Operator

運營商

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，歡迎參加怪物飲料公司 2024 年第二季度電話會議。[操作員指示] 請注意本次活動正在錄音。

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

此時，我想把話筒交給聯合首席執行官羅德尼·薩克斯和希爾頓·施洛斯伯格。請講。

羅德尼·西里爾·薩克斯

怪物飲料公司董事長兼聯合首席執行官

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

謝謝。女士們，先生們，下午好。感謝您參加本次電話會議。我是羅德尼·薩克斯。我們的副董事長兼聯合首席執行官希爾頓·施洛斯伯格也在電話會議上；財務總監湯姆·凱利也在。現在請湯姆·凱利宣讀我們的警示聲明。

托馬斯·凱利

怪物飲料公司首席財務官

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.

在我們開始之前，我想提醒聽眾，本次電話會議中的某些聲明可能構成根據修正後的 1933 年證券法第 27A 條和修正後的 1934 年證券法第 21E 條的前瞻性聲明，並基於目前可獲得的關於管理層對收入、盈利能力、未來業務、未來事件、財務表現和趨勢預期的信息。管理層提醒，這些聲明基於我們目前的知識和預期，並受到某些風險和不確定性的影響，其中許多是公司無法控制的，可能導致實際結果與本次電話會議中所作的前瞻性聲明有實質性差異。

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

請參閲我們向美國證券交易委員會提交的文件，包括我們於2024年2月29日提交的最新年度報告 10-K 以及關於風險因素和前瞻性聲明的章節，以討論可能影響我們績效的具體風險和不確定性。公司不承擔更新任何前瞻性聲明的義務，無論是基於新信息、未來事件或其他原因。

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

Rodney Cyril Sacks

Chairman and Co-Chief Executive Officer at Monster Beverage

我現在想把電話交給羅德尼·薩克斯。

羅德尼·西里爾·薩克斯

怪物飲料公司董事長兼聯合首席執行官

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.

謝謝，湯姆。美國和某些其他國家的能量飲料類別在第二季度經歷了增長放緩。零售商報告稱便利店客流量減少，我們看到零售業向更多的大眾和折扣渠道轉變。其他飲料和消費品公司也看到了消費者支出環境收緊和季度需求疲弱。全球能量飲料類別持續增長，並表現出韌性，我們認為消費者將能量飲料視為一種可負擔的奢侈品。我們相信家庭滲透率在能量飲料類別中繼續增加。

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.

家庭滲透率、人均消費增長機會，以及消費者對能量需求的正面因素是該類別的推動力。我們繼續擴大在非尼爾森測量渠道中的業務。公司在 2024 年第二季度實現了創紀錄的淨銷售額，達到 19 億美元，比 2023 年同期的淨銷售額 18.5 億美元高出 2.5%，按外匯調整後高出 6.1%，除阿根廷影響外，增長了 4.3%。按外匯調整後的淨銷售額，不包括酒類品牌部門，在 2024 年第二季度增長了 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 年第二季度的毛利佔淨銷售額的比例為 53.6%，而 2023 年第二季度為 52.5%。2024 年第二季度毛利佔淨銷售額比例的增加與 2023 年第二季度相比主要是由於運費成本降低、某些市場的定價行動以及鋁罐成本降低，部分抵消了生產效率低下。按季度順序計算，毛利率比 2024 年第一季度下降了 0.5%，主要是由於更高的津貼，其中我們認為有些是非經常性的，以及生產效率低下。2024 年第二季度的營業費用為 4.923 億美元，而 2023 年第二季度為 4.504 億美元。

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.

營業費用的增加主要是由於贊助和代言費用增加、工資支出增加以及存儲和倉儲費用增加。2024 年第二季度的營業費用佔淨銷售額的比例為 25.9%，而 2023 年第二季度為 24.3%。2024 年第二季度的配送和倉儲費用為 8740 萬美元，佔淨銷售額的 4.6%，而 2023 年第二季度為 8200 萬美元，佔淨銷售額的 4.4%。2024 年第二季度的營業收入從 2023 年同比季度的 5.238 億美元增加了 0.6% 至 5.272 億美元。2024 年第二季度的有效税率為 22.9%，而 2023 年第二季度為 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.

淨收入從 2023 年同比季度的 4.139 億美元增加了 2.8% 至 4.254 億美元。2024 年第二季度的攤薄每股收益從 2023 年第二季度的 0.39 美元增加了 5% 至 0.41 美元。正如之前報道的，我們將於2024年11月1日在美國核心品牌和包裝上實施約 5% 的價格上漲。我們將繼續密切關注進一步定價行動的機會。公司在截至2024年7月2日的 13 周內在美國所有渠道中繼續保持能量飲料類別的市場份額領先地位。

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].

