Celsius Holdings Inc (CELH) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Jail and I will be your conference operator today. At this time. I would like to welcome everyone to the Celsius Holdings third quarter 2024 earnings conference call.

謝謝你的支持。我叫 Jail，今天我將擔任你們的會議操作員。此時。歡迎大家參加攝氏控股 2024 年第三季財報電話會議。

All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad.

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。如果您想在此期間提出問題，只需按電話鍵盤上的星號，然後再按數字 1 即可。

If you would like to withdraw your question, simply press star one again.

如果您想撤回問題，只需再次按星號一即可。

I would now like to turn the conference over to Paul Wiseman, senior Vice President of investor relations.

現在我想將會議交給投資者關係高級副總裁保羅懷斯曼 (Paul Wiseman)。

Please go ahead, sir.

請繼續，先生。

Good morning and thank you for joining Celtic Holdings third quarter, 2024 earnings webcast with me today are John Fieldly, Chairman and CEO; Jarrod Langhans, Chief Financial Officer; and Toby David, Chief of Staff. We'll take questions following the prepared remarks.

早安，感謝您參加凱爾特控股公司 2024 年第三季收益網絡廣播，今天與我一起的是董事長兼首席執行官約翰·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。我們將在準備好的發言後回答問題。

Our Q3 earnings press release was issued this morning with all materials available on our website, Ir dot Celsius Holdings Inc dotcom and on the SEC site, sec.gov. An audio replay of this webcast will also be accessible later today.

我們的第三季收益新聞稿已於今天上午發布，所有資料均可在我們的網站 Ir dot Celestial Holdings Inc dotcom 和 SEC 網站 sec.gov 上取得。今天稍後還將提供該網路廣播的音訊重播。

Today's discussion includes forward-looking statements based on current expectations and information. These statements involve risks and uncertainties many beyond the company's control. So his holdings disclaims any duty to update forward-looking statements except as required by law, please review our safe harbor statements and risk factors 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. We'll present results on both a GAAP and non-GAAP basis. Non-GAAP measures like adjusted EBITA and adjusted EBITA margin and their GAAP reconciliations are detailed in our Q3 earnings release and nongaap financial measures should not be used as a substitute for our results reported in accordance with GAAP with that, I'll turn it over to our CEO, John Fieldly.

今天的討論包括基於當前預期和資訊的前瞻性陳述。這些陳述涉及許多超出公司控制範圍的風險和不確定性。因此，除法律要求外，他的持股不承擔任何更新前瞻性聲明的義務，請查看今天的新聞稿和我們向SEC 提交的季度文件中的安全港聲明和風險因素，以獲取包含可能存在的風險描述的更多資訊。我們將根據公認會計原則和非公認會計原則公佈結果。我們的第三季財報中詳細介紹了調整後EBITA 和調整後EBITA 利潤率等非GAAP 指標及其GAAP 調節表，非GAAP 財務指標不應用作我們根據GAAP 報告的結果的替代品，我會將其轉交致我們的執行長約翰·菲爾德利 (John Fieldly)。

Thank you, Paul, good morning, everyone. Celsius reported its third quarter financial results today revealing continued consumer demand growth and revenue which was broadly in line with expectations we set during the quarter, Celsius retail sales in the quarter ended September 30th increased 7.1% year over year on unit sales increase of 7.3%.

謝謝保羅，大家早安。攝氏度今天公佈了第三季度財務業績，顯示消費者需求和收入持續增長，與我們在本季度設定的預期基本一致。增長7.3% 。

Celsius resilient growth at retail overcame softness in the category which grew at 2% in the same period. Once again, Celsius was a significant driver of the overall energy category, contributing more than 16% of all growth total revenue for the third quarter was $265.7 million. A decrease from last year, primarily attributed to distributor inventory optimization which Jarrod will discuss in greater detail on this call. Year-to-date revenue through September 30th was $1.02 billion an increase of 5% from last year. The sell through data we are seeing continues to be supportive of us being the largest driver of the energy category. I want to reiterate our three key growth drivers that we are focused on for the rest of the year and beyond attracting new consumers into the energy category, expanding a product availability and increasing consumption frequency.

零售業的攝氏彈性成長克服了同期成長 2% 的疲軟狀況。攝氏度再次成為整個能源類別的重要推動者，貢獻了第三季總收入 2.657 億美元所有成長的 16% 以上。與去年相比有所下降，主要歸因於經銷商庫存優化，賈羅德將在本次電話會議上更詳細地討論這個問題。截至 9 月 30 日，年初至今的營收為 10.2 億美元，比去年成長 5%。我們看到的銷售數據繼續支持我們成為能源類別的最大推動者。我想重申我們今年剩餘時間重點關注的三個關鍵成長動力，除了吸引新消費者進入能源類別、擴大產品供應和提高消費頻率之外。

We believe that we're making progress across each of these initiatives will help us pursue our vision of becoming the leading energy drink brand. Let me share more details on how we're thinking about each first. We're continuing to bring new consumers into the energy drink category through premium marketing and innovation around better for you. Great tasting. Energy Celsius continues to deliver innovative flavors that resonate with consumers such as our new on the Go powders in our Vibe line and Rt Ds like sparkling watermelon lemonade and cherry Cola, which we're taking nationwide due to strong consumer demand. Two recently now C is essential flavors grape slush and watermelon ice alongside our new 2025 5 and core line innovation previewed at the convenience store trade show max keeping consumer excitement and category trial high. We believe that Celsius continues to outperform on taste function and our brand association with the Live Fit Lifestyle that brings new consumers into the energy drink category through our marketing.

我們相信，我們在每項措施上取得的進展將有助於我們實現成為領先的能量飲料品牌的願景。讓我先分享更多關於我們如何考慮每個問題的細節。我們將繼續透過優質行銷和創新，為您帶來更好的體驗，將新消費者帶入能量飲料類別。味道很棒。 Energy攝氏度持續提供與消費者產生共鳴的創新口味，例如我們的Vibe系列中的新型便攜式粉末以及起泡西瓜檸檬水和櫻桃可樂等Rt Ds，由於消費者的強勁需求，我們正在全國範圍內銷售這些口味。最近，兩種 C is Essential 口味的葡萄泥和西瓜冰以及我們在便利商店貿易展上預覽的全新 2025 5 和核心系列創新 max 保持了消費者的興奮和品類試用的高度。我們相信，Celsius 在味覺功能以及我們與 Live Fit 生活方式的品牌關聯方面繼續表現出色，透過我們的行銷將新消費者帶入能量飲料類別。

Second, in terms of expanding product availability based on recent industry surveys, we expect energy will continue to gain shelf space in the beverage coolers and aisles. With Celsius being a strong beneficiary of these games. This validates positive customer conversations we had last month at max domestically, Celsius market share has been resilient with our share in Mulo Plus with convenience. In the last four weeks ending October 6th, rising to 11.6% an increase of 10 basis points from this time last year, we are focused on re accelerating our share growth. We believe that our incentive program with Pepsi featuring priority periods and align resources should provide additional tail ends for us going forward, turning to other channels that are expanding our availability. Approximately 12.3% of Celsius total North America sales to Pepsico in the quarter was to the food service channel with strong results in workplace, restaurant, recreational lodging and gaming sales, lodging and restaurant points of distribution were up 46% and 27% respectively. Compared to last year, Celsius sales to Amazon increased 21% year over year to $27 million. Up from $22.2 million in the prior year period.

其次，根據最近的行業調查，在擴大產品供應方面，我們預計能源將繼續在飲料冷卻器和過道中獲得貨架空間。攝氏度是這些遊戲的最大受益者。這證實了我們上個月在國內最大的積極客戶對話，隨著我們在 Mulo Plus 中的便利份額，Celsius 的市場份額一直保持彈性。截至 10 月 6 日的過去四個星期，我們的份額增長至 11.6%，比去年同期增長了 10 個基點。我們相信，我們與百事可樂的激勵計劃以優先期限和調整資源為特色，應該為我們的未來提供額外的尾端，轉向其他擴大我們可用性的管道。本季度，百事可樂在北美的總銷售額中約 12.3% 是透過餐飲服務管道實現的，工作場所、餐廳、休閒住宿和遊戲銷售業績強勁，住宿和餐廳分銷點分別增長了 46% 和 27%。與去年相比，Celsius 對亞馬遜的銷售額年增 21%，達到 2,700 萬美元。高於去年同期的 2,220 萬美元。

Celsius ended Q3 with a 20.4% share on Amazon according to stack line last 14 week read ending October 5th 2024.

