to 10% in the prior year period, as we continue to leverage and due to the lower third-party costs such as legal fees. As we look across the remainder of the year, we anticipate some ebbs and flows within G&A, but we remain confident that we'll be able to leverage this area relative to the prior year.

2024 年第二季的一般和管理費用約為 2,400 萬美元，比 2023 年第二季減少了 24%，當時我們產生了 790 萬美元的法律費用。由於我們繼續利用槓桿以及法律費用等第三方成本的降低，G&A 佔銷售額的百分比為 6%，而去年同期為 10%。當我們展望今年剩餘時間時，我們預計 G&A 內部會出現一些起伏，但我們仍然相信，相對於前一年，我們將能夠利用這一領域。

Non-GAAP adjusted EBITDA increased 29% to approximately $100 million in the second quarter compared to $78 million in the prior year period, driven by our solid top line growth and gross margin profile.

在我們穩健的營收成長和毛利率狀況的推動下，第二季非 GAAP 調整後 EBITDA 成長了 29%，達到約 1 億美元，而去年同期為 7,800 萬美元。

Net income increased 55% to approximately $80 million in the quarter ended June 30, 2024, compared to approximately $52 million in the prior year period. Net income attributed to common shareholders increased 63% to approximately $67 million in the quarter or $0.28 per diluted share compared to $0.17 in the prior year period.

截至 2024 年 6 月 30 日的季度淨利成長 55%，達到約 8,000 萬美元，而去年同期約為 5,200 萬美元。本季歸屬於普通股股東的淨利潤成長了 63%，達到約 6,700 萬美元，攤薄後每股收益為 0.28 美元，而去年同期為 0.17 美元。

Revenue for the six months ended June 30, 2024, was approximately $758 million, an increase of 29% from $586 million for the six months ended June 30, 2023.

截至2024年6月30日止六個月的收入約為7.58億美元，較截至2023年6月30日止六個月的5.86億美元增長29%。

North America revenue year-to-date was $722 million, an increase of 29% from the same period in 2023. International revenue grew 36% to $36 million in the first six months of the year. Gross profit margins in the first six months were approximately 51.6% of revenues compared to approximately 46.6% for the prior year period.

年初至今，北美地區營收為 7.22 億美元，較 2023 年同期成長 29%。前六個月的毛利率約為收入的 51.6%，而去年同期約為 46.6%。

The improvement in gross profit margin in the first half of 2024 is attributable to favorable freight and raw material costs. As a percentage of sales, sales and marketing was 22% in the first six months of 2024 compared to 19% in the prior year period.

2024年上半年毛利率的改善得益於有利的運費和原物料成本。 2024 年前 6 個月，銷售和行銷佔銷售額的百分比為 22%，而去年同期為 19%。

G&A expense as a percentage of sales was 6% in the first six months of 2024, compared to 9% in the prior year period. Non-GAAP adjusted EBITDA increased 48% to approximately $188 million year-to-date, compared to $127 million in the prior year period.

2024 年前 6 個月，一般管理費用佔銷售額的百分比為 6%，而去年同期為 9%。年初至今，非 GAAP 調整後 EBITDA 成長了 48%，達到約 1.88 億美元，而去年同期為 1.27 億美元。

Net income increased 70% to $158 million in the first half of 2024, compared to $93 million in the prior year period. Net income attributed to common shareholders increased 82% to $132 million in the first half of 2024 or $0.55 per diluted share, compared to $0.31 in the prior year period. We ended the quarter with approximately $903 million of cash on hand, which continues to accrue interest and remains available for strategic growth initiatives.

2024 年上半年淨利成長 70%，達到 1.58 億美元，而去年同期為 9,300 萬美元。 2024 年上半年歸屬於普通股股東的淨利成長 82%，達到 1.32 億美元，即稀釋後每股收益 0.55 美元，去年同期為 0.31 美元。本季結束時，我們手頭現金約為 9.03 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。

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

我們準備好的演講到此結束。接線員，您現在可以打開提問線路。

(Operator Instructions)

（操作員說明）

Kaumil Gajrawala, Jefferies.

考米爾·加吉拉瓦拉，傑弗里斯。

Hey guys, good morning. I see that on the August 1, there were some new sort of employment agreements, which included an amendment related to change in control. Can you maybe just talk about what the purpose is or what's different there?

嘿夥計們，早安。我看到 8 月 1 日出現了一些新的就業協議，其中包括與控制權變更相關的修正案。你能談談目的是什麼或有什麼不同嗎？

Yes. Good morning. I hope everything is going well. We did have some change in regards to change of control, which the compensation committee conducted a review to standardize the executive team in accordance to similar standards within change of control associated with the employment agreements that we have.

是的。早安.我希望一切都進展順利。我們在控制權變更方面確實發生了一些變化，薪酬委員會進行了審查，根據與我們擁有的僱傭協議相關的控制權變更中的類似標準，對執行團隊進行了標準化。

Yes. So just add a little bit more clarity on that. John and I had agreements in place. And as we're expanding globally and shifting some of the responsibilities with our team, you'll seen earlier in the year, where we announced some changes in the leadership with Tony Golfo taking the Chief Commercial Officer role, Paul Storey taking the Chief Supply Chain Officer role, Kyle Watson taking the Chief Marketing Officer role, and then we've also added Richard in Q4 of last year taking on the CLO role. So it's really more -- I look at it as more of an administrative thing of getting everybody up to par with where John and I are in terms of the severance packages and change of control.

