怪物飲料 (MNST) 2021 Q2 法說會逐字稿

Good day, and welcome to the Monster Beverage Company Second Quarter 2021 Conference Call. (Operator Instructions) Please note that this event is being recorded.

各位好，歡迎參加Monster Beverage Company 2021年第二季財報電話會議。 （操作說明）請注意，本次會議正在錄音。

I would now like to turn the conference over to Rodney Sacks, Co-CEO, to begin the call. Please go ahead.

現在我將會議交給聯合執行長羅德尼·薩克斯先生，請他開始發言。請開始吧。

Good afternoon, ladies and gentlemen. Thank you for attending this call. I'm Rodney Sacks. Hilton Schlosberg, our Vice Chairman and Co-Chief Executive Officer, is on the call; as is Tom Kelly, our Chief Financial Officer. Tom Kelly will now read our cautionary statement.

女士們、先生們，午安。感謝各位參加本次電話會議。我是羅德尼·薩克斯。我們的副董事長兼聯席執行長希爾頓·施洛斯伯格和財務長湯姆·凱利也參加了本次電話會議。現在，湯姆·凱利將宣讀我們的警示聲明。

Before we begin, I would like to remind listeners that certain statements made during this call may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Act of 1934 as amended and are based on currently available information regarding the expectations of management with respect to revenues, profitability, future business, future events, financial performance and trends as well as the future impact of the COVID-19 pandemic on the company's business and operations.

在開始之前，我想提醒各位聽眾，本次電話會議中某些陳述可能構成經修訂的 1933 年證券法第 27A 條和經修訂的 1934 年證券法第 21E 條所指的前瞻性陳述，這些陳述基於目前可獲得的有關管理層對收入、盈利能力、未來業務、未來事件、財務業績和趨勢的未來信息。

Management cautions that these statements are based on our current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside the control of the company that may cause actual results to differ materially from the forward-looking statements made during this call.

管理層提醒，這些聲明是基於我們目前的知識和預期，並受到某些風險和不確定性的影響，其中許多風險和不確定性超出公司的控制範圍，可能導致實際結果與本次電話會議中作出的前瞻性聲明存在重大差異。

Please refer to our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K filed on March 1, 2021, including the sections contained therein entitled Risk Factors and Forward-looking Statements for a discussion on specific risks and uncertainties that may affect our performance. The company assumes no obligations to update any forward-looking statements, whether as a result of new information, future events or otherwise.

請參閱我們向美國證券交易委員會提交的文件，包括我們於2021年3月1日提交的最新年度報告（10-K表格），特別是其中題為“風險因素”和“前瞻性陳述”的章節，以了解可能影響我們業績的具體風險和不確定性。本公司不承擔因新資訊、未來事件或其他原因而更新任何前瞻性陳述的義務。

I would now like to hand the call over to Rodney Sacks.

現在我將把電話交給羅德尼·薩克斯。

Thank you, Tom. The company's top priority remains the health, safety and well-being of its employees. The company's flavor manufacturing facilities, its co-packers, warehouses and shipment facilities have operated throughout the COVID-19 pandemic. The company's bottlers and distributors are operating, and the company's products remain generally available to consumers. In limited countries, the operations of the company's bottlers and distributors have in part been negatively affected for varying periods of time.

謝謝你，湯姆。公司始終將員工的健康、安全和福祉放在首位。在整個新冠疫情期間，公司的香精生產設施、代工包裝廠、倉庫和出貨設施都保持運作。公司的裝瓶廠和分銷商也在正常運營，公司產品基本上可以滿足消費者的需求。在部分國家，公司裝瓶廠和分銷商的營運在不同時期受到了一定程度的負面影響。

Despite the ongoing impact of the COVID-19 pandemic, the company achieved record second quarter net sales. Currently, the company does not foresee a material impact on the ability of its co-packers to manufacture and its bottlers and distributors to distribute its products as a result of the COVID-19 pandemic.

儘管新冠疫情持續影響，公司第二季淨銷售額仍創歷史新高。目前，公司預計新冠疫情不會對其代工生產商的生產能力以及裝瓶商和分銷商的產品分銷能力造成重大影響。

The company's supply chain remains largely intact. However, the company continues to experience shortages in its aluminum can requirements in the United States and EMEA, given the company's volume growth and the current supply constraints in the aluminum can industry. The company is also experiencing delays in procuring certain ingredients, both domestically and internationally. As a result, the company was unable to fully satisfy demand in the 2021 second quarter in the United States and EMEA. We expect such challenges to continue for the next few months.

公司的供應鏈基本上保持完好。然而，鑑於公司銷售成長以及鋁罐產業目前的供應限制，該公司在美國和歐洲、中東及非洲地區的鋁罐需求持續短缺。此外，公司在國內外採購某些原料方面也面臨延誤。因此，該公司在2021年第二季未能完全滿足美國和歐洲、中東及非洲地區的需求。我們預計未來幾個月此類挑戰仍將持續。

The company has taken steps to source additional quantities of aluminum cans from the United States, South America and Asia. The company has entered into new supply agreements with 2 new aluminum can suppliers in the United States, and which are expected to be operational in the 2021 fourth quarter. We expect deliveries of additional quantities of cans increasing sequentially during the latter part of the year. Logistical issues, including shortages of shipping containers and port of entry congestion could delay ongoing international supply of aluminum cans.

公司已採取措施，從美國、南美洲和亞洲採購更多鋁罐。該公司已與美國兩家新的鋁罐供應商簽訂了新的供應協議，預計將於2021年第四季投入營運。我們預計，今年下半年鋁罐的交車量將逐年增加。物流問題，包括貨櫃短缺和港口擁堵，可能會延遲鋁罐的國際供應。

Separately, we are continuing to experience freight inefficiencies as well as significant increases in domestic and international freight costs and, like other beverage companies, are incurring increased aluminum can and other costs in the current environment, all of which in addition to other factors, will continue to adversely impact gross margin percentages.

此外，我們持續面臨貨運效率低下以及國內和國際貨運成本大幅上漲的問題，並且像其他飲料公司一樣，在當前環境下，鋁罐和其他成本也在增加，所有這些因素以及其他因素都將繼續對毛利率產生不利影響。

In the second quarter of 2021, net sales were $1.46 billion compared with $1.09 billion in the second quarter of 2020, an increase of 33.6%. Adjusting for foreign currency movements, net sales for the 2021 second quarter would have been up 30.1%.

2021年第二季淨銷售額為14.6億美元，而2020年第二季為10.9億美元，成長了33.6%。若剔除匯率波動的影響，2021年第二季淨銷售額將成長30.1%。

Gross profit as a percentage of net sales for the 2021 second quarter was 57.2% compared with 60.3% in the 2020 second quarter. The decrease in gross profit as a percentage of net sales for the 3 months ended June 30, 2021, was primarily the result of geographical sales mix and increased input costs, mainly increased raw material freight-in costs and aluminum can costs.

2021年第二季毛利率為57.2%，而2020年第二季為60.3%。截至2021年6月30日的三個月內，毛利率下降的主要原因是地域銷售組合的變化以及投入成本的增加，尤其是原材料運費和鋁罐成本的上漲。

Operating expenses for the 2021 second quarter were $310.9 million compared with $252.2 million in the 2020 second quarter. As a percentage of net sales, operating expenses for the 2021 second quarter were 21.3% compared with 23.1% in the 2020 second quarter. Operating income increased 29.1% to $526 million, up from $407.3 million in the second quarter of 2020.

2021年第二季營業費用為3.109億美元，而2020年第二季為2.522億美元。 2021年第二季營業費用佔淨銷售額的21.3%，而2020年第二季為23.1%。營業收入成長29.1%，達到5.26億美元，高於2020年第二季的4.073億美元。

Net income increased 29.7% and to $403.8 million compared to $311.4 million in the 2020 comparable quarter. Diluted earnings per share for the 2021 second quarter increased 28.6% and to $0.75 from $0.59 in the second quarter of 2020.

