The Vita Coco Company, Inc. (COCO) 2026 Q3 法說會逐字稿

Hello, and welcome to The Vita Coco Company's third quarter 2026 earnings conference call. My name is Michelle. I'll be coordinating your call today. (Operator Instructions)

大家好，歡迎參加 The Vita Coco Company 2026 年第三季財報電話會議。我叫 Michelle。今天將由我來協調本次電話會議。（接線員指示）

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

現在我想把電話交給 ICR 的 John Mills。請開始。

Thank you, and welcome to The Vita Coco Company third 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. By now, everyone should have access to the company's third quarter earnings release issued earlier today.

謝謝，歡迎參加 The Vita Coco Company 2026 年第三季財報結果電話會議。今天的電話會議將被錄音。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。截至目前，大家應該都已取得公司今天稍早發布的第三季財報新聞稿。

This information is available on the Investor Relations section of The Vita Coco Company's website at investors.thevitacococompany.com. Accompanying the press release is a presentation covering our commercial and financial performance results, also available on the website.

相關資訊可在 The Vita Coco Company 網站的投資人關係專區 investors.thevitacococompany.com 查閱。隨同新聞稿亦提供一份簡報，涵蓋我們的商業與財務表現結果，同樣可在網站上取得。

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，且受多項風險與不確定性影響，可能導致實際結果與這些前瞻性陳述所描述者有重大差異。

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所作任何前瞻性陳述明示或暗示者有重大差異。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，不論係因新資訊、未來事件或其他原因。

During the call, we will reference certain 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 these non-GAAP financial measures to the most directly comparable GAAP measures and are available on our website as well.

在本次電話會議中，我們在說明業務表現時將引用若干非 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，均提供這些非 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取得。

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

接下來，我很高興把電話交給我們的共同創辦人兼執行董事長 Mike Kirban。

Thanks, John. Good morning, everyone. Thank you for joining us today to discuss our third quarter financial results. We had another very strong quarter with the demand acceleration we saw in the first half continuing through the third quarter across all of our major markets. What's most encouraging is the strength we're seeing across both the coconut water category and The Vita Coco brand.

謝謝你，John。各位早安。感謝各位今天加入我們，一同討論第三季財務結果。我們再度交出非常強勁的一季，上半年所見的需求加速在第三季於所有主要市場持續延續。最令人振奮的是，我們在椰子水品類與 Vita Coco 品牌兩方面都看到強勁動能。

Consumer demand remains strong, and our teams have done a great job executing in what continues to be a dynamic supply environment. The coconut water category remains incredibly healthy and continues to be one of the fastest-growing categories in the beverage aisle.

消費者需求依然強勁，而我們的團隊在供應環境仍然多變的情況下，執行表現非常出色。椰子水品類依舊極為健康，並持續成為飲料貨架上成長最快的品類之一。

According to our retail scan data, year-to-date category retail dollar sales grew 28% in the US and 66% in our measured European markets. Vita Coco Coconut Water, excluding coconut milk-based products like treats, also grew 27% year to date in retail dollars in the US and 54% in our measured European markets. These results reinforce our belief that coconut water is still in the early stages of achieving mainstream appeal.

根據我們的零售掃描數據，今年迄今美國品類零售銷售額成長 28%，在我們所衡量的歐洲市場成長 66%。Vita Coco 椰子水（不含如零食等以椰奶為基底的產品）今年迄今在美國零售銷售額亦成長 27%，在我們所衡量的歐洲市場成長 54%。這些結果強化了我們的看法：椰子水仍處於邁向主流普及的早期階段。

Household penetration remains meaningfully below mainstream juices, sport drinks and other functional beverage categories across our major markets, which we believe provides a long runway for our growth. Our strategy is straightforward: grow the coconut water category while expanding our share through strong brand performance and strategic private label relationships. We're focused on recruiting new households, increasing consumption occasions and reinforcing coconut water's functional benefits.

在我們的主要市場中，家庭滲透率仍明顯低於主流果汁、運動飲料及其他機能性飲料品類；我們認為這為我們的成長提供了很長的跑道。我們的策略很直接：在擴大椰子水品類的同時，透過強勁的品牌表現與策略性的自有品牌合作關係來提升市占。我們專注於招募新家庭、提高飲用情境，並強化椰子水的機能性益處。

We believe the growth we're seeing today is evidence that this strategy is working. As we think beyond this quarter and continue to plan for what we believe will be many years of continued growth, we're very focused on enhancing and expanding our supply chain, which we believe is one of our greatest competitive advantages.

我們相信，今日所見的成長正是此策略奏效的證明。在我們展望本季以後並持續規劃我們認為將延續多年的成長之際，我們非常專注於強化並擴展供應鏈；我們相信這是我們最重要的競爭優勢之一。

We're investing in our long-term supply capabilities, adding new factory partnerships and supporting existing partners as they expand capacity. While it's too early to provide financial guidance for 2027, based on the capacity we have today and the additional capacity we expect to bring online in the near term, we expect our supply will be able to support a continuation of current volume growth trends into next year and beyond.

我們正投資於長期供應能力，新增工廠合作夥伴，並支持既有夥伴擴充產能。雖然現在仍太早提供 2027 年的財務指引，但基於我們目前的產能以及預期在短期內將上線的新增產能，我們預期供應將能支持目前的銷量成長趨勢延續至明年及更長遠的未來。

As we discussed in July, the Copra acquisition gives us a meaningful position in the super premium Thai Nam Hom segment of coconut water, an attractive part of the category where we previously didn't play. We estimate the super-premium chilled segment represents approximately 13% of US coconut water sales and is growing faster than the overall category year to date with retail price points nearly double those of shelf-stable coconut water.

如同我們在 7 月所討論的，收購 Copra 使我們在泰國 Nam Hom（香水椰）超高端椰子水細分市場取得具意義的布局；這是品類中一個具吸引力、而我們過去尚未參與的領域。我們估計，美國超高端冷藏細分市場約占椰子水銷售額的 13%，且今年迄今的成長速度快於整體品類；其零售價格點幾乎是常溫保存椰子水的兩倍。

The Copra business has operated smoothly since closing in late July, and our progress on integration has exceeded our expectations. I want to thank everyone involved for the work they've done to bring the two businesses together as one high-performing coconut water company.

自 7 月下旬完成交割以來，Copra 業務運作順暢，我們在整合方面的進展也超出預期。我要感謝所有參與者所付出的努力，讓兩個業務整合為一家高績效的椰子水公司。

As we look to 2027, we plan to continue using innovation to create new occasions, reach new customers and expand where and how coconut water is consumed. Over the next couple of months in the US, we'll be launching Vita Coco in what we're calling our sports-inspired flavors, including Lemon Lime, Blue Raspberry and Fruit Punch. It's the coconut water consumers already know and love from Vita Coco with flavors designed to appeal to the growing number of younger consumers looking for alternatives to traditional sport drinks.

展望 2027 年，我們計畫持續透過創新創造新的飲用情境、觸及新客群，並擴大椰子水的消費地點與方式。未來幾個月在美國，我們將推出 Vita Coco 的「運動靈感」風味，包括檸檬萊姆、藍色覆盆子與水果潘趣。這仍是消費者已熟悉並喜愛的 Vita Coco 椰子水，並加入旨在吸引越來越多尋求傳統運動飲料替代方案的年輕消費者之風味設計。

We'll also be launching Vita Coco Kids, a six-pack 8-ounce Vita Coco pure coconut water designed specifically for younger children and families. Additionally, we're planning the introduction of a new 310-milliliter slim can primarily targeted toward foodservice accounts, giving us another format to expand into new channels and new occasions. And we're continuing to build out the Vita Coco treat lineup with a new Pina Colada flavor.

我們也將推出 Vita Coco Kids：一款六入裝、每瓶 8 盎司的 Vita Coco 純椰子水，專為年幼兒童與家庭設計。此外，我們計畫推出一款 310 毫升的細長罐新包裝，主要鎖定餐飲服務（foodservice）客戶，為我們提供另一種形式以拓展新通路與新飲用情境。同時，我們也將持續擴充 Vita Coco treat 產品線，推出新的 Pina Colada（鳳梨可樂達）口味。

Taken together, Copra and these innovations are great examples of how we're thinking about the opportunity ahead of us, playing more fully across the coconut water category, bringing new consumers into it and creating more occasions and channels for them to enjoy our products.

綜合來看，Copra 與這些創新是我們如何看待未來機會的絕佳例證：更全面地布局椰子水品類、引入新消費者，並創造更多情境與通路，讓他們享用我們的產品。

We spent years building this category, our brand and our supply chain. I believe coconut water will become a major global beverage category over time and that Vita Coco is well positioned to be the leading brand.

我們花了多年打造這個品類、我們的品牌以及我們的供應鏈。我相信，隨著時間推進，椰子水將成為全球主要飲料品類之一，而 Vita Coco 具備成為領導品牌的良好定位。

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. Good morning, everyone. I'm pleased to share details on Vita Coco's robust third quarter performance. Our net sales in the quarter were up 34%, driven by the strong growth of Vita Coco Coconut Water of 15% and private label growth of 152%.

謝謝你，Mike。各位早安。我很高興分享 Vita Coco 第三季強勁表現的細節。本季淨銷售額成長 34%，主要由 Vita Coco 椰子水 15% 的強勁成長，以及自有品牌 152% 的成長所帶動。

The coconut water category and our brand trends are very strong across all our major markets. I am particularly encouraged by the exceptional growth rates being delivered by our European teams.

椰子水品類與我們品牌的趨勢在所有主要市場都非常強勁。我尤其受到我們歐洲團隊所交出的卓越成長率所鼓舞。

In the US, as we analyze the source of our accelerated demand, we estimate that just over half of our US Vita Coco branded business growth year to date is attributable to increased household penetration with the remaining coming from velocity growth per household, a pattern that signals strong brand momentum and potential.

在美國，當我們分析需求加速的來源時，我們估計截至目前我們在美國的 Vita Coco 品牌業務成長中，略高於一半可歸因於家庭滲透率提升，其餘則來自每戶消費速度（velocity）成長；這種模式顯示品牌動能強勁且具備潛力。

Our private label shipment growth for the quarter reflects the addition of the Copra private label business since late July, multiple private label distribution gains and the underlying category growth. With respect to service levels, demand year to date for both brand and private label products continued to exceed our projections.

本季自有品牌出貨成長反映了自 7 月下旬以來納入 Copra 自有品牌業務、多項自有品牌通路拓展，以及品類本身的成長。就服務水準而言，截至目前品牌與自有品牌產品的需求仍持續高於我們的預測。

Within the quarter, our supply chain became tighter, resulting in reduced service levels, and our shipments lagged our continued strong retail scan growth. Additionally, in the most recent weeks, we have seen instances of retail out of stocks slightly depressing our scan growth.

在本季期間，我們的供應鏈趨於吃緊，導致服務水準下降，而我們的出貨量落後於持續強勁的零售掃描（scan）成長。此外，在最近幾週，我們看到部分零售端缺貨（out of stocks）的情況，對掃描成長造成些微壓抑。

While production levels are sufficient to meet demand, container availability during the quarter was challenging with inventory building at suppliers. In October, we made progress, and we expect our service levels to improve during the fourth quarter. We expect to see strong shipment growth through year end, rebuilding inventory throughout the system and preparing for another strong year in 2027.

