Celsius Holdings Inc (CELH) 2025 Q2 法說會逐字稿

Good morning and welcome to the Celsius Holdings second-quarter 2025 earnings webcast. (Operator Instructions)

早安，歡迎收聽 Celsius Holdings 2025 年第二季財報網路廣播。（操作員指示）

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

現在我想把電話交給投資人關係部的 Paul Wiseman。請繼續。

Good morning and thank you for joining Celsius Holdings second-quarter 2025 earnings webcast. With me today are John Fieldly, Chairman and CEO; Jarrod Langhans, Chief Financial Officer; and Toby David, Chief of Staff. We'll take questions following the prepared remarks. Our second-quarter earnings press release was issued this morning with all materials available on our website ir.celsiusholdingsinc.com and on the SEC's website, sec.gov. An audio replay of this webcast will also be accessible later today.

早安，感謝您收聽 Celsius Holdings 2025 年第二季財報網路廣播。今天與我一起的還有董事長兼首席執行官約翰·菲爾德利 (John Fieldly)、首席財務官賈羅德·蘭漢斯 (Jarrod Langhans) 和參謀長托比·戴維 (Toby David)。我們將在準備好的發言之後回答問題。我們第二季的獲利新聞稿已於今日上午發布，所有資料均可在我們的網站 ir.celsiusholdingsinc.com 和美國證券交易委員會 (SEC) 網站 sec.gov 上查閱。本次網路直播的音訊回放也將於今日稍晚上線。

Today's discussion includes forward-looking statements based on our current expectations and information. These statements involve risks and uncertainties, many beyond the company's control. Celsius Holdings disclaims any duty to update forward-looking statements except as required by law.

今天的討論包括基於我們當前預期和資訊的前瞻性陳述。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。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 most recent filings with the SEC, which contain additional information and a description of risks that may result in actual results differing materially from those contemplated by our forward-looking statements.

請查看我們今天的新聞稿和我們最近向美國證券交易委員會提交的文件中的安全港聲明和風險因素，其中包含附加資訊和風險描述，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。

Will present results on both GAAP and non-GAAP basis. Non-GAAP measures like adjusted EBITDA, adjusted EBITDA margin, adjusted diluted earnings per share, and their GAAP reconciliations are detailed in our Q2 earnings release, and non-GAAP financial measures should not be used as a substitute for our results reported in accordance with GAAP.

將根據 GAAP 和非 GAAP 基礎呈現結果。我們第二季財報中詳細說明了非 GAAP 指標，例如調整後的 EBITDA、調整後的 EBITDA 利潤率、調整後的每股攤薄收益及其 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，我就把麥克風交給約翰。

Good morning and thank you for joining us. Q2 was a strong quarter for Celsius Holdings and for the energy category at large.

早安，感謝您加入我們。對於 Celsius Holdings 和整個能源產業來說，第二季是表現強勁的一個季度。

Among beverages, Energy is outperforming, with over 15% year-over-year retail sales growth, with tailwinds coming from new to category consumers drawn to functional zero sugar innovation and an increasingly great value among beverage choices. Celsius Holdings delivering meaningful strength across our portfolio in the second quarter led by standout performance from the newly acquired Alani Nu brand and continued positive momentum from our core Celsius brand.

在飲料中，能量飲料表現出色，零售額年增超過 15%，其推動力來自新類別消費者對功能性零糖創新的關注以及飲料選擇中越來越高的價值。Celsius Holdings 在第二季為我們的投資組合帶來了顯著的實力，其中最突出的是新收購的 Alani Nu 品牌的出色表現以及我們核心 Celsius 品牌持續的積極勢頭。

For the 13 weeks ended June 29, total Celsius Holdings retail sales grew 29% and volume increased 31%, reflecting broad-based consumer demand and strong execution at retail. Celsius Holdings reported revenue of $739.3 million for the second quarter ending June 30, 2025. The 84% year-over-year increase in revenue was primarily driven by $301.2 million in revenue from the Alani Nu brand. The Celsius brand contributed $438.1 million of revenue in the quarter.

截至 6 月 29 日的 13 週內，Celsius Holdings 零售總額成長 29%，銷售量成長 31%，反映出廣泛的消費者需求和強勁的零售執行力。Celsius Holdings 公佈截至 2025 年 6 月 30 日的第二季營收為 7.393 億美元。營收年增 84% 主要得益於 Alani Nu 品牌 3.012 億美元的營收。Celsius品牌在本季貢獻了4.381億美元的營收。

Q2 consolidated gross margin held relatively steady at a 51.5%, down 50 basis points year over year, despite incorporating Alani Nu's lower margin profile beginning in the second quarter. Overall, gross margin was supported by favorable material cost, improved production yields, leverage gains through our vertical integration initiatives, and strong product and channel mix.

儘管從第二季開始納入了 Alani Nu 較低的利潤率，但第二季綜合毛利率仍保持相對穩定，為 51.5%，年減 50 個基點。總體而言，毛利率受到有利的材料成本、提高的生產產量、透過垂直整合措施獲得的槓桿收益以及強大的產品和通路組合的支持。

Looking toward the back half of this year, we expect margin pressure associated with higher input costs, which Jarrod will discuss further on the call.

展望今年下半年，我們預期利潤率壓力將與投入成本上升有關，Jarrod 將在電話會議上進一步討論這個問題。

Adjusted EBITDA was a record in excess of $200 million in Q2 of 2025. We are very pleased with the strong growth of Alani Nu and the pace of our integration with the teams and operations that Celsius Holdings acquired in the transaction, which closed on April 1 of this year. Our focus today remains on delivering excellent customer service and supporting our robust distribution growth and innovation.

2025 年第二季調整後 EBITDA 創紀錄地超過 2 億美元。我們對 Alani Nu 的強勁成長以及我們與 Celsius Holdings 在今年 4 月 1 日完成的交易中收購的團隊和業務的整合速度感到非常滿意。我們今天的重點仍然是提供卓越的客戶服務並支持我們強勁的分銷成長和創新。

As we noted in our Alani Nu modeling call held in May, we expect to achieve $50 million of runway cost synergies over two years post-closing, contributing to strong pro forma profitability and significant cash flow generation.

正如我們在 5 月舉行的 Alani Nu 模型電話會議上所指出的那樣，我們預計在交易完成後兩年內實現 5000 萬美元的跑道成本協同效應，從而實現強勁的盈利能力和顯著的現金流產生。

Celsius Holdings' performance for the first half of the year was driven by strong execution across innovation, marketing, retail activations, and operational discipline. We stay close to the consumer, remain focused on building brand equity, and work hard to deliver value to our retail partners and consumers. Our team continues to operate with great focus and intention.

Celsius Holdings 上半年的業績得益於其在創新、行銷、零售活動和營運紀律方面的強勁執行力。我們貼近消費者，始終專注於打造品牌資產，並努力為我們的零售合作夥伴和消費者提供價值。我們的團隊將繼續以高度的專注和專注的態度開展工作。

We don't take growth for granted, and that mindset carries us through the first half of this year and positions us well for the back half of 2025 and beyond. I'll turn the call over to Jarrod shortly to walk through the financials in more detail, but first, I want to talk more about what drove the quarter, how we showed up in the market, what we're seeing across our brands and channels, and where we're going from here.

我們不會將成長視為理所當然，這種心態幫助我們度過了今年上半年，並為 2025 年下半年及以後做好了準備。我很快就會把電話轉給賈羅德，讓他更詳細地介紹一下財務狀況，但首先，我想更多地談談推動本季度業績的因素、我們在市場上的表現、我們在品牌和渠道上看到的情況以及我們未來的發展方向。

Consumers today are making more intentional beverage choices, reaching for functional, better-for-you products that fit their active and wellness lifestyles. The shift to zero sugar, functional energy drinks is fueling one of the fastest growing segments and beverage, and Celsius Holdings is defining it.

如今，消費者在選擇飲料時更重視功能性、更有益於健康的產品，以適應他們積極健康的生活方式。向零糖、功能性能量飲料的轉變正在推動增長最快的細分市場和飲料之一，而 Celsius Holdings 正在定義它。

Recent industry reports pointed to double-digit category growth in 2025 with momentum coming from new to category consumers, namely females, Gen Z, and the growing number of consumers who are switching to functional energy drinks from other energy sources like RTD cold coffee among them.

