a. Key Points
Better-than-feared quarter.
Solid distribution growth outlook for 2025.
Purchased Alani Nu for $1.8B & 12x EBITDA.
Continues to lose market share.
b. Demand
Beat revenue estimates by 1%. Estimates had sharply fallen throughout the quarter.
39% international growth was 8% Y/Y excluding expansion markets.
Total points of distribution enjoyed strong 37% Y/Y growth in 2024. Bright spot.
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