Vita Coco Company Inc (COCO) 2025 Q1 法說會逐字稿

Good day and welcome to the Vita Coco Company first quarter 2025 earnings call. At this time, all participants are on a listen-only mode. After the speaker presentation, there will be a question and answer session. (Operator Instructions) I would now like to hand the conference over to your first speaker, Mr. John Mills, managing partner at ICR. Please go ahead.

大家好，歡迎參加 Vita Coco Company 2025 年第一季財報電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將有問答環節。（操作員指示）現在，我想將會議交給第一位發言人，ICR 的執行合夥人約翰·米爾斯先生。請繼續。

Thank you and welcome to the Vida Coco Company first quarter 2025 earnings results conference call. Today's call is being recorded. With us are Mr. Mike Kirban, executive Chairman; Martin Roper, Chief Executive Officer; and Corey Baker, Chief Financial Officer. By now everyone should have access to the company's first quarter earnings release issued earlier today.

感謝您並歡迎參加 Vida Coco Company 2025 年第一季收益業績電話會議。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；馬丁·羅珀（Martin Roper），首席執行官；以及首席財務官 Corey Baker。現在每個人都應該可以看到該公司今天早些時候發布的第一季財報。

This information is available on the investor relations section of the Vita Coco Company's website at investors.thevitacococompany.com. Also on the website, there's 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 harbor provisions of the Private Securities Litigation Reform Act of 1,995.

此資訊可在 Vita Coco Company 網站 investors.thevitacococompany.com 的投資者關係部分找到。網站上也附有我們的商業和財務表現結果的介紹。本次電話會議上發表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. Please refer to today's press release and other filings with the SEC for 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.

這些前瞻性陳述是基於管理階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做出的任何前瞻性陳述中表達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-gap financial measures as we describe our 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，在電話會議中，我們將使用一些非差距財務指標來描述我們的業務績效。我們的 SEC 文件以及收益新聞稿和補充收益報告提供了非 GAAP 財務指標與最直接可比較的 GAAP 指標的對賬，並且也可在我們的網站上查閱。

And with that, it is my pleasure to turn the call over to Mike Kirban, our co-founder and executive Chairman.

接下來，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, John, and good morning, everyone. Thank you for joining us today to discuss our first quarter financial results and our expectations for the balance of 2025. 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 you beverages that uplift our communities and do right by our planet.

謝謝，約翰，大家早安。感謝您今天加入我們討論我們的第一季財務業績以及我們對 2025 年餘下的預期。首先，我要感謝我們全球所有的同事，感謝他們為我們帶來的持續強勁表現，感謝他們對 Vita Coco 公司的承諾，感謝他們對我們的使命——創造符合道德、可持續、對您更有益的飲料，以提升我們的社區，保護我們的地球。

As we start a new year, I thought I would reiterate our priorities for delivering long-term shareholder growth built on the foundation of Vita Coco, our leading coconut water brand, and a strong diversified supply chain that has consistently supported our long-term growth even in the face of a pandemic and transportation disruptions.

值此新年伊始，我想重申我們的優先事項，即實現長期股東增長，這建立在我們領先的椰子水品牌 Vita Coco 和強大的多元化供應鏈的基礎上，即使在疫情和交通中斷的情況下，該供應鏈也始終如一地支持著我們的長期增長。

Our growth strategy has been and continues to be consistently built on four core pillars. First, we plan to grow our Vita Coco brand by growing the coconut water category and gaining share in our core markets. Second, we will innovate around our core Vita Coco coconut water offerings to increase the occasions and appeal of our beverages beyond pure coconut water.

我們的成長策略一直並將繼續以四大核心支柱為基礎。首先，我們計劃透過擴大椰子水類別並在核心市場中贏得份額來發展我們的 Vita Coco 品牌。其次，我們將圍繞核心的 Vita Coco 椰子水產品進行創新，以增加我們飲料的場合和吸引力，超越純椰子水。

Vita Coco press coconut water, Vita Coco coconut juice, Vita Coco Farmers organic, Vita Coco coconut milk, and Vita Coco treats are several recent successful examples of this strategy. Third, we strive to grow internationally in markets where we believe that we can build a winning Vita Coco presence by investing in our brand and driving coconut water category growth.

Vita Coco 壓榨椰子水、Vita Coco 椰子汁、Vita Coco Farmers 有機產品、Vita Coco 椰奶和 Vita Coco 零食是這項策略的幾個近期成功案例。第三，我們致力於在國際市場上發展，我們相信，透過投資我們的品牌和推動椰子水類別的成長，我們可以在國際市場上建立成功的 Vita Coco 形象。

Our best example of this is Germany, who doubled their volume sold relative to the same quarter last year. I believe that we have a long runway for growth by successfully executing these strategies. Finally, we will continue to explore innovation in adjacent categories to coconut water, with a long-term view to building additional branded platforms and also look at M&A opportunities where we can add significant value and attractive returns for our shareholders.

最好的例子是德國，其銷量與去年同期相比翻了一番。我相信，透過成功實施這些策略，我們將擁有長久的成長空間。最後，我們將繼續探索椰子水相關類別的創新，著眼於長期建立更多品牌平台，並尋找併購機會，為股東增加顯著價值和可觀的回報。

Against these priorities, we're seeing terrific returns on our efforts. Coconut water remains one of the fastest growing beverage categories in the beverage aisle, growing 23% in the US and 19% in the UK in Q1 based on Sirkana data.

針對這些優先事項，我們的努力獲得了豐厚的回報。椰子水仍然是飲料貨架上成長最快的飲料類別之一，根據 Sirkana 的數據，第一季美國椰子水成長了 23%，英國椰子水成長了 19%。

This, coupled with the acceleration of the emerging German market, has resulted in very strong global net sales performance for our first quarter and similarly, strong reported gross profit, net income, and adjusted EBITDA. In the first quarter of 2025, according to Sirkana, Vita Coco coconut water grew 20% in retail dollars in the US and grew 21% in the UK. This strong momentum and a much stronger inventory position than we had last year leads me to be very optimistic about our branded coconut water growth in 2025.

再加上德國新興市場的加速發展，使得我們第一季的全球淨銷售額表現非常強勁，報告的毛利、淨收入和調整後的 EBITDA 也同樣強勁。據 Sirkana 稱，2025 年第一季度，Vita Coco 椰子水在美國零售額成長了 20%，在英國成長了 21%。這種強勁的勢頭和比去年更強勁的庫存狀況讓我對我們 2025 年品牌椰子水的成長非常樂觀。

In addition to the very healthy Vita Coco coconut water retail growth, we've seen strong scan growth for private label coconut water, which resulted in growth in our private label coconut water net sales, even with the initial impact of lost regions for private label coconut water that we talked about last quarter.

除了 Vita Coco 椰子水零售量非常健康地增長之外，我們還看到自有品牌椰子水的掃描量強勁增長，這導致我們的自有品牌椰子水淨銷售額增長，即使受到上個季度我們談到的自有品牌椰子水地區損失的初步影響。

I believe that our private label business remains a strategically important pillar of our business from a supply chain perspective, and that allows us to benefit more fully from our category growth initiatives. We continue to get asked to bid on business for private label coconut water and coconut oil and expect that we will win new business in this portion of the category.

我相信，從供應鏈的角度來看，我們的自有品牌業務仍然是我們業務的重要策略支柱，這使我們能夠從品類成長計畫中更充分地受益。我們不斷被要求競標自有品牌椰子水和椰子油的業務，並期望我們將在這一類別中贏得新業務。

Although private label is a strategically important part of our business, it can be more vulnerable to fluctuations than our branded business. I will reiterate what we've been saying for years, which is that as we continue to grow our business, we expect our branded sales to be the largest contributor to that growth long term.

儘管自有品牌是我們業務中具有策略重要性的一部分，但它比我們的品牌業務更容易受到波動的影響。我將重申我們多年來一直在說的話，那就是隨著我們業務的不斷發展，我們預計我們的品牌銷售將成為長期成長的最大貢獻者。

In 2025, our commercial initiatives include emphasis on Vita Coco multipacks, Vita Coco Farmers Organic, and Vita Coco juice, the expansion of our skews in convenience stores, continued investment in our food service efforts, and the launch of Vita Coco Treats on a national basis. We're excited about the initial reception for Vita Coco Treats and for the future of innovative coconut milk-based beverages, which creates an indulgent occasion that could offer us yet another path for long term growth.

2025 年，我們的商業計劃包括重點關注 Vita Coco 多包裝、Vita Coco Farmers Organic 和 Vita Coco 果汁、擴大我們在便利商店的銷售範圍、繼續投資我們的食品服務工作以及在全國範圍內推出 Vita Coco Treats。我們對 Vita Coco Treats 的初步接受度以及創新椰奶飲料的未來感到興奮，這創造了一個放縱的場合，為我們提供另一條長期增長的道路。

We continue to develop our food service capabilities as an underdeveloped channel for us in the US. By working with foodservice broadline distributors, we're seeing some great wins across food service in hotels, restaurants, and corporate accounts. We've secured partnerships for this spring with Joe's Coffee, who's featuring a Vita Coco orange and cream coconut latte and offering Vita Coco treats and Vita Coco pressed coconut water in their grab and go coolers, and also with Pete's Coffee, who's featuring a coconut water cold brew and a coconut water matcha both made with Vita Coco pressed coconut water.

