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

Thank you for standing by.

謝謝你的支持。

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

我叫 Jayel，今天我將擔任你們的會議操作員。

At this time.

此時。

I would like to welcome everyone to the Celsius Holdings third-quarter 2024 earnings conference call.

歡迎大家參加攝氏控股 2024 年第三季財報電話會議。

(Operator instructions)

（操作員說明）

I would now like to turn the conference over to Paul Wiseman, Senior Vice President of Investor Relations.

我現在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 Celsius Holdings third-quarter 2024 earnings webcast.

早安，感謝您收看攝氏度控股公司 2024 年第三季收益網路廣播。

With me today are John Fieldly, Chairman and CEO; Jarrod Langhans, Chief Financial Officer; and Toby David, Chief of Staff.

今天與我在一起的有董事長兼執行長約翰‧菲爾德利 (John Fieldly)；賈羅德‧朗漢斯 (Jarrod Langhans)，財務長；和辦公室主任托比·大衛。

We'll take questions following the prepared remarks.

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.celsiusholdingsinc.com and on the SEC's 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.celsiusholdingsinc.com 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.

今天的討論包括基於當前預期和資訊的前瞻性陳述。

These statements involve risks and uncertainties, many beyond the company's control.

這些陳述涉及風險和不確定性，其中許多風險和不確定性超出了公司的控制範圍。

Celsius Holdings disclaims any duty to update forward-looking statements, except as required by law.

除法律要求外，攝氏控股不承擔任何更新前瞻性陳述的責任。

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.

請查看今天的新聞稿以及我們向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中預期結果存在重大差異的風險描述。

We will present results on both a GAAP and non-GAAP basis.

我們將根據公認會計原則和非公認會計原則公佈結果。

Non-GAAP measures like adjusted EBITDA and adjusted EBITDA margin and their GAAP reconciliations are detailed in our Q3 earnings release, and non-GAAP financial measures should not be used as a substitute for our results reported in accordance with GAAP.

我們第三季收益發布中詳細介紹了調整後 EBITDA 和調整後 EBITDA 利潤率等非 GAAP 指標及其 GAAP 調整表，並且非 GAAP 財務指標不應用來替代我們根據 GAAP 報告的結果。

With that, I'll turn it over to our CEO, John Fieldly.

接下來，我會將其交給我們的執行長約翰·菲爾德利 (John Fieldly)。

Thank you, Paul.

謝謝你，保羅。

Good morning, everyone.

大家早安。

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.

攝氏今天公佈了第三季財務業績，顯示消費者需求和收入持續成長，與我們在本季設定的預期基本一致。

Celsius Retail sales in the quarter ended September 30, increased 7.1% year-over-year on unit sales increase of 7.3%.

截至 9 月 30 日的季度零售額年增 7.1%，單位銷售成長 7.3%。

Celsius resilient growth at retail overcame softness in the category, which grew at 2% in the same period.

零售業的彈性成長克服了該類別的疲軟，同期成長了 2%。

Once again, Celsius was a significant driver of the overall energy category, contributing more than 16% of all growth.

攝氏度再次成為整個能源類別的重要推動力，對所有成長的貢獻率超過 16%。

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.

第三季總收入為 2.657 億美元，較去年有所下降，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一問題。

Year-to-date, revenue through September 30, was $1.02 billion, an increase of 5% from last year.

年初至今，截至 9 月 30 日的營收為 10.2 億美元，比去年成長 5%。

The sell through data we are seeing continues to be supportive of us being the largest driver of the energy category.

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。

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 our product availability and increasing consumption frequency.

我想重申今年剩餘時間及以後我們重點關注的三個關鍵成長動力，即吸引新消費者進入能源類別、擴大我們的產品可用性並提高消費頻率。

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.

我們相信，我們在每項舉措上所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。

Let me share more details on how we're thinking about each.

讓我分享更多關於我們如何考慮每個問題的細節。

First, we are continuing to bring new consumers into the energy drink category through premium marketing and innovation around better for you, great tasting energy.

首先，我們將繼續透過優質行銷和創新，圍繞更好地為您提供美味能量，將新消費者帶入能量飲料類別。

Celsius continues to deliver innovative flavors that resonate with consumers, such as our new on the go powders in our Vibe line, and RTDs like Sparkling Watermelon, Lemonade and Cherry Cola, which we're taking nationwide due to strong consumer demand.

攝氏度持續提供引起消費者共鳴的創新口味，例如我們的Vibe系列中的新型便攜式粉末，以及氣泡西瓜、檸檬水和櫻桃可樂等即飲飲料，由於消費者的強勁需求，我們正在全國範圍內銷售這些產品。

Two recently announced Celsius ESSENTIALS flavors, Grape Slush and Watermelon Ice, alongside our new 2025 Vibe and Core line innovation previewed at the convenience store trade show, NACS, keeping consumer excitement and category trial high.

最近宣布的兩種攝氏 ESSENTIALS 口味：葡萄泥和西瓜冰，以及我們在便利商店貿易展 NACS 上預覽的 2025 年全新 Vibe 和 Core 系列創新產品，讓消費者保持高度興奮和品類試用。

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，Celsius 在口味、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 gains.

其次，在擴大產品供應方面，根據最近的行業調查，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，而攝氏度將成為這些收益的有力受益者。

This validates positive customer conversations we had last month at NACS.

這驗證了我們上個月在 NACS 上進行的積極的客戶對話。

Domestically, Celsius market share has been resilient with our share in MULO+ with Convenience in the last four weeks ending October 6, rising to 11.6%, an increase of 10 basis points from this time last year.

在國內，Celsius 的市佔率一直保持彈性，截至 10 月 6 日的過去四個星期，我們在 MULO+ with Convenience 中的份額上升至 11.6%，比去年同期增加了 10 個基點。

We are focused on reaccelerating our share growth.

我們專注於重新加速我們的份額成長。

We believe that our incentive program with Pepsi featuring priority periods and aligned resources should provide additional tailwinds for us going forward.

我們相信，我們與百事可樂的激勵計劃具有優先期限和一致的資源，應該為我們的前進提供額外的推動力。

Turning to other channels that are expanding our availability.

轉向其他正在擴大我們的可用性的管道。

Approximately 12.3% of Celsius total North America sales to PepsiCo in the quarter was to the foodservice channel with strong results in workplace, restaurant, recreational, lodging and gaming sales.

本季百事公司在北美地區的銷售總額中約 12.3% 是透過餐飲服務管道實現的，在工作場所、餐廳、娛樂、住宿和遊戲銷售方面表現強勁。

Lodging and restaurant points of distribution were up 46% and 27%, respectively compared to last year.

