怪物飲料 (MNST) 2024 Q2 法說會逐字稿

Good afternoon, everyone, and welcome to the Monster Beverage Company second-quarter 2024 conference call. (Operator Instructions) Please also note this event is being recorded.

大家下午好，歡迎參加 Monster Beverage Company 2024 年第二季電話會議。（操作員指示）另請注意，此事件正在被記錄。

At this time, I'd like to turn the floor over to Co-CEOs, Rodney Sacks and Hilton Schlosberg. Please go ahead.

現在，我想把發言權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. 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.

謝謝。女士們、先生們，午安。感謝您參加本次電話會議。我是羅德尼·薩克斯。我們的副董事長兼聯合首席執行官希爾頓·施洛斯伯格 (Hilton Schlosberg) 正在通話中；我們的首席財務官湯姆·凱利 (Tom Kelly) 也是如此。

Tom Kelly will now read our cautionary statement.

湯姆·凱利現在將宣讀我們的警告聲明。

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 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，本次電話會議中做出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 年證券法第 21E 條所定義的前瞻性陳述，並且基於目前可用的關於管理層對收入、盈利能力、未來業務、未來事件、財務業績和趨勢的信息。

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

管理層警告稱，這些聲明是基於我們目前的知識和預期，並受某些風險和不確定性的影響，其中許多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中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 29, 2024, 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.

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 2024 年 2 月 29 日提交的最新 10-K 表年度報告和 10-Q 表季度報告，包括其中包含的題為“風險因素”和“前瞻性聲明”的部分，以討論可能影響我們業績的具體風險和不確定性。

The company assumes no obligations to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

本公司不承擔更新任何前瞻性陳述的義務，無論由於新資訊、未來事件或其他原因。

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

現在我想把電話交給羅德尼·薩克斯。

Thanks, Tom. The energy drink category in the United States and in certain other countries experienced lower growth rates in the second quarter. Retailers have reported a reduction in convenience store foot traffic and we have seen a shift in retail towards more mass and dollar channels.

謝謝，湯姆。美國和其他一些國家的能量飲料類別在第二季的成長率較低。零售商報告便利商店客流量有所減少，我們看到零售業正在轉向大眾化和廉價通路。

Other beverage and consumer packaged product companies have also seen a tighter consumer spending environment and weaker demand in the quarter. The energy category globally continues to grow and has demonstrated resilience as we believe that consumers view energy drinks as an affordable luxury.

其他飲料和消費包裝產品公司本季也面臨消費支出環境收緊和需求疲軟的情況。全球能量飲料類別持續成長並表現出韌性，因為我們相信消費者將能量飲料視為一種可以負擔得起的奢侈品。

We believe that household penetration continues to increase in the energy drink category. Growth opportunities in household penetration per capita consumption, along with consumers' need for energy are positive factors for the category.

我們相信，能量飲料類別的家庭普及率將持續提高。家庭人均消費量的成長機會以及消費者對能源的需求都是該類別的正面因素。

We continue to expand ourselves in non-Nielsen measured channels. The company achieved record second quarter net sales of $1.9 billion in the 2024 second quarter or 2.5% higher than net sales of $1.85 billion in the comparable 2023 quarter, 6.1% higher on a foreign currency adjusted basis, 4.3% exclusive of Argentina's impact.

我們繼續在非尼爾森監測通路中拓展業務。該公司 2024 年第二季度實現了創紀錄的 19 億美元淨銷售額，比 2023 年同期的 18.5 億美元淨銷售額高出 2.5%，按外匯調整後計算增長 6.1%，不包括阿根廷的影響則增長 4.3%。

Net sales on a foreign currency adjusted basis, excluding the alcohol brands segment increased 7.4% in the 2024 second quarter. Gross profit as a percentage of net sales for the 2024 second quarter was 53.6% compared with 52.5% in the 2023 second quarter.

2024 年第二季度，經外匯調整後的淨銷售額（不包括酒類品牌部門）成長了 7.4%。2024 年第二季的毛利佔淨銷售額的百分比為 53.6%，而 2023 年第二季為 52.5%。

The increase in gross profit as a percentage of net sales for the 2024 second quarter as compared to the 2023 second quarter was primarily the result of decreased freight-in costs, pricing actions in certain markets, and lower aluminum can costs partially offset by production inefficiencies.

2024 年第二季的毛利佔淨銷售額的百分比與 2023 年第二季相比有所增加，主要是由於運費下降、某些市場的定價行動以及鋁罐成本下降，但生產效率低下部分抵消了這一影響。

On a sequential quarterly basis, gross margins were 0.5% below 2024 first-quarter margins, primarily as a result of higher allowances, certain of which we believe are nonrecurring as well as production inefficiencies. Operating expenses for the 2024 second quarter were $492.3 million, compared with $450.4 million in the 2023 second quarter.

按季度計算，毛利率比 2024 年第一季利潤率低 0.5%，主要是由於撥備增加（我們認為其中某些是非經常性的）以及生產效率低下。2024 年第二季的營運費用為 4.923 億美元，而 2023 年第二季的營運費用為 4.504 億美元。

The increase in operating expenses were primarily the result of increased sponsorship and endorsement expenses, increased payroll expenses, and increased storage and warehouse expenses. As a percentage of net sales, operating expenses for the 2024 second quarter were 25.9%, compared to 24.3% in the 2023 second quarter.

營業費用的增加主要是由於贊助和代言費用增加、工資費用增加以及倉儲和倉庫費用增加。作為淨銷售額的百分比，2024 年第二季的營運費用為 25.9%，而 2023 年第二季為 24.3%。

Distribution and warehouse expenses for the 2024 second quarter were $87.4 million or 4.6% of net sales compared to $82 million or 4.4% of net sales in the 2023 second quarter. Operating income for the 2024 second quarter increased 0.6% to $527.2 million from $523.8 million in the 2023 comparative quarter.

2024 年第二季的分銷和倉庫費用為 8,740 萬美元，佔淨銷售額的 4.6%，而 2023 年第二季的分銷和倉庫費用為 8,200 萬美元，佔淨銷售額的 4.4%。2024 年第二季的營業收入從 2023 年同期的 5.238 億美元成長 0.6% 至 5.272 億美元。

The effective tax rate for the 2024 second quarter was 22.9% compared to 23.2% in the 2023 second quarter. Net income increased 2.8% to $425.4 million as compared to $413.9 million in the 2023 comparable quarter. Diluted earnings per share for the 2024 second quarter increased 5% to $0.41 from $0.39 in the second quarter of 2023.

2024 年第二季的有效稅率為 22.9%，而 2023 年第二季的有效稅率為 23.2%。淨收入較 2023 年同期的 4.139 億美元成長 2.8% 至 4.254 億美元。2024 年第二季每股攤薄收益從 2023 年第二季的 0.39 美元增加 5% 至 0.41 美元。

As previously reported, we will be taking an approximately 5% price increase on our core brands and packages effective November 1, 2024, in the United States. We are continuing to monitor opportunities for further pricing actions. The company continues to have market share leadership in the energy drink category for all outlets combined in the United States for the 13-week period ended July 2, 2024.

正如之前報導的那樣，自 2024 年 11 月 1 日起，我們將在美國對我們的核心品牌和套餐的價格上調約 5%。我們將繼續監控進一步定價行動的機會。截至 2024 年 7 月 2 日的 13 週內，該公司繼續在美國所有門市的能量飲料類別中佔據市場份額領先地位。

According to the Nielsen reports for the 13 weeks through July 20, 2024, for all outlets combined, namely convenience, grocery, drug, mass merchandisers, sales in dollars in the energy drink category, including energy shots, increased by 0.6% versus the same period a year ago. Sales of the company's energy brands, excluding Bang, were down 2.5% in the 13-week period.

根據尼爾森截至 2024 年 7 月 20 日的 13 週報告，所有商店（包括便利商店、雜貨店、藥局、大眾商品商店）的能量飲料類別（包括能量飲料）的銷售額比去年同期增長了 0.6%。該公司除 Bang 之外的能源品牌的銷量在 13 週內下降了 2.5%。

Sales of Monster declined 3%. Sales of Reign were down 0.5%. Sales of NOS increased 4.1% and sales of Full Throttle decreased 6.9%. Sales of Red Bull increased 1.7%.

