怪物飲料 (MNST) 2023 Q4 法說會逐字稿

Good afternoon, and welcome to the Monster Beverage Company Fourth Quarter 2023 Conference Call. (Operator Instructions) Please note, this event is being recorded.

下午好，歡迎參加 Monster Beverage Company 2023 年第四季電話會議。 （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-CEOs. Please go ahead.

現在我想將會議交給聯合執行長羅德尼·薩克斯 (Rodney Sacks) 和希爾頓·施洛斯伯格 (Hilton Schlosberg)。請繼續。

Thank you very much. Good afternoon, ladies and gentlemen. Thanks 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.

非常感謝。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。我們的副主席兼聯合首席執行官希爾頓施洛斯伯格 (Hilton Schlosberg) 正在接聽電話；我們的財務長湯姆凱利 (Tom Kelly) 也是如此。

Tom Kelly will now read our cautionary statement.

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，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 條含義內的前瞻性陳述，並基於有關管理層對收入、盈利能力、未來業務、未來事件、財務業績和趨勢的預期的當前可用資訊。

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了公司的控制範圍，可能導致實際結果與本次電話會議中所做的前瞻性陳述有重大差異。

Please refer to our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K filed on March 1, 2023, and quarterly reports on Form 10-Q, including the sections contained therein entitled Risk Factors and Forward-Looking Statements for a discussion on specific risks and uncertainties that may affect our performance. The company assumes no obligation 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2023 年3 月1 日提交的最新10-K 表年度報告和10-Q 表季度報告，包括其中標題為“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討論的聲明。本公司不承擔更新任何前瞻性陳述的義務，無論是由於新資訊、未來事件或其他原因。

Before I turn the call over to Rodney Sacks, I would like to mention a clerical error that we had with the filing of our most recent press release that was filed just within the last half hour. And under the -- in the income statement section, under the 3 months ended December 31, 2023, the amount that was reported as gross profit which was reported as $983,372,000, should have been $938,372,000. Aside from that clerical error, all other numbers on the press release are correct.

在我把電話轉給羅德尼·薩克斯之前，我想提一下我們在提交最近半小時內提交的最新新聞稿時出現的一個筆誤。在損益表部分，截至 2023 年 12 月 31 日的 3 個月中，報告為毛利的金額為 983,372,000 美元，本應為 938,372,000 美元。除了筆誤之外，新聞稿中的所有其他數字都是正確的。

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

我現在想把電話轉給羅德尼·薩克斯。

Thank you, Tom. The company achieved record fourth quarter net sales of $1.73 billion in the 2023 fourth quarter, 14.4% higher than net sales of $1.51 billion in the 2022 comparable period and 16.1% higher on a foreign currency adjusted basis. Gross profit as a percentage of net sales for the 2023 fourth quarter was 54.2% compared to 51.8% in the comparative 2022 fourth quarter.

謝謝你，湯姆。該公司在 2023 年第四季實現了創紀錄的第四季淨銷售額 17.3 億美元，比 2022 年同期淨銷售額 15.1 億美元高出 14.4%，按外匯調整後的基礎上高出 16.1%。 2023 年第四季的毛利佔淨銷售額的百分比為 54.2%，而 2022 年第四季為 51.8%。

As a result of the Bang inventory step-up, gross profit was adversely impacted by approximately $5 million during the 2023 fourth quarter. Gross profit as a percentage of net sales was 54.5% for the 2023 fourth quarter, excluding the Bang inventory step-up. The increase in gross profit as a percentage of net sales for the 2023 fourth quarter as compared to the 2022 fourth quarter was primarily the result of pricing actions, decreased freight-in costs and lower input costs.

由於 Bang 庫存增加，2023 年第四季毛利受到約 500 萬美元的不利影響。 2023 年第四季的毛利佔淨銷售額的百分比為 54.5%，不包括 Bang 庫存增加。與 2022 年第四季相比，2023 年第四季毛利佔淨銷售額的百分比增加，主要是由於定價行動、貨運成本下降和投入成本下降。

During this call, we will talk about impairment charges of approximately $39.9 million recorded in the 2023 fourth quarter related to the Alcohol Brands segment due in part to the continuing challenges in the craft beer and seltzer categories. We will refer to these charges as the alcohol impairment charges. The alcohol impairment charges related to certain non-amortizing intangibles as well as property and equipment acquired as part of the CANarchy transaction.

在本次電話會議中，我們將討論 2023 年第四季與酒精品牌部門相關的約 3,990 萬美元的減損費用，部分原因是精釀啤酒和蘇打水類別的持續挑戰。我們將這些費用稱為酒精損害費用。酒精減損費用與某些非攤銷無形資產以及作為 CANarchy 交易一部分而獲得的財產和設備有關。

Operating expenses for the 2023 fourth quarter were $504.4 million compared to $390 million in the 2022 fourth quarter. Operating expenses for the 2023 fourth quarter included the alcohol impairment charges. As a percentage of net sales, operating expenses for the 2023 fourth quarter were 29.2% compared with 25.8% in the 2022 fourth quarter. Exclusive of the alcohol impairment charges as a percentage of net sales, operating expenses for the 2023 fourth quarter were 26.8%.

2023 年第四季的營運費用為 5.044 億美元，而 2022 年第四季的營運費用為 3.9 億美元。 2023 年第四季的營運支出包括酒精減損費用。以佔淨銷售額的百分比計算，2023 年第四季的營運費用為 29.2%，而 2022 年第四季為 25.8%。不計酒精減損費用佔淨銷售額的百分比，2023 年第四季的營運費用為 26.8%。

Distribution expenses for the 2023 fourth quarter were $79.6 million or 4.6% of net sales compared to $76.1 million or 5% of net sales in the 2022 fourth quarter.

2023 年第四季的分銷費用為 7,960 萬美元，佔淨銷售額的 4.6%，而 2022 年第四季的分銷費用為 7,610 萬美元，佔淨銷售額的 5%。

Operating income for the 2023 fourth quarter increased 10% to $434 million from $394.4 million in the 2022 comparative quarter. Operational income adjusted for the Bang inventory step-up and the alcohol impairment charges increased 21.4% to $478.9 million for the 2023 fourth quarter. The effective tax rate for the 2023 fourth quarter was 18.5% compared with 23.3% in the 2022 fourth quarter. The decrease in the effective tax rate was primarily attributable to an increase in the stock compensation deduction.

2023 年第四季的營業收入從 2022 年同期的 3.944 億美元成長 10% 至 4.34 億美元。 2023 年第四季，根據 Bang 庫存增加和酒精減損費用調整後的營業收入成長 21.4%，達到 4.789 億美元。 2023年第四季的有效稅率為18.5%，而2022年第四季的有效稅率為23.3%。實際稅率下降主要是因為股權激勵扣除額增加所致。

Net income increased 21.6% to $367 million as compared to $301.7 million in the 2022 comparable quarter. Net income adjusted for the Bang inventory step-up and the alcohol impairment charges, net of tax, increased 33.1% to $401.5 million for the 2023 fourth quarter.

淨利成長 21.6%，達到 3.67 億美元，而 2022 年同期淨利為 3.017 億美元。 2023 年第四季度，根據 Bang 庫存增加和酒精減損費用調整後的淨收入（稅後）成長 33.1%，達到 4.015 億美元。

Diluted earnings per share for the 2023 fourth quarter increased 22.3% to $0.35 from $0.29 in the fourth quarter of 2022. Diluted earnings per share adjusted for the Bang inventory step-up and the alcohol impairment charges, net of tax, was $0.38 for the 2023 fourth quarter, an increase of 33.8%.

