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公允价值输入一级成员美元指数:美国国债证券成员2023-12-310000865752美国通用会计准则: 公允价值输入一级成员us-gaap:UnsecuredDebtMember2023-12-310000865752美国通用会计准则: 公允价值输入一级成员US-GAAP：市政债券成员2023-12-310000865752美国通用会计准则: 公允价值输入一级成员美元指数:MoneyMarketFundsMember2023-12-310000865752美国通用会计准则: 公允价值输入一级成员美国公认会计原则：公司债券证券成员2023-12-310000865752美国通用会计准则: 公允价值输入一级成员us-gaap：商业票据成员2023-12-310000865752美国通用会计准则: 公允价值输入一级成员美国通用会计准则：存单成员2023-12-310000865752us-gaap:EstimateOfFairValueFairValueDisclosureMember美元指数:美国国债证券成员2023-12-310000865752us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:UnsecuredDebtMember2023-12-310000865752us-gaap:EstimateOfFairValueFairValueDisclosureMemberUS-GAAP：市政债券成员2023-12-310000865752us-gaap:EstimateOfFairValueFairValueDisclosureMember美元指数:MoneyMarketFundsMember2023-12-310000865752us-gaap:EstimateOfFairValueFairValueDisclosureMember美国公认会计原则：公司债券证券成员2023-12-310000865752us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap：商业票据成员2023-12-310000865752us-gaap:EstimateOfFairValueFairValueDisclosureMember美国通用会计准则：存单成员2023-12-310000865752美元指数: 应付股本会员2024-07-012024-09-300000865752美元指数: 应付股本会员2024-04-012024-06-3000008657522024-04-012024-06-300000865752美元指数: 应付股本会员2024-01-012024-03-3100008657522024-01-012024-03-310000865752美元指数: 应付股本会员2023-07-012023-09-300000865752美元指数: 应付股本会员2023-04-012023-06-3000008657522023-04-012023-06-300000865752美元指数: 应付股本会员2023-01-012023-03-3100008657522023-01-012023-03-310000865752US-GAAP：累积翻译调整成员2024-09-300000865752us-gaap:累计净未实现投资损益成员2024-09-300000865752us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-09-300000865752US-GAAP：累积翻译调整成员2023-12-310000865752us-gaap:累计净未实现投资损益成员2023-12-310000865752us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-12-310000865752US-GAAP：累积翻译调整成员2023-09-300000865752us-gaap:累计净未实现投资损益成员2023-09-300000865752us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-09-3000008657522023-09-300000865752US-GAAP：累积翻译调整成员2022-12-310000865752us-gaap:累计净未实现投资损益成员2022-12-310000865752us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-12-3100008657522022-12-310000865752美国公认会计原则（US-GAAP）：公允价值输入级别3成员2024-09-300000865752us-gaap：公允价值输入二级成员2024-09-300000865752美国通用会计准则: 公允价值输入一级成员2024-09-300000865752us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-300000865752美国公认会计原则（US-GAAP）：公允价值输入级别3成员2023-12-310000865752us-gaap：公允价值输入二级成员2023-12-310000865752美国通用会计准则: 公允价值输入一级成员2023-12-310000865752us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000865752mnst：Tccc子公司成员关联方成员2024-09-300000865752mnst：Tccc子公司成员关联方成员2023-12-310000865752mnst：2024年8月回购计划成员2024-08-190000865752srt:最大成员mnst：荷兰式拍卖要约回购会员2024-05-010000865752mnst：2023年11月回购计划会员2023-11-070000865752mnst：2022年11月回购计划会员2022-11-020000865752mnst：荷兰式拍卖要约回购会员2024-06-102024-06-100000865752srt：最低会员绩效股份成员2024-01-012024-09-300000865752srt:最大成员绩效股份成员2024-01-012024-09-300000865752绩效股份成员2024-01-012024-09-300000865752srt:最大成员2024-01-012024-09-300000865752mnst：投资到期1年内会员美元指数:美国国债证券成员2023-12-310000865752mnst：投资到期1年内会员us-gaap:UnsecuredDebtMember2023-12-310000865752mnst：投资到期1年内会员US-GAAP：市政债券成员2023-12-310000865752美国糖业SR- Investments Maturities Within 1 Year Member美国公认会计原则：公司债券证券成员2023-12-310000865752美国糖业SR- Investments Maturities Within 1 Year Memberus-gaap：商业票据成员2023-12-310000865752美国糖业SR- Investments Maturities Within 1 Year Member美国通用会计准则：存单成员2023-12-310000865752美国糖业SR- Investments Maturities After 1 Year Through 10 Years Member美元指数:美国国债证券成员2023-12-310000865752mnst: 投资在1年至10年内到期的会员us-gaap:UnsecuredDebtMember2023-12-310000865752mnst: 投资在1年至10年内到期的会员美国公认会计原则：公司债券证券成员2023-12-310000865752us-gaap:运营业务细分会员mnst: 战略品牌部门会员2024-09-300000865752us-gaap:运营业务细分会员mnst: 怪兽能量饮料部门会员2024-09-300000865752us-gaap:运营业务细分会员mnst：酒类品牌分部成员2024-09-300000865752us-gaap:运营业务细分会员mnst：战略品牌分部成员2023-12-310000865752us-gaap:运营业务细分会员mnst：怪兽能量饮料分部成员2023-12-310000865752us-gaap:运营业务细分会员mnst：酒类品牌分部成员2023-12-310000865752us-gaap:EmployeeStockOptionMember2024-01-012024-09-300000865752mnst: 受限股票单位和绩效股份单位会员2024-01-012024-09-300000865752mnst: 其他股价基础奖励会员2024-01-012024-09-300000865752us-gaap:EmployeeStockOptionMember2024-09-300000865752mnst: 受限股票单位和绩效股份单位会员2024-09-300000865752mnst: 其他股价基础奖励会员2024-09-300000865752us-gaap:运营业务细分会员us-gaap:其他所有分段成员2024-07-012024-09-300000865752us-gaap:运营业务细分会员mnst：战略品牌部门成员2024-07-012024-09-300000865752us-gaap:运营业务细分会员mnst：酒类品牌部门成员2024-07-012024-09-300000865752us-gaap:企业非部门会员2024-07-012024-09-300000865752us-gaap:运营业务细分会员us-gaap:其他所有分段成员2024-01-012024-09-300000865752us-gaap:运营业务细分会员mnst：战略品牌部门成员2024-01-012024-09-300000865752us-gaap:运营业务细分会员mnst：酒类品牌部门成员2024-01-012024-09-300000865752us-gaap:企业非部门会员2024-01-012024-09-300000865752us-gaap:运营业务细分会员us-gaap:其他所有分段成员2023-07-012023-09-300000865752us-gaap:运营业务细分会员mnst：战略品牌部门成员2023-07-012023-09-300000865752us-gaap:运营业务细分会员mnst：酒精品牌分段会员2023-07-012023-09-300000865752us-gaap:企业非部门会员2023-07-012023-09-300000865752us-gaap:运营业务细分会员us-gaap:其他所有分段成员2023-01-012023-09-300000865752us-gaap:运营业务细分会员mnst：战略品牌分段会员2023-01-012023-09-300000865752us-gaap:运营业务细分会员mnst：酒精品牌部门成员2023-01-012023-09-300000865752us-gaap:企业非部门会员2023-01-012023-09-300000865752us-gaap:运营业务细分会员mnst：怪兽能量饮料部门成员2024-07-012024-09-300000865752us-gaap:运营业务细分会员mnst：怪兽能量饮料部门成员2024-01-012024-09-300000865752us-gaap:运营业务细分会员mnst：怪兽能量饮料部门成员2023-07-012023-09-3000008657522023-07-012023-09-300000865752us-gaap:运营业务细分会员美元指数：Monster 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目录

​

​

美国

证券交易委员会

华盛顿特区20549

​

表格 10-Q

​

季度 报告 根据第13或第15(d)条

证券交易法（1934年）第13条或第15(d)条规定

​

截至季度结束日期的财务报告9月30日， 2024

委员会文件号 001-18761

​

​

怪物饮料公司

(根据其章程规定的注册人准确名称)

​

​

特拉华州

    

47-1809393

（国家或其他管辖区的

​

（IRS雇主

公司成立或组织）

​

唯一识别号码）

​

1 Monster Way

科罗纳, 加利福尼亚州 92879

(主要执行办事处地址) (邮政编码)

​

(951) 739 - 6200

(注册人电话号码，包括区号)

​

在法案第12(b)条的规定下注册的证券：

​

每一类的名称

交易标的

交易所
ADT

普通股

MNST

纳斯达克全球精选市场

​

请勾选以下项目，表明注册人：（1）在过去的12个月内（或注册人需要提交此类报告的较短时期内），已提交《1934年证券交易所法案》第13或15(d)条款所需的所有报告；及（2）在过去的90天内一直受到提交这些报告的要求。

​

Yes  X    No __

​

请勾选符合条件的选项以表明在过去的12个月内（或更短的期间）是否已按照规定向所有互动数据提交电子化文件（根据S-t条例405规则）.

​

Yes  X    No __

​

请勾选标记以说明注册人是大型快速申报人、加速申报人、非加速申报人、较小的报告公司还是新兴成长型公司。请查看《交易所法》第120亿.2条中“大型快速申报人”、“加速申报人”、“较小的报告公司”和“新兴成长型公司”的定义。

​

​

​

​

​

大型加速报告人 ☒

加速报告人☐

非加速报告人☐

小型报告公司☐

​

新兴成长公司 ☐

​

如果是新兴成长型企业，请勾选复选标记，表明注册者已选择不使用延长过渡期来符合根据证券交易法第13(a)条规定提供的任何新财务会计准则。 ☐

​

请勾选以下项目，指示注册人是否为壳公司（在证券交易法案规则12b-2中定义）。

​

是 __    否 X

​

截至2024年5月17日，申报人共有 972,519,659 截至2024年10月31日，普通股每股面值为$0.005，已发行股份。

​

​

​

​

目录

怪物饮料公司及其子公司

2024年9月30日

​

指数

​

​

​

​

​

第一部分

财务信息

    

页码。

​

​

​

​

项目1。

基本报表（未经审计）

​

​

​

​

​

​

​

截至2024年9月30日和2023年12月31日的精简合并资产负债表

​

3

​

​

​

​

​

2024年和2023年截至9月30日三个月和九个月的精简合并利润表

​

4

​

​

​

​

​

2024年和2023年9月30日三个月和九个月综合收益简明综合收益报表

​

5

​

​

​

​

​

2024年和2023年9月30日三个月和九个月股东权益简明综合收益报表

​

6

​

​

​

​

​

2024年9月30日和2023年截至九个月的精简合并现金流量表

​

8

​

​

​

​

​

简明合并财务报表注释

​

10

​

​

​

​

事项二

分销计划

​

32

​

​

​

​

第3项。

有关市场风险的定量和定性披露

​

51

​

​

​

​

事项4。

控制和程序

​

51

​

​

​

​

第二部分

其他信息

​

​

​

​

​

​

项目1。

法律诉讼

​

52

​

​

​

​

项目1A。

风险因素

​

52

​

​

​

​

事项二

未注册的股票股权销售和筹款用途

​

52

​

​

​

​

第3项。

对优先证券的违约

​

53

​

​

​

​

事项4。

矿山安全披露

​

53

​

​

​

​

项目5。

其他信息

​

53

​

​

​

​

项目6。

展示资料

​

54

​

​

​

​

​

签名

​

55

​

​

2

目录

第一部分-财务信息

​

项目1.基本报表(未经审计)

​

怪物饮料公司及其子公司

简明合并资产负债表

截至2024年9月30日和2023年12月31日

(以千为单位，除每股面值外)（未经审计）

​

​

​

​

​

​

​

​

​

​

2021年9月30日

​

运营租赁负债：

​

    

2024

    

2023

资产

​

​

​

​

​

​

流动资产：

​

​

​

​

​

​

现金及现金等价物

​

$

1,625,339

​

$

2,297,675

短期投资

​

 

—

 

 

955,605

2,687,823 

​

 

1,285,397

 

 

1,193,964

存货

​

 

770,338

 

 

971,406

预付费用和其他流动资产

​

 

124,656

 

 

116,195

预付所得税

​

 

92,028

 

 

54,151

总流动资产

​

 

3,897,758

 

 

5,588,996

​

​

​

​

​

​

​

投资

​

 

—

 

 

76,431

房地产和设备，净值

​

 

1,006,788

 

 

890,796

递延所得税，净额

​

 

183,430

 

 

175,003

商誉

​

 

1,417,941

 

 

1,417,941

其他无形资产，净额

​

 

1,442,426

 

 

1,427,139

其他资产

​

 

104,958

 

 

110,216

总资产

​

$

8,053,301

 

$

9,686,522

​

​

​

​

​

​

​

负债和股东权益

​

​

​

​

​

​

流动负债：

​

​

​

​

​

​

应付账款

​

$

549,028

 

$

564,379

应计负债

​

 

259,088

 

 

183,988

应计的促销津贴

​

 

301,973

 

 

269,061

递延收入

​

 

45,627

 

 

41,914

应计的薪资

​

 

81,787

 

 

87,392

应付所得税

​

 

7,641

 

 

14,955

流动负债合计

​

 

1,245,144

 

 

1,161,689

​

​

​

​

​

​

​

递延收入

​

 

186,135

 

 

204,251

递延所得税

​

​

28,896

​

​

—

其他负债

​

​

64,884

​

​

91,838

长期债务

​

​

748,842

​

​

—

承诺和 contingencies (注12)

​

​

​

​

​

​

​

​

​

​

​

​

​

6.40

​

​

​

​

​

​

​

​

​

​

​

​

​

普通股-美元0.005每股面值; 5,000,000 1,125,699 发行股份和 972,450 截至2024年9月30日, 流通股数 1,122,592 发行股份和 1,041,571 截至2023年12月31日，股本总数为

​

​

5,628

​

​

5,613

额外实收资本

​

 

5,105,957

 

 

4,975,115

保留盈余

​

 

7,178,073

 

 

5,939,736

累计其他综合损失

​

 

(137,842)

 

 

(125,337)

普通股在资产负债表留存，以成本计量； 153,249持续经营活动中普通股股东的收益81,021 截至2024年9月30日和2023年12月31日，股份分别为

​

 

(6,372,416)

 

 

(2,566,383)

股东权益总额

​

 

5,779,400

 

 

8,228,744

负债及股东权益合计

​

$

8,053,301

 

$

9,686,522

​

请参阅附注事项的简明合并财务报表。

​

3

目录

怪物饮料公司及其子公司

简明合并利润表

截至2024年和2023年9月30日的三个月和九个月

(单位：千，除每股金额外)（未经审计）

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

截至三个月

​

截至九个月结束

​

​

2021年9月30日

​

2021年9月30日

​

    

2024

    

2023

    

2024

    

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

净销售额

​

$

1,880,973

​

$

1,856,028

​

$

5,680,668

​

$

5,409,919

​

​

​

​

​

​

​

​

​

​

​

​

​

销售成本

​

 

881,174

​

 

872,265

​

 

2,634,235

​

 

2,554,086

​

​

​

​

​

​

​

​

​

​

​

​

​

毛利润

​

 

999,799

​

 

983,763

​

 

3,046,433

​

 

2,855,833

​

​

​

​

​

​

​

​

​

​

​

​

​

营业费用

​

 

519,883

​

 

473,236

​

 

1,497,363

​

 

1,336,437

​

​

​

​

​

​

​

​

​

​

​

​

​

营业收入

​

 

479,916

​

 

510,527

​

​

1,549,070

​

 

1,519,396

​

​

​

​

​

​

​

​

​

​

​

​

​

利息和其他收入（支出），净额

​

 

(5,820)

​

 

71,357

​

 

54,311

​

 

99,010

​

​

​

​

​

​

​

​

​

​

​

​

​

税前收入总额

​

 

474,096

​

 

581,884

​

​

1,603,381

​

 

1,618,406

​

​

​

​

​

​

​

​

​

​

​

​

​

所得税费用

​

​

103,177

​

​

129,190

​

​

365,044

​

​

354,397

​

​

​

​

​

​

​

​

​

​

​

​

​

净利润

​

$

370,919

​

$

452,694

​

$

1,238,337

​

$

1,264,009

​

​

​

​

​

​

​

​

​

​

​

​

​

每股普通股净收益：

​

​

​

​

​

​

​

​

​

​

​

​

Basic

​

$

0.38

​

$

0.43

​

$

1.22

​

$

1.21

Diluted

​

$

0.38

​

$

0.43

​

$

1.21

​

$

1.19

​

​

​

​

​

​

​

​

​

​

​

​

​

普通股和普通股等价物的加权平均股份数量：

​

​

​

​

​

​

​

​

​

​

​

​

Basic

​

 

975,841

​

 

1,047,015

​

 

1,015,252

​

 

1,046,337

Diluted

​

 

983,171

​

 

1,059,966

​

​

1,023,912

​

 

1,059,809

​

请参阅附注事项的简明合并财务报表。

​

4

目录

怪物饮料公司及其子公司

综合收益简明合并报表

截至2024年和2023年9月30日的三个月和九个月

(以千计)（未经审计）

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

截至三个月

    

截至九个月结束

​

​

2021年9月30日

​

2021年9月30日

​

    

2024

    

2023

    

2024

    

2023

报道的净利润

​

$

370,919

​

$

452,694

​

$

1,238,337

​

$

1,264,009

其他综合收益(损失), 净额(税后):

​

​

​

​

​

​

​

​

​

​

​

​

外币翻译调整变动

​

 

47,846

​

 

(48,280)

​

 

(13,953)

​

 

(46,074)

可供出售投资的公允价值变动（净损益）

​

 

—

​

 

1,272

​

 

758

​

 

3,680

商品衍生工具净收益（损失）变动

​

 

(3,384)

​

 

4,700

​

 

690

​

 

3,434

其他综合收益（损失）

​

 

44,462

​

 

(42,308)

​

 

(12,505)

​

 

(38,960)

综合收益

​

$

415,381

​

$

410,386

​

$

1,225,832

​

$

1,225,049

​

请参阅附注的并表财务报表.

​

​

5

目录

怪物饮料公司及其子公司

股东权益的简明合并报表

截至2024年和2023年9月30日的三个月和九个月

(以千为单位)（未经审计）

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

其他积累

​

​

​

​

​

​

总计

​

​

普通股

​

额外的

​

留存收益

​

综合（损失）

​

财务股票

​

股东的

​

    

股份

    

金额

    

实收资本

    

收益

    

收入

    

股份

    

金额

    

股权

2023年12月31日余额

​

1,122,592

​

$

5,613

​

$

4,975,115

​

$

5,939,736

​

$

(125,337)

​

(81,021)

​

$

(2,566,383)

​

$

8,228,744

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

股票认股支出

 

—

​

​

—

​

​

21,452

​

​

—

​

​

—

​

—

​

​

—

​

​

21,452

股票期权/奖励

 

2,278

​

​

11

​

​

38,381

​

​

—

​

​

—

​

—

​

​

—

​

​

38,392

可供出售证券的未实现收益（损失）净额

 

—

​

 

—

​

 

—

​

 

—

​

 

223

 

—

​

 

—

​

 

223

未偿还的共同股回购

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

(2,151)

​

​

(120,245)

​

​

(120,245)

外汇翻译

 

—

​

​

—

​

​

—

​

​

—

​

​

(30,695)

​

—

​

​

—

​

​

(30,695)

商品衍生品的净收益（损失）

​

—

​

​

—

​

​

—

​

​

—

​

​

(2,131)

​

—

​

​

—

​

​

(2,131)

净利润

 

—

​

​

—

​

​

—

​

​

442,049

​

​

—

​

—

​

​

—

​

​

442,049

2024 年 3 月 31 日余额

 

1,124,870

​

$

5,624

​

$

5,034,948

​

$

6,381,785

​

$

(157,940)

​

(83,172)

​

$

(2,686,628)

​

$

8,577,789

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

股票认股支出

 

—

 

​

—

 

​

19,645

 

​

—

 

​

—

​

—

 

​

—

 

​

19,645

股票期权/奖励

​

460

​

​

3

​

​

13,698

​

​

—

​

​

—

​

—

​

​

—

​

​

13,701

可供出售证券的未实现收益（损失）净额

 

—

​

​

—

​

​

—

​

​

—

​

​

535

​

—

​

​

—

​

​

535

未偿还的共同股回购

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

(58,778)

​

​

(3,145,817)

​

​

(3,145,817)

外汇翻译

 

—

​

 

—

​

 

—

​

 

—

​

 

(31,104)

 

—

​

 

—

​

 

(31,104)

商品衍生品的净收益（损失）

​

—

​

​

—

​

​

—

​

​

—

​

​

6,205

​

—

​

​

—

​

​

6,205

净利润

 

—

​

​

—

​

​

—

​

​

425,369

​

​

—

​

—

​

​

—

​

​

425,369

2024年6月30日结余

​

1,125,330

​

$

5,627

​

$

5,068,291

​

$

6,807,154

​

$

(182,304)

​

(141,950)

​

$

(5,832,445)

​

$

5,866,323

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

股票授予报酬

 

—

​

​

—

​

​

27,659

​

​

—

​

​

—

​

—

​

​

—

​

​

27,659

股票期权/奖励

 

369

​

​

1

​

​

10,007

​

​

—

​

​

—

​

—

​

​

—

​

​

10,008

未偿还的共同股回购

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

(11,299)

​

​

(539,971)

​

​

(539,971)

外币翻译

 

—

​

​

—

​

​

—

​

​

—

​

​

47,846

​

—

​

​

—

​

​

47,846

Net income (loss)

​

—

​

​

—

​

​

—

​

​

—

​

​

(3,384)

​

—

​

​

—

​

​

(3,384)

净利润

 

—

​

​

—

​

​

—

​

​

370,919

​

​

—

​

—

​

​

—

​

​

370,919

2024年9月30日余额

 

1,125,699

​

$

5,628

​

$

5,105,957

​

$

7,178,073

​

$

(137,842)

​

(153,249)

​

$

(6,372,416)

