奧馳亞 (MO) 2021 Q4 法說會逐字稿

Good day, and welcome to the Altria Group 2021 Fourth Quarter Earnings Conference Call. Today's call is scheduled to last about 1 hour, including remarks by Altria's management and a question-and-answer session. Representatives of the investment community and media on the call will be able to ask questions following the conclusion of the prepared remarks.

美好的一天，歡迎參加奧馳亞集團 2021 年第四季度收益電話會議。今天的電話會議計劃持續約 1 小時，包括奧馳亞管理層的講話和問答環節。電話會議上的投資界和媒體代表將能夠在準備好的發言結束後提出問題。

I would now like to turn the call over to Mac Livingston, Vice President of Investor Relations for Altria Client Services. Please go ahead, sir.

我現在想把電話轉給奧馳亞客戶服務投資者關係副總裁 Mac Livingston。請繼續，先生。

Thanks, Leo. Good morning, and thank you for joining us. This morning, Billy Gifford, Altria's CEO; and Sal Mancuso, our CFO, will discuss Altria's fourth quarter and full year business results.

謝謝，獅子座。早上好，感謝您加入我們。今天上午，奧馳亞的 CEO Billy Gifford；我們的首席財務官 Sal Mancuso 將討論奧馳亞第四季度和全年的業務業績。

Earlier today, we issued a press release providing our results. The release, presentation, quarterly metrics and our latest corporate responsibility reports are all available at altria.com.

今天早些時候，我們發布了一份新聞稿，提供了我們的結果。發布、演示、季度指標和我們最新的企業責任報告都可以在 altria.com 上找到。

During our call today, unless otherwise stated, we're comparing results to the same period in 2020.

在我們今天的電話會議中，除非另有說明，否則我們會將結果與 2020 年同期進行比較。

Our remarks contain forward-looking and cautionary statements and projections of future results. Please review the Forward-Looking and Cautionary Statements section at the end of today's earnings release for various factors that could cause actual results to differ materially from projections.

我們的評論包含前瞻性和警示性聲明以及對未來結果的預測。請查看今天收益發布結束時的前瞻性和警示性聲明部分，了解可能導致實際結果與預測存在重大差異的各種因素。

Future dividend payments and share repurchases remain subject to the discretion of Altria's Board. Altria reports its financial results in accordance with U.S. generally accepted accounting principles. Today's call will contain various operating results on both a reported and adjusted basis.

未來的股息支付和股票回購仍由奧馳亞董事會酌情決定。奧馳亞根據美國公認會計原則報告其財務業績。今天的電話會議將包含報告和調整後的各種運營結果。

Adjusted results exclude special items that affect comparisons with reported results. Descriptions of these non-GAAP financial measures and reconciliations are included in today's earnings release and on our website at altria.com.

調整後的結果不包括影響與報告結果比較的特殊項目。這些非公認會計原則財務措施和對賬的描述包含在今天的收益發布和我們的網站 altria.com 上。

Finally, all references in today's remarks to tobacco consumers or consumers within a specific tobacco category or segment refer to existing adult tobacco consumers 21 years of age or older.

最後，今天的評論中對煙草消費者或特定煙草類別或細分消費者的所有提及均指 21 歲或以上的現有成年煙草消費者。

With that, I'll turn the call over to Billy.

有了這個，我會把電話轉給比利。

Thanks, Mac. Good morning, and thank you for joining us.

謝謝，麥克。早上好，感謝您加入我們。

Altria delivered outstanding results in 2021 across our businesses, including strong financial performance, progress toward our vision and advancements in our ESG efforts. This morning, we'll highlight our accomplishment in each of these areas.

奧馳亞在 2021 年的各項業務中取得了出色的業績，包括強勁的財務業績、實現願景的進展以及 ESG 工作的進步。今天上午，我們將重點介紹我們在這些領域的成就。

First, Altria grew its 2021 adjusted diluted earnings per share by 5.7% driven in part by the resiliency of our cigarette, cigar and moist smokeless tobacco businesses. Additionally, we returned more than $8.1 billion in cash to shareholders through dividends and share repurchases. This total represents the third largest single year cash return in Altria's history and the largest annual return since 2002.

首先，奧馳亞 2021 年調整後的稀釋後每股收益增長了 5.7%，部分原因是我們的捲煙、雪茄和濕無菸煙草業務的彈性。此外，我們通過股息和股票回購向股東返還了超過 81 億美元的現金。這一總額是奧馳亞歷史上第三大單年現金回報，也是自 2002 年以來最大的年度回報。

We have continued to make progress toward our vision of responsibly leading the transition of adult smokers to a smoke-free future. Our teams took several steps forward in 2021, including accelerating the retail share growth of on! and further enhancing the capabilities to expand heated tobacco and other new U.S. tobacco products; advancing the science, research and development behind our smoke-free products; advocating for tobacco harm reduction by encouraging the FDA and other stakeholders to address the widely held nicotine misperceptions in society; and we made excellent strides in establishing a best-in-class consumer engagement system to support smoker transition to smoke-free products.

我們繼續朝著負責任地引導成年吸煙者過渡到無菸未來的願景取得進展。我們的團隊在 2021 年向前邁出了幾步，包括加速 on! 的零售份額增長！並進一步提高擴大加熱煙草和其他新的美國煙草產品的能力；推進我們的無菸產品背後的科學、研究和開發；通過鼓勵 FDA 和其他利益相關者解決社會上廣泛存在的尼古丁誤解，倡導減少煙草危害；我們在建立一流的消費者參與系統以支持吸煙者過渡到無菸產品方面取得了長足的進步。

Our system leverages robust transactional data and our advanced analytic capabilities to engage with consumers at the point of purchase.

我們的系統利用強大的交易數據和我們先進的分析能力在購買時與消費者互動。

Finally, some of our achievements across our responsibility focus areas,included publishing six corporate responsibility reports, summarizing our progress in critical areas, such as harm reduction and underage prevention, and publishing our inaugural task force on climate-related financial disclosures report.

最後，我們在責任重點領域取得的一些成就包括發布了六份企業責任報告，總結了我們在減少危害和預防未成年人等關鍵領域取得的進展，以及發布了我們的首個氣候相關財務披露工作組報告。

We were recognized for the second consecutive year with a AA rating from CDP for climate and water stewardship. And we advanced our internal talent and cultural goals, embraced workplace flexibility and embedded inclusion and diversity considerations within our performance review process to hold our leaders accountable. We're excited to share more about our responsibility efforts and our consumer engagement system next month at CAGNY.

我們連續第二年獲得 CDP 氣候和水資源管理 AA 評級。我們提升了內部人才和文化目標，在我們的績效評估流程中接受了工作場所的靈活性以及嵌入包容性和多樣性的考慮，以使我們的領導者承擔責任。我們很高興下個月在 CAGNY 分享更多關於我們的責任工作和我們的消費者參與系統的信息。

2021 was a dynamic year for the U.S. tobacco industry, and total industry volumes were influenced by several factors, including pandemic-induced shifts in consumer purchasing behavior and tobacco usage occasions, a continued trend towards smoke-free alternatives and an evolving regulatory and legislative landscape.

2021 年對美國煙草業來說是充滿活力的一年，行業總量受到多種因素的影響，包括大流行引起的消費者購買行為和煙草使用場合的轉變、無菸替代品的持續趨勢以及不斷變化的監管和立法環境.

Despite year-over-year volatility due to pandemic-related factors, total tobacco volume trends remained stable. In fact, we estimate that overall tobacco space volumes have decreased by 0.3% annualized for the past 2 years and by 0.8% over the last 5 years on a compounded annual basis.

儘管由於大流行相關因素導致同比波動，但煙草總量趨勢保持穩定。事實上，我們估計過去 2 年的總煙草空間量年均下降 0.3%，過去 5 年的複合年均下降 0.8%。

Diving deeper, total estimated equivalized volumes for smoke-free products in the U.S. grew to 3.8 billion equivalized units in 2021 and represented approximately 24% of the total tobacco space. We estimate the year-over-year increases in smoke-free volumes were driven by the e-vapor category, which result -- resumed its growth after a temporary pause in 2020 and on! nicotine pouches, which continue to grow rapidly from a small base.

更深入地了解，美國無菸產品的總估計等效體積在 2021 年增長到 38 億等效單位，約佔煙草總空間的 24%。我們估計無菸量的同比增長是由電子蒸汽類別推動的，其結果是在 2020 年及以後的暫時停頓後恢復了增長！尼古丁袋，從小基數繼續快速增長。

2021 smoke-free volumes also benefited from the geographic expansion of IQOS in the heated tobacco category, but we're pressured by modest declines in the MST category due to shifts in consumer purchasing behavior and movement to other smoke-free categories.

