Padraic Spence | executive |
Amy Taylor | executive |
William Beech | executive |
Hello, and welcome to the Q2 2021 Zevia PBC Earnings Conference Call. My name is Charlie, and I will be coordinating your call today. I will now hand you over to the Zevia team to begin. Please go ahead.
Thank you, and welcome to Zevia's Second Quarter 2021 Earnings Conference Call and Webcast. Paddy and and Officer. Bill are Amy Executive call President; Taylor, Beech, today's Spence, Chief Chair Officer; On Chief Financial
now, at today access earnings have the Investor information everyone company's of on By quarter Zevia's section second website is to available press market after the filed Relations close. investors.zevia.com. This release should
results to on XXXX. presented and the forward-looking from Reform described discussion that which is other a materially unaudited. call events Before please that or a implied note actual today's number of of of statements, in and provisions we Please risks today. statements. harbor are Act current future filings those statements forward-looking for all comments results risks safe on expressed based this to and press made the actual begin, are Litigation differ in expectations forward-looking include on management's with concerning those made to uncertainties subject release statements the these These detailed to financial information any the cause Securities that are today's call Certain refer SEC and from to cause the subject materially could differ beliefs Private forward-looking of could
non-GAAP slides at will presentation the on our measures that SEC describe to business accompany all filings financial available financial comments During performance. financial we measures use release, comparable measures GAAP today's call, reconciliations investors.zevia.com. The earnings the the as non-GAAP some as website the of press are we most well directly and as
Chief Chair over call to Executive And Spence, now I'd the turn Officer. like and to Paddy
XX, healthy. of families and PBC hope second to XXXX the call we their our quarter a June X-month invite and XXXX. cold Zevia I Thank you, welcome We safe appreciate afternoon. our joining Reed. you remain listeners and call the ended you all and for Zevia, today, earnings that period fiscal of can for to Good open
excited ZVIA. as began are the first On to earnings call York Zevia We on on ticker PBC Stock under results trading New company. Exchange, are our public are now symbol, Stock of XX, a sweetened the that would share our the July which Exchange a York beverage announce official proud. naturally the partnership to of New we like I zero-sugar quite we also
call, today's results and ESG impact On and our and promise, Beech, milestones results quarter detail. to will initiatives growth review Bill for and Taylor second in the I to more Zevia's turn mission social our financial then President, CFO, financial discuss brand Amy share to our discuss
that like trends information consumer macro observations fits well is positioned make believe benefit I'd broad trends world changing to of Internet consumers identified on health. At we ongoing macro their We to the of to packaged driven first, changes. control access regarding power take X consumer the we Zevia, some to But Zevia and that from believe believe by into and consumer are rapidly, increasing the how goods, transforming we've own Zevia is these these.
four, consumer demand years in ways of we have created about seeking global given one, indicative a attitudes single-use at intake, the sugar affordable; challenges are number sugar wellness see number their pandemic; own health as shifts shift increasing for of better-for-you sustainable self-care three, and accounted COVID-XX amidst on factors of part challenges mitigating and for growth by XX discover, ongoing These what and are and in alternatives; take that products. consumers the and impact rapid packaging excess myriad venue of plastic Zevia and goods health packaged where shift a to the focus as ongoing are consumption; reduce number and an the greater by of two, products are: awareness to created environmental equality number health desire e-commerce five, as need increasing lastly, an a to a learn and These income to consumers global select control by consumers behavior. for their consumer number and primary
mission, as to of ongoing impact beverage of a sugar, later intake our Corp certified to been public broad categories: dedicated on households global single-use health brackets. providing income initiatives by X accessible improving governance and products accomplishments reducing is the social packaging community, B we workers will across as customers, are in of Zevia and across range consumers' plastic well recognition as social current designated discuss environment, call. impact and that a better-for-you reducing We've
