Tilson Sodastream Article Survey Results Whitney Tilson Kase Capital 3-5-14

Sodastream: Using a Survey to Identify My Next Deckers
Distributed initially to subscribers of:
www.valueinvestorinsight.com
March 5, 2014 By Whitney Tilson
If you have comments on this article and/or information about Sodastream, please email me at WTilson@KaseCapital.com.
THIS PRESENTATION IS FOR INFORMATIONAL AND EDUCATIONAL PURPOSES ONLY AND SHALL NOT BE CONSTRUED TO CONSTITUTE INVESTMENT ADVICE. NOTHING CONTAINED HEREIN SHALL CONSTITUTE A SOLICITATION, RECOMMENDATION OR ENDORSEMENT TO BUY OR SELL ANY SECURITY OR OTHER FINANCIAL INSTRUMENT. INVESTMENT FUNDS MANAGED BY WHITNEY TILSON OWN THE STOCK OF SODASTREAM. HE HAS NO OBLIGATION TO UPDATE THE INFORMATION CONTAINED HEREIN AND MAY MAKE INVESTMENT DECISIONS THAT ARE INCONSISTENT WITH THE VIEWS EXPRESSED IN THIS PRESENTATION. WE MAKE NO REPRESENTATION OR WARRANTIES AS TO THE ACCURACY, COMPLETENESS OR TIMELINESS OF THE INFORMATION, TEXT, GRAPHICS OR OTHER ITEMS CONTAINED IN THIS PRESENTATION. WE EXPRESSLY DISCLAIM ALL LIABILITY FOR ERRORS OR OMISSIONS IN, OR THE MISUSE OR MISINTERPRETATION OF, ANY INFORMATION CONTAINED IN THIS PRESENTATION. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS AND FUTURE RETURNS ARE NOT GUARANTEED.
Last month I established a position in Sodastream because it reminds me a great deal of Deckers, one of my most successful investments last year, for a variety of reasons: 1) 2) 3) 4) 5) 6) A beaten-down stock with a high short interest; A product that short sellers think is a fad but my survey leads me to conclude it isnt; Fixable problems; An enormous, global market; A position of market leadership; Attractive economic characteristics: strong long-term growth, high margins, low capital intensity, and a strong balance sheet; 7) A moat around the business to ensure that the companys market leadership and attractive economic characteristics endure; and 8) A reasonable valuation. Lets look at each of these more carefully, as they apply to Sodastream: 1) A beaten-down stock with a high short interest. Sodastreams stock has fallen to under $40, barely half the peak it reached last June above $77, yet 45% of the float is currently sold short. I think short sellers are the smartest investors in the market they have to be to survive! so, in general, its a terrible idea to go long a heavily shorted stock. However, on rare occasions when Ive developed a high degree of conviction that the shorts are wrong and bought such a stock, such as Netflix and General Growth Properties, its resulted in some of the biggest winners in my 15+ years of running a hedge fund. 2) A product that short sellers think is a fad but my survey leads me to conclude it isnt. A key pillar of the short thesis on Sodastream is that its product is a fad and that the companys recent problems show that the fad is ending and demand will soon collapse. Shorts had a similar thesis on Deckers a year ago, so to shed light on this question I created a survey about Uggs and emailed it to thousands of people on my various email lists. My analysis of the 267 responses led me to the firm conclusion that women loved their Uggs and would keep buying them, which, more than anything else, was the key to my decision to buy Deckers stock. Similarly, I recently did a Sodastream survey and my analysis of the 393 responses led me to conclude that its not a fad (in fact, people love their Sodastreams), which was a critical element in my decision to buy the stock last month. (I discuss the survey in greater depth below.) I think one of the mistakes shorts are making is that, perhaps subconsciously, theyre basing their analysis of Sodastream on the companys nascent business in the U.S. This is understandable given that most of the shorts are, I assume, American, but its a serious mistake because, as I discuss below, Western Europe is by far the most valuable part of Sodastreams business. 3) Fixable problems. In its Q4 13 earnings release, Sodastream attributed its 67% decline in operating income to a drop in gross margins, attributable to: lower average sell-in
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prices due largely to year end discounting and promotions, higher costs as the result of moving product between markets and channels combined with an increase in bundled promotional packs, a shift in product mix versus plan including lower CO2 refills and unfavorable changes in foreign currency exchange rates. Its a tough judgment call to determine if these are truly short-term, fixable problems, or are indicative of more permanent, fundamental ones, but I think its mostly the former. Importantly, demand for the product was robust, as Sodastreams revenues jumped 26.4%, in line with the 29.0% gain for the year. (The companys guidance for full year 2014 is for revenue to increase 15%, EBITDA to increase 25% (excluding changes in foreign currency exchange rates), and net income to increase 3%.) 4) An enormous, global market. This page from Sodastreams investor presentation shows the size of the market and Sodastreams tiny share of it:
5) A position of market leadership. Sodastream dominates its market. It was founded in 1903 and introduced the worlds first home soda maker in 1955. Since then, it has grown to 41 countries, more than 60,000 retail and CO2 refill outlets, and an installed base of more than seven million units (it sold 4.4 million in 2013 alone).
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6) Attractive economic characteristics: strong long-term growth, high margins, low capital intensity, and a strong balance sheet. This chart shows the companys revenue each quarter over the past five years:
Source: Sodastream presentation, 1/14/14; note that Q4 13 revenue was actually $168 million.
Even including the weak Q4, Sodastreams gross and net margins in 2013 were a healthy 50.7% and 7.5%, respectively. Cap ex was $40 million, a modest amount relative to sales and operating income of $563 million and $49 million, respectively and will likely be lower in future years, as the last two years were inflated by significant capacity/ manufacturing expansions. Lastly, Sodastream has a healthy balance sheet, with $41 million of cash, $15 million of short-term debt, and no long-term debt whatsoever. 7) A moat around the business to ensure that the companys market leadership and attractive economic characteristics endure. As evidence of Sodastreams moat, look no further than the recent Green Mountain-Coke partnership: the best these two much larger companies could come up with is a vague announcement of a competing product, Keurig Cold, that wont be ready for another year or two (Ill take the over) classic vaporware in my opinion. The key concern for me isnt the possible emergence of direct competitive threats, but rather that Sodastream has already penetrated most of the home carbonation market and thus revenue growth will continue to decline (it averaged 46% annually in 2010-12, but dropped to 29% last year and is only projected to grow 15% this year). If so, Sodastream would become a slow-growth cash cow, in which case the stock probably doesnt have much downside from todays depressed level, but certainly wouldnt be the double or more that Im hoping for.
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8) A reasonable valuation. Today, based on 2013 numbers, Sodastream is trading at 1.4x sales, 12.5x EBITDA, 16.3x EBIT and 20.1x earnings per share. These arent cheap multiples, but if you believe, as I do, that Sodastreams Q4 problems will prove to be short-lived and that the company will return to its historical high growth and profitability, then the stock is a good bet to double in the next year or two. In addition, Sodastream would be a highly attractive, bite-sized acquisition candidate for Pepsi, Dr. Pepper Snapple, or perhaps even a giant like Nestle (Sodastreams market cap today is less than $850 million). Lastly, Sodastreams consolidated numbers mask two distinct businesses, each of which, one could reasonably argue, is worth nearly the entire share price today: A. Sodastreams Western European Business In 2012, Sodastreams Western European business generated revenues of $204 million, grew 33.4% over the prior year, and generated $49.2 million in pre-tax income, a 24.1% margin (prior to allocation of corporate overhead). The rest of the world, in contrast, had revenues of $232 million, representing 70.9% growth over the prior year, and generated $24.9 million in pre-tax income, a 10.3% margin. Thus, Western Europe accounted for 47% of Sodastreams sales, yet generated 67% of the companys pre-tax profits (before overhead). In 2013, sales in Western Europe were $269 million, a 31% year-over-year increase, while sales in the rest of the world were $294 million, up 27% (note that Western Europe actually grew faster than the rest of the world, which is strong evidence of the quality of Sodastreams Western European franchise as well as the fact that the region is mix of mature markets and those that are still fairly early in the growth curve). While we dont know profitability by region for 2013 yet since Sodastreams annual report isnt out, one can make some educated guesses. Given that Sodastream cited problems in the U.S. and Japan for its Q4 earnings woes, I am assuming that Western Europes pre-tax profit margin stayed constant at 24% during the year, resulting in $64.6 million in pre-tax income. This would imply a 5.1% pre-tax margin in the rest of the world (down from 10.3% in 2012), which sounds about right. If we assume that corporate overhead grew 10% in 2013, from $28.5 million to $31 million, and allocate the overhead proportional to revenues, then Western Europes pre-tax profit after overhead was $50 million. With a 10% tax rate (what Sodastream paid in 2013), thats $45 million in net income or $2.10 in earnings per share. Looking forward to this year, if we assume that Western European revenue grows by only 15% (half its 2013 rate), thats $309 million. Holding margin constant at 24% again, that translates into $74 million pre-tax. If corporate overhead grows 10% again to $34 million and half is allocated to Western Europe, then thats $57 million in pre-tax profit. Apply the 12% tax rate the company has guided to and assume a constant 21.4 million shares, then thats $2.34 in 2014 earnings per share, just from Western Europe. (This is consistent with the $2.30 estimate of one analyst, Jim Chartier at Monness.)
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What is a business with an 18% pre-tax margin and 15% (or even 10%) top-line growth worth? I think its hard to say thats worth less than 15x, which makes Western Europe worth about $35 in my book (a 12x-18x range results in $28 - $42). In short, I think Sodastreams Western European business a fabulous high-margin, strong growth franchise is, by itself, worth nearly Sodastreams entire market cap today, which means that investors are paying almost nothing for the U.S. emerging business, renewed opportunity in Japan, plus further growth in Mexico, China, India, Brazil and elsewhere. B. Sodastreams CO2 Refill Business One of the reasons I publicly disclose many of my stock ideas is that I hear interesting information and perspectives that I wouldnt otherwise. I cant think of a better example than this email, which a young analyst sent me (shared with permission, under the condition that I kept him and his firm anonymous). I think its a brilliant piece of analysis of Sodastreams CO2 refill business, which he argues persuasively could be worth the companys entire market cap today:
Sodastream is not a typical investment for our firm, as we typically avoid investing behind products that could be a fad. However, we recently looked at Sodastream as it was pulling back because a few of us already owned and were loyal users of the product. We also like the barriersto-entry in their CO2 distribution network that we thought would be very difficult to replace. We also happen to believe that Sodastreams US household penetration will hit a positive inflection point as awareness increases, as the category normalizes in consumers minds and as they ultimately roll out into the supermarket channel later this year. Our primary debate was over our margin-of-safety if in fact consumer demand were to slow. To get comfortable, we ultimately stripped the business down to the CO2 business and asked ourselves what we were paying for the population of active users and the profits generated by their CO2 refills. The company sold 5.4 million refills last quarter, which until a 7% sequential drop in Q4, had grown each quarter on a y/o/y basis for the last five years. We figured that a refill purchaser (or active user) is someone who clearly likes the product and has taken the trouble to unscrew the CO2, find a replacement retailer and make the exchange. We assumed that this user would have a much lower churn rate than the population of consumers who purchase a Sodamaker starter kit (or receive one as a gift) and that the required marketing spend to maintain an active user would be lower than for acquiring a new one. This led to the following math on the CO2 exchange business: 21.5 million exchanges per year (annualizing Q4) * $7.00 per exchange (net to Sodastream) = ~$160 million of revenue. Assuming ~85% gross margins and a 12% tax rate, we get to fullytaxed gross profit of ~$112 million. With an enterprise value of ~$800 million, one could argue that Sodastream is trading for ~7x the fully-taxed profit stream from its growing active user CO2 exchange business. The next question is: how much spending is needed to fund the G&A of this CO2 business, and how much sales and marketing is needed to keep the active user base stable and growing? The thought being that at 7x earnings, or a 14% earnings yield, even modest growth of this user population would represent a compelling value (we are talking about a downside scenario here). Taking a look at the existing Sodamaker and Flavors divisions, these businesses in 2013 kicked off approximately $170 million of gross profit. Since the whole business had $50 million of G&A, this means that the Sodamaker and Flavors gross profit could pay for all of the companys