我們將繼續發展我們的食品服務能力，這是我們在美國尚未開發的管道。透過與餐飲服務綜合經銷商合作，我們在飯店、餐廳和企業客戶的餐飲服務領域取得了巨大的成功。今年春季，我們已與 Joe's Coffee 達成合作夥伴關係，Joe's Coffee 推出了 Vita Coco 橙子和奶油椰子拿鐵，並在其便攜冷藏箱中提供 Vita Coco 零食和 Vita Coco 壓榨椰子水；此外，我們還與 Pete's Coffee 達成合作夥伴關係，Pete's Coffee 推出了椰子水；此外，我們還與 Pete's Coffee 達成合作夥伴關係，Pete's Coffee 推出了椰子水；

These are just two examples of showcasing coconut water's versatility, creating opportunities for consumers to TRY coconut water in their beverages, and building our brand as the category leader. Our international business is very healthy, with strong performance in Europe led by the UK and Germany. This year we're stepping up our investments in the UK, Germany, and other European markets, and over time we believe international will become a larger part of our growth story as these markets are significantly underdeveloped relative to the US.

這只是展示椰子水多功能性的兩個例子，為消費者創造了在飲料中嘗試椰子水的機會，並將我們的品牌打造為類別領導者。我們的國際業務非常健康，以英國和德國為首的歐洲表現強勁。今年，我們加大了對英國、德國和其他歐洲市場的投資，隨著時間的推移，我們相信國際市場將成為我們成長故事中更重要的組成部分，因為這些市場相對於美國而言還遠遠不夠發達。

I believe that the coconut water category is still developing with low household penetration in major markets relative to other juices. That suggests that the category is still in its early days. In fact, in the US, we think we can at least double the category in the coming years through increased household penetration and increased velocity per household. I believe that coconut water is becoming a household staple across the globe, and we're very excited and proud to be the leading brand in our primary markets and to help drive this growth.

我認為椰子水類別仍在發展中，與其他果汁相比，其在主要市場的家庭滲透率較低。這表明該類別仍處於早期階段。事實上，在美國，我們認為透過提高家庭普及率和提高每戶家庭的速度，我們可以在未來幾年內將這一類別至少翻一番。我相信椰子水正在成為全球家庭的必需品，我們非常高興和自豪能夠成為我們主要市場的領導品牌並幫助推動這一成長。

Longer term, I expect our European operations to be as large as our American businesses today. In summary, the acceleration of the category that we saw in late 2024 has continued and even accelerated through the first quarter of 2025, and with our significantly stronger inventory position, strong retail programming and innovation and additional production capacity, I believe that we are well positioned to continue our growth, and I'm excited for a strong 2025.

從長遠來看，我預計我們的歐洲業務將與我們目前的美國業務一樣大。總而言之，我們在 2024 年末看到的類別加速增長一直持續到 2025 年第一季度，甚至有所加速，而且憑藉我們明顯增強的庫存狀況、強大的零售計劃和創新以及額外的生產能力，我相信我們已做好準備繼續增長，我對 2025 年的強勁增長感到興奮。

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

現在我將電話轉給我們的執行長馬丁·羅珀 (Martin Roper)。

Thanks, Mike, and good morning, everyone. I'm pleased to report a strong quarter to start the year. Net sales in the quarter were up 17%, driven by growth of Vita Coco coconut water of 25%, benefiting from an acceleration of growth in the coconut water category and improvement in available inventory. We also saw 84% growth in our other product category representing positive impact from Vita Coco treats.

謝謝，麥克，大家早安。我很高興地向大家報告今年第一季的強勁表現。本季淨銷售額成長 17%，其中 Vita Coco 椰子水成長 25%，得益於椰子水類別成長加速和可用庫存改善。我們的其他產品類別也成長了 84%，這反映了 Vita Coco 零食的正面影響。

Our scan results in the United States were very strong, although slightly behind category growth due to the drag in our scans created by the changes in the Walmart set that we talked about last quarter. This has also caused the reported ACV distribution declines on key packages as shown on page 8 of our Investor deck.

我們在美國的掃描結果非常強勁，儘管由於我們上個季度談到的沃爾瑪套裝變化造成的掃描拖累，導致掃描結果略微落後於類別增長。正如我們的投資者簡報第 8 頁所示，這也導致了關鍵套餐的 ACV 分配下降。

Our warmup trends have improved slightly as our teams have focused on improving in-store presence of our brand and customers find our new location. But we are still down high single to low double digits, creating an estimated mid-single digit drag on our total scan trends. Although we have fewer SKUs at Walmart than we previously had, the velocity of our remaining items has increased significantly. We are confident that we will improve our current Walmart trends, and we believe we will see this customer return as a growth engine for our brand once we re-win our lost points of distribution.

由於我們的團隊專注於提高我們品牌的店內形象，並且顧客找到了我們的新店，我們的預熱趨勢略有改善。但我們仍然處於高個位數至低兩位數的下降趨勢，對我們的整體掃描趨勢造成了約中等個位數的拖累。儘管沃爾瑪的 SKU 數量比以前少，但剩餘商品的周轉速度卻顯著提高。我們有信心改善我們目前的沃爾瑪趨勢，我們相信，一旦我們重新贏得失去的分銷點，我們將看到客戶的回歸成為我們品牌的成長引擎。

From a gross margin perspective, our margins were down relative to last year due to the higher ocean freight rates experienced in the second half of last year. While there have been some declines year-to-date in ocean freight rates, we believe rates are still elevated relative to historical levels, and we continue to operate mainly on spot rates, with some fixed price arrangements on certain lanes to secure capacity.

從毛利率來看，由於去年下半年海運費上漲，我們的利潤率較去年同期下降。雖然今年迄今為止海運費有所下降，但我們認為運費相對於歷史水平仍然較高，我們繼續主要以現貨價格運營，並在某些航線上安排一些固定價格以確保運力。

With US tariff outcomes uncertain, we expect some volatility in ocean freight rates in the coming months. We believe, however, that there is the potential for rates to decline significantly through the balance of the year. If we see competitive fixed rate offers for long-term contracts that makes sense to us, we would be willing to enter into more expansive fixed rate agreements to cover more lanes.

由於美國關稅結果不確定，我們預計未來幾個月海運費將會出現一些波動。然而，我們相信，今年餘下的時間內利率有可能大幅下降。如果我們看到對我們有意義的具有競爭力的長期合約固定利率報價，我們願意簽訂更廣泛的固定利率協議以涵蓋更多航線。

As we enter the summer, we have significantly more Vita Coco coconut water inventory than at this time last year. So we feel good about our potential to drive growth, particularly in the third quarter, when we lacked major service issues from last year.

隨著夏季的到來，我們的 Vita Coco 椰子水庫存比去年同期明顯增加。因此，我們對推動成長的潛力充滿信心，特別是在第三季度，因為去年我們沒有遇到重大服務問題。

We will be looking for opportunities in the second half to leverage our improved inventory position to drive consumer trial.

我們將在下半年尋找機會，利用我們改善的庫存狀況來推動消費者試用。

We believe that the strong category growth is a positive indicator and supportive of our long-term algorithm for branded growth. In anticipation of such growth, we have secured production capacity for 2025 and 2026, which should provide greater supply chain flexibility than we had in 2024.

我們相信，強勁的品類成長是一個正面的指標，並支持我們品牌成長的長期演算法。為了實現這種成長，我們已確保了 2025 年和 2026 年的生產能力，這將比 2024 年提供更大的供應鏈彈性。

Recently, a series of potential tariffs and reciprocal tariffs were announced which could be applied to our imports into the US. Subsequently, the reciprocal tariffs were paused for 90 days, but a baseline tariff of 10% on most imports took effect in early April. In 2025, we expect the cost basis on which imports into the US will be subject to the current tariffs to represent approximately 60% of our global cost of goods sold.

最近，美國宣布了一系列可能適用於我國進口到美國的產品的潛在關稅和互惠關稅。隨後，互惠關稅暫停90天，但對大多數進口產品徵收10%的基準關稅於4月初生效。到 2025 年，我們預計受當前關稅影響的美國進口商品的成本基礎將占我們全球銷售成本的約 60%。

To address the current impact of tariffs, which we assume to be the 10% baseline tariff on all countries other than Mexico and Canada, we are working on further cost of goods savings initiatives. We are discussing with the suppliers the potential to share the tariff pressures, and we are planning to take branded and private label pricing this summer to offset the expected impact on an ongoing basis of the cost that we are unable to offset in other ways.

