怪物飲料 (MNST) 2021 Q1 法說會逐字稿

Good afternoon, and welcome to the Monster Beverage Company's First Quarter 2021 Conference Call. (Operator Instructions) I would now like to turn the conference over to Mr. Rodney Sacks and Mr. Hilton Schlosberg, Co-CEO. Please go ahead.

下午好，歡迎參加 Monster Beverage Company 2021 年第一季電話會議。（操作員指示）現在，我將把會議交給羅德尼·薩克斯先生和希爾頓·施洛斯伯格先生（聯合執行長）。請繼續。

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

謝謝。女士們、先生們，午安。感謝您參加本次電話會議。我是羅德尼·薩克斯。我們的副董事長兼聯合執行長希爾頓·施洛斯伯格以及我們的財務長湯姆·凱利都在電話會議上。

Tom Kelly will now read the cautionary announcement.

現在將由湯姆·凱利宣讀警示公告。

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 Exchange 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 年證券交易法第 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、財務業績和趨勢的企業，以及預期

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. 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 discussion on specific risks and uncertainties that may affect our performance.

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。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），其中包含題為“風險因素”和“前瞻性聲明”的章節，以討論可能影響我們業績的具體風險和不確定性。

The company assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. I would now like to hand the call over to Rodney Sacks.

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聲明的義務。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, it's 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 or distributors have in part be 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。該公司的香料生產設施、代工包裝商、倉庫和運輸設施在整個 COVID-19 疫情期間都保持運作。該公司的裝瓶商和分銷商都在正常經營，公司的產品基本上也能滿足消費者的需求。在部分國家，該公司的裝瓶商或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 first 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. The company's supply chain remains largely intact. However, the company is experiencing shortages in its aluminum can requirements in North America and Europe, given the company's volume growth and the current supply constraints in the aluminum care industry. The company has taken steps to source additional quantities of aluminum cans from South America and Asia.

儘管受到新冠肺炎疫情的持續影響，該公司第一季淨銷售額仍創下歷史新高。目前，該公司預計 COVID-19 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分銷能力產生重大影響。該公司供應鏈基本上保持完好。然而，由於公司銷售成長以及目前鋁製產業的供應限制，該公司在北美和歐洲的鋁罐需求出現了短缺。該公司已採取措施，從南美洲和亞洲採購更多數量的鋁罐。

However, logistical issues, including ocean freight and port of entry congestion could delay such supply. Logistical issues in relation to the importation of certain other raw materials and ingredients could impact future supply. Furthermore, we are continuing to experience freight inefficiencies and like other beverage companies are incurring increased aluminum can and other costs in the current environment.

然而，包括海運和港口擁堵在內的物流問題可能會延誤此類供應。某些其他原料和配料的進口物流問題可能會影響未來的供應。此外，我們持續面臨貨運效率低下的問題，就像其他飲料公司一樣，在當前環境下，我們面臨鋁罐和其他成本增加的問題。

In the first quarter of 2021, net sales were $1.24 billion compared to $1.06 billion in the first quarter of 2020, an increase of 17.1%. Adjusting for foreign currency movements, net sales for the 2021 first quarter would have been up 16.2%. Gross profit as a percentage of net sales for the 2021 first quarter was 57.5%, and compared with 60% in this 2020 first quarter. The decrease in gross profit as a percentage of net sales for the 3 months ended March 31, 2021, was primarily the result of increased input costs mainly increased raw material freight in costs, geographical sales mix and higher promotional allowances as a percentage of net sales.

2021 年第一季淨銷售額為 12.4 億美元，而 2020 年第一季為 10.6 億美元，成長了 17.1%。經外匯匯率調整後，2021 年第一季的淨銷售額將成長 16.2%。2021 年第一季毛利佔淨銷售額的百分比為 57.5%，而 2020 年第一季為 60%。截至 2021 年 3 月 31 日的三個月內，毛利潤佔淨銷售額的百分比下降，主要是由於投入成本增加（主要是原材料運費增加）、地域銷售組合變化以及促銷津貼佔淨銷售額的百分比增加所致。

Operating expenses for the 2021 first quarter were $300.8 million compared with $272.2 million in the 2020 first quarter. As a percentage of net sales, operating expenses for the 2021 first quarter were 24.2% compared with 25.6% in the 2020 first quarter. Operating income increased 13.5% to $414.1 million up from $365 million in the first quarter of 2020. Net income increased 13% to $315.2 million as compared to $278.8 million in the 2020 comparable quarter. Diluted earnings per share for the 2021 first quarter increased 14.2% to $0.59 from $0.52 in the first quarter of 2020.

2021 年第一季的營運支出為 3.008 億美元，而 2020 年第一季的營運支出為 2.722 億美元。2021 年第一季營業費用佔淨銷售額的百分比為 24.2%，而 2020 年第一季為 25.6%。營業收入成長13.5%，達到4.141億美元，高於2020年第一季的3.65億美元。淨利潤成長 13%，達到 3.152 億美元，而 2020 年同期為 2.788 億美元。2021 年第一季稀釋後每股收益成長 14.2%，從 2020 年第一季的 0.52 美元增至 0.59 美元。

According to the Nielsen reports for the 13 weeks through April 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 20.3% versus the same period a year ago. Sales of the company's energy brands, including Reign, were up 17.2% in the 13 week period. Sales of Monster were up 20.7%. Sales of Reign were down 0.6 of a percent. Sales of NOS increased 1.4% and sales of Full Throttle increased 8.1%. Sales of Red Bull increased 27.9%. Sales of Rockstar decreased by 11.9%. Sales of 5-Hour increased 11.6%, and sales of Amp increased 6.9%. VPX Bang sales increased 16.3%, and Coca-Cola Energy sales decreased 59.3% with a market share of 0.4 of percent.

根據尼爾森公司截至 2021 年 4 月 24 日的 13 週的報告，所有零售通路（包括便利商店、雜貨店、藥局、大型零售商）的能量飲料（包括能量濃縮液）銷售額（以美元計）比去年同期增長了 20.3%。該公司旗下能源品牌（包括 Reign）的銷售量在 13 週內成長了 17.2%。Monster的銷量成長了20.7%。Reign的銷量下降了0.6%。NOS 的銷售量成長了 1.4%，Full Throttle 的銷量成長了 8.1%。紅牛銷量成長了27.9%。Rockstar的銷售量下降了11.9%。5-Hour 的銷量成長了 11.6%，Amp 的銷量成長了 6.9%。VPX Bang 的銷量成長了 16.3%，而可口可樂能量飲料的銷量下降了 59.3%，市佔率為 0.4%。

According to Nielsen, for the 4 weeks ended April 24, 2021, sales in dollars in the energy drink category in the convenience and gas channel, including energy shots in dollars, increased 34% over the same period the previous year. Sales of the company's energy brands, which include Reign, increased 27% in the 4-week period in the convenience and gas channel. Sales of Monster increased by 30.9% over the same period versus the previous year. Reign sales increased 13.4%. NOS was up 5.7%, and Full Throttle was up 17.2%. Sales of Red Bull were up 41.2%. Rockstar was down 9.9%, 5-Hour was up 41.4%, and Amp was up 14.6%. VPX Bang sales increased 35.5% and Coca-Cola Energy was down 45.8%.

根據尼爾森的數據，截至 2021 年 4 月 24 日的 4 週內，便利商店和加油站通路的能量飲料品類銷售額（以美元計）包括能量飲料的銷售額（以美元計）比上年同期增長了 34%。在便利商店和加油站通路，該公司旗下能源品牌（包括 Reign）的銷售量在 4 週內成長了 27%。與去年同期相比，Monster 的銷售額成長了 30.9%。Reign 的銷量成長了 13.4%。NOS 成長了 5.7%，而 Full Throttle 成長了 17.2%。紅牛銷量成長了41.2%。Rockstar 股價下跌 9.9%，5-Hour 股價上漲 41.4%，Amp 股價上漲 14.6%。VPX Bang 的銷量成長了 35.5%，而可口可樂能量飲料的銷量則下降了 45.8%。

According to Nielsen, for the 4 weeks ended April 24, 2021, the company's market share of the energy drink category in the convenience and gas channel including energy shots, in dollars, decreased 2.1 points to 37.4%. Monster share decreased by 0.7 of a share point to 31.2%; Reign decreased 0.5 of a share point to 2.6%; NOS's share decreased 0.8 of a point to 2.8%; and Full Throttle share decreased 0.1 of a point to 0.7%. Red Bull share increased 1.9 points to 36.9%. Rockstar share was down 1.9 points to 3.8%. 5-Hour share was higher by 0.3 of a point at 4.8%. And Amp share remained at 0.4 of a percent. VPX Bang share increased 0.1 of a point to 7.5%, and Coca-Cola Energy share decreased 0.3 of a point to 0.2%.

