奧馳亞 (MO) 2022 Q1 法說會逐字稿

Good day and welcome to the Altria Group 2022 First Quarter Earnings Conference Call. Today's call is scheduled to last about an 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 2022 年第一季度收益電話會議。今天的電話會議計劃持續約一個小時，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, Gretchen. Good morning and thank you for joining us.

謝謝，格雷琴。早上好，感謝您加入我們。

This morning, Billy Gifford, Altria's CEO; and Sal Mancuso, our CFO, will discuss Altria's first quarter business results. 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. During our call today, unless otherwise stated, we're comparing results to the same period in 2021.

今天上午，奧馳亞的 CEO Billy Gifford；我們的首席財務官 Sal Mancuso 將討論奧馳亞第一季度的業務成果。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。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 2021 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.

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

今天的電話會議將包含報告和調整後的各種運營結果。調整後的結果不包括影響與報告結果比較的特殊項目。非 GAAP 財務指標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. We're off to a strong start to the year and believe our businesses are on track to deliver against their full year plans. Our tobacco businesses performed well in a challenging macroeconomic environment, and we continue to make progress toward our vision to responsibly lead the transition of adult smokers to a smoke-free future.

早上好，感謝您加入我們。我們今年開局良好，相信我們的業務有望實現其全年計劃。我們的煙草業務在充滿挑戰的宏觀經濟環境中表現良好，我們將繼續朝著我們的願景取得進展，以負責任地引導成年吸煙者向無菸未來過渡。

Let's start with a review of the macroeconomic backdrop and its impact on U.S. tobacco consumers.

讓我們先回顧一下宏觀經濟背景及其對美國煙草消費者的影響。

In January, the surge of Omicron cases disrupted consumers' routines and purchasing patterns, resulting in short-term decreases in retail trips and overall tobacco volumes.

1 月份，Omicron 案件的激增擾亂了消費者的日常生活和購買模式，導致零售旅行和整體煙草銷量短期下降。

Increased inflation throughout the quarter pressured discretionary income levels as the Consumer Price Index reached a 4-year high in March and higher gas prices were exacerbated by the Russian invasion of Ukraine.

由於消費者價格指數在 3 月份達到 4 年高點，且俄羅斯入侵烏克蘭加劇了天然氣價格上漲，整個季度的通脹上升給可支配收入水平帶來壓力。

However, the rise in inflation was partially offset by improved employment metrics and increased wage growth for some consumers. The unemployment rate was 3.6% at the end of March, down from 6% in March of 2021. Total wages grew by nearly 5% in the first quarter compared to 8% average inflation. For some occupations, wage growth outpaced inflation, including occupations that over-indexed toward tobacco consumers. For example, wages grew 11% for production-related jobs and nearly 10% for jobs pertaining to transportation and materials moving.

然而，通脹的上升部分被就業指標的改善和一些消費者的工資增長所抵消。 3 月底的失業率為 3.6%，低於 2021 年 3 月的 6%。第一季度總工資增長了近 5%，而平均通脹率為 8%。對於某些職業，工資增長超過了通貨膨脹，包括對煙草消費者指數過高的職業。例如，與生產相關的工作的工資增長了 11%，與運輸和材料運輸有關的工作的工資增長了近 10%。

Additionally, the pressures of inflation were also offset for some consumers by higher federal income tax refunds. In the first quarter, the average federal income tax refund payment issued by the IRS increased by approximately 12%. We do expect inflation to persist for the balance of the year, however, and we will continue to monitor its effect on tobacco consumers.

此外，更高的聯邦所得稅退稅也抵消了部分消費者的通脹壓力。第一季度，美國國稅局發放的平均聯邦所得稅退稅款增加了約 12%。然而，我們確實預計通脹將在今年餘下時間持續存在，我們將繼續監測其對煙草消費者的影響。

Moving to our consolidated results. Altria delivered strong first quarter performance in this dynamic environment, growing adjusted diluted earnings per share by 4.7%. Adjusted EPS growth was primarily driven by higher operating companies' income and fewer shares outstanding, partially offset by lower adjusted earnings from our ABI investment.

轉向我們的綜合結果。奧馳亞在這種動態環境中實現了強勁的第一季度業績，調整後的攤薄每股收益增長了 4.7%。調整後的每股收益增長主要是由較高的運營公司收入和較少的流通股推動的，部分被我們 ABI 投資的調整後收益較低所抵消。

In the smokeable products segment, we continued to execute our strategy of maximizing profitability in combustibles while appropriately balancing investments in Marlboro with funding the growth of smoke-free products. First quarter smokeable segment adjusted OCI increased 5.7% and Marlboro retail share was stable sequentially. We believe Marlboro's share performance through this period reflects its continued strong brand equity among smokers.

在可煙產品領域，我們繼續執行最大化可燃物盈利能力的戰略，同時適當平衡對萬寶路的投資與為無菸產品的增長提供資金。第一季度可吸煙部門調整後的 OCI 增長 5.7%，萬寶路零售份額環比穩定。我們認為，萬寶路在此期間的股價表現反映了其在吸煙者中持續強勁的品牌資產。

We believe the investments we have made behind data analytics and revenue growth management provide us with the right tools to support the smokeable strategies. These tools include PM USA's manufacturer-supported off-invoice program, which enables more efficient resource deployment for Marlboro, as well as retail trade programs with multiple options designed to provide retailers with store-level solutions for our brands. We believe these capabilities position our smokeable businesses to navigate the current environment and to continue to deliver strong profitability in support of our vision and shareholder returns.

我們相信，我們在數據分析和收入增長管理方面所做的投資為我們提供了支持可吸煙戰略的正確工具。這些工具包括 PM USA 的製造商支持的發票外計劃，該計劃可以為萬寶路更有效地部署資源，以及具有多種選擇的零售貿易計劃，旨在為零售商提供我們品牌的商店級解決方案。我們相信，這些能力使我們的可吸煙業務能夠駕馭當前環境，並繼續提供強大的盈利能力，以支持我們的願景和股東回報。

Turning to our smoke-free product portfolio. We're excited by the performance of on! and oral nicotine pouches. on! reported shipment volume nearly doubled to 18 million cans in the first quarter. At retail, on! share of all tobacco increased by 2.5 percentage points, reaching 4.1%. As we shared at CAGNY, on!'s share growth has been primarily driven by repeat purchases from existing on! consumers and increased tobacco consumer trial. We are encouraged that these dynamics continued into the first quarter.

轉向我們的無菸產品組合。我們對on的表現感到興奮！和口服尼古丁袋。在！報告稱，第一季度的出貨量幾乎翻了一番，達到 1800 萬罐。在零售店，上！佔所有煙草的比重提高了 2.5 個百分點，達到 4.1%。正如我們在 CAGNY 所分享的，on! 的份額增長主要是由現有 on! 的重複購買推動的！消費者和增加煙草消費試驗。我們感到鼓舞的是，這些動態持續到第一季度。

At the category level, oral nicotine pouches reached a total oral tobacco retail share of 19.3 percentage points in the first quarter. The category grew 6.1 share points year-over-year, with on! representing more than 40% of this growth. We believe the brand continues to be a highly competitive product in the space, and it continues to perform well in all regions of the U.S.

