Brown-Forman Corp (BF.A) 2025 Q2 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by.

女士們先生們，美好的一天，謝謝你們的支持。

Welcome to the Brown-Forman first half fiscal 2025 earnings conference call.

歡迎參加 Brown-Forman 2025 財政年度上半年收益電話會議。

(Operator Instructions)

（操作員說明）

At this time, I would like to turn the conference over to Mr. Sue Perram, Vice President and Director of Investor Relations.

現在，我想將會議交給副總裁兼投資者關係總監 Sue Perram 先生。

Ma'am, please begin.

女士，請開始。

Thank you, and good morning, everyone.

謝謝大家，大家早安。

I would like to thank each of you for joining us today for Brown-Forman's second quarter and first half of fiscal year 2025 earnings call.

我要感謝大家今天參加 Brown-Forman 2025 財年第二季和上半年的財報電話會議。

Joining me today are Lawson Whiting, President and Chief Executive Officer, and Leanne Cunningham, Executive Vice President and Chief Finance Officer.

今天與我一起出席的有總裁兼執行長 Lawson Whiting 和執行副總裁兼財務長 Leanne Cunningham。

This morning's conference call contains forward-looking statements based on our current expectations.

今天早上的電話會議包含基於我們目前預期的前瞻性陳述。

Numerous risks and uncertainties may cause actual results to differ materially from those anticipated or projected in these statements.

許多風險和不確定性可能導致實際結果與這些聲明中預期或預期的結果有重大差異。

Many of the factors that will determine future results are beyond the company's ability to control or predict.

許多決定未來結果的因素超出了公司的控製或預測能力。

You should not place undue reliance on any forward-looking statements and except as required by law, the company undertakes no obligation to update any of these statements, whether due to new information, future events or otherwise.

您不應過度依賴任何前瞻性陳述，除非法律要求，否則本公司不承擔更新任何這些陳述的義務，無論是由於新資訊、未來事件或其他原因。

This morning, we issued a press release containing our results for the second quarter and first half of fiscal year 2025, in addition to posting presentation materials that Lawson and Leanne will walk through momentarily.

今天早上，我們發布了一份新聞稿，其中包含 2025 財年第二季度和上半年的業績，此外還發布了 Lawson 和 Leanne 將立即瀏覽的演示材料。

Both the release and the presentation can be found on our website under the section titled Investors, Events and Presentations.

新聞稿和簡報均可在我們網站的「投資者、活動和簡報」部分找到。

In the press release, we have listed a number of the risk factors you should consider in conjunction with our forward-looking statements.

在新聞稿中，我們列出了您應結合我們的前瞻性陳述考慮的一些風險因素。

Other significant risk factors are described in our Form 10-K and Form 10-Q reports filed with the Securities and Exchange Commission.

我們向美國證券交易委員會提交的 10-K 表格和 10-Q 表格報告中描述了其他重大風險因素。

During this call, we will be discussing certain non-GAAP financial measures.

在本次電話會議中，我們將討論某些非公認會計準則財務指標。

These measures are reconciliation to the most directly comparable GAAP financial measures and the reasons management believes they provide useful information to investors regarding the company's financial condition and results of operations are contained in the press release and investor presentation.

這些指標與最直接可比較的公認會計原則財務指標進行了協調，管理層認為它們為投資者提供了有關公司財務狀況和經營業績的有用資訊的原因包含在新聞稿和投資者介紹中。

Before we transition to our results, we have two very special guests with us.

在我們公佈結果之前，有兩位非常特別的嘉賓和我們在一起。

As you may recall, on November 25, we announced a change in our Board of Directors' Chair.

您可能還記得，11 月 25 日，我們宣布了董事會主席的變更。

Here to speak about this upcoming transition is Campbell Brown, Brown-Forman, Chair of the Board, and his successor, Marshall Farrer, Executive Vice President and Chief Strategic Growth Officer and Brown-Forman Board Director.

在此談論即將到來的過渡的是 Brown-Forman 董事會主席坎貝爾·布朗 (Campbell Brown) 及其繼任者、執行副總裁兼首席戰略增長官兼 Brown-Forman 董事會董事馬歇爾·法雷爾 (Marshall Farrer)。

Both are great, great grandsons of the company's founder.

兩人都是公司創辦人的曾孫。

Campbell and Marshall have a few remarks they would like to share.

坎貝爾和馬歇爾有一些話想分享。

After that, we will review our financial results, and then Lawson, Leanne and I will be available for Q&A.

之後，我們將審查我們的財務業績，然後勞森、Leanne 和我將接受問答。

Campbell, I would now like to turn the call over to you.

坎貝爾，我現在想把電話轉給你。

Thank you, Sue, and good morning.

謝謝你，蘇，早安。

I'm delighted to join you today as this is just the second time I have spoken on one of these quarterly calls.

我很高興今天加入你們，因為這只是我第二次在這些季度電話會議上發言。

The first time was the third quarter of fiscal 2021 when it was announced that I would become the next Chair of the Board.

第一次是在 2021 財年第三季度，當時宣布我將成為下一任董事會主席。

Like then, I'm here today to discuss succession planning.

就像那時一樣，我今天在這裡討論繼任計畫。

As we know, it is not by chance that Brown-Forman has been a family-controlled organization for 154 years.

眾所周知，Brown-Forman 154 年來一直是家族控制的組織，並非偶然。

Rather, we understand the company's independence has been enabled by intentional family connections spanning multile generations as well as purposeful and productive relationships between the family, Brown-Forman's executive leadership team, and Board of Directors.

相反，我們了解到，公司的獨立性是透過跨越多代人的有意的家庭聯繫以及家族、布朗福曼的執行領導團隊和董事會之間有目的和富有成效的關係來實現的。

As you may have seen, at the recent meeting of the Brown-Forman Board of Directors, I announced my decision to step down as Chair when my term ends in July 2025.

正如您可能已經看到的，在最近舉行的 Brown-Forman 董事會會議上，我宣布決定在 2025 年 7 月任期結束時辭去主席職務。

While this decision may have come as a surprise to some, let me assure you that even before assuming the role of Board Chair in 2021, I knew that my time in the position would be thoughtfully measured.

雖然這項決定可能令某些人感到意外，但我向您保證，即使在 2021 年擔任董事會主席之前，我就知道我擔任該職位的時間將會經過深思熟慮。

My timeline was always well aligned with our Board succession planning process, at the same time, being true to who I am and what I believe is best for the company that I love so dearly.

我的時間表始終與我們的董事會繼任計畫流程保持一致，同時忠於我是誰，以及我相信什麼對我深愛的公司來說是最好的。

While I am stepping down from my role as Chair, I am thrilled to have the opportunity to stand for reelection in July as a Board member and continue to help Steward Brown-Forman's future in that capacity.

雖然我即將辭去主席一職，但我很高興有機會在 7 月再次當選為董事會成員，並繼續以這一身份幫助 Steward Brown-Forman 的未來。

It has been an honor to serve as Chair of the Board alongside such a talented collection of directors and a dedicated executive leadership team, but most of all, I continue to be impressed by the skill, dedication, and resilience of our employees.

我很榮幸能夠與如此才華橫溢的董事和敬業的執行領導團隊一起擔任董事會主席，但最重要的是，我們員工的技能、奉獻精神和韌性給我留下了深刻的印象。

Since I became Chair, the role has served to reinforce everything I've known to be true and special about Brown-Forman.

自從我擔任主席以來，這個角色強化了我所知道的關於布朗福曼的一切真實和特別之處。

I am immensely proud of our committed and united family shareholders, the strength of Brown-Forman's people, culture and brands and our strong governance foundation and process.

我為我們忠誠而團結的家族股東、Brown-Forman 員工、文化和品牌的實力以及我們強大的治理基礎和流程感到無比自豪。

Individually, these are attributes any company would envy.

就個人而言，這些都是任何公司都會羨慕的特質。

Combined, they all but ensure Brown-Forman's continued success and independence as a resilient, family-controlled, publicly traded company guided by our core values and long-term perspective for generations to come.

結合起來，它們幾乎確保了 Brown-Forman 作為一家有彈性、家族控制的上市公司，以我們的核心價值和長遠眼光為指導，繼續取得成功和獨立，造福子孫後代。

And so it is with great pleasure that I also share that the Board has unanimously approved my successor and my cousin, Marshall B. Farrer, who will assume the role of Chair of the Board following his reelection to the Board at the 2025 Annual Meeting of Stockholders.

因此，我也非常高興地宣布，董事會一致批准了我的繼任者、我的表弟馬歇爾·B·法雷爾(Marshall B. Farrer)，他將在2025 年年度會議上再次當選為董事會成員後擔任董事會主席。

Marshall will become the 11th Brown family member and third fifth-generation family member to serve in this important capacity.

馬歇爾將成為第 11 位布朗家族成員，也是第三位擔任此重要職位的第五代家族成員。

As Chair, Marshall will leverage his unique experience, both from within the company and as a champion of the family governance structure to continue to uphold our family's commitment to the long-term perpetuity of Brown-Forman.

身為董事長，Marshall 將運用他在公司內部以及作為家族治理結構的擁護者的獨特經驗，繼續堅持我們家族對 Brown-Forman 長期永續經營的承諾。

He has the global mindset, the industry network, the strategic acumen to guide our Board of Directors in stewarding Brown-Forman's growth and independence.

他擁有全球思維、產業網絡和策略敏銳度，能夠指導我們的董事會管理 Brown-Forman 的成長和獨立性。

Marshall is well prepared and ready to take on this role.

馬歇爾已經做好了充分的準備，準備好擔任這個角色。

As a member of the Board and executive leadership team, he has partnered with Lawson Whiting, our CEO and the Board on its long-term strategy.

作為董事會和執行領導團隊的成員，他與我們的執行長兼董事會 Lawson Whiting 合作制定長期策略。

I have full confidence in Marshall's ability to lead the Board and the family.

我對馬歇爾領導董事會和家族的能力充滿信心。

He will continue to build upon and strengthen the relationships and legacy that have made and will continue to make Brown-Forman an independent world-class spirits company headquartered in Louisville, Kentucky, worthy of your long-term investment.

他將繼續鞏固和加強已經並將繼續使 Brown-Forman 成為一家總部位於肯塔基州路易斯維爾的獨立世界級烈酒公司的關係和遺產，值得您的長期投資。

Please join me in congratulating Marshall and wishing him the best in this exciting step in his career and service to Brown-Forman.

請和我一起祝賀馬歇爾，並祝他在職業生涯這一激動人心的一步以及為布朗福曼服務的過程中一切順利。

With that, I'll hand it over to Marshall.

這樣，我就把它交給馬歇爾了。

Thank you, Campbell, and hello, everyone.

謝謝你，坎貝爾，大家好。

First, I'd like to thank the Board for the confidence it is placing in me as the next Chair of our Board of Directors.

首先，我要感謝董事會對我擔任下一任董事會主席的信任。

I started my career at Brown-Forman in 1998 as a marketing manager in the wine division.

我於 1998 年在 Brown-Forman 開始了我的職業生涯，擔任葡萄酒部門的營銷經理。

I was based in California back then, and over the years, have held a variety of roles in a number of regions around the globe, including positions that took me to Sydney, Amsterdam, and London before recently relocating back to our hometown of Louisville, Kentucky.

當時我住在加州，多年來，我在全球多個地區擔任過各種職務，包括在最近搬回家鄉路易斯維爾之前，我去了雪梨、阿姆斯特丹和倫敦，肯塔基州。

As Campbell mentioned, in addition to the various operational roles I've had over my 26-plus years with Brown-Forman as well as my nearly 9 years of Board service, I've also enjoyed working with members of my family since 2000 when the fifth generation began evolving and formalizing our governance initiatives.