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G&A and still leave $120 million extra to be used as sales & marketing spend to grow your active-user-base CO2 profit stream. Now in 2013, the company spent $186 million on sales & marketing and this investment produced 29% total company revenue growth. So how much growth would $120 million get you? 5-15%? That would be more than enough if you looked at the active-user-CO2 profits of $112 million as a growing annuity. In other words, while Sodastream may not look that cheap today on newly-lowered GAAP EPS, it looks very cheap if you ask yourself how much you are paying for the fully-taxed earnings of the active user CO2 exchange business. This seems like a more substantive business because we already know these users like the product, and because CO2 exchange has very high barriers to entry. So the bears could be right that this company never gets very big (we disagreebut just for arguments sake), and the reply to the bears is so whatthen we are getting a bargain on a profitable, growing niche business with higher barriers to entry. Note that Sodastream has grown its total Sodamaker sales each year and this year sold 4.4 million new ones. If half of these purchasers become active users, that should be more than enough to offset any churn of the active user base. In fact, Sodamaker sales could decline to 2-3 million and the active user population could continue to grow nicely. As a cross-check to the value we see in the business, we said suppose Sodastream were a private business and we owned all the shares and we decided we did not need to grow 29% but would be satisfied with a lower growth rate (againwe are talking downside scenarios here). With 21.4 million shares outstandingevery 10% reduction in sales & marketing translates to $0.87 of operating profit per share, or about $0.70 of EPS. Suppose we believed that we could cut sales and marketing by 40% to $112 million and still grow the business by ~10% per year, our fullytaxed EPS after subtracting share-based comp would be about $4.70 per share, rather than the current profits of around $2.00, implying a multiple of 8.4x EPS. Would you pay 8.4x earnings for a profitable business with barriers to entry growing by 10%? Again, we want them to keep investing in sales & marketing to capitalize on their first-mover advantage as much as possiblewe are in this because we think it will be a much bigger company in a few yearshowever, I doubt that many value investors are thinking about the downside scenario in the way we are, and I thought I would pass it along because it helped us get over the hurdle on this one (despite the fact that we are not sure the stock has bottomed yet, but we are looking a few years out). PSI am going to the IHA trade show in Chicago on the 18th. Senior management will be there, along with new KitchenAid soda maker and three new lines of Samsung refrigerators powered by SodaStream, which will launch in Korea, Australia and 12 European countries this year (some quick math suggests that every 500,000 of those Samsungs that get placed globally could be worth $25 cents per share of EPS to Sodastream in a few years assuming two refills per year something to keep an eye on.
Survey Results Lastly, I want to review the results of the survey, which is attached (click here to see the survey as it appeared online). Before doing so, however, I want to be clear that, while I had a friend who is in the survey business review it, it is highly unscientific. Among other issues, the sample size is very small and the respondents are not representative of the U.S. population. But after reading the hundreds of comments and the consistent answers to the key questions, I believe that the major findings of the survey are likely valid.
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For an in-depth analysis of the survey results, Im going to turn to another friend, who sent me the following comments:
I think the sample set is probably broadly representative of usage. I think the only skew when it comes to usage is that my gut tells me (and this survey with this sample set confirms) that sparkling water/seltzer users churn off their machines far less than people who buy it to make soda. I think your white and wealthy group may have a higher percentage of sparkling water drinkers than the general population as a whole. First, it is well-documented that richer people have been more proactive in making healthy lifestyle adjustments (lower rates of smoking, obesity, and junk food consumption - including soda). Second, Jews have a heritage of drinking seltzer and making it at home (we used to have some old-fashioned contraption when I was a kid). I am guessing your database is more than 2% Jewish. Third, people who travel or eat out in nice places are more apt to be sparkling water drinkers - it's more popular in Europe and all the nicer restaurants in NYC and similar US urban cities try to upsell you to Pellegrino. So there could be a bias to seltzer versus soda users in your sample set, which would benefit usage. But I still think it is directionally accurate. By the way, it is quite reassuring that the West Bank thing didn't come up more in the survey since you were polling a more educated/informed group than the general population. I am not as informed on Israeli politics as maybe I should be, but my sense from the Sodastream Investor Day and reading some non-financial articles is that Sodastream pays competitively and treats people well in their factory, and regularly promotes non-Jews in the factory. You can argue whose land it is, but if they are being an ethical employer and paying well in an area that suffers from poverty and unemployment, I don't see what the problem is. But it's always been noise in the background for the stock. What's fascinating here is that the main short thesis - it's a fad and people who use it stop using it - is fairly debunked by this. There are of course other issues that come up, but the main objection I hear to the company is not validated by these results. Positives People who get machines largely keep using them the bear thesis that they end up collecting dust after a few months does not hold with these results o 67% of respondents who had a machine said they use it the same or more versus one year ago o 55% of respondents with a machine are what I would call hardcore users they use it daily or every other day and another 18% use it at least weekly o People who are heavy seltzer drinkers seem very wedded to and unlikely to quit for any reason this is not surprising given the persistence and durability of results that the company has shown in European markets where they have a longtime presence (Europe is more of a sparkling water market than the US) o There wasnt a ton of talk about the novelty wearing off in the comments and was only the primary reason for 20% of those who quit using their machine, although it was a primary factor for 42% of people who responded using the machine less year over year, but since they are only 1/3 of owners, its only 14% of people who own it but start using it less because of loss of novelty Decent understanding among respondents of the products value proposition: high cost savings on the sparkling water side, convenience, health, environmental greenness Better brand recognition than I would have expected as well (84% aided awareness, at least in this sample set)
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Seasoned user base responding 73% of the people who said they used it have had their machine >1 year Decent response on would you recommend: 56% very likely, 25% somewhat likely Fair amount of openness to getting one among non-owners: 9% will definitely or probably get one, 22% maybe will get one Sounds like multiple users within the household Very little mention of the political issues surrounding their West Bank manufacturing facilities
Negatives Lots of talk about a secular move away from drinking soda for health reasons. This is welldocumented and an issue for Coke and Pepsi perhaps more than Sodastream, given its small market share. I also think the fact that this survey skews wealthy makes it overstate how quickly people are abandoning soda as a category. Bad feedback on Sodastreams cola flavor not a surprise Lack of awareness of the availability of tasty non-cola flavors (in my opinion and that of others they clone Dr. Pepper, root beer, ginger ale much better than they mimic Coke or Pepsi) Not too much pushback on machine price, but there was some pushback on CO2 price CO2 exchange needs to be more convenient Kitchen counter is already crowded and this is a headwindironically, a Sodastream should have particular appeal to urban apartment dwellers (no garage, basement or excess space for storing bottles), but these are the same people who have limited real estate on the kitchen counter The kitchen counter being crowded is going to be a problem for Keurig Cold too, unless they manage to come out with a Keurig Hot & Cold machine, which I imagine they are working on but it sounds like that is an event for way beyond 2015 and would come with a price tag well over $200 Opportunities Many people cited inconvenience of exchanging CO2 as the primary drawback if they can crack the grocery or drug channels, this will get solved. There may be a survey bias here because Walmart and Target have CO2 exchange and are frequently visited destinations. In NYC, your options are more limited Bed Bath & Beyond, Staples, Best Buy none of which are particularly convenient There is definitely an issue with flavor acceptance, especially in cola. More branded deals (like Kool Aid, Welchs, CountryTime, etc.) would help this as would better marketing around their non-cola flavors (which I think are more competitive). Also, with the number of people citing health concerns about sugar and artificial sweetener consumption, the long talked about but yet to emerge stevia-sweetened product would be good to see Demand for dishwasher safe bottles and nicer looking bottles seems to be there, they are coming out with products filling these needs, so if they get distribution there should be a decent market for them All the marketing is around making soda sparkling water is a niche in the US versus its broad consumption in Europe but there may need to be more marketing/parallel marketing efforts to reach people who are seltzer-only drinkers because these people are most loyal and use a ton of CO2. I think the challenge for this company is they have multiple benefits that might appeal in different ways to different consumers, and it is hard to communicate too many benefits without confusing people. Benefits = cost savings, environmental
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sustainability, convenience (less lugging and storing), customization either for taste preferences or to make healthier (you can use less syrup with your kids to limit sugar intake while they still get soda), health (no high fructose corn syrup in their flavors) What the Survey Says about the Green Mountain/Coke Threat (or Non-Threat) The kitchen counter being crowded is going to be a problem for Keurig Cold too, unless they manage to come out with a Keurig Hot & Cold machine, which I imagine they are working on but it sounds like that is an event for way beyond 2015 and would come with a price tag well over $200 It strikes me that at this moment in time, Sodastream is primarily a sparkling water company, not a soda company (despite what its name would imply), because we have established that right now they make all their money in Western Europe, which is primarily sparkling water, and they break even in the rest of the world. (We know users outside Western Europe consume more flavors per installed machine, so the rest of the world is more of a soda market although, per your survey, the most loyal US users were primarily sparkling water drinkers) Since almost all European and a decent chunk of US users are using their Sodastreams to make sparkling water, this is not a market in which Keurig Cold is likely to be competitive. Even if the machines were to be comparably priced (which they most likely will not be Keurig Cold is expected to be much more expensive), it would be completely ridiculous to make seltzer with Keurig Cold as there would be no flavor to put in the flavor pods and it will be about 7-9 times more expensive per serving to carbonate with a pod (assuming a 50-60cent retail pod price vs. only 7 cents to carbonate 12 oz. of water with a Sodastream)
Conclusion Like Deckers a year ago, I think the investment thesis on Sodastream at todays price boils down to a simple question: is this is a fad? I was right that Uggs werent and the stock doubled. My survey of SodaStream users convinced me the Sodastream isnt either. People love them and tend to use them frequently. I think there are two big ways to win a resumption of high growth and margins, or the company being acquired and I think the downside is well protected by two fabulous embedded franchises: Western Europe and the CO2 refill business.
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Sodastream Survey by Whitney Tilson
Q1 Do you currently own a Sodastream?

