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

Thank you for standing by.

感謝您的支持。

My name is Eric, and I will be your conference operator today.

我叫 Eric，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the Celsius Holdings Incorporated Second-Quarter 2024 Earnings Conference Call.

現在，我歡迎大家參加Celsius Holdings Incorporated 2024 年第二季財報電話會議。

All lines have been placed on mute to prevent any background noise.

所有線路均已靜音以防止任何背景噪音。

After the speakers remarks, there will be a question-and-answer session.

演講者發言後，將有問答環節。

(Operator Instructions) Thank you.

（操作員指示）謝謝。

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

現在我想將電話轉給投資者關係部保羅懷斯曼 (Paul Wiseman)。

Please go ahead.

請繼續。

Thank you, and good morning, everyone.

謝謝大家，早安。

We appreciate you joining us today for Celsius Holdings second quarter 2024 earnings webcast.

感謝您今天收聽 Celsius Holdings 2024 年第二季收益網直播。

Joining me today John Fieldly, Chairman and Chief Executive Officer; Jarrod Langhans, Chief Financial Officer; and Toby David, Chief of Staff.

今天與我一起參加的是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）。

The speakers will take questions following the prepared remarks.

發言者將在發表準備好的發言後回答問題。

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.

該公司今天早上發布了第二季度收益新聞稿，所有資料均可在公司網站 ir.celsiusholdingsinc.com 以及美國證券交易委員會網站 sec.gov 上查閱。提醒一下，本次網路直播的音訊回放將於今天稍後提供，您可以透過加入今天網路直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.

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用的預測、預期和其他資訊。

These statements involve numerous risks and uncertainties, including many that are beyond the company's control.

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。

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.

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。

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的前瞻性聲明所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.

此外，管理層將根據 GAAP 和非 GAAP 分享經營業績。

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.

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 報告的結果的對賬，在我們 2024 年第二季度的收益報告中有詳細說明。

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

最後，我想將發言權交給董事長兼執行長約翰·菲爾德利，請他發表準備好的發言。

Thank you, Paul, and good morning, everyone.

謝謝你，保羅，大家早安。

I hope you've all cracked open a cold Celsius to kick start our early morning start time this quarter.

我希望大家都能打開一瓶冰冷的攝氏度來開啟我們本季的清晨開始時間。

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.

Celsius 今早公佈了 2024 年第二季度的財務業績，包括收入、利潤和毛利率，均創下了歷史新高，這大致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 仍表現出韌性，推出了美味的創新產品，擴大了店內貨架存在，並繼續為該品類帶來新消費者，貢獻了本季度所有品類增長的 47%，使 Celsius 成為明顯的品類增長領導者。

Total revenue quarter of 2024 increased 23% year over year to $402 million, and 2024 first half revenue increased 29% to $757.7 million.

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。

International revenue increased 30% in the second quarter to $19.6 million.

第二季國際營收成長 30%，達到 1,960 萬美元。

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.

根據 Circana 截至 2024 年 7 月 14 日的最新四周數據，與截至 2023 年 12 月 3 日的四周相比，Celsius 在季節調整和貨架重置期間實現了驚人的貨架空間增長，每家商店平均銷售的 SKU 增加了 35% 以上。

Within the convenience channel, our average SKUs selling per store increased 43% across the same period.

在便利商店通路，我們每家店的平均SKU銷量在同一時期增加了43%。

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.

在我們實現強勁空間成長的同時，我們也開始感受到同樣的宏觀經濟因素的影響，這些因素對同店銷售額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%.

就在上週，最大的便利商店之一報告稱其同店銷售額下降了 4% 以上。

These and other factors contributed to the second quarter energy drink category slowdown.

這些因素和其他因素導致第二季能量飲料類別的銷售放緩。

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.

能源類別的競爭從未如此激烈，這就是我們繼續在銷售、行銷、大客戶和現場行銷方面增加資源的原因。

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.

全糖能量類別子集已停滯了好幾年，成長之戰已轉移到無糖領域，目前無糖領域約佔該類別的一半。

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.

Celsius 是無糖能量飲料子類別中的第二大品牌，今年我們將以此為起點推動整個類別的成長。

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.

我們相信，我們已經為我們的業務的長期成功做好了準備，但我們也看到，在這個過程中，競爭和宏觀經濟因素會帶來短期影響。

The combination of macroeconomic headwinds, delayed resets and programs and increased competition applied a lot of pressure to our business in the second quarter.

宏觀經濟逆風、重置和計劃延遲以及競爭加劇等因素給我們第二季度的業務帶來了巨大壓力。

Despite these pressures, Celsius still grew at a 10x the category growth rate in the second quarter.

儘管面臨這些壓力，Celsius 在第二季仍以 10 倍的類別成長率成長。

We responded to pressures during the quarter and saw our market share stabilize.

我們在本季度應對了壓力並看到我們的市場份額趨於穩定。

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.

現在，隨著我們開始重新奪回失去的份額，我們正在積極採取行動以獲得增長和發展勢頭，並且我們相信，我們為第三季度後半段和第四季度製定了出色的計劃。

We also expect that macroeconomic forces will continue to impact the category.

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.

憑藉著完善的規劃、促銷計畫、激勵計畫和銀行現金，我們已經做好了迎接未來挑戰的準備。

Additionally, we are formulating several fantastic programs for 2025, including new innovation, new channel and product opportunities, international expansions and new partnerships.

此外，我們正在製定 2025 年的幾個精彩計劃，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.

我們與百事可樂的合作關係依然牢固。

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.

上個季度宣布的附加激勵計劃繼續在整個系統中滲透，預計將在今年下半年全面實施，屆時我們將充分激勵我們的合作夥伴與我們合作。

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.

截至 7 月 14 日的過去四周內，Celsius 在 MULOC 的份額為 11%，比去年同期增長了 1.4%，比上一季下降了半個百分點。

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.

從本季開始，我們將參考 Circana 的新 Mulo plus 地理位置，其中包括 MULO 中捕獲的軌道頻道，並增加線上零售商和俱樂部頻道。

We believe that when coupled with the convenience store geography, this measure better represents today's consumer purchasing habits and patterns.

我們相信，結合便利商店的地理位置，這項指標更能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.

此外，我們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。

Celsius' share in Muloplus with convenience is rolling four weeks period ending July 14, 2024 was 12.04%.

截至 2024 年 7 月 14 日的四周滾動期間，Celsius 在 Muloplus 便利商店的股份為 12.04%。

The energy drink category has always been highly competitive and right now is no different.