根據尼爾森報告顯示，截至2024年7月20日的 13 周內，能量飲料類別的銷售額在所有渠道（便利店、雜貨店、藥店、大型零售商）中增長了 0.6%，包括能量飲料和能量射擊劑。公司的能量品牌銷售額在這 13 周內下降了 2.5%。Monster 的銷售額下降了 3%，Reign 下降了 0.5%，NOS 增長了 4.1%，Full Throttle 下降了 6.9%。Red Bull 的銷售額增長了 1.7%。根據尼爾森數據，截至2024年7月20日的四周內，在便利店和加油站渠道中，包括能量射擊劑在內的能量飲料類別的銷售額下降了 2.2%。公司的能量品牌銷售額在這四周內下降了 4.8%。Monster 的銷售額同比下降了 5.4%，Reign 下降了 3.8%，NOS 增長了 2.6%，Full Throttle 下降了 8.6%。Red Bull 的銷售額增長了 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%.

根據尼爾森數據顯示，截至 2024 年 7 月的四周內，公司在便利店和加油站渠道中的能量飲料類別市場份額從 35.7% 下降至 34.7%。包括 Bang 在內，公司的市場份額為 36.7%。Monster 的份額從去年的 29.4% 下降至 28.5%。Reign 的份額下降了 0.1 個百分點至 3%，NOS 的份額增長了 0.1 個百分點至 2.6%，Full Throttle 的份額保持在 0.7%。Bang 的份額為 1.9%，Red Bull 的份額增長了 1 個百分點至 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.

競爭對手的市場份額如下：CELSIUS 為 7.9%，C4 為 3.5%，5-hour 為 3.3%，Rockstar 為 3%，GHOST 為 3%。根據尼爾森數據顯示，截至2024年7月20日的四周內，在便利店和加油站渠道中，包括 Java Monster 系列在內的咖啡加能量飲料類別的銷售額同比下降了 11.2%。Java Monster 系列的銷售額，包括 Java Monster 300 和 Java Monster Nitro Cold Brew，在同期下降了 5.6%。Starbucks Energy 的銷售額下降了 17.9%。截至2024年7月20日的四周內，Java Monster 在咖啡加能量飲料類別中的市場份額為 57.4%，增長了 3.4 個百分點，而 Starbucks Energy 的份額為 42.2%，下降了 3.5 個百分點。

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%.

根據尼爾森數據顯示，截至2024年7月30日的 12 周內，在加拿大所有測量渠道中，能量飲料類別的銷售額增長了 6.8%。公司的能量飲料品牌銷售額同比增長了 2.1%。公司能量飲料品牌的市場份額下降了 1.8 個百分點至 40.2%。Monster 的銷售額下降了 1.2%，市場份額下降了 2.8 個百分點至 34.7%。NOS 的銷售額增長了 17.4%，市場份額增長了 0.1 個百分點至 1.3%。Full Throttle 的銷售額增長了 66.9%，市場份額增長了 0.2 個百分點至 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.

根據尼爾森數據顯示，截至 2024 年 6 月，在墨西哥所有渠道中，能量飲料類別同比增長了 20.3%。Monster 的銷售額增長了 18.1%，市場份額下降了 0.5 個百分點至 28.2%。Predator 的銷售額增長了 21.8%，市場份額增長了 0.1 個百分點至 6%。墨西哥的尼爾森統計數據覆蓋單個月份，這是一個短期內可能會受到 OXXO 便利店連鎖店影響的市場。OXXO 便利店的銷售額可能會受到一個月內一個或多個能量飲料品牌在該連鎖店進行的促銷活動的影響。因此，這些活動可能會對墨西哥每月的尼爾森統計數據產生重大影響。

According to Nielsen, for all outlets combined in Brazil, the energy drink category increased 19.1% 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.

