Operator

运营商

Good afternoon, everyone, and welcome to the Monster Beverage Company Second Quarter 2024 Conference Call. [Operator Instructions] Please also note this event is being recorded.

大家下午好，欢迎参加怪物饮料公司 2024 年第二季度电话会议。[操作员指示] 请注意本次活动正在录音。

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

Rodney Cyril Sacks

Chairman and Co-Chief Executive Officer at Monster Beverage

此时，我想把话筒交给联合首席执行官罗德尼·萨克斯和希尔顿·施洛斯伯格。请讲。

罗德尼·西里尔·萨克斯

怪物饮料公司董事长兼联合首席执行官

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

Thomas Kelly

Chief Financial Officer at Monster Beverage

谢谢。女士们，先生们，下午好。感谢您参加本次电话会议。我是罗德尼·萨克斯。我们的副董事长兼联合首席执行官希尔顿·施洛斯伯格也在电话会议上；财务总监汤姆·凯利也在。现在请汤姆·凯利宣读我们的警示声明。

托马斯·凯利

怪物饮料公司首席财务官

Before we begin, I would like to remind listeners that certain statements made during this call may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Act of 1934 as amended and are based on currently available information regarding the expectations of management with respect to revenues, profitability, future business, future events, financial performance and trends. Management cautions that these statements are based on our current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside the control of the company that may cause actual results to differ materially from the forward-looking statements made during this call.

在我们开始之前，我想提醒听众，本次电话会议中的某些声明可能构成根据修正后的 1933 年证券法第 27A 条和修正后的 1934 年证券法第 21E 条的前瞻性声明，并基于目前可获得的关于管理层对收入、盈利能力、未来业务、未来事件、财务表现和趋势预期的信息。管理层提醒，这些声明基于我们目前的知识和预期，并受到某些风险和不确定性的影响，其中许多是公司无法控制的，可能导致实际结果与本次电话会议中所作的前瞻性声明有实质性差异。

Please refer to our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K filed on February 29, 2024 and quarterly reports on Form 10-Q, including the sections contained therein entitled Risk Factors and Forward-Looking Statements for a discussion on specific risks and uncertainties that may affect our performance. The company assumes no obligations to update any forward-looking statements, whether as a result of new information, future events or otherwise.

请参阅我们向美国证券交易委员会提交的文件，包括我们于2024年2月29日提交的最新年度报告 10-K 以及关于风险因素和前瞻性声明的章节，以讨论可能影响我们绩效的具体风险和不确定性。公司不承担更新任何前瞻性声明的义务，无论是基于新信息、未来事件或其他原因。

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

Rodney Cyril Sacks

Chairman and Co-Chief Executive Officer at Monster Beverage

我现在想把电话交给罗德尼·萨克斯。

罗德尼·西里尔·萨克斯

怪物饮料公司董事长兼联合首席执行官

Thanks, Tom. The energy drink category in the United States and in certain other countries experienced lower growth rates in the second quarter. Retailers have reported a reduction in convenience store foot traffic and we have seen a shift in retail towards more mass and dollar channels. Other beverage and consumer packaged product companies have also seen a tighter consumer spending environment and weaker demand in the quarter. The energy category globally continues to grow and has demonstrated resilience as we believe that consumers view energy drinks as an affordable luxury. We believe that household penetration continues to increase in the energy drink category.

谢谢，汤姆。美国和某些其他国家的能量饮料类别在第二季度经历了增长放缓。零售商报告称便利店客流量减少，我们看到零售业向更多的大众和折扣渠道转变。其他饮料和消费品公司也看到了消费者支出环境收紧和季度需求疲弱。全球能量饮料类别持续增长，并表现出韧性，我们认为消费者将能量饮料视为一种可负担的奢侈品。我们相信家庭渗透率在能量饮料类别中继续增加。

Growth opportunities in household penetration per capita consumption, along with consumers' need for energy or positive factors for the category. We continue to expand ourselves in non-Nielsen measured channels. The company achieved record second quarter net sales of $1.9 billion in the 2024 second quarter or 2.5% higher than net sales of $1.85 billion in the comparable 2023 quarter, 6.1% higher on a foreign currency adjusted basis, 4.3% exclusive of Argentina's impact. Net sales on a foreign currency adjusted basis, excluding the alcohol brands segment increased 7.4% in the 2024, second quarter.

家庭渗透率、人均消费增长机会，以及消费者对能量需求的正面因素是该类别的推动力。我们继续扩大在非尼尔森测量渠道中的业务。公司在 2024 年第二季度实现了创纪录的净销售额，达到 19 亿美元，比 2023 年同期的净销售额 18.5 亿美元高出 2.5%，按外汇调整后高出 6.1%，除阿根廷影响外，增长了 4.3%。按外汇调整后的净销售额，不包括酒类品牌部门，在 2024 年第二季度增长了 7.4%。

Gross profit as a percentage of net sales for the 2024 second quarter was 53.6% compared with 52.5% in the 2023, second quarter. The increase in gross profit as a percentage of net sales for the 2024 second quarter as compared to the 2023 second quarter was primarily the result of decreased freight-in costs, pricing actions in certain markets and lower aluminum can costs partially offset by production inefficiencies. On a sequential quarterly basis, gross margins were 0.5% below 2024 first quarter margins, primarily as a result of higher allowances certain of which we believe are nonrecurring as well as production inefficiencies. Operating expenses for the 2024 second quarter were $492.3 million, compared with $450.4 million in the 2023 second quarter.

2024 年第二季度的毛利占净销售额的比例为 53.6%，而 2023 年第二季度为 52.5%。2024 年第二季度毛利占净销售额比例的增加与 2023 年第二季度相比主要是由于运费成本降低、某些市场的定价行动以及铝罐成本降低，部分抵消了生产效率低下。按季度顺序计算，毛利率比 2024 年第一季度下降了 0.5%，主要是由于更高的津贴，其中我们认为有些是非经常性的，以及生产效率低下。2024 年第二季度的营业费用为 4.923 亿美元，而 2023 年第二季度为 4.504 亿美元。

The increase in operating expenses were primarily the result of increased sponsorship and endorsement expenses, increased payroll expenses and increased storage and warehouse expenses. As a percentage of net sales, operating expenses for the 2024 second quarter were 25.9%, compared to 24.3% in the 2023 second quarter. Distribution and warehouse expenses for the 2024 second quarter were $87.4 million or 4.6% of net sales compared to $82 million or 4.4% of net sales in the 2023 second quarter. Operating income for the 2024 second quarter increased 0.6% to $527.2 million from $523.8 million in the 2023 comparative quarter. The effective tax rate for the 0.6%, 2024 second quarter was 22.9% compared to 23.2% in the 2023 second quarter.

营业费用的增加主要是由于赞助和代言费用增加、工资支出增加以及存储和仓储费用增加。2024 年第二季度的营业费用占净销售额的比例为 25.9%，而 2023 年第二季度为 24.3%。2024 年第二季度的配送和仓储费用为 8740 万美元，占净销售额的 4.6%，而 2023 年第二季度为 8200 万美元，占净销售额的 4.4%。2024 年第二季度的营业收入从 2023 年同比季度的 5.238 亿美元增加了 0.6% 至 5.272 亿美元。2024 年第二季度的有效税率为 22.9%，而 2023 年第二季度为 23.2%。

Net income increased 2.8% to $425.4 million as compared to $413.9 million in the 2023 comparable quarter. Diluted earnings per share for the 2024 second quarter increased 5% to $0.41 from $0.39 in the second quarter of 2023. As previously reported, we will be taking an approximately 5% price increase on our core brands and packages effective November 1, 2024, in the United States. We are continuing to monitor opportunities for further pricing actions. The company continues to have market share leadership in the energy drink category for all outlets combined in the United States for the 13-week period ended July 2, 2024.