能量飲料類別的競爭一直非常激烈，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.

Celsius 正在打破現有類別的現狀，我們將繼續努力，透過領導力、高品質創新和優質行銷擴大該類別，成為世界第一的能量飲料品牌。

Our field marketing team grew by 50% in the past year.

去年，我們的現場行銷團隊成長了 50%。

They are a driving force behind our drill-deep marketing strategy which focuses resources on the most important markets for our growth.

他們是我們深入行銷策略的驅動力，該策略將資源集中在對我們的成長最重要的市場上。

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.

我們目前在 16 個市場上的份額高於或在 15% 以內，而我們的深挖策略是我們成長的驅動力。

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、促銷計畫和跨行銷平台的投資。

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同類產品類似，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、貨運航線、我們的分銷基礎設施和供應鏈基礎設施的影響。

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.

Celsius 推出了三種全新口味，非常清爽，非常適合夏天，包括 Celsius 氣泡西瓜檸檬水、氣泡奇異果草莓和氣泡櫻桃可樂。

I am sure you'll see these great new Celsius flavors poolside and at backyard cookouts throughout summer and beyond.

我相信整個夏天及以後，您都會在泳池邊和後院野餐時看到這些美味的全新攝氏風味。

Also, Celsius Sparkling Green Apple Cherry launched in Canada last quarter, making six delicious flavors now available in the country.

此外，Celsius Sparkling Green Apple Cherry 飲料上季在加拿大上市，目前該國已有六種美味飲料口味可供選擇。

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.

我們最受歡迎的三種 Celsius Vibe 口味於第二季度在 Celsius On The Go 粉末中推出，在便攜性強且可定制的能量粉中添加了 Peach Vibe、Tropical Vibe 和 Arctic Vibe。

We are also working on some very interesting concepts for the first quarter of 2025 and more to come on that.

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內容。

Non-track channels including club, e-commerce and foodservice, continue to be tailwinds to our overall growth.

俱樂部、電子商務和餐飲服務等非賽道管道繼續成為我們整體成長的推動力。

Club sales in the second quarter increased 30% to $88 million compared to $68 million in the same period of 2023.

第二季俱樂部銷售額較 2023 年同期的 6,800 萬美元成長 30%，達到 8,800 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% 至 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.

第二季結束時，Celsius 的市佔率為 19.7%，而 Monster 的市佔率為 21.8%，Red Bull 的市佔率為 14%。

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.

根據截至 2024 年 7 月 6 日的過去 14 週的庫存情況，Celsius 在 7 月份的 Prime Day 期間在亞馬遜上表現出色，在截至 7 月 20 日的最後四周讀數中，我們在該平台能量類別中的份額升至 22.1，並且根據 Stack Bullline 的數據，與 Monster 的 21.5% 和 Red 13% 和我們的位置。

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.

本季度，Celsius 在北美向百事可樂銷售的總銷售額中，約有 12.1% 是透過食品服務管道實現的，在工作場所、餐廳、娛樂、住宿和遊戲方面的銷售表現強勁。

Celsius increase in international revenue in the second quarter was driven by improved velocity and brand awareness.

第二季國際收入的增加得益於速度的提高和品牌知名度的提高。

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.

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表現突出。

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.

我們正在運行新的行銷進入策略，在健身房和健身社群中建立堅實的基礎，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.

Celsius 於第二季在英國和愛爾蘭開始銷售，我們正在按照國際擴張計劃，與主要零售商合作推出產品，並擴大國際市場。

Similar to Canada, our progress in this new global market is exceeding initial expectations.

與加拿大類似，我們在這個新的全球市場取得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.

我們針對澳洲、紐西蘭和法國的計畫仍將在今年稍後啟動，預計我們還將繼續成長。

Our global growth strategy this year are pursuing favorable distribution partnerships and opportunistic energy drink markets.

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性的能量飲料市場。

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.

在美國和國外，攝氏行銷和銷售團隊正在傳播攝氏列出的訊息並支持我們的客戶追求自己的健康和積極的健身生活方式。

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.

我們的 100 天夏季計畫意義重大，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，例如我們的法拉利 F1 冠軍促銷，旨在增加客戶試用和忠誠度。

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.

正如我之前提到的，我們將繼續投資我們的行銷和銷售，以推動持續成長，並成為我們零售客戶最有價值的飲料合作夥伴。

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.

在過去的 12 個月中，我們的現場銷售團隊成長了 250% 以上，我們仍在招募人才以推動機會市場的成長。

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

現在我將把電話轉給 Celsius 財務長 Jarrod Langhans。

Thank you, John.

謝謝你，約翰。

Celsius delivered another record-setting quarter, producing strong returns while we grew the business and levered in certain areas.

Celsius 再創一個季度紀錄，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 three months ended June 30, 2024, was approximately $402 million, an increase of 23% from $326 million in the prior year period.

截至 2024 年 6 月 30 日的三個月的收入約為 4.02 億美元，較去年同期的 3.26 億美元增長 23%。

North American revenue, which includes the United States and Canada, was $382 million, an increase of 23% from the prior year period.

包括美國和加拿大在內的北美營收為 3.82 億美元，較去年同期成長 23%。

International revenue grew 30% to $20 million as velocity continued to increase.

隨著速度不斷提高，國際收入成長了 30%，達到 2,000 萬美元。

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.

我們將本季銷售量的成長歸因於幾個關鍵因素，包括我們推動消費者需求成長的能力、強大的創新能力以及我們大客戶和現場銷售團隊出色的店內執行力，但部分抵消了與我們最大分銷商相關的庫存時間變動或庫存天數。

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.

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。

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.

當我們結束本季度時，我們看到現有天數略有增加，因此影響處於該範圍的低端。

Keep in mind, the energy drink category second quarter year-over-year unit sales volume was flat.

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.

同期，Celsius 的單位銷售量增加了 30.6%，單位份額較去年同期增加了 2.8 個百分點。

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.

俱樂部、電子商務和餐飲服務通路的強勁表現也持續成為我們本季營收成長的堅實推動力，便利商店和加油站通路的季度市佔率較去年同期強勁成長 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.

話雖如此，該類別在第二季整體有所疲軟，並影響了該類別的整體成長軌跡。

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.

我們擁有堅實的基礎，並期待透過創新繼續推動該品類的發展，為通路帶來新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.

第二季毛利從去年同期的 1.59 億美元成長 32% 至 2.09 億美元。

Gross profit margins in the second quarter were 52% of revenues compared to approximately 49% for the prior year period.

