奧馳亞 (MO) 2022 Q2 法說會逐字稿

Good day, and welcome to the Altria Group 2022 Second Quarter and First Half Earnings Conference Call. Today's call is scheduled to last about 1 hour, including remarks by Altria's management and a question-and-answer session. (Operator Instructions)

美好的一天，歡迎參加奧馳亞集團 2022 年第二季度和上半年收益電話會議。今天的電話會議計劃持續約 1 小時，包括奧馳亞管理層的講話和問答環節。 （操作員說明）

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, Ashley. Good morning, and thank you for joining us. This morning, Billy Gifford, Altria's CEO; and Sal Mancuso, our CFO, will discuss Altria's second quarter and first half business results.

謝謝，阿什利。早上好，感謝您加入我們。今天上午，奧馳亞的 CEO Billy Gifford；我們的首席財務官 Sal Mancuso 將討論奧馳亞第二季度和上半年的業務成果。

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. Our remarks contain forward-looking and cautionary statements and projections of future 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。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。我們的評論包含前瞻性和警示性陳述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. Future dividend payments and share repurchases remain subject to the discretion of Altria's Board.

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

奧馳亞根據美國公認會計原則報告其財務業績。今天的電話會議將包含報告和調整後的各種運營結果。調整後的結果不包括影響與報告結果比較的特殊項目。這些非公認會計原則財務措施和對賬的描述包含在今天的收益發布和我們的網站 altria.com 上。

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

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

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

有了這個，我會把電話轉給比利。

Thanks, Mac. Good morning, and thank you for joining us. Altria's tobacco businesses performed well in a challenging macroeconomic environment for the first half of the year. The smokeable products segment delivered solid operating company's income growth behind the resilience of Marlboro, and our moist smokeless tobacco brands continued to drive profitability.

謝謝，麥克。早上好，感謝您加入我們。今年上半年，奧馳亞的煙草業務在充滿挑戰的宏觀經濟環境中表現良好。可吸產品部門在萬寶路的韌性背後實現了穩健的運營公司收入增長，我們的濕無菸煙草品牌繼續推動盈利能力。

We also continue to make progress toward our vision through the investments we laid out in January, which included supporting the expansion of on!. We are encouraged by on!'s retail momentum and significant share growth since achieving unconstrained capacity last summer. We believe this is a pivotal point in the U.S. tobacco industry. The FDA has the opportunity to create a mature, regulated marketplace of smoke-free products that can successfully realize tobacco harm-reduction and improve the lives of millions of smokers.

我們還通過我們在一月份制定的投資繼續朝著我們的願景取得進展，其中包括支持 on! 的擴展。自去年夏天實現無限制產能以來，on! 的零售勢頭和顯著的份額增長令我們感到鼓舞。我們相信這是美國煙草業的一個關鍵點。 FDA 有機會創建一個成熟的、受監管的無菸產品市場，可以成功地減少煙草危害並改善數百萬吸煙者的生活。

We share the FDA's goal, to transition smokers away from cigarettes, but we continue to believe that harm-reduction, not prohibition is the best path forward. My remarks this morning will focus on 3 topics: our core tobacco businesses, including the macroeconomic backdrop and potential combustible tobacco product regulation; the smoke-free opportunity in the U.S. and our smoke-free product portfolio; and our continued confidence in our vision. I'll then turn it over to Sal, who will provide further detail on our business and financial results.

我們同意 FDA 的目標，即讓吸煙者遠離捲菸，但我們仍然相信減少危害而不是禁止是前進的最佳途徑。我今天上午的講話將集中在三個主題上：我們的核心煙草業務，包括宏觀經濟背景和潛在的可燃煙草製品監管；美國的無菸機會和我們的無菸產品組合；以及我們對願景的持續信心。然後我會將其交給 Sal，他將提供有關我們業務和財務結果的更多詳細信息。

Let's begin with a review of the macroeconomic backdrop and its impact on U.S. tobacco consumers. In the second quarter, rising gas prices and inflation continue to pressure tobacco consumers' disposable income, resulting in volume declines across the tobacco space. However, we believe that tobacco consumers adapted their purchasing patterns across a variety of goods and services to compensate for the increases in prices. Some of the tactics used by consumers to manage their spending included only partially filling the gas tank and shifting their tobacco purchases from multipack towards single-pack purchases particularly among discount smokers.

讓我們首先回顧一下宏觀經濟背景及其對美國煙草消費者的影響。在第二季度，不斷上漲的天然氣價格和通貨膨脹繼續給煙草消費者的可支配收入帶來壓力，導致整個煙草領域的銷量下降。然而，我們認為煙草消費者在各種商品和服務中調整了他們的購買模式，以彌補價格上漲。消費者用來管理其支出的一些策略包括僅部分填充油箱並將他們的煙草購買從多包裝轉向單包裝購買，特別是在折扣吸煙者中。

We also saw signs of continued brand loyalty in the tobacco space. In May, we conducted research to understand how tobacco consumers were managing their spending in several categories, including tobacco, alcohol, groceries and household items. Our research indicates that tobacco consumers are more likely to stick to their preferred brand regardless of price in the tobacco category compared to other categories. Additionally, tobacco consumers saw price relief in other categories before doing so within the tobacco category. We believe that this prioritization is reflected in the sequential stability of Marlboro retail share despite greater economic pressures on consumers. We believe inflation and the rising gas prices was partially offset for some consumers by a strong job market and wage growth.

我們還看到了煙草領域持續存在品牌忠誠度的跡象。 5 月，我們進行了研究，以了解煙草消費者如何管理他們在煙草、酒精、雜貨和家居用品等多個類別的支出。我們的研究表明，與其他類別相比，無論煙草類別的價格如何，煙草消費者更有可能堅持他們喜歡的品牌。此外，煙草消費者在其他類別中看到價格下降，然後在煙草類別中這樣做。我們認為，儘管消費者面臨更大的經濟壓力，但這種優先順序反映在萬寶路零售份額的連續穩定性上。我們認為，強勁的就業市場和工資增長部分抵消了通脹和汽油價格上漲對部分消費者的影響。

Overall, average wages increased 5.2% in the second quarter compared to an average of 8.6% increase in CPI. And for some occupations including the service industry, wage growth outpaced inflation. We continue to monitor tobacco consumer behaviors and changes in marketplace conditions, such as the declining gas price that we have observed in recent weeks, and we will continue to provide our insights as the year progresses. These macroeconomic factors contributed to accelerated cigarette volume declines in the second quarter and first half, which Sal will discuss in his remarks.

總體而言，第二季度平均工資上漲 5.2%，而 CPI 平均上漲 8.6%。對於包括服務業在內的一些職業，工資增長超過了通貨膨脹。我們將繼續監測煙草消費者的行為和市場狀況的變化，例如我們最近幾週觀察到的汽油價格下降，隨著時間的推移，我們將繼續提供我們的見解。這些宏觀經濟因素導致第二季度和上半年捲菸銷量加速下降，Sal 將在講話中對此進行討論。

In combustible regulatory news, the FDA proposed rules that would ban menthol in cigarettes and characterizing flavors in cigars. The FDA has already received over 200,000 comments on the proposals, and we expect to submit our comments by the August 2 deadline. The FDA will need to address all of these comments before advancing to the next step in the rule-making process. As our comments will make clear, we believe that there are compelling reasons for the FDA to reconsider its proposed rules relating to menthol and cigars.

在可燃性監管新聞中，FDA 提出了禁止香煙中薄荷醇和雪茄風味特徵的規則。 FDA 已經收到了超過 200,000 條關於這些提案的評論，我們希望在 8 月 2 日截止日期之前提交我們的評論。在進入規則制定過程的下一步之前，FDA 將需要解決所有這些評論。正如我們的評論將表明的那樣，我們認為 FDA 有令人信服的理由重新考慮其與薄荷醇和雪茄有關的擬議規則。

Additionally, the Biden administration announced plans for future FDA rule-making to develop a product standard that would set a maximum nicotine level for cigarettes. If and when the FDA proceeds with rule-making, we expect to be fully engaged in the multiyear process. We believe harm-reduction is the best approach toward reducing smoking and improving public health. And according to a nationwide survey, others agree.