根據尼爾森數據顯示，截至 2024 年 6 月，在巴西所有渠道中，能量飲料類別同比增長了 19.1%。Monster 的銷售額增長了 29.1%，市場份額增長了 3.7 個百分點至 48.1%。在阿根廷，部分原因是受通貨膨脹導致的本地貨幣價格上漲影響。2024 年 6 月，能量飲料類別同比增長了 301.3%。Monster 的銷售額增長了 320.2%，市場份額增長了 2.6 個百分點至 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，能量飲料類別同比增長了 0.8%。Monster 的銷售額增長了 1.4%，市場份額增長了 0.2 個百分點至 41.1%。Monster Energy 仍然是阿根廷、巴西和智利價值最高的能量品牌。需要指出的是，EMEA 地區的尼爾森數據僅供參考，因為尼爾森在 EMEA 地區的渠道從國家到國家有所不同，並且每個國家報告的日期也不同。根據尼爾森數據顯示，截至2024年7月14日的 13 周內，與去年同期相比，Monster 在比利時的零售市場份額從 16.1% 增長至 16.4%，在英國從 30.8% 增長至 33.5%，在荷蘭從 5.5% 增長至 6.8%。根據尼爾森數據顯示，截至2024年7月14日的 13 周內，與去年同期相比，Monster 在法國的零售市場份額從 32.6% 下降至 31%，在挪威從 31% 下降至 29.5%，在西班牙從 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.

根據尼爾森的數據，在截至2024年6月30日的 13 周內，與前一年同期相比，怪物在德國的零售市場價值份額從 16.4% 增長到 17.3%。同樣根據尼爾森的數據，在截至2024年6月30日的 13 周內，與前一年同期相比，怪物在意大利的零售市場價值份額從 31.5% 下降到 30.6%，在南非從 18.2% 下降到 17.7%。根據尼爾森的數據，在截至2024年6月16日的 13 周內，與前一年同期相比，怪物在愛爾蘭的零售市場價值份額從 30.4% 增長到 30.9%。同樣根據尼爾森的數據，在截至2024年6月16日的 13 周內，與前一年同期相比，怪物在捷克的零售市場價值份額從 22.1% 下降到 21.4%，在瑞典從 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.

根據尼爾森的數據，在截至2024年5月31日的 13 周內，與前一年同期相比，怪物在波蘭的零售市場價值份額從 18.8% 增長到 18.9%。同樣根據尼爾森的數據，在截至2024年5月19日的 13 周內，與前一年同期相比，怪物在丹麥的零售市場價值份額從 28% 下降到 27.3%，在希臘從 37.5% 下降到 34.7%。根據尼爾森的數據，在截至2024年5月31日的 13 周內，與前一年同期相比，怪物在肯尼亞的零售市場價值份額從 32.3% 增長到 37.2%，在尼日利亞從 19.6% 增長到 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%.

結合 EMEA 地區過去 13 周的市場，能量飲料類別增長了 10.5%。值得注意的是，在同一時期，英國的該類別增長了 1.9%，德國增長了 9.9%，法國增長了 11.4%，愛爾蘭增長了 6.1%，西班牙增長了 2.4%，南非增長了 4.6%。根據 IRI 的數據，在澳大利亞所有門店合計，截至2024年7月14日的四周內，能量飲料類別增長了 10.8%。怪物的銷售增長了 24.9%，市場份額增加了 2.2 個百分點，達到 19.1%，與去年同期相比。Mother 的銷售增長了 7.2%，市場份額下降了 0.4 個百分點，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%.

根據 IRI 的數據，在新西蘭所有門店合計，截至2024年7月7日的四周內，能量飲料類別增長了 6.1%。怪物的銷售下降了 3.7%，市場份額下降了 0.3 個百分點，降至 14.6%，與去年同期相比。Mother 的銷售增長了 12.8%，市場份額增加了 0.3 個百分點，達到 5.7%。Live+ 的銷售下降了 1.9%，市場份額下降了 0.4 個百分點，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.

根據 INTAGE 的數據，在日本便利店渠道，2024 年 6 月能量飲料類別下降了 5.2%。怪物的銷售增長了 4.2%，市場份額增加了 5.5 個百分點，達到 60.6%，與去年同期相比。根據尼爾森的數據，在韓國所有門店合計，2024 年 6 月能量飲料類別增長了 16.6%。怪物的銷售增長了 5.4%，市場份額下降了 5.6 個百分點，降至 52.1%，與去年同期相比。我們再次引用，覆蓋單個月份或四周期間的某些市場統計數據往往會受到促銷或其他交易因素的積極和/或消極影響。2024 年第二季度，美國以外客户的淨銷售額為 7.46 億美元，佔總淨銷售額的 39.3%，而在 2023 年對應季度為 7.154 億美元，佔總淨銷售額的 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.

