Q2 2024 Monster Beverage Corp Earnings Call

August 7, 2024

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Operator: Good afternoon, everyone, and welcome to the Monster Beverage Company's second quarter 2024 conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star and then one on the touch-tone telephone. To withdraw your question, you may press star and two. This event is being recorded. At this time, I'd like to turn the floor over to co-CEOs Rodney Sacks and Hilton Schlosberg. Please go ahead.

Operator: Hello everyone, and welcome to the Monster Beverage Company's second quarter 2024 conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a call for a specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star and then one on the touch-tone telephone. To withdraw your question, you may press star and two. Also, this event is being recorded. At this time, I'd like to turn the floor over to co-CEOs Rodney Sacks and Hilton Schlosberg. Please go ahead.

Speaker Change: Good afternoon, everyone, and welcome to the Monster Beverage Company's second quarter 2024 conference call.

Speaker Change: All participants will be in a listen-only mode. Should you need assistance, please email a conference specialist by pressing the star key followed by zero.

Operator: After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star and then one using a touch-tone telephone. To withdraw your questions, you may press star and two.

Speaker Change: After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star and then 1 using the touch-tone telephone. To withdraw your questions, you may press star and 2.

Operator: There's also an instrument being recorded.

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

Speaker Change: Please also note that this event is being recorded.

Speaker Change: At this time I'd like to turn the floor over to co-CEOs Rodney Sacks and Hilton Schlosberg. Please go ahead.

Rodney Sacks: Thank you.

Rodney Sacks: Thank you. Good afternoon, ladies and gentlemen.

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

Rodney Sacks: Good afternoon, ladies and gentlemen. Thanks for attending this call. I'm Rodney Sacks, Hilton Schlosberg. I've asked Kevin and co-chief executive officers on the call.

Rodney Sacks: 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. He's on the call and he's Tom Kelly, our Chief Financial Officer. Tom Kelly will now read our cautionary statement.

Rodney Sacks: Thanks for attending this call. I'm Rodney Sacks, and Hilton Schlosberg, our Vice Chairman and Co-Chief Executive Officer, is on the call, and so is Tom Kelly, our Chief Financial Officer. Tom Kelly will now read our cautionary statement.

Tom Kelly: As is Tom Kelly, our Chief Financial Officer, Tom Kelly will now read our cautionary statement.

Tom Kelly: 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, and 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.

Tom Kelly: 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.

Tom Kelly: 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 discussion on specific risks and uncertainties that may affect our performance. The company assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise I would now like to hand the call over to Rodney Sacks.

Rodney Sacks: The energy drink category in the United States and in certain other countries experienced lower growth rates in the second quarter. Additionally, retailers have reported a reduction in convenience store foot traffic, and we have seen a shift at 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. However, 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. Growth opportunities in household penetration, per capita consumption, along with consumers' need for energy, are positive factors for the category.

Tom Kelly: 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.

Tom Kelly: 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.

Tom Kelly: 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 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.

Rodney Sacks: 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 .

Tom Kelly: including the sections contained therein entitled Risk Factors and Forward-Looking Statements.

Tom Kelly: for discussion on specific risk and uncertainties that may affect our performance.

Tom Kelly: The company assumes no obligations to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

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

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

Rodney Sacks: The energy drink category in the United States and in certain other countries experienced lower growth rates in the second quarter.

Speaker Change: Retailers have reported a reduction in convenience store foot traffic, and we have seen a shift at retail towards more mass and dollar channels.

Rodney Sacks: Other beverage and consumer packaged product companies have also seen a tighter consumer spending environment and weaker demand in the quarter. However, 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. Growth opportunities in household penetration, per capita consumption, along with consumers' need for energy, are positive factors for the category.

Speaker Change: 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.

Operator: Good afternoon, everyone and welcome to the Monster Beverage Company's second quarter, 2024 conference call. All participants will be in a listen-only mode. Should you need assistance, please say no conference specialist by pressing the star key followed by zero.

Speaker Change: as we believe that consumers view energy drinks as an affordable luxury.

Rodney Sacks: We believe that household penetration continues to increase in the energy drink category. Growth opportunities in household penetration, per capita consumption, along with consumers' need for energy or positive factors for the category. We continue to expand ourselves in non-Nielsen-measured channels.

Operator: After today's presentation there will be an opportunity to ask questions. To ask a question you may press star and then one using a touch-tone telephone, so withdraw your questions you may press star in two. There's also an instrument being recorded.

Speaker Change: We believe that household penetration continues to increase in the energy drink category.

Speaker Change: Growth opportunities in household penetration, per capita consumption, along with consumers' need for energy are positive factors for the category. We continue to expand our sales in non-Nielsen measured channels.

Rodney Sacks: We continue to expand our sales 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 brand segment, increased 7.4% in the 2024 second quarter. Growth profit as a percentage of net sales for the 2024 second quarter was 53.6% compared with 52.5% in the 2023 second quarter.

Rodney Sacks: 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 brand's segment, increased to 7.4% in the 2024 second quarter. 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 increasing 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.

Rodney Sacks: At this time I'd like to turn the floor over to co-CEOs, Rodney Sacks and Hilton Schlosberg. Please go ahead. Thank you. Good afternoon ladies and gentlemen. Thanks for attending this call. I'm Rodney Sacks, Hilton Schlosberg. I've asked Kevin and co-chief executive officers on the call.

Speaker Change: 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.

Thomas Kelly: As is Tom Kelly, our chief financial officer, Tom Kelly will now read our cautionary statement. 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.

Speaker Change: 6.1% higher on a foreign currency adjusted basis, 4.3% exclusive of Argentina's impact.

Thomas Kelly: Future events, financial performance and trends. Management cautions that these statements are based on our current knowledge and expectations and are subject to certain risk 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.

Speaker Change: Net sales on a foreign currency adjusted basis, excluding the alcohol brand segment, increased 7.4% in the 2024 second quarter.

Speaker Change: 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.

Rodney Sacks: The increasing growth 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, growth margins were 0.5% below 2024 first quarter margins, primarily as a result of higher allowances, certain of which we believe are non-recurring, 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.

Speaker Change: The increase in growth 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.

Speaker Change: Pricing actions in certain markets and lower aluminum can costs, partially offset by production inefficiencies.

Rodney Sacks: On a sequential quarterly basis, gross margins were half a percent below 2024 first quarter margins, primarily as a result of higher allowances, certain of which we believe are non-recurring, 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. The increasing operating expenses were primarily the result of increased sponsorship and endorsement expenses, increased payroll expenses, and increased storage and warehouse expenses. Operating income for the 2024 second quarter increased 0.6% to 527.2 million from 523.8 million in the 2023 comparative quarter. The effect of tax rate for the 2024 second quarter was 22.9% compared to 23.2% in the 2023 second quarter.

Speaker Change: On a sequential quarterly basis, growth margins were 0.5% below 2024 first quarter margins, primarily as a result of higher allowances, certain of which we believe are non-recurring, as well as production inefficiencies.

Thomas Kelly: Please refer to our filings with the Securities and Exchange Commission, including our most recent annual report on form 10K filed on February 29, 2024 and quarterly reports on form 10Q, including the sections contained therein entitled risk factors and forward-looking statements for discussion on specific risk 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.

Rodney Sacks: The increase in operating expenses was 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 with 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.

Rodney Sacks: Operating expenses for the 2024 second quarter were $492.3 million, compared with $450.4 million in the 2023 second quarter. The increase in operating expenses was primarily the result of increased sponsorship and endorsement expenses, increased payroll expenses, and increased storage and warehouse expenses.

Speaker Change: Operating expenses for the 2024 second quarter were $492.3 million compared with $450.4 million in the 2023 second quarter.

Speaker Change: the increase in operating expenses were primarily the result of increased sponsorship and endorsement expenses increased payroll expenses and increased storage and warehouse expenses

Rodney Sacks: As a percentage of net sales, operating expenses for the 2024 second quarter were 25.9% compared with 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 of a percent to $527.2 million from $523.8 million in the 2023 comparative quarter. The effective tax rate for the 2024 second quarter was 22.9 percent compared with 23.2 percent in the 2023 second quarter.

Speaker Change: As a percentage of net sales, operating expenses for the 2024 second quarter were 25.9% compared with 24.3% in the 2023 second quarter.

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

Speaker Change: 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.

Rodney Sacks: Operating income for the 2024 second quarter increased 0.6 of a percent to $527.2 million from $523.8 million in the 2023 comparative quarter. The effective tax rate for the 2024 second quarter was 22.9 percent compared to 23.2 percent in the 2023 second quarter.

Speaker Change: Operating income for the 2024 second quarter increased 0.6 of a percent to $527.2 million from $523.8 million in the 2023 comparative quarter.

Rodney Sacks: 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. 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-neil-son-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.

Speaker Change: The effective tax rate for the 2024 second quarter was 22.9% compared to 23.2% in the 2023 second quarter.

Rodney Sacks: Net income increased 2.8% to 425.4 million as compared to 413.9 million in the 2023 comparable quarter. The alluded earnings per share for the 2024 second quarter increased 5% to 41 cents from 39 cents in the second quarter of 2023.

Rodney Sacks: 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.

Rodney Sacks: 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.

Speaker Change: Net income increased 2.8% to $425.4 million.

Speaker Change: as compared to $413.9 million in the 2023 comparable quarter.

Speaker Change: Diluted earnings per share for the 2024 second quarter increased 5% to $0.41 from $0.39 in the second quarter of 2023.

Rodney Sacks: 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 of our lets combined in the United States for the 13th week period ended July 2024. According to the Nielsen report for the 13 weeks through July 20, 2024, four athletes 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.

Speaker Change: 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.

Rodney Sacks: 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 20, 2024. According to Nielsen reports for the 13 weeks through July 20, 2024, for all outlets combined, namely convenience, grocery, drug, and 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.

Rodney Sacks: Net sales on a foreign currency-adjusted basis, excluding the alcohol brand's segment increased to 7.4% in the 2024 second quarter. 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 increasing 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.

Speaker Change: the company continues to have moremarke share leadership in the energy ddrink category for all our flets combined indian united states for the thirteen week period ended july two thousand andtwo thousand and twenty-four

Speaker Change: According to the Nielsen Report 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.

Rodney Sacks: Sales of a company's energy brands, excluding bank, were down 2.5% in the 13-week period. Sales of months to a client's 3%; sales of rain were down 0.5% of a percent; sales of noise increased 4.1%; and sales of full throttle decreased 6.9%. Sales of red will increase 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 a company's energy brands, excluding bank, decreased 4.8% in the four-week period in the convenience and gas channel. Sales of months to decrease by 5.4% over the same period versus the previous year. Rain and sales decreased 3.8%, noise was up 2.6%, and full throttle was down 8.6%.

Speaker Change: Sales of the company's energy brands, excluding Bank, were down 2.5% in the 13-week period.

Rodney Sacks: Sales of Monster declined 3%, sales of Rain were down 0.5%, sales of Nozz 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. Rain sales decreased 3.8%, NOS was up 2.6%, and Full Throttle was down 8.6%.

Speaker Change: Cells of Monster declined 3%, cells of Rain were down 0.5%, cells of Nozz increased 4.1%, and cells of Full Throttle decreased 6.9%, cells of Red Bull increased 1.7%.

Rodney Sacks: On a sequential quarterly basis gross margins were half a percent below 2024 first quarter margins, primarily as a result of higher allowances, certain of which we believe are non-recurring 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. The increasing operating expenses were primarily the result of increased sponsorship and endorsement expenses, increased payroll expenses and increased storage and warehouse expenses.

Speaker Change: according to nielsenfor the four weekskendended july two thousand andtwo thousand and twenty four sell in dollars in the enengineerdrink category in the convenience and gas channel including energy shopsts in dollars

Speaker Change: decreased 2.2% over the same period the previous year.

Speaker Change: Sold to the company's energy brand, Ickx.

Speaker Change: Looting Bang

Speaker Change: decreased 4.8% in the four-week period in the convenience and gas channel.

Speaker Change: Cells of Monster decreased by 5.4% over the same period versus the previous year.

Speaker Change: Rain sales decreased 3.8%.