第二季毛利率為營收的52%，去年同期約為49%。

The improvement in gross profit margins is attributed to reduced raw material costs and freight costs.

毛利率的提高得益於原物料成本和運費的降低。

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.

第二季度，運費佔淨發票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.

上半年展現了我們業務的實力以及利用供應和分銷系統的能力。

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.

展望下半年，我們正在關註一些關鍵驅動因素，例如原材料，包括鋁和燃料等特定商品的成本。

In addition, we will invest in growth with a wider promotional incentive calendar.

此外，我們還將透過更廣泛的促銷激勵計劃來投資成長。

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.

因此，我們將在今年剩餘時間內堅持保守的做法，並將今年下半年的毛利率目標設定在 40% 至 50% 之間。

Sales and marketing expenses for the second quarter came in within our targeted range of 20% to 23% at 22.6% of revenue.

第二季的銷售和行銷費用在我們的目標範圍內，為 20% 至 23%，佔營收的 22.6%。

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.

我們在第二季度繼續在銷售和行銷領域招募員工，並希望這些新員工能夠幫助我們在下半年和 2025 年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.

展望第三季度，考慮到我們部分專案的時間表，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的高端。

Based on the success of these tactics, we will adjust our spending across Q4 and into 2025.

根據這些策略的成功，我們將調整第四季和 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.

2024 年第二季的一般和行政費用約為 2,400 萬美元，較 2023 年第二季下降 24%，當時我們發生了 790 萬美元的法律費用。

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.

作為銷售額的百分比，一般及行政費用為 6%，而去年同期為 10%，這是因為我們繼續利用槓桿，且法律費用等第三方成本較低。

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.

展望今年剩餘時間，我們預計一般及行政開支會出現一些起伏，但我們仍然有信心，我們將能夠利用相對於上一年的這一領域。

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.

第二季非公認會計準則調整後息稅折舊攤銷前利潤 (EBITDA) 較去年同期的 7,800 萬美元成長 29% 至約 1 億美元，這得益於我們穩健的營收成長和毛利率狀況。

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.

截至 2024 年 6 月 30 日的季度，淨收入較去年同期的約 5,200 萬美元成長 55% 至約 8,000 萬美元。

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.

本季歸屬於普通股股東的淨利潤成長 63% 至約 6,700 萬美元，即每股攤薄收益 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 日的六個月的收入約為 7.58 億美元，較截至 2023 年 6 月 30 日的六個月的 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.

今年迄今，北美營收為 7.22 億美元，較 2023 年同期成長 29%。

International revenue grew 36% to $36 million in the first six months of the year.

今年前六個月，國際營收成長 36%，達到 3,600 萬美元。

Gross profit margins in the first six months were approximately 51.6% of revenues compared to approximately 46.6% for the prior year period.

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.

2024年上半年毛利率的提高得益於有利的運費和原物料成本。

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.

以銷售額百分比計算，2024 年前六個月的銷售和行銷佔 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.

2024 年前六個月，一般及行政費用佔銷售額的百分比為 6%，去年同期為 9%。

Non-GAAP adjusted EBITDA increased 48% to approximately $188 million year-to-date, compared to $127 million in the prior year period.

非 GAAP 調整後 EBITDA 今年迄今成長 48% 至約 1.88 億美元，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.

2024 年上半年淨收入為 9,300 萬美元，成長 70%，達到 1.58 億美元。

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.

2024 年上半年歸屬於普通股股東的淨利成長 82% 至 1.32 億美元，即每股攤薄收益 0.55 美元，去年同期為 0.31 美元。

We ended the quarter with approximately $903 million of cash on hand, which continues to accrue interest and remains available for strategic growth initiatives.

截至本季末，我們手頭上有約 9.03 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。

This concludes our prepared remarks.

我們的準備好的演講到此結束。

Operator, you may now open the lines for questions.

接線員，您現在可以開通問答線路了。

(Operator Instructions)

（操作員指令）

Kaumil Gajrawala, Jefferies.

傑富瑞 (Jefferies) 的 Kaumil Gajrawala。

Hey guys, good morning.

嘿，大家早安。

I see that on the August 1, there were some new sort of employment agreements, which included an amendment related to change in control.

我看到 8 月 1 日出台了一些新的僱傭協議，其中包括與控制權變更相關的修正案。

Can you maybe just talk about what the purpose is or what's different there?

您能否談談其目的是什麼或有何不同？

Yes.

是的。

Good morning.

早安.

I hope everything is going well.

我希望一切進展順利。

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.

我們在控制權變更方面確實發生了一些變化，薪酬委員會對此進行了審查，以根據與我們現有的僱傭協議相關的控制權變更中的類似標準來規範執行團隊。

Yes.

是的。

So just add a little bit more clarity on that.

因此，對此再進一步澄清。

John and I had agreements in place.

約翰和我已經達成協議。

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.

隨著我們在全球範圍內擴張並將部分團隊職責轉移，您在今年早些時候就會看到，我們宣布了一些領導層變動，Tony Golfo 擔任首席商務官，Paul Storey 擔任首席供應鏈官，Kyle Watson 擔任首席營銷官，然後，我們還在去年第四季度聘請了 Richard 擔任首席法律官。

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.

所以這實際上更多的是——我認為這更多的是一種行政事務，讓每個人在遣散費和控制權變更方面達到與約翰和我相同的水平。

Okay.

好的。

Great.

偉大的。

And you mentioned some specifics on stabilizing of market share and such.

您提到了穩定市場佔有率等一些具體內容。

Could you maybe just give us some more details on July or what you're seeing specifically?

您能否向我們提供一些有關 7 月份的詳細資訊或您具體看到的情況？

Yes.

是的。

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.

當您查看本季度時，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 - 在從 11 點到 10 點的每週數據標準中，我們看到了一些份額損失。

There's been a lot of competition in the category and also the consumers challenges we're seeing in the environment.

這一類別的競爭非常激烈，我們也看到消費者在環境中面臨挑戰。

I talked about on the script, prescript about one of the largest convenience store chains seeing sales down 4%.

我在劇本中談到了，劇本中提到最大的便利商店連鎖店之一的銷售額下降了 4%。

So there's some challenges within the overall consumer.

因此整體消費者面臨一些挑戰。

We're really trying to understand that.

我們確實在努力理解這一點。

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.

我們將進行一些額外的投資，策略性的目標投資，包括營收和營收的投資，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.

