怪物飲料 (MNST) 2025 Q2 法說會逐字稿

Good day, and welcome to the Monster Beverage Company second-quarter 2025 conference call. (Operator Instructions) Please also note today's event is being recorded.

大家好，歡迎參加 Monster Beverage Company 2025 年第二季電話會議。（操作員指示）另請注意，今天的活動正在被記錄。

I would now like to turn the conference over to Hilton Schlosberg, Chief Executive Officer. Please go ahead.

現在我想將會議交給執行長希爾頓·施洛斯伯格 (Hilton Schlosberg)。請繼續。

Good afternoon, ladies and gentlemen. Thank you for attending this call. I'm Hilton Schlosberg, Vice Chairman and Chief Executive Officer. Also on the call are Tom Kelly, our Chief Financial Officer; Emelie Tirre, our Chief Commercial Officer; Rob Gehring, our Chief Growth Officer; Guy Carling our President of EMEA and Oceana, South Pacific; and Mark Astrachan, our Senior VP of Investor Relations and Corporate Development.

女士們、先生們，午安。感謝您參加本次電話會議。我是希爾頓‧施洛斯伯格 (Hilton Schlosberg)，副董事長兼執行長。參加電話會議的還有我們的財務長湯姆·凱利 (Tom Kelly)、我們的首席商務官埃米莉·蒂雷 (Emelie Tirre)、我們的首席成長官羅布·格林 (Rob Gehring)、我們的歐洲、中東和非洲地區以及南太平洋大洋洲地區總裁蓋伊·卡林 (Guy Carling) 以及我們的高級投資者關係和企業發展高級總裁馬克·坎斯特拉。

Mark will now read our cautionary statement.

馬克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 preference, and trends.

在我們開始之前，我想提醒聽眾，本次電話會議中所作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、財務偏好和趨勢的信息。

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

管理層提醒稱，這些聲明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期間做出的前瞻性聲明存在重大差異。

Please refer to our filings with the Securities and Exchange Commission including our most recent annual report on Form 10-K filed on February 28, 2025, and quarterly report 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 2025 年 2 月 28 日提交的最新 10-K 表年度報告和 10-Q 表季度報告，其中包括其中題為“風險因素和前瞻性聲明”的部分，以了解可能影響我們業績的具體風險和不確定性。

The company assumes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise. I'd 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 August 7, 2025.

無論是由於新資訊、未來事件或其他原因，本公司均不承擔更新任何前瞻性陳述的義務。我還想指出，在本次電話會議中可能會提到的非公認會計準則指標的解釋已在 2025 年 8 月 7 日發布的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。

A copy of this information is also available on our website, www.monsterbevcorp.com in the Financial Information section. Please also note that scanner data, which was previously provided on earnings calls is now included in an exhibit filed with our 8-K. We point out that certain market statistics that cover single months or four-week periods may often be materially influenced positively or negatively by promotions or other trading factors during those periods.

此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。另請注意，先前在收益電話會議上提供的掃描器資料現在包含在我們的 8-K 文件中。我們指出，某些涵蓋單個月或四周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或負面影響。

I would now like to hand the call over to Hilton Schlosberg.

現在我想把電話交給希爾頓施洛斯伯格。

Good afternoon, and thank you for joining us. We are pleased to report yet another quarter of strong financial results and cash generation. In fact, our second quarter net sales of $2.11 billion are a quarterly record that crossed the $2 billion threshold for the first time in the company's history, with net sales increasing 11.1% compared with the 2024 second quarter. In addition, the percentage growth rates in reported gross profit, operating income net income, and earnings per share all outpaced our growth rate in net sales.

下午好，感謝您加入我們。我們很高興地報告本季又取得強勁的財務業績和現金創造。事實上，我們第二季的淨銷售額為 21.1 億美元，創下了季度紀錄，這是公司歷史上首次突破 20 億美元的大關，與 2024 年第二季相比，淨銷售額增長了 11.1%。此外，報告的毛利、營業收入、淨收入和每股收益的百分比成長率都超過了我們的淨銷售額成長率。

Overall, the global energy drink category remains healthy with accelerating growth. Household penetration continues to increase in the energy drink category, driven by product functionality and lifestyle positioning, diverse offerings that appeal to an increasingly broad and loyal consumer base and affordable value offerings in addition to premium offerings.

總體而言，全球能量飲料類別保持健康並加速成長。能量飲料類別的家庭滲透率持續增加，這得益於產品功能和生活方式定位、吸引日益廣泛和忠誠的消費者群體的多樣化產品以及除了高端產品之外的實惠價值產品。

In the United States, according to Nielsen, for the recently reported 30-week period through July 26, 2025 sales in dollars in the energy drink category, including energy shots, for all office combined, namely convenience, grocery, drug, mass merchandisers, increased by 13.2% versus the same period a year ago. Trends in our US business remains solid with continued acceleration from early 2025.

尼爾森的數據顯示，在美國，截至 2025 年 7 月 26 日的 30 週內，所有辦公室（包括便利商店、雜貨店、藥局和大眾零售商）的能量飲料（包括能量飲料）銷售額（以美元計算）比去年同期增加了 13.2%。我們的美國業務趨勢依然穩固，並從 2025 年初開始持續加速。

In EMEA, the energy drink category according to Nielsen for our track markets for the recently reported 30-week period, which differ from country to country, grew at approximately 15.4% versus the same period last year, FX neutral.

在歐洲、中東和非洲地區，根據尼爾森最近報告的 30 週追蹤市場（各國情況有所不同）的數據，能量飲料類別與去年同期相比增長了約 15.4%，匯率中性。

In APAC, the energy drink category according to Nielsen, [Chikan and INTAGE] for our tracked channels for the recently reported 30-week period which differ from country to country, grew at approximately 20.9% versus the same period last year, FX neutral.

在亞太地區，根據尼爾森 [Chikan 和 INTAGE] 對我們最近報告的 30 週期間（因國家而異）的追蹤管道的數據，能量飲料類別與去年同期相比增長了約 20.9%，匯率中性。

In LATAM, the energy game category according to Nielsen for our track markets for the three months ended June 30, 2025, grew at approximately 13.9% versus the same period last year. Growth remains healthy in local currencies across EMEA, Asia Pacific, and Latin America.

在拉丁美洲，根據尼爾森針對我們追蹤的市場截至 2025 年 6 月 30 日的三個月的數據，能源遊戲類別較去年同期成長了約 13.9%。歐洲、中東和非洲地區、亞太地區和拉丁美洲的當地貨幣仍保持健康成長。

Our net sales to customers outside the United States rose to approximately 41% of total reported net sales in the 2025 second quarter. We believe our portfolio of energy drink offerings are well positioned to participate in the growing global energy drink category, appealing to a broad range of consumers across geographies, price points and need states.

