Vita Coco Company Inc (COCO) 2025 Q2 法說會逐字稿

Hello and welcome to The Vita Coco Company second-quarter 2025 earnings conference call.

您好，歡迎參加 Vita Coco 公司 2025 年第二季財報電話會議。

My name is Michelle. I'll be coordinating your call today.

我的名字是米歇爾。我今天將協調您的通話。

(Operator Instructions)

（操作員指示）

I'll now hand the call over to John Mills with ICR. Please go ahead.

我現在將電話轉給 ICR 的 John Mills。請繼續。

Thank you and welcome to The Vita Coco Company second quarter 2025 earnings results conference call.

感謝您並歡迎參加 Vita Coco 公司 2025 年第二季收益業績電話會議。

Today's call is being recorded.

今天的通話正在錄音。

With us are Mr. Mike Kirban, Executive Chairman; Martin Roper, Chief Executive Officer; and Corey Baker, Chief Financial Officer.

與我們一起的還有執行主席 Mike Kirban 先生、執行長 Martin Roper 先生和財務長 Corey Baker 先生。

By now, everyone should have access to the company's second quarter earnings release issued earlier today. This information is available in the Investor Relations section of The Vita Coco Company's website at 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 Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and beliefs concerning future events and are subject to several risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. Please refer to today's press release and other filings with the SEC for a more detailed discussion of the risk factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today. Also during the call, we will use some non-GAAP financial measures as we describe 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.

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二季財報。這些資訊可在 The Vita Coco Company 網站 investors.thevitacococompany.com 的「投資者關係」板塊查閱。此外，該網站還附有我們商業和財務表現的介紹。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。這些前瞻性陳述是基於管理層目前對未來事件的預期和信念，並受到多種風險和不確定性的影響，這些風險和不確定性可能導致實際結果與這些前瞻性陳述中描述的結果有重大差異。請參閱今天的新聞稿和向美國證券交易委員會提交的其他文件，以更詳細地了解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。此外，在電話會議中，我們將使用一些非 GAAP 財務指標來描述我們的業務表現。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 now turn the call over to Mr. Mike Kirban, our Co-Founder and Executive Chairman.

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 先生。

Thanks, John, and good morning, everyone. Thank you for joining us today to discuss our second quarter financial results and our expectations for the balance of 2025.

謝謝，約翰，大家早安。感謝您今天加入我們討論我們的第二季財務業績以及我們對 2025 年餘下的預期。

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

首先，我要感謝我們全球的所有同事，感謝他們在充滿活力的環境中繼續保持強勁表現，感謝他們對 Vita Coco 公司的承諾，並推進我們的使命，即創造符合道德、可持續、對您更有益的飲料，提升我們的社區，保護我們的地球。

In the second quarter, we continue to see strong performance against our key initiatives. Coconut water remains one of the fastest growing categories in the beverage aisle, growing 20% year-to-date in the US and 35% in the UK based on Circana data.

在第二季度，我們的主要舉措持續表現強勁。椰子水仍然是飲料市場成長最快的類別之一，根據 Circana 的數據，今年迄今為止，美國椰子水成長了 20%，英國椰子水成長了 35%。

This, coupled with the acceleration of the emerging German market has resulted in very strong global net sales performance for our second quarter and similarly strong reported gross profit, net income, and adjusted EBITDA.

再加上德國新興市場的加速發展，使得我們第二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。

Year-to-date, according to Circana, Vita Coco coconut water continues to perform very well, growing 16% in retail dollars in the US and growing 39% in the UK. In 2025, our US commercial initiatives include emphasis on Vita Coco multipacks, Vita Coco Farmers Organic, and Vita Coco juice, the expansion of our SKUs and convenience stores, continued investment in our food service efforts, and the national launch of Vita Coco Treats.

據 Circana 稱，今年迄今為止，Vita Coco 椰子水的表現持續良好，在美國零售額增長了 16%，在英國增長了 39%。2025 年，我們在美國的商業計劃包括專注於 Vita Coco 多包裝、Vita Coco Farmers Organic 和 Vita Coco 果汁、擴大我們的 SKU 和便利商店、繼續投資我們的食品服務工作以及在全國推出 Vita Coco Treats。

We're excited about the initial performance of Vita Coco Treats in the US and for the future of innovative coconut milk-based beverages, which creates new usage occasions that could offer us yet another path for long-term growth.

我們對 Vita Coco Treats 在美國的初步表現以及創新椰奶飲料的未來感到興奮，它創造了新的使用場合，可以為我們提供另一條長期增長途徑。

According to Circana, Vita Coco Treats would have added 4% to the growth rate of Vita Coco coconut water in the second quarter, US retail scans if reported as a consolidated brand family. This is a good start, but we still have a lot of work to do.

據 Circana 稱，如果將 Vita Coco Treats 作為合併品牌家族進行報告，美國零售掃描顯示，Vita Coco Treats 將使 Vita Coco 椰子水在第二季度的成長率增加 4%。這是一個好的開始，但我們還有很多工作要做。

Year-to-date, our international business is very healthy and accelerating with strong performance in Europe. Our increased investment this year in the UK, Germany, and other select European markets is paying off with healthy growth and brand share wins, and we intend to continue our focused investment in select markets in an effort to drive long-term gain.

今年迄今為止，我們的國際業務非常健康且正在加速發展，其中歐洲業務表現強勁。我們今年在英國、德國和其他精選歐洲市場增加的投資正在帶來健康的成長和品牌份額的提升，我們打算繼續專注於投資精選市場，以推動長期收益。

In our investor presentation on June 4, which is available on our Investor Relations website, we laid out an index for estimated consumption per capita for coconut water in our current major markets. While the US is the most developed market, household penetration is still well below other juices like cranberry juice or orange juice and our current Vita Coco coconut water growth in the US is coming from both growth in households and growth in velocity per household through consumption occasion expansion.

在我們 6 月 4 日的投資者介紹中（可在投資者關係網站上查閱），我們列出了當前主要市場人均椰子水消費量的估計指數。雖然美國是最發達的市場，但家庭滲透率仍遠低於蔓越莓汁或橙汁等其他果汁，而我們目前在美國的 Vita Coco 椰子水增長來自家庭數量的增長和通過擴大消費場合而帶來的每戶家庭速度的增長。

We're excited about the current performance and believe that we can at least double the US coconut water category in the coming years. We believe that the coconut water category is still in its infancy in markets outside of the US and that there is significant long-term potential as these markets develop.

我們對目前的表現感到非常興奮，並相信在未來幾年我們至少可以使美國椰子水類別的銷量翻倍。我們相信，椰子水類別在美國以外的市場仍處於起步階段，隨著這些市場的發展，其具有巨大的長期潛力。

We're very proud to be the leading brand in our primary markets and the primary driver of this category growth. Over time, we believe our international business will become a larger part of our consolidated growth story, and I expect our European operations could eventually be as large as our Americas business is today.

我們非常自豪能夠成為我們主要市場的領導品牌和該類別成長的主要推動力。隨著時間的推移，我們相信我們的國際業務將成為我們合併成長故事中更重要的組成部分，我預計我們的歐洲業務最終將與今天的美洲業務一樣規模龐大。

In summary, the acceleration of the category that we saw in late 2024 has continued through the first half 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 the remainder of the year.

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 年上半年，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，我對今年剩餘時間的表現感到興奮。

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

現在，我將把電話轉給我們的執行長馬丁·羅珀 (Martin Roper)。

Thanks, Mike, and good morning, everyone.

謝謝，麥克，大家早安。

I'm pleased to report to Vita Coco's continued strong performance in the second quarter. Net sales in the quarter were up 17% driven by growth of the Vita Coco coconut water up 25%, benefiting from strong growth in the coconut water category and improvements in our own available inventory and service levels.

我很高興地報告 Vita Coco 在第二季度繼續保持強勁表現。本季淨銷售額成長 17%，其中 Vita Coco 椰子水成長 25%，得益於椰子水類別的強勁成長以及我們本身可用庫存和服務水準的提高。

We also saw a 102% growth in our other products category, primarily representing the positive impact from Vita Coco trees. Our branded scan results in the United States were very strong, although slightly behind category growth due to the drag in our scans, primarily created by the changes in the Walmart set late last year.

我們的其他產品類別也實現了 102% 的成長，這主要體現了 Vita Coco 樹的正面影響。我們在美國的品牌掃描結果非常強勁，儘管由於掃描的拖累而略微落後於類別增長，這主要是由於去年年底沃爾瑪的變化造成的。

Our Walmart trends improved slightly during the quarter, but we're still down high single to low double digits, creating an estimated low single digit drag on our total US branded scan trends in the quarter. We've had preliminary discussions with Walmart about the next potential reset.

