Brown-Forman Corp (BF.B) 2023 Q1 法說會逐字稿

Good day. Thank you for standing by. Welcome to Brown-Forman's First Quarter Fiscal Year 2023 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

再會。謝謝你的支持。歡迎來到 Brown-Forman 的 2023 財年第一季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Sue Perram, with Investor Relations. Please go ahead.

我現在想把會議交給你今天的演講者 Sue Perram，他的投資者關係部。請繼續。

Thank you, and good morning, everyone. I would like to thank each of you for joining us today for Brown-Forman's First Quarter Fiscal Year 2023 Earnings Call. Joining me today are Lawson Whiting, President and Chief Executive Officer; and Leanne Cunningham, Senior Vice President and Chief Financial Officer.

謝謝大家，大家早上好。我要感謝大家今天加入我們參加 Brown-Forman 的 2023 財年第一季度財報電話會議。今天加入我的是總裁兼首席執行官 Lawson Whiting；以及高級副總裁兼首席財務官 Leanne Cunningham。

This morning's conference call contains forward-looking statements based on our current expectations. Numerous risks and uncertainties may cause actual results to differ materially from those anticipated or projected in these statements. Many of the factors that will determine future results are beyond the company's ability to control or predict. 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.

今天上午的電話會議包含基於我們當前預期的前瞻性陳述。許多風險和不確定性可能導致實際結果與這些陳述中預期或預測的結果大不相同。許多決定未來結果的因素超出了公司的控製或預測能力。您不應過分依賴任何前瞻性陳述，除法律要求外，公司不承擔更新任何這些陳述的義務，無論是由於新信息、未來事件或其他原因。

This morning, we issued a press release containing our results for the first quarter fiscal year 2023, in addition to posting presentation materials that Lawson and Leanne will walk through momentarily. Both the release and the presentation can be found on our website under the section titled Investors, Events and Presentations.

今天早上，我們發布了一份新聞稿，其中包含我們 2023 財年第一季度的業績，此外還發布了 Lawson 和 Leanne 將暫時介紹的演示材料。新聞稿和演示文稿都可以在我們網站上標題為“投資者、活動和演示文稿”的部分下找到。

In the press release, we have listed a number of the risk factors you should consider in conjunction with our forward-looking statements. Other significant risk factors are described in our Form 10-K and Form 10-Q reports filed with the Securities and Exchange Commission.

在新聞稿中，我們列出了一些您應結合我們的前瞻性陳述考慮的風險因素。我們向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. These measures, a 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.

在本次電話會議中，我們將討論某些非公認會計原則財務措施。這些措施，與最直接可比的公認會計原則財務措施的對賬，以及管理層認為它們為投資者提供有關公司財務狀況和運營結果的有用信息的原因，都包含在新聞稿和投資者介紹中。

With that, I would like to turn the call over to Lawson.

有了這個，我想把電話轉給勞森。

Thank you, Sue, and good morning, everyone. As we began fiscal '23, our momentum continued, and we delivered another quarter of double-digit top line growth on both a reported and organic basis. We experienced strong consumer demand driven by increased travel and tourism, the gradual reopening of the on-premise internationally as well as sustained premiumization trends.

謝謝你，蘇，大家早上好。當我們開始 '23 財年時，我們的勢頭仍在繼續，我們在報告和有機基礎上實現了又一個季度兩位數的頂線增長。我們經歷了強勁的消費需求，這是由於旅遊和旅遊業的增加、國際內部場所的逐步重新開放以及持續的高端化趨勢。

In addition, as we indicated on our last conference call, in the first quarter, we benefited from an increase in distributor inventories as we continue to recover from supply chain disruptions and constraints that began impacting our results in the prior fiscal year. Supply chain disruptions continue to affect our business during the first quarter of fiscal '23. While our glass supply improved, overall supply chain logistics and transportation continue to be constrained, which impacted our route to market and increased our costs.

此外，正如我們在上次電話會議上指出的那樣，在第一季度，我們受益於分銷商庫存的增加，因為我們繼續從供應鏈中斷和開始影響上一財年業績的限制中恢復過來。在 23 財年第一季度，供應鏈中斷繼續影響我們的業務。雖然我們的玻璃供應有所改善，但整體供應鏈物流和運輸繼續受到限制，這影響了我們的市場路線並增加了我們的成本。

As some headwinds turn to tailwinds, our gross margin expanded with favorable price mix and the removal of tariffs more than offsetting increased costs and the negative effect of foreign exchange. This improvement in our gross margin enabled us to further invest behind our brands and our people, while growing our bottom line ahead of the top line.

隨著一些逆風轉為順風，我們的毛利率隨著有利的價格組合和關稅的取消而擴大，抵消了成本增加和外彙的負面影響。毛利率的提高使我們能夠進一步投資於我們的品牌和員工，同時將我們的底線增長到頂線之前。

Overall, I'm very pleased with the start to our fiscal year and remain thankful to our Brown-Forman employees for their continued focus on growing our brands throughout the world.

總體而言，我對我們財年的開始感到非常滿意，並感謝我們的 Brown-Forman 員工繼續專注於在全球範圍內發展我們的品牌。

So this morning, I'll provide a few more details on the quarter, and then I'll turn things over to Leanne. Our reported top line growth increased 11% with organic growth increasing 17% after adjusting for foreign exchange headwinds. Organic net sales growth in the quarter was driven by continued strong growth for Jack Daniel's Tennessee Whiskey, Woodford Reserve and the Jack Daniel's RTDs. Jack Daniel's Tennessee Whiskey remains the lead driver of our growth as the brand continued to deliver double-digit growth with an organic net sales increase of 21%, driven by strong consumer demand, higher pricing and favorable channel mix.

因此，今天早上，我將提供有關該季度的更多詳細信息，然後將事情交給 Leanne。在調整外匯逆風後，我們報告的收入增長增長了 11%，有機增長增長了 17%。本季度的有機淨銷售額增長受到傑克丹尼田納西威士忌、伍德福德珍藏威士忌和傑克丹尼 RTD 持續強勁增長的推動。傑克丹尼的田納西威士忌仍然是我們增長的主要驅動力，在強勁的消費者需求、更高的定價和有利的渠道組合的推動下，該品牌繼續實現兩位數的增長，有機淨銷售額增長了 21%。

Second, our super-premium American whiskey portfolio increased organic net sales double digits. Woodford Reserve led this effort, growing organic net sales 39% and reaffirming the strength of the trademark. As glass supply constraints ease and we increase our bottling capacity, we were better able to meet consumer demand for Woodford Reserve.

其次，我們的超優質美國威士忌組合增加了兩位數的有機淨銷售額。 Woodford Reserve 領導了這項工作，有機淨銷售額增長了 39%，並重申了商標的實力。隨著玻璃供應限制的緩解以及我們增加裝瓶能力，我們能夠更好地滿足消費者對 Woodford Reserve 的需求。

Also in May, we launched the first super premium Jack Daniel's line extension in a quarter of a century. The new Jack Daniel's Bonded Tennessee Whiskey and Jack Daniel's Triple Mash Blended Straight Whiskey are the first 2 permanent expressions in the brand's new Bonded series, and they're off to a great start. The products are currently available in the U.S., France, the U.K. and Italy and will continue to roll out internationally. These whiskeys are another opportunity for both our friends and new drinkers to explore and discover everything Jack Daniel's have to offer.

同樣在 5 月，我們推出了 25 年來首個超高級 Jack Daniel 的產品線擴展。新的傑克丹尼爾田納西保稅威士忌和傑克丹尼爾三重混合純威士忌是該品牌新保稅系列中的前 2 款永久性表達，它們有了一個良好的開端。這些產品目前在美國、法國、英國和意大利有售，並將繼續在國際上推出。這些威士忌是我們的朋友和新飲酒者探索和發現傑克丹尼爾所提供的一切的另一個機會。

Jack Daniel's RTDs, which grew organic net sales 17% were the third largest contributor to overall company growth, fueled by the consumer trends of convenience and flavors. Leading this growth is Jack Daniel's & Cola, which gives us continued confidence in our global agreement with The Coca-Cola Company to deliver the iconic Jack & Coke cocktail as a branded ready-to-drink adult beverage. We're on track to launch the Jack Daniel's & Coca-Cola RTD beginning in late calendar '22 in Mexico. We look forward to sharing more about this exciting agreement between 2 global American icons in the quarters and years to come as it expands to markets throughout the world.

Jack Daniel 的 RTDs 的有機淨銷售額增長了 17%，在便利和口味的消費趨勢的推動下，成為公司整體增長的第三大貢獻者。引領這一增長的是傑克丹尼和可樂，這讓我們對與可口可樂公司達成的全球協議繼續充滿信心，將標誌性的傑克可樂雞尾酒作為品牌即飲成人飲料。我們有望在 22 年下半年在墨西哥推出 Jack Daniel's & Coca-Cola RTD。我們期待在未來幾個季度和幾年內分享更多關於這兩個全球美國偶像之間令人興奮的協議，因為它擴展到世界各地的市場。

The rest of the Jack Daniel's family also delivered solid results, led by a double-digit organic net sales increase collectively from Jack Daniel's Tennessee Honey and Jack Daniel's Tennessee Fire, particularly in the U.S., as the glass supply constraints have eased.

由於玻璃供應限制有所緩解，傑克丹尼爾家族的其他成員也取得了可觀的業績，其中傑克丹尼爾的田納西蜂蜜和傑克丹尼爾的田納西大火共同實現了兩位數的有機淨銷售額增長，尤其是在美國。

Beyond our American whiskey portfolio, organic net sales for our full strength tequila portfolio declined 3%. Supply disruption mainly related to glass for Herradura in the U.S. and Mexico, as well as difficult prior year comparisons in the U.S. were significant contributors to this performance. Demand, particularly in the U.S., remains very strong, but glass supply challenges and continued stable but elevated costs for agave have slowed our profit growth.

除了我們的美國威士忌組合外，我們全強度龍舌蘭酒組合的有機淨銷售額下降了 3%。主要與美國和墨西哥 Herradura 的玻璃相關的供應中斷，以及與美國去年的艱難比較是這一業績的重要貢獻者。需求，特別是在美國，仍然非常強勁，但玻璃供應挑戰以及龍舌蘭的持續穩定但高昂的成本減緩了我們的利潤增長。

New Mix performed well as the RTD category in Mexico is growing and the brand is increasing share. So (inaudible) built upon its momentum as the continued reopening of the on-premise channel drove a double-digit increase in organic net sales in our scotch portfolio, led by GlenDronach and Benriach also produced strong results.