當您查看每週閱讀量的份額時，您可能會發現它可以被操縱也可以不被操縱，但您會看到很多促銷活動的時機、前一年循環以及來自一些競爭對手的創新。

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.

所以當你看到它時，你會發現我們仍然是該類別的推動者，佔 47%，而且我們希望該類別能夠繼續成長。

We know we are in a growth category.

我們知道我們正處於成長階段。

We have a great portfolio.

我們擁有出色的產品組合。

We're leading the sugar-free growth movement, and we're confident in the strategies we have.

我們正在引領無糖成長運動，我們對所採取的策略充滿信心。

We're driving over 10% growth compared to the category.

與同類產品相比，我們的成長率超過 10%。

So July, we did see further softness within the category.

因此，7月份我們確實看到該類別進一步走軟。

So July, we did see further softness within the category within the Circana scan data.

因此，7 月份，我們確實看到 Circana 掃描資料中的該類別進一步疲軟。

We're watching that closely.

我們正在密切關注此事。

And there's stocks that in the fourth quarter to pick up and get back into growth mode.

有些股票在第四季會回升並恢復成長模式。

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.

但這還有點遠，我們在前進的過程中確實需要謹慎，並真正繼續吸引新消費者購買 Celsius 產品組合。

We have one of the most refreshing brands and portfolios and new flavors in the category we feel.

我們認為，我們是該類別中最令人耳目一新的品牌、產品組合和新口味之一。

Okay, great.

好的，太好了。

Thanks, guys.

謝謝大家。

Mark Astrachan, Stifel.

馬克‧阿斯特拉坎 (Mark Astrachan)，Stifel。

Yes.

是的。

Hey, thanks.

嘿，謝謝。

Good morning, everybody.

大家早安。

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.

我想第一個問題可能是我們最常見的問題，那就是為什麼Celsius的成長明顯領先其他類別，但你們的市佔率卻萎縮了。

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.

如果以過去六週為例，我認為在擴展的 Circana 數據中，Celsius 的成長率約為 15%，而同類產品的成長率為 1%，但與六週平均值相比，過去幾週的市場份額卻下降了，可以說下降了 20 個基點。

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?

您認為有什麼可以強調的，會影響這些數字嗎？

Yes.

是的。

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.

我認為當你看到它時就像看到該類別中的其他品牌一樣，尤其是當你看到紅牛時。

Red Bull had some great launches and gained some share points recently.

紅牛最近推出了一些出色的產品並獲得了一些市場份額。

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.

因此，當您看到 — — 佔整個類別的百分比如此之大時，即使我們的成長率是類別成長率的 10 倍，1 份額的成長或 1.5 份額的成長都會影響這些數字。

Okay.

好的。

And then maybe thinking about things a bit longer term, does that normalize, does your market share stabilize, start to improve?

然後也許從更長遠的角度考慮問題，這是否正常化，你的市佔率是否穩定下來並開始改善？

I know you don't want to give guidance, but I'm talking more big picture kind of directionally.

我知道你不想給指導，但我更想從宏觀角度來談論方向。

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?

然後與此相關的是，您在數據中是否看到任何跡象表明消費者正在從 Celsius 轉向其他品牌？

Yes.

是的。

I think when you look at -- everyone is very focused on the one week, we're watching one week, four weeks, 12 weeks.

我想當你看的時候 - 每個人都非常關註一週，我們關註一週，四周，十二週。

I mean we're watching the data very closely.

我的意思是我們正在密切關注數據。

We're seeing -- there is a variety of new innovation that comes in.

我們看到，各種各樣的新創新不斷湧現。

We'll get -- it does get trial, but we do see consumers come back.

我們會得到 - 它確實會得到試用，但我們確實看到消費者回來了。

So I think we have a really strong loyal consumer base.

所以我認為我們擁有非常強大的忠實消費者群。

As consumers become more price sensitive, how does those promotional pricing strategies that the other brands are doing?

當消費者對價格越來越敏感時，其他品牌的促銷定價策略又如何呢？

How does that impact the consumer as we're entering at this point?

當我們進入這個階段時，這會對消費者產生什麼影響？

If you look at LRB, water is up.

如果你看一下 LRB，你會發現水位上升了。

There's a variety of things that are happening in total LRB, within the categories as well.

在整個 LRB 中，以及在各個類別中，發生了各種各樣的事情。

So we're seeing indicating that private label sales are up in other categories.

我們發現其他類別的自有品牌銷售額有所上升。

So I think we're optimally cautious as we go forward.

因此我認為我們在前進的過程中會保持高度謹慎。

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，當你看品牌定位時，你會看到我們所擁有的順風、功能性成分、我們的健身生活方式或偉大風味創新的定位，以及我們帶入該類別的消費者，我們仍然在為消費者帶來巨大的價值，並在能量類別中實現高端化。

So the share number goes, we're keeping eye on it.

因此，我們正在密切關注份額數字。

Obviously, we want to grow share.

顯然，我們希望擴大份額。

When you look at where we are on Amazon to where we are holistically on track channels, there's a huge opportunity.

當你看看我們在亞馬遜上的位置以及我們在整體軌道管道上的位置時，你會發現這裡有一個巨大的機會。

And then if you look at other markets, we're over a 15 share.

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.

這給了我們很大的信心和能力來彌補這些差距，特別是我們今年才剛經歷了最大規模的重置。

So settle in these resets and continue to build upon that.

因此，請接受這些重置並繼續在此基礎上繼續建置。

We got great relationships with our retailers.

我們與零售商建立了良好的關係。

And we're driving excitement.

我們正在推動興奮。

I mean, our retail partners are really excited about the Celsius portfolio and what we offer.

我的意思是，我們的零售合作夥伴對 Celsius 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?

僅就份額而言，我並不是要讓您為難，但是您能否猜一下什麼時候會開始看到這種穩定，並且銷售額和市場份額看起來會差不多？

I mean, we're not going to provide forward-looking guidance on that, but we've exceeded 10 share.

我的意思是，我們不會對此提供前瞻性指導，但我們已經超過了 10 股。

We said -- and you look at the Amazon number, I assure you our teams are looking to close the gaps.

我們說——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。

We're looking to bring more markets over the 15 share target.

我們希望將更多的市佔率擴大到超過 15% 的目標。

We're expanding our drill deep strategy.

我們正在擴大我們的深鑽策略。

We're further focusing on additional markets to really drive those through.

