怪物飲料 (MNST) 2024 Q4 法說會逐字稿

Good day, and welcome to the Monster Beverages Company fourth quarter and full year 2024 conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Monster Beverages Company 2024 年第四季和全年電話會議。（操作員指示）請注意，此事件正在被記錄。

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

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

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

謝謝。女士們、先生們，午安。感謝您參加本次電話會議。我是羅德尼·薩克斯。我們的副董事長兼聯席執行長希爾頓‧施洛斯伯格 (Hilton Schlosberg) 和財務長湯姆‧凱利 (Tom Kelly) 也參加了電話會議。

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 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. 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.

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 年證券交易法第 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。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 our subsequently filed 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，以及隨後提交的 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. 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 condensed consolidated statements of income and other information attached to the earnings release dated February 27, 2025. A copy of this information is also available on our website, www.monsterbevcorp.com in the Financial Information section.

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。我還想指出的是，對本次電話會議中可能提到的非公認會計準則指標的解釋，已在 2025 年 2 月 27 日收益報告附帶的簡明合併損益表和其他資訊的註釋中提供。資訊的副本也可在我們的網站 www.monsterbevcorp.com 的財務資訊部分找到。

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. We continue to see sustained growth in the global energy drink category. In the United States, we are seeing a resurgence of growth in the energy drink category in the nice in convenience as well as in all measured channels reported by Nielsen.

謝謝，湯姆。我們繼續看到全球能量飲料類別持續成長。在美國，我們看到能量飲料類別在便利商店以及尼爾森報告的所有測量管道中重新出現成長。

Our non-Nielsen channels continue to grow as well. Growth opportunities in household penetration and per capita consumption along with consumers' growing need for energy are positive trends for the category.

我們的非尼爾森通路也持續成長。家庭普及率和人均消費量的成長機會以及消費者對能源日益增長的需求都是該類別的正面趨勢。

Hurricanes Helen and Milton impacted sales at retail in certain states in October 2024. However, we have not determined 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 Helene. This brewery was partially operational for a period and was fully operational by mid-November 2024.

2024 年 10 月，颶風海倫和米爾頓影響了某些州的零售銷售。但我們尚未確定其對我們業務的影響。酒精部門在北卡羅來納州布里瓦德經營一家啤酒廠，該廠因颶風海倫造成的洪水而關閉了一周。該啤酒廠曾部分營運一段時間，並於 2024 年 11 月中旬全面投入營運。

In the United States, the energy category, according to Nielsen, for the recently reported 13 weeks through February 15, 2025, grew at 6.2% versus the same period last year.

在美國，根據尼爾森最近報告的截至 2025 年 2 月 15 日的 13 週的數據，美國能源類別比去年同期增長了 6.2%。

In EMEA, the energy drink category according to Nielsen for our tracked markets for the recently reported 13-week period, which differ from country to country, grew at approximately 14.4% versus the same period last year.

在歐洲、中東和非洲地區，根據尼爾森最近報告的 13 週追蹤市場（各國有所不同）的數據，能量飲料類別較去年同期成長了約 14.4%。

In APAC, the energy drink category according to Nielsen and INTAGE for our tracked markets for the recently reported 13-week period, which differ from country to country, grew at approximately 11.8% versus the same period last year.

在亞太地區，根據尼爾森和 INTAGE 對我們最近報告的 13 週追蹤市場的調查結果（各國有所不同），能量飲料類別較去年同期成長了約 11.8%。

And in LATAM, the energy drink category according to Nielsen, for our tracked markets for the recently reported 13-week period, which differ from country to country, grew at approximately 20.2% versus the same period last year. In each case, these are done on an FX-neutral basis.

在拉丁美洲，根據尼爾森的調查，我們最近報告的 13 週內追蹤的各市場（各國的情況有所不同）的能量飲料類別與去年同期相比增長了約 20.2%。在每種情況下，這些都是在外匯中性的基礎上進行的。

Certain items should be separately considered in evaluating the results for the quarter. These specific items are as follows. Gross profit for the 2024 fourth quarter was adversely impacted by an increase in inventory reserves due to excess inventory levels in the alcohol brands segment of $4.1 million and which I will now refer to as the alcohol brands inventory reserves.

在評估本季的業績時，應單獨考慮某些項目。具體項目如下。2024 年第四季的毛利受到酒類品牌部門庫存過剩導致庫存儲備增加的不利影響，庫存儲備增加為 410 萬美元，我現在將其稱為酒類品牌庫存儲備。

Operating expenses for the 2024 fourth quarter were adversely impacted by $130.7 million of impairment charges related to the alcohol brands segment. The impairment charges were primarily the result of operating and financial performance, not meeting projections due in part to challenges in the category as well as a decrease in projected ongoing operating and financial performance.

2024 年第四季的營業費用受到與酒類品牌部門相關的 1.307 億美元減損費用的不利影響。減損費用主要是由於經營和財務績效未達到預期，部分原因是該類別面臨的挑戰以及預期的持續經營和財務績效下降。

In addition, operating expenses for the 2024 fourth quarter were adversely impacted by $1.8 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 and which we will now refer to as the Hansen litigation.

此外，2024 年第四季的營業費用受到公司 180 萬美元的法律費用的不利影響，該費用與 Hubert Hansen 的後代就公司在與可口可樂公司交易之前使用 Hubert Hansen 名稱而提出的知識產權索賠有關，該交易於 2015 年完成，我們現在將其稱為 Hansen 訴訟。

Operating income adjusting for these items rose 7.9% to $517.9 million in the 2024 fourth quarter. Net of tax, these items adversely impacted net income for the 2024 fourth quarter by $105 million and net income per diluted share by $0.10 per share. Diluted earnings per share for the 2024 fourth quarter adjusted for these items was $0.38 per share.

經這些項目調整後的營業收入在 2024 年第四季成長 7.9% 至 5.179 億美元。扣除稅後，這些項目對 2024 年第四季的淨收入產生了 1.05 億美元的不利影響，每股攤薄淨收入產生了 0.10 美元的不利影響。經這些項目調整後的 2024 年第四季每股攤薄收益為 0.38 美元。

As a reminder, the bank inventory step-up and impairment in the alcohol brand segment were previously disclosed as items impacting profitability for the comparative 2023 fourth quarter. In addition to our condensed consolidated statement of income and other information and our gold consolidated balance sheet for the company for the quarter ended December 31, 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.

提醒一下，銀行庫存增加和酒類品牌部門的減損之前已被揭露為影響 2023 年第四季獲利能力的項目。除了我們的截至 2024 年 12 月 31 日季度的簡明合併損益表和其他資訊以及公司黃金合併資產負債表之外，我們的新聞稿還附有非 GAAP 調整後的簡明合併損益表和其他信息，該表針對影響盈利能力的項目進行了調整，以及 GAAP 和非 GAAP 信息的對賬表。

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 lieu of US GAAP financial measures.

我們相信，這些非公認會計準則項目有助於股東在本次電話會議上評估我們持續的營運和財務表現。這些非 GAAP 項目應作為美國 GAAP 財務指標的補充而不是替代。

The company achieved record fourth quarter net sales of 1.18 -- $1.181 billion, in the 2024 fourth quarter --

該公司在 2024 年第四季實現了創紀錄的 11.8 - 11.81 億美元的淨銷售額--

$1.81 billion.

18.1億美元。

$1.81 billion, sorry, 4.7% higher than net sales of $1.73 billion in the comparable 2023 quarter, 4.8% excluding the alcohol segment.

1.81 美元億美元，對不起，比 2023 年同期的 17.3 億美元淨銷售額高出 4.7%，不包括酒精部分則高出 4.8%。

On a foreign currency adjusted basis, net sales for the 2024 fourth quarter increased 7.8% or 7.9%, excluding the alcohol segment. Gross profit as a percentage of net sales for the 2024 fourth quarter was 55.3% compared with 54.2% in the 2023 fourth quarter.

