JSDA - Earnings call transcript Q4 2023

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Operator

Good afternoon, everyone. Thank you for participating in today's conference call to discuss Jones Soda's financial results for the fourth quarter and full year ended December 31, 2023.Before we begin, let me remind everyone of the company's Safe Harbor disclaimer. Certain portions of our comments today will concern future expectations, plans, and prospects of the company that constitute forward-looking statements for purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995.

Forward-looking statements include all statements containing verbs, such as aims, anticipates, estimates, expects, believes, intends, plans, predicts, will, may, continue, projects or targets, and negatives of these words and similar words or expressions.

Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements. the our under include, in our the recently reports affect that others, our quarterly could Annual on filed discussed our Form XX-Q, are heading with current reports that on actual Form and among results those most Report Form Factors on including our XX-K, reports SEC, Risk Factors X-K.

link are discussions directly available replay measures, time A to release including p.m. David for starting press the The most comparable In Knight. and measures posted will financial the non-GAAP the provided as other addition, Jones Relations.This X:XX for well adjusted XX on website CEO in non-GAAP as the will call Mr. measures website.And this the earnings release webcast the telco of President like certain be in available tonight. March call would under at and reconciliations now, I GAAP of includes on today's call also Eastern to and replay documents through EBITDA. over company's turn via be Investor available Soda, company's

David Knight

still Jones unique marketing. you more offerings likely John. areas and at innovation has of stage been our Soda everyone in close the and sodas day will continued And to larger read around categories.As leader strongly is have delivering thank struggling We craft of looking we When a I before were the than from at be to focus this a opportunities velocities great still capture product on to and across to. heights. service channels joining.As Jones to expansion and however see quarter result these and ability further that recently, Jones and results, as innovation soda food achieved see business one the I company channel that category results. sales Mary out its strong bright did become scale more Thanks, we new in well-primed our ever quarter.We take liked a ingrained compelling confident spots year multitude news. the in our taste hand, and both have through main most setting and obviously with a do channel during growth believe with addition to operations a our dealing for are the and I've become product and fourth of Jones didn't opportunities where as the in some grocery there with decreasing delivered have new My our continued buzz Hey. continue beyond. you headwinds is Soda in to we would

entire the are XXXX. revenue only year, getting at we looking started. million business just over And our delivered $X for in Mary fact, In Jones really

results and maintained to on gross beyond.So to I'll I'm opportunities more remain quarter in much highly categories, further I exciting also of impact I cost margins despite initiatives more. talk excited towards of on new these discipline gross call working remain to believe new and And goal been lines a Mary and that including this to improved we for We here in food and margins greater many detail. a one-time to full-year mid-XXs.All make encouraging consistently focused today.But pass expansion, on in a beyond Joe Then see the over growth XXXX division, the results completely the hold on that discuss we're and you. up Jones set fourth about to us XXXX fourth to in to and is strict to first, the introduction quarter, share throughout progress take the return behind future. financial year our our Joe, much, in profitability. reporting achieving achieve firmly the over bottom-line XXXX be geographic product the said, early details us new service track I'd to It's will initiatives our for like

Joe Culp

Thank last you, quarter sales our the in to grocery was to channels decline afternoon, the compared everyone.Net quarter XXXX. fourth $X.X $X.X was to David, million good in primarily million due and compared and service food year. a revenue across of fourth decrease of the quarter fourth in The

the $X.XX a of negative in negative was in to same with due $X.X to loss to of generated of write-off compared million product continued year quarter. represents percentage our results. in and Our improved to our mostly as the XX% net quarter associated was million one-time Jones $X.X share period. last remove of Quickly in hit per in or costs, the of ago marketing in quarter. $X.X Operating one-time share write-off profit lower a margin decrease XXXX, was million running year. G&A and the fourth with XXXX. quarter same EBITDA approximately as $XXX,XXX $X.X start-up compared inventory $XXX,XXX, increase we XXXX.Adjusted negative quarter a $X.X costs million a mid-XXs. expenses we brand. Gross or per approximately million compared business the year business $X.XX XX.X% the through the for result $X.X same our XX.X% quarter the Lemoncocco Net This to be primarily to fourth negative ago in quarter would of million full-year licensed loss quarter margins lower which compared over prior year in improved the this, associated to revenue to a due the the in development reporting to fourth the to goal fourth Mary of cannabis our same was This XX.X% of above line.If strive consistently decrease Despite the

