The Vita Coco Company, Inc. (COCO) 2026 Q2 法說會逐字稿

Hello, and welcome to the Vita Coco Company's second-quarter 2026 earnings conference call. My name is Liz, and I will be coordinating your call today. Following prepared remarks, we will open the call to your questions, with instructions to be given at that time.

大家好，歡迎參加 Vita Coco Company 2026 年第二季財報電話會議。我叫 Liz，今天將由我協調本次會議。在管理層預先準備的發言之後，我們將開放提問，屆時會提供相關指示。

I'd now like to hand the call over to John Mills with ICR.

現在我想把電話交給 ICR 的 John Mills。

Thank you, and welcome to the Vita Coco Company's second-quarter 2026 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.

謝謝，歡迎參加 Vita Coco Company 2026 年第二季財報結果電話會議。今天的會議將被錄音。與會者包括執行董事長 Mike Kirban 先生、執行長 Martin Roper，以及財務長 Corey Baker。

By now, everyone should have access to the company's second-quarter earnings release issued earlier today. This information is available on the Investor Relations section of the Vita Coco Company's website at investors.thevitacococompany.com. Also on the website, there is an accompanying presentation of our commercial and financial performance results.

目前各位應已取得公司今日稍早發布的第二季財報新聞稿。相關資訊可於 Vita Coco Company 官網的投資人關係專區 investors.thevitacococompany.com 查閱。此外，網站上也提供一份隨附簡報，說明我們的商業與財務績效成果。

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.

本次電話會議中的部分評論包含前瞻性陳述，並受 1995 年《私人證券訴訟改革法》之安全港條款規範。這些前瞻性陳述係基於管理層對未來事件的目前預期與信念，並受多項風險與不確定性影響，可能導致實際結果與前瞻性陳述所描述者出現重大差異。

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. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

請參閱今日新聞稿及向美國證券交易委員會（SEC）提交的其他文件，以取得更詳細的風險因素討論；這些風險因素可能導致實際結果與今日任何前瞻性陳述所明示或暗示者出現重大差異。除法律要求外，公司不承擔公開更新或修訂任何前瞻性陳述之義務，無論係因新資訊、未來事件或其他原因所致。

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.

此外，在本次會議中，我們在說明業務表現時將使用部分非 GAAP 財務衡量指標。我們的 SEC 申報文件，以及財報新聞稿與補充財報簡報，均提供非 GAAP 財務衡量指標與最直接可比 GAAP 指標之調節表，並同樣可於我們網站上取得。

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

接下來，我很榮幸把電話交給我們的共同創辦人兼執行董事長 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 our full-year 2026 performance. I want to start by thanking all of our colleagues across the globe for our strong operational execution year to date and particularly in fueling and supporting the acceleration of our growth rate this year.

謝謝你，John，各位早安。感謝各位今天加入我們，一同討論第二季財務結果，以及我們對 2026 全年表現的預期。我想先感謝全球各地的同仁，年初至今在營運執行上表現強勁，尤其是在推動並支援今年成長率加速方面。

I'm thrilled that the growth trends of the first quarter have continued through the second quarter. Our strong inventory position at the start of the year and the quick reaction time of our teams to the higher demand have enabled us to support our retailers' increased needs and have delivered very strong second-quarter results in global net sales, gross profit, net income, and adjusted EBITDA.

我很高興第一季的成長趨勢延續到第二季。我們在年初擁有強勁的庫存水位，加上團隊對需求上升的快速反應，使我們得以支援零售商增加的需求，並在全球淨銷售、毛利、淨利以及調整後 EBITDA 方面交出非常亮眼的第二季成績。

Coconut water remains one of the fastest-growing categories in the beverage aisle, according to our retail scan data, with year-to-date retail dollar growth of 29% in the US and 65% in our measured European markets. Vita Coco coconut water, excluding our coconut milk-based products like treats, also grew 29% year to date in retail dollars in the US, and we also saw 57% retail dollar growth in our measured European markets, gaining branded share across our major markets.

根據我們的零售掃描數據，椰子水仍是飲料走道中成長最快的品類之一；年初至今，美國零售金額成長 29%，我們所衡量的歐洲市場則成長 65%。Vita Coco 椰子水（不含如零食等以椰奶為基底的產品）在美國年初至今零售金額亦成長 29%；在我們所衡量的歐洲市場也看到 57% 的零售金額成長，並在主要市場提升品牌市占。

In addition to our incredible financial results year-to-date, I'm pleased to announce the acquisition of Copra Inc. Aside from Vita Cocoa, I really believe that Copra is one of the greatest success stories in coconut water and one of the other major drivers of the category's growth over the past couple of years. I'm very excited for Copra's founders, Ben and Shai, and their team to join us in developing the coconut water category into a major global beverage category over the coming years.

除了年初至今亮眼的財務成果外，我也很高興宣布收購 Copra Inc. 除了 Vita Coco 之外，我真心相信 Copra 是椰子水領域最成功的故事之一，也是過去幾年推動品類成長的另一個主要動能。我非常期待 Copra 的創辦人 Ben 與 Shai 及其團隊加入我們，未來幾年共同把椰子水品類發展成為全球主要飲料品類。

Copra competes in the super-premium Thai Nam Hom segment of coconut water. The product is sold chilled and has a sweet, aromatic flavor and a slightly pink color. We estimate that this super-premium cold segment represents approximately 13% of U.S. Coconut water sales and is growing slightly faster than the rest of the category year-to-date.

Copra 競爭於椰子水的超高端泰國 Nam Hom（香水椰）細分市場。該產品以冷藏方式銷售，具有甜美、芳香的風味，並帶有些微粉紅色澤。我們估計，這個超高端冷藏細分市場約占美國椰子水銷售的 13%，且年初至今的成長速度略快於品類其他部分。

The largest branded player in this segment is Harmless Harvest, but more recently, the segment has seen most of its growth come from private label introductions across many major retailers, the majority of which Kopra supplies.

該細分市場最大的品牌業者是 Harmless Harvest，但近來該市場的大部分成長來自多家主要零售商推出的自有品牌產品，其中多數由 Kopra 供應。

The Kopra team have built a great business based on strong integrated Nam Hom sourcing and packaging operations in Thailand.

Kopra 團隊憑藉在泰國強而有力的一體化 Nam Hom 採購與包裝營運，建立了一個很出色的事業。

And are the leading supplier of private label products for this segment, and they've launched their own Copra brand in the U.S., producing some of the highest quality product that we've seen in the segment.

他們是該細分市場自有品牌產品的領先供應商，並在美國推出自有 Copra 品牌，生產出我們在此細分市場中所見品質最高的產品之一。

As we've demonstrated with Vitacoco, investing in and mastering the supply chain in this category is key to being a market leader. Acquiring COPRA today gives Vitacoco greater access to this unique coconut water sourcing area and will allow us to compete long-term in the super premium cold segment with both private label and branded products.

正如我們在 Vita Coco 所展現的，在此品類投資並精通供應鏈，是成為市場領導者的關鍵。今日收購 COPRA，將使 Vita Coco 更能取得這一獨特椰子水原料來源區域，並讓我們得以在超高端冷藏細分市場中，以自有品牌與品牌產品進行長期競爭。

I'm very pleased to welcome Ben and Chai and their team to the VitaCoco family and look forward to helping them achieve their long-term vision. We believe this is an attractively valued asset that will enhance our ability to deliver on our long-term goals.

我非常高興歡迎 Ben 與 Chai 及其團隊加入 Vita Coco 大家庭，並期待協助他們實現長期願景。我們相信這是一項估值具吸引力的資產，將強化我們達成長期目標的能力。

As we think about our brands and the category's tremendous growth opportunities, we will continue to scale active hydration efforts across our markets as a key driver of consumer growth. Positioning our brands as a natural choice for everyday performance, sport, and recovery.

在思考我們的品牌以及品類龐大的成長機會時，我們將持續在各市場擴大「主動補水」的推廣作為消費者成長的關鍵驅動力。並將我們的品牌定位為日常表現、運動與恢復的天然選擇。

With 3.5 times the electrolytes of the leading sport drink and clean ingredients, we believe that we are well-positioned to continue to recruit new consumers, increase usage frequency, and unlock the next phase of sustained growth.

憑藉電解質含量為領先運動飲料的 3.5 倍，以及潔淨的成分，我們相信自身具備良好定位，可持續吸引新消費者、提高使用頻率，並開啟下一階段的持續成長。

We believe that coconut water is in the early stages of gaining mainstream appeal, a belief that is supported by the growth trends we are seeing. We believe that we are very well positioned to benefit from these trends, and we're confident that coconut water will grow to be a major category in the beverage aisle across the globe. We'll continue to build capacity and grow our organizational capabilities to take advantage of that growth.

我們認為椰子水仍處於獲得主流青睞的早期階段，而我們所看到的成長趨勢也支持這一看法。我們相信我們已做好充分準備以受惠於這些趨勢，並有信心椰子水將在全球各地的飲料走道中成長為主要品類。我們將持續擴充產能並提升組織能力，以把握這股成長。

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

接下來，我把電話交給我們的執行長 Martin Roper。

Thanks, Mike, and good morning, everyone. I'm pleased to report Vitacoco's robust second-quarter performance.

謝謝你，Mike，各位早安。我很高興向各位報告 Vita Coco 第二季強勁的表現。

Our net sales in the quarter were up 28%, driven by the strong growth of Vitacoco coconut water of 21% and growth in private label of 83%. The coconut water category and our brand trends are very healthy in all our major markets.

本季淨銷售成長 28%，主要由 Vita Coco 椰子水 21% 的強勁成長，以及自有品牌 83% 的成長所帶動。在我們所有主要市場中，椰子水品類與我們品牌的趨勢都非常健康。

In the United States, Vita Cocoa coconut water shipment growth was strong despite the negative impact from the shifting of a major club promotion into Q1 this year.