2021 年無菸銷量也受益於 IQOS 在加熱煙草類別中的地域擴張，但由於消費者購買行為的轉變和向其他無菸類別的轉移，MST 類別的適度下降給我們帶來了壓力。

And in combustibles, volume declined to approximately 11.8 billion equivalized units driven by several factors, which Sal will discuss later in his remarks.

在可燃物方面，受多種因素驅動，銷量下降至約 118 億當量單位，Sal 將在稍後的講話中對此進行討論。

Turning to our smoke-free product portfolio. We're excited by the exceptional performance of on! and on! nicotine pouches. on! retail share of oral tobacco increased by nearly a full share point sequentially, reaching 3.9 share points for the fourth quarter and nearly doubling its share over the past 6 months.

轉向我們的無菸產品組合。我們對 on 的出色表現感到興奮！繼續！尼古丁袋。在！口腔煙草的零售份額環比增長近一個百分點，第四季度達到 3.9 個份額，在過去 6 個月中幾乎翻了一番。

These strong results were primarily driven by an increase in [multi-can] purchases. As of the end of the year, on! was available for sale in approximately 117,000 U.S. retail stores.

這些強勁的結果主要是由於[多罐]購買量的增加。到年底，加油！在大約 117,000 家美國零售店有售。

The on! nicotine pouch category reached a total oral tobacco retail share of 17.9 percentage points in the fourth quarter, growing 7.4 share points year-over-year. We're encouraged that on! represented more than 1/3 of this growth, and the brand is proving to be a highly competitive product in the space.

開！尼古丁袋類在第四季度的總口腔煙草零售份額達到 17.9 個百分點，同比增長 7.4 個百分點。我們鼓勵這樣做！佔這一增長的 1/3 以上，該品牌被證明是該領域極具競爭力的產品。

Our premarket tobacco applications for the entire on! portfolio remained pending with the FDA, and we believe that the FDA should determine that the marketing of these products is appropriate for the protection of public health. We are actively working on modified risk tobacco product applications for on! and expect to submit these applications to the FDA by the end of this year.

我們的整個上市前煙草應用程序！產品組合仍待 FDA 處理，我們認為 FDA 應確定這些產品的營銷是否適合保護公眾健康。我們正在積極致力於改良風險煙草產品的申請！並預計在今年年底前向 FDA 提交這些申請。

We believe an MRTP claim would be an impactful point of differentiation for the brand and an important tool in educating and ultimately transitioning smokers to less harmful products.

我們相信 MRTP 聲明將是品牌差異化的一個有影響力的點，也是教育吸煙者並最終將其轉變為危害較小的產品的重要工具。

In heated tobacco, our teams made excellent progress with IQOS in the Northern Virginia market, with Marlboro HeatSticks achieving a 1.9% retail share of the cigarette category in stores with distribution for the month of October. Unfortunately, PM USA had to remove IQOS from the market in November due to the International Trade Commission's importation ban and cease and desist orders.

在加熱煙草方面，我們的團隊在弗吉尼亞北部市場使用 IQOS 取得了顯著進展，萬寶路 HeatSticks 在 10 月份的經銷店中實現了 1.9% 的捲菸類別零售份額。不幸的是，由於國際貿易委員會的進口禁令和停止令，美國總理不得不在 11 月將 IQOS 從市場上撤下。

PMI is responsible for IQOS manufacturing, and we have been in contact regarding product availability. At the present time, we do not expect to have access to IQOS devices or Marlboro HeatSticks in 2022. However, we remain focused on returning IQOS to the market as soon as possible. Our teams are actively working on reentry plans, and we expect to be ready to bring IQOS back to U.S. consumers when available.

PMI 負責 IQOS 的製造，我們一直在就產品可用性進行聯繫。目前，我們預計 2022 年無法使用 IQOS 設備或萬寶路 HeatSticks。但是，我們仍然專注於盡快將 IQOS 推向市場。我們的團隊正在積極制定再入計劃，我們希望準備好在可用時將 IQOS 帶回美國消費者手中。

Our agreement with PMI contemplates disruptions, such as those caused by the ITC orders, and requires the parties to negotiate in good faith to amend the agreement appropriately.

我們與 PMI 的協議考慮了中斷，例如由 ITC 訂單引起的中斷，並要求雙方真誠協商以適當修改協議。

In the second quarter of 2020, we disclosed 2 milestones in our IQOS agreement with PMI necessary for PM USA to maintain its exclusive license and distribution rights for IQOS in the U.S. and to earn the renewal option for an additional 5-year term.

在 2020 年第二季度，我們在與 PMI 的 IQOS 協議中披露了兩個里程碑，這對於 PM USA 維持其 IQOS 在美國的獨家許可和分銷權並獲得額外 5 年的續訂選擇權是必要的。

The initial 5-year term does not expire until April of 2024, but we believe that PM USA has already met these milestones based on the strong performance of IQOS in the Charlotte and Northern Virginia markets.

最初的 5 年期限要到 2024 年 4 月才到期，但我們相信，基於 IQOS 在夏洛特和北弗吉尼亞市場的強勁表現，PM USA 已經實現了這些里程碑。

PMI has communicated that it disagrees with our position. We expect to continue discussing these matters with PMI. We firmly believe that heated tobacco products can play an important role in U.S. harm reduction, and we are continuing our efforts to support the category's growth.

PMI 表示不同意我們的立場。我們希望繼續與 PMI 討論這些問題。我們堅信加熱煙草產品可以在美國減少危害方面發揮重要作用，我們將繼續努力支持該類別的增長。

We have gained significant knowledge from our IQOS commercialization efforts, which we expect to use going forward. Our teams learned how to educate U.S. smokers on a brand-new tobacco category and how to effectively support their transition journey to smoke-free alternatives.

我們從我們的 IQOS 商業化工作中獲得了重要的知識，我們希望在未來使用這些知識。我們的團隊學習瞭如何對美國吸煙者進行全新煙草類別的教育，以及如何有效地支持他們向無菸替代品過渡的過程。

We demonstrated improved performance in each successive market and gained valuable knowledge on leveraging MRTP claims to transition smokers. Additionally, we have built a robust post-market surveillance system, all of which we believe will position us to successfully achieve our objective of moving beyond smoking.

我們在每個連續的市場中都展示了改進的性能，並獲得了關於利用 MRTP 聲明對過渡吸煙者的寶貴知識。此外，我們建立了一個強大的上市後監控系統，我們相信所有這些系統將使我們能夠成功實現我們擺脫吸煙的目標。

Moving to the e-vapor category. The 2021 Monitoring the Future study was recently released, and the data showed positive improvements in underage usage trends. Both underage use of nicotine vaping products and JUUL specifically show continued signs of decline.

轉向電子蒸汽類別。 2021 年監測未來研究最近發布，數據顯示未成年人使用趨勢出現積極改善。未成年人使用尼古丁電子煙產品和 JUUL 都特別顯示出持續下降的跡象。

The latest data shows that JUUL underage usage is down by 70% from 2019, with total underage nicotine vaping down 27% over the same period. We are encouraged by the progress, but more still needs to be done, and we remain committed to continuing our work to reduce underage use of all tobacco products.

最新數據顯示，JUUL 未成年人使用量比 2019 年下降了 70%，同期未成年人尼古丁總量下降了 27%。我們對取得的進展感到鼓舞，但仍有更多工作要做，我們仍致力於繼續努力減少未成年人使用所有煙草製品。

Turning to the regulatory environment. The FDA is currently weighing several decisions that we believe will shape the future of harm reduction in the U.S. In the e-vapor category, the FDA has issued marketing denial orders for many e-vapor PMTAs, predominantly, applications for open systems and flavored e-liquids. These denial orders have resulted in significant litigation across the country.

轉向監管環境。 FDA 目前正在權衡幾項決定，我們認為這些決定將塑造美國減少危害的未來。 -液體。這些拒絕令在全國范圍內引發了重大訴訟。

In the meantime, PMTAs for most leading e-vapor products, including JUUL, are still on an FDA review. The FDA granted its first e-vapor market order last year for the tobacco variant of a cigar-like product. The FDA has not reached a final decision for that manufacturer's menthol variant, but did deny its submissions for its other flavored cartridges.