是的。因此，只需對此添加更多的清晰度即可。約翰和我已經達成協議。隨著我們在全球擴張並轉移團隊的一些職責，您會在今年早些時候看到，我們宣布了領導層的一些變化，托尼·戈爾福（Tony Golfo）擔任首席商務官，保羅·斯托里（Paul Storey）擔任首席供應官連鎖官角色，凱爾·沃森(Kyle Watson) 擔任首席營銷官，去年第四季度我們還增加了理查德(Richard) 擔任首席營銷官(CLO ) 角色。所以這實際上更多的是——我把它更多地看作是一種行政事務，讓每個人在遣散費和控制權變更方面都達到約翰和我的水平。

Okay. Great. And you mentioned some specifics on stabilizing of market share and such. Could you maybe just give us some more details on July or what you're seeing specifically?

好的。偉大的。您提到了穩定市場佔有率等一些具體情況。您能否給我們一些有關 7 月份的更多詳細資訊或您具體看到的情況？

Yes. When you look at the quarter, as we mentioned on the prerecorded or the prior comments, we're seeing -- we saw some share loss on the weekly data standard as they come in through 11 to 10. There's been a lot of competition in the category and also the consumers challenges we're seeing in the environment.

是的。當你看這個季度時，正如我們在預先錄製或之前的評論中提到的那樣，我們看到 - 我們看到每週數據標準的一些份額損失，因為它們從 11 到 10 進入。在環境中看到的消費者挑戰。

I talked about on the script, prescript about one of the largest convenience store chains seeing sales down 4%. So there's some challenges within the overall consumer. We're really trying to understand that. We're going to put some additional investments, strategic targeted investments, both on top line and below the line to continue to drive growth within our portfolio.

我在劇本中談到，最大的連鎖便利商店之一的銷售額下降了 4%。因此，整體消費者面臨一些挑戰。我們真的很想理解這一點。我們將在頂線和線下進行一些額外的投資、策略目標投資，以繼續推動我們投資組合的成長。

When you look at the share in a weekly reads, but it can be manipulated or not, but you're seeing a lot of there's a variety of timing of promotions, prior year cycling, as well as innovation from some competition there. So when you look at it, we are still the category driver at 47%, and we're looking for the category to continue to grow.

當你查看每週閱讀中的份額時，它可以被操縱，也可以不被操縱，但你會看到很多有各種各樣的促銷時機、前一年的自行車，以及一些比賽的創新。因此，當你看到它時，我們仍然是該類別的推動者，佔 47%，我們正在尋求該類別繼續成長。

We know we are in a growth category. We have a great portfolio. We're leading the sugar-free growth movement, and we're confident in the strategies we have. We're driving over 10% growth compared to the category. So July, we did see further softness within the category.

我們知道我們處於成長類別。我們有很棒的產品組合。我們正在引領無糖成長運動，我們對我們的策略充滿信心。與該類別相比，我們正在推動超過 10% 的成長。因此，七月份，我們確實看到了該類別的進一步疲軟。

So July, we did see further softness within the category within the Circana scan data. We're watching that closely. And there's stocks that in the fourth quarter to pick up and get back into growth mode. But that's a little bit further out, and we really need to be cautious as we go forward and really continue to drive new consumers to the Celsius portfolio. We have one of the most refreshing brands and portfolios and new flavors in the category we feel.

因此，7 月份，我們確實在 Circana 掃描資料中看到該類別進一步疲軟。我們正在密切關注這一點。有些股票將在第四季回升並恢復成長模式。但這有點遙遠，我們在前進時確實需要保持謹慎，並真正繼續推動新消費者購買攝氏產品組合。我們擁有我們認為的同類產品中最令人耳目一新的品牌和產品組合以及新口味之一。

Okay, great. Thanks, guys.

好的，太好了。多謝你們。

Mark Astrachan, Stifel.

馬克·阿斯特拉坎，斯蒂菲爾。

Yes. Hey, thanks. Good morning, everybody. I guess first question is probably one that we get most frequently, which is why is Celsius growth meaningfully ahead of the category, yet your market share has contracted. If you look at the last six weeks as an example, I think Celsius is something like 15% in the expanded Circana data, that compares to 1% growth for the category and yet market share is down, call it, 20 bps in the last couple of weeks versus the six-week average. Is there anything that you can highlight there that you think would impact those numbers given, obviously, that you're growing faster than the category as the share suggests otherwise?

是的。嘿，謝謝。大家早安。我想第一個問題可能是我們最常遇到的問題，這就是為什麼攝氏度的成長明顯領先於該類別，但您的市佔率卻在萎縮。如果你以過去六週為例，我認為在擴展的 Circana 數據中，攝氏溫度大約為 15%，而該類別的增長率為 1%，但市場份額卻下降了，可以稱之為過去 20 個基點幾週與六週的平均水平相比。您有什麼可以強調的，您認為會影響這些數字，顯然，您的成長速度快於該類別，正如份額所暗示的那樣？

Yes. I think when you look at it's like -- you're looking at when you look at the other brands within the category, especially when you look at Red Bull. Red Bull had some great launches and gained some share points recently. So when you look at -- there's such a large dollar as a percentage of the total category, even though we're growing 10 times the category growth rate, 1 share growth or 1.5share growth kind of on the mix of that will impact those figures.

是的。我認為當你看它時，就像你在看該類別中的其他品牌一樣，尤其是當你看紅牛時。紅牛最近推出了一些出色的產品，並獲得了一些份額。因此，當你看一下時，儘管我們的成長是類別成長率的 10 倍，但 1 股成長或 1.5 股成長之類的組合，美元在總類別中所佔的比例如此之大，這將影響那些人物。

Okay. And then maybe thinking about things a bit longer term, does that normalize, does your market share stabilize, start to improve? I know you don't want to give guidance, but I'm talking more big picture kind of directionally. And then like related to that, is there anything in your data that you're seeing to suggest that consumers are switching from Celsius to these other brands?