雖然產能水準足以滿足需求，但本季貨櫃可用性具挑戰性，導致供應商端庫存累積。10 月我們已取得進展，並預期第四季服務水準將改善。我們預期年底前出貨成長將維持強勁，並在整個系統中重建庫存，為 2027 年再度強勁的一年做好準備。

As we think about inflation and pricing moving forward, we are seeing higher ocean freight costs, elevated domestic transportation costs and inefficiencies, and increases in packaging costs. As we communicated last quarter, we chose to apply our tariff refunds against our cost increases rather than taking pricing this year in order to support our consumers and retail partners while we assess which affects our long-term structural cost increases.

就未來的通膨與定價而言，我們看到海運費用上升、國內運輸成本與低效率維持在高檔，以及包材成本增加。如同我們在上季所溝通的，我們選擇將關稅退稅用於抵銷成本上升，而非在今年調漲價格，以支持消費者與零售合作夥伴，同時評估哪些因素會影響我們長期的結構性成本上升。

Starting in May, we saw ocean freight spike. While our contracts provided a degree of protection in negotiations with carriers, many of the increases were positioned as fuel or demand surcharges on top of contract rates.

自 5 月起，我們看到海運費用飆升。雖然我們的合約在與船公司談判時提供了一定程度的保護，但許多漲幅是以燃油或需求附加費的形式，疊加在合約運價之上。

Accompanying these cost increases were some service disruptions that impacted timely arrival of containers to the selling markets in the third quarter and delayed our ability to rebuild our inventories. To secure containers to meet our demand, we have purchased spot rate containers and paid significant surcharges over contract rates with our contract carriers. We view current ocean freight costs as unusual and likely temporary and have seen rates to Europe ease from the July peak.

伴隨這些成本上升的是一些服務中斷，影響第三季貨櫃及時抵達銷售市場，並延後我們重建庫存的能力。為了確保有足夠貨櫃以滿足需求，我們已採購即期（spot）運價貨櫃，並向合約承運商支付高於合約運價的可觀附加費。我們認為目前海運費用屬於異常且可能是暫時性的，且已看到歐洲航線運價自 7 月高峰回落。

We expect other lanes to also normalize over time. The ocean freight cost increases, along with the other inflationary effects previously mentioned will impact our fourth quarter gross margins and are reflected in our updated guidance. We have communicated to our distributor and retail partners our intent to implement pricing adjustments in early 2027 to compensate for the cost increases that we view as structural.

我們預期其他航線也會隨時間推移而恢復正常。海運費用上升，加上前述其他通膨影響，將衝擊我們第四季毛利率，並已反映在我們更新後的財測指引中。我們已向經銷商與零售合作夥伴溝通，我們計畫於 2027 年初實施價格調整，以補償我們認為屬於結構性的成本上升。

While the specific price increases vary by product and market, our objective with these adjustments is to meet our branded and private label gross margin targets, assuming some easing in current ocean freight costs. I'm pleased to say that the Copra integration is proceeding smoothly.

雖然具體漲價幅度會因產品與市場而異，但在假設目前海運費用有所緩解的前提下，我們進行這些調整的目標是達成品牌與自有品牌的毛利率目標。我很高興地表示，Copra 的整合進展順利。

I recently had the pleasure of visiting the Copra facility located in Ratchaburi Province, Thailand, an ideal location for sourcing Nam Hom coconuts. I was impressed by our local team, the capabilities they have built and the quality of the operations. We believe that we produce the best quality product in the super-premium segment due to our integrated coconut water extraction and packaging model, which we intend to preserve and scale.

我最近很榮幸造訪位於泰國叻丕府（Ratchaburi Province）的 Copra 工廠，該地點非常適合採購 Nam Hom 椰子。我對我們當地團隊、他們建立的能力以及營運品質印象深刻。我們相信，憑藉一體化的椰子水萃取與包裝模式，我們在超高端（super-premium）市場區隔中能生產出最佳品質的產品；我們也打算保留並擴大這一模式。

As we look to the remainder of 2026, we are raising our full year guidance to reflect the continued momentum of our core business and the early performance of the Copra acquisition. We expect that our capacity utilization will remain high early in 2027 before expected new capacity starts to provide relief.

展望 2026 年剩餘期間，我們上調全年財測指引，以反映核心業務持續的動能以及 Copra 併購案的初期表現。我們預期在 2027 年初產能利用率仍將維持高檔，直到預期新增產能開始帶來紓解。

Further out, we are pleased that our work on capacity additions appears on track to support a continuation of current volume trends and should allow us to operate under our preferred 85% utilization model in 2028 based on our current assumptions of growth trends and capacity timing.

更長期來看，我們很高興我們在新增產能方面的工作似乎按計畫推進，可望支持目前的出貨量趨勢延續；並且在我們對成長趨勢與產能時程的現有假設下，應能讓我們在 2028 年依照偏好的 85% 利用率模式運作。

To summarize, our category is very healthy. Our brands are performing well, and our team is executing at a high level. We are confident in our team's ability to finish 2026 strong and are enthusiastic about the plans we have in place for 2027. Our confidence in the category and Vita Coco brand trends remains very high.

總結來說，我們的品類非常健康。我們的品牌表現良好，團隊執行力也維持在高水準。我們對團隊在 2026 年強勢收官的能力充滿信心，並對我們為 2027 年所制定的計畫感到振奮。我們對該品類與 Vita Coco 品牌趨勢的信心仍然非常高。

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

接下來，我將把電話會議交給我們的財務長 Corey Baker。

Thanks, Martin, and good morning, everyone. I will now provide you with some additional details on the third quarter 2026 financial results and our outlook for the full year. For the quarter, net sales increased $62 million or 34% year over year to $244 million, driven by strong Vita Coco Coconut Water net sales growth of 15% and private label growth of 152%.

謝謝你，Martin，各位早安。我接下來將提供 2026 年第三季財務結果以及全年展望的更多細節。本季淨銷售額年增 6,200 萬美元（34%）至 2.44 億美元，主要由 Vita Coco 椰子水淨銷售額成長 15% 以及自有品牌成長 152% 所帶動。

Organic growth for the quarter was 18%, with Copra contributing $29 million in the Americas. We are reporting Copra's private label business in our private label category and Copra's branded and commodity business reported in our other product category.

本季有機成長為 18%，其中 Copra 在美洲貢獻 2,900 萬美元。我們將 Copra 的自有品牌業務列入自有品牌類別，並將 Copra 的品牌與大宗商品（commodity）業務列入其他產品類別。

On a segment basis, within the Americas, net sales grew 31% to $199 million, led by Vita Coco Coconut Water that grew net sales by 8% to $143 million. This was driven by a 9% volume increase and a slight net price/mix decline. Private label increased net sales 224% to $46 million, driven by a 110% increase in volume and a price/mix increase of 54%, reflecting the benefits of approximately 10 weeks of Copra volume and the benefit of Copra's premium price point.

以分部來看，在美洲地區，淨銷售額成長 31% 至 1.99 億美元，其中 Vita Coco 椰子水淨銷售額成長 8% 至 1.43 億美元。這主要由銷量增加 9% 所驅動，但淨價格／組合（price/mix）略有下滑。自有品牌淨銷售額成長 224% 至 4,600 萬美元，主要由銷量增加 110% 與價格／組合增加 54% 所帶動，反映約 10 週的 Copra 出貨量貢獻，以及 Copra 較高的高端定價帶來的效益。

Throughout the year, the accelerated retail growth in Europe and in the US for both branded and private label SKUs tightened our available inventory. And in the US, reduced inventory at our distributors. This has resulted in intermittent service issues across most of our markets on some SKUs.

今年以來，歐洲與美國在品牌與自有品牌 SKU 的零售成長加速，使我們可用庫存趨於緊張。而在美國，我們經銷商端的庫存也有所下降。這導致我們多數市場的部分 SKU 出現間歇性的供貨服務問題。

The potential lost shipments from reduced inventory this quarter, combined with strong US shipments in Q3 of last year, which built distributor inventory for the Q4 Walmart reset resulted in our US Q3 Vita Coco shipment growth lagging another strong quarter of US retail scan performance of 23%. We expect to see US shipment growth exceed scan growth over the coming months as we rebuild system inventory and are better able to meet demand. The expectation is embedded in our updated guidance.

本季因庫存下降可能造成的出貨損失，加上去年第三季美國出貨強勁、為第四季 Walmart 貨架重置（reset）建立經銷商庫存，導致我們美國第三季 Vita Coco 出貨成長落後於同樣強勁的美國零售掃描表現（成長 23%）。隨著我們重建系統庫存並更能滿足需求，我們預期未來幾個月美國出貨成長將超過掃描成長。此一預期已納入我們更新後的財測指引。

Our International segment net sales were up 48%, where we continue to see exceptional net sales growth across branded and private label coconut water. Vita Coco Coconut Water net sales grew 57% and private label increased 27%.

我們的國際分部淨銷售額成長 48%，我們持續看到品牌與自有品牌椰子水的淨銷售額呈現卓越成長。Vita Coco 椰子水淨銷售額成長 57%，自有品牌成長 27%。

For the quarter, consolidated gross profit was $93 million, an increase of $24 million versus the prior year. Gross margin finished at 38% for the quarter, broadly in line with last year. Gross margins benefited from minimal tariffs this year as compared to last year, which is mostly offset by higher domestic logistics costs and the mix impact of Copra.

本季合併毛利為 9,300 萬美元，較去年增加 2,400 萬美元。本季毛利率為 38%，整體而言與去年大致一致。毛利率受惠於今年關稅影響極小（相較去年），但大多被較高的國內物流成本以及 Copra 組合影響所抵銷。

Moving on to operating expenses. SG&A increased $6 million to $47 million, driven by acquisition-related costs, increased investments in personnel supporting our growth, the inclusion of Copra as well as higher sales-related expenses.

接著談營運費用。SG&A 增加 600 萬美元至 4,700 萬美元，主要受併購相關成本、加大對支援我們成長的人員投資、納入 Copra，以及較高的銷售相關費用所帶動。

Net income attributable to shareholders for the quarter was $35 million or $0.58 per diluted share compared to $24 million or $0.40 per diluted share in the prior year. The $11 million increase in net income was primarily driven by the increase in gross profit from our strong core business growth plus the benefits of Copra, partially offset by higher SG&A investment, increased income tax expenses and unrealized derivative losses this year versus gains last year.

本季歸屬於股東的淨利為 3,500 萬美元，或每股稀釋後 0.58 美元，相較去年同期為 2,400 萬美元，或每股稀釋後 0.40 美元。淨利增加 1,100 萬美元，主要由我們核心業務強勁成長帶動的毛利增加，加上 Copra 的效益所驅動；但部分被較高的 SG&A 投入、所得稅費用增加，以及今年未實現衍生性商品損失（去年為收益）所抵銷。

Our effective tax rate for Q3 was 20% versus 22% last year. This brings the effective tax rate to 21% on a year-to-date basis, in line with our expectations for the year. Q3 adjusted EBITDA was $53 million or 22% of net sales, up from $32 million or 18% of net sales in Q3 2025. The increase was primarily due to the increased gross profit, partially offset by higher year-on-year SG&A expenses.