Monster的銷量下降了3%。《Reign》的銷量下降了 0.5%。NOS的銷售量成長了4.1%，而Full Throttle的銷售量下降了6.9%。紅牛銷量成長了1.7%。

According to Nielsen, for the four weeks ended July 20, 2024, sales in dollars in the energy drink category, in the convenience and gas channel, including energy shots in dollars, decreased 2.2% over the same period the previous year.

尼爾森的數據顯示，截至 2024 年 7 月 20 日的四周內，便利商店和加油站通路的能量飲料類別（包括能量飲料）的美元銷售額比去年同期下降了 2.2%。

Sales of the company's energy brands, excluding Bang, decreased 4.8% in the four-week period in the convenience and gas channel. Sales of Monster decreased by 5.4% over the same period versus the previous year. Reign sales decreased 3.8% and NOS was up 2.6% and Full Throttle was down 8.6%. Sales of Red Bull were up 0.7%.

該公司除 Bang 之外的能源品牌在便利商店和加油站的銷售量在四周內下降了 4.8%。Monster的銷售量與去年同期相比下降了5.4%。Reign 銷售量下降 3.8%，NOS 銷售量上漲 2.6%，Full Throttle 銷售量下降 8.6%。紅牛銷量成長了0.7%。

According to Nielsen, for the four weeks ended July 2024, the company's market share of the energy drink category in the convenience and gas channel, including energy shots in dollars, decreased from 35.7% to 34.7%. excluding Bang. Including Bang, the company's market share is 36.7%.

尼爾森的數據顯示，截至 2024 年 7 月的四周內，該公司在便利商店和加油站通路的能量飲料類別（包括能量飲料）的美元市佔率從 35.7% 下降到 34.7%。不包括 Bang。包括 Bang 在內，該公司的市佔率為 36.7%。

Monster share decreased from 29.4% a year ago to 28.5%. Reigns share rains decreased 0.1 of 1 share point to 3%, NOS share increased 0.1 of 1 share point to 2.6%, and Full Throttle share remained at 0.7%. Bang's share was 1.9% and Red Bull share increased 1 share point to 35.9%.

Monster 的份額從一年前的 29.4% 下降到了 28.5%。Reigns 的份額下降了 0.1 個百分點，至 3%，NOS 的份額增加了 0.1 個百分點，至 2.6%，而 Full Throttle 的份額保持不變，為 0.7%。Bang 的份額為 1.9%，Red Bull 的份額增加 1 個百分點至 35.9%。

Market share of certain competitors were as follows: CELSIUS ,7.9%, C4,, 3.5%, 5-hour 3.3%; Rockstar, 3%; and GHOST, 3%. According to Nielsen, for the four weeks ended July 20, 2024, sales in dollars in the coffee plus energy drink category, which includes our Java Monster line, in the convenience and gas channel decreased 11.2% over the same period the previous year.

某些競爭對手的市佔率如下：CELSIUS 7.9%、C4 3.5%、5-hour 3.3%； Rockstar，3%； GHOST 為 3%。根據尼爾森的數據顯示，截至 2024 年 7 月 20 日的四周內，便利商店和加油站通路中咖啡加能量飲料類別（包括我們的 Java Monster 系列）的美元銷售額比去年同期下降了 11.2%。

Sales of Java Monster including Java Monster 300 and Java Monster Nitro Cold Brew was 5.6% lower in the same period versus the previous year. Sales of Starbucks Energy were 17.9% lower.

與去年同期相比，Java Monster 300 和 Java Monster Nitro Cold Brew 等產品的銷售量下降了 5.6%。星巴克能量飲料的銷售額下降了17.9%。

Java Monster share of the coffee plus energy drink category for the four weeks ended July 20, 2024, was 57.4%, up 3.4 points, while Starbucks Energy share was 42.2%, down 3.5 points. According to Nielsen, in all measured channels in Canada, for the 12 weeks ended July 30, 2024, the energy drink category increased 6.8% in dollars.

截至 2024 年 7 月 20 日的四周，Java Monster 在咖啡加能量飲料類別的份額為 57.4%，上漲 3.4 個百分點，而星巴克能量飲料的份額為 42.2%，下跌 3.5 個百分點。尼爾森的數據顯示，在加拿大所有測量管道中，截至 2024 年 7 月 30 日的 12 週內，能量飲料類別的銷售額以美元計算增加了 6.8%。

Sales of the company's energy drink brands increased 2.1% versus a year ago. The market share of the company's energy drink brands decreased 1.8 points to 40.2%. Monster sales decreased 1.2% and its market share decreased 2.8 points to 34.7%.

該公司能量飲料品牌的銷售額比去年同期成長了 2.1%。該公司能量飲料品牌的市佔率下降1.8個百分點至40.2%。Monster銷量下降1.2%，市佔率下降2.8個百分點至34.7%。

NOS' sales increased 17.4% and its market share increased 0.1 of 1 point to 1.3%. Full Throttle sales increased 66.9% and its market share increased 0.2 or .025 of 8%. According to Nielsen, for all outlets combined in Mexico, the energy drink category increased 20.3% for the month of June 2024.

NOS的銷售額成長了17.4%，市佔率增加了0.1個百分點，達到1.3%。Full Throttle 的銷量成長了 66.9%，市佔率增加了 0.2%，即 8% 的 0.025%。尼爾森的數據顯示，2024 年 6 月，墨西哥所有門市的能量飲料類別增加了 20.3%。

Monster sales increased 18.1%, Monster's market share in value decreased 0.5 of 1point to 28.2% against the comparable period the previous year. Sales of Predator increased 21.8% and its market share increased 0.1 of 1 share point to 6%.

Monster 的銷量年增了 18.1%，但其市佔率卻比去年同期下降了 0.5 個百分點，降至 28.2%。Predator的銷量成長了21.8%，市佔率增加了0.1個百分點，達到6%。

The Nielsen statistics for Mexico cover single months, which is a short period that may often be materially influenced positively and/or negatively ourselves in the OXXO convenience chain, which dominates the market.

尼爾森對墨西哥的統計數據只涵蓋單月數據，這是一個較短的時期，對於佔據市場主導地位的 OXXO 便利連鎖店而言，這個時間段往往會受到重大的積極和/或消極影響。

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.

反過來，OXXO 便利連鎖店的銷售額可能會受到該連鎖店一個或多個能量飲料品牌在特定月份開展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 all outlets combined in Brazil, the energy drink category increased 19.1% and for the month of June 2024. Monster sales increased 29.1%, Monster's market share in value increased 3.7 points to 48.1% compared to June 2023.

尼爾森的數據顯示，截至 2024 年 6 月，巴西所有門市的能量飲料類別增加了 19.1%。與 2023 年 6 月相比，Monster 的銷量成長了 29.1%，Monster 的市佔率增加了 3.7 個百分點，達到 48.1%。

In Argentina, due in part to the impact of inflation-related local currency price increases, the energy drink category increased 301.3% for the month of June 2024. Monster sales increased 320.2%. Monster's market share in value increased 2.6 points to 58.1% compared to June 2023.

在阿根廷，部分由於通貨膨脹導致的當地貨幣價格上漲的影響，2024 年 6 月能量飲料類別增加了 301.3%。Monster銷量成長320.2%。與 2023 年 6 月相比，Monster 的市佔率增加了 2.6 個百分點，達到 58.1%。

In Chile, the energy drink category increased 0.8% for the month of June 2024. Monster sales increased 1.4%. Monster's market share in value increased 0.2 point to 41.1%. Monster Energy remains the leading energy brand in value in Argentina, Brazil, and Chile.

在智利，2024 年 6 月能量飲料類別成長了 0.8%。Monster 銷量成長了 1.4%。Monster 的市佔率增加了 0.2 個百分點，達到 41.1%。Monster Energy 仍然是阿根廷、巴西和智利價值領先的能源品牌。

I'd 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，尼爾森在 EMEA 地區的數據僅應作為指導，因為尼爾森在 EMEA 地區讀取的管道因國家/地區而異，並且各個國家/地區所指月份內的報告日期也不同。

According to Nielsen, in the 13-week period ending July 14, 2024, Monster's retail market share in value as compared to the same period the previous year, grew from 16.6% -- 16.1% to 16.4% in Belgium; from 30.8% to 33.5% in Great Britain; and from 5.5% to 6.8% in the Netherlands.

