Good afternoon, and welcome to the Monster Beverage Company Third Quarter 2023 Conference Call. All participants will be in 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 then one on your telephone keypad. To withdraw your question, please press star then two. I would now like to turn the conference over to Rodney Sacks and Hilton Schlosberg, Co-CEOs. Please go ahead. Thank you. Good afternoon, ladies and gentlemen. Thank you for attending this call. I'm Rodney Sacks. Hilton Schlosberg, our Vice Chairman and my Co-Chief Executive Officer, is on the call, 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, 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. Please refer to our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K, filed on March 1, 2023, and quarterly reports on Form 10-Q, including the sections contained therein, entitled Risk Factors and Forward-Looking Statements, for a discussion on specific risks and uncertainties that may affect our performance. The company assumes no obligations to update any forward-looking statements, whether as a result of new information, future events, or otherwise. I would now like to hand the call over to Rodney Sacks. Thank you, Tom. On July 31, 2023, the company completed its acquisition of Bang Energy, which is the Bang transaction. The acquired assets primarily include Bang Energy drinks and a beverage production facility in Phoenix, Arizona. Inventory purchased as part of the Bang transaction was recorded at fair value. Certain of the purchased inventory was subsequently sold in the 2023 third quarter and was recognized through cost of sales at fair value, which we define as the Bang inventory step-up hereafter in the call. As a result of the Bang inventory step-up, gross profit was adversely impacted by approximately $7.8 million during the 2023 third quarter. During the 2023 third quarter, in connection with the Bang transaction, the company recorded a gain of $45.4 million, which will be referred to hereinafter as the Bang transaction gain. In interest and other income and expense net within the condensed consolidated statement of income. During the 2023 third quarter, the company incurred approximately $8 million of acquisition expenses related to the Bang transaction, and those are referred to also later in this call, as the Bang transaction expenses. The company achieved record third quarter net sales of $1.86 billion in the 2023 third quarter, 14.3% higher than net sales of $1.62 billion in the 2022 comparable period and 16.1% higher on a foreign currency adjusted basis. Gross profit as a percentage of net sales for the 2023 third quarter was 53%, compared with 51.3% in the comparative 2022 third quarter. Gross profit as a percentage of net sales was 53.4% for the 2023 third quarter, excluding the Bang inventory step-up. The increase in gross profit as a percentage of net sales for the 2023 third quarter as compared to the 2022 third quarter, was primarily the result of pricing actions, decreased freighting costs, and decreased aluminum can costs. Promotional allowances for the 2023 third quarter were higher than in the comparable 2022 third quarter, as well as the 2023 second quarter. Operating expenses for the 2023 third quarter were $473.2 million, compared with $415.8 million in the 2022 third quarter. As a percentage of net sales, operating expenses for the 2023 third quarter were 25.5%, compared with 25.6% in the 2022 third quarter. Operating expenses for the 2023 third quarter included approximately $8 million of Bang transaction-related expenses. Distribution expenses for the 2023 third quarter were $85.7 million or 4.6% of net sales, compared with $80-$83 million or 5.1% of net sales in the 2022 third quarter. Operating income for the 2023 third quarter increased to 22.2% to $510.5 million from $417.9 million in the 2022 comparative quarter. Interest and other income expense net for the 2023 third quarter increased to $71.4 million from $2.1 million in the 2022 comparative quarter. The increase was due to $39.3 million of interest income and a gain of $45.4 million related to the Bang transaction. Such amounts were partially offset by foreign currency transaction losses of $13.2 million. The effective tax rate for the 2023 third quarter was 22.2%, compared with 23.3% in the 2022 third quarter. The decrease in the effective tax rate was primarily attributable to an increase in deductible interest expense. Net income increased 40.4% to $452.7 million, as compared to the $322.4 million in the 2022 comparable quarter. Diluted earnings per share for the 2023 third quarter increased 41.3% to $0.43, from $0.30 in the third quarter of 2022. Diluted earnings per share, adjusted for the Bang transaction gain, the Bang inventory step-up, and the Bang transaction expenses, net of tax, was $0.41 for the 2023 third quarter, an increase of 34.1%. The company plans to implement additional price increases in certain international markets during the remainder of the 2023 year. We will continue to review further opportunities for pricing actions in order to mitigate