根據 Stack Line 截至 2024 年 10 月 5 日的過去 14 週數據顯示，Celsius 在第三季末在亞馬遜上的份額為 20.4%。

E-comm continues to be a great opportunity for us building brand awareness and making our product accessible to consumers whenever and wherever they want. It sales to cost in the third quarter of 2024 increased 15%. However, sales Sam's Club BJs were negatively affected due to timing of promotions and innovation loading. And the year ago period, the total club channel sales decreased 4% to 60.5 million in the third quarter, 2024 from $63.2 million for the prior year period.

電子商務仍然是我們建立品牌知名度並使消費者隨時隨地使用我們的產品的絕佳機會。 2024 年第三季的銷售額與成本相比成長了 15%。然而，由於促銷時機和創新加載，山姆會員店 BJ 的銷售受到了負面影響。與去年同期相比，2024 年第三季俱樂部通路總銷售額從去年同期的 6,320 萬美元下降了 4%，降至 6,050 萬美元。

Our expansion is broader than just North America. In October, we launched in Australia and New Zealand.

我們的擴張範圍不僅限於北美。十月，我們在澳洲和紐西蘭推出。

Our third growth driver is increasing consumption frequency, Celsius expanded energy drink consumption, occasions with refreshing flavors and our aspirational live fit lifestyle.

我們的第三個成長動力是消費頻率的增加、Celsius 擴大的能量飲料消費、清爽口味的場合以及我們理想的健身生活方式。

Celsius continues to grow our presence and incremental consumption occasions like meal time through our partnerships with leading convenience stores and quick serve restaurants like Jersey Mike's.

透過與領先的便利商店和 Jersey Mike's 等快餐店的合作，Celsius 繼續擴大我們的影響力並增加用餐時間等消費場合。

We're supporting our growth drivers by investing behind the brand but also in our organizational excellence, scaling operations, advancing technology and developing our people. Last week, we acquired big beverage, a long term Celsius Co Packer, which is intended to give us new innovation capabilities, greater control over our supply chain. In addition to financial benefits that we believe will be achieved in the near and long term, we believe that vertical integration like this copacker acquisition is a capital efficient growth driver. And another way we are investing in our long term vision to become the leading energy drink brand in the United States.

我們透過投資品牌、卓越組織、擴大營運、推進技術和培養員工來支持我們的成長動力。上週，我們收購了一家大型飲料公司——Celsius Co Packer，旨在為我們提供新的創新能力，更好地控制我們的供應鏈。除了我們認為將在近期和長期實現的財務利益之外，我們還相信像此次收購壓縮包裝機這樣的垂直整合是資本高效的成長動力。我們的另一種方式是投資我們的長期願景，成為美國領先的能量飲料品牌。

We've also recently established a new center of excellence in Ireland intended to drive our innovation, global procurement supply chain and global marketing forward. As we expand further across the US and into new global markets.

我們最近也在愛爾蘭建立了一個新的卓越中心，旨在推動我們的創新、全球採購供應鏈和全球行銷向前發展。隨著我們在美國進一步擴張並進入新的全球市場。

Our field sales key accounts team have begun using A I assisted selling tools as well as a new mobile technology that optimizes vehicle routes for further efficient selling and relationship management.

我們的現場銷售大客戶團隊已開始使用 AI 輔助銷售工具以及新的行動技術，可優化車輛路線，以進一步提高銷售和關係管理的效率。

We are also investing in new technologies to improve efficiencies in our orbit model and reduce our freight lane costs. Importantly, we welcome two new additions to our already strong board of directors, Hans Mellet and Israel Konarski. These professionals bring extended global experience and consumer goods and prior and present leadership roles at Starbucks, Johnson and Johnson and Pepsico. Israel replaces Jim lee who departed our board in conjunction with his move from Pepsi to Target. We thank Jim for his service and we wish him best of luck in his new CFO role.

我們也投資新技術，以提高軌道模型的效率並降低貨運通道成本。重要的是，我們歡迎兩位新成員加入我們已經強大的董事會，漢斯·梅萊和伊斯雷爾·科納爾斯基。這些專業人士帶來了豐富的全球經驗和消費品，以及在星巴克、強生和百事可樂之前和現在擔任的領導職務。 Israel 接替了吉姆李 (Jim Lee)，後者在從百事可樂轉到塔吉特 (Target) 的同時也離開了我們的董事會。我們感謝吉姆的服務，並祝他在新的財務長職位上一切順利。

Our customers continue to believe as we do that. Celsius is a winning brand with a long growth pathway ahead of us. We are investing for long term sustainable growth with strategies to energize our customers in more places. More often, these three growth drivers are underpinned by our focus on organizational excellence across people, technology and scale with that. I'll turn the call over to our Chief Financial Officer Jerry Lgen to discuss our third quarter results, Jarrod.

當我們這樣做時，我們的客戶仍然相信。攝氏是一個成功的品牌，我們前面還有很長的發展道路。我們正在投資長期可持續成長，制定策略為更多地方的客戶注入活力。更常見的是，這三個成長動力的基礎是我們對人員、技術和規模方面組織卓越性的關注。 Jarrod，我將電話轉給我們的財務長 Jerry Lgen，討論我們第三季的表現。

Thank you John. While the third quarter was anything but normal Celsius generated positive net income despite a significant revenue headwind, demonstrating the strength of our financial position and operations. Moreover, we continue to invest in our brand as we stayed focused on driving our sales and marketing efforts and we put a portion of our cash on hand to vertical integration with the acquisition of big beverages all of this to invest in our long term growth.

謝謝約翰。儘管第三季的收入逆風，但攝氏的淨利潤卻與正常情況截然不同，這顯示了我們財務狀況和營運的實力。此外，我們繼續投資於我們的品牌，因為我們繼續專注於推動我們的銷售和行銷工作，並且我們將部分現金用於收購大型飲料的垂直整合，所有這些都是為了投資於我們的長期成長。

This quarter revenue was approximately $266 million down 31% from $385 million in Q3 last year, primarily due to inventory optimization by our largest distributor impacting revenue by around $124 million. Promotional allowances from increased retail sales created revenue headwinds due to the imbalance that existed between the decreased selling to our distributor and increased sell through at retail.

本季營收約為 2.66 億美元，較去年第三季的 3.85 億美元下降 31%，這主要是由於我們最大的經銷商的庫存優化影響了約 1.24 億美元的收入。由於經銷商銷售減少與零售銷售增加之間存在不平衡，零售額增加帶來的促銷補貼造成了收入逆風。

Additionally, the previously announced incentive program with our largest distributor and its network of franchisees fully ramped up in the third quarter. This program further aligns our financial incentives through priority periods and other measures but does impact our margin revenue was further impacted by reduced unit velocity and softer macroeconomic conditions.

此外，先前宣布的與我們最大的分銷商及其特許經營商網絡的激勵計劃在第三季度全面啟動。該計劃透過優先階段和其他措施進一步調整了我們的財務激勵措施，但確實影響了我們的利潤收入，單位速度下降和宏觀經濟狀況疲軟進一步影響了我們的利潤收入。

North American revenue for the three months ended September 30th 2024 was approximately $247 million. A decrease of 33% from $371 million in the prior year period, primarily driven by the previously mentioned inventory optimization.