正如 Campbell 所提到的，除了我在 Brown-Forman 26 多年的時間裡擔任過的各種營運職務以及近 9 年的董事會服務之外，自 2000 年以來，我還很享受與我的家人一起工作。第五代開始發展並正式確定我們的治理措施。

I am very honored to accept this new responsibility as we enter the company's 155th year of operation and I am deeply grateful for the trust placed in me by my fellow Board members and Brown family.

在公司成立 155 週年之際，我非常榮幸地接受這項新職責，並深深感謝董事會成員和布朗家族對我的信任。

I look forward to building on the strong foundation laid by Campbell, Garvin, and all those who have previously served as chair of this great company.

我期待在坎貝爾、加文以及所有曾擔任這家偉大公司董事長的人奠定的堅實基礎上再接再厲。

Please note that the Board and I understand our responsibilities to you, our public partners as you look to Brown-Forman to deliver long-term sustainable growth achieved responsibly over decades and generations.

請注意，董事會和我理解我們對你們，我們的公共合作夥伴的責任，因為你們希望布朗福曼公司能夠在數十年和幾代人的時間裡負責任地實現長期可持續增長。

I have greatly enjoyed meeting some of you at our more recent investor events, and look forward to meeting those I have not met at future investor meetings and events.

我非常高興在我們最近的投資者活動中見到你們中的一些人，並期待在未來的投資者會議和活動中見到我從未見過的人。

With that, I would like to turn the call over to Lawson to take us through the first half of fiscal 2025 results.

說到這裡，我想將電話轉給勞森，讓他向我們介紹 2025 財年上半年的表現。

Thank you, Campbell and Marshall, and good morning, everyone.

謝謝坎貝爾和馬歇爾，大家早安。

I hope that Campbell and Marshall's remarks are a reminder that Brown-Forman believes deeply in building our business to pass on to the next generation.

我希望坎貝爾和馬歇爾的言論能提醒我們，布朗福曼堅信將我們的企業傳承給下一代。

This belief has been ingrained in our culture since 1870 by the sixth generation's of Brown family members who have upheld the legacy of our founder, George Garvin Brown.

自 1870 年以來，布朗家族第六代成員一直秉承我們創始人喬治·加文·布朗 (George Garvin Brown) 的遺產，將這一信念根植於我們的文化中。

I've enjoyed working closely with Campbell in his role as Board Chair, his deep understanding of our business and gifts for building trust and confidence in those around them have made a lasting mark on Brown-Forman and our Board of Directors.

我很高興與坎貝爾擔任董事會主席期間密切合作，他對我們業務的深刻理解以及在周圍人中建立信任和信心的天賦給 Brown-Forman 和我們的董事會留下了持久的印記。

While I've worked closely with Marshall as a member of the executive leadership team, I'm excited about the opportunity to work with him in his new capacity as Board Chair.

雖然我作為執行領導團隊的成員與馬歇爾密切合作，但我很高興有機會在他擔任董事會主席的新職位上與他合作。

In Marshall, we welcome a visionary thinker with excellent strategic acumen.

在馬歇爾，我們歡迎一位具有卓越戰略敏銳度的富有遠見的思想家。

Please join me in congratulating both of them on this transition.

請和我一起祝賀他們的這項轉變。

Also, before I share our second quarter and first half results for fiscal '25, I want to express my appreciation to each of our 5,700 employees for their contributions to these results.

此外，在分享 25 財年第二季和上半年業績之前，我想對我們 5,700 名員工中的每一位員工對這些業績做出的貢獻表示感謝。

They've remained dedicated to our brands and our business through the challenging operating environment.

在充滿挑戰的營運環境中，他們仍然致力於我們的品牌和業務。

And in doing so, remind me why we often say that there's nothing better in the market than Brown-Forman.

這樣做，提醒我為什麼我們經常說市場上沒有比 Brown-Forman 更好的了。

Now to our results.

現在我們的結果。

As a reminder, we expected fiscal 2025 to be a year of two halves.

提醒一下，我們預計 2025 財年將分成兩半。

We anticipated that the second half of our fiscal year would be stronger than our first half as in the first half, we compared against strong shipments related to the replenishment of inventory in a few emerging international markets and buy-ins ahead of planned price increases.

我們預計本財年下半年將強於上半年，因為與上半年相比，我們與一些新興國際市場的庫存補充和計劃提價前的買入相關的強勁出貨量進行了比較。

This year has largely unfolded as we anticipated.

今年的情況基本上符合我們的預期。

The top and bottom line results that we are sharing with you today continue to be in line with our expectations, and we're again reaffirming our full year organic net sales and organic operating income outlook for fiscal 2025.

我們今天與您分享的營收和淨利潤結果繼續符合我們的預期，我們再次重申 2025 財年的全年有機淨銷售額和有機營業收入前景。

I'll start with the performance of our brands, and then Leanne will share more about our geographic performance, other financial highlights, as well as our fiscal 2025 outlook.

我將從我們品牌的表現開始，然後 Leanne 將分享更多有關我們的地理業績、其他財務亮點以及我們 2025 財年展望的資訊。

Let's turn to the drivers that influenced our first half 2025 results.

讓我們來看看影響我們 2025 年上半年業績的驅動因素。

Our reported net sales decreased 5% in the first half, while organic net sales were flat after adjusting for the divestitures of Finlandia and Sonoma-Cutrer in the prior fiscal year, the negative effect of foreign exchange, and the recent business model change for Jack Daniel's Country Cocktails.

我們報告的上半年淨銷售額下降了5%，而在對上一財年芬蘭迪亞和索諾瑪-卡特勒的剝離、外匯的負面影響以及Jack 最近的商業模式變化進行調整後，有機淨銷售額持平丹尼爾的鄉村雞尾酒。

In the first half, an increase in used barrel sales was the most significant growth contribution to organic net sales.

上半年，二手桶銷售量的成長是對有機淨銷售成長最顯著的貢獻。

From a brand perspective, Woodford Reserve, Diplomatico Rum, and Old Forester were the largest growth contributors to organic net sales.

從品牌角度來看，Woodford Reserve、Diplomatico Rum 和 Old Forester 是有機淨銷售額成長的最大貢獻者。

These gains were largely offset by volume declines for El Jimador and Herradura.

這些收益在很大程度上被 El Jimador 和 Herradura 的銷售下降所抵消。

Woodford Reserve continues to grow faster than the US whiskey category in the US and gained value share within the most recent Nielsen and NABCA takeaway results.

伍德福德珍藏在美國的成長速度繼續快於美國威士忌類別，並在尼爾森和 NABCA 最新的外賣結果中獲得了價值份額。

The brand grew organic net sales 8%, driven by increased volume as well as positive price mix.

在銷量增加和積極的價格組合的推動下，該品牌的有機淨銷售額增長了 8%。

Results were driven by the growth of Woodford Reserve Distiller Select, the number-one super premium American whiskey globally, along with strong double-digit growth of our ultra-premium offering, Woodford Reserve Double Oaked.

業績的推動因素包括全球排名第一的超優質美國威士忌 Woodford Reserve Distiller Select 的成長，以及我們的超優質產品 Woodford Reserve Double Oaked 的強勁兩位數成長。

Diplomatico, the number-2 super premium plus rum globally delivered very strong organic net sales growth led by France and Czechia, along with the travel retail channel, Germany and the United States.

全球排名第二的超優質蘭姆酒外交官在法國和捷克以及旅遊零售通路、德國和美國的帶動下實現了非常強勁的有機淨銷售成長。

As I mentioned, when we acquired Diplomatico in fiscal 2023, the brand has a strong European presence, aligning well with our investment in owned distribution in markets such as France and Germany, which are Diplomatico's top two markets.

正如我所提到的，當我們在2023 財年收購Diplomatico 時，該品牌在歐洲擁有強大的影響力，這與我們在法國和德國等市場（這是Diplomatico 的兩大市場）自有分銷的投資非常吻合。

We've placed Diplomatico into our emerging brands portfolio in both Europe and the United States, its third largest market to ensure it has the focus and dedicated resources to drive its growth.

我們已將 Diplomatico 納入我們在歐洲和美國（第三大市場）的新興品牌組合中，以確保其擁有重點和專用資源來推動其成長。

Old Forester, which has consistently provided strong growth despite a volatile environment, delivered double-digit organic net sales growth as the brand benefited from growth of the single barrel expressions and recent releases such as King Ranch Edition, which is exclusively sold in Texas.

儘管環境不穩定，Old Forester 仍持續保持強勁增長，並實現了兩位數的有機淨銷售額增長，因為該品牌受益於單桶酒和最近發布的產品（例如在德克薩斯州獨家銷售的King Ranch Edition）的成長。

While we're very pleased with the performance of Woodford Reserve, Diplomatico, and Old Forester, our tequila brands, El Jimador and Herradura continued to face challenges in their two largest markets of the US and Mexico.

雖然我們對 Woodford Reserve、Diplomatico 和 Old Forester 的表現非常滿意，但我們的龍舌蘭品牌 El Jimador 和 Herradura 在美國和墨西哥這兩個最大的市場仍然面臨挑戰。

In the US, there have been an increasing number of competitors entering the tequila category, while Mexico's economy has faced a challenging macro environment.

在美國，進入龍舌蘭酒類別的競爭對手越來越多，而墨西哥經濟則面臨著充滿挑戰的宏觀環境。

Despite this performance, we continue to believe we have the right brands to capitalize on the growth in the tequila category globally over the long term.

儘管表現如此，我們仍然相信我們擁有合適的品牌來長期利用全球龍舌蘭酒類別的成長。

Tequila Herradura is a 154-year-old brand of superior quality and taste, and we're highlighting its craftsmanship, heritage, and authenticity.

Tequila Herradura 是一個擁有 154 年歷史的品牌，具有卓越的品質和品味，我們專注於其工藝、傳統和真實性。

This year, we've been celebrating Herradura's heritage as the world's first Reposado across consumer communications as well as hosting [taste of the Makeiton] events across the US.

今年，我們一直在慶祝 Herradura 作為世界上第一個跨消費者交流的 Reposado 的傳統，並在美國各地舉辦 [Makeiton 的味道] 活動。

And in Mexico, we've recently launched Herradura Crystal, a Reposado Cristalino that builds upon the region's Cristalino trend.

在墨西哥，我們最近推出了 Herradura Crystal，這是一款以該地區 Cristalino 趨勢為基礎的 Reposado Cristalino。

For El Jimador, now that we've repositioned the brand's price solidly into the premium price segment, we have opportunities to grow reach and distribution in the US and we're also optimistic about El Jimador's ability to create and grow in the premium tequila category in the rest of the world.

對於El Jimador 來說，既然我們已經將該品牌的價格牢固地重新定位到高端價格領域，我們就有機會擴大在美國的影響力和分銷，我們也對El Jimador 在優質龍舌蘭酒類別中創造和發展的能力感到樂觀在世界其他地方。

We saw very strong double-digit organic net sales growth in Southeast Asia as well as Brazil and Australia, where El Jimador is the number-one 100% Agave tequila according to IWSR 2023.

我們在東南亞、巴西和澳洲看到了非常強勁的兩位數有機淨銷售額成長，根據 IWSR 2023，El Jimador 是其中排名第一的 100% 龍舌蘭龍舌蘭酒。

While this growth was not enough to offset the softness in the US and Mexico, we believe El Jimador has a strong future and can be a key introduction to tequila for global consumers as they begin to understand the mixability and versatility of 100% Agave tequila.

