怪物飲料 (MNST) 2024 Q3 法說會逐字稿

Good evening, and welcome to the Monster Beverage Company third quarter 2024 conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Mr. Rodney Sacks and Mr. Hilton Schlosberg, Co-CEO. Please go ahead.

晚上好，歡迎參加 Monster Beverage Company 2024 年第三季電話會議。（操作員說明）請注意此事件正在被記錄。我現在想將會議轉交給羅德尼·薩克斯先生和聯合首席執行官希爾頓·施洛斯伯格先生。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 also on the call as is Tom Kelly, our Chief Financial Officer, Tom Kelly will now read our cautionary statement.

謝謝。女士們、先生們，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執行長希爾頓‧施洛斯伯格 (Hilton Schlosberg) 以及我們的財務長湯姆‧凱利 (Tom Kelly) 也參加了電話會議，湯姆‧凱利現在將宣讀我們的警示聲明。

Before we begin, I would like to remind listeners that certain statements made during this call may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities 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《1933 年證券法》修訂案第27A 條和《1934 年證券交易法》修訂案第21E 條含義內的前瞻性陳述。

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 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 表格年度報告和10-Q 表格季度報告，包括其中標題為“風險因素”和“前瞻性陳述」的部分。尋找有關可能影響我們業績的特定風險和不確定性的討論的聲明。

The company assumes no obligations to update any forward-looking statements, whether as a result of new information, future events or otherwise. I would also like to note that an explanation of the non-GAAP measures, which may be mentioned during the course of this call, is provided in the notes in the consolidated statements of income and other information attached to the earnings release dated November 7, 2024. A copy of this information is also available on our website, www.monsterbevcorp.com in the Financial Information section. I would now like to hand the call over to Rodney Sacks.

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。我還想指出，在本次電話會議期間可能會提到的非公認會計準則措施的解釋已在 11 月 7 日收益發布所附的合併損益表和其他信息的註釋中提供， 2024 年。該資訊的副本也可在我們的網站 www.monsterbevcorp.com 的「財務資訊」部分取得。我現在想把電話轉給羅德尼·薩克斯。

Thanks, Tom. The energy drink category continues to grow globally and has demonstrated resilience. In the United States, the energy drink category continued to experience slower growth rates. However, in all measured channels, excluding convenience, the energy drink category is growing at a faster rate. In the United States, the energy category in the convenience channel is beginning to show some improvement in October.

謝謝，湯姆。能量飲料類別在全球範圍內持續增長，並表現出韌性。在美國，能量飲料類別的成長速度持續放緩。然而，在所有衡量的管道中，除便利飲料外，能量飲料類別的成長速度更快。在美國，便利通路中的能源品類在10月開始出現一些改善。

Although we do not normally refer to one week Nielsen statistics and do not intend to do so on an ongoing basis, I think that it is noteworthy to mention that according to Nielsen for the one week ended October 26, 2024, for all outlets combined, namely convenience, grocery, drug, mass merchandisers, sales in dollars in the energy drink category including energy shots, increased by 3.7% versus the same period a year ago, while sales of the company's energy brands, including Bang, were up 2.9% and sales of Monster were up 2.2%.

儘管我們通常不會參考尼爾森一周的統計數據，也不打算持續這樣做，但我認為值得注意的是，根據尼爾森截至 2024 年 10 月 26 日的一周數據，對於所有網點而言，包括便利商店、雜貨、藥品、大宗商品在內的能量飲料類別銷售額（包括能量飲料）同比增長3.7%，而公司旗下能量品牌（包括Bang）的銷售額增長2.9%， Monster 的銷售額增長了 2.2%。

A number of other consumer packaged goods companies have also seen a tighter consumer spending environment for certain income groups and weaker demand in the quarter. Hurricane Helene and Milton impacted sales at retail in certain states in September and October 2024.

許多其他消費品公司也發現某些收入群體的消費支出環境趨緊，本季需求疲軟。颶風海倫和米爾頓影響了 2024 年 9 月和 10 月某些州的零售銷售。

However, we cannot determine the impact on our business. The alcohol segment operates a brewery in Brevard, North Carolina, which was closed for a week due to flooding from Hurricane Helen. This brewery is partially operational and is expected to be fully operational by mid-November 2024.

但是，我們無法確定對我們業務的影響。酒精部門在北卡羅來納州布里瓦德經營一家啤酒廠，該啤酒廠因海倫颶風引發的洪水而關閉了一周。該啤酒廠已部分運營，預計將於 2024 年 11 月中旬全面運營。

We believe that many consumers view energy drinks as an affordable luxury. Growth opportunities in household penetration and per capita consumption, along with consumers' growing need for energy are positive trends for the category. In EMEA, the energy drink category according to Nielsen, for the recently reported 13 week periods for our tracked markets, which differ from country to country is growing at approximately 11.1% versus the same period last year on an FX neutral basis.

我們相信許多消費者將能量飲料視為一種負擔得起的奢侈品。家庭滲透率和人均消費的成長機會，以及消費者對能源需求的不斷增長，都是該類別的正面趨勢。根據尼爾森的數據，在歐洲、中東和非洲地區，在我們最近報告的13 週跟踪市場中，能量飲料類別（各個國家的情況有所不同）在匯率中性的基礎上與去年同期相比增長了約11.1%。

In APAC, for our tracked markets, the energy drink category according to Nielsen and INTAGE for our tracked markets for the 13 week period ending September 2024, is growing at approximately 13.6% versus the same period last year also on an FX neutral basis. In LATAM, for our tracked markets, the energy drink category according to Nielsen, for the recently reported 13 week period, which differ from country to country, is growing at approximately 21.1% versus the same period last year, again, also on an FX neutral basis.

在亞太地區，對於我們追蹤的市場，根據Nielsen 和INTAGE 的數據，截至2024 年9 月的13 週期間，我們追蹤的市場的能量飲料類別與去年同期相比增長了約13.6%（同樣在匯率中性的基礎上）。在拉丁美洲，根據尼爾森的數據，在我們追蹤的市場中，能量飲料類別在最近報告的 13 週內（各國有所不同）與去年同期相比增長了約 21.1%，同樣也是在外匯上中立的基礎。

Gross profit for the 2024 third quarter was adversely impacted by an increase in inventory reserves due to excess inventory levels in the alcohol brands segment of $10.6 million, which I will refer to later in this call as the alcohol brands inventory reserves.

2024 年第三季的毛利受到庫存儲備增加的不利影響，原因是酒類品牌部門的庫存水準過剩，達到1,060 萬美元，我將在本次電話會議稍後將其稱為酒類品牌庫存儲備。

Operating expenses for the 2024 third quarter were adversely impacted by a $16.7 million provision and $1.2 million of company incurred legal expenses in connection with an intellectual property claim brought by the descendants of Hubert Hansen in relation to the company's use of the Hubert Hansen name prior to the transaction with the Coca-Cola company, which closed in 2015.

2024 年第三季的營運費用受到1,670 萬美元的撥備和120 萬美元的公司法律費用的不利影響，這些法律費用與休伯特·漢森(Hubert Hansen) 的後代就公司在2024 年之前使用休伯特·漢森(Hubert Hansen) 名稱有關的智慧財產權索賠而產生。

And I will refer to this later in this call as the intellectual property claim. Net of tax, these items adversely impacted net income for the 2024 third quarter by $21.5 million and net income per diluted share by $0.02 per share. Diluted earnings per share on a pro forma basis for the 2024 third quarter adjusted for these items was $0.40 per share.

我稍後會在本次電話會議中將其稱為知識產權聲明。扣除稅費後，這些項目對 2024 年第三季的淨利潤產生了 2,150 萬美元的不利影響，對稀釋後每股淨利潤產生了 0.02 美元的不利影響。根據這些項目調整後的 2024 年第三季預計稀釋每股收益為每股 0.40 美元。

On July 31, 2023, the company completed its acquisition of substantially all of the assets of Vital Pharmaceuticals, Inc. and its debtor affiliates. Inventory purchased as part of the bank transaction was recorded at fair value, which I will refer to as the bank inventory step up.

2023年7月31日，該公司完成了對Vital Pharmaceuticals, Inc.及其債務人關聯公司幾乎所有資產的收購。作為銀行交易一部分購買的庫存以公允價值記錄，我稱之為銀行庫存增量。

Certain of the purchased inventory was subsequently sold in the 2023 third quarter and was recognized through cost of sales at fair value. Gross profit was negatively impacted by approximately $7.8 million during the 2023 third quarter as a result. During the 2023 third quarter, in connection with the bank transaction, the company recorded a gain of $45.4 million in interest and other income. During the 2023 third quarter, the company incurred approximately $8 million of acquisition costs related to the bank transaction.