我們第三季的有效稅率為 20%，去年為 22%。使得年初至今的有效稅率為 21%，符合我們對全年預期。第三季調整後 EBITDA 為 5,300 萬美元，或佔淨銷售額 22%，高於 2025 年第三季的 3,200 萬美元或佔淨銷售額 18%。增加主要來自毛利提升，但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 September 30, 2026, our balance sheet remained very strong with total cash on hand of $152 million and no debt under our revolving credit facility. Year to date through September, we reduced our net cash by $45 million, driven by the net investment of $139 million to acquire Copra and a return of cash to shareholders through our share repurchases of $62 million.

接著看資產負債表與現金流。截至 2026 年 9 月 30 日，我們的資產負債表仍非常強健，手上現金總額為 1.52 億美元，且在循環信用額度下沒有任何負債。年初至 9 月為止，我們的淨現金減少 4,500 萬美元，主要因淨投資 1.39 億美元收購 Copra，以及透過股票回購向股東返還 6,200 萬美元現金。

Our underlying cash generation remained very healthy, driven by $115 million of net income and a $33 million reduction in inventory, partially offset by net working capital outflow of $4 million, reflecting a higher accounts receivable, partially offset by an increase in accounts payable.

我們的基礎現金創造能力仍相當健康，主要由 1.15 億美元的淨利以及庫存減少 3,300 萬美元所帶動；但部分被 400 萬美元的淨營運資金流出所抵銷，反映應收帳款增加，部分被應付帳款增加所抵銷。

During the quarter, we repurchased approximately $42 million of our shares under our current $105 million authorization. Since the end of the quarter, we have purchased an additional $8 million for a cumulative year-to-date purchase of $70 million, leaving us with $11 million remaining under the total $105 million authorized.

本季在目前 1.05 億美元的授權額度下，我們回購了約 4,200 萬美元的股票。自季末以來，我們又額外買回 800 萬美元，使年初至今累計回購達 7,000 萬美元，在總計 1.05 億美元的授權額度下尚餘 1,100 萬美元。

As it relates to guidance, we have continued to experience exceptional category trends in our major markets and have very strong confidence in our team and our Vita Coco brand. As a result, we are raising our full year expectations for both net sales and adjusted EBITDA. We now expect net sales between $810 million and $820 million with expected gross margins for the full year of approximately 40%, delivering adjusted EBITDA of $170 million to $175 million.

就財測而言，我們在主要市場持續看到極佳的品類趨勢，並對我們的團隊與 Vita Coco 品牌充滿信心。因此，我們上調全年淨銷售額與調整後 EBITDA 的預期。我們目前預期全年淨銷售額介於 8.10 億至 8.20 億美元，全年預期毛利率約 40%，並帶來 1.70 億至 1.75 億美元的調整後 EBITDA。

Our expectations for the strong net sales growth is built on our assumptions for the US category growing in the mid-20s on a percentage basis and our international business, led by the UK and Germany, maintaining very healthy growth rates.

我們對淨銷售額強勁成長的預期，建立在以下假設之上：美國品類以百分比計將成長約 20% 中段，而我們以英國與德國為首的國際業務將維持非常健康的成長率。

We now expect consolidated Vita Coco Coconut Water net sales growth of approximately low 20% with our US Vita Coco net sales growing in the high teens. Due to the strong US category growth, increased distribution and the inclusion of Copra, we now expect full year private label net sales growth of 110% to 120% in the US.

我們目前預期合併後 Vita Coco 椰子水淨銷售額成長約 20% 初段，而美國 Vita Coco 淨銷售額成長約在 10% 高段。由於美國品類強勁成長、通路覆蓋提升以及納入 Copra，我們目前預期美國自有品牌（private label）全年淨銷售額成長為 110% 至 120%。

Full year gross margin expectations remain unchanged at approximately 40%. While some of the inflationary cost of good effects were visible in this quarter's results, the full impact of increases in Curls in early summer will primarily hit in Q4.

全年毛利率預期維持不變，約為 40%。雖然本季結果已可見部分通膨帶來的銷貨成本影響，但初夏 Curls 漲價的完整影響將主要在第四季反映。

As a result of our mix shift in these higher cost of goods factors, we expect gross margins in Q4 to be approximately 33%. As we indicated previously, we deferred raising prices this year until we understood the permanence of the cost increases. To return our gross margins to our targeted range, we have communicated to retailers pricing increases to take effect in Q1 of 2027.

因此，受這些較高銷貨成本因素的組合變動影響，我們預期第四季毛利率約為 33%。如先前所述，我們今年延後調漲價格，直到我們確認成本上升是否具有持續性。為使毛利率回到我們的目標區間，我們已向零售商溝通將於 2027 年第一季生效的漲價。

While we may experience gross margin variability in the short term due to ocean freight rates and product mix, our long-term gross margin aspirations remain unchanged in the high 30s, approaching 40%.

雖然短期內我們可能因海運運費與產品組合而出現毛利率波動，但我們長期毛利率目標仍不變，維持在 30% 高段並接近 40%。

From an SG&A perspective, we continue to invest in our brand and supply chain in a disciplined way to support long-term growth while integrating Copra with less spend to date than expected. We expect to deliver SG&A leverage of approximately 1.5 points as a percentage of sales versus 2025.

就 SG&A 而言，我們持續以有紀律的方式投資品牌與供應鏈，以支援長期成長，同時在整合 Copra 方面，目前的支出低於原先預期。我們預期相較 2025 年，SG&A 佔銷售額比重可改善（槓桿）約 1.5 個百分點。

As we exit 2026, we are excited about the momentum going into 2027 of the category and our brand. We remain excited about the opportunity to grow both our branded and private label business next year.

在 2026 年即將結束之際，我們對品類與品牌在邁入 2027 年的動能感到振奮。我們仍對明年同時擴大自有品牌與自有品牌代工（private label）業務的機會感到期待。

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

接下來，我想把電話交回給 Martin，請他做結語。

Thank you, Corey. To close, I'd like to reiterate our confidence in the long-term potential of The Vita Coco Company, our ability to build a better beverage platform and the strength of our Vita Coco brand, the uniqueness of our supply chain that now includes Copra's Super Premium capabilities and the growth potential of the coconut water category.

謝謝你，Corey。最後，我想再次重申我們對 The Vita Coco Company 長期潛力的信心、我們打造更佳飲料平台的能力，以及 Vita Coco 品牌的強勁實力；也包括我們供應鏈的獨特性——如今已納入 Copra 的超高端（Super Premium）能力——以及椰子水品類的成長潛力。

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

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。我們對自身能力充滿信心，也對推動長期成長的關鍵策略感到振奮。

Thank you for joining us today, and thank you for your interest in The Vita Coco Company. That concludes our third quarter 2026 prepared remarks, and we will now take your questions.

感謝各位今天與會，也感謝各位對 The Vita Coco Company 的關注。以上為我們 2026 年第三季的事先準備發言，接下來我們將開始問答。

(Operator Instructions) Bonnie Herzog, Goldman Sachs.

（接線員指示）Bonnie Herzog，高盛。

This is Ethan Huntley on for Bonnie. I guess my first one here is on margin and your margin trajectory from here, which I know remains a big area of focus. Obviously, you have some margin pressures in Q4, and there's a lot to unpack there. But could you maybe just talk about your margin trajectory beyond this year? Are there any levers you can pull beyond pricing to help offset any of these pressures?

我是代替 Bonnie 的 Ethan Huntley。我第一個問題是關於毛利率以及從現在開始的毛利率走勢，我知道這仍是大家高度關注的重點。顯然你們在第四季有一些毛利率壓力，裡面有很多因素需要拆解。但你們是否可以談談今年之後的毛利率走勢？除了調價之外，是否還有其他槓桿可以用來抵消這些壓力？

So maybe just a high-level question here on your margin profile heading into next year, recognizing your confidence in the high 30%s range over time.

所以這可能是一個較高層次的問題：在你們對長期毛利率維持在 30% 高段的信心之下，展望明年你們的毛利率輪廓會是如何？

Yes. Thanks, Ethan. So the current margin pressures are primarily being driven by transportation, ocean freight, domestic logistics type issues. There's some underlying inflation at the factories and in packaging, which is more permanent.

是的，謝謝你，Ethan。目前的毛利率壓力主要由運輸、海運，以及國內物流等問題所驅動。另外在工廠端與包材方面也有一些更具持續性的通膨。

And so our goal in the pricing that we have and are communicating to retailers and partners to take effect in early '27 is to cover the costs that we think are pretty permanent, but it won't fully cover like the current transportation peak that we're in.

因此，我們目前已提出並正在向零售商與合作夥伴溝通、預計於 27 年初生效的定價，其目標是覆蓋我們認為相當具有持續性的成本，但它不會完全覆蓋我們目前所處的這一波運輸高峰。

And we reconciled ourselves to the belief that, one, that's a peak that will subside. And two, if it doesn't subside, we would need to take further pricing in order to meet our gross margin goals.

我們也已接受這樣的判斷：第一，這是一個高峰，之後會回落。第二，如果它沒有回落，為了達成我們的毛利率目標，我們就需要進一步調價。

So next year's gross margin could be a pretty wide range based on what happens to ocean freight. But in the long term, we're very comfortable taking pricing if we need to if these costs are permanent.

因此，明年的毛利率可能會因海運運費的變化而落在相當寬的區間。但從長期來看，如果這些成本是永久性的，我們非常有信心在需要時採取提價。

Very helpful. And then maybe just a quick follow-up here on your international strength. Obviously, impressive volumes. I think they're up 42% in the quarter. I know international has been an area of focus for you recently.

非常有幫助。接著想就你們國際業務的強勁表現快速追問一下。顯然，出貨量很亮眼。我記得本季成長了42%。我知道國際市場最近一直是你們的重點。

So if you could maybe just outline some of the key drivers of the strength, how sustainable the strength is over the next couple of quarters and into next year. So maybe just a high-level question here on international, the key growth drivers and the sustainability of growth into next year.

所以如果可以的話，請概述一下這股強勁表現的幾個關鍵驅動因素、未來幾季到明年這種強勢有多可持續。也就是想就國際業務做個高層次的提問：主要成長動能，以及成長延續到明年的可持續性。

Sure. Well, I think you know we've had a very nice UK business for quite a while now, and it's reached the point where we break it out in our 10-K. But our European team, which is based in London, has done a really nice job getting some other markets moving. I think the primary one we've called out is Germany that is moving very strongly, showing growth rates over 100%.

當然。我想你也知道，我們在英國的業務已經做得很好一段時間了，而且已經發展到我們會在10-K中單獨揭露的程度。不過，我們以倫敦為基地的歐洲團隊，在推動其他市場方面也做得非常出色。

And that's obviously pulling the total international volume along very strongly. That said, I think the UK growth was in the 30s on a scan basis. I hope I have that right. So it's very, very healthy.

而這也顯著帶動了整體國際出貨量的強勁成長。話雖如此，我認為英國以掃描數據（scan basis）來看，成長在30%多。希望我沒記錯。所以表現非常、非常健康。

When we saw the acceleration of demand that we've referred to in the US that happened earlier this year, very late last year, it also impacted our international business, and that has accelerated beyond our expectations, too.