2023 年第四季的稀釋每股盈餘從2022 年第四季的0.29 美元成長22.3% 至0.35 美元。根據Bang 庫存增加和酒精減損費用調整後，2023 年的稀釋每股收益（稅後）為0.38 美元第四季年增33.8%。

The company has implemented price increases in the first quarter of 2024 in certain international markets. We are continuing to monitor opportunities for further pricing actions in both the United States and internationally. The company continues to have market share leadership in the energy drink category for all outlets combined in the United States in both the 13-week and 4-week periods ended February 17, 2024.

該公司已於2024年第一季在某些國際市場實施漲價。我們正在繼續關注美國和國際上進一步定價行動的機會。截至 2024 年 2 月 17 日的 13 週和 4 週期間，該公司在美國所有門市的能量飲料類別中繼續保持市場份額領先地位。

According to Nielsen reports for the 13 weeks through February 17, 2024, for all outlets combined, namely convenience, grocery, drug, mass merchandisers, sales in dollars in the energy drink category, including energy shots, increased by 5.5% versus the same period a year ago. Sales of the company's energy brands, excluding Bang, were up 0.9% in the 13-week period. Sales of Monster declined 0.7%. Sales of Reign were up 21.6%. Sales of NOS increased 5.1%. And sales of Full Throttle increased 3.6%. Sales of Red Bull increased 2.9%.

根據尼爾森報告，截至2024 年2 月17 日的13 週內，對於所有商店，即便利商店、雜貨店、藥店、量販店，能量飲料類別（包括能量飲料）的美元銷售額較同期增長了5.5 %一年前。該公司能源品牌（不包括 Bang）的銷售額在 13 週內成長了 0.9%。 Monster 的銷售額下降了 0.7%。 Reign 的銷售額成長了 21.6%。 NOS 銷售額成長 5.1%。 Full Throttle 的銷量成長了 3.6%。紅牛銷量成長2.9%。

According to Nielsen, for the 4 weeks ended February 17, 2024, sales in dollars in the energy drink category in the convenience and gas channel, including energy shots, in dollars, increased 3.7% over the same period the previous year. Sales of the company's energy brands, excluding Bang, decreased 0.1% in the 4-week period in the convenience and gas channel. Sales of Monster decreased by 2% over the same period versus the previous year. Reign sales increased 17.2%. NOS sales were up 6%. And Full Throttle was up 1.7%. Sales of Red Bull were up 3.8%.

根據尼爾森的數據，截至 2024 年 2 月 17 日的 4 週，便利和燃氣通路中能量飲料類別的銷售額（包括能量飲料）年增 3.7%。該公司旗下能源品牌（不包括 Bang）在便利性和燃氣通路的銷售額在 4 週內下降了 0.1%。 Monster的銷售額較去年同期下降2%。統治時期銷售額成長 17.2%。 NOS 銷售額成長 6%。 Full Throttle 上漲 1.7%。紅牛銷量成長 3.8%。

According to Nielsen, for the 4 weeks ended February 17, 2024, the company's market share of the energy drink category in the convenience and gas channel, including energy shots in dollars, decreased from 36.9% to 35.5%, excluding Bang. Including Bang, the company's market share is 37%. Monster share decreased from 30.8% a year ago to 29.1%. Reign's share increased 0.3 of a share points to 3%. NOS share increased 0.1 of a share point to 2.7%, and Full Throttle share remained at 0.7%. Bang share was 1.4%. Red Bull share increased 0.1 of a share point to 35.1%.

根據尼爾森的數據，截至2024 年2 月17 日的4 週，該公司在便利和燃氣通路的能量飲料類別（包括以美元計算的能量飲料）的市佔率從36.9% 下降至35.5%（不包括Bang ）。包括Bang在內，該公司的市佔率為37%。 Monster 股份從一年前的 30.8% 下降至 29.1%。 Reign 的股價上漲了 0.3 個百分點，達到 3%。 NOS 份額增加了 0.1 個百分點，達到 2.7%，Full Throttle 份額維持在 0.7%。 Bang份額為1.4%。紅牛股價上漲0.1個百分點至35.1%。

Market share of certain competitors were as follows: CELSIUS 8.1%, C4 3.5%, 5-Hour 3.4%, Rockstar 3.2%, and GHOST 2.9%.

某些競爭對手的市佔率如下：CELSIUS 8.1%、C4 3.5%、5-Hour 3.4%、Rockstar 3.2% 和 GHOST 2.9%。

According to Nielsen, for the 4 weeks ended February 17, 2024, sales in dollars of the coffee plus energy drink category, which includes our Java Monster line, in the convenience and gas channel, decreased 10.3% over the same period the previous year. Sales of Java Monster, including Java Monster 300 and Java Monster Nitro Cold Brew were 4.6% lower in the same period versus the previous year. Sales of Starbucks Energy were 16.9% lower. Java Monster share of the coffee plus energy drink category for the 4 weeks ended February 17, 2024, was 58.2%, up 3.5 points, while Starbucks Energy share was 41.5%, down 3.3 points.

根據尼爾森的數據，截至 2024 年 2 月 17 日的 4 週，咖啡加能量飲料類別（包括我們的 Java Monster 系列）在便利和天然氣通路的銷售額比去年同期下降了 10.3%。 Java Monster（包括 Java Monster 300 和 Java Monster Nitro Cold Brew）的銷售額年減 4.6%。 Starbucks Energy 的銷售額下降了 16.9%。截至 2024 年 2 月 17 日的 4 週，Java Monster 在咖啡加能量飲料類別中的份額為 58.2%，上升 3.5 個百分點，而星巴克能量飲料的份額為 41.5%，下降 3.3 個百分點。

According to Nielsen, in all measured channels in Canada, for the 12 weeks ended January 27, 2024, the energy drink category increased 9.2% in dollars. Sales of the company's energy drink brands increased 8.6% versus a year ago. The market share of the company's energy drink brands decreased 0.2 of a point to 41.3%. Monster's sales increased 9%, and its market share decreased 0.1 of a point to 37.3%. NOS sales decreased 5.1% and its market share decreased 0.2 of a point to 1.2%. Full Throttle sales increased 24.6%, and its market share increased 0.1 of a point to 0.6%.

根據尼爾森的數據，在加拿大所有測量管道中，截至 2024 年 1 月 27 日的 12 週內，能量飲料類別以美元計算增加了 9.2%。公司能量飲料品牌銷量較去年同期成長8.6%。公司能量飲料品牌市佔率下降0.2個百分點至41.3%。 Monster 的銷售額成長了 9%，但市佔率下降了 0.1 個百分點，至 37.3%。 NOS 銷售額下降 5.1%，市佔率下降 0.2 個百分點至 1.2%。 Full Throttle 銷售成長 24.6%，市佔率成長 0.1 個百分點，達到 0.6%。

According to Nielsen, for all outlets combined in Mexico, the energy drink category increased 10.9% for the month of January 2024. Monster sales increased 10.5%. Monster's market share in value decreased 0.1 of a point to 29.4% against the comparable period the previous year. Sales of Predator increased 23.2%, and its market share increased 0.6 of a share point to 5.6%.

根據尼爾森的數據，截至 2024 年 1 月，墨西哥所有門市的能量飲料類別成長了 10.9%。Monster 銷售額成長了 10.5%。 Monster的市佔率價值較去年同期下降0.1個百分點至29.4%。 Predator銷量成長23.2%，市佔率成長0.6個百分點至5.6%。

The Nielsen statistics for Mexico cover a 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.

尼爾森對墨西哥的統計數據涵蓋一個月，這是一個很短的時期，通常可能會受到主導市場的 OXXO 便利連鎖店的銷售產生重大積極和/或消極影響。反過來，OXXO 便利連鎖店的銷售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可能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尼爾森月度統計數據產生重大影響。

According to Nielsen, for all outlets combined, in Brazil, the energy drink category increased 19.9% for the month of January 2024. Monster sales increased 33.6%. Monster's market share in value increased 4.7 points to 45.8% compared to January 2023.