此外，拜登政府宣布了未來 FDA 制定規則的計劃，以製定產品標準，為捲菸設定最高尼古丁含量。如果 FDA 繼續制定規則，我們預計將充分參與這個多年的過程。我們相信減少危害是減少吸煙和改善公共衛生的最佳方法。根據一項全國性的調查，其他人也同意。

Based on our research, a majority of the survey public policy professionals, smokers and general population adults support the concept of tobacco harm-reduction and prefer this policy approach over tobacco prohibition. But to achieve harm-reduction, we believe manufacturers must develop and the FDA must authorized an array of potentially reduced harm products that can appeal to and transition smokers.

根據我們的研究，大多數接受調查的公共政策專業人士、吸煙者和普通成年人都支持減少煙草危害的概念，並且更喜歡這種政策方法而不是煙草禁令。但要實現減少危害，我們認為製造商必須開發並且 FDA 必須授權一系列可能降低危害的產品，這些產品可以吸引和過渡吸煙者。

This brings me to my next topic, the smoke-free opportunity in the U.S. and our smoke-free product portfolio. Today, over 20 million U.S. smokers seek less harmful alternatives to cigarettes. Our strategy is to deliver a compelling portfolio of smoke-free products that offers a range of satisfying product choices for smokers and to responsibly lead them to these alternatives.

這讓我想到了我的下一個主題，即美國的無菸機會和我們的無菸產品組合。今天，超過 2000 萬美國吸煙者尋求危害較小的香煙替代品。我們的戰略是提供引人注目的無菸產品組合，為吸煙者提供一系列令人滿意的產品選擇，並負責任地引導他們使用這些替代品。

Our approach spans 3 of the most promising smoke-free categories with the potential to reduce harm: oral tobacco, e-vapor and heated tobacco. In oral tobacco, we're encouraged by the growth of the novel oral products, which comprise more than 1/5 of total industry oral tobacco volume in the second quarter. The category grew 6.8 share points year-over-year, with on! representing more than 40% of this growth. In the second quarter, on! reported shipment volume increased nearly 60% versus the year ago period. And on! retail share of oral tobacco increased 8/10 sequentially, reaching 4.9 share points in the second quarter. This represents a growth rate of almost 150% year-over-year. These strong results were driven by increased adoption of on!, increased brand awareness and higher levels of investment.

我們的方法涵蓋了 3 個最有希望的具有減少危害潛力的無菸類別：口腔煙草、電子蒸汽和加熱煙草。在口腔煙草方面，我們對新型口腔產品的增長感到鼓舞，該產品在第二季度佔行業口腔煙草總銷量的 1/5 以上。該類別同比增長 6.8 個份額點，繼續！佔這一增長的 40% 以上。第二季，加油！報告的出貨量與去年同期相比增長了近 60%。繼續！口腔煙零售份額環比增長8/10，第二季度達到4.9個份額。這意味著年增長率接近 150%。這些強勁的結果是由 on! 的採用率增加、品牌知名度的提高和更高的投資水平推動的。

Helix achieved unconstrained on! manufacturing for the current U.S. market in the second quarter of 2021. Over the 4 quarters since then, Helix enhanced the retail visibility and awareness of on!, leading to an over 70% increase in consumer awareness, tripled on! repurchases and continue to increase trial using transition marketing and data-driven strategies. And grew on! retail share to be a top 5 U.S. oral tobacco brand and solidified its position as the second largest oral nicotine pouch brand in each region of the U.S.

Helix實現了天馬行空！ 2021 年第二季度為當前美國市場製造。此後的四個季度中，Helix 提高了 on! 的零售知名度和知名度，使消費者的知名度提高了 70% 以上，增加了兩倍！使用過渡營銷和數據驅動策略進行回購併繼續增加試用。並不斷成長！零售份額成為美國前 5 名口服煙草品牌，並鞏固了其在美國各地區第二大口服尼古丁袋品牌的地位。

More recently, Helix launched the new Carry On Equity campaign, which encourages smokers to make progress in their transition journey. The campaign highlights that by converting to on!, smokers can have nicotine satisfaction without having to step away from their daily routines, which addresses the social friction they experience with smoking.

最近，Helix 發起了新的 Carry On Equity 活動，鼓勵吸煙者在過渡過程中取得進展。該活動強調，通過轉換為 on!，吸煙者可以在不離開日常生活的情況下獲得尼古丁的滿足感，這解決了他們因吸煙而遇到的社會摩擦。

Looking ahead, Helix expects to use its understanding of the smoker journey, the smoke-free products to drive repeat purchases and adoption among smokers. We are excited about the performance of on! and the opportunity for future growth.

展望未來，Helix 希望利用其對吸煙者旅程的理解，無菸產品推動吸煙者的重複購買和採用。我們對on的表現感到興奮！以及未來增長的機會。

I'll now move to the e-vapor category, which we continue to believe will be significantly influenced by regulatory actions. In the second quarter, total estimated e-vapor volumes declined 2% versus a year ago and 7% sequentially as a result of decreased volume in the vape store channel, a reversal of the trend we observed in the first quarter. Currently, slightly over half of the category's volume is comprised of pod-based products such as JUUL and Vuse Alto.

我現在將轉向電子蒸汽類別，我們仍然認為該類別將受到監管行動的重大影響。在第二季度，由於 vape 商店渠道的銷量下降，預計電子煙總銷量與去年同期相比下降了 2%，環比下降了 7%，這與我們在第一季度觀察到的趨勢相反。目前，該類別中略多於一半的產品由基於 pod 的產品組成，例如 JUUL 和 Vuse Alto。

Within e-vapor, disposables represent the fastest growth segment since January 2020, which corresponds to when the FDA issued in its guidance banning flavors only in pod-based e-vapor products. Many of these disposable brands, including Puff Bar contain synthetic nicotine. Recent legislation, which we strongly supported, clarified the FDA's authority to regulate tobacco products containing nicotine from any source.

在電子蒸汽中，一次性用品是自 2020 年 1 月以來增長最快的部分，這與 FDA 在其指南中發布的僅在基於豆莢的電子蒸汽產品中禁止使用香料的時間相對應。許多這些一次性品牌，包括 Puff Bar 都含有合成尼古丁。我們強烈支持的近期立法闡明了 FDA 對任何來源的含有尼古丁的煙草產品進行監管的權力。

Manufacturers of synthetic nicotine products were required to obtain FDA authorization by July 13 to continue legally marketing their products. So far, no synthetic nicotine product has been granted authorization. And the FDA has committed to pursuing compliance and enforcement action against companies found to be marketing, selling or distributing illegal synthetic nicotine products.

合成尼古丁產品的製造商必須在 7 月 13 日之前獲得 FDA 的授權，才能繼續合法銷售其產品。到目前為止，還沒有合成尼古丁產品獲得授權。 FDA 已承諾對被發現營銷、銷售或分銷非法合成尼古丁產品的公司採取合規和執法行動。

Thus far, the FDA has authorized only 23 total e-vapor applications, accounting for only 8 products and approximately 1% of estimated e-vapor category volume. Further, the FDA has only authorized tobacco-flavored e-vapor products, most of which were for cigalike-style products, which we believe generally do not meet smoker expectations or deliver a satisfying product experience. Given the limited number of authorizations today, we believe that the e-vapor category is still in its early phases.

到目前為止，FDA 僅批准了 23 種電子蒸汽應用，僅佔 8 種產品，約佔電子蒸汽類別估計量的 1%。此外，FDA 僅授權煙草味電子蒸汽產品，其中大部分是類似雪茄的產品，我們認為這些產品通常不能滿足吸煙者的期望或提供令人滿意的產品體驗。鑑於今天的授權數量有限，我們認為電子蒸汽類別仍處於早期階段。

But with the support of reasonable regulations, we believe it could play in important role in harm-reduction. Moving forward, we hope to see timely science and evidence-based determinations from pending PMTA application and further enforcement or noncompliant manufacturers. In the second quarter, JUUL products received marketing denial orders, or MDOs. Earlier this month, the FDA administratively stayed the JUUL MDOs citing unique scientific issues that warrant additional FDA review. The administrative stay temporarily suspend the MDOs during the additional review, but does not rescind them.