為了應對關稅的當前影響（我們假設除墨西哥和加拿大以外所有國家的基準關稅為 10%），我們正在進一步製定降低商品成本的措施。我們正在與供應商討論分擔關稅壓力的可能性，並計劃在今年夏天採取品牌和自有品牌定價，以抵消我們無法透過其他方式抵消的成本的持續預期影響。

We are confident that we can take price as we believe the category in our brand are very healthy. We assume competitors will also take price to cover the increased costs associated with tariffs and therefore expect that any price elasticity effects will be manageable. We believe that we are well positioned to navigate any potential reciprocal tariffs, as we have one of the most diversified sourcing strategies in the industry, sourcing primarily from the Philippines and Brazil with some additional sourcing from Thailand, Vietnam, Sri Lanka, and Malaysia.

我們有信心能夠獲得定價，因為我們相信我們品牌的產品類別非常健康。我們假設競爭對手也會採取價格措施來彌補與關稅相關的增加的成本，因此預期任何價格彈性效應都是可控的。我們相信，我們完全有能力應對任何潛在的互惠關稅，因為我們擁有業內最多樣化的採購策略之一，主要從菲律賓和巴西採購，同時也從泰國、越南、斯里蘭卡和馬來西亞採購一些額外的採購。

We have a global diversified supply chain which should allow us to adjust sourcing more efficiently than competitors in reaction to tariffs. Long term, we are confident that we can adjust our supply chain to optimize our competitive advantage. We also believe that long term we will benefit when ocean freight rates return to their historical levels.

我們擁有全球多元化的供應鏈，這使我們能夠比競爭對手更有效地調整採購以應對關稅。從長遠來看，我們有信心調整我們的供應鏈以優化我們的競爭優勢。我們也相信，從長遠來看，當海運費恢復到歷史水平時，我們將受益。

We are confident in the strength of our brand and our ability to manage the business in this uncertain environment. To summarize, our category is very healthy. Our brand is performing, and our supply chain is supporting growth and provides us with flexibility to mitigate the potential tariff impact long term. We are confident in our team's ability to execute and deliver on our plans, and for the 4 year 2025, our confidence in the category and Vita Coco brand trends remains very high.

我們對我們的品牌實力和在這種不確定的環境中管理業務的能力充滿信心。總而言之，我們的類別非常健康。我們的品牌表現良好，我們的供應鏈正在支持成長，並為我們提供了靈活性，以長期減輕潛在的關稅影響。我們對團隊執行和實現計劃的能力充滿信心，對於 2025 年第四年，我們對該類別和 Vita Coco 品牌趨勢的信心仍然很高。

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

說完這些，我將把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 first quarter of 2025 financial results and our outlook for the full year.

謝謝，馬丁，大家早安。現在，我將向您提供有關 2025 年第一季財務業績和全年展望的更多詳細資訊。

For the first quarter of 2025, net sales increased $19 million or 17% year over year to $131 million driven by Vita Coco coconut water net sales growth of 25%, partially offset by private label decline of 12%, where private label water growth of 10% was offset by our final quarter of private label coconut oil transition.

2025 年第一季度，淨銷售額年增 1,900 萬美元（17%），達到 1.31 億美元，這得益於 Vita Coco 椰子水淨銷售額增長 25%，但自有品牌銷售額下降 12% 部分抵消了這一增長，其中自有品牌水銷售額增長 10% 被我們最後一個季度轉型的自有椰子油品牌所抵消。

On a segment basis within the Americas, Vita Coco coconut water increased net sales by 24% to $86 million and private label decreased 13% to $21 million. Vita Coco coconut water saw a 23% volume increase and a slight net price mix benefit. While private label sales decreased 13%, driven by a 2% decrease in volume and an 11% price mix reduction due to the impact of the transition out of private label coconut oil.

從美洲地區來看，Vita Coco 椰子水的淨銷售額成長了 24%，達到 8,600 萬美元，而自有品牌的淨銷售額則下降了 13%，達到 2,100 萬美元。Vita Coco 椰子水的銷量成長了 23%，淨價格組合略有優勢。而自有品牌銷售額則下降了 13%，原因是銷量下降了 2%，且自有品牌椰子油轉型的影響導致價格組合下降了 11%。

For the first quarter of 2025, our international segment continued to deliver strong results where net sales were up 17%, with Vita Coco coconut water growing 36%, driven by strong growth across all our major markets. Private label sales decreased 8% as strong sales of private label coconut water was offset by the transition out of private label coconut oil.

2025 年第一季度，我們的國際部門繼續取得強勁業績，淨銷售額增長 17%，其中 Vita Coco 椰子水增長 36%，這得益於我們所有主要市場的強勁增長。自有品牌銷售額下降了 8%，因為自有品牌椰子水的強勁銷售被自有品牌椰子油的轉型所抵消。

For the quarter, consolidated gross profit was $48 million an increase of $1 million versus the prior year. On a percentage basis, gross margins finished at 37% for the quarter. This was down approximately 550 basis points from the 42% reported in Q1 2024. The decrease in gross margins resulted from higher year on year ocean freight rates and finished good product costs partially offset by branded coconut water pricing and favorable product mix.

本季綜合毛利為 4,800 萬美元，較上年增加 100 萬美元。以百分比計算，本季毛利率為 37%。這比 2024 年第一季報告的 42% 下降了約 550 個基點。毛利率下降是由於海運費和成品成本同比上升所致，但品牌椰子水定價和有利的產品組合部分抵消了這一影響。

Moving on to operating expenses, 2025 SGNA costs increased slightly to $29 million driven by increased investments in people resources focused on driving future growth and expanding our supply chain footprint, which was mostly offset by selling related expenses.

談到營運費用，2025 年 SGNA 成本略有增加至 2,900 萬美元，因為增加了對人力資源的投資，重點是推動未來成長和擴大我們的供應鏈足跡，但這大部分被銷售相關費用所抵消。

Net income attributable to shareholders for the quarter was $19 million or $0.31 per diluted share compared to $14 million or $0.24 per diluted share for the prior year.

本季歸屬於股東的淨利為 1,900 萬美元，即每股攤薄收益 0.31 美元，去年同期為 1,400 萬美元，即每股攤薄收益 0.24 美元。

Net income benefited from higher gross profit and a larger unrealized gain on derivatives.

淨收入受益於更高的毛利和更大的衍生性商品未實現收益。

Partially offset by higher year on year taxes, our effective tax rate for Q1 2025 was 22.5% versus 21% last year, which was primarily driven by the increase in pre-tax profits in jurisdictions outside the US with higher statutory tax rates.

部分抵銷了同比較高的稅收，我們 2025 年第一季的有效稅率為 22.5%，而去年為 21%，這主要是由於美國以外法定稅率較高的司法管轄區的稅前利潤增加。

2025 adjusted EBITDA with $23 million or 17% of net sales compared to $21 million or 19% of net sales in 2024. The increase in adjusted EBITDA was primarily due to the higher year on year gross profit. Turning to our balance sheet and cash flows, as of March 31, 2025, our balance sheet remained very strong, the total cash on hand of $154 million and no debt under a revolving credit facility.

2025 年調整後 EBITDA 為 2,300 萬美元，佔淨銷售額的 17%，而 2024 年為 2,100 萬美元，佔淨銷售額的 19%。調整後 EBITDA 的成長主要歸因於毛利年增。談到我們的資產負債表和現金流，截至 2025 年 3 月 31 日，我們的資產負債表仍然非常強勁，現金總額為 1.54 億美元，並且沒有循環信貸額度下的債務。

Our accounts receivable increased by $13 million for December 31, 2024, due to the increase in net sales, and we continue to invest in inventory as we prepare for the summer season, which is evident in our inventory increases of $5 million during the quarter.

由於淨銷售額增加，我們的應收帳款在 2024 年 12 月 31 日增加了 1300 萬美元，並且我們在為夏季做準備時繼續投資庫存，這從本季度我們的庫存增加了 500 萬美元就可以看出。

Let me turn to our share repurchases year-to-date through April 29, 2025, we repurchased 333,701 shares for a total of $10 million. Subsequent to quarter end, the company's board approved an additional $25 million to the repurchase program, increasing to $65 million the authorization for the company to repurchase the company's common stock.

讓我來談談我們今年迄今的股票回購情況，截至 2025 年 4 月 29 日，我們回購了 333,701 股，總計 1000 萬美元。季度末之後，公司董事會批准向回購計畫追加 2,500 萬美元，將公司回購普通股的授權金額增加至 6,500 萬美元。

To date, under the $65 million repurchase program, we have purchased approximately $23 million of shares. We exited 1 with a very strong category, healthy inventory levels, exciting innovation, and confidence in our team and our Vita Coco brand. We are excited about our ability to continue to deliver strong performance. Therefore, we are reaffirming our full year guidance. We expect net sales between $555 and $570 million with the expected gross margins for the full year of 35% to 37%, delivering adjusted EBITDA of $86 million to $92 million.