净收入从 2023 年同比季度的 4.139 亿美元增加了 2.8% 至 4.254 亿美元。2024 年第二季度的摊薄每股收益从 2023 年第二季度的 0.39 美元增加了 5% 至 0.41 美元。正如之前报道的，我们将于2024年11月1日在美国核心品牌和包装上实施约 5% 的价格上涨。我们将继续密切关注进一步定价行动的机会。公司在截至2024年7月2日的 13 周内在美国所有渠道中继续保持能量饮料类别的市场份额领先地位。

According to the Nielsen reports for the 13 weeks through July 20, 2024, for all outlets combined, namely convenience, grocery, drug, mass merchandisers, sales in dollars in the energy drink category, including energy shots, increased by 0.6% versus the same period a year ago. Sales of the company's energy brands, excluding Bang were down 2.5% in the 13-week period. Sales of Monster declined 3%. Sales of Reign were down 0.5%. Sales of NOS increased 4.1% and sales of Full Throttle decreased 6.9%. Sales of Red Bull increased 1.7%. According to Nielsen, for the four weeks ended July 20, 2024, sales in dollars in the energy drink category, in the convenience and gas channel, including energy shots in dollars, decreased 2.2% over the same period the previous year. Sales of the company's energy brands, excluding Bang, decreased 4.8% in the four-week period in the convenience and gas channel. Sales of Monster decreased by 5.4% over the same period versus the previous year. Reign sales decreased 3.8% and NOS was up 2.6% and Full Throttle was down 8.6%. Sales of Red Bull were up 0.7% or 0.8% [Phonetic].

根据尼尔森报告显示，截至2024年7月20日的 13 周内，能量饮料类别的销售额在所有渠道（便利店、杂货店、药店、大型零售商）中增长了 0.6%，包括能量饮料和能量射击剂。公司的能量品牌销售额在这 13 周内下降了 2.5%。Monster 的销售额下降了 3%，Reign 下降了 0.5%，NOS 增长了 4.1%，Full Throttle 下降了 6.9%。Red Bull 的销售额增长了 1.7%。根据尼尔森数据，截至2024年7月20日的四周内，在便利店和加油站渠道中，包括能量射击剂在内的能量饮料类别的销售额下降了 2.2%。公司的能量品牌销售额在这四周内下降了 4.8%。Monster 的销售额同比下降了 5.4%，Reign 下降了 3.8%，NOS 增长了 2.6%，Full Throttle 下降了 8.6%。Red Bull 的销售额增长了 0.7%。

According to Nielsen, for the four weeks ended July 2024, the company's market share of the energy drink category in the convenience and gas channel, including energy shots in dollars, decreased from 35.7% to 34.7%. Excluding Bang -- including Bang, the company's market share is 36.7%. Monster share decreased from 29.4% a year ago to 28.5%. Reigns share rains decreased 0.1 of a share point to 3%, NOS share increased 0.1 of a share point to 2.6%, and Full Throttle share remained at 0.7%. Bang's share was 1.9% and Red Bull share increased 1 share point to 35.9%.

根据尼尔森数据显示，截至 2024 年 7 月的四周内，公司在便利店和加油站渠道中的能量饮料类别市场份额从 35.7% 下降至 34.7%。包括 Bang 在内，公司的市场份额为 36.7%。Monster 的份额从去年的 29.4% 下降至 28.5%。Reign 的份额下降了 0.1 个百分点至 3%，NOS 的份额增长了 0.1 个百分点至 2.6%，Full Throttle 的份额保持在 0.7%。Bang 的份额为 1.9%，Red Bull 的份额增长了 1 个百分点至 35.9%。

Market share of certain competitors were as follows. CELSIUS 7.9%, C4 3.5%, 5-hour 3.3%; Rockstar 3% and GHOST 3%. According to Nielsen, for the four weeks ended July 20, 2024, sales in dollars in the coffee plus energy drink category, which includes our Java Monster line, in the convenience and gas channel decreased 11.2% over the same period the previous year. Sales of Java Monster including Java Monster 300 and Java Monster Nitro Cold Brew was 5.6% lower in the same period versus the previous year. Sales of Starbucks Energy were 17.9% lower. Java Monster share of the coffee plus energy drink category for the four weeks ended July 20, 2024, was 57.4%, up 3.4 points, while Starbucks Energy share was 42.2%, down 3.5 points.

竞争对手的市场份额如下：CELSIUS 为 7.9%，C4 为 3.5%，5-hour 为 3.3%，Rockstar 为 3%，GHOST 为 3%。根据尼尔森数据显示，截至2024年7月20日的四周内，在便利店和加油站渠道中，包括 Java Monster 系列在内的咖啡加能量饮料类别的销售额同比下降了 11.2%。Java Monster 系列的销售额，包括 Java Monster 300 和 Java Monster Nitro Cold Brew，在同期下降了 5.6%。Starbucks Energy 的销售额下降了 17.9%。截至2024年7月20日的四周内，Java Monster 在咖啡加能量饮料类别中的市场份额为 57.4%，增长了 3.4 个百分点，而 Starbucks Energy 的份额为 42.2%，下降了 3.5 个百分点。

According to Nielsen, in all measured channels in Canada, for the 12 weeks ended July 30, 2024, the energy drink category increased 6.8% in dollars. Sales of the company's energy drink brands increased 2.1% versus a year ago. The market share of the company's energy drink brands decreased 1.8 points to 40.2%. Monster sales decreased 1.2% and its market share decreased 2.8 points to 34.7%. NOS' sales increased 17.4% and its market share increased 0.1 point to 1.3%. Full Throttle sales increased 66.9% and its market share increased 0.2 or 2.5 [Phonetic] of 8%.

根据尼尔森数据显示，截至2024年7月30日的 12 周内，在加拿大所有测量渠道中，能量饮料类别的销售额增长了 6.8%。公司的能量饮料品牌销售额同比增长了 2.1%。公司能量饮料品牌的市场份额下降了 1.8 个百分点至 40.2%。Monster 的销售额下降了 1.2%，市场份额下降了 2.8 个百分点至 34.7%。NOS 的销售额增长了 17.4%，市场份额增长了 0.1 个百分点至 1.3%。Full Throttle 的销售额增长了 66.9%，市场份额增长了 0.2 个百分点至 8%。

According to Nielsen, for all outlets combined in Mexico, the energy drink category increased 20.3% for the month of June 2024. Monster sales increased 18.1%, Monster's market share in value decreased 0.5 point to 28.2% against the comparable period the previous year. Sales of Predator increased 21.8% and and its market share increased 0.1 of a share point to 6%. The Nielsen statistics for Mexico cover single months, which is a short period that may often be materially influenced positively and/or negatively ourselves in the OXXO convenience chain, which dominates the market. Sales in the OXXO convenience chain in turn can be materially influenced by promotions that may be undertaken in that chain by one or more energy drink brands during a particular month. Consequently, such activities could have a significant impact on the monthly Nielsen statistics for Mexico.

根据尼尔森数据显示，截至 2024 年 6 月，在墨西哥所有渠道中，能量饮料类别同比增长了 20.3%。Monster 的销售额增长了 18.1%，市场份额下降了 0.5 个百分点至 28.2%。Predator 的销售额增长了 21.8%，市场份额增长了 0.1 个百分点至 6%。墨西哥的尼尔森统计数据覆盖单个月份，这是一个短期内可能会受到 OXXO 便利店连锁店影响的市场。OXXO 便利店的销售额可能会受到一个月内一个或多个能量饮料品牌在该连锁店进行的促销活动的影响。因此，这些活动可能会对墨西哥每月的尼尔森统计数据产生重大影响。

According to Nielsen, for all outlets combined in Brazil, the energy drink category increased 19.1% and for the month of June 2024. Monster sales increased 29.1%, Monster's market share in value increased 3.7 points to 48.1% compared to June 2023. In Argentina, due in part to the impact of inflation-related local currency price increases. The energy drink category increased 301.3% for the month of June 2024. Monster sales increased 320.2%. Monster's market share in value increased 2.6 points to 58.1% compared to June 2023.