當我們看到今年稍早、以及去年非常晚期在美國出現的、我們先前提到的需求加速時，國際業務也受到影響，而且其加速程度也超出我們的預期。

Looking to the future, the per capita consumption rates in the UK are still, order of magnitude, a third of the US. In Germany, it's 1/6 of the US. And the US is like 66% of Australia.

展望未來，英國的人均消費量大約只有美國的三分之一（量級上）。德國則是美國的六分之一。而美國大約是澳洲的66%。

So there's a lot of upside in the US still. But in Europe, there's still a lot of upside if we can get those markets to current US penetration. So that's how we think about it.

所以美國本身仍然有很大的上行空間。但在歐洲，如果我們能把那些市場的滲透率提升到目前美國的水準，仍然也有很大的上行空間。我們就是這樣思考的。

We certainly expect next year for the international growth to continue on a very solid base. Obviously, it won't compound at the high -- I don't think you said but it won't compound at those rates because the base is getting bigger, but the business is very healthy, and we're very positive.

我們確實預期明年國際業務的成長會在非常穩固的基礎上持續。當然，隨著基期變大，成長率不會再以那麼高的速度複利成長——我不確定你剛剛是否這麼說——但這門業務非常健康，我們也非常正向。

Christian Junquera, Bank of America.

Christian Junquera，美國銀行。

You have Christian on for Pete. Can you help quantify the impact of out of stocks during the quarter? And presumably, if you had more inventory available, sales would have been higher this quarter. Am I right in thinking that?

Christian代替Pete提問。你能否協助量化本季缺貨（out of stocks）的影響？並且推測如果你們有更多庫存可供應，本季銷售應該會更高。我這樣理解對嗎？

And as you're rebuilding inventory using containers at spot rates, should we think about that as primarily a 4Q gross margin headwind? Or does that potentially leak into the first quarter of next year also?

另外，當你們以即期運價（spot rates）用貨櫃補建庫存時，我們應該把這主要視為第四季毛利率的逆風嗎？還是也可能延續到明年第一季？

So very difficult to quantify completely lost sales, right, until maybe you've moved past the event and can go look at it in totality. Our supply constraints started to tighten during the quarter and were quite tight at the end of the quarter. And there's no doubt that we haven't shipped from our warehouses what our customers fully wanted in the quarter. So there's definitely deferred sales. How much of that is lost -- is open?

完全量化流失的銷售非常困難，對吧？通常要等事件過去、回頭整體檢視才比較能判斷。我們的供應限制在本季期間開始收緊，並在季末變得相當吃緊。毫無疑問，我們從倉庫出貨的量沒有達到客戶在本季完全想要的水準。所以確實有遞延的銷售。其中有多少是流失的——目前仍不確定。

I think the scan data was still very strong. Some signs the last couple of weeks that maybe a little bit of weakness that we would ascribe to potential inventory issues, which might be lost consumer consumption, but that's been in the last couple of weeks. And currently, we're not happy with our service. It's complicated in that we have been able to get containers, but the containers have been taking longer to get to us.

我認為掃描數據仍然非常強勁。最近兩週有一些跡象顯示可能略有走弱，我們會把這歸因於潛在的庫存問題，這可能代表消費者實際消費量的流失，但那是最近兩週才出現的。而目前我們對自己的供貨服務水準並不滿意。情況複雜在於，我們確實能取得貨櫃，但貨櫃運抵我們這裡所需的時間變長了。

There's been some port congestion, particularly in the transshipment ports in China that has delayed containers. So this has been very hard to predict. We're pretty comfortable that in the last couple of weeks, we started to see more containers being offered to us at very high rates.

有一些港口壅塞，特別是在中國的中轉港，導致貨櫃延誤。因此這一直很難預測。我們相當確定的是，在最近幾週，我們開始看到有更多貨櫃以非常高的價格提供給我們。

But the availability is significantly improving at our shipping ports, and that inventory should arrive as those containers are supplied to us in the December time period. And whether that will impact Q4 and the inventory recovery in the system or Q1 is certainly debatable, and we could see either occur depending on how things flow.

但在我們的出貨港口，貨櫃可得性正在明顯改善；隨著這些貨櫃在12月期間供應給我們，相關庫存也應會到港。至於這會影響第四季、帶動系統內庫存回補，還是會落到第一季，確實仍有討論空間；視物流進展而定，兩種情況都有可能發生。

So very difficult to do, but certainly, our shipments and reported net revenue was a little depressed in the quarter because we weren't able to fulfill demand across branded and private label SKUs. And Q4 recovery should be good, but how good is, again, difficult to predict given exactly how those containers would flow.

所以很難精準判斷，但可以確定的是，由於我們無法在品牌與自有品牌（private label）的各個SKU上全面滿足需求，本季的出貨量與揭露的淨營收確實略受壓抑。第四季的回補應該會不錯，但到底有多好，同樣很難預測，因為取決於那些貨櫃實際的到港與流轉情況。

And a quick follow-up. Very helpful to comment on the latest scanner data is like showing this development. And going to the scanner data, is there anything in the year ago period that we should be cognizant of like any promotion that retailers you did or anything? Just if I remember correctly, the scanner data in September, October was very strong in the year ago period. And that will be it for me.

再快速追問一下。你提到最新的掃描數據顯示了這個發展，這點很有幫助。回到掃描數據，去年同期是否有什麼我們需要留意的因素，例如你們或零售商做了任何促銷之類的？如果我沒記錯，去年9月、10月的掃描數據在同期表現非常強。我就問到這裡。

Nothing particular in the scanner data this year. I think last year, you were cycling those out-of-stocks in 2024 and the addition of an MVM back into the cycle. But this year, year on year, it's pretty stable. There's always items moving around, but nothing that we would call out as a huge driver.

今年的掃描數據沒有什麼特別的因素。我想去年你們是在比較2024年的缺貨影響，以及把一個MVM重新納入比較基期的循環。但今年同比來看相當穩定。當然總會有一些品項變動，但沒有任何我們會特別點名為重大驅動因素的。

And not promotional related, so not directly answering your question, but in mid-late November last year, the Walmart resets took place, and that quickly became visible in a slight jump in the scan trends. So we're going to roll that. And while we expect to roll it pretty positively, how positively, obviously, we don't have the data on to see how that rolls.

另外，這不是促銷相關、所以不算直接回答你的問題，但去年11月中下旬進行了Walmart的貨架重置（resets），而這很快就反映在掃描趨勢的小幅跳升上。所以我們接下來會進入這個比較基期。雖然我們預期跨越這個基期會是偏正向的，但到底有多正向，顯然我們還沒有數據可以看到實際跨越後的表現。

Eric Serotta, Morgan Stanley.

Eric Serotta，摩根士丹利。

A couple of follow-up questions here. One, in terms of the scanner data and your guide, it looks like both the recent growth in -- of your branded in scanner and your branded guide versus the category shows some market share losses.

我這裡有幾個追問。第一，就掃描數據與你們的指引來看，你們品牌產品在掃描數據中的近期成長，以及你們品牌端的指引相對於品類（category）的表現，看起來都顯示有一些市占率流失。

Could you help us unpack that? Do you think that these supply issues are impacting you guys more than competitors for some reason, maybe relating to sourcing countries? Or is this really another dynamic going on?

你能否協助我們拆解一下原因？你認為這些供應問題是否因某些原因對你們的影響比競爭對手更大，例如與採購來源國有關？還是其實是另一種動態在發生？

And then on the Copra side, the sales came in a bit better than I think we and the market had expected in the quarter. I know you didn't have a ton of visibility going back to July when you announced the deal. But you mentioned Copra costs or integration is coming in better.

另外在Copra方面，本季銷售表現比我想以及市場原先預期的要好一些。我知道你們在7月宣布交易時，能見度並不高。但你提到Copra的成本或整合進度優於預期。

Is the top line and your guidance for Copra top line coming in higher than expected? I think you were talking something like $80 million for the balance of the year or for the second half when you announced the deal.

Copra 的營收（top line）以及你們對 Copra 營收的指引是否高於預期？我記得你們在宣布這筆交易時提到，下半年或今年剩餘期間大概是 8,000 萬美元左右。

So Eric, there's a few things in there. Let me talk about Copra. We are just getting to know the business and the shipment timing. The quarter was a bit stronger. We also -- we account for private label based on orders and inventory.

Eric，這裡面有幾個點。我先談 Copra。我們才剛開始熟悉這個業務以及出貨時點。這一季表現稍微強一些。另外——我們對自有品牌（private label）的認列，是依據訂單與庫存來做會計處理。

So it's a bit of movement there. We had indicated approximately $40 million for the time -- the ownership time we had within the year. And I would say, overall, Copra is an element of a really strong category. And so it is -- overall, we're seeing the category remain quite strong, and Copra is benefiting for that and gaining share.

所以那裡會有一些波動。我們先前指出，大約是 4,000 萬美元，對應到我們在該年度內實際持有（ownership）的期間。而我會說，整體而言，Copra 是一個非常強勢品類中的一個要素。因此——整體來看，我們看到該品類仍維持相當強勁，而 Copra 也因此受惠並且提升市占。

But Copra is also operating at capacity. So right now, the upside is a little limited. I think we could probably sell more if we had it, but we don't and we won't probably until mid next year when our capacity additions potentially give us some ability to sell more. So I'd say we're very happy with the integration. We're very happy with the team.

但 Copra 目前也是滿載產能在運作。所以眼下上行空間有點受限。我想如果我們有更多供給，可能可以賣更多，但我們沒有；而且可能要到明年年中，當我們的產能擴增有機會讓我們具備多賣一些的能力時，情況才會改善。所以我會說，我們對整合非常滿意。我們對團隊也非常滿意。

And yes, net revenue may be slightly ahead. But to Corey's point, some of that might be accounting and/or just timing, and it's still too early for us to significantly change expectations, which are currently constrained by capacity anyway.

是的，淨營收可能略微超前。但如 Corey 所說，其中一部分可能是會計認列和／或時點因素；而且現在要我們大幅調整預期仍為時過早，畢竟目前本來就受到產能限制。

And then the branded market share trends or growth that you're seeing and expecting versus the category. Any -- how is the supply issues playing into that? Can you unpack that more broadly? And do you think your supply situation is different from competitors?

另外，你們看到並預期的品牌市占趨勢或成長，相對於整個品類而言如何？供應問題在其中扮演了什麼角色？你能更廣泛地拆解說明一下嗎？你覺得你們的供應狀況和競爭對手不同嗎？

So I'd start off by saying the brand growth is very healthy. It might be lagging the category a little bit in the most recent data, which is certainly partially due to supply constraints. But within the category, certainly private label is performing pretty strongly.

我先說，品牌端的成長非常健康。在最新數據中，它可能稍微落後於品類整體，這當然部分是因為供應受限。但在該品類內，自有品牌（private label）的表現確實相當強勁。

So that's taking a little bit of share from everybody. As it relates -- and I don't think that's particularly a long-term issue, but I think we mentioned that like a major retailer with having a private label, and that's why it's a short-term issue when that happens.

所以這會從所有人那裡拿走一些市占。就此而言——我不認為這是特別長期的問題，但我想我們提過，例如某個大型零售商推出自有品牌時，就會出現這種情況，因此那會是短期問題。

And then as it relates to what we see on the shelf relative to others, I'd say that demand for the category is very healthy. I think everybody has similar issues. Everyone's issues are a little different.

