Vita Coco Company Inc (COCO) 2024 Q3 法說會逐字稿

Hello and welcome to the Vita Coco Company's third quarter, 2024 earnings conference call. My name is Steven. I'll be coordinating your call today. Following the prepared remarks, we will open the call to your questions with instructions to be given at that time.

您好，歡迎參加 Vita Coco 公司 2024 年第三季財報電話會議。我叫史蒂文。今天我將協調您的電話。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。

I'll now hand the call over to Alex Liscum with ICR.

我現在將把電話轉給 ICR 的 Alex Liscum。

Thank you and welcome to the Vita Cocoa Company third quarter, 2024 earnings results conference call. Today's call is being recorded. With us, Mr Mike Kirban, Executive Chairman, Martin Roper, Chief Executive Officer and Corey Baker, Chief Financial Officer.

感謝並歡迎參加維他可可公司 2024 年第三季財報電話會議。今天的通話正在錄音。與我們一起的還有執行主席 Mike Kirban 先生、執行長 Martin Roper 和財務長 Corey Baker。

By now, everyone should have access to the company's third quarter earnings release issued earlier today. This information is available on the investor relations section of the Vita Coco Company's website at investors.thevitacococompany.com

到目前為止，每個人都應該可以看到該公司今天稍早發布的第三季財報。此資訊可在 Vita Coco 公司網站的投資者關係部分找到：investors.thevitacococompany.com

Also on the website, there is an accompanying presentation of our commercial and financial performance results. Certain comments made on this call include forward-looking statements which are subject to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995.

網站上還附帶介紹了我們的商業和財務業績結果。本次電話會議中的某些評論包括前瞻性陳述，這些陳述受 1995 年《私人證券訴訟改革法案》安全港條款的約束。

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.

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。

Please refer to today's press releases 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.

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。

Also, during the call, we will use some non-GAAP financial measures as we describe the business performance, our 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 our website as well.

此外，在電話會議期間，我們將在描述業務績效時使用一些非GAAP 財務指標，我們向SEC 提交的文件以及收益新聞稿和補充收益演示提供了非GAAP 財務指標與最直接可比較的財務指標的對帳。

Additionally, please note that within the quarter, the company began using [Surana's] expanded million-plus retail scanner data which offers 15% more expanded coverage of the US retail landscape including greater coverage of retailers with larger private label programs and results in a reported category size, approximately 40% larger than the prior reported data set.

此外，請注意，在本季度內，該公司開始使用[Surana] 擴展的超過100 萬的零售掃描儀數據，該數據將美國零售業的覆蓋範圍擴大了15%，包括擴大了擁有更大自有品牌計劃的零售商的覆蓋範圍，並導致報告類別大小，比先前報告的資料集大約 40%。

All investor SEC exhibits, and script references have been updated to reflect the new data set unless otherwise noted. And with that, it is my pleasure to now turn the call over to Mike Kirban, our Co-Founder and Executive Chairman.

除非另有說明，否則所有投資者 SEC 的展示和腳本參考均已更新，以反映新的資料集。現在，我很高興將電話轉給我們的共同創辦人兼執行主席 Mike Kirban。

Thanks Alex and good morning everyone. Thank you for joining us today to discuss our third quarter, 2024 financial results and our performance expectations for the balance of 2024.

謝謝亞歷克斯，大家早安。感謝您今天加入我們，討論我們 2024 年第三季的財務業績以及我們對 2024 年剩餘時間的業績預期。

I want to start by thanking all of our colleagues across the globe for our continued strong performance and for their commitment to the Vita Coco Company and to our mission of creating ethical, sustainable, better for your beverages that uplift our communities and do right by our planet.

首先，我要感謝我們全球各地的所有同事，感謝我們持續的強勁表現，感謝他們對Vita Coco 公司的承諾，以及我們為您創造道德、可持續、更好的飲料的使命，這些飲料可以提升我們的社區，並透過我們的行為正確行事。

Our priorities of driving growth in the coconut water category are visible in the healthy retail scans in our major markets where coconut water remains one of the fastest growing categories in the beverage aisle, delivering double digit growth. Year-to-date through end of September, according to [CCAA], the Vita Coco brand grew 8% in retail dollars in the US and grew 19% in the UK.

我們推動椰子水類別成長的優先事項從我們主要市場的健康零售掃描中可見一斑，其中椰子水仍然是飲料通道中成長最快的類別之一，實現了兩位數的成長。根據 [CCAA] 統計，今年迄今截至 9 月底，Vita Coco 品牌在美國的零售額成長了 8%，在英國成長了 19%。

As we previously discussed, we were hampered by significant inventory shortages during the quarter due to limited ocean container availability earlier this summer which resulted in a slowdown in scan growth. Our team, our distributors and our retail partners did an incredible job weathering this storm and we are quickly recovering and starting to better fill consumer demand for our products.

正如我們之前所討論的，由於今年夏季早些時候海運貨櫃的供應有限，導致掃描量增長放緩，本季度我們受到了庫存嚴重短缺的阻礙。我們的團隊、經銷商和零售合作夥伴在這場風暴中做出了令人難以置信的工作，我們正在迅速恢復並開始更好地滿足消費者對我們產品的需求。

For the last four weeks, as visible in our investor deck slide five branded scans quickly rebounded. And we believe that this is a sign that demand for our products and the category as a whole are stronger than ever. In addition to strong branded retail growth, we've seen strong demand for private label coconut water. Our private label business remains a strategically important aspect of our business and allows us to benefit more fully from our category growth initiatives.

在過去的四個星期裡，正如我們的投資者幻燈片中所示，五個品牌掃描迅速反彈。我們相信，這顯示對我們產品和整個品類的需求比以往任何時候都強勁。除了強勁的品牌零售成長之外，我們還看到對自有品牌椰子水的強勁需求。我們的自有品牌業務仍然是我們業務的策略重要方面，使我們能夠從品類成長計畫中更充分地受益。

We should see our private label coconut water shipment trends improve as we put the supply chain challenges of this summer behind us. Our priorities for growth remain unchanged. Adding households expanding occasions, acceleration of our international businesses and innovation.

隨著我們把今年夏天的供應鏈挑戰拋在腦後，我們應該會看到我們的自有品牌椰子水運輸趨勢有所改善。我們的成長重點保持不變。增加家庭擴大了機會，加速了我們的國際業務和創新。

Our commercial initiatives around Vita Coco Multipacks, Vita Cocoa Farmers Organic and Vita Coco Juice continue to perform very well as seen in US [circa] scans that we highlight in our investor deck. One highlight is Vita Cocoa juice that is gaining share at retail with 39% growth year-to-date.

我們圍繞 Vita Coco Multipacks、Vita Cocoa Farmers Organic 和 Vita Coco Juice 的商業計劃繼續表現良好，正如我們在投資者平台上強調的美國掃描結果所示。其中一個亮點是維他可可果汁，其零售份額不斷擴大，今年迄今成長了 39%。

The introduction of our Vita Coco coconut 1 Liter pack into a key convenience store chain. This year has been incredibly successful. We believe that it is now one of the highest performing items in their juice store. Our newest innovation, Vida Cocoa treats a delicious and refreshing coconut milk-based beverage has produced promising results at a key retailer through the summer.

將我們的 Vita Coco 椰子 1 升裝引入一家重要的連鎖便利商店。今年非常成功。我們相信它現在是他們果汁店中表現最好的產品之一。我們最新的創新產品維達可可（Vida Cocoa）是一種美味、清爽的椰奶飲料，整個夏季在一家主要零售商中取得了可喜的成果。

Despite challenges on supply which are now behind us, given its strong performance, we decided to broaden the availability for 2025 to more retailers and are receiving positive indications of interest from these retailers. We're excited about the initial reception for Vida Cocoa Treats and for the future of innovative coconut milk-based beverages which could offer us another path for long term growth.

儘管供應方面的挑戰現已過去，但鑑於其強勁的表現，我們決定在 2025 年將供貨範圍擴大到更多零售商，並收到了這些零售商的積極興趣跡象。我們對 Vida Cocoa Treats 的初步反應以及創新椰奶飲料的未來感到興奮，因為它可以為我們提供另一條長期增長之路。

Our international business remains healthy with strong performance in Europe, led by the UK and Germany. In Germany, the category has grown over 50% over the last year according to Nielsen and we are now the leading branded coconut water at three times the size of our closest competitor. We intend to continue to invest in international markets where we have a strong brand position and can benefit from driving category growth.

我們的國際業務保持健康，在以英國和德國為首的歐洲表現強勁。根據尼爾森的數據，在德國，該類別去年增長了 50% 以上，我們現在是領先的椰子水品牌，規模是我們最接近的競爭對手的三倍。我們打算繼續投資國際市場，在這些市場上我們擁有強大的品牌地位，並且可以從推動品類成長中受益。

Despite continued volatility in the global supply chain, we are encouraged by the recovery in our inventory availability that we started seeing in late September and which has continued into October while we still have a lot of work to do. I expect that product on retailer shelves and in distributor warehouses will start returning to normal level soon. And I'm excited for a strong finish to 2024. And what I believe will be a very exciting 2025. And now I'll turn the call over to our Chief Executive Officer Martin Roper.

儘管全球供應​​鏈持續波動，但我們對庫存可用性的恢復感到鼓舞，我們從 9 月底開始看到這種情況，並持續到 10 月份，而我們仍然有很多工作要做。我預計零售商貨架和分銷商倉庫中的產品將很快開始恢復到正常水平。我很高興能在 2024 年取得圓滿成功。我相信 2025 年將會是非常令人興奮的一年。現在我將把電話轉給我們的執行長馬丁·羅珀 (Martin Roper)。

Thanks Michael and good morning, everyone. I'm excited to report another good quarter and to be able to raise guidance based on our expectations for a strong finish to the year. I expect this momentum to continue into 2025.

謝謝邁克爾，大家早安。我很高興能夠報告又一個良好的季度業績，並能夠根據我們對今年強勁收官的預期提出指導意見。我預計這種勢頭將持續到 2025 年。

Let me start by providing some colour on the ocean freight container availability and costs that we saw during the last six months. As we discussed at our last Earnings call in May, June and July, we were only able to obtain approximately 85% of the ocean containers we had obtained in the same period in 2023 and saw significant price increases for those containers.

首先讓我提供一些有關我們在過去六個月中看到的海運貨櫃可用性和成本的資訊。正如我們在 5 月、6 月和 7 月的上次收益電話會議上討論的那樣，我們只能獲得 2023 年同期獲得的海運貨櫃的約 85%，並且這些貨櫃的價格大幅上漲。

This three-month container shortfall against our actual requirements, which had been for expectations of approximately 10% growth, significantly squeezed our safety stocks in market which were already unusually low due to strong performance in the first half of the year. This also reduced inventory at distributors and on retailer shelves.

這三個月的貨櫃缺口與我們的實際需求（預計增長約 10%）相比，顯著擠壓了我們的市場安全庫存，而市場安全庫存由於上半年的強勁表現而已經異常低迷。這也減少了分銷商和零售商貨架上的庫存。

Fortunately, in early August, we saw greater availability in containers although at unusually high prices which allowed us to start to pull the inventory that had built up its supplier and to move significantly larger volumes of product to market than in prior months.

幸運的是，在八月初，我們看到貨櫃的供應量增加，儘管價格異常高，這使我們能夠開始提取供應商累積的庫存，並將比前幾個月大得多的產品運往市場。

Container availability continued improving. In September. Such that in the two months, August and September, we obtained more containers than we had obtained in the previous three months period. May June and July. We also saw container pricing slowly drop from the highs of early August.

集裝箱可用性持續改善。九月。這樣，在八月和九月這兩個月裡，我們獲得的貨櫃比前三個月獲得的貨櫃還要多。五月六月和七月。我們也看到貨櫃價格從八月初的高點緩慢下降。

While the impact on our in-market inventory lags container shipments due to transit times of Four to Eight weeks. Late in September, our shipments to customers began to recover and our shipments on a weekly basis. On most key items started to match or exceed retail scam performance.