在品類層面，口服尼古丁袋在第一季度的總口服煙草零售份額達到 19.3 個百分點。該類別同比增長 6.1 個份額點，並且開啟！佔這一增長的 40% 以上。我們相信該品牌將繼續成為該領域極具競爭力的產品，並且在美國所有地區繼續表現良好。

As a reminder, our Premarket Tobacco Applications for the entire oral portfolio remain pending with the FDA. And we believe the FDA should determine that the marketing of these products is appropriate for the protection of public health.

提醒一下，我們針對整個口服產品組合的上市前煙草申請仍在 FDA 審理中。我們認為 FDA 應該確定這些產品的營銷是否適合保護公眾健康。

We are also actively working on Modified-Risk Tobacco Product applications for on! We believe MRTP claims will provide impactful points of differentiation for the brand and important tools in educating and ultimately transitioning smokers to less harmful products.

我們還積極致力於改進風險煙草產品的應用！我們相信 MRTP 聲明將為品牌提供有影響力的差異化點，以及教育和最終將吸煙者轉變為危害較小的產品的重要工具。

In e-vapor, we estimate that total category volume increased 10% versus the year-ago period and increased 4% sequentially as a result of increased volume in the vape store channel. Our minority investment in JUUL remains subject to challenge by the U.S. Federal Trade Commission. In February, an administrative law judge found in favor of Altria and JUUL and dismissed the entirety of the FTC's claims. The FTC is appealing that decision to the FTC. Any decision by the FTC is subject to appeal in federal appellate court.

在 e-vapor 中，由於 vape 商店渠道的銷量增加，我們估計總類別銷量同比增長 10%，環比增長 4%。我們在 JUUL 的少數股權投資仍受到美國聯邦貿易委員會的質疑。 2 月，一名行政法法官裁定奧馳亞和 JUUL 勝訴，並駁回了 FTC 的全部主張。 FTC 正在就該決定向 FTC 提出上訴。 FTC 的任何決定均可向聯邦上訴法院提出上訴。

In heated tobacco, our teams are continuing to work with PMI on IQOS reentry plans, and we will keep you informed on developments as circumstances warrant. There is no change to our expectations regarding IQOS product availability.

在加熱煙草方面，我們的團隊將繼續與 PMI 合作制定 IQOS 再入計劃，我們將在情況允許時隨時向您通報事態發展。我們對 IQOS 產品可用性的期望沒有改變。

Moving to the regulatory environment. President Biden signed a bill last month to bring synthetic nicotine products under FDA regulation by updating the definition of a tobacco product within the Food, Drug, and Cosmetic Act to include any product that contains nicotine, including synthetic nicotine products. The bill allows manufacturers of synthetic nicotine products currently on market to keep those products on the market for 120 days after the bill's enactment provided that they have submitted a PMTA for those products by May 14. Unless the FDA grants a PMTA within that time period, the products become unlawful and subject to the FDA's enforcement discretion.

轉向監管環境。拜登總統上個月簽署了一項法案，通過更新《食品、藥品和化妝品法》中煙草產品的定義，將任何含有尼古丁的產品包括在內，包括合成尼古丁產品，將合成尼古丁產品納入 FDA 監管。該法案允許目前市場上的合成尼古丁產品製造商在法案頒布後將這些產品在市場上保留 120 天，前提是他們已在 5 月 14 日之前提交了這些產品的 PMTA。除非 FDA 在該時間段內授予 PMTA，產品變得非法並受 FDA 的執法自由裁量權約束。

The bill creates a certain exception for this review period for those circumstances where the FDA issued a denial of a marketing order and the manufacturer thereafter marketed the product with synthetic nicotine.

該法案為該審查期間規定了一個例外情況，即 FDA 發布了拒絕銷售令並且製造商隨後銷售含有合成尼古丁的產品。

We believe this legislation is an important step toward the creation of a responsible, smoke-free marketplace consisting solely of FDA-authorized products.

我們相信這項立法是朝著創建一個僅由 FDA 授權產品組成的負責任的無菸市場邁出的重要一步。

In combustibles, the FDA has indicated that it is on track to issue proposed

在可燃物方面，FDA 已表示正在按計劃發布擬議的

In combustibles, the FDA has indicated that it is on track to issue proposed product standards this month regarding menthol and cigarettes and characterizing flavors in cigars. As a reminder, the FDA rule-making process has multiple steps and provides several opportunities for stakeholders to provide input.

在可燃物方面，FDA 已表示將在本月發布有關薄荷醇和捲菸以及雪茄風味特徵的擬議產品標準。提醒一下，FDA 規則制定過程有多個步驟，並為利益相關者提供了幾個提供意見的機會。

Underage smoking is at the lowest level in a generation, and efforts to prohibit the legal sale of products to adults, as we have seen with alcohol prohibition and cannabis criminalization, have consistently failed. Prohibition pushes products into illegal markets that lack regulatory oversight and lack underage prevention. We believe equitable harm reduction is a better public policy approach to reducing smoking and improving public health. This means manufacturers must develop and the FDA authorize an array of potentially reduced-harm alternatives that can appeal to and transition smokers across all backgrounds and demographic groups. We expect to be actively engaged in providing our perspective to the FDA throughout the process.

未成年人吸煙處於一代人的最低水平，正如我們在禁酒和大麻定罪中所看到的那樣，禁止向成年人合法銷售產品的努力一直失敗。禁令將產品推向缺乏監管和未成年人預防的非法市場。我們認為，公平減少危害是減少吸煙和改善公共衛生的更好的公共政策方法。這意味著製造商必須開發並且 FDA 授權一系列可能減少危害的替代品，這些替代品可以吸引和轉變所有背景和人口群體的吸煙者。我們希望在整個過程中積極參與向 FDA 提供我們的觀點。

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. We're encouraged that the FDA has started authorizing smoke-free products. But more needs to be done to build a marketplace of authorized reduced-harm products that smokers can consider as they move away from cigarettes.

我們對美國減少危害的未來保持樂觀。我們相信，我們有前所未有的機會引領數百萬吸煙者遠離香煙。我們感到鼓舞的是，FDA 已開始授權無菸產品。但還需要做更多的工作來建立一個授權的減害產品市場，讓吸煙者在戒菸時可以考慮。

Our tobacco businesses delivered extraordinary results in a challenging and dynamic environment, and this cannot be done without the passion, resiliency and fierce determination of our employees. Their talent and dedication continue to give me confidence in our ability to move beyond smoking.

我們的煙草業務在充滿挑戰和充滿活力的環境中取得了非凡的成果，而這離不開我們員工的熱情、韌性和堅定的決心。他們的才華和奉獻精神繼續讓我對我們擺脫吸煙的能力充滿信心。

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 a discussion on the inflationary environment, which was exacerbated by the Russian invasion of Ukraine.