Speaker Change: north was up two point six percent

Rodney Sacks: Sales of red will were up 0.7% over 8%. According to Nielsen, for the four weeks ended July 20, 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 bank, including bank, the company's market share is 36.7%. Months to share decreased from 29.4% a year ago to 28.5%. Rains share decreased 0.1% over share 0.2% to 3%. Nausea share increased 0.1% over share 0.2% to 2.6%, and full throttle share remained at 0.7% over. Bank's share was 1.9%. Red Bull share increased 1 share 0.35.9%. Market share of certain competences 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 job amongst the line in the convenience and gas channel, decreased 11.2% over the same period the previous year.

Rodney Sacks: Sales of Red Bull were up 0.7 percent of 8%. According to Nielsen, for the four weeks ended July 20, 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's share decreased from 29.4% a year ago to 28.5%. Lines share decreased 0.1 of a share point to 3%, Nasdaq share increased 0.1 of a share point to 2.6%, and full throttle share remained at 0.7 of a share point.

Rodney Sacks: Sales of Red Bull were up 0.7 of a percent. According to Nielsen, for the four weeks ended July 20, 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's share decreased from 29.4% a year ago to 28.5%. Line's share decreased 0.1 of a share point to 3%, Nasdaq's share increased 0.1 of a share point to 2.6%, and Full Throttle's share remained at 0.7 of a share point.

Speaker Change: and Full Throttle was down 8.6%. Sales of Red Bull were up 0.7 of 8%.

Speaker Change: According to Nielsen, for the four weeks ended July 20, 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%.

Rodney Sacks: Operating income for the 2024 second quarter increased 0.6% to 527.2 million from 523.8 million in the 2023 comparative quarter. The effect of tax rate for the 2024 second quarter was 22.9% compared to 23.2% in the 2023 second quarter. Net income increased 2.8% to 425.4 million as compared to 413.9 million in the 2023 comparable quarter. The alluded earnings per share for the 2024 second quarter increased 5% to 41 cents from 39 cents in the second quarter of 2023.

Speaker Change: Excluding Bank. Including Bank, the company's market share is 36.7%.

Speaker Change: Monster's share decreased from 29.4% a year ago to 28.5%, Reins' share decreased 0.1 of a share point to 3%, Nasdaq's share increased 0.1 of a share point to 2.6%, and Full Throttle's share remained at 0.7 of a percent.

Rodney Sacks: Bang's share was 1.9%, Red Bull's share increased by 1 share point to 35.9%, and the market share of certain competitors was as follows: Celsius 7.9%, C4 3.5%, Fiverr 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% Sales of Java Monster, including Java Monster 300 and Java Monster Nitro Coal Brew, were 5.6% lower in the same period versus the previous year. Meanwhile, sales of Starbucks Energy were 17.9% lower.

Rodney Sacks: Bang's share was 1.9%, Red Bull's share increased by one share point to 35.9%, and the market share of certain competitors was as follows: Celsius 7.9%, C4 3.5%, Fiverr 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% Sales of Java Monster, including Java Monster 300 and Java Monster Nitro Coal Brew, were 5.6% lower in the same period versus the previous year. Meanwhile, sales of Starbucks Energy were 17.9% lower.

Speaker Change: bang's share was one point nine percent

Speaker Change: Red Bull share increased one share point to 35.9, market share of certain competitors were as follows, Celsius 7.9%,

Speaker Change: C4 3.5%, Fiverr 3.3%, Rockstar 3% and Guzz 3%.

Speaker Change: according to lsson forthe fourweeks end july twotwenty andtwo thousand and twenty four cells and dollars in the coffee plus energy during category which includes our job amongth the line in the convenience and gas channel decreased eleven point two percent over the same period of previous year

Rodney Sacks: 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 of our lets combined in the United States for the 13th week period ended July 2024. According to the Nielsen report for the 13 weeks through July 20, 2024, four athletes 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.

Rodney Sacks: Sales of job amongst including job amongst the 300 and job amongst the Nitro Coal Brew was 5.6% lower in the same period versus the previous year. Sales of Starbucks Energy were 17.9% lower. Job amongst the share of a coffee plus energy drink category for the four weeks ended July 20, 2024, was 57.4%, up 3.4 points. While Starbucks Energy's share was 42.2%, down 3.5 points. According to Nielsen, enormous channels in Canada for the 12 weeks ended July 13, 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.

Speaker Change: Sales of Jarvan Monster, including Jarvan Monster 300 and Jarvan Monster Nitro Cold Brew, was 5.6% lower in the same period versus the previous year.

Speaker Change: sales of Starbucks Energy were 17.9% lower.

Rodney Sacks: Java Monster's 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's share was 42.2%, down 3.5 points. According to Nielsen, in all measure 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, but the market share of the company's energy drink brands decreased 1.8 points to 40.2%. Monster's sales decreased 1.2%, and its market share decreased 2.8 points to 34.7%. Nozz's sales increased 17.4%, and its market share increased 0.1 of a point to 1.3%.

Speaker Change: Java Monster's 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's share was 42.2%, down 3.5 points.

Rodney Sacks: Sales of the company's energy brands, excluding bank, were down 2.5% in the 13 week period. Sales of months to decline, 3%, sales of rain were down 0.5% of a percent, sales of noise increased 4.1% and sales of full throttle decreased 6.9%. Sales of red will increase 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.

Speaker Change: According to Nielsen in all major channels in Canada, for the 12 weeks ended July 30, 2024, the energy drink category increased 6.8% in dollars.

Speaker Change: sales of the company energy drink brands increased two point one percent vers us a year ago

Rodney Sacks: The market share of the company's energy drink brands decreased 1.8 points to 40.2%. Monsters sales decreased 1.2%, and its market share decreased 2.8 points to 34.7%. Monsters sales increased 17.4%, and its market share increased 1.1 to 1.3%. Full throttle sales increased 66.9%, and its market share increased 0.2 to 0.2 to 0.5 of 8%. According to Nielsen, for all of its company in Mexico, the energy drink category increased 20.3% for the month of June 2024. Monsters sales increased 18.1%. Monsters' market share in value decreased 0.5 of a point to 28.2% against the comparable period the previous year.

Speaker Change: the marcure of the company g drink brands decreased one point eight points

Rodney Sacks: Monster's sales decreased 1.2%, and its market share decreased 2.8 points to 34.7%. Nasdaq's sales increased 17.4%, and its market share increased 0.1 of a point to 1.3%. Full Throttle's sales increased 66.9%, and its market share increased 0.2 of a point to 0.5 of a percent.

Speaker Change: to forty point two percent

Speaker Change: Monster's sales decreased 1.2% and its market share decreased 2.8 points to 34.7%.

Speaker Change: Nasdaq sales increased 17.4% and its market share increased 0.1 of a point to 1.3%. Full-throttle sales increased 66.9% and its market share increased 0.2 of a point to 0.5 of a percent.

Rodney Sacks: Full Throttle's sales increased 66.9%, and its market share increased 0.2 of a point to 0.5 of a percent. According to Nielsen, for all outlets combined in Mexico, the energy drink category increased 20.3% for the month of June 2024. Monster's sales increased 18.1%. However, its market share in value decreased 0.5 of a point to 28.2% against the comparable period the previous year. Sales of Predator increased 21.8%, and its market share increased 0.1 of a share point to 6%.

Rodney Sacks: Sales of the company's energy brands, excluding bank, decreased 4.8% in the four week period, in the convenience and gas channel, sales of months to decrease by 5.4% over the same period versus the previous year, rain sales decreased 3.8%, noise was up 2.6% and full throttle was down 8.6%. Sales of red will up 0.7% over 8%. According to Nielsen, for the four weeks ended July 20, 2024, the company's market share of the energy drink category in the convenience and gas channel, nausea share increased 0.1% over share 0.2% to 2.6%, and full throttle share remained at 0.7% over%.

Rodney Sacks: According to Nielsen, for all outlets combined in Mexico, the energy drink category increased 20.3% for the month of June 2024; Monster's sales increased 18.1%; its market share in value decreased 0.5 of a point to 28.2% against the comparable period the previous year. Sales of Predator increased 21.8%, 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 or negatively, by sales in the OXO convenience chain, which dominates the market.

Speaker Change: According to Nielsen, for all outlets combined in Mexico, the energy drink category increased 20.3% for the month of June 2024. Monster's sales increased 18.1%.

Speaker Change: Monster's market share in value decreased 0.5 of a point to 28.2% against the comparable period the previous year. Sales of Predator increased 21.8% and its market share increased 0.1 of a share point to 6%.

Rodney Sacks: Sales of credit are increased 21.8%, and its market share increased 0.1 of a share point to 6%. The Neilson Statistics for Mexico covers single months, which is a short period that may often be materially influenced positively and unnegatively by thousands of Oxo-convenience chain, which dominates the market. Thousands of oxo-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. For Neilson, all outlets combined in Brazil, the energy drink category increased 19.1% for the month of June 2024.

Rodney Sacks: The Nielsen statistics for Mexico cover single months, which is a short period that may often be materially influenced, positively and or negatively, by sales in the OXO convenience chain, which dominates the market. Sales in the OXO 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.

Speaker Change: The Nielsen statistics for Mexico cover single months,

Speaker Change: which is a short period that may often be materially influenced, positively and or negatively, by sales in the OXO convenience chain, which dominates the market. Sales in the OXO 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.

Rodney Sacks: Sales in the OXO 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.

Speaker Change: Consequently, such activities could have a significant impact on the monthly Nielsen statistics for Mexico.

Rodney Sacks: According to Nielsen, for all outlets combined in Brazil, the energy drink category increased 19.1% for the month of June 2024. Monster's sales increased 29.1%, and its 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.

Rodney Sacks: Banks share was 1.9%, Red Bull share increased 1.35.9%, 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 job amongst the line in the convenience and gas channel, decreased 11.2% over the same period the previous year. Sales of jobs amongst the including jobs amongst the 300 and jobs amongst the Nitro Coal Brew was 5.6% lower in the same period versus the previous year.

Speaker Change: According to Nielsen, for all outlets combined in Brazil, the energy drink category increased 19.1% for the month of June 2024. Monster sales increased 29.1%.

Rodney Sacks: 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 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. 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% to 41.1%.

Speaker Change: Monster's market share in value increased 3.7 points to 48.1% compared to June 2023.

Speaker Change: 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's sales increased 320.2%.

Rodney Sacks: Monster's sales increased 320.2%. Monster's market share in value increased 2.6 points to 58.1% compared to June 2023. In Chile, the energy drink category increased 0.8% for the month of June 2024.

Speaker Change: Monster's market share in value increased 2.6 points to 58.1% compared to June 2023. In Chile, the energy drink category increased 0.8% for the month of June 2024.

Rodney Sacks: Monster's sales increased 1.4%. Monster's market share in value increased 0.2 points 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.

Rodney Sacks: Sales of Starbucks Energy were 17.9% lower. Job amongst the share of a coffee plus energy drink category for the four weeks ended July 20, 2024, was 57.4% up 3.4 points, while Starbucks Energy's share was 42.2% down 3.5 points. According to Nielsen, enormous channels in Canada, for the 12 weeks ended July 13, 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.

Speaker Change: Monster's sales increased 1.4%, Monster's market share in value increased 0.2% to 41.1%. Monster Energy remains the leading energy brand in value in Argentina, Brazil and Chile.

Rodney Sacks: Monster's range remains the leading energy brand in value in Argentina, Brazil, and Chile.

Rodney Sacks: I'd like to point out that the Neilson numbers in EMEA should only be used as a guide because the channels read by Neilson in EMEA vary from country to country and are reported on varying dates within the month referred to from country to country. According to Neilson, in the 13-week period ending July 14, 2024, Monster's retail market share in value is compared to the same period the previous year, grew from 16.6% to 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 Neilson, in the 13-week period ending July 14, 2024, Monster's retail market share in value is 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.

Speaker Change: 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 months referred to from country to country.

Rodney Sacks: According to Nielsen, in the 13-week period ending July 14, 2024, Monster's retail market share value, as compared to the same period the previous year, grew from 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 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.

Speaker Change: According to Nielsen, in the 13-week period ending July 14, 2024, Monster's retail market sharing value, as compared to the same period the previous year, grew from 16.6% to $16.5%.

Rodney Sacks: 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%. Monster sales increased 17.4%, and its market share increased 1.1 to 1.3%, Full throttle sales increased 66.9%, and its market share increased 0.2 to 0.2 to 0.5 of 8%. According to Nielsen, for all outfits combined in Mexico, the energy drink category increased 20.3% for the month of June 2024.