雖然這種增長不足以抵消美國和墨西哥的疲軟，但我們相信El Jimador 擁有光明的未來，並且可以成為全球消費者了解龍舌蘭酒的一個重要入口，因為他們開始了解100% 龍舌蘭龍舌蘭蘭酒的可混合性和多功能性。

After several quarters of short-term headwinds, I'm very pleased to say that organic net sales for Jack Daniel's Tennessee Whiskey accelerated significantly as we move through the first half of fiscal '25 with sales now flat for the year-to-date period.

經過幾個季度的短期逆風之後，我很高興地說，隨著我們進入 25 財年上半年，傑克丹尼田納西威士忌的有機淨銷售額顯著加速，目前銷售額與年初至今持平。

We continue to invest behind the brand to engage a new generation of legal drinking age consumers while retaining our core consumers.

我們繼續在品牌背後進行投資，以吸引新一代合法飲酒年齡的消費者，同時留住我們的核心消費者。

These include the McLaren Formula One sponsorship, music sponsorships, most recently with Shaboozey, new media campaigns and the Jack Daniel's and Coca-Cola ready-to-drink product.

其中包括麥克拉倫一級方程式贊助、音樂贊助（最近與 Shaboozey 合作）、新媒體活動以及傑克丹尼和可口可樂即飲產品。

RTDs continue to be a bright spot within total distilled spirits, showing growth across most markets with Jack & Coke notably increasing its value share in many markets around the world.

RTD 仍然是全蒸餾酒中的亮點，在大多數市場都呈現成長趨勢，其中 Jack & Coke 在全球許多市場的價值份額顯著增加。

We continue to add new markets, including a launch in India in September and new formats and flavors within the United States.

我們繼續增加新市場，包括 9 月在印度推出，以及在美國推出新格式和口味。

The Jack & Coke Cherry limited time offering performed well with initial shopper data from a national grocer showing that Jack & Coke Cherry added incremental shoppers to the Jack & Coke RTD family.

Jack & Coke Cherry 限時產品表現良好，全國雜貨店的初始購物者數據顯示，Jack & Coke Cherry 為 Jack & Coke RTD 系列增加了增量購物者。

We're also excited to introduce a variety pack featuring Jack & Coke, Jack & Coke Cherry, and Jack & Coke Vanilla in the US.

我們也很高興在美國推出以 Jack & Coke、Jack & Coke Cherry 和 Jack & Coke Vanilla 為特色的多種包裝。

The variety pack should be widely available in March 2025 as we lean into summer moments such as Time at the Beach, the Lake, and music festivals.

綜藝包將於 2025 年 3 月廣泛發售，屆時我們將迎來海灘、湖邊和音樂節等夏季時刻。

We believe our continued geographic expansion and innovation opportunities will generate interest and attention for Jack Daniel's RTDs as well as the full strength family of brands.

我們相信，我們持續的地理擴張和創新機會將引起人們對 Jack Daniel 的 RTD 以及全實力品牌系列的興趣和關注。

Before turning the call over to Leanne, I wanted to share our latest thoughts on tariffs as I know it is a topic of great interest.

在將電話轉給 Leanne 之前，我想分享我們對關稅的最新想法，因為我知道這是一個非常有趣的話題。

As you know, Brown-Forman has been headquartered in the United States for nearly 155 years, and we're proud to be the leading exporter of US spirits products to the world.

如你所知，Brown-Forman 總部位於美國已有近 155 年的歷史，我們很自豪能夠成為美國烈酒產品向世界的領先出口商。

The growth and expansion of our global portfolio allows us to grow at home, increasing jobs, and investment in the US, and everywhere we operate.

我們全球投資組合的成長和擴張使我們能夠在國內實現成長，增加就業機會，並在美國和我們經營的任何地方進行投資。

Our industry is unique in that many types of spirits like bourbon, tennessee whiskey, Irish whiskey, scotch and tequila are recognized as distinctive products and must be made in their respective countries.

我們產業的獨特之處在於，許多類型的烈酒，如波本威士忌、田納西威士忌、愛爾蘭威士忌、蘇格蘭威士忌和龍舌蘭酒，都被認為是獨特的產品，必須在各自的國家生產。

So any time these spirits products are targeted by tariffs, there is the potential to create an uneven playing field.

因此，只要這些烈酒產品成為關稅目標，就有可能造成不公平的競爭環境。

At Brown-Forman, we've had an unlevel playing field before given the retaliatory tariffs on American whiskey and as such, have learned from our prior experience.

在布朗福曼，我們在對美國威士忌徵收報復性關稅之前曾經歷過不公平的競爭環境，因此我們從先前的經驗中吸取了教訓。

We've been proactively preparing for a variety of scenarios and have implemented mitigation strategies for our portfolio of brands around the world.

我們一直在積極應對各種情況，並為我們在世界各地的品牌組合實施了緩解策略。

At this point, there are many unknowns and potential scenarios.

目前，還有許多未知因素和潛在的情況。

It is very difficult to predict how this will play out.

很難預測這將如何發展。

In summary, the first half of fiscal 2025 has unfolded largely in line with our expectations, and we continue to believe that we are positioned to achieve our full year guidance.

總之，2025 財年上半年的進展基本上符合我們的預期，我們仍然相信我們有能力實現全年指導。

We're still operating in a highly dynamic environment with many uncertainties.

我們仍然在一個高度動態的環境中運營，存在著許多不確定性。

Even so, with all we know today, we continue to expect our second half to be stronger than the first.

即便如此，根據我們今天所知道的一切，我們仍然預計下半年會比上半年更強。

While our short-term organic results in the first half were below our historical trends, I continue to believe in our long-term growth potential led by our strategy, our portfolio, our geographic breadth, and of course, our talented people.

雖然我們上半年的短期有機業績低於歷史趨勢，但我仍然相信我們的策略、我們的產品組合、我們的地域廣度，當然還有我們的人才所帶來的長期成長潛力。

With that, I'll turn the call over to Leanne, and she'll provide more details on our first half results.

這樣，我會將電話轉給 Leanne，她將提供有關我們上半年結果的更多詳細資訊。

Thank you, Lawson, and good morning, everyone.

謝謝勞森，大家早安。

As Lawson mentioned, I will provide additional details on our geographic performance, other financial highlights and our fiscal 2025 outlook.

正如 Lawson 所提到的，我將提供有關我們的地理業績、其他財務亮點和 2025 財年展望的更多詳細資訊。

From a geographic perspective, as expected, we saw sequential organic net sales improvement in each of our geographic clusters as we move through the first half.

從地理角度來看，正如預期的那樣，隨著上半年的發展，我們看到每個地理集群的有機淨銷售額連續成長。

Our emerging international markets returned to growth and collectively delivered 6% organic net sales growth in the first half.

我們的新興國際市場恢復成長，上半年整體淨銷售額成長 6%。

This growth was fueled by the very strong double-digit growth of Jack Daniel's Tennessee Whiskey, Jack Daniel's Tennessee Honey, and Jack Daniel's Tennessee Apple in Turkiye and Brazil.

這一增長是由傑克丹尼田納西威士忌、傑克丹尼田納西蜂蜜和傑克丹尼田納西蘋果在土耳其和巴西強勁的兩位數增長推動的。

Our business in Turkiye benefited from the continued growth of the premium whiskey category.

我們在土耳其的業務受益於優質威士忌類別的持續成長。

In Brazil, the economy has remained resilient as our results were driven by the growth of the premium plus whiskey category, where we are gaining share, our geographic expansion strategy, and the launch of an additional package size for Jack Daniel's Tennessee Whiskey.

在巴西，經濟保持彈性，因為我們的業績是由優質威士忌類別的成長（我們在該類別中獲得份額）、我們的地域擴張策略以及傑克丹尼田納西州威士忌推出額外包裝尺寸所推動的。

Brazil has consistently grown 9-liter depletions for the full strength Jack Daniel's family of brands at a double-digit rate over the past four years and has joined the US, the UK and Germany as a 1 million case market, where the trailing 12-month depletions exceeded 1 million 9-liter cases.

過去四年來，巴西一直以兩位數的速度為傑克丹尼全系列品牌增加 9 升消耗量，並與美國、英國和德國一起成為 100 萬箱市場，其中落後的 12-每月消耗量超過100萬箱9 公升。

In Mexico, organic net sales of El Jimador and Herradura declined as the challenging economic environment is impacting discretionary spending and consumers are trading down.

在墨西哥，El Jimador 和 Herradura 的有機淨銷售額下降，因為充滿挑戰的經濟環境正在影響可自由支配支出，消費者的交易量下降。

Despite the decelerating conditions in Mexico, we continue to outperform and gained market share across the channels, driven by strong takeaway in RTDs and whiskey.

儘管墨西哥的情況正在放緩，但在即飲飲料和威士忌的強勁外賣推動下，我們的表現繼續優於大市，並在各個通路中獲得了市場份額。

In addition, Herradura is driving innovation in tequilas with the launch of Herradura Crystal in Mexico, which builds upon the region's Cristalino trend and addresses the consumers' need for a versatile tequila across occasions.

此外，Herradura 正在墨西哥推出 Herradura Crystal，推動龍舌蘭酒的創新，該產品以該地區的 Cristalino 趨勢為基礎，滿足了消費者對多種場合的多重功能龍舌蘭酒的需求。

Organic net sales in the travel retail channel declined 3% in the first half.

上半年旅遊零售通路的有機淨銷售額下降了 3%。

Growth of Jack Daniel's Tennessee Whiskey and Diplomatico were more than offset by the decline of our super premium American whiskeys as Woodford Reserve compared against very strong double-digit growth and the launch of our exclusive global travel retail offering, Jack Daniel's American Single Malt in the year ago period.

傑克丹尼田納西威士忌和外交官的成長被我們超優質美國威士忌伍德福德珍藏的下降所抵消，而與非常強勁的兩位數增長相比，以及我們在美國推出的獨家全球旅遊零售產品傑克丹尼美國單一麥芽威士忌的推出。

We are continuing to innovate in this channel with the timing phased to the second half of the fiscal year.

我們將繼續在這個管道上進行創新，時間安排在本財年下半年。

For our developed international markets, organic net sales collectively was down 3% for the first half as growth in Japan was more than offset by declines in the United Kingdom and South Korea.

對於我們發達的國際市場，上半年有機淨銷售額總體下降了 3%，因為日本的成長被英國和韓國的下降所抵消。

As we shared last quarter, Japan continued to provide growth following our route-to-consumer change to own distribution on April 1, 2024.

正如我們上季度分享的那樣，在我們於 2024 年 4 月 1 日將面向消費者的路線改為自有分銷之後，日本繼續提供成長。

While the UK returned to growth in the later months of the first half, the market continued to compare against higher volumes in the year ago period related to purchases ahead of the excise tax increase in August 2023.

儘管英國在上半年後幾個月恢復了成長，但與去年同期相比，市場交易量持續增加，與 2023 年 8 月消費稅上調之前的購買量有關。

In South Korea, the premium whiskey category is still experiencing growth, though Jack Daniel's Tennessee Whiskey experienced increased competitive activity while also lapping the prior year launch of Jack Daniel's Tennessee Apple.

在韓國，優質威士忌類別仍在增長，儘管傑克丹尼田納西威士忌的競爭活動有所增加，同時也超越了前一年推出的傑克丹尼田納西蘋果威士忌。

And in the United States, organic net sales decreased 3%.