與此同時，包括 JUUL 在內的大多數領先電子蒸汽產品的 PMTA 仍在接受 FDA 審查。 FDA 去年授予了其第一個電子蒸汽市場訂單，用於類似雪茄產品的煙草變體。 FDA 尚未就該製造商的薄荷醇變體做出最終決定，但確實否認了其提交的其他風味藥筒的申請。

In oral tobacco, PMTAs for the leading oral nicotine pouch products including on!, remain pending with the FDA. Last year, the FDA granted the first market authorizations among innovative oral tobacco products for our Verve discs and chews in the flavors of Green Mint and Blue Mint.

在口服煙草中，包括 on! 在內的主要口服尼古丁袋產品的 PMTA 仍在等待 FDA 審理。去年，FDA 授予了創新口腔煙草產品的第一個市場授權，用於我們的綠薄荷和藍薄荷口味的 Verve 圓片和咀嚼片。

These were also the first flavored product authorizations for newly deemed tobacco products. Additionally, MRTP applications previously submitted for Copenhagen Snuff and competitive snus products remain in FDA review.

這也是新認定的煙草產品的第一個調味產品授權。此外，之前為哥本哈根鼻煙和競爭性鼻煙產品提交的 MRTP 申請仍在 FDA 審查中。

Finally, in combustibles, the FDA has stated that they are on track to issue proposed product standards by April 2022 regarding menthol in cigarettes and characterizing flavors in cigars. As a reminder, the FDA rule-making process for these and all potential product standards has multiple steps and provide several opportunities for stakeholders to provide input.

最後，在可燃物方面，FDA 表示，他們有望在 2022 年 4 月之前發布有關捲菸中薄荷醇和雪茄風味特徵的擬議產品標準。提醒一下，FDA 為這些和所有潛在產品標準制定規則的過程有多個步驟，並為利益相關者提供了幾個提供意見的機會。

There are formal requirements related to public notice and comment and steps requiring the office of management and budget to assess economic consequences at several points in the process. Importantly, if the FDA chooses to move forward with their final rules, they must address all comments received throughout the rule-making process.

有與公告和評論相關的正式要求，以及要求管理和預算辦公室在流程中的幾個點評估經濟後果的步驟。重要的是，如果 FDA 選擇推進他們的最終規則，他們必須解決在整個規則制定過程中收到的所有意見。

Of course, any final rule must take into account the potential for unintended consequences and would be subject to legal challenges. We plan to review the proposed rules in detail and intend to engage with the FDA throughout the rule-making process on each of these issues.

當然，任何最終規則都必須考慮到潛在的意外後果，並且會受到法律挑戰。我們計劃詳細審查提議的規則，並打算在每個問題的規則制定過程中與 FDA 合作。

We remain optimistic about the future of harm reduction in the U.S. We believe we have an unprecedented opportunity to lead the way in shifting millions of smokers away from cigarettes, if we follow the science and foster innovation with the support of reasonable regulation.

我們對美國減少危害的未來保持樂觀。我們相信，如果我們遵循科學並在合理監管的支持下促進創新，我們將擁有前所未有的機會引領數百萬吸煙者遠離捲菸。

We are encouraged that the FDA has authorized a product in each of the 3 major smoke-free categories. Going forward, this year, we expect the FDA to carefully consider the scientific merits of each remaining application, and we're hopeful for significant progress in product marketing and claim authorizations.

我們感到鼓舞的是，FDA 已經授權了 3 種主要無菸類別中的每一種產品。展望未來，今年，我們希望 FDA 仔細考慮每個剩餘申請的科學價值，我們希望在產品營銷和索賠授權方面取得重大進展。

I would like to end my commentary regarding 2021 with the message to Altria's employees. Thank you for your dedication, passion and creativity through a difficult period. We experienced several challenges last year in both our professional and personal lives, and I admire your resiliency and fortitude. You are a driving force in moving beyond smoking, and we are very appreciative of your efforts and commitment.

我想以給奧馳亞員工的信息結束我對 2021 年的評論。感謝您在困難時期的奉獻、熱情和創造力。去年，我們在職業和個人生活中都經歷了幾次挑戰，我欽佩你的韌性和毅力。您是擺脫吸煙的推動力，我們非常感謝您的努力和承諾。

Let's now move to our financial outlook for 2022. Our plans for the year ahead include a continuation of our strategy to balance earnings growth and shareholder returns, with investments toward our vision. For 2022, our planned investment areas include digital consumer engagement, smoke-free product research, development and regulatory preparations and marketplace activities in support of our smoke-free products.

現在讓我們談談我們對 2022 年的財務展望。我們對來年的計劃包括繼續我們的戰略，以平衡盈利增長和股東回報，並對我們的願景進行投資。 2022 年，我們計劃的投資領域包括數字消費者參與、無菸產品研究、開發和監管準備以及支持我們無菸產品的市場活動。

The external environment remains dynamic, however, and we're monitoring various factors such as the economy, including the impact of increased inflation; the impact of current and potential future COVID-19 variants and mitigation strategies; tobacco consumer dynamics, including tobacco usage occasions and available disposable income; and regulatory and legislative developments.

然而，外部環境仍然充滿活力，我們正在監測經濟等各種因素，包括通脹上升的影響；當前和潛在的未來 COVID-19 變體和緩解策略的影響；煙草消費動態，包括煙草使用場合和可支配收入；以及監管和立法的發展。

Taking these factors into consideration, we expect to deliver 2022 full year adjusted diluted EPS in a range of $4.79 to $4.93. This range represents an adjusted diluted EPS growth rate of 4% to 7% from a $4.61 base in 2021.

考慮到這些因素，我們預計 2022 年全年調整後的攤薄每股收益將在 4.79 美元至 4.93 美元之間。該範圍代表調整後的攤薄後每股收益增長率從 2021 年的 4.61 美元基數增長 4% 至 7%。

We expect 2022 adjusted diluted EPS growth to be weighted toward the second half of the year. Our guidance includes anticipated inflationary increases in master settlement agreement expenses and direct materials expenses and our current expectation that we will not have access to the IQOS system in 2022.

我們預計 2022 年調整後的攤薄每股收益增長將在下半年加權。我們的指導包括預期的總和解協議費用和直接材料費用的通貨膨脹性增長，以及我們目前的預期，即我們將在 2022 年無法使用 IQOS 系統。

I'll now turn it over to Sal to provide more detail on the business environment and our results.

我現在將把它交給 Sal，以提供有關商業環境和我們結果的更多細節。

Thanks, Billy. I'd like to begin with an update on consumer disposable income, mobility and retail store traffic. We believe rising gas prices, inflation and the reduction of COVID-19 relief programs led to a decrease in disposable income on a sequential and year-over-year basis. In addition, increased consumer mobility versus the prior year offered consumers more options for their discretionary spending and led to fewer tobacco usage occasions.

謝謝，比利。我想先介紹一下消費者可支配收入、流動性和零售店客流量的最新情況。我們認為，汽油價格上漲、通貨膨脹和 COVID-19 救濟計劃的減少導致可支配收入連續和同比下降。此外，與上一年相比，消費者流動性的增加為消費者的可自由支配支出提供了更多選擇，並導致煙草使用場合減少。

At retail, fourth quarter trends were unchanged sequentially. We estimate that compared to pre-pandemic levels, the number of tobacco consumer trips to the store continued to be depressed, but tobacco expenditures per trip remained elevated.

在零售方面，第四季度的趨勢環比保持不變。我們估計，與大流行前的水平相比，煙草消費者前往商店的次數繼續減少，但每次旅行的煙草支出仍然較高。

Moving to our businesses. The smokeable product segment delivered excellent financial performance once again. Our strategy for this segment continues to be maximizing profitability, while balancing investments in Marlboro, with funding the growth of our smoke-free portfolio.

轉移到我們的業務。可抽吸產品部門再次取得優異的財務業績。我們在這一領域的戰略繼續是最大限度地提高盈利能力，同時平衡對萬寶路的投資，為我們的無菸產品組合的增長提供資金。

We believe our teams are successfully executing this strategy, and the segment has delivered strong profit growth and stable Marlboro marketplace performance throughout the pandemic period.

我們相信我們的團隊正在成功地執行這一戰略，並且該部門在整個大流行期間實現了強勁的利潤增長和穩定的萬寶路市場表現。

In the fourth quarter, the segment grew its adjusted OCI by 4.9% and expanded its adjusted OCI margins to 56.2%. The segment also reported strong net price realization of 8.8%.

第四季度，該部門調整後的 OCI 增長了 4.9%，調整後的 OCI 利潤率擴大到 56.2%。該部門還報告了強勁的淨價格實現 8.8%。

Fourth quarter smokeable segment reported domestic cigarette volumes decline by 5.9%. When adjusted for trade inventory movements and other factors, we estimate that segment domestic cigarette volumes for the fourth quarter declined by 8%, and that industry volumes declined by 6.5% over the same period.

