Vita Coco Company Inc (COCO) 2023 Q4 法說會逐字稿

Thank you for standing by, and welcome to the Vita Coco Company fourth quarter and fiscal year 2023 earnings conference call. (Operator Instructions) Please be advised that today's call is being recorded.

感謝您的耐心等待，歡迎參加 Vita Coco 公司第四季和 2023 財年財報電話會議。（操作員說明）請注意，今天的通話正在錄音。

I will now turn the conference to your host, John Mills, Managing Partner at ICR. Please go ahead.

現在我將會議的主持人，ICR 的管理合夥人約翰·米爾斯 (John Mills) 主持。請繼續。

Thank you, and welcome to the Vodacom Group Company Fourth Quarter and Full Year 2023 earnings results conference call. Today's call is being recorded. With us are Mr. Mike carbon, Executive Chairman, Martin Roper, Chief Executive Officer, and Cory Baker, Chief Financial Officer. By now everyone should have access to the company's fourth quarter earnings release issued earlier today. This information is available on the Investor Relations section of the vital cocoa company's website at investors dot De Vita, Coco company.com.

謝謝，歡迎參加 Vodacom 集團公司 2023 年第四季和全年財報電話會議。今天的通話正在錄音。與我們在一起的有執行主席 Mike Carbon 先生、執行長 Martin Roper 和財務長 Cory Baker。到目前為止，每個人都應該可以看到該公司今天早些時候發布的第四季度收益報告。此資訊可在重要可可公司網站投資者關係部分獲取，網址為投資者點 De Vita, Coco company.com。

Also on the website, there is an accompanying presentation of our commercial and financial performance results. Certain comments made on this call, including forward looking statements, which are subject to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and beliefs concerning future events and are subject to several risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. Please refer to today's press release and other filings with the SEC for a more detailed discussion of the risk factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today. Also during the call, we will use some non-GAAP financial measures as we describe the business performance, the SEC filings as well as the earnings press release and supplementary earnings presentation provide reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures and are available on the website as well.

網站上還附帶介紹了我們的商業和財務業績結果。本次電話會議中提出的某些評論，包括前瞻性陳述，均受 1995 年《私人證券訴訟改革法案》安全港條款的約束。這些前瞻性陳述是基於管理層目前對未來事件的預期和信念，並受到多種風險和不確定性的影響，這些風險和不確定性可能導致實際結果與這些前瞻性陳述中描述的結果有重大差異。請參閱今天的新聞稿和向美國證券交易委員會提交的其他文件，以更詳細地討論可能導致實際結果與今天所做的任何前瞻性聲明中明示或暗示的結果存在重大差異的風險因素。此外，在電話會議期間，我們將在描述業務業績時使用一些非 GAAP 財務指標，SEC 文件以及收益新聞稿和補充收益演示提供非 GAAP 財務指標與最直接可比較的 GAAP 的調節表措施，也可以在網站上找到。

And with that, it is my pleasure to turn the call over to Mr. Mike Kirban, our Co-Founder and Executive Chairman.

因此，我很高興將電話轉給我們的聯合創始人兼執行主席邁克·柯班先生。

Thanks, John. Good morning, everyone. Thank you for joining us today to discuss our fourth quarter and full year 2023 financial results and our commercial plans and performance expectations for 2024.

謝謝，約翰。大家，早安。感謝您今天加入我們，討論我們的 2023 年第四季和全年財務業績以及 2024 年的商業計劃和業績預期。

I wanted to start by thanking all of our colleagues across the globe for the record year. They delivered in 2023 and their continued commitment to the verticals, the company and their dedication to our mission of creating ethical sustainable, Better For You beverages that uplift our communities and do right by our planet.

首先，我要感謝全球所有同事創造了創紀錄的一年。他們在2023 年實現了目標，並繼續致力於垂直行業、公司以及致力於實現我們的使命，即創造道德可持續、更有益於您的飲料，從而提升我們的社區並為我們的星球做正確的事。

2024 marks our 20th year in business. And although I'm super proud of all, we've accomplished in these 20 years, I have never felt more excited and energized for what lies ahead.

2024 年是我們開展業務的第 20 年。儘管我對這 20 年來我們所取得的成就感到非常自豪，但我從未對未來感到如此興奮和充滿活力。

We've solidified our category leadership in coconut water over the last 20 years, which enters 2024 as the fastest growing category in beverages in the U.S. and the U.K. market. And although coconut water is still a nascent category, representing just 3% of the sales in the U.S. Water aisle over the last 13 weeks, it has driven 20% of the dollar growth. I believe our recent success is confirmation that our current strategies are working. Our focus on growing the coconut water category and our focus on consumer conversion and retention, supported by the strength of our coconut water supply chain has grown our overall sales at a 15% CAGR for the last four years with our Vita Coco coconut water net sales growing at a 20% kegger in 2023. Our flagship Vita, Coco coconut water remained the major driver of consolidated net sales producing 14% full year growth against the prior year. Importantly, this growth was driven by full year volume growth of 11%, demonstrating that consumer demand for our brand is very healthy in the United States. According to store economy, we continue to gain share finishing the year with 51% value share on a 52-week basis, total coconut water catagory retail sales grew 16% in 2023, with Vale cocoa growing 19% for the full year in value and 14% and volumes our 15% net sales growth in 2023 exceeded our expectations and partially benefited from an extra vertical co-promotion with a club retailer in the spring, some temporary distribution gains for private label product and some bulk commodity sales that were opportunistic. Even without these effects, our growth was still very strong.

過去 20 年，我們鞏固了椰子水類別的領先地位，到 2024 年，椰子水將成為美國和英國市場成長最快的飲料類別。儘管椰子水仍然是一個新興類別，在過去 13 週內僅占美國水產品銷售的 3%，但它卻帶動了 20% 的美元成長。我相信我們最近的成功證實了我們當前的策略正在發揮作用。我們專注於發展椰子水類別，並專注於消費者轉化和保留，在椰子水供應鏈實力的支持下，我們的整體銷售額在過去四年中以15% 的複合年增長率增長，我們的Vita Coco椰子水淨銷售額2023 年將以 20% 的速度成長。我們的旗艦產品 Vita、Coco 椰子水仍然是綜合淨銷售額的主要推動力，全年比上年增長 14%。重要的是，這一成長是由全年 11% 的銷售成長推動的，這表明美國消費者對我們品牌的需求非常健康。根據商店經濟，我們在 52 週的基礎上繼續以 51% 的價值份額在今年結束時獲得份額，椰子水類別零售總額在 2023 年增長了 16%，淡水河谷可可全年的價值增長了 19%， 2023 年淨銷售額增長14%，銷量增長15%，超出了我們的預期，部分受益於春季與一傢俱樂部零售商的額外垂直聯合促銷、自有品牌產品的一些臨時分銷收益以及一些機會主義的大宗商品銷售。即使沒有這些影響，我們的成長仍然非常強勁。

Our priorities for 2024 remain very similar to what we prioritized last year, and we will double down on the initiatives that we've been that have been driving our growth. Our coconut water business remains very strong, and we expect it to grow volume in line with category growth of mid to high single digits. We estimate the impact of the previously announced decision on our private label oil business and the nonrepeating gains in 2023 that I just mentioned to create a current year drag on our business, which mostly offsets the strong core business health. While we expect to grow net sales at a slower rate in 2024. I remain excited about the EBITDA growth potential and believe that we should return to healthier net sales growth rates in 2025. Once these drags to our business performance are behind us, we're focused on what we can impact to drive category and brand growth. And the primary focus is on expanding occasions for coconut water and the appeal of our Vita Coco brand across all demographics end markets as we continue to expect the category to develop into a household stable across both North America and Western Europe.

我們 2024 年的優先事項仍然與去年的優先事項非常相似，我們將加倍努力推動我們的成長。我們的椰子水業務仍然非常強勁，我們預計其銷售量將隨著品類中高個位數的成長而成長。我們估計了先前宣布的決定對我們自有品牌石油業務的影響，以及我剛才提到的 2023 年非重複收益對我們業務造成的拖累，這在很大程度上抵消了強勁的核心業務健康狀況。但我們預計 2024 年淨銷售額成長速度將放緩。我對 EBITDA 的成長潛力仍然感到興奮，並相信我們應該在 2025 年恢復到更健康的淨銷售額成長率。一旦這些對我們業務績效的拖累已經過去，我們就會專注於我們可以影響的因素，以推動品類和品牌的成長。主要重點是擴大椰子水的使用場合以及我們的 Vita Coco 品牌在所有人口統計終端市場的吸引力，因為我們繼續預計該類別將發展成為北美和西歐的家庭穩定產品。

Our efforts will focus on consumer education around the many usage occasions for coconut water, whether it be at the breakfast table after a workout in a cocktail or after a few too many cocktails. Coconut Water is one of the very few beverages that have such broad and diverse usage occasions. Expanding these occasions should be the main driver of expanding household and increased usage. We will continue to drive our multipack strategy, which grew scan 45% in the U.S. in 2023 to gain share of shelf space and increased basket size for our US retailers. Multipacks in coconut water remains significantly underdeveloped versus other categories. And as the largest brand in the category, we firmly believe we are uniquely positioned to seize this opportunity. Currently, our top-selling multipacks are three 30 ML. 12 and 18 packs have only reached 55% ACV, which leaves us considerable runway for growth. We also believe that we have a big opportunity to gain share of the coconut water category by improving our share of the canned segment in 2023 in the U.S. cans. Coconut Water represented approximately 31% of the coconut water category volume in retail tracked channels. So gaining share in this segment will enable us to further gain share in the broader category. In 2023, we expanded distribution of Vita Coco coconut juice in cans with a focus on convenience stores, achieving USACV. in this channel of 24% in 2024. We intend to continue to gain distribution and convenience while expanding this product format to select mass and food retailers. We will also continue to focus on gaining additional distribution provider, cocoa farmers organic, which is priced at a premium to our regular schemes and offers organic coconut water in an attractive shelf-stable package farmers organic allows us to trade up consumers and price while keeping them in our brand family. In 2023, we achieved U.S. ACV distribution in new low of 50% for farmers organic, leaving us significant room to continue driving distribution. Additionally, we see an opportunity to continue gaining share in the private-label coconut water segment at new and existing accounts. The 21% revenue growth in private label that we delivered in 2023 highlights the strength of our supply chain to compete in this segment. Although we expect near term net sales headwinds from the decision affecting our private label oil business. We are confident in the long term strategic value of private-label coconut water to our business outside of the coconut water category. We're very excited about expanding the availability of power lift our protein infused isotonic to include the New York area where our distributor relationships and street activities. Activation strength should allow us to make significant progress in validating this opportunity.