inflationary pressures. According to the Nielsen reports, for the 13 weeks through October 21, 2023, for all outlets combined, namely convenience, grocery, drug, mass merchandisers, sales in dollars in the energy drink category, including energy shots, increased by 9.2% versus the same period a year ago. Sales of the company's energy brands, excluding Bang, were up 6.7% in the 13-week period. Sales of Monster were up 4.8%, sales of Reign were up 36.3%, sales of NOS increased 10%, and sales of Full Throttle increased 7.6%. Sales of Red Bull increased 3%. The company continues to have market share leadership in the energy drink category for all outlets combined in the United States in both the 13- and 4-week periods ended October 21, 2023. According to Nielsen, for the 4 weeks ended October 21, 2023, sales in dollars in the energy drink category in the convenience and gas channel, including energy shots in dollars, increased 6.7% over the same period the previous year. Sales of the company's energy brands, excluding Bang, increased 4.5% in the four-week period in the convenience and gas channel. Sales of Monster increased by 1.9% over the same period versus the previous year. Reign sales increased 35.2%, NOS was up 9.7%, and Full Throttle was up 7.8%. Sales of Red Bull were up 1.8%. According to Nielsen, for the four weeks ended October 21, 2023, the company's market share of the energy drink category in the convenience and gas channel, including energy shots in dollars, decreased from 36.8%- 36.1%, excluding Bang. Monster share decreased from 31.1% a year ago to 29.7%. Reign share increased 0.6 of a share point to 3%. NOS's share increased 0.1 share point to 2.6%, and Full Throttle share remained at 0.7%. Bang share was 1.4%. Red Bull share decreased 1.7 points to 34.5. 5 Hour share was lower by 0.5 point at 3.5%. Rockstar share was down 0.4 of a point to 3.4%. Celsius' share is 7.4%, C4's share is 3.3%, and Ghost's share is 2.7%. According to Nielsen, for the four weeks ended October 21, 2023, sales in dollars in the in the coffee plus energy drink category, which includes our Java Monster line in the convenience and gas channel, increased 8.9% over the same period the previous year. Sales of Java Monster, including Java Monster 300 and Java Monster Nitro Cold Brew, were 2% lower in the same period versus the previous year. Sales of Starbucks Energy were 14.9% lower. Java Monster's share of the coffee plus energy drink category for the four weeks ended October 21, 2023, was 55.9%, up 3.9 points, while Starbucks Energy's share was 43.8%, down 3.1 points. According to Nielsen, in all measured channels in Canada for the twelve weeks ended October 7, 2023, the energy drink category increased 8.6% in dollars. Sales of the company's energy drink brands increased 6.5% versus a year ago. The market share of the company's energy drink brands was 40%, down 0.8 of a point. Monster sales increased 7.7%, and its market share decreased 0.3 of a point to 36.2. NOS sales decreased a half a point, and its market share decreased by 0.1 of a point to 1.2%. Sorry, the sales decreased by 0.5%. Full Throttle sales increased 12.8%, and its market share remained at 0.5%. According to Nielsen, for all outlets combined in Mexico, the energy drink category increased 20% for the month of September 2023. Monster sales increased 22.7%. Monster's market share in value increased 0.7 points to 29.3% against the comparable period the previous year. Sales of Predator increased 60.3%, and its market share increased 1.5 share points to 6.1%. 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 OXXO convenience chain, which dominates the market. Sales in the OXXO convenience chain, in turn, can be materially influenced by promotions that may be undertaken in that chain by one or more energy drink brands during a particular month. Consequently, such activities could have a significant impact on the monthly Nielsen statistics for Mexico. According to Nielsen, for the month of September 2023, compared to September 2022, Monster's retail market share in value increased in Argentina from 52.8%-56.8%, in Brazil from 43%-45.1%, and decreased in Chile from 41.7%-39.9%. Monster Energy is the leading energy brand in value in Argentina, Brazil, and Chile. I would like to point out, the Nielsen numbers in EMEA should only be used as a guide, because the channels read by Nielsen in EMEA vary from country to country and are reported on varying dates within the month referred to from country to country. According to Nielsen, in the 13-week period until October 8, 2023, Monster's retail market share in value, as compared to the same period the previous year, grew from 30.5%- 31.3% in France, from 29.9%- 32.4% in Great Britain, from 5.4%- 5.6% in the Netherlands, from 31.6%- 34.7% in Norway, and from 40.3%- 40.5% in Spain. According to Nielsen, in the 13-week period until the end of September 2023, Monster's retail market share in value, as compared to the same period the previous year, grew from 15.6%- 18.4% in Germany. Monster's retail market share in value, as compared to the same