Zevia PBC (ZVIA) 2022 Q4 法說會逐字稿

Greetings, and welcome to PBC Fourth Quarter 2022 Earnings Call (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎來到中國人民銀行 2022 年第四季度財報電話會議（操作員說明）提醒一下，這次會議正在錄製中。

It is now my pleasure to introduce your host, Reed Anderson, Managing Director of ICR. Thank you. You may begin.

現在我很高興向您介紹主持人，ICR 常務董事 Reed Anderson。謝謝。你可以開始了。

Thank you, and welcome to Zevia's Fourth Quarter and Full Year 2022 Earnings Conference Call and Webcast. On today's call are Amy Taylor, President & Chief Executive Officer; and Denise Beckles, Chief Financial Officer.

謝謝，歡迎收看 Zevia 的第四季度和 2022 年全年收益電話會議和網絡直播。出席今天電話會議的有總裁兼首席執行官 Amy Taylor；首席財務官 Denise Beckles。

By now, everyone should have access to the company's fourth quarter and full year 2022 earnings press release and investor presentation filed this morning. This information is available on the Investor Relations section of Zevia's website at investors.zevia.com.

到目前為止，每個人都應該可以訪問公司今天上午提交的第四季度和 2022 年全年收益新聞稿和投資者介紹。此信息可在 Zevia 網站 investors.zevia.com 的投資者關係部分獲取。

Before we begin, please note that all the financial information presented on today's call is unaudited. Certain comments made on this call include forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and beliefs concerning future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements.

在我們開始之前，請注意今天電話會議上提供的所有財務信息都未經審計。對此次電話會議的某些評論包括前瞻性陳述，這些陳述受 1995 年《私人證券訴訟改革法案》安全港條款的約束。這些前瞻性陳述基於管理層當前對未來事件的預期和信念，並受許多風險和不確定性可能導致實際結果與這些前瞻性陳述中描述的結果存在重大差異。

Please refer to today's press release and other filings with the SEC for a detailed discussion of the risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today. During the call, we will use some non-GAAP financial measures as we describe business performance. The SEC filings as well as the earnings press release, presentation slides that accompany today's comments and reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are also available on our website at investors.zevia.com.

請參閱今天的新聞稿和提交給美國證券交易委員會的其他文件，詳細討論可能導致實際結果與今天發表的任何前瞻性陳述中明示或暗示的結果存在重大差異的風險。在電話會議期間，我們將在描述業務績效時使用一些非 GAAP 財務指標。我們的網站 investors.zevia.com 上還提供了美國證券交易委員會的備案文件以及收益新聞稿、伴隨今天評論的演示幻燈片以及非 GAAP 財務指標與最直接可比的 GAAP 財務指標的對賬。

And now I would like to turn the call over to Amy Taylor.

現在我想把電話轉給艾米泰勒。

Thanks, Reed, and good morning, everyone. Welcome to the Q4 and full-year 2022 earnings call for Zevia PBC. Zevia continues to expand our user base and demonstrate strong brand momentum across channels, adding 1.4 million new households in 2022 on a 12-month rolling basis with equivalent momentum in Q4 and yet continues to increase average household spend. We are realizing price in the market and materially reducing cost in our business, resulting in continued recovery of our gross margin. Q4 saw the highest gross margin in the year. And critically, we continue to manage cash effectively and drive improvement on the adjusted EBITDA line, indicating a more rapid path to profitability.

謝謝，里德，大家早上好。歡迎來到 Zevia PBC 的第四季度和 2022 年全年收益電話會議。 Zevia 繼續擴大我們的用戶群並在各個渠道展示強大的品牌勢頭，在 2022 年連續 12 個月增加 140 萬戶新家庭，第四季度勢頭相同，但平均家庭支出繼續增加。我們正在實現市場價格並大幅降低業務成本，從而使我們的毛利率持續恢復。第四季度的毛利率為年內最高。至關重要的是，我們繼續有效地管理現金並推動調整後 EBITDA 線的改善，這表明實現盈利的路徑更快。

The strategic shifts we made at the halfway mark in 2022 are paying off and the evolved, more efficient team is executing with excellence, and the brand continues to demonstrate exciting momentum. We continue to advance the Zevia mission with a focus on global health for people and planet, removing another 2,600 metric tons of sugar from the diets of the communities we serve and replacing 39 million plastic bottles in our markets in the quarter.

我們在 2022 年過半時做出的戰略轉變正在取得成效，不斷發展、效率更高的團隊正在以卓越的表現執行，品牌繼續展現出令人振奮的勢頭。我們繼續推進 Zevia 使命，重點關注人類和地球的全球健康，在本季度從我們服務的社區的飲食中再減少 2,600 公噸糖分，並更換市場上的 3,900 萬個塑料瓶。

Zevia remains more affordable than 63% of non-alcoholic beverages in America, even as we realize price in keeping with the market, and we continue to focus on taking better-for-you beverages, mainstream, making them available and affordable for consumers across income levels. In Q4, we delivered net sales of just over $35 million, ahead of guidance, resulting in 3.5% revenue growth over prior year and an 8.7% decline in volume as we cycle the onetime pipeline fill to the warehouse club channel from Q4 of '21. Looking at growth through syndicated data as a measure of sell-through, volume grew 13.5% for the fourth quarter according to IRI. And sales remained strong through the ups and downs of retailer and e-commerce operator inventory management fluctuation. Zevia posted double-digit growth year-over-year for all months in 2022.

即使我們意識到價格與市場保持一致，Zevia 仍然比美國 63% 的非酒精飲料更實惠，並且我們繼續專注於將 better-for-you 飲料推向主流，讓全世界的消費者都能買到並負擔得起它們收入水平。在第四季度，我們實現了略高於 3500 萬美元的淨銷售額，超出預期，導致收入比上年增長 3.5%，銷量下降 8.7%，因為我們從 21 年第四季度開始將一次性管道填充循環到倉庫俱樂部渠道.根據 IRI 的數據，通過聯合數據來衡量銷量的增長，第四季度銷量增長了 13.5%。通過零售商和電子商務運營商庫存管理波動的起伏，銷售依然強勁。 Zevia 在 2022 年的所有月份都實現了兩位數的同比增長。

Gross margins are returning to historical mid-40s level, and we are paving the path to profitability with a very strong run rate of improvement on the adjusted EBITDA line. Cost controls, disciplined adaptations of our promotional strategy, strong price increase implementation and a demonstrated ability to improve cost containment show new precedent set for Zevia with a focus on quality growth. I'll go into more detail now with a focus on our consumer base evolution and our learnings from syndicated and panel data.

毛利率正在恢復到 40 年代中期的歷史水平，我們正在為盈利鋪平道路，調整後的 EBITDA 線的運行率非常強勁。成本控制、我們促銷策略的嚴格調整、強有力的提價實施以及改善成本控制的能力為 Zevia 樹立了新的先例，重點是質量增長。我現在將更詳細地介紹我們的消費者基礎演變以及我們從聯合數據和麵板數據中學到的知識。

Zevia's household penetration for 2022 was 6.4% for the full-year, adding 1.4 million more households to the brand versus last year. Zevia households increased their brand spend annually 12% in 2022 versus 2021, driven by increases in spend per trip with consistent purchase frequency rates across the larger brand buying base. It's noteworthy that we're maintaining purchase frequency and increasing average spend per household even as we add new consumers to the brand. Following the material price increase, these are very strong indicators of the health of our brand and of our user base across heavy, medium or even new and light users.

