**Andrea Teixeira, JPMorgan Chase & Co, Research Division**

Okay, let’s restart our sessions. I’m Andrea Teixeira, the senior analyst covering beverages, household, and personal care. It’s our pleasure to welcome Celsius Holdings to our conference. Representing Celsius today is Toby David, their Chief of Staff. We also appreciate the support of everyone listening to us on the webcast.

**Andrea Teixeira:**
Toby, one of the things we want to hear from you post third quarter is an overview of what happened. There was obviously a lot of volatility around the results, so we’d like to get your perspective on the adjustments made. In retrospect, how do you feel about the buy-side and sell-side expectations? And how should we be thinking about the fourth quarter?

**Toby David, Chief of Staff:**
Sure. That’s going to be a lengthy answer, so let’s start at the beginning. First of all, thanks for having us today.

We believed we had a very strong Q3. We kicked off the quarter with $200 million in EBITDA. Celsius demonstrated some really robust growth rates, and Alani continued its meteoric rise.

Clearly, there were some different perspectives between the buy side and the sell side. When looking at the last 52 weeks, it’s important to note that Q3 last year was a complete anomaly, which affected how people modeled expectations for this quarter. Over the past year, various dynamics evolved that influenced our results.

We have really leaned into the LIVE. FIT. GO. marketing campaign, which we have been pushing since June. This campaign remains a core driver of our brand momentum moving forward.
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