外匯匯率對美國淨銷售額的影響在 2024 年第二季度約為負 67.7 百萬美元，其中 3400 萬美元與阿根廷有關。在 EMEA 地區，2024 年第二季度淨銷售額以美元計算增長了 2.8%，與 2023 年同期相比，以貨幣中性基礎增長了 8.7%。該地區的毛利佔淨銷售額比例為 2024 年第二季度為 34.7%，而在 2023 年同季度為 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.

由於德國的生產能力和分銷限制導致供應鏈問題，2024 年第二季度 EMEA 地區的淨銷售額下降了約 3.2%。在第二季度，我們在 EMEA 地區繼續執行戰略計劃，推出並推廣了 Monster Zero Sugar，在 32 個市場上線。我們也很高興看到，在 2024 年第二季度，怪物在比利時、德國、英國、荷蘭、波蘭和愛爾蘭獲得了市場份額增長。

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.

在亞太地區，2024 年第二季度淨銷售額以美元計算下降了 1.2%，以貨幣中性基礎增長了 5.8%，與 2023 年同期相比。該地區的毛利佔淨銷售額比例為 2024 年第二季度為 45.4%，而在 2013 年同期為 42.4%。2024 年第二季度，日本的淨銷售額以美元計算下降了 11.8%，以貨幣中性基礎增長了 0.4%。在韓國，2024 年第二季度淨銷售額以美元計算下降了 16.9%，以貨幣中性基礎下降了 14.3%，主要是由於今年生產計劃安排的時間安排。怪物仍然是日本和韓國的市場領導者。

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，中國淨銷售額以美元計算增長了 25.6%，按貨幣中性基礎增長了 31.2%，與 2023 年同期相比。我們對怪物品牌在中國的長期前景保持樂觀，並對最近推出的 Predator 感到興奮，該產品將在今年和 2025 年在中國的其他市場推出。在大洋洲地區，包括澳大利亞、新西蘭、塔希提、法屬波利尼西亞、新喀里多尼亞、巴布亞新幾內亞和關島，淨銷售額以美元計算增長了 2.9%，按貨幣中性基礎增長了 4.7%。在拉丁美洲，包括墨西哥和加勒比地區，2024 年第二季度淨銷售額以美元計算增長了 14.1%，按貨幣中性基礎增長了 39%，不包括阿根廷的影響，增長了 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%.

該地區毛利潤佔淨銷售額的比例為 2024 年第二季度為 45.8%，而 2023 年第二季度為 30.9%。在巴西，2024 年第二季度淨銷售額以美元計算增長了 33.2%，按貨幣中性基礎增長了 37.4%。墨西哥的淨銷售額在 2024 年第二季度以美元計算增長了 22.6%，按貨幣中性基礎增長了 13.7%。智利的淨銷售額在 2024 年第二季度以美元計算下降了 28.1%，按貨幣中性基礎下降了 14.7%，這是由於該國的經濟狀況嚴峻。我們在該季度的市場份額提高到 41.3%，6 月份增加了 0.2 個份額點，我們的份額為 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.

阿根廷的淨銷售額在 2024 年第二季度以美元計算下降了 29.5%，按貨幣中性基礎增長了 172.9%。我們仍然是阿根廷市場的領導者，市場份額為 57.7%，第二季度增加了 2.4 個份額點。怪物啤酒在第二季度面臨挑戰。2024 年第二季度酒精品牌部門的淨銷售額為 4160 萬美元，比 2023 年同期減少了約 1950 萬美元，降低了 31.9%。我們最近任命了一位新的怪物啤酒總裁，並繼續 consolide 生產設施以最大化效率。

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，我們對某些釀酒廠的關閉進行了約 810 萬美元的減值。野獸解禁現在通過啤酒經銷商網絡在 50 個州提供，7 月份在該州推出後，7 月份推出。我們在上半年將野獸解禁擴展到 24 盎司單瓶裝罐。我們目前正在推出第二款野獸解禁多樣化組合包，包括四種口味的 12 瓶裝纖細 12 盎司罐裝。Mean Green、Pink Poison、Gnarly Grape 和 Killer Sunrise。我們的新硬茶系列 Nasty Beast 於 2024 年第一季度推出，現在在 49 個州可用。

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.

在美國，我們正準備在 2024 年 10 月推出 Monster Energy Ultra Vice Guava。在加拿大，我們在 4 月份推出了 Monster Zero Sugar 和 Reign Storm 各四種口味。此外，在 6 月份，我們在拉丁美洲推出了 Bang Energy 四種口味。在拉丁美洲，2024 年第二季度，我們在阿根廷推出了 Monster Zero Sugar，在哥倫比亞推出了 Ultra Paradise，在危地馬拉推出了 Monster Juice Pipeline Punch，在厄瓜多爾推出了 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.

