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    Kaumil Gajrawala • Jefferies

    Kaumil Gajrawala's questions to Bellring Brands Inc (BRBR) leadership

    Kaumil Gajrawala's questions to Bellring Brands Inc (BRBR) leadership • Q3 2025

    Question

    Kaumil Gajrawala of Jefferies Financial Group questioned why the company narrowed its guidance rather than raising it after a strong Q3, and why consumption growth wasn't significantly higher than shipment growth given the destocking.

    Answer

    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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    Kaumil Gajrawala's questions to Bellring Brands Inc (BRBR) leadership • Q2 2025

    Question

    Kaumil Gajrawala asked for clarification on whether the retailer destocking is a one-time event and requested initial metrics or returns on the recent increase in marketing spend.

    Answer

    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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    Kaumil Gajrawala's questions to Bellring Brands Inc (BRBR) leadership • Q1 2025

    Question

    Kaumil Gajrawala from Jefferies inquired about how BellRing is managing the pace of its numerous demand-driving initiatives, such as marketing, innovation, and repackaging, to avoid moving too fast and creating new supply constraints.

    Answer

    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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    Kaumil Gajrawala's questions to Freshpet Inc (FRPT) leadership

    Kaumil Gajrawala's questions to Freshpet Inc (FRPT) leadership • Q2 2025

    Question

    Kaumil Gajrawala of Jefferies Financial Group asked for an update on the pet specialty distributor issue from Q1 and the timeline for the club channel expansion. He also questioned why EBITDA guidance was maintained despite a lower sales forecast.

    Answer

    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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    Kaumil Gajrawala's questions to Freshpet Inc (FRPT) leadership • Q2 2025

    Question

    Kaumil Gajrawala requested an update on the pet specialty distributor issue from Q1 and the expansion timeline in the club channel. He also asked how EBITDA guidance was maintained despite a reduced sales forecast.

    Answer

    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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    Kaumil Gajrawala's questions to Freshpet Inc (FRPT) leadership • Q1 2025

    Question

    Kaumil Gajrawala asked how the company is managing its P&L to avoid significant deleverage on lower sales and inquired about the competitive landscape, including increased promotions and DTC players.

    Answer

    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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    Kaumil Gajrawala's questions to Freshpet Inc (FRPT) leadership • Q3 2024

    Question

    Kaumil Gajrawala asked for confirmation that the change in CapEx guidance was purely timing and posed a broader question about marketing effectiveness as the company approaches $1 billion in revenue.

    Answer

    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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    Kaumil Gajrawala's questions to Freshpet Inc (FRPT) leadership • Q3 2024

    Question

    Kaumil Gajrawala sought confirmation that the change in CapEx was purely timing-related and asked how the company thinks about marketing effectiveness now that it is approaching $1 billion in revenue.

    Answer

    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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    Kaumil Gajrawala's questions to Colgate-Palmolive Co (CL) leadership

    Kaumil Gajrawala's questions to Colgate-Palmolive Co (CL) leadership • Q2 2025

    Question

    Kaumil Gajrawala from Jefferies Financial Group inquired about the drivers behind the acceleration in the Hill's Pet Nutrition business, questioning whether it was due to macro factors or company-specific initiatives amid a potentially fading pet food category.

    Answer

    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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    Kaumil Gajrawala's questions to Colgate-Palmolive Co (CL) leadership • Q1 2025

    Question

    Kaumil Gajrawala from Jefferies Financial Group Inc. asked for the company's perspective on the 'why' behind the consumer slowdown in February and whether they are reassessing inflation and pricing forecasts in commodity-linked emerging markets.

    Answer

    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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    Kaumil Gajrawala's questions to Colgate-Palmolive Co (CL) leadership • Q4 2024

    Question

    Kaumil Gajrawala asked about the Hill's Pet Nutrition business, specifically the volume trends in Europe, and requested an explanation of the 'RGM 2.0' (Revenue Growth Management) initiative.

    Answer

    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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    Kaumil Gajrawala's questions to Colgate-Palmolive Co (CL) leadership • Q3 2024

    Question

    Kaumil Gajrawala followed up on advertising effectiveness, asking for more detail on the specific strategic and tactical changes made that are contributing to strong results, especially in markets where peers have struggled.