根据尼尔森数据显示，截至 2024 年 6 月，在巴西所有渠道中，能量饮料类别同比增长了 19.1%。Monster 的销售额增长了 29.1%，市场份额增长了 3.7 个百分点至 48.1%。在阿根廷，部分原因是受通货膨胀导致的本地货币价格上涨影响。2024 年 6 月，能量饮料类别同比增长了 301.3%。Monster 的销售额增长了 320.2%，市场份额增长了 2.6 个百分点至 58.1%。

In Chile, the energy drink category increased 0.8% for the month of June 2024. Monster sales increased 1.4%, Monster's market share in value increased 0.2 point to 41.1%. Monster Energy remains the leading energy brand in value in Argentina, Brazil and Chile. I'd like to point out that the Nielsen numbers in EMEA should only be used as a guide because the channels read by Nielsen in EMEA vary from country to country and are reported on varying dates within the month referred to from country to country. According to Nielsen, in the 13-week period ending July 14, 2024, Monster's retail market share in value as compared to the same period the previous year, grew from 16.6% -- 16.1% to 16.4% in Belgium, from 30.8% to 33.5% in Great Britain and from 5.5% to 6.8% in the Netherlands. According to Nielsen, in the 13-week period ended July 14, 2024, Monster's retail market share in value as compared to the same period the previous year declined from 32.6% to 31% in France from 31% to 29.5% in Norway, and from 40.8% to 40.6% in Spain.

在智利，2024 年 6 月，能量饮料类别同比增长了 0.8%。Monster 的销售额增长了 1.4%，市场份额增长了 0.2 个百分点至 41.1%。Monster Energy 仍然是阿根廷、巴西和智利价值最高的能量品牌。需要指出的是，EMEA 地区的尼尔森数据仅供参考，因为尼尔森在 EMEA 地区的渠道从国家到国家有所不同，并且每个国家报告的日期也不同。根据尼尔森数据显示，截至2024年7月14日的 13 周内，与去年同期相比，Monster 在比利时的零售市场份额从 16.1% 增长至 16.4%，在英国从 30.8% 增长至 33.5%，在荷兰从 5.5% 增长至 6.8%。根据尼尔森数据显示，截至2024年7月14日的 13 周内，与去年同期相比，Monster 在法国的零售市场份额从 32.6% 下降至 31%，在挪威从 31% 下降至 29.5%，在西班牙从 40.8% 下降至 40.6%。

According to Nielsen, in the 13-week period ending June 30, 2024, Monster's retail market share in value as compared to the same period the previous year grew from 16.4% to 17.3% in Germany. According to Nielsen, in the 13-week period ending June 30, 2024, Monster's retail market share in value as compared to the same period the previous year declined from 31.5% to 30.6% in Italy and from 18.2% to 17.7% in South Africa. According to Nielsen, in the 13-week period ending June 16, 2024, Monster's retail market share in value as compared to the same period the previous year, grew from 30.4% to 30.9% in the Republic of Ireland. According to Nielsen, in the 13-week period ending June 16, 2024, Monster's retail market share in value as compared to the same period the previous year declined from 22.1% to 21.4% in the Czech Republic and from 16% to 14.3% in Sweden.

根据尼尔森的数据，在截至2024年6月30日的 13 周内，与前一年同期相比，怪物在德国的零售市场价值份额从 16.4% 增长到 17.3%。同样根据尼尔森的数据，在截至2024年6月30日的 13 周内，与前一年同期相比，怪物在意大利的零售市场价值份额从 31.5% 下降到 30.6%，在南非从 18.2% 下降到 17.7%。根据尼尔森的数据，在截至2024年6月16日的 13 周内，与前一年同期相比，怪物在爱尔兰的零售市场价值份额从 30.4% 增长到 30.9%。同样根据尼尔森的数据，在截至2024年6月16日的 13 周内，与前一年同期相比，怪物在捷克的零售市场价值份额从 22.1% 下降到 21.4%，在瑞典从 16% 下降到 14.3%。

According to Nielsen, in the 13-week period ending May 31, 2024, Monster's retail market share in value as compared to the same period of the previous year, grew from 18.8% to 18.9% in Poland. According to Nielsen, in the 13-week period ending May 19, 2024, Monster's retail market share in value as compared to the same period the previous year declined from 28% to 27.3% in Denmark and from 37.5% to 34.7% in Greece. According to Nielsen, in the 13-week period ending May 31, 2024, [Indecipherable] retail market share in value as compared to the same period the previous year grew from 32.3% to 37.2% in Kenya and from 19.6% to 21.9% in Nigeria.

根据尼尔森的数据，在截至2024年5月31日的 13 周内，与前一年同期相比，怪物在波兰的零售市场价值份额从 18.8% 增长到 18.9%。同样根据尼尔森的数据，在截至2024年5月19日的 13 周内，与前一年同期相比，怪物在丹麦的零售市场价值份额从 28% 下降到 27.3%，在希腊从 37.5% 下降到 34.7%。根据尼尔森的数据，在截至2024年5月31日的 13 周内，与前一年同期相比，怪物在肯尼亚的零售市场价值份额从 32.3% 增长到 37.2%，在尼日利亚从 19.6% 增长到 21.9%。

Combining our markets in EMEA for the last 13 weeks, the energy category has grown 10.5%. Of note, for the same period, the category in Great Britain grew 1.9% in Germany, 9.9% in France, 11.4% in Ireland, 6.1% in Spain, 2.4% and in South Africa, 4.6%. According to IRI, for all outlets combined in Australia, the energy drink category increased 10.8% for the four weeks ending July 14, 2024. Monster's sales increased 24.9%. Monster's market share in value increased 2.2 points to 19.1% and against the comparable period the previous year. Sales of Mother increased 7.2% and its market share decreased 0.4 share points to 10.7%.

结合 EMEA 地区过去 13 周的市场，能量饮料类别增长了 10.5%。值得注意的是，在同一时期，英国的该类别增长了 1.9%，德国增长了 9.9%，法国增长了 11.4%，爱尔兰增长了 6.1%，西班牙增长了 2.4%，南非增长了 4.6%。根据 IRI 的数据，在澳大利亚所有门店合计，截至2024年7月14日的四周内，能量饮料类别增长了 10.8%。怪物的销售增长了 24.9%，市场份额增加了 2.2 个百分点，达到 19.1%，与去年同期相比。Mother 的销售增长了 7.2%，市场份额下降了 0.4 个百分点，降至 10.7%。

According to IRI, for all outlets combined in New Zealand, the energy drink category increased 6.1% for the four weeks ending July 7, 2024. Monster sales decreased 3.7%. Monster's market share in value decreased 0.3 of a share point to 14.6% against the comparable period the previous year. Sales of Mother increased 12.8% and its market share increased 0.3 of a share point to 5.7%. Sales of Live+ decreased 1.9% and its market share decreased 0.4 of a share point to 5.2%.

根据 IRI 的数据，在新西兰所有门店合计，截至2024年7月7日的四周内，能量饮料类别增长了 6.1%。怪物的销售下降了 3.7%，市场份额下降了 0.3 个百分点，降至 14.6%，与去年同期相比。Mother 的销售增长了 12.8%，市场份额增加了 0.3 个百分点，达到 5.7%。Live+ 的销售下降了 1.9%，市场份额下降了 0.4 个百分点，降至 5.2%。

According to INTAGE, in the convenience channel in Japan, the energy drink category decreased 5.2% for the month of June 2024. Monster sales increased 4.2%, and Monster's market share in value increased 5.5 points to 60.6% against the comparable period the previous year. According to Nielsen, for all outlets combined in South Korea, the energy drink category increased 16.6% for the month of June 2024. Monster's sales increased 5.4% and Monster's market share in value decreased 5.6 points to 52.1% against the comparable period the previous year. We again quote [Phonetic] that certain market statistics that cover single months or four-week periods may often be materially influenced positively and/or negatively by promotions or other trading factors during those periods. Net sales to customers outside the U.S. were $746 million, 39.3% of total net sales in the 2024 second quarter compared to $715.4 million 38% of total net sales in the corresponding quarter in 2023.

