怪物飲料 (MNST) 2022 Q4 法說會逐字稿

Good afternoon, and welcome to the Monster Beverage Corporation Fourth Quarter and Full Year 2022 Financial Results Conference Call. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎來到 Monster Beverage Corporation 第四季度和 2022 年全年財務業績電話會議。 （操作員說明）請注意正在記錄此事件。

I would now like to turn the conference over to Rodney Sacks and Hilton Schlosberg, Co-CEO from Monster Beverage. Please go ahead.

我現在想把會議轉交給 Rodney Sacks 和 Monster Beverage 的聯席首席執行官 Hilton Schlosberg。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 Co-Chief Executive Officer, is on the call; as is Tom Kelly, our Chief Financial Officer. Tom Kelly will now read our cautionary statement.

謝謝。女士們先生們，下午好。感謝您參加此次電話會議。我是羅德尼·薩克斯。我們的副董事長兼聯席首席執行官 Hilton Schlosberg 正在接聽電話；我們的首席財務官 Tom Kelly 也是如此。湯姆凱利現在將閱讀我們的警告聲明。

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 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.

在我們開始之前，我想提醒聽眾，在本次電話會議中所做的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 條含義範圍內的前瞻性陳述和基於當前可用的信息，這些信息涉及管理層對收入、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.

管理層警告說，這些陳述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不在公司的控制範圍內，可能導致實際結果與本次電話會議期間所做的前瞻性陳述存在重大差異.

Please refer to our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K filed on February 28, 2022, and quarterly reports on Form 10-Q, including the sections contained therein entitled Risk Factors and Forward-Looking Statements for 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 2022 年 2 月 28 日提交的 10-K 表格的最新年度報告和 10-Q 表格的季度報告，包括其中包含的標題為“風險因素”和“前瞻性”的部分尋找有關可能影響我們業績的特定風險和不確定性的討論的聲明。公司不承擔因新信息、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.

我現在想把電話轉給 Rodney Sacks。

Thank you, Tom. The company achieved record fourth quarter net sales of $1.51 billion in the 2022 fourth quarter, 6.2% higher than net sales of $1.43 billion in the 2021 comparable period and 11.9% higher on a foreign currency adjusted basis.

謝謝你，湯姆。公司在 2022 年第四季度實現了創紀錄的第四季度淨銷售額 15.1 億美元，比 2021 年同期的淨銷售額 14.3 億美元高出 6.2%，經外幣調整後高出 11.9%。

Since the beginning of the COVID-19 pandemic and the subsequent global supply chain challenges and disruptions, the company has prioritized product availability for its consumers and customers despite adversely impacting gross margins and operating income.

自 COVID-19 大流行開始以及隨後的全球供應鏈挑戰和中斷以來，儘管對毛利率和營業收入產生了不利影響，但該公司仍優先考慮其消費者和客戶的產品可用性。

The company continues to stand by its strategy to ensure product availability and solidify the continued long-term growth of the company's brands.

公司繼續堅持其戰略，以確保產品可用性並鞏固公司品牌的持續長期增長。

CANarchy was acquired in February 2022 to facilitate the company's entry into the alcohol beverage sector. During 2022, CANarchy sustained margin pressures, cost of acquisition and integration as well as certain other costs in preparation for the launch of the company's new alcohol product lines.

CANarchy 於 2022 年 2 月被收購，以促進該公司進入酒精飲料領域。在 2022 年期間， CANarchy 承受著利潤壓力、收購和整合成本以及為推出公司新的酒精產品線做準備的某些其他成本。

Gross profit as a percentage of net sales for the 2022 fourth quarter was 51.8% compared with 53.9% in the comparative 2021 fourth quarter. The decrease in gross profit as a percentage of net sales for the 2022 fourth quarter as compared to the 2021 fourth quarter was primarily the result of: one, increased ingredients and other input costs, including secondary packaging materials and increased co-packing fees; two, geographical and product sales mix; and three, increased logistical costs. The decrease in gross profit as a percentage of net sales for the 2022 fourth quarter was partially offset by pricing actions.

2022 年第四季度毛利潤占淨銷售額的百分比為 51.8%，而 2021 年第四季度為 53.9%。與 2021 年第四季度相比，2022 年第四季度毛利潤占淨銷售額的百分比下降的主要原因是：一是原料和其他投入成本增加，包括二次包裝材料和代加工費增加；二、地域和產品銷售組合；第三，物流成本增加。 2022 年第四季度毛利潤占淨銷售額百分比的下降被定價行動部分抵消。

Gross profit as a percentage of net sales increased on a sequential quarterly basis to 51.8% in the 2022 fourth quarter from 51.3% in the 2022 third quarter.

毛利潤占淨銷售額的百分比從 2022 年第三季度的 51.3% 環比上升至 2022 年第四季度的 51.8%。

Gross profit as a percentage of net sales, excluding gross profit for the company's Alcohol Brands segment increased on a sequential quarterly basis to 52.5% in the 2022 fourth quarter from 51.9% in the 2022 third quarter. We continue to believe that some of these increased costs we are experiencing are likely to be transitory.

毛利潤占淨銷售額的百分比（不包括公司酒精品牌部門的毛利潤）從 2022 年第三季度的 51.9% 環比上升至 2022 年第四季度的 52.5%。我們仍然相信，我們正在經歷的這些增加的成本中有一些可能是暫時的。

The depletion of our remaining higher cost imported can inventories will continue over the next few quarters and should be fully utilized during 2023. We note that our major promotion in the fourth quarter was executed with lower-cost, locally sourced cans in the United States and globally. We estimate that of the increasing costs of sales in the 2022 fourth quarter, approximately $60 million, was comprised of: One, approximately $39.6 million due to increased ingredient and other input costs, including primary and secondary packaging materials and increased co-packing fees; two, approximately $12.5 million due to geographical and product sales mix; and three, approximately $7.9 million due to increased logistical costs.

我們剩餘的較高成本進口罐頭庫存將在未來幾個季度繼續消耗，並應在 2023 年得到充分利用。我們注意到，我們在第四季度的主要促銷活動是在美國和全球範圍內。我們估計，在 2022 年第四季度增加的銷售成本中，約 6,000 萬美元包括：一，約 3,960 萬美元，原因是成分和其他投入成本增加，包括初級和二級包裝材料以及增加的共同包裝費用；第二，由於地理和產品銷售組合，約 1250 萬美元；第三，由於物流成本增加，約 790 萬美元。

We continue to experience significant increases in distribution expenses, primarily the result of increased warehousing expenses as well as other logistical expenses, which adversely impacted operating expenses. The company continues to address the challenges in its supply chain as it navigates through the uncertainty of the current global supply chain environment.

我們繼續經歷分銷費用的顯著增加，這主要是由於倉儲費用和其他物流費用增加，這對運營費用產生了不利影響。該公司在應對當前全球供應鏈環境的不確定性的同時，繼續應對其供應鏈中的挑戰。

We are starting to see a reduction in freight rates in the United States.

我們開始看到美國運費下降。

Operating expenses for the 2022 fourth quarter was $390 million compared with $354.7 million in the 2021 fourth quarter. As a percentage of net sales, operating expenses for the 2022 fourth quarter were 25.8% compared with 24.9% in the 2021 fourth quarter and 28.9% in the 2019 fourth quarter pre-COVID.

2022 年第四季度的運營費用為 3.9 億美元，而 2021 年第四季度為 3.547 億美元。作為淨銷售額的百分比，2022 年第四季度的運營費用為 25.8%，而 2021 年第四季度為 24.9%，2019 年第四季度在 COVID 之前為 28.9%。

Distribution expenses for the 2022 fourth quarter increased to $76.1 million, which is an increase of 9% or 5% of net sales compared to $69.8 million or 0.9% of net sales in the 2021 fourth quarter and 3.5% of net sales in the 2019 fourth quarter pre-COVID.

2022 年第四季度的分銷費用增加到 7610 萬美元，與 2021 年第四季度的 6980 萬美元或淨銷售額的 0.9% 以及 2019 年第四季度的淨銷售額的 3.5% 相比增長了 9% 或淨銷售額的 5%季度前 COVID。

The $6.3 million increase in distribution expenses was primarily due to higher warehouse expenses of $11.2 million as a result of higher raw materials and finished product inventories in the United States and EMEA, partially offset by decreased freight after expenses of $4.4 million. The increase in other operating expenses was primarily due to increased payroll expenses and increased general and administrative expenses.