period the previous year, remained flat at 31.6% in Italy. Monster's retail market share in value, as compared to the same period the previous year, declined from 19%- 18.4% in Poland and from 19.8%- 17.9% in South Africa. According to Nielsen, in the 13-week period ended September 10, 2023, Monster's retail market share in value, as compared to the same period the previous year, grew from 15.4%- 16.8% in Belgium, from 19.3%- 21.3% in the Czech Republic, from 28%- 30% in the Republic of Ireland, and from 15.4%- 16% in Sweden. According to Nielsen, in the thirteen-week period until the end of August 2023, Monster's retail market share in value, as compared to the same period the previous year, declined from 38.8% - 38.2% in Greece. According to Nielsen, in the thirteen-week period until the middle of August 2023, Monster's retail market share in value as compared to the same period the previous year, grew from 27.5%- 28% in Denmark. According to Nielsen, in the thirteen-week period until the end of August 2023, Predator's retail market share in value, as compared to the same period the previous year, grew from 29.8%- 32.8% in Kenya and from 17%- 20.3% in Nigeria. According to IRI in Australia, Monster's market share in value for the four weeks ending October 15, 2023, increased from 14.8% -1 6.4% as compared to the same period the previous year. Mother's market share in value decreased from 11.7%- 10.1%. According to IRI in New Zealand, Monster's market share in value for the four weeks ended October 22, 2023, decreased from 13.6%- 13.3% compared to the same period the previous year. Live+'s market share in value decreased from 6.2%- 5.2%, and Mother's market share in value increased from 6.1%- 6.4%. According to INTAGE in Japan, in the month ending September 2023, Monster's market share in value in the convenience store channel, as compared to the same period the previous year, increased from 55%- 58.9%. According to Nielsen in South Korea, in the month ending September 2023, Monster's market share in value in all outlets combined, as compared to the same period the previous year, decreased from 61.4%- 51.9% due to overly aggressive price promotions by a competitor. 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. Net sales to customers outside the U.S. were $733.7 million, 39.5% of total net sales in the 2023 third quarter, compared to $610.6 million, or 37.6% of total net sales in the corresponding quarter in 2022. Foreign currency exchange rates had a negative impact on net sales in U.S. dollars by approximately $29.2 million in the 2023 third quarter. Included in reported geographic sales are our sales to the company's military customers, which are delivered in the U.S. and transshipped to the military and their customers overseas. In EMEA, net sales in the 2023 third quarter increased 22.3% in dollars and increased 23.6% in local currencies over the same period in 2022. Gross profit in this region, as a percentage of net sales for the third quarter, was 31.1%, compared to 34.7% in the same quarter in 2022. We are also pleased that in the 2023 third quarter, Monster gained market share in Belgium, the Czech Republic, Denmark, France, Germany, Great Britain, the Netherlands, Norway, the Republic of Ireland, Spain and Sweden. In Asia Pacific, net sales in the 2023 third quarter increased 16.8% in dollars and increased 21.9% in local currencies over the same period in 2022. Gross profit in this region as a percentage of net sales, increased to 43.2% from 37.4% over the same period in 2022. Net sales in Japan in the 2023 third quarter increased 22.5% in dollars and increased 29% in local currency. In South Korea, net sales increased 18.7% in both dollars and local currency as compared to the same quarter in 2022. Monster remains the market leader in Japan and South Korea. In China, net sales in the third quarter increased 20.2% in dollars and increased 28.3% in local currency as compared to the same quarter in 2022. We remain optimistic about the prospects for the Monster brand in China. In Oceania, which includes Australia, New Zealand, Tahiti, French Polynesia, New Caledonia, Papua New Guinea, and Guam, net sales increased 13.3% in dollars and increased 18.7% in local currencies. In Latin America, including Mexico and the Caribbean, net sales in the 2023 third quarter increased 25.2% in dollars and increased 38.8% in local currencies over the same period in 2022. Gross profit in this region as a percentage of net sales, was 37.7% for the 2023 third quarter, versus 34.7% in the 2022 third quarter. In Brazil, net sales in the 2023 third quarter decreased by 4.3% in dollars and decreased by 9.6% in local currency, due in part to inconsistent purchasing patterns by our bottlers. Net sales in Mexico increased 54.4% in dollars and increased 30.1% in local currency in the 2023 third quarter. Net sales in Chile increased 60.2% in dollars and increased 44.3% in local currency in the 2023 third quarter. Net sales in Argentina increased 61% in dollars and increased 243.4% in local currency in the 2023 third quarter. We continued with