謝謝，比利。我想首先討論通貨膨脹環境，俄羅斯入侵烏克蘭加劇了通貨膨脹環境。

We continue to monitor the potential impacts to our operations and supply chain, and we are actively working to mitigate risk. Thanks to the hard work of our teams, we have not experienced a material adverse impact from these events. While our company will continue to monitor the situation, our hearts go out to the suffering Ukrainian people and to all of those affected by the war.

我們將繼續監控對我們的運營和供應鏈的潛在影響，並積極努力降低風險。由於我們團隊的辛勤工作，我們沒有受到這些事件的重大不利影響。雖然我們公司將繼續監視局勢，但我們的心與受苦的烏克蘭人民和所有受戰爭影響的人同在。

Moving to our businesses. The smokeable products segment delivered excellent financial performance once again. In the first quarter, the segment grew its adjusted OCI by 5.7% and expanded its adjusted OCI margins to 59.5%. The segment also reported strong net price realization of 9.2%.

轉移到我們的業務。可抽吸產品分部再次取得優異的財務表現。第一季度，該部門調整後的 OCI 增長了 5.7%，調整後的 OCI 利潤率擴大到 59.5%。該部門還報告了 9.2% 的強勁淨價格實現。

First quarter smokeable segment reported domestic cigarette volumes declined 6.3%. When adjusted for trade inventory movements and other factors, we estimate that segment domestic cigarette volumes for the first quarter declined by 8% and that industry volumes declined by 6.5% over the same period.

第一季度可抽吸部分報告國內捲煙銷量下降 6.3%。經貿易庫存變動和其他因素調整後，我們估計第一季度國內捲煙銷量下降 8%，同期行業銷量下降 6.5%。

We believe it's important to analyze cigarette volume trends over the longer term as decline rates in any one period can be influenced by various factors. In fact, the 2-year average decline rates for first quarter adjusted smokeable segment and industry cigarette volume declines were 5.5% and 4.5%, respectively.

我們認為分析長期捲菸量趨勢很重要，因為任何時期的下降率都可能受到各種因素的影響。事實上，第一季度調整後的可抽部分和行業捲菸銷量下降的 2 年平均下降率分別為 5.5% 和 4.5%。

In the marketplace, Marlboro demonstrated strength and resilience during a dynamic period for consumers. In the first quarter, Marlboro's retail share of the category was 42.6%, stable sequentially and down 0.4 versus the year ago period. Marlboro also maintained its leadership among premium brands, growing its share of the premium segment to 57.8%, up 0.2 sequentially and versus year ago.

在市場上，萬寶路在消費者的動態時期表現出了實力和韌性。一季度，萬寶路在該品類的零售份額為42.6%，環比穩定，同比下降0.4%。萬寶路在高端品牌中也保持領先地位，其在高端品牌中的份額增長至 57.8%，環比增長 0.2%，較去年同期增長 0.2%。

And in discount, total share of the cigarette category in the first quarter increased 0.3 sequentially to 26.4% driven primarily by deep-discount products. We believe the share increases in discount were due to the previously mentioned macroeconomic factors that affected tobacco consumers in the first quarter.

在折扣方面，第一季度捲菸類別的總份額環比增長 0.3 至 26.4%，主要受深度折扣產品的推動。我們認為折扣份額的增加是由於前面提到的第一季度影響煙草消費者的宏觀經濟因素。

In cigars, Middleton continued to provide strong contributions to smokeable segment financial results, and we are encouraged by the continued strength of the iconic Black & Mild brand. Reported cigar shipment volume decreased 9.6% in the first quarter, primarily driven by trade inventory movements. To date, Middleton is successfully navigating the regulatory environment with the support of our regulatory affairs team, having received market orders or exemptions from the FDA covering over 99% of its volume.

在雪茄方面，米德爾頓繼續為可抽吸部門的財務業績做出巨大貢獻，我們對標誌性的 Black & Mild 品牌的持續實力感到鼓舞。第一季度報告的雪茄出貨量下降了 9.6%，主要受貿易庫存變動的推動。迄今為止，米德爾頓在我們的監管事務團隊的支持下成功地駕馭了監管環境，已收到 FDA 的市場訂單或豁免，涵蓋了超過 99% 的交易量。

Of course, as Billy mentioned earlier, we will continue to monitor the FDA's proposed product standard on characterizing flavors in cigars and its potential impact to Middleton's portfolio. We expect to be actively engaged in providing our perspective throughout the rule-making process.

當然，正如比利之前提到的，我們將繼續監測 FDA 提出的關於表徵雪茄風味的產品標準及其對米德爾頓產品組合的潛在影響。我們希望在整個規則制定過程中積極參與提供我們的觀點。

Moving to the oral tobacco products segment, adjusted OCI and adjusted OCI margins contracted in the first quarter primarily due to the increased investments behind on! Total segment reported shipment volume decreased 1.9%. When adjusted for trade inventory movements and calendar differences, we estimate that total oral tobacco segment volumes were unchanged.

轉向口腔煙草產品部門，調整後的 OCI 和調整後的 OCI 利潤率在第一季度收縮，主要是由於後面的投資增加！報告的總分部出貨量下降 1.9%。在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沒有變化。

At the industry level, total oral tobacco volume growth moderated to 1.5% over the past 6 months. We continue to observe steady growth from the oral nicotine pouch category, but this has been offset by declining moist smokeless tobacco volumes as a result of difficult comparison periods and the macroeconomic challenges facing tobacco consumers.

在行業層面，過去 6 個月口腔煙草總銷量增長放緩至 1.5%。我們繼續觀察到口服尼古丁袋類別的穩定增長，但這已被濕無菸煙草數量的下降所抵消，原因是艱難的比較期和煙草消費者面臨的宏觀經濟挑戰。

Retail share for the oral tobacco products segment declined 1.1 percentage points in the first quarter as declines in MST offset strong share gains for on!. 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 remain excited about the performance of on!

第一季度口腔煙草產品部門的零售份額下降了 1.1 個百分點，因為 MST 的下降抵消了 on! 的強勁份額增長。隨著哥本哈根繼續在高利潤的 MST 類別中產生可觀的收入，我們對該部門的整體表現感到滿意，我們仍然對 on! 的表現感到興奮！

Turning to our investment in ABI, we recorded $141 million of adjusted equity earnings in the first quarter, down 25.8% versus the prior year. As we have previously shared, 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.

談到我們對 ABI 的投資，我們在第一季度錄得 1.41 億美元的調整後股本收益，比去年同期下降 25.8%。正如我們之前所分享的，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。

Moving to capital allocation and our financial outlook. We remain committed to creating long-term shareholder value through the pursuit of our vision and our significant capital returns. In the first quarter, we paid approximately $1.6 billion in dividends and repurchased approximately 11.3 million shares totaling $576 million. We have approximately $1.2 billion remaining under the currently authorized $3.5 billion share repurchase program, which we expect to complete by year-end.