截至 2024 年 9 月 30 日的三個月北美收入約為 2.47 億美元。與去年同期的 3.71 億美元相比下降了 33%，這主要是由於前面提到的庫存優化所致。

International revenue grew 37% to $18.6 million in Q3 2024 compared to the same period last year, year-to-date total revenue through September 30th 2024 was approximately $1.02 billion An increase of 5% from the prior year period.

2024 年第三季國際營收較去年同期成長 37%，達到 1,860 萬美元，截至 2024 年 9 月 30 日的年初至今總營收約 10.2 億美元，較去年同期成長 5%。

Gross profit in the third quarter decreased 37% to $122 million. Down from $194 million in the prior year period. Gross profit margins in the third quarter were 46% of revenues compared to 50.4% for the prior year period. These effects are due to the aforementioned inventory optimization and full implementation of our incentive program in the quarter with our largest distributor.

第三季毛利下降37%至1.22億美元。低於去年同期的 1.94 億美元。第三季毛利率佔營收的 46%，去年同期為 50.4%。這些影響是由於上述庫存優化以及我們與最大經銷商在本季全面實施的激勵計劃所致。

However, margin pressures from these two factors were partially offset by reduced outbound freight costs and savings on the purchase of materials.

然而，這兩個因素帶來的利潤壓力被出境貨運成本的降低和材料採購的節省部分抵消。

Year-to-date gross profit through September 30th 2024 was more indicative of our full year operations and was $513.5 million or 50.2% of revenue. An increase of 10% compared to $466.9 million or 48.1% in the prior year period.

截至 2024 年 9 月 30 日的年初至今的毛利更能反映我們全年的營運情況，為 5.135 億美元，佔營收的 50.2%。與去年同期的 48.1% 或 4.669 億美元相比，成長 10%。

Sales and marketing expenses as a percentage of revenue for the third quarter were 37.6% and 26.1% year-to-date. While the sales and marketing expenditures were in line with our forecasted expectations. They were much higher as a percentage of revenue due to the optimization that took place by our largest distributor which resulted in approximately $124 million less in sales. With that said we continue to invest and support our brand in a thoughtful manner without creating disruption to our ongoing campaigns and investments.

年初至今，第三季銷售和行銷費用佔收入的比例分別為 37.6% 和 26.1%。而銷售和行銷支出符合我們的預期。由於我們最大的分銷商進行了優化，導致銷售額減少了約 1.24 億美元，因此它們佔收入的百分比要高得多。話雖如此，我們將繼續以深思熟慮的方式投資和支持我們的品牌，而不會對我們正在進行的活動和投資造成乾擾。

Q3 2024 general administrative expenses rose 11% to $25.5 million representing 10% of sales up from 6% last year. Year-to-date through Q3 G&A expenses were 7% of total revenue in line with expectations.

2024 年第三季一般管理費用成長 11%，達到 2,550 萬美元，佔銷售額的 10%，高於去年的 6%。今年迄今至第三季的一般管理費用佔總營收的 7%，符合預期。

Non-GAAP adjusted even do for Q3 decreased 96% to approximately $4.4 million from $103.6 million last year. With the year-to-date adjusted even do margin of 18.8% totaling $192.8 million.

即使在按照非 GAAP 調整後，第三季的營收也從去年的 1.036 億美元下降了 96%，降至約 440 萬美元。年初至今調整後的利潤率為 18.8%，總計 1.928 億美元。

Q3 net income decreased 92% to approximately $6.4 million down from $83.9 million last year. With year-to-date net income of $164 million.

第三季淨利從去年的 8,390 萬美元下降到約 640 萬美元，下降 92%。年初至今淨利為 1.64 億美元。

Despite the quarter's pressures, we maintain a cash balance above $900 million and we are generating positive full year operating cash flow. This concludes our prepared remarks. Operator. You may now open the lines for questions.

儘管本季面臨壓力，我們的現金餘額仍維持在 9 億美元以上，且全年營運現金流為正。我們準備好的演講到此結束。操作員。現在您可以開啟提問熱線。

(Operator Instructions)

（操作員說明）

Your first question comes from the line of Jim Salera of Stephens. Your line is open.

你的第一個問題來自史蒂芬斯的吉姆·薩萊拉（Jim Salera）。您的線路已開通。

Yes, good morning. Thanks for taking our question. I wanted to maybe drill down on the cadence as we close out 2024 and move into 2025 just with, with the combination of, you know, some of the increased promotional you guys have in the channel, the new flavor launches. I, is it, is it correct for us to assume that we should see the trends in the scan data kind of improved sequentially month on month as we move through four Q and then go into 2025?

是的，早安。感謝您提出我們的問題。我想深入了解 2024 年結束並進入 2025 年的節奏，結合管道中增加的一些促銷活動和新口味的推出。我，是嗎，當我們經歷四個季度並進入 2025 年時，我們應該看到掃描資料的趨勢逐月連續改善，這種假設是否正確？

Yeah, thanks Jim for the question. You know, we do have a variety of promotional activities planned for Q4 as well. The category is highly promotional as we know there is a lot of new innovation that's coming out from a variety of other brands within the category. You know, we're watching Velocity on a weekly, monthly, quarterly basis. We have a lot of great plans in place for the back half and heading into 2025.

是的，謝謝吉姆的提問。您知道，我們也計劃在第四季開展各種促銷活動。該類別的促銷力度很大，因為我們知道該類別內的各種其他品牌都推出了許多新的創新。你知道，我們每週、每月、每季都會關注 Velocity。我們為下半年和 2025 年制定了許多偉大的計劃。

We're really focusing on our growth, drivers of increasing new to category expanding occasions with the usage occasions, expanding as well as increasing availability. So those are things we're monitoring. We have a lot of plans in place just coming up in the next few weeks. We have a big program with Jake Paul Mike Tyson. We're a title sponsor, so be able to get some further national reach across the country and impressions and the teams are focused on driving to retail.

我們真正關注的是我們的成長，增加新類別的驅動因素，隨著使用場合的擴大，以及可用性的增加。這些都是我們正在監控的事情。我們在接下來的幾週內制定了很多計劃。我們和傑克·保羅·邁克·泰森有一個大型計劃。我們是冠名贊助商，因此能夠在全國範圍內獲得進一步的影響力和印象，並且團隊專注於推動零售。

Good, good and then maybe if I could sneak in a quick follow up. I if we think about, you know, the the pressure that the category seen, obviously still one of the better categories across retail, just any thoughts on what you would want to see out of the consumer, that would kind of really accelerate category growth. And you know, drive energy drink category growth as we go into the next year.

很好，很好，也許我可以快速跟進。如果我們考慮一下，你知道，該類別所面臨的壓力，顯然仍然是零售業中更好的類別之一，只要你想從消費者那裡看到什麼，這將真正加速類別的成長。你知道，隨著我們進入明年，推動能量飲料類別的成長。

Yeah, I think, you know, when you look at the third quarter that we're reporting on today. It was, it was troubled with, with traffic. We saw a lot of our major retailers talk about reduced traffic in convenience. You know, we need traffic to come back, we need occasions to come back. You know, but the good news is when you look at the Celsius portfolio, you know, are better for you and this performance, energy and fitness lifestyle is a, is a broad position that has a lot of tailwind behind it.

是的，我想，當你看看我們今天報告的第三季時就知道了。它是，它被交通困擾。我們看到許多主要零售商都在談論減少客流量以提高便利性。你知道，我們需要流量回來，我們需要機會回來。你知道，但好消息是，當你看看攝氏投資組合時，你知道，這對你來說更好，而且這種表現、能量和健身生活方式是一個廣泛的立場，背後有很多順風車。

You know, the better for you is not slowing down. And I think what's really exciting for us as we sit here today is in the quarter we saw for the first time, about 50% of the category is greater, greater than 50% of the category is now sugar free. So the sugar free movement it continues to build steam. We have an amazing sugar free portfolio. We need macroeconomic trends to improve. We expect that to improve. We saw some additional growth in the category over the last several weeks from the lows and actually the negative growth we saw in the third quarter.