​

$

5,779,400

​

请参阅附注事项的简明合并财务报表。

6

目录

怪物饮料公司及其子公司

股东权益的简明合并报表

截至2024年和2023年9月30日的三个月和九个月

(以千为单位)（未经审计）（续）

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

其他积累

​

​

​

​

​

​

总计

​

​

普通股

​

额外的

​

留存收益

​

综合（损失）

​

财务股票

​

股东的

​

    

股份

    

金额

    

实收资本

    

收益

    

收入

    

股份

    

金额

    

股权

2022年12月31日前余额

​

1,283,688

​

$

6,418

​

$

4,776,804

​

$

9,001,173

​

$

(159,073)

​

(239,088)

​

$

(6,600,281)

​

$

7,025,041

​

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

基于股票的报酬

 

—

​

​

—

​

​

15,743

​

​

—

​

​

—

​

—

​

​

—

​

​

15,743

股票期权/奖励

 

3,704

​

 

19

​

 

36,329

​

 

—

​

 

—

 

—

​

 

—

​

 

36,348

可供出售证券的未实现利润（损失）净额

 

—

​

​

—

​

​

—

​

​

—

​

​

3,181

​

—

​

​

—

​

​

3,181

未偿还的共同股回购

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

(1,688)

​

​

(90,378)

​

​

(90,378)

养老库存股

​

(170,000)

​

​

(850)

​

​

425

​

​

(4,692,425)

​

​

—

​

170,000

​

​

4,692,850

​

​

—

外汇翻译

 

—

​

​

—

​

​

—

​

​

—

​

​

7,981

​

—

​

​

—

​

​

7,981

净利润

 

—

​

​

—

​

​

—

​

​

397,444

​

​

—

​

—

​

​

—

​

​

397,444

2023年3月31日的结存

 

1,117,392

 

$

5,587

 

$

4,829,301

 

$

4,706,192

 

$

(147,911)

​

(70,776)

 

$

(1,997,809)

 

$

7,395,360

​

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

基于股票的报酬

​

—

​

​

—

​

​

17,176

​

​

—

​

​

—

​

—

​

​

—

​

​

17,176

股票期权/奖励

 

877

​

​

4

​

​

23,314

​

​

—

​

​

—

​

—

​

​

—

​

​

23,318

可供出售证券的未实现利润（损失）净额

 

—

​

 

—

​

 

—

​

 

—

​

 

(773)

 

—

​

 

—

​

 

(773)

回购普通股

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

(8)

​

​

(447)

​

​

(447)

外币翻译

​

—

​

​

—

​

​

—

​

​

—

​

​

(5,775)

​

—

​

​

—

​

​

(5,775)

Net income (loss)

 

—

​

​

—

​

​

—

​

​

—

​

​

(1,266)

​

—

​

​

—

​

​

(1,266)

净利润

​

—

​

​

—

​

​

—

​

​

413,871

​

​

—

​

—

​

​

—

​

​

413,871

2023年6月30日，余额

​

1,118,269

​

$

5,591

​

$

4,869,791

​

$

5,120,063

​

$

(155,725)

​

(70,784)

​

$

(1,998,256)

​

$

7,841,464

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

股票认股支出

​

—

​

​

—

​

​

17,605

​

​

—

​

​

—

​

—

​

​

—

​

​

17,605

股票期权/奖励

​

229

​

​

1

​

​

5,893

​

​

—

​

​

—

​

—

​

​

—

​

​

5,894

可供出售证券的未实现收益（损失）净额

​

—

​

​

—

​

​

—

​

​

—

​

​

1,272

​

—

​

​

—

​

​

1,272

未偿还的共同股回购

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

(7,294)

​

​

(402,200)

​

​

(402,200)

外币翻译

​

—

​

​

—

​

​

—

​

​

—

​

​

(48,280)

​

—

​

​

—

​

​

(48,280)

商品衍生品的净收益（损失）

​

—

​

​

—

​

​

—

​

​

—

​

​

4,700

​

—

​

​

—

​

​

4,700

净利润

​

—

​

​

—

​

​

—

​

​

452,694

​

​

—

​

—

​

​

—

​

​

452,694

2023年9月30日余额

​

1,118,498

​

$

5,592

​

$

4,893,289

​

$

5,572,757

​

$

(198,033)

​

(78,078)

​

$

(2,400,456)

​

$

7,873,149

​

请参阅附注事项的简明合并财务报表。

​

7

目录

怪物饮料公司及其子公司

现金流量表简明综合报表

2024年9月30日和2023年结束的九个月

(以千计)（未经审计）

​

​

​

​

​

​

​

​

​

​

截至九个月结束

​

​

2021年9月30日

​

    

2024

    

2023

经营活动现金流量：

​

​

​

​

​

​

净收入

​

$

1,238,337

​

$

1,264,009

调整净利润以计入经营活动现金流量:

​

​

​

​

​

​

折旧和摊销

​

​

59,822

​

​

50,364

非现金租赁费用

​

​

9,801

​

​

6,471

处置固定资产的损益

​

​

2,070

​

​

(686)

Gain on Bang Transaction

​

​

—

​

​

(45,382)

​

​

—

​

​

2,800

计入损失的房地产和设备资产

​

​

6,067

​

​

—

基于股票的报酬

​

​

68,793

​

​

52,465

延迟所得税

​

​

(10,242)

​

​

—

经营性资产和负债变动对现金的影响净并购:

​

​

​

​

​

​

应收账款

​

​

(106,404)

​

​

(218,804)

存货

​

​

197,107

​

​

69,796

预付款项和其他资产

​

​

(5,861)

​

​

(67,368)

预付所得税

​

​

(39,668)

​

​

8,032

应付账款

​

​

(14,346)

​

​

109,823

应计负债

​

​

46,749

​

​

24,697

应计的促销津贴

​

​

31,492

​

​

42,425

应计的薪资

​

​

(6,043)

​

​

3,523

应付所得税

​

​

4,213

​

​

4,217

其他负债

​

​

(2,403)

​

​

(3,636)

递延收入

​

​

(12,652)

​

​

(19,320)

经营活动产生的现金流量净额

​

​

1,466,832

​

​

1,283,426

​

​

​

​

​

​

​

投资活动产生的现金流量：

​

​

​

​

​

​

可供出售证券销售额

​

​

1,377,915

​

​

1,546,038

购买可供出售金融资产

​

​

(342,121)

​

​

(1,405,233)

收购Bang能量

​

​

—

​

​

(363,385)

购买固定资产

​

​

(172,795)

​

​

(110,224)

出售固定资产的收益

​

​

2,095

​

​

1,753

无形资产的增加

​

​

(21,473)

​

​

(9,110)

其他资产增加

​

​

(603)

​

​

(19,862)

投资活动产生的净现金流量

​

​

843,018

​

​

(360,023)

​

​

​

​

​

​

​

筹资活动产生的现金流量：

​

​

​

​

​

​

短期债务支付

​

​

(6,717)

​

​

(11,273)

信贷业务借款

​

​

750,000

​

​

—

支付债务发行成本

​

​

(2,904)

​

​

—

普通股发行

​

​

62,101

​

​

65,560

购买公司自库存持有的普通股

​

​

(3,770,184)

​

​

(488,080)

筹集资金净额

​

​

(2,967,704)

​

​

(433,793)

​

​

​

​

​

​

​

汇率变动对现金及现金等价物的影响

​

​

(14,482)

​

​

(22,902)

​

​

​

​

​

​

​

现金及现金等价物的（减少）增加

​

​

(672,336)

​

​

466,708

现金及现金等价物期初余额

​

​

2,297,675

​

​

1,307,141

期末现金及现金等价物余额

​

$

1,625,339

​

$

1,773,849

​

​

​

​

​

​

​

补充信息：

​

​

​

​

​

​

期间支付的现金用于：

​

​

​

​

​

​

利息

​

$

13,808

​

$

254

所得税

​

$

411,884

​

$

348,948

​

请参阅附注事项的简明合并财务报表。

​

8

目录

怪物饮料公司及其子公司

现金流量表简明综合报表

至此 结束于九个月 2024年及2023年九月30日

(以千为单位）（未经审计）（续）

非现金项目的补充披露

2024年和2023年9月30日的应计负债中包括对其他无形资产的增加$10.9万美元和14.32024年4月30日和2023年4月30日的六个月内的外汇重新计量净收益分别为$百万。

2024年和2023年9月30日的应付账款中包括房地产和设备的购买$20.3万美元和2.02024年4月30日和2023年4月30日的六个月内的外汇重新计量净收益分别为$百万。

2023年9月30日的应付账款中包括回购$的库存股2.6百万美元。

2023年9月30日，应付账款中包括了可供出售的短期投资购买金额$8.7百万美元。

2023年9月30日，应收账款中包括了可供出售的短期投资销售金额$5.9百万美元。

请参阅附注事项的简明合并财务报表。

​

​

9

目录

怪物饮料公司及其子公司

简明合并财务报表附注

(单位:千美元，除每股金额外)（未经审计）

​

1.

提供的基础

参阅怪物饮料公司及其子公司（以下简称“公司”）截至2023年12月31日的年度报告第10-k表中的财务报表附注，其中包含公司及其合并子公司使用的重要会计政策摘要及其他披露，应结合本季度报告第10-Q（“10-Q表”)阅读。

公司在本10-Q表中包含的简明合并财务报表是根据美国通用会计准则（“GAAP”）及美国证券交易委员会（“SEC”）的规则和适用于中期财务报告的规定编制的。这些简明合并财务报表不包括通常包含在根据GAAP编制的年度财务报表中的所有信息和脚注披露。分别反映了截至2024年和2023年9月30日的三个月和九个月的这些中期简明合并财务报表的信息是未经审计的并反映了所有调整，这些调整仅包括正常的往复调整，并在管理层的意见中被认为是使中期简明合并财务报表不具有误导性所必要的。本报告涵盖期间的运营结果可能不一定代表整个年度的运营结果。

根据GAAP要求，财务报表的编制必然需要管理层进行涉及资产和负债金额、披露当期财务报表日期的相关资产和负债、以及当期营业收入和费用金额的估计和假设。实际结果可能会与这些估计有所不同。

最近的会计声明

2013年11月，财务会计准则委员会（“FASB”）发布了会计准则更新（“ASU”）2023-07。 分部报告（主题 280）：报告服务部门（主题 280）变更披露方式，通过升级对意义重大的分部费用的披露来改进分部报告披露要求。该准则适用于 2023 年 12 月 15 日之后的财年和 2024 年 12 月 15 日之后的财年间隔期。该准则必须适用于财务报表中呈现的所有期间的追溯。该公司目前正在评估该标准对合并财务报表的影响。。此修订更新改进了报告分部披露要求，主要是通过增加对重要分部费用的披露。 ASU No. 2023-07中的修订将于2023年12月15日后开始的财政年度起生效。可提前采用。公司当前正在评估ASU No. 2023-07对其合并财务报表的影响。

2023年12月，FASB发布了ASU No. 2023-09， 所得税（主题740）：改进所得税披露。该标准要求上市的业务实体在每年披露税率调节表的特定类别，并为满足数量门限的调节项目提供其他信息（如果这些调节项目的影响相当于或大于将税前收入（或损失）与适用的法定所得税率相乘所得金额的5%）。它还要求所有实体每年披露按联邦、州和外国税种分解的所支付的所得税（扣除退款），以及按所支付的所得税（扣除退款）在个别司法管辖区分解的金额，当所支付的所得税（扣除退款）相当于或大于所支付的总所得税（扣除退款）的5%时。最后，该标准取消了要求所有实体披露未识别税务负债余额在未来12个月内合理可能变动范围的性质和估计，或声明无法估算范围的要求。该标准对公司自2026年1月1日开始的年度适用。可以提前采纳该标准。该标准应以前瞻性基础应用。允许追溯适用。公司目前正在评估该标准可能对其财务报表产生的影响。。此更新中的修订主要要求提供与费率调解和已支付所得税相关的更详细披露。 ASU No. 2023-09中的修订将于2024年12月15日后开始的财政年度起生效。可提前采用。公司当前正在评估ASU No. 2023-09对其合并财务报表的影响。

​

2.

收入确认。

营业收入根据FASB会计准则法规适用的ASC 606“与客户签订的合同收入”进行核算。公司有 四个 运营和可报告的板块：(i) 怪物饮料板块（“怪物饮料”）主要由公司的怪物饮料、霸王燃油全身高性能能量饮料、霸王风暴全面健康能量饮料和砰能量饮料组成，(ii) 战略品牌板块（“战略品牌”）主要由2015年从可口可乐公司（“TCCC”）收购的各种能量饮料品牌以及公司的经济实惠能量品牌Predator®和Fury®组成，(iii) 酒类品牌板块（“酒类品牌”）由各种精酿啤酒、硬白兰地和口味麦芽酒（“FMBs”）组成，以及(iv) 其他板块（“其他”）由公司的全资子公司美国水果与香料公司（AFF）销售给独立第三方客户的某些产品（“AFF第三方产品”）组成。

公司的怪物饮料板块主要通过向装瓶商和全方位饮料经销商（“装瓶商/经销商”）销售即饮包装饮料来产生净营业收入。在某些情况下，公司直接将即饮包装饮料销售给零售杂货和专业连锁店、批发商、俱乐部商店、大众商品商店、便利店和加油站连锁店、药店、餐饮客户、价值商品商店、电子商务零售商和军工-半导体。

10

目录

怪物饮料公司及其子公司

简明合并财务报表附注

(千美元表格，除每股金额外) (未经审计)

​

公司的战略品牌部门主要通过向授权的装瓶和装罐作业销售"浓缩物"和/或"饮料基料"来产生净营业收入。这些装瓶厂通常将浓缩物和/或饮料基料与甜味剂、水和其他成分结合在一起，生产成品能量饮料。这些成品能量饮料然后由这些装瓶厂销售给其他装瓶厂/经销商、零售杂货和专业连锁店、批发商、俱乐部店、大型商品零售商、便利店和加油站连锁店、餐饮服务客户、药店、价值店、电子商务零售商和军工-半导体。战略品牌部门在较小程度上也通过向装瓶厂/配送商销售特定成品能量饮料而产生净营业收入。

公司的酒精品牌部门主要通过向美国的啤酒经销商销售装桶和成品能量啤酒、杀菌剂和FMB来产生营业收入。

公司的绝大部分营业收入是在其满足单一履约义务时确认的，方法是将其产品的控制权转移给客户。通常情况下，当公司的产品根据底层合同或协议中的条款被运输或交付时，控制权就会转移。公司的某些装瓶厂/经销商也可能代表公司担当分包商的额外职能。在这种情况下，当他们通知公司已经取得或转让公司成品的相关部分时，公司产品的控制权就会传递给这些装瓶厂/经销商。公司的一般付款条件是短期的。公司没有重大的融资组成部分或付款条件。截至2024年9月30日和2023年12月31日，公司没有任何重大未履行的履约义务。

公司将所有从客户收取的对其产品销售征收的政府税项排除在营收之外。

运营费用中包括运输公司产品的配送费用以及制造后的仓储费用。

主要包括对公司能源饮料产品净销售额的减少记录的促销和其他津贴（变量考虑），主要包括公司非酒精装瓶/分销商或零售客户的考虑，包括但不限于以下内容：

●以支持零售商面向最终消费者的价格促销而向零售商提供的从名录价格中减免的折扣；
●为公司的装瓶/分销商提供的对其与零售商的促销支出的约定部分的返还，包括为新产品和现有产品支付的促销费用的包括广告槽位、货架空间津贴和其他费用的费用；
●公司同意与灌装商/经销商分享广告、店内营销和促销活动费用；
●公司同意与零售商、会员店和/或批发商分享货架进场费、货架空间津贴和其他费用；
●奖励给公司的灌装商/经销商和/或零售商以达到或超过某些预定销售目标；
●产品折扣或免费产品；
●与公司直接向特定客户销售的营业营收涉及公司向装瓶商/经销商支付的合同费用; 并且
●根据公司向TCCC的全资子公司（“TCCC子公司”）和/或根据TCCC按股权法核算的装瓶商/经销商的营业额向TCCC支付的佣金（“TCCC相关方”）

​

公司的能源饮料产品促销津贴计划通过业务常规方式的独立协议执行。这些协议通常涉及上述一种或多种安排，并且持续时间各不相同，通常范围为一周至一年。公司的能源饮料产品促销和其他津贴是根据与装瓶商/经销商和零售客户的各种计划计算的，并且根据公司在初次产品销售时对公司预期负债建立了预提。这些预提根据约定的条款以及公司对类似计划的历史经验，并要求管理层对估算消费者

11

目录

怪物饮料公司及其子公司

简明合并财务报表附注

(以千美元为单位的表格，除每股金额外) (未经审计)

​

参与者和/或装瓶商/经销商以及零售客户的业绩水平。 对于促销活动和其他补贴成本的估算费用与实际费用之间的差异历来微乎其微，并在确定这种差异的期间放入收益中。 我们的酒类品牌部门的促销和其他补贴主要包括在允许的情况下的价格促销。

根据与某些装瓶商/经销商签订的新的和/或修改的配送协议而收到的金额，涉及终止公司先前经销商所涉及的成本，将作为递延收入计入，并按照各配送协议的预期寿命均匀确认为营业收入，通常是在 20年.

公司还签订许可协议，通过第三方销售不限于服装、帽子、衬衫、夹克、头盔和汽车车轮等非饮料产品，从而产生与公司商标相关的营业收入。

管理层相信根据公司的历史经验已经做出了充分的现金折扣、退货和损耗准备。

订阅和支持收入包括以下内容（以百万美元为单位）：

以下表格将公司的营业收入按地理市场和可报告部门进行了细分：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three-Months Ended September 30, 2024

​

​

​

​

​

​

​

​

亚洲太平洋

​

拉丁美洲

​

 

​

​

​

美国和

​

​

​

​

（包括利息）

​

美国和

​

 

​

净销售额

    

加拿大

    

欧洲、中东、非洲1

    

Oceania)

    

加勒比海

    

总计

Monster Energy® Drinks

​

$

1,071,923

​

$

371,026

​

$

124,136

​

$

155,608

​

$

1,722,693

战略品牌

​

 

54,524

​

 

46,562

​

 

7,910

​

 

3,570

​

 

112,566

Alcohol Brands

​

​

39,784

​

​

—

​

​

—

​

​

—

​

​

39,784

其他

​

 

5,930

​

 

—

​

 

—

​

 

—

​

 

5,930

总净销售额

​

$

1,172,161

​

$

417,588

​

$

132,046

​

$

159,178

​

$

1,880,973

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2023年9月30日截至三个月

​

​

​

​

​

​

​

​

亚洲太平洋

​

拉丁美洲

​

​

​

​

​

U.S. and

​

​

​

​

（包括利息）

​

America and

​

​

​

净销售额

    

加拿大

    

欧洲、中东、非洲1

    

Oceania)

    

Caribbean

    

总计

Monster Energy® Drinks

​

$

1,069,856

​

$

355,898

​

$

118,869

​

$

163,618

​

$

1,708,241

战略品牌

​

​

50,084

​

 

35,985

​

 

8,398

​

 

4,296

​

 

98,763

酒精品牌

​

​

42,326

​

​

—

​

​

—

​

​

—

​

​

42,326

其他

​

​

6,698

​

 

—

​

 

—

​

 

—

​

 

6,698

总净销售额

​

$

1,168,964

​

$

391,883

​

$

127,267

​

$

167,914

​

$

1,856,028

​

1欧洲、中东和非洲（“EMEA”）

​

12

目录

怪物饮料公司及其子公司

已压缩合并基本报表的说明

(表格中的金额以千美元计，除每股金额外) (未经审计)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

截至2024年9月30日的九个月

​

​

​

​

​

​

​

​

亚洲

​

拉丁

​

​

​

​

​

美国和

​

​

​

​

(包括

​

美洲和

​

​

​

净销售额

    

加拿大

    

欧洲、中东、非洲1

    

大洋洲)

    

加勒比海

    

总计

怪物饮料®饮料

​

$

3,266,832

​

$

1,075,240

​

$

378,232

​

$

474,248

​

$

5,194,552

战略品牌

​

​

153,745

​

 

131,837

​

 

30,117

​

 

14,533

​

 

330,232

酒类品牌

​

​

137,417

​

​

—

​

​

—

​

​

—

​

​

137,417

其他

​

​

18,467

​

 

—

​

 

—

​

 

—

​

 

18,467

总净销售额

​

$

3,576,461

​

$

1,207,077

​

$

408,349

​

$

488,781

​

$

5,680,668

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

截至2023年9月30日的九个月

​

​

​

​

​

​

​

​

亚洲太平洋

​

拉丁

​

​

​

​

​

美国及

​

​

​

​

（包括

​

美洲和

​

​

​

净销售额

    

加拿大

    

欧洲、中东、非洲1

    

大洋洲)

    

加勒比海

    

总计

怪物饮料®

​

$

3,160,071

​

$

972,531

​

$

379,342

​

$

444,854

​

$

4,956,798

战略品牌

​

​

140,353

​

 

108,986

​

 

25,209

​

 

10,263

​

 

284,811

酒精品牌

​

​

149,692

​

​

—

​

​

—

​

​

—

​

​

149,692

其他

​

​

18,618

​

 

—

​

 

—

​

 

—

​

 

18,618

总净销售额

​

$

3,468,734

​

$

1,081,517

​

$

404,551

​

$

455,117

​

$

5,409,919

​

1欧洲、中东、非洲（「EMEA」）

​

合同负债

从某些瓶装商/分销商在其分销合同开始或在某些销售/营销项目开始时收到的金额被记作递延收入。截止至2024年9月30日和2023年12月31日，公司分别有$231.8 百万美元和$246.2 百万的递延收入，这在公司的简明合并资产负债表中包含在当前和长期递延收入中。在截至2024年9月30日和2023年的三个月期间，$10.0 百万的递延收入被确认在净销售中。在截至2024年9月30日和2023年的九个月期间，$29.9 百万美元和$30.0 分别有数百万的递延收入在净销售中确认。见注释10。

​

3.