但在合理法規的支持下，我們相信它可以在減少危害方面發揮重要作用。展望未來，我們希望看到未決的 PMTA 申請以及進一步執法或不合規製造商及時做出科學和循證決定。在第二季度，JUUL 產品收到了營銷拒絕令，即 MDO。本月早些時候，FDA 行政上擱置了 JUUL MDO，理由是需要對 FDA 進行額外審查的獨特科學問題。行政中止在附加審查期間暫時中止了 MDO，但並未撤銷它們。

Regarding our investment in JULL, we recorded for the second quarter a noncash pretax unrealized loss of $1.2 billion as a result of a decrease in the estimated fair value of our investment. The decrease in fair value was driven by several factors including uncertainty created by the FDA's action related to JUUL and uncertainty relating to JUUL's ability to maintain adequate liquidity. As of June 30, our estimated valuation is $450 million, which reflects a range of regulatory, liquidity and market outcomes. Under the terms of our relationship agreement with JUUL, we have the option to be released from our non-compete obligation under several conditions including the fair value of our investments, if the fair value of our investment is not more than 10% of the initial carrying value of $12.8 billion.

關於我們在 JULL 的投資，由於我們投資的估計公允價值下降，我們在第二季度錄得 12 億美元的非現金稅前未實現虧損。公允價值的下降是由幾個因素驅動的，包括 FDA 與 JUUL 相關的行動造成的不確定性，以及與 JUUL 保持充足流動性的能力相關的不確定性。截至 6 月 30 日，我們的估計估值為 4.5 億美元，這反映了一系列監管、流動性和市場結果。根據我們與 JUUL 的關係協議的條款，如果我們投資的公允價值不超過初始投資的 10%，我們可以選擇在包括我們投資的公允價值在內的幾個條件下免除我們的不競爭義務賬面價值128億美元。

However, if we elect to be released from our noncompete obligations, we would lose many of our investment rights, including our consent rights, our preemptive rights, and most of our Board designation rights. At this time, we continue to believe that these investment rights are beneficial to us. Therefore, we have not opted to be released from our non-compete obligations at this time, but retain the option to do so in the future in accordance with our agreement with JUUL. We continue to believe that e-vapor products, including JUUL, can play an important role in tobacco harm-reduction.

但是，如果我們選擇免除我們的競業禁止義務，我們將失去許多投資權利，包括我們的同意權、優先購買權和大部分董事會指定權。此時，我們仍然相信這些投資權利對我們有利。因此，我們目前沒有選擇解除我們的競業禁止義務，但根據我們與 JUUL 的協議，保留在未來這樣做的選擇權。我們仍然相信，包括 JUUL 在內的電子煙產品可以在減少煙草危害方面發揮重要作用。

In heated tobacco, our teams remain in discussions with PMI related to IQOS. We continue to believe in the potential of the heated tobacco category in the U.S. Our plans remain on track to finalize designs by year-end for 2 product platforms within heated and oral tobacco and then begin regulatory preparations.

在加熱煙草方面，我們的團隊仍在與 PMI 討論與 IQOS 相關的問題。我們繼續相信加熱煙草類別在美國的潛力。我們的計劃仍將按計劃在年底前完成加熱煙草和口腔煙草中 2 個產品平台的設計，然後開始監管準備工作。

Our journey towards responsibly transition adult smokers to a smoke-free future continues. And while we may face near-term challenges, we believe that the tobacco harm-reduction opportunity remains in front of us. As the leader in the U.S. tobacco industry, we have continued confidence in our ability to achieve our vision for several reasons, including our robust manufacturing, sales and distribution system and understanding of U.S. tobacco consumers.

我們朝著負責任的成年吸煙者過渡到無菸未來的旅程仍在繼續。雖然我們可能面臨近期挑戰，但我們相信減少煙草危害的機會仍然擺在我們面前。作為美國煙草行業的領導者，我們對實現願景的能力一直充滿信心，原因有幾個，包括我們強大的製造、銷售和分銷系統以及對美國煙草消費者的了解。

Our science-based approach to tobacco harm reduction, which we believe is aligned with tobacco consumers, society and the FDA. Our portfolio of products and investments across the most promising smoke-free categories and our significant cash flows and flexible balance sheet, which support our investments and shareholder returns. With these in mind and the resiliency of our organization, we believe we can lead the U.S. in moving beyond smoking.

我們基於科學的減少煙草危害的方法，我們認為這與煙草消費者、社會和 FDA 保持一致。我們在最有前途的無菸類別中的產品和投資組合以及我們可觀的現金流和靈活的資產負債表，支持我們的投資和股東回報。考慮到這些以及我們組織的彈性，我們相信我們可以帶領美國超越吸煙。

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. Altria grew adjusted diluted earnings per share by 2.4% in the second quarter and by 3.5% in the first half across the challenging macroeconomic environment that Billy described. The smokeable product segment continue to deliver on its strategy of maximizing profitability in combustibles while appropriately balancing investments in Marlboro with funding the growth of smoke-free products. The segment grew its adjusted operating company's income by 0.6% in the second quarter, and 2.9% first half. Adjusted OCI margins expanded by 0.7 percentage points to 59.1% for the second quarter and by 1.33 percentage points to 59.3% for the first half. This performance was supported by robust net price realization of 11.5% in the second quarter and 10.4% for the first half.

謝謝，比利。在比利所描述的充滿挑戰的宏觀經濟環境中，奧馳亞第二季度調整後的攤薄每股收益增長了 2.4%，上半年增長了 3.5%。可煙產品部門繼續實施其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。該部門第二季度調整後的運營公司收入增長了 0.6%，上半年增長了 2.9%。第二季度調整後的 OCI 利潤率增長 0.7 個百分點至 59.1%，上半年增長 1.33 個百分點至 59.3%。這一業績受到第二季度 11.5% 和上半年 10.4% 的強勁淨價格實現的支持。

I'll remind you that manufacturer price realization does not reflect retail price change for smokers. For example, Marlboro net retail pack price increased 5.6% in the second quarter compared to last year. Smokeable products segment reported domestic cigarette volumes declined by 11.1% in the second quarter and 8.9% in the first half, primarily due to changes in consumer purchasing behavior as a result of increased gas prices and inflation. When adjusted for trade inventory movements and factors, second quarter and first half domestic cigarette volumes declined by an estimated 10% and 9%, respectively.

我會提醒您，製造商價格的實現並不反映吸煙者的零售價格變化。例如，萬寶路第二季度的淨零售包裝價格與去年相比上漲了 5.6%。可吸煙產品部門報告稱，第二季度國內捲煙銷量下降了 11.1%，上半年下降了 8.9%，這主要是由於汽油價格上漲和通貨膨脹導致消費者購買行為發生變化。根據貿易庫存變動和因素進行調整後，第二季度和上半年國內捲煙銷量估計分別下降了 10% 和 9%。

At the industry level, we estimate that adjusted domestic cigarette volumes declined by 8.5% in the second quarter and 7.5% in the first half. As Billy mentioned Marlboro displayed resiliency during a period of continued uncertainty for consumers. In the second quarter, Marlboro's retail share of the cigarette category grew 1/10 sequentially to 42.7% while declining 4/10 versus the year ago period. Additionally, Marlboro grew its share within the premium segment to 58.1%, an increase of 3/10 sequentially and 5/10 versus a year ago.

在行業層面，我們估計第二季度調整後的國內捲煙銷量下降了 8.5%，上半年下降了 7.5%。正如比利提到的，萬寶路在消費者持續不確定的時期表現出了彈性。第二季度，萬寶路在捲菸類別中的零售份額環比增長 1/10 至 42.7%，但與去年同期相比下降了 4/10。此外，萬寶路在高端市場的份額增長至 58.1%，環比增長 3/10，與一年前相比增長 5/10。

Moving to the total discount segment. Total share was flat sequentially even as gas prices rose significantly from the first to second quarter. Discount increased 1.3 percentage points year-over-year to 26.4% as we lapped the period when the discount segment contracted from smokers having higher disposable income. Additionally, we observed increased churn between the branded and deep discount segments as a result of a deep discount manufacturer's exit from the marketplace earlier this year.