Answ ered: 388 Skipped: 5
Yes (please skip to...
No (please answ er...
0%
20%
40%
60%
80%
100%
Answ er Choices Yes (please skip to question 5) No (please answer questions 2-4, then skip to 16) Total
Responses 39.95% 60.05% 155 233 388
If no, but hav e used one in the past, w hy do you no longer use it: There are no responses.
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Q2 How familiar are you with Sodastream?

Not at all
A bit
Very
0%
20%
40%
60%
80%
100%
Answ er Choices Not at all A bit Very Total
Responses 15.55% 52.10% 32.35% 37 124 77 238
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Q3 How likely are you to buy a Sodastream?

For sure w ill not
Probably not
Maybe
Probably w ill
For sure w ill
0%
20%
40%
60%
80%
100%
Answ er Choices For sure will not Probably not Maybe Probably will For sure will Total
Responses 26.41% 41.99% 22.08% 4.76% 4.76% 61 97 51 11 11 231
# 1 2 3 4 5 6
Why or w hy not? Trying to live a healthier lifestyle and want to c ut sodas out of my family's diet. dont really drink soda, but do like c arbonated water, but do not like high pric e of it. Less c onvenient (c artridge refills, etc ) and more expensive than other alternatives. I don't drink soda. I'm not in need of c arbonated water We had a super filter installed into our kitc hen sink that we c hange every 6 months. All we use is a water filter. Carbonation is not a priority. Not enough c ounter spac e, too muc h stuff. Like the idea that soda c an be healthier, but no one in household drinks soda very muc h now. We might purc hase when kids are older, if its a way to keep them off sugary soda. I seldom have a need for soda-water my family doesn't drink soda
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10 11 prefer mineral/spring water than c arbonated tap water It doesn't take many bottles of c arbonated water before the investment pays off. We buy a bottle of sparkling water about 1-2x/month. I see no need for it. I dont like c arbonated water I like c arbonated water and oc c asionally spend money on bottles of it in stores so this would be a c heaper longterm option. Seltzer is very c heap, for one thing. For another, I have a brand/flavor I really like and I doubt I c ould better it. I c urrently own one but I think the quality is lac king. I am not sure if it were to break, that I would buy another soda stream. Not healthy to have soda around all the time, doesn't seem worth it It c ould be an inexpensive and c onvenient way to make seltzer. I like the idea of it, but I am c onc erned that having a more unlimited variety of soda in the house would make me drink it too often. I have health c onc erns. Don't want in my house We haven't c onsidered it, but we do drink a lot of seltzer, so it might make ec onimc sense Already have one. (but we like it) Cost, easier to just get soda water in a store Distrust and dislike founder I do not drink soft drinks or c arbonated water. Not sure it would serve any purpose in my household. It is something that is typic ally given as a gift; I know very few people who have ac tually purc hased it for themselves. If it is a solid produc t, why not? What is the pric e of a Sodastream? What's its purpose? I don't like soda water I do not see the need to make my own soda when I c an buy soda at the groc ery store. Also, I'm not a big c onsumer of soda. I don't need a reason to drink more soda and would rather drink less and have to make a c onsc ious dec ision of purc hasing a Coke Zero eac h time I have one. Don't drink sodas My family doesn't drink muc h soda. EVERY person I know that has one of these used it for a c ouple weeks before putting it on a shelf (next to the bread maker, ic e c ream maker and c roc k pot that has not been used in years). do i really need one more applianc e? know that it will be used for 30-90 days and then never again as the tank fill is a pain and only a few retailers take them bac k (BBB). It's like the breadmakers everyone had in the 90's, used them onc e and never again. I love water, it is my primary drink and when am at a restaurant I always get it with medium bubbles a c hoic e they offer in the Czec h Republic . However at home I am simply satisfied with drinking flat water out of my frig and this filtered so I just don't want one extra applianc e on my c ounter top that I don't think I will be inspired and motivated to use daily. Sinc e I already have one, no need to buy another. If it breaks I will probably replac e it. The only down side is the diffic ulty of getting new dispensers. It is not easy to find a store that I c an just bring the old and get the new of the size I want, and using UPS is not something I c ommonly do. 1/21/2014 7:09 PM 1/21/2014 5:32 PM
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1/21/2014 10:32 AM 1/21/2014 10:17 AM 1/21/2014 9:53 AM
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32 33 34
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1/20/2014 8:50 AM
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39 I don't like soda and it would be another kitc hen gadget that would be used at first but then pac ked away on a bac k shelve taking up prec ious storage spac e! I do not drink soda at home. Wife does not drink c affeine; want to limit c hildrens' c onsumption of soda. Sodas don't c ost a lot. And are bad for your teeth/health, so I try to limit c onsumption. I don't think I need a mac hine that makes water c arbonated! I don't drink c arbonated water or soda. Flavored are slightly "off" for c ola. Also a pain to use it. Finally, large quantities go flat quic kly. Seems like a waste of money. Like the idea of being able to c reate my own sodas. Not sure if I will use it enough. I just like diet c oke, not really looking for multiple flavors Not a big soda drinker No interest No strong need for soda water Don' know anything about it. too muc h c ounter spac e in a small nyc apartment. kind of faddy? I don't like drinking c arbonated beverages. I don't drink a lot of c arbonated drinks Hardly ever drink soda. Fruit juic es and soda aren't good for many folks I understand that the CO2 refills are kind of pric ey. Soda is always on sale as a loss leader where I live, so I'm not sure I save any money when I c an buy 3 twelve pac ks for $10. However, I do like the environmental aspec ts of making my own at home with less waste. Don't like seltzer or having to c onc oc t my own sodas. The syrups seem unappetizing. we have one at the offic e, but if they took it away, I'd probably get my own. I don't like the taste of our tap water and the bubbly water hides the taste. I don't use any of the flavors, they don't taste very good. In stead I mix in other brands of flavors (c rystal light, etc .) If I had friends who had one and they really loved it I probably would c onsider but haven't had that happen yet. We buy a lot of c arbonated beverages.. But not sure we'd type taste of their produc ts.. And don't want to inc rease c onsumption diet sodas. I Can't live without it I'm diabetic , so this is about as likely as someone with skin c anc er buying a home tanning mac hine! I like c arbonated water and have been thinking about getting one. easier just to buy the regular brands espec ially when on sale. Didn't u Who knows. I don't know what it is. We're not big into soda. Gimmic ky/don't want another devic e/applianc e in the kitc hen. 1/20/2014 8:43 AM
40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57
1/20/2014 8:22 AM 1/20/2014 7:57 AM 1/20/2014 12:34 AM 1/20/2014 12:17 AM 1/19/2014 11:11 PM 1/19/2014 8:46 PM 1/19/2014 8:20 PM 1/19/2014 8:11 PM 1/19/2014 6:08 PM 1/19/2014 5:47 PM 1/19/2014 4:53 PM 1/19/2014 4:40 PM 1/19/2014 3:40 PM 1/19/2014 3:26 PM 1/19/2014 3:02 PM 1/19/2014 2:38 PM 1/19/2014 2:33 PM 1/19/2014 2:18 PM
58 59
1/19/2014 1:42 PM 1/19/2014 1:20 PM
60
1/19/2014 1:12 PM
61
1/19/2014 12:47 PM
62 63
1/19/2014 12:42 PM 1/19/2014 12:36 PM
64 65 66 67 68 69
1/19/2014 11:38 AM 1/19/2014 11:28 AM 1/19/2014 11:18 AM 1/19/2014 10:35 AM 1/19/2014 10:33 AM 1/19/2014 10:33 AM
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70 Their mac hines are massively overwrought and janky. They offend the senses. All of them use plastic bottles, exc ept for the most overpric ed, most overwrought model. They are huge, expensive, and just plain stupid. I also have no interest in their sec ond-rate "flavors." For all of these reasons, I prefer the top-of-the-line stainless steel ISI soda siphon for $90, plus 100 of their CO2 c artidges for about $70. The ISI devic e is infinitely smarter, more c ompac t, made better, etc . It seems to me that the Soda Stream devic es must only sell to people with more disposable c ash than c ommon sense! I'm sure what it does, but I think it's a soda flavor adding sort of thing to make your own soda. I drink plain seltzer water so am not looking for any other drinks. There are very few kitc hen applianc es that you really need. It will sit and take up spac e after the first 6 months Already own one. I drink a lot of c lub soda! Easier than lugging a bunc h home from the groc ery. Not a spec ific applianc e that I would only use onc e in awhile (ie ic e c ream maker!) this will be used often. We are trying to reduc e our intake of c arbinated beverages never heard of it Love not c arrying soda from store From the little i know it seems like a dec ent way to reduc e c ost of drinks in my home (a teenager and young c hild) and a less unhealthy alternative to sodas. I am not familiar with how the produc t c ompares to what is c urrently available on the market. No kids at home; easier to buy Pelligrino; one less applianc e in kitc hen Seems novel and fun but that I wouldn't use it regularly. I know a lot of people who have them but only a handful use it often. Convenienc e and to help reduc e my c arbon footprint. Not very healthy, would c reate to muc h ac c ess for my kids to regularly drink soda. I like the c onvenienc e of a pac kaged beverage. exc ept for an oc c asional c ase of diet c oke, whic h only one person in the house drinks, we stic k w water, seltzer, and OJ in the morning (sometimes)...ic e c offee and tea....try to avoid the sugar. To save $ on c arbonated water. Btw, we have a whole house filter. My desire is to make sure that the drinks we make are healthy and void of c hemic als (c hlorine, etc ). I wonder if they have a Sodastream w Ith a filter for people who do not have filtered water, to avoid a possible two step proc ess. Don't drink soda. Love the mix it brings to drinks. Cost effec tive. I don't drink muc h soda. Too expensive and takes up too muc h spac e in my kitc hen! Not a fan of soda water I already have bought 4. And buy them for other people. I want one desperately, but it's too expensive right now. Have 2 Don't know what it is and assume it has something to do with soda whic h I don't drink often (on a health kic k) Don't see the need for more kitc hen stuff Too muc h sugar for the c hildren / not healthy Not even sure what it is Don't. know anything. about it. Never heard of it. 1/19/2014 10:31 AM
