Celsius Holdings Inc (CELH) 2024 Q4 法說會逐字稿

Thank you for standing by.

感謝您的支持。

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

我叫 Jeanie，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the Celsius Holdings, Inc., fourth-quarter and full-year 2024 earnings conference call.

現在，我歡迎大家參加Celsius Holdings, Inc. 2024 年第四季和全年財報電話會議。

(Operator Instructions)

（操作員指令）

I would now like to turn the conference over to Paul Wiseman, Investor Relations.

現在，我想將會議交給投資者關係部保羅懷斯曼 (Paul Wiseman)。

You may begin.

你可以開始了。

Good evening, and thank you for joining Celsius Holdings' fourth-quarter and full-year 2024 earnings webcast.

晚上好，感謝您收聽 Celsius Holdings 2024 年第四季和全年財報網路廣播。

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)； Jarrod Langhans，財務長；以及參謀長托比·戴維（Toby David）。

We'll take questions following the prepared remarks.

我們將在準備好的發言之後回答問題。

Our fourth-quarter and full-year 2024 earnings press release was issued this afternoon as well as a press release announcing our agreement to acquire Alani Nu.

我們今天下午發布了第四季度和 2024 年全年收益新聞稿，以及宣布收購 Alani Nu 的協議的新聞稿。

All materials are available on our website, ir.celsiusholdingsinc.com and on the site, sec.gov. An audio replay of this webcast will also be accessible later tonight.

所有資料均可在我們的網站 ir.celsiusholdingsinc.com 和網站 sec.gov 上找到。今晚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.

這些聲明涉及風險和不確定性，其中許多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.

除非法律要求，Celsius Holdings 不承擔更新前瞻性聲明的任何義務。

Please review our safe harbor statements and risk factors in today's press release and in our annual and 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美國證券交易委員會提交的年度和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所預期的結果存在重大差異的風險描述。

We'll present results on both a GAAP and non-GAAP basis. non-GAAP measures like adjusted EBITDA and their GAAP reconciliations are detailed in our fourth quarter earnings release in the press release announcing our acquisition of Alani Nu and non-GAAP financial measures should not be used as a substitute for our results reported in accordance with GAAP.

我們將根據 GAAP 和非 GAAP 基礎呈現結果。我們在宣布收購 Alani Nu 的新聞稿中發布的第四季度收益報告中詳細說明了調整後的 EBITDA 等非 GAAP 指標及其 GAAP 對賬，非 GAAP 財務指標不應替代我們按照 GAAP 報告的結果。

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

說完這些，我會把話題交給約翰。

Thank you, Paul.

謝謝你，保羅。

Good evening, everyone.

大家晚上好。

Earlier today, Celsius reported its fourth quarter and full year 2024 financial results and announced that it has entered into a definitive agreement to acquire Alani Nu, a leading brand in the US energy drink category, and one we greatly and Mir for its outstanding portfolio of functional products and a strong brand affinity among key growing consumer segments.

今天早些時候，Celsius 公佈了其第四季度和 2024 年全年財務業績，並宣布已達成最終協議，收購美國能量飲料類別的領先品牌 Alani Nu，我們非常看重該品牌和 Mir，因為其擁有出色的功能性產品組合，並且在主要增長型消費者群體中具有強大的品牌親和力。

Before providing more detail on this exciting announcement, Jarrod and I would like to discuss our recent results.

在提供有關這項令人興奮的公告的更多細節之前，賈羅德和我想討論我們最近的結果。

Celsius reported record 2024 revenue of $1.36 billion, which reflects the strong and growing consumer demand for premium functional beverage alternatives.

Celsius 公佈 2024 年營收達到創紀錄的 13.6 億美元，這反映了消費者對優質功能性飲料替代品的強勁且不斷增長的需求。

This figure represents a 3% year-over-year increase in revenue and a 22% increase in retail sales compared to 2023. 2024 was challenging for any CPG sectors.

與 2023 年相比，這一數字代表收入同比增長 3%，零售額增長 22%。

The energy drink category was not immune to the effects.

能量飲料類也未能免受其影響。

Yet Celsius delivered strong 22% volume growth year over year compared to the total energy category, which grew 5%.

然而，與整體能源類別的 5% 成長相比，Celsius 的銷量年增了 22%。

We believe our resilience represents a bellwether for our portfolio of brands and the consumer movement towards choosing zero sugar, functional beverage options for their energy needs.

我們相信，我們的韌性代表著我們品牌組合和消費者選擇零糖、功能性飲料來滿足其能量需求的風向標。

Celsius has disrupted the category by innovating products that today's consumers want.

Celsius 透過創新當今消費者想要的產品，打破了這個類別的常規。

We expected our competitors to respond eventually, and it came with a quarry of new sugar-free products last year, which supports our long-held belief that the future of functional beverages is sugar-free.

我們預計我們的競爭對手最終會做出回應，並且去年他們推出了一系列新的無糖產品，這支持了我們長期以來的信念：功能性飲料的未來是無糖的。

Fortunately, for Celsius, our portfolio is composed of the most refreshing, best-tasting zero-sugar functional beverage products available today.

幸運的是，對於Celsius來說，我們的產品組合由當今最清爽、味道最好的零糖功能性飲料產品組成。

In 2024, Celsius introduced Celsius ESSENTIALS, a new line of 16-ounce performance energy trends, which expanded our presence and brought in new consumers who seek high performance and the refreshing great taste that Celsius delivers.

2024 年，Celsius 推出了 Celsius ESSENTIALS，這是一款全新的 16 盎司高性能能量飲料，擴大了我們的影響力，並吸引了追求高性能和 Celsius 提供的清爽美味等新消費者。

We increased our total points of distribution in 2024 by 37% year over year.

2024 年，我們的總分銷點年增了 37%。

Ensuring that Celsius is available in more places, to meet the immediate consumption demand and our ACV reached new heights at 98.7% today, consumers can purchase cold, refreshing Celsius for more than 241,000 outlets in the United States.

確保更多地方有售Celsius，滿足即時的消費需求，今天我們的ACV達到了98.7%的新高度，消費者可以在全美超過241,000個門店購買冰涼、清爽的Celsius。

Last month, we launched a Celsius HYDRATION, what opens up an entirely new category for our portfolio, increasing the variety of occasions when consumers can include Celsius in their daily routines.

上個月，我們推出了 Celsius HYDRATION，為我們的產品組合開闢了一個全新的類別，增加了消費者在日常生活中使用 Celsius 的場合多樣性。

This is another layer in our foundation towards being a leading better-for-you functional lifestyle platform.

這是我們成為領先的、更適合您的功能性生活方式平台的另一個基礎。

Importantly, for our retail customers, for the health of the category at large, Celsius contributed 30% of all category growth in 2024, continuing to bring in new consumers and increasing consumption.

重要的是，對於我們的零售客戶來說，為了整個類別的健康，Celsius 在 2024 年貢獻了所有類別成長的 30%，繼續帶來新的消費者並增加消費。

And I'm pleased to note that earlier this month, Celsius was the recipient of the 2024 7-Eleven Immediate Consumption Execution Award.

我很高興地註意到，本月早些時候，Celsius 獲得了 2024 年 7-Eleven 即時消費執行獎。

This award recognizes outstanding suppliers for excelling, driving immediate consumption sales through strong merchandising, innovation and promotional execution that enhances in purchasing behavior.

該獎項旨在表彰表現卓越的供應商，他們透過強大的行銷、創新和促銷執行來推動即時消費銷售，從而增強購買行為。

As we begin 2025, we believe we have the right strategy to drive sustained long-term growth. innovating zero sugar, functional lifestyle products, building a broad portfolio of premium growing brands and expanding our global presence alongside strong partners with a best-in-class team and a rapidly growing community of consumers seeking better-for-you functional product alternatives.

在進入 2025 年之際，我們相信我們擁有推動長期持續成長的正確策略。創新零糖、功能性生活方式產品，打造廣泛的優質成長型品牌組合，並與強大的合作夥伴、一流的團隊和快速增長的尋求更適合您的功能性產品替代品的消費者群體一起擴大我們的全球影響力。

We are well positioned to continue to drive the evolution of the modern category.

