Jarrod Langhans: I think I referred to Q1 and Q4 in my prepared remarks. And if you look at our Q1 activations and activity, we have got the Super Bowl activations we did that we believe were very successful. We have actually got a Jake Paul Fight this weekend down in Puerto Rico with another number of influencers that we support. We kicked off the MLS last week or a couple of weeks ago, we kicked off the F1 partnership. So, we have got a number of things that are really rolling in Q1 to keep the momentum going. As we look at a full year basis, historically, we have been in the 22% to 24% range. We were at 20% on a year-to-date basis in 2023. I think those are kind of the data points to stick to. If we have got opportunity to invest ahead of growth, we are going to continue to invest it.
We are going to spend our money wisely. John and I require an ROI on everything we do. So, we are not going there foolishly. But if we see opportunity to push growth, we will push growth, if we don’t see it, we will continue to lever.
Sean McGowan: Okay. Thank you. And then on the Essentials line, could you give us, I mean that’s pretty rapid acceleration of ACV. Where do you think that goes? And basically, more generally, what is the plan for additional SKUs and additional outlets for that line. And I am seeing it in its own cooler or a separate cooler in some stores. Do you think this can double that? Can you get to 80% plus ACV by the end of the year?
John Fieldly: That’s – well, we have never launched a new line with our new distribution partner, PepsiCo. So, I think we have a lot to learn. We are working hard. We think it can definitely be incremental. There is a lot of opportunity in there, that 16-ounce Celsius Essentials has been really well recepted by consumers. What’s great, it’s not cannibalizing existing sales. So, we are bringing in additional new consumers and converting new consumers into the Celsius portfolio. So, that has us really excited. It’s not – we are not trading our existing consumers, so the initial data. It’s still early. When you look at it, you are only talking like 8 weeks, 12 weeks of data we have at best in certain stores. So, we really need to get a little bit more data underneath our belt as we move into – get through Q1 and most importantly, see what these resets bring that are coming out.
So, I think this summer, we will have a better read on how this portfolio is going to perform the Celsius central line within our overall global portfolio.
Jarrod Langhans: Yes. It’s a great product. You should get out and taste it, if you haven’t yet.
John Fieldly: Tastes great.
Sean McGowan: I am actually in my office. Thank you.
Operator: Our next question comes from the line of Eric Serotta with Morgan Stanley. Please proceed with your question.
Eric Serotta: Great. Thanks so much, guys. So, could you give a little bit more granularity as to what drove the step-up in Pepsi revenue through the foodservice channel? I think it had been running at 10%, now it’s at 12.5%. I think Jersey makes and Dunkin’ are still very early days, and I am not sure if those go through Pepsi, so maybe you could clarify that. But what specific channels are you seeing traction in foodservice through Pepsi? And then a broader question, in terms of the new SKUs that you are adding, particularly on the Vibe’s and the core flavors, what are you seeing in terms of incrementality there? How are the sort of legacy flavors and by legacy core and Vibe’s flavors performing as you are introducing these new SKUs? And then sort of what do you see as the limit for SKU count or flavor variety here, you are still a long way from Monster and Red Bull? Thanks.
Jarrod Langhans: I will start with the foodservice one. John can have the – all the other ones. So, foodservice, I look at that as just continued momentum. I mean if you look at our club program, once we start launching with them, we have got good progress, good momentum, but then you really see the volumes and velocity is growing. We are seeing the same thing across foodservice. We also had the college program fully in place in Q4. So, as we talked about last quarter over the summer season, it tends to die down a bit when the college campus is empty out. We are also seeing great progress in the other channels within foodservice that we are in, you mentioned. Mike, you mentioned Dunkin’, there is also hospitals. There is a variety of other food establishments.
And so we are just continuing to see ongoing momentum across that channel, and we are really seeing that grow and be built out. And our distributor has really been helping significantly with that. So, continued momentum, and we are doing great there. But let me throw the other ones over to John.
John Fieldly: Yes. And just a further detail on that, I think we are also seeing great momentum. And you talked about the step up and Jarrod, you mentioned college universities as a big opportunity and seeing growth there. But also vending, keep in mind, vending is also going through that foodservice and the vending, we have expanded in vending. We are seeing great results in vending. And at-work micro markets, we talked about those prior on several calls prior. The at-work micro-market opportunity is really good. I mean you see a lot of opportunities at work locations. So, you are seeing the product continuing to scale. And I agree with you, Eric. I think seeing that go from 10% to 12%, just shows you the growth opportunity we have on an overall basis and is non-tracked channel opportunity.
