奧馳亞 (MO) 2021 Q3 法說會逐字稿

Good day, and welcome to the Altria Group 2021 Third Quarter Earnings Conference Call.

美好的一天，歡迎參加奧馳亞集團 2021 年第三季度收益電話會議。

Today's call is scheduled to last about 1 hour, including remarks by Altria's management and a question-and-answer session.

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。

Representatives of the investment community and media on the call will be able to ask questions following the conclusion of the prepared remarks.

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.

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。

Please go ahead, sir.

請繼續，先生。

Thanks, Katherine.

謝謝，凱瑟琳。

Good morning, and thank you for joining us.

早上好，感謝您加入我們。

This morning, Billy Gifford, Altria's CEO; and Sal Mancuso, our CFO, and will discuss Altria's third quarter and first 9 months business results.

今天上午，奧馳亞的 CEO Billy Gifford；我們的首席財務官 Sal Mancuso 將討論奧馳亞第三季度和前 9 個月的業務成果。

Earlier today, we issued a press release providing our results.

今天早些時候，我們發布了一份新聞稿，提供了我們的結果。

The release, presentation, quarterly metrics and our latest corporate responsibility reports are all available at altria.com.

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.

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。

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.

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.

未來的股息支付和股票回購仍由奧馳亞董事會酌情決定。

Altria reports its financial results in accordance with U.S. generally accepted accounting principles.

奧馳亞根據美國公認會計原則報告其財務業績。

Today's call will contain various operating results on both a reported and adjusted basis.

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.

調整後的結果不包括影響與報告結果比較的特殊項目。

Descriptions of these non-GAAP financial measures and reconciliations are included in today's earnings release and on our website at altria.com.

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.

謝謝，麥克。

Good morning, and thank you for joining us.

早上好，感謝您加入我們。

In the third quarter, Altria continued to balance maximizing profitability from our core tobacco businesses with investing to realize a vision of responsibly leading the transition of adult ers to a smoke-free future.

在第三季度，奧馳亞繼續平衡我們核心煙草業務的盈利能力與投資以實現負責任地領導成年人向無菸未來過渡的願景。

Our tobacco business has performed well against difficult year-over-year comparisons, and we are encouraged by the significant retail share growth from on!

我們的煙草業務在艱難的同比比較中表現良好，我們對零售份額的顯著增長感到鼓舞！

in the third quarter.

在第三季度。

We also continue to reward shareholders with a strong and growing dividend and announced today the expansion of our share repurchase program to $3.5 billion.

我們還將繼續以強勁且不斷增長的股息回報股東，並於今天宣布將我們的股票回購計劃擴大至 35 億美元。

Both Altria and the tobacco industry are evolving and with transformation comes opportunity.

奧馳亞和煙草業都在發展，轉型帶來機遇。

It also brings uncertainty and adversity, including the recently International Trade Commission decision related to IQOS.

它也帶來了不確定性和逆境，包括最近國際貿易委員會關於 IQOS 的決定。

We knew our journey to a smoke-free future would not be easy, but our determined and talented employees have demonstrated they are up to the challenge.

我們知道我們通往無菸未來的旅程並不容易，但我們堅定而有才華的員工已經證明他們能夠應對挑戰。

The pursuit of our vision is not based on a single brand or product platform.

我們對願景的追求不是基於單一的品牌或產品平台。

Our vision is built on our understanding of tobacco consumers, their capabilities as a leading tobacco company and a portfolio of smoke-free brands and product formats.

我們的願景建立在我們對煙草消費者的了解、他們作為領先煙草公司的能力以及無菸品牌和產品形式的組合之上。

We make progress through the performance of our current smoke-free portfolio and advancements in regulatory sciences, data analytics and a robust consumer engagement system.

我們通過當前無菸產品組合的表現以及監管科學、數據分析和強大的消費者參與系統方面的進步取得進展。

Our tobacco businesses remain strong, and our vision keeps us focused and guides us forward.

我們的煙草業務依然強勁，我們的願景讓我們專注並指引我們前進。

Let's now turn to our business results.

現在讓我們轉向我們的業務結果。

Altria grew its third quarter adjusted diluted earnings per share, 2.5% despite a backdrop of challenging comparisons and unfavorable year-over-year trade inventory movement.

儘管存在具有挑戰性的比較和不利的同比貿易庫存變動，但奧馳亞第三季度調整後的稀釋後每股收益增長了 2.5%。

For the first 9 months of the year, adjusted EPS grew 4.5%, primarily driven by the strong financial performance of our tobacco businesses and higher ABI adjusted earnings.

今年前 9 個月，調整後的每股收益增長了 4.5%，主要是由於我們煙草業務的強勁財務表現和更高的 ABI 調整後收益。

Our smokeable products segment continues to generate significant cash and return -- return to shareholders in fuel or vision.

我們的可吸煙產品部門繼續產生可觀的現金和回報——以燃料或願景回報股東。

Third quarter adjusted operating company's income decreased 2.2%, reflecting the impact of trade inventory swings, but grew 2.6% to $7.9 billion for the first 9 months, while Marlboro remained strong.

第三季度調整後運營公司的收入下降 2.2%，反映貿易庫存波動的影響，但前 9 個月增長 2.6% 至 79 億美元，而萬寶路依然強勁。

The oral tobacco product segment continued to deliver robust profit margins, while Copenhagen maintained its leadership position.

口腔煙草產品部門繼續提供強勁的利潤率，而哥本哈根保持其領先地位。

In all nicotine pouches, we have accelerated investment behind Helix and believe that the on!

在所有尼古丁小袋中，我們都加快了對 Helix 的投資，並相信這一點！

portfolio is well positioned in this fast-growing category.

投資組合在這個快速增長的類別中處於有利地位。

We're advancing the sophistication of our analytics across our companies.

我們正在提高我們公司分析的複雜性。

The Helix team uses this capability to evaluate the impact of promotional tools on tobacco consumers and understand what actions effectively drive trial, repeat purchase and adoption.

Helix 團隊利用這種能力來評估促銷工具對煙草消費者的影響，並了解哪些行動有效地推動了試用、重複購買和採用。

On!

上！

retail share of oral tobacco increased a full share point sequentially, reaching 3 share points for the third quarter and nearly tripling since the end of last year.

口腔煙零售份額環比增長整整一個百分點，第三季度達到3個百分點，比去年底增長了近兩倍。

These strong results were driven by increased smoker trial and repeat purchase from existing on!