我們將進一步關注其他市場，以真正推動這些市場的發展。

We have a variety of markets that are within 2 share points of closing that gap.

我們在多個市場都擁有 2 個份額，距離縮小這一差距只有一步之遙。

So we're working on that, especially during the 100 days of summer.

所以我們正在為此而努力，特別是在夏季的 100 天期間。

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.

每週、四週、十二週的股價數據也受到許多其他變數的影響，但我們對該公司的長期地位和發展軌跡充滿信心，相信該公司將成為國內外能量飲料領域的領導者。

So I think that's the trajectory, how quickly we get there.

所以我認為這就是軌跡，我們很快就能到達那裡。

That's timing and sequencing.

這就是時間和順序。

There's a lot of other headwinds that we have against us as we go forward.

在我們前進的過程中，我們還面臨許多其他阻力。

But what we do know, sugar free has now been 50% of the energy drink category for the first time.

但我們確實知道，無糖飲料在能量飲料類別中的佔比首次達到 50%。

So the tailwinds that we have are moving in that direction, and we're looking to be a leader in the sugar free segment.

因此，我們的順風正朝著這個方向發展，我們希望成為無糖領域的領導者。

Got it.

知道了。

Alright.

好吧。

Thank you.

謝謝。

Michael Lavery, Piper Sandler.

麥可·拉弗里，派珀·桑德勒。

Thank you, good morning.

謝謝，早安。

I might just start with a follow-up on Mark's question.

我可能只是先回答馬克的問題。

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.

我知道同比增長率約為 15%，類別同比增長率約為 1%，所以對於連續的份額變動來說，這就像蘋果和橘子一樣。

Your year-over-year share, of course, is up very nicely.

當然，您的同比份額增長非常可觀。

But on a sequential basis, the share momentum is -- even if it's a little lumpy, it's certainly slower.

但從連續性來看，儘管股價漲勢有些不穩定，但肯定是比較慢的。

How then, I guess, do you think about pricing?

那麼，我想，您是如何考慮定價的呢？

You mentioned that is slated to come maybe later this year or early next.

您提到這項計劃可能在今年稍後或明年年初推出。

And I appreciate the aluminum cost pressure, but with a sugar free portfolio and you get some relief on sugar costs.

我理解鋁成本的壓力，但有了無糖產品組合，糖成本就能得到一定程度的減輕。

I guess what's just some of how you think about the pricing approach and any more specifics you can give there?

我想問一下您對定價方法有何看法？

Yes.

是的。

I mean, as I mentioned in the prepared remarks, two of the top competitors are taking category -- taking pricing.

我的意思是，正如我在準備好的演講中提到的那樣，兩個頂級競爭對手正在爭奪類別定價。

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.

我們將保持該類別的領先地位，但我們也對此保持謹慎，因為我們密切關註消費者的購物地點。

And the patterns that we're seeing.

以及我們所看到的模式。

So from promotional, our pricing, promotional strategy and architecture is really key as we go forward.

因此從促銷的角度來看，我們的定價、促銷策略和架構對於我們未來發展至關重要。

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.

正如我們在準備好的評論中所提到的，我們正在進行各種零售行銷計劃，與零售商密切合作，並在第三季增加投資。

So I think as we continue to move forward, the teams are doing a great job.

因此我認為，隨著我們繼續前進，各個團隊都做得非常出色。

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

我們正在建立我們的銷售隊伍和員工隊伍，我們將繼續——我們的主要重點是推動份額和推動份額盈利，並繼續建立這個品牌，把它帶給更多尋求健康積極生活方式的消費者，這是

[resonate].

[諧振]。

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.

如果你看看我們擴大後的一些合作夥伴，例如諾亞萊爾斯在周末的比賽中表現非常出色，他獲得了世界冠軍、奧運冠軍和金牌。

Our brand is resonating, and its better resonating with a broader consumer than ever before.

我們的品牌正在引起共鳴，並且比以往任何時候都更能與更廣泛的消費者產生共鳴。

So we're getting some headwinds in regards to the environment that we're in.

所以，我們在所處的環境方面遇到了一些阻力。

But we're going to prevail and come out strong on the other side.

但我們會取得勝利，並變得強大起來。

And we see great opportunities ahead.

我們看到了未來巨大的機會。

No, that consumer traction is certainly clear we see that.

不，我們看到了消費者的吸引力顯然是這樣的。

Just as we've heard from a lot of companies, how that -- at least certain consumers, certain cohorts of consumers are under some pressure.

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定的壓力。

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.

假設，這是推動您在亞馬遜上保持優勢的部分原因，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.

你是否看到了這種轉變——[C-store] 顯然面臨著壓力。

Amazons your kind of best performing channel.

亞馬遜是您表現最佳的管道。

Are you seeing that accelerate?

你看到它加速了嗎？

Was there -- was it just sort of prime day related that might have given a boost there.

是不是只是和黃金日有關，可能會帶來一些推動作用。

Maybe just help us understand some of the channel dynamics and what you're seeing?

也許只是幫助我們了解一些管道動態和您所看到的情況？

Yes.

是的。

I mean, it is interesting.

我的意思是，這很有趣。

We were doing -- when you look at Amazon and even the club business, club business is doing really well.

我們正在做——當你看看亞馬遜甚至俱樂部業務時，俱樂部業務做得非常好。

That's a larger pack size.

這是一個更大的包裝尺寸。

So on a per can basis you get some value there, but it's also a big dollar rate on a unit purchase.

因此，以每罐計算，你會獲得一些價值，但以單位購買計算，美元匯率也很高。

So when you look at that.

所以當你看到它的時候。

So those are things we're understanding.

這些都是我們所理解的事。

We're trying to understand the change in consumer patterns.

我們正在嘗試了解消費者模式的變化。

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.

我想您第一次看到的是，當您查看銷售組合時，MULOC 加上便利商店（包括亞馬遜、俱樂部和所有報告管道）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.

所以看起來是消費者正在購買並擴大通路。

And I think what's great about Celsius, when you look at those other channels that were club and also Amazon, we overperformed there.

我認為 Celsius 的優點在於，當你看看俱樂部和亞馬遜等其他管道時，你會發現我們在那裡表現優異。

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.

因此，我們從一開始就擁抱了全通路世界，消費者希望在他們需要的時候得到他們想要的東西，以他們想要的方式得到他們想要的東西，我們也擁抱了這一點。

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.

因此，我認為我們處於一個很好的位置，因為消費者正在努力適應他們的購買模式和一些購買管道，而我們將抓住這一點。

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.