迄今為止，根據 6,500 萬美元的回購計劃，我們已購買了約 2,300 萬美元的股票。我們以非常強大的產品類別、健康的庫存水平、令人興奮的創新以及對我們的團隊和 Vita Coco 品牌的信心退出了市場。我們很高興能夠持續保持強勁表現。因此，我們重申全年指引。我們預計淨銷售額在 5.55 億美元至 5.7 億美元之間，全年毛利率預計在 35% 至 37% 之間，調整後 EBITDA 預計在 8,600 萬美元至 9,200 萬美元之間。

We are expecting Vita Coco coconut water sales to grow in the mid to high 10s with incremental growth coming from Vita Coco treats. As we indicated last quarter, we expect some reduction in private label coconut water resulting from the loss of certain regions, which we expect will become more visible in Q2 and will partially offset the expected brand performance.

我們預計 Vita Coco 椰子水的銷量將增長 15% 至 16%，而增量增長將來自 Vita Coco 零食。正如我們上個季度所指出的，由於失去某些地區，我們預計自有品牌椰子水的銷量會有所下降，我們預計這種情況將在第二季度變得更加明顯，並將部分抵消預期的品牌業績。

We expect gross margins to be relatively flat through the year, with the second half being stronger than Q2 due to our planned pricing increases and expected lower ocean freight rates in the second half, with incremental pricing offsetting the expected unmitigated impact of the 10% baseline tariffs. We expect SGNA to increase low to mid-single digits as we increase our marketing spend, invest in a team, support our continued production capacity expansion, and invest in our businesses outside of the US.

我們預計全年毛利率將相對持平，下半年毛利率將強於第二季度，因為我們計劃提高價格，且預計下半年海運費將下降，而增量定價將抵消 10% 基準關稅預期帶來的不可緩解的影響。我們預計，隨著我們增加行銷支出、投資團隊、支持我們持續的生產能力擴張以及投資美國以外的業務，SGNA 將實現低至中等個位數的成長。

This guidance assumes 10% baseline tariffs in the US, but does not include the impact of the potential reciprocal tariffs. It also reflects our current best assumptions on the marketplace trends, competitive price actions, and our expected price elasticity in this environment, and an assumption that ocean freight rates will soften in the second half.

該指南假設美國的基準關稅為 10%，但不包括潛在的互惠關稅的影響。這也反映了我們目前對市場趨勢、競爭性價格行為以及我們在這種環境下預期的價格彈性的最佳假設，以及下半年海運費將走軟的假設。

And with that I'd like to turn the call back to Martin for his closing remarks.

最後，我想請馬丁做最後的總結發言。

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。最後，我想重申我們對 Vita Coco 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的 Vita Coco 品牌和椰子水類別的實力的信心。我們對自己駕馭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。

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 Vida Coco Company. That concludes our first quarter of 2025 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的品類和品牌成長。感謝您今天加入我們，也感謝您對 Vida Coco Company 的關注。這就是我們對 2025 年第一季的準備發言，現在我們將回答大家的問題。

Thank you. (Operator Instructions) Bonnie Herzog with Goldman Sachs.

謝謝。（操作員指示）高盛的邦妮·赫爾佐格。

Hi, good morning. This is Ethan Huntley on for Bonnie Herzog. Thank you for taking our questions. I guess I just wanted to start on your guidance for the year. You maintain your guidance ranges for the year, which I think was broadly expected given all the uncertainty, but, obviously your guidance now takes into account, the applicable tariffs as well as your mitigation efforts. Curious if we could just elaborate a little bit more on your mitigation efforts, what exactly is being done to offset these tariffs, did you maybe front run some inventory ahead of the tariffs that are currently in place, any brighter color on the tariffs and your efforts to sort of offset that would be helpful.

嗨，早安。這是 Ethan Huntley 為 Bonnie Herzog 所做的報導。感謝您回答我們的問題。我想我只是想開始了解你今年的指導。您維持了今年的指導範圍，我認為考慮到所有的不確定性，這是普遍預期的，但顯然您的指導現在考慮到了適用的關稅以及您的緩解措施。我很好奇，我們是否可以更詳細地介紹一下你們的緩解措施，具體採取了哪些措施來抵消這些關稅，你們是否在目前實施的關稅之前預先儲備了一些庫存，對關稅的任何更樂觀的看法以及你們為抵消這些關稅所做出的努力是否會有所幫助。

Thank you.

謝謝。

Sure. So, we obviously entered the year with very healthy inventory, and so I wouldn't say that was planned because obviously, the tariffs were, unknown, but we're in a healthy inventory position. So that certainly helps us as we, go into the summer, both from, supporting business growth, but also from, delaying, I suppose in some ways the impacts of the tariffs for a few months. Mitigation efforts have involved, obviously continuous cost of goods improvement, trying to understand if we can get any support from suppliers or, the governments in those countries to offset the tariffs, all of that is in early stages and beyond the cost a good efforts and you know some shifting of sourcing although in the short term shifting of sourcing, leads to some improvement doesn't not drastic improvement, but obviously we look at all those things and optimize our supply chain planning for what we understand the current tariff environment to be.

當然。因此，我們顯然以非常健康的庫存進入了今年，所以我不會說這是計劃好的，因為顯然關稅是未知的，但我們的庫存狀況是健康的。因此，這無疑對我們進入夏季有所幫助，既可以支持業務成長，也可以在某種程度上推遲幾個月關稅的影響。緩解措施顯然包括持續降低商品成本，試圖了解我們是否可以從供應商或這些國家的政府那裡獲得任何支持來抵消關稅，所有這些都處於早期階段，並且超出了成本範圍，還需要做出一些努力，你知道一些採購的轉變，雖然在短期內採購的轉變會導致一些改善，但不會帶來顯著的改善，但顯然我們會考慮所有這些因素，並根據我們對當前關稅的規劃來了解關稅環境。

And then beyond that our expectation is we will take pricing. We've communicated the intent to take some pricing to cover the unmitigated costs of the current 10% baseline tariffs, and those discussions are, very early stages. Obviously there's a delay in when that pricing would get passed through. Obviously a lot can happen in that period of time, but if the baseline tariffs stick, we would expect to take pricing to offset. On an ongoing basis, the unmitigated tar tariff costs, and think, since we're talking about tariffs, our guidance includes the assumption that the 10% baseline tariff stays in effect, that was announced early April.

除此之外，我們的預期是我們將採取定價措施。我們已經表達了採取一定定價措施來彌補當前 10% 基準關稅未緩解成本的意圖，這些討論還處於非常早期的階段。顯然，定價的執行會有一個延遲。顯然，這段時間內可能會發生很多事情，但如果基準關稅保持不變，我們預計會透過定價來抵消。從持續性角度來看，未減免的焦油關稅成本，並認為，既然我們在談論關稅，我們的指導方針包括假設 10% 的基準關稅繼續有效，這是 4 月初宣布的。

It does not assume any assumption on the potential reciprocal tariffs, because we saw, primarily from the Philippines and Brazil. The majority of us are seeing over 50% and then from other countries, the reciprocal tariff rates that were proposed obviously has a bigger impact on us than the 10%, but if you were to model it, you'd come up with potential tariff impacts in the low 20s. Obviously that's highly, hypothetical, and we don't know what will happen. It also is applied to our US cost of goods at source, and in the script you would have heard us refer to that number as 60% of our global costs.

它不承擔任何關於潛在互惠關稅的假設，因為我們看到的主要是來自菲律賓和巴西。我們大多數人看到的是 50% 以上的關稅，而來自其他國家的互惠關稅稅率顯然對我們的影響大於 10%，但如果對其進行建模，就會得出 20% 以下的潛在關稅影響。顯然，這只是高度假設的，我們不知道會發生什麼。它也適用於我們在美國源頭的商品成本，在劇本中你會聽到我們將這個數字稱為我們全球成本的 60%。

So, that would allow you to estimate the range of the current baseline tariff and then also what the reciprocal tariffs if they went into effect at what have been talked about would impact. So on the reciprocal side, obviously we will face that when it happens, highly hypothetical, but it gives you a sense and obviously from a financial perspective, very strong balance sheet, strong, business, strong category, we're in a very good position to whether whatever might happen plus also to deliver on our guidance even with the 10% tariff baselines.

因此，這將允許您估算當前基準關稅的範圍，然後還可以估算如果互惠關稅生效會產生什麼影響。因此，在互惠方面，顯然當它發生時我們會面對它，這是高度假設性的，但它給你一種感覺，顯然從財務角度來看，非常強勁的資產負債表，強勁的業務，強勁的類別，我們處於非常有利的位置，無論發生什麼，即使有 10% 的關稅基準，我們也能實現我們的指導。

Got it. That's a very helpful color and then maybe just as a follow up, you slightly raised your SGNA growth guidance from low singles to I think low to mid-single digit percent range. If you could just walk us through that decision, certainly your Q1 results were very strong, so did that just allow for maybe some extra investment that this year, I guess where are your marketing dollars going and maybe how do you measure the return on your investment and thank you very much.