我們的沃爾瑪趨勢在本季度略有改善，但仍下降了高個位數至低兩位數，對本季度美國品牌掃描趨勢的整體造成了估計低個位數的拖累。我們已經與沃爾瑪就下一次可能的重置進行了初步討論。

Based on those discussions, we expect an improvement in distribution with a joint goal of attracting coconut water category shoppers to Walmart. If these plans were implemented, we believe that Walmart will become a growth engine for our brand in 2026 and beyond.

根據這些討論，我們預計分銷情況將有所改善，共同目標是吸引椰子水類購物者到沃爾瑪。如果這些計劃得以實施，我們相信沃爾瑪將成為我們品牌在2026年及以後的成長引擎。

The second quarter saw the impact of the private label transition that we expected and referenced in February. The private label business remains strategically important to us, and we continue to bid on select private label opportunities.

第二季度看到了我們在二月預期和提到的自有品牌轉型的影響。自有品牌業務對我們來說仍然具有戰略重要性，我們將繼續競標精選的自有品牌機會。

We believe we are very competitive in these bids and recently secured new private label business which will benefit us in 2026. Our gross margins were down in the quarter relative to last year due to a number of inflationary cost factors including higher ocean freight rates, cost of goods inflation due primarily to the addition of new capacity, and the initial impact of the 10% baseline tariff which started to hit our P&L late in Q2.

我們相信我們在這些投標中非常有競爭力，並且最近獲得了新的自有品牌業務，這將使我們在 2026 年受益。由於一系列通膨成本因素，包括海運費上漲、主要由於增加新產能而導致的商品成本上漲，以及 10% 基準關稅的初步影響（該關稅在第二季度末開始對我們的損益表產生影響），我們本季度的毛利率與去年同期相比有所下降。

We believe ocean freight rates are still elevated relative to historical levels, and we're operating primarily on spot rates with some fixed price arrangements on certain lanes to secure capacity. With US tariff outcomes uncertain, we expect short-term volatility in ocean freight rates, but we believe that rates should decline on average through the balance of the year.

我們認為，相對於歷史水平，海運費仍然較高，我們主要按照現貨價格運營，並在某些航線上安排一些固定價格以確保運力。由於美國關稅結果不確定，我們預計海運費將在短期內出現波動，但我們相信，今年剩餘時間內平均運費應該會下降。

If we see competitive fixed rates offers for long term contracts that make sense to us, we would be willing to enter into fixed rate agreements to cover more lanes. Entering the third quarter, we have significantly more Vita Coco coconut water inventory than at the same time last year and expect a very strong third quarter for our branded business as we lap major service issues and reduce promotional activity from last year.

如果我們看到對我們有意義的長期合約的具有競爭力的固定費率報價，我們願意簽訂固定費率協議以涵蓋更多的航線。進入第三季度，我們的 Vita Coco 椰子水庫存比去年同期明顯增加，並且由於我們解決了重大服務問題並減少了去年的促銷活動，我們預計第三季度我們的品牌業務將表現非常強勁。

In the second half of the year, we plan to use our improved inventory position to drive consumer trial and to secure incremental promotion opportunities where available. We believe that the strong category growth is a positive indicator for future growth and supportive of our long-term branded growth algorithm.

下半年，我們計劃利用改善的庫存狀況來推動消費者試用，並在可能的情況下確保增量促銷機會。我們相信，強勁的品類成長是未來成長的正面指標，並支持我們的長期品牌成長演算法。

For 2026, we have secured adequate production capacity to support continued branded growth and to support our expected private label relationships. Our planned US-based price increase in May to cover inflationary cost of goods pressures produced an approximately 7% increase at US food retail, according to Circana over the quarter.

到 2026 年，我們已確保足夠的生產能力來支持品牌的持續成長並支持我們預期的自有品牌關係。根據 Circana 的數據，我們計劃在 5 月在美國提高價格，以應對通膨帶來的商品成本壓力，此舉導緻美國食品零售價在本季上漲了約 7%。

The initial consumer reaction to these increases has been in line with our expectations, but it is too early to fully understand any long-term price elasticity impacts. We're currently assuming that the baseline US tariff rate of 10% continues, which, as we noted last quarter, applies to approximately 60% of our global cost of goods sold.

消費者對這些價格上漲的最初反應與我們的預期一致，但現在還無法完全了解任何長期價格彈性影響。我們目前假設美國 10% 的基準關稅稅率繼續維持，正如我們上個季度所指出的，這適用於我們全球銷售商品成本的約 60%。

We are currently executing US retail price increases to cover the unmitigated tariff costs of this baseline rate. With our diversified supply chain and the important role of coconut water in our consumers' lifestyles, a healthy category, and our brand strength, we believe that we can navigate any additional tariff impacts.

我們目前正在提高美國零售價格，以彌補這項基準稅率未減免的關稅成本。憑藉我們多樣化的供應鏈以及椰子水在消費者生活方式中的重要作用、健康類別以及我們的品牌實力，我們相信我們可以應對任何額外的關稅影響。

Given the uncertainty on the timing and sizing of any additional tariffs above the baseline 10% rate and the uncertainty of the lead time and impact of implementing any mitigating activities, we are not including any such announced tariffs in our outlook.

鑑於在基準 10% 稅率之上的任何額外關稅的時間和規模存在不確定性，以及實施任何緩解措施的準備時間和影響也存在不確定性，我們不會將任何此類已宣布的關稅納入我們的展望中。

We have a global diversified supply chain sourcing primarily from the Philippines and Brazil with some additional sourcing from Thailand, Vietnam, Sri Lanka, and Malaysia which gives us flexibility to react to any long term tariff changes.

我們擁有全球多元化的供應鏈，主要來自菲律賓和巴西，還有一些來自泰國、越南、斯里蘭卡和馬來西亞的採購，這使我們能夠靈活地應對任何長期關稅變化。

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 impacts long term. We are confident in our team's ability to execute and deliver on our plans, and for the full year 2025, our confidence in the category in Vita Coco brand trends remains very high.

總而言之，我們的產品類別非常健康，我們的品牌表現良好，我們的供應鏈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 年全年，我們對 Vita Coco 品牌趨勢類別的信心仍然很高。

We believe that longer term, we will benefit when Asian freight rates return to historical levels, and this should allow us to achieve or beat our long-term financial targets.

我們相信，從長遠來看，當亞洲運費恢復到歷史水平時，我們將受益，這將使我們能夠實現或超越我們的長期財務目標。

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.

謝謝，馬丁，大家早安。

I will now provide you with some additional details on the second quarter of 2025 financial results and our outlook for the full year. For the second quarter of 2025, net sales remained very healthy, increasing $25 million or 17% year over year to $169 million.

現在，我將向您提供有關 2025 年第二季財務業績和全年展望的更多詳細資訊。2025 年第二季度，淨銷售額保持非常健康，年增 2,500 萬美元（17%），達到 1.69 億美元。

Vita Coco coconut water grew 25%, partially offset by private label declines of 25% where we have begun to see the impact of the private label loss as we discussed last quarter. On a segment basis, within the Americas, Vita Coco coconut water increased net sales 22% to $120 million and private label decreased 37% to $15 million.

Vita Coco 椰子水成長了 25%，但自有品牌銷售額下降了 25%，部分抵消了這一增長，正如我們上個季度所討論的那樣，我們已經開始看到自有品牌損失的影響。從細分市場來看，在美洲地區，Vita Coco 椰子水的淨銷售額成長了 22%，達到 1.2 億美元，而自有品牌的淨銷售額則下降了 37%，至 1,500 萬美元。

Vita Coco coconut water saw a 21% volume increase and a slight net price mix benefit, while private label sales were driven by a 34% decrease in volume and a 3% decrease in price mix. For the second quarter of 2025, our international segment continued to deliver strong results, with net sales up 37%, and Vita Coco coconut water growing 43%, driven by strong growth across all our major markets.

Vita Coco 椰子水的銷量成長了 21%，淨價格組合略有好處，而自有品牌的銷售則受到銷量下降 34% 和價格組合下降 3% 的推動。2025 年第二季度，我們的國際部門繼續取得強勁業績，淨銷售額增長 37%，Vita Coco 椰子水增長 43%，這得益於我們所有主要市場的強勁增長。

Private label sales increased 29% due to strong sales of private label coconut water. For the quarter, consolidated gross profit was $61 million, an increase of $3 million versus the prior year. On a percentage basis, gross margins finished at 36% for the quarter.