我們的工作重點是圍繞椰子水的多種使用場合對消費者進行教育，無論是在早餐桌上喝雞尾酒運動後，還是喝了太多雞尾酒後。椰子水是極少數具有如此廣泛和多樣化使用場合的飲料之一。擴大這些場合應該是擴大家庭和增加使用的主要動力。我們將繼續推動我們的多件包裝策略，該策略到 2023 年在美國的銷售量將成長 45%，以便為我們的美國零售商贏得貨架空間份額並增加購物籃尺寸。與其他類別相比，椰子汁合裝裝仍然明顯落後。作為該類別中最大的品牌，我們堅信我們具有獨特的優勢來抓住這個機會。目前，我們最暢銷的合裝包是三個 30 毫升裝。 12 包和 18 包的 ACV 僅達到 55%，這為我們留下了相當大的成長空間。我們也相信，到 2023 年，透過提高我們在美國罐裝罐裝領域的份額，我們有很大機會獲得椰子水類別的份額。在零售追蹤通路中，椰子水約佔椰子水類別銷量的 31%。因此，在這一領域獲得份額將使我們能夠進一步在更廣泛的類別中獲得份額。2023年，我們擴大了罐裝Vita Coco椰子汁的分銷範圍，重點是便利商店，實現了USACV。到 2024 年，這一比例將達到 24%。我們打算繼續獲得分銷和便利，同時將這種產品形式擴展到精選的大眾和食品零售商。我們也將繼續專注於獲得更多的分銷商，可可農有機，其定價高於我們的常規計劃，並以有吸引力的貨架穩定包裝提供有機椰子水農農有機允許我們在保持消費者和價格的同時保持競爭力他們屬於我們的品牌家族。2023 年，我們為有機農民提供的美國 ACV 配送比例達到了 50% 的新低，這為我們繼續推動配送留下了巨大的空間。此外，我們也看到了在新客戶和現有客戶中繼續擴大自有品牌椰子水市場份額的機會。我們在 2023 年實現的自有品牌營收成長了 21%，凸顯了我們供應鏈在這一領域的競爭實力。儘管我們預計影響我們自有品牌石油業務的決定將在短期內帶來淨銷售阻力。我們對自有品牌椰子水對我們椰子水類別以外的業務的長期戰略價值充滿信心。我們非常高興能夠擴大我們的蛋白質注入等滲劑的力量提升的可用性，以包括我們的經銷商關係和街頭活動的紐約地區。激活強度應該能讓我們在驗證這個機會方面取得重大進展。

In 2023, we began to see real progress in our strategy to grow our international business. Our net sales increased 17% on the year, which was led by strong growth in Europe in our largest market, the UK, we reached over 80% share of the coconut water category according to Econo and grew retail scans 23% on the year. The team across Europe has done an amazing job driving growth of the category in the UK and growing our business into Western Europe. I recently had the opportunity to spend time with the team in the market, and I was blown away by the strength of the brand and the consumer reaction that I saw, which highlighted the opportunity that we have. I asked myself, why can't the coconut water category and the vertical brand be as big across Western Europe as it is in North America and five years. We believe that the category is underdeveloped in Europe, but has real momentum, giving us an opportunity to accelerate our growth. I believe with the right investments, we can deliver meaningful growth to the organization through our international businesses related to our environmental and social initiatives. We recently updated our Investor web pages with greater detail on all of our ESG initiatives, and we're proud of the progress so far, we've continued to see great progress in our farming communities where we support building schools and classrooms, training more coconut growers on sustainable practices and investing in the distribution and planting of coconut trees. We're in the process of registering the FiberCote community project as a charitable organization, which will allow us to involve more partners and accelerate our impact more than ever before. And it's hard to believe that in this our 20th year that coconut water is the fastest growing category in beverage growing volume, 12% in a beverage category that is declining and growing approximately twice as fast as the energy drink category.

2023 年，我們開始看到國際業務發展策略取得了真正的進展。我們的淨銷售額年增了17%，這得益於我們最大的市場英國在歐洲的強勁增長，根據Econo 的數據，我們在椰子水類別中的份額達到了80% 以上，零售額同比增長了23%。整個歐洲的團隊在推動英國該類別的成長並將我們的業務拓展到西歐方面做得非常出色。我最近有機會與市場團隊共度時光，我對品牌的實力和我所看到的消費者反應感到震驚，這凸顯了我們擁有的機會。我問自己，為什麼椰子水類別和垂直品牌不能像在北美那樣在西歐和五年內發展那麼大。我們認為，該類別在歐洲尚不發達，但具有真正的勢頭，為我們提供了加速成長的機會。我相信，透過正確的投資，我們可以透過與環境和社會倡議相關的國際業務為組織帶來有意義的成長。我們最近更新了我們的投資者網頁，更詳細地介紹了我們所有的ESG 舉措，我們對迄今為止的進展感到自豪，我們繼續看到我們的農業社區取得了巨大進步，我們支持建設學校和教室，培訓更多人椰子種植者可持續實踐和投資椰子樹的分配和種植。我們正在將 FiberCote 社區計畫註冊為慈善組織，這將使我們能夠吸引更多合作夥伴並比以往更快地擴大我們的影響力。很難相信，今年已經是第 20 年了，椰子水是飲料銷量增長最快的類別，在下降的飲料類別中增長了 12%，但增長速度大約是能量飲料類別的兩倍。

I'm more excited than ever and believe that we are well positioned to take advantage of coconut water category tailwinds to continue our strong branded growth and to deliver on our long-term targets. We have stepped up investments in our brands and in the long-term health of our business. And we believe that we are uniquely positioned as one of the few fast-growing profitable beverage companies of our size with the talent and commercial capabilities to maintain growth to execute on new opportunities and to act as an acquirer of complementary beverage brands that could benefit significantly from our relationships, capabilities, and financial resources. I believe that we are in a stronger position than we've ever been to accelerate our growth.

我比以往任何時候都更加興奮，並相信我們處於有利位置，可以利用椰子水類別的順風，繼續我們強勁的品牌成長並實現我們的長期目標。我們加大了對品牌和業務長期健康的投資。我們相信，我們擁有獨特的定位，是我們規模內為數不多的快速增長、盈利的飲料公司之一，擁有人才和商業能力來保持增長，抓住新機遇，並作為互補飲料品牌的收購者，從而受益匪淺。來自我們的關係、能力和財務資源。我相信，我們現在比以往任何時候都更有能力加速成長。

And now, I will turn the call over to our Chief Executive Officer, Martin Roper.

現在，我將把電話轉給我們的執行長馬丁·羅珀 (Martin Roper)。

Thanks, Mike, and good morning, everyone. I'd like to start by thanking our team across the globe for an outstanding year in 2023. I'm very pleased with the performance we delivered this year and the momentum we carry into 2024. We achieved net sales growth of 15% in 2023, driven by strong vital cocoa coconut water, which grew 14%. This total Company net sales performance represents our third consecutive year of double-digit growth. Overall, we achieved 74% net sales growth since 2019. Our fourth quarter 2023, net sales were up 15%, with Vita Coco coconut water up 8% and private label up 36% in 2023. We delivered strong growth in both the Americas, while Vita Coco coconut water net sales grew 15% for the full year with 12% volume growth, reflecting strong consumer demand and internationally, our net sales grew 17%, benefiting from the branded growth in Europe and some key private label wins, partially offset by some volume softness in Asia in the fourth quarter of 2023, the cocoa coconut water net sales grew 8% versus Q4 of 2022, slower than our full year trend, which benefited from an incremental branded promotion at a club customer in the spring. We also saw an acceleration of private-label coconut water sales driven by a combination of distribution gains, soft prior-year performance and consumer shifting resulting from lower year-on-year private label pricing we continue to see strong overall consumer demand for our category. We believe the strong functional benefits of coconut water, combined with our marketing efforts, communicating the numerous usage occasions for our products is leading to this growth within the growth. We have seen similar consumer behavior that other CPG companies have talked about. There is a segment of consumers who are seeking value either through through value in multipacks, all private label. While another segment is less impacted and is still willing to pay for premium brands and functionality. We believe our dual prong strategy of being a strong premium brand with expanding multipack availability and being a major private label supplier positions us well to benefit from both effects.

謝謝麥克，大家早安。首先，我要感謝我們全球團隊在 2023 年度過了出色的一年。我對我們今年的表現以及 2024 年的勢頭感到非常滿意。在活力可可椰子水成長 14% 的推動下，我們在 2023 年實現了 15% 的淨銷售額成長。公司總淨銷售業績代表我們連續第三年達到兩位數成長。總體而言，自 2019 年以來我們實現了 74% 的淨銷售額成長。2023 年第四季，淨銷售額成長 15%，其中 Vita Coco 椰子水成長 8%，自有品牌 2023 年成長 36%。我們在美洲都實現了強勁增長，而Vita Coco 椰子水全年淨銷售額增長了15%，銷量增長了12%，反映了強勁的消費者需求；在國際上，受益於歐洲品牌的增長，我們的淨銷售額增長了17%以及一些關鍵的自有品牌的勝利，部分被2023 年第四季度亞洲銷量疲軟所抵消，可可椰子水淨銷售額與2022 年第四季度相比增長了8%，低於我們全年的趨勢，這得益於增量品牌促銷春天，在俱樂部的一位顧客那裡。我們也看到自有品牌椰子水銷售的加速，這是由於分銷收益、上年表現疲軟以及自有品牌定價同比下降導致的消費者轉變共同推動的，我們繼續看到消費者對我們類別的整體強勁需求。我們相信椰子水的強大功能優勢，加上我們的行銷努力，傳達我們產品的眾多使用場合，正在導致這種成長中的成長。我們已經看到了其他消費品公司所談論的類似的消費者行為。有一部分消費者正在透過全自有品牌的合裝包的價值來尋求價值。而另一個細分市場受到的影響較小，並且仍然願意為優質品牌和功能付費。我們相信，我們的雙管齊下策略，即成為一個強大的優質品牌，擴大合裝包的供應量，並成為一個主要的自有品牌供應商，使我們能夠從這兩種效應中受益。

Moving on to margins, gross margins maintained the improvement seen in prior quarters, has transportation costs normalize during the year and our supply chain operated efficiently and effectively is perhaps also best seen by our year end inventory levels which was significantly down versus year end 2022 positions. Supply chain operated largely without disruption in 2023, which was not true in 2020. It was a great year for revenue margins and cash flow driven by improved profitability and inventory correction. We believe that our year-end inventory levels were slightly lower than optimum, partially due to stronger sales finish to the year than we expected. We are working to build inventory to acceptable levels to support our key summer selling and promotional period.