根据 INTAGE 的数据，在日本便利店渠道，2024 年 6 月能量饮料类别下降了 5.2%。怪物的销售增长了 4.2%，市场份额增加了 5.5 个百分点，达到 60.6%，与去年同期相比。根据尼尔森的数据，在韩国所有门店合计，2024 年 6 月能量饮料类别增长了 16.6%。怪物的销售增长了 5.4%，市场份额下降了 5.6 个百分点，降至 52.1%，与去年同期相比。我们再次引用，覆盖单个月份或四周期间的某些市场统计数据往往会受到促销或其他交易因素的积极和/或消极影响。2024 年第二季度，美国以外客户的净销售额为 7.46 亿美元，占总净销售额的 39.3%，而在 2023 年对应季度为 7.154 亿美元，占总净销售额的 38%。

Foreign currency exchange rates had a negative impact on net sales in the U.S. by approximately $67.7 million in the 2024 second quarter, of which $34 million related to Argentina. In EMEA, net sales in the 2024 second quarter increased 2.8% in dollars and increased 8.7% on a currency-neutral basis over the same period in 2023. Gross profit in this region as a percentage of net sales for the 2024 second quarter was 34.7% compared to 34% in the same quarter in 2023.

外汇汇率对美国净销售额的影响在 2024 年第二季度约为负 67.7 百万美元，其中 3400 万美元与阿根廷有关。在 EMEA 地区，2024 年第二季度净销售额以美元计算增长了 2.8%，与 2023 年同期相比，以货币中性基础增长了 8.7%。该地区的毛利占净销售额比例为 2024 年第二季度为 34.7%，而在 2023 年同季度为 34%。

Net sales in EMEA decreased by approximately 3.2% in the 2024 second quarter due to supply, chain issues in Germany caused by production capacity and distribution constraints. We continued to execute our strategic initiative across EMEA in the second quarter with the launch and rollout of Monster Zero Sugar, which is now in 32 markets. We are also pleased that in 2024 second quarter, Monster gained market share in Belgium, Germany, Great Britain, the Netherlands, Poland and the Republic of Ireland.

由于德国的生产能力和分销限制导致供应链问题，2024 年第二季度 EMEA 地区的净销售额下降了约 3.2%。在第二季度，我们在 EMEA 地区继续执行战略计划，推出并推广了 Monster Zero Sugar，在 32 个市场上线。我们也很高兴看到，在 2024 年第二季度，怪物在比利时、德国、英国、荷兰、波兰和爱尔兰获得了市场份额增长。

In Asia Pacific, net sales in the 2024 second quarter decreased 1.2% in dollars and increased 5.8% on a currency-neutral basis over the same period in 2023. Gross profit in this region as a percentage of net sales for the 2024 second quarter was 45.4% and versus 42.4% in the same period in 2023. Net sales in Japan in the 2024 second quarter decreased 11.8% in dollars and increased 0.4% on a currency-neutral basis. In South Korea, net sales in the 2024 second quarter decreased 16.9% in dollars and decreased 14.3% on a currency-neutral basis as compared to the same quarter in 2023, largely due to the timing of production schedules this year. Monster remains the market leader in Japan and South Korea.

在亚太地区，2024 年第二季度净销售额以美元计算下降了 1.2%，以货币中性基础增长了 5.8%，与 2023 年同期相比。该地区的毛利占净销售额比例为 2024 年第二季度为 45.4%，而在 2013 年同期为 42.4%。2024 年第二季度，日本的净销售额以美元计算下降了 11.8%，以货币中性基础增长了 0.4%。在韩国，2024 年第二季度净销售额以美元计算下降了 16.9%，以货币中性基础下降了 14.3%，主要是由于今年生产计划安排的时间安排。怪物仍然是日本和韩国的市场领导者。

In China, net sales in the 2024 second quarter increased 25.6% in dollars and increased 31.2% on a currency-neutral basis as compared to the same quarter in 2023. We remain optimistic about the long-term prospects for the Monster brand in China and are excited about the recent launch of Predator, which is being rolled out to additional markets in China over this year and 2025. In Oceania, which includes Australia, New Zealand, Tahiti, French Polynesia, New Caledonia, Papua New Guinea and Guam, net sales increased 2.9% in dollars and increased 4.7% on a currency-neutral basis. In Latin America, including Mexico and the Caribbean, net sales in the 2024 second quarter increased 14.1% in dollars and increased 39% on a currency-neutral basis over the same period in 2023, 14.9% exclusive of Argentina's impact.

2024 年第二季度，中国净销售额以美元计算增长了 25.6%，按货币中性基础增长了 31.2%，与 2023 年同期相比。我们对怪物品牌在中国的长期前景保持乐观，并对最近推出的 Predator 感到兴奋，该产品将在今年和 2025 年在中国的其他市场推出。在大洋洲地区，包括澳大利亚、新西兰、塔希提、法属波利尼西亚、新喀里多尼亚、巴布亚新几内亚和关岛，净销售额以美元计算增长了 2.9%，按货币中性基础增长了 4.7%。在拉丁美洲，包括墨西哥和加勒比地区，2024 年第二季度净销售额以美元计算增长了 14.1%，按货币中性基础增长了 39%，不包括阿根廷的影响，增长了 14.9%。

Gross profit in this region as a percentage of net sales was 45.8% for the 2024 second quarter versus 30.9% in the 2023 second quarter. In Brazil, net sales in the 2024 second quarter increased 33.2% in dollars and increased 37.4% on a currency-neutral basis. Net sales in Mexico increased 22.6% in dollars and increased 13.7% on a currency-neutral basis in the 2024 second quarter. Net sales in Chile decreased 28.1% in dollars and decreased 14.7% on a currency-neutral basis in the 2024 second quarter due to challenging economic conditions in the country. Our market share in the quarter increased to 41.3% plus 0.2 of a share point in the month June, our share was 41.1%.

该地区毛利润占净销售额的比例为 2024 年第二季度为 45.8%，而 2023 年第二季度为 30.9%。在巴西，2024 年第二季度净销售额以美元计算增长了 33.2%，按货币中性基础增长了 37.4%。墨西哥的净销售额在 2024 年第二季度以美元计算增长了 22.6%，按货币中性基础增长了 13.7%。智利的净销售额在 2024 年第二季度以美元计算下降了 28.1%，按货币中性基础下降了 14.7%，这是由于该国的经济状况严峻。我们在该季度的市场份额提高到 41.3%，6 月份增加了 0.2 个份额点，我们的份额为 41.1%。

Net sales in Argentina decreased 29.5% in dollars and increased 172.9% on a currency-neutral basis in the 2024 second quarter. We remain the market leader in Argentina at 57.7% share and gained 2.4 share points in the second quarter. Monster Brewing had a challenging second quarter. Net sales for the alcohol brands segment were $41.6 million in the 2024 second quarter a decrease of approximately $19.5 million or 31.9% lower than 2023 comparable quarter. We have recently appointed a new President of Monster Brewing and are continuing to consolidate production facilities to maximize efficiencies.

阿根廷的净销售额在 2024 年第二季度以美元计算下降了 29.5%，按货币中性基础增长了 172.9%。我们仍然是阿根廷市场的领导者，市场份额为 57.7%，第二季度增加了 2.4 个份额点。怪物啤酒在第二季度面临挑战。2024 年第二季度酒精品牌部门的净销售额为 4160 万美元，比 2023 年同期减少了约 1950 万美元，降低了 31.9%。我们最近任命了一位新的怪物啤酒总裁，并继续 consolide 生产设施以最大化效率。

During the quarter, we took a write-down of approximately $8.1 million relating to certain brewery closures. The Beast Unleased is now available in 50 states through a network of beer distributors after the launch in the state of July and July [Indecipherable] to in July. We expanded the Beast Unleased into 24-ounce single-serve cans in the first half of the year. We are currently launching a second variety pack of the Beast Unleased in a 12-pack of slim 12-ounce cans in four flavors. Mean Green, Pink poison, Gnarly Grape and Killer Sunrise. Nasty Beast, our new hard tea line was launched in the 2024 first quarter and is now available in 49 states.