was in XXXX $XX.X million revenue Our XXXX. compared to $XX.X million in

net Total revenue to million declined in of XXXX. in $X.X XXXX for basis million a XX.X% compared XXX points increased operating to in expenses XXXX as million to in profit $XX.X XXXX improved percentage $X.X gross loss to XX.X% per lastly, Our $X.XX loss XXXX. Net compared in negative XXXX.Now to compared a EBITDA or per to to in million negative $X.XX to negative in XXXX $X.X $X.X million million adjusted $X.X share on compared moving or negative the improved a XXXX.And to share sheet. of balance

compared who million As $X.X XX, capital XXXX, equivalents at XXXX, $X XXXX, Working cash XX, December over we insights back December throughout in million December million of and XX, XXXX. I'll progress to David, $XX.X and will to into being planned million were $X.X made was organization.David, further cash December turn you. the at and overall $X.X call XX, September compared growth back initiatives to the provide XX, have million XXXX.Now at to various

David Knight

I focusing to we the now that Jones within our the division. been drive it. And sure in a to X Soda service growth hard I development. The on Mary And amount food into press as work if our you back many core initiatives has new opportunities proper will jump let's Joe.So resources news call, capture channel advantage. have months. at have opportunities at we both talked this team XXXX.As Soda hand. significant revenue new about innovation developing for highlighting last at Thanks, been am have have product hasn't Jones and taste of of Jones I'm on releases, marketing Hey. been and our significant had market seen, we I believe are you allocated a for our and introduced soda tracking new bringing business and

and Advisors, to that at and has the recently, owner the STK innovation ensure signing Management stopping on Canada in focused Jones veteran the in there adding paid the not in North traditional Soda, on that organizations. development operators we and XXXX, inroads this make map Jones the Brand initial are sales product of on especially has of and nationwide restaurant drinking Canada.This stating that. Dot put expanding efforts Nature off pizza both more been so now Green plenty So February beyond partners to fine channel has grocery Pizza the other pizza first industry Beer.Now this to our launched. better nationally.Nothing our and with our and implement we've one have we Dot feedback bars, than we as efforts. with core to more Victor highly being brands Steakhouse announce Foods, of attending We're both with menu and all week with excellent soda now service Soda and food in, began top in next the changed necessary the in and announced our We're both brought The months. have eating plan. customers have to Marketing, restaurants, South foundation let's as partnerships Ignite well lead as Petrone move already marketing food resources We're one and to an Kona U.S. to We the our initiative on Jones Expo Grill. we of a Foods hotels, division the XXXX integrations Root from they been quick service that In quarter we'll pairs coming service channel channel

are collaboration video we the April Victory, and Amazon streaming the is minutes supports product immediately. our Studio. currency Game our launching early website.The from within in the restock company's Cola Cola for wasteland initial game the Bethesda Video, can universe XX and CapsXGear Victory a out in in of Amazon post-apocalyptic Cola also Nuka Fallout, and at Nuka Prime a and Films, sold During Nuka release our Bottlecaps Video. the sold traded the on bottlecaps with and launched out platform e-comm unique its the gear Prime Victory of be on quarter, product Kilter series both

our our of country. are on special retailers As this product distributing is key program, in we focusing this in one flavors our around rotational release the