2025 年第二季度，我們對美國以外客戶的淨銷售額成長至報告總淨銷售額的約 41%。我們相信，我們的能量飲料產品組合能夠很好地參與日益增長的全球能量飲料類別，吸引不同地區、不同價位和不同需求狀態的廣大消費者。

Innovation continues to be an important contributor to category growth, but we maintain a robust innovation pipeline. Our marketing messaging continues to resonate globally. Highlights from the second quarter include the continued successes of our sponsorship and endorsement activities, including our McLaren Formula 1 team sponsorship, UFC and MMA Summer X Games, Supercross and Motocross and Stage Coast Music Festival, among others. Relatedly, we successfully introduced Monster Energy Zero Sugar in select EMEA markets in the second quarter with a broader introduction planned for the second half of the year. As an aside, the McLaren Formula 1 team won again this past weekend.

創新仍然是品類成長的重要貢獻者，但我們保持著強勁的創新管道。我們的行銷訊息繼續在全球範圍內引起共鳴。第二季的亮點包括我們的贊助和代言活動繼續取得成功，其中包括我們對麥克拉倫一級方程式車隊的贊助、UFC 和 MMA 夏季極限運動會、超級越野賽和摩托車越野賽以及海岸舞台音樂節等。與此相關的是，我們在第二季在部分 EMEA 市場成功推出了 Monster Energy Zero Sugar，並計劃於今年下半年進行更廣泛的推廣。順便說一句，麥克拉倫一級方程式車隊上週末再次獲勝。

Building on the successes of our $1 billion Ultra brand family, we've introduced a new visual brand identity to differentiate and enhance visibility in store. In particular, we have established new merchandising platforms, including in-store coolers around a Zero Sugar flavors unleased proposition. This will be followed by digital media campaign in the third quarter adding to the most recent viral explosion on social media for our flagship Zero Ultra energy drink. We also have further Ultra innovations planned, including the launch of Ultra wild passion in the fourth quarter.

在我們價值 10 億美元的 Ultra 品牌家族取得成功的基礎上，我們引入了新的視覺品牌標識，以區分並提高店內知名度。具體來說，我們建立了新的行銷平台，包括圍繞零糖口味釋放主張的店內冷藏櫃。隨後，我們將在第三季度開展數位媒體宣傳活動，並進一步增強我們旗艦產品 Zero Ultra 能量飲料在社群媒體上的熱度。我們還計劃進一步進行 Ultra 創新，包括在第四季度推出 Ultra 狂野激情。

During the second quarter of 2025, the impact of tariffs on our operating results was immaterial. In general, while our flavors and concentrates are manufactured both in the US and Ireland at the present time, production of our finished products takes place locally in our respective markets.

2025 年第二季度，關稅對我們經營業績的影響並不大。總體而言，雖然我們的調味品和濃縮物目前在美國和愛爾蘭生產，但我們的成品生產卻在我們各自的市場中本地進行。

Despite the immaterial impact on our business in the second quarter, the tariff landscape continues to be complicated and dynamic. We import some raw materials into the United States, export certain raw materials for local markets, and export limited quantities of finished products. We do not believe, based on our business model, that the current tariffs will have a material impact on the company's operating results. However, we expect it will have a modest impact in the third quarter of 2025.

儘管第二季對我們的業務影響不大，但關稅情況仍然複雜且動態。我們向美國進口一些原料，向當地市場出口某些原料，並出口有限數量的成品。根據我們的商業模式，我們認為目前的關稅不會對公司的經營業績產生重大影響。不過，我們預計它將在 2025 年第三季產生適度影響。

We will continue to recognize tariffs on aluminum through the higher Midwest premium and continue to implement mitigation strategies across the business where possible.

我們將繼續透過更高的中西部溢價來承認鋁關稅，並在可能的情況下繼續在整個業務範圍內實施緩解策略。

Turning to our Q2 2025 results. Net sales were $2.11 billion for the 2025 second quarter or 11.1% higher than net sales of $1.9 billion in the comparable 2024 second quarter. Net changes in foreign currency exchange rates had an unfavorable impact on net sales for the 2025 second quarter of $5 million. Net sales on a foreign currency adjusted basis increased 11.4% in the 2025 second quarter. Net sales, excluding the alcohol brand segment on a foreign currency adjusted basis increased 11.8% in the 2025 second quarter.

談到我們的 2025 年第二季業績。2025 年第二季淨銷售額為 21.1 億美元，比 2024 年第二季的淨銷售額 19 億美元高出 11.1%。外匯匯率的淨變動對 2025 年第二季的淨銷售額產生了 500 萬美元的不利影響。2025 年第二季度，經外匯調整後的淨銷售額成長了 11.4%。2025 年第二季度，扣除酒類品牌部分後，經外匯調整後的淨銷售額成長了 11.8%。

Excluding the Alcohol Brands segment from our reported results is purely illustrative as it remains part of ongoing operations. Net sales for the company's Monster Energy Drinks segment increased 11.2% to $1.94 billion for the 2025 second quarter from $1.74 billion for the 2024 second quarter. Net sales on a foreign currency adjusted basis for the Monster Energy Drinks segment increased 11.4% in the 2025 second quarter.

將酒類品牌部門排除在我們的報告結果之外純粹是為了說明，因為它仍然是持續經營的一部分。該公司怪物能量飲料部門的淨銷售額從 2024 年第二季的 17.4 億美元成長 11.2% 至 2025 年第二季的 19.4 億美元。2025 年第二季度，怪物能量飲料部門按外幣調整後的淨銷售額成長了 11.4%。

Net sales for the company's Strategic Brands segment increased 18.9% to $129.9 million for the 2025 second quarter from $109.2 million in the 2024 second quarter. Net sales on a foreign currency adjusted basis for the Strategic Brands segment increased 19.1% in the 2025 second quarter.

該公司戰略品牌部門的淨銷售額從 2024 年第二季的 1.092 億美元成長 18.9% 至 2025 年第二季的 1.299 億美元。2025 年第二季度，戰略品牌部門按外幣調整後的淨銷售額成長了 19.1%。

Net sales for the Alcohol Brands segment decreased 8.6% to $38 million for the 2025 second quarter from $41.6 million in the 2024 second quarter.

酒類品牌部門的淨銷售額從 2024 年第二季的 4,160 萬美元下降 8.6% 至 2025 年第二季的 3,800 萬美元。

Gross profit as a percentage of net sales for the 2025 second quarter was 55.7% compared with 53.6% in the 2024 second quarter. The increase in gross profit as a percentage of net sales for the 2025 second quarter was primarily the result of pricing actions, supply chain optimization, and lower input costs, partially offset by geographical sales mix and higher promotional allowances.

2025 年第二季毛利佔淨銷售額的百分比為 55.7%，而 2024 年第二季為 53.6%。2025 年第二季毛利潤佔淨銷售額的百分比增加主要是由於定價行動、供應鏈優化和投入成本降低，但被地理銷售組合和更高的促銷折扣部分抵消。

Distribution expenses for the 2025 second quarter were $82 million or 3.9% of net sales compared with $87.4 million or 4.6% of net sales in the 2024 second quarter.