第四季度可抽吸部分報告國內捲煙銷量下降 5.9%。根據貿易庫存變動和其他因素進行調整後，我們估計第四季度國內捲煙銷量下降了 8%，同期行業銷量下降了 6.5%。

As a reminder, adjusted cigarette volumes were strong in the fourth quarter of 2020, with our smokeable segment adjusted cigarette volumes declining by just 1% and industry volumes growing by 1.5%.

提醒一下，2020 年第四季度調整後的捲煙銷量強勁，我們的可抽部分調整後的捲煙銷量僅下降 1%，行業銷量增長 1.5%。

For the full year, smokeable segment adjusted OCI grew 3.1% to $10.4 billion. Adjusted OCI margins expanded by 1.2 percentage points to 57.6%. These strong full year results were supported by robust net price realization up 9.1%.

全年，可吸煙部分調整後的 OCI 增長 3.1% 至 104 億美元。調整後的 OCI 利潤率增長 1.2 個百分點至 57.6%。這些強勁的全年業績得到強勁的淨價格實現增長 9.1% 的支持。

Full year smokable segment reported domestic cigarette volumes declined 7.5% due to the strong comparison period and the continuation of pandemic driven changes in the consumer behavior. When adjusted for trade inventory movement, calendar differences and other factors, we estimate that smokable segment cigarette volumes declined by 6%, and that the full industry declined by 5.5%.

由於強勁的對比期和大流行驅動的消費者行為變化的持續，全年可抽部分報告的國內捲煙銷量下降了 7.5%。在對貿易庫存變動、日曆差異和其他因素進行調整後，我們估計可吸部分捲菸銷量下降了 6%，整個行業下降了 5.5%。

We believe it's important to analyze cigarette volume trends over the longer term as decline rates in any one year can be influenced by various factors. The COVID-19 pandemic has certainly been one of these distorting factors, and we believe the best way to assess cigarette volumes during this period is looking at 2020 and 2021 volumes combined. In fact, the 2-year average decline rates for adjusted smokable segment and industry cigarette volume declines were 4% and 3%, respectively, well within the range of historic norms.

我們認為分析捲菸量的長期趨勢很重要，因為任何一年的下降率都會受到各種因素的影響。 COVID-19 大流行無疑是這些扭曲因素之一，我們認為在此期間評估捲菸數量的最佳方法是查看 2020 年和 2021 年的捲煙量。事實上，調整後的可吸煙部分和行業捲菸銷量下降的 2 年平均下降率分別為 4% 和 3%，遠在歷史標準範圍內。

Turning to marketplace performance. Marlboro remains strong and has demonstrated resilience. The cigarette category remains very competitive. After market share gains in the first half of 2021, Marlboro did see share in the fourth quarter.

轉向市場表現。萬寶路依然強大，並表現出韌性。捲菸類別仍然非常具有競爭力。在 2021 年上半年市場份額增加後，萬寶路確實在第四季度看到了份額。

We believe the sequential share decline occurred due to macroeconomic pressures on consumer disposable income. While the vast majority of Marlboro consumers are highly brand loyal, we do know that cigarette brand selection for a subset of smokers is dependent on economic conditions.

我們認為，由於宏觀經濟對消費者可支配收入的壓力，導致份額環比下降。雖然絕大多數万寶路消費者對品牌忠誠度很高，但我們確實知道，為一部分吸煙者選擇捲菸品牌取決於經濟狀況。

These consumers are more likely to select premium brands during economic upswings, as demonstrated by Marlboro share gains in the first half of 2021, but they are also more likely to trade down in tougher economic situations. We remain focused on the long-term strength of Marlboro, and we are very pleased that its full year share grew 0.2 to 43.1%, and that the brand remained stable since the beginning of the pandemic.

這些消費者更有可能在經濟回升期間選擇高端品牌，萬寶路在 2021 年上半年的股價上漲就證明了這一點，但在更嚴峻的經濟形勢下，他們也更有可能降價購買。我們仍然關注萬寶路的長期實力，我們很高興其全年份額增長 0.2% 至 43.1%，並且該品牌自大流行開始以來保持穩定。

In discount, total segment retail share in the fourth quarter continued to fluctuate, increasing 0.7 sequentially to 26% driven primarily by deep discount products. We believe the share increases observed in the discount segment are due to the previously mentioned macroeconomic factors that pressured the consumer in the fourth quarter.

在折扣方面，第四季度的總零售份額繼續波動，主要受深度折扣產品的推動，環比增長 0.7 至 26%。我們認為，折扣部分的份額增加是由於前面提到的第四季度給消費者帶來壓力的宏觀經濟因素。

For the full year, discount segment share increased 0.5 to 25.4%, which was at the high end of its historical ranges. We expect fluctuation in discount segment shares to continue as the cohort of price sensitive consumers react to their short-term economic conditions.

全年，折扣市場份額增長 0.5% 至 25.4%，處於歷史區間的高端。我們預計，隨著對價格敏感的消費者群體對其短期經濟狀況做出反應，折扣細分市場份額將繼續波動。

And in cigars, Middleton provided strong contributions to smokable segment financial results. Reported cigar shipment volume was essentially unchanged for the year, as Middleton maintained the strength of the iconic Black & Mild brand and successfully managed the supply chain during a challenging year.

在雪茄方面，米德爾頓為可吸煙部門的財務業績做出了巨大貢獻。由於米德爾頓保持了標誌性的 Black & Mild 品牌的實力，並在充滿挑戰的一年中成功管理了供應鏈，因此報告的雪茄出貨量在這一年基本沒有變化。

Turning to the oral tobacco product segment. Adjusted OCI and adjusted OCI margins contracted for the full year primarily due to increased investments behind on!. Total segment reported shipment volume was unchanged for the year. When adjusted for trade inventory movements and calendar differences, we estimate that total oral tobacco segment volumes declined by 0.5%.

轉向口腔煙草產品領域。調整後的 OCI 和調整後的 OCI 利潤率全年收縮，主要是由於投資增加！全年報告的總分部出貨量沒有變化。根據貿易庫存變動和日曆差異進行調整後，我們估計口服煙草部分的總銷量下降了 0.5%。

We remain pleased with the overall performance of the segment as Copenhagen continues to generate significant income in the high-margin MST category, and we're excited about the growth demonstrated by on!.

我們對該細分市場的整體表現感到滿意，因為哥本哈根繼續在高利潤的 MST 類別中產生可觀的收入，我們對 on! 所展示的增長感到興奮。

Oral tobacco product segment retail share for the fourth quarter was down slightly sequentially as strong share gains from on! nearly offset declines in MST. The segment declined 1.6 percentage points versus the fourth quarter last year due to the continued growth of the oral nicotine pouch category.

由於強勁的份額增長，第四季度的口腔煙草產品部門零售份額環比略有下降！幾乎抵消了 MST 的下降。由於口服尼古丁袋類別的持續增長，該細分市場與去年第四季度相比下降了 1.6 個百分點。

Turning to our investment in ABI. We recorded $172 million of adjusted equity earnings in the fourth quarter, representing Altria's share of ABI's third quarter results. For the full year, we recorded $639 million in adjusted equity earnings, up 18.3% versus 2020.

轉向我們對 ABI 的投資。我們在第四季度錄得 1.72 億美元的調整後股本收益，代表奧馳亞在 ABI 第三季度業績中的份額。全年，我們錄得 6.39 億美元的調整後股本收益，比 2020 年增長 18.3%。

As we shared in our previous earnings call, we view our ABI stake as a financial investment, and our goal is to maximize the long-term value of the investment for our shareholders.

正如我們在之前的財報電話會議中所分享的，我們將 ABI 股份視為一項金融投資，我們的目標是為股東實現投資的長期價值最大化。

In our all other operating category, we continue to make progress on our wind down of Philip Morris Capital Corporation. At year-end, the net finance assets balance was $114 million, down more than $200 million since the end of 2020 due to rents received and asset sales. As previously announced, we expect to complete the PMCC wind down by the end of 2022.