好的。然後也許從長遠來看，這是否正常化，你的市佔率是否穩定，開始改善？我知道你不想提供指導，但我說的是更宏觀的方向。然後，與此相關的是，您的數據中是否有任何內容表明消費者正在從攝氏度轉向這些其他品牌？

Yes. I think when you look at -- everyone is very focused on the one week, we're watching one week, four weeks, 12 weeks. I mean we're watching the data very closely. We're seeing -- there is a variety of new innovation that comes in. We'll get -- it does get trial, but we do see consumers come back. So I think we have a really strong loyal consumer base. As consumers become more price sensitive, how does those promotional pricing strategies that the other brands are doing? How does that impact the consumer as we're entering at this point?

是的。我認為，當你看時，每個人都非常關注這一周，我們正在觀看一周、四周、十二週。我的意思是我們正在非常密切地關注數據。我們看到——有各種各樣的新創新出現。所以我認為我們擁有非常強大的忠實消費者基礎。隨著消費者對價格越來越敏感，其他品牌的促銷定價策略又是如何？當我們此時進入時，這對消費者有何影響？

If you look at LRB, water is up. There's a variety of things that are happening in total LRB, within the categories as well. So we're seeing indicating that private label sales are up in other categories. So I think we're optimally cautious as we go forward.

如果你看 LRB，水就漲了。 LRB 中正在發生各種各樣的事情，在各個類別中也是如此。因此，我們看到其他類別的自有品牌銷售額上升。所以我認為我們在前進時最好保持謹慎。

But I think when you look at the brand positioning, you look at the tailwinds we have, the functional ingredients, the positioning of our fitness lifestyle or great flavor innovation, and the consumers that we're bringing into the category, we're still driving great value for consumers and within premiumization in the energy category.

但我認為，當你審視品牌定位時，你會看到我們擁有的順風車、功能性成分、我們健身生活方式的定位或偉大的風味創新，以及我們引入該類別的消費者，我們仍然為消費者帶來巨大價值並實現能源類別的高端化。

So the share number goes, we're keeping eye on it. Obviously, we want to grow share. When you look at where we are on Amazon to where we are holistically on track channels, there's a huge opportunity. And then if you look at other markets, we're over a 15 share.

因此，股票數量不斷變化，我們正在密切關注。顯然，我們希望增加份額。當你看看我們在亞馬遜上的位置以及我們在頻道上的整體表現時，你會發現這是一個巨大的機會。如果你看看其他市場，我們的市佔率超過 15%。

That gives us great confidence and the ability to close those gaps, especially with the largest resets we've seen that we just received this year. So settle in these resets and continue to build upon that. We got great relationships with our retailers. And we're driving excitement. I mean, our retail partners are really excited about the Celsius portfolio and what we offer.

這給了我們很大的信心和能力來縮小這些差距，特別是在我們今年剛收到的最大規模的重置之後。因此，適應這些重置並繼續在此基礎上繼續發展。我們與零售商建立了良好的關係。我們正在推動興奮。我的意思是，我們的零售合作夥伴對攝氏產品組合和我們提供的產品感到非常興奮。

And just on the share, not to put you on the spot, but could you wager to guess when you might start to see that stabilization there and sales and market share kind of look the same?

只是在份額上，不是為了讓你陷入困境，但你能猜一下你什麼時候會開始看到那裡的穩定性以及銷售額和市場份額看起來相同嗎？

I mean, we're not going to provide forward-looking guidance on that, but we've exceeded 10 share. We said -- and you look at the Amazon number, I assure you our teams are looking to close the gaps. We're looking to bring more markets over the 15 share target. We're expanding our drill deep strategy. We're further focusing on additional markets to really drive those through. We have a variety of markets that are within 2 share points of closing that gap.

我的意思是，我們不會就此提供前瞻性指導，但我們的份額已經超過 10 份。我們說——你看看亞馬遜的數字，我向你保證我們的團隊正在努力縮小差距。我們希望在 15 股目標之上引入更多市場。我們正在擴大我們的深入鑽探策略。我們正在進一步關注其他市場，以真正推動這些市場的發展。我們有多個市場距離縮小這一差距不到 2 個股點。

So we're working on that, especially during the 100 days of summer. There is so many other variables on the share number that happen on a weekly, four-week, 12-week reads, but we're confident in the long position and the trajectory of the company to be a leader in the energy drink category, both domestically and abroad.

所以我們正在努力解決這個問題，特別是在夏季的 100 天。每週、每四周、每十二週的股價數據還有很多其他變量，但我們對該公司的多頭頭寸和成為能量飲料類別領導者的發展軌跡充滿信心，無論是國內還是國外。

So I think that's the trajectory, how quickly we get there. That's timing and sequencing. There's a lot of other headwinds that we have against us as we go forward. But what we do know, sugar free has now been 50% of the energy drink category for the first time. So the tailwinds that we have are moving in that direction, and we're looking to be a leader in the sugar free segment.

所以我認為這就是我們達到目標的軌跡。這就是時間和順序。在我們前進的過程中，我們還面臨許多其他阻力。但據我們所知，無糖現在首次佔據能量飲料類別的 50%。因此，我們所擁有的順風車正在朝這個方向發展，我們希望成為無糖領域的領導者。

Got it. Alright. Thank you.

知道了。好吧。謝謝。

Michael Lavery, Piper Sandler.

麥可萊弗里、派珀桑德勒。

Thank you, good morning. I might just start with a follow-up on Mark's question. I appreciate that 15% or so year-over-year growth and the 1% or so year-over-year category growth is year-over-year, so it's kind of an apples and oranges to the sequential share moves. Your year-over-year share, of course, is up very nicely. But on a sequential basis, the share momentum is -- even if it's a little lumpy, it's certainly slower.