New Mix 表現良好，因為墨西哥的 RTD 類別正在增長，品牌份額也在增加。因此（聽不清）在其勢頭的基礎上，繼續重新開放本地渠道推動了我們蘇格蘭威士忌產品組合中有機淨銷售額的兩位數增長，由 GlenDronach 和 Benriach 領導，也產生了強勁的業績。

Earlier this month, we announced an investment of over GBP 30 million in the GlenDronach distillery to significantly increase production capacity. Based on the latest IWSR data, global demand for the GlenDronach has tripled since 2016, the year that we acquired the brand as whiskey commissures around the world discovered the distilleries award-winning single malls. We believe this investment will steward long-term future growth of the brand.

本月早些時候，我們宣佈在 GlenDronach 酒廠投資超過 3000 萬英鎊，以顯著提高產能。根據最新的 IWSR 數據，自 2016 年以來，全球對 GlenDronach 的需求增長了兩倍，這一年我們收購了該品牌，因為世界各地的威士忌酒廠發現了屢獲殊榮的單一購物中心。我們相信這項投資將引領品牌未來的長期增長。

Leanne will go into depth about our results in each of the geographic divisions, but I was pleased to see broad-based growth across all geographic clusters in the Travel Retail channel.

Leanne 將深入介紹我們在每個地理部門的業績，但我很高興看到旅遊零售渠道中所有地理集群的廣泛增長。

Also in the first quarter of fiscal '23, our reported gross profit increased 13% and our organic gross profit growth was 21%, both ahead of the respective top line growth rates. While we experienced some headwinds in the form of a negative foreign exchange effect, higher costs related to supply chain disruptions and higher input costs due to inflation, they were all more than offset by tailwinds, including favorable price mix and the removal of the EU and U.K. tariffs on American whiskey. This combination of headwinds and tailwinds resulted in 80 basis points of gross margin expansion in the quarter.

同樣在 23 財年第一季度，我們報告的毛利潤增長了 13%，我們的有機毛利潤增長了 21%，均高於各自的收入增長率。雖然我們經歷了一些不利因素，如負面的外匯效應、與供應鏈中斷相關的更高成本以及通脹導致的更高投入成本，但它們都被不利因素所抵消，包括有利的價格組合以及歐盟和歐盟的退出。英國對美國威士忌徵收關稅。這種逆風和順風的結合導致本季度毛利率增長了 80 個基點。

It was this time last year that we shared our plans to increase prices in the U.S. on the majority of our brand portfolio as part of an overall strategy to increase prices more consistently year after year.

去年的這個時候，我們分享了我們在美國提高大部分品牌組合價格的計劃，作為年復一年更加一致地提高價格的總體戰略的一部分。

At the conclusion of the first quarter, nearly 90% of the price increases for fiscal '23 have been executed, and we have seen retail shelf price changes reflected in almost 2/3 of the United States. Based on Nielsen data, Brown-Forman remains a price leader with 2.7% pricing growth outpacing total distilled spirits of around 2%. We continue to utilize our revenue growth management tools to evaluate pricing opportunities, not only in the U.S., but also internationally. We believe the health and relevance of our brands, as well as our continued brand-building investments will allow us to successfully implement our long-term pricing strategy.

在第一季度末，近 90% 的 23 財年價格上漲已經執行，我們看到零售貨架價格的變化反映在美國近 2/3 的地區。根據尼爾森的數據，Brown-Forman 仍然以 2.7% 的價格增長超過蒸餾酒總量的 2% 左右，仍然是價格領先者。我們繼續利用我們的收入增長管理工具來評估定價機會，不僅在美國，而且在國際上。我們相信我們品牌的健康和相關性，以及我們持續的品牌建設投資將使我們能夠成功實施我們的長期定價策略。

In summary, we had a strong start to the fiscal year and remain optimistic as we look ahead, even as the global macroeconomic and geopolitical environment remains volatile and uncertain. This optimism is grounded in our success in both the short and long term. We've been through challenging times and conditions over the last 3 years, as well as the last 152 years. We've been tested, yet we've remained resilient. We have experienced adversity, yet we have continued to grow.

總而言之，儘管全球宏觀經濟和地緣政治環境仍然動盪和不確定，但我們在本財年開局強勁，展望未來仍保持樂觀。這種樂觀是基於我們在短期和長期的成功。在過去的 3 年以及過去的 152 年中，我們經歷了充滿挑戰的時代和條件。我們已經過測試，但我們仍然保持彈性。我們經歷過逆境，但我們一直在成長。

Brown-Forman has endured because we have some of the most attractive spirits brands in some of the most desirable categories, and we continue to innovate and expand our portfolio. We've thrived because of the bold and diverse perspectives of our people, which allow us to think creatively, innovate constantly and grow consistently.

Brown-Forman 經受住了考驗，因為我們在一些最令人嚮往的類別中擁有一些最具吸引力的烈酒品牌，並且我們繼續創新和擴大我們的產品組合。我們之所以蓬勃發展，是因為我們員工的大膽和多樣化的觀點，這使我們能夠創造性地思考、不斷創新和持續成長。

I want to thank each and every one of them for delivering the results that we are sharing with you today. They give our company character and complexity, purpose and perseverance, agility and authenticity, and I am greatly appreciative.

我要感謝他們中的每一個人，感謝他們交付了我們今天與您分享的成果。它們賦予我們公司個性和復雜性、目標和毅力、敏捷性和真實性，我非常感激。

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

因此，我將把電話轉給 Leanne，她將提供有關我們第一季度業績的更多詳細信息。

Thank you, Lawson, and good morning, everyone. As Lawson reviewed our headlines for the quarter, I will provide additional details on our business results and our outlook for fiscal 2023. First, I will share our top line results by geographic cluster. Developed international markets collectively delivered strong organic net sales growth, up double digits for the quarter. An increase in tourism and a return to the on-premise channel fueled broad-based growth across the markets despite continued supply chain challenges. Jack Daniel's Tennessee Whiskey was the largest contributor to growth, driven by Germany, Spain and Austria. Belgium also contributed to the growth as it has seen solid momentum since transitioning to owned distribution in January of 2022.

謝謝你，勞森，大家早上好。在 Lawson 回顧我們本季度的頭條新聞時，我將提供有關我們的業務業績和 2023 財年展望的更多詳細信息。首先，我將按地理集群分享我們的頂級業績。發達的國際市場共同實現了強勁的有機淨銷售額增長，本季度增長了兩位數。儘管供應鏈面臨持續挑戰，旅遊業的增長和內部渠道的回歸推動了整個市場的廣泛增長。在德國、西班牙和奧地利的推動下，傑克丹尼的田納西威士忌是增長的最大貢獻者。比利時也為增長做出了貢獻，因為它自 2022 年 1 月過渡到自有分銷以來勢頭強勁。

The Jack Daniel's ready-to-drink momentum continued with double-digit growth led by Germany and Australia. Consumers' desire for convenience and interest in the ready-to-drink category remains high in these markets, and we are gaining share. Aligned with our strategic priority of increasing focus on our premium and super premium portfolio, our emerging brands model that we recently began extending to some international markets delivered very strong double-digit organic net sales growth, driven by GlenDronach, el Jimador and Woodford Reserve.

傑克丹尼的即飲勢頭繼續保持兩位數增長，德國和澳大利亞領漲。在這些市場中，消費者對方便和對即飲類別的興趣仍然很高，我們正在獲得份額。與我們越來越關注我們的高端和超高端產品組合的戰略重點相一致，我們最近開始擴展到一些國際市場的新興品牌模式在 GlenDronach、el Jimador 和 Woodford Reserve 的推動下實現了非常強勁的兩位數有機淨銷售額增長。

Collectively, our emerging international markets continued to rebound with very strong double-digit organic net sales growth, driven by strong organic growth from Jack Daniel's Tennessee Whiskey, particularly in Turkey, Sub-Saharan Africa, Brazil and Chile. Jack Daniel's Tennessee Honey grew organic net sales double digits led by Chile, where the brand has more than doubled and New Mix growing strong double digits in Mexico. Growth was partially offset by lower volumes of Herradura in Mexico as the brand faced supply chain constraints and year-over-year declines in Russia due to the suspension of our commercial operations beginning in March of 2022.

總體而言，在傑克丹尼田納西威士忌強勁的有機增長推動下，我們的新興國際市場繼續以兩位數的強勁有機淨銷售額增長，特別是在土耳其、撒哈拉以南非洲、巴西和智利。 Jack Daniel's Tennessee Honey 的有機淨銷售額增長了兩位數，其中智利領先，該品牌增長了一倍多，New Mix 在墨西哥增長了兩位數。由於我們從 2022 年 3 月開始暫停商業運營，該品牌面臨供應鏈限制和俄羅斯的同比下降，因此增長被墨西哥 Herradura 的銷量下降部分抵消。

The U.S. business remained strong, growing organic net sales 7%. This growth builds upon the 19% organic net sales growth delivered in the first quarter of fiscal 2022, which was fueled by the initial reopening of the on-premise channel. Woodford Reserve led the growth for the first quarter, with a positive impact from higher pricing and higher volumes as supply and capacity constraints eased. Also benefiting from an improved supply chain environment, Jack Daniel's Tennessee Honey and Jack Daniel's Tennessee Fire experienced volumetric gains. Growth was partially offset by lower volumes of Korbel and Jack Daniel's Tennessee Whiskey, which both lapped double-digit comparison in the same prior year period.

美國業務保持強勁，有機淨銷售額增長 7%。這一增長建立在 2022 財年第一季度實現的 19% 的有機淨銷售額增長的基礎上，這得益於內部部署渠道的最初重新開放。 Woodford Reserve 引領第一季度的增長，隨著供應和產能限制的緩解，價格上漲和銷量增加帶來了積極影響。同樣受益於改善的供應鏈環境，Jack Daniel's Tennessee Honey 和 Jack Daniel's Tennessee Fire 的體積增加。增長被 Korbel 和 Jack Daniel's Tennessee Whisky 的銷量下降部分抵消，這兩款威士忌在去年同期均實現了兩位數的比較。

Despite the supply chain challenges, we estimate a net increase in distributor inventories positively impacted net sales. Although even with the increase in the quarter, we believe distributor inventory levels remain below their pre-pandemic levels. This is due in large part to transportation and logistics constraints, as well as increased consumer demand. We continue to monitor consumer mobility trends, and based on data from OpenTable and Google Mobility, the on-premise trends have continued to hover around pre-pandemic levels. This shift to the on-premise is continuing to impact off-premise takeaway trends as consumers have made the gradual return to restaurants and bars.

儘管存在供應鏈挑戰，我們估計分銷商庫存的淨增加對淨銷售額產生了積極影響。儘管本季度有所增加，但我們認為分銷商庫存水平仍低於大流行前的水平。這在很大程度上是由於運輸和物流限制，以及消費者需求的增加。我們繼續監測消費者移動趨勢，根據 OpenTable 和 Google Mobility 的數據，本地趨勢繼續徘徊在大流行前的水平。隨著消費者逐漸回歸餐廳和酒吧，這種向店內外賣的轉變正在繼續影響店外外賣趨勢。

Our year-over-year takeaway trends have also been adversely impacted by supply chain constraints for brands such as Gentleman Jack and Jack Daniel's Tennessee Honey, Jack Daniel's Tennessee Fire and Jack Daniel's Tennessee Apple.