但這些都是我們在消費者面臨挑戰時所關注的動態，也許你會想得更多——也許會更多地去購買單位商品，對吧，較低美元的籃子環而不是較大美元的籃子環。

So those are things we're watching closely and you're spot on.

所以這些都是我們正在密切關注的事情，而且你說得對。

Okay.

好的。

Thanks so much.

非常感謝。

Thanks.

謝謝。

Jonathan Keypour, Bank of America.

美國銀行的喬納森·基普爾（Jonathan Keypour）。

Thank you.

謝謝。

Hey, everybody.

嘿，大家好。

Good morning.

早安.

So the first question I have is about shipments versus consumption.

所以我的第一個問題是關於出貨量與消費量的關係。

On the last call, you guys pointed out that there was a $20 million drag from Pepsi tweaking its inventories on efficiencies.

在上次電話會議中，你們指出百事可樂因調整庫存以提高效率而造成了 2000 萬美元的拖累。

And then you said there would be a similar drag in 2Q, and then I guess, after a conference intra-quarter, you mentioned another

然後你說第二季度也會出現類似的拖累，然後我想，在季度會議之後，你提到了另一個

[$20 million to $30 million].

[2000 萬美元到 3000 萬美元]。

So I think people were coming into this quarter, expecting there was some kind of drag from shipment timing.

因此我認為人們進入本季度時預計會出現來自發貨時間的某種拖累。

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?

我只是想知道你們是否可以為我們估算一下規模，以便我們了解本季的實際情況？

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.

是的，喬納森，我會讓賈羅德深入探討這個問題，因為我們確實看到了有關我們的主要合作夥伴以及零售出貨量的情況。

We do see some fluctuation.

我們確實看到了一些波動。

We've experienced last several quarters.

我們已經經歷了過去幾個季度。

We talked about that.

我們討論過這個。

So this quarter will be no different.

因此本季也不會例外。

But I'll turn it over to Jarrod.

但我會把它交給賈羅德。

Yes.

是的。

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.

因此，我在 6 月的準備好的演講中提到，由於衛生部的變化，可能會出現 2000 萬至 3000 萬美元的逆風。

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.

因此，最終結果是 — — 也就是該範圍的後半部分，即 20 到 25 的範圍內，而不是該範圍的高端。

So that's where we ended the quarter when it relates to that piece.

因此，當涉及到該部分時，我們就結束了本季。

Okay.

好的。

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?

我們是否應該期待什麼——我猜，這將是你們在第一季度提到的持續 20%，也將持續到第三季度和第四季度，對嗎，與去年同期相比？

Yes.

是的。

I mean we'll have to see where it ends up.

我的意思是我們必須看看它最終會如何。

It's from a fair perspective.

這是從公平的角度來看的。

They're the one managing their inventory.

他們是管理庫存的人。

So we'll have to see where they end up where we are today.

因此，我們必須看看他們最終會走到哪裡，以及我們今天所處的情況。

I think we're in pretty good shape.

我認為我們的狀況非常好。

Cool.

涼爽的。

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.

如果可以的話，根據尼爾森的數據，至少貨架重置已經完成，我想你們提到過他們已經重置了 - 但問題是當你查看速度數據時，你們獲得新的貨架空間是有道理的，TDP 上升，因此速度下降，這在數學上是合理的。

But now that the shelf resets appear to be done, we're still seeing sequential velocity decline.

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。

I was just looking at the recent one week Nielsen data that came out.

我剛剛看了最近一周發布的尼爾森數據。

It looks like the decline continues, and it's a little bit steeper than the category itself.

看起來下降趨勢仍在繼續，並且比該類別本身的下降幅度要大一些。

So I'm wondering if there's anything you guys can point to about why -- I don't know if it's a timing.

所以我想知道你們能否指出原因——我不知道是否是時間問題。

I know that the shelf resets were pushed out.

我知道貨架重置已被推遲。

I don't know if it's an activation thing and maybe August will kind of recover some of that.

我不知道這是否是一種激活的事情，也許八月會恢復其中的一些。

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?

您能否告訴我們為什麼迄今為止速度一直有些緩慢以及我們對今年夏天剩餘時間的預期是什麼？

Yes.

是的。

I think there's a couple of things.

我認為有幾件事。

It's timing and sequencing.

這是時間和順序。

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.

在 2022 年底和 2023 年初，我們也看到了類似的情況，當時我們進入百事可樂系統時看到了一些相當大的成長。

So unfortunately, the Celsius bus doesn't pull up and dump out all the Celsius consumers right away when we see the reset.

因此不幸的是，當我們看到重置時，Celsius 總線不會立即停止並轉出所有 Celsius 消費者。

So it's something that there's some timing and sequencing there.

因此，這其中存在著一定的時間和順序。

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.

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，但我們在第三季後半段和整個第四季都有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.

所以我們希望現在有了空間，就可以改變這些速度。

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.

我們不想在獲得空間之前就開始推銷很多東西和進行很多活動，因為那樣只會產生計算成本，而我們希望確保從這些活動中獲得投資回報。

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，我們確實實施了許多好的計劃，這樣我們就可以開始將 Celsius 公車拉到路邊，並開始提高速度。

Yes.

是的。

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.

我認為你必須要謹慎，因為每週的數據和每週的讀數中都有很多噪音，特別是你需要關注前一時期、前一年促銷的情況。

There's just a lot of noise there.

那裡太吵了。

I think we got great strategies.

我認為我們制定了非常好的策略。

We've got great positioning.

我們的定位非常好。

And we've been holding right around that [11] share.

我們的份額一直維持在[11]左右。

It's been going up and down.

它一直在起起落落。

So we're holding.

因此我們堅持下去。

We need to continue to take it to the next level.

我們需要繼續將其提升到一個新的水平。

And that's what the teams are working on this summer.

這就是各團隊今年夏天正在努力做的事情。

Got it.

知道了。

And it sounds like you guys have -- you mentioned some of your sponsorships and things like that.

聽起來你們已經——你們提到了一些贊助和類似的事情。

It sounds like you have a lot more in the pipe than you did last year.

聽起來你比去年有更多事情要做。

So it stands to reason that Q3 and Q4 should see probably more resilient velocities in shares than last year.

因此，有理由認為第三季和第四季的股價波動速度可能比去年更具彈性。

I mean, last year from September through December, there was a little bit of a drop-off makes sense.

我的意思是，去年從九月到十二月，出現了一些下降，這是可以理解的。

It seems like that's probably less likely this year.

