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CEO Joel Anderson stated that the e-commerce improvement is just beginning, with a new leader focused on fundamentals like site speed and appointment scheduling. CFO Sabrina Simmons noted that while inventory was down 9.5%, they will pursue continuous improvement. Anderson attributed the higher NPS scores to a wide range of operational improvements and reinvestments in the store teams and experience, which are beginning to resonate with customers.

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Executive Joel Anderson explained that the immediate focus is on making structural cost reductions permanent, and long-term leverage targets would be addressed in March. CFO Brian LaRose added that SG&A costs have already been reduced through G&A actions and simplified store tasks, even while making strategic investments in store labor.

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CEO Joel Anderson responded that the primary change is to move faster and with more urgency on execution, prioritizing projects that have a meaningful impact. Regarding store formats, he acknowledged opportunities for improvement, citing the Union Square store as a model, but stressed that the immediate focus must remain on improving profitability and managing debt leverage before turning to a broader portfolio review.

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CEO Joel Anderson responded that the services business continues to lead growth, driven by internal productivity improvements like optimizing the online grooming appointment software. He highlighted that needs-based categories, which constitute a large part of Petco's business, remain resilient and are a key driver of performance.

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CEO Joel Anderson responded that the services business continues to lead, driven by internal productivity improvements like grooming software upgrades. He emphasized that needs-based categories are driving performance, which demonstrates the resilience of the overall pet category, as two of Petco's three main categories are needs-based or consumable.

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CEO Joel Anderson responded that the services business continues to lead, driven by internal productivity improvements such as enhanced grooming scheduling software. He highlighted that needs-based categories are driving performance, which underscores the overall resilience of the pet category.

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CEO Joel Anderson responded that the services business continues to lead growth, driven by internal productivity improvements such as grooming software upgrades. He emphasized that needs-based categories are driving performance, which demonstrates the overall resilience of the pet category, as two of Petco's three main categories are needs-based.

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CEO Joel Anderson responded that the services business continues to lead, driven by internal productivity improvements like grooming software upgrades that increase appointment availability. He noted that needs-based categories are driving the business, which he sees as a testament to the resilience of the overall pet category.

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CEO Joel Anderson responded that the services business continues to lead, driven by internal productivity improvements like upgraded grooming appointment software. He emphasized that needs-based categories are driving performance, which highlights the overall resilience of the pet category.

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CEO Darcy Horn Davenport attributed the narrowed guidance to minor offsetting factors, including a short-term club pallet gain being balanced by assumed competitive pressure. CFO Paul Rode clarified that the consumption-shipment gap was masked by a heavier-than-expected e-commerce inventory load-in during Q3, which is expected to reverse in Q4.

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CFO Paul Rode confirmed their guidance assumes the inventory destocking is a 'one and done' event. President and CEO Darcy Davenport added that while a full ROI on marketing is pending, early KPIs are strong, with impressions up 30% and web traffic up over 25%, exceeding benchmarks.

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President and CEO Darcy Davenport acknowledged the need for a balanced pace, explaining that the company is 'pressing the accelerator consistently' but not all at once. She detailed a phased approach, starting with promotions, then layering in innovation and advertising, while still pacing marketing spend below the long-term target of 4-5% of sales. This deliberate acceleration is designed to drive consistent growth without risking supply issues. The packaging redesign is an evolution, not a revolution, expected in the second half.

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CEO Billy Cyr reported that the pet specialty distributor issues were largely resolved in Q1 and had no material impact on Q2. He confirmed the club expansion plan is factored into the updated guidance. CFO Todd Cunfer attributed the steady EBITDA outlook to significant outperformance in operations, highlighting that the Ennis facility is now the company's most profitable plant and quality-related costs have fallen well below expectations.

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CEO Billy Cyr stated the distributor issue is now largely resolved. Regarding the club channel, he confirmed the expansion to 125 stores is factored into guidance and that early results are very encouraging. CFO Todd Comfort explained that EBITDA guidance was maintained because of significant operational outperformance, highlighting that the Ennis facility is now the company's most profitable plant and quality-related costs are much lower than anticipated.