在本季度，我们对某些酿酒厂的关闭进行了约 810 万美元的减值。野兽解禁现在通过啤酒经销商网络在 50 个州提供，7 月份在该州推出后，7 月份推出。我们在上半年将野兽解禁扩展到 24 盎司单瓶装罐。我们目前正在推出第二款野兽解禁多样化组合包，包括四种口味的 12 瓶装纤细 12 盎司罐装。Mean Green、Pink Poison、Gnarly Grape 和 Killer Sunrise。我们的新硬茶系列 Nasty Beast 于 2024 年第一季度推出，现在在 49 个州可用。

In the United States, we are preparing for the launch of Monster Energy Ultra Vice Guava in October 2024. In Canada, during the month of April, we launched Monster Zero Sugar and Reign Storm in four flavors. Additionally, in the month of June, we launched Bang Energy in four flavors. In Latin America, during the second quarter of 2024, we launched Monster Zero Sugar in Argentina, Ultra Paradise in Colombia, Monster Juice Pipeline Punch in Guatemala, Ultra Paradise in Ecuador and Reserve White Pineapple in Nicaragua.

在美国，我们正准备在 2024 年 10 月推出 Monster Energy Ultra Vice Guava。在加拿大，我们在 4 月份推出了 Monster Zero Sugar 和 Reign Storm 各四种口味。此外，在 6 月份，我们在拉丁美洲推出了 Bang Energy 四种口味。在拉丁美洲，2024 年第二季度，我们在阿根廷推出了 Monster Zero Sugar，在哥伦比亚推出了 Ultra Paradise，在危地马拉推出了 Monster Juice Pipeline Punch，在厄瓜多尔推出了 Ultra Paradise，在尼加拉瓜推出了 Reserve White Pineapple。

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

在新西兰，我们在 4 月份推出了 Monster Energy Ultra Strawberry Dreams。5 月份，我们推出了 Monster Energy Zero Sugar。

In EMEA, in the second quarter of 2024, we launched Monster Juiced Aussie Lemonade, Juiced Bad Apple, Ultra Gold and Pineapple and Ultra Peachy Keen, Ultra Rosa and Ultra Strawberry Dreams in a number of countries. In the EMEA in the second quarter of 2024, we also launched [Indecipherable] Punch, Burn Guava, Burn Punch, Rain Mango Magic and Nalu Yuzu Rosemary Lemonade in a number of countries. We launched our new clean energy brand, Reign Storm, with three SKUs, Valencia Orange, Kewi Blend and Peach Nectarine in Great Britain and Sweden in the second quarter. Additional launches are planned across all brands throughout EMEA in 2024.

在 EMEA 地区，2024 年第二季度，我们在多个国家推出了 Monster Juiced Aussie Lemonade、Juiced Bad Apple、Ultra Gold 和 Pineapple、Ultra Peachy Keen、Ultra Rosa 和 Ultra Strawberry Dreams。在 EMEA 地区，2024 年第二季度，我们还在多个国家推出了 Burn Punch、Burn Guava、Rain Mango Magic 和 Nalu Yuzu Rosemary Lemonade。我们在英国和瑞典推出了新的清洁能源品牌 Reign Storm，有三种 SKU，分别是 Valencia Orange、Kewi Blend 和 Peach Nectarine。计划在 2024 年在 EMEA 地区的所有品牌上推出更多新品。

During the second quarter of 2024, we launched Monster Ultra Violet and Papillon in Japan. And Peachy Keen and Aussie Lemonade in Korea. In China, Predator Goldstrike, which was launched in selected provinces of China at the end of April 2024, continues meeting expectations being incremental to Monster and will be launched in additional provinces by year-end.

在 2024 年第二季度，我们在日本推出了 Monster Ultra Violet 和 Papillon。在韩国推出了 Peachy Keen 和 Aussie Lemonade。在中国，Predator Goldstrike 于 2024 年 4 月底在中国部分省份推出，继续符合预期，对怪物有增量作用，并将于年底在更多省份推出。

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

在印度，Predator Gold Strike 以 PET 格式推出，于 2023 年底在一个地区进行了测试，也符合预期。我们计划在印度其他地区于今年晚些时候推出该包装格式。我们对中国和印度怪物品牌的长期前景保持乐观，并对在这两个国家扩大 Predator 感到兴奋。

On June 10, 2024, the company announced the final results of its modified Dutch auction tender offer, which expired on June 5, 2024. The company accepted for purchase approximately 56.6 million shares of common stock at a purchase price of $53 per share for an aggregate purchase price of approximately $3 billion excluding fees and expenses related to the tender offer. In addition, during the three months ended June 30, 2024, the company repurchased approximately 2.2 million shares over common stock at an average purchase price of $49.55 per share for a total consideration of approximately $107.7 million, excluding broker commissions. Subsequent to June 30, 2024, the company repurchased approximately 3.9 million shares of its common stock at an average purchase price of $49.59 per share for total consideration of approximately $192.2 million, excluding broker commissions.

2024年6月10日，公司宣布了其修改后的荷兰式拍卖要约的最终结果，该要约于2024年6月5日到期。公司接受购买了约 5660 万股普通股，购买价格为每股 53 美元，总购买价格约 30 亿美元，不包括与要约要约相关的费用和支出。此外，在截至2024年6月30日的三个月内，公司回购了约 220 万股普通股，平均购买价格为每股 49.55 美元，总金额约 1.077 亿美元，不包括经纪佣金。2024年6月30日后，公司回购了约 390 万股普通股，平均购买价格为每股 49.59 美元，总金额约 1.922 亿美元，不包括经纪佣金。

As of August 6, 2024, approximately 342.4 million shares remained available for purchase -- sorry, $342 million remained available for purchase under the previously authorized repurchase program. We estimate that July 2024 sales were approximately 5.9% higher than the comparable July 2023 sales and 6.1% higher than July 2023, excluding the alcohol brand segment. We estimate that on a foreign currency adjusted basis, including the alcohol brands segment July 2024 sales were approximately 9.4% higher than the comparable July sales and 9.6% higher than July 2023, excluding the alcohol brands segment. July 2024 had two more selling days compared to July 2023.

截至2024年8月6日，先前授权的回购计划下仍有约 3.42 亿股可供购买，折合约 3.42 亿美元可供购买。我们估计 2024 年 7 月销售额比 2023 年同比增长约 5.9%，比不包括酒类品牌部分的 2023 年 7 月销售额增长约 6.1%。我们估计按外汇调整基础计算，包括酒类品牌部分在内，2024 年 7 月销售额比同比 7 月销售额增长约 9.4%，比不包括酒类品牌部分的 2023 年 7 月销售额增长约 9.6%。2024 年 7 月比 2023 年 7 月多了两个销售日。

In this regard, we caution again that sales over a short period are often disproportionately impacted by various factors such as, for example, selling days, days of the week in which holidays fall, timing of new product launches and timing of price increases and promotions in retail stores, distributor incentives as well as shifts in the timing of production. In some instances, our bottlers are responsible for production and determine their own production schedules. This affects the dates in which we invoice such bottlers. Furthermore, our bottling and distribution partners maintain inventory levels according to their own internal requirements, which they may alter from time to time for their own business reasons. We reiterate that sales over a short period such as a single month should not necessarily be imputed to or regarded as indicative of results for a full quarter or any future period.

在这方面，我们再次提醒，短期内的销售往往受到各种因素的不成比例影响，例如销售日、假期落在周几、新产品推出时间、零售店价格调整和促销时间、分销商激励措施以及生产时间的变化等。在某些情况下，我们的装瓶商负责生产并确定自己的生产计划。这会影响我们向这些装瓶商开具发票的日期。此外，我们的装瓶和分销合作伙伴根据自己的内部要求维持库存水平，他们可能会因自身业务原因不时调整这些要求。我们再次强调，短期内（如单月）的销售不一定能反映或被视为整个季度或任何未来时期的结果。

In conclusion, I would like to summarize some recent positive points. The energy category continues to grow globally. We believe that household penetration continues to increase in the energy drink category. Growth opportunities in household penetration per capita consumption along with consumers' need for energy or positive factors for the category. We continue to expand our sales in non-Nielsen measured channels. We are pleased to report that our pricing actions have not significantly impacted consumer demand. As reported earlier, we are planning a price increase in the United States on our core brands and packages effective November 1, 2024.