2025 年第二季的分銷費用為 8,200 萬美元，佔淨銷售額的 3.9%，而 2024 年第二季的分銷費用為 8,740 萬美元，佔淨銷售額的 4.6%。

Selling expenses for the 2025 second quarter were $196.9 million or 9.3% of net sales compared with $192.1 million or 10.1% of net sales in the 2024 second quarter.

2025 年第二季的銷售費用為 1.969 億美元，佔淨銷售額的 9.3%，而 2024 年第二季的銷售費用為 1.921 億美元，佔淨銷售額的 10.1%。

General and administrative expenses for the 2025 second quarter were $265.9 million or 12.6% of net sales compared with $212.8 million or 11.2% of net sales for the 2024 second quarter.

2025 年第二季的一般及行政費用為 2.659 億美元，佔淨銷售額的 12.6%，而 2024 年第二季的一般及行政費用為 2.128 億美元，佔淨銷售額的 11.2%。

Stock-based compensation was $33.2 million for the 2025 second quarter compared with $18.8 million in the 2024 second quarter. The increase in stock-based compensation for the 2025 second quarter included $7.9 million related to certain equity awards granted late in the 2025 first quarter that contained a new retirement clause. In addition, general and administrative expenses for the 2025 second quarter included $13.8 million of litigation provisions.

2025 年第二季的股票薪酬為 3,320 萬美元，而 2024 年第二季的股票薪酬為 1,880 萬美元。2025 年第二季股票薪酬的增加包括 790 萬美元，與 2025 年第一季末授予的某些包含新退休條款的股權獎勵有關。此外，2025 年第二季的一般及行政開支還包括 1,380 萬美元的訴訟準備金。

Operating expenses for the 2025 second quarter were $544.8 million compared with $492.3 million in the 2024 second quarter.

2025 年第二季的營運費用為 5.448 億美元，而 2024 年第二季的營運費用為 4.923 億美元。

Adjusted operating expenses exclusive of the alcohol brand segment, the litigation provisions and the change in stock-based compensation for the 2025 second quarter were $497.7 million compared with $459.3 million in the 2024 second quarter. Operating expenses as a percentage of net sales for the 2025 second quarter were 25.8% compared with 25.9% in the 2024 second quarter. Adjusted operating expenses as a percentage of net sales for the 2025 second quarter were 24.0%.

2025 年第二季度，不包括酒類品牌部門、訴訟準備金和股票薪酬變化的調整後營業費用為 4.977 億美元，而 2024 年第二季度為 4.593 億美元。2025 年第二季的營業費用佔淨銷售額的百分比為 25.8%，而 2024 年第二季為 25.9%。2025 年第二季調整後營業費用佔淨銷售額的百分比為 24.0%。

Operating income for the 2025 second quarter increased 19.8% to $631.6 million from $527.2 million in the 2024 comparative quarter. Adjusted operating income for the 2025 second quarter, exclusive of the Alcohol Brands segment, the litigation provisions, and the change in stock-based compensation increased 21.5% to $667.9 million from $549.7 million in the 2024 second quarter.

2025 年第二季營業收入從 2024 年同期的 5.272 億美元成長 19.8% 至 6.316 億美元。2025 年第二季調整後營業收入（不包括酒類品牌部門、訴訟準備金和股票薪酬變化）從 2024 年第二季的 5.497 億美元增長 21.5% 至 6.679 億美元。

The effective tax rate for the 2025 second quarter was 24.4% compared with 22.9% in the 2024 second quarter. The increase in the effective tax rate was primarily attributable to higher income taxes in foreign tax jurisdictions.

2025 年第二季的有效稅率為 24.4%，而 2024 年第二季的有效稅率為 22.9%。有效稅率的增加主要歸因於外國稅收管轄區的所得稅增加。

Net income for the 2025 second quarter increased 14.9% to $488.8 million from $425.4 million in the 2024 second quarter. Net income for the 2025 second quarter, exclusive of the alcohol brand segment, the litigation provisions and the change in stock-based compensation increased 16.7% to $516.5 million from $442.7 million in the 2024 second quarter.

2025 年第二季淨收入從 2024 年第二季的 4.254 億美元成長 14.9% 至 4.888 億美元。2025 年第二季淨收入（不包括酒類品牌部門、訴訟準備金和股票薪酬變化）從 2024 年第二季度的 4.427 億美元增長 16.7% 至 5.165 億美元。

Net income per diluted share for the 2025 second quarter increased 21.1% to $0.50 from $0.41 in the second quarter 2024. Net income per diluted share for the 2025 second quarter, exclusive of the litigation provisions and the accelerated stock-based compensation increased 25.2% to $0.51 from $0.41 in the second quarter of 2024. Net income per diluted share for the 2025 second quarter, exclusive of the Alcohol Brands segment, the litigation provisions and the accelerated stock-based compensation increased 23.0% to $0.52 from $0.43 in the second quarter of 2024.

2025 年第二季每股攤薄淨利潤從 2024 年第二季的 0.41 美元成長 21.1% 至 0.50 美元。2025 年第二季每股攤薄淨利潤（不含訴訟準備金和加速股票薪酬）從 2024 年第二季的 0.41 美元成長 25.2% 至 0.51 美元。2025 年第二季每股攤薄淨利潤（不包括酒類品牌部門、訴訟準備金和加速股票薪酬）從 2024 年第二季的 0.43 美元增長 23.0% 至 0.52 美元。

Turning now to the US and North America sales. Net sales in the US and Canada in the 2025 second quarter [increased] by 8.6% in dollars over the same period in 2024. Growth for the quarter was led by the Monster Energy Ultra family.

現在談談美國和北美的銷售。2025 年第二季美國和加拿大的淨銷售額比 2024 年同期成長 8.6%（以美元計算）。本季的成長主要由 Monster Energy Ultra 系列帶動。

In the United States, according to the Nielsen reports for the 30 weeks ended July 19, 2025, the Monster Energy Ultra Family was the third largest stand-alone energy drink brand in dollar sales in the energy drink category after Red Bull and Monster for all outlets combined, namely convenience, grocery, drug and mass merchandisers, including energy starts.

在美國，根據尼爾森截至 2025 年 7 月 19 日的 30 週報告，Monster Energy Ultra Family 是能量飲料類別中美元銷售額第三大的獨立能量飲料品牌，僅次於紅牛和 Monster，涵蓋所有銷售管道，包括便利商店、雜貨店、藥局和大眾零售商，包括能量飲料店。

Innovation continues to drive performance with Monster Energy Ultra Blue Hawaiian and Monster Energy Ultra Vice Guava contributing to the Monster Energy Ultra brand family growth. Our two Monster Killer Brew SKUs and juiced ones of Viking Berry also contributed to US growth.