由於自有品牌椰子水銷售強勁，自有品牌銷售額成長了 29%。本季綜合毛利為 6,100 萬美元，較上年增加 300 萬美元。以百分比計算，本季毛利率為 36%。

This was down approximately 450 basis points from the 41% reported in Q2 2024. This decrease in gross margins resulted from higher year on year ocean freight rates, higher finished goods product costs, and the 10% baseline tariffs that began to impact our gross margins late in the quarter.

這比 2024 年第二季報告的 41% 下降了約 450 個基點。毛利率下降的原因是海運費年增率上漲、成品成本上漲以及 10% 的基準關稅在本季末開始影響我們的毛利率。

This was partially offset by favorable product mix.

有利的產品組合部分抵消了這一影響。

Moving on to operating expenses. SG&A costs increased $7 million to $36 million within the quarter, driven by increased market expenses, higher people related costs, increased reserves for bad debt, and overlap of rent expense for our new office.

繼續討論營運費用。本季度，銷售、一般及行政費用增加了 700 萬美元，達到 3,600 萬美元，原因是市場費用增加、人員相關成本增加、壞帳準備金增加以及新辦公室租金費用重疊。

Net income attributable to shareholders for the quarter was $23 million or $0.38 per diluted share compared to $19 million or $0.32 per diluted share for the prior year. Net income benefited from higher gross profit and our larger unrealized gain on derivatives and a lower year on year tax rate, partially offset by higher year on year SG&A spending.

本季歸屬於股東的淨利為 2,300 萬美元，即每股攤薄收益 0.38 美元，去年同期為 1,900 萬美元，即每股攤薄收益 0.32 美元。淨收入受益於更高的毛利潤、更大的衍生性商品未實現收益以及較低的同比稅率，但部分被同比更高的銷售、一般及行政費用（SG&A）支出所抵銷。

Our effective tax rate for Q2 2025 was 19% versus 25% last year, which is primarily driven by discrete tax benefits and a favorable geographic mix of pre-tax profits. Q2 2025 adjusted EBITDA was $29 million or 17% of net sales compared to $32 million or 22% of net sales in 2024.

我們 2025 年第二季的有效稅率為 19%，而去年為 25%，主要得益於離散稅收優惠和稅前利潤的有利地理組合。2025 年第二季調整後 EBITDA 為 2,900 萬美元，佔淨銷售額的 17%，而 2024 年為 3,200 萬美元，佔淨銷售額的 22%。

The decrease in adjusted EBITDA was primarily due to the higher SG&A expenses partially offset by higher year on year gross profit.

調整後的 EBITDA 下降主要是由於銷售、一般及行政費用增加，但同比毛利潤增加部分抵消了這一影響。

Turning to our balance sheet and cash flow. As of June 30, 2025, our balance sheet remained very strong, with total cash on hand of $167 million and no debt under our revolving credit facility. Our accounts receivable increased by $39 million versus December 31, 2024, primarily due to increased net sales within the quarter.

轉向我們的資產負債表和現金流。截至 2025 年 6 月 30 日，我們的資產負債表依然非常強勁，現金總額為 1.67 億美元，且循環信貸額度下沒有債務。我們的應收帳款與 2024 年 12 月 31 日相比增加了 3,900 萬美元，主要原因是本季淨銷售額增加。

We exited Q2 with a very strong category in the Americas and Europe, healthy inventory levels, exciting innovation, and confidence in our team's execution in our Vita Coco brand. Our updated guidance reflects our current best assumptions on marketplace trends, competitive price actions, and our expected price elasticity under a 10% baseline tariff environment, and an assumption that ocean freight rates will soften through the balance of the year.

我們在第二季結束時在美洲和歐洲擁有非常強勁的品類、健康的庫存水準、令人興奮的創新，並且對我們團隊在 Vita Coco 品牌上的執行充滿信心。我們更新後的指引反映了我們對市場趨勢、競爭性價格行為以及在 10% 基準關稅環境下預期價格彈性的當前最佳假設，以及海運費將在今年餘下時間裡走軟的假設。

We are confident in our ability to continue to deliver strong top line performance and therefore are raising our full year net sales guidance to between $565 million and $580 million. We expect gross margins at the midpoint of our prior guidance range of approximately 36% with SG&A growing low to mid single digits, resulting in full year adjusted EBITDA of $86 million to $92 million.

我們有信心繼續實現強勁的營收業績，因此將全年淨銷售額預期上調至 5.65 億美元至 5.8 億美元之間。我們預計毛利率將達到我們先前指導範圍的中點，約為 36%，而銷售、一般及行政費用將增長低至個位數的中段，導致全年調整後的 EBITDA 達到 8,600 萬美元至 9,200 萬美元。

We are now expecting Vita Coco coconut water sales to grow in the high teens, with incremental growth coming from Vita Coco trees, partially offset by the weakness in our private label business. We expect strong Q3 net sales performance as we lap the inventory shortages of last year, with a tougher Q4 net sales comparable to the benefit of distributor and retailer inventory replenishment.

我們現在預計 Vita Coco 椰子水的銷量將增長 15% 左右，增量增長來自 Vita Coco 樹，但部分抵消了我們自有品牌業務的疲軟。我們預計第三季淨銷售額將表現強勁，因為我們解決了去年的庫存短缺問題，而第四季度淨銷售額將更加艱難，與分銷商和零售商庫存補充的好處相當。

We are expecting gross margins for the full year of approximately 36%. We expect gross margins to be sequentially lower in Q3 due to the timing of tariff impacts and mitigating pricing actions, as well as temporarily higher ocean freight rates blowing through the P&L with Q4 gross margins sequentially improving.

我們預計全年毛利率約為36%。我們預計第三季的毛利率將環比下降，原因是關稅影響的時間和緩解定價行動，以及暫時較高的海運費對損益表造成的影響，而第四季的毛利率將較上季提高。

We expect full year SG&A to increase in the low to mid single digits due to increased people investments, including increased incentive and stock compensation and other focused investments to support the delivery of our growth objectives as we aim to maintain our strong branded growth momentum into 2026.

我們預計全年銷售、一般及行政開支將成長低至個位數至中位數，這歸因於人員投資的增加，包括增加激勵措施和股票薪酬以及其他重點投資，以支持實現我們的成長目標，因為我們的目標是在 2026 年保持強勁的品牌成長勢頭。

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.

謝謝你，科里。

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.

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 brand and a solid balance sheet, and we are well positioned to drive category and brand growth both domestically and internationally.

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。

Thank you for joining us today and thank you for your interest in The Vita Coco Company.

感謝您今天加入我們，也感謝您對 Vita Coco Company 的關注。

That concludes our second quarter 2025 prepared remarks, and we will now take your questions.

這就是我們 2025 年第二季的準備好的發言，現在我們將回答您的問題。

(Operator Instructions)

（操作員指示）

Kaumil Gajrawala, Jefferies.

傑富瑞的 Kaumil Gajrawala。

I guess a couple of things. The first on revenue. Obviously, doing very, very well. Can you maybe -- is it possible to parse out how much of that is sort of inventory rebuild and such now that supply is in a place where you'd like it to be versus some equivalent of like same-store sales type of trends?

我想有幾件事。第一個是收入。顯然，做得非常非常好。您能否——現在供應量已經達到了您所希望的水平，那麼是否可以分析出其中有多少是庫存重建之類的，而不是某種類似於同店銷售趨勢的趨勢？

And then with Treats and Treats going national, is that -- is it happening? Has it already happened and is there just anything in the figures that we should be aware of as it relates to that contribution?

那麼，隨著 Treats and Treats 走向全國，這會發生嗎？它已經發生了嗎？這些數字中是否有任何與該貢獻相關的東西需要我們注意？

Sure. So on the scan -- let's say, the retail scan side is obviously reflective of healthy inventory, but we had healthy inventory in Q2 of last year. So I wouldn't say that any of the scan trend data is reflective of easy comparables.

當然。因此，在掃描方面——比方說，零售掃描方面顯然反映了健康的庫存，但我們去年第二季的庫存是健康的。因此我不會說任何掃描趨勢數據都反映了容易進行比較的情況。

We will certainly see that in Q3, but I wouldn't say that in Q2. And then relative to Treats, the -- we rolled Treats nationally, sort of ended Q1 in the US. It was also introduced in the UK. And so I would say that's national, and we have good coverage.

我們肯定會在第三季看到這一點，但我不會在第二季看到這一點。然後相對於 Treats，我們在全國推出了 Treats，在美國第一季已經結束。它也在英國被推出。所以我想說這是全國性的，而且我們有很好的報導。

We didn't get complete retailer authorizations everywhere, but for a first step, it was very good. So I think what you're seeing on sort of shipments certainly is the launch in Q1 which would obviously have benefited a little bit from inventory fill up the pipeline and then Q2 is probably more reflective of sort of potential ongoing state but obviously until you get repeat going we don't really know what the ongoing rate of sales are.