a a exist of benefits structure to Zevia We returns, providing viewing traded but only value codification believe our as publicly goods of to position a not Benefit Corps competitors. and also As meaningful strengthens only difference value entity of beverage customers retail Corporation, being consumers, this the lasting B believe PBCs health and sustainability. We public that shareholder relative is one our our corporate the investors. within in provide the point sector, packaged in of consumer to Public space we for that and
passion same transaction. public time. an our dedication exciting in health Every employee company, the stakeholders, one equity for public long employee to team. we successful first At this an company at this the and milestone journey was only and with time, full-time global know a the important change enabled a step completion of can Zevia in of is interest starting Becoming the our all a our and has of team's
Zevia sales our decade a initiatives. key double-digit all our passionate growth Our continued significant team, strategic performance. in that and mission In reflected made progress of for on quarter and consumers the achieved second the our we has are net XXXX,
early Taylor, Directors additions She the incredible on colleague, in today. leadership on deep including of our Amy the Marketing is as to Bull leadership she'll team, well a spent us our results brand on long Red XX and success, Board resident in our Officer. North Chief America, and brings of recently beverage most a we several of record who commitment addition, call impact to to June President years In as on her Amy joined addition and mission, President serving the later work track as global share Zevia made important call. XX talent our Zevia social a with and of at as some building
Before ready-to-drink mixers global Zevia billion I space. or starts results very our all believe XX% may second the of categories. share disruption over U.S. while quarter that outline is ingredients TAM, and drinks. beverage take kids' loves this And initiatives, beverages purchase positioned strategic we to trust our of that or addressable households we for and sweetness we fantastic to discuss makes love over that moment within a teas, across even bubbles, energy in drinks, offer, market, It a And everyone carbonated with large consumers total soda, like not believe $XXX the a I'd enjoyment what believe conventional drinks. uniquely many carbonated and market as the
align from that and on retailers beverages is in fact and beverage sugar We more believe by are the products demand jurisdictions that than both regulatory believe needs. that have with for made consumer are We the win the sugar plant-based that and around plant-based and their world XX beverages global, structures simple, with no sugary taste or and ingredients consumers driven soda, zero taxes. part seeking want ingredients sugar have
sugar with ingredients. opportunity, To offers their XX% same and can products added of and a is for plant-based promise because the a sugar to significantly the solution reduce featuring simple, each households every Zevia member zero-sugar flavors platform of There's naturally from every time beverages, product Zevia address And comes day. household Zevia. switching intake that of added this brand sweetened Zevia by
enabled retailers we to important, brand ESG. margins. business key to ESG XX%, and sugar, a consumers, offers and also Zevia's plastic, team our that net our supporting Zevia and asset-light are our only XX-year record model investors: brand the values addresses Supporting is strong decade-long commitment to but our promise growth promise annual employees affordability rate sales believe with Zevia a track stakeholders. of and of gross growth, has consistent of compound not
call. topic will on more We on provide this the later
number for second the turn quarter, to quarter to XXXX. like a of results fronts. continued we now on of I'd second our progress the In
and First, in XXXX sales saw of the net million. in distributed. sales as net in It's XXXX quarter XX% loading well as we record is growth second important of the significant growth $XX.X versus of continued our activity second quarter quarter historical channels achieved sales the consumption to net pantry at-home which that note the Zevia
in XX-year period half we versus same During annual our historical growth net with net of XX%. of sales XXXX, the the first consistent sales grew rate XX% XXXX, compound
a been expanded XXXX. expansion. factor than also X% from XXXX and XXXX, margin Product up net XX% quarter sales, higher reaching of second of first year gross fiscal driving quarter mix the line of has X% the Gross margin during key
facing of as EBITDA of well particularly quarter the loss a many second we in other beverage an $X.X headwinds as new with $X.X in resulted associated profitability, the the costs adjusted company. becoming Regarding These and costs adjusted million some experienced of net loss companies, an in public transportation inflationary area of million.
