Financial Data and Key Metrics Changes - Over the last five years, production has grown over 60%, oil production over 70%, and proved reserves over 60% without any dilution, maintaining total shares outstanding at 114 million [5][6][29] - The company's leverage decreased from 2.3 times to approximately 1 times during the same period, indicating a deleveraging strategy [6][29] Business Line Data and Key Metrics Changes - The company operates in three top-tier assets: Midland Basin, South Texas, and Uinta Basin, with significant production and reserve growth attributed to technical expertise [3][4][5] - In the Midland Basin, the number of wells drilled increased from a few to over 5,000, showcasing the success of the technical team's efforts [10][14] - The Austin Chalk in South Texas has shown improved performance, with returns comparable to the Permian Basin, and a significant inventory of 465 locations [12][13] Market Data and Key Metrics Changes - The Uinta Basin has been identified as a promising area with a 4,000 feet stack pay and potential for 17 intervals, with production profiles comparable to the Midland Basin [18][22] - Despite transportation costs, the margin per barrel of oil equivalent (BOE) in the Uinta Basin is nearly the same as that in the Midland Basin due to high oil content [22][23] Company Strategy and Development Direction - The company emphasizes a returns-based technical focus, aiming for capital-efficient growth without diluting shares or increasing leverage [6][34] - The strategy includes organic growth through technical expertise and potential acquisitions of top-tier assets that meet return criteria [17][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth and efficiency improvements, with plans to explore more of the Uinta Basin's upper cube and deep cube [39][40] - The company is cautious about macroeconomic uncertainties but remains optimistic about its cash flow generation and return of capital strategies [51][53] Other Important Information - The company has a strong balance sheet with a borrowing base of $2 billion, which is undrawn, and a cash position of $100 million at the end of the last quarter [26][27] - A fixed dividend has been increased from $0.15 to $0.20 per quarter, and a $500 million share buyback program is in place [31][32] Q&A Session Summary Question: What did the company see at the time of the Uinta Basin acquisition? - The technical team identified characteristics similar to the Permian Basin, including thick stack pay and high oil content, which justified the acquisition [35][36] Question: Does the company see potential for growth in the Uinta Basin? - The company is open to growth opportunities in the Uinta Basin but emphasizes that any new acquisitions must meet their returns-based criteria [42][43] Question: How does the company plan to allocate free cash flow moving forward? - As leverage approaches one times, the company will prioritize free cash flow towards share buybacks, while also considering the fixed dividend [50][51]

Financial Data and Key Metrics Changes - TechnipFMC has established itself as a leading offshore equipment company with a strong backlog and higher margins through its Subsea two point zero offering [1] - The company is on track to book $30 billion in orders over the last three years and expects another $10 billion next year, indicating a growing backlog that will convert to revenue and earnings [8][7] Business Line Data and Key Metrics Changes - The Subsea business has seen an expansion in its customer base, moving from 10-12 customers to a broader range due to increased offshore investment and TechnipFMC's integrated offerings [9] - Subsea two point zero currently represents 70% of the order book, with expectations for this to grow as it provides predictability and efficiency in project delivery [24][30] Market Data and Key Metrics Changes - The company has expanded its geographical reach, moving from three to four operational pockets globally to a more extensive network, enhancing its market presence [9] - The shift in capital flows towards offshore projects has been noted, with clients showing increased confidence in investing offshore due to TechnipFMC's ability to deliver projects on time and within budget [14][23] Company Strategy and Development Direction - TechnipFMC's strategy focuses on reducing cycle times and improving project delivery through its Subsea two point zero and integrated offerings, which enhance predictability and performance [22][46] - The company is competing for capital flows rather than just against other companies, emphasizing the importance of delivering better project economics and execution [20][47] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of the offshore resurgence and the company's ability to grow in orders, revenue, and earnings [6][7] - The management acknowledged the industry's past inefficiencies and emphasized the importance of improved execution and delivery standards in the current market [39][42] Other Important Information - The Surface Technologies business is primarily driven by the Middle East, with significant contributions from Saudi Arabia and the UAE, and is expected to see growth in 2026 [56][61] - TechnipFMC has built new facilities in Saudi