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CEO William Cyr explained they are managing costs by controlling production line staffing and leveraging strong plant performance to protect margins, still targeting EBITDA margin expansion for the year. President & Co-Founder Scott Morris noted that while competitor discounting is at historic levels, Freshpet will not participate. He views the growth of the overall fresh category, including DTC, as a positive sign that validates their market opportunity.

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CEO William Cyr confirmed the CapEx change was almost entirely due to project timing. Co-Founder and President Scott Morris addressed marketing by highlighting that the company's Customer Acquisition Cost (CAC) has remained remarkably stable for nearly a decade, which he views as proof of the marketing model's effectiveness and the large size of the total addressable market.

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Executive William Cyr confirmed the CapEx change was almost all timing. Executive Scott Morris added that marketing effectiveness is a key focus, noting that the company's customer acquisition cost (CAC) has remained remarkably stable for nearly a decade. This stability gives them confidence in their model and the total addressable market as they scale.

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Chairman, CEO & President Noel Wallace attributed Hill's strong performance (5% organic growth ex-private label) to specific company initiatives within a flat category. He emphasized that the therapeutic side of the business is growing faster than wellness, consistent with their strategy. He also confirmed that Colgate stopped producing private label products for the brand as of July.

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Noel Wallace, Chairman, President and CEO, attributed the February slowdown to consumer anxiety caused by macroeconomic uncertainty, leading to pantry destocking even in non-discretionary categories. He expects consumption to return as confidence improves. CFO Stan Sutula addressed inflation, stating that excluding tariffs, they still expect modest raw material inflation, with rising palm and tallow offsetting lower oil prices. He confirmed they will manage this through productivity and supply chain efficiencies.

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CEO Noel Wallace explained that Hill's underlying volume growth was strong at around 3% after accounting for a 200 basis point drag from exiting private label business. He noted some category softness in Europe but expressed confidence in the brand's strong fundamentals. CFO Stan Sutula described RGM 2.0 as leveraging new capabilities in analytics, digital, and data to design more effective and precise pricing and promotion strategies in the market.

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Noel Wallace, Chairman, President and CEO, detailed a shift from a 'democratic' spending approach to a more strategic one, pinpointing areas with the best ROI and growth opportunities. He highlighted a focus on building reach and frequency on select media platforms and leveraging a central digital team to share best practices globally, which has improved ROI and supported broad-based growth across categories like Bodywash and Home Care.

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CEO Linda Rendle attributed the dynamic to high consumer "uncertainty" and "volatility," which is causing rapid trade-offs, rather than fundamental weakness. She noted that while consumers are making sharp spending choices, they are also still paying for convenience and experiences, evidenced by strong growth in products like wipes and the premium Scentiva line. She concluded that brand superiority is critical in this environment.

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CEO Linda Rendle clarified that the discrepancy was in reported sales, not retail sales, which were similarly impacted across the portfolio. The Household segment's reported sales were uniquely affected by retailer inventory adjustments, timing issues with Easter and weather impacting Kingsford, and lapping a promotion in Litter. She stated that these factors were timing-related and not indicative of a structural difference in consumer behavior for those categories.

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Incoming CFO Luc Bellet explained that the sales impact is a temporary timing issue. To ensure a smooth transition to the new U.S. ERP system in July, Clorox plans to ship products ahead of consumption in Q4 to build retailer inventory levels. This inventory build will create a one-time sales lift in Q4 that will then reverse in the first half of the next fiscal year.

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CEO Linda Rendle reported that the ERP implementation in Canada went very well with no significant customer disruptions. She noted the more complex U.S. rollout is planned to begin at the end of the fiscal year, with more details to be shared in the next earnings release. Regarding Litter, she emphasized a multi-faceted approach beyond promotions, including new advertising, targeted digital messaging, and a strong focus on innovation to communicate superior value.