根據尼爾森的數據，截至 2021 年 4 月 24 日的 4 週內，該公司在便利商店和加油站通路（包括能量飲料）的能量飲料市場份額（以美元計）下降了 2.1 個百分點，至 37.4%。Monster 的市佔率下降了 0.7 個百分點，至 31.2%；Reign 的市佔率下降了 0.5 個百分點，至 2.6%；NOS 的市佔率下降了 0.8 個百分點，至 2.8%；Full Throttle 的市佔率下降了 0.1 個百分點，至 0.7%。紅牛股價上漲1.9個百分點至36.9%。Rockstar 的股價下跌 1.9 個百分點，至 3.8%。5 小時市佔率上升了 0.3 個百分點，達到 4.8%。而Amp的市佔率維持在0.4%。VPX Bang 的市佔率上升 0.1 個百分點至 7.5%，而可口可樂能量飲料的市佔率則下降 0.3 個百分點至 0.2%。

According to Nielsen, for the 4 weeks ended April 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 47.5% over the same period the previous year. Sales of Java Monster, including Java Monster 300 were 44.7% higher in the same period versus the previous year. Sales of Starbucks Energy were 53.8% 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 April 24, 2021, was 51.1%, down 1 point, while Starbucks Energy's share was 46%, up 1.9 points.

根據尼爾森的數據，截至 2021 年 4 月 24 日的 4 週內，咖啡加能量飲料類別的銷售額（以美元計）包括我們在便利商店和加油站通路銷售的 Java Monster 系列產品，比去年同期成長了 47.5%。與去年同期相比，Java Monster（包括 Java Monster 300）的銷售量成長了 44.7%。星巴克能量飲料的銷量成長了53.8%。截至 2021 年 4 月 24 日的 4 週內，Java Monster（包括 Java Monster 300）在咖啡加能量飲料類別中的份額為 51.1%，下降 1 個百分點；該類別主要包括 Java Monster、Java Monster 300、星巴克 Doubleshot 和 Tripleshot、Rockstar Roasted 以及飲料 Keto 300、星巴克 Doubleshot 和 Tripleshot、Rockstar Roasted 以及飲料 196%；

According to Stackline, which tracks energy drink sales by Amazon in the United States, for the 4-week period ending April 17, 2021, sales in dollars in the energy category by Amazon, including energy shots, increased 160.1% over the same period the previous year. Sales of Monster increased 163% and its share was 35.6%, up 0.4 of a share point versus the same period a year ago. Red Bull sales increased 135.4%, and its share was 13.7%, down 1.4 points. CELSIUS' sales increased 265.2%, and each share increased 4.5 points to 15.5%. 5-Hours' sales increased 29.5%, and its share declined 3.2 points to 3.1%. VPX Bang sales increased 306.4% and its share increased 1.8 share points to 4.9%. Reign share increased 0.2 of a share point to 5.1%, and Rockstar share increased 0.6 of a share point to 3.5%.

根據追蹤亞馬遜在美國銷售能量飲料的 Stackline 的數據，截至 2021 年 4 月 17 日的 4 週內，亞馬遜能量飲料（包括能量飲料）的銷售額（以美元計）比去年同期增長了 160.1%。Monster 的銷售額成長了 163%，市佔率為 35.6%，比去年同期成長了 0.4 個百分點。紅牛銷量成長了 135.4%，但市佔率為 13.7%，下降了 1.4 個百分點。CELSIUS 的銷售額成長了 265.2%，每股收益成長了 4.5 個百分點，達到 15.5%。5-Hours 的銷售額成長了 29.5%，但其市佔率下降了 3.2 個百分點，至 3.1%。VPX Bang 的銷售額成長了 306.4%，市佔率成長了 1.8 個百分點，達到 4.9%。Reign 的市佔率成長了 0.2 個百分點，達到 5.1%；Rockstar 的市佔率成長了 0.6 個百分點，達到 3.5%。

According to Nielsen, in all measured channels in Canada, for the 12 weeks ended March 27, 2021, the energy drink category increased 17.5% in dollars, sales of the company's energy drink brands increased 27.2% versus a year ago. The market share of the company's energy drink brands was 42.1%, up 3.2 points. Monster sales increased 22.2%, and its market share increased 1.4 points to 37.1. NOS' sales decreased 4%, and its market share decreased by 0.4 of a point to 1.9%. Full Throttle sales increased 0.2 of a percentage point, and its market share decreased 0.1 of a point to 0.7%. Red Bull sales increased 24.8%, and its market share increased 2.2 points to 37.7%. Rockstar sales decreased 17% and its market share decreased 4.2 points to 10%. Guru's sales increased 12.8%, and its share decreased 0.2 of a share point to 3.9%. Coca-Cola Energy sales increased 36.6% and its share increased 0.1 percentage point to 0.8%.

根據尼爾森的數據，在截至 2021 年 3 月 27 日的 12 週內，加拿大所有衡量管道中的能量飲料品類銷售額增長了 17.5%（以美元計），該公司能量飲料品牌的銷售額比去年同期增長了 27.2%。該公司能量飲料品牌的市佔率為 42.1%，上升了 3.2 個百分點。Monster 的銷售額成長了 22.2%，市佔率成長了 1.4 個百分點，達到 37.1%。NOS 的銷售額下降了 4%，市佔率下降了 0.4 個百分點，至 1.9%。Full Throttle 的銷量成長了 0.2 個百分點，市佔率下降了 0.1 個百分點，至 0.7%。紅牛銷量成長了 24.8%，市佔率成長了 2.2 個百分點，達到 37.7%。Rockstar 的銷量下降了 17%，市佔率下降了 4.2 個百分點，至 10%。Guru 的銷售額成長了 12.8%，但其市佔率下降了 0.2 個百分點，至 3.9%。可口可樂能量飲料的銷售量成長了 36.6%，市佔率成長了 0.1 個百分點，達到 0.8%。

According to Nielsen for all outlets combined in Mexico, the energy drink category increased 18.5% for the month of March 2021. Monster sales increased 19.3%. Our market share in value increased 0.2 of a point to 27.5% against the comparable period the previous year. Red Bull sales increased 17.6%, and its market share decreased by 0.1 of a point to 6.8%. Vive 100 sales increased 1.9%, and its market share decreased by 3.3 points to 20.3%. Vault's sales increased 20.1% and its market share increased 0.2 of a share point to 19.1%, while Boost sales decreased 1.3%, and its market share decreased 1.1 points to 5.6%. Amper's sales increased 45%, and its market share increased 3 points to 16.4%. Coca-Cola Energy sales decreased 94%, and its market share decreased 2.1 points to 0.1%. Predator, which was launched in March 2020, achieved a market share of 2.7%.

根據尼爾森公司的數據，2021 年 3 月，墨西哥所有零售店的能量飲料品類銷量成長了 18.5%。Monster銷量成長了19.3%。與上年同期相比，我們的市佔率（以價值計算）成長了0.2個百分點，達到27.5%。紅牛銷量成長了 17.6%，但市佔率下降了 0.1 個百分點，至 6.8%。Vive 100 的銷量成長了 1.9%，但其市佔率下降了 3.3 個百分點，至 20.3%。Vault 的銷售額成長了 20.1%，市佔率成長了 0.2 個百分點，達到 19.1%；而 Boost 的銷售額下降了 1.3%，市佔率下降了 1.1 個百分點，達到 5.6%。Amper 的銷售額成長了 45%，市佔率成長了 3 個百分點，達到 16.4%。可口可樂能量飲料的銷售量下降了 94%，市佔率下降了 2.1 個百分點，至 0.1%。Predator於2020年3月推出，市佔率為2.7%。

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 one or more energy drink brands during a particular month. Consequently, such activities could have a significant impact on the monthly Nielsen statistics for Mexico.

