奧馳亞 (MO) 2022 Q3 法說會逐字稿

Good day, and welcome to the Altria Group 2022 Third Quarter and 9 Months Earnings Conference Call. Today's call is scheduled to last about 1 hour, including remarks by Altria's management and a Q&A session. (Operator Instructions) Representatives of the investment community and media on the call will be able to ask questions following the conclusion of the prepared remarks. I would now like to turn the conference over to Mac Livingston, vice President of Investor Relations for Altria Client Services. Please go ahead, sir.

美好的一天，歡迎參加奧馳亞集團 2022 年第三季度和 9 個月收益電話會議。今天的電話會議計劃持續約 1 小時，包括奧馳亞管理層的發言和問答環節。 （操作員說明）電話會議上的投資界和媒體代表將能夠在準備好的評論結束後提問。我現在想將會議轉交給奧馳亞客戶服務投資者關係副總裁 Mac Livingston。請繼續，先生。

Thanks, Katie. Good morning, and thank you for joining us. This morning, Billy Gifford, Altria's CEO; and Sal Mancuso, our CFO, will discuss Altria's third quarter and first 9-month 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.

謝謝，凱蒂。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 將討論奧馳亞的第三季度和前 9 個月的業務成果。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。

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. 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.

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。請查看今天收益發布結束時的前瞻性和警示性聲明部分，了解可能導致實際結果與預測存在重大差異的各種因素。

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

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

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。有了這個，我會把電話轉給比利。

Thanks, Mac. Good morning, and thank you for joining us. This is an exciting moment on our journey towards moving beyond smoking. Our tobacco businesses remained resilient during the first 9 months of the year, and we continue to reward shareholders while making investments in pursuit of our vision.

謝謝，麥克。早上好，感謝您加入我們。這是我們超越吸煙之旅的激動人心的時刻。我們的煙草業務在今年前 9 個月保持彈性，我們繼續獎勵股東，同時進行投資以實現我們的願景。

We have deepened our consumer understanding, enhanced our capability and built the science to support smoker transition away from cigarettes.

我們加深了對消費者的了解，增強了我們的能力，並建立了支持吸煙者從香煙過渡的科學。

The tobacco harm reduction opportunity remains in front of us, and we continue to believe Altria is uniquely positioned to responsibly lead adult smokers to a smoke-free future. Our remarks this morning will focus on our progress to date and several exciting steps we have recently taken that we believe will accelerate our progress toward harm reduction. I will then turn it over to Sal, who will provide further details on our business and financial results.

減少煙草危害的機會仍然擺在我們面前，我們仍然相信奧馳亞具有獨特的優勢，可以負責任地帶領成年吸煙者走向無菸的未來。我們今天上午的講話將重點關注我們迄今為止取得的進展以及我們最近採取的幾個令人興奮的步驟，我們相信這些步驟將加速我們在減少危害方面取得的進展。然後我會將其交給 Sal，他將提供有關我們業務和財務業績的更多詳細信息。

Let's begin with the heated tobacco category. Last week, we entered into an agreement with Philip Morris International, under which we will receive $2.7 billion in cash in exchange for assigning our exclusive U.S. commercialization rights to the IQOS system at the end of April 2024. We believe this agreement provides us with fair compensation and greater flexibility to allocate resources toward moving beyond smoking. The heated tobacco category is still undeveloped in the U.S., and we believe we can lead in this space supported by our robust infrastructure and deep understanding of the U.S. tobacco consumers.

讓我們從加熱的煙草類別開始。上週，我們與菲利普莫里斯國際公司達成了一項協議，根據該協議，我們將獲得 27 億美元的現金，以換取我們在 2024 年 4 月底將我們在美國的獨家商業化權利轉讓給 IQOS 系統。我們相信該協議為我們提供了公平的補償和更大的靈活性來分配資源以超越吸煙。加熱煙草類別在美國仍未開發，我們相信，在我們強大的基礎設施和對美國煙草消費者的深入了解的支持下，我們可以在這一領域處於領先地位。

This morning, we announced the pursuit of a global smoke free partnership with JT Group. We signed a nonbinding memorandum of understanding with JT signifying the commitment of both parties towards further smoke-free collaboration. JT is a leading international tobacco company committed to investing and growing reduced risk products. We believe that together, Altria and JT can accelerate global harm reduction by collaborating on product development and global commercialization of smoke-free products.

今天上午，我們宣布與 JT Group 建立全球無菸合作夥伴關係。我們與 JT 簽署了一份不具約束力的諒解備忘錄，表明雙方承諾進一步開展無菸合作。 JT 是一家領先的國際煙草公司，致力於投資和發展低風險產品。我們相信，奧馳亞和 JT 可以通過合作進行產品開發和無菸產品的全球商業化，加速全球減害。

We believe this potential collaboration can leverage the strengths and resources of both companies to transition more smokers away from cigarettes. As a first step in this partnership, we announced the formation of Horizon Innovations, a joint venture between Altria and JT for the U.S. commercialization of heated tobacco stick or HTS products. We believe that HTS products can appeal to certain smokers as they provide a more familiar, tactile and sensorial experience to cigarettes.

我們相信，這種潛在的合作可以利用兩家公司的優勢和資源，讓更多的吸煙者遠離捲菸。作為此次合作的第一步，我們宣布成立 Horizon Innovations，這是奧馳亞和 JT 的合資企業，用於美國商業化加熱煙草棒或 HTS 產品。我們相信 HTS 產品可以吸引某些吸煙者，因為它們為捲菸提供了更加熟悉、觸覺和感官的體驗。

Under the terms of the JV, both parties will combine their scientific and regulatory expertise to jointly prepare PMTA filings for the latest version of the Ploom HTS products which are not yet commercially available. The parties expect to file a PMTA in the first half of 2025. Upon authorization, Horizon will become the exclusive entity through which the parties market and commercialize stick products in the U.S.

根據合資公司的條款，雙方將結合其科學和監管專業知識，共同為尚未上市的最新版 Ploom HTS 產品準備 PMTA 備案。雙方預計將在 2025 年上半年提交 PMTA。經授權，Horizon 將成為雙方在美國營銷和商業化棒狀產品的獨家實體。

JTI will supply Ploom Heated Tobacco Stick devices. And PM USA will manufacture Marlboro HTS consumables for U.S. commercialization. The parties have agreed to commercialization milestones for Horizon, which include distribution requirements and minimal levels of cumulative marketing investment.

JTI 將提供 Ploom 加熱煙草棒設備。 PM USA 將為美國商業化生產萬寶路 HTS 耗材。雙方已就 Horizon 的商業化里程碑達成一致，其中包括分銷要求和最低水平的累積營銷投資。

Under the financial terms of the JT, PM USA has a 75% economic interest in Horizon with JTI having 25%. We're excited about the prospect of introducing the latest version of Ploom HTS products to U.S. smokers. JT has demonstrated success innovating in the heated tobacco space. For example, JT launched Ploom X last year in Japan. And since its introduction, JT's doubled its share of the Japanese HTS segment. JT estimates that there are more than 1 million Ploom X consumers. And according to their research, these consumers perceive Ploom X as a stylish, credible and unique brand.

根據 JT 的財務條款，PM USA 擁有 Horizon 75% 的經濟權益，而 JTI 擁有 25%。我們對向美國吸煙者推出最新版本的 Ploom HTS 產品的前景感到興奮。 JT 在加