租赁

公司租赁的资产主要包括办公和仓库空间、仓库设备和车辆。租赁根据ASC 842「租赁」中的标准分为融资租赁或经营性租赁。公司的租赁剩余租期少于 一年 到 10年, 一些 的 该 包括 期权 到 延伸 标的： 租赁 最长为 五年其中一些包括 期权 到 终止 标的： 租赁 在 一年.

13

目录

怪物饮料公司及其子公司

已压缩合并基本报表的说明

(以千美元为单位的表格数据，除每股金额外) (未经审计)

​

租赁成本的元件如下：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

截至9月30日的三个月

​

截止到九个月结束的2023年9月30日，

​

    

2024

    

2023

    

2024

    

2023

运营租赁费用

​

$

4,086

​

$

2,968

​

$

11,776

​

$

8,051

短期租赁费用

​

 

2,182

​

 

2,209

​

 

7,004

​

 

4,258

变量租赁成本

​

 

231

​

 

295

​

 

672

​

 

736

​

​

​

​

​

​

​

​

​

​

​

​

​

融资租赁：

​

​

​

​

​

​

​

​

​

​

​

​

使用权资产的摊销

​

 

131

​

 

383

​

 

1,215

​

 

708

租赁负债的利息

​

 

27

​

 

88

​

 

175

​

 

146

融资租赁成本

​

 

158

​

 

471

​

 

1,390

​

 

854

​

​

​

​

​

​

​

​

​

​

​

​

​

租赁总成本

​

$

6,657

​

$

5,943

​

$

20,842

​

$

13,899

​

补充现金流信息如下：

​

​

​

​

​

​

​

​

​

​

截至九个月的2023年9月30日

​

    

2024

    

2023

用于计量租赁负债的现金支付：

​

​

​

​

​

​

经营租赁的经营现金流出

​

$

11,163

​

$

7,600

融资租赁的经营现金流出

​

​

175

​

​

146

从融资租赁中融资的现金流出

​

​

6,718

​

​

3,660

​

​

​

​

​

​

​

因租赁义务而获得的使用权资产：

​

​

​

​

​

​

融资租赁

​

​

2,977

​

​

10,120

经营租赁

​

​

6,405

​

​

15,944

​

补充资产负债表信息如下：

​

​

​

​

​

​

​

​

​

​

​

    

​

    

截至9月30日，

    

十二月三十一日，

​

​

资产负债表位置

​

2024

​

2023

经营租赁：

 

  

 

​

  

 

​

  

使用权资产

 

其他资产

​

$

55,808

​

$

58,845

​

​

​

​

​

​

​

​

​

当前租赁负债

 

应计负债

​

$

11,331

​

$

11,088

非流动租赁负债

 

其他负债

​

 

45,380

​

 

48,459

租赁负债总额

 

  

​

$

56,711

​

$

59,547

​

​

​

​

​

​

​

​

​

融资租赁：

 

  

​

 

  

​

 

  

使用权资产

 

物业和设备，净值

​

$

5,190

​

$

11,147

​

​

​

​

​

​

​

​

​

当前租赁负债

 

应计负债

​

$

2,676

​

$

6,449

非流动租赁负债

 

其他负债

​

 

43

​

 

19

总融资租赁负债

 

  

​

$

2,719

​

$

6,468

​

14

目录

怪物饮料公司及其子公司

已压缩合并基本报表的说明

(表格中单位为千美元，除每股金额外) (未经审计)

​

公司租赁的加权平均剩余租期和加权平均折现率如下：

​

​

​

​

​

​

​

​

    

截至9月30日，

    

十二月三十一日，

​

​

    

2024

    

2023

 

加权平均剩余租赁期限（年）：

​

​

​

​

​

经营租赁

​

5.8

 

6.3

​

融资租赁

​

0.9

​

0.7

​

​

​

​

​

​

​

加权平均折现率：

​

​

​

​

​

经营租赁

​

4.8

%  

4.7

%

融资租赁

​

6.1

%  

6.3

%

​

下表列出了截至2024年9月30日公司租赁负债的到期情况：

​

​

​

​

​

​

​

​

​

    

未折现的未来租赁支付

​

    

经营租赁

    

融资租赁

2024年（从2024年10月1日到2024年12月31日）

​

$

3,329

​

$

1,117

2025

​

 

13,424

​

 

1,638

2026

​

 

11,080

​

 

14

2027

​

 

10,174

​

 

11

2028

​

​

8,606

​

​

11

2029年及以后

​

 

18,566

​

 

6

租赁总付款

​

 

65,179

​

 

2,797

减去预估利息

​

 

(8,468)

​

 

(78)

总计

​

$

56,711

​

$

2,719

​

截至2024年9月30日，公司没有任何尚未开始的重大租赁。

​

4.

投资

以下表格总结了公司截至2023年12月31日的投资。公司持有 2024财年没有记录减值损失。 短期或 开多投资截至2024年9月30日。

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

持续的

​

持续的

​

​

​

​

​

毛额

​

毛额

​

​

​

​

未实现的

​

未实现的

​

​

​

​

​

未实现的

​

未实现的

​

​

​

​

亏损头寸

​

亏损头寸

​

​

摊销

​

控股

​

控股

​

公允价值

​

小于

​

大于

2023年12月31日

    

成本

    

收益

    

损失

    

价值

    

12个月

    

12个月

可供出售

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

开空期:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

商业票据

​

$

163,775

​

$

—

​

$

1

​

$

163,774

​

$

1

​

$

—

定期存款

​

​

15,590

​

​

—

​

​

—

​

​

15,590

​

​

—

​

​

—

市政证券

​

 

361

​

 

—

​

 

—

​

 

361

​

 

—

​

 

—

美国政府机构证券

​

 

116,524

​

 

90

​

 

66

​

 

116,548

​

 

66

​

 

—

美国国债

​

​

412,936

​

​

205

​

​

1,084

​

​

412,057

​

​

1,084

​

​

—

公司债券

​

​

247,340

​

​

89

​

​

154

​

​

247,275

​

​

154

​

​

—

长期：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

美国政府机构证券

​

​

23,485

​

​

51

​

​

5

​

​

23,531

​

​

5

​

​

—

美国国债

​

​

35,896

​

​

79

​

​

8

​

​

35,967

​

​

8

​

​

—

公司债券

​

​

16,903

​

​

32

​

​

2

​

​

16,933

​

​

2

​

​

—

总计

​

$

1,032,810

​

$

546

​

$

1,320

​

$

1,032,036

​

$

1,320

​

$

—

​

15

目录

怪物饮料公司及其子公司

已压缩合并基本报表的说明

(表格数据以千美元计算，除每股金额外)(未经审计)

​

在截至2024年和2023年9月30日的三个月和九个月期间，出售投资所确认的实现收益或损失并不显著。

截至2023年12月31日，公司持有的投资具有投资级信用评级。

以下表格总结了截至2023年12月31日公司投资的合同到期情况。公司在2024年9月30日没有持有任何短期或长期投资。

​

​

​

​

​

​

​

​

​

​

2023年12月31日

​

    

摊销成本

    

公允价值

少于1年：

​

​

​

​

​

​

商业票据

​

$

163,775

​

$

163,774

市政证券

​

 

361

​

 

361

美国政府机构证券

​

 

116,524

​

 

116,548

存款证

​

 

15,590

​

 

15,590

美国国债

​

​

412,936

​

​

412,057

公司债券

​

​

247,340

​

​

247,275

到期时间 1 - 10 年：

​

​

​

​

​

​

美国国债

​

​

35,896

​

​

35,967

美国政府机构证券

​

 

23,485

​

 

23,531

公司债券

​

​

16,903

​

​

16,933

总计

​

$

1,032,810

​

$

1,032,036

​

​

5.

某些金融资产和负债的公允价值

ASC 820，《公允价值计量》，提供了公允价值计量的框架，并要求披露公允价值计量的信息。ASC 820将公允价值定义为在计量日期市场参与者之间有序交易中，出售资产时会收到的价格或转让负债时需支付的价格。ASC 820还建立了一个公允价值层级，要求实体尽可能使用可观察的输入。公司用于计量公允价值的标准要求的三个输入层级总结如下。

●级别 1: 在活跃市场中对相同资产或负债的报价。
●第2级： 可观察输入，除了第1级价格，如类似资产或负债的报价价格、非活跃市场的报价价格，或其他可以观察到的输入，或者可以通过观察到的市场数据来证实的输入，适用于相关资产或负债的整个期限。
●第3级： 不可观察的输入，市场活动很少或没有支持的输入，并且对资产或负债的公允价值具有重要性。

ASC 820要求在衡量公允价值时使用可观察市场输入（报价市场价格），并要求尽可能使用第1级报价来衡量公允价值。

16

目录

怪物饮料公司及其子公司

已压缩合并基本报表的说明

(以千美元为单位的表格数据) (未经审计)

​

以下表格展示了公司按公允价值记录的金融资产和负债的公允价值，并根据公允价值等级的适当级别进行分类，具体如下：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024年9月30日

    

一级

    

二级

    

三级

    

总计

现金

​

$

1,173,863

​

$

—

​

$

—

​

$

1,173,863

货币市场基金

​

 

409,065

​

 

—

​

 

—

​

 

409,065

存款证明

​

​

—

​

​

42,411

​

​

—

​

​

42,411

外币衍生品

​

 

—

​

 

(485)

​

 

—

​

 

(485)

商品衍生工具

​

 

—

​

 

4,181

​

 

—

​

 

4,181

总计

​

$

1,582,928

​

$

46,107

​

$

—

​

$

1,629,035

​

​

​

​

​

​

​

​

​

​

​

​

​

包含金额：

​

​

​

​

​

​

​

​

​

​

​

​

现金及现金等价物

​

$

1,582,928

​

$

42,411

​

$

—

​

$

1,625,339

应收账款，净额

​

 

—

​

 

6,283

​

 

—

​

 

6,283

其他资产

​

 

—

​

 

77

​

 

—

​

 

77

应计负债

​

 

—

​

 

(2,664)

​

 

—

​

 

(2,664)

总计

​

$

1,582,928

​

$

46,107

​

$

—

​

$

1,629,035

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2023年12月31日

    

一级

    

二级

    

三级

    

总计

现金

​

$

1,105,701

​

$

—

​

$

—

​

$

1,105,701

货币市场基金

​

 

960,873

​

 

—

​

 

—

​

 

960,873

定期存款

​

​

—

​

​

33,824

​

​

—

​

​

33,824

商业票据

​

 

—

​

 

163,774

​

 

—

​

 

163,774

公司债券

​

​

—

​

​

264,208

​

​

—

​

​

264,208

市政证券

​

 

—

​

 

361

​

 

—

​

 

361

美国政府机构证券

​

 

—

​

 

159,585

​

 

—

​

 

159,585

美国国债

​

​

—

​

​

641,385

​

​

—

​

​

641,385

外汇衍生品

​

 

—

​

 

(1,083)

​

 

—

​

 

(1,083)

商品衍生工具

​

​

—

​

​

4,410

​

​

—

​

​

4,410

总计

​

$

2,066,574

​

$

1,266,464

​

$

—

​

$

3,333,038

​

​

​

​

​

​

​

​

​

​

​

​

​

包含的金额：

​

​

​

​

​

​

​

​

​

​

​

​

现金及现金等价物

​

$

2,066,574

​

$

231,101

​

$

—

​

$

2,297,675

短期投资

​

 

—

​

 

955,605

​

 

—

​

 

955,605

应收账款，净额

​

 

—

​

 

4,618

​

 

—

​

 

4,618

其他资产

​

​

—

​

​

316

​

​

—

​

​

316

投资

​

 

—

​

 

76,431

​

 

—

​

 

76,431

应计负债

​

 

—

​

 

(1,607)

​

 

—

​

 

(1,607)

总计

​

$

2,066,574

​

$

1,266,464

​

$

—

​

$

3,333,038

​

At December 31, 2023, all of the Company’s short-term and long-term investments were classified within Level 1 or Level 2 of the fair value hierarchy. At September 30, 2024, the Company held 2024财年没有记录减值损失。 short-term or long-term investments. The Company’s valuation of its Level 1 investments is based on quoted market prices in active markets for identical securities. The Company’s valuation of its Level 2 investments is based on other observable inputs, specifically a market approach which utilizes valuation models, pricing systems, mathematical tools and other relevant information for the same or similar securities. The Company’s valuation of its Level 2 foreign currency exchange contracts is based on quoted market prices of the same or similar instruments, adjusted for counterparty risk. There were 2024财年没有记录减值损失。 在截至2024年9月30日的三个月和九个月期间，或截至2023年12月31日的年度内，一级和二级计量之间没有任何转移，并且公司的估值技术没有变化。

​

17

Table of Contents

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

​

6.

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The Company accounts for its derivative instruments and hedging activities under ASC 815, “Derivatives and Hedging.” The following table presents the fair values of the Company’s derivative instruments:

​

​

​

​

​

​

​

​

​

​

​

    

Fair value

    

    

Derivatives designated as

​

September 30, 

    

December 31, 

    

​

hedging instruments

​

2024

​

2023

​

Balance Sheet location

Assets:

 

​

  

 

​

  

​

  

Commodity contracts

​

$

5,165

​

$

4,480

​

Accounts receivable, net

Commodity contracts

​

$

77

​

$

316

​

Other assets

Liabilities:

​

 

​

​

 

  

​

  

Commodity contracts

​

$

(1,061)

​

$

(386)

​

Accrued liabilities

Commodity contracts

​

$

—

​

$

—

​

Other liabilities

​

​

​

​

​

​

​

​

​

​

​

    

Fair value

    

    

Derivatives not designated as

​

September 30, 

    

December 31, 

    

​

hedging instruments

​

2024

​

2023

​

Balance Sheet location

Assets:

 

​

  

 

​

  

​

  

Foreign currency exchange contracts

​

$

1,118

​

$

138

​

Accounts receivable, net

Liabilities:

​

 

​

​

 

  

​

  

Foreign currency exchange contracts

​

$

(1,603)

​

$

(1,221)

​

Accrued liabilities

​

Cash Flow Hedging Strategy

The Company uses cash flow hedges to minimize the variability in cash flows of forecasted transactions caused by fluctuations in commodity prices. The changes in the fair values of derivatives designated as cash flow hedges are recorded in accumulated other comprehensive income (loss) (“AOCI”) and are reclassified into the line item in our condensed consolidated statement of income in which the hedged items are recorded in the same period that the hedged items affect earnings. The changes in the fair values of hedges that are determined to be ineffective are immediately reclassified from AOCI into earnings. The maximum length of time for which the Company hedges its exposure to the variability in future cash flows is currently less than two years.

The Company has entered into commodity hedge contracts to mitigate the price risk associated with a portion of its forecasted aluminum purchases. These derivative instruments were designated as part of the Company’s commodity cash flow hedging program. The objective of this hedging program is to reduce the variability of cash flows associated with future purchases of aluminum. The total notional values of derivatives that were designated and qualified for this program were $106.2 million and $98.3 million as of September 30, 2024 and December 31, 2023, respectively.

The following table presents the impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income, AOCI and earnings:

​

​

​

​

​

​

​

​

​

​

Three-Months Ended September 30, 2024

​

    

​

​

    

​

    

Gain (loss)

Derivatives designated as

​

Gain (loss)

​

Location of gain (loss)

​

reclassified from

hedging instruments

​

 recognized in AOCI

​

recognized in income

​

AOCI into income

Commodity contracts

​

$

(501)

 

Cost of sales

​

$

2,883

​

18

Table of Contents

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

​

​

​

​

​

​

​

​

​

​

Three-Months Ended September 30, 2023

​

​

​

​

​

  

​

Gain (loss)

Derivatives designated as

​

  

Gain (loss) recognized

​

Location of gain (loss)

​

reclassified from

hedging instruments

    

in AOCI

    

recognized in income

    

AOCI into income

Commodity contracts

​

$

4,700

 

Cost of sales

​

$

—

​

​

​

​

​

​

​

​

​

​

Nine-Months Ended September 30, 2024

​

​

  

​

​

  

​

Gain (loss)

Derivatives designated as

​

Gain (loss)

​

Location of gain (loss)

​

reclassified from

hedging instruments

    

recognized in AOCI

    

recognized in income

    

AOCI into income

Commodity contracts

​

$

2,606

 

Cost of sales

​

$

1,917

​

​

​

​

​

​

​

​

​

​

Nine-Months Ended September 30, 2023

​

    

​

​

    

​

    

Gain (loss)

Derivatives designated as

​

Gain (loss)

​

Location of gain (loss)

​

reclassified from

hedging instruments

​

 recognized in AOCI

​

recognized in income

​

AOCI into income

Commodity contracts

​

$

3,434

 

Cost of sales

​

$

—

​

As of September 30, 2024, the Company estimates that it will reclassify into earnings net gains (losses) of $5.1 million from the amount recorded in AOCI as the anticipated cash flows occur during the next 12 months.

Economic (Non-Designated) Hedging Strategy

The Company is exposed to foreign currency exchange rate risks related primarily to its foreign business operations. During the three- and nine-months ended September 30, 2024 and 2023, the Company entered into forward currency exchange contracts with financial institutions to create an economic hedge to specifically manage a portion of the foreign exchange risk exposure associated with certain consolidated subsidiaries’ non-functional currency denominated assets and liabilities. All foreign currency exchange contracts of the Company that were outstanding as of September 30, 2024 have terms of approximately one month or less. The Company does not enter into forward currency exchange contracts for speculation or trading purposes.

The Company has not designated its foreign currency exchange contracts as hedge transactions. Therefore, gains and losses on the Company’s foreign currency exchange contracts are recognized in interest and other income (expense), net, in the condensed consolidated statements of income, and are largely offset by the changes in the fair value of the underlying economically hedged item. The total notional values of derivatives related to our foreign currency economic hedges were $354.1 million and $282.7 million as of September 30, 2024 and December 31, 2023, respectively.

The net gains (losses) on derivatives not designated as hedging instruments in the condensed consolidated statements of income were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gain (loss) recognized

​

​

​

​

in income on derivatives

​

​

​

​

Three-Months Ended

Derivatives not designated as

​

Location of gain (loss)

​

September 30, 

​

September 30, 

hedging instruments

    

recognized in income on derivatives

    

2024

​

2023

Foreign currency exchange contracts

 

Interest and other income (expense), net

​

$

(3,914)

​

$

5,080

​

19

Table of Contents

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gain (loss) recognized

​

​

​

​

in income on derivatives

​

​

​

​

Nine-Months Ended

Derivatives not designated as

​

Location of gain (loss)

​

September 30, 

​

September 30, 

hedging instruments

    

recognized in income on derivatives

    

2024

    

2023

Foreign currency exchange contracts

 

Interest and other income (expense), net

​

$

(1,204)

​

$

(4,695)

​

Certain of the Company’s counterparty agreements contain provisions that require the Company to post collateral on derivative instruments in a net liability position. As of September 30, 2024, $1.9 million was held as collateral and $2.8 million was posted as collateral.

​

​

7.

INVENTORIES

Inventories consist of the following at:

​

​

​

​

​

​

​

​

​

    

September 30, 

    

December 31, 

​

    

2024

    

2023

Raw materials

​

$

257,050

​

$

330,021

Work in process

​

​

1,522

​

​

1,403

Finished goods

​

 

511,766

​

 

639,982

​

​

$

770,338

​

$

971,406

​

​

​

8.

PROPERTY AND EQUIPMENT, NET

Property and equipment consist of the following at:

​

​

​

​

​

​

​

​

​

    

September 30, 

    

December 31, 

​

    

2024

    

2023

Land

​

$

158,873

​

$

152,253

Leasehold improvements

​

 

33,803

​

 

37,946

Furniture and fixtures

​

 

11,639

​

 

11,422

Office and computer equipment

​

 

27,904

​

 

30,904

Equipment

​

 

482,932

​

 

426,466

Buildings

​

 

218,364

​

 

211,951

Vehicles

​

 

71,544

​

 

69,527

Assets under construction

​

​

307,724

​

​

211,562

​

​

 

1,312,783

​

 

1,152,031

Less: accumulated depreciation and amortization

​

 

(305,995)

​

 

(261,235)

​

​

$

1,006,788

​

$

890,796

​

Total depreciation and amortization expense was $17.7 million and $16.7 million for the three-months ended September 30, 2024 and 2023, respectively. Total depreciation and amortization expense was $54.6 million and $46.1 million for the nine-months ended September 30, 2024 and 2023, respectively.

​

20

Table of Contents

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

​

9.GOODWILL AND OTHER INTANGIBLE ASSETS

The following is a roll-forward of goodwill for the nine-months ended September 30, 2024 and 2023 by reportable segment:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Monster

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Energy®

​

Strategic

​

Alcohol

​

​

​

​

​

​

​

    

Drinks

    

Brands

    

Brands

    

Other

    

Total

Balance at December 31, 2023

​

$

693,644

​

$

637,999

​

$

86,298

​

$

—

​

$

1,417,941

Acquisitions

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Balance at September 30, 2024

​

$

693,644

​

$

637,999

​

$

86,298

​

$

—

​

$

1,417,941

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Monster 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Energy®

​

Strategic

​

Alcohol

​

​

​

​

​

​

​

    

Drinks

    

Brands

    

Brands

    

Other

    

Total

Balance at December 31, 2022

​

$

693,644

​

$

637,999

​

$

86,298

​

$

—

​

$

1,417,941

Acquisitions

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Balance at September 30, 2023

​

$

693,644

​

$

637,999

​

$

86,298

​

$

—

​

$

1,417,941

​

Intangible assets consist of the following at:

​

​

​

​

​

​

​

​

​

    

September 30, 

    

December 31, 

​

    

2024

    

2023

Amortizing intangibles

​

$

151,344

​

$

144,582

Accumulated amortization

​

 

(79,904)

​

 

(74,699)

​

​

 

71,440

​

 

69,883

Non-amortizing intangibles

​

 

1,370,986

​

 

1,357,256

​

​

$

1,442,426

​

$

1,427,139

​

Amortizing intangibles primarily consist of customer relationships. All amortizing intangibles have been assigned an estimated finite useful life and such intangibles are amortized on a straight-line basis over the number of years that approximate their respective useful lives, generally ten to fifteen years. Total amortization expense was $2.2 million and $1.3 million for the three-months ended September 30, 2024 and 2023, respectively. Total amortization expense was $5.2 million and $4.2 million for the nine-months ended September 30, 2024 and 2023, respectively. For the three- and nine-months ended September 30, 2024, no impairment charges were recorded to intangible assets. For the three-months ended September 30, 2023, no intangible impairment charges were recorded to intangible assets. For the nine-months ended September 30, 2023, impairment charges of $2.8 million were recorded to non-amortizing intangibles.

