Celsius Holdings Inc (CELH) 2022 Q1 法說會逐字稿

Greetings, and welcome to Celsius Holdings First Quarter 2022 Financial Results. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Cameron Donahue, investor Relations for Celsius Holdings. Thank you. You may begin.

您好，歡迎閱讀攝氏控股 2022 年第一季財務業績。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向您介紹主持人卡梅倫·多納休 (Cameron Donahue)，他是攝氏度控股公司 (Celsius Holdings) 投資者關係部的負責人。謝謝。你可以開始了。

Thank you, and good afternoon, everyone. We appreciate you joining us today for Celsius Holdings First Quarter 2022 Earnings Conference Call. Joining me on the call today are John Fieldly, President and Chief Executive Officer; and Jarrod Langhans, Chief Financial Officer.

謝謝大家，大家下午好。我們感謝您今天參加攝氏控股 2022 年第一季財報電話會議。今天與我一起參加電話會議的還有總裁兼執行長 John Fieldly；和財務長 Jarrod Langhans。

Following the prepared remarks, we'll open the call to your questions and instructions will be given at that time. The company released our earnings press release upon market closed this afternoon, and all materials will be available on the company's website, celsiusholdingsinc.com under the Investor Relations section.

在準備好發言後，我們將開始電話詢問您的問題，屆時將給予指示。該公司在今天下午收盤時發布了收益新聞稿，所有資料均可在公司網站 celsiusholdingsinc.com 的投資者關係部分取得。

As a reminder, before I turn the call over to John, an audio replay will be available later today. Please also be aware that this call may contain forward-looking statements, which are based on forecasts, expectations and other information available to management as of May 10, 2022. These statements involve numerous risks and uncertainties, including many that are beyond the company's control.

提醒一下，在我將電話轉給約翰之前，今天晚些時候將提供音訊重播。另請注意，本次電話會議可能包含前瞻性陳述，這些陳述基於截至2022 年5 月10 日管理層可獲得的預測、預期和其他資訊。不確定性超出了公司的控制範圍。

Except to the extent by law, Celsius Holdings undertakes no obligations and disclaims any duty to update any of these forward-looking statements. We encourage you to view full our safe harbor statements contained in today's press release and our quarterly filings with the SEC for additional information.

除法律規定的範圍外，攝氏控股不承擔任何義務，也不承擔更新任何這些前瞻性陳述的義務。我們鼓勵您查看今天新聞稿中包含的完整安全港聲明以及我們向 SEC 提交的季度文件，以獲取更多資訊。

With that, I'd like to turn the call over to President and Chief Executive Officer, John Fieldly, for his prepared remarks. John?

接下來，我想將電話轉給總裁兼執行長約翰·菲爾德利 (John Fieldly)，聽取他準備好的演講。約翰？

Thank you, Cameron. Good afternoon, everyone, and thank you for joining us today. Our record first quarter represented our 14th consecutive quarter of sequential growth, a 28% increase over the fourth quarter period. .

謝謝你，卡梅倫。大家下午好，感謝您今天加入我們。我們創紀錄的第一季代表我們連續 14 個季度實現環比成長，比第四季成長 28%。 。

According to the trailing 4-week IRI MULO data as of April 17, and 2022, Celsius is the #1 brand driver of growth in the energy category compared to 2021. For the last 4-week data set, the energy category grew $101 million. In that period, Celsius added $38 million of the growth, accounting for 38% of the total.

根據截至 4 月 17 日和 2022 年的 4 週 IRI MULO 數據，與 2021 年相比，Celsius 是能源類別成長的第一大品牌驅動力。 。同期，Celsius 增加了 3,800 萬美元的成長，佔總數的 38%。

This is dollar share growth eclipsing Monster by 1.4x, (inaudible) by 2.2x, Red Bull by 2.5x, Ghost by 3x and C4 by 4x. During this period, Celsius increased to a $4.1 share and surpassed Rockstar for the #4 position in the energy category. This growth has been driven across all channels, including those non track with the 2 newest channels of club and the vending foodservice channels leading on a percentage growth metric and driving an incremental $25.2 million in revenue for the 2 channels alone compared to 2021 first quarter.

美元市佔率成長超過 Monster 1.4 倍、（聽不清楚）2.2 倍、Red Bull 2.5 倍、Ghost 3 倍和 C4 4 倍。在此期間，Celsius 的份額上升至 4.1 美元，並超過 Rockstar，在能源類別中排名第四。這一增長是由所有渠道推動的，包括非賽道渠道，俱樂部的2 個最新渠道和自動售貨餐飲服務渠道在百分比增長指標上領先，與2021 年第一季相比，僅這兩個渠道的收入就增加了2520 萬美元。

In March, we also began a full nationwide rollout through Sam's Club, more than doubling the number of stores in the channel, adding 589 locations with the launch. In the first quarter, we also expanded into additional Walmart locations, now bringing our store count total to over 4,400 stores and expanded our offerings, which now totals on average about 6 facings across the country with expanded distribution as well as new cooler placements in select stores.

3 月份，我們也透過山姆會員店開始在全國範圍內全面推廣，使該通路的門市數量增加了一倍多，推出後增加了 589 個門市。第一季度，我們也擴展到了更多的沃爾瑪門市，目前我們的門市總數已超過4,400 家，並擴大了我們的產品範圍，目前全國範圍內平均有6 個門市，擴大了分銷範圍，並在精選區域增加了新的冷櫃位置商店。

In the convenience channel, we began a nationwide rollout to over 6,000 Circle K locations. And in the fitness channel, we are now the official energy drink partner and provider of CycleBar nationwide. In addition, since our Q4 launch with Lifetime Fitness, we are now the #1 selling drink and have increased sales each month since our launch.

在便利通路方面，我們開始在全國推廣超過 6,000 個 Circle K 門市。在健身管道，我們現在是CycleBar全國範圍內的官方能量飲料合作夥伴和供應商。此外，自從第四季度推出 Lifetime Fitness 以來，我們現在已成為銷量第一的飲料，並且自推出以來每個月的銷量都在增加。

On April 18, we announced the retirement of (inaudible) and appointed Jarrod Langhans, our CFO. I would like to formally introduce him today and share our excitement of having him join the Celsius team. In addition, I'd like to thank [Edwin] for his commitment to the company and for the contribution over the years, which will continue to provide lasting positive impacts.

4 月 18 日，我們宣布（聽不清楚）退休並任命 Jarrod Langhans 為我們的財務長。今天我想正式介紹他，並分享我們對他加入攝氏團隊的興奮之情。此外，我還要感謝[Edwin]多年來對公司的承諾和貢獻，這將繼續產生持久的正面影響。

We have also recently added [Grace Clark] as our new Head of IT, and welcome her to the Celsius team. And in addition, to the many other new team members who have joined our team. We'd like to welcome them as we continue to expand our organization to keep pace with growth and maximize the opportunities we see ahead.

我們最近也任命了 [Grace Clark] 為我們的新 IT 主管，並歡迎她加入攝氏團隊。此外，還有許多其他新加入我們團隊的團隊成員。我們歡迎他們加入，因為我們將繼續擴大我們的組織，以跟上成長的步伐並最大限度地利用我們看到的未來​​機會。

Before I move to the operational highlights for the quarter in regards to our previously disclosed SEC inquiry, we continue to fully cooperate and we do not have any material updates at this time. Moving to some of our financial highlights of the first quarter. Sales held another record, achieving first quarter revenues in the United States exceeding over $100 million in sales, hitting $123 million growing exponentially.

在我開始討論有關我們先前披露的 SEC 調查的本季營運亮點之前，我們將繼續全力合作，目前沒有任何重大更新。接下來是我們第一季的一些財務亮點。銷售額再創新高，美國第一季銷售額突破 1 億美元，呈指數級成長，達 1.23 億美元。

Revenue growth was driven by continued new store additions, flavor expansions, additional coal placements and the optimization and activation of our DSD network as well as growth in unrepresented channels, as we mentioned, in the convenience store, we see great expansion, club and vending.

收入成長是由持續的新店增加、口味擴張、額外的煤炭投放、DSD 網路的優化和激活以及無人代理通路的成長所推動的，正如我們所提到的，在便利商店，我們看到了巨大的擴張、俱樂部和自動販賣機。

Sales for the first quarter of 2022 totaled $133 million, $0.4 million, up 167% from $50 million in the prior year quarter. As mentioned, domestic revenues increased 214% to a record $123.5 million, up from $39 million in the prior year quarter. International sales decreased approximately 10% to $9.9 million for the quarter with Nordic sales down approximately 18% to $8.5 million as a result of timing of trade campaigns, flavor launches as well as supply chain delays and other international sales grew approximately 114% to $1.4 million.

2022 年第一季的銷售額總計 1.33 億美元，比去年同期的 5,000 萬美元成長 167%，即 40 萬美元。如前所述，國內收入成長 214%，達到創紀錄的 1.235 億美元，高於去年同期的 3,900 萬美元。本季國際銷售額下降約10% 至990 萬美元，其中北歐銷售額下降約18% 至850 萬美元，原因是貿易活動、口味發布以及供應鏈延遲，而其他國際銷售額增長約114% 至140萬美元。

Gross profit for the quarter increased $162 million to $53.9 million, up from $20.6 million in the year ago quarter, and gross margins totaled approximately 40.4% of net sales. And excluding outbound freight, totaled 42.8% of revenues for the 3 months ending March 31, 2022, and from 41.1% or 49.5% when excluding outbound freight for the prior year quarter.

