Monster Beverage Corp
For the period ended Mar 31, 2025. Filed May 9, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 9, 2025
MNST$45.72-4.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-08.
0001410578-24-001818
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-09.
0001410578-25-001122
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 149 previous paragraphs and 104 current paragraphs.
43 unchanged; 49 reworded; 12 added; 52 removed; 5 previous and 0 current paragraphs rearranged.
Tables are not compared: 100 previous and 105 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (12)
Current report
Our net sales were $1.85 billion for the three-months ended March 31, 2025. Net changes in foreign currency exchange rates had an unfavorable impact on net sales of approximately $57.3 million for the three-months ended March 31, 2025. Net sales on a foreign currency adjusted basis increased 0.7% for the three-months ended March 31, 2025.
Current report
Net sales for the 2025 first quarter were negatively impacted by bottler/distributor ordering patterns in the United States and EMEA, adverse changes in foreign currency exchange rates, decreased sales in the Alcohol Brands segment, adverse weather, one less selling day in the 2025 first quarter, as well as uncertain economic conditions.
Current report
Net sales were $1.85 billion for the three-months ended March 31, 2025, a decrease of approximately $44.5 million, or 2.3% lower than net sales of $1.90 billion for the three-months ended March 31, 2024. Net changes in foreign currency exchange rates had an unfavorable impact on net sales of approximately $57.3 million for the three-months ended March 31, 2025. Net sales on a foreign currency adjusted basis increased 0.7% for the three-months ended March 31, 2025.
Current report
Net sales for the Alcohol Brands segment were $34.7 million for the three-months ended March 31, 2025, a decrease of approximately $21.4 million, or 38.1% lower than net sales of $56.1 million for the three-months ended March 31, 2024. The decrease in net sales for the three-months ended March 31, 2025 was primarily due to decreased sales by volume of Nasty Beast® Hard Tea, which was launched during the three-months ended March 31, 2024, as well as decreased sales by volume of The Beast TM.
Current report
The decrease in operating expenses was primarily due to decreased distribution expenses of $16.9 million partially offset by an increase in general administrative expenses of $8.5 million. Operating expenses as a percentage of net sales for the three-months ended March 31, 2025 were 25.8% as compared to 25.5% for the three-months ended March 31, 2024.
Current report
Operating income was $569.7 million for the three-months ended March 31, 2025, an increase of approximately $27.8 million, or 5.1% higher than operating income of $542.0 million for the three-months ended March 31, 2024. Operating income as a percentage of net sales increased to 30.7% for the three-months ended March 31, 2025 from 28.5% for the three-months ended March 31, 2024.
Current report
Interest and Other Income, net
Current report
Net income was $443.0 million for the three-months ended March 31, 2025, an increase of $0.9 million, or 0.2% higher than net income of $442.0 million for the three-months ended March 31, 2024.
Current report
Gross billings for the Monster Energy® Drinks segment were $2.01 billion for the three-months ended March 31, 2025, an increase of approximately $2.4 million, or 0.1% higher than gross billings of $2.00 billion for the three-months ended March 31, 2024. Net changes in foreign currency exchange rates had an unfavorable impact on gross billings for the Monster Energy® Drinks segment of approximately $56.8 million for the three-months ended March 31, 2025. Gross billings for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 3.0% for the three-months ended March 31, 2025.
Current report
Gross billings for the Strategic Brands segment were $113.8 million for the three-months ended March 31, 2025, a decrease of $8.8 million, or 7.2% lower than gross billings of $122.6 million for the three-months ended March 31, 2024. Gross billings for the Strategic Brands segment decreased primarily due to decreased sales by volume of our Fury® and NOS® brand energy drinks. Net changes in foreign currency exchange rates had an unfavorable impact on gross billings in the Strategic Brands segment of approximately $6.5 million for the three-months ended March 31, 2025. Gross billings for the Strategic Brands segment on a foreign currency adjusted basis decreased 1.9% for the three-months ended March 31, 2025.
Current report
Gross billings for the Other segment were $6.1 million for the three-months ended March 31, 2025, an increase of $0.5 million, or 9.2% higher than gross billings of $5.6 million for the three-months ended March 31, 2024.
Current report
We believe inflation did not have a significant impact on our results of operations for the three-months ended March 31, 2025.
Removed paragraphs (52)
Previous report
We implemented a previously announced price increase in the United States of approximately 5% on our core brands and packages, effective November 1, 2024.