在新西蘭，我們在 4 月份推出了 Monster Energy Ultra Strawberry Dreams。5 月份，我們推出了 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 地區，2024 年第二季度，我們在多個國家推出了 Monster Juiced Aussie Lemonade、Juiced Bad Apple、Ultra Gold 和 Pineapple、Ultra Peachy Keen、Ultra Rosa 和 Ultra Strawberry Dreams。在 EMEA 地區，2024 年第二季度，我們還在多個國家推出了 Burn Punch、Burn Guava、Rain Mango Magic 和 Nalu Yuzu Rosemary Lemonade。我們在英國和瑞典推出了新的清潔能源品牌 Reign Storm，有三種 SKU，分別是 Valencia Orange、Kewi Blend 和 Peach Nectarine。計劃在 2024 年在 EMEA 地區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，我們在日本推出了 Monster Ultra Violet 和 Papillon。在韓國推出了 Peachy Keen 和 Aussie Lemonade。在中國，Predator Goldstrike 於 2024 年 4 月底在中國部分省份推出，繼續符合預期，對怪物有增量作用，並將於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，於 2023 年底在一個地區進行了測試，也符合預期。我們計劃在印度其他地區於今年晚些時候推出該包裝格式。我們對中國和印度怪物品牌的長期前景保持樂觀，並對在這兩個國家擴大 Predator 感到興奮。

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，公司宣佈了其修改後的荷蘭式拍賣要約的最終結果，該要約於2024年6月5日到期。公司接受購買了約 5660 萬股普通股，購買價格為每股 53 美元，總購買價格約 30 億美元，不包括與要約要約相關的費用和支出。此外，在截至2024年6月30日的三個月內，公司回購了約 220 萬股普通股，平均購買價格為每股 49.55 美元，總金額約 1.077 億美元，不包括經紀佣金。2024年6月30日後，公司回購了約 390 萬股普通股，平均購買價格為每股 49.59 美元，總金額約 1.922 億美元，不包括經紀佣金。

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，先前授權的回購計劃下仍有約 3.42 億股可供購買，摺合約 3.42 億美元可供購買。我們估計 2024 年 7 月銷售額比 2023 年同比增長約 5.9%，比不包括酒類品牌部分的 2023 年 7 月銷售額增長約 6.1%。我們估計按外匯調整基礎計算，包括酒類品牌部分在內，2024 年 7 月銷售額比同比 7 月銷售額增長約 9.4%，比不包括酒類品牌部分的 2023 年 7 月銷售額增長約 9.6%。2024 年 7 月比 2023 年 7 月多了兩個銷售日。

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.

在這方面，我們再次提醒，短期內的銷售往往受到各種因素的不成比例影響，例如銷售日、假期落在周幾、新產品推出時間、零售店價格調整和促銷時間、分銷商激勵措施以及生產時間的變化等。在某些情況下，我們的裝瓶商負責生產並確定自己的生產計劃。這會影響我們向這些裝瓶商開具發票的日期。此外，我們的裝瓶和分銷合作伙伴根據自己的內部要求維持庫存水平，他們可能會因自身業務原因不時調整這些要求。我們再次強調，短期內（如單月）的銷售不一定能反映或被視為整個季度或任何未來時期的結果。

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.

最後，我想總結一些最近的積極點。能量飲料類別在全球持續增長。我們認為家庭滲透率在能量飲料類別中持續增加。家庭滲透率、人均消費增長機會以及消費者對能量需求等因素對該類別都是積極的。我們繼續擴大在非尼爾森測量渠道的銷售。我們很高興地報告，我們的定價行動並沒有顯著影響消費者需求。正如之前報道的，我們計劃於2024年11月1日在美國的核心品牌和包裝上實施價格上漲。

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.

我們繼續審查國際上的價格上漲機會。我們在愛爾蘭的 AFF 風味工廠現在為我們的 EMEA 地區提供大量口味，從而提供更好的服務水平和更低的着陸成本給我們的 EMEA 地區。我們正在建設一個果汁工廠，預計將於今年晚些時候完成。我們對 2024 年 10 月推出的 Monster Energy Ultra Vice Guava 感到興奮。Monster Brewing 在酒類品牌領域繼續提供機會。我們對收購 Bang Energy 品牌帶來的機會感到興奮，並相信該品牌與我們更廣泛的能量飲料品牌組合很好地契合。

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.