本季毛利增加 1.62 億美元，達到 5,390 萬美元，高於去年同期的 2,060 萬美元，毛利率總計約佔淨銷售額的 40.4%。不包括出境貨運，截至 2022 年 3 月 31 日的三個月收入總計佔收入的 42.8%，而排除去年同期的出境貨運則為 41.1% 或 49.5%。

There continues to be margin pressure felt across the beverage industry, and we have not been immune to these impacts. With the expansion of higher cost of international cans, a majority of these cost increases have been offset by efficiencies of scale through our raw materials, production, full load shipping, reducing the miles on cases with our 6 Orbit warehouse model expansion last fall.

整個飲料產業仍面臨利潤壓力，我們也未能倖免於這些影響。隨著國際罐頭成本的增加，大部分成本增加已被我們的原材料、生產、滿載運輸的規模效率所抵消，去年秋天我們透過 6 軌道倉庫模型擴張減少了箱子的里程。

Our product channel sales mix has also impacted margins as our club channel revenue has extraordinarily had lower margin levels due to secondary repack facilities which are required. With this rapid growth in the channel, which contributed over $26 million in revenue in the first quarter and has increased overall margin pressure, and we have initiated several changes to improve margins in this channel including the rework -- working with co-packers and our partners to further drive costs out of the system.

我們的產品通路銷售組合也影響了利潤率，因為由於需要二次重新包裝設施，我們的俱樂部通路收入的利潤率非常低。隨著該通路的快速成長，該通路在第一季貢獻了超過2,600 萬美元的收入，並增加了整體利潤壓力，我們已啟動多項變革以提高該管道的利潤率，包括返工——與代加工廠和我們的合作夥伴合作。

Overall, the company still expects to cycle through the remaining of our international cans by the end of the third quarter, with margins then moving back up towards the mid-40s based on channel mix. Our first quarter 2022 fill rates were experiencing about roughly around a 97% fill rate, and we expect to maintain these normalized levels even with our accelerated growth rates due to optimization of software improvements, warehouse expansion to our 6 Orbit infrastructure model put in place during the third quarter and an inventory expansion, which has been key to the spring resets, load ends with new accounts expanding and optimization of our national distribution network as well as Sam's Club, Circle K and the Walmart expansions, just to name a few.

總體而言，該公司仍預計在第三季末之前將剩餘的國際罐裝產品循環使用，然後根據通路組合，利潤率將回升至 40 多歲左右。我們 2022 年第一季的填充率約為 97% 左右，即使由於軟體改進優化、倉庫擴展到 6 軌道基礎設施模型而導致增長率加快，我們預計仍能保持這些正常化水平。擴張是春季重置的關鍵，隨著新帳戶的擴張和全國分銷網絡的優化以及山姆會員店、Circle K 和沃爾瑪的擴張，負載結束了。

Some additional highlights for the first quarter. Our domestic revenues of $123.5 million was driven by accelerated triple-digit growth in traditional channels of trade, expansion with world-class retailers and further activation and growth with our distribution partners. Direct store delivery, our DSD network grew approximately 395% to our distributor revenues when compared to the prior year.

第一季的一些額外亮點。我們的國內收入達到 1.235 億美元，這得益於傳統貿易渠道三位數的加速增長、與世界級零售商的擴張以及與分銷合作夥伴的進一步激活和增長。直接商店交付，我們的 DSD 網路使我們的經銷商收入與上一年相比增長了約 395%。

Our vending channel grew at 296% approximately in the first quarter and drove over $202 million in incremental revenue. We are now in over 12,000 vending and micro markets placements since the first quarter of 2021, increasing our number of locations by 96% and expect that growth to continue through the rest of the year.

我們的自動販賣機通路在第一季成長了約 296%，增量收入超過 2.02 億美元。自 2021 年第一季以來，我們目前已在超過 12,000 個自動販賣機和微型市場中開展業務，使我們的網點數量增加了 96%，並預計這一增長將持續到今年剩餘時間。

And our fitness vitamin specialty channel, in addition to now being the #1 drink at lifetime fitness in the quarter, we officially launched with Solid Core at 70 locations. GNC also expanded their offerings in their corporate sets and our partnership partnered with CycleBar, which is live with franchisees ordering product.

我們的健身維他命專業頻道除了現在成為本季終身健身排名第一的飲料外，我們還在 70 個地點正式推出了 Solid Core。 GNC 還擴大了其公司產品範圍，我們與 CycleBar 建立了合作夥伴關係，後者與特許經營商一起訂購產品。

Our mass club channel continue to accelerate following the rollout of the 561 Costco locations expanded in Q2 of 2021. Cosco's first quarter established a new record in revenue growing over 1,100% for Q1 of 2021, and we continue to gain traction in the online sales platform on costco.com. We initiated a sell-in with over a full nationwide rollout with Sam's Club at 589 locations. And we also saw significant additional opportunities we see ahead in penetrating, further penetrating the club channel with BJs in 2022.

繼 2021 年第二季擴大 561 家 Costco 門市後，我們的大眾俱樂部通路持續加速發展。 Costco.com 上。我們透過山姆會員店在全國各地的 589 家門市發起了銷售活動。我們還看到了在 2022 年透過 BJ 進一步滲透俱樂部管道的重大額外機會。

In Walmart, we expanded our store count of flavor assortment as well as gaining front-end coolers and NCAP activity in select locations. And in Target, we have a chain-wide NCAP program, which we expanded our availabilities and also with additional cooler placements and in-store placements throughout the first quarter.

在沃爾瑪，我們擴大了風味品種的商店數量，並在選定的地點增加了前端冷卻器和 NCAP 活動。在 Target，我們有一個全連鎖 NCAP 計劃，我們擴大了該計劃的可用性，並在整個第一季增加了更酷的展示位置和店內展示位置。

In the convenience channel, our convenience store locations increased by 88% from the first quarter of 2021 and now total just under 64,000 locations. We began our National Circle K launch, which will be completed by the second quarter and total over 6,000 new locations upon completion, second only to our overall 8,000 locations with 7-Eleven in terms of total store size in the convenience store channel with 7-Eleven and Circle K now being our 2 largest chains in that channel.

在便利通路中，我們的便利商店門市數量較 2021 年第一季增加了 88%，目前門市總數接近 64,000 個。我們開始推出National Circle K，將於第二季完成，完工後新增門市總數將超過6,000個，就便利商店通路中的門市總規模而言，僅次於7-11的8,000個門市。和Circle K 現在是我們在該頻道中最大的兩家連鎖店。

RaceTrac was fully converted to DSD in the first quarter, and we expanded our shelf placements through approximately between 3/4 of a shelf to a full shelf in all locations. The convenience store channel has the largest growth opportunity in addition, expansion in doors in 2021, and we expect that growth to continue in 2022.

RaceTrac 在第一季完全轉換為 DSD，我們將所有地點的貨架佈局從大約 3/4 的貨架擴展到整個貨架。此外，便利商店通路擁有最大的成長機會，預計 2021 年門市擴張，我們預計這種成長將在 2022 年持續。

Industry-backed third-party data continues to show accelerated growth metrics, and we are confident that Celsius will continue to drive sales even higher as we increase our ACV across channels through additional launches with new chains and transitioning our existing accounts to our DSD network for better optimization in product placements.

由業界支持的第三方數據繼續顯示加速成長指標，我們相信，隨著我們透過新連鎖店的額外推出以及將現有帳戶轉移到我們的DSD 網路來增加跨通路的ACV，Celsius 將繼續推動銷售額更高。

Consumer demand for Celsius accelerated through the first quarter of 2022 and as of April of 2022 to record levels, with the most recent reported Nielsen scan data as a April 9, 2022, showing Celsius sales about 216% year-over-year for 2 weeks, 215% for the 4 weeks, 230% for the 12 weeks with a 3.4% share according to Nielsen data of the energy category. This compares to the energy category, which grew 6% on the 2 weeks, 11% on 12 weeks over the same period. Celsius also saw an average price increase of 17.4% over the 52-week period.

消費者對攝氏度的需求在 2022 年第一季加速，截至 2022 年 4 月達到創紀錄水平，最新報告的尼爾森掃描數據為 2022 年 4 月 9 日，顯示攝氏度銷售額連續兩週同比增長約 216%根據尼爾森能源類別數據，4週為215%，12週為230%，份額為3.4%。相比之下，能源類別在 2 週內成長了 6%，在 12 週內成長了 11%。 52 週內，Celsius 的平均價格上漲了 17.4%。

On Amazon, Celsius is the second largest energy drink with 18.23% share of the energy category, 6.6 share ahead of Red Bull at 11.6% share and 7.7 share behind Monster at a 25.9% share approximately, that's 4 weeks ending April 23, 2022, at Stackline data, energy drink category, total U.S. With this, sales hit record quarterly revenues for Amazon, which totaled $13.8 million, up 74% from the first quarter of 2021.

在亞馬遜上，Celsius 是第二大能量飲料，在能量類別中佔有18.23% 的份額，比紅牛(11.6%) 領先6.6 個份額，比Monster (25.9%) 落後7.7 個份額，截至2022 年4 月23日的4 週內， Stackline 數據顯示，美國能量飲料類別銷售額由此創下亞馬遜季度營收紀錄，總計 1,380 萬美元，較 2021 年第一季成長 74%。

We continue to see acceleration through all channels and are now beginning to see the additional lift from the conversion of accounts to our national DSD network. This delivered growth of 395% in our distributor revenues when compared to the prior year. We secured additional distribution agreements during the quarter, further expanding our availability.