由於運輸時間為四到八週，對我們市場庫存的影響落後於貨櫃運輸。9月下旬，我們對客戶的出貨量開始恢復，並且我們的出貨量按週計算。在大多數關鍵商品上，其表現開始達到或超過零售詐騙的表現。

We have seen container availability at source continue favourably in October, similar to August and September. The East coast port strike in early October constricted flow of containers into the East Coast for a couple of weeks, but that backlog is slowly recovering.

我們看到 10 月的貨櫃供應情況持續良好，與 8 月和 9 月類似。十月初的東海岸港口罷工導致進入東海岸的貨櫃流量在幾週內受到限制，但積壓情況正在緩慢恢復。

At this time. We believe that inventories both at our warehouses and at distributors and retailers still remain below optimum levels particularly on some SKU's. We expect the situation to improve gradually through the end of the year if consumer purchases continue on their current trajectory.

此時。我們認為，我們的倉庫以及分銷商和零售商的庫存仍然低於最佳水平，特別是某些 SKU 的庫存。如果消費者的購買繼續保持目前的軌跡，我們預計情況將在今年年底逐步改善。

Given we operated most of the quarter with limited inventory. We are pleased with our third quarter performance. Net sales were down 4% in the third quarter with growth of Vita Coco coconut water offset by weakness in private labour shipments.

鑑於我們本季大部分時間的營運庫存有限。我們對第三季的業績感到滿意。第三季淨銷售額下降 4%，Vita Coco 椰子水的成長被私人勞動力出貨量的疲軟所抵消。

The private label shipment weakness was due to the decrease in private labelled coconut oil business that we previously communicated and limitations on our private label coconut water inventory as private labelled demand in the first half had exceeded our and our retailer partners expectations which resulted in our stock levels entering the third quarter being significantly depleted.

自有品牌出貨疲軟是由於我們之前溝通過的自有品牌椰子油業務減少以及我們自有品牌椰子水庫存的限制，因為上半年自有品牌需求超出了我們和我們的零售商合作夥伴的預期，導致我們的庫存進入第三季後水準顯著下降。

This coupled with the container shortages significantly impeded our ability to meet private labelled demand during the quarter. While it is difficult to triangulate based on our analysis of the scan slowdown for brand and private label relative to expected trends, we estimate that we lost between 5% and 10% of net sales growth during the quarter due to the inability to fulfil customer demand

再加上貨櫃短缺，嚴重阻礙了我們在本季滿足私人標籤需求的能力。雖然根據我們對品牌和自有品牌掃描放緩相對於預期趨勢的分析很難進行三角測量，但我們估計，由於無法滿足客戶需求，本季度我們損失了 5% 到 10% 的淨銷售額增長

As Mike mentioned and it is highlighted in our investor deck during the quarter. We also saw a decrease in the growth rate for us retail scam sales Vita Coco, which we believe reflects the combination of inventory challenges and the reduction of promotional activity. The impact of the industry challenges is also visible in TDP trends during this period.

正如麥克所提到的，這一點在本季我們的投資者平台上得到了強調。我們還發現，美國零售詐騙銷售 Vita Coco 的成長率有所下降，我們認為這反映了庫存挑戰和促銷活動減少的組合。在此期間的 TDP 趨勢中也可以看到產業挑戰的影響。

In the last 30 days, we've seen some improvement in retail scan growth and TDP's which we believe reflects the early signs of recovery of inventory at retail. We believe that our third quarter shipments are not reflective of the overall consumer demand for our branded and private label products and that we should see stronger trends as we rebuild customer inventory, restore our promotional cadence and ensure that there is ample product on retail shelves.

在過去 30 天裡，我們看到零售掃描成長和 TDP 有所改善，我們認為這反映了零售庫存恢復的早期跡象。我們認為，我們第三季的出貨量並不能反映消費者對我們品牌和自有品牌產品的整體需求，隨著我們重建客戶庫存、恢復促銷節奏並確保零售貨架上有充足的產品，我們應該會看到更強勁的趨勢。

Additionally, our branded promotional activity during the quarter was significantly reduced relative to last year and included a decision not to participate in a major branded club customer promotion. This fall decisions made due to the inventory constraints. This resulted in a significant decline in dollar sales and an associated increase in pricing in the new expanded data.

此外，與去年相比，本季我們的品牌促銷活動大幅減少，並決定不參加主要品牌俱樂部客戶促銷活動。今年秋季做出的決定是由於庫存限制。這導緻美元銷售額大幅下降，新擴展數據的定價也相應增加。

Although these promotional decisions in aggregate are beneficial to gross margin, they likely resulted in lower net sales and scams for the quarter. our third quarter, gross margins were healthy but down versus the first two quarters of the year as the impact of more expensive ocean freight that started in the second quarter began flowing through to our P&L.

儘管這些促銷決策總體上有利於毛利率，但它們可能會導致本季的淨銷售額下降和詐欺行為。我們第三季的毛利率保持健康，但與今年前兩個季度相比有所下降，因為第二季開始的更昂貴的海運費用開始影響我們的損益表。

The aforementioned reduction in promotional activity together with reduced marketing investment helped us to offset some of the gross margin. Pressure from increased ocean freight costs from a cost side. Our finished goods costs excluding ocean transportation costs, year-to-date are in line with our expectations.

上述促銷活動的減少以及行銷投資的減少幫助我們抵消了部分毛利率。來自成本方面的海運費上漲壓力。年初至今，我們的成品成本（不包括海運成本）符合我們的預期。

We currently believe that ocean rates are still at unusually high levels relative to long term averages. And therefore, we are continuing to not commit to any long-term fixed rate contracts. However, we are exploring additional capacity commitments and floating rates to attempt to insulate us from events such as the capacity constraints we saw this summer.

我們目前認為，相對於長期平均水平，海運費仍處於異常高的水平。因此，我們繼續不承諾簽訂任何長期固定利率合約。然而，我們正在探索額外的產能承諾和浮動利率，以試圖使我們免受諸如今年夏天出現的產能限制等事件的影響。

If we see competitive fixed rate offers for long term contracts that make sense to us, we would be willing to enter into fixed rate agreements, based on the inventory we have in transit and our confidence in the category and Vita Coco brand trends. We're raising our full year guidance for net sales and Adjusted EBITDA.

如果我們看到有競爭力的長期合約固定費率報價對我們有意義，我們將願意根據我們在途庫存以及我們對該類別和 Vita Coco 品牌趨勢的信心簽訂固定費率協議。我們正在提高全年淨銷售額和調整後 EBITDA 的指導。

We believe that the strong category growth is a positive indicator and supportive of our long-term growth algorithm for branded growth in anticipation of such growth. We have added production capacity for 2025 and 2026 to provide greater supply chain flexibility than we had this year.

我們相信，強勁的品類成長是一個正面的指標，並支持我們對品牌成長的長期成長演算法的預期。我們增加了 2025 年和 2026 年的產能，以提供比今年更大的供應鏈彈性。

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 third quarter, 2024 financial results. I will then provide an update on our outlook for the full year. For the third quarter 2024 net sales decreased $5 million or 4% year over year to $133 million driven by private label declines of 37% partially offset by Vita cocoa coconut water net sales growth of 8%.

謝謝馬丁，大家早安。我現在將向您提供有關 2024 年第三季財務業績的一些其他詳細資訊。然後我將提供全年展望的最新情況。2024 年第三季淨銷售額年減 500 萬美元或 4%，至 1.33 億美元，這是由於自有品牌下降 37%，部分被維他可可椰子水淨銷售額增長 8% 所抵消。

On a segment basis within the American Vita Coco coconut water increased net sales by 5% to $94 million. While private label decreased 42% to $16 million. As we saw the impact of reduced supply on key private label water skews and the transition out of the private label coconut oil relationship that we had previously indicated by the cocoa coconut water saw a 3% volume increase and a 2% net price mix benefit.

以細分市場來看，美國 Vita Coco 椰子水的淨銷售額成長了 5%，達到 9,400 萬美元。自有品牌則下降 42%，至 1,600 萬美元。正如我們看到供應減少對主要自有品牌水偏差的影響以及我們之前透過可可椰子水所顯示的自有品牌椰子油關係的轉變，銷量增加了 3%，淨價格混合效益增加了 2%。

While private label sales declined, 42% driven by a 32% decrease in volume and a 14% price mix reduction due to the coconut oil transition. For the third quarter 2024 our international segment net sales were up 19% with Vita Cocoa coconut water growth of 31% where we saw strong growth across our markets. Private label sales declined 11% due to supply challenges on private label coconut water and the transition out of the private label coconut oil relationship impacted our shipments.

雖然自有品牌銷售額下降了 42%，但由於椰子油轉型，銷量下降了 32%，價格組合下降了 14%。2024 年第三季度，我們的國際部門淨銷售額成長了 19%，其中維他可可椰子水成長了 31%，我們看到整個市場的強勁成長。由於自有品牌椰子水的供應挑戰以及自有品牌椰子油關係的轉變影響了我們的出貨量，自有品牌銷售額下降了 11%。

On a quarterly basis, consolidated gross profit was $52 million down $5 million versus the prior year period on a percentage basis, growth margins remained very strong at 39% on the quarter despite higher ocean freight costs, as previously mentioned.

按季度計算，綜合毛利潤為 5,200 萬美元，按百分比計算比上年同期減少 500 萬美元，儘管如前所述，海運費成本較高，但本季的成長率仍然非常強勁，達到 39%。

This was down approximately 200 basis points from the 41% reported in Q3 2023. The reduction in gross margin resulted from higher ocean freight costs partially offset by better brand and net pricing and mix effects of private label products.

這比 2023 年第三季報告的 41% 下降了約 200 個基點。毛利率的下降是由於海運費上漲，部分被更好的品牌和淨定價以及自有品牌產品的混合效應所抵消。

Moving on to operating expenses, third quarter, 2024 SG & A costs decreased 5% to $31 million. The reduction was primarily driven by disciplined marketing spending. As we adjusted our spending in light of reduced product supply. We would expect to increase our investments as we see improved inventory at retail.

接下來是營運費用，2024 年第三季的銷售管理和行政費用 (SG & A) 成本下降 5%，至 3,100 萬美元。減少的主要原因是嚴格的行銷支出。我們根據產品供應的減少調整了支出。隨著我們看到零售庫存有所改善，我們預計會增加投資。

Net income attributable to shareholders for the third quarter, 2024 was $19 million or $0.32 per Diluted share compared to $15 million or $0.26per Diluted share for the prior year. Net income for the quarter benefited primarily from an unrealized gain in derivatives versus a loss in the prior year and decreased SG & A costs partially offset by a lower year on year gross profit.

2024 年第三季股東應佔淨利為 1,900 萬美元，即每股稀釋股票 0.32 美元，而前一年為 1,500 萬美元，即每股稀釋股票 0.26 美元。該季度的淨利潤主要受益於衍生性商品的未實現收益（與上一年的虧損相比）以及銷售管理和管理成本的下降，部分被同比毛利潤的下降所抵消。

Our effective tax rate for the third quarter, 2024 was 25% versus 21% in the prior year quarter. This represents a year-to-date ETR of 24% versus 20% last year. The increase was driven by the jurisdictional mix of the pretax profits and the impact of higher non-deductible expense this year related to covered employee's compensation compared to last year.

我們 2024 年第三季的有效稅率為 25%，而去年同期為 21%。這意味著年初至今的 ETR 為 24%，而去年為 20%。這一增長是由於稅前利潤的司法組合以及今年與去年相比與受保員工薪酬相關的不可扣除費用較高的影響所致。

Third quarter, 2024 Adjusted EBITDA our non-GAAP measure which is defined and reconciled in our press release was $23 million or 17.3% of net sales down from $27 million or 19.5% of net sales in 2023. The decrease was primarily due to the gross profit performance previously discussed, partially offset by lower year-on-year SG & A spending.

2024 年第三季調整後EBITDA 我們的非GAAP 指標（在我們的新聞稿中定義和調整）為2,300 萬美元，佔淨銷售額的17.3%，低於2023 年的2,700 萬美元，佔淨銷售額的19.5%。下降主要是由於先前討論的毛利表現，但部分被同比下降的銷售管理和行政管理支出所抵消。

Turning to our balance sheet and cash flow, as of September 30, 2024, we had total cash on hand of $157 million and no debt under our revolving credit facility compared to $133 million of cash and no debt as of December 31, 2023. The increase in the cash position was due to the strong net income year-to-date partially offset by increase of working capital of $30 million and the year-to-date repurchase of shares valued at $12 million.