分銷費用增加 630 萬美元主要是由於美國和歐洲、中東和非洲的原材料和成品庫存增加導致倉庫費用增加 1120 萬美元，部分被扣除費用後的運費減少 440 萬美元所抵消。其他經營費用的增加主要是由於工資費用增加以及一般和行政費用增加。

We are now able to purchase aluminum cans from local sources globally. We have seen a reduction in cost of sales through increased use of domestic cans as we continue to cycle through existing inventories of imported cans over the next few quarters.

我們現在可以在全球範圍內從當地採購鋁罐。隨著我們在未來幾個季度繼續循環使用現有的進口罐頭庫存，我們已經看到通過增加使用國產罐頭來降低銷售成本。

We have rebuilt finished product inventory levels globally to return to our orbit strategy of producing closer proximity to our customers. The cost of repositioning finished products to distribution centers are included in freight-in costs.

我們在全球範圍內重建了成品庫存水平，以回歸我們的軌道戰略，即生產更貼近我們的客戶。將成品重新定位到配送中心的成本包含在運費中。

Operating income for the 2022 fourth quarter decreased 4.5% to $394.4 million from $412.9 million in the 2021 comparative quarter.

2022 年第四季度的營業收入從 2021 年同期的 4.129 億美元下降 4.5% 至 3.944 億美元。

Net income decreased 6.1% to $301.7 million as compared to $321.3 million in the 2021 comparable quarter.

淨收入下降 6.1% 至 3.017 億美元，而 2021 年同期為 3.213 億美元。

Diluted earnings per share for the 2022 fourth quarter decreased 4.9% to $0.57 from $0.60 in the fourth quarter of 2021. Diluted earnings per share, exclusive of the Alcohol segment operating losses and the adverse impacts of foreign currency exchange rates, net of tax, was $0.64 in the 2022 fourth quarter.

2022 年第四季度的稀釋每股收益從 2021 年第四季度的 0.60 美元下降 4.9% 至 0.57 美元。稀釋後的每股收益，不包括酒精部門的經營虧損和外幣匯率的不利影響，稅後淨額為2022 年第四季度為 0.64 美元。

Through pricing actions, the company was able to achieve positive pricing appreciation in the United States and EMEA. Due to continued cost pressures, the company implemented a net sales price increase in the range of 6% market-wide in the United States effective September 1, 2022, and will be implementing a price increase on its 24-ounce line effective April 1, 2023.

通過定價行動，該公司能夠在美國和 EMEA 實現積極的定價升值。由於持續的成本壓力，公司自 2022 年 9 月 1 日起在美國市場範圍內實施了 6% 的淨銷售價格上調，並將於 4 月 1 日起對其 24 盎司係列實施提價， 2023.

The company also implemented price increases in the second half of 2022 in certain international markets and will be implementing additional price increases on a phased approach during the first half of 2023 in a number of international markets. The company will continue to review further opportunities for price increases and pricing actions in order to mitigate inflationary pressures.

該公司還在 2022 年下半年在某些國際市場實施了價格上漲，並將在 2023 年上半年在多個國際市場分階段實施額外價格上漲。公司將繼續審查價格上漲和定價行動的進一步機會，以減輕通脹壓力。

According to the Nielsen reports for the 13 weeks through February 11, 2023, for all outlets combined, namely convenience, grocery, drug, mass merchandisers, sales in dollars in the energy drink category including energy shots increased by 13.1% versus the same period a year ago. Sales of the company's energy brands, including Reign, were up 12.1% in the 13-week period. Sales of Monster were up 11.3%, sales of Reign were up 15.6%, sales of NOS increased 20.6%. And sales of Full Throttle increased 1.3%. Sales of Red Bull increased 11.5%. Sales of Rockstar increased by 3.4%. And sales of 5-Hour decreased 2.4%. VPX Bang's sales decreased 47.1%.

根據尼爾森報告，截至 2023 年 2 月 11 日的 13 週內，所有商店（即便利店、雜貨店、藥品店、大型超市）的能量飲料類別（包括能量飲料）的美元銷售額與同期相比增長了 13.1%一年前。該公司的能源品牌（包括 Reign）的銷售額在 13 週內增長了 12.1%。 Monster 的銷售額增長了 11.3%，Reign 的銷售額增長了 15.6%，NOS 的銷售額增長了 20.6%。 Full Throttle 的銷售額增長了 1.3%。紅牛的銷售額增長了 11.5%。 Rockstar 的銷售額增長了 3.4%。而 5-Hour 的銷售額下降了 2.4%。 VPX Bang 的銷售額下降了 47.1%。

The company continues to have market share leadership in the energy drink category in the United States for the 13 weeks ended February 11, 2023. According to Nielsen, for the 4 weeks ended February 11, 2023, sales in dollars in the energy drink category in the convenience and gas channel, including energy shots, in dollars, increased 15.1% over the same period the previous year. Sales of the company's energy brands, which include Reign, increased 14.8% in the 4-week period in the convenience and gas channel. Sales of Monster increased by 13% over the same period versus the previous year. Reign sales increased 26.7%. NOS was up 23.7%. And Full Throttle was up 14.9%. Sales of Red Bull were up 11.9%, Rockstar was up 7%; and 5-Hour was down 0.3%. VPX Bang sales decreased 48%.

截至 2023 年 2 月 11 日止的 13 週內，該公司繼續在美國能量飲料類別中佔據市場份額領先地位。據尼爾森稱，截至 2023 年 2 月 11 日止的 4 週內，美國能量飲料類別的銷售額（以美元計）以美元計算，包括能量注射在內的便利和加油通道比上年同期增長了 15.1%。包括 Reign 在內的該公司能源品牌的銷售額在 4 週內在便利和燃氣渠道增長了 14.8%。 Monster 的銷售額比上年同期增長了 13%。 Reign 銷售額增長了 26.7%。 NOS 上漲了 23.7%。 Full Throttle 上漲了 14.9%。 Red Bull 的銷售額增長了 11.9%，Rockstar 增長了 7%； 5-Hour 下跌 0.3%。 VPX Bang 銷售額下降了 48%。

According to Nielsen, for the 4 weeks ended February 11, 2023, the company's market share of the energy drink category in the convenience and gas channel, including energy shots in dollars, decreased from 37.1% to 37%. Monster share decreased from 31.5% a year ago to 30.9%. Reign's share increased 0.2 of a share point to 2.7%. NOS' share increased 0.2 of a point to 2.6%. And Full Throttle share remained at 0.7%. Red Bull's share decreased 1 point from 36.1% a year ago to 35.1%. VPX Bang share decreased 3.8 points to 3.1%. 5-Hour share was lower by 0.6 of a point at 3.9%. Rockstar share was down 0.3 of a point to 3.7%. CELSIUS' share is 4.3%. Alani Nu's share is 0.7%. And GHOST's share is 2.5%.

根據尼爾森的數據，截至 2023 年 2 月 11 日的 4 週內，該公司在便利和加油渠道的能量飲料類別的市場份額（包括以美元計算的能量飲料）從 37.1% 下降到 37%。怪物份額從一年前的 31.5% 下降到 30.9%。 Reign 的份額增加了 0.2 個百分點，達到 2.7%。 NOS 的份額增加了 0.2 個百分點，達到 2.6%。 Full Throttle 的份額保持在 0.7%。紅牛的份額從一年前的 36.1% 下降了 1 個百分點至 35.1%。 VPX Bang 份額下降 3.8 個百分點至 3.1%。 5-Hour 份額下降 0.6 個百分點至 3.9%。 Rockstar 的份額下降了 0.3 個百分點至 3.7%。 CELSIUS 的份額為 4.3%。 Alani Nu 的份額為 0.7%。而GHOST的份額為2.5%。

According to Nielsen, for the 4 weeks ended February 11, 2023, sales in dollars of the coffee plus energy drink category, which includes our Java Monster line in the convenience and gas channel increased 6.2% over the same period the previous year. Sales of Java Monster, including Java Monster 300 and Java Monster Nitro Cold Brew were 8.1% higher in the same period versus the previous year. Sales of Starbucks Energy were 8% higher. Java Monster's share including Java Monster 300, Java Monster Nitro Cold Brew of the coffee plus energy category, which primarily includes Java Monster, Java Monster 300, Java Monster Nitro Cold Brew, Starbucks Doubleshot and Tripleshot, Rockstar Roasted and Bang Keto Coffee for the 4 weeks ended February 11, 2023, was 54.7%, up 1 point while Starbucks Energy's share was 44.9%, up 0.8 of a point.