與去年相比，住宿和餐飲配送點分別成長了 46% 和 27%。

Celsius sales to Amazon increased 21% year-over-year to $27 million, up from $22.2 million in the prior year period.

攝氏度對亞馬遜的銷售額年增 21% 至 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 Stackline last 14 week read ending October 5, 2024, e-com continues to be a great opportunity for us building brand awareness and making our product accessible to consumers whenever and wherever they want it.

根據Stackline 截至2024 年10 月5 日的過去14 週的數據，Celsius 在第三季末在亞馬遜上的份額為20.4%，電子商務仍然是我們建立品牌知名度並讓消費者隨時隨地可以使用我們的產品的絕佳機會。

Sales of Costco in the third quarter of 2024 increased 15%.

Costco 2024年第三季銷售額成長15%。

However, sales to Sam's club, BJs were negatively affected due to timing of promotions and innovation loading in the year ago period.

然而，由於去年同期的促銷時機和創新負載，山姆會員店、BJs 的銷售受到負面影響。

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.

2024 年第三季度，俱樂部通路總銷售額從去年同期的 6,320 萬美元下降 4%，降至 6,050 萬美元。

Our expansion is broader than just North America.

我們的擴張範圍不僅限於北美。

In October, we launched in Australia, New Zealand.

十月，我們在澳洲、紐西蘭推出。

Our third growth driver is increasing consumption frequency.

我們的第三個成長動力是消費頻率的增加。

Celsius expanded energy drink consumption occasions with refreshing flavors in our aspirational Live Fit lifestyle.

在我們理想的 Live Fit 生活方式中，Celsius 憑藉清爽的口味擴大了能量飲料的消費場合。

Celsius continues to grow our presence in incremental consumption occasions like meal time through our partnerships with leading convenience stores and quickserve restaurants like Jersey Mikes.

透過與領先的便利商店和 Jersey Mikes 等快餐店的合作，Celsius 繼續擴大我們在用餐時間等增量消費場合的影響力。

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.

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。

Last week, we acquired Big Beverages, a long-term Celsius co-packer, which is intended to give us new innovation capabilities, greater control of our supply chain, in addition to financial benefits that we believe will be achieved in the near and long term.

上週，我們收購了Big Beverages，這是一家長期的攝氏度代加工商，旨在為我們提供新的創新能力，更好地控制我們的供應鏈，以及我們相信在短期和長期內將實現的財務利益學期。

We believe that vertical integration like this co-packer 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.

我們相信，像這次代加工收購這樣的垂直整合是一種資本高效的成長動力，也是我們投資於成為美國領先的能量飲料品牌的長期願景的另一種方式。

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，旨在隨著我們在美國和新的全球市場的進一步擴張，推動我們的創新、全球採購、供應鏈和全球行銷向前發展。

Our field sales key accounts team have begun using AI 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人工智慧輔助銷售工具以及新的行動技術來優化車輛路線，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 laying costs.

我們也投資新技術，以提高軌道模型的效率並降低貨運成本。

Importantly, we welcome two new additions to our already strong Board of Directors, Hans Melotte and Israel Kontorovsky.

重要的是，我們歡迎漢斯·梅洛特 (Hans Melotte) 和伊斯雷爾·康托洛夫斯基 (Israel Kontorovsky) 加入我們本已強大的董事會。

These professionals bring extended global experience in consumer goods in their our prior and present leadership roles at Starbucks, Johnson & Johnson and PepsiCo.

這些專業人士在星巴克、強生和百事可樂之前和現在的領導職務中帶來了消費品領域豐富的全球經驗。

Israel replaces Jim Lee, who departed our Board in conjunction with his move from Pepsi to Target.

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。

We thank Jim for his service, and we wish him best of luck in his new CFO role.

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.

我們的客戶和我們一樣繼續相信，Celsius 是一個成功的品牌，我們前面還有很長的發展道路。

We are investing for long-term sustainable growth with strategies to energize our customers in more places more often.

我們正在投資長期可持續成長，制定策略，更頻繁地為更多地方的客戶提供動力。

These three growth drivers are underpinned by our focus on organizational excellence across people, technology and scale.

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。

With that, I'll turn the call over to our Chief Financial Officer, Jarrod Langhans to discuss our third quarter results.

接下來，我將把電話轉給我們的財務長 Jarrod Langhans，討論我們第三季的業績。

Jarrod?

賈羅德？

Thank you, John.

謝謝你，約翰。

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.

雖然第三季的表現絕非正常，但儘管收入逆風，Celsius 仍實現了正的淨利潤，這證明了我們財務狀況和營運的實力。

Moreover, we continue to invest in our brand as we stay focused on driving our sales and marketing efforts, and we put a portion of our cash on hand towards vertical integration with the acquisition of Big Beverages, all of this to invest in our long-term growth.

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 Big Beverages 的垂直整合，所有這些都是為了投資於我們的長期業務期限增長。

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.

本季營收約為 2.66 億美元，比去年第三季的 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，影響營收約 1.24 億美元。

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.

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.

此外，先前宣布的與我們最大的經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。利潤率。

Revenue was further impacted by reduced unit velocity and softer macroeconomic conditions.

單位速度下降和宏觀經濟狀況疲軟進一步影響了收入。

North American revenue for the three months ended September 30, 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，比去年同期的 3.71 億美元下降 33%，這主要是受到前面提到的庫存優化的推動。

International revenue grew 37% to $18.6 million in Q3 2024 compared to the same period last year.

2024 年第三季度，國際營收較去年同期成長 37%，達到 1,860 萬美元。

Year-to-date, total revenue through September 30, 2024 was approximately $1.02 billion, an increase of 5% from the prior year period.

年初至今，截至 2024 年 9 月 30 日的總營收約為 10.2 億美元，較上年同期成長 5%。

Gross profit in the third quarter decreased 37% to $122 million, down from $194 million in the prior year period.

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。

Gross profit margins in the third quarter were 46% of revenues compared to 50.4% for the prior year period.

第三季毛利率佔營收的 46%，去年同期為 50.4%。

These effects are due to the aforementioned inventory optimization and full implementation of our incentive program in the quarter with our largest distributor.

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 30, 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%，比上年同期的 4.669 億美元或 48.1% 成長了 10%。

Sales and marketing expenses as a percentage of revenue for the third quarter were 37.6% and 26.1% year-to-date.

年初至今，第三季銷售和行銷費用佔營收的比例分別為 37.6% 和 26.1%。

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.

雖然銷售和行銷支出符合我們的預期，但由於我們最大的經銷商進行了優化，其占收入的百分比要高得多，導致銷售額減少約 1.24 億美元。

With that said, we continue to invest and support our brand in a thoughtful manner without creating disruption to our ongoing campaign and investments.