在美國，儘管一項主要的俱樂部通路促銷活動移至今年第一季而帶來負面影響，Vita Cocoa 椰子水的出貨成長仍然強勁。

We believe that our U.S. Vita Cocoa branded business growth is coming approximately two-thirds from increased household penetration and one-third from velocity per household growth, which is indicative of a very strong brand momentum.

我們認為，我們在美國的 Vita Cocoa 品牌業務成長約有三分之二來自家庭滲透率提升，約三分之一來自每戶購買速度（velocity）成長，這顯示品牌動能非常強勁。

Our U.S. Scan results were also benefiting from the November reset at Walmart, which has added approximately 5% to our retail dollar scan growth rate on a year-to-date basis.

我們在美國的掃描數據（Scan）結果也受惠於沃爾瑪（Walmart）11 月的品項重置（reset），使我們年初至今的零售金額掃描成長率約增加 5%。

Our private label shipment growth for the quarter reflects distribution gains, specifically the regained regions at major retailers that started shipping during the first quarter and the first shipments for a new private label account in the U.S. That started this quarter.

本季自有品牌（private label）出貨成長反映了通路分銷的提升，具體而言，包括在第一季開始出貨、於大型零售商重新取得的區域，以及本季開始出貨的美國新自有品牌客戶的首批出貨。

We are seeing cost of goods year-to-date in 2026 benefit from refunds of tariffs paid last year and from lower ocean freight costs year-to-date compared with the full-year 2025 levels, with those benefits partially offset by increased domestic logistics and higher finished goods costs.

我們看到 2026 年年初至今的銷貨成本受惠於退還去年已支付的關稅，以及年初至今海運費用相較 2025 全年水準較低；但部分效益被國內物流成本上升與成品成本提高所抵銷。

During the quarter, we entered into some additional ocean freight contracts on an April through March next year basis to secure containers at fixed rates, subject to adjustments for fuel and other surcharges.

本季期間，我們簽訂了部分額外的海運合約，合約期間為今年 4 月至明年 3 月，以固定費率確保貨櫃供應，但費率仍可能因燃油及其他附加費而調整。

These provide us with approximately 50% coverage for our needs for the balance of the year.

這些合約為我們今年剩餘期間的需求提供約 50% 的覆蓋。

During the second quarter, surcharges related to seasonal demand patterns and fuel costs were announced, and it is unclear how long these will remain effective.

第二季期間，與季節性需求型態及燃油成本相關的附加費已被宣布，但其將維持有效多久仍不明朗。

We are also experiencing some cost of goods increases, primarily in packaging materials, domestic logistics costs and increased energy costs affecting our suppliers.

我們也正經歷部分銷貨成本上升，主要來自包材、國內物流成本，以及影響供應商的能源成本上升。

Most of these increases will start impacting our gross margin mid-third quarter as inventory flows through to customers.

其中多數成本上升將在第三季中期開始，隨著庫存流轉至客戶而影響我們的毛利率。

The tariff free run allows us to mitigate any impact on our consumers from these cost increases for a while, but if these costs continue, we may consider price increases early in 2027.

免關稅的緩衝期讓我們得以在一段時間內降低這些成本上升對消費者的影響，但若這些成本持續，我們可能會在 2027 年初考慮調漲價格。

From a supply perspective, I'd like to acknowledge the devastating earthquake that hit near General Santos in the Philippines. Our thoughts remain with all those affected.

從供應角度來看，我想提及菲律賓將軍城（General Santos）附近發生的毀滅性地震。我們的心與所有受影響的人同在。

The factory there, where our products are made, suffered damage to warehouses and other structures, resulting in loss of finished goods and a temporary shutdown to allow cleanup and ensure operations could restart safely.

當地生產我們產品的工廠，其倉庫及其他建築結構受損，導致成品損失，並為了清理及確保能安全復工而暫時停工。

We lost several weeks of production and a couple of weeks of inventory at this factory, representing approximately 1% of our full network annual production.

我們在該工廠損失了數週的產能以及約兩週的庫存，約相當於我們整體網絡全年產量的 1%。

As we look to the balance of 2026, we expect full-year healthy growth as we benefit from strong brand trends and the tailwinds of our private label business, benefiting from the distribution gains referenced earlier.

展望 2026 年剩餘期間，我們預期全年將維持健康成長，受惠於強勁的品牌趨勢，以及自有品牌業務的順風，並受益於前述的通路分銷提升。

We are raising our full-year guidance both to reflect our increased expectations for our core business and to account for the addition of the coconut business.

我們上調全年指引，以反映我們對核心業務更高的預期，並納入椰子業務的加入。

Based on the strength of coconut water growth trends year-to-date, we have increased our targets for our 2028 capacity needs. We are currently working with multiple partners to secure this long-term capacity to operate efficiently and to support our growing coconut water business and will invest in additional technical resources to support this.

基於年初至今椰子水成長趨勢的強勁表現，我們已提高 2028 年產能需求目標。我們目前正與多家合作夥伴合作，以確保這項長期產能，讓營運更有效率並支持我們成長中的椰子水業務，同時也將投資額外的技術資源以支援此計畫。

I also want to welcome Copra to the VitaCoco family. I believe that we can add significant value to Copra through our excellence in engineering, quality, processing, supply chain, and commercial marketing capabilities, building on their leadership and NamHum sourcing knowledge.

我也想歡迎 Copra 加入 VitaCoco 大家庭。我相信，我們可憑藉在工程、品質、加工、供應鏈與商業行銷能力方面的卓越表現，並在其領導力與 NamHum 採購知識的基礎上，為 Copra 創造顯著價值。

It is a low-risk acquisition in our wheelhouse and a great first step for us as we build our M&A capabilities.

這是一項符合我們專長領域、風險較低的收購，也是我們建立併購（M&A）能力的良好第一步。

Copra's business is primarily in the NamHum coconut water products, representing approximately 90% of their net sales. And they also have other branded coconut products such as young Thai coconut meat, nectar, puree and ready-to-drink coconut smoothies.

Copra 的業務主要為 NamHum 椰子水產品，約占其淨銷售額的 90%。此外，他們也有其他品牌椰子產品，例如泰國嫩椰果肉、椰子花蜜、果泥，以及即飲椰子冰沙。

Their business is growing strongly faster than Vita Coco's, primarily driven by significant gains in their private label business coupled with the recent success in the U.S. With their own Coco branded product up 42% year-to-date across both food service and select retailers such as HEB, Owon and key regional chains.

他們的業務成長強勁，速度快於 Vita Coco，主要由其自有品牌業務的顯著成長所帶動，並結合近期在美國市場的成功；其自有 Coco 品牌產品年初至今在餐飲服務通路與部分零售商（如 HEB、Owon 及主要區域連鎖）合計成長 42%。

Although the Kopra brand is small today, it is showing great growth and is a nice platform for us to build a branded competitor with the ambition to eventually be the largest brand in the segment of the category.

雖然 Kopra 品牌目前規模不大，但展現出極佳的成長性，並為我們打造一個品牌競爭者提供良好平台；我們的企圖是最終成為該品類細分市場中最大的品牌。

The Thailand facility is located in the Ratchaburi Province, which is ideally situated for sourcing Nam Ham coconuts.

泰國的設施位於叻丕府（Ratchaburi Province），地理位置非常適合採購 Nam Ham 椰子。

The addition of this factory enhances our supply chain, adding capabilities and relationships to our current network.

新增這座工廠強化了我們的供應鏈，為現有網絡增添能力與合作關係。

We are excited to bring our coconut water expertise to help scale the capacity to meet our growth aspirations. We are looking forward to having Ben and Chai and their teams join us as we build an integrated organization and grow the Cocoa brand over time.

我們很期待運用我們在椰子水方面的專業，協助擴大產能以滿足我們的成長目標。我們也期待 Ben、Chai 及其團隊加入，與我們共同建立整合型組織，並隨時間推進壯大 Cocoa 品牌。

To summarize, our category is very healthy. Our brands and our private label business are strong.

總結來說，我們的品類非常健康。我們的品牌與自有品牌業務都很強勁。

We are confident in our team's ability to execute and deliver on our plans for 2026, and our confidence in the category and VitaCocoa brand trends remains very high.

我們對團隊在 2026 年執行並交付計畫的能力充滿信心，且我們對該品類與 VitaCocoa 品牌趨勢的信心仍然非常高。

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

接下來，我將把電話會議交給我們的財務長 Cory Baker。

Thanks, Martin, and good morning, everyone. I will now provide you with some additional details on the second quarter 2026 financial results and our outlook for the full year. For the second quarter, net sales increased $47 million or 28% year-over-year to $216 million, driven by strong VitaCoco coconut water net sales growth of 21% and private label growth of 83%.

謝謝你，Martin，各位早安。我現在將提供 2026 年第二季財務結果以及全年展望的更多細節。第二季淨銷售額年增 4,700 萬美元（28%）至 2.16 億美元，主要由 VitaCoco 椰子水淨銷售額成長 21% 以及自有品牌成長 83% 所帶動。

On a segment basis, within the Americas, net sales grew 21% to $172 million, led by VitaCoco Coconut Water that grew net sales by 15% to $138 million.

以區域別來看，美洲地區淨銷售額成長 21% 至 1.72 億美元，其中 VitaCoco 椰子水淨銷售額成長 15% 至 1.38 億美元，表現領先。

This was driven by a 7% volume increase and a 7% net price/mix benefit.

這主要由銷量成長 7% 以及淨價格/組合（price/mix）帶來 7% 的效益所驅動。

Private label increased net sales 83% to $27 million, driven by an 82% increase in volume and a net price/mix increase of 1%.