轉向資本配置和我們的財務前景。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。第一季度，我們支付了約 16 億美元的股息，並回購了約 1130 萬股股票，總額為 5.76 億美元。根據目前授權的 35 億美元股票回購計劃，我們剩餘約 12 億美元，我們預計將在年底前完成。

We reaffirm our guidance 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. We continue to expect that 2022 adjusted diluted EPS growth will be weighted toward the second half of the year.

我們重申我們的指導方針，即實現 2022 年全年調整後的攤薄每股收益在 4.79 美元至 4.93 美元之間。該範圍代表調整後的攤薄每股收益增長率從 2021 年的 4.61 美元基數為 4% 至 7%。我們繼續預計 2022 年調整後的攤薄每股收益增長將在下半年加權。

Before opening it up to Q&A, I'd like to comment on our recent ESG progress.

在開始問答之前，我想評論一下我們最近的 ESG 進展。

Whilst harm reduction and underage use remain the most important social issues for our company to address, we have committed to make advancements in other ESG areas. At Altria, we are committed to reducing our environmental impact and recently announced our first virtual power purchase agreement for energy produced by a new wind farm project in Texas. This agreement marks significant progress toward 2 of our science-based environmental targets: Achieving 100% renewable electricity and reducing operational greenhouse gas emissions 55% by 2030. When the project is operational, we expect we will hit both those targets ahead of schedule. We're proud to support a project that will bring additional renewable energy to the electricity grid, contributing to positive climate action.

雖然減少危害和未成年人使用仍然是我們公司需要解決的最重要的社會問題，但我們致力於在其他 ESG 領域取得進展。在奧馳亞，我們致力於減少對環境的影響，最近宣布了我們的第一個虛擬電力購買協議，該協議由德克薩斯州的一個新風電場項目生產的能源產生。該協議標誌著我們在兩個基於科學的環境目標方面取得了重大進展：到 2030 年實現 100% 的可再生電力並減少 55% 的運營溫室氣體排放。當項目投入運營時，我們預計我們將提前實現這兩個目標。我們很自豪能夠支持一個項目，該項目將為電網帶來更多的可再生能源，為積極的氣候行動做出貢獻。

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，今天的收益發布和我們的非 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) We will take questions from the investment community first. Our first question comes from Chris Growe from Stifel.

（操作員說明）我們將首先回答投資界的問題。我們的第一個問題來自 Stifel 的 Chris Growe。

I just had a question for you. You've had -- there's a little bit more of a macro headwind that's been occurring. Obviously, there are some areas where wages you showed, I think, were doing a little better. But as I think about that, as you look at your -- kind of the way you look at it today, whether it be unemployment, gas prices, those sorts of things, is there a point -- at what point this year would you expect that to be less of a drag on volume?

我剛問你一個問題。你已經 - 正在發生更多的宏觀逆風。顯然，我認為在某些領域你的工資表現要好一些。但是當我想到這一點時，當你看待你的 - 就像你今天看待它的方式一樣，無論是失業、汽油價格還是諸如此類的事情，有沒有一點 - 今年你會在什麼時候期望這對交易量的影響較小？

And I guess related to that, in terms of what you're seeing within the Marlboro franchise, Marlboro's share was quite resilient this quarter. Are consumers moving around within that vicinity to Marlboro -- the different blends as an example?

我想與此相關，就你在萬寶路系列中看到的情況而言，本季度萬寶路的份額相當有彈性。消費者是否在萬寶路附近移動——以不同的混合物為例？

Yes. Thanks for the question, Chris. I'll take them in order.

是的。謝謝你的問題，克里斯。我會按順序處理它們。

So from a standpoint -- we were excited to see the resilience of our consumer. That's why we wanted to highlight the wage inflation that I think a number of industries don't see it's benefited our tobacco consumer. It's something that we'll continue to watch. Certainly, gas prices has an impact on our consumers because usually they're filling up their car or truck and then going in and purchasing the product. So it's something that we'll continue to watch, but we feel pleased through the first quarter with the resiliency we've seen in the tobacco consumer.

所以從一個角度來看——我們很高興看到我們消費者的彈性。這就是為什麼我們想強調工資上漲，我認為許多行業都沒有看到它使我們的煙草消費者受益。這是我們將繼續關注的事情。當然，汽油價格對我們的消費者有影響，因為他們通常是在給汽車或卡車加油，然後進去購買產品。所以這是我們將繼續關注的事情，但我們在第一季度對我們在煙草消費者身上看到的彈性感到高興。

As far as Marlboro, we're extremely excited with the stability of Marlboro. And if you go back, you can see pre-COVID, we had the benefit of the strength of Marlboro, and we benefited from the consumer having extra discretionary income as we proceeded through the COVID pandemic. And I think that pointed to that Marlboro's still the aspirational brand in the marketplace. And then as we've seen discretionary income come under pressure, we gave a little bit of that share back that we had benefited during the COVID virus. But through that entire period, the Marlboro brand has held up.

至於萬寶路，我們對萬寶路的穩定性感到非常興奮。如果您回頭看，您會看到 COVID 之前的情況，我們受益於萬寶路的實力，並且我們受益於消費者在經歷 COVID 大流行時擁有額外的可自由支配收入。我認為這表明萬寶路仍然是市場上的理想品牌。然後，當我們看到可自由支配收入面臨壓力時，我們回饋了我們在 COVID 病毒期間受益的那部分份額。但在整個時期，萬寶路品牌一直堅挺。

You always see a little bit of movement. If you think about Marlboro as the brand that has over 90% loyalty, that's a consumer that's buying it every time they make a purchase of a cigarette in the marketplace. But you see a little bit of movement, but nothing that I would highlight for you at this point.

你總能看到一點點動靜。如果您將萬寶路視為擁有超過 90% 忠誠度的品牌，那麼消費者每次在市場上購買捲菸時都會購買它。但是您會看到一些運動，但此時我不會為您強調任何內容。

Okay. I just had one other question. I think you talked about the dynamic of consumers moving into vape shops, for example for vapor. And is that a movement away from traditional outlets? And I guess just what could be driving that or -- and, I guess, to that effect, what that could mean to JUUL in the future based on that movement by consumers?

好的。我還有另一個問題。我認為您談到了消費者進入電子菸商店的動態，例如電子煙。這是一種遠離傳統網點的運動嗎？而且我猜這可能是什麼推動了這一點，或者 - 我想，基於消費者的這種運動，這對 JUUL 未來意味著什麼？

Yes. We -- what we tried to highlight was where we saw the -- some of the growth. It was in the vape shop channel. Again, no trend there to highlight. Just wanted to highlight where we saw the growth sequentially.

是的。我們 - 我們試圖強調的是我們看到的 - 一些增長。這是在vape商店頻道。同樣，沒有突出的趨勢。只是想強調一下我們看到的順序增長的地方。

I think if you step back and look at the entire e-vapor category, what we've tried to highlight is as all of these products are coming under FDA regulation and we should see and have started seeing some of the decisions by the FDA, I think that entire category will be in a bit of a transition over the next year to 18 months as some products make it through the process and some are denied. And so those consumers will be moving around a bit. What we look forward to and continue to believe is that e-vapor can play an important role in harm reduction in the U.S. once we get to a total FDA-authorized marketplace.