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 and administrative expenses rose 11% to $25.5 million, representing 10% of sales, up from 6% last year.

2024 年第三季一般及管理費用成長 11%，達到 2,550 萬美元，佔銷售額的 10%，高於去年的 6%。

Year-to-date through Q3, G&A expenses were 7% of total revenue in line with expectations.

今年迄今到第三季度，一般管理費用佔總收入的 7%，符合預期。

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

第三季非 GAAP 調整後 EBITDA 下降 96%，從去年的 1.036 億美元降至約 440 萬美元，年初至今調整後 EBITDA 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.

第三季淨利下降 92%，至約 640 萬美元，低於去年的 8,390 萬美元，今年迄今的淨利潤為 1.64 億美元。

Despite the quarter's pressures, we maintained a cash balance above $900 million, and we are generating positive full year operating cash flow.

儘管本季面臨壓力，我們仍保持了 9 億美元以上的現金餘額，全年營運現金流為正。

This concludes our prepared remarks.

我們準備好的演講到此結束。

Operator, you may now open the lines for questions.

接線員，您現在可以打開提問線路。

(Operator Instructions)

（操作員說明）

Jim Salera, Stephens.

吉姆·薩萊拉，史蒂芬斯。

Yes, good morning.

是的，早安。

Thanks for taking our question.

感謝您提出我們的問題。

I wanted to maybe drill down on the cadence as we close out 2024 and move into 2025.

當我們結束 2024 年並進入 2025 年時，我可能想深入了解節奏。

Just with the combination of some of the increased promotional you guys have in the channel, the new flavor launches, is it correct for us to assume that we should see the trends in the scan data have improved sequentially month-on-month as we move through 4Q and then go into 2025?

結合你們在頻道中增加的一些促銷活動以及新口味的推出，我們是否可以正確地假設，隨著我們的移動，我們應該看到掃描數據的趨勢逐月連續改善到第四季度然後進入 2025 年？

Yes.

是的。

Thanks, Jim, for the question.

謝謝吉姆提出的問題。

We do have a variety of promotional activities planned for Q4 as well.

我們也計劃在第四季開展各種促銷活動。

The category is highly promotional as we know.

據我們所知，該類別具有很強的促銷性。

There is a lot of new innovation that's coming out from a variety of other brands within the category.

該類別中的其他各種品牌都推出了許多新的創新。

We're watching velocity on a weekly, monthly, quarterly basis.

我們每週、每月、每季都會觀察速度。

We have a lot of great plans in place for the back half and heading into 2025, where 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.

我們為下半年和進入 2025 年制定了許多偉大的計劃，我們真正關注的是增加新類別、擴大場合、使用場合擴大以及可用性增加的成長動力。

So those are things we're monitoring.

這些都是我們正在監控的事情。

We have a lot of plans in place just coming up in the next few weeks.

我們在接下來的幾週內制定了很多計劃。

We have a big program with Jake Paul, Mike Tyson.

我們與傑克·保羅、麥克·泰森有一個大型計劃。

We're a title sponsor.

我們是冠名贊助商。

So be able to get some further national reach across the country and impressions.

因此能夠在全國範圍內獲得更多的影響力和印象。

And the teams are focused on driving to retail.

這些團隊專注於推動零售業的發展。

Okay, great.

好的，太好了。

And then maybe if I can sneak in a quick follow-up.

然後也許我可以快速跟進。

If we think about the pressure that the category has seen, obviously, still one of the better categories across retail.

如果我們考慮一下該類別所面臨的壓力，顯然它仍然是零售業中較好的類別之一。

Just any thoughts on what you would want to see out of the consumer that would kind of really accelerate category growth and drive energy drink category growth as we go into next year?

您是否希望消費者看到什麼能真正加速品類成長並推動明年的能量飲料品類成長？

Yes.

是的。

I think when you look at the third quarter that we're reporting on today, it was troubled with traffic.

我想，當你看看我們今天報導的第三季時，你會發現它受到了交通問題的困擾。

We saw a lot of our major retailers talk about reduced traffic in convenience.

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。

We need traffic to come back.

我們需要流量回來。

We need occasions to come back.

我們需要有機會再回來。

But the good news is when you look at the Celsius portfolio, our better for you and this performance energy and fitness lifestyle is a broad position that has a lot of tailwind behind it.

但好消息是，當您查看攝氏投資組合時，您會發現我們對您更好，這種高性能能量和健身生活方式是一個廣泛的地位，背後有很多推動力。

The better for you is not slowing down.

對你來說更好的不是放慢速度。

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 than 50% of the category is now sugar-free.

我認為，當我們今天坐在這裡時，真正令我們興奮的是，在本季度，我們首次看到該類別中約50% 的產品現在是無糖產品，而超過50% 的產品是無糖的。

So the sugar-free movement, it continues to build steam.

所以無糖運動，它繼續產生蒸氣。

We have an amazing sugar-free portfolio.

我們擁有令人驚嘆的無糖產品組合。

We need macroeconomic trends to improve.

我們需要改善宏觀經濟趨勢。

We expect that to improve.

我們預計情況會有所改善。

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.

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.

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。

As you said, the category has been in a great growth driver in LRB.

正如您所說，該類別一直是 LRB 的巨大成長動力。

And we're going to increase availability as well, which we're really excited about.

我們還將提高可用性，對此我們感到非常興奮。

Great, thanks.

太好了，謝謝。

Thank you.

謝謝。

Kaumil Gajrawala, Jefferies.

考米爾·加吉拉瓦拉，傑弗里斯。

Hey guys, good morning.

嘿夥計們，早安。

I guess a couple of things.

我想有幾件事。

The first is you're specific to mention in your prepared remarks that the new incentive structure with Pepsi and that you're positive about it.

首先，您在準備好的發言中特別提到了百事可樂的新激勵結構，並且您對此持積極態度。

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?

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？

Yes.

是的。

When you look at it, the program, the further alignment and incentive program we implemented in 2004 is really further getting implemented into 2025 with additional focus and priority periods.

當你看到這個計劃時，我們在 2004 年實施的進一步協調和激勵計劃確實會在 2025 年進一步實施，並有額外的重點和優先期限。

We just finished NACS last month and coming off their annual operating plan meeting that was in Las Vegas at our group, our leadership team as well as a variety of other team members attended.

我們上個月剛結束了 NACS，並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團隊成員都參加了會議。

Just we're getting great cross functional collaboration, further alignment on our 2025 plans.

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 in 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.

謝謝。

And I guess the second question is, are they done?

我想第二個問題是，他們完成了嗎？

Is inventories in the right place?