Previous report
Bang Energy*®*
Previous report
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.
Previous report
The following items impacted the comparative financial results for the three-months ended September 30, 2023.
Previous report
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.
Previous report
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”).
Previous report
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”).
Previous report
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.
Previous report
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.
Previous report
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.
Previous report
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.
Previous report
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.
Previous report
Gross profit as a percentage of net sales increased to 53.2% (53.7% exclusive of the Alcohol Brands Inventory Reserves) for the three-months ended September 30, 2024 from 53.0% for the three-months ended September 30, 2023. The increase in gross profit as a percentage of net sales for the three-months ended September 30, 2024 was primarily the result of lower input costs, the Pricing Actions, the Bang Inventory Step-Up (included in the comparative 2023 third quarter) and decreased freight-in costs, partially offset by higher promotional allowances as a percentage of net sales as well as the Alcohol Brands Inventory Reserves.
Previous report
The increase in operating expenses was primarily due to increased payroll expenses of $20.7 million ($9.6 million related to stock-based compensation), increased selling and marketing expenses of $18.9 million (primarily sponsorships and endorsements) and a $16.7 million provision in connection with an intellectual property claim brought by the descendants of Hubert Hansen in relation to the Company’s use of the Hubert Hansen name prior to the transaction with TCCC, which closed in 2015 (the “Hansen Expenses”). The increase in stock-based compensation was primarily related to estimated performance share unit vesting levels for our Section 16 officers. Operating expenses as a percentage of net sales for the three-months ended September 30, 2024 were 27.6% as compared to 25.5% for the three-months ended September 30, 2023. Operating expenses for the three-months ended September 30, 2023 included approximately $8.0 million of Bang Transaction Expenses.
Previous report
Operating income was $479.9 million for the three-months ended September 30, 2024, a decrease of approximately $30.6 million, or 6.0% lower than operating income of $510.5 million for the three-months ended September 30, 2023. Operating income as a percentage of net sales decreased to 25.5% for the three-months ended September 30, 2024 from 27.5% for the three-months ended September 30, 2023.
Previous report
Operating income for the Strategic Brands segment, exclusive of corporate and unallocated expenses, was $60.1 million for the three-months ended September 30, 2024, an increase of approximately $7.4 million, or 14.0% higher than operating income of $52.7 million for the three-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.
Previous report
Interest and Other Income (Expense), net
Previous report
Interest and other non-operating income (expense), net, was $(5.8) million for the three-months ended September 30, 2024, as compared to interest and other non-operating income (expense), net, of $71.4 million for the three-months ended September 30, 2023. Foreign currency transaction losses were $10.8 million and $13.2 million for the three-months ended September 30, 2024 and 2023, respectively. Interest income was $18.1 million and $39.3 million for the three-months ended September 30, 2024 and 2023, respectively. The decrease in interest income for the three-months ended September 30, 2024 was primarily related to lower short- and long-term investment balances as a result of treasury stock repurchases made in the second and third quarters of 2024. Interest expense was $12.5 million and $0.1 million for the three-months ended September 30, 2024 and 2023, respectively. Interest and other non-operating income (expense), net, for the three-months ended September 30, 2023 included the Bang Transaction Gain.
Previous report
Net income was $370.9 million for the three-months ended September 30, 2024, a decrease of $81.8 million, or 18.1% lower than net income of $452.7 million for the three-months ended September 30, 2023. The decrease in net income for the three-months ended September 30, 2024 was primarily due to the decrease in interest and other income (expense), net and the increase in operating expenses, which were partially offset by the increase in net sales and the decrease in provision for income taxes. The comparative 2023 third quarter included the Bang Transaction Gain, the Bang Inventory Step-Up and the Bang Transaction Expenses.
Previous report
Nine-Months Ended September 30, 2024 Compared to the Nine-Months Ended September 30, 2023**.**
Previous report
Net Sales
Previous report
Net sales were $5.68 billion for the nine-months ended September 30, 2024, an increase of approximately $270.7 million, or 5.0% higher than net sales of $5.41 billion for the nine-months ended September 30, 2023. Net sales 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 net sales of approximately $194.8 million ($110.9 million related to Argentina) for the nine-months ended September 30, 2024. Net sales on a foreign currency adjusted basis increased 8.6% (6.6% exclusive of Argentina’s impact) for the nine-months ended September 30, 2024.