Arabia and the UAE to meet local content requirements and support international operations [58][59] Q&A Session Summary Question: How is the order book evolving? - The order book has expanded with more customers and projects, reflecting a growing interest in offshore investments and TechnipFMC's integrated offerings [8][9] Question: What is the mix of orders between greenfield and brownfield projects? - The company has seen a surprising increase in greenfield projects, while brownfield investments continue to be significant due to their high returns [15] Question: How does TechnipFMC differentiate itself from competitors? - The company focuses on capital flows and project execution rather than just competing with other companies, emphasizing the quality of offshore reservoirs and the importance of reducing cycle times [20][47] Question: What is the expected growth for the Surface Technologies business? - The international Surface Technologies business is shaping up nicely, with a focus on project-based work in the Middle East [61][63]

Financial Data and Key Metrics Changes - TechnipFMC has established itself as a leading offshore equipment company with a strong backlog and visibility, indicating structurally higher margins through its Subsea 2.0 offering [1][4] - The company is on track to book $30 billion in orders over the last three years, with an expectation of another $10 billion in the next year [6][10] Business Line Data and Key Metrics Changes - The Subsea 2.0 offering currently represents about 70% of the order book but only 30% of revenue, indicating potential for revenue growth as the backlog converts [21][24] - The company has seen an expansion in its customer base and geographical reach, moving from 3-4 operational pockets globally to a much broader presence [7][8] Market Data and Key Metrics Changes - The offshore market is experiencing a resurgence, with increased confidence from clients leading to a higher volume of investments in offshore projects [4][11] - Greenfield projects have surprised the company, making up about 50% of inbound orders in 2024, indicating a shift in capital flows towards offshore investments [10][11] Company Strategy and Development Direction - The company focuses on reducing cycle times and improving project delivery predictability, which is critical for attracting capital investments [18][39] - TechnipFMC's strategy emphasizes the importance of technology and execution, with ongoing investments in robotics and other innovations to enhance manufacturing efficiency [41][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of the offshore market resurgence and the company's ability to grow in all areas, which is not typical in the industry [4][5] - The company acknowledges the need for continuous improvement in project delivery standards compared to previous cycles, which were characterized by inefficiencies [34][35] Other Important Information - The Surface Technologies business represents a smaller segment, with significant revenue coming from international markets, particularly the Middle East [45][46] - New facilities in Saudi Arabia and the UAE are expected to enhance the company's operational capabilities and meet local content requirements [48] Q&A Session Summary Question: How is the order book evolving? - The order book has expanded with more customers and projects, reflecting a growing interest in offshore investments [6][10] Question: What is the mix of orders expected in the coming years? - The mix will include a combination of greenfield and brownfield projects, with a notable increase in brownfield investments due to better returns [11][12] Question: How does Subsea 2.0 impact revenue? - Subsea 2.0 is expected to drive revenue growth as it becomes a larger portion of the order book, with increased manufacturing efficiency [21][24] Question: What are the key markets for Surface Technologies? - The key markets include the Middle East, particularly Saudi Arabia and the UAE, which are technically challenging but align with the company's strengths [45][46] Question: What is the outlook for international business growth? - The international business is shaping up positively, with expectations for growth in 2026 [50]

Financial Data and Key Metrics Changes - Over the last five years, production has grown over 60%, with oil production increasing over 70% and proved reserves also rising over 60% [3][4] - The total shares outstanding remained unchanged at 114 million, indicating no dilution during this growth period [4] - Leverage decreased from 2.3 times to closer to one time, demonstrating a deleveraging trend [4][19] Business Line Data and Key Metrics Changes - The company operates in three top-tier assets: Midland Basin, South Texas, and Uinta Basin, each showcasing unique technical success stories [2][9] - In the Midland Basin, the number of wells drilled increased from a few to over 5,000, with production outperforming peers [6][10] - The Austin Chalk asset has shown significant improvement, with 465 locations identified and returns comparable to the Permian Basin [9][10] Market Data and Key Metrics Changes - The Uinta Basin has been identified as a promising area with a production profile similar to the Midland Basin, despite transportation