根據尼爾森統計，截至 2024 年 7 月 14 日的 13 週內，Monster 在比利時的零售市佔率與去年同期相比，從 16.6% - 16.1% 成長到 16.4%；英國則從30.8%上升至33.5%；荷蘭則從5.5%上升至6.8%。

According to Nielsen, in the 13-week period ended July 14, 2024, Monster's retail market share in value as compared to the same period the previous year declined from 32.6% to 31% in France; from 31% to 29.5% in Norway; and from 40.8% to 40.6% in Spain.

根據尼爾森數據顯示，截至 2024 年 7 月 14 日的 13 週內，Monster 在法國零售市場的份額與去年同期相比從 32.6% 下降到 31%；挪威則從 31% 降至 29.5%；西班牙則從40.8%降至40.6%。

According to Nielsen, in the 13-week period ending June 30, 2024, Monster's retail market share in value as compared to the same period the previous year grew from 16.4% to 17.3% in Germany.

尼爾森的數據顯示，截至 2024 年 6 月 30 日的 13 週內，Monster 在德國零售市場的份額與去年同期相比從 16.4% 增長到 17.3%。

According to Nielsen, in the 13-week period ending June 30, 2024, Monster's retail market share in value as compared to the same period the previous year declined from 31.5% to 30.6% in Italy; and from 18.2% to 17.7% in South Africa.

根據尼爾森數據顯示，截至 2024 年 6 月 30 日的 13 週內，Monster 在義大利零售市場的份額與去年同期相比從 31.5% 下降到 30.6%；南非則從18.2%上升至17.7%。

According to Nielsen, in the 13-week period ending June 16, 2024, Monster's retail market share in value as compared to the same period the previous year, grew from 30.4% to 30.9% in the Republic of Ireland.

根據尼爾森的數據，截至 2024 年 6 月 16 日的 13 週內，與去年同期相比，Monster 在愛爾蘭共和國的零售市佔率從 30.4% 成長到 30.9%。

According to Nielsen, in the 13-week period ending June 16, 2024, Monster's retail market share in value as compared to the same period the previous year declined from 22.1% to 21.4% in the Czech Republic and from 16% to 14.3% in Sweden.

尼爾森的數據顯示，截至 2024 年 6 月 16 日的 13 週內，Monster 在捷克共和國的零售市場份額與去年同期相比從 22.1% 下降到 21.4%，在瑞典的零售市場份額從 16% 下降到 14.3%。

According to Nielsen, in the 13-week period ending May 31, 2024, Monster's retail market share in value as compared to the same period of the previous year, grew from 18.8% to 18.9% in Poland.

尼爾森的數據顯示，截至 2024 年 5 月 31 日的 13 週內，Monster 在波蘭的零售市佔率與去年同期相比從 18.8% 成長到 18.9%。

According to Nielsen, in the 13-week period ending May 19, 2024, Monster's retail market share in value as compared to the same period the previous year declined from 28% to 27.3% in Denmark; and from 37.5% to 34.7% in Greece.

根據尼爾森統計，截至 2024 年 5 月 19 日的 13 週內，Monster 在丹麥的零售市佔率與去年同期相比從 28% 下降到 27.3%；希臘則從 37.5% 降至 34.7%。

According to Nielsen, in the 13-week period ending May 31, 2024, Predator's retail market share in value as compared to the same period the previous year grew from 32.3% to 37.2% in Kenya; and from 19.6% to 21.9% in Nigeria.

根據尼爾森的數據，截至 2024 年 5 月 31 日的 13 週內，Predator 在肯亞的零售市佔率與去年同期相比從 32.3% 成長到 37.2%；奈及利亞則從19.6%上升至21.9%。

Combining our markets in EMEA for the last 13 weeks, the energy category has grown 10.5%. Of note, for the same period, the category in Great Britain grew 1.9%; in Germany, 9.9%; in France, 11.4%; in Ireland, 6.1%; in Spain, 2.4%; and in South Africa, 4.6%.

結合過去 13 週歐洲、中東和非洲地區的市場表現，能源類別成長了 10.5%。值得注意的是，同期英國的該類別增長了 1.9%；德國為9.9%；法國為11.4%；愛爾蘭為 6.1%；西班牙為2.4%；南非為4.6%。

According to IRI, for all outlets combined in Australia, the energy drink category increased 10.8% for the four weeks ending July 14, 2024. Monster's sales increased 24.9%. Monster's market share in value increased 2.2 points to 19.1% and against the comparable period the previous year. Sales of Mother increased 7.2% and its market share decreased 0.4 share points to 10.7%.

根據 IRI 的數據，截至 2024 年 7 月 14 日的四周內，澳洲所有門市的能量飲料類別增加了 10.8%。Monster的銷售額成長了24.9%。與去年同期相比，Monster 的市佔率增加了 2.2 個百分點，達到 19.1%。Mother的銷售量成長了7.2%，市佔率下降了0.4個百分點，至10.7%。

According to IRI, for all outlets combined in New Zealand, the energy drink category increased 6.1% for the four weeks ending July 7, 2024. Monster sales decreased 3.7%. Monster's market share in value decreased 0.3 of 1 share point to 14.6% against the comparable period the previous year.

根據 IRI 的數據，截至 2024 年 7 月 7 日的四周內，紐西蘭所有門市的能量飲料類別增加了 6.1%。Monster 銷量下降 3.7%。與去年同期相比，Monster 的市佔率下降了 0.3 個百分點，至 14.6%。

Sales of Mother increased 12.8% and its market share increased 0.3 of 1 share point to 5.7%. Sales of Live+ decreased 1.9% and its market share decreased 0.4 of 1 share point to 5.2%.

Mother 的銷量成長了 12.8%，市佔率增加了 0.3 個百分點，達到 5.7%。Live+銷售額下降1.9%，市佔率下降0.4個百分點至5.2%。

According to INTAGE, in the convenience channel in Japan, the energy drink category decreased 5.2% for the month of June 2024. Monster sales increased 4.2%. Monster's market share in value increased 5.5 points to 60.6% against the comparable period the previous year.

據INTAGE稱，在日本便利商店通路，2024年6月能量飲料類別下降了5.2%。Monster 銷量成長了 4.2%。Monster 的市佔率比去年同期增加了 5.5 個百分點，達到 60.6%。

According to Nielsen, for all outlets combined in South Korea, the energy drink category increased 16.6% for the month of June 2024. Monster's sales increased 5.4%. Monster's market share in value decreased 5.6 points to 52.1% against the comparable period the previous year.

尼爾森的數據顯示，2024 年 6 月，韓國所有門市的能量飲料類別增加了 16.6%。Monster的銷售額成長了5.4%。與去年同期相比，Monster 的市佔率下降了 5.6 個百分點，至 52.1%。

We again put out that certain market statistics that cover single months or four-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，某些涵蓋單月份或四週的市場統計數據通常會受到這些期間的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 US were $746 million, 39.3% of total net sales in the 2024 second quarter compared to $715.4 million 38% of total net sales in the corresponding quarter in 2023.

2024 年第二季度，對美國以外客戶的淨銷售額為 7.46 億美元，佔總淨銷售額的 39.3%，而 2023 年同期為 7.154 億美元，佔總淨銷售額的 38%。

Foreign currency exchange rates had a negative impact on net sales in the US, in USD by approximately USD67.7 million in the 2024 second quarter, of which $34 million related to Argentina. In EMEA, net sales in the 2024 second quarter increased 2.8% in dollars and increased 8.7% on a currency-neutral basis over the same period in 2023.

外匯匯率對美國的淨銷售額產生了負面影響，以美元計算，2024 年第二季的淨銷售額約為 6,770 萬美元，其中 3,400 萬美元與阿根廷有關。在 EMEA 地區，2024 年第二季的淨銷售額以美元計算成長 2.8%，以貨幣中性計算則較 2023 年同期成長 8.7%。

Gross profit in this region as a percentage of net sales for the 2024 second quarter was 34.7% compared to 34% in the same quarter in 2023. Net sales in EMEA decreased by approximately 3.2% in the 2024 second quarter due to supply chain issues in Germany caused by production capacity and distribution constraints.