Zevia 的 2022 年全年家庭滲透率為 6.4%，與去年相比，該品牌的家庭數量增加了 140 萬。與 2021 年相比，Zevia 家庭在 2022 年的品牌支出每年增加 12%，這是由於每次旅行的支出增加以及更大的品牌購買群體的購買頻率一致。值得注意的是，即使我們為該品牌增加了新消費者，我們仍保持購買頻率並增加每戶平均支出。在材料價格上漲之後，這些是我們品牌健康狀況以及重度、中度甚至新用戶和輕度用戶的用戶群健康狀況的非常有力的指標。

As mentioned, total Zevia grew 13.5% in measured scan dollar sales for the quarter and grew EQ case volume in the same period while non-alcoholic and carbonated soft drinks declined at 2%. Same-store sales remained robust, driven by a healthy mix of volume and price. The Zevia's offers a highly desirable shopper, less price sensitive at all income levels, who demonstrates resilience in a fluctuating economy. We remain a home stocking brand, which continues to fare well from a consumer and brand health perspective. Zevia consumers prove valuable to retail partners with 65% higher overall basket spend versus non-alcoholic beverage consumers. And Zevia consumers spend 29% more and make 26% more trips to stores to purchase total beverages in 2022 versus the average beverage shopper.

如前所述，本季度 Zevia 總銷售額增長了 13.5%，同期 EQ 案例數量增長，而非酒精和碳酸軟飲料下降了 2%。在健康的量價組合的推動下，同店銷售保持強勁。 Zevia's 提供了一個非常受歡迎的購物者，他們對所有收入水平的價格都不那麼敏感，他們在波動的經濟中表現出彈性。我們仍然是一個家居用品品牌，從消費者和品牌健康的角度來看，它繼續表現良好。事實證明，Zevia 消費者對零售合作夥伴很有價值，與非酒精飲料消費者相比，整體購物籃支出高出 65%。與普通飲料購物者相比，Zevia 消費者在 2022 年的消費和去商店購買飲料的次數分別增加了 29% 和 26%。

In the quarter, consumer retail spending was driven by a mix of organic velocity growth and continued increases in new store and new item distribution growth, paired with the accelerating consumer household base expansion. Velocity was the primary driver in the quarter. Retail sales growth was split between 63% from velocity and 37% from new distribution and new items. Speaking of distribution, distribution growth in the quarter was rooted in new packages, our 12-ounce sleek single soda can, our 8 packs (inaudible) and our 12 packs of food.

本季度，消費者零售支出受到有機速度增長、新店和新商品分銷增長持續增長以及消費者家庭基數加速擴張的共同推動。速度是本季度的主要驅動力。零售銷售增長分為 63% 來自速度和 37% 來自新分銷和新項目。說到分銷，本季度的分銷增長植根於新包裝、我們的 12 盎司光滑單汽水罐、我們的 8 包（聽不清）和我們的 12 包食品。

The sleek can is delivering impressive units per store per week doubled when merchandise cold. Cold singles will be a key strategic driver going forward as they are now 16% of our business in a major national chain in the natural channel as an example. New stores also bolster distribution growth as we close distribution gaps in food and gained new store selling in warehouse club. Now with the full-year of sales in the channel, 75% of buyers (inaudible) club in 2022 were new to the Zevia brand, prove to be a major driver of step-change household penetration growth and scan data sales in its first year of selling the Zevia brand.

當商品冷藏時，這款時尚的罐頭每週每家商店的交付量翻了一番。冷單身將成為未來的關鍵戰略驅動力，因為他們現在在自然渠道的主要全國連鎖店中占我們業務的 16%。隨著我們縮小食品分銷差距並在倉庫俱樂部獲得新店銷售，新店也促進了分銷增長。現在，隨著渠道的全年銷售額，2022 年 75% 的買傢俱樂部（聽不清）是 Zevia 品牌的新成員，事實證明這是第一年家庭滲透率逐步增長和掃描數據銷售的主要推動力出售 Zevia 品牌。

Moving on to Velocity. The consumer shift to larger packages continues. Dock-up options are driving growth category-wide and also (inaudible) as 8 packs and larger now account for more than 50% of our business in measured channels. Velocity growth is driven in part by consumer trade-outs and 6 pack to 8 packs and as retailers switch from 10 pack to the more profitable 12 pack, but also by the broader trend of home stocking consumption at home and non our beverages, a competitive strength of the Zevia brand through food, warehouse club and in e-commerce, which is, of course, outside of measured channels and where we remain the #1 carbonated soft drink brand.

轉到速度。消費者轉向更大包裝的趨勢仍在繼續。停靠選項正在推動整個類別的增長，並且（聽不清）因為 8 件裝和更大的包裝現在占我們衡量渠道業務的 50% 以上。速度增長的部分原因是消費者的折衷和 6 包到 8 包以及零售商從 10 包轉向更有利可圖的 12 包，但也受到家庭和非我們飲料的家庭庫存消費的更廣泛趨勢的推動，這是一個具有競爭力的Zevia 品牌通過食品、倉庫俱樂部和電子商務的實力，當然，這在可衡量的渠道之外，我們仍然是排名第一的碳酸軟飲料品牌。

I'll wrap with the big picture and then turn it over to Denise. Zevia has a very healthy business and continues to experience strong consumer demand, growing the consumer base in every period and simultaneously increasing spend per household on the brand. We are realizing price in the market, and we are materially reducing costs in our business. We delivered the highest gross margin of the year in the fourth quarter, reflective of sequential improvement in each quarter in 2022. Critically, we continue to manage our cash position and drive improvement on the adjusted EBITDA line.

我將總結一下大局，然後將其交給 Denise。 Zevia 擁有非常健康的業務，並繼續感受到強勁的消費者需求，在每個時期都在擴大消費者基礎，同時增加每個家庭在該品牌上的支出。我們正在市場上實現價格，我們正在大幅降低業務成本。我們在第四季度實現了年度最高毛利率，反映了 2022 年每個季度的連續改善。至關重要的是，我們繼續管理我們的現金狀況並推動調整後的 EBITDA 線的改善。

The team is operating well under new leadership and continues to set expectations we (inaudible). Zevia demonstrated brand strength and executional excellence in the back half of 2022, as our new leadership team shifted to an evolved strategy focused on quality growth and a speedier path to profitability. We have our sights set on these same themes going into 2023, bolstered by an exciting brand refresh, which brings a sharp new logo, new brand identity, brand-new modernized and differentiated pack designs and radically improved on-shelf visibility. We look forward to sharing this at trade shows in the coming weeks and that the consumer and peak beverage season in store this summer.