創新繼續推動業績成長，Monster Energy Ultra Blue Hawaiian 和 Monster Energy Ultra Vice Guava 為 Monster Energy Ultra 品牌家族的發展做出了貢獻。我們的兩款 Monster Killer Brew SKU 和 Viking Berry 果汁 SKU 也為美國市場的成長做出了貢獻。

Our revenue growth management team remains focused on long-term value creation opportunities and trade spend optimization. The pricing of energy drinks in the United States has increased at a slower rate than other NARTD beverages in the last decade, and we believe this provides for a favorable value proposition with consumers. To that end, we have initiated discussions with our bottlers and customers and are planning for selective price adjustments by packaging channel as well as reductions in promotional allowances in the United States effective during the 2025 fourth quarter.

我們的收入成長管理團隊始終專注於長期價值創造機會和貿易支出最佳化。過去十年，美國能量飲料的定價上漲速度低於其他 NARTD 飲料，我們相信這為消費者提供了有利的價值主張。為此，我們已開始與我們的裝瓶商和客戶進行討論，並計劃從 2025 年第四季開始透過包裝通路進行選擇性價格調整，並減少美國的促銷補貼。

As communicated at our annual meeting, we're planning to launch two new full sugar Monster Energy flavors, Monster Energy Electric Blue and Monster Energy Orange Dreamsicle in the fall. We are also planning to introduce Juiced Monster Bad Apple, which was introduced in select EMEA markets in two as well as Monster Energy Ultra will passion in the fall.

正如我們在年度會議上所傳達的那樣，我們計劃在秋季推出兩種新的全糖 Monster Energy 口味，Monster Energy Electric Blue 和 Monster Energy Orange Dreamsicle。我們也計劃推出 Juiced Monster Bad Apple，該產品已分兩年在部分 EMEA 市場推出，而 Monster Energy Ultra 也將於秋季上市。

Additionally, we are planning a strategic launch Monster Energy Zero Sugar in Texas and Nevada in California leveraging the Formula 1 races in the United States later this year.

此外，我們計劃利用今年稍後在美國舉辦的一級方程式賽車比賽，在德克薩斯州和內華達州以及加利福尼亞州戰略性地推出 Monster Energy Zero Sugar。

Turning to sales internationally. Net sales to customers outside the United States on a foreign currency adjusted basis, increased 16.5% to $869.3 million in the 2025 second quarter. Reported net sales to customers outside the United States were $864.2 million, 41% of total net sales in the 2025 second quarter compared to $746 million or 39% of total net sales in the corresponding quarter in 2024.

轉向國際銷售。2025 年第二季度，以外幣調整後計算，對美國以外客戶的淨銷售額成長 16.5%，達到 8.693 億美元。報告顯示，美國以外客戶的淨銷售額為 8.642 億美元，佔 2025 年第二季總淨銷售額的 41%，而 2024 年同期為 7.46 億美元，佔總淨銷售額的 39%。

Foreign currency exchange rates had a negative impact on net sales in US dollars of approximately $5 million in the 2025 second quarter.

外幣匯率對 2025 年第二季的美元淨銷售額產生了約 500 萬美元的負面影響。

Turning to EMEA. Our net sales in EMEA in the 2025 second quarter increased by 26.8% in dollars and increased 23.7% on a currency-neutral basis over the same period in 2024.

轉向 EMEA。2025 年第二季度，我們在歐洲、中東和非洲地區的淨銷售額以美元計算增長了 26.8%，按貨幣中性計算則比 2024 年同期增長了 23.7%。

Gross profit in this region as a percentage of net sales for the 2025 second quarter was 36.1% versus 34.7% in the same period in 2024.

2025 年第二季該地區毛利佔淨銷售額的百分比為 36.1%，而 2024 年同期為 34.7%。

Energy drink category growth remains healthy with Monster outperforming the category in many EMEA markets. According to Nielsen, in all measured channels in Western Europe, excluding Iceland, the Monster Energy brand is now the seventh largest FMCG brand by value. According to Nielsen, for the most recent 13-week period, the Monster brand is now the number one energy drink in Norway. Our affordable brands continue to grow, gain share in their respective markets.

能量飲料類別的成長依然健康，Monster 在許多 EMEA 市場的表現優於其他類別。據尼爾森稱，在西歐（冰島除外）所有測量管道中，怪物能量品牌目前是按價值計算的第七大快速消費品品牌。根據尼爾森的調查，最近 13 週內，Monster 品牌現在是挪威排名第一的能量飲料。我們價格實惠的品牌不斷發展，在各自的市場中佔有越來越大的份額。

Within EMEA, we are also seeing growth of Fury in Egypt and Predator in Kenya and Nigeria. Innovation continues to drive performance in the region with Juice Monster Rio Punch and Monster Energy Ultra strollers, contributing to the growth in the quarter.

在歐洲、中東和非洲地區，我們也看到 Fury 在埃及市場以及 Predator 在肯亞和奈及利亞市場的成長。Juice Monster Rio Punch 和 Monster Energy Ultra 嬰兒車的創新繼續推動該地區的業績，為本季度的成長做出了貢獻。

In addition, we launched Monster Energy Lando Norris Zero Sugar in five markets at the end of the second quarter. We will continue to roll out throughout the second half of 2025 in 33 additional markets in EMEA. We're especially excited about the launch of this product due to its unique package design a pending million-user flavor and strong activation by our sales teams and our Coca-Cola bottling partners.

此外，我們在第二季末在五個市場推出了 Monster Energy Lando Norris Zero Sugar。我們將在 2025 年下半年繼續在歐洲、中東和非洲地區的另外 33 個市場推出此服務。我們對這款產品的推出感到特別興奮，因為它擁有獨特的包裝設計、即將受到百萬用戶的青睞的口味以及我們銷售團隊和可口可樂裝瓶合作夥伴的強力激活。

We will be launching various Monster Energy strategic brands and affordable brand products in additional markets in EMEA throughout the rest of 2025, including the rollout of Monster Energy Valentino Rossi Zero Sugar in a number of countries.

我們將在 2025 年剩餘時間內在歐洲、中東和非洲地區的更多市場推出各種 Monster Energy 戰略品牌和平價品牌產品，包括在多個國家推出 Monster Energy Valentino Rossi Zero Sugar。

Turning to Asia Pacific. Net sales in Asia Pacific in the 2025 second quarter increased 11.6%, both in dollars and on a currency-neutral basis over the same period in 2024.

轉向亞太地區。2025 年第二季亞太地區的淨銷售額與 2024 年同期相比成長了 11.6%，無論是以美元計算還是以貨幣中性計算。

Gross profit in this region as a percentage of net sales for the 2025 second quarter was 41.0% versus 45.4% in the same period in 2024. The decrease in gross profit margins as a percentage of net sales was primarily the result of higher promotional allowances and geographic sales mix.