2024 年第二季該地區的毛利佔淨銷售額的百分比為 34.7%，而 2023 年同期為 34%。由於生產能力和分銷限制導致德國的供應鏈問題，2024 年第二季 EMEA 地區的淨銷售額下降約 3.2%。

We continued to execute our strategic initiative across EMEA in the second quarter with the launch and rollout of Monster Zero Sugar, which is now in 32 markets. We are also pleased that in 2024 second quarter, Monster gained market share in Belgium, Germany, Great Britain, the Netherlands, Poland, and the Republic of Ireland.

我們於第二季繼續在整個 EMEA 地區實施我們的策略計劃，推出並全面推廣 Monster Zero Sugar，目前該產品已覆蓋 32 個市場。我們也很高興看到，2024 年第二季度，Monster 在比利時、德國、英國、荷蘭、波蘭和愛爾蘭共和國的市佔率有所成長。

In Asia Pacific, net sales in the 2024 second quarter decreased 1.2% in dollars and increased 5.8% on a currency-neutral basis over the same period in 2023. Gross profit in this region as a percentage of net sales for the 2024 second quarter was 45.4% and versus 42.4% in the same period in 2023.

在亞太地區，2024 年第二季的淨銷售額以美元計算下降 1.2%，以貨幣中性計算則較 2023 年同期成長 5.8%。2024 年第二季該地區的毛利佔淨銷售額的百分比為 45.4%，而 2023 年同期為 42.4%。

Net sales in Japan in the 2024 second quarter decreased 11.8% in dollars and increased 0.4% on a currency-neutral basis. In South Korea, net sales in the 2024 second quarter decreased 16.9% in dollars and decreased 14.3% on a currency-neutral basis as compared to the same quarter in 2023, largely due to the timing of production schedules this year.

2024 年第二季日本的淨銷售額以美元計算下降 11.8%，以貨幣中性計算成長 0.4%。在韓國，2024 年第二季的淨銷售額以美元計算下降 16.9%，以貨幣中性計算下降 14.3%，與 2023 年同期相比，這主要是由於今年生產計劃的時間安排。

Monster remains the market leader in Japan and South Korea. In China, net sales in the 2024 second quarter increased 25.6% in dollars and increased 31.2% on a currency-neutral basis as compared to the same quarter in 2023.

Monster 仍然是日本和韓國市場的領導者。在中國，2024 年第二季的淨銷售額與 2023 年同期相比以美元計算成長 25.6%，以貨幣中性計算成長 31.2%。

We remain optimistic about the long-term prospects for the Monster brand in China and are excited about the recent launch of Predator, which is being rolled out to additional markets in China over this year and 2025.

我們對 Monster 品牌在中國的長期前景保持樂觀，並對最近推出的 Predator 感到興奮，該品牌將在今年和 2025 年推廣到中國的其他市場。

In Oceania, which includes Australia, New Zealand, Tahiti, French Polynesia, New Caledonia, Papua New Guinea, and Guam, net sales increased 2.9% in dollars and increased 4.7% on a currency-neutral basis.

在大洋洲（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），淨銷售額以美元計算成長 2.9%，以貨幣中立計算成長 4.7%。

In Latin America, including Mexico and the Caribbean, net sales in the 2024 second quarter increased 14.1% in dollars and increased 39% on a currency-neutral basis over the same period in 2023, 14.9% exclusive of Argentina's impact.

在包括墨西哥和加勒比地區在內的拉丁美洲，2024 年第二季度的淨銷售額以美元計算增長了 14.1%，按貨幣中性計算則較 2023 年同期增長了 39%，不包括阿根廷的影響則增長了 14.9%。

Gross profit in this region as a percentage of net sales was 45.8% for the 2024 second quarter versus 30.9% in the 2023 second quarter. In Brazil, net sales in the 2024 second quarter increased 33.2% in dollars and increased 37.4% on a currency-neutral basis.

2024 年第二季該地區毛利佔淨銷售額的百分比為 45.8%，而 2023 年第二季為 30.9%。在巴西，2024 年第二季的淨銷售額以美元計算成長 33.2%，以貨幣中性計算成長 37.4%。

Net sales in Mexico increased 22.6% in dollars and increased 13.7% on a currency-neutral basis in the 2024 second quarter. Net sales in Chile decreased 28.1% in dollars and decreased 14.7% on a currency-neutral basis in the 2024 second quarter due to challenging economic conditions in the country. Our market share in the quarter increased to 41.3% plus 0.2 of 1 share point. In the month June, our share was 41.1%.

2024 年第二季度，墨西哥的淨銷售額以美元計算成長了 22.6%，以貨幣中性計算成長了 13.7%。由於智利經濟狀況嚴峻，2024 年第二季智利淨銷售額以美元計算下降 28.1%，以貨幣中性計算下降 14.7%。本季我們的市佔率增加至 41.3%，再加上 0.2 個百分點。六月，我們的份額為41.1%。

Net sales in Argentina decreased 29.5% in dollars and increased 172.9% on a currency-neutral basis. In the 2024 second quarter, we remain the market leader in Argentina at 57.7% share and gained 2.4 share points in the second quarter.

阿根廷的淨銷售額以美元計算下降了 29.5%，以貨幣中性計算則增加了 172.9%。2024 年第二季度，我們仍然以 57.7% 的份額保持阿根廷市場領先地位，並在第二季度獲得了 2.4 個份額。

Monster Brewing had a challenging second quarter. Net sales for the alcohol brands segment were $41.6 million in the 2024 second quarter a decrease of approximately $19.5 million or 31.9% lower than 2023 comparable quarter.

Monster Brewing 的第二季面臨挑戰。2024 年第二季酒類品牌部門的淨銷售額為 4,160 萬美元，比 2023 年同期減少約 1,950 萬美元或 31.9%。

We have recently appointed a new President of Monster Brewing and are continuing to consolidate production facilities to maximize efficiencies. During the quarter, we took a write-down of approximately $8.1 million relating to certain brewery closures.

我們最近任命了 Monster Brewing 的新總裁，並正在繼續整合生產設施以最大限度地提高效率。在本季度，我們因關閉某些啤酒廠而減記了約 810 萬美元。

The Beast Unleased is now available in 50 states through a network of beer distributors after the launch in the state of July -- in July -- due to in July. We expanded the Beast Unleased into 24-ounce single-serve cans in the first half of the year. We are currently launching a second variety pack of the Beast Unleased in a 12-pack of slim 12-ounce cans in four flavors. Mean Green, Pink Poison, Naughty Grape, and Killer Sunrise.

自 7 月在該州推出以來，Beast Unleased 目前已透過啤酒經銷商網路在美國 50 個州發售。我們在上半年將 Beast Unleased 擴展為 24 盎司的單罐包裝。我們目前正在推出 Beast Unleased 的第二種多樣化包裝，每包 12 罐，容量為 12 盎司，有四種口味。邪惡的綠色、粉紅色的毒藥、頑皮的葡萄和殺手日出。

Nasty Beast, our new hard tea line, was launched in the 2024 first quarter and is now available in 49 states.

我們的新硬茶系列 Nasty Beast 於 2024 年第一季推出，目前在 49 個州有售。

In the United States, we are preparing for the launch of Monster Energy Ultra Vice Guava in October 2024. In Canada, during the month of April, we launched No Zero Sugar and Reign Storm in four flavors. Additionally, in the month of June, we launched Bang Energy in four flavors.

在美國，我們正在準備於 2024 年 10 月推出 Monster Energy Ultra Vice Guava。在加拿大，四月我們推出了四種口味的No Zero Sugar和Reign Storm。此外，六月我們推出了四種口味的 Bang Energy。

In Latin America, during the second quarter of 2024, we launched Monster Zero Sugar in Argentina, Ultra Paradise in Colombia, Monster Juice Pipeline Punch in Guatemala, Ultra Paradise in Ecuador and Reserve White Pineapple in Nicaragua.