你知道，對你來說更好的不是放慢速度。我認為，當我們今天坐在這裡時，真正令我們興奮的是我們第一次看到這個季度，大約 50% 的類別更多，超過 50% 的類別現在是無糖的。因此，無糖運動會繼續產生蒸氣。我們擁有令人驚嘆的無糖產品組合。我們需要改善宏觀經濟趨勢。我們預計情況會有所改善。在過去幾週，我們看到該類別從低點開始出現了一些額外的增長，實際上我們在第三季度看到了負增長。

So we feel with our function, a refreshing taste profile and our fitness position, we're well positioned when the category gets back, which we're confident it will. As you said, the category has been a great growth driver in LRB and we're going to increase availability as well, which we're really excited about.

因此，我們認為，憑藉我們的功能、清爽的口味和我們的健身定位，當該類別回歸時，我們處於有利位置，我們相信它會的。正如您所說，該類別一直是 LRB 的巨大成長動力，我們也將增加可用性，對此我們感到非常興奮。

Thank you, Jim. Your next question comes from the line of Kaumil Gajrawala of Jefferies. Your line is open.

謝謝你，吉姆。您的下一個問題來自 Jefferies 的 Kaumil Gajrawala。您的線路已開通。

Hey guys, good morning. I guess a couple of things. The first is you specific to mention your prepared remarks that you know the new incentive structure with Pepsi. And that you're positive about it. Can you give us maybe some more details on what's behind that and why that should drive category acceleration from where we are now?

嘿夥計們，早安。我想有幾件事。首先，您具體提及您準備好的言論，即您了解百事可樂的新激勵結構。而你對此持正面態度。您能否提供我們一些更多細節，說明背後的原因以及為什麼這會推動我們現在所處的類別加速？

Yeah, I when you look at it, you know, the, the the program, the further alignment incentive program we implemented in 2004 is really further getting implemented into 2025 with additional focus and priority periods. We just finished next last month and coming off their annual operating plan meeting that was in Las Vegas, that our group, our leadership team, as well as a variety of other team members attended. Just we're getting great cross functional collaboration, further alignment on our 2025 plans.

是的，當你看到它時，你知道，我們在 2004 年實施的進一步調整激勵計劃確實會進一步實施到 2025 年，並​​有額外的重點和優先期。我們上個月剛結束了在拉斯維加斯舉行的年度營運計畫會議，我們的團隊、我們的領導團隊以及其他各種團隊成員都參加了會議。只是我們正在進行良好的跨職能協作，進一步協調我們的 2025 年計畫。

And it's, we feel like we're going to have more of a cohesive approach as we're further aligned to truly drive this category, getting additional availability, expanding placements and getting Celsius in the hands of more consumers and disrupting that path to purchase, which is so critical on brand, building a brand and getting more trial.

我們覺得，隨著我們進一步協調一致，真正推動這一類別的發展，獲得更多的可用性，擴大展示位置，將攝氏度交到更多消費者手中，並擾亂購買路徑，我們將採取更有凝聚力的方法。

Thank you. And I guess the second question is, you know, are they done? Is inventory in the right place? Do we just move on with consumption from here? Presumably you've chatted with them and hope for no more surprises. But I'd I think we'd all like to know if they're, if they're at the place they want to be.

謝謝。我想第二個問題是，你知道，他們完成了嗎？庫存是否在正確的位置？我們就從現在開始繼續消費嗎？想必您已經與他們交談過並希望不會再出現意外。但我想我們都想知道他們是否在，是否在他們想去的地方。

Yeah, we're watching the correlation between sell in and sell out. I'll throw that over to Jarrod to provide some further color on that.

是的，我們正在觀察賣出和賣出之間的相關性。我會將其交給 Jarrod，以提供更多資訊。

We've got a handful of weeks of visibility into the fourth quarter. We're definitely seeing a tighter correlation on a weekly basis between the inventory sell in and depletions, you know, from our largest distributors warehouses into, into retail when comparing to Q3, it's not fully matched yet.

我們對第四季的情況還有幾週的了解。與第三季相比，我們肯定會看到每週庫存銷售和消耗之間的相關性更緊密，從我們最大的經銷商倉庫到零售，它還沒有完全匹配。

So there is a slight disconnect from the sell through versus a sell in with retailers, but it's a very slight at this point in time, you know, at the current rate, we should see alignment of the sell in and sell through before Q4 ends based on the trends we're seeing in the discussions we're having.

因此，銷售與零售商的銷售之間存在輕微的脫節，但目前這種情況非常輕微，您知道，按照目前的速度，我們應該在第四季度結束之前看到銷售和銷售的一致性基於我們在討論中看到的趨勢。

So our teams are definitely working together diligently to minimize any potential impacts in Q4. With that said, we, you know, we could see some pressure in the quarter, November and December will be key drivers in this process. So as things stand today, depending upon how we end the year, we could see an impact where we see some positive benefit or potentially all the way up to maybe $15 million of pressure. That's kind of our visibility into today. So that's kind of the range we can offer and what we're seeing from that perspective.

因此，我們的團隊肯定會努力合作，以盡量減少第四季度的任何潛在影響。話雖如此，我們可能會在本季度看到一些壓力，11 月和 12 月將是這一過程的關鍵驅動因素。因此，就目前的情況來看，根據我們如何結束這一年，我們可能會看到一些積極的好處，或者可能會帶來高達 1500 萬美元的壓力。這就是我們今天的看法。這就是我們可以提供的範圍以及我們從這個角度所看到的。

Okay, thank you. Did I hear that right? Another $15 million for Q. Is that what you just.

好的，謝謝。我沒聽錯吧？另外 1500 萬美元給 Q。

I said we could see actually see anywhere from a bit of positive benefit from it. All the way up to around $15 million of pressure depending upon how we kind of finish off the year. Yeah.

我說我們實際上可以從任何地方看到它帶來的積極好處。一直到大約 1500 萬美元的壓力取決於我們如何結束這一年。是的。

We need to see how November and December turn out.

我們需要看看 11 月和 12 月的結果如何。

Your next question comes from the line of Mark Astrachan of Stifel. Your line is open.

您的下一個問題來自 Stifel 的 Mark Astrachan。您的線路已開通。

Morning everybody. I just, just quickly following on that on that last comment, I guess, you know, the the question obviously that's the question everybody keeps asking over and over again, but you know, your your range of potentially $15 million of headwinds to to slightly positive, I assume if we're all sitting here trying to look at this from, from our desk, the the the the best way to think about this would be whatever in demand for the scanner data would would look like, right?

大家早安。我只是，只是快速跟進最後一條評論，我想，你知道，這個問題顯然是每個人都一遍又一遍地問的問題，但你知道，你的潛在 1500 萬美元逆風的範圍到輕微積極的，我想如果我們都坐在這裡試圖從我們的辦公桌上看這個問題，思考這個問題的最佳方法就是掃描器資料的需求是什麼樣子，對吧？

So if your sales trends are growing somewhere around where they are now low to mid single digits, how does that look from an inventory de stocking or restocking perspective? I guess maybe something to benchmark it relative to current performance would be helpful. And then I've got a couple of other questions.

因此，如果您的銷售趨勢正在成長，目前處於低至中個位數的水平，那麼從庫存去庫存或補貨的角度來看，情況如何？我想也許相對於當前性能進行基準測試會有所幫助。然後我還有其他幾個問題。

Yeah, it's a good, a good perspective mark. So I'd, I'd say if you see, if we start to see things pick up, then we have a better opportunity to benefit from that perspective. If we see things kind of turn the other way, then, then I would expect a little bit more pressure.

是的，這是一個很好的視角標記。所以我想說，如果你看到，如果我們開始看到事情好轉，那麼我們就有更好的機會從這個角度受益。如果我們看到事情朝著相反的方向發展，那麼我預計會面臨更大的壓力。

So kind of if we stay where we are, you know, we're probably tracking to not have anything substantial. But you kind of a little better is a little better for us. A little worse is a little worse for us.