自有品牌淨銷售額成長 83% 至 2,700 萬美元，主要由銷量增加 82% 所帶動，另有淨價格/組合上升 1%。

Our international segment net sales were up 63%, where we saw continued exceptional net sales growth across branded and private label coconut water.

我們的國際事業部淨銷售額成長 63%，品牌與自有品牌椰子水皆持續呈現卓越的淨銷售成長。

Bite of Cocoa coconut water net sales grew 60% and private label increased 82%. For the quarter, consolidated gross profit was $105 million, an increase of $44 million versus the prior year.

Bite of Cocoa 椰子水淨銷售額成長 60%，自有品牌成長 82%。本季合併毛利為 1.05 億美元，較去年同期增加 4,400 萬美元。

Gross margins finished at 49% for the quarter. Up approximately 1,200 basis points from the 36% reported in Q2 last year.

本季毛利率為 49%。較去年第二季報告的 36% 提升約 1,200 個基點。

Tariff refunds improved gross margin within the quarter by approximately 700 basis points.

關稅退稅使本季毛利率提升約 700 個基點。

The remaining increase in gross margin resulted from better coconut water pricing, lower ocean freight, and lower finished goods, partially offset by higher domestic logistics costs.

毛利率其餘的提升來自較佳的椰子水定價、較低的海運費，以及較低的成品成本，但部分被較高的國內物流成本所抵銷。

Moving on to operating expenses, SG&A costs increased $6 million to $42 million, driven by increased investments in personnel focused on driving future growth, including higher incentive compensation, increased marketing spend, and higher sales-related expenses.

接著談營運費用，SG&A 成本增加 600 萬美元至 4,200 萬美元，主要因加大對人員的投資以推動未來成長，包括較高的獎勵性薪酬、增加的行銷支出，以及較高的銷售相關費用。

Net income attributable to shareholders for the quarter was $49 million, or $0.82 per diluted share, compared to $23 million, or $0.38 per diluted share in the prior year.

本季歸屬於股東的淨利為 4,900 萬美元，或每股稀釋後 0.82 美元，較去年同期的 2,300 萬美元（每股稀釋後 0.38 美元）增加。

The $27 million increase in net income was primarily driven by the increase in gross profit, partially offset by higher FG&A investment, increased income tax expenses and a foreign currency loss this year versus a gain last year.

淨利增加 2,700 萬美元主要來自毛利提升，部分被較高的 FG&A 投資、所得稅費用增加，以及今年出現外幣損失（去年為外幣收益）所抵銷。

Our effective tax rate for Q2 was 23% versus 19% last year. The increase in the effective tax rate is largely driven by the timing of tax credit recognition.

我們第二季的有效稅率為 23%，去年為 19%。有效稅率上升主要是由於稅額抵減認列時點的影響。

This brings the effective tax rate to 21% on a year-to-date basis, in line with our expectations for the year.

因此，年初至今的有效稅率為 21%，符合我們對全年預期。

Q2 2026 adjusted EBITDA was $67 million or 31% of net sales, up from $29 million or 17% of net sales in Q2 2025.

2026 年第二季調整後 EBITDA 為 6,700 萬美元，約占淨銷售額的 31%，高於 2025 年第二季的 2,900 萬美元（占淨銷售額 17%）。

The increase was primarily due to the increased gross profit, partially offset by higher year-on-year SG&A expenses.

增加主要來自毛利提升，部分被年對年較高的 SG&A 費用所抵銷。

Turning to our balance sheet and cash flow, as of June 30, 2026, our balance sheet remained very strong, with total cash on hand of $279 million and no debt under our revolving credit facility.

接著看資產負債表與現金流，截至 2026 年 6 月 30 日，我們的資產負債表仍非常強勁，手上現金總額為 2.79 億美元，且在循環信用額度下沒有任何借款。

Year-to-date, we generated $82 million of cash, driven by strong net income and a $28 million reduction in inventory, partially offset by share repurchases of $20 million.

年初至今，我們產生 8,200 萬美元現金，主要由強勁的淨利以及庫存減少 2,800 萬美元所帶動，部分被 2,000 萬美元的庫藏股回購所抵銷。

And net working capital outflow of $11 million, reflecting higher accounts receivable, partially offset by an increase in accounts payable.

以及淨營運資金流出 1,100 萬美元，反映應收帳款增加，部分被應付帳款增加所抵銷。

In July, our Board approved a $40 million increase in our stock buyback authorization. We now have $61 million remaining under the total $105 million authorization.

7 月，我們董事會核准將股票回購授權額度增加 4,000 萬美元。目前在總額 1.05 億美元的授權下，尚餘 6,100 萬美元可用。

Moving to COPRA.

接著談 COPRA。

The purchase price consists of two pieces. The first payment of $175 million is subject to customary closing adjustments. It was made consisting of approximately 80% cash and 20% stock.

收購價款由兩部分組成。第一筆付款 1.75 億美元，需依慣例進行交割調整。該筆款項已支付，其中約 80% 為現金、20% 為股票。

Additional consideration is to be paid in 2029 based on 2028 gross profit generated and has a floor of $45 million and a cap of $100 million.

額外對價將於 2029 年支付，依 2028 年所產生的毛利而定，最低 4,500 萬美元、最高 1 億美元。

COPA projects their full-year calendar net.

COPA預估其全年曆年淨額。

Sales for 2026 to be above $100 million.

2026 年銷售額將超過 1 億美元。

We expect the acquisition to be accretive to our adjusted EBITDA margins post full integration.

我們預期在完成全面整合後，該收購將對我們的調整後 EBITDA 利潤率具增益（accretive）。

We believe our primary synergies will be driven by operational improvements in their Thailand factory and through leveraging our retail relationships to accelerate Cooper's growth.

我們認為主要綜效將來自其泰國工廠的營運改善，以及運用我們的零售通路關係加速 Cooper 的成長。

We are planning on retaining all key employees and maintaining operations in Thailand and expect very limited SG&A cost synergies as we focus on the growth ahead of us.

我們計畫留任所有關鍵員工並維持泰國的營運，且在聚焦未來成長之際，預期 SG&A 成本綜效非常有限。

We estimate that we will quickly invest approximately $11 million in CapEx to double extraction output and improve efficiency to unlock capacity to support our growth plans.

我們估計將迅速投入約 1,100 萬美元資本支出（CapEx），以將萃取產出倍增並提升效率，釋放產能以支援我們的成長計畫。

As it relates to guidance. In addition to the inclusion of COPRA's expected performance, we have continued to experience exceptional category trends in our major markets and confidence in our team and our Vitacoco brand.

關於財測指引。除納入 COPRA 的預期表現外，我們在主要市場持續看到極佳的品類趨勢，並對團隊與 Vitacoco 品牌充滿信心。

As a result, after a very strong first half, we are raising our full-year expectations for both net sales and adjusted EBITDA.

因此，在上半年表現非常強勁之後，我們上調全年淨銷售額與調整後 EBITDA 的預期。

We now expect net sales between $790 million and $805 million.

我們目前預期淨銷售額介於 7.90 億至 8.05 億美元。

We expect gross margins for the full year of approximately 40%.

我們預期全年毛利率約為 40%。

Delivering adjusted EBITDA of $154 million to $161 million.

調整後 EBITDA 為 1.54 億至 1.61 億美元。

Our expectations for the strong net sales growth is built on our assumptions for the U.S. Category growing approximately 20% in our international business, led by the U.K. And Germany, maintaining very healthy growth rates.

我們對強勁淨銷售成長的預期，建立在以下假設：美國品類約成長 20%；我們的國際業務在英國與德國帶動下，維持非常健康的成長率。

We now expect consolidated growth of VitaCoco coconut water, net sales of high 10s to 20%.

我們目前預期 VitaCoco 椰子水的合併淨銷售成長率為高十位數至 20%。

With our U.S. White of Cocoa net sales growing mid to high 10s, due to the stronger U.S. Category growth, increased distribution, improved visibility to our private label trends and the inclusion of COCRA, we now expect full-year private label net sales growth of 90% to 100% in the U.S.

隨著我們在美國的 White of Cocoa 淨銷售成長中到高十位數，受惠於更強勁的美國品類成長、通路鋪貨增加、對自有品牌趨勢的能見度提升，以及納入 COCRA，我們目前預期美國全年自有品牌淨銷售成長為 90% 至 100%。

We expect 2026 gross margins to improve from 2025 levels as we benefit from the removal and now refund of tariffs. The branded pricing taken in 2025 and favorable full-year ocean freight rates, partially offset by impacts from cost of goods inflation and adverse product mix.

我們預期 2026 年毛利率將較 2025 年改善，受惠於關稅取消以及目前的退稅。此外，2025 年採取的品牌定價與全年有利的海運費率亦有助益，但部分將被商品成本通膨與不利的產品組合影響所抵銷。

We expect full-year branded price increases of low single-digits, assuming no further price actions, with a higher mix of private label volume, resulting in minimal consolidated net pricing growth.

在假設不再採取進一步調價行動下，我們預期全年品牌價格上調幅度為低個位數；由於自有品牌銷量占比提高，合併後的淨定價成長將相當有限。

As a result of this mix shift and the higher cost of goods, we expect lower gross margins in the second-half. Than we saw in the first half.

由於此一組合轉變以及較高的商品成本，我們預期下半年毛利率將低於上半年水準。

We expect to deliver SG&A leverage of approximately 1 point as a percentage of sales for 2025 as we continue to deliver strong growth with disciplined investments while managing the COPRA integration.