該團隊在新的領導下運作良好，並繼續設定我們（聽不清）的期望。 Zevia 在 2022 年下半年展示了品牌實力和卓越執行力，因為我們的新領導團隊轉向了專注於質量增長和更快盈利路徑的進化戰略。我們將目光投向了 2023 年的這些相同主題，並得到了令人興奮的品牌更新的支持，帶來了鮮明的新徽標、新品牌標識、全新的現代化和差異化包裝設計以及顯著提高的貨架可見性。我們期待在未來幾週的貿易展覽會上分享這一點，並期待今年夏天的消費者和飲料旺季到來。

Thank you, and I'll hand it over to Denise.

謝謝，我會把它交給 Denise。

Thank you, Amy, and good morning, everyone. I will begin with an overview of our fourth quarter financial results and then speak to full-year performance. We will then open the call for your questions. In the fourth quarter of 2022, we delivered net sales of $35.4 million, growing 3.5% versus same time prior year. Volume was down 8.7% on a equivalized case basis to $2.7 million in the period. However, we benefited from higher price realization and mix. Our gross margin continued to show sequential improvements in the year with our strongest margins yet at 44.3% for the fourth quarter of 2022, 1 point above same quarter a year ago, primarily due to the impact of pricing, offset by slightly higher manufacturing costs.

謝謝你，艾米，大家早上好。我將首先概述我們第四季度的財務業績，然後談談全年業績。然後我們將打開您的問題的電話。 2022 年第四季度，我們實現了 3540 萬美元的淨銷售額，比去年同期增長 3.5%。在此期間，按等效案例計算，交易量下降 8.7% 至 270 萬美元。然而，我們受益於更高的價格實現和組合。我們的毛利率在今年繼續呈現環比改善，2022 年第四季度的毛利率最高，為 44.3%，比去年同期高 1 個百分點，這主要是由於定價的影響，但被略高的製造成本所抵消。

Gross margin also improved sequentially by 1 point versus Q3 2022. Gross profit delivered in the same -- in the period was $15.7 million, up $0.9 million or 5.8% versus a year ago, reflecting growth in net sales and a small improvement in cost of goods sold in the quarter. Selling and marketing expenses decreased 15.7% to $10 million, reflecting lower freight and warehousing costs of $0.9 million, driven by improved freight pricing and efficiencies and a reduction of non-working marketing costs of $1 million.

與 2022 年第三季度相比，毛利率也環比提高了 1 個百分點。同期交付的毛利潤為 1570 萬美元，同比增長 90 萬美元或 5.8%，反映出淨銷售額的增長和成本的小幅改善本季度售出的商品。銷售和營銷費用下降 15.7% 至 1,000 萬美元，反映運費和倉儲成本降低 90 萬美元，這是由於運費定價和效率提高以及非工作營銷成本減少 100 萬美元。

G&A expense was $8.5 million or 24.1% of net sales in the fourth quarter of 2022 compared to $8.2 million or 23.9% of net sales in the fourth quarter of 2021, a slight increase of 20 basis points as a percent of net sales. The year-on-year dollar increase is attributable to higher employee costs to support growth. Stock-based compensation and non-cash expense was $3.1 million in the fourth quarter of 2022 as compared to $31.9 million in the same quarter last year.

G&A 費用在 2022 年第四季度為 850 萬美元，占淨銷售額的 24.1%，而 2021 年第四季度為 820 萬美元，占淨銷售額的 23.9%，占淨銷售額的百分比略增加 20 個基點。同比美元增長歸因於支持增長的員工成本增加。 2022 年第四季度基於股票的薪酬和非現金費用為 310 萬美元，而去年同期為 3190 萬美元。

Net loss was $6.2 million compared to a net loss of $37.4 million in the fourth quarter of 2021, an improvement of $31.3 million or 83.6% as compared to the fourth quarter of last year. Loss per share was $0.10 per diluted share of Zevia Class A common stockholders compared to a loss per share of $0.59 in the fourth quarter of 2021. Loss per share has improved sequentially each quarter in 2022 from a loss of $0.30 to a loss of $0.10. Adjusted EBITDA loss was $2.9 million compared to an adjusted EBITDA loss of $5.3 million in the fourth quarter of 2021, a year-on-year improvement of $2.4 million or 44.7% showing continued progress managing towards profitability and generating cash flows from operations.

與 2021 年第四季度的淨虧損 3740 萬美元相比，淨虧損為 620 萬美元，與去年第四季度相比增加了 3130 萬美元或 83.6%。 Zevia A 類普通股股東每股虧損為 0.10 美元，而 2021 年第四季度每股虧損為 0.59 美元。2022 年每個季度每股虧損從虧損 0.30 美元連續改善至虧損 0.10 美元。調整後的 EBITDA 虧損為 290 萬美元，而 2021 年第四季度調整後的 EBITDA 虧損為 530 萬美元，同比增加 240 萬美元或 44.7%，表明在盈利管理和運營現金流方面持續取得進展。

Our balance sheet remains strong with $47.4 million in cash and cash equivalents and no outstanding debt as of the end of 2022 as well as an unused credit line of $20 million. We effectively managed our cash in the period, though facing top line headwinds, maintaining a healthy working capital for the period of $71.5 million. Our cash flow from operating activities for the 12 months ended December 31, 2022, was a use of $20.8 million compared to $17.8 million same time last year.

我們的資產負債表依然強勁，現金和現金等價物為 4740 萬美元，截至 2022 年底沒有未償債務，未使用的信貸額度為 2000 萬美元。在此期間，我們有效地管理了我們的現金，儘管面臨收入逆風，但在此期間保持了 7150 萬美元的健康營運資金。截至 2022 年 12 月 31 日止的 12 個月，我們的經營活動現金流為 2080 萬美元，而去年同期為 1780 萬美元。

During the fourth quarter of 2022, net cash used in operating activities was $1.4 million compared to cash used in operating activities of $4.7 million same time last year. For full-year 2022, Zevia achieved net sales of $163.2 million, an increase of 18.1% versus 2021. Gross margin was 42.9% versus 46.3% in 2021 and net losses of $47.6 million compared to net losses of $87.7 million in 2021. Adjusted EBITDA loss was $19.6 million for the year, of which $14.7 million was in the first half of the year as compared to adjusted EBITDA loss of $8.7 million for the full-year of 2021.

2022 年第四季度，經營活動使用的現金淨額為 140 萬美元，而去年同期經營活動使用的現金為 470 萬美元。 2022 年全年，Zevia 實現淨銷售額 1.632 億美元，比 2021 年增長 18.1%。毛利率為 42.9%，而 2021 年為 46.3%，淨虧損 4760 萬美元，而 2021 年淨虧損為 8770 萬美元。調整後的 EBITDA全年虧損 1960 萬美元，其中上半年虧損 1470 萬美元，而 2021 年全年的調整後 EBITDA 虧損為 870 萬美元。

Turning to guidance. We anticipate that the brand refresh, Velocity driving initiatives and new distribution will support our growth ambition this year. Our 2023 annual net sales are expected to be in the range of $180 million to $190 million, an increase of 10.3% to 16.4% over 2022. And our net sales expected for Q1 2023 are expected to be in the range of $40 million to $43 million. While we will not be providing guidance on profitability over the course of 2023, we expect to continue improvement in gross margin and adjusted EBITDA as we focus on driving and delivering profitable growth. We are truly excited for the year ahead. This concludes our prepared remarks.