我們已做好準備，繼續推動現代類別的演變。

We continue to collaborate with Pepsi and to harness the greatest value from our strength of our New York America distribution partner.

我們將繼續與百事可樂合作，並充分利用我們紐約美國分銷合作夥伴的實力。

Both we and Pepsi seek to continually optimize our operations.

我們和百事可樂都致力於不斷優化我們的營運。

We believe Pepsi rightsizing across inventories and the pursuit of efficient operations is positive for our long-term health of our supply chain.

我們相信，百事可樂對庫存的合理調整和追求高效的營運對我們供應鏈的長期健康發展有著正面的影響。

We believe our communications on another remains strong, and we look forward to a highly productive 2025 and beyond.

我們相信，我們之間的溝通仍然保持強勁，我們期待 2025 年及以後的成果豐碩。

The last time we spoke, I discussed our three growth drivers.

上次我們談話時，我討論了我們的三個成長動力。

We pursue growth by reaching people in more places, more often.

我們透過更頻繁地接觸更多地方的人們來追求成長。

In the past few months, we have launched six brand new flavors, expanded distribution of two previously lead launch flavors and introduce new multipack varieties and sizes that cater to consumers for a variety and value.

在過去的幾個月裡，我們推出了六種全新的口味，擴大了先前領先推出的兩種口味的分銷，並推出了新的多包裝品種和尺寸，以滿足消費者對多樣性和價值的要求。

I also mentioned Celsius HYDRATION, which is a brand-new category for us.

我還提到了Celsius HYDRATION，這對我們來說是一個全新的類別。

We believe Newline will excite our consumers and grow the value of our functional products in their daily lives.

我們相信 Newline 會讓消費者感到興奮，並在他們的日常生活中提升我們功能性產品的價值。

You can now find our Celsius HYDRATION on Amazon and on a growing number of retailers.

現在您可以在亞馬遜和越來越多的零售商處找到我們的 Celsius HYDRATION。

E-com and food service continue to be a strong channel for us and Celsius is regularly among the top brands on Amazon.

電子商務和餐飲服務仍然是我們的強勁管道，而 Celsius 一直是亞馬遜上的頂級品牌之一。

Starting in March, Celsius will begin to be sold certain subway restaurants, representing a total opportunity of 18,000 locations nationwide.

從三月開始，Celsius 將開始在某些賽百味餐廳銷售，這意味著全國共有 18,000 家門市有機會銷售。

Celsius also gained distribution in Home Depot, which is another strong, nontraditional customer.

Celsius 也獲得了家得寶 (Home Depot) 的分銷權，家得寶是另一家強大的非傳統客戶。

Our portfolio is strengthening even more with today's exciting news that Celsius has agreed to acquire a leading female-focused, functional wellness brand Alani Nu.

今天令人興奮的消息是，Celsius 已同意收購領先的女性功能性健康品牌 Alani Nu，這使我們的產品組合更加強大。

Before talking more about this great opportunity, I'll hand it off to Jarrod to provide some details on our fourth-quarter and full-year financial results.

在進一步談論這個絕佳機會之前，我會先讓賈羅德提供有關我們第四季度和全年財務業績的一些詳細資訊。

Jarrod?

賈羅德？

Thanks, John.

謝謝，約翰。

Our fourth quarter, in several ways, returned us to more traditional results after a very uncharacteristic third quarter of 2024, such as our solid gross margin.

在經歷了 2024 年第三季的異常表現之後，我們的第四季在多個方面恢復了更傳統的業績，例如穩健的毛利率。

However, there were onetime costs related to our big beverage acquisition, expenses related to the creation of our new global Center of Excellence as well as several onetime costs, including legal settlement and penalties paid to our co-packers that impacted results.

然而，我們有一些與大型飲料收購相關的一次性成本、與創建新的全球卓越中心相關的費用以及一些一次性成本，包括法律和解和支付給我們的聯合包裝商的罰款，這些都影響了業績。

In addition, our top line was impacted by some promotional allowances as well as the impact of a fully implemented incentive program with our largest distributor as well as some timing of orders.

此外，我們的營業收入也受到一些促銷折扣、與我們最大的經銷商實施的全面激勵計劃以及一些訂單時間的影響。

This resulted in revenue and adjusted EBITDA each declining 4% in the fourth quarter compared to a year ago.

這導致第四季營收和調整後 EBITDA 較去年同期均下降 4%。

With that said, our quarterly gross margin improved 240 basis points to 50.2% as a result of lower freight costs and savings on the purchase of raw materials and our adjusted EBITDA margin was flat at 18.9%, each on a year-over-year basis.

話雖如此，由於運費成本降低和原物料採購節省，我們的季度毛利率提高了 240 個基點，達到 50.2%，而我們的調整後 EBITDA 利潤率與去年同期相比持平於 18.9%。

SG&A in the fourth quarter increased 73% to $185 million, primarily due to accrued legal expenses related to a case we have on appeal as well as onetime restructuring and co-packer charges.

第四季銷售、一般及行政費用增加 73% 至 1.85 億美元，主要原因是與我們上訴案件相關的應計法律費用以及一次性重組和聯合包裝商費用。

We recognized a net loss of approximately $18.9 million in the fourth quarter, down from a net gain of $50.1 million last year due to the aforementioned costs.

由於上述成本，我們第四季的淨虧損約為 1,890 萬美元，低於去年的淨收益 5,010 萬美元。

Adjusted diluted EPS for the fourth quarter was $0.14.

第四季調整後攤薄每股收益為 0.14 美元。

For the full year, revenue was approximately $1.36 billion, an increase of 3% from a year ago, seeing growth from both the North American business as well as our international business, which was supported by our expansion into Canada, the UK, Ireland, France, Australia, and New Zealand.

全年營收約 13.6 億美元，比去年同期成長 3%，北美業務和國際業務均有成長，這得益於我們在加拿大、英國、愛爾蘭、法國、澳洲和紐西蘭的擴張。

Gross profit increased 7% to $680 million, and our gross profit margin increased 220 basis points to 50.2% for the full year compared to a year ago.

毛利成長 7% 至 6.8 億美元，全年毛利率較去年同期增加 220 個基點至 50.2%。

As a percentage of sales, sales and marketing was 25.9% in 2024 compared to 20% in the prior year same period due to additional advertising activity.

以銷售額的百分比計算，由於廣告活動的增加，2024 年的銷售和行銷佔比為 25.9%，而去年同期為 20%。

G&A expense as a percentage of sales was 12.8% for the full year 2024 or 7.8% in the prior year same period due to expenses related to an ongoing litigation and other onetime costs.

2024 年全年一般及行政管理費用佔銷售額的百分比為 12.8%，去年同期為 7.8%，原因是與正在進行的訴訟和其他一次性成本相關的費用。

Net income for the year was approximately $145 million, a 36% decline compared to a year ago as a result of the timing of distributor orders and the previously mentioned costs.

由於經銷商訂單的時間表和前面提到的成本，本年度淨收入約為 1.45 億美元，比去年同期下降 36%。

Adjusted diluted EPS for the full year was $0.70. Despite the pressure experienced in the second half of 2024, we maintained a cash balance of approximately $890 million even after acquiring big beverages and we generated positive full year operating cash flow.

全年調整後攤薄每股收益為 0.70 美元。儘管 2024 年下半年面臨壓力，但即使在收購大型飲料後，我們仍保持了約 8.9 億美元的現金餘額，並且全年產生了正的經營現金流。

We will continue to pursue growth with further investment in brand support and innovation.

我們將繼續追求成長，進一步投資於品牌支援和創新。

We're also focusing our efforts on further cost management and supply chain efficiencies, which are expected to support margin improvement.

我們也致力於進一步提高成本管理和供應鏈效率，預計這將有助於提高利潤率。

As mentioned last quarter, with the acquisition of co-packer big beverages, we gained new innovation capabilities and greater control of our supply chain as well as financial benefits that we will continue to realize over the near and long term.