    Answer

    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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    Kaumil Gajrawala's questions to Clorox Co (CLX) leadership

    Kaumil Gajrawala's questions to Clorox Co (CLX) leadership • Q4 2025

    Question

    Kaumil Gajrawala from Jefferies Financial Group asked for insight into why the consumer appears to be under more pressure in the household goods sector compared to other industries where more strength is being reported.

    Answer

    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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    Kaumil Gajrawala's questions to Clorox Co (CLX) leadership • Q3 2025

    Question

    Kaumil Gajrawala questioned why the consumer slowdown appeared to impact the Household division more significantly than others and asked if there might be excess inventory in consumers' pantries.

    Answer

    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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    Kaumil Gajrawala's questions to Clorox Co (CLX) leadership • Q2 2025

    Question

    Kaumil Gajrawala of Jefferies requested a practical explanation of how the upcoming ERP implementation will generate a 1% to 2% sales benefit, questioning if it's a one-time inventory shift or an ongoing improvement.

    Answer

    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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    Kaumil Gajrawala's questions to Clorox Co (CLX) leadership • Q1 2025

    Question

    Kaumil Gajrawala asked about the company's ERP implementation, inquiring about learnings from the Canada rollout and the timeline for the U.S. He also asked about the marketing strategy for winning back Litter consumers beyond just promotional pricing.

    Answer

    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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    Kaumil Gajrawala's questions to Vita Coco Company Inc (COCO) leadership

    Kaumil Gajrawala's questions to Vita Coco Company Inc (COCO) leadership • Q2 2025

    Question

    Kaumil Gajrawala of Jefferies inquired about the primary drivers of strong revenue, asking to distinguish between inventory replenishment and organic sales growth. He also asked about the national rollout status of Vita Coco Treats and the margin implications of the rapidly growing international business.

    Answer

    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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    Kaumil Gajrawala's questions to Vita Coco Company Inc (COCO) leadership • Q1 2025

    Question

    Kaumil Gajrawala from Jefferies asked about the company's long-term supply chain capacity to support ambitious goals like doubling the business and also questioned the strategy for implementing price increases without hindering strong sales momentum.

    Answer

    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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    Kaumil Gajrawala's questions to Reynolds Consumer Products Inc (REYN) leadership

    Kaumil Gajrawala's questions to Reynolds Consumer Products Inc (REYN) leadership • Q2 2025

    Question

    Kaumil Gajrawala inquired about the specific areas for capital deployment, such as new and incremental opportunities, and whether innovation was extending further from the company's core business.

    Answer

    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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    Kaumil Gajrawala's questions to Reynolds Consumer Products Inc (REYN) leadership • Q1 2025

    Question

    Kaumil Gajrawala inquired about the nature of retailer destocking, asking if it was a temporary adjustment or a permanent shift, and sought clarification on whether strategic expenses overlap with capital expenditures.

    Answer

    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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    Kaumil Gajrawala's questions to Procter & Gamble Co (PG) leadership

    Kaumil Gajrawala's questions to Procter & Gamble Co (PG) leadership • Q4 2025

    Question

    Kaumil Gajrawala of Jefferies asked if the CEO change signals a philosophical pivot and questioned if the loss of superiority in some categories was due to recent complexities or other factors.

    Answer

    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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    Kaumil Gajrawala's questions to Procter & Gamble Co (PG) leadership • Q3 2025

    Question

    Kaumil Gajrawala of Jefferies asked if macroeconomic pressures are slowing the rollout or expected contribution from the heavy back-half innovation pipeline, given that consumers under pressure may be hesitant to try new things.

    Answer

    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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    Kaumil Gajrawala's questions to Procter & Gamble Co (PG) leadership • Q2 2025

    Question

    Kaumil Gajrawala of Jefferies asked for more detail on the Personal Health Care category's performance, noting that its growth slowed despite an easier comparison.

    Answer

    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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    Kaumil Gajrawala's questions to Procter & Gamble Co (PG) leadership • Q1 2025

    Question

    Kaumil Gajrawala asked about price points and promotions, noting negative mix in Beauty and Grooming and questioning if consumers were trading down. He also inquired about any signs of retailer inventory destocking.