最后，我想总结一些最近的积极点。能量饮料类别在全球持续增长。我们认为家庭渗透率在能量饮料类别中持续增加。家庭渗透率、人均消费增长机会以及消费者对能量需求等因素对该类别都是积极的。我们继续扩大在非尼尔森测量渠道的销售。我们很高兴地报告，我们的定价行动并没有显著影响消费者需求。正如之前报道的，我们计划于2024年11月1日在美国的核心品牌和包装上实施价格上涨。

We continue to review opportunities for price increases internationally. Our AFF flavor facility in Ireland is now providing a large number of flavors to our EMEA region, enabling better service levels and lower landed costs to our EMEA region. We are in the process of constructing a juice facility at our AFF flavor facility in Ireland, which we anticipate will be completed later this year. We're excited for the launch of Monster Energy Ultra Vice Guava in October 2024. Monster Brewing continues to provide opportunities within the alcohol brand segment. We're excited about the opportunities that the acquisition of the Bang Energy brand presents to us and believe that the brand fits well within our broader portfolio of energy drink brands.

我们继续审查国际上的价格上涨机会。我们在爱尔兰的 AFF 风味工厂现在为我们的 EMEA 地区提供大量口味，从而提供更好的服务水平和更低的着陆成本给我们的 EMEA 地区。我们正在建设一个果汁工厂，预计将于今年晚些时候完成。我们对 2024 年 10 月推出的 Monster Energy Ultra Vice Guava 感到兴奋。Monster Brewing 在酒类品牌领域继续提供机会。我们对收购 Bang Energy 品牌带来的机会感到兴奋，并相信该品牌与我们更广泛的能量饮料品牌组合很好地契合。

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

我们对在国际市场推出 Predator 和 Fury，我们的经济实惠能量饮料组合，感到满意。我们正在计划在更多市场推出我们的经济实惠能量品牌。

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

Operator

现在我想开放提问环节。谢谢。

操作员

Ladies and gentlemen, we will now begin the question-and-answer session. [Operator Instructions] Our first question today comes from Dara Mohsenian from Morgan Stanley. Please go ahead with your question.

Dara Mohsenian

Analyst at Morgan Stanley

女士们，先生们，我们现在开始提问环节。[操作员指示] 今天的第一个问题来自摩根大通的达拉·莫赛尼安。请提出您的问题。

达拉·莫赛尼安

摩根大通分析师

Hey, good afternoon, guys. The commentary on the U.S. category was helpful. Could you just put the recent slowdown you're seeing maybe in context versus other soft patches if you go back in history just in terms of drivers, magnitude, etc., just to give us some insight on how long you expect this to last? And also within that, maybe you can just touch on the promotional environment and how that might impact your plans to maybe cushion some of the pending U.S. price increase with promotion and how you guys think through that?

Hilton Hiller Schlosberg

Vice Chairman and Co-Chief Executive Officer at Monster Beverage

嘿，各位，下午好。关于美国类别的评论很有帮助。您能否将您目前看到的增长放在历史上其他软补丁的背景下，例如驱动因素、幅度等方面，以便让我们了解您预计这种情况会持续多久？此外，在此过程中，您是否可以谈谈促销环境以及它如何影响您计划通过促销来缓解即将到来的美国价格上涨，并且您如何考虑这一点？

希尔顿·希勒·施洛斯伯格

Monster Beverage 副主席兼联席首席执行官

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

当然。达拉，从历史上看，我们只在金融危机和美国的 COVID 封锁期间看到季度同比销量下降，这主要受到脚流量的显著影响。目前美国的情况实际上是相当前所未有的。我们长期以来没有看到通胀率和利率水平。我们相信这些因素导致了放缓。

If you look internationally and those markets traditionally have been -- have a longer history of energy drinks. We saw and have seen slowdowns in certain European countries over the periods. And in each case that we've seen them, the levels have, in fact, rebounded. So at the end of the day, when you look at the positive factors, we believe that energy drinks certainly are a need state, consumers want energy drinks and Household penetration is growing, all the things we spoke about really on this call. And what we like other consumer products companies, we see this decline primarily driven by a reduction in consumer spending and the lower foot traffic in the convenience channel. We've seen reports of foot traffic convenience channel being down by as much as 3% to 3.5%. And then a swing towards more grocery mass on -- online purchasing. So it's kind of a situation where we are a blue-collar brand. And our consumers are more hard pressed than consumers in other categories.

如果您看看国际市场，这些市场传统上对能量饮料有着更长的历史。我们在某些欧洲国家看到了一段时间的放缓。在我们看到的每种情况下，实际上销量最终都有所反弹。因此，归根结底，当您看到积极因素时，我们相信能量饮料确实是一种需求状态，消费者想要能量饮料，家庭渗透率正在增长，我们在通话中谈到的所有事情。与其他消费品公司一样，我们看到这种下降主要是由消费支出减少和便利渠道脚流量减少所驱动的。我们看到有关便利渠道脚流量下降多达 3% 至 3.5% 的报道。然后转向更多的杂货大众在线购买。因此，我们是一个蓝领品牌。我们的消费者比其他类别的消费者更受压力。

And that's why maybe we have seen a larger reduction than other competitive products in the space. But at the end of the day, some of those competitive products have had price increases, which we have not had yet, and we will have later this year.

Operator

这也许是为什么我们看到的减少比该领域其他竞争产品更多。但归根结底，一些竞争产品已经进行了价格上涨，而我们尚未进行，我们将在今年晚些时候进行。

操作员

Our next question comes from Andrea Teixeira from JPMorgan. Please go ahead with your question.

Andrea Faria Teixeira

Analyst at J.P. Morgan

我们下一个问题来自摩根大通的安德烈亚·特谢拉。请提出您的问题。

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

Hilton Hiller Schlosberg

Vice Chairman and Co-Chief Executive Officer at Monster Beverage

谢谢，下午好。我想知道您是否可以谈一下关于渠道的问题，您提到了大众渠道和折扣，以及您如何转变为那些寻求更实惠能源的消费者。您还提到了国际生产挑战。我们应该如何思考这个问题以及其影响，如果这是暂时的，我们应该如何看待？谢谢。

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

Rodney Cyril Sacks

Chairman and Co-Chief Executive Officer at Monster Beverage

德国的生产挑战现在基本上已经解决。这是一个情况，一个特定工厂容量不足的情况，我们在其他制造实体建立了设施，然后德国的工厂和分销点无法接受产品，因为他们在获取产品方面遇到了挑战，因为我们在德国有一个非常大的市场。所以这是一系列因素。最终，我们已经恢复正常运营，我们不预期在本季度德国会再次出现这个问题。

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

Operator

关于德国问题的具体情况。您必须意识到，在第二季度，他们举办了欧洲杯足球赛，有很多额外的需求，发生了很多不寻常的事情，这就是为什么我们遇到了这个我们认为是不寻常的挑战，未来不太可能再次发生，我们已经采取措施解决了这个问题，并且有了更多的可见性。

Our next question comes from Kaumil Gajrawala from Jefferies. Please go ahead with your question.

Kaumil S Gajrawala

Analyst at Jefferies Financial Group

我们下一个问题来自杰富瑞的考米尔·加吉瓦拉。请提出您的问题。

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

Hilton Hiller Schlosberg

Vice Chairman and Co-Chief Executive Officer at Monster Beverage

嘿，伙计们。您能否尝试协调一下仍然提价与该类别增长放缓的想法。您对核心消费者的评论，他们变得更加谨慎，似乎与提价的想法不太一致，稍后呢？谢谢。

Yeah. Kaumil, if you look at our pricing, where we are relative to other -- other beverages that we would regard as kind of comparative. Those are the beverages; they've dramatically expanded their price. We've passed the price index to Monster products. And -- we still see it as an opportunity. The extent is not that significant. We still will retain a very competitive price for consumers. Both within the energy category and the ready-to-drink beverages as a whole. And we've discussed it with most of our major distributors and customers.