淨利成長29.7%，達到4.038億美元，而2020年同期為3.114億美元。 2021年第二季稀釋後每股盈餘成長28.6%，從2020年第二季的0.59美元增加至0.75美元。

According to the Nielsen reports for the 13 weeks through July 24, 2021, for all outlets combined, namely convenience, grocery, drug, mass merchandisers, sales in dollars in the energy drink category, including energy shots, increased by 14.2% versus the same period a year ago. Sales of the company's energy brands, including Reign, were up 8.6% in the 13-week period. Sales of Monster were up 11.1%. Sales of Reign were down 6.1%. Sales of NOS decreased 4.1%, and sales of Full Throttle increased 7%. Sales of Red Bull increased 15.3%. Sales of Rockstar decreased by 15.7%, and sales of 5-Hour increased 8.5%. VPX Bang sales increased 20%.

根據尼爾森發布的截至2021年7月24日的13週報告，在所有銷售管道（包括便利商店、雜貨店、藥局和大型超市）中，能量飲料（包括能量濃縮液）的銷售額年增14.2%。該公司旗下能量飲料品牌（包括Reign）的銷售額在13週內成長了8.6%。 Monster的銷售額成長了11.1%，Reign的銷售額下降了6.1%，NOS的銷售額下降了4.1%，Full Throttle的銷售額增長了7%，Red Bull的銷售額增長了15.3%，Rockstar的銷售額下降了15.7%，5-Hour的銷售額增長了8.5%，VPX Bang的銷售額增長了20%。

According to Nielsen, for the 4 weeks ended July 24, 2021, sales in dollars in the energy drink category in the convenience and gas channel, including energy shots in dollars, increased 7.4% over the same period the previous year. Sales of the company's energy brands, which include Reign, increased 3.6% in the 4-week period in the convenience and gas channel.

根據尼爾森的數據，截至2021年7月24日的四周內，便利商店和加油站通路的能量飲料（包括能量濃縮液）銷售額年增7.4%。該公司旗下能量飲料品牌（包括Reign）在便利商店和加油站通路的銷售額同期成長3.6%。

Sales of Monster increased by 5.8% over the same period versus the previous year. Reign sales decreased 6.8%. NOS was down 10.7%, and Full Throttle was up 13.2%. Sales of Redbull were up 9%. Rockstar was down 18.6%, and 5-Hour was up 3.2%. VPX Bang sales increased 12.2%.

與去年同期相比，Monster 的銷量成長了 5.8%。 Reign 的銷量下降了 6.8%。 NOS 的銷量下降了 10.7%，而 Full Throttle 的銷量增加了 13.2%。 Red Bull 的銷售量成長了 9%。 Rockstar 的銷量下降了 18.6%，而 5-Hour 的銷量則增加了 3.2%。 VPX Bang 的銷量成長了 12.2%。

According to Nielsen, for the 4 weeks ended July 24, 2021, the company's market share of the energy drink category in the convenience and gas channel, including energy shots, in dollars, decreased 1.3 points to 36.5%. Monster share decreased 0.4 of a share point to 30.6%. Reigns decreased 0.4 of a share point to 2 point -- sorry, 2.4%. NOS's share decreased 0.5 of a point to 2.7%, and Full Throttle share remained at 0.7%. Redbull's share increased point -- 6 points to 37.4%. Rockstar share was down 1.2 points to 3.8%. 5-Hour share was lower by 0.2 points at 4.6%. VPX Bang share increased 0.3 points to 7.6%. As previously reported, Coca-Cola Energy is being discontinued in the United States and Canada by the end of 2021.

根據尼爾森的數據，截至2021年7月24日的四周內，可口可樂在便利商店和加油站通路的能量飲料（包括能量飲品）市佔率（以美元計）下降1.3個百分點至36.5%。 Monster的市佔率下降0.4個百分點至30.6%。 Reigns的市佔率下降0.4個百分點至2.4%。 NOS的市佔率下降0.5個百分點至2.7%，Full Throttle的市佔率維持在0.7%。 Red Bull的市佔率上升6個百分點至37.4%。 Rockstar的市佔率下降1.2個百分點至3.8%。 5-Hour的市佔率下降0.2個百分點至4.6%。 VPX Bang的市佔率上升0.3個百分點至7.6%。如同先前報導，可口可樂能量飲料將於2021年底在美國和加拿大停售。

According to Nielsen, for the 4 weeks ended July 24, 2021, sales in dollars in the coffee plus energy drink category, which includes our Java Monster line in the convenience and gas channel, increased 4.2% over the same period the previous year. Sales of Java Monster, including Java Monster 300, were 5.9% higher in the same period versus the previous year. Sales of Starbucks Energy were 0.4% higher. Java Monster share including Java Monster 300 of the coffee plus energy category, which primarily includes Java Monster, Java Monster 300, Starbucks Doubleshot and Tripleshot, Rockstar Roasted and Bang Keto Coffee for the 4 weeks ended July 24, 2021, was 51.9%, up 0.9 of a share point, while Starbucks' energy share was 45.5%, down 1.7 points.

根據尼爾森的數據，截至2021年7月24日的四周內，包括便利商店和加油站通路的Java Monster系列在內的咖啡能量飲料品類銷售額（以美元計）較上年同期增長4.2%。 Java Monster（包括Java Monster 300）的銷售額較上年同期成長5.9%。星巴克能量飲料的銷售額成長0.4%。截至2021年7月24日的四周內，Java Monster（包括Java Monster 300）在主要包括Java Monster、Java Monster 300、星巴克Doubleshot和Tripleshot、Rockstar Roasted以及Bang Keto Coffee在內的咖啡能量飲料品類中的市場份額為51.9%，增長0.9個百分點的飲料而下降15%。

According to Stackline, which tracks energy drink sales by Amazon in the United States, in the 4-week period ending July 3, 2021, sales in dollars in the energy category by Amazon, including energy shots, increased 104.5% over the same period the previous year. Sales of Monster increased 59.9%, and its share was 28.1%, down 7.8 share points versus the same period a year ago.

根據追蹤亞馬遜美國能量飲料銷售情況的Stackline數據顯示，截至2021年7月3日的四周內，亞馬遜能量飲料（包括能量濃縮液）的銷售額年增104.5%。其中，Monster能量飲料的銷售額成長59.9%，市佔率為28.1%，較去年同期下降7.8個百分點。

Red Bull sales increased 109.4%, and its share was 16.6%, up 0.4 points. CELSIUS' sales increased 133.1%, and its share increased 1.8 points to 14.3%. 5-hour sales increased 40.9%, and its share declined 1.3 points to 2.9%. VPX Bang sales increased 216.1%, and its share increased 1.8 share points to 5.2%. Reign's share decreased 0.1 of a share point to 5.3%. Rockstar's share increased 0.9 of a share point to 3.9%.

紅牛銷售成長109.4%，市佔率16.6%，上升0.4個百分點。 CELSIUS銷售成長133.1%，市佔率上升1.8個百分點至14.3%。 5-hour銷量成長40.9%，市佔率下降1.3個百分點至2.9%。 VPX Bang銷售成長216.1%，市佔率上升1.8個百分點至5.2%。 Reign市佔率下降0.1個百分點至5.3%。 Rockstar市佔率上升0.9個百分點至3.9%。

According to Nielsen, in all measured channels in Canada, for the 12 weeks ended June 19, 2021, the energy drink category increased 17.9% in dollars. Sales of the company's energy drink brands increased 28.3% versus a year ago. The market share of the company's energy drink brands was 41.5%, up 3.4 points. Monster sales increased 18.3%, and its market share increased by 0.1 of a point to 35.4% -- sorry, 35.4%.

根據尼爾森的數據，在截至2021年6月19日的12週內，加拿大所有通路的能量飲料品類銷售額成長了17.9%（以美元計）。該公司旗下能量飲料品牌的銷售額較去年同期成長28.3%。其市佔率為41.5%，上升了3.4個百分點。 Monster的銷售額成長了18.3%，市佔率上升了0.1個百分點，達到35.4%——沒錯，是35.4%。

NOS' sales increased 12.6%, and its market share decreased 0.3 of a point to 1.9%. Full Throttle sales decreased 2.1%, and its market share decreased 0.1 of a point to 0.6%. Red Bull sales increased 18.1%, and its market share increased 0.1 of a point to 38.7%. Rockstar sales decreased 8.6%, and its market share decreased 3.3 points to 11.4%. Guru's sales increased 35.9%, and its share increased 0.5 of a share point to 4%.