轉到總折扣部分。儘管天然氣價格從第一季度到第二季度大幅上漲，但總份額環比持平。折扣同比增長 1.3 個百分點至 26.4%，因為我們過去了折扣部分因可支配收入較高的吸煙者而收縮的時期。此外，我們觀察到，由於今年早些時候深度折扣製造商退出市場，品牌和深度折扣細分市場之間的流失增加。

In cigars, reported cigar shipment volume decreased by 5% in the second quarter due to macroeconomic pressures on consumer, disposable income, trade inventory movements and other factors. However Middleton continue to provide a strong contribution to smokeable segment financial results. In the oral tobacco product segment, adjusted OCI and adjusted OCI margins contracted in the second quarter and first half due to several factors, including declines in MST volumes, increased investments behind on! and unfavorable mix. We remain pleased with the strong overall margins for the segment as we made progress with on!.

在雪茄方面，由於消費者、可支配收入、貿易庫存變動和其他因素的宏觀經濟壓力，第二季度報告的雪茄出貨量下降了 5%。然而，米德爾頓繼續為可吸煙部門的財務業績做出巨大貢獻。在口腔煙草產品領域，調整後的 OCI 和調整後的 OCI 利潤率在第二季度和上半年收縮，原因包括 MST 銷量下降、投資增加等！和不利的混合。隨著我們在 on! 方面取得進展，我們仍然對該細分市場強勁的整體利潤率感到滿意。

At the industry level, tobacco oral tobacco volume declined 0.5% over the past 6 months. We continue to observe steady growth from the oral nicotine pouch category, but this has been offset by declining MST volumes due to the challenging macroeconomic environment and its effect on consumer behavior, consumer movement to oral nicotine pouches and other factors.

在行業層面，煙草口腔煙草銷量在過去 6 個月下降了 0.5%。我們繼續觀察到口服尼古丁袋類別的穩定增長，但這已被由於具有挑戰性的宏觀經濟環境及其對消費者行為、消費者轉向口服尼古丁袋和其他因素的影響而導致的 MST 銷量下降所抵消。

Total segment reported shipment volume decreased by 4.4% for the second quarter and by 3.2% for the first half. The segment's volume was -- volume decline was driven by declines in MST volumes, partially offset by the growth of on!. When adjusted for trade inventory movements, segment volume declined by an estimated 2.5% for the second quarter and 1% for the first half. The total oral tobacco product segment's retail share for the second quarter contracted 2/10 sequentially and 1 share point versus the prior year to 46.7%.

第二季度報告的總出貨量下降了 4.4%，上半年下降了 3.2%。該部門的銷量是——銷量下降是由 MST 銷量下降推動的，部分被 on! 的增長所抵消。經貿易庫存變動調整後，第二季度的細分市場銷量預計下降 2.5%，上半年下降 1%。第二季度口腔煙草產品部門的總零售份額環比收縮 2/10，比去年同期下降 1 個百分點至 46.7%。

Copenhagen is celebrating its 200th anniversary this year. We're extremely proud of Copenhagen's long history and the fantastic employees who have supported the brand over the years. To them, we say thank you. After 200 years, Copenhagen remains the #1 dip brand because of your hard work, dedication and passion. To honor this impressive milestone, the team introduced Cop Rewards, the first and only national rewards program for an MST brand. Under the program, dippers can earn points by entering codes from their Copenhagen cans and can redeem them for coupons or rewards. We're excited about Cop Rewards and its potential contributions to Copenhagen's sustained leadership in MST.

哥本哈根今年慶祝其成立 200 週年。我們為哥本哈根的悠久歷史和多年來支持該品牌的出色員工感到非常自豪。對他們，我們說謝謝。 200 年後，由於您的辛勤工作、奉獻精神和熱情，哥本哈根仍然是排名第一的蘸醬品牌。為了紀念這一令人印象深刻的里程碑，該團隊推出了 Cop Rewards，這是 MST 品牌的第一個也是唯一一個國家獎勵計劃。在該計劃下，北斗星可以通過輸入哥本哈根罐頭中的代碼來賺取積分，並可以兌換優惠券或獎勵。我們對 Cop Rewards 及其對哥本哈根在 MST 的持續領導地位的潛在貢獻感到興奮。

Turning to our investment in ABI. We recorded $124 million of adjusted equity earnings in the second quarter. This was an increase of approximately 9.7% from the year ago period and represent Altria's share of ABI's first quarter 2022 results. We committed to creating long-term shareholder value through the pursuit of our vision and our focus on significant capital returns. We demonstrated this commitment in the first half by acquiring intellectual property and other assets for a multi substrate heated capsule technology from Poda. Paying approximately $3.3 billion in dividends and repurchasing 21.4 million shares, totaling $1.1 billion.

轉向我們對 ABI 的投資。我們在第二季度錄得 1.24 億美元的調整後股本收益。這比去年同期增長了約 9.7%，代表了奧馳亞在 ABI 2022 年第一季度業績中的份額。我們致力於通過追求我們的願景和對顯著資本回報的關注來創造長期股東價值。我們在上半年通過從 Poda 收購多基板加熱膠囊技術的知識產權和其他資產來證明這一承諾。支付約 33 億美元的股息並回購 2140 萬股股票，總計 11 億美元。

We have approximately $750 million remaining under the currently authorized $3.5 billion share repurchase program, which we expect to complete by the end of this year. Our balance sheet remains strong. And as of the end of the second quarter, our debt-to-EBITDA ratio was 2.3x. In August, we expect to retire $1.1 billion of notes coming due with available cash.

根據目前授權的 35 億美元股票回購計劃，我們剩餘約 7.5 億美元，我們預計將在今年年底前完成。我們的資產負債表依然強勁。截至第二季度末，我們的債務與 EBITDA 比率為 2.3 倍。 8 月份，我們預計將有 11 億美元到期的可用現金到期的票據退還。

And lastly, our financial plans for the year remain on track and we reaffirm our guidance to deliver 2022 full year adjusted diluted EPS in the 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. With that, we'll wrap up and Billy and I will be happy to take your questions.

最後，我們今年的財務計劃仍按計劃進行，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稀釋後每股收益增長率從 2021 年的 4.61 美元基數增長 4% 至 7%。至此，我們將結束，比利和我很樂意回答您的問題。

While the calls are being compiled, I'll remind you that today's earnings release and our non-GAAP reconciliations are available all on altria.com We've also posted our usual quarterly metrics, which include pricing, inventory and other items.

在編譯電話時，我會提醒您，今天的收益發布和我們的非 GAAP 對賬都可以在 altria.com 上獲得。我們還發布了我們通常的季度指標，包括定價、庫存和其他項目。

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

讓我們打開問答環節。接線員，我們有什麼問題嗎？

(Operator Instructions) Our first question comes from Chris Growe with Stifel.

（操作員說明）我們的第一個問題來自 Stifel 的 Chris Growe。

Billy, I have a question for you, and you made a good point about -- it's clear we're at a very pivotal moment for this category. I was hoping to get just a better perspective from you and how you're investing today to be able to internally develop RRP, reduced risk products. You've got some uncertainty around your positions in JUUL and IQOS, and there's risk. Those are no longer in your portfolio, certainly just a risk at this point. But I guess I just want to get a sense of what you're doing internally. And you talked about having a product already this -- at the end of this year. And then to what degree maybe M&A could play a bigger role in giving you a better position in RRPs going forward?

比利，我有一個問題要問你，你提出了一個很好的觀點——很明顯，我們正處於這個類別的關鍵時刻。我希望從你那裡得到一個更好的觀點，以及你今天如何投資，以便能夠在內部開發 RRP、降低風險的產品。您在 JUUL 和 IQOS 中的職位存在一些不確定性，並且存在風險。這些不再在您的投資組合中，此時肯定只是一種風險。但我想我只是想了解一下你在內部做什麼。你談到在今年年底已經有了一個產品。然後，併購在多大程度上可以發揮更大的作用，讓您在未來的 RRP 中獲得更好的地位？

Yes. Thanks for the question, Chris. I think when you think about where we're investing, certainly, we invested in our innovation process. We have the internal development going on. And I've spoken previously about changing that innovation process so that it's laser-focused on the consumer. It monitors the marketplace. But I think before we were -- I would characterize it as almost chasing the market versus sitting side-by-side with the consumer. And so there's a lot of consumer interaction, almost to the point of co-developing with the consumer in those categories that we can develop in.