我們繼續看到所有管道的加速發展，現在開始看到帳戶轉換到我們的國家 DSD 網路帶來的額外提升。與前一年相比，我們的經銷商收入成長了 395%。我們在本季度獲得了額外的分銷協議，進一步擴大了我們的可用性。

The company now has completed a nationwide network, which now services approximately 99% of the population. Our rollout of Celsius branded coolers in the first quarter was expanded with over 700 coolers placed and now over 1,900 coolers placed nationwide in key retailers. We have also implemented a comprehensive tracking tool to leverage growth acceleration metrics with retailers. In addition, over 400-barrel coolers were placed in key locations at premium retailers, we anticipate additional cooler placements to continue through 2022.

該公司現已建成一個涵蓋全國的網絡，為約99%的人口提供服務。我們在第一季擴大了 Celeste 品牌冷藏箱的推出範圍，並已放置了 700 多個冷藏箱，現在在全國主要零售商中放置了 1,900 多個冷藏箱。我們還實施了全面的追蹤工具，以利用零售商的成長加速指標。此外，在優質零售商的關鍵位置放置了超過 400 桶冷卻器，我們預計額外的冷卻器放置將持續到 2022 年。

Our U.S. store count now exceeds 140,000 locations nationally, growing over 49,000 doors or 53% from 93,000 from Q1 2021. On our co-packer front, we continue to expand our partners and scale at existing locations, improving our line time priority. Our total U.S. co-packer footprint now totals 13 that are active, which will help protect for future out-of-stocks and support our growth that's ahead.

目前，我們在美國的門市數量已超過140,000 個，較2021 年第一季的93,000 家增加了49,000 多個門市，成長了53%。規模，提高我們的生產線時間優先順序。目前，我們在美國的代加工工廠總數達到 13 家，這將有助於防止未來缺貨，並支持我們未來的成長。

In Europe, sales totaled $8.5 million, a decrease of approximately 18% as a result of translation cost as well -- translation as well as timing of trade campaigns, flavor, timing of flavor launches as well as supply chain delays, and we expect this to continue to optimize in the second and third quarter.

在歐洲，銷售額總計 850 萬美元，下降了約 18%，這也是翻譯成本的結果——翻譯以及貿易活動的時間、風味、風味推出的時間以及供應鏈延遲，我們預計這一點第二、三季度繼續優化。

We recently launched our Amazon EU, beginning with Great Britain, which launched with 3 flavors of Celsius and 6 flavors of our fast protein snack portfolio and Germany launched with 3 flavors of Celsius. We expect additional EU launches to take place through 2022 to include France and Italy momentarily.

我們最近推出了亞馬遜歐盟，首先在英國推出了 3 種口味的攝氏度和 6 種口味的快速蛋白質零食組合，在德國推出了 3 種口味的攝氏度。我們預計到 2022 年，歐盟將推出更多產品，其中法國和義大利將暫時納入。

Additionally, revenues are small today, but we see tremendous opportunities ahead. In China, we maintain a licensing royalty model in the market with fixed royalty revenues through 2024, which then becomes a volume-based model but no lower than the minimum royalties of $2.2 million.

此外，目前的收入很小，但我們看到了未來的巨大機會。在中國，我們在市場上維持一種許可使用費模式，到 2024 年固定使用費收入，然後變成基於數量的模式，但最低使用費不低於 220 萬美元。

In our other international market locations, driving (inaudible) includes Malaysia, Hong Kong, South Korea and Singapore with initial markets penetrating as well as future opportunities where discussions in Japan, Australia and Taiwan. We continue to focus on our approach in these markets to find top distributors to partner with, to drive revenue, profitable revenue and growth opportunities.

在我們的其他國際市場地點，推動（聽不清楚）包括馬來西亞、香港、韓國和新加坡，初步滲透的市場以及日本、澳洲和台灣討論的未來機會。我們繼續專注於我們在這些市場的方法，尋找頂級經銷商進行合作，以增加收入、獲利收入和成長機會。

Now moving to the marketing front. On the marketing front, we continue to activate target new and existing consumers where they live, work and play, building meaningful and emotional connections through a robust integrated marketing programs. In the first quarter, we continue to activate through our Celsius Live Fit Tour, and we kicked off a Celsius essential Vibe store, which initially kicked off during the Super Bowl at Shaq's Fun House, which was a great event.

現在轉向行銷前沿。在行銷方面，我們持續啟動目標新舊消費者的生活、工作和娛樂場所，透過強大的整合行銷計畫建立有意義的情感連結。在第一季度，我們繼續透過Celsius Live Fit Tour進行激活，並開設了Celsius Essential Vibe商店，該商店最初是在Shaq's Fun House的超級碗比賽期間啟動的，這是一場偉大的活動。

In addition, we also partnered with Shaun White around the Olympics and did a lot of activation, and we also launched a great flavor, a mango passion fruit in 7-Eleven nationwide, which was a very successful launch for us. Just to name a few items which we accomplished. We continue to activate and connect with consumers in a meaningful way, bringing new consumers to the Celsius portfolio and energy category.

另外，我們也圍繞著奧運和Shaun White合作，做了很多激活，我們還在全國7-11推出了一款很棒的口味，芒果百香果，這對我們來說是一次非常成功的推出。僅舉幾個我們完成的項目。我們繼續以有意義的方式激活消費者並與消費者建立聯繫，將新消費者引入攝氏產品組合和能源類別。

We are driving a leading growth in the energy category across all channels, expanding the demographics while bringing in an industry-leading percentage of consumers from outside and new to category while accelerating our share and growing the energy category. We have committed the resources, both personnel and operational infrastructure to maximize our opportunity.

我們正在所有管道推動能源類別的領先成長，擴大人口結構，同時引入行業領先比例的外部和新消費者，同時加快我們的份額並擴大能源類別。我們投入了資源，包括人員和營運基礎設施，以最大限度地利用我們的機會。

I'll now turn the call over to Jarrod Langhans, our Chief Financial Officer, for his prepared remarks. Jarrod?

現在我將把電話轉給我們的財務長 Jarrod Langhans，聽取他準備好的演講。賈羅德？

Thank you, John. Before I turn to the first quarter financial overview, I wanted to thank John and the entire team at Celsius for all the support they have provided over the last few weeks as we wrapped up our 10-Q, and I transitioned into the CFO role.

謝謝你，約翰。在介紹第一季財務概覽之前，我要感謝 John 和攝氏度的整個團隊，感謝他們在過去幾週我們完成 10-Q 時提供的所有支持，而我也升任了首席財務官。

The company is very well positioned, and I'm excited to join the team as the business continues to accelerate, and we progress on the many opportunities ahead of us. And looking back at our last 10-K, we had noted some internal control weaknesses that we would be remediating this year. Although it has been less than 2 months since the issuance of our 10-K, I am pleased with our progress thus far, and we are confident that we will be able to remediate these controls by the end of the year.

該公司定位非常有利，隨著業務的不斷加速，我很高興加入這個團隊，並且我們在我們面前的許多機會上取得了進展。回顧我們上一個 10-K，我們注意到了一些內部控制缺陷，我們將在今年予以糾正。雖然距離我們的 10-K 發布還不到兩個月，但我對我們迄今為止的進展感到滿意，並且我們有信心在年底前糾正這些控制措施。

We are building out our IT and internal audit teams as well as adding additional financial resources to our operations and sales teams in support of our ongoing growth and expansion. Turning to our first quarter financial results. Our first quarter revenue for the 3 months ended March 31, 2022, was approximately $133.4 million, an increase of $83.4 million or 167% from $50 million in the prior year.

我們正在組建 IT 和內部審計團隊，並向營運和銷售團隊增加額外的財務資源，以支持我們的持續成長和擴張。轉向我們第一季的財務表現。截至 2022 年 3 月 31 日的三個月，我們第一季的營收約為 1.334 億美元，比前一年的 5,000 萬美元增加了 8,340 萬美元，即 167%。

As expected, the growth was driven by our North American operations, where first quarter revenues were $123.5 million, an increase of $84.5 million or 217% from the prior year quarter. The balance of the revenues for the 2022 quarter were mainly attributed to European operations, which generated revenue of $8.5 million, slightly below the prior year quarter, primarily due to foreign exchange rates, raw material sourcing and timing.

正如預期，成長是由我們的北美業務推動的，第一季營收為 1.235 億美元，比去年同期成長 8,450 萬美元，即 217%。 2022 年季度的收入餘額主要歸因於歐洲業務，該業務產生的收入為 850 萬美元，略低於去年同期，主要是由於匯率、原材料採購和時機的影響。

Asian revenues, which include royalty revenues from our China licensee, contributed an additional $1 million, an increase of 80% from approximately $500,000 in the prior year. Other international markets generated approximately $0.5 million in revenues during the quarter, an increase of 256% versus the prior year quarter.

亞洲收入（包括來自中國被授權人的特許權使用費收入）額外貢獻了 100 萬美元，比前一年的約 50 萬美元成長了 80%。其他國際市場在本季創造了約 50 萬美元的收入，比去年同期成長了 256%。

The total increase in revenue was largely attributable to increases in sales volume as opposed to increases in product pricing. The primary factors behind the increase in North American sales volume were related to continued strong triple-digit growth in traditional distribution channels. Combined with an increase in an optimization of our products presence in world-class retailers such as SKU additions, cold placement and NCAP displays.

總收入的成長主要歸因於銷售量的成長，而不是產品定價的成長。北美銷售成長的主要因素與傳統分銷管道持續強勁的三位數成長有關。結合我們在世界一流零售商中的產品展示的優化，例如添加 SKU、冷置和 NCAP 展示。

Additionally, the continued expansion of our direct store delivery network resulted in significant growth of 395% and distributor revenues when compared to the prior year quarter.