Previous report
Net sales were $2.10 billion for the nine-months ended September 30, 2024, an increase of $163.0 million, or 8.4% higher than net sales of $1.94 billion for the nine-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 $193.2 million ($110.9 million related to Argentina) for the nine-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 18.4% (12.6% exclusive of Argentina’s impact) for the nine-months ended September 30, 2024.
Previous report
Net sales for the Monster Energy® Drinks segment were $5.19 billion for the nine-months ended September 30, 2024, an increase of approximately $237.8 million, or 4.8% higher than net sales of $4.96 billion for the nine-months ended September 30, 2023. Net sales 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 net sales for the Monster Energy® Drinks segment of approximately $161.0 million ($110.9 million related to Argentina) for the nine-months ended September 30, 2024. Net sales for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 8.0% (5.8% exclusive of Argentina’s impact) for the nine-months ended September 30, 2024.
Previous report
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.
Previous report
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.
Previous report
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.
Previous report
Gross Profit
Previous report
Operating Expenses
Previous report
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.
Previous report
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.
Previous report
Operating Income
Previous report
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.
Previous report
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.
Previous report
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.
Previous report
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.
Previous report
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.
Previous report
Interest and Other Income (Expense), net
Previous report
Provision for Income Taxes
Previous report
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.
Showing the first 40 of 52 passages. Open the source sections for the rest.
Reworded paragraphs (49)
Previous wording
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.
Current wording
We implemented price increases in the fourth quarter of 2024 (for core brands and packages) in the United States and at various times in certain international markets during 2024 and 2025 (collectively, the “Pricing Actions”). The Pricing Actions positively impacted gross profit margins in 2025 as compared to 2024.
Previous wording
We also develop, market, sell and distribute craft beers, FMBs and hard seltzers under a number of brands, including Jai Alai® IPA, Florida Man TM IPA, Dale’s Pale Ale®, Wild Basin® Hard Seltzers, Dallas Blonde®, Deep Ellum TM IPA, Perrin Brewing Company TM Black Ale, Hop Rising® Double IPA, Wasatch® Apricot Hefeweizen, The Beast TM, Nasty Beast TM Hard Tea and a host of other brands.
Current wording
We also develop, market, sell and distribute craft beers, FMBs and hard seltzers under a number of brands, including Jai Alai® IPA, Florida Man® IPA, Dale’s Pale Ale®, Wild Basin® Hard Seltzers, Dallas Blonde®, Deep Ellum TM IPA, Perrin Brewing Company® Black Ale, Hop Rising® Double IPA, Wasatch® Apricot Hefeweizen, The Beast TM, Nasty Beast® Hard Tea and a host of other brands.
Previous wording
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”).
Current wording
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, FMBs and hard seltzers 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”).
Previous wording
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.
Current wording
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 March 31, 2025. Net sales of our Strategic Brands segment were $98.3 million for the three-months ended March 31, 2025. Net sales of our Alcohol Brands segment were $34.7 million for the three-months ended March 31, 2025. Net sales of our Other segment were $6.0 million for the three-months ended March 31, 2025.
Previous wording
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.
Current wording
Our Monster Energy® Drinks segment represented 92.5% and 91.0% of our net sales for the three-months ended March 31, 2025 and 2024, respectively. Our Strategic Brands segment represented 5.3% and 5.7% of our net sales for the three-months ended March 31, 2025 and 2024, respectively. Our Alcohol Brands segment represented 1.9% and 3.0% of our net sales for the three-months ended March 31, 2025 and 2024, respectively. Our Other segment represented 0.3% of our net sales for both the three-months ended March 31, 2025 and 2024.
Previous wording
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.
Current wording
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 $733.2 million for the three-months ended March 31, 2025, a decrease of approximately $10.9 million, or 1.5% lower than net sales to customers outside of the United States of $744.1 million for the three-months ended March 31, 2024. Such sales were approximately 40% and 39% of net sales for the three-months ended March 31, 2025 and 2024, respectively. Net changes in foreign currency exchange rates had an unfavorable impact on net sales to customers outside of the United States of approximately $57.3 million for the three-months ended March 31, 2025. Net sales to customers outside the United States, on a foreign currency adjusted basis, increased 6.2% for the three-months ended March 31, 2025.
Previous wording
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.
Current wording
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, drug stores, 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-months ended March 31, 2025 and 2024 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.
Previous wording
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.
Current wording
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, 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.
