Monster Beverage 10-Q 2024-03-31

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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Form 10-Q

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Quarterly Report Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

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For the quarterly period ended March 31, 2024	Commission File Number 001-18761	​

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MONSTER BEVERAGE CORPORATION

(Exact name of registrant as specified in its charter)

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Delaware		47-1809393
(State or other jurisdiction of	​	(I.R.S. Employer
incorporation or organization)	​	Identification No.)

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1 Monster Way

Corona, California 92879

(Address of principal executive offices) (Zip code)

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(951) 739 - 6200

(Registrant’s telephone number, including area code)

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Securities registered pursuant to Section 12(b) of the Act:

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Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	MNST	Nasdaq Global Select Market

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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

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Yes X No __

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Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

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Yes X No __

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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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​	​	​	​
Large accelerated filer ☒		Accelerated filer ☐
Non-accelerated filer ☐		Smaller reporting company ☐
​		Emerging growth company ☐

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

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Yes __ No X

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The registrant had 1,041,728,228 shares of common stock, par value $0.005 per share, outstanding as of April 26, 2024.

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

MARCH 31, 2024

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INDEX

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​	​	​	​
Part I.	FINANCIAL INFORMATION		Page No.
​	​	​	​
Item 1.	Condensed Consolidated Financial Statements (Unaudited)	​	​
​	​	​	​
​	Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023	​	3
​	​	​	​
​	Condensed Consolidated Statements of Income for the Three-Months Ended March 31, 2024 and 2023	​	4
​	​	​	​
​	Condensed Consolidated Statements of Comprehensive Income for the Three-Months Ended March 31, 2024 and 2023	​	5
​	​	​	​
​	Condensed Consolidated Statements of Stockholders’ Equity for the Three-Months Ended March 31, 2024 and 2023	​	6
​	​	​	​
​	Condensed Consolidated Statements of Cash Flows for the Three-Months Ended March 31, 2024 and 2023	​	7
​	​	​	​
​	Notes to Condensed Consolidated Financial Statements	​	9
​	​	​	​
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	​	29
​	​	​	​
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	​	44
​	​	​	​
Item 4.	Controls and Procedures	​	44
​	​	​	​
Part II.	OTHER INFORMATION	​	​
​	​	​	​
Item 1.	Legal Proceedings	​	45
​	​	​	​
Item 1A.	Risk Factors	​	45
​	​	​	​
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	​	45
​	​	​	​
Item 3.	Defaults Upon Senior Securities	​	46
​	​	​	​
Item 4.	Mine Safety Disclosures	​	46
​	​	​	​
Item 5.	Other Information	​	46
​	​	​	​
Item 6.	Exhibits	​	46
​	​	​	​
​	Signatures	​	47

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PART I – FINANCIAL INFORMATION

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF MARCH 31, 2024 AND DECEMBER 31, 2023

(In Thousands, Except Par Value) (Unaudited)

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​	​	​	​	​	​	​
​	​	March 31,		​	December 31,
​		2024			2023
ASSETS	​	​	​	​	​	​
CURRENT ASSETS:	​	​	​	​	​	​
Cash and cash equivalents	​	$	2,576,524	​	$	2,297,675
Short-term investments	​		984,201			955,605
Accounts receivable, net	​		1,370,239			1,193,964
Inventories	​		939,630			971,406
Prepaid expenses and other current assets	​		124,580			116,195
Prepaid income taxes	​		40,340			54,151
Total current assets	​		6,035,514			5,588,996
​	​	​	​	​	​	​
INVESTMENTS	​		8,162			76,431
PROPERTY AND EQUIPMENT, net	​		923,290			890,796
DEFERRED INCOME TAXES, net	​		175,271			175,003
GOODWILL	​		1,417,941			1,417,941
OTHER INTANGIBLE ASSETS, net	​		1,430,762			1,427,139
OTHER ASSETS	​		107,126			110,216
Total Assets	​	$	10,098,066		$	9,686,522
​	​	​	​	​	​	​
LIABILITIES AND STOCKHOLDERS’ EQUITY	​	​	​	​	​	​
CURRENT LIABILITIES:	​	​	​	​	​	​
Accounts payable	​	$	533,729		$	564,379
Accrued liabilities	​		204,679			183,988
Accrued promotional allowances	​		318,895			269,061
Deferred revenue	​		43,776			41,914
Accrued compensation	​		52,638			87,392
Income taxes payable	​		75,111			14,955
Total current liabilities	​		1,228,828			1,161,689
​	​	​	​	​	​	​
DEFERRED REVENUE	​		198,759			204,251
​	​	​	​	​	​	​
OTHER LIABILITIES	​	​	92,690	​	​	91,838
​	​	​	​	​	​	​
COMMITMENTS AND CONTINGENCIES (Note 11)	​	​	​	​	​	​
​	​	​	​	​	​	​
STOCKHOLDERS’ EQUITY:	​	​	​	​	​	​
Common stock - $0.005 par value; 5,000,000 shares authorized; 1,124,870 shares issued and 1,041,698 shares outstanding as of March 31, 2024; 1,122,592 shares issued and 1,041,571 shares outstanding as of December 31, 2023	​	​	5,624	​	​	5,613
Additional paid-in capital	​		5,034,948			4,975,115
Retained earnings	​		6,381,785			5,939,736
Accumulated other comprehensive loss	​		(157,940)			(125,337)
Common stock in treasury, at cost; 83,172 shares and 81,021 shares as of March 31, 2024 and December 31, 2023, respectively	​		(2,686,628)			(2,566,383)
Total stockholders’ equity	​		8,577,789			8,228,744
Total Liabilities and Stockholders’ Equity	​	$	10,098,066		$	9,686,522