此外，我們直營店配送網路的持續擴張導致經銷商收入與去年同期相比大幅成長 395%。

Gross profit for the first quarter of 2022 increased by approximately $33.3 million or 162% to $53.9 million. Gross profit margins decreased slightly to 40.4% for the quarter from 41.1% in the prior year quarter. The increase in gross profit dollars is related to increases in volume, while the decrease in gross profit margin is mainly related to higher raw material costs, customer mix and inflation across our supply chain.

2022 年第一季的毛利增加約 3,330 萬美元，即 162%，達到 5,390 萬美元。本季毛利率略有下降，從去年同期的 41.1% 降至 40.4%。毛利的增加與銷售量的增加有關，而毛利率的下降主要與原物料成本上升、客戶結構和整個供應鏈的通貨膨脹有關。

Sales and marketing expenses for the 3 months ended March 31, 2022, were approximately $31.6 million, an increase of $19.6 million or 164% from $12 million for the 3 months ended March 31, 2021. This increase was primarily attributable to higher marketing investment activities, which resulted in an increase of $9.1 million when compared to the prior year quarter.

截至2022年3月31日止三個月的銷售和行銷費用約為3,160萬美元，較截至2021年3月31日止三個月的1,200萬美元增加1,960萬美元，即164%。主要歸因於行銷投資活動增加，與去年同期相比增加了 910 萬美元。

Additionally, employee costs increased by approximately $1.4 million from the prior year quarter as we continue to invest in this area in order to have the proper infrastructure to support our growth. Lastly, storage and distribution expenses as well as broker costs accounted for the remainder of the increase in this area in the amount of $9.1 million from the 2021 quarter to the 2022 quarter.

此外，由於我們繼續在這一領域進行投資，以便擁有適當的基礎設施來支持我們的成長，員工成本比去年同期增加了約 140 萬美元。最後，從 2021 年季度到 2022 年季度，儲存和分銷費用以及經紀人成本佔該領域剩餘成長的 910 萬美元。

As a percentage of sales, sales and marketing was 23% of revenue in the first quarter of 2022 compared to 24% in the first quarter of 2021. General and administrative expenses for the 3 months ended March 31, 2022, were approximately $12.2 million, an increase of $4.4 million or 56% from $7.8 million for the 3 months ended March 31, 2021.

2022 年第一季度，銷售和行銷佔收入的百分比為 23%，而 2021 年第一季為 24%。 2021 年3 月31 日的三個月，比780 萬美元增加了440 萬美元，即56%。

This increase was primarily attributable to other administrative expenses, which drove an increase of $2.4 million or 116% increase when compared to the prior year quarter. The other administrative expenses are mainly related to increases in audit costs, legal expenses, bad debt reserves and insurance costs.

這一增長主要歸因於其他管理費用，與去年同期相比增加了 240 萬美元，即成長 116%。其他管理費用主要與審計費用、法律費用、壞帳準備金和保險費用的增加有關。

Additionally, employee costs for the 3 months ended March 31, 2022, reflect an increase of $1.2 million or an increase of 76.2% as investments in this area are being made to support our higher business volumes being generated by our commercial and operational teams.

此外，截至2022 年3 月31 日的三個月的員工成本增加了120 萬美元，即增加了76.2%，因為我們在這一領域進行投資是為了支持我們的商業和營運團隊產生的更高的業務量。

We also saw a $700,000 increase in stock option expense when compared to the prior year quarter. Management deems it very important to motivate employees by providing them ownership in the business in order to promote overperformance, which translates into the continued success of our business based on key performance attributes.

與去年同期相比，我們還發現股票選擇權費用增加了 70 萬美元。管理層認為，透過為員工提供企業所有權來激勵員工非常重要，以促進超額績效，這轉化為我們基於關鍵績效屬性的業務的持續成功。

Depreciation and amortization increases were minor at approximately $100,000 when compared to the prior year quarter. As a total percent of revenue, G&A costs decreased to 9% of sales for the 3 months ended March 31, 2022, compared to 16% in the prior year as we were able to leverage G&A against our growth.

與去年同期相比，折舊和攤提略有增加，約 10 萬美元。截至 2022 年 3 月 31 日止的 3 個月，G&A 成本佔總營收的百分比下降至銷售額的 9%，而前一年為 16%，因為我們能夠利用 G&A 來推動成長。

Net income for the 3 months ended March 31, 2022, was $6.7 million or $0.09 per share based on a weighted average of 75.2 million shares outstanding and dilutive earnings per share of $0.09 based on a fully diluted weighted average of 78.3 million shares outstanding.

截至2022 年3 月31 日的三個月淨利為670 萬美元，即每股0.09 美元（基於7,520 萬股已發行股票的加權平均計算），每股稀釋收益為0.09 美元（基於7,830 萬股已發行股票的完全稀釋加權平均計算）。

In comparison, for the 3 months ended March 31, 2021, the company had net income of approximately $600,000 or $0.01 per share based on a weighted average of 72.5 million shares outstanding and a dilutive earnings per share of $0.01 based on a fully diluted weighted average of 76.9 million shares outstanding.

相較之下，截至2021 年3 月31 日的三個月，該公司的淨利潤約為60 萬美元，即基於7,250 萬股已發行股票的加權平均數計算的每股0.01 美元，基於完全稀釋加權平均數計算的每股稀釋收益為0.01 美元已發行股數為 7,690 萬股。

Focusing on liquidity. As of March 31, 2022, and December 31, 2021, we had cash of approximately $25.5 million and $16.3 million, respectively, and working capital or net current assets of approximately $186.5 million and $169.2 million, respectively, with no long-term debt.

關注流動性。截至2022年3月31日及2021年12月31日，我們的現金分別約為2,550萬美元及1,630萬美元，營運資金或流動資產淨值分別約為1.865億美元及1.692億美元，沒有長期債務。

Cash flows provided by operating activities totaled approximately $9.1 million for the 3 months ended March 31, 2022, which compares to $13.3 million of net cash used in operating activities for the 3 months ended March 31, 2021. The approximately $22 million increase in cash generation was driven by an increase in net income and improvements in working capital.

截至2022年3月31日止的三個月，經營活動提供的現金流量總計約為910萬美元，而截至2021年3月31日止的三個月，經營活動使用的淨現金為1,330萬美元。

Working capital improvements were driven primarily by the stabilization of our inventory as we have established optimal levels to service the demand of our products as well as timing of accounts payable, offset in part by increases in accounts receivable, driven by the significant growth in our business.

營運資本的改善主要是由於我們的庫存穩定所推動的，因為我們已經建立了滿足產品需求的最佳水平以及應付賬款的時間安排，但部分被我們業務大幅增長推動的應收賬款增加所抵消。

Our current growing cash position, together with the expected results from operations should provide us with sufficient cash to operate our business as we continue to operate inventory levels and deliver strong growth throughout the year.

我們目前不斷增長的現金狀況以及預期的營運表現將為我們提供足夠的現金來經營我們的業務，因為我們將繼續維持庫存水準並在全年實現強勁成長。

This concludes our prepared remarks. Operator, you may now open the call for questions. Thank you.

我們準備好的演講到此結束。接線員，您現在可以發起提問。謝謝。

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Kevin Grundy with Jefferies.

我們的第一個問題來自凱文·格倫迪和傑弗里斯的對話。

Great. Congratulations on a really strong result. John, why don't we start, I guess, with sort of the state of the consumer, your businesses is obviously doing extremely well, given the significant expansion of distribution as well as some really nice improvement in velocity. The Nielsen data still looks very good for the category. Are you picking up anything from distributors or anything perhaps from your sales folks in any geographies that gives you any concern around the state of the consumer?

偉大的。恭喜您取得了非常強勁的成績。約翰，我想，我們為什麼不從消費者的狀態開始，考慮到分銷的顯著擴張以及速度的一些非常好的改進，您的企業顯然做得非常好。尼爾森的數據對於該類別來說看起來仍然非常好。您是否從任何地區的經銷商或銷售人員那裡得到了任何讓您擔心消費者狀況的東西？

And then this kind of dovetails into a broader question around pricing. And it's not lost on your -- for a moment that Monster moved on that, which is good news for the category, maybe just comment on that sort of twofold, state of the consumer? And then given the likelihood the category moves with Monster pricing, any pause with that, given what is viewed to be perhaps an increasingly fragile consumer? So sorry for the long-winded question, John.

然後，這種情況與更廣泛的定價問題相吻合。怪物並沒有忘記這一點，這對該類別來說是個好消息，也許只是對消費者的雙重狀態發表評論？然後，考慮到該品類可能會隨著怪物定價而變化，考慮到消費者可能會越來越脆弱，是否需要暫停一下？約翰，很抱歉問了這個冗長的問題。

No, no, Kevin, great question. I think when you look at it, there's a lot of discussions going on, right, in regards to what's going to happen with the consumer, what's taking place with the customers. And like any of us we're all very concerned.

不，不，凱文，好問題。我認為當你看到它時，有很多討論正在進行，對吧，關於消費者將會發生什麼，客戶正在發生什麼。和我們任何人一樣，我們都非常擔心。

So I mean, there's talk about recession now. It looks like the inflation that we're all experiencing is not transitory. So everyone's making adjustments on that. We have spoke in prior calls about doing promotional strategies, and we've been hesitant on taking overall frontline pricing.