2025 年第二季該地區毛利佔淨銷售額的百分比為 41.0%，而 2024 年同期為 45.4%。毛利率佔淨銷售額的百分比下降主要是由於促銷補貼和地理銷售組合增加所致。

Net sales in Japan in the 2025 second quarter increased 6.1% in dollars and increased 1% on a currency-neutral basis. We are planning to launch two SKUs of rainstorm in Japan in the 2025 third quarter.

2025 年第二季日本淨銷售額以美元計算成長 6.1%，以貨幣中性計算成長 1%。我們計劃在2025年第三季在日本推出兩場暴雨SKU。

Net sales in South Korea in the 2025 second quarter increased 22.4% in dollars and increased 28.9% on a currency-neutral basis as compared to the same quarter in 2024.

2025 年第二季韓國淨銷售額與 2024 年同期相比以美元計算成長 22.4%，以貨幣中性計算成長 28.9%。

Net sales in China in the 2025 second quarter increased 19.5% in dollars and increased 20.2% on a currency-neutral basis as compared to the same quarter in 2024.

2025 年第二季度，中國市場的淨銷售額以美元計算成長 19.5%，以貨幣中性計算成長 20.2%，與 2024 年同期相比。

Net sales in India in the 2025 second quarter increased 12.4% in dollars and increased 16.0% on a currency-neutral basis as compared to the same quarter in 2024.

2025 年第二季印度的淨銷售額以美元計算成長 12.4%，以貨幣中性計算成長 16.0%，與 2024 年同期相比。

During the second quarter, sales growth of the Monster Energy brand remained solid, repetitive growing meaningfully ahead of the energy drink category in part reflecting its ongoing rollout into new markets and increased production capacity with the Coca-Cola bottlers in India. Overall, we remain optimistic about the long-term prospects for our brands in Asia Pacific and are excited about the incremental expansion of our affordable brands in China and India.

在第二季度，怪物能量品牌的銷售成長保持穩健，在能量飲料類別中保持了顯著的重複性成長，這在一定程度上反映了其不斷開拓新市場以及與印度可口可樂瓶裝廠合作提高生產能力。總體而言，我們對我們的品牌在亞太地區的長期前景保持樂觀，並對我們平價品牌在中國和印度的逐步擴張感到興奮。

In Oceania, which includes Australia, New Zealand, Tahiti, French Polynesia, New Caledonia, Papua New Guinea and Guam, net sales increased 8.3% in dollars and increased 11.9% on a currency-neutral basis.

在包括澳洲、紐西蘭、塔希提島、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，淨銷售額以美元計算增加了 8.3%，以貨幣中性計算增加了 11.9%。

Turning to Latin America and the Caribbean. Net sales in Latin America, including Mexico and the Caribbean, in the 2025 second quarter decreased 7.8% in dollars and increased 1.7% on a currency-neutral basis over the same period in 2024. Slower growth in the region on a currency-neutral basis was primarily attributable to a change to the operating model in Argentina, lower net sales in certain countries primarily due to production challenges and adverse weather in the region, particularly in Brazil.

轉向拉丁美洲和加勒比海地區。2025 年第二季度，包括墨西哥和加勒比地區在內的拉丁美洲的淨銷售額以美元計算下降了 7.8%，以貨幣中性計算則比 2024 年同期增長了 1.7%。不計貨幣因素，該地區成長放緩主要歸因於阿根廷營運模式的變化，以及某些國家的淨銷售額下降，這主要歸因於該地區（尤其是巴西）的生產挑戰和惡劣天氣。

Gross profit in this region as a percentage of net sales was 45.2% for the 2025 second quarter versus 45.8% in the 2024 second quarter. Net sales in Brazil in the second quarter decreased 1.3% in dollars but increased 10.4% on a currency-neutral basis. We are planning to launch Juice Monster Rio Punch in the 2025 third quarter.

2025 年第二季該地區毛利佔淨銷售額的百分比為 45.2%，而 2024 年第二季為 45.8%。巴西第二季淨銷售額以美元計算下降 1.3%，但以貨幣中性計算則成長 10.4%。我們計劃在 2025 年第三季推出 Juice Monster Rio Punch。

Net sales in Chile in the 2025 second quarter increased 4.6% in dollars and 4.2% on a currency-neutral basis. We are planning to launch Juice Monster Pipeline Punch in the 2025 third quarter.

2025 年第二季智利的淨銷售額以美元計算成長 4.6%，以貨幣中性計算成長 4.2%。我們計劃在 2025 年第三季推出 Juice Monster Pipeline Punch。

Net sales in Argentina in the 2025 second quarter decreased 33.9% in dollars and 30.2% on a currency-neutral basis. The net sales decrease in Argentina was partially due to lower per case revenues as a result of a change to operating model late in the first quarter of 2025 with the objective to better manage our foreign currency exposure.

2025 年第二季阿根廷的淨銷售額以美元計算下降 33.9%，以貨幣中立計算下降 30.2%。阿根廷淨銷售額下降的部分原因是由於 2025 年第一季末為了更好地管理外匯風險而改變營運模式，導致每箱收入下降。

Net sales in Mexico decreased 7.0% in dollars and increased 10.8% on a currency-neutral basis in the 2025 second quarter. In the third quarter, we are planning to launch Monster Energy Ultra Strawberry Dreams and Predator Wild Berry.

2025 年第二季度，墨西哥的淨銷售額以美元計算下降 7.0%，以貨幣中性計算成長 10.8%。第三季度，我們計劃推出Monster Energy Ultra Strawberry Dreams和Predator Wild Berry。

Turning to Monster Brewing. Monster Brewing results improved relative to the first quarter of 2025 but continue to face challenges in the second quarter.

轉向 Monster Brewing。Monster Brewing 的業績相對於 2025 年第一季有所改善，但第二季繼續面臨挑戰。

During the 2025 second quarter, we reduced head count as part of our cost reduction plans. Net sales for the Alcohol Brands segment were $38 million in the 2025 second quarter, a decrease of approximately $3.6 million or 8.6% lower than the 2024 comparable quarter.

在 2025 年第二季度，作為成本削減計劃的一部分，我們削減了員工人數。2025 年第二季度，酒類品牌部門的淨銷售額為 3,800 萬美元，比 2024 年同期減少約 360 萬美元，即下降 8.6%。

We continue to plan for the launch of the beast in certain international markets, subject to regulatory approvals. We are also planning further innovation in Monster Brewing in the coming months for example, a new hard lemonade lines, Line Lemon and Blind Lemon began shipping nationally in July.

我們將繼續計劃在某些國際市場推出這款產品，但需獲得監管部門的批准。我們還計劃在未來幾個月對 Monster Brewing 進行進一步創新，例如，新的硬檸檬水生產線 Line Lemon 和 Blind Lemon 將於 7 月開始在全國範圍內發貨。

During the 2025 second quarter, no shares of the company's common stock were repurchased as of August 6, 2025, approximately $500 million remained available for repurchase under the previously authorized repurchase program.