某些購買的庫存隨後於 2023 年第三季出售，並以公允價值計入銷售成本。因此，2023 年第三季毛利受到約 780 萬美元的負面影響。2023年第三季度，透過銀行交易，該公司獲得了4,540萬美元的利息和其他收入收益。2023年第三季度，該公司發生了與銀行交易相關的約800萬美元的收購成本。

Net of tax, these items positively impacted net income for the 2023 third quarter by $22.7 million and net income per diluted share by $0.02 per share. Diluted earnings per share on a pro forma basis for the 2023 third quarter adjusted for these items was $0.41 per share.

扣除稅費後，這些項目對 2023 年第三季的淨利潤產生了 2,270 萬美元的正面影響，對稀釋後每股淨利潤產生了 0.02 美元的正面影響。根據這些項目調整後的 2023 年第三季預計稀釋每股收益為每股 0.41 美元。

In addition to our GAAP condensed consolidated statement of income and other information and our GAAP condensed consolidated balance sheet for the company for the quarter ended September 30, 2024, attached to our press release is a non-GAAP adjusted condensed consolidated statement of income and other information adjusting for the items impacting profitability and a reconciliation of GAAP and non-GAAP information.

除了我們的GAAP 簡明合併損益表和其他資訊以及我們截至2024 年9 月30 日的季度的GAAP 簡明合併資產負債表外，我們的新聞稿還附有一份非GAAP 調整後的簡明合併損益表和其他資訊針對影響獲利能力的項目進行資訊調整，以及 GAAP 和非 GAAP 資訊的協調。

We believe that these non-GAAP items are useful to shareholders on this call in evaluating our ongoing operating and financial results, these non-GAAP items should be considered in addition to and not in the lieu of US GAAP financial measures. The company achieved record third quarter net sales of $1.88 billion in the 2024 third quarter or 1.3% higher than net sales of $1.86 billion in the comparable 2023 quarter. 4.7% higher on a foreign currency adjusted basis. Net sales on a foreign currency adjusted basis, excluding the alcohol brands segment increased 5% in the 2024 third quarter.

我們認為，這些非公認會計原則項目對於本次電話會議上的股東評估我們持續的營運和財務表現很有用，這些非公認會計原則項目應作為美國公認會計原則財務指標的補充而不是代替。該公司在 2024 年第三季實現了創紀錄的第三季淨銷售額 18.8 億美元，比 2023 年同期的淨銷售額 18.6 億美元高出 1.3%。以外幣調整後計算，上漲 4.7%。2024 年第三季度，不包括酒類品牌業務的經外幣調整後的淨銷售額增長了 5%。

Gross profit as a percentage of net sales in the 2024 third quarter was 53.2% compared with 53% in the 2023 third quarter. Gross profit for the 2024 third quarter was adversely impacted by the alcohol brands inventory reserves -- gross profit as a percentage of net sales for the 2024 third quarter, exclusive of the alcohol brands inventory reserves was 53.7%.

2024年第三季毛利佔淨銷售額的比例為53.2%，而2023年第三季為53%。2024 年第三季的毛利受到酒類品牌庫存儲備的不利影響——2024 年第三季毛利佔淨銷售額的百分比（不包括酒類品牌庫存儲備）為 53.7%。

The increase in gross profit as a percentage of net sales for the 2024 third quarter was primarily the result of lower input costs, pricing actions in certain international markets and the bank inventory step-up partially offset by higher promotional allowances as a percentage of net sales managed to drive trial and awareness of the Bang Energy brand in the United States as well as the alcohol brands inventory reserves.

2024 年第三季毛利潤佔淨銷售額百分比的成長主要是由於投入成本降低、某些國際市場的定價行動以及銀行庫存增加，但促銷津貼佔淨銷售額百分比的提高部分抵消了這一增長成功推動了Bang Energy 品牌在美國的試用和認知度以及酒精品牌的庫存儲備。

On a sequential quarterly basis, adjusted gross margins were higher than the 2024 second quarter gross margins. Operating expenses for the 2024 third quarter were $519.9 million compared with $473.2 million in the 2023 third quarter. The increase in operating expenses were primarily the result of increased payroll expenses, increased sponsorship and endorsement expenses as well as the intellectual property claims.

以季度環比計算，調整後毛利率高於 2024 年第二季毛利率。2024 年第三季的營運費用為 5.199 億美元，而 2023 年第三季的營運費用為 4.732 億美元。營運費用的增加主要是由於工資費用增加、贊助和代言費用以及智慧財產權索賠增加。

As a percentage of net sales, operating expenses for the 2024 third quarter were 27.6% compared with 25.5% in the 2023 third quarter. Adjusted operating expenses after making the adjustments described earlier, increased 8% to $502 million as compared to $464.8 million in the 2023 comparable quarter. Distribution and warehouse expenses for the 2024 third quarter were $82.7 million or 4.4% of net sales compared to $85.7 million or 4.6% of net sales in the 2023 third quarter. Operating income for the 2024 third quarter decreased 6% to $479.9 million from $510.5 million in the 2023 comparative quarter.

以佔淨銷售額的百分比計算，2024 年第三季營運費用為 27.6%，而 2023 年第三季為 25.5%。進行上述調整後，調整後營運費用增加 8%，達到 5.02 億美元，而 2023 年同期為 4.648 億美元。2024 年第三季的分銷和倉儲費用為 8,270 萬美元，佔淨銷售額的 4.4%，而 2023 年第三季的分銷和倉儲費用為 8,570 萬美元，佔淨銷售額的 4.6%。2024 年第三季的營業收入從 2023 年同期的 5.105 億美元下降 6% 至 4.799 億美元。

Adjusted operating income after making the adjustments described earlier, decreased 3.5% to $508.4 million as compared to $526.8 million in the 2023 comparable quarter. The effective tax rate for the 2024 third quarter was 21.8% compared with 22.2% in 2023 third quarter.

進行上述調整後，調整後營業收入下降 3.5%，至 5.084 億美元，而 2023 年同期為 5.268 億美元。2024年第三季的有效稅率為21.8%，而2023年第三季的有效稅率為22.2%。

Net income decreased 18.1% and to $370.9 million as compared to $452.7 million in the 2023 comparable quarter. Adjusted net income after making the adjustments described earlier decreased 8.8% to $392.4 million as compared to $430 million in the 2023 comparable quarter.

淨利潤下降 18.1%，降至 3.709 億美元，而 2023 年同期淨利為 4.527 億美元。進行上述調整後的調整後淨利下降 8.8%，至 3.924 億美元，而 2023 年同期為 4.3 億美元。

Diluted earnings per share for the 2024 third quarter decreased 11.7% to $0.38 from $0.43 in the third quarter of 2023. Adjusted diluted earnings per share after making the adjustments described earlier, decreased 1.6% to $0.40 per share as compared to $0.41 per share in the 2023 comparable quarter.

2024 年第三季的稀釋每股盈餘從 2023 年第三季的 0.43 美元下降 11.7% 至 0.38 美元。進行上述調整後，調整後的稀釋每股收益下降 1.6%，至每股 0.40 美元，而 2023 年可比季度的每股收益為 0.41 美元。

Our third quarter financial results were again impacted by unfavorable foreign currency exchange rates in certain markets. Net changes in foreign currency exchange rates had an unfavorable impact on net sales for the 2024 third quarter of $62.8 million. We estimate that diluted earnings per share were adversely impacted by approximately $0.03 per share due to the unfavorable foreign currency exchange rates.

我們第三季的財務表現再次受到某些市場不利的外幣匯率的影響。外幣匯率的淨變動對 2024 年第三季 6,280 萬美元的淨銷售額產生了不利影響。我們估計，由於不利的外幣匯率，每股攤薄收益受到約 0.03 美元的不利影響。

As previously reported, we have taken a 5% increase on our brands and packages, excluding Bang, Rain and RainStorm, effective November 1, 2024 in the United States. We are continuing to monitor opportunities for further pricing actions in our international markets.

如同先前所報導的，我們對我們的品牌和套餐（Bang、Rain 和 RainStorm 除外）進行了 5% 的漲價，自 2024 年 11 月 1 日起在美國生效。我們將繼續關注國際市場上進一步定價行動的機會。

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 October 26, 2024, according to the Nielsen reports for the 13 weeks through October 26, 2024, all outlets combined, excluding convenience, sales in dollars in the energy category, including energy shots, increased by 4.9% versus the same period a year ago.