我們的年度外賣趨勢也受到供應鏈限制的不利影響，這些品牌包括 Gentleman Jack 和 Jack Daniel 的 Tennessee Honey、Jack Daniel 的 Tennessee Fire 和 Jack Daniel 的 Tennessee Apple。

Finally, the Travel Retail channel continued its strong rebound, growing organic net sales 85%, led by increased Jack Daniel's Tennessee Whiskey volume as international airline travel and the cruise business accelerated in the May through July period. Our business in this channel has not yet fully recovered to pre-COVID levels, but continues to close the gap.

最後，旅遊零售渠道繼續強勁反彈，有機淨銷售額增長 85%，主要是由於國際航空旅行和郵輪業務在 5 月至 7 月期間加速增長，傑克丹尼的田納西威士忌銷量增加。我們在這個渠道的業務尚未完全恢復到 COVID 之前的水平，但仍在繼續縮小差距。

As Lawson shared the details of our gross margin expansion for the quarter, I will now turn to our operating expenses. Organic advertising expenses in this quarter compared to the same prior year period grew at a higher rate than our top line growth, largely due to the timing of our increased investments in the United States to support Jack Daniel's Tennessee Whiskey, Herradura, the launch of Jack Daniel's Bonded and Triple Mash and Woodford Reserve.

由於勞森分享了我們本季度毛利率擴張的細節，我現在將轉向我們的運營費用。與去年同期相比，本季度的有機廣告費用增長速度高於我們的收入增長，這主要是由於我們增加在美國的投資以支持傑克丹尼 (Jack Daniel) 的田納西威士忌 (Tennessee Whisky)、海瑞杜拉 (Herradura)、傑克的推出Daniel's Bonded and Triple Mash and Woodford Reserve。

Our organic SG&A investment increased high single digits, driven primarily by higher compensation-related expenses and the investment behind our people to support our business needs in a post-pandemic environment, while continuing to leverage new ways of working.

我們的有機 SG&A 投資增長了高個位數，這主要是由於更高的薪酬相關費用和我們的員工背後的投資，以支持我們在大流行後環境中的業務需求，同時繼續利用新的工作方式。

In total, reported and organic operating income grew 19% and 32%, respectively, in the first quarter of fiscal 2023. These results, combined with a decrease in our effective tax rate, resulted in a 30% diluted earnings per share increase to $0.52 per share.

總體而言，2023 財年第一季度報告的營業收入和有機營業收入分別增長了 19% 和 32%。這些結果，加上我們的有效稅率下降，導致每股攤薄收益增加 30% 至 0.52 美元每股。

And finally, to our fiscal 2023 outlook. We continue to be optimistic as we look ahead even amidst the current volatility and uncertainty of the global macroeconomic and geopolitical environment. We believe our headwinds and tailwinds will remain largely the same through the remainder of our fiscal year and the strength of our portfolio of brands, supported by strong consumer demand and our strategic investments, will enable continued growth. And therefore, we are reiterating our full year fiscal 2023 guidance.

最後，我們的 2023 財年展望。即使在當前全球宏觀經濟和地緣政治環境的波動和不確定性中，我們仍然保持樂觀，展望未來。我們相信，在本財年剩餘時間內，我們的逆風和順風將基本保持不變，在強勁的消費者需求和我們的戰略投資的支持下，我們品牌組合的實力將實現持續增長。因此，我們重申我們的 2023 財年全年指導。

With the start of a new fiscal year, we have now cycled against the more volatile months of the pandemic, and believe we are seeing trends begin to stabilize. We remain confident in the collective strength of our U.S., developed and emerging international markets, along with the Travel Retail channel. We anticipate our results should continue to benefit from the continued return of tourism and the gradual reopening of the international on-premise channel, along with stronger pricing and innovation.

隨著新財政年度的開始，我們現在已經在大流行中更不穩定的幾個月中循環，並相信我們看到趨勢開始穩定下來。我們對美國、發達和新興國際市場以及旅遊零售渠道的集體實力仍然充滿信心。我們預計，我們的業績將繼續受益於旅遊業的持續回歸和國際本地渠道的逐步重新開放，以及更強勁的定價和創新。

We do remain cautious given the potential impact of inflation and rising energy prices on consumer spending. I also want to reiterate that the seasonality of our fiscal 2023 results will be impacted by the abnormal seasonality of our fiscal 2022 shipments due to supply chain disruptions.

鑑於通脹和能源價格上漲對消費者支出的潛在影響，我們仍然保持謹慎。我還想重申，我們 2023 財年業績的季節性將受到供應鏈中斷導致的 2022 財年出貨量異常季節性的影響。

As you will recall, in the first half of fiscal 2022, distributor inventories did not increase ahead of the important holiday season as is typical, and we experienced stronger shipments in the second half of fiscal 2022 as glass supply challenges began to ease.

您會記得，在 2022 財年上半年，分銷商庫存沒有像往常一樣在重要的假日季節之前增加，隨著玻璃供應挑戰開始緩解，我們在 2022 財年下半年經歷了更強勁的出貨量。

In the first half of fiscal 2023, we expect distributor inventories to continue to return to more normalized levels. Therefore, we expect our growth rate in the first half to benefit from the net change in distributor inventory. Our second half results will lap the increase in the net change in distributor inventory related to the rebuilding of our inventory position in the prior year period.

在 2023 財年上半年，我們預計分銷商庫存將繼續恢復到更正常的水平。因此，我們預計上半年的增長率將受益於分銷商庫存的淨變化。我們的下半年業績將與去年同期庫存狀況重建相關的分銷商庫存淨變化增加相吻合。

As it relates to our fiscal 2023 cost, the removal of the EU and U.K. tariffs on American whiskey remains a significant tailwind, while we continue to expect input cost inflation to remain a headwind. Also cost-related, our glass supply position has improved, though some challenges remain for some of our brands, particularly Herradura. We are continuing to partner with our current glass suppliers, as well as add new suppliers to address these constraints.

由於與我們 2023 財年的成本有關，歐盟和英國取消對美國威士忌的關稅仍然是一個重要的順風，而我們繼續預計投入成本通脹仍將是逆風。同樣與成本相關的是，我們的玻璃供應狀況有所改善，儘管我們的一些品牌，尤其是 Herradura 仍然存在一些挑戰。我們將繼續與我們現有的玻璃供應商合作，並增加新的供應商來解決這些限制。

And similar to many other CPG companies, the overall supply chain, particularly transportation, logistics and freight, continues to be challenging. While we are actively working to navigate these challenges and their impact, we do believe supply chain disruption will remain a headwind for the remainder of the fiscal year.

與許多其他 CPG 公司類似，整個供應鏈，尤其是運輸、物流和貨運，仍然充滿挑戰。雖然我們正在積極應對這些挑戰及其影響，但我們相信供應鏈中斷在本財年剩餘時間內仍將是一個不利因素。

Based on these headwinds and tailwinds, we are reiterating our reported gross margin guidance for it to expand slightly for the full year as our trajectory of expansion continues. Also related to our supply chain, we constantly search to identify continuous improvement opportunities to optimize both our supply chain and its related costs.

基於這些逆風和順風，我們重申我們報告的毛利率指引，隨著我們的擴張軌跡繼續，全年毛利率將小幅擴張。同樣與我們的供應鏈相關，我們不斷尋找持續改進的機會，以優化我們的供應鍊及其相關成本。

As we have shared with you during many calls, we have been progressing various initiatives to address the challenges related to the cost of wood. One such initiative has led us to the recent announcement regarding the decision to sell our Stevenson Mill in Alabama and Jackson Mill in Ohio to Independent Stave company. This sale is a part of a long-term agreement between Brown-Forman and Independent Stave to allow for the expansion and diversification of our supply chain network. Independent Stave is a dynamic family-owned cooperage company and is committed to environmental sustainability in its operations. All of these existing mills are Sustainable Forestry Initiative certified, and Independent Stave, like Brown-Forman, is a founding member of the White Oak Initiative to support the long-term sustainability of white oak forest.

正如我們在多次電話會議中與您分享的那樣，我們一直在推進各種舉措以應對與木材成本相關的挑戰。一項這樣的舉措使我們最近宣布了將我們在阿拉巴馬州的史蒂文森工廠和俄亥俄州的傑克遜工廠出售給獨立木板公司的決定。此次出售是 Brown-Forman 和 Independent Stave 之間長期協議的一部分，以允許我們的供應鍊網絡的擴展和多樣化。 Independent Stave 是一家充滿活力的家族企業，致力於在其運營中實現環境可持續性。所有這些現有的工廠都通過了可持續林業倡議認證，獨立木板，像 Brown-Forman 一樣，是白橡樹倡議的創始成員，以支持白橡樹林的長期可持續性。

Although divesting part of our business is never an easy decision, there are significant advantages to this partnership, including broader-based sourcing, continuous improvement initiatives and cost savings from economies of scale.

儘管剝離我們的部分業務從來都不是一個容易的決定，但這種合作夥伴關係具有顯著優勢，包括更廣泛的採購、持續改進計劃和規模經濟帶來的成本節約。

We are also pleased that all employees impacted by the agreement will be offered positions with Independent Stave. It is important to note we will continue to own and operate our Clifton Mill in Clifton, Tennessee and both our Brown-Forman and Jack Daniel's cooperages.

我們也很高興所有受該協議影響的員工都將獲得 Independent Stave 的職位。值得注意的是，我們將繼續擁有和經營位於田納西州克利夫頓的克利夫頓工廠以及我們的 Brown-Forman 和 Jack Daniel 的合作社。

For the last components of our outlook, the outlook for operating expenses remains the same. In addition to our philosophy of growing the investment behind our brands at a rate similar to our top line growth, as we have stated many times that when the EU and U.K. tariffs on American whiskey were removed, we would reinvest a portion of the relief back behind our brands. We are very pleased that in fiscal 2023, we are now executing against this additional investment behind our brands.

對於我們展望的最後一個組成部分，運營費用的前景保持不變。除了我們以類似於我們的收入增長的速度增長我們品牌背後的投資的理念之外，正如我們多次表示的那樣，當歐盟和英國對美國威士忌徵收的關稅被取消時，我們會將部分減免重新投資回來在我們的品牌背後。我們很高興在 2023 財年，我們現在正在執行我們品牌背後的這項額外投資。

And as we shared last quarter, we will also invest behind our people and expect a continued rebound of discretionary spend to support our business needs in a post-pandemic environment. Based on these expectations, we currently expect our organic net sales and organic operating income to grow in the mid-single digit range for the full fiscal year. And we still expect our fiscal 2023 effective tax rate to be in the range of about 22% to 23%.