the launch of The Beast Unleashed during the quarter, which is now available in 43 states through a network of beer distributors. We are pleased with the initial results of The Beast Unleashed, and are continuing to expand distribution with the goal of being available in substantially all of the United States by the end of 2023. We plan to launch Nasty Beast Hard Tea in the first quarter of 2024, with the goal of national distribution in the first half of next year. Nasty Beast Hard Tea will be available in four flavors and will be sold in 24 oz single-serve cans, as well as in a variety 12-pack of 12 oz sleek cans. In the United States, we launched Bang Energy in 12 single SKUs and two multipack SKUs through our Coca-Cola bottlers in the month of September. In the 2023 third quarter, we also shipped NOS Zero Sugar 16 oz cans to support our planned 2023 fourth quarter launch. In Mexico, during July 2023, we launched our third Predator SKU with Predator Purple Rain and expanded our Monster Zero Sugar offering with the launch of Monster Ultra Watermelon in August 2023. In El Salvador and Honduras, during the month of September, we launched Reserve White Pineapple, and in Puerto Rico, we launched Monster Aussie Style Lemonade in July 2023, and in September, we introduced our Reign Storm total w ellness energy drinks. In Australia, Monster Ultra Peach Iced Tea was launched in July 2023. In September, we launched Mother Rainbow Sherbet in Australia and Mother Lava Guava in New Zealand. In EMEA, in the third quarter of 2023, we launched Monster Nitro Cosmic Peach, Reserve Watermelon, and White Pineapple, Juiced Aussie Lemonade, Juiced Chaotic, Ultra Gold, and Ultra Peach Iced Tea in a number of countries. We are excited about the launch of Monster Zero Sugar in Great Britain in the 2023 third quarter. We will expand distribution to Poland and the Republic of Ireland in the 2023 fourth quarter, and to an additional 28 markets by the end of the first quarter of 2024. During the third quarter of 2023, we launched Monster Ultra Peach Iced Tea in Japan and launched Predator in Iraq. In October 2023, we launched Monster Aussie Lemonade in Japan. In India, we participate not only in the premium energy drink segment with Monster, but also in the more affordable segment with Predator. We recently introduced Predator in a 250 ml PET format in a limited region in India to complement our existing product offering in 300 ml cans. We also transitioned the Monster brand in the Philippines from our independent distributor to our Coca-Cola Philippines bottler. During the 2023 third quarter, the company purchased approximately 7.3 million shares of its common stock at an average purchase price of $54.83 per share, for a total amount of $400 million, excluding broker commissions. As of November 2, approximately 282.8 million remained available for repurchase under the previously authorized repurchase program. We estimate that on a foreign currency adjusted basis, including the alcohol brand segment, October 2023 sales were approximately 25.8% higher than in the comparable October 2022's sales, and 25% higher than October 2022, excluding the alcohol brand segment. We estimate that October 2023 sales, including the alcohol brand segment, to be approximately 24.8% higher than in October 2022, and 24% higher than in October 2022, excluding the alcohol brand segment. October 2023 had one more selling day compared to October 2022. 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 the 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. 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. In conclusion, I would like to summarize some recent positive points. The energy category continues to grow globally. We are pleased to report that our pricing actions, which have been implemented to partially mitigate inflationary pressures, have not significantly impacted consumer demand. Our AFF flavor facility in Ireland is now providing a large number of flavors to our EMEA region, enabling better service levels and lower landed costs to our EMEA region. We are continuing with our plans to add a juice facility to our AFF flavor facility in Ireland. We are pleased with our 2023 new product innovations, notably Monster Energy Zero Sugar, Ultra Strawberry Dreams, and Reign Storm in the United States, and Monster Energy Lewis Hamilton 44 Zero Sugar in EMEA. We are pleased with the early results from the launch of the Beast Unleashed. We are continuing to expand distribution with the goal of being national by the end of the year. We are excited for the launch of Nasty Beast Hard Tea early next year, with the goal of national distribution in the first half of 2024, as well as the additional alcohol opportunities that the CANarchy acquisition presents. We are pleased with the rollout of Predator and Fury, our affordable energy drink portfolio internationally. We are proceeding with plans to launch our affordable energy brands in a number of additional countries internationally. We are excited about the opportunities that the acquisition of the Bang Energy brand presents