說到利潤率，毛利率保持了前幾季度的改善，運輸成本在年內正常化，我們的供應鏈高效且有效地運營，這也許最好地體現在我們的年終庫存水平上，該水平與2022 年底相比大幅下降。2023 年供應鏈運作基本上沒有中斷，但 2020 年並非如此。在獲利能力提高和庫存調整的推動下，今年的收入利潤率和現金流都表現出色。我們認為，我們的年終庫存水準略低於最佳水平，部分原因是今年的銷售業績強於我們的預期。我們正在努力將庫存增加到可接受的水平，以支持我們關鍵的夏季銷售和促銷期。

Reiterating what Mike said, we are confident in our underlying business, and we believe we are well positioned for a strong 2024, despite the headwinds we face with multiple commercial initiatives, reduced strong branded top line growth and improved profitability and our long-term commitment to grow the category and our share year to date in the Kona U.S. scan data provider, cocoa brand is up 9% in retail sales dollars through February 18th, 2020, for demonstrating that we are starting the year with good momentum. We believe our commercial plans for this year should produce net sales in 2024 between 495 and $505 million, with expected final cocoa coconut water growth in the high single digits and strong private label coconut water net sales expected to offset the drags Mike spoke about that collectively represent six to eight percentage points revenue headwind on 2020 for cost of goods outside of transportation, we are confident in our ability to manage our inflation through scale and productivity as we have done in recent years.

重申麥克所說的，我們對我們的基礎業務充滿信心，我們相信我們已做好充分準備，迎接2024 年的強勁增長，儘管我們在多項商業計劃方面面臨阻力，強勁的品牌營收增長有所放緩，盈利能力有所提高，而且我們的長期承諾為了擴大該品類以及今年迄今為止我們在美國掃描數據提供商Kona 中的份額，截至2020 年2 月18 日，可可品牌的零售額增長了9 %，這顯示我們在新年伊始就保持著良好的勢頭。我們相信，我們今年的商業計劃應在2024 年產生495 至5.05 億美元的淨銷售額，預計可可椰子水的最終增長將達到高個位數，而強勁的自有品牌椰子水淨銷售額預計將抵銷麥克所說的集體拖累儘管運輸以外的貨物成本對2020 年的收入構成了6 到8 個百分點的逆風，但我們對透過規模和生產力管理通貨膨脹的能力充滿信心，正如我們近年來所做的那樣。

On the transportation front, we entered the year with some contract coverage on key lanes, but at significantly lower levels of commitment than prior years as the contract rates that we were offered was significantly higher than spot rates available to us starting around the new year, we saw some spot cost increases for all ocean freight rates from Asia and then more significant cost increases when carriers started to route away from the Suez Canal, we intend to monitor how spot rates move relative to any contract offers that we receive and enter into contracts early when we think the office makes sense for us.

在運輸方面，今年我們在主要車道上簽訂了一些合同，但承諾水平明顯低於往年，因為我們提供的合同費率明顯高於我們從新年開始的即期費率，我們發現來自亞洲的所有海運費率的即期成本有所增加，然後當承運人開始遠離蘇伊士運河時，成本增加更為顯著，我們打算監控即期費率相對於我們收到並簽訂合約的任何合約報價的變化情況當我們認為辦公室對我們有意義的時候。

As of today, rates remain elevated but remained significantly below those that we experienced in 2021 and 2022. Obviously, the disruption to ocean freight markets as it relates to shipments from Asia to Europe and the East Coast of America is quite recent, and that's still evolving based on rates. We are currently being challenged and our assumptions on the duration of this disruption. We are comfortable we can manage this pressure with a combination of market pricing and cost discipline and deliver on the full year guidance for Corey will detail.

截至今天，利率仍然較高，但仍顯著低於 2021 年和 2022 年的水平。顯然，從亞洲到歐洲和美國東海岸的海運市場受到的干擾是最近才發生的，而且根據費率，這種情況仍在不斷變化。我們目前正在面臨挑戰以及我們對這種中斷持續時間的假設。我們很高興能夠透過市場定價和成本紀律相結合來應對這種壓力，並為科里提供詳細的全年指導。

With that, I will turn the call over to Corey Baker, our Chief Financial Officer.

接下來，我會將電話轉給我們的財務長 Corey Baker。

Thanks, Martin, and good morning, everyone. I will now provide you with some additional details on the full year 2023 financial results. I will then discuss the drivers of our outlook for the 2024 full fiscal year. For the full year 2023, net sales increased $66 million or 15% year over year to $494 million, driven by the cocoa coconut water growth of 14% in net sales and private label growth of 21% on a segment basis within the Americas by the CoCo coconut water, strong performance at retail increased net sales 15% to $317 million while private label increased 17% to $103 million. Lighter cocoa coconut water benefited from 12% volume growth and 3% net price mix benefit of private label increased 25% of volume, which was partially offset by price mix changes driving full year net sales growth 17% for the full year, our International segment net sales were up 17%, led by the CoCo coconut water growth of 8%, where strong growth in Europe was partially offset by volume softness in Asia. Private label revenue grew 46%, which was a result of new business gains and a large European retailers for the year. The international segment represented 13% of total company net sales, which were flat to prior year. On a full-year basis, consolidated gross profit was $181 million, up $77 million versus prior year. On a percentage basis, gross margins were 37% for the full year improvement of approximately 1,300 basis points over the 24% reported in full year 2022. The increase resulted mainly from decreased global transportation costs, increased volumes and improved branded pricing, which was partially offset by price mix effects within private label products.

謝謝馬丁，大家早安。我現在將向您提供有關 2023 年全年財務業績的一些其他詳細資訊。然後我將討論 2024 年整個財年前景的驅動因素。2023 年全年，淨銷售額成長 6,600 萬美元，年增 15%，達到 4.94 億美元，主要得益於可可椰子水淨銷售額成長 14%，以及美洲細分市場自有品牌成長 21%。 CoCo 椰子水零售表現強勁，淨銷售額成長15% 至3.17 億美元，自有品牌銷售額成長17% 至1.03 億美元。淡味可可椰子水受益於12% 的銷量成長和3% 的自有品牌淨價組合效益，銷量增加了25%，但部分被價格組合變化推動全年淨銷售額增長17% 所抵消，我們的國際部門淨銷售額成長 17%，其中 CoCo 椰子水成長 8%，歐洲的強勁成長部分被亞洲銷售疲軟所抵消。自有品牌收入成長了 46%，這是新業務成長和歐洲大型零售商今年的成果。國際業務占公司總淨銷售額的 13%，與前一年持平。全年綜合毛利為 1.81 億美元，比前一年增加 7,700 萬美元。以百分比計算，全年毛利率為 37%，比 2022 年全年的 24% 提高約 1,300 個基點。這一成長主要歸因於全球運輸成本下降、銷售增加和品牌定價改善，但部分被自有品牌產品的價格混合效應所抵銷。

Gross margins in the fourth quarter were 37.5% versus 24.4% in the prior year quarter. The quarter performance is representative of the improvement of global transportation costs and branded pricing we've seen throughout the year.

第四季毛利率為 37.5%，去年同期毛利率為 24.4%。本季度的業績代表了我們全年看到的全球運輸成本和品牌定價的改善。

Moving on to operating expenses. Full year 2023, SG&A costs increased 24% to $124 million, primarily reflecting investments in sales and marketing expenses and increased people expenses, including incentive compensation.

接下來是營運費用。2023 年全年，SG&A 成本成長 24%，達到 1.24 億美元，主要反映了銷售和行銷費用的投資以及人員費用的增加，包括激勵性薪酬。

Net income attributable to shareholders of full year 2023 was 47 million or $0.79 per diluted share compared to $8 million or $0.14 per diluted share for the prior year. Net income for the year benefited from increased gross profit, partially offset by SG&A costs for the full year, a lower year on year impact from unrealized FX derivatives and higher year on year tax expense. Our effective tax rate for 2023 was 19.5%. First, 28% for the prior year full year adjusted EBITDA, our non-GAAP measure, which is defined and reconciled in our press release, was $68 million or 13.8% of net sales in 2023, up from $20 million or 4.7% of net sales in 2022. The increase was primarily due to the gross profit improvements previously discussed, partially offset by the planned investments in SG&A.

2023 年全年股東淨利為 4,700 萬美元，即稀釋後每股收益 0.79 美元，而前一年為 800 萬美元，即稀釋後每股收益 0.14 美元。本年度的淨利潤受益於毛利潤的增加，但部分被全年的銷售管理費用、未實現的外匯衍生品同比影響較小以及稅費同比增加所抵消。我們 2023 年的有效稅率為 19.5%。首先，上一年全年調整後EBITDA 為28%，我們的非GAAP 指標（在我們的新聞稿中進行了定義和調整）為6800 萬美元，佔2023 年淨銷售額的13.8%，高於2000萬美元，佔淨銷售額的 4.7%。2022 年銷售量。這一增長主要是由於先前討論的毛利改善，但部分被銷售、管理及行政費用計劃投資所抵消。

Turning to our balance sheet and cash flow. As of December 31, 2023, we had total cash on hand of $133 million and no debt under our revolving credit facility compared to $20 million of cash and no debt as of December 31st, 2022. Strong cash generation in the year was driven by the increased net income of $47 million in the year, and strong working capital management provided $15 million, primarily from reduced inventory, which Martin discussed earlier late in December, we began a share repurchase program in connection with the previously announced $40 million authorization. As of December 31st, 2023, we have repurchased 30,000 shares for $773,000. As of February 28th, 2024, the Company has repurchased a total of 421,544 shares under the programs had an aggregate value of approximately 10 million. As we turn to 2024, we expect net sales between 495 and $505 million, which is based on category growth of mid to high single digits with our coconut water business, growing in line with the category, partially offset by the impact of the previously announced decision on our private label oil business and the cycling of temporary private label distribution and the opportunistic commodity sales. We are continuing to build additional commercial initiatives to improve our top-line performance. We expect gross margins on the full year of 36% to 38% based on our current assumptions for ocean freight costs, reflecting margin improvement over 2023, offset slightly by the impact of the current ocean freight market, which will begin impacting our P&L in Q2.