根據尼爾森的數據，截至 2023 年 2 月 11 日的 4 週內，咖啡加能量飲料類別（包括我們在便利和加油渠道的 Java Monster 系列）的美元銷售額比去年同期增長了 6.2%。 Java Monster 的銷售額，包括 Java Monster 300 和 Java Monster Nitro Cold Brew，與去年同期相比增長了 8.1%。 Starbucks Energy 的銷售額增長了 8%。 Java Monster 的份額包括咖啡加能量類別的 Java Monster 300、Java Monster Nitro Cold Brew，其中主要包括 Java Monster、Java Monster 300、Java Monster Nitro Cold Brew、Starbucks Doubleshot 和 Tripleshot、Rockstar Roasted 和 Bang Keto Coffee 為 4截至 2023 年 2 月 11 日的幾週，星巴克能源的份額為 54.7%，上升 1 個百分點，而星巴克能源的份額為 44.9%，上升 0.8 個百分點。

According to Nielsen, in all measured channels in Canada, for the 12 weeks ended December 31, 2022, the energy drink category increased 13.3% in dollars. Sales of the company's energy drink brands increased 16.3% versus a year ago. The market share of the company's energy drink brands was 41%, up 1.1 points. Monster sales increased 18.3% and its market share increased 1.6 points to 36.8%. NOS' sales decreased 7% and its market share decreased by 0.3 of a point to 1.4%. Full Throttle sales increased 8.4%, and its market share remained at 0.5 of a percent.

根據尼爾森的數據，在加拿大所有測量渠道中，截至 2022 年 12 月 31 日的 12 週內，能量飲料類別以美元計算增長了 13.3%。該公司能量飲料品牌的銷售額與一年前相比增長了 16.3%。公司能量飲料品牌的市場份額為41%，上升1.1個百分點。 Monster 銷售額增長 18.3%，市場份額增長 1.6 個百分點至 36.8%。 NOS 的銷售額下降了 7%，其市場份額下降了 0.3 個百分點至 1.4%。 Full Throttle 的銷售額增長了 8.4%，其市場份額保持在 0.5 個百分點。

According to Nielsen, for all outlets combined in Mexico, the energy drink category increased 26.6% for the month of January 2023. Monster sales increased 34.1%. Monster's market share in value increased 1.7 points to 29.4% against the comparable period of the previous year. Sales of Predator increased 106.2%, and its market share increased 2 share points to 5.1%.

根據尼爾森的數據，墨西哥所有門店的能量飲料類別在 2023 年 1 月增長了 26.6%。Monster 銷售額增長了 34.1%。 Monster 的價值市場份額較上年同期增長 1.7 個百分點至 29.4%。 Predator 的銷售額增長了 106.2%，其市場份額增加了 2 個百分點至 5.1%。

The Nielsen statistics for Mexico covers single month, 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.

墨西哥的尼爾森統計數據涵蓋單月，這是一個很短的時期，可能經常受到主導市場的 OXXO 便利連鎖店銷售額的積極和/或消極影響。 OXXO 便利連鎖店的銷售反過來會受到一個或多個能量飲料品牌在特定月份可能在該連鎖店進行的促銷活動的重大影響。因此，此類活動可能會對墨西哥的月度尼爾森統計數據產生重大影響。

According to Nielsen for the month of December 2022 compared to December 2021, Monster's retail market share in value increased in Argentina from 43% to 53.5%; in Chile, from 34.5% to 41.7%; in Brazil for the month end January 2023, our share increased from 39.9% to 41.1%. Monster is the leading energy brand in value in Argentina, Brazil and Chile.

根據尼爾森的數據，與 2021 年 12 月相比，2022 年 12 月，Monster 在阿根廷的零售市場價值份額從 43% 增加到 53.5%；在智利，從 34.5% 到 41.7%；在巴西，截至 2023 年 1 月，我們的份額從 39.9% 增加到 41.1%。 Monster 是阿根廷、巴西和智利價值領先的能源品牌。

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.

我想指出，EMEA 中的 Nielsen 數據僅應用作指南，因為 EMEA 中 Nielsen 讀取的頻道因國家/地區而異，並且在不同國家/地區所指的月份內的不同日期進行報告。

According to Nielsen, in the 13-week period until the end of January '23, Monster's retail market share in value as compared to the same period the previous year, grew from 14.2% to 15.2% in Belgium, from 30.7% to 31.8% in France, from 29.5% to 31% in Great Britain, from 27.3% to 32.7% in Norway, from 27.7% to 27.8% in the Republic of Ireland, from 38.6% to 40.4% in Spain and from 15.1% to 16.5% in Sweden.

根據尼爾森的數據，在截至 23 年 1 月底的 13 週內，Monster 的零售市場價值份額與去年同期相比，在比利時從 14.2% 增長到 15.2%，從 30.7% 增長到 31.8%在法國，英國從 29.5% 到 31%，挪威從 27.3% 到 32.7%，愛爾蘭共和國從 27.7% 到 27.8%，西班牙從 38.6% 到 40.4%，以及從 15.1% 到 16.5%瑞典。

Monster's retail market share in value as compared to the same period the previous year declined from 8.1% to 4.7% in the Netherlands and from 20% to 19.2% in South Africa.

與去年同期相比，Monster 在荷蘭的零售市場份額從 8.1% 下降到 4.7%，在南非從 20% 下降到 19.2%。

According to Nielsen, in the 13-week period until the end of December 2022, Monster's retail market share in value as compared to the same period the previous year grew from 16.3% to 18.4% in the Czech Republic, from 26.5% to 27.8% in Denmark, and from 27.6% to 13.5% in Italy.

根據尼爾森的數據，在截至 2022 年 12 月底的 13 週內，Monster 的零售市場價值份額與上年同期相比在捷克共和國從 16.3% 增長到 18.4%，從 26.5% 增長到 27.8%在丹麥，從 27.6% 到意大利的 13.5%。

Monster's retail market share in value as compared to the same period the previous year declined from 14.6% to 13.9% in Germany, from 38.1% to 36.8%, and decreased from 19% to 18.3% in Poland.

與去年同期相比，Monster 在德國的零售市場份額從 14.6% 下降到 13.9%，在波蘭從 38.1% 下降到 36.8%，在波蘭從 19% 下降到 18.3%。

According to Nielsen, in the 13-week period until the end of December 2022, Predator's retail market share in value as compared to the same period the previous year grew from 20.4% to 31.1% in Kenya and from 14.2% to 19.2% in Nigeria.

根據尼爾森的數據，在截至 2022 年 12 月底的 13 週內，Predator 在肯尼亞的零售市場份額與去年同期相比從 20.4% 增長到 31.1%，在尼日利亞從 14.2% 增長到 19.2% .

According to IRI in Australia, Monster's market share in value for the 4 weeks ending January 29, 2023, increased from 13.1% to 16.1% as compared to the same period the previous year. Mother's market share in value decreased from 11% to 10.7%.

根據澳大利亞 IRI 的數據，截至 2023 年 1 月 29 日的 4 週內，Monster 的市場價值份額從去年同期的 13.1% 增加到 16.1%。母親的價值市場份額從 11% 下降到 10.7%。

According to IRI in New Zealand, Monster's market share in value for the 4 weeks ended January 22, 2023 remained at 13% as compared to the same period the previous year. Live+ market share in value decreased from 6.7% to 6.1%, and Mother's market share in value increased from 5.8% to 6%.

根據新西蘭 IRI 的數據，截至 2023 年 1 月 22 日的 4 週內，Monster 的市場價值份額與去年同期相比保持在 13%。 Live+ 價值市場份額從 6.7% 下降到 6.1%，Mother's 價值市場份額從 5.8% 上升到 6%。

According to INTAGE in Japan in the month ending December 2022, Monster's market share in value in the convenience store channel as compared to the same period the previous year grew from 53.7% to 54.7%.

根據 INTAGE 在日本截至 2022 年 12 月的數據，Monster 在便利店渠道的市場份額與去年同期相比從 53.7% 增長到 54.7%。

According to Nielsen in South Korea in the month ending December 2022, Monster's market share in value in all after it's combined as compared to the same period the previous year, increased from 60.2% to 64.2%.

根據韓國尼爾森數據，截至 2022 年 12 月，Monster 合併後的市場份額與去年同期相比從 60.2% 增加到 64.2%。

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.

再次指出，涵蓋單個月或 4 週期間的某些市場統計數據可能經常受到這些期間促銷或其他交易因素的重大積極和/或消極影響。

Net sales to customers outside the U.S. were $542.5 million, 35.9% of total net sales in the 2022 fourth quarter compared to $508.1 million or 35.7% of total net sales in the corresponding quarter in 2021.

美國以外客戶的淨銷售額為 5.425 億美元，佔 2022 年第四季度淨銷售額的 35.9%，而 2021 年同期為 5.081 億美元，占淨銷售額的 35.7%。

Foreign currency exchange rates had a negative impact on net sales in U.S. dollars by approximately $81.9 million in the 2022 fourth quarter. Included in reported geographic sales are our sales to the company's military customers, which are delivered in the U.S., transshipped to the military and their customers overseas.