XXXX, of EBITDA was positive million. half million net adjusted first and loss $X.X adjusted the For $X.X was
in Our CFO, trends discuss further later Bill call. the these will Beech,
data a weeks soda, most soda resulted XX.X% or in or growth of channel, the performance initiatives, XXXX TDP from based total XX% TDP, XX larger packaging distribution a year from In distribution June core in ago. food TDP X% points, year our X-pack combination on across growth. Zevia's ended starting multipack second XX, soda, period broadly our in key or XX-pack with distributed financial quarter for format. came SPINS/IRI continued same supermarket the the Our and format; ago progress versus growth a grew distribution This conventional retail the versus on line our
grew. or store Coupled sales per with TDP, also velocity
higher-velocity XXXX, XX-week the the store velocity portion XX.X%, or For by our increased June mix ended attributable format. period to dollars XX-pack selling driven the XX, grew per of Zevia's
brand. well velocity these awareness improvements in attribute as consumer positioning also gains We of shelf gains Zevia in as to the in continued
warehouse regional new bring warehouse terms transaction. clubs XXXX, into use In trial of the profitable warehouse rotations From with generating quarter club leading placements and began in in X of brand, packs Zevia to a consumers temporary a perspective, retailers. to new or expanding efficient the variety channels, the club second
Zevia our generate sales growth. net behind underpinning purchasing metrics, the also continues why buy, consumer to the strong
ended grew July year ago, the First according weeks the U.S. or SPINS/IRI X, X.X% XXXX X.X% same off, for panel the to brand, for of a XX consumer period penetration versus to Zevia the data. households percentage purchasing
More purchasing the period, period. the in meaning and repeat and increasing grew portion trying they purchase. purchased Zevia, this versus year Zevia again brand after those purchasers, to their Zevia XX% XX% become repeat ago households the are that brand of trying trial During significant initial a
combination set peer growth drink of zero-calorie to per spending XX%, and our in consumer dollar continue SPINS/IRI strongest see growth among we grew XX% consumer metrics, This data. sales buyers household as to robust household was according X%. addition, panel our soft increase occasions occasion as the and by leaders carbonated In we category a purchases dollar growth dollar per purchasing per frequency increased purchases their Zevia by grew occasion of per purchase increased
XXXX, is XX.X% brand in households allocated versus XX-week loyalty of this category-leading for that rate July purchasing We prior the the brand their X, portion weeks to loyalty a on of purchasers define category generated Zevia's category. share our In we drinks, loyalty the spending overall zero-calorie an carbonated brand soft XX spending Finally, versus of and or the as continued XX.X% Zevia case, period. stomach the ended given increase. for to overall the increase
was this exposed carbonated all with soft the categories, the And and ingredients, taste as households category-leading brand drink the accordingly. purchasing increases to new brand. plant-based of sticky zero-calorie is great average are simple, more cola Zevia We of and flavors twice and believe Importantly, same leaders. than a their the brand zero-calorie ahead
the XX data spent XX, Zevia panel households average; Zevia, X June phenomenon Kidz We've data saw buying likes one households households X-flavor XXXX $XX; $XX drink, drink on seen spending and the Qualitatively, $XXX loves on and may cream trends Numerator weeks for Zevia flavor that Zevia spent in dad flavors this like soda well. spend ale historically households as Households our loyalty. X-flavor that on spend from or average. and $XX ended Consumer cola, grape. ginger their more reflect mom that buying soda those and average;
those common, $XXX brand buying Zevia Zevia tea, organic and We with franchise. buying households $XX. of and spend build spend soda Zevia X households see such average. in are same to brand as simple, those is and exposed win X when household consumer our as additional soda energy, platform average. such This on on on we the categories, categories. the trust a also the through energy ingredients definition Those categories, spend plant-based And $XX pattern keep sticky soda, taste, as Zevia
A of Zevia our spending brand their those tremendous simply, households purchase over increase high and loyalty. generates brand continue try the Stated that percentage to time.