轉向指導。我們預計品牌更新、Velocity 驅動計劃和新分銷將支持我們今年的增長目標。我們 2023 年的年度淨銷售額預計在 1.8 億美元至 1.9 億美元之間，比 2022 年增長 10.3% 至 16.4%。我們預計 2023 年第一季度的淨銷售額預計在 4000 萬至 43 美元之間百萬。雖然我們不會在 2023 年期間提供盈利指導，但隨著我們專注於推動和實現盈利增長，我們預計毛利率和調整後的 EBITDA 將繼續改善。我們對來年感到非常興奮。我們準備好的發言到此結束。

We will now open the call for your questions. Operator?

我們現在將開始徵集您的問題。操作員？

(Operator Instructions) Our first question comes from Bonnie Herzog with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Bonnie Herzog。

This is [Ethan Home] on from Bonnie Herzog. Maybe just few question here on your long-term growth algorithm. It currently sits at about 30% sales growth. Obviously, your '22 guidance calls for 10% to 16%, and that's (inaudible) on 18% that we saw in 2022. So I'm just trying to gain a better understanding of what the right number in terms of sales or growth might be moving forward, particularly as you emphasize profitable growth. So any color you had there would be helpful.

這是來自 Bonnie Herzog 的 [Ethan Home]。也許這裡很少有人質疑您的長期增長算法。目前，它的銷售額增長率約為 30%。顯然，你的 22 年指導要求 10% 到 16%，而這是我們在 2022 年看到的（聽不清）18%。所以我只是想更好地了解銷售或增長方面的正確數字可能會向前發展，尤其是當您強調盈利增長時。所以你在那裡的任何顏色都會有所幫助。

Right. Of course. Hi, it's Amy and good morning. I appreciate the question, and I think it's astute for the message that we're sending, which is, obviously, our guidance shows confidence in continued double-digit growth for the brand, and we have a lot of energy behind that. And then our recent trajectory shows our commitment to a faster path to profitability. So I think it's important to acknowledge that we have had a strategic shift over this past year and specifically at the midpoint of 2022 with new leadership coming into play to get to a faster path to profitability. We're a premium but accessible brand. And we're really proud of this notion going forward of double-digit annual growth, but a faster path to profitability, and that's reflected in our strategy. Does that answer your question or any sort of more specific follow-up there?

正確的。當然。嗨，我是艾米，早上好。我很欣賞這個問題，我認為我們發出的信息很敏銳，很明顯，我們的指導顯示了對該品牌持續兩位數增長的信心，我們在這背後有很多能量。然後我們最近的軌跡表明我們致力於更快地實現盈利。因此，我認為重要的是要承認我們在過去一年中發生了戰略轉變，特別是在 2022 年中期，新的領導層開始發揮作用，以更快地實現盈利。我們是一個優質但平易近人的品牌。我們為實現兩位數的年增長率和更快的盈利途徑而感到自豪，這反映在我們的戰略中。這是否回答了您的問題或那裡有任何更具體的後續行動？

No, I think that answers it, and that's helpful.

不，我認為這回答了它，這很有幫助。

Our next question comes from Bryan Spillane with Bank of America.

我們的下一個問題來自美國銀行的 Bryan Spillane。

So a couple of questions, I guess. First, brand refresh, just is the timing changed at all? And also just kind of the approach you're going to take in terms of -- I think if I remember correctly, we have both the new and the existing packaging sort of in the market at the same time. So just want to get an update on how we should be thinking about the brand refresh and how you're going to lay it into the market?

我想有幾個問題。第一，品牌更新，只是時機改變了？還有一種你將要採取的方法——我想如果我沒記錯的話，我們同時在市場上同時擁有新的和現有的包裝類型。所以只想了解我們應該如何考慮品牌更新以及您將如何將其投放市場的最新信息？

Yes, Brian, thank you. I'm passionate about this and really excited to see this roll out this year. So it is indeed a rolling launch and we have an eye on the P&L as well as the planet, and we think about avoiding write-off and destroying products. So we would rather see the product roll out into the market versus hard cutovers. So there will be some overlap of old book and feel Zevia with new look and feel Zevia. But the timing for that is the peak beverage season of spring and summer. So we'll be fully debright by the summer, the vast majority of our distribution, but you'll see that start to roll out in May. And there's really only 1 or 2 big national customers where you'll see more of a hard cutover and see the full brand look and feel on shelf by June.

是的，布賴恩，謝謝你。我對此充滿熱情，很高興看到今年推出。所以這確實是一次滾動發布，我們關注損益和地球，我們考慮避免註銷和銷毀產品。因此，我們寧願看到產品進入市場而不是硬切換。所以會有一些舊書和感覺 Zevia 與新外觀和感覺 Zevia 的重疊。但這樣做的時機是春季和夏季的飲料旺季。所以到夏天我們將完全脫光，我們的絕大部分分佈，但你會看到它在 5 月開始推出。而且實際上只有 1 或 2 個大的國家客戶，你會看到更多的硬轉換，並在 6 月之前看到貨架上的完整品牌外觀和感覺。

So again, with an eye on profitability and minimizing write-offs as well as an eye on sustainability, minimizing, I mean, to pull or destroy any product, we are executing a rolling launch just as you described.

因此，再次著眼於盈利能力和最大限度地減少註銷以及可持續性，我的意思是最大限度地減少拉動或銷毀任何產品，我們正在按照您的描述進行滾動發布。

And then will the refresh include some different product formulations? So is there any update on either flavors or paste? Is it just packaging or are there also reformulations as a part of the refresh?

然後更新會包括一些不同的產品配方嗎？那麼口味或糊狀物有更新嗎？它只是包裝還是作為更新的一部分也有重新制定？

Yes. So the packaging overhaul is pretty radical. And I would call this somewhere between a refresh and a relaunch from a look and feel perspective, the impact from visual identity and from an on-shelf visibility is pretty radical. So we'll need to continue to drive communication to our core consumer with whom early testing would indicate purchase intent increases materially just from the new design. So we're really, really confident about the on-shelf as well as consumer impact. To answer your question, we will be rolling out a new product, Vanilla Cola. We also have 2 new energy drink flavors rolling out later in the summer and a new tea flavor. And we continue to iterate improvement on taste profile for the product, that's sort of an ongoing process, but there's not a new and improved announcement across the full portfolio.

是的。所以包裝大修是相當激進的。從外觀和感覺的角度來看，我將其稱為刷新和重新啟動之間的某個地方，視覺識別和貨架可見性的影響非常激進。因此，我們需要繼續推動與我們的核心消費者的溝通，早期測試將表明購買意向僅從新設計中顯著增加。因此，我們對貨架和消費者的影響真的非常有信心。為了回答您的問題，我們將推出一款新產品，香草可樂。我們還將在夏季晚些時候推出 2 種新的能量飲料口味和一種新的茶口味。我們繼續迭代改進產品的口味，這是一個持續的過程，但在整個產品組合中沒有新的和改進的公告。

So to recap Vanilla Cola, 2 new energy drink flavors and a new tea flavor and then continued improvements on just baseline taste for our baseline sweetener, which is always our mandate.