to us and believe that the brand will fit well within our broader portfolio of energy drink brands. I'd like to now open the floor to questions about the quarter. Thank you. We will now begin the question-and-answer session. To ask a question, you may press star, then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. Due to time constraints, please limit yourself to one question. If you have further questions, you may rejoin the queue. At this time, we will pause momentarily to assemble our roster. Our first question is from Peter Grom with UBS. Please go ahead. Thanks, operator. Good afternoon, guys. Hope you're doing well. So maybe one housekeeping question and then one real question here. I guess, on just the Bang transaction, I apologize if I missed this, but did you mention how much of a contribution the transaction was to sales in the quarter? And then I guess, just my real question here is just I would love to get some more color on the quarter-to-date trends you just mentioned. I think it was 25% or so, much better than what we can see in the track data. So can you maybe unpack the drivers of that? Is that simply just much stronger growth in international markets? Is there any sort of sales forward or timing impacts that we need to take into consideration? Just any color there, I think, would be really helpful. Thanks. Okay. Firstly, with regard to the Bang transaction and the Bang sales numbers, we do not separately give those numbers. They're all included within the Monster Energy drink segment. We launched Bang Energy in September through the Coke bottling system, and it was not an immediate launch on September 1. Some bottlers took a little bit earlier in August, and many that rolled out in September, rolled out through the month of September. So this is not a real fair quarter for, you know, the capability of what Bang can bring to the portfolio. And then on your second point, it was really difficult to hear you, Peter. I think you were referring to the October sales, were you not? Yeah, I was just trying to understand. I, I think you mentioned 25% or so. It's just a lot different or stronger than what we can see in the track data, even after backing out kind of the Bang drag. So I just was trying to get some, you know, color in terms of what were the drivers of that. Is it simply stronger growth, you know, outside the U.S.? Is it, you know, is there any sort of, like, timing contributions or a pull forward in sales? Just, you know, just any color you could provide, I think, would be really helpful. Well, I think it's important to understand that we have a large unmeasured channels. When one looks at Nielsen or IRI numbers, one doesn't really appreciate that the company operates through a customers that do not participate in Nielsen or are not measured by Nielsen. You know, in addition, a number of chain stores that allow pickup of product or ordering online, those numbers are not included within the all measured channels that we see under Nielsen, included in the stores data, but they're not included in the all measured channels. Why? You know, I really cannot answer that question. So, you know, there are a number of factors. The business was strong, we had a good October, and those are the numbers, you know, so I really cannot comment any more. The next question is from Andrea Teixeira with JP Morgan. Please go ahead. Hey, good afternoon. This is Drew standing in for Andrea. Thank you for taking our question. So just wanted to circle back on the Bang acquisition and the transition to the Coke bottling system. Just any high-level thoughts on, you know, improving distribution and sort of timeline to regaining shelf space for the brand would be helpful. And then secondarily, you know, within the Nielsen and IRI channels, it does appear that, you know, sequentially, some of these more sort of emerging brands aren't really gaining as much market share sequentially. So just any high-level thoughts on the category dynamics, if you think those emerging brands might be hitting any sort of ceiling and Monster's position within there, that would be helpful. Thank you. Okay. So remember, you know, that a number of both convenience and chain and other large stores discontinued the Bang brand during a period where there was, you know, a litigation and also where the products were, you know, questionable as regards to labeling. So there was a lot of discontinuation of Bang throughout the system. What we are doing and what our Coke partners are doing is regaining the distribution that is out there for Bang. And also, we are, as a company, making presentations to the large and smaller retailers, both convenience, grocery, you know, mass and obviously the club channel, to ensure that Bang is restocked in their sets. So that'll take a little bit of time. It doesn't happen overnight, and we're hopeful that we will be able to achieve really very much extended distribution in the new sets as they come out. And then on your second question regarding, you know, the smaller brands, I really, you know, we have a mission that's focused on