past year, growth than of Zevia spent Zevia purchased per more of in brand. an second households prior occasion year, Over products, the believe the explain purchased they quarter the purchase metrics in We percentage the more continued these increased purchasing of the brand the on they and XXXX. Zevia help frequently
to I'd share made number ESG also or key like progress impact metrics. across of the social we've a
On than more sugar products eliminated Let's metric of start estimate consumers' a as we year-to-date sugar the tons that of America, half the well-being our diets which first from impact quarter from are on of health that primary we exciting to In consumers diets improved Zevia by from legacy a a over the of for In our diets that of sugar eliminated our tons zero-sugar we replacing history, represent with our estimate we have our sodas. naturally-sweetened our we of from of more diets XX,XXX North X,XXX and X,XXX we estimate XXXX, they broadly, path American mission. in second selling diets. drinkers. sugar removing These and of eliminated across consumers' sugar metric consumers. is demonstrable XXXX, tons the North basis metrics and shoppers the metric nearly
plant-based beverage is ingredients. it enough a to But not simple, great-tasting offer with
estimate our second plastic XXXX, I'm not littering we what single-use million sure our across the If of sold in we never over to proud help world. in so from chain. a in rate a in the supply in packaging Aluminum cans. any replaced plastic the eliminated are low a history, that bottles history. our estimate year-to-date it X ocean billion a our thousands we our in basis, the XX estimate Accordingly, the you're roadways, that On we carbon first have half doing that communities. footprint beverages in quarter to we plastic recycling bottles of aluminum of approximately and cans bottle bottle, have plastic you're our we miles million format And XXXX, bottles. the highest eliminated plastic of selling beverage by we've shipping And in waterways XX
format market, cardboard in plastic the from a reducing our plastic overlap, converting our and date, have we removed To also packaging. range thus, packaging the Canadian packaging X-pack to
as Lastly, affordability to products beverage key critical ounce Zevia the priority average believe per $X.XX, all nonalcoholic, dairy and affordability is consumers across a for I priced protein. brand. retail the which proud are am price options. for barriers at We that seek better-for-you the XXth say world excluding represents is And one around nondairy they beverages, percentile an that our the of ready-to-drink of
this Zevia nonalcoholic consumers. that today less an set, in product options. for As than range of such, means Zevia brackets, making wide beverage option is for a XX% affordable of expensive are range products income economically a That of broad attractive Zevia
nonalcoholic that are B by Zevia, percentile expensive our at In like that certified of offered more these addition, on XXth beverages XX% products a price, price ounce the on than companies are Zevia per Corps products basis. meaning are among
healthy for population, In to the and a see Zevia haves a and and is a range be in biggest between the could brand increasing a of we income world in income that equality gaps which barrier the have-nots is levels. affordable which broad
need clean our believe can winning Brands to not so or ingredients win commitment. taste necessary well making ESG B that Corp on as is And a Benefit sufficient. as as in today's the you see, Public place, a Zevia world better that market, on our as status dedicated and reflect social is but well Corporation to as certification we deep corporate also policies. impact
a But any team this on to is with way we've is not a not achieved what company and in date ESG. that satisfied
and for that We to identify not follow. our And only note, other very own team, to to brand bar, also continue for set companies but an am our proud I goals tangible to that the raise only benefits. example also awareness commitment impact on I'm to today pressing but and solutions a social shareholder help provide that how not to underscores issues, personally social making announce bring ways
As shareholder is alignment cash facing Americans: our my future cash a and am in XXXX, the salary Zevia's so value, move my my income signifies my August key that and we and XXX% $X moving commitment of that not X, to one generating believe, I compensation of resources but my $XXX,XXX shareholders, also, target and This foregoing with issues shareholder equality. only to highlights I allocate of confidence more financial of bonus precious can to driving our value.