談到我們的資產負債表和現金流，截至2024 年9 月30 日，我們的循環信貸安排下手頭現金總額為1.57 億美元，沒有債務，而截至2023 年12 月31 日，我們的現金為1.33億美元，沒有債務。現金狀況的增加是由於年初至今強勁的淨利潤被增加的 3000 萬美元營運資金和年初至今價值 1200 萬美元的股票回購所部分抵消。

The working capital increase was driven by a $27 million increase in accounts receivable which is due to the timing of customer payments and an inventory increase of $14 million.

營運資本的增加是由於客戶付款時間和庫存增加 1,400 萬美元導致的應收帳款增加了 2,700 萬美元。

Our Q3 ending inventory increased $20 million from the unusually low levels at the end of Q2. As the recovery we began to see and container availability resulted in more finished goods inventory on the ocean and transit to our markets.

我們的第三季末庫存比第二季末異常低的水準增加了 2,000 萬美元。隨著經濟的復甦，我們開始看到貨櫃的可用性導致海上和運輸到我們市場的成品庫存增加。

Based on year-to-date performance, improving inventory levels and our competence in the health of our category and our Vita Coco brand, we are raising our full year guidance for net sales and adjusted EBITDA. We now expect net sales between $505million and $515 million with expected gross margins for the full year of 37% to 39% delivering adjusted of $80million to $84 million.

根據今年迄今為止的業績、庫存水準的改善以及我們在類別和 Vita Coco 品牌健康方面的能力，我們正在提高全年淨銷售額和調整後 EBITDA 的指導。我們目前預計淨銷售額將在 5.05 億美元至 5.15 億美元之間，預計全年毛利率為 37% 至 39%，調整後毛利率為 8,000 萬美元至 8,400 萬美元。

This guidance reflects our current best assumptions on marketplace trends and our global supply chain performance and assumes a continued improvement in inventory through the balance of the year. Ocean freight costs have come off the high scene in July but remain unusually fluid.

該指引反映了我們目前對市場趨勢和全球供應鏈績效的最佳假設，並假設今年剩餘時間庫存持續改善。七月份的海運成本已從高點回落，但仍異常波動。

Our latest estimate is that the impact of these elevated ocean freight costs will be approximately $14 million of increased transportation costs on a rate per seat basis in the second half of the year, over the equivalent first half rate per case equivalent, approximately 30% of these costs hit in Q3 with the balance expected to impact our Q4 performance.

我們的最新估計是，下半年海運費上漲的影響按每座費率計算將增加約 1,400 萬美元，比上半年的每箱費率增加約 30%。影響我們第四季的業績。

We expect discipline SG & A spending to continue in Q4 with full year 2024 SG & A flat to slightly down to last year as we don't expect to restore the full investment and marketing spend mentioned earlier. We anticipate our cash balance will remain healthy through the balance of the year allowing us to continue investing in our business for long term growth fund. Any potential M&A opportunities that emerge and support further share buyback activity.

我們預計第四季度的 SG & A 支出將繼續嚴格，2024 年全年 SG & A 支出將與去年持平，略有下降，因為我們預計不會恢復前面提到的全部投資和行銷支出。我們預計我們的現金餘額將在今年餘下時間保持健康，使我們能夠繼續投資於我們的業務以獲得長期成長基金。出現並支持進一步股票回購活動的任何潛在併購機會。

Finally, as of today, the company has purchased 112,702 shares bringing our total repurchase to 534,246 shares for an aggregate value of 12.8 million at an average share price of $23.97. And with that, I'd like to turn the call back to Martin for his closing remarks.

最後，截至今天，該公司已購買了 112,702 股股票，使我們回購的股票總數達到 534,246 股，總價值為 1,280 萬股，平均股價為 23.97 美元。說到這裡，我想把電話轉回給馬丁，讓他作結束語。

Thank you, Corey to close. I'd like to reiterate our confidence in the long term potential of the Vita Coco Company. Our ability to build a better beverage platform and the strength of our Vita Coco brand and the coconut water category. We are confident in our ability to navigate the current environment and are excited about our key initiatives to drive growth.

謝謝你，科里，結束了。我想重申我們對維他可可公司的長期潛力充滿信心。我們建立更好的飲料平台的能力以及我們的 Vita Coco 品牌和椰子水類別的實力。我們對應對當前環境的能力充滿信心，並對我們推動成長的關鍵舉措感到興奮。

We have strong brands and a solid balance sheet, and we are well positioned to drive category and brand growth both domestically and internationally. Thank you for joining us today and thank you for your interest in the Vita Coco Company that concludes our third quarter prepared remarks, and we will now take your questions.

我們擁有強大的品牌和穩健的資產負債表，我們有能力推動國內和國際品類和品牌的成長。感謝您今天加入我們，並感謝您對 Vita Coco 公司的興趣，我們已經結束了我們第三季度準備好的評論，現在我們將回答您的問題。

Thank you. At this time, we will conduct the question-and-answer session as a reminder to ask a question. (Operator Instructions)

謝謝。這時候我們會進行問答環節，作為提醒提問。（操作員說明）

Our first question comes from the line of Bonnie Herzog of Goldman Sachs your line is now open.

我們的第一個問題來自高盛的 Bonnie Herzog，您的路線現已開通。

All right, thank you. Good morning. I had a question on your new guidance which implies around 14% top line growth in Q4, which is certainly a big acceleration and then even a greater acceleration on EBITDA growth in Q4 which suggests greater leverage. Now, you touched on this but just hoping you could expand on the drivers of each a little further as well as maybe you know, the set up for next year in terms of container availability. Thanks.

好的，謝謝。早安.我對你們的新指導有一個疑問，該指導意味著第四季度的營收成長約為14%，這無疑是一個很大的加速，然後第四季度EBITDA 成長的加速甚至更大，這表明槓桿率更大。現在，您談到了這一點，但只是希望您可以進一步擴展每個驅動因素，也許您知道明年在容器可用性方面的設定。謝謝。

Sure, Bonnie. So, the growth as we talk about in the script and the investor deck, we are seeing recovery of inventory and, and we're starting to see at retail recovery on shelf of product. So there's a flow, a backward flow.

當然，邦妮。因此，正如我們在腳本和投資者平台中談論的增長，我們看到庫存的恢復，我們開始看到產品貨架上的零售復甦。所以存在一種流動，一種倒流。

If you've got to fill the shelves up, we could fill the back room and the distributor warehouses so that's going to result in very strong growth as we finish the year and depending on the flow of inventory into early next year and then that, you know, will deliver, we will see higher ocean freight in Q4, but the volume growth will deliver leverage to balance a year to support the EBITDA guidance.

如果你必須填滿貨架，我們可以填滿後面的房間和分銷商倉庫，這樣當我們年底時，這將導致非常強勁的增長，這取決於明年年初的庫存流量，然後，你知道，我們將在第四季看到更高的海運費，但銷售成長將提供平衡一年的槓桿作用，以支持EBITDA 指導。

And, and I think importantly, the category remains healthy as you can sort of see in the scan, still growing double digits. And we're going to hopefully catch up to that because obviously we lagged that during the quarter.

而且，我認為重要的是，正如您在掃描中看到的那樣，該類別仍然保持健康，仍在以兩位數增長。我們希望能趕上這一點，因為顯然我們在本季度落後了。

I think the second part of your question was related to, you know, ocean freight going forward, obviously highly uncertain ocean freight rates today, as you can see in the indexes are still, let's say a factor of two above historical long-term averages and are still way above what they were in the first quarter last year and at the end of 2023. So, we still have an ocean freight, headwind if these rates remain sticky.

我認為你問題的第二部分與未來的海運有關，顯然今天的海運費率高度不確定，正如你在指數中看到的那樣，比歷史長期平均水平高出兩倍仍遠高於去年第一季度和2023 年底的水平。因此，如果這些費率保持黏性，我們仍然面臨海運阻力。

Okay, fair enough and then just one quick clarification. So just the EBITDA leverage also, I assume has to do with, what you called out, meaning the pull back on SG & A or maybe getting greater leverage on that or efficiencies. I imagine that's part of it. And just, I guess I'm trying to understand if you pull back on marketing spend, do you foresee, you know, as you get the containers availability in Q4, you know, do you think you'll step up a little bit more in spending?

好吧，很公平，然後只是做一個快速澄清。因此，我認為 EBITDA 槓桿也與您所說的有關，這意味著 SG & A 的回落，或者可能獲得更大的槓桿或效率。我想這就是其中的一部分。只是，我想我想了解一下，如果你減少行銷支出，你是否預見到，你知道，當你在第四季度獲得貨櫃可用性時，你知道，你認為你會多加一點嗎？

Our comment on how we're dealing with the inventory and then Corey can just talk about the SG & A guidance that we provided. We're still, tight on inventory there are still SKU's we don't have inventory for, there are still customers who are, I use the word upset with us, but they understand the situation, right? But we are still not fully meeting, customer demand and therefore consumer demand.

我們對如何處理庫存進行了評論，然後科里可以談談我們提供的 SG & A 指南。我們的庫存仍然緊張，仍然有一些 SKU 我們沒有庫存，仍然有客戶，我用「對我們感到不安」這個詞，但他們理解這種情況，對嗎？但我們仍然沒有完全滿足客戶的需求以及消費者的需求。

We expect that to improve through the quarter that, other than that, I'm not sure we will turn on any significant marketing activity in the balance of the quarter. Obviously, there are some things we're committed to do that we have to do, but that's how we're thinking about it.

我們預計這一情況將在本季度有所改善，除此之外，我不確定我們是否會在本季度的剩餘時間內開展任何重大的營銷活動。顯然，有些事情是我們承諾要做但我們必須做的，但這就是我們的想法。

And we will obviously monitor it because we don't really know how consumer demand will respond and whether the inventory will build quickly or slowly, etc. So, we're just going to monitor it and manage it appropriately. And I'll let Corey comment on the guidance.

我們顯然會對其進行監控，因為我們並不真正知道消費者需求將如何反應以及庫存會快速還是緩慢增加等。我將讓科里對該指南發表評論。

There's not a large change in the SG & A Bonnie, as we reference in the guidance, we're flat to slightly down on a full year actioning basis and, we're down year-to-date. So, it's not a huge change from where we've been assumed in our guidance. It's very much related to very strong top line as we recover inventory offset by the ocean freight pressures on the gross margin side.

正如我們在指導中提到的那樣，SG＆A Bonnie 沒有太大變化，我們在全年行動基礎上持平甚至略有下降，而且今年迄今我們有所下降。因此，與我們在指南中假設的情況相比，這並不是一個巨大的變化。這與非常強勁的營收密切相關，因為我們恢復了庫存，抵消了毛利率方面的海運壓力。

Okay. That's helpful. And then just maybe one quick final one for me and then I'll pass it on. I just, I also wanted to understand, the quarter, if the supply constraints primarily impacted your private label business or was this also an issue for your branded water business. Maybe you could just help us understand the impact on each bank.

好的。這很有幫助。然後也許只是給我最後一篇快速的文章，然後我會把它傳遞出去。我只是，我也想了解，本季供應限制是否主要影響您的自有品牌業務，或者這是否也是您的品牌水業務的一個問題。也許您可以幫助我們了解對每家銀行的影響。

Yeah. So, I would say that it was uniformly across most of our factories that we were unable to obtain containers that we needed to support both our branded and our private label business. Now, obviously, there's a little bit of differences by, specific factory lane and geographic location and the timing of when those things hit.

是的。因此，我想說，我們大多數工廠都一致無法獲得支持我們的品牌和自有品牌業務所需的容器。現在，顯然，具體的工廠車道和地理位置以及這些事情發生的時間存在一些差異。

But it was uniformly across our business. And certainly, branded growth was a little better than our private label declines, which was more, I think a function that private label inventories were very tight entering the quarter and then were exasperated by what happened.

但這在我們的業務中是一致的。當然，品牌的成長比我們的自有品牌的下降要好一些，我認為自有品牌的庫存在進入本季度時非常緊張，然後因發生的事情而激怒了。

And that's somewhat because private label had, maybe grown faster than our customers expected, and we expected in the first half of the year, and we have benefited from that. And so that caused some problems, but uniformly, the ocean freight containers affected us across the board and the reported results really more reflect our inventory position entering the quarter.