NOS的銷售量成長了12.6%，市佔率下降了0.3個百分點，至1.9%。 Full Throttle的銷售量下降了2.1%，市佔率下降了0.1個百分點，至0.6%。 Red Bull的銷售量成長了18.1%，市佔率成長了0.1個百分點，至38.7%。 Rockstar的銷售量下降了8.6%，市佔率下降了3.3個百分點，至11.4%。 Guru的銷量成長了35.9%，市佔率成長了0.5個百分點，至4%。

According to Nielsen, for all outlets combined in Mexico, the energy drink category increased 45.2% for the month of June 2021. Monster sales increased 38.7%. Our market share in value decreased by 1.3 points to 27.2% against the comparable period the previous year. Red Bull sales increased 41.4%, and its market share decreased by 0.2 of a point to 6.5%. Vive 100 sales increased 30.2%, and its market share decreased by 2.4 points to 20.5%. Worx sales increased 41.1%, and its market share decreased 0.5 of a share point to 18.5%, while Boost's sales increased 15.7%, and its market share decreased 1.3 points to 5.1%. Amper sales increased 91.9%, and its market share increased 4.4 points to 17.9%. Predator, which was launched in March 2020, achieved a market share of 3.1%.

根據尼爾森的數據，2021年6月，墨西哥所有零售通路的能量飲料品類銷售量成長了45.2%。其中，Monster的銷量成長了38.7%，但其市佔率（以價值計算）較上年同期下降了1.3個百分點，至27.2%。 Red Bull的銷售量成長了41.4%，但其市佔率下降了0.2個百分點，至6.5%。 Vive 100的銷售量成長了30.2%，但其市佔率下降了2.4個百分點，至20.5%。 Worx的銷售量成長了41.1%，但其市佔率下降了0.5個百分點，至18.5%。 Boost的銷售量成長了15.7%，但其市佔率下降了1.3個百分點，至5.1%。 Amper的銷量成長了91.9%，其市佔率成長了4.4個百分點，至17.9%。 Predator於2020年3月上市，其市佔率為3.1%。

The Nielsen statistics for Mexico cover single months, which is a short period that may often be materially influenced positively and/or negatively by sales in the OXXO convenience chain, which dominates the market. Sales in the OXXO convenience chain in turn can be materially influenced by promotions that may be undertaken in that chain by 1 or more energy drink brands during a particular month. Consequently, such activities could have a significant impact on the monthly Nielsen statistics for Mexico.

尼爾森墨西哥統計數據僅涵蓋單個月，這是一個較短的時間段，其銷售額往往會受到市場主導者OXXO便利商店連鎖的顯著影響，無論是正面還是負面。而OXXO便利商店連鎖的銷售額又可能受到當月一個或多個能量飲料品牌在該連鎖店開展的促銷活動的顯著影響。因此，此類活動可能會對尼爾森墨西哥月度統計數據產生重大影響。

According to Nielsen, for the month of June 2021 compared to June 2020, Monster's retail market share in value increased in Argentina from 40.1% to 46.9% and in Brazil from 29.6% to 35.4%. In Chile, Monster's retail market share decreased from 45.7% to 41.9%. Monster Energy continues to be the leading energy brand in value in Argentina.

根據尼爾森的數據，2021年6月，與2020年6月相比，Monster Energy在阿根廷的零售市佔率（以價值計）從40.1%成長至46.9%，在巴西從29.6%成長至35.4%。在智利，Monster Energy的零售市佔率從45.7%下降至41.9%。 Monster Energy仍然是阿根廷領先的能量飲料品牌。

I would like to point out that the Nielsen numbers in EMEA should only be used as a guide because the channels read by Nielsen in EMEA vary from country-to-country and are reported on varying dates within the month referred to from country-to-country. According to Nielsen, in the 13-week period ending July 18, 2021, Monster's retail market share in value as compared to the same period the previous year grew from 34.2% to 37.4% in Spain.

我想指出，尼爾森在歐洲、中東和非洲地區的收視率數據僅供參考，因為尼爾森在各國家採用的收視管道不同，且報告日期也因國家而異。根據尼爾森的數據，在截至2021年7月18日的13週內，Monster在西班牙的零售市佔率（以價值計）較上年同期從34.2%成長至37.4%。

According to Nielsen, in the 13-week period to the end of June 2021, Monster's retail market share in value as compared to the same period the previous year grew from 14.5% to 15.3% in Germany, from 18.4% to 19.4% in Poland and from 18.4% to 20.1% in South Africa.

根據尼爾森的數據，在截至 2021 年 6 月底的 13 週內，Monster 在德國的零售市場份額（按價值計算）與上年同期相比從 14.5% 增長到 15.3%，在波蘭從 18.4% 增長到 19.4%，在南非從 18.4% 增長到 20.1%。

According to Nielsen, for the 13-week period ending June 20, 2021, Monster's retail market share in value as compared to the same period the previous year grew from 12.5% to 16.2% in Belgium, from 24.2% to 25.3% in Denmark, from 25.8% to 28.2% in France, from 25% to 29% in Great Britain, from 6.7% to 8.4% in the Netherlands, from 27.1% to 31.2% in Norway, from 25.6% to 29.3% in the Republic of Ireland and from 13.4% to 14.5% in Sweden.

根據尼爾森的數據，截至 2021 年 6 月 20 日的 13 週內，Monster 在比利時的零售市場份額（按價值計）與上年同期相比增長了 12.5% 至 16.2%，在丹麥從 24.2% 增長至 25.3%，在法國從 25.8% 增長至 25.3%，在法國從 25.8% 增長到 25% 6.7% 成長至 8.4%，在挪威從 27.1% 成長至 31.2%，在愛爾蘭共和國從 25.6% 成長至 29.3%，在瑞典從 13.4% 成長至 14.5%。

According to Nielsen, in the 13-week period until the end of May 2021, Monster's retail market share in value compared to the same period the previous year grew from 13.3% to 14.5% in the Czech Republic, from 35.1% to 37.9% in Greece and from 16.6% to 29% in Italy.

根據尼爾森的數據，截至 2021 年 5 月底的 13 週內，Monster 在捷克共和國的零售市場份額（按價值計算）與上年同期相比從 13.3% 增長到 14.5%，在希臘從 35.1% 增長到 37.9%，在義大利從 16.6% 增長到 29%。

According to Nielsen, in the 13-week period until the end of May 2021, Predator's retail market share in value as compared to the same period the previous year grew from 5.1% to 17.3% in Kenya and from 0% to 8.1% in Nigeria. The Nielsen numbers in EMEA should only be used as a guide because the channels read by Nielsen in EMEA vary from country to country.

根據尼爾森的數據，截至2021年5月底的13週內，Predator在肯亞的零售市佔率（以價值計）較上年同期成長了5.1%至17.3%，在奈及利亞則從0%成長至8.1%。需要注意的是，尼爾森在歐洲、中東和非洲地區的數據僅供參考，因為尼爾森在各國家採用的管道有所不同。

According to IRI in Australia, Monster's market share in value for the month ending June 2021 increased from 11.6% to 14% as compared to the same period the previous year. Mother's market share in value decreased from 13.3% to 11.6% during the same period. The market share of the company's brands in Australia for the month ended June 2021 increased from 24.9% to 25.5%.

根據澳洲IRI公司的報告，截至2021年6月，Monster品牌在澳洲的市佔率（以價值計）從去年同期的11.6%成長至14%。同期，Mother品牌的市佔率（以價值計）則從13.3%下降至11.6%。該公司旗下品牌在澳洲的市佔率（截至2021年6月）從24.9%成長至25.5%。

According to IRI in New Zealand, Monster's market share in value for the 4 weeks ended July 11, 2021, increased from 9.9% to 12.4% as compared to the same period of the previous year. Live+ market share in value remained the same at 6.9%, and Mother's market share in value increased from 6.2% to 6.3%. The market share of the company's brands in New Zealand for the 4 weeks ended July 11, 2021, increased from 23.1% to 25.6%.