是的。謝謝你的問題，克里斯。我認為，當您考慮我們在哪裡投資時，當然，我們投資於我們的創新過程。我們正在進行內部開發。我之前說過要改變創新過程，使其專注於消費者。它監控市場。但我認為在我們之前 - 我會將其描述為幾乎追逐市場而不是與消費者並排坐著。所以有很多消費者互動，幾乎到了在我們可以開發的類別中與消費者共同開發的地步。

To your point, we can't develop, per agreement with JUUL, in the e-vapor category. But it's something -- we continue to monitor the marketplace and understand consumer satisfaction with the various products in the marketplace. We monitor the entire globe as far as alternative products to both influence -- how we think about internal development, but looking for products that could be emerging in the other markets as well.

就您而言，根據與 JUUL 的協議，我們無法在電子蒸汽類別中開發。但它是——我們繼續監控市場並了解消費者對市場上各種產品的滿意度。我們監控全球範圍內的替代產品，以影響兩者的影響——我們如何看待內部發展，但也在尋找可能在其他市場出現的產品。

And so would M&A be an important contributor, do you think, going forward for Altria's position in this category?

您認為併購是否會成為奧馳亞在這一類別中的地位的重要貢獻者？

It certainly won't be off the table, Chris. But I think for the investments we're making in our internal development, we feel good about the pipeline of products that we have.

克里斯，它肯定不會被排除在外。但我認為，對於我們在內部開發中所做的投資，我們對我們擁有的產品管道感覺良好。

Okay. And just one other question in relation to pricing in the cigarette category. It's been larger than expected, and it's occurred sooner than I expected, at least this year. And I guess in this environment where there's obviously a more burdensome kind of macroeconomic factor that's weighing on your volume, are you seeing a greater shift to some of the lower-priced or more highly promoted Marlboro varieties? And do you see a need to have to increase promotional investments in light of the heavy pricing coming through in this environment?

好的。還有一個與捲菸類別定價有關的問題。它比預期的要大，而且比我預期的要早，至少今年是這樣。而且我猜在這種環境下，顯然有一種更繁重的宏觀經濟因素正在影響您的銷量，您是否看到了向一些低價或更高度促銷的萬寶路品種的更大轉變？鑑於這種環境下的高昂定價，您是否認為有必要增加促銷投資？

Yes. Chris, its a good question and it's something we monitor. But I think when you look at the sequential performance of Marlboro, and even the discount category, you saw sequential stability. Marlboro actually grew 1/10 and the discount category stayed flat. So that were experienced first quarter to the second quarter.

是的。克里斯，這是一個很好的問題，這是我們監控的事情。但我認為，當您查看萬寶路的連續表現，甚至折扣類別時，您會看到連續穩定性。萬寶路實際上增長了 1/10，折扣類別保持不變。因此，從第一季度到第二季度都經歷過。

From a standpoint of the tools that we put in place with advanced analytics, we feel good about the position. Sal raised an important point. When you think about the impact to the consumer and you think about industry-wide, call it a 5% to 6% price increase, that's well below the inflation they're experiencing in other categories. And you saw the results and their remarks of the -- where we went to the consumer and talked about how they think about the tobacco categories and other categories, and you see they continue to prioritize the tobacco category at the top of their list. And I think that's telling. And you it -- we get a lot of questions about the -- I think you have to step back and think longer term on this.

從我們使用高級分析工具的角度來看，我們對這個職位感覺很好。薩爾提出了一個重要的觀點。當您考慮對消費者的影響並考慮整個行業時，將其稱為 5% 到 6% 的價格上漲，這遠低於他們在其他類別中所經歷的通貨膨脹。你看到了結果和他們的評論——我們去了消費者那裡，談論了他們對煙草類別和其他類別的看法，你看到他們繼續將煙草類別放在首位。我認為這很能說明問題。而你——我們有很多關於這個的問題——我認為你必須退後一步，從長遠來看。

If you think about Marlboro's share, we're right where we were prepandemic, certainly during the pandemic as they received additional funds, whether that be from government or unemployment or things of that nature, it reinforced that Marlboro's the aspirational brand. So Marlboro benefited during that period. Certainly, we've given a little bit of that share back and feel satisfied with where Marlboro is. We've really -- the teams in advanced analytics as well as the Marlboro team putting those into the marketplace, the stability of Marlboro is incredible.

如果你想想萬寶路的份額，我們就在大流行之前的地方，當然在大流行期間，因為他們獲得了額外的資金，無論是來自政府還是失業或類似性質的東西，它都強化了萬寶路的抱負品牌。所以萬寶路在那段時間受益。當然，我們已經回饋了一些份額，並對萬寶路的現狀感到滿意。我們真的 - 高級分析團隊以及將這些產品推向市場的萬寶路團隊，萬寶路的穩定性令人難以置信。

And we will take our next question from Pamela Kaufman with Morgan Stanley.

我們將向摩根士丹利的帕梅拉考夫曼提出我們的下一個問題。

So industry cigarette volumes have weakened considerably during the second quarter. You highlighted the headwinds facing smokers and how they're adjusting their purchasing behavior. I guess how are you thinking about the outlook for cigarette volumes over the remainder of the year? And then related to that, how much more pricing do you think that consumers can tolerate just given so far, we really haven't seen a meaningful acceleration in trade down to the discount segment, it's been consistent over the last couple of quarters. Do you see an accelerated risk of trade down within the category?

因此，第二季度捲菸行業銷量大幅下降。您強調了吸煙者面臨的不利因素以及他們如何調整購買行為。我猜你如何看待今年剩餘時間的捲煙銷量前景？然後與此相關，您認為到目前為止消費者可以容忍多少定價，我們確實沒有看到折扣市場的貿易出現有意義的加速，在過去幾個季度中一直保持一致。您是否看到該類別內的交易風險加速下降？

Yes. Let me see if I can unpack that a little bit, Pamela, if I miss anything, please follow up. I think when you think about the cigarette volume declines that we saw to the first half, you look historically and when you see the environment, the macroeconomic environment changed for our consumer. You see that they make short-term adjustments and then they adopt to it through time.

是的。帕梅拉，讓我看看我能不能把它拆開，如果我錯過了什麼，請跟進。我認為，當您考慮到上半年的捲煙銷量下降時，您會回顧歷史，而當您看到環境時，我們消費者的宏觀經濟環境發生了變化。您會看到他們進行短期調整，然後隨著時間的流逝而適應。

I think, certainly through the first half, and we saw a little bit of a downshift in gas prices as we entered the third quarter, I think we've seen a correlation in gas prices just because our consumer is usually filling up their vehicle and then going in and making those purchases. But again, I think the research that we did is telling that the consumer is adjusting those behaviors to be able to prioritize their tobacco choices in the -- mostly in the C-store or gas stores.

我認為，當然在上半年，當我們進入第三季度時，我們看到汽油價格略有下降，我認為我們已經看到了汽油價格的相關性，只是因為我們的消費者通常會加滿他們的車輛並且然後進入並進行購買。但同樣，我認為我們所做的研究告訴消費者正在調整這些行為，以便能夠優先考慮他們的煙草選擇——主要是在 C 商店或加油站。

I think from a standpoint of pricing, and Pamela, we've shared with you this before. If you look at minutes worked in the U.S. and benchmark that around -- with other countries around the world that have mature tobacco categories. When you look at that, you still see that the U.S. is at the low end of that scale. So certainly, we feel like there's room to price, but that's something that we monitor. You remember that the factors that we think about when pricing is the strength of the brand.

我認為從定價的角度來看，Pamela，我們之前已經與您分享過。如果您查看在美國工作的會議記錄並以此為基準 - 與世界上其他擁有成熟煙草類別的國家/地區進行比較。當您看到這一點時，您仍然會看到美國處於該規模的低端。所以當然，我們覺得有定價的空間，但這是我們監控的事情。您還記得我們在定價時考慮的因素是品牌的實力。

Certainly, corporate objectives play a part in that. But then we think about the economic health of the consumer and what those competitive activities do. And I think it's important to mention here again, the tools that we put in place. We put out the price gap, we put out kind of national metrics. But with the advanced analytics, we're able to use those tools and be very specific. So it to be different in Cleveland, Ohio than in Dallas/Texas. Because these tools allow us to adapt the retail promotions we put in the marketplace depending on what the individual consumers are feeling in that local area.