知道了。這是一種非常有用的顏色，然後也許只是作為後續行動，您將 SGNA 增長指導從低個位數略微提高到我認為的低到中個位數百分比範圍。如果您可以向我們簡單介紹一下這個決定，那麼毫無疑問您的第一季業績非常強勁，那麼這是否意味著今年可能會有一些額外的投資，我想您的行銷資金將花在何處，您如何衡量投資回報，非常感謝。

Good morning. So it's the guidance is just a function of looking at our outlook for the year and where we expect our SCNA spending, the ranges it might be in, obviously a lot of uncertainty, but we thought it was a bit wider range, on the year with variability in in the other inputs into the to the outlook and then Mark. Getting return on investment is quite hard mathematically to get at. We look, we do lots of different things. We look at the return, we look at the impact any KPI and metrics we see, and we're constantly adjusting how we leverage our dollars against the different brands and different geographies and adjust as we go, but we don't have specific ROI metrics

早安.因此，該指導僅基於我們對今年前景的觀察以及我們對 SCNA 支出的預期，其範圍可能如此，顯然存在很多不確定性，但我們認為該範圍會更廣一些，因為今年其他輸入因素都會對前景產生影響，然後是馬克。從數學上來說，獲得投資回報是相當困難的。我們觀察、做很多不同的事情。我們專注於回報，專注於任何關鍵績效指標 (KPI) 和指標的影響，並不斷調整如何利用資金來應對不同的品牌和不同的地區，但我們沒有具體的投資回報率 (ROI) 指標

Got it thank you very much.

明白了，非常感謝。

Thank you. Kaumil Gajrawala with Jefferies.

謝謝。傑富瑞 (Jefferies) 的 Kaumil Gajrawala。

Hey guys, good morning.

大家好，早安。

Hey, good morning, Kaumil.

嘿，早上好，考米爾。

Good morning, Mike, you opened up with, I guess a series of different things about the long term, including some bold.

早安，麥克，我想你談到了一系列關於長期的不同的事情，包括一些大膽的事情。

Statements on doubling the business and size of international and such, can you maybe talk about supply and you know to what degree is supply available to achieve some of those goals and at what sort of rate can you do that?

關於將業務和國際規模翻倍的聲明，您能否談談供應情況？您知道在多大程度上可以提供供應來實現其中一些目標，以及您可以以什麼樣的速度做到這一點？

Supply is that what the question was? Yeah.

問題就是供應嗎？是的。

So I think we talked about your longer term, yeah.

所以我想我們談論的是你的長期目標，是的。

I think we've talked about this before the main thing with supply is there are plenty of coconuts. The coconuts are not the issue. The planning is the issue and the timing is the issue and so it's adding lines, it's adding facilities in the coconut farming communities. So we've been doing that the last, year or so at an accelerated pace. We've talked about also the fact that it's not a business because of the supply chain.

我想我們之前已經討論過這個問題，供應的主要問題是椰子供應充足。椰子不是問題。問題在於規劃和時機，因此需要增加線路，需要在椰子種植社區增加設施。因此，過去一年左右我們一直在加快步伐開展這項工作。我們也討論過，由於供應鏈的存在，它不再是一門生意。

It's not a business that we could double overnight, right? We can't double it in a year, we can't grow 60% a year without planning significantly in advance. For that type of growth. So we talk about being believing that we could grow the Vita Coco brand, mid-teens, in the long term. That's the objective. Could we accelerate that with, some of the international markets growing, faster potentially, and so we're building up the supply chain and planning the supply chain for that type of growth, and we feel quite confident that that we can achieve that.

這不是一夕之間就能翻倍的生意，對吧？如果沒有提前做好規劃，我們不可能在一年內將其翻一番，也不可能每年增長 60%。為了那種類型的成長。因此，我們相信，從長遠來看，我們可以發展 Vita Coco 品牌。這就是目標。隨著一些國際市場的成長，我們能否加速這一進程，因此我們正在建立供應鏈並為這種成長規劃供應鏈，我們非常有信心實現這一目標。

Okay great and then. On the on the price increases, it's always a careful balance the category and your brands have so much top line momentum that you know I'm sure you want to be very careful not to derail that is it just given how fast you're growing, what is the right balance between how much pricing to take from a consumer perspective as opposed to thinking about it from a passing on of incremental cost perspective.

好的，太好了。關於價格上漲，始終需要謹慎平衡產品類別，而且您的品牌擁有如此強勁的營收成長勢頭，您知道，我確信您要非常小心，不要偏離正軌，考慮到您的成長速度，從消費者角度考慮定價與從增量成本轉嫁角度考慮定價之間的正確平衡點是什麼。

So you know we have a premium product. It's a premium category. It does have a relatively significant private label component, particularly in certain channels that sort of anchors the price point, right? And I think we said in the past that our pricing will tend to move with the COGS because of that, because of the price GAAP to private label, and also, when we see what we would see describe as temporary COGS increases are bias. Is to not take price because you know if those are temporary when the COGS go back down, the private label goes back down, right, and yoyoing branded pricing is not something we're that excited about. So we tend to look at what is the underlying long term cost impact when we take price, certainly, the tariff situation is a highly uncertain environment, but I think our current readers, the 10%, is potentially here to stay, and so that's how we're thinking about it.

所以您知道我們有優質產品。這是一個高級類別。它確實具有相對重要的自有品牌成分，特別是在某些固定價格點的管道中，對嗎？我認為我們過去曾說過，我們的定價將傾向於隨著 COGS 而變動，因為這是 GAAP 對自有品牌定價的原因，而且，當我們看到所謂的暫時 COGS 增加時，存在偏見。就是不考慮價格，因為你知道，如果這些都是暫時的，當 COGS 回落時，自有品牌也會回落，對吧，而品牌定價的上下波動並不是我們那麼興奮的事情。因此，當我們考慮價格時，我們傾向於考慮潛在的長期成本影響，當然，關稅情況是一個高度不確定的環境，但我認為我們目前的讀者，即 10%，可能會留下來，所以這就是我們的想法。

That makes sense, Thank. You.

這很有道理，謝謝。你。

Thank you. Eric Serotta with Morgan Stanley.

謝謝。摩根士丹利的 Eric Serotta。

Great, couple of, kind of clean up questions here. First, the press release mentioned higher finished goods costs. Wondering what the drivers there were. I know you certainly a mixed bag with commodities, but there are also lags. So what drove the higher. Goods cost and then in terms of the guidance understand that includes the 10% baseline tariff but not the reciprocal tariffs still pretty wide 200 basis point range. Could you talk a bit about what the key variables here in terms of getting to the upper or lower end of the range?

很好，這裡有幾個清理性的問題。首先，新聞稿提到了成品成本上升。想知道那裡的司機是誰。我知道你們的商品一定是魚龍混雜，但也有滯後的。那麼是什麼推動了這項上漲呢？商品成本，然後就指導而言，理解包括 10% 的基準關稅，但不包括互惠關稅，仍然相當寬 200 個基點的範圍。您能否談談這裡達到範圍上限或下限的關鍵變數是什麼？

Is it mainly ocean freight or. Are there other drivers that we should think of and then lastly in terms of pricing you know you talked about taking pricing in the second half if I remember correctly you were talking about that last quarter as well before, we quite knew what the tariff situation would be so are you planning. Greater or sooner pricing than you were back in February or you know sort of order of magnitude and timing fairly similar but now it's really the offset tariffs rather than you know sort of incremental on your margin thank you.

主要是海運嗎？我們是否應該考慮其他驅動因素？最後，在定價方面，您談到了下半年的定價，如果我沒記錯的話，您上個季度也談到了這一點，我們很清楚關稅情況會是怎樣，所以你們有計劃嗎？與二月份相比，定價更高或更快，或者你知道數量級和時間相當相似，但現在實際上是抵消關稅，而不是利潤的增量，謝謝。

Sure. Maybe I'll take him in reversal order, Eric, we had planned a general, price increase in at least in America's, taking effect this quarter, prior to the tariffs, situation, if the baseline tariffs stay in place are The expectation is we would take incremental pricing on top of the base pricing that is taking effect in Q2 due to, the cadence of when that pricing could take effect and the requirement to communicate it to everyone, all of our partners, the adjustment for the 10% tariffs wouldn't take effect until early Q3.

當然。也許我應該反過來問他，埃里克，我們計劃至少在美國全面提高價格，在關稅之前，本季度生效，如果基準關稅保持不變，預計我們將在第二季度生效的基本定價的基礎上採取增量定價，因為定價生效的節奏以及需要將其傳達給所有人，我們所有的合作夥伴，10% 關稅的調整要到第三季度初才會生效。

And so that's, I think that answers the pricing question on the guidance, the range on gross margin is, still a little wide. There's a fair amount of uncertainty on where ocean freight will end up. I think early in the year we saw some softness in ocean freight. I think we would have expected to see further softness with the tariffs given the shutdown of China to US, traffic or not shutdown but significant reduction. We would have expected to see. More softness. We haven't yet seen that. In fact, the ocean freight rates have been a little volatile over the last 4 or 5 weeks bouncing up and down.