庫存是否放置在正確的位置？

Do we just move on with consumption from here?

我們就從現在開始繼續消費嗎？

Presumably, you've chatted with them and hoped for no more surprises.

想必，您已經與他們交談過並希望不再有驚喜。

But I think we'd all like to know if they're at the place they want to be.

但我想我們都想知道他們是否到達了他們想要到達的地方。

Yes.

是的。

We're watching the correlation between sell-in and sell-out.

我們正在觀察賣出和賣出之間的相關性。

I'll throw it over to Jarrod to provide some further color on that.

我會將其交給 Jarrod，以提供更多資訊。

Yes.

是的。

So we've got a handful of weeks of visibility into the fourth quarter.

因此，我們對第四季有幾週的了解。

We're definitely seeing a tighter correlation on a weekly basis between the inventory sell-in and depletions from our largest distributors warehouses into retail when comparing to Q3.

與第三季相比，我們肯定會看到每週庫存銷售量和從我們最大的經銷商倉庫到零售業的消耗之間的相關性更緊密。

It's not fully matched yet.

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 very slight at this point in time.

因此，銷售量與零售商的銷售量之間存在輕微的脫節，但目前這種脫節非常輕微。

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 and the discussions we're having.

按照目前的速度，根據我們所看到的趨勢和我們正在進行的討論，我們應該會在第四季度結束之前看到銷售和售出率的一致性。

So our teams are definitely working together diligently to minimize any potential impacts in Q4.

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。

With that said, we could see some pressure in the quarter.

話雖如此，我們可能會在本季度看到一些壓力。

November and December will be key drivers in this process.

11 月和 12 月將是這一過程的關鍵驅動因素。

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.

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。

That's kind of our visibility into today.

這就是我們今天的看法。

So it's kind of the range we can offer and what we're seeing from that perspective.

這就是我們可以提供的範圍以及我們從這個角度看到的內容。

Okay, thank you.

好的，謝謝。

Did I hear that right, another $15 million for 4Q?

我沒聽錯吧，第四季另外 1500 萬美元？

Is that what you just?

你就是這樣的嗎？

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.

我說我們可以看到，實際上可以看到從它帶來的一點積極的好處，一直到大約 1500 萬美元的壓力，這取決於我們如何結束這一年。

Yes, we need to see how November and December turn out.

是的，我們需要看看 11 月和 12 月的結果如何。

Okay, got it.

好的，明白了。

Thank you, guys.

謝謝你們，夥計們。

Mark Astrachan, Stifel.

馬克·阿斯特拉坎，斯蒂菲爾。

Thanks.

謝謝。

Morning, everybody.

早安，大家。

Just quickly following on that last comment.

只是快速跟進最後一則評論。

I guess the question, obviously, that's the question that everybody keeps asking over and over again.

我想這個問題顯然是每個人都一遍又一遍地問的問題。

But your range of potentially $15 million of headwind to slightly positive.

但你的範圍可能是 1500 萬美元的逆風到輕微的正風。

I assume we're also here trying to look at this from our desks.

我想我們也在這裡試圖從我們的辦公桌上看待這個問題。

The best way to think about this would be whatever end demand for the scanner data would look like, right?

考慮這個問題的最佳方法是掃描器資料的最終需求是什麼樣的，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 destocking or restocking perspective?

因此，如果您的銷售趨勢正在以目前的水平增長，低至中個位數，那麼從庫存去庫存或補充庫存的角度來看，情況如何？

I guess, maybe something to benchmark it relative to current performance would be helpful.

我想，也許相對於當前效能進行基準測試會有所幫助。

And then I've got a couple of other questions.

然後我還有其他幾個問題。

Yeah, it's a good, a good perspective Mark.

是的，這是一個很好的觀點，馬克。

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.

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。

If we see things kind of turn the other way, then, then I would expect a little bit more pressure.

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're probably tracking to not have anything substantial.

如果我們停留在我們可能追蹤的地方，不會有任何實質的東西，那就太好了。

But you kind of a little better is a little better for us.

但你好一點對我們來說會更好一點。

A little worse is a little worse for us.

對我們來說，更糟一點就是更糟一點。

Yes.

是的。

That's helpful.

這很有幫助。

And then on market share.

然後是市場佔有率。

So I think, John, you said resilience, I think that was the word used in the prepared remarks.

所以我認為，約翰，你提到了韌性，我認為這是準備好的發言中使用的詞。

It is hanging in there.

它掛在那裡。

But I suppose if you think about the share, it's still down, I don't know, (inaudible) from peak in May.

但我想如果你考慮一下這個份額，我不知道，它比五月的峰值仍然有所下降（聽不清楚）。

I guess the question is, where do you think that consumer has gone?

我想問題是，你認為消費者去了哪裡？

And what do you think Celsius can do to regain that consumer?

您認為攝氏可以採取什麼措施來重新獲得消費者的青睞？

Yes.

是的。

I think when you look at it through that, going through since that peak of May, there's been a lot of challenges.

我認為，當你回顧這一點時，從五月的高峰期開始，你會發現遇到了很多挑戰。

We've expanded into the convenience channel.

我們已經擴展到便利通路。

That was the biggest opportunity for us within shelf space gains.

這對我們來說是貨架空間增加的最大機會。

We did see some challenges there with foot traffic.

我們確實看到了人流方面的一些挑戰。

We are, we know from some of the data that we're getting in from Circana, our shopper is potentially taking maybe that one less trip, that one less occasion.

我們從 Circana 獲得的一些數據得知，我們的購物者可能會少一次旅行，少一次場合。

So we think there's a big opportunity to really target increased consumption in occasions and bring those consumers back as confidence returns and the category gets back to growth rate on bringing new consumers in and expanding that.

因此，我們認為，隨著信心的恢復，該類別在引入新消費者並擴大其規模方面恢復成長速度，真正瞄準增加消費的機會並讓這些消費者回歸，這是一個很大的機會。

We think we have a great portfolio, the better for you movement is there, sugar-free is there.

我們認為我們有一個很棒的產品組合，其中有對您更好的運動，有無糖。

We've gotten a lot of, there's been a lot of innovation that's come in from some of the largest players 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.

我們已經得到了很多，有很多創新來自一些正在擴大試驗的最大的參與者，也許購物者購買了其他品牌之一的新口味之一的另一種產品。

But we feel confident in our portfolio.

但我們對我們的投資組合充滿信心。

We feel confident in some of the new innovation that's coming out for 2025.

我們對 2025 年推出的一些新創新充滿信心。

Coming out of NACS, we talked to many of our customers.

從 NACS 出來後，我們與許多客戶進行了交談。

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.