這在一定程度上是因為自有品牌的成長速度可能比我們客戶的預期要快，而且我們在今年上半年也預期如此，我們從中受益。因此，這引起了一些問題，但統一的是，海運貨櫃對我們產生了全面影響，報告的結果確實更多地反映了我們進入本季的庫存狀況。

All right. Thank you so much. I'll pass it on.

好的。太感謝了。我會把它傳遞下去。

Thanks Bonnie

謝謝邦妮

Thank you. Our next question comes from the line of Chris Carey of Wells Fargo Securities. Your line is now open.

謝謝。我們的下一個問題來自富國銀行證券公司的克里斯凱裡。您的線路現已開通。

Hey, good morning guys. I wanted to ask about Q4 gross margins. And, and kind of like, it's about Q4, but really on the go forward So it's an incredibly, incredibly wide range that you could see for Q4.

嘿，早上好，夥計們。我想問一下第四季的毛利率。而且，有點像，這是關於第四季度的，但實際上是在前進，所以你可以看到第四季度的範圍非常非常廣泛。

I think just given your comments on SG & A, you're certainly seeming like you're going to be at the high end of your full year gross margin range maybe you can comment on it and then maybe more importantly, what does this entail for the exit rate on gross margin going into next year?

我認為，根據您對 SG & A 的評論，您看起來肯定會處於全年毛利率範圍的高端，也許您可以對此發表評論，然後也許更重要的是，這意味著明年的毛利率退出率是多少？

Should we view Q4 as a worst, kind of quarter trough? You know, this is a point in time or is this, the sort of gross margin that you're going to be looking at as we get to the front half of next year and you're really not going to be able to start seeing some sequential recovery into the back half.

我們是否應該將第四季視為最糟糕的季度低谷？你知道，這是一個時間點，或者說，當我們進入明年上半年時，你將看到某種毛利率，但你真的無法開始看到後半場的一些連續恢復。

So, like really just trying to contextualize how well we're talking in Q4. And what it means is you go into the front half of next year as you look to deliver on profit objectives for next year. Thanks.

所以，就像真的只是想了解我們在第四季的討論情況。這意味著您將進入明年上半年，因為您希望實現明年的利潤目標。謝謝。

So Chris, I'll talk to the guide a little bit. Martin can jump in. There is an incredible amount of fluidity in the ocean freight market, the container flow and, and, and that combination of cost and top line we indicated in the script, a good amount of ocean freight hit in Q4 which will impact gross margins if you follow the index, which I know you do, you would have seen a spike, a quite a strong spike in July that has been coming down.

克里斯，我會和導遊談談。馬丁可以跳進去。海運市場、貨櫃流量以及我們在腳本中指出的成本和營收的組合具有令人難以置信的流動性，第四季度的大量海運將影響毛利率，如果您跟隨指數，我知道你會這樣做，你會看到一個峰值，一個在7 月相當強勁的峰值，但一直在下降。

So, as we've talked in the past that rolls forward about a quarter, so that spike is hitting in Q4. So, we're not providing guidance on next year, but you would see a kind of the high point of ocean freight, at least in the near term in Q4 coming down as we go into next year. But lots of variables still going on in the market.

因此，正如我們過去所討論的那樣，向前滾動了大約四分之一，因此高峰將在第四季度出現。因此，我們不會提供明年的指導，但您會看到海運費的高點，至少在第四季度的短期內，隨著明年的到來而下降。但市面上仍有許多變數。

Yeah, and, and looking forward, obviously, it's, it's very hard to predict what's going to happen. But loosely speaking, the ocean freight rates that we're experiencing in October, November, maybe September, October November will hit Q1, right. And so to Corey's point, you know, we would just refer you to the indexes to sort of interpret what's going on.

是的，而且，展望未來，顯然，很難預測會發生什麼。但寬鬆地說，我們在 10 月、11 月、也許 9 月、10 月、11 月經歷的海運費將達到第一季度，對吧。因此，就科里的觀點而言，我們只是建議您參考索引來解釋正在發生的事情。

But the point we would make is the current rates that you're seeing in the indexes and that we are experiencing. And again, we don't say we're experiencing, the index rates are still orders of magnitude double or more of the long term historical averages. And if you look back to the rates that were being seen in the end of '23 and the start of '24.

但我們要指出的是，您在指數中看到的當前利率以及我們正在經歷的利率。再說一遍，我們並不是說我們正在經歷，指數利率仍然是長期歷史平均值的兩倍或更多。如果你回顧一下 23 年底和 24 年初的利率。

Those were closer to historical averages so certainly as we lap, those rates at, if you assume the current rates continue as they are, our gross margins will be negatively affected versus the periods we reported. And so, and then how long that goes on for obviously is a dependent on how long the rates, stay where they are.

這些更接近歷史平均水平，因此，如果您假設當前的利率繼續保持原樣，那麼當我們經歷這些利率時，我們的毛利率將比我們報告的時期受到負面影響。因此，這種情況持續多久顯然取決於利率維持在原來水準的時間。

Now, with all that said, the rates have been dropping since I think the first week of August. And they've been dropping in different ways by different lanes, Europe, Asia to Europe has dropped faster than Asia to east and west coast. We're not totally sure why? Much, like we're not totally sure why the rate spiked in the first place.

話雖如此，自八月第一周以來，利率一直在下降。它們以不同的方式透過不同的航線下降，歐洲、亞洲到歐洲的下降速度比亞洲到東海岸和西海岸的下降速度更快。我們不完全確定為什麼？很多，就像我們不完全確定為什麼比率首先飆升一樣。

And then, the other point we have is that some of our, our lanes of Brazil to the US, which just behaves differently and there isn't any real good index, we can refer to you on that. So, we're looking at it and we're certainly paying higher than we paid this time last year and higher than we paid in the first quarter this year.

然後，我們的另一點是，我們從巴西到美國的一些航線，只是表現不同，沒有任何真正好的指數，我們可以向您參考。因此，我們正在考慮這一點，我們支付的費用肯定高於去年這個時候的支付額，也高於今年第一季支付的支付額。

And if that were to continue, that would, be a negative impact on gross margins. The peak rates that Corey referred to be the sort of May June, July, early August rates, those were largely hit in Q4.

如果這種情況持續下去，將對毛利率產生負面影響。科里提到的峰值利率是五月、六月、七月、八月初的利率，這些利率主要在第四季受到衝擊。

So that's the sort of, I suppose the way to think about modelling it. But obviously, since this is an external market, we don't really have great visibility for what's going to happen, next week or even this week when those rates get reported tomorrow.

我認為這就是思考建模的方式。但顯然，由於這是一個外部市場，我們對於下週甚至本週明天報告這些利率時將要發生的情況並沒有很好的了解。

Okay, then just one follow up, then I'll you know, get back into the queue if so, do you have a sense of where you might be landing on the full year gross margin? Because I mean, we're talking about hundreds of basis points of range in Q4 and, and if not, which is, which is fine if you don't want to go there, can you just talk about the flexibility that you would have in the SG & A structure if there is that much variability in the Q4 gross margin, such that, you'd be delivering on the profit objectives that you're that you're raising today. That's it for me.

好的，然後只有一個跟進，然後我會告訴你，如果是這樣，請回到隊列中，你知道你的全年毛利率可能會達到什麼水平嗎？因為我的意思是，我們正在討論第四季度數百個基點的範圍，如果不是，如果你不想去那裡，那也沒關係，你能談談你將擁有的靈活性嗎？毛利率有很大的變化，那麼您就可以實現今天提高的利潤目標。對我來說就是這樣。

Yeah. So, Chris, we provided also a range of EBITDA which we think gives us the flexibility to deliver within that range, so their volatility in the, the gross margin line, but we think we can manage that within the EBITDA range. SG & A. there's always some flexibility but not, not a ton, right? Especially within this point of the year. So that's going to be pretty, pretty much in line with, with what we've guided to.

是的。所以，克里斯，我們還提供了一系列 EBITDA，我們認為這使我們能夠靈活地在該範圍內交付，因此毛利率線的波動性，但我們認為我們可以在 EBITDA 範圍內進行管理。SG & A. 總是有一定的彈性，但不是很多，對吧？尤其是在今年的這個時候。所以這將非常非常符合我們的指導方針。

Okay, thanks. Thanks a lot.

好的，謝謝。多謝。

Thank you. Our next question comes from the line of Eric Serato, Morgan Stanley. You're not and is now open.

謝謝。我們的下一個問題來自摩根士丹利的 Eric Serato。你不是，現在是開放的。

Great. Thanks. In terms of the top line, can you get a little bit more granular in terms of how you're thinking about next year and, kind of plans to continue the momentum that you've had, you've done a great job expanding households and occasions and certainly one of the only categories in [N AR TV], that's experiencing real volume growth here. But sort of, other than just kind of doing more of the same, could you get a little bit more granular about, how you keep this going in 2025 and beyond?

偉大的。謝謝。就營收而言，您能否更具體地談談您對明年的看法，以及繼續保持現有勢頭的計劃，您在擴大家庭方面做得很好和場合，當然也是[N AR TV] 中唯一的類別之一，這裡的銷量正在經歷真正的增長。但是，除了做更多相同的事情之外，您能否更具體地了解如何在 2025 年及以後繼續保持這一勢頭？

Yeah, so, or one, we like how it's going and so if we can maintain it by doing more of the same, that would be great. But obviously, we're endeavouring to accelerate it and maintain it longer than perhaps otherwise would be expected.

是的，所以，或者說，我們喜歡它的發展方式，所以如果我們可以透過做更多相同的事情來維持它，那就太好了。但顯然，我們正在努力加速它並維持它比預期更長的時間。

It starts with the category, which is quite healthy has been growing, double digit volumetrically in North America for the last, five years and doesn't seem to be slowing in any shape or form. And that is sort of the grounding for all of our planning for next year. How do we maintain that? How do we get our fair share of that? And how do we, how do we keep it going? Right.

首先是該類別，過去五年來，該類別在北美的銷量一直以兩位數的速度增長，而且似乎沒有任何形式的放緩。這是我們明年所有計劃的基礎。我們如何保持這一點？我們如何獲得公平的份額？我們如何、如何讓它繼續下去？正確的。

And you mentioned, you know, our priorities are expanding households, increasing velocity per household, increasing availability so that people can buy coconut water on more occasions. And on the velocity side, it's very much an occasion driven messaging.

你提到，你知道，我們的首要任務是擴大家庭規模、提高每個家庭的流通速度、增加供應量，以便人們可以在更多場合購買椰子水。在速度方面，這很大程度上是一種場合驅動的訊息傳遞。

So We're not really changing any of that. We're still pushing the multipacks into mass and food because there's still opportunities there. Where pushing or we tested treats this summer with a key retailer. Actually, a couple of key retailers, one more sort of promotional temporary and one on a semipermanent basis. We like what we see. So, we're offering it to more retailers.

所以我們並沒有真正改變這些。我們仍在將合裝裝推向大眾食品和食品領域，因為那裡仍然有機會。今年夏天，我們在一家主要零售商處進行了推廣或測試。實際上，有幾個主要零售商，一種是臨時促銷，另一種是半永久性的。我們喜歡我們所看到的。因此，我們將其提供給更多零售商。

We do see an interesting opportunity in coconut milk-based sort of beverages that we'd like to play in. And it's too early to tell whether the retailers will jump at that. But certainly, we like the results. We saw , the retailer, we continue to push our canned juice product. This year, we expanded it to a couple of mass retailers and a couple of food retailers.

我們確實在椰奶類飲料中看到了一個有趣的機會，我們想參與其中。現在判斷零售商是否會採取行動還為時過早。但當然，我們喜歡這個結果。我們看到，零售商，我們繼續推銷我們的罐裝果汁產品。今年，我們將其擴展到幾家大型零售商和幾家食品零售商。

It's performed well at certain retailers where the demographic works. So we're trying to expand that and we're also trying to in the convenience stores where it's been now for like 18 months. We have plans to upgrade the offering in the convenience store to maybe enhance velocity a little bit. But it, but it's sticking right.