challenges [14][15] - The Uinta Basin's margin per barrel of oil equivalent (BOE) is nearly the same as that of the Midland Basin, primarily due to high oil content [15] Company Strategy and Development Direction - The company emphasizes a returns-based technical focus, differentiating itself from competitors by leveraging technical expertise [2][22] - Future plans include continued growth without dilution or increased leverage, focusing on capital efficiency [4][19] - The company is open to M&A opportunities that meet their criteria for top-tier assets, but does not seek scale for its own sake [28][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the technical team's ability to identify and develop high-potential assets, particularly in the Uinta Basin [24][25] - The company is cautious about macroeconomic uncertainties but remains optimistic about its cash flow generation and return of capital strategy [32][33] Other Important Information - The company has a strong balance sheet with a $2 billion undrawn borrowing base and $100 million in cash [18][19] - A fixed dividend has been established, currently at $0.20 per quarter, with a $500 million share buyback program in place [21][22] Q&A Session Summary Question: What did the company see at the time of the Uinta Basin acquisition? - The technical team identified characteristics similar to the Permian Basin, including thick stack pay and high oil content, which justified the acquisition [23][24] Question: Does the company see potential for further growth in the Uinta Basin? - The company is open to expanding its position in the Uinta Basin if opportunities arise that meet their returns-based criteria [27][28] Question: How does the company plan to allocate free cash flow moving forward? - As leverage approaches one time, the company will prioritize share buybacks, while also considering dividend increases based on cash flow visibility [32][33]

Financial Data and Key Metrics Changes - Over the last five years, the company has grown production by over 60%, oil production by over 70%, and proved reserves by over 60% without any dilution, maintaining total shares outstanding at 114 million [5][6][25] - The company's leverage has decreased from 2.3 times to approximately 1 times during the same period, indicating a deleveraging strategy [6][28] Business Line Data and Key Metrics Changes - The company operates in three top-tier assets: Midland Basin, South Texas (Austin Chalk), and Uinta Basin, all of which have shown significant production growth and technical advancements [3][12][20] - In the Midland Basin, the number of wells drilled has increased from a few to over 5,000, showcasing the success of the technical team's efforts [9][12] - The Austin Chalk has transitioned from a historically poor-performing area to one with returns comparable to the Permian Basin, with 465 locations identified [11][12] Market Data and Key Metrics Changes - The Uinta Basin has shown promising production profiles, with margins per barrel of oil equivalent (BOE) nearly matching those of the Midland Basin despite transportation costs [21][22] - The company has identified significant opportunities in the Uinta Basin, with a 4,000 feet stack pay and potential for 17 intervals, indicating a strong growth outlook [17][20] Company Strategy and Development Direction - The company emphasizes a returns-based technical focus, aiming to maintain capital efficiency and avoid dilution while growing production [3][6][32] - The strategy includes organic growth in existing assets and potential acquisitions of top-tier assets that meet their return criteria [39][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to continue generating returns through technical expertise and operational efficiencies [6][25] - The company is cautious about macroeconomic uncertainties but remains optimistic about its cash flow generation and return of capital programs [48][50] Other Important Information - The company has a strong balance sheet with a borrowing base of $3 billion, of which $2 billion is undrawn, and is currently in debt reduction mode [25][26] - A fixed dividend has been established, currently at $0.20 per quarter, with a share buyback program of $500 million in place [30][31] Q&A Session Summary Question: What did the company see at the time of the Uinta Basin acquisition? - The technical team identified characteristics similar to the Permian Basin, including thick stack pay and high oil content, which justified the acquisition [33][34] Question: Does the company see potential for growth in the Uinta Basin? - The company is open to growth opportunities in the Uinta Basin but emphasizes that any new acquisitions must meet their criteria for returns [39][40] Question: How does the company plan to allocate free cash flow moving forward? - As leverage approaches one times, the company will prioritize free cash flow towards share buybacks, while also considering the fixed dividend based on overall business performance [47][50]