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 年重新調整的正面回饋。

So we'll see how that ends up.

所以我們會看看結果如何。

But we feel confident we're going to further expand space and availability.

但我們有信心進一步擴大空間和可用性。

And we've got some great retailer marketing programs planned into '25.

我們計劃在 25 年實施一些出色的零售商行銷計劃。

And further alignment that I was talking about, answering the prior question, with Pepsi.

以及我正在談論的進一步協調，回答之前的問題，與百事可樂。

We're getting further alignment each and every week, every month.

我們每週、每月都在進一步調整。

We're collaborating better each and every day.

我們每天都在更好地合作。

And this is getting into the third year of the relationship, and we're really looking to leverage that.

現在已經進入了雙方關係的第三年，我們確實希望利用這一點。

Got it.

知道了。

And just to follow up on that.

只是為了跟進。

So your share, it sounds like you're saying is weaker in C-stores than it would be in mass, Amazon, Costco.

所以，聽起來你的意思是，便利商店的份額比大眾商店、亞馬遜、好市多的份額要弱。

Is that the way to think about it?

是這樣思考的嗎？

Yes.

是的。

And that's historically as, if you go back even historically as it's been, our share as a percentage has been better in food, drug, mass and on Amazon.

從歷史上看，如果你回顧一下歷史，我們在食品、藥品、大眾食品和亞馬遜上的份額百分比更高。

So that's, the big opportunity is to close the gap.

所以說，最大的機會就是縮小差距。

We got good share in a variety of international retailer as well as regional players.

我們在各種國際零售商以及區域參與者中獲得了良好的份額。

We just need to close the gap.

我們只需要縮小差距。

We need to get better placements.

我們需要獲得更好的安置。

We need to disrupt that path to purchase.

我們需要打破這種購買路徑。

We need to continue to drive household penetration.

我們需要繼續推動家庭滲透率。

And we feel that the consumer is there.

我們感覺消費者就在那裡。

We know the sugar-free consumer is there, the better for you consumer, the fitness lifestyle consumer.

我們知道無糖消費者的存在，這對您的消費者、健身生活方式的消費者來說更好。

And we're well positioned to capture that when this category gets back to growth.

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。

Peter Grom, UBS.

彼得‧格羅姆，瑞銀集團。

Thanks, operator.

謝謝，接線生。

Good morning, everyone.

大家早安。

So I guess I wanted to ask about the inventory.

所以我想我想問一下庫存。

But maybe just the assumption for a slight benefit versus the $15 million headwind.

但也許這只是假設，相對於 1500 萬美元的逆風，會帶來一點好處。

Is this something you plan to update us on as we move through the quarter, maybe similar to what we saw in 3Q?

您是否計劃在本季向我們通報最新情況，也許與我們在第三季看到的情況類似？

And then of that $15 million headwind, what's kind of underpinning that assumption?

那麼，在 1500 萬美元的逆風中，支撐這個假設的是什麼？

I guess I'm just trying to make sure we don't have a similar negative update, if you will versus similar to what we had in September where things came in far worse.

我想我只是想確保我們不會有類似的負面更新，如果你願意的話，與我們九月的情況類似，當時情況要糟糕得多。

And I guess just building on that, you mentioned better alignment several times throughout this call.

我想在此基礎上，您在這次電話會議中多次提到了更好的協調。

But how would you compare your visibility today on the inventory dynamic versus maybe what we saw in the spring and the summer?

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？

Yes.

是的。

I mean, I think we have good visibility and we've been working closer together.

我的意思是，我認為我們擁有良好的知名度，我們一直在密切合作。

I think some of the, what got caught up in Q3 was some very good optimization that took place and some very efficient optimization.

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。

And I think our largest distributor actually commented on that on their call a couple of weeks ago.

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。

So they did a great job with that.

所以他們在這方面做得很好。

We kind of got caught up in that in Q3.

我們在第三季就陷入了這種困境。

In Q4, we're kind of just looking at trends, and we're trying to build an analysis kind of, if things got a little better, if things got a little worse.

在第四季度，我們只是專注於趨勢，我們正在嘗試建立分析，以確定情況是否變得更好一點，是否變得更糟一點。

That's kind of the range we provided based on the trends and the data we're following.

這是我們根據趨勢和我們追蹤的數據提供的範圍。

And so that's our best estimate for you guys from that perspective.

因此，從這個角度來看，這是我們對你們的最佳估計。

In terms of Q4 versus Q3.

就 Q4 與 Q3 而言。

Q3 was really where the optimization took place.

第三季確實是優化發生的地方。

Q4 is more a product of where does the category go more so than, I would say, any kind of significant optimization.

我想說，第四季度更多的是該類別的發展方向的產物，而不是任何類型的重大優化。

Okay.

好的。

So that's helpful, Jarrod.

所以這很有幫助，賈羅德。

I guess if you were, as we stand here today is the best way to think about 4Q North America sales growth is the kind of take what we see in underlying scanner data, call it, this low to mid-single digits and back out some sort of assumptions, if we're being conservative, $15 million?

我想如果你是這樣的話，就像我們今天站在這裡一樣，思考第四季度北美銷售成長的最佳方式就是採用我們在基礎掃描儀數據中看到的那種低到中個位數的數據，並回溯一些假設保守一點的話，1500 萬美元？

Is that fair?

這樣公平嗎？

Yes.

是的。

Okay.

好的。

And then one quick follow-up, just maybe building on the question on market share.

然後是一個快速跟進，可能只是基於市場份額問題。

You unpacked some plans here, promotions, innovations.

您在這裡展開了一些計劃、促銷、創新。

But I guess a lot of your peers are kind of doing similar things.

但我猜你的很多同齡人都在做類似的事情。

So I'd be curious what you think is actually different today versus maybe what you were doing over the course of the summer.

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。

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.

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，你將開始看到同比下降。

Is that something you think we should be braced for as we think about the tracked performance looking out over the next several weeks here?

當我們考慮未來幾週的追蹤表現時，您認為我們應該為此做好準備嗎？

Yes.

是的。

Peter, I think there's a lot of variables there within this year.

彼得，我認為今年有很多變數。

There's a variety of things happening from consumers, from shopping pattern changes to innovation, to consumer sentiment.

消費者正在發生各種各樣的事情，從購物模式的變化到創新，再到消費者情緒。

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.

我們制定了各種不同的策略和策略來繼續推動新品類消費，進一步激活我們的 Z 世代學院大學計劃，利用對您和無糖運動更好的影響。

Increasing availability is something we're really working on.

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.

此外，這就是與百事可樂的聯盟和合作，以真正進一步擴大更酷的展示位置和購買路徑。

You look at some increased consumptions, that occasions, that food service we talked about in the prepared remarks, there's a lot of great opportunities ahead.