71
1/19/2014 9:57 AM
72
1/19/2014 9:52 AM
73 74
1/19/2014 9:49 AM 1/19/2014 9:49 AM
75 76 77 78
1/19/2014 9:23 AM 1/19/2014 9:22 AM 1/19/2014 9:15 AM 1/19/2014 9:07 AM
79 80 81
1/19/2014 8:55 AM 1/19/2014 8:49 AM 1/19/2014 8:46 AM
82 83 84 85
1/19/2014 8:44 AM 1/19/2014 8:10 AM 1/18/2014 11:16 PM 1/18/2014 9:44 PM
86
1/18/2014 9:09 PM
87 88 89 90 91 92 93 94 95
1/18/2014 8:49 PM 1/18/2014 8:31 PM 1/18/2014 8:22 PM 1/18/2014 6:45 PM 1/18/2014 6:36 PM 1/18/2014 5:35 PM 1/18/2014 5:28 PM 1/18/2014 5:26 PM 1/18/2014 4:32 PM
96 97 98 99
1/18/2014 4:20 PM 1/18/2014 3:26 PM 1/18/2014 3:06 PM 1/18/2014 2:57 PM
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100 101 102 I like seltzer, so this is interesting to me, but I'm not sure if I want another gadget. will bec ause I go through c ases of lac roix, maybe won't bec ause it takes up spac e on the c ounter. USAGE.... Novelty wears off. Sharper Image had a produc t like this many years bac k (add c arbonation to drinks); it was fun for about a week, then was never used again. TASTE.... Would rather drink Coke over Pepsi... c an't imagine Sodastream is going to do what Pepsi c an't. COST & INCONVENIENCE.... Carbonation is expensive and available only in selec t stores I don't regularly go to; you need a spec ific c arbonation devic e for this, whic h c an't be easily gotten elsewhere. (In some c ities, you c an't even get to those stores.) You don't save muc h money in the long run due to this expense, and it's inc onvenient to have to make a spec ial trip somewhere for c arbonation. ENVIRONMENT NOT A PLUS.... Not going to pay more money or time or inc onvenienc e (having to go to selec t stores I don't normally shop at for c arbonation exc hanges) for environmental politic al c orrec tness either. I have no idea what it is. never heard of it I have one at home, one at work, and bought one for a relative. Cheaper than seltzer and diet c oke bottles plus no lugging home Do not like that most of the produc ts c ontain Suc ralose whic h I feel isn't safe. It isn't part of a healthy lifestyle to drink soda anyway. I think it is fad, and I don't know anyone who owns one. I don't like the flavors and I found the mac hine diffic ult/annoying to use. It's also quite loud. I don't know what a Sodastream is! Great produc t! don't know what it is yet, but I'll Google searc h it after this I don't want to drink soda, and I don't c are enough about seltzer to want to make it for myself. No interest in fizzy drinks in the home. Not an essential need, and not enough interest...Plus, I don't need another kitc hen applianc e! No use for suc h a produc t Not sure if I want another gadget in my house don't drink sugar lac ed beverages, but might c onsider for "flavored water" usage Our family doesn't drink muc h soda Trying not to c onsume sodas anymore We try to c onsume as little soda as nec essary. Haven't tried the quality of soda yet. Not a big soda drinker anyways. Don't need bubbles in my water. Don't want home made soda. Don't want more c ountertop c lutter. Not as prac tic al Too expensive. Traditional soda is fine and c heap already. Think it is more of a novelty, not really a kitc hen staple in my opinion. My wife c onstantly drinks seltzer and I'd have to run the NPV of buying one of these mac hines (and utilizing prec ious kitc hen c ounter spac e) vs. buying a c ase of c ans every week. We just drink water, milk and a few fruit juic es now and then. I'm not drinking soda nowadays, having moved to a c lean living diet in whic h the primary beverage is water. Convenienc e Counter Spac e Time Taste i live in a tiny plac e now with no room, but we are moving to a larger one this summer with a big kitc hen. my wife will probably want one and i wont' be opposed. 1/18/2014 2:56 PM 1/18/2014 2:44 PM 1/18/2014 2:39 PM
103 104 105 106 107
1/18/2014 2:33 PM 1/18/2014 2:30 PM 1/18/2014 2:19 PM 1/18/2014 2:16 PM 1/18/2014 2:16 PM
108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127
1/18/2014 2:11 PM 1/18/2014 2:07 PM 1/18/2014 2:05 PM 1/18/2014 1:53 PM 1/18/2014 1:51 PM 1/18/2014 1:37 PM 1/18/2014 1:36 PM 1/18/2014 1:34 PM 1/18/2014 1:28 PM 1/18/2014 1:27 PM 1/18/2014 10:59 AM 1/17/2014 9:46 PM 1/17/2014 9:00 PM 1/17/2014 1:53 PM 1/17/2014 1:36 PM 1/17/2014 1:05 PM 1/17/2014 12:55 PM 1/17/2014 12:02 PM 1/17/2014 11:49 AM 1/17/2014 11:41 AM
128 129
1/17/2014 11:31 AM 1/17/2014 11:28 AM
130 131
1/17/2014 11:21 AM 1/17/2014 10:55 AM
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132 I don't drink muc h soda and won't want my kids to start drinking a ton. I realize now I'm assuming that soda stream has the same health negatives as store bought soda, but haven't ever c onfirmed that. My friends who have them love them, save money, save time that would be spent lugging c arbonated beverages from the groc ery store, and help the environment (I think). It isn't as good as purc hased soda, it c reates unnec essary mess, and from my vantage point is muc h for novelty vs. prac tic al applianc e with utility value. I think its on a very short fuse. Do not c onsume very many c arbonated beverages. I already own two. like Coke better, don't drink a ton of soda, and it's usually on the road rather than in the home if I do. Seems like too muc h effort for something you c an buy at the store easily, and soda isn't exac tly a healthy produc t to drink. Why? Might start drinking more seltzer water. Why not? Fear of it eating up more c ounter spac e c omplexity of dealing with c artridge replac ements. No c ounter spac e; not ec onomic al -- but I'd drink a lot more seltzer if I had one, and I love drinking seltzer Soda is not good for one prefer the brands i am familiar with Too busy to fool with making my own drinks Already have one I gave up soda and sugary drinks. But even if I still drank soda, this is just... dumb. don't drink soda not muc h c heaper than soda, more work, and soda is terrible for teeth so would not want to make it easier to c onsume in our household Don't drink muc h soda or like c arbonation muc h. 1/17/2014 10:46 AM
133
1/17/2014 10:46 AM
134
1/17/2014 10:43 AM
135 136 137
1/17/2014 10:39 AM 1/17/2014 10:29 AM 1/17/2014 10:17 AM
138
1/17/2014 10:09 AM
139
1/17/2014 9:59 AM
140
1/17/2014 9:53 AM
141 142 143 144 145 146 147
1/17/2014 9:48 AM 1/17/2014 9:45 AM 1/17/2014 9:44 AM 1/17/2014 9:42 AM 1/17/2014 9:42 AM 1/15/2014 4:14 PM 1/15/2014 4:07 PM
148
1/15/2014 3:54 PM
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Q4 If you have owned a Sodastream in the past, why do you no longer own/use it?
Cost
Didn't like the...
Fizz doesn't last
A hassle replacing th...
I'm cutting back on my...
Machine broke
9 / 48
Lost its nov elty
Inconv enient
0%
20%
40%
60%
80%
100%
Primary reason
Sec ondary reason
Not a reason
Cost
Primary reason 14.29% 3 16% 4 8.70% 2 34.62% 9 42.31% 11 0% 0 20% 5 33.33% 9
Secondary reason 14.29% 3 20% 5 17.39% 4 19.23% 5 3.85% 1 0% 0 16% 4 18.52% 5
Not a reason 71.43% 15 64% 16 73.91% 17 46.15% 12 53.85% 14 100% 21 64% 16 48.15% 13
Total 21 25 23 26 26 21 25 27
Didn't like the taste/flavors
Fizz doesn't last
A hassle replac ing the CO2 c artridge
I'm c utting bac k on my overall c onsumption of seltzer/soda
Mac hine broke
Lost its novelty
Inc onvenient
# 1 2
Comments/other: Have not owned one. My old roommate in Germany and several friends there had one and swore by it. I have never felt the need for one and have never met anyone in the US with one we loved our sodastream penguin, but then tried to return a c artridge and order a new one. they never showed up or c ontac ted us, and to be fair i gave up trying to c onnec t with them. out of c artridges, it bec ame an artifac t. Have not owned a Sodastream in the past. We found we simply did not use it as muc h as we thought it would. Flavors were OK, but not great. Never owned one. Don't own one.
Date 2/4/2014 11:38 AM 1/22/2014 1:54 PM
1/20/2014 5:07 PM
4 5 6 7
1/20/2014 12:17 AM 1/19/2014 9:09 AM 1/19/2014 9:07 AM 1/18/2014 8:22 PM
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8 9 10 11 12 never owned Is this that stuff you c an add to water and get a soda? I don't drink soda. Haven't for the last 10 years! n/a Cool kid novelty value that will fill up our landfills, perhaps some hard c ores will c ontinue to use it but I would guess that is a low %. not applic able - never owned one, but I've tried it at a friend's house N/A, never owned one Still use it oc c asionally, but fairly infrequently. 1/18/2014 2:33 PM 1/18/2014 2:30 PM 1/18/2014 2:07 PM 1/17/2014 10:46 AM 1/17/2014 10:43 AM
13 14 15
1/17/2014 10:17 AM 1/17/2014 9:54 AM 1/17/2014 9:42 AM
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Q5 How often is your Sodastream used?