根據尼爾森報告，截至 2024 年 10 月 26 日的 13 週（所有門市合計），截至 2024 年 10 月 26 日的 13 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不包括便利性在內，能源類別（包括能量飲料）的銷售額（以美元計）比去年同期成長了4.9%。

According to the Nielsen reports for the 13 weeks through October 26, 2024, and for all outlets combined, [Nanbe] convenience, grocery, drug, mass merchandisers, sales in dollars in the energy drink category, including energy shots, increased by 1.9% versus the same period a year ago. Sales of the company's energy brands, including Bang, were down 0.6% in the 13 week period. Sales of Monster declined 1.8% and sales of Rain were down 2.9%. Sales of NOS increased 2.9% and sales of Full Throttle decreased 5.4%.

根據尼爾森報告，截至2024 年10 月26 日的13 週內，對於所有商店而言，[Nanbe] 便利商店、雜貨店、藥品、量販店、能量飲料類別（包括能量飲料）的美元銷售額增長了1.9%與一年前同期相比。該公司旗下能源品牌（包括 Bang）的銷售額在 13 週內下降了 0.6%。Monster 的銷售額下降了 1.8%，Rain 的銷售額下降了 2.9%。NOS 銷售成長 2.9%，Full Throttle 銷售量下降 5.4%。

Sales of Red Bull increased 5%. According to Nielsen, for the four weeks ended October 26, 2024 sales in dollars in the energy drink category in the convenience and gas channel including energy shots in dollars, increased 1.5% over the same period the previous year. Sales of the company's energy brands, including Bang, were flat in the latest four week period in the convenience and gas channel.

紅牛銷量成長 5%。根據尼爾森的數據，截至 2024 年 10 月 26 日的四個星期，便利性和燃氣通路中能量飲料類別的銷售額（包括能量飲料）比去年同期增加了 1.5%。最近四周內，該公司旗下能源品牌（包括 Bang）在便利和天然氣通路的銷售額持平。

Sales of Monster decreased by 1.6% over the same period versus the previous year. Rain sales decreased 4.4%, NOS was up 3.9% and Full Throttle was down 4.4%. Sales of Red Bull were up 5.6%. According to Nielsen, for the four weeks ended October 26, 2024, the company's market share of the energy drink category in the convenience and gas channel, including energy as in dollars, decreased from 37.3% to 36.8% including Bang.

Monster的銷售額較去年同期下降1.6%。Rain 銷售量下降 4.4%，NOS 成長 3.9%，Full Throttle 下降 4.4%。紅牛銷量成長 5.6%。根據尼爾森的數據，截至2024年10月26日的四個星期，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）的市佔率從37.3%下降至包括Bang在內的36.8 %。

Monster share decreased from 29.7% a year ago to 28.7%, Rain share decreased 0.2 to 2.8%, NOS share increased 0.1 of a share point to 2.6% and Full Throttle share remained at 0.7%. Bang's share was 1.9%. Red Bull share increased 1.4 share points to 35.9% in market share of certain competitors were as follows: Celsius 7.7, C4 3.4, (technical difficulty), Rockstar 2.8 and Gulf 3.1.

Monster 份額從一年前的 29.7% 下降至 28.7%，Rain 份額下降 0.2% 至 2.8%，NOS 份額增加 0.1 個百分點至 2.6%，Full Throttle 份額保持在 0.7%。Bang的份額為1.9%。紅牛市佔率增加1.4個市佔率點至35.9%，部分競爭對手的市佔率如下：攝氏7.7、C4 3.4、（技術難度）、Rockstar 2.8和Gulf 3.1。

According to Nielsen, for the four weeks ended October 26, 2024, sales in dollars in the coffee plus energy drink category, which includes our Java Monster line in the convenience and gas channel decreased 7.9% over the same period the previous year.

根據尼爾森的數據，截至 2024 年 10 月 26 日的四個星期，咖啡加能量飲料類別的銷售額（包括我們在便利和燃氣管道中的 Java Monster 系列）比去年同期下降了 7.9%。

Sales of Java Monster, including Java Monster 300, were 3% lower in the same period versus the previous year. Sales of Starbucks Energy were 14.8% lower. Java Monster share of the coffee energy drink category in the four weeks ended October 26, 2024, was 58.6%, up 3 points, while Starbucks Energy share was 40.8%, down 3.3 points.

Java Monster（包括 Java Monster 300）的銷售額比去年同期下降了 3%。Starbucks Energy 的銷售額下降了 14.8%。截至2024年10月26日的四個星期內，Java Monster在咖啡能量飲料類別中的份額為58.6%，上升了3個百分點，而星巴克能量飲料的份額為40.8%，下降了3.3個百分點。

According to Nielsen, in all measured channels in Canada, -- for the 12 weeks ended October 5, 2024, the energy drink category increased 7.7% in dollars. Sales of the company's energy drink brands increased 8.3% versus a year ago. The market share of the company's energy drink brands increased 0.2 points to 40.7%. Monster sales increased 3.9% and its market share decreased 1.3 points to 35%. NOS's sales increased 16.2% and its market share increased 0.1 of a share point to 1.3%. Full Throttle sales decreased 3.5%, and its market share decreased 0.1 point to 0.05%.

根據尼爾森的數據，在加拿大所有測量管道中，截至 2024 年 10 月 5 日的 12 週內，能量飲料類別以美元計算增加了 7.7%。公司能量飲料品牌銷量較去年同期成長8.3%。公司能量飲料品牌市佔率上升0.2個百分點至40.7%。Monster 銷售成長 3.9%，市佔率下降 1.3 個百分點至 35%。NOS 的銷售額成長了 16.2%，市佔率成長了 0.1 個百分點，達到 1.3%。Full Throttle 銷量下降 3.5%，市佔率下降 0.1 個百分點至 0.05%。

According to Nielsen, for all our sets combined in Mexico, the energy drink category increased 16.3% for the month of September 2024. Monster sales increased 11.3%, Monster's market share in value decreased 1.3 points to 27.6% against the comparable period the previous year. Sales of Predator increased 18.6% and its market share increased 0.1 of a share point to 6.2%.

根據尼爾森的數據，截至 2024 年 9 月，我們在墨西哥的所有飲料組合中，能量飲料類別增加了 16.3%。Monster銷量成長11.3%，Monster的市佔率價值較去年同期下降1.3個百分點至27.6%。Predator銷量成長18.6%，市佔率成長0.1個百分點至6.2%。

The Nielsen statistics for Mexico cover single months, which is a short period that may often be materially influenced positively and/or negatively our sales in the OXXO convenience chain, which dominates the market. Sales in the OXXO convenience chain in turn can be materially influenced by motions 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了單月，這是一個很短的時期，通常可能會對我們在主導市場的 OXXO 便利連鎖店的銷售產生重大的積極和/或消極影響。OXXO 便利連鎖店的銷售反過來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中可能採取的行動的重大影響。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 September 2024. Monster sales increased 28%. Monster's market share in value increased 3.1 points to 48.2%, and compared to September 2023. In Argentina, due in part to the impact of inflation related to local currency price increases, the energy drink category increased 202.5% for the month of September 2024. Monster sales increased 182.5%.

根據尼爾森的數據，巴西所有門市的總和。截至 2024 年 9 月，能量飲料類別成長了 19.9%。Monster 銷售成長 28%。與 2023 年 9 月相比，Monster 的市佔率增加了 3.1 個百分點，達到 48.2%。在阿根廷，部分由於與當地貨幣價格上漲相關的通貨膨脹的影響，2024 年 9 月能量飲料類別增加了 202.5%。Monster銷量成長182.5%。

Monster's market share in value decreased 3.8 points to 53% compared to September 2023. In Chile, the energy drink category increased 11.7% for the month of September 2024. Monster sales increased 12.9%. Monster's market share in value increased to 0.5 point to 40.3%, Monster Energy remains the leading energy brand in value in Argentina, Brazil and Chile.

與 2023 年 9 月相比，Monster 的市佔率下降了 3.8 個百分點，至 53%。在智利，2024 年 9 月能量飲料類別成長了 11.7%。Monster 銷售成長 12.9%。Monster 的市佔率價值增加了 0.5 個百分點，達到 40.3%，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 ending October 6, 2024, Monster's retail market share in value as compared to the same period the previous year grew from 31% to 32.8% in great Britain, from 5.6% to 7.9% in the Netherlands and from 40.2% to 40.4% in Spain. According to Nielsen, in the 13 week period ending October 6, 2024, Monster's retail market share in value as compared to the same period the previous year declined from 16.4% to 16.3% in Belgium, from 30.2% to 27.1% in France and from 35.4% to 34.2% in Norway. According to Nielsen, in the 13 week period ending September 30, 2024, Monster's retail market share in value as compared to the same period the previous year declined from 18.3% to 17.9% in Germany.