你看看一些消費的增加，在這種情況下，我們在準備好的評論中談到的食品服務，未來有很多巨大的機會。

Talk about some national reach.

談一些國家影響力。

I mean to, like I just mentioned, the Jake Paul-Tyson to Netflix supposedly is the largest consumer sporting event, live sporting boxing event in history, actually.

我的意思是，就像我剛才提到的，Netflix 上的傑克保羅-泰森據說是史上最大的消費者體育賽事、現場體育拳擊賽事。

So that will be coming up in the next two weeks.

這將在接下來的兩週內出現。

It will get a lot of reach a lot of eyeballs, further drive household penetration.

它將吸引大量眼球，進一步推動家庭滲透率。

And then we've got some great flavor innovation coming in, further aligning that refreshing, want to be the most refreshing energy drink out there.

然後我們推出了一些很棒的口味創新，進一步調整了清爽的口味，希望成為最清爽的能量飲料。

So we have a lot of great strategy as we continue to evolve, continue to maximize efforts, target new consumers and build upon that.

因此，隨著我們不斷發展、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，我們有很多偉大的策略。

So as the share goes, we're working hard to continue to drive increased share and increased velocity.

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。

And that's what these teams are focused on, and we continue to evolve in each day learning, getting better and executing and evolving.

這就是這些團隊所關注的重點，我們在每天的學習、變得更好、執行和發展中不斷發展。

Got it.

知道了。

Thank you so much.

太感謝了。

I will pass it on.

我會把它傳遞下去。

Kevin Grundy, BNP Paribas.

凱文·格倫迪，法國巴黎銀行。

Hey, good morning, everyone.

嘿，大家早安。

A couple of questions for me.

有幾個問題問我。

Just kind of zooming out a bit, but kind of picking up on a lot of the line of questions around

只是稍微縮小了一點，但還是解決了許多問題

(inaudible) .

（聽不清楚）。

Has there been consideration around introducing formal guidance both near term and long term?

是否考慮過引入近期和長期的正式指導？

And I ask that in the context, number one, historically you pointed to Monster.

我問，在上下文中，第一，歷史上你指向怪物。

We can agree they're kind of an outlier, whereas pretty much everyone else in staples issue some sort of guidance, number one.

我們可以同意他們是一種異常值，而幾乎所有主食中的其他人都發布了某種指導，這是第一名。

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 five, six months ago.

第二，我想說，美國現在的結果範圍比以前窄得多，天哪，甚至可能就像五、六個月前一樣。

Because I think, and then lastly, I think you guys would know, it's not lost on you for a moment.

因為我認為，最後，我想你們會知道，你們一刻也沒有失去它。

I think there is a strong desire in the marketplace for greater visibility, more sort of credibility around the results and kind of where we're going both near term and long term.

我認為市場強烈希望獲得更大的知名度、更多的結果可信度以及我們近期和長期的發展方向。

So your feedback there, your thoughts there would be appreciated.

因此，我們將不勝感激您的回饋和想法。

And then I have a follow-up.

然後我有一個後續行動。

Yes, Kevin, it's, there's a lot of variables in our models and our, the outcome, especially over last several years.

是的，凱文，我們的模型和結果中有很多變量，特別是在過去的幾年裡。

So there's a lot of dynamics at play.

所以有很多動力在發揮作用。

At this time, the company is not providing forward guidance, but it's not something that we can re-evaluate in the future.

目前，該公司並未提供前瞻性指引，但這不是我們未來可以重新評估的。

But at this time.

但此時。

The company is not providing forward guidance.

該公司不提供前瞻性指引。

It's something we haven't done.

這是我們還沒做過的事。

Okay.

好的。

Thanks John.

謝謝約翰。

Okay.

好的。

Follow-up, unrelatedly, international expansion.

後續的、不相關的國際擴張。

So I think in the past, there's been somewhat of a more measured, or even today, for that matter, a more measured sort of approach.

所以我認為在過去，有一種更謹慎的方法，甚至在今天，就這一點而言，也有一種更謹慎的方法。

And I think the thinking was understandably that there's this massive opportunity in the US and share was just strictly sort of up (technical difficulty) , and that's not when the company finds itself today.

我認為這種想法是可以理解的，即美國存在巨大的機會，而份額只是嚴格上升（技術難度），而這並不是公司今天發現自己的情況。

So is there a sound school of thought, if you will to expand international much more aggressively than the company is today?

那麼，如果您願意比公司今天更積極地進行國際擴張，是否有一個合理的思想流派？

You're well aware of where your international business is as a percent of mix relative to Monster.

您很清楚您的國際業務相對於 Monster 所佔的比例。

So it seems like that's a potential value trigger where the company can really lean in to offset what has been a pretty marked deceleration in the US business.

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明顯的減速。

So it'd be great to get your thoughts there.

所以很高興能在那裡表達你的想法。

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?

與此相關的是，您認為您是否擁有合適的團隊、合適的國際領導階層來推動這種擴張？

Yes, Kevin, we just launched, announced several further expansions this year, partnering with Suntory for the UK, Ireland, but also of Australia, New Zealand and France.

是的，我們剛推出的凱文宣布了今年的幾項進一步擴張，與三得利在英國、愛爾蘭、澳洲、紐西蘭和法國合作。

So we have a lot of new markets coming on Board, which the teams are working on.

因此，我們有許多新市場即將加入，團隊正在努力開發這些市場。

We agree with you.

我們同意你的觀點。

I think there's a lot of opportunities within international expansion.

我認為國際擴張中有很多機會。

We are being very cognizant of timing and sequencing on the rollout of that.

我們非常清楚推出該專案的時機和順序。

On a temper expectations as we continue to grow and scale, we can things turn out really well.

隨著我們不斷成長和擴大規模，我們可以調整期望，事情會變得非常好。

So the same health and wellness trends we see in the US are global trends.

因此，我們在美國看到的健康和保健趨勢也是全球趨勢。

We feel confident in our international expansion.

我們對我們的國際擴張充滿信心。

We're going after higher energy drink volume markets.

我們正在追求更高的能量飲料銷售市場。

We have great partners.

我們有很棒的合作夥伴。

We're getting great feedback from distributors and retailers and alignment with [Seven-Eleven] in Australia, New Zealand and Tesco and UK.

我們從經銷商和零售商那裡得到了很好的回饋，並與澳洲、紐西蘭、Tesco 和英國的 [7-11] 保持一致。

And so 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.

因此，有許多偉大的事情正在進行中，我們將繼續以最快的速度前進，讓品牌獲得認可、消費者接受、忠誠的消費者並不斷向前發展。

But we're not setting expectations at this point in time.