因此，回顧一下香草可樂、2 種新的能量飲料口味和一種新的茶口味，然後繼續改進我們基準甜味劑的基準口味，這始終是我們的使命。

And then in terms of household penetration, right, I think it was up again nicely in '22. Where is Zevia sourcing new consumers from, right, currently? And with the refresh, would you expect that to change in terms of kind of where you'll be sourcing consumption from?

然後就家庭普及率而言，對，我認為它在 22 年再次上升。 Zevia 目前從哪裡採購新消費者？隨著更新，您是否希望在您將從哪裡採購消費方面發生變化？

Yes. Great question. I would say one of the strongest story lines from 2022 is gaining 1.4 million more households. And as those households go up, those households are spending more on average. So we saw a 12% lift in spend per household, and they're spending more per trip. So we saw a $1 increase from about $9 to about $10 per trip spent from every shopper. And so that's pretty unusual to see household growth and have, on average, them spending more normally as you gain medium and light users, of course, you see your average go down. So this we're really proud of. And this comes largely, if I can simplify who our user base is today, it's millennial families with money. So at or a little bit above average household income, millennial shoppers and oftentimes millennial shoppers with kids.

是的。很好的問題。我想說 2022 年最強勁的故事情節之一是增加 140 萬戶家庭。隨著這些家庭的增長，這些家庭的平均支出也會增加。因此，我們看到每個家庭的支出增加了 12%，而且他們每次旅行的支出也增加了。因此，我們看到每個購物者每次旅行花費 1 美元，從大約 9 美元增加到大約 10 美元。因此，看到家庭增長是非常不尋常的，並且平均而言，隨著您獲得中等和輕度用戶，他們的支出更加正常，當然，您會看到平均水平下降。因此，我們為此感到非常自豪。這在很大程度上是，如果我能簡化我們今天的用戶群，那就是有錢的千禧一代家庭。因此，千禧一代購物者和通常有孩子的千禧一代購物者處於或略高於平均家庭收入。

And as we continue to expand distribution, I would expect that, that's continued -- that who will continue to come on board. But one really interesting dynamic from the year, which we expect to accelerate is our fastest-growing pack as the singles. And I think this speaks to the power of packaging. All we did in single soda was moved out of the traditional (inaudible) can in 12-ounce into a sleek can and put that on the shelf cold with better merchandising. And in one particular national customer, we saw a 72% higher take rate year-to-date on that product at a 63% higher price point in one particular customer where we had proper merchandising of our cold can.

隨著我們繼續擴大分銷，我希望這種情況會繼續下去——誰將繼續加入。但今年一個非常有趣的動態是我們作為單身人士增長最快的群體，我們預計會加速發展。我認為這說明了包裝的力量。我們在單一蘇打水中所做的一切都是從傳統的（聽不清）12 盎司罐裝到一個光滑的罐裝中，然後將其冷藏在貨架上以更好地銷售。在一個特定的國家客戶中，我們看到該產品今年迄今的採納率提高了 72%，而在我們對冷罐進行適當銷售的特定客戶中，該產品的價格提高了 63%。

So I think that what that tells you is while most of our household penetration growth comes from the young millennial shopper with families who are buying trade-ups, right? They're buying multipacks and stocking at home. We have tremendous opportunity with our single can to break into new sort of psychographic and demographic shoppers by driving cold availability for singles for impulse purchases.

所以我認為這告訴你的是，雖然我們的大部分家庭滲透率增長來自年輕的千禧一代購物者，他們的家庭正在購買以舊換新的產品，對吧？他們在家裡購買多件裝和庫存。我們有巨大的機會通過我們的單一罐頭來打入新型的心理和人口統計購物者，通過為衝動購買的單身人士提供冷可用性。

Look forward to tracking the -- and watching the progress on the refresh this year.

期待跟踪 - 並觀察今年更新的進展。

Yes, looking forward to it, and we look forward to sharing, by the way, the design in literally the coming days and weeks at forthcoming trade shows, which are really relevant for the industry and with the consumer in the next couple of months. So thanks a lot, Brian.

是的，期待它，順便說一下，我們期待在未來幾天和幾週內在即將舉行的貿易展上分享設計，這在未來幾個月內與行業和消費者真正相關。非常感謝，布賴恩。

The next question comes from Ben Bienvenu with Stephens.

下一個問題來自 Ben Bienvenu 和 Stephens。

Jim Salera on for Ben. I would asked on the selling and marketing costs. Can you guys break out since it sounds like some of the logistics costs came down, did you guys increase marketing spend or if you can actually provide us the dollar for marketing spend in the quarter, that would be great.

Jim Salera 替下 Ben。我會詢問銷售和營銷成本。你們能不能打破，因為這聽起來像是一些物流成本下降了，你們是否增加了營銷支出，或者如果你們真的可以為我們提供本季度的營銷支出美元，那就太好了。

Yes. Actually, we did spend a bit more in marketing, but we focus primarily on working dollars. So you will see that we actually explained that we had synergies in marketing with a focus really on dollars that really impact the consumer. But we actually did see savings from a selling perspective on some of our selling costs.

是的。實際上，我們確實在營銷方面花費了更多，但我們主要關注的是工作收入。所以你會看到我們實際上解釋說我們在營銷方面有協同作用，真正關注真正影響消費者的美元。但實際上，從銷售角度來看，我們確實看到了一些銷售成本的節省。

And then as you get closer to the brand refresh, and obviously, I shared some (inaudible) to see what the cans look like, and I'll be looking for them in my area when someone may hit Ohio. Do you guys plan to ramp marketing spend to kind of support that as it rolls out? Or is there kind of a thought process to wait until you don't have the mix packaging and it's all the new brand reverse packaging?

然後當你接近品牌更新時，很明顯，我分享了一些（聽不清）以查看罐頭的樣子，當有人可能到達俄亥俄州時，我會在我的地區尋找它們。你們計劃增加營銷支出以支持它的推出嗎？還是有一種思考過程要等到你沒有混合包裝並且所有新品牌都採用反向包裝？

Actually, yes, we will invest in marketing. We plan to invest to draw the consumer at shelf. So we will invest more this year in marketing to really attract consumers and brands and to make sure we protect our consumer base. This is something that's core to our strategy with the brand refresh coming this year.

實際上，是的，我們將投資於營銷。我們計劃投資以吸引貨架上的消費者。因此，我們今年將在營銷方面投入更多，以真正吸引消費者和品牌，並確保我們保護我們的消費者基礎。這是我們今年品牌更新戰略的核心。

I think just to add to that briefly, sorry, you'll see a little bit of a timing variance in our investments this year versus prior years. Zevia has historically come out of the gates at the start of the year with a program called New Year New You. It's a little bit more spending, let's say, at shelf and in-store activation in the start of the year. And this year with the brand refresh forthcoming, you'll see that focus more on the peak beverage month. So we'll see a timing shift in our investments in that area. And I think noteworthy is that the #1 driver of awareness for Zevia, and we know this through our brand tracker, which is survey data is by far in store, twice that of any other driver.