正如上個季度所提到的，透過收購大型飲料聯合包裝商，我們獲得了新的創新能力和對供應鏈的更大控制權，以及我們將在近期和長期繼續實現的財務收益。

And we now look to further expand in the better-for-you functional lifestyle category with our planned acquisition of Alani Nu.

現在，我們希望透過計畫收購 Alani Nu，進一步擴大對您更有利的功能性生活方式類別。

And with that, I'll turn it back to you, John.

說完這些，我就把話題轉回給你，約翰。

Thanks, Jarrod.

謝謝，賈羅德。

I'm excited to talk to you today about the acquisition we believe will create significant value for our company and our shareholders.

我很高興今天與你們談論這項收購，我們相信這將為我們公司和股東創造巨大的價值。

We entered into a definitive agreement to acquire alanine for $1.8 billion, comprising the mix of cash and stock.

我們達成了最終協議，以現金和股票形式 18 億美元收購丙胺酸。

The acquisition represents a unique opportunity to enhance the Celsius platform with a complementary profitable, better-for-you lifestyle Energy brand focused on a differentiated consumer segment within the category.

此次收購為增強Celsius平台提供了一個獨特的機會，透過一個互補的、盈利的、更適合您的生活方式的能源品牌，專注於該類別內的差異化消費者群體。

Alani Nu is a growing female-focused brand that delivers functional, great tasting, wellness products for a growing community of millennials and Gen Z consumers.

Alani Nu 是一個不斷發展的以女性為中心的品牌，為不斷增長的千禧世代和 Z 世代消費者群體提供實用、美味、健康的產品。

Alani Nu stands out for its authentic brand voice bright and playful flavors and unique connections with its community of consumers.

Alani Nu 因其真實的品牌聲音、明亮活潑的風味以及與消費者群體的獨特聯繫而脫穎而出。

They combine functional benefits with a fun, approachable personality, making wellness aspirational, yet accessible.

它們將功能性優勢與有趣、平易近人的個性相結合，使健康成為人們嚮往的，卻又觸手可及的。

The transaction delivers several compelling strategic benefits.

這項交易帶來了多項引人注目的戰略利益。

First, together, we create a leading better-for-you functional lifestyle platform at the intersections of consumer megatrends.

首先，我們共同在消費大趨勢的交會處創造一個領先的、更適合您的功能性生活方式平台。

With the addition of Alani Nu, the combined Celsius platform delivers pro forma $2 billion in sales in 2024 across a differentiated energy portfolio that is firmly aligned with the ongoing consumer shifts towards premium functional beverage options that cater to health and wellness and active lifestyles.

隨著 Alani Nu 的加入，合併後的 Celsius 平台將在 2024 年透過差異化能源產品組合實現 20 億美元的銷售額，這與消費者持續轉向迎合健康、保健和積極生活方式的高端功能性飲料選擇的趨勢緊密結合。

Second, this deal combines two growing scaled energy brands with clear category tailwinds.

其次，此交易將兩個規模不斷成長的能源品牌與明顯的品類順風結合在一起。

The transaction is expected to enhance Celsius position as an innovative leader in the large growing energy category, which is projected to grow at a 10% CAGR in 2024 to 2029.

此交易預計將增強 Celsius 作為大型成長能源類別創新領導者的地位，預計 2024 年至 2029 年期間該類別的複合年增長率將達到 10%。

Third, the deal provides complementary brand positioning and gives us expanded access to a fast-growing wellness-focused audience that is driving incremental category growth.

第三，這筆交易提供了互補的品牌定位，並使我們擴大了接觸快速成長的健康焦點受眾的機會，從而推動了品類的增量成長。

Fourth, our combination leverages our strengths and capabilities to drive our next phase of growth.

第四，我們的結合將充分利用我們的優勢和能力，推動下一階段的成長。

The added breadth of the combined platform is expected to further strengthen the company's position with ample resources for ongoing growing investment.

合併後平台的廣度將進一步增強，公司將擁有充足的資源用於持續成長的投資。

Both brands will be well positioned under the Celsius platform to drive continued distribution gains, access consumers and growing adjacencies, drive innovation and brand awareness and achieve incremental category growth and propel further global expansion.

這兩個品牌將在 Celsius 平台下佔據有利地位，持續推動分銷成長、接觸消費者和不斷增長的鄰接關係、推動創新和品牌知名度、實現品類增量並推動進一步的全球擴張。

Finally, the combination enhances Celsius top line growth algorithm and is expected to be cash EPS accretive in year one with a meaningful synergy of opportunities.

最後，此次合併增強了 Celsius 的營收成長演算法，預計第一年將透過有意義的機會綜效實現每股現金增值。

Additionally, we expect $50 million of run rate of cost synergies to be achieved over two years post close, contributing to a strong pro forma profitability and significant cash flow generation.

此外，我們預計交易完成後兩年內成本綜效的運行率將達到 5,000 萬美元，有助於實現強勁的獲利能力和顯著的現金流。

We see significant growth potential by applying Celsius strong channel and digital marketing, product development and expansion strategies to help Alani Nu growth.

透過應用 Celsius 強大的通路和數位行銷、產品開發和擴張策略來幫助 Alani Nu 實現成長，我們看到了巨大的成長潛力。

We see opportunities to continue to grow Alani Nu national distribution, included in key coastal metro markets, drive continued flavor and format innovation and expand globally.

我們看到了繼續擴大 Alani Nu 全國分銷（包括主要沿海大都市市場）、推動風味和形式持續創新以及全球擴張的機會。

We also expect to drive continued innovation and product development to draw more consumers into the wellness lifestyle that Alani Nu offers.

我們也希望推動持續的創新和產品開發，以吸引更多的消費者享受 Alani Nu 提供的健康生活方式。

Additionally, we believe that we will each benefit from our combined strength at retail and significant resources to continue to invest in the growth opportunities.

此外，我們相信，我們將受益於我們在零售方面的綜合實力和大量資源，並繼續投資於成長機會。

Upon closing, Alani Nu will operate within Celsius and key leaders from Congo brands, which operate Alani Nu have agreed to continue as advisers to Celsius to help ensure continued business momentum.

交易完成後，Alani Nu 將在 Celsius 內運營，運營 Alani Nu 的剛果品牌的主要領導人已同意繼續擔任 Celsius 的顧問，以幫助確保業務持續發展勢頭。

The agreement has been approved by the Celsius Board of Directors.

該協議已獲得Celsius董事會的批准。

The transaction is subject to customary closing conditions, including regulatory approvals and is expected to close in the second quarter of 2025.

該交易需滿足慣例成交條件，包括監管部門批准，預計將於 2025 年第二季完成。

In short, this combination advances our strategies, strengthens our position and paves the way for long-term value creation.

簡而言之，這種結合推進了我們的策略，加強了我們的地位，並為長期價值創造鋪平了道路。

Celsius was a pioneer of the better-for-you energy category over 20 years ago, and we are thrilled to expand our portfolio with the acquisition of Alani Nu.

20 多年前，Celsius 是健康能源領域的先驅，我們很高興透過收購 Alani Nu 來擴大我們的產品組合。

Importantly, following the transaction, we will have ample balance sheet capability for additional growth investment.

重要的是，交易完成後，我們將擁有充足的資產負債表能力來進行額外的成長投資。

We believe we have the right strategy to drive sustained long-term growth, and the acquisition of Alani Nu is expected to strengthen Celsius position as an innovative leader in the large growing global energy category.

我們相信，我們擁有推動長期持續成長的正確策略，收購 Alani Nu 有望加強 Celsius 作為全球能源領域不斷增長的創新領導者的地位。

And now I'll turn it over to Jarrod to talk more about the financial terms of the transaction.

現在我將讓賈羅德進一步討論交易的財務條款。

Jarrod?

賈羅德？

Thank you.

謝謝。

As John mentioned, we are excited to partner with Alani Nu to create a leading better-for-you functional lifestyle platform.