所以，如果我們保持現狀，你知道，我們可能會發現沒有任何實質的東西。但你好一點對我們來說會更好一點。對我們來說，更糟一點就是更糟一點。

Yeah, that's, that's helpful. And then on, on market share. So I think John, you said resilience, I think that was the word you used in, in the prepared remarks, you know, it is hanging in there. But, but I suppose if you think about the share, it's still down, I don't know, point point and a half from, from in, in May.

是的，這很有幫助。然後是市場佔有率。所以我認為約翰，你提到了韌性，我認為這是你在準備好的演講中使用的詞，你知道，它就掛在那裡。但是，但我想如果你考慮一下這個份額，我不知道，從五月開始，它仍然下降了一點半。

I, I guess the question is where do you think that that consumer has, has gone? And what do you think Celsius can do to regain that consumer?

我想問題是你認為那個消費者去了哪裡？您認為攝氏度可以採取什麼措施來重新獲得消費者的青睞？

Yeah, I think when you look at it through that, going through since that peak of May, you know, there's been a lot of challenges we've expanded into the convenience channel. That was the biggest opportunity for us within shelf space gains. And we, we did see some challenges there with foot traffic. We are, we know from some of the data that we're getting in from Sarana. You know, our shopper is potentially taking maybe that one last trip that one less occasion.

是的，我認為，當你回顧這一點時，從五月高峰以來，你知道，我們在便利管道中遇到了很多挑戰。這對我們來說是貨架空間增加的最大機會。我們確實看到了人流方面的一些挑戰。我們從薩拉娜那裡得到的一些數據得知。您知道，我們的購物者可能會少做最後一次旅行。

So we think there's a big opportunity to really target increased consumption in occasions and bring those consumers back as confidence returns. You know, and the category gets back to growth rate on bringing new consumers in. And expanding that, we think we have a great portfolio, the better for you movements there sugar free is there. We've gotten a lot of, there's been a lot of innovation that's come in from some of the largest players.

因此，我們認為這是一個很大的機會，可以真正瞄準增加特定場合的消費，並隨著信心的恢復而將這些消費者帶回來。你知道，隨著新消費者的加入，該類別又恢復了增長速度。我們已經從一些最大的參與者那裡獲得了很多創新。

You know, that are expanded trial, maybe that shopper purchased another product of one of the new flavors that came in on one of the other brands. But we feel confident in our portfolio, we feel confident in some of the new innovation that's coming out for 2025. Coming out of NXS, we talked to many of our customers. And there's a lot of excitement around the energy category, expanding additional shelf space. And we heard positive feedback from many retailers on resets for 2025.

您知道，這是擴大的試用，也許該購物者購買了其他品牌之一的新口味之一的另一種產品。但我們對我們的產品組合充滿信心，我們對 2025 年推出的一些新創新充滿信心。能源類別令人興奮，擴大了額外的貨架空間。我們聽到許多零售商對 2025 年重置的正面回饋。

So we'll see how that ends up, but we feel confident we're going to further expand space and availability and we got some great retailer marketing programs planned into 25 and further alignment that I was talking about answering the prior question with Pepsi. We're getting further alignment each and every week, every month. We're collaborating better each and every day and you know, this is getting into the 3rd year of the relationship and we're really looking to leverage that.

所以我們將看看結果如何，但我們有信心我們將進一步擴大空間和可用性，並且我們計劃將一些出色的零售商營銷計劃納入 25 個項目，並進一步協調我正在談論的回答之前與百事可樂的問題。我們每週、每月都在進一步調整。我們每天都在更好地合作，你知道，現在已經進入了合作關係的第三年，我們真的希望利用這一點。

Got it and just, just to follow up on that. So your share, it sounds like you're saying is weaker in C stores than it would be in, in mass Amazon Costco. Is that, is that the way to think about it?

明白了，只是為了跟進。所以你的份額，聽起來像是你說的，在 C 商店中的份額比在亞馬遜 Costco 中的份額要弱。是、是這樣思考的嗎？

Yeah, and that's historically, as you know, if you go back, even historically as it's been, you know, our share as a percentage has been better in food, drug mass and and on Amazon. So that's the big opportunity is to close the GAAP. We got good share in a variety of in a national retailer as well as regional players. We just need to close the GAAP.

是的，從歷史上看，正如你所知，如果你回顧過去，即使從歷史上看，你也知道，我們在食品、藥品品質和亞馬遜上所佔的百分比更好。因此，關閉 GAAP 是一個巨大的機會。我們在全國性零售商和地區性零售商中都獲得了良好的份額。我們只需要關閉公認會計準則。

We need to get better placements, we need to disrupt that path to purchase. We need to continue to drive household penetration. And we feel that the consumer is there. We know the sugar free consumer is there the better for you consumer, the fitness life, lifestyle consumer. And we're well positioned to capture that when this category gets back to growth.

我們需要獲得更好的展示位置，我們需要破壞這種購買路徑。我們需要繼續推動家庭滲透率。我們感覺消費者就在那裡。我們知道無糖消費者對您的消費者、健身生活、生活方式的消費者來說是更好的。當這個類別恢復成長時，我們已經做好了充分準備來抓住這一點。

Your next question comes from the line of Peter Grom of UBS. Your line is open.

你的下一個問題來自瑞銀集團的彼得‧葛羅姆。您的線路已開通。

Thanks, operator. Good morning, everyone. So I, I guess, I wanted to ask about the, the inventory and, but, but maybe just the assumption for a slight benefit versus the $15 million headwind. Is this something you plan to, to update us on as we, as we move through the quarter, maybe similar to what we saw in three Q and then of that $15 million headwind, you know, what's kind of underpinning that assumption? I, I guess I'm just trying to make sure we don't have and I guess just building on that, you mentioned, you know, better alignment several times throughout this call. But how would you compare your visibility today on the inventory dynamic versus maybe what we saw, you know, in the spring and the summer?

謝謝，接線生。大家早安。所以我，我想，我想問一下庫存，但是，但也許只是假設相對於 1500 萬美元的逆風，會有一點好處。您是否計劃在本季度向我們通報最新情況，也許類似於我們在第三季度中看到的情況，然後是 1500 萬美元的逆風，您知道，支撐這一假設的是什麼？我，我想我只是想確保我們沒有，我想只是在此基礎上，你提到，你知道，在整個電話會議中多次更好地協調。但是，您如何將今天對庫存動態的可見性與我們在春季和夏季看到的情況進行比較？

Yeah, I mean, I think we have good visibility and we've been working closer and closer together. I think some of the what got caught up in Q3 was some very good optimization that took place and some very efficient optimization. And I think our largest distributor actually commented on that on their call a couple of weeks ago. So they did a great job with that. We kind of got caught up in that in Q3 and Q4.

是的，我的意思是，我認為我們有很好的知名度，而且我們的合作越來越緊密。我認為第三季發生的一些事情是一些非常好的優化和一些非常有效的優化。我認為我們最大的經銷商實際上在幾週前的電話會議上對此發表了評論。所以他們在這方面做得很好。我們在第三季和第四季陷入了這種困境。

You know, we're kind of just looking at trends and we're, we're trying to build an analysis kind of some, you know, if things got a little better if things got a little worse, that's kind of the range we provided based on the trends and the data we're following. And so that's our best estimate for you guys from that perspective. In terms of Q4 versus Q3, you know, Q3 was really where the optimization took place. The Q4 is more a product of, of where does the category go more so than I would say any kind of significant optimization.

你知道，我們只是在關注趨勢，我們正在嘗試建立一種分析，你知道，如果事情變得更好一點，如果事情變得更糟一點，那就是範圍我們根據趨勢和我們跟踪的數據提供。因此，從這個角度來看，這是我們對你們的最佳估計。就第四季與第三季而言，您知道，第三季確實是進行最佳化的地方。 Q4更像是該類別的產品，而不是我所說的任何重大優化。

Okay. So that's helpful, Jarrod, I guess. So if you were to as, as we stand here today is the best way to think about for North America sales growth is to kind of take what we see in underlying scanner data, call it this load in single digits. And you know, back out some sort of assumption, you know, if we're being conservative 15 million. Is that fair?