我們對在國際市場推出 Predator 和 Fury，我們的經濟實惠能量飲料組合，感到滿意。我們正在計劃在更多市場推出我們的經濟實惠能量品牌。

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

Operator

現在我想開放提問環節。謝謝。

操作員

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

女士們，先生們，我們現在開始提問環節。[操作員指示] 今天的第一個問題來自摩根大通的達拉·莫賽尼安。請提出您的問題。

達拉·莫賽尼安

摩根大通分析師

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。關於美國類別的評論很有幫助。您能否將您目前看到的增長放在歷史上其他軟補丁的背景下，例如驅動因素、幅度等方面，以便讓我們瞭解您預計這種情況會持續多久？此外，在此過程中，您是否可以談談促銷環境以及它如何影響您計劃通過促銷來緩解即將到來的美國價格上漲，並且您如何考慮這一點？

希爾頓·希勒·施洛斯伯格

Monster Beverage 副主席兼聯席首席執行官

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.

當然。達拉，從歷史上看，我們只在金融危機和美國的 COVID 封鎖期間看到季度同比銷量下降，這主要受到腳流量的顯著影響。目前美國的情況實際上是相當前所未有的。我們長期以來沒有看到通脹率和利率水平。我們相信這些因素導致了放緩。

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.

如果您看看國際市場，這些市場傳統上對能量飲料有着更長的歷史。我們在某些歐洲國家看到了一段時間的放緩。在我們看到的每種情況下，實際上銷量最終都有所反彈。因此，歸根結底，當您看到積極因素時，我們相信能量飲料確實是一種需求狀態，消費者想要能量飲料，家庭滲透率正在增長，我們在通話中談到的所有事情。與其他消費品公司一樣，我們看到這種下降主要是由消費支出減少和便利渠道腳流量減少所驅動的。我們看到有關便利渠道腳流量下降多達 3% 至 3.5% 的報道。然後轉向更多的雜貨大眾在線購買。因此，我們是一個藍領品牌。我們的消費者比其他類別的消費者更受壓力。

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

這也許是為什麼我們看到的減少比該領域其他競爭產品更多。但歸根結底，一些競爭產品已經進行了價格上漲，而我們尚未進行，我們將在今年晚些時候進行。

操作員

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

Andrea Faria Teixeira

Analyst at J.P. Morgan

我們下一個問題來自摩根大通的安德烈亞·特謝拉。請提出您的問題。

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

謝謝，下午好。我想知道您是否可以談一下關於渠道的問題，您提到了大眾渠道和折扣，以及您如何轉變為那些尋求更實惠能源的消費者。您還提到了國際生產挑戰。我們應該如何思考這個問題以及其影響，如果這是暫時的，我們應該如何看待？謝謝。

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

德國的生產挑戰現在基本上已經解決。這是一個情況，一個特定工廠容量不足的情況，我們在其他製造實體建立了設施，然後德國的工廠和分銷點無法接受產品，因為他們在獲取產品方面遇到了挑戰，因為我們在德國有一個非常大的市場。所以這是一系列因素。最終，我們已經恢復正常運營，我們不預期在本季度德國會再次出現這個問題。

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

關於德國問題的具體情況。您必須意識到，在第二季度，他們舉辦了歐洲盃足球賽，有很多額外的需求，發生了很多不尋常的事情，這就是為什麼我們遇到了這個我們認為是不尋常的挑戰，未來不太可能再次發生，我們已經採取措施解決了這個問題，並且有了更多的可見性。

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

Kaumil S Gajrawala

Analyst at Jefferies Financial Group

我們下一個問題來自傑富瑞的考米爾·加吉瓦拉。請提出您的問題。

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，夥計們。您能否嘗試協調一下仍然提價與該類別增長放緩的想法。您對核心消費者的評論，他們變得更加謹慎，似乎與提價的想法不太一致，稍後呢？謝謝。

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。考米爾，如果您看看我們的定價，相對於其他我們認為是相對的飲料。這些飲料已大幅提高價格。我們已經將價格指數傳遞給 Monster 產品。我們仍然認為這是一個機會。程度並不那麼顯著。我們仍將為消費者保持非常有競爭力的價格。無論是在能量類別內還是整體即飲飲料市場。我們已經與大多數主要分銷商和客户討論過。