謝謝你，早安。我可能會從馬克的問題的後續行動開始。我很欣賞 15% 左右的同比增長和 1% 左右的類別同比增長，所以這對於連續的份額變動來說是一種蘋果和橘子的對比。當然，您的份額同比增長得非常好。但從環比來看，股價動能是——即使有點不穩定，但肯定會放緩。

How then, I guess, do you think about pricing? You mentioned that is slated to come maybe later this year or early next. And I appreciate the aluminum cost pressure, but with a sugar free portfolio and you get some relief on sugar costs. I guess what's just some of how you think about the pricing approach and any more specifics you can give there?

那麼，我想，你會如何考慮定價呢？你提到這可能會在今年晚些時候或明年初到來。我很欣賞鋁的成本壓力，但有了無糖產品組合，糖成本就會得到一些緩解。我想您對定價方法的一些看法以及您可以提供的更多細節是什麼？

Yes. I mean, as I mentioned in the prepared remarks, two of the top competitors are taking category -- taking pricing. We're going to maintain our premium position in the category, but we're also being cautious about that as well, because we're keeping a close eye on the consumers, where they're shopping. And the patterns that we're seeing. So from promotional, our pricing, promotional strategy and architecture is really key as we go forward.

是的。我的意思是，正如我在準備好的發言中提到的，兩個頂級競爭對手正在採取類別——採取定價。我們將保持在該類別中的優質地位，但我們對此也持謹慎態度，因為我們密切關註消費者的購物地點。以及我們所看到的模式。因此，從促銷角度來看，我們的定價、促銷策略和架構對於我們的前進來說確實是關鍵。

As we mentioned in the prepared remarks, we have a variety of retail marketing programs we're working on, working closely with retailers and increasing our investments in the third quarter as well. So I think as we continue to move forward, the teams are doing a great job. We're building out our sales force and our staff, and we're going to continue to -- our main focus is to drive share and to drive share profitably, and continue to build this brand and take it to more consumers looking to live a healthy active lifestyle and it's [resonate].

正如我們在準備好的演講中所提到的，我們正在製定各種零售行銷計劃，與零售商密切合作，並在第三季增加投資。所以我認為，隨著我們繼續前進，團隊做得很好。我們正在建立我們的銷售隊伍和員工，我們將繼續——我們的主要重點是提高份額並以盈利方式提高份額，並繼續建立這個品牌並將其帶給更多想要生活的消費者健康積極的生活方式，它是[產生共鳴]。

If you look at some of our partners we've expanded with like Noah Lyles did an amazing job with the race over the weekend, World Champion, Olympic Champion, gold. Our brand is resonating, and its better resonating with a broader consumer than ever before. So we're getting some headwinds in regards to the environment that we're in. But we're going to prevail and come out strong on the other side. And we see great opportunities ahead.

如果你看看我們的一些合作夥伴，例如諾亞·萊爾斯（Noah Lyles），他在周末的比賽中表現出色，獲得了世界冠軍、奧運冠軍和金牌。我們的品牌正在引起共鳴，而且比以往任何時候都更能與更廣泛的消費者產生共鳴。因此，我們在所處的環境方面遇到了一些阻力。我們看到了未來的巨大機會。

No, that consumer traction is certainly clear we see that. Just as we've heard from a lot of companies, how that -- at least certain consumers, certain cohorts of consumers are under some pressure. Assumingly, that's part of what's driving your strength on Amazon, where it's a bigger bulk pack at a better value per can.

不，我們看到消費者的吸引力是顯而易見的。正如我們從許多公司聽到的那樣，至少某些消費者、某些消費者群體面臨一些壓力。據推測，這就是推動您在亞馬遜上佔據優勢的部分原因，因為亞馬遜的散裝包裝更大，每罐的價值更高。

Have you seen that shift -- [C-store] obviously is under pressure. Amazons your kind of best performing channel. Are you seeing that accelerate? Was there -- was it just sort of prime day related that might have given a boost there. Maybe just help us understand some of the channel dynamics and what you're seeing?

你看到這種轉變了嗎——[C-store]顯然面臨著壓力。亞馬遜是您表現最佳的管道。你看到加速了嗎？是否存在——是否只是與黃金日相關，可能會推動那裡的發展。也許只是幫助我們了解一些管道動態以及您所看到的內容？

Yes. I mean, it is interesting. We were doing -- when you look at Amazon and even the club business, club business is doing really well. That's a larger pack size. So on a per can basis you get some value there, but it's also a big dollar rate on a unit purchase.

是的。我的意思是，這很有趣。我們正在做的事情——當你看看亞馬遜甚至俱樂部業務時，你會發現俱樂部業務做得非常好。這是一個更大的包裝尺寸。因此，以每罐計算，您可以獲得一些價值，但單位購買的價格也很高。

So when you look at that. So those are things we're understanding. We're trying to understand the change in consumer patterns. I think what you saw for the first time, when you look at like sales mix, the MULOC plus convenience, which includes Amazon and club and all reported channels, convenience as a percent of total energy drink sales were down again.

所以當你看到這一點時。這些是我們正在理解的事情。我們正在嘗試了解消費者模式的變化。我想你第一次看到的是，當你看到銷售組合時，MULOC 加便利性，其中包括亞馬遜和俱樂部以及所有報告的管道，便利性佔能量飲料總銷售額的百分比再次下降。

So it seems to be consumers are purchasing and expanding channels. And I think what's great about Celsius, when you look at those other channels that were club and also Amazon, we overperformed there. So we have embraced an omnichannel world from the beginning and consumers wanting when they want it, how they want it, and we've embraced that.

所以看來消費者正在購買並擴大通路。我認為攝氏的偉大之處在於，當你看看俱樂部和亞馬遜等其他管道時，我們在那裡表現出色。因此，我們從一開始就擁抱全通路世界，消費者想要什麼時候想要、如何想要，我們已經擁抱了這一點。

So I think we're in a great position as consumers look to adapt to their purchasing patterns and some of the channels that they're purchasing in, and we are going to capture that. But those are dynamics we're looking at when the consumer is challenged, maybe you think more -- maybe go to more a unit purchase, right, a lower dollar basket ring versus a larger. So those are things we're watching closely and you're spot on.