最近的產業報告指出，2025 年該類別將實現兩位數成長，成長動力來自新類別消費者，即女性、Z 世代，以及越來越多的消費者從其他能量來源（如 RTD 冷咖啡）轉向功能性能量飲料。

Younger, more diverse consumers are now leading the growth, and brands that resonate with Gen Z and women like Celsius and Alani Nu are gaining share and building loyalty. The Celsius Holdings portfolio has reached a 43% household penetration, with the Celsius brand at 34% and the Alani Nu brand at 22% household penetration, with repeat rates over 65%. And on the retail side, buyer surveys continue to rank Celsius Holdings portfolio among the most likely to gain share, confidence we're backing up with strong execution in the market.

現在，更年輕、更多樣化的消費者正在引領成長，而像 Celsius 和 Alani Nu 這樣能引起 Z 世代和女性共鳴的品牌正在獲得市場份額並建立忠誠度。Celsius Holdings 旗下產品的家庭滲透率已達到 43%，其中 Celsius 品牌的家庭滲透率為 34%，Alani Nu 品牌的家庭滲透率為 22%，重複率超過 65%。在零售方面，買家調查繼續將 Celsius Holdings 投資組合列為最有可能獲得市場份額的投資組合之一，我們憑藉在市場上的強勁執行力為該投資組合提供了信心。

In tracked US channels, the ready-to-drink energy category grew 15.2% year over year in the second quarter, with unit growth of 13.5%, while Celsius Holdings outpaced the category across nearly every key retail metric. Dollar sales grew 28.9%, nearly double the category. Unit sales increased 31.2%. Total points of distribution and items per store both rose roughly 23%. Velocity increased 20% quarter of over quarter.

在追蹤的美國通路中，第二季即飲能量飲料類別較去年同期成長 15.2%，單位成長率為 13.5%，而 Celsius Holdings 在幾乎所有關鍵零售指標上都超過了該類別。美元銷售額成長了 28.9%，幾乎是同類產品的兩倍。單位銷售額成長31.2%。總分銷點數和每家商店的商品數量均上漲了約 23%。速度比上一季提高了 20%。

For the last 13 weeks ended June 29, Celsius Holdings achieved a 17.3% dollar share in RTD energy category, a 180-basis point increase versus the prior period. The Celsius brand delivered resilient growth in the second quarter, growing unit sales 6.1% and dollar sales by 3% to achieve an 11 point share for the 13 weeks ended June 29. And the Alani brand had a breakout quarter. Dollar sales rose 129%, with share up 3.2 points year over year, making it the largest share gainer in RTD energy and reaching a 6.3 share for the 13 weeks ended June 29.

截至 6 月 29 日的過去 13 週內，Celsius Holdings 在 RTD 能源類別的美元份額為 17.3%，較上一時期增加了 180 個基點。Celsius 品牌在第二季實現了強勁成長，截至 6 月 29 日的 13 週內，單位銷售額成長 6.1%，美元銷售額成長 3%，市佔率達到 11 個百分點。Alani 品牌在本季取得了突破。美元銷售額成長 129%，份額年增 3.2 個百分點，成為 RTD 能源中份額增幅最大的企業，截至 6 月 29 日的 13 週內份額達到 6.3%。

The Celsius Holdings portfolio also recently surpassed a key retail milestone, achieving $4 billion in the past 52-week retail sales and tracked channels for the period ending July 20, 2025, a major milestone. That's more than the next eight RTD energy brands combined in the same period, a clear signal of the category of momentum we're leading and the demand our brands have generated.

Celsius Holdings 的投資組合最近也突破了一項重要的零售里程碑，在截至 2025 年 7 月 20 日的過去 52 週零售額和追蹤管道中實現了 40 億美元，這是一個重要的里程碑。這比同期排名其後的八個 RTD 能源品牌的總和還要多，這清楚地表明了我們所引領的勢頭以及我們的品牌所產生的需求。

Innovation continues to be a core driver of growth, and both brands delivered meaningful in Q2. Alani Nu showed extraordinary strength and innovation in the second quarter, led by Sherbet Swirl and Cotton Candy, which drove sales incrementality across the business. Alani Nu Cotton Candy set sales records in its debut at Walmart by orders of magnitude, and Alani Nu consumers are already buzzing about the recent arrival of Alani Nu Witch's Brew, which this year is accompanied by another great LTO, Pumpkin Cream.

創新仍然是成長的核心動力，兩個品牌在第二季度都取得了顯著的成績。Alani Nu 在第二季展現了非凡的實力和創新，以 Sherbet Swirl 和 Cotton Candy 為首，推動了整個業務的銷售增量。Alani Nu 棉花糖在沃爾瑪首次亮相時就創下了數量級的銷售記錄，而 Alani Nu 的消費者已經對最近上市的 Alani Nu 女巫釀造啤酒贊不絕口，今年還推出了另一款出色的 LTO 產品——南瓜奶油。

Importantly, growth wasn't limited to new items. Alani Nu's core skews are sustaining strong velocity and retention, evidence that this is a brand with staying power. Brand loyalty data across the category shows Celsius and Alani brands are clear standouts, particularly among Gen Z and female consumers. The Celsius brand delivered strong innovation in Q2 with the release of two great refreshing fizz-free flavors, including Pink Lemonade and Dragonfruit Lime. Consumer insights guide our innovation, and the introduction of these two new flavors feeds into strong consumer demand for more great tasting zero sugar, fizz-free energy.

重要的是，成長不僅限於新產品。Alani Nu 的核心優勢在於保持強勁的速度和保留率，證明這是一個具有持久力的品牌。整個類別的品牌忠誠度數據顯示，Celsius 和 Alani 品牌明顯脫穎而出，尤其是在 Z 世代和女性消費者中。Celsius 品牌在第二季度實現了強勁創新，推出了兩款清爽無氣泡的口味，包括粉紅檸檬水和火龍果青檸。消費者洞察指導著我們的創新，這兩種新口味的推出滿足了消費者對更多美味無糖、無氣泡能量飲料的強烈需求。

The Celsius brand also continues to build scale in e-comm, non-track channels, and food service. The Celsius brand was the number one trademark in RTD energy on Amazon during the summer Prime Day event with a 18.4 share for the week ending July 12, with sales led by our variety packs and top performing flavors. Alani Nu brand jumped to a 10.9% share on Amazon during the Prime Day event for the week ending July 12, up from 6.5% the prior week.

Celsius 品牌也持續在電子商務、非軌道通路和食品服務領域擴大規模。在夏季 Prime Day 活動期間，Celsius 品牌是亞馬遜上 RTD 能量飲料的第一大品牌，截至 7 月 12 日當週的市佔率為 18.4，其中多種包裝和最佳口味的銷售量最高。在截至 7 月 12 日當週的 Prime Day 活動期間，Alani Nu 品牌在亞馬遜上的市佔率躍升至 10.9%，高於前一週的 6.5%。

Celsius food service volume grew 9.8% year over year in the second quarter, representing approximately 12% of our North America Celsius brand sales to PepsiCo. Distribution and activation continue to expand, particularly in lodging, recreation, healthcare, and quick-serve restaurants. International revenue grew 27% year over year in the second quarter with strong contributions from Australia, the UK, and France.

第二季度，Celsius 食品服務量年增 9.8%，約占我們對百事可樂北美 Celsius 品牌銷售額的 12%。分銷和啟動不斷擴大，特別是在住宿、娛樂、醫療保健和快餐店領域。第二季國際營收年增 27%，其中澳洲、英國和法國的貢獻較大。

These are still early days, but our approach is resonating. Lead with brand, invest in localized execution, and scale with discipline. Internally, we're building our capabilities to support this growth in systems, supply chain, analytics, and operations.

雖然現在還處於早期階段，但我們的方法已經引起了共鳴。以品牌引領，投資在地化執行，以紀律擴大規模。在內部，我們正在建立我們的能力以支援系統、供應鏈、分析和營運的成長。

In July, we welcomed John Cole, an Executive Vice President of Technology, to help us strengthen cross-functional connectivity and scale our infrastructure for a multi-brand omnichannel future. John's 30-year career in technology spans name brands like Fanatics, Philip Morris, and 0.72 among others. We continue to invest in brand awareness, touching more people in more places more often, focusing on driving trial and loyalty.