經外匯調整後，2024 年第四季的淨銷售額（不包括酒精部門）成長 7.8% 或 7.9%。2024 年第四季的毛利佔淨銷售額的百分比為 55.3%，而 2023 年第四季為 54.2%。

Gross profit for the 2024 fourth quarter was adversely impacted by the alcohol brands inventory reserves, gross profit as a percentage of net sales for the 2024 fourth quarter Exclusive of the alcohol brands inventory reserves was 55.5%. The increase in gross profit as a percentage of net sales for the 2024 fourth quarter was primarily the result of reduced input costs partially offset by geographical sales mix.

2024 年第四季的毛利受到酒類品牌庫存儲備的不利影響，2024 年第四季不包括酒類品牌庫存儲備的毛利佔淨銷售額的百分比為 55.5%。2024 年第四季毛利潤佔淨銷售額的百分比增加主要是因為投入成本減少，但被地理銷售組合部分抵銷。

On a sequential quarterly basis, gross margins were higher than the 2024 third quarter gross margins.

以季度計算，毛利率高於 2024 年第三季的毛利率。

Operating expenses for the 2024 fourth quarter was $621.2 million compared with $504.4 million in the 2023 fourth quarter. The increase in operating expenses were primarily the result of increased impairment charges within the alcohol brands segment, increased payroll expenses, and increased sponsorship and endorsement expenses.

2024 年第四季的營運費用為 6.212 億美元，而 2023 年第四季的營運費用為 5.044 億美元。營業費用的增加主要是因為酒類品牌部門的減損費用增加、薪資費用增加以及贊助和代言費用增加。

As a percentage of net sales, operating expenses for the 2024 fourth quarter were 34.3% compared with 29.2% in the 20,234th quarter. Adjusted operating expenses after making the adjustments described earlier, increased 5.5% to $488.7 million as compared to $463.2 million in the 2023 comparable quarter. Adjusted operating expenses as a percentage of net sales for the 2024 fourth quarter were 27% compared with 26.8% in the 2023 fourth quarter.

作為淨銷售額的百分比，2024 年第四季的營運費用為 34.3%，而 2023 年第四季的營運費用為 29.2%。經過前面所述的調整後，調整後的營業費用較 2023 年同期的 4.632 億美元增加 5.5% 至 4.887 億美元。2024 年第四季調整後營業費用佔淨銷售額的百分比為 27%，而 2023 年第四季為 26.8%。

Distribution and warehouse expenses for the 2024 fourth quarter was $77.6 million or 4.3% of net sales compared to $79.6 million or 4.6% of net sales in the 2023 fourth quarter.

2024 年第四季的分銷和倉庫費用為 7,760 萬美元，佔淨銷售額的 4.3%，而 2023 年第四季的分銷和倉庫費用為 7,960 萬美元，佔淨銷售額的 4.6%。

Operating income in the 2024 fourth quarter decreased 12.2% and to $381.2 million from $434 million in the 2023 comparative quarter. Adjusted operating income after making the adjustments described earlier increased 7.9% to $517.9 million as compared to $480.1 million in the 2023 comparable quarter.

2024 年第四季的營業收入從 2023 年同期的 4.34 億美元下降 12.2% 至 3.812 億美元。經過前面所述的調整後，調整後的營業收入較 2023 年同期的 4.801 億美元成長 7.9% 至 5.179 億美元。

The effective tax rate for the 2024 fourth quarter was 29.9% compared with 18.5% in the 2023 fourth quarter. The increase in the effective tax rate for the 2024 fourth quarter was primarily attributable to a decrease in the stock-based compensation deduction for the 2024 fourth quarter and adjustment to the 2024 full year effective tax rate higher 2024 state income taxes and the establishment of a state valuation allowance relating to certain net operating losses of the alcohol brands segment.

2024 年第四季的有效稅率為 29.9%，而 2023 年第四季的有效稅率為 18.5%。2024 年第四季有效稅率的增加主要歸因於 2024 年第四季度股票薪酬扣除額的減少以及 2024 年全年有效稅率的調整，更高的 2024 年州所得稅和設立與酒類品牌部門的某些淨經營虧損有關的州估值準備金。

Net income for the 2024 fourth quarter was $270.7 million as compared to $367 million in the 2023 comparable quarter. Adjusted net income in the 2024 fourth quarter after making the adjustments described earlier, were $375.7 million as compared to adjusted net income of $402.4 million in the 2023 comparable quarter.

2024 年第四季淨收入為 2.707 億美元，而 2023 年同期為 3.67 億美元。經過前面所述的調整後，2024 年第四季的調整後淨收入為 3.757 億美元，而 2023 年同期的調整後淨收入為 4.024 億美元。

Diluted earnings per share for the 2024 fourth quarter decreased 20.8% to $0.28 from $0.35 in the fourth quarter of 2023. Adjusted diluted earnings per share after making the adjustments described earlier, remained consistent at $0.38 per share for both the 2024 and 2023 fourth quarters.

2024 年第四季每股攤薄收益從 2023 年第四季的 0.35 美元下降 20.8% 至 0.28 美元。經過前面所述的調整後，調整後的每股攤薄收益在 2024 年和 2023 年第四季均維持在每股 0.38 美元的穩定水準。

Net sales on a foreign currency adjusted basis increased 8.4% for the 2020 full year. Adjusted net income per diluted share was $1.62 per share for the 2024 full year compared with adjusted net income per share of $1.56 per share for the 2023 full year. Our fourth 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 fourth quarter of $52.3 million.

經外匯調整後的 2020 年全年淨銷售額成長 8.4%。2024 年全年調整後每股攤薄淨利潤為 1.62 美元，而 2023 年全年調整後每股攤薄淨利潤為 1.56 美元。我們的第四季財務業績再次受到某些市場不利外匯匯率的影響。外匯匯率的淨變動對 2024 年第四季 5,230 萬美元的淨銷售額產生了不利影響。

As previously reported, we implemented a 5% increase on our brands and packages, excluding bank, rain and rainstorm effective November 1, 2024, in the United States. We are continuing to monitor opportunities for further pricing actions, both domestically and internationally.

如前所述，自 2024 年 11 月 1 日起，我們在美國對我們的品牌和套餐（不包括銀行、雨天和暴雨）實施了 5% 的上調。我們將繼續監測國內和國際上進一步採取定價行動的機會。

According to the Nielsen reports, for the 13 weeks ended February 15, 2025, for all outlets combined, excluding convenience and gas, sales in dollars in the energy drink category, including energy shots, increased by 9% versus the same period a year ago. According to the Nielsen report, for the 13 weeks ended February 15, 2025, for all outlets combined, namely convenience, grocery, drug, mass merchandisers, sales in dollars in the energy drink category, including energy shots, increased by 6.2% versus the same period a year ago.

根據尼爾森的報告，截至 2025 年 2 月 15 日的 13 週內，除便利商店和加油站外，所有門市的能量飲料（包括能量飲料）的銷售額比去年同期增長了 9%。根據尼爾森的報告，截至 2025 年 2 月 15 日的 13 週內，所有商店（包括便利商店、雜貨店、藥局和大眾零售商）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 6.2%。

Sales of the company's energy drink brands including bank were up 4.4% in the 13-week period. Sales of Monster increased 4.8%. Sales of Reign were down 6.3%, sales of NOS increased 2% and sales of Full Throttle decreased 0.8%. Sales of Red Bull increased 10%. According to Nielsen, for the four weeks ended February 15, 2025, and sales in dollars in the energy drink category in the convenience and gas channel, including energy shots, increased 2.8%. And for the four weeks ended February 8, 2025 were 5.4% over the same period the previous year.

該公司包括銀行在內的能量飲料品牌的銷量在 13 週內增長了 4.4%。Monster的銷量成長了4.8%。Reign 的銷量下降了 6.3%，NOS 的銷量增加了 2%，Full Throttle 的銷量下降了 0.8%。紅牛的銷量成長了10%。尼爾森的數據顯示，截至 2025 年 2 月 15 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）的美元銷售額增長了 2.8%。截至 2025 年 2 月 8 日的四週比去年同期成長了 5.4%。

Sales of the company's energy drink brands including bank, were up 2.9% in the latest four-week period in the convenience and gas channel. Sales of Monster increased by 3.1% over the same period versus the previous year. Reign sales decreased 5.2%, NOS was down 1.1% and Full Throttle was down 2.2%. Sales of Red Bull were up 8.3%.