轉向我們的資產負債表和現金流。截至 2023 年 12 月 31 日，我們的循環信貸額度下手頭現金總額為 1.33 億美元，無債務，而截至 2022 年 12 月 31 日，我們的現金為 2000 萬美元，無債務。今年淨利潤增加4700 萬美元，推動了今年強勁的現金生成，而強大的營運資金管理提供了1500 萬美元，主要來自庫存減少，馬丁在12 月底早些時候討論過這一點，我們開始了一項與此相關的股票回購計畫加上先前宣布的 4,000 萬美元授權。截至 2023 年 12 月 31 日，我們已以 773,000 美元回購了 30,000 股股票。截至2024年2月28日，公司已根據該計畫回購了總計421,544股股份，總價值約為1,000萬股。展望 2024 年，我們預計淨銷售額將在 495 至 5.05 億美元之間，這是基於我們的椰子水業務的中高個位數增長，與該類別一致增長，部分被之前宣布的影響所抵消關於我們的自有品牌石油業務以及臨時自有品牌分銷和機會主義商品銷售的循環的決定。我們正在繼續建立更多的商業計劃，以提高我們的營收績效。根據我們目前對海運成本的假設，我們預計全年毛利率為36% 至38%，反映出2023 年利潤率的改善，但被當前海運市場的影響略微抵消，這將開始影響我們第二季度的損益。

We expect disciplined SG&A spending throughout 2024, with SG&A roughly flat to slightly declining year on year, producing our guidance of adjusted EBITDA of $74 million to $78 million. We may adjust our SG&A spending if we see improvements in ocean freight quicker than expected or if we see productive investment opportunities to strengthen the business for the long term, we anticipate our cash balance will remain healthy through the year, allowing us to fund any potential M&A opportunities that emerge from further share buyback activity or to invest in our business for the long term growth and with that, I'd like to turn the call back to Martin for his closing remarks.

我們預計 2024 年全年 SG&A 支出將保持嚴格，SG&A 同比大致持平或略有下降，從而使我們調整後 EBITDA 的指導值為 7400 萬美元至 7800 萬美元。如果我們看到海運的改善速度快於預期，或者如果我們看到有成效的投資機會來加強長期業務，我們可能會調整我們的SG&A支出，我們預計我們的現金餘額全年將保持健康，使我們能夠為任何潛在的潛力提供資金進一步的股票回購活動或投資我們的業務以實現長期增長所帶來的併購機會，因此，我想將電話轉回給馬丁，讓他發表結束語。

Thank you, Corey. To close, I'd like to reiterate our confidence in the long-term potential of the vital cocoa company, our ability to build a better beverage platform and the strength of our Vita Coco brand. We are confident in our ability to navigate the current environment and excited about our key initiatives to drive growth. We have strong brands and a solid balance sheet, and we are well positioned to compete domestically and internationally. Thank you for joining us today.

謝謝你，科里。最後，我想重申我們對這家重要可可公司的長期潛力、我們建立更好的飲料平台的能力以及我們 Vita Coco 品牌的實力的信心。我們對應對當前環境的能力充滿信心，並對推動成長的關鍵舉措感到興奮。我們擁有強大的品牌和穩健的資產負債表，並且在國內和國際競爭中處於有利地位。感謝您今天加入我們。

And thank you for your interest in the vital cocoa company. That concludes our fourth-quarter prepared remarks, and we will now take your questions.

感謝您對重要的可可公司的興趣。我們第四季準備好的發言就到此結束，現在我們將回答你們的問題。

(Operator Instructions) Bonnie Herzog, Goldman Sachs.

（操作員指示）Bonnie Herzog，高盛。

Hi. I just had a my first question. It's quick just on your top line, which came in much stronger in the quarter than what your guidance implied. So I was just wanting to get a sense of the drivers of this and then really if any, any of that was pulled forward from Q1? And the reason I'm asking it, it maybe sounds like that just based on your comments that it sounds like you guys are trying to build some inventory at retail ahead of the summer.

你好。我剛剛有第一個問題。您的收入成長很快，本季的收入比您的指導暗示的要強得多。所以我只是想了解這個問題的驅動因素，然後真的如果有的話，其中任何一個都是從第一季向前推進的嗎？我問這個問題的原因，聽起來可能只是基於您的評論，聽起來你們正試圖在夏季之前在零售業建立一些庫存。

Yes, Bonnie, I'll take that and Corey or Mike can can come in. I think our Q4 surprised us a little bit, obviously very happy. And we did benefit in 23 from some sort of opportunistic commodity sales, bulk sales that also helped that number. And I think we feel that we finished the year with wholesaler inventories, distributor inventories pretty much in line, maybe a little heavier than a year ago. And so certainly that could potentially correct a little bit in Q1 on a shipment side of we don't think that retailers are heavy or light. We think retail stock position is good.

是的，邦妮，我會接受的，科里或麥克可以進來。我認為我們的第四季度讓我們有點驚訝，顯然非常高興。我們確實在 23 年受益於某種機會主義的商品銷售，大量銷售也幫助了這個數字。我認為我們認為今年結束時批發商庫存、分銷商庫存基本上一致，可能比一年前要重一些。因此，當然，這可能會在第一季的發貨方面有所糾正，我們認為零售商的出貨量不重或輕。我們認為零售庫存狀況良好。

So I think it did exceed our expectations a little bit, and obviously we're happy with that. Obviously makes the growth more challenging this year to go up against that last year. But we feel good, and I think as we sort of said in our comments, year-to-date scan data is healthy, reflecting, we think the strength of the category and the brand. And so we feel good about the core business for the year.

所以我認為它確實有點超出了我們的預期，顯然我們對此感到滿意。顯然，今年的成長與去年相比更具挑戰性。但我們感覺很好，我認為正如我們在評論中所說，今年迄今為止的掃描數據是健康的，反映了我們認為該類別和品牌的實力。因此，我們對今年的核心業務感覺良好。

Okay. That's helpful. And then maybe on the gross margins, you guys walk through that pretty thoroughly. And maybe just a little more color on the puts and takes. And I guess my question, Vito, just trying to get a sense of how much visibility you really have and you feel pretty good about sort of your gross margin guidance you know, and I guess in the context of that, where do you see I don't know, maybe the biggest potential upside or downside on your gross margin, if there's any thing you could call out there, that would be helpful. Thank you.

好的。這很有幫助。然後也許在毛利率方面，你們已經非常徹底地了解了這一點。也許只是在看跌期權和看跌期權上多一點色彩。我想我的問題，維托，只是想了解你真正擁有多少可見度，並且你對你知道的毛利率指導感覺很好，我想在這種情況下，你在哪裡看到我不知道，也許是你的毛利率最大的潛在上行或下行，如果你有什麼可以指出的，那會很有幫助。謝謝。

Sure. I want to obviously we feel good about the guidance that we're giving on. I think it goes without saying it sitting when we sit when we look at our cost of goods side, the cost of goods of the product, ignoring the transportation cost issues, we have pretty good visibility to obviously, there are inflationary pressures. But I think as we have done in prior years, we're trying to offset those through supply chain optimization and negotiation and efficiencies. And I think as we've mentioned before, we have a team of engineers that work with our partners to sort of trying to deliver cost improvements each year. So we feel pretty good about that as it relates to the transportation environment.

當然。我想顯然我們對我們提供的指導感到滿意。我認為不言而喻，當我們坐下來看看我們的商品成本方面時，產品的商品成本，忽略運輸成本問題，我們有很好的可見度，顯然存在通貨膨脹壓力。但我認為，正如我們前幾年所做的那樣，我們正在嘗試透過供應鏈優化、談判和提高效率來抵消這些影響。我認為正如我們之前提到的，我們有一個工程師團隊與我們的合作夥伴合作，每年都在嘗試實現成本改進。所以我們對此感覺很好，因為這與交通環境有關。

Obviously, it is significantly more stable than two years ago on the '22, '23 time period. And it's more stable, both for how the product is flowing and then also the cost side of that. And we obviously have recent visibility to cost increases on certain ocean freight rates that might be affected by the active activities in the Gulf and some of guidance sort of takes into account what we currently know and with some assumptions that's going to continue for a little bit. And I know we feel pretty good about that. We think we have other levers we can play on the gross margin side, obviously, with potential pricing action if things were to deteriorate or be very prolonged. And so we have actions we can take. So that sort of supports the guidance we're giving and why we're comfortable in that. And I think the point I would make about the ocean freight is the rate.

顯然，在「22」、「23」時間段，它比兩年前穩定得多。而且它更加穩定，無論是產品的流動方式還是成本方面。我們最近顯然可以看到某些海運費率的成本上漲可能會受到海灣地區活躍活動的影響，並且一些指導考慮了我們目前所知道的情況以及一些將持續一段時間的假設。我知道我們對此感覺很好。我們認為，顯然，我們還有其他可以在毛利率方面發揮作用的槓桿，如果情況惡化或持續時間很長，可能會採取定價行動。所以我們可以採取行動。因此，這支持了我們提供的指導以及我們對此感到滿意的原因。我想我要說的關於海運的要點是費率。

The spot rates that everyone is looking at are obviously significantly lower, and they were in that 22, 23 time period. So that's the first point multiples lower. So this increase, while it is a blip on the spot rate indexes is not nearly as big as the sort of life threatening events of 22. And then the other thing is those are spot rates and they don't necessarily reflect what we are paying. And so I wouldn't want people to draw conclusions from that I think it's indicative of the pressures, but not necessarily indicative of the rate. And so net-net, we're totally comfortable at this point in time in our gross margin guidance for the year.

大家關注的即期匯率明顯低很多，而且是在22、23那個時段。這是第一個較低的倍數。因此，雖然這一增長對即期利率指數來說只是一個小插曲，但遠沒有 22 的那種危及生命的事件那麼大。另一件事是，這些是即期匯率，它們不一定反映我們所支付的價格。因此，我不希望人們從中得出結論，我認為這表明了壓力，但不一定表明了利率。因此，目前我們對今年的毛利率指引感到非常滿意。

Super helpful. And I just maybe want to clarify something I might have missed it. Can you share how much that is locked in? Is that the visibility that you mentioned that you have you feel good.

超有幫助。我也許只是想澄清一些我可能錯過的事情。能分享一下鎖定了多少嗎？這就是你提到的讓你感覺良好的可見度嗎？

So I think as we said in prior quarters, we were going to sort of rest on the commitments a little bit and sort of take advantage of the spot markets. And as in prior quarter communication, we did enter into some short-term contracts for certain lanes where we needed to guarantee capacity, but we remain significantly lower contracted than we were in 2020. When I think we've talked historically, we would perhaps be 75% contracted. We are very much significantly below that. And we still believe our current strategy of basically taking the spot market and working with relationships we have is the best thing right now. So no, the comments that I just made were not reflective of a significant change in that strategy.