在我們所有其他運營類別中，我們繼續在關閉菲利普莫里斯資本公司方面取得進展。年底，由於收到的租金和資產出售，淨財務資產餘額為 1.14 億美元，自 2020 年底以來減少了 2 億多美元。正如之前宣布的，我們預計將在 2022 年底之前完成 PMCC 的結束。

Turning to capital allocation. We remain committed to creating long-term shareholder value through the pursuit of our vision and our significant capital returns. As Billy mentioned in his opening remarks, we returned more than $8.1 billion in cash last year to shareholders through dividends and share repurchases. These record cash returns included paying $6.4 billion in dividends, raising the dividend for the 56th time in 52 years, and repurchasing nearly 36 million shares during the year totaling $1.7 billion.

轉向資本配置。我們仍然致力於通過追求我們的願景和顯著的資本回報來創造長期的股東價值。正如比利在開場白中提到的那樣，我們去年通過股息和股票回購向股東返還了超過 81 億美元的現金。這些創紀錄的現金回報包括支付 64 億美元的股息、52 年來第 56 次提高股息，以及在年內回購近 3600 萬股股票，總計 17 億美元。

We also sold Ste. Michelle Wine Estates and expanded our share repurchase program from $2 billion to $3.5 billion. We have approximately $1.8 billion remaining under this expanded program, which we expect to complete by December 31, 2022.

我們還出售了 Ste。 Michelle Wine Estates，並將我們的股票回購計劃從 20 億美元擴大到 35 億美元。在這個擴大的計劃下，我們還剩下大約 18 億美元，我們預計將在 2022 年 12 月 31 日之前完成。

We continue to have a strong balance sheet, and our goal is to maintain an investment-grade credit rating. As of year-end, our debt to EBITDA ratio was 2.3x, and our weighted average coupon was 4%.

我們繼續擁有強勁的資產負債表，我們的目標是維持投資級信用評級。截至年底，我們的債務與 EBITDA 比率為 2.3 倍，加權平均票面利率為 4%。

With that, we'll wrap up, and Billy and I will be happy to take your questions. While the calls are being compiled, I'll remind you that today's earnings release, and our non-GAAP reconciliations are available on altria.com. We've also posted our usual quarterly metrics, which include pricing, inventory and other items.

這樣，我們就結束了，比利和我很樂意回答你的問題。在編譯電話時，我會提醒您今天的收益發布，以及我們的非 GAAP 對賬可在 altria.com 上獲得。我們還發布了通常的季度指標，包括定價、庫存和其他項目。

Let's open the question-and-answer period. Operator, do we have any questions?

讓我們打開問答環節。接線員，我們有什麼問題嗎？

(Operator Instructions) Our first question comes from Pamela Kaufman from Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Pamela Kaufman。

Pam, this is Mac. Just one quick second before your question. We understand that there were some technical issues associated with the webcast, so I want to apologize for the disruption to those listening there. We will work to get our recorded remarks up on the website as soon as possible. Thanks, and go ahead, Pam.

帕姆，這是麥克。就在你提問前一秒。我們了解網絡廣播存在一些技術問題，因此我想為乾擾到那裡收聽的人道歉。我們將努力盡快在網站上發布我們記錄的評論。謝謝，繼續，帕姆。

So how would you characterize the current competitive environment within the cigarette category? The deep discount segment continues to invest in price and is gaining share.

那麼，您如何描述捲菸類別中當前的競爭環境？深度折扣部分繼續投資於價格並獲得份額。

Given the headwinds that you highlighted that are impacting the tobacco consumer, how are you thinking about managing price gaps versus the discount segment? And are you prioritizing stabilizing Marlboro market share?

鑑於您強調的影響煙草消費者的不利因素，您如何考慮管理價格差距與折扣細分市場？您是否優先考慮穩定萬寶路的市場份額？

Pamela, thanks for your question. I think I would start with Marlboro's share. I mean, when you look at Marlboro's share performance over the past 8 quarters, it has been stable. So you can look at kind of this period in the pandemic to pre-pandemic levels and you see Marlboro has remained strong throughout that period.

帕梅拉，謝謝你的提問。我想我會從萬寶路的份額開始。我的意思是，當您查看萬寶路過去 8 個季度的股票表現時，它一直很穩定。因此，您可以查看大流行期間到大流行前水平的這段時期，您會發現萬寶路在整個期間保持強勁。

I think when we went through the pandemic, though, there were several macroeconomic tailwinds, so -- and we've mentioned them before. There was lower consumer mobility. There was higher government stimulus payments and, what we believe, led to increased smoking occasions.

不過，我認為當我們經歷大流行時，有幾個宏觀經濟順風，所以 - 我們之前已經提到過它們。消費者流動性較低。政府的刺激性支出增加了，我們認為，這導致吸煙人數增加。

And when you think about that, that led to increased or higher discretionary income for competitive adult smokers who then traded up to Marlboro. And I think that really showed the continued appeal of premium brands.

當你考慮到這一點時，這導致競爭激烈的成年吸煙者的可支配收入增加或更高，然後他們轉向萬寶路。我認為這確實表明了高端品牌的持續吸引力。

Now as we start seeing some of those pressures you're referring to put pressure or decrease the discretionary spend of some of our consumers, you see the more price-sensitive adult smokers moving back to discount brands, and I think that would be expected.

現在，當我們開始看到您所說的一些壓力給我們的一些消費者施加壓力或減少可自由支配的支出時，您會看到對價格更敏感的成年吸煙者重新轉向折扣品牌，我認為這是可以預料的。

Look, we believe that the current discount share, to your point, is at the high end of historical norms, but we do expect quarterly fluctuations in share to continue until the economy begins to stabilize from the pandemic.

聽著，我們認為，就您的觀點而言，當前的折扣份額處於歷史規範的高端，但我們確實預計份額的季度波動將持續，直到經濟開始從大流行中企穩。

I think, overall, from a pricing standpoint, and I'll be careful not to talk about future pricing, you recall the 4 factors that we look at to make pricing decisions, strength of the brand, the economic health of our consumers, the demographics or relevancy of the brands across the various age cohorts and corporate objectives. And I think when you think about the strength of the brand, I would remind you that like Marlboro has over 90% loyalty, and that I think has shown through the 8 quarters of stability.

我認為，總的來說，從定價的角度來看，我會小心不要談論未來的定價，你還記得我們在做出定價決定時考慮的 4 個因素，品牌實力，消費者的經濟健康狀況，品牌在不同年齡段和企業目標中的人口統計或相關性。而且我認為，當您考慮品牌的實力時，我會提醒您，像萬寶路一樣擁有超過 90% 的忠誠度，並且我認為這已經通過 8 個季度的穩定表現出來。

That's helpful. And then just a question on smokeless segment. Profitability and margins have been under pressure in smokeless over the last several quarters.

這很有幫助。然後只是關於無菸部分的問題。在過去幾個季度中，無菸煙草的盈利能力和利潤率一直處於壓力之下。

Can you elaborate on the investments you're making there? And how are you thinking about smokeless investments and profitability in 2022?

你能詳細說明你在那裡進行的投資嗎？您如何看待 2022 年的無菸投資和盈利能力？

Yes. It's a great question. I appreciate you raising it. I think when you think about it, Pamela, we had talked, as we progressed through 2020 that we were really focused on getting past the manufacturing capacity constraints, and that would allow us to really start engaging with the consumer.

是的。這是一個很好的問題。我很感激你提出來。帕梅拉，我認為當您考慮到這一點時，我們已經談過，隨著我們在 2020 年的進展，我們真正專注於克服製造能力的限制，這將使我們能夠真正開始與消費者互動。

So now being in the 117,000 stores, you want to have a nice look at retail. You're going to want to engage with smokers with equity messages that go to the consumer, whether through direct mail or through digital.

因此，現在在 117,000 家商店中，您想好好看看零售業。您將希望通過直郵或數字方式向消費者傳達公平信息，從而與吸煙者互動。

And then because you're introducing a new category and is growing, you want to have some disruption at retail, both with the look and with some price off, and so you have price promotions that take place in the marketplace.

然後因為你正在引入一個新的類別並且正在增長，你希望在零售方面有一些破壞，無論是外觀還是價格都降低了，所以你在市場上進行了價格促銷。

So those are the major factors that, as we're investing in on! and it's growing, impact the overall oral tobacco category from a margin standpoint. I know you would like me to say this is the exact date we expect to end that, but I think as you think about a growing category, and on! certainly participated in that growth, we're going to invest appropriately as that category continues to grow.

所以這些是我們投資的主要因素！而且它正在增長，從利潤的角度影響整個口腔煙草類別。我知道您希望我說這是我們希望結束的確切日期，但我認為當您考慮一個不斷增長的類別時，等等！當然參與了這種增長，隨著該類別的持續增長，我們將進行適當的投資。

We'll take our next question from Bonnie Herzog of Goldman Sachs.