正如我們上個季度所分享的那樣，我們還將投資於我們的員工，並期望可自由支配的支出持續反彈，以支持我們在大流行後環境中的業務需求。基於這些預期，我們目前預計整個財年我們的有機淨銷售額和有機營業收入將在中個位數範圍內增長。我們仍然預計我們 2023 財年的有效稅率將在 22% 至 23% 的範圍內。

Lastly, we have noted the impact of foreign exchange on our reported results. The dollar continues to strengthen against many major currencies. Most notably, we are seeing the negative effect of the appreciation of the dollar against the euro and the Turkish lira. The guidance we provide is on an organic basis, which excludes the impact of foreign exchange. If we were to take the rates where they are today against the dollar for the remainder of the fiscal year, foreign exchange would be a headwind for us in fiscal 2023 on a reported basis.

最後，我們注意到外匯對我們報告結果的影響。美元兌許多主要貨幣繼續走強。最值得注意的是，我們看到了美元兌歐元和土耳其里拉升值的負面影響。我們提供的指導是有機的，不包括外彙的影響。如果我們在本財年的剩餘時間裡採用今天對美元的匯率，那麼據報導，外匯將在 2023 財年對我們構成不利影響。

In summary, and as Lawson stated, we have had a strong start to fiscal 2023, delivering double-digit top and bottom line growth on both a reported and organic basis. We remain optimistic as we look ahead and are confident in our ability to build upon this momentum and deliver consistent long-term growth despite near-term challenges and uncertainties. We believe our brands and our people are resilient as our results continue to reflect. As we often say, there is nothing better in the market than Brown-Forman.

總之，正如勞森所說，我們在 2023 財年有一個強勁的開端，在報告和有機基礎上實現了兩位數的頂線和底線增長。展望未來，我們保持樂觀，並相信我們有能力在這一勢頭的基礎上再接再厲，實現持續的長期增長，儘管近期面臨挑戰和不確定性。我們相信，隨著我們的業績不斷反映出來，我們的品牌和員工具有韌性。正如我們常說的，市場上沒有比 Brown-Forman 更好的了。

This concludes our prepared remarks. Please open the line for questions.

我們準備好的評論到此結束。請打開專線提問。

(Operator Instructions) Our first question comes from Andrea Teixeira with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Andrea Teixeira。

I wanted to just, first of all, congratulate you on the earnings. But just as you had is a 5% positive impact, which was called out in the last earnings call in the first quarter, it seems that you like your -- the remainder of your fiscal year would then be the risk because of this is a strong number. Do you expect that inventory rebuild to phase out in the second quarter fiscal or you still have that benefit in your view? I know the CR numbers would still continue to be positive. But if you can elaborate a little bit more between consumption and depletion.

我只想，首先，祝賀你的收入。但正如你所擁有的是 5% 的積極影響，這在第一季度的最後一次財報電話會議中被調用，看起來你喜歡你的 - 你的財政年度的剩餘時間將是風險，因為這是一個強數。您是否預計庫存重建將在第二財季逐步結束，或者您認為仍然有這種好處？我知道 CR 數字仍將繼續為正。但是，如果您可以在消耗和消耗之間詳細說明一下。

Andrea, this is Leanne. We are continuing to evaluate the time line to get back to normalization of our distributor inventories. Since the last fiscal year, and again, we talked about in our prepared remarks in the second half, we begin making significant progress on and rebuilding inventories. We're continuing to work very hard to rebuild those inventories. But at the same time, we're continuing to experience very strong consumer demand. And at the same time, we have also launched a new innovation.

安德里亞，我是莉安。我們正在繼續評估恢復分銷商庫存正常化的時間表。自上一財年以來，我們在下半年準備好的講話中再次談到，我們開始在庫存重建方面取得重大進展。我們將繼續努力重建這些庫存。但與此同時，我們繼續感受到非常強勁的消費者需求。同時，我們還推出了一項新的創新。

So while we are working to improve our inventory position, and you can see there's a net increase in distributor inventory change that we are making progress, but we are facing challenges and strong demand. So we'll come back to you. We'll know more as we get into the second quarter to understand kind of what our exact timeline looks like. But we do continue to see benefit in the first quarter, as you stated.

因此，雖然我們正在努力改善我們的庫存狀況，您可以看到分銷商庫存變化淨增加，我們正在取得進展，但我們面臨挑戰和強勁的需求。所以我們會回來找你的。當我們進入第二季度時，我們會知道更多，以了解我們的確切時間表是什麼樣的。但正如您所說，我們確實在第一季度繼續看到收益。

From a glass supply perspective, supply chain, in general, we expect to be a headwind for the fiscal year. Our glass supply has continued to improve with our current supplier increasing capacity, we've broadened our supplier base, the Jack Daniel's facility is still bottling at record pace. But as also noted in prepared remarks, we continue to face challenges for some brands and some sizes and particularly for this quarter, it's Herradura and we have some capacity strength in the current supply chain, and we're addressing that currently by expanding our supplier base.

從玻璃供應的角度來看，供應鏈總體而言，我們預計將成為本財年的逆風。隨著我們當前供應商產能的增加，我們的玻璃供應持續改善，我們擴大了供應商基礎，Jack Daniel 的工廠仍在以創紀錄的速度裝瓶。但正如準備好的評論中所指出的那樣，我們繼續面臨一些品牌和一些尺寸的挑戰，特別是在本季度，它是 Herradura，我們在當前的供應鏈中有一定的產能實力，我們目前正在通過擴大我們的供應商來解決這個問題根據。

And then as we noted, kind of one of the challenges that will impact us through the remainder of the fiscal year is our ability to move the product into market through logistics and freight constraints because there is a high demand for the equipment. There's an imbalance of the equipment around the world. And again, that's coming with associated costs.

然後正如我們所指出的，將在本財年剩餘時間內影響我們的挑戰之一是我們通過物流和貨運限制將產品推向市場的能力，因為對設備的需求很高。世界各地的設備不平衡。再一次，這伴隨著相關成本。

And in the U.S., which is our home market and our largest market, where we produce the vast majority of our product, we still face driver challenges and equipment challenges. So net-net, we're making progress, and we are working to replenish it. It does remain below pre-pandemic levels, but we're encouraged by the strong consumer demand. Lawson?

在美國，這是我們的本土市場，也是我們最大的市場，我們生產絕大多數產品，我們仍然面臨著司機和設備方面的挑戰。所以net-net，我們正在取得進展，我們正在努力補充它。它確實仍低於大流行前的水平，但我們對強勁的消費者需求感到鼓舞。勞森？

Yes. I mean, I think, let me add a little bit to it, because it seems like glass supply, I mean, it has been a major problem for us for a year now. We actually first started talking about this. It was this quarter a year ago when we first really gave some detail on our glass supply situation. And so fast forward a year, I do think it's worth reviewing because it almost feels like every question we're going to get asked this morning, glass supply is part of the answer.

是的。我的意思是，我想，讓我補充一點，因為這似乎是玻璃供應，我的意思是，這對我們來說已經是一年來的一個主要問題。我們實際上首先開始談論這個。一年前的這個季度，我們第一次真正詳細介紹了我們的玻璃供應情況。一年如此快進，我確實認為值得回顧，因為幾乎感覺就像我們今天早上要問的每一個問題，玻璃供應都是答案的一部分。

But a year ago, we really -- we prioritized Jack Daniel's Tennessee Whiskey, so core Black Label, to allocate our immediate needs to Jack Daniel's Tennessee Whiskey as really the on-premise was opening up, not only in the United States, but around the world. And so we really prioritized Tennessee Whiskey to the detriment of practically every other brand in our portfolio. And so as the year went along, our demand has been very strong. I mean, demand for Tennessee Whiskey, which we believe is either the largest or certainly one of the largest on-premise brands in the world, the demand has just been outstanding, quite honestly. And so we had a big year last year, and it continued on through the first quarter of this year.

但一年前，我們真的 - 我們優先考慮傑克丹尼的田納西威士忌，所以核心黑標，將我們的直接需求分配給傑克丹尼的田納西威士忌，因為內部部署確實正在開放，不僅在美國，而且在周圍世界。因此，我們確實優先考慮田納西威士忌，而損害了我們產品組合中的幾乎所有其他品牌。因此，隨著時間的推移，我們的需求一直非常強勁。我的意思是，對田納西威士忌的需求，我們認為它要么是世界上最大的，要么肯定是世界上最大的本地品牌之一，老實說，需求一直很突出。所以去年我們度過了一個重要的一年，並且一直持續到今年第一季度。

But as I said, brands like Gentleman Jack, the flavors, and now most recently, our tequila brands, have all suffered for it. So we've caught up with Jack Daniel's Tennessee Whiskey for the most part. I mean, it's taken a little longer because of the strong demand, but it's doing well, which Woodford Reserve had a great quarter, so we begin to replenish the inventories of Woodford around the world. Same thing on Old Forester. Gentleman Jack and flavors are not caught up yet, but they're getting better, but you'll see those. I think you'll see those trends improve in the upcoming few quarters.

但正如我所說，像 Gentleman Jack 這樣的品牌、口味，以及最近我們的龍舌蘭酒品牌，都受到了影響。所以我們大部分時間都趕上了傑克丹尼爾的田納西威士忌。我的意思是，由於需求強勁，它花了一點時間，但它做得很好，伍德福德儲備有一個很好的季度，所以我們開始在全球補充伍德福德的庫存。老森林人也是一樣。紳士傑克和口味還沒有趕上，但他們正在變得更好，但你會看到那些。我認為您會在接下來的幾個季度中看到這些趨勢有所改善。

And then as we said, Herradura really suffered over the last quarter. And that was, I would say, it was a bit of a surprise. But the Herradura, for 1 point to also make, Herradura grew by 90% in quarter 1 last year. So tough comps is also part of that answer. But certainly, the brand is suffering on their glass supply shortage that we're working very hard to try to fix, but it's not there yet.

然後正如我們所說，Herradura 在上個季度確實受到了影響。我想說，這有點令人驚訝。但 Herradura 也為 1 分，去年第一季度 Herradura 增長了 90%。如此艱難的比賽也是答案的一部分。但可以肯定的是，該品牌正遭受玻璃供應短缺的困擾，我們正在努力解決這一問題，但目前還沒有。

Very helpful. If I can squeeze just one question on how consumers have been receiving the price increase. And if you're seeing -- it doesn't look like you're seeing any down trade, but just this is the topic that we obviously spoke to all the companies this earnings season. If there is any price elasticity you've seen on the trade that investors should be aware of.