We are the many relative me wrong is an Income and environment in rewards is change making we worker direction starting CEO to shared team, pay. in believe the a compensation companies, committed broadly base. leadership so are being and which not across now. equality moving we are our a concern successful top-of-mind to in And in employee for and
and allocating value our to employee commitment in policies. is Our supporting to people to drive reflected our team shareholder also broader resources
full-time off, participation, equity and the First equity Zevia of all company, our share have through in employees an the in rewards growth. interest
continuing which pay both the receives representation employee for $XX,XXX annual that a wages, from a full-time minimum we Zevia with also a And can Angeles the the do role perspective. means every women on provide starting of We to Los compensation. base Zevia better, examine example, we market, are of how and fair in team,
in either of comprised start, of but Board of communities Directors the team we the level, women of our manager consumers directors, Vice gender above or at progress a That have we've community. we level are women the have who we of members for the operate proud good of LGBTQ opportunities are a talented, are we the XX% and diverse the Today also level, aiming and improve, and at we continued the Of but serve. the parity. leaders at our XX are made. Zevia, individuals, President to reflect experienced X and which Board are leaders racially at and And the X of XX% diverse are is above, Zevia still We women. diversity
I would some additional to in like second to the quarter. now accomplishments turn
Team low of believe employee turnover note, announce in cited indicator place is regard this satisfaction. with in second am on X job Career that include in a results high of our XXXX based policies Los with to Best Diversity, employee a Company Best number CEO employee to recognized addition that we of feedback. I been team And to have awards our anonymous the Best Growth, in Zevia and engagement quarter in career First, Best quarter first success workforce an for Best support But our awards XXXX additional proud I on for has and Operations that from Comparably, we awards that Women for Outlook. and in These feedback. Best and website, Angeles, Work for CEO Places
also from to Taylor, quarter, significant with the we whom Zevia President, we Amy second our new shortly. additions In starting the made team, new will hear
multiple of on for Sweet with a Zevia President Senior Corporate We in We experience our Vice also stevia Senior as an Counsel Jackson, Green our attorney and Lorna Fields, patents and holds as Secretary. and Mel beverage Innovation. joined supplier, Head decade as formulation public Innovation of with products added Dr. stevia added General President, securities and Simms, company who significant Vice worked
accounting and supply of as our Director we These of ], Officer; Ashley Hany Amy a transition we company and Planning Director not support added Vice our robust a executives Higa company. include [ of Chief finance we Accounting our added the in to Analysis; Merideth, experience, leader beverage our of Mikhail, a experienced our network, Tax. public Wonill but Financial chain number last Kim, President functions, And to already And significant to continue with enhance as least, and Warehousing. public
well warehouse facilities and, operate an same Zevia in time, that the the efficiency network are as allow supply at In will asset-light business continued as to to have discrete as have growth. chain, facility. packs. this terms company-owned of completed the add costs through support May, warehouse, us identified we investments With deploying opportunity to continuing our equipment our Indiana, automation a facility we remove by chain in purchase to In supply we first variety the owned of from
Beer summer, soda Lastly, innovate to continued additions we've Zevia to a and and to Zevia our line. our Watermelon few Cran-Raspberry, Creamy several customers. franchise. has new root delicious the the only latest our Kidz to launched best-selling retail Root great-tasting we beer Already first And create product and XX-pack added Zevia flavor product weeks Root at Beer, flavor we've after This new that the of extension in X flavors, major line. Creamy retail, become
spending and Zevia of we've brand shared, metrics rates historical the impressive purchase terms As has generated loyalty. in repeat frequency,
share the To like now Amy it over about Taylor, brand, my more regarding to colleague, to Zevia turn I'd our our intentions President.