我認為，如果您退後一步看看整個電子蒸汽類別，我們試圖強調的是，所有這些產品都受到 FDA 的監管，我們應該看到並且已經開始看到 FDA 的一些決定，我認為整個類別將在明年到 18 個月內進行一些過渡，因為一些產品通過了這個過程，而另一些則被拒絕了。因此，這些消費者將四處走動。我們期待並繼續相信，一旦我們進入 FDA 授權的完整市場，電子蒸汽可以在美國減少危害方面發揮重要作用。

Our next question comes from Vivien Azer from Cowen.

我們的下一個問題來自 Cowen 的 Vivien Azer。

So the menthol news has been long anticipated certainly over the last 12 months given the April 2022 target. Billy, maybe it'll be helpful -- you guys have been pretty consistent in disclosing your share of menthol. But just dimensionalizing how big the menthol category is in the broader category context.

因此，考慮到 2022 年 4 月的目標，在過去 12 個月裡，薄荷醇的消息一直備受期待。比利，也許這會有所幫助——你們在披露薄荷醇的份額方面一直很一致。但只是在更廣泛的類別背景下確定薄荷醇類別的規模。

Yes. So to your point on our metrics page, you can see our share of menthol is 9.4% across PM USA, and it's pretty consistent from an industry standpoint that it represents about 1/3 of industry from a menthol cigarettes in the marketplace versus non-menthol.

是的。因此，就您在我們的指標頁面上的觀點而言，您可以看到我們在 PM USA 中的薄荷醇份額為 9.4%，從行業的角度來看，它代表了市場上薄荷醇捲菸與非薄荷醇。

Understood. That's really helpful. My next question is on the IRS call-out. That's a bit of a unique call-out relative to what we've been hearing from other companies under my coverage. So is the message that this is kind of a one-quarter benefit? Like how are you guys kind of thinking about that? Like does it annualize? Or you kind of just thought that, that was kind of a onetime offset to inflationary pressures for the consumer?

明白了。這真的很有幫助。我的下一個問題是關於國稅局的呼籲。相對於我們從我所報導的其他公司那裡聽到的內容，這有點獨特。那麼這是一種四分之一收益的信息嗎？比如你們是怎麼想的？好像是年化的？或者你只是認為，這是對消費者通脹壓力的一次性抵消？

Yes. I think you can think of it as a form of government stimulus, to a certain extent, Vivien. When you think about it, the actual refund checks are up. As far as -- we'll see how that plays out through the second quarter. Not everybody gets their refund checks in the first quarter. But we certainly want to highlight it for our consumer.

是的。我認為你可以把它看作是政府刺激的一種形式，在一定程度上，Vivien。當您考慮時，實際的退款支票已經完成。就 - 我們將看到第二季度的表現如何。不是每個人都會在第一季度收到退款支票。但我們當然想為我們的消費者強調它。

I think the bigger call-out, though, and you saw it, was the wage inflation. And that's a piece that was benefiting our consumer, and that would be something that we would anticipate would be consistent throughout the year.

不過，我認為更大的呼聲，你也看到了，是工資上漲。這是一件讓我們的消費者受益的事情，我們預計這將是全年一致的事情。

Our next question comes from Pamela Kaufman from Morgan Stanley.

我們的下一個問題來自摩根士丹利的帕梅拉考夫曼。

Can you give an update on your strategy in the oral tobacco segment? Performance reflects continued elevated investment behind on! How should we think about profitability in this segment and how it evolves? And is there a level of market share or a particular goalpost you can point to that would drive a shift towards more of a profit focus for on!

您能否介紹一下您在口腔煙草領域的戰略？業績反映持續高位投資落後！我們應該如何看待這一領域的盈利能力以及它如何發展？是否有一定程度的市場份額或特定的目標，你可以指出這將推動轉向更多的利潤焦點！

Yes. I appreciate the question, Pamela. I think when you think about our strategy in oral tobacco, it's to maximize profitability over the long term in the moist smokeless category with the strength of Copenhagen while making responsible investments in on! for -- to continue to fund its growth.

是的。我很欣賞這個問題，帕梅拉。我認為，當您考慮我們在口腔煙草方面的戰略時，它是利用哥本哈根的優勢在潮濕無菸類別中長期實現盈利能力最大化，同時進行負責任的投資！為——繼續為其增長提供資金。

We believe long term we can achieve tobacco-like margins within the oral nicotine pouch category. But certainly, to your point, we're in the investment period now. And you saw the significant growth we saw year-over-year, almost doubling volume from a comparison point first quarter-to-first quarter. And we've been trying to highlight all along, once we got past the manufacturing capacity constraint, that we wanted to invest to make sure it was in the consideration set of our consumers when they're making those choices for alternative products.

我們相信，從長遠來看，我們可以在口服尼古丁袋類別中實現類似煙草的利潤。但可以肯定的是，就您而言，我們現在正處於投資期。你看到了我們看到的同比顯著增長，從第一季度到第一季度的比較點幾乎翻了一番。我們一直在努力強調，一旦我們克服了製造能力的限制，我們想要投資以確保在我們的消費者為替代產品做出選擇時考慮到這一點。

What you'll see that we've started is really using our advanced analytics that we invested in to be more targeted with some of the promotions. But we're still in the investment period, and we'll remain in that for a period of time.

你會看到我們已經開始使用我們投資的高級分析來更有針對性地進行一些促銷活動。但我們仍處於投資期，我們將保持一段時間。

Great. And then can you discuss what you're observing from the competitive landscape within the cigarette category in light of the current consumer environment? The deep discount segment continues to gain share at a higher pace, and price gaps remain wide relative to historical levels. Can you talk about how you're thinking about trade-down within the cigarette category given some of the consumer headwinds?

偉大的。然後，您能否根據當前的消費環境討論您從捲菸類別的競爭格局中觀察到的情況？深度折扣部分繼續以更快的速度獲得份額，與歷史水平相比，價格差距仍然很大。考慮到消費者的一些不利因素，您能談談您如何考慮在捲菸類別中進行折價交易嗎？

Yes, sure. Some of what you've seen is exactly what you highlighted, Pamela, which is, as the discretionary income comes under pressure, whether that's through inflation or gas prices or even mobility, you'll see some trade-down.

是的，當然。 Pamela，您所看到的某些內容正是您所強調的，也就是說，隨著可自由支配收入面臨壓力，無論是通過通貨膨脹、汽油價格還是流動性，您都會看到一些折衷。

I think if you think about the total cigarette consumer group, think about it as a bit of a barbell. There's a group of consumers that are at the bottom end of that, that are always buying the cheapest in the store. And so you see that occur. And you saw the benefit in Marlboro that we experienced when discretionary income wasn't under so much pressure. But the way we think about it is we're a premium-focused company, and you see this -- the rock-solid stability of Marlboro through time.