7 月份，我們迎來了技術執行副總裁 John Cole，他將幫助我們加強跨職能連接，並擴展我們的基礎設施，以實現多品牌全通路的未來。約翰在科技領域擁有 30 年的職業生涯，涉足過 Fanatics、Philip Morris 和 0.72 等知名品牌。我們將繼續投資於品牌知名度，以更頻繁的方式在更多地方接觸更多人，專注於推動嘗試和忠誠度。

In June we launched the next wave of our LIVE. FIT. GO marketing campaign, our most ambitious, creative yet, connecting purposeful energy to real world action. Early results are strong with rising aided awareness and positive feedback from retailers.

6 月份，我們啟動了下一波 LIVE。合身。GO 行銷活動是我們迄今為止最雄心勃勃、最具創意的活動，將有目的的能量與現實世界的行動聯繫起來。早期成果顯著，輔助意識不斷提高，零售商的回饋也十分正面。

The Celsius brand also activated at key cultural moments like F1 Miami, the CMA Fest, and the Breakaway Festival, while Alani Nu expanded its reach through influencer engagement and lifestyle partnerships. Looking ahead, we're excited to debut Celsius First National TV commercial during NFL broadcast this fall, a major milestone. We're also collaborating with country music star Kelsea Ballerini on branded content that reinforces our growing connection and connectivity with female consumers.

Celsius 品牌也在 F1 邁阿密、CMA Fest 和 Breakaway Festival 等重要文化場合亮相，而 Alani Nu 則透過影響力人士參與和生活方式合作擴大了其影響力。展望未來，我們很高興在今年秋季 NFL 轉播期間首次推出 Celsius First National 電視廣告，這是一個重要的里程碑。我們也與鄉村音樂明星 Kelsea Ballerini 合作推出品牌內容，以加強我們與女性消費者日益增長的聯繫和連結。

We're proud of how our team executed our growth strategy to reach more people in more places and more often in the second quarter, and how our brands continue to lead one of the most dynamic categories in beverage. The Celsius and Alani Nu brands are driving growth, gaining share, staying relevant with the next generation of modern energy drinkers.

我們為團隊在第二季度執行成長策略、在更多地方以更頻繁的方式接觸更多人群以及我們的品牌繼續引領飲料領域最具活力的類別之一而感到自豪。Celsius 和 Alani Nu 品牌正在推動成長、擴大市場份額，並與下一代現代能量飲料消費者保持密切聯繫。

With that, I'll turn the call over to Jarrod for more details around our financial results for the quarter and the first half of the year. Jarrod?

接下來，我將把電話轉給賈羅德，以了解有關本季和上半年財務業績的更多詳細資訊。賈羅德？

Thanks, John, and good morning, everyone. We delivered strong financial results in the second quarter with meaningful contributions from both the Celsius and Alani Nu brands.

謝謝，約翰，大家早安。我們在第二季度取得了強勁的財務業績，Celsius 和 Alani Nu 品牌都做出了有意義的貢獻。

Let's walk through the numbers, starting with Q2 2025 financial highlights. For the three months ended June 30, 2025, revenue totaled $739 million, up 84% from the prior year period. Growth was led by $301 million of revenue from Alani Nu, which delivered record results fueled by strong limited time offer sales of their Sherbet Swirl and Cotton Candy, and continued growth in the brand's core flavors.

讓我們來看看這些數字，從 2025 年第二季的財務亮點開始。截至 2025 年 6 月 30 日的三個月，營收總計 7.39 億美元，比去年同期成長 84%。成長主要得益於 Alani Nu 的 3.01 億美元收入，得益於其 Sherbet Swirl 和 Cotton Candy 的限時優惠銷售強勁，以及該品牌核心口味的持續增長，該公司取得了創紀錄的業績。

Celsius brand revenue increased 9% year over year supported by velocity improvements and expanded distribution. Scanner data showed approximately 3% sales growth as our reported results benefited from a favorable comp from the prior year inventory movements at our largest distributor.

由於速度提升和分銷擴大，Celsius 品牌營收年增 9%。掃描器數據顯示銷售額成長約 3%，因為我們報告的業績受益於我們最大分銷商上一年庫存變動帶來的有利增長。

Gross profit increased to $381 million compared to $209 million for the year ago period with consolidated gross margin of 51.5% compared to 52% last year. The margin reflects lower ingredient costs, stronger production yields, and favorable mix, partially offset by Alani Nu's structurally lower margin and the impact of $21.7 million in purchase accounting inventory step up.

毛利從去年同期的 2.09 億美元增至 3.81 億美元，綜合毛利率為 51.5%，去年同期為 52%。利潤率反映了較低的原料成本、較高的生產產量和有利的產品組合，但被 Alani Nu 結構性較低的利潤率和 2,170 萬美元的採購會計庫存增加的影響部分抵消。

That said, Alani Nu gross margin improved sequentially, driven by cost efficiencies and product mix. For both brand Celsius and Alani, we saw some favorable mix impacts in areas such as channel mix and product mix, but most impactful with savings across raw materials and freight. With that said, our inventory was recorded on a FIFO, or first in, first out basis, and as a result, we did not see a material impact from tariffs in the second quarter. We would expect tariffs to impact the overall margin profile through increased costs across our raw materials in Q3 and Q4.

話雖如此，受成本效率和產品組合的推動，Alani Nu 的毛利率則是環比提高。對於 Celsius 和 Alani 這兩個品牌，我們都看到了通路組合和產品組合等方面的一些有利的組合影響，但最顯著的影響是在原材料和運費方面的節省。話雖如此，我們的庫存是按照先進先出 (FIFO) 的原則記錄的，因此，我們沒有看到第二季度關稅帶來重大影響。我們預計關稅將透過增加第三季和第四季的原材料成本來影響整體利潤率。

Moving to operating expenses and profitability. Sales and marketing expenses were $152 million or 20.5% of revenue in the second quarter, benefiting from some outsized growth relative to the timing of investments made in the quarter.

轉向營運費用和盈利能力。第二季銷售和行銷費用為 1.52 億美元，佔營收的 20.5%，這得益於相對於本季投資時機而言的一些超額成長。

As we look to the back half of the year, we will continue to support the brands with increased investment relative to the second quarter, including further investments in our LIVE. FIT. GO. campaign, summer promotions, and increased retail activation. As always, we'll remain agile in managing spend. We continued to build organizational capability during the quarter with new hires in field sales, brand marketing, and customer experience, all critical to executing our commercial priorities in Q2 and beyond.

展望下半年，我們將繼續支持品牌，並相對於第二季增加投資，包括對我們的 LIVE 的進一步投資。合身。GO. 活動、夏季促銷以及增加零售活動。像往常一樣，我們將保持靈活的支出管理。本季度，我們繼續建立組織能力，招募現場銷售、品牌行銷和客戶體驗方面的新員工，這對於執行我們在第二季度及以後的商業重點至關重要。

G&A expenses were $86 million or 11.7% of revenue, compared to 6% last year. The increase was primarily driven by $16 million in acquisition-related costs and $13.8 million related to the contingent consideration associated with the earnout.

一般及行政費用為 8,600 萬美元，佔營收的 11.7%，去年同期為 6%。成長的主要原因是 1,600 萬美元的收購相關成本和 1,380 萬美元的獲利相關或有對價。

Let me provide a little color on the contingent consideration. In connection with the acquisition of Alani, the company recorded a liability at fair value for the contingent consideration potentially payable to the sellers of Alani Nu subject to achievement of certain 2025 net sales targets with a maximum payment of $25 million. The fair value of the liability was estimated using discounted future cash flows based on a probability weighted expected return methodology.