所以我的意思是，現在有人在談論經濟衰退。看來我們所經歷的通貨膨脹並不是暫時的。所以大家都在做調整。我們在之前的電話中談到了促銷策略，並且對於採取整體一線定價一直猶豫不決。

We did initiate a frontline price increase, which we put out notices on April 1, which will take into effect over the next couple of quarters, but that started to be implemented as of April 1. So those are things we're working on. The consumer sentiment seems to be quite mixed, especially with the news and what's happening in the markets most recently.

我們確實啟動了一線價格上漲，我們在 4 月 1 日發布了通知，這將在接下來的幾個季度內生效，但從 4 月 1 日開始實施。消費者情緒似乎相當複雜，尤其是考慮到最近的新聞和市場發生的事情。

We do feel there's opportunities for Celsius to have a premium position and maintain a premium position in the category due to the pricing elasticity and the testing that we've done with some of our promotional strategies. We felt that we were able to take price, which will offset a lot of the inflationary costs that we have been experiencing in the beverage category overall. So we're watching it closely.

我們確實認為，由於定價彈性以及我們對一些促銷策略所做的測試，攝氏有機會在該類別中擁有並保持優質地位。我們認為我們能夠接受價格，這將抵消我們在整個飲料類別中經歷的許多通貨膨脹成本。所以我們正在密切關注。

This will give us additional leeway where we can further adjust on promotional strategies on a go-forward basis. But we do see -- overall, the category continues to grow. We're watching it. Our growth is continuing. We think there's a lot of opportunity ahead based on where our pricing is at. We do think we're in a pretty good position given that we are not an over luxury position product or offering.

這將為我們提供額外的餘地，讓我們可以進一步調整未來的促銷策略。但我們確實看到——總體而言，該類別繼續增長。我們正在關注它。我們的成長仍在繼續。我們認為，根據我們的定價，未來有很多機會。我們確實認為我們處於一個非常好的位置，因為我們不是過度奢侈的產品或產品。

Got it. Quick point of clarification and one for Jarrod. The amount of the pricing that you took on April 1 was that across the entire portfolio and what was the amount?

知道了。快速澄清一點，也是賈羅德的澄清點。您在 4 月 1 日採取的定價金額是整個投資組合的定價金額，金額是多少？

Yes. We haven't -- we did take frontline price we're having to scope. We're not going both the percentage of the increase. That is something we're working on. It is a -- I mean, it has been implemented within frontline pricing portfolio and we'll continue to optimize. But we're not -- at this point, we're not going to disclose the actual percentage that we took. We are taking a sufficient amount of price in order to protect the increases that we're experiencing in the inflationary environment.

是的。我們沒有——我們確實採取了我們必須確定的一線價格。我們不會同時考慮增加的百分比。這是我們正在努力的事情。我的意思是，它已經在一線定價組合中實施，我們將繼續優化。但我們不會——目前，我們不會透露我們所佔的實際百分比。我們採取足夠的價格來保護我們在通貨膨脹環境中所經歷的成長。

Okay. That's good news. A quick one for Jarrod, and then I'll pass it on. So Jarrod, congrats again. And I understand it's really early days. I think perhaps maybe just some early observation in terms of what you see as opportunity, whether this is around return optimization tools or SKU management, profitability, working capital, et cetera? Any comments there would be helpful. And I'll pass it on.

好的。這是個好消息。賈羅德的快速訊息，然後我會轉達。賈羅德，再次恭喜。我知道現在還為時過早。我認為也許只是對您所認為的機會的一些早期觀察，無論是回報優化工具還是 SKU 管理、盈利能力、營運資金等等？那裡的任何評論都會有幫助。我會把它傳遞下去。

Yes. Thanks, Kevin. I think early opportunities are really blocking and tackling. The company has grown significantly over the last 2 years. So really coming in and on the finance side, looking at people processes and technology. So we don't want to be disruptive to the business, but I think there's a lot of opportunity from a data analytic perspective and from a finance perspective to really help the operations and sales teams in terms of analyzing the data, building out models and different things like that.

是的。謝謝，凱文。我認為早期的機會確實是阻礙和應對的。該公司在過去兩年中取得了顯著成長。所以真正進入財務方面，著眼於人員流程和技術。因此，我們不想破壞業務，但我認為從數據分析的角度和財務的角度來看，有很多機會可以真正幫助營運和銷售團隊分析數據、建立模型和諸如此類的不同事情。

The team has done a great job, obviously, doing that, but I think there's different processes we can implement to become more effective and efficient at what we do as well as some different tools from a technology perspective so that we can do even better than we have done.

顯然，團隊在這方面做得很好，但我認為我們可以實施不同的流程，使我們所做的事情變得更加有效和高效，以及從技術角度來看一些不同的工具，以便我們可以做得更好我們已經做到了。

So I think that's probably the -- there's some low-hanging fruit from that perspective. And really, it's just about building a team from a G&A perspective that can support the business as we continue to grow and excel.

所以我認為從這個角度來看，這可能是一些唾手可得的成果。事實上，這只是從一般管理費用的角度建立一個團隊，在我們不斷成長和超越的過程中為業務提供支援。

Our next question comes from the line of Kaumil Gajrawala with Credit Suisse.

我們的下一個問題來自瑞士信貸銀行的 Kaumil Gajrawala。

First question on club stores and kind of all the incremental growth from the club stores. Are you also delivering DSD to clubs? And then maybe if you could just talk a little bit about what velocity looks like there versus some of your other channels?

關於俱樂部商店的第一個問題以及俱樂部商店的所有增量增長。你們也向俱樂部提供 DSD 嗎？然後，也許您可以稍微談談與其他一些管道相比，那裡的速度是什麼樣的？

Yes, I'll tell you what in regards to the club channel, it's been I think quite surprising for us. If you look over the last several quarters there, you'd see the growth that we delivered in Q1. Costco has been just an extreme success for the company. And we are told we're 1 of the top-selling beverages in the energy set at Costco.

是的，我會告訴你關於俱樂部頻道的事情，我認為這對我們來說非常令人驚訝。如果您回顧過去幾個季度，您會看到我們在第一季實現的成長。 Costco 取得了巨大的成功。我們被告知，我們是 Costco 能量飲料中最暢銷的飲料之一。

So lots of opportunity to still grow and scale, especially leverage their online platforms, which we're working on. We do have some DSD, mainly the business is direct at this point. But I think the big opportunity for us in the club channel is to further leverage and optimize Sam's Club and then also through 2022, opportunities that lie ahead with BJ. So it's a great channel. What's interesting, it didn't affect our other channels, which are continuing to grow. When you look at the growth that we saw on Amazon as well in all of our channels of trade.

因此，仍然有很多成長和擴展的機會，特別是利用我們正在開發的線上平台。我們確實有一些DSD，主要是目前業務是直接的。但我認為，我們在俱樂部通路的巨大機會是進一步利用和優化山姆會員店，然後到 2022 年，BJ 也將面臨機會。所以這是一個很棒的管道。有趣的是，它並沒有影響我們正在持續成長的其他管道。當你看看我們在亞馬遜以及我們所有貿易管道中看到的成長。

Okay. Great. And then I noticed your 10-Q is out already. So that's a little faster than last quarter. Since it's out, maybe I can just ask about the freight expense. Maybe as I read it all too fast, but it looked like last year, it was up -- it was $3.2 million and only $4.2 million this year.

好的。偉大的。然後我注意到你的 10-Q 已經出來了。所以這比上季要快一些。既然已經出來了，也許我可以問運費。也許是我讀得太快了，但看起來去年的價格上漲了——320 萬美元，今年只有 420 萬美元。

Is that given how much you grew, I might have expected that to look quite different, I'm just curious, is this linked to something related to timing? Something about the Orbit model? Just curious if there's just anything that might skew us a little bit.

考慮到你成長了多少，我可能會預期看起來會很不同，我只是好奇，這是否與時間有關？關於軌道模型的一些事情？只是好奇是否有什麼事情可能會讓我們有點偏差。

Yes. No, great question. I'll turn it over to Jarrod.

是的。不，很好的問題。我會把它交給賈羅德。

Yes, it's something that we look into really because we noticed the same thing over the last 6 weeks or so. But [Paul] and his team have done a great job managing freight in the first quarter. We did have a few opportunities that we took advantage of during the quarter and we benefited from.

是的，我們確實對此進行了調查，因為我們在過去 6 週左右的時間裡注意到了同樣的事情。但[保羅]和他的團隊在第一季的貨運管理方面做得非常出色。我們在本季確實利用了一些機會並從中受益。

Some of that is the mix. So Costco as an example, and also different kinds of packaging and growth at other specific customers where we're able to really leverage that orbit model that we've created so that we were able to use local freight in many instances, which was much -- in terms of ink per load, it was significantly reduced relative to what we were paying. So we did see a lot of good, call it, or lower costs come in from a freight perspective. We're going to continue to utilize that opportunity.

其中一些是混合的。以 Costco 為例，以及其他特定客戶的不同類型的包裝和增長，我們能夠真正利用我們創建的軌道模型，以便我們能夠在許多情況下使用本地貨運，這非常重要- 就每次裝載的墨水而言，相對於我們所支付的費用而言，它顯著減少。因此，我們確實看到了許多好處，或者從貨運的角度來看，成本降低了。我們將繼續利用這個機會。

But it will vary depending upon the volume, the packaging and where the growth is happening. But with the growth in stores like Costco where we're closer to the warehousing and the production sites and where we can use local freight that will allow us to save some costs.