The following is the future estimated amortization expense related to amortizing intangibles as of September 30, 2024:

​

​

​

​

​

2024 (from October 1, 2024 to December 31, 2024)

    

$

2,101

2025

​

​

8,359

2026

​

​

7,718

2027

​

​

6,388

2028

​

​

5,952

2029 and thereafter

​

​

40,922

​

​

$

71,440

​

​

21

Table of Contents

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

​

10.

DISTRIBUTION AGREEMENTS

In the normal course of business, amounts received pursuant to new and/or amended distribution agreements entered into with certain bottlers/distributors, relating to the costs associated with terminating agreements with the Company’s prior distributors, or at the inception of certain sales/marketing programs are accounted for as deferred revenue and are recognized as revenue ratably over the anticipated life of the respective agreement, generally 20 years or program duration, as the case may be. Revenue recognized was $10.0 million for both the three-months ended September 30, 2024 and 2023. Revenue recognized was $29.9 million and $30.0 million for the nine-months ended September 30, 2024 and 2023, respectively.

​

11.

DEBT

The Company’s long-term debt consisted of the following:

​

​

​

​

​

​

​

​

​

​

September 30,

​

December 31,

​

    

2024

    

2023

Term loan

​

$

750,000

​

$

—

Revolving credit facility

​

 

—

​

 

—

Total debt

​

 

750,000

​

 

—

Less: unamortized debt issuance costs

​

 

(1,158)

​

 

—

Total debt, net of unamortized debt issuance costs

​

 

748,842

​

 

—

Less: current portion of long-term debt

​

 

—

​

 

—

Long-term debt

​

$

748,842

​

$

—

​

In May 2024, the Company entered into a credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, and certain other lenders, which provides for senior unsecured credit facilities in an aggregate principal amount of $1.50 billion (collectively, the “Credit Facilities”). The Credit Facilities consist of a $750.0 million term loan (the “Term Loan”) and up to $750.0 million in multicurrency revolving loan commitments (the “Revolving Credit Facility”). The Term Loan matures May 2027 and the Revolving Credit Facility matures May 2029. As of September 30, 2024, the Company was in compliance with all covenants under the Credit Facilities.

Borrowings under the Credit Facilities bear interest at a variable rate per annum equal to the applicable rate plus margin (as defined in the Credit Facilities). The interest rate in effect on the Term Loan was 6.09% as of September 30, 2024. No borrowings were outstanding under the Revolving Credit Facility as of September 30, 2024.

Borrowings under the Credit Facilities are due on the respective maturity date. Borrowings may be repaid at any time during the term of the Credit Facilities and, in the case of the Revolving Credit Facility, may be reborrowed prior to the maturity date.

Additionally, the Company has a line of credit of up to $15.0 million with HSBC Bank (China) Company Limited, Shanghai Branch. At September 30, 2024, the interest rate on borrowings under the line of credit was 5.5%. As of September 30, 2024, no amount was outstanding on this line of credit.

Based on Level 2 inputs, the carrying value of the Company’s debt approximates fair value, as borrowings are subject to variable interest rates that adjust with changes in market rates and market conditions and the current interest rate approximates that which would be available under similar financial arrangements.

12.

COMMITMENTS AND CONTINGENCIES

The Company had purchase commitments aggregating approximately $238.1 million at September 30, 2024, which represented commitments made by the Company and its subsidiaries to various suppliers of raw materials for the production of its products. These obligations vary in terms but are generally satisfied within one year.

22

Table of Contents

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

​

The Company had contractual obligations aggregating approximately $400.6 million at September 30, 2024, which related primarily to sponsorships and other marketing activities.

Litigation — From time to time in the normal course of business, the Company is named in litigation, including labor and employment matters, personal injury matters, consumer class actions, intellectual property matters and claims from prior distributors. Although it is not possible to predict the ultimate outcome of such litigation, based on the facts known to the Company, management believes that such litigation in aggregate will likely not have a material adverse effect on the Company’s financial position or results of operations.

The Company evaluates, on a quarterly basis, developments in legal proceedings and other matters that could cause an increase or decrease in the amount of the liability that is accrued, if any, and any related insurance reimbursements. As of September 30, 2024 and December 31, 2023, $16.8 million and $0.3 million, respectively, of loss contingencies were included in the Company’s accompanying condensed consolidated balance sheets.

​

13.

ACCUMULATED OTHER COMPREHENSIVE LOSS

Changes in accumulated other comprehensive loss by component, after tax, for the nine-months ended September 30, 2024 and 2023 are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Accumulated

​

​

​

​

Unrealized

​

​

​

​

​

Net Gains

    

Currency

    

Gains (Losses)

    

​

​

​

​

(Losses) on

​

Translation

​

on Available-

​

​

​

​

​

Commodity

​

Gains

​

for-Sale

​

​

​

​

    

Derivatives

    

(Losses)

    

Securities

    

Total

Balance at December 31, 2023

​

$

4,410

​

$

(128,989)

​

$

(758)

​

$

(125,337)

Other comprehensive income (loss) before reclassifications

​

​

690

​

 

(13,953)

​

​

758

​

​

(12,505)

Net current-period other comprehensive income (loss)

​

​

690

​

 

(13,953)

​

​

758

​

​

(12,505)

Balance at September 30, 2024

​

$

5,100

​

$

(142,942)

​

$

—

​

$

(137,842)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Accumulated

​

​

​

​

Unrealized

​

​

​

​

​

Net Gains

    

Currency

​

Gains (Losses)

​

​

​

​

​

(Losses) on

​

Translation

​

on Available-

​

​

​

​

​

Commodity

    

Gains

    

for-Sale

    

​

​

​

    

Derivatives

    

(Losses)

    

Securities

    

Total

Balance at December 31, 2022

​

$

—

​

$

(153,230)

​

$

(5,843)

​

$

(159,073)

Other comprehensive income (loss) before reclassifications

​

​

3,434

​

 

(46,074)

​

​

3,680

​

​

(38,960)

Net current-period other comprehensive income (loss)

​

​

3,434

​

 

(46,074)

​

​

3,680

​

​

(38,960)

Balance at September 30, 2023

​

$

3,434

​

$

(199,304)

​

$

(2,163)

​

$

(198,033)

​

​

14.

TREASURY STOCK

Share Repurchase Programs

On November 2, 2022, the Company’s Board of Directors authorized a share repurchase program for the purchase of up to an additional $500.0 million of the Company’s outstanding common stock (the “November 2022 Repurchase Plan”). During the three-months ended September 30, 2024, the Company repurchased approximately 0.7 million shares of its common stock at an average purchase price of $49.83 per share, for a total amount of approximately $34.7 million, which exhausted the availability under the November 2022 Repurchase Plan.

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

​

On November 7, 2023, the Company’s Board of Directors authorized a share repurchase program for the purchase of up to an additional $500.0 million of the Company’s outstanding common stock (the “November 2023 Repurchase Plan”). During the three-months ended September 30, 2024, the Company repurchased approximately 10.6 million shares of its common stock at an average purchase price of $47.16 per share, for a total amount of approximately $500.0 million, which exhausted the availability under the November 2023 Repurchase Plan.

On August 19, 2024, the Company’s Board of Directors authorized a share repurchase program for the purchase of up to an additional $500.0 million of the Company’s outstanding common stock (the “August 2024 Repurchase Plan”). During the three-months ended September 30, 2024, no shares were repurchased under the August 2024 Repurchase Plan.  As of November 6, 2024, $500.0 million remained available for repurchase under the August 2024 Repurchase Plan.

The aggregate amount of the Company’s outstanding common stock that remains available for repurchase under all previously authorized repurchase plans is $500.0 million as of November 6, 2024.

Tender Offer

On May 1, 2024, the Board of Directors authorized the Company to execute a modified “Dutch auction” tender offer to repurchase up to $3.0 billion of its outstanding shares of common stock. On May 8, 2024, the Company commenced the tender offer, with such offer expiring on June 5, 2024. On June 10, 2024, the Company accepted for purchase a total of approximately 56.6 million shares of common stock at a purchase price of $53.00 per share, for an aggregate purchase price of approximately $3.0 billion. The repurchase was funded with approximately $2.25 billion of cash on hand and approximately $750 million in borrowings. The cost of these shares and the fees relating to the tender offer are included in common stock in treasury in the accompanying condensed consolidated balance sheet at September 30, 2024.

​

15.

STOCK-BASED COMPENSATION

The Company has two stock-based compensation plans under which shares were available for grant at September 30, 2024: (i) the Monster Beverage Corporation 2020 Omnibus Incentive Plan, including the Monster Beverage Corporation Deferred Compensation Plan as a sub-plan thereunder, and (ii) the Monster Beverage Corporation 2017 Compensation Plan for Non-Employee Directors as Amended and Restated on February 23, 2022, including the Monster Beverage Corporation Deferred Compensation Plan for Non-Employee Directors as a sub-plan thereunder.

The Company recorded $27.5 million and $17.9 million of compensation expense relating to outstanding options, restricted stock units, performance share units and other share-based awards during the three-months ended September 30, 2024 and 2023, respectively. The Company recorded $68.8 million and $52.5 million of compensation expense relating to outstanding options, restricted stock units, performance share units and other share-based awards during the nine-months ended September 30, 2024 and 2023, respectively.

The tax benefit for tax deductions from non-qualified stock option exercises, disqualifying dispositions of incentive stock options and vesting of restricted stock units and performance share units for the three-months ended September 30, 2024 and 2023 was $1.3 million and $(0.2) million, respectively. The tax benefit for tax deductions from non-qualified stock option exercises, disqualifying dispositions of incentive stock options and vesting of restricted stock units and performance share units for the nine-months ended September 30, 2024 and 2023 was $10.3 million and $29.9 million, respectively.

Stock Options

Under the Company’s stock-based compensation plans, all stock options granted as of September 30, 2024 were granted at prices based on the fair value of the Company’s common stock on the date of grant. The Company records compensation expense for stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes-Merton option pricing formula with the assumptions included in the table below. The Company uses historical data to determine the exercise behavior, volatility and forfeiture rate of the options.

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

​

The following weighted-average assumptions were used to estimate the fair value of options granted during:

​

​

​

​

​

​

​

​

​

​

​

​

​

Three-Months Ended September 30, 

​

Nine-Months Ended September 30, 

​

​

    

2024

    

2023

    

2024

    

2023

​

Dividend yield

​

0.0

%  

0.0

%

0.0

%

0.0

%

Expected volatility

​

26.9

%  

27.0

%

27.4

%

27.6

%

Risk-free interest rate

​

3.7

%  

4.2

%

4.2

%

3.7

%

Expected term

​

6.3

years

6.3

years

6.4

years

6.3

years

​

Expected Volatility: The Company uses historical volatility as it provides a reasonable estimate of the expected volatility. Historical volatility is based on the most recent volatility of the stock price over a period of time equivalent to the expected term of the option.

Risk-Free Interest Rate: The risk-free interest rate is based on the U.S. treasury zero-coupon yield curve in effect at the time of grant for the expected term of the option.

Expected Term: The Company’s expected term represents the weighted-average period that the Company’s stock options are expected to be outstanding. The expected term is based on the expected time to post-vesting exercise of options by employees. The Company uses historical exercise patterns of previously granted options to derive employee behavioral patterns used to forecast expected exercise patterns.

The following table summarizes the Company’s activities with respect to its stock option plans as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-

​

​

​

​

​

​

​

​

​

Average

​

​

​

​

​

​

​

Weighted-

​

Remaining

​

​

​

​

​

Number of

​

Average

​

Contractual

​

​

​

​

​

Shares

​

Exercise Price

​

Term

​

Aggregate

Options

    

(in thousands)

    

Per Share

    

(in years)

    

Intrinsic Value

Outstanding at January 1, 2024

 

24,983

​

$

33.64

 

5.8

​

$

598,866

Granted 01/01/24 - 03/31/24

 

4,332

​

$

60.29

​

​

​

​

​

Granted 04/01/24 - 06/30/24

 

62

​

$

51.89

​

​

​

​

​

Granted 07/01/24 - 09/30/24

 

1,236

​

$

48.40

​

​

​

​

​

Exercised

 

(2,281)

​

$

27.22

​

​

​

​

​

Cancelled or forfeited

 

(514)

​

$

48.00

​

​

​

​

​

Outstanding at September 30, 2024

 

27,818

​

$

38.75

 

6.0

​

$

407,665

Vested and expected to vest in the future at September 30, 2024

​

26,723

​

$

38.21

​

5.9

​

$

403,609

Exercisable at September 30, 2024

​

14,760

​

$

29.27

​

3.8

​

$

338,040

​

The weighted-average grant-date fair value of options granted during the three-months ended September 30, 2024 and 2023 was $17.01 per share and $21.01 per share, respectively. The weighted-average grant-date fair value of options granted during the nine-months ended September 30, 2024 and 2023 was $21.41 per share and $18.27 per share, respectively.

The total intrinsic value of options exercised during the three-months ended September 30, 2024 and 2023 was $8.2 million and $7.1 million, respectively. The total intrinsic value of options exercised during the nine-months ended September 30, 2024 and 2023 was $66.0 million and $164.9 million, respectively.

Cash received from option exercises under all plans for the three-months ended September 30, 2024 and 2023 was $10.0 million and $5.9 million, respectively. Cash received from option exercises under all plans for the nine-months ended September 30, 2024 and 2023 was $62.1 million and $65.6 million, respectively.

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

​

At September 30, 2024, there was $165.2 million of total unrecognized compensation expense related to non-vested options granted to employees under the Company’s stock-based compensation plans. That cost is expected to be recognized over a weighted-average period of 3.3 years.

Restricted Stock Units and Performance Share Units

The cost of stock-based compensation for restricted stock units and performance share units is measured based on the closing fair market value of the Company’s common stock at the date of grant. In the event that the Company has the option and intent to settle a restricted stock unit or performance share unit in cash, the award is classified as a liability and revalued at each balance sheet date.

The following table summarizes the Company’s activities with respect to non-vested restricted stock units and performance share units as follows:

​

​

​

​

​

​

​

​

​

Number of Shares

​

Weighted-Average Grant-

​

    

(in thousands)

    

Date Fair Value

Non-vested at January 1, 2024

​

1,964

​

$

40.95

Granted 01/01/24 - 03/31/241

​

502

​

$

57.04

Granted 04/01/24 - 06/30/24

​

27

​

$

49.12

Granted 07/01/24 - 09/30/24

​

32

​

$

48.40

Vested

​

(826)

​

$

40.71

Forfeited/cancelled

​

(13)

​

$

37.77

Non-vested at September 30, 2024

​

1,686

​

$

46.15

​

1The grant activity for performance share units is recorded based on the target performance level earning 100% of target performance share units. The actual number of performance share units earned could range from 0% to 200% of target depending on the achievement of pre-established performance goals.

The weighted-average grant-date fair value of restricted stock units and/or performance share units granted during the three-months ended September 30, 2024 and 2023 was $48.40 and $56.38 per share, respectively. The weighted-average grant-date fair value of restricted stock units and/or performance share units granted during the nine-months ended September 30, 2024 and 2023 was $58.80 and $51.22 per share, respectively.

As of September 30, 2024, 1.6 million of restricted stock units and performance share units are expected to vest over their respective terms.

At September 30, 2024, total unrecognized compensation expense relating to non-vested restricted stock units and performance share units was $44.9 million, which is expected to be recognized over a weighted-average period of 1.4 years.

Other Share-Based Awards

The Company has granted other share-based awards to certain employees that are payable in cash. These awards are classified as liabilities and are valued based on the fair value of the award at the grant date and are remeasured at each reporting date until settlement, with compensation expense being recognized in proportion to the completed requisite service period up until date of settlement. At September 30, 2024, other share-based awards outstanding included grants that vest over three years payable in the first quarters of 2025, 2026 and 2027.

At September 30, 2024, there was $0.1 million of total unrecognized compensation expense related to nonvested other share-based awards granted to employees under the Company’s stock-based compensation plans. That cost is expected to be recognized over a weighted-average period of 0.3 years.

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

​

16.

INCOME TAXES

The following is a roll-forward of the Company’s total gross unrecognized tax benefits, not including interest and penalties, for the nine-months ended September 30, 2024:

​

​

​

​

​

​

​

Gross Unrecognized 

​

    

Tax Benefits

Balance at December 31, 2023

​

$

3,109

Additions for tax positions related to the current year

​

 

—

Additions for tax positions related to the prior years

​

 

631

Decreases for tax positions related to the prior years

​

 

—

Balance at September 30, 2024

​

$

3,740

​

The Company recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes in the Company’s condensed consolidated financial statements. As of September 30, 2024, the Company had approximately $0.9 million in accrued interest and penalties related to unrecognized tax benefits. If the Company were to prevail on all uncertain tax positions, the resultant impact on the Company’s effective tax rate would not be significant. It is expected that any change in the amount of unrecognized tax benefits within the next 12 months will not be significant.

The Company is subject to U.S. federal income tax as well as to income tax in multiple state and foreign jurisdictions.

The Company is in various stages of examination with certain states and certain foreign jurisdictions. The Company’s 2020 through 2023 U.S. federal income tax returns are subject to examination by the IRS. The Company’s state income tax returns are subject to examination for the 2019 through 2023 tax years. The United Kingdom and Ireland income tax returns are subject to examination for the 2019 through 2023 tax years.

​

17.

EARNINGS PER SHARE

A reconciliation of the weighted-average shares used in the basic and diluted earnings per common share computations is presented below (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

Three-Months Ended

​

Nine-Months Ended

​

​

September 30, 

​

September 30, 

​

    

2024

    

2023

    

2024

    

2023

Weighted-average shares outstanding:

​

​

​

​

​

​

​

​

Basic

​

975,841

 

1,047,015

 

1,015,252

 

1,046,337

Dilutive

​

7,330

 

12,951

 

8,660

 

13,472

Diluted

​

983,171

 

1,059,966

 

1,023,912

 

1,059,809

​

For the three-months ended September 30, 2024 and 2023, options and awards outstanding totaling 9.2 million shares and 4.1 million shares, respectively, were excluded from the calculations as their effect would have been antidilutive. For the nine-months ended September 30, 2024 and 2023, options and awards outstanding totaling 7.6 million shares and 3.1 million shares, respectively, were excluded from the calculations as their effect would have been antidilutive.

​

18.

SEGMENT INFORMATION

The Company has four operating and reportable segments: (i) Monster Energy® Drinks segment, which is primarily comprised of the Company’s Monster Energy® drinks, Reign Total Body Fuel® high performance energy drinks, Reign Storm® total wellness energy drinks and Bang Energy® drinks, (ii) Strategic Brands segment, which is primarily comprised of the various energy drink brands acquired from TCCC in 2015 as well as the Company’s affordable energy brands, Predator® and Fury®, (iii) Alcohol Brands segment, which is comprised of various craft beers, hard seltzers and FMBs and (iv) Other segment, which is comprised of the AFF Third-Party Products.

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

​

The Company’s Monster Energy® Drinks segment primarily generates net operating revenues by selling ready-to-drink packaged drinks primarily to bottlers/distributors. In some cases, the Company sells ready-to-drink packaged drinks directly to retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience and gas chains, drug stores, foodservice customers, value stores, e-commerce retailers and the military.

The Company’s Strategic Brands segment primarily generates net operating revenues by selling “concentrates” and/or “beverage bases” to authorized bottling and canning operations. Such bottlers generally combine the concentrates and/or beverage bases with sweeteners, water and other ingredients to produce ready-to-drink packaged energy drinks. The ready-to-drink packaged energy drinks are then sold by such bottlers to other bottlers/distributors and to retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience and gas chains, foodservice customers, drug stores, value stores, e-commerce retailers and the military. To a lesser extent, the Strategic Brands segment generates net operating revenues by selling certain ready-to-drink packaged energy drinks to bottlers/distributors.

Generally, the Monster Energy® Drinks segment generates higher per case net operating revenues, but lower per case gross profit margin percentages than the Strategic Brands segment.

The Company’s Alcohol Brands segment primarily generates operating revenues by selling kegged and ready-to-drink canned beers, hard seltzers and FMBs primarily to beer distributors in the United States.

Generally, the Alcohol Brands segment has lower gross profit margin percentages than the Monster Energy® Drinks segment.

Corporate and unallocated amounts that do not relate to a reportable segment have been allocated to “Corporate & Unallocated.” No asset information, other than goodwill and other intangible assets, has been provided in the Company’s reportable segments, as management does not measure or allocate such assets on a segment basis.