讓我對附帶考慮做一點說明。在收購 Alani 的過程中，該公司以公允價值記錄了一項負債，該負債可能支付給 Alani Nu 的賣方，但須實現某些 2025 年淨銷售目標，最高支付金額為 2,500 萬美元。此負債的公允價值是使用基於機率加權預期回報方法的折現未來現金流量來估計的。

The company evaluates the fair value of the contingent consideration quarterly and adjusts the carrying value if new information becomes available. As of June 30, 2025, the contingent consideration was remeasured to the maximum $25 million payout driven by the outperformance of Alani Nu's revenue results for the three months ended June 30, 2025, relative to the initial financial projections as of the closing date and the resulting revised upward forecast for the remainder of the calendar year.

本公司每季評估或有對價的公允價值，並在取得新資訊時調整帳面價值。截至 2025 年 6 月 30 日，或有對價被重新計量為最高 2500 萬美元的支出，這是由於 Alani Nu 截至 2025 年 6 月 30 日的三個月的收入結果相對於截止日期的初步財務預測以及由此產生的對日曆年剩餘時間的上調預測表現出色。

On to net income. Net income was $99.6 million for the second quarter of 2025 as compared to $79.8 million for the second quarter of 2024. Net income attributable to common shareholders for Q2 was $85.7 million or $0.33 per diluted share compared to $66.7 million and $0.28 per share last year. Adjusted diluted EPS was $0.47 per share compared to $0.28 per share in the prior year. Adjusted EBITDA increased 109% to $210 million compared to $100 million in the prior year.

談到淨收入。2025 年第二季淨收入為 9,960 萬美元，而 2024 年第二季淨收入為 7,980 萬美元。第二季歸屬於普通股股東的淨利為 8,570 萬美元，即每股攤薄收益 0.33 美元，而去年同期為 6,670 萬美元，每股攤薄收益 0.28 美元。調整後稀釋每股收益為 0.47 美元，去年同期為每股 0.28 美元。調整後的 EBITDA 較上年的 1 億美元成長 109%，達到 2.1 億美元。

Now let's take a look at year-to-date. For the six months of 2025, revenue totaled $1.07 billion, up 41% year over year. North American revenue reached $1.02 billion, up 41%, and international revenue grew 33% to $48 million. Gross margin for the first half was 51.8%, up from 51.6% last year, driven by lower input costs, improved production yields, and mix, partially offset by Alani Nu's gross margin structure and inventory step up.

現在讓我們回顧一下今年迄今為止的情況。2025 年上半年，營收總計 10.7 億美元，年增 41%。北美營收達 10.2 億美元，成長 41%，國際營收成長 33%，達到 4,800 萬美元。上半年毛利率為 51.8%，高於去年的 51.6%，這得益於投入成本降低、生產產量提高和產品組合改善，但 Alani Nu 的毛利率結構和庫存增加部分抵消了這一影響。

Sales and marketing expenses for the first half were $232 million or 21.8% of revenue, down from 22% in the prior year. G&A totaled $125.8 million or 11.8% of revenue versus 6.2% last year, with the increase primarily driven by transaction-related costs and the previously mentioned earnout adjustment. Non-GAAP adjusted EBITDA increased 49% to $280 million compared to $188 million in the first half of 2024.

上半年銷售和行銷費用為 2.32 億美元，佔營收的 21.8%，低於去年同期的 22%。一般及行政費用總計 1.258 億美元，佔營收的 11.8%，而去年為 6.2%，成長主要受交易相關成本和前面提到的獲利調整所推動。非公認會計準則調整後 EBITDA 成長 49% 至 2.8 億美元，而 2024 年上半年為 1.88 億美元。

GAAP net income for the first half was $144 million with net income attributable to common shareholders of $119.9 million or $0.48 per diluted share versus $0.55 last year. Adjusted diluted EPS was $0.65 per diluted share compared to $0.55 per diluted share, even with the increase in share count from the Alani Nu acquisition.

上半年 GAAP 淨收入為 1.44 億美元，歸屬於普通股股東的淨收入為 1.199 億美元，即每股稀釋收益 0.48 美元，去年同期為 0.55 美元。調整後的稀釋每股收益為每股 0.65 美元，而之前為每股 0.55 美元，儘管收購 Alani Nu 導致股份數量增加。

Moving to the balance sheet and capital structure, we ended the quarter with $615 million in cash, providing flexibility to support our innovation pipeline, international expansion, and other long-term growth initiatives, as well as debt reduction. As of June 30, total debt outstanding consisted of the $900 million term loan used to fund a portion of the Alani Nu acquisition, and our revolver remains undrawn. Looking ahead, we remain focused on profitable growth and operational discipline.

轉向資產負債表和資本結構，我們在本季結束時擁有 6.15 億美元現金，這為支持我們的創新管道、國際擴張和其他長期成長計畫以及減少債務提供了靈活性。截至 6 月 30 日，未償還債務總額包括用於資助 Alani Nu 收購部分內容的 9 億美元定期貸款，且我們的循環信貸仍未提取。展望未來，我們將持續專注於獲利成長和營運紀律。

With that, I'll turn it back to the operator for questions.

說完這些，我將把問題轉回給接線生。

(Operator Instructions) Peter Grom, UBS.

（操作員指示）瑞銀 (UBS) 的 Peter Grom。

So obviously, the top-line performance was outstanding, but I was hoping to get some color on gross margin, both in the quarter, but also just how to think about the path from here. Back in May, you outlined gross margin in the range of 47% to 49%, but this came in nicely ahead of that. And after backing out, the inventory adjustment was even stronger.

顯然，營收表現非常出色，但我希望了解本季的毛利率狀況，以及如何思考未來的發展方向。早在五月，您就將毛利率定在 47% 至 49% 之間，但這個數字已經遠遠超過了這個數字。而退出之後，庫存調整力道更加強勁。

So can you maybe unpack the drivers of the better performance in the quarter, compared versus your expectations? And then just on the path forward, you mentioned the impact from tariffs was not significant in the quarter, but can you maybe give us a sense for how we should be thinking about the gross margin trajectory from here given the increases in aluminum and the Midwest premium? Thanks.

那麼，與您的預期相比，您能否解釋一下本季業績表現較好的驅動因素？然後，就未來的發展而言，您提到關稅的影響在本季度並不顯著，但考慮到鋁價上漲和中西部地區溢價，您能否讓我們了解一下，我們應該如何看待今後的毛利率走勢？謝謝。

Thanks, Peter. Yeah, we had a phenomenal quarter. Top line came in extremely strong, especially on the -- with the Alani portfolio. And as we talked about in the prepared remarks, some of the new flavor launches, the LTOs with Cotton Candy, and the Slush, just did extremely well. But in regards to the gross profit margin, I'll turn it over to Jarrod for more color on some of those drivers. Jarrod?

謝謝，彼得。是的，我們度過了一個非凡的季度。營收表現非常強勁，尤其是 Alani 投資組合。正如我們在準備好的演講中談到的，一些新推出的口味，例如棉花糖口味的 LTO 和冰沙口味，都表現得非常好。但關於毛利率，我將把問題交給賈羅德，讓他對其中一些驅動因素進行更詳細的說明。賈羅德？

Yeah. Again, just like John said, let me reiterate, hats off to the operations and commercial teams across Celsius, Alani, and Congo as well with the TSA that we're working with them on. It's a great quarter. I think we're pacing well ahead of, obviously, what we modeled in, and you can see very strong margins coming through.

是的。再次，就像約翰所說的那樣，讓我重申一下，向 Celsius、Alani 和 Congo 的營運和商業團隊以及我們正在與他們合作的 TSA 致敬。這是一個偉大的季度。我認為，我們的步伐顯然遠遠超出了我們所模擬的範圍，而且你可以看到非常強勁的利潤率。

In terms of how those break down for Q2, let's start with Alani. For Alani, John did mention the LTOs. Those end up tend to be from a COGS perspective and an overall perspective, higher margin products. So when those things take off, they do provide a benefit to the margin. They've got longer runs and you typically don't see promos, or a lot of promos on those. So from a net perspective, they're creative. We saw a good mix as well.