在拉丁美洲，2024 年第二季度，我們在阿根廷推出了 Monster Zero Sugar，在哥倫比亞推出了 Ultra Paradise，在危地馬拉推出了 Monster Juice Pipeline Punch，在厄瓜多爾推出了 Ultra Paradise，並在尼加拉瓜推出了 Reserve White Pineapple。

In New Zealand, during the month of April, we launched Monster Energy Ultra Strawberry Dreams. And in May, we launched Monster Energy Zero Sugar.

在新西蘭，四月我們推出了Monster Energy Ultra Strawberry Dreams。五月份，我們推出了 Monster Energy Zero Sugar。

In EMEA, in the second quarter of 2024, we launched Monster Juice Aussie Lemonade, Juice Bad Apple, Ultra Gold and Pineapple and Ultra Peachy Keen, Ultra Rosa and Ultra Strawberry Dreams in a number of countries.

在 EMEA 地區，2024 年第二季度，我們在多個國家推出了 Monster Juice Aussie Lemonade、Juice Bad Apple、Ultra Gold and Pineapple 以及 Ultra Peachy Keen、Ultra Rosa 和 Ultra Strawberry Dreams。

In the EMEA in the second quarter of 2024, we also launched [Live+] Punch, Burn Guava, Burn Punch, Reign Mang-O Matic, and Nalu Yuzu Rosemary Lemonade in a number of countries. We launched our new clean energy brand, Reign Storm, with three SKUs, Valencia Orange, Kiwi Blend, and Peach Nectarine in Great Britain and Sweden in the second quarter.

2024 年第二季度，在 EMEA 地區，我們也在多個國家推出了 [Live+] Punch、Burn Guava、Burn Punch、Reign Mang-O Matic 和 Nalu Yuzu Rosemary Lemonade。我們在第二季在英國和瑞典推出了新的清潔能源品牌Reign Storm，共有三個SKU，分別是瓦倫西亞橙、奇異果混合和桃子油桃。

Additional launches are planned across all brands throughout EMEA in 2024. During the second quarter of 2024, we launched Monster Ultra Violet and Papillon in Japan ad Peachy Keen and Aussie Lemonade in Korea. In China, Predator Gold Strike, which was launched in selected provinces of China at the end of April 2024, continues meeting expectations, being incremental to Monster, and will be launched in additional provinces by year-end.

所有品牌計劃於 2024 年在整個 EMEA 地區推出更多產品。2024 年第二季度，我們在日本推出了 Monster Ultra Violet 和 Papillon，在韓國推出了 Peachy Keen 和 Aussie Lemonade。在中國，Predator Gold Strike 於 2024 年 4 月底在中國部分省份推出，繼續滿足預期，作為 Monster 的增量產品，並將於年底在更多省份推出。

In India, Predator Gold Strike in a PET format which was launched as a test in one region at the end of 2023 is also meeting expectations. We are planning to launch that PET format in additional regions in India later this year. We remain optimistic about the long-term prospects for the Monster brand in China and India and are excited about the expansion of Predator in these two countries.

在印度，2023 年底在一個地區試運行的 PET 版 Predator Gold Strike 也達到了預期。我們計劃今年稍後在印度其他地區推出該 PET 格式。我們對 Monster 品牌在中國和印度的長期前景保持樂觀，並對 Predator 在這兩個國家的擴張感到興奮。

On June 10, 2024, the company announced the final results of its modified Dutch auction tender offer, which expired on June 5, 2024. The company accepted for purchase approximately 56.6 million shares of common stock at a purchase price of $53 per share for an aggregate purchase price of approximately $3 billion, excluding fees and expenses related to the tender offer.

2024年6月10日，該公司公佈了其修改後的荷蘭式拍賣要約收購的最終結果，該要約收購將於2024年6月5日到期。該公司接受以每股 53 美元的價格收購約 5,660 萬股普通股，總收購價約 30 億美元，不包括與要約收購相關的費用和開支。

In addition, during the three months ended June 30, 2024, the company repurchased approximately 2.2 million shares over common stock at an average purchase price of $49.55 per share for a total consideration of approximately $107.7 million, excluding broker commissions.

此外，在截至 2024 年 6 月 30 日的三個月內，該公司以每股 49.55 美元的平均購買價回購了約 220 萬股普通股，總對價約為 1.077 億美元（不含經紀人佣金）。

Subsequent to June 30, 2024, the company repurchased approximately 3.9 million shares of its common stock at an average purchase price of $49.59 per share for total consideration of approximately $192.2 million, excluding broker commissions.

截至 2024 年 6 月 30 日，該公司以平均每股 49.59 美元的購買價回購了約 390 萬股普通股，總對價約為 1.922 億美元（不含經紀人佣金）。

As of August 6, 2024, approximately 342.4 million shares remained available for purchase -- sorry, $342 million remained available for purchase under the previously authorized repurchase program. We estimate that July 2024 sales were approximately 5.9% higher than the comparable July 2023 sales and 6.1% higher than July 2023, excluding the alcohol brand segment.

截至 2024 年 8 月 6 日，仍有約 3.424 億股可供購買——抱歉，根據先前授權的回購計劃，仍有 3.42 億美元可供購買。我們估計，不包括酒精品牌部分，2024 年 7 月的銷售額將比 2023 年 7 月的同類銷售額高出約 5.9%，比 2023 年 7 月高出 6.1%。

We estimate that on a foreign currency adjusted basis, including the alcohol brands segment, July 2024 sales were approximately 9.4% higher than the comparable July sales and 9.6% higher than July 2023, excluding the alcohol brands segment. July 2024 had two more selling days compared to July 2023.

我們估計，以外匯調整後的數據計算，包括酒類品牌部分在內，2024 年 7 月的銷售額比 7 月的可比銷售額高出約 9.4%，比 2023 年 7 月（不包括酒類品牌部分）高出 9.6%。2024 年 7 月與 2023 年 7 月相比，銷售日增加了兩天。

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 timing of price increases and promotions in retail stores, distributor incentives, as well as shifts in the timing of production.

在這方面，我們再次提醒，短期銷售往往會受到各種因素的不成比例的影響，例如銷售日、假期、新產品發布的時間以及零售店漲價和促銷的時間、分銷商的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 in 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，我們的裝瓶工人負責生產並確定自己的生產計劃。這將影響我們向這些瓶裝商開立發票的日期。此外，我們的裝瓶和分銷合作夥伴根據他們自己的內部要求維持庫存水平，並且他們可能會因為自己的業務原因隨時改變庫存水平。

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（例如一個月）的銷售額不一定應歸因於或被視為整個季度或任何未來時期的業績指標。

In conclusion, I would like to summarize some recent positive points. The energy category continues to grow globally. We believe that household penetration continues to increase in the energy drink category. Growth opportunities in household penetration per capita consumption, along with consumers' need for energy, are positive factors for the category. We continue to expand our sales in non-Nielsen measured channels.

最後，我想總結一下最近的一些積極點。全球範圍內能源類別持續成長。我們相信，能量飲料類別的家庭普及率將持續提高。家庭人均消費量的成長機會以及消費者對能源的需求都是該類別的正面因素。我們繼續擴大非尼爾森測量管道的銷售。

We are pleased to report that our pricing actions have not significantly impacted consumer demand. As reported earlier, we are planning a price increase in the United States on our core brands and packages effective November 1, 2024

我們很高興地報告，我們的定價舉措並未對消費者需求產生重大影響。如前所述，我們計劃自 2024 年 11 月 1 日起在美國提高核心品牌和套餐的價格

We continue to review opportunities for price increases internationally. 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.

我們將繼續審查國際上價格上漲的機會。我們位於愛爾蘭的 AFF 調味品工廠目前正在為我們的 EMEA 地區提供大量調味品，從而為我們的 EMEA 地區提供更好的服務水平並降低到岸成本。

We are in the process of constructing a juice facility at our AFF flavor facility in Ireland, which we anticipate will be completed later this year. We're excited for the launch of Monster Energy Ultra Vice Guava in October 2024. Monster Brewing continues to provide opportunities within the alcohol brand segment.

我們正在位於愛爾蘭的 AFF 調味品工廠建造一個果汁工廠，預計今年稍後完工。我們很高興將於 2024 年 10 月推出 Monster Energy Ultra Vice Guava。Monster Brewing 繼續在酒類品牌領域提供機會。

We're excited about the opportunities that the acquisition of the Bang Energy brand presents to us and believe that the brand fits well within our broader portfolio of energy drink brands.