再來，談到我們在貨架上相對於其他人的狀況，我會說這個品類的需求非常健康。我想大家都有類似的問題。只是每家的問題細節略有不同。

Most of our competitors source from Vietnam and Thailand, which have direct shipping available. So they don't have to deal with the transshipping issues that we have coming out of the Philippines and some of our other countries that go through China or Singapore depending on the routing.

我們多數競爭對手從越南與泰國採購，那些地方有直航運輸可用。因此他們不需要處理我們從菲律賓以及其他一些國家出貨時所面臨的轉運（transshipping）問題；我們的路線會依航線而定，可能要經由中國或新加坡。

So they have different issues. They're still exposed to the same ocean freight peaks, et cetera. And even those countries, I think, have reported increased exports.

所以他們面臨的是不同的問題。但他們仍然暴露在相同的海運運費高峰等因素之下。而且即便是那些國家，我想也都回報出口增加。

So the demand on the shipping is probably pretty similar to what we're seeing. But again, we don't track that particularly closely. That being said, we do have some private label customers where they are sourcing from some of the business from a competitor. And as far as we can see, we are performing better than those.

所以航運端的需求大概和我們看到的情況相當類似。但再說一次，我們並沒有特別密切追蹤那部分。話雖如此，我們確實有一些自有品牌客戶，他們有一部分業務是向某個競爭對手採購。就我們所能看到的，我們的表現比那些供應商更好。

Michael Lavery, Piper Sandler.

Michael Lavery，Piper Sandler。

Just wanted to come back to the capacity color that you had mentioned. And within that for next year, could you give any sense of if there's considerations we should keep in mind between private label and branded? Or is there flexibility between the two? How does the capacity trickle down just in those buckets?

我想回到你剛提到的產能補充說明。就明年而言，你能否談談在自有品牌與品牌之間，有沒有我們需要留意的考量？或兩者之間是否有彈性？產能在這兩個區塊之間是如何分配或傳導的？

I think you're asking about how do we think about supplying brand and private label and prioritization. I think that's what you're asking. One, we have great private label relationships, and we ask them for projections and then we commit to trying to meet those projections, right?

我想你問的是：我們如何看待品牌與自有品牌的供應與優先順序。我想你問的是這個。第一，我們和自有品牌客戶有很好的合作關係；我們會向他們要預測，然後我們承諾盡力去滿足那些預測，對吧？

Similarly, on our brand team, we ask them for projections, and we try to meet those projections. I think it's fair to say that our brand team is a little more optimistic in their projections than maybe our private label customers are in theirs.

同樣地，對我們的品牌團隊，我們也會向他們要預測，並且努力去達成那些預測。我想可以公平地說，我們的品牌團隊在預測上可能比自有品牌客戶更樂觀一些。

So that creates a little bit of a challenge when it comes to fulfilling if the demand remains very strong. The demand has been very strong. We have exceeded our commitments to our private label customers this year, and we've allocated inventory, we think, very fairly. These are long-term relationships. We view it as long-term important to us to maintain them in the business.

因此，當需求持續非常強勁時，在履約上就會帶來一些挑戰。需求一直都非常強。今年我們對自有品牌客戶的供貨已經超過我們原先的承諾；而且我們認為我們在庫存分配上做得非常公平。這些都是長期合作關係。我們認為，維持這些關係對我們的業務而言具有長期的重要性。

And I think we've talked about this that we try to invest in the category and grow the category and benefit from our share of the brand and then our share in private label.

而且我想我們也談過：我們試著投資這個品類、擴大品類規模，並從我們在品牌端的市占以及在自有品牌端的市占中受益。

So what we ask is for good forecast and then we commit to do everything we can to try and meet those. And if demand exceeds those, there's certainly some allocation, but we try to be it fairly. Some of it's difficult, like not all of our factories produce all SKUs. Maybe we haven't ordered enough packaging material for that private label customer. So there are other factors that go into this.

所以我們所要求的是良好的預測，然後我們承諾盡一切所能去達成。如果需求超出那些預測，確實就會有一些配給（allocation），但我們會盡量做到公平。其中有些也很困難，例如不是所有工廠都生產所有 SKU；也許我們沒有為某個自有品牌客戶訂購足夠的包材。所以還有其他因素會影響這件事。

But what we really need is great forecast and then we commit to trying to deliver them. And I think we've done a really good job of doing that.

但我們真正需要的是很好的預測，然後我們承諾努力交付。而我認為我們在這方面做得非常好。

And just on the innovation for next year, the sports drinks flavors. Can you just elaborate on some of the consumer insights or research there? And maybe what some of your incrementality expectations are for that?

另外關於明年的創新——運動飲料口味。你能否就其中的一些消費者洞察或研究再多談一些？以及你們對其增量（incrementality）的預期大概是什麼？

Yes. I think we've been talking about 1.5 years now about leaning harder into sports hydration. From a communication standpoint, we've been doing that, and it's been working really well.

可以。我想我們大概已經談了 1.5 年，要更用力切入運動補水（sports hydration）。從溝通傳播的角度，我們一直在做，而且效果非常好。

I think quite a bit of the demand increases that we've seen are related to that communication, related to bringing in consumers for that occasion. And so as we think about that, we still see that one of the barriers to adoption in the category is taste or perception of taste.

我們看到的需求提升，有相當一部分與這些溝通有關，也與把消費者帶進這個使用情境（occasion）有關。因此當我們思考下一步時，我們仍然看到：這個品類採用（adoption）的其中一個障礙是口味或對口味的認知。

So we've done a lot of work on this, and we think as we continue to communicate that coconut water has 3.5 times the electrolytes of the sport drink and comes from nature and it comes from a tree, adding flavors that are more recognizable, especially to young consumers who drink sport drinks whether they be blue, green or red, we think is going to give us the ability to bring in more young consumers whose families are looking for healthier hydration.

所以我們在這方面做了很多工作；我們認為，當我們持續溝通椰子水的電解質含量是運動飲料的 3.5 倍、來自天然、來自樹上，同時加入更容易被辨識的口味——特別是對於年輕消費者而言，他們喝的運動飲料不管是藍色、綠色或紅色——我們認為這將使我們有能力吸引更多年輕消費者，而他們的家庭正在尋找更健康的補水選擇。

Eric Des Lauriers, Craig-Hallum.

Eric Des Lauriers，Craig-Hallum。

My first one here is actually a bit of a follow-up on that last question. So younger consumers seem to be an increasingly significant portion of your demand growth. I think treats were an initial attempt to appeal to younger consumers.

我這邊第一個問題其實是延續上一題。看起來年輕消費者正成為你們需求成長中愈來愈重要的一部分。我認為 Treats 最初是為了吸引年輕消費者所做的嘗試。

We obviously have another Treats product announced here by Coco Kids and obviously, the sports-inspired flavors that you just mentioned. Can you just talk about your positioning with the younger demographic compared to competitors?

我們顯然又看到 Coco Kids 這邊宣布了另一個 Treats 產品，另外還有你剛提到的運動靈感口味。你能談談相較於競爭對手，你們在年輕族群上的定位嗎？

What you're seeing from that demographic and how much we should be looking at these new products broadly as incremental opportunities versus perhaps some cannibalization risk? Just want to get a better sense of how you're viewing that younger demographic.

你們從這個族群看到什麼樣的情況？以及我們應該把這些新產品更廣泛地視為增量機會，還是可能存在一些互相侵蝕（cannibalization）的風險？我只是想更清楚了解你們如何看待這個年輕族群。

Yes. I mean when you think about it, it's pretty impressive. 20-something-year-old brand that continues to age down has been, I think, something that's helped us a lot. We've been really successful with it. We continue to be.

是的。我的意思是，當你仔細想想，這其實相當令人印象深刻。一個二十多年歷史的品牌，卻持續往更年輕的年齡層滲透，我認為這對我們幫助很大。我們在這方面非常成功。而且我們會持續如此。

So I think this is another -- and Treats has really worked from that perspective. I mean we brought in quite a few new consumers to the brand that have never drink the brand before. And that's worked really well. And we think part of not only driving treat, but driving the success of the brand and of the category in general. We think this can do the same.

所以我認為這又是另一個——而且 Treats 從這個角度來看確實很奏效。我的意思是，我們為品牌帶來了相當多以前從未喝過我們產品的新消費者。而這運作得非常好。我們認為這不僅有助於推動 Treats，也有助於推動品牌本身以及整個品類的成功。我們認為這次也能做到同樣的事。

We've talked about our partnerships in youth soccer and youth sports and going deeper into that to go deeper into that with not only the messaging around 3.5 times the electrolytes of a sport drink, but now flavors that are more recognizable to these consumers, these young consumers, we think will add a lot of benefit and bring in a lot of new consumption, new consumers, new households.

我們談過在青少年足球與青少年運動方面的合作夥伴關係，並且會在這方面更深入——不僅是在「電解質含量是運動飲料的 3.5 倍」這類訊息上更深入，現在也加入了對這些消費者、這些年輕消費者而言更容易辨識的口味；我們認為這將帶來很大效益，並帶來大量新的飲用情境、新消費者與新家庭。

And then my other question, so you've discussed some of your supply chain investments that you expect these investments that you're making now to be able to maintain volume growth. Obviously, it's been quite robust.

然後我的另一個問題是，你們提到了一些供應鏈投資，並預期現在所做的這些投資能夠維持銷量成長。顯然目前的成長相當強勁。

So certainly very encouraging to hear. Just curious if any of these investments or plans that you're making can also potentially address any of the supply chain disruption risks that we've seen here and there over the last several years. Maybe just help shed some light on what, if anything else is going on at the supply chain level beyond capacity increases.

所以聽起來確實很令人鼓舞。只是想了解，你們正在進行的任何投資或計畫，是否也可能因應我們過去幾年不時看到的供應鏈中斷風險？也許請你再多說明一下，除了產能提升之外，在供應鏈層面還有沒有其他動作？

Sure. Well, we're always endeavoring to diversify our supplier base, both for geographic reasons that could deal with them vertical or environmental factors I think we indicated that the Philippines is our largest supply country.

當然。我們一直致力於分散供應商基礎，無論是出於地理因素，以因應可能的垂直（供應鏈上游）或環境因素；我想我們也提過，菲律賓是我們最大的供應來源國。

Brazil is second and Brazil and the Philippines supply the majority of our product, but we have reasonable share elsewhere. And so when we're looking for new partnerships, we're always balancing those issues. Unfortunately, everywhere we source coconuts from requires ocean freight.

巴西是第二大，而巴西與菲律賓供應了我們大部分的產品，但我們在其他地區也有一定比例。因此當我們尋找新的合作夥伴時，會一直在這些議題之間取得平衡。不幸的是，我們採購椰子來源的各地都需要海運。

So we haven't yet been able to create a meaningful way to dilute our reliance on that beyond some of our more mixed products do use concentrate, and we are able to produce them a little more locally. But that currently is -- it's not insignificant in our product portfolio. But since most of our product portfolio is Coco blue, it's not a significant effect, but we have made progress in that area to try and derisk those things.