根據尼爾森的數據，截至 2024 年 1 月，巴西所有門市的能量飲料類別成長了 19.9%。Monster 銷售額成長了 33.6%。與 2023 年 1 月相比，Monster 的市佔率增加了 4.7 個百分點，達到 45.8%。

In Argentina, due in part to hyperinflation, the energy drink category increased 167.2% for the month of January 2024. Monster sales increased 178.2%. Monster's market share in value increased 2.2 points to 55.8% compared to January 2023.

在阿根廷，部分由於惡性通貨膨脹，2024 年 1 月能量飲料類別增長了 167.2%。Monster 銷量增長了 178.2%。與 2023 年 1 月相比，Monster 的市佔率增加了 2.2 個百分點，達到 55.8%。

In Chile, the energy drink category increased 1.8% for the month of January 2024. Monster sales decreased 2.2%. Monster's market share in value decreased 1.7 points to 40.5%. Monster Energy remains the leading energy brand in value in Argentina, Brazil and Chile.

在智利，2024 年 1 月能量飲料類別成長了 1.8%。Monster 銷量下降了 2.2%。 Monster 的市佔率價值下降了 1.7 個百分點，至 40.5%。 Monster Energy 仍然是阿根廷、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.

我想指出的是，歐洲、中東和非洲地區的尼爾森數字只能用作指導，因為歐洲、中東和非洲地區的尼爾森讀取的頻道因國家而異，並且在不同國家/地區提到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 2024, Monster's retail market share in value as compared to the same period the previous year grew from 14.9% to 16.3% in Belgium; from 31% to 31.6% in France; from 30.8% to 33.2% in Great Britain; from 4.9% to 6.2% in the Netherlands; from 32.7% to 34.4% in Norway; and from 40.5% to 40.9% in Spain.

根據尼爾森的數據，截至2024年1月的13週內，Monster在比利時的零售市佔率與去年同期相比從14.9%成長至16.3%；法國從 31% 升至 31.6%；英國從 30.8% 升至 33.2%；荷蘭從 4.9% 降至 6.2%；挪威從 32.7% 升至 34.4%；西班牙則從 40.5% 升至 40.9%。

According to Nielsen, in the 13-week period ended until the end of December 2023, Monster's retail market share in value as compared to the same period the previous year grew from 20.1% to 22.4% in the Czech Republic; from 13.7% to 17.1% in Germany; from 30.2% to 31.1% in Italy; and from 27.6% to 30.1% in the Republic of Ireland.

根據尼爾森的數據，截至2023年12月的13週內，Monster在捷克共和國的零售市佔率與去年同期相比從20.1%成長至22.4%；德國從 13.7% 升至 17.1%；義大利從 30.2% 升至 31.1%；愛爾蘭共和國則從 27.6% 降至 30.1%。

According to Nielsen, in the 13-week period until the end of December 2023, Monster's retail market share in value as compared to the same period the previous year remained flat at 18.6% in Poland. Monster's retail market share in value as compared to the same period the previous year declined from 27.8% to 27% in Denmark; from 37% to 36.1% in Greece; from 19.8% to 19.2% in South Africa; and from 15.7% to 15.5% in Sweden.

根據尼爾森的數據，截至 2023 年 12 月底的 13 週內，Monster 在波蘭的零售市佔率與去年同期持平，為 18.6%。 Monster在丹麥的零售市佔率與去年同期相比從27.8%下降至27%；希臘從 37% 升至 36.1%；南非從 19.8% 降至 19.2%；瑞典則從 15.7% 升至 15.5%。

According to Nielsen, in the 13-week period until the end of December 2023, Predator's retail market share in value as compared to the same period the previous year grew from 32.1% to 33.7% in Kenya and from 19.2% to 21% in Nigeria.

根據尼爾森的數據，截至 2023 年 12 月底的 13 週內，與去年同期相比，Predator 在肯亞的零售市佔率從 32.1% 成長至 33.7%，在奈及利亞從 19.2% 成長至 21% 。

According to IRI, for all outlets combined in Australia, the energy drink category increased 13% for the 4 weeks ending February 11, 2024. Monster sales increased 32.5%. Monster's market share in value increased 2.9 points to 19.4% against the comparable period the previous year. Sales of Mother increased 10.5%, and its market share decreased 0.2 of a share point to 10.8%. This period marks the first time that the company's total market share exceeded 30%.

根據 IRI 的數據，截至 2024 年 2 月 11 日的 4 週內，澳洲所有門市的能量飲料類別成長了 13%。Monster 銷售額成長了 32.5%。 Monster的市佔率價值比去年同期成長了2.9個百分點，達到19.4%。 Mother的銷售額成長10.5%，市佔率下降0.2個百分點至10.8%。這段時期標誌著公司總市佔率首次超過30%。

According to IRI for all outlets combined in New Zealand, the energy drink category increased 9% for the 4 weeks ending February 11, 2024. Monster sales increased 33%. Monster's market share in value increased 2.6 points to 14.6% against the comparable period the previous year. Sales of Mother increased 14.4%, and its market share increased 0.3 of a share point to 6.4%. Sales of Live+ decreased 5%, and its market share decreased 0.8 of a share point to 5.2%.

根據 IRI 統計的新西蘭所有門市的數據，截至 2024 年 2 月 11 日的 4 週內，能量飲料類別增加了 9%。Monster 銷售額增加了 33%。 Monster的市佔率價值比去年同期成長了2.6個百分點，達到14.6%。 Mother的銷售額成長了14.4%，市佔率成長了0.3個百分點，達到6.4%。 Live+銷售額下降5%，市佔率下降0.8個百分點至5.2%。

According to (inaudible), in the convenience channel in Japan, the energy drink category decreased 0.2% and for the month of January 2024. Monster's sales increased 6.9%. Monster's market share in value increased 3.9 points to 59.4% against the comparable period the previous year. According to Nielsen, for all outlets combined in South Korea, the energy drink category increased 17.2% for the month of January 2024. Monster sales increased 5.5%. Monster's market share in value decreased 5.9 points to 53.6% against the comparable period the previous year.

據（聽不清楚），在日本的便利通路中，2024 年 1 月能量飲料類別下降了 0.2%。Monster 的銷售額成長了 6.9%。 Monster的市佔率價值比去年同期成長了3.9個百分點，達到59.4%。根據尼爾森的數據，截至 2024 年 1 月，韓國所有門市的能量飲料類別成長了 17.2%。Monster 銷售額成長了 5.5%。 Monster的市佔率價值較去年同期下降5.9個百分點至53.6%。

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.

我們再次指出，涵蓋單月或 4 週期間的某些市場統計數據通常可能會受到這些期間促銷或其他交易因素的重大正面和/或負面影響。

Net sales to customers outside the U.S. were $637 million, 36.8% of total net sales in the 2023 fourth quarter compared to $542.5 million or 35.9% of total net sales in the corresponding quarter in 2022. Foreign currency exchange rates had a negative impact on net sales in the U.S. -- in U.S. dollars by approximately $27.1 million in the 2023 fourth quarter.

對美國以外客戶的淨銷售額為6.37 億美元，佔2023 年第四季總淨銷售額的36.8%，而2022 年第四季為5.425 億美元，佔總淨銷售額的35.9%。外匯匯率對淨銷售額產生了負面影響以美元計算，2023 年第四季美國銷售額成長約 2,710 萬美元。

In EMEA, net sales in the 2023 fourth quarter increased 10.4% in dollars, and increased 11.1% on a currency-neutral basis over the same period in 2022. Gross profit in this region as a percentage of net sales for the fourth quarter was 32.7% compared to 33.9% in the same quarter in 2022 and 31.1% in the 2023 third quarter. We're also pleased that in the 2023 fourth quarter, Monster gained market share in Belgium, the Czech Republic, France, Germany, Great Britain, Italy, the Netherlands, Norway, the Republic of Ireland and Spain.