這些強勁的結果是由增加的吸煙者試驗和從現有的重複購買推動的！

consumers.

消費者。

We're excited by the performance of on!

我們對on的表現感到興奮！

during the first 9 months of the year and believe consumer insights, disruptive retail executions and consumer engagement will continue to fuel its growth.

今年前 9 個月，相信消費者洞察、顛覆性零售執行和消費者參與將繼續推動其增長。

Last year, we submitted premarket tobacco applications to the FDA for the entire on!

去年，我們向 FDA 提交了整個上市前的煙草申請！

portfolio.

文件夾。

While the FDA has made substantial progress in reviewing millions of PMTAs they received, our applications for on!

儘管 FDA 在審查他們收到的數百萬個 PMTA 方面取得了實質性進展，但我們的申請 on!

are still pending.

仍在等待中。

A week ago, the FDA authorized the marketing of 4 of our oral nicotine products, Verve discs and Verve chews in the flavors of green mint and blue mint and determined that the marketing of these products is appropriate for the protection of public health.

一周前，FDA 批准了我們的 4 種口服尼古丁產品 Verve 圓片和 Verve 咀嚼片的綠薄荷和藍薄荷口味，並確定這些產品的營銷適合保護公眾健康。

This is the first flavored product authorization issued by the FDA for newly deemed tobacco products.

這是 FDA 為新認定的煙草產品頒發的第一個調味產品授權。

While our Verve products are not currently in market, we believe the learnings we gained from developing our Verve submission were critical in filing compelling and timely submissions for on!, which we completed in only 9 months after closing the on!

雖然我們的 Verve 產品目前尚未上市，但我們相信，我們從開發 Verve 提交中獲得的經驗對於提交令人信服且及時的 on! 提交至關重要，我們在關閉 on 後僅 9 個月內就完成了！

transaction.

交易。

We're also actively working on modified risk product applications for on!.

我們還積極致力於 on! 的修改風險產品應用程序。

We believe an MRTP 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 將成為品牌的一個有影響力的差異化點，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 e-vapor, we estimate that the total category volume increased 17% versus the year ago period and increased 2% sequentially as a result of continued elevated levels of competitive activity.

在 e-vapor 中，我們估計，由於競爭活動水平的持續提高，總類別數量與去年同期相比增長了 17%，環比增長了 2%。

While we had hoped for clarity on the category's outlook as manufacturers receive PMTA decisions, the future of e-vapor is still uncertain.

雖然我們希望隨著製造商收到 PMTA 決定而明確該類別的前景，但電子蒸汽的未來仍然不確定。

For most of the leading e-vapor products, the applications are still pending, including those submitted by JUUL.

對於大多數領先的電子蒸汽產品，申請仍在等待中，包括 JUUL 提交的申請。

Moving forward, we expect e-vapor volume trends to be influenced by regulatory activity, which has the potential to impact the degree of cross-category movement.

展望未來，我們預計電子蒸汽量趨勢將受到監管活動的影響，這有可能影響跨類別流動的程度。

Recently, the CDC published an update from their National Youth Tobacco Survey.

最近，疾病預防控制中心發布了他們的全國青少年煙草調查更新。

While caution is warranted when comparing results year-over-year due to the impact of the pandemic on the surveys methodology, underage e-vapor use, including use of JUUL, shows continued signs of decline.

儘管由於大流行對調查方法的影響，在比較結果時需要謹慎，但包括使用 JUUL 在內的未成年人電子蒸汽使用顯示出持續下降的跡象。

We're encouraged by the progress, but more still needs to be done, and we remain committed to continuing our work to drive down underage use.

我們對取得的進展感到鼓舞，但還需要做更多的工作，我們仍然致力於繼續努力減少未成年人的使用。

Turning to heated tobacco.

轉向加熱煙草。

The IQOS team continued to refine its go-to-market approach for new and innovative products.

IQOS 團隊繼續完善其新產品和創新產品的上市方法。

Across the 4 states where IQOS is available, total Marlboro HeatSticks volume continue to grow, with repeat purchase accounting for approximately 85% of sales.

在提供 IQOS 的 4 個州中，萬寶路 HeatSticks 的總銷量繼續增長，重複購買約佔銷售額的 85%。

According to IQOS consumers, our IQOS experts program played a significant role in their repeat purchases.

根據 IQOS 消費者的說法，我們的 IQOS 專家計劃在他們的重複購買中發揮了重要作用。

The program offers smokers personalized support and encouragement through consistent tailored engagements.

該計劃通過一致的定制參與為吸煙者提供個性化的支持和鼓勵。

In the Northern Virginia lead market device penetrations as a percent of the smoker population continue to exceed the performance of previous rollouts.

在北弗吉尼亞州的領先市場，設備普及率佔吸煙者人口的百分比繼續超過先前推出的表現。

In the last 4 weeks of the third quarter, Marlboro HeatSticks achieved a cigarette category retail share of 1.8% in Northern Virginia stores with distributions.

在第三季度的最後 4 週，萬寶路 HeatSticks 在北弗吉尼亞州的經銷店中實現了 1.8% 的捲菸類別零售份額。

As we mentioned earlier, the International Trade Commission recently imposed an importation ban and issued season desist orders on IQOS, Marlboro HeatSticks and infringing components.

正如我們之前提到的，國際貿易委員會最近對 IQOS、萬寶路 HeatSticks 和侵權組件實施了進口禁令並發布了季節停止令。

We're disappointed in this decision as IQOS is the only inhalable tobacco product to have received FDA authorization as a modified risk tobacco product.

我們對這一決定感到失望，因為 IQOS 是唯一獲得 FDA 授權作為改良風險煙草產品的可吸入煙草產品。

The ITC's importation ban will make the product unavailable for all consumers have switched to IQOS, reduce the options for over 20 million smokers looking for alternatives to cigarettes and ultimately is detrimental to public health.

ITC 的進口禁令將使所有已轉向 IQOS 的消費者無法獲得該產品，減少了超過 2000 萬吸煙者尋找捲菸替代品的選擇，最終對公眾健康有害。

We continue to believe the plaintiff’s patents are invalid and that IQOS does not infringe on those patents.

我們仍然認為原告的專利是無效的，IQOS 沒有侵犯這些專利。

The ITC's decision is currently under 60-day review by the administration's U.S. Trade Representative.