尼爾森對墨西哥的統計數據涵蓋單一月份，這是一個較短的時期，而且往往會受到 OXXO 便利連鎖店（該連鎖店在市場上佔據主導地位）的銷售額的實質性正面和/或負面影響。OXXO 便利商店連鎖的銷售額可能會受到一個或多個能量飲料品牌在特定月份在該連鎖店開展的促銷活動的影響。因此，此類活動可能會對尼爾森墨西哥的月度統計數據產生重大影響。

According to Nielsen, for the month of March 2021 compared to March 2020, Monster's retail market share in value increased in Argentina from 37.9% to 45.2% and in Brazil from 25.4% to 34.7%. In Chile, Monster's retail market share decreased from 42.1% to 40%. Monster Energy continues to be the leading energy brand in value in Argentina.

根據尼爾森的數據，2021 年 3 月與 2020 年 3 月相比，Monster 在阿根廷的零售市場份額（按價值計）從 37.9% 增長到 45.2%，在巴西的零售市場份額（按價值計）從 25.4% 增長到 34.7%。在智利，Monster 的零售市佔率從 42.1% 下降到 40%。Monster Energy 仍然是阿根廷性價比最高的能量飲料品牌。

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 ended April 4, 2021, Monster's retail market share in value as compared to the same period the previous year grew from 15.8% to 16% in Germany, from 19.7% to 28.1% in Italy and from 17.3% to 20.6% in South Africa.

我想指出，尼爾森在歐洲、中東和非洲地區的收視率數據只能作為參考，因為尼爾森在歐洲、中東和非洲地區讀取的收視率數據因國家/地區而異，而且報告日期也因國家而異。根據尼爾森的數據，截至 2021 年 4 月 4 日的 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 15.8% 增長到 16%，在義大利從 19.7% 增長到 28.1%，在南非從 17.3% 增長到 20.20%。

According to Nielsen, in the 13-week period till the end of March 2021. Monster's retail market share in value as compared to the same period the previous year grew from 13.2% to 15.1% in Belgium; from 12.6% to 14.8% in the Czech Republic; from 24.5% to 26.4% in Denmark; from 28% to 31.8% in France; from 22.7% to 27.9% in Great Britain; from 34% to 37.7% in Greece; from 6.4% to 8% in the Netherlands; from 24.7% to 29.1% in Norway; from 15.3% to 18.2% in Poland; from 23.8% to 28% in the Republic of Ireland; and from 34% to 36% in Spain; and from 13.5% to 14.9% in Sweden. 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 3 月底的 13 週內。與上年同期相比，Monster在比利時的零售市場份額（按價值計）從13.2%增長到15.1%；在捷克共和國從12.6%增長到14.8%；在丹麥從24.5%增長到26.4%；在法國從28%增長到31.8%；在英國從22.7%增長到27. ；在希臘從34%增長到37.7%；在荷蘭從6.4%增長到8%；在挪威從24.7%增長到29.1%；在波蘭從15.3%增長到18.2%；在愛爾蘭共和國從23.8%增長到28%；在西班牙從34%增長到36%；在瑞典增長到13.9%。尼爾森在歐洲、中東和非洲地區的收視率數據僅供參考，因為尼爾森在歐洲、中東和非洲地區讀取的收視率數據因國家而異。

According to IRI in Australia, Monster's market share in value for the 4 weeks ended April 11, 2021, and increased from 10% to 13.1% as compared to the same period the previous year. Mother's market share in value decreased from 13.6% to 11.8% during the same period. The market share of the company's brands in Australia for the 4 weeks ended April 11, 2021, increased from 23.6% to 24.9%.

根據澳洲IRI的數據，截至2021年4月11日的4週內，Monster的市佔率（以價值計算）從去年同期的10%成長到13.1%。同期，母親品牌的市佔率（以價值計）從 13.6% 下降到 11.8%。截至 2021 年 4 月 11 日的 4 週內，該公司旗下品牌在澳洲的市佔率從 23.6% 成長至 24.9%。

According to IRI in New Zealand, Monster's market share in value for the 4 weeks ended April 18, 2021, increased from 9.9% to 12.7% as compared to the same period the previous year. Live+ market share in value decreased from 7.4% to 6.5%, and Mother's market share in value decreased from 6.5% to 5.6%. The market share of the company's brands in New Zealand for the 4 weeks ended April 18, 2021, increased from 23.9% to 24.8%.

根據紐西蘭IRI的數據，截至2021年4月18日的4週內，Monster的市佔率（以價值計算）從去年同期的9.9%成長至12.7%。Live+ 的市佔率（以價值計算）從 7.4% 下降到 6.5%，而 Mothers 的市佔率（以價值計算）從 6.5% 下降到 5.6%。截至 2021 年 4 月 18 日的 4 週內，該公司旗下品牌在新西蘭的市佔率從 23.9% 成長至 24.8%。

According to Nielsen, in South Korea, Monster's market share in value in all outlets combined for the month of March 2021, increased from 52.3% to 54.8% as compared to the same period in the previous year. According to INTAGE in Japan, Monster's market share in value in the convenience store channel for the month of March 2021 decreased from 62.1% to 50.1% as compared to the same period in the previous year. Monster remains the market leader in Japan. However, our share was negatively impacted by the labeling issue of a product referenced in our fourth quarter 2020 release, which was relisted on retail shelves in April 2021 by the introduction of new SKUs by a new competitor and by the timing of our 2021 innovation. 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.

根據尼爾森的數據，2021 年 3 月，Monster 在韓國所有門市的市佔率（以價值計算）從去年同期的 52.3% 成長到 54.8%。根據日本 INTAGE 的數據，2021 年 3 月 Monster 在便利商店通路的市佔率（以價值計算）較去年同期下降了 62.1% 至 50.1%。Monster 在日本市場依然保持領先地位。然而，由於我們在 2020 年第四季發布的產品標籤問題，我們的市佔率受到了負面影響。該產品於 2021 年 4 月重新上架零售貨架，原因是新的競爭對手推出了新的 SKU，以及我們 2021 年創新產品的推出時間。我們再次指出，某些涵蓋單個月或 4 週期間的市場統計數據，往往會受到該期間促銷活動或其他交易因素的實質正面和/或負面影響。

Net sales to customers outside the U.S. was $459.4 million a 36.9% of total net sales in the 2021 first quarter compared with $356.8 million and 33.6% of total net sales in the corresponding quarter in 2020. Foreign currency exchange rates had the effect of increasing net sales in U.S. dollars by approximately $9.3 million in the 2021 first quarter. Included in reported geographic sales are our sales to the company's military customers, which are delivered in the U.S. and transshipped to the military and their customers overseas.

2021 年第一季，美國以外客戶的淨銷售額為 4.594 億美元，佔總淨銷售額的 36.9%，而 2020 年同期為 3.568 億美元，佔總淨銷售額的 33.6%。外匯匯率的影響使得 2021 年第一季以美元計價的淨銷售額增加了約 930 萬美元。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 first quarter increased 27.7% in dollars and increased 21.2% in local currencies over the same period in 2020. Gross profit in this region as a percentage of net sales in the first quarter was 37.3% compared to 43.1% (sic) [41.3%] in the same quarter in 2020, primarily...

在歐洲、中東和非洲地區，2021 年第一季淨銷售額以美元計成長 27.7%，以當地貨幣計成長 21.2%，與 2020 年同期相比。該地區第一季毛利佔淨銷售額的百分比為 37.3%，而 2020 年同期為 43.1%（原文如此）[41.3%]，主要原因是…

41.3%.

41.3%。

Sorry, 41.3%, primarily due to unfavorable country and product mix. We are also pleased that in the 2021 first 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.

抱歉，實際佔比為 41.3%，主要原因是國家和產品組合不利。我們也很高興地看到，在 2021 年第一季度，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、西班牙和瑞典獲得了市場份額。

In Asia Pacific, net sales in the 2021 first quarter increased 24.8% in dollars and 17.4% in local currencies over the same period in 2020. Gross profit in this region as a percentage of net sales was 48.8% versus 42% over the same period in 2020.

在亞太地區，2021 年第一季淨銷售額以美元計算比 2020 年同期成長 24.8%，以當地貨幣計算成長 17.4%。該地區的毛利佔淨銷售額的百分比為 48.8%，而 2020 年同期為 42%。

In Japan, net sales in the 20,21 first quarter increased 9.2% in dollars and 4.1% in local currency. In South Korea, net sales increased 17% in dollars and 9.6% in local currency as compared to the same quarter in 2020. In China, net sales increased 59.4% in dollars in the 2021 first quarter and 48% in local currency as compared to the same quarter in 2020.