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CEO Martin Roper clarified that Q2's strong retail scan data was not due to easy comparisons from inventory issues, which will be a factor in Q3. He confirmed Vita Coco Treats is now nationally distributed. Executive Chairman Michael Kirban added that growth is fueled by rising household penetration and consumption. CFO Corey Baker noted that international growth is consumer-driven and that SG&A investments are being made slightly ahead of the growth curve to support European expansion and supply chain needs.

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Executive Chairman Michael Kirban stated that coconut supply is plentiful and the key is planning for new production capacity, which they are accelerating to support long-term mid-teens growth. CEO Martin Roper addressed pricing, explaining that since the category is anchored by private label, they tend to adjust prices based on long-term cost changes, like the current tariffs, rather than temporary fluctuations, to maintain a stable pricing structure.

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CFO Nathan Lowe identified a multi-year pipeline of high-return automation projects and the onshoring of manufacturing for smaller product categories as key investment priorities. CEO Scott Huckins added that innovation efforts are focused on both scaling proven successes like Hefty Fabuloso bags and developing new platforms like Hefty EcoSave cutlery to deliver "affordable sustainability."

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CEO Scott Huckins explained that the company assumes the Q1 retailer destocking is a permanent change that will flow through the balance of the year. He also clarified that strategic investments are P&L expenses focused on revenue growth management, procurement, and supply chain efficiency, separate from capital investments. CFO Nathan Lowe added that capital is being directed towards manufacturing automation.

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President, CEO & Chairman Jon Moeller stated there is no philosophical pivot associated with the CEO change. He explained that superiority gaps were often caused by external competitive dynamics, such as new, high-quality, low-cost supply from China, rather than internal limitations, and that P&G has active plans to restore its advantage.

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Executive Andre Schulten stated that the company remains committed to its innovation plans, believing it is the most important driver of category growth. He stressed the importance of simplifying the product proposition and working with retailers to reduce shelf complexity, making the benefits of new innovations clearer to consumers, which is especially critical in the current environment.

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Jon Moeller, Chairman, President and CEO, explained that the category's trends are most impacted by the severity of the cough/cold season, which was not significant through December. He noted that while this leads to slower growth in a mild season, P&G continues to build share within the cough/cold space and sees strong growth in its other health care brands.

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Executive Andre Schulten described the promotional environment as stable and stated there are no signs of consumer trade-down. He explained the negative mix in Beauty was driven by SK-II's decline, while Grooming's mix was due to a shift from high-priced appliances to razors compared to a record prior year. He also confirmed no issues with retailer inventory levels.

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CEO & Chairman Irwin Simon confirmed a line of sight on resolving permit issues in Portugal and Spain, which impacted revenue by approximately $8 million in Q4, with a recovery expected in Q1/Q2. He attributed Canadian market stabilization to retail expansion, product innovation beyond flower, and potential regulatory reforms. Chief Strategy Officer Denise Faltischek and Managing Director of International Rajnish Ohri concurred on the permit outlook.

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Chairman and CEO Irwin Simon explained that the SKU rationalization will mostly finish this fiscal year but extend into 2026. He noted the margin gains stem from cost-cutting programs, not price increases, highlighting a focus on profitability that reduced the adjusted net loss to just $2 million.

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CEO Tim Cofer described the move as a 'unique opportunity' to build on existing scale in those specific regions, rather than a signal of a widespread strategy. He emphasized that KDP views its DSD network as a critical competitive advantage and continuously invests in it. Cofer acknowledged that while such transitions involve short-term investment and disruption, these factors are included in the company's outlook.

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Chief Executive Officer Timothy Cofer praised the question and confirmed the strong performance of the Dr Pepper brand, which is on track for its eighth consecutive year of market share growth. He stated that the Dr Pepper Blackberry launch is on par with the company's most successful recent innovations, having achieved nearly a point of market share in just eight weeks. He expressed confidence in the continued strength of Dr Pepper, supported by innovation, distribution gains, and the Zero Sugar platform.