我們將向高盛的 Bonnie Herzog 提出下一個問題。

I have a question on your '22 EPS guidance. You mentioned you plan to balance earnings growth and shareholder returns with investments towards your vision, which includes increased smoke-free product R&D. But at the same time, you don't expect to have IQOS in the market.

我對您的 '22 EPS 指南有疑問。您提到您計劃平衡收益增長和股東回報與實現您的願景的投資，其中包括增加無菸產品研發。但與此同時，您也不希望市場上有 IQOS。

So 2 questions. One, can you give us a sense of your investment spend in R&D.? For instance, will your investments in this effort be elevated above '21 levels? And then two, can you share maybe just a little bit more with us about your 2030 vision and how the development of an additional smoke-free product could fit into your portfolio?

所以2個問題。一，您能告訴我們您在研發方面的投資支出嗎？例如，您對這項工作的投資是否會超過 21 年的水平？然後兩個，您能否與我們分享更多關於您的 2030 年願景以及開發額外的無菸產品如何適合您的產品組合的信息？

I'd be curious to hear what that product might look like, when it might be right to test, just be curious to hear if it's closed or is this still a year or 2 out.

我很想知道該產品可能是什麼樣子，什麼時候可以進行測試，只是想知道它是否已經關閉或者這仍然是一年或兩年。

Yes. Thanks for the question, Bonnie. And it was pretty packed up, so I'll try to unpack it. But if I miss any point, please follow up.

是的。謝謝你的問題，邦妮。而且它包裝得很好，所以我會試著打開它。但如果我錯過任何一點，請跟進。

I think when you think about guidance overall, right, we run a range of scenarios across all the categories we participate in, and there are always puts and takes in those various scenarios.

我認為當您考慮整體指導時，對，我們在我們參與的所有類別中運行一系列場景，並且總是在這些不同的場景中進行投入和接受。

And it's important to remember when mindful that we're still in a pandemic environment and that we want to ensure we have the flexibility to adapt to our adult consumers as we progress through the year, and they're making different choices.

重要的是要記住，我們仍處於大流行環境中，並且我們希望確保隨著我們一年的進步，我們能夠靈活地適應我們的成年消費者，他們正在做出不同的選擇。

As far as the investment areas, I know you would like us to say this is exactly when we're going to bring this product, and here's what it looks like. I think it's important to step back and think about where we're investing, and it really is marketplace activities for support of the products we have in the marketplace.

至於投資領域，我知道你想讓我們說這正是我們要推出這個產品的時候，這就是它的樣子。我認為退一步思考我們在哪裡投資很重要，這確實是支持我們在市場上擁有的產品的市場活動。

It's also investing in the digital consumer engagement, being able to get closer to the consumer on a one-on-one basis, and we'll share more details of that at CAGNY.

它還投資於數字消費者參與，能夠在一對一的基礎上更接近消費者，我們將在 CAGNY 分享更多細節。

And then it's not just research and development. It's also the regulatory preparations that take place. So for instance, in 2022, we're preparing the MRTP application for the on! portfolio.

然後它不僅僅是研究和開發。這也是正在進行的監管準備工作。因此，例如，在 2022 年，我們正在準備 MRTP 申請！文件夾。

So there's a vast array of investments. It does include product development in R&D. And so that's kind of how we look at 2022 and how we're moving forward.

所以有大量的投資。它確實包括研發中的產品開發。這就是我們如何看待 2022 年以及我們如何前進。

I think when you look at the vision, even if you look overseas where they're able to innovate much quicker, you see the consumer constantly moving from a technology standpoint through the various options that are available to them. And so we want to make sure that we're investing appropriately to stay paced or actually be ahead of where the consumer is going to be as we progress through time. And so that's how we think about product development in the -- from a fitting into the portfolio to address that point of your question.

我認為，當您查看願景時，即使您將目光投向海外他們能夠更快地進行創新的地方，您也會看到消費者從技術的角度不斷地通過他們可用的各種選擇。因此，我們希望確保我們進行適當的投資，以跟上步伐，或者在我們隨著時間的推移實際上領先於消費者的預期。這就是我們對產品開發的看法——從適合產品組合到解決你的問題。

Okay. That's helpful. And then just speaking or thinking about your 2030 vision. Could you give us maybe an update on that? And I just keep thinking about any guidepost you guys could share with us that you expect to hit for this business or your business, I should say, in the next 3 to 5 years.

好的。這很有幫助。然後只是談論或思考您的 2030 年願景。你能給我們提供一個更新嗎？我只是一直在思考你們可以與我們分享的任何指導方針，你希望在未來 3 到 5 年內為這項業務或你的業務帶來影響。

What ultimately is a realistic target in terms of converting your business to noncombustible products? And then in the context of that and executing on this vision, curious to hear if you're open to M&A to accelerate this. Or are you going to continue to remain focused on things that you develop in-house?

將您的業務轉變為不可燃產品的最終目標是什麼？然後在此背景下執行這一願景，很想知道您是否願意通過併購來加速這一進程。還是你會繼續專注於你內部開發的東西？

Yes. I think from a guidepost standpoint, and we get this question often, is I think it's a bit different in the U.S. where we're predominantly based versus overseas. Remember, everything has to go through the FDA authorization process and really, the entire harm reduction opportunities in front of us in the U.S.

是的。我認為，從路標的角度來看，我們經常會遇到這個問題，我認為在我們主要總部設在海外的美國與在海外有所不同。請記住，一切都必須經過 FDA 的授權程序，實際上，我們面前的整個減少危害的機會在美國。

And so I think as we progress and we start seeing some of the FDA authorizations come through, we'll be sure to share some guideposts on how we're thinking about measuring going forward. I know that's what you and the investors want. It's just that we need to get through the FDA authorization process and understand how they're going to think about and authorize these products going forward. And then we can provide some guideposts to be measured against in that regard.

所以我認為，隨著我們的進步，我們開始看到 FDA 的一些授權獲得通過，我們一定會分享一些關於我們如何考慮未來衡量的指南。我知道這就是你和投資者想要的。只是我們需要通過 FDA 的授權程序，並了解他們將如何思考和授權這些產品。然後我們可以提供一些在這方面進行衡量的指南。

I think, overall, though, and we've shared this before, call it, roughly half to slightly over half of adult consumer -- cigarette consumers in the U.S. prefer or would desire an alternative product that satisfies them and has the potential to reduce the risk associated with using nicotine through time. So we want to consistently provide those consumers the products and transition them to the smoke-free products.

不過，我認為，總的來說，我們之前已經分享過這一點，稱之為，大約一半到略高於一半的成年消費者——美國的捲煙消費者更喜歡或希望有一種替代產品滿足他們並有可能減少隨著時間的推移使用尼古丁的風險。因此，我們希望始終如一地為這些消費者提供產品，並將他們轉變為無菸產品。

From a standpoint of the 2030 vision, I mentioned that the entire RRP opportunities in front of us, and what we feel like we have is we have the infrastructure to support that, whether you think about government affairs or regulatory affairs, a top-notch sales force. We have product development.

從 2030 年願景的角度來看，我提到了擺在我們面前的整個 RRP 機會，我們覺得我們擁有支持它的基礎設施，無論您考慮政府事務還是監管事務，都是一流的銷售隊伍。我們有產品開發。

We engage with the largest number of U.S. adult tobacco consumers through our brand -- premium brands and our digital capabilities. And if you step back, and we have strong core businesses that produce lots of cash that allow us to fund our investments. And I believe if you ask consumers, we have credibility with the adult tobacco consumer.

我們通過我們的品牌——優質品牌和我們的數字能力，與最多的美國成年煙草消費者接觸。如果你退後一步，我們擁有強大的核心業務，可以產生大量現金，讓我們能夠為我們的投資提供資金。我相信，如果你問消費者，我們在成年煙草消費者中是有信譽的。

So your last question, if I recall them all correctly, was M&A versus internal. Look, we monitor what's taking place around the world, and we're extremely focused on our organic development, staying close to the consumer as we continue with that process.

所以你的最後一個問題，如果我沒記錯的話，是併購與內部。看，我們監控世界各地正在發生的事情，我們非常專注於我們的有機發展，在我們繼續這一過程的過程中與消費者保持密切聯繫。

Our next question is from Owen Bennett of Jefferies.

我們的下一個問題來自 Jefferies 的 Owen Bennett。

I just had a question around some of the details on the automatic renewal of the IQOS agreement. And firstly, did you need to hit certain market share levels by April 24? And then two, it sounds like from what you're saying, you believe you already hit these levels in 2020. And would that be right?