2025 年第二季度，截至 2025 年 8 月 6 日，本公司未回購任何普通股，根據先前授權的回購計劃，仍有約 5 億美元可供回購。

Now turning to our July 2025 sales. We estimate that July 2025 sales on a non-foreign currency adjusted basis, were approximately 24.3% higher than the comparable July 2024 sales and 24.9% higher on a non-foreign currency adjusted basis, excluding the Alcohol Brands segment.

現在來看看我們 2025 年 7 月的銷售額。我們估計，2025 年 7 月的銷售額（按非外幣調整後計算）將比 2024 年 7 月的可比銷售額高出約 24.3%，按非外幣調整後計算（不包括酒精品牌部門）將高出 24.9%。

We estimate that on a foreign currency adjusted basis, July 2025 sales were approximately 22.2% higher than the comparable July 2024 sales and 22.8% higher on a foreign currency adjusted basis, excluding the Alcohol Brand segment. July 2025 had the same number of selling days as July 2024.

我們估計，以外匯調整後計算，2025 年 7 月的銷售額比 2024 年 7 月的銷售額高出約 22.2%，按外匯調整後計算（不包括酒精品牌部門）高出 22.8%。2025 年 7 月的銷售天數與 2024 年 7 月相同。

In this regard, we caution again that sales over a short period, often is proportionately impacted by various factors such as, for example, selling days, days of the week in which holidays fall, timing of new product launches, the timing of price increases and promotions in retail stores, distributor incentives as well as shifts in the timing of production.

在這方面，我們再次提醒，短期銷售通常會受到各種因素的影響，例如銷售日、假日、新產品發佈時間、零售店漲價和促銷時間、經銷商激勵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 date on which we invoice such bottlers. Furthermore, our bottling and distribution partners maintain inventory levels according to their own internal requirements, which they may alter from time to time for their own business reasons.

在某些情況下，我們的裝瓶工人負責生產並確定自己的生產計劃。這會影響我們向這些瓶裝商開立發票的日期。此外，我們的裝瓶和分銷合作夥伴根據自己的內部要求維持庫存水平，並且他們可能會因自身業務原因不時改變庫存水平。

We iterate that sales over a short period such as a single 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.

我們重申，短期內（例如一個季度）的銷售額不一定應歸因於或被視為整個季度或任何未來時期的業績指標。最後，我想總結一下最近的一些積極點。

Our record quarterly net sales crossed the $2 billion threshold for the first time in the company's history. In addition, the percentage growth rates in reported gross profit, operating income, net income, and earnings per share all outpaced our growth rate in net sales. The energy drink category continues to grow globally. We believe that household penetration continues to increase in the energy drink category growth opportunities in household penetration per capita consumption, along with consumers' needs for energy of positive factors for the category.

我們的季度淨銷售額創歷史新高，在公司歷史上首次突破了 20 億美元的大關。此外，報告的毛利、營業收入、淨收入和每股收益的百分比成長率都超過了我們的淨銷售額成長率。能量飲料類別在全球持續成長。我們認為，家庭滲透率的持續提高將為能量飲料品類帶來人均消費量的成長機會，同時消費者對能量的需求也是該品類的正面因素。

We continue to expand ourselves in non-Nielsen-tracked channels. Globally, as measured by scanner data, consumer demand remained strong. In the United States, the energy drink category, as measured by Nielsen, accelerated in the 2025 second quarter compared to the 2025 first quarter,with growth remaining strong in July.

我們繼續在非尼爾森追蹤的管道中擴張業務。從全球來看，根據掃描器數據顯示，消費者需求依然強勁。在美國，尼爾森測量的能量飲料類別在2025年第二季與2025年第一季相比加速成長，7月成長依然強勁。

Monster sales at retail have followed a similar some trend. We continue to review opportunities for price increases domestically and internationally. We are excited for our innovation pipeline for 2025 and beyond.

Monster 零售店的銷售也呈現類似的趨勢。我們將繼續審查國內和國際價格上漲的機會。我們對 2025 年及以後的創新管道充滿期待。

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

現在我想回答有關本季的問題。

(Operator Instructions) Dara Mohsenian, Morgan Stanley.

（操作員指示）摩根士丹利的 Dara Mohsenian。

Hey, good afternoon. The gross margin performance was particularly strong in Q2. Can you just talk about how sustainable some of those drivers might be going forward? You mentioned some modest tariff pressure going forward. So just any thoughts around higher aluminum costs and the impact going forward? And if you could just clarify, you mentioned some US pricing in Q4, is that more selective tactical adjustments? Or are you looking more to a broad type of price increase? Thanks.

嘿，下午好。第二季的毛利率表現特別強勁。您能否談談其中一些驅動因素未來的可持續性？您提到了未來會出現一些適度的關稅壓力。那麼，對於鋁成本上漲及其未來影響您有何看法？如果您能澄清一下，您提到第四季度的一些美國定價，這是否是更有選擇性的戰術調整？還是您更希望看到更大範圍的價格上漲？謝謝。

Well, I think we mentioned that the price increase that is currently being explored will depend on package and channel. So it's still a little premature to say exactly where it will fall out, but we are in discussions with our bottlers and customers.

嗯，我想我們提到過，目前正在探討的價格上漲將取決於套餐和管道。因此，現在判斷最終結果還為時過早，但我們正在與瓶裝商和客戶進行討論。

So turning to gross margins, I've always been very passionate about gross margins and where the gross margins can end up in the company. But as we look at where we are in Q2 and we look forward into Q3 and we don't give guidance, so I've got to be careful what I say otherwise, I might get into trouble here with the lawyers, but we do see some modest pressures coming from tariffs in Q3.

談到毛利率，我一直非常關注毛利率以及公司的毛利率最終能達到什麼水準。但是，當我們回顧第二季度的狀況並展望第三季度時，我們並沒有給出指引，所以我必須謹慎說話，否則，我可能會與律師發生糾紛，但我們確實看到第三季度關稅帶來一些適度的壓力。

And in Q4, if the price increase has not materialized, but we think it will. We will see some reduction in -- through tariffs. But we do believe that the price increase will go some way towards overcoming that. And as I mentioned previously on many calls that we have a hedging strategy in place, so we are not totally exposed to the precise and changes in pricing in the LME, but we are we are hedged to a limited extent in the Midwest premium, which is where we'll see the impact of the tariffs.

而在第四季度，如果價格上漲尚未實現，但我們認為它會實現。我們將看到關稅有所減少。但我們確實相信，價格上漲將在一定程度上克服這個問題。正如我之前在多次電話會議上提到的那樣，我們已製定了對沖策略，因此我們不會完全受到倫敦金屬交易所定價的精確變化的影響，但我們在中西部溢價方面進行了有限的對沖，我們將在這裡看到關稅的影響。

Bonnie Herzog, Goldman Sachs.