但它會根據體積、包裝和生長地點的不同而有所不同。但隨著 Costco 等商店的成長，我們距離倉儲和生產基地更近，可以使用當地貨運，這將使我們節省一些成本。

Got it. And then maybe just one more quick one, getting back to club stores. Is there anything timing there that we should be aware of as it relates to just whether it's filling inventory or anything like that? I just want to make sure I don't get kind of a future comp...

知道了。然後也許還有更快的一件事，那就是回到俱樂部商店。有沒有什麼時間我們應該注意，因為它與是否填充庫存或類似的事情有關？我只是想確保我不會得到某種未來的補償...

The revenue at Costco is -- we just seem to be a standard recurring revenue now that we've been there a couple of quarters. Now when you look at the sales hub that took place in the quarter, that was a fill-in, but we did receive a reorder as well, so -- in the quarter.

Costco 的收入是——我們似乎只是標準的經常性收入，因為我們已經在那裡待了幾個季度了。現在，當您查看本季度發生的銷售中心時，這是一個填充，但我們確實也收到了重新訂購，所以 - 在本季度。

So it was a fill-in and a reorder. So I think we had a lot to learn about Sam's Club and the opportunity that lies there. We're just in the initial phases. I think we'll have a better understanding once we get through the second quarter on maybe what does that initial run rate look like.

所以這是一個填充和重新排序。所以我認為我們有很多關於山姆會員店和那裡的機會需要了解。我們正處於初始階段。我認為，一旦我們度過第二季度，我們就會更好地了解初始運行率是什麼樣的。

Keep in mind, when you go into a new retailer, historically, it has taken us some time to get up to ramp to levels or maybe all that continual run rate although Costco seems to be a lot of anomaly and some of the new retailers we're entering now, just due to the brand awareness, sales are turning a fairly good velocity levels. So a lot to learn there in the club channel. We'll see how -- I think we'll have a better look at the end of the second quarter with the performance of Sam's Club.

請記住，當你進入一家新零售商時，從歷史上看，我們需要一些時間才能達到一定水平，或者可能是所有持續運行率，儘管好市多似乎有很多異常情況，而且我們的一些新零售商進入現在，正是由於品牌知名度的提高，銷售速度才轉到了一個相當不錯的水平。在俱樂部頻道裡可以學到很多。我們會看到如何——我想我們會更了解第二季末山姆會員店的表現。

Our next question comes from the line of Jeff Van Sinderen with B. Riley.

我們的下一個問題來自 Jeff Van Sinderen 和 B. Riley 的對話。

Let me add my congratulations. Just since we're on the topic of club stores, I just wonder if you could speak more about the opportunity with BJ's, the status of BJ's? What kind of the next steps are there and what we should look for?

讓我補充一下我的祝賀。既然我們談論的是俱樂部商店，我想知道您是否可以更多地談談BJ's的機會，BJ's的地位？接下來的步驟是什麼？

Yes. I mean we're in some BJ's currently, Jeff, and thank you. The team's worked really great on accomplishment. I mean it was a great quarter all around, teams working really hard. And like I said on the call in my prepared remarks, the amount of new team members joining the team is just really exciting time.

是的。我的意思是我們現在正在做一些 BJ，傑夫，謝謝你。該團隊在取得成就方面做得非常出色。我的意思是，這是一個很棒的季度，團隊工作非常努力。正如我在準備好的演講中在電話會議上所說的那樣，大量新團隊成員加入團隊真是令人興奮的時刻。

So we're just continuing to get better each and every quarter. But in regards to the BJ's opportunity, right now, we're testing in some stores and regionally. But we feel pretty confident we'll be able to hopefully get a larger rollout here within this year, we should definitely get reset throughout this year.

因此，我們每季都會繼續變得更好。但就 BJ 的機會而言，目前我們正在一些商店和地區進行測試。但我們非常有信心，我們將有望在今年內在這裡進行更大規模的推廣，我們絕對應該在今年進行重置。

I think initial store tests have been positive. But that's all to be dependent on the buyers' decisions. But due to the success at Costco and initial success at Sam's Club, we feel pretty confident about that. So I'm just a little bit premature on where those revenues will come in at. We're also looking at some additional pack size configurations to try to better optimize the margins for that business. And then we'll look at the mix as we go forward. Lots of opportunity.

我認為最初的商店測試是積極的。但這一切都取決於買家的決定。但由於 Costco 的成功以及山姆會員店的初步成功，我們對此充滿信心。因此，我對這些收入的來源還有些不成熟。我們也正在考慮一些額外的包裝尺寸配置，以嘗試更好地優化該業務的利潤。然後我們將在前進的過程中關注組合。很多機會。

Okay. And then just sort of, I guess, a follow-up to that. Just thinking about your overall take on spring resets, maybe you can just touch on that?

好的。我想，這就是後續行動。想想你對春季重置的整體看法，也許你可以談談這一點？

Yes, spring resets, we have an amazing key accounts team and actually had 2 individuals that started this week on our team as we further expand. The spring resets like I said, we got Circle K, about 6,000 locations. They were -- some divisions were delayed. They have about 13 divisions.

是的，春季重置，我們擁有一支令人驚嘆的關鍵客戶團隊，隨著我們進一步擴張，實際上有 2 個人本週開始加入我們的團隊。正如我所說，春天會重置，我們有 Circle K，大約有 6,000 個地點。他們──一些師被推遲了。他們大約有13個師。

So you go start to see us in a variety of locations in the Circle K divisions today. But they will also be continuing to further roll out over the next several weeks due to really -- a lot of our -- there's been a lot of delays with labor shortages on some of these resets. So some of these retailers have pushed out the reset delays due to labor shortages.

所以今天您就開始在 Circle K 部門的各個地點看到我們。但他們也將在接下來的幾週內繼續進一步推出，因為實際上，我們的許多人，其中一些重置因勞動力短缺而出現了許多延誤。因此，由於勞動力短缺，其中一些零售商推遲了重置時間。

So we're working on that. But we think we're going to have a great reset. I talked about Walmart expansion earlier target. We're getting a lot of interest from existing accounts where we're going to see additional flavors on. We launched in the first quarter, the Mango passion fruit, was such a great success. If anyone has not tried the product, please go to 7-Eleven and try, it tastes amazing. It's going to be a winner for us. And we have some new flavors coming out in Q2 that we just launched.

所以我們正在努力解決這個問題。但我們認為我們將進行一次偉大的重置。我之前談到了沃爾瑪的擴張目標。我們從現有帳戶中得到了很多興趣，我們將在其中看到更多的口味。我們在第一季推出了芒果百香果，並取得了巨大的成功。如果有人沒有嘗試過該產品，請去7-11嘗試一下，味道棒極了。這將成為我們的贏家。我們剛剛在第二季度推出了一些新口味。

So I think it's going to be a great summer as we head into summer beverage season. So we're well positioned. We're starting to see that DSD network really come alive as the team further activates them. We get better distribution, better placement and most importantly, get it cold. So -- which we know we have a winning portfolio when it's cold.

因此，我認為隨著我們進入夏季飲料季節，這將是一個美好的夏天。所以我們處於有利位置。隨著團隊進一步激活 DSD 網絡，我們開始看到它們真正活躍起來。我們得到了更好的分佈、更好的位置，最重要的是，讓它變冷。所以——我們知道，當天氣寒冷時，我們有一個獲勝的投資組合。

Our next question comes from the line of Mark Astrachan with Stifel. Okay. I think he might have hung up. Our next question comes from the line of Jeffrey Cohen with Ladenburg Thalmann.

我們的下一個問題來自 Mark Astrachan 和 Stifel 的對話。好的。我想他可能已經掛了。我們的下一個問題來自傑弗裡·科恩和拉登堡·塔爾曼的對話。

So I think, John, you're referring to strawberry lemonade and [Arctic 5], which is my question on looks like 38 SKUs now. Can you talk a little bit about the launch cadence anticipated for the balance of the year? And then anything to call out specifically on-the-go sticks, either the regulars or the heats?

所以我認為，約翰，你指的是草莓檸檬水和 [Arctic 5]，這是我現在關於看起來像 38 個 SKU 的問題。您能談談今年剩餘時間的預計發布節奏嗎？然後有什麼特別要注意的，無論是常客還是預賽？

Yes. No, that's a great question. The Strawberry Lemonade, I'm being told that it's probably the best tasting energy drink out there. So those are -- we're really excited about that this summer. It's going to be a great summer launch.

是的。不，這是一個很好的問題。有人告訴我，草莓檸檬水可能是市面上最好喝的能量飲料。所以，今年夏天我們對此感到非常興奮。這將是一次很棒的夏季發布會。

And the Arctic 5, which is falling out in the second quarter brings 1 of our expands our wide portfolio, which is performing extremely well in the convenience channel. It's a little bit more inviting fun. We got some great experiential marketing programs behind it for the summer. So we think that's going to be a great hit. It is a frozen berry flavor profile. So we're excited about that.

第二季即將推出的 Arctic 5 為我們擴大了廣泛的產品組合之一，該產品在便利通路中表現非常出色。這是更吸引人的樂趣。我們在夏季推出了一些很棒的體驗式行銷計劃。所以我們認為這將是一個巨大的成功。它是一種冷凍漿果風味。所以我們對此感到興奮。

So we'll have about 3 flavors there coming to retail over the next several months. And when you look at our on-the-go sticks, which is quite interesting, we're seeing a lot of demand for the on-the-go sticks. And although it currently represents a smaller portion of our revenue, we did launch our heat on-the-go sticks, which is now available in a variety of retailers plus Walmart and nationwide.