今年這種情況似乎不太可能發生。

Is that fair to say?

這樣說公平嗎？

I mean we're focused on driving share.

我的意思是我們專注於提高份額。

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.

當您此時查看它時，當該類別是上週時，它在每週讀數中首次下降。

So those are challenges.

這些都是挑戰。

We're driving the category growth rate.

我們正在推動品類成長率。

The category is not growing.

該類別沒有成長。

We're over-indexing with new to category.

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.

所以我們需要這個類別來恢復成長率，這是我們關注的一個大領域。

So -- and we want to drive more consumers to the category.

所以——我們希望吸引更多的消費者選擇這一類別。

That's what we're working with our retailers on doing that.

這就是我們與零售商合作所做的事情。

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.

今年夏天，我們推出了一些很棒的項目，談到了清爽的燒烤，一些很棒的新口味，冰鎮攝氏度，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的新支柱計劃。

So we're confident in our position.

因此，我們對我們的地位充滿信心。

And as the back half of this year, I think it's going to be an exciting time for Celsius.

我認為今年下半年對 Celsius 來說將是一個令人興奮的時刻。

Cool.

涼爽的。

Sounds like it.

聽起來是這樣的。

Excited to see it play out.

很高興看到它的進展。

Thanks you guys.

謝謝你們。

Thank you.

謝謝。

Bill Chappell, Truist.

比爾·查佩爾，Truist。

Thanks.

謝謝。

Good morning.

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?

關於這方面的更多評論——我知道這只是最好的猜測，但整體類別的成長放緩，您認為為什麼現在會發生這種情況？

What you're seeing?

你看到了什麼？

Is it consumer preferences to other categories?

這是消費者對其他類別的偏好嗎？

Is it weather?

是天氣嗎？

Is it -- just trying to understand why the overall category is starting to see some softness over these past three, four months?

是不是——只是想了解為什麼整體類別在過去三、四個月開始出現一些疲軟？

Yes.

是的。

No, it's -- when we're looking at total LRB data.

不，是的——當我們查看總體 LRB 數據時。

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.

這是液體冷藏飲料，您可以看到它的一些細分市場，從能量飲料到碳酸飲料，再到水、運動飲料、茶和果汁。

We're still seeing the pressure of decreases coming from juices and coffee and tea.

我們仍然看到果汁、咖啡和茶的銷售量下降的壓力。

Sports drinks has picked up the last -- if you look at July 14, starting to see more growth in sports drinks.

運動飲料的銷量最近有所回升——如果你看看 7 月 14 日，你會開始看到運動飲料的銷量進一步增長。

And then water, we saw growth as well as CSDs.

然後是水，我們看到了與碳酸飲料一樣的成長。

So in the energy category on a four-week read looking at July 14th was up about 2%.

因此，從 7 月 14 日的四週數據來看，能源類別上漲了約 2%。

So much slower than the growth rate we saw in the first quarter of this year and obviously versus the prior year.

與今年第一季的成長率相比，速度要慢得多，與去年同期相比也明顯較慢。

So those are things we're seeing, it looks like overall the category is consumers are maybe taking a pause.

所以這些就是我們看到的情況，看起來整體而言，消費者可能會暫停一下。

There's a lot of pressures from interest rates.

利率帶來很大壓力。

We know the pressures are out there within the news and you guys are watching the consumers extremely closely, just like we are.

我們知道新聞充斥著壓力，你們也像我們一樣密切注意消費者。

I think at the end of the day, the energy category has a massive upside potential to grow and to continue to grow.

我認為，最終能源類別具有巨大的上升潛力，並且具有持續成長的潛力。

It is truly a functional beverage that's aligned with lifestyles these days and Celsius is positioned to capture that.

它確實是一種與當今生活方式相符的功能性飲料，而 Celsius 的定位就是抓住這一點。

So I think we're just -- we saw your cycling growth -- great growth rates in the energy category from last year as well.

所以我認為，我們看到了你們的自行車業務的成長，能源類別的成長率也比去年有了很大的提升。

So we need to be cognizant of that, and see how this plays out in the back half.

所以我們需要意識到這一點，並看看這在後半段將如何發展。

I think a lot of people are optimistic for Q4, but time will tell.

我認為很多人對第四季持樂觀態度，但時間會證明一切。

Okay.

好的。

Great.

偉大的。

And then just as you're looking and you might have touched upon this kind of the growth year-to-date.

然後，正如您所觀察的，您可能已經觸及了今年迄今為止的這種增長。

Have the newer flavored products been as incremental as you would expected, better than expected?

新型口味產品的銷售是否如您預期的那樣有所增長，甚至比預期的還要好？

Just trying to understand what's driving the growth?

只是想了解推動成長的因素是什麼？

Is it kind of the core offerings?

它是核心產品嗎？

Or are you really seeing kind of expanding the usage with some of the new offerings?

或者您是否真的看到一些新產品的使用範圍有所擴大？

We've got a variety of new flavors out there.

我們推出了多種新口味。

We use -- it's a combination.

我們使用—這是一種組合。

We have a total portfolio play, so that we're leveraging.

我們有一個完整的投資組合，以便我們可以發揮槓桿作用。

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.

我們確實討論了一些新口味，例如令人驚嘆的氣泡西瓜檸檬水、奇異果草莓味和櫻桃可樂。

So it's a combination of how that portfolio works together.

所以這是該投資組合如何協同運作的組合。

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.

我們推動的是整個產品組合，而不是某一特定的口味，但我們確實與主要零售商合作推出了一些口味，例如櫻桃可樂的推出。

It's at AMP as a lead launch.

它在 AMP 上作為主要發布版本。

So it's a new flavor also available on Amazon and Vitamin Shoppe.

這是一種新口味，在亞馬遜和維生素店也有售。

If you haven't tried it, I suggest you try it it's a really great flavor.

如果您還沒有嘗試過，我建議您嘗試一下，味道真的很棒。

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.

所以 — — 但當我們看它時，我們真正推動了我們的整個產品組合，然後你會看到我們的 Celsius Essentials 作為 16 盎司產品的一項偉大創新。

That's performed very well since launch, and we're going to continue to grow upon that.

自推出以來，它的表現非常出色，我們將繼續在此基礎上發展。

Got it.

知道了。

Thanks for the color.

謝謝你的顏色。

Thank you.

謝謝。

Peter Grom, UBS.

瑞銀的 Peter Grom。

Thanks, operator.