根據紐西蘭IRI公司的數據顯示，截至2021年7月11日的四周內，Monster品牌在新西蘭市場的份額（按價值計）從上年同期的9.9%增長至12.4%。 Live+品牌的市佔率（以價值計）維持不變，為6.9%，而Mother品牌的市佔率（以價值計）則從6.2%成長至6.3%。截至2021年7月11日的四週​​內，該公司旗下品牌在新西蘭的市佔率從23.1%成長至25.6%。

According to Nielsen, in South Korea, Monster's market share in value in all outlets combined for the month of June 2021 increased from 53.3% to 61.9% as compared to the same period in the previous year.

根據尼爾森的數據，在韓國，Monster 在 2021 年 6 月所有門市的市佔率（以價值計算）比去年同期成長了 53.3% 至 61.9%。

According to INTAGE, in Japan, Monster's market share in value in the convenience store channel for the month of June 2021 was 50.6% as compared to 51% in the same period the previous year. Monster remains the market leader in Japan. We again point out that certain market statistics that cover single months or 4-week periods may often be materially influenced positively and/or negatively by promotions or other trading factors during those periods.

根據INTAGE的數據，2021年6月，Monster在日本便利商店通路的市佔率（以銷售額計）為50.6%，而去年同期為51%。 Monster繼續保持日本市場領先地位。我們再次強調，某些涵蓋單月或四周的市場統計數據，往往會受到促銷活動或其他交易因素的顯著影響，從而產生正面或負面的影響。

Net sales to customers outside of the U.S. were $546.3 million, 37.4% of total net sales in the 2021 second quarter compared to $328.3 million or 30% of total net sales in the corresponding quarter in 2020. Foreign currency exchange rates had a positive impact on net sales in the U.S. dollars by approximately $38.6 million in the 2021 second quarter.

2021年第二季度，美國以外客戶的淨銷售額為5.463億美元，佔總淨銷售額的37.4%，而2020年同期為3.283億美元，佔總淨銷售額的30%。 2021年第二季度，外匯匯率對以美元計價的淨銷售額產生了約3,860萬美元的正面影響。

Included in reported geographic sales are our sales to the company's military customers, which are delivered in the U.S. and transhipped to the military and their customers overseas.

報告的地理銷售額包括我們向公司軍方客戶銷售的產品，這些產品在美國交付，然後轉運給海外的軍方及其客戶。

In EMEA, net sales in the 2021 second quarter increased 105.7% in dollars and increased 86.5% in local currencies over the same period in 2020. Gross profit in this region as a percentage of net sales for the second quarter was 39.8% compared to 38.1% in the same quarter in 2020, primarily due to a favorable country and product mix.

在歐洲、中東和非洲地區，2021 年第二季淨銷售額以美元計算年增 105.7%，以當地貨幣計算年增 86.5%。該地區第二季毛利潤佔淨銷售額的 39.8%，而 2020 年同期為 38.1%，這主要得益於有利的國家和產品組合。

We're also pleased that in the 2021 second quarter, Monster gained market share in Belgium, the Czech Republic, Denmark, France, Germany, Great Britain, Greece, Italy, the Netherlands, Norway, Poland, the Republic of Ireland, South Africa, Spain and Sweden.

我們也很高興看到，在 2021 年第二季度，Monster 在比利時、捷克共和國、丹麥、法國、德國、英國、希臘、義大利、荷蘭、挪威、波蘭、愛爾蘭共和國、南非、西班牙和瑞典的市佔率均有所成長。

In Asia Pacific, net sales in the 2021 second quarter increased 5.2% in dollars and decreased 0.1 of a percent in local currencies over the same period in 2020, largely due to sales in Japan and China. Gross profit in this region as a percentage of net sales was 44.4% versus 43.3% over the same period in 2020.

2021年第二季度，亞太地區淨銷售額以美元計算年增5.2%，以當地貨幣計算年減0.1%，主要得益於日本和中國的銷售額成長。該地區毛利率為44.4%，而2020年同期為43.3%。

In Japan, net sales in the 2021 second quarter decreased 15.1% in dollars and 13.9% in local currency, largely due to COVID-19 restrictions in Japan and distributor inventory adjustments. Depletions increased 7% during the quarter. Monster remains the market leader in Japan for the month of June 2021. In South Korea, net sales increased 63% in dollars and 50.4% in local currency as compared to the same quarter in 2020.

在日本，2021年第二季淨銷售額以美元計下降15.1%，以當地貨幣計下降13.9%，主要原因是日本的COVID-19疫情限制措施以及分銷商的庫存調整。該季度庫存損耗增加了7%。 Monster在2021年6月繼續保持日本市場領先地位。在韓國，淨銷售額以美元計較2020年同期成長63%，以當地貨幣計成長50.4%。

In China, net sales decreased 21.4% in dollars and 27.8% in local currency as compared to the same quarter in 2020. In this regard, we note that sales in the second quarter of 2020 included the initial launch of Dragon Tea. We are reevaluating the viability of this SKU and the optimal product range for China going forward. We remain optimistic about the prospects for the Monster brand in China.

在中國，淨銷售額以美元計算年減21.4%，以當地貨幣計算年減27.8%。需要指出的是，2020年第二季的銷售額包含了龍茶的首次上市。我們正在重新評估該產品的市場可行性以及未來在中國市場的最佳產品組合。我們對Monster品牌在中國的市場前景依然保持樂觀。

In Oceania, which includes Australia, New Zealand, Tahiti, French Polynesia, New Caledonia, Papua New Guinea and Guam, net sales increased to 146.5% in dollars and 98.2% in local currencies. Sales of the Monster brand in Oceania increased 210% in dollars and 155.6% in local currency as compared to the same quarter in 2020.

在包括澳洲、紐西蘭、大溪地、法屬玻里尼西亞、新喀裡多尼亞、巴布亞紐幾內亞和關島在內的大洋洲地區，淨銷售額以美元計增長146.5%，以當地貨幣計增長98.2%。與2020年同期相比，Monster品牌在大洋洲地區的銷售額以美元計成長210%，以當地貨幣計成長155.6%。

In Latin America, including Mexico and the Caribbean, net sales in the 2021 second quarter increased 119.7% in dollars and increased 117.6% in local currencies over the same period in 2020. Gross profit in this region as a percentage of net sales was 40.7% compared to 41.2% over the same period in 2020, primarily as a result of foreign exchange rates and certain raw materials and ingredients for products in this region are purchased in U.S. dollars.

在拉丁美洲（包括墨西哥和加勒比地區），2021 年第二季淨銷售額以美元計增長 119.7%，以當地貨幣計增長 117.6%，與 2020 年同期相比有所增長。該地區的毛利佔淨銷售額的百分比為 40.7%，而 2020 年同期為 41.2%，這主要是由於外匯匯率以及該地區某些產品的原材料和配料以美元購買所致。

In Brazil, net sales in the 2021 second quarter increased by 194.9% in dollars and 201.7% in local currency. Net sales in Chile increased 77.5% in dollars and 52% in local currency in the 2021 second quarter. Net sales in Argentina increased 291.4% in dollars and 458% in local currency in the 2021 second quarter.

2021年第二季度，巴西淨銷售額以美元計成長194.9%，以當地貨幣計成長201.7%。 2021年第二季度，智利淨銷售額以美元計成長77.5%，以當地貨幣計成長52%。 2021年第二季度，阿根廷淨銷售額以美元計成長291.4%，以當地貨幣計成長458%。

In March 2019, VPX, the maker of Bang Energy drinks, sued Monster, alleging that its Reign products infringed VPX's Bang trademarks and trade dress. A trial was held last year. And on August 3, 2021, the court issued an order denying all of VPX's claims and holding that VPX is entitled to no relief whatsoever. In fact, the court specifically found that VPX copied its Bang trade dress from the original Monster Energy cans. The court's decision confirms that Monster and its bottler and retail partners are free to continue to sell our Reign products without any changes and without any restrictions.