Previous wording
Our alcohol customers include Reyes Beverage Group, Ben E. Keith Company, J.J. Taylor Distributing, and Sheehan Family Companies.
Current wording
Our alcohol customers include Reyes Beverage Group, Ben E. Keith Company, J.J. Taylor Distributing and Admiral Beverage Corporation.
Previous wording
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.
Current wording
Coca-Cola Europacific Partners accounted for approximately 14% of our net sales for both the three-months ended March 31, 2025 and 2024.
Previous wording
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.
Current wording
Coca-Cola Consolidated, Inc. accounted for approximately 10% of our net sales for both the three-months ended March 31, 2025 and 2024.
Previous wording
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.
Current wording
Reyes Holdings, LLC accounted for approximately 9% of our net sales for both the three-months ended March 31, 2025 and 2024.
Previous wording
The following table sets forth key statistics for the three-and nine-months ended September 30, 2024 and 2023.
Current wording
The following table sets forth key statistics for the three-months ended March 31, 2025 and 2024.
Previous wording
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.
Current wording
1Includes $9.9 million for both the three-months ended March 31, 2025 and 2024, related to the recognition of deferred revenue.
Previous wording
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.
Current wording
Net sales were $689.9 million for the three-months ended March 31, 2025, a decrease of $3.1 million, or 0.4% lower than net sales of $693.0 million for the three-months ended March 31, 2024, 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 $54.6 million for the three-months ended March 31, 2025. Net sales on a foreign currency adjusted basis in EMEA, Asia Pacific (including Oceania), Latin America and the Caribbean increased 7.4% for the three-months ended March 31, 2025.
Previous wording
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.
Current wording
Net sales for the Monster Energy® Drinks segment were $1.72 billion for the three-months ended March 31, 2025, a decrease of approximately $13.5 million, or 0.8% lower than net sales of $1.73 billion for the three-months ended March 31, 2024. Net changes in foreign currency exchange rates had an unfavorable impact on net sales for the Monster Energy® Drinks segment of approximately $50.8 million for the three-months ended March 31, 2025. Net sales for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 2.2% for the three-months ended March 31, 2025.
Previous wording
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.
Current wording
Net sales for the Strategic Brands segment were $98.3 million for the three-months ended March 31, 2025, a decrease of approximately $10.1 million, or 9.3% lower than net sales of $108.4 million for the three-months ended March 31, 2024. Net sales for the Strategic Brands segment decreased primarily due to decreased sales by volume of our Fury® and NOS® brand energy drinks. Net changes in foreign currency exchange rates had an unfavorable impact on net sales of approximately $6.6 million for the Strategic Brands segment for the three-months ended March 31, 2025. Net sales for the Strategic Brands segment on a foreign currency adjusted basis decreased 3.3% for the three-months ended March 31, 2025. 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.
Previous wording
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.
Current wording
Net sales for the Other segment were $6.0 million for the three-months ended March 31, 2025, an increase of approximately $0.5 million, or 8.0% higher than net sales of $5.5 million for the three-months ended March 31, 2024.
Previous wording
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.
Current wording
Case sales for our energy drink products, in 192-ounce case equivalents, were 213.1 million cases for the three-months ended March 31, 2025, an increase of approximately 1.7 million cases or 0.8% higher than case sales of 211.4 million cases for the three-months ended March 31, 2024. The overall average net sales per case for our energy drink products (excluding net sales of Alcohol Brands and Other segments) decreased to $8.51 for the three-months ended March 31, 2025, which was 2.1% lower than the average net sales per case of $8.69 for the three-months ended March 31, 2024. The decrease in overall average net sales per case for our energy drink products for the three-months ended March 31, 2025 compared to the three-months ended March 31, 2024 was primarily due to adverse changes in foreign currency exchange rates as well as geographical/product sales mix.
Previous wording
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.
Current wording
Case sales for our craft beers, FMBs and hard seltzers, in 192-ounce equivalents, were 2.4 million cases for the three-months ended March 31, 2025, a decrease of approximately 1.7 million cases or 41.4% lower than case sales of 4.1 million cases for the three-months ended March 31, 2024. Barrel sales for our craft beers, FMBs and hard seltzers, in 31 U.S. gallon equivalents, were 0.12 million barrels for the three-months ended March 31, 2025, a decrease of approximately 0.08 million barrels or 41.4% lower than barrel sales of 0.20 million barrels for the three-months ended March 31, 2024.