因此，我認為我們處於有利地位，因為消費者希望適應他們的購買模式和他們購買的一些管道，我們將抓住這一點。但這些都是我們在消費者面臨挑戰時所關注的動態，也許你會考慮更多——也許會購買更多的單位產品，對吧，較低的美元籃子環與較大的美元籃子環相比。所以這些都是我們正在密切關注的事情，而你是對的。

Okay. Thanks so much.

好的。非常感謝。

Thanks.

謝謝。

Jonathan Keypour, Bank of America.

喬納森‧基普爾，美國銀行。

Thank you. Hey, everybody. Good morning. So the first question I have is about shipments versus consumption. On the last call, you guys pointed out that there was a $20 million drag from Pepsi tweaking its inventories on efficiencies. And then you said there would be a similar drag in 2Q, and then I guess, after a conference intra-quarter, you mentioned another [$20 million to $30 million]. So I think people were coming into this quarter, expecting there was some kind of drag from shipment timing. I'm just wondering if you guys can size that for us so we can get a sense of what it actually ended up being in the quarter?

謝謝。嘿，大家。早安.所以我的第一個問題是關於出貨量與消費量。在上次電話會議上，你們指出，百事可樂調整庫存以提高效率，造成了 2000 萬美元的損失。然後你說第二季度也會出現類似的拖累，然後我猜，在一次季度內會議之後，你提到了另一個[2000萬至3000萬美元]。因此，我認為人們在進入本季時預計發貨時間會受到某種拖累。我只是想知道你們是否可以為我們確定一下規模，以便我們了解本季的實際結果？

Yes, Jonathan, I'll let Jarrod kind of dive into that because we do see in regards to our main partner as well as retail shipments. We do see some fluctuation. We've experienced last several quarters. We talked about that. So this quarter will be no different. But I'll turn it over to Jarrod.

是的，喬納森，我會讓賈羅德深入探討這一點，因為我們確實了解我們的主要合作夥伴以及零售發貨情況。我們確實看到了一些波動。我們已經經歷了過去幾個季度。我們討論過這個。因此，本季也不會有什麼不同。但我會把它交給賈羅德。

Yes. So I mentioned in the prepared remarks and back in June that there was kind of a potential $20 million to $30 million headwind because of the DOH changes. So that ended up on the back half of -- so the lower end of that range, so more in the 20 to 25 range as opposed to the higher end of the range. So that's where we ended the quarter when it relates to that piece.

是的。因此，我在 6 月準備好的發言中提到，由於衛生部的變化，可能會帶來 2,000 萬至 3,000 萬美元的阻力。因此，最終結果是在該範圍的下半部分，因此更多地在 20 到 25 範圍內，而不是該範圍的高端。這就是我們在與該作品相關的季度結束時的情況。

Okay. And should we expect anything -- I guess, it's going to be the continuing 20 that you guys mentioned in 1Q, that will carry through 3Q and 4Q as well, correct, on a year-over-year basis?

好的。我們是否應該期待任何事情 - 我想，這將是你們在第一季度提到的持續 20 個，這也將持續到第三季度和第四季度，正確的，同比？

Yes. I mean we'll have to see where it ends up. It's from a fair perspective. They're the one managing their inventory. So we'll have to see where they end up where we are today. I think we're in pretty good shape.

是的。我的意思是我們得看看它最終會走向何方。這是從公平的角度來看。他們是管理庫存的人。所以我們必須看看他們最終會達到今天的水平。我認為我們的狀態非常好。

Cool. And then if I can, it looks like based on the Nielsen data, at least, shelf resets are done, I think you guys mentioned that they were -- but so the question is like when you look at the velocity data, it makes sense that you guys are getting new shelf space, TDPs go up, so velocity comes down, that's mathematically sensible. But now that the shelf resets appear to be done, we're still seeing sequential velocity decline. I was just looking at the recent one week Nielsen data that came out. It looks like the decline continues, and it's a little bit steeper than the category itself.

涼爽的。然後，如果可以的話，看起來基於尼爾森的數據，至少，架子重置已經完成，我想你們提到過——但問題是，當你查看速度數據時，這是有道理的你們正在獲得新的貨架空間，TDP 上升，因此速度下降，這在數學上是合理的。但現在架子重置似乎已經完成，我們仍然看到速度連續下降。我只是看了尼爾森最近一周發布的數據。看起來下降仍在繼續，而且下降幅度比該類別本身還要陡一些。

So I'm wondering if there's anything you guys can point to about why -- I don't know if it's a timing. I know that the shelf resets were pushed out. I don't know if it's an activation thing and maybe August will kind of recover some of that. Just anything you can give us on potentially why the velocity has been somewhat sluggish to date and what we can expect going through the rest of the summer?

所以我想知道你們是否可以指出原因——我不知道這是否是一個時機。我知道貨架重置已被取消。我不知道這是否是一個激活的事情，也許八月會恢復一些。您能否向我們提供任何可能導致迄今為止速度有些緩慢的原因以及我們對整個夏季剩餘時間的預期？

Yes. I think there's a couple of things. It's timing and sequencing. You saw something similar back at the end of 2022 and the beginning of 2023, when we saw some pretty big pickups as we moved into the Pepsi system.

是的。我認為有幾件事。這是時間和順序。在 2022 年底和 2023 年初，你看到了類似的情況，當時我們在進入百事可樂系統時看到了一些相當大的皮卡。

So unfortunately, the Celsius bus doesn't pull up and dump out all the Celsius consumers right away when we see the reset. So it's something that there's some timing and sequencing there. There was some delays in some of the resets which also delayed some of our promotional activity, but we've got a really good promotional incentive calendar in Q3 and Q4 in the back half of Q3 and throughout Q4.