ITC 的決定目前正在由美國政府的美國貿易代表進行為期 60 天的審查。

In the event that the administration does not reject the decision, we're preparing to comply with the order.

如果政府不拒絕該決定，我們正準備遵守該命令。

We've been focused on our contingency plans surrounding sales and distribution and have been in communication with PMI on their domestic manufacturing plans.

我們一直專注於圍繞銷售和分銷的應急計劃，並一直與 PMI 就其國內製造計劃進行溝通。

We view the ITC's decision as a frustrating obstacle, but we are not deterred from the work required to realize our vision.

我們認為 ITC 的決定是一個令人沮喪的障礙，但我們並未因實現我們的願景所需的工作而退縮。

We remain committed to the heated tobacco category and believe it can play an important role in transitioning smokers to a smoke-free future.

我們仍然致力於加熱煙草類別，並相信它可以在將吸煙者轉變為無菸未來方面發揮重要作用。

Going forward, we expect to apply the knowledge and capabilities we gained from introducing and responsibly marketing a brand-new product category.

展望未來，我們希望應用我們從引入和負責任地營銷全新產品類別中獲得的知識和能力。

For example, we've learned how to blend behavioral science, data insights and consumer engagement to support smokers on their smoke-free journey, leverage MRTPs to educate consumers on the benefits of reduced risk products and establish a robust post-market surveillance system as required to monitor FDA-authorized products.

例如，我們已經學會瞭如何將行為科學、數據洞察力和消費者參與相結合，以支持吸煙者的無菸之旅，利用 MRTP 向消費者宣傳降低風險產品的好處，並建立一個強大的上市後監督系統作為需要監控 FDA 授權的產品。

I'm optimistic about the future for tobacco harm reduction in the U.S. 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.

我對美國減少煙草危害的未來持樂觀態度。如果我們遵循科學並在合理監管的支持下促進創新，我們將有前所未有的機會引領數百萬吸煙者遠離香煙。

Let's turn to our financial outlook.

讓我們轉向我們的財務前景。

We're raising the lower end of our full year 2021 guidance and now expect to deliver adjusted diluted EPS in a range of $4.58 to $4.62.

我們正在提高 2021 年全年指引的下限，現在預計調整後的攤薄後每股收益將在 4.58 美元至 4.62 美元之間。

This range represents a growth rate of 5% to 6% from a $4.36 base in 2020.

這個範圍代表了 5% 到 6% 的增長率，從 2020 年的 4.36 美元基數開始。

I'd also like to welcome Marj Connelly and Matt Davis to our Board of Directors as announced this morning.

我還要歡迎 Marj Connelly 和 Matt Davis 加入我們今天上午宣布的董事會。

They bring significant combined expertise in operations, business strategy, consumer insights, and public policy and will be tremendous assets as we pursue our vision.

他們在運營、業務戰略、消費者洞察和公共政策方面帶來了重要的綜合專業知識，並將成為我們追求願景的巨大資產。

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.

謝謝，比利。

I'd like to begin by discussing the macroeconomic factors we believe influence the tobacco consumer.

我想首先討論我們認為影響煙草消費者的宏觀經濟因素。

We believe rising gas prices, inflation and the conclusion of COVID-19 relief programs led to a decrease in disposable income versus the previous quarter.

我們認為，汽油價格上漲、通貨膨脹和 COVID-19 救濟計劃的結束導致可支配收入與上一季度相比有所下降。

In addition, increased consumer mobility offer consumers more options for their discretionary spending.

此外，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。

At retail, trends were unchanged sequentially.

在零售方面，趨勢連續保持不變。

We estimate that compared to pre-pandemic levels, the number of tobacco consumer trips to the store continue to be depressed, but tobacco expenditures per trip remained elevated.

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。

We continue to monitor tobacco consumer behaviors and will provide our insights on the factors impacting those behaviors as we move forward.

我們將繼續監測煙草消費者的行為，並將在我們前進的過程中就影響這些行為的因素提供我們的見解。

Moving to our businesses.

轉移到我們的業務。

The smokable products segment expanded its adjusted OCI margins to 58%, an increase of 0.5 percentage point for the third quarter and more than 1 percentage point for the first 9 months.

可吸煙產品板塊調整後的OCI利潤率擴大至58%，第三季度增長0.5個百分點，前9個月增長超過1個百分點。

This performance was supported by strong net price realization of 11.3% in the third quarter and 9.2% for the first 9 months.

這一業績受到第三季度 11.3% 和前 9 個月 9.2% 的強勁淨價實現的支持。

Smokeable segment reported domestic cigarette volumes declined 12.9% in the third quarter and 8% in the first 9 months.

可抽吸部門報告稱，第三季度國內捲煙銷量下降了 12.9%，前 9 個月下降了 8%。

We believe reported volumes reflect an absolute wholesale inventory swing of 1.5 billion sticks as wholesalers build inventory in the third quarter of last year, but depleted inventories this quarter.

我們認為報告的數量反映了 15 億支的絕對批發庫存波動，因為批發商在去年第三季度增加了庫存，但本季度庫存耗盡。

When adjusted for trade inventory movement, calendar differences and other factors, domestic cigarette volumes for the third quarter and first 9 months declined by an estimated 7% and 5%, respectively.

在對貿易庫存變動、日曆差異和其他因素進行調整後，第三季度和前 9 個月的國內捲煙銷量估計分別下降了 7% 和 5%。

At the industry level, we estimate that adjusted domestic cigarette volumes declined by 6.5% in the third quarter and by 5% in the first 9 months.

在行業層面，我們估計第三季度調整後的國內捲煙銷量下降了 6.5%，前 9 個月下降了 5%。

Marlboro remains strong and resilient despite a widening price gap in a dynamic macroeconomic environment.

儘管在動態的宏觀經濟環境中價格差距不斷擴大，萬寶路仍然保持強勁和彈性。

In the third quarter, Marlboro retail share of the total cigarette category was unchanged, both sequentially and versus the year ago period at 43.2%.

第三季度，萬寶路在總捲菸類別中的零售份額保持不變，環比和去年同期均為 43.2%。

And in discount, total segment retail share in the third quarter continued to fluctuate, increasing 0.3 percentage points sequentially to 25.3%.