因此，我們將在接下來的幾個月內推出約 3 種口味的零售產品。當你看看我們的便攜式手杖時，這很有趣，我們發現對便攜式手杖的需求很大。儘管目前它只占我們收入的一小部分，但我們確實推出了隨身加熱棒，現在在各種零售商以及沃爾瑪和全國範圍內都有售。

So lots of opportunities on the, on the go. It is a portion of the core portfolio, and we continue to bring great innovative flavors to the category, a marketing team and the innovation team is doing a great job. So keep your eyes off to some great new flavors.

隨時隨地都有很多機會。它是核心產品組合的一部分，我們繼續為該類別帶來偉大的創新風味，行銷團隊和創新團隊做得很好。因此，請留意一些很棒的新口味。

That's super. And a follow-up. I wonder if you could call out anything in the international business outside of Nordics and China. Any specific territories to call out which are or could be perhaps $1 million-plus territories this year?

太棒了。以及後續行動。我想知道您能否提及北歐和中國以外的國際業務。有沒有具體的地區可以指出今年哪些地區的收入可能超過或可能超過 100 萬美元？

I mean, what a great success in North America. We're getting a lot of interest from some top-tier distributors in other markets. I think it's too preliminary to really talk about those markets right now. But we're getting a lot of interest for some Tier 1 distributors and distribution partners that upon putting the right structure together could allow us to further expand and drive profitable growth as we've talked about and as we look at international and further expansion opportunities. So we see a lot of -- I mean, great markets, the same health and wellness trends in the U.S. or in Europe and in Asia. So we have a global opportunity here.

我的意思是，在北美取得了巨大的成功。其他市場的一些頂級分銷商對我們表現出了濃厚的興趣。我認為現在真正談論這些市場還為時過早。但我們對一些一級經銷商和分銷合作夥伴很感興趣，正如我們所討論的以及我們在尋找國際和進一步擴張機會時，將正確的結構放在一起可以讓我們進一步擴張並推動盈利增長。因此，我們在美國、歐洲和亞洲看到了很多——我的意思是，巨大的市場和相同的健康和保健趨勢。所以我們在這裡有一個全球性的機會。

Our next question comes from the line of Mark Astrachan with Stifel.

我們的下一個問題來自 Mark Astrachan 和 Stifel 的對話。

Let's try that again. Can you guys hear me?

讓我們再試一次。你們聽得到我說話嗎？

Excellent, Mark.

太棒了，馬克。

Perfect. So I wanted to go back on pricing, John, if you could look into the scanner data since April 1, it doesn't look like your pricing has gone up. So is there some sort of lag that we should be taking into account. Is there offset of the reduced promotional activity that you were doing in lieu of pricing prior to that and just might as well as sort of related to the pricing, was there any sort of selling in the March quarter ahead of the price increase?

完美的。所以我想回到定價上來，約翰，如果你可以查看 4 月 1 日以來的掃描器數據，你的定價看起來並沒有上漲。那麼我們是否應該考慮某種滯後。在此之前您為代替定價而減少的促銷活動是否有抵消作用，並且可能與定價有關，在三月份季度在價格上漲之前是否有任何形式的銷售？

Yes. I think when you look at just that period in April 1, what you're seeing there is, it's benchmarking off the prior year. So during that same time frame, you're seeing some pricing adjustments, which took place. We have reduced a lot of our promotions in regards to the buy 2s, buy 1 get, a variety of strategies there.

是的。我認為，當您查看 4 月 1 日那段時期時，您會看到，它是與前一年進行基準比較的。因此，在同一時間範圍內，您會看到發生了一些定價調整。我們減少了很多關於買 2、買 1 送等各種策略的促銷活動。

The pricing, frontline pricing we have taken is not going to be seen in retail for likely, really impacted on the scanner data until like right around the third quarter. So we started to take front-end pricing. It is a process that we've implemented, and it's going to take some time to set, but we did notify the -- several of our key customers and retailers, which you have to provide notice for as of April 1. So you're not starting to see that in the scanner data that you're looking at today, but we did start to initiate a price increase as of April 1.

直到第三季左右，我們採取的定價、第一線定價才可能在零售業中看到，真正對掃描器數據產生影響。所以我們開始採取前端定價。這是我們已經實施的一個流程，需要一些時間來確定，但我們確實通知了我們的幾個主要客戶和零售商，您必須從 4 月 1 日起提供通知。在儀數據中，我們還沒有開始看到這一點，但我們確實從4 月1 日起開始提價。

Got it. So to be clear, we're going to see that in the data starting at what point in 3Q?

知道了。因此，需要明確的是，我們將在第三季的哪個點開始的數據中看到這一點？

You'll likely start to start seeing that in the data starting in the third quarter and then continuing through the fourth quarter.

您可能會開始在第三季開始的數據中看到這一點，然後持續到第四季。

Got it. Okay. And then maybe just shifting to your comments and some of the work that we've done on the incrementality of both you as well as the performance energy brands. Is there anything you can kind of point to in terms of how much keep it to you specifically, if you want, in terms of incremental consumption or incremental consumers to the energy drink category versus sourcing share from more traditional players like Monster and Red Bull?

知道了。好的。然後也許只是轉向您的評論以及我們在您和性能能源品牌的增量方面所做的一些工作。如果您願意的話，您是否可以指出，在能量飲料類別的增量消費或增量消費者方面，與從怪物和紅牛等更傳統的參與者那裡獲取份額相比，具體保留了多少份額？

Yes. I think that's the great opportunity we have with Celsius, and that's really the message we're providing retailers and our key customers and what we're seeing in our key customers is we're not cannibalizing the sales of other leading players. So what we are incremental.

是的。我認為這是我們與攝氏度的巨大機會，這確實是我們向零售商和主要客戶提供的信息，我們在主要客戶中看到的是我們不會蠶食其他領先企業的銷售。所以我們是增量的。

And when you look at the category growth, we brought in over that time period, contributed about 38% of the growth during that period. So we are bringing in a new consumer into the energy category. We're helping the category further expand. Our demo has been 50-50 male, female. So very much incremental to the category. There is some cannibalization slightly that you're seeing, but the majority of it is all new to categories what we're really seeing in some of our data.

當你觀察類別成長時，我們在這段時間內引入了該類別，貢獻了該時期成長的約 38%。因此，我們正在為能源類別引入新的消費者。我們正在幫助該類別進一步擴大。我們的演示有 50-50 名男性、女性。因此，該類別的增量非常大。您看到了一些輕微的蠶食，但其中大部分對於我們在一些數據中真正看到的類別來說都是新的。

Our next question comes from the line of Anthony Vendetti with Maxim Group.

我們的下一個問題來自 Maxim Group 的 Anthony Vendetti。

This is actually Jeremy online for Anthony. I have 2 quick questions for me. I know you mentioned on the call that you said the convenience store, you think is your greatest growth opportunity. Maybe could you talk a little more about where do you see that growth coming from within the convenience store? Is that within current stores you're in expanding the growth there or expanding stores in general?

這實際上是傑里米為安東尼在線。我有兩個簡單的問題想問我。我知道你在電話中提到你說便利商店，你認為是你最大的成長機會。也許您能多談談您認為便利商店內部的成長來自哪裡嗎？您是在現有商店中擴大成長還是整體擴大商店？

Yes, Jeremy, great question. I mean if you look at the opportunity for us we've talked about this before in a variety of calls. I mean, really what we're doing, we're really back dooring the energy category when you look at it, the company has performed very well on Amazon the e-com, the club channel, grocery, mass, doing extremely well in club at CVS.

是的，傑里米，好問題。我的意思是，如果你看看我們的機會，我們之前在各種電話中討論過這個問題。我的意思是，實際上我們正在做的事情，當你看到它時，我們真的在能源類別上留了後門，該公司在亞馬遜電子商務、俱樂部渠道、雜貨、大眾市場上表現非常好，在CVS 俱樂部。

And the next frontier really is the convenience channel where 70% of energy drinks are sold. So the team has done a great job. We talked about expansion at RaceTrac, 7-Eleven. You look at Circle K. So by no means are we tapped out with the number of doors to capture in the convenience channel. We're just scratching the surface and just getting really in position in many of the leading convenience chains today.

下一個前沿確實是便利管道，70% 的能量飲料都是在便利通路銷售的。所以團隊做得很好。我們討論了 RaceTrac、7-11 的擴張。你看一下Circle K。我們只是觸及了表面，並且剛剛在當今許多領先的便利連鎖店中真正佔據一席之地。

And you look at the like [Love and Fine Jay] as well, we just recently entered. So lots of opportunities, not only in expanding the ACV in the convenience channel, but also expanding the offerings. When you look at the number of offerings that Celsius currently has versus some of the leading players in the leading competition. So we have a long runway ahead in that category for sure, we feel.

你也看看《Love and Fine Jay》，我們最近才進入。如此多的機會，不僅在於擴大 ACV 的便利管道，還在於擴大產品範圍。當你看到Celsius目前提供的產品數量與領先競爭中的一些領先廠商相比。因此，我們認為，我們在這一類別中肯定還有很長的路要走。

Okay. Great. And then just one more, shifting to gross margins. I know on the call, you also mentioned that you have a lot of initiatives sort of offset the inflationary costs, and this is, I think before you even (inaudible) the price you mentioned that you took price. Is there any more room in those initiatives to help bump up the gross margins? Or has that all been baked in?