Previous wording
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.
Current wording
Gross profit was $1.05 billion for the three-months ended March 31, 2025, an increase of approximately $20.8 million, or 2.0% higher than the gross profit of $1.03 billion for the three-months ended March 31, 2024. The increase in gross profit dollars was primarily the result of the $65.4 million decrease in cost of sales, partially offset by the decrease in net sales for the three-months ended March 31, 2025.
Previous wording
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.
Current wording
Gross profit as a percentage of net sales increased to 56.5% for the three-months ended March 31, 2025 from 54.1% for the three-months ended March 31, 2024. The increase in gross profit as a percentage of net sales for the three-months ended March 31, 2025 was primarily the result of the Pricing Actions as well as supply chain optimization.
Previous wording
Total operating expenses were $519.9 million for the three-months ended September 30, 2024, an increase of approximately $46.6 million, or 9.9% higher than total operating expenses of $473.2 million for the three-months ended September 30, 2023.
Current wording
Total operating expenses were $478.2 million for the three-months ended March 31, 2025, a decrease of approximately $6.9 million, or 1.4% lower than total operating expenses of $485.1 million for the three-months ended March 31, 2024.
Previous wording
Operating income was $135.3 million and $114.1 million for the three-months ended September 30, 2024 and 2023, respectively, for our operations in EMEA, Asia Pacific (including Oceania), Latin America and the Caribbean.
Current wording
Operating income was $142.6 million and $138.0 million for the three-months ended March 31, 2025 and 2024, respectively, for our operations in EMEA, Asia Pacific (including Oceania), Latin America and the Caribbean.
Previous wording
Operating income for the Monster Energy® Drinks segment, exclusive of corporate and unallocated expenses, was $601.7 million for the three-months ended September 30, 2024, a decrease of approximately $2.0 million, or 0.3% lower than operating income of $603.7 million for the three-months ended September 30, 2023. The decrease in operating income for the Monster Energy® Drinks segment was primarily the result of an increase in operating expenses in excess of an increase in net sales.
Current wording
Operating income for the Monster Energy® Drinks segment, exclusive of corporate and unallocated expenses, was $680.4 million for the three-months ended March 31, 2025, an increase of approximately $52.2 million, or 8.3% higher than operating income of $628.1 million for the three-months ended March 31, 2024. The increase in operating income for the Monster Energy® Drinks segment was primarily the result of an increase in gross profit.
Previous wording
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.
Current wording
Operating income for the Strategic Brands segment, exclusive of corporate and unallocated expenses, was $51.9 million for the three-months ended March 31, 2025, a decrease of approximately $10.1 million, or 16.3% lower than operating income of $62.0 million for the three-months ended March 31, 2024. The decrease in operating income for the Strategic Brands segment was primarily the result of a decrease in net sales.
Previous wording
Operating loss for the Alcohol Brands segment, exclusive of corporate and unallocated expenses, was $22.6 million for the three-months ended September 30, 2024, an increase of approximately $10.9 million, or 92.7% higher than the operating loss of $11.7 million for the three-months ended September 30, 2023. The increase in operating loss for the three-months ended September 30, 2024 was primarily due to the Alcohol Brands Inventory Reserves.
Current wording
Operating loss for the Alcohol Brands segment, exclusive of corporate and unallocated expenses, was $21.5 million for the three-months ended March 31, 2025, an increase of approximately $15.5 million, or 257.2% higher than the operating loss of $6.0 million for the three-months ended March 31, 2024. The increase in operating loss for the three-months ended March 31, 2025 was primarily due to a decrease in net sales.
Previous wording
Operating income for the Other segment, exclusive of corporate and unallocated expenses, was $1.5 million for the three-months ended September 30, 2024, as compared to operating income of $1.3 million for the three-months ended September 30, 2023. The increase in operating income for the three-months ended September 30, 2024 was primarily the result of an increase in gross profit.
Current wording
Operating income for the Other segment, exclusive of corporate and unallocated expenses, was $0.2 million for the three-months ended March 31, 2025, as compared to operating income of $1.0 million for the three-months ended March 31, 2024.
Previous wording
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.