不幸的是，當我們看到重置時，Celsius 總線並沒有立即拉起並轉出所有的攝氏度消費者。所以這裡面有一些時間和順序。一些重置出現了一些延遲，這也延遲了我們的一些促銷活動，但我們在第三季和第四季、第三季後半段和整個第四季都有一個非常好的促銷激勵日曆。

So we're looking to get those velocities turned around now that we've got the space. We didn't want to start pushing a lot of stuff and a lot of activity before we got the space because then that would just do the math, and we want to make sure we're getting the ROI on these activities. So we do get a lot of good programs in place so that we can start pulling the Celsius bus up to the curb and start getting the velocity improving.

因此，既然我們已經有了空間，我們就希望能夠扭轉這些速度。我們不想在獲得空間之前就開始推動很多東西和很多活動，因為那樣只會進行數學計算，而且我們希望確保我們在這些活動上獲得投資回報率。因此，我們確實制定了很多好的計劃，以便我們可以開始將攝氏巴士拉到路邊並開始提高速度。

Yes. And I think when you -- you just got to be cautious, there's a lot of noise in the weekly data, right, and the weekly read, especially you need to pay tension to what promos were prior period, prior year. There's just a lot of noise there. I think we got great strategies.

是的。我認為，當你——你必須保持謹慎，每週數據和每週閱讀中存在很多噪音，尤其是你需要對上一時期、前一年的促銷活動保持緊張。那裡有很多噪音。我認為我們有很好的策略。

We've got great positioning. And we've been holding right around that [11] share. It's been going up and down. So we're holding. We need to continue to take it to the next level. And that's what the teams are working on this summer.

我們有很好的定位。我們一直持有該 [11] 份額。它一直在上升和下降。所以我們堅持下去。我們需要繼續將其提升到一個新的水平。這就是團隊今年夏天正在努力的方向。

Got it. And it sounds like you guys have -- you mentioned some of your sponsorships and things like that. It sounds like you have a lot more in the pipe than you did last year. So it stands to reason that Q3 and Q4 should see probably more resilient velocities in shares than last year. I mean, last year from September through December, there was a little bit of a drop-off makes sense. It seems like that's probably less likely this year. Is that fair to say?

知道了。聽起來你們提到了一些贊助之類的事情。聽起來你的計畫比去年多得多。因此，照理說，第三季和第四季的股價速度可能會比去年更有彈性。我的意思是，去年從 9 月到 12 月，出現了一點下降，這是有道理的。看來今年這種可能性不大了。這麼說公平嗎？

I mean we're focused on driving share. When you look at it at this point, when the category was it last week, it was down for the first time on that weekly read. So those are challenges. We're driving the category growth rate. The category is not growing. We're over-indexing with new to category.

我的意思是我們專注於提高份額。當你現在看這個類別時，當該類別是上週時，該類別在每週閱讀中首次下降。所以這些都是挑戰。我們正在推動品類成長率。該類別沒有成長。我們對新類別進行了過度索引。

So we need this category to get back to growth rate, and that's a big area we're focusing in on. So -- and we want to drive more consumers to the category. That's what we're working with our retailers on doing that. We got some great programs coming out this summer, talked about refreshing barbecues, some great new flavors, crack-a-cold Celsius, a variety of marketing programs that we have and new tentpole programs wrapping that around with retailer and new consumer segments. So we're confident in our position. And as the back half of this year, I think it's going to be an exciting time for Celsius.

因此，我們需要這個類別才能恢復成長率，這是我們關注的重要領域。因此，我們希望吸引更多消費者進入該類別。這就是我們正在與零售商合作的目標。今年夏天我們推出了一些很棒的節目，談論了清爽的燒烤、一些很棒的新口味、令人驚嘆的攝氏溫度、我們擁有的各種營銷計劃以及圍繞零售商和新消費者群體展開的新支柱計劃。所以我們對我們的立場充滿信心。今年下半年，我認為這對攝氏來說將是一個令人興奮的時刻。

Cool. Sounds like it. Excited to see it play out. Thanks you guys.

涼爽的。聽起來是這樣。很高興看到它上演。謝謝你們。

Thank you.

謝謝。

Bill Chappell, Truist.

比爾‧查普爾，真理論者。

Thanks. Good morning.

謝謝。早安.

Good morning.

早安.

Just a little bit more commentary about kind of the -- and I know this is kind of a best guess, but the slowing of the overall category, any thoughts of why that's happening now? What you're seeing? Is it consumer preferences to other categories? Is it weather? Is it -- just trying to understand why the overall category is starting to see some softness over these past three, four months?

關於某種類型的更多評論 - 我知道這是一種最好的猜測，但是整體類別的放緩，您對為什麼現在發生這種情況有什麼想法嗎？你看到了什麼？是消費者對其他品類的偏好嗎？是天氣嗎？是不是——只是想了解為什麼整個類別在過去三、四個月裡開始出現一些疲軟？

Yes. No, it's -- when we're looking at total LRB data. So that's what Liquid Refrigerated Beverages and you look at some of the segments from energy to CSDs to water, sports drinks, teas and juices. We're still seeing the pressure of decreases coming from juices and coffee and tea. Sports drinks has picked up the last -- if you look at July 14, starting to see more growth in sports drinks.

是的。不，是——當我們查看 LRB 總數據時。這就是液體冷凍飲料，您將看到從能量到碳酸飲料到水、運動飲料、茶和果汁的一些細分市場。我們仍然看到來自果汁、咖啡和茶的下降壓力。運動飲料的銷量成長最快——如果你看看 7 月 14 日，你會發現運動飲料開始出現更多成長。

And then water, we saw growth as well as CSDs. So in the energy category on a four-week read looking at July 14th was up about 2%. So much slower than the growth rate we saw in the first quarter of this year and obviously versus the prior year.