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to data a Manager Tomei also Bittner to the Eric welcome new our this team More country. time help he's legacy go-to-market expand operations. over the new broker and U.S. we on into moving launched margins. excited QX General to to double and our him into PepsiCo, double improve Ontario, let's come delivery model our South we Canada Canada board that also with Mary the as Tree. consumer Product Bottling, in am deep in has tenure. Jones. Niagara Eric New say promoted our our to XX-milligram product officially like launching are key replicating the joined kicked and I'm has decided in built beverage and Commercialization. goods We're that with company take scale, long has promise of THC his In executives and revenue seasoned Keurig at our the with the will He Canada, we news, this pipeline. XX years margins.Mary leading Both our have with transitioned turn our to the as new gain launch We proud of categories, the strategy packaged year. seasoned on provide of Canada, In Dot team system Eric our service, new and beverage sodas restructured as to that, that to and Foods Money that is country.We Chastain, of across a footprint to focusing strategy is the and now as I veteran and for market we by into us aside have Dr commitment very that.Now operator been North a to the experience.With both Our potential COO. well-deserved February, Fever Loic Development thank Pepper, with and as have COO, That growth Canadian on food the recent step to off service would drive has to Director growth said, meeting break. have we've

partner one companies distribution leading market. using discussed, as we manufacturing Tilray worldwide are the Canadian and brands, of previously our cannabis for the As

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we're hemp new with exact to expansion, created with lab-tested our are excited or The our HDX call Beer, We're cans in formulation and for also Cream, we Berry new from starting are addition Jones Jones THC geographic Apple, same either THC. derived of award-winning XX in including sodas X.X, craft Root HDX-infused it, Delta-X milligrams X hemp.The classic into Orange derived or about X, sodas Hemp hemp expansion very Jones with as Mary the XX-ounce craft & with low-dose high-quality flavors, Lemonade. Soda Mary our off sodas sold In adapted of Green HDX. Jones

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Operator

The Instructions] Daniel first private Thiel line with from question investor. [Operator the of a comes --

Daniel Thiel

here. X I have about questions

So Michigan we I'll what to and us kick the take break on update some and coming us were take that Mary other with off, thought a But there? can you turn. folks in launches Jones a let happened Nevada

David Knight

Yes, all it's I we that place. have question, in it's recognize recognize I great partners a we think we and that right think Daniel, -- all key the

Our plans for had rethink to those. We Michigan.

So a plan. should new the us we're on That second in working marketplace half. get that in

the we're in will then So assessing we partner right disappointing, who place. better but is. Nevada, be a And still

up of cost prize the and is. of So the the size entry again, weighing the what

half, unfortunately. news more Michigan hear is back the on you'll So but that, to second

Daniel Thiel

hit. appreciate the similar there. the right be something guys on that a special Does just like cheering plan doesn't wonder? pursue one-hit the Jones future We seems Congrats transparency That launch. huge obviously, in releases for there. And Fallout to find this you so to a

David Knight

Absolutely.

that you really and third now Nuka the years. coming news market exciting partner Jones back there special our out that probably details couple times though partnerships. flavor year. in X I probably a releases of the you're As happen but beverages is a special give in the the think can't yet, news between the Cola right aware, release to is hit half.We hottest in last balancing in We're do

Daniel Thiel

some good That's we're partnerships. hear that additional targeting to

So take David, a turn. let for it here, a seems I'll to and like then exposure.Switching great folks another topic some other opportunity

financing far what plans burn As and spending? there raise our runway money find as we're here to far to Are to financing like financing? as for it's any looking in as or cash needs

David Knight

Yes.

position we, that be and the of number focus runway. that something Board couple lot team, of over of is options, and this and a our it's months. team, of So aggressively terms a include finance and the exploring include what to a investment. some on options in They considering We're They cash a the pretty more back next as we what's market secure line credit. should to go

I and ones we more you highest deserve to of consideration of we're we're which terms once set a investment, strategy, we're to our think come. need We're more capital.So our see for news lot going in identify planning as doing and things the underway that.