外幣匯率對 2022 年第四季度的美元淨銷售額產生了約 8190 萬美元的負面影響。報告的地理銷售額中包括我們對公司軍事客戶的銷售額，這些客戶在美國交付，轉運給軍隊及其海外客戶。

In EMEA, net sales in the 2022 fourth quarter decreased 2.3% in dollars but increased 14.7% in local currencies over the same period in 2021.

在 EMEA，2022 年第四季度的淨銷售額以美元計算下降 2.3%，但以當地貨幣計算比 2021 年同期增長 14.7%。

Gross profit in this region as a percentage of net sales in the fourth quarter was 33.9% compared with 32.6% in the same quarter in 2021 and compared to 34.7% in the third quarter of 2022.

該地區第四季度毛利潤占淨銷售額的百分比為 33.9%，而 2021 年同期為 32.6%，2022 年第三季度為 34.7%。

The company is continuing to address the controllable challenges in its supply chain in EMEA. We're also pleased that in the 2022 fourth quarter, Monster gained market share in Belgium, Czech Republic, Denmark, France, Great Britain, Italy, Norway, the Republic of Ireland, Spain and Sweden.

該公司正在繼續解決其 EMEA 供應鏈中的可控挑戰。我們也很高興在 2022 年第四季度，Monster 在比利時、捷克共和國、丹麥、法國、英國、意大利、挪威、愛爾蘭共和國、西班牙和瑞典獲得了市場份額。

In Asia Pacific, net sales in 2022 fourth quarter increased 0.5 point in dollars and increased 20.6% in local currencies over the same period in 2021.

在亞太地區，2022 年第四季度的淨銷售額以美元計算增長 0.5 個百分點，以當地貨幣計算比 2021 年同期增長 20.6%。

Gross profit in this region as a percentage of net sales was 42.6% versus 41.4% over the same period in 2021, due in part to a product supply issue with an ingredient that impacted a number of our products in Japan, but has now been resolved, net sales in the 2022 fourth quarter decreased 14.4% in dollars but increased 10% in local currency. Sales in the 2022 fourth quarter continued to be impacted by COVID in certain channels.

該地區的毛利潤占淨銷售額的百分比為 42.6%，而 2021 年同期為 41.4%，部分原因是產品供應問題影響了我們在日本的許多產品，但現已解決，2022 年第四季度的淨銷售額以美元計算下降 14.4%，但以當地貨幣計算增長 10%。 2022 年第四季度的銷售額在某些渠道中繼續受到 COVID 的影響。

In South Korea, net sales increased 13.9% in dollars and increased 34.4% in local currency as compared to the same quarter in 2021. Monster remains the market leader in Japan and in South Korea.

在韓國，與 2021 年同期相比，以美元計算的淨銷售額增長了 13.9%，以當地貨幣計算增長了 34.4%。Monster 仍然是日本和韓國的市場領導者。

In China, sales volume in the fourth quarter increased 5.4% as compared to the same quarter in 2021, largely impacted by COVID-related lockdowns. We remain optimistic about the prospects for the Monster brand in China.

在中國，第四季度的銷量與 2021 年同季度相比增長了 5.4%，這在很大程度上受到了與 COVID 相關的封鎖的影響。我們仍然看好魔獸品牌在中國的前景。

In Oceana, which includes Australia, New Zealand, Tahiti, French Polynesia, New Caledonia, Papua New Guinea and Guam, net sales increased 2.9% in dollars and 16.7% in local currencies.

在包括澳大利亞、新西蘭、塔希提島、法屬波利尼西亞、新喀裡多尼亞、巴布亞新幾內亞和關島在內的大洋洲，淨銷售額以美元計算增長 2.9%，以當地貨幣計算增長 16.7%。

In Latin America, including Mexico and the Caribbean, net sales in the 2022 fourth quarter increased 45.2% in dollars and increased 57.7% in local currencies over the same period in 2021.

在包括墨西哥和加勒比地區在內的拉丁美洲，2022 年第四季度的淨銷售額以美元計算增長 45.2%，以當地貨幣計算比 2021 年同期增長 57.7%。

Gross profit in this region as a percentage of net sales was 28.4% for the 2022 fourth quarter versus 38.6% in the 2021 fourth quarter.

2022 年第四季度該地區的毛利潤占淨銷售額的百分比為 28.4%，而 2021 年第四季度為 38.6%。

In Brazil, net sales in the 2022 fourth quarter increased by 19.9% in dollars and 16.6% in local currency. Net sales in Mexico increased 64.8% in dollars and 16.6% in local currency in the 2022 fourth quarter. Net sales in Chile increased 1% in dollars but increased 16% in local currencies in the 2022 fourth quarter. Net sales in Argentina increased 92% in dollars and increased 196.6% in local currency in the 2022 fourth quarter.

在巴西，2022 年第四季度的淨銷售額以美元計算增長 19.9%，以當地貨幣計算增長 16.6%。 2022 年第四季度，墨西哥的淨銷售額以美元計算增長 64.8%，以當地貨幣計算增長 16.6%。 2022 年第四季度，智利的淨銷售額以美元計算增長 1%，但以當地貨幣計算增長 16%。 2022 年第四季度，阿根廷的淨銷售額以美元計算增長了 92%，以當地貨幣計算增長了 196.6%。

We will now provide an update on our litigation with Vital Pharmaceuticals, Inc., which will be referred to as VPX, the maker of Bang Energy Drinks. We previously discussed the trademark infringement arbitration in which an arbitrator found against VPX and awarded Monster Energy company, or MEC and Orange Bang, $175 million in damages, attorney fees and costs and an ongoing 5% royalty on future sales of certain Bang energy products. VPX has appealed the judgment.

我們現在將提供我們與 Vital Pharmaceuticals, Inc. 訴訟的最新情況，該公司將被稱為 Bang Energy Drinks 的製造商 VPX。我們之前討論過商標侵權仲裁，仲裁員裁定 VPX 敗訴，並判給 Monster Energy 公司（或稱 MEC 和 Orange Bang）1.75 億美元的損害賠償金、律師費和成本，以及對某些 Bang 能源產品未來銷售的持續 5% 特許權使用費。 VPX 已對判決提出上訴。

Additionally, on September 29, 2022, a jury in the United States District Court for the Central District of California returned a verdict awarding MEC approximately $293 million in damages on its claims against VPX for false advertising, misappropriation of trade secrets and interference with Monster's contracts over shelf space with certain key retailers. The parties are briefing post-trial issues.

此外，2022 年 9 月 29 日，美國加利福尼亞州中區地方法院的陪審團作出裁決，裁定 MEC 因虛假廣告、盜用商業機密和乾擾 Monster 合同而對 VPX 提出的索賠要求賠償約 2.93 億美元與某些主要零售商的貨架空間。雙方正在通報審後問題。

On October 10, 2022, VPX, along with certain of its domestic subsidiaries and affiliates filed for protection under Chapter 11 of the bankruptcy code in the Southern District of Florida. While those proceedings are moving forward, VPX has undertaken to make interim royalty payments subject to potential clawbacks in certain circumstances.

2022 年 10 月 10 日，VPX 及其部分國內子公司和關聯公司根據破產法第 11 章在佛羅里達州南區申請保護。雖然這些程序正在向前推進，但 VPX 已承諾在某些情況下支付臨時特許權使用費，但可能會受到追回。

On February 14, 2023, VPX made its first royalty payment in the amount of approximately $3.6 million. The company will not recognize either award or the royalty payments until such time as they are realized or realizable. As the litigation and bankruptcy proceedings are subjudicate, we will not be answering further questions on those matters on today's call.

2023 年 2 月 14 日，VPX 支付了第一筆特許權使用費，金額約為 360 萬美元。在獎勵或特許權使用費實現或可實現之前，公司不會確認它們。由於訴訟和破產程序尚待審理，我們不會在今天的電話會議上回答有關這些事項的進一步問題。

In the first quarter of 2023, we launched The Beast Unleashed in 6 states through a network of beer distributors. The Beast Unleashed is a flavored malt beverage with 6% alcohol by volume based on Monster's well-known and popular flavor profiles.

2023 年第一季度，我們通過啤酒經銷商網絡在 6 個州推出了 The Beast Unleashed。 Beast Unleashed 是一種風味麥芽飲料，酒精含量為 6%，基於 Monster 廣為人知且廣受歡迎的風味特徵。

We are pleased with early results and plan to expand into additional markets in the second quarter of 2023, with the goal of being national by the end of the year.