然後是水，我們看到了成長以及碳酸飲料。因此，從 7 月 14 日的為期 4 週的數據來看，能源類別上漲了約 2%。比我們今年第一季看到的成長率慢得多，而且明顯比去年同期慢得多。

So those are things we're seeing, it looks like overall the category is consumers are maybe taking a pause. There's a lot of pressures from interest rates. We know the pressures are out there within the news and you guys are watching the consumers extremely closely, just like we are.

這些是我們所看到的，看起來整個類別的消費者可能會暫停。來自利率的壓力很大。我們知道新聞中存在著壓力，你們和我們一樣正在非常密切地關註消費者。

I think at the end of the day, the energy category has a massive upside potential to grow and to continue to grow. It is truly a functional beverage that's aligned with lifestyles these days and Celsius is positioned to capture that.

我認為歸根結底，能源類別具有巨大的成長潛力並持續成長。它確實是一種符合當今生活方式的功能性飲料，Celsius 正是抓住了這一點。

So I think we're just -- we saw your cycling growth -- great growth rates in the energy category from last year as well. So we need to be cognizant of that, and see how this plays out in the back half. I think a lot of people are optimistic for Q4, but time will tell.

所以我認為我們只是——我們看到了自行車的成長——去年能源類別的成長率也很高。所以我們需要認識到這一點，看看這在後半場會如何發揮。我認為很多人對第四季持樂觀態度，但時間會證明一切。

Okay. Great. And then just as you're looking and you might have touched upon this kind of the growth year-to-date. Have the newer flavored products been as incremental as you would expected, better than expected? Just trying to understand what's driving the growth? Is it kind of the core offerings? Or are you really seeing kind of expanding the usage with some of the new offerings?

好的。偉大的。然後，正如您正在尋找的那樣，您可能已經觸及了今年迄今為止的這種增長。新口味產品的增量是否如您預期的那樣，比預期的更好？只是想了解是什麼推動了成長？這是核心產品嗎？或者您真的看到某些新產品的使用範圍有所擴大嗎？

We've got a variety of new flavors out there. We use -- it's a combination. We have a total portfolio play, so that we're leveraging. We do have -- we talked about some of the new flavors, the sparkling watermelon lemonade, which is amazing, the Kiwi strawberry and our cherry cola. So it's a combination of how that portfolio works together.

我們有各種新口味。我們使用—這是一個組合。我們有一個完整的投資組合，因此我們可以發揮槓桿作用。我們確實有——我們討論了一些新口味，令人驚嘆的起泡西瓜檸檬水，獼猴桃草莓和我們的櫻桃可樂。因此，這是該投資組合如何協同工作的組合。

We're driving the total portfolio, not a specific flavor, but we do have lead launches with key retailers on flavors, although like a cherry cola launches. It's at AMP as a lead launch. So it's a new flavor also available on Amazon and Vitamin Shoppe.

我們正在推動整個產品組合，而不是特定口味，但我們確實與主要零售商一起推出了口味方面的主導產品，儘管就像櫻桃可樂的推出一樣。它是在 AMP 上作為主導發布的。因此，它是一種新口味，在亞馬遜和維生素專櫃上也有售。

If you haven't tried it, I suggest you try it it's a really great flavor. And so -- but as we look at it, we're really driving our total portfolio and then you have our Celsius Essentials as a great innovation in 16-ounce offering. That's performed very well since launch, and we're going to continue to grow upon that.

如果你還沒有嘗試過，我建議你嘗試一下，味道真的很棒。所以，但正如我們所看到的，我們確實在推動我們的整個產品組合，然後您將擁有我們的攝氏度必需品，這是 16 盎司產品中的一項偉大創新。自推出以來，它的表現非常好，我們將在此基礎上繼續發展。

Got it. Thanks for the color.

知道了。謝謝你的顏色。

Thank you.

謝謝。

Peter Grom, UBS.

彼得‧格羅姆，瑞銀集團。

Thanks, operator. Good morning, everyone. Hope you're doing well.

謝謝，接線生。大家，早安。希望你做得很好。

Maybe one housekeeping and one bigger picture question here. I mean maybe just to start going back to Jonathan's question, just the Pepsi inventory dynamic. Like I just want to be clear, do we -- should we expect another headwind as it pertains to 3Q to kind of take what we're seeing in the track data and then kind of backed that $20 million headwind? Or would you anticipate that track data in your reported sales would be more aligned. I just wanted to clarify that. I know there's a lot of moving pieces in 3Q and 4Q. So I think just unpacking that would be helpful.

也許這裡有一個內務管理和一個更大的問題。我的意思是，也許只是開始回到喬納森的問題，只是百事可樂的庫存動態。我只是想澄清一下，我們是否應該預期第三季度會出現另一場逆風，以接受我們在追蹤數據中看到的情況，然後支持 2000 萬美元的逆風？或者您是否預期報告的銷售中的追蹤數據會更加一致。我只是想澄清這一點。我知道第三季和第四季有很多變化。所以我認為打開包裝會很有幫助。

And then just bigger picture, I guess I would love to get some perspective on innovation and kind of future shelf space. I mean you touched on Essentials in the release it reads pretty positive, but the share data has kind of largely been flat for some time.

然後，從更大的角度來看，我想我很想了解一些關於創新和未來貨架空間的觀點。我的意思是，您在發布的版本中談到了 Essentials，它看起來非常積極，但份額數據在一段時間內基本上持平。

And you touched on some new innovation. But with total company share performance flattish or down sequentially, Essentials kind of flat how does what you're seeing now inform your view on how much shelf space you may get looking ahead?