正如約翰所說，我們很高興與 Alani Nu 合作創建一個領先的、更適合您的功能性生活方式平台。

Under the terms of the agreement, Celsius will acquire Alani Nu from Co-Founders, Katy and Haydn, and Congo Brands Co-Founders, Max and Trey for $1.8 billion, comprising a mix of cash and stock, including a potential $25 million earn-out based on 2025 performance.

根據協議條款，Celsius 將以 18 億美元從聯合創始人 Katy 和 Haydn 以及 Congo Brands 聯合創始人 Max 和 Trey 手中收購 Alani Nu，收購價格包括現金和股票，其中包括根據 2025 年業績計算的潛在 2500 萬美元盈利。

This includes approximately $150 million net present value of tax benefits for a net purchase price of $1.65 billion and represents an attractive valuation of less than 3 times 2024 revenue of $595 million and approximately 12 times fully synergized Alani Nu 2024 adjusted EBITDA of $137 million, which includes approximately $50 million in synergies across our supply chain, utilization of our sales force and back shop infrastructure.

這包括約 1.5 億美元的稅收優惠淨現值，淨購買價為 16.5 億美元，估值頗具吸引力，不到 2024 年 5.95 億美元收入的 3 倍，約為完全協同的 Alani Nu 2024 年調整後 EBITDA 1.37 億美元的 12 倍成本的協同供應量的組合量

The purchase price consideration is comprised of approximately $1.275 billion of cash and a $25 million earn-out and $500 million of newly issued restricted shares of Celsius Holdings' common stock, representing approximately 8.6% pro forma ownership.

收購價格對價包括約 12.75 億美元現金、2,500 萬美元的獲利支出以及 5 億美元新發行的 Celsius Holdings 普通股限制性股份，約佔 8.6% 的預期所有權。

We intend to fund the cash consideration using a combination of $900 million of fully committed debt financing and approximately $375 million of cash on hand.

我們打算利用 9 億美元的全額承諾債務融資和約 3.75 億美元的庫存現金來支付現金對價。

We expect that our liquidity position will remain strong following the transaction with a pro forma net leverage of approximately 1 times with ample cash on the balance sheet.

我們預計，交易後我們的流動性狀況將保持強勁，預計淨槓桿約 1 倍，資產負債表上現金充裕。

This allows us to continue to opportunistically pursue growth investments that drive shareholder value.

這使我們能夠繼續抓住機會，尋求推動股東價值的成長型投資。

Stock consideration will be subject to a lockup agreement, which will be released over a two-year period, allowing long-term interest to drive future growth and value creation.

股票對價將受鎖定協議約束，該協議將在兩年內解除，以長期利益推動未來成長和價值創造。

At closing, we will enter into a transition services agreement and certain consulting agreements to help retain key brand leadership and support the integration process.

交易結束時，我們將簽訂過渡服務協議和某些諮詢協議，以幫助保留關鍵品牌領導並支持整合過程。

We look forward to keeping you updated on the progress of the deal in the coming months.

我們期待在未來幾個月內向您通報交易的進展。

With that, we'll open up the line for your questions.

現在，我們將開始回答您的問題。

(Operator Instructions) Kaumil Gajrawala, Jefferies.

(操作員指示) Kaumil Gajrawala，Jefferies。

Hey, guys.

嘿，大家好。

Good evening.

晚安.

Can you maybe talk about the positioning of the two brands and how you plan to offer maybe any overlap or how differently they may or may not be positioned?

您能否談談這兩個品牌的定位以及您計劃如何提供重疊的產品或它們的定位有何不同？

Yeah.

是的。

Great question.

好問題。

We're excited about the addition of Alani Nu into our portfolio at Celsius Holdings, the Alani Nu brand has a very unique consumer base, which is incremental to our overall portfolio and complementary to Celsius.

我們很高興將 Alani Nu 添加到 Celsius Holdings 的投資組合中，Alani Nu 品牌擁有非常獨特的消費者群體，這對我們的整體投資組合來說是一個增量，也是對 Celsius 的補充。

It's targeting a younger female consumer that really is aspirational.

其目標客戶是真正有抱負的年輕女性消費者。

It's also accessible, and it revolves around health and wellness and fitness.

它也很方便，並且圍繞著健康、保健和健身。

The social media as an example, is about a 92% female following.

以社群媒體為例，女性追蹤者約佔92%。

And when we look at the really any cannibalization potential.

當我們真正審視任何蠶食潛力時。

It's fairly low.

這是相當低的。

We actually see a much higher trading between brands, looking at some of the top tier brands in the category as well.

事實上，我們看到品牌之間的交易量大幅增加，同時也看到了該類別中的一些頂級品牌。

So this is truly incremental and Alani Nu has been also contributing to the category growth rate.

所以這是真正的增量，Alani Nu 也一直在為該類別的成長率做出貢獻。

So this positions us with two great portfolios to go after the modern energy category.

因此，我們擁有兩大優秀的投資組合，可以進軍現代能源領域。

Okay.

好的。

Got it.

知道了。

And how are you guys thinking about distribution.

你們對於分銷有什麼看法？

Is your preference to people owning refine AB network at two major customers maybe any inventory issues as you have before, is the preference to consolidate it in along about -- and then maybe is there any involvement of Pepsi financially or how those operating?

您是否傾向於讓擁有兩大主要客戶的 Refine AB 網路的人來管理，也許會遇到之前遇到的庫存問題，是否傾向於將其整合在一起——然後百事可樂是否會在財務上參與其中，或者它們的運營情況如何？

We're just announcing today the transaction.

我們今天剛宣布這項交易。

It's got to go through customary closing procedures and regulatory approval.

它必須經過常規成交程序和監管部門的批准。

We're expecting it to close sometime in the second quarter.

我們預計它將在第二季的某個時候完成。

The ABI network they're in is a great network.

他們所在的 ABI 網路是一個很棒的網路。

It's been an amazing partner for Alani Nu and we're really focused on the consumer and the customer right now and growing the respective businesses together.

對於 Alani Nu 來說，它是一位非常棒的合作夥伴，我們現在真正專注的是消費者和客戶，並共同發展各自的業務。

Jim Salera, Stephens.

吉姆·薩萊拉、史蒂芬斯。

Yes.

是的。

Good afternoon.

午安.

Thanks for taking our questions.

感謝您回答我們的問題。

I wanted to maybe drill down on how you think Alani Nu is going to add incrementality and maybe offering a little bit more focus on the Celsius piece of the portfolio.

我想深入了解您認為 Alani Nu 將如何增加增量，並可能更專注於投資組合中的 Celsius 部分。

And -- what I mean by that is if we look at the overall energy drink category growth, obviously, the Celsius consumption growth and the standard data has come down.

我的意思是，如果我們看一下整體能量飲料類別的成長，顯然攝氏消費成長和標準數據已經下降。

Should we expect the legacy Celsius brand to grow in line with the category and then Alani Nu to be the incremental lift there?

我們是否應該期待傳統的 Celsius 品牌能夠與該類別同步成長，而 Alani Nu 則成為該類別的增量提升？

Or do you expect the Celsius brand to get back to above-trend growth and then have the Alani Nu brand come over the shop and complement that as well?

或者您希望 Celsius 品牌恢復高於趨勢的成長，然後讓 Alani Nu 品牌進入商店並對其進行補充？

Yeah.

是的。

No, absolutely, Jim.

不，絕對不是，吉姆。

I mean if you look at the scanner data, we got off to a slow start in Q1 with timing of promotions versus what we were cycling last year and innovation.

我的意思是，如果你看一下掃描器數據，你會發現我們在第一季的促銷時間和創新方面起步較慢。

We have a robust innovation strategy with the Celsius portfolio in 2025.

我們針對 2025 年的 Celsius 產品組合製定了強而有力的創新策略。

I'm really excited about it.

我對此感到非常興奮。

We feel really bullish especially the way the portfolio is positioned with better for you, fitness lifestyle, a 50-50 mix, approximately male and female.