我認為，如果您考慮整個捲菸消費群體，請將其視為槓鈴。有一群消費者處於最底層，他們總是在商店裡買最便宜的東西。所以你會看到這種情況發生。當可自由支配收入沒有受到太大壓力時，你看到了萬寶路的好處。但我們認為我們是一家專注於高端的公司，你會看到這一點——萬寶路隨著時間的推移堅如磐石的穩定性。

Your next question comes from Gaurav Jain from Barclays.

您的下一個問題來自巴克萊銀行的 Gaurav Jain。

So a couple of questions here, Billy. So the Slide #6 in which you are talking about how wages are trending across different professionals was very interesting. Now if I apply a similar sort of lens to the entire U.S. in different states and maybe different wage inflation in different states, are you seeing better volume trends in the states where wage inflation is higher versus where wage inflation is lower?

比利，這裡有幾個問題。因此，您在幻燈片 6 中談論不同專業人士的工資趨勢非常有趣。現在，如果我對整個美國的不同州以及不同州的不同工資通脹應用類似的鏡頭，您是否看到工資通脹較高的州與工資通脹較低的州的銷量趨勢更好？

Yes. It's an interesting question. We don't disclose to that level, but we do see where wage inflation has -- and we tried to highlight a couple of the categories, but where wage inflation has benefited the tobacco consumer. And that's why we wanted to highlight that for you.

是的。這是一個有趣的問題。我們沒有透露到那個水平，但我們確實看到了工資上漲的情況——我們試圖強調幾個類別，但工資上漲使煙草消費者受益的地方。這就是為什麼我們想為您強調這一點。

Sure. And if I were to just say that wage inflation will likely accelerate as we go through this year because of -- we can see weekly jobless data and everything and Federal Reserve is still behind the curve, so then should we then expect that cigarette volumes, which were minus 6.5% in Q1, which are difficult comps, which are the gas price spike, so it should start moderating from here and improve as the year progresses?

當然。如果我只是說今年工資通脹可能會加速，因為我們可以看到每週的失業數據和一切，而美聯儲仍然落後於曲線，那麼我們是否應該預期捲菸量，第一季度是負 6.5%，這是困難的比較，這是汽油價格的飆升，所以它應該從這裡開始緩和並隨著時間的推移而改善？

Yes. I think the macroeconomic environment, to your point, is very dynamic. Certainly, we would expect wage inflation to at least be consistent throughout the year in your hypothesis of it increasing, I guess, we'll see on how unemployment goes and how job openings respond to that.

是的。我認為，就你的觀點而言，宏觀經濟環境非常活躍。當然，我們預計工資通脹至少在全年保持一致，我猜你假設它會增加，我們將看到失業率如何變化以及職位空缺如何對此做出反應。

I think the other side, though, is the tailwind. You highlighted gas prices. We'll see where gas prices go through the remainder part of the year and where inflation trends.

不過，我認為另一面是順風。你強調了汽油價格。我們將看到天然氣價格在今年剩餘時間裡的走勢以及通脹趨勢。

So I think it's very dynamic, and that's why we wanted to highlight some of the tailwinds and headwinds that we were seeing.

所以我認為這是非常動態的，這就是為什麼我們想強調我們看到的一些順風和逆風。

Sure. And just coming to the synthetic nicotine market and what the FDA has done. So in the synthetic nicotine market, like how do you see this entire category playing out in the next few months? And will that be a benefit to your volumes as well?

當然。剛剛進入合成尼古丁市場以及 FDA 所做的事情。那麼在合成尼古丁市場中，您如何看待整個類別在未來幾個月內的表現？這對您的交易量也有好處嗎？

Yes. So when you think about the total nicotine, you've seen us highlight that a couple of times and really looking at how the consumer is moving around. And that's exactly why, Gaurav, we put the portfolio approach in place, because FDA decisions in one category put consumers at play and force them to other categories. And so we believe having the portfolio approach is important.

是的。因此，當您考慮總尼古丁時，您已經看到我們多次強調這一點，並真正關註消費者如何四處走動。這正是 Gaurav 採用組合方法的原因，因為 FDA 在一個類別中的決定讓消費者參與其中，並迫使他們轉向其他類別。因此，我們認為採用投資組合方法很重要。

And so you can take the e-vapor category depending on the decisions made by the FDA. That's why we highlight that, that category could be in a bit of a transition for the next year to 18 months as decisions come out and some products make it through and some products do not. Those consumers for products that do not make it will be at play either for other e-vapor products or other categories that they have in their consideration set.

因此，您可以根據 FDA 的決定選擇電子蒸汽類別。這就是我們強調這一點的原因，隨著決策的出台和一些產品通過而一些產品沒有通過，該類別可能會在明年到 18 個月的過渡期。那些沒有生產的產品的消費者將在他們考慮的其他電子蒸汽產品或其他類別中發揮作用。

Sure. And if I could just sneak in a last one for Sal. So Sal, there's this net periodic benefit income line item in your P&L which has been a constant benefit. And I used to think that when interest rates go up, it will become a headwind, but it hasn't. So how does this line item work?

當然。如果我能偷偷為薩爾做最後一個。所以 Sal，在您的損益表中有這個淨定期福利收入項目，它一直是一個持續的福利。我曾經認為，當利率上升時，它會成為逆風，但事實並非如此。那麼這個訂單項是如何運作的呢？

Can you repeat that? I apologize.

你可以再說一遍嗎？我道歉。

The net periodic benefit income, that line item which I think is linked to your pension, interest and income and expense. So it has always been a tailwind to your P&L. And I thought that it would become a headwind as interest rates rise, but still there is no benefit that's happening. So how this line item...

淨定期福利收入，我認為與您的養老金、利息、收入和支出相關的項目。因此，它一直是您的損益表的順風車。而且我認為隨著利率上升，這將成為逆風，但仍然沒有任何好處正在發生。那麼這個訂單項如何...

Yes, that's a reflection of the strength -- I'm sorry to interrupt. That's a reflection of the strength of our funding of our pension plan and also some favorability in our overall performance in the pension plan, which, as you know, gets amortized over time. So you are correct in that it has had a slight benefit to our P&L.

是的，這是實力的體現——我很抱歉打斷你。這反映了我們為養老金計劃提供資金的實力，也反映了我們在養老金計劃中的整體表現的一些優勢，正如你所知，隨著時間的推移，養老金計劃會被攤銷。所以你是對的，它對我們的損益表有一點好處。

Our next question comes from Bonnie Herzog from Goldman Sachs.

我們的下一個問題來自高盛的 Bonnie Herzog。

I wanted to circle back on your cig volumes just given some of the investor concerns about your volume in this environment, especially your premium Marlboro volume given the wider price gap. So first, Billy, could you highlight for us if your Q1 results were in line with your expectations?

考慮到投資者在這種環境下對您的交易量的一些擔憂，尤其是考慮到更大的價格差距，您的優質萬寶路交易量，我想回過頭來談談您的 cig 交易量。那麼首先，比利，如果您的第一季度結果符合您的預期，您能否為我們強調一下？

And then maybe share some more color for us around your strategy to protect your volume and share. For instance, I think you guys are stepping up promotional spending a bit for some of the price-sensitive consumers.