但我們目前還沒有設定期望。

Kevin, just to jump in on that.

凱文，我只是想插話一下。

In terms of people or headcount, we are looking to stand up operations that will allow us from a global perspective to expand better or quicker at scale.

就人員或員工數量而言，我們希望開展業務，使我們能夠從全球角度更好更快地進行規模擴張。

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.

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。

So that will allow us the optionality around moving quicker from that perspective.

因此，從這個角度來看，這將使我們能夠選擇更快採取行動。

Okay.

好的。

Thank you guys for all the color.

謝謝你們所有的顏色。

Appreciate it.

欣賞它。

Good luck.

祝你好運。

Thank you.

謝謝。

Michael Lavery, Piper Sandler.

麥可萊弗里、派珀桑德勒。

Thank you.

謝謝。

Good morning.

早安.

Just wanted to come back to shelf space and the resets and maybe get a sense of how much that's already set for 2025 and kind of what updates you can give us on it.

只是想回到貨架空間和重置，也許了解一下 2025 年已經設置了多少，以及您可以向我們提供哪些更新。

And also curious just maybe how you see the positioning competitively.

也許你也好奇你如何看待競爭定位。

Compare and contrast maybe how you see yourself against Ghost and if it's joining forces with KDP.

比較和對比你對 Ghost 的看法，以及它是否與 KDP 聯手。

Does that change anything about the competition for shelf space, if not maybe for this round of resets, maybe beyond?

這是否會改變貨架空間的競爭，如果不是這一輪重置，也許是更遠的重置？

Just love to understand a little bit better how that is all set out.

只是想更好地理解這一切是如何進行的。

Yes.

是的。

No, Michael, great questions.

不，邁克爾，很好的問題。

I think in regards to the resets, like I said, coming out of NACS, there was a lot of great positive feedback around the brand.

我認為關於重置，就像我說的，來自 NACS 的，圍繞著該品牌有很多很好的正面回饋。

So 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 those impulse purchases.

因此，我們有信心獲得額外的貨架空間、更好的展示位置，並希望獲得二次展示位置，增加冷庫存，以利用這些衝動購買。

So the brand is very well received by buyers.

所以這個品牌很受買家的歡迎。

We're bringing in incremental consumers, which is very valuable for our retailers as well as our alignment.

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。

We just won Supplier of the Year awards over the last 12 months at a variety of major retailers around the country, including [Seven Eleven] and Circle K and [Casey's] as well.

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 [7-11]、Circle K 和 [Casey's]。

So we're being recognized by our retail partners.

因此，我們得到了零售合作夥伴的認可。

In regards to the acquisition of the most recent transaction with KDP and Ghost, great brands, great opportunities for KDP.

關於最近收購 KDP 和 Ghost 的交易，偉大的品牌，對 KDP 來說是巨大的機會。

Just further reinforces the opportunities that everyone is seeing within performance energy, better for you, fitness lifestyle, which is the lifestyle of the future and today.

只是進一步強化了每個人在表現能量中看到的機會，對你來說更好，健身生活方式，這是未來和今天的生活方式。

So, as I always say, where there's disruption, there's opportunity.

因此，正如我常說的，哪裡有顛覆，哪裡就有機會。

So I think that's on us on behalf of the teams.

所以我認為這是我們代表團隊的責任。

We're keeping a close eye.

我們正在密切關注。

There might be some transitions between distribution networks.

分銷網絡之間可能存在一些過渡。

But whenever there's disruption in any business, there's opportunities.

但只要任何業務中斷，就會有機會。

So our teams will be on the lookout.

因此，我們的團隊將密切關注。

We're working hard each and every day.

我們每一天都在努力工作。

And where there's opportunities to take advantage, we will and we'll go after it.

只要有機會，我們就會抓住它。

But I think the Ghost and C4 are great brands out there.

但我認為 Ghost 和 C4 都是很棒的品牌。

That's helpful.

這很有幫助。

And just a follow up on the balance sheet.

只是資產負債表的後續行動。

You've put a little bit of the cash to work for the Big Beverages acquisition, but there's still a big pile there.

你已經投入了一點現金用於收購大型飲料公司，但那裡仍然有一大堆。

Maybe any thoughts on how to deploy that and, or, I guess, just you touched on some of the strategic thinking on being vertically integrated.

也許有關於如何部署它的任何想法，或者，我想，您剛剛談到了一些關於垂直整合的策略思維。

Should we expect more of that to come?

我們應該期待更多這樣的事情發生嗎？

Yes.

是的。

I think when you look at our balance sheet, we have an extremely healthy balance sheet.

我認為當你看看我們的資產負債表時，我們的資產負債表非常健康。

Vertical, most recent vertical integration with Big Beverages really allows us for additional flexibility, take advantage of opportunities.

垂直，最近與大型飲料公司的垂直整合確實使我們能夠獲得額外的靈活性，充分利用機會。

We can do LTOs, innovation and really helps us further optimize our orbit model.

我們可以進行 LTO、創新，並真正幫助我們進一步優化我們的軌道模型。

We're very focused on driving and gaining leverage with scale.

我們非常注重透過規模來推動和獲得影響力。

So this is a major step forward.

所以這是向前邁出的重要一步。

As we look into '25, we'll be able to gain further leverage and we're excited about that partnership.

展望 25 年，我們將能夠獲得進一步的影響力，我們對這種合作關係感到興奮。

So it's a good ROI investment.

所以這是一個很好的投資報酬率投資。

The cash on our balance sheet allows us to be opportunistic and have availability.

我們資產負債表上的現金使我們能夠抓住機會並有可用的能力。

So we feel we're in a good position as we currently stand.

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，但不一定要致力於進一步的垂直整合，只看情況。

Yes.

是的。

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.

我的意思是，這是一家以攝氏度為主的工廠，因此很容易將其拿起並真正將其帶入我們的系統中，並為我們提供圍繞 LTO、創新等方面的靈活性。

But we don't have a desire to become a co-packer.

但我們並不想成為代加工商。

So it's not something we look at from a long-term perspective.

所以這不是我們從長遠角度看待的事情。

It was a great opportunity to pick the plant up.

這是一個採摘植物的好機會。

We still believe in the orbit model and the partnerships we've created with co-packers across the US.

我們仍然相信軌道模型以及我們與美國各地代加工商建立的合作夥伴關係。

This was a co-packer that we were already using as well.

這也是我們已經在使用的代加工廠。

So it wasn't something that we suddenly are going to move to them.

所以這不是我們突然要轉移給他們的東西。

It's definitely something, we like our orbit model.