在美國，有機淨銷售額下降了 3%。

Double-digit growth from Woodford Reserve, Old Forester, and the Jack Daniel's RTDs led by Jack & Coke were more than offset by declines in Jack Daniel's Tennessee Whiskey and Korbel California Champagne.

Woodford Reserve、Old Forester 和 Jack & Coke 領銜的 Jack Daniel's RTD 實現了兩位數的增長，但被 Jack Daniel's 田納西威士忌和 Korbel California Champagne 的下降所抵消。

Lawson highlighted the growth drivers of Woodford Reserve, Old Forester and the Jack Daniel's RTDs in the US.

勞森強調了 Woodford Reserve、Old Forester 和 Jack Daniel's RTD 在美國的成長動力。

Therefore, I'll move to additional comments on Jack Daniel's Tennessee Whiskey and Korbel as well as on inventory and the consumer environment.

因此，我將轉向對傑克丹尼田納西威士忌和科貝爾以及庫存和消費者環境的補充評論。

As a reminder, in the year ago period, Jack Daniel's Tennessee Whiskey experienced a shift in ordering patterns as inventory was purchased ahead of price increases.

提醒一下，去年同期，傑克丹尼田納西威士忌的訂購模式發生了變化，因為庫存是在價格上漲之前購買的。

While the brand declined in the first half of this fiscal year, the brand's three-month organic net sales trend is ahead of the fiscal year-to-date trend ended October 2024.

儘管該品牌在本財年上半年有所下降，但該品牌的三個月有機淨銷售額趨勢領先截至 2024 年 10 月的財年迄今的趨勢。

There's also improvement in the three-month rolling takeaway trends.

三個月的滾動外送趨勢也有所改善。

For Korbel, the declines in the first half were largely timing related as we are focusing our promotional efforts on the seasonally stronger second half.

對於科貝爾來說，上半年的下降很大程度上與時間有關，因為我們將促銷工作的重點放在季節性較強的下半年。

Turning to distributor inventory levels in the US.

轉向美國經銷商的庫存水準。

At the end of our first quarter, we shared that distributors were continuing to target the low end of their normal range, which is where they remain.

在第一季末，我們表示經銷商繼續以正常範圍的低端為目標，目前仍處於該水平。

As the important selling month of October, November, and December approach, distributors began preparing for the important holiday selling season, and we noted increased shipments for key brands such as Jack Daniel's Tennessee Whiskey and Woodford Reserve.

隨著10 月、11 月和12 月重要銷售月份的臨近，經銷商開始為重要的假期銷售季做準備，我們注意到傑克丹尼田納西威士忌和伍德福德珍藏等主要品牌的出貨量有所增加。

This was done in a few key markets to ensure supply would meet consumer demand and to mitigate the risk of an out-of-stock situation at the retail level as some retailers are continuing to target the low end of their inventory range.

這是在幾個關鍵市場進行的，以確保供應能夠滿足消費者的需求，並減輕零售層面缺貨的風險，因為一些零售商繼續瞄準庫存範圍的低端。

From a takeaway perspective, three-month rolling value trends for total distilled spirits are down approximately 1% and have remained steady in the first half.

從外賣來看，蒸餾酒總量三個月滾動價值趨勢下降約1%，上半年維持穩定。

The premiumization trend continues with higher-priced tiers growing in value and gaining share.

高端化趨勢仍在持續，高價位產品的價值不斷成長，市場佔有率不斷增加。

The growth in the $40 and above price tiers are driven largely by the US whiskey and tequila categories.

40 美元及以上價位的成長主要是由美國威士忌和龍舌蘭酒類別所推動的。

Moving on to the rest of the P&L.

繼續討論損益表的其餘部分。

In the first half of fiscal 2025, our reported and organic gross profit decreased 8% and 4%, respectively.

2025 財年上半年，我們的報告毛利和有機毛利潤分別下降了 8% 和 4%。

This resulted in 240 basis points of gross margin contraction, which improved sequentially as we progress through the first half.

這導致毛利率縮小 240 個基點，隨著上半年的進展，毛利率持續改善。

We continue to benefit from favorable price mix and the Jack Daniel's Country Cocktail business model change.

我們繼續受益於有利的價格組合和傑克丹尼鄉村雞尾酒業務模式的變化。

These were more than offset by higher costs, largely driven by the timing of input cost fluctuations coupled with high inventory levels, foreign exchange as well as the impact of the transition services agreements related to the divestitures of Finlandia and Sonoma-Cutrer that we shared during our first quarter earnings call.

這些成本被較高的成本所抵消，這主要是由於投入成本波動的時間、高庫存水平、外匯以及我們在2017 年分享的與芬蘭迪亞和索諾瑪-卡特勒剝離相關的過渡服務協議的影響所致。

As a reminder, these agreements had a negative impact on our overall reported gross margin as the gross margin for these services agreements were significantly below the sales of finished goods.

提醒一下，這些協議對我們報告的整體毛利率產生了負面影響，因為這些服務協議的毛利率大大低於成品銷售。

I will note that as of October 31, 2024, the transition services agreement related to Sonoma-Cutrer has concluded.

我要指出的是，截至 2024 年 10 月 31 日，與索諾瑪-卡特勒相關的過渡服務協議已經簽訂。

As expected, operating expenses in the first half of fiscal 2025 were lower compared to the year ago period, largely due to seasonality of both fiscal years.

如預期，2025 財年上半年的營運支出較上年同期下降，主要是由於兩個財年的季節性因素。

Organic advertising expense decreased 4% as we compared against the phasing of our brand-building investments in the year ago period.

與去年同期分階段品牌建立投資相比，有機廣告費用下降了 4%。

As a reminder, our spend was significantly skewed to the first half of our fiscal year 2024 for Jack Daniel's Tennessee Whiskey, particularly the superpremium expressions and to support the launch of the Jack Daniel's and Coca-Cola RTD in the United States.

謹此提醒，我們在 2024 財年上半年對傑克丹尼田納西威士忌的支出明顯偏向，特別是超級優質威士忌，以及支持在美國推出傑克丹尼和可口可樂 RTD。

Organic SG&A investment decreased 3% for the first half, driven by lower compensation and benefit expenses as we lapped a 9% increase in the year ago period.

由於薪資和福利費用下降，上半年有機 SG&A 投資下降了 3%，而去年同期成長了 9%。

In total, reported and organic operating income decreased 7% and 3%, respectively, in the first half of fiscal 2025.

整體而言，2025 財年上半年報告營業收入和有機營業收入分別下降了 7% 和 3%。

These results led to a 3% diluted earnings per share decrease to $0.96 per share.

這些結果導致稀釋後每股收益下降 3%，至每股 0.96 美元。

Before moving on to our outlook, I would like to share two additional updates since our last quarter related to Sonoma-Cutrer and our capital allocation philosophy.

在繼續我們的展望之前，我想分享自上個季度以來與索諾瑪-卡特勒和我們的資本配置理念相關的兩項額外更新。

In the second quarter, we recorded income of $2 million related to our equity share of the Duckhorn Portfolio's earnings as a line item below the operating income line on our P&L based on the equity method one quarter in arrears.

在第二季度，我們記錄了與我們在 Duckhorn Portfolio 收益中的股權份額相關的 200 萬美元收入，作為我們損益表中營業收入線下方的一個項目（根據權益法拖欠了四分之一）。

On October 6, 2024, it was announced that the Duckhorn Portfolio would be acquired by private equity funds.

2024年10月6日，宣布Duckhorn Portfolio將被私募股權基金收購。

Under the terms of the agreement, upon completion of the proposed merger, Brown-Forman will receive cash of $350 million in exchange for our 21.4% ownership interest in Duckhorn.

根據協議條款，在擬議合併完成後，Brown-Forman 將獲得 3.5 億美元現金，以換取我們在 Duckhorn 21.4% 的所有權權益。

The completion of the merger, which is expected to occur in the second half of our fiscal year is subject to customary closing conditions, including approval by Duckhorn stockholders.

合併預計將在本財年下半年完成，但須滿足慣例成交條件，包括 Duckhorn 股東的批准。

We will continue to report our equity share of the Duckhorn Portfolio's earnings one quarter in arrears until the merger is complete.

在合併完成之前，我們將繼續報告我們在 Duckhorn Portfolio 收益中所佔的四分之一的拖欠收益。

Once our investment is sold, we will recognize the equity method earnings only up to the date of Duckhorn's most recently available financial statements and recognize again on the disposal when the investment is sold, not on a lag.

一旦我們的投資被出售，我們將僅確認截至 Duckhorn 最近可用的財務報表日期的權益法收益，並在投資出售時再次確認處置，而不是滯後。

Secondly, Brown-Forman believes deeply in and remains committed to building an enduring business.

其次，Brown-Forman 堅信並始終致力於打造持久的業務。

As a testament to this belief, our long-term perspective and our enduring commitment to our valued shareholders, our Board of Directors recently approved a 4% increase in the quarterly cash dividend, marking 41 consecutive years of dividend increases.

為了證明這一信念、我們的長遠眼光以及我們對尊貴股東的持久承諾，我們的董事會最近批准將季度現金股息增加 4%，標誌著股息連續 41 年增加。

Brown-Forman continues to be a proud member of the prestigious S&P 500 Dividend Aristocrats Index and has paid regular quarterly cash dividends for 81 consecutive years.

Brown-Forman 仍然是著名的 S&P 500 Dividend Aristocrats Index 的驕傲成員，並已連續 81 年定期支付季度現金股息。

And lastly, turning to our fiscal 2025 outlook.

最後，轉向我們的 2025 財年展望。

We continue to anticipate a return to growth for organic net sales and organic operating income in fiscal 2025, driven by gains in international markets and the benefit of normalizing inventory trends on a year-over-year basis.

我們繼續預計，在國際市場成長以及庫存趨勢年正常化的推動下，2025 財年有機淨銷售額和有機營業收入將恢復成長。

This outlook is tempered by the global macroeconomic and geopolitical conditions that are creating volatility and uncertainty in the operating environment.

這一前景受到全球宏觀經濟和地緣政治條件的影響，這些條件造成了營運環境的波動和不確定性。

We are not forecasting significant changes in the behavior of the consumer or the level of trade inventory as the impact from inflation and higher interest rates on the consumer and trade still remain.

我們預期消費者行為或貿易庫存水準不會發生重大變化，因為通膨和利率上升對消費者和貿易的影響仍然存在。

As our first half results aligned with our expectations, we continue to believe that fiscal 2025 will be a year of two halves.

由於我們上半年的業績符合我們的預期，我們仍然相信 2025 財年將是分為兩半的一年。

We have moved beyond the comparison against strong shipments in a few emerging international markets as well as lapping stronger shipments associated with the execution of our pricing strategy on a year-over-year basis.

我們已經超越了與一些新興國際市場的強勁出貨量的比較，以及與我們的定價策略執行相關的同比強勁出貨量。

In the second half, with the majority of the movements in inventories across the distributor, retailer, and consumer supply chain behind us, we believe our results will more closely reflect consumer demand.

下半年，隨著經銷商、零售商和消費者供應鏈的大部分庫存變動過去，我們相信我們的業績將更接近反映消費者需求。

This expectation, though, is dependent on the behavior of the supply chain, which is not within our control.

然而，這種期望取決於供應鏈的行為，而這不在我們的控制範圍內。

Also, we will begin to compare against a significant slowdown in total distilled spirits trends as well as trade inventory reductions.