我們並未在所有地方獲得完整的零售商授權，但作為第一步，這已經非常好了。因此，我認為您在出貨量上看到的肯定是第一季推出的產品，這顯然會從庫存填滿管道中受益一點，然後第二季度可能更能反映潛在的持續狀態，但顯然，在您重複之前，我們真的不知道持續的銷售率是多少。

But we're very happy right now and I think as we indicated, it's added a little bit to our total branded scan volumes in Circana in the US, importantly, Circana, depending on how you buy it or Nielsen may only report coconut water, so Treats is a coconut milk-based beverage and maybe outside of the visible Vita Coco brand trends that people see depending on what data they have.

但我們現在非常高興，我認為正如我們所指出的，它為我們在美國 Circana 的總品牌掃描量增加了一點，重要的是，Circana，取決於你如何購買它，或者尼爾森可能只報告椰子水，所以 Treats 是一種椰奶飲料，可能超出了人們根據他們擁有的數據看到的可見的 Vita Coco 品牌趨勢。

Just had a couple of things. I think in terms of growth, household and consumption per household are growing really fast, and that is probably the biggest driver of the growth is the categories mainstreaming, and then in terms of Treats, like Martin mentioned, yeah, we had a national rollout, but it was a specific retailer.

只是有幾件事。我認為，就成長而言，家庭和每戶消費都在快速增長，而這可能是增長的最大驅動力，即類別的主流化，然後就零食而言，就像馬丁提到的，是的，我們在全國範圍內進行了推廣，但那是一家特定的零售商。

So there's a lot of distribution to be had, which will be pitched, coming up in the next month or two for next resets, which would be next March. So a lot of opportunities to build distribution on it.

因此，有大量的分發需要進行，這些分發將在未來一兩個月內進行，以便進行下一次重置，即明年三月。因此有很多機會可以在此基礎上建立分銷。

The one thing I'd add on the top line growth combo is the international business is very strong, growing over 40 in the quarter and not really impacted at all by any out of stock, small amount. It is mostly consumer growth in UK and Germany.

我想補充的是，營收成長組合中的國際業務非常強勁，本季成長超過 40%，而且並未受到缺貨的影響，缺貨量很小。這主要是英國和德國的消費成長。

Actually that brings up another question but I wanted to -- on international, should we -- how should we be just thinking about sort of scale mix effect margin is -- I'm looking at your SG&A has come up and it's been a lot of people and a lot of other investments in the brands.

實際上，這引出了另一個問題，但我想——在國際上，我們應該——我們應該如何考慮規模組合效應利潤率——我正在查看您的銷售、一般和行政費用已經上升，並且有很多人和很多其他品牌的投資。

Are you sort of spending up ahead of growth? Are you looking to maybe catch up because obviously growth is quite substantial and you need maybe a higher base of investment. How are you sort of thinking about that between domestically and internationally?

您是否在成長之前就進行了支出？您是否希望迎頭趕上，因為顯然成長相當可觀，而且您可能需要更高的投資基礎。您如何看待國內和國際之間的這種差異？

From an SG&A perspective, we are investing, I'd say a little bit ahead of the curve and we're making strategic investments. We've talked about first, Germany with increased SG&A marketing and then as we look to expand, but not doing anything excessive.

從銷售、一般及行政費用 (SG&A) 的角度來看，我們正在進行投資，我想說我們有點領先於時代，我們正在進行戰略投資。我們首先討論了在德國增加銷售、一般和行政費用 (SG&A) 行銷，然後考慮擴張，但不會做任何過度的事情。

So it's not catch up and then to support the growth we're seeing in both markets, we've been investing in supply chain resources and ensure we have supply, right quality, the right factories to support that growth. So SG&A growing mid single digits, investing ahead of the curve but not -- nothing crazy I'd say.

因此，我們不會追趕，為了支持我們在兩個市場看到的成長，我們一直在投資供應鏈資源，確保我們有供應、正確的品質和正確的工廠來支持這種成長。因此，銷售、一般及行政費用增長中等個位數，投資領先於曲線，但不是——我想說這並不瘋狂。

Bonnie Herzog, Goldman Sachs.

高盛的邦妮·赫爾佐格。

I had a couple of questions on your guidance. First, you raised your top line growth and essentially narrowed your gross margin guidance, but maintained your EBITDA guidance, which I guess implies, less leverage.

我對您的指導有幾個疑問。首先，您提高了營業收入成長率，並實質上縮小了毛利率預期，但維持了 EBITDA 預期，我猜這意味著更低的槓桿率。

So just trying to understand maybe what changed there. And then second, your full year EBITDA guidance does imply a lot faster growth in the second half of about I think it's 22% versus the decline you saw in the first half.

所以只是想了解那裡發生了什麼變化。其次，您的全年 EBITDA 指引確實暗示下半年的成長速度會更快，我認為約為 22%，而上半年則有所下降。

So I realized the year over year compares are easier in the back half, but just hoping you could give us just a little bit more color on the drivers of this expected acceleration.

因此，我意識到下半年的同比比較更容易，但只是希望您能給我們更多關於這一預期加速的驅動因素的資訊。

Sure. Let me take it and then maybe Corey can cover for what I might maybe miss. I think we obviously feel very good about our branded top line, and I think that's driving the increase in our guidance as we look at on the back of the year.

當然。讓我來接受它，然後也許科里可以彌補我可能錯過的東西。我認為我們對我們的品牌營收表現感到非常滿意，我認為這將推動我們在回顧今年業績時提高預期。

Certainly, in the second half of the year, we're going to benefit from a very easy comparisons in Q3 relative to the out of stocks that we had last year and then a little bit of a swing back in Q4 where Q4 last year, we benefited from replenishing the inventory, but we have some pretty easy comparisons.

當然，在下半年，我們將受益於第三季度與去年缺貨情況的非常容易的比較，然後在第四季度略有回升，去年第四季度，我們受益於補充庫存，但我們有一些相當容易的比較。

So we're -- we feel pretty good. I think on the gross margin side, frankly, we struggle on guidance. We're saying it's approximately 36 and we're pretty comfortable with that. Obviously that's a tightening, I suppose, from 35 to 37, but I don't think we really wanted to do 35.5 to 36.5.

所以我們——我們感覺非常好。坦白說，我認為在毛利率方面，我們在指導方面遇到了困難。我們說這個數字大約是 36，我們對此感到滿意。顯然，我認為這是從 35 到 37 的收緊，但我不認為我們真的想從 35.5 到 36.5。

It felt sort of silly. But what I would say on the top side is we've got a number of factors going on. There's obviously some higher ocean freight that we experienced in Q2 from the spike that occurred in the indexes that obviously flow through into our P&L in the second half of the year. That was unexpected when we last talked to you.

感覺有點傻。但我想說的是，我們需要考慮很多因素。顯然，由於指數飆升，我們在第二季度經歷了一些海運費上漲，這顯然會在下半年流入我們的損益表。這是我們上次與您交談時未曾想到的。

We now have a little bit of clarity on the timing of the tariff impact relative to mitigating actions, and there's a little bit of lag on the mitigation actions. So that's also a headwind on the cost of goods side. So that's pulling cost of goods higher I suppose than perhaps we would have anticipated, and that's how the whole thing sort of fell together and sorry if I missed anything.

我們現在對關稅影響相對於緩解措施的時間有了一點了解，緩解措施存在一些延遲。所以這對商品成本來說也是一個阻力。所以我認為這會導致商品成本高於我們預期的水平，這就是整個事情發生的原因，如果我遺漏了什麼，我很抱歉。

Maybe just two things. One, we talked about in the prepared remark the pricing is starting to hit the market, but there's some factors and some mix that drove it a little bit later than expected, which pressures the Q3 margins a bit.

也許只有兩件事。首先，我們在準備好的評論中談到，定價開始影響市場，但有一些因素和一些組合導致它比預期稍晚一些，這對第三季的利潤率造成了一些壓力。

And then our SG&A, we talked about last quarter is a bit more aligned with our sales curve throughout the year and part as we look into the back here, we just see some increase incentive comp and stock comp that drives a little bit of variance but overall, that's how the guidance came together.

然後，我們上個季度討論的銷售、一般和行政費用與我們全年的銷售曲線更加一致，當我們回顧過去時，我們只看到一些增加的激勵補償和股票補償導致了一些差異，但總的來說，這就是指導的形成方式。

So just to I guess summarize, so you're feeling good about the top line, the momentum, what you have planned in the back half, but maybe just some conservatism based on or despite I guess the freight rates declining throughout the year and just kind of talking through some of the other cost pressures or headwinds that you're facing. Is that how we should think about it?