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See accompanying notes to condensed consolidated financial statements.

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE-MONTHS ENDED MARCH 31, 2024 AND 2023

(In Thousands, Except Per Share Amounts) (Unaudited)

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​	​	​	​	​	​	​
​	​	Three-Months Ended
​	​	March 31,
​		2024			2023
​	​	​	​	​	​	​
NET SALES	​	$	1,899,098	​	$	1,698,930
​	​	​	​	​	​	​
COST OF SALES	​		871,969	​		801,081
​	​	​	​	​	​	​
GROSS PROFIT	​		1,027,129	​		897,849
​	​	​	​	​	​	​
OPERATING EXPENSES	​		485,138	​		412,785
​	​	​	​	​	​	​
OPERATING INCOME	​		541,991	​		485,064
​	​	​	​	​	​	​
INTEREST and OTHER INCOME, net	​		35,754	​		12,496
​	​	​	​	​	​	​
INCOME BEFORE PROVISION FOR INCOME TAXES	​		577,745	​		497,560
​	​	​	​	​	​	​
PROVISION FOR INCOME TAXES	​	​	135,696	​	​	100,116
​	​	​	​	​	​	​
NET INCOME	​	$	442,049	​	$	397,444
​	​	​	​	​	​	​
NET INCOME PER COMMON SHARE:	​	​	​	​	​	​
Basic	​	$	0.42	​	$	0.38
Diluted	​	$	0.42	​	$	0.38
​	​	​	​	​	​	​
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK AND COMMON STOCK EQUIVALENTS:	​	​	​	​	​	​
Basic	​		1,041,081	​		1,044,909
Diluted	​		1,051,282	​		1,059,069

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See accompanying notes to condensed consolidated financial statements.

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE-MONTHS ENDED MARCH 31, 2024 AND 2023

(In Thousands) (Unaudited)

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​	​	​	​	​	​	​
​	​	Three-Months Ended
​	​	March 31,
​		2024			2023
Net income, as reported	​	$	442,049	​	$	397,444
Other comprehensive income (loss):	​	​	​	​	​	​
Change in foreign currency translation adjustment	​		(30,695)	​		7,981
Change in net unrealized gain (loss) on available-for-sale investments	​		223	​		3,181
Change in net gain (loss) on commodity derivatives	​		(2,131)	​		—
Other comprehensive income (loss)	​		(32,603)	​		11,162
Comprehensive income	​	$	409,446	​	$	408,606

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See accompanying notes to condensed consolidated financial statements.

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE THREE-MONTHS ENDED MARCH 31, 2024 AND 2023

(In Thousands) (Unaudited)

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​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	Accumulated Other		​	​	​	​	​	​	Total
​	​	Common stock				​	Additional		​	Retained		​	Comprehensive (Loss)		​	Treasury stock				​	Stockholders’
​		Shares		Amount			Paid-in Capital			Earnings			Income			Shares		Amount			Equity
Balance, December 31, 2023	​	1,122,592	​	$	5,613	​	$	4,975,115	​	$	5,939,736	​	$	(125,337)	​	(81,021)	​	$	(2,566,383)	​	$	8,228,744
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Stock-based compensation		—	​	​	—	​	​	21,452	​	​	—	​	​	—	​	—	​	​	—	​	​	21,452
Stock options/awards		2,278	​	​	11	​	​	38,381	​	​	—	​	​	—	​	—	​	​	—	​	​	38,392
Unrealized gain (loss), net on available-for-sale securities		—	​		—	​		—	​		—	​		223		—	​		—	​		223
Repurchase of common stock	​	—	​	​	—	​	​	—	​	​	—	​	​	—	​	(2,151)	​	​	(120,245)	​	​	(120,245)
Foreign currency translation		—	​	​	—	​	​	—	​	​	—	​	​	(30,695)	​	—	​	​	—	​	​	(30,695)
Net gain (loss) on commodity derivatives	​	—	​	​	—	​