Financial Data and Key Metrics Changes - The company raised its full year net sales guidance to 3% to 5% growth compared to the prior year, driven by strong performance in the coffee segment and Uncrustables [29][36] - Adjusted earnings per share guidance remains at $8.5 to $9.5, reflecting the impact of higher costs from U.S. tariffs [29][42] - The company aims to generate over $1,000,000,000 in free cash flow annually, with a long-term target for capital expenditures at approximately 3.5% of net sales [30][31] Business Line Data and Key Metrics Changes - The coffee segment is performing well despite record high green coffee prices, with favorable price elasticity of demand trends [6][39] - Uncrustables brand is expected to grow annual net sales to over $1,000,000,000, driven by marketing, distribution gains, and innovation [9][15] - The pet segment, particularly Meow Mix, is experiencing positive momentum, while Milk Bone faces challenges due to consumer caution in discretionary spending [17][60] Market Data and Key Metrics Changes - The U.S. retail coffee market shows resilience, with over 70% of coffee consumed at home, making it affordable despite inflation [39] - The convenience store channel is expanding for Uncrustables, with over 30,000 convenience stores now selling the product [14] - The cat food category is benefiting from pet population growth, with Meow Mix leading in new buyers [21][60] Company Strategy and Development Direction - The company is focused on long-term growth through brand building, innovation, and capital deployment strategies [4][30] - Key growth platforms include Cafe Bustelo, Uncrustables, Meow Mix, Milk Bone, and Hostess Brands, with a strong emphasis on consumer-led innovation [5][16] - The Hostess brand is undergoing a strategy to stabilize and position for long-term growth by reducing SKU count and enhancing marketing efforts [22][25] Management's Comments on Operating Environment and Future Outlook - Management expresses confidence in the company's ability to create long-term value for shareholders despite navigating a dynamic environment [5][28] - The company acknowledges challenges from inflation and tariffs but remains optimistic about sustaining organic growth [36][42] - Future expectations include low single-digit net sales growth and a commitment to a disciplined capital deployment model [30][33] Other Important Information - The company has increased its dividend for the twenty-fourth consecutive fiscal year, reflecting a commitment to returning capital to shareholders [32] - The company plans to prioritize debt reduction, aiming to pay down $500,000,000 of debt annually [31] Q&A Session Summary Question: Key takeaways from recent results - The company delivered 3% comparable growth and raised top line guidance based on strong coffee performance and Uncrustables [34][36] Question: Coffee category consumer behavior - The coffee portfolio is performing well due to affordability and strong brand positioning, despite significant inflation [39][40] Question: EPS outlook and reinvestment strategy - The company aims to balance earnings recovery with reinvestment in brand growth, expecting sequential improvement in margins [46][47] Question: Progress in Sweet Baked Snacks - The company is focused on stabilization and expects sequential profit improvement, with positive trends in key customer channels [48][49] Question: Uncrustables performance and competition - Uncrustables continues to perform excellently with strong distribution gains and innovation, maintaining a competitive edge through brand building [51][55] Question: U.S. Retail pet foods outlook - Meow Mix is performing well, while Milk Bone faces challenges; however, innovation and brand building efforts are expected to drive recovery [59][60]

Financial Data and Key Metrics Changes - The company raised its full-year net sales guidance to 3% to 5% growth compared to the prior year, driven by strong performance in the coffee segment and Uncrustables [34][39] - Adjusted earnings per share guidance remains at $8.50 to $9.50, reflecting the impact of higher costs from U.S. tariffs [34][35] - The company aims to generate over $1 billion in free cash flow annually, with a disciplined capital deployment model [3][35] Business Line Data and Key Metrics Changes - The coffee segment is performing well despite record-high green coffee prices, with favorable price elasticity of demand trends [4][42] - Uncrustables brand is expected to exceed $1 billion in annual net sales, driven by marketing, distribution gains, and innovation [10][34] - The pet segment, particularly Milk-Bone and Meow Mix, is experiencing growth, with Milk-Bone's Peanut Buttery Bites being a significant innovation [18][56] Market Data and Key Metrics Changes - The U.S. retail coffee market shows resilience, with over 70% of coffee consumed at home, making it affordable despite inflation [42] - The cat food category is benefiting from positive pet population trends, with Meow Mix showing strong momentum [21][56] - The frozen handheld and spreads market is seeing increased distribution for Uncrustables, now available in over 30,000 convenience stores [16][51] Company Strategy and Development Direction - The company is focused on long-term growth through brand-building and innovation, particularly in key growth platforms like Café Bustelo and Uncrustables [3][4] - A strategy to reduce SKU count by 25% for the Hostess brand aims to simplify offerings and enhance profitability [22][32] - The company