所以我想總結一下，您對營收、發展勢頭以及下半年的計劃都感覺良好，但也許只是基於某種保守態度，或者儘管我猜全年運費都在下降，只是談論了一些您面臨的其他成本壓力或阻力。我們該這樣思考嗎？

Yes. With what Martin was saying, there's with higher ocean freight earlier in the summer, that will flow through in Q3, so our ability to freight rates continue to drop. Much of that will flow into next year at this point, so we don't see as much ocean freight tailwind as maybe we would you would think.

是的。正如馬丁所說，夏季初海運費上漲，這種情況將持續到第三季度，因此我們的運費能力將繼續下降。目前，其中大部分將流入明年，因此我們看不到像您想像的那麼多的海運順風。

And then just maybe a follow up. Just in terms of reinvestments or like the SG&A was up quite a bit in Q2. So any more color on that and then again, just with you guys maintaining the SG&A guides for the year does imply slower SG&A growth in the second half. Is that -- maybe if you could, I don't know, drill down a little bit on the SG&A line just kind of help us understand just general expense versus some of the marketing.

然後也許只是後續行動。僅就再投資或銷售、一般及行政費用而言，第二季有大幅上漲。因此，對此還有更多的說明嗎？再說一次，只要你們維持今年的銷售、一般和行政費用指南，就意味著下半年銷售、一般和行政費用增長將放緩。是不是這樣——也許您可以，我不知道，稍微深入了解一下銷售、一般和行政費用，這可以幫助我們了解一般費用與部分行銷費用。

How we should think about your reinvestment needs in the second half.

我們應該如何考慮您下半年的再投資需求。

The largest was marketing spend in the first half and that is a combination of the Treats, the roll out, a bit of timing overall in the full year marketing. And then the people cost as I discussed earlier, led by international second largest bucket, as well as some incentive comp and stock comp items that ultimately would be adjusted out of the EBITDA.

最大的一筆支出是上半年的行銷支出，這是全年行銷中各種優惠、推廣和時間表的綜合結果。然後，正如我之前討論過的，人力成本是第二大成本，其中國際成本最高，還有一些激勵補償和股票補償項目，這些項目最終將從 EBITDA 中調整出來。

Then we had a couple, they're smaller but unique items. Our bad debt reserves, which is as a calculation on our current accounts receivable increased this year versus actually income last year, so a bit of a unique item and then we are in the process of moving offices so we're currently experiencing double rent, so towards the back end of the year, those things normalize.

然後我們有幾個，它們較小但很獨特。我們的壞帳準備金是根據我們今年的應收帳款計算得出的，與去年的實際收入相比，今年有所增加，因此這是一個比較特殊的項目，而且我們正在搬遷辦公室，因此我們目前面臨雙倍租金，所以到年底，這些情況就會恢復正常。

The marketing was more accelerated year-to-date than it will be in the back half. The incentive structures will balance out, so just it's a bit more consistent to the year this year than last year.

今年迄今的行銷速度比下半年更快。激勵結構將會平衡，因此今年的激勵機制將比去年更加一致。

Christian Junquera, BofA.

美國銀行的 Christian Junquera。

You have Christian on for Pete.

你讓克里斯蒂安 (Christian) 代替皮特 (Pete)。

First on tariffs, just how potentially higher tariffs than the 10% baseline figure would impact EBITDA this year and potentially next year and how confident are you guys in that you are going to see 10% tariffs?

首先關於關稅，高於 10% 基準數字的關稅究竟會對今年和明年的 EBITDA 產生多大影響，以及你們對 10% 關稅將會出現有多大信心？

So I think what we would say on tariffs is obviously, there's a lot of uncertainty. We're currently operating under a 10% baseline tariff environment, and that is included in our guidance. Last quarter, we discussed how the tariffs would apply to our US based product cost, and we provided, I think the estimate that you wanted to back into it.

所以我認為，關於關稅，我們顯然要說的是，存在著許多不確定性。我們目前在 10% 的基準關稅環境下運營，這包含在我們的指導中。上個季度，我們討論了關稅如何適用於我們在美國的產品成本，並且我們提供了我想您想要的估算值。

You took 6% of our global cost of goods dollars, and that would approximate to the dollar cost that we think the tariffs would equate to. And that's sort of how you back into an estimate of tariff impact let's say at a 10% rate. You would come up with a number.

你拿走了我們全球商品成本的 6%，這大約相當於我們認為關稅所對應的美元成本。這就是你對關稅影響的估計，假設稅率為 10%。你會得出一個數字。

Also last quarter, we said if the retaliatory rates were applied, we expected the tariffs based on our current sourcing to be in the low 20s as a percentage rate. Now obviously since then, the announcements that have been happening haven't really aligned with retaliatory, so that's why we're not really talking about that.

另外，上個季度，我們表示，如果實施報復性關稅，我們預計根據我們目前的採購情況，關稅稅率將在 20% 出頭。顯然，自那時以來，所發布的聲明並沒有真正與報復性措施一致，所以我們並沒有真正談論這個問題。

And many of the announcements that have happened have been announced frameworks for trade agrees that we haven't seen details yet. And because we haven't seen details yet, and we don't really know what's happening on August 1, we're just not including it in any forward-looking statement.

已經發布的許多公告都涉及貿易框架，但我們尚未看到細節。因為我們還沒有看到詳細信息，而且我們也不知道 8 月 1 日會發生什麼，所以我們沒有將其納入任何前瞻性聲明中。

On the positive side, obviously, everyone's talking and deals are being negotiated that potentially are lower than the retaliatory rates. Also on a positive side, there has been anecdotal comments that maybe commodities and agricultural goods that aren't available in the US might be treated differently.

從正面的一面來看，顯然大家都在談論，而且正在談判的交易可能低於報復性稅率。另外，從正面的一面來看，有傳聞稱，美國沒有的商品和農產品可能會受到不同的對待。

But it's all hypothetical, and there is no specifics and so very hard to comment on other than to say that we're operating the business and focusing on growth and assuming that once we know what the long term impact on our business is, we can then make long term plans to deal with it and to mitigate it to the best of our ability.

但這都是假設，沒有具體細節，因此很難發表評論，只能說我們正在經營業務並專注於增長，並假設一旦我們知道對我們業務的長期影響是什麼，我們就可以製定長期計劃來應對它並儘最大努力減輕它的影響。

So that's how we're thinking about it and right now, we have as good information as everyone else does in the market.

這就是我們的想法，現在，我們擁有的資訊和市場上其他人一樣好。

And then just one more, just a common theme from CPG earnings from -- throughout this year has just been how the Hispanic shopper is spending less and that's putting pressure on companies. I believe you guys have sizable exposure towards the Hispanic consumer yet you guys continue to post strong sales growth.

再說一遍，今年 CPG 收益的一個共同主題是西班牙裔購物者的支出減少，這給公司帶來了壓力。我相信你們在西班牙裔消費者中擁有相當大的影響力，但你們的銷售成長仍然強勁。

Do you have any insights on the Hispanic consumer or why you seem to be insulated from this trend and that's it for me?

您對西班牙裔消費者有什麼見解嗎？或者為什麼您似乎不受這種趨勢的影響？對我來說就這些了？

So I don't think our consumer insights is robust enough to sort of pull it all apart, but what we would say is our convenience store trends are very strong, and I think that's visible in the available scan data. And to us, if there was weakness in the Hispanic consumer as it relates to our brand, that's probably where it would show up and I think that's where it's showing up on the beer side for those guys who are talking about it.

因此，我認為我們的消費者洞察力還不夠強大，無法將所有這些區分開來，但我們可以說的是，我們的便利商店趨勢非常強勁，我認為這在可用的掃描數據中是可見的。對我們來說，如果西班牙裔消費者對我們的品牌有弱點，那麼這種弱點可能就會顯現出來，而且我認為對於那些談論這個問題的人來說，這種弱點就會在啤酒方面顯現出來。

So we don't see it. I think for us, our consumers, what we do overindex to Hispanic and Asian and African American, we also tend to overindex to what I would call average wealth -- to above average wealth households or income households, so we probably are a little less exposed to the lower income brackets where maybe that is occurring, but that's again just a guess.

所以我們看不到它。我認為對於我們消費者來說，我們對西班牙裔、亞裔和非裔美國人的過度指數化，我們也傾向於對我所說的平均財富——高於平均財富家庭或收入家庭——的過度指數化，因此我們可能較少受到低收入階層的影響，也許這種情況正在發生，但這又只是一個猜測。

We don't have good data on it and frankly, given our trends, we're just focused on continuing them.