根據尼爾森的數據，截至 2024 年 10 月 6 日的 13 週內，Monster 在英國的零售市場份額與去年同期相比從 31% 增長至 32.8%，在荷蘭從 5.6% 增長至 7.9%西班牙則從40.2 % 升至40.4%。根據尼爾森的數據，截至2024 年10 月6 日的13 週內，與去年同期相比，Monster 在比利時的零售市佔率從16.4% 下降至16.3%，在法國從30.2% 下降至27.1%，在法國從30.2% 下降至27.1%。根據尼爾森的數據，截至 2024 年 9 月 30 日的 13 週內，Monster 在德國的零售市佔率與去年同期相比從 18.3% 下降至 17.9%。

According to Nielsen, in the 13 week period ending September 8, 2024, Monster's retail market share in value as compared to the same period the previous year grew from 18.6% to 19.8% in Poland, and from 30% to 31.1% in the Republic of Ireland. According to Nielsen, in the 13 week period ending September 8, 2024, Monster's retail market share in value as compared to the same period the previous year declined from 16% to 15.2% in Sweden.

根據尼爾森的數據，截至 2024 年 9 月 8 日的 13 週內，與去年同期相比，Monster 在波蘭的零售市場份額從 18.6% 增長至 19.8%，在共和國從 30% 增長至 31.1%愛爾蘭的。根據尼爾森的數據，截至 2024 年 9 月 8 日的 13 週內，Monster 在瑞典的零售市佔率與去年同期相比從 16% 下降至 15.2%。

According to Nielsen in 13 week ending August 31, 2024, Monster's retail market share in value as compared to the same period the previous year declined from 38.2% to 36% in Greece and from 31.8% to 30.9% in Italy. According to Nielsen, in the 30 week period ending August 25, 2024, Monster's retail market share in value as compared to the same period the previous year grew from 18.3% to 18.8% in South Africa. According to Nielsen, in the 13 week period ending August 11, 2024. Monster's retail market share in value as compared to the same period of the previous year, remained flat at 21.7% in the Czech Republic.

根據尼爾森截至 2024 年 8 月 31 日的 13 週數據，與去年同期相比，Monster 在希臘的零售市佔率從 38.2% 下降至 36%，在義大利從 31.8% 下降至 30.9%。根據尼爾森的數據，截至 2024 年 8 月 25 日的 30 週內，Monster 在南非的零售市佔率與去年同期相比從 18.3% 成長至 18.8%。根據尼爾森的數據，截至 2024 年 8 月 11 日的 13 週內。Monster 在捷克共和國的零售市佔率與去年同期相比持平，為 21.7%。

According to Nielsen, in the 30 week period ending August 11, 2024, Monster's retail market share in value as compared to the previous year declined from 28% to 27.1% in Denmark. According to Nielsen for the 13 week period ending August 23, 2024, the retail market share of Predator also branded Fury in certain markets in value as compared to the same period the previous year grew from 4.3% to 8.5% in Egypt, from 32.8% to 38.8% in Kenya and from 20.3% to 22.6% in Nigeria.

根據尼爾森的數據，截至 2024 年 8 月 11 日的 30 週內，Monster 在丹麥的零售市佔率與前一年相比從 28% 下降至 27.1%。根據尼爾森的數據，截至2024 年8 月23 日的13 週期間，Predator 也貼有Fury 品牌的零售市場份額在某些市場的價值與去年同期相比，在埃及從32.8% 的4.3% 增長到8.5 %肯亞從 20.3% 升至 38.8%，奈及利亞從 20.3% 升至 22.6%。

Combining our markets in EMEA for the last 13 weeks, the energy category has grown 11.1%. Of note, for the same period, the category in our Western European markets grew 6.2%. Our Eastern European markets grew 4.2%, and our Africa Middle East markets grew 27.5%. According to IRI for all outlets combined in Australia, the energy drink category increased 8.7% in the 4 weeks ending October 20, 2024.

過去 13 週，我們在 EMEA 市場的能源類別成長了 11.1%。值得注意的是，在同一時期，西歐市場的該類別成長了 6.2%。我們的東歐市場成長了 4.2%，非洲中東市場成長了 27.5%。根據 IRI 的數據，澳洲所有門市的能量飲料類別在截至 2024 年 10 月 20 日的 4 週內增加了 8.7%。

Monster sales increased 19.9%. Monster's market share in value increased 1.8 points to 19.1% against the comparable period the previous year. Sales of [mother] increased 4.5% and its market share decreased by 0.4 of a share point to 10.1%. According to IRI for all outlets combined in New Zealand, the energy drink category increased 11.9% for the four weeks ending October 20, 2024.

Monster 銷售成長 19.9%。Monster的市佔率價值比去年同期成長了1.8個百分點，達到19.1%。【媽媽】銷售額成長4.5%，市佔率下降0.4個百分點至10.1%。根據 IRI 的數據，紐西蘭所有門市的能量飲料類別在截至 2024 年 10 月 20 日的四個星期內增長了 11.9%。

Monster sales increased 11.7%. Monster's market share in value remained at 13.2% against the comparable period the previous year. Sales of mother decreased 12.2% and its market share decreased 1.4 share points to 4.9%. Sales of Live plus increased 1.5% and its market share decreased 0.5 of the share point to 4.6%.

Monster 銷售成長 11.7%。Monster的市佔率價值與去年同期相比維持在13.2%。母公司銷量下降12.2%，市佔率下降1.4個百分點至4.9%。Live plus銷售額成長1.5%，市佔率下降0.5個百分點至4.6%。

According to INTAGE, in the convenience channel in Japan, the energy drink category increased 6.6% for the month of September 2024. Monster sales increased 5.6% and Monster's market share in value decreased 0.5 share point to 8.4% against the comparable period the previous year.

根據 INTAGE 的數據，在日本便利通路中，2024 年 9 月能量飲料類別成長了 6.6%。與去年同期相比，Monster 銷售額成長了 5.6%，Monster 的市佔率價值下降了 0.5 個百分點，至 8.4%。

According to Nielsen, all outlets combined in South Korea, the energy drink category increased 28.3% for the month of September 2024. Monster sales increased 31.3% and Monster's market share in value increased 1.2 points to 53.1% against the comparable period the previous year. We're again for doubt that in market statistics that cover single months or four week periods may often be materially influenced positively and/or negatively by promotions and other trading factors during those periods.

根據尼爾森的數據，截至 2024 年 9 月，韓國所有門市的能量飲料類別增加了 28.3%。Monster銷量年增31.3%，市佔率價值年增1.2個百分點至53.1%。我們再次懷疑，在涵蓋一個月或四週的市場統計數據中，這些期間的促銷和其他交易因素通常可能會產生重大的正面和/或負面影響。

Net sales to customers outside the US were $706.1 million, 40.4% of total net sales in the 2024 third quarter compared to $733.7 million or 39.5% of total net sales in the corresponding quarter in 2023. Foreign currency exchange rates had a negative impact on net sales in US dollars by approximately $62.8 million in the 2024 third quarter of which $26.5 million related to Argentina. In EMEA, net sales in the 2024 third quarter increased 6.8% in dollars and increased 10.4% on a currency-neutral basis over the same period in 2023.

對美國以外客戶的淨銷售額為 7.061 億美元，佔 2024 年第三季總淨銷售額的 40.4%，而 2023 年第三季為 7.337 億美元，佔總淨銷售額的 39.5%。外幣匯率對 2024 年第三季的美元淨銷售額產生了約 6,280 萬美元的負面影響，其中 2,650 萬美元與阿根廷相關。在歐洲、中東和非洲地區，2024 年第三季淨銷售額以美元計算成長 6.8%，在不計貨幣因素的基礎上較 2023 年同期成長 10.4%。

In EMEA, our sales were impacted by bottler retailer disruptions in certain key accounts in Western Europe as well as supply disruptions in South Africa. These disruptions reduced dollar sales by an estimated 2.9% in EMEA in the quarter. Gross profit in this region as a percentage of net sales for the 2024 third quarter was 35.4% compared to 31.1% in the same quarter in 2023.

在歐洲、中東和非洲地區，我們的銷售受到西歐某些主要客戶的裝瓶零售商中斷以及南非的供應中斷的影響。這些中斷使本季度歐洲、中東和非洲地區的美元銷售額減少了 2.9%。2024 年第三季該地區的毛利佔淨銷售額的百分比為 35.4%，而 2023 年同一季度為 31.1%。

We are pleased that in the 2024 third quarter, Monster gained market share in -- great Britain, the Netherlands, Poland, Republic of Ireland, South Africa and Spain. In Asia Pacific, net sales in the 2024 third quarter increased 4% in dollars and increased 8.8% on a currency-neutral basis over the same period in 2023.