我們對早期結果感到滿意，併計劃在 2023 年第二季度擴展到更多市場，目標是在年底前進入全國。

We recently launched Wild Basin Hard Seltzer with new packaging and great new flavors and taste profiles. The Dale's Beer family will get a refresh in the second quarter of 2023, including introduction of Dale's American Light Lager and easy-drinking lager with 4.2% alcohol by volume, 95 calories and 2.5 carbohydrates per 12-ounce serving. Our alcohol beverage innovation pipeline is robust. We look forward to sharing use of additional new products in the future.

我們最近推出了 Wild Basin Hard Seltzer，採用新包裝和全新的口味和口味。 Dale's Beer 家族將在 2023 年第二季度進行更新，包括推出 Dale's American Light Lager 和易於飲用的啤酒，酒精含量為 4.2%，每 12 盎司含 95 卡路里和 2.5 碳水化合物。我們的酒精飲料創新渠道非常強大。我們期待在未來共享更多新產品的使用。

In the 2022 fourth quarter in the United States, Monster Reserve Orange Dreamsicle was launched at retail to expand Monster Reserve line. Monster Energy Zero Sugar was launched at retail in United States in January 2023. Monster Energy Zero Sugar was specifically developed as an indistinguishable zero sugar analog of our original unique Monster Energy Green flavor. We are excited about the opportunities that this product will provide to our Monster consumers who have come to enjoy the unique taste profile of our original Monster Green flavor, which remains our leading flavor.

2022 年第四季度在美國零售推出 Monster Reserve Orange Dreamsicle 以擴展 Monster Reserve 產品線。 Monster Energy Zero Sugar 於 2023 年 1 月在美國零售店推出。Monster Energy Zero Sugar 是專門開發為我們原始獨特的 Monster Energy Green 口味的無區別零醣類似物。我們很高興這款產品將為我們的 Monster 消費者提供機會，他們已經開始享受我們原始的 Monster Green 風味的獨特口味，這仍然是我們的領先風味。

Earlier this month, we also launched Monster Energy Ultra Strawberry Dreams, Monster Reserve Kiwi Strawberry, Monster Nitro Cosmic Peach and Java Monster Cafe Latte. Initial response from consumers has been positive.

本月早些時候，我們還推出了 Monster Energy Ultra Strawberry Dreams、Monster Reserve Kiwi Strawberry、Monster Nitro Cosmic Peach 和 Java Monster Cafe Latte。消費者的初步反應是積極的。

In February 2023, we launched a flavor of Reign called Tropical Storm in the United States and also commenced with the launch of Monster Tour Water, a pure unflavored water line in still and sparkling variants in 19.2 ounce cans. We are planning to launch Reign Storm, which is positioned as a total wellness energy drink in 12-ounce sleek cans at retail in March 2023 in 4 flavors to address a compelling opportunity in the energy drink category.

2023 年 2 月，我們在美國推出了一種名為 Tropical Storm 的 Reign 口味，並開始推出 Monster Tour Water，這是一款純無味水系列，有 19.2 盎司罐裝的無氣和起泡水。我們計劃於 2023 年 3 月以 4 種口味在零售店推出 Reign Storm，它被定位為 12 盎司圓滑罐裝的全健康能量飲料，以應對能量飲料類別中一個引人注目的機會。

We launched several new SKUs in October in Latin America. In Chile, we expanded our Ultra line by launching Ultra Gold and Ultra Watermelon. In Mexico, we introduced Monster Energy Reserve Watermelon. In Puerto Rico, the Cayman Islands, Curacao and Bermuda,we expanded our Reign portfolio and launched Reign White Gummy Bear and Reign REIGNbow Sherbet. In Trinidad and Tobago, we launched Monster Pipeline Punch.

我們於 10 月在拉丁美洲推出了幾個新的 SKU。在智利，我們通過推出 Ultra Gold 和 Ultra Watermelon 擴展了我們的 Ultra 系列。在墨西哥，我們推出了 Monster Energy Reserve 西瓜。在波多黎各、開曼群島、庫拉索和百慕大，我們擴大了 Reign 產品組合，推出了 Reign White Gummy Bear 和 Reign REIGNbow Sherbet。在特立尼達和多巴哥，我們推出了 Monster Pipeline Punch。

In Australia, we expanded our core portfolio and launched Monster Super Dry. In New Zealand, we expanded our juice portfolio and launched Monster Juice Papillon, which is currently exceeding our expectations.

在澳大利亞，我們擴展了核心產品組合併推出了 Monster Super Dry。在新西蘭，我們擴大了果汁產品組合，推出了 Monster Juice Papillon，目前的表現超出了我們的預期。

In EMEA, in the fourth quarter of 2022, we launched Monster Nitro, Monster Reserve Watermelon and White Pineapple in a number of countries.

在 EMEA，2022 年第四季度，我們在多個國家/地區推出了 Monster Nitro、Monster Reserve Watermelon 和 White Pineapple。

In certain countries, we also launched juiced Aussie Lemonade Ultra Gold, Ultra Rosa and Ultra Watermelon during the 2022 fourth quarter. During the 2022 fourth quarter, we also launched additional SKUs of Burn and Reign in certain countries.

在某些國家/地區，我們還在 2022 年第四季度推出了果汁澳大利亞檸檬水 Ultra Gold、Ultra Rosa 和 Ultra Watermelon。在 2022 年第四季度，我們還在某些國家/地區推出了 Burn and Reign 的其他 SKU。

In EMEA as part of an ongoing pan-EMEA launch, we commenced distribution of our Monster Energy Lewis Hamilton 44 Zero Sugar Energy drink in select EMEA markets late in the fourth quarter of 2022 to be followed by an additional 25 EMEA markets in the first quarter of 2023.

在 EMEA，作為正在進行的泛 EMEA 發布的一部分，我們於 2022 年第四季度末開始在選定的 EMEA 市場銷售我們的 Monster Energy Lewis Hamilton 44 零糖能量飲料，隨後在第一季度在另外 25 個 EMEA 市場銷售2023 年。

During the fourth quarter of 2022, we launched Monster Rehab lemon tea in Japan. Monster Ultra Watermelon in Turkey. Monster Ultra Paradise in Vietnam, Predator in Malaysia, and we continued the national rollout of Predator in India. We are planning to introduce the Predator brand in additional countries in APAC during the course of 2023.

2022 年第四季度，我們在日本推出了 Monster Rehab 檸檬茶。土耳其的 Monster Ultra 西瓜。越南的 Monster Ultra Paradise，馬來西亞的 Predator，我們繼續在印度全國推出 Predator。我們計劃在 2023 年期間在亞太地區的其他國家/地區推出 Predator 品牌。

We estimate that on a foreign currency adjusted basis, including CANarchy, January 2023 sales were approximately 16.1% higher than the comparable January 2022 sales and 13.8% higher than January 2022, excluding CANarchy. We estimate January 2023 sales, including CANarchy to be approximately 12.9% higher than in January 2022 and 10.6% higher than in January 2022, excluding CANarchy.

我們估計，在外幣調整的基礎上，包括 CANarchy 在內，2023 年 1 月的銷售額比 2022 年 1 月的可比銷售額高出約 16.1%，比 2022 年 1 月（不包括 CANarchy）高出約 13.8%。我們估計 2023 年 1 月的銷售額（包括 CANarchy）將比 2022 年 1 月高出約 12.9%，比 2022 年 1 月（不包括 CANarchy）高出約 10.6%。

January 2023 had the same number of selling days as January 2022. 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 fall, 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.

2023 年 1 月的銷售天數與 2022 年 1 月相同。在這方面，我們再次提醒，短期內的銷售往往受到各種因素的不成比例的影響，例如銷售天數、節假日所在的星期幾、新產品發布的時間以及零售店提價和促銷的時間、分銷商激勵措施以及生產時間的變化。

In some instances, our bottlers are responsible for production and determine their own production schedules. This affects the dates on which we invoice such bottlers. Furthermore, our bottling and distribution partners maintain inventory levels according to their own internal requirements, which they may alter from time to time for their own business reasons.

在某些情況下，我們的裝瓶商負責生產並確定自己的生產計劃。這會影響我們向此類裝瓶商開具發票的日期。此外，我們的裝瓶和分銷合作夥伴根據自己的內部要求維持庫存水平，他們可能會出於自身業務原因不時更改庫存水平。

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.

我們重申，短期內（例如一個月）的銷售額不一定歸因於或視為整個季度或任何未來期間業績的指標。

If the COVID-19 pandemic and related unfavorable economic conditions continues in certain regions, our new product innovation launches in those regions could be delayed.