2019年3月，Bang能量飲料的生產商VPX起訴Monster，指控其Reign系列產品侵犯了VPX的Bang商標和商業外觀。該案於去年開庭審理。 2021年8月3日，法院裁定駁回VPX的所有訴訟請求，並認定VPX無權獲得任何救濟。事實上，法院明確認定VPX抄襲了Monster Energy原版罐裝飲料的Bang商業外觀。法院的裁決確認，Monster及其裝瓶商和零售合作夥伴可以繼續銷售Reign系列產品，無需任何更改或限制。

Monster always believed and maintained that VPX's claims were frivolous, and we are extremely pleased that the court projected all of VPX's claims while vindicating Monster's rights. As other pending proceedings with VPX are subjudicate, we will not be answering any questions on this matter on today's call.

Monster始終認為VPX的訴訟請求毫無根據，我們非常高興法院駁回了VPX的所有訴訟請求，並維護了Monster的合法權益。由於我們與VPX之間還有其他未決訴訟正在進行中，因此在今天的電話會議上，我們將不會回答任何與此相關的問題。

Our new product introductions in the United States in the first half of 2021 were primarily focused in the first quarter. In the United States, during the second quarter of 2021 and we refreshed our can graphics on our Rehab Monster brand family as well as our Full Throttle line, also updating the name for Blue Agave to TrueBlue. Monster Energy Ultra Fiesta received a refresh and updated can graphics as well as the name change to Monster Energy Ultra Fiesta Mango.

2021年上半年，我們在美國推出的新產品主要集中在第一季。 2021年第二季度，我們更新了Rehab Monster系列和Full Throttle系列的罐身設計，並將Blue Agave更名為TrueBlue。 Monster Energy Ultra Fiesta也進行了更新，罐身設計煥新，並更名為Monster Energy Ultra Fiesta Mango。

In May 2021, we launched Monster Ultra Fiesta in a 24-ounce option with an update to our Ultra Fiesta Mango plan for later this year. We are in the process of launching a new line of nonalcoholic Pure Energy Seltzer under the True North brand name in 12-ounce sleek cans, which contained an organic plant-based energy blend and ingredients for immunity support. True North is being offered in 6 flavors, Cucumber Lime, Black Cherry, Grapefruit Lemonade, Watermelon Mist, White Peach Pear and Mandarin Yuzu. True North has a limited customer target in 2021 and with plans for a full launch into mainstream channels in 2022.

2021年5月，我們推出了24盎司裝的Monster Ultra Fiesta能量飲料，並計劃於今年稍後推出Ultra Fiesta芒果口味。我們正在籌備推出True North品牌的全新無酒精純能量蘇打水系列，採用12盎司時尚罐裝，蘊含有機植物能量混合物和增強免疫力的成分。 True North共有六種口味：黃瓜青檸、黑櫻桃、西柚檸檬、西瓜、白桃梨和柑橘柚子。 True North在2021年的銷售目標客戶群有限，計畫於2022年全面進入主流通路。

While cognizant of the can shortages, we believe that it is important to continue with our innovation plans. And to this end, we will be launching our new flavorsome reserve line of Monster Energy drinks in Watermelon and White Pineapple in October 2021. We have deferred the launch of our new line of Java Monster cold brew coffee plus energy drinks until early 2022.

儘管我們意識到罐裝飲料短缺的問題，但我們認為繼續推進創新計劃至關重要。為此，我們將於2021年10月推出西瓜口味與白色鳳梨風味的全新Monster Energy能量飲料系列。而我們已將全新Java Monster冷萃咖啡能量飲料系列的上市時間延後至2022年初。

In Canada, during the second quarter, we launched 2 new products: Monster Punch Papillon and Monster Punch Khaotic, both in a 473 ml can. In April 2021, we launched Reign Orange Dreamsicle in Puerto Rico and our second SKU in Bolivia with Monster Energy Zero Ultra. In El Salvador, we launched Fury Mean Green in May 2021.

在加拿大，第二季我們推出了兩款新產品：Monster Punch Papillon 和 Monster Punch Khaotic，都是 473 毫升罐裝。 2021 年 4 月，我們在波多黎各推出了 Reign Orange Dreamsicle，並在玻利維亞推出了第二款產品 Monster Energy Zero Ultra。 2021 年 5 月，我們在薩爾瓦多推出了 Fury Mean Green。

In the second quarter of 2021, we launched Juice Monster Pacific Punch and Monarch in a number of countries in EMEA. We also launched Ultra Paradise and Ultra Fiesta in a number of countries during the quarter. During the quarter, we also launched our strategic brand innovation and Predator in additional countries.

2021年第二季度，我們在歐洲、中東和非洲地區的多個國家推出了Juice Monster Pacific Punch和Monarch口味。同季度，我們也在多個國家推出了Ultra Paradise和Ultra Fiesta口味。此外，我們也在更多國家推出了我們的策略品牌創新產品Predator。

In January 2021, we launched Ultra Rosa market-wide in Australia following an exclusive lead launch with 1 chain in the fourth quarter of 2020. In March 2021 in New Zealand, we launched Monster Super Fuel in both Purple Passion and sugar-free flavors.

2021 年 1 月，我們在澳洲全市場推出了 Ultra Rosa，此前我們在 2020 年第四季度與一家連鎖店進行了獨家先行推廣。 2021 年 3 月，我們在新西蘭推出了 Monster Super Fuel，包括 Purple Passion 和無糖口味。

During the 2021 second quarter in Japan, we launched Monster Energy Super Cola with our distributor, Asahi Soft Drinks. Additionally, we effected the relaunch at retail of Ultra Paradise and began shipments in anticipation of the launch of Super Fuel early in the 2021 third quarter. Super Fuel has just gone on the shelves in Japan this week.

2021年第二季度，我們與經銷商朝日軟性飲料在日本推出了Monster Energy Super Cola。此外，我們也重新推出了Ultra Paradise，並開始出貨，為2021年第三季初Super Fuel的上市做準備。 Super Fuel本週在日本正式上架。

We also launched Mango Loco in Korea in July 2021.

2021年7月，我們也在韓國推出了Mango Loco。

During the 2021 second quarter, we launched Pipeline Punch in Taiwan, Hong Kong and Macau. We also began distribution of Monster Energy Zero Sugar in the Philippines. As previously mentioned, in the second quarter of 2021, in China, we extended the national rollout of our new Monster Dragon Gold, which is noncarbonated. Our national summer on-pack promotion began in May with one of China's top consumer ambassadors.

2021年第二季度，我們在台灣、香港和澳門推出了Pipeline Punch。同時，我們也開始在菲律賓分銷Monster Energy Zero Sugar。如前所述，2021年第二季度，我們在中國大陸擴大了新款無氣Monster Dragon Gold的全國推廣範圍。我們的全國夏季包裝促銷活動於5月啟動，並邀請了中國頂級消費者大使之一參與其中。

As a result of the COVID-19 pandemic, certain of our planned launches and innovation of new products in a number of Asia Pacific markets have been deferred for a few months. However, we still anticipate such launches taking place towards the end of the 2021 calendar year. We are planning to launch a number of additional products and product lines in our domestic and international markets later this year.

受新冠肺炎疫情影響，我們在亞太部分市場的部分新產品發布和創新計劃已被推遲數月。不過，我們仍預期這些產品將於2021年底前發表。此外，我們計劃於今年稍後在國內和國際市場推出更多產品和產品線。

We estimate that July 2021 sales to be approximately 1.8% higher than in July 2020. On a foreign currency adjusted basis, July 2021 sales would have been comparable to the July 2020 sales. July 2021 had 1 less selling day than July 2020, which was 15.8% above July 2019, and which was 17.1% higher on a foreign currency adjusted basis.

我們預計2021年7月的銷售額將比2020年7月成長約1.8%。經匯率調整後，2021年7月的銷售額與2020年7月的銷售額基本持平。 2021年7月的銷售日比2020年7月少一天，但2020年7月的銷售額比2019年7月增長了15.8%，經匯率調整後則增長了17.1%。

Certain production facilities, mainly from the Coke bottlers in EMEA, in particular, delayed production from July to August 2021. Furthermore, as mentioned earlier, the company has not been able to fully satisfy demand in the United States and EMEA due to a shortage of aluminum cans, which adversely impacted July sales. Such shortage was exacerbated in July as can availability did not keep pace with increased demand during the summer months. Additional cans have been sourced from domestic and overseas suppliers with expected deliveries increasing sequentially during the latter half of the year. We are working to replenish system inventories in order to meet customer demand as soon as possible.