就第二季的細分情況而言，讓我們從 Alani 開始。對於 Alani，John 確實提到了 LTO。從 COGS 角度和整體角度來看，這些最終往往是利潤率較高的產品。因此，當這些事情開始實施時，它們確實會為利潤帶來好處。他們的演出時間更長，你通常看不到促銷，或者很多促銷。因此從網路角度來看，他們很有創意。我們也看到了良好的組合。

So the RTD component of the portfolio within Alani way outweighed anything else within the portfolio, and the RTD portfolio or portion of the portfolio is a higher margin product. And then we saw -- from an operations perspective, we saw some freight savings and some raw material savings pacing ahead of expectations. So great job to them to really start driving those, really as soon as we kind of hit the ground, so hit the ground running. So all in all, great job from Alani's perspective.

因此，Alani 投資組合中的 RTD 部分遠遠超過投資組合中的其他任何部分，而 RTD 投資組合或投資組合的一部分是利潤率更高的產品。然後我們看到——從營運角度來看，一些運費節省和一些原材料節省超出了預期。所以他們真的做得很好，我們一開始就真正開始推動這些，所以他們很快就開始行動了。總而言之，從 Alani 的角度來看，這是一項出色的工作。

For Celsius, we saw, some savings as well across raw materials. Our scrap rates are at some of the lowest levels we've seen in years. And then we did benefit from some mix in terms of the channels that we're seeing outsized growth above that 9% that we noted in the script and the press release.

對於 Celsius，我們發現原料方面也有一些節省。我們的廢品率處於多年來的最低水準。然後，我們確實從一些管道組合中受益，我們看到了高於我們在腳本和新聞稿中提到的 9% 的超額增長。

So great quarter overall, and lots of good things happening. Also, we talked about FIFO, we talked about in the last quarter price locks we had for a good part of the year that helped with the aluminum. So all those things benefited us in the quarter. We had 51.5% margin, obviously. If you add back the inventory step up, it's even above that. We're looking at more of a 54 or 54-plus margin from that perspective.

總體而言，這是一個非常棒的季度，發生了很多好事。此外，我們還討論了先進先出 (FIFO)，討論了上個季度我們在一年中大部分時間實行的價格鎖定，這對鋁價有幫助。因此，所有這些事情都使我們在本季受益。顯然，我們的利潤率為 51.5%。如果加上庫存增量，還會更高。從這個角度來看，我們看到的利潤率是 54 或 54 以上。

Look into Q3 and Q4, I'll do my best to not [get] everyone kind of get over their skis on the results. So let's kind of look at the FIFO and the price locks. Obviously, first in, first out, we'll probably have some benefit in Q3 still from FIFO with some inventory coming in that wasn't significantly impacted by aluminum tariffs. So that'll help Q3. We also have some price locks across the back half of the year that'll be helpful.

研究 Q3 和 Q4，我會盡力不讓每個人都對結果感到失望。那麼讓我們來看看先進先出 (FIFO) 和價格鎖定。顯然，先進先出，我們可能在第三季仍會從先進先出中獲得一些好處，因為一些庫存不會受到鋁關稅的顯著影響。這會為第三季帶來幫助。我們也對下半年的一些價格進行了鎖定，這將會很有幫助。

But we'll see some tariff [LME] and aluminum increases across raw materials. It's hard to peg it with the tariff's kind of changing weekly, as well as the LME and aluminum changing on a weekly basis.Clearly, we're up above the model that we showed, and above the 50% that I kind of flagged for Celsius last quarter where we'll land between kind of that 50 to 54 number. I think we're comfortable saying we're going to be low 50s as things are today, if nothing changes. But with that said, it's up to us to do better and to drive those cost initiatives to be above that expectation.

但我們會看到一些原料的關稅[LME]和鋁的關稅上調。由於關稅每週都在變化，倫敦金屬交易所和鋁的價格也每週都在變化，因此很難將其固定下來。顯然，我們高於我們所展示的模型，也高於我上個季度為攝氏度標記的 50%，我們將落在 50 到 54 之間的數字之間。我想，如果情況不改變，我們可以放心地說，我們的收入將會低於 50 億美元。但話雖如此，我們還是要做得更好，推動這些成本計畫超乎預期。

Yeah, and I think with the systems and processes we implemented as well as the vertical integration initiatives, we're just able to take advantage of the scale, and this was another reason to bring Alani into Celsius Holdings.

是的，我認為透過我們實施的系統和流程以及垂直整合計劃，我們就能夠利用規模優勢，這也是將 Alani 納入 Celsius Holdings 的另一個原因。

So hats off and a great job to the organization and team. We're focused on discipline and execution, driving additional profitability and scale and taking advantage of the organization we've built. So we're going to continue to do that. But thank you for your question.

因此，我向該組織和團隊致敬，並祝他們工作順利。我們專注於紀律和執行，推動額外的獲利能力和規模，並利用我們已經建立的組織。因此我們將繼續這樣做。但感謝您的提問。

Eric Serotta, Morgan Stanley.

摩根士丹利的 Eric Serotta。

Congratulations. I'm hoping you could give some color on expectations for Alani shipments versus takeaway. Shipments were really robust in the quarter despite presumably some sell in for the first LTO before the deal closed. First, is that correct? And then second, how should we think about that for the balance of the year? And then could you touch upon expectations for Witch's Brew, which is always a big LTO for Alani? What you're doing to grow that year on year, and your kind of expectations for Witch's Brew this year.

恭喜。我希望您能對 Alani 的出貨量和外賣量做出一些說明。儘管在交易結束前第一批 LTO 可能會有一些銷售，但本季的出貨量仍然非常強勁。首先，這是正確的嗎？其次，我們該如何思考今年的平衡問題？然後您能否談談對《Witch's Brew》的期望？對 Alani 來說，它一直是重要的 LTO？您為實現年復一年的成長做了哪些努力，以及您對今年 Witch's Brew 有何期望。

Yeah, excellent. Thank you, Eric. In regards to the shipping data, if you look at just for the quarter, the growth we saw on Alani and the growth on the scanned data, it's not a perfect match, but it's relative, I guess you could say. It is really hard to really anticipate the future. There always is going to be some deviation from sell-in to sell out. But I will tell you, we are in mainly an independent network with the Alani Nu portfolio, and there's relatively a number of days on hand there. So we expect it to be somewhat fairly close to the scans, but something if we see any outliers, we'll go ahead and highlight that, but it's coming in fairly close.

是的，非常好。謝謝你，埃里克。關於運輸數據，如果僅看本季度，我們在 Alani 上看到的成長和掃描數據上的成長並不完全匹配，但我想你可以這麼說，這是相對的。真正預測未來確實很難。從賣出到賣出總是會有些偏差。但我會告訴你，我們主要與 Alani Nu 投資組合處於一個獨立的網路中，並且在那裡有相對多的時間。因此，我們預計它會相當接近掃描結果，但如果我們看到任何異常值，我們會繼續突出顯示，但它已經相當接近了。

You always are going to have fluctuations as we've seen prior. And the timing of LTOs and these launches will fluctuate on a quarter-to-quarter basis. We do have Witch's Brew, currently, has launched and is rolling into retail right now. So if you can get to a retailer, please go out and try it. It's an amazing flavor. They've kicked it off on social with some great marketing and hats off to the team.

正如我們之前所見，總是會出現波動。LTO 和這些發布的時機將按季度波動。我們確實有 Witch's Brew，目前已經推出並正在進入零售階段。因此，如果您可以找到零售商，請出去嘗試。這是一種令人驚奇的味道。他們在社群媒體上開展了出色的行銷活動，並向團隊致敬。

And also we have a variety pack this year, but it's also in conjunction with Pumpkin Spice, which is a new flavor, and really excited about that on how that's going to be perceived within the portfolio. So a lot of timing and sequencing. There's a lot of great innovation that's planned. We have the winter edition coming as well within the Alani Nu portfolio, and we've been working very closely for 2006 planning and 2007.

今年我們也推出了多種包裝，但它也與南瓜香料相結合，這是一種新口味，我們對此感到非常興奮，想知道它在產品組合中的形像如何。因此需要很多的時間和順序。我們計劃實施許多偉大的創新。我們還將推出 Alani Nu 系列的冬季版，並且我們一直在密切合作以製定 2006 年和 2007 年的計劃。

We're going to have a really robust portfolio of innovation, not only for Celsius, but also -- not only for Alani but also for Celsius. And then with the Celsius portfolio, we have our first LTO, limited time offer, that will be coming to market this fall that the Celsius team is excited about.