is committed to maintaining a balanced approach to capital deployment, including debt reduction and dividend growth [35][37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate a dynamic environment while delivering organic growth [39][40] - The outlook for coffee remains strong, with expectations of continued resilience despite significant inflation [45][46] - Management anticipates sequential profit improvement across various segments, including Sweet Baked Snacks and Uncrustables [49][50] Other Important Information - The company is closing its Indianapolis manufacturing facility, which is expected to deliver $30 million in annual cost savings [22] - The Milk-Bone brand is leveraging cultural relevance to connect with younger consumers, enhancing its market position [19][20] Q&A Session Summary Question: What are the key takeaways from recent results? - The company delivered 3% comparable growth and raised its top-line guidance, primarily due to strong coffee performance [39][40] Question: How is the coffee category performing in terms of consumer behavior? - The coffee portfolio is performing well, with consumption remaining solid due to affordability at home despite inflation [42][43] Question: What are the expectations for Uncrustables moving forward? - Uncrustables is expected to continue its strong performance with new distribution and innovative product offerings [51][53]

Financial Data and Key Metrics Changes - The company reported record revenues and profits, including gross profits and EBITDA in the second quarter [5] - The energy category has shown a recovery with a growth rate of 17% to 18% year-over-year [24][25] - The company has a 20% market share in the energy category, positioning it strongly against competitors [57][81] Business Line Data and Key Metrics Changes - The Celsius portfolio has seen significant growth, with a market share of approximately 10-11% [2] - The acquisition of Elani Nu, a female-focused brand, is expected to enhance the company's offerings and market reach [3][4] - Rockstar Energy is being integrated into the company's portfolio, with plans to optimize and stabilize its performance [46][50] Market Data and Key Metrics Changes - The energy drink category is experiencing a shift, with more consumers transitioning from coffee to energy drinks [26][31] - The company is seeing an increase in female consumers driving growth in the energy drink category [38] - The convenience channel is identified as a significant opportunity for growth, particularly for the Elani brand [34][36] Company Strategy and Development Direction - The partnership with PepsiCo is a strategic move to enhance distribution capabilities and market presence [6][9] - The company aims to optimize its product placement and availability in retail environments to drive sales [10][12] - A total energy approach is being adopted, targeting different consumer segments with distinct brand identities [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the energy category's resilience despite economic challenges in other sectors [27][28] - The integration of Elani and Rockstar is expected to provide additional growth opportunities and enhance operational efficiencies [66][70] - The company is focused on building a strong portfolio that aligns with health and wellness trends in consumer preferences [82] Other Important Information - The company is enhancing its marketing and merchandising teams to better execute its strategies within the Pepsi distribution network [64][65] - The transition to PepsiCo's distribution system is anticipated to be smooth, leveraging past experiences with similar transitions [72][75] Q&A Session Summary Question: What does the agreement with Pepsi mean for Celsius' long-term strategy? - The partnership is critical for distribution and product placement, allowing the company to compete effectively in a highly competitive energy category [9] Question: How does the acquisition of Elani Nu impact the company's market reach? - The acquisition is expected to broaden distribution and enhance the company's ability to serve a diverse consumer base [33] Question: What are the expected financial impacts of the deal with Pepsi? - The deal is anticipated to accelerate growth and improve operational efficiencies, although specific numbers were not disclosed [66][69]

Financial Data and Key Metrics Changes - The company reported record revenues, profits, gross profits, and EBITDA in the second quarter [3] - The energy category has stabilized and is now experiencing double-digit growth rates, with Celsius holding approximately a 10-11% market share [1][3] Business Line Data and Key Metrics Changes - The acquisition of Alani Nu, a female-focused brand, has been integrated into the Celsius portfolio, which is expected to enhance growth [2][3] - The partnership with PepsiCo allows Celsius to control planograms and optimize SKU placements, which is anticipated to drive efficiencies and revenue [7][8] Market Data and Key Metrics Changes - The energy drink category has seen a year-over-year growth of 17-18% in the last four weeks, with brands like Red Bull and Monster performing well [15] - The transition from coffee beverages to energy drinks is noted, indicating a shift in consumer