好的。所以這很有幫助，賈羅德，我想。因此，正如我們今天站在這裡一樣，考慮北美銷售成長的最佳方式是採用我們在基礎掃描器數據中看到的數據，將其稱為單位數負載。你知道，如果我們保守的話 1500 萬的話，就需要推翻某種假設。這樣公平嗎？

Okay. And then I want a quick follow up just, you know, maybe building on the question on market share. You, you unpack some plans here, promotions innovations, but I guess a lot of your peers are kind of doing similar things.

好的。然後我想快速跟進一下，你知道，也許是在市場份額問題的基礎上進行的。你，你在這裡解開一些計劃，促銷創新，但我想你的許多同行都在做類似的事情。

So I'd be curious what you think is actually different today versus maybe what you were doing over the course of the summer. And then within that, we're kind of at a point where if you kind of look at the sequential market shares, if you hold here. You're going to start to see year over year decline. Is that something you think we should be brief for as we think about, you know, the track performance looking out over the next several weeks here.

所以我很好奇你今天的想法與你整個夏天所做的事情實際上有什麼不同。然後，在這個點上，如果你看看連續的市場份額，如果你持有這裡的話，我們就處於這樣一個點上。你將開始看到逐年下降。當我們考慮未來幾週的賽道表現時，您認為我們應該簡短介紹一下這一點嗎？

Yeah, Peter, I think there's a lot of variables there within the share. There's a variety of things happening from consumers, from shopping pattern changes to you know, innovation to consumer sediment. We have a variety of different tactics and strategies in place to continue to drive new category consumption. Further activating our Gen Z College University program leveraging are better for you and the sugar free movement. Increasing availability is something we're really working on.

是的，彼得，我認為共享中有很多變數。消費者身上發生了各種各樣的事情，從購物模式的變化到你所知道的創新，到消費者的沉澱。我們採取了多種不同的策略和策略來持續推動新品類的消費。進一步啟動我們的 Z 世代學院大學計畫對您和無糖運動都有好處。提高可用性是我們真正致力於的事情。

Further, that's that alignment and collaboration with Pepsi to really further expand that cooler placements path to purchase. You look at some increased consumptions that occasions that food service we've talked about in the prepared marks. There's a lot of great opportunities ahead. Talk about some, I mean, like I just mentioned the Jake Paul Tyson's Netflix supposed to be the largest consumer sporting event, live sporting boxing event in history.

此外，這就是與百事可樂的聯盟和合作，以真正進一步擴展更酷的展示位置購買路徑。您會看到一些消費的增加，這些增加導致了我們在準備的標記中討論過的食品服務。前面有很多很好的機會。我的意思是，談論一些，就像我剛剛提到的傑克保羅泰森的 Netflix 應該是歷史上最大的消費者體育賽事、現場體育拳擊賽事。

And actually, so that'll be coming up in the next two weeks. It'll get a lot of reach a lot of eyeballs, further drive household penetration and then we got some great flavor, innovation coming in. Further aligning that refreshing, want to be the most refreshing energy drink out there

事實上，這將在接下來的兩週內出現。它將吸引大量眼球，進一步推動家庭普及，然後我們將獲得一些很棒的口味和創新。

So we have a lot of great strategies we continue to evolve, continue to maximize efforts, target new consumers and build upon that. So as the share goes, we, we're working hard to continue to drive increased share and increased velocity. And that's what these teams are focused on and we continue to evolve each a learning, getting better and executing and, and evolving.

因此，我們有很多偉大的策略，我們將繼續發展，繼續最大限度地努力，瞄準新消費者並在此基礎上繼續發展。因此，隨著份額的成長，我們正在努力繼續推動份額的增加和速度的提高。這就是這些團隊所關注的重點，我們透過學習、變得更好、執行和不斷發展來不斷發展每個團隊。

Your next question comes from the line of Kevin Grundy of BNP Paribas. Your line is open.

您的下一個問題來自法國巴黎銀行的 Kevin Grundy。您的線路已開通。

Hey, good morning, everyone. A couple of questions for me. Just kind of zooming out a bit but kind of picking up on a lot of a lot of questions around the or has there been consideration around introducing formal guidance, both near term and long term? And I asked that in the context, you know, number one, historically, you pointed to monster, we can agree, they're kind of an outlier whereas pretty much everyone else in staples issues, some sort of guidance. Number one, number two, I would say the range of outcomes in the US now is a heck of a lot more narrow than it was my goodness even probably like just, you know, 56 months ago. Because I think, and then lastly, I think you guys would know it's not lost on you for a moment. You know, I think there's a strong desire in the marketplace for greater visibility more sort of credibility around the results and kind of where we're going.

嘿，大家早安。有幾個問題問我。只是稍微縮小了一些範圍，但還是解決了很多問題，或者是否考慮過引入正式指導，無論是短期還是長期？我問，在這種情況下，你知道，第一，從歷史上看，你指出了怪物，我們可以同意，它們是一種異常值，而幾乎所有其他人都在主食問題上，某種指導。第一，第二，我想說的是，美國現在的結果範圍比我的天哪要窄得多，甚至可能就像 56 個月前一樣。因為我認為，最後，我想你們會知道你們一刻也沒有失去它。你知道，我認為市場強烈渴望提高結果的可見度、更多的可信度以及我們的發展方向。

Yeah, Kevin, it's you know, there's a lot of variables in our, in our models and our, the outcome, especially over, you know, last several years. So there's a, there's a lot of dynamics at play. At this time, the company is not providing forward guidance, but it's not something that we can, you know, we can reevaluate in the future. But at this time, the company is not providing forward guidance. It's something we haven't done.

是的，凱文，你知道，我們的模型和結果中有很多變量，尤其是過去幾年。所以有很多動力在發揮作用。目前，公司沒有提供前瞻性指導，但這不是我們可以，你知道，我們可以在未來重新評估的事情。但目前該公司並未提供前瞻性指引。這是我們還沒做過的事。

Okay. Thanks Sean. Follow up Unrelatedly international expansion. So I think, you know, in the past, there's been somewhat of a more measured or even today for that matter, a more measured sort of approach. And I think the thinking was understandably that there's this massive opportunity in the US and, and, and share was just strictly sort of up, right?

好的。謝謝肖恩。跟進不相關的國際擴張。所以我認為，你知道，在過去，有一種更謹慎的方法，即使在今天，也有一種更謹慎的方法。我認為這種想法是可以理解的，即美國存在巨大的機會，並且份額只是嚴格上升，對吧？

And that's not where the company finds itself today. So is there a sound school of thought if you will to expand international much more aggressively than the company is today? You're you're well aware of where your international businesses as a percent of mix relative to, to monster. So it seems like that's a potential value trigger where the company can really lean in to offset what has been a pretty market deceleration, the US business. So, it'd be great to get your thoughts there and then relatedly, do you think you have the right team in place, the right leadership internationally in place to drive that sort of expansion.

但這並不是公司今天的處境。那麼，如果您想比公司現在更積極地進行國際擴張，是否有合理的想法呢？您很清楚您的國際業務相對於怪物的比例。因此，這似乎是一個潛在的價值觸發點，該公司可以真正依靠它來抵消美國業務相當大的市場減速。因此，很高興能表達您的想法，然後相關地，您認為您是否擁有合適的團隊、合適的國際領導層來推動這種擴張。

Yeah, Kevin, we just launched, we announced several further expansions this year. Partnering with Centuria for the UK Ireland. We also have Australia, New Zealand and France. So we have a lot of new markets coming on board which the teams are working on. We agree with you. I think there's a lot of opportunities within an international expansion. We are being very cognizant of timing and sequencing on the rollout of that on a temporary expectations as we continue to grow and scale, we can you know, that things can turn out really well. So the same health and wellness trends we see in the US are global trends. We feel confident in our international expansion. We're going after a higher energy drink volume markets. We have great partners. We're getting great feedback from distributors and retailers and alignment with 7-Eleven in Australia and New Zealand and Tesco in UK. And so there's a, there's a lot of great things in the works and we're going to continue to move as fast as the brand gains, acceptance, consumer, acceptance, a loyal consumer and roll forward. But we're not setting expectations at this point in time.