我們將擁有真正強大的創新組合，不僅適用於 Celsius，也適用於 Alani，也適用於 Celsius。然後，透過 Celsius 產品組合，我們推出了第一個 LTO，限時優惠，將於今年秋季上市，Celsius 團隊對此感到非常興奮。

Yeah, let me jump in. I'll give some directional data. If you kind of look back to Q2 '24, if you go back to the modeling call we did back in May, we were at a net revenue number of [146] and today we're at [301], so call it roughly 106% quarter-over-quarter growth. If you look at the scanner data and it's not perfect, but it's directionally helpful, the scanner data for Q2 was around 129%. So that gives us some confidence that we're not seeing -- that we're seeing the sell-through happen, us going into the distributor, the distributor going to the retailer, and the consumer pulling the product off the shelf.

是的，讓我加入吧。我會提供一些方向性數據。如果回顧 2024 年第二季度，回顧我們 5 月進行的建模電話會議，當時我們的淨收入為 [146]，而今天為 [301]，因此可以說環比增長約為 106%。如果你看一下掃描器數據，它並不完美，但它在方向上是有幫助的，第二季的掃描器數據約為 129%。所以這給了我們一些信心，我們沒有看到——我們看到了銷售的發生，我們進入分銷商，分銷商進入零售商，消費者將產品從貨架上拿下來。

Jeff Van Sinderen, B. Riley Securities.

Jeff Van Sinderen，B. Riley 證券公司。

I wonder if we could turn a little bit to international for a moment. Maybe you can touch on plans to expand further internationally during the second half of the year.

我想知道我們是否可以暫時轉向國際話題。或許您可以談談今年下半年進一步拓展國際業務的計畫。

Yeah, thank you, Jeff. I'm really excited about the international opportunity. As we've seen, we've started to see -- we're building out the the teams and the organization. We have a variety of additional team members that will be coming on here in the back half of the year to really further set us up for additional focus and execution and really building these brands, these new markets like the UK, Ireland, New Zealand, Australia, and Benelux. We've been working very closely with [Centurion] in a lot of these markets for the quarter. We had a 27% growth rate.

是的，謝謝你，傑夫。我對這個國際機會感到非常興奮。正如我們所見，我們已經開始看到——我們正在組建團隊和組織。我們還有各種各樣的額外團隊成員將於今年下半年加入我們，以進一步為我們做好額外的關注和執行準備，並真正打造這些品牌、這些新市場，如英國、愛爾蘭、紐西蘭、澳洲和比荷盧三國。本季度，我們在許多市場與 [Centurion] 密切合作。我們的成長率達到了27%。

It is at a run rate getting close to $100 million business, so a lot of opportunity ahead. The same health and wellness trends we see in North America are global trends. And a lot of these markets are growing at a much -- growing at a great rate within energy. So it's just like we're seeing energy grow here in the US. It is growing around the world, and health and wellness resonates with such a broad consumer and this portfolio delivers on that.

它的營業額接近 1 億美元，因此未來有很多機會。我們在北美看到的健康和保健趨勢與全球趨勢相同。許多這樣的市場都在以極快的速度成長，尤其是在能源領域。所以就像我們看到的美國能源成長一樣。它在世界各地不斷發展，健康和保健引起瞭如此廣泛的消費者的共鳴，而該產品組合滿足了這一點。

You're seeing more females coming into the category in international markets, and health and wellness is just as strong. So we think we're well positioned. As we look for new markets, we're really focused on our existing markets right now for the back half of 2025. We're just getting started, lots of opportunities, but we really got to keep the teams focused at this point. It's timing and sequencing, but the opportunity presents itself for '26 and beyond for sure.

在國際市場上，你會看到越來越多的女性進入這個類別，而且健康和保健的勢頭也同樣強勁。因此我們認為我們處於有利地位。當我們尋找新市場時，我們目前真正關注的是 2025 年下半年的現有市場。我們才剛開始，有很多機會，但我們現在真的必須讓團隊集中註意力。這只是時間和順序的問題，但 26 年及以後的機會肯定存在。

Gerald Pascarelli, Needham and Company.

傑拉爾德·帕斯卡雷利（Gerald Pascarelli），尼德漢姆公司。

I know it'll be out in the Q, and I apologize if I missed this in your prepared remarks, but can you give us an idea of what the Costco channel revenue was in the quarter? I'm just curious if there was a benefit from an [MBM] coupon program there? And then just how we should think about that channel progression going forward. Thank you.

我知道它會在 Q 中公佈，如果我在您準備好的發言中錯過了這一點，我深感抱歉，但您能否告訴我們本季度 Costco 頻道的收入是多少？我只是好奇那裡的 [MBM] 優惠券計劃是否有好處？然後我們應該如何思考未來通路的發展。謝謝。

Yeah, I'll just start off, Gerald. I mean, the club channels is a big portion of our business from Costco to Sam's to PJ's. It is a growing segment. We did have a promotional activity take place, so we did see uplift at Costco, and that'll come through on our Q.

是的，我就開始吧，傑拉爾德。我的意思是，從 Costco 到 Sam's 再到 PJ's，俱樂部管道佔了我們業務的很大一部分。這是一個正在不斷成長的領域。我們確實開展了促銷活動，因此我們確實看到了 Costco 的銷售成長，這將在我們的 Q 中體現出來。

And I think when you look for the back half of the year, we've adjusted some of our promotions and timing. We talked about that on our last earnings call where we saw some of the timing of promotions shift, so we're optimizing there as well as the timing of innovation and new launches.

我認為，展望下半年，我們已經調整了一些促銷活動和時間安排。我們在上次財報電話會議上談到了這一點，我們發現一些促銷活動的時間發生了變化，因此我們正在對此進行優化，同時優化創新和新產品發布的時間。

So Jarrod, do you have any additional color you want to add?

那麼 Jarrod，您還有什麼想要添加的額外顏色嗎？

Yeah, you'll be able to back into the data. I guess it's probably only Costco, but we're up from a Q2 perspective as a portfolio about 17% for the quarter. And that was in part driven by the MBM that John talked about with Celsius.

是的，您將能夠恢復資料。我猜可能只有 Costco，但從第二季的角度來看，我們的投資組合本季上漲了約 17%。這在一定程度上是由約翰與 Celsius 談論的 MBM 所推動的。

Filippo Falorni, Citi.

花旗銀行的 Filippo Falorni。

I wanted to ask on the Celsius brand, obviously great to see the brand return to growth. Maybe can you discuss some of the drivers of the acceleration in the brand, including a new marketing campaign, the easier comps, and some of the innovation? And then specifically on innovation, you mentioned your first LTO on Celsius. Can you give maybe a little more color on what we should expect for the back half of the year in terms of innovation, in terms of growth for the brand. Thank you. Yeah.

我想問一下 Celsius 品牌的情況，顯然很高興看到品牌恢復成長。您能否討論一下品牌加速發展的一些驅動因素，包括新的行銷活動、更容易的比較以及一些創新？然後具體到創新，您提到了在 Celsius 上的第一個 LTO。您能否更詳細地介紹一下我們對今年下半年在創新和品牌成長方面的預期？謝謝。是的。

Excellent, great question. We've talked about this. In the Q1 call, we had a slow start with the Celsius portfolio. There's a lot of timing and promotion and innovation launches, and some of those changes have really -- we started to see the progression really month over month and some week over weeks where we've seen Celsius come back to growth. So we're really focused and disciplined.

非常好，很好的問題。我們已經討論過這個問題了。在第一季的電話會議上，我們對 Celsius 投資組合的進展比較緩慢。我們有很多時機、促銷和創新推出，其中一些變化確實——我們開始看到逐月、逐週的進展，我們看到 Celsius 恢復了成長。所以我們確實非常專注並且嚴守紀律。

We've changed a lot of our strategies internally as well as our channel strategy amongst our promotional strategies. We're really excited about where we are with the Celsius portfolio, getting it back to growth or focused on continuing that. We have embraced and launched our first really holistic campaign around LIVE. FIT. GO. If you haven't seen it, please check it out on some of our social, and you'll also see it on some of TV and a variety of other mediums that are out there. And it's really about connecting with consumers in a meaningful way.