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Our Business

When this report uses the words “the Company”, “we”, “us”, and “our”, these words refer to Monster Beverage Corporation and its subsidiaries, unless the context otherwise requires. Based in Corona, California, Monster Beverage Corporation is a holding company and conducts no operating business except through its consolidated subsidiaries. The Company’s subsidiaries primarily develop and market energy drinks, and to a lesser extent, craft beers, hard seltzers and flavored malt beverages (“FMBs”).

Pricing Actions

We implemented pricing actions including (i) price increases effective April 1, 2023 (limited pack sizes) in the United States and (ii) price increases at various times in certain international markets during the second, third and fourth quarters of 2023 as well as the first quarter of 2024 (collectively, the “Pricing Actions”), all of which positively impacted net sales and gross profit margins in the first quarter of 2024 as compared to the first quarter of 2023.

The Company currently anticipates implementing price increases in the United States, at amounts yet to be determined, on certain of its Monster Energy® brand energy drinks in the fourth quarter of 2024.

Overview

We develop, market, sell and distribute energy drink beverages and concentrates for energy drink beverages, primarily under the following brand names:

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● Monster Energy®	● Burn®
● Monster Energy Ultra®	● Mother®
● Monster Rehab®	● Nalu®
● Monster Energy® Nitro	● Ultra Energy®
● Java Monster®	● Play® and Power Play® (stylized)
● Punch Monster®	● Relentless®
● Juice Monster®	● BPM®
● Reign Total Body Fuel®	● BU®
● Reign Inferno® Thermogenic Fuel	● Gladiator®
● Reign Storm®	● Samurai®
● Bang Energy®	● Live+®
● NOS®	● Predator®
● Full Throttle®	● Fury®

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We also develop, market, sell and distribute craft beers, FMBs and hard seltzers under a number of brands, including Jai Alai® IPA, Florida ManTM IPA, Dale’s Pale Ale®, Wild Basin® Hard Seltzers, Dallas Blonde®, Deep EllumTM IPA, Perrin Brewing CompanyTM Black Ale, Hop Rising® Double IPA, Wasatch® Apricot Hefeweizen, The Beast Unleashed®, Nasty BeastTM Hard Tea and a host of other brands.

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We also develop, market, sell and distribute still and sparkling waters under the Monster Tour Water® brand name.

We have four operating and reportable segments: (i) Monster Energy® Drinks segment (“Monster Energy® Drinks”), which is primarily comprised of our Monster Energy® drinks, Reign Total Body Fuel® high performance energy drinks, Reign Storm® total wellness energy drinks, Bang Energy® drinks and Monster Tour Water®, (ii) Strategic Brands segment (“Strategic Brands”), which is primarily comprised of the various energy drink brands acquired from The Coca-Cola Company (“TCCC”) in 2015 as well as our affordable energy brands, Predator® and Fury®, (iii) Alcohol Brands segment (“Alcohol Brands”), which is comprised of various craft beers, hard seltzers and FMBs and (iv) Other segment (“Other”), which is comprised of certain products sold by American Fruits and Flavors LLC (“AFF”), a wholly-owned subsidiary of the Company, to independent third-party customers (the “AFF Third-Party Products”).

During the three-months ended March 31, 2024, we continued to expand our existing drink portfolio by adding additional products to our portfolio in a number of countries and further developed our distribution markets. During the three-months ended March 31, 2024, we sold the following new products to our customers:

	●	Burn® Guava

	●	Java Monster® Irish Crème

	●	Juice Monster® Rio PunchTM

	●	Juiced Monster® Bad Apple®

	●	Monster Energy® Ultra Fantasy Ruby RedTM

	●	Monster® Reserve Peaches N’ Crème

	●	Nalu® Yuzu Rosemary

	●	Nasty BeastTM Hard Tea Green Tea

	●	Nasty BeastTM Hard Tea Original

	●	Nasty BeastTM Hard Tea Peach

	●	Nasty BeastTM Hard Tea Tea+Lemonade

	●	Reign Storm® Mango

	●	Reign Storm® Strawberry Apricot

	●	Reign Total Body Fuel® Sour Gummy Worm

	●	Relentless® Fruit Punch

In the normal course of business, we discontinue certain products and/or product lines. Those products or product lines discontinued in the three-months ended March 31, 2024, either individually or in aggregate, did not have a material adverse impact on our financial position, results of operations or liquidity.