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

我們已經吸收了顯著的漲價。正如您所知，過去兩年我們只有一次漲價。而我們在即飲飲料領域的競爭對手已經多次漲價。所以我們仍然認為這是一個機會。我們認為這是我們應該追求並繼續前進的事情。

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

Peter Grom

Analyst at UBS Group

我們下一個問題來自瑞銀的彼得·格羅姆。請提出您的問題。

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

謝謝，操作員。大家下午好。我希望能夠了解一下到目前為止的季度趨勢，如果排除銷售日的好處，從基礎上看，增長並不多，甚至沒有。所以您能否談一談七月份的類別趨勢，從美國和國際的角度來分析？回到達拉的問題，您對未來季度增長的看法有何想法？謝謝。

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

我們像其他人一樣關注尼爾森。您可以看到尼爾森，如果您看美國便利店和所有受控渠道，情況實際上在七月份變得更糟，而不是變好。所以我們一直在談論我們的非受控渠道，我們的非受控渠道繼續是我們活動的重要組成部分，並繼續增長。但是看尼爾森的數據，我相信您已經看到了，彼得，七月份的數據是如此，這不是一個戲劇性的，但是是一個惡化的趨勢。

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

Bonnie Herzog

Analyst at The Goldman Sachs Group

我們下一個問題來自高盛的邦妮·赫爾佐格。請提出您的問題。

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，我們一直在等您加入這個電話，我們一直在等您。

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，您沒有及時選擇我。我一直在這裏等。所以我想...

We don't see the picking unfortunately.

Bonnie Herzog

Analyst at The Goldman Sachs Group

很遺憾我們沒有選擇。

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。我想回顧一下，當然，您在季度報告中報告的增長放緩與您的預期相比。我仍在努力協調一些事情。您是否可以幫助我們瞭解裝瓶商庫存水平在哪裏？是否有任何時間影響，特別是在國際上可能影響了第二季度的因素？然後其次，也許幫助我們瞭解一下您的創新管道。我知道您談到了很多，但您是否在創新推出方面看到了任何裝運時間的影響，無論是在第一季度還是第二季度？然後我們如何看待下半年？您是否可能在下半年推出更多的創新，而不像上半年那樣？謝謝。

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

關於第一個問題，讓我來談談——羅德尼將談論創新。我們沒有聽説任何挑戰或在這一時期發生顯著變化的瓶裝庫存 [音標]。我們現在是夏季——我們沒有聽説任何情況。我知道，我看到，顯然，競爭對手之一提到他們有庫存問題——但我們沒有看到。我們唯一談到的是這個德國問題，涉及一百萬箱，這個問題已經得到解決。

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

但我認為每個季度我們總是與瓶裝商有一些波動的問題——正如我們之前在季度初所説的，這取決於他們何時生產，有時他們可能在期末或期間生產。這確實會產生一些影響。但再次，我們並沒有真正深入研究，因為這確實——這只是我們業務運作的一部分，我們必須接受。因此，我們沒有特別指出，但這些事情確實會繼續發生。

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

如果我們聽到了重要的信息。顯然，我們會指出，但這個季度我們沒有。

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.

現在關於創新，創新一切順利。我們推出了兩款優秀的產品——幻想紅寶石表現非常出色，而里約基金稍晚推出。它們兩者表現都非常出色。如果我看看這兩款產品的銷售情況，非常強勁，它們的銷售點超過了像紅牛這樣的競爭新產品推出的銷售點。事實上，我們推出的這兩款新產品的銷售點實際上超過了銷售點非常高的 CELSIUS 頂級 SKU。所以我只是給你一些視角。

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.

也許今年的挑戰之一可能比其他年份稍低。如果看看我們在創新上實現的分銷水平，它們可能稍低。它們在 60 左右——但 60 左右，也許我們認為在完美的情況下，應該接近 75 或 80。這是我們正在與我們的瓶裝合作伙伴和行業一起解決的問題。顯然，我認為我們可能可以改進。但這可能是創新沒有像預期的那樣帶來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.

但最終，創新一直表現得相當不錯，即使我看最新的每週數據。此外，我們確實有這個計劃中的創新。我們公司非常關注推出 Ultra Vice Guava。我們認為這是一個非常令人興奮的產品，它有一個很棒的包裝，一個很棒的口味。但事實上，我們正在激勵我們自己的團隊和合作夥伴——我們將推出這款產品，我們相信，今年年底，在第三季度末，第四季度初。所以我們認為這將是非常積極的——我認為這給了我們一些可以執行的東西。

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.