Current wording
Interest and other income, net, was $8.3 million for the three-months ended March 31, 2025, as compared to interest and other income, net, of $35.8 million for the three-months ended March 31, 2024. Interest income was $16.8 million and $41.2 million for the three-months ended March 31, 2025 and 2024, respectively. Interest expense was $4.0 million and $0.1 million for the three-months ended March 31, 2025 and 2024, respectively. Foreign currency transaction losses were $3.7 million and $6.0 million for the three-months ended March 31, 2025 and 2024, respectively.
Previous wording
Provision for income taxes was $103.2 million for the three-months ended September 30, 2024, a decrease of $26.0 million, or 20.1% lower than the provision for income taxes of $129.2 million for the three-months ended September 30, 2023. The effective combined federal, state and foreign tax rate decreased to 21.8% from 22.2% for the three-months ended September 30, 2024 and 2023, respectively. The decrease in the effective tax rate was primarily attributable to an increase in income in lower tax jurisdictions in the three-months ended September 30, 2024, as compared to the three-months ended September 30, 2023.
Current wording
Provision for income taxes was $135.0 million for the three-months ended March 31, 2025, a decrease of $0.7 million, or 0.5% lower than the provision for income taxes of $135.7 million for the three-months ended March 31, 2024. The effective combined federal, state and foreign tax rate decreased to 23.4% from 23.5% for the three-months ended March 31, 2025 and 2024, respectively.
Previous wording
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.
Current wording
Gross billings were $2.16 billion for the three-months ended March 31, 2025, a decrease of approximately $26.7 million, or 1.2% lower than gross billings of $2.19 billion for the three-months ended March 31, 2024. Net changes in foreign currency exchange rates had an unfavorable impact on gross billings of approximately $63.3 million for the three-months ended March 31, 2025. Gross billings on a foreign currency adjusted basis increased 1.7% for the three-months ended March 31, 2025.
Previous wording
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.
Current wording
Gross billings for the Alcohol Brands segment were $36.2 million for the three-months ended March 31, 2025, a decrease of approximately $20.8 million, or 36.5% lower than gross billings of $57.0 million for the three-months ended March 31, 2024. The decrease in gross billings for the three-months ended March 31, 2025 was primarily due to decreased sales by volume of Nasty Beast® Hard Tea, which was launched during the three-months ended March 31, 2024, as well as decreased sales by volume of The Beast TM.
Previous wording
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.
Current wording
Promotional allowances, commissions and other expenses, as described in the footnote below, were $317.5 million for the three-months ended March 31, 2025, an increase of $17.8 million, or 5.9% higher than promotional allowances, commissions and other expenses of $299.7 million for the three-months ended March 31, 2024. Promotional allowances, commissions and other expenses as a percentage of gross billings increased to 14.7% from 13.7% for the three-months ended March 31, 2025 and 2024, respectively.
Previous wording
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.
Current wording
***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 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.
Previous wording
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.
Current wording
The table below discloses selected quarterly data regarding sales for the three-months ended March 31, 2025 and 2024, respectively. Data from any one or more quarters or periods is not necessarily indicative of annual results or continuing trends.
Previous wording
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.
Current wording
Net changes in foreign currency exchange rates had an unfavorable impact on the overall average net sales per case for the three-months ended March 31, 2025.
Previous wording
The following represents case sales for our craft beers, hard seltzers and FMBs, in 192-ounce equivalents:
Current wording
The following represents case sales for our craft beers, FMBs and hard seltzers, in 192-ounce equivalents:
Previous wording
*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.
Current wording
*Cash and cash equivalents.*At March 31, 2025, we had $1.90 billion in cash and cash equivalents. Of our $1.90 billion of cash and cash equivalents held at March 31, 2025, $1.25 billion was held by our foreign subsidiaries.
Previous wording
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.
Current wording
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 March 31, 2025, the Revolving Credit Facility had remaining availability of $750.0 million. In April 2025, the Company repaid the remaining outstanding balance of $200.0 million on the Term Loan.
Previous wording
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.
Current wording
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, we estimate that capital expenditures (exclusive of common stock repurchases) are likely to be less than $500.0 million through March 31, 2026. However, future business opportunities may cause a change in this estimate.
Showing the first 40 of 49 pairs. Open the source sections for the rest.
Rearranged previous paragraphs (5)
Previous report — wording carried elsewhere
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.
Previous report — wording carried elsewhere
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.
Previous report — wording carried elsewhere
Three-Months Ended September 30, 2024 Compared to the Three-Months Ended September 30, 2023.
Previous report — wording carried elsewhere
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.
Previous report — wording carried elsewhere
***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