在歐洲、中東和非洲地區，以美元計算，2023年第四季淨銷售額成長10.4%，以中性貨幣計算，2022年同期成長11.1%。該地區毛利佔第四季淨銷售額的百分比為32.7 %，而 2022 年同一季度為 33.9%，2023 年第三季為 31.1%。我們也很高興看到，2023 年第四季度，Monster 在比利時、捷克共和國、法國、德國、英國、義大利、荷蘭、挪威、愛爾蘭共和國和西班牙的市佔率有所增加。

In Asia Pacific, net sales in the 2023 fourth quarter increased 3.7% in dollars, and increased 5.1% on a currency-neutral basis over the same period in 2022. Gross profit in this region as a percentage of net sales for the fourth quarter was 40.1% versus 42.6% in the same period in 2022 and 43.2% in the 2023 third quarter. Net sales in Japan in the 2023 fourth quarter decreased 2.3% in dollars and increased 0.9% on a currency-neutral basis.

在亞太地區，2023年第四季淨銷售額以美元計算成長3.7%，在剔除貨幣因素的基礎上，2022年同期成長5.1%。該地區毛利潤佔第四季淨銷售額的百分比為40.1% ，而2022 年同期為42.6%，2023 年第三季為43.2%。 2023 年第四季日本淨銷售額以美元計算下降 2.3%，在貨幣中性基礎上成長 0.9%。

In South Korea, net sales in the 2023 fourth quarter decreased 5.1% in dollars and decreased 9.4% on a currency-neutral basis as compared to the same quarter in 2022. Monster remains the market leader in Japan and South Korea.

在韓國，與 2022 年同季相比，2023 年第四季的淨銷售額以美元計算下降了 5.1%，在剔除貨幣因素後下降了 9.4%。Monster 仍然是日本和韓國的市場領導者。

In China, case sales in the 2023 fourth quarter increased 51% in cases as compared to the same quarter in 2022. We remain optimistic about the long-term prospects for the Monster brand in China and are excited about the launch of Predator this year.

在中國，2023年第四季的箱銷量較2022年同季成長了51%。我們對Monster品牌在中國的長期前景保持樂觀，並對今年Predator的推出感到興奮。

In Oceana, which includes Australia, New Zealand, Tahiti, French Polynesia, New Caledonia, Papua New Guinea and Guam, net sales increased 41.4% in dollars and increased 43.4% on a currency-neutral basis.

在包括澳洲、紐西蘭、大溪地、法屬玻里尼西亞、新喀裡多尼亞、巴布亞紐幾內亞和關島在內的大洋洲，以美元計算的淨銷售額成長了41.4%，在不計貨幣因素的基礎上成長了43​​.4%。

In Latin America, including Mexico and the Caribbean, net sales in the 2023 fourth quarter increased 37.2% in dollars and increased 56.1% on a currency-neutral basis over the same period in 2022. Gross profit in this region as a percentage of net sales was 38.4% for the 2023 fourth quarter versus 28.4% in the 2022 fourth quarter and 37.7% in the 2023 third quarter.

在拉丁美洲，包括墨西哥和加勒比地區，2023年第四季的淨銷售額以美元計算增長了37.2%，在不計貨幣因素的基礎上，2022年同期增長了56.1%。該地區毛利潤佔淨銷售金額的百分比2023 年第四季為 38.4%，而 2022 年第四季為 28.4%，2023 年第三季為 37.7%。

In Brazil, net sales in the 2023 fourth quarter increased 76.7% in dollars and increased 66.1% on a currency-neutral basis. Net sales in Mexico increased 39.5% in dollars and increased 23.7% on a currency-neutral basis in the 2023 fourth quarter.

在巴西，2023年第四季淨銷售額以美元計算成長了76.7%，在不計貨幣因素的基礎上成長了66.1%。 2023 年第四季度，墨西哥的淨銷售額以美元計算成長了 39.5%，在不考慮貨幣因素的情況下成長了 23.7%。

Net sales in Chile increased 21.6% in dollars and increased 17.6% on a currency-neutral basis in the 2023 fourth quarter, and net sales in Argentina increased 36.8% in dollars and increased 219.6% on a currency-neutral basis in the 2023 fourth quarter.

智利2023年第四季淨銷售額以美元計算成長21.6%，不計貨幣中性基礎上成長17.6%；阿根廷2023年第四季淨銷售額以美元計算成長36.8%，不計貨幣中性基礎上成長219.6 % 。

During the first quarter of 2024, we announced that CANarchy Craft Brewery Collective, or what we referred to as CANarchy, will operate under the name Monster Brewing Company. This change will better align the business with our brand equity. We continue with the expanded distribution of The Beast Unleashed during the fourth quarter of 2023, which are now available in 48 states through a network of beer distributors. We have commenced with the rollout of The Beast Unleashed in 24-ounce single-serve cans in the convenience and gas channel. We are pleased with the results of The Beast Unleashed and are continuing to expand points of distribution of this brand.

2024 年第一季度，我們宣布 CANarchy Craft Brewery Collective（或我們稱為 CANarchy）將以 Monster Brewing Company 的名稱運作。這項變更將使業務與我們的品牌資產更好地保持一致。我們將在 2023 年第四季繼續擴大 The Beast Unleashed 的分銷範圍，現已透過啤酒經銷商網路在 48 個州銷售。我們已開始在便利性和瓦斯通路推出 24 盎司單份罐裝 The Beast Unleashed。我們對 The Beast Unleashed 的表現感到滿意，並將繼續擴大該品牌的分銷點。

Nasty Beast Hard Tea was launched in January of 2024, and is now available in 40 states with a goal of national distribution by midyear. Nasty Beast Hard Tea is available in 4 flavors and is available in 24-ounce single-serve cans as well as a variety 12-pack of 12-ounce sleek cans. Early response to the brand has been very positive.

Nasty Beast Hard Tea 於 2024 年 1 月推出，現已在 40 個州銷售，目標是在年中之前在全國銷售。 Nasty Beast 硬茶有 4 種口味，有 24 盎司單份罐裝以及各種 12 包 12 盎司時尚罐裝。該品牌的早期反應非常積極。

In the U.S., during the 2023 fourth quarter, we expanded NOS Original with a 0-sugar offering, NOS Zero Sugar.

在美國，2023 年第四季度，我們擴大了 NOS Original 的範圍，推出了 0 糖產品 NOS Zero Sugar。

Our pipeline innovation continues in the first quarter of 2024. In January, we launched 2 additional flavors of Reign Storm, Guava Strawberry and Citrus Zest to add to the 4 flavors already in distribution. We are planning to launch 2 additional Reign Storm flavors, Apricot Strawberry and Mango in March 2024, bringing the total number of Reign Storm flavors to 8.

我們的產品線創新將在 2024 年第一季繼續進行。1 月，我們在已分銷的 4 種口味的基礎上，推出了另外 2 種口味：Reign Storm、番石榴草莓和柑橘皮。我們計劃於 2024 年 3 月推出另外 2 種統治風暴口味：杏子草莓和芒果，使統治風暴口味總數達到 8 種。

In February, we launched Monster Energy Ultra Fantasy Ruby Red in 16-ounce and 12-ounce sleek cans. We also launched Monster Rehab Green Tea, Reign Total Body Fuel Sour Gummy Worm, Monster Juice Rio Punch, Java Monster Irish Cream and Monster Reserve Peaches and Cream.

