Celsius Holdings, Inc. (NASDAQ:CELH) Q4 2022 Earnings Conference Call March 1, 2023 4:30 PM ET

Company Participants

Cameron Donahue - IR

John Fieldly - President, CEO & Chairman

Jarrod Langhans - CFO

Conference Call Participants

Kevin Grundy - Jefferies

Mark Astrachan - Stifel, Nicolaus & Company

Kaumil Gajrawala - Crédit Suisse

Jeffrey Van Sinderen - B. Riley Securities

Peter Grom - UBS

Jeffrey Cohen - Ladenburg Thalmann

Jonathan Keypour - Bank of America Merrill Lynch

Anthony Vendetti - Maxim Group

Sean McGowan - ROTH MKM Partners

Gerald Pascarelli - Wedbush Securities

Operator

Greetings, and welcome to the Celsius Holdings Fourth Quarter Fiscal Year 2022 Earnings Call. [Operator Instructions]. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Cameron Donahue, Investor Relations for Celsius Holdings. Thank you. You may begin.

Cameron Donahue

Thank you, and good afternoon, everyone. We appreciate you joining us today for Celsius Holdings Fourth Quarter 2022 Earnings Conference Call. Joining me on the call today are John Fieldly, President and Chief Executive Officer; and Jarrod Langhans, Chief Financial Officer. Following the prepared remarks, we'll open the call to your questions and instructions will begin at that time.

The company released our earnings press release earlier this evening, and all materials will be available on the company's website, celsiusholdingsinc.com. As a reminder, before I turn the call over to John, an audio replay will be available later today and will be accessed with the same live webcast link in our conference call announcement press release.

Please also be aware that this call may contain forward-looking statements, which are based on forecasts, expectations and other information available to management as of March 1, 2023. These statements involve numerous risks and uncertainties, including many that are beyond the company's control. Except to the extent as required by law, Celsius undertakes no obligations and disclaims any duty to update any of these forward-looking statements.

We encourage you to review in full our safe harbor statements contained in today's press release and our filings with the SEC for additional information. With that, let me turn the call over to President and Chief Executive Officer, John Fieldly, for his prepared remarks. John?

John Fieldly

Thank you, Cameron. Good afternoon, everyone, and thank you for joining us today. We achieved record sales for the fourth quarter of $178 million, an increase of 71% from last year's fourth quarter of $104 million. This revenue growth was driven despite approximately $15 million to $20 million we discussed in the third quarter that was driven by the inventory pipe fill by the Pepsi system in the preparation for distribution transition that began October 1, 2022. We believe the distributor inventory levels are now back to normalized levels as we began the first quarter of this year.