如果 COVID-19 大流行和相關的不利經濟條件在某些地區繼續存在，我們在這些地區的新產品創新發布可能會延遲。

On November 2, 2022, the Board of Directors authorized a new share repurchase program for the repurchase of up to an additional 500 million of the company's outstanding common stock. During the 2022 fourth quarter, the company purchased approximately 2.3 million shares of its common stock for a total amount of $201.6 million, excluding broker commissions under the June 2022 repurchase plan, leaving approximately 682.8 million remaining available for repurchase under the previously authorized repurchase programs.

2022 年 11 月 2 日，董事會批准了新的股份回購計劃，回購最多 5 億股公司已發行普通股。在 2022 年第四季度，公司購買了約 230 萬股普通股，總金額為 2.016 億美元，不包括 2022 年 6 月回購計劃下的經紀人佣金，根據先前授權的回購計劃，剩餘約 6.828 億股可供回購。

The company today announced that its Board of Directors has approved and declared a 2-for-1 split of its common stock that will be effected in the form of a 100% stock dividend. Each stockholder of record on March 13, 2023, will receive a dividend of 1 additional share of common stock for each then held share to be distributed after the close of trading on March 27, 2023. The company anticipates its common stock to begin trading at the split adjusted price on March 28, 2023.

該公司今天宣布，其董事會已批准並宣布將以 100% 股票股息的形式對其普通股進行 2 比 1 的拆分。每位於 2023 年 3 月 13 日登記在冊的股東，將在 2023 年 3 月 27 日交易結束後，每持有一股普通股額外獲得 1 股股息。公司預計其普通股將於 2023 年 3 月 27 日交易結束後開始交易2023 年 3 月 28 日的拆分調整價格。

In conclusion, I'd like to summarize some recent positive points. One, the energy category continues to grow globally; two, the company has increased its raw material and finished product inventories to better service its customers and ensure availability of its products; three, we are seeing improvement in our gross profit margins on a quarterly sequential basis due to supply chain normalization for our AFF flavor facility in Ireland is now providing a large number of flavors to our EMEA region, enabling better service levels and lower landed costs to our EMEA region. Five, we are enthusiastic for our 23 new product innovations, notably Monster Energy Zero Sugar, which launched in January 2023 in the United States and Monster Energy Lewis Hamilton 44 sugar energy drink in EMEA. We are also particularly enthusiastic for the planned launches of rainstorm in March 2023 as well as Tour Water in the United States.

最後，我想總結一下最近的一些積極點。第一，能源類別在全球範圍內繼續增長；第二，公司增加了原材料和成品庫存，以更好地服務客戶並確保產品的可用性；第三，由於我們在愛爾蘭的 AFF 風味工廠的供應鏈正常化，我們看到我們的毛利率環比有所改善，現在正在為我們的 EMEA 地區提供大量風味，從而提高服務水平並降低到岸成本我們的 EMEA 地區。第五，我們對 23 項新產品創新充滿熱情，特別是 2023 年 1 月在美國推出的 Monster Energy Zero Sugar 和在 EMEA 推出的 Monster Energy Lewis Hamilton 44 糖能量飲料。我們還特別熱衷於計劃於 2023 年 3 月推出的 rainstorm 以及美國的 Tour Water。

We are pleased with the early results from the launch of The Beast Unleashed, our first flavored malt beverage alcohol product in 6 states and the planned rollout in 2 additional states as well as the additional alcohol opportunities that the CANarchy acquisition presents.

我們對推出 The Beast Unleashed 的早期結果感到滿意，這是我們在 6 個州推出的首款風味麥芽飲料酒精產品，計劃在另外 2 個州推出，以及收購 CANarchy 帶來的額外酒精機會。

Seven, we are planning to launch Reign Total Body Fuel high-performance energy drinks in additional international countries. And finally, eight, we are pleased with the rollout of Predator and Fury, our affordable energy drink portfolio internationally. We are proceeding with plans to launch our affordable energy brands in an additional number of international countries.

七、我們計劃在更多國際國家推出 Reign Total Body Fuel 高性能能量飲料。最後，第八，我們對 Predator 和 Fury 的推出感到高興，這是我們在國際上負擔得起的能量飲料產品組合。我們正在推進計劃，在更多國際國家/地區推出我們負擔得起的能源品牌。

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

我現在想開始就有關這一年的問題提問。謝謝。

(Operator Instructions) And our first question will come from Peter Grom of UBS.

（操作員說明）我們的第一個問題將來自瑞銀的 Peter Grom。

So Hilton, I guess, I wanted to ask about gross margin. You mentioned in the release that you expect some of these cost pressures you've experienced to be transitory, whereas others remain challenging. And I guess maybe just to start, is there any way to frame how much of the drag on gross margin is still a result of these imported cans?

所以希爾頓，我想，我想問一下毛利率。您在新聞稿中提到，您預計您所經歷的這些成本壓力中的一些是暫時的，而其他成本壓力仍然具有挑戰性。而且我想也許只是開始，有沒有辦法確定這些進口罐頭仍然對毛利率造成多少拖累？

And then just looking ahead in the context of what pricing, the cost backdrop you've outlined and kind of the modest sequential improvement we saw sequentially, how would you frame the margin recapture opportunity looking out to next year?

然後在定價的背景下展望未來，您概述的成本背景以及我們連續看到的適度的連續改進，您將如何構建明年的利潤率奪回機會？

Okay. Well, if you look back at what happened in the fourth quarter, we had a price increase in September 1 in the U.S. We had some price increases internationally during 2022 and into the fourth quarter of 2022. We are increasing pricing in many international markets on a phased basis starting in the early part of 2023. So a lot of the increased costs that we have been absorbing should be accommodated by increased pricing.

好的。好吧，如果你回顧一下第四季度發生的事情，我們在 9 月 1 日在美國進行了價格上漲。我們在 2022 年期間和 2022 年第四季度在國際上進行了一些價格上漲。我們正在提高許多國際市場的定價從 2023 年初開始分階段進行。因此，我們一直在吸收的大量增加的成本應該通過提高價格來解決。

But looking forward, we all know what's happening with aluminum. It's coming down. Certain other commodities are coming down. In Europe, we see energy coming down. So overall, I think with regard to margin, we are actually in a good place. And as you saw in this quarter, we were able to move margin on a sequential basis.

但展望未來，我們都知道鋁會發生什麼。它正在下降。某些其他商品正在下跌。在歐洲，我們看到能源正在下降。所以總的來說，我認為關於保證金，我們實際上處於一個好位置。正如您在本季度看到的那樣，我們能夠按順序調整保證金。

We do, however, have certain costs that are not going away. For example, co-packing fees have gone up. The sugar is in tight supply because of weather situations. So there are positives as well as negatives in the system.

然而，我們確實有一些不會消失的成本。例如，共同包裝費上漲了。由於天氣原因，糖供應緊張。因此，系統中既有積極的一面，也有消極的一面。

As regards to the international cans, we don't have that significant quantity left in terms of what the impact will be on gross margin. So I think we've just got to work through those cans. They are green and ultra-hite. We'll look through them and it will be good. The only issue is that we do have promotional cans from time to time. And as I've spoken on this call on a number of occasions, these cans are not promotional cans. They're just straight cans that we use in non-promotional periods. And also it depends, we have other obligations with our can companies. So it's a question of sourcing cans on the most optimal place to be able to co-pack. So that may be too long an explanation, but I hope it gave you a sense of what we're seeing from the sand.

至於國際罐頭，就對毛利率的影響而言，我們沒有那麼多剩餘。所以我認為我們必須解決這些問題。它們是綠色的，超白的。我們會仔細檢查它們，這會很好。唯一的問題是我們不時有促銷罐。正如我在多次電話會議上所說的那樣，這些罐頭不是促銷罐頭。它們只是我們在非促銷期間使用的純罐頭。這也取決於我們對我們的罐頭公司有其他義務。因此，問題是在能夠共同包裝的最佳地點採購罐頭。所以這可能是一個太長的解釋，但我希望它能讓你了解我們從沙子中看到的東西。

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

下一個問題來自 Wells Fargo Securities 的 Chris Carey。

So I just wanted to follow up on that, but then asking question. So Hilton, would you expect sequential gross margin improvement from here on a steady clip, just given pricing and some improvement in commodities or overall cost inflation. I appreciate there are other inflationary factors. But would you expect to continue to sequentially improve from here? So that's just a follow-up.