非常有幫助。如果我能就消費者如何接受價格上漲提出一個問題。而且，如果您看到-看起來您沒有看到任何下跌交易，但這顯然是我們在本財報季與所有公司交談的主題。如果您在交易中看到任何價格彈性，投資者應該注意。

Yes. I mean, look, we have pushed through our price increases. I think we said sort of 90% of the price increase is already reflected on the shelf. And we haven't seen the trade down. Now I'd stress a little caution in looking at our trends and then extrapolate those to sort of macro trends because of our glass situation. So that dominates over any sort of trade down or lack thereof really because it's not showing through in our numbers.

是的。我的意思是，看，我們已經推動了價格上漲。我想我們說過 90% 的價格上漲已經反映在貨架上。而且我們還沒有看到交易下降。現在，我會在觀察我們的趨勢時強調一點謹慎，然後根據我們的玻璃情況將其推斷為某種宏觀趨勢。因此，這在任何形式的交易下降或缺乏交易中占主導地位，因為它沒有在我們的數據中顯示出來。

And when we look at TDS, we're not really seeing it. Obviously, it's a U.S. comment. But you're not seeing it really in the data there either. And so elasticities, I think the biggest piece of an elasticity question always is what are your competitors doing. And the competitors are also going up. And so for the first time in, I'll say, a decade, you're seeing some pretty good pricing throughout the industry and you're not seeing a lot of pushback. So we're able to get prices through. We're getting them through the retailers, that's on the shelf and consumers are still buying it. So feeling pretty good.

當我們查看 TDS 時，我們並沒有真正看到它。顯然，這是美國的評論。但是你也沒有在數據中真正看到它。所以彈性，我認為彈性問題的最大部分總是你的競爭對手在做什麼。競爭對手也在上升。因此，我會說，十年來，你第一次看到整個行業的一些相當不錯的定價，而且你沒有看到很多阻力。所以我們能夠通過價格。我們正在通過零售商獲得它們，它們在貨架上，消費者仍在購買它。所以感覺還不錯。

We use the term affordable luxury a lot, and I do think spirits is an affordable luxury where consumers they prioritize that bottle of Jack Daniel's. And to the detriment of a lot of other consumer products, you've seen a lot of the retail, of the big retailers in the U.S. that have struggled with inventories, we're kind of the opposite where we don't have enough inventory out there. And it's pretty healthy. It's a good situation and the demand is still there.

我們經常使用負擔得起的奢侈品這個詞，我確實認為烈酒是一種負擔得起的奢侈品，消費者會優先考慮那瓶傑克丹尼爾的。對許多其他消費品來說，你已經看到了很多零售業，美國的大型零售商都在與庫存作鬥爭，而我們的情況恰恰相反，我們沒有足夠的庫存在那裡。而且很健康。這是一個很好的情況，需求仍然存在。

Our next question comes from Peter Grom with UBS.

我們的下一個問題來自瑞銀的 Peter Grom。

So I kind of wanted to follow up on Andrea's question just around the guidance. And just given the strong start to the year, from a top line and margin perspective, it's just -- the guidance seems to imply a pretty meaningful slowdown from here. And I guess, I just would be curious, is that simply just conservatism given the uncertainty on many fronts? Or is there kind of something you're seeing more real time in U.S. or other markets around the world that's giving you some concern here?

所以我有點想就指導問題跟進安德里亞的問題。鑑於今年的強勁開局，從收入和利潤率的角度來看，這只是 - 指導似乎意味著從這裡開始相當有意義的放緩。我想，我只是好奇，考慮到許多方面的不確定性，這僅僅是保守主義嗎？或者你在美國或世界其他市場看到的更實時的東西讓你有些擔憂？

Well, and again, building -- Peter, how are you? It's nice to hear from you. It's been a while. Building on what Lawson said from our inventory perspective, we really started as glass supply began to ease in our second half of last year. Our shipments were kind of above -- they were above our depletion level, trying to get our inventory rebuild. So yes, we've had a strong start to our year, and we know that next quarter, we'll be comping one of our lowest performing quarter of fiscal '22.

好吧，再一次，建築——彼得，你好嗎？很高興收到您的來信。有一陣子了。基於 Lawson 從我們的庫存角度說的話，我們真正開始於去年下半年玻璃供應開始緩解。我們的出貨量有點高——它們高於我們的消耗水平，試圖讓我們的庫存重建。所以是的，我們今年的開局很好，我們知道下個季度，我們將成為 22 財年表現最差的季度之一。

But then at the end of fiscal '22, we had a 4-point benefit from those shipments. So when we have talked about, we will have a strong first start, first half of our '23, and that we will have to comp that 4-point benefit that we saw in the second half.

但在 22 財年末，我們從這些出貨量中獲得了 4 點收益。因此，當我們談到時，我們將在 23 年的上半場有一個強勁的開局，並且我們將不得不彌補我們在下半場看到的 4 分優勢。

And then we also, again, as we said in our prepared remarks, we do remain cautious about how inflation and rising energy costs are going to impact our consumers. Will there be any macroeconomic or geopolitical events that similar to last March when we suspended our business? So again, that will be an impact in F '23 is the absence of our business in Russia.

然後，正如我們在準備好的講話中所說，我們也對通貨膨脹和能源成本上漲將如何影響我們的消費者保持謹慎。會不會有任何宏觀經濟或地緣政治事件類似於去年 3 月我們暫停營業時的情況？再說一次，這將對 F '23 產生影響，因為我們在俄羅斯沒有業務。

So from a cost perspective, we've talked about this a bit, we're facing challenges, both easing on the glass supply, but then now moving to logistics and transportation, and then it will be our ability to get our product to market and to consumers, which we believe is possible. But it's going to come at an increased cost, some of which we plan because we plan for inflation every year.

所以從成本的角度來看，我們已經談了一點，我們面臨著挑戰，既放鬆了玻璃供應，但現在轉向物流和運輸，然後就是我們將產品推向市場的能力和消費者，我們相信這是可能的。但這會帶來更高的成本，我們計劃其中一些是因為我們每年都在計劃通貨膨脹。

But one of the things that is different for us is that, as we talk about inflation, with the removal of the EU and U.K. tariffs on American whiskey, unlike many others, that will help us mute the impact of inflation and cost that we have.

但對我們來說不同的一件事是，當我們談論通貨膨脹時，與許多其他國家不同，歐盟和英國取消對美國威士忌的關稅，這將有助於我們減輕通貨膨脹和成本的影響。 .

So I don't necessarily -- it's very early in the year. There's a lot of year to go and a lot can unfold ahead of us. We are definitely optimistic and off to a strong start. But we know we have a strong back half of last year to come.

所以我不一定——現在還很早。還有很多年要過去，很多事情可以在我們面前展開。我們絕對是樂觀的，並且開局良好。但我們知道我們在去年下半年會有一個強勁的表現。

That's super helpful. And then I just -- maybe following a different topic. Just the Coca-Cola and Jack Daniel's partnership. Can you maybe just provide some more background on the partnership? Why both parties decided now is kind of the right time? And I know, I think Lawson, you mentioned the Mexico launch in the fourth quarter. But just any initial thoughts around timing in the U.S. and contribution to top line growth versus maybe cannibalization versus -- for the existing ready-to-drink portfolio.

這非常有幫助。然後我只是- 也許關註一個不同的話題。只是可口可樂和傑克丹尼的合作。您能否提供更多有關合作夥伴關係的背景信息？為什麼雙方決定現在是一個合適的時機？我知道，我想勞森，你提到了第四季度在墨西哥的發布。但是，關於美國的時間安排以及對頂線增長的貢獻與可能的蠶食與現有的即飲產品組合的任何初步想法。

Sure. So look, we are behind the scenes working through all of that right now. There's obviously a ton of work that goes into launching a new product on the scale of what this is about. You're correct, we are looking at -- it's only a couple of months away from launching in Mexico.

當然。所以看，我們現在正在幕後工作。顯然，要推出一個規模如此之大的新產品，需要做大量工作。你是對的，我們正在研究——距離在墨西哥推出只有幾個月的時間。

What we would -- what we're going to do, I think, I prefer to do, is push this question off for another quarter. We will be more transparent with you all as we move into the rest of the fiscal year. We are still working behind the scenes on the cadence of launches, the level of investment, all but everything that goes with effectively a new product launch.

我們會做的——我認為，我更願意做的事情是將這個問題推遲到另一個季度。隨著我們進入本財年的剩餘時間，我們將對大家更加透明。我們仍在幕後研究發布的節奏、投資水平，以及與新產品發布有效相關的所有內容。

On a positive side, our Jack Daniel's & Cola, so not the Coke, but Jack Daniel's & Cola, is flying. I mean, that business is still really, really strong. And so that's part of the trick to this launch is how we remove those products from the market and replace it with Jack & Coke, and it's a little more complicated than maybe that might sound.

積極的一面是，我們的 Jack Daniel's & Cola（不是可口可樂，而是 Jack Daniel's & Cola）正在起飛。我的意思是，該業務仍然非常非常強大。因此，這次發布的部分技巧是我們如何將這些產品從市場上移除並用 Jack & Coke 取而代之，這可能比聽起來要復雜一些。

But this is still a very healthy business. There's a lot of -- particularly in the U.S., there's a lot of competitors, not so much in the Coke side of things, but I mean, there's a lot of RTD interest these days, and there's a handful of brands that are doing really, really well. So we feel really good at this thing once we get it out there in the market, we'll be ready to drive some pretty significant demand. But I think we're going to wait another quarter before we sort of release a lot of those details.

但這仍然是一項非常健康的業務。有很多——尤其是在美國，有很多競爭對手，在可口可樂方面沒有那麼多，但我的意思是，現在有很多 RTD 的興趣，並且有少數品牌在做，真的很好。因此，一旦我們將它推向市場，我們就會覺得它非常擅長，我們將準備好推動一些相當大的需求。但我認為我們要再等一個季度才能發布很多這些細節。

And then the only thing I would add to that is we are really excited about the numerous opportunities that we believe that this product will have from a geographic expansion perspective and our ability to gain share with it as well.

然後我要補充的唯一一點是，我們對我們相信從地理擴張的角度來看該產品將擁有的眾多機會以及我們從中獲得份額的能力感到非常興奮。

Yes. Obviously, the Coca-Cola system is so big. They cover the world. And our products haven't, we haven't even offered Jack & Cola in many, many parts of the world. So it's going to be an exciting thing for this company, and we're looking forward to it, knowing that most of that growth is really going to fall in calendar 2023.

是的。顯然，可口可樂系統是如此之大。他們覆蓋了世界。我們的產品沒有，我們甚至沒有在世界許多地方提供 Jack & Cola。因此，這對這家公司來說將是一件令人興奮的事情，我們很期待，因為知道大部分增長真的會在 2023 年下降。

(Operator Instructions) And our next question comes from Nadine Sarwat with Bernstein.