我們對此沒有很好的數據，坦白說，鑑於我們的趨勢，我們只是專注於繼續下去。

Eric Des Lauriers, Criag Hallum Capital Group.

Eric Des Lauriers，Criag Hallum 資本集團。

Congrats on continued very strong top line results here.

恭喜您持續取得非常強勁的營收業績。

First one for me on private label, just trying to help kind of just square the outlook here. So we had some lost regions that impacted Q2. I think I heard from Martin that you perhaps won some additional private label contracts recently.

這是我第一次接觸自有品牌，只是想幫忙釐清這裡的前景。因此，我們失去了一些地區，這對第二季度產生了影響。我想我從馬丁那裡聽說，您最近可能贏得了一些額外的自有品牌合約。

I guess just kind of from these levels in Q2, seasonally adjusted, should we expect modest growth going forward? I guess just overall, how to think about potential volatility in private label in the coming quarters?

我想，從第二季的水平來看，經過季節性調整後，我們是否應該預期未來會出現溫和的成長？我想總體而言，如何看待未來幾季自有品牌的潛在波動？

Great question, Eric. I think as we said earlier in the year that we lost some regions across multiple retailers. The first impact of that was visible in Q2. The forward-looking impact of that is that frankly complicated because like for instance in Q3 last year, we had inventory issues relative to private label and therefore, the shipment comparisons are very easy.

很好的問題，埃里克。我認為，正如我們今年早些時候所說的那樣，我們在多家零售商中失去了一些地區。其影響在第二季首次顯現。坦白說，其前瞻性影響很複雜，因為例如在去年第三季度，我們有與自有品牌相關的庫存問題，因此，出貨量比較非常容易。

So I think it's going to be pretty turbulent on a comparable basis for the balance of the year. What I would say is that Q2 reflects all the known losses that we are aware of, and it's probably a pretty good indication of what future trends might look like on a long term basis but that being said, private label itself is pretty healthy right now.

因此我認為，今年餘下時間的情況將會相當動盪。我想說的是，第二季度反映了我們所知的所有已知損失，並且它可能很好地表明了未來的長期趨勢，但話雖如此，自有品牌本身現在相當健康。

So you're seeing offsetting growth from the category and on top of that, as we indicated, we have one an additional piece of business that we're excited about. It won't impact until '26. So that's I think the best color I can provide you for your modeling, but -- so it's complicated and it's murky because of the year on year, but there's nothing new to report other than that we want something that will help us in '26.

因此，您會看到該類別的抵銷成長，除此之外，正如我們所指出的，我們還有一項令我們興奮的額外業務。它要到 26 年才會產生影響。所以我認為這是我能為您的建模提供的最好的顏色，但是 - 由於年復一年，它很複雜而且很模糊，但除了我們想要一些可以在 26 年幫助我們的東西之外，沒有什麼新東西可以報告。

Just a quick one on Walmart. Remind us the timing around shelf resets here and when you may have clarity on if Walmart will go through with these expanded distribution plans.

簡單介紹一下沃爾瑪。提醒我們貨架重置的時間，以及何時您可以清楚地了解沃爾瑪是否會實施這些擴大的分銷計劃。

Timing is October -- September, October sometime. If they stick to last year's timing, right? Last year's timing was sort of November-ish, and if they stick to an annual cadence, then we would hope to make progress on this in early Q4.

時間是十月——九月，十月的某個時候。如果他們堅持去年的時間安排，對嗎？去年的時間大概是十一月左右，如果他們堅持每年的節奏，那麼我們希望在第四季初取得進展。

And then just last one for me on Treats and kind of innovation as a whole. So very nice contribution from Treats early on. That's rolling out nationally. Can you just kind of comment on how you see the potential for the coconut milk based beverages kind of as a category as you guys kind of look at this?

最後我想談談關於零食和整體創新的問題。Treats 早期的貢獻非常出色。該活動正在全國推行。您能否評論一下您如何看待椰奶飲料這一類別的潛力？

I mean, would this mostly be something similar to the Treats where it's a bit of a sweeter like indulgent option as opposed to some of the better for you aspects of coconut water and I guess just overall, I mean, should we kind of be thinking of a shift in focus from you guys on the innovation front towards more coconut milk beverages and away from perhaps isotonics and energy drinks?

我的意思是，這是否主要類似於 Treats，它有點甜，是一種放縱的選擇，而不是椰子水的一些對你更好的方面，我想總的來說，我的意思是，我們是否應該考慮將你們在創新方面的重點轉移到更多的椰奶飲料上，而不是等滲飲料和能量飲料上？

Definitely not away from. I think continuing to focus on coconut water as a great sport drink and as super refreshing and as used in all these incredible usage occasions from the hangover cure to cocktail mixers to smoothies to all of these things.

絕對不會遠離。我認為繼續關注椰子水作為一種很好的運動飲料，它超級清爽，可用於所有這些令人難以置信的使用場合，從宿醉治療到雞尾酒混合器到冰沙等等。

I think as we think about coconut milk based beverages, it's somewhat new to us. It's somewhat new to the US. It's a trend that's growing really quickly and has become quite large in other parts of the world, specifically Asia, China, throughout all of Asia, using coconut milk as a base for this kind of midday indulgent treat.

我認為當我們想到以椰奶為基礎的飲料時，它對我們來說有點新鮮。這對美國來說有點新鮮。這種趨勢發展得非常快，在世界其他地區，特別是亞洲、中國，甚至整個亞洲，都已經相當流行，人們使用椰奶作為這種午間享受的基礎。

You see it in all of the coffee shops. The top best selling item is a coconut -- is always a coconut milk-based, refreshment. And so we think that trend continues and really expands in North America and Western Europe and throughout the rest of the world and it's something we want to be a driver of and a big part of.

你可以在所有的咖啡店裡看到它。最暢銷的產品是椰子——始終是一種以椰奶為原料的清涼飲料。因此，我們認為這種趨勢將會持續下去，並在北美、西歐和世界其他地區真正擴大，我們希望成為這一趨勢的推動者並發揮重要作用。

So it's another avenue for growth, not necessarily taking away from the core, which is Vita Coco coconut water, which we think is still in its early days and has a huge opportunity to continue to grow as a hydration drink.

因此，這是另一種增長途徑，不一定非要剝奪核心產品，即 Vita Coco 椰子水，我們認為它仍處於早期階段，並且作為補水飲料具有巨大的繼續增長機會。

Jim Salera, Stephens.

吉姆·薩萊拉、史蒂芬斯。

Corey, I just wanted to -- maybe a quick housekeeping question. You mentioned 4Q gross margin improving sequentially from 3Q. Do we expect that to still be down from 2Q level or just if you can kind of level set that cadence for us just for starters?

科里，我只是想──也許問一個簡單的基本問題。您提到第四季的毛利率較第三季有所提高。我們是否預期該數字仍將低於第二季的水平，或者您可以為我們設定初始節奏？

We haven't provided the quarterly expectation in Q4, especially due to the size is generally lower year on year throughout the year than us because of the size of the volume within the quarter and some of the fixed investments driving higher cost, but we do see in the more short term is that impact of tariffs at the beginning of Q3 with the delay of pricing driving it down from Q1 and then you get to the overall approximately 36 for the year based on the remainder of the year.

我們尚未提供第四季度的季度預期，特別是由於本季度的交易量規模和一些固定投資推高了成本，導致全年規模普遍低於我們，但我們確實看到，短期內關稅的影響在第三季度初隨著定價延遲導致其從第一季度下降，然後根據今年剩餘時間的數據，全年總體約為 36。

And then I certainly appreciate the difficulty of forecasting given all the news cycle and changing tariff rates, but at least what's been announced is the negotiated rate for the Philippines is I believe 19%. And so if the assumption is a 10% baseline in your guidance, but we assume that the deal for the Philippines materializes as it's been reported, would it be safe to say that the full year, that 36 gross margin would probably -- we would probably undershoot that a little bit if we run through a 19% tariff on the Philippines, even setting aside, whatever ends up happening with Brazil?

然後，我當然明白，考慮到所有的新聞週期和不斷變化的關稅稅率，預測起來很困難，但至少已經宣布的菲律賓協商稅率我相信是 19%。因此，如果您的指導假設是 10% 的基準，但我們假設菲律賓的交易如報道的那樣實現，那麼是否可以肯定地說，全年 36 的毛利率可能會 - 如果我們對菲律賓徵收 19% 的關稅，我們可能會略微低於這個水平，即使不考慮巴西最終發生的情況？

I would say that yes, the 19% has been announced, but yesterday, Commerce Secretary, Howard Lutnick on Squawk Box said that President Trump has agreed to set zero tariffs for those natural resources that are not grown in the US in trade deals.