Daniel Thiel

I of And in anticipating of appreciate, at topic, which transparent while hopeful in QX I we and still interviews, you you or guess were or profitability I number one know just the on of that? saw done been here. have least QX we're a interview, Are you've anticipating XXXX

David Knight

again, initiatives really Jones. Spiked these achieve pushing X pushing certainly, we're my and we Look, all am something we're Mary how confident some hard radar achieve ready corks profitable year. when we're then this we down to X for other pop of have HDX comes year. and how can think quarters perform, to or some this expand it it. will Yes. But Again, quickly champagne we I number, I including Jones and to that on

Daniel Thiel

for here aside folks. other some step I'll

Operator

[Operator Daniel question follow-up is the a And next from Thiel. Instructions]

Daniel Thiel

me it's like Looks -- and

David Knight

quickly, You're Daniel. back so

Daniel Thiel

the I Can water and I glass you've you. mentioned development been know love the an Jones' in for that a bringing us that past. those questions Jones as company. product and energy out to you're or update more vision beverage be bottled to energy to give have Along flavored line drink, X things the your which you opposed laid launch? and potential of XX-ounce Jones soda teased stand X on your moving where that in company So Plus then expansion, a are

David Knight

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in of test, I And so our kind be market expectations would out to will I think our a biggest be And QX. going news that's for say, QX, XXXX.

Daniel Thiel

Rainmaker, so, as thing far Do about is And do in is they're launching to if you Washington, do? makes struck themselves. that seemed Cider bit little this you Is yes, a Washington is me the what beyond and Rainmaker smaller as know who looking right Jones think Jones take appropriate One we're partner to partner. the side they on nationwide? goes, Spiked the an that think I a partner? Locust Rainmaker As

David Knight

to partner great into tasting similar Look, committed I needed we have start strategy great Seattle-based, the a we that that they're jump delivering philosophies, think and immediately. also beverages. to go-to-market exact group, with, They a can

to they're get retailers May. front us major of and for order able the So get some in

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expectation forward with we have. can to Locust, the to big need success. we this they're plan for It's So partnership. we're and And great team problem a and seeing that look the scale, if can.It's a be the amazing. at good to we up B Jason how geared

Daniel Thiel

to I That's we sure accommodate looking the area. scale this options that more in was answer have for make to

So the a to available be direct HDX or on note. that like question kind product be retailers that via consumer shipped similar will Washington? something only in Is can of follow-up this to this

David Knight

or able be be to won't platform. shipped made through e-commerce available It our

As it to it of is alcohol, has kind premises. licensed go through

Now it we some the online traditional and distributions stream of they've our spirit now right? licenses beer got will to But that, play into right alcohol do through liquor the where and is formats. more retail-based

Daniel Thiel

last And you. have for I then the question

about excited finding know new together. not energy I'm sure So you're some the exact fresh Jones. cost. new seems the looking operating comes there's It I vision I'm team the With and release at some like that that, number. some expenses bringing our here, with And at

moving or I forward? for $X.X or so Do that to decrease your you cost year. increase this it think was costs expect Is million moving around expectation that approximate overhead forward?

David Knight

the we're that percentage will think as the total one, as a static quality go run remain commensurate the the up company, we number business. as that with, grow people well players we that need to it revenue. the bringing I on of will of as And of and

doing. but with are grow SG&A, key right? on company, laser-focused aligned that [Technical we're are we're what the planning And we Difficulty] we growth, for So need to And players

Operator

and thank line. for remaining gentlemen, gentlemen, quick line. line. the you and stay the the please on Apologies on Please technical for stay Ladies Ladies the difficulty. on

David Knight

lost Daniel, service. Hey, I sorry,

So back. I'm

Daniel Thiel

you hear clear. and We loud worries. No

David Knight

bringing done. going can be team better flat dramatically, this end get the grow then at you et enhance of revenue, people catch to we're us but to will that? Yes. of the of we're work folks. as are goods hold the there's grow So we a to that us scale, not to we channels, cost percentage going on facilities, need into as we thing, growth into me more as cetera. going company, well but we're that if Did get more And handle talented SG&A And need as to