2 月份，我們推出了 16 盎司和 12 盎司時尚罐裝 Monster Energy Ultra Fantasy Ruby Red。我們也推出了 Monster Rehab Green Tea、Reign Total Body Fuel Sour Gummy Worm、Monster Juice Rio Punch、Java Monster Irish Cream 和 Monster Reserve Peaches and Cream。

Additionally, in the first quarter of 2024, we continue to innovate in our multipack and variety pack offerings. In Canada, during the first quarter of 2024, we launched several new innovations. In January, we launched Monster Energy Ultra Strawberry Dreams in 2 package sizes as well as Reign Total Body Fuel Cherry Limeade and Monster Reserve Orange Dreamsicle.

此外，在 2024 年第一季度，我們將繼續在合裝包和多種包裝產品上進行創新。在加拿大，2024 年第一季度，我們推出了多項新創新。一月份，我們推出了兩種包裝尺寸的 Monster Energy Ultra Strawberry Dreams，以及 Reign Total Body Fuel Cherry Limeade 和 Monster Reserve Orange Dreamsicle。

In early February 2024, we launched Monster Energy Zero Sugar in a 710 ml receivable package as well as Monster Rehab Wild Berry Tea.

2024 年 2 月初，我們推出了 710 毫升應收包裝的 Monster Energy 零糖以及 Monster Rehab 野莓茶。

In Latin America, during the fourth quarter of 2023, we launched several new innovations. In Brazil, we launched Monster Pipeline Punch. In Uruguay, we launched Monster Ultra Sunrise. And in Chile, we launched Monster Aussie Style Lemonade. In Colombia and Guatemala, we launched Monster Reserve White Pineapple. In Peru, we launched Fury Gold Strike, an affordable energy brand.

在拉丁美洲，2023 年第四季度，我們推出了多項新創新。在巴西，我們推出了 Monster Pipeline Punch。在烏拉圭，我們推出了 Monster Ultra Sunrise。在智利，我們推出了怪物澳洲風格檸檬水。在哥倫比亞和瓜地馬拉，我們推出了 Monster Reserve 白鳳梨。在秘魯，我們推出了Fury Gold Strike，一個經濟實惠的能源品牌。

In Latin America, during the first quarter of 2024, several new flavors have been introduced. In Mexico, we continued to expand our affordable portfolio and introduced Predator Tropical.

在拉丁美洲，2024 年第一季推出了多種新口味。在墨西哥，我們繼續擴大價格實惠的產品組合併推出了 Predator Tropical。

In the 2023 fourth quarter in New Zealand, we launched Monster Energy Ultra Peachy Keen. In Australia, during the first quarter of 2024, we launched Monster Energy Zero Sugar, Monster Energy Ultra Strawberry Dreams and Monster Juice Papillon.

2023 年第四季度，我們在新西蘭推出了 Monster Energy Ultra Peachy Keen。在澳大利亞，2024 年第一季度，我們推出了 Monster Energy Zero Sugar、Monster Energy Ultra Strawberry Dreams 和 Monster Juice Papillon。

In EMEA, in the fourth quarter of 2023, we launched Monster Juice Monarch, Nitro Cosmic Peach, Reserve Orange Dreamsicle and Ultra Peachy Keen in a number of countries. Monster Energy Zero Sugar was launched in Great Britain, Ireland and Poland in the second half of 2023, with additional launches planned throughout EMEA in 2024.

在歐洲、中東和非洲地區，我們在 2023 年第四季在多個國家推出了 Monster Juice Monarch、Nitro Cosmic Peach、Reserve Orange Dreamsicle 和 Ultra Peachy Keen。 Monster Energy 零糖產品於 2023 年下半年在英國、愛爾蘭和波蘭推出，並計劃於 2024 年在整個歐洲、中東和非洲地區推出更多產品。

During the fourth quarter of 2023, we launched Monster Aussie Lemonade in Japan, Monster Ultra Paradise in Malaysia, Monster Mango Loco and Pipeline Punch in Kazakhstan and Monster Mango Loco in the Philippines.

2023 年第四季度，我們在日本推出了 Monster Aussie Lemonade，在馬來西亞推出了 Monster Ultra Paradise，在哈薩克推出了 Monster Mango Loco 和 Pipeline Punch，在菲律賓推出了 Monster Mango Loco。

In February 2024, we introduced Predator Gold Strike in Azerbaijan and in the Philippines.

2024 年 2 月，我們在阿塞拜疆和菲律賓推出了 Predator Gold Strike。

During the 2023 fourth quarter, the company purchased approximately 0.8 million shares of its common stock at an average purchase price of $54.57 per share, for a total amount of $43.2 million, excluding broker commissions. As of February 27, 2024, approximately $642.4 million remained available for purchase under the previously authorized repurchase program, that is dollars.

2023年第四季度，該公司以每股54.57美元的平均購買價格購買了約80萬股普通股，總金額為4,320萬美元，不包括經紀人佣金。截至 2024 年 2 月 27 日，根據先前授權的回購計劃，仍有約 6.424 億美元可供購買，即美元。

We estimate on a foreign currency adjusted basis, including the Alcohol Brands segment, January 2024 sales were approximately 20.5% higher than the comparable period January 2023 sales, and 19.7% higher than January 2023, excluding the Alcohol Brands segment. We estimate January 2024 sales, including the Alcohol Brands segment to be approximately 17.8% higher than in January 2023 and 17% higher than in January 2023, excluding the Alcohol Brands segment.

我們估計，在外幣調整後的基礎上，包括酒精品牌部門，2024 年1 月的銷售額比2023 年1 月可比同期銷售額高出約20.5%，比2023 年1 月高出19.7%（不包括酒精品牌部門）。我們預計 2024 年 1 月的銷售額（包括酒精品牌細分市場）將比 2023 年 1 月成長約 17.8%，比 2023 年 1 月（不包括酒精品牌細分市場）成長 17%。

January 2024 had one more selling day compared to January 2023. 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. 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.

與2023 年1 月相比，2024 年1 月多了一個銷售日。在這方面，我們再次提醒，短期內的銷售往往會受到各種因素的不成比例的影響，例如銷售日、一周中的假期日期、新產品推出的時間、零售店提價和促銷的時間、經銷商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確定自己的生產計劃。這會影響我們向此類裝瓶商開立發票的日期。

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. We reiterate that sales over a short period such as a single month should not necessarily be in future to or regarded as indicative of results for a full quarter or any future period.

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，他們可能會因自己的業務原因不時改變庫存水平。我們重申，短期（例如單月）的銷售額不一定是未來或被視為整個季度或任何未來時期業績的指標。

In conclusion, I'd like to summarize some recent positive points. One, the energy category continues to grow globally. Two, we are pleased to report that our pricing actions have not significantly impacted consumer demand. Three, 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. We are in the process of constructing a juice facility at our AFF flavor facility in Ireland.

最後，我想總結一下最近的一些正面的觀點。第一，能源類別在全球持續成長。第二，我們很高興地報告，我們的定價行為並未對消費者需求產生重大影響。第三，我們位於愛爾蘭的 AFF 香料工廠現在正在向我們的 EMEA 地區提供大量香料，為我們的 EMEA 地區提供更好的服務水平並降低到岸成本。我們正在愛爾蘭的 AFF 風味工廠建造果汁工廠。

We have a robust innovation plan for 2024. The Beast Unleashed is performing to expectations. We're excited for Nasty Beast Hard Tea as well as the additional alcohol opportunities that Monster Brewing Company presents. 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 a number of additional countries internationally. We are excited about the opportunities that the acquisition of the Bang Energy brand presents to us and believe that the brand will fit well within our broader portfolio of energy drink brands.