Speaker Change: sixty point one percent to sixteen point four percent in belgium from thirty point eight percent to thirty three point five percent in great prison and from five point five percent to six point eight percent in the netherlands

Speaker Change: According to Nielsen, in the 13-week period ended July 14, 2024, Monster's retail market sharing value, as compared to the same period the previous year, declined from 32.6% to 31% in France.

Speaker Change: from thirty- one percent twenty nnine point five percent in norway and from forty point eight percent to forty point six percent in space

Rodney Sacks: Monster sales increased 18.1%, Monster's market share in value decreased 0.5% to 28.2% against the comparable period the previous year. Sales of predator increased 21.8%, and its market share increased 0.1 of a share point to 6%. Dechary, Neilson Statistics for Mexico cover single months, which is a short period that may often be materially influenced positively and unnegatively by thousands of the oxo-convenience chain which dominates the market, thousands of oxo-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.

Rodney Sacks: According to Neilson, in the 13-week period ending June 30, 2024, Monster's retail market share in value is compared to the same period the previous year, grew from 16.4% to 17.3% in Germany. According to Neilson, in the 13-week period ending June 30, 2024, Monster's retail market share in value is 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 Neilson, in the 13-week period ending June 16, 2024, Monster's retail market share in value is compared to the same period the previous year, grew from 30.4% to 30.9% in the Republic of Ireland.

Rodney Sacks: 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. Additionally, 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% According to Nielsen, in the 13-week period ending June 16, 2024, Monster's retail market share value, as compared to the same period the previous year, grew from 30.4% to 30.9% in the Republic of Ireland.

Speaker Change: 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.

Speaker Change: according to ne alsoson in the thirteen week period ending june thirty two thousand and twenty four monst's retail market shaian value is comparedced the same period the previous year decrved from thirty one point five percent to thirty point six percent in the italy and from eighteen point two percent to seventeen point seven percent in south africa

Nielsen: 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.

Rodney Sacks: Consequently, such activities could have a significant impact on the monthly Neilson Statistics for Mexico. [inaudible] Monster's range 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.

Rodney Sacks: According to Nielsen, in the 13-week period ending June 16, 2024, Monster's retail market share, 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. Furthermore, according to Nielsen, in the 13-week period ending May 31, 2024, Monster's retail market share, as compared to the same period the previous year, grew from 18.8% to 18. According to Nielsen, in the 30-week period ending May 19, 2024, Monster's retail market share 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.

Rodney Sacks: According to Neilson, in the 13-week period ending June 16, 2024, Monster's retail market share in value is 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. According to Nielsenian, the 13-week period ending May 31, 2024, Monster's retail market share evaluation compared to the same period of previous year grew from 18.8% to 18.9% in Poland. According to Nielsenian, the 13-week period ending May 19, 2024, Monster's retail market share evaluation compared to the same period of previous year declined from 28% to 27.3% in Denmark and from 37.5% to 34.7% in Greece. According to Nielsenian, the 13-week period ending May 31, 2024, Predators retail market share evaluation compared to the same period of previous year grew from 32.3% to 37.2% in Kenya and from 19.6% to 21.9% in Nigeria. 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 IRIF, all athletes combined in Australia, the energy 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% to 19.1% against the comparable period the previous year. According to Intage, in the convenience channel in Japan, the energy drink category decreased 5.2% for the month of June 2024, Monster's sales increased 4.2%. Monster's market share in value increased 5.5% to 60.6% against the comparable period the previous year. According to New Zealand, all athletes combined in South Korea, the energy drink category increased 16.6% for the month of June 2024. Monster's sales increased 5.4%. Monster's market share in value decreased 5.6% to 52.1% against the comparable period the previous year. We again forge out that certain market statistics that cover single months or four week periods may often be materially influenced positively and or negatively by promotions or other trading factors during those periods. Net Sales to Customers outside the US with 746 million, 39.3% of total net sales in the 2024 second quarter compared to a 715.4 million, 38.6% of total net sales in the corresponding quarter in 2023.

Speaker Change: According to Nielsen, in the 13-week period ending June 16, 2024, Monster's retail market share 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.

Speaker Change: 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 the previous year, grew from 18.8% to 18.9% in Poland.

Speaker Change: According to Nielsen, in the 30-week period ending May 19, 2024, Monster's retail market sharing 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%

Rodney Sacks: According to Nielsen, in the 13-week period ending May 31, 2024, Predator's retail market share 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. 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%.

Speaker Change: in Greece.

Speaker Change: According to Nielsen, in the 13-week period ending May 31, 2024, Predator's 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 1.4%.

Speaker Change: to twenty one point nine percent in nigeria

Speaker Change: Combining our markets in EMEA for the last 13 weeks.

Speaker Change: 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%,

Rodney Sacks: According to Nielsen, in the 13-week period ending July 14, 2024, Monster's retail market share in value is compared to June 2024. [inaudible] According to Nielsenian, the 13-week period ending May 31, 2024, Monster's retail market share evaluation compared to the same period of previous year grew from 18.8% to 18.9% in Poland According to Nielsenian, the 13-week period ending May 19, 2024, Monster's retail market share evaluation compared to the same period of previous year declined from 28% to 27.3% in Denmark and from 37.5% to 34.7% in Greece According to Nielsenian, the 13-week period ending May 31, 2024, Predators retail market share evaluation compared to the same period of previous year grew from 32.3% to 37.2% in Kenya and from 19.6% to 21.9% in Nigeria 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 IRIF, all athletes combined in Australia, the energy 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% to 19.1% against the comparable period the previous year According to Intage, in the convenience channel in Japan, the energy drink category decreased 5.2% for the month of June 2024, Monster's sales increased 4.2% Monster's market share in value increased 5.5% to 60.6% against the comparable period the previous year According to New Zealand, all athletes combined in South Korea, the energy drink category increased 16.6% for the month of June 2024 Monster's sales increased 5.4% Monster's market share in value decreased 5.6% to 52.1% against the comparable period the previous year We again forge out that certain market statistics that cover single months or four week periods may often be materially influenced positively and or negatively by promotions or other trading factors during those periods Net Sales to Customers outside the US with 746 million, 39.3% of total net sales in the 2024 second quarter compared to a 715.4 million, 38.6% of total net sales in the corresponding quarter in 2023.

Speaker Change: in Spain 2.4% and in South Africa 4.6%.

Rodney Sacks: According to the 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% against the comparable period the previous year. Sales of Mother increased 7.2%, and its market share decreased 0.4 of a share point to 10.7%. According to the IRI, for all outlets combined in New Zealand, the energy drink category increased 6.1% for the four weeks ending July 7, 2024. Monster's sales decreased 3.7%, and its market share in value decreased 0.3 of a share point to 14.6% against the comparable period the previous year.

Speaker Change: According to the IRI for all outlets combined in Australia, the energy drink category increased 10.8% for the four weeks ending July 14, 2024. Monster sales increased 24.9%.

Speaker Change: Monster's market share in value increased 2.2 points to 19.1% against the comparable period the previous year. Sales of Mother increased

Rodney Sacks: Sales of Mother increased 7.2%, and its market share decreased 0.4 of a share point to 10.7% for the four weeks ending July 14, 2024. According to IRR, for all outlets combined in New Zealand, the energy drink category increased 6.1% for the four weeks ending July 7, 2024. Monster's sales decreased 3.7%, and its market sharing 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 Plus decreased 1.9%, and its market share decreased 0.4 of a share point to 5.2%.

Speaker Change: 7.2% and its market share decreased 0.4 of a share point to 10.7%.

Speaker Change: according to ir for all after its combinedin new zealand the energy drink category increas six point one percent for the four weeks ending july seven two thousand and twenty -four

Speaker Change: Monster's sales decreased 3.7%. Monster's market sharing 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%.

Rodney Sacks: Sales of Mother increased 12.8%, and its market share increased 0.3 of a share point to 5.7%. Sales of Live Plus decreased 1.9%, and its market share decreased 0.4 of a share point to 5.2%. According to Intaj in the Convenience Channel in Japan, the energy drink category decreased 5.2% for the month of June 2024, while Monster's sales increased 4.2%. Monster's market share value increased 5.5 points to 60.6% against the comparable period the previous year.

Speaker Change: Sales of Live Plus decreased 1.9% and its market share decreased 0.4 of a share point to 5.2%.

Rodney Sacks: According to Intaj, in the Convenience Channel in Japan, the energy drink category decreased 5.2% for the month of June 2024, while Monster's sales increased 4.2%. Monster's market share value increased 5.5 points to 60.6% against the comparable period the previous year.

Speaker Change: according to in char in the corous channel in japan the energy drink category decreased five point two percent for the month of june two thousand andtwenty-four

Speaker Change: Monster's sales increased 4.2%.

Speaker Change: Monster's market sharing value increased 5.5 points to 60.6% against the comparable period the previous year.

Rodney Sacks: According to Nielsen, for all outlets combined in South Korea, the energy drink category increased 16.6% for the month of June 2024, and Monster's sales increased 5.4%. However, its market share value decreased 5.6 points to 52.1% against the comparable period the previous year. We again point out that certain market statistics that cover single-month or four-week periods may often be materially influenced, positively and or negatively, by promotions or other trading factors during those periods.

Rodney Sacks: 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 its market share value decreased 5.6 points to 52.1% against the comparable period the previous year. We again point out that certain market statistics that cover single months or four-week periods may often be materially influenced, positively and or negatively, by promotions or other trading factors during those periods.

Speaker Change: According to Nielsen, for all athletes combined in South Korea, the energy drink category increased 16.6% for the month of June 2024.

Speaker Change: Monster's sales increased 5.4%.

Speaker Change: Monster's market sharing value decreased 5.6 points to 52.1% against the comparable period the previous year.

Speaker Change: We again point out that certain market statistics that cover single-month or four-week periods may often be materially influenced, positively and or negatively, by promotions or other trading factors during those periods.

Rodney Sacks: Net sales to customers outside the US were $746 million, 39.3% of total net sales in the 2024 second quarter compared to $715.4 million, 38.6% of total net sales in the corresponding quarter in 2023. Foreign currency exchange rates had a negative impact on net sales in US dollars by approximately $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.

Rodney Sacks: 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, 38.6% of total net sales in the corresponding quarter in 2023. Foreign currency exchange rates had a negative impact on net sales in U.S. dollars 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.

Speaker Change: Net sales to customers outside the U.S. was $746 million.

Speaker Change: 39.3% of total net sales in the 2024 second quarter compared to 715.4 million, 38.6% of total net sales in the corresponding quarter in 2023.

Rodney Sacks: Foreign currency exchange rates had a negative impact on net sales in the US, US dollars 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. 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.

Speaker Change: Foreign currency exchange rates had a negative impact on net sales in the US dollars by approximately $67.7 million in the 2024 second quarter, of which $34 million related to Argentina.

Speaker Change: 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.

Rodney Sacks: 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. 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.

Speaker Change: 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.

Speaker Change: Net sales in EMEA decreased by approximately 3.2% in the 2024 second quarter due to supply

Speaker Change: chain issues in Germany caused by production capacity and distribution constraints.

Rodney Sacks: 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. 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 percentage of net sales for the 2024 second quarter was 45.4% versus 42.4% in the same period in 2023.

Rodney Sacks: 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 the second quarter of 2024, Monster gained market share in Belgium, Germany, Great Britain, the Netherlands, Poland, and the Republic of Ireland. 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.

Speaker Change: 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.

Speaker Change: 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.

Speaker Change: in asia pacific net sales in the twothousand and twenty four second quarter decreased one point two percent in dollars and increased five point eight percent on ouroccurrency in utrual basis over the s period in thousand and twenty three

Rodney Sacks: Gross profit in this region as a percentage of net sales for the 2024 second quarter was 45.4% versus 42.4% in the same period in 2023. However, net sales in Japan in the 2024 second quarter decreased 11.8% in dollars and increased 0.4% on a currency-neutral basis.

Speaker Change: Gross profit in this region as a percentage of net sales for the 2024 second quarter was 45.4% versus 42.4% in the same period in 2023.

Rodney Sacks: 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. 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.