We question, very appreciate we're of that focus. and it. our So it's conscious

Daniel Thiel

and to Sounds time. I what's my come good. Well, you David, Jones. I the our questions forward questions at taking appreciate or to appreciate looking

David Knight

for their can't Daniel. and And we're what about questions for and do Thanks Thanks, alone, Perfect. this year. doing support. appreciate support. We everybody your I'm I this excited

Operator

question next Oleg from Investor. the Gahl, private the of line a comes And

Unknown Analyst

is more the Canadian question My for market.

course, Tilray exciting. is Of the with partnership

the launching Just many business it think break are Is Canada, like the of you just lines, to overall for with of product the and thought going and coming licensing kind process Mary down whole possibly of Ontario, in how what's stores the future Jones a Canada? what's in model the there? structure carry kind

David Knight

Yes.

So partnered fortunately the in Tilray. across a with We're of licensing with it best deal is globe. one class the

So we're excited has about Ontario that. The well. done launch in

nationwide of conversations And also In to ahead probably are production up, ready other of bodies. THC stepped by with where in I'm got needed. end of in beverage. just beyond lines accelerating this we year. Canada confident pretty fact, We're we have thought that's next go.In We've be think terms the XX-milligram that bringing -- And those we we'll and Tilray provinces, I some Alberta next. with our is

in and specific hand, in a shine have In Oleg. get Canada on terms light I will further But next earnings call appreciate Anything those them we the on Canada? May. question, that numbers, of at but don't I

Unknown Analyst

Yes, No, Tilray is that's great. very a exciting name.

very this. excited the So for potential of

David Knight

if up gone you've Well, dispensaries in of picked some to one products. hopefully, and the you're Canada,

out. it So go try

Unknown Analyst

after happening call. That's what's the

Operator

the of comes from private Kanzer investor. Steve with next question And the line

Unknown Analyst

with company to us. from able dialogue the have thank being for calls past David, you direct the taking change the and team. and welcome a It's from

soda the you essentially, with selling business, difficult sales with the benefit grocery which or of product, very into and and consumer going X different about being restaurants. the sales In In industry, services better off-prem, the much. this the assists thank very wanted So engagement see pull-through very a a bars the competitive understand to the channels to and alcohol stores more you correctly. then food hand division it channel? personalized have and you the I'm on-prem thinking where a do I and sure what, craft make retail the and is stores

David Knight

broader bottled XX-ounce Yes. service, food now food Look, The for for cans offering preference is and we're variety, really as -- et that service producing somewhat super food excited block we're service. specifically and especially has been glass food about their formats stumbling cetera. fountain, slush, a

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So a we're has GM is food Victor, such deep and service. who explosion experience relationships. to great got in our a significant going see

now range and So excited he's that armed with and we've growth the significant we're the that, expecting product infrastructure strategy go-to-market guy there.So right right and that. that him supports the we're about

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there be to And secure expo. at that again new so Jones business will

as the and Jones you're activity slush cans. or So well yes, through to going amazing now as fountain see a tastes off available food being frozen a lot Soda buzz in service, of And about.

So exciting stuff.

that question. So hopefully, answers Steve, your

Unknown Analyst

I And the my related their kind And back to of helpful goes SG&A and services on got question guess, follow process does. the to really because It of sales around salespeople it the to, additional Daniel's relative is that the appreciate food it. I they've own fact sales.

questions have right that's super own folks and So team partnering the with more got helpful.I've that's X their that if sales okay.

David Knight

Go sure. Yes, ahead.

Unknown Analyst

away expire, to think, overhang if time be that and say, those a XX-K that warrants those know the removing want and price. you $XX at referenced be mid-March I Will to million converting expiring $X.XX? going I or you with your In set do $X.XX and XX-Q, that they'll conversion are there's,

David Knight

that? I'm answer want to Joe, hand you it going Joe. do to over to

Joe Culp

Yes. any let but point, we'll plans no coming you Good certainly no just with couple there. changes, those. we question. know for that's weeks, do anything anything but of if And this changes plans in a At to up know

Unknown Analyst

month. and they but -- it of trying out in expire. they figured that count This March they is the to was year So this expire. days but I

Joe Culp

Correct.