所以，我認為這回答了指導定價問題，毛利率範圍仍然有點寬。海運貨物最終的目的地存在相當大的不確定性。我認為今年年初我們看到了海運業的一些疲軟。我認為，鑑於中國對美國的封鎖，我們預計關稅會進一步走軟，無論交通是否關閉，都會大幅減少。我們原本期望看到這一點。更加柔軟。我們還沒有看到這一點。事實上，過去四、五週內，海運費一直有點波動，上下波動。

And so there's, a fair amount of uncertainty as to, when they start that downward trend again given the overall supply demand picture. But our expectation is they're still on a downward track. So it's sort of primarily driven by, the timing of those, types of things. And then against the finished goods costs, there's a number of drivers, but the biggest impact is probably adding new factories and new capacity. When you add new factories, they tend to start up maybe at less scale than the existing ones, and there's maybe some investment in, lines and all the startups. We help the suppliers with, on a pricing basis.

因此，考慮到整體供需狀況，何時再次開始下降趨勢存在相當大的不確定性。但我們預期它們仍處於下滑趨勢。所以這主要取決於這些事情發生的時機。然後，相對於成品成本，有許多驅動因素，但最大的影響可能是增加新工廠和新產能。當你增加新工廠時，它們的啟動規模往往比現有工廠小，而且可能需要對生產線和所有新創公司進行一些投資。我們以定價的方式幫助供應商。

So, what tends to happen is that with a new factory, there's pricing that's in place initially and then as the factory reaches maturity, our cost of goods improve, and so it's those sorts of impacts. There is the impact of. Of ocean freight this year versus last year, the rates that were built into our inventory as we started the year and that we were paying early this year were significantly higher than the comparable rates for the same quarter last year.

因此，通常會發生的情況是，對於新工廠，最初會有定價，然後隨著工廠的成熟，我們的商品成本會提高，所以就會產生這些影響。有影響。與去年相比，今年的海運費率與去年同期相比，年初計入庫存的費率和年初支付的費率明顯高於去年同期的可比費率。

And so, that's another reason why, this year we're going to carry, we believe full year ocean freight costs that are still higher than last year's ocean freight costs that flowed through our P&L, so that's another aspect of it.

因此，這就是為什麼我們今年要承擔的另一個原因，我們認為全年的海運費成本仍然高於去年流入我們損益表的海運費成本，所以這是另一個方面。

Great and then just. One follow up, Corey, you made some comments in terms of, general cadence, with the price increase, benefiting the second half, and, hopefully lower or ocean freight, could you talk specifically to the gross margin cadence should that follow a similar pattern of kind of gross margin pressure in the second quarter and then some, relief in the second half.

太棒了，然後就好了。科里，接下來的問題是，您對整體節奏發表了一些評論，價格上漲將有利於下半年，並且希望降低海運費，您能否具體談談毛利率節奏，這是否應該遵循類似的模式，即第二季度的毛利率壓力，然後在下半年得到緩解。

Yeah, it, it's, I think I said in the script, Eric, it's relatively flat. It's a hard, a point of growth margin on the quarter for us is not too big of a number, so we do expect the pricing to be more impactful in the second half. You also have the tariffs coming mostly in the second half and then ocean freight, so a few moving pieces, so we don't see a huge difference, quarter to quarter, and they all look again we try to stay away from quarters because it's just quite hard to get it in a tight range, depending on the timing of our shipments, but not a huge difference we would think through the balance of the year.

是的，我認為我在劇本中說過，艾瑞克，它相對平淡。這對我們來說很難，本季的成長幅度並不是太大，因此我們確實預計定價在下半年會產生更大的影響。另外，關稅主要在下半年出台，然後是海運，所以有一些變動，所以我們看不到季度與季度之間有巨大的差異，而且它們看起來都一樣，我們試圖避開季度，因為很難把它控制在一個狹窄的範圍內，這取決於我們發貨的時間，但我們認為在今年的餘額中不會有巨大的差異。

Got it thanks so much I'll pass it on guys.

明白了，非常感謝，我會把它傳給大家。

Thank you. Jim Salera with Stephens.

謝謝。吉姆·薩萊拉和史蒂芬斯。

Hey guys, good morning. Thanks for taking our question. dig in, I want to dig in a little bit on, the sales growth, by unit type and on Friday, the biggest driver of sales growth was multipacks, which I think it's interesting given the, some of the shifts on shelf and the AC setback that that actually was a big leader and so I wanted to get a sense, do you know if customers were kind of pulling forward demand and trying to make sure that they have, fully stocked cabinets with Vita Coco in case there would be any disruptions with tariffs or ocean freight, just from like a consumer perspective, or is that really just pure kind of existing customers buying more products absent any of the headline noise going on right now.

大家好，早安。感謝您回答我們的問題。深入研究一下，我想深入了解一下按單位類型劃分的銷售增長情況，週五，銷售增長的最大驅動力是多件裝，考慮到貨架上的一些變化和空調的挫折，我認為這很有趣，這實際上是一個很大的領導者，所以我想了解一下，你是否知道客戶是否在某種程度上提前了需求，並試圖確保他們的櫥櫃裡有充足的 Vita Coco，以防關稅或海運出現任何中斷，這只是從消費者的角度來看，還是這真的只是純粹的現有客戶購買更多產品，而目前沒有任何頭條新聞。

So I don't think we have, particularly good data on short term consumer, cabinet stocking, patents. What I would say is that our growth over the last two years has had a similar pattern, and I think, 2 years ago we launched a series of multipacks into different channels, and that has fueled our growth and category growth, and least we believe it has. We are one of the largest brands and therefore we can support multi packs, so we sort of have an advantage in that perspective, and that just appears to be continuing, giving, our customers the opportunity to buy a pack that's, easy to shop, it's easy to put in the car, it's easy to take home or it's easy to be delivered, right, appears to potentially be increasing, velocity at home.

所以我認為我們沒有關於短期消費者、櫥櫃庫存、專利的特別好的數據。我想說的是，我們過去兩年的成長模式與此類似，而且我認為，兩年前我們在不同的通路推出了一系列多包裝產品，這推動了我們的成長和品類成長，至少我們相信是這樣。我們是最大的品牌之一，因此我們可以支持多包裝，所以從這個角度來看我們有一定的優勢，而且這種優勢似乎還在持續，為我們的客戶提供了購買易於購物、易於放入車內、易於帶回家或易於送貨的包裝的機會，對，這似乎有可能提高家庭購物速度。

With that said, the multipacks are also a little bit of a discount. When we launched them, the discount was much bigger than it is today on a per unit basis, and so, but that discount still exists slightly, it's not, again, as I said, nearly as big as it was when we launched. We've actually closed it nicely and not seen any.

話雖如此，多件裝也有一定的折扣。當我們推出它們時，每單位的折扣比現在大得多，但是，這種折扣仍然存在，正如我所說的，它並不像我們推出時那麼大。事實上我們已經把它很好地關閉了，沒有看到任何東西。

Decrease in, the velocity or acceleration of the packs, but there is a possibility that what you're seeing is, maybe some consumer, smart shopping on value, the Marty packs also in the new data which now includes, some significant club customers have a more, a bigger presence in the data set of the Secana plus data set. So, with all those caveats, I think we're just, feel very good that the base business is growing, right? The core based business is growing, the Maori pack business is growing, the innovation is growing. And all of this, even with the ACV loss that shows up on the packs from the Walmart be set right? So, we feel very good about category and the brand health and, yeah, and they're obviously, optimistic and Jim.

降低背包的速度或加速度，但有可能你看到的是，也許一些消費者，根據價值進行智慧購物，Marty 背包也在新數據中，現在包括一些重要的俱樂部客戶在 Secana plus 數據集中的存在感更強。因此，儘管存在所有這些警告，但我認為我們對基礎業務的成長感到非常高興，對嗎？核心業務正在成長，毛利包裝業務正在成長，創新也在成長。所有這些，即使沃爾瑪包裝上顯示的 ACV 損失，都可以解決嗎？因此，我們對類別和品牌健康狀況感到非常滿意，是的，他們顯然很樂觀，吉姆。

I would add if you follow the measured sales it's been very steadily and strong week on week versus a reaction towards the end based on tariffs.

我想補充一點，如果你專注於銷售數據，你會發現銷售額每週都非常穩定和強勁，而不是在最後階段基於關稅的反應。

That's helpful. And then if we think about, the demand generation side, particularly over the summer, sounds like the net pricing wouldn't really come into that impact until 3Q. Would we see kind of promo as a key lever on demand generation over the summer or is it going to be marketing is going to be focusing on and like you mentioned some of the food service relationships you guys have rolling out just how you're thinking about demand generation and the key levers there and what that should look like over the summer.