我剛剛對 IQOS 協議自動續訂的一些細節有疑問。首先，您是否需要在 4 月 24 日之前達到特定的市場份額水平？然後是兩個，從你所說的聽起來，你相信你已經在 2020 年達到了這些水平。那對嗎？

It just sounds like if that's the case, the share targets were set really low. And then three, if you believe you've already hit the share targets, what exactly is being renegotiated with PMI currently?

聽起來，如果是這樣的話，份額目標定得很低。然後三，如果你認為你已經達到了股票目標，那麼目前正在與 PMI 重新談判的具體內容是什麼？

Yes. I appreciate it. I want to appreciate your question. Look, we disclosed what we felt like we could from a standpoint. Remember, we have cross confidentiality in place with PMI, and we disclosed that in 2020 because we thought it was important for you guys and the investors to know that there were performance objectives in the contract.

是的。我很感激。我想感謝你的問題。看，我們從一個角度披露了我們認為我們可以做到的事情。請記住，我們與 PMI 有交叉保密，我們在 2020 年披露了這一點，因為我們認為讓你們和投資者知道合同中有績效目標很重要。

We feel like we have hit those as far as the extension or renegotiation that's taken place. Look, we described that we feel like we hit on PMI in disagreement with that and their mechanisms in the contract to be able to settle any disputes that take place. You can see with any 2 parties that have an agreement, there can be disputes or disagreements, and that was all contemplated in the agreement.

我們覺得我們已經達到了延期或重新談判的目的。看，我們描述了我們覺得我們遇到了 PMI 不同意這一點以及他們在合同中的機制，以便能夠解決發生的任何爭議。您可以看到與任何有協議的 2 方，可能存在爭議或分歧，而這一切都在協議中加以考慮。

We'll take our next question from Vivien Azer of Cowen.

我們將向 Cowen 的 Vivien Azer 提出下一個問題。

I really appreciate the commentary on the health of the consumer and some of the normalization in terms of down trading behavior. Billy, as I kind of think back to the evolution of the Marlboro franchise over the last decade, there was a big push, if I recall correctly, coming out of the last recession to balance out the price points that were available for Marlboro.

我真的很欣賞關於消費者健康的評論以及在下跌交易行為方面的一些正常化。比利，當我回想起過去十年萬寶路特許經營權的演變時，如果我沒記錯的話，有一個很大的推動力，就是從上次經濟衰退中走出來，以平衡萬寶路可用的價格點。

So can you just remind us kind of where special blend fits into the total Marlboro franchise? And I recognize your revenue growth management tools have gotten a lot more sophisticated over the last decade, but the role that you envision special blend playing to the extent that we see sustained down trading.

所以你能提醒我們特殊混合適合萬寶路整個特許經營的地方嗎？而且我認識到您的收入增長管理工具在過去十年中變得更加複雜，但是您設想的特殊混合發揮的作用在我們看到持續下跌的情況下交易。

Yes. Thanks for the question, Vivien. I think when you think about the entire Marlboro portfolio, remember, that services 4 out of every 10 consumers that go to the marketplace. You have consumers that the Marlboro brand appeals to them. And I mentioned it earlier, those price-sensitive consumers, it still appeal to them. And when they have extra discretionary income, they want to trade up.

是的。謝謝你的問題，薇薇安。我認為，當您考慮整個萬寶路產品組合時，請記住，每 10 個進入市場的消費者中就有 4 個為該產品提供服務。您的消費者認為萬寶路品牌對他們有吸引力。而且我之前提到過，那些對價格敏感的消費者，它仍然對他們有吸引力。當他們有額外的可自由支配收入時，他們想進行交易。

Across the portfolio with the tools that you mentioned, we can provide the consumer a safe landing, with various parts of the portfolio where they can stay in the Marlboro franchise. And we see that's better for them than actually losing them or having them trade up and try to win them back later.

使用您提到的工具在整個產品組合中，我們可以為消費者提供安全著陸，產品組合的各個部分可以讓他們留在萬寶路特許經營中。我們認為這對他們來說比實際失去他們或讓他們交易並試圖在以後贏回他們更好。

And so we have the advanced analytics. We have this robust data coming in from retail. And now with those tools, we're trying to provide it closer and closer to the individual consumer. And we feel like we have the tools that allow us to navigate this type of pressure that the consumer is under.

所以我們有高級分析。我們有來自零售的強大數據。而現在，有了這些工具，我們正試圖提供越來越接近個人消費者的服務。我們覺得我們擁有讓我們能夠駕馭消費者所承受壓力的工具。

I think it's important, though, to remember that our goal is not to grow Marlboro share through time. It's to stabilize it, so that we can grow profitability through time. And so that's where our overall goal is specific to the Marlboro franchise, and then we use the tools in the portfolio to be able to do that.

不過，我認為重要的是要記住，我們的目標不是隨著時間的推移增加萬寶路的份額。這是為了穩定它，這樣我們就可以隨著時間的推移增加盈利能力。這就是我們的總體目標是針對萬寶路特許經營的，然後我們使用產品組合中的工具來實現這一目標。

That's really helpful. And then as my follow-up question is on the on! franchise. Clearly, the promotional investments that you guys are making are translating to market share gains, which is great to see. I was wondering if you could offer any color on where you see on! promotional spending relative to the broader competitive backdrop.

這真的很有幫助。然後我的後續問題就開始了！特許經營權。顯然，你們所做的促銷投資正在轉化為市場份額的增長，這很值得一看。我想知道你是否可以在你看到的地方提供任何顏色！相對於更廣泛的競爭背景的促銷支出。

Sure. I think when you think about the promotional spending there, look, we had to get past manufacturing capacity constraints. So we certainly had a competitor get out there much earlier than us. And so we want to be a bit disruptive in the marketplace to disrupt the consumers from their normal purchasing behavior in the category or if they're thinking about the category.

當然。我認為當您考慮那裡的促銷支出時，看，我們必須克服製造能力的限制。所以我們肯定有一個競爭對手比我們早得多。因此，我們希望在市場上有點破壞性，以擾亂消費者在該類別中的正常購買行為，或者如果他們正在考慮該類別。

The same tools that you think agree with that we have in the cigarette category, we're using those tools in this space as well. So we're constantly using those tools with the data we're getting from retail, with the feedback we're getting from consumers and understanding what's effective and what's not effective.

您認為同意我們在香菸類別中使用的相同工具，我們也在這個領域使用這些工具。因此，我們不斷將這些工具與我們從零售業獲得的數據、我們從消費者那裡獲得的反饋一起使用，並了解什麼是有效的，什麼是無效的。

And so we'll be continually adjusting those as we move through time to improve the share growth and through -- once we get past the investment period to get increased margins and profitability.

因此，隨著時間的推移，我們將不斷調整這些以提高份額增長，並且一旦我們度過了投資期以提高利潤率和盈利能力。

Our next question is from Chris Growe of Stifel.

我們的下一個問題來自 Stifel 的 Chris Growe。

I had a question, first of all, and this is not even in the situation in the last kind of 1.5 years or 2, but you did not provide a volume outlook for the year, for example, for your cigarette business or smokeless business overall.

我有一個問題，首先，這甚至不是最近 1.5 年或 2 年的情況，但您沒有提供今年的銷量展望，例如，您的捲煙業務或無菸業務整體.

And I'm just curious, not maybe getting to a number, but just to understand, is that volatility in volume, maybe the uncertainty around that, kind of the main factor that could push your EPS around within that range? Is the worst volume conclusion for the year what likely drives the lower end of your EPS range and a better volume performance or at the higher end? Is that one of the main driving factors of your guidance range for the year as you see it?

我只是很好奇，也許沒有得到一個數字，但只是想了解一下，交易量的波動性，也許是圍繞它的不確定性，是可能將您的每股收益推高在該範圍內的主要因素嗎？今年最糟糕的銷量結論是什麼可能推動您的 EPS 範圍的低端和更好的銷量表現或高端？如您所見，這是您今年指導範圍的主要驅動因素之一嗎？

I think when you think about cigarette volume, it's certainly an important factor in that, but there are always puts and takes that take place in the P&L. And so as I mentioned, Chris, we run a range of scenarios. And in those scenarios, we have puts and takes that take place across the various categories. Certainly, cigarette volume is one of the factors, but it's not the only factor.