而在折扣方面，第三季度總分部零售份額繼續波動，環比增長0.3個百分點至25.3%。

In cigars, we continue to believe Black & Mild is the most profitable brand in the large mass machine-made cigar category.

在雪茄方面，我們仍然相信 Black & Mild 是大規模機制雪茄類別中最賺錢的品牌。

Reported cigar shipment volume increased by 2.7% in the first 9 months of 2021.

報告的雪茄出貨量在 2021 年前 9 個月增長了 2.7%。

Turning to the oral tobacco products segment.

轉向口腔煙草產品部分。

Adjusted OCI and adjusted OCI margins contracted for the third quarter and first 9 months primarily due to increased spending behind on!

調整後的 OCI 和調整後的 OCI 利潤率在第三季度和前 9 個月收縮，主要是由於支出增加！

and shifting mix between MST and oral nicotine pouches.

並在 MST 和口服尼古丁袋之間轉換混合。

We're pleased with the strong overall margins for the segment and continue to be excited about the opportunity for on!

我們對該細分市場強勁的整體利潤率感到滿意，並繼續為 on 的機會感到興奮！

in the oral nicotine pouch category.

在口服尼古丁袋類別中。

Total reported oral tobacco products segment volume decreased by 3.8% for the third quarter and by 0.5% for the first 9 months.

第三季度報告的口腔煙草產品總銷量下降了 3.8%，前 9 個月下降了 0.5%。

When adjusted for trade inventory movement in calendar differences, segment volume decreased by an estimated 2.5% for the third quarter and 0.5% for the first 9 months.

根據日曆差異中的貿易庫存變動進行調整後，第三季度的分部銷量估計下降了 2.5%，前 9 個月下降了 0.5%。

Oral tobacco products segment retail share for the third quarter was sequentially unchanged as strong share gains for on!

由於強勁的份額增長，第三季度的口腔煙草產品部門零售份額環比保持不變！

offset declines in MST.

抵消 MST 的下降。

The segment declined 2.2 percentage points versus the third quarter last year due to the continued growth of the oral nicotine pouch category.

由於口服尼古丁袋類別的持續增長，該細分市場與去年第三季度相比下降了 2.2 個百分點。

Looking ahead, we're monitoring several factors as we move towards the end of this year and into the next.

展望未來，隨著我們在今年年底和明年的臨近，我們正在監測幾個因素。

Many industries are experiencing rising input costs and supply chain disruptions.

許多行業正在經歷不斷上升的投入成本和供應鏈中斷。

Thanks to the foresight and hard work of our procurement team, we are successfully managing through these issues without significant impact to date.

由於我們採購團隊的遠見和辛勤工作，我們成功地解決了這些問題，迄今為止沒有產生重大影響。

For Altria, we foresee modest inflation in the year ahead.

對於奧馳亞，我們預計來年通脹將溫和。

This could have some impact on the input costs and the inflation adjustment to our Master Settlement Agreement payments.

這可能會對我們的主和解協議付款的投入成本和通貨膨脹調整產生一些影響。

However, our tobacco businesses remain strong, and we are confident in our ability to manage through short-term economic challenges.

然而，我們的煙草業務依然強勁，我們對自己應對短期經濟挑戰的能力充滿信心。

As a reminder, we contemplate an array of scenarios in our financial forecast and intend to incorporate these factors into our 2022 EPS guidance, which we expect to provide in January.

提醒一下，我們在財務預測中考慮了一系列情景，並打算將這些因素納入我們預計在 1 月份提供的 2022 年每股收益指引中。

Turning to our investment in ABI.

轉向我們對 ABI 的投資。

The 5-year lockup on our restricted shares expired earlier this month.

我們限制性股票的 5 年鎖定期於本月初到期。

We've been an investor in the beer category since 1970 and our original investment of $230 million has served us extremely well over the past half century.

自 1970 年以來，我們一直是啤酒類別的投資者，我們最初的 2.3 億美元投資在過去半個世紀中為我們提供了非常好的服務。

In fact, since 2003, our beer investment has served as a diverse income stream that contributed over $12 billion of adjusted equity earnings, contributed over $10 billion of cash from both dividends and 2016 merger proceeds and strengthened our balance sheet.

事實上，自 2003 年以來，我們的啤酒投資已成為多元化的收入來源，為調整後的股權收益貢獻了超過 120 億美元，從股息和 2016 年合併收益中貢獻了超過 100 億美元的現金，並加強了我們的資產負債表。

We've performed rigorous analyses regarding the ABI investment.

我們對 ABI 投資進行了嚴格的分析。

First, as part of the preparation of our third quarter financial statements; and second, in anticipation of the expiration of the lockup.

首先，作為我們第三季度財務報表編制的一部分；第二，預期鎖定期滿。

In preparing our third quarter financials, we assessed the latest outlook for ABI's business under the applicable accounting guidance and recorded an impairment to the asset.

在準備我們的第三季度財務報表時，我們根據適用的會計準則評估了 ABI 業務的最新前景，並記錄了資產減值。

While we continue to believe ABI's share price will recover, we now do not expect it to fully recover to its carrying value as soon as previously expected.

雖然我們仍然相信 ABI 的股價會回升，但我們現在預計它不會像之前預期的那樣盡快完全恢復到賬面價值。

As a result, we have written our investment in ABI down to its September 30 market value of $11.2 billion.

因此，我們將對 ABI 的投資減至 9 月 30 日的 112 億美元市值。

Regarding our decisions around the lockup, 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.

關於我們圍繞鎖定的決定，我們將我們的 ABI 股份視為一項金融投資，我們的目標是為我們的股東實現投資的長期價值最大化。

We consider several factors as we analyze the investment, including the strategic rationale of continuing as a long-term investor in the beer category.

我們在分析投資時考慮了幾個因素，包括繼續作為啤酒類別的長期投資者的戰略理由。

ABI's share price, which has declined by more than 30% since October 2019, due in large part to impacts of the COVID pandemic.

ABI 的股價自 2019 年 10 月以來下跌了 30% 以上，這在很大程度上是由於 COVID 大流行的影響。

Our expectations of ABI's business, alternative uses of capital and tax considerations.

我們對 ABI 業務的期望、資本的替代用途和稅收考慮。

We have determined that selling our ABI investment at this time would not maximize long-term shareholder value.

我們已經確定，此時出售我們的 ABI 投資不會最大化長期股東價值。

Therefore, we continue to plan to maintain our ABI investment.