The net revenues derived from the Company’s reportable segments and other financial information related thereto for the three- and nine-months ended September 30, 2024 and 2023 were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three-Months Ended

​

Nine-Months Ended

​

​

September 30, 

​

September 30, 

​

    

2024

    

2023

    

2024

    

2023

Net sales:

​

​

​

​

​

​

​

​

​

​

​

​

Monster Energy® Drinks1

​

$

1,722,693

​

$

1,708,242

​

$

5,194,552

​

$

4,956,797

Strategic Brands

​

 

112,566

​

 

98,763

​

 

330,232

​

 

284,810

Alcohol Brands

​

​

39,784

​

​

42,326

​

​

137,417

​

​

149,692

Other

​

 

5,930

​

 

6,697

​

 

18,467

​

 

18,620

Corporate and unallocated

​

 

—

​

 

—

​

 

—

​

 

—

​

​

$

1,880,973

​

$

1,856,028

​

$

5,680,668

​

$

5,409,919

​

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Table of Contents

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three-Months Ended

​

Nine-Months Ended

​

​

September 30, 

​

September 30, 

​

    

2024

    

2023

    

2024

    

2023

Operating Income:

​

​

​

​

​

​

​

​

​

​

​

​

Monster Energy® Drinks1

​

$

601,688

​

$

603,670

​

$

1,842,066

​

$

1,762,410

Strategic Brands

​

 

60,091

​

 

52,730

​

 

183,768

​

 

159,639

Alcohol Brands

​

​

(22,609)

​

​

(11,734)

​

​

(51,187)

​

​

(25,193)

Other

​

 

1,510

​

 

1,296

​

 

3,929

​

 

2,654

Corporate and unallocated

​

 

(160,764)

​

 

(135,435)

​

 

(429,506)

​

 

(380,114)

​

​

$

479,916

​

$

510,527

​

$

1,549,070

​

$

1,519,396

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three-Months Ended

​

Nine-Months Ended

​

​

September 30, 

​

September 30, 

​

    

2024

    

2023

    

2024

    

2023

Income before tax:

​

​

​

​

​

​

​

​

​

​

​

​

Monster Energy® Drinks1

​

$

603,442

​

$

604,688

​

$

1,846,003

​

$

1,765,018

Strategic Brands

​

 

60,096

​

 

52,746

​

 

183,803

​

 

159,683

Alcohol Brands

​

​

(22,636)

​

​

(11,757)

​

​

(51,308)

​

​

(25,208)

Other

​

 

1,511

​

 

1,315

​

 

3,958

​

 

2,679

Corporate and unallocated

​

 

(168,317)

​

 

(65,108)

​

 

(379,075)

​

 

(283,766)

​

​

$

474,096

​

$

581,884

​

$

1,603,381

​

$

1,618,406

​

(1)Includes $10.0 million for both the three-months ended September 30, 2024 and 2023, related to the recognition of deferred revenue. Includes $29.9 million and $30.0 million for the nine-months ended September 30, 2024 and 2023, respectively, related to the recognition of deferred revenue.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three-Months Ended

​

Nine-Months Ended

​

​

September 30, 

​

September 30, 

​

    

2024

    

2023

    

2024

    

2023

Depreciation and amortization:

​

​

​

​

​

​

​

​

​

​

​

​

Monster Energy® Drinks

​

$

13,330

​

$

10,023

​

$

39,043

​

$

27,830

Strategic Brands

​

 

237

​

 

199

​

 

690

​

 

616

Alcohol Brands

​

​

3,419

​

​

3,816

​

​

10,825

​

​

11,973

Other

​

 

48

​

 

50

​

 

145

​

 

1,224

Corporate and unallocated

​

 

2,875

​

 

3,891

​

 

9,119

​

 

8,721

​

​

$

19,909

​

$

17,979

​

$

59,822

​

$

50,364

​

Corporate and unallocated expenses for the three-months ended September 30, 2024 include $96.6 million of payroll costs, of which $27.3 million was attributable to stock-based compensation expenses (see Note 15 “Stock-Based Compensation”), as well as $22.4 million attributable to professional service expenses, including accounting and legal costs, and $41.8 million of other operating expenses.

Corporate and unallocated expenses for the three-months ended September 30, 2023 include $82.7 million of payroll costs, of which $17.4 million was attributable to stock-based compensation expenses (see Note 15 “Stock-Based Compensation”), as well as $27.3 million attributable to professional service expenses, including accounting and legal costs, and $25.4 million of other operating expenses.

Corporate and unallocated expenses for the nine-months ended September 30, 2024 include $282.7 million of payroll costs, of which $67.0 million was attributable to stock-based compensation expenses (see Note 15 “Stock-Based Compensation”), as well as $56.9 million attributable to professional service expenses, including accounting and legal costs, and $89.9 million of other operating expenses.

29

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

​

Corporate and unallocated expenses for the nine-months ended September 30, 2023 include $245.5 million of payroll costs, of which $51.1 million was attributable to stock-based compensation expenses (see Note 15 “Stock-Based Compensation”), as well as $74.7 million attributable to professional service expenses, including accounting and legal costs, and $59.9 million of other operating expenses.

Coca-Cola Europacific Partners accounted for approximately 15% and 14% of the Company’s net sales for the three-months ended September 30, 2024 and 2023, respectively. Coca-Cola Europacific Partners accounted for approximately 14% and 13% of the Company’s net sales for the nine-months ended September 30, 2024 and 2023, respectively.

Coca-Cola Consolidated, Inc. accounted for approximately 10% of the Company’s net sales for both the three-months ended September 30, 2024 and 2023. Coca-Cola Consolidated, Inc. accounted for approximately 10% of the Company’s net sales for both the nine-months ended September 30, 2024 and 2023.

Reyes Holdings, LLC accounted for approximately 9% of the Company’s net sales for both the three-months ended September 30, 2024 and 2023. Reyes Holdings, LLC accounted for approximately 9% of the Company’s net sales for both the nine-months ended September 30, 2024 and 2023.

Net sales to customers outside the United States amounted to $760.1 million and $733.7 million for the three-months ended September 30, 2024 and 2023, respectively. Such sales were approximately 40% of net sales for both the three-months ended September 30, 2024 and 2023. Net sales to customers outside the United States amounted to $2.25 billion and $2.07 billion for the nine-months ended September 30, 2024 and 2023, respectively. Such sales were approximately 40% and 38% of net sales for the nine-months ended September 30, 2024 and 2023, respectively.

Goodwill and other intangible assets for the Company’s reportable segments were as follows at:

​

​

​

​

​

​

​

​

​

 

September 30, 

 

December 31, 

​

    

2024

    

2023

Goodwill and other intangible assets:

​

​

​

​

​

​

Monster Energy® Drinks

​

$

1,681,859

​

$

1,663,814

Strategic Brands

​

 

982,362

​

 

982,471

Alcohol Brands

​

​

196,146

​

​

198,795

Other

​

 

—

​

 

—

​

​

$

2,860,367

​

$

2,845,080

​

​

19.

RELATED PARTY TRANSACTIONS

TCCC controls approximately 21.0% of the voting interests of the Company. The TCCC Subsidiaries, the TCCC Related Parties and certain TCCC independent bottlers, purchase and distribute the Company’s products in domestic and certain international markets. The Company also pays TCCC a commission based on certain sales within the TCCC distribution network.

TCCC commissions, based on sales to the TCCC Subsidiaries and the TCCC Related Parties, were $25.5 million and $21.4 million for the three-months ended September 30, 2024 and 2023, respectively, and are included as a reduction to net sales. TCCC commissions, based on sales to the TCCC Subsidiaries and the TCCC Related Parties, were $67.8 million and $55.2 million for the nine-months ended September 30, 2024 and 2023, respectively, and are included as a reduction to net sales.

TCCC commissions, based on sales to TCCC independent bottlers, were $9.9 million and $8.8 million for the three-months ended September 30, 2024 and 2023, respectively, and are included in operating expenses. TCCC commissions, based on sales to TCCC independent bottlers, were $28.3 million and $25.7 million for the nine-months ended September 30, 2024 and 2023, respectively, and are included in operating expenses.

30

Table of Contents

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

​

Net sales to the TCCC Subsidiaries for the three-months ended September 30, 2024 and 2023 were $54.1 million and $40.2 million, respectively. Net sales to the TCCC Subsidiaries for the nine-months ended September 30, 2024 and 2023 were $151.3 million and $108.4 million, respectively.

The Company also purchases concentrates from TCCC which are then sold to certain of the Company’s bottlers/distributors. Concentrate purchases from TCCC were $7.4 million and $7.8 million for the three-months ended September 30, 2024 and 2023, respectively. Concentrate purchases from TCCC were $22.2 million and $22.5 million for the nine-months ended September 30, 2024 and 2023, respectively.

Certain TCCC Subsidiaries also contract manufacture certain of the Company’s energy drinks. Such contract manufacturing expenses were $10.2 million and $10.1 million for the three-months ended September 30, 2024 and 2023, respectively. Such contract manufacturing expenses were $28.7 million and $25.1 million for the nine-months ended September 30, 2024 and 2023, respectively.

Accounts receivable, accounts payable, accrued promotional allowances and accrued liabilities related to the TCCC Subsidiaries were as follows at:

​

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

    

2024

    

2023

Accounts receivable, net

​

$

107,495

​

$

135,246

Accounts payable

​

$

(33,754)

​

$

(68,386)

Accrued promotional allowances

​

$

(17,034)

​

$

(13,794)

Accrued liabilities

​

$

(44,826)

​

$

(19,745)

​

One director of the Company through certain trusts, and a family member of one director are the principal owners of a company that provides promotional materials to the Company. Expenses incurred with such company in connection with promotional materials purchased during the three-months ended September 30, 2024 and 2023 were $1.5 million and $0.9 million, respectively. Expenses incurred with such company in connection with promotional materials purchased during the nine-months ended September 30, 2024 and 2023 were $5.1 million and $3.0 million, respectively.

The Company occasionally charters a private aircraft that is indirectly owned by Mr. Rodney C. Sacks, Co-Chief Executive Officer and Chairman of the Board of Directors. On certain occasions, Mr. Sacks is accompanied by guests and other Company personnel when using such aircraft for business travel. During the three-months ended September 30, 2024 and 2023, the Company incurred expenses of $0.02 million and $0.10 million, respectively, in relation to the aircraft. During the nine-months ended September 30, 2024 and 2023, the Company incurred expenses of $0.04 million and $0.13 million, respectively, in relation to the aircraft.

In December 2018, the Company and a director of the Company entered into a 50-50 partnership that purchased land, and real property thereon, in Kona, Hawaii for the purpose of producing coffee products. In October 2023, the partnership made a special, one-time distribution to each of the partners, reflecting the amount of their initial capital contributions. This partnership meets the definition of a Variable Interest Entity (“VIE”) for which the Company has determined that it is the primary beneficiary. Therefore, the Company consolidates the VIE in the accompanying consolidated financial statements. The aggregate carrying values of the VIE’s assets and liabilities, after elimination of any intercompany transactions and balances, as well as the results of operations for all periods presented, are not material to the Company’s condensed consolidated financial statements.

​

​

31

Table of Contents

ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Our Business

When this report uses the words “the Company”, “we”, “us”, and “our”, these words refer to Monster Beverage Corporation and its subsidiaries, unless the context otherwise requires. Based in Corona, California, Monster Beverage Corporation is a holding company and conducts no operating business except through its consolidated subsidiaries. The Company’s subsidiaries primarily develop and market energy drinks, and to a lesser extent, craft beers, hard seltzers and flavored malt beverages (“FMBs”).

Pricing Actions

We implemented price increases at various times in certain international markets during the fourth quarter of 2023 as well as the first, second and third quarters of 2024 (collectively, the “Pricing Actions”), all of which positively impacted net sales and gross profit margins in the third quarter of 2024, as compared to the third quarter of 2023.

We implemented a previously announced price increase in the United States of approximately 5% on our core brands and packages, effective November 1, 2024.

Bang Energy®

On July 31, 2023, we completed our acquisition of substantially all of the assets of Vital Pharmaceuticals, Inc. and its debtor affiliates (collectively, “Bang Energy”) (the “Bang Transaction”). The acquired assets primarily included Bang Energy® drinks and a beverage production facility in Phoenix, AZ.

The following items impacted the comparative financial results for the three-months ended September 30, 2023.

Inventory purchased as part of the Bang Transaction was recorded at fair value. Certain of the purchased inventory was subsequently sold in the three-months ended September 30, 2023 and was recognized through cost of sales at fair value (the “Bang Inventory Step-Up”). Gross profit was negatively impacted by approximately $7.8 million during the three-months ended September 30, 2023 as a result.

During the three-months ended September 30, 2023, in connection with the Bang Transaction, we recorded a gain of $45.4 million in interest and other income (expense), net within the condensed consolidated statements of income and reported within the Corporate and Unallocated segment (the “Bang Transaction Gain”).

During the three- and nine-months ended September 30, 2023, we incurred approximately $8.0 million and $15.1 million, respectively, of acquisition costs related to the Bang Transaction (the “Bang Transaction Expenses”).

32

Table of Contents

Overview

We develop, market, sell and distribute energy drink beverages and concentrates for energy drink beverages, primarily under the following brand names:

​

●      Monster Energy®

●      Burn®

●      Monster Energy Ultra®

●      Mother®

●      Monster Rehab®

●      Nalu®

●      Monster Energy® Nitro

●      Ultra Energy®

●      Java Monster®

●      Play® and Power Play® (stylized)

●      Punch Monster®

●      Relentless®

●      Juice Monster®

●      BPM®

●      Reign Total Body Fuel®

●      BU®

●      Reign Inferno® Thermogenic Fuel

●      Gladiator®

●      Reign Storm®

●      Samurai®

●      Bang Energy®

●      Live+®

●      NOS®

●      Predator®

●      Full Throttle®

●      Fury®

​

We also develop, market, sell and distribute craft beers, FMBs and hard seltzers under a number of brands, including Jai Alai® IPA, Florida ManTM IPA, Dale’s Pale Ale®, Wild Basin® Hard Seltzers, Dallas Blonde®, Deep EllumTM IPA, Perrin Brewing CompanyTM Black Ale, Hop Rising® Double IPA, Wasatch® Apricot Hefeweizen, The BeastTM, Nasty BeastTM Hard Tea and a host of other brands.

​

We also develop, market, sell and distribute still and sparkling waters under the Monster Tour Water® brand name.

We have four operating and reportable segments: (i) Monster Energy® Drinks segment (“Monster Energy® Drinks”), which is primarily comprised of our Monster Energy® drinks, Reign Total Body Fuel® high performance energy drinks, Reign Storm® total wellness energy drinks and Bang Energy® drinks, (ii) Strategic Brands segment (“Strategic Brands”), which is primarily comprised of the various energy drink brands acquired from The Coca-Cola Company (“TCCC”) in 2015 as well as our affordable energy brands, Predator® and Fury®, (iii) Alcohol Brands segment (“Alcohol Brands”), which is comprised of various craft beers, hard seltzers and FMBs and (iv) Other segment (“Other”), which is comprised of certain products sold by American Fruits and Flavors LLC, a wholly-owned subsidiary of the Company, to independent third-party customers (the “AFF Third-Party Products”).

During the three-months ended September 30, 2024, we continued to expand our existing drink portfolio by adding additional products to our portfolio in a number of countries and further developed our distribution markets. During the three-months ended September 30, 2024, we sold the following new products to our customers:

●Monster Energy® Ultra Vice GuavaTM
●The BeastTM Gnarly GrapeTM
●The Beast TM Killer SunriseTM
●The Beast Pink PoisonTM
●Ultra Energy® Fruit Punch

In the normal course of business, we discontinue certain products and/or product lines. Those products or product lines discontinued in the three-months ended September 30, 2024, either individually or in aggregate, did not have a material adverse impact on our financial position, results of operations or liquidity.

Our net sales of $1.88 billion for the three-months ended September 30, 2024 represented record sales for our third fiscal quarter. Net changes in foreign currency exchange rates had an unfavorable impact on net sales of approximately $62.8 million ($26.5 million related to Argentina) for the three-months ended September 30, 2024. Net sales on a foreign currency adjusted basis increased 4.7% (3.3% exclusive of Argentina’s impact) for the three-months ended September 30, 2024.

33

Table of Contents

The vast majority of our net sales are derived from our Monster Energy® Drinks segment. Net sales of our Monster Energy® Drinks segment were $1.72 billion for the three-months ended September 30, 2024. Net sales of our Strategic Brands segment were $112.6 million for the three-months ended September 30, 2024. Net sales of our Alcohol Brands segment were $39.8 million for the three-months ended September 30, 2024. Net sales of our Other segment were $5.9 million for the three-months ended September 30, 2024.

Our Monster Energy® Drinks segment represented 91.6% and 92.0% of our net sales for the three-months ended September 30, 2024 and 2023, respectively. Our Strategic Brands segment represented 6.0% and 5.3% of our net sales for the three-months ended September 30, 2024 and 2023, respectively. Our Alcohol Brands segment represented 2.1% and 2.3% of our net sales for the three-months ended September 30, 2024 and 2023, respectively. Our Other segment represented 0.3% and 0.4% of our net sales for the three-months ended September 30, 2024 and 2023, respectively.

Our growth strategy includes further developing our domestic markets, expanding our international business and growing our business into new sectors, such as the alcohol beverage sector. Net sales to customers outside the United States were $760.1 million for the three-months ended September 30, 2024, an increase of approximately $26.4 million, or 3.6% higher than net sales to customers outside of the United States of $733.7 million for the three-months ended September 30, 2023. Such sales were approximately 40% of net sales for both the three-months ended September 30, 2024 and 2023. Net changes in foreign currency exchange rates had an unfavorable impact on net sales to customers outside of the United States of approximately $62.8 million ($26.5 million related to Argentina) for the three-months ended September 30, 2024. Net sales to customers outside the United States, on a foreign currency adjusted basis, increased 12.1% (8.5% exclusive of Argentina’s impact) for the three-months ended September 30, 2024.

Our non-alcohol customers are primarily full service beverage bottlers/distributors, retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience and gas chains, foodservice customers, value stores, e-commerce retailers and the military. Our alcohol customers are primarily beer distributors who in turn sell to retailers within the alcohol distribution system. Percentages of our gross billings to our various customer types for the three- and nine-months ended September 30, 2024 and 2023 are reflected below. Such information includes sales made by us directly to the customer types concerned, which include our full service beverage bottlers/distributors in the United States. Such full service beverage bottlers/distributors in turn sell certain of our products to some of the same customer types listed below. We limit our description of our customer types to include only our sales to our full service bottlers/distributors without reference to such bottlers/distributors’ sales to their own customers.

​

​

​

​

​

​

​

​

​

​

​

​

Three-Months Ended

​

Nine-Months Ended

​

​

​

September 30, 

​

September 30, 

​

​

    

2024

    

2023

    

2024

    

2023

​

U.S. full service bottlers/distributors

 

45

%  

46

%  

46

%  

47

%  

International full service bottlers/distributors

 

42

%  

41

%  

41

%  

40

%  

Club stores and e-commerce retailers

 

8

%  

8

%  

8

%  

8

%  

Retail grocery, direct convenience, specialty chains and wholesalers

 

2

%  

2

%  

2

%  

2

%  

Alcohol, value stores and other

 

3

%  

3

%  

3

%  

3

%  

​

Our non-alcohol customers include Coca-Cola Canada Bottling Limited, Coca-Cola Consolidated, Inc., Coca-Cola Bottling Company United, Inc., Reyes Holdings, LLC, Coca-Cola Southwest Beverages LLC, The Coca-Cola Bottling Company of Northern New England, Inc., Swire Pacific Holdings, Inc. (USA), Liberty Coca-Cola Beverages, LLC, Coca-Cola Europacific Partners (formerly Coca-Cola European Partners and Coca-Cola Amatil), Coca-Cola Hellenic, Coca-Cola FEMSA, Swire Coca-Cola (China), COFCO Coca-Cola, Coca-Cola Beverages Africa, Coca-Cola İçecek and certain other TCCC network bottlers, Asahi Soft Drinks, Co., Ltd., Wal-Mart, Inc. (including Sam’s Club), Costco Wholesale Corporation and Amazon.com, Inc.

Our alcohol customers include Reyes Beverage Group, Ben E. Keith Company, J.J. Taylor Distributing, and Sheehan Family Companies.

A decision by any large customer to decrease amounts purchased from us or to cease carrying our products could have a material adverse effect on our financial condition and consolidated results of operations.

Coca-Cola Europacific Partners accounted for approximately 15% and 14% of our net sales for the three-months ended September 30, 2024 and 2023, respectively. Coca-Cola Europacific Partners accounted for approximately 14% and 13% of our net sales for the nine-months ended September 30, 2024 and 2023, respectively.

34

Table of Contents

Coca-Cola Consolidated, Inc. accounted for approximately 10% of our net sales for both the three-months ended September 30, 2024 and 2023. Coca-Cola Consolidated, Inc. accounted for approximately 10% of our net sales for both the nine-months ended September 30, 2024 and 2023.

Reyes Holdings, LLC accounted for approximately 9% of our net sales for both the three-months ended September 30, 2024 and 2023. Reyes Holdings, LLC accounted for approximately 9% of our net sales for both the nine-months ended September 30, 2024 and 2023.

Results of Operations

The following table sets forth key statistics for the three-and nine-months ended September 30, 2024 and 2023.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Three-Months Ended

    

Percentage

​

Nine-Months Ended

​

Percentage

​

(In thousands, except per share amounts)

​

September 30, 

​

Change

​

September 30, 

​

Change

​

​

    

2024

    

2023

    

24 vs. 23

    

2024

    

2023

    

24 vs. 23

​

Net sales1

​

$

1,880,973

​

$

1,856,028

​

1.3

%  

$

5,680,668

​

$

5,409,919

​

5.0

%  

Cost of sales

​

 

881,174

​

 

872,265

​

1.0

%  

 

2,634,235

​

 

2,554,086

​

3.1

%  

Gross profit*1

​

 

999,799

​

 

983,763

​

1.6

%  

 

3,046,433

​

 

2,855,833

​

6.7

%  

Gross profit as a percentage of net sales

​

 

53.2

%  

 

53.0

%  

​

​

 

53.6

%  

 

52.8

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating expenses

​

 

519,883

​

 

473,236

​

9.9

%  

 

1,497,363

​

 

1,336,437

​

12.0

%  

Operating expenses as a percentage of net sales

​

 

27.6

%  

 

25.5

%  

​

​

 

26.4

%  

 

24.7

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating income1

​

 

479,916

​

 

510,527

​

(6.0)

%  

 

1,549,070

​

 

1,519,396

​

2.0

%  

Operating income as a percentage of net sales

​

 

25.5

%  

 

27.5

%  

​

​

 

27.3

%  

 

28.1

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest and other income (expense), net

​

 

(5,820)

​

 

71,357

​

(108.2)

%  

 

54,311

​

 

99,010

​

(45.1)

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income before provision for income taxes1

​

 

474,096

​

 

581,884

​

(18.5)

%  

 

1,603,381

​

 

1,618,406

​

(0.9)

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Provision for income taxes

​

 

103,177

​

 

129,190

​

(20.1)

%  

 

365,044

​

 

354,397

​

3.0

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income taxes as a percentage of income before taxes

​

 

21.8

%  

 

22.2

%  

​

​

 

22.8

%  

 

21.9

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income

​

$

370,919

​

$

452,694

​

(18.1)

%  

$

1,238,337

​

$

1,264,009

​

(2.0)

%  

Net income as a percentage of net sales

​

 

19.7

%  

 

24.4

%  

​

​

 

21.8

%  

 

23.4

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income per common share:

​

 

​

​

 

​

​

​

​

 

​

​

 

​

​

​

​

Basic

​

$

0.38

​

$

0.43

​

(12.1)

%  

$

1.22

​

$

1.21

​

1.0

%  

Diluted

​

$

0.38

​

$

0.43

​

(11.7)

%  

$

1.21

​

$

1.19

​

1.4

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Energy drink case sales (in thousands) (in 192‑ounce case equivalents)

​

 

219,409

​

 

203,087

​

8.0

%  

 

643,033

​

 

583,937

​

10.1

%  

​

1Includes $10.0 million for both the three-months ended September 30, 2024 and 2023, related to the recognition of deferred revenue. Includes $29.9 million and $30.0 million for the nine-months ended September 30, 2024 and 2023, respectively, related to the recognition of deferred revenue.