該公司包括銀行在內的能量飲料品牌在便利商店和加油站通路的銷售額在最新四周內成長了 2.9%。Monster的銷售量與去年同期相比成長了3.1%。Reign 銷售量下降 5.2%，NOS 下降 1.1%，Full Throttle 下降 2.2%。紅牛銷量成長8.3%。

According to Nielsen, for the four weeks ended February 15, 2025, the company's market share in the energy drink category in the convenience and gas channel, including energy shots in dollars, increased from 36.8% to 36.9%, including bank. Monster share increased from 29.1% a year ago to 29.2%. Reign share decreased 0.2 of a share point to 2.7%. NOS share decreased 0.1 of a share point to 2.5% and Full Throttle share remained at 0.7 of a point. bank's share was 1.8%. Red Bull's share increased 1.9 share points to 36.9%.

尼爾森的數據顯示，截至2025年2月15日的四周內，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）的市佔率（以美元計算）從36.8%成長至36.9%。Monster 的份額從一年前的 29.1% 增長到了 29.2%。Reign 股價下跌 0.2 個百分點，至 2.7%。NOS 份額下降 0.1 個百分點至 2.5%，而 Full Throttle 份額仍為 0.7 個百分點。銀行的份額為1.8%。紅牛的份額增加了1.9個百分點，達到36.9%。

Market shares of certain competitors were as follows: Celsius, 7.3%; C4, 43.5%; Ghost, 2.9%; 5-hour 2.9%, Rockstar, 2.7%; and Alani Nu, 2.2%. According to Nielsen, for the four weeks ended February 15, 2025, sales in dollars in the coffee plus energy drink category, which included our two Monster line in the convenience and gas channel decreased 9.1% over the same period the previous year.

某些競爭對手的市佔率如下：Celsius，7.3%； C4，43.5%；鬼魂，2.9%； 5 小時 2.9%，Rockstar，2.7%；以及 Alani Nu，為 2.2%。根據尼爾森的調查，截至 2025 年 2 月 15 日的四周內，包括我們在便利商店和加油站渠道的兩條 Monster 系列在內的咖啡加能量飲料類別的美元銷售額比去年同期下降了 9.1%。

Sales of Monster including Java Monster 300 was 7.9% lower in the same period versus the previous year. Sales of Starbucks Energy coffee were 16.6% lower. Java Monster share of the coffee plus energy drink category in the four weeks ended February 15, 2025, and was 58.9%, up 0.8 point, while Starbucks Energy coffee share was 38.2%, down 3.4 points.

包括 Java Monster 300 在內的 Monster 銷售量與去年同期相比下降了 7.9%。星巴克能量咖啡銷售量下降16.6%。截至 2025 年 2 月 15 日的四周內，Java Monster 在咖啡加能量飲料類別的份額為 58.9%，上漲 0.8 個百分點，而星巴克能量咖啡的份額為 38.2%，下跌 3.4 個百分點。

According to Nielsen, in all measured channels in Canada, for the 12 weeks ended January 25, 2025, the energy drink category increased 10.3% in dollars. Sales of the Cuban energy drink brands increased 10.5% versus a year ago.

尼爾森的數據顯示，在加拿大所有測量管道中，截至 2025 年 1 月 25 日的 12 週內，能量飲料類別的銷售額成長了 10.3%。古巴能量飲料品牌的銷量比去年同期成長了 10.5%。

The market share of the company's energy drink brands increased 0.1 of a point to 41.4%. Monster's sales increased 7.1% and its market share decreased 1.1 points to $36.1 million. NOS sales increased 13.7% and its market share remained at 1.2%. Full Throttle sales decreased 5%, and its market share decreased 0.1 point to 0.5%. According to Nielsen for all outlets combined in Mexico, the energy drink category increased 11.1% and for the month of January 2025, Monster sales increased 13.7%.

該公司能量飲料品牌的市佔率增加了0.1個百分點，達到41.4%。Monster的銷售額成長了7.1%，市佔率下降了1.1個百分點，至3,610萬美元。未指定銷售額成長13.7%，市佔率維持在1.2%。Full Throttle銷量下降5%，市佔率下降0.1個百分點至0.5%。根據尼爾森對墨西哥所有門市的調查，能量飲料類別成長了 11.1%，2025 年 1 月，Monster 的銷售額成長了 13.7%。

Monster's market share in value increased 0.7 of a point to 30% against the comparable period the previous year. Sales of Predator increased 27.9% and its market share increased 0.8 of a share point to 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 by sales in the OXXO convenience chain, which dominates the market. Sales in the OXXO convenience chain in turn can be materially influenced by promotions that may be undertaken in that chain by one or more energy drink brands during a particular month. Consequently, such activities could have a significant impact on the monthly Nielsen statistics for Mexico.

與去年同期相比，Monster 的市佔率增加了 0.7 個百分點，達到 30%。Predator的銷量成長了27.9%，市佔率增加了0.8個百分點，達到6.2%。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，通常會受到佔據市場主導地位的 OXXO 便利連鎖店的銷售情況產生重大積極和/或消極影響。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, all outlets combined in Brazil, the energy drink category increased 13.4% for the month of December 2024. Monster sales increased 15.7% and Monster's market share in value increased 0.9% to 47.7% compared to December 2023.

根據尼爾森的數據顯示，2024 年 12 月，巴西所有門市的能量飲料類別增加了 13.4%。與 2023 年 12 月相比，Monster 的銷量成長了 15.7%，Monster 的市佔率成長了 0.9%，達到 47.7%。

In Argentina, due in part to the impact of inflation, related to local currency price increases, the energy drink category increased 98.7% for the month of January 2025. Monster sales increased 82.5%. And Monster's market share in value decreased 4.5 points to 51.2% compared to January 2024.

在阿根廷，部分由於受當地貨幣價格上漲導致的通貨膨脹的影響，2025 年 1 月能量飲料類別增加了 98.7%。Monster 銷量成長了 82.5%。與 2024 年 1 月相比，Monster 的市佔率下降了 4.5 個百分點，至 51.2%。

In Chile, the energy drink category increased 16.2% for the month of January 2025. Monster's sales increased 13%. Monster's market share in value decreased 1.1 points to 39.5%. Monster Energy remains a leading energy brand in value in Argentina, Brazil and Chile.

在智利，2025年1月能量飲料類別成長了16.2%。Monster的銷售額成長了13%。Monster 的市佔率下降了 1.1 個百分點，至 39.5%。Monster Energy 在阿根廷、巴西和智利仍然是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，尼爾森在 EMEA 地區的數據只能作為參考，因為尼爾森在 EMEA 地區讀取的管道因國家而異，不同國家在所指月份內的報告日期也不同。

According to Nielsen, in the 13-week period ending January 26, 2025, Monster's retail market share in value as compared to the same period the previous year. grew from 16.3% to 17.2% in Belgium from 32% to 32.6% in Great Britain, back on our new Great Britain, Nielsen data base from 6% to 9.4% in the Netherlands and from 34.3% to 36% in Norway.

根據尼爾森的調查，截至 2025 年 1 月 26 日的 13 週內，Monster 的零售市佔率與去年同期相比有所下降。在比利時，這一比例從 16.3% 增長到了 17.2%；在英國，這一比例從 32% 增長到了 32.6%；根據我們最新的英國尼爾森數據，在荷蘭，這一比例從 6% 增長到了 9.4%；在挪威，這一比例從 34.3% 增長到了 36%。

According to Nielsen, in the 13-week period ending January 26, 2025, Monster's retail market share in value as compared to the same period for the previous year declined from 30.9% to 27.5% in France. According to Nielsen, in the 13-week period ending December 29, 2024, Monster's retail market share in value as compared to the same period the previous year grew from 22.6% to 23.4% in the Czech Republic, from 17.1% to 17.7% in Germany, from 18.9% to 20.8% in Poland, from 30.3% to 32% in the Republic of Ireland, and from 40.8% to 41.4% in Spain.