因此，我們繼續計劃維持我們的 ABI 投資。

We continue to have confidence in ABI's long-term strategies, premium global brands, experienced management team and capability to successfully navigate near-term challenges.

我們繼續對 ABI 的長期戰略、優質的全球品牌、經驗豐富的管理團隊以及成功應對近期挑戰的能力充滿信心。

We will continue to monitor and evaluate market conditions and the analytical factors mentioned previously on a regular basis, consistent with our goal of maximizing the long-term value of this investment for our shareholders.

我們將繼續定期監測和評估市場狀況和前面提到的分析因素，這與我們為股東最大化這項投資的長期價值的目標相一致。

We remain committed to creating long-term shareholder value through the pursuit of our vision and our significant capital returns, which we demonstrated in the third quarter by paying approximately $1.6 billion in dividends and raising the dividend for the 56th time in 52 years, selling Ste.

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股東價值，我們在第三季度通過支付約 16 億美元的股息和 52 年來第 56 次提高股息、出售 Ste .

Michelle Wine Estates and expanding our share repurchase program from $2 billion to $3.5 billion and repurchasing 6.7 million shares totaling $322 million.

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，並回購了 670 萬股股票，總額為 3.22 億美元。

We have approximately $2.5 billion remaining under the newly expanded $3.5 billion share repurchase program, which we expect to complete by December 31, 2022.

在新擴大的 35 億美元股票回購計劃下，我們剩餘約 25 億美元，我們預計將在 2022 年 12 月 31 日之前完成。

With that, we'll wrap up.

這樣，我們就結束了。

And Billy and I will be happy to take your questions.

比利和我很樂意回答你的問題。

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.

在編譯電話時，我會提醒您，今天的收益發布和我們的非 GAAP 對賬可在 altria.com 上獲得。

We've also posted our usual quarterly metrics, which include pricing, inventory and other items.

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.

讓我們打開問答環節。

Operator, do we have any questions?

接線員，我們有什麼問題嗎？

(Operator Instructions) We will take questions from the investment community first.

（操作員說明）我們將首先回答投資界的問題。

Our first question comes from Pamela Kaufman with Morgan Stanley.

我們的第一個問題來自摩根士丹利的帕梅拉考夫曼。

So I had a question on pricing.

所以我有一個關於定價的問題。

So PM USA net pricing growth was very strong this quarter.

因此，本季度 PM USA 的淨定價增長非常強勁。

Can you discuss the levers that you're managing to drive net price realization?

你能討論一下你正在設法推動淨價實現的槓桿嗎？

And how much of the growth in net pricing has been driven by your strategy around L&M versus how you're managing Marlboro, and what you're doing differently from an RGM perspective?

與您管理萬寶路的方式相比，您圍繞 L&M 的戰略在多大程度上推動了淨定價的增長，從 RGM 的角度來看，您在做什麼不同？

Yes.

是的。

Thanks for the question, Pamela.

謝謝你的問題，帕梅拉。

I think when you think about pricing, it's important to remember, our price realization is really 2 major components.

我認為當您考慮定價時，重要的是要記住，我們的價格實現實際上是兩個主要組成部分。

The first component everybody is all aware of and talks about regularly, which are list price increases, and that's across our portfolios.

每個人都知道並定期談論的第一個組成部分是定價上漲，這在我們的投資組合中。

When you think about the other component, it's the -- and we've referred to it before as the investments we made around advanced analytics and the amount of data we get from retail.

當您考慮另一個組件時，它是 - 我們之前將其稱為我們圍繞高級分析所做的投資以及我們從零售中獲得的數據量。

And with that advanced analytics, some companies refer to it as revenue growth management, but it's really taken the retail promotions we put in the marketplace for consumers and really making it more efficient and as effective or maybe at times more effective than without the revenue growth management.

有了這種高級分析，一些公司將其稱為收入增長管理，但它確實採取了我們在市場上為消費者投放的零售促銷活動，並真正使其更有效率和同樣有效，或者有時比沒有收入增長更有效管理。

So that's allowing us to increase the price realization.

因此，這使我們能夠提高價格實現。

I think that's what you experienced through the quarter and through the first 9 months.

我認為這就是您在本季度和前 9 個月所經歷的。

From a standpoint of L&M, look, we've increased our profitability on L&M.

從 L&M 的角度來看，我們提高了 L&M 的盈利能力。

We have seeded some share there, but we're a premium-focused company.

我們在那裡播種了一些份額，但我們是一家專注於高端的公司。

We like the results that we've experienced in L&M.

我們喜歡我們在 L&M 所經歷的結果。

And I think you see with the advanced analytics, Marlboro has been rock solid for, call it, now 5 to 6 quarters.

而且我認為您通過高級分析看到，萬寶路一直堅如磐石，稱之為，現在 5 到 6 個季度。

And as a follow-up, how are you thinking about the balance between generating price realization in light of some of the macro headwinds that you highlighted that might weigh on tobacco consumers?

作為後續行動，鑑於您強調的一些可能對煙草消費者造成壓力的宏觀不利因素，您如何考慮實現價格之間的平衡？

And it looks like...

而且看起來...

I'm sorry, Pamela.

對不起，帕梅拉。

So just related to that, it looks like the discount segment experienced stronger share gains this quarter driven by the deep discount segment.

因此，與此相關的是，在深度折扣細分市場的推動下，折扣細分市場在本季度的股價上漲幅度更大。

So are you seeing any increasing propensity of down trading in the current environment?

那麼，您是否看到在當前環境下越來越傾向於向下交易？

Yes.

是的。

I think if you look at the slides we provided, I'll take the discount question first.

我想如果你看一下我們提供的幻燈片，我會先回答折扣問題。

You can see discount bounces around from time to time.

您可以不時看到折扣反彈。

It's still in the range where it has been for quite a while.

它仍然在很長一段時間內的範圍內。

I think you see the propensity for consumers to still vastly value premium brands over discount brands.

我認為你看到了消費者仍然非常重視高端品牌而不是折扣品牌的傾向。

From a standpoint of how we think about pricing, and I'll be careful not to talk about future pricing.

從我們如何看待定價的角度來看，我會小心不要談論未來的定價。

I mentioned before, there are several factors we think about.

我之前提到過，我們要考慮幾個因素。

We think about the health of our brands, the demographics that are associated with our brands, are we being relevant across all adult cohorts.