*Gross profit may not be comparable to that of other entities since some entities include all costs associated with their distribution process in cost of sales, whereas others exclude certain costs and instead include such costs within another line item such as operating expenses. We include out-bound freight and warehouse costs in operating expenses rather than in cost of sales.

Three-Months Ended September 30, 2024 Compared to the Three-Months Ended September 30, 2023.

Net Sales

Net sales were $1.88 billion for the three-months ended September 30, 2024, an increase of approximately $24.9 million, or 1.3% higher than net sales of $1.86 billion for the three-months ended September 30, 2023. Net changes in foreign currency exchange rates had an unfavorable impact on net sales of approximately $62.8 million ($26.5 million related to Argentina) for the three-months ended September 30, 2024. Net sales on a foreign currency adjusted basis increased 4.7% (3.3% exclusive of Argentina’s impact) for the three-months ended September 30, 2024.

35

Table of Contents

Net sales were $708.8 million for the three-months ended September 30, 2024, an increase of $21.7 million, or 3.2% higher than net sales of $687.1 million for the three-months ended September 30, 2023, in EMEA, Asia Pacific (including Oceania), Latin America and the Caribbean. Net changes in foreign currency exchange rates had an unfavorable impact on net sales to customers in EMEA, Asia Pacific (including Oceania), Latin America and the Caribbean of approximately $61.4 million ($26.5 million related to Argentina) for the three-months ended September 30, 2024. Net sales on a foreign currency adjusted basis in EMEA, Asia Pacific (including Oceania), Latin America and the Caribbean increased 12.1% (8.2% exclusive of Argentina’s impact) for the three-months ended September 30, 2024.

Net sales for the Monster Energy® Drinks segment were $1.72 billion for the three-months ended September 30, 2024, an increase of approximately $14.5 million, or 0.8% higher than net sales of $1.71 billion for the three-months ended September 30, 2023. Net changes in foreign currency exchange rates had an unfavorable impact on net sales for the Monster Energy® Drinks segment of approximately $52.8 million ($26.5 million related to Argentina) for the three-months ended September 30, 2024. Net sales for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 3.9% (2.4% exclusive of Argentina’s impact) for the three-months ended September 30, 2024.

Net sales for the Strategic Brands segment were $112.6 million for the three-months ended September 30, 2024, an increase of approximately $13.8 million, or 14.0% higher than net sales of $98.8 million for the three-months ended September 30, 2023. Net sales for the Strategic Brands segment increased primarily due to increased sales by volume of our Burn®, Predator® and Full Throttle® brand energy drinks. Net changes in foreign currency exchange rates had an unfavorable impact on net sales of approximately $10.0 million for the Strategic Brands segment for the three-months ended September 30, 2024. Net sales for the Strategic Brands segment on a foreign currency adjusted basis increased 24.1% for the three-months ended September 30, 2024. Net sales of concentrates within the Strategic Brands segment tend to have more pronounced fluctuations from period to period as compared to net sales of our finished goods within the Monster Energy® Drinks segment primarily as a result of bottler production schedules.

Net sales for the Alcohol Brands segment were $39.8 million for the three-months ended September 30, 2024, a decrease of approximately $2.5 million, or 6.0% lower than net sales of $42.3 million for the three-months ended September 30, 2023. The decrease in net sales for the three-months ended September 30, 2024 was primarily due to decreased sales by volume of craft beers.

Net sales for the Other segment were $5.9 million for the three-months ended September 30, 2024, a decrease of approximately $0.8 million, or 11.5% lower than net sales of $6.7 million for the three-months ended September 30, 2023.

Case sales for our energy drink products, in 192-ounce case equivalents, were 219.4 million cases for the three-months ended September 30, 2024, an increase of approximately 16.3 million cases or 8.0% higher than case sales of 203.1 million cases for the three-months ended September 30, 2023. The overall average net sales per case for our energy drink products (excluding net sales of Alcohol Brands and Other segments) decreased to $8.36 for the three-months ended September 30, 2024, which was 6.0% lower than the average net sales per case of $8.90 for the three-months ended September 30, 2023. The decrease in overall average net sales per case for our energy drink products for the three-months ended September 30, 2024 compared to the three-months ended September 30, 2023 was primarily due to higher promotional allowances as a percentage of net sales as well as geographical/product sales mix.

Case sales for our craft beers, hard seltzers and FMBs, in 192-ounce equivalents, were 2.8 million cases for the three-months ended September 30, 2024, a decrease of approximately 0.2 million cases or 6.2% lower than case sales of 3.0 million cases for the three-months ended September 30, 2023. Barrel sales for our craft beers, hard seltzers and FMBs, in 31 U.S. gallon equivalents, were 0.14 million barrels for the three-months ended September 30, 2024, a decrease of approximately 0.01 million barrels or 6.2% lower than barrel sales of 0.15 million barrels for the three-months ended September 30, 2023.

Gross Profit

Gross profit was $999.8 million for the three-months ended September 30, 2024, an increase of approximately $16.0 million, or 1.6% higher than the gross profit of $983.8 million for the three-months ended September 30, 2023. Gross profit for the three-months ended September 30, 2024 was adversely impacted by an increase in inventory reserves due to excess inventory levels in the Alcohol Brands segment of $10.6 million (the “Alcohol Brands Inventory Reserves”). The increase in gross profit dollars was primarily the result of the $24.9 million increase in net sales, partially offset by the Alcohol Brands Inventory Reserves for the three-months ended September 30, 2024.

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截至2024年9月30日的三个月中，毛利润占净销售额的百分比增加到53.2%（不计入酒类品牌库存准备的情况下为53.7%），而截至2023年9月30日的三个月为53.0%。2024年9月30日截止的三个月中，毛利润占净销售额的百分比增长主要是由于较低的投入成本，定价措施，Bang库存提升（包含在2023年第三季度的比较中）以及运输成本的降低，部分被作为净销售额百分比的更高促销津贴以及酒类品牌库存准备抵消。

营业费用

截至2024年9月30日的三个月，总营业费用为51990万，较截至2023年9月30日的三个月总营业费用47320万增加了约4660万，或9.9%。

营业费用的增加主要是由于薪资支出增加了2070万（960万与股票薪酬相关），销售和市场费用增加了1890万（主要是赞助和代言）以及与Hansen家族后裔就公司在2015年与TCCC交易之前使用Hubert Hansen名称提起的知识产权索赔相关的1670万准备金（「汉森费用」）。股票薪酬的增加主要与我们16号章程官员的预计绩效股份单位归属水平有关。截止到2024年9月30日的三个月，营业费用占净销售额的百分比为27.6%，相比之下，截止到2023年9月30日的三个月为25.5%。截至2023年9月30日的三个月，营业费用包括约800万的Bang交易费用。

营业收入

截至2024年9月30日的三个月，营业收入为47990万，较截至2023年9月30日的三个月的营业收入51050万减少了约3060万，或6.0%。截至2024年9月30日的三个月，营业收入占净销售额的百分比减少到25.5%，而截至2023年9月30日的三个月为27.5%。

截至2024年9月30日和2023年9月30日的三个月内，我们在欧洲、中东、非洲、亚太地区（包括大洋洲）、拉丁美洲和加勒比地区的营业收入分别为13530万和11410万。

截至2024年9月30日的三个月内，Monster Energy®饮料业务段的营业收入（不包括公司和未分配费用）为60170万，比2023年9月30日的60370万降低了约200万，下降幅度为0.3%。Monster Energy®饮料业务段营业收入的下降主要是由于营业费用增加超过净销售额的增长。

截至2024年9月30日的三个月内，战略品牌业务段的营业收入（不包括公司和未分配费用）为6010万，比2023年9月30日的5270万增加了约740万，增长幅度为14.0%。战略品牌业务段营业收入的增加主要是由于净销售额的增长。

截至2024年9月30日的三个月内，酒精品牌业务段的营业亏损（不包括公司和未分配费用）为2260万，比2023年9月30日的1170万增加了约1090万，增长幅度为92.7%。截至2024年9月30日的三个月内营业亏损的增加主要是由于酒精品牌库存储备。

截至2024年9月30日的三个月内，其他业务段的营业收入（不包括公司和未分配费用）为150万，而2023年9月30日的营业收入为130万。截止2024年9月30日的三个月内营业收入的增加主要是毛利润的增加。

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利息及其他收入（费用），净额

截至2024年9月30日的三个月中，利息及其他非营业收入（费用），净额为（580）万美元，而2023年9月30日的三个月中，利息及其他非营业收入（费用），净额为7140万美元。外币交易损失分别为2024年和2023年截至9月30日的三个月中的1080万美元和1320万美元。利息收入分别为2024年和2023年截至9月30日的三个月中的1810万美元和3930万美元。2024年截至9月30日的三个月中，利息收入的减少主要与由于2024年第二和第三季度回购库存股而导致的短期和长期投资余额的降低有关。利息费用分别为2024年和2023年截至9月30日的三个月中的1250万美元和10万美元。2023年截至9月30日的三个月中的利息及其他非营业收入（费用），净额包括Bang交易收益。

所得税准备

截至2024年9月30日的三个月中的所得税准备为10320万美元，较2023年9月30日的三个月中的所得税准备12920万美元减少2600万美元，下降了20.1%。截至2024年和2023年9月30日的三个月中，联邦、州及国外的有效综合税率从22.2%降至21.8%。有效税率的下降主要归因于2024年截至9月30日的三个月中在较低税率辖区的收入增加，与2023年9月30日的三个月相比。

净利润

截至2024年9月30日的三个月中的净利润为37090万美元，较2023年9月30日的三个月中的净利润45270万美元减少8180万美元，下降了18.1%。截至2024年9月30日的三个月中，净利润的减少主要是由于利息及其他收入（费用），净额的减少以及营业费用的增加，部分被净销售的增加和所得税准备的减少所抵消。2023年第三季度的比较中包括Bang交易收益、Bang库存增值和Bang交易费用。

截至2024年9月30日的九个月与截至2023年9月30日的九个月相比.

净销售额

截至2024年9月30日的九个月净销售额为56.8亿美元，比截至2023年9月30日的九个月净销售额54.1亿美元增加了约27070万美元，增长了5.0%。净销售额的增长主要是由于我们Monster Energy®品牌的能源饮料由于消费者需求增加而在全球销量的提升，以及由于价格调整的影响。外汇汇率的净变化对截至2024年9月30日的净销售额产生了大约19480万美元的不利影响（其中11090万美元与阿根廷相关）。根据外汇调整后的净销售额，在截至2024年9月30日的九个月中增长了8.6%（剔除阿根廷影响后增长6.6%）。

截至2024年9月30日的九个月净销售额为21亿美元，比截至2023年9月30日的九个月净销售额19.4亿美元增加了16300万美元，增长了8.4%，涵盖了欧洲、中东、非洲、亚太（包括大洋洲）、拉丁美洲和加勒比地区。外汇汇率的净变化对截至2024年9月30日的净销售额产生了约19320万美元的不利影响（其中11090万美元与阿根廷相关），针对 欧洲、中东、非洲、亚太（包括大洋洲）、拉丁美洲和加勒比地区的客户。根据外汇调整后的净销售额，在截至2024年9月30日的九个月中增长了18.4%（剔除阿根廷影响后增长12.6%）。

截至2024年9月30日的九个月，Monster Energy®饮料部门的净销售额为51.9亿美元，增加了约23780万美元，或比截至2023年9月30日的九个月的净销售额49.6亿美元增长了4.8%。Monster Energy®饮料部门的净销售额的增长主要是由于我们Monster Energy®品牌的能源饮料由于消费者需求增加而在全球销量的提升，以及由于价格调整的影响。外汇汇率的净变化对Monster Energy®饮料部门的净销售额产生了大约16100万美元的不利影响（其中11090万美元与阿根廷相关）截至2024年9月30日的九个月。根据外汇调整后的Monster Energy®饮料部门的净销售额增长了8.0%（剔除阿根廷影响的增长为5.8%）。

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Net sales for the Strategic Brands segment were $330.2 million for the nine-months ended September 30, 2024, an increase of approximately $45.4 million, or 15.9% higher than net sales of $284.8 million for the nine-months ended September 30, 2023. Net sales for the Strategic Brands segment increased primarily due to increased sales by volume of our Burn®, NOS®, Predator® and Fury® brand energy drinks. Net changes in foreign currency exchange rates had an unfavorable impact on net sales of approximately $33.8 million for the Strategic Brands segment for the nine-months ended September 30, 2024. Net sales for the Strategic Brands segment on a foreign currency adjusted basis increased 27.8% for the nine-months ended September 30, 2024. Net sales of concentrates within the Strategic Brands segment tend to have more pronounced fluctuations from period to period as compared to net sales of our finished goods within the Monster Energy® Drinks segment primarily as a result of bottler production schedules.

Net sales for the Alcohol Brands segment were $137.4 million for the nine-months ended September 30, 2024, a decrease of approximately $12.3 million, or 8.2% lower than net sales of $149.7 million for the nine-months ended September 30, 2023. The decrease in net sales for the nine-months ended September 30, 2024 was primarily due to decreased sales by volume of craft beers.

Net sales for the Other segment were $18.5 million for the nine-months ended September 30, 2024, a decrease of approximately $0.2 million, or 0.8% lower than net sales of $18.6 million for the nine-months ended September 30, 2023.

Case sales for our energy drink products, in 192-ounce case equivalents, were 643.0 million cases for the nine-months ended September 30, 2024, an increase of approximately 59.1 million cases or 10.1% higher than case sales of 583.9 million cases for the nine-months ended September 30, 2023. The overall average net sales per case for our energy drink products (excluding net sales of Alcohol Brands and Other segments) decreased to $8.59 for the nine-months ended September 30, 2024, which was 4.3% lower than the average net sales per case of $8.98 for the nine-months ended September 30, 2023. The decrease in overall average net sales per case for our energy drink products for the nine-months ended September 30, 2024 compared to the nine-months ended September 30, 2023 was primarily due to higher promotional allowances as a percentage of net sales as well as geographical/product sales mix.

Case sales for our craft beers, hard seltzers and FMBs, in 192-ounce equivalents, were 10.0 million cases for the nine-months ended September 30, 2024, a decrease of approximately 0.6 million cases or 5.8% lower than case sales of 10.6 million cases for the nine-months ended September 30, 2023. Barrel sales for our craft beers, hard seltzers and FMBs, in 31 U.S. gallon equivalents, were 0.48 million barrels for the nine-months ended September 30, 2024, a decrease of approximately 0.03 million barrels or 5.8% lower than barrel sales of 0.51 million barrels for the nine-months ended September 30, 2023.

Gross Profit

Gross profit was $3.05 billion for the nine-months ended September 30, 2024, an increase of approximately $190.6 million, or 6.7% higher than the gross profit of $2.86 billion for the nine-months ended September 30, 2023. The increase in gross profit dollars was primarily the result of the $270.7 million increase in net sales for the nine-months ended September 30, 2024.

Gross profit as a percentage of net sales increased to 53.6% for the nine-months ended September 30, 2024 from 52.8% for the nine-months ended September 30, 2023. The increase in gross profit as a percentage of net sales for the nine-months ended September 30, 2024 was primarily the result of the Pricing Actions, decreased freight-in costs and lower aluminum can costs, partially offset by higher promotional allowances as a percentage of net sales as well as production inefficiencies.

Operating Expenses

Total operating expenses were $1.50 billion for the nine-months ended September 30, 2024, an increase of approximately $160.9 million, or 12.0% higher than total operating expenses of $1.34 billion for the nine-months ended September 30, 2023.

The increase in operating expenses was primarily due to increased selling and marketing expenses of $63.9 million (primarily sponsorships and endorsements), increased payroll expenses of $55.3 million, increased distribution expenses (including storage and warehouse) of $20.5 million and the Hansen Expenses of $16.7 million. Operating expenses as a percentage of net sales for the nine-months ended September 30, 2024 were 26.4% as compared to 24.7% for the nine-months ended September 30, 2023. Operating expenses for the nine-months ended September 30, 2023, included approximately $15.1 million of Bang Transaction Expenses.

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Operating Income

Operating income was $1.55 billion for the nine-months ended September 30, 2024, an increase of approximately $29.7 million, or 2.0% higher than operating income of $1.52 billion for the nine-months ended September 30, 2023. The increase in operating income was primarily the result of an increase in net sales, as well as an increase in gross profit as a percentage of net sales, partially offset by an increase in operating expenses. Operating income as a percentage of net sales decreased to 27.3% for the nine-months ended September 30, 2024 from 28.1% for the nine-months ended September 30, 2023.

Operating income was $419.0 million and $322.0 million for the nine-months ended September 30, 2024 and 2023, respectively, for our operations in EMEA, Asia Pacific (including Oceania), Latin America and the Caribbean.

Operating income for the Monster Energy® Drinks segment, exclusive of corporate and unallocated expenses, was $1.84 billion for the nine-months ended September 30, 2024, an increase of approximately $79.7 million, or 4.5% higher than operating income of $1.76 billion for the nine-months ended September 30, 2023. The increase in operating income for the Monster Energy® Drinks segment was primarily the result of an increase in net sales as well as an increase in gross profit as a percentage of net sales.

Operating income for the Strategic Brands segment, exclusive of corporate and unallocated expenses, was $183.8 million for the nine-months ended September 30, 2024, an increase of approximately $24.1 million, or 15.1% higher than operating income of $159.6 million for the nine-months ended September 30, 2023. The increase in operating income for the Strategic Brands segment was primarily the result of an increase in net sales.

Operating loss for the Alcohol Brands segment, exclusive of corporate and unallocated expenses, was $51.2 million for the nine-months ended September 30, 2024, an increase of approximately $26.0 million, or 103.2% higher than operating loss of $25.2 million for the nine-months ended September 30, 2023. The operating loss for the nine-months ended September 30, 2024 was primarily due to the decrease in net sales and the Alcohol Brands Inventory Reserves.  

Operating income for the Other segment, exclusive of corporate and unallocated expenses, was $3.9 million for the nine-months ended September 30, 2024, as compared to operating income of $2.7 million for the nine-months ended September 30, 2023. The increase in operating income for the nine-months ended September 30, 2024 was primarily the result of a decrease in operating expenses.

Interest and Other Income (Expense), net

Interest and other non-operating income (expense), net, was $54.3 million for the nine-months ended September 30, 2024, as compared to interest and other non-operating income (expense), net, of $99.0 million for the nine-months ended September 30, 2023. Foreign currency transaction losses were $24.7 million and $38.6 million for the nine-months ended September 30, 2024 and 2023, respectively. Interest income was $97.5 million and $92.1 million for the nine-months ended September 30, 2024 and 2023, respectively. Interest expense was $17.5 million and $0.4 million for the nine-months ended September 30, 2024 and 2023, respectively. Interest and other non-operating income (expense), net, for the nine-months ended September 30, 2023 included the Bang Transaction Gain.

Provision for Income Taxes

Provision for income taxes was $365.0 million for the nine-months ended September 30, 2024, an increase of $10.6 million, or 3.0% higher than the provision for income taxes of $354.4 million for the nine-months ended September 30, 2023. The effective combined federal, state and foreign tax rate increased to 22.8% from 21.9% for the nine-months ended September 30, 2024 and 2023, respectively. The increase in the effective tax rate was primarily attributable to a decrease in the stock-based compensation deduction in the nine-months ended September 30, 2024, as compared to the nine-months ended September 30, 2023.

Net Income

Net income was $1.24 billion for the nine-months ended September 30, 2024, a decrease of $25.7 million, or 2.0% lower than net income of $1.26 billion for the nine-months ended September 30, 2023. The decrease in net income for the nine-months ended September 30, 2024 was primarily due to the increase in operating expenses and the decrease in interest and other income (expense), net, which were partially offset by the increase in net sales and in the increase in gross profit as a percentage of net sales.

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Key Business Metrics

We use certain key metrics and financial measures not prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) to evaluate and manage our business. For a further discussion of how we use key metrics and certain non-GAAP financial measures, see “Non-GAAP Financial Measures and Other Key Metrics.”

Non-GAAP Financial Measures and Other Key Metrics

Gross Billings**

Three-Months Ended September 30, 2024 Compared to the Three-Months Ended September 30, 2023.

Gross billings were $2.21 billion for the three-months ended September 30, 2024, an increase of approximately $60.2 million, or 2.8% higher than gross billings of $2.15 billion for the three-months ended September 30, 2023. Net changes in foreign currency exchange rates had an unfavorable impact on gross billings of approximately $65.2 million ($26.8 million related to Argentina) for the three-months ended September 30, 2024. Gross billings on a foreign currency adjusted basis increased 5.8% (4.6% exclusive of Argentina’s impact) for the three-months ended September 30, 2024.

Gross billings for the Monster Energy® Drinks segment were $2.03 billion for the three-months ended September 30, 2024, an increase of approximately $47.2 million, or 2.4% higher than gross billings of $1.99 billion for the three-months ended September 30, 2023. Net changes in foreign currency exchange rates had an unfavorable impact on gross billings for the Monster Energy® Drinks segment of approximately $55.2 million ($26.8 million related to Argentina) for the three-months ended September 30, 2024. Gross billings for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 5.2% (3.8% exclusive of Argentina’s impact) for the three-months ended September 30, 2024.