然後可能圍繞您的策略為我們分享更多色彩，以保護您的數量和分享。例如，我認為你們正在為一些對價格敏感的消費者增加一些促銷支出。

And then maybe highlight for us how you leverage your special select brand during these times to kind of keep more consumers in your Marlboro franchise.

然後可能會向我們強調您如何在這些時期利用您的特殊選擇品牌來讓更多的消費者留在您的萬寶路特許經營中。

And then I'd like to just better understand why you aren't maybe striking a better balance between your pricing and volumes.

然後我想更好地理解為什麼你沒有在定價和數量之間取得更好的平衡。

Yes, Bonnie. So I'll try to address it. There were multiple parts there, but I'll try to address it with the strategy we implement.

是的，邦妮。所以我會嘗試解決它。那裡有多個部分，但我會嘗試用我們實施的策略來解決它。

I think what you've seen with Marlboro, and we highlight it for you, is the rock-steady performance of Marlboro through time. I think when you think about the pricing and the promotions in the marketplace, we highlighted for you the way we're using advanced analytics and revenue growth management, as what most companies call it, being able to get closer to the consumer and provide more -- if we're having promotions, provide it closer to the individual consumers. And so whether that's through our retail trade programs, where we have multiple options for retail trade partners, to really have multiple solutions, store-level solutions versus more of a total geographic solution for consumers in the marketplace because, as you know, certain states, the consumer is under different economic health than other states. As well as, the ability to have our manufacturer off-invoice (sic) [manufacturer-supported off-invoice].

我認為您在萬寶路看到的，我們為您重點介紹的，是萬寶路隨時間變化的堅如磐石的性能。我認為當您考慮市場上的定價和促銷時，我們為您強調了我們使用高級分析和收入增長管理的方式，正如大多數公司所說的那樣，能夠更貼近消費者並提供更多——如果我們有促銷活動，請提供更接近個人消費者的促銷活動。因此，無論是通過我們的零售貿易計劃，我們為零售貿易合作夥伴提供多種選擇，真正擁有多種解決方案，商店級解決方案而不是市場上消費者的更多整體地理解決方案，因為如您所知，某些州，消費者的經濟健康狀況與其他州不同。以及讓我們的製造商取消發票 (sic) [製造商支持的發票外] 的能力。

And so our price realization, I would just remind you, is made up of two components. It's list price and it's the efficiencies that we're getting through our revenue growth management and our advanced analytics. So when you think about that in totality, you see the steadiness of Marlboro and the efficiencies coming through the promotional process. And so it's allowing us to be more targeted and efficient with the way we spend promotions.

因此，我只想提醒您，我們的價格實現由兩個部分組成。這是標價，是我們通過收入增長管理和高級分析獲得的效率。因此，當您全面考慮這一點時，您會看到萬寶路的穩定性以及促銷過程中的效率。因此，它使我們能夠更有針對性和更有效率地進行促銷活動。

Bonnie, I would just add one other point which we highlighted in our opening remarks.

Bonnie，我只想補充一點，我們在開場白中強調了這一點。

I think the strength of Marlboro's performance within the premium category, where share of premium has grown, is a reflection of the effectiveness of the programs and tools Billy just mentioned.

我認為萬寶路在溢價份額增長的溢價類別中的表現實力反映了比利剛剛提到的計劃和工具的有效性。

All right. Yes, I mean, so I guess the right way to think about your smokeable business, I mean, it's an industry that's in secular decline in terms of volumes. They've been declining for a very, very long time. So the way you're managing this is offsetting that with pricing and trying to drive whether it's low- or mid-single-digit operating income growth and expanding your margins. And you feel good, even in this environment, that you're going to be able to continue to do that.

好的。是的，我的意思是，所以我想正確的方式來考慮你的可吸煙業務，我的意思是，這是一個在數量上長期下降的行業。他們已經下降了非常非常長的時間。因此，您管理此問題的方式是通過定價來抵消這一點，並試圖推動無論是低個位數還是中個位數的營業收入增長並擴大您的利潤率。即使在這種環境中，您也會感覺很好，您將能夠繼續這樣做。

Yes. I think you see with the results through the first quarter. I think that was a -- from a macroeconomic standpoint, it was a pretty tough quarter. And you've seen other industries be impacted by that, and we were able to navigate that very nicely. Again, I would just highlight, with the advanced analytics and the tools we have available to us, we can be much more precise.

是的。我想你會看到第一季度的結果。我認為這是一個 - 從宏觀經濟的角度來看，這是一個非常艱難的季度。你已經看到其他行業受到了影響，我們能夠很好地駕馭它。再次強調，借助我們可用的高級分析和工具，我們可以更加精確。

When you look at the 12-month decomposition we provide on volume, you can see from a price elasticity it's holding firm from a standpoint of total price elasticity. You can really see it's just the macroeconomic factors that have switched around through time.

當您查看我們提供的 12 個月成交量分解時，您可以從價格彈性中看到，從總價格彈性的角度來看，它保持堅挺。你真的可以看到，只是宏觀經濟因素隨著時間的推移而發生了變化。

Okay. And just one quick final clarification just on your guidance. Can you touch on what it assumes in terms of total industry cig volumes? I mean are you assuming that volumes decelerate further this year? Any color on that would be helpful to kind of frame all of this.

好的。只需對您的指導進行一個快速的最終澄清。你能談談它假設的行業總煙量嗎？我的意思是你是否假設今年的銷量會進一步減速？上面的任何顏色都有助於對所有這些進行構圖。

Yes. I appreciate it, Bonnie. And I know that you're looking for volume guidance that we don't provide.

是的。我很感激，邦妮。而且我知道您正在尋找我們不提供的數量指導。

I think with this dynamic marketplace, the reason we give a range of guidance is we know that things are going to change for our consumer base, and we want to be able to provide the consumer what they need. And so that's why we put a range of guidance out there.

我認為對於這個充滿活力的市場，我們提供一系列指導的原因是我們知道我們的消費者群體的情況將會發生變化，我們希望能夠為消費者提供他們需要的東西。這就是我們提供一系列指導的原因。

Volume is one component, but there are multiple components that go into that guidance. So just to highlight one factor I don't think is appropriate. It's really -- we feel comfortable reaffirming that guidance in the quarter, and it's really about keeping an eye on how the consumer is bearing through this macroeconomic environment.

音量是一個組成部分，但該指南中有多個組成部分。所以只是強調一個我認為不合適的因素。這真的 - 我們在本季度重申這一指導感到很舒服，這真的是要密切關註消費者在這種宏觀經濟環境中的承受力。

Our next question comes from Priya Ohri-Gupta from Barclays.

我們的下一個問題來自巴克萊銀行的 Priya Ohri-Gupta。

Sal, I was wondering if you could just provide us with some thoughts on your outlook for the refinancing market, you do have a little over $1 billion maturing later this year, and how you're thinking about other opportunities for perhaps greater interest expense management across your debt portfolio.