我們很高興在 2024 年第三季度，Monster 在英國、荷蘭、波蘭、愛爾蘭共和國、南非和西班牙獲得了市場份額。在亞太地區，2024 年第三季的淨銷售額以美元計算成長了 4%，在不計貨幣因素的基礎上比 2023 年同期成長了 8.8%。

Gross profit in this region as a percentage of net sales for the 2024 third quarter was 40.2% versus 43.2% in the same period in 2023. Net sales in Japan in the 2024 third quarter decreased 7.6% in dollars and increased 0.2% on a currency-neutral basis. In South Korea, net sales in the 2024 third quarter decreased 8% in dollars and decreased 2.2% on a currency-neutral basis. As compared to the same quarter in 2023, largely due to the timing of production schedules this year.

2024 年第三季該地區的毛利佔淨銷售額的百分比為 40.2%，而 2023 年同期為 43.2%。2024 年第三季日本淨銷售額以美元計算下降 7.6%，在貨幣中性基礎上成長 0.2%。在韓國，2024 年第三季淨銷售額以美元計算下降 8%，在貨幣中性基礎上下降 2.2%。與 2023 年同季相比，主要是由於今年的生產計劃時間表所致。

Monster remains the market leader in Japan and South Korea. In China, net sales in the 2024 third quarter increased 15.4% in dollars and increased 15.8% on a currency-neutral basis as compared to the same quarter in 2023. 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 later this year and during 2025.

Monster 仍然是日本和韓國的市場領導者。在中國，2024年第三季的淨銷售額以美元計算成長了15.4%，與2023年同季相比，在剔除貨幣因素的基礎上成長了15.8%。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，該產品將於今年晚些時候和 2025 年期間在中國的其他市場推出。

In Oceana, which includes Australia, New Zealand, Tahiti, French Polynesia, New Caledonia, Papua New Guinea and Guam, net sales increased 13.5% in dollars and increased 13.8% on a currency-neutral basis. In Latin-America including Mexico and the Caribbean, net sales in the 2024 third quarter decreased 5% in dollars and increased 20.1% on a currency-neutral basis over the same period in 2023, 4.1% exclusive of Argentina's impact.

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13.5%，在中性貨幣的基礎上成長了13.8%。在包括墨西哥和加勒比地區在內的拉丁美洲，2024 年第三季的淨銷售額以美元計算下降了5%，而在不考慮貨幣因素的情況下，2023 年同期淨銷售額增長了20.1%，其中不包括阿根廷的影響，成長了4.1%。

Gross profit in this region as a percentage of net sales was 42.2% for the 2024 the quarter versus 37.7% in the 2023 third quarter. In Brazil, net sales for the -- in the 2024 third quarter increased 16.7% in dollars and increased 33.3% on a currency neutral basis. Net sales in Mexico decreased 1.9% in dollars and increased 6.1% on a currency neutral basis in the 2024 third quarter. Net sales in Chile decreased 4.4% in dollars, increased 8.8% on a currency neutral basis in the 2024 the quarter due to challenging economic conditions in the country.

2024 年第三季該地區的毛利佔淨銷售額的百分比為 42.2%，而 2023 年第三季為 37.7%。在巴西，2024 年第三季淨銷售額以美元計算成長 16.7%，在貨幣中性基礎上成長 33.3%。2024 年第三季度，墨西哥的淨銷售額以美元計算下降 1.9%，在貨幣中性基礎上成長 6.1%。由於智利經濟形勢嚴峻，以美元計算的智利淨銷售額下降 4.4%，但在貨幣中性的基礎上，2024 年該季度的淨銷售額增長 8.8%。

Our market share in the quarter increased 40.8%. Net sales in Argentina decreased 56.5% in dollars and increased 48.5% on a currency-neutral basis in the 2024 third quarter. We remain the market share leader in Argentina, and our market share in the quarter is 55.1%. Monster Brewing had a challenging third quarter. Net sales for the alcohol brands segment were $39.8 million in the 2024 third quarter, a decrease of approximately $2.5 million or 6% lower than the 2023 comparable quarter, mainly as a result of lower sales of craft beers.

本季我們的市佔率成長了 40.8%。2024 年第三季度，以美元計算，阿根廷淨銷售額下降 56.5%，在不計貨幣因素的基礎上成長 48.5%。我們仍然是阿根廷市場份額的領先者，本季我們的市佔率為 55.1%。Monster Brewing 第三季的業績充滿挑戰。2024 年第三季度，酒精品牌細分市場的淨銷售額為 3,980 萬美元，比 2023 年同期減少約 250 萬美元，即 6%，主要是由於精釀啤酒銷量下降。

In addition, as mentioned earlier, due to excess inventories of certain Monster Brewing brands, which is necessary to increase inventory reserves in that segment by $10.6 million. In addition to the appointment of a new President of Monster Brewing announced last quarter, we have now restructured the senior management team in the alcohol division and are continuing to consolidate production facilities to maximize efficiencies.

此外，如前所述，由於某些 Monster Brewing 品牌的庫存過剩，需要將該部門的庫存儲備增加 1060 萬美元。除了上季宣布任命 Monster Brewing 新總裁外，我們現在還重組了酒精部門的高級管理團隊，並繼續整合生產設施以最大限度地提高效率。

The best unleashed was rebranded to the Beast. The brand is now available in all 50 states through a network of beer distributors. The Beast was launched in the state of Utah in July. We are currently launching our second variety pack of the beast in 12 packs, which includes Mean Green and three new flavors, Pink poison, Nali Grape and Killer Sunrise, the beat variety pack two is currently available in 48 states. The highly IPA brand family's first major refresh since 2017 is now shipping to all available markets.

最好的釋放被重新命名為野獸。該品牌現已透過啤酒經銷商網路在全美 50 個州銷售。Beast 於 7 月在猶他州推出。我們目前正在推出第二個野獸品種包，共 12 包，其中包括 Mean Green 和三種新口味：粉紅毒藥、納利葡萄和殺手日出，第二個品種包目前在 48 個州有售。這個高度 IPA 品牌家族自 2017 年以來的首次重大更新現已發送到所有可用市場。

Oscar Blue's first nonalcoholic brew designated tails will be available next month in select markets. We launched Monster Energy, Ultra Viswava in the United States in October 2024. Initial response from customers and consumers alike has been very positive on this innovation. In Latin America, during the third quarter of 2024, we launched Monster Ultra Picken in Mexico, Monster Ultra Paradise in Peru, Monster Zero Ultra and Juice Monster Mango Loco in the Dominican Republic and Juice Monster Pipeline Punch in Costa Rica.

Oscar Blue 首款非酒精釀造指定尾酒將於下個月在部分市場上市。我們於 2024 年 10 月在美國推出了 Monster Energy Ultra Viswava。客戶和消費者對這項創新的初步反應非常積極。在拉丁美洲，2024 年第三季度，我們在墨西哥推出了 Monster Ultra Picken，在秘魯推出了 Monster Ultra Paradise，在多明尼加共和國推出了 Monster Zero Ultra 和 Juice Monster Mango Loco，在哥斯達黎加推出了 Juice Monster Pipeline Punch。

In Australia, during the third quarter of 2024, we launched Monster Ultra Violet. In EMEA, in the third quarter of 2024, we launched Monster Reserve, Orange Dreamsicle, juiced or lemonade, juiced bad apple, juice Mango Loco, Ultra Black, Ultra golden pineapple, Ultra Peachy Keen, Ultra Rosa, Ultra Strawberry Dreams and Ultra-White in a number of countries. Additional launches are planned across all brands throughout EMEA in 2024.

2024 年第三季度，我們在澳洲推出了 Monster Ultra Violet。在歐洲、中東和非洲地區，我們在2024 年第三季推出了Monster Reserve、Orange Dreamsicle、果汁或檸檬水、壞蘋果汁、Mango Loco 果汁、Ultra Black、Ultra gold pineapple、Ultra Peachy Keen、Ultra Rosa、 Ultra Strawberry Dreams 和Ultra-在許多國家都是白色的。計劃於 2024 年在整個歐洲、中東和非洲地區的所有品牌推出更多產品。

During the third quarter of 2024, we launched Papalon in a 500 ml aluminum bottle in Japan and Ultra (inaudible) in Singapore. In China, we expanded the launch of Predator Gold Strike, which was launched in 11 provinces in China at the end of April in the noncarbonated 500 ml PET bottle. We launched in two additional provinces Guan and Fujian in September. We are planning to launch Predator in a number of additional provinces in 2025.