部分生產設施，特別是歐洲、中東和非洲地區（EMEA）的可口可樂裝瓶廠，將2021年7月的生產延後至8月。此外，如前所述，由於鋁罐短缺，公司未能完全滿足美國和EMEA地區的需求，這對7月的銷售造成了不利影響。 7月份，由於夏季需求成長，鋁罐供應未能跟上，導致短缺情況進一步加劇。目前，該公司已從國內外供應商採購了額外的鋁罐，預計下半年交貨量將逐年增加。我們正在努力補充系統庫存，以便盡快滿足客戶需求。

Additionally, the company also experienced delays in certain ingredients, which impacted supply. Our depletions remain solid as do our measured market data, as previously mentioned on this call. In this regard, we caution again that sales over a short period are often disproportionately impacted by various factors such as, for example, selling days, days of the week in which holidays for, timing of new product launches and the timing of price increases and promotions in retail stores, distributor incentives as well as shifts in the timing of production in some instances where our bottlers are responsible for production and unilaterally determine their production schedules, which affects the dates on which we invoice such bottlers as well as inventory levels maintained by our distribution partners, which they alter unilaterally for their own business reasons.

此外，公司部分原料的供應也出現延誤，影響了供貨。正如先前在電話會議中提到的，我們的庫存消耗量和市場數據仍然穩健。在此，我們再次提醒，短期內的銷售往往會受到多種因素的顯著影響，例如銷售日期、節假日所在星期幾、新產品上市時間、零售店價格上漲和促銷活動的時間、分銷商的激勵措施，以及在某些情況下，由於裝瓶商負責生產並單方面決定生產計劃，導致我們向裝瓶商開具發票的日期以及分銷合作夥伴的短期

We reiterate that sales over a short period such as a single month should not necessarily be imputed to or regarded as indicative of results for a full quarter or any future period. If the COVID-19 pandemic and related unfavorable economic conditions continue in certain regions, our new product innovation launches in those regions could be delayed.

我們重申，短期（例如單月）的銷售數據不應直接反映或視為整個季度或未來任何時期的業績指標。如果新冠肺炎疫情及相關的不利經濟狀況在某些地區持續，我們在這些地區的新產品創新上市計畫可能會延後。

In conclusion, I would like to summarize some recent positive points. Currently, the company's flavor manufacturing facilities, its co-packers, warehouses and shipment facilities and bottlers and distributors are all operating. We are continually addressing our aluminum can requirements, given our volume growth and the current supply constraints in the aluminum can industry. We are pleased with the new additions to the Monster Energy portfolio and are planning additional launches later in the year.

最後，我想總結一下近期的一些積極進展。目前，公司的調味料生產設施、代工包裝商、倉庫、出貨設施、裝瓶廠和分銷商均正常運作。鑑於銷售成長和當前鋁罐行業的供應限制，我們正在持續解決鋁罐需求問題。我們對Monster Energy產品組合的新增產品感到滿意，並計劃在今年稍後推出更多新品。

We are planning to continue additional launches of our Reign Total Body Fuel high-performance energy drinks in additional international countries. We are pleased with the rollout of Predator and Fury and our affordable energy drink portfolio internationally. We are proceeding with plans to launch our affordable energy drinks in a number of international countries during the year.

我們計劃繼續在更多國家推出Reign Total Body Fuel高性能能量飲料。我們對Predator和Fury以及我們價格親民的能量飲料產品組合在國際上的成功推廣感到滿意。我們正按計劃推進，並將於年內在多個國家推出我們的價格親民的能量飲料。

I would like to open the floor to questions about the quarter. Thank you.

我想請各位就本季的情況提問。謝謝。

(Operator Instructions) The first question will come from Dara Mohsenian with Morgan Stanley.

（操作員說明）第一個問題將來自摩根士丹利的達拉·莫森尼安。

Great top line growth in the quarter, but we have seen share losses in the U.S. track channel data worsened recently. A, just short term, how much of that do you think is attributable to out of stocks and the supply constraints that you mentioned? Is that a material factor in retail sales?

本季營收成長強勁，但我們看到美國通路的市佔率有所下降，近期通路數據進一步惡化。 A，就短期而言，您認為其中有多少是由於您提到的缺貨和供應限製造成的？這是否對零售額產生了實質影響？

And then maybe, b, from a longer-term standpoint, it has been a couple of quarters now where the share losses have reaccelerated year-over-year just some progress in the beginning of the year. So I was just hoping you could review some of the key factors that have been driving the share losses in the U.S. And how you think about those factors going forward in terms of continuing or dissipating and how you guys are positioned?

其次，從長遠來看，過去幾季以來，市佔率的年比跌幅再次加劇，而年初時曾出現一些好轉。所以我希望您能分析一下導緻美國市場佔有率下跌的一些關鍵因素，以及您如何看待這些因素未來會持續還是會減弱，你們的市場定位又是什麼？

Hilton, if you take that, and I'll also say something once you've -- deal with it.

希爾頓，如果你接受了，等你接受了之後我也會說些什麼──接受現實吧。

All right. I think, Dara, what's important is that, that's not a result and not due to us not growing. We are not keeping up with our share, but our business is certainly growing. And you can track that from Nielsen. You can also track that from the nonmeasured channels, which are growing really very nicely. So while we're not keeping up necessarily with Red Bull in the in the major channels. As I've spoken on previous calls, Red Bull had a very large on-premise business, which has moved to off-premise and moved to off-premise during COVID. And that led to an acceleration in their share.

好的。我認為，達拉，重要的是，這並非因為我們沒有成長而導致的結果。我們的市場份額沒有跟上，但我們的業務確實在成長。你可以從尼爾森的數據中追蹤到這一點。你也可以從那些非計量管道的數據中追蹤到這一點，這些管道的成長非常顯著。所以，雖然我們在主要管道的份額不一定能趕上紅牛，但正如我在之前的電話會議中提到的，紅牛曾經擁有龐大的現場消費業務，而疫情期間，他們的業務已經轉向了非現場消費。這導致了他們市場份額的加速成長。

However, we mentioned that we had and are continuing to sustain can issues and result in supply. And of course, that's having an impact on the share numbers that you are seeing. So I think on balance, the business is growing. You've seen the results. It's continuing to grow. And we are growing, but not at the extent of the market. I think with the full deck of cards, the situation may well be very different. But right now, we really are struggling with sufficient supplies of aluminum cans really to keep up with demand, which is, I suppose, a good position to be in. And on the other hand, is not such a good position to be in. The business is growing. And, that's the message I want to leave you with and other investors.

然而，我們之前提到過，我們一直面臨罐體供應問題，這導致了供應短缺。當然，這也對你們看到的股價產生了影響。所以總的來說，我認為公司業務是在成長的。你們也看到了業績。業務還在持續成長。我們確實在成長，但成長不及市場整體水準。我認為，如果一切順利，情況可能會完全不同。但目前，我們確實面臨鋁罐供應不足的困境，難以滿足市場需求。從某種意義上來說，這既是好事，也是壞事。公司業務在成長。這就是我想傳達給各位投資人的訊息。

I think in -- I'll just add 2 short points in that regard. I think what we've tried to do is to try and also basically focus on our faster selling and our larger SKUs, which has necessarily resulted in some of the smaller SKUs, which normally have their own traction and followers. So those haven't got on to shelf. And then the one additional thing that I think that has negatively affected our distribution -- sales and distribution levels in the U.S. is labor shortages. And I think that what we've seen is that many of the bottlers, Coke bottlers are experiencing labor shortages.

我認為——我再補充兩點。我們一直努力將重點放在銷售速度快、產品規格較大的SKU上，這必然導致一些通常擁有自身市場吸引力和忠實擁躉的小批量SKU未能上架。此外，我認為對我們在美國的銷售和分銷管道造成負面影響的另一個因素是勞動力短缺。我們看到，許多可口可樂裝瓶商都面臨勞動力短缺的問題。

And while one would ordinarily say, well, everybody is going to have the same problem. I think that where you have Red Bull as our main competitor, they have a dedicated system. I think they've been able to address their labor shortages just more effectively than the larger bottlers with large labor pools. And that has also, I think, detrimentally affected our distribution levels going forward.