這很有幫助。然後，如果我們考慮一下，需求產生方面，特別是在夏季，聽起來淨定價要到第三季才會真正產生影響。我們是否會將促銷視為夏季需求產生的關鍵槓桿，或者行銷是否會將重點放在您提到的一些食品服務關係上，您正在推出如何看待需求產生和那裡的關鍵槓桿，以及它在夏季應該是什麼樣子。

Yeah, so just starting on the pricing as I sort of alluded in my answer to Eric, there was a plan pricing which is taking place effect Q2, and then, we are current we have communicated intent and we're currently. In discussions on, probably early Q3 pricing up against the 10% tariff baseline if that's what we need to do. So that's the pricing environment. I think the most important thing is thing for us as we look at the summer as we're entering the summer with much more inventory.

是的，正如我在回答 Eric 的問題時提到的那樣，我們剛開始討論定價，有一個計劃定價將於第二季度生效，然後，我們目前已經傳達了意向，目前正在進行中。在討論中，如果我們需要的話，可能第三季初的定價將以 10% 的關稅為基準。這就是定價環境。我認為對我們來說最重要的是，當我們展望夏季時，我們即將進入更多的庫存。

And that's going to allow us to execute a normal promotional cadence through the summer and into the fall. The biggest impact on that will probably be Q3 from a scan perspective because Q3 was the quarter last year where we had the biggest inventory issues, but we're expecting a pretty normal price promotional cadence potentially off a higher front line, that is what we have planned for the summer.

這將使我們能夠在整個夏季和秋季執行正常的促銷節奏。從掃描角度來看，對此影響最大的可能是第三季度，因為第三季度是去年我們庫存問題最嚴重的一個季度，但我們預計價格促銷節奏可能會比較正常，可能會從更高的一線開始，這就是我們為夏季所做的計劃。

That's great.

那太棒了。

Thanks Jim.

謝謝吉姆。

Thank you. Eric Des Lauriers with Craig Hallum.

謝謝。Eric Des Lauriers 和 Craig Hallum。

Great, thanks for taking my questions and congrats on another strong quarter here. First one for me, a bit of a follow up on that last question. So Martin, in your, prepared remarks you commented for expectations for these price increases to be, tolerated by consumers. Could you just expand on what you're seeing in the market from a price elasticity perspective?

太好了，感謝您回答我的問題，並祝賀我們又一個季度表現強勁。對我來說這是第一個問題，稍微跟進最後一個問題。所以馬丁，在您準備好的發言中，您評論了消費者對這些價格上漲的預期是可以接受的。您能否從價格彈性的角度詳細說明您所看到的市場狀況？

So you know we haven't taken any price in the last 12 months so you know any experience we have is quite old and obviously in a completely different environment than we're operating in so I think, you know what we look at it and I come back again to an earlier comment, right, the category pricing is somewhat anchored around where private label sits, private label will have.

所以你知道我們在過去 12 個月中沒有採取任何定價措施，所以你知道我們的任何經驗都很老了，而且顯然與我們運營的環境完全不同，所以我想，你知道我們是怎麼看待它的，我再次回到之前的評論，對的，類別定價在某種程度上是圍繞自有品牌所在的位置，自有品牌將會擁有。

Similar or bigger COGS increases than we have given where they source from probably significantly bigger if reciprocal tariffs come in. And, so, we'll watch that and see, but you know that I think if the whole category is taking price, I think the price elasticity question, at least within the category is significantly less. This is still a very affordable beverage, a premium functional beverage, and so we have confidence that the consumers will be okay and Against historical sort of price gaps to other beverages, the category is so much more affordable today than it was pre-COVID because the category has not taken that much price in that time period.

如果實施互惠關稅，那麼 COGS 增幅將與我們給出的採購來源地類似或更大，而且可能會更大。因此，我們會觀察這一點，但您知道，我認為如果整個類別都在定價，那麼我認為價格彈性問題，至少在類別內部會明顯較小。這仍然是一種非常實惠的飲料，一種優質的功能性飲料，因此我們相信消費者會接受，並且與歷史上其他飲料的價格差距相比，該類別現在比 COVID 之前便宜得多，因為該類別在那段時間內沒有漲那麼多的價格。

So, obviously we will see and we will react accordingly and it's very hard to predict, but that's how we're thinking about it.

所以，顯然我們會看到並做出相應的反應，這很難預測，但這就是我們的想法。

That's helpful. That makes a lot of sense. And then just a follow up question on the international market. I wonder if we could expand on the comments to step up investments in international markets. Should we think of this as more kind of marketing? Is this more sort of boots on the ground, supply chain investments, and then maybe just from a higher level kind of touch on the current competitive environment and your ability to accelerate any category or market share growth there. Thank you.

這很有幫助。這很有道理。然後是關於國際市場的一個後續問題。我想知道我們是否可以進一步闡述關於加大對國際市場投資的評論。我們是否應該將其視為一種行銷方式？這是否更像是一種實地考察、供應鏈投資，然後也許只是從更高層次觸及當前的競爭環境以及您加速任何類別或市場份額增長的能力。謝謝。

Yeah, I would say it's both boots on the ground and marketing you know some of the markets that we're going into, that are newer markets, you need to put people in the street, you need to put people in stores to open up buying groups of large retailers and all of these type of things and it has, it's almost a manual process so it includes adding people to be able to do that and includes adding marketing teams and it includes spending more on marketing that we might have historically.

是的，我想說這既需要實地考察，也需要營銷，你知道，對於我們即將進入的一些市場，它們是較新的市場，你需要派人上街，你需要派人進駐商店，以開拓大型零售商的購買群體，所有這類事情，而且它幾乎是一個手動過程，因此它包括增加人員來投入這一點，包括在營銷團隊上還投入更多的營銷團隊，比以往更多。

Great. Thanks for taking my questions.

偉大的。感謝您回答我的問題。

Thank you.

謝謝。

Thank You. (Operator Instructions) Michael Lavery with Piper Sandler.

謝謝。（操作員指示）邁克爾·拉弗里 (Michael Lavery) 與派珀·桑德勒 (Piper Sandler) 在一起。

Thank you, good morning, hey, just going back to some of the planning and ways you talked about, growing capacity maybe just with tariffs in mind if the reciprocal tariffs kick in and you have variations across, places of origin, how flexible or nimble can you be and how much time would it take maybe to rearrange some of where you source from?

謝謝，早上好，嘿，回到您談到的一些計劃和方式，增加產能可能只是考慮到關稅，如果互惠關稅開始生效，並且您在原產地方面存在差異，您能有多靈活或敏捷，以及可能需要多少時間來重新安排您的一些採購來源？

Sure, great question, I think we sort of stated that we believe that we're, competitively well positioned relative to the potential reciprocal tariffs given our, expertise and sourcing from Brazil and Philippines which in those reciprocal tariffs were the lowest, tariff rates of the coconut water supplying countries by a significant margin, right? And that leads you to. To model, an effective tariff rate in the low 20s as I sort of stated to Bonnie's question, if those tariffs were to go into effect against our current supply chain. We are actively adding, factories. We have, another new contract in the Philippines that's coming on board, and exploring ways to, basically take advantage of the fact that we are diversified, particularly outside of Vietnam and Thailand where our competitors are mainly focused on sourcing. And again, those were the countries that had the highest proposed reciprocal tariff rates.

當然，這個問題問得很好，我想我們已經說過，我們相信，鑑於我們的專業知識和來自巴西和菲律賓的採購，我們在潛在的互惠關稅方面處於有利的競爭地位，而巴西和菲律賓的互惠關稅是椰子水供應國中最低的關稅稅率，差距很大，對嗎？這就引出了你。舉例來說，正如我在回答 Bonnie 的問題時提到的那樣，如果這些關稅對我們目前的供應鏈生效，那麼有效關稅稅率將在 20% 左右。我們正在積極增加工廠。我們即將與菲律賓簽訂另一份新合同，我們正在探索如何利用我們多元化的優勢，特別是在越南和泰國以外，我們的競爭對手主要在這些地區採購。再次強調，這些國家提出的互惠關稅稅率最高。

To startup, extra capacity, in an existing factory is typically around 12 months to add a tetra line as sort of the lead time. To start up a new factory or a new relationship might be 12 to 18 months unless they're already producing a fair amount of coconut water and we can just step in and maybe take someone else's capacity, but that's a little quicker. I think we're a very attractive customer to, suppliers because we have, an interest in buying just coconut water for brand. And we take the volume that we commit to. So we're not, we, we're not, we don't switch, but these are very long-term relationships built by Mike and the team over, decades.

在現有工廠中，啟動額外產能通常需要大約 12 個月的時間來增加四線生產線，作為提前期。開設新工廠或建立新合作關係可能需要 12 到 18 個月的時間，除非他們已經生產了相當數量的椰子水，我們可以介入並接管別人的產能，但那樣會更快一些。我認為對於供應商來說我們是一個非常有吸引力的客戶，因為我們有興趣為品牌購買椰子水。我們會按照承諾的量來執行。所以我們不會，我們不會，我們不會轉換，但這些都是麥克和團隊幾十年來建立的長期關係。

And so we're a very good partner with one of our partners. We're helping them start up a new factory and they have agreed to take their coconut water, and there are similar conversations like that going on. But, To adapt to, let's say potential tariffs that might come in, it is a 12 to 24 month exercise and it would not happen quickly. And if, hypothetically we said we needed to move everything to the Philippines, that might be take even longer, right? And then so it's that sort of lead times, but we're better positioned than anyone else to do that.