好的。偉大的。然後還有一個問題，就是毛利率。我知道在電話會議上，您還提到您有很多舉措可以抵消通貨膨脹成本，我認為這甚至是您提到的價格（聽不清楚）之前您所採取的價格。這些措施是否還有更多空間來幫助提高毛利率？或者這一切都已經被烘焙了嗎？

Yes. I mean the challenge we have now, and we've talked about it as well as these imported cans the company has to cycle through. So the good news is that all the cans that we originally imported are driving the final cans have arrived into the U.S. So now it's about flushing them or using them through -- using them up and flowing them through the system.

是的。我的意思是我們現在面臨的挑戰，我們已經討論過它以及公司必須循環使用的這些進口罐頭。所以好消息是，我們最初進口的所有罐頭都在推動最終罐頭到達美國。

So we -- in Q2, we did have a good portion of international can mix in our first quarter, we had a good portion of international can mix that was flowing through our cost of goods. In Q2, we anticipate the percentage of international cans to increase, which will further put somewhat pressure on our margins from Q1.

因此，在第二季度，我們確實在第一季度擁有很大一部分國際罐頭組合，我們有很大一部分國際罐頭組合流經了我們的商品成本。在第二季度，我們預計國際罐裝的比例將會增加，這將進一步對我們第一季的利潤率造成一定壓力。

And then we expect to use up those international cans by the end of the third quarter and get back to more of a normalized gross profit level, somewhere in the mid-40s by the fourth quarter and into 2023. We are working to further improve upon that -- but that's really kind of what we're looking at today based on the current environment.

然後，我們預計將在第三季末用完這些國際罐頭，並在第四季度和 2023 年之前恢復到正常化的毛利水平，即 40 多歲左右。今天根據當前環境所看到的。

We are analyzing and optimizing the 6-orbit model, as Jarrod mentioned, to seeing the opportunities on local delivery savings versus the long-haul rates. And then there's just so many other variables out there today with aluminum alloy, you're seeing aluminum alloy come down in the most recent week, prior to that was -- that's been going up substantially. So lots of movement there that we're looking at, but that's kind of what we're seeing now.

正如 Jarrod 所提到的，我們正在分析和優化 6 軌道模型，以了解本地交付節省與長途運輸費率之間的機會。然後，今天鋁合金還有很多其他變量，你會看到鋁合金在最近一周有所下降，在此之前，鋁合金一直在大幅上漲。我們正在觀察那裡發生的許多變化，但這就是我們現在所看到的。

Our next question comes from the line of Sean McGowan with ROTH.

我們的下一個問題來自 Sean McGowan 和 ROTH 的對話。

First, John, if I could ask you to clarify something you spoke kind of quickly on in your opening remarks. When you were talking about Europe, and the decline in some markets there. I think you said you would continue to see optimization. So can you clarify whether or not we should expect to see those revenues turn around and be positive year-over-year? Or are you saying continuing to see some negative pressure there?

首先，約翰，我能否請你澄清一下你在開場白中很快談到的一些事情。當你談論歐洲以及那裡一些市場的下滑時。我想你說過你會繼續看到優化。那麼您能否澄清一下，我們是否應該期望看到這些收入扭虧為盈並同比增長？還是你是說那裡繼續看到一些負面壓力？

Yes, I mean I think we're still looking at -- we had the team in Florida last week going over the strategies. I think we're still looking at somewhere 10% to 15% revenue growth rate for the year at this point. We had some delays in the first quarter associated with timing. There's also a lot of logistical changes with railways being shut down due to the activity in Europe and also approaching that portfolio had shortages of raw materials.

是的，我的意思是我認為我們仍在考慮 - 上週我們在佛羅裡達州的團隊討論了這些策略。我認為目前我們仍預期今年的營收成長率為 10% 至 15%。我們在第一季因時間安排而出現了一些延誤。由於歐洲的活動導致鐵路關閉，而且接近該投資組合的原材料短缺，物流也發生了許多變化。

So we've had a lot of things that impacted the first quarter. We're watching it closely for second quarter. We got great programs, some new flavor launches we'll be working on. And I think we're -- there's a lot of opportunities in the European market. And it has been a little bit slower than initially anticipated, but we do see a long runway ahead.

所以我們有很多影響第一季的事情。我們正在密切關注第二季的情況。我們有很棒的計劃，我們將致力於推出一些新口味。我認為歐洲市場有很多機會。它比最初預期的要慢一些，但我們確實看到前面還有很長的路要走。

Okay. And then if I can ask only 2 other quickies. What's the outlook for your inventory levels relative to sales? I think you had said at the end of the fourth quarter, that, that was unusually high. Do you expect to see that coming down? Obviously, really strong sales performance. But would you expect that kind of ratio of inventory to sales to be -- to come down further from current levels?

好的。然後我只能問另外兩個快速的人嗎？您的庫存水準相對於銷售的前景如何？我想你在第四季末說過，這個數字異常高。您希望看到這種情況發生嗎？顯然，銷售業績確實強勁。但您是否預期這種庫存與銷售額的比率會比目前的水準進一步下降？

Yes. I mean right now, when you look at our inventory and you look at the queue, I mean, we're sitting at -- we did reduce inventory levels by about $6 million. You did have additional cans of those international cans move from a deposit into inventory because we physically took possession. And then we finalized the purchase of the international cans we committed to when we had the can shortages that took place.

是的。我的意思是，現在，當你查看我們的庫存和隊列時，我的意思是，我們確實將庫存水準減少了約 600 萬美元。你們確實有更多的國際罐頭從倉庫轉移到庫存中，因為我們實際上佔有了這些罐頭。然後我們完成了在發生罐頭短缺時承諾的國際罐頭的購買。

So we're going to be cycling through those, which I think is about right around $20 million or so that's on the books currently. I think that's a really good inventory levels and which is allowing us to really service customers on a 97% fill rate. We have a new distribution coming on. We're entering beverage selling season and you are starting to hear about shortages and supply chains. So when we talk to a lot of our suppliers, there is talk about shortages again that have been talked about. So we feel we're in a good position. We have good inventory levels on raw. We're watching the markets very closely, and we'll take action as needed.

因此，我們將循環瀏覽這些項目，我認為目前帳面上的金額約為 2000 萬美元左右。我認為這是一個非常好的庫存水平，這使我們能夠以 97% 的填充率真正為客戶提供服務。我們即將推出新的發行版。我們正在進入飲料銷售季節，您開始聽到短缺和供應鏈問題。因此，當我們與許多供應商交談時，再次討論了已經討論過的短缺問題。所以我們覺得我們處於一個有利的位置。我們的原材料庫存水準良好。我們正在密切關注市場，並將根據需要採取行動。

Okay. And then just to touch on the price increase that one of your competitors announced kind of get a kick out of them saying, we're taking price up about 6% in 4 months. Do you expect your customers to kind of load up on a lot of Monster product between now and then that could clog the channel a little bit?

好的。然後，談談您的一位競爭對手宣布的價格上漲，他們說我們將在 4 個月內將價格上漲約 6%。您是否希望您的客戶從現在到那時都會購買大量 Monster 產品，這可能會稍微堵塞渠道？

I mean any time you do a price increase, you do get some load-ins there. I would assume 6% is a good return that you could make in a couple of months, if that's (inaudible). But -- we'll have to see how that -- there's challenges each and every day in this business. So it's a street war. We've got some really good distributors that will make sure we're housing our position. We don't feel there's going to be any slowdown in our trajectory or the opportunity we lie ahead. We've got really great team members, like I said, and distributors and partners, and we think we're in a good position.

我的意思是，每當你提價時，你都會得到一些加載。我認為 6% 是一個不錯的回報，你可以在幾個月內獲得，如果這是（聽不清楚）。但是，我們必須看看這個行業每天都面臨著挑戰​​。所以這是一場街頭戰爭。我們有一些非常優秀的經銷商，他們將確保我們佔據我們的地位。我們認為我們的發展軌跡或未來的機會不會有任何放緩。正如我所說，我們擁有非常優秀的團隊成員、經銷商和合作夥伴，我們認為我們處於有利地位。

That brings us to the end of our question-and-answer session. I'd like to hand the call back over to John Fieldly for closing remarks.

我們的問答環節到此結束。我想將電話轉回約翰·菲爾德利（John Fieldly）做總結發言。

Thank you. On behalf of the company, I'd just like to thank you, everyone, for their continued support and interest. Our results demonstrates our products are gaining considerable momentum as we capitalize on today's global health and wellness trends and the transformation taking place in the energy category.

謝謝。我謹代表公司感謝大家的持續支持與關注。我們的結果表明，隨著我們利用當今的全球健康和保健趨勢以及能源類別正在發生的變革，我們的產品正在獲得巨大的發展動力。

Our active lifestyle position is a global position with mass appeal. We're building upon our core business and leveraging opportunities and deploying our best practices. We have a winning portfolio, strategy and team in a large, rapidly growing market that consumers want. We believe we'll be able to navigate through the challenges ahead and we will continue to position and thrive in the transformation of today's energy category. In addition, I'd like to thank our investors for their continued support and confidence in our team. Thank you, everyone. Have a great day. Stay healthy. Stay Safe.

我們的積極生活方式定位是具有大眾吸引力的全球定位。我們正在以我們的核心業務為基礎，利用機會並部署我們的最佳實踐。在消費者想要的快速成長的大型市場中，我們擁有成功的產品組合、策略和團隊。我們相信，我們將能夠應對未來的挑戰，並將繼續在當今能源類別的轉型中保持定位並蓬勃發展。此外，我還要感謝我們的投資者對我們團隊的持續支持和信任。謝謝大家。祝你有美好的一天。保持健康。保持安全。

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。此時您可以斷開線路並度過美好的一天。