因此，我認為正如我們在前幾季所說的那樣，我們將稍微依賴承諾，並利用現貨市場。與上一季的溝通一樣，我們確實為需要保證運力的某些航線簽訂了一些短期合同，但我們的合約數量仍明顯低於 2020 年。當我認為我們從歷史角度進行討論時，我們可能會 75% 收縮。我們遠低於這個水平。我們仍然相信，我們目前的策略是基本上佔領現貨市場並與我們現有的關係合作，這是目前最好的事情。所以不，我剛剛發表的評論並不反映該策略的重大變化。

Okay. Much appreciated. Thank you. I'll pass it on.

好的。非常感激。謝謝。我會把它傳遞下去。

Yes, excellent.

是的，非常好。

Chris Carey, Wells Fargo.

克里斯凱裡，富國銀行。

Regarding credit growth. Hey, good morning. Just one follow up on the on the Q1. So when you gave that year to date, your kind of number are you indicating that you would expect to ship below consumption for the quarter? Are you just saying it's kind of unclear one way or the other we'll see how it goes just wanted to.

關於信貸成長。嗨，早安。只是第一季的後續行動。那麼，當您給出該年迄今為止的數據時，您的數字是否表明您預計該季度的出貨量將低於消耗量？你只是說這有點不清楚，我們會看看事情進展如何。

Yes, just wanted to I would just say it's unclear that the kind of number only tracks a certain part of the business on those other timing issues that could affect the quarter. So I don't think we're implying anything. I just think what we were merely stating was the Q4 shipments were pretty good and maybe a little ahead of our expectations. And obviously when that happens, you always scratch your head as to what that prevents presents headwinds Q1, but we're not implying anything as it relates to how stuff would trend. I think we would say that Econo data is pretty good indicative of what's going on in the category, not necessarily on a monthly basis or even up from totally, but on a full-year basis, it is. And so we would just direct you to think about it like that.

是的，我只是想說，目前還不清楚這種數字是否只追蹤可能影響本季的其他時間問題的業務的某一部分。所以我認為我們沒有暗示任何事情。我只是認為我們只是說第四季度的出貨量非常好，可能有點超出我們的預期。顯然，當這種情況發生時，你總是會摸不著頭腦，不知道什麼可以阻止第一季的逆風，但我們並不是在暗示任何事情，因為它與事物的趨勢有關。我認為我們會說經濟數據很好地表明了該類別中正在發生的情況，不一定是每月甚至是總體上的數據，而是全年的數據。所以我們只是引導你這樣思考。

Okay, great. On the question around if freight changes and the ability to cover that. They think there's quite a bit of volume. I don't know if concern is the right word, but given the experience of the last freight cycle, there's certainly a lot of focus on your ability to protect your gross margins. Right. And so I just I guess, I guess the way that I kind of want to attack this if it does happen and you take pricing, can you just talk about the attention of some of the private label seems to be giving back some pricing and perhaps there's some shift into private label volume as a result. I don't know if that's happening, but it sounds like that's kind of what you're implying. And so just the pricing power on the branded offerings should should that happen? And if pricing isn't the right lever, what else is at your disposal?

好的，太好了。關於運費是否變化以及覆蓋能力的問題。他們認為數量相當大。我不知道「擔憂」這個詞是否正確，但考慮到上一個貨運週期的經驗，人們肯定會非常關注您保護毛利率的能力。正確的。所以我只是我猜測，我想如果這種情況確實發生並且你採取定價，我想攻擊這種情況，你能談談一些自有品牌的注意力似乎正在回饋一些定價，也許因此，一些產品轉向自有品牌銷售量。我不知道這是否會發生，但聽起來這就是你所暗示的。那麼，品牌產品的定價權是否該發生呢？如果定價不是正確的槓桿，您還可以使用什麼？

So let me just start with the freight situation and make another comment, I think some of the analysts who follow the ocean freight companies have made the point, but the spot rate increases that they've seen do not necessarily reflect the costs that the ocean carriers are experiencing from bypassing suites. And so it appears that there was some opportunistic pricing taken on. And so as we look at it, and this is one of the reasons that we're in the spot side of this, we think those are artificially high on a temporary temporary basis and the rates that we're seeing while certainly they pressure gross margin. We believe we can handle them through the offsetting measures that we have on our P&L on the pricing, maybe incremental volume, whatever to basically deliver growth of sort of gross profit sort of goal. So we're currently feeling pretty good about that at the current levels that we're currently experiencing.

因此，讓我從運費情況開始，再發表評論，我認為一些關注海運公司的分析師已經指出了這一點，但他們所看到的即期運費上漲並不一定反映了海運成本運營商正在經歷繞過套件的情況。因此，似乎存在一些機會主義定價。因此，當我們審視這一點時，這就是我們處於現貨方面的原因之一，我們認為這些利率暫時被人為地推高，而我們所看到的利率肯定會對毛利率造成壓力利潤。我們相信，我們可以透過我們在定價損益表上採取的抵銷措施來處理這些問題，也許是增量數量，無論是基本上實現某種毛利目標的成長。因此，就目前的水平而言，我們目前感覺非常好。

As it relates to your second question on private label pricing in the market tends to track COGS and obviously, we're on the back end of it, cost of goods turn cycle on with. And so you're seeing some private label price gap start to it reemerge back to maybe historical levels relative to brand. And so we are seeing that and you are seeing some volume gains because of that in on the private label volume side, right? And we and we're obviously monitoring that, right? And we firmly believe we have a great brand that can command a premium and nothing really is happening that isn't back to where the price gaps were in 2020. So maybe that system normalization and if there is an effect, it's probably a one year effect. I also think as we sort of said on the call, we're sort of uniquely positioned to play both sides of this. We're one of the most significant private label suppliers, certainly in the US And we also have the primary multi-pack strategy in the category and also to take advantage to well positioned to take advantage of consumers looking for value. So for playing both sides of it. And there certainly will be some interplay and that can sometimes make our total net revenue look a little odd as the volume moves on between private label and branded, but we're well positioned and we feel very good about it. And it's just going to be a year of sort of that transition because these gaps are and have emerged and it will take a year for it to shake out.

因為它涉及到你關於市場上自有品牌定價的第二個問題，往往會追蹤銷貨成本，顯然，我們正處於它的後端，商品成本開始循環。因此，您會看到一些自有品牌的價格差距開始重新出現，可能會回到相對於品牌的歷史水平。因此，我們看到了這一點，並且由於自有品牌銷售方面的原因，您也看到了一些銷售增長，對嗎？我們顯然正在監控這一點，對吧？我們堅信，我們擁有一個可以提供溢價的偉大品牌，任何事情都會回到 2020 年的價格差距。因此，也許系統正常化，如果有效果，那可能是一年的效果。我還認為，正如我們在電話會議上所說的那樣，我們處於獨特的地位，可以在這兩個方面發揮作用。我們是最重要的自有品牌供應商之一，當然在美國。我們也在這個類別中製定了主要的多包裝策略，並充分利用了尋找價值的消費者的優勢。所以要兼顧雙方。當然會有一些交互作用，隨著自有品牌和品牌之間的銷售變化，有時會讓我們的總淨收入看起來有點奇怪，但我們處於有利位置，我們對此感覺非常好。這將是這種轉變的一年，因為這些差距已經出現，而且需要一年的時間才能消除。

Okay. Thank you.

好的。謝謝。

Michael Lavery, Piper Sandler.

麥可萊弗里、派珀桑德勒。

Thank you. Good morning, Michael Martin, I'm sure Tom start on multipacks. I like the sales bridge, you show the slide that just shows how big a contributor that's been to the growth. Can you maybe just give a sense of how much of that might have been pipeline fill that we should be aware of or just contextualize it a little bit, and I know you gave some color on this, but a little more maybe kind of the runway ahead and just how to think about how big that opportunity could be yes.

謝謝。早安，麥可馬丁，我確信湯姆開始使用多件裝。我喜歡銷售橋樑，你展示的幻燈片只是顯示了對成長的貢獻有多大。你能否告訴我們其中有多少可能是我們應該意識到的管道填充，或者只是將其背景化一點，我知道你對此給出了一些顏色，但更多一點可能是跑道未來以及如何思考這個機會有多大是的。

So one, it's not really pipeline because these are retail scans, the data on slide 9 in the investor deck as retail scan data. So it reflects consumer consumption and we're seeing really good velocity on these items. And um, you know, obviously, there's a little bit of cannibalization with singles, but singles has held up remarkably well on. And so the total brand is growing. The growth happens to be mostly in the multipacks, but the singles have held on. I think it's still early innings, right up some of these multipacks. I've only been in market for eight, nine months, some a little longer, maybe 12 to 18 or two years. It's still early innings, still consumer adjustment to them. We still have distribution gains and that opportunity is, again laid out in a slide in oh nine. And so what I would just say is I think when we talked about this a year ago, we said, it was like a two year acceleration of our business or to you a program and to reach fruition. And we were one year end and obviously very happy of both with the results and also the fact that we sort of have proven that we're the only brand that can really carry these multipacks in food, right? So it's a nice competitive position to be in going back to the previous comments to Chris. And so we feel good, and we think it's going to fuel growth this year.

因此，它並不是真正的管道，因為這些是散戶掃描，投資者平台中幻燈片 9 上的數據是散戶掃描數據。因此它反映了消費者的消費情況，我們看到這些產品的銷售速度非常快。嗯，你知道，顯然，單打有一點蠶食，但單打的表現非常好。因此，整個品牌正在不斷成長。成長主要集中在多件裝上，但單件裝也持續成長。我認為現在還處於早期階段，就其中一些合裝包而言。我只進入市場八、九個月，有些更長，可能是 12 到 18 或兩年。現在還處於早期階段，消費者仍在適應它們。我們仍然有分配收益，並且這個機會再次在九點的幻燈片中列出。所以我想說的是，我認為當我們一年前談論這個問題時，我們說，這就像我們業務的兩年加速，或者對您來說是一個計劃並取得成果。一年結束了，我們顯然對結果非常滿意，而且我們已經證明我們是唯一一個真正可以在食品中攜帶這些多包裝的品牌，對嗎？因此，回到之前對克里斯的評論是一個很好的競爭地位。所以我們感覺很好，我們認為這將推動今年的成長。

And we think it has at least another year to run, as you think about it on our line of credit would be shipment load. And in my view, one of Michael's, but on the full year and would be immaterial to the revenue.