尼爾森的數據顯示，截至 2025 年 1 月 26 日的 13 週內，Monster 在法國零售市場的份額與去年同期相比從 30.9% 下降到 27.5%。尼爾森的數據顯示，在截至 2024 年 12 月 29 日的 13 週內，與去年同期相比，Monster 在捷克共和國的零售市場份額從 22.6% 增長到 23.4%，在德國從 17.1% 增長到 17.7%，在波蘭從 18.9% 增長到 3% .8% 成長到 41.4%。

According to Nielsen, in the 13-week period ending December 29, 2024, Monster's retail market share in value as compared to the same period the previous year declined from 27% to 26.1% in Denmark, from 36.1% to 35.6% in Greece, from 31.7% to 31% in Italy, and from 20.1% to 18.4% in South Africa, and from 15.5% to 14.8% in Sweden.

尼爾森的數據顯示，在截至 2024 年 12 月 29 日的 13 週內，Monster 在丹麥的零售市場價值份額與去年同期相比從 27% 下降到 26.1%，在希臘從 36.1% 下降到 35.6%，在義大利從 31.7% 下降到 31.15% 到 31.7%下降到 14.8%。

According to Nielsen, in the 13-week period ending December 29, 2024, the retail market share in value of Predator it's also branded as Fury in certain markets as compared to the same period the previous year, grew from 8.2% to 11.8% in Egypt, from 34% to 41.5% in Kenya, and from 21% to 23.4% in Nigeria.

尼爾森的數據顯示，截至 2024 年 12 月 29 日的 13 週內，與去年同期相比，Predator（也稱為 Fury）在某些市場的零售市場份額在埃及從 8.2% 增長到 11.8%，在肯尼亞從 34% 增長到 41.5%，在尼日利亞從 213% 增長到 214%。

We are pleased that in the 20,244th quarter, Monster gained market share in Belgium, Czech Republic, Great Britain, Germany, the Netherlands, Norway, Poland, Republic of Ireland, and Spain.

我們很高興，在第 20244 季度，Monster 在比利時、捷克共和國、英國、德國、荷蘭、挪威、波蘭、愛爾蘭共和國和西班牙的市佔率有所成長。

According to IRI, all outlets combined in Australia, the energy drink category increased 10.5% for the four weeks ending February 2, 2025. Monster sales increased 22%. Monster's market share in value increased 1.9 points to 20.4% against the comparable period the previous year. Sales of [Monster] decreased 3.6% and its market share decreased 1.4 share points to 9.4%.

根據 IRI 的數據，截至 2025 年 2 月 2 日的四周內，澳洲所有門市的能量飲料類別增加了 10.5%。Monster 的銷量成長了 22%。Monster 的市佔率比去年同期增加了 1.9 個百分點，達到 20.4%。[Monster]銷量下降3.6%，市佔率下降1.4個百分點至9.4%。

According to IRI for all outlets combined in New Zealand, the energy drink category increased 13.8% for the four weeks ending February 9, 2025, and Monster sales increased 19.7%. Monster's market share in value increased 0.7 of a share point to 15.3% against the comparable period the previous year. Sales of Monster decreased 1.4% and its market share decreased 0.9 of a share point to 4.6%. Sales of Lifts decreased 0.2% in and its market share decreased 0.6 of a share point to 4.6%.

根據 IRI 對紐西蘭所有門市的統計數據，截至 2025 年 2 月 9 日的四周內，能量飲料類別增加了 13.8%，Monster 的銷量增加了 19.7%。Monster 的市佔率比去年同期增加了 0.7 個百分點，達到 15.3%。Monster的銷售量下降了1.4%，市佔率下降了0.9個百分點，至4.6%。升降機銷量下降0.2%，市佔率下降0.6個百分點至4.6%。

According to INTAGE, in the convenience channel in Japan, the energy drink category increased 5.1% for the month of January 2025 and Monster's sales increased 0.4%. Monster's market share in value decreased 2.6 points to 56.8% against the comparable period the previous year.

根據INTAGE統計，在日本便利商店通路，2025年1月能量飲料品類成長了5.1%，Monster的銷售量成長了0.4%。與去年同期相比，Monster 的市佔率下降了 2.6 個百分點，至 56.8%。

According to Nielsen, for all outlets combined in South Korea, the energy drink category increased 25% for the month of January 2025. Monster's sales increased 14.8%. Monster's market share in value decreased 4.4 points to 49.6% against the comparable period the previous year. Monster remains the market leader in Japan and South Korea. We again point 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.

尼爾森的數據顯示，2025 年 1 月，韓國所有門市的能量飲料類別增加了 25%。Monster的銷售額成長了14.8%。Monster 的市佔率與去年同期相比下降了 4.4 個百分點，至 49.6%。Monster 仍然是日本和韓國市場的領導者。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 $711.5 million, 39.3% of total net sales in the 2024 fourth quarter compared to $637 million or 36.8% 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 $52.3 million for the 20,244th quarter.

對美國以外客戶的淨銷售額為 7.115 億美元，佔 2024 年第四季總淨銷售額的 39.3%，而 2023 年同期為 6.37 億美元，佔總淨銷售額的 36.8%。外幣匯率對第 20,244 季的美元淨銷售額產生了負面影響約 5,230 萬美元。

In EMEA, net sales in the 2024 fourth quarter increased 15.5% in dollars and increased 14.6% on a currency-neutral basis over the same period in 2023. Gross profit in this region as a percentage of net sales was 32.7% for the 2020 and 2023 fourth quarters.

在 EMEA 地區，2024 年第四季的淨銷售額以美元計算增長了 15.5%，以貨幣中性計算則較 2023 年同期增長了 14.6%。2020 年和 2023 年第四季度，該地區的毛利潤佔淨銷售額的百分比為 32.7%。

In Asia Pacific, net sales in the 2024 fourth quarter increased 21% in dollars and increased 19.8% 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 fourth quarter was 41.3% versus 40.1% in the same period in 2023.

在亞太地區，2024 年第四季的淨銷售額以美元計算成長了 21%，以貨幣中性計算則較 2023 年同期成長了 19.8%。2024 年第四季該地區的毛利佔淨銷售額的百分比為 41.3%，而 2023 年同期為 40.1%。

Net sales in Japan in the 2024 fourth quarter increased 3.4% in dollars and increased 2.8% on a currency-neutral basis. In South Korea, net sales in the 2024 fourth quarter increased 40.3% in dollars and increased 43.3% on a currency-neutral basis as compared to the same quarter in 2023 and largely due to the timing of production schedules this year. In China, net sales in the 2024 fourth quarter increased 25.8% in dollars and increased 23.9% 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 Predator, which is being rolled out to additional markets in China throughout this year.

2024 年第四季日本的淨銷售額以美元計算成長 3.4%，以貨幣中性計算成長 2.8%。在韓國，2024 年第四季的淨銷售額以美元計算增長了 40.3%，以貨幣中性計算增長了 43.3%，這在很大程度上是由於今年生產計劃的時間表。在中國，2024 年第四季的淨銷售額與 2023 年同期相比以美元計算成長 25.8%，以貨幣中性計算成長 23.9%。我們對於 Monster 品牌在中國的長期前景依然持樂觀態度，同時對 Predator 感到興奮，該產品今年將在中國更多市場推出。

In Oceana, which includes Australia and New Zealand, Tahiti, French Polynesia, New Caledonia, Papua New Guinea and Guam, net sales increased 34.6% in dollars and increased 29.6% on a currency neutral basis.

在大洋洲地區（包括澳洲和紐西蘭、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了 34.6%，以貨幣中性運算成長了 29.6%。

In Latin America, including Mexico and the Caribbean, net sales in the 2024 fourth quarter increased 4.9% in dollars and increased 38.4% on a currency-neutral basis over the same period in 2023. Gross profit in this region as a percentage of net sales was 42.7% for the 2024 fourth quarter versus 38.4% in the 2023 fourth quarter.