我們預期 2025 年 SG&A 占銷售額比重將改善約 1 個百分點（產生槓桿效益），因我們在管理 COPRA 整合的同時，持續以紀律性的投資推動強勁成長。

Finally, we believe that the acquisition of COPRA does not change our long-term financial algorithm of branded net sales growth in the mid-teens and adjusted EBITDA in the high 10s.

最後，我們認為收購 COPRA 不會改變我們長期的財務模型：品牌淨銷售成長率維持在中十位數，調整後 EBITDA 維持在高十位數。

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

接下來，我想把電話交回 Martin，請他做結語。

Thank you, Kari.

謝謝你，Kari。

To close, I'd like to reiterate our confidence in the long-term potential of the VitaCocoa company, our ability to build a better beverage platform, and the strength of our VitaCocoa brand and the coconut water category.

最後，我想再次強調我們對 VitaCocoa 公司長期潛力的信心、打造更佳飲料平台的能力，以及我們 VitaCocoa 品牌與椰子水品類的強勁動能。

We have strong brands and a solid balance sheet and believe that we are well-positioned to drive category and brand growth, both domestically and internationally.

我們擁有強勢品牌與穩健的資產負債表，並相信我們已具備良好定位，可在國內與國際市場推動品類與品牌成長。

We are confident in our ability and are excited about our key initiatives to drive long-term growth.

我們對自身能力充滿信心，也對推動長期成長的關鍵計畫感到振奮。

Thank you for joining us today, and thank you for your interest in the Vitacoco Company. That concludes our second-quarter 2026 prepared remarks, and we will now take your questions.

感謝各位今天參與，也感謝各位對 Vitacoco 公司的關注。以上為我們 2026 年第二季的事先準備講稿，接下來我們將開始回答各位的提問。

(Operator Instructions) Bonnie Herzog, Goldman Sachs.

（接線員指示）Bonnie Herzog，高盛。

Thank you. Good morning, everyone.

謝謝。各位早安。

Hi. I had a question on your guidance. Given the robust growth in your business and then your acquisition, you're able to raise your full year guidance yet again this year, which is impressive. But your guidance, I guess, X COPRA implies a deceleration on the top-line in the second-half, I believe. So wanted to understand the drivers of that, maybe how conservative that is. And then your guidance also implies a fair amount of deleverage in the back half. So.

嗨。我想就你們的財測指引提一個問題。考量你們業務的強勁成長以及收購案，你們今年又再次上調全年指引，確實令人印象深刻。但我想，你們的指引在排除 COPRA（X COPRA）後，似乎意味著下半年營收年增將放緩。因此想了解其驅動因素，以及這個假設有多保守。另外，你們的指引也暗示下半年會出現相當程度的去槓桿（deleverage）。所以……

Corey, I think you just touched on this, but just trying to understand how much of that is due to higher freight, maybe versus stepped up investments. If you could maybe help quantify some of these impacts in the back half, that would help.

Corey，我想你剛剛有提到這點，但我只是想了解其中有多少是因為運費上升，可能相較於加大投資所致。如果你能幫忙量化一下下半年這些影響的程度，會很有幫助。

Thank you.

謝謝。

Sure, but maybe there's an element that's similar to last quarter.

當然，不過也許有一部分和上季類似。

We have, so we're raising the back half from our previous guidance, so there is stronger trends coming into the back half.

我們確實把下半年的指引從先前的預測上調，所以進入下半年時的趨勢更強。

But we do run into the inventory bills at distributor, the Walmart load-in, those items that we previously talked about.

但我們也會遇到經銷商端的庫存帳單、沃爾瑪的鋪貨（load-in）等我們之前談過的事項。

We do see the category continuing to hold up in the 20s, low 20s. So it's a stronger growth, but there is that kind of headwind we're facing from a top-line.

我們確實看到品類仍維持在20%多、低20%多的水準。所以成長更強，但從營收端來看，我們仍面臨那類逆風。

We do see the category continuing to be strong, so the potential upside there, if that continues for the full year. The inflation is starting to hit Q3 Q4 from a freight perspective, as well as the finished goods increases we've talked about. So those are driving the margin, which the underlying margin is, again, stronger than we indicated last quarter. So we're getting a bit more visibility into the outlook, but there is the inflation coming, balance of year. And then from a leverage to EBITDA, it is really about COPRA, and it's quite new. It just kind of closed yesterday. So we are cautious in trying to understand the integration costs, the. SG&A to support the movements and make sure we execute this well. And so that's how we thought about the guidance with some -- it's a bit of conservativeness on the SG&A to make sure we have everything captured properly or as best we can.

我們也看到品類持續強勁，因此若這種態勢能延續到全年，仍有潛在上行空間。從運費角度來看，通膨開始在Q3、Q4反映出來，另外也包括我們談過的成品漲價。這些因素正在影響毛利；而基礎毛利其實再次比我們上季所指出的更強。所以我們對前景的能見度提高了一些，但今年剩餘期間仍會有通膨壓力。至於EBITDA槓桿，主要與COPRA有關，而且這是很新的情況。它其實昨天才剛完成交割。因此我們在理解整合成本方面會比較謹慎，還有……為了支援各項推進並確保我們把這件事執行好所需的SG&A。因此我們在指引中對SG&A保留了一些——偏保守的假設，以確保我們把所有項目盡可能完整、或至少在能力範圍內妥善納入。

Okay, that makes sense and very helpful. I'll pass it on.

好的，這很合理，也非常有幫助。我把問題交給下一位。

Thank you.

謝謝。

Peter Galbo, Bank of America.

美國銀行（Bank of America）的Peter Galbo。

Hey, guys, good morning, thanks for the question and congrats on the acquisition.

各位早安，謝謝讓我提問，也恭喜完成收購。

I actually just, Mike wanted to ask a broader question about COPRA and some of the capacity plans that you have.

我其實想問一個更宏觀的問題，關於COPRA以及你們的一些產能規劃。

I think you mentioned securing additional capacity for brand Vitacoco for 2028, you're going to be making some investments.

我想你們提到為了Vita Coco品牌在2028年確保額外產能，你們會進行一些投資。

For Copra to expand capacity there.

也會為Copra擴充那邊的產能。

Is there any ability -- I know it's early days, but for overlap potential going forward, as you expand capacity at Copra, can you, I don't know, grow different types of coconuts to actually help out on the VitaCocoa side? Is there going to be any way to use some of that expanded capacity for brand VitaCocoa, or is it kind of siloed to the Copra brand at this point?

是否有任何可能——我知道現在還很早——未來在重疊效益方面，當你們在Copra擴產時，能不能，我不確定，種植不同種類的椰子，實際上也能幫到Vita Coco那邊？是否有任何方式能把部分擴增的產能用在Vita Coco品牌上，還是目前基本上仍是各自獨立、僅供Copra品牌使用？

Yeah, I think as we think about capacity, the category is growing really fast, the brand, Vitacoco is growing really fast, Copra is growing really fast and so adding capacity is critical. If we think about Copra specifically, it is a factory and manufacturing structure in a specific region of Thailand where this very specific coconut grows that is this kind of sweeter, more aromatic, nuttier, slightly pink. Coconut water, so it's a different actual liquid than what is in VitaCocoa. So the two capacity builds, they're separate and they're independent of one another, but both need to be built and continue to be built as the category continues to grow at these type of rates.

是的，我想我們在思考產能時，這個品類成長非常快，Vita Coco品牌成長非常快，Copra也成長非常快，因此增加產能至關重要。如果具體談Copra，它是在泰國某個特定地區的工廠與製造體系，那裡生長的是一種非常特定的椰子，風味更甜、更芳香、更有堅果香，顏色略帶粉紅。因此它的椰子水，實際上和Vita Coco裡的液體不同。所以這兩個產能擴建是分開的、彼此獨立，但隨著品類以這樣的速度持續成長，兩邊都需要擴建並持續擴建。

Got it. Okay. Thanks for that additional detail.

了解。好的。謝謝你補充這些細節。

And Corey, this is maybe a bit more of a nitpicking type question, but just the Americas branded business in the quarter, I think actually ran a bit behind the scanner data. I think consumption would have implied something in the low 20s, and I think the Americas branded business was kind of shipped in the mid to high 10s rate. So I just wanted to understand the gap in the data. Maybe there was a shipment timing, maybe it had to do with Q1 and the.

Corey，這可能是比較吹毛求疵的問題，但就本季美洲品牌業務來看，我認為實際表現似乎比掃描數據（scanner data）稍微落後。我想消費端（consumption）暗示的增幅應該在低20%多，但美洲品牌業務的出貨增幅大概在10%中段到高段。所以我想了解數據之間的落差。也許是出貨時點的問題，也許與Q1以及……有關。

The MBM that was moved, but just wanted to help understand kind of the gap specific to Q2. Thanks very much.

被移動的MBM有關，但我想請你幫忙理解一下Q2特有的這個落差。非常感謝。

Yeah, and Peter, the big items are, as we talked about, we had the MBM Q1, Q2, and then an MBM Q2, Q3. So that's the biggest item that makes the quarters and the scanner tough to call.

是的，Peter，主要因素是如我們所說，我們有一個MBM從Q1到Q2，另外還有一個MBM從Q2到Q3。所以這是讓季度數據與掃描數據之間變得難以對照的最大因素。

It should, over the course of the year, equal out that you've got some elements always of distributor shipment timing. So it's just the shipment timing item, primarily with the MBM, modeling from scanners. Got it.

在全年範圍內，理論上應該會拉平；同時也總會有一些經銷商出貨時點的因素。所以主要就是出貨時點的問題，尤其是MBM，導致用掃描數據建模時會有偏差。了解。

Okay, great. I'll pass it on.

好的，很好。我把問題交給下一位。

Chris Carey, Wells Fargo.

富國銀行（Wells Fargo）的Chris Carey。

Hey, good morning. Just first one.