我想簡單地補充一下，抱歉，你會看到我們今年的投資與往年相比在時間上略有差異。 Zevia 歷來在年初推出名為 New Year New You 的節目。比方說，今年年初在貨架和店內激活方面的支出要多一些。今年隨著品牌更新的到來，你會看到更多地關注飲料高峰月。因此，我們將看到我們在該領域的投資發生時間上的轉變。我認為值得注意的是，Zevia 的知名度排名第一，我們通過我們的品牌跟踪器知道這一點，這是迄今為止存儲的調查數據，是任何其他驅動程序的兩倍。

And so in-store visibility remains our #1 driver of what we call marketing. And then we make incremental investments ramped up in the way that Denise described for pull tactics in the marketplace where consumers live, work and play.

因此，店內知名度仍然是我們所謂的營銷的第一驅動力。然後，我們以 Denise 所描述的消費者生活、工作和娛樂市場中的拉動策略的方式增加增量投資。

Is it possible for you guys to give us maybe like a guide rail around how much marketing spending might increase dollar percentage-wise, just kind of as the brand refresh rolls out?

你們有沒有可能給我們提供一個指南，關於多少營銷支出可能會增加美元百分比，就像品牌更新推出一樣？

I don't think you're going to see a spike in the P&L from a standpoint of just net marketing spend. This is not the year for us to do that. We're really focused on efficient and profitable growth. What you will see, and I've talked about this for several months now, and it's a continued shift as we continue to invest less in push and more in pull. And so I don't think you -- as you're thinking about modeling, we're not seeing any spikes in marketing spend. It's really an evolution of focusing on consumer pull and establishing the right price points for this premium but accessible brand.

從淨營銷支出的角度來看，我認為您不會看到損益激增。今年不是我們這樣做的一年。我們真正專注於高效和盈利的增長。你會看到什麼，我已經談了幾個月了，這是一個持續的轉變，因為我們繼續減少對推動的投資，增加對拉動的投資。所以我不認為你 - 當你考慮建模時，我們沒有看到營銷支出出現任何飆升。這確實是一個專注於消費者拉動和為這個優質但平易近人的品牌建立合適價格點的演變。

And we know that there's continued upside on price as we continue to kind of earn the right to do that with the consumer and follow the trend of the broader category.

而且我們知道，隨著我們繼續獲得與消費者這樣做的權利並跟隨更廣泛類別的趨勢，價格會持續上漲。

And then maybe if I can ask one other question on the sales side of things. Amy, you mentioned switching to the slim can and just kind of seeing an immediate improvement in velocity from that. Can you maybe give us an update on end cap coolers that you guys have been working with some of your retail customers and how that's progressing? Have you seen that expand or kind of where that's at?

然後也許我可以問另一個關於銷售方面的問題。艾米，你提到改用細罐，然後就看到了速度的立即提高。您能否向我們介紹一下你們一直在與一些零售客戶合作的端蓋冷卻器的最新情況以及進展情況？你有沒有看到那個擴展或者它在哪裡？

Sure. Very early days. I'll give you 2 anecdotal examples. We have one major natural national player and 1 regional conventional grocer, who chose to merchandise single Zevia soda, energy drink and tea at the register in dedicated brand coolers. And for us, this is a massive step forward. And as we look together, scan data, reflective of the results of that type of step forward in those 2 chains, we'll leverage that in the selling store with other customers. So early days, those stores were reset here in the last 4 to 6 weeks and are still -- a few more still forthcoming. And these are hundreds, not thousands of stores, so hundreds of stores. But from that case study, if you will, yields a great selling story across the retail footprint, and I experienced the same kind of breakthrough in my previous job.

當然。很早的時候。我會給你2個軼事例子。我們有一個主要的天然全國性參與者和 1 個區域性傳統雜貨商，他們選擇在收銀台使用專用品牌冷藏櫃銷售單一 Zevia 蘇打水、能量飲料和茶。對我們來說，這是向前邁出的一大步。當我們一起看，掃描數據，反映這 2 家連鎖店向前邁進的結果時，我們將在銷售商店與其他客戶一起利用它。所以早期，這些商店在過去 4 到 6 週內在這裡重新設置，並且仍然 - 還有一些即將到來。這些是數百家，而不是數千家商店，所以是數百家商店。但從那個案例研究中，如果你願意的話，在整個零售足跡中產生了一個很好的銷售故事，我在之前的工作中經歷了同樣的突破。

And as we say in sales, when it's cold, it's sold and certainly closer to the register for immediate consumption is really critical. So we'll keep you posted as we learn from those results.

正如我們在銷售中所說的那樣，當天氣寒冷時，它就會被出售，當然更接近立即消費的收銀機是非常關鍵的。因此，當我們從這些結果中學習時，我們會及時通知您。

The next question comes from Andrew Strelzik with BMO.

下一個問題來自 BMO 的 Andrew Strelzik。

My first question is on the sales guidance. I'm curious how you kind of build up to that number for the year. Can you talk about the growth buckets that you've talked about in the past and contribution there? And then how much are you assuming from either inventory management that you mentioned previously or abnormal type things that are meeting the growth? I'm just trying to get a sense for kind of a more normal sales growth run rate and what that might look like?

我的第一個問題是關於銷售指導。我很好奇你是如何達到這一年的數字的。你能談談你過去談到的增長桶和貢獻嗎？然後，您從之前提到的庫存管理或正在滿足增長的異常類型的事物中假設了多少？我只是想了解一種更正常的銷售增長率以及它可能是什麼樣子？

Yes. We look forward to normal and you nail with your question. So let me speak to that just if Denise would like to add anything. So generally speaking, as we look at scan data, 63% of our growth is coming from velocity and 37% from new distribution. And over the past 6 months or so, that's been pretty steady. So we expect that, that would continue, meaning the majority of our growth would come from -- a narrow majority of our growth would come from velocity and the rest from new distribution. And we think that, that's very healthy because we don't -- we're not seeking leaps and bounds of new distribution growth. We're looking for healthy same-store growth, which then gets strong growth -- profitable growth in new channels rather than pushing distribution and over investing to get there.

是的。我們期待正常和您提出您的問題。如果 Denise 想添加任何內容，請允許我發言。所以一般來說，當我們查看掃描數據時，我們增長的 63% 來自速度，37% 來自新分佈。在過去 6 個月左右的時間裡，這一直非常穩定。所以我們預計，這將繼續下去，這意味著我們的大部分增長將來自——我們增長的一小部分將來自速度，其餘的來自新的分配。我們認為，這是非常健康的，因為我們不——我們不尋求新的分銷增長的跨越式發展。我們正在尋找健康的同店增長，然後獲得強勁增長——新渠道的盈利增長，而不是推動分銷和過度投資以實現這一目標。

And so as we look forward, velocity continues to account for more of our growth in new distribution with same-store sales growing in legacy and new channels and trade-up, price and consumer base growth all support that continued momentum. And speaking briefly to the inventory issues, customers are managing inventories more conservatively now than they did, let's say, in the historical aggregate, but the start impact that we saw from inventory management in the back half of last year largely has course corrected. Does that answer your question?