我想說是的，19% 的關稅已經宣布，但昨天，商務部長 Howard Lutnick 在 Squawk Box 上表示，川普總統已同意在貿易協議中對非美國生產的自然資源設定零關稅。

So we don't know, but if we're looking at 19% from the Philippines and if our average goes from 10% to 19% or 20% or whatever it is, we feel that we can manage that between margin mix in '26 with more branded and branded growth, ocean freight rates declining which we see happening and continuing to happen and potentially some additional pricing we think that if that does happen, we can manage the business accordingly.

所以我們不知道，但如果我們看到菲律賓的 19% 份額，而我們的平均份額從 10% 上升到 19% 或 20% 或其他數字，我們認為我們可以在 26 年的利潤組合、更多的品牌和品牌增長、我們看到的海運費下降（並將繼續發生）以及潛在的一些額外定價之間實現這一目標，我們認為如果我們確實發生這種情況，我們確實可以實現這種情況。

And again, just to be clear, our guidance assumes 10% ongoing. It doesn't assume anything else and certainly, in our mitigation efforts, once we know what the -- I suppose the guidelines are or what the rules are, then we can mitigate, but there is a lag, right?

再明確一點，我們的指導假設是持續 10%。它不假設任何其他事情，當然，在我們的緩解努力中，一旦我們知道了——我想指導方針是什麼或規則是什麼，那麼我們就可以緩解，但存在滯後，對嗎？

So again, I think long term, we're like, okay, we'll be totally fine and in the medium term, it's like let's not do anything silly based on announcements that may not impact us because again, the details are in the details, but we don't have, right?

所以，我再說一次，從長遠來看，我們會覺得一切都會好起來，而從中期來看，我們不要根據可能不會影響我們的公告做任何愚蠢的事情，因為細節在於細節，但我們沒有，對吧？

So that's how we're thinking about it and our primary focus and our messages to our team is let's continue to drive top line growth and everything will be fine.

這就是我們的想法，我們的主要關注點和我們向團隊傳達的訊息是，讓我們繼續推動營收成長，一切都會好起來的。

And then maybe just one quick follow up on US private label sales. I think in the quarter, they were just shy of $15 million. Is that a good dollar run rate to think about just kind of for the remainder of the year as we progress forward kind of in that $15 million range or any incremental upside, downside to that?

然後也許只需對美國自有品牌銷售情況進行一次快速跟進。我認為本季他們的收入略低於 1500 萬美元。當我們在 1500 萬美元的範圍內前進時，或者有任何增量的上升或下降趨勢時，這是否是一個很好的美元運行率，可以考慮在今年剩餘時間內？

The two pieces what Martin says Q2 is somewhat representative of the ongoing business as we talked in the past, private label is hard to capture because the revenue is recorded a little bit differently, but we do see growth in the category overall and faster growth in private label across the category plus the incremental business coming that Martin referenced in '26.

馬丁在第二季度所說的兩件事在某種程度上代表了我們過去談到的正在進行的業務，自有品牌很難捕捉，因為收入的記錄略有不同，但我們確實看到整個類別的增長和整個類別的自有品牌的更快增長，加上馬丁在 26 年提到的增量業務。

So we would hope that that number continues to grow from a baseline.

因此我們希望這個數字能夠持續成長。

Robert Ottenstein, Evercore ISI.

羅伯特‧奧滕斯坦 (Robert Ottenstein)，Evercore ISI。

Congratulations on the continued tremendous success. And what I want to do is kind of try to get a little billy beneath the -- below the hood on -- in terms of that success and maybe understand a little bit about your marketing and category building efforts in the US that have been so successful in terms of, at this point, what particular demographics are you targeting for increased household penetration, if in fact you're doing that?

恭喜您繼續取得巨大的成功。我想做的是嘗試深入了解一下這種成功，並了解一下你們在美國取得如此成功的營銷和品類建設工作，目前，如果你們確實這樣做了，那麼你們針對哪些特定人群來提高家庭滲透率呢？

What particular categories are you looking to gain share from or rather maybe occasions from? It's our sense that four, five years ago, it was more from kind of juice and water. Now maybe it's more sports drinks. So is that happening?

您希望從哪些特定類別中獲得份額，或者更確切地說是從哪些場合中獲得份額？我們的感覺是，四五年前，它更多的是果汁和水。現在可能是運動飲料更多。那麼這是真的嗎？

So just trying to understand a little bit about, I know you're going into sea stores and that's working really well, but trying to understand maybe some of the brand building marketing aspects of your growth strategy.

所以只是想了解一點，我知道你正在進入海上商店，而且效果很好，但我想了解一下你的成長策略中的一些品牌建立行銷方面。

Yeah. I think it's a lot of what we've been doing the last several years and continuing to do that. So if we think about where we're pulling from, it remains pretty equal from three major categories, right? It's sports drinks, it's enhanced bottled water and juice and that continues.

是的。我認為這是我們過去幾年一直在做的事情，並將繼續做下去。因此，如果我們考慮我們從哪裡提取數據，那麼從三大類別來看它仍然相當平等，對嗎？它是運動飲料，是強化瓶裝水和果汁，並且還在繼續銷售。

We are from a marketing perspective for the first time in a few years, really focusing, a little bit heavier than we might have historically on the sports, sport drink aspect, both through our marketing and our communication, and that seems to be working.

從行銷角度來看，我們幾年來第一次真正地將重點放在體育、運動飲料方面，比以往更加重視，無論是透過行銷還是溝通，這似乎很有效。

And we're excited about that. And in terms of demographics, we're growing across all demographics. We're focusing our marketing efforts on young multicultural, more urban consumers, but it is spreading across all demographics.

我們對此感到非常興奮。從人口統計角度來看，我們在所有人口統計中都在成長。我們的行銷重點是年輕的多元文化、更城市化的消費者，但它正在擴展到所有人口統計。

We're seeing significant growth in truck stops in the middle of the country. I mean, the category just seems to be working very well everywhere, which is exciting, but the focus of our marketing efforts remains the same as it's been the past couple of years.

我們看到該國中部地區的卡車停靠站數量顯著增加。我的意思是，這個類別似乎在任何地方都運作良好，這令人興奮，但我們行銷工作的重點與過去幾年一樣。

And then as a follow up, is your strategy in terms of what you're focusing on along the lines that you just mentioned the same -- pretty much the same in Europe or are there nuances, regional nuances, whether it's in the UK or Germany, that we should be aware of?

然後作為後續問題，就您所關注的重點而言，您的策略是否與您剛才提到的相同 - 在歐洲幾乎相同，或者是否存在細微差別，無論是在英國還是德國，我們都應該注意的地區細微差別？

Pretty similar. I mean there are regional nuances in terms of focus periods whether it be Ramadan, the UK, and these type of things that might be different focuses to Hispanic consumers in the US during certain periods, but for the most part, it is the same. It is targeting young multicultural consumers.

非常相似。我的意思是，在關注時期方面存在地區細微差別，無論是齋月、英國還是其他地區，美國西班牙裔消費者在某些時期的關注點可能有所不同，但在大多數情況下，情況都是一樣的。其目標客戶是年輕的多元文化消費者。

Yeah. And I think one slight difference in Europe is the category is underdeveloped relative to the US, and I think that's a huge opportunity for us. So there's a lot more category building and education we have to drive in Europe, and certainly, that message is being received pretty well because the growth rates are very healthy and it's very early in category development days.

是的。我認為歐洲的一個小區別是，與美國相比，這個類別還不夠發達，我認為這對我們來說是一個巨大的機會。因此，我們必須在歐洲推動更多的品類建設和教育，當然，這一訊息受到了廣泛歡迎，因為增長率非常健康，而且品類開發還處於早期階段。

(Operator Instructions)

（操作員指示）

Michael Lavery, Piper Sandler.

麥可拉弗里、派珀桑德勒。

Just wanted to touch on freight rates. You mentioned you expect easing in -- later in the year, but can you give a sense of maybe how much you're contracting or already securing for 2026? I think for recent quarters, you've mostly been more exposed to the spot rates and the contracted levels weren't as favorable.

只是想談談運費。您提到今年稍後會出現放鬆的跡象，但您能否透露您在 2026 年的收縮幅度或已經確定的幅度是多少？我認為最近幾個季度，您主要受到現貨價格的影響，而合約水準並不那麼有利。

Has that changed, but what's the kind of forward position that you're sitting on now?