Gross billings for the Strategic Brands segment were $128.5 million for the three-months ended September 30, 2024, an increase of $15.9 million, or 14.2% higher than gross billings of $112.5 million for the three-months ended September 30, 2023. Gross billings for the Strategic Brands segment increased primarily due to increased sales by volume of our Burn® and Predator® brand energy drinks. Net changes in foreign currency exchange rates had an unfavorable impact on gross billings in the Strategic Brands segment of approximately $10.0 million for the three-months ended September 30, 2024. Gross billings for the Strategic Brands segment on a foreign currency adjusted basis increased 23.1% for the three-months ended September 30, 2024.

Gross billings for the Alcohol Brands segment were $40.8 million for the three-months ended September 30, 2024, a decrease of approximately $2.3 million, or 5.3% lower than gross billings of $43.1 million for the three-months ended September 30, 2023.  The decrease in gross billings for the three-months ended September 30, 2024 was primarily due to decreased sales by volume of craft beers.

Gross billings for the Other segment were $6.0 million for the three-months ended September 30, 2024, a decrease of $0.7 million, or 9.8% lower than gross billings of $6.7 million for the three-months ended September 30, 2023.

Promotional allowances, commissions and other expenses, as described in the footnote below, were $338.1 million for the three-months ended September 30, 2024, an increase of $35.2 million, or 11.6% higher than promotional allowances, commissions and other expenses of $302.8 million for the three-months ended September 30, 2023. Promotional allowances, commissions and other expenses as a percentage of gross billings increased to 15.3% from 14.1% for the three-months ended September 30, 2024 and 2023, respectively.

Nine-Months Ended September 30, 2024 Compared to the Nine-Months Ended September 30, 2023.

Gross billings were $6.62 billion for the nine-months ended September 30, 2024, an increase of approximately $370.1 million, or 5.9% higher than gross billings of $6.25 billion for the nine-months ended September 30, 2023. Net changes in foreign currency exchange rates had an unfavorable impact on gross billings of approximately $196.6 million ($111.2 million related to Argentina) for the nine-months ended September 30, 2024. Gross billings on a foreign currency adjusted basis increased 9.1% (7.3% exclusive of Argentina’s impact) for the nine-months ended September 30, 2024.

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Gross billings for the Monster Energy® Drinks segment were $6.08 billion for the nine-months ended September 30, 2024, an increase of approximately $330.3 million, or 5.7% higher than gross billings of $5.75 billion for the nine-months ended September 30, 2023. Gross billings for the Monster Energy® Drinks segment increased primarily due to increased worldwide sales by volume of our Monster Energy® brand energy drinks as a result of increased consumer demand as well as due to the Pricing Actions. Net changes in foreign currency exchange rates had an unfavorable impact on gross billings for the Monster Energy® Drinks segment of approximately $162.8 million ($111.2 million related to Argentina) for the nine-months ended September 30, 2024. Gross billings for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 8.6% (6.6% exclusive of Argentina’s impact) for the nine-months ended September 30, 2024.

Gross billings for the Strategic Brands segment were $374.1 million for the nine-months ended September 30, 2024, an increase of $51.3 million, or 15.9% higher than gross billings of $322.8 million for the nine-months ended September 30, 2023. Gross billings for the Strategic Brands segment increased primarily due to increased sales by volume of our Burn®, NOS®, Predator® and Fury® brand energy drinks. Net changes in foreign currency exchange rates had an unfavorable impact on gross billings in the Strategic Brands segment of approximately $33.8 million for the nine-months ended September 30, 2024. Gross billings for the Strategic Brands segment on a foreign currency adjusted basis increased 26.4% for the nine-months ended September 30, 2024.

Gross billings for the Alcohol Brands segment were $140.8 million for the nine-months ended September 30, 2024, a decrease of approximately $11.5 million, or 7.6% lower than gross billings of $152.3 million for the nine-months ended September 30, 2023. The decrease in gross billings for the nine-months ended September 30, 2024 was primarily due to decreased sales by volume of craft beers.

Gross billings for the Other segment were $18.7 million for the nine-months ended September 30, 2024, an increase of $0.1 million, or 0.3% higher than gross billings of $18.6 million for the nine-months ended September 30, 2023.

Promotional allowances, commissions and other expenses, as described in the footnote below, were $965.3 million for the nine-months ended September 30, 2024, an increase of $99.3 million, or 11.5% higher than promotional allowances, commissions and other expenses of $866.0 million for the nine-months ended September 30, 2023. Promotional allowances, commissions and other expenses as a percentage of gross billings increased to 14.6% from 13.9% for the nine-months ended September 30, 2024 and 2023, respectively.

**Gross Billings represent amounts invoiced to customers net of cash discounts, returns and excise taxes. Gross billings are used internally by management as an indicator of and to monitor operating performance, including sales performance of particular products, salesperson performance, product growth or declines and is useful to investors in evaluating overall Company performance. The use of gross billings allows evaluation of sales performance before the effect of any promotional items, which can mask certain performance issues. We therefore believe that the presentation of gross billings provides a useful measure of our operating performance. The use of gross billings is not a measure that is recognized under GAAP and should not be considered as an alternative to net sales, which is determined in accordance with GAAP, and should not be used alone as an indicator of operating performance in place of net sales. Additionally, gross billings may not be comparable to similarly titled measures used by other companies, as gross billings has been defined by our internal reporting practices. In addition, gross billings may not be realized in the form of cash receipts as promotional payments and allowances may be deducted from payments received from certain customers.

The following table reconciles the non-GAAP financial measure of gross billings with the most directly comparable GAAP financial measure of net sales:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Three-Months Ended

    

Percentage

    

​

Nine-Months Ended

    

Percentage

​

(In thousands)

​

September 30, 

​

Change

​

September 30, 

 

Change

​

​

 

2024

    

2023

 

24 vs. 23

​

2024

    

2023

 

24 vs. 23

​

Gross Billings

​

$

2,209,023

​

$

2,148,834

​

2.8

%  

$

6,616,108

​

$

6,245,968

 

5.9

%

Deferred Revenue

​

​

10,044

​

​

10,043

​

0.0

%  

​

29,897

​

​

29,974

​

(0.3)

%

Less: Promotional allowances, commissions and other expenses***

​

 

338,094

​

 

302,849

​

11.6

%

 

965,337

​

 

866,023

 

11.5

%

Net Sales

​

$

1,880,973

​

$

1,856,028

​

1.3

%

$

5,680,668

​

$

5,409,919

 

5.0

%

​

***Although the expenditures described in this line item are determined in accordance with GAAP and meet GAAP requirements, the presentation thereof does not conform to GAAP presentation requirements. Additionally, our definition of promotional and other allowances may not be comparable to similar items presented by other companies. Promotional and other allowances for our energy drink products primarily include consideration given to our non-alcohol bottlers/distributors or retail customers including, but not limited to the following: (i) discounts granted off list prices to support price promotions to end-consumers by retailers; (ii) reimbursements given to our bottlers/distributors for agreed portions of their promotional spend with retailers, including slotting, shelf space allowances and other fees for both new and existing products; (iii) our agreed share of fees given to

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bottlers/distributors and/or directly to retailers for advertising, in-store marketing and promotional activities; (iv) our agreed share of slotting, shelf space allowances and other fees given directly to retailers, club stores and/or wholesalers; (v) incentives given to our bottlers/distributors and/or retailers for achieving or exceeding certain predetermined sales goals; (vi) discounted or free products; (vii) contractual fees given to our bottlers/distributors related to sales made by us direct to certain customers that fall within the bottlers’/distributors’ sales territories; and (viii) certain commissions paid based on sales to our bottlers/distributors. The presentation of promotional and other allowances facilitates an evaluation of their impact on the determination of net sales and the spending levels incurred or correlated with such sales. Promotional and other allowances for our energy drink products constitute a material portion of our marketing activities. Our promotional allowance programs for our energy drink products with our numerous bottlers/distributors and/or retailers are executed through separate agreements in the ordinary course of business. These agreements generally provide for one or more of the arrangements described above and are of varying durations, ranging from one week to one year. Promotional and other allowances for our Alcohol Brands segment primarily include price promotions where permitted.

​

Sales

The table below discloses selected quarterly data regarding sales for the three- and nine-months ended September 30, 2024 and 2023, respectively. Data from any one or more quarters or periods is not necessarily indicative of annual results or continuing trends.

Sales of our energy drinks are expressed in unit case volume. A “unit case” means a unit of measurement equal to 192 U.S. fluid ounces of finished beverage (24 eight-ounce servings). Unit case volume means the number of unit cases (or unit case equivalents) of finished products or concentrates as if converted into finished products sold by us.

Our quarterly results of operations reflect seasonal trends that are primarily the result of increased demand in the warmer months of the year. Beverage sales tend to be lower during the first and fourth quarters of each calendar year. However, our experience with our energy drink products suggests they are less seasonal than the seasonality expected from traditional beverages. In addition, our continued growth internationally may further reduce the impact of seasonality on our business. Quarterly fluctuations may also be affected by other factors including the introduction of new products, the opening of new markets where temperature fluctuations are more pronounced, the addition of new bottlers/distributors, changes in the sales mix of our products and changes in advertising and promotional expenses.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three-Months Ended

​

Nine-Months Ended

(In thousands, except average net sales per case)

​

September 30, 

​

September 30, 

​

    

2024

    

2023

    

2024

    

2023

Net sales

​

$

1,880,973

​

$

1,856,028

​

$

5,680,668

​

$

5,409,919

Less: Alcohol Brands segment sales

​

​

(39,784)

​

​

(42,326)

​

​

(137,417)

​

​

(149,692)

Less: Other segment sales

​

 

(5,930)

​

 

(6,698)

​

 

(18,467)

​

 

(18,620)

Adjusted net sales1

​

$

1,835,259

​

$

1,807,004

​

$

5,524,784

​

$

5,241,607

​

​

​

​

​

​

​

​

​

​

​

​

​

Case sales by segment:1

​

 

​

​

 

​

​

 

​

​

 

  

Monster Energy® Drinks

​

 

172,587

​

 

165,504

​

 

507,970

​

 

479,964

Strategic Brands

​

 

46,822

​

 

37,584

​

 

135,063

​

 

103,973

Total case sales

​

 

219,409

​

 

203,088

​

 

643,033

​

 

583,937

Average net sales per case - Energy Drinks

​

$

8.36

​

$

8.90

​

$

8.59

​

$

8.98

​

1Excludes Alcohol Brands segment and Other segment net sales.

Net changes in foreign currency exchange rates had an unfavorable impact on the overall average net sales per case for the three- and nine-months ended September 30, 2024.

The following represents case sales for our craft beers, hard seltzers and FMBs, in 192-ounce equivalents:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three-Months Ended

​

Nine-Months Ended

(In thousands, except average net sales per case)

​

September 30,

​

September 30,

​

    

2024

    

2023

    

2024

    

2023

Alcohol Brands segment net sales

​

$

39,784

​

$

42,326

​

$

137,417

​

$

149,692

Case sales

​

 

2,845

​

 

3,034

​

 

9,967

​

 

10,581

Average net sales per case - Alcohol Brands

​

$

13.98

​

$

13.95

​

$

13.79

​

$

14.15

​

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Table of Contents

See Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations” for additional information related to net sales.

Liquidity and Capital Resources

Cash and cash equivalents. At September 30, 2024, we had $1.63 billion in cash and cash equivalents.  Of our $1.63 billion of cash and cash equivalents held at September 30, 2024, $1.12 billion was held by our foreign subsidiaries.

Long-term debt. In May 2024, the Company entered into a credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, and certain other lenders, which provides for senior unsecured credit facilities in an aggregate principal amount of $1.50 billion (collectively, the “Credit Facilities”). The Credit Facilities consist of a $750.0 million term loan (the “Term Loan”) and up to $750.0 million in multicurrency revolving loan commitments (the “Revolving Credit Facility”). The Term Loan matures May 2027 and the Revolving Credit Facility matures May 2029. Borrowings under the Credit Facilities may be repaid at any time during the term of the Credit Facilities and, in the case of the Revolving Credit Facility, may be reborrowed prior to the maturity date. As of September 30, 2024, the Revolving Credit Facility had remaining availability of $750.0 million.

We believe that cash available from operations, including our cash resources and access to credit, will be sufficient for our working capital needs, including purchase commitments for raw materials and inventory, increases in accounts receivable, payments of tax liabilities, expansion and development requirements, purchases of capital assets, purchases of equipment, purchases of real property and purchases of shares of our common stock, through at least the next 12 months. Based on our current plans, at this time we estimate that capital expenditures (exclusive of common stock repurchases) are likely to be less than $500.0 million through September 30, 2025. However, future business opportunities may cause a change in this estimate.

Purchases of inventories, increases in accounts receivable and other assets, acquisition of property and equipment (including real property, personal property, plant and manufacturing equipment, and coolers), leasehold improvements, advances for or the purchase of equipment for our bottlers, acquisition and maintenance of trademarks, payments of accounts payable, income taxes payable and purchases of our common stock are expected to remain our principal recurring use of cash.

The following summarizes our cash flows for the nine-months ended September 30, 2024 and 2023 (in thousands):

​

​

​

​

​

​

​

Net cash provided by (used in):

    

​

​

    

​

​

​

 

2024

 

2023

Operating activities

​

$

1,466,832

​

$

1,283,426

Investing activities

​

$

843,018

​

$

(360,023)

Financing activities

​

$

(2,967,704)

​

$

(433,793)

​

Cash flows provided by operating activities. Cash provided by operating activities was $1.47 billion for the nine-months ended September 30, 2024, as compared with cash provided by operating activities of $1.28 billion for the nine-months ended September 30, 2023.

For the nine-months ended September 30, 2024, cash provided by operating activities was primarily attributable to net income earned of $1.24 billion and adjustments for certain non-cash expenses, consisting primarily of $69.6 million of depreciation and amortization and non-cash lease expense and $68.8 million of stock-based compensation. For the nine-months ended September 30, 2024, cash provided by operating activities also increased due to a $197.1 million decrease in inventories, a $46.7 million increase in accrued liabilities, a $31.5 million increase in accrued promotional allowances and a $4.2 million increase in income taxes payable. For the nine-months ended September 30, 2024, cash used in operating activities was primarily attributable to a $106.4 million increase in accounts receivable, a $39.7 million increase in prepaid income taxes, a $14.3 million decrease in accounts payable, a $12.7 million decrease in deferred revenue, a $6.0 million decrease in accrued compensation, a $5.9 million increase in prepaid expenses and other assets and a $2.4 million decrease in other liabilities.

For the nine-months ended September 30, 2023, cash provided by operating activities was primarily attributable to net income earned of $1.26 billion and adjustments for certain non-cash expenses, consisting of $50.4 million of depreciation and amortization, $52.5 million of stock-based compensation, $6.5 million of non-cash lease expense and $2.8 million loss on impairment of intangibles, partially offset by the $45.4 million Bang Transaction Gain. For the nine-months ended September 30, 2023, cash provided by operating activities also increased due to a $109.8 million increase in accounts payable, a $69.8 million decrease in inventories, a $42.4 million

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increase in accrued promotional allowances, a $24.7 million increase in accrued liabilities, a $8.0 million decrease in prepaid income taxes, a $4.2 million increase in income taxes payable and a $3.5 million increase in accrued compensation. For the nine-months ended September 30, 2023, cash used in operating activities was primarily attributable to a $218.8 million increase in accounts receivable, a $67.4 million increase in prepaid expenses and other assets, a $19.3 million decrease in deferred revenue and a $3.6 million decrease in other liabilities.

Cash flows provided by (used in) investing activities. Cash provided by investing activities was $843.0 million for the nine-months ended September 30, 2024, as compared to cash used in investing activities of $360.0 million for the nine-months ended September 30, 2023.

For both the nine-months ended September 30, 2024 and 2023, cash provided by investing activities was primarily attributable to sales of available-for-sale investments. For both the nine-months ended September 30, 2024 and 2023, cash used in investing activities was primarily attributable to purchases of available-for-sale investments. For the nine-months ended September 30, 2023, cash used in investing activities included $363.4 million related to the acquisition of the Bang Energy® business. To a lesser extent, for both the nine-months ended September 30, 2024 and 2023, cash used in investing activities also included the acquisitions of fixed assets consisting of vans and promotional vehicles, coolers and other equipment to support our marketing and promotional activities, production equipment, furniture and fixtures, office and computer equipment, computer software, equipment used for sales and administrative activities, certain leasehold improvements, as well as acquisitions of and/or construction of and/or improvements to real property. We expect to continue to use a portion of our cash in excess of our requirements for operations for purchasing short-term and long-term investments, leasehold improvements, the acquisition of capital equipment (specifically, vans, trucks and promotional vehicles, coolers, other promotional equipment, merchandise displays, warehousing racks as well as items of production equipment required to produce certain of our existing and/or new products) to develop our brand in international markets and for other corporate purposes. From time to time, we may also use cash to purchase additional real property related to our beverage business and/or acquire compatible businesses.

Cash flows used in financing activities. Cash used in financing activities was $2.97 billion for the nine-months ended September 30, 2024, as compared to cash used in financing activities of $433.8 million for the nine-months ended September 30, 2023. The cash used in financing activities for both the nine-months ended September 30, 2024 and 2023 was primarily the result of the repurchases of our common stock. The cash provided by financing activities for the nine-months ended September 30, 2024 was primarily attributable to borrowings under the Credit Facilities and, to a lesser extent, the issuance of our common stock under our stock-based compensation plans. The cash provided by financing activities for the nine-months ended September 30, 2023 was primarily attributable to the issuance of our common stock under our stock-based compensation plans.

The following represents a summary of the Company’s contractual commitments and related scheduled maturities as of September 30, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Payments due by period (in thousands)

​

    

​

​

    

Less than

    

1‑3 

    

3‑5 

    

More than

Obligations

​

Total

​

1 year

 

years

 

years

 

5 years

Contractual Obligations1

​

$

400,579

​

$

299,956

​

$

88,133

​

$

11,168

​

$

1,322

Finance Leases

​

 

2,797

​

 

2,750

​

 

27

​

 

20

​

 

—

Operating Leases

​

 

65,179

​

 

13,624

​

 

21,868

​

 

16,277

​

 

13,410

Credit Facilities

​

​

750,000

​

​

—

​

​

—

​

​

750,000

​

​

—

Purchase Commitments2

​

 

238,089

​

 

193,428

​

 

44,645

​

 

16

​

 

—

​

​

$

1,456,644

​

$

509,758

​

$

154,673

​

$

777,481

​

$

14,732

​

1Contractual obligations include our obligations related to sponsorships and other commitments.

2Purchase commitments include obligations made by us and our subsidiaries to various suppliers for raw materials used in the production of our products. These obligations vary in terms but are generally satisfied within one year.

In addition, approximately $3.7 million of unrecognized tax benefits have been recorded as liabilities as of September 30, 2024. It is expected that the amount of unrecognized tax benefits will not significantly change within the next 12 months. As of September 30, 2024, we had $0.9 million of accrued interest and penalties related to unrecognized tax benefits.

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Critical Accounting Policies and Estimates

Our consolidated financial statements are prepared in accordance with GAAP. GAAP requires us to make estimates and assumptions that affect the reported amounts in our consolidated financial statements. Critical accounting estimates are those that management believes are the most important to the portrayal of our financial condition and results and require the most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain and that have had, or are reasonably likely to have, a material impact on our financial condition or results of operations. Judgments and uncertainties may result in materially different amounts being reported under different conditions or using different assumptions. There have been no material changes to our critical accounting policies or estimates from the information provided in “Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Part II, Item 8 – Financial Statements and Supplementary Data – Note 1 – Organization and Summary of Significant Accounting Policies”, included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (“Form 10-K”).

Recent Accounting Pronouncements

The information required by this Item is incorporated herein by reference to the Notes to Condensed Consolidated Financial Statements - Note 1. Recent Accounting Pronouncements, in Part I, Item 1, of this Quarterly Report on Form 10-Q.

Inflation

Inflation had an impact on our results of operations for the three- and nine-months ended September 30, 2024 primarily due to inflation related local currency price increases in certain international markets.

Forward-Looking Statements

Certain statements made in this report 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 Exchange Act of 1934, as amended) (the “Exchange Act”) regarding the expectations of management with respect to revenues, profitability, adequacy of funds from operations and our existing credit facility, among other things. All statements containing a projection of revenues, income (loss), earnings (loss) per share, capital expenditures, dividends, capital structure or other financial items, a statement of management’s plans and objectives for future operations, or a statement of future economic performance contained in management’s discussion and analysis of financial condition and results of operations, including statements related to new products, volume growth and statements encompassing general optimism about future operating results and non-historical information, are forward-looking statements within the meaning of the Exchange Act. Without limiting the foregoing, the words “believes,” “thinks,” “anticipates,” “plans,” “expects,” “estimates” and similar expressions are intended to identify forward-looking statements.

