With the deals you mentioned, even outside the energy category, I'm thinking of other deals we've seen. Maybe it comes down to price and risk-reward on the investment. What goes into deciding whether to buy a smaller brand outright versus forming a strategic partnership?

The impetus to do this and the strategic intent is grounded in the realization that the space is moving fast. The consumer is evolving quickly, and their attention span is tighter than before. Developing something from scratch is less practical and effective than buying a brand with recognition, relationships, digital presence, great product offering, and packaging. These brands often lack the scale and know-how to grow to the degree that core brands enjoy.

With the deals you mentioned, even outside the energy category, I'm thinking of other deals we've seen. Maybe it comes down to price and risk-reward on the investment. What goes into deciding whether to buy a smaller brand outright versus forming a strategic partnership?

Bringing them on board, taking an ownership stake, and growing them significantly has been successful. This approach has worked well with Monster over time. More recently, you see Celsius on the PepsiCo platform. The CPGs have evolved the model into a hybrid JV operating model. The brand can operate independently outside of the major's system, avoiding the layers of process and checks and balances of large conglomerates. They can work nimbly on brand development, product development, and consumer relationship management.