我們對收購 Bang Energy 品牌帶給我們的機會感到非常興奮，並相信該品牌非常適合我們更廣泛的能量飲料品牌組合。

We are pleased with the rollout of Predator and Fury, our affordable energy drink portfolio in a number of markets internationally. We are proceeding with plans for further launches of our affordable energy brands.

我們很高興看到我們的平價能量飲料產品組合 Predator 和 Fury 在國際多個市場推出。我們正計劃進一步推出我們的平價能源品牌。

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

現在我想開始回答有關本季的問題。謝謝。

(Operator Instructions) Dara Mohsenian, Morgan Stanley.

(操作員指示) 摩根士丹利的 Dara Mohsenian。

Hey. Good afternoon, guys. The commentary on the US category was helpful. Could you just put the recent slowdown you're seeing maybe in context versus other soft patches if you go back in history just in terms of drivers, magnitude, et cetera, just to give us some insight on how long you expect this to last?

嘿。大家下午好。對美國類別的評論很有幫助。您能否將最近看到的經濟放緩與其他疲軟時期進行比較，如果回顧歷史，從驅動因素、幅度等方面，讓我們了解您預計這種情況會持續多久？

And also within that, maybe you can just touch on the promotional environment and how that might impact your plans to maybe cushion some of the pending US price increase with promotion and how you guys think through that?

另外，您是否可以談談促銷環境以及這可能會對您的計劃產生什麼影響，也許透過促銷來緩解美國即將到來的價格上漲，以及您是如何考慮的？

Sure. Dara, historically, we've seen declines in quarterly year-over-year volumes, really only during the financial crisis and COVID lockdowns in the US, and they particularly, significantly, impacted foot traffic. The current situation in the US is actually relatively unprecedented. And we've not seen inflation rates, and we haven't seen inflation levels, I'm sorry, and interest rates for one heck of a long time.

當然。Dara，從歷史上看，我們看到季度同比銷量下降，實際上只有在美國金融危機和新冠疫情封鎖期間才會出現，而且這些下降對客流量產生了特別嚴重的影響。美國當前的情況實際上是相對前所未有的。而且我們已經很久沒有看到通貨膨脹率了，很抱歉，我們很久沒有看到通貨膨脹水準了，也沒有看到利率了。

And we believe that those have contributed to the slowdown. If you look internationally and those markets traditionally have been -- have a longer history of energy drinks. We saw and have seen slowdowns in certain European countries over the periods. And in each case that we've seen them, the levels have, in fact, rebounded.

我們認為這些因素導致了經濟放緩。如果你放眼國際，那些市場傳統上有著更長的能量飲料歷史。我們看到並且已經看到某些歐洲國家在一段時間內出現經濟放緩。在我們看到的每個案例中，水平實際上都已經反彈。

So at the end of the day, when you look at the positive factors, we believe that energy drinks certainly are a need state, consumers want energy drinks, and household penetration is growing, all the things we spoke about really on this call.

所以歸根結底，當你看到積極因素時，我們相信能量飲料肯定是一種需求，消費者想要能量飲料，家庭滲透率也在增長，所有這些事情都是我們在這次電話會議上討論的。

And what we like other consumer products companies, we see this decline primarily driven by a reduction in consumer spending and the lower foot traffic in the convenience channel. We've seen reports of foot traffic convenience channel being down by as much as 3% to 3.5%. And then a swing towards more grocery mass on -- online purchasing.

和其他消費品公司一樣，我們認為這種下滑主要是因為消費者支出減少以及便利商店客流量減少所致。我們看到有報告指出便利商店的客流量下降了 3% 至 3.5%。然後轉向更多的食品雜貨在線購買。

So it's kind of a situation where we are a blue collar brand. And our consumers are more hard pressed than consumers in other categories. And that's why maybe we have seen a larger reduction than other competitive products in the space.

所以從某種意義上來說，我們就是一個藍領品牌。我們的消費者比其他類別的消費者面臨更大的壓力。這就是為什麼我們看到的降幅比該領域其他競爭產品更大。

But at the end of the day, some of those competitive products have had price increases, which we have not had yet and we will have later this year.

但最終，一些競爭產品的價格還是上漲了，我們目前還沒有漲價，但今年稍後會漲價。

Andrea Teixeira, JPMorgan.

摩根大通的安德里亞特謝拉 (Andrea Teixeira)。

Thank you and congrats. I was hoping if you can talk about the -- basically, about the channels, you discuss the mass channels and discounts being one and how you've been able to shift for those consumers who are looking for basically more affordable energy. And you did a reference to production challenges internationally. Is there a way to think about it and the impact and if it's temporary, how we should be thinking about those? Thank you.

謝謝你，恭喜你。我希望您能談談——基本上，關於管道，您討論一下大眾管道和折扣，以及您如何能夠為那些尋求更實惠能源的消費者提供轉變。您確實提到了國際上生產面臨的挑戰。有沒有辦法考慮它及其影響？如果它是暫時的，我們應該如何考慮它？謝謝。

The production challenges, which were in Germany have largely been resolved now. It is a situation where there was a lack of capacity in a particular plant, we set up facilities in other manufacturing entities and then the plants in Germany that the distribution points in Germany we're unable to accept product because there were -- they had challenges getting product in because we have a very large market in Germany. So it was a mix of factors. But at the end of the day, we're back and running and we don't anticipate a recurrence of that issue in Germany this quarter.

德國面臨的生產難題現已基本解決。在這種情況下，某個工廠的產能不足，我們在其他製造實體和德國的工廠設立了設施，但是德國的分銷點無法接受產品，因為他們在進口產品方面遇到了挑戰，因為我們在德國擁有非常大的市場。所以這是多種因素造成的。但最終，我們還是恢復了運營，我們預計本季德國不會再出現同樣的問題。

Just to give color on the German issue. You must appreciate that in the second quarter, they had the European soccer championships, and there was a lot of extra demand a lot of unusual things happen, and that's why we ended up with this challenge. Which we think was unusual, and it's not likely to occur again in the future, and we've taken steps to address it for -- in the future and have more visibility.

只是為了對德國問題做一些說明。你必須意識到，在第二季度，他們舉辦了歐洲足球錦標賽，並且有很多額外的需求，很多不尋常的事情發生，這就是我們面臨這項挑戰的原因。我們認為這種情況是不尋常的，而且將來不太可能再次發生，我們已經採取措施解決這個問題——在未來並具有更高的可見性。

Kaumil Gajrawala, Jefferies.

傑富瑞 (Jefferies) 的 Kaumil Gajrawala。

Hey, guys. Can you try to just reconcile the idea of still taking a price increase with the slowdown in the category. The commentary on who your core consumer is, they're being a little bit more careful doesn't seem to align with the idea to take a price increase later? Thanks.

嘿，大家好。您能否嘗試調和價格持續上漲與產品類別成長放緩這兩個想法？關於你的核心消費者是誰的評論，他們變得更加謹慎似乎與稍後漲價的想法不一致？謝謝。

Yes. Kaumil, if you look at our pricing, where we are relative to other beverages that we would regard as kind of comparative. Those are the beverages, they've dramatically expanded their price. We've passed the price index to Monster products. And -- we still see it as an opportunity.

是的。Kaumil，如果你看看我們的定價，你會發現我們與其他飲料的定價是具有可比性的。這些飲料的價格已經大幅上漲。我們已經將價格指數傳遞給了Monster產品。而且——我們仍然將其視為一個機會。

The extent is not that significant. We still will retain a very competitive price for consumers. . Both within the energy category and the ready-to-drink beverages as a whole. And we've discussed it with most of our major distributors and customers.

程度並沒有那麼大。我們仍會為消費者保持極具競爭力的價格。。無論是能量飲料類別或即飲飲料類別都是如此。我們已經與大多數主要分銷商和客戶討論過這個問題。

And we've absorbed significant increases. As you know, we had one increase in the last two years. And our competitors in the ready-to-drink beverage space have had multiple. So we still see it as an opportunity. And we think it is something that we should pursue and move forward with.