preferences [16][19] Company Strategy and Development Direction - The long-term strategy focuses on strategic partnerships for distribution, particularly with PepsiCo, to enhance market presence and product placement [4][5] - The company aims to leverage its portfolio of brands (Celsius, Alani Nu, Rockstar) to target different consumer segments and maximize market opportunities [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the energy category's robustness and the company's ability to adapt to changing consumer behaviors [15][17] - The integration of Alani Nu and the acquisition of Rockstar are seen as pivotal for future growth, with expectations of enhanced distribution capabilities through PepsiCo [23][54] Other Important Information - The company is preparing for the largest convenience store show in the country, which will help set planograms for the upcoming year [27] - The partnership with PepsiCo includes a significant equity investment and an additional board seat, reflecting confidence in Celsius's growth potential [52] Q&A Session Summary Question: What does the agreement with Pepsi mean for Celsius' long-term strategy? - The agreement enhances distribution capabilities and allows for better product placement, which is critical in the competitive energy category [4] Question: How does the acquisition of Alani Nu change the ability to service energy consumers? - The acquisition allows for a total energy approach, targeting different consumer segments effectively [11] Question: What is the expected financial impact of the deal with PepsiCo? - The deal is expected to bring in approximately $250 million of incremental revenue and enhance operational efficiencies [54] Question: How is the transition of Alani Nu to PepsiCo being managed? - The transition is anticipated to be seamless, with a focus on communication and project management to mitigate disruptions [60][62] Question: What does success look like for Celsius in the next two to three years? - Success is defined by a strong portfolio presence in the energy category, aiming for continued growth and market share expansion [65]

Financial Data and Key Metrics Changes - The energy category has stabilized and is experiencing double-digit growth rates, with Celsius showing significant growth and a market share of approximately 10-11% [2][5][26] - Record revenues and profits were achieved in the second quarter, with gross profits and EBITDA also reaching new highs [5][72] Business Line Data and Key Metrics Changes - The acquisition of Elani Nu, a female-focused brand, is expected to enhance the Celsius portfolio and has been integrated since April 1 [3][5][40] - The partnership with Pepsi has positioned Celsius as a category captain in the energy drink sector, allowing for better product placement and stock availability [6][10][12] Market Data and Key Metrics Changes - The energy drink category has seen a year-over-year growth of 17-18%, with brands like Red Bull and Monster continuing to perform well [25][26] - The shift in consumer behavior indicates a transition from coffee to energy drinks, with larger formats becoming more popular among consumers [29][33] Company Strategy and Development Direction - The long-term strategy focuses on strengthening distribution partnerships, particularly with Pepsi, to enhance market presence and product availability [9][10][67] - The company aims to optimize its brand portfolio, including Rockstar, Elani, and Celsius, to cater to diverse consumer segments and drive daily consumption [52][63][85] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the energy category's robustness and the company's ability to leverage its partnership with Pepsi for future growth [25][67] - The integration of Elani and Rockstar is seen as a significant opportunity to enhance market reach and brand performance [36][40][72] Other Important Information - The company is restructuring its teams to focus on convenience, food service, and mass distribution, enhancing its operational capabilities [68][79] - The transition to Pepsi's distribution network is anticipated to be smooth, with a focus on communication and project management to mitigate disruptions [76][80] Q&A Session Summary Question: What does the agreement with Pepsi mean for Celsius' long-term strategy? - The partnership is critical for distribution, allowing better product placement and stock management in a competitive market [9] Question: How does the acquisition of Elani Nu change the ability to service energy consumers? - It provides a modern energy approach, targeting different consumer segments effectively [18] Question: What is the expected financial impact of the deal with Pepsi? - The deal is expected to enhance revenue and operational efficiency, with Rockstar contributing approximately $250 million in incremental revenue [71][72] Question: How is the transition to Pepsi's distribution network being managed? - The company has established processes and a larger key accounts team to ensure a seamless transition [79][80] Question: What does success look like for Celsius in the next two to three years? - Success involves building a strong portfolio with significant market share in the energy category, leveraging Pepsi's distribution capabilities [85]