早安。先問第一個。

Can you expand a bit on your assumptions for category growth into the back half of the year that you're embedding into the guidance?

你能否多談一些，你們在指引中對今年下半年品類成長所採用的假設？

So, Chris, we're basing the guidance on the 20s, so low 20s, we'll see how it holds up. Year to date, it's currently above that.

Chris，我們的指引是以20%多、也就是低20%多為基礎，接下來看它能否維持。截至目前為止，年初至今其實高於這個水準。

But how we thought about guidance was 20s.

但我們在思考指引時採用的是20%多。

And when you say 20s, is that overall category, is that the branded category?

你說的20%多，是指整體品類，還是品牌品類？

The overall category.

整體品類。

Currently, we're, just about we're right in line with the category.

目前我們基本上與品類成長大致一致。

And we expect, it's been a little behind the category last few weeks, but we expect to be close to the category for the full year.

我們預期，雖然過去幾週略落後於品類，但全年來看我們應該會接近品類水準。

Okay. And just a follow-up on COPRA, how should we think about.

好的。另外追問COPRA，你們希望我們怎麼看待……

The commercialization of this? Is Copra really right now predominantly a private label play? It sounds like that's a big piece of the business.

這項業務的商業化（commercialization）？Copra目前是否主要以自有品牌代工（private label）為主？聽起來那是業務中很大的一塊。

Is there going to be a super premium Vita Coco offering? Are you planning to grow the Copra brand?

是否會推出一個超高端（super premium）的Vita Coco產品？你們是否計畫做大Copra品牌？

And that's going to be the angle. Just how should we think about when you think about capitalizing on this? Super premium, how are you going to be leveraging this portfolio from a, I guess, brand versus private label perspective? And what are the implications?

而這會是你們的切入角度嗎？總之，當你們思考如何把握這個機會時，我們應該怎麼看？在超高端這一塊，你們將如何從品牌與自有品牌代工的角度來運用這個產品組合？其影響是什麼？

Of COPRA as it pertains to gross margins versus any city EBITDA margins were accretive, but is it gross margin accretive given it's more premium? Just a bit more context there.

關於 COPRA，就其與毛利率相較於任何城市的 EBITDA 利潤率而言是增厚的，但鑑於它更高端，是否也能增厚毛利率？想請再多一些背景說明。

I think big picture as we think about the category, we think about the growth of the category and the early stages the category is in, and the position of super premium within the category being about 13% of the category today, we see an opportunity for that to grow.

我想從大方向來看，當我們思考這個品類時，我們會看品類的成長，以及這個品類仍處於早期階段；而超高端在該品類中的占比目前約為 13%，我們看到它有成長的機會。

And we believe that this gives us the opportunity to be a real player in that segment of the category and eventually be the largest player in that segment of the category. And that will be through mostly brand as we continue to build this piece of the business.

我們相信，這讓我們有機會成為該品類中該細分市場的重要參與者，並最終成為該細分市場中最大的參與者。而這主要會透過品牌來實現，因為我們會持續打造這一塊業務。

Today, Copra is a lot of private label, but just like VitaCoco, it all starts with manufacturing.

目前 Copra 很大一部分是自有品牌代工（private label），但就像 VitaCoco 一樣，一切都從製造開始。

And we think that in Coconut Water specifically, really investing and developing the manufacturing side of the business creates a moat and gives us a real competitive advantage, and we think we have that with Copra on the super premium side. So we will now be building brand or brands off of it as we think that overtime brand can be just like the Vitacoco, a much larger component of that segment of the category and are part of the category.

我們認為，特別是在椰子水領域，真正投入並發展製造端的業務能建立護城河並帶來實質競爭優勢；我們認為在超高端端，Copra 具備這一點。因此，接下來我們會在此基礎上打造品牌或多個品牌；我們認為隨著時間推移，品牌可以像 Vitacoco 一樣，成為該品類該細分市場中更大的一部分，並成為整個品類的一部分。

Margin margin question yeah we haven't disclosed the margins but you know it's operating with the with the large percentage of private label which as you know is lighter touch from an SG&A perspective but lower gross margin perspective and and as we kind of integrate and operate it more effectively we're very comfortable with the with the outlook but it is predominantly private label today.

關於毛利、利潤率的問題——是的，我們尚未披露具體利潤率，但你知道，它目前以相當高比例的自有品牌代工在運作；如你所知，從 SG&A 角度看這是較輕資產/較少投入，但從毛利率角度看則較低。隨著我們逐步整合並更有效率地營運，我們對前景非常有信心，但目前它仍以自有品牌代工為主。

Okay, and I apologize, but just as a follow-up to this and that I'm done, is COPRA expected to be profitable in your guidance for this year? I know you said it should be margin accretive once fully integrated.

好的，抱歉再追問一下，問完我就結束：在你們今年的指引中，COPRA 預期會是獲利的嗎？我知道你們說過在完全整合後應該會增厚利潤率。

You did the guidance raise, does that include positive EBITDA contribution from COPRA? Because, I mean, if you take the tariff of COPRA, it kind of implies there's no EBITDA guidance raise today, so I just want to confirm that.

你們上調了指引，那是否包含 COPRA 對 EBITDA 的正向貢獻？因為我的意思是，如果把 COPRA 的關稅因素拿掉，似乎今天並沒有上調 EBITDA 指引，所以我想確認一下。

No, it's a profitable business and it's included.

沒有，它是一門獲利的業務，而且已包含在內。

And to get to your point, right, we've raised core business revenue. We are seeing a little bit more cost inflation, particularly on the ocean freight side, which may or may not be permanent. And it's now starting to soften, but it certainly impacts us this year. And that's sort of the major changes on the EBITDA oh, and then we've increased some SG&A spend. So the three changes in the core business as it relates to EBITDA are those. And then you have a little bit of contribution from Copper.

而且回到你的重點，我們上調的是核心業務營收。我們確實看到一些成本通膨，特別是在海運運費方面，這可能是也可能不是永久性的。目前已開始趨緩，但今年確實對我們有影響。這就是 EBITDA 方面的主要變動——哦，另外我們也增加了一些 SG&A 支出。所以核心業務在 EBITDA 相關的三項變動就是這些。然後還有一點點來自 Copra 的貢獻。

Okay.

好的。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Jon Andersen, William Blair.

Jon Andersen，William Blair。

Good morning, everybody. Congrats on the acquisition.

各位早安。恭喜完成收購。

John.

John。

Good morning.

早安。

Let's see.

我看看。

I guess I did want to ask a little bit about your private label business. It was particularly strong in the quarter. I'm not sure. I think it might have been a little bit maybe stronger than even you anticipated, but could you help us understand the growth there in the quarter and your expectations for the full year and how much of that is kind of related to.

我想我確實想問一下你們的自有品牌代工業務。這一季表現特別強。我不確定。我覺得可能甚至比你們預期的還要強一些；但你們能否幫我們理解一下本季的成長動能，以及你們對全年預期？另外其中有多少是與……有關。

The regain of distribution in some regions in this new account, and maybe kind of more importantly, how to kind of think about kind of run rate growth for that private label portion of your business on an ongoing basis?

在某些地區重新取得通路，以及這個新客戶的因素；也許更重要的是，該如何看待你們自有品牌代工這部分業務在未來持續性的「run rate」成長？

I'll take a crack at it, and then Kari can fill in. I think when you break down our private label business in the quarter.

我先嘗試回答，之後 Kari 可以補充。我想當你拆解我們本季的自有品牌代工業務時。

In the US, we benefited from Regain Regions and the new Tetra customer in the US, and that resulted in sizable growth in Q2 over Q2 last year and then also over Q1 this year.

在美國，我們受惠於在部分地區重新取得通路，以及美國新的 Tetra 客戶，這使得第二季相較去年第二季、以及相較今年第一季，都出現顯著成長。

In addition to the distribution gains, private label trends are largely tracking the category, if not a little bit of a head, so you also have sort of category growth rate going on a point of distribution basis. The other part of the private label story is Europe, where private label is doing really well. I don't think any major distribution trends, we just have a category particularly in Germany that is exploding and I think as we indicated growing in the 100% range or higher and private label in that market and the other markets is tracking with the category growth and that sort of explains the sort of international growth on private label. And then. As we look out, I think we expect those trends to largely continue, Q3, Q4.

除了通路增長之外，自有品牌代工的趨勢大致上跟著品類走，甚至略優於品類，因此你也會看到在每個通路據點（point of distribution）的基礎上，品類成長率所帶來的影響。自有品牌代工故事的另一部分在歐洲，那裡的自有品牌代工表現非常好。我不認為有任何重大的通路變化；只是品類本身，特別是在德國，正在爆發式成長，我想如我們所提到的，成長在 100% 或更高；而該市場及其他市場的自有品牌代工也跟著品類成長，這就解釋了自有品牌代工在國際市場的成長。然後。展望未來，我們預期這些趨勢大致會延續到第三季、第四季。

I think we did talk about how full-year growth in the U.S. Might be 90% to 100%, but that is partially due to the addition of the COPRA business balance of year.

我想我們確實提到過，美國全年成長可能會是 90% 到 100%，但其中一部分是因為今年剩餘期間納入 COPRA 業務。

And then also, John, on the launch, you get somewhat of a distribution pipeline fill. In the accounting benefit of the purchase order, so you kind of get a little bit extra.

另外，John，在新品上市時，你會有一些通路管線的鋪貨（pipeline fill）。在會計上也會因採購訂單而有一些認列上的好處，所以會多出一點。

Super helpful.

非常有幫助。

Thank you.

謝謝。

And coming back to an earlier question, just on the guidance, the EBITDA raise was, I think, at the midpoint, $22.5 million.