情況有改變嗎？但是您現在處於什麼樣的前鋒位置？

Yeah. I think on a forward basis, we don't have much coverage on ocean freight rates. I think our view is still that they are sort of higher than long term averages, that there is more downward pressure than upward pressure that we see right now partly due to increased capacity and decreasing demand.

是的。我認為從遠期角度來看，我們對海運費的報道並不多。我認為我們的觀點仍然是，它們略高於長期平均水平，目前我們看到的下行壓力大於上行壓力，部分原因是產能增加和需求下降。

Obviously, it's pretty volatile. So that's a consideration but we think the volatility is manageable within our P&L and that we're better off sort of mostly being spot, and not making forward contracts given the downward pressures that we see.

顯然，它非常不穩定。所以這是一個考慮因素，但我們認為波動性在我們的損益表中是可控的，而且考慮到我們看到的下行壓力，我們最好主要採用現貨交易，而不是簽訂遠期合約。

Ultimately, the big sort of change in ocean freight for us would probably be if the Suez Canal route were to open up for Asia to Europe and Asia to the East Coast. That is obviously still shut down, although, there were expectations it would open, but obviously, it's still shut down.

最終，如果蘇伊士運河航線開通，連接亞洲和歐洲以及亞洲和東海岸，那麼對我們來說，海運業將發生重大變化。顯然，它仍然處於關閉狀態，儘管人們期望它會開放，但顯然，它仍然處於關閉狀態。

But that's the big sort of thing that we still think will eventually open and that will drive breaks down as a lot of extra capacity gets added just by the shortened transit time. So we're sitting on the sideline and we're comfortable with that and we think we can manage the volatility within our P&L, but that doesn't mean to say it won't cause volatility in our gross margins quarter to quarter as that -- if that volatility continues to happen.

但我們仍然認為，這是一件大事，它最終將會開放，並且將導致故障減少，因為僅僅通過縮短運輸時間就可以增加大量額外的容量。因此，我們坐在場邊，對此感到很舒服，我們認為我們可以管理損益表中的波動，但這並不意味著它不會導致我們的毛利率逐季度波動——如果這種波動繼續發生的話。

And just on a sea store and cans specifically. You've got a nice pick up in ACV there. It's still lower than sort of the grocery levels, but what momentum are you seeing there? Is there a few changes? In particular, you've got a little more of a breakthrough. Is your selling story getting better? What's helping put some wind at your back there?

並且專門針對海上商店和罐頭。您在 ACV 方面取得了不錯的成績。它仍然低於某種雜貨水平，但你看到那裡有什麼勢頭？有一些變化嗎？尤其是你取得了更多的突破。您的銷售業績是否越來越好？什麼能幫助你獲得一些動力呢？

Yeah. I think we're happy I suppose with the increased ACV, but we're unhappy that it isn't going faster and so, but convenience store I think as is, it's -- there are a couple of big accounts that sort of get you to the 20 ACV and then it's a lot of independent decision makers with a lot of much smaller decision points.

是的。我想我們對 ACV 的增加感到高興，但我們對它沒有更快地增長感到不高興，但我認為便利商店的情況是 - 有幾個大帳戶可以讓你達到 20 ACV，然後有很多獨立的決策者有很多小得多的決策點。

So we're making progress. I think the good news is our selling story and our velocities are healthy. And where we've been able to add incremental distribution like the one leader in 7-Eleven, for instance, it sticks and it's a very valuable SKU in that door and that's a message we can take on to the rest of that community.

所以我們正在取得進展。我認為好消息是我們的銷售情況和速度都很健康。並且，當我們能夠增加增量分銷時，例如 7-Eleven 中的一個領導者，它會堅持下去，並且是那扇門中非常有價值的 SKU，這是我們可以向社區的其他人傳達的信息。

So currently comfortable with what's going on there. We obviously have work to do to keep driving juice, but yeah, feeling very good about our current sea store business and our trends there are very good.

所以目前對那裡發生的事情感到滿意。我們顯然還有很多工作要做才能繼續保持動力，但是是的，我們對目前的海上商店業務感覺非常好，而且我們的趨勢非常好。

Glenn West, William Blair.

格倫·韋斯特、威廉·布萊爾。

This is Glenn West on Jon Andersen.

我是格倫‧韋斯特 (Glenn West)，採訪喬恩‧安德森 (Jon Andersen)。

You guys have hit on a lot, so maybe if I could just ask a couple of clarifying points on what you've talked about related to private label and then the Walmart situation. So on private label, you talked about the new business coming in 2026.

你們已經討論了很多，所以也許我可以就你們談論的與自有品牌以及沃爾瑪的情況相關的問題問幾個澄清點。關於自有品牌，您談到了 2026 年的新業務。

I'm just curious if that business is largely going to offset the losses we've seen and maybe we can expect to see kind of a substantial rebound in that segment or maybe how we can think about how that segment's going to perform kind of in 2026.

我只是好奇，這項業務是否在很大程度上能夠抵消我們所看到的損失，也許我們可以預期看到該領域出現大幅反彈，或者我們如何看待該領域在 2026 年的表現。

So we haven't disclosed details on the size of the business and what I think we would say is it's a large customer, but frankly, we don't really know what the volumes will be until they actually hit because this is a potential new program for them.

因此，我們還沒有透露有關該業務規模的細節，我想我們會說這是一個大客戶，但坦白說，我們真的不知道交易量會是多少，直到他們真正達到目標，因為這對他們來說是一個潛在的新項目。

So it's not really an answer that we can answer other than we're going to try and plan to support a range of outcomes. And then as it relates to would it replace, I think the -- again, it's very difficult to tell. It's a large customer. There's a wide range of outcomes.

因此，除了嘗試併計劃支持一系列結果之外，我們無法真正回答這個問題。至於它是否會取代，我認為——再次強調，這很難說。這是一個大客戶。結果有多種多樣。

So honestly, we can't really say if it's going to replace. I think it would be a wonderful outcome for us if next year we were able to get private label back in the US to flat for the year. That would be a good outcome and maybe even grow it.

所以說實話，我們真的不能說它是否會取代。我認為，如果明年我們能夠讓美國的自有品牌銷售額恢復到全年持平的水平，這對我們來說將是一個很好的結果。這將是一個很好的結果，甚至可能使其增長。

The growth would come from the new account and also continue growth in private label business. But it's so early to tell, and there's so much complexity and as we said, private label is pretty lumpy and how these decisions get made that I really don't want to provide any sort of forward-looking guidance on that.

成長將來自新帳戶以及自有品牌業務的持續成長。但現在下結論還為時過早，而且情況非常複雜，正如我們所說，自有品牌非常複雜，而且這些決定是如何做出的，我真的不想對此提供任何前瞻性的指導。

Worth a shot. And then on Walmart, do you guys have any early reads kind of on the velocity of the SKUs you have in that new juice aisle because I know you frequently said, it's higher foot traffic? So are those SKUs that you have kind of turning much faster or any sort of insight you have there?

值得一試。然後關於沃爾瑪，你們對新果汁貨架的 SKU 速度有什麼早期了解嗎？因為我知道你們常說，那裡的人流更大？那麼，你們的 SKU 週轉速度是否更快，或者您對此有何見解？

Yes. Our velocities at Walmart are really they think they've grown 50%-plus. It's somewhat hard to tell from a traffic perspective because there's a large reduction of SKUs, but we're very happy with the velocity we're seeing on the SKUs that are in the stores, and we're happy with the overall Walmart performance in general considering the distribution losses and in the stores where we've maintained distribution, the brand continues to do very, very well.

是的。沃爾瑪的速度確實成長了 50% 以上。從流量角度來看，這有點難以判斷，因為 SKU 大幅減少，但我們對商店中 SKU 的速度感到非常滿意，考慮到分銷損失以及在我們維持分銷的商店中，我們對沃爾瑪的整體表現感到滿意，該品牌繼續表現非常非常好。

So we're excited about the future of Walmart for sure.

因此，我們對沃爾瑪的未來充滿期待。

And the potential expanded distribution in that aisle with higher velocities.

而該過道的分佈可能會隨著速度的提高而擴大。

I'm showing no further questions at this time and I would like to hand the conference back over to Martin Roper for any further remarks.

我目前沒有其他問題，我想將會議交還給馬丁·羅珀 (Martin Roper)，讓他發表進一步的評論。

Thank you, Michelle.

謝謝你，米歇爾。

I'd just like to thank everyone for joining our quarterly earnings call today and look forward to talking to you again in three months.

我只想感謝大家今天參加我們的季度收益電話會議，並期待三個月後再次與你們交談。

Everyone, have a great day.

祝大家有個愉快的一天。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。