當然，公司目標在其中發揮了作用。但隨後我們會考慮消費者的經濟健康狀況以及這些競爭活動的作用。我認為在這裡再次提及我們所使用的工具很重要。我們提出了價格差距，我們提出了國家指標。但是通過高級分析，我們能夠使用這些工具並且非常具體。因此，俄亥俄州克利夫蘭的情況與達拉斯/德克薩斯州不同。因為這些工具使我們能夠根據個人消費者在當地的感受來調整我們在市場上投放的零售促銷活動。

That's helpful. Definitely, I just wanted to ask about how you're thinking about the implications to your relationship with Philip Morris in the heat-not-burn category, given their planned acquisition of Swedish Match? And how are you preparing for changes in the competitive in the U.S.?

這很有幫助。當然，我只是想問一下，鑑於他們計劃收購瑞典火柴，您如何看待您與菲利普莫里斯在加熱不燃燒類別中的關係的影響？您如何為美國競爭格局的變化做準備？

Well, Pamela, you know this as well as I do that it's always been a competitive marketplace. We always had major players. Certainly, this brings a new major player to the marketplace, but we feel like we have the tools in place. So we're going to evaluate everything, make sure that we understand or at least game plan how, Pam, I would approach, the marketplace using the products of Swedish Match and adapt accordingly. I don't want to go much further than that for competitive reasons. I think from a standpoint of heat-not-burn, I shared in my remarks that we're continuing discussions with them about IQOS.

好吧，Pamela，你和我一樣都知道這一直是一個競爭激烈的市場。我們總是有主要球員。當然，這為市場帶來了一個新的主要參與者，但我們覺得我們擁有適當的工具。因此，我們將評估一切，確保我們了解或至少計劃如何，帕姆，我將如何使用瑞典火柴的產品接近市場並做出相應的調整。出於競爭原因，我不想走得更遠。我認為從加熱不燃燒的角度來看，我在講話中分享了我們正在繼續與他們討論 IQOS。

And we'll take our next question from Azer, Vivien with Cowen.

我們將向 Azer、Vivien 和 Cowen 提出我們的下一個問題。

I wanted to touch on -- Billy, so your commentary around the improved trial through the expanded Helix manufacturing capacity was interesting. I was curious if you could just expand and touch on repeat and how you're measuring that, given the promotional and the category.

我想談談——Billy，所以你對通過擴大 Helix 製造能力改進試驗的評論很有趣。考慮到促銷和類別，我很好奇您是否可以擴展並觸及重複以及如何衡量它。

Yes. Vivien, it's a great question. I think when you think about on! our research teams are really looking repeat purchases versus a trial offers. And we want to have increases in both. If you think about repeat purchases, we're very pleased with where we're at. Certainly, to your point, as we're investing, you have those repeat purchases that take place and you want to see the concreteness of that. And we feel very pleased and enjoy the repeat purchases that we have. But we felt like there was still opportunity to drive awareness and you've seen the increase in awareness we've been able to drive. And it's specific to the adult consumer that the product is product is very satisfying to the adult cigarette consumer, and we feel like there's still opportunity for trial there.

是的。薇薇安，這是一個很好的問題。我想當你想上！我們的研究團隊確實在尋找重複購買而不是試用優惠。我們希望兩者都增加。如果您考慮重複購買，我們對我們所處的位置非常滿意。當然，就您而言，當我們進行投資時，您會重複購買，並且您希望看到其具體性。我們感到非常高興並享受我們的重複購買。但我們覺得仍有機會提高知名度，您已經看到我們能夠推動的知名度有所提高。並且特定於成年消費者，該產品是對成年捲菸消費者非常滿意的產品，我們覺得那裡仍有試用的機會。

Understood. And then my other question is just on the industry outlook. I know you guys have shied away from offering industry volume guidance for a while now, and I fully appreciate why. But if we look at the supplemental disclosures, estimated industry volume declines have nearly doubled over the course of the last 12 months, against a very challenging macrobackdrop. And that does account for it in the table that you've disclosed. I'm just curious so, has your thinking around the underlying macrodrivers changed at all?

明白了。然後我的另一個問題只是關於行業前景。我知道你們已經有一段時間迴避提供行業數量指導，我完全理解為什麼。但是，如果我們查看補充披露，在過去 12 個月的過程中，在極具挑戰性的宏觀背景下，估計的行業銷量下降幾乎翻了一番。這確實在您披露的表格中說明了這一點。我只是好奇，您對底層宏驅動程序的看法是否發生了變化？

It has not, Vivien. When you think about it -- and can take those quarters that we provide and stretch them back, and you thought -- and you saw macroeconomic was a benefit not that many quarters ago. So you certainly see the swing. It's no different than the swings we see through history. You have the -- macroeconomic economic can be a benefit at times. We saw gas prices in 2015 were a huge benefit. And so I think the only thing I would point out is we're seeing a higher correlation with gas prices and purchasing behavior. That would be the only -- because historically, we tried to correlate gas prices to it. And they were moving nickels and dimes at a time. I think you're seeing faster swings in gas prices so there's a correlation the consumer behavior as they adapt to the short-term nature of those changes.

它沒有，薇薇安。當你想一想——並且可以把我們提供的那些季度拉回來，你想——你看到宏觀經濟在很多季度之前是一個好處。所以你肯定看到了鞦韆。這與我們在歷史中看到的波動沒有什麼不同。你有 - 宏觀經濟經濟有時會帶來好處。我們看到 2015 年的汽油價格是一個巨大的好處。所以我認為我唯一要指出的是，我們看到汽油價格和購買行為之間存在更高的相關性。那將是唯一的——因為從歷史上看，我們試圖將天然氣價格與它聯繫起來。他們一次移動五分錢和一角硬幣。我認為您看到汽油價格波動更快，因此當消費者適應這些變化的短期性質時，他們的行為存在相關性。

And we'll take next question from Bonnie Herzog with Goldman Sachs.

我們將回答高盛集團的 Bonnie Herzog 的下一個問題。

I just have a question on your guidance. You maintained your full year mid-single digit EPS growth guidance, but that does imply the second half EPS growth will need to accelerate versus the first half to hit the midpoint of your full year guide? So I just want to hear from you, what gives you the confidence this is going to happen, especially during an economic slowdown.

我只是對您的指導有疑問。您維持全年中個位數每股收益增長指引，但這是否意味著下半年每股收益增長需要比上半年加速才能達到全年指引的中點？所以我只是想听聽你的意見，是什麼讓你有信心這將會發生，尤其是在經濟放緩的情況下。

I mean are your expectations that this will be driven from greater net price realization, assuming volumes remain pretty pressured or decelerate further? Are there any expected cost savings that you're hoping to realize in the second half that you could share with us? And then just finally, how do we think about stepped up investments that you might be making towards your smoke-free vision. Is that something that's factored into your guidance?

我的意思是，假設交易量仍然受到很大壓力或進一步減速，您是否期望這將受到更大的淨價格實現的推動？您是否希望在下半年實現任何可以與我們分享的預期成本節約？最後，我們如何考慮您可能為實現無菸願景而加大投資。你的指導是否考慮到了這一點？

Yes. So Bonnie, first, thank you for the question, I'll take you through how we think about guidance. So throughout the year, we have communicated that we expected the second half to really drive the growth of our EPS on a year-over-year basis. And just to remind you of a couple of factors that we are seeing in the back half of the year. One is, we begin to lap quarters where we had unconstrained manufacturing in the nicotine pouch category.