高盛的邦妮·赫爾佐格。

All right. Thank you. Hi, Hilton, hi, everyone. Maybe a quick follow-up. Question on that just in terms of your supply chain optimization efforts because, Hilton, I know you've been working on that. So if you have any color that you can share with us and sort of where you're at in that process?

好的。謝謝。嗨，希爾頓，大家好。或許可以快速跟進。我僅就您的供應鏈優化工作提出這個問題，因為希爾頓，我知道您一直在致力於此。那麼，您是否可以與我們分享任何資訊以及您目前處於哪個過程？

And then I'd love to hear some color on the category because it's been very strong recently, especially in the US, up double digits. So if you could touch on some of the drivers of the recent strength and how sustainable this might be for the rest of the year and maybe into next?

然後我很想聽聽關於這個類別的一些細節，因為它最近非常強勁，特別是在美國，成長了兩位數。那麼，您能否談談近期強勁勢頭的一些驅動因素，以及這種勢頭在今年剩餘時間甚至明年的可持續性如何？

Okay. So let's talk first about supply chain optimization. What we've been able to achieve is a good balance between our own production, which now accounts for probably just around 10% of our sales in the US and a very well-balanced co-packing model. Our objective always has been to get the lowest delivered price to our customers.

好的。那我們先來談談供應鏈優化。我們所取得的成果是，在我們自己的生產（目前約占我們在美國銷售額的 10% 左右）和非常均衡的共同包裝模式之間取得良好的平衡。我們的目標始終是向客戶提供最低的交貨價格。

And that's been an objective and it's one of the reasons why we are not producing more in our Phoenix facility because we've got such a great balance of co-packers that are able to achieve that objective of the lowest landed cost price to our customers. So that's supply chain.

這就是我們的目標，也是為什麼我們不在鳳凰城工廠增加產量的原因之一，因為我們擁有眾多的聯合包裝商，他們能夠為我們的客戶實現最低到岸成本價格的目標。這就是供應鏈。

Let's talk a little bit about the category. As we said earlier, when we spoke about July sales, sales trends in the category remains strong. Per scanner data, the category is up 13.2% in the last four weeks. Monster is up 12%, and our MC share, unfortunately has been impacted by the other brands, not Monster. And really, we've seen strong increases across all regions.

讓我們稍微討論一下這個類別。正如我們之前談到 7 月的銷售情況時所說，該類別的銷售趨勢仍然強勁。根據掃描器數據，該類別在過去四周內上漲了 13.2%。Monster 上漲了 12%，但不幸的是，我們的 MC 份額受到了其他品牌而非 Monster 的影響。事實上，我們看到所有地區的成長都很強勁。

We look at where we are in July and all of our regions are increasing nicely. So why has the market changed? At the end of the day, what we look at is that the pricing of our products at retail are very much competitive with comparable CFDs. And traditionally, there was a gap -- historically, there was a gap but now that gap is starting to close. And there's a strong appetite from consumers for functionality and a move towards our products and our competitors' products.

我們看看七月的情況，我們所有地區的成長都很好。那麼市場為何會發生這樣的變化呢？最終，我們看到的是，我們的產品零售定價與同類差價合約相比非常具有競爭力。傳統上，存在著差距——從歷史上看，存在著差距，但現在差距正在開始縮小。消費者對功能性有著強烈的需求，並且傾向於選擇我們的產品和競爭對手的產品。

So overall, innovation has driven the growth in the category and in our own sales. And also, there's this whole move that alcohol is not as appealing as historically it's been, and we believe that's creating more opportunities for energy and certainly more space for energy in customers' coolers. So there's nothing really more than I can add other than we're excited to be part of this category.

因此總體而言，創新推動了該類別和我們自身銷售的成長。此外，現在酒精不再像以前那麼有吸引力了，我們相信這為能源創造了更多的機會，當然也為顧客的冷藏櫃提供了更多的能源空間。因此，除了我們很高興成為這一類別的一部分之外，我沒有什麼可以補充的。

And everyone was like kind of concerned last year. And I think, at the time, we said that our belief was that there's a strong motivation, strong acceleration in the category and you're now seeing it. So I'm not sure I can add any more color, Bonnie.

去年每個人都有點擔心。我認為，當時我們說過，我們的信念是，該類別存在強大的動力和強勁的加速，現在您已經看到了它。所以我不確定我是否可以添加更多顏色，邦妮。

Chris Carey, Wells Fargo Securities.

富國證券的克里斯凱裡 (Chris Carey)。

Hey, everyone. I hope that you're all doing well. I wanted to follow up just on the quarter-to-date number, exceptionally strong. Hilton, you just said that all regions are growing. Is there any pull forward that you're seeing ahead of those pricing discussions? Any timing dynamics that we should be thinking about that's driving some of that strength?

嘿，大家好。我希望你們一切都好。我只想跟進本季迄今的數據，結果非常強勁。希爾頓，您剛才說所有地區都在成長。在這些定價討論之前，您是否看到了任何推動力？我們應該考慮哪些時間動態可以推動這種力量？

And then, if I could just follow up on this broader topic of the energy drink category. It's been a really strong year. And certainly, we're already looking forward to next year and the sustainability of the category. Clearly, you're going to potentially have this pricing in Q4.

然後，如果我可以繼續討論能量飲料類別這個更廣泛的主題。這是非常強勁的一年。當然，我們已經開始期待明年以及該類別的可持續性。顯然，您可能會在第四季度獲得這個定價。

But can you just talk about maybe what happened last year? Why you think the category slowed, whether it was a lack of innovation, lack of pricing? And how you're starting to think about the next 12 months between strength of innovation? Obviously, you're going to have pricing.

但你能談談去年發生的事情嗎？您認為該類別成長放緩的原因是什麼，是否因為缺乏創新，還是缺乏定價？您如何看待未來 12 個月的創新實力？顯然，你會有定價。

And any other tidbits that you might give us to lessen some of the anxiety as we start lapping the really strong performance. So thanks for the clarification on the quarter to date, and sorry for the longer-winded question going into next year. Thanks.

當我們開始測試真正強勁的性能時，您還可以提供其他資訊來減輕我們的焦慮嗎？因此，感謝您對本季迄今為止情況的澄清，對於明年較長的問題，我們深感抱歉。謝謝。

Yeah. Let's start with the longer question for next year. So there's an easy answer, we don't give guidance. So it's really hard for us to talk about 2026 other than to say that we've got a very strong innovation pipeline. And we're really excited about what will happen in the fall with our innovation, what's happening internationally with our innovation, and what could happen in 2026 with our innovation program.

是的。讓我們從明年的較長問題開始。答案很簡單，我們不提供指導。因此，我們很難談論 2026 年，只能說我們有非常強大的創新管道。我們對我們的創新在秋季將發生的變化、我們的創新在國際上將會發生的變化以及我們的創新計劃在 2026 年將發生的變化感到非常興奮。

Talking about what happened last year, it's kind of difficult, because I don't think anyone knows. We surmised at the time that there were lots of issues. It was pre-election, consumers, there was high inflation, there's high gas prices, consumers were holding back.