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Chief Executive Officer Tim Cofer responded by referencing KDP's vision to offer a beverage for every need and its track record of shaping its portfolio with brands like Electrolit and La Colombe. He confirmed that the company actively evaluates all potential entry avenues, including organic development and partnerships, to participate in durable, high-potential white spaces like modern soda, ensuring its portfolio remains growth-accretive.

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CEO Timothy Cofer explained that KDP is employing a complementary portfolio strategy to target distinct consumer needs within the growing energy category. He detailed that C4 focuses on performance energy, GHOST on lifestyle occasions, Black Rifle on mainstream and coffee-hybrid consumers, and Bloom on the female demographic. Cofer stated this approach creates a multifaceted energy platform that builds scale for KDP's direct-store-delivery (DSD) system.

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CEO Jean-Christophe Flatin addressed the China review, stating the goal is to maximize shareholder value now that the business is leaner and stronger. He confirmed a range of options, including a potential carve-out, are being considered but declined to speculate on the final outcome. Global President & COO Daniel Ordoñez responded on North America, acknowledging the market softness but highlighting that the successful European playbook is being deployed, as consumer barriers like taste and evolving coffee trends are similar in both regions.

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CFO Marie-Jose David attributed the expected gross margin improvement to optimizing the production footprint, maximizing global sourcing, and managing product mix. Global President and COO Daniel Ordonez acknowledged short-term promotional volatility in the U.S. but highlighted that new distribution gains are the primary growth driver, despite a temporary drag from discontinued innovations. CEO Jean-Christophe Flatin clarified that while losing any volume impacts cost absorption, the company remains on its path of relentless gross margin improvement, noting the specific customer now represents about 7% of total company sales.

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President and CFO John Murphy confirmed the company expects to continue delivering operating leverage in the second half. Regarding currency, he explained that their hedging strategy on G10 currencies partially offsets recent dollar weakness, but the updated guidance reflects an overall softening of the negative FX impact. He deferred a specific 2026 currency outlook to the next earnings call.

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President and CFO John Murphy responded that while the core objective remains growing U.S. dollar EPS, they are 'not quite there yet' on anticipating the dollar's decline. He noted that the main U.S. dollar index is narrow and doesn't cover many of their key market currencies, but they would adjust their strategy accordingly if a significant, broad-based change in currency trends were to occur.

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CFO John Murphy responded that the primary focus will remain on supporting the underlying business and the dividend. He acknowledged that with the transition tax and some M&A payments concluding, the company will have an opportunity in 2026 to take a closer look at its M&A and share repurchase agenda. However, he noted it was premature to be specific, as the company will also consider the overall health of the balance sheet and the ongoing tax case.

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Chairman and CEO James Quincey expressed support for their partner, McDonald's. He stated that based on the limited information available regarding the affected areas, he does not anticipate a 'large, significant impact' to Coca-Cola's business at this stage.

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Chairman and CEO Ramon Laguarta confirmed that protein is a fast-growing segment and that PepsiCo plans to use its major brands to offer solutions at scale, with more details to be announced in a few months. EVP and CFO Jamie Caulfield added that 'value' is a multi-dimensional lever including affordability, availability, and variety, which the company is deploying with greater precision thanks to improved data analytics.

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Chairman and CEO Ramon Laguarta stated that PepsiCo will continue to provide offerings for all dietary preferences. He noted that GLP-1 users are consuming more protein, fiber, and hydration. While PepsiCo is well-positioned in fiber and hydration, he acknowledged it is less positioned in protein and is actively innovating in that space. He added that these consumers tend to eat smaller portions, keeping PepsiCo's brands relevant through its portion-control offerings.

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CEO Ramon Laguarta clarified the restructuring is not a prelude to a split. He explained its purpose is to sharpen focus on international growth by separating beverage and food units, and in the U.S., to capitalize on prior technology investments to reduce duplication and harmonize future infrastructure decisions. The goal is to accelerate growth and margin expansion within the current structure.

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Chairman and CEO Ramon Laguarta responded that the company is not planning for a long-term 1% growth scenario, expressing confidence that category investments and innovation will yield higher growth. He emphasized that the company's focus is on controlling productivity and building the long-term health of its categories, which they believe have strong global growth potential.

