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.