雖然人們通常會說，嗯，大家都會面臨同樣的問題。但我認為，以紅牛作為我們的主要競爭對手，他們擁有一套完善的系統。我認為，他們比那些擁有龐大勞動力儲備的大型裝瓶商更有效地解決了勞動力短缺問題。而這，我認為，也對我們未來的分銷水準產生了不利影響。

But again, I think those are things that once things start settling down and things will get back to normality, that's something that I think that will also, in due course, rights itself.

但話說回來，我認為一旦事情開始穩定下來，一切恢復正常，這些問題最終也會得到解決。

Yes, I think we should also -- Dara, I think we should also add that what we're seeing with cans is something that will persist through this year. I'm a bit more optimistic about the fourth quarter because we have 2 new can suppliers coming on board. But the situation will persist. And then next year, we should be in -- we believe we'll be in very good shape. But again, it all depends on consumer demand, which is growing, and you've seen that month by month and quarter by quarter.

是的，我認為我們還應該——達拉，我認為我們還應該補充一點，罐頭目前的狀況將會持續到今年年底。我對第四季比較樂觀，因為我們有兩家新的罐頭供應商加入。但這種情況還會持續下去。明年，我們應該——我們相信我們會處於非常好的狀態。但話說回來，這一切都取決於消費者需求，而消費者需求正在成長，這一點你已經逐月、逐季地看到了。

And the next question today will come from Bonnie Herzog with Goldman Sachs.

今天的下一個問題將來自高盛的邦妮·赫爾佐格。

I just wanted to ask about your gross margins. Clearly, they continue to be pressured as broadly expected, which you guys have been discussing with us. But just want to get your outlook for these pressures in the back half of the year.

我只是想問一下你們的毛利率狀況。顯然，正如大家普遍預期的那樣，毛利率持續承壓，你們之前也跟我們討論過這個問題。我想了解一下你們對下半年毛利率壓力的預期。

Hilton, you just mentioned that you're optimistic. So just wanted to verify that you still expect some of these pressures to ease by Q4. Or do you think it's going to take a little bit longer, especially in light of the recent spike in aluminum prices? So trying to understand how that factors in.

希爾頓，您剛才提到您持樂觀態度。所以我想確認一下，您是否仍然預期這些壓力會在第四季有所緩解？或者您認為這需要更長時間，尤其是在最近鋁價飆升的情況下？我想了解這方面的影響。

And then just a clarification on the can shortages that you mentioned that you're still experiencing, I guess it sounds like it's getting worse, but I really did want to clarify that. And is there any way that you guys could quantify how big of an impact the supply shortages had on your top line either in the quarter or in July? Just trying to understand how much you think your shipments would have been up in July without these shortages, for instance.

關於您提到的罐頭短缺問題，我還有一些疑問。您提到這個問題仍然存在，聽起來情況似乎還在惡化，但我確實想確認一下。另外，您能否量化一下供應短缺對貴公司本季或7月營收的影響程度？例如，我想了解一下，如果沒有這些短缺，您認為7月份的出貨量會成長多少。

Okay. So let me deal with the first issue first, if I may. I spoke about optimistic about can supplies. I really didn't talk about margins. You'll recall on the last call, I spoke about the issues that we were confronting with margin pressures like most other beverage companies. And where we are right now with aluminum, I mean, nobody knows. So you can talk to the leading banks in the field, which we do on a regular basis, and they really are poles apart about their projections for aluminum in 2022, let alone 2021.

好的。如果可以的話，我先來談談第一個問題。我之前談到了對罐體供應的樂觀態度，但並沒有真正談到利潤率。您可能還記得，在上次電話會議上，我談到了我們和其他大多數飲料公司一樣，面臨的利潤率壓力問題。至於目前鋁的供應情況，說實話，沒人知道。您可以諮詢業內領先的銀行（我們經常這樣做），他們對2022年鋁的預測，更不用說2021年了，簡直是天壤之別。

So the last couple of days, you've seen a spike in the Midwest Premium from this tax that is expected to be imposed on Russian Aluminum. And as you know, the Midwest Premium is strongly factors the last ton of aluminum to enter the U.S. and the cost of that. And so we've seen a spike in the Midwest Premium. And we continue to see spikes in aluminum.

因此，過去幾天，由於預計對俄羅斯鋁徵收的稅款，中西部溢價出現了飆升。眾所周知，中西部溢價很大程度上取決於最後一噸進入美國的鋁的價格及其成本。所以我們看到了中西部溢價的飆升，而且鋁價也持續出現飆升。

So from that score, I think we just are in uncharted territory. I've been in this business for a long time, as you know, and I've never seen aluminum where it's at right now. And I've never seen the Midwest Premium at these kind of levels. So aluminum, I really cannot talk about.

所以從這個價格來看，我認為我們正處於前所未有的境地。如你所知，我從事這個行業很久了，從未見過鋁價達到現在的水平。我也從未見過中西部優質鋁價達到這樣的高度。所以，關於鋁價，我真的無話可說。

And also when you look at our business and you look at the factors that really have affected gross margin, number one, the fact that we're selling a lot more internationally. So I talked earlier about 37.4% of our sales in this quarter outside of the U.S., 30% last year, that obviously impacts margins.

此外，當我們審視我們的業務，分析真正影響毛利率的因素時，首先要指出的是，我們的國際銷售額大幅成長。正如我之前提到的，本季我們37.4%的銷售額來自美國以外地區，而去年同期這一比例為30%，這顯然會對毛利率產生影響。

We are importing cans from a number of countries, that obviously impacts margins. In fact, the China and India cans that we are using in the United States and in EMEA will only be filed in August in July, and they will be filled the this month. So that in itself, the imputation will impact gross margins.

我們從多個國家進口罐頭，這顯然會影響利潤率。事實上，我們在美國和歐洲、中東及非洲地區使用的中國和印度罐頭，要到7月才會提交8月的申報，而灌裝工作將在本月完成。因此，僅此一項申報就會影響毛利率。

And then to cap everything else, we have ingredient issues. We had ingredient issues, as we mentioned, in July, which again reduced the amount that we would actually sell because we didn't have sufficient ingredients to meet themselves, particularly with NOS. And so there are a number of factors that are increasing our cost of goods.

雪上加霜的是，我們還面臨原料問題。正如我們之前提到的，7月我們就遇到了原料短缺的問題，這導致我們的實際銷售再次下降，因為我們沒有足夠的原料來滿足需求，尤其是NOS（一氧化二氮）。因此，有許多因素都在增加我們的商品成本。

And last quarter, I said I didn't think that margins would get better in the second and third quarters. I read they will not -- I think margins will deteriorate in the third quarter. In the fourth quarter, we're getting some relief in terms of supplies from the U.S. on cans that are -- have been contracted for and they were contracted for 2 years ago. And we saw the opportunity to work with 2 major suppliers to get additional cans produced in the U.S., and that's why we have 2 new supplies opening, and we are an important and an anchor customer of both those facilities.

上個季度我說過，我認為第二季和第三季的利潤率不會好轉。我看到有報導說確實如此——我認為第三季的利潤率會進一步惡化。第四季度，我們從美國進口的罐頭供應方面得到了一些緩解，這些罐頭是兩年前簽訂的合約。我們看到了與兩家主要供應商合作的機會，讓他們在美國生產更多的罐頭，這就是為什麼我們新增了兩家供應工廠，而我們是這兩家工廠的重要核心客戶。

But even that, you're still dependent on aluminum. We have some hedges in place, but obviously not enough to take into consideration the amount of sales and the amount of consumer demand that is out there. So that's a long-winded way of saying, I think, answering your question as best as I can.

但即便如此，我們仍然依賴鋁。我們做了一些對沖，但顯然不足以應付當前的銷售量和消費者需求。所以，說了這麼多，我想我已經盡力回答你的問題了。

And then just getting to your second question because you're really only allowed one. But to get to your second question, we have quantified or try to quantify the impact on can shortages in July and in this quarter and in the -- potentially in the third quarter, but I really don't want to -- I'm not comfortable with those numbers yet. A lot of detailed work is being done on them. And I just -- I can't in good conscience give those numbers because we still are in the throes of kind of finalizing what we think is probably correct.