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CEO Geoff Tanner reiterated that the Atkins brand is 'ostensibly flat' when excluding distribution and merchandising cuts, indicating core brand health. For Quest, he confirmed they are pulling forward capacity planning for Salty Snacks to meet strong demand and identified key expansion areas as new channels like club stores, mainline salty aisles, and increased secondary placements.

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President & CEO Bill Newlands expressed confidence that behavior will revert to normal. He reasoned that the core consumer's interest in beer remains high; the current issue is a temporary reduction in consumption occasions due to economic factors, not a fundamental change in product preference.

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CEO Bill Newlands expressed confidence that behavior will revert to normal. He argued that the core Hispanic consumer's interest in beer remains high; it's the number of consumption occasions that has temporarily decreased due to economic pressures, a trend he expects to reverse as the macro environment improves.

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CEO William Newlands responded that he does not believe structural factors are the issue. He asserted that the company still has significant runway for growth through gaining shelf space, increasing brand awareness, and expanding brands like Modelo into the non-Hispanic community. He reiterated the belief that current challenges are primarily socioeconomic and will moderate over time.

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CEO William Newlands and CFO Garth Hankinson explained that their capacity expansions are modular, providing flexibility to delay projects if needed. They reaffirmed their commitment to consistent capital allocation priorities, highlighting significant share repurchases and an upcoming cash flow inflection point that will likely favor returning more capital to shareholders.

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CFO Garth Hankinson confirmed the achievement of their leverage target and noted the company accelerated buybacks in Q2, repurchasing $249 million in shares. He stated that with $2.2 billion remaining under the current authorization, they will continue to be opportunistic in the second half of the year. Hankinson added that discussions for new authorizations typically occur in the latter half of the fiscal year.

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Co-Founder and CEO Matt Meeker confirmed the decision was driven by both factors: a recognition that acquiring customers for a discretionary product was untenable amid consumer pressure and high tariffs, and a strategic imperative to protect the company's positive EBITDA by diversifying more urgently. Regarding capital, Meeker noted that while BARK has been aggressive with buybacks, it wants to maintain 'dry powder' for potential M&A and investments in new product lines given the uncertain environment.

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Matt Meeker, Co-Founder and CEO, attributed 99% of the new subscriber growth to internal initiatives, especially the improved conversion on the new Shopify platform, stating the market remains a slight headwind. Zahir Ibrahim, CFO, addressed the outlook, stating that for fiscal 2026, BARK expects a "good year-over-year improvement in EBITDA" and steady margin expansion over the long term as the business scales.

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Executive Hilton Schlosberg explained that Q1 was negatively impacted by bottler ordering patterns, adverse foreign exchange rates, lower alcohol segment sales, weather, and one less selling day. He contrasted this with a very strong April, which reflected a catch-up. Schlosberg also noted that supply chain optimization, along with pricing actions, were primary drivers for the improved gross profit margin in the quarter.

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CEO Gavin Hattersley acknowledged that the company continues to see some value-driving consumer behavior. However, he stated that based on current observations, they do not expect anything 'unusual' regarding the promotional environment. He characterized the typical heightened competition heading into the summer as a normal seasonal pattern that was also seen in the prior year.

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CEO Gavin Hattersley described the Canadian success as broad-based and sustained, citing 23 consecutive months of share growth driven by core brands, premiumization, and RTD expansion. On M&A, he framed partnerships as a core competency and the Fever-Tree investment as fitting their 'string-of-pearls' approach, allowing them to leverage distribution strengths while participating in the brand's value creation.

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CEO Ethan Brown acknowledged hearing some discussion of destocking but could not quantify its impact. CFO Lubi Kutua added that while weakening category data increases destocking risk, it is not a broad issue currently. For future one-time items, Kutua clarified that the only significant recurring charge will be the accelerated depreciation related to the suspension of China operations, which will impact results quarterly through the end of 2026.