所以到目前為止，我們還沒能找到一個有意義的方法來降低對海運的依賴；除了我們一些較混合型的產品會使用濃縮液，因此能夠更在地化地生產一些。但就目前而言——它在我們的產品組合中並非微不足道。不過由於我們大多數產品組合是 Coco blue，因此影響不算顯著；但我們確實在這方面取得進展，試圖降低這些風險。

Jim Salera, Stephens.

Jim Salera，Stephens。

Martin, I wanted to expand on something you just said in answer to that last question. If I look at your deck, it looks like the new sports-inspired flavors are from concentrate. And so I wonder if we see success there, which I anticipate given the consumer engagement with that occasion, is that much easier to scale than the traditional not from concentrate blue bottle product?

Martin，我想延伸你剛才在回答上一題時提到的一點。如果我看你們的簡報，看起來新的運動靈感口味是使用濃縮液。所以我在想，如果那邊取得成功——我也預期會成功，因為消費者對那個飲用情境的參與度很高——那是否比傳統的非濃縮（not from concentrate）藍瓶核心產品更容易擴大規模？

That's part of -- sorry, I'm just going to -- just on that -- sorry about that. On that topic, that's part of the objective, right? So sport is from concentrate, so are quite a few of the flavors now. So that gives us not only the ability to potentially scale, but also the ability to potentially produce in different places, produce in country. And so that is clearly a benefit of the formulation.

這是其中一部分——抱歉，我先——就那點——不好意思。就這個主題而言，這確實是目標的一部分，對吧？所以運動系列是用濃縮液，現在也有不少口味是用濃縮液。這不僅讓我們有可能更容易擴大規模，也讓我們有可能在不同地點生產、在當地國內生產。因此這顯然是這種配方帶來的好處。

And I would say that producing from concentrate gives us some flexibility, particularly to avoid ocean freight. But if these products do scale, we might still choose to produce them in the tropics because the production cost of doing so, if ocean freight is at normal historical levels remains very attractive, and we can fill out capacity that our suppliers have put in with Tetra lines, et cetera, to do it.

我會說，使用濃縮液生產確實給了我們一些彈性，特別是用來避開海運。但如果這些產品真的放量，我們仍可能選擇在熱帶地區生產，因為若海運費回到正常的歷史水準，在那裡生產的製造成本仍然非常有吸引力；而且我們也能把供應商已投入的產能（例如 Tetra 產線等）充分利用起來。

So I think the benefit of being from concentrate, particularly on new items is it allows us to produce much closer to the market and respond to demand quicker on the innovation side. And then -- and -- but the economics long term could be much better if ocean freight returns to historical levels by producing in the tropics. So it's not -- it's very dependent on where ocean freight.

所以我認為，使用濃縮液的好處，特別是在新品上，是它讓我們能在更接近市場的地方生產，並在創新端更快回應需求。然後——但長期來看，如果海運費回到歷史水準，在熱帶地區生產的經濟性可能會好得多。所以這不是——這非常取決於海運費的水準。

If you're able to give any context, is the initial run of the sports-inspired flavor going to be produced domestically or near domestically? And can you give us a sense for the margin of that product relative to the core lineup?

如果你方便提供一些背景，運動靈感口味的首批生產會在國內或接近國內的地區生產嗎？另外，你能否讓我們了解一下，該產品的毛利率相較於核心產品線大概如何？

So most of our innovation that uses concentrate, we try to produce on in locations that don't involve ocean freight, but maybe not domestic, but maybe across the border. And margins on that tend to be lower than our long-term goals, like you'd expect in innovation, right? But in the innovation, when we look at it, we try to design innovation so that if the volume comes, it meets our long-term goals.

所以我們大多數使用濃縮液的創新產品，會盡量安排在不涉及海運的地點生產；可能不是在國內，但可能是在邊境另一側。而這類產品的毛利率通常會低於我們的長期目標——就像你對創新產品的預期一樣，對吧？但在做創新時，我們會嘗試把創新設計成：一旦量起來，就能符合我們的長期目標。

And if you don't mind, if I might sneak just one other quick one on capacity. I just want to make sure, as we think about the front half of next year, seeming like it to be a little bit more capacity constrained.

如果你不介意，我想再快速補問一個關於產能的問題。我只是想確認，當我們思考明年前半年的情況時，看起來會比較受產能限制。

Is the right way to think about that, the the upper bound of sales in any given quarter is where the 3Q number came in, in that $240 million, $250 million range? Or is it just we have like a trickle of capacity in the first half and in the back half of the year, we have a wider capacity coming online?

正確的理解方式是否是：任何單一季度的銷售上限，大概就是第三季的水準，也就是約 2.4 億到 2.5 億美元的區間？還是說，我們在上半年只有少量產能逐步釋出，而在下半年會有更大幅度的產能上線？

So I think what we've indicated is the capacity that we have, we think, supports continuation of current volume trends through next year. Certainly, the first half of next year, we expect to be pretty tight. And there are capacity additions coming on mid and next year that help us in the back half and give us further upside and frankly, prepare us for a continuation of those trends in '28.

所以我認為我們所表達的是：以我們目前的產能來看，我們認為足以支撐目前的銷量趨勢延續到明年。當然，明年前半年我們預期會相當吃緊。而在明年年中以及明年稍晚會有產能擴增上線，這會在下半年幫助我們，並帶來更多上行空間；坦白說，也是在為 2028 年這些趨勢的延續做準備。

Planning capacity, we're having to make these decisions 12, 18, 24 months out. So the capacity we have today was cooled for 18 months ago when we were thinking that growth rates were in the mid-teens.

在規劃產能時，我們必須提前 12、18、24 個月做決策。所以我們今天擁有的產能，其實是 18 個月前規劃的，當時我們認為成長率會在十幾%的中段。

That's obviously not what we're experiencing. So that's why we're tight. But we see a light at the end of the tunnel, but we certainly have some constraints in the first half of next year as to what the max could be and those constraints fall away a little bit certainly by Q4 of next year.

顯然，這不是我們正在經歷的情況。所以這就是為什麼我們會比較吃緊。但我們看到隧道盡頭有光，不過明年上半年在最大產能能做到多少方面確實有一些限制，而這些限制到明年第四季肯定會稍微緩解一些。

And our business has seasonality. So the Q1 is typically not a particularly large season -- and I'm not sure we could hit record numbers in any way because that's not how we plan for it, and we want inventory for Q2 when there's a lot of summer promotional stuff. So Q2 would probably be the max next year before the capacity comes in.

而且我們的業務有季節性。所以第一季通常不是特別大的旺季——我也不確定我們是否能以任何方式創下紀錄，因為我們不是那樣規劃的；我們希望把庫存留給第二季，因為那時會有很多夏季促銷活動。所以在產能到位之前，明年第二季可能會是最大值。

If I could just add, I think Martin mentioned in the prepared remarks that we have the supply to meet the current demand, and we're building inventory, but it happens to be more on the water and in the production countries.

如果我可以補充一下，我想 Martin 在事先準備的發言中提到，我們有足夠供應來滿足目前的需求，而且我們正在建立庫存，但剛好更多是在海上以及在生產國。

It's getting the product here fast enough that has been the challenge as of late. And I think that's just important to recognize is that we have the product to meet the demand, but just getting it in country has been a challenge as of late.

最近的挑戰在於，產品要夠快運到這裡。我覺得重要的是要認知到：我們有產品可以滿足需求，但最近把它運進國內一直是個挑戰。

Rupesh Parikh, Oppenheimer.

Rupesh Parikh，Oppenheimer。

So as we look towards FY27, just curious if you have any early reads on distribution opportunities. And then earlier in the prepared comments, you discussed a number of some of your innovation plans for next year. So just curious whether you expect the innovation for FY27 to maybe be more impactful versus what you saw in FY26.

所以當我們展望 FY27 時，想請教你們是否對通路/配銷機會有任何初步觀察。另外，你們在先前的準備發言中談到明年一些創新計畫。所以也想請教，你們是否預期 FY27 的創新相較於 FY26 看到的情況，可能會更具影響力？

So on the innovation question, I think you can see from the investor deck where our ACV is. And I think we expect to make some progress next year. Obviously, we don't know -- we haven't been communicated set changes yet for the April, May time period. We are expecting Walmart to update their set in the next four weeks. Certainly, our expectations based on the success of what they did last year is to improve the set.

關於創新這個問題，我想你可以從投資人簡報中看到我們的 ACV 水準。我們預期明年會有一些進展。當然，我們還不知道——我們尚未收到 4、5 月期間的貨架/陳列（set）調整通知。我們預期 Walmart 會在接下來四週更新他們的 set。基於他們去年做法的成功，我們的期待當然是他們會改善 set。

What that exactly means we're not in a position to talk about right now, but that's the thing in the short term. And then the sets for next spring, obviously, no one is really talking about.

這到底代表什麼，我們目前還不便多談，但短期內就是這件事。至於明年春季的 set，顯然目前其實沒有人真的在談。

We are presenting the innovation. We are presenting our strategic initiatives. We are -- they've been well received. Obviously, the category is on fire. Our UK team refers to it as stocking. Our German team has its -- but in that environment, the retailers are likely to give us more space, maybe bring in multipacks and that thing.

我們正在展示創新。我們正在展示我們的策略性舉措。而且——反應很好。顯然，這個品類正火熱。我們英國團隊把它稱作 stocking。我們德國團隊也有他們的——但在那樣的環境下，零售商很可能會給我們更多陳列空間，可能也會導入多入裝（multipacks）之類的。

So we're hopeful. But until it happens, we're not really in a position to confirm and/or -- and we don't really know, obviously, because sometimes retailers say they do something and then unfortunately, they forget the conversation, which is understandable, they're busy people.

所以我們抱持希望。但在事情真正發生之前，我們不太能確認——而且我們也確實不知道，因為有時候零售商說他們會做某件事，然後不幸地他們就忘了那次對話；這可以理解，他們很忙。

But yes, we don't have anything to share other than we feel optimistic, and we think it's in a good place and that the innovation discussions that we've talked about and you'll see in the deck, there's a major mass retailer taking one of them this quarter, which is ahead of schedule.

不過是的，除了我們感到樂觀、也認為狀況在一個不錯的位置之外，沒有更多可以分享的。並且我們認為我們談到的創新討論——你也會在簡報裡看到——其中有一項在本季被一家主要的大型量販零售商採用，進度比原先規劃更快。

So a call out to our supply team for being ahead of schedule. And our hope is that some of the innovations retailers will dive in on and give us early jump calls to create a differentiation in the category for them. And so you never know, and those calls tend to happen late.

所以要特別稱讚我們的供應團隊能夠超前進度。我們也希望零售商會投入其中一些創新，並提早打電話給我們，為他們在品類中創造差異化。所以你永遠不知道，而這些電話通常都來得很晚。

And then my follow-up question, just on the Copra acquisition. So strong start so far. So just curious in the couple of months you've go into, any surprises, positive or negative in terms of what you're seeing there?

那我的追問是關於 Copra 的收購案。目前開局很強。所以想請教，在你們接手的這幾個月裡，就你們看到的情況，有沒有任何驚喜——不論正面或負面？

I'd say we've been pleasantly surprised. A couple of things. One, it's our first major acquisition. Two, we've been very pleased with how our team has leaned in and welcomed the Copra team and dealt with the acquisition, particular call out to the accounting finance team for completing the close process on time and allowing us to do this on the planned date.