接下來就回答你的第二個問題，因為你只能問一個問題。關於你的第二個問題，我們已經量化（或者說嘗試量化）了7月份、本季度以及可能還有第三季度的罐頭短缺情況，但我真的不想——我對這些數字還不放心。我們正在進行大量的細節工作。我實在無法昧著良心給予這些數字，因為我們仍在努力最終確定我們認為可能正確的數據。

Rodney mentioned in his script earlier that a number of the bottlers, he mentioned particularly in EMEA, but there were cases in the U.S. as well, and there was a substantial case in the U.S. where the bottlers were obviously focused on other things in the quarter and were producing Coca-Cola brands. And as a result, I think we -- our production got moved from July to August. So when I look at July, it doesn't -- I don't get overly concerned because I know the sales are going into August.

羅德尼之前在他的稿子裡提到，一些裝瓶商，特別是歐洲、中東和非洲地區的裝瓶商，也出現了類似的情況，但美國也有不少裝瓶商，而且在美國，有相當一部分裝瓶商顯然把精力放在了其他業務上，生產可口可樂品牌的產品。因此，我認為我們的生產從7月轉移到了8月。所以，當我查看7月的數據時，我並不太擔心，因為我知道銷售量會延續到8月。

Perhaps, if I just on the shortage level, just to add that. When we buy cans in contracted for our annual amounts, they usually are sort of reasonably flat lined across the year. And we use the first half of the year to build up can inventories and finished product inventories with ourselves and our bottlers. Earlier this year, obviously, demand sort of was strong, and so we really didn't have that opportunity.

或許，就短缺問題而言，我想補充一點。我們按合約採購年度用量的罐頭時，通常全年需求量都比較穩定。我們會利用上半年時間，與裝瓶商一起建立罐頭和成品庫存。但今年年初，需求非常強勁，所以我們沒有這樣的機會。

So what has happened is that in June and July, which is your normal peak months, the demand has been higher, but our supply has been more level until we can get more can inventories into the market. So what happened is just that we have had a sort of a heartened increased shortage in the last month, in July and probably will be a little bit in August. And then obviously, as we start increasing our -- the cans we're getting in, and then we're able to balance it more and our demand balances more, we'll start to have less of a different delta between these demand and supplier, and eventually be able to -- we're hoping to able to build up our inventories and supply back to normal by the end of the fourth quarter -- or during or by the end of the fourth quarter.

所以，在平常的旺季——六月和七月，需求量較高，但我們的供應量相對穩定，直到我們能將更多罐頭庫存投放市場。因此，上個月，也就是七月，我們出現了令人擔憂的短缺加劇的情況，八月可能也會稍微緩解。顯然，隨著我們罐頭庫存的增加，供需平衡將逐漸恢復，供需之間的差距也會縮小，最終我們希望能夠在第四季度末——或者在第四季度中期或末期——將庫存和供應恢復到正常水平。

No one's comfortable with the level of finished goods inventories that we're running at, but it's a sign of the times. I mean we're doing everything we can to supply our customers. And that's why we spoke about freights. Freight is a big issue, not only getting raw material ingredients into co-packing system and into our bottling system and -- but also distributing from our co-packers. And obviously, the one goes into cost of sales and freight out goes into operating expenses. So that's why you'll see freight really hitting both of those line items.

目前成品庫存水準之高，沒人能接受，但這反映了時代的趨勢。我們正在竭盡全力滿足客戶需求。這就是我們之前談到運費的原因。運費是個大問題，不僅包括將原料運送到代工包裝系統和我們的填充系統，還包括從代工包裝商出貨。顯然，前者計入銷售成本，後者計入營運費用。所以你會看到運費在這兩個項目上都佔了相當大的比重。

The next question will come from Andrea Teixeira with JPMorgan.

下一個問題將來自摩根大通的安德烈亞·特謝拉。

Just on the gross margin, because your gross margin comments were very helpful. And given this deterioration, obviously, that it's probably here to stay in the next few quarters. How are you thinking about pricing? Obviously, you can't supply the service levels that are used to with the retailers. So is that is something that takes -- obviously, you have to take into account? Or perhaps as you get more informed on how the aluminum cost will evolve, you may contemplate it again?

僅就毛利率而言，您之前關於毛利率的評論非常有幫助。鑑於目前的下滑趨勢，顯然這種情況可能會持續幾個季度。您是如何考慮定價的？顯然，您無法像以往那樣為零售商提供優質服務。這是否是您必須考慮的因素？或者，隨著您對鋁價走勢了解的深入，您可能會重新考慮這個問題？

Yes. With regard to pricing, we continue to evaluate pricing, honestly, on a very, very regular basis, if not weekly. So we continue to evaluate it, and we want to make a good decision. Last time around, as I mentioned on previous calls, we went out alone, and we would like to be in a situation this time where we followed our competitor, but we have to evaluate, obviously, the business as we see it and the impact for us.

是的。關於定價，我們一直在評估價格，說實話，我們幾乎每週都會進行評估。所以我們一直在評估，並希望做出明智的決定。上次，正如我在先前的電話會議中提到的，我們採取了獨立行動，這次我們希望能夠跟隨競爭對手的步伐，但顯然，我們必須評估我們所看到的業務狀況以及對我們自身的影響。

What we've done is we're reducing our promotional allowances. So we're taking a price increase the other way through reducing promotional allowances, but the impact of that reduction in the second quarter was not as we would have liked. So we are -- we really put the accelerator down and are more aggressive in reducing our promotional allowances. But we are continuing to evaluate the pricing and price increases.

我們採取的措施是削減促銷補貼。也就是說，我們透過削減促銷補貼來間接漲價，但第二季的降價效果並不理想。因此，我們加大了力度，更積極地削減促銷補貼。同時，我們也會持續評估定價和價格上漲策略。

And then I have to leave this call with my favorite saying, and that is, we don't bank gross profit margins, we bank gross profit dollars. And to me, the fact that we're doing everything we can to satisfy our customers as best as we can is impacting gross profit margins. But at the end of the day, we don't want to lose gross profit dollars, which is really important to ensure the sustainability of the brand. And that's the most important thing for us right now.

最後，我想用我最喜歡的一句話來結束這通電話：我們不追求毛利率，我們追求的是毛利。對我來說，我們竭盡所能地滿足客戶需求，這必然會影響毛利率。但歸根結底，我們不想損失任何毛利，這對於確保品牌的永續發展至關重要。而這正是我們目前最關注的。

Basically, just make it clear, at this point, we are watching and we're not planning a price increase. We're not adverse to a price, but we'll wait and see what the market does and what our competitors do.

簡而言之，目前我們正在觀望，暫無漲價計畫。我們並不反對漲價，但我們會等待市場和競爭對手的動向。

This will conclude today's question-and-answer session. I would now like to turn the conference back over to management for any closing remarks.

今天的問答環節到此結束。現在我將會議交還給管理階層，請他們作總結發言。

Thanks very much. Thank you, everyone, for your continued interest and support of the company. We continue to believe in the company and our growth strategy and remain committed to continuing to innovate, develop and differentiate our brands and to expand the company, both domestically and abroad and in particular, expand distribution of our products through the Coca-Cola bottler system internationally.

非常感謝。感謝各位一直以來對公司的關注與支持。我們依然對公司和我們的成長策略充滿信心，並將繼續致力於創新、發展和打造差異化品牌，拓展公司在國內和國際市場的業務，特別是透過可口可樂裝瓶系統，擴大我們產品的國際分銷管道。

We believe that we will be able to navigate through the challenges ahead as a result of the COVID-19 pandemic and hope that this unfortunate situation will resolve itself in the near future. We believe that we are well positioned in the energy drink category and will continue to be and are optimistic about our total portfolio of energy drink brands. We hope that you will stay safe and healthy. Thank you very much for your attendance.

我們相信能夠克服新冠肺炎疫情帶來的挑戰，並希望這場不幸的局面能在不久的將來得到解決。我們相信我們在能量飲料領域擁有良好的市場地位，並將繼續對我們旗下所有能量飲料品牌保持樂觀態度。祝您平安健康。非常感謝您的出席。

The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect.

會議到此結束。感謝您參加今天的報告，您可以斷開連接了。