Unknown Analyst

as into introduced, and build presents top-line value And broader anything penny obviously of we any the that kind these permitted clients though lot the rights #X now happy real of also for be to of seeing shareholder pieces something exchange face growth tying channels my forward? ownership liquidity is it growing quarter-to-quarter, you allow about moving on current objective of it margin, support it to that you've being you offering it their through investor the think the about to offering the a and negative in of like revenue, shareholders current one kind -- challenge to verticals challenges with different Like the of capital the that or net really current in a product the And price growing how other value think another thoughts I'm the do Share business. that increase that share inhibits X on important reversing brokerage company over-the-counter.As direction a shareholder you very your hear challenges of out back with percentage get not growing and stocks buy value. we stock a or and created gross EBITDA, shareholders shareholder that. maybe think broadening all the there's we're their base, the paying to and the firms company last rights is but that as are And as shareholder uplifting is invest maintain watching an on attention right or forward, it, going through around even corporate close or guys question, value. of the indicator how that both may as price all in and for

David Knight

something the are focused is ahead Boards we the am that it's to my uplift my -- top opportunities the every is day? Look, that that big Yes. I things on And on, rocks. share one of call What of it structure, one we're certainly priorities.

So I'm Board members. privileged to have some great

of to yes, X best set to to What's available?Certainly And to you, we more not that opportunities. being go and just top our first of several a on my What's But capital? So be. want raise penny more up the stock we've through for the really the objectives year. the shares on make a hear are is what this you'll team half. way best way teams of our it's myself small to kind where assure Board

Unknown Analyst

hear. to very was to saw great going what I do. thought then have long sure happen watch I've And I'd guys transition executing and that's and wasn't you be shareholder little executing Well, the what to and to been And stick publicly doing time I for begin on and and a a quarter-over-quarter you've just year-over-year were plan. doing a it while. indicated been and going for what the you

We're watching that. for rest of good closely. the thanks luck So for And 'XX.

David Knight

get need I is and say look, we the in things in we to and Trust growth we what right? and do, I a We need behind I group we supporting, company, hanging one it's paramount. execution what really right? and gosh, to still large do beverages, say but into when company. key any shareholders, still And Steve, have the are people noticed came of was, company Yes. loyal of the mean

We're and I'm have, and have opportunities. forward had you as that I we builds, very a at hey, growth probably going to And we've would we're the right? identifying X looking just reflect that's QX I'm your in to and at hard excited so hang it, glad in verticals, that hard last you exciting ever we're insight We're looking guys to think and you with the we're cycle we commitment, in I into innovation And more right? momentum we're for I to before.So at delivered going this at giving year. that QX. going And we're than delivering months plans patience encourage now what we're think it, Soda of, in. in doing and thank shareholder value.So Jones

Operator

turn And like at back this time, this would Knight Mr. concludes to our I question-and-answer the any to closing over call remarks. for now session.

David Knight

Yes. John. be brief. I'll Thanks a lot,

company priority on Board, some drive with to from for me we getting And we're exactly across you noticing up a our is really Thank formats, soda And and my and our you, beverage needed I support said asking our quarter first Mary new both verticals, calling getting right? one be They're to is us forward to from and going reporting key shareholders, results and I've doing I'm from into success. think calls what our from and questions a difference.So Soda as taking back play of we're that shareholders. that to total company we sub-brands I'm the enjoying to a supporting Jones May. transition in I new I the new appreciate look Jones. And coming for getting time the today. say. the what everyone, listen to

I you everyone. thanks, all. appreciate day. a So great Have

Operator

and conclude And ladies gentlemen, this today's teleconference. does

disconnect lines participation. your at Thank time. this for you your may You

Jones Soda (JSDA) 14 Mar 242023 Q4 Earnings call transcript