我們考慮我們品牌的健康狀況，與我們品牌相關的人口統計數據，我們是否與所有成人群體相關。

And we think about the economic health of our consumers that is a factor that we factor in.

我們會考慮消費者的經濟健康狀況，這是我們考慮的一個因素。

And then we think about overall corporate objectives.

然後我們考慮整體企業目標。

And so we look to balance how we make decisions there.

因此，我們希望平衡我們在那裡做出決定的方式。

I think when you think about the overall strategy that we apply to the combustible segment, it's really about maximizing profitability over the long term, while making appropriate investments and balancing investments in Marlboro with investments in the noncombustible portfolio.

我認為，當您考慮我們應用於可燃領域的總體戰略時，實際上是在長期最大化盈利能力，同時進行適當的投資並平衡萬寶路的投資與不可燃投資組合的投資。

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

我們將與 Cowen 一起回答 Vivien Azer 的下一個問題。

So in terms of the consumer, I think you guys rightly pointed out gas prices as a key consideration in terms of watching out for the health of your core tobacco consumer.

因此，就消費者而言，我認為你們正確地指出汽油價格是關注核心煙草消費者健康的關鍵考慮因素。

I recognize we're possibly kind of early cycle in inflation in gas.

我承認我們可能處於天然氣通脹的早期週期。

But I'm curious, as you look at the various regions in the United States, obviously, very different gas price dynamics, anything to call out in terms of kind of the underlying initial response from consumers to higher gas prices?

但我很好奇，當你看到美國的各個地區時，很明顯，天然氣價格動態非常不同，就消費者對天然氣價格上漲的潛在初步反應而言，有什麼要說的嗎？

Nothing there to call out.

沒什麼好說的。

Vivien, you're right.

薇薇安，你是對的。

We actually look at it down to the state level and below that.

我們實際上將其視為州級以下。

And I would say nothing really to call out specifically different from what you're seeing on a national base.

我不會說任何與你在國家基地看到的特別不同的地方。

Okay.

好的。

Okay.

好的。

That's helpful.

這很有幫助。

Moving to the oral tobacco segment.

轉向口服煙草部分。

I was wondering, if you could kind of unpack the components of the 430-basis point decline in EBIT margin mix versus the higher level of promo in on!?

我想知道，如果你能解開 EBIT 利潤率組合下降 430 個基點的組成部分，而不是更高水平的促銷活動！？

And to follow up on that, given the current levels of profitability in that segment, but your focus on, on!, do we think that this kind of 6% to 8% level is the right one?

並跟進這一點，鑑於該細分市場目前的盈利水平，但您的關注點是！，我們認為這種 6% 到 8% 的水平是正確的嗎？

Or should we expect a recovery to more normalized rates like we've seen over the last few years?

還是我們應該期待像過去幾年那樣恢復到更加正常化的利率？

Thank you, Vivien.

謝謝你，薇薇安。

I think when you think about our strategy in oral tobacco, you can see what we're doing is we have great margins in traditional MST.

我認為，當您考慮我們在口腔煙草方面的戰略時，您會看到我們正在做的事情是我們在傳統 MST 方面有很大的利潤空間。

We continue to lead in that category, and we're making great strides in the on!, in the novel oral space.

我們繼續在該類別中處於領先地位，並且我們在新的口頭領域中取得了長足的進步。

And we're very pleased with what we saw with the results.

我們對所看到的結果感到非常滿意。

Once we got past manufacturing capacity constraints, the progress we've been able to make with their sales force and the Helix team.

一旦我們克服了製造能力的限制，我們就可以通過他們的銷售人員和 Helix 團隊取得進展。

It's important to remember here, disrupting the consumer and introducing them to a new category that's growing extensively.

重要的是要記住，擾亂消費者並將他們引入一個正在廣泛增長的新類別。

And so we're not just investing in price promotion, we're investing in making it a premium and brand and really engaging with the consumer both digitally as well as with equity images so that they understand the nature of the brand.

因此，我們不僅投資於價格促銷，而且投資於使其成為優質品牌，並通過數字方式和資產圖像真正與消費者互動，以便他們了解品牌的本質。

So you're disrupting at retail and then you're reinforcing it with equity through time.

因此，您在零售業進行顛覆，然後隨著時間的推移通過公平來加強它。

And so that's how we're approaching the oral tobacco category.

這就是我們接近口腔煙草類別的方式。

We believe on!

我們相信！

through time, we can achieve tobacco-like margins.

通過時間，我們可以實現類似煙草的利潤。

But certainly, we're in the investment phase right now.

但可以肯定的是，我們現在正處於投資階段。

Our next question comes from Owen Bennett with Jefferies.

我們的下一個問題來自 Jefferies 的 Owen Bennett。

First question is just coming back to the pricing.

第一個問題只是回到定價上。

The dynamics with the growing deep discount segment and the price gaps with the bottom of the market.

不斷增長的深度折扣段以及與市場底部的價格差距的動態。

So it does appear right now that industry share of the deep discount is coming from discounts.

因此，現在看來，大幅折扣的行業份額來自折扣。

But at the same time, with the aggressive pricing we've seen the price gap between the top and bottom of the market is now at 38%, and this has historically held constant at around 30%.

但與此同時，隨著激進的定價，我們看到市場頂部和底部之間的價格差距現在為 38%，而這在歷史上一直保持在 30% 左右。

So we're seeing quite a sharp increase there.

所以我們看到那裡有相當大的增長。

Is there any risk if this continues to pick up than the premium segment also start to lose share i.e., I guess what I'm trying to get, is there a tipping point where you think that price gap becomes too sizable?

如果這種情況繼續上升，而高端市場也開始失去份額，是否有任何風險，即，我想我想得到什麼，是否有一個臨界點，你認為價格差距變得太大？

Yes.

是的。

It's something we certainly monitor, Owen.

歐文，這是我們肯定會監控的。

Thank you for the question.

感謝你的提問。

And it's something that we supply to you guys the overall national price gap, but we look at it back to Vivien's question at a much lower level.

這是我們向你們提供的整體全國價格差距，但我們會在低得多的層面上回顧 Vivien 的問題。

I think when you think about that price gap, I would point to the performance of Marlboro through time.

我認為當您考慮價格差距時，我會指出萬寶路隨著時間的推移的表現。

Being able to achieve that price realization, and I mentioned advanced analytics before and what that team has been able to do in making the retail promotions we put in the marketplace effective and more efficient.