談論去年發生的事情有點困難，因為我認為沒有人知道。我們當時推測有許多問題。當時正值大選前夕，通膨和油價居高不下，消費者們都在猶豫不決。

But we've always said -- we passionately believe that energy offers a need state, it's a functional beverage. And we continue to see increased household penetration. We regard energy drinks as an affordable luxury. We're seeing a lot of growth of diets versus full sugar.

但我們一直說——我們堅信能量能滿足需求狀態，它是一種功能性飲料。我們也看到家庭普及率不斷提高。我們認為能量飲料是一種可以承受的奢侈品。我們看到，相對於全糖飲食，飲食的種類正在大幅增加。

I mentioned the NARTD price comparison. And there's been a big opportunity with the trend in coffee and the pricing trends in coffee. And also the impact on the coffee industry of the cold brews, which didn't do as successful as people expected. So there's a whole move towards why we believe this category is a good category and why we think it will continue to grow.

我提到了 NARTD 價格比較。咖啡的流行趨勢和定價趨勢都蘊藏著巨大的機會。冷萃咖啡對咖啡產業的影響也並不像人們預期的那樣成功。因此，我們相信這個類別是一個很好的類別，我們認為它會繼續成長。

Steve Powers, Deutsche Bank.

德意志銀行的史蒂夫·鮑爾斯。

Okay, thank you. Good evening. Hilton, case growth this quarter notably outpaced realized revenue growth, which obviously resulted in a lower all-in price per case in the quarter. I was hoping you could maybe break that apart a bit.

好的，謝謝。晚安.希爾頓本季的箱數成長明顯超過了實現的收入成長，這顯然導致本季每箱全包價格下降。我希望您能稍微分解一下這一點。

You mentioned higher promotional investments this quarter. But obviously, we've also got mix factors both geographic and within the segments, strategic brands outpaced Monster. So just a little bit of if you could just dissect the different drivers of the lower price per case? And just call anything that may be anomalous or unique to this quarter versus something that is more extrapolatable? Thank you.

您提到本季促銷投資有所增加。但顯然，我們也考慮了地理和細分領域的混合因素，策略品牌超過了 Monster。那麼，您能否稍微分析一下導致每箱價格較低的不同驅動因素？並且只是稱呼任何可能在本季出現異常或獨特的事物，而不是更具可推論性的事物？謝謝。

I think you answered your own question, to be honest. Because as we look at the quarter, 41% of sales internationally is kind of a first. And you know the impact of gross margin of international versus domestic.

說實話，我認為你自己已經回答了自己的問題。因為當我們看這個季度時，41% 的國際銷售額是第一次。而且您知道國際毛利率與國內毛利率的影響。

Secondly, we are internationally setting a significant amount now of affordable brands. And you correctly spoke about the Strategic Brands segment growing faster than the energy drink, say, the Monster Energy Drink segment in the quarter. So all of those factors, geographic mix, product mix, sales mix all contributed to the results that you're talking about.

其次，我們現在在國際上推出了大量價格實惠的品牌。您正確地指出，本季策略品牌部門的成長速度快於能量飲料部門，例如怪物能量飲料部門。因此，所有這些因素，地理組合、產品組合、銷售組合都對您所說的結果產生了影響。

Rob Ottenstein, Evercore.

奧滕斯坦（Rob Ottenstein），Evercore。

Great. Thank you very much. Hilton, early on in the call, you mentioned -- I couldn't quite follow you. You mentioned something about I thought changing the visual identity on the Ultra line? And then there was something about Unleashed, and I somehow it came in and out, and I didn't quite follow exactly what you're saying.

偉大的。非常感謝。希爾頓，在通話開始時，您提到—我不太明白您說的是什麼。您提到了我認為要改變 Ultra 系列的視覺形象？然後是關於《Unleashed》的一些內容，我不知怎麼地就聽不懂了，但我不太明白你在說什麼。

But if maybe you could talk in a little bit more detail on what you are doing and why you're doing it, given that the Ultra line has been so successful?

但是，鑑於 Ultra 系列如此成功，您是否可以更詳細地談論您正在做什麼以及為什麼要這樣做？

The Ultra line has been very successful. And it's, of late, it's becoming even more successful. And all it is an objective to establish the Ultra line given a separate identity with a silver claw very similar to what we have today, but have separate coolers to be able to better merchandise the product. So it will have a new visual identity, it will have better space through increased cooler capacity and its own coolers and again, commercial stacks on stores, cases on the floor, and we are great believers in that part of the business.

Ultra 系列非常成功。並且，最近它變得越來越成功。而這一切的目標是為 Ultra 系列賦予一個獨立的身份，帶有一個與我們今天所擁有的非常相似的銀爪，但有單獨的冷卻器，以便能夠更好地推銷產品。因此，它將擁有一個新的視覺形象，透過增加冷藏箱容量和自己的冷藏箱，它將擁有更好的空間，而且，商店裡有商業堆放，地板上有箱子，我們非常相信這部分業務。

And I think you probably noticed as probably a lot of our investors have noticed, a lot of our analysts is -- there's a whole kind of viral campaign on Zero Ultra in EMEA that's carried through to the US. And there's a significant amount of passion that we're using to build upon to really market that line more effectively.

我想您可能已經注意到了，我們的許多投資者和分析師也注意到了——在歐洲、中東和非洲地區，Zero Ultra 開展了一場病毒式行銷活動，並且這種活動一直延續到了美國。我們投入了大量的熱情來更有效地推銷該產品線。

Thank you. This concludes our question-and-answer session. I'd like to turn the conference back over to Hilton Schlosberg for closing remarks.

謝謝。我們的問答環節到此結束。我想將會議交還給希爾頓·施洛斯伯格，請他致閉幕詞。

Thank you. On behalf of Monster, I'd like to thank everyone for their continued interest in the company. I remain confident in the strength of our brands and the talent of not only our executive management team but also our entire family -- Monster family throughout the world, and I'm excited to be working with them all.

謝謝。我謹代表 Monster 感謝大家對公司的持續關注。我對我們的品牌實力和才華充滿信心，不僅是我們的執行管理團隊，還有我們整個家族——遍布全球的 Monster 家族，我很高興能與他們一起工作。

We continue to believe in the company and our growth strategy and remain committed to continuing to innovate, develop and differentiate our brands and to expand the company both at home and abroad and in particular, capitalizing on our relationship with the Coca-Cola bottler system we believe that we are well positioned in the beverage industry and continue to be optimistic about the future of our company. Thank you for your attendance.

我們繼續相信公司和我們的成長策略，並繼續致力於繼續創新、發展和差異化我們的品牌，擴大公司在國內外的業務，特別是利用我們與可口可樂瓶裝系統的關係，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。謝謝您的出席。

Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝。今天的電話會議到此結束。感謝大家參加今天的演講。現在您可以斷開線路，享受美好的一天。