是的。考米尔，如果您看看我们的定价，相对于其他我们认为是相对的饮料。这些饮料已大幅提高价格。我们已经将价格指数传递给 Monster 产品。我们仍然认为这是一个机会。程度并不那么显著。我们仍将为消费者保持非常有竞争力的价格。无论是在能量类别内还是整体即饮饮料市场。我们已经与大多数主要分销商和客户讨论过。

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

Operator

我们已经吸收了显著的涨价。正如您所知，过去两年我们只有一次涨价。而我们在即饮饮料领域的竞争对手已经多次涨价。所以我们仍然认为这是一个机会。我们认为这是我们应该追求并继续前进的事情。

Our next question comes from Peter Grom from UBS. Please go ahead with your question.

Peter Grom

Analyst at UBS Group

我们下一个问题来自瑞银的彼得·格罗姆。请提出您的问题。

Thanks, operator. Good afternoon, everyone. So I was hoping to get some just some thoughts on the quarter-to-date trends, just when backing out the benefits from selling days, it doesn't imply a ton of growth on an underlying basis, if at all. So can you maybe just talk about category trends in July maybe unpack it from a U.S. versus international perspective? And just going back to Dara's question, just any thoughts in terms of how you see growth kind of progressing from here through the balance of the quarter? Thanks.

Hilton Hiller Schlosberg

Vice Chairman and Co-Chief Executive Officer at Monster Beverage

谢谢，操作员。大家下午好。我希望能够了解一下到目前为止的季度趋势，如果排除销售日的好处，从基础上看，增长并不多，甚至没有。所以您能否谈一谈七月份的类别趋势，从美国和国际的角度来分析？回到达拉的问题，您对未来季度增长的看法有何想法？谢谢。

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

Operator

我们像其他人一样关注尼尔森。您可以看到尼尔森，如果您看美国便利店和所有受控渠道，情况实际上在七月份变得更糟，而不是变好。所以我们一直在谈论我们的非受控渠道，我们的非受控渠道继续是我们活动的重要组成部分，并继续增长。但是看尼尔森的数据，我相信您已经看到了，彼得，七月份的数据是如此，这不是一个戏剧性的，但是是一个恶化的趋势。

Our next question comes from Bonnie Herzog from Goldman Sachs. Please go ahead with your question.

Bonnie Herzog

Analyst at The Goldman Sachs Group

我们下一个问题来自高盛的邦妮·赫尔佐格。请提出您的问题。

Hi, how are you guys? I thought...

Hilton Hiller Schlosberg

Vice Chairman and Co-Chief Executive Officer at Monster Beverage

嗨，大家好？我想...

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

Bonnie Herzog

Analyst at The Goldman Sachs Group

邦妮，我们一直在等您加入这个电话，我们一直在等您。

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

Hilton Hiller Schlosberg

Vice Chairman and Co-Chief Executive Officer at Monster Beverage

嗯，您没有及时选择我。我一直在这里等。所以我想...

We don't see the picking unfortunately.

Bonnie Herzog

Analyst at The Goldman Sachs Group

很遗憾我们没有选择。

Yeah. Okay. Well, I did want to circle back, of course, slowdown that you guys did report in the quarter versus your expectations. I guess I am still trying to reconcile a few things. Could you maybe help us understand where bottler inventory levels are? I mean, is there any timing impact by chance, especially internationally that might have impacted Q2? And then second, maybe help us understand your innovation pipeline. I know you talked about a lot, but any shipment timing impact that you saw with the rollout of innovation, whether it was in Q1 or in Q2? And then how do we think about the second half? Do you possibly have more innovation rolling out in the back half versus what you did in the first half? Thanks.

Hilton Hiller Schlosberg

Vice Chairman and Co-Chief Executive Officer at Monster Beverage

好的。我想回顾一下，当然，您在季度报告中报告的增长放缓与您的预期相比。我仍在努力协调一些事情。您是否可以帮助我们了解装瓶商库存水平在哪里？是否有任何时间影响，特别是在国际上可能影响了第二季度的因素？然后其次，也许帮助我们了解一下您的创新管道。我知道您谈到了很多，但您是否在创新推出方面看到了任何装运时间的影响，无论是在第一季度还是第二季度？然后我们如何看待下半年？您是否可能在下半年推出更多的创新，而不像上半年那样？谢谢。

Well, let me talk about -- answer your first question, Rodney will talk about innovation. We haven't heard of any bottle inventories that are challenged or have changed significantly this period [Phonetic]. We are in summer -- and we haven't heard anything. I know and I read, obviously, one of the competitors mentioned that they had bought the inventory issues -- but we have not seen that. The only thing we spoke about is this German issue for a million cases, which has been rectified.

Rodney Cyril Sacks

Chairman and Co-Chief Executive Officer at Monster Beverage

关于第一个问题，让我来谈谈——罗德尼将谈论创新。我们没有听说任何挑战或在这一时期发生显著变化的瓶装库存 [音标]。我们现在是夏季——我们没有听说任何情况。我知道，我看到，显然，竞争对手之一提到他们有库存问题——但我们没有看到。我们唯一谈到的是这个德国问题，涉及一百万箱，这个问题已经得到解决。

But I think we always every quarter, we have choppy issues with bottlers because -- as we said earlier in the quarter, it depends on when they produce and sometimes, they may be producing just before or at the end of the period. That does have some effect. But again, we've not really looked and gone into it because it's really -- it's just part of the way our business is done, and we just got to live with it. And so we haven't called it out specifically, but these things do continue to occur.

Hilton Hiller Schlosberg

Vice Chairman and Co-Chief Executive Officer at Monster Beverage

但我认为每个季度我们总是与瓶装商有一些波动的问题——正如我们之前在季度初所说的，这取决于他们何时生产，有时他们可能在期末或期间生产。这确实会产生一些影响。但再次，我们并没有真正深入研究，因为这确实——这只是我们业务运作的一部分，我们必须接受。因此，我们没有特别指出，但这些事情确实会继续发生。

If we hear something significant. Obviously, we call it out, but we haven't this quarter.

Rodney Cyril Sacks

Chairman and Co-Chief Executive Officer at Monster Beverage

如果我们听到了重要的信息。显然，我们会指出，但这个季度我们没有。

Now with regard to innovation, innovation has been fine. We've had two good products -- the fantasy Ruby Red has done very well, and we've got out a little later with the Rio funds. They've both done very well. If I look at the sales point of those two items are pretty strong they're ahead of sales per point of competitive new product launches like Red Bull, their sugar-free this year. In fact, the sales per point of those two new items that we launched are actually ahead of South per point of the very top CELSIUS sort of SKU. So I'll just give you some sort of perspective.

现在关于创新，创新一切顺利。我们推出了两款优秀的产品——幻想红宝石表现非常出色，而里约基金稍晚推出。它们两者表现都非常出色。如果我看看这两款产品的销售情况，非常强劲，它们的销售点超过了像红牛这样的竞争新产品推出的销售点。事实上，我们推出的这两款新产品的销售点实际上超过了销售点非常高的 CELSIUS 顶级 SKU。所以我只是给你一些视角。

One of the perhaps challenges this year was perhaps a little lower than others. If you look at our -- the distribution levels we achieved on the innovation, they're perhaps a little lower. They've been in the 60s -- but 60s and perhaps we think that in a perfect world, that should have been closer to 75s or 80s. So that's something we are addressing with our bottling partners and with the industry. And obviously, I think we could probably improve on that. But that is probably one of the issues that perhaps didn't deliver as much in dollars on the innovation as one of the reasons that the innovation was maybe a little lower.

也许今年的挑战之一可能比其他年份稍低。如果看看我们在创新上实现的分销水平，它们可能稍低。它们在 60 左右——但 60 左右，也许我们认为在完美的情况下，应该接近 75 或 80。这是我们正在与我们的瓶装合作伙伴和行业一起解决的问题。显然，我认为我们可能可以改进。但这可能是创新没有像预期的那样带来更多收益的原因之一。

But ultimately, the innovation has done -- is still doing pretty well when I look at even the latest weekly figures. Also, we do have this planned innovation. We have really a large company focus on the launch of Ultra Vice Guava. We think it's a really exciting, it's a really -- it's a great package. It's a great flavor. But we are, in fact, galvanizing our own team and the partners -- and we're going to go out and have a -- we believe, a real good launch of this product towards the end of this year, in the end of the third quarter, beginning of the fourth quarter. So we see that as being really positive -- and I think that give us something to execute against.