我們改變了許多內部策略以及促銷策略中的通路策略。我們對 Celsius 產品組合的現狀感到非常興奮，希望它能恢復成長或專注於繼續維持這種成長。我們已經接受並啟動了我們的第一個真正全面的圍繞 LIVE 的活動。合身。去。如果您還沒有看過，請在我們的一些社交媒體上查看，您也可以在電視和其他各種媒體上看到它。這其實是一種有意義的方式與消費者建立聯繫。

Celsius is part of a lifestyle, a daily routine to help you accomplish your goals, and this is what this program really works and delivers on. It's about increasing frequency and new trial, within the portfolio, and initial feedback has been extremely promising, and we're getting a lot of excitement from retailers as well as customers.

攝氏度是生活方式的一部分，是幫助您實現目標的日常習慣，而這正是該計劃真正發揮作用並實現的目標。這是為了在產品組合中增加頻率和新的嘗試，最初的回饋非常有希望，我們從零售商和客戶那裡得到了很多興奮。

We are going to get a lot of data and analytics back here in the next few weeks, because we just recently kicked it off. But initial feedback has been positive. It really allows us to have an ownable position within the Celsius brand, LIVE. FIT. GO., and really owning that live fit. A lot of other brands own particular positions. We've done a lot of research on it. We're hired Anomaly, a great creative agency, one of the top creative agencies in the world, and really putting a lot of effort behind it. So more to come on that as we continue to progress through summer.

因為我們最近才剛啟動這項工作，所以我們將在接下來的幾週內獲得大量數據和分析結果。但初步反饋是正面的。它確實讓我們在 Celsius 品牌 LIVE 中擁有了自己獨特的地位。合身。GO.，真正擁有健康的生活。許多其他品牌都有自己的特定定位。我們對此做了大量研究。我們聘請了 Anomaly，這是一家出色的創意機構，也是全球頂尖的創意機構之一，我們確實為它付出了很多努力。隨著夏天的到來，我們還會收到更多相關資訊。

As for innovation, we're really leaning into our fizz-free. We haven't tried with the Celsius portfolio. We have launched a Dragonfruit Lime, as well as a Pink Lemonade, which is extremely refreshing opportunities that we're kicking off this summer. We expect to lean further into the fizz-free as a big initiative.

至於創新，我們確實傾向無氣泡創新。我們還沒有嘗試過 Celsius 產品組合。我們推出了火龍果青檸和粉紅檸檬水，這是我們今年夏天推出的極其令人耳目一新的產品。我們希望進一步推動無氣泡作為一項重大舉措。

And our innovation-first LTO. I'm not going to disclose exactly the name or what it is, but the teams are really excited about it. It's going to -- it'll be kicked off here at the end -- in the back half of the year leading into the winter season. So that'll be our first one. We do have more planned for 2026 and beyond.

以及我們創新優先的 LTO。我不會透露它的具體名稱或內容，但團隊對此感到非常興奮。它將在今年下半年年底在這裡拉開序幕，進入冬季。這是我們的第一個。我們確實為 2026 年及以後製定了更多計劃。

And we're taking some key learnings as the teams come together, leveraging the integration with Alani and Celsius. We're taking the best of the best of both brands and strategies to really deliver a holistic approach with these brands and continue to drive them forward and take advantage of the opportunities we see in the energy category in this modern energy world we're living in today and beyond.

隨著團隊的聚集，我們利用與 Alani 和 Celsius 的整合，獲得了一些重要的經驗。我們充分利用兩個品牌和策略中的最佳優勢，真正為這些品牌提供整體解決方案，繼續推動它們向前發展，並利用我們在當今及未來現代能源世界中看到的能源類別中的機會。

Michael Lavery, Piper Sandler.

麥可拉弗里、派珀桑德勒。

I was wondering if you could just talk about your assortment optimization and what the priorities are for the shelf set? And what if any challenges come with having two separate distribution networks behind it? Is there a way you can still manage the portfolio as one? How do the brands interact as you think about who gets priority for placement? Just help us understand how you're thinking about that.

我想知道您是否可以談談您的商品組合優化以及貨架設定的優先事項是什麼？那麼，如果背後有兩個獨立的經銷網絡會帶來什麼挑戰呢？有沒有辦法仍然可以將投資組合作為一個整體來管理？當您考慮誰有優先展示位置的權利時，各個品牌之間如何互動？只需幫助我們了解您對此的看法。

Yeah, absolutely. Good morning as well. Thank you, Michael. Jarrod mentioned some price, pack size, and channel mix, for the quarter. That'll fluctuate. We had a greater single serve growth that we saw in the quarter between the brands, but we do still believe, and we spoke about this prior quarters, that variety packs and larger pack size is a trend in the future, especially as we're seeing growth continue to take place and strong growth taking place in food in large format as Celsius is becoming -- as the energy category is becoming more of a take home pantry purchase, part of a daily lifestyle and daily routine, moving away from I think largely that impulse purchase and being part of greater -- even further greater part of LRB.

是的，絕對是如此。早安.謝謝你，麥可。賈羅德提到了本季的一些價格、包裝尺寸和通路組合。那將會波動。我們在本季度看到各品牌的單份增長幅度更大，但我們仍然相信，正如我們在前幾個季度討論的那樣，多種包裝和更大包裝尺寸是未來的趨勢，特別是我們看到增長持續發生，大包裝食品正在強勁增長，因為 Celsius 正在成為 - 因為能量類別越來越成為帶回家的食品儲藏室購買，成為日常生活和日常生活的一部分，我認為更大一部分。

As for the logistics and the strategy and bringing these two brands together, it's really our sales organization will own Tier 1 and Tier 2 accounts and/or account calls, and then we'll leverage the distribution. So we have field sales organizations and strategies. We're using a lot of data and insights and analytics, but we're leveraging a lot of synergies as well as we integrate the organizations from finance and operations, key account management, strategy, revenue management, promotional management, and so on.

至於物流和策略以及將這兩個品牌整合在一起，我們的銷售組織實際上將擁有一級和二級帳戶和/或帳戶電話，然後我們將利用分銷。所以我們有現場銷售組織和策略。我們正在使用大量數據、見解和分析，但我們也利用了許多協同效應，並整合了財務和營運、大客戶管理、策略、收入管理、促銷管理等組織。

So we're going to continue to stay focused. We have great partners that are helping us. You can see what Alani was able to deliver through their distribution network, and we're extremely pleased with the partners as well as the customers we're serving and focus to execute, today, tomorrow, and beyond. Thank you.

因此我們將繼續保持專注。我們擁有優秀的合作夥伴來幫助我們。您可以看到 Alani 透過其分銷網絡所提供的服務，我們對合作夥伴以及我們服務的顧客感到非常滿意，並專注於今天、明天和未來的執行。謝謝。

Jim Salera, Stephens.

吉姆·薩萊拉、史蒂芬斯。

I wanted to ask, Jarrod. You mentioned the year-over-year growth for Alani is like [106]. Just how should we think about the pacing of that through the back half of the year, especially given all these exciting LTOs and flavor innovations you have coming into the market, increasing visibility? And then if you guys could offer any commentary on household penetration data that you'd be willing to share maybe so we can get a sense for how much of the Alani strength is coming from just increased frequency with existing households versus new consumers coming to the brand, greater awareness building.

我想問一下，賈羅德。你提到 Alani 的年成長情況是[106]我們應該如何看待下半年的節奏，特別是考慮到所有這些令人興奮的 LTO 和風味創新都進入市場，提高了知名度？然後，如果你們願意分享家庭滲透率數據，那麼我們就可以了解 Alani 的優勢有多少是來自於現有家庭的使用頻率增加，還是來自於新消費者接觸該品牌的頻率增加，以及知名度的提高。

Yeah, so I'll talk pacing. I think John mentioned household penetration. He can pull that up from his notes. If you look last year, we kind of went 136, 146, 166, 157 as I look at kind of 2024. So the comps are a little tougher. And also, we had fantastic cotton Candy and Sherbet Swirl LTOs, our top two LTOs ever with Alani. So we've got Witch's Brew coming through and then we've got our Winter Wonderland seasonal as well. So we really need those to be as successful as they were last year, and they did a great job.