X here, why just loyal passionate building and a greater can great-tasting The base. see the Thanks, I Paddy. multibillion-dollar have thoughtful, year-over-year year, has organization portfolio distribution every Zevia's delivered After brands. category-leading, that flavor options zero-calorie a weeks and product, and a with group approached of brand delivers than disciplined in improving way. a this loyalty on how is
repurchase net loyal rate, This has national rate awareness. brand a very high XX-year, growth consumers and annual very compound XX% with low was sales
I've the and prior gate it's now, our building on as time focus short, to availability. visibility about of in spoken on So the road out to driving and right brand and IPO show
in-store into grow our visibility and presence place These and to in and retail strategies step-change will trade, strategies impact others stores. platform. of We show which push immediately clear some at are up in grow as across distribution, with reset retailers XXXX put e-commerce
natural and XX-packs food grocery, high-velocity the retailers in incremental both on quarter, leading shelf gains In conventional at the soda second distribution space made our we winning in channel.
on go to nationwide. we'll now, for forward drive share There's this across be change. leveraging base clear retailer market our story a how our distribution very margin close customer gaps to and continue We we velocity, in stronger block grocery here and a story brand
to on channels. now new so And
retailers first QX club channel As well. regional leading rotations into in very summer, the Paddy has the club featuring X through our at performed and mentioned, entrance
We in business strategies brought have right focus America, the and with of adopted and develop player in largest largest and will strategies the QX customer in North e-commerce have consistent space. by a The consumers, us place we that new retailers the e-commerce second result to in light a that e-commerce in trend. marketplace brick-and-click continued ongoing of
finally, from doing investments And I building categories, capability total across spending step-change multiple passion bring the years making both brand brand experience to the taking at trade organizational in to niche this we're XX Bull, and beverage our presence and mainstream exactly at retail. After that. Red
we marketing returned brand work. We immediately to the to excited hands More on the on to to sampling on products a cans marketing us summer and and So XX, portfolio on as saw focus We scaling though, put front, we're learnings. in great-tasting allow results strategies next Times York our products. strong opportunity with in for Square, have this in Exchange key at Stock activity day long-term an New short-term well as listing sampled engage meaningful, July nationwide consumers Exchange. across experience Zevia the the to strategy
channels social grew editorial QX QX. The from activations. conversion an very As activities for where Creamy net and to Root market very social e-commerce, total and influencer paid supported and are selected Beer, advertising Paddy and audience media trial brand at with significantly well which major Zevia, bolstered out-of-home QX in metro on in product was in our retail in mentioned, have our and strong targeted results followership the media campaigns, new in performing the we exciting
consumers, a The where huge they and and launching Zevia. and go-forward just A investing experiential below-the-line plan but includes infrastructure is advertising, initiatives, far opportunity expanding and work play. sampling digital selected nationally, in mix where shop, programs sponsorships reach for marketing activations, live, scaled all and not and social so new they untapped launching including to expanding media influencer marketing marketing full a program,
mix a exciting support Longer through expanded it, innovation pack term, the brand resonant marketing building image with product through full truly awareness design, and to and building visibility combining a positioning, and continued is availability brand opportunity distribution.
forward quite path is the So clear.
With to our like over to that, CFO, Beech, to our turn the results. review call I'd Bill financial
Thanks, mid-year, June to here our today financial XXXX. the call ended with financial for discuss results Amy. like to earnings of we're we'd be overview first happy is XXXX. our this the second discussion quarter the first I'm Since and to an of start half results
at Paddy million, net the XX% have the half in mentioned annual grown earlier, half rate compound past As higher the over years. with growth net growth XXXX. rate first first a of sales $XX Zevia continued of than XX This XX% of in sales of
million in of compared and first adjusted and to continued also with positive Partially in margin gross million the offsetting half were to EBITDA half first improve, XXXX. XXXX. positive was Our result XXXX this XXXX of XX% The half G&A $X.X in half from selling adjusted first of EBITDA the first of XX% the expenses. increased marketing $X.X of the for
to turn results. quarter the we'll Now second