我們感到非常樂觀，尤其是投資組合的定位更適合您，健身生活方式，男女比例約為 50-50。

We are well positioned to capitalize on the trends in health -- in the energy category.

我們已做好準備，利用健康領域（能源領域）的趨勢。

And the category in 2024, tipping to greater than 50% of the category now is sugar free with our Celsius portfolio.

到 2024 年，憑藉我們 Celsius 產品組合，目前該類別中無糖產品的比例將超過 50%。

We see great tailwinds to continue to drive that business forward in that portfolio.

我們看到了繼續推動該投資組合業務向前發展的強勁動力。

When we look at Alani, and you look at where it is in its growth cycle and distribution, it's really about almost where Celsius was two years ago.

當我們觀察阿拉尼時，你會發現它的生長週期和分佈情況與兩年前的攝氏溫度差不多。

There's a lot of additional ACV to unlock especially untapped in foodservice and also in convenience.

還有大量額外的 ACV 可供開發，特別是在餐飲和便利商店領域尚未開發。

So there's a lot of opportunities with both brands and both brands are going to be incremental to additional revenue growth and profitability.

因此，這兩個品牌都有很多機會，並且都將增加收入和盈利能力。

Great.

偉大的。

Great.

偉大的。

And then maybe if I could just sneak in one quick follow-up.

然後也許我可以偷偷地快速跟進。

There will be a lot of questions on the energy piece of Alani.

關於阿拉尼的能源部分，人們會有很多疑問。

But I know they also have a powder and an RTD shake and a Saks portion of the portfolio.

但我知道他們還有粉末、 RTD 奶昔和 Saks 部分產品組合。

Just any thoughts on how you plan to fit that in with the broader portfolio that's energy centric?

您有什麼想法可以將其與以能源為中心的更廣泛的投資組合相結合嗎？

.

。

Well, it really gives us -- both these brands together offer a better-for-you platform.

嗯，它確實為我們提供了——這兩個品牌共同為您提供了一個更好的平台。

There's a lot of opportunities, especially with Alani, expanding into adjacent categories.

有很多機會，尤其是隨著 Alani 擴展到相鄰類別。

And I think that opens up scale.

我認為這可以擴大規模。

Health and wellness continues to grow and become part of the daily lifestyle of all of our consumers.

健康和保健日益受到重視並成為所有消費者日常生活方式的一部分。

So it's incremental on a go-forward basis.

因此，從前進的角度來看，這是一個漸進的過程。

Peter Grom, UBS.

瑞銀的 Peter Grom。

Thanks, operator.

謝謝，接線生。

Good evening, everyone.

大家晚上好。

So I wanted to ask on just maybe what to expect as we look out through the spring here, just in terms of shelf resets I'd be curious, can you just talk about what you're expecting for the core Celsius brand, particularly as velocity trends have been a bit more challenged.

因此，我想問一下，對於春季的展望，我們可以期待什麼，就貨架重置而言，我很好奇，您能否談談對核心 Celsius 品牌的期望，特別是在速度趨勢面臨更大挑戰的情況下。

And then specifically, do you have any visibility at this point in time around what you were expecting for shelf space gains for Alani Nu?

那麼具體來說，您目前對 Alani Nu 貨架空間成長的期望是什麼？

Yeah.

是的。

With our Celsius portfolio coming up, -- we expect roughly around 15% to 20% expansion in distribution within our given retail sets coming out of NATs and expansion we're seeing in large format as well.

隨著我們的 Celsius 產品組合的推出，我們預計，在我們給定的零售套裝中，來自 NAT 的分銷量將擴大約 15% 至 20%，而且我們也看到大格式的擴張。

You're seeing a lot of grocery and large format lean and even heavier in energy.

你會看到很多雜貨和大宗商品都精益求精，甚至耗能更高。

So we're really excited about that where this category is evolving.

因此，我們對這一類別的發展感到非常興奮。

The energy category and keep in mind is getting to be a much larger portion of total LRB and the beverage categories.

請記住，能量類別在總 LRB 和飲料類別中的比例越來越大。

And you're seeing the retailers in large format move into that space, trying to take advantage of the consumers, which are stocking up on 12 packs and variety packs you're seeing that now.

而且你會看到大型零售商正在進入這個領域，試圖利用消費者，他們正在囤積 12 瓶裝和多種包裝，這就是你現在看到的。

More and more, the energy category has evolved from an is evolving from a media impulse purchase two, part of a daily lifestyle and daily routine and large formats taking advantage of that opportunity.

能源類別越來越多地從媒體衝動購買演變為日常生活方式和日常生活習慣的一部分，大型格式利用了這個機會。

So about 15% to 20% we expect.

因此我們預計約為 15% 到 20%。

Also improved placement within retailers is really key.

改善零售商內部的定位也確實是關鍵。

We're working on -- we got to get more cold placements.

我們正在努力——我們必須獲得更多的冷門位置。

We've got to continue to disrupt the path to purchase with Celsius portfolio.

我們必須繼續利用 Celsius 產品組合來顛覆購買方式。

And then Alani is expecting pretty sizable distribution gains as we are entering through the reset season, especially in the convenience channel.

隨著我們進入重置季節，Alani 預計分銷收益將相當可觀，尤其是在便利通路。

Eric Serotta, Morgan Stanley.

摩根士丹利的埃里克·塞羅塔。

Good afternoon and congratulations on the deal.

下午好，祝賀交易達成。

A quick follow-up on the distribution side.

對分銷方面的快速跟進。

Does Pepsi have any right of first refusal for distributing other brands that you buy?

百事可樂對於您購買的其他品牌的分銷是否擁有優先購買權？

And if hypothetically, Alani were to change distribution networks, who would be responsible for the distributor buyouts.

假設 Alani 要改變分銷網絡，誰將負責經銷商的收購。

And then turning to the business, what was the change in Pepsi inventories in the quarter?

然後談到業務，本季百事可樂庫存的變化如何？

And I guess, what are your expectations as you look to the first quarter?

我想問一下，您對第一季有什麼期望？

Yeah.

是的。

Just a comment in regards to the distribution, answered that before.

僅對分佈有評論，之前已經回答過了。

Right now, we're focused on closing this transaction.

現在，我們的重點是完成這筆交易。

We're focused on servicing customers and retailers and suppliers.

我們專注於為客戶、零售商和供應商提供服務。

And -- that's our main focus right now.

這就是我們現在關注的重點。

The companies are running separate until closing.

在交易完成前，兩家公司將獨立運作。

But I'll let Jarrod comment on the inventory levels in the Q4.

但我會讓賈羅德對第四季的庫存水準發表評論。

Yeah.

是的。

So it was between $8 million and $10 million in terms of the impact.

因此，就影響而言，其金額在 800 萬至 1000 萬美元之間。

Gerald Pascarelli, Needham & Company.

傑拉爾德·帕斯卡雷利（Gerald Pascarelli），尼德漢姆公司。

Great.

偉大的。

Thanks very much for the question.

非常感謝您的提問。

Congratulations on the deal.

祝賀交易達成。

John, maybe a question just on the basis for the transaction.

約翰，也許我只是關於交易基礎的一個問題。

Essentially, like -- how do you put the transaction in the context of the near-term slowdown that you've seen in your core portfolio?

本質上，就像——您如何將這筆交易置於您在核心投資組合中看到的近期經濟放緩的背景下？

I guess said another way, like did the near-term slowdown expedite the process for you to get more aggressive with M&A and buying scale?

我想換句話說，例如近期的經濟放緩是否加快了你們更積極地進行併購和擴大購買規模的進程？

Or is this something that you've always viewed as an attractive asset have been contemplating for a while and decided now is the right time?

或者這是您一直視為有吸引力的資產並且已經考慮了一段時間並且決定現在是正確的時機？

I guess just some color on how the deal materialize would be helpful.

我想，關於這筆交易如何實現的一些細節可能會有所幫助。

Thank you.

謝謝。

Yeah.

是的。

No, great question.