我會說我們有驚喜，而且是愉快的驚喜。有幾點。第一，這是我們第一筆大型收購。第二，我們非常滿意我們的團隊如何積極投入、歡迎 Copra 團隊並處理這次收購；特別要點名會計與財務團隊，能準時完成結帳流程，讓我們得以在原定日期完成這件事。

And then as it relates to the acquisition, I think we've been pleased that what we now own is what we thought we were buying, which is a very high-quality Nam Hom premium production capability with strong retailer relationships and a lot of potential.

另外，就這次收購本身而言，我想我們很高興的是：我們現在擁有的資產，正是我們以為自己買到的——也就是非常高品質的 Nam Hom 高端生產能力、強健的零售商關係，以及很大的潛力。

As I mentioned in our prepared remarks, I was in Thailand just about two weeks ago, I had the opportunity to meet. The team is fantastic, and they're excited to be part of the largest coconut water branded business in the world and to form one great coconut water selling team. So, so far, so good. But obviously, the proof will be in the numbers as we deliver them hopefully, over the next 12 months.

如同我在準備發言中提到的，我大約兩週前在泰國，也有機會與他們見面。團隊非常棒，而且他們很興奮能成為全球最大椰子水品牌業務的一部分，並組成一支更強大的椰子水銷售團隊。所以到目前為止一切都很好。但當然，最終還是要看數字來證明——希望在接下來 12 個月我們能交出成果。

Jon Andersen, William Blair.

Jon Andersen，William Blair。

I guess the demand side here has been covered well with the questions so far. So a couple on cost and margins. You mentioned that you're going to be taking price in the first quarter, and that's focused on recouping structural cost increases.

我想截至目前，關於需求端的問題已經被問得很充分了。所以我有幾個關於成本與毛利的問題。你提到你們會在第一季調價，而這主要是為了回收結構性成本上升。

Could you talk about what some of the structural or the cost increases you perceive that was structural versus those you see as temporary? And then just a follow-up to that, SG&A, you see more leverage now than you did a quarter ago for 2026.

你能談談你們認為哪些結構性成本上升屬於「結構性」而非暫時性嗎？另外再追問一下，關於 SG&A，你們現在對 2026 年的槓桿效益看法比一季前更強。

And yet, I would think like costs are going up there, too, like logistics, outbound freight. So what is giving you the stronger leverage? Is it just more top line? Or are there some other things happening within that line?

但我會以為那邊的成本也在上升，例如物流、出貨運費。那是什麼讓你們看到更強的槓桿？只是因為營收更高嗎？還是那個科目裡還有其他事情在發生？

Sure. On the cost side, obviously, there's a range from permanent to temporary and it's a little gray. So just working along the range, underlying packaging cost increases certainly are at the much more permanent end of the range, some inflationary factors at factories, including minimum wage type rules and other things are on the more permanent end of the range.

當然。在成本方面，顯然有一個從永久到暫時的範圍，而且界線有點模糊。所以沿著這個範圍來看，底層的包材成本上升，確實更偏向永久性的那一端；工廠端的一些通膨因素，包括最低工資類規定及其他事項，也更偏向永久性的那一端。

And then as you move up, you get to some domestic transportation costs, which may be permanent, maybe temporary. Some of that's fuel, some of its availability of drivers related to what's going on in the US, those sorts of things.

接著往上，你會看到一些國內運輸成本，可能是永久、也可能是暫時。其中一部分是燃油，一部分是與美國現況相關的司機供給/可用性等因素，諸如此類。

Port charges are probably a little bit more permanent if those increase. And then you get to ocean freight, which is perhaps the biggest variable. And there, talking about what's permanent and what's temporary is really hard to do. If you'd asked me 18 months ago, I'd have said that the boats going around South Africa would now be back through the Suez.

港口費用如果上升，可能會比較偏永久性。再來是海運運費，這或許是最大的變數。在那裡，要談什麼是永久、什麼是暫時，真的很難。如果你在 18 個月前問我，我會說繞行南非的船現在應該已經回到走蘇伊士運河了。

So 12 months later, what I thought was temporary is still temporary. And so that's really hard to predict. Our pricing is certainly designed to cover a fair number of the costs that we think we're going to have to bear next year, but not all the costs that we're currently bearing today as we certainly think ocean freight should recede from its current peak issues.

所以在 12 個月之後，我原本以為是暫時的情況，仍然是暫時的。因此這真的很難預測。我們的定價當然是為了涵蓋我們認為明年必須承擔的相當一部分成本，但並未涵蓋我們今天目前正在承擔的所有成本，因為我們確實認為海運費應該會從目前的高峰問題回落。

Obviously, that could be wrong, and we're reserving the right to take more pricing next year if we need to. I'd say our pricing is fair. The conversations have been good. We currently think we are going to be able to take it.

顯然，我們也可能判斷錯誤；如果有需要，我們保留明年再進一步調價的權利。我會說我們的定價是合理的。溝通進展良好。我們目前認為我們將能夠推動這項調價。

So we aren't running into some of the problems that some other CPG companies have run in because we're not at that level. But if ocean freight stayed high, we might need to revisit that sometime next year.

所以我們沒有遇到一些其他 CPG 公司所遇到的問題，因為我們並沒有到那種程度。但如果海運費維持在高位，我們可能需要在明年某個時點重新檢視。

And then Jon, maybe to take the SG&A. So First, just the definition, our outbound logistics, warehouse, et cetera, are all in gross margin. So that can vary by company. And then from a leverage perspective, we are seeing better top line.

然後 Jon，或許我來談一下 SG&A。首先，就定義而言，我們的出貨物流、倉儲等等都計入毛利率。所以這在不同公司之間可能會有所差異。接著從槓桿（費用率）角度來看，我們看到營收端表現更好。

The other bigger item that's delivering the leverage is coming out of last quarter, when we did Copra, we were conservative on the SG&A that we might need to accomplish the integration, and that is coming in at a lower cost and more smoothly than we prepared in the previous guidance.

另一個帶來槓桿效益的較大項目，來自上一季：當時我們做 Copra 併購時，對於完成整合可能需要的 SG&A 我們採取了保守估計，而實際上整合成本更低、進展也比我們在先前指引中所準備的更順利。

So that combination is delivering the leverage while we continue to invest in additional headcount to support the growth and marketing. So it's really a function of the additional growth and then a fairly smooth integration of Copra.

因此，這兩者的組合帶來了槓桿效益，同時我們仍持續增加人力編制投資，以支援成長與行銷。所以這其實是額外成長，以及 Copra 相當順利的整合所共同造成的結果。

Gerald Pascarelli, Needham & Company.

Gerald Pascarelli，Needham & Company。

I just have one. I wanted to follow up on gross margin and specifically the 4Q gross margin outlook of 33%. I understand it reflects rising costs, but 4Q is almost always your lowest margin quarter. I assume there's a seasonality component there. And in this instance, you're also going to have negative mix shift from triple-digit private label sales.

我只有一個問題。我想追問毛利率，特別是第四季毛利率展望為 33%。我理解這反映成本上升，但第四季幾乎總是你們毛利率最低的季度。我猜其中有季節性因素。而且在這個情況下，你們也會因為自有品牌（private label）銷售三位數成長而出現不利的產品組合變動。

I think year over year, your gross margin is expected to be down about 200 basis points. So just -- I guess, given all of the moving parts, is there a way for you to unpack how much of this impact is specifically due to rising cost of goods? I guess I'm trying to get a baseline on what the margin impact would be if the costs remain elevated, excluding any mitigating like pricing factors. So any color there would be great.

我認為以年對年來看，你們的毛利率預期會下降約 200 個基點。所以——我想，在這麼多變動因素之下，你們是否能拆解一下，其中有多少影響是特別來自於銷貨成本上升？我想建立一個基準：如果成本維持在高檔、不考慮任何緩解因素（例如調價），毛利率會受到多大影響。如果能提供一些說明就太好了。

Let me -- I understand your question. I think the cost -- to your point, Q4 is always structurally lower. We are -- have quite a few moving pieces in the quarter as with the current supply of which products come in and what our mix looks like. Pricing is such a major driver of the underlying gross margin. Once that price starts to roll in, in Q4, it becomes a very different equation.

我——我理解你的問題。我想就成本而言——如你所說，第四季在結構上一直都比較低。我們在本季有相當多變動因素，包括目前供應狀況、哪些產品到貨，以及我們的產品組合會長什麼樣子。定價是影響底層毛利率的主要驅動因素。一旦價格開始反映進來，在第四季，整個算式就會非常不同。

Sorry, Q1. Q1, sorry. As the price rolls in Q1, that becomes a very different equation. Today, there are mix impacts, the seasonality -- but the bigger driver is that cost increase against last year, we had tariffs, right? So there's a little bit of price change from the prior year, the inflation and then some mix factors.

抱歉，是第一季。第一季，抱歉。當價格在第一季逐步反映進來時，整個算式就會非常不同。就目前而言，確實有組合影響、季節性——但更大的驅動因素是相較去年成本的上升；去年我們有關稅，對吧？所以包含一些相較前一年的價格變動、通膨，以及一些組合因素。

So it's hard to -- we're not giving '27 guidance to trend that out because pricing is such an important factor.

所以很難——我們不提供 2027 年的指引來把它趨勢化，因為定價是如此重要的因素。

And just building on what Corey said, I would say that most of the gross margin impact that you're seeing and we've indicated in Q4 relates to the ocean freight increases that started to take -- be visible in, I don't know, July maybe and then continue to grow into August.

再補充 Corey 的說法，我會說你所看到、以及我們在第四季所指出的大部分毛利率影響，與海運費上升有關；這個上升大概從 7 月左右開始變得可見，然後在 8 月持續攀升。

Given how ocean freight flows, that flows through into the P&L three to four months later. And there are no -- we're not taking pricing on that until next year. And so that's the biggest driver of the depression. View those as temporary, but obviously, we've been wrong before on those, but that's how we think about them.

考量海運費的傳導方式，它會在三到四個月後反映到損益表。而我們要到明年才會針對這部分進行調價。因此這是毛利率下壓的最大驅動因素。我們把這些視為暫時性因素，但顯然我們以前也曾判斷錯誤；不過我們目前是這樣看待的。

Chris Carey, Wells Fargo.

Chris Carey，Wells Fargo。

I wanted to ask about the Americas branded delivery versus the consumption data. I realize it was asked earlier, I slightly missed it. But the supply issues that you saw in Q3, just confirm, are you expecting those to come back in Q4 such that you should be shipping ahead of your Americas Vita Coco branded consumption in calendar Q4?

我想問美洲地區品牌出貨（delivery）與消費數據之間的差異。我知道之前有人問過，我剛剛有點沒聽到。你們在第三季看到的供應問題，想確認一下：你們預期第四季會恢復嗎？也就是說，在日曆年第四季，你們的美洲 Vita Coco 品牌出貨會超前於消費端（consumption）嗎？

And then, Martin, you made a statement or a comment that you should be able to maintain current volume levels into next year. Does that imply you don't expect much growth into the front half of the year? Or you're just saying we have an ability to continue to meet demand?

另外，Martin，你提到或評論說，你們應該能在明年維持目前的量。這是否意味著你們預期明年前半年不會有太多成長？還是你只是說我們有能力持續滿足需求？

Volume trend.