our XXXX, $XX.X sales note the second XXXX, to achieving sales also record quarter continued ago increasing net It was in of is growth meaningful loading pantry net XX% having growth in that of sales versus We quarter and COVID-related the quarter impacted sales of temporarily our second program. a net connection with overcome to implementing that outbound shipment more efficient despite freight year million. lapping disruptions achieved trends e-commerce second
quarter the reached first the quarter up XXXX Second XX% XX% gross fiscal in year. and from net XXXX XX% of of sales, in margin
pantry promotions the higher a QX of consumer an temporarily pandemic Our onset gross on industry-wide expansion temporary lift with basis, margin stemmed giving and XX%. loading, us primarily In XXXX, to were curtailed the realization. price promotional margin from gross
than gross this, higher. our was XXXX is performance on long-term QX margin While trajectory our lower a
we performance inflationary contracts headwinds plant-based that and believe subject like on our ingredients. is brand swings note for inputs such a to most to is ingredients, less of that I'd addition, reflects In lower to commodity this margin uses simple, exposure commodity pricing Zevia that for inputs. as gross
One of of inflationary cans. been portion tightness headwinds by that our cost is goods supply a has sold aluminum and impacted of combination
supply shortages significant market the months, over impacting to companies As leaders smallest category investors brands. North beverage from in the experienced can has the emerging know, may past XX aluminum the America
initiatives sourcing. proud customers. can Zevia base lower-priced to cost and on anticipate costs built inventory geographic this market a supply of and We will to our broadened cost we cans loosen of believe meet begin from our lower performance our stock, We We're chain of XXXX, very sold allowed the supplier Diversification beginning in and to through time. both XXXX from which additional safety footprint retail and during combination empty of goods expanded in continue for to demand benefit cans of our carrying the early inventory tailwinds costs.
Turning expenses than were higher due marketing and transportation million net prior increased market growing areas reflecting costs. overall many investments $X.X Zevia amidst of expense brand. in Selling to the increased And year. and transportation our freight million, $X costs U.S. challenging operating the costs by in million in higher of growth sales Zevia experienced the $X marketing to
$X.X our preparation company. were higher equipment support expenses to prior administrative a in public in million than become from connection services and primarily with and and General year growth increased staff,
lower of factors second of quarter second EBITDA loss second income in lower in million and of net in stemming the $X.X loss positive versus quarter quarter COVID-XX. promotional million quarter the million due Our $X.X XXXX. of million the the the reflecting Adjusted activity spend was second for was the from $X.X in quarter to net versus of XXXX, combination unusual second $X.X positive marketing XXXX
private point IPO, Zevia prior our to sheet our July. occurred that reflects which XXXX out company to like in QX a as balance We'd
balance of million. was June As XXXX, cash $X.X XX, our
Beyond capital net cash, growth. support our our to increased working
service of global As can aluminum levels in inventory mentioned, holding high to shortage. of we previously levels are elevated midst the ensure a
no had we side, liability debt. the On
flow. cash to Moving
the first months XXXX. first half second of $X.X ago in year result This half XXXX, XXXX, expenditures quarter. completed $X activities in ended the June primarily to compared the capital as million the purchase was X used warehouse of a the million in expenditures compares For operating cash net with totaled for we $X of period. XX, the in million $X.X almost of Capital
because $X.X and to the the unitholders million also required in earned Zevia to booked pass-through equity costs operating of for in $X.X first and half as balance the on of XXXX. to IPO-related LLC agreement paid sheet costs distributions We by million of transaction profits reduction tax payments be
call that, Paddy. to the turn I'll With back over
Bill. Thanks,
today, an we a are compelling range heard with exciting is what you've brand As believe attributes. Zevia of
not also passionate about the are our mission but complementary better world place. And team. of a we business our tell, opportunity, you make we can As to are for only believe these our focus areas
sweetened of model and with business offering asset-light sales health margins annual the track ingredients, simple, compound Zevia beverage of space. zero-sugar naturally beverages commitment XX% within XX-year to great made public net with record uniquely growth an global with changing Our a positions plant-based a high gross tasting, combination
And with second that, we'd like to conclude earnings XXXX. for quarter our call
for call. Thank This today's you, everyone, joining. concludes
day. a Have You now lines. your disconnect brilliant may