在日本，2021 年第一季淨銷售額以美元計成長 9.2%，以當地貨幣計成長 4.1%。在韓國，淨銷售額以美元計算成長了 17%，以當地貨幣計算成長了 9.6%，與 2020 年同期相比。在中國，2021 年第一季淨銷售額以美元計算成長 59.4%，以當地貨幣計算成長 48%，與 2020 年同期相比。

In Oceania, which includes Australia, New Zealand, Tahiti, French Polynesia, New Caledonia, Papua New Guinea and Guam, net sales increased 66% in dollars and 47.8% in local currencies. Sales of the Monster brand in Oceania increased 65.6% in dollars and 48.1% in local currency as compared to the same quarter in 2020.

在包括澳洲、紐西蘭、塔希提島、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，淨銷售額以美元計增長了 66%，以當地貨幣計增長了 47.8%。與 2020 年同期相比，Monster 品牌在大洋洲的銷售額以美元計增長了 65.6%，以當地貨幣計增長了 48.1%。

In Latin America, including Mexico and the Caribbean, net sales in the 2021 first quarter increased 35.7% in dollars and increased 55.9% in local currencies over the same period in 2020. Gross profit in this region as a percentage of net sales was 37.9% compared to 42.5% over the same period in 2020, primarily as a result of foreign exchange rates as 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 年第一季淨銷售額以美元計增長 35.7%，以當地貨幣計增長 55.9%，與 2020 年同期相比。該地區的毛利佔淨銷售額的百分比為 37.9%，而 2020 年同期為 42.5%，這主要是由於外匯匯率波動，因為該地區某些產品的原材料和配料是以美元購買的。

In Brazil, net sales in the 2021 first quarter increased by 34% in dollars and 70.1% in local currency. Net sales in Chile increased 48.9% in dollars and 37.7% in local currency in the 2021 first quarter.

在巴西，2021 年第一季淨銷售額以美元計成長了 34%，以當地貨幣計成長了 70.1%。2021 年第一季度，智利的淨銷售額以美元計成長 48.9%，以當地貨幣計成長 37.7%。

Since our last earnings call in February 2021, there have been no significant updates on our litigation with Vital Pharmaceuticals, the maker of Bang Energy Drinks. As this litigation and other pending proceedings with VPX are sub judice. We will not be answering any questions on this matter on today's call.

自 2021 年 2 月上次財報電話會議以來，我們與 Bang Energy Drinks 的製造商 Vital Pharmaceuticals 之間的訴訟沒有任何重大進展。由於本訴訟及與 VPX 的其他待決訴訟均處於審理階段。在今天的電話會議上，我們將不會回答任何有關此事的提問。

In the United States, during early January 2021, we converted our 10-pack Monster portfolio into 12 packs. In late January 2021, we launched Reign Cherry Limeade and Reign White Gummy Bear as well as Reign Inferno Watermelon Warlord. We also launched Monster Ultra Gold in singles and in a 4-pack. In late February 2021, we launched 4 core flavors: Monster Green, Low-Carb Monster, Monster Zero Ultra and Monster Ultra Paradise in 12-ounce slim cans targeted to the convenience retail channel and food service channel.

2021 年 1 月初，我們在美國將 10 包裝的 Monster 產品組合改為 12 包裝。2021 年 1 月下旬，我們推出了 Reign 櫻桃青檸味汽水、Reign 白熊軟糖以及 Reign 西瓜烈焰味汽水。我們也推出了單瓶裝和四瓶裝的Monster Ultra Gold。2021 年 2 月下旬，我們推出了 4 款核心口味：Monster Green、Low-Carb Monster、Monster Zero Ultra 和 Monster Ultra Paradise，採用 12 盎司纖細罐裝，目標市場為便利零售通路和餐飲服務通路。

In late March 2021, we converted our entire Monster Hydro portfolio into 20-ounce PET containers and added 2 new Monster Hydro Super Sport SKUs, Killer Kiwi and Macho Mango. In late March 2021, we also launched Rehab Monster Strawberry Lemonade as the first non-tea option in the Rehab Monster brand family. We refreshed 2 SKUs during the first quarter of 2021, Monster Max Super Dry into Monster Nitro Super Dry in a 16-ounce can as well as a refreshed design on Monster Assault.

2021 年 3 月下旬，我們將整個 Monster Hydro 產品組合轉換為 20 盎司 PET 容器，並增加了 2 個新的 Monster Hydro Super Sport SKU：Killer Kiwi 和 Macho Mango。2021 年 3 月下旬，我們還推出了 Rehab Monster 草莓檸檬水，這是 Rehab Monster 品牌家族中第一個非茶飲選擇。2021 年第一季度，我們對 2 個 SKU 進行了更新，將 Monster Max Super Dry 升級為 16 盎司罐裝的 Monster Nitro Super Dry，並對 Monster Assault 進行了重新設計。

This summer, we are also planning to launch a line -- a new line of energy drinks under the True North brand name in 12-ounce sleek cans, which will contain an organic plant-based energy blend and ingredients for immunity support. Initially, True North will have a limited target in 2021, with plans for a full launch into mainstream channels in 2022. We are planning to launch additional new products later in 2021.

今年夏天，我們還計劃推出一個新系列——以 True North 品牌命名的全新能量飲料系列，採用 12 盎司時尚罐裝，其中將包含有機植物能量混合物和增強免疫力的成分。True North 最初在 2021 年的目標有限，計劃在 2022 年全面進軍主流管道。我們計劃在2021年稍後推出更多新產品。

In Canada, during early January 2021, we launched Monster Ultra Fiesta, Java Monster Oat Milk as well as Monster Ultra Paradise 4 pack. Later in February 2021, we launched Monster Ultra Paradise in singles as a 310 ml option. In early March 2021, we launched Reign Lilikoi Lychee singles and Reign Orange Dreamsicle in singles and a 4-pack. We also launched NOS Turbo in March 2021. In February 2021, we launched Pacific Punch in Mexico. And in Honduras, we launched Mean Green, our second flavor of Fury which is one of our affordable energy brands. In March 2021, we launched Ultra Watermelon in Puerto Rico and Ultra Paradise and Aruba.

2021 年 1 月初，我們在加拿大推出了 Monster Ultra Fiesta、Java Monster 燕麥奶以及 Monster Ultra Paradise 4 包裝。2021 年 2 月下旬，我們推出了 Monster Ultra Paradise 單瓶裝，規格為 310 毫升。2021 年 3 月初，我們推出了 Reign Lilikoi Lychee 單支裝和 Reign Orange Dreamsicle 單支裝和 4 支裝。我們也在 2021 年 3 月推出了 NOS Turbo。2021年2月，我們在墨西哥推出了Pacific Punch。在宏都拉斯，我們推出了 Mean Green，這是我們 Fury 系列的第二種口味，Fury 是我們價格親民的能量品牌之一。2021 年 3 月，我們在波多黎各推出了 Ultra Watermelon，在阿魯巴推出了 Ultra Paradise。

We introduced a number of SKUs across EMA in the 2021 first quarter. Highlights include the geographical expansion of a number of existing Monster, Reign and strategic brand products into new countries, including Juice Monster Pacific Punch, Juice Monster Monarch, which is Papillon in non-EMEA markets, Juice Monster Mango Loco, Juice Monster Pipeline Punch, Monster Ultra Paradise, Monster Ultra Fiesta, Monster Zero Ultra, Monster Ultra Blue, Black Monster Ultra Sunrise in Russia, Monster Mule, Burn Zero Peach and Play Zero Peach. Various Reign SKUs, including Reign Melon Mania, Sour Apple, Razzle Berry, Peach Fizz, Orange Dreamsicle and Lemon HDZ were launched in Belgium, the Netherlands, South Africa, Estonia, Latvia, Lithuania, Sweden and Germany in the first quarter of 2021.