再回到先前的問題，關於指引，EBITDA 的上調我想在中位數是 2,250 萬美元。

And I'm just trying to make sure I understand, is $15 million of that related to the.

我只是想確認我理解正確，其中有 1,500 萬美元是與……相關嗎？

Tax, excuse me, the tariff refund.

稅，抱歉，是關稅退款。

I can't quite recall whether that was fully out of the guidance last time and now fully in. And then I guess there'd be another positive contribution from COPRA there, right, as well. Thanks.

我不太記得上次指引是否完全未包含、而現在完全納入。然後我想那裡也會有 COPRA 的另一個正向貢獻，對吧？謝謝。

Correct.

沒錯。

So as we just covered, the tariffs were not in previously, they're now in. That's a clear add, as Martin referenced, a bit of inflation, COPRA, and then some SG&A, as we talked about, just until we better understand how it all comes together in the accounting of the costs we've occurred. But those are the building blocks.

所以如我們剛剛提到的，之前指引沒有包含關稅，現在已納入。這是一個明確的增加；如 Martin 所提到，還有一些通膨、COPRA，以及我們談到的一些 SG&A——在我們更清楚了解所有項目如何在成本會計中匯總、以及我們已發生的成本如何入帳之前。但這些就是主要的構成要素。

Okay, thanks so much.

好的，非常感謝。

Eric Serotta, Morgan Stanley.

Eric Serotta，Morgan Stanley。

Great.

很好。

Bigger picture on COPRA, could you just give some color as to why now, it may be as simple as the asset was available now, but why does it make sense at this moment versus.

從更宏觀的角度談 COPRA，你們能否補充一些說明，為什麼是現在？也許很簡單，就是這項資產現在可取得；但為什麼在此刻是合理的，而不是……

Sometime prior to this or maybe sometime in the future with respect to, the development of the category and the development of your business. We'd love to get your perspective on that, Mike.

在此之前的某個時間點，或是相對於品類發展與你們業務發展而言的未來某個時間點。我們很希望聽聽你對此的看法，Mike。

Yeah, I think if we think about the category and the growth of the category, being the fastest-growing category in the beverage aisle and one of the more expensive categories in the beverage aisle.

是的，我想如果我們從品類以及品類成長來看，它是飲料貨架中成長最快的品類，同時也是飲料貨架中較高價的品類之一。

And then seeing that consumers are digging deep and investing in not only obviously VitaCoco as the premium option in the category and Private Label as the value option in the category, but also this super premium segment, which is priced significantly higher than VitaCoco.

接著我們看到消費者願意掏更多錢投入，不僅顯然把 VitaCoco 視為該品類的高端選擇、把自有品牌（Private Label）視為該品類的高性價比選擇，同時也投入到這個超高端（super premium）區隔，而其定價明顯高於 VitaCoco。

And there is growth in that segment of the category that is slightly even greater than the category and greater than our own growth.

而且該品類中這個區隔的成長，甚至略高於整體品類，也高於我們自身的成長。

And so we see this category really sticking around and really being an important part of the category as the category continues to mainstream, so we felt that we should play in this segment and there was an opportunity to acquire a brand and a business, but most importantly, a really incredible manufacturing.

因此我們認為這個品類會長期存在，並且隨著品類持續走向主流，這個區隔會成為品類中非常重要的一部分；所以我們覺得應該參與這個區隔。我們也看到有機會收購一個品牌與一項業務，但更重要的是，能取得非常出色的製造能力。

Opportunity and a supply chain opportunity in this segment of the category that will enable us to really take advantage of that to be, we think, the largest player in that segment of the category and therefore gain share across the category.

在這個品類區隔中，這是一個製造機會與供應鏈機會，能讓我們真正加以利用，成為——我們認為——該區隔中最大的參與者，進而在整個品類中提升市占。

This gives us an opportunity to take a really nice chunk of that what is 13% could easily be 15%, 16%, 17% of the category and therefore gain share in total as a company within Coconut Water as Coconut Water grows.

這讓我們有機會在目前約 13% 的那一塊中拿下相當可觀的份額，而這塊很可能輕易就會成長到品類的 15%、16%、17%；因此，隨著椰子水（Coconut Water）成長，我們公司在椰子水品類中的總體市占也會提升。

Great, thanks. And Martin, would love to get your perspective in terms of ocean freight rates. We've seen a fairly sizable increase over the past few months.

很好，謝謝。Martin，也想請你談談海運運費（ocean freight rates）。我們看到過去幾個月出現相當明顯的上升。

Just wondering your perspective as to the timing of that flowing to your cost of goods given the typical lags of, call it, six months or so.

想請教你對於這些變化何時會反映到你們的銷貨成本（cost of goods）的看法，考量到一般大約有六個月左右的滯後期。

As well as your best view is the supply-demand balances for ocean freight on your key lanes.

以及你對你們主要航線上海運供需平衡的最佳判斷。

Sure.

當然。

In the overall picture, we still view that there is excess capacity versus demand on ocean freight generally, and particularly on our lanes.

從整體來看，我們仍然認為海運運力普遍、尤其是在我們的航線上，供給相對於需求仍是過剩的。

So that's how we think about it. So we expect at some point in time the rates to fall back to the rates we were seeing maybe five, six months ago.

所以我們是這樣看待的。因此我們預期在某個時間點，運價會回落到大概五、六個月前我們看到的水準。

Since we last spoke, EADA has been a spike in the reported rates on the indices. These are being driven by fuel surcharges, but maybe more importantly, demand surcharges that the carriers have applied. And in some ways, they might be creating artificial.

自從上次我們交流以來，EADA 在各項指數所報告的運價出現一波飆升。這主要是由燃油附加費推動，但也許更重要的是，承運人加收了需求附加費（demand surcharges）。而在某些方面，他們可能在製造人為的

Supply constraints to push those up and benefit from those for the holiday shipping seasons. So we think that's what we're seeing. We continue to ship because we need the product, even with those surcharges. That would typically take about three months to flow through to our P&L, if you assume a month of inventory and two months on the water.

供給限制，以推高價格，並在假期出貨旺季中從中受益。所以我們認為這就是我們所看到的情況。即使有這些附加費，我們仍持續出貨，因為我們需要產品。若假設一個月庫存、兩個月在海上，通常大約三個月會反映到我們的損益表（P&L）。

And so we would expect those increases that you've seen.

因此我們預期你所看到的那些上升。

On the indexes that started maybe in March to flow into the P&L in Q3 and probably more importantly in Q4, which leads to how we're thinking about gross margin for the balance of the year.

從大概三月開始在指數上出現的上升，會在第三季（Q3）反映到損益表，且可能更重要的是在第四季（Q4）反映，這也連結到我們對今年剩餘期間毛利率（gross margin）的看法。

And as it relates to our visibility, I think we have pretty good visibility on '26. If you think about it as of today, sort of three-quarters of the way through July.

至於我們的能見度，我認為我們對 2026 年（'26）有相當不錯的能見度。如果以今天來看，大概是七月已經過了四分之三左右。

We have production that will sell maybe over 70%, maybe over 80% this year that's already on the water, and we know the rates. So this year, probably less variability and uncertainty. And as we think about next year, as we've sort of said, we want to be patient on taking price. We want to see whether any of these effects are permanent.

我們今年可能會銷售的產量中，或許超過 70%，甚至超過 80% 的貨已經在海上了，而且我們知道運價。所以今年的變動性與不確定性可能較小。而談到明年，正如我們先前所說，我們希望在調價（taking price）上保持耐心。我們想觀察這些影響是否會是永久性的。

Some of the inflationary effects like that we've seen on packaging, we are pretty sure are permanent, but the ocean freight things. Feel are temporary. So we will weather the storm, so to speak, this year and see where we are sort of in the October time period and make decisions around pricing next year to cover whatever costs we think are permanent.

像我們在包材（packaging）上看到的一些通膨影響，我們相當確定是永久性的；但海運運費的部分，我們覺得是暫時的。所以我們今年會先撐過這段期間（weather the storm）。我們會在大約十月的時間點看看情況，再決定明年的定價，以覆蓋我們認為屬於永久性的成本。

Great. Thanks so much. I'll pass it on.

很好。非常感謝。我把問題交給下一位。

Eric Des Lauriers, Craig-Hallum.

Eric Des Lauriers，Craig-Hallum。

Great, thanks for taking my questions. Congrats on another impressive quarter here and this acquisition.

很好，謝謝讓我提問。恭喜本季再度交出亮眼成績，以及這次收購。

My questions are mostly around the acquisition.

我的問題主要都與這次收購有關。

So on the private label side, first, should we think about pricing for Copper's private label business as driven in the same manner as Legacy Coco on the sort of.

先談自有品牌（private label）這一塊：對於 Copra 的自有品牌業務，我們是否應該把其定價視為與 Legacy Coco 類似的方式來驅動，也就是某種程度上

Based on overall costs? And then just on the private label dynamics more broadly for this super premium portion, could you just kind of give us some, I suppose, competitive dynamics sort of between super premium and more traditional private label coconut water, are you seeing retailers typically replace one for the other or provide both offerings? If you could just kind of provide a bit of the sort of dynamics that you're seeing on the private label side essay premium category as well, it would be helpful.

以整體成本為基礎？另外更廣泛地談這個超高端區隔的自有品牌動態，你們能否分享一些競爭態勢：超高端與較傳統的自有品牌椰子水之間，零售商通常是用其中一個取代另一個，還是會同時提供兩種產品？如果你們能就自有品牌端、以及超高端品類的相關動態再多提供一些你們看到的情況，會很有幫助。

And the last part of the question, they're providing those. If you look at the retailers that do significant amount of private label, they typically will have VitaCoco, they'll have a TetraPak coconut water in the coconut water set.