Management cautions that these statements are qualified by their terms and/or important factors, many of which are outside our control and involve a number of risks, uncertainties and other factors, that could cause actual results and events to differ materially from the statements made including, but not limited to, the following:

●Our ability to achieve profitability within our Alcohol Brands segment;
●Our ability to successfully integrate the Bang Energy® business and recognize the anticipated benefits of the transaction;
●Our ability to consolidate operations and/or rationalize brands acquired from Monster Brewing Company;
●Our ability to absorb, mitigate or pass on cost increases to our bottlers/distributors and/or customers and/or consumers;
●The impact of rising costs, interest rates, and inflation on the discretionary income of our consumers;
●Uncertainties associated with an economic slowdown or recession that could negatively impact the financial condition of our customers and could result in a reduced demand for our products;
●The impact of military conflicts, including supply chain disruptions, volatility in commodity and energy prices, increased economic uncertainty and escalating geopolitical tensions;
●Fluctuations in growth and/or growth rates (positive or negative) of the domestic and international energy drink categories generally, including in the convenience and gas channel (which is our largest channel) and the impact on demand for our products resulting from deteriorating economic conditions and/or financial uncertainties including a slowdown in consumer spending generally or reduced demand for consumer goods;

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●Lack of anticipated demand for our products in domestic and/or international markets;
●Our ability to sustain the current level of sales of and/or achieve growth for our Monster Energy®, Reign Total Body Fuel®, Reign Storm®, Bang Energy® and NOS® brand energy drinks and/or our other products, including our Strategic Brands and Alcohol Brands;
●The impact of temporary or permanent facility closures, production slowdowns and disruptions in operations experienced by our manufacturing facilities, our suppliers, bottlers/distributors, co-packers, and/or breweries, including any material disruptions on the production and distribution of our products;
●Disruption to our and/or our co-packers’ manufacturing facilities and operations due to severe weather, natural disasters, climate change, labor-related issues, production difficulties, capacity limitations, cybersecurity incidents or other causes, which could impair our ability to produce or deliver finished products, resulting in a negative impact on our operating results;
●Our ability to modify our manufacturing facilities to comply with safety, health, environmental, and other regulations;
●The consolidation of co-packers leading us to increasingly rely on fewer co-packing groups, certain of which account for a large percentage of our co-packing capacity for our Monster Energy® drinks;
●The impact of logistical issues and delays, including shortages of shipping containers and port of entry congestion;
●We have extensive commercial arrangements with TCCC and, as a result, our future performance is substantially dependent on the success of our relationship with TCCC;
●The consequence of TCCC’s bottlers/distributors distributing Coca-Cola brand energy drinks, possible reductions in the number of our SKUs carried by such bottlers/distributors and/or such bottlers/distributors imposing limitations on distributing new product SKUs;
●The effect of TCCC being one of our significant stockholders and the potential divergence of TCCC’s interests from those of our other stockholders;
●Our ability to maintain relationships with TCCC system bottlers/distributors and manage their ongoing commitment to focus on our non-alcohol products;
●Disruptions in distribution channels and/or declines in sales due to the termination and/or insolvency of existing and/or new domestic and/or international bottlers/distributors;
●Fluctuations in our inventory levels or those of our bottlers/distributors, planned or otherwise, and the resultant impact on our revenues;
●Unfavorable regulations, including taxation, age restrictions imposed on the sale, purchase, or consumption of our products, marketing restrictions, product registration requirements, tariffs, trade restrictions, container size limitations and/or ingredient restrictions;
●The effect of inquiries from, and/or actions by, state attorneys general, the Federal Trade Commission (the “FTC”), the Food and Drug Administration (the “FDA”), the Bureau of Alcohol, Tobacco, Firearms and Explosives (the “ATF”), municipalities, city attorneys, other government agencies, quasi-government agencies, government officials (including members of the U.S. Congress) and/or analogous central and local agencies and other authorities in the foreign countries in which our products are manufactured and/or distributed into the advertising, marketing, promotion, ingredients, sale and/or consumption of our products, including voluntary and/or required changes to our business practices;
●Our ability to comply with laws, regulations and evolving industry standards regarding consumer privacy and data use and security, including, but not limited to, with respect to the General Data Protection Regulation and the California Consumer Privacy Act of 2018;
●Our ability to achieve profitability and/or repatriate cash from certain of our operations outside the United States;
●Our ability to manage legal and regulatory requirements in foreign jurisdictions, potential difficulties in staffing and managing foreign operations and potentially higher incidence of fraud or corruption and credit risk of foreign customers and/or bottlers/distributors;
●Changes in U.S. tax laws as a result of any legislation proposed by the U.S. Presidential Administration or U.S. Congress, which may include efforts to change or repeal the 2017 Tax Cuts and Jobs Act and the federal corporate income tax rate reduction;
●Our ability to produce our products in international markets in which they are sold, thereby reducing freight costs and/or product damages;
●Our ability to effectively manage our inventories and/or our accounts receivables;

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Table of Contents

●Our foreign currency exchange rate risk with respect to our sales, expenses, profits, assets and liabilities denominated in currencies other than the U.S. dollar, which will continue to increase as foreign sales increase;
●Changes in accounting standards may affect our reported profitability;
●Implications of the Organization for Economic Cooperation and Development’s base erosion and profit shifting project;
●Any proceedings that may be brought against us by the U.S. Securities and Exchange Commission (the “SEC”), the FDA, the FTC, the ATF or other governmental or quasi-governmental agencies or bodies;
●The outcome and/or possibility of future shareholder derivative actions or shareholder securities litigation that may be filed against us and/or against certain of our officers and directors, and the possibility of other private shareholder litigation;
●The outcome of product liability or consumer fraud litigation and/or class action litigation (or its analog in foreign jurisdictions) regarding the safety of our products and/or the ingredients in our products and/or claims made in connection with our products and/or alleging false advertising, marketing and/or promotion, and the possibility of future product liability and/or class action lawsuits;
●Exposure to significant liabilities due to litigation, legal or regulatory proceedings, including litigation directed at the energy and alcohol beverage industries generally or at the Company in particular;
●Intellectual property injunctions;
●Unfavorable resolution of possible tax matters;
●Uncertainty and volatility in the domestic and global economies, including risk of counterparty default or failure;
●Our ability to address any significant deficiencies or material weakness in our internal controls over financial reporting;
●Our ability to continue to generate sufficient cash flows to support our expansion plans and general operating activities;
●The sufficiency of our existing capital resources and credit facilities;
●Our anticipated use of our existing cash resources and our ability to obtain additional financing in the future;
●Decreased demand for our products resulting from changes in consumer preferences, including, but not limited to: changes in demand for different packages, sizes and configurations; changes due to perceived health concerns such as obesity, ingredients in our products or packaging, and alcohol abuse; changes due to product safety concerns; and/or changes due to decreased consumer discretionary spending power;
●Adverse publicity surrounding obesity, alcohol consumption, and other health concerns related to our products, product safety and quality, water usage, environmental impact and sustainability, human rights, our culture, workforce and labor and workplace laws;
●Our ability to meet or comply with sustainability-related expectations, standards, and regulations, including rules adopted by the SEC, laws implemented by the California legislature, and directives adopted by the European Commission;
●Changes in demand that are weather or season related and/or for other reasons, including changes in product category and/or package consumption;
●Changes in cost and availability of certain key ingredients including aluminum cans, as well as disruptions to the supply chain, as a result of climate change and poor or extreme weather conditions;
●The impact of unstable political conditions, civil unrest, large scale terrorist acts, the outbreak or escalation of armed hostilities, major natural disasters and extreme weather conditions, widespread outbreaks of infectious diseases (such as the COVID-19 pandemic), or unforeseen economic and political changes and local or international catastrophic events;
●The impact on our business of competitive products and pricing pressures and our ability to increase or maintain our market share as a result of actions by competitors, including unsubstantiated and/or misleading claims, false advertising claims and tortious interference, as well as competitors selling misbranded products;
●The impact on our business of trademark and trade dress infringement proceedings brought against us relating to any of our brands, which could result in an injunction barring us from selling certain of our products and/or require changes to be made to our current trade dress;
●Our ability to implement and/or maintain price increases, including through reductions in promotional allowances;
●An inability to achieve volume growth through product and packaging initiatives;
●Our ability to implement our growth strategy, including expanding our business in existing and new sectors, such as the alcohol beverage sector;
●The inherent operational risks presented by the alcohol beverage industry that may not be adequately covered by insurance or lead to litigation relating to alcohol marketing, advertising, or distribution practices, alcohol abuse problems and other health consequences arising from excessive consumption of or other misuse of alcohol, including death;

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●Our inability to transition distribution agreements in our Alcohol Brands segment and/or the impact of higher costs to change distributors for our alcohol beverages;
●The impact of criticism of our products and/or the energy drink and/or alcohol beverage markets generally and/or legislation enacted (whether as a result of such criticism or otherwise) that restricts the marketing or sale of energy drinks and/or alcohol beverages (including prohibiting the sale of energy and/or alcohol drinks at certain establishments or pursuant to certain governmental programs), limits caffeine or alcohol content in beverages, requires certain product labeling disclosures and/or warnings, imposes excise and/or sales taxes, limits product sizes and/or imposes age restrictions for the sale of energy and/or alcohol drinks;
●Our ability to comply with and/or resulting lower consumer demand and/or lower profit margins for energy drinks and/or alcohol beverages due to proposed and/or future U.S. federal, state and local laws and regulations and/or proposed or existing laws and regulations in certain foreign jurisdictions and/or any changes therein, including changes in taxation requirements (including tax rate changes, new tax laws, new and/or increased excise, sales and/or other taxes on our products and revised tax law interpretations) and environmental laws, as well as the Federal Food, Drug, and Cosmetic Act and regulations or rules made thereunder or in connection therewith by the FDA. In addition, our business may be adversely impacted by changes in other food, drug or similar laws in the United States and internationally as well as laws and regulations or rules made or enforced by the ATF and/or the FTC or their foreign counterparts;
●Disruptions in the timely import or export of our products and/or ingredients including flavors, flavor ingredients and supplement ingredients due to port congestion, strikes and related labor issues or otherwise;
●Our ability to satisfy all criteria set forth in any model energy and/or alcohol drink guidelines, including, without limitation, those adopted by the American Beverage Association, of which we are a member, and/or any international beverage associations and the impact that our failure to satisfy such guidelines may have on our business;
●The effect of unfavorable or adverse public relations, press, articles, comments and/or media attention;
●Changes in the cost, quality and availability of containers, packaging materials, aluminum cans or kegs, the Midwest and other premiums, raw materials, including flavors and flavor ingredients, and other ingredients and juice concentrates, co-packing fees, and our ability to obtain and/or maintain favorable supply arrangements and relationships and procure timely and/or sufficient production of all or any of our products to meet customer demand;
●Any shortages that may be experienced in the procurement of containers and/or other raw materials including, without limitation, water, flavors, flavor ingredients, supplement ingredients, aluminum cans generally, to a limited extent PET containers, 24-ounce aluminum cap cans, 19.2-ounce cans and 550ml BRE aluminum cans with resealable ends;
●Our ability to access, secure and purify sufficient supplies of quality water;
●Limitations in procuring sufficient quantities of aluminum cans;
●In order to secure sufficient quantities of aluminum cans and sufficient co-packing availability in the future, we may be required to commit to minimum purchase volumes and/or minimum co-packing volumes. In the event that we over-estimate future demand for our products and therefore may not purchase such minimum quantities in full, or utilize such minimum co-packing volumes in full, we may incur claims and/or costs or losses in respect of such shortfalls;
●The impact on our cost of sales of corporate activity among the limited number of suppliers from whom we purchase certain raw materials;
●Our ability to pass on to our customers all or a portion of any increases in the costs of raw materials, ingredients, commodities and/or other cost inputs affecting our business;
●Our ability to penetrate new domestic and/or international markets and/or gain approval or mitigate the delay in securing approval for the sale of our products in various countries;
●The effectiveness of sales and/or marketing efforts by us and/or by the bottlers/distributors of our products, most of whom distribute products that may be regarded as competitive with our products;
●Unilateral decisions by bottlers/distributors, buying groups, convenience and gas chains, grocery chains, mass merchandisers, specialty chain stores, e-commerce retailers, e-commerce websites, club stores and other customers to discontinue carrying all or any of our products that they are carrying at any time, restrict the range of our products they carry, impose restrictions or limitations on the sale of our products and/or the sizes of containers of our products and/or devote less resources to the sale of our products;
●The impact of certain activities by competitors and others to persuade regulators and/or retailers and/or customers in certain countries to reduce the permitted or maximum container sizes for our products from those currently being sold and marketed by us;

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●The impact of possible trading disputes between our bottler/distributors and their customers and/or one or more buying groups which may result in the delisting of certain of our products, temporarily or otherwise;
●The effects of retailer consolidation on our business and our ability to successfully adapt to the rapidly changing retail landscape, including, but not limited to, competition from new entrants, consolidations by competitors and retailers, and other competitive activities;
●Our ability to adapt to the changing retail landscape with the rapid growth in e-commerce retailers;
●The effects of bottler/distributor consolidation on our business;
●The costs and/or effectiveness, now or in the future, of our sponsorships and endorsements, marketing and promotional strategies;
●The success of our sports marketing, social media and other general marketing endeavors both domestically and internationally;
●Possible product recalls and/or reformulations of certain of our products and/or market withdrawals of certain of our products due to defective packaging and/or non-compliant formulas or production in one or more jurisdictions;
●The failure of our bottlers and/or co-packers to manufacture our products on a timely basis or at all;
●Our ability to make suitable arrangements and/or procure sufficient capacity for the co-packing of any of our products both domestically and internationally, the timely replacement of discontinued co-packing arrangements and/or limitations on co-packing availability, including for retort production;
●Our ability to make suitable arrangements for the timely procurement of non-defective raw materials;
●Our inability to protect and/or the loss of our intellectual property rights and/or our inability to use our trademarks, trade names or designs and/or trade dress in certain countries;
●Volatility of stock prices which may restrict stock sales, stock purchases or other opportunities as well as negatively impact the motivation of equity award grantees;
●Provisions in our organizational documents and/or control by insiders which may prevent changes in control even if such changes would be beneficial to other stockholders;
●Any disruption in and/or lack of effectiveness of our information technology systems, including a breach of cyber security, that disrupts our business or negatively impacts customer relationships, as well as cybersecurity incidents involving data shared with or by third parties; and
●Succession plans for and/or the recruitment and retention of senior management, other key employees and our employee base in general.

The foregoing list of important factors and other risks detailed from time to time in our reports filed with the SEC is not exhaustive. See “Part II, Item 1A – Risk Factors” for a more complete discussion of these risks and uncertainties and for other risks and uncertainties. Those factors and the other risk factors described therein are not necessarily all of the important factors that could cause actual results or developments to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors also could harm our results. Consequently, our actual results could be materially different from the results described or anticipated by our forward-looking statements due to the inherent uncertainty of estimates, forecasts and projections and may be better or worse than anticipated. Given these uncertainties, you should not rely on forward-looking statements. Forward-looking statements represent our estimates and assumptions only as of the date that they were made. We expressly disclaim any duty to provide updates to forward-looking statements, and the estimates and assumptions associated with them, after the date of this report, in order to reflect changes in circumstances or expectations or the occurrence of unanticipated events except to the extent required by applicable securities laws.

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ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes in our market risks during the three-months ended September 30, 2024 compared with the disclosures in Part II, Item 7A of our Form 10-K.

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ITEM 4.    CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures – Under the supervision and with the participation of the Company’s management, including our Co-Chief Executive Officers and Chief Financial Officer, we have evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13(a)-15(e) and 15(d)-15(e) of the Exchange Act) as of the end of the period covered by this report. Based upon this evaluation, the Co-Chief Executive Officers and Chief Financial Officer have concluded that our disclosure controls and procedures are adequate and effective to ensure that information we are required to disclose in reports that we file or submit under the Exchange Act is (1) recorded, processed, summarized and reported within the time periods specified in rules and forms of the SEC and (2) accumulated and communicated to our management, including its principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosures.

Changes in Internal Control Over Financial Reporting – There were no changes in the Company’s internal controls over financial reporting during the quarter ended September 30, 2024, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

ITEM 1.LEGAL PROCEEDINGS

The information required by this Item is incorporated herein by reference to the Notes to Condensed Consolidated Financial Statements - Note 12. Commitments and Contingencies: Litigation in Part I, Item 1, of this Quarterly Report on Form 10-Q.

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ITEM 1A.RISK FACTORS

In addition to the other information set forth in this Quarterly Report on Form 10-Q, including Management’s Discussion and Analysis of Financial Condition and Results of Operations and the condensed consolidated financial statements and related notes, you should carefully consider the risks discussed in “Part I, Item 1A – Risk Factors” in our Form 10-K. If any of these risks occur or continue to occur, our business, reputation, financial condition and/or operating results could be materially adversely affected. We also note that the risk factors described in this report and our Form 10-K are not the only risks facing our Company, and such additional risks or uncertainties that we currently deem to be immaterial or are unknown to us could negatively impact our business, operations, or financial results.

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ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Share Repurchase Programs

On November 2, 2022, the Company’s Board of Directors authorized a share repurchase program for the purchase of up to an additional $500.0 million of the Company’s outstanding common stock (the “November 2022 Repurchase Plan”). During the three-months ended September 30, 2024, the Company repurchased approximately 0.7 million shares of its common stock at an average purchase price of $49.83 per share, for a total amount of approximately $34.7 million, which exhausted the availability under the November 2022 Repurchase Plan.

On November 7, 2023, the Company’s Board of Directors authorized a share repurchase program for the purchase of up to an additional $500.0 million of the Company’s outstanding common stock (the “November 2023 Repurchase Plan”). During the three-months ended September 30, 2024, the Company repurchased approximately 10.6 million shares of its common stock at an average purchase price of $47.16 per share, for a total amount of approximately $500.0 million, which exhausted the availability under the November 2023 Repurchase Plan.

On August 19, 2024, the Company’s Board of Directors authorized a share repurchase program for the purchase of up to an additional $500.0 million of the Company’s outstanding common stock (the “August 2024 Repurchase Plan”). During the three-months ended September 30, 2024, no shares were repurchased under the August 2024 Repurchase Plan. As of November 6, 2024, $500.0 million remained available for repurchase under the August 2024 Repurchase Plan.

The aggregate amount of the Company’s outstanding common stock that remains available for repurchase under all previously authorized repurchase plans is $500.0 million as of November 6, 2024.

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The following tabular summary reflects the Company’s repurchase activity during the quarter ended September 30, 2024.

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Maximum Number (or

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Approximate Dollar

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​

​

​

​

​

Total Number of

​

Value) of Shares that

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​

​

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Shares Purchased

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May Yet Be Purchased

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Total Number

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as Part of Publicly

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Under the Plans or

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of Shares

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Average Price

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Announced Plans

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Programs

Period

    

Purchased

    

per Share1

    

or Programs1

    

(In thousands)

Jul 1 – Jul 31, 2024

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3,876,692

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$

49.60

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3,876,692

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$

342,400

Aug 19, 2024 Authorization

 

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​

​

​

 

​

​

$

500,000

Aug 1 – Aug 31, 2024

 

7,422,440

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$

46.13

 

7,422,440

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$

500,000

Sep 1 – Sep 30, 2024

 

—

​

$

—

 

—

​

$

500,000

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1 On November 3, 2022, November 8, 2023, and August 19, 2024, the Company publicly announced that its Board of Directors authorized the November 2022 Repurchase Plan, the November 2023 Repurchase Plan, and the August 2024 Repurchase Plan, respectively. Board authorizations of the repurchase plans remain in effect until shares in the amount authorized thereunder have been repurchased. During the three-months ended September 30, 2024, both the November 2022 Repurchase Plan and the November 2023 Repurchase Plan were exhausted. See Item 2, “Unregistered Sales of Equity Securities and Use of Proceeds” above for more information.

Tender Offer

On May 1, 2024, the Board of Directors authorized the Company to execute a modified “Dutch auction” tender offer to repurchase up to $3.0 billion of its outstanding shares of common stock. On May 8, 2024, the Company commenced the tender offer, with such offer expiring on June 5, 2024. On June 10, 2024, the Company accepted for purchase a total of approximately 56.6 million shares of common stock at a purchase price of $53.00 per share, for an aggregate purchase price of approximately $3.0 billion. The repurchase was funded with approximately $2.25 billion of cash on hand and approximately $750 million in borrowings. The cost of these shares and the fees relating to the tender offer are included in common stock in treasury in the accompanying condensed consolidated balance sheet at September 30, 2024.

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ITEM 3.DEFAULTS UPON SENIOR SECURITIES

None.

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ITEM 4.MINE SAFETY DISCLOSURES

Not applicable.

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ITEM 5.OTHER INFORMATION

During the three-months ended September 30, 2024, none of the Company’s directors or officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (each as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934, as amended).

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事项6。展品

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3.1

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公司的第二次修订和重述的公司章程（参见我们2023年6月27日的8-k表格的附件3.1）。

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3.2

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公司的第四次修订和重述的章程（参见我们2024年11月7日的8-k表格的附件3.2）。

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31.1*

   

根据2002年萨班斯-豪利法案第302条的联合首席执行官认证

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​

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31.2*

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根据2002年萨班斯-豪利法案第302条的联合首席执行官认证

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​

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31.3*

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根据萨班斯-奥克斯利法案第302条的首席财务官证明2002年

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32.1*

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根据2002年萨班斯-豪利法案第906条的要求，依据18 U.S.C. 第1350条的共同首席执行官认证

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32.2*

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根据2002年萨班斯-豪利法案第906条的要求，依据18 U.S.C. 第1350条的共同首席执行官认证

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32.3*

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根据2002年萨班斯-豪利法案第906条的要求，首席财务官的认证，依据18 U.S.C. 第1350条。

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101*

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以下来自怪物饮料公司截至2024年9月30日的季度报告10-Q格式的信息，采用iXBRL（内联可扩展业务报告语言）：(i) 截至2024年9月30日和2023年12月31日的合并资产负债表，(ii) 截至2024年和2023年9月30日的三个月和九个月的合并收益表，(iii) 截至2024年和2023年9月30日的三个月和九个月的合并综合收益表，(iv) 截至2024年和2023年9月30日的三个月和九个月的合并股东权益变动表，(v) 截至2024年和2023年9月30日的九个月的合并现金流量表，(vi) 合并基本报表的附注。

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​

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104*

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截至2024年9月30日的怪物饮料公司季度报告10-Q的封面页面，采用iXBRL（内联可扩展业务报告语言）幷包含在附件101中。

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*    随附档案

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目录

签名

根据1934年证券交易法的规定，申报人已经全权授权拟定人代表其签署此报告。

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怪物饮料公司

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注册人

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日期：2024年11月7日

/s/ 罗德尼·C·萨克斯

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罗德尼·C·萨克斯

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董事会主席

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及联合首席执行官

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日期：2024年11月7日

/s/ 希尔顿·H·施洛斯伯格

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希尔顿·H·施洛斯伯格

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董事会副主席

​

及首席执行官

​

​

55