我們在 2021 年第一季在 EMA 地區推出了一系列 SKU。亮點包括將多個現有的 Monster、Reign 和戰略品牌產品擴展到新的國家，包括 Juice Monster Pacific Punch、Juice Monster Monarch（在非 EMEA 市場稱為 Papillon）、Juice Monster Mango Loco、Juice Monster Pipeline Punch、Monster Ultra Paradise、Monster Ultra Fiesta、Monster Zero Ultra、Monster Blue Monero、Monster Ultrad2021 年第一季度，Reign 的各種 SKU，包括 Reign Melon Mania、Sour Apple、Razzle Berry、Peach Fizz、Orange Dreamsicle 和 Lemon HDZ，在比利時、荷蘭、南非、愛沙尼亞、拉脫維亞、立陶宛、瑞典和德國推出。

In January 2021, we launched Ultra Rosa market-wide in Australia, following an exclusive lead launch with One 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，我們在澳洲全面推出 Ultra Rosa，此前我們在 2020 年第四季度與 One Chain 進行了獨家首發。2021 年 3 月，我們在新西蘭推出了 Monster Super Fuel，有紫色激情口味和無糖口味兩種。

During the 2021 first quarter in Japan, we launched Monster Energy Super Cola with our distributor, Asahi Soft Drinks. Additionally, we began shipments in the quarter in Japan for the relaunch at retail of Ultra Paradise in April 2021. During the 2021 first quarter, we launched Pipeline Punch in Hong Kong and Macau, and began distribution of Monster Energy Zero Sugar in the Philippines. We are planning to launch a number of additional products and/or market lines in our domestic and international markets later this year.

2021 年第一季度，我們與經銷商朝日軟性飲料在日本推出了 Monster Energy Super Cola。此外，我們已於本季開始在日本出貨，為 Ultra Paradise 於 2021 年 4 月在零售通路重新推出做準備。2021 年第一季度，我們在香港和澳門推出了 Pipeline Punch，並開始在菲律賓分銷 Monster Energy Zero Sugar。我們計劃於今年稍後在國內和國際市場推出一系列其他產品和/或市場線。

During the 2021 first quarter, no shares were repurchased under the previously authorized repurchase program. As of May 6, 2021, approximately $441.5 million remained available for repurchase under the previously authorized repurchase program. We estimate April 2021 sales to be approximately 71.3% higher than in April 2020. On a foreign currency-adjusted basis, April 2021 sales would have been approximately 67.8% higher than comparable April 2020 sales. April 2021 had the same number of selling days as April 2020. Please keep in mind that the comparative April 2020 sales will materially adversely impacted by the COVID-19 pandemic.

2021 年第一季，沒有根據先前授權的回購計畫回購任何股份。截至 2021 年 5 月 6 日，根據先前授權的回購計劃，仍有約 4.415 億美元可供回購。我們預計 2021 年 4 月的銷售額將比 2020 年 4 月成長約 71.3%。以外幣匯率調整後，2021 年 4 月的銷售額將比 2020 年 4 月的銷售額高出約 67.8%。2021年4月的銷售天數與2020年4月相同。請注意，受新冠肺炎疫情影響，2020 年 4 月的銷售額將受到重大不利影響。

In our 2020 first quarter conference call to shareholders, we reported that April 2020 sales were 22.2% lower than our April 2019 sales with the same number of selling days in both periods. In this regard, we are cautioned 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 fall, timing of new product launches, 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.

在 2020 年第一季股東電話會議上，我們報告稱，2020 年 4 月的銷售額比 2019 年 4 月的銷售額下降了 22.2%，而這兩個時期的銷售天數相同。在這方面，我們再次提醒，短期內的銷售額往往會受到各種因素的不成比例的影響，例如銷售日、節假日所在的星期幾、新產品上市的時間、零售店提價和促銷的時間、分銷商的激勵措施以及生產時間的變化。在某些情況下，我們的裝瓶商負責生產並單方面決定其生產計劃，這會影響我們向這些裝瓶商開具發票的日期，以及我們的分銷合作夥伴出於自身商業原因單方面調整的庫存水平。

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，短期內（例如一個月）的銷售額不應被簡單地歸因於或視為整個季度或任何未來時期的業績指標。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存在，我們在這些地區的新產品創新發布可能會被推遲。

In conclusion, I would like to summarize some recent positive points. One, currently, the company's flavor manufacturing facilities, it's 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，我想總結一下最近的一些正面方面。目前，該公司的香料生產設施、代工包裝商、倉庫和運輸設施以及裝瓶商和分銷商都在運作。鑑於我們的銷售成長以及目前鋁罐行業的供應限制，我們正在不斷調整對鋁罐的需求。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產品。

Three, we are planning to continue additional launches of our Reign Total Body Fuel high-performance energy drinks in additional international countries. Four, 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 brands in a number of international countries during the year. Five, finally, please note that similar to last year in the light of the COVID-19 pandemic, we will conduct our annual stockholders' meeting exclusively as a viral meeting via live webcast. Additional information regarding attending the annual meeting, voting your shares and submitting questions can be found in the company's proxy statement.

第三，我們計劃在更多國際國家繼續推出我們的 Reign Total Body Fuel 高性能能量飲料。第四，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推出感到滿意。我們正按計劃推進，今年將在多個國際國家推出我們價格實惠的能源品牌。第五，最後一點，請注意，與去年一樣，鑑於 COVID-19 疫情，我們將完全透過網路直播的方式舉行年度股東大會。有關參加年度股東大會、投票表決和提交問題的更多信息，請參閱公司的委託書聲明。

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

我想開放提問環節，回答大家關於本季的問題。謝謝。

(Operator Instructions) The first question is from Bonnie Herzog of Goldman Sachs.

（操作員說明）第一個問題來自高盛的邦妮·赫爾佐格。

I wanted to ask you guys about the shortages of cans you're experiencing. Could you give us a sense of how big of a driver that was of your gross margin contraction in the quarter? I mean was it the bulk of that, for instance? And I'm curious to hear if the situation has deteriorated further in April and May? And then finally, when do you expect the shortage situation to improve or maybe stabilize? I mean, I guess, trying to understand if we all should assume this will be a pretty big issue for the remainder of the year?

我想問你們那邊罐頭短缺的情況。您能否簡要說明一下，這在多大程度上導致了本季毛利率的下降？我的意思是，比如說，那是其中的大部分嗎？我很想知道四月和五月的情況是否會進一步惡化？最後，您預期短缺情況何時會改善或趨於穩定？我的意思是，我想，我們應該弄清楚這是否都會是今年餘下時間裡一個相當大的問題？

Okay. So maybe I can get that, Bonnie. So what happened when we set our can requirements with our can companies about a year ago, we estimated that our sales would be 10% to 12% or up this year. In fact, as you can see, they are substantially above that. So whatever we contracted for, we've got. What happened with our sales in January and February, our sales were doing okay. And then in March, they've spiked up. And as Rodney quoted, in April, they are spiked up yet again.

好的。或許我能得到那個，邦妮。大約一年前，當我們與罐頭公司確定罐頭需求時，我們估計今年的銷售額將成長 10% 至 12% 或更高。事實上，正如你所看到的，它們遠高於這個數值。所以，我們合約裡約定的，都得到了。一月和二月的銷售額到底發生了什麼事？我們之前的銷售額還不錯。然後到了三月份，它們的數量激增。正如羅德尼所說，到了四月份，它們又飆升。

So what we've done is we've procured additional cans from South America and from Asia that will start coming in late in the second quarter. We also have new can companies that are opening their doors later this year, and we will be drawing cans from those companies as well. So to answer your question about the first quarter, yes, there was an impact. And the big impact, as we mentioned, in the release and on this call is that the bigger impact was these freight-in costs where we were drawing product, for example, from Canada, and we were shipping product from various locations to our distribution center that impacted cost of sales. We also had -- we broke our orbits.

因此，我們從南美洲和亞洲購買了額外的罐頭，這些罐頭將於第二季末開始陸續到貨。今年晚些時候，我們還有一些新的罐頭公司開業，我們也會從這些公司購買罐頭。所以回答你關於第一季的問題，是的，確實受到了影響。正如我們在新聞稿和本次電話會議中提到的，最大的影響是這些運費成本，例如，我們從加拿大等地採購產品，然後從各個地點將產品運送到我們的配送中心，這影響了銷售成本。我們也曾——我們打破了軌道。

In other words, we've always tried to manufacture and sell within regions to avoid excessive shipping costs. We had to break that this year to satisfy consumer demand and so that was another factor that impinged on the results. But the margin was impacted by -- not only by those freight costs, but as we mentioned by the promotional allowances that were higher in the second quarter across the board. And also from our geographical sales mix because, as you know, we sold a significantly higher percentage of product overseas than we did in the U.S.