我們認為它至少還有一年的運行時間，因為你認為我們的信用額度將是裝運量。在我看來，邁克爾的一個，但就全年而言，對收入並不重要。

Okay. That's helpful. And you touched on some of the flex in SG&A, obviously, depending on what freight does that could go either way, but you mentioned potentially opportunistic on increases in investments if freight gets more favorable, which you seem to obviously make a case for the possibility of at least. Is that the right way we should think about it in terms of if we see favorability in spot rates where you have more exposure than usual, if you're more likely to reinvested or that you might or can you just help us understand as we see some of the rate moves up, how to think about flowing that through and what how you might manage that.

好的。這很有幫助。顯然，您談到了SG&A 中的一些靈活性，這取決於貨運的情況，這可能會發生任何一種情況，但您提到，如果貨運變得更加有利，投資增加可能會出現機會主義，您似乎顯然為這種可能性提供了理由至少。這是我們應該考慮的正確方式嗎？如果我們看到即期匯率的有利性，即您比平常有更多的敞口，如果您更有可能進行再投資，或者您可能或可以幫助我們理解我們所看到的情況一些利率上升，如何考慮流動以及如何管理它。

If we see opportunity to invest it on productively. We'll invest. That's the primary objective. If there is favorability.

如果我們看到機會進行富有成效的投資。我們會投資。這是首要目標。如果有好感的話。

I hope we've demonstrated discipline top P&L discipline over the last two, three years. Um, and we would continue to do so. And we're not we're not the sort of company that spend money just because we have a right, but we also reserve the right to spend it if we thought something would work.

我希望我們在過去的兩三年中展現了最高的損益紀律。嗯，我們會繼續這樣做。我們不是那種僅僅因為我們有權利就花錢的公司，但如果我們認為某件事可行，我們也保留花錢的權利。

It's not like you've got a waiting list of things on deck that are kind of simply teed up. If there's favorability, it's just that you would evaluate as it progresses and see what might make sense?

這並不是說你有一張等待名單，裡面的東西都已經準備好了。如果有好感，只是你會隨著事情的進展進行評估，看看什麼可能有意義？

Yes, I'd say our approach to marketing is we do a lot of things and things that work we trying to spend more money on. So other things that my marketing team will tell me are going to work and my marketing team will tell me that they want more money for? Absolutely. Obviously, the proof is do we see what we like the results and then we can ramp it up. So yes, there's always opportunities. There's always things we can. We could do more of on, but it's not like we're sitting here sort of not wanting to do what we want to do with doing what we want to do. And we could do more of it if it works.

是的，我想說我們的行銷方法是我們做了很多事情，而且是我們試圖花更多錢做的事情。那麼我的行銷團隊會告訴我的其他事情將會起作用，我的行銷團隊會告訴我他們想要更多的錢嗎？絕對地。顯然，證據是我們是否看到了我們喜歡的結果，然後我們可以加強。所以是的，機會總是存在的。總有一些事情是我們能做的。我們可以做更多的事情，但這並不是說我們坐在這裡不想做我們想做的事而做我們想做的事。如果可行的話我們可以做更多。

Yes, there's always opportunities to amplify long term initiative.

是的，總是有機會增強長期主動性。

Okay. Very helpful. Thanks so much.

好的。很有幫助。非常感謝。

Eric Des Lauriers, Craig-Hallum.

埃里克·德斯·勞裡爾斯，克雷格·哈勒姆。

Great. Thanks for taking my questions for me. Just a bit more on the ocean freight and transportation cost here. Could you provide just a bit more color on some of the different shipping lanes that you're exposed to. I would imagine the vast majority of your shipments don't go really anywhere near the Red Sea. So could you give us a sense of the sort of geographic mix of your shipping lanes? And then if there are any material differences in pricing amongst those Yes.

偉大的。感謝您為我解答問題。這裡稍微介紹一下海運和運輸成本。您能否為您所接觸到的一些不同航線提供更多的顏色。我想你們的絕大多數貨物都不會真正運往紅海附近的任何地方。那麼您能否讓我們了解一下您的航線的地理組合？然後這些產品之間的定價是否存在任何重大差異 是的。

So the way I would think about it and obviously we haven't disclosed it fully, but the way if I was an analyst, I would approach this is to identify that one major market is North America with a West Coast and an East Coast port and one major market is Europe. And you can sort of get to those numbers from a breakout of international and Americas business.

所以我思考這個問題的方式，顯然我們還沒有完全披露它，但如果我是分析師，我會採取的方式是確定一個主要市場是北美，有一個西海岸和一個東海岸港​​口其中一個主要市場是歐洲。您可以從國際和美洲業務的突破中獲得這些數字。

And then as it relates to the America business, Eastern West, you can sort of make some assumptions based on population east and west of the Rockies to get to percentage of business going into east-west. And so our primary routes are Asia to East West America and to the UK. And there is just one wrinkle I think we've previously disclosed that about a third of our supplier of quarter by supply comes from Brazil, and that would come into the East Coast. So the way up again, we haven't provided the data because we prefer not to put if you wanted to model it, you would do your model based on population and then assume that roughly a quarter of third of the business is coming from Brazil as it relates to rates on. If you look at historic rates and I'd go back to before 2020 on Asia to Europe, was pretty cheap. Um, I'm going to quote a number, but please don't hold me to it. I'm going to throw out a container turbine at that level. And then Asia into the West Coast was more expensive than Asia to East Coast was more expensive than that on obviously, Brazil and East Coast is a much shorter lane and you would conclude was cheaper then take share in the East Coast.

然後，由於它與美國東西部業務相關，您可以根據落基山脈東部和西部的人口做出一些假設，以獲得進入東西部的業務百分比。因此，我們的主要航線是亞洲至東西美洲和英國。我認為有一個問題，我們之前已經披露過，按季度計算，大約三分之一的供應商來自巴西，而且將進入東海岸。因此，我們沒有提供數據，因為如果您想對其進行建模，我們不想提供數據，您可以根據人口進行模型，然後假設大約四分之一的業務來自巴西因為它與利率有關。如果你看看歷史價格，我會回到 2020 年之前從亞洲到歐洲的價格，相當便宜。嗯，我要引用一個數字，但請不要強迫我引用。我打算扔掉那個級別的貨櫃渦輪機。然後，從亞洲到西海岸的費用比從亞洲到東海岸的費用要高，顯然，巴西和東海岸的航線要短得多，你會得出結論，比在東海岸佔有份額更便宜。

Okay. That's very helpful. I appreciate that. And then just I guess, excluding ocean freight costs, I'm just kind of thinking with these comparisons back to the sort of COVID era here. Can you comment on some of the other transportation warehousing inventory cost that you experienced during that COVID time? And sort of how those compare to what you're experiencing?

好的。這非常有幫助。我很感激。然後我想，排除海運成本，我只是想透過這些比較回到這裡的新冠時代。您能否評論一下您在新冠疫情期間經歷的其他一些運輸倉儲庫存成本？這些與您所經歷的相比如何？

Yes. So during that period of time, we saw very significant costs related to port demurrage fees, warehousing, congestion charges just because of the supply chain around the ports was basically a bit of a mess. And I don't think we were alone in that. And I think what we said was that when we talked about the 65 million on that we experienced we absorbed an excess transportation cost. I think we said roughly a third with domestic up. The other part of the domestic stuff was also there was a lot of inflation on over the road transportation and in warehousing costs and particularly at the end of my years, right at the end of 22 because of how all the global supply chains have reacted. There was a shortage of warehouse space in the US, which drastically increased costs for everybody. And you basically wasn't space and you're ending up with multiple warehouses instead of single warehouses. So that's the background. I would say that during a by the end of a maybe by the middle of the second quarter last year, all of that anticipated over the road rates were back to competitive rates.

是的。所以在那段時間裡，我們看到了與港口滯期費、倉儲費、擁堵費相關的非常大的成本，因為港口周圍的供應鏈基本上有點混亂。我認為我們並不孤單。我認為我們所說的是，當我們談論我們經歷的 6500 萬美元時，我們吸收了多餘的運輸成本。我想我們說的是國內市場的大約三分之一。國內問題的另一部分是，公路運輸和倉儲成本也出現了很大的通貨膨脹，特別是在我年末，即 22 年底，因為所有全球供應鏈的反應。美國的倉庫空間短缺，這大大增加了每個人的成本。而且你基本上沒有空間，最終會得到多個倉庫而不是單一倉庫。這就是背景。我想說的是，到去年第二季末，所有預期的公路費率都回到了有競爭力的費率。

Now obviously, a lot of this is also partly what the consumer demand is and that obviously that was reduced as people started going back out and eating out and et cetera, et cetera, warehouses freed up. It was possible to get everything back into one warehouse where you only wanted one warehouse and the ports have largely been congestion free from a largely because there's always occasional instances, whether it's a strike or something happens that blocks that have caught up. So domestic transportation costs have largely mitigated back to what I would call normal. I think the other indicator of that is also our inventory levels where obviously was supporting a very solid sales with significantly lower inventory than on a year and a half ago. And so for all those reasons, the domestic costs have significantly subsided.

現在顯然，其中許多也部分是消費者的需求，而且隨著人們開始外出、外出用餐等等，倉庫被釋放，消費者的需求顯然減少了。您可以將所有物品放回一個倉庫，而您只需要一個倉庫，而且港口基本上沒有擁堵，這很大程度上是因為偶爾會發生這種情況，無論是罷工還是發生了堵塞的情況。因此，國內運輸成本已在很大程度上恢復到我所說的正常水平。我認為另一個指標也是我們的庫存水平，顯然支持了非常穩定的銷售，庫存明顯低於一年半前。因此，由於所有這些原因，國內成本已大幅下降。

That's very helpful color on my last question here on private label. So obviously, much of the discussion in recent quarters has been on the relationship with your largest private label customer. But could you just kind of comment on what you're seeing with your other private label customers on maybe comment on some of the growth between sort of new and existing accounts and just kind of how to think about this section of private label going forward? Thank you.

這對於我在自有品牌上的最後一個問題非常有幫助。顯然，最近幾季的大部分討論都是關於與最大的自有品牌客戶的關係。但是，您能否對您在其他自有品牌客戶中看到的情況發表評論，也許對新帳戶和現有帳戶之間的一些增長發表評論，以及如何思考自有品牌這一部分的未來發展？謝謝。

Yes, I would say overall, the relationship with all of our private label customers is quite strong. We've continued to deliver strong service and value to them. And you can see it in our private label results that there is a strong balance of growth coming from new customers with some big ones in Western Europe as well as in the U. S as well as incremental distribution, some of which was temporary or is temporary as we've been able to provide better service than others so we picked up incremental distribution. And then so overall, we see very strong private label performance that we expect will continue depending on those price gaps that Mark talked about earlier.