它在某些人口統計活躍的零售商中表現良好。所以我們正在努力擴大這個範圍，我們也在便利商店嘗試這樣做，現在已經有大約 18 個月了。我們計劃升級便利商店的產品，以提高速度。但它，但它堅持正確。

And then sort of finally in the sort of core business, the 1Liter, Vita Coco Pure, which was in a convenience store this year for the first time I think, surprised us, surprised the retailer and it looks like there's a real opportunity for 1liter in convenience store for coconut order. And so, we're going to try and execute on that.

最後是核心業務，1Liter，Vita Coco Pure，我認為今年第一次出現在便利商店，讓我們感到驚訝，也讓零售商感到驚訝，看起來 1liter 確實有機會在便利商店訂購椰子。因此，我們將嘗試並執行這一點。

So, so that's sort of what we're thinking, but our final plans aren't really firm, and we certainly haven't heard back from retailers yet. And until we do, we can't commit to anything. But I think it all starts with the categories, healthy. And our goal is to maintain that health and maintain, share or grow, share to the extent we can.

所以，這就是我們的想法，但我們的最終計劃還不是很確定，而且我們當然還沒有收到零售商的回覆。在我們這樣做之前，我們無法承諾任何事情。但我認為這一切都始於類別，健康。我們的目標是保持這種健康，並盡可能地維持、分享或成長、分享。

If I could just add the opposite of granular, I think, big picture. And we've talked about this many times before is that we really believe the category in its infancy. When you look at it, it's a fraction of the size of other juice categories like cranberry and orange and so on. And we think that the category is just mainstreaming and there's an opportunity to continue to build it out and one day get to the size of some of those other larger juice categories as we build this, we don't see any reason why we can't. So we think we're in the early days of building something that we think could be quite a large category, long term.

我想，如果我能添加與細粒度相反的內容，那就是大局。我們之前已經多次討論過這一點，我們確實相信該類別還處於起步階段。當你看它時，你會發現它的大小只是蔓越莓和橙汁等其他果汁類別的一小部分。我們認為這個類別剛剛成為主流，有機會繼續發展它，有一天在我們建立這個類別時達到其他一些較大果汁類別的規模，我們看不出有任何理由可以' t。因此，我們認為我們正處於構建某種東西的早期階段，我們認為從長遠來看，它可能是一個相當大的類別。

Great. And then just following up in terms of housekeeping on gross margin. I know a lot of questions on that already. You guys called out that you, you pulled back on promotions. I think you called out the club promotion that you didn't do this year.

偉大的。然後只是跟進毛利率的內務管理。我已經知道很多關於這方面的問題了。你們大聲疾呼，你們取消了促銷活動。我想你提到了今年沒有做的俱樂部促銷活動。

Can you give us an idea of the kind of order of magnitude that things like that the reduced promos had on, you know, gross margins or price mix, this year and this quarter and, you know, sort of the impact that you expect from that kind of normalizing next year. And I guess offsetting some of the, some of the volume recovery that you're looking for.

您能否告訴我們，諸如促銷活動減少之類的事情對今年和本季的毛利率或價格組合的影響有多大，以及您期望的影響明年就會實現這種正常化。我猜想抵消了您正在尋找的一些體積恢復。

So, I think it's, we're, a little uncomfortable getting that granular. What I would say is that it was a major, major customer and if you were doing your store checks, you would not have seen a major promotion at a major club store and you can correlate the two data points.

所以，我認為，我們對於如此細化感到有點不舒服。我想說的是，這是一個主要的主要客戶，如果您進行商店檢查，您不會在大型俱樂部商店看到重大促銷活動，並且您可以將兩個數據點關聯起來。

Historically, if you were doing store checks, you'd have seen us in that club store over the last, like last year, three times and then this year it's twice, right? So, it's pretty big and pretty material to and benefited gross margin this quarter, offsetting the ocean freight and I think we'll just leave it at that rather than get into specific details of size.

從歷史上看，如果你進行商店檢查，你會在過去看到我們在那傢俱樂部商店，例如去年，三次，然後今年兩次，對吧？因此，它對本季度的毛利率來說相當大且相當重要，並使其受益，抵消了海運費用，我認為我們將就此擱置，而不是討論具體的規模細節。

Great. Thanks again. I'll pass it on.

偉大的。再次感謝。我會把它傳遞下去。

Yes. Thank you. Our next question comes from the line of John Anderson of William Blair. Please go ahead.

是的。謝謝。我們的下一個問題來自威廉布萊爾的約翰安德森。請繼續。

Hi, good morning, everybody. Thanks for the question.

嗨，大家早安。謝謝你的提問。

Year-to-date the, the international business has been powering forward. Despite, you know, some slower growth in the Americas, could you just talk a little bit about, what you're seeing there from a, , the country level trends and, maybe some of the initiatives that you've been driving, , internationally through, through the, about this year and, and what your expectations are or plans are, , for that part of the business looking forward as well.

年初至今，國際業務蓬勃發展。儘管，你知道，美洲的成長速度有所放緩，但你能否簡單談談你從國家層面的趨勢中看到的情況，也許還有你一直在推動的一些舉措，在國際上，通過，大約今年，以及您對這部分業務的期望或計劃是什麼。

Sure. So, the UK business has been a business, we've been operating for quite a long time now and it's done well. It's really started to accelerate the last year and a half or so. As households are expanding and as we're seeing the category again, really mainstream in the UK. So that's had a nice impact from a, from a solid base as it's grown quiet significantly.

當然。因此，英國業務一直是一項業務，我們已經運作了相當長的時間並且做得很好。在過去一年半左右的時間裡，它確實開始加速。隨著家庭規模的擴大以及我們再次看到該類別在英國真正成為主流。因此，隨著它變得越來越安靜，這從一個堅實的基礎產生了很好的影響。

I think we spoke about several other markets in the past, but we really like Western Europe, we like the fact that, the consumer is there, the category is becoming more global awareness around coconut water is becoming more global.

我想我們過去談到過其他幾個市場，但我們真的很喜歡西歐，我們喜歡這樣一個事實：消費者在那裡，這個類別正在變得更加全球化，人們對椰子水的認識也變得更加全球化。

And as we look at some of these markets, Germany was one of the first ones that we entered just a few years ago with, one guy and, and, a very simple strategy and it started to build and it started to build pretty quickly and we're seeing it really start to, take off now and we don't see why we can't replicate that model in other Western European markets. So that's a big focus for us.

當我們審視其中一些市場時，德國是我們幾年前進入的第一批市場之一，一個人和一個非常簡單的策略，它開始建立，並且開始建立得很快，我們看到它現在真正開始起飛，我們不明白為什麼我們不能在其他西歐市場複製這種模式。所以這是我們的重點。

As we're entering some of these other markets, we'd like to see Germany continue to expand one day be as large, larger than the UK and then see these other Western European markets catch up quite quickly. So that's a real focus for us. You know, we've talked about some decline in, in Asia, but we're looking at, restructuring the route to market there and that's coming along well.

當我們進入其他一些市場時，我們希望看到德國有一天繼續擴張，規模與英國一樣大，然後看到其他西歐市場很快就趕上。所以這是我們真正關注的焦點。你知道，我們已經討論過亞洲的一些下滑，但我們正在考慮重組進入那裡市場的路線，而且進展順利。

And so, we see the opportunity for this category to be quite significant in all of these global markets and, and we believe we're the ones that have the opportunity to, to build that business and build the category.

因此，我們看到這一類別在所有這些全球市場中都具有相當重要的機會，我們相信我們是有機會建立該業務並建立該類別的人。

Thanks, that's helpful. in what on slide 11 in the quarterly earnings deck, it, looks you share some stats around ACV performance third quarter, 2024 versus third quarter, 2023. Just broadly speaking, it, it kind of looks like an ACV levels. Have your kind of plateaued across some of the main product forms is that a function of, well, number one is that a function of some of the supply constraints that you've experienced this year and, or do you think going forward, you know, at this point, the story is more about maybe average items per location and, and, and, and velocity per location as opposed to a ACV growth from, from here going forward.

謝謝，這很有幫助。在季度財報的第 11 張投影片中，您似乎分享了一些有關 2024 年第三季與 2023 年第三季 ACV 業績的統計數據。從廣義上講，它看起來有點像 ACV 水平。一些主要產品形式的平穩性是，首先是你今年經歷的一些供應限制的函數，或者你認為未來會怎樣，你知道，在這一點上，故事更多的是關於每個位置的平均物品以及每個位置的速度，而不是從這裡開始的ACV 成長。

Yeah, it's a great question. I think the ACV numbers perhaps but not as large as we would hope to report. If you look at its slide 5, we sort of report TDP's as an illustration of the potential inventory impact at retail. I know it's hard to say this direct causation, but you see it on the scan numbers, and you see it on the TDP numbers that obviously there was a reported distribution office.

是的，這是一個很好的問題。我認為 ACV 的數量或許有，但沒有我們希望報告的那麼大。如果您查看投影片 5，我們會報告 TDP，以說明零售業的潛在庫存影響。我知道很難說這種直接因果關係，但你可以在掃描數字上看到它，並且在 TDP 數字上看到它顯然有一個報告的分銷辦公室。

We don't think we lost shelf space because the shelf space is still there. It's just the product isn't on it on a daily basis. So, I think it's more, that I think we feel pretty good about our ACV coverage and our program and the momentum on our key initiatives. But certainly, given the impact of inventory this quarter, the growth impact of those initiatives both in volume and then maybe moving the ACV needle a little bit weren't as good as we would have liked.

我們不認為我們失去了貨架空間，因為貨架空間仍然存在。只是該產品並不是每天都在使用。因此，我認為更重要的是，我認為我們對 ACV 覆蓋範圍、我們的計劃以及我們關鍵舉措的勢頭感到非常滿意。但可以肯定的是，考慮到本季庫存的影響，這些舉措對成長的影響，無論是在數量上，還是在ACV針上的一點點移動，都沒有我們希望的那麼好。

Okay, last one for me. As you think about 2025 and Martin, I think you referenced kind of confidence in the, in the long-term algorithm for, for the branded business. Can, can you just kind of remind us, how you're thinking about the long term, I'll go, for the, the branded side of the business.

好吧，最後一張給我。當您想到 2025 年和馬丁時，我認為您提到了對品牌業務的長期演算法的信心。可以，你能提醒我們一下，你是如何考慮長期的，我會選擇業務的品牌面向。

And then when you referenced additional production capacity coming online for '25 and '26, how much you know, incremental capacity is you expecting to bring online, to support growth in, '25 and '26? Thanks.

然後，當您提到 25 和 26 年上線的額外產能時，您知道多少，您期望上線增量產能以支援 25 和 26 年的成長？謝謝。

Yeah, so like our long term, you know algorithm will go for branded growth is mid-teens. I think we believe we can get there based on a category growing [low-10s] in North America and internationally growing faster, right? So that's how we think about it. Maybe North America grows a little faster earlier in that long term and international contributes more growth later in that sort of long-term algorithm.

是的，就像我們的長期目標一樣，你知道演算法將促進品牌成長到十幾歲。我認為我們相信我們可以基於在北美和國際上成長更快的類別 [low-10s] 來實現這一目標，對吧？這就是我們的想法。也許從長遠來看，北美的成長速度會更快一些，而國際市場在這種長期演算法的後期貢獻了更多的成長。

We entered this year with the capacity that we thought we needed, given some of the discussions we had last year about potentially losing a large private label, coconut water customer and as a result of which we had less capacity than would be optimal and everything ran pretty fully. I think we normally like to run at like 80% to 85% of capacity and that's not where we have been running this year.

考慮到去年我們就可能失去大型自有品牌、椰子水客戶進行的一些討論，我們進入了今年，我們認為我們需要的容量，因此我們的容量低於最佳容量，一切都在運行相當充分。我認為我們通常喜歡以 80% 到 85% 的容量運行，但這不是我們今年的運行情況。

And then it was obviously impacted by sort of the squeezing on the container freight side, both on the cost and availability side this summer. So, this year has been particularly tight. Back in, I think March, April, we clearly communicated that we were going to add capacity, and we continue to do so. We're trying to get back to that 80% 85%.