換句話說，我們一直努力在區域內生產和銷售，以避免過高的運輸成本。今年我們不得不打破這項慣例以滿足消費者需求，這也是影響績效的另一個因素。但利潤率不僅受到運費的影響，而且正如我們所提到的，還受到第二季度普遍較高的促銷津貼的影響。此外，從我們的地域銷售組合來看，如您所知，我們在海外銷售的產品比例遠高於在美國銷售的產品比例。

So it's the same story that we've experienced and we've spoken to shareholders, the more we sell overseas, the lower is our gross margin percentage. But again, I must caution shareholders that we bank dollars, we don't bank gross profit percentages. And in taking the decisions we took in the first quarter, it was important to do so to satisfy demand. We knew the profitability would be higher, but the percentage may, in fact, be lower, which it was.

所以，我們遇到的情況和與股東溝通的情況一樣，海外銷售額越高，毛利率就越低。但我再次提醒股東，我們存的是美元，不是毛利率。在第一季度，我們所做的各項決策都以滿足市場需求為目標。我們知道獲利能力會更高，但實際百分比可能會更低，而事實也的確如此。

The next question is from Laurent Grandet of Guggenheim.

下一個問題來自古根漢美術館的洛朗·格朗德。

And actually, I want to dig a bit more in what you're just saying in terms of gross margin. So you mentioned freight, so I understand that's the #1. The aluminum cans, you mentioned also, I mean, promotional activity. So if we were to put some numbers, I mean if freight, 50% of the impact. I mean aluminum can are maybe 30%, and promotional activity, 20%. I'd like to basically understand this a bit better. If you can, give us an idea here, that would be great?

實際上，我想更深入地探討你剛才提到的毛利率問題。你提到了貨運，所以我了解到貨運是第一大因素。你剛才也提到了鋁罐，我的意思是，促銷活動。所以如果我們用一些數字來衡量，我的意思是，如果是貨運，影響高達 50%。我的意思是，鋁罐可能佔 30%，促銷活動佔 20%。我想更深入地了解這方面的內容。如果可以的話，請給我們一些建議，那就太好了！

So Laurent, we spoke about the first quarter. In the first quarter, the impact of the aluminum can costs were not a major factor. And as you know, and everyone else on the call probably knows as well that we have suffered significant and will suffer significant increases in aluminum costs going forward. So for example, it's no secret. But if you look back on a year ago, aluminum costs are up 83.6%, including the Midwest Premium in the U.S., and they're up 71%, 71.1% in Europe. So as we go forward, we may not have some of the cost impacts on gross margin, but we certainly will have impacts on aluminum in the second and subsequent quarters.

所以洛朗，我們剛才談的是第一季的情況。第一季度，鋁罐成本的影響並不大。如您所知，而且電話會議上的其他人可能也都知道，我們已經遭受了鋁成本的大幅上漲，而且未來還將繼續遭受大幅上漲。例如，這已不是什麼秘密。但回顧一年前，鋁價上漲了 83.6%，其中包括美國的中西部溢價；歐洲的鋁價也上漲了 71%，71.1%。因此，展望未來，我們可能不會看到一些成本對毛利率的影響，但鋁材肯定會在第二季及以後的季度受到影響。

So for me to talk more about the first quarter, we don't actually give the numbers out that you're asking for. But what I can say is that I don't expect the margins to improve going forward this year. I expect that we will not -- that our margins will not improve as we go into the second, third. Possibly the fourth quarter, I think things will be better. That's my analysis. But certainly in the second and third quarter, we will continue to suffer gross margin percentage in our stress gross margin percentage erosion.

所以，要我詳細談談第一季的情況，我們實際上不會公佈您所要求的具體數字。但我可以肯定的是，我預計今年利潤率不會有所改善。我預計我們不會——進入第二、第三季度，我們的利潤率不會提高。我覺得到了第四季情況可能會好轉。這是我的分析。但可以肯定的是，在第二季和第三季度，我們的毛利率將繼續下降，壓力測試毛利率也會繼續下滑。

The next question is from Chris Carey of Wells Fargo Securities.

下一個問題來自富國證券的克里斯凱裡。

So obviously, a big number quarter-to-date. And I guess the question is, with the aluminum supply shortages that you have, are you going to run into some issues with the ability to fill that demand? And could that prevent you from doing some things that might help with your gross margin, which sounds like they could improve by Q4, like taking any pricing in the business?

顯然，本季至今的數字很大。我想問的是，鑑於你們目前鋁供應短缺的情況，你們在滿足需求方面是否會遇到一些問題？這是否會妨礙你做一些可能有助於提高毛利率的事情（聽起來毛利率在第四季度可能會有所改善），例如採取任何定價策略？

So that's obviously something that we're very aware about on pricing. I know what some of our competitors, some of the big beverage companies have spoken about with regard to pricing. But I'm not sure that we would take -- move ourselves. Last time we went ahead and did it irrespective of Red Bull's strategy with regard to pricing. They -- I think this time around, we're examining what they will be doing. Remember, they're importing a substantial amount of their cans and product from overseas. So we'll be watching that.

所以，這顯然是我們非常重視定價的一個面向。我知道我們的一些競爭對手，一些大型飲料公司，在定價方面都談過什麼。但我不太確定我們是否會採取——自行搬遷。上次我們不管紅牛的定價策略如何，都照做了。我認為這一次，我們要考察的是他們將要做什麼。請記住，他們從海外進口了大量的罐頭和產品。所以我們會密切關注此事。

But there are other ways to take price up, for example, we can reassess, which we are doing, structure of promotional allowances to move margins in a more positive direction. But again, we don't want to disturb the business that is doing very well. Our share is -- we're happy with where the business is going. We're happy with our share, and we don't want to disturb what we already have. So we bring in cans from abroad, as I said, we're getting new cans in the system later on in the year. And as far as we're concerned, we'll continue to examine the opportunity to take price. And if necessary, as I've said, we're looking at our promotional allowances as well.

但還有其他方法可以提高價格，例如，我們可以重新評估（我們正在這樣做）促銷津貼的結構，以使利潤率朝著更積極的方向發展。但是，我們不想打擾這家經營狀況良好的企業。我們的看法是──我們對公司的發展方向感到滿意。我們對目前的份額很滿意，不想破壞我們已經擁有的東西。正如我所說，我們從國外進口罐頭，今年稍後我們會將新的罐頭引入系統。就我們而言，我們將繼續研究定價的機會。如我所說，如有需要，我們也會考慮調整晉升津貼。

The next question is from Andrea Teixeira of JPMorgan.

下一個問題來自摩根大通的安德烈亞·特謝拉。

On the True North Organic Energy launch, should we assume that the impact will be mostly concentrated in the second half, and particularly in 2022? And does that mean you have decided to remain in the alcohol segment and you're not launching a hard seltzer for now? And then, Hilton, on the gross margin, and I appreciate your commentary, maybe perhaps we should assume that it may get worse before it gets better, given the freight and aluminum have actually been sequentially worse?

關於 True North Organic Energy 的推出，我們是否應該認為其影響將主要集中在下半年，特別是 2022 年？那是不是代表你們決定繼續留在酒精飲料領域，暫時不推出硬蘇打水？然後，希爾頓，關於毛利率，我很欣賞你的評論，考慮到貨運和鋁的價格實際上已經連續下跌，或許我們應該假設情況可能會先惡化後好轉？

Perhaps I'll take the part of it, and Hilton can take part of it. On True North, we are, as I indicated, we are going to have limited sales just going into and seeding the market this year. The full launch and rollout will take place early in -- from the beginning or early in 2022. So it will -- we think it will have an impact in 2022, and we'll have much less of an impact this year.

或許我可以參與其中，希爾頓也可以參與其中。正如我之前提到的，True North 今年的銷售規模有限，主要目的是進入市場並進行試水。全面發布和推廣將在年初或 2022 年初進行。所以，我們認為這將在 2022 年產生影響，而今年的影響將小得多。

Okay. Andrea, you were talking about margins. As I said, I don't think margins will get better in the second and the third quarter, margin percentages. But with robust sales, which is obviously something that we're looking at in terms of our own forecasting, although we don't give guidance, we must look at the bottom line, and we must not necessarily look at percentages. Because what we have to do as part of our everyday function is to satisfy the demand of our customers because the last thing we want to do is to have our bottlers on the line without inventory, our consumers gravitating to other products. And we have to maintain the status quo. The company is doing really well on the top line. And we, hopefully, will continue to do so.