我們制定了 2024 年穩健的創新計劃。 The Beast Unleashed 的表現符合預期。我們對 Nasty Beast Hard Tea 以及 Monster Brewing Company 提供的額外酒精飲料機會感到興奮。我們很高興在國際上推出我們經濟實惠的能量飲料產品組合 Predator 和 Fury。我們正在計劃在國際上其他一些國家推出我們的平價能源品牌。我們對收購 Bang Energy 品牌為我們帶來的機會感到興奮，並相信該品牌將很好地融入我們更廣泛的能量飲料品牌組合中。

And lastly, the company achieved record fourth quarter net sales of $1.73 billion in the 2023 fourth quarter, 14.4% higher than net sales of $1.51 billion in the 2022 comparable period and 16.1% higher on a foreign currency adjusted basis.

最後，該公司在2023 年第四季實現了創紀錄的第四季淨銷售額17.3 億美元，比2022 年同期淨銷售額15.1 億美元高出14.4%，按外匯調整後的基礎上高出16.1 %。

I would now like to open the floor to questions about the quarter and the 2023 year. Thank you.

我現在想請大家回答有關本季和 2023 年的問題。謝謝。

(Operator Instructions) Our first question today is from Peter Grom with UBS.

（操作員說明）我們今天的第一個問題來自瑞銀集團的 Peter Grom。

I wanted to ask a question specifically on gross margin. Clearly, the quarter came in a bit better relative to some of the commentary from the investor meeting. Maybe first, did something surprise you in the quarter?

我想專門問一個關於毛利率的問題。顯然，相對於投資者會議的一些評論，該季度的表現要好一些。也許首先，本季有什麼事情讓您感到驚訝嗎？

And then second, just going back to that same commentary from the investor meeting, there seem to be a lot of optimism that the gross margin trajectory would improve nicely from 4Q looking out to '24. I know you don't give guidance specifically, but just any thoughts on how we should think about the margin trajectory given the very strong exit rate?

其次，回到投資者會議上的相同評論，似乎有很多樂觀情緒認為，從第四季到 24 年，毛利率軌跡將會得到很好的改善。我知道您沒有具體提供指導，但考慮到非常高的退出率，我們應該如何考慮利潤率軌跡？

So I think at the investor meeting, as I recall, we already spoke about 2023 Q4. As you know, we don't give guidance, and we really do try not to give guidance. So if I could just talk about Q4 for a minute, Q4 was strong. But there were a number of really nonrecurring items included in GP in Q4, mainly related to true-ups of various promotional items, various true-ups with partners as well as -- we have a few, we don't have very many, but we have a number of rebate programs.

因此，我記得在投資者會議上，我們已經談到了 2023 年第四季。如您所知，我們不提供指導，而且我們確實盡力不提供指導。因此，如果我能簡單談談第四季度，第四季度很強勁。但是，第四季度的 GP 中包含了許多真正的非經常性項目，主要與各種促銷項目的調整、與合作夥伴的各種調整以及——我們有一些，我們沒有很多，但我們有很多回扣計劃。

So looking at Q4 of 2023, I would say to you that on an ongoing basis, Q4 came up very much in line with what we expected, which was an increase over Q3. And it's at the level probably of about 53.5% on a kind of stand-alone basis excluding these nonrecurring items.

因此，看看 2023 年第四季度，我想對大家說，從持續的角度來看，第四季的表現非常符合我們的預期，比第三季度有所成長。在這些非經常性項目的單獨基礎上，這一比例可能約為 53.5%。

The next question is from Filippo Falorni with Citi.

下一個問題來自花旗銀行的 Filippo Falorni。

I wanted to ask you about the energy drink category in the U.S. We've seen a bit of a slowdown in January. How much do you think it was the weather? How much would you think we're some other external factor on the consumer? And then maybe you can comment a bit on market share trends in the U.S. We've seen a little bit of pressure on the core Monster brand. So any color you could give would be helpful.

我想問您有關美國能量飲料類別的情況。我們在一月份看到了一些放緩。你認為天氣的影響有多大？您認為我們對消費者的其他外在因素有多大影響？然後也許您可以評論美國的市場份額趨勢。我們已經看到核心 Monster 品牌面臨一些壓力。所以你可以提供的任何顏色都會有幫助。

Yes. Firstly, I don't think one should discount the fact that the weather was a factor. Secondly, we do have a lot of nonmeasured channels. And if you heard earlier in the call, January sales were -- in my book, were really impressive, the increase in January sales. Added to that, Nielsen doesn't cover everything, as we've discussed before, and there were some interesting things in January, for example, one of the big club store chains had what we call an MVM, which is a club store chain that is not read by Nielsen, and in itself is pretty substantial.

是的。首先，我認為人們不應該忽視天氣是一個因素。其次，我們確實有許多不可測量的管道。如果您早些時候在電話會議中聽說過，在我看來，一月份的銷售額確實令人印象深刻，一月份銷售額的成長。除此之外，正如我們之前討論的那樣，尼爾森並沒有涵蓋所有內容，而且一月份有一些有趣的事情，例如，一家大型俱樂部連鎖店有我們所說的 MVM，這是一傢俱樂部連鎖店尼爾森沒有讀過這篇文章，但它本身就相當重要。

Adding to that, if you go back to January 2023, we had very robust increases mainly because of the launch of 2 brands that really hit it out of the park. One was Monster Zero Sugar and the other was Ultra Strawberry Dreams.

除此之外，如果你回到 2023 年 1 月，我們的成長非常強勁，主要是因為推出了 2 個真正出色的品牌。一個是《零糖怪獸》，另一個是《超級草莓夢》。

On the call, you would have heard that our innovation for 2024 has really kicked off in February and is going through February through to March, so we didn't have the benefit of that innovation program earlier on as we did in 2023. So these are all factors that one must take into account when one examines so-called slowness in the Nielsen volumes.

在電話會議上，您可能會聽說我們 2024 年的創新實際上已在 2 月份開始，並將持續 2 月至 3 月，因此我們沒有像 2023 年那樣早些時候從該創新計劃中受益。這些都是人們在審視尼爾森卷中所謂的緩慢性時必須考慮的因素。

Also, I might add that we have a number of important resets coming up, the trade reset from January on through the early part of the second quarter. So -- and we're anticipating big gains in shelf space not only for our legacy brands, not only for the SKUs that we are about to launch, but also for the Bang brand, where a number of retailers that had hitherto really discontinued Bang because of all the litigation and all of the issues are now taking it back, and we'll see that benefit starting really in the second quarter and -- sorry, starting in the first quarter and moving into the second quarter. So there's a whole number of factors that I think are worth bearing in mind when one looks at the Nielsens, for example, in January.

另外，我想補充一點，我們即將進行一些重要的重置，從一月到第二季初的交易重置。因此，我們預計貨架空間將大幅增加，不僅是我們的傳統品牌，不僅是我們即將推出的 SKU，而且還有 Bang 品牌，其中許多零售商迄今為止已經真正停止使用 Bang因為所有的訴訟和所有的問題現在都在收回，我們將看到這種好處在第二季度真正開始，抱歉，從第一季開始並進入第二季。因此，我認為，當人們查看尼爾森一月份的數據時，有很多因素值得牢記。

The next question is from Andrea Teixeira with JPMorgan.

下一個問題來自摩根大通的 Andrea Teixeira。

Just -- you said that you continue to look at opportunities for pricing in the U.S. What is preventing you to announce pricing at this point? Do you see -- I mean, obviously, the key competitor announced pricing back when we all saw you here in New York, you were talking about potentially looking at the impact of elasticities. It seems that things have been moderately positive. Is there any reason why you'd wait?

只是 - 您說您將繼續尋找在美國定價的機會。是什麼阻止您在此時宣布定價？你看到了嗎——我的意思是，顯然，當我們在紐約見到你時，主要競爭對手宣布了定價，你正在談論潛在的彈性影響。事情似乎還算積極。你還有理由等待嗎？

And then second, Hilton, when you spoke about a normalized gross profit margin of 53.5%, should we expect margins to continue to build from here given that potentially the high 50s, it's still below where you were before the pandemic at 60. Is there any reason why these new plans would not leverage as fast or any structural reasons that you would be below the high 50s?