不，這個問題問得好。

And we are extremely confident in the Celsius portfolio and leveraging the tailwinds we see in the energy category.

我們對 Celsius 的投資組合以及我們在能源類別中看到的順風優勢非常有信心。

We recognize we're off to a slow start.

我們認識到我們起步較慢。

The innovation that we have planned for 2025.

我們為 2025 年所規劃的創新。

We're extremely excited about it.

我們對此感到非常興奮。

And the portfolio continues to resonate with a broader consumer and it's a great flavor, it's great innovation.

該產品組合繼續引起廣大消費者的共鳴，它的味道很棒，創新也很棒。

The fitness lifestyle is strong and the Celsius portfolio is strong.

健身生活方式很強大，Celsius 產品組合也很強大。

The opportunity came up with Alani Nu.

這個機會來到了 Alani Nu 的面前。

It really is incremental to our consumer base.

這對我們的消費者群體來說確實是一個增量。

When you look at it, we really admire what they built.

當你看到它時，我們真的很欽佩他們所建造的東西。

And when you're building scale, we are right now a solid #3 player in energy and a combination of these two great brands together puts us at about approximately a 16% share in the energy category.

當擴大規模時，我們現在是能源領域的第三大穩固參與者，這兩個偉大品牌的結合使我們在能源類別中的份額約為 16%。

We built an amazing company here.

我們在這裡創建了一家令人驚嘆的公司。

I mentioned in Q4, Jerry talked about it in his prepared remarks about vertically integrating with our co-packers.

我在第四季度提到過，傑瑞在他準備好的演講中談到了與我們的聯合包裝商進行垂直整合。

We have synergies and opportunities.

我們有協同效應和機會。

We're focused and disciplined to drive shareholder value, gain leverage through the systems and processes and infrastructure we've built, and it's a natural fit for us.

我們專注並嚴守紀律，推動股東價值，透過我們建立的系統、流程和基礎設施獲得影響力，這對我們來說是自然而然的。

Andrea Teixeira, JPMorgan.

摩根大通的安德里亞特謝拉 (Andrea Teixeira)。

Thank you, operator, and good afternoon, everyone.

謝謝接線員，大家下午好。

I just wanted to follow up on the most recent consumption trends for sales in particular.

我只是想追蹤最新的銷售消費趨勢。

And if you can comment also on Alani.

如果您也可以對 Alani 進行評論的話。

How have you tended so far in the quarter, intra-quarter?

到目前為止，本季、季內情況如何？

And when should we see improvement in terms of like velocity?

那我們什麼時候才能看到速度上的改善呢？

I understand that, obviously, there is an offset from gaming distribution.

我理解，顯然遊戲發行有偏差。

And related to that, also how has been the reception?

與此相關，反應如何？

I know you're lapping a very strong innovation, as you mentioned.

我知道，正如您所說，您正在進行一項非常強大的創新。

But you also have a strong pipeline coming up.

但你也有一個強大的管道即將出現。

I understand that mainly the convenience stores were part receptive from the fair that you're getting a good reflection for the for the innovation, but just wondering all these dynamics of distribution with Pepsi, how we should be seeing this improvement, if any?

我了解到，便利商店主要對展會做出了部分接受，認為你們對創新有了很好的反映，但我好奇百事可樂的所有這些分銷動態，我們應該如何看到這種改進，如果有的話？

Or should we expect that should be more evident in the second quarter for both brands?

或者我們應該預期第二季這兩個品牌的表現會更加明顯？

Now also a comment on our Alani Nu.

現在也對我們的 Alani Nu 進行評論。

Thank you.

謝謝。

Okay.

好的。

Excellent.

出色的。

A lot of unpack there.

那裡有很多需要解壓的東西。

In regards to the Celsius portfolio, like I said, we're confident in the Celsius portfolio.

關於攝氏投資組合，正如我所說，我們對攝氏投資組合充滿信心。

We have some weakness in Q1.

我們在第一季存在一些弱點。

We are cycling some pretty high hurdles from prior year with the launch of the Essentials line and had some really strong innovation in Q1.

隨著 Essentials 系列的推出，我們克服了去年面臨的一些相當高的障礙，並在第一季實現了一些非常強勁的創新。

We have an innovation pack back half and into the summer selling -- into the summer beverage season.

我們有一套創新包裝，用於夏季銷售，也就是夏季飲料季。

We're excited about our innovation.

我們對我們的創新感到非常興奮。

We have some great properties we'll be leveraging and tentpole programs I mentioned in the prepared remarks, our recent award we won at 7-Eleven.

我們擁有一些將會利用的優秀資產和我在準備好的演講中提到的支柱計劃，以及我們最近在 7-Eleven 獲得的獎項。

We're partnering with retailers.

我們正在與零售商合作。

It's really a timing.

這確實是一個時機問題。

And then the incrementality with Alani, it's going to be incremental, and they're gaining distribution they're resonating with the unique consumer segment in the energy category, which continues to get broader, energy has gone mainstream.

然後，Alani 的增量將是漸進的，他們正在獲得分銷，他們與能源類別中獨特的消費者群體產生共鳴，這個群體將繼續變得越來越廣泛，能源已經成為主流。

It's not as niche as it used to be.

它不再像以前那麼小眾了。

Health and wellness trends are here.

健康和保健趨勢就在這裡。

We're actually presenting at CAGNY tomorrow.

事實上，我們明天將在 CAGNY 進行演講。

And everyone's talking, all these consumer brands are talking about health, wellness, the growth of sugar-free.

每個人都在談論，所有這些消費品牌都在談論健康、保健和無糖的成長。

We have two of the greatest portfolios in beverage that are sugar-free and aligned with the health-minded consumer.

我們擁有兩種最出色的飲料產品組合，它們都是無糖的，符合注重健康的消費者的需求。

So we're excited about where we're headed with this portfolio.

因此，我們對這個投資組合的發展方向感到非常興奮。

It's a great combination.

這是一個很棒的組合。

Michael Lavery, Piper Sandler.

麥可·拉弗里，派珀·桑德勒。

Thank you.

謝謝。

Good evening.

晚安.

I had top of my list, what you're going to do with your cash, but I think I'll skip that one now.

我清單上最重要的問題是你要用你的現金做什麼，但我想我現在會跳過這一項。

And just maybe see if you could unpack the share trends from 24 a little bit.

也許您可以看看能否從 24 角度稍微解析一下股票趨勢。

You obviously had sequential -- some pressure sequentially over the course of the year.

顯然，您在一年的時間裡承受著連續的壓力。

Not meant as an Alani question, but it certainly could be related.

雖然這並不是 Alani 的問題，但肯定與之相關。

Any just diagnosis of where share was going or how to think about what really made some of those changes and how to best address it?

能否公正地診斷一下份額的走向，或者如何思考真正導致這些變化的原因以及如何最好地解決它？

And then maybe if you could also just if I could ask a quick follow-up on the subway news.

然後也許你也可以問一下有關地鐵新聞的快速後續問題。

You said that it will go to some of those outlets is that each franchisees' option or decision?

您說去那些分店是每個加盟商的選擇還是決定？

How do we think about how that might unfold?

我們如何看待這件事可能會如何發展？

No, great questions.

不，很好的問題。

When you look at -- we really hit -- we started to see some challenges and the whole category was under challenge in Q3 we were impacted when the category went negative for the really first time in many years within growth.

當你看到 - 我們確實遇到了 - 我們開始看到一些挑戰，整個類別在第三季度都面臨挑戰，當該類別在多年來首次出現負增長時，我們受到了影響。

We also saw really steep competition come in, in the sugar-free category from some of the top players that are getting trial.

我們也看到，在無糖類別中，一些頂級品牌的競爭非常激烈。

But with our refreshing Celsius portfolio and a strength of great ingredients and our positioning, the better for you healthy halo, we feel we are well positioned for this category to evolve.

但憑藉我們令人耳目一新的 Celsius 產品組合、優質成分的優勢以及我們的定位——更有利於您的健康，我們覺得我們已為該類別的發展做好了準備。

Getting trial on new flavors, consumers are getting -- are trying new flavors that are out there, and you saw that with two of the top major players leaning heavily in sugar-free.