因此，在我們展望未來時，速度繼續在新分銷增長中佔更多的比重，傳統和新渠道的同店銷售額增長以及以舊換新、價格和消費者基礎的增長都支持這種持續的勢頭。簡單說一下庫存問題，客戶現在比以往更保守地管理庫存，比方說，在歷史總量中，但我們從去年下半年的庫存管理中看到的開始影響在很大程度上已經得到糾正。這是否回答你的問題？

Yes, it does. Thank you for that color. That's helpful. And then the other question is just on the gross margin improvement that you spoke to, recognizing you don't want to -- you don't commit to a number of guidance. I'm just curious on the drivers there. And in particular, how you think about the productivity agenda for 2023? You talked about the pivot kind of middle of the year. You're talking a lot about profitable growth. So are there more opportunities incrementally within your control there that you're looking at? And how would that contribute to either general margin improvement, gross margin improvement in 2023?

是的，它確實。謝謝你的顏色。這很有幫助。然後另一個問題只是關於你談到的毛利率改善，認識到你不想 - 你不承諾一些指導。我只是好奇那裡的司機。特別是，您如何看待 2023 年的生產力議程？你談到了年中的支點。你經常談論盈利增長。那麼，在您正在尋找的控制範圍內，是否有更多機會逐漸增加？這將如何促進 2023 年總體利潤率和毛利率的提高？

Hi Andrew, and just really quickly to answer that question. So we expect it to come from a combination of price and optimization initiatives in the supply chain. That will happen throughout the year. So we expect -- if you think about when we took the price increase last year, we took it in August. So that price increase will actually cycle through the first half of the year versus not having a price increase only in market for the first half of the year of last year. And then on top of that, we have a bunch of initiatives we're running in the supply chain where we expect to capture significant optimization.

嗨安德魯，很快就回答了這個問題。因此，我們預計它將來自供應鏈中價格和優化舉措的結合。這將在全年發生。所以我們預計——如果你想想我們去年提價的時間，我們是在 8 月份提價的。因此，價格上漲實際上將在今年上半年循環，而去年上半年市場上沒有價格上漲。然後最重要的是，我們在供應鏈中運行了一系列計劃，我們希望在這些計劃中獲得顯著優化。

So those productivity savings and price are going to be 2 of the big drivers that's helping us recover some of the margin that we had lost in the previous year. Is that answering your question?

因此，這些生產力節省和價格將成為幫助我們恢復去年損失的部分利潤的兩大驅動因素。這是在回答你的問題嗎？

Yes, it does. It absolutely does. Thank you.

是的，它確實。確實如此。謝謝。

Our next question comes from Chris Carey with Wells Fargo.

我們的下一個問題來自富國銀行的 Chris Carey。

Amy, just probably the inventory normalizing comment that you just made, when do you expect the scanner data to maybe better approximate what you're actually going to be reporting? Or would you expect this inventory disconnect to last? I appreciate there's always going to be disconnect. But certainly, it's very wide right now. And I'm just wondering when you see the relationship between consumption and shipments normalizing?

艾米，可能只是您剛剛發表的庫存規範化評論，您希望掃描儀數據什麼時候可以更好地近似於您實際要報告的內容？還是您希望這種庫存脫節持續下去？我很欣賞總是會斷開連接。但可以肯定的是，它現在非常廣泛。我只是想知道你什麼時候看到消費和出貨量之間的關係正常化？

Sure. I think there's a number of things that explain a gap between shipments and scan and inventory is one, but not the only one. I would say that was the most stark input for the back half of last year because as we saw the economy changing in a pretty rapid rate, we saw some of our key customers maybe over steered and as a brand who has 10% or more of its business in e-commerce, which was a much less predictable sort of order rate, if you will, I think we, as well as being a brand that's not DSD, we're a little sort of had outsized impact on that dynamic.

當然。我認為有很多原因可以解釋發貨與掃描和庫存之間的差距，但不是唯一的原因。我想說這是去年下半年最明顯的輸入，因為當我們看到經濟以相當快的速度變化時，我們看到我們的一些主要客戶可能被過度引導，作為一個擁有 10% 或更多的品牌它在電子商務中的業務，這是一種更不可預測的訂單率，如果你願意的話，我認為我們，以及作為一個不是 DSD 的品牌，我們有點對這種動態產生了巨大的影響。

Going forward, I would expect scan and shipments to normalize a little bit. The caveat that I would add to that is that the timing variances since that I spoke about earlier as it relates to promotions will impact the way that scan data shows up for the year. So we are cycling a heavy Q1 investment for 2022. In 2023, we are focused more on the brand refresh in the summer selling months. So while our shipments will be fairly steady, we expect and in keeping with or hopefully above the guidance that we provide today, scan will be a little bit of up and down as we cycle the launch of Club and as we have a little bit of timing variances within our retail promotions. Does that answer the question, Chris? Or can I detail that gap any further for this?

展望未來，我希望掃描和發貨能夠正常化一點。我要補充的是，自從我之前談到與促銷相關的時間差異將影響掃描數據顯示當年的方式。因此，我們將在 2022 年第一季度進行大量投資。在 2023 年，我們將更多地關注夏季銷售月份的品牌更新。因此，雖然我們的出貨量將相當穩定，但我們預計並保持或希望高於我們今天提供的指導，隨著我們循環推出 Club 並且我們有一點點我們的零售促銷活動中的時間差異。這能回答問題嗎，克里斯？或者我可以為此進一步詳細說明這個差距嗎？

No, I think that's right. So expect some volatility between the relationship but a bit more. And maybe just confirming that, did you see more of the inventory lightning in online versus in-store? Just any comments there, then I have one more question.

不，我認為這是對的。因此，預計關係之間會有一些波動，但會更多一些。也許只是為了證實這一點，您是否在網上看到了比店內更多的庫存閃電？那裡有任何評論，然後我還有一個問題。

Sure. The dynamics that we saw at the end of last year were limited to just a single-digit number of customers and it was at play both at retail and e-commerce. I would say that retail is largely steadied out, whereas in e-commerce ordering patterns are just less predictable. And we still have a very robust e-commerce business. We're growing quickly in e-commerce. It's just a little bit more difficult to forecast. And I think in the review, we'll be able to talk about that in Q1 a little bit more.

當然。我們在去年年底看到的動態僅限於個位數的客戶，它在零售和電子商務領域都在發揮作用。我會說零售業在很大程度上已經穩定下來，而在電子商務中，訂購模式就更難預測了。我們仍然擁有非常強大的電子商務業務。我們在電子商務領域發展迅速。只是有點難以預測。我認為在審查中，我們將能夠在第一季度更多地討論這一點。

So yes, steadying retail inventories and less erratic ordering therefore, hopefully, less of a gap between scan and shipments. And I'm sorry, what was the second part of your question?

因此，是的，穩定的零售庫存和不那麼不穩定的訂購因此希望掃描和發貨之間的差距更小。抱歉，你問題的第二部分是什麼？

I think that that's good. Just I appreciate improving margins and you want to hold off on giving some margin guidance potentially I'd tell you are a bit more comfortable how this is all going to shake out. But just -- is there any help that you can give on cadence through the year, you've got some launch activity, where will there be certain quarters with more SG&A investment? Or from a gross margin standpoint, do we just expect kind of every quarter to be up year-over-year and full-year up year-over-year, right? So I think high level, the question is just I appreciate the concept of improving margins, but I wonder if you could just provide any more detail as it pertains to the trajectory through the year, whether on gross or operating or EBITDA margin?