是的，我想說，總的來說，我們與所有自有品牌客戶的關係都非常牢固。我們繼續為他們提供強大的服務和價值。您可以在我們的自有品牌業績中看到，新客戶與西歐和美國的一些大客戶以及增量分銷之間存在著強勁的增長平衡，其中一些是暫時的或正在發生的。暫時的，因為我們能夠提供比其他人更好的服務，所以我們選擇了增量分發。總的來說，我們看到非常強勁的自有品牌表現，我們預計這種表現將繼續取決於馬克之前談到的價格差距。

What's great for taking my questions.

回答我的問題有什麼好處。

Jon Andersen, William Blair.

喬恩·安德森，威廉·布萊爾。

Morning, everybody. Thanks for the questions. And congrats on a strong 2023. I wanted to ask first about just the category, the coconut water category. As you pointed out, it's been a terrific category over the past several years and up 16%. You've indicated in dollars in 2023. But it sounds like you're expecting that to moderate fairly materially in 2024, I think you mentioned are category growth in the mid to upper single digits in 24. Could you just talk about is this just kind of a return to normal after an unusual 2023, what some of the assumptions are that you're making that lead to that kind of outlook for the category?

大家早安。感謝您的提問。祝賀 2023 年取得強勁表現。我想先問一下椰子水類別。正如您所指出的，該類別在過去幾年中表現出色，成長了 16%。您已以美元表示 2023 年。但聽起來你預計到 2024 年會出現相當大的放緩，我認為你提到的是 24 年類別成長在中上個位數。您能否談談這是否只是在不尋常的 2023 年之後回歸正常？您所做的一些假設導致了該類別的這種前景？

Yes. No, great question one, I think when we looked at Tata data, we see category volume growth last year around 13%. Tom, I think if you look at like a four, five year average, the volume growth has been high single digits. And I think we prudently sort of do our budgeting and planning around assuming that that's a good a good catagory number. And so does that imply a slowdown from last year, maybe, but I'm not sure whether we have any great crystal ball on this. We just have to do some estimates for planning purposes. What I would say is I think the category benefited last year, both from our introduction of multipacks and probably from some competitors returning to full inventory. And so probably there was some maximization of demand, I suppose and and that maybe helped those numbers a little bit. So I don't think our assumptions are unreasonable. Obviously, we'll be prepared for better. And obviously, we're prepared for worse, too, but I don't think those assumptions are unreasonable, but that's what sort of goes into it. I wouldn't say we have a great crystal ball. We have to pick a number and then build plans around that and make sure that our supply chain planning can deal with a variance in those outcomes.

是的。不，很好的問題一，我認為當我們查看塔塔數據時，我們看到去年的品類銷量成長了 13% 左右。湯姆，我認為如果你看一下四五年的平均水平，銷量成長一直是個位數的高水平。我認為我們會謹慎地進行預算和規劃，假設這是一個很好的類別數字。這是否意味著經濟成長比去年放緩，但我不確定我們對此是否有任何好的水晶球。我們只需要出於規劃目的進行一些估計。我想說的是，我認為該類別去年受益匪淺，這既得益於我們推出的多件裝，也可能得益於一些競爭對手恢復了完整的庫存。因此，我認為可能存在某種需求最大化，這可能對這些數字有所幫助。所以我不認為我們的假設是不合理的。顯然，我們會做好更好的準備。顯然，我們也為更糟糕的情況做好了準備，但我不認為這些假設是不合理的，但這就是其中的內容。我不會說我們有一個很棒的水晶球。我們必須選擇一個數字，然後圍繞該數字制定計劃，並確保我們的供應鏈計劃能夠處理這些結果的差異。

Okay. That's helpful. Makes makes perfect sense with respect to your own sales guidance. I just want to make sure I understand the puts and takes. It sounds like you know, again, correct me if I'm wrong, but you're looking for Vita Coco branded growth in line with the category in 2024. And could you talk a little bit about your volume and price assumptions?

好的。這很有幫助。對於您自己的銷售指導來說，這是非常有意義的。我只是想確保我了解看跌期權和拿走期權。聽起來你知道，如果我錯了，請糾正我，但你正在尋找與 2024 年該類別一致的 Vita Coco 品牌成長。您能談談您的數量和價格假設嗎？

I'm not sure if you you've already taken some pricing on the branded part of the portfolio or if maybe that's expected in 2024? And then what some of those offsets are, if you can kind of quantify those for us to a greater extent. I think you mentioned the oils business, perhaps some one-time bulk volume. And I think even that trigger a promotion that might not repeat? Thanks.

我不確定您是否已經對產品組合的品牌部分進行了一些定價，或者預計會在 2024 年進行定價？然後，如果您可以在更大程度上為我們量化這些抵消，那麼其中一些抵消是什麼。我想你提到了石油業務，也許是一些一次性的散裝業務。我認為即使這樣也會引發可能不會重複的促銷活動？謝謝。

Yes, I love that. Let me take the sort of drag to audit all the headwinds. First, I think we've shown and I'll be honest, we've chosen not to sort of I'd categorize the size of each, partly because the private label pieces of C. proprietary information to a certain retailer and were uncomfortable breaking out that private label all business just listing them and may be in order of magnitude or maybe not as the case may be. Obviously, the loss of the private-label coconut oil business is a is the biggest factor on there is some reduction in promotional activity that we know won't repeat because it was a little opportunistic last year because we had inventory and the retailers wanted it. So that's a little bit of a drag on. We have, as I mentioned, the nonrepeating commodity sales, which were two on commodity sales for us is coconut water concentrates and stuff like and we just don't expect that to reoccur. It was sort of again opportunistic. That was another I've got a customer who needed it and we had it. So we sold it right sort of thing.

是的，我喜歡那個。讓我來回顧一下所有的阻力。首先，我認為我們已經展示了，老實說，我們選擇不對每個尺寸進行分類，部分原因是 C. 的自有品牌部分屬於某個零售商的專有信息，並且令人不舒服打破所有企業的自有品牌，只是列出它們，並且可能按數量級排列，也可能不按實際情況排列。顯然，自有品牌椰子油業務的損失是促銷活動減少的最大因素，我們知道促銷活動不會重複，因為去年有點機會主義，因為我們有庫存並且零售商想要它。所以有點拖累。正如我所提到的，我們有非重複的商品銷售，對我們來說，商品銷售中有兩個是濃縮椰子水之類的東西，我們只是不希望這種情況再次發生。這又是一種機會主義。那是另一個，我有一個需要它的客戶，我們有它。所以我們賣的是正確的東西。

And then I also think you know, our growth rate is challenging in 23. We said, as we talked about in Q1, Q2, we had a major promotion with a major club retailer, and that was incremental promotion follow ups. It's hard to duplicate that growth again, right? So that's also a little bit of of the headwinds, but we're going to more than offset all of those headwinds with the core business growth, as you noted, plus the private label growth, it's going to more than offset that. So yes, it's a little bit of a reset year for us, but we feel really also the businesses that can emerge from it stronger. And now I've completely forgotten the other part of the other part of your question, but I do apologize.

我想你也知道，23 年我們的成長率充滿挑戰。我們說過，正如我們在第一季、第二季談到的那樣，我們與一家大型俱樂部零售商進行了一次重大促銷，這是增量促銷的後續行動。很難再次複製這種增長，對嗎？因此，這也是一些不利因素，但正如您所指出的，我們將透過核心業務成長來抵消所有這些不利因素，加上自有品牌的成長，這將足以抵消這些不利因素。所以，是的，這對我們來說是一個重新設定的一年，但我們確實也覺得企業可以從中脫穎而出。現在我完全忘記了你問題的另一部分，但我確實很抱歉。

I think pricing. Yes, pricing, John, in our guidance, we didn't assume a lot of incremental pricing over where we currently are obviously, there's a lot of stuff going on in the macro environment. But at right now, we haven't assumed significant pricing. So broadly, it would be volume based growth within our guidance super-helpful assumption.

我認為定價。是的，定價，約翰，在我們的指導中，我們並沒有假設我們目前的定價有很多增量，顯然，宏觀環境中正在發生很多事情。但目前，我們還沒有假設重大定價。從廣義上講，在我們的指導下，這將是基於數量的增長，這是非常有幫助的假設。

Thank you.

謝謝。

Jim Salera, Stephens.

吉姆·薩萊拉，史蒂芬斯。

Yes, good morning. Thanks for taking our question, Martin, I appreciate all the color on the ocean freight rate. And if you'll indulge me on just one real quick question on that. Maybe kind of tie the loop there on you. It sounds like you're expecting and I appreciate that you guys pay rates lower than the current spot rate, but it sounds like you're expecting current spot rates to decline as the year goes on. If I'm wrong on that, please correct me, but if spot rates stay where they're at currently, would that provide or would that yield a headwind to the gross margin guidance as it's currently put together?

是的，早安。感謝您提出我們的問題，馬丁，我很欣賞海運費率上的所有顏色。請容許我簡單地問一個問題。也許可以把環繫在你身上。聽起來您正在期待，而且我很欣賞你們支付的利率低於當前的即期利率，但聽起來你們預計當前的即期利率會隨著時間的推移而下降。如果我的觀點是錯誤的，請糾正我，但如果即期利率保持在目前的水平，這是否會對目前的毛利率指引產生不利影響？

So yes, I think if you look at the indexes, Ali, lots, one that we'd look at was published last Thursday, you can see that the increase in spot rates sort of peaked about three, four weeks ago, and it started to decline and decline to different by market. But the sort of weakening there, as you noted, and as we indicated earlier on the call, what we're not paying spot prices were paying prices that we think better than that. And so we see we see this happening, right. And what I would say is our guidance assumes that what we're currently paying, it continues for a reasonable period of time given what's causing it. And yes, we have optimism that the rate should continue to soften, but that's a little bit of the crystal ball question.

所以，是的，我認為如果你看一下指數，阿里，很多，我們會看上週四發布的指數，你可以看到即期匯率的增長在大約三、四周前達到頂峰，然後就開始了下降和下降因市場而異。但正如您所指出的，正如我們早些時候在電話會議中指出的那樣，我們沒有支付現貨價格，而是支付了我們認為比這更好的價格。所以我們看到這種情況正在發生，對吧。我想說的是，我們的指導假設我們目前支付的費用會持續一段合理的時間，考慮到造成這種情況的原因。是的，我們樂觀地認為利率應該會繼續走軟，但這只是一個水晶球問題。

Okay. That's helpful. And then if we can shift back to the category growth side of things. You talked about growth in line with with the overall category up, given the uplift you guys have seen for multipacks and some of the innovations can we think about there being upside to branded as some of those things continue to perform well in the market. And presumably you guys gain some more shelf space as the resets go through?