因此，我們與我們的一位合作夥伴建立了非常好的合作關係。我們正在幫助他們開設一家新工廠，他們也同意接收椰子水，類似的對話也正在進行中。但是，要適應可能出現的潛在關稅，這需要 12 到 24 個月的時間，而且不會很快發生。如果假設我們需要將所有東西搬到菲律賓，那可能要花更長的時間，對嗎？這就是那種交貨時間，但我們比其他任何人都更有能力做到這一點。

But just to add to reallocate supply to other places, for example, we support the European business, we support the Canadian business. To reallocate supply from high US tariff countries to some of those, markets and then reallocate the lower tariff countries to US is more a matter of ordering tetra paper and setting up the supply chain to do it and that's more in the magnitude of 4 to 6 months. And so that's part, that would be part of the mitigation efforts should reciprocal tariffs come into play and should they be differentiated by country and managing that whole process.

但只是為了將供應重新分配到其他地方，例如，我們支持歐洲業務，我們支持加拿大業務。將供應從美國高關稅國家重新分配到其中一些市場，然後將低關稅國家重新分配給美國，更多的是訂購利樂紙並建立供應鏈，而這需要 4 到 6 個月的時間。因此，如果互惠關稅發揮作用，並且各國之間有所區別並管理整個過程，那麼這將成為緩解措施的一部分。

But and yeah, that's right, we obviously wouldn't take any action until we knew the tariffs were semi-permanent because, there's a fair amount of disruption in that but so right now what we're adding capacity for growth because. That we have firm, sight to, and then, preparing the teams to be very nimble and agile.

但是，是的，沒錯，在我們知道關稅是半永久性的之前，我們顯然不會採取任何行動，因為這會造成相當大的干擾，但現在我們正在增加成長能力。我們有堅定的遠見，並讓團隊做好準備，使其變得非常靈活和敏捷。

And just want to apologize if you're hearing a lot of background noise there's a construction project going on the street below us, so, apologies.

如果您聽到很多背景噪音，我只想向您道歉，因為我們下面的街道上正在進行一個建築工程，所以，請原諒。

No background noise we can hear, so you're good, but I think that's great color on sourcing, just on Walmart you gave some helpful color on what you're seeing there, given I think that the resets they had were November and now you know we're coming into mid-year again any sense of it would it be reasonable to assume at this point that that that there wouldn't be any changes until the November resets again or do you have a sense of anything that could come sooner and I I know until it's final you probably don't want to give too much about how those discussions might look but what is sort of restoring some of the lost SKUs nearly a given or how, what's your expectations on how that might look?

我們聽不到背景噪音，所以您說得對，但我認為這對採購來說很有價值，就沃爾瑪而言，您對您所看到的情況提供了一些有用的信息，因為我認為他們的重置是在 11 月，現在您知道我們又要進入年中了，對此您有什麼感覺嗎？現在是否可以合理地假設，直到 11 月再次重置之前不會有任何變化，或者您是否感覺到任何可能更快發生的事情，我知道在最終確定之前，您可能不想過多地談論這些討論會是什麼樣子，但恢復一些丟失的 SKU 幾乎是必然的，或者您對這可能會是什麼樣子有什麼期望？

I'd say that as we come into the summer we have a big effort against display building activity, off shelf programming, these type of things that are supported by Walmart that we're doing we've seen the declines improve, significantly as compared to Q4 of last year when the when the change happened, and so that is a positive we hope to continue to see the declines. Lesson and improve as the rest of this year moves on and we have a good level of confidence just through conversations with Walmart that we will restore, a large part of our distribution both in terms of SKUs and, points of distribution. That will benefit us being also in, as we've talked about, a much higher foot traffic aisle than where we were before. So we're excited about actually where we stand with Walmart and we really believe that Walmart becomes a growth engine for us moving forward.

我想說，隨著夏季的到來，我們大力開展展示建設活動、下架編程等沃爾瑪支持的活動，我們看到下滑情況有所改善，與去年第四季度發生變化時相比有顯著改善，這是一個積極的信號，我們希望繼續看到下滑趨勢。隨著今年剩餘時間的推進，我們將不斷吸取教訓並不斷改進，透過與沃爾瑪的對話，我們有信心恢復大部分分銷，包括 SKU 和分銷點。正如我們所討論的，這也將使我們受益，因為我們所處的通道人流量比以前大得多。因此，我們對與沃爾瑪的合作感到非常興奮，我們真的相信沃爾瑪將成為我們未來成長的引擎。

Okay, thanks so much.

好的，非常感謝。

Thank you. Robert Ottenstein with Evercore ISI.

謝謝。Evercore ISI 的 Robert Ottenstein。

Yeah, hi, this is, Gregory on for Robert. I had a quick question maybe following up on what you mentioned before, but, putting aside the Walmart situation, given that your inventory position is now better, demand looks awesome, how are you guys thinking about shelf space? For the remainder of the year, both with respect to the category and then your products and then kind of within your portfolio, like where do you see the key, wins I guess on a shelf space are there certain, products that are taking more or kind of how are you guys thinking about that? Thank You.

是的，大家好，我是格雷戈里，代替羅伯特。我有一個簡單的問題，也許是對您之前提到的問題的後續回答，但是，拋開沃爾瑪的情況，考慮到您的庫存狀況現在更好，需求看起來很棒，你們是如何考慮貨架空間的？對於今年剩餘的時間，無論是就類別還是產品而言，還是在您的產品組合中，您認為關鍵在哪裡，我猜在貨架空間上是否有某些產品佔據了更多的空間，或者你們是如何看待這一點的？謝謝。

So, we obviously enter the summer with much better inventory than last year. So just, based on that, we expect our shelves to look much better in, Q3 than they looked in Q3 last year. As it relates to points of distribution, I think we said last quarter that even with the Walmart losses, we expect to gain net points of distribution for the full year. That's, driven by, A number of things happening like we indicate 1L Vita Coco was successful in sea stores, so it's rolling out more sea stores based on the learnings from last year, treats has been very well received in terms of retailer. A shelf, sort of approvals, so that's going to drive, a nice win multipacks and far more organic continue to gain a sort of points of distribution obviously they've been out for a while so the. Distribution gains are a little less than they were in the first few years, but it's all very healthy. So, generally we expect our shelf to improve this year even with the negative impact of the last SK user.

因此，我們進入夏季時的庫存顯然比去年好得多。因此，基於此，我們預計第三季的貨架狀況將比去年第三季好得多。至於分銷點，我想我們上個季度說過，即使沃爾瑪出現虧損，我們預計全年仍將獲得淨分銷點。這是由一系列事件推動的，例如，我們指出 1L Vita Coco 在海上商店取得了成功，因此根據去年的經驗，它推出了更多的海上商店，這種零食在零售商方面受到了熱烈歡迎。貨架，某種程度的批准，所以這將推動，一個不錯的勝利多包裝和更多的有機繼續獲得某種分銷點，顯然他們已經出去了一段時間了。分銷收益比最初幾年略少，但整體來說非常健康。因此，儘管受到最後一位 SK 用戶帶來的負面影響，但我們總體上預計今年我們的貨架狀況會有所改善。

And do you see that shelf space I guess coming from like other competitors within the space or is it coming from like adjacent categories?

您是否認為貨架空間是來自該領域內的其他競爭對手，還是來自相鄰的類別？

It's a little bit of both. But it's mostly from adjacent categories, as we are the clear largest share both in share but also in share of space, so taking further, from other categories is mostly what we see as the coconut water category is we've talked about it the fastest growing category in beverage aisle, it's obvious that we continue to gain expansion in the aisle.

兩者都有一點。但它主要來自相鄰的類別，因為我們在份額和空間份額方面都佔有明顯最大的份額，因此進一步說，從其他類別來看，我們看到的主要是椰子水類別，我們已經討論過它是飲料貨架中增長最快的類別，很明顯，我們繼續在貨架上擴張。

Awesome thanks.

非常感謝。

Yes.

是的。

Thank you. I'm showing no further questions in the queue at this time. I would not like to turn the call over to Mr. Martin Roper for any closing remarks.

謝謝。目前隊列中沒有其他問題。我不想將電話轉給馬丁·羅珀先生做結束語。

Thank you, everybody. Thanks for the questions. I'd like to reiterate that, we're currently operating in a very healthy category. Our brand trends are also very healthy, and our inventory position sets us up well to have a great summer, and look forward to talking to you next quarter.

謝謝大家。感謝您的提問。我想重申一下，我們目前的營運狀況非常健康。我們的品牌趨勢也非常健康，我們的庫存狀況為我們度過一個美好的夏天做好了準備，並期待下個季度與您交談。

This concludes today's program. Thank you all for participating. You may now disconnect.

今天的節目到此結束。感謝大家的參與。您現在可以斷開連線。