然後，它顯然受到今年夏天貨櫃貨運方面的擠壓的影響，無論是成本還是可用性方面。所以，今年的日子特別緊迫。回到三月、四月，我們明確表示我們將增加產能，我們將繼續這樣做。我們正在努力恢復到 80% 85%。

Obviously, that's based on our expected growth rate. So, whether we actually get there will be a function of, does the category grow slower or faster? And are we able to add all that capacity in the time frame? And I think this quarter we talked about '26 because we're planning '26, right? And I think we're merely signalling that we're confident and comfortable with planning for that growth and putting capacity in place to support it.

顯然，這是基於我們預期的成長率。那麼，我們是否真的會得到一個函數，該類別的成長速度是慢還是快？我們能夠在規定的時間內增加所有的產能嗎？我認為本季我們談論“26”是因為我們正在計劃“26”，對嗎？我認為我們只是發出信號，表明我們對規劃這種增長並建立支持它的能力充滿信心和信心。

So, it's really this year, it's just been about ocean freight availability. Your capacity hasn't been, the challenge there.

所以，今年確實是關於海運可用性的問題。你的能力還沒有，挑戰就在那裡。

I think when you're running, let's say in the 90s of capacity, then you know, if there's any disruption, you don't have the flexibility to react. And so, I don't think how we ran. Well, we're very happy with all our supplier relationships and how we ran this year. We would like to have spare capacity normally in the system. So we're going to try and get back to.

我認為當你運行時，比如說在 90 年代的容量中，那麼你知道，如果出現任何中斷，你就沒有靈活的反應能力。所以，我不知道我們是怎麼跑的。嗯，我們對我們所有的供應商關係以及我們今年的運作方式感到非常滿意。我們希望系統中有正常的閒置容量。所以我們要嘗試回到過去。

That makes sense. Thank you so much.

這是有道理的。太感謝了。

Thank you.

謝謝。

Our next question come from the line of Jim Cleo, Stevens. Your line is now open.

我們的下一個問題來自吉姆·克萊奧·史蒂文斯。您的線路現已開通。

Hi guys. Good. Morning. Thanks for taking our question.

嗨，大家好。好的。早晨。感謝您提出我們的問題。

Wanted to ask you maybe a handful more questions on inventory. If I just looked on a, at the balance sheet on a dollar basis, I think inventory is up like 40% quarter over quarter, but presumably in Martin, I think you touched on this and you're prepared to march.

想問你一些關於庫存的問題。如果我只看一下以美元為基礎的資產負債表，我認為庫存環比增長了 40%，但想必在馬丁，我認為你已經談到了這一點，並且你已經準備好進軍了。

That, that's because it has a higher unit cost of the elevated rates whenever you got some additional containers available. Can you give any colour on, on a unit basis? How much the inventory is up? Quarter over quarter? And, and if you can offer a split in like North American inventory versus international.

那是因為每當你有一些額外的貨櫃可用時，它的單位成本就會更高。你能以單位為單位給出任何顏色嗎？庫存漲了多少？季度比季度？而且，如果您可以提供北美庫存與國際庫存的劃分。

So Jim the primary driver and you don't really need the underlying details as it's on the water. So we view it as a positive sign that the inventory production that we've had over the summer is coming. It just didn't reach. So, it is a $20 million quarter on quarter. So, it's a big number but it's in, in transit from Asia into the, to the operating markets.

所以吉姆是主要司機，你並不需要真正需要的基本細節，因為它是在水面上。因此，我們認為這是一個積極的信號，表明我們夏季的庫存生產即將到來。只是沒達到而已。因此，季度環比為 2000 萬美元。所以，這是一個很大的數字，但它正在從亞洲轉移到營運市場。

Okay. And then I guess if we follow that through, is it, is it safe to say that while inventory will improve in 4Q, it's not going to be quite where you want it at the end of 4Q. So, we should still see incremental inventory build in the first half of 2025. Such that shipments should probably outpace consumption in both 4Q and then some period in, in one half '25.

好的。然後我想，如果我們遵循這一點，是嗎？因此，2025 年上半年我們仍應看到庫存增量。這樣，第四季的出貨量可能會超過消費量，然後在 25 年上半年的某個時期。

So, I think that's true of our sort of inventory available to ship but not necessarily true of our total inventory on the balance sheet if that makes sense.

因此，我認為這對於我們可用於運輸的庫存來說是正確的，但對於資產負債表上的總庫存來說不一定是這樣，如果這有意義的話。

So right now, as Corey alluded to at the end of Q3, we have an unusually large amount on the water because of the number of containers we were able to obtain in August and September. So most of those containers are on the water. And those will move into market and be available to shipping in Q4.

因此，正如科里在第三季末提到的那樣，由於我們在 8 月和 9 月獲得的貨櫃數量較多，所以現在我們的水面數量異常大。所以大部分容器都在水面上。這些產品將進入市場並在第四季度開始出貨。

And it, it all depends on how fast that flows out and what our end numbers are as to where it is. But we would expect the on water amount to return to more normal levels sort of by the end of the year. And hopefully, that means our end market inventory is better, but maybe, hopefully it means it isn't because demand is so good that we can't keep that, we're, we're still, not struggling to keep up, but what we, we don't catch up, right. So again, we don't really know, but that's the dynamics here for the modelling.

這一切都取決於流出的速度以及我們的最終數字是多少。但我們預計到今年年底用水量將恢復到更正常的水平。希望這意味著我們的終端市場庫存更好，但也許，希望這意味著這並不是因為需求太好而我們無法保持，我們仍然沒有努力跟上，但我們，我們沒有趕上，對吧。再說一次，我們真的不知道，但這就是建模的動態。

Okay? That's helpful. And then maybe if I could squeeze in one more on, on just a promotion, you guys called out the club promo that you kind of had to forgo because the inventory levels. Is that something that would just be seasonal. And so basically you just missed it this year and it'll be back on next year, or is it possible that if inventory is in a better spot, you could potentially run that promo in the first half of 2025 or does that kind of mess with the cadence and other stuff you have going on?

好的？這很有幫助。然後，也許如果我可以再擠進去一次，只是在一次促銷活動中，你們就喊出俱樂部促銷活動，因為庫存水平，你們不得不放棄。這只是季節性的嗎？所以基本上你今年錯過了它，明年就會回來，或者如果庫存處於更好的位置，你可能會在 2025 年上半年進行促銷活動，或者做那種混亂的事情你正在進行的節奏和其他事情？

So, this particular, retailer who we would like, you know, like to call a partner, I suppose, runs promos, periodically, let's say quarterly for argument's sake, but it might be more frequent or whatever, right? And in order to meet that demand, we need six to nine months planning because it is a very large opportunity.

所以，我想，我們希望這個特定的零售商，你知道，喜歡稱之為合作夥伴，定期進行促銷活動，為了爭論起見，我們可以說每季度一次，但它可能會更頻繁或其他什麼，對吧？為了滿足這項需求，我們需要六到九個月的規劃，因為這是一個非常大的機會。

Again, you know, it's not like we're carrying that inventory in inventory on the off chance that they want to run something. So, the answer to your question is, no, it's unlikely to pop up unexpectedly, right? But we engage in planning with them on potential timing and we would certainly hope to be considered for the same time slots that we received in '23 and '25.

再說一次，你知道，我們不會在庫存中保留這些庫存，以防萬一他們想要運行某些東西。所以，你的問題的答案是，不，它不太可能意外出現，對吧？但我們與他們一起規劃可能的時間安排，我們當然希望能夠被考慮使用我們在 23 年和 25 年收到的相同時間段。

Which would be an incremental time slot to what we, what we agreed to in '24. And it was a joint discussion, we saw what was going on and we just said, look, we can't support this. It would be foolish to run.

這將是我們在 24 年同意的增量時段。這是一次聯合討論，我們看到了正在發生的事情，我們只是說，看，我們不能支持這一點。逃跑是愚蠢的。

Got it perfect. I appreciate all the call guys. I hope I've been with you Thank you.

完美了。我感謝所有來電的人。我希望我一直在你身邊謝謝你。

Thank you. Our next question comes from the line of Eric Des Lauriers of Craig-Hallum Capital Group. Please go ahead.

謝謝。我們的下一個問題來自 Craig-Hallum Capital Group 的 Eric Des Lauriers。請繼續。

Great. Thank you for taking my questions.

偉大的。感謝您回答我的問題。

First one for me, just another question on international dynamic. So obviously, both UK and Germany remaining very strong. How should we think of, I guess what inning the German and UK markets are compared to the US?

我的第一個問題是關於國際動態的另一個問題。顯然，英國和德國仍然非常強大。我們該如何思考，我猜德國和英國市場與美國相比處於什麼階段？

And then in terms of other Western European markets, mentioned, you started in Germany a few years ago. Should we think of other Western European markets as being a few years away from having a significant impact? Or are there perhaps some others that are you know, a bit further along than just, very beginning stages here, just wondering how to think about, the sort of prospects for other Western European markets in the quarters and years ahead.

然後就其他西歐市場而言，您幾年前從德國開始。我們是否應該認為其他西歐市場幾年後才能產生重大影響？或者您是否知道其他一些人，比這裡的非常開始階段更進一步，只是想知道如何思考其他西歐市場在未來幾個季度和幾年的前景。

Yeah, so I think UK is, is quite developed. And so distribution is quite developed in the UK. Consumer and consumption per consumer is growing in the UK. And I think that's adding a lot of the, growth there, but the distribution is quite developed.

是的，所以我認為英國相當發達。所以英國的發行相當發達。英國的消費者和消費者人均消費正在成長。我認為這增加了很多增長，但分佈相當發達。

As we look at other markets, the other markets, we've been you know, if you think about some of the other Western European, large countries, large consumer markets we've been developing, those over the last 12 to 18 months.

當我們關注其他市場時，您知道，如果您考慮我們在過去 12 至 18 個月中一直在開發的其​​他一些西歐、大國、大型消費市場，我們就會知道。

So, laying a foundation and everything is just happening a little faster these days because I think of where the category is just from an awareness level on a global level. And so, we see these markets starting to potentially have more of an impact quicker than they would have a few years ago.

因此，奠定了基礎，現在一切都發生得更快了一些，因為我認為這個類別只是從全球層面的認知層面來看。因此，我們看到這些市場開始比幾年前更快產生更大的影響。

So, we're excited about, about the opportunity and, we think that over the next couple of years, the international growth will have more and more of an impact on the P&L as they start to develop Twitter.

因此，我們對這個機會感到興奮，我們認為，在未來幾年中，隨著 Twitter 的開發，國際成長將對損益表產生越來越大的影響。

That's very helpful. And then just last question for me, just kind of zooming in on the acceleration in revenue growth expected in Q4. Obviously, there's, replenishing of inventory levels. Is it fair to assume a stronger rebound in private label sales quarter over quarter, branded sales due to that sort of tighter inventory or, are both private label and it, and branded inventories kind of increasing at a similar rate. And thus, we should expect private label inventory levels to, I guess just take a bit longer to replenish.

這非常有幫助。然後是我的最後一個問題，只是放大了第四季預期營收成長的加速。顯然，有庫存水準的補充。假設自有品牌銷售逐季強勁反彈是否公平，品牌銷售由於庫存緊張而導致，或者，自有品牌和品牌庫存都以類似的速度增長。因此，我們應該預期自有品牌的庫存水平，我想只是需要更長的時間來補充。

What I would say. That's really hard to model. It depends on a whole bunch of things, not least of, one of them, which we haven't you mentioned in the Q&A yet, which is transit times which are unusually long and what happens on transit times because some of the private label is produced at certain locations.

我想說的話。這確實很難建模。這取決於一大堆事情，尤其是其中一個，我們在問答中還沒有提到，那就是運輸時間異常長，以及運輸時間會發生什麼，因為一些自有品牌是在某些地點生產。

And so, it all depends on, on those lanes. So, I think we would hope for inventory recovery across the board. We're certainly not prioritizing, you know, production or anything. we're trying to take care of all of our customers is how I would put it. And, that would hopefully involve some recovery in private label shipments relative to the trends we saw Q3, but exactly how that plays out relative to brand item.

因此，這一切都取決於這些車道。因此，我認為我們希望庫存全面恢復。你知道，我們當然不會優先考慮生產或其他任何事情。我會這麼說，我們正在努力照顧所有客戶。而且，相對於我們第三季看到的趨勢，這有望涉及自有品牌出貨量的一些復甦，但具體來說，這與品牌產品相關。

Alright, that's helpful. Thank you. For taking my questions.