在包括墨西哥和加勒比地區在內的拉丁美洲，2024 年第四季的淨銷售額以美元計算增長了 4.9%，以貨幣中性計算則較 2023 年同期增長了 38.4%。2024 年第四季該地區毛利佔淨銷售額的百分比為 42.7%，而 2023 年第四季為 38.4%。

In Brazil, net sales in the 2024 fourth quarter increased 13.4% in dollars and increased 33.9% on a currency-neutral basis. Net sales in Mexico decreased 7.3% in dollars but increased 4.8% on a currency-neutral basis in the 2024 fourth quarter. Net sales in Chile decreased 1.5% in dollars, but increased 3.6% on a currency-neutral basis in the 2024 fourth quarter. Net sales in Argentina decreased 20% in dollars but increased 127.5% on a currency-neutral basis in the 20,244th quarter.

在巴西，2024 年第四季的淨銷售額以美元計算成長 13.4%，以貨幣中性計算成長 33.9%。2024 年第四季度，墨西哥的淨銷售額以美元計算下降了 7.3%，但以貨幣中性計算則增加了 4.8%。2024 年第四季度，智利的淨銷售額以美元計算下降了 1.5%，但以貨幣中性計算則增加了 3.6%。在第 20244 季度，阿根廷的淨銷售額以美元計算下降了 20%，但以貨幣中立計算則增加了 127.5%。

Monster Brew continue to face challenges in the fourth quarter and full year. Net sales for the alcohol brands segment were $34.9 million in the 2024 fourth quarter, a decrease of approximately $0.3 million or 0.8% lower than the 2023 comparable quarter.

Monster Brew 在第四季度和全年繼續面臨挑戰。2024 年第四季度，酒類品牌部門的淨銷售額為 3,490 萬美元，比 2023 年同期減少約 30 萬美元或 0.8%。

In October, the Brevard, North Carolina production and shipping, were severely impacted by Hurricane Helene. Production in Brevard normalized in November, while other facilities we utilized during the quarter to allow for a minimal overall disruption. In addition to the appointment of a new President of Monster Brewing announced last quarter, we have now restructured the senior management team in sales, marketing, strategy, and operations divisions; and will be implementing further adjustments in the coming months with the intent to optimize our personnel and facilities to support the current demands of our portfolio and innovation pipeline.

10月份，北卡羅來納州布里瓦德的生產和航運受到颶風海倫的嚴重影響。11 月份，布里瓦德的生產恢復正常，同時我們在本季度充分利用了其他設施，以盡量減少整體中斷。除了上個季度宣布任命新的 Monster Brewing 總裁之外，我們現在還重組了銷售、行銷、策略和營運部門的高階管理團隊；並將在未來幾個月內實施進一步調整，旨在優化我們的人員和設施，以支援我們產品組合和創新管道的當前需求。

We are currently shipping Beast, Pink Poison and Killer Sunrise in 24-ounce cans, and we'll be launching Nalu Grape in 24-ounce cans in the coming months. Michi, our newest flavored beer innovation will also be launched nationally in the coming months in two 24-ounce flavors, [Chelada] and Michelada. We are planning to launch the Beast internationally the summer in select markets, subject to regulatory approvals. We are planning for further innovation in Monster brewing in the coming months.

我們目前正在運送 24 盎司罐裝的 Beast、Pink Poison 和 Killer Sunrise，並且我們將在未來幾個月內推出 24 盎司罐裝的 Nalu Grape。我們最新的口味啤酒創新產品 Michi 也將於未來幾個月在全國推出，有兩種 24 盎司的口味，分別為 [Chelada] 和 Michelada。我們計劃於今年夏季在特定市場推出 Beast，但需獲得監管部門的批准。我們計劃在未來幾個月對 Monster 釀造工藝進行進一步創新。

In October 2024, we launched Monster Ultra was Wave nationally. The initial response from both customers and consumers alike has been very positive on this innovation. Additionally, during the first quarter of 2025, we launched innovation across various brands, including Monster Energy Ultra Blue Hawaiian Monster Energy grew Triple Shot, Killer Brew Triple Shot, Monster Energy juice Viking Berry, Rainstorm Tropical, Rain White Haze and Bang Energy Sour Ropes. We are planning to launch Bang Energy any means Orange next month, which is part of our relationship with the popular content and streaming group any means possible.

2024 年 10 月，我們在全國推出了 Monster Ultra Wave。客戶和消費者對這項創新的初步反應都非常積極。此外，在 2025 年第一季度，我們在各個品牌上推出了創新，包括 Monster Energy Ultra Blue Hawaiian、Monster Energy 種植 Triple Shot、Killer Brew Triple Shot、Monster Energy 果汁 Viking Berry、Rainstorm Tropical、Rain White Haze 和 Bang Energy Sour Ropes。我們計劃下個月以任何方式推出 Bang Energy Orange，這是我們與流行內容和串流媒體集團建立合作關係的一部分。

In Latin America, during the fourth quarter of 2024, we launched Monster Ultra Peachy Keen in Brazil and Monster Zero Sugar in Chile. Additionally, we launched Fury Gold Strike in Ecuador.

在拉丁美洲，2024 年第四季度，我們在巴西推出了 Monster Ultra Peachy Keen，在智利推出了 Monster Zero Sugar。此外，我們在厄瓜多爾推出了Fury Gold Strike。

In EMEA, in the fourth quarter of 2024, we launched Monster Juiced Aussie Lemonade, Juiced Red Apple, Juice Mix Punch, Nitro Cosmic Peach, Reserve Orange Dreamsicle, Ultra Fiesta Mango, Burn Guava, Predator Mango Mayhem, Rainstorm Kiwi Blend, and Rainstorm Peach Nectarine, and Rainstorm Valencia Orange in certain countries in EMEA. Additional launches are planned across all brands throughout EMEA in 2025.

在 EMEA 地區，2024 年第四季度，我們在歐洲、中東和非洲地區的某些國家推出了 Monster Juiced Aussie Lemonade、Juiced Red Apple、Juice Mix Punch、Nitro Cosmic Peach、Reserve Orange Dreamsicle、Ultra Fiesta Mango、Burn Guava、Predator Mango、Reserve Orange Dreamsicle、Ultra Fiesta Mango、Burn Guava、Predator Mango Mayango、Rstormwi。所有品牌計劃於 2025 年在整個 EMEA 地區推出更多產品。

During the fourth quarter of 2024, we launched Monster Papillon in Malaysia, and we extended Monster Energy and Monster Ultra in 500 ml can formats in South Korea. Our products are currently sold in 355 ml cans in Korea. In February 2025, we launched Monster Ultra Strawberry Dreams in South Korea. In March, we are planning to introduce Monster Energy in a 250 ml can that contains our regular energy ingredients minus cafe specifically for the on-premise channel in Japan.

2024 年第四季度，我們在馬來西亞推出了 Monster Papillon，並在韓國推出了 500 毫升罐裝的 Monster Energy 和 Monster Ultra。我們的產品目前在韓國以355毫升罐裝形式銷售。2025 年 2 月，我們在韓國推出了 Monster Ultra Strawberry Dreams。3 月份，我們計劃專門針對日本的店內通路推出 250 毫升罐裝 Monster Energy，該罐裝產品含有我們常規的能量成分（不含咖啡因）。

Additionally, we remain optimistic about the long-term prospects for the Monster brand in China and India, and are excited about the incremental expansion of the Predator brand in these two countries. After positive results in several provinces in China in 2024 and we will proceed with the national rollout of noncarbonated predator in 500 PET bottles starting next month.

此外，我們仍然對Monster品牌在中國和印度的長期前景持樂觀態度，並對Predator品牌在這兩個國家的逐步擴張感到興奮。繼 2024 年在中國多個省份取得積極成果後，我們將從下個月開始在全國推出 500 個 PET 瓶裝的非碳酸捕食者飲料。

As of February 27, 2025, approximately $500 million remained available for repurchase under the previously authorized repurchase program. We estimate that on a foreign currency adjusted basis, including the alcohol brands segment, January 2025 sales were approximately 5.3% higher than the comparable January 2024 sales and 6.7% higher than January 2024, excluding the alcohol brand segment. We estimate that January 2025 sales on a non foreign currency adjusted basis were approximately 1.5% higher than the comparable January 2024 sales and 2.8% higher than in January 2024, excluding the alcohol brands segment.