能夠實現價格實現，我之前提到過高級分析，以及該團隊在使我們投放市場的零售促銷活動更有效和更有效率方面能夠做些什麼。

And so you see the steadiness of Marlboro through time.

因此，您可以看到萬寶路在時間上的穩定性。

You see the price realization, what we were able to achieve through the first 9 months.

您會看到價格實現，我們在前 9 個月能夠實現的目標。

But it's certainly something we monitor, but we feel good about the position that our tobacco business is in.

但這肯定是我們監控的事情，但我們對我們的煙草業務所處的位置感覺良好。

Okay.

好的。

And then second question, just wanted to come back to the ABI stake and some of the full process around that and specifically potentially creating more value from holding on to that versus potentially owning JUUL outright.

然後是第二個問題，只是想回到 ABI 股權以及圍繞該股權的一些完整流程，特別是通過持有股權而不是可能直接擁有 JUUL 可能創造更多價值。

So I mean, JUUL got the potential to be hyper growth, especially if it gets traction internationally.

所以我的意思是，JUUL 具有超高增長的潛力，特別是如果它在國際上受到關注。

It's also a segment that's cannibalizing cigarettes, so incentive to own all the economics.

這也是一個蠶食捲菸的細分市場，因此有動力擁有所有的經濟利益。

And then arguably as well, it can also boost your ESG credentials.

然後可以說，它還可以提高您的 ESG 證書。

Then on the flip side, you've got ABI arguably at growth not cannibalizing your cigarettes and it was nothing for ESG credentials.

然後在另一方面，你可以說 ABI 處於增長階段，不會蠶食你的香煙，這對 ESG 證書來說毫無意義。

And then you've got potentially the corporate tax rate increasing soon.

然後你就有可能很快提高公司稅率。

So tax charge on sale could increase.

因此，銷售稅可能會增加。

So I was just thinking, given those dynamics, I mean, why do you think ABI can potentially offer more long-term value to shareholders than owning JUUL outright good?

所以我只是在想，考慮到這些動態，我的意思是，為什麼你認為 ABI 可以為股東提供比擁有 JUUL 更好的潛在價值？

Owen, this is Sal.

歐文，這是薩爾。

So there's a lot to unpack in that question.

所以這個問題有很多東西要解開。

Let me start by saying we -- as you know, we don't comment on hypothetical or speculation around M&A.

首先讓我說我們——如你所知，我們不對圍繞併購的假設或猜測發表評論。

So let me move on to the ABI question, which you've touched on a lot of the analytical factors I talked about in my opening remarks.

因此，讓我繼續討論 ABI 問題，您已經談到了我在開場白中談到的許多分析因素。

At the center of the analysis, though, is really thinking about what's best for the shareholder over the long term.

然而，分析的核心是真正考慮從長遠來看什麼對股東最有利。

At this time, we believe holding the asset is what's best for the shareholder over the long term.

目前，我們認為持有該資產對股東來說是長期的最佳選擇。

As I said earlier, we'll continue to monitor the asset and perform the detailed analysis that we perform as we do with all capital allocation decisions, and we'll continue to do that moving forward.

正如我之前所說，我們將繼續監控資產並執行我們對所有資本分配決策所做的詳細分析，並且我們將繼續這樣做。

Yes, I think the only thing I would add, Owen is you can think of it.

是的，我想我唯一要補充的是，歐文是你能想到的。

You've been following us for quite a while.

你已經關注我們很久了。

It's no different than the analysis we went through with SAB.

這與我們對 SAB 進行的分析沒有什麼不同。

We look at the asset.

我們看資產。

We look at the -- go through the analytics and does it make sense to hold the asset or reallocate that capital somewhere else.

我們查看 - 通過分析，持有資產或將資本重新分配到其他地方是否有意義。

And so that's something now that the restriction has gone that we'll do on a regular basis, and we'll update you at the appropriate time.

因此，現在限制已經解除，我們將定期進行，我們會在適當的時候更新您的信息。

(Operator Instructions).

（操作員說明）。

We'll go now to Gaurav Jain with Barclays.

我們現在和巴克萊一起去 Gaurav Jain。

I have 3 questions.

我有 3 個問題。

So the first one is on the questions which have been asked earlier on the Marlboro's price premium versus lowest effective.

所以第一個問題是關於萬寶路價格溢價與最低有效價格的較早問題。

So what I understand is that BAT has repositioned Lucky Strike below Pall Mall and L&M used to compete against Pall Mall at the equivalent price.

所以我的理解是，BAT 已經將 Lucky Strike 重新定位在 Pall Mall 之下，而 L&M 曾經以同等價格與 Pall Mall 競爭。

And now you do not actually have a brand which is competing against Lucky Strike, which is why we are seeing this 20%-plus volume declines on the L&M side of things.

現在您實際上並沒有與 Lucky Strike 競爭的品牌，這就是為什麼我們看到 L&M 方面的銷量下降了 20% 以上。

So do you think you also need to reposition our brand to compete more effectively against Lucky Strike?

那麼您是否認為您還需要重新定位我們的品牌以更有效地與 Lucky Strike 競爭？

Yes.

是的。

Gaurav, I would remind you how we think about the combustible category.

Gaurav，我會提醒你我們如何看待可燃類別。

And it's really about maximizing profitability over the long term, and then balancing investments in Marlboro because we're premium focused with investments in the noncombustible portfolio that we have.

這實際上是關於長期最大化盈利能力，然後平衡對萬寶路的投資，因為我們專注於對我們擁有的不可燃投資組合的投資。

And so that's how we -- the overall strategy for the combustible segment.

這就是我們 - 可燃領域的整體戰略。

I would point to the performance of Marlboro again of 5 to 6 quarters of rock steady performance and the price realization we've been able to achieve, both from list price as well as the advanced analytics and applying that to the marketplace.

我會再次指出萬寶路的表現，即 5 到 6 個季度的堅如磐石的表現以及我們能夠實現的價格實現，包括標價以及高級分析並將其應用於市場。

And so we feel good about where we're positioned as far as other companies they can make decisions independent of us.

因此，我們對自己所處的位置感到滿意，因為其他公司可以獨立於我們做出決策。

Sure.

當然。

The second question I have is on component shortages.

我的第二個問題是關於組件短缺的。

So we have heard it impacting a lot of industries.