Sal，我想知道您是否可以就您對再融資市場的前景向我們提供一些想法，今年晚些時候您確實有超過 10 億美元到期，以及您如何考慮可能更大的利息費用管理的其他機會在您的債務組合中。

And then secondly, you do have one of your eurobonds maturing early in 2023. If I recall, that serves as a net investment hedge against the dividend you receive from ABI. So strategically, how should we think about sort of the need to refinance that in euro versus sort of refinancing in dollar?

其次，你確實有一隻歐洲債券在 2023 年初到期。如果我記得，那是對你從 ABI 獲得的股息的淨投資對沖。因此，從戰略上講，我們應該如何考慮以歐元再融資的需求與以美元再融資的需求？

Sure. So I'll take those questions in order. First, I guess the way I'd respond to your initial question is that it's critical for us that we continue to manage a strong balance sheet going forward. As you know, last year, in part of our capital allocation, we did do some tender refinancing of debt, which extended maturities of low-interest debt. We're pleased with the results of that transaction. And part of the way we manage the balance sheet is we manage our debt towers going forward so that we're less impacted by market dynamics and we're -- we have the ability to have flexibility in how we treat maturing debt.

當然。所以我會按順序回答這些問題。首先，我想我會回答你最初的問題的方式是，我們繼續管理強大的資產負債表對我們來說至關重要。如您所知，去年，在我們的部分資本配置中，我們確實對債務進行了一些投標再融資，從而延長了低息債務的期限。我們對該交易的結果感到滿意。我們管理資產負債表的部分方式是我們管理我們的債務塔，這樣我們就不會受到市場動態的影響，而且我們有能力在如何處理到期債務方面具有靈活性。

So I'm not going to forecast out necessarily how we'll handle that debt that's coming to maturity. But of course, we will do the analysis and determine the best way to handle that, whether it's paid off with existing cash or think about refinancing and -- as such.

所以我不會預測我們將如何處理即將到期的債務。但是，當然，我們將進行分析並確定處理該問題的最佳方法，無論是用現有現金還清還是考慮再融資等等。

And the same answer goes for the euro debt that's coming through -- that's coming due. We'll do the analysis. You are correct in that it is a natural hedge against the ABI dividends that we receive. And we do have flexibility to think about being -- how we can be opportunistic across various markets, whether we're thinking about managing our balance sheet going forward or refinancing or managing debt as it comes due.

同樣的答案也適用於即將到期的歐元債務。我們將進行分析。您是對的，因為它是對我們收到的 ABI 股息的自然對沖。而且我們確實可以靈活地考慮存在 - 我們如何在各個市場上投機取巧，無論我們是在考慮管理我們的資產負債表，還是在到期時再融資或管理債務。

And we have a question from Gaurav Jain from Barclays again.

我們再次收到來自巴克萊的 Gaurav Jain 的問題。

Just a quick question on the ABI stake. I believe -- Sal, like any updated thoughts on how you are thinking about it?

只是一個關於 ABI 股份的快速問題。我相信——Sal，就像任何關於你如何思考它的最新想法一樣？

There's really nothing new to say. We continue to perform the analysis related to our ABI stake. As we spoke about in our opening remarks, it's a financial investment. Our focus is on maximizing that investment for the long-term shareholder value. We continue to do the analysis, and there's nothing new to report on the asset itself.

真的沒有什麼新東西可說。我們繼續進行與我們的 ABI 股份相關的分析。正如我們在開場白中所說，這是一項金融投資。我們的重點是最大化長期股東價值的投資。我們繼續進行分析，並且沒有關於資產本身的新報告。

We will now take questions from the media representatives. And our next question comes from Jennifer Mahoney (sic) Jennifer Maloney] from Wall Street Journal.

我們現在將接受媒體代表的提問。我們的下一個問題來自華爾街日報的 Jennifer Mahoney (原文如此) Jennifer Maloney]。

I wanted to ask about consumer switching patterns that you would expect to see if a menthol ban were implemented either in the state of California or nationwide. First of all, would you expect to see Newport smokers switching to Marlboro? And if so, what net impact would you expect to see on your overall cigarette business?

我想問一下消費者轉換模式，如果在加利福尼亞州或全國范圍內實施薄荷醇禁令，您會看到這些模式。首先，您希望看到紐波特吸煙者轉向萬寶路嗎？如果是這樣，您預計會對您的整體捲菸業務產生什麼淨影響？

Yes. I think it's tough to say. I think with some of the alternative products that are in the marketplace, certainly if there were an outright ban, using your hypothetical, to menthol, the consumer for the menthol cigarettes will either go to the illegal market, as we highlighted, under unintended consequences of an outright ban or look to either non-menthol cigarettes or alternative products. So it's tough to say where they will go. I think if you look at some of the research, I think there's limited research on it, but some would say that they would convert to non-menthol cigarettes.

是的。我覺得很難說。我認為對於市場上的一些替代產品，當然，如果使用您的假設完全禁止薄荷醇，薄荷醇捲菸的消費者將要么進入非法市場，正如我們所強調的那樣，在意想不到的後果下徹底禁止或尋找非薄荷醇香煙或替代產品。所以很難說他們會去哪裡。我想如果你看一些研究，我認為這方面的研究有限，但有些人會說他們會改用非薄荷醇捲菸。

I think the better point here, though, is -- if you step back, prohibition, at least through history, hasn't worked. The better approach is to have these alternative products and allow -- we know consumers want to move to alternative products that have the potential to reduce harm. That seems like that should be the focus and a better approach than an outright ban.

不過，我認為這裡更好的一點是——如果你退後一步，禁令，至少在歷史上，沒有奏效。更好的方法是擁有這些替代產品並允許——我們知道消費者希望轉向有可能減少傷害的替代產品。這似乎應該是重點，也是比徹底禁止更好的方法。

One quick follow-up. What products would you expect Marlboro menthol smokers to switch to? And would you market any product specifically to them in the event of a menthol cigarette ban like Marlboro Gold or JUUL or on!?

快速跟進。您希望萬寶路薄荷醇吸煙者改用哪些產品？如果像 Marlboro Gold 或 JUUL 等薄荷醇捲菸禁令，您會專門向他們推銷任何產品嗎？

Yes. We'll have to wait to see what the proposal that comes out and how it approaches menthol. We would really look to, as we said, to support our vision and really look to move the consumer down the continuum of risk. And so that's the way we would approach it with the alternative products that are in the marketplace. But certainly, it's ultimately the consumer's choice.

是的。我們將不得不等待看到提出的建議以及它如何接近薄荷醇。正如我們所說，我們真的希望支持我們的願景，並真正希望將消費者推向風險的連續性。這就是我們使用市場上的替代產品來處理它的方式。但可以肯定的是，這最終是消費者的選擇。

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 this morning. Please feel free to contact Investor Relations team if you have further questions. Thanks again.

感謝大家今天早上加入我們。如果您還有其他問題，請隨時聯繫投資者關係團隊。再次感謝。

This does conclude today's program. Thank you for your participation. You may disconnect at this time. Have a great day.

今天的節目到此結束。感謝您的參與。此時您可以斷開連接。祝你有美好的一天。