（操作員說明）我們的下一個問題來自 Nadine Sarwat 和 Bernstein。

I got to kick off with my usual question on pricing. I remember on the last conference call, we discussed how you'd taken pricing across the board in the U.S., great to hear that I think you said 90% of that pricing for this fiscal year has gone through. Can you give us an update on your pricing strategy outside of the U.S. have been taken incremental price. This is especially in light of that inflationary environment.

我必須從我通常關於定價的問題開始。我記得在上次電話會議上，我們討論了您如何在美國全面定價，很高興聽到您說本財年 90% 的定價已經完成。你能告訴我們你在美國以外的定價策略的最新情況嗎？已經採取了增量價格。尤其是考慮到通貨膨脹的環境。

And then one final question. Jack Daniel's Apple, I know you mentioned flavors being prioritized, but even if we take into account the changes in distributor inventory, we're at a fall of about 8% at an underlying level. Is there anything else we should bear in mind for the weakness in the quarter for this brand? Or is this a one-off because of those supply chain issues?

然後是最後一個問題。傑克丹尼爾的蘋果，我知道你提到口味被優先考慮，但即使我們考慮到分銷商庫存的變化，我們的基本水平也下降了約 8%。對於這個品牌在本季度的疲軟，我們還有什麼需要注意的嗎？還是因為這些供應鏈問題，這是一次性的？

Yes. Let me -- I'll take pricing a bit and then maybe you can comment on Apple itself. I mean, yes, the pricing strategy that we are implementing is global. It's not just the U.S. And it's kind of similar numbers. Europe has been a very difficult pricing environment for a long time, but we are finally -- we pushed through, successfully pushed through last year, and we'll continue to do it again this year. I call it that low single-digit pricing, That sort of 2% to 3% range is something I want to see for the foreseeable future. I mean, every year, not -- we don't want to -- we're not trying to go up 10% 1 quarter and then back off a little bit. It's trying to go slow and steady, and that's worked. It's worked so far.

是的。讓我——我會稍微定價一下，然後也許你可以評論蘋果本身。我的意思是，是的，我們正在實施的定價策略是全球性的。不僅僅是美國，而且數字也很相似。長期以來，歐洲一直是一個非常困難的定價環境，但我們終於 - 我們去年成功地挺過了，今年我們將繼續這樣做。我稱之為低個位數定價，這種 2% 到 3% 的範圍是我希望在可預見的未來看到的。我的意思是，每年，不是——我們不想——我們不是試圖在第一季度上漲 10%，然後再回落一點。它試圖緩慢而穩定地前進，這是奏效的。到目前為止它已經奏效了。

And as I mentioned to the earlier question, I think a lot of it has to do with other brands are also going up, too. And so we're not seeing this sort of negative reaction either from the retailers necessarily. I mean, there's still, there's still challenges to partner with them to get prices up. But the environment is more conducive right now for many brands in our industry, not only Brown-Forman's to go up. Can you talk about Apple just a little bit?

正如我在前面的問題中提到的，我認為這在很大程度上與其他品牌也在上漲有關。因此，我們也不一定會看到零售商的這種負面反應。我的意思是，與他們合作以提高價格仍然存在挑戰。但是現在的環境對我們行業的許多品牌來說更加有利，不僅是 Brown-Forman 的上升。你能談談蘋果嗎？

And then to your Apple question, Nadine, it's really -- it's in the process of lapping the final phase of its international launch last year. Demand has been high. And as Lawson mentioned, the prioritization of our products with the constraints that we have. It has been negatively impacted by that, but we continue to believe that its launch and its connectivity with consumers remains very high.

然後關於你的蘋果問題，Nadine，它真的 - 它正在完成去年國際發布的最後階段。需求一直很高。正如勞森所提到的，我們的產品的優先級受到我們的限制。它受到了負面影響，但我們仍然相信它的推出及其與消費者的聯繫仍然非常高。

Got it. If I could just clarify on that pricing. Have you taken pricing yet outside of the U.S.? Or is that something you're hoping to do you have?

知道了。如果我能澄清那個定價。您是否已在美國境外定價？或者這是你希望做的事情？

No, no, no. We did it. Yes, we did it last kind of last cycle. So it would have been, I guess, Q2, for the most part, Q2, Q3 of last year, where the international prices all went through.

不不不。我們做到了。是的，我們在最後一個週期中做到了。所以，我想，第二季度，在很大程度上，去年的第二季度，第三季度，國際價格都經歷了。

Got it. So you're planning on hopefully implementing similar pricing this fiscal year?

知道了。因此，您計劃希望在本財年實施類似的定價？

Correct.

正確的。

(Operator Instructions) And our next question comes from Vivien Azer with Cowen.

（操作員說明）我們的下一個問題來自 Vivien Azer 和 Cowen。

Sorry to go back to the glass supply, but Lawson, I think you've given us permission to dig in on that. So it seems like Herradura was clearly the surprise. And as I reflect back on your commentary around glass supply issues, last fiscal year, and just looking at Herradura's results where you rightly call out a very tough comp, how is it that Herradura was more immune to glass supply issues in fiscal '22? What changed this quarter?

很抱歉回到玻璃供應，但是勞森，我想你已經允許我們深入研究了。所以看起來 Herradura 顯然是一個驚喜。當我回顧你關於上一財年玻璃供應問題的評論時，僅僅看看 Herradura 的結果，你正確地提出了一個非常艱難的競爭，Herradura 如何在 22 財年更不受玻璃供應問題的影響？本季度發生了什麼變化？

Well, I mean, it's just -- it's where the glass is coming from and which plants are supplying the individual brands. And so, Herradura is one of the most important brands in our portfolio. And so it would have gotten some level of priority, particularly Herradura in the U.S. But as the demand, as I said, was 90% in Q1, the demand for several of our brands, not only Herradura, but that would be the most obvious one, where the demand was higher than we were forecasting.

嗯，我的意思是，這只是——玻璃的來源地以及為各個品牌提供產品的工廠。因此，Herradura 是我們產品組合中最重要的品牌之一。所以它會得到一定程度的優先考慮，尤其是美國的 Herradura。但正如我所說，第一季度的需求是 90%，我們的幾個品牌的需求，不僅是 Herradura，而且這將是最明顯的第一，需求高於我們的預測。

And you can keep that going for a little while, but eventually, that runs into a problem. And so that problem showed its head over the last quarter, a couple of quarters really in Herradura as we are madly trying to find alternatives and find additional supply, but it's challenging. I mean, it really is.

你可以保持這種狀態一段時間，但最終會遇到問題。因此，這個問題在上個季度出現了，實際上在 Herradura 有幾個季度，因為我們正在瘋狂地尋找替代品並尋找額外的供應，但這具有挑戰性。我的意思是，確實如此。

Okay. That's helpful. And then maybe just to follow up on that. With the underlying gross margin disclosure, I was wondering, Leanne, if you could just kind of unpack even just like order of magnitude, the 180 basis points of cost pressure that you saw, like how much of that was glass versus agave versus other?

好的。這很有幫助。然後也許只是為了跟進。有了潛在的毛利率披露，我想知道，Leanne，如果你能像數量級一樣解開你看到的 180 個基點的成本壓力，比如玻璃與龍舌蘭與其他有多少？

The largest driver of the 180 basis points of higher input costs is, a portion of that is glass pricing, as we -- glass prices as we have the commodity inflation on natural gas. I would say a bigger piece of it right now is corn and agave. And I'll explain the agave piece in a moment. But for corn, the corn futures, they've moderated throughout Q1. And as we -- it's stabilizing as we look out for F'23, but it is stabilizing at a place that is approximately 20% higher than last year.

投入成本增加 180 個基點的最大驅動因素是，其中一部分是玻璃定價，因為我們有玻璃價格，因為我們有天然氣的商品通脹。我會說現在更大的一塊是玉米和龍舌蘭。我稍後會解釋龍舌蘭片。但對於玉米，即玉米期貨，它們在整個第一季度都在放緩。正如我們 - 當我們期待 F'23 時，它正在穩定下來，但它正在穩定在比去年高出約 20% 的地方。

So again, this is where in Q2. We'll know more about the harvest as it has been impacted by the weather, what the quality of it will be supply/demand, and again, the harvest will be coming in soon. Another thing associated corn is the increased freight costs due to fuel.

再說一次，這就是第二季度的情況。我們將更多地了解收穫，因為它受到天氣的影響，供應/需求的質量如何，而且收穫很快就會到來。與玉米相關的另一件事是燃料導致的運費增加。

For us, agave is going to be a little bit of a headwind this year. Now, and I want to make sure that I'm clear, is the external agave prices have remained stable between MXN 27 and MXN 29 per kilo. Right now, we're seeing prices at the top end of that range. But for Brown-Forman, it's going to be the mix of what percentage we source from the external market versus what we have internally grown ourselves. And with the balance between what our inventory of agaves are that are ready to be harvest versus our demand, we're sourcing externally at a bit of a higher mix than what we would have last year.

對我們來說，龍舌蘭今年會有點逆風。現在，我想確認一下，外部龍舌蘭價格是否穩定在每公斤 27 墨西哥比索和 29 墨西哥比索之間。現在，我們看到價格處於該範圍的高端。但對於 Brown-Forman 來說，這將是我們從外部市場採購的百分比與我們自己內部增長的百分比的混合。由於我們準備收穫的龍舌蘭庫存與我們的需求之間的平衡，我們從外部採購的比例比去年要高一些。

So there's a bit of that change impact there. But the pricing for external is stable. So really for us, it's, I would say, corn and agave are the 2 biggest. We'll know more for corn as we get into the harvest. And we do have small inflationary increases on the cost of wood and natural gas is above it. So is there anything else I can provide to you on that?

所以那裡有一些變化的影響。但是外部的定價是穩定的。所以對我們來說，我想說的是，玉米和龍舌蘭是最大的兩個。當我們進入收穫期時，我們會更多地了解玉米。而且我們確實對木材和天然氣的成本進行了小幅通脹性增長，高於它。那我還有什麼可以提供給你的嗎？

No, that's really helpful.

不，這真的很有幫助。

(Operator Instructions) And our next question comes from Chris Pitcher with Redburn.

（操作員說明）我們的下一個問題來自 Redburn 的 Chris Pitcher。

I have a couple of questions on extending the Jack Daniel's brand. It sounds from your comments, Lawson, that you're still comfortable with the flavor extension strategy and there's more growth to go for in Apple. It feels like Honey perhaps has sort of achieved sort of critical mass. Should we expect you to be sort of working on further extensions beyond Apple? Or do you think the flavor story is perhaps playing out and the focus is more now more towards extending the premium extension for Jack Daniel?