但最终，创新一直表现得相当不错，即使我看最新的每周数据。此外，我们确实有这个计划中的创新。我们公司非常关注推出 Ultra Vice Guava。我们认为这是一个非常令人兴奋的产品，它有一个很棒的包装，一个很棒的口味。但事实上，我们正在激励我们自己的团队和合作伙伴——我们将推出这款产品，我们相信，今年年底，在第三季度末，第四季度初。所以我们认为这将是非常积极的——我认为这给了我们一些可以执行的东西。

We also got some good innovation coming in next year and -- but that will start shipping at the end of this year, part of it and some of it at the end of January. And we've got a good plan going through for spring of 2025. So we remain encouraged by our innovation. In fact, one of the other innovation items we launched was Zero Sugar in EMEA, which has done really nicely. We also launched Juiced Bad Apple which we hadn't launched in the U.S., and that has been rolled out, and that is also getting some really good reception. So that is something that we'll be looking at to maybe expanding in other areas, but we went -- we tested it first in EMEA.

我们明年还有一些很好的创新产品即将推出——但其中一部分将在今年年底开始发货，另一部分将在一月底发货。我们已经为 2025 年春季制定了一个很好的计划。因此，我们对我们的创新感到鼓舞。事实上，我们推出的另一个创新产品是 EMEA 的零糖产品，表现非常不错。我们还推出了 Juiced Bad Apple，这是我们在美国尚未推出的产品，现在已经推出，并且也受到了很好的反响。因此，这是我们将要考虑在其他地区扩大的产品，但我们首先在 EMEA 进行了测试。

So we do have some pipeline coming or newer products. So we are positive going forward that we'll be able to address consumer trends and look at the industry will be positive going forward.

Hilton Hiller Schlosberg

Vice Chairman and Co-Chief Executive Officer at Monster Beverage

因此，我们有一些即将推出或新产品。因此，我们对未来能够应对消费者趋势并看好行业的前景感到乐观。

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

Rodney Cyril Sacks

Chairman and Co-Chief Executive Officer at Monster Beverage

我还想提一件事，邦妮，那就是如果你看 2023 年，记住，我们推出了零糖产品，这是 Monster Green 的类似产品。那是一个非常重要的推出。因此，当你将'24 与'23 进行比较时，零糖产品确实是一个非常重要的推出，正如草莓梦想一样，口味非常棒。因此，就推出而言，'24 年很棒，但显然没有'23 年那么高的水平。

We'll also just as a matter of interest, we've got some great innovation. We're looking to launch for Bang because that's been a new brand to our portfolio. We have our own sort of innovation launch for early next year. And we have another launch in conjunction with all means possible. And their social media response and presence on their channels and for the brand has been, we are seeing some really positive signs. So we are sort of quite positive about also being able to take Bang into start to sort of start to get that brand more focused with new innovation now, which we haven't had until now. We'll be consolidating and just getting relistings.

Operator

我们还想提一下，我们有一些很棒的创新产品即将推出 Bang，因为这是我们组合中的一个新品牌。我们计划在明年初推出我们自己的创新产品。我们还计划与一切可能的方式合作推出另一款产品。他们在社交媒体上的回应和品牌的存在，我们看到了一些非常积极的迹象。因此，我们对能够将 Bang 品牌更加聚焦于新创新感到相当乐观，这是我们迄今为止还没有的。我们将进行整合，并开始重新上市。

And our next question comes from Filippo Falorni from Citi. Please go ahead with your question.

Filippo Falorni

Analyst at Smith Barney Citigroup

我们下一个问题来自花旗的 Filippo Falorni。请提出您的问题。

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

嘿，下午好。我想问一下毛利率的问题。您在发布中提到，由于更高的津贴和您认为是一次性的一些生产效率，您比第一季度低了 50 个基点。我们应该认为这些在第三季度开始消失吗？

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

Hilton Hiller Schlosberg

Vice Chairman and Co-Chief Executive Officer at Monster Beverage

然后也许你可以谈谈商品环境。铝似乎仍然是有利的，年度对比 -- 在今年余下的时间里仍然会保持有利吗？对商品环境的任何看法？谢谢。

怪物饮料副主席兼联席首席执行官 Hilton Hiller Schlosberg

Let me talk a little bit about what you're referring to -- and yes, indeed, we do believe that these -- the high allowances and the production inefficiencies will take care of themselves. I'm not sure whether the production inefficiencies will take care of itself in the third quarter, but certainly, it will over time. The production inefficiencies relate to the two plants that we have up and running. We opened Norwalk for production in April, and we're gearing up production in NOC, which is one of the reasons for the production inefficiencies because we're gearing up that plant to full production.

让我稍微谈谈你所指的内容 -- 是的，我们确实相信这些 -- 高津贴和生产效率低下将自行解决。我不确定生产效率低下是否会在第三季度自行解决，但肯定会随着时间的推移。生产效率低下与我们目前运营的两家工厂有关。我们在四月份开始生产 Norwalk 工厂，并且正在加快 NOC 工厂的生产，这也是生产效率低下的原因之一，因为我们正在加快该工厂的全面生产。

And then on the other hand, we have our facility in Phoenix that we acquired as part of the Bang transaction, which is at present, only producing Bang products. But we're gearing it up to produce Monster both the Ultra versions of Monster and Reign, which are the non-sugar varieties and then ultimately, the sugar varieties because they don't have -- they don't have sugar tanks. And we've had issues with water that we've been dealing with to ensure that we deliver the best Monster flavors possible.

另一方面，我们在凤凰城的设施是我们在 Bang 交易中收购的，目前只生产 Bang 产品。但我们正在加快生产怪物能量饮料的 Ultra 版本和 Reign，这些是无糖品种，最终还会生产含糖品种，因为他们没有糖罐。我们一直在处理水的问题，以确保提供最佳的怪物口味。

So that's where the production inefficiencies are coming from, and they will resolve themselves over time. The alliances absolutely will resolve themselves, we believe, in the -- this next quarter, they should be gone. So that's where we are on that.

这就是生产效率低下的原因，随着时间的推移，这些问题将得到解决。我们相信，联盟绝对会在下个季度解决，它们应该会消失。这就是我们目前的情况。

Now in the -- on the commodities environment, we hedge aluminum. So how we hedge aluminum is we use the ladder. So we purchased aluminum according to a prescribed formula and we have certain amounts at our discretionary reevaluate aluminum on a weekly basis. So -- and we take advantage, of course, of pricing when pricing falls but there are instances where we may have purchased aluminum at higher prices to ensure that our latter strategy is properly executed because there was a time in aluminum, as you know, was up -- and everyone is going to purchase aluminum and now it's back down -- so it's a -- they're plus and minuses. But I do believe that we're in good territory with aluminum and aluminum, we should be able to see reductions over time.

Operator

现在在商品环境中，我们对铝进行套期保值。我们如何对铝进行套期保值是使用阶梯。所以我们根据一套规定的公式购买铝，并且我们有一定数量的铝可以自行重新评估，每周评估一次。当价格下跌时，我们当然会利用价格，但也有可能我们以较高价格购买铝，以确保我们的阶梯策略得以正确执行，因为你知道，铝曾经价格上涨 -- 每个人都会购买铝，现在价格回落了 -- 所以有好有坏。但我相信我们在铝方面处于良好地位，随着时间的推移，我们应该能够看到价格下降。

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

Rodney Cyril Sacks

Chairman and Co-Chief Executive Officer at Monster Beverage

女士们，先生们，此时我想把发言权交还给怪物饮料主席兼联席首席执行官 Rodney Cyril Sacks 以结束讲话。

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

Operator

谢谢。我谨代表公司感谢大家的持续关注。我们继续相信公司和我们的增长战略，并致力于继续创新、发展和差异化我们的品牌，并扩大公司在国内外的业务，特别是利用我们与可口可乐装瓶系统的关系。我们相信我们在饮料行业处于有利位置，并继续对公司的未来保持乐观态度。希望大家保持安全和健康。非常感谢大家的参与。

[Operator Closing Remarks]

[运营商结束语]

怪物饮料 2024 年第二季度收益电话会议记录