截至 2025 年 2 月 27 日，根據先前授權的回購計劃，仍有約 5 億美元可供回購。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，2025 年 1 月的銷售額比 2024 年 1 月的同類銷售額高出約 5.3%，比 2024 年 1 月（不包括酒類品牌部分）高出 6.7%。我們估計，經非外匯調整後的 2025 年 1 月銷售額比 2024 年 1 月的可比銷售額高出約 1.5%，比 2024 年 1 月高出 2.8%（不包括酒類品牌部分）。

January '25 had the same number of selling days as January 2024. We believe January 2025 sales were adversely impacted by the California wildfires, and by other severe weather conditions in the United States, such as the Gulf Coast Blizzard affecting New Orleans in Florida, as well as the northeastern ice storms. Our distribution partners warehouses and retail outlets were closed for certain time periods in these areas during January.

25 年 1 月的銷售天數與 2024 年 1 月相同。我們認為，2025 年 1 月的銷售受到加州山火以及美國其他惡劣天氣條件的不利影響，例如影響佛羅裡達州新奧爾良的墨西哥灣沿岸暴風雪以及東北部冰暴。在一月期間，我們經銷合作夥伴的倉庫和零售店在這些地區關閉了一段時間。

However, we cannot or have not determined 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 the timing of price increases; and promotions in retail stores, distributor incentives, as well as shifts in the timing of production. In some instances, our bottlers are responsible for production and determine their own production schedules, this affects the dates on which we invoice such bottlers.

然而，我們目前無法或尚未確定這對我們業務的影響。在這方面，我們再次提醒，短時間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、假期所在的星期幾、新產品發布的時間以及提價的時間；以及零售店的促銷、分銷商激勵以及生產時間的變化。在某些情況下，我們的裝瓶商負責生產並確定自己的生產計劃，這會影響我們向這些裝瓶商開立發票的日期。

Furthermore, our bottling and distribution partners maintain inventory levels according to their own internal requirements which they may alter from time to time for their own business reasons. We reiterate that sales over a short period such as a single month should not necessarily be imputed to or regarded as indicative of results for a full quarter or any future period. In conclusion, I would like to summarize some recent positive points. The energy category continues to grow globally.

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，而他們可能會因為自己的業務原因而隨時改變這些要求。我們重申，一個月等短時期的銷售額不一定應被歸因於或被視為整個季度或任何未來時期的業績指標。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。

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 or positive factors for the category. We continue to expand ourselves in non-Nielsen measured channels.

我們相信，能量飲料類別的家庭普及率將持續提高。家庭滲透率人均消費的成長機會，以及消費者對能源的需求或該類別的正面因素。我們繼續在非尼爾森監測通路中拓展業務。

As reported earlier, we implemented a price increase in the United States on November 1, 2024, and we continue to review opportunities for price increases domestically and 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. The juice plant at our AFF facility in Ireland has now been completed after trials. We expect the juice plant to be in production by midyear.

正如之前所報道的，我們於2024年11月1日在美國實施了漲價，並且我們將繼續在國內和國際上審查漲價的機會。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。我們位於愛爾蘭 AFF 工廠的果汁廠經過試運轉現已完工。我們預計果汁工廠將於年中投入生產。

We're excited for our 2025 innovation pipeline globally. We are currently exploring opportunities for our alcohol products in certain international jurisdictions. We are pleased with the rollout of Predator and Fury, our affordable energy drink portfolio, in a number of marks internationally. We are proceeding with plans for further launches of our affordable energy brands.

我們對 2025 年全球創新管道感到非常興奮。我們目前正在探索在某些國際司法管轄區內銷售酒精產品的機會。我們很高興看到我們的平價能量飲料產品系列 Predator 和 Fury 在國際上多個品牌推出。我們正計劃進一步推出我們的平價能源品牌。

With respect to the California wildfires, just as with Hurricane Milton and Hurricane Helene, our team has been providing support, water, energy drinks, clothing, and other items to the first responders and to local communities impacted by these events.

對於加州山火，就像颶風米爾頓和颶風海倫一樣，我們的團隊一直在向第一批救援人員和受這些事件影響的當地社區提供支援、水、能量飲料、衣物和其他物品。

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

現在我想回答大家關於本季和全年的問題。謝謝。

(Operator Instructions) Bonnie Herzog, Goldman Sachs.

（操作員指示）高盛的邦妮·赫爾佐格（Bonnie Herzog）。

All right. Thank you. Hi, everyone. I wanted to ask a question on your gross margins in the quarter. Could you give us a little more color on the drivers behind the expansion? I guess I'm curious how much did the price increase on November 1 help -- what about production of some of your entering volume in-house. I just wanted to confirm that you did in fact or you are in fact doing that?

好的。謝謝。大家好。我想問一下你本季的毛利率。您能否向我們詳細介紹一下此次擴張背後的驅動因素？我很好奇 11 月 1 日的價格上漲有多大幫助——這對你們內部生產部分進入的數量有什麼幫助呢？我只是想確認你是否確實這樣做了或正在這樣做？

And then how big of a risk do you see from aluminum and tariffs? Are you still hedged on aluminum? And will this protect you some -- and I know you guys don't guide, but how are you feeling about further gross margin expansion this year in the context of the pricing you took and everything I just asked about?

那麼您認為鋁和關稅的風險有多大？您仍會對鋁進行對沖嗎？這會給您帶來一些保護嗎——我知道你們沒有給出指導，但根據您所採取的定價以及我剛才問到的所有問題，您對今年進一步擴大毛利率有何看法？

Yeah. So Bonnie, thank you for that long question. I think it was more than one question. We'll try and answer them.

是的。所以邦妮，謝謝你提出這個長問題。我認為這是不只一個問題。我們將盡力解答這些問題。

The major drivers of gross margin in the quarter were reduced input costs, partially offset by geographical sales mix. Now, there are a lot of other factors that influence gross margin as you all know. For example, yes, the price increase did impact gross margin positively. But against that, we had other costs that are set off against gross sales, including increased commissions to the Coca-Cola company based on increased sales and increased profitability in as well as a tranche of other issues.

本季毛利率的主要推動因素是投入成本的降低，但被地域銷售組合部分抵銷。現在，眾所周知，還有很多其他因素會影響毛利率。例如，價格上漲確實對毛利率產生了正面影響。但與此相反，我們還有其他成本用來抵消總銷售額，其中包括由於銷售額增加和盈利能力提高而增加的可口可樂公司的佣金以及其他一系列問題。

Promotional allowances, yes, were higher. Mainly driven by the fact that when one does entertain a price increase, we do ensure that commercial allowances are in place. so that consumers don't get the sticker shock day one from the price increase.

是的，促銷津貼更高了。主要是因為當人們考慮漲價時，我們確實會確保有商業補貼。這樣消費者就不會因為價格上漲的第一天就感到震驚。

As regards tariffs, I think you all guess is good as mine. Things keep on changing day by day. And I think it would be -- I discussed it with some of my colleagues prior to this call, and we think it would be really premature to even talk about tariffs because no one really knows what's going to happen. However, we are hedged to quite a nice extent in 2025 with aluminum, and we have some hedges on the Midwest premium.

至於關稅，我想大家的猜測都跟我的一樣好。事情每天都在改變。我認為——在這次電話會議之前，我已經與一些同事討論過這個問題，我們認為現在談論關稅還為時過早，因為沒有人真正知道會發生什麼。然而，到 2025 年，我們已經對鋁進行了相當程度的對沖，並且對中西部溢價進行了一些對沖。

Dara Mohsenian, Morgan Stanley.

摩根士丹利的 Dara Mohsenian。

So clearly, you're enthusiastic about the energy category recovery we're seeing in the US Can you also just give us some color or any thoughts on Monster's potential US market share performance as we look going forward? I know you're not going to be specific, but just relative to a period of compression we've seen in recent periods.