我有幾個關於擴展傑克丹尼爾品牌的問題。勞森，從您的評論中聽起來，您仍然對風味擴展策略感到滿意，並且蘋果還有更多的增長空間。感覺就像 Honey 可能已經達到了某種臨界質量。我們是否應該期望您在 Apple 之外進行進一步的擴展？還是您認為風味故事可能正在上演，而現在的重點更多地是擴展 Jack Daniel 的高級擴展？

And as a follow-up to that, I mean, looking at Bonded and Triple Mash, what sort of price premium do you think Jack Daniel's can move to and still achieve meaningful volumes? Because you have tried to take the brand up the price ladder before, and it runs into resistance. Have you -- are you targeting existing Jack Daniel's consumers to trade them up? Or are you now going after more premium whiskey consumers?

作為後續行動，我的意思是，看看 Bonded 和 Triple Mash，你認為 Jack Daniel's 可以達到什麼樣的價格溢價並仍能實現有意義的銷量？因為您之前曾嘗試將品牌帶上價格階梯，結果遇到阻力。您是否 - 您是否針對現有的 Jack Daniel's 消費者進行交易？還是您現在正在追求更多優質威士忌消費者？

Well, to the second half of your question, the answer is both. The Bonded series is to say we haven't done an ultra-premium or super premium line extension in a long, long time. It's really since Gentleman Jack and some of the single barrel expressions over the years. So we are we feel really good about the initial takeaway on these innovations has been very strong, and we feel very good about that. It's getting really positive reviews. And at that sort of $29, $30, $31 price point, there is a real market for Jack Daniel's consumers. And so we feel pretty good about that.

好吧，對於你問題的後半部分，答案是兩者兼而有之。保稅系列就是說我們很久很久沒有做過超高端或者超高端的線路延伸了。這真的是因為紳士傑克和多年來的一些單桶表達。所以我們對這些創新的最初收穫感覺非常好，我們對此感覺非常好。它得到了非常積極的評價。在那種 29 美元、30 美元、31 美元的價格點上，傑克丹尼爾的消費者有一個真正的市場。所以我們對此感覺很好。

As far as the flavor side of things, I mean, certainly, Honey, Honey has been a home run for this company over the last 10 years. And Apple is experiencing its own sort of issues, not only lapping some of the launching, but the Apple launch is just the timing, whether you talk about the U.S. or international, was just terrible because it was right in the middle of -- right as the pandemic was hitting, and that was a tough time to introduce a new product. So I do feel that Apple is going to have a healthy future and will do well.

就口味而言，我的意思是，當然，Honey, Honey 在過去 10 年裡一直是這家公司的本壘打。蘋果也遇到了自己的問題，不僅推遲了一些發布，而且蘋果發布只是時機，無論你是談論美國還是國際，都太糟糕了，因為它正好在——對隨著大流行的到來，那是推出新產品的艱難時期。所以我確實覺得蘋果會有一個健康的未來並且會做得很好。

We do not have plans for another flavor in the near future. I'll never say never. But we're going to focus on these more premium line extensions for now and the core Jack Daniel's Tennessee Whiskey, which is having growth like it hasn't seen in a number of years. We've now -- it's going to be several years in a row of growth on growth in ways that we feel pretty good about.

我們沒有在不久的將來推出另一種口味的計劃。我永遠不會說永遠。但我們現在將專注於這些更優質的產品線擴展和核心的傑克丹尼爾田納西威士忌，它的增長是多年未見的。我們現在 - 這將是連續幾年以我們感覺很好的方式增長。

And so, yes, so I think we'll be slow on any flavor extensions, and you're going to see more advertising behind the Bonded series. It's already, we're already promoting it, not price promoting it, but television and digital and all the different ways that we communicate in a big way on these brands. And so it's kind of exciting to see that there's a nice market for some premium extensions off the Jack Daniel's brand.

所以，是的，所以我認為我們在任何風味擴展上都會很慢，而且你會看到 Bonded 系列背後的更多廣告。已經是了，我們已經在推廣它，而不是價格推廣，而是電視和數字以及我們在這些品牌上大肆宣傳的所有不同方式。因此，看到 Jack Daniel 品牌的一些高級擴展有一個不錯的市場，這有點令人興奮。

And then the only thing that I would build on to that is, when we think about premium extension for Jack Daniel's Tennessee Whiskey, Gentleman Jack is now over 750,000 cases, and we still believe it's very early in its international growth opportunity. So for me, I would say, higher than 750,000 cases.

然後我唯一要以此為基礎的是，當我們考慮傑克丹尼爾田納西威士忌的保費延期時，紳士傑克現在已經超過 750,000 箱，我們仍然認為它的國際增長機會還很早。所以對我來說，我會說，超過 750,000 例。

Yes. I mean, keep in mind, Gentleman Jack, too, was -- I mean, as we look back, if we fast forward a couple of years and then look back over everything that happened over this glass shortage, Gentleman Jack is probably going to be the brand that -- I don't know if it suffered the most, but it was rough.

是的。我的意思是，請記住，傑克先生也是——我的意思是，當我們回首往事時，如果我們快進幾年，然後回顧因玻璃短缺而發生的一切，傑克先生可能會成為那個——我不知道它是否受害最深的品牌，但它很粗糙。

I mean, the Nielsen numbers are nowhere indicative of what we think the true underlying demand is for Gentleman Jack. It's just -- the brand has just taken it on the chin last year as it really didn't have any supply.

我的意思是，尼爾森的數據並不能表明我們認為紳士傑克的真正潛在需求是什麼。只是 - 該品牌去年剛剛接受了它，因為它真的沒有任何供應。

(Operator Instructions) And our next question comes from the line of Stephen Powers with Deutsche Bank.

（操作員說明）我們的下一個問題來自德意志銀行的 Stephen Powers。

I had two questions. The first one is on the U.S. If I back out the trade inventory dynamics and get to the metric formerly known as underlying growth, I think we end up with like a 2% growth number in the U.S. in the quarter, which was a bit light of our expectations. I just wanted to get your sense for how -- what that signifies for -- because it was sort of that underlying normalized demand in the U.S. if it was in line with your expectations and how you expect it to trend from here?

我有兩個問題。第一個是關於美國。如果我退出貿易庫存動態並採用以前稱為基本增長的指標，我認為我們最終在本季度美國的增長數字約為 2%，這有點輕我們的期望。我只是想了解一下你的感受——這意味著什麼——因為它是美國潛在的正常化需求，如果它符合你的預期以及你期望它從這裡開始的趨勢如何？

Well, first of all, calling underlying -- what did you say formerly known as? That is one of the better lines I've heard in a while. Look, the U.S. business -- our international business is still very much dominated by Jack Daniel's. And so the international demand was very, very strong, and we were able to supply it. The U.S. is much more diversified. And so brands like Woodford and Old Forester, and basically everything other than Jack Daniel's, you've got such a massive, you've got a very broad portfolio that was constrained by glass supply.

嗯，首先，調用底層——你之前說的是什麼？這是我一段時間以來聽到的更好的台詞之一。看，美國業務——我們的國際業務仍然很大程度上由傑克丹尼爾的主導。所以國際需求非常非常強勁，我們能夠供應它。美國更加多元化。所以像 Woodford 和 Old Forester 這樣的品牌，基本上除了 Jack Daniel's 以外的所有品牌，都有如此龐大的產品組合，受到玻璃供應的限制。

I also think, something that -- I'm just not sure I appreciated a year ago, but the U.S. on-premise opened up quicker than the rest of the world. And so we're lapping now that reopening. Q1 would have been a heavy reopening period for the U.S. The international markets were more like Q2 or into Q3. And so some of it was just the comps, too. So once again, the answer to everything is glass supply and tough comps impacted the U.S. business.

我還認為，我只是不確定一年前我是否欣賞，但美國的內部部署比世界其他地區開放得更快。所以我們現在正在重新開放。對於美國來說，第一季度將是一個沉重的重新開放時期。國際市場更像是第二季度或第三季度。所以其中一些也只是伴奏。所以再一次，所有問題的答案都是玻璃供應和艱難的補償影響了美國的業務。

Look, I look at our U.S. business, I mean, Woodford, I don't know what the U.S. number, I guess it was a global number, but still being at plus 39% is a huge growth number. We've got to get our tequilas going again. I mean, that certainly was not a -- that was a negative for the quarter. But still, still feeling pretty good about our U.S. business and the way it has trended over the last -- even over the last few years. Our U.S. business has been elevated now really throughout the pandemic.

看，我看看我們的美國業務，我的意思是，伍德福德，我不知道美國的數字是多少，我猜這是一個全球數字，但仍然保持在 39% 以上是一個巨大的增長數字。我們必須讓我們的龍舌蘭酒再次上架。我的意思是，這當然不是 - 這對本季度來說是負面的。但是，我們仍然對我們的美國業務以及過去幾年的趨勢感覺良好——甚至在過去幾年中也是如此。在整個大流行期間，我們的美國業務現在確實得到了提升。

If you go back and step back a little bit and look over a longer time period, do a 3-year CAGR or a 4-year CAGR, you're going to see our U.S. business has been growing more like -- it's been pretty steady, but it's been higher than our historical average. It's more like a 7 as opposed to a really long-term average more like 5 or 6. So U.S. business is still really healthy.

如果你往後退一步，看看更長的時間段，做一個 3 年的 CAGR 或 4 年的 CAGR，你會看到我們的美國業務增長得更像——這很漂亮穩定，但高於我們的歷史平均水平。它更像是 7，而不是像 5 或 6 這樣的真正長期平均值。所以美國的業務仍然非常健康。

Okay. Okay. Yes, that's good perspective. And I guess, the second question, if I could, was just going back to I think it was Andrea's question at the start around inventory dynamics in the second quarter. I may have misheard or misinterpreted the answer, but it seemed like there was a bit more uncertainty from your answer in terms of whether or not and to what degree that trade inventory rebuilding would be a continued tailwind in the second quarter.

好的。好的。是的，這是一個很好的觀點。而且我想，如果可以的話，第二個問題只是回到我認為是安德里亞在一開始就第二季度庫存動態提出的問題上。我可能聽錯或誤解了答案，但你的答案似乎有更多的不確定性，即貿易庫存重建是否以及在多大程度上將在第二季度繼續順風。

I guess, my perspective is, given what we've seen in the first quarter and acknowledging constraints, but seemingly improved supply and just what you're lapping last year with sort of teeth of the supply constraints. I would have expected more kind of affirmative answer that inventory dynamics would be more of a definitive tailwind in the second quarter. And I just wanted to play that back to you and see if I was wrong or if I misinterpreted what you had said earlier.

我想，我的觀點是，鑑於我們在第一季度看到的情況並承認存在限制，但供應似乎有所改善，而您去年正因供應限製而陷入困境。我原本預計會有更多肯定的答案，即庫存動態將在第二季度成為更確定的順風。我只是想把它回放給你，看看我是不是錯了，或者我是否誤解了你之前所說的。

Yes. I mean, it comes back to -- we're continuing to evaluate the timeline for the normalization of our distributor inventory because we've got multiple factors at play at the same time. Our glass supply position is strengthening. Our facilities are bottling at record paces. We're getting finished cases produced that are seeing challenges to get to market through supply chain, but we have multiple strategies in place to get the cases there.