其次，希爾頓，當您談到 53.5% 的正常化毛利率時，考慮到可能達到 50% 的高位，我們是否應該預期利潤率會繼續增加，但仍低於大流行之前的 60%。為什麼這些新計劃不會那麼快地發揮作用，或者有什麼結構性原因導致您的收入低於50 多歲？

No, the only structural reason is we don't give guidance. So that's the only structural reason I can think of. Obviously, we're working on margins. I'm proud to say that the Midwest premium and aluminum, which is one of my big bug beds are coming down. But against that, we've said that we have increases in other commodities and other pricing.

不，唯一的結構性原因是我們不提供指導。所以這是我能想到的唯一結構性原因。顯然，我們正在努力爭取利潤。我很自豪地說，我最討厭的中西部優質鋁材正在下降。但與此相反，我們已經說過，我們已經增加了其他商品和其他定價。

So we're bringing up our own manufacturing facilities up and we're doing whatever we can to improve gross profit percentages. But we don't give guidance and I don't know what's going to happen with freight, for example. We had a good benefit from freight-in this quarter -- this last quarter, and I'm not sure what's going to happen as we look forward into 2024 and the implications of the election and everything else. So that's about that.

因此，我們正在建造自己的製造設施，並盡一切努力提高毛利率。但我們不提供指導，我不知道例如貨運會發生什麼。我們在本季和最後一個季度從貨運中獲益匪淺，我不確定在我們展望 2024 年以及選舉和其他一切的影響時會發生什麼。就是這樣。

And then on pricing, we're taking pricing in a number of markets internationally. We've taken pricing in January in a number of markets. And we're moving through with an aggressive price increase program internationally. As regards to the U.S., we really are just -- we're waiting and evaluating. We run a very sizable business here. We have a number of customers that we deal with. And we want to make the right decision. So we're not saying no to a price increase, and we're not saying yes to a price increase this time. What we are saying is that we are honestly really evaluating and constantly evaluating the retail pricing environment. And if we believe there are opportunities, we will take them.

然後在定價方面，我們正在國際上的許多市場進行定價。我們在一月份在多個市場進行了定價。我們正在國際上實施積極的漲價計劃。至於美國，我們確實在等待和評估。我們在這裡經營規模非常大的業務。我們有許多與之打交道的客戶。我們希望做出正確的決定。因此，我們不會拒絕漲價，這次我們也不會同意漲價。我們所說的是，我們正在誠實地評估並持續評估零售定價環境。如果我們相信有機會，我們就會抓住機會。

The next question is from Dara Mohsenian from Morgan Stanley.

下一個問題來自摩根士丹利的 Dara Mohsenian。

So the comments on some of the U.S. performance were helpful. Just given the strength of that global January number, can you spend some time discussing what you're seeing internationally in terms of category growth and your market share progression? And any thoughts on maybe key expansion plans internationally in terms of some of your key brands and how we should think about that for 2024?

因此，對美國某些表現的評論是有幫助的。鑑於 1 月份全球數據的強勁勢頭，您能否花一些時間討論您在國際上看到的品類增長和市場份額進展情況？對於你們的一些主要品牌的國際關鍵擴張計劃有什麼想法，以及我們應該如何考慮 2024 年的情況？

So Dara, on the call, we did talk about progress internationally in very great detail. I think sometimes we give far more detail than we should, but we do. We gave market shares in various countries we indicated the new product innovations that are going to happen throughout our international territories, and I'm not sure what other question -- what part of your question, we possibly have an answer. And I don't mean to be disrespectful. I just feel that a lot of your question has been covered.

因此，達拉（Dara），在電話會議上，我們確實非常詳細地討論了國際進展。我認為有時我們提供的細節比我們應該提供的要多得多，但我們確實這樣做了。我們給出了各個國家的市場份額，我們指出了將在我們的國際領土上發生的新產品創新，我不確定還有什麼其他問題——您問題的哪一部分，我們可能有答案。我並不是有意不尊重。我只是覺得你的很多問題已經得到解答。

Rodney, I don't know if you've got anything to add.

羅德尼，我不知道你是否還有什麼要補充的。

No. Other than the -- there's -- if you look at the international markets, they've sort of been a little bit all over the place in many ways. But generally, they've been good. There was a little bit of slowing in Asia Pacific. We're taking steps to see some growth. But obviously, we are very substantial in those markets and the actual markets have been a little flatter.

不。除了——還有——如果你看看國際市場，你會發現它們在很多方面都有點參差不齊。但總的來說，他們都很好。亞太地區的成長略有放緩。我們正在採取措施以實現一些成長。但顯然，我們在這些市場上的規模非常大，而實際市場則有些平淡。

But we've got great opportunity in some of the international markets that are developing. We look particularly to markets like China and India. We're at the beginning of a growth phase in India, particularly focusing on not only Monster, but also Predator there. So I think that it is mixed. Some of the markets have had some sort of ups and downs, but overall, we're in growth in most of the markets, and we still see that as very exciting. And you can see from the results in January, we're still seeing -- despite the Nielsen numbers, we're still seeing good growth in the U.S. as well.

但我們在一些正在發展的國際市場上有很好的機會。我們特別關注中國和印度等市場。我們在印度正處於成長階段的開始，特別關注的不僅是《怪物》，還有《鐵血戰士》。所以我認為這是混合的。一些市場經歷了某種程度的起伏，但總體而言，我們在大多數市場都在成長，我們仍然認為這非常令人興奮。從一月的結果可以看出，儘管有尼爾森的數據，我們仍然看到美國市場也出現了良好的成長。

The next question is from Steve Powers with Deutsche Bank.

下一個問題來自德意志銀行的史蒂夫鮑爾斯。

Yes. Two questions for me, if I could. The first one is just on G&A expenses in the quarter. They were up a lot relative to our expectations of almost 25% in the fourth quarter. Just anything to unpack there and anything anomalous in that number?

是的。如果可以的話，有兩個問題想問我。第一個是本季的一般管理費用。相對於我們第四季近 25% 的預期，它們成長了很多。只是有什麼東西要在那裡打開，以及這個數字有什麼異常嗎？

Yes. We spoke about the -- sorry to interrupt, but let's just answer the first. So remember, we spoke about impairment charges of $40 million in this quarter relating to the Alcohol Brands.

是的。我們談到了——抱歉打擾，但讓我們先回答第一個問題。請記住，我們討論過本季與酒精品牌相關的 4000 萬美元減損費用。

Yes. Sorry, I'm excluding that. It's still up a lot, excluding the impairment charges.

是的。抱歉，我排除了這一點。不包括減損費用，它仍然上漲了很多。

We'll look at that, but it's not what I've been seeing.

我們會看看，但這不是我所看到的。

Okay. The second question is, in January, you highlighted plans just to step up focus on in-market execution in the U.S., specifically commercialization around placing of the full portfolio and innovation. And just any update you can share on progress made and cooperation you're getting on the -- from the Coke system on that effort?

好的。第二個問題是，一月份，您強調了加強對美國市場執行的關注的計劃，特別是圍繞完整投資組合和創新的商業化。您可以分享可口可樂系統在這方面所取得的進展和合作的最新情況嗎？

Yes. I think that's not a one-fix issue. That's something that's ongoing, and we are working with the Coke bottlers to improve execution. As I said earlier, we're rolling out a number of new products and the new sets are all taking place in this first quarter from February onwards and early into the second quarter. And I think you'll see that -- well, I hope you'll see from those numbers when we report them, that the positioning should be somewhat different to where we are today.