Speaker Change: Net sales in Japan in the 2024 second quarter decreased 11.8% in dollars and increased 0.4% on a currency-neutral basis.

Rodney Sacks: 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. 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.

Speaker Change: 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.

Speaker Change: Monster remains the market leader in Japan and South Korea.

Speaker Change: 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.

Rodney Sacks: 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 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 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.

Speaker Change: 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.

Speaker Change: In Oceana, 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.

Rodney Sacks: Foreign currency exchange rates had a negative impact on net sales in the US, US dollars 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 percentage of net sales for the 2024 second quarter was 34.7% compared to 34% in the same quarter in 2023.

Rodney Sacks: Alexis. 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% inclusive of Argentina's impact. Gross profit in this region as a percentage of net sales was 45.8% for the 2024 second quarter, versus 30.9% of the 25% 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.

Speaker Change: 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.

Rodney Sacks: Gross profit in this region as a percentage of net sales was 45.8% for the 2024 second quarter versus 30.9% for 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. However, 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.

Speaker Change: 14.9% exclusive over Argentina's impact.

Speaker Change: 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.

Rodney Sacks: 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 also pleased that in 2024 second quarter, Monster gained market share in Belgium, Germany, Great Britain, the Netherlands, Poland and the Republic of Ireland.

Speaker Change: In Brazil, net sales in the 2024 second quarter increased 33.2% in dollars and increased 37.4% on a currency-neutral basis.

Speaker Change: Net sales in Mexico increased 22.6% in dollars and increased 13.7% on a currency-neutral basis in the 2024 second quarter.

Rodney Sacks: Net sales in Chile decreased 28.1% in dollars, and increased 32.2% in dollars. And decreased 14.7% on a currency-neutral basis in the 2024 second quarter due to challenging economic conditions in the country. Net sales in Argentina decreased 29.5% in dollars, and increased 172.9% on a currency neutral basis in the 2024 second quarter due to the market leader in Argentina at 57.7% share. The Beast Unleashed is now available in 50 states through a network of beer distributors, off to the launch in the state of July and July. We expanded the Beast Unleashed into 24 hours single surf cans in the first half of the year.

Speaker Change: 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%.

Rodney Sacks: Our market share in the quarter increased to 41.3% plus 0.2% of a share point. In June, our share was 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.

Rodney Sacks: 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 percentage of net sales for the 2024 second quarter was 45.4% 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.

Speaker Change: Plus 0.2 of a share point, in June our share was 41.1%.

Speaker Change: Net sales in Argentina decreased 29.5% in dollars and increased 172.9% on a currency neutral basis.

Rodney Sacks: We remained 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 brand segment were $41.6 million in the 2024 second quarter, a decrease of approximately $19.5 million or 31.9% lower than the 2023 comparable quarter. We have recently appointed a new president of Monster Brewing and are continuing to consolidate production facilities to maximize efficiency. During the quarter, we took a write-down of approximately $8.1 million relating to certain brewery closures.

Speaker Change: In the 2024 second quarter, we remained 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.

Speaker Change: Ned South for the alcohol brand segment.

Speaker Change: with $41.6 million in the 2024 second quarter.

Speaker Change: 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.

Rodney Sacks: Monster remains the market leader in Japan and South Korea. 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 Oceana, which includes Australia, New Zealand, Tahiti, French Polynesia, New Caledonia, Papua New Guinea and Grom, net sales increased 2.9% in dollars and increased 4.7% on a currency neutral basis.

Speaker Change: During the quarter, we took a write-down of approximately $8.1 million relating to certain brewery closures.

Rodney Sacks: The Beast Unleashed is now available in 50 states through a network of beer distributors after the launch in the state of Utah in July. We expanded the Beast Unleashed into 24-ounce single-serve cans in the first half of the year. We are currently launching a second variety pack of the Beast Unleashed 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 hot tea line, was launched in the 2024 first quarter and is now available in 49 states. 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 Noz Zero Sugar and Rainstorm in four flavors.

Rodney Sacks: The Beast Unleashed is now available in 50 states through a network of beer distributors after the launch in the state of Utah in July. We expanded The Beast Unleashed into 24-ounce single-serve cans in the first half of the year. We are currently launching a second variety pack of The Beast Unleashed 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 hot tea line, was launched in the 2024 first quarter and is now available in 49 states. 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 Nozz Zero Sugar and Rainstorm in four flavors.

Speaker Change: The Beast Unleashed is now available in 50 states through a network of beer distributors.

Speaker Change: al to the launge

Speaker Change: in the state of July in July .

Speaker Change: Utah in July .

Speaker Change: We expanded the Beast Unleashed into 24-ounce single-serve cans.

Rodney Sacks: We are currently launching a second variety pack of the Beast Unleashed in a 12 pack of slim 12-ounce cans in four flavors: Mean Green, Pink Poison, Gnarly Grape, and Killer Sunrise. Nosty Beast, a new hot tea line, was launched in the 2024 first quarter and is now available in 49 states.

Speaker Change: In the first half of the year, we are currently launching a second variety pack of the BEAST Unleashed

Speaker Change: in a 12-pack of slim 12-ounce cans in four flavors.

Speaker Change: Mean Green, Pink Poison, Gnarly Grape, and Killer Sunrise. Nasty Beast, our new hot tea line, was launched in the 2024 first quarter and is now available in 49 states.

Rodney Sacks: 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 non-zero sugar and Rainstorm 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 Punching Guatemala, Ultra-Paradise in Ecuador, and Reserve White Pineapple in Nicaragua. In New Zealand, during the month of April, we launched Monster Energy Ultra-Strobery Dreams, and in May we launched Monster Energy Zero Sugar.

Rodney Sacks: Alexis. 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% inclusive of Argentina's impact.

Speaker Change: In the United States, we are preparing for the launch of Monster Energy Ultra Vice Guava in October 2024.

Speaker Change: In Canada, during the month of April , we launched Noz Zero Sugar and Rainstorm in four flavors. Additionally, in the month of June , we launched Bang Energy in four flavors.

Rodney Sacks: 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. In New Zealand, during the month of April, we launched Monster Energy Ultra Strawberry Dreams, and in May, we launched Monster Energy Zero Sugar. In EMEA, in the second quarter of 2024, we launched Monster Juiced Aussie Lemonade, Juiced Bad Apple, Ultra Golden Pineapple, and Ultra Peachy Keen, Ultra Rosa, and Ultra Strawberry Dreams in a number of countries.

Rodney Sacks: Gross profit in this region as a percentage of net sales was 45.8% for the 2024 second quarter, versus 30.9% of the 25% 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.

Speaker Change: 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.

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

Rodney Sacks: 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-Strobery Dreams in the number of countries. In the EMEA, in the second quarter of 2024, we also launched Lindtless Punch, Burn Glover, Burn Punch, Rain Mango Magic, and Nardo Yuzu Rosemary Lemonade in a number of countries. We launched our new clean energy brand, Rainstorm, with three SKUs: Valencia Orange, Kiwi Blend, and Peach Nectarine, in Ingrid Britain and Sweden in the second quarter. Additional launches are planned across all brands throughout EMEA in 2024.

Speaker Change: In EMEA in the second quarter of 2024, we launched Monster Juiced Aussie Lemonade, Juiced Bad Apple, Ultra Golden Pineapple and Ultra Peachy Keen, Ultra Rosa and Ultra Strawberry Dreams in a number of countries.

Rodney Sacks: Net sales in Chile decreased 28.1% in dollars, and increased 32.2% in dollars. And decreased 14.7% on a currency neutral basis in the 2024 second quarter due to challenging economic conditions in the country. Net sales in Argentina decreased 29.5% in dollars, and increased 172.9% on a currency neutral basis in the 2024 second quarter due to the market leader in Argentina at 57.7% share.

Rodney Sacks: In the MEA, in the second quarter of 2024, we also launched Relentless Punch, Burn Guava, Burn Punch, Rain Mango Magic, and Nalu Yuzu Rosemary Limonata in a number of countries. We launched our new clean energy brand, Rainstorm, with three SKUs, Valencia Orange, Kiwi Blend, and Peach Nectarine, in Great Britain and Sweden in the second quarter.

Speaker Change: In the MEA, in the second quarter of 2024, we also launched Relentless Punch, Burn Guava, Burn Punch, Rain Mango Magic, and Nalu Yuzu Rosemary Limonata in a number of countries.

Speaker Change: We launched our new clean energy brand, Rainstorm, with three SKUs, Valencia Orange, Kiwi Blend, and Peach Nectarine, in Great Britain and Sweden in the second quarter. Additional launches are planned across all brands throughout EMEA in 2024.

Rodney Sacks: Additional launches are planned across all brands throughout EMEA in 2024. In the second quarter of 2024, we launched Monster Ultraviolet and Papillon in Japan, and Peachy Keen and Aussie Lemonade in Korea. In China, Predator Gold Strike, 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. 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 PET format in additional regions in India later this year.

Rodney Sacks: During the second quarter of 2024, we launched Monster Ultra-Violets and Papalon in Japan, and Peachy Keen and Aussie Lemonade in Korea. In China, President Goldstruck, 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. In India, Predator Goldstruck 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 format in additional regions in India later this year.

Speaker Change: During the second quarter of 2024, we launched Monster Ultraviolet and Papillon in Japan.

Speaker Change: and Peachy Keen and Aussie Lemonade in Korea.

Speaker Change: In China, Predator Gold Strike, 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.

Speaker Change: 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.

Rodney Sacks: 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.

Rodney Sacks: 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. 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.

Rodney Sacks: The Beast Unleashed is now available in 50 states through a network of beer distributors, off to the launch in the state of July and July. We expanded the Beast Unleashed into 24 hours single surf cans in the first half of the year. We are currently launching a second variety pack of the Beast Unleashed in a 12 pack of slim 12 hours cans in four flavors, mean green, pink poison, gnarly grape and killer sunrise.

Speaker Change: 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.

Rodney Sacks: 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 in the June 30, 2024, the company repurchased approximately 2.2 million shares of its common stock at an average purchase price of $49.55 per share for a total consideration of approximately $107.7 million, excluding broker commissions.

Speaker Change: On June 10, 2024, the company announced the final results of its modified Dutch auction tender offer, which expired on June 5, 2024.

Speaker Change: 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.

Rodney Sacks: Nosty Beast, a new hot tea line was launched in the 2024 first quarter and is now available in 49 states.

Rodney Sacks: In addition, during the three months ended June 30, 2024, the company repurchased approximately 2.2 million shares of its 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 a total consideration of approximately $192.2 million, excluding broker commissions. As of August 6, 2024, approximately $342 million will remain available for purchase under the previously authorized repurchase program.

Rodney Sacks: In addition, during the three months ending June 30, 2024, the company repurchased approximately 2.2 million shares of its 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 a total consideration of approximately $192.2 million, excluding broker commissions. As of August 6, 2024, approximately $342 million remained available for purchase under the previously authorized repurchase program.

Rodney Sacks: 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 non-zero sugar and rainstorm 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 punching Guatemala, ultra-paradise in Ecuador and reserve white pineapple in Nicaragua. [inaudible] in the number of countries. 2 July 2024 had two more selling days compared to July 2023.

Speaker Change: In addition, during the three months into June 30, 2024, the company repurchased approximately 2.2 million shares of its common stock at an average purchase price of $49.55 per share for a total consideration of approximately $107.7 million.

Rodney Sacks: 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 a total consideration of approximately $192.2 million, excluding broker commissions. As of August 6, 2024, approximately 342.4 million shares remained available for purchase, sorry, $342 million, remained available for purchase under the previously authorised repurchased 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 brand segment, July 2024 sales were approximately 9.4% higher than the comparable July sales and 9.6% higher than July 2023, excluding the alcohol brand segment.

Speaker Change: excluding broke commissions.

Speaker Change: Subsequent to June 30, 2024, the company repurchased approximately 3.9 million shares of its common stock.

Speaker Change: at an average purchase price of $49.59 per share.

Speaker Change: for total consideration of approximately $192.2 million excluding broker commissions.

Speaker Change: As of August 6, 2024, approximately $342 million remained available for purchase under the previously authorized repurchase program.

Rodney Sacks: 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 brand segment, July 2024 sales were approximately 9.4% higher than the comparable July sales and 9.6% higher than July 2023, excluding the alcohol brand segment. July 2024 had two more selling days compared to July 2023.