謝謝，接線生。

Good morning, everyone.

大家早安。

Hope you're doing well.

祝你一切順利。

Maybe one housekeeping and one bigger picture question here.

這裡也許有一個家務問題和一個更大的問題。

I mean maybe just to start going back to Jonathan's question, just the Pepsi inventory dynamic.

我的意思是也許只是回到喬納森的問題，百事可樂的庫存動態。

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?

就像我想說清楚的那樣，我們是否應該預計第三季度會出現另一個逆風，這種逆風會吸收我們在軌道數據中看到的情況，然後支持 2000 萬美元的逆風？

Or would you anticipate that track data in your reported sales would be more aligned.

或者您是否預期報告的銷售追蹤數據會更加一致。

I just wanted to clarify that.

我只是想澄清這一點。

I know there's a lot of moving pieces in 3Q and 4Q.

我知道第三季和第四季有很多變動。

So I think just unpacking that would be helpful.

因此我認為，光是解開這一點就會很有幫助。

And then just bigger picture, I guess I would love to get some perspective on innovation and kind of future shelf space.

然後從更大的角度來看，我想我會喜歡了解一些關於創新和未來貨架空間的觀點。

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.

我的意思是，您在發布會上提到了 Essentials，看起來非常積極，但份額數據在一段時間內基本上保持穩定。

And you touched on some new innovation.

您還談到了一些新的創新。

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?

但由於公司整體股價表現持平或連續下降，Essentials 的股價也持平，您現在看到的情況如何讓您對未來可能獲得多少貨架空間有所了解？

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?

我只是想了解您如何看待貨架空間的演變，考慮到我們今天看到的趨勢，您是否有信心零售商會為您打算推向市場的創新提供增量空間？

Thanks.

謝謝。

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

彼得，我會讓賈羅德談論庫存，我將負責創新。

Yes.

是的。

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.

所以就像我說的，當我們在 6 月談論的時候，這個數字是 [2000 萬美元到 3000 萬美元]，最終接近這個範圍的低端。

Time will tell as we get to Q3 in terms of where we land.

當我們進入第三季時，時間將告訴我們結果如何。

I think in mid-June, we were at a good point in terms of providing what we expected.

我認為在六月中旬，我們在提供我們所期望的東西方面已經達到了一個很好的水平。

I think we'll have to see where we go.

我想我們得看看我們要去哪裡。

So unfortunately, I can't predict what our partners will do.

因此不幸的是，我無法預測我們的合作夥伴會做什麼。

That's really up to them to continue to optimize their system, if it's fully optimized, then we'll be in good shape.

這實際上取決於他們是否繼續優化他們的系統，如果它完全優化了，那麼我們就會處於良好的狀態。

But there's still some flexibility within that system for them to further optimize, we'll have to see where that goes.

但是該系統仍然具有進一步優化的靈活性，我們必須看看其走向何方。

In regards to innovation, Peter, really setting it up for next year.

關於創新，彼得確實在為明年做準備。

I think what's really key is that we continue to drive the category growth rate, right, and outpacing the category.

我認為真正關鍵的是我們要繼續推動品類成長率，並且超越品類的成長速度。

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.

我認為，隨著我們繼續這樣做，你會向零售商講述一個非常好的銷售故事——第一，我們是漸進式的。

We have data that supports that.

我們有數據支持這一點。

And you're driving the category growth rate within sugar free.

你們正在推動無糖類別的成長率。

Those are megatrends within the category.

這些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.

我們為 2025 年制定了許多偉大的創新計劃，我們對此感到非常興奮。

And we're actually just started initial discussions with a variety of key retailers for next year, so that have been fairly positive.

事實上，我們剛開始與多家主要零售商就明年的合作進行初步討論，因此結果相當正面。

So we're just kicking some of those off.

所以我們只是開始其中的一些。

We're really close to our retailers.

我們與零售商的關係非常密切。

And so I think we're in good shape as it stands now.

所以我認為我們目前的狀況很好。

There's a lot of time left before now and the resets for next year.

現在和明年的重置之前還有很多時間。

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.

但我認為我們處於非常有利的地位，我們的銷售故事非常精彩，為什麼零售商需要更多 [Celsius] 以及我們將為他們提供什麼和帶來什麼。

Also, when you look at innovation, our on-the-go powder offerings, huge opportunity there, done extremely well in a variety of national retailers.

此外，當您看到創新時，我們便攜式粉末產品就蘊含著巨大的機遇，並且在各種全國零售商中表現非常出色。

And we're going to continue to build upon that.

我們將繼續在此基礎上再接再厲。

So we got great innovation coming for 2025.

因此，我們將在 2025 年實現偉大的創新。

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.

隨著消費者逐漸不再使用塑膠包裝，我們再來看看除了罐頭之外，水瓶、史丹利杯和各種其他包裝的成長情況。

So we want to be part of that and offer that energy offering.

因此，我們希望成為其中的一部分並提供能源。

And it's been great to acceptance within that.

而且能夠被接受真是太好了。

Great.

偉大的。

Thanks so much.

非常感謝。

I'll pass it on.

我會傳達的。

Excellent.

出色的。

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

現在我將電話轉回給約翰·菲爾德利，請他作最後發言。

Please go ahead.

請繼續。

Thank you, operator, and thank you, everyone, for attending our webcast this morning.

謝謝接線員，也謝謝大家參加我們今天早上的網路直播。

Our comments today convey the confidence we maintain in our company's strength and long-term growth potential.

我們今天的評論表達了我們對公司實力和長期成長潛力的信心。

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.

在過去十年中，沒有其他品牌能夠像Celsius一樣顛覆這個類別，而且我們比其他任何品牌都更有能力吸引新消費者，並繼續成為能量飲料的成長動力。

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.

我們擁有優質的產品，無論是在國內還是國際，其口味和清爽度都長期保持著優異的表現，而本季強勁的貨架重置對我們獲得更大的份額來說是順風。

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.

感謝我們所有的員工、投資者、合作夥伴和客戶，感謝他們不懈的努力和成就，感謝他們成為世界第一能量飲料品牌的願景。

To all, have a safe and healthy summer.

祝大家有個安全、健康的夏天。

Grab a refreshing Celsius and lift it.

抓住一瓶清爽的攝氏度並將其舉起。

Ladies and gentlemen, that concludes today's conference.

女士們、先生們，今天的會議到此結束。

Thank you all for joining, and you may now disconnect.

感謝大家加入，現在可以斷開連線了。