消費者正在嘗試新的口味，他們正在嘗試市場上的新口味，你會看到，兩大主要參與者都在大量傾向於無糖口味。

But we have a sustained long-term loyal consumer.

但我們擁有長期忠誠的消費者。

We have strategies to build upon that.

我們制定了在此基礎上進一步發展的策略。

And it's going to come to fruition in 2025 with a great innovation portfolio that we have planned and some of our targeted marketing initiatives and also broadening our reach.

我們將在 2025 年實現這一目標，屆時我們將制定出色的創新組合計劃和一些有針對性的行銷計劃，同時擴大我們的業務範圍。

We're broadening some of the consumer segments that we're going after and targeting with our strategy of more people, more places and more often.

我們正在擴大我們所追求的一些消費者群體，並以更多人、更多地點和更頻繁的方式瞄準這些消費者。

Sean McGowan, ROTH Capital Partners.

羅仕證券合夥人 Sean McGowan 說。

Thank you.

謝謝。

I was wondering if you could tell us how much the promotional allowances that you talked about in the past impacted both revenue and gross margin in the quarter?

我想知道您是否可以告訴我們您過去談到的促銷補貼對本季的收入和毛利率有多大影響？

And then more generally, do you think this is a level of gross margin that could be sustained particularly with the momentum in the background?

那麼更普遍地說，您是否認為這個毛利率水平可以持續，特別是在背景發展勢頭強勁的情況下？

Yeah.

是的。

I mean great question around promotional activity.

我的意思是有關促銷活動的好問題。

The category is high promotional.

此類別具有很高的促銷性。

I'll turn it over to Jerry to talk about some of the promotional activities.

我將讓傑瑞來談談一些促銷活動。

Yeah.

是的。

In terms of the leverage of the promotional activity with some of the noise around timing from distributor orders.

就促銷活動的槓桿作用而言，經銷商訂單的時間表會帶來一些噪音。

We did see a little bit elevated, call it, contra revenue across 2024 versus 2023 and even 2022.

我們確實看到 2024 年的收入相對於 2023 年甚至 2022 年略有增加。

We look to get that back on track next year.

我們希望明年能夠重回正軌。

We will have the incentive plan fully in place in Q1, Q2.

我們將在第一季和第二季全面實施激勵計畫。

Q3, Q4 was already baked in, but you'll see a little bit of extra incentive in Q1 and Q2 because it was a phased-in approach, but we will also be benefiting from the full implementation of the program around things like inventory on display, priority periods, those things like that.

Q3、Q4 已經實施，但您會在 Q1 和 Q2 看到一些額外的激勵，因為這是一個分階段實施的方法，但我們也將受益於該計劃的全面實施，包括展示庫存、優先期等。

So we look to that to get back to the more normalized basis.

因此，我們希望恢復到更正常化的基礎。

.

。

As it relates to gross profit, we are evaluating all the various things.

由於它與毛利有關，我們正在評估各種因素。

The tariffs are in the tariffs are out, those things.

關稅已經生效，關稅已經取消，這些都是。

We think we're somewhat -- we're in good shape as it relates to a lot of the pieces.

我們認為我們在某種程度上——就很多部分而言，我們的狀況良好。

We don't think the aluminum from up north coming in would significantly impact us, although that could have some impact.

我們認為，來自北方的鋁進口不會對我們產生重大影響，儘管這可能會產生一些影響。

And could that pull the margin back a little bit?

這是否可以將利潤率稍微拉低一些？

Definitely.

確實。

I think we've shown this year that we're pretty resilient in order to get that 50% on a full year basis.

我認為，我們今年已經證明，我們有相當強的韌性，能夠實現全年 50% 的成長率。

So although I prefer to be conservative and say, could it be high 40s with the tariffs.

因此，儘管我傾向於保守一點，但關稅可能會達到 40% 以上。

I think 50% is a solid number from that perspective.

從這個角度來看，我認為 50% 是一個可靠的數字。

And then as it relates to Alani Nu, we'll look to talk more about their margin profile when we get -- after we close.

然後，就 Alani Nu 而言，我們將在交易結束後進一步討論他們的利潤率狀況。

I think right now, it's too early to really bake that in.

我認為現在就將這一點真正納入考慮還為時過早。

There is some data on the investor deck that you can see their profile, at least from an EBITDA margin perspective and a revenue perspective.

投資者資料庫中有一些數據，您可以查看他們的概況，至少從 EBITDA 利潤率和收入角度來看。

And when we're fully synergized, we'll look to be leveraging the business and look forward to be incremental from a margin perspective.

當我們完全實現協同時，我們將考慮充分利用業務，並期待從利潤率的角度實現增量。

Kevin Grundy, BNP Paribas.

法國巴黎銀行的凱文‧格蘭迪 (Kevin Grundy)。

Great.

偉大的。

Thanks.

謝謝。

Good evening, guys, and congrats on the deal.

大家晚上好，祝賀交易達成。

Jarrod, I wanted to pick up on that line of question around margins, two-part question.

賈羅德，我想接著問有關利潤率的問題，這個問題分成兩個部分。

So just on the $50 million cost synergies, maybe just identify key areas, how much visibility you have?

因此，僅就 5000 萬美元的成本協同效應而言，也許只需確定關鍵領域，您有多少可見性？

Is there any potential upside there?

那裡還有什麼潛在的上升空間嗎？

And then understanding you may want to be a little bit hesitant.

然後要理解你可能想要有點猶豫。

Is there any reason at least in principal, why the combined business, your EBITDA margins should not look something like Monster's EBITDA margins in the US.

至少從原則上講，是否存在任何理由導致合併後的業務的 EBITDA 利潤率不應該與 Monster 在美國的 EBITDA 利潤率相似？

So your thoughts there would be helpful.

所以你的想法可能會有幫助。

And then I have a quick follow-up for John.

然後我要快速跟進約翰的問題。

Yeah.

是的。

Like John said, they're 18 to 24 months behind us in terms of what our profile was, where we are in our life cycle and where they are in their life cycle.

就像約翰所說的，從我們的概況、我們所處的生命週期以及他們所處的生命週期來看，他們比我們落後 18 到 24 個月。

So we definitely see opportunity to further leverage that business.

因此，我們確實看到了進一步利用該業務的機會。

The synergies are hard cost in terms of not just picking a percentage of revenue or anything.

綜效是一種硬成本，指的不是僅僅選擇一定比例的收入或其他什麼。

So we're looking at COGS, we're looking at different -- using our scale and some of our competitive purchasing power and then also specific to looking at our sales force, which we were 500 strong and really leveraging that.

因此，我們正在關注銷貨成本，我們正在關注不同的因素——利用我們的規模和一些有競爭力的購買力，然後再具體關注我們的銷售隊伍，我們有 500 名銷售人員，我們真正利用了這一點。

Our global supply chain where we have our global HQ, where we have a supply chain and procurement program, et cetera, that will really be able to drive savings.

我們的全球供應鏈，包括我們的全球總部、供應鏈和採購計畫等等，這些都能夠真正推動節省。

So between those areas and then some back shop, of course, as well.

所以在這些區域之間，當然也有一些後台商店。

And then what was the second part, Kevin?

那麼第二部分是什麼，凱文？

.

。

That was helpful.

這很有幫助。

I know there's a lot of folks on the call.

我知道有很多人正在通話中。

The quick one for John is just obviously, a lot of deals fails -- so my question is really around -- you don't need to be redundant on the distribution piece.

對於約翰來說，快速回答這個問題顯然有很多交易都失敗了，所以我的問題是，你不需要在分銷部分重複。

There's a little bit of wait and see and maybe this comes out of the AV system and into Pepsi, we'll see.

我們還需要等待一段時間才能看到結果，也許這款產品會從 AV 系統推出並進入百事可樂，我們拭目以待吧。

But how do you limit integration risk as it pertains to this deal, what are you most concerned about?