所以我們聽說它影響了很多行業。

So have you seen any shortages impacting the e-cigarette market, which could help the cigarette volumes in the next few quarters?

那麼您是否看到任何影響電子煙市場的短缺，這可能有助於未來幾個季度的捲煙銷量？

And you also heard one of your competitors talk yesterday about shortages in some cigar components.

而且您昨天還聽到您的一位競爭對手談論某些雪茄成分的短缺。

So are you seeing any shortages in cigars as well?

那麼，您是否也看到雪茄短缺？

Yes.

是的。

Nothing to point out, Gaurav, that would be material.

沒有什麼要指出的，高拉夫，那將是重要的。

We've had -- from a standpoint of our procurement team, they stay on top of this.

我們已經 - 從我們採購團隊的角度來看，他們始終處於領先地位。

They are able to work around whether it's storms or shortages or supply chains.

無論是風暴、短缺還是供應鏈，他們都能解決問題。

But we haven't experienced any shortages either from a labor standpoint or from a product input standpoint.

但無論從勞動力的角度還是從產品投入的角度來看，我們都沒有經歷過任何短缺。

So we're extremely pleased with what our procurement and our hourly workforce has been able to achieve through this process.

因此，我們對我們的採購和小時工通過這個過程所取得的成就感到非常滿意。

Sure.

當然。

And the last question on the MSA calculation, and you referenced that because of inflation next year, there could be a higher adjustment.

最後一個關於 MSA 計算的問題，你提到由於明年的通貨膨脹，可能會有更高的調整。

So could you just remind us how that calculation works and how inflation plays a role in it?

所以你能提醒我們這個計算是如何工作的，以及通貨膨脹是如何在其中發揮作用的嗎？

Sure, Gaurav.

當然，高拉夫。

This is Sal.

這是薩爾。

The MSA does have an inflation factor associated with the calculation of the payments.

MSA 確實有一個與付款計算相關的通貨膨脹因素。

It has a floor of 3%.

它的下限為 3%。

And anything above 3% impacts that cost.

任何高於 3% 的東西都會影響該成本。

Now it's a point-in-time calculation.

現在是時間點計算。

So it's [CPIU] as of December 31 for the current year versus the prior year.

因此，截至 12 月 31 日，與上一年相比，這是 [CPIU]。

We have had times where we've been above the 3%.

我們曾經有過超過 3% 的時候。

It's something we are used to managing, and we've managed in the past.

這是我們習慣於管理的事情，而且我們過去也曾管理過。

I pointed it out only because it is a differential aspect of inflation for the tobacco business versus other CPG industries.

我指出這一點只是因為它是煙草行業與其他 CPG 行業通脹的不同方面。

We'll take our next question from Jennifer Maloney with Wall Street Journal.

我們將接受華爾街日報的詹妮弗馬洛尼的下一個問題。

I just wanted to talk about consumer behaviors.

我只是想談談消費者行為。

Could you talk a little bit about why you're seeing a drop in industry cigarette volumes of 6.5%?

您能否談談為什麼您看到行業捲菸銷量下降了 6.5%？

Is it because people are spending more on travel and gas?

是因為人們在旅行和汽油上花費更多嗎？

Is it because they're out and about more and not spending as much time at home?

是因為他們出去玩的多了，在家的時間少了？

Yes.

是的。

It's a great question.

這是一個很好的問題。

I would point to the mobility of our consumer.

我要指出我們消費者的流動性。

And we talked about the extra nicotine occasions that we believe were added last year because of the stay-at-home practices.

我們還談到了我們認為去年由於居家實踐而增加的額外尼古丁場合。

They -- and so as they've increased their mobility and you point to both factors, they're out -- about more and they're using their discretionary income on other things.

他們——所以當他們增加了他們的流動性並且你指出這兩個因素時，他們出局了——關於更多的事情，他們將他們的可自由支配收入用於其他事情。

The only other thing I would highlight that you did not highlight is gas prices, and we know gas prices affect our consumers.

我要強調的唯一另一件事是您沒有強調的是汽油價格，我們知道汽油價格會影響我們的消費者。

But these are characteristics of the consumer.

但這些都是消費者的特徵。

We know how to navigate through, and I think you've seen we've been successful in the past.

我們知道如何導航，我想你已經看到我們過去取得了成功。

But those would be the major factors I would highlight.

但這些將是我要強調的主要因素。

And our e-cigarette sales a factor?

和我們的電子煙銷量有關嗎？

Are you seeing a continued downturn in e-cigarette sales is affecting, is that easing somewhat and hurting cigarette sales?

您是否看到電子煙銷售持續低迷正在影響，這是否有所緩解並損害了捲菸銷售？

Yes.

是的。

I think if you refer to, we try to provide a decomposition of industry volume.

我想如果你提到，我們試圖提供一個行業量的分解。

And so we do it on a 12-month moving.

因此，我們在 12 個月的搬家期間進行。

And so as of the end of the third quarter on a 12-month moving, remember in secular decline, which is people smoking last or quitting smoking or moving to other categories, that's always contained about 1% of people leaving cigarettes for other categories.

因此，截至第三季度末，經過 12 個月的調整，請記住長期下降，即人們最後吸煙或戒菸或轉向其他類別，其中始終包含約 1% 的人將香煙留給其他類別。

And then if we see additional cross-category movement beyond that, we highlight that you can see that was a 0.2%.

然後，如果我們看到除此之外的其他跨類別移動，我們強調您可以看到這是 0.2%。

So you can think about 1.2% of consumers leaving cigarettes for whatever other category they choose.

因此，您可以考慮 1.2% 的消費者將香煙留在他們選擇的任何其他類別中。

Our next question comes from Patrick Folan with Redburn.

我們的下一個問題來自 Redburn 的 Patrick Folan。

Katherine, maybe we move on and come back to Patrick.

凱瑟琳，也許我們繼續前進，回到帕特里克。

We have no further questions in queue.

我們在隊列中沒有其他問題。

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。

Thank you all for joining us.

感謝大家加入我們。

Please contact the Investor Relations team if you have further questions.

如果您還有其他問題，請聯繫投資者關係團隊。

Thanks, and have a great day.

謝謝，祝你有美好的一天。

This does conclude today's program.

今天的節目到此結束。

Thank you for your participation.

感謝您的參與。

You may disconnect at any time.

您可以隨時斷開連接。