量的趨勢。

Yes, volume trend. I understand. Okay. So anyway, this is those two things, and I have a follow-up.

是的，量的趨勢。我理解。好。總之，就是這兩點，我還有一個追問。

Chris, I can try because to your point, the Q3 branded growth in the US and the year to date really is lagging the consumption data. There is a bit of inventory move, but we do expect to ship ahead of scans in Q4. I think Martin referenced it. The degree to which we do that is dependent on supply and timing.

Chris，我可以先試著回答，因為如你所說，美國第三季品牌成長以及年初至今的表現，確實落後於消費端數據。其中有一部分是庫存移動，但我們確實預期第四季出貨會領先於掃描數據（scans）。我想 Martin 也提到了。我們領先的程度取決於供應與時點。

But we do recognize that scans remain quite healthy. The category remains quite healthy. So that will start to appear in Q4 shipments, but it's hard to quantify the exact amount until we get there.

但我們也確實看到掃描數據仍相當健康。品類表現仍相當健康。因此這會開始反映在第四季出貨上，但在真正走到那一步之前，很難量化確切的幅度。

And then relative to capacity and ability to support demand, we have the committed capacity for next year to support growth equivalent to this year's volume growth on this year's volume, right? So that's a compounded acceleration. And so we feel good about that.

接著就產能與支援需求的能力而言，我們已承諾的明年產能，足以支援在今年的出貨量基礎上、達到相當於今年出貨量成長幅度的成長，對吧？所以那是複利式的加速。因此我們對此感到樂觀。

In the first six months, that capacity is just sufficient to do that, and we're running at 95% utilization. But as a result of some decisions that we made back in January, February this year, there's more capacity coming on in the back half of next year that will alleviate those constraints and put us in good shape for '28 for a continuation of these trends.

在前六個月，該產能剛好足以做到這點，而我們的產能利用率在 95%。但由於我們在今年 1 月、2 月做出的一些決策，明年下半年會有更多產能上線，這將緩解這些限制，並讓我們在 2028 年能以良好狀態延續這些趨勢。

And so it's growth trends. And so in absolute volume, we're able to support growth next year. How that actually works, obviously, is a little bit of a function of how the whole supply chain flows, particularly on the ocean freight side.

所以這是成長趨勢。就絕對量而言，我們有能力支援明年的成長。至於實際如何運作，顯然也會在某種程度上取決於整體供應鏈的流動情況，特別是海運費那一端。

And as we've talked about, there have been some delays in the last 8, 12 weeks in that area that seem to us to be being driven by demand out of Asia into the US and prioritization of the transshipment ports for how that flows. But it looks like that's starting to ease. Now if that eases, we're in great shape.

如同我們先前討論過的，過去 8 到 12 週在那個環節出現了一些延遲；在我們看來，這似乎是由亞洲對美國的需求所驅動，以及中轉港在貨物流向上的優先排序所造成的。但看起來這種情況正開始緩解。如果確實緩解，我們的狀況就會非常好。

If it stays tight, we're in tight shape. And so that's how we think about it, and that's somewhat of an uncontrollable, but we are very comfortable we have the production.

如果仍然吃緊，我們的狀況就會很吃緊。所以我們就是這樣看待它；這在某種程度上是不可控的，但我們對於我們具備生產能力非常有信心。

And the -- from a market share perspective, are your competitors seeing the same supply constraints? I realize you said it's tough to say how the competitive dynamic goes with just less ability to supply at the levels that you would like.

那麼——從市占率的角度來看，你們的競爭對手是否也遇到相同的供應限制？我知道你提到，很難判斷在供應能力低於你們希望的水準時，競爭態勢會如何演變。

So just maybe give me a sense of near term, are you see -- are you at risk of losing any shelf to competitors? Is this going to be a dynamic going into the front half of the year? Or is the ability to catch up in Q4 going to overwhelm some of that relative dynamic to the peer set?

所以也許請你給我一個近期的感覺：你們是否——是否有失去任何貨架空間給競爭對手的風險？這會不會成為延續到上半年前段的態勢？或者在第四季追趕的能力，會不會壓過同業之間的相對動態？

Given everyone has the same supply chain issues that we think everyone is experiencing the same things. Now again, I said in an earlier answer that it's a little different for someone who sources directly from one country in Vietnam or Thailand reliance on one route, maybe both of those countries have direct routes to the US.

考量到大家都有相同的供應鏈問題，我們認為每個人都在經歷同樣的事情。不過我在先前的回答也提到，對於直接從越南或泰國單一國家採購、依賴單一路線的業者來說，情況會有些不同；也許這兩個國家都有直達美國的航線。

We, on our product out of the Philippines are transshipping in China or Singapore, for instance. So we have a slightly more complicated structure, and there are different effects. There are actually also different effects in country.

我們從菲律賓出貨的產品，例如會在中國或新加坡進行轉運。因此我們的結構稍微更複雜一些，影響也會不同。而且在各國內部其實也有不同的影響。

So when China demand on coconut goes crazy, they come down into Thailand and then into Vietnam, and that affects those suppliers but it doesn't affect the Philippines supply so much. So everyone's supply chain is a little bit different. I think that talks to the diversification that we have, that we can weather these issues, but we are somewhat overexposed to product from the Philippines and Brazil.

例如當中國對椰子需求暴增時，他們會往下到泰國、再到越南採購，這會影響那些供應商，但對菲律賓的供應影響就沒那麼大。所以每個人的供應鏈都有些不同。我認為這也說明了我們的多元化布局：我們能夠挺過這些問題，但我們在菲律賓與巴西來源的產品上，確實有些過度曝險。

And if there are issues in those supply chains, then perhaps we are overexposed relative to our competitors. I think what I said earlier is on the shelf, it's really hard to tell. The category is doing really well. You go in a store on Sunday and it's out of inventory and you wish we have more shelf space for inventory carrying over the weekend, right? So that's a conversation we have with the retailers.

如果那些供應鏈出現問題，那麼相較於競爭對手，我們可能就會更為曝險。我先前也說過，在貨架端其實很難判斷。這個品類表現非常好。你週日走進一家店，可能就缺貨了，然後你會希望我們有更多貨架空間，讓庫存能撐過週末，對吧？所以這也是我們和零售商之間會討論的議題。

And so it's hard to tell exactly who's having different issues, but we do have some anecdotal data from our private label relationships where we've been asked to cover for other supplier shortfalls and/or offered product opportunity in those regions that we don't serve to cover. And so we do know that other people are having similar issues.

因此很難精確判斷到底誰遇到哪些不同的問題；但我們從自有品牌（private label）合作關係中確實有一些軼聞資料：我們曾被要求協助補上其他供應商的缺口，且／或在我們原本未服務的區域，獲得提供產品的機會來協助補位。所以我們也知道其他人正面臨類似的問題。

As it relates to retailer decisions, I think retailers are concerned rightly because we aren't meeting the full demand, which frankly, was way greater than anyone forecasted. But we're having great conversations with them.

就零售商的決策而言，我認為零售商的擔憂是合理的，因為我們沒有滿足全部需求；坦白說，需求遠高於任何人的預測。但我們與他們的溝通非常順暢。

And I think our relationships are good. But obviously, we need to solve those issues, which is why we're increasing the investments in our supply chain teams to add capacity for '28 and '29 and beyond. And we're telling the retailers that this is a multiyear process, and we're out ahead of it, and we have the best people in the business doing.

我認為我們的關係很穩固。但顯然我們需要解決這些問題，這也是為什麼我們正在增加對供應鏈團隊的投資，以在 2028、2029 以及更長遠的未來增加產能。我們也在告訴零售商，這是一個多年期的流程；我們已經提前布局，而且由業界最優秀的人才來執行。

One final one, Copra. This is giving you new capacity in a very premium price point. Can this be not a greater lever because I'm sure you have all sorts of different scenario planning for next year. But can you lean on the Copra capacity more going into next year, the price mix, premiumization of that capacity and maybe push a bit harder and quicker on a branded offering there? That's it for me.

最後一個問題，關於 Copra。這為你們在非常高端的價格帶帶來了新的產能。這是否能成為更大的槓桿？我知道你們對明年一定做了各種情境規劃。但你們能否在明年更倚重 Copra 的產能——在價格組合、產品高端化方面，並且也許更用力、更快地推進那邊的品牌化產品？我這邊就到這裡。

So I think as we said, Copra is currently capacity constrained, and we are prioritizing existing relationships. It was -- has a nice brand, but has a very significant private label business, some with customers that we have relationships with, some with new customers.

我想如同我們所說，Copra 目前受到產能限制，我們正優先照顧既有合作關係。它——有一個不錯的品牌，但也有非常可觀的自有品牌業務；其中一些客戶是我們既有合作夥伴，也有一些是新客戶。

And we're being very clear that we're going to prioritize that supply and we're frankly going to invest in expanding capacity to support it. When that capacity comes on board, which will be mid late next year, we'll be in a better position to invest in the brand. So what we're doing right now on the brand is testing what works, what doesn't work.

我們非常清楚地表明，我們會優先保障那部分供應，而且坦白說，我們也會投資擴充產能來支撐它。當那個產能到位時——大約在明年年中到年底——我們就會處於更好的位置來投資品牌。所以我們目前在品牌端所做的，是測試哪些有效、哪些無效。

We've got a couple of markets where we're doing that, trying to learn, trying to understand what the actual demand here could be if we get it right and how to get it right.

我們在幾個市場正在進行這些測試，嘗試學習、嘗試理解：如果我們做對了，這裡的實際需求可能會是多少，以及要如何把它做對。

And then when the capacity comes online, late next year for the brand by the time it reaches the country, we'll be in a position to invest it. So I think the way to think about Copra is its upside for next year is a little constrained by capacity, but it will continue to be primarily a private label business because we're going to meet those commitments because we want these relationships long term.

接著當產能上線後，明年年底品牌端的產品等到進到各個國家時，我們就會有能力投入資源。所以我認為看待 Copra 的方式是：它在明年的上行空間會因產能而稍受限制，但它仍將主要是一個自有品牌業務，因為我們會履行那些承諾，因為我們希望這些關係是長期的。

And then as you start to think about '28 and '29, we will try to build a super-premium Nam Hom cold chain product to basically have a branded share in that segment, which is growing in line or faster than the category is at attractive price points and is the flagship within the coconut water.

然後當你開始思考 2028 與 2029 年時，我們會嘗試打造一個超高端的 Nam Hom 冷鏈產品，基本上在那個細分市場建立品牌市占；該細分市場的成長與整體品類一致或更快，價格帶具吸引力，並且是椰子水品類中的旗艦產品。

And I show no further questions in the queue. I will now turn the call back to Martin Roper for closing remarks.

我看到目前佇列中沒有其他問題。我現在把電話交回給 Martin Roper 做結語。

Great. Well, I really appreciate everyone joining us for the quarter, and we're going to go back to finding coconut water and getting it in the country to service the unbelievable demand that we're having, and we look forward to talking to you next quarter. Thank you.

很好。非常感謝各位參與本季的電話會議；我們接下來會回去繼續尋找椰子水並把它運進各個國家，以滿足我們目前難以置信的需求，我們期待在下個季度再與各位交流。謝謝。

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

今天的電話會議到此結束。感謝各位參與，您現在可以中斷連線。