our brands and our brand families, and I really don't want to, you know, comment on the competition other than to say that, you know, we have a very comprehensive portfolio here, and we believe that, you know, we're in a good position to, you know, to focus and build upon our own sales while recognizing the, you know, the achievements of the competitors and the positioning of the competitors. The next question is from Vivien Azer with TD Cowen. Please go ahead. Hi, good evening. Thank you. I wanted to follow up on your commentary, you know, just now in terms of the conversations that you're having with retailers, recognizing that it might be a little bit early days in terms of driving for expanded shelf resets and increased placement on Bang. But aspirationally, kinda how are you thinking about that? Is it, you know, kind of a one for one for every, you know, market share point of improvement you think you can drive for Bang that's, you know, incremental square footage? Are you willing to sacrifice some linear square footage on tertiary SKUs within your own portfolio to revitalize that brand? Any incremental color would be helpful. Thank you. Yeah, we've set our sales team an objective, and that is they are not to compromise any of our existing shelf space to incorporate, you know, the Bang brand. The Bang brand has emerged as a lifestyle brand, and we believe it should be positioned in a, hopefully, in a separate cooler, away from the energy beverages. That includes the wellness beverages and the performance beverages. And, you know, that's the mission that we are focusing on with our sales teams. The next question is from Charlie Higgs, with Redburn Atlantic. Please go ahead. Hey, Hilton and Rodney, hope you're both well. Hi. I've got a question on China, please, and the good 28% growth you posted there. Just wondering if you could give any color on that number. It's a lot stronger than the competitors seem to be posting in China. And then just how the portfolio is shaping up there at the moment. Have you, have you launched Predator there? Thanks. Perhaps I'll just take that. The brand, we've sort of looked at realigning the brand and focusing on the main SKUs, and we're gaining additional sales and traction with the brand. So the brand, particularly Green and Ultra, are doing very well in China and continuing to grow and getting solid sales per SKU, you know, per point of distribution. With regard to Predator, we are proceeding with our plans to launch Predator, and that will happen towards the middle of next year, probably the second quarter, as presently planned. So that will go ahead in a PET bottle. So we're also pretty hopeful that we'll have two offerings at different price points, to attack the Chinese market. Thanks. The next question is from Mark Astrachan with Stifel. Please go ahead. Yeah, hey, hey, guys. Afternoon. Hi. Just one follow-up, one other question. So if you look at the scanner data, we look at total distribution points for Bang, I show it's up something like 22%, at current levels or kind of a week or two ago, relative to where it was even in September. So, you know, you had mentioned, Hilton, that I think the rollout in September was a bit more measured. So, you know, I suppose, why shouldn't we get a little more excited about what you can do from shelf space in terms of where it was? I get it's never gonna be what it was a few years ago, but certainly seems like it's on a good starting level there. And then the main question... We're getting lots of questions, as I'm sure you are, about how to think about pricing and what Red Bull is gonna do in the market. I guess, how long does it take for you to figure out how much pricing Red Bull is gonna pass through? And how quickly or when do you have to tell the retail establishment that you're planning on following them, if you decide to do that? Thanks. Well, generally, when you have a price increase in our industry, it takes 60-90 days to get pricing adjusted in the U.S. market. You know, I think where we are is we are evaluating the competition, and obviously we are re-evaluating Red Bull and their pricing. And, you know, we'll see where it goes. You know, they took, because of promotions, they took a lot less in 2022 than was originally expected. So, I think we're just watching for, you know, what happens with demand and the elasticity of demand. And, you know, we are in a really difficult consumer environment, not necessarily for energy drinks, as you've heard on this call. But, you know, I think we have to be very, you know, very wary and, and watch and see, and we'll evaluate what makes sense for us. And, you know, in time, we'll make a decision. I mean, we've always said that if there's an opportunity to take price, we will. But, we're also very cognizant of the fact that, you know, we don't want to lose a bunch of market share in the process. And then, Mark, you referred earlier to Bang. And yes, the Coke bottlers, during the month of September, got Bang back in as many shelves as they were authorized to get product, back. And yes, of course, there was