此外，我們將開始比較蒸餾酒總量趨勢的顯著放緩以及貿易庫存的減少。

And finally, we believe that we will benefit from having a full year of growth from Gin Mare and Diplomatico, which had very strong results in the first half of fiscal 2025.

最後，我們相信，我們將受益於 Gin Mare 和 Diplomatico 的全年成長，這兩家公司在 2025 財年上半年取得了非常強勁的業績。

With our pricing strategy in place, we remain confident in the strength of our brands and the breadth of our growth across numerous geographies.

憑藉我們的定價策略，我們對我們品牌的實力以及我們在眾多地區的成長廣度充滿信心。

Therefore, we continue to expect organic net sales growth in the 2% to 4% range, driven by our emerging and developed international markets.

因此，在新興和已開發國際市場的推動下，我們繼續預期有機淨銷售額成長在 2% 至 4% 範圍內。

We also continue to believe that we will benefit from price mix through the evolution of our portfolio, which includes the addition of the two super premium brands, Gin Mare and Diplomatico and the divestiture of lower-margin brands, Finlandia and Sonoma-Cutrer.

我們也繼續相信，透過我們產品組合的演變，我們將受益於價格組合，其中包括增加兩個超級優質品牌 Gin Mare 和 Diplomatico，以及剝離利潤率較低的品牌Finlandia 和 Sonoma-Cutrer。

Pric.e mix should also continue to benefit from our revenue growth management activities.

價格組合也應繼續受益於我們的收入成長管理活動。

In addition, the transition services agreement for Sonoma-Cutrer has ended, and we expect the transition services agreement for Finlandia to come to an end in our second half, which will reduce the A&D headwind.

此外，Sonoma-Cutrer 的過渡服務協議已經結束，我們預計芬蘭迪亞的過渡服務協議將在下半年結束，這將減少 A&D 的不利因素。

And while costs were higher in the first half of fiscal 2025 compared to the year ago period, this is largely due to the timing of input cost fluctuations, particularly for our tequila brands.

雖然 2025 財年上半年的成本高於去年同期，但這主要是由於投入成本波動的時間，特別是對於我們的龍舌蘭酒品牌而言。

For these brands, we still expect to benefit from lower Agave prices for the full year.

對於這些品牌，我們仍然預計全年龍舌蘭價格下降將受益。

Though based on their current performance, it will take longer than expected to work through our higher cost inventory.

儘管根據他們目前的表現，清理我們成本較高的庫存需要比預期更長的時間。

We have shared that the benefit from the lower Agave prices would be more than offset by the impact of inflation on our input costs and lower production volumes.

我們已經分享過，龍舌蘭價格較低的好處將被通貨膨脹對我們投入成本和產量下降的影響所抵消。

With the benefit now being lower, we are forecasting that cost will be higher than planned for fiscal 2025, leading to a slight contraction in our reported gross margin on a year-over-year basis.

由於目前效益較低，我們預計 2025 財年的成本將高於計劃，導致我們報告的毛利率同比略有收縮。

Our outlook for organic operating expenses continue to reflect investment behind our brands and our people, though we will continue to be highly diligent with our SG&A spend to balance the impact of these shorter-term pressures on our gross margin.

我們對有機營運支出的展望繼續反映我們品牌和員工背後的投資，儘管我們將繼續高度努力地進行銷售、管理及行政費用支出，以平衡這些短期壓力對我們毛利率的影響。

Based on the above, we continue to forecast organic operating income growth in the 2% to 4% range.

基於上述所述，我們繼續預測有機營業收入成長在 2% 至 4% 範圍內。

The low and high end of our organic net sales and organic operating income ranges are based on numerous scenarios with the greatest influence from weaker or stronger consumer demand in key markets such as the United States and changes in distributor inventory levels.

我們的有機淨銷售額和有機營業收入範圍的低端和高端基於多種情景，其中影響最大的是美國等主要市場消費者需求的減弱或增強以及分銷商庫存水平的變化。

We are operating in a volatile and quickly evolving environment, and our third quarter is seasonally significant to our full year results.

我們在一個不穩定且快速變化的環境中運營，第三季對我們的全年業績有重要的季節性影響。

We will continue to closely monitor performance indicators and provide you with those updates in our third quarter call.

我們將繼續密切監控績效指標，並在第三季電話會議中向您提供這些最新資訊。

We continue to expect our effective tax rate to be in the range of approximately 21% to 23%, guiding closer to the lower end of the range, and we are updating our estimated capital expenditures outlook from a range of $195 million to $205 million to a range of $180 million to $190 million for the full year as the phasing of a few of our projects will now extend into the next fiscal year.

我們仍然預計我們的有效稅率將在約 21% 至 23% 的範圍內，接近該範圍的下限，並且我們正在將我們的估計資本支出前景從 1.95 億美元至 2.05 億美元的範圍更新為全年的資金範圍為1.8 億至1.9 億美元，因為我們的一些項目的分階段現在將延續到下一個財政年度。

In summary, the first half of our fiscal 2025 delivered against our expectations.

總而言之，我們 2025 財年上半年的業績超出了我們的預期。

The first half results reflect the current consumer demand environment, along with a few remaining unusual comparisons against the very strong shipments in the year-ago period.

上半年業績反映了當前的消費者需求環境，以及與去年同期非常強勁的出貨量進行的一些不尋常的比較。

While our short-term organic results in the first half were below our historical trends and our full year outlook, we believe we will continue to see sequential improvement and growth in the second half.

雖然我們上半年的短期有機業績低於歷史趨勢和全年展望，但我們相信下半年我們將繼續看到連續改善和成長。

As we look ahead to our full fiscal year, we remain confident in our ability to deliver our near-term goals as we continue to focus on executing our long-term strategy and building Brown-Forman for generations to come.

展望整個財年，我們對實現近期目標的能力仍然充滿信心，因為我們將繼續專注於執行長期策略並為子孫後代建立 Brown-Forman。

I would like to add my thanks to and deep appreciation for my Brown-Forman colleagues around the world for their resilience and agility as they continue to identify opportunities for our outstanding portfolio brands with a dedicated focus on the long-term growth of the company.

我要對世界各地的 Brown-Forman 同事表示感謝和深深的讚賞，他們的韌性和敏捷性不斷為我們優秀的品牌組合尋找機會，專注於公司的長期發展。

This concludes our prepared remarks.

我們準備好的演講到此結束。

Please open the line for questions.

請打開提問專線。

(Operator Instructions) Lauren Lieberman, Barclays.

（操作員說明）Lauren Lieberman，巴克萊銀行。

Thanks so much.

非常感謝。

Good morning, everyone.

大家早安。

I was just curious if you could talk a little bit more about inventory levels.

我只是好奇你能否多談談庫存水準。

I know Leanne, you touched on it in your prepared remarks.

我知道 Leanne，你在準備好的演講中談到了這一點。

But I think, as always, a key topic of conversation among investors before your call.

但我認為，一如既往，這是投資者在電話會議之前討論的關鍵話題。

So if you could just give us an update maybe on absolute inventory levels, particularly in the US, I think that you had commented last quarter that they were generally holding steady on an absolute basis.

因此，如果您能給我們提供有關絕對庫存水平的最新信息，特別是在美國，我認為您上季度曾評論說，絕對庫存水平總體上保持穩定。

So I was curious if that was still the case?

所以我很好奇情況是否仍然如此？

And then how you would characterize distributor and retailer attitude towards the category overall and expectations for growth around the holiday season?

那麼您如何描述經銷商和零售商對整個品類的態度以及對假期期間成長的預期？

Thanks.

謝謝。

Okay.

好的。

Great.

偉大的。

Thanks, Lauren.

謝謝，勞倫。

Just to reiterate what we said, we continue to believe that the distributors are targeting the low end of their normal range and that retailers have adjusted their inventory levels in response to that lower consumer takeaway trend and the interest rate environment, similar to what we would have said in the first quarter.

重申我們所說的，我們仍然認為經銷商的目標是正常範圍的低端，零售商已經調整了庫存水平，以應對消費者外賣下降的趨勢和利率環境，類似於我們的預期第一季就說過了。

As you can see on our Schedule B in our first half, our shipments this quarter tend to be slightly ahead of our depletions, and that's reflecting our normal supply chain now from the supplier to the distributor to the retailer to the consumer.

正如您在上半年的附表B 中看到的那樣，我們本季度的發貨量往往略高於消耗量，這反映了我們現在從供應商到分銷商到零售商再到消費者的正常供應鏈。

But as we prepare for the important holiday selling season, we have increased some shipments for specific brands such as Jack Daniel's Tennessee Whiskey, Woodford Reserve, and Korbel to ensure that we've got product there to meet the consumer demand and protect against any out of stocks.

但在我們為重要的假期銷售季節做準備時，我們增加了傑克丹尼田納西威士忌、伍德福德珍藏和科貝爾等特定品牌的部分發貨量，以確保我們的產品能夠滿足消費者的需求並防止任何問題。

And in the US, we're just continuing to work really closely with our partners, and we're not forecasting any significant changes in trade inventory levels.

在美國，我們只是繼續與合作夥伴密切合作，我們預計貿易庫存水準不會發生任何重大變化。

And then I think -- around the world, it continues to be really similar to where we were at the end of Q1 as well, which is in Europe, where we own the majority of our distribution, our stock levels are normal.

然後我認為，在世界範圍內，它仍然與我們在第一季末的情況非常相似，即在歐洲，我們擁有大部分分銷權，我們的庫存水平是正常的。

We have clear insight into our two largest markets in Latin America, which are Mexico and Brazil.

我們對拉丁美洲兩個最大的市場——墨西哥和巴西——有著清晰的洞見。

And in Mexico specifically, our RTDs are below normal.

特別是在墨西哥，我們的 RTD 低於正常水平。

I would say whiskeys are kind of in line with the long-term trends and tequilas are a bit above that.

我想說威士忌有點符合長期趨勢，而龍舌蘭酒則略高於這個趨勢。

And again, that's more about how tequilas are performing in the Mexico market.

再說一次，這更多的是關於龍舌蘭酒在墨西哥市場的表現。

And Brazil, overall, they're at the low end of there.

總體而言，巴西處於低端。

So we continue to believe our inventories are well positioned with our distributors.

因此，我們仍然相信我們的庫存在經銷商那裡處於有利位置。

But I would say in the US, we are being specific on some brands to support the holiday season and to ensure that we've got cases there to meet the consumer demand.

但我想說的是，在美國，我們正在針對一些品牌進行具體支持，以支持節日季節，並確保我們有足夠的箱子來滿足消費者的需求。

And then I'm sorry, what was the second part of your question?

抱歉，您問題的第二部分是什麼？

Holidays environment.

假期環境。

The holiday environment, Lawson do you want to speak -- talked about that a little bit.

關於假期環境，勞森你想談談嗎——稍微談了一下。

Look, we don't have a lot of data yet on the holidays.

看，我們還沒有很多關於假期的數據。

So we're obviously going to have to see.

所以我們顯然必須看看。

I think if you step back and look at total still experience, now I'm going to talk about the US here for a second, and then we can go to the rest of the world.

我想，如果你退後一步，看看整體經驗，現在我要在這裡談談美國，然後我們可以去世界其他地方。

But look, let's even back up a little more than that.

但看，讓我們再備份一點。

Go back 18 months ago.

時間回到18個月前。

I know many of you know this story, but I think it's important to reiterate what we think has been driving a lot of the trends over the last 18 months.

我知道你們很多人都知道這個故事，但我認為有必要重申我們認為過去 18 個月推動許多趨勢的因素。

So we had said, Lauren, it was actually in Boston with you at your conference one was 15, 16 months ago, the US market was still running in that 5% or 6% range.