Speaker Change: 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.

Speaker Change: We estimate that on a foreign currency-adjusted basis,

Speaker Change: Including the alcohol brand segment, July 2024 sales were approximately 9.4% higher than the comparable July sales and 9.6% higher than July 2023 excluding the alcohol brand segment.

Rodney Sacks: 2 July 2024 had two more selling days compared to July 2023. 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, distributed incentives, as well as shifts in the timing of production. In some instances, our botless are responsible for production and determine their own production schedules. This affects the dates on which we invoice such botless. 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 readers.

Speaker Change: July 2024 had two more selling days compared to July 2023.

Rodney Sacks: 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 on which we invoice such bottlers.

Speaker Change: In this regard, we caution again that sales over a short period are often disproportionately impacted.

Speaker Change: by various factors, such as, for example, selling days, days of the week in which holidays fall.

Speaker Change: 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.

Speaker Change: In some instances our bottlers are responsible for production and determine their own production schedules.

Rodney Sacks: 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.

Speaker Change: This affects the dates on which we invoice such bottlers. Furthermore, our bottling and distribution partners maintain inventory levels according to their own internal requirements, which they may alter from time to time for their own business reasons.

Rodney Sacks: We reiterate that sales over a short period, such as a single month, should not necessarily be imputed to or regarded as indicative of resolved for a full quarter or any future period.

Speaker Change: 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.

Rodney Sacks: 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 during category. Growth opportunities in household penetration, per capita consumption, along with consumers' need for energy or positive factors for the category. We continue to expand ourselves in non-Nielsen measure channels. We are pleased to report that our pricing actions have not significantly impacted consumer demand. As reported earlier, we are planning a pricing increase in the United States on our core brands and packages effective November 1, 2024. We continue to review opportunities for pricing increases internationally.

Rodney Sacks: 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 and per capita consumption, along with consumers' need for energy, are positive factors for the category. We continue to expand our sales in non-Nielsen measure channels. We are pleased to report that our pricing actions have not significantly impacted consumer demand.

Speaker Change: In conclusion, I would like to summarize some recent positive points.

Speaker Change: The energy category continues to grow.

Speaker Change: grow globally.

Speaker Change: 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 are positive factors for the category. We continue to expand our sales in non-Nielsen measured channels.

Speaker Change: we are pleased to report that our pricing actions have not significantly impacted consumer demand

Rodney Sacks: As reported earlier, we are planning a price increase in the United States on our core brands and packages effective November 1, 2024. 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 for 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.

Speaker Change: As reported earlier, we are planning a price increase in the United States on our core brands and packages effective November 1, 2024. We continue to review opportunities for price increases internationally.

Rodney Sacks: Our AFF Flavor Facility in Ireland is now providing a large number of flavours to our EMEA region, enabling better service levels and lower landed costs to our EMEA region. We are in the process of constructing a reduced facility at our AFF Flavor Facility in Ireland, which we anticipate will be completed later this year. We are excited for the launch of Monster Energy Ultra-Vise Guava in October 2024. Monster Brewing continues to provide opportunities within the alcohol brand segment. We are excited about the opportunities that the acquisition of the bank energy brand presents to us and believe that the brand fits well within our broader portfolio of energy drink brands.

Speaker Change: Our AFF flavour facility in Ireland is now providing a large number of flavours to our EMEA region, enabling better service levels and lower landed costs to our EMEA region.

Speaker Change: We are in the process of constructing a juice facility at our AFF flavour facility in Ireland, which we anticipate will be completed later this year.

Rodney Sacks: 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 are 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. 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. I would now like to open the floor to questions about the quarter.

Speaker Change: 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.

Speaker Change: We are 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.

Rodney Sacks: 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.

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

Rodney Sacks: We would like to now open the floor to questions about the quarter. Thank you.

Operator: Ladies and gentlemen, we'll now begin the question and answer session. To ask a question, you may press star and then 1 on your touch-tone telephone. If you are using a speakerphone, we do ask that you please pick up the handset before pressing the keys.

Operator: Ladies and gentlemen, we will now begin the question-and-answer session. To ask a question, you may press star and then one on your touchstone telephones. If you are using a speaker phone, we do ask you to please pick up the handset before pressing the keys. Withdraw your questions; you may press star and two. In each time, we do ask you to submit yourselves to a single question. Once again, that is star and then one could join the question cube. We will pause momentarily to assemble the roster.

Operator: To withdraw your questions, you may press star and 2. In the interest of time, we do ask that you please limit yourselves to a single question. Once again, that is star and then one to join the question. We will pause momentarily to assemble the roster. Our first question today comes from Dara Mohsenian from Morgan Stanley. Please go ahead with your question.

Speaker Change: Ladies and gentlemen, we'll now begin the question and answer session. To ask a question, you may press star and then one on your touch-tone telephones. If you are using a speakerphone, we do ask that you please pick up the handset before pressing the keys. To withdraw your questions, you may press star and two.

Rodney Sacks: 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, distributed incentives as well as shifts in the timing of production. In some instances, our botless are responsible for production and determine their own production schedules. This affects the dates on which we invoice such botless. Furthermore, our botling and distribution partners maintain inventory levels, according to their own internal requirements, which they may alter from time to time for their own business readers.

Speaker Change: at the interest of time wemay do ask you please limit yourselves to single question

Speaker Change: Once again that is star and then one to join the question queue.

Sara Mohsenian: Our first question today comes from Sara Mosenian from Morgan Stanley. Please go ahead with your question.

Speaker Change: Our first question today comes from Dara Mohsenian from Morgan Stanley . Please go ahead with your question.

Sara Mohsenian: Hey, good afternoon, guys. The commentary on the U.S. category was helpful.

Dara Mohsenian: 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 in history, just in terms of drivers, magnitude, et cetera, 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.

Dara Mohsenian: Hey, good afternoon, guys.

Speaker Change: The commentary on the U.S. category was helpful.

Rodney Sacks: 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 help that might impact your plans to maybe question some of the pending U.S. price increase with promotion and how you guys think through that.

Dara Mohsenian: 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?

Rodney Sacks: 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 during category. Growth opportunities in household penetration, per capita consumption, along with consumers need for energy or positive factors for the category. We continue to expand ourselves in non-Nielsen measure channels. We are pleased to report that our pricing actions have not significantly impacted consumer demand.

Speaker Change: 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.

Charlie Higgs: So, you know, 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 like this, and we haven't seen inflation levels, I'm sorry, and interest rates for one heck of a long time.

Charlie Higgs: Charlie, you know Dara...

Rodney Sacks: So, you know, Dara, historically we've seen declines in quarter 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.

Charlie Higgs: Charlie, you know Dara...

Speaker Change: So, you know, Dara, historically, we've seen declines in quarterly year-over-year volumes really only during the financial crisis and COVID lockdowns.

Speaker Change: in the U.S. and they particularly significantly impacted foot traffic.

Rodney Sacks: 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 if you look internationally, 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, you know, 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.

Rodney Sacks: As reported earlier, we are planning a pricing increase in the United States on our core brands and packages effective November 1, 2024. We continue to review opportunities for pricing increases internationally. Our AFF Flavor Facility in Ireland is now providing a large number of flavours to our EMEA region, enabling better service levels and lower landed costs to our EMEA region. We are in the process of constructing a reduced facility at our AFF Flavor Facility in Ireland, which we anticipate will be completed later this year.

Dara Mohsenian: The current situation in the U.S. is actually relatively unprecedented.

Dara Mohsenian: 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, you know, we believe that those have contributed to the slowdown. You know, if you look internationally and those...

Charlie Higgs: You know, we believe that those have contributed to the slowdown. You know, if you look internationally and those markets traditionally have had a longer history of energy drinks, we saw and have seen slowdowns in certain European countries over the period, 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.

Charlie Higgs: You know, we believe that those have contributed to the slowdown. You know, if you look internationally and those markets traditionally have had a longer history of energy drinks, we saw and have seen slowdowns in certain European countries over the period, and, In each case that we've seen them, the levels have, in fact, rebounded. So at the end of the day, you know, 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.

Speaker Change: Markets traditionally have a longer history of energy drinks. We saw and have seen slowdowns in certain European countries over the periods.

Rodney Sacks: We are excited for the launch of Monster Energy Ultra-Vise Guava in October 2024, Monster Brewing continues to provide opportunities within the alcohol brand segment. We are excited about the opportunities that the acquisition of the bank energy brand presents to us and believe that the brand fits well within our broader portfolio of energy drink brands. 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.

Dara Mohsenian: In each case that we've seen them, the levels have in fact rebounded.

Dara Mohsenian: So, at the end of the day, you know, when you look at the positive factors...

Dara Mohsenian: We believe that energy drinks certainly are a need state. Consumers want energy drinks.

Rodney Sacks: All the things we spoke about really on this call. And what, you know, we like other consumer products companies, we see this decline primarily driven by reduction in consumer spending and the lower foot traffic in the convenience channel. You know, we've seen reports of foot traffic convenience channel being done by as much as three and a half percent. And then a swing towards more grocery mass online purchasing.

Speaker Change: and Household Penetration is growing, all the things we spoke about really on this call. And what, you know, we like other consumer products companies, we see this decline.

Charlie Higgs: Like other consumer products companies, we see this decline primarily driven by a reduction in consumer spending and lower foot traffic in the convenience channel. We've seen reports of foot traffic in the convenience channel being down by as much as three, three and a half percent, and then a swing towards more grocery mass on online purchases. So, you know, 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.

Charlie Higgs: And, you know, we, like other consumer products companies, see this decline primarily driven by a reduction in consumer spending and lower foot traffic in the convenience channel. You know, we've seen reports of foot traffic in the convenience channel being down by as much as three, three and a half percent. And then a swing towards more grocery, mass, you know, online purchases. So, you know, 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.

Rodney Sacks: We would like to now open the floor to questions about the quarter. Thank you.

Speaker Change: primarily driven by a reduction in consumer spending and with lower foot traffic in the convenience channel. You know, we've seen reports of

Operator: Ladies and gentlemen, we will now begin the question and answer session. To ask a question, you may press star and then one on your touchstone telephones. If you are using a speaker phone, we do ask you to please pick up the handset before pressing the keys.

Speaker Change: foot traffic convenient channel being done by as much as three three and a half percent and in a swing towards more grocery bass on online purchasing

Operator: Withdraw your questions, you may press star and two. In each time, we do ask you to submit yourselves to a single question. Once again, that is star and then one could join the question cube. We will pause momentarily to assemble the roster.

Rodney Sacks: So it's kind of a situation where we are a blue color brand and our consumers are more hard pressed than consumers in other categories. 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 pricing pieces which we have not had yet, and we will have later this year.

Speaker Change: so it's kind of a a situation where we are a blue color brown brand and our consumers a more hard press than consumers in other categories

Dara Mohsenian: Our first question today comes from Sara Mosenian from Morgan Stanley. Please go ahead with your question. 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 help that might impact your plans to maybe question some of the pending U.S, price increase with promotion and how you guys think through that.

Charlie Higgs: 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.

Speaker Change: And that's why maybe we have seen a larger reduction than other competitive products in the space.

Speaker Change: 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.

Andrea Tashera: Our next question comes from Andrea Tashera from J.P. Morgan. Please go ahead with your question.

Operator: Our next question comes from Andrea Teixeira from J.P. Morgan. Please go ahead with your question.

Andrea Teixeira: Our next question comes from Andrea Teixeira from J.P. Morgan. Please go ahead with your question.

Speaker Change: Our next question comes from Andrea Teixeira from J.P. Morgan. Please go ahead with your question.

Andrea Tashera: Thank you and good afternoon. I was hoping if you can talk about the channels. I usually discuss the mass channels and discounts being one and how you be able to shift for those consumers are looking for basically more affordable energy, and you did a reference to production challenges internationally. Is that a way to think about it, and the impact, and if it's temporary, how we should be thinking about those. Thank you. Well, the production challenges which were in Germany have largely been resolved now. It was a situation where there was a lack of capacity and in particular plants.

Andrea Teixeira: Thank you and good afternoon. I was hoping you could talk about the basically about the channels I used to discuss, the mass channels and discounts being one, and how you'll be able to shift for those consumers who are looking for basically more affordable energy. And you made a reference to Production Challenges Internationally. Is there a way to think about that and its impact? And if it's temporary, how should we be thinking about those? Thank you.