好的，這很有幫助。謝謝。回答我的問題。

Awesome. Thanks.

驚人的。謝謝。

Thank you. Our next question comes from the line of Michael Lavery of Piper Sandler. Your line is now open.

謝謝。我們的下一個問題來自 Piper Sandler 的 Michael Lavery。您的線路現已開通。

Thank you, good morning, just looking at slide 5, obviously the category outperformed in the period where you had the inventory headwinds, I guess. Can you just help us understand it? It would seem, if you're attributing your deceleration and, and softness to the inventory availability, what did the rest of the category do differently that, that put them in a better position to, to maintain the growth rate that you show there?

謝謝，早上好，只要看一下幻燈片 5，我想顯然該類別在庫存逆風期間表現出色。你能幫我們理解一下嗎？看起來，如果您將減速和疲軟歸因於庫存可用性，那麼該類別的其餘部分做了什麼不同的事情，使他們處於更好的位置，以維持您在那裡顯示的成長率？

So, obviously we don't have, great visibility, but one at, 45% share, 50% share on the old data set. You know, all slow down would pull the category down. So that's what's pulling the category down.

因此，顯然我們沒有很好的可見性，但在舊資料集上有 45% 的份額、50% 的份額。你知道，所有的放緩都會拉低該類別的水平。這就是拉低該類別的原因。

It looks to us like initially some of our competitors had more inventory entering this period of time when they should have seen similar things to what we saw whether they saw them to the degree we saw, obviously it's impossible to know what their arrangements are. But I would say towards the end of the quarter, you're starting to see some of them struggle either on the, supplying private label skus to retailers or on the branded side.

在我們看來，最初我們的一些競爭對手有更多的庫存進入這段時間，他們應該看到與我們看到的類似的情況，無論他們看到的程度是否達到我們所看到的程度，顯然不可能知道他們的安排是什麼。但我想說的是，到了本季末，你開始看到他們中的一些人在向零售商提供自有品牌 SKU 方面或在品牌方面陷入困境。

So, you're starting to see that. And so, my hunch would be, and it's a hunch as opposed to fact, if they started with better inventory and then as they probably suffered some of the same issues, it starts to show up and I think as we have been clear, we started with inventories unusually low, and it flowed through very quickly for us.

所以，你開始看到這一點了。因此，我的預感是，這是一種與事實相反的預感，如果他們一開始有更好的庫存，然後由於他們可能遇到一些相同的問題，它開始出現，我認為正如我們已經明確的那樣，我們一開始庫存異常低，但我們的庫存很快就流完。

That's helpful and it makes sense. But I guess you also touched on how you haven't been doing as much or almost any longer-term contracts. Does that impact availability? And could that be a difference? And then II, love to understand a little bit too.

這很有幫助，而且很有意義。但我想你也談到了你如何沒有做那麼多或幾乎沒有簽訂任何長期合約。這會影響可用性嗎？這會有所不同嗎？然後II，也愛理解一點。

You mentioned how for next year you're looking at more some flex rate options that, that seems like it might secure the availability better. But not quite be the same as a long-term contract, can you just maybe help us understand exactly how that works and, and also what the cost implications of that might be?

您提到明年您將考慮更多一些彈性費率選項，這似乎可以更好地確保可用性。但與長期合約並不完全相同，您能否幫助我們確切地了解其運作方式以及其可能產生的成本影響？

Yeah. So obviously we don't know how, you know, competitors either on the branded side or the private label supply, you know, how they deal with, you know, contracts. I think historically, we have fixed price contracts for 75% 80% of the lane, and that sort of guaranteed capacity, right, or at least locked it in.

是的。因此，顯然我們不知道品牌方面或自有品牌供應方面的競爭對手如何處理合約。我認為從歷史上看，我們對 75% 80% 的車道有固定價格合同，並且有這種保證容量，對，或至少鎖定它。

And we thought that was a sensible approach. When the rates went crazy, we stopped entering into fixed rates agreements while still trying to preserve some commitments on capacity. I think it's fair to say that in the May to July period while some of those commitments were met, some of them were rolled. And we didn't get the commitment. So we've had discussions with the carriers, you know, as to how can we make these commitments.

我們認為這是一個明智的做法。當費率瘋狂時，我們停止簽訂固定費率協議，同時仍試圖保留一些容量承諾。我認為可以公平地說，在五月至七月期間，雖然其中一些承諾得到了履行，但其中一些承諾卻被兌現了。我們沒有得到承諾。因此，您知道，我們已經與運營商討論瞭如何做出這些承諾。

And, and we're also talking internally as to whether we should commit for more than 75% 80% of the capacity on these lanes. Obviously, what's the downside? What the penalties if there are penalties? Can we, can we roll those commitments, etc.

而且，我們還在內部討論是否應該承諾這些車道上超過 75% 至 80% 的容量。顯然，有什麼缺點呢？如果有處罰的話會受到什麼處罰？我們可以、可以兌現這些承諾嗎？

So, we're having all of those discussions and we're just merely trying to indicate, I think that we're trying to through the relationships of the carriers get firmer commitments on capacity. So the squeeze doesn't happen. We're trying to plan to build inventory and market to more normal levels, maybe raising inventory on key SKU,s.

因此，我們正在進行所有這些討論，我們只是試圖表明，我認為我們正在努力透過營運商的關係獲得更堅定的運力承諾。所以擠壓不會發生。我們正在努力計劃將庫存和市場建立到更正常的水平，也許會增加關鍵 SKU 的庫存。

But to actually get there will probably take six months, seven months because it doesn't happen overnight. And we're also still talking to carriers about potential fixed rates agreements. You know, if those rate agreements are at the current rates, we still think they're unusually high. So we're not that excited about entering into them. So that's sort of how we're thinking about it. Yeah.

但要真正實現這一目標可能需要六個月、七個月的時間，因為這不可能一蹴可幾。我們也正在與營運商討論潛在的固定費率協議。你知道，如果這些費率協議按目前的費率計算，我們仍然認為它們異常高。所以我們對加入其中並不那麼興奮。這就是我們的想法。是的。

Okay. Yeah. Thanks for that. And then just quickly on the private label, can you give us a sense, the one and two Q volumes were up, more modestly, not too significantly, but then of course, down significantly. Can you give us any sense of how much is from the discontinuation of the oil in the quarter versus the inventory headwinds to try to understand sort of a, X oil volume decline.

好的。是的。謝謝你。然後很快就在自有品牌上，你能給我們一種感覺嗎，一號和二號Q的銷量有所上升，比較溫和，不是太顯著，但當然，大幅下降。您能否告訴我們本季石油停產與庫存逆風的影響有多大，以試圖理解石油產量的下降。

Yeah, we're a little reluctant to quantify it because it relates to one customer. And we think that would be, you know, unfair to that relationship. I think I would point you to what we said last year in Q2 and Q3 when we sort of quantified losing a all that customer's business and then just the other business, right?

是的，我們有點不願意量化它，因為它與一位客戶有關。我們認為這對這種關係不公平。我想我會向您指出我們去年在第二季度和第三季度所說的內容，當時我們量化了失去所有客戶的業務，然後只是失去了其他業務，對吧？

And that's how to back into what it might be. I think, importantly, we continue to ship oil to them through Q1. So we will lap that number starting Q2 next year, but until then that is a drag. And then as it relates to, if you look at our Q2 shipments, that number reflects largely private labelled coconut water with a little bit of oil business to other customers.

這就是如何回到可能的樣子。我認為，重要的是，我們在第一季繼續向他們運送石油。因此，我們將從明年第二季開始達到這個數字，但在那之前，這將是一個拖累。然後，如果你看看我們第二季的出貨量，這個數字主要反映了私人標籤的椰子水，還有一些其他客戶的石油業務。

So that's sort of a baseline. And then you see what we did in Q3, which is related to availability of inventory primarily of, of the private label, coconut water on the private label revenue side. So that's how I would sort of think about it. And yeah, we're just unwilling to quantify the number beyond what we said because it's a single customer.

所以這是一個基線。然後你會看到我們在第三季所做的事情，這與自有品牌收入方面主要自有品牌椰子水的庫存可用性有關。這就是我的想法。是的，我們只是不願意量化超出我們所說的數字，因為它是單一客戶。

No, thanks for that. Yeah, we can kind of do the math you're talking about, but it's obviously quite lumpy and there's a few moving parts. So just trying to get a sense maybe. Could you just talk about what you mentioned two Q ship some oil. If, we're trying to think of how to model four and one Q now to kind of round out the lap, any call out on pacing or timing of, of just how to think about what the history would be that you'd be going against.

不，謝謝你。是的，我們可以做你所說的數學計算，但它顯然相當不穩定，並且有一些移動部件。所以也許只是想了解一下。你能簡單談談你提到的兩個Q運送一些石油嗎？如果，我們現在正在嘗試考慮如何對四和一個 Q 進行建模，以完成一圈，任何關於節奏或計時的呼籲，以及如何思考您將成為的歷史反對。

So, so a couple things Michael first to go back in, in my repaired remarks, I referenced a 30% decrease in volume on private label. And, and as we've talked about the volume is much more driven by the water than the oil because of the weight and price. And so that should give and then the bulk of the oil was sold only in Q1, those very little private label oil post Q1 in the financial to that customer.

所以，麥可首先要回顧的幾件事，在我修改後的言論中，我提到自有品牌的銷售量減少了 30%。而且，正如我們所討論的，由於重量和價格，水的體積比石油的體積更大。因此，這應該給出，然後大部分石油僅在第一季出售，那些很少的自有品牌石油在第一季財務報告中出售給該客戶。

That's a really helpful clarification. Okay, thanks. I'll pass it on.

這是一個非常有用的澄清。好的，謝謝。我會把它傳遞下去。

Thanks, Michael.

謝謝，麥可。

Thank you. Our next question comes from the line of Brian Spillane of Bank of America. Your line is now open.

謝謝。我們的下一個問題來自美國銀行的布萊恩‧斯皮蘭 (Brian Spillane)。您的線路現已開通。

Thanks operator and good morning everyone. I guess there's, there's three topics. I wanted you guys to get some, give us some colour on. One is Vita Coco Spiked. The other is just visibility on all of this with, freight and boats and availability. And the third if we should be considering tariffs at all, but so maybe the first one, Michael just on, on Vita Coco Spiked. Can you give us now? It's, kind of where you think that brand stands, what the potential is.

謝謝接線員，大家早安。我想有，有三個主題。我希望你們能得到一些，給我們一些顏色。其中之一就是維塔可可尖刺。另一個是對所有這些的可見性，包括貨運、船隻和可用性。第三個，如果我們應該考慮關稅的話，但也許第一個，邁克爾剛剛在 Vita Coco Spiked 上。現在可以給我們嗎？這就是你認為品牌所處的位置、潛力是什麼。

With the bit of Cocoa brand really extendable into ready to drink alcohol, just, kind of, your thoughts on it. Now as we, we kind of think into next year.

可可品牌的一部分確實可以延伸到即飲酒精中，只是，有點，你對此的想法。現在，我們正在考慮明年。

Yeah. No, we did this, what was it almost two years ago now? And we had we think it was a really great kick off to our communication around mixing alcohol and coconut water. It helped us there was a large marketing push quite a few dollars spent on our partners part in terms of marketing spiked and marketing this concept of coconut water and spirits.

是的。不，我們這樣做了，那是大約兩年前的事嗎？我們認為這是我們圍繞酒精和椰子水混合進行交流的一個非常好的開始。它幫助我們進行了大規模的行銷推廣，在行銷飆升和行銷椰子水和烈酒的概念方面，我們的合作夥伴花費了相當多的美元。

We coupled that with a large communication push about cocktail mixing and obviously quite a bit of on premise, sales and marketing that we've done since we've seen coconut water and cocktails become a large usage occasion over the last two years for us and we think is driving quite a bit of our or a bit of our growth these days.