我們已經吸收了大幅的成長。如你所知，我們在過去兩年中有過一次增長。我們在即飲飲料領域的競爭對手已經很多了。所以我們仍然將其視為一個機會。我們認為這是我們應該追求並推進的事情。

Peter Grom, UBS.

瑞銀的 Peter Grom。

Thanks, operator. Good afternoon, everyone. So I was hoping to get some just some thoughts on the quarter-to-date trends, just when backing out the benefits from selling days, it doesn't imply a ton of growth on an underlying basis, if at all. So can you maybe just talk about category trends in July maybe unpack it from a US versus international perspective?

謝謝，接線生。大家下午好。因此，我希望對本季迄今為止的趨勢有一些看法，只是在退出銷售日帶來的好處時，它並不意味著潛在的大量增長，如果有的話。那麼您能否談談七月份的類別趨勢，並從美國和國際的角度進行分析？

And just going back to Dara's question, just any thoughts in terms of how you see growth kind of progressing from here through the balance of the quarter? Thanks.

回到達拉的問題，您對從現在到本季末的成長進展有何看法？謝謝。

We look at Nielsen like the rest of the group. And you can really see Nielsen if -- you look at US convenience and you look at all measured channels, that the situation is actually getting worse in July, and it's not getting better. So we've always spoken about our non-measured channels and our non-measured channels have continued to be a significant part of our activities and continue to grow. But looking at the Nielsen numbers, and I'm sure you've seen that, Peter, the July numbers are -- so it's not a dramatic, but it is a worsening trend.

我們將尼爾森視為該集團的其他成員。如果你看一下尼爾森的美國便利商店情況以及所有測量管道，你會發現 7 月的情況實際上變得更糟了，而且並沒有好轉。因此，我們一直在談論我們的非測量管道，我們的非測量管道一直是我們活動的重要組成部分，並且還在繼續增長。但看看尼爾森的數據，我相信你已經看到了，彼得，七月的數據——雖然不是戲劇性的，但這是一個惡化的趨勢。

Bonnie Herzog, Goldman Sachs.

高盛的邦妮·赫爾佐格 (Bonnie Herzog)。

Hi. How are you, guys? I guess --

你好。大家好嗎？我想--

Bonnie, we haven't thought to come on this call. We've been waiting for you.

邦妮，我們沒有想到要接這通電話。我們一直在等你。

Well, you didn't pick me early enough. I've been here waiting. So I did want to --

嗯，你選我還不夠早。我一直在這裡等待。所以我確實想--

We don't see the picking unfortunately.

不幸的是，我們沒有看到採摘。

Yeah. Okay. Well, I did want to circle back, of course, slowdown that you guys did report in the quarter versus your expectations. I guess I am still trying to reconcile a few things. Could you maybe help us understand where bottler inventory levels are? I mean, is there any timing impact by chance, especially internationally that might have impacted Q2?

是的。好的。好吧，我當然想回過頭來說，你們本季報告的經濟成長與預期相比有所放緩。我想我仍在努力調和一些事情。您能幫助我們了解瓶裝廠的庫存水準嗎？我的意思是，是否存在偶然的時間影響，尤其是國際影響，可能會影響第二季？

And then second, maybe help us understand your innovation pipeline. I know you talked about a lot, but any shipment timing impact that you saw with the rollout of innovation, whether it was in Q1 or in Q2?

其次，也許可以幫助我們了解您的創新管​​道。我知道您談了很多，但是您認為創新的推出對出貨時間有任何影響嗎，無論是在第一季還是第二季？

And then how do we think about the second half? Do you possibly have more innovation rolling out in the back half versus what you did in the first half? Thanks.

那我們該如何看待下半場呢？與上半年相比，你們下半年是否會推出更多創新？謝謝。

Well, let me talk about -- answer your first question, Rodney will talk about innovation. We haven't heard of any bottle inventories that are challenged or have changed significantly this period. We are in summer -- and we haven't heard anything.

好吧，讓我談談——回答你的第一個問題，羅德尼將談論創新。在此期間，我們還沒有聽說任何瓶裝庫存受到挑戰或發生重大變化。現在是夏天——我們還沒有聽到任何消息。

I know and I read, obviously, one of the competitors mentioned that they had bottle inventory issues -- but we have not seen that. The only thing we spoke about is this German issue for 1 million cases, which has been rectified.

我知道，也讀到過，顯然，其中一個競爭對手提到他們有瓶子庫存問題——但我們沒有看到這種情況。我們唯一談論的是德國這100萬起案件的問題，該問題已經得到糾正。

But I think we always every quarter, we have choppy issues with bottlers because -- as we said earlier in the quarter, it depends on when they produce and sometimes they may be producing just before or at the end of the period. That does have some effect.

但我認為我們每季都會遇到與瓶裝廠的不穩定問題，因為——正如我們在本季早些時候所說的那樣，這取決於他們何時生產，有時他們可能在該期間之前或結束時生產。這確實有一定效果。

But again, we've not really looked and gone into it because it's really -- it's just part of the way our business is done, and we just got to live with it. And so we haven't called it out specifically, but these things do continue to occur.

但是，我們還沒有真正研究過這個問題，因為這實際上只是我們業務運作方式的一部分，我們只能接受它。因此，我們沒有特別指出，但這些事情確實在繼續發生。

If we hear something significant, obviously, we call it out, but we haven't just called it.

如果我們聽到一些重要的事情，顯然我們會大聲喊出來，但我們不會只喊出來。

Now with regard to innovation, innovation has been fine. We've had two good products -- the Fantasy Ruby Red has done very well, and we've got out a little later with the Rio Punch. They've both done very well. If I look at the innovation, the sales per point of those two items are pretty strong. They're ahead of sales per point of competitive new product launches like Red Bull, their sugar-free 12 ounces this year.

現在關於創新，創新已經很好了。我們有兩款優質產品——Fantasy Ruby Red 表現得非常好，而我們稍後推出的 Rio Punch 也非常出色。他們都做得很好。如果我看一下創新，這兩款產品的每點銷售額都相當強勁。他們的單位銷售額領先其他競爭新產品，例如今年推出的 12 盎司無糖紅牛。

In fact, the sales per point of those two new items that we launched are actually ahead of sales per point of the very top Celsius SKU.

事實上，我們推出的這兩款新產品的每點銷售額實際上超過了最頂級的 Celsius SKU 的每點銷售額。

So I'll just give you some sort of perspective. One of the perhaps challenges this year was perhaps a little lower than others. If you look at our -- the distribution levels we achieved on the innovation, they're perhaps a little lower.

所以我只是想給你一些觀點。今年的其中一個挑戰可能比其他挑戰低一些。如果你看看我們在創新上所實現的分銷水平，它們可能稍微低一些。

They've been in the 60%s -- but 60%s and perhaps we think that in a perfect world, that should have been closer to 75% or 80%. So that's something we are addressing with our bodily partners and with the industry. And obviously, I think we could probably improve on that.

他們的比例一直保持在 60% 左右——但我們認為，在完美的世界中，這個比例應該接近 75% 或 80%。所以我們正在與我們的身體夥伴和業界一起解決這個問題。顯然，我認為我們可以在這方面取得進步。

But that is probably one of the issues that perhaps didn't deliver as much in dollars on the innovation as one of the reasons that the innovation was maybe a little lower. But ultimately, the innovation has done -- is still doing pretty well when I look at even the latest weekly figures.

但這可能是創新未能帶來太多收益的原因之一，也是創新價值可能略低的原因之一。但最終，當我查看最新的每週數據時，創新仍然表現良好。

Also, we do have this planned innovation. We have really a large company focus on the launch of Ultra Vice Guava. We think it's a really exciting, it's a really -- it's a great package. It's a great flavor. But we are, in fact, galvanizing our own team and the bottlers -- and we're going to go out and have a -- we believe, a real good launch of this product towards the end of this year, in the end of the third quarter, beginning of the fourth quarter.

此外，我們確實有這個計劃中的創新。我們確實有一家大型公司專注於推出 Ultra Vice Guava。我們認為這是一個非常令人興奮的計劃，這是一個非常棒的計劃。味道好極了。但事實上，我們正​​在激勵我們自己的團隊和瓶裝商——我們將出去——我們相信，在今年年底，也就是第三季末和第四季初，這款產品將會真正順利推出。

So we see that as being really positive -- and I think that give us something to execute against. We also got some good innovation coming in next year and -- but that will start shipping at the end of this year, part of it and some of it at the end of January. And we've got a good plan going through for spring of 2025.