這絕對是件好事，我們喜歡我們的軌道模型。

We like to be a little asset-light.

我們喜歡輕資產一點。

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.

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。

Okay, great.

好的，太好了。

Thanks so much.

非常感謝。

Thank you.

謝謝。

Eric Serotta, Morgan Stanley.

艾瑞克‧塞羅塔，摩根士丹利。

Great.

偉大的。

Thanks for squeezing me in guys.

謝謝你們把我擠進夥計們。

Two quick questions.

兩個簡單的問題。

First, how are you thinking about kind of evolving the execution playbook for next year?

首先，您如何考慮如何改善明年的執行策略？

It seems like, clearly, Red Bull is on the offensive going after the sugar-free flavor space.

顯然，紅牛正在進攻無糖風味領域。

They have been since the summer.

他們從夏天就開始了。

Winter seasonal, realizing it's early, but it seems to be off to a strong start, and Monster having a big push this fall and upcoming winter and sugar-free.

冬季季節，意識到現在還為時過早，但似乎有了一個強勁的開始，Monster 在今年秋天和即將到來的冬季和無糖方面將大力推動。

So how are you looking to evolve the playbook next year, whether it's drill deep strategy or any other execution things?

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？

And second, on pricing, surprised it didn't come up already.

其次，關於定價，令人驚訝的是它還沒有出現。

But I believe that Monster's price increase was, a list price increase was set for November 1.

但我相信Monster的漲價是預定在11月1日的。

Have you guys communicated anything to the trade yet?

你們有向業界傳達過什麼嗎？

And if so, what's the time line and magnitude?

如果是的話，時間和規模是多少？

All right, Eric.

好吧，埃里克。

Excellent, Eric.

太棒了，埃里克。

That's the first question in regards around the execution and really what you further identified the sugar-free movement that's taking place in the energy category with Red Bull now further leaning in as well as Monster leading in with some innovation in sugar-free.

這是關於執行的第一個問題，實際上你進一步確定了能源類別中正在發生的無糖運動，紅牛現在進一步傾斜，怪物在無糖方面進行了一些創新。

This just reinforces the opportunity we have at Celsius as a strong, solid number three player in the energy category.

這正好增強了我們作為能源領域強大、可靠的第三名參與者的機會。

This shows the opportunities we have to further work with our retailers and bring more consumers in as this category not only grow, it gets back in a growth mode, but further seize the sugar-free energy movement and percentage of business continue to grow at an increasing rate.

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，又回到成長模式，而且進一步抓住無糖能源運動，業務百分比繼續以增加率。

So we think we're well positioned.

所以我們認為我們處於有利位置。

But more we can talk about sugar-free, great, and the opportunities that exist for better for you products.

但我們可以更多地談論無糖、偉大的以及為您提供更好的產品的機會。

Celsius is well positioned with our Live Fit mantra and bringing that essential energy for life.

Celeste 憑藉我們的 Live Fit 口號做好了準備，並為生活帶來了必不可少的能量。

So we think the increased competition in the space further allows us to further expand over the next coming years and beyond.

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 those three growth drivers we talked about in prepared remarks and then some of the other conversations, new to category is going to come back.

當你看看我們為 2025 年制定的一些策略時，真正回到我們在準備好的評論中討論的三個成長驅動因素，然後是其他一些對話，新的類別將會回來。

We know strongly more consumers need more energy than ever before.

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。

And the consumers coming into the category for the first time today, they're well aware of energy drinks.

今天首次進入該類別的消費者對能量飲料非常了解。

They're well aware.

他們很清楚。

It's part of a daily lifestyle.

這是日常生活的一部分。

We're seeing coffee being replaced, that coffee occasion.

我們看到咖啡正在被取代，那個咖啡場合。

There's so many other occasions where energy drink play with the new to category consumer that has evolved.

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。

So we're going to continue to drive that.

所以我們將繼續推動這一趨勢。

Increased availability, we talked about that with some of the Pepsi partnership and alignment, that increasing that path to purchase and then increasing consumption, CNU, foodservice, talk about Jersey Mike, so many different opportunities to increase awareness, have additional availability in points of disruption as we're moving through.

增加可用性，我們討論了與百事可樂的一些合作夥伴關係和聯盟，增加購買途徑，然後增加消費，CNU，餐飲服務，談論澤西·邁克，有很多不同的機會來提高意識，在以下方面有額外的可用性我們正在經歷的干擾。

This is the third year in the relationship with Pepsi, and it's going to be a great year as we're heading forward.

這是與百事可樂合作的第三個年頭，這將是我們前進的偉大的一年。

In regards to pricing, we have talked about that on prior calls.

關於定價，我們在之前的電話會議中已經討論過。

We did roll out a price increase.

我們確實推出了價格上漲。

But we have said we're being cognizant of that, that we don't expect a significant benefit into 2025.

但我們已經說過，我們已經認識到這一點，預計 2025 年不會出現重大效益。

So we expect as promotional activities and opportunities exist where we can gain leverage, we will.

因此，我們預計，只要有促銷活動和機會，我們就能獲得影響力，我們就會這樣做。

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 to flow through our financial statements in '25.

但我們沒有，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 年的財務報表中擁有額外的槓桿或定價。

We're being conservative on that.

我們對此持保守態度。

Got it.

知道了。

Thank you.

謝謝。

Thank you.

謝謝。

That concludes our Q&A session.

我們的問答環節到此結束。

I will now attend the conference back over to Chairman and CEO, John Fieldly for closing remarks.

我現在將出席會議並由董事長兼首席執行官約翰·菲爾德利 (John Fieldly) 致閉幕詞。

Thank you, operator.

謝謝你，接線生。

Thank you to everyone who joined us on our webcast this morning.

感謝今天早上加入我們網路廣播的所有人。

Celsius continues to grow the energy category with our great tasting, refreshing beverages that are on trend for today's fitness-minded consumer.

攝氏度繼續透過我們美味、清爽的飲料來發展能量類別，這些飲料是當今注重健身的消費者的流行趨勢。

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.

我們的三個成長動力，即更多地方的更多消費者，將指導我們現在和未來，因為我們將繼續在美國和世界各地發展攝氏品牌。

We will share a full schedule of upcoming conferences that we'll be attending in the next quarter soon.

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。

Thank you to all of our employees, including our newest members of the Celsius family joining us from Big Beverages.

感謝我們所有的員工，包括從 Big Beverages 加入我們的 Celeste 家族的最新成員。

Thank you to all our customers, investors, partners who are so supportive of Celsius on our mission to change the energy drink category.

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。

Make it a great day, grab a refreshing Celsius and Live Fit.

喝一杯清爽的攝氏和 Live Fit，度過美好的一天。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。