Net sales to customers outside the United States decreased by 1.5% to $733.2 million. However, on a foreign currency adjusted basis, net sales to customers outside the United States increased by 6.2%.

Net sales for the Alcohol Brands segment decreased by 38.1% to $34.7 million, primarily due to decreased sales volume of Nasty Beast Hard Tea and The Beast.

The company continued to expand its existing drink portfolio by adding additional products in a number of countries, including Bang Energy Any Means Orange, Burn Orange, and Fury Mango Mayhem.

Total operating expenses decreased by 1.4% to $478.2 million. This decrease was primarily due to decreased distribution expenses, partially offset by an increase in general administrative expenses.

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.

The company recorded $20.7 million and $22.5 million of compensation expense relating to outstanding options, restricted stock units, performance share units and other share-based awards during the three-months ended March 31, 2025 and 2024, respectively.

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.

Coca-Cola Europacific Partners accounted for approximately 14% of the Company's net sales for both the three-months ended March 31, 2025 and 2024.

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.

Net sales of our Monster Energy Drinks segment were $1.72 billion for the three-months ended March 31, 2025.

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.

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.

Cost of sales decreased to $806.6 million from $872.0 million in the prior year. This decrease contributed to an increase in gross profit.

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.

We include out-bound freight and warehouse costs in operating expenses rather than in cost of sales.

The document does not provide any material information regarding Innovation & Technology

During the three-months ended March 31, 2025, 0.3 million shares of common stock were purchased from employees in lieu of cash payments for options exercised or withholding taxes due for a total amount of $16.6 million.

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.

In April 2025, the Company repaid the remaining outstanding balance of $200.0 million on the Term Loan.

The document does not provide any material information regarding ESG initiatives

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.

Coca-Cola Europacific Partners accounted for approximately 14% of the Company's net sales for both the three-months ended March 31, 2025 and 2024. Coca-Cola Consolidated, Inc. accounted for approximately 10% of the Company's net sales for both the three-months ended March 31, 2025 and 2024.

The Company is in various stages of examination with certain states and certain foreign jurisdictions. The Company's 2021 through 2024 U.S. federal income tax returns are subject to examination by the IRS.