但是，就這筆交易而言，您如何限制整合風險，您最擔心的是什麼？

What would you share with investors in terms of managing that to ensure that this goes smoothly and there's no bumps in the road?

在管理方面您想與投資者分享什麼以確保一切順利進行並且不會出現任何問題？

No.

不。

I mean we're extremely focused on that, Kevin.

我的意思是我們非常關注這一點，凱文。

If you recall, the way the company integrated into the Pepsi distribution system, we were really praised on how focused and strategic we were on that.

如果你還記得的話，我們融入百事可樂分銷系統的方式確實因我們的專注和策略性而受到稱讚。

We didn't really -- we didn't have any hiccups within retail.

我們實際上並沒有——我們在零售方面沒有遇到任何問題。

And I think the same rigor and discipline is going to be used on this integration.

我認為，在這次整合中我們也將採取同樣的嚴謹性和紀律性。

In addition, the founders are working with us on the integration will be, as Jarrod mentioned, we'll be working on a transition agreement for two years, making sure the brands are fully integrated.

此外，創辦人正在與我們合作進行整合，正如賈羅德所提到的，我們將製定一份為期兩年的過渡協議，確保品牌完全整合。

We're driving the synergies and getting the success and maintaining these brands.

我們正在推動協同效應、取得成功並維護這些品牌。

So we feel very confident in the integration.

因此，我們對此次整合非常有信心。

And they also -- keep in mind, they have stock in the company.

而且他們——請記住，他們在該公司擁有股份。

So we're all aligned to make sure the integration is 100% successful.

因此，我們齊心協力確保整合 100％ 成功。

And we all have the same vision, disrupt the beverage category, drive the energy share and make this an extremely successful company.

我們都有相同的願景，顛覆飲料類別，推動能源份額，使其成為一家極為成功的公司。

Mark Astrachan, Stifel.

馬克‧阿斯特拉坎 (Mark Astrachan)，Stifel。

Yeah.

是的。

Hey.

嘿。

Thanks, everyone.

謝謝大家。

I guess the one question that I've been getting that I'm trying to figure out is how do you maintain the momentum that Alani has had?

我想我一直在想的一個問題是，你如何保持阿拉尼一直以來的勢頭？

If you take a look at their market share gains, they've doubled where they were at the start of the year.

如果你看看他們的市佔率成長情況，你會發現他們的市佔率已經比年初翻了一番。

Maybe talk a bit about what has driven those share gains from a consumer perspective?

也許可以從消費者的角度來談談推動這些份額成長的因素是什麼？

It seems from the outside in, maybe a little bit of those share gains will come at Celsius expense.

從外部來看，或許這些份額的成長將有一部分是以犧牲 Celsius 為代價的。

And so maybe talk about how you think about sustaining that consumer?

那麼能否談談您如何看待維持該消費者？

And what gives you confidence that spending what you are on this deal that you can keep those consumers over the next several to many years?

為什麼您有信心，花在這筆交易上的費用可以在未來幾年甚至很多年留住這些消費者？

Well, as we -- as I mentioned in the prepared remarks and in the prior questions, we are confident that the two portfolios combined will add strength in the category and that the Alani consumer is incremental to our total portfolio.

嗯，正如我在準備好的發言和之前的問題中提到的那樣，我們相信這兩個投資組合的結合將增強該類別的實力，並且 Alani 消費者對我們的總投資組合來說是一個增量。

As we know, the consumers in the energy category are loyal.

我們知道，能源類別的消費者是忠誠的。

The brand in Alani has a true identity, and it's connecting at an emotional level with consumers.

Alani 品牌具有真實的身份，並在情感層面與消費者建立了聯繫。

And this consumer segment of Gen Z, female millennials, is real.

而 Z 世代（女性千禧世代）這個消費者群體是真實存在的。

And it's demonstrated that over the years.

多年來事實已經證明了這一點。

There's a massive growth opportunity as the energy drink consumer continues to broaden.

隨著能量飲料消費者群體的不斷擴大，蘊藏著巨大的成長機會。

The category is gone mainstream.

這一類別已成為主流。

And it's not just a male dominant category.

而這並非只是男性主導的類別。

It is going after all consumers, all ages, and it's the modern day for the energy category, and we've built a modern portfolio to take advantage of the opportunities and the tailwinds we see.

它的目標客戶是所有年齡層的所有消費者，這是能源類別的現代版本，我們已經建立了現代化的產品組合，以利用我們看到的機會和順風。

Jeff Van Sinderen, B. Riley Securities.

Jeff Van Sinderen，B. Riley Securities。

Hi, everyone.

大家好。

Let me add my congratulations John, I wonder if you can tell us what the ACV of Alani is today?

讓我再一次向約翰表示祝賀，我想知道你能否告訴我們今天 Alani 的 ACV 是多少？

And also, do they have any international penetration?

而且他們有國際影響力嗎？

And then -- if we can just switch to marketing for a minute this year, thinking about the Celsius brand, how you plan to broaden your reach with marketing?

然後——如果我們今年可以暫時轉到行銷話題，思考一下 Celsius 品牌，您計劃如何透過行銷來擴大影響力？

And then how might that change with aligning?

那麼，透過調整，這種情況將如何改變？

Yeah.

是的。

In regards to -- Jeff, with regards to the international opportunity, that's massive.

至於——傑夫，就國際機會而言，這是巨大的。

They have a small amount of international distribution.

他們有少量的國際分銷。

And when you're looking at the opportunities even with Celsius, we just expanded internationally into UK, Ireland, Australia, New Zealand and France.

當您尋找與 Celsius 合作的機會時，我們剛剛將業務擴展到英國、愛爾蘭、澳洲、紐西蘭和法國。

And we're just getting started in the first innings.

我們才剛開始第一局。

So both brands have tremendous opportunities to capitalize on the growing health and wellness trends in the energy category, which in 2024 was approximately $90 billion and growing at an expected CAGR from 2024 to 2029 at 10%.

因此，這兩個品牌都有巨大的機會利用能量類別中日益增長的健康和保健趨勢，該趨勢在 2024 年約為 900 億美元，預計 2024 年至 2029 年的複合年增長率為 10%。

So it's a really great category to be in.

所以這是一個非常棒的類別。

And both these brands positioned to attract new consumers coming in and broaden the energy category overall.

這兩個品牌的定位都是為了吸引新消費者，從而拓寬整體能源類別。

As I mentioned, it's gone mainstream.

正如我所提到的，它已經成為主流。

Due to time constraints, that concludes our Q&A session.

由於時間限制，我們的問答環節到此結束。

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

現在，我將會議交還給 Celsius 董事長兼執行長 John Fieldly，請他致閉幕詞。

Thank you, operator.

謝謝您，接線生。

Thank you to everyone who joined us today on the webcast this afternoon.

感謝今天下午參加我們網路直播的所有人。

Celsius continues to grow the energy category with our great-tasting, refreshing beverage that is on trend for today's consumers shifting towards premium functional beverage and options and health and wellness and active lifestyles.

Celsius 繼續透過其美味、清爽的飲料來擴大能量飲料類別，這種飲料符合當今消費者的流行趨勢，他們正轉向高端功能性飲料和選擇，以及健康、保健和積極的生活方式。

Over the three growth drivers driving more people and more places more often, we will guide us to the future.

三大成長動力將更頻繁地驅動更多人、更多地方，引領我們走向未來。

And we now see further expansion with the opportunities of Alani Nu to double down in the category that we see leveraging the tailwinds, Make it a great way -- make it a great day, go grab a refreshing Celsius and Alani Nu and let's live fit.

現在，我們看到 Alani Nu 的機會進一步擴大，我們可以利用順風優勢加倍投入這一類別，讓這成為一種美好的方式——讓這一天變得美好，去喝一杯清爽的 Celsius 和 Alani Nu，讓我們健康地生活。

This concludes today's call.

今天的電話會議到此結束。

Thank you for joining.

感謝您的加入。

You may now disconnect.

您現在可以斷開連線。