以及問題的最後一部分，他們確實會提供這些。如果你看那些自有品牌占比很高的零售商，他們通常會在椰子水陳列中同時有 VitaCoco，也會有一款 TetraPak 包裝的椰子水。

Private label, and then they will have a branded and/or just a private label super premium, which sits in a different area of the store. So if you see Copra or you see Harmless Harvest or you see a private label Nam Hom Thai coconut water, it's typically in the refrigerated set, separate from the general coconut water set. So they typically would have both.

自有品牌，然後他們還會有一個品牌款和／或一個自有品牌的超高端產品，而且通常擺在店內不同的區域。所以如果你看到 Copra、Harmless Harvest，或是自有品牌的 Nam Hom 泰國椰子水，通常是在冷藏陳列區（refrigerated set），與一般椰子水陳列區分開。因此他們通常會兩者都提供。

And they're both doing really well. If you look at the retailers that are successful in private label, both Tetra Pak and this super premium segment, private label are growing really fast and doing quite well.

而且兩者表現都非常好。如果你看那些在自有品牌上做得成功的零售商，無論是 Tetra Pak 還是這個超高端區隔，自有品牌都成長很快、表現相當不錯。

And then, Eric, on the sort of pricing side, the first point, I think, is this type of product typically retails at 2x what VitaCoca does on a per liter basis. So.

然後，Eric，回到定價的部分，第一點是，這類產品在零售端通常以每公升計的價格約為 VitaCoco 的 2 倍。所以。

That will also show up in our private label sort of revenue per case equivalent in your modeling for the COPRA business, which will be higher than what we get on the private label shelf stable side.

這也會反映在你對 COPRA 業務建模時，我們自有品牌在每箱等量（case equivalent）的收入上，會高於我們在常溫自有品牌（shelf stable）那一側所取得的水準。

And yes, it's typically -- we think it's going to be sort of on a cost-plus basis. We need to work out the full competitive dynamics. As Mike said, we think this factory and the process and the team is a competitive advantage, and we will look at that to understand what the pricing should be to be fair to our retailers and also to ensure that we maintain their business.

是的，通常——我們認為會是以成本加成（cost-plus）的方式。我們需要把完整的競爭態勢梳理清楚。如 Mike 所說，我們認為這座工廠、製程與團隊是一項競爭優勢；我們會據此評估，理解什麼樣的定價對零售商是公平的，同時也確保我們能維持他們的業務。

That is very helpful. And then my last question is.

這非常有幫助。接著我最後一個問題是。

Sort of touching on that last part here on the manufacturing outlook.

算是延伸到剛才那一段、關於製造前景的部分。

So, certainly a bit more of a vertically integrated structure than the legacy cocoa business.

所以，這當然是一個比傳統可可業務更偏向垂直整合的架構。

You already mentioned expanding capacity there in Thailand. Do you see...

你先前已提到在泰國擴充產能。你們是否看到……

Yourselves sort of expanding any vertical integration across the rest of your supply chain? Is this something that's sort of unique to this coconut, this region, this category, or is this something that we could potentially look for you to expand across your footprints over the coming years?

你們會在供應鏈其餘環節擴大任何垂直整合？這是只適用於這種椰子、這個地區、這個品類的獨特情況，還是我們未來幾年可能會看到你們在既有布局中擴大這種做法？

Yeah, great question. As Mike indicated, this is a pretty unique asset and a pretty unique growing area with. Relationships for sourcing non-harm coconuts that are very unique. We're very happy with the model and the rest of our system.

是的，問得很好。如 Mike 所指出的，這是一項相當獨特的資產，也是在一個相當獨特的種植區域，並且……在採購無傷害椰子方面的合作關係非常獨特。我們對這個模式以及我們系統的其餘部分都非常滿意。

As it sort of varies as to how we support those partners adding capacity, but it's been asset-like for a long time.

至於我們如何支持那些合作夥伴擴充產能，會因情況而異，但長期以來它一直具有類似資產的特性。

And I think we see that model supporting our growth for at least the next couple of years.

而且我認為，我們看到這個模式至少在未來幾年能支持我們的成長。

We do look at alternative models maybe on the five-year horizon, but nothing is committed to yet. And we will keep running the current model for as long as we think it will support the business while having plans to support the business in other ways if that model ceases to be able to.

我們確實會在大約五年的時間軸上評估替代模式，但目前尚未承諾任何方案。只要我們認為現行模式仍能支持業務，我們就會持續運行；同時也會制定計畫，以便在該模式不再具備支撐能力時，能以其他方式支持業務。

That's very helpful.

這非常有幫助。

Thank you for taking my questions and congrats again.

謝謝你回答我的問題，再次恭喜。

Jim Salera, Stephens.

Jim Salera，Stephens。

Hey, guys. Good morning. Thanks for taking my question.

嗨，各位。早安。謝謝讓我提問。

I wanted to start on the capacity utilization side. In the 1Q call when you guys raised your guidance for the first time, you had mentioned. You've kind of moved above your target capacity of 80 to 85 up to 85 to 90. If I do some back of the envelope math, I come up with something like 750 to 760 million of core VitaCoco sales, implied in today's updated guidance. Should we think about that as like the absolute maximum that you can do this year just from a committed capacity standpoint and what you have on the water?

我想先從產能利用率談起。在第一季電話會議上，當你們第一次上調指引時，你們提到……你們已經從原本目標產能的 80% 到 85%，提高到 85% 到 90%。如果我做一些粗略估算，依照今天更新後的指引，推算核心 VitaCoco 銷售額大概是 7.50 億到 7.60 億美元。我們是否應該把這視為今年在已承諾產能、以及你們目前在海運途中的供應量所能達到的絕對上限？

Can't verify your back-of-the-envelope math, but I certainly applaud the approach and it's not a crazy way to think about it. We are currently running closer to 95% capacity right now and have therefore limited. Ability to go beyond what our capacity is, our guidance is based on what we think we're going to do, which assumes that not everything is perfect, right, because we're not going to provide guidance based on perfect supply chain performance. We have a very complicated supply chain and stuff happens much, and we alluded to on the call.

我無法核實你那個粗略估算，但我確實讚賞這種做法，而且這樣想並不離譜。我們目前的運轉更接近 95% 的產能，因此……在既有產能之上再往上提升的能力有限；我們的指引是基於我們認為能做到的水準，這也假設不是所有事情都會完美，對吧，因為我們不會以供應鏈完美運作為前提來提供指引。我們的供應鏈非常複雜，很多事情都可能發生，我們在電話會議中也提到過。

The earthquake, General Santos, that for us impacted about 1% of annual fall capacity lost, right.

例如地震、General Santos（桑托斯將軍城）那件事，對我們而言影響大約是全年秋季產能損失 1%，對吧。

So those things can happen, our guidance is based on what we think we can do.

所以這些事情可能會發生；我們的指引是基於我們認為我們能做到的。

It's also hard because the guidance looks is obviously based on what inventory we have of what SKUs. We currently, have some more inventory on some SKUs than others, and we're trying to push those and offer those to retailers if there are challenges. Obviously, demand is ahead of what we anticipated, and it's uncomfortable running at the capacity we're doing, but the capacity we've put in place for twenty-seven, we think.

另外也很難，因為指引顯然取決於我們手上各個 SKU 的庫存狀況。目前我們在某些 SKU 的庫存比其他 SKU 多一些，我們正嘗試推動這些品項，若有挑戰也會把它們提供給零售商。顯然，需求超出我們原先預期，而以目前的產能水準運行確實讓人不太舒服，但我們為 2027 年所建置的產能，我們認為……

Will help us and allow us to maintain the momentum. And I think as we alluded to on the call, we're now working very hard on '28 to basically maintain these growth rates.

將會幫助我們並讓我們得以維持動能。而且如同我們在電話會議中提到的，我們現在也正非常努力地著手 2028 年的規劃，基本上是為了維持這些成長率。

Great. And Martin, you almost anticipated my next question, which is, if we think about '27, I can appreciate all the incremental work on '28 and, very high-quality problem to have to expand capacity there. Is there any flex in FY '27 on.

很好。Martin，你幾乎已經預告了我下一個問題：如果我們看 2027 年，我理解你們在 2028 年上做了很多增量工作，而且這是個很高品質的問題——需要擴產。在 2027 財年是否還有任何彈性……

At this point in the planning cycle where maybe you can pick up some incremental capacity in, 2H27, given that any kind of moving pieces that you might have that...

在目前這個規劃週期的階段，或許你們可以在 2027 年下半年取得一些額外產能，考量到你們可能有一些可調整的環節……

Yeah, yes, there always is, and we're talking, and I wouldn't say that we're only working on 28.

是的，當然一直都會有，我們也在討論；而且我不會說我們只是在做 2028 年。

I think in the past we've said, adding a Tetra line is, 9 to 12 months.

我想我們過去曾說過，新增一條利樂（Tetra）產線大約需要 9 到 12 個月。

Sort of timeline and all those discussions that are going on where we see the coconut water being available, adding partnerships is more 18 to 24 months. And so, obviously, those are things that we're looking at for '28.

大致的時間軸；而且我們也在進行各種討論，看看哪裡有椰子水可供使用；新增合作夥伴則更像是 18 到 24 個月。因此，顯然這些是我們在看 2028 年的事情。

Okay. I appreciate the color. I'll help you. Thanks.

好的。謝謝你提供的細節。我就不再占用時間了。謝謝。

Kaumil Gajrawala, Jefferies.

Kaumil Gajrawala，Jefferies。

Hey, guys, good morning, congrats, exciting morning with Copra. I guess a lot of questions on the manufacturing. One of the things that I guess I want to understand is this particular type of coconut, like is there a ceiling to... How big it can be. It sounds like this was a purchase for branding, for scaling, for capacity, for a mix of things, but is there a limit? Are we anywhere near sort of a ceiling where we should only ever think of it as somewhat niche in terms of how much this thing can scale?