2024 年第三季度，我們在日本推出了 500 毫升鋁瓶裝的 Papalon，在新加坡推出了 Ultra（聽不清楚）。在中國，我們擴大了 Predator Gold Strike 的上市範圍，該產品於 4 月底在中國 11 個省份上市，採用非碳酸 500 毫升 PET 瓶裝。9 月份，我們在另外兩個省份關縣和福建省推出了這項服務。我們計劃於 2025 年在更多省份推出 Predator。

In India, we extended the Predator Goldstrike carbonated 250 ml PET bottle beyond Delhi region to the Northeast states in July, and Madhya Pradesh in September. We will continue adding additional states in 2025. And -- 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，我們於 7 月將 Predator Goldstrike 250 毫升碳酸 PET 瓶擴展到德里地區以外的東北部各州，並於 9 月擴展到中央邦。我們將在 2025 年繼續添加更多州。而且——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。

During the 2024 third quarter, the company purchased approximately 11.3 million shares of its common stock at an average purchase price of $47.32 per share for a total amount of $534.7 million, As of November 6, 2024, approximately $500 million remained available for repurchase under the previously authorized repurchase program.

2024年第三季度，該公司以每股47.32美元的平均購買價格購買了約1130萬股普通股，總金額為5.347億美元。美元可供回購。

We estimate that October 2024 sales were approximately 4.8% higher than the comparable October 2023 sales and 5% higher than October 2023, excluding the alcohol brand segment. We estimate that on a foreign currency adjusted basis, including the alcohol brand segment, October 2024 sales were approximately 5.8% higher than the comparable October sales and 6.1% higher than October '23, excluding the alcohol brand segment.

我們估計，不包括酒類品牌細分市場，2024 年 10 月的銷售額比 2023 年 10 月的可比銷售額高出約 4.8%，比 2023 年 10 月高出 5%。我們估計，在外幣調整後的基礎上，包括酒精品牌細分市場，2024 年10 月的銷售額比可比10 月份銷售額高出約5.8%，比23 年10 月高出6.1%（不包括酒精品牌細分市場）。

October 2024 had one more selling day compared to October 2023. On our third quarter conference call, in November 2023, we reported that gross sales in the month of October 2023 including the alcohol segment were approximately 24.8% higher than October 2022 gross sales, which presented a high hurdle rate for the company this year. October 2023 had one more selling day than October 2022.

與 2023 年 10 月相比，2024 年 10 月多了 1 個銷售日。在2023 年11 月的第三季電話會議上，我們報告稱，2023 年10 月的總銷售額（包括酒類部門）比2022 年10 月的總銷售額高出約24.8%，這為該公司今年帶來了很高的障礙率。2023 年 10 月比 2022 年 10 月多了 1 個銷售日。

A portion of the increase in the October 2024 sales may be attributed to advanced purchases by our customers, in anticipation of the price increase in November in the United States. However, such amounts cannot reasonably be determined.

2024 年 10 月銷售額成長的一部分可能歸因於我們的客戶預計美國 11 月價格上漲而提前購買。然而，此類金額無法合理確定。

Hurricanes, Helen and Milton impacted sales at retail in certain states in September and October 2024. Again, however, we cannot determine the impact on our business at this time. 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.

颶風、海倫和米爾頓影響了 2024 年 9 月和 10 月某些州的零售銷售。然而，我們目前無法確定這對我們業務的影響。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、新產品推出的時間以及漲價和促銷的時間在零售店，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 on which we invoice such bottlers. Furthermore, our bottling and distribution partners maintain inventory levels according to their own internal requirements, which they may alter from time-to-time for their own business reasons. 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.

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。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）的銷售額不一定可以歸因於或被視為整個季度或任何未來時期的業績的指示。

In conclusion, I would like to summarize some recent positive points. Firstly, 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 of capital consumption, along with consumers need for energy are positive factors for the category.

最後，我想總結一下最近的一些正面的觀點。首先，能源類別在全球持續成長。我們相信能量飲料類別的家庭滲透率持續增加。家庭資本消費滲透的成長機會以及消費者對能源的需求是該類別的正面因素。

We continue to expand ourselves in non-Nielsen-measured channels. As reported earlier, we have implemented a price increase in the United States on November 1, 2024. 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.

我們繼續在非尼爾森衡量的管道中拓展業務。如同先前所報導的，我們已於 2024 年 11 月 1 日在美國實施漲價。我們繼續審查國際上提價的機會。我們位於愛爾蘭的 AFF 香料工廠目前正在向 EMEA 地區提供大量香料，為 EMEA 地區提供更好的服務水準並降低到岸成本。

The juice plant at our AFF facility in Ireland has now been completed after trials. We expect the juice plant to be in production in early 2025. We're excited for the launch of Monster Ultra Vice Guava -- the Call of Duty on pack gaming promotion, which kicked off last month has received positive consumer response with the publishers reporting that it's the biggest Call of Duty release in the franchise history.

我們位於愛爾蘭的 AFF 工廠的果汁廠現已在試運行後竣工。我們預計果汁廠將於 2025 年初投產。我們很高興推出《Monster Ultra Vice Guava》——上個月開始的《決勝時刻》套裝遊戲促銷活動，收到了消費者的積極響應，發行商稱這是該系列歷史上最大規模的《決勝時刻》發行。

We are currently exploring opportunities for our alcohol products in certain international jurisdictions. We are seeing some acceleration in the sales and market share of Bang Energy and remain excited for the future of this brand within our overall product portfolio. 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.

我們目前正在某些國際司法管轄區探索我們的酒精產品的機會。我們看到 Bang Energy 的銷售和市場份額有所增長，並對這個品牌在我們整體產品組合中的未來感到興奮。我們很高興在國際多個市場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.

我現在想請大家回答有關本季的問題。謝謝。

(Operator Instructions)

（操作員說明）

Andrea Teixeira, JPMorgan.

安德里亞·特謝拉，摩根大通。

Thank you. Good afternoon everyone. I wanted to just go back to the expectation of the flow-through from pricing -- and how much you had to do back on that? And how is your view on the state of the energy category, given what's happening in particular now in October, understandably, but one extra selling day, it might be a little soft from what I think investors would expect. So I would appreciate your views on both. Thank you.

謝謝。大家下午好。我想回到對定價流量的預期——以及為此你必須做多少事情？考慮到 10 月發生的情況，您對能源類別的狀況有何看法，這是可以理解的，但多一個銷售日，我認為投資者的預期可能會有點疲軟。所以我很感激你對兩者的看法。謝謝。

Yes. So Andrea, when we have a price increase, we have to see where that price increase settles. And once we see a price increase settle and determine in what direction it's heading, what the elasticity of demand is, are then in a better position to determine what promotional activity, if any, needs to be set against the brands. So it's a really difficult question to answer at this time.

是的。因此，安德里亞，當我們漲價時，我們必須看看漲價的結果如何。一旦我們看到價格上漲穩定下來並確定其走向、需求彈性如何，我們就能更好地確定需要針對品牌進行哪些促銷活動（如果有）。所以現在這是一個很難回答的問題。

I think Andrea had a couple of other questions. Do you want to quickly go through your other questions, Andrea.

我認為安德里亞還有其他幾個問題。安德里亞，您想快速解決一下您的其他問題嗎？

Thank you, Hilton. Yes, I was just saying if there is any pull forward that you saw so that it would inform some of that. I mean, I would say October would have been stronger if that's the case. -- would you say there was any pull forward for the pricing. In other words, like the retailers would take in more inventory ahead of the pricing.

謝謝你，希爾頓。是的，我只是說您是否看到任何向前推進的情況，以便它能提供一些資訊。我的意思是，如果是這樣的話，我想說十月會更強大。 ——你認為定價有任何提前嗎？換句話說，零售商會在定價之前儲備更多庫存。

Okay. So we sell to the distributors, right, the Coca-Cola distributors. And we allow them a certain amount that they can buy in and we cut off the old pricing in the middle of October. So I'm not sure, and we've looked at it, and we cannot determine with reasonable certainty, what, if any, of that increase was attributable to buy-ins. I suspect there could have been some, but we just can't determine that. And in the same vein, it's hard to determine what the impact of the Huckins were Milton and Helen were on the business.

好的。所以我們把產品賣給經銷商，對吧，可口可樂經銷商。我們允許他們購買一定數量的產品，並在 10 月中旬取消舊定價。所以我不確定，我們已經研究過它，我們無法以合理的確定性確定這種增長中的哪些（如果有的話）歸因於買入。我懷疑可能有一些，但我們無法確定。同樣，很難確定哈金斯夫婦米爾頓和海倫對業務的影響。

We know that at retail was impacted -- and we've done some work to try and assess the extent to which our own business could have been impacted. But again, it's difficult to determine. What we can say is that if you look at the territories that were impacted by the hurricanes, both of them. There's probably a 1% differential between activity -- Nielsen activity in those territories and the activity through the US. So there definitely was an impact. But again, we can't determine the impact on our business.