顯然，您對我們在美國看到的能源類別復甦充滿熱情。您能否向我們介紹或談談對 Monster 未來在美國市場份額的潛在表現有何看法？我知道你不會具體說，但只是相對於我們最近時期所看到的壓縮期。

And also within that, maybe you can touch specifically on the US innovation pipeline in 2025 versus 2024 and shelf space? And how that might play into Monster's US market share performance with that category recovery?

另外，您是否可以具體談談 2025 年與 2024 年美國的創新管道和貨架空間？隨著該類別的復甦，這將如何影響 Monster 在美國市場的份額表現？

Okay. Rodney and I are going to split this question. So with regard -- let me start with shelf space. We have negotiated for increased shelf space this year. and it's in the low single digits.

好的。羅德尼和我將分開來回答這個問題。因此，關於這一點——讓我先從貨架空間開始。我們已經協商今年增加貨架空間。並且處於個位數的低位。

And we're really excited with the additions to our portfolio that we've been able to attract and increase shelf space. As regards the total category, we spoke at -- in New York about the global energy drink category growing substantially over the next few years to 2019. And I must just remind you that the US category is now $21.2 billion. So it's hard to swing a dial on growth in a $21.2 million category that we've seen historically.

我們對我們的產品組合的新增內容感到非常高興，因為我們能夠吸引新客戶並增加貨架空間。就整個類別而言，我們在紐約談到了未來幾年到 2019 年全球能量飲料類別將大幅成長。我必須提醒你，美國的類別現在是 212 億美元。因此，很難在歷史上 2,120 萬美元的類別中實現成長。

I think we'll -- we will continue to see increases in the category, and you've seen that in the past few weeks, both the category in all measured channels has grown the convenience we see as coming back. Trips are still down, but the shopping baskets in convenience are higher. So all in all, it all goes well for the category as a whole and for the category in the US.

我認為我們將繼續看到該類別的成長，而且您已經看到，在過去幾週中，所有測量管道中的類別都有所增長，我們看到便利性正在回升。行程次數仍在減少，但便利購物籃的金額卻增加。總的來說，對於整個類別和美國類別來說，一切都進展順利。

As regards market share, and I'll give you my take, we will always see competition. We've seen competition historically and we'll continue to see competition. And that will continue to obviously lean in to both ourselves and to rebuild market share, but there still is a very strong category and it's driven by two players, two major players, which is us and Red Bull.

至於市場份額，我會告訴你我的看法，我們總是會看到競爭。我們在歷史上看到過競爭，我們也會繼續看到競爭。這顯然將繼續有利於我們自己並重建市場份額，但仍然有一個非常強大的類別，它由兩個參與者，兩個主要參與者推動，即我們和紅牛。

Agreed. And I think the category, we're also seeing growth internationally as well coming back. I mean everybody seems to have had a sort of a flattening of growth in that third quarter, whether it's US or internationally for different reasons, none of us have really can explain it fully, but it certainly is growing, which is really pretty positive. We see this on a week-to-week basis.

同意。我認為，我們也看到國際上該類別的成長正在回升。我的意思是，無論是美國還是國際上，由於不同的原因，在第三季度似乎每個人都經歷了增長趨於平穩，我們都無法完全解釋它，但它肯定在增長，這確實是相當積極的。我們每週都會看到這種情況。

With regard to 2025 with innovation, we have got off to an early start.

對於2025創新，我們已經起步較早。

I think we've taken measures to try and sort of maximize the impact of our innovation and execution to step that up and we have strategies for that, which we started with Vice we have followed that up with Ultra Blue Hawaiian, and I'm just looking at the latest week numbers in Ultra-Blue a win is one of the top 10 selling products and it's still gaining distribution.

我認為我們已經採取措施，嘗試最大限度地發揮我們的創新和執行的影響，並為此制定了戰略，從 Vice 開始，然後是 Ultra Blue Hawaiian，我只是看了 Ultra-Blue 最新一周的數據，它是十大暢銷產品之一，並且它的分銷範圍仍在擴大。

Our juice product, Viking Barry is also on a sales per point has got off to a good start. We've got the coffee category, we've got some good products. So we are actually very positive about innovation for this year. We think it will be positive for us. And we've got off to an early start on them with the bottlers. So, we also have some more innovation that we have planned down in the fall.

我們的果汁產品 Viking Barry 的單位點銷售也取得了良好的開端。我們有咖啡類別，我們有一些好產品。因此，我們對今年的創新其實非常樂觀。我們認為這對我們來說是有利的。我們很早就開始與瓶裝商合作。所以，我們也計劃在秋季推出更多創新。

Particularly, we are quite excited with the bank relationship with any means possible, we have a single SKU, which we launched with Bang, a new one. But the any means enemy's possible relationship combined with the flavor and combined with their social media we think is going to be quite positive.

特別是，我們對與銀行建立任何可能的合作關係感到非常興奮，我們有一個單一的 SKU，它是我們與 Bang 一起推出的，這是一個新的 SKU。但我們認為，任何形式的敵人的可能關係，加上氣氛，再加上他們的社群媒體，都會產生相當正面的影響。

And as you -- Bang is still growing. Covering nicely and growing. So we are quite positive for that. We're also going to focus on Rain, which, as you know, is really 1 of 2 real performance brands. At the moment, everybody has moved to different wellness in different areas.

正如你所說——Bang 仍在不斷發展。覆蓋良好並不斷生長。因此我們對此非常樂觀。我們還將重點關注 Rain，如您所知，它是兩個真正性能卓越的品牌之一。目前，每個人都已經轉向不同領域的不同健康。

So we think that rain is still a solid brand, and we're also obviously going to put focus and effort behind it.

因此我們認為 rain 仍然是一個可靠的品牌，而且我們顯然也會對它投入重點和精力。

Filippo Falorni, Citi.

花旗銀行的 Filippo Falorni。

I wanted to ask about the US energy drink category. Obviously, we've seen the reacceleration in track channel data your reported results in the US seem to be tracking a little bit below what we see in the track channel data.

我想詢問有關美國能量飲料類別的問題。顯然，我們已經看到軌道通道數據的重新加速，您報告的美國結果似乎略低於我們在軌道通道數據中看到的水平。

So maybe can you comment a bit on the untracked portion of your business, if you've seen any slowdown, particularly in the Smaller Bodega, Gas and Convenience stores that are not picked up. And any comment on the Hispanic population that we've heard from other companies seeing a little bit of pressure more recently.

因此，如果您發現任何放緩跡象，尤其是尚未被追蹤的小型雜貨店、加油站和便利商店，您能否就您業務中未追蹤的部分發表一些評論？我們從其他公司了解到，關於西班牙裔人口的任何評論最近都面臨著一些壓力。

I think that's what you said about the spending consumers probably really accurate. And I don't want to say anything more about that. As regards to January, and we reported the January numbers, I believe that they were affected significantly by weather. We never really -- we have a saying in this company that we avoid any discussion on whether and when we sell our products rain and shine.

我認為您所說的有關消費者支出的說法可能非常準確。我不想再對此發表任何評論。至於一月份，我們報告了一月份的數據，我認為它們受到了天氣的顯著影響。我們從來沒有——我們公司有句俗語，我們避免討論我們是否以及何時在風雨中銷售我們的產品。

But December was a difficult month. It was a difficult month in terms of the wildfires and it was a difficult month in terms of everything that you saw on the East Coast relating to weather conditions. So January for me was -- I think it was an aberration. Other people may feel otherwise, but that's a personal view. And we've always got to appreciate that we sell to the bottlers and distributors.

但十二月是一個艱難的月份。從山火方面來說這是一個艱難的月份，從東海岸所見的各種與天氣狀況有關的情況來說這也是一個艱難的月份。所以對我來說，一月是──我認為是個異常現象。其他人可能有不同的看法，但這只是個人觀點。我們始終感謝我們將產品賣給瓶裝商和分銷商。

They sell to the retailers and Nielsen is a factor of what the consumer buys at retail. So there's never really a -- there should be a correlation some people say, sometimes there is a correlation, often there isn't. But please remember that Nielsen is what the consumers take off at retail and not would we sell we sell to the boxes.