Ev ery day
Ev ery other day
Once a w eek
Ev ery other w eek
Once a month
A few times a year or less
Nev er
0%
20%
40%
60%
80%
100%
Answ er Choices Every day Every other day Onc e a week Every other week Onc e a month A few times a year or less Never Total
Responses 30.54% 23.95% 17.96% 4.19% 9.58% 5.99% 7.78% 51 40 30 7 16 10 13 167
12 / 48
Q6 How has your usage changed over the past year (or since you got it, if less than a year ago)?
Used a lot less (go to...
Used a bit less (go to...
About the same (go to quest...
Used a bit more (go to...
Used a lot more (go to...
0%
20%
40%
60%
80%
100%
Answ er Choices Used a lot less (go to question 7) Used a bit less (go to question 7) About the same (go to question 8) Used a bit more (go to question 8) Used a lot more (go to question 8) Total
Responses 18.63% 14.29% 54.66% 8.07% 4.35% 30 23 88 13 7 161
# 1
*Key question* If your usage has changed, please tell me w hy: more bottles and more flavors
Date 1/15/2014 3:36 PM
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Q7 If you use you Sodastream less than in the past, why?

Cost
Don't like the taste/flav ors
Fizz doesn't last
A hassle replacing th...
I'm cutting back on my...
Machine broke
14 / 48
Lost its nov elty
Inconv enient
0%
20%
40%
60%
80%
100%
Primary reason
Sec ondary reason
Not a reason
Cost
Primary reason 6.06% 2 11.43% 4 11.11% 4 37.50% 15 25.71% 9 0% 0 41.86% 18 31.58% 12
Secondary reason 12.12% 4 22.86% 8 16.67% 6 27.50% 11 8.57% 3 3.13% 1 30.23% 13 31.58% 12
Not a reason 81.82% 27 65.71% 23 72.22% 26 35% 14 65.71% 23 96.88% 31 27.91% 12 36.84% 14
Total 33 35 36 40 35 32 43 38
Don't like the taste/flavors
Fizz doesn't last
A hassle replac ing the CO2 c artridge
I'm c utting bac k on my overall c onsumption of seltzer/soda
Mac hine broke
Lost its novelty
Inc onvenient
# 1
This is a REALLY important quesion, so please feel free to add a comment: I often start a new bottle if the old on has been opened more than onc e as the c arbination effec t dec reases rather quic kly. This is my wife's usage pattern (she has 2 of these mac hines). She was using both frequently for seltzer, as she had kic ked her c affeine addic tion for a while. Rec ently however she's been drinking ic ed green tea instead sinc e she's bac k on c affeine. The sodastream seltzer is great, but she prefers the taste of off-the-shelf c affeinated beverages. I expec t her usage will go in waves inversely c orrelated with her c affeine dependenc e. I just got mine, and use it c onstantly for seltzer water. The Flavors are terrible and a waste of time.
Date 1/24/2014 4:58 PM
1/23/2014 4:39 PM
3 4
1/21/2014 10:27 PM 1/21/2014 11:17 AM
Mostly I just sort of forget about its existenc e. It stands in not the most obvious plac e and sometimes
1/20/2014 5:11 PM
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Mostly I just sort of forget about its existenc e. It stands in not the most obvious plac e and sometimes just get in the habit of drinking something else. I have heard other people say that it loses some novelty. we loved our sodastream penguin, but then tried to return a c artridge and order a new one. they never showed up or c ontac ted us, and to be fair i gave up trying to c onnec t with them. out of c artridges, it bec ame an artifac t. I have to make a c onsc ious effort to trade the CO2 c artridge, and I find I haven't made that effort in a few weeks. Probably a little bit seasonal -- I bought it in the summer (to make mojitos), used it a bunc h. During winter, I haven't used it muc h sinc e we are drinking hot drinks, but I will use it more during the summer again (but probably not as muc h as last summer). The novelty has worn off a little and the unit is somewhat bulky to have around in a c ramped urban kitc hen. Just a c hange in my sc hedule. I'm at home less now than I used to be, so I'm not using my sodastream as muc h. I used to make soda water with dinner most nights, but now that I moved bac k to NYC I don't c ook dinner nearly as often. Our usage is the same exc ept for when we run out of the c artridge. It c an sometimes take some time to get around to returning the empty c artridge and buying or ordering another.. Sodastream is great. We only use it for seltzer. It lessens our c onsumption of plastic . We are using it the same amount, but sinc e they no longer pic k up and replac e the CO2 c artridge, we haven't found an alternative that is the same pric e or as c onvenient. Still use it c lose to the same amount, but just rec ently c ut bac k slightly It is my 10 & 13 yr old daughters (9 & 12 when they rec eived it for Christmas) and they used it very muc h for a few weeks, then oc c asionally and only rarely. I'm not sure exac tly why the falloff oc c urred. Do not own. We just don't think about using it like we used to. I found out that Sodastream had HQ in an Israeli settlement and wasn't c omfortable supporting the c ompany anymore. Got it bec ause my wife was hooked on seltzer, bought lots of bottles of raspberry flavored from supermarket. So I thought it was worth a try to get a home unit and avoid c arrying all those bottles from the market. But she tried it a c ouple times and stopped. Not fizzy enough, too muc h of a hassle, the pressurization and CO2 c artridges freaked her out a bit, just easier to buy the bottles. We use our soda stream exc lusively for seltzer. We use it when we want seltzer - so no real sc ienc e to how often we use it. Probably more in the summer and less in the winter. Probably used it more for the novelty when we first got it -- but as I said we really use it when we want bubbly water. We just got it for Christmas, and only my husband has used it so far, but he really likes it. It never really worked - didn't replic ate seltzer water whic h is why we bought it. THE MODEL i HAVE DOESN'T RELEASE THE BOTTLE VERY EASILY ONCE IT IS "FIZZED." THIS MAKE IT A HASSLE We have given this task to our lazy c hildren as a c hore and they don't do it. Good thing we don't have a dog they're supposed to feed. Flavors that Sodastream gives you are really bad Ones I add I get a little tired of after a while We don't have c ounter spac e, so we have to keep it in a c upboard I think the soda has aspartame, it gives headac hes and is ac tually less healthy than regular sugar. Bec ause of the headac hes, we just use it for sparkling water. I like the produc t but from a pure c onvenienc e/value standpoint it's tough to beat Costc o's 24-pac k of Coke c ans for <$10 The mac hine is slightly taller than my kitc hen c abinets so it c an't sit under them like my Keurig. It gets put into the applianc e graveyard. Also didn't really like the flavors. nic e for large gatherings, Taste plain or with flavors is unsatisfac tory. May be due to well water in this area.
1/20/2014 5:11 PM
1/20/2014 5:07 PM
1/20/2014 4:55 PM
1/20/2014 2:35 PM
1/20/2014 1:42 PM
10
1/20/2014 12:43 PM
11 12
1/20/2014 11:03 AM 1/20/2014 9:50 AM
13 14
1/19/2014 11:49 PM 1/19/2014 11:15 PM
15 16 17
1/19/2014 8:46 PM 1/19/2014 6:15 PM 1/19/2014 1:52 PM
18
1/19/2014 11:18 AM
19
1/19/2014 10:54 AM
20 21 22
1/19/2014 9:49 AM 1/19/2014 9:44 AM 1/19/2014 8:53 AM
23
1/19/2014 7:45 AM
24 25 26
1/18/2014 9:02 PM 1/18/2014 3:38 PM 1/18/2014 3:25 PM
27
1/18/2014 2:15 PM
28
1/18/2014 2:04 PM
29 30
1/18/2014 2:03 PM 1/18/2014 1:49 PM
16 / 48
30 31
Taste plain or with flavors is unsatisfac tory. May be due to well water in this area.
1/18/2014 1:49 PM 1/18/2014 1:38 PM
I'm not entirely sure why. Just lost interest over time. I see it there and think about it but often don't bother. I love the glass bottles on my mac hine, but my mac hine looks like a penguin and is not as easy to operate as the new beautifully designed mac hines. I want the new beautifully designed mac hine to be able to use glass bottles (they seem more sanitary, and I c an wash them in the dishwasher). We use it in the summertime and when we have guests to dinner. We're entertaining less, so there you go. We prefer the c ommerc ial soft drinks My wife ac tually uses it and I asked her this question. She just seems to 'forget' to make it. She says she goes through waves of usage. I'll be interested in seeing what results out of this. I've been looking at it as a short myself for a year now, but the fac t that it's an Israeli c ompany had me a little apprehensive about how hard it would be to objec tively unc over any growth fraud. Cuisinart is also c oming out with their own models and flavors, though apparently lic ensing Sodastream tec hnology. They were doing live demos at Mac y's in Chic ago in Oc tober. I feel like it is inc onvenient, that the c annisters don't last long, and that the produc t onc e produc ed is worse tasting than bottled seltzer. It is a hassle to hand wash the bottles--c an't understand why they c an't figure out a way to make them dishwasher safe!
32
1/18/2014 1:36 PM
33
1/18/2014 1:35 PM
34 35
1/18/2014 11:36 AM 1/17/2014 12:41 PM
36
1/17/2014 11:28 AM
37
1/17/2014 11:18 AM
38
1/17/2014 9:41 AM
17 / 48
Q8 If a friend asked you, how likely would you be to recommend that they get a Sodastream?
Very likely
Somew hat likely
Not so likely
Not likely at all
1 (Low est)
10 (Highest)
0%
20%
40%
60%
80%
100%
Answ er Choices Very likely Somewhat likely Not so likely
Responses 55.62% 25.44% 7.10% 94 43 12
18 / 48

Not likely at all 1 (Lowest) 2 3 4 5 6 7 8 9 10 (Highest) Total 7.10% 1.18% 0.59% 0% 0.59% 0.59% 0% 0% 1.18% 0% 0.59% 12 2 1 0 1 1 0 0 2 0 1 169
19 / 48
Q9 What do you use your Sodastream for?

Just make seltzer
Make seltzer and mix it w ...
Make seltzer and mix it w ...
0%
20%
40%
60%
80%
100%
Primary use
Sec ondary use
Don't use
Just make seltzer
Primary use 81.58% 124 13.11% 16 20.51% 24
Secondary use 11.18% 17 37.70% 46 8.55% 10
Don't use 7.24% 11 49.18% 60 70.94% 83
Total 152 122 117
Make seltzer and mix it with my own juic e/flavor
Make seltzer and mix it with Sodastream flavor pac ks
# 1 2
Comments: Grape fruit juic e spritzers! Living in NYC and being a big seltzer drinker, this makes it very easy to not have to c arry lots of bottles of seltzer home. roommate uses it with lemon juic e (her own flavor), and visitors often use it for seltzer The amount of soda water we make varies on the weather. We make muc h more during the warmer weather and for the holidays.
Date 1/24/2014 4:58 PM 1/23/2014 3:45 PM
3 4
1/22/2014 10:10 PM 1/20/2014 8:06 PM
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5 My husband drinks a LOT of c arbonated water (up to 4-6 12oz bottles/day pre-sodastream), whic h is why we bought it. He uses it nearly every day for the c arbonated water, and I use it very oc c asionally to make "diet c oke" with the sodastream "diet c oke" flavor. We haven't tried making anything spec ial, but would think about it in the future for parties, etc . I have used the flavor pac ks before, but I'm not c razy about them. I'd rather flavor my own. Purc hased it bec ause the sugar/c alories/c orn syrup in soda isn't good for my kids. It's easier just to not have soda at all. I do like plain soda water but it's just easier to purc hase soda than replac e the c o2. Their flavor pac ks went straight in the trash. I don't know a single friend or family member who has used their syrup. I use natural juic es (daily) and mix in a glass - not the bottle. I don't want to put any juic e in the bottle as it would get the bottle dirty. My husband and I drink several glasses of seltzer with a splash of juic e every day. Even our 2 year old likes it. n/a I drink 2 quarts a day. I love it. The flavor pac kets are gross, but we sometimes do mix it with juic e for both ourselves and our kids. The only flavor pac ks I use are the mywater essenc es. The others c ontain all the garbage that any other soft drink has. See above c omments We used to buy a ton of Peligrino water...my wife and kids love it. Now we just make it at home. We ac tually save a few hundred dollars eac h year plus we feel better about not having all the bottles around. I like all-natural, so I use real lemon juic e . flavor pac ks SUCK THE FLAVOR PACKS ARE TRULY VILE We r power users - at least 4 bottles/day Also use it for molec ular gastronomy purposes--for example, to make c arbonated grapes why pay for soda stream flavors? I just mix the seltzer with some fruit or fruit juic e. It seems more natural this way. Regarding question 8--I would highly rec ommend getting a Sodastream to anyone who c urrently drinks seltzer or soda at home on a regular basis. Partic ularly those who buy bulk seltzer. For those who primarily drink water at home or non-c arbonated beverages, it would not make sense. Never bought any of their flavors. Got some free ones with the mac hine. Will probably eventually begin to mix it with my own juic e to c reate lemon/lime/grapefruit sparkling water I tried the flavors twic e and didn't like them. But that was never the attrac tion for me. I don't drink soda and water tastes bland. Seltzer or seltzer + juic e is drink of c hoic e now. 1/20/2014 1:46 PM
6 7
1/20/2014 1:42 PM 1/20/2014 11:48 AM
1/20/2014 10:21 AM
1/20/2014 9:50 AM
10 11 12 13
1/19/2014 8:46 PM 1/19/2014 4:47 PM 1/19/2014 1:55 PM 1/19/2014 1:11 PM
14 15
1/19/2014 11:18 AM 1/19/2014 10:47 AM
16 17 18 19 20 21
1/19/2014 10:21 AM 1/19/2014 10:09 AM 1/19/2014 8:53 AM 1/18/2014 5:43 PM 1/18/2014 4:02 PM 1/18/2014 1:36 PM
22
1/17/2014 11:41 AM
23 24
1/17/2014 11:25 AM 1/17/2014 11:09 AM
25 26
1/17/2014 10:06 AM 1/17/2014 9:59 AM
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Q10 Why do you use Sodastream?