所以我們說過，勞倫，實際上 15、16 個月前，你在波士頓參加了一次會議，美國市場仍然在 5% 或 6% 的範圍內運作。

So an elevated number, which was true for the first half of '23 and then '22 even in '21.

因此，這個數字有所上升，這在 23 年上半年是如此，然後是 22 年，甚至在 21 年也是如此。

So we've been dealing with that elevated level for quite some time.

所以我們已經處理這個高水平有一段時間了。

And between that time, between Labor Day and Christmas of last year, the market truly fell off a cliff and caught everyone by surprise.

從去年的勞動節到聖誕節，市場確實斷崖式下跌，讓所有人都大吃一驚。

And we've been making the argument now for, I don't know -- ever since then, really that it was driven by economics and inflation and a consumer who's been pinched.

我們現在一直在爭論，我不知道——從那時起，這確實是由經濟和通貨膨脹以及受到擠壓的消費者推動的。

And I think that's proven itself out across a whole lot of different consumer categories really over the last year.

我認為這一點在去年已經在許多不同的消費者類別中得到了證明。

And to be honest, it's not really getting a lot better.

老實說，情況並沒有真正好轉。

So we are relatively muted in our expectations for Christmas this year.

因此，我們對今年聖誕節的期望相對較低。

If you look at TDS in the US, as I said, it went from the 6% range in the summer of '23 to about 0 at Christmas, and it's been running negative all year.

如果你看看美國的 TDS，正如我所說，它從 23 年夏天的 6% 下降到聖誕節時的 0 左右，而且全年一直為負值。

If you want to find -- if you're looking for green shoots or something positive on a consumer takeaway perspective, the NABCA data is getting better.

如果你想尋找新芽或從消費者外送角度尋找積極的東西，NABCA 數據正在變得更好。

And that consumer takeaway data, particularly for Jack Daniel's Tennessee Whiskey, I would say that is one of the more positive things we're looking at right now is over the last six months, those numbers have improved.

我想說的是，消費者外送數據，特別是傑克丹尼爾田納西威士忌的數據，是我們現在正在關注的更積極的事情之一，在過去的六個月裡，這些數字有所改善。

They're not improving in Nielsen, and they're still pretty kind of ugly, down low single digits for sure.

他們在尼爾森的表現並沒有進步，而且仍然相當醜陋，肯定下降了低個位數。

So we still will make and continue to make the argument that it is driven by a consumer pinched and that will eventually work itself out.

因此，我們仍然會並繼續提出這樣的論點：它是由消費者受到擠壓所驅動的，並且最終會自行解決。

But I would say we're relatively cautious on what this Christmas is going to look like.

但我想說，我們對今年聖誕節的情況相對謹慎。

Bonnie Herzog, Goldman Sachs.

邦妮·赫爾佐格，高盛。

All right.

好的。

Thank you.

謝謝。

Good morning, everyone.

大家早安。

I was actually hoping for a little bit more color on the divergence in trends between US consumer takeaways and your reported whiskey depletions.

實際上，我希望對美國消費者外賣和你們報道的威士忌消耗之間的趨勢差異有更多的了解。

I guess I'm trying to reconcile the negative -- I don't know, 3% to 4% sales trends we've been seeing in the scanner data for the last few months versus your reported flat depletion growth in the quarter.

我想我正在努力調和負面因素——我不知道，過去幾個月我們在掃描器數據中看到的銷售趨勢與你們報告的本季度消耗增長持平，有 3% 到 4% 的銷售趨勢。

Maybe you could touch on where you're seeing some strength?

也許你可以談談你在哪些方面看到了一些優勢？

Is it non-tracked channels, possibly on-premise?

是否是非追蹤管道，可能是本地頻道？

And then love to hear your growth expectation for American whiskey category this fiscal year.

然後很想聽聽您對本財年美國威士忌類別的成長預期。

And does your guidance assume that Jack Daniel's will take share?

您的指導是否假設傑克丹尼會分享份額？

Thank you.

謝謝。

All right.

好的。

So for the US, I mean, you're right, there's been a divergence between NABCA and Nielsen.

所以對於美國來說，我的意思是，你是對的，NABCA 和尼爾森之間存在分歧。

But I would argue right now that we're running in the US around minus 3%, which is -- and that is about what we have reported on an organic basis, and it's about what we're seeing on a consumer takeaway basis.

但我現在認為，我們在美國的成長率約為-3%，這與我們在有機基礎上報告的情況有關，這與我們在消費者外賣基礎上看到的情況有關。

So I don't think the disconnect is all that big.

所以我不認為脫節有那麼大。

What you have seen is a change between Q1 and Q2, it has certainly improved on an organic basis.

你看到的是第一季和第二季之間的變化，它肯定在有機基礎上有所改善。

But at the end of the day, we're still down, I'll call it, low single digits.

但歸根結底，我們仍然處於低位，我稱之為低個位數。

So as far as on and off, they're not too far apart.

因此，就開啟和關閉而言，它們相差並不算太遠。

I think on is about a point weaker.

我認為弱了一點。

So I think we would say the US market is running about a minus 2% in the off, minus 3% in the overall on.

所以我認為我們會說美國市場在關閉時的運行速度約為負2%，在整體上運行時為負3%。

So not too far apart, but not too much different than it was six months ago.

所以差距不是太大，但與六個月前相比也沒有太大不同。

So that's why we were saying we're not really expecting a dramatic swing, say, over Christmas.

這就是為什麼我們說我們並不真正期待聖誕節期間出現戲劇性的波動。

And then, Bonnie, to the second part of your question about what's built into the guidance.

然後，邦妮，回答你問題的第二部分，也就是指南的內容。

For us, it's about a full year benefit from having Gin Mare and Diplomatico in our results, the continued growth of Japan and then Jack Daniel's Tennessee Whiskey largely outside of the United States.

對我們來說，我們的業績包括 Gin Mare 和 Diplomatico、日本的持續成長以及傑克丹尼田納西威士忌（主要在美國以外的地區），這意味著一整年的收益。

Thank you.

謝謝。

Nadine Sarwat, Bernstein.

納丁·薩爾瓦特，伯恩斯坦。

Thank you all.

謝謝大家。

So Leanne, two for me.

莉安，給我兩個。

While we're on the US, first question, can you just elaborate maybe on the performance in October exiting the quarter?

當我們談論美國時，第一個問題，您能否詳細說明本季 10 月份的表現？

Any commentary in November in particular?

11月有什麼特別的評論嗎？

It sounds like it's more sustained from your comments, but if we could just confirm that.

聽起來你的評論更能持續，但如果我們能證實這一點的話。

And then second question, you touched on tariffs in your prepared remarks.

第二個問題，你在準備好的發言中談到了關稅問題。

Obviously, top of mind, whether that's from imports from Mexico for your tequila business, exports to Europe.

顯然，最重要的是，無論是從墨西哥進口龍舌蘭酒業務，還是出口到歐洲。

Can you talk a little bit more about how Brown-Forman is thinking about these potential risks and levers t your disposal should they come into play?

您能否多談談 Brown-Forman 如何考慮這些潛在風險以及您可以在這些風險發揮作用時使用的槓桿？

You called out proactively preparing and implementing mitigation strategies.

您呼籲積極準備和實施緩解策略。

Could you elaborate on that?

能詳細說明一下嗎？

Thank you.

謝謝。

Thank you, Nadine.

謝謝你，納丁。

I'll start with the US to your question.

我先從美國方面回答你的問題。

We did see sequential improvement from Q1 to Q2.

我們確實看到從第一季到第二季的連續改善。

Q1 in the US, we were at a negative 4%.

美國第一季的成長率為負 4%。

And at the end of our first half, we are at a negative 3%.

上半場結束時，我們的比數是負3%。

So we are seeing sequential improvement in this market, along with several of our other markets.

因此，我們看到這個市場以及我們的其他幾個市場都在持續改善。

We would say for the US, one detail I would share is our market share where we were holding in the first quarter, we're slightly declining market share now, and that's largely based on our tequila performance.

我們想說，對於美國，我要分享的一個細節是我們在第一季所持有的市場份額，我們現在的市場份額略有下降，這很大程度上取決於我們的龍舌蘭酒業績。

And I'll turn it over to Lawson for the tariffs.

我會把它交給勞森來處理關稅。

For our favorite conversation on tariffs.

我們最喜歡的關於關稅的對話。

So yeah, I know you said it, Nadine, but let me make sure everybody is clear.

是的，我知道你說過，納丁，但讓我確保每個人都清楚。

We've got one tariff conversation around the retaliatory tariffs from Europe based on steel and aluminum, which is what we suffered through in 2018 through 2021.

我們就歐洲針對鋼鐵和鋁的報復性關稅進行了一場關稅對話，這正是我們在 2018 年至 2021 年所遭受的痛苦。

And just as a reminder, that was really all about exports of American whiskey.

提醒一下，這其實與美國威士忌的出口有關。

And as clearly the market leader in that, it was a very painful and challenging time for us.

作為這方面明顯的市場領導者，這對我們來說是一個非常痛苦和充滿挑戰的時期。

That is scheduled to come back at the end of March.

計劃於三月底回歸。

So it's still a few months out, and there's a whole lot that can happen over that time.

所以還有幾個月的時間，這段時間內可能會發生很多事情。

The range is big.

範圍很大。

So it could further be suspended, which we think there's a decent chance for that.

因此它可能會進一步被暫停，我們認為這是一個很好的機會。

They can be removed altogether or the most drastic scenario would be coming back at 50%.

它們可以完全刪除，或者最嚴重的情況是恢復 50%。

And I'm sure there's other scenarios in the middle that we could come up with.

我確信我們還可以想出其他的場景。

We're working with all the government stakeholders that you would imagine we would be and we're obviously advocating for a solution that brings stability to all these trade relationships.

我們正在與所有你能想像到的政府利益相關者合作，我們顯然主張找到一種解決方案，為所有這些貿易關係帶來穩定。

But now having said that, we have learned from our prior experience with tariffs, we have been proactively preparing for a number of these scenarios and implementing risk mitigation strategies for our portfolio really around the world.

但話雖如此，我們從先前的關稅經驗中吸取了教訓，我們一直在積極為許多此類情況做好準備，並在全球範圍內為我們的投資組合實施風險緩解策略。

But at this point, there are so many unknowns and potential scenarios, and it really -- it is just difficult to figure out how it's all going to play out.

但目前，存在著如此多的未知因素和潛在場景，而且確實很難弄清楚這一切將如何發展。

Now more recently, the conversation clearly in the media and basically everywhere has been more about Canada and Mexico and the plans for a 25% tariff there.

最近，媒體和幾乎所有地方的談話顯然更多是關於加拿大和墨西哥以及那裡徵收 25% 關稅的計劃。

So now that -- now we're obviously talking imports.

所以現在我們顯然在談論進口。

Welcome to the party, the rest of our industry.

歡迎來到這個聚會，我們行業的其他人。

We have been suffering alone essentially for all these years on the threat of tariffs.

這些年來，我們基本上一直獨自承受關稅威脅。

And now it's gotten much, much broader, and we're talking about lots of different categories within alcohol.

現在它變得更加廣泛，我們正在談論酒精中的許多不同類別。

But our business, the spirits business, given categories like tequila, like scotch, like Irish whiskey and bourbon and Tennessee Whiskey, they're called distinctive products.