    Answer

    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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    Kaumil Gajrawala's questions to Tilray Brands Inc (TLRY) leadership

    Kaumil Gajrawala's questions to Tilray Brands Inc (TLRY) leadership • Q4 2025

    Question

    Kaumil Gajrawala of Jefferies Financial Group inquired about the timing and financial impact of delayed international export permits and sought more detail on the stabilization of the Canadian cannabis market.

    Answer

    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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    Kaumil Gajrawala's questions to Tilray Brands Inc (TLRY) leadership • Q2 2024

    Question

    Kaumil Gajrawala of Jefferies Financial Group Inc. inquired about the completion timeline for the beverage SKU rationalization and the primary drivers behind the enterprise-wide gross margin improvement.

    Answer

    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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    Kaumil Gajrawala's questions to Keurig Dr Pepper Inc (KDP) leadership

    Kaumil Gajrawala's questions to Keurig Dr Pepper Inc (KDP) leadership • Q2 2025

    Question

    Kaumil Gajrawala questioned the recent move to take over Dr Pepper distribution in California and other regions, asking if the DSD infrastructure is sufficient and if this signals a broader trend of brand repatriation.

    Answer

    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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    Kaumil Gajrawala's questions to Keurig Dr Pepper Inc (KDP) leadership • Q1 2025

    Question

    Kaumil Gajrawala's son, Cameron, asked about the new Dr Pepper Blackberry flavor, noting its rapid achievement of 1% market share and questioning how significant its contribution would be for the full year.

    Answer

    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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    Kaumil Gajrawala's questions to Keurig Dr Pepper Inc (KDP) leadership • Q4 2024

    Question

    Kaumil Gajrawala noted Keurig Dr Pepper's success with partnerships and asked how the company plans to participate in the emerging 'modern soda' category and what kind of deal structures it might consider.

    Answer

    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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    Kaumil Gajrawala's questions to Keurig Dr Pepper Inc (KDP) leadership • Q3 2024

    Question

    Kaumil Gajrawala asked for details on how Keurig Dr Pepper's energy drink portfolio, including C4, GHOST, Black Rifle, and Bloom, will work together and whether there is a risk of brand overlap.

    Answer

    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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    Kaumil Gajrawala's questions to Coca-Cola Co (KO) leadership

    Kaumil Gajrawala's questions to Coca-Cola Co (KO) leadership • Q2 2025

    Question

    Kaumil Gajrawala from Jefferies Financial Group asked about the operating leverage across the P&L, considering the strong productivity performance and easing currency headwinds.

    Answer

    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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    Kaumil Gajrawala's questions to Coca-Cola Co (KO) leadership • Q1 2025

    Question

    Kaumil Gajrawala asked if the company is planning for a potential end to the strong U.S. dollar cycle and how that might change its approach to future investments and capital returns.

    Answer

    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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    Kaumil Gajrawala's questions to Coca-Cola Co (KO) leadership • Q4 2024

    Question

    Kaumil Gajrawala asked about the company's capital allocation strategy for 2026 and beyond, once significant cash payments like the transition tax are completed, particularly regarding buybacks and M&A.

    Answer

    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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    Kaumil Gajrawala's questions to Coca-Cola Co (KO) leadership • Q3 2024

    Question

    Kaumil Gajrawala of Jefferies asked a direct question about the potential impact on Coca-Cola's business from the recent food contamination news concerning its largest customer, McDonald's.

    Answer

    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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    Kaumil Gajrawala's questions to PepsiCo Inc (PEP) leadership

    Kaumil Gajrawala's questions to PepsiCo Inc (PEP) leadership • Q2 2025

    Question

    Kaumil Gajrawala of Jefferies Financial Group asked for more details on the teased 'big launch in protein' and for an update on the company's progress in offering more value to consumers.

    Answer

    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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    Kaumil Gajrawala's questions to PepsiCo Inc (PEP) leadership • Q1 2025

    Question

    Kaumil Gajrawala asked about the company's strategy regarding the launch of oral GLP-1 medications and how PepsiCo is positioned to adapt to the dietary changes of consumers using these drugs.