Charlie Higgs: Thank you and good afternoon. I was hoping you could talk about the, basically, about the channels, how you did discuss the mass channels and discounts being one, and how you are being able to shift for those consumers who are looking for basically more affordable energy. And you made a reference to Production Challenges Internationally. Is there a way to think about that and its impact? And if it's temporary, how should we be thinking about those? Thank you.

Andrea Teixeira: Thank you and good afternoon. I was hoping if you can talk about the, basically about the channels. I used to discuss the mass

Rodney Sacks: So, you know, Dara, historically we've seen declines in quarter year over year volumes, really only during the financial crisis and COVID lockdowns in the U.S, and they particularly significantly impacted foot traffic.

Andrea Teixeira: channels and discounts being won, and how you are being able to shift for those consumers who are looking for basically more affordable energy. You did a reference to

Rodney Sacks: 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 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.

Speaker Change: 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.

Charlie Higgs: Well, the production challenges which were in Germany have largely been resolved now. It was 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, at the distribution point in Germany, were unable to accept product because they had challenges getting product in because we have a very large market in Germany. So it was a mix of factors, but at the end of the day, we're back and running, and we don't anticipate a recurrence of that issue in Germany this quarter.

Speaker Change: Well, the production challenges, which were in Germany, have largely been resolved now. It is a situation where...

Rodney Sacks: 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 they had challenges getting product in because we have a very large market in Germany. So it was a mix of factors. But the end of the day, you know, we back in running and we don't anticipate a recurrence of that issue in Germany this quarter.

Speaker Change: There was a lack of capacity in a particular plant.

Speaker Change: We set up facilities in other manufacturing entities.

Speaker Change: and then the plants in Germany, the distribution points in Germany were unable to accept product because they had challenges getting product in because we have a very large market in Germany.

Rodney Sacks: So at the end of the day, you know, 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, you know, we like other consumer products companies, we see this decline primarily driven by reduction in consumer spending and the lower foot traffic in the convenience channel, you know, we've seen reports of foot traffic convenience channel being done by as much as three and a half percent.

Speaker Change: So, it was a mix of factors, but at the end of the day, you know, we're back and running and we don't anticipate a recurrence of that issue in Germany this quarter.

Charlie Higgs: Just to give some 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 happened, 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 make sure that it doesn't occur again in the future, to address it in Our next question comes from Kaumil Gajrawala. Those are all from Jeffries. Please go ahead with your questions.

Charlie Higgs: Just to give some 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, and a lot of unusual things happened, 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 step two, to address it for the future and have more visibility. Our next question comes from Kaumil Gajrawala. Those are all from Jeffreys; please go ahead with your questions.

Rodney Sacks: Just 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 and a lot of unusual things happened, 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.

Speaker Change: Just to give color on the German issue, you must appreciate that in the second quarter they had the European Soccer Championships.

Speaker Change: and there was a lot of extra demand a lot of you know unusual things happened and that's why we you know we ended up with with this challenge which we think was unusual and it's not likely to occur again in the future we've taken steps to to address it for in the future and have more visibility

Carmille Walla: Our next question comes from Carmille. Those are Walla from Jeffries. Please go ahead with your question.

Kaumil Gajrawala: Our next question comes from Kaumil Gajrawala. These are all from Jefferies. Please go ahead with your questions. Bye.

Operator: Our next question comes from Kaumil. Those are all from Jeffreys. Please go ahead with your questions. Bye.

Speaker Change: Our next question comes from Kaumil Gajrawala.

Rodney Sacks: And then a swing towards more grocery mass online purchasing. So it's kind of a situation where we are a blue color brand and our consumers are more hard pressed than consumers in other categories. And that's why maybe we have seen a larger reduction than other competitive products in the space.

Speaker Change: Those are all from Jeffreys. Please go ahead with your question.

Carmille Walla: 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 there being a little bit more careful doesn't seem to align with the idea to take a price increase later. Thanks. Yeah, Camille, you know, if you look at our pricing, where we are relative to other beverages that we would regard as kind of comparative. Those are the beverages they've dramatically expanded their price increase by the price index to amongst the products. And you know, we still see it as an opportunity.

Kaumil Gajrawala: 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.

Kaumil Gajrawala: Yeah, Kaumil, you know, if you look at our pricing, where we are relative to other beverages that we would, we would regard as, you know, kind of comparable, those other beverages, they've dramatically expanded their price. We've lost the price index to, you know, our Monster product. We still see it as an opportunity, the extent is not that significant, and we will still retain a very competitive price for consumers, both within the energy category and ready-to-drink beverages as a whole.

Kaumil Gajrawala: Yeah, Kaumil, you know, if you look at our pricing, where we are relative to other beverages that we would regard as, you know, kind of comparable, those are the beverages that have dramatically expanded their price, you know, past the price index to, you know, our Monster product. We still see it as an opportunity, the extent is not that significant, and we will still retain a very competitive price for consumers, both within the energy category and ready-to-drink beverages as a whole.

Kaumil Gajrawala: later. Thanks.

Kaumil Gajrawala: Yeah, Kamal, you know, if you look at our pricing where we are relative to other

Speaker Change: Other beverages that we would regard as, you know, kind of comparative.

Rodney Sacks: But at the end of the day, some of those competitive products have had pricing pieces which we have not had yet and we will have later this year.

Speaker Change: Those are the beverages, they've dramatically expanded their price, you know, past the price index to, you know, to our monster products.

Andrea Tashera: Our next question comes from Andrea Tashera from J.P. Morgan. Please go ahead with your question.

Speaker Change: and

Rodney Sacks: 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 you know, we've discussed it with most of our major distributors and customers. 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 more. So, we still see it as an opportunity, and we think it is something that we should pursue and move forward with.

Speaker Change: You know, we still see it as an opportunity. The extent is not that significant. We still will retain a very competitive price for consumers.

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

Speaker Change: both within the energy category and the ready-to-drink beverages as a whole. And, you know, we've discussed it with most of our major distributors and customers.

Kaumil Gajrawala: And we've discussed it with most of our major distributors and customers, 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 increases. So we still see it as an opportunity, and we think it is something that we should pursue and move forward with. Our next question comes from Peter Grom of UBS. Please go ahead with your question. Thanks, operator. Good afternoon, everyone. So I was hoping to get some thoughts on the quarter-to-date trends.

Speaker Change: 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.

Rodney Sacks: Well, the production challenges which were in Germany have largely been resolved now. It was a situation where there was there was lack of capacity and in particular plants. 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 they had challenges getting product in because we have a very large market in Germany. So it was a mix of factors.

Speaker Change: so we still seehere as an opportunity and we think it is something that we should pursue and move forward with

Peter Grom: Our next question comes from Peter Grom from UBS. Please go ahead with your question. Thanks operator. Good afternoon everyone.

Operator: Our next question comes from Peter Grom from UBS. Please go ahead with your question. Thanks, operator.

Peter Grom: Our next question comes from Peter Grom from UBS. Please go ahead with your question. Thanks, operator.

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

Peter Grom: So, I was hoping to get some thoughts on the quarter-day trends. Just when backing out the benefits from selling data, it doesn't apply a ton of growth on an underlying basis at all.

Peter Grom: thanks operator good afternoon everyone so i was hoping to get some just

Peter Grom: Some thoughts on the quarter-to-date trends, just when, you know, backing out the benefits from selling days, it doesn't apply a ton of growth on the 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...

Rodney Sacks: So, can you maybe just talk about category trends in July, maybe unpack it from a US versus international perspective and just going back to Dara's question, just any thoughts in terms of how you see Grom is kind of progressing from here to the balance of the quarter. Thanks. You know, we look at Nielsen like, you know, the rest of the group, and you can already see in Nielsen if you look at US convenience and you look at all measure channels that the situation is actually getting worse in July, and it's not getting better. So, you know, we've always spoken about our non-measure channels, and our non-measure channels have continued to be a significant part of our activities and continue to grow.

Rodney Sacks: But the end of the day, you know, we back in running and we don't anticipate a recurrence of that issue in Germany this quarter. Just 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 and a lot of unusual things happened 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 to address it for in the future and have more visibility.

Peter Grom: You know, going back to Dara's question, just any thoughts in terms of how you see growth kind of progressing from here to the balance of the quarter? Thanks.

Charlie Higgs: You know, we look at Nielsen, like, you know, the rest of the group, and you can really see in Nielsen if you look at U.S. convenience and you look at all the measurement channels that the situation is actually getting worse in July, and it's not getting better, so, you know, 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 But look at the Nielsen numbers, and I'm sure you've seen them, Peter. The July numbers show it's not a dramatic increase, but it is a worsening trend.

Charlie Higgs: You know, we look at Nielsen, um, uh, like, you know, the rest of the group. And you can really see in Nielsen, if you look at U.S. convenience and you look at all measurement channels, that the situation is actually getting worse in July, and it's not getting better. So, you know, 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 them, Peter, the July numbers show it's not dramatic, but it is a worsening trend.

Speaker Change: You know, we look at Nielsen like, you know,

Speaker Change: and the rest of the group.

Speaker Change: You can really see in Nielsen if you look at U.S. convenience.

Speaker Change: and you look at all major channels.

Speaker Change: that the situation is actually getting worse in July and it's not getting better, so, you know, we've...

Kaumil Gajrawala: Our next question comes from Carmille. Those are Walla from Jeffries. Please go ahead with your question.

Speaker Change: We've always spoken about our non-measured channels, and our non-measured channels have continued to be a significant part of our

Rodney Sacks: 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 there being a little bit more careful doesn't seem to align with the idea to take a price increase later. Thanks. Yeah, Camille, you know, if you look at our pricing where we are relative to other other beverages that we would we would regard as kind of comparative.

Rodney Sacks: But, you know, look at the Nielsen numbers, and I'm sure you've seen them, Peter. The July numbers are, you know, so it's not a dramatic, but it is a worsening trend.

Speaker Change: of our activities and continue to grow. But, you know, look at the Nielsen numbers and I'm sure you've seen them, Peter. The July numbers are, you know, show a, you know, it's not a dramatic, but it is a worsening trend.

Bonnie Herzog: Hi, and that's Question Country. I'm Bonnie Herzog from Goldman Sachs. Please go ahead with your question.

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

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

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

Bonnie Herzog: Hi, how are you guys?

Bonnie Herzog: Hi, how are you guys? Bonnie, we never thought you'd come on this call. We've been waiting for you. Well, you didn't pick me up early enough. I've been here waiting, so I did want to... Unfortunately, we didn't do the picking, unfortunately. Yeah, okay. Well, I did want to circle back, of course, to the slowdown that you guys did report in the quarter versus your expectations. I guess I am still trying to reconcile a few things.

Bonnie Herzog: Hi, how are you guys? Bonnie, we never thought you'd come on this call. We've been waiting for you. Well, you didn't pick me up early enough. I've been here waiting.

Bonnie Herzog: I guess we haven't thought to have come on the school. We've been waiting for you. Well, you didn't pick me early enough. I've been here waiting.

Bonnie Herzog: Hi, how are you guys? Bonnie, we never thought you'd come on this call. We've been waiting for you.

Rodney Sacks: Those are the beverages they've dramatically expanded their price increase by the price index to amongst the products. And you know, we still see it as an opportunity. The extent is 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 you know, we've discussed it with most of our major distributors and customers. And we've absorbed significant increases.

Bonnie Herzog: So I did want to... We didn't do the picking, unfortunately. Yeah, okay. Well, I did want to circle back, of course, to the slowdown that you guys did report in the quarter versus your expectations. I guess I am still trying to reconcile a few things.

Operator: So, I did want to... We're going to be picking, unfortunately. Yeah, okay.

Bonnie Herzog: Well, you didn't, you didn't pick me early enough. I've been here waiting. So I did want to... We didn't do the picking, unfortunately. Yeah, okay. Well, I did want to circle back, of course, to the slowdown, you know, that you guys did report in the quarter versus your expectations. I guess I'm...

Bonnie Herzog: Well, I did want to circle back, of course, to the slowdown, you know, that you guys did report in the quarter versus your expectations. I guess I'm 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, you know, it's a rollout of innovation, you know, whether it was in Q1 or in Q2.

