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    Gerald Pascarelli • Wedbush Securities

    Gerald Pascarelli's questions to Celsius Holdings Inc (CELH) leadership

    Gerald Pascarelli's questions to Celsius Holdings Inc (CELH) leadership • Q2 2025

    Question

    Gerald Pascarelli questioned the revenue contribution from the Costco channel during the quarter, specifically asking if there was a benefit from a promotional program.

    Answer

    CEO John Fieldly confirmed that the club channel is a significant and growing part of the business and that a promotional activity at Costco provided a sales uplift in the quarter. CFO Jarrod Langhans quantified this, stating that the portfolio's sales in the club channel grew approximately 17% in Q2, partly driven by that specific promotion.

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    Gerald Pascarelli's questions to Celsius Holdings Inc (CELH) leadership • Q1 2025

    Question

    Gerald Pascarelli asked about management's level of confidence that core Celsius revenue trends will improve, given numerous tailwinds like new innovation, shelf space gains, easier comps, and a new marketing campaign.

    Answer

    CEO John Fieldly expressed strong conviction, stating that the tailwinds are favorable. He noted that the toughest year-over-year revenue comparisons will be over in the next 4-5 weeks, leading to much easier comps starting in June. He cited improving velocity, strong brand alignment with consumer trends, better gross profits, and the leverage of a portfolio strategy as key reasons for his confidence in accelerating growth for the core Celsius brand in the back half of the year.

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    Gerald Pascarelli's questions to Celsius Holdings Inc (CELH) leadership • Q4 2024

    Question

    Gerald Pascarelli asked about the rationale and timing of the Alani Nu acquisition, questioning if the recent slowdown in Celsius's core portfolio expedited the decision to pursue a large-scale M&A deal.

    Answer

    CEO John Fieldly asserted strong confidence in the core Celsius portfolio and its 2025 innovation plan, stating the slowdown did not expedite the deal. He framed the acquisition as a strategic opportunity to build scale, noting the combined entity will hold approximately 16% market share. He emphasized that the deal is a natural fit to gain leverage through the infrastructure Celsius has built, including its recently acquired co-packing facilities.

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    Gerald Pascarelli's questions to Turning Point Brands Inc (TPB) leadership

    Gerald Pascarelli's questions to Turning Point Brands Inc (TPB) leadership • Q2 2025

    Question

    Gerald Pascarelli from Needham & Company inquired about the strategy for managing growth in the legacy Stoker's MST business while prioritizing the modern oral rollout. He also asked for any early consumer feedback or learnings from the launch of the new pouch brands.

    Answer

    CEO Graham Purdy explained that a strong overlap exists between Stoker's MST retail locations and target stores for modern oral, creating cross-selling synergies. He added that the legacy MST business remains strong with continued growth opportunities. CRO Summer Frein shared that consumer and retailer feedback on the new pouch brands has been 'incredibly positive,' highlighting unique product attributes and strong reception at promotional events like the PBR World Finals.

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    Gerald Pascarelli's questions to Molson Coors Beverage Co (TAP) leadership

    Gerald Pascarelli's questions to Molson Coors Beverage Co (TAP) leadership • Q2 2025

    Question

    Gerald Pascarelli of Needham & Company, LLC asked about capital allocation, questioning if persistent volume declines might necessitate larger-scale or more aggressive M&A to accelerate the portfolio's shift into more attractive beverage subsectors.

    Answer

    President and CEO Gavin Hattersley reaffirmed the company's commitment to its 'string of pearls' M&A strategy. He noted that the company's strengthened balance sheet now allows for 'bigger pearls,' citing the recent acquisition of Fever Tree's U.S. business as a prime example of this evolved approach, representing an investment well north of $100 million.

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    Gerald Pascarelli's questions to Molson Coors Beverage Co (TAP) leadership • Q4 2024

    Question

    Gerald Pascarelli of Needham & Company sought to clarify the assumptions regarding share repurchases that are embedded in the high single-digit underlying EPS growth guidance for 2025.

    Answer

    CFO Tracey Joubert clarified that the guidance assumes, at a minimum, repurchases consistent with their systematic 10b5-1 plan. She also pointed out that EPS growth is influenced by other factors, including a lower effective tax rate outlook for 2025 (22-24%) and foreign exchange impacts, and that the pace of buybacks could be moderated by capital needs for investments like Fever-Tree.

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    Gerald Pascarelli's questions to Altria Group Inc (MO) leadership

    Gerald Pascarelli's questions to Altria Group Inc (MO) leadership • Q2 2025

    Question

    Gerald Pascarelli pointed out that while ON! volume growth was strong, the brand lost category share, and he asked about initiatives to protect its position. He also questioned if the updated EPS guidance accounts for potentially higher investment spending behind ON! in the second half of the year.

    Answer

    CEO Billy Gifford attributed ON!'s performance to a focus on brand equity and targeted trial inducement via RGM analytics, cautioning against reading too much into a single quarter's share data due to shipment timing. CFO Sal Mancuso confirmed that the full-year guidance contemplates continued investment to support ON!'s trial, awareness, and conversion, as well as the broader smoke-free product pipeline.

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    Gerald Pascarelli's questions to Constellation Brands Inc (STZ) leadership

    Gerald Pascarelli's questions to Constellation Brands Inc (STZ) leadership • Q4 2025

    Question

    Gerald Pascarelli requested clarification on the timing of a $41 million operating income impact in the wine business and the cadence of the associated $100 million in cost savings.

    Answer

    CFO Garth Hankinson clarified that the $41 million impact will be spread throughout the fiscal year rather than hitting in a single quarter. Regarding the cost savings, he stated that of the $100 million for Wine & Spirits, approximately $55 million is expected in fiscal '26, with the full run-rate benefit being realized in fiscal '27 and '28.

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    Gerald Pascarelli's questions to Boston Beer Company Inc (SAM) leadership

    Gerald Pascarelli's questions to Boston Beer Company Inc (SAM) leadership • Q4 2024

    Question

    Gerald Pascarelli asked about the long-term growth runway for Sun Cruiser, its initial repeat purchase rates, and the company's confidence in cycling its aggressive 2025 rollout.

    Answer

    CEO Michael Spillane expressed strong confidence in Sun Cruiser as a long-term portfolio contributor, stating they are applying lessons learned from the Truly launch to ensure a thoughtful and sustainable rollout. While not sharing specific repeat rates, he noted the ramp of the business has been solid and they are supporting it with new offerings like a Lemonade variety pack.

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    Gerald Pascarelli's questions to Curaleaf Holdings Inc (CURLF) leadership

    Gerald Pascarelli's questions to Curaleaf Holdings Inc (CURLF) leadership • Q1 2024

    Question

    Gerald Pascarelli asked about the decision to enter the hemp-derived THC market, questioning the timing and the company's view on its impact on traditional cannabis sales, as well as the planned distribution channels.

    Answer

    Executive Chairman Boris Jordan explained that the entry follows a three-year effort to develop a fully compliant and commercially viable supply chain for safe, tested products. He stated that Curaleaf believes the hemp-derived market is a multi-billion dollar opportunity that is too large to ignore. The company plans to launch with edibles and beverages, distributing through traditional national distributors in compliant states.

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