an increase in September, but, and October, and we'll continue seeing the development of Bang as we get more and more shelf space authorized, to, you know, for, for the brand. But, as always, we don't give guidance on these calls, and I'll just say that we are all optimistic here about the future and the potential of the brand. Otherwise, we wouldn't have done the acquisition. The next question is from Michael Lavery with Piper Sandler. Please go ahead. Thank you. Good afternoon. Hi. I was just wondering if you could give a sense of strategically how you think about the portfolio. You know, in the U.S., you've got the share headwinds are greater for the Monster brand versus some others. Maybe just how do you think about resource allocation or, you know, trying to push to protect and strengthen that brand? What kind of margin mix implications are there? Or is it just anything under the total corporate umbrella is. If it's got momentum, is great? Just give us. I'd love a little sense of how you think about the portfolio strategy and how important it is for Monster to take the lead or not. I think Monster has always been our lead brand and will continue to be the lead brand. So ultimately, we focus on Monster itself, and then we look at the broader portfolio, and we look at the category. The category is got grown in the last couple of years, and it's much broader than it was. And so we think that Monster really's positioning should stay as it is. It's got its positioning, it's got its authenticity and credibility for what it stands for. And it, you know, it can't be everything to all consumers. And that's why these other brands play a really important role for the company and enables us to actually attack other parts of the category, other consumers who have different values and have different need states. Whether it's from NOS to Reign, you saw the results of Reign has, have increased and sales have really been very healthy. ...So that brand's doing very, very well with its positioning, which is different to the positioning we've got, you know, for Reign Storm. And then the same thing that Hilton mentioned earlier, you know, we've sort of we've taken the the positioning of for Bang as sort of more of a lifestyle brand. Again, it has its own positioning. The cans, as you know, in the last few years, changed from being a black, you know, can with more performance-oriented to be a white can, more lifestyle-oriented. So there are different positionings, different price points. We think that we'll get incremental space for these other brands in adjoining coolers or additional cooler space, where you're having where you're finding more space being allocated to the clean energy or natural or sort of healthier perception energy brands. You know, as you, you also look at sizes, you know, Reign Storm's in a 12 oz can versus our traditional Reign brand in a 16 oz black can. So these are ways that we are able to distinguish these different products and find a place for each of them on the shelf with and to attract different consumers. And so if you look at the whole portfolio, we think it actually fits together quite nicely, and we see growth coming from all of these different levels, but still 100%, our main brand remains, and our focus is obviously Monster, which is the driver for the company and will continue to be so. Roddy, I think one other point with for Michael is that if Mike, you need to look at the numbers because you know, I think Red Bull is suffering far worse than Monster. And you know, I think that's something you need to look at. That's number 1. And number 2, a number of our analysts are and we've noticed this of late, are taking the Bang numbers and putting the Bang numbers into Monster both this year and last year. And obviously, that's not a great exercise because Bang's share and Bang's sales have fallen off dramatically over the last year, particularly through all this litigation and with the removal from shelves and the discontinuations, as I mentioned earlier. So that's not a good exercise to put the Bang brand into Monster this year and last year. So what we did on this call, we actually separated Bang separately and the rest of the portfolio, so one could get a feel of the performance of the Monster portfolio separately from what's happening with Bang. Hopefully, sometime down the line, we'll be able to roll the two into one another, and then it'll make better sense of growth or otherwise. This concludes our question and answer session. I would like to turn the conference back over to Mr. Sacks for any closing remarks. Thanks. On behalf of the company, I'd like to thank everyone for their continued interest in the company. 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. In particular, capitalizing on our relationship with the Coca-Cola bottler system. We believe that we're well-positioned in the beverage industry and continue to be optimistic about the future of our company. We hope that you remain safe and healthy. Thank you very much for your attendance. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.