是的，所以我要談談節奏。我認為約翰提到了家庭滲透率。他可以從他的筆記中找出這一點。如果你看去年，我們大概達到了 136、146、166、157，而我展望 2024 年。因此比賽會更加艱難一些。此外，我們還推出了超棒的棉花糖和雪寶漩渦 LTO，這是我們與 Alani 合作以來最棒的兩種 LTO。因此，我們迎來了「女巫釀造」 (Witch's Brew) 以及季節性的「冬季仙境」。因此，我們確實希望他們能夠像去年一樣成功，而他們做得非常出色。

Beyond that, we're seeing good growth coming out of the core portfolio as well. So we do expect to see solid growth continue, albeit with a little tougher comps as we look at the back half of the year.

除此之外，我們也看到核心投資組合也出現了良好的成長。因此，我們確實預期穩健成長將持續，儘管下半年的競爭將更加激烈。

Yeah. In regards to the household penetration question [and] prepared remarks, we talked about the Celsius holding portfolio has reached a 43% household penetration, and that is including not only Celsius 43%, but also Alani at 22%. And what we're seeing there, we talked about within the Celsius portfolio, and both brands have a ton of runway with household penetration, and we think this is going to -- we're focused on continuing to progress and bring these brands to more people and more places.

是的。關於家庭滲透率問題[和]準備好的評論，我們談到了 Celsius 控股投資組合的家庭滲透率已達到 43%，其中不僅包括 Celsius 的 43%，還包括 Alani 的 22%。我們在 Celsius 產品組合中討論過，我們看到這兩個品牌在家庭滲透方面都擁有巨大的發展空間，我們認為這將會——我們專注於繼續進步，將這些品牌帶給更多的人和更多的地方。

But when you look at the Celsius portfolio specifically, we saw one of the largest increases we've seen in the shortest time period with the kickoff of this LIVE. FIT. GO. pro campaign. So we're really pleased with that. We saw the increased household penetration increase at a much greater rate than it did in the prior six months. So really promising as we continue to progress with our LIVE. FIT. GO. program and strategy, and then Alani just continues to grow there.

但是，當你具體看一下 Celsius 投資組合時，我們發現，隨著 LIVE 的啟動，我們在最短的時間內看到了最大的成長之一。合身。GO.pro 活動。所以我們對此感到非常高興。我們發現家庭普及率的成長速度比前六個月快得多。隨著我們的 LIVE 不斷進步，我們真的很有希望。合身。GO. 計劃和策略，然後 Alani 就繼續在那裡成長。

So we have a lot of -- every new innovation, every limited time offer and push, we continue to attract more people into the portfolio and take advantage of their really new consumers coming in looking for more function in beverage, looking for more energy and functionality. So I think both these brands are continued really to grab additional household penetration and just leverage the health and wellness trends we're seeing in the food and beverage category.

因此，我們有很多——每一個新的創新，每一個限時優惠和促銷，我們都在繼續吸引更多的人加入到我們的產品組合中，並利用他們真正的新消費者來尋找飲料的更多功能，尋找更多的能量和功能。因此，我認為這兩個品牌都會繼續真正吸引更多的家庭消費者，並利用我們在食品和飲料類別中看到的健康和保健趨勢。

Andrea Teixeira, JP Morgan.

摩根大通的安德里亞特謝拉 (Andrea Teixeira)。

I wanted to just like maybe parse out a new comment to that before in terms of like how to think of promo, but maybe give us some idea of how the third quarter is unfolding. I know we spoke about the Costco promo, but perhaps talk about Prime Day. Anything we should be aware of in terms of like puts and takes of shipments and consumption?

我只是想就如何看待促銷這一點分析出一個新的評論，但也許可以讓我們對第三季的進展有所了解。我知道我們談論了 Costco 促銷活動，但也許我們也會談論 Prime Day。在貨物運輸和消費方面，我們應該注意什麼？

And also, when you think about the easy comparisons that you probably are facing [you face], I think about $20 million in the distribution issues last year. I think you have north of [120] for the quarter. Is that something we should be aware of? Is that a tailwind or it doesn't really matter, you get it back? Just to understand the puts and takes, please. Thank you.

而且，當您考慮您可能面臨的簡單比較時，我認為去年分銷問題的成本約為 2000 萬美元。我認為本季的收入將超過 [120]。我們應該意識到這一點嗎？這是順風嗎？或者這其實不重要，你把它拿回來了？請只了解其中的利弊。謝謝。

Yeah, thank you. I'll jump in on some of those questions and I'll toss it over to Jarrod as well for further comment. But we really stand hold on our modeling call that we conducted with Alani.

是的，謝謝。我將回答其中的一些問題，並將其提交給 Jarrod 以徵求進一步的評論。但我們確實堅持與 Alani 進行的建模通話。

There's always going to be puts and takes along the way. There's a lot of variability. We did optimize some of our promotions, moving from the -- that we talked about in our last earnings call, moving from Q1 into kind of the summer season. So you have some timing and sequencing there. Within the Alani portfolio, they did -- we did move the Witch's Brew forward several weeks. So if you're tracking weekly, there will be puts and takes all the time, but that has moved forward.

一路上總會有得有失。存在著很大的可變性。我們確實優化了一些促銷活動，從上次收益電話會議上談到的，從第一季到夏季。因此，您在這裡需要掌握一些時間和順序。在 Alani 產品組合中，他們確實——我們確實將 Witch's Brew 提前了幾週。因此，如果您每週進行跟踪，就會一直有投入和產出，但這已經向前發展了。

And within -- when you're looking at Q3 within Celsius, it's really about some of the promotional timing there, and you saw that, just the other question in regard to the club channel, there was a move within a promotional activity at one of the -- at Costco, which moved into the third quarter. So there's timing and puts and takes there that will take place.

當您查看 Celsius 的第三季時，您會看到那裡的一些促銷時機，您會看到，關於俱樂部管道的另一個問題，Costco 的其中一家店的促銷活動有所動向，該活動已進入第三季度。因此，存在著時機、投入和產出。

And regards to other details, in regards to how the quarter is actually going to turn out, we're not going to provide forward-looking information. It's really difficult right now. We stand by the modeling call with the adjustment -- outside of the adjustment that Jarrod mentioned in regard to the gross profit margins which are coming in slightly better on the top end than expected. So thank you.

至於其他細節，關於本季的實際結果，我們不會提供前瞻性資訊。現在確實很難。我們堅持經過調整的模型預測——除了賈羅德提到的有關毛利率的調整之外，毛利率的最高值略好於預期。所以謝謝你。

And at this time, Mr. John Fieldly, I'll turn the call back over to you.

現在，約翰·菲爾德利先生，我將把電話轉回給您。

Thanks again for joining us today. Q2 is a strong quarter that reflects the power of our portfolio, the discipline of our team, and the strength of the category. Alani Nu delivered breakout growth. Celsius maintained momentum across channels, and we executed with focus across innovation, operations, and retail. I want to thank our employees and our partners and for their teamwork and dedication that enables us to deliver our growth.

再次感謝您今天加入我們。第二季度表現強勁，體現了我們產品組合的實力、我們團隊的紀律性以及產品類別的實力。Alani Nu 實現了突破性成長。Celsius 在各個通路都保持了強勁發展勢頭，我們專注於創新、營運和零售領域。我要感謝我們的員工和合作夥伴，感謝他們的團隊合作和奉獻精神，使我們實現了成長。

As we look ahead, remain committed to the long-term strategy, driving sustainable growth profitably, driving through brand leadership, discipline investment, and operational excellence. We're excited about what's ahead and in the back half of the year and beyond.

展望未來，我們將繼續致力於長期策略，透過品牌領導力、紀律投資和卓越營運推動永續獲利成長。我們對今年下半年及以後的前景充滿期待。

Thank you for joining us today as we continue to capitalize on the modern energy era. Grab a Celsius and live fit.

感謝您今天加入我們，我們將繼續利用現代能源時代。抓住攝氏並健康生活。

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

謝謝。今天的電話會議到此結束。您現在可以斷開連線。