Sav e money
Conv enience
I like the flav or(s)
Sav e storage space
Env ironmental reasons
0%
20%
40%
60%
80%
100%
Primary reason
Sec ondary reason
Not a reason
Primary reason
Secondary reason
Not a reason
Total
Save money
43.85%
33.08%
23.08%
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Save money

43.85% 57 72.66% 101 9.62% 10 20% 22 42.06% 53
33.08% 43 17.27% 24 16.35% 17 23.64% 26 34.92% 44
23.08% 30 10.07% 14 74.04% 77 56.36% 62 23.02% 29
130 139 104 110 126
Convenienc e
I like the flavor(s)
Save storage spac e
Environmental reasons
# 1 2 3 4 5
Comments/other: Healthier than normal soda. don't use it bec ause of the flavors, but would not use it if I hadn't found flavors that I like Saves energy, as I don't have to c arry water from the store. Easier than buying / c arrying bottles all the time. I threw out all the free flavored syrups, for health reasons. I enjoy drinking c arbonated water -- either on its own, or to mix with orange juic e. I also use it to make mixed drinks. Don't have to haul bottles from the groc ery store to the c ar, from the c ar to the house, from the house to the alley on rec yc ling days. I drank several bottles of seltzer daily. That's a lot of weight to c arry home from the store and a lot of trash to rec yc le. We drink more seltzer than water. Why would we buy it? We save on the c ost of the seltzer and aren't adding anything to the rec yc ling system, and don't require shipping bottles of c arbonized water around the c ountry. It's fun for my kids. n/a I entertain a lot. It is wonderful to have seltzer on hand if requested. Makes me feel like an amazing hostess. stronger seltzer than c an usually buy - a sec ondary reason no need to c arry heavy bottles - a sec ondary reason Another reason: to stay hydrated and healthy (Sodastream replac es soda for me) We used to buy Pellgrino by the c ase -- and this is c heaper and takes up muc h less spac e. Don't have all those c ans to deal with See above c omments Soda c ans and bottles are the bulkiest and heaviest things you buy at the groc ery store. So muc h easier not to have to sc hlep those home from the store, put them away, dispose of the empties etc . Plus, If I want different flavor, I c an have it right away instead of having to go to the store. We bought the soda stream so that we would no longer have to buy bottles and c ans of seltzer - so the environmental impac t was the primary reason. Fun for the kids Avoid sc hlepping c ases of plastic bottles that get thrown away. Main appeal is being a healthier c hoic e than traditional soda. Less soda, less sugar. No brainer - save the environment, save $ and c an re-fizz flat bottles. Took me awhile to buy it just due to lac k of time - onc e I did, I was hooked. It's fun. Sinc e buying it, it has c ompletely replac ed my c onsumption of branded/c anned/bottled soda, and it has partially replac ed my c onsumption of plain water with bubbly water
Date 1/23/2014 6:19 PM 1/22/2014 10:10 PM 1/21/2014 10:27 PM 1/20/2014 3:39 PM 1/20/2014 2:35 PM
1/20/2014 12:46 PM
1/20/2014 10:21 AM
1/20/2014 9:50 AM
9 10 11
1/19/2014 11:15 PM 1/19/2014 8:46 PM 1/19/2014 7:30 PM
12
1/19/2014 4:02 PM
13 14 15 16 17
1/19/2014 3:06 PM 1/19/2014 1:55 PM 1/19/2014 11:55 AM 1/19/2014 11:18 AM 1/19/2014 11:09 AM
18
1/19/2014 10:54 AM
19 20 21 22
1/19/2014 9:45 AM 1/18/2014 5:43 PM 1/18/2014 2:15 PM 1/18/2014 2:06 PM
23
1/17/2014 11:41 AM
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24 25 26 27 28 29 Not sure - originally I thought I prefer the seltzer, but now tend to like plain tap water Their bottles are not large enough!!... at least for the glass bottle models gift Kid toy Gives me more c ontrol no sc hlepping of heavy bottles from the supermarket 1/17/2014 11:24 AM 1/17/2014 9:49 AM 1/15/2014 6:38 PM 1/15/2014 5:32 PM 1/15/2014 4:58 PM 1/15/2014 3:48 PM
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Q11 Who uses the Sodastream in your home?

Myself
My spouse
My children
Other
0%
20%
40%
60%
80%
100%
Primary user
Sec ondary user
Not a user
Myself
Primary user 75.17% 112 64.34% 83 33.65% 35 5.17% 3
Secondary user 16.11% 24 20.16% 26 17.31% 18 13.79% 8
Not a user 8.72% 13 15.50% 20 49.04% 51 81.03% 47
Total 149 129 104 58
My spouse
My c hildren
Other
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Q12 How long ago did you first start using a Sodastream?
Within the past six months
6-12 months ago
1-2 years ago
2-3 years ago
3 or more years ago
0%
20%
40%
60%
80%
100%
Answ er Choices Within the past six months 6-12 months ago 1-2 years ago 2-3 years ago 3 or more years ago Total
Responses 11.66% 16.56% 35.58% 21.47% 14.72% 19 27 58 35 24 163
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Q13 Did you purchase it, did someone else in your family purchase it, or was it a gift?
I bought it
Someone else in my family...
It w as a gift
0%
20%
40%
60%
80%
100%
Answ er Choices I bought it Someone else in my family bought it It was a gift Total
Responses 53.42% 12.42% 34.16% 86 20 55 161
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Q14 Do you think Sodastream is:

Priced too high for w ha...
A bargain for w hat you get?
Priced about right for w h...
0%
20%
40%
60%
80%
100%
Answ er Choices Pric ed too high for what you get? A bargain for what you get? Pric ed about right for what you get? Total
Responses 16.13% 24.52% 59.35% 25 38 92 155
# 1 2 3
Additional comments on pricing: It was a gift from my fianc e, so I don't know the pric e. I got a good deal at Mac y's around $70 on xmas eve I would have hoped that there would be a greater pric e differenc e between FreshDirec t and SodaStream. depends on what style you get and how often you use it. But i never spent money on seltzer before ( didn't really drink it) Hard to tell bec ause I haven't done the math on how muc h the c annister refills save vs. buying c arbonated water at the store. I got ours during post-c hristmas sale at bed bath & beyond, and got an additional 20% off with a c oupon, whic h I think brought the final pric e to $80. Sinc e my husband still ac tually prefers the taste of other c arbonated waters, I probably would not have bought it at full retail c ost. Costs of replac ement c o2 are exhorbitant. Totally unaware of pric ing. c o2 refills should be c heaper don't know the pric e as it was a gift I have about as basic of a model as you c an get - it's been worth it, but it's hard to believe the tec hnology and bottles are worth what I paid It's poorly built But c artridges are too expensive
Date 1/21/2014 10:27 PM 1/21/2014 12:07 PM 1/21/2014 11:17 AM
4 5 6
1/20/2014 5:51 PM 1/20/2014 5:11 PM 1/20/2014 2:35 PM
1/20/2014 1:46 PM
8 9 10 11 12
1/20/2014 11:24 AM 1/19/2014 11:15 PM 1/19/2014 4:02 PM 1/19/2014 3:10 PM 1/19/2014 3:06 PM
13 14
1/19/2014 2:26 PM 1/19/2014 2:03 PM
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15 16 Compared to what we used to pay for bottles, it is a bargain. if I only use it to make fizzy water, it c omes out to about the same c ost as just purc hasing fizzy water in bulk. It's a slight hassle to get the c artridges refilled bec ause there isn't one near the offic e so it's a c hore that needs to be done outside work hours. Pric ing rec ently c ame down with introduc tion of new produc t. If used, the pric ing seemed fine. Don't know - sinc e it was a gift. Doesn't work for us you c an often get on sale at target for under $70. What is ac tually expensive is the c artridges if you use it often. We got it as a gift but we bag bought it as a gift for others I did the math onc e - I think it is 80% c heaper before take into ac c ount the annoyanc e of buying / transporting c ases of seltzer Clearly the value prop would gain momentum if/when they c an offer the mac hine at a $49.99 pric e point. gas refills seem quite high for CO2 I don't think it's expensive vs. its value to me. But I do think that it's expensive for suc h a simple produc t. I think the c ategory will bec ome c ommoditized (if it remains somewhat popular) and there will be more undifferentiated providers leading to lower pric e/reduc ed profits The Carbon dioxide refills are a touc h high but with Bed Bath and Beyond disc ount c oupons they are more manageable. Was antic ipating savings on the bac k end with use, but sinc e quality and c onvenienc e weren't there, we stopped using it. Buying equivalent bottles of Perrier or San Pellegrino is probably 5-10x more expensive given how muc h seltzer we drink The pric ing is probably a bit higher than it should be. But, it's still more c ost effec tive than buying soda. Plus, it's healthier and provides greater variety. Unless you c onstantly drink soda water, it's c heaper just to buy individually. The unit is pric ed well, but replac ement c artridges make you winc e not sure - got as a gift should offer bottles c heaper- i see no need for sodac aps 1/19/2014 1:55 PM 1/19/2014 1:20 PM
17 18 19 20 21
1/19/2014 1:11 PM 1/19/2014 11:18 AM 1/19/2014 9:49 AM 1/19/2014 9:44 AM 1/19/2014 8:59 AM
22 23
1/19/2014 7:45 AM 1/18/2014 5:43 PM
24
1/18/2014 2:15 PM
25 26
1/18/2014 1:36 PM 1/17/2014 5:46 PM
27
1/17/2014 11:58 AM
28
1/17/2014 11:18 AM
29
1/17/2014 11:09 AM
30
1/17/2014 9:57 AM
31 32 33 34
1/17/2014 9:41 AM 1/17/2014 9:41 AM 1/15/2014 6:38 PM 1/15/2014 3:36 PM
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Q15 A final open-ended question: please tell me what you like and don't like about your Sodastream?
# 1 2
Responses Expensive c arbonation c artridges. It is my favorite home applianc e! I tell everyone they should get one. I even bring it with me on (loc al) vac ations. I used to have the c anisters delivered to my home, but now I have to pic k them up at a loc al store, whic h is less c onvenient. We don't drink muc h soda, or have spac e to keep it out. So we don't use it muc h. The seltzer is very good. The flavors for traditional soft drinks don't measure up to tried-and-true brands. Their flavors may be more c ompetitive in nic he flavors like c ranberry whic h I haven't yet tried. I love the c onvenienc e and the seltzer is great. i have an older model - and the design is not great - need to use both hands to sc rew and unsc rew the bottle in. Love, love, love that i don't need to buy drinks - c an just make them myself I have the penguin model whic h has glass bottles whic h is what I wanted --- however, the bottles are too small -- 750 mil vs. quart. would prefer larger bottles. I love seltzer water, and dislike the idea of buying water that has been shipped from Italy. With a Brita filter this works perfec tly. It saves money and energy, but most of all it makes sure that i never run out. I have no interest in making soda, and even though I have never tried making soda with my SS, I am c onvinc ed that it would be of poor taste. I'm registering for a Sodastream through my wedding registry. I even registered for a slightly nic er version than I would have gotten if I were spending my own money, Convenient, easy to use, no c leanup, lightweight, easy to store. Pac kets of flavoring are way too sweet. I don't like that Sodastream's main produc tion takes plac e on land c onfisc ated by Israel from the West Bank. While I would be interested in the produc e otherwise, I would not feel c omfortable supporting the produc t. bottle is too small, have to refill it. Don't love the plastic though I see that higher end stores suc h as grac ious home sell more attrac tive wood and glass versions but for a lot more $$$. Sodastream equipment itself is flimsy and poorly-made (c heap plastic , piec es don't fit together well). A lot of the flavors use artific ial sweeteners and give me headac hes I think the c annisters don't last as long as they c laim and it c an be annoying to find the time to exc hange them A bit large and takes up a lot of c ounter spac e It was more of a toy at first but then the usage dec reased, and we got too lazy to replac e the h2o c anister. The family did like the taste and the ease of using it. The tops for the soda c ontainers c ould have a better sealer so that the water does not lose it's c arbonation as quic kly. It's loud and awkward to use. Should c ome with extra bottles and it's too tall to store on the c ounter or easily in a c upboard. The mac hine doesn't look like it will hold up... Plastic and flimsy. Like the c onvenienc e. Wish they would sell refills in more plac es. Bottles were dishwasher safe.
Date 2/28/2014 12:09 PM 1/26/2014 8:12 AM
3 4
1/23/2014 6:19 PM 1/23/2014 4:39 PM
5 6
1/23/2014 8:52 AM 1/22/2014 10:10 PM
1/22/2014 6:42 PM
1/21/2014 10:27 PM
1/21/2014 5:32 PM
10
1/21/2014 3:17 PM
11
1/21/2014 12:49 PM
12
1/21/2014 12:07 PM
13
1/21/2014 10:31 AM
14 15
1/21/2014 9:39 AM 1/21/2014 9:31 AM
16 17
1/21/2014 7:43 AM 1/20/2014 8:55 PM
18
1/20/2014 8:06 PM
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1/20/2014 5:36 PM
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21 I like that I c an c ontrol the amount of fizz as well as the amount of flavor. I don't like the noise, though I know that this year the newer models have almost no noise. I like the ability to have c arbonated water any time. We both always have to double the amount of c arbonation it says you need in order to get it a level that ac tually c ompares with store-bought produc ts. There's very little I don't like. I wish the bottles, however, weren't so sensitive to hot water. Sodastream says to, like, throw the bottles away if they are washed with hot water. They should really make some dishwasher safe versions. See question 10. I love it -- no c omplaints. answered above. Keeps me hydrated. More fun to drink thank flat water. I c an't think of anything I don't like about it. My husband stores juic e with the seltzer and that c an be hard to c lean out of the bottle and the lids (blac k mold). We wouldn't put the bottles in the dishwasher anyway, but a kit for c leaning (brushes perhaps) would be awesome. It's awesome I just don't drink that muc h seltzer and I think flavoring it is ridic ulous. Convenient for seltzer drinks. Don't like to buy all these mineral water bottles. But only would do it here where the water quality is great. Wouldn't use it in NYC, sorry! I like having seltzer at the touc h of a button, but don't like replac ing the c artridges. Fresh taste and easier than buying bottles or c ans of soda. Don't like refilling the CO2 so frequently. I never even think about it. It is really just a novelty item for my kids. Flavor for c ola is lousy; a pain to use; drinks go flat quic kly. We like fizzy water but my wife didn't like the waste of purc hasing it in plastic bottles. We saw a Sodastream at a friend's house (they loved it) and have been using it sinc e. Have replac ed 2 CO2 c artrdiges sinc e purc hase. I still am not a fan of their flavors- I use Mio Water and Dasani Drops Like: c onvenienc e of being able to make seltzer at home. Dislike most: somehow it is still not the same as store-bought produc ts. Phenomenal produc t and good value. Anyone who mentions it loves it. It's really c onvenient to be able to make it any time; it's environmentally responsible; and it is a lot less expensive than buying pac ks of bottles from the store. No simple way to know when the Co2 is about to run out. It is a hugely c onvenient way of getting seltzer, whic h I'm addic ted to. No lugging c ases of it from the groc ery store. The refill options for SS are easy. I like that the soda is healthier than regular soda. don't like that there's no way to simply refill yourself - we lived overseas for a while and you c ould take them to the store or gas station and have them refilled for pennies, rather than "exc hanged" Only thing I don't like is noise it makes when CO2 is injec ted. Otherwise it's great on environmental, c onvenienc e and ec onomic grounds. We liked the ec o value....but never got around to replac ing the c artridges. Though my kids enjoyed the sweet flavors, we aren't a "soda" family exc ept for seltzer. Reasonably pric ed, ec o-friendly way to stay healthy & hydrated. Living sustainably is really important to me. It gives lousy c arbonation and everything is proprietary. Someone gave me an iSi whipping siphon a while ago and that's what I use now. I like it a lot better - c leanup is a little more involved, but it's extremely well built and more flexible. The intended use is for N2O whic h gives a nic e foamy whipped c ream, but I c an use regular CO2 c artridges (that you'd use for bike tires or a paintball gun) to do soda or juic e. 1/20/2014 2:53 PM
22 23
1/20/2014 2:35 PM 1/20/2014 1:46 PM
24
1/20/2014 1:42 PM
25 26 27 28
1/20/2014 12:46 PM 1/20/2014 11:48 AM 1/20/2014 10:21 AM 1/20/2014 9:50 AM
29 30
1/20/2014 9:43 AM 1/20/2014 9:27 AM
31 32 33 34 35
1/20/2014 8:50 AM 1/19/2014 11:49 PM 1/19/2014 11:15 PM 1/19/2014 11:11 PM 1/19/2014 10:44 PM
36 37
1/19/2014 9:34 PM 1/19/2014 8:11 PM
38 39
1/19/2014 7:43 PM 1/19/2014 7:34 PM
40 41
1/19/2014 7:30 PM 1/19/2014 4:47 PM
42 43
1/19/2014 4:36 PM 1/19/2014 4:02 PM
44
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1/19/2014 3:10 PM
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48 Replac ing the Co2 c artridge is annoying. You have to bring your c urrent one with you to purc hase the new one at a lower pric e. Living in Manhattan that means I have to make a spec ial trip to the store and HOPE that my size c artridge is available. We don't like the plastic bottles. We like the glass bottles. And we love having sparkling water at our finger tips as easy as having flat water from the tap. It is a drag to c hange the c artridge sinc e we need to go to a store and so don't have water for that time. I like it a lot. I stopped using it for ethic al reasons (Israeli settlement). Have been researc hing ways to c onvert the mac hine so I c an use it w/o buying Sodastream's c artridges. wish getting a refill was easier and it didn't c ost as muc h The only thing I don't like is that I c an only purc hase Mywater essenc es in a set of three different flavors, one of whic h I don't like. If I want one Mywater flavor in partic ular, I have to order online and pay shipping. I like the ease and c onvenienc e. It's also novel. I love not having to c arry c lub soda bottle bac k from whole foods after paying so muc h for them in the first plac e. I drink c lub soda more often I would if I had to buy bottles from the store. The c artrageges last a long time. I adore it in every way and buy it as gifts for others. I think the Al Jazeera attempt to disc redit the c ompany by falsely stating there is a bac klash to sc arlet johanssen being spokesperson for soda stream is unethic al. More effic ient than buying all those c ans. Can make fruit juic e and seltzer easily. Feels tec h savy. Easy to use, flavors are good. See above long c omment Like: Convenienc e and environmental impac t and c ost of c hargers with return of empty. ??: c orrelate with Brita use. Same users??? The c onvenienc e fac tor is far and away the best. Plus, you c an use more or less syrup to flavor to taste. A key thing is that they have reac hed c ritic al mass so you c an find the flavors and replac ement air c anisters at just about any groc ery or drug store.....or you c an order online. So it is all about c onvenienc e for me. I don't partic ularly like the design, ie the flimsy plastic . The bottles though are nic e and substatial. I know the c ompany has made more streamlined, modern designs rec ently but I am not buying a new one. It's effic ient and it works well so it;s a keeper. I like that I c an make seltzer when I want to and that I c an c ontrol how bubbly I want it to be. No more c arrying heavy liquid. You c an c ustomize. (i.e., sometimes you c an make unhealthy soda for guests who want it!) Environmentally friendly. Make it as you need it so no planning. Good for kids! flavor pac ks are terrible Don't have to buy c ases of seltzer from Costc o. Can c ontrol level of c arbonation. It's not a very friendly piec e of equipment and take up a good bit of room on the kitc hen c ounter. My husband doesn't drink soda, but he loves seltzer water, so thsi si a big savings for him. I still like soda better -- but am c oming around to use the Sodastream more. Like it a lot. No c omplaints Like the c onvenienc e. Don't like awkwardness of dispenser. Love the Convenienc e, and feeling better about how fewer plastic bottles i put into the world is worth the expense of the c artidges. I do, every onc e in a while though, have to go buy a good rasberry lime seltzer - i miss the flavor. It's physic ally very satisfying. I like the noise it makes, and like that I c an refill our stoc k of seltzer in a minute. The only thing I don't love are the bottles, whic h are fine but pedestrian; they probably have an opportunity for upsell there... 1/19/2014 2:22 PM
49
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50
1/19/2014 1:55 PM
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52 53
1/19/2014 1:20 PM 1/19/2014 1:11 PM
54 55
1/19/2014 1:01 PM 1/19/2014 12:50 PM
56
1/19/2014 12:42 PM
57 58 59 60
1/19/2014 11:55 AM 1/19/2014 11:42 AM 1/19/2014 11:18 AM 1/19/2014 11:09 AM
61
1/19/2014 11:09 AM
62
1/19/2014 10:54 AM
63
1/19/2014 10:21 AM
64 65
1/19/2014 10:09 AM 1/19/2014 9:58 AM
66
1/19/2014 9:49 AM
67 68 69
1/19/2014 9:24 AM 1/19/2014 9:15 AM 1/19/2014 8:59 AM
70
1/19/2014 8:53 AM
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71 I love everything about SodaStream. I love that i c an get seltzer anytime I want it, c an c ontrol the effervesc enc e, and don't waste so many bottles. I own one at home, one at work, and have gotten several as gifts for people. I almost pac ked my SodaStream to take with me to Argentina when I went on an extended trip Like everything about it. Wish our kids still thought it was fun to make the seltzer. The design is ok but not great. I've seen the new models, they don't require sc rew on tops, that is better than the one we have, we should upgrade It's just amazing! It tastes great and you c an have seltzer whenever you want! I like the ability to make seltzer whenever I run out of it thout having to go to the store. And, I like the pric e. Love it, wish I found it sooner. Fizz doesn't last very long. I think the novelty wears off after a bit. Also it's a pain to refill the c o2. I've used my sisters, and really like how quic kly one c an make their own soft drink. Its like a Kruig for non-c offee drinkers I love everything about it other than how long the fizz lasts, and the fac t that I need to have c old water in advanc e before I c an make c old seltzer. Healthier, novel, easy to keep variety of flavors on-hand. I don't like hand-washing the bottles (but I know they rec ently introduc ed dishwasher-safe bottles, whic h I need to buy!) Sometimes the fizz feature doesn't work. Most times it does. See c abinet remark above. The one I got wad too tall to fit under my c abinets, so it was always in the way. Relegated to the applianc e graveyard next to my Osterizer and Tassimo. make seltzer on demand, Do not like taste and, therefore, do not use it. love the new design. I miss the glass bottles. I like the c onvenienc e. I'm not interested in the syrups/flavors I wish that the bottles held the c arbonation longer. Like: By far the best produc t of its kind, and I love seltzer water so it is an important produc t for me. Dislike: The last 2-3 bottles of seltzer made before a c arbonator is depleted are not as good, bec ause the c arbonation is less strong. This is a pet peeve of mine, sinc e the differenc e in taste is signific ant. The bottles are quite small, so too little soda is produc ed for a party or group of people. The taste is inc onsistent. I hate it but my wife loves it. I was surprised when she began replac ing c artridges (I thought that was the main impediment to c ontinued usage). I only use it for mixed drinks with guests over and then its pretty c ool to make spec ialty drinks. The CO2 refills are expensive and slightly annoying. not muc h of a fizzy drinks drinker For the flavored sodas, it is hard to get the measurements right--partic ularly if you are just making a glass. Also, while I love some flavors (e.g., Diet Dr. Pete's), others are not so great (e.g., "Cola Zero") I love my mac hine. Only pain is going to BBBY to get refills but beats going to c ostc o to get bottles. I bought some stoc k after the big drop this week bec ause I believe it is a great produc t. We drink a ton of seltzer with OJ or lemon / lime and live in a small apt so it is ideal for us. BBBY employees have told me in the past it is a top selling item for them Quic k to use, simple, seems well built, good looking, does a good job. No dislikes, but haven't had to refill the c artridge yet. 1/19/2014 8:49 AM
72 73 74
1/19/2014 7:45 AM 1/19/2014 5:57 AM 1/18/2014 5:43 PM
75 76
1/18/2014 5:29 PM 1/18/2014 4:02 PM
77 78 79 80
1/18/2014 3:57 PM 1/18/2014 3:38 PM 1/18/2014 3:25 PM 1/18/2014 2:44 PM
81
1/18/2014 2:19 PM
82
1/18/2014 2:15 PM
83 84
1/18/2014 2:06 PM 1/18/2014 2:04 PM
85 86 87
1/18/2014 2:03 PM 1/18/2014 1:49 PM 1/18/2014 1:36 PM
88 89
1/18/2014 1:34 PM 1/17/2014 9:16 PM
90 91 92
1/17/2014 3:01 PM 1/17/2014 12:54 PM 1/17/2014 12:41 PM
93 94 95
1/17/2014 11:58 AM 1/17/2014 11:57 AM 1/17/2014 11:41 AM
96
1/17/2014 11:25 AM
97
1/17/2014 11:13 AM
33 / 48