我們知道零售業受到了影響，我們已經做了一些工作來嘗試評估我們自己的業務可能受到影響的程度。但話又說回來，這很難確定。我們可以說的是，如果你看看受颶風影響的地區，你會發現兩者都是。尼爾森在這些地區的活動與通過美國的活動之間可能存在 1% 的差異。所以一定有影響。但同樣，我們無法確定對我們業務的影響。

And then in terms of state of the union for the EG category as we stand right now, I will be appreciative of knowing.

然後就我們目前 EG 類別的聯盟狀況而言，我將很高興了解這一情況。

Well, if we look at foot traffic in convenience, convenience is 62% of the Nielsen category for energy drinks. And we look at foot traffic, and we talk to our retailers, and we get some input from third-party market research companies and we referred to the one anecdotal week that we spoke about earlier on this call.

好吧，如果我們從便利性考慮人流量，便利性佔尼爾森能量飲料類別的 62%。我們關注客流量，與零售商交談，從第三方市場研究公司獲得一些意見，我們提到了我們早些時候在這次電話會議上談到的一周軼事。

I think we have -- and it's, again, a personal view, I think we've reached the bottom. And or very close to the bottom. And I think here, in Monster anyway, we actually feel good about things coming back. I mean, we saw what happened today that there was a rate cut the election is over, which probably will give consumers bigger -- better confidence whichever party got in.

我認為我們已經——這又是個人觀點，我認為我們已經觸底了。和/或非常接近底部。我認為，無論如何，在《怪獸》中，我們實際上對回歸感到高興。我的意思是，我們看到今天發生的事情，選舉結束後降息，這可能會給消費者帶來更大、更好的信心，無論哪個政黨加入。

I think there was some concern about the election. And now over, we passed that. We got a rate cut today. And what we've seen in our industry is that there hasn't been a change in consumer preferences and a change to different types of drinks our consumers have stayed with energy drinks. And instead of, we believe, instead of drinking three a week or four a week, they've been drinking one or so less. -- helpful.

我認為人們對選舉有些擔憂。現在，我們已經通過了。今天我們降息了。我們在業界看到的是，消費者的偏好沒有改變，不同類型的飲料也沒有改變，我們的消費者仍然選擇能量飲料。我們相信，他們不是每週喝三杯或四杯，而是少喝一瓶左右。 ——有幫助。

Super helpful. Thank you.

超有幫助。謝謝。

I think it is quite notable. If you look at -- we cited the Nielsen for the period ended 26th October. And if you look at the latest 13 week period, the category was up 1.9%. You look at the latest 14 weeks the whole category in general was up 3.2%, and the latest week is 3.7%. So that trend has been and that's why we refer to it. We think there is some recovery trend there, but we'll have to wait and see with how that pans out.

我認為這是相當值得注意的。如果你看一下——我們引用了尼爾森截至 10 月 26 日的數據。如果您查看最近 13 週的數據，您會發現該類別上漲了 1.9%。你看最近14週整個類別整體上漲了3.2%，最近一週是3.7%。這種趨勢已經存在，這就是我們提到它的原因。我們認為那裡有一些復甦趨勢，但我們必須等待，看看結果如何。

Yeah. And then just getting back to October very quickly. We did mention on the call, we had a really high hurdle rate over last year. So that's another factor to bear in mind when you look at the October increases, which I thought were actually quite good.

是的。然後很快就回到十月。我們確實在電話會議上提到，去年我們的最低預期報酬率非常高。因此，當您查看十月份的成長時，這是要記住的另一個因素，我認為這實際上相當不錯。

Chris Carey, Wells Fargo Securities.

克里斯凱裡，富國銀行證券。

Hey guys, thanks for the question. Can you just maybe touch on how you see inventory levels or how you saw inventory levels going into October and really, what I'm getting at here is it just a comp or could you sound quite good on consumption trends, but maybe distributors were still a bit reticent to take on more inventory. And now that the consumption is coming through, perhaps do you feel there could be a resumption into the remainder of the quarter.

嘿夥計們，謝謝你的提問。您能否談談您如何看待庫存水平，或者您如何看待進入10 月份的庫存水平？仍然在有點不願接受更多庫存。現在消費正在逐漸恢復，也許您認為本季剩餘時間可能會恢復。

I think basically what's getting contemplated right now is if you're kind of running flattish for the quarter, excluding the extra day or if this is just comp and the consumption trends should start to show through in your numbers as well. So any comment there would be maybe helpful.

我認為現在基本上要考慮的是，如果您本季的業績表現平平，不包括額外的一天，或者這只是補償，那麼消費趨勢也應該開始在您的數據中顯現出來。所以任何評論都可能會有幫助。

Yeah, happy to do that, Chris. The way our business works, we sell to the Coke distributors. They place orders, and we execute those orders. So they have sophisticated systems. They take into account consumption. That's one of the factors, weather, another factor and a whole bunch of other factors, and they order product that we deliver -- so we also have some -- we have a small direct business, and we've spoken about the non-measured channels, which is done directly by us.

是的，很高興這樣做，克里斯。我們的業務運作方式是，我們向可口可樂經銷商銷售產品。他們下訂單，我們執行這些訂單。所以他們有複雜的系統。他們考慮到消費。這是一個因素，天氣，另一個因素和一大堆其他因素，他們訂購了我們提供的產品——所以我們也有一些——我們有一個小的直接業務，我們已經談到了非-測量通道，這是我們直接完成的。

But generally, we execute orders according to customer requirements. So some of our competitors have hiccups in inventory. We don't -- our business doesn't behave in that way. We supply orders according to what our customers order.

但一般情況下，我們會根據客戶的要求執行訂單。因此，我們的一些競爭對手的庫存出現了問題。我們不會－我們的企業不會這樣做。我們根據客戶的訂單提供訂單。

Filippo Falorni, Citi.

菲利波·法洛尼，花旗銀行。

Hey, good afternoon guys. I wanted to ask about just your comments about the improvement in the category in October. How much do you think innovation plays a role as well? You sounded excited about the view -- just general thoughts of if you think innovation can also drive further acceleration into the US category as you think into October and the Bang of the year. Thank you.

嘿，大家下午好。我想問一下您對 10 月份該類別的改進的評論。您認為創新在多大程度上也發揮了作用？你聽起來對這個觀點感到興奮——當你想到十月和今年的爆炸時，你只是認為創新是否也可以進一步加速進入美國類別的一般想法。謝謝。

Look, I think innovation does drive some consumption. But we've had innovation. We had probably three or four new innovative products in the first half of the year. we only really started to get product on shelf on our latest innovation, which is one SKU sort of towards the end of October.

看，我認為創新確實帶動了一些消費。但我們有創新。上半年我們大概有三、四個新的創新產品。我們直到 10 月底才真正開始將最新創新產品上架，這是一種 SKU。

So yes, there has been some benefit from that if you take the one week numbers, but I think overall, I don't think it has -- that has had much impact. I think the overall impact that we're seeing across a number of our other SKUs has also been trending sort of upwards as well.

所以，是的，如果你看一下一周的數字，會有一些好處，但我認為總的來說，我認為它沒有產生太大的影響。我認為我們在其他一些 SKU 中看到的整體影響也呈上升趨勢。

We see the sales per point just moving in a better direction. So again, short period of time doesn't make a whole summer. But at the end of the day, we do start feeling because everybody has been seeing the lower traffic and the sort of a little bit of a stagnation in the category, but we do see signs of it starting to re-emerge and consumers being able to go back into stores and are buying again.

我們看到每點的銷售額正朝著更好的方向發展。再說一次，短時間並不能構成整個夏天。但歸根結底，我們確實開始感覺到，因為每個人都看到了流量的減少以及該類別的有點停滯，但我們確實看到了它開始重新出現的跡象，並且消費者能夠回到商店並再次購買。

Yeah. I mean we said earlier, we believe the overall macroeconomic conditions are improving, and that's positive. And the foot traffic in convenience, I think that's another factor. As I mentioned earlier, we get third-party research we talk to our customers. And that's all positive. So add that to this equation. And I think you'll maybe come out with the kind of answer that we're thinking about here as well.

是的。我的意思是我們之前說過，我們相信整體宏觀經濟狀況正在改善，這是正面的。我認為便利的人流是另一個因素。正如我之前提到的，我們透過與客戶交談的第三方研究來進行研究。這都是正面的。因此，將其添加到這個等式中。我想你也許也會得到我們在這裡考慮的那種答案。

Mark Astrachan, Stifel

阿斯特拉坎、史提菲爾

Yeah. Hey guys, afternoon. Hope all is well. I wanted to ask about gross margin in EMEA. I know it's sort of specific, but it's one of the questions that I think a lot of people curious about and don't have a huge amount of color. The trends have really improved over the last couple of years, but you're still decently below 2022 levels or 2021 levels, I should say.