我認為那很好。只是我很欣賞提高利潤率，你可能想推遲給出一些利潤率指導，我會告訴你，這一切將如何擺脫，你會更舒服一些。但是只是 - 你可以在一年中的節奏上提供任何幫助，你有一些啟動活動，哪些地方會有更多的 SG&A 投資？或者從毛利率的角度來看，我們是否只是希望每個季度和全年都同比增長，對嗎？所以我認為高層，問題是我很欣賞提高利潤率的概念，但我想知道你是否可以提供更多細節，因為它與全年的軌蹟有關，無論是毛利率、運營利潤率還是 EBITDA 利潤率？

Hi, it's Denise. Just really quick. I think it's fair to say that we expect to see margins continue at least in the 40 range through this year. So for us, we expect to recapture our margins throughout the year. It would be that we will invest more in the last part -- the latter part of the year, especially given the brand refresh. So you'll see some additional investment go out during second, third and fourth quarter, more so than first quarter. But in fact, we expect to see just normalized margin improvement throughout the year is the way I would describe it. Hopefully, that will give you some indication.

嗨，我是丹妮絲。真的很快。我認為可以公平地說，我們預計今年的利潤率至少會繼續保持在 40 的範圍內。因此，對我們來說，我們希望全年都能重新獲得利潤。我們將在最後一部分——今年下半年投入更多資金，尤其是考慮到品牌更新。因此，您會在第二、第三和第四季度看到一些額外的投資，比第一季度更多。但事實上，我們預計全年只會看到正常化的利潤率改善，這就是我所描述的方式。希望這會給你一些指示。

I think you asked another question. I think you asked another question. If you can repeat it, please?

我想你問了另一個問題。我想你問了另一個問題。如果你能重複一遍好嗎？

Yes. Again, I think that's okay.

是的。再說一遍，我覺得沒關係。

The next question comes from [Chris Banner Fernandez] with (inaudible)

下一個問題來自 [Chris Banner Fernandez]（聽不清）

I'm [Julian Sedana] today. We have 2 questions. The first one is if you look at the new distribution opportunities for 2023, any callouts by channel on what were to be our performers for the year?

今天我是 [Julian Sedana]。我們有 2 個問題。第一個是，如果您查看 2023 年的新發行機會，是否有任何渠道標註我們今年的表演者？

Sure. We're -- every time we talk about new distribution, I really emphasize that we're focused on quality growth. So that informs the pace at which we expand distribution, whether that's geographically our channel. And it's really going to be the new brand look and feel that will help to drive us into our greatest upside opportunity, which is immediate consumption. So in the meantime, we are closing gaps in food distribution. We still have upside in the mass channel. We are chipping away at food service opportunities, which are generally low volume per outlet, but big footprint and an exciting opportunity to sell single-serve beverages cold in an impulse environment or immediate consumption environment.

當然。我們 - 每次我們談論新的分銷時，我真的強調我們專注於質量增長。因此，這會影響我們擴大分銷的速度，無論這在地理上是我們的渠道。真正的新品牌外觀和感覺將有助於推動我們進入最大的上昇機會，即即時消費。因此，與此同時，我們正在縮小食品分配方面的差距。我們在大眾渠道仍有優勢。我們正在蠶食餐飲服務機會，這些機會通常每個門店的銷量較低，但佔地面積大，並且是在衝動環境或直接消費環境中銷售單杯冷飲的令人興奮的機會。

We have upside in the value channel, which we are opening and testing regionally and continue to increase based on short-term performance. There are a number of regions in 1 of the 2 major club channels that we have yet to tackle with incremental rotations that we expect to come online within the summer, which is exciting to get in front of those consumers that is a highly incremental channel. And then finally, the obvious sort of big next step is convenience, which will require an evolution in our route to market.

我們在價值渠道上有優勢，我們正在區域開放和測試，並根據短期表現繼續增加。在 2 個主要俱樂部頻道中的 1 個中，有許多地區我們還沒有解決我們希望在夏季上線的增量輪換問題，這很令人興奮地出現在那些高度增量渠道的消費者面前。最後，明顯的下一步是便利，這將需要我們改變進入市場的途徑。

And here, we're focused on doing this right and profitably with the right partners rather than fast. And so we have great early results in our single can business in existing channels, and that's a strong selling story to take us into that convenience greenfield.

在這裡，我們專注於與合適的合作夥伴而不是快速地做正確和有利可圖的事情。因此，我們在現有渠道的單一罐頭業務中取得了很好的早期成果，這是一個強有力的銷售故事，可以將我們帶入便利的綠地。

And second question would be on pricing. Are there any more price increases contemplated for this year following -- or in conjunction with the brand refresh?

第二個問題是關於定價。今年是否有更多的提價計劃——或者與品牌更新一起提價？

We believe that there is upside in price, so pricing power yet for Zevia to realize, and it would make sense to consider pricing action given the investment we're making in the brand refresh. So not only end-to-end new look and feel on every can and every multipack, but we will now be wrapping our 6 packs in a recyclable cardboard overwrap, which will -- that's an investment for us, but it also creates a tremendous billboard on shelf. 6 packs are close to 40% of our business.

我們相信價格有上漲空間，因此 Zevia 尚未意識到定價能力，考慮到我們在品牌更新方面的投資，考慮定價行動是有意義的。因此，不僅每個罐頭和每個多件裝的端到端新外觀和感覺，而且我們現在將用可回收紙板外包裝包裝我們的 6 件裝，這對我們來說是一項投資，但它也創造了巨大的架子上的廣告牌。 6 件裝接近我們業務的 40%。

And so with that, we do continue to take price with the market and in light of increasing costs in the instance in which those exist, and we do see upside in price for the year and would take that strategically if and when it makes sense. Denise, any more comment on price?

因此，我們確實會繼續與市場一起定價，並考慮到存在這些成本的情況下成本的增加，我們確實看到了今年價格的上漲，並且會在合理的時候採取戰略行動。丹妮絲，還有關於價格的評論嗎？

No, I mean, nothing to add.

不，我的意思是，沒有什麼可補充的。

So should we assume that, that is in the guidance or that would be sort of in addition to -- update it to the guidance as the year goes on, if and when you decide to take those price increases?

那麼我們是否應該假設，這是在指導中，或者除了 - 隨著時間的推移，如果您決定以及何時決定採取這些價格上漲，將其更新為指導？

Well, as we're not providing guidance on profitability, I would say that what you're hearing from us as we guide on top line for the quarter and for the year takes all of our plans into account, if that answers your question.

好吧，由於我們沒有提供有關盈利能力的指導，我想說的是，如果這回答了您的問題，那麼您從我們這裡聽到的我們對本季度和年度收入的指導將考慮到我們所有的計劃。

Ladies and gentlemen, thank you. That concludes our call. You may now disconnect your lines. Have a great day. Thank you. Have a great week. Thank you.

女士們，先生們，謝謝你們。我們的通話到此結束。您現在可以斷開線路。祝你有美好的一天。謝謝。祝你度過愉快的一周。謝謝。