是的。所以邦妮，首先，謝謝你的問題，我將帶你了解我們如何看待指導。因此，在整個一年中，我們都表示我們預計下半年將真正推動我們每股收益的同比增長。只是為了提醒您我們在今年下半年看到的幾個因素。一個是，我們開始在尼古丁袋類別中不受限制地製造季度。

Also, in the fourth quarter we're, for the first time, going to be lapping a quarter without line income, right? That will happen in the fourth quarter. And then in the back half of the year, as inflation accelerated and we adjusted our MSA inflation assumptions, you start to lap that in the back half of the year as well. So there's some comparative factors that are part of the first half versus second half EPS growth. As far as investments, spending isn't linear necessarily throughout the year, especially when you were making investments in infrastructure and things like that. So I definitely wouldn't look at 1 quarter spending when it comes to that and read into it. It is something that ebbs and flows throughout the year.

此外，在第四季度，我們將第一次在沒有線收入的情況下完成一個季度，對吧？這將在第四季度發生。然後在今年下半年，隨著通脹加速，我們調整了 MSA 通脹假設，你也開始在下半年開始這樣做。因此，有一些比較因素是上半年與下半年每股收益增長的一部分。就投資而言，全年的支出不一定是線性的，尤其是當您對基礎設施等進行投資時。所以我絕對不會看第一季度的支出並閱讀它。它是一年四季都有漲有落的東西。

All right. And then I did just want to ask about the -- I guess the uncertainty around your smoke-free future, given everything going on from JUUL to Philip Morris entering in the U.S. via Swedish Match, I guess, the dispute you have with Philip Morris as it relates to IQOS. This continues to be one of the key concern from investors. I know you've touched on this, but any more color you can provide or share with us as to your goal to kind of hit the smoke-free future or transform your business in the next, I guess, decade would be helpful.

好的。然後我只是想問一下——我猜你的無菸未來的不確定性，考慮到從 JUUL 到菲利普莫里斯通過瑞典火柴進入美國的一切，我猜，你與菲利普莫里斯的爭執因為它與IQOS有關。這仍然是投資者最關心的問題之一。我知道您已經談到了這一點，但是您可以提供或與我們分享更多顏色，以實現您的目標，即在未來實現無菸未來或改變您的業務，我猜，十年會有所幫助。

I mean I know with your agreement with JUUL now that the fair value is below the agreement, I think you have the ability to compete in the e-vapor market. So is that an option you're exploring? And then just maybe color -- a little more color on the timing as it relates to your heat-not-burn. You mentioned it's in final design by the end of the year, and then you're going to begin regulatory preparations. But how long before you have a product that you can bring to the market, do you think? Is that 2 years out, 3 years out? Just trying to get a sense of some parameters as to how you're going to achieve your goal?

我的意思是我知道你與 JUUL 的協議，現在公允價值低於協議，我認為你有能力在電子蒸汽市場競爭。那麼這是您正在探索的選項嗎？然後可能只是顏色——在時間上多一點顏色，因為它與你的加熱不燃燒有關。你提到它在年底前進入最終設計，然後你將開始監管準備。但是，您認為要多久才能擁有可以推向市場的產品？是2年還是3年？只是想了解一些關於如何實現目標的參數？

Yes. Thanks for the question, Bonnie. I think it's really important to step back, and I said it in my remarks, but let me add some color to it. The entire harm-reduction opportunity is in front of us in the U.S., and let me explain why I say that. You remember in my remarks, I talked about the authorizations that have taken place in e-vapor thus far. And they represent 1% of the e-vapor category volume. So there's still 99% of authorizations that could go either way. And so that category will be in a bit of transition while we're waiting for the FDA to make those authorizations, and then the outcome of those authorizations.

是的。謝謝你的問題，邦妮。我認為退後一步真的很重要，我在發言中也說過，但讓我為其添加一些色彩。在美國，整個減少傷害的機會就擺在我們面前，讓我解釋一下我為什麼這麼說。你記得在我的發言中，我談到了迄今為止在 e-vapor 中發生的授權。它們佔電子蒸汽類別數量的 1%。所以仍然有 99% 的授權可以採用任何一種方式。因此，當我們等待 FDA 做出這些授權，然後是這些授權的結果時，該類別將處於一些過渡階段。

If you think about novel oral, yes, we're making progress and competitors are making progress, but we're still waiting for FDA authorizations in that category. And so while we're making progress, there will be physicians from the FDA regarding that category. And then heat-not-burn, while it's been gaining momentum internationally, it's nonexistent in the U.S.

如果您考慮新型口服藥物，是的，我們正在取得進展，競爭對手也在取得進展，但我們仍在等待 FDA 在該類別中的授權。因此，在我們取得進展的同時，將有來自 FDA 的醫生參與該類別。然後是加熱不燃燒，雖然它在國際上獲得了發展勢頭，但在美國卻不存在。

And so that's nonexistent. So those are the 3 major growth categories. That's why I keep saying, I just wanted to add some color that the entire harm-reduction opportunity's in front of us. You're right to mention that we have development underway in 2 of those categories. We feel good about the pipeline. I know you would love to see those products, and I would love to show them to you, and we will at the appropriate time. But we feel good about that.

所以這是不存在的。因此，這些是 3 個主要的增長類別。這就是為什麼我一直說，我只是想為整個減傷機會在我們面前添加一些顏色。您說得對，我們正在其中兩個類別中進行開發。我們對管道感覺良好。我知道您很想看到這些產品，我很想向您展示它們，我們會在適當的時候展示它們。但我們對此感覺良好。

As I mentioned earlier, the co-development with the consumer in that space. I think with e-vapor, the color I would add there is -- and I mentioned it earlier, we've always monitored the marketplace to understand consumer satisfaction with the various products in the marketplace, both in the U.S. and outside of the U.S. Additionally, with this quarter with us going below, you're right, we have the option to get out of the noncompete. If we so elect to do so. And we really feel like in the process with the stay from the FDA, and that decision's still looming as well as the rights that I mentioned in my remarks, we believe are beneficial to us at this point in the process, but we'll continue to really gauge what our options are there and make decisions accordingly.

正如我之前提到的，與該領域的消費者共同開發。我認為對於 e-vapor，我要添加的顏色是——我之前提到過，我們一直在監控市場，以了解消費者對市場上各種產品的滿意度，無論是在美國還是在美國以外。此外，隨著本季度我們低於預期，您是對的，我們可以選擇退出競業禁止。如果我們選擇這樣做。我們真的覺得在 FDA 留下的過程中，這個決定仍然迫在眉睫，我在講話中提到的權利，我們認為在這個過程中對我們有利，但我們會繼續真正衡量我們的選擇並做出相應的決定。

And we'll take our next question from Priya Ohri-Gupta with Barclays.

我們將向巴克萊銀行的 Priya Ohri-Gupta 提出下一個問題。

This is [Puja] on behalf of Priya. And my question is, so based on your comments indicating that you plan to repay your upcoming maturity with available cash. How are you thinking about any subsequent need to access the market for refinancing? And I also have a follow-up after that.

這是代表Priya的[Puja]。我的問題是，根據您的評論，您計劃用可用現金償還即將到期的債務。您如何看待後續進入市場進行再融資的需求？之後我也有後續跟進。

Sure. And thank you for the question. I'm really not going to signal future capital allocation decisions. I'm happy to share how we think about capital allocation, which, of course, considers a number of factors in those decisions including marketplace dynamics. We manage our balance sheet very carefully. We want to have a strong balance sheet. We want to continue to have investment-grade credit rating. So when we think about capital allocation, we take a balanced approach, and we've made the decision in August to use available cash to retire that debt, but future debt maturity towers, we'll analyze the marketplace at the time and make the appropriate decision.

當然。謝謝你的問題。我真的不會暗示未來的資本配置決定。我很高興分享我們對資本配置的看法，當然，這會考慮這些決策中的許多因素，包括市場動態。我們非常謹慎地管理我們的資產負債表。我們希望擁有強大的資產負債表。我們希望繼續擁有投資級信用評級。因此，當我們考慮資本分配時，我們採取平衡的方法，我們在 8 月份決定使用可用現金來償還債務，但未來的債務到期日高，我們將分析當時的市場並製定適當的決定。

Okay. That makes sense. And as a quick follow-up, where should we sort of expect you to manage your cash balance over the near term as this will likely bring it more in line with your prepandemic type ranges?