我們將這一點與關於雞尾酒混合的大量溝通推動相結合，顯然，自從我們看到椰子水和雞尾酒在過去兩年成為我們的大量使用場合以來，我們所做的大量現場銷售和營銷工作，我們認為這些天正在推動我們的成長。

So, we're excited about that the actual product by the coco spikes has not been incredibly successful., it was a licensing deal. And it hasn't been incredibly successful. The category is very crowded. Not to say that a ready to drink version of Vita Coco with spirits can't work. This one has not been, has not been an incredible success.

因此，我們很高興 coco Spikes 的實際產品並沒有令人難以置信的成功。但它並沒有取得令人難以置信的成功。該類別非常擁擠。這並不是說即飲版維他可可與烈酒不起作用。這還沒有令人難以置信的成功。

But we think it helps us really get this concept and this use education off the ground. So we think it might, it, for us, it's been successful, but the product itself that has not been a huge success.

但我們認為這有助於我們真正理解這個概念並運用教育。所以我們認為它可能，它，對我們來說，它是成功的，但產品本身並沒有取得巨大的成功。

So, is, there a chance to come to, to actually reboot more as a mixer, you know, getting bartenders to craft cocktails with it and, rather than go the ready to drink approach, is there a thought behind, actually having it more as a potential of base for a mixer line?

所以，有機會真正重新啟動，作為調酒師，你知道，讓調酒師用它調製雞尾酒，而不是採用即飲方法，背後是否有一個想法，實際上擁有更多作為攪拌機生產線的潛在基礎？

That's exactly what we've done and we've been quite successful with it and it's growing. And we have a team against it now and it's starting to show up in more and more bars on more and more cocktail menus and mocktail menus. And that's become a big focus for the organization. And like I said, I think we, we believe a big use education for, Vita Coco. So absolutely.

這正是我們所做的，我們在這方面非常成功，而且還在不斷發展中。我們現在有一個團隊反對它，它開始出現在越來越多的酒吧的雞尾酒菜單和無酒精雞尾酒菜單上。這已成為該組織的一大焦點。就像我說的，我認為我們相信教育對維塔可可有很大的用途。絕對是如此。

And, and then I guess as we're thinking about, there's been a lot of discussion about boats and freight rates today, probably more than you all would like to talk about. But I, I think Martin you might have made mentioned at some point earlier. that you're not quite sure why rates have moved up the way they have and, and just the whole thing just seems a little bit shrouded,

然後我想，正如我們正在思考的那樣，今天有很多關於船隻和運費的討論，可能比你們所有人想談論的還要多。但我，我想馬丁你可能在早些時候提到過。你不太確定為什麼利率會這樣上漲，而且整件事情似乎有點被掩蓋了，

I guess. So, I guess with that in mind just as we're thinking about your marketing and, and merchandizing plans for next year, are you having to caveat it or put some sort of pause around things because of that uncertainty. I just, I guess trying to get an understanding of retailers, you know, willingness to lean into any kind of promotions or merchandizing programs if we're still sort of dealing with, product availability.

我猜。因此，我想考慮到這一點，就在我們考慮您明年的行銷和銷售計劃時，您是否必須因為這種不確定性而做出警告或暫停一些事情。我只是，我想試著了解零售商，你知道，如果我們仍在處理產品可用性問題，他們是否願意參與任何類型的促銷或商品化計劃。

So, I think, we hope that next year we'll be able to return to more normal promotional cadence. Our view on ocean freight is that the long-term averages seem to us to be more reasonable assumptions for long term business.

所以，我認為，我們希望明年我們能夠恢復到更正常的促銷節奏。我們對海運的看法是，在我們看來，長期平均水平對於長期業務似乎是更合理的假設。

There's a lot of capacity being built by the carriers as a result of that, very rich profits during COVID as it relates to the recent rate spike, that the primary impact of that other than affecting us and other customers seems to have been to enrich the profitability of the carriers.

因此，承運商正在建立大量運力，在新冠疫情期間利潤非常豐厚，因為這與最近的費率飆升有關，除了影響我們和其他客戶之外，其主要影響似乎是豐富了我們的業務。盈利能力。

But it sure looks like everyone expects that to be short term. So, for our long-term planning, that's how we're thinking about it. Obviously, in the short term, if rates remain high, we'll have to look at what to do including taking pricing to cover it. If we think it's more than permanent. At the current point in time, as you'll see in the indexes, the rates continue to drop.

但看起來每個人都預期這只是短期的。因此，對於我們的長期規劃，這就是我們的想法。顯然，在短期內，如果利率仍然很高，我們將不得不考慮採取什麼措施，包括採取定價來彌補它。如果我們認為這不僅僅是永久性的。在當前時間點，正如您在指數中看到的那樣，利率繼續下降。

The European rate, the rates to Europe drop have dropped faster than the rates to the US. We don't know why. And we sort of expect the rates to the US to continue to drop. But we can't bet on that. So, it's something we're monitoring closely and trying to build plans for next year that give us some flexibility to react to whatever is going on, including potentially taking price. So

歐洲利率，歐洲利率下降速度快於美國利率下降速度。我們不知道為什麼。我們預計美國的利率將繼續下降。但我們不能就此打賭。因此，我們正在密切關注這個問題，並試圖制定明年的計劃，讓我們能夠靈活地應對正在發生的任何事情，包括可能的價格調整。所以

Is it fair to say that the, the lack of visibility is more around cost than it is availability is we're right now and as we're looking at the next year.

公平地說，我們現在和明年的情況是，缺乏可見性更多的是成本方面的問題，而不是可用性方面的問題。

Yes, availability has gotten much better and is much less of an issue already and becoming less and less of an issue for us. The price remains elevated compared to like Martin mentioned historical levels and compared to where we were a year ago, but availability is, is coming back on, on that was a short term thing lasted a couple of months, clearly messed us up and put us in a tough situation, but we've weathered it, gotten through it and we feel we're, we're now building inventory and getting back into a much better position.

是的，可用性已經變得更好，並且不再是一個問題，而且對我們來說也越來越不再是一個問題。與馬丁提到的歷史水平和一年前相比，價格仍然較高，但可用性正在恢復，這是一個持續了幾個月的短期事件，顯然把我們搞砸了，讓我們在艱難的情況下，但我們已經度過了難關，度過了難關，我們覺得我們現在正在建立庫存並回到更好的位置。

Okay. So, you know, you're going to have boats like you're going to have product and be able to merchandise. Really, the question next year is going to be more around what the margin might be. And I don't want to put words in your mouth, but to prioritize filling customers' orders and consumer demand and if there's some margin volatility while it's not perfect, the trade-off is going to be, I think right to, to service the demand versus holding back because of freight cost.

好的。所以，你知道，你將擁有船隻，就像你將擁有產品並能夠進行銷售一樣。事實上，明年的問題將更多地圍繞利潤率可能是多少。我不想把話放在嘴裡，但要優先考慮滿足客戶的訂單和消費者的需求，如果存在一些利潤波動，而它並不完美，那麼我認為正確的權衡將是服務需求與因運費而受到抑制的情況。

Yeah, I think, I think we're very focused on trying to maintain category growth and consumer interest. And again, our long-term view is, is that the cost side should resolve itself.

是的，我認為，我們非常專注於維持品類成長和消費者興趣。再說一次，我們的長期觀點是，成本方面應該自行解決。

Okay. And the last one just on tariffs, just because it's, it's been topical, or at least in the, in the, in the news cycle. So just anything that you are thinking about in terms of contingencies or, I don't know in the event that there's a blanket tariff.

好的。最後一個是關於關稅的，因為它一直是熱門話題，或至少在新聞週期中。因此，您在考慮意外情況時所考慮的任何事情，或者我不知道是否存在一攬子關稅。

You know, just what, what are your thoughts about how you handle that.

你知道，你對如何處理這件事有什麼想法。

If there's a coconut tariff? Yeah, I mean, you know, we're, we would, we would take price or, or, you know, operate, you know, the business a bit differently, but we think that we, we're not really planning on anything right now. We would watch it and if the coconut tariff came into effect, we would likely take.

如果有椰子關稅嗎？是的，我的意思是，你知道，我們，我們會，我們會採取價格，或者，你知道，經營，你知道，業務有點不同，但我們認為我們，我們並沒有真正計劃現在什麼都可以。我們會觀察，如果椰子關稅生效，我們可能會採取行動。

Price. Yeah, we would have a very justifiable reason to take price, and we would be able to move that into the market and it would affect obviously many other categories.

價格。是的，我們有一個非常合理的理由來定價，我們將能夠將其轉移到市場上，這顯然會影響許多其他類別。

Cool! Thanks guys.

涼爽的！謝謝你們。

Thanks Bryan.

謝謝布萊恩。

Thankyou (Operator Instructions) Our next question comes from the line of Robert Ottenstein of Evercore ICI your line is now open.

謝謝（操作員說明） 我們的下一個問題來自 Evercore ICI 的 Robert Ottenstein，您的線路現已開通。

Great. Thank you very much. Two questions, first, we're hearing that Walmart and Target are, are doing pretty big shuffling of their beverage aisles and shelf space next year. So, in, in that context, wondering if you could talk about whether the coconut water space, the coconut area overall, do you expect to gain for that, for that category to gain shelf space next year?

偉大的。非常感謝。有兩個問題，首先，我們聽說沃爾瑪和塔吉特明年將對其飲料通道和貨架空間進行相當大的調整。因此，在這種情況下，想知道您是否可以談談椰子水空間、整個椰子麵積是否會因此而獲得收益，該類別明年是否會獲得貨架空間？

And you know, obviously, particularly, you know, whether you expect to gain more than others, more of your fair share of shelf space. And then the second question is we subtle, a lot of attention and excitement about power lift at max. Love to kind of get a little bit more sense of the commercial plans there. How big a push that's going to be, how big that can be? Thank you.

你知道，顯然，特別是，你知道，你是否期望比其他人獲得更多，更多的公平份額的貨架空間。第二個問題是我們對最大功率提升的微妙、大量關注和興奮。喜歡對那裡的商業計劃有更多的了解。這將產生多大的推動力，能有多大？謝謝。

Yeah. So, on shelf space, we've had some, you know, preliminary communication from some of the retailers as to what they're thinking, but until they finalize those and execute, it's really hard to tell. So I think we have a really good story on the health of the category and the growth of the category and the growth of multipacks.

是的。因此，在貨架空間上，我們已經與一些零售商就他們的想法進行了初步溝通，但在他們最終確定並執行之前，真的很難說。因此，我認為我們在該類別的健康狀況、該類別的增長以及合裝包的增長方面有一個非常好的故事。

There's some discussion and some retailers may that coconut water moves to a different set, which would probably be better for us from a volume foot traffic perspective but might result in less singles being on served, which as long as we preserve some singles would probably be fine. So, you know, there's lots of moving pieces there and until those get resolved, as you say, these things take time, it's really hard to talk about.

有一些討論，一些零售商可能會將椰子水轉移到不同的套餐，從客流量的角度來看，這可能對我們更好，但可能會導致提供的單打飲料減少，只要我們保留一些單打飲料，這可能會減少美好的。所以，你知道，那裡有很多變化，在這些問題解決之前，正如你所說，這些事情需要時間，這真的很難談論。

But I think generally we feel good about the conversations we've had with retailers about shelf space. And then powerly, still like it. I'm still drinking lots of it. And we like where it is. We haven't announced plans for next year yet. I don't think it will be probably material to our P&L outlook when we talk to you in the next quarter. But we continue to work and there's something in protein and beverages and we're determined to try and unlock it.

但我認為總的來說，我們對與零售商就貨架空間進行的對話感到滿意。然後有力氣，還是喜歡。我還在喝很多。我們喜歡它所在的地方。我們還沒有宣布明年的計劃。當我們在下個季度與您交談時，我認為這可能不會對我們的損益前景產生重大影響。但我們繼續努力，蛋白質和飲料中蘊藏著某些東西，我們決心嘗試解鎖它。

All right. Thank you. I am sure no further questions at this time. I would now like to turn it back to Martin Roper for closing our marks.

好的。謝謝。我確信目前沒有其他問題了。現在我想把它轉回馬丁·羅珀來結束我們的標記。

All right, Steven. Well, thank you for hosting. Thank you everyone for joining us and we look forward to talking again next quarter. Cheers.

好吧，史蒂文。好的，謝謝您的主持。感謝大家加入我們，我們期待下個季度再次交談。乾杯。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。