Bonnie Herzog: 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 it a lot, but any shipment timing impact that you saw, you know, with the rollout of innovation, you know, whether it was in Q1 or in Q2? And then how do we think about the second half? You know, do you possibly have more innovation rolling out in the second half versus what you did in the first half? Thanks.

Bonnie Herzog: 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 it 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 second half versus what you did in the first half? Thanks.

Speaker Change: I am still trying to reconcile a few things. Could you maybe help us understand where bottler inventory levels are?

Speaker Change: Timing impact by chance, especially internationally, that might have impacted Q2, and then...

Speaker Change: Second, maybe help us understand your innovation pipeline. I know you talked about it a lot, but any shipment timing impact that you saw?

Rodney Sacks: As you know, we had one increase in the last two years. And our competitors in the ready to drink beverage space have had more. So, we still see it as an opportunity and we think it is something that we should pursue and move forward with.

Speaker Change: You know with the rollout of innovation, you know, whether it was in Q1 or in Q2 And then how do we think about the second half? You know, do you possibly have more innovation rolling out in the back half versus what you did in the first half? Thanks

Bonnie Herzog: And then how do we think about the second half, you know, do you possibly have more innovation rolling out in the back half versus what you did in the first half? Thanks.

Rodney Sacks: Well, let me talk about... I'll see your first question. Rodney will talk about innovation. You know, we haven't heard of any bottler inventories that are challenged or, you know, have changed significantly. This carrot, we are in summer, and we haven't heard anything. You know, I know, and I read, obviously, one of the competitors mentioned that they had bottler 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... I think we always, every quarter, have choppy issues with botters. As we said earlier in the call, it depends on when they produce, and sometimes they may be producing just before the end of the period.

Charlie Higgs: Well, let me answer your first question and Rodney will talk about innovation. You know, we haven't heard of any bottling inventories that are challenged or, you know, have changed significantly over this period. We are in summer, and we haven't heard anything. You know, I know, and I read that, obviously, one of the competitors mentioned that they had bottling inventory issues, but we have not seen that. The only thing we spoke about was this German issue with a million cases, which has been rectified.

Rodney Sacks: Well, let me talk about, answer your first question and Rodney will talk about innovation. You know, we haven't heard of any bottling inventories that are challenged or, you know, have changed.

Peter Grom: Our next question comes from Peter Grom from UBS, please go ahead with your question. Thanks operator, good afternoon everyone. So, I was hoping to get some thoughts on the quarter-day trends, just when backing out the benefits from selling data, it doesn't apply a ton of growth on an underlying basis at all.

Rodney Sacks: Significantly, this is good. We are in summer.

Speaker Change: and we haven't heard anything. You know, I know and I read obviously one of the competitors mentioned that they had bottler 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 Sacks: So, can you maybe just talk about category trends in July, maybe unpack it from a US versus international perspective and just going back to Dara's question, just any thoughts in terms of how you see Grom is kind of progressing from here to the balance of the quarter. Thanks. You know, we look at Nielsen like, you know, the rest of the group and you can already see in Nielsen if you look at US convenience and you look at all measure channels that the situation is actually getting worse in July and it's not getting better.

Charlie Higgs: I mean, but you know, I think we always, every quarter we have choppy issues with bottlers because it will, as we said earlier in the call, 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 into it 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.

Speaker Change: I mean, but, you know, I think we always...

Speaker Change: Every quarter we have choppy

Speaker Change: you know, issues with botters, because it all, as we said earlier in the call, 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've just got to live with it. And so, we haven't called it out specifically, but these things do continue to occur. You know, if we hear something significant, obviously, you know, we call it out, but we haven't this order.

Rodney Sacks: That does have some effect, but again, we've not really looked into it because it's just part of the way our business has done, and we've just got to live with it. We haven't called it out specifically, but these things do continue to occur. You know, if we hear something significant, obviously, we call it up, but we haven't.

Charlie Higgs: You know, if we hear something significant, obviously, you know, we call it out, but we haven't done that this quarter. Now, with regard to, you know, innovation, innovation has been fine. We've had two good products, the Fantasy Ruby Red has done very well, and we got out a little later with the Rio Punch. They've both done very well. If I look at the innovation, the sales per point of those two items are pretty strong; they're ahead of sales per point of, you know, competitive new product launchers like Red Bull with their sugar-free 12-ounce list this year.

Rodney Sacks: So, you know, we've always spoken about our non-measure channels and our non-measure channels have continued to be a significant part of our activities and continue to grow. But, you know, look at the Nielsen numbers and I'm sure you've seen them Peter. The July numbers are, you know, so it's not a dramatic, but it is a worsening trend.

Rodney Sacks: 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 punch. They've both done very well. If I look at the innovation, the sales per point of those two items are pretty strong. They're ahead of sales per point of, you know, competitive, new product launches like Red Bull. They're sugar free, 12 ounces this year. In fact, the sales per point of those two new items that we launched are actually ahead of sales per point of the very top salesiest sort of SKU.

Speaker Change: Now, with regard to, you know, innovation, you know, innovation has been fine, you know, we've had two good products.

Speaker Change: The Fantasy Ruby Red has done very well, and we've got out a little later with the Rio Punch. They've both done very well.

Speaker Change: If I look at the innovation, the sales per point of those two items are pretty strong.

Speaker Change: They're ahead of South by a point of competitive...

Bonnie Herzog: Hi, and that's Question Country, I'm Bonnie Herzog from Goldman Sachs. Please go ahead with your question. Hi, how are you guys?

Speaker Change: New product launches like Red Bull, their sugar-free 12-ounce list this year. In fact, the sales per point of those two new items that we launched are actually ahead of sales per point of the very top Celsius sort of SKU. So just to give you some sort of perspective.

Charlie Higgs: In fact, the sales per point of those two new items that we launched are actually ahead of sales per point of the very top Celsius sort of SKU. So just to give you some sort of perspective, one of the perhaps challenges this year was perhaps a little lower than others. If you look at the distribution levels we achieved with the innovation, they're perhaps a little lower. They were in the 60s, mid-60s, and perhaps, you know, we think that, in a perfect world, they should have been closer to 75 or 80.

Bonnie Herzog: I guess we haven't thought to have come on the school. We've been waiting for you. Well, you didn't pick me early enough. I've been here waiting.

Rodney Sacks: So just give you some sort of perspective. One of the perhaps challenges this year was perhaps a little lower than others. If you look at the distribution levels we achieved on the innovation, they're perhaps a little lower. They've been in the 60s, and perhaps, you know, we think that in a perfect world they should have been closer to 75 or 80s. 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 innovation was maybe a little lower. But ultimately, the innovation has done, is still doing pretty, pretty, pretty well when I look at even the latest weekly figures.

Operator: So, I did want to... We're going to be picking unfortunately. Yeah, okay.

Speaker Change: One of the perhaps challenges this year was perhaps a little lower than others if you look at the distribution levels we achieved on the innovation, they're perhaps a little lower. They've been in the 60s, mid-60s, and perhaps, you know, we think that, you know,

Bonnie Herzog: Well, I did want to circle back, of course, to the slowdown, you know, that you guys did report in the quarter versus your expectations. I guess I'm 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, you know, it's a rollout of innovation, you know, whether it was in Q1 or in Q2. And then how do we think about the second half, you know, do you possibly have more innovation rolling out in the back half versus what you did in the first half? Thanks.

Charlie Higgs: 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 in terms of innovation as one of the reasons that innovation was maybe a little lower.

Speaker Change: In a perfect world, they should have been closer to 75 or 80. So that's something we are addressing with our bottling partners and with the industry. And obviously, I think we could probably...

Speaker Change: You know 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 one of the reasons that this innovation was maybe a little lower But ultimately the innovation has done It's still doing pretty pretty pretty well when I look at the even the lot latest weekly figures

Charlie Higgs: But ultimately, the innovation is still doing pretty well when I look at even the latest weekly figures. Also, we do have this planned innovation. We have a really large company focus on the launch of Ultra Vice Guava. We think it's really exciting, it's really, it's a great package, it's a great flavor. But we are, in fact, galvanizing our own team and the bottlers, and we're going to go out and have a really good launch of this product towards the end of this year, at the end of the third quarter and beginning of the fourth quarter.

Rodney Sacks: Also, we do have this planned innovation. We have a really large company focus on the launch of ultra vast water. We think it's 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, you know, we believe a real, 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, you know, being really positive, and I think that, you know, give us something to execute against.

Rodney Sacks: Well, let me talk about... I'll see your first question.

Speaker Change: Also, we do have this planned innovation. We have a really large company focus.

Rodney Sacks: Rodney will talk about innovation. You know, we haven't heard of any bottler inventories that are challenged or, you know, have changed significantly. This carrot, we are in summer and we haven't heard anything. You know, I know and I read obviously one of the competitors mentioned that they had bottler 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...

Speaker Change: 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 bottlers and we're going to go out and have a, you know, we believe a real good launch of this product towards the end of this year in the...

Charlie Higgs: So we see that as, you know, being really positive, and I think that gives us something to execute against. We also have some good innovation coming in next year, 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 the spring of 2025. So, you know, we remain encouraged by our innovation, and in fact, one of the other innovation items we launched was Zero Sugar in EMEA, which has done really nicely.

Speaker Change: into the third quarter beginning of the fourth quarter, so we see that as you know being really positive.

Rodney Sacks: We also got some good innovation coming in next year, and 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 innovation. In fact, one of the other innovation items we launched was zero sugar in EMEA, which has done really nicely. We also launched Juice Bad Apple, which we hadn't launched in the US, 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, you know, we went to be tested at first in EMEA.

Speaker Change: And I think that, you know, give us something to execute against.

Speaker Change: We've also got some good innovation coming in next year, 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.

Rodney Sacks: I think we always, every quarter, we have choppy issues with botters, as we said earlier in the call, it depends on when they produce and sometimes they may be producing just before the end of the period. That does have some effect, but again, we've not really looked into it because it's just part of the way our business has done and we've just got to live with it. We haven't called it out specifically, but these things do continue to occur. You know, if we hear something significant, obviously, we call it up, but we haven't.

Charlie Higgs: In fact, one of the other innovation items we launched was Zero Sugar in EMEA, which has done really nicely. We also launched Juice Bad Apple, which we hadn't launched in the US, 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, maybe expanding in other areas, but we, you know, we went, we tested it first in EMEA. So we do have some pipeline coming, and newer products, so we are positive going forward that we'll be able to address consumer trends and look at, you know, the industry will be positive going forward.

Speaker Change: 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 Juice Bad Apple.

Charlie Higgs: We also launched Juice 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, maybe expanding in other areas, but we, you know, we went, we tested it first in EMEA. So we do have some pipeline coming, and newer products, so we are positive going forward that we'll be able to address consumer trends and look at, you know, the industry will be positive going forward.

Speaker Change: which we hadn't launched in the US 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 you know we went we tested it first in EMEA.

Rodney Sacks: So we do have some pipeline coming, always a newer product. So we are positive going forward that we'll be able to address consumer trends and look at, you know, the industry will be positive going forward. And one other thing I just wanted to mention, Bonnie, was that if you look at 2023, remember we launched Zero Sugar, which was, you know, the analog to Monster Green. And that was a very, very significant launch. So when you compare 24 to 23, zero sugar was, you know, really a major push, as indeed was strawberry dreams, a great flavor.

Rodney Sacks: 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 punch. They've both done very well. If I look at the innovation, the sales per point of those two items are pretty strong. They're ahead of sales per point of, you know, competitive, new product launches like Red Bull, they're sugar free, 12 ounces this year. In fact, the sales per point of those two new items that we launched are actually ahead of sales per point of the very top salesiest sort of SKU. So just give you some sort of perspective.

Speaker Change: So we do have some pipeline coming and newer products.

Speaker Change: So we are positive going forward that we'll be able to address consumer trends and look at, you know, the industry will be positive going forward. And one other thing I just wanted to mention, Bonnie, was that if you look at 2023, remember we launched Zero Sugar.

Charlie Higgs: 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 2024 to 2023, Zero Sugar was really a major push, as indeed was Strawberry Dreams, the great flavors. So you know, 2023 was really incredible with regard to launches, and 2024 was great, but obviously not at the same level.

Speaker Change: which was the analogue to Monster Green.

Speaker Change: And that was a very, very significant launch. So when you compare 24 to 23, zero sugar was...