因此，我們認為這確實是積極的——我認為這為我們提供了執行的動力。我們明年還會推出一些不錯的創新，但這些創新將在今年底開始出貨，一部分將於 1 月底出貨。我們已經為 2025 年春季制定了一個很好的計劃。

So we remain encouraged by our innovation. In fact, one of the other innovation items we launched was Zero Sugar in EMEA, which has done really nicely. We also launched Juice Bad Apple which we hadn't launched in the US, and that has been rolled out, and that is also getting some really good reception.

因此，我們對我們的創新仍然感到鼓舞。事實上，我們推出的另一個創新項目是歐洲、中東和非洲地區的零糖產品，這款產品的表現非常出色。我們也推出了先前未在美國推出的 Juice Bad Apple，該產品已經上市，也獲得了不錯的迴響。

So that is something that we'll be looking at to maybe expanding in other areas, but we went -- we tested it first in EMEA. So we do have some pipeline coming or newer products. So we are positive going forward that we'll be able to address consumer trends and look at the industry will be positive going forward.

因此，我們會考慮在其他領域進行擴展，但我們首先在歐洲、中東和非洲地區進行了測試。因此我們確實有一些即將推出的產品或新產品。因此，我們堅信我們將能夠應對消費者趨勢，並樂觀地看待產業未來發展。

And one other thing I just wanted to mention, Bonnie, was that if you look at 2023, remember, we launched Zero Sugar, which was the analog to Monster Green. And that was a very, very significant launch. So when you compare '24 to '23, Zero Sugar was really a major push as indeed with Strawberry Dreams, great flavors. So '23 was really incredible with regard to launches. 2024 was great, but obviously not at the same level as '23.

邦妮，我想提的另一件事是，如果你看看 2023 年，記得我們推出了 Zero Sugar，它是 Monster Green 的類似物。這是一次非常非常重要的發布。因此，當你將 24 年與 23 年進行比較時，零糖確實是一個重大推動，就像草莓夢一樣，味道很棒。因此，從發表會的角度來看，23年確實是令人難以置信。 2024 年很棒，但顯然沒有達到 2023 年的水平。

We'll also just as a matter of interest, we've got some great innovation. We're looking to launch for Bang because that's been a new brand to our portfolio. We have our own sort of innovation launch for early next year. And we have another launch in conjunction with Any Means Possible. And their social media response and presence on their channels and for their brand has been, we are seeing some really positive signs.

我們也感興趣地發現，我們有一些偉大的創新。我們正在考慮推出 Bang，因為這是我們產品組合中的一個新品牌。我們將於明年初推出自己的創新產品。我們也將與 Any Means Possible 共同推出另一款產品。我們從他們的社交媒體反應以及在其管道和品牌上的表現中看到了一些非常積極的跡象。

So we are sort of quite positive about also being able to take Bang into start to sort of start to get that brand more focused with new innovation now, which we haven't had until now. We'll be consolidating and just getting relistings.

因此，我們非常有信心將 Bang 帶入市場，讓品牌更加專注於新的創新，這是我們迄今為止從未有過的。我們將進行合併並重新上市。

Filippo Falorni, Citi.

花旗銀行的 Filippo Falorni。

Hey. Good afternoon. I wanted to ask about gross margins. You mentioned in the release that you were 50 basis points below the first quarter because of higher allowances that you think are nonrecurring and some production efficiencies. Should we think those go away starting in Q3?

嘿。午安.我想問毛利率。您在新聞稿中提到，由於您認為非經常性撥備較高以及一些生產效率，您的利潤比第一季低了 50 個基點。我們是否應該認為這些問題從第三季開始就會消失？

And then maybe you can talk about the commodity environment. It seems aluminum is still favorable year-over-year -- is it going to be still favorable in the balance of the year? Just any color on the commodity environment as well? Thank you.

然後也許你可以談談商品環境。看起來鋁的價格同比仍然有利——今年餘下時間的價格仍然有利嗎？只是任何顏色對商品環境也是一樣嗎？謝謝。

Let me talk a little bit about what you're referring to -- and yes, indeed, we do believe that these -- the high allowances and the production inefficiencies will take care of themselves. I'm not sure where the production inefficiencies will take care of itself in the third quarter, but certainly, it will over time. The production inefficiencies relate to the two plants that we have up and running.

讓我稍微談談你所指的內容——是的，我們確實相信這些——高額配額和生產效率低下的問題將會自行解決。我不確定生產效率低下的問題會在第三季解決，但可以肯定的是，隨著時間的推移，這個問題會得到解決。生產效率低下與我們目前運作的兩家工廠有關。

We opened Norwalk for production in April, and we're gearing up production in Norwalk, which is one of the reasons for the production inefficiencies because we're gearing up that plant to full production. And then on the other hand, we have our facility in Phoenix that we acquired as part of the Bang transaction, which is at present, only producing Bang products.

我們於四月在諾沃克開始生產，我們正在加快諾沃克的生產速度，這是生產效率低下的原因之一，因為我們正在加快工廠的滿載生產速度。另一方面，我們在鳳凰城擁有作為 Bang 交易的一部分收購的工廠，目前該工廠僅生產 Bang 產品。

But we're gearing it up to produce Monster both the Ultra versions of Monster and Reign, which are the non-sugar varieties and then ultimately, the sugar varieties because they don't have -- they don't have sugar tanks.

但我們正準備生產 Monster，包括 Monster 和 Reign 的 Ultra 版本，它們是無糖品種，最終是含糖品種，因為它們沒有——它們沒有糖罐。

And we've had issues with water that we've been dealing with to ensure that we deliver the best Monster flavors possible. So that's where the production inefficiencies are coming from, and they will resolve themselves over time. The alliances absolutely will resolve themselves, we believe, in the -- this next quarter, they should be gone.

為了確保能夠提供最好的 Monster 口味，我們一直在處理與水有關的問題。這就是生產效率低下的原因，隨著時間的推移，這個問題將得到解決。我們相信，這些聯盟絕對會自行解決——下個季度，它們將不復存在。

So that's where we are on that. Now in the -- on the commodities environment, we hedge aluminum. So how we hedge aluminum is we use the ladder. So we purchased aluminum according to a prescribed formula and we have certain amounts at our discretionary reevaluate aluminum on a weekly basis.

這就是我們現在的狀況。現在，在商品環境中，我們對鋁進行對沖。因此，我們對沖鋁的方法是使用階梯式投資。因此，我們按照規定的公式購買鋁，並且每周自行重新評估一定數量的鋁。

So -- and we take advantage, of course, of pricing when pricing falls but there are instances where we may have purchased aluminum at higher prices to ensure that our ladder strategy is properly executed because there was a time in aluminum, as you know, was up -- and everyone is going to purchase aluminum and now it's back down -- so it's a -- they're plus and minuses. But I do believe that we're in good territory with aluminum and aluminum, we should be able to see reductions over time.

所以 — — 當價格下跌時，我們當然會利用定價優勢，但在某些情況下，我們可能會以更高的價格購買鋁，以確保我們的階梯策略得到正確執行，因為正如你所知，鋁價曾經上漲 — — 每個人都會購買鋁，而現在鋁價又回落了 — — 所以這是 — — 有利有弊。但我確實相信，我們在鋁和鋁方面處於良好狀態，我們應該能夠隨著時間的推移看到減少。

And ladies and gentlemen, at this time, I'd like to turn the floor back over to Rodney Sacks for closing remarks.

女士們、先生們，現在我想將發言權交還給羅德尼·薩克斯，請他作最後發言。

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 continue 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。我謹代表公司感謝大家的持續關注。我們繼續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系統的關係。

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

我們相信，我們在飲料行業佔據有利地位，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。非常感謝您的出席。

And ladies and gentlemen, with that, we'll conclude today's conference call. We thank you for attending. You may now disconnect your lines.

女士們、先生們，今天的電話會議就到此結束。感謝您的參加。現在您可以斷開線路了。