Our net sales of $1.90 billion for the three-months ended March 31, 2024 represented record sales for our first fiscal quarter. Net changes in foreign currency exchange rates had an unfavorable impact on net sales of approximately $64.4 million ($50.4 million related to Argentina) for the three-months ended March 31, 2024.

The vast majority of our net sales are derived from our Monster Energy® Drinks segment. Net sales of our Monster Energy® Drinks segment were $1.73 billion for the three-months ended March 31, 2024. Net sales of our Strategic Brands segment were $108.4 million for the three-months ended March 31, 2024. Net sales of our Alcohol Brands segment were $56.1 million for the three-months ended March 31, 2024. Net sales of our Other segment were $5.5 million for the three-months ended March 31, 2024.

Our Monster Energy® Drinks segment represented 91.0% and 91.9% of our net sales for the three-months ended March 31, 2024 and 2023, respectively. Our Strategic Brands segment represented 5.7% and 5.1% of our net sales for the three-months ended March 31, 2024 and 2023, respectively. Our Alcohol Brands Segment represented 3.0% and 2.7% of our net sales for the three-months ended March 31, 2024 and 2023, respectively. Our Other segment represented 0.3% of our net sales for both the three-months ended March 31, 2024 and 2023.

Our growth strategy includes further developing our domestic markets, expanding our international business and growing our business into new sectors, such as the alcohol beverage sector. Net sales to customers outside the United States were $744.1 million for the three-months ended March 31, 2024, an increase of approximately $121.2 million, or 19.5% higher than net sales to customers outside of the United States of $622.9 million for the three-months ended March 31, 2023. Such sales were approximately 39% and 37% of net sales for the three-months ended March 31, 2024 and 2023, respectively. Net changes in foreign currency exchange rates had an unfavorable impact on net sales to customers outside of the United States of approximately $64.4 million ($50.4 million related to Argentina) for the three-months ended March 31, 2024. Net sales to customers outside the United States, on a foreign currency adjusted basis, increased 29.8% (21.7% exclusive of Argentina’s impact) for the three-months ended March 31, 2024.

Our non-alcohol customers are primarily full service beverage bottlers/distributors, retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience and gas chains, foodservice customers, value stores, e-commerce retailers and the military. Our alcohol customers are primarily beer distributors who in turn sell to retailers within the alcohol distribution system. Percentages of our gross billings to our various customer types for the three-months ended March 31, 2024 and 2023 are reflected below. Such information includes sales made by us directly to the customer types concerned, which include our full service beverage bottlers/distributors in the United States. Such full service beverage bottlers/distributors in turn sell certain of our product

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There have been no material changes in our market risks during the three-months ended March 31, 2024 compared with the disclosures in Part II, Item 7A of our Form 10-K.

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Evaluation of Disclosure Controls and Procedures – Under the supervision and with the participation of the Company’s management, including our Co-Chief Executive Officers and Chief Financial Officer, we have evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13(a)-15(e) and 15(d)-15(e) of the Exchange Act) as of the end of the period covered by this report. Based upon this evaluation, the Co-Chief Executive Officers and Chief Financial Officer have concluded that our disclosure controls and procedures are adequate and effective to ensure that information we are required to disclose in reports that we file or submit under the Exchange Act is (1) recorded, processed, summarized and reported within the time periods specified in rules and forms of the SEC and (2) accumulated and communicated to our management, including its principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosures.

Changes in Internal Control Over Financial Reporting – There were no changes in the Company’s internal controls over financial reporting during the quarter ended March 31, 2024, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

**ITEM 1.**LEGAL PROCEEDINGS

The information required by this Item is incorporated herein by reference to the Notes to Condensed Consolidated Financial Statements - Note 11. Commitments and Contingencies: Litigation in Part I, Item 1, of this Quarterly Report on Form 10-Q.

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In addition to the other information set forth in this Quarterly Report on Form 10-Q, including Management’s Discussion and Analysis of Financial Condition and Results of Operations and the condensed consolidated financial statements and related notes, you should carefully consider the risks discussed in “Part I, Item 1A – Risk Factors” in our Form 10-K. If any of these risks occur or continue to occur, our business, reputation, financial condition and/or operating results could be materially adversely affected. We also note that the risk factors described in this report and our Form 10-K are not the only risks facing our Company, and such additional risks or uncertainties that we currently deem to be immaterial or are unknown to us could negatively impact our business, operations, or financial results.