    Answer

    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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    Kaumil Gajrawala's questions to PepsiCo Inc (PEP) leadership • Q4 2024

    Question

    Kaumil Gajrawala from Jefferies asked if the company's recent restructuring could be a precursor to a larger strategic move, such as splitting the beverage and snack businesses, and whether current M&A activity is paused during this realignment.

    Answer

    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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    Kaumil Gajrawala's questions to PepsiCo Inc (PEP) leadership • Q3 2024

    Question

    Kaumil Gajrawala followed up on productivity, asking if PepsiCo could still achieve 8% EPS growth if organic revenue growth were to remain in the low single-digit (e.g., 1%) range for a sustained period.

    Answer

    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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    Kaumil Gajrawala's questions to Simply Good Foods Co (SMPL) leadership

    Kaumil Gajrawala's questions to Simply Good Foods Co (SMPL) leadership • Q3 2025

    Question

    Kaumil Gajrawala sought clarification on whether the Atkins decline is purely from distribution cuts or if the underlying brand is also weakening. He also asked about Quest's capacity expansion and target locations for out-of-aisle growth.

    Answer

    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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    Kaumil Gajrawala's questions to Constellation Brands Inc (STZ) leadership

    Kaumil Gajrawala's questions to Constellation Brands Inc (STZ) leadership • Q1 2026

    Question

    Kaumil Gajrawala from Jefferies Financial Group asked about the potential for a permanent shift in consumer behavior, wondering if the current reduction in beer consumption occasions might persist even after socioeconomic conditions improve.

    Answer

    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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    Kaumil Gajrawala's questions to Constellation Brands Inc (STZ) leadership • Q1 2026

    Question

    Kaumil Gajrawala posed a question about long-term consumer behavior, asking if there's a risk that consumption patterns might not revert to previous norms even if socioeconomic conditions improve, similar to permanent shifts seen after COVID.

    Answer

    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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    Kaumil Gajrawala's questions to Constellation Brands Inc (STZ) leadership • Q4 2025

    Question

    Kaumil Gajrawala questioned if structural factors, such as the law of large numbers or revised expectations for Hispanic population growth, were contributing to the changed long-term algorithm beyond the stated macro issues.

    Answer

    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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    Kaumil Gajrawala's questions to Constellation Brands Inc (STZ) leadership • Q3 2025

    Question

    Kaumil Gajrawala inquired about Constellation's capital allocation strategy, specifically questioning the deployment of CapEx for new capacity amid a slowdown and how the company weighs the returns on these investments against larger share buybacks.

    Answer

    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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    Kaumil Gajrawala's questions to Constellation Brands Inc (STZ) leadership • Q2 2025

    Question

    Kaumil Gajrawala asked about Constellation Brands' capital allocation strategy, specifically the potential for more aggressive share repurchases now that the company has reached its leverage target, and inquired about the board's process for authorizing such programs.

    Answer

    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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    Kaumil Gajrawala's questions to Monster Beverage Corp (MNST) leadership

    Kaumil Gajrawala's questions to Monster Beverage Corp (MNST) leadership • Q1 2025

    Question

    Kaumil Gajrawala inquired about the specific financial impact of supply chain optimizations and bottler purchase timing on Monster Beverage's Q1 2025 results.

    Answer

    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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    Kaumil Gajrawala's questions to Molson Coors Beverage Co (TAP) leadership

    Kaumil Gajrawala's questions to Molson Coors Beverage Co (TAP) leadership • Q1 2025

    Question

    Kaumil Gajrawala asked about the company's approach to pricing and promotions, given the macroeconomic environment and consumers' focus on value.

    Answer

    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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    Kaumil Gajrawala's questions to Molson Coors Beverage Co (TAP) leadership • Q4 2024

    Question

    Kaumil Gajrawala of Jefferies questioned the company's M&A strategy, contrasting partnerships with full ownership, and asked for more detail on the drivers of the strong performance in Canada.

    Answer

    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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    Kaumil Gajrawala's questions to Beyond Meat Inc (BYND) leadership

    Kaumil Gajrawala's questions to Beyond Meat Inc (BYND) leadership • Q1 2025

    Question

    Kaumil Gajrawala asked if Beyond Meat was experiencing retailer destocking similar to other CPG companies and inquired about any other significant one-time items to expect in coming quarters.