Speaker Change: you know, really a major push, as indeed with Strawberry Dreams, the great flavors. So, you know, there's...

Rodney Sacks: So, you know, this 23 was really incredible with regard to launches. 24 was great, but obviously not the same number as 23.

Speaker Change: 23 was really incredible with regard to launches. 24 was great, but obviously not at the same level as 23.

Rodney Sacks: One of the perhaps challenges this year was perhaps a little lower than others. If you look at the distribution levels we achieved on the innovation, they're perhaps a little lower. They've been in the 60s and perhaps, you know, we think that in a perfect world they should have been closer to 75 or 80s. 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 innovation was maybe a little lower, but ultimately the innovation has done is still doing pretty, pretty, pretty well when I look at even the latest weekly figures.

Rodney Sacks: We'll also, just as a matter of interest, we've got some, you know, great innovation. We've looking to launch for bang, because, you know, 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 launching in conjunction with all means possible. And their social media response and presence, you know, on their channels and for the brand, has been, we are seeing some really positive signs. And so we are sort of quite positive about also being able to take bang and to start to sort of, you know, start to get that brand more focused with new innovation now, which we haven't had until now.

Operator: We're also, just as a matter of interest, we've got some great innovation we're looking to launch for Bang, because that's a new brand to our portfolio. We have our own 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 and start to sort of, you know, start to get that brand more focused on new innovation now, which we haven't had until now. We've been consolidating and just, you know, getting realistic.

Charlie Higgs: We're also, just as a matter of interest, we've got some great innovation we're looking to launch for Bang, because that's a new brand to our portfolio. We have our own 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 and start to sort of, you know, start to get that brand more focused on new innovation now, which we haven't had until now. We've been consolidating and just, you know, getting realistic.

Speaker Change: We're also, just as a matter of interest, we've got some, you know, great innovation we're looking to...

Speaker Change: to launch for Pang because you know 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

Speaker Change: 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 and to start to sort

Speaker Change: We've started to get that brand more focused with new innovation now, which we haven't had until now. We've been consolidating and just getting re-listings.

Rodney Sacks: We've been consolidating and just, you know, getting realists.

Rodney Sacks: Also, we do have this planned innovation. We have a really a large company focus on the launch of ultra vast water. 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, you know, we believe a real, 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.

Filippo Falorni: and our next question comes from Filippo Falorni from City. Please go ahead with your question.

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

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

Filippo Falorni: Hey, good afternoon. I want to talk about gross margins. You mentioned in the release that you are 50 basis points below the first quarter because of higher allowances that you think are not recurring and some production efficiencies. Should we think those go away starting in Q3? 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?

Charlie Higgs: Hey, good afternoon. I want to talk about gross margins. You mentioned in the release that you are 50 basis points below the first quarter because of higher allowances that you think are now recurring and some production efficiencies. Should we think those go away starting in Q3? And then maybe you can talk about the commodity environment. It seems aluminum is still favorably priced 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.

Filippo Falorni: Hey, good afternoon.

Filippo Falorni: I want to talk about gross margins. You mentioned in the release that you are 50 basis points below the first quarter.

Charlie Higgs: 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? Any color on the commodity environment as well? Thank you.

Filippo Falorni: because of higher allowances that you think are non-recurring and some production efficiencies. Should we think those go away starting in Q3?

Rodney Sacks: So we see that as, you know, being really positive, and I think that, you know, give us something to execute against. We also got some good innovation coming in next year, and 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 innovation. In fact, one of the other innovation items we launched was zero sugar in EMEA, which has done really nicely.

Speaker Change: And then maybe you can talk about the commodity environment. It seems aluminum is still favorable year over year.

Speaker Change: Is it going to be still favorable in the balance of the year or just any color on the commodity environment as well? Thank you. Let me talk a little bit about what you're referring to.

Rodney Sacks: Thank you. Let me talk a little bit about what you know what you are referring to. And yes, indeed, we do believe that these higher allowances and the production inefficiencies will take care of themselves. I'm not sure whether the production inefficiencies will take care of themselves 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 open Norwalk for production in April, and we're gearing up production in Norwalk, which is one of the reasons for the production inefficiencies because we're gearing up that plant to full production.

Charlie Higgs: Let me talk a little bit about what you're referring to. And, indeed, we do believe that the high allowances and the production inefficiencies will take care of themselves. I'm not sure whether the production inefficiencies will take care of themselves in the third quarter, but certainly they 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 Norwalk, which is one of the reasons for the production inefficiencies because we're gearing up that plant for full production.

Speaker Change: And yes, indeed, we do believe that the high allowances and the production inefficiencies will take care of themselves. I'm not sure whether...

Rodney Sacks: We also launched Juice Bad Apple, which we hadn't launched in the US, 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, you know, we went to be tested at first in EMEA. So we do have some pipeline coming, always a newer product. So we are positive going forward that we'll be able to address consumer trends and look at, you know, the industry will be positive going forward.

Speaker Change: The production inefficiencies will take care of itself in the third quarter, but certainly it will over time.

Speaker Change: The production inefficiencies relate to the two plants that we have up and running.

Speaker Change: We opened Norwalk for production in April , and we're gearing up production in Norwalk, which is one of the reasons for the production inefficiencies, because we're gearing up that plant to full production.

Rodney Sacks: And one other thing I just wanted to mention, Bonnie, was that if you look at 2023, remember we launched zero sugar, which was, you know, the analog to Monster Green. And that was a very, very significant launch. So when you compare 24 to 23, zero sugar was, you know, really a major push as indeed was strawberry dreams, a great flavor. So, you know, this 23 was really incredible with regard to launches. 24 was great, but obviously not the same number as 23. We'll also just as a matter of interest, we've got some, you know, great innovation.

Charlie Higgs: And then, on the other hand, we have our facility in Phoenix that we acquired as part of the bank transaction, which is at present only producing bank products, but we're gearing it up to produce Monster, both the ultra versions of Monster and Rain, which are the non-sugar varieties, and then ultimately the sugar varieties, because they don't have sugar tanks. We've had issues with water that we've been dealing with to ensure that we deliver the best Monster flavors possible. So that's where the production inefficiencies are coming from, and they will resolve themselves over time. The allowances absolutely will resolve themselves, we believe, and by this next quarter, they should be gone.

Rodney Sacks: And then, on the other hand, we have our facility in Phoenix that we acquired as part of the bank transaction, which is at present only producing bank products. But we're gearing it up to produce Monster, both the ultra versions of Monster and Rain, which are the non-sugar varieties. And then ultimately the sugar varieties because they don't have sugar tanks. We've had issues with water that we've been dealing with to ensure that we deliver the best monster flavors possible. So that's where the production inefficiencies are coming from, and they will resolve themselves over time. Their allowances absolutely will resolve themselves; you know, we believe in the bottom, but this next quarter they should be gone.

Speaker Change: and then on the other hand we have our facility in Phoenix that we acquired as part of the bank transaction which is at present only producing bank products.

Speaker Change: But we're gearing it up.

Speaker Change: to produce Monster, both the ultra versions of Monster and Rain, which are the non-sugar varieties, and then ultimately the sugar varieties because they don't have...

Speaker Change: You know, 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.

Rodney Sacks: We've looking to launch for bang, because, you know, 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 launching in conjunction with all means possible. And their social media response and presence, you know, on their channels and for the brand has been, we are seeing some really positive signs. And so we are sort of quite positive about also being able to take bang and to start to sort of, you know, start to get that brand more focused with new innovation now, which we haven't had until now.

Charlie Higgs: So that's where the production inefficiencies are coming from, and they will resolve themselves over time. The allowances absolutely will resolve themselves, we believe, by this next quarter. They should be gone.

Speaker Change: So that's where the production inefficiencies are coming from, and they will resolve themselves over time. The allowances absolutely will resolve themselves, you know, we believe, by then, this next quarter they should be gone.

Charlie Higgs: Um, so, um... That's where we are on that. Now, in the commodities environment, we page for Illumina. So how do we hedge aluminum is we use the ladder. So we purchase aluminum according to a prescribed formula. And we have certain amounts at our discretionary discretion to re-evaluate aluminum on a weekly basis. So we take advantage, of course, of prices when prices fall. But there are instances where we may have purchased aluminum at higher prices to ensure that our lattice strategy is properly executed. Because it was a time when aluminum, as you know, was up, and everyone was scurrying to purchase aluminum, and now it's back down. So it's, you know, there are pluses and minuses, but I do believe that we're in good territory with aluminum, and we should be able to see reductions over time.

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

Rodney Sacks: So that's where we are on that. Now on the commodity's environment, we page Aluminum. So how we hedge aluminum is we use the ladder. So we purchase aluminum according to a pre-scart formula, and we have certain amounts at our discretionary. We re-evaluate aluminum on a weekly basis. So 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 ladder strategy is properly executed. Because it was a time when aluminum, as you know, was up and everyone was scarring to purchase aluminum, and now it's back down.

Speaker Change: So

Speaker Change: That's where we are on that. Now, on the commodities environment, we page aluminum.

Speaker Change: So, how we hedge aluminum is we use the ladder, so we purchase aluminum according to a prescribed formula and we have certain amounts at our discretionary.

Filippo Falorni: We've been consolidating and just, you know, getting realists, and our next question comes from Filippo Falorni from City. Please go ahead with your question. Hey, good afternoon.

Speaker Change: re-evaluates aluminum on a weekly basis.

Speaker Change: So, 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 lattice strategy is properly executed.

Rodney Sacks: I want to talk about gross margins. You mentioned in the release that you are 50 basis point below the first quarter because of higher allowances that you think are not recurring and some production efficiencies. Should we think those go away starting in Q3? 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?

Speaker Change: because there was a time when aluminum, as you know, was up.

Speaker Change: and everyone was going to purchase aluminum and now it's back down.

Rodney Sacks: So it's a, you know, it's the 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.

Rodney Sacks: Thank you. Let me talk a little bit about what you know what you are referring to. And yes, indeed, we do believe that these higher 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 open Norwalk for production in April and we're gearing up production in Norwalk, which is one of the reasons for the production inefficiencies because we're gearing up that plant to full production.

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

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

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

Rodney Sacks: 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 continuing to innovate, develop, and differentiate our brands and to expand the company both at home and abroad, and in particular capitalizing on our relationship with the Coca-Cola bottling system. We believe that we are well positioned in the beverage industry and continue to be optimistic about the future of the company. We hope that you remain safe and healthy. Thank you very much for your attendance.

Rodney Sacks: I'm Bob for 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.

Rodney Sacks: Thanks. On behalf of the company, I'd like to thank everyone for their continued interest.

Rodney Sacks: We continue to believe in the company and our growth strategy and remain committed to continue to innovate.

Speaker Change: develop and differentiate our brands and to expand the company both at home and abroad.

Speaker Change: 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: And ladies and gentlemen, with that, we'll conclude today's conference call. We do thank you for attending. We may now disconnect your lines.

Operator: And ladies and gentlemen, with that, we'll conclude today's conference call. We do thank you for attending.

Operator: And ladies and gentlemen, with that, we'll conclude today's conference call. We do thank you for attending. You may now disconnect your lines.

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

Speaker Change: And ladies and gentlemen, with that, we'll conclude today's conference call. We do thank you for attending. You may now disconnect your lines.

Rodney Sacks: So that's where the production inefficiencies are coming from, and they will resolve themselves over time. Their allowances absolutely will resolve themselves, you know, we believe in the bottom, but this next quarter they should be gone. So that's where we are on that.

Rodney Sacks: Now on the commodity's environment, we page aluminum. So how we hedge aluminum is we use the ladder. So we purchase aluminum according to a pre-scart formula and we have certain amounts at our discretionary. We re-valuate aluminum on a weekly basis. So 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 ladder strategy is properly executed.

Rodney Sacks: Because it was a time when aluminum, as you know, was up and everyone was scarring to purchase aluminum and now it's back down. So it's a, you know, it's the 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.

Rodney Sacks: And ladies and gentlemen, at this time, I'd like to turn the floor back over to Rodney Sacks for closing remarks. Thanks. I'm Bob for 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: And ladies and gentlemen, with that, we'll conclude today's conference call. We do thank you for attending. We may now disconnect your lines.

Q2 2024 Monster Beverage Corp Earnings Call

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