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ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

On November 2, 2022, the Company’s Board of Directors authorized a share repurchase program for the purchase of up to an additional $500.0 million of the Company’s outstanding common stock (the “November 2022 Repurchase Plan”). During the three-months ended March 31, 2024, the Company purchased approximately 1.8 million shares of common stock at an average purchase price of $54.96 per share, for a total amount of approximately $97.2 million (excluding broker commissions), under the November 2022 Repurchase Plan. As of May 7, 2024, $142.4 million remained available for repurchase under the November 2022 Repurchase Plan.

On November 7, 2023, the Company’s Board of Directors authorized a share repurchase program for the purchase of up to an additional $500.0 million of the Company’s outstanding common stock (the “November 2023 Repurchase Plan”). During the three-months ended March 31, 2024, no shares were repurchased under the November 2023 Repurchase Plan. As of May 7, 2024, $500.0 million remained available for repurchase under the November 2023 Repurchase Plan.

The aggregate amount of the Company’s outstanding common stock that remains available for repurchase under all previously authorized repurchase plans is $642.4 million as of May 7, 2024.

During the three-months ended March 31, 2024, 0.4 million shares of common stock were purchased from employees in lieu of cash payments for options exercised or withholding taxes due for a total amount of $23.0 million. While such purchases are considered common stock repurchases, they are not counted as purchases against the Company’s authorized share repurchase programs. Such shares are included in common stock in treasury in the accompanying consolidated balance sheet at March 31, 2024.

The following tabular summary reflects the Company’s repurchase activity during the quarter ended March 31, 2024.

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​	​	​	​	​	​	​	​	​	​	​
​	​	​		​	​		​		Maximum Number (or
​	​	​	​	​	​	​	​	​	Approximate Dollar
​	​	​	​	​	​	​	Total Number of	​	Value) of Shares that
​	​	​	​	​	​	​	Shares Purchased	​	May Yet Be Purchased
​	​	Total Number	​	​	​	​	as Part of Publicly	​	Under the Plans or
​	​	of Shares	​	Average Price		​	Announced Plans	​	Programs (In
Period		Purchased		per Share¹			or Programs		thousands)²
Jan 1 – Jan 31, 2024		749,534	​	$	54.97		749,534	​	$	698,426
Feb 1 – Feb 29, 2024		1,019,399	​	$	54.94		1,019,399	​	$	642,400
Mar 1 – Mar 31, 2024		—	​	$	—		—	​	$	642,400

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¹Excluding broker commissions paid.

²Net of broker commissions paid.

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**ITEM 3.**DEFAULTS UPON SENIOR SECURITIES

None.

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**ITEM 4.**MINE SAFETY DISCLOSURES

Not applicable.

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During the three-months ended March 31, 2024, none of the Company’s directors or officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (each as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934, as amended).

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​	​	​
3.1	​	Second Amended and Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to our Form 8-K dated June 27, 2023).
​	​	​
3.2	​	Third Amended and Restated By-laws of the Company (incorporated by reference to Exhibit 3.2 to our Form 8-K dated June 27, 2023).
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31.1*		Certification of Co-Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
​	​	​
31.2*	​	Certification of Co-Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
​	​	​
31.3*	​	Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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32.1*	​	Certification of Co-Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
​	​	​
32.2*	​	Certification of Co-Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
​	​	​
32.3*	​	Certification by Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
​	​	​
101*	​	The following financial information from Monster Beverage Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023, (ii) Condensed Consolidated Statements of Income for the three-months ended March 31, 2024 and 2023, (iii) Condensed Consolidated Statements of Comprehensive Income for the three-months ended March 31, 2024 and 2023, (iv) Condensed Consolidated Statements of Stockholders’ Equity for the three-months ended March 31, 2024 and 2023, (v) Condensed Consolidated Statements of Cash Flows for the three-months ended March 31, 2024 and 2023, and (vi) the Notes to Condensed Consolidated Financial Statements.
​	​	​
104*	​	The cover page from Monster Beverage Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, formatted in iXBRL (Inline eXtensible Business Reporting Language) and contained in Exhibit 101.

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• Filed herewith

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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​	MONSTER BEVERAGE CORPORATION
​	Registrant
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Date: May 7, 2024	/s/ RODNEY C. SACKS
​	Rodney C. Sacks
​	Chairman of the Board of Directors
​	and Co-Chief Executive Officer
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Date: May 7, 2024	/s/ HILTON H. SCHLOSBERG
​	Hilton H. Schlosberg
​	Vice Chairman of the Board of Directors
​	and Co-Chief Executive Officer

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