我認為當你考慮捲菸量時，它肯定是其中的一個重要因素，但在損益表中總是會發生看跌期權的情況。正如我所提到的，克里斯，我們運行了一系列場景。在這些情況下，我們在各個類別中進行了放置和取用。當然，捲菸量是因素之一，但不是唯一因素。

Okay. And then I just had a question in relation to Marlboro and share. There's been a few questions on that front. But just one thing I was curious about is that in some of your price increases over the last year, 1.5 years, maybe last year, you've set aside some funds that you were going to put towards investing behind Marlboro.

好的。然後我有一個關於萬寶路的問題並分享。在這方面有幾個問題。但我很好奇的一件事是，在過去一年，1.5 年，也許是去年，你們的一些價格上漲中，你們已經預留了一些資金來投資萬寶路。

I guess, I just want to get a sense of, based on the performance and largely flat performance in share, even though it's been up and down, I guess, are those funds being utilized as you expected behind Marlboro? Do you see the need based on some of the growth in deep discount share, for example, to continue to increase that rate of spending behind Marlboro?

我想，我只是想了解一下，基於股票的表現和基本持平的表現，即使它一直在上下波動，我猜，這些資金是否像你預期的那樣在萬寶路背後被利用？您是否認為有必要基於大幅折扣份額的增長，例如繼續提高萬寶路背後的消費率？

It's something we'll certainly monitor, Chris, going through time. And we talked about, look, we're mindful of keeping pace and understanding how we need to adapt to our consumers across all of our categories.

克里斯，隨著時間的推移，這是我們肯定會監控的。我們談到，看，我們注意跟上步伐並了解我們需要如何適應我們所有類別的消費者。

I think I go back to the comment I made to Vivien. Our goal with Marlboro is not to grow share through time. It's to have stable share and be able to grow profitability. And I think you see we were very successful with that in 2020.

我想我回到我對 Vivien 的評論。我們與萬寶路的目標不是隨著時間的推移增加份額。它是有穩定的份額，並能夠增加盈利能力。而且我認為您看到我們在 2020 年在這方面非常成功。

We'll take our next question from Callum Elliott of Bernstein.

我們將向 Bernstein 的 Callum Elliott 提出下一個問題。

Look, Billy, I appreciate the color on the dispute resolution process with PM. My question is, do you guys have contingency plans in place in heated tobacco in the event that, that dispute resolution process goes against you and the licensing agreement isn't extended beyond 2024?

聽著，比利，我很欣賞與 PM 的爭議解決過程的色彩。我的問題是，你們是否有針對加熱煙草的應急計劃，以防爭議解決程序不利於您並且許可協議沒有延長到 2024 年之後？

Yes. I'm not going to go into the hypothetical there, Callum. I think you can appreciate that we feel like we can resolve it. It was pretty thought out with the agreement that the mechanism is in place to settle disputes, and so we'll go through that process. But we're in continued discussions with PMI.

是的。卡勒姆，我不打算在那裡進行假設。我想你會感激我們覺得我們可以解決它。協議已經制定了解決爭端的機制，這是經過深思熟慮的，因此我們將完成該過程。但我們正在與 PMI 繼續討論。

Okay. And just a quick follow-up on Vivien's question about sort of promotional environment in nicotine pouches. I guess, my question is, are you concerned at all that, that heavy promotional environment for on! might damage the brand equity? And selling today at a huge discount to the market leader, as you mentioned, are you not at all concerned that, that might impact the long-term brand perception here?

好的。並且只是快速跟進 Vivien 關於尼古丁袋中的促銷環境的問題。我想，我的問題是，你是否擔心，那個沉重的促銷環境！可能會損害品牌資產？正如您所提到的，今天以極大的折扣出售給市場領導者，您根本不擔心這可能會影響這裡的長期品牌認知度嗎？

We are not. If you think about -- even if you go back to the cigarette category, when we launch Chews and -- whether it be on Marlboro or any of our other brands, you always had introductory price promotions.

我們不是。如果你考慮一下——即使你回到捲菸類別，當我們推出 Chews 時——無論是在萬寶路還是我們的任何其他品牌上，你總是有介紹性的價格促銷。

It's important to remember when our consumer is going to and C-stores is one of the primary locations they go to, they're making that decision in 10 to 15 seconds. It's the snap of an eye almost.

重要的是要記住我們的消費者什麼時候去，而 C 商店是他們去的主要地點之一，他們會在 10 到 15 秒內做出決定。幾乎是一瞬間。

And so when you think about that, you want to disrupt them at retail, not only with price promotions, but with a great look at retail or disrupt them either in their mailbox or their e-mail box with -- through digital. And so we're going to use all of those tools available to us, but we feel like we have strong equity and building strong equity with on!.

因此，當您考慮到這一點時，您希望在零售業顛覆他們，不僅通過價格促銷，而且通過對零售業的深入了解，或者通過數字技術在他們的郵箱或電子郵件中顛覆他們。因此，我們將使用所有可用的工具，但我們覺得我們擁有強大的公平性並通過 on! 建立強大的公平性。

At this time, we'd be happy to open up the queue for our media representatives. We'll take a question from Jennifer Maloney of The Wall Street Journal.

此時，我們很樂意為我們的媒體代表開放隊列。我們將回答《華爾街日報》的詹妮弗·馬洛尼的問題。

I wanted to follow up on Bonnie's questions about your R&D and your 2030 vision. Can you speak specifically to your -- how e-vapor fits into your 2030 vision and RRP portfolio?

我想跟進 Bonnie 關於您的研發和 2030 年願景的問題。您能否具體談談您的 - e-vapor 如何融入您的 2030 年願景和 RRP 組合？

Yes. I think from an R&D portfolio, I'll take that first, you'll remember our agreement with JUUL precludes us from being able to do any organic development in e-vapor. So that's one category that we do not have any organic development going on.

是的。我認為從研發組合來看，我會首先考慮這一點，你會記得我們與 JUUL 的協議使我們無法在電子蒸汽中進行任何有機開發。所以這是我們沒有任何有機發展的類別。

If you think about the 2030 vision, the way we think about the e-vapor category, certainly as the entire category is going through the FDA authorization process as they make decisions, the e-vapor category will be in a bit of transition. But we believe the e-vapor category and JUUL included in that can play an important role in the U.S. in harm reduction and the future of harm reduction.

如果您考慮 2030 年的願景，以及我們對電子蒸汽類別的看法，當然，由於整個類別在做出決定時都在通過 FDA 的授權程序，因此電子蒸汽類別將處於一些過渡階段。但我們相信電子蒸汽類別和其中包含的 JUUL 可以在美國減少危害和減少危害的未來發揮重要作用。

So when you think about that, e-vapor can play an important role, but it's going to be in a bit of a transition as it goes through the FDA authorization process.

因此，當您考慮到這一點時，電子蒸汽可以發揮重要作用，但隨著它通過 FDA 的授權程序，它將處於一個過渡階段。

You only have a minority stake in JUUL, so do you -- I mean, what's your strategy there for this 2030 vision in the e-vapor category? It's just you'll only be able to participate in the e-vapor category through your minority stake in JUUL. Or do you have some other strategy there?

你只持有 JUUL 的少數股權，你也是——我的意思是，你在電子蒸汽類別中的 2030 年願景的戰略是什麼？只是您只能通過您在 JUUL 的少數股權參與電子蒸汽類別。或者你有其他策略嗎？

There -- our only participation in the e-vapor category would be through our minority investment in JUUL. And I think if you step back and see the success JUUL had in the marketplace with converting adult smokers to the e-vapor category, you'll see that it still has the lead in market share in the U.S. with adult tobacco consumers.

在那裡——我們唯一參與電子蒸汽類別的方式是通過我們對 JUUL 的少數投資。而且我認為，如果您退後一步，看看 JUUL 在將成年吸煙者轉變為電子蒸汽類別方面取得的成功，您會發現它在美國的市場份額中仍處於成年煙草消費者的領先地位。

At this time, I would like to turn the call back to Mac Livingston for closing comments.

此時，我想將電話轉回給 Mac Livingston 以結束評論。

Thanks, Leo, and thank you all for joining us. I'll remind you once again, we're going to work quickly to get the recording of the remarks back up on the webcast for those who were disrupted there. So apologies for that again.

謝謝，Leo，謝謝大家加入我們。我會再次提醒您，我們將迅速工作，為那些在網絡廣播中受到干擾的人重新錄製評論。所以再次為此道歉。

If you have any other further questions, please contact the Investor Relations team. Thanks.

如果您還有其他問題，請聯繫投資者關係團隊。謝謝。

This does conclude today's call. You may now disconnect your lines. And everyone, have a great day.

這確實結束了今天的電話會議。您現在可以斷開線路。和大家，有一個美好的一天。