好的。這很有幫助。然後我們是否可以回到品類成長方面。您談到了與整體類別的成長一致的成長，考慮到您看到的合裝包和一些創新的提升，我們是否可以認為品牌有上升空間，因為其中一些東西在市場上繼續表現良好。隨著重置的進行，你們大概會獲得更多的貨架空間吧？

Yes, absolutely. You can think about it and we think about it a lot, right. And our Mike, it's very challenging to us. Okay, guys, we need crusher, right? It's obviously a lot harder to grow share from where we are than where we were three years ago, but we're committed to trying to do so.

是的，一點沒錯。你可以想一想，我們也想了很多，對吧。而我們的麥克，這對我們來說非常具有挑戰性。好吧，夥計們，我們需要破碎機，對嗎？顯然，與三年前相比，我們現在要增加份額要困難得多，但我們致力於這樣做。

And Mike talked about the initiative with the juice cans. Obviously, the multipacks gives us an advantage in food and mass in the mainstream part of the section. We need to find ways to win in the current section in food, a massive that's on a multiyear sort of goal rate. But yes, our goal is to continued to gain share. And if we do so then obviously there's upside.

麥克談到了果汁罐的倡議。顯然，合裝包讓我們在該部分主流部分的食品和品質方面具有優勢。我們需要找到在當前食品領域獲勝的方法，這是一個多年目標率的巨大目標。但是，是的，我們的目標是繼續獲得份額。如果我們這樣做，那麼顯然會有好處。

Okay, great. And then maybe if I can just sneak in one quick one on the the juice cans, you'd mentioned some offerings for that outside of convenience. Would that include a multi-bank offering of the cans? Or is that still going to be all one count add in mass and other outside of convenience.

好的，太好了。然後也許如果我可以在果汁罐上快速加入一份，你提到了一些除了方便之外的產品。這會包括多家銀行提供罐裝產品嗎？或者這仍然是所有在品質和其他方便之外添加的東西。

Eventually likely, but for now it's single-serve units.

最終有可能，但目前它是單份單位。

Okay. Thanks. I'll hop back in the queue.

好的。謝謝。我會跳回到隊列中。

Eric Serotta, Morgan Stanley.

艾瑞克‧塞羅塔，摩根士丹利。

Morning. Thanks for taking the question. I'm hoping you could give some perspective on your price points relative to some competing beverage categories, whether it's a bottled water and sports drinks or even three of these areas don't directly compete, and we'll take you probably benefited from improved relative affordability over the past few years with pricing in alternative categories, clearly or price increases moderating not seeing any deflation to be clear on how are you thinking about the potential for further price increases and Vita Coco, coconut water?

早晨。感謝您提出問題。我希望您能夠對相對於某些競爭飲料類別的價格點給出一些看法，無論是瓶裝水和運動飲料，還是其中三個領域不直接競爭，我們將認為您可能會從改進的飲料中受益過去幾年的相對承受能力，隨著替代類別的定價，明顯或價格上漲放緩，沒有看到任何通貨緊縮，您如何看待進一步價格上漲和維他可可、椰子水的潛力？

Yes, against that backdrop, So Eric, you're correct over the last few years, there's been a significant compression in the relative price between us and other beverage categories going forward. Like I said, I don't expect much pricing at this point in our guidance for us this year. And I think what we've heard from most other beverage companies, there's not a lot of pricing probably in the overall LRB category. So we expect those relative price points stay the same at this point unless something changes. You know, we're always monitoring the market and we'll make adjustments competitively as as needed. But I would say we would assume at this point that those relative points would stay the same or relatively close.

是的，在這種背景下，艾瑞克，你是對的，在過去的幾年裡，我們和其他飲料類別之間的相對價格在未來出現了顯著的壓縮。就像我說的，我預計今年我們的指導中目前不會有太多定價。我認為我們從大多數其他飲料公司聽到的消息是，整個 LRB 類別中可能沒有太多定價。因此，除非發生變化，否則我們預計這些相對價格點目前將保持不變。你知道，我們一直在監控市場，我們會根據需求做出有競爭力的調整。但我想說的是，我們此時假設這些相對點將保持相同或相對接近。

And then lastly, I think, Martin, you joked last quarter in terms of giving your preliminary outlook that well, yes, Mike expects me to gain share each year. I think that was last quarter, Tom and me. So I know there's been a lot of back-and-forth about sort of the cycling some of these one-time benefits that you had in terms of coconut water or one-off sales last year. To be clear when you strip out those kind of onetime and cycling those one-time benefits, do you think your underlying growth or is going to keep pace with the category or your underlying share? Is going to keep pace with the category or or even I see that?

最後，我想，馬丁，你在上個季度開玩笑說，你的初步前景是好的，是的，麥克希望我每年都能獲得份額。我想那是上個季度，湯姆和我。所以我知道關於騎自行車有很多來回的爭論，其中一些一次性的好處是去年在椰子水或一次性銷售方面獲得的。需要明確的是，當您剔除這些一次性收益並循環使用這些一次性收益時，您認為您的潛在成長或將與該類別或您的潛在份額保持同步嗎？是否會跟上該類別的步伐，或者甚至我看到了這一點？

Yes. So I think our plan or hope is that of our branded business made it tracks the category and as a minimum expectation rate. And yes, I think we think the private label at least this year could be a little faster than that just because of the breadth of the price gap issue. So that's the goal. It's a little hard to talk about one, your goals like that because obviously, as you said, all the other stuff going on, I think our long-term goal is remains mid teen branded growth, and we've delivered that the last four, five years this year, we have a little bit of a little more challenging for us to do with this year, which is why we're giving the guidance we're giving, but it doesn't take that long-term goal of today.

是的。所以我認為我們的計劃或希望是我們的品牌業務使其追蹤類別並作為最低期望率。是的，我認為我們認為自有品牌至少今年可能會比這快一點，因為價格差距問題的廣度。這就是目標。談論一個有點困難，你的目標是這樣的，因為顯然，正如你所說，所有其他事情都在發生，我認為我們的長期目標仍然是青少年品牌的中期增長，並且我們已經實現了過去四個目標今年已經是五年了，今年我們面臨的挑戰更大一些，這就是為什麼我們給了我們所給予的指導，但這並不需要長期目標今天。

Great. Thanks so much. Thank you.

偉大的。非常感謝。謝謝。

Bryan Spillane, Bank of America.

布萊恩·斯皮蘭，美國銀行。

Thanks, operator. Good morning, everybody. On my right I just had what I just have one question on, and I guess if we just step back and on make a scenario, I guess not make an assumption, but think about a scenario where all this discussion about freight and boats is really geo-political, right? Like this isn't the COVID boat, you know, supply demand imbalances, you know, it's tough to navigate traditional trade routes right now in May for a while. I mean, it's the Barbary wars, right, impacted trade and freight rates for a year's price. So I guess I have two questions related to that, right. One is is there a way to change the product form? Could you like like we do with natural gas milk, right, can be converted to powder. So if you were trying to reduce the incidence of freight and concentrators or way to concentrate the product to just at least reduce the number of ships that you actually have to procure one two, if it's just sourcing from Asia becomes more impractical over time on would it be possible to source more from Brazil? So I know it's kind of a big picture question. But again, it just seems like this could be a recurring theme as the world continues to be as unstable as it is. And just curious if there's other ways to sort of adjust the supply chain to adapt to that? Thanks.

謝謝，接線生。大家早安。在我的右邊，我只是有一個問題，我想如果我們退後一步，做一個場景，我想不要做一個假設，但想想一個場景，所有關於貨運和船隻的討論都是真的地緣政治，對嗎？就像這不是新冠疫情的船一樣，供需不平衡，五月的傳統貿易路線在一段時間內很難航行。我的意思是，這是巴巴里戰爭，對一年的價格影響了貿易和運費。所以我想我有兩個與此相關的問題，對吧。一是有沒有辦法改變產品形態？能不能像我們用天然氣奶一樣，對吧，可以轉成奶粉。因此，如果您試圖減少貨運和集中器的發生率，或者集中產品的方式，以至少減少您實際上必須採購一兩艘的船舶數量，如果只是從亞洲採購，隨著時間的推移會變得更加不切實際可以從巴西採購更多嗎？所以我知道這是一個大問題。但同樣，隨著世界繼續不穩定，這似乎可能成為一個反覆出現的主題。只是好奇是否有其他方法可以調整供應鏈以適應這種情況？謝謝。

I think I need less geopolitical and more opportunistic on the come for the freight carriers, too increase rates mean when you think about it, they're not going through the Suez anymore. They're going around Africa, which is not that much more expensive and does take a little bit longer. So it's an opportunity for them to trade to spike rates. That's how we look at it on.

我認為對於貨運公司來說，我需要更少的地緣政治和更多的機會主義，增加費率也意味著當你想到這一點時，他們不再通過蘇伊士運河了。他們要環遊非洲，這並沒有貴多少，而且需要的時間也長一些。因此，這是他們進行交易以提高利率的機會。我們就是這樣看待它的。

Now, if you think about moving production from can boot kit can move supply to the U.S. because there's none of coconut. Clearly, there's like a few in Miami on that guy that push card in Miami. It is on the beach, but so it's going to be hard to get the coconut, right. But if we look at moving more supply to Brazil, that's clearly something that we're working on and something that we've been working on for quite some time. And it's a Brazil is a great location for us because it is a much shorter transit time and it's further diversification of our supply chain. So obviously, that's something that we're looking at. And then from if we think about concentrate, it's also an option, but it changes it changes the product that we're selling today. And so it's not the primary focus.

現在，如果你考慮將生產從罐頭套件轉移到美國，因為那裡沒有椰子。顯然，在邁阿密有一些像那個在邁阿密推牌的人。它在海灘上，但是很難得到椰子，對吧。但如果我們考慮將更多供應轉移到巴西，這顯然是我們正在努力的事情，而我們已經努力了一段時間了。巴西對我們來說是一個很好的地點，因為它的運輸時間要短得多，而且我們的供應鏈進一步多樣化。顯然，這就是我們正在關注的事情。然後，如果我們考慮集中，這也是一種選擇，但它改變了我們今天銷售的產品。所以這不是主要焦點。

Thank you. Ladies and gentlemen, showing no further questions. This does conclude today's conference. Thank you all for participating. You may now disconnect and have a great day.

謝謝。女士們先生們，沒有再提出任何問題了。今天的會議到此結束。感謝大家的參與。您現在可以斷開連接並度過愉快的一天。