    Answer

    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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    Kaumil Gajrawala's questions to Beyond Meat Inc (BYND) leadership • Q4 2024

    Question

    Kaumil Gajrawala from Jefferies inquired about the evolution of Beyond Meat's core consumer, asking about changes in demographics or income levels as the company refines its products and marketing message.

    Answer

    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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    Kaumil Gajrawala's questions to Hain Celestial Group Inc (HAIN) leadership

    Kaumil Gajrawala's questions to Hain Celestial Group Inc (HAIN) leadership • Q3 2025

    Question

    Kaumil Gajrawala requested more details on the newly announced strategic review, asking about its specific mandate and scope. He also asked to what degree the company's struggles are self-inflicted versus the result of a difficult macro environment for snacks.

    Answer

    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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    Kaumil Gajrawala's questions to Hain Celestial Group Inc (HAIN) leadership • Q2 2025

    Question

    Kaumil Gajrawala questioned the P&L flexibility to manage margins while shifting promotional activity towards conversion. He also asked for the initial logic behind the previous awareness-focused marketing strategy for snacks.

    Answer

    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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    Kaumil Gajrawala's questions to Celsius Holdings Inc (CELH) leadership

    Kaumil Gajrawala's questions to Celsius Holdings Inc (CELH) leadership • Q1 2025

    Question

    Kaumil Gajrawala inquired about the drivers behind the energy drink category's acceleration amid a broader CPG slowdown and asked for specifics on Celsius's strategy to improve product velocity.

    Answer

    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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    Kaumil Gajrawala's questions to Celsius Holdings Inc (CELH) leadership • Q4 2024

    Question

    Kaumil Gajrawala inquired about the brand positioning of Celsius versus the newly acquired Alani Nu, potential consumer overlap, and the future distribution strategy, specifically whether Alani Nu's distribution would be consolidated into the Pepsi network.

    Answer

    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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    Kaumil Gajrawala's questions to Celsius Holdings Inc (CELH) leadership • Q3 2024

    Question

    Kaumil Gajrawala of Jefferies requested more details on the new incentive structure with PepsiCo and why it is expected to drive acceleration. He also asked for confirmation on whether PepsiCo's inventory destocking was complete.

    Answer

    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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    Kaumil Gajrawala's questions to Boston Beer Company Inc (SAM) leadership

    Kaumil Gajrawala's questions to Boston Beer Company Inc (SAM) leadership • Q4 2024

    Question

    Kaumil Gajrawala inquired about the specifics of the new compensation plan, which shifts focus away from total volume, and how it will incentivize new behaviors.

    Answer

    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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    Kaumil Gajrawala's questions to Petco Health and Wellness Company Inc (WOOF) leadership

    Kaumil Gajrawala's questions to Petco Health and Wellness Company Inc (WOOF) leadership • Q3 2024

    Question

    Kaumil Gajrawala of Jefferies inquired about the target same-store sales growth needed for Petco to begin leveraging its new, lower cost base.

    Answer

    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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    Kaumil Gajrawala's questions to Petco Health and Wellness Company Inc (WOOF) leadership • Q2 2024

    Question

    Kaumil Gajrawala asked if new CEO Joel Anderson planned any notable refinements to the current strategy or if there were areas he wanted to accelerate. He also inquired about potential refinements to the current store format.

    Answer

    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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    Kaumil Gajrawala's questions to Petco Health and Wellness Company Inc (WOOF) leadership • Q1 2025

    Question

    Kaumil Gajrawala of Jefferies Financial Group Inc. asked about differing consumer behavior between services and supplies and what the revenue mix suggests about the health of the consumer, particularly regarding discretionary spending.

    Answer

    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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    Kaumil Gajrawala's questions to Church & Dwight Co Inc (CHD) leadership

    Kaumil Gajrawala's questions to Church & Dwight Co Inc (CHD) leadership • Q2 2024

    Question

    Kaumil Gajrawala questioned if the company's strategic view on the VMS (vitamins) category has changed given its competitiveness and recent struggles, and asked if it still makes sense for Church & Dwight to own the business.

    Answer

    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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