是的，凱文，我們剛剛推出，今年我們宣布了幾個進一步的擴展。與 Centuria 在英國愛爾蘭合作。我們還有澳洲、紐西蘭和法國。因此，我們團隊正在開發許多新市場。我們同意你的觀點。我認為國際擴張中有很多機會。我們非常清楚推出這項計畫的時機和順序，只是暫時的期望，隨著我們不斷發展和擴大規模，我們可以知道，事情會變得非常好。因此，我們在美國看到的健康和保健趨勢也是全球趨勢。我們對我們的國際擴張充滿信心。我們正在追求更高的能量飲料銷售市場。我們有很棒的合作夥伴。我們從經銷商和零售商那裡得到了很好的回饋，並與澳洲和紐西蘭的 7-11 便利商店以及英國的樂購 (Tesco) 保持一致。因此，有很多偉大的事情正在進行中，我們將繼續隨著品牌獲得、接受、消費者、接受、忠誠的消費者而快速前進。但我們目前還沒有設定期望。

Again, just to jump in on that Kevin in, in terms of people or, or head count, we are looking to stand up operations that that will allow us from a global perspective to expand better or quicker at scale. So we did mention that on our prepared remarks where we are standing up kind of a center of excellence from a supply chain perspective, innovation, marketing, et cetera. So that will allow us the optionality around moving quicker from that perspective.

再次強調，就人員或人數而言，我們正在尋求建立業務，這將使我們能夠從全球角度更好或更快速地進行規模擴張。因此，我們在準備好的發言中確實提到，從供應鏈、創新、行銷等角度來看，我們是一個卓越的中心。因此，從這個角度來看，這將使我們能夠選擇更快採取行動。

Your next question comes from the line of Michael Lavery of Piper Sandler. Your line is open.

您的下一個問題來自 Piper Sandler 的 Michael Lavery。您的線路已開通。

Just wanted to come back to shelf space and the reset and maybe get a sense of how much that's already set for 2025 and, and kind of what updates you can give us on it. And also curious just maybe how you see the positioning competitively, you know, compare and contrast, maybe how you see yourself against Ghost and if it's joining forces with, with KDP, does that change anything about the competition for for shelf space? If if not, maybe for this round of resets, maybe beyond just, you know, love to understand a little bit better how that is all set up.

只是想回到貨架空間和重置，也許了解一下 2025 年已經設定了多少，以及您可以向我們提供哪些更新。而且也很好奇，也許你如何看待競爭中的定位，你知道，比較和對比，也許你如何看待自己與 Ghost 的競爭，如果它與 KDP 聯手，這會改變貨架空間的競爭嗎？如果沒有的話，也許對於這一輪的重置，也許不僅僅是，你知道，喜歡更好地理解這一切是如何設定的。

Yeah, no, Michael, great questions. I think in regards to the resets, like I said, coming out of NXS, there is a lot of great positive feedback around the brand. So, you know, we're confident we'll be able to gain additional shelf space better placements. And hopefully and gain secondary placements as well increase that cold availability to take advantage of that of those impulse purchase is. So the brand is very well received by buyers. We're bringing in incremental consumers, which is very valuable for our retailers as well as our alignment. We just won supplier of the year awards over the last 12 months at a variety of major retailers around the country including seven alignment circle K and Casey's as well. So we're being recognized by our retail partners in regards to the acquisition or the most recent transaction with KDP and Ghost great brands, great opportunities for KDP. Just further reinforces the opportunities that everyone's seeing within performance, energy better for you fitness lifestyle, which is the lifestyle of the future and today. So, you know, as I always say, where there's disruption, there's opportunity. So I think that's on us on behalf of the, the teams, we're keeping a close eye, there might be some transitions between distribution networks, but whenever there's disruption in any business, there's opportunities. So our teams will be on the lookout. We're working hard each and every day and where there's opportunities to take advantage. We will and we'll go after it. But I think the Ghost and C four are great brands out there.

是的，不，邁克爾，很好的問題。我認為關於 NXS 的重置，正如我所說，圍繞該品牌有很多積極的反饋。所以，你知道，我們有信心能夠獲得更多的貨架空間，更好的展示位置。希望並獲得二次安置以及增加冷可用性以利用那些衝動購買的優勢。所以這個品牌很受買家的歡迎。我們正在引入增量消費者，這對我們的零售商以及我們的聯盟非常有價值。我們剛在過去 12 個月內榮獲全國多家主要零售商的年度供應商獎，其中包括 7 個定位圈 K 和 Casey's。因此，我們在收購或最近與 KDP 和 Ghost 偉大品牌的交易方面得到了零售合作夥伴的認可，這對 KDP 來說是一個巨大的機會。只是進一步強化了每個人在表現、能量方面看到的機會，更好地適合您的健身生活方式，這是未來和今天的生活方式。所以，如我常說的，哪裡有顛覆，哪裡就有機會。所以我認為這就是我們代表團隊的責任，我們正在密切關注，分銷網絡之間可能會有一些過渡，但只要任何業務中斷，就會有機會。因此，我們的團隊將密切關注。我們每天都在努力工作，只要有機會就可以利用。我們會的，我們會追尋它。但我認為 Ghost 和 C 4 都是很棒的品牌。

Oh, that's, that's helpful and just to follow up on the balance sheet, you, you, you've put a little bit of the cash to work for the big beverage acquisition, but there's still a big pile there, maybe any thoughts on how to deploy that and or I guess just, you know, you you touched on some of the strategic thinking on being vertically integrated. Should we expect more of that to come?

哦，那是，這很有幫助，只是為了跟進資產負債表，你，你，你已經投入了一點現金用於大型飲料收購，但那裡仍然有一大堆，也許有什麼想法如何部署它，或者我想，你知道，你觸及了一些關於垂直整合的策略思維。我們應該期待更多這樣的事情發生嗎？

Yeah, I think, you know, when you look at our balance sheet, we have an extremely healthy balance sheet. Vertical most recent vertical integration with big beverage really allows us for additional flexibility. Take advantage of opportunities, we could do LT Os innovation and really helps us further optimize our orbit model. We're very focused on driving and gaining leverage with scale. So this is a major step forward. As we look into 2025 we'll be able to gain further leverage and you know, we're excited about that partnership. So it's a good Roy investment, the cash on our balance sheet allows us to be opportunistic and have availability. So we feel we're in a good position as we currently stand.

是的，我認為，當你查看我們的資產負債表時，你會發現我們的資產負債表非常健康。最近與大型飲料的垂直整合確實為我們提供了額外的靈活性。利用機會，我們可以進行LT Os創新，真正幫助我們進一步優化我們的軌道模型。我們非常注重透過規模來推動和獲得影響力。所以這是向前邁出的重要一步。展望 2025 年，我們將能夠獲得進一步的影響力，您知道，我們對這種合作關係感到很興奮。因此，這是一項很好的羅伊投資，我們資產負債表上的現金使我們能夠抓住機會並擁有可用性。所以我們覺得我們目前處於一個有利的位置。

So opportunistic but not necessarily committed to further vertical integration. Just depends.

所以機會主義但不一定是致力於進一步的垂直整合。只是取決於。

Yeah, I mean, it was, this was a plant that was predominantly Celsius. So it was easy to pick it up and really bring it into our system and give us that flexibility around LTOs innovation and those kind of things. But we don't have a desire to become a co packer. So it's not something we look at. You know, from a long term perspective. It was a great opportunity to pick the plant up. We still believe in the orbit model and the partnerships we've created with co packers across the US. This was a co packer that we were already using as well. So it wasn't something that we suddenly are going to move to them. It's, it's definitely something we like our orbit model. We like to be a little asset light. But we think in this instance, vertical integration, the opportunity to leverage the business a little bit and to have the optionality around LTOs and innovation and R&D was well worth it.