所以我只想跟進，但隨後提出問題。因此，考慮到定價和商品或整體成本通脹的一些改善，希爾頓，您是否期望從這裡開始穩定地連續提高毛利率。我明白還有其他通貨膨脹因素。但是你會期望從這裡繼續依次改進嗎？所以這只是一個跟進。

But then from a U.S. perspective, I think one of the things that's coming up tonight is you had mid-single-digit pricing to high single-digit pricing in the U.S. in September and yet U.S. sales were 6%. So can you talk to any -- was there any pull forward of demand because of the pricing actions? Were there any promotions in the quarter behind the pricing? Maybe can you just help reconcile the revenue growth in the quarter in the U.S., which is basically aligned with the pricing that you're taking. So thanks for that follow-up on gross margins in the U.S. comment.

但從美國的角度來看，我認為今晚即將發生的事情之一是你在 9 月份在美國有中個位數定價到高個位數定價，但美國銷售額為 6%。那麼你能和任何人談談嗎？由於定價行為，是否有任何需求提前？定價背後的季度是否有任何促銷活動？也許你能幫助協調美國本季度的收入增長，這基本上與你所採用的定價一致。因此，感謝美國評論中對毛利率的跟進。

Okay. Chris, to answer your first question, we don't give guidance. And I actually gave quite a robust explanation of what we see the runway for margins. So I just really don't want to estimate it because we really don't give guidance. But I think I gave you a good sense of where we are, probably too much, but that is where it is.

好的。克里斯，回答你的第一個問題，我們不提供指導。實際上，我對我們所看到的利潤跑道給出了相當有力的解釋。所以我真的不想估計它，因為我們真的不提供指導。但我想我讓你很好地了解了我們所處的位置，可能太多了，但這就是它所在的位置。

In respect of the price increase in the U.S. in September, we actually limited the bottlers to the extent of how much they could buy in. So I don't think that there was -- in fact, we don't think there was any much pull forward from Q3. I think it was just a question of the market stabilizing. As you know, with when price increases are put into effect, there's always a little bit of a bump as you go into more steady waters.

關於美國 9 月份的價格上漲，我們實際上限制了裝瓶商可以購買的數量。所以我認為沒有 - 事實上，我們認為沒有從第三季度開始有很大的進步。我認為這只是市場穩定的問題。如您所知，當價格上漲生效時，當您進入更穩定的水域時總會有一點點顛簸。

And everything we know and that we've heard is the price really -- the price increase is actually sticking. So we had a little bit more promotional allowances in the fourth quarter, and you'll see that in the K that is released, but that's really consistent with bleeding in a price increase to a market in the consumer goods industry.

我們所知道和所聽到的一切都是真正的價格——價格上漲實際上是持續的。所以我們在第四季度有更多的促銷津貼，你會在發布的 K 中看到這一點，但這確實與消費品行業市場價格上漲的出血一致。

I think the only other thing I would like to just -- maybe just to add on that is that towards the end of the fourth quarter, I think we were not alone. I think there was a number of companies, felt some softness in the consumer pool in -- primarily in December. But that was -- and that happened. And then we think we've seen an uptick again in January as we've indicated from our January numbers and you could see from the Nielsen numbers.

我想我唯一想說的另一件事——也許只是補充一點，就是在第四季度末，我認為我們並不孤單。我認為有很多公司，主要是在 12 月，在消費者群體中感到有些疲軟。但那是——那發生了。然後我們認為我們在 1 月份再次看到了增長，正如我們從 1 月份的數據中所表明的那樣，你可以從 Nielsen 的數據中看到。

So it probably was a little bit of a combination of just an initial hesitancy from consumers to the price increase and then ultimately just some consumer softness, but that seems to have remedied itself in the first quarter now?

所以這可能是消費者最初對價格上漲猶豫不決，然後最終只是一些消費者疲軟的結合，但這似乎在第一季度就已經自我糾正了？

The next question comes from Andrea Teixeira of JPMorgan.

下一個問題來自摩根大通的 Andrea Teixeira。

This is Drew Levine on for Andrea. So Rodney, I want to continue on that point on the sort of rebound in January, and it also seemed like there was an acceleration for both Monster and the category on a [3-year stack] or 3-year CAGR basis. So just wondering what you're sort of attributing that underlying strength in consumption too, do you think it's product launches, increased interest in the category, gas prices coming down? So any thoughts around that would be helpful.

這是安德里亞的德魯萊文。所以羅德尼，我想繼續討論 1 月份的反彈，而且在 [3 年堆棧] 或 3 年復合年增長率的基礎上，Monster 和類別似乎都有加速。所以只是想知道你是什麼歸因於消費的潛在力量，你認為它是產品發布，對該類別的興趣增加，汽油價格下降嗎？因此，對此的任何想法都會有所幫助。

I think it's a combination of those things. I think we have got gas prices coming down. I think we have seen sort of -- now sort of increase in convenience. I remember, last year. Convenience was always ahead of the grocery and mass channels. And last year has sort of reversed, and convenience was a little slow. That seems to be coming back a little bit.

我認為這是這些事情的結合。我認為我們的汽油價格已經下降。我認為我們已經看到了——現在便利性有所增加。我記得，去年。便利總是領先於雜貨店和大眾渠道。而去年有點逆轉，便利性有點慢。那似乎又回來了一點。

And we just think that, again, pricing has sort of settled down a bit. But you can see across the whole category, there has been an increase in the Nielsen numbers across the category for most people and competitors. So we're just are seeing just a little bit of resurgence of confidence again.

我們只是認為，價格再次有所下降。但是你可以看到整個類別中，大多數人和競爭對手的尼爾森數字都有所增加。所以我們只是再次看到一點點信心的複蘇。

The other thing I think you should do is have a look at the -- when we announced third quarter results, we spoke about the October sales. And if you look at the October sales, it's not inconsistent with the quarter. And [until about] the fourth quarter of '22, sorry.

我認為你應該做的另一件事是看看——當我們宣布第三季度業績時，我們談到了 10 月份的銷售額。而且，如果您查看 10 月份的銷售額，就會發現它與本季度並不矛盾。 [直到大約]22 年第四季度，抱歉。

The next question comes from Mark Astrachan of Stifel.

下一個問題來自 Stifel 的 Mark Astrachan。

So hopefully, you're doing all right there, Rodney.

所以希望你在那裡一切都好，羅德尼。

I am fine, just sort of remnants of a cough for the last couple of weeks.

我很好，只是過去幾周有點咳嗽。

All right. That's good. Two questions for you. One sort of related to the recent line of questioning. So inventories were up again sequentially. How do we think about the improvement there? And does that kind of lead into flow-through of improvement in gross margin through '23?

好的。那挺好的。兩個問題問你。一種與最近的提問有關。因此庫存再次環比上升。我們如何看待那裡的改進？這種情況是否會導致 23 年毛利率的改善？

And maybe more bigger picture, how do you think about the relative affordability of Monster and energy drinks broadly in the U.S. after the price increase? It seems like if you look at other beverage categories, pricing has been steady riser over the last decade plus, so the gap has sort of narrowed. You took a little bit of pricing but not nearly as much on a cumulative basis. Is there opportunity here to become more price rationale from an energy category standpoint as you kind of move forward?

也許從更大的角度來看，您如何看待價格上漲後美國廣泛的 Monster 和能量飲料的相對承受能力？如果你看看其他飲料類別，似乎在過去十年多的時間裡價格一直在穩步上升，所以差距已經縮小了。你採取了一點定價，但在累積的基礎上幾乎沒有那麼多。隨著您的前進，是否有機會從能源類別的角度來看更多的價格合理性？

Well, let's talk about the first question, Mark, about inventories. As you know, when we went out of 2021, our inventories were just too low. We were unable to service our customers without major upheavals and without major costs. So we -- there was no question that the inventories had to move and move significantly up because bearing in mind where our sales are. But as we are, we believe that we have sufficient inventories, which is important for us to be able to service our customers. Are we working on getting those inventories down? Yes. And these inventories will optimize themselves in due course. So I wouldn't be concerned. Our products have a 2-year shelf life, and it's important that we maintain sufficient inventories to service our customers.

好吧，讓我們談談第一個問題，馬克，關於庫存。如您所知，當我們 2021 年結束時，我們的庫存太低了。如果沒有重大動盪和重大成本，我們就無法為客戶提供服務。所以我們 - 毫無疑問，庫存必須移動並大幅增加，因為要記住我們的銷售情況。但就目前而言，我們相信我們有足夠的庫存，這對我們能夠為客戶提供服務很重要。我們正在努力降低這些庫存嗎？是的。這些庫存將在適當的時候進行自我優化。所以我不會擔心。我們的產品有 2 年的保質期，因此保持足夠的庫存來為客戶提供服務非常重要。

And then on that second question you asked about pricing, if you know and look, for example, at a Mountain Dew at Walmart, a 20-ounce Mountain Dew at Walmart, their price is $2.18. And Monster is $2.28, so we -- I think as you look at the energy category, and you kind of, balance the pricing of 20-ounce sodas and energy drinks, remember that we now -- and just twisting over to convenience, we sell more -- energy drink sell more at convenience than carbonated soft drinks. So there is a balance. And I think we have struck a very good balance.