是的。我的意思是，它回到 - 我們正在繼續評估我們的分銷商庫存正常化的時間表，因為我們同時有多個因素在起作用。我們的玻璃供應地位正在加強。我們的設施以創紀錄的速度裝瓶。我們正在生產完成的箱子，這些箱子在通過供應鏈進入市場時面臨挑戰，但我們制定了多種策略來將箱子送到那裡。

We are experiencing very strong consumer demand. So as we believe we have inventory to meet demand, demand is increasing. And at the same time, we are launching our new innovation of the Bonded series and getting that to market.

我們正在經歷非常強勁的消費者需求。因此，由於我們相信我們有庫存來滿足需求，因此需求正在增加。同時，我們正在推出全新的 Bonded 系列創新產品並將其推向市場。

So we know when we started really January, but the second half of F '22, we began producing at a higher level and moving cases into the market. That is continuing, but the rebuild is potentially going to take a longer period of time depending on how consumer demand changes.

所以我們知道我們真正從一月份開始，但在 F '22 的下半年，我們開始以更高的水平生產並將箱子推向市場。這種情況仍在繼續，但重建可能需要更長的時間，具體取決於消費者需求的變化。

Yes, it does. So to the extent that you're having -- the organic growth will either benefit from -- you've got your supply getting stronger. I think you were strengthening. So if consumer demand is strong, that will show up in sort of that show up in consumption. And if demand is a little bit softer allowing you to replenish inventory would show up in kind of the trade inventory build either way -- okay, I understand. I'll stop rambling.

是的，它確實。因此，就你所擁有的程度而言 - 有機增長將受益於 - 你的供應變得更加強大。我想你是在加強。因此，如果消費者需求強勁，那將在某種程度上體現在消費中。如果需求稍微疲軟，您可以補充庫存，這兩種方式都會以貿易庫存的形式出現——好吧，我明白了。我會停止胡說八道。

(Operator Instructions) And the next question comes from Noah Erni with Jefferies.

（操作員說明）下一個問題來自 Jefferies 的 Noah Erni。

It's actually Kevin Grundy here. Congrats on the strong result. I know we covered a lot of ground. Hopefully, these will be fairly quick. Leanne, on FX, I fully acknowledge that you guys do not guide. My question is on transactional FX. So maybe you can just help us think about that. We can do our own modeling on top line. Just thinking about the flow-through to operating profit, should we be thinking about the same transactional impact to operating income? And that is to say it was a 6% impact, a headwind in the top line in the quarter, it was a 16% impact to profit, so more than 2.5x sort of multiplier, if you will. Is that the right way to think about the impact of profit for the year? Is that something you can comment on?

這裡實際上是凱文·格蘭迪。恭喜你取得了不錯的成績。我知道我們覆蓋了很多領域。希望這些會很快。 Leanne，在 FX 上，我完全承認你們不指導。我的問題是關於交易外彙的。所以也許你可以幫助我們考慮一下。我們可以在頂線上進行自己的建模。僅僅考慮到營業利潤的流動，我們是否應該考慮同樣的交易對營業收入的影響？也就是說，這是一個 6% 的影響，是本季度收入的逆風，對利潤產生了 16% 的影響，所以如果你願意的話，是超過 2.5 倍的乘數。這是考慮今年利潤影響的正確方式嗎？這是你可以評論的嗎？

Well, as we would think about this, so starting with -- it is the transactional impact largely related to the euro and the lira. You're exactly right on the impact. For the shape of it for the full year, I don't want to comment on that because, again, we started in calendar year '23, which again would have hit some of the back half of our F '22. We started to see some challenges with our headwinds from FX. So that will -- we'll be going against that a bit in late F '23. But again, it's transactional. We don't see any meaningful remeasurement from a translational perspective. And we've just been clear to say that if we were to assume the rates remain where they are today, it's going to be a headwind.

好吧，正如我們會想到的那樣，首先是交易影響，主要與歐元和里拉有關。你完全正確的影響。對於全年的情況，我不想對此發表評論，因為我們再次從 '23 日曆年開始，這將再次影響我們 F '22 的後半部分。我們開始看到來自 FX 的不利因素帶來的一些挑戰。所以這將 - 我們將在 F '23 後期反對這一點。但同樣，它是事務性的。從翻譯的角度來看，我們沒有看到任何有意義的重新測量。我們剛剛明確表示，如果我們假設利率保持在今天的水平，這將是一個逆風。

So I would hesitate to say shape-wise. It will be consistent throughout the year. It will be more consistent than not. It's going to depend when we get into the back half of the year, how we're lapping that.

所以我會猶豫說形狀明智。全年將保持一致。它會比沒有更一致。這將取決於我們何時進入下半年，以及我們如何處理它。

Okay. Okay. And then a quick one. We've talked about this on the call before. Just balance sheet and uses of cash. So the debt leverage continues to creep lower. Leanne, you talked about some asset sales at the end of your prepared remarks. I'm not sure of magnitude of that, maybe you can comment on how we should think about it.

好的。好的。然後是一個快速的。我們之前在電話會議上討論過這個問題。只是資產負債表和現金的使用。因此，債務槓桿繼續走低。 Leanne，你在準備好的發言結束時談到了一些資產出售。我不確定這有多大，也許你可以評論一下我們應該如何考慮它。

But just, it'd be good to get your updated thoughts on where your debt leverage is now, even taking into account elevated levels of CapEx for the year. Your debt leverage would still continue to creep lower. So I just -- I'd love to get your thoughts on targeted debt leverage. And then as we think about uses of excess cash, where is the bias today between buybacks versus perhaps onetime dividends, of course, there's a long history of Brown-Forman of those sort of considerations. So your updated thoughts there, Leanne, would be appreciated.

但是，即使考慮到今年資本支出水平的提高，最好了解您現在的債務槓桿率的最新想法。您的債務槓桿率仍將繼續下降。所以我只是 - 我很想听聽你對目標債務槓桿的看法。然後，當我們考慮使用超額現金時，今天回購與也許一次性股息之間的偏見在哪裡，當然，布朗-福爾曼的這種考慮有很長的歷史。因此，Leanne，您的最新想法將不勝感激。

Okay. Great. I'll start with the divestiture of our 2 state mills. Again, this is about optimizing our strategic sourcing model. We think there's going to be -- this gives us a broader base of sourcing, continuous improvement initiatives that will ultimately result in cost savings with the economies of scale.

好的。偉大的。我將從剝離我們的 2 家國有工廠開始。同樣，這是關於優化我們的戰略採購模型。我們認為將會有 - 這為我們提供了更廣泛的採購基礎，持續改進計劃，最終將通過規模經濟節省成本。

Now the impact of that from a capital perspective, it would not be material. But we do, from a barrel cost, wood cost perspective, we do expect to start seeing favorable cost at the back end of this kind of Q4 of this year. But with our aging process and the associated accounting for that, it will take a period of time before we recognize that. So that -- I just wanted to comment on that part first.

現在從資本的角度來看，它的影響並不重要。但我們確實，從桶成本、木材成本的角度來看，我們確實預計在今年第四季度末開始看到有利的成本。但是隨著我們的老化過程和相關的會計處理，我們需要一段時間才能認識到這一點。所以——我只想先評論那部分。

And as it related to capital, again, we don't typically -- we don't talk about a target. But what is really important for us is that we maintain flexibility and the strength of our balance sheet. We know that we are facing supply chain challenges. There are geopolitical environmental events that we also want to hedge against. So we also want to be well-positioned to take advantage of any potential investment opportunities. So we keep our balance sheet in a place where we could capture those opportunities and hedge against any of the risks.

同樣，由於它與資本有關，我們通常不會 - 我們不會談論目標。但對我們來說真正重要的是我們保持靈活性和資產負債表的實力。我們知道我們正面臨供應鏈挑戰。我們還想對沖一些地緣政治環境事件。因此，我們還希望能夠充分利用任何潛在的投資機會。因此，我們將資產負債表保持在可以抓住這些機會並對沖任何風險的地方。

Yes, I don't think there's much of a change really in our capital allocation strategy. I mean, we're always going to look to invest in our business first. Acquisitions are difficult in this industry, but we're always looking. Share buybacks, the current administration has made them maybe a little bit less attractive with some of the excise taxes that they're posting, but we'll always balance the share buyback and special dividend question.

是的，我認為我們的資本配置策略沒有太大變化。我的意思是，我們總是會首先投資於我們的業務。在這個行業中收購很困難，但我們一直在尋找。股票回購，現任政府可能通過他們發布的一些消費稅讓它們的吸引力降低了一點，但我們將始終平衡股票回購和特別股息問題。

It's only been, what has it been, 8 or 9 months since we did a special dividend. And so there's not pressure necessarily to do one of those really soon. But I think just at the end of the day, we feel like we're good and smart and we have a good capital allocation strategy, and we're really not changing it.

自從我們發放特別股息以來，只有 8 或 9 個月的時間。因此，很快就不一定有壓力去做其中之一。但我認為，在一天結束的時候，我們覺得我們很好而且很聰明，我們有一個很好的資本配置策略，我們真的沒有改變它。

Thank you. At this time, we've run out of time for questions. I'd like to hand the conference back over to Sue Perram for any closing comments.

謝謝你。在這個時候，我們已經沒有時間提問了。我想將會議交還給 Sue Perram 以徵求任何結束意見。

Thank you. And thank you to Lawson and Leanne, and thank you to everyone for joining us today for Brown-Forman's First Quarter Fiscal Year 2023 Earnings Call. If you have any additional questions, please contact us. We look forward to presenting next week in person at the Barclays Global Consumer Staples Conference, and hope to see many of you. For those of you that are unable to attend, the presentation will be made available as a webcast that will be accessible via our Brown-Forman corporate website under the section titled Investors, Events and Presentations.

謝謝你。感謝 Lawson 和 Leanne，感謝大家今天加入我們參加 Brown-Forman 的 2023 財年第一季度財報電話會議。如果您有任何其他問題，請聯繫我們。我們期待在下週親自出席巴克萊全球必需消費品大會，並希望見到你們中的許多人。對於那些無法參加的人，該演示文稿將以網絡廣播的形式提供，可通過我們的 Brown-Forman 公司網站在標題為“投資者、活動和演示文稿”的部分下訪問。

We wish everyone an enjoyable weekend, and hope you will join us in raising a glass on September 2 as we say happy birthday to our founder, George Garvin Brown. With that, this concludes our call.

我們祝大家週末愉快，並希望您能在 9 月 2 日與我們一起舉杯慶祝我們的創始人 George Garvin Brown 生日快樂。這樣，我們的電話就結束了。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。大家，有一個美好的一天。