是的，我的意思是，這是一種主要是攝氏度的植物。因此，很容易拿起它並將其真正帶入我們的系統中，並為我們提供圍繞 LTO 創新和此類事物的靈活性。但我們並不想成為代加工商。所以這不是我們關注的東西。你知道，從長遠的角度來看。這是一個採摘植物的好機會。我們仍然相信軌道模型以及我們與美國各地的代加工商建立的合作夥伴關係。這也是我們已經在使用的代加工廠。所以這不是我們突然要轉移給他們的東西。這絕對是我們喜歡我們的軌道模型的東西。我們喜歡輕資產。但我們認為，在這種情況下，垂直整合、稍微利用業務的機會以及圍繞 LTO 以及創新和研發的選擇性是非常值得的。

And your last question comes from the line of Eric Serotta of Morgan Stanley. Your line is open.

你的最後一個問題來自摩根士丹利的埃里克塞羅塔。您的線路已開通。

Great. Thanks for squeezing me in guys. Two quick questions first, how are you thinking about kind of evolving the execution playbook for next year? You know, it seems like, you know, clearly Red Bull is on the offensive going after the sugar free flavor space. They have been since the summer, the winter, seasonal realizing it's early but seems to be off a strong start and you know, monster having a big push this fall and the upcoming winter and sugar free. So how are you looking to evolve the playbook next year, whether it's drill deep strategy or any other execution things? And second, on pricing surprise, it didn't come up already but I believe that Monsters price increase was the list price increase was set for November 1st. Have you guys communicated anything to the trade yet? And if so, what's the time line and magnitude?

偉大的。謝謝你們把我擠進夥計們。首先有兩個簡單的問題，您如何考慮如何改善明年的執行策略？你知道，你知道，紅牛顯然正在進攻無糖風味空間。他們從夏天、冬天、季節性意識到現在還為時過早，但似乎已經有了一個強勁的開始，你知道，怪物在今年秋天和即將到來的冬天和無糖方面有很大的推動力。那麼，您希望明年如何改進劇本，無論是深入策略還是其他執行方面的事情？其次，關於定價驚喜，它還沒有出現，但我相信 Monsters 的價格上漲是定於 11 月 1 日的價格上漲。你們有向業界傳達過什麼嗎？如果是的話，時間和規模是多少？

All right, Eric. Excellent Eric. That's the first question in regards to around, you know, the execution. And really was your further identified the sugar free movement that's taking place in the energy category with Redbull. Now further leaning in as well as monster leaning in with some innovation and sugar free. This just reinforces the opportunity we have at Celsius as a strong solid number three player in the energy category. This shows the opportunities we have to further work with our retailers and bring more consumers in as this category, not only grow, gets back into a growth mode, but further sees the sugar free energy movement and percentage of business continue to grow at an increasing rate. So we think we're well positioned, the more we can talk about sugar free, great and the opportunities that exist for better for you products, Celsius is well positioned with our live fit mantra and bringing that essential energy for life. So we think the increased competition in the space further allows us to further expand over the next coming years and beyond.

好吧，埃里克。優秀的埃里克。這是關於執行的第一個問題。確實，您進一步確定了紅牛在能量類別中正在發生的無糖運動。現在進一步傾斜以及怪物傾斜一些創新和無糖。這進一步增強了我們作為能源領域第三大廠商的機會。這表明我們有機會與零售商進一步合作，吸引更多消費者加入，因為這個類別不僅成長，回到成長模式，而且進一步看到無糖能源運動和業務百分比繼續以越來越高的速度成長。因此，我們認為我們處於有利位置，我們越多地談論無糖、偉大以及為您提供更好的產品的機會，Celsius 就處於有利地位，我們的生活健身口號並為生活帶來了必要的能量。因此，我們認為該領域競爭的加劇進一步使我們能夠在未來幾年及以後進一步擴張。

When you look at some of the strategies that we have for 2025 really going back to the three growth drivers. We talked about on prepared markets. And then some of the other conversations, newer category is going to come back. We feel we know strongly more consumers need more energy than ever before. And the consumers coming into the category for the first time today, they're well aware of energy drinks. They're well aware, it's part of a daily lifestyle. We're seeing coffee being replaced that coffee occasion. There's so many other occasions where energy drink play with the new to category consumer that has evolved. So we're going to continue to drive that increased availability. We talked about that with some of the Pepsi partnership and alignment that increase in that path to purchase and then increasing consumption. CNU food service. Talk about Jersey Mike. So many different opportunities to increase awareness, have additional availability and points of of disruption as we're moving through. This is the 3rd, 3rd year in the relationships with Pepsi and it's going to be a great year as we're heading, heading forward. In regards to pricing. We have talked about that on prior calls, we did roll out a price increase. But we have said we're being cognizant of that, that we don't expect significant benefit into 2025. So we expect as promotional activities and opportunities exist where we can gain leverage. We will, but we're not, we have not provided the amount nor have we provided any additional guidance that we will have additional leverage or pricing throw through flow through our financial statements in 25 or being conservative on that.

當你看到我們為 2025 年制定的一些策略時，你會真正回到三個成長動力。我們討論了準備好的市場。然後其他一些對話，新的類別將會回來。我們深知更多的消費者比以往任何時候都需要更多的能源。今天首次進入該類別的消費者對能量飲料非常了解。他們很清楚，這是日常生活的一部分。我們看到咖啡在那個咖啡場合被取代。在許多其他場合，能量飲料也與已經發展的新類別消費者產生了關係。因此，我們將繼續推動可用性的提高。我們與百事可樂的一些合作夥伴關係和聯盟討論了這一點，這些合作夥伴關係和聯盟增加了購買途徑，然後增加了消費。 CNU 餐飲服務。談澤西·邁克。在我們前進的過程中，有很多不同的機會來提高意識、提供額外的可用性和中斷點。這是與百事可樂合作的第三年，這將是我們不斷前進的偉大一年。關於定價。我們在之前的電話會議上已經討論過，我們確實推出了價格上漲。但我們已經說過，我們已經認識到這一點，我們預計 2025 年不會出現重大收益。我們會的，但我們不會，我們沒有提供金額，也沒有提供任何額外的指導，表明我們將在 25 年的財務報表中使用額外的槓桿或定價，或者對此持保守態度。

Got it. Thank.

知道了。感謝。

You.

你。

Thank you.

謝謝。

That concludes our Q&A session. I will not attend the conference back over to Chairman and CEO John Fieldly for closing remarks.

我們的問答環節到此結束。我不會參加會議，而是由董事長兼執行長約翰·菲爾德利 (John Fieldly) 發表閉幕詞。

Thank you operator. Thank you to everyone who joined us on our webcast this morning, Celsius continues to grow the energy category with our great tasting refreshing beverages that are on trend for today's fitness, mining consumer, our three growth drivers, more consumers in more places more often will guide us now and into the future. As we continue to grow the Celsius brand here in the US and around the world, we will share a full schedule of upcoming conferences that we'll be attending in the next quarter soon. Thank you to all of our employees, including our newest members of the Celsius family. Joining us from big beverages. Thank you to all our customers, investors, partners who are so supportive of Celsius on our mission to change the energy drink category. Make it a great day. Grab a refreshing Celsius and live fit.

謝謝運營商。感謝今天早上加入我們網路廣播的所有人，Celsius 繼續透過我們美味的清涼飲料來發展能源類別，這些飲料是當今健身、採礦消費者的趨勢，這是我們的三個增長動力，更多地方的更多消費者將更頻繁地使用這些飲料。隨著我們繼續在美國和世界各地發展攝氏品牌，我們將分享我們將在下個季度參加的即將舉行的會議的完整時間表。感謝我們所有的員工，包括我們的 Celeste 家族的最新成員。從大飲料加入我們。感謝我們所有的客戶、投資者、合作夥伴，感謝他們對攝氏的支持，幫助我們實現改變能量飲料類別的使命。讓它成為美好的一天。享受清爽的攝氏溫度和活力。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。