好的。安德里亞，你剛才在談論利潤率。正如我所說，我認為第二季和第三季的利潤率不會好轉。但是，如果銷售額強勁成長（這顯然是我們自己預測時會考慮的因素，雖然我們不提供指導），我們必須專注於最終結果，而不一定關注百分比。因為我們日常工作的一部分就是滿足客戶的需求，我們最不希望看到的情況就是灌裝工人在生產線上工作卻沒有庫存，導致消費者轉向其他產品。我們必須維持現狀。公司營收表現非常出色。希望我們能繼續這樣做。

Yes. Just -- and then just to complete your question with regard to the alcoholic seltzer side. I don't think you can assume that we are going into it or not going into it. Don't make that assumption. We've addressed the nonalcoholic seltzer market. We've decided a strategy, and we've developed products, and align. And we are going to launch that line. As regards to alcoholic seltzer, we are still looking at the market. I think if you have been watching the market, I'm sure the analysts have been. I think you've seen quite a lot of -- a fortune of new products being launched. Many -- in cases from the same companies, just different variants. Throwing them against the wall and seeing what's going to stick.

是的。就——然後就補充你關於含酒精蘇打水的問題。我認為你不能假定我們會參與或不會參與。不要妄下結論。我們已經涉足無酒精蘇打水市場。我們已經制定了策略，開發了產品，並且達成了一致。我們將推出這條生產線。至於含酒精蘇打水，我們仍在關注市場。我認為，如果你一直關注市場，那麼分析師們肯定也關注了。我想你已經看到了很多——大量的新產品上市了。許多產品——即使是同一家公司生產的，也只是不同的型號。把它們一股腦兒地扔到牆上，看看哪些能黏住。

What you've also seen in the last 3 months, what we've noticed is quite a falloff in the rate of increase in the category. And as the category is maturing, so the increase is also tempering. So we are involved in looking at that category in developing products and as I think I've said in the last call, we simply don't want to launch a product. That's me-too and that follows everyone else. It's just no point in that in taking the time and effort and detracting from our focus on our core energy brands and portfolio, where we get a better return and obviously, it's much easier for us to get meaningful sales.

在過去三個月裡，我們也注意到該類別成長率出現了相當大的下降。隨著該品類日趨成熟，成長速度也隨之放緩。所以我們正在研究這個類別的產品開發，正如我在上次電話會議中所說，我們根本不想推出產品。我也是，其他人也一樣。這樣做毫無意義，會分散我們對核心能源品牌和產品組合的注意力，而這些品牌和產品組合能為我們帶來更好的回報，而且顯然，我們更容易獲得有意義的銷售。

But we are continuing to monitor the alcoholic energy seltzer category. And we may well do something in that. But how we do it and what we do it is still not being determined and still not -- we don't have a firm direction. So all I can really say is just that we are addressing it, but you shouldn't assume that we are definitely going to go ahead or definitely not going to go ahead or how.

但我們會繼續關注含酒精能量蘇打水這一品類。我們或許能在這方面有所作為。但是我們如何做以及我們做什麼仍然沒有確定，我們仍然沒有明確的方向。所以我只能說我們正在處理這個問題，但你們不應該假設我們一定會繼續進行或一定會不進行，或者會如何進行。

The next question is from Mark Astrachan of Stifel.

下一個問題來自 Stifel 公司的 Mark Astrachan。

I guess, don't kill me, I'm going to ask a bunch of follow-up questions here. So hoping to restrain yourself for a second. I guess on -- are can shortages impacting your U.S. market share, if not, or if they are, could you maybe just talk about kind of what you're seeing in the U.S.? Also, could you clarify on the gross margin you're talking about relative to 1Q levels for 2Q and 3Q? Or are you talking about -- you're not giving us any sort of color on 2Q and 3Q relative to 1Q?

我想，別打我，我還要問一些後續問題。所以，我希望能克制自己一會兒。我想問的是──罐頭短缺是否影響了你們在美國的市佔率？如果沒有影響，或者如果影響了，您能否談談您在美國看到的情況？另外，您能否具體說明一下，您所說的毛利率是相對於第一季的水平，還是相對於第二季和第三季的水平？或者你是說——你完全沒有給我們提供關於第二季度和第三季度相對於第一季的任何資訊？

And then back to the other question on pricing and then related to promotional allowances. So you're capacity constrained, at least for the time being, what's the harm in taking price to constrain the demand and then also, you're suggesting then the promotional allowances after 1Q will lessen in 2Q, 3Q kind of for the same effect?

然後回到定價和促銷津貼相關的另一個問題。所以你們的產能至少目前是受限的，那麼透過降價來抑制需求又有什麼壞處呢？而且，你們的意思是，第一季之後的促銷補貼在第二季、第三季也會減少，以達到相同的效果嗎？

Okay. So where do you want me to start? So I think it is fair to say that other stocks have impacted share. I don't know how big that impact is. And I'm not going to -- because honestly, we don't know. But what we do know is that Red Bulls on-premise has moved into the measured channels. There's no question about that. I think we underestimated the impact of their on-premise business moving into major channels. However, our share is doing nicely. Our sales are growing very nicely. And frankly, we are selling everything that we can make.

好的。那麼，你想讓我從哪裡開始呢？所以我認為可以公平地說，其他股票對股價產生了影響。我不知道這種影響有多大。我不會這麼做——因為說實話，我們不知道。但我們確實知道，紅牛的現場銷售管道已經轉向了可計量管道。這點毋庸置疑。我認為我們低估了他們本地業務進軍主流管道的影響。不過，我們這部分份額表現不錯。我們的銷售額成長勢頭非常強勁。坦白說，我們能生產的東西都賣光了。

And what you guys are not seeing or not addressing is things like Amazon. We spoke about the Stackline data and our other unmeasured channels, for example, the Home Depots and the Lowe's and the home improvement stores and all those other parts of the business that are very strong for us are continuing to grow and continue to gain share in those particular channels.

而你們沒有看到或沒有解決的是像亞馬遜這樣的公司。我們討論了 Stackline 數據和其他未衡量的管道，例如家得寶、勞氏、家居裝修商店以及我們業務中其他非常強勁的部分，這些部分都在繼續增長，並在這些特定管道中繼續獲得市場份額。

So overall, I think we are satisfied with where we are, as I said earlier. And we're anticipating that as soon as we -- the can start coming to the U.S., and we start being in a more orderly situation that we will continue to grow again as we anticipate. So that was one question.

所以總的來說，正如我之前所說，我認為我們對現狀感到滿意。我們預計，一旦我們能夠開始進入美國，並且我們開始處於一個更有秩序的局面，我們將如預期般繼續成長。這是其中一個問題。

Your second question was on margins. And I think I said that I expect -- my personal view, and this is not guidance, but I expect margins to get worse in the second and third quarter before they get better. So that's my answer to that.

你的第二個問題是關於邊際效益的。我想我說過，我個人認為（這並非業績指引），第二季和第三季的利潤率會進一步惡化，然後才會好轉。這就是我的答案。

Mark, just remind me, what were your other questions?

馬克，提醒我一下，你之前還有哪些問題？

Pricing and promotional allowances relative to capacity constraints.

定價和促銷優惠與產能限制相關。

Okay. I think pricing, I said to you, we're continuing to evaluate. And we're doing this on -- honestly, on a daily basis. We would like red Bull to lead, but if they don't lead, we'll make a decision as to where we should or shouldn't go with regard to pricing. With regard to promotional allowances, that is correct. We will -- we are putting back promotional allowances, and you should see -- we should see some impact in future quarters.

好的。關於定價，我之前也跟你說過，我們會繼續評估。說實話，我們每天都在做這件事。我們希望紅牛能夠引領價格，但如果他們不引領，我們將決定在定價方面我們應該或不應該採取什麼策略。關於晉升津貼，那是正確的。我們將恢復促銷津貼，你們應該會看到，未來幾季應該會看到一些效果。

Next question is from Dara Mohsenian of Morgan Stanley.

下一個問題來自摩根士丹利的達拉·莫森尼安。

So just one quick clarity question and then one broader question. Just -- it does sound like there's a little bit of demand impact from the lack of full supply on the aluminum side. Are you expecting that to be a significant issue in Q2 before it gets better and you get some of this incremental supply in? Just trying to understand that in the short term.