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CEO Ethan Brown stated that the company is increasingly focused on a more educated, health-oriented consumer who can see through the "manufactured narrative" about processed ingredients. He noted that this consumer is driving the company's return to growth. Brown expressed confidence that long-term trends, such as challenges in animal agriculture, favor plant-based meat and that educating consumers on the product's simple, healthy attributes will ultimately broaden the consumer base over time.

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CEO Bret Christensen explained that the robust supplement performance was driven by sustained strength in the e-commerce channel, not one-time events. He attributed the procedure revenue softness primarily to the disruptive rollout of the new clinical decision support software (CDSS), which temporarily slowed new clinic starts and reduced volume from the existing base. He noted that competition is an ongoing, but not escalating, factor.

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CEO Teresa Weber detailed that the new software uses advanced science and lab tests to create highly specific, individualized treatment plans, making recommendations across the entire product portfolio and broadening Biote's appeal. Regarding GLP-1s, she stated that BioteRx offers legally available compounded options (Tirzepatide, Semaglutide) as long as they are on the FDA shortage list, but it is not a primary focus. CFO Bob Peterson reiterated that the GLP-1 business is immaterial to overall results.

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Chair of the Board Dawn Zier stated that the Board initiated a thorough evaluation of the company's strategy and portfolio to maximize shareholder value, but it is too early to comment on specifics. CFO Lee Boyce added that the performance issues are a mix of both softer category dynamics and company-specific execution challenges, noting the Snacks category is currently the most pressured.

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CEO Wendy Davidson clarified that the marketing shift is being executed within the existing budget, focusing on improving effectiveness rather than increasing spend. She explained the initial strategy was based on a belief that the brands needed greater awareness. However, learnings showed that awareness was already high, and the real opportunity was in driving purchase frequency and occasion-based conversion, leading to the strategic pivot.

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CEO John Fieldly attributed the category's strength to its resilience, consumer focus on health and wellness, and a high level of innovation driving excitement. To boost velocity, Fieldly explained that Celsius is taking a more balanced promotional approach this year based on learnings from 2024 and is launching new marketing programs built around its 'Live Fit' brand identity to attract more consumers.

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CEO John Fieldly explained that Alani Nu's consumer base is unique and complementary to Celsius, targeting a younger, female demographic focused on health and wellness, resulting in low cannibalization risk. Regarding distribution, Fieldly stated that the immediate focus is on closing the transaction and maintaining business continuity with Alani Nu's existing partners, deferring specifics on long-term network changes.

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CEO John Fieldly described the PepsiCo incentive program as creating a more cohesive and aligned approach for 2025, focusing on priority periods to expand product availability. CFO Jarrod Langhans clarified that while the sell-in and sell-through correlation has improved in Q4, it is not yet fully aligned. He projected a potential Q4 revenue impact ranging from a slight benefit to a headwind of up to $15 million, contingent on November and December performance.

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CEO Michael Spillane explained that the new incentive plans are designed to align with business objectives by encouraging the sales team to apply equal effort across all brand families, such as Angry Orchard, Twisted Tea, and Sun Cruiser, rather than focusing solely on total case volume. This is intended to drive a more sustainable and balanced revenue stream across the entire portfolio.

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Matthew Farrell (executive) acknowledged the VMS category is highly competitive with low barriers to entry and that the business has been a struggle. Richard Dierker (CFO and Head of Business Operations) added that the category is still normalizing post-COVID. Regarding divestiture, Farrell stated that all businesses are evaluated annually but declined to comment further.

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Wholesalers are reacting to prolonged softness from retailers who are managing their own inventory cautiously. Duckhorn believes this will normalize as their brands are still growing. Account growth remains a key part of their strategy, but it's supported by other pillars like D2C, innovation, and acquisitions.

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The company confirmed the 50 basis point gross margin expansion target. On marketing, they will continue investing while returns are strong. Regarding M&A, their approach is asset-specific, not driven by macro trends, and they remain highly selective, passing on deals with unrealistic valuations.

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