但我們的烈酒業務，考慮到龍舌蘭酒、蘇格蘭威士忌、愛爾蘭威士忌、波本威士忌和田納西威士忌等類別，它們被稱為獨特的產品。

They must be made in their designated country or even state.

它們必須在指定的國家甚至州製造。

And look, we're a proud US-headquartered company.

看，我們是一家自豪的總部位於美國的公司。

We're hoping that the administration is going to realize that any growth in sales or production on those distinctive products made outside of the US helps us to grow and brings more investment and capital here.

我們希望政府能夠認識到，在美國境外製造的那些獨特產品的銷售或生產的任何增長都有助於我們的發展，並為這裡帶來更多的投資和資本。

And so we'll see how this all plays out, whether or not these are negotiating tactics are real and how big they're going to be.

因此，我們將看看這一切如何展開，這些談判策略是否真實，以及它們的規模有多大。

Obviously, American whiskey is much bigger than tequila for us, but neither one is good for us.

顯然，美國威士忌對我們來說比龍舌蘭酒大得多，但兩者對我們沒有好處。

So at this point, Nadine, I wish I could -- we don't have any insight or information on this.

所以在這一點上，納丁，我希望我能——我們對此沒有任何見解或資訊。

There are so many potential scenarios and unknowns.

有很多潛在的場景和未知數。

It's just difficult to see how it's going to play out.

很難看出事情會如何發展。

Thank you.

謝謝。

Robert Ottenstein, Evercore ISI.

羅伯特·奧滕斯坦，Evercore ISI。

Thank you very much.

非常感謝。

Let me go in a little bit of a different direction.

讓我朝著稍微不同的方向前進。

Can you talk about Jack Daniel's Tennessee Whiskey in the US and the measures that you're taking to -- I don't know if renovate the brand is too strong a word, but restore it back to growth, what your brand health indicators are suggesting?

您能談談美國傑克丹尼田納西威士忌以及您正在採取的措施嗎？

And maybe what we should be modeling or what we should be thinking about for that brand in the US going forward in terms of both volume and pricing?

也許我們應該為該品牌在美國的銷售和定價方面進行建模或思考什麼？

Thank you.

謝謝。

Yeah.

是的。

So I mean that's a key question for us.

所以我的意思是這對我們來說是一個關鍵問題。

And believe me, it's something the company is obviously very, very focused on.

相信我，這顯然是公司非常非常關注的事情。

So a few things.

所以有幾件事。

One, realizing pre the last 18 months, so basically the years of COVID and everything that came after that, the brand was very healthy.

第一，意識到在過去 18 個月之前，基本上是新冠疫情期間以及之後發生的一切，該品牌非常健康。

I mean the growth rates in the US were solid and good.

我的意思是美國的成長率是穩健且好的。

So it's only been in the last sort of 18 months that has gotten much more difficult.

所以直到最近 18 個月，情況才變得更加困難。

It's not really what we would think of as a brand health metric that is a problem.

這其實並不是我們所認為的品牌健康指標的問題。

Having said that, we are working hard to recruit a new LDA to 30 consumer.

話雖如此，我們正在努力招募新的 LDA 到 30 名消費者。

And some of the things that we're doing, which we briefly mentioned on the call at least, McLaren Racing has become a bigger and bigger part of our mix of spend.

我們正在做的一些事情，至少我們在電話會議上簡要地提到過，麥克拉倫賽車已經成為我們支出組合中越來越大的一部分。

It's not that we do get some decent visibility on the car, on the racing and all that kind of stuff.

這並不是說我們確實對汽車、賽車和所有類似的東西有一些不錯的能見度。

But even just as important, if not more important, is the amount of activations we're doing around it, and they often include music.

但同樣重要（如果不是更重要的話）的是我們圍繞它所做的激活數量，其中通常包括音樂。

So we're bringing music and McLaren together a little bit.

所以我們將音樂和麥克拉倫稍微結合在一起。

We do something called Jack's Garage.

我們做了一個叫做「傑克的車庫」的事。

And we're bringing in big acts.

我們正在帶來大動作。

Shaboozey is one of them, but there's others also that we bring in and put on these concerts essentially around these races.

沙布澤就是其中之一，但我們也引進了其他人，並基本上圍繞著這些比賽舉辦了這些音樂會。

And I think that is -- that's not an overnight fix, but it is something special, unique and something we can own a little bit, and there's a lot more going into that.

我認為這不是一朝一夕的事，但它是一些特殊的、獨特的東西，我們可以擁有一點，而且還有很多事情要做。

The Shaboozey's bar song, we've all heard it million times by now.

Shaboozey 的酒吧歌曲，我們現在已經聽過數百萬遍了。

It is every football game, and it is on the radio still all the time.

每場足球比賽都是這樣，廣播裡也一直在播放。

But it does show relevance, I think, for the brand in that space, and that's -- there's a lot of college and above folks.

但我認為，它確實顯示了該領域品牌的相關性，那就是——有很多大學及以上學歷的人。

I know going to college football games, they play it like four times a game.

我知道去大學橄欖球比賽，他們一場比賽要打四次。

So we're having some success there.

所以我們在那裡取得了一些成功。

He was on the Lions Bears football game on Thanksgiving Day, and I think we're playing that up too.

他在感恩節參加了獅熊隊的橄欖球比賽，我想我們也在宣傳這一點。

So there are things like that.

所以就有這樣的事情。

We are mixing up media right now, and there's some new things coming out there, and we've got Jack & Coke.

我們現在正在混合媒體，並且出現了一些新事物，我們有 Jack & Coke。

And so there's lots of different things that we are trying to do a little bit differently.

因此，我們正在嘗試以不同的方式做很多不同的事情。

And we are starting to see some of that in the metrics, the health metrics that we have.

我們開始在我們擁有的指標、健康指標中看到其中的一些內容。

So I'm not going to go deep into that, but some of the key metrics like penetration.

所以我不會深入討論這個問題，而是討論一些關鍵指標，例如滲透率。

So that's the number of people that are actually drinking Jack Daniel's or buzz, how often do we see it?

這就是實際喝傑克丹尼或嗡嗡聲的人數，我們多久看到一次？

How do people recall seeing activity from the brand and then just perceptions.

人們如何回憶看到品牌的活動，然後只是看法。

And these are not things that change around overnight, but we closely monitor it and things are starting to move in the right direction.

這些事情不會在一夜之間發生變化，但我們密切關注，事情開始朝著正確的方向發展。

So look, it's just a huge brand, well known around the world.

所以你看，這只是一個大品牌，在世界各地都廣為人知。

It is Brown-Forman at its core and figuring out how the entire company, all 5,700 employees or nearly all of them are focused on getting it turned around.

Brown-Forman 的核心是弄清楚整個公司、所有 5,700 名員工或幾乎所有員工如何集中精力扭轉局面。

As I said on a few minutes ago, we're starting to see some green shoots in the US and the NABCA data, and we think there's some positive news happening outside of the United States, too.

正如我幾分鐘前所說，我們開始看到美國和 NABCA 數據的一些萌芽，我們認為美國以外也出現了一些積極的消息。

So trending in the right direction.

因此，趨勢朝著正確的方向發展。

Thank you.

謝謝。

Chris Pitcher, Redburn Atlantic.

克里斯皮徹，雷德本大西洋月刊。

Could you just dig in a bit more detail into how big a contribution that the return of shipments to Japan was in the period?

您能否更詳細地了解一下在此期間退回日本的貨物貢獻有多大？

Because on my calculations, probably used barrel sales plus Japan added about 2 percentage points to growth, and I would imagine on quite high drop-through margins.

因為根據我的計算，二手桶銷售加上日本可能為成長增加了約 2 個百分點，而且我可以想像會有相當高的下降利潤。

And then just on the used barrel sales, is that a function of price or volume that's helping that drive through because it was much higher than expected?

那麼就二手桶銷售而言，價格或數量的函數是否有助於推動這一目標，因為它遠高於預期？

Thanks.

謝謝。

Yeah.

是的。

So for used barrel specifically, you can see that in our non-branded and bulk and you can see it on Schedule B and Schedule C. It's really a combination of just supply-demand and it can even be customer mix at the time.

因此，特別是對於二手桶，您可以在我們的非品牌和散裝桶中看到這一點，您可以在附表B 和附表C 上看到它。當時的客戶組合。

It's volatile.

它是不穩定的。

It is just really based off supply and demand, and it is up this year from previous years because of the mix of those combination of things.

它實際上是基於供需關係的，由於這些因素的綜合作用，今年的價格比往年有所上升。

From Japan, we've said from the very beginning, I think we've never disclosed specifically what we think that one unique piece of growth is.

在日本，我們從一開始就說過，我認為我們從未具體披露過我們認為獨特的成長是什麼。

We've called it out the entire year as a source of growth for us in this year.

我們將這一整年視為我們今年的成長來源。

Even as it related to -- there was disruption in F24 as we were preparing for the transition.

即使它與--在我們準備過渡時 F24 也出現了中斷。

And now that we have the transition and the brands in our hands, we are being successful in establishing our business, taking price, capturing the margin.

現在我們已經完成了轉型並掌握了品牌，我們正在成功地建立我們的業務、定價、獲取利潤。

So we are happy with the growth that, that market and that team is able to deliver for us this year.

因此，我們對該市場和團隊今年能夠為我們帶來的成長感到滿意。

Thank you.

謝謝。

Filippo Falorni, Citi

菲利波·法洛尼，花旗銀行

Hi, good morning, everyone.

嗨，大家早安。

So I wanted to go back to the distributor inventory comments.

所以我想回到經銷商庫存評論。

If I look at your Schedule D, it seems like it was a pretty significant contributor to organic sales in this quarter.

如果我看一下您的附表 D，它似乎對本季的有機銷售做出了相當重要的貢獻。

And if I look on a segment basis, it looks -- it was mainly in emerging markets.

如果我從細分市場來看，它主要集中在新興市場。

So maybe can you give us some sense of what happened, particularly in emerging markets?

那麼您能否讓我們了解一下發生了什麼，特別是在新興市場？

And then in terms of -- in the context of your guidance of 2% to 4% for the full year, what are your assumptions in terms of distributor inventories in the back half?

然後，在您全年 2% 至 4% 的指導背景下，您對下半年經銷商庫存有何假設？

Should we expect a continued positive trend in the back half, especially as you cycle easier comps?

我們是否應該期待後半段的持續正向趨勢，特別是當你循環更容易的比賽時？

Or how should we think about that particular item?

或者我們應該如何考慮該特定項目？

Thank you.

謝謝。

Yeah.

是的。

So what you're seeing in the emerging international market is really a prior year where we were refilling the inventory.

因此，您在新興國際市場上看到的實際上是前一年我們補充庫存的情況。

So for F '25, it is the absence of the refilling of the inventory in the United Arab Emirates, which we've mentioned before.

因此，對於 F '25 來說，就是沒有補充我們之前提到的阿拉伯聯合大公國的庫存。

And then to your question on the role it plays in our guidance, what we've talked about is in our second half, the majority of the movements in inventories across the distributor, retailer, consumer supply chain are behind us, and we believe that our trends are going to more closely reflect total distilled spirits.

然後，關於你關於它在我們的指導中發揮的作用的問題，我們已經討論過的是，在下半年，分銷商、零售商、消費者供應鏈的大部分庫存變動都已經過去了，我們相信我們的趨勢將更密切地反映全蒸餾酒。

We've been intentional to say that we anticipate the benefit of normalizing inventory trends on a year-over-year basis as we began to compare against the softening of total distilled spirits trends in the year ago and trade inventory reductions in the year to go.