您談到了一些新的創新。但隨著公司整體股價表現持平或連續下降，Essentials 的表現也持平，你現在所看到的情況如何告訴你對未來可能獲得多少貨架空間的看法？

I'm just trying to get a sense of how you see shelf space evolving, whether you're confident retailers are going to give you the incremental space for innovation that you intend to bring to market, just given the trends we're kind of seeing today? Thanks.

我只是想了解一下您如何看待貨架空間的演變，您是否有信心零售商會給您提供您打算推向市場的創新增量空間，考慮到我們所關注的趨勢今天看到嗎？謝謝。

Peter, I'll let Jarrod talk about the inventory, and I'll take on innovation.

彼得，我會讓賈羅德談談庫存，我將負責創新。

Yes. So like I said, it was [$20 million to $30 million] when we were talking in June, ended up closer to the lower end of that range. Time will tell as we get to Q3 in terms of where we land. I think in mid-June, we were at a good point in terms of providing what we expected.

是的。正如我所說，當我們在 6 月討論時，其金額為 [2000 萬至 3000 萬美元]，最終接近該範圍的下限。當我們進入第三季時，時間會告訴我們我們的著陸點。我認為在 6 月中旬，我們正處於提供預期目標的好時機。

I think we'll have to see where we go. So unfortunately, I can't predict what our partners will do. That's really up to them to continue to optimize their system, if it's fully optimized, then we'll be in good shape. But there's still some flexibility within that system for them to further optimize, we'll have to see where that goes.

我想我們必須看看我們要去哪裡。不幸的是，我無法預測我們的合作夥伴會做什麼。這真的取決於他們繼續優化他們的系統，如果它完全優化，那麼我們就會處於良好狀態。但該系統仍然有一些靈活性可供他們進一步優化，我們必須看看它會走向何方。

In regards to innovation, Peter, really setting it up for next year. I think what's really key is that we continue to drive the category growth rate, right, and outpacing the category. I think as we continue to do that, you have a really good selling story to retailers that you're -- number one, we're incremental. We have data that supports that. And you're driving the category growth rate within sugar free. Those are megatrends within the category.

關於創新，彼得，確實為明年做好了準備。我認為真正關鍵的是我們繼續推動類別成長率，正確的，並超過類別。我認為，當我們繼續這樣做時，你會向零售商講述一個非常好的銷售故事，即你是第一，我們是漸進的。我們有數據支持這一點。您正在推動無糖產品類別的成長率。這些都是該類別內的大趨勢。

We have a lot of great innovation planned for 2025, which we're really excited about. And we're actually just started initial discussions with a variety of key retailers for next year, so that have been fairly positive. So we're just kicking some of those off. We're really close to our retailers.

我們計劃在 2025 年推出許多偉大的創新，對此我們感到非常興奮。事實上，我們剛開始與各種主要零售商就明年的事宜進行初步討論，所以這是相當積極的。所以我們只是取消其中一些。我們與零售商非常接近。

And so I think we're in good shape as it stands now. There's a lot of time left before now and the resets for next year. But I think we're in a really good position, and our selling story is really strong, why retailers need more [Celsius] and what we'll offer and bring to them.

所以我認為我們現在的狀況良好。距離明年的重置還有很多時間。但我認為我們處於非常有利的位置，我們的銷售故事也非常強大，為什麼零售商需要更多[攝氏度]以及我們將為他們提供什麼。

Also, when you look at innovation, our on-the-go powder offerings, huge opportunity there, done extremely well in a variety of national retailers. And we're going to continue to build upon that. So we got great innovation coming for 2025. When you look at on the go beyond the can and the growth within water bottles and Stanley cups and a variety of other packages out there as consumers move beyond plastics. So we want to be part of that and offer that energy offering. And it's been great to acceptance within that.

此外，當你專注於創新時，我們的便攜式粉末產品存在巨大的機會，在各種全國性零售商中表現得非常好。我們將在此基礎上繼續發展。因此，我們在 2025 年將迎來偉大的創新。因此，我們希望成為其中的一部分並提供能源。在這方面得到接受真是太好了。

Great. Thanks so much. I'll pass it on.

偉大的。非常感謝。我會把它傳遞下去。

Excellent.

出色的。

I will now turn the call back over to John Fieldly for closing remarks. Please go ahead.

現在，我將把電話轉回給約翰·菲爾德利（John Fieldly），他將發表結束語。請繼續。

Thank you, operator, and thank you, everyone, for attending our webcast this morning. Our comments today convey the confidence we maintain in our company's strength and long-term growth potential. No other brand in the last decade has disrupted the category like Celsius and we are as well or better positioned than anyone else to capture new consumers and remain the energy drink growth driver.

謝謝接線員，也謝謝大家今天早上參加我們的網路廣播。我們今天的評論傳達了我們對公司實力和長期成長潛力的信心。在過去的十年中，沒有其他品牌像攝氏度那樣顛覆了這個類別，我們比其他任何人都擁有更好的定位來吸引新消費者並保持能量飲料成長驅動力。

We have excellent high-quality products that outperform with taste and refreshment a long runway, both domestically and internationally, and this season's strong shelf resets are tailwinds for us to capture greater share.

我們擁有卓越的高品質產品，無論是在國內還是在國際上，其口味和清爽都在漫長的跑道上表現出色，本季強勁的貨架重置是我們佔領更大市場份額的有利因素。

Thank you to all of our employees, investors, our partners and our customers for their unwavering effort and achievement and a vision to become the number one energy drink brand in the world. To all, have a safe and healthy summer. Grab a refreshing Celsius and lift it.

感謝我們所有的員工、投資者、合作夥伴和客戶的不懈努力和成就，以及成為世界第一能量飲料品牌的願景。祝大家有個安全、健康的夏天。拿起一杯清爽的攝氏度並舉起。

Ladies and gentlemen, that concludes today's conference. Thank you all for joining, and you may now disconnect.

女士們、先生們，今天的會議到此結束。感謝大家的加入，現在可以斷開連線了。