是的。嘿夥計們，下午。希望一切都好。我想問一下歐洲、中東和非洲地區的毛利率。我知道這有點具體，但我認為這是很多人好奇的問題之一，而且沒有太多的色彩。我應該說，過去幾年的趨勢確實有所改善，但仍遠低於 2022 年或 2021 年的水準。

I guess the question is without asking for guidance because I know you don't want to give it what do we think about from here? I mean, is it reasonable to think that you can get back to '21? And if you don't want to specifically answer that, what are the trends that have led to the improvement in that region from a gross margin standpoint and how sustainable are they?

我想這個問題是不需要尋求指導的，因為我知道你不想告訴它我們從這裡想到什麼？我的意思是，認為你可以回到 21 年是否合理？如果您不想具體回答這個問題，那麼從毛利率的角度來看，導致該地區改善的趨勢是什麼？

Well, we have taken price, and we've taken price historically in a number of international markets, and we continue to examine opportunities to do so. The cost of production and the cost of raw materials, there have been increases over time and significantly increases since COVID. We're doing our very best to manage and hedge our aluminum exposure, which is obviously a big cost in this company.

嗯，我們已經採取了價格，並且我們已經在許多國際市場上歷史性地採取了價格，並且我們將繼續尋找這樣做的機會。生產成本和原材料成本隨著時間的推移而增加，並且自新冠疫情以來顯著增加。我們正在盡最大努力來管理和對沖我們的鋁風險，這顯然是這家公司的一大成本。

So we use a ladder, which we may have spoken about on previous calls, but if we didn't, I'll talk about it now. We have a ladder strategy where we execute hedges to assist in managing aluminum exposure, and we really do examine that on a weekly basis or semi twice a month. So that's something that we look at.

所以我們使用梯子，我們可能在之前的電話中談到過，但如果我們沒有，我現在會討論它。我們有一個階梯策略，我們執行對沖以協助管理鋁敞口，我們確實每週或每月半兩次進行檢查。這就是我們所關注的。

All in all, we have a business that is focused. Some in the US, you heard about the numbers overseas, which are growing, and they have lower margins, although we spoke about the EMEA margins on this call that have moved up in the quarter, which is the trend we are looking to achieve.

總而言之，我們有一個專注的業務。在美國，你聽說過海外的數字正在成長，而且利潤率較低，儘管我們在這次電話會議上談到了歐洲、中東和非洲地區的利潤率在本季度有所上升，這是我們希望實現的趨勢。

And then we have alcohol, which is currently is at a lower margin, lower percentage margin than the rest of the business. So we here are very focused on improving margin wherever we can, and we will not stop in that pursuit. But it's something that we're carrying on work on and it's a work in progress.

然後我們還有酒精飲料，目前它的利潤率比其他業務的利潤率都低。因此，我們非常專注於盡可能提高利潤率，並且我們不會停止這項追求。但這是我們正在進行的工作，並且是一項正在進行中的工作。

Just to mention, I think you referred to EMEA largely, if you look at the last 4 quarters, we've been -- margins have continued to improve each quarter. Although you talk about the whole come you talk about EMEA. I'll just a comment on EMEA. So I'll just complete that to say that we do have the juice plant coming into production pretty much early next year. And together with the measures that Hilton has indicated, I think that we'll see -- we're sort of quite positive about the EMEA improving in margin going forward. And whether it can get back to the 21%, I'm not sure. So sorry -- one was a question about the overall margin and I just sort of focused on EMEA.

順便提一下，我認為您主要提到了歐洲、中東和非洲地區，如果您看看過去 4 個季度，我們的利潤率每個季度都在持續改善。雖然你談論的是整體，但你談論的是 EMEA。我只想對 EMEA 發表評論。因此，我只想說，我們的果汁廠確實將於明年初投入生產。結合希爾頓所顯示的措施，我認為我們將會看到——我們對歐洲、中東和非洲地區未來利潤率的改善持相當樂觀的態度。至於能否回到21%，我也不確定。很抱歉——其中一個問題是關於整體利潤率的，我只是關注歐洲、中東和非洲地區。

Peter Grom, UBS.

彼得‧格羅姆，瑞銀集團。

Thanks, operator. Good afternoon, everyone. I guess I just wanted to go back to the advanced purchases. I get is a lot of moving pieces in the hurricane noise probably makes it harder. But I think back in 2018, when you did the November price increase, you were at that point, at least able to estimate the impact from advanced purchases ahead of the price increase.

謝謝，接線生。大家下午好。我想我只是想回到高級購買。我發現颶風噪音中有很多移動的部件可能會讓事情變得更加困難。但我想回到 2018 年，當你在 11 月提價時，你至少能夠在提價之前估計提前購買的影響。

I'm just curious, what -- is there a reason why this time may be different and you're not able to kind of estimate that? And then just on gross margin, obviously, you would love some perspective on the past from here, you kind of alluded to it here. But can you maybe just talk about what you're seeing from a commodity perspective and kind of how you see inflation evolving from this point?

我只是很好奇，這次可能會有所不同，而你卻無法估計，有什麼原因嗎？然後就毛利率而言，顯然，您會喜歡從這裡對過去的一些看法，您在這裡提到了這一點。但您能否談談您從大宗商品角度看到的情況，以及您如何看待通膨從此時起的演變？

Okay. So where do you want to start? Do you want to start about -- start with commodities or advanced purchases.

好的。那你想從哪裡開始呢？您想從商品或預購開始嗎？

Whatever you want.

任何你想要的。

All right. We have the option. So I think the difference this time versus the previous price increase was that we cut off our price increase, the favorable price increase mid-October. So when any customer who purchased product after mid-October they actually paid the higher price. So as we look at the whole structure of everything that happened in October, it's really it became a very difficult exercise to determine what, if any, of the price increase could have impacted October sales.

好的。我們有選擇。所以我覺得這次和之前的漲價不同的是，我們停止了漲價，10月中旬的優惠漲價。因此，當任何在十月中旬之後購買產品的客戶實際上支付了更高的價格。因此，當我們審視 10 月發生的所有事情的整體結構時，確定價格上漲的哪些因素（如果有的話）可能影響 10 月的銷售確實成為一項非常困難的工作。

So that's the bottom line. If we could have done a better exercise, we would have, but it became secured us to try and find a sensible answer. So we'd rather not give it, and we'll see the impact on the quarter when the quarter is over.

這就是底線。如果我們能做更好的練習，我們就會這麼做，但它讓我們有機會嘗試找到一個合理的答案。所以我們寧願不提供，當季度結束時我們將看到對本季的影響。

And then in commodities, I think everybody knows that what's happening with aluminum. And I mentioned the extent that we have a ladder approach, and we build up that ladder as time goes by. There's already a tariff on aluminum and we're hoping that the tariff will not increase, but there is really a ton on aluminum. And as regards to some of our other commodities, we have seen increases in some, and we've seen decreases in other. We buy a lot of commodities and it's really it's going to take us 5 minutes to go through them all. But what I can say is that generally, we are seeing increases.

然後在大宗商品方面，我想每個人都知道鋁的情況。我提到了我們採用階梯方法的程度，並且隨著時間的推移我們建立了這個階梯。鋁已經徵收關稅，我們希望關稅不會增加，但鋁確實有大量。至於我們的其他一些商品，我們看到一些商品增加了，而另一些商品則減少了。我們買了很多商品，實際上要花 5 分鐘才能把它們全部看完。但我可以說的是，總體而言，我們看到了成長。

And in certain commodities like, for example, aluminum, like, for example, sugar and there are other commodities that stayed the same or minimally decreasing. So the climate that we're looking at for commodities is one of taking the aluminum out of the picture, which is showing significant increases is one of one relatively manageable factors in increases.

在某些商品中，例如鋁，例如糖，還有其他商品保持不變或略有下降。因此，我們正在尋找的大宗商品氣候是將鋁排除在外的一種環境，這表明鋁的大幅增長是相對可控的成長因素之一。

Thank you. I would like to hand the conference back over to Mr. Rodney Sacks for any closing remarks.

謝謝。我想將會議交還給羅德尼·薩克斯先生發表閉幕詞。

Thank you. On behalf of Monster, I would like to thank everyone for their continued interest and support of the company. We continue to believe in the company and our growth strategy and remain committed to continuing to innovate, 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.

謝謝。我謹代表Monster感謝大家一直以來對公司的關注與支持。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，並在國內外拓展公司。特別是利用我們與可口可樂裝瓶系統的關係。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。

That does conclude our conference for today. Thank you for participating. You may now disconnect. Thank you.

我們今天的會議到此結束。感謝您的參與。您現在可以斷開連線。謝謝。