我們有意表示，我們預計庫存趨勢將年比正常化會帶來好處，因為我們開始與去年蒸餾酒總量趨勢的疲軟和未來一年的貿易庫存減少進行比較。

Again, similar to what we said in our prepared remarks.

同樣，與我們在準備好的發言中所說的類似。

Thank you.

謝謝。

Bill Kirk, ROTH.

比爾·柯克，羅斯。

Thank you.

謝謝。

Good morning, everybody.

大家早安。

Related to the tariff discussion, what's your ability to pre-ship into countries?

與關稅討論相關，你們預運到各國的能力如何？

And maybe how does that ability vary by countries where you own your own distribution?

也許這種能力會因您擁有自己的發行版的國家而異？

And how much of that were you able to do last time European retaliatory tariffs were looming?

上次歐洲報復性關稅迫在眉睫時，您能做到多少？

Look, I'm going to punt a little bit on that one and tell you it's pretty competitively sensitive how we are handling that.

聽著，我要在這個問題上押註一點，並告訴你，我們如何處理這個問題是競爭非常敏感的。

And so we're going to be quiet on that particular topic.

因此，我們將在這個特定主題上保持沉默。

We are making some decisions and some tough decisions, but it is a very difficult situation no matter what we do.

我們正在做出一些決定，一些艱難的決定，但無論我們做什麼，這都是一個非常困難的情況。

It's still going to be a very painful situation -- painful outcome.

這仍然會是一個非常痛苦的情況——痛苦的結果。

Thank you.

謝謝。

Peter Grom, UBS.

彼得‧格羅姆，瑞銀集團。

Thanks, operator.

謝謝，接線生。

Good morning, everyone.

大家早安。

Hope you are doing well.

希望你一切都好。

So maybe just two quick housekeeping items.

所以也許只有兩個快速的家務用品。

So Leanne, I think you mentioned that you maintained the outlook for both the top and bottom line for the year, but you kind of touched on weaker gross margin expectations versus exiting the first quarter.

所以，Leanne，我想你提到你維持了今年營收和利潤的前景，但你提到了與第一季度退出相比毛利率預期下降的問題。

So would it be fair to assume operating profit growth at the lower end of the range?

那麼，假設營業利潤成長處於該範圍的下限是否公平？

Or is there an offset elsewhere that maybe I'm not thinking through?

還是其他地方有我可能沒有考慮到的抵銷？

And then I guess it sounds like we're still early on kind of the holiday season.

然後我想聽起來我們還處於假期初期。

But I just would be curious, going back over time, if there's one fewer week between Thanksgiving and Christmas.

但我只是很好奇，回顧過去，感恩節和聖誕節之間是否能少一周。

Is there any sort of dynamic in terms of demand or drinking occasions that we need to kind of think through on a year-over-year basis?

我們需要逐年思考需求或飲酒場合的動態變化嗎？

Thanks.

謝謝。

Okay.

好的。

So to your top and bottom line guide question.

所以對於你的首要和底線指導問題。

So our guidance, as we said in our prepared remarks, the low and the high end are based on various scenarios.

因此，正如我們在準備好的發言中所說，我們的指導意見是基於各種情況的。

It's going to -- and if there's varying levels of consumer demand that we have modeled across key markets such as the US, and we've also modeled various net -- estimated net change in distributor inventories.

如果我們在美國等主要市場建立了不同水準的消費者需求模型，並且我們也對各種淨值進行了建模，那麼經銷商庫存的估計淨變化將會發生。

There are scenarios that fall all across the range that we have provided to you.

有些場景完全符合我們為您提供的範圍。

And what we would say is though we'll have -- we're currently planning now for a slight contraction in gross margin, we are being very diligent and tightly controlling our SG&A to make sure that we're balancing the short-term pressures on our gross margin.

我們要說的是，儘管我們目前正在計劃毛利率略有收縮，但我們非常勤奮並嚴格控制我們的銷售及管理費用，以確保我們平衡短期壓力關於我們的毛利率。

And then from a holiday perspective

然後從假期的角度來看

--

--

Yeah.

是的。

I have -- to be honest, I've not had any conversations with anyone on fewer selling days between Thanksgiving and Christmas.

說實話，在感恩節和聖誕節之間銷售較少的日子裡，我沒有與任何人進行過任何交談。

So I don't -- we hadn't even debated that internally.

所以我不認為——我們甚至沒有在內部爭論過這個問題。

So we've certainly not talked about it like it's a problem.

所以我們當然沒有把它當作一個問題來談論。

Yeah.

是的。

And then as we are continuing to look at performance, it is too early yet to get a look into even the month of November because we are just now in the process of closing out that month.

然後，當我們繼續關注業績時，現在甚至要了解 11 月的情況還為時過早，因為我們現在正處於該月份的收尾階段。

We don't have visibility into those results yet.

我們還無法看到這些結果。

December, of course, then we don't have either, but we do feel like we will have consumer demand across the entire holiday selling season, and it will net out across all of the holidays that fall inside of November through January.

當然，到了 12 月，我們兩者都沒有，但我們確實覺得整個假期銷售季都會有消費者需求，並且會在 11 月到 1 月的所有假期期間產生需求。

Eric Serotta, Morgan Stanley.

艾瑞克‧塞羅塔，摩根士丹利。

Thanks for squeezing me in.

謝謝你把我擠進去。

Actually, a couple of questions around the supply side.

實際上，有幾個關於供應方面的問題。

First, earlier this year or late last fiscal year, you did talk about reducing your production to get your finished goods inventories down.

首先，今年早些時候或上一財年末，您確實談到了減少產量以降低成品庫存。

Where do you stand today versus your target?

與你的目標相比，你今天的處境如何？

And then the next two parts of the question are about industry supply.

問題的接下來兩部分是關於產業供給的。

We have noticed an increase in supply for some allocated bourbons.

我們注意到一些分配的波本威士忌的供應量增加。

I'm not talking things in the hundreds of dollars at retail, but things in the, call it, high $20s to $40 range.

我說的不是零售價數百美元的商品，而是 20 至 40 美元的高價商品。

Are you seeing or expecting any impact on your high-end bourbons from the increased industry supply or on Jack?

您是否看到或預計行業供應量的增加會對您的高端波本威士忌或傑克產生任何影響？

And lastly, on the supply side, MGPI has certainly been having its challenges with its third-party customers.

最後，在供應方面，MGPI 無疑一直面臨與第三方客戶的挑戰。

What, if anything, do you think that portends for industry supply as you look forward?

您認為這預示著您對未來產業供應的預測（如果有的話）？

Okay.

好的。

Well, I can start with the Brown-Forman-specific question on inventory levels.

好吧，我可以從布朗福曼關於庫存水準的特定問題開始。

I would say, on a year-over-year basis, we've made a significant amount of progress in the reduction of our finished goods inventory across our supply chain.

我想說，與去年同期相比，我們在減少整個供應鏈的成品庫存方面取得了重大進展。

Now we know it needs to be a little bit higher just because of we've transitioned more markets into own distribution.

現在我們知道它需要更高一點，因為我們已經將更多的市場轉變為自己的分銷。

But when you take a look at our cash flow from operations, one of the primary drivers is that we have just lower working capital requirements, and that's driven by the progress that we've made through those lower production volumes that we've spoken about.

但是，當你看看我們的營運現金流時，主要驅動因素之一是我們的營運資本需求較低，這是由我們在我們所說的產量較低方面取得的進展所推動的。

Yeah.

是的。

And on the overall industry supply, I mean, it's not much different than we said last quarter on this.

我的意思是，就整個行業供應而言，這與我們上季度所說的沒有太大不同。

I think if you backed up 18 months ago and would have asked that same question, I would have said we were short.

我想如果你回到 18 個月前並問同樣的問題，我會說我們缺錢。

I mean it was tight, especially on a brand like Woodford that have been growing so very, very fast.

我的意思是，它很緊張，尤其是像伍德福德這樣成長得非常非常快的品牌。

One year later with the slowdown that we've had, we have adjusted our production levels, and I'm pretty sure that the big players in the industry have also done the same.

一年後，隨著經濟放緩，我們調整了生產水平，我很確定行業內的大公司也做了同樣的事情。

And that is the way this industry has worked for 100 years, and you would expect that to slow down.

這就是這個行業 100 年來的運作方式，你會期望這種情況會放緩。

The impact on the smaller column craft brands, column challenger brands, whatever you might be, I saw that same report.

對較小的柱工藝品牌、柱挑戰者品牌的影響，無論你是什麼，我都看到了同一份報告。

It's a tough time to be developing new brands by independent companies right now.

現在獨立公司開發新品牌正處於艱難時期。

Retailers are taking -- they already have.

零售商正在採取——他們已經採取了。

They've taken inventory all out of the system.

他們已經清空了系統中的所有庫存。

And of course, they're going to take out the slower turning SKUs first.

當然，他們會先淘汰週轉較慢的 SKU。

And so you've seen struggles there.

所以你已經看到了那裡的掙扎。

You've seen distributors that are underwater.

您見過水下的經銷商。

The distributor world is really difficult right now.

分銷商世界現在確實很困難。

And they have to focus on what makes them the most money, and that happens to be the big brands.

他們必須專注於讓他們最賺錢的事情，而這恰好是大品牌。

And so there are a lot of disadvantages and challenges in that world, and I'm sure they are slowing down right now, and they don't really have the balance sheet like a company like a Brown-Forman would have.

因此，這個世界存在著許多缺點和挑戰，我確信他們現在正在放慢腳步，而且他們並沒有真正擁有像布朗福曼這樣的公司那樣的資產負債表。

So yeah, it's a challenging space to be in.

所以，是的，這是一個充滿挑戰的空間。

I'm not saying it's really an advantage for us at this point.

我並不是說這對我們來說確實是一個優勢。

It's just the way industry conditions are evolving, the big established brands, I think, have a bit of an advantage right now.

這只是產業狀況不斷發展的方式，我認為，大型知名品牌目前具有一定的優勢。

Thank you.

謝謝。

Ladies and gentlemen, this concludes the Q&A session for the call.

女士們先生們，電話問答環節到此結束。

At this time, I would like to turn the conference back over to Ms. Sue Perram, Vice President and Director of Investor Relations, for any closing remarks.

現在，我想將會議轉回副總裁兼投資者關係總監 Sue Perram 女士發表閉幕詞。

Thank you.

謝謝。

And thank you, Lawson and Leanne, and thank you to everyone for joining us today for Brown-Forman's second quarter and first half of fiscal year 2025 earnings call.

感謝 Lawson 和 Leanne，也感謝大家今天參加 Brown-Forman 的 2025 財年第二季和上半年財報電話會議。

If you have any additional questions, please contact us.

如果您還有任何其他問題，請與我們聯絡。

Today is actually National Repeal Day, recognizing the ratification of the 21st amendment for the United States Constitution and the end of prohibition in the United States in 1933.

今天實際上是國家廢除日，紀念美國憲法第 21 條修正案的批准以及美國 1933 年禁酒令的結束。

I hope that you will join us in raising a glass this day as well as responsibly celebrating during the holiday season.

我希望您能在這一天與我們一起舉杯，並在節日期間負責任地慶祝。

Cheers and happy holidays.

乾杯，節日快樂。

With that, this concludes our call.

我們的通話到此結束。

Ladies and gentlemen, thank you for participating in today's conference.

女士們、先生們，感謝你們參加今天的會議。

This concludes the program.

程式到此結束。

You may now disconnect.

您現在可以斷開連線。

Everyone, have a wonderful day.

祝大家有美好的一天。