然後在第二個問題上，你問了關於定價的問題，如果你知道並看過，例如，沃爾瑪的 Mountain Dew，沃爾瑪的 20 盎司 Mountain Dew，它們的價格是 2.18 美元。 Monster 是 2.28 美元，所以我們——我想當你看能量類別時，你有點平衡 20 盎司蘇打水和能量飲料的定價，記住我們現在——為了方便，我們賣得更多——能量飲料在方便時比碳酸軟飲料賣得更多。所以有一個平衡。我認為我們已經取得了很好的平衡。

With regard to going forward, we have a price increase planned for 24-ounce, which we believe has got opportunity, and we're taking price in 24-ounce up beginning of April. So that will happen. And we'll continue to monitor the opportunities for price increases in the U.S. as we see margins and as we see the carbonated soft drink category, and it's a whole bundle of issues that lead us to move in the direction of whether to take price.

關於未來，我們計劃為 24 盎司提價，我們認為這是有機會的，我們將在 4 月初提高 24 盎司的價格。所以那會發生。當我們看到利潤率和碳酸軟飲料類別時，我們將繼續監控美國價格上漲的機會，這是導致我們朝著是否採取價格的方向前進的一大堆問題。

The next question comes from Filippo Falorni of Citi.

下一個問題來自花旗銀行的 Filippo Falorni。

Can you talk about your expectations for your innovation pipeline in 2023, particularly on a relative basis over the last couple of years, given it seems like you have a pretty substantial pipeline this year, both in alcoholic beverage and your core energy drinks?

您能否談談您對 2023 年創新管道的期望，尤其是在過去幾年的相對基礎上，鑑於今年您在酒精飲料和核心能量飲料方面似乎都有相當多的管道？

The fact is that I think that we've actually got a really broad base of innovation, I think that it has sort of improved over the last few years, and I think we're sort of getting it right. I think that will be positive for the brand. We also are being able to secure a little more shelf space across the different channels, which is helping us with innovation because in some cases, we didn't get shelf space in some of the years past, and it was sort of difficult to actually get the innovation to achieve the -- it's -- the benefits that we had hoped for. We think that this year, we will be able to achieve those benefits. We have rationalized some of the SKUs. And we think that we'll be able to get a good selection of our innovation on shelf, particularly the new energy Zero Sugar and also the new Reign subline, which will going to go up against other competitors in the 12-ounce category.

事實上，我認為我們實際上擁有非常廣泛的創新基礎，我認為它在過去幾年中有所改進，而且我認為我們正在做對。我認為這對品牌來說是積極的。我們還能夠在不同渠道獲得更多的貨架空間，這有助於我們進行創新，因為在某些情況下，我們在過去的幾年中沒有獲得貨架空間，而且實際上有點困難獲得創新以實現——這是——我們所希望的好處。我們認為，今年我們將能夠實現這些好處。我們已經合理化了一些 SKU。我們認為，我們將能夠在貨架上對我們的創新產品進行很好的選擇，特別是新能源零糖和新的 Reign 子線，它們將在 12 盎司類別中與其他競爭對手競爭。

And there has been some additional shelf space, not only in the energy category, but also in the sort of wellness category. So I think in some places, we'll also be able to place the Reign Storm sort of line in that area as well. So overall, we think there will be a good contribution going forward from innovation, which is exciting.

而且還有一些額外的貨架空間，不僅在能源類別中，而且在健康類別中。所以我認為在某些地方，我們也可以在該區域放置 Reign Storm 之類的線。所以總的來說，我們認為創新將會做出很好的貢獻，這是令人興奮的。

And so far, initial response to things like our Ultra Strawberry Dreams has been really positive from consumers and bottlers to the Zero Sugar and others. So we are pretty optimistic and upbeat about innovation this year.

到目前為止，消費者和裝瓶商對零糖和其他人對我們的 Ultra Strawberry Dreams 等事情的初步反應非常積極。因此，我們對今年的創新非常樂觀。

Also, we are introducing a lot of multipacks to try and increase the take home, particularly in places like grocery. So again, we haven't described them that much on this call, but there's a whole skew of multipack and variety packs that we're doing in a multipack which we think will be positive for the brand this year for sales.

此外，我們還推出了很多多件裝商品，以嘗試增加帶回家的數量，尤其是在雜貨店等地方。再次強調，我們在這次電話會議上沒有對它們進行太多描述，但是我們在多件裝中做的多件裝和多件裝的整體傾斜，我們認為這將對該品牌今年的銷售產生積極影響。

The next question comes from Steve Powers of Deutsche Bank.

下一個問題來自德意志銀行的 Steve Powers。

Just I guess a couple of cleanups on the gross margin topic. The first one is, Rodney, I think at the start of the call, you bridged to a $60 million increase in COGS. I just wanted to clarify what that was. I think if I'm not mistaken, COGS is up like 70 plus. So just exactly what those numbers were and what they weren't, number one?

我只是想對毛利率主題進行一些清理。第一個是，羅德尼，我想在電話開始時，你橋接了 COGS 增加 6000 萬美元。我只是想澄清那是什麼。我想如果我沒記錯的話，COGS 上升了 70 多倍。那麼這些數字到底是什麼，不是什麼，第一？

Number two, I don't know if you can comment on the mix of cans in the fourth quarter, old higher cost cans versus current cost cans and if that was materially different than what you had seen in the third quarter?

第二，我不知道你是否可以評論第四季度的罐頭組合，舊的成本較高的罐頭與當前成本的罐頭，這是否與你在第三季度看到的有實質性不同？

And then three, the Latin America gross margin, you called out sales growth there is fantastic, but the gross margin has been progressively under pressure and was down, I think, 10-plus points in the fourth quarter. Just the drivers there and if you think you've got the ability to turn that gross margin progress around in Latin America?

然後是第三，拉丁美洲的毛利率，你說那裡的銷售增長非常好，但毛利率一直在逐漸承受壓力，我認為第四季度下降了 10 個多點。只是那裡的驅動因素，如果您認為您有能力扭轉拉丁美洲的毛利率增長趨勢？

I think, Steve, we spoke about that -- about margins earlier on the call. Margins on a sequential basis were actually up. So I'm really not sure what you're referring to. And the first question that we answered spoke -- I spoke quite heavily about the progression of gross margins and the pluses and the minuses. So maybe I'm missing something, but I think we did discuss margin earlier on the call. And with regard to the $60 million that we spoke about in the release, that was only -- the $60 million was comprised of $39.6 million due to increased ingredients in other input costs and $12.5 million due to geographical product sales mix and $7.9 million due to increased logistical costs. And the rest of the increase in cost of sales was normal increases as you would expect to -- in a normal business environment. Those are the kind of the exceptional ones that we called out.

我想，史蒂夫，我們在電話會議的早些時候談到了這一點——關於利潤率。連續的利潤率實際上上升了。所以我真的不確定你指的是什麼。我們回答的第一個問題——我談到了毛利率的進展以及利弊。所以也許我遺漏了一些東西，但我認為我們早些時候在電話會議上確實討論了保證金。關於我們在新聞稿中談到的 6000 萬美元，那隻是——這 6000 萬美元包括 3960 萬美元是由於其他投入成本的成分增加，1250 萬美元是由於地理產品銷售組合，790 萬美元是由於物流成本增加。在正常的商業環境中，銷售成本的其餘增長是正常的增長，正如您所期望的那樣。這些就是我們提到的那種特殊情況。

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

我們的問答環節到此結束。我想將會議轉回給 Rodney Sacks 先生作閉幕詞。

Thanks. On behalf of the company, I'd like to thank everyone for their continued interest. 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 at home and abroad and in particular, capitalizing on our relationship with the Coca-Cola bottling system.

謝謝。我代表公司感謝大家一直以來的關注。我們繼續相信公司和我們的增長戰略，並繼續致力於繼續創新、發展和差異化我們的品牌，並在國內外擴展公司，特別是利用我們與可口可樂裝瓶系統的關係。

We believe that we are well positioned in the beverage industry and continue to be optimistic about the future of our company. We hope that you remain safe and healthy. Thank you very much for your attendance.

我們相信我們在飲料行業處於有利地位，並繼續對我們公司的未來持樂觀態度。我們希望您保持安全和健康。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.

會議現已結束。感謝您參加今天的演講，您現在可以斷開連接了。