好的。那講得通。作為快速跟進，我們應該期望您在短期內管理您的現金餘額，因為這可能會使其更符合您的大流行前類型範圍？

Yes. Look, we are very fortunate in that we have operating companies that generate a significant amount of growth in cash. In a typical year, after paying our dividend and making the necessary investments, we traditionally have had, let's call it $1 billion in excess cash. And at the time, we make various decisions. There are times where we've gone to the Board and ask for a share buyback program. There are times where we've done some liability management to manage our maturity towers going forward, and strengthen the balance sheet. And there are times where we've made some investments such as the investment we made for the Poda technology recently. So that's how we think about cash going forward. But again, our operating companies do a tremendous job of generating cash flow for the shareholder and other stakeholders.

是的。看，我們非常幸運，因為我們的運營公司產生了大量的現金增長。在典型的一年中，在支付了股息並進行了必要的投資之後，我們通常擁有 10 億美元的超額現金。當時，我們會做出各種決定。有時我們會去董事會要求股票回購計劃。有時我們會進行一些負債管理來管理我們未來的成熟度塔，並加強資產負債表。有時我們進行了一些投資，例如我們最近對 Poda 技術的投資。這就是我們對未來現金的看法。但同樣，我們的運營公司在為股東和其他利益相關者創造現金流方面做了大量工作。

And our next question will come from Gaurav Jain with Barclays.

我們的下一個問題將來自巴克萊銀行的 Gaurav Jain。

A couple of questions from my side. So look, we have had some discussion around the harm-reduction opportunity in front of us, and how it is very early. But if we really look where harm-reduction is really developing, it is all international because it's very hard to introduce new products in the U.S. market because of the PMTA process. But do you think that really to explore the harm-reduction opportunity, you need to go international, much like Philip Morris is entering U.S.?

我這邊有幾個問題。所以看，我們已經圍繞我們面前的減害機會進行了一些討論，以及它是如何很早的。但是，如果我們真的看看減少危害的真正發展方向，就會發現這都是國際化的，因為由於 PMTA 流程，很難在美國市場推出新產品。但是你認為真的要探索減少傷害的機會，你需要走向國際，就像菲利普莫里斯進入美國一樣？

Yes. To your point, and I appreciate you recognizing that the PMTA process and the entire harm-reduction opportunities in front of us in the U.S. It's something that we consider on a regular basis of how to get early consumer feedback outside of research in a live marketplace. And thus far, we've opted to go the route we are, which is with consumer research, but it's something that we consider on a regular basis.

是的。就您的觀點而言，我很感謝您認識到 PMTA 流程和美國擺在我們面前的整個減少危害的機會。我們會定期考慮如何在實時市場研究之外獲得早期消費者反饋.到目前為止，我們選擇了我們現在的路線，即消費者研究，但這是我們定期考慮的事情。

Sure. And just also , a follow up on the questions around JUUL and potential end of exclusivity, and you also met -- referenced the synthetic nicotine market. And some of these companies have applied for PMTAs, and can potentially get PMTAs. So how do you think of synthetic nicotine as an ingredient? Like is that a market you would like to explore? And if some of the companies get PMTAs, that's an area you would like to enter?

當然。此外，關於 JUUL 和排他性可能結束的問題的後續行動，您還遇到了 - 提到了合成尼古丁市場。其中一些公司已經申請了 PMTA，並且有可能獲得 PMTA。那麼您如何看待合成尼古丁作為一種成分呢？喜歡這是一個你想探索的市場嗎？如果某些公司獲得了 PMTA，那是您想進入的領域嗎？

Yes. Certainly, we were pleased that with the support that took place, that synthetic nicotine is now under FDA authority. We believe in the process as far as the FDA being able to assess the science and evidence. Again, we watch all products that are in the marketplace, both in the U.S. and internationally, to understand how the consumer is interacting with them, what benefits they receive from them as far as satisfaction, enjoyment, the brand itself. And so it's something that stays on our radar.

是的。當然，我們很高興在得到的支持下，合成尼古丁現在受到 FDA 的授權。只要 FDA 能夠評估科學和證據，我們就相信這個過程。同樣，我們觀察美國和國際市場上的所有產品，以了解消費者如何與他們互動，他們從他們那裡得到什麼好處，比如滿意度、享受、品牌本身。所以它一直在我們的雷達上。

(Operator Instructions) We'll open it for the media. We'll go next to Jennifer Maloney with Wall Street Journal.

（操作員說明）我們將為媒體打開它。我們將與華爾街日報一起去詹妮弗馬洛尼。

I wanted to follow up on your statement, Billy, that M&A is not off the table for reduced risk products. And I wanted to ask specifically about the e-vapor category. Would you be open to the possibility of acquiring an e-cigarette brand, for example, that already has FDA authorization?

比利，我想跟進你的聲明，即併購並不是降低風險產品的可能性。我想具體詢問一下電子蒸汽類別。例如，您是否願意收購已經獲得 FDA 授權的電子煙品牌？

Yes. While I don't speak to M&A in any regards. As I mentioned, look, we've always been monitoring the marketplace in the e-vapor space. We want to make sure we understand consumers' interactions with the various brands in the marketplace, whether they like those brands, whether they like the product -- satisfaction that those products give them.

是的。雖然我在任何方面都沒有談到併購。正如我所提到的，看，我們一直在監控電子蒸汽領域的市場。我們希望確保我們了解消費者與市場上各種品牌的互動，他們是否喜歡這些品牌，他們是否喜歡產品——這些產品給他們帶來的滿意度。

Now that we've written down this quarter below 10%, it affords us the opportunity to really explore those opportunities and make different decisions if we so choose. At this point in the process, we chose not to make any different decisions. We believe that where it's at in the process, as I mentioned earlier, with the FDA today and relooking through the review process of the applications as well as for -- some of our rights that we have as part of the agreement, we think those are beneficial. And we think, as we stated, the right decision currently is to stay under the non-compete.

既然我們已經將本季度記錄在 10% 以下，它讓我們有機會真正探索這些機會，並在我們選擇時做出不同的決定。在此過程中，我們選擇不做出任何不同的決定。我們相信，正如我之前提到的，今天與 FDA 合作並重新審視申請的審查過程以及作為協議的一部分我們擁有的一些權利，我們認為那些是有益的。我們認為，正如我們所說，目前正確的決定是保持競業禁止。

For your smoke-free future goals, do you expect or plan to focus on 1 particular category, like is modern oral going to be the focus of your efforts there? Or do you hope to play in all of the reduced-risk categories?

對於您的無菸未來目標，您是否期望或計劃專注於某一特定類別，例如現代口語是否會成為您努力的重點？還是您希望參與所有降低風險的類別？

Yes. We highlight that we see 3 categories right now as the growth potential in the U.S. That's the heat-not-burn category, the e-vapor category and the novel oral. Certainly, they will be shaped by regulatory decisions, Federal Legislative decisions on excise taxes and future innovation in those categories from the various manufacturers. So that will shape how large they are, but we see those as the 3 potential growth areas, and we look to participate in those. I would remind you that's why we work with the portfolio approach because we see consumers going from cigarettes to those various categories, and we want to be there for the consumer, depending on what category they choose.

是的。我們強調，我們現在看到 3 個類別作為美國的增長潛力，即加熱不燃燒類別、電子蒸汽類別和新型口服。當然，它們將受到監管決定、關於消費稅的聯邦立法決定以及各個製造商在這些類別中的未來創新的影響。所以這將決定它們的規模，但我們將它們視為 3 個潛在的增長領域，我們希望參與其中。我想提醒您，這就是我們採用組合方法的原因，因為我們看到消費者從香煙轉向各種類別，我們希望為消費者服務，具體取決於他們選擇的類別。

And there appears to be no further questions at this time. I would like to turn the call back over to Mac Livingston, for any closing comments.

目前似乎沒有進一步的問題。我想將電話轉回給 Mac Livingston，以獲得任何結束評論。

Thanks, Ashley, and thanks, everybody, for joining us. Please contact the Investor Relations team if you have any further question. Thanks a lot.

謝謝阿什利，謝謝大家加入我們。如果您有任何其他問題，請聯繫投資者關係團隊。非常感謝。

Thank you, and this does conclude today's call. Thank you for your participation. You may disconnect at any time.

謝謝，今天的電話會議到此結束。感謝您的參與。您可以隨時斷開連接。