98 Fortunately it's easy to exc hange the c arbonator, but if there wasn't a store nearby, I imagine I might get frustrated by that. It's c onvenient and helps environment. It helped us make the switc h from unhealthy soda to muc h healthier seltzer. The c ost and c onvenienc e are also worthwhile aspec ts of the mac hine, but the relative health versus soda is the biggest one. Love the environmental fac tor of not wasting plastic bottles as our family is a heavy seltzer c onsumer. The CO2 replac ement is a bit of a pain but worth the effort relative to benefit of c onvenient anytime seltzer produc tion. I would like there to be more flavors that do not have any artific ial sweeteners. We don't like our kids to drink anything with artific ial sweeteners. This makes flavor c hoic es more limited, or more expensive - the natural/organic flavors c ost more. On the positive side, we do not regularly buy soda for our kids. The Sodastream allows them to drink soda that is healthier than what you typic ally find in most stores. See above re c apac ity of bottles love it. we go thru at least 3 bottles of seltzer a day. Bought it for my wife. We like it, but I've notic ed we use it very infrequently lately (but not never). I have an older model. It's ugly and c lunky. It is c onvenient when you want soda water (so is walking ac ross the street to the bodega). But, unless you have water already c old in the fridge, you're making room temperature water. AMAZING produc t/invention! It was fund the first c ouple of times. Then it broke and I don't use it. Hard to c lean the bottles Like: ease of use, instantly available, low c ost, no c arrying bottles Don't: Cartridge swap a pain though infrequent, diet pink grapefruit and energy drinks the best 1/17/2014 11:09 AM
99 100
1/17/2014 10:29 AM 1/17/2014 10:06 AM
101
1/17/2014 9:59 AM
102
1/17/2014 9:57 AM
103 104 105 106
1/17/2014 9:49 AM 1/17/2014 9:49 AM 1/17/2014 9:42 AM 1/17/2014 9:41 AM
107 108 109 110
1/15/2014 9:56 PM 1/15/2014 6:38 PM 1/15/2014 4:58 PM 1/15/2014 3:48 PM
111
1/15/2014 3:36 PM
34 / 48
Q16 Please tell me a little about yourself. Are you:

Female
Male
0%
20%
40%
60%
80%
100%
Answ er Choices Female Male Total
Responses 31.69% 68.31% 122 263 385
35 / 48
Q17 How old are you?

Under 18
18-24
25-34
35-44
45-54
55-64
65+
0%
20%
40%
60%
80%
100%
Answ er Choices Under 18 18-24 25-34 35-44 45-54 55-64 65+ Total
Responses 0.26% 2.07% 26.87% 32.56% 22.48% 7.49% 8.27% 1 8 104 126 87 29 32 387
36 / 48
Q18 What is your household income? (Optional)

Under $50,000
$50-$100,000
$100-$250,000
Abov e $250,000
0%
20%
40%
60%
80%
100%
Answ er Choices Under $50,000 $50-$100,000 $100-$250,000 Above $250,000 Total
Responses 3.19% 13.74% 35.14% 47.92% 10 43 110 150 313
37 / 48
Q19 What do you drink?

Tea/Iced tea
Tap w ater
Bottled w ater
Sparkling w ater/seltzer
Regular soda (e.g., Coke)
38 / 48
Diet soda (e.g., Diet...
Coffee
Tea/iced tea
Milk
Juice
39 / 48
Wine/beer
Other alcoholic...
Other
0%
20%
40%
60%
80%
100%
Frequently
Oc c asionally
Infrequently
Never
Tea/Ic ed tea
Frequently 0% 0 70.96% 259 32.13% 116 37.53% 137 3.82% 13
Occasionally 0% 0 15.07% 55 36.29% 131 26.30% 96 9.12% 31
Infrequently 0% 0 8.77% 32 24.38% 88 23.01% 84 32.06% 109
Nev er 0% 0 5.21% 19 7.20% 26 13.15% 48 55.00% 187
Total 0 365 361 365 340
Tap water
Bottled water
Sparkling water/seltzer
Regular soda (e.g., Coke)
40 / 48

Diet soda (e.g., Diet Coke) 18.56% 67 64.19% 233 36.54% 129 13.60% 48 16.02% 58 40.71% 149 15.65% 54 0% 0 14.96% 54 10.19% 37 33.99% 120 25.21% 89 32.87% 119 39.89% 146 40.87% 141 50% 1 27.15% 98 8.82% 32 21.25% 75 32.86% 116 33.43% 121 11.48% 42 26.67% 92 0% 0 39.34% 142 16.80% 61 8.22% 29 28.33% 100 17.68% 64 7.92% 29 16.81% 58 50% 1 361 363 353 353 362 366 345 2
Coffee
Tea/ic ed tea
Milk
Juic e
Wine/beer
Other alc oholic beverages
Other
41 / 48

Tilson Sodastream Article Survey Results Whitney Tilson Kase Capital 3-5-14

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Tilson Sodastream Article Survey Results Whitney Tilson Kase Capital 3-5-14

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Sodastream: Using a Survey to Identify My Next Deckers

Distributed initially to subscribers of:

March 5, 2014 By Whitney Tilson

Sodastream Survey by Whitney Tilson

Q1 Do you currently own a Sodastream?

Yes (please skip to...

No (please answ er...

Responses 39.95% 60.05% 155 233 388

Sodastream Survey by Whitney Tilson

Q2 How familiar are you with Sodastream?

Answ er Choices Not at all A bit Very Total

Responses 15.55% 52.10% 32.35% 37 124 77 238

Sodastream Survey by Whitney Tilson

Q3 How likely are you to buy a Sodastream?

For sure w ill not

For sure w ill

Responses 26.41% 41.99% 22.08% 4.76% 4.76% 61 97 51 11 11 231

1/22/2014 12:39 AM 1/21/2014 7:42 PM

Sodastream Survey by Whitney Tilson

1/21/2014 4:29 PM 1/21/2014 3:56 PM 1/21/2014 12:49 PM

1/21/2014 10:32 AM 1/21/2014 10:17 AM 1/21/2014 9:53 AM

1/20/2014 8:25 PM 1/20/2014 7:51 PM 1/20/2014 7:06 PM 1/20/2014 6:32 PM

1/20/2014 1:56 PM 1/20/2014 1:51 PM 1/20/2014 12:54 PM

1/20/2014 11:58 AM 1/20/2014 9:53 AM

Sodastream Survey by Whitney Tilson

1/19/2014 1:42 PM 1/19/2014 1:20 PM

1/19/2014 12:42 PM 1/19/2014 12:36 PM

Sodastream Survey by Whitney Tilson

1/19/2014 9:49 AM 1/19/2014 9:49 AM

1/19/2014 9:23 AM 1/19/2014 9:22 AM 1/19/2014 9:15 AM 1/19/2014 9:07 AM

1/19/2014 8:55 AM 1/19/2014 8:49 AM 1/19/2014 8:46 AM

1/19/2014 8:44 AM 1/19/2014 8:10 AM 1/18/2014 11:16 PM 1/18/2014 9:44 PM

1/18/2014 4:20 PM 1/18/2014 3:26 PM 1/18/2014 3:06 PM 1/18/2014 2:57 PM

Sodastream Survey by Whitney Tilson

103 104 105 106 107

1/17/2014 11:31 AM 1/17/2014 11:28 AM

1/17/2014 11:21 AM 1/17/2014 10:55 AM

Sodastream Survey by Whitney Tilson

135 136 137

1/17/2014 10:39 AM 1/17/2014 10:29 AM 1/17/2014 10:17 AM

141 142 143 144 145 146 147

Sodastream Survey by Whitney Tilson

Didn't like the...

Fizz doesn't last

A hassle replacing th...

I'm cutting back on my...

Sodastream Survey by Whitney Tilson

Lost its nov elty

Sec ondary reason

Primary reason 14.29% 3 16% 4 8.70% 2 34.62% 9 42.31% 11 0% 0 20% 5 33.33% 9

Secondary reason 14.29% 3 20% 5 17.39% 4 19.23% 5 3.85% 1 0% 0 16% 4 18.52% 5

Didn't like the taste/flavors

Fizz doesn't last

A hassle replac ing the CO2 c artridge

I'm c utting bac k on my overall c onsumption of seltzer/soda

Mac hine broke

Lost its novelty

Date 2/4/2014 11:38 AM 1/22/2014 1:54 PM

1/20/2014 12:17 AM 1/19/2014 9:09 AM 1/19/2014 9:07 AM 1/18/2014 8:22 PM

Sodastream Survey by Whitney Tilson

1/17/2014 10:17 AM 1/17/2014 9:54 AM 1/17/2014 9:42 AM

Sodastream Survey by Whitney Tilson

Q5 How often is your Sodastream used?

Ev ery other day

Ev ery other w eek

A few times a year or less

Responses 30.54% 23.95% 17.96% 4.19% 9.58% 5.99% 7.78% 51 40 30 7 16 10 13 167