他們將產品賣給零售商，而尼爾森是影響消費者零售購買行為的因素。因此，實際上從來沒有——有些人說應該存在相關性，有時存在相關性，但通常沒有。但請記住，尼爾森關注的是消費者在零售時購買的產品，而不是我們賣給盒子的產品。

I think that just to reinforce that, I think that if you look at the Nielsens I know they're short periods, we don't like to often refer to them. But if you look at the last couple of weeks on a week-by-week basis, all measured channels, you can see Monster is pretty much got back into a close to an 8% growth rate in the measure, which is are the main areas.

我認為這只是為了強調這一點，我認為如果你看看尼爾森，我知道它們是短暫的，我們不喜歡經常提及它們。但如果您逐週查看過去幾週的所有測量管道，您會發現 Monster 的成長率幾乎回到了接近 8%，這是主要領域。

So we're seeing some good shoots coming out of after January, there clearly was some effect on the weather and again, as we pointed out previously, I think everybody's got to be cautious about looking at single months. There are other factors that affected.

因此，我們看到一月之後出現了一些好的芽，顯然受到了天氣的影響，正如我們之前指出的那樣，我認為每個人都必須謹慎地觀察單月的情況。還有其他影響因素。

Andrea Teixeira, JPMorgan.

摩根大通的安德里亞特謝拉 (Andrea Teixeira)。

I just wanted to go back to the -- your comment right on the innovation for Bang and using both Bang and Reign as you had before for the functional portion of your portfolio. So I was wondering if you can elaborate a little bit more on your plans in -- for 2025 in terms of innovation in that specific segment, knowing that you called out like the player that was acquired by another -- by the third largest being more niche.

我只是想回到——你對 Bang 創新的評論，以及像以前一樣使用 Bang 和 Reign 作為你投資組合的功能部分。所以我想知道您是否可以更詳細地闡述您在 2025 年該特定領域的創新計劃，因為您提到被另一家公司收購的公司——第三大公司——更加小眾。

So I wonder how you see that transaction and how could that impact your plans or anything you're seeing from your customers and any feedback that you can share?

所以我想知道您如何看待這筆交易，以及這會對您的計劃或您從客戶那裡看到的任何事情產生什麼影響，以及您可以分享的任何反饋？

I think everybody knows [indiscernible] had some good growth, and it's doing nicely. But it is very focused on younger female and that it is what it is. The fact of the matter is it is growing. I think that when we talk about Bang, I think it's not directly comparable to aligning now. And I think that in the case of Reign, it's very much more focused on performance category.

我想大家都知道 [音訊不清晰] 取得了一些良好的成長，而且表現良好。但它主要關注的是年輕女性，這就是它的本質。事實是它正在增長。我認為，當我們談論 Bang 時，我認為它現在與對齊不能直接進行比較。我認為，就 Reign 而言，它更注重效能類別。

So I think there are different positionings for these different brands. They're all able to find their own positions. And they will -- we'll continue to compete and see how they grow, but we think that we can distinguish the positioning for Reign from Bang and from NOS even, for example, in our portfolio in Rainstorm. And so we have a portfolio, and we're going to continue to manage them appropriately. We think that the other factors will not really feature.

所以我認為這些不同的品牌有不同的定位。他們都能找到自己的位置。我們將繼續競爭，觀察他們如何發展，但我們認為，我們可以將 Reign 的定位與 Bang 和 NOS 區分開來，例如在我們的 Rainstorm 投資組合中。因此，我們有一個投資組合，我們將繼續對其進行適當的管理。我們認為其他因素不會真正發揮作用。

We'll see how the acquisition goes. They'll have to manage two brands, but that's a challenge they will obviously take on but it's not for us to really comment on that.

我們將觀察收購的進展。他們將必須管理兩個品牌，但這顯然是一個挑戰，但我們對此不便發表評論。

Yes. And we have our own strategies as you can expect. And [indiscernible] will probably continue to grow until they hit their ceiling on points of distribution. A lot of their growth is coming out of new distribution and they'll hit their ceiling on points of distribution. In fact, just like Celsius -- so we carry on, we run our business and we run our play, and we're very confident with the team here at Monster and with the products and the portfolio that we have in the innovation for this year and further innovation that we're working on, and that's coming.

是的。正如您所料，我們有自己的策略。且 [音訊不清晰] 可能還會繼續成長，直到達到分銷點的上限。他們的成長很大一部分來自於新的分銷，並且他們會在分銷點上達到上限。事實上，就像 Celsius 一樣 — — 我們會繼續經營我們的業務，進行我們的遊戲，我們對 Monster 的團隊以及我們今年的創新產品和產品組合以及我們正在進行的進一步創新非常有信心，這些都即將到來。

Chris Carey, Wells Fargo.

富國銀行的克里斯凱裡 (Chris Carey)。

You guys. I hope you're doing well. So there was a comment earlier in the call around potential to take additional pricing or that you're looking at incremental pricing or your always considering incremental pricing, I can't remember exactly how it was said. But can you just talk about the sorts of things that you're looking at in order to make that decision about new pricing. Is that incremental aluminum inflation?

你們。我希望你一切都好。因此，早些時候在電話會議中有一個評論是關於可能採取額外定價，或者你正在考慮增量定價，或者你總是考慮增量定價，我不記得具體是怎麼說的。但是您能否談談您在製定新定價決策時考慮的因素？這是否是增量鋁通膨？

Is that tariffs? Are those sorts of decisions already made? New innovation conscious that you made some positive statements around being hedged on aluminum and a bit of Midwest premium, but just trying to contextualize what the -- how that decision process go? And when you would make that sort of decision and how that could all play out?

那是關稅嗎？這些決定已經做出了嗎？新創新意識到您在對沖鋁和中西部溢價方面做出了一些積極的聲明，但只是試圖將這個決策過程具體化嗎？您什麼時候會做出這樣的決定以及這一切會如何進行？

Sure. We always are looking for opportunities to increase pricing. We've had significant cost increases as everyone appreciates. That's why Bonnie asked the question on gross margin every quarter. And so please remember, we didn't take price on rainstorm and Bang when we took pricing on the rest of the portfolio in November, there are opportunities there.

當然。我們一直在尋找提高價格的機會。正如大家所了解的，我們的成本已經大幅增加。這就是為什麼邦妮每個季度都會詢問毛利率的問題。所以請記住，當我們在 11 月對其餘投資組合進行定價時，我們沒有對暴雨和爆炸進行定價，那裡存在機會。

And internationally, we continue to review pricing as we do with Monster in the US. And I think a lot will depend on where these tariffs and duties end up.

在國際上，我們繼續審查定價，就像我們對待美國的 Monster 一樣。我認為，這很大程度上取決於這些關稅和稅金的最終結果。

And frankly, what our competitors do. But we have a very strong focus on trying to improve stockholder wealth, and that includes increasing pricing where there are opportunities to do so. However, we're not going to disadvantage our brands by increasing prices unnecessarily.

坦白說，我們的競爭對手也這麼做。但我們非常注重嘗試提高股東財富，其中包括在有機會的情況下提高價格。然而，我們不會不必要地提高價格，從而損害我們的品牌利益。

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

我們的問答環節到此結束。我想將會議交還給羅德尼·薩克斯先生，請他作最後發言。

Thanks. On behalf of Monster, I'd like to thank everyone for their continued interest in the company. We continue to believe in the company and our growth strategy remain committed to continuing to innovate develop and differentiate our brands and to expand the company both at home and abroad and in particular, capitalizing on our relationship with the Coca-Cola bottling system. We believe that we are well positioned in the beverage industry and continue to be optimistic about the future of our company. Thanks very much for your attendance.

謝謝。我謹代表 Monster 感謝大家對公司的持續關注。我們繼續相信公司，我們的成長策略仍然致力於不斷創新、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。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。非常感謝您的出席。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。