所以，請先問一個比較簡單的澄清問題，然後再問一個更廣泛的問題。聽起來，鋁供應不足似乎對需求產生了一些影響。你預計在第二季度，在情況好轉並獲得一些新增供應之前，這會是一個重大問題嗎？我只是想了解短期內的情況。

And then just a broader question, we've obviously seen an acceleration in U.S. energy category growth the last few quarters after the initial weakness for a few months post-COVID. Can you just review what you think the key factors have been behind that acceleration in U.S. category growth? How sustainable they are going forward as we sort of look to that cycling that higher category growth in the back half of the year?

再舉一個更廣泛的問題，我們顯然看到，在新冠疫情爆發後的最初幾個月疲軟之後，美國能源產業的成長在過去幾季明顯加速。您能否簡要回顧一下您認為推動美國品類成長加速的關鍵因素是什麼？隨著我們展望下半年該品類成長的周期性波動，它們未來的可持續性如何？

So maybe I'll just take the first one, and then we'll get Rodney to take the second one. So Dara, if you look at April sales, for example, and you take out -- you strip out what happened in 2020. And you can see that there was a very big impact in sales in the second quarter and a very positive impact. So it is presenting challenges to the supply chain team, and we are doing everything we can to ensure that we're able to keep as much as possible in stock. In fact, we're focusing on the SKUs that are generating the significant part of our volumes at the expense of SKUs that are not performing as well. So that's really where we're at with regard to the second quarter. We will be getting cans in. If these port issues resolve themselves, and we'll -- we're trying as best as we can to get back in stock as soon as possible.

所以也許我會先拿第一個，然後讓羅德尼拿第二個。所以達拉，例如，如果你看一下四月份的銷售額，然後把——把 2020 年發生的事情剔除出去。你可以看到，第二季的銷售額受到了非常大的影響，而且是非常正面的影響。因此，這給供應鏈團隊帶來了挑戰，我們正在盡一切努力確保盡可能保持庫存。事實上，我們正​​專注於那些貢獻了我們大部分銷售的 SKU，而犧牲那些表現不佳的 SKU。所以，這就是我們目前對第二季的了解。我們會進一些罐頭。如果這些港口問題能夠自行解決，我們將盡最大努力盡快恢復供貨。

Yes. Just to -- just add -- just one thing. The uncertainty that we've got is, obviously, for cans that we're reporting, we are also incurring freight costs above the aluminum cost or can price. So that's why those costs will go up the shorter term. As the additional plants in the U.S. come on stream, we will get back to a more normalized pricing structure for cans and get the additional volume. So it's a little difficult now to predict exactly where we're going to go on a month-to-month or quarter-to-quarter basis, but we think it will normalize, as Hilton said, towards the fourth quarter.

是的。補充一點。顯然，我們面臨的不確定因素是，對於我們報告的罐頭，除了鋁成本或罐頭價格之外，我們還需承擔運費。所以這就是為什麼這些成本在短期內會上升的原因。隨著美國更多工廠投產，罐頭食品的價格結構將恢復正常，銷售量也將隨之增加。所以現在很難準確預測我們每個月或每季的發展趨勢，但我們認為，正如希爾頓所說，這種情況將在第四季度恢復正常。

With regard to the increased category. I think we're already in a world of just unknowns. The category had a really steep hit awards in late March, early April last year. Different in different parts of the world, when a lot of the bottlers literally took their staff and people teams out of the markets. But it has come back and the growth has come back really, really nicely.

關於增加的類別。我認為我們已經身處一個充滿未知數的世界。去年三月下旬至四月初，該類別獎項的獲獎數量非常驚人。世界各地情況不盡相同，許多裝瓶商甚至將員工和團隊撤出了市場。但它已經恢復了，而且成長勢頭非常強勁。

And so one of the things that we were -- which were sort of unusual, we found that the growth was generally, historically has always been led by the convenience channel at a higher rate than the mainstream grocery and drug channels. And that sort of reversed itself with COVID. So again, you're looking at factors that are just not normal. What we have seen, as you can see from the last 4 weeks numbers, we quoted in Nielsen from convenience, that started to pick up again quite nicely. So again, we're in a very uncertain period because of what happened last year and your comps on last year. But even if you look at the 2-year stack sort of set of numbers, you're getting some healthy growth back, where the category had slowed a little bit towards the end of '19, the growth was -- they were still growing a bit slower.

因此，我們發現的一件事——這有點不尋常——是，從歷史上看，便利商店通路的成長速度通常高於主流雜貨店和藥局通路。而新冠疫情使這種情況發生了逆轉。所以，你看到的這些因素根本不正常。如您從過去 4 週的數據中看到的（為了方便起見，我們引用了尼爾森的數據），收視率開始好轉。所以，由於去年發生的事情以及你們去年的比賽成績，我們現在又處於一個非常不確定的時期。但即使你看一下這兩年的數據，你也會看到一些健康的成長，儘管該類別在 2019 年底增速有所放緩，但成長速度仍然略有下降。

So we think that we will see continued growth regardless of how we come out of COVID and how our people come back into the markets. And we are hopeful for that. But again, it's -- we just can't predict that at this stage. Our numbers are good. The numbers are strong. And Red Bull's numbers have been strong again, a little bit, we think, skewed by the switch from on-premise to off-premise, but continue to grow. And obviously, we are the main players in the category. And so the category growth is driven by our -- respectively, by our 2 brands respective sales. So I think it all goes well for us, but we just don't have any -- I can't give you any further color on it because we would be guessing, I think we all are.

因此，我們認為無論我們如何走出新冠疫情的陰霾，無論我們的員工如何重返市場，我們都將看到持續成長。我們對此抱持著希望。但是，我們目前還無法預測這一點。我們的數據很好。這些數字很強勁。紅牛的銷售再次表現強勁，我們認為，這在一定程度上受到了從店內銷售轉向店外銷售的影響，但銷量仍在持續增長。顯然，我們是該領域的主要參與者。因此，該品類的成長是由我們－分別是我們兩個品牌各自的銷售額所推動的。所以我覺得一切對我們來說都很順利，但是我們沒有任何——我不能再透露更多細節了，因為那樣我們就只能靠猜測了，我想我們所有人都是。

Yes. So the only thing I would add to that is that I always look at the first quarter of 2020 because that was kind of a pure quarter for us. COVID started kind of late in the quarter, where our sales were already in-house. And so the first quarter for us was really -- 2020 was really kind of a normal quarter. And if you look back to that first quarter, and I always do. First quarter net sales in 2020 over 2019 rose 12.3%. So even as we entered into COVID, our sales were strong.

是的。所以我唯一要補充的是，我總是會關注 2020 年第一季度，因為那對我們來說是一個比較純粹的季度。新冠疫情爆發的時間有點晚，當時我們的銷售團隊已經全部轉移到公司內部了。所以對我們來說，2020 年第一季其實是個相當正常的季度。如果你回顧第一季的情況，我總是會回顧一下。2020 年第一季淨銷售額比 2019 年成長 12.3%。所以即使在新冠疫情期間，我們的銷售業績依然強勁。

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Sacks and Mr. Schlosberg for closing remarks.

我們的問答環節到此結束。我謹將會議交還給薩克斯先生和施洛斯伯格先生，請他們作閉幕致詞。

Thanks very much. On behalf of Monster, I'd like to thank everyone for their continued interest in the company. We continue to believe in the company and our growth strategy is to remain committed to continuing to innovate, develop and differentiate our brands and to expand the company both at home and abroad, and in particular, expand distribution of our products through the Coca-Cola bottling system internationally. 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 continue to be optimistic about our total portfolio of energy drink brands. We hope that you will all stay safe and healthy. Thank you very much for your attendance.

非常感謝。我謹代表Monster公司，感謝大家一直以來對公司的關注。我們依然對公司充滿信心，我們的成長策略是持續致力於創新、發展和打造差異化品牌，並在國內和國外拓展公司業務，特別是透過可口可樂裝瓶系統在國際上擴大產品分銷。我們相信，我們能夠克服新冠肺炎疫情帶來的挑戰，並希望這種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佔據了有利地位，並繼續對我們的所有能量飲料品牌組合保持樂觀。我們希望大家都能平安健康。非常感謝您的出席。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。