我們明年還有一些很好的創新產品即將推出——但其中一部分將在今年年底開始發貨，另一部分將在一月底發貨。我們已經為 2025 年春季制定了一個很好的計劃。因此，我們對我們的創新感到鼓舞。事實上，我們推出的另一個創新產品是 EMEA 的零糖產品，表現非常不錯。我們還推出了 Juiced Bad Apple，這是我們在美國尚未推出的產品，現在已經推出，並且也受到了很好的反響。因此，這是我們將要考慮在其他地區擴大的產品，但我們首先在 EMEA 進行了測試。

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，我們有一些即將推出或新產品。因此，我們對未來能夠應對消費者趨勢並看好行業的前景感到樂觀。

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

我還想提一件事，邦妮，那就是如果你看 2023 年，記住，我們推出了零糖產品，這是 Monster Green 的類似產品。那是一個非常重要的推出。因此，當你將'24 與'23 進行比較時，零糖產品確實是一個非常重要的推出，正如草莓夢想一樣，口味非常棒。因此，就推出而言，'24 年很棒，但顯然沒有'23 年那麼高的水平。

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

我們還想提一下，我們有一些很棒的創新產品即將推出 Bang，因為這是我們組合中的一個新品牌。我們計劃在明年初推出我們自己的創新產品。我們還計劃與一切可能的方式合作推出另一款產品。他們在社交媒體上的回應和品牌的存在，我們看到了一些非常積極的跡象。因此，我們對能夠將 Bang 品牌更加聚焦於新創新感到相當樂觀，這是我們迄今為止還沒有的。我們將進行整合，並開始重新上市。

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

Filippo Falorni

Analyst at Smith Barney Citigroup

我們下一個問題來自花旗的 Filippo Falorni。請提出您的問題。

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。我想問一下毛利率的問題。您在發佈中提到，由於更高的津貼和您認為是一次性的一些生產效率，您比第一季度低了 50 個基點。我們應該認為這些在第三季度開始消失嗎？

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

然後也許你可以談談商品環境。鋁似乎仍然是有利的，年度對比 -- 在今年餘下的時間裏仍然會保持有利嗎？對商品環境的任何看法？謝謝。

怪物飲料副主席兼聯席首席執行官 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.

讓我稍微談談你所指的內容 -- 是的，我們確實相信這些 -- 高津貼和生產效率低下將自行解決。我不確定生產效率低下是否會在第三季度自行解決，但肯定會隨着時間的推移。生產效率低下與我們目前運營的兩家工廠有關。我們在四月份開始生產 Norwalk 工廠，並且正在加快 NOC 工廠的生產，這也是生產效率低下的原因之一，因為我們正在加快該工廠的全面生產。

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，我們在鳳凰城的設施是我們在 Bang 交易中收購的，目前只生產 Bang 產品。但我們正在加快生產怪物能量飲料的 Ultra 版本和 Reign，這些是無糖品種，最終還會生產含糖品種，因為他們沒有糖罐。我們一直在處理水的問題，以確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.

這就是生產效率低下的原因，隨着時間的推移，這些問題將得到解決。我們相信，聯盟絕對會在下個季度解決，它們應該會消失。這就是我們目前的情況。

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

現在在商品環境中，我們對鋁進行套期保值。我們如何對鋁進行套期保值是使用階梯。所以我們根據一套規定的公式購買鋁，並且我們有一定數量的鋁可以自行重新評估，每週評估一次。當價格下跌時，我們當然會利用價格，但也有可能我們以較高價格購買鋁，以確保我們的階梯策略得以正確執行，因為你知道，鋁曾經價格上漲 -- 每個人都會購買鋁，現在價格回落了 -- 所以有好有壞。但我相信我們在鋁方面處於良好地位，隨着時間的推移，我們應該能夠看到價格下降。

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

女士們，先生們，此時我想把發言權交還給怪物飲料主席兼聯席首席執行官 Rodney Cyril Sacks 以結束講話。

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

謝謝。我謹代表公司感謝大家的持續關注。我們繼續相信公司和我們的增長戰略，並致力於繼續創新、發展和差異化我們的品牌，並擴大公司在國內外的業務，特別是利用我們與可口可樂裝瓶系統的關係。我們相信我們在飲料行業處於有利位置，並繼續對公司的未來保持樂觀態度。希望大家保持安全和健康。非常感謝大家的參與。

[Operator Closing Remarks]

[運營商結束語]

怪物飲料 2024 年第二季度收益電話會議記錄