是的。我認為這不是一個一勞永逸的問題。這是一項正在進行的工作，我們正在與可口可樂裝瓶商合作以提高執行力。正如我之前所說，我們正在推出一些新產品，新系列都將在第一季從二月開始一直到第二季初推出。我想你們會看到——好吧，我希望當我們報告這些數字時你們會看到，我們的定位應該與我們今天的情況有所不同。

The next question is from Mark Astrachan with Stifel.

下一個問題來自 Stifel 的 Mark Astrachan。

I wanted to go back to international because I feel like it's one of those things that doesn't get the credit that's due, right? You built nearly a $3 billion run rate business at this point. And I think from the outside, it's a little bit hard to get a sense of kind of what's going on there.

我想回到國際賽場，因為我覺得這是一件沒有得到應有榮譽的事情，對吧？此時您已建立了近 30 億美元的營運率業務。我認為從外部來看，要了解那裡正在發生的事情有點困難。

So not necessarily to Dara's question, but maybe talk to some of the dynamics in terms of number of SKUs that you have on shelf, not obviously by country, but sort of broader strokes of the opportunity you have to still develop your portfolio within those markets? How much opportunity is there broadly to develop the energy category.?

因此，不一定是達拉的問題，但也許可以談談您貨架上的SKU 數量方面的一些動態，顯然不是按國家/地區劃分，而是在更廣泛的範圍內，您仍然必須在這些市場中開發您的產品組合？廣泛發展能源類別的機會有多少？

And sort of related to that, margins have improved, but they're obviously still a lot lower than your domestic margins, both gross margin and EBIT margin in that international business. How do you think about improving that over time? Is that possible relative to current levels? And kind of how do you think about the progression of that?

與此相關的是，利潤率有所提高，但顯然仍然比國內利潤率低得多，無論是國際業務的毛利率還是息稅前利潤率。隨著時間的推移，您認為如何改善這一點？相對於目前的水平，這可能嗎？您如何看待這件事的進展？

We've always spoken about the fact that internationally, we compete very strongly against -- in the main Red Bull. And we really try and keep our pricing. We have a pricing strategy that's worked well for us, and that's really keeping within a particular percentage of Red Bull pricing. And the minute we stray from that, we find that our market shares really suffers.

我們一直在談論這樣一個事實，即在國際上，我們與主要的紅牛競爭非常激烈。我們確實努力保持我們的定價。我們有一個非常適合我們的定價策略，並且確實保持在紅牛定價的特定百分比內。一旦我們偏離了這一點，我們就會發現我們的市場份額確實受到了影響。

So we really have an interesting dynamic in that we have, obviously, relationships with The Coke partners. And we have a pricing structure that kind of has a ceiling, right? So it's -- while we are always on a mission to improve gross margins, and we do that on an ongoing basis, there are some areas where it is very difficult to get gross margin. And I've said this before, that I think it will be very difficult in the main to get gross margins internationally to the levels that we have enjoyed in the U.S.

因此，我們確實有一個有趣的動態，顯然我們與可口可樂合作夥伴有關係。我們的定價結構有上限，對嗎？因此，雖然我們始終致力於提高毛利率，並且我們持續這樣做，但在某些領域很難獲得毛利率。我之前已經說過，我認為總體上很難將國際毛利率提高到我們在美國享有的水平。

You can see what happened in EMEA. They nudged their margins up by 1% in the fourth quarter. And it's an ongoing battle to improve margins, bearing in mind the dynamics of what we are working against.

您可以看到 EMEA 發生了什麼。他們第四季的利潤率提高了 1%。考慮到我們所面臨的動態，這是一場提高利潤率的持續鬥爭。

This concludes -- I'm sorry, go ahead, sir.

結論是——對不起，請繼續，先生。

Sorry, I just -- finish the other part of the question that Mark had raised just before we sign off.

抱歉，我只是——完成馬克在我們結束之前提出的問題的另一部分。

Just to talk about the international opportunity, I think what Mark is alluding to is correct. In many markets, the international markets have really followed the U.S. We have a far broader portfolio in the U.S. Innovation continues from year to year. But what -- the benefit that the international markets have is they see what we've introduced in the U.S. and the large number of additional SKUs and literally brand families we have in the U.S. And they're able to try and look to those and try and introduce selected SKUs, which gives them a very large runway.

就國際機會而言，我認為馬克所指的是正確的。在許多市場中，國際市場確實追隨了美國的步伐。我們在美國擁有更廣泛的產品組合。創新每年都在持續。但是，國際市場的好處是他們看到了我們在美國推出的產品以及我們在美國擁有的大量其他 SKU 和品牌系列，他們能夠嘗試並關注這些產品，嘗試引入選定的SKU，這為他們提供了非常大的跑道。

In some markets, the runway is focused on the Monster premium brands. And in some markets, the growth is coming from an affordable sector. And we have addressed that. So we have Monster in many markets, but we've also -- where we see that the premium sector has more of a limited percentage of the population that can really afford to have the buying power. We are growing, and that's where we're starting to grow brands like Predator in many international markets and that will help us continue to see growth and Predator also has a lot of depth.

在某些市場，時裝秀主要集中在 Monster 高端品牌。在一些市場，成長來自於負擔得起的行業。我們已經解決了這個問題。因此，我們在許多市場都有 Monster，但我們也看到高端產業真正有能力擁有購買力的人口比例有限。我們正在成長，這就是我們開始在許多國際市場發展像 Predator 這樣的品牌的地方，這將幫助我們繼續看到成長，而且 Predator 也有很大的深度。

We were launching Predator in China this year. We've just launched Predator in India in cans. We're now just rolling out PET in India. We're trying to address some volume production issues because there's not a lot of availability, but that will sort itself out reasonably soon. And we see enormous opportunity once we get some availability for production in PET for PET in India.

我們今年在中國推出了 Predator。我們剛剛在印度推出了罐裝 Predator。我們現在剛在印度推出 PET。我們正在嘗試解決一些大量生產問題，因為可用性並不高，但這很快就會解決。一旦我們在印度獲得了生產 PET 的能力，我們就會看到巨大的機會。

So there are a lot of opportunities, but they vary from market to market and continent to continent. As you know, we've just recently launch, for example, in Egypt, we launched both Monster and Predator. Predator's quickly made a name for itself as a growing brand. So we have these opportunities in different countries around the world. And so we're quite excited about seeing that.

因此，存在著許多機會，但機會因市場和大陸而異。如您所知，我們最近剛推出，例如在埃及，我們推出了《怪物》和《鐵血戰士》。作為一個不斷成長的品牌，Predator 很快就贏得了聲譽。所以我們在世界各地的不同國家都有這些機會。所以我們對此感到非常興奮。

As I said, we did have some slowdown in some of the more developed countries in Asia. The category slowed, but I think that those -- we're taking steps to address and introduce more and different innovation in those markets and to grow them. So we do look forward to having a really attractive runway around the world for us.

正如我所說，亞洲一些較發達國家的經濟成長確實有所放緩。這個類別放緩，但我認為我們正在採取措施在這些市場中解決和引入更多不同的創新並發展它們。因此，我們確實期待在世界各地擁有一條對我們來說非常有吸引力的跑道。

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

我們的問答環節到此結束。我想將會議轉回給羅德尼·薩克斯（Rodney Sacks）發表閉幕詞。

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 and remain committed to continuing to innovate, to 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 bottler system. 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, and thank you very much for your attendance.

我謹代表 Monster，感謝大家對公司的持續關注。我們仍然相信公司和我們的成長策略，並繼續致力於繼續創新，發展和差異化我們的品牌，並在國內外擴大公司規模，特別是利用我們與可口可樂裝瓶商的關係系統。我們相信我們在飲料行業處於有利地位，並繼續對公司的未來持樂觀態度。我們希望您保持安全和健康，並非常感謝您的出席。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。