嗨，各位，早安，恭喜，今天早上關於 Copra 的消息很令人振奮。我想大家對製造端有很多問題。我想理解的一點是，這種特定類型的椰子，例如是否存在一個上限……它能做到多大。聽起來這次收購是為了品牌、為了擴張、為了產能、或多種因素的組合，但是否有極限？我們是否已接近某種天花板，以至於我們應該只把它視為在可擴張規模上相對利基的業務？

There's a limit at any given time, but there's a lot of planting and a lot of investing going on in the region.

在任何特定時間點都會有上限，但該地區正在進行大量種植與投資。

In planting.

在種植方面。

So the sourcing opportunity, the ability to grow from a sourcing opportunity is there and continues to develop and continue to grow. And so we think the opportunity for us to develop this segment of the category, grow the brand and brands and grow this super premium space will be supported as. Growing continues. Today, it's nowhere near capacity. You're not picking that last coconut in that province of Thailand.

因此，從採購機會來看，成長的空間是存在的，而且仍在發展並持續擴大。所以我們認為，我們發展這個品類細分、壯大品牌與品牌組合、並擴大這個超高端市場的機會，將會隨著……持續種植而獲得支撐。以今天來看，離產能上限還差得很遠。你並不是在泰國那個省把最後一顆椰子都採完了。

It's nothing like that. There is capacity to be had today, significant capacity. But yes, growing and investing needs to continue, and it is happening. And so we feel really good about continuing to grow this segment of the category potentially faster than the total category over the next couple of years or several years.

完全不是那樣。目前仍有可取得的產能，而且是相當可觀的產能。但沒錯，種植與投資需要持續進行，而這也正在發生。因此，我們對於在未來幾年或更長的幾年內，持續擴大這個品類細分、而且可能比整體品類成長更快，感到非常有信心。

Okay, got it. And then, just to make sure I understand the supply chain, does this need to ship refrigerated? Does it go through different means of distribution?

好的，了解。接著，為了確認我理解供應鏈：這需要冷藏運輸嗎？它是否透過不同的配送方式？

Does it need to stay cold throughout the process? You had mentioned, and harmless harvest is, usually sold in coolers and fridges.

在整個流程中都需要保持冷藏嗎？你先前提到過，而 Harmless Harvest 通常是在冷藏櫃和冰箱中販售。

Can this push through the normal Vitacoco system, or do you need an entirely separate supply chain to build it out?

這能透過 Vitacoco 一般的系統來推進嗎？還是你們需要建立一條完全獨立的供應鏈？

It ships chilled and stays chilled all the way through the supply chain.

它以冷藏方式出貨，並在整個供應鏈中全程保持冷藏。

So it's not going DSD, for example, through our typical DSD system. It goes more direct to retail through the produce supply chain.

所以它不會走 DSD，例如不會透過我們典型的 DSD 系統。它會透過生鮮供應鏈更直接地送到零售端。

A lot of direct business, some broad line business will be seen, food service business will be seen, but it is cold chain.

會有很多直送業務，也會看到一些綜合配送（broad line）業務、餐飲服務業務，但它是冷鏈。

Got it.

了解。

Thank you, guys.

謝謝各位。

(Operator Instructions) Robert Ottenstein, Evercore ISI.

（接線員指示）Evercore ISI 的 Robert Ottenstein。

Great.

很好。

Thank you very much. A few more questions.

非常感謝。我還有幾個問題。

On the acquisition and just sort of kind of the business model and the outlook for that. So let me just start off.

關於這次收購，以及該業務的商業模式與展望。我先從這裡開始。

For the super, in the super premium segment, can you talk first a little bit about the demographics of that segment, how it differs from the Vita Coco demographics?

在超高端（super premium）區隔方面，能否先談談該區隔的人口統計特徵？它與 Vita Coco 的客群有何不同？

Is it typically, what is the route to purchase in terms of do people start kind of at the Vita Coco level and then, and is this a trade up or is it a separate purchase? Is it a separate demographic?

通常消費者的購買路徑是什麼？人們會先從 Vita Coco 這個層級開始，然後再往上升級（trade up）嗎？還是這是獨立的購買？是否是不同的人口族群？

And then, given the price point, how big do you think this can actually be in terms of sales? I understand that it's growing very fast.

另外，考量到這個價位，你認為它在銷售規模上實際能做到多大？我理解它成長非常快。

And faster than the overall market, but from a smaller base. So maybe that's one sort of group of questions related. And then the other side of that is maybe if you can also help us understand why private label is so prominent a player in this. I mean, typically, private label is...

而且比整體市場更快，但基期較小。所以這算是一組相關問題。另一個面向是，若你們也能協助我們理解，為什麼自有品牌（private label）在這裡會是如此重要的玩家。我的意思是，一般來說，自有品牌是……

The more lower priced products, and here, private label is very material for a super premium product.

較低價的產品，而在這裡，自有品牌對於超高端產品卻占比很大。

So maybe help us understand why that's the case. So there are two different sorts of questions there.

所以也請協助我們理解為什麼會這樣。以上是兩個不同類型的問題。

Thank you.

謝謝。

Yeah, sure, Robert.

好的，當然可以，Robert。

So when we look at the household data, it's pretty similar to Vitacoco, maybe a little higher income and a little older.

我們看住戶（household）數據時，與 Vitacoco 相當接近，可能收入略高、年齡略大一些。

But otherwise pretty similar.

但除此之外非常相似。

The household penetration number is order of magnitude 60% of vita cocoa, so lower household penetration.

家庭滲透率大約是 Vita Coco 的 60% 這個量級，因此家庭滲透率較低。

And we just, as it relates to your second question, we don't see any reason why it can't grow with the category.

至於你的第二個問題，我們看不出有任何理由它不能隨著品類一起成長。

And whether it grows share of the category, we think it can. There are some retail distribution opportunities for it.

至於它是否能提升在品類中的市占，我們認為可以。它在零售通路分銷上仍有一些機會。

As it establishes a larger base, it can survive in more retail locations. So we do think there's an opportunity to increase share of the category.

當它建立起更大的基礎後，就能在更多零售據點中存活。所以我們確實認為有機會提升品類市占。

And I don't think it's incredibly fast growth, but over 5, 10 years, we certainly think we can grow share there. And then as it relates to your question around why is private label so strong, that's partially related to Costco. Costco for years only carried Homeless Harvest, and Homeless Harvest, we believe, had a very nice business there. And then starting about two, three years ago, Costco. Started to roll out a private label option, and that has been rolled out through distribution through Costco, and that has sort of reduced Harmless' share of that category, and some of that is evidenced in Slide 5 of our COPR acquisition deck.

我不認為它會是極端快速的成長，但在 5 到 10 年的時間尺度上，我們確實認為能在那裡提升市占。至於你問為什麼自有品牌這麼強，部分原因與 Costco 有關。多年來 Costco 只販售 Harmless Harvest，而我們相信 Harmless Harvest 在那裡的業務做得很好。然後大約從兩三年前開始，Costco開始推出自有品牌選項，並透過 Costco 的通路分銷推廣，這在某種程度上降低了 Harmless 在該品類中的占比；我們的 COPR 收購簡報第 5 頁也有部分佐證。

And so some of this is a retailer, and I think the Costco shopper is an ideal shopper from a demographics perspective and income perspective for a product like this, even though the price point is obviously significantly higher than shelf-stable coconut water.

因此其中一部分是零售商因素；而且我認為從人口統計與收入角度來看，Costco 的購物者是這類產品的理想客群，儘管其價位顯然遠高於常溫保存（shelf-stable）的椰子水。

And certainly in households either that you will see the super premium product in the refridge alongside the shelf-stable product in the fridge and household.

而且在一些家庭中，你會看到超高端產品在冰箱冷藏區，與常溫保存產品同時出現在家用冰箱裡。

So we think there's strong overlap. It's a slightly different taste profile, slightly different sweetness level that appeals to certain people, but perhaps not the product you would drop into smoothies and other sorts of things.

所以我們認為重疊度很高。它的風味輪廓略有不同、甜度略有不同，會吸引某些人，但可能不是你會拿來加進冰沙（smoothies）或其他用途的產品。

And who supplies the Costco private label, and is that something that you'll be competing for?

那 Costco 的自有品牌是由誰供應？這是你們會去競爭的項目嗎？

So we would never comment publicly on who provides private label of a customer of ours or a retailer because we think that's their business to share and not ours.

我們不會公開評論我們的客戶或零售商的自有品牌由誰供應，因為我們認為那是他們應該分享的業務資訊，而不是我們的。

All right.

好的。

Thank you very much.

非常感謝。

That concludes today's question-and-answer session. I'd like to return the call back to Martin Roper for closing remarks.

今天的問答環節到此結束。我想把電話交回給 Martin Roper 作結語。

Thanks, everybody, for joining us. Needless to say, we're very excited. We're very excited about the underlying category growth.

感謝各位參與。不用說，我們非常興奮。我們對於底層品類的成長非常興奮。

We're committed to growing the coconut water category, and we're excited to welcome the employees and founders of Cocra to our projects to make this the next one of the largest beverages characters in the world. And we think that the addition of Cocra can help us do that. So very excited and look forward to talking to everybody again in October.

我們致力於推動椰子水品類成長，也很高興歡迎 Cocra 的員工與創辦人加入我們的計畫，讓這成為全球下一個最大的飲料品類之一。我們認為加入 Cocra 能幫助我們做到這一點。因此我們非常期待，也期待在十月再次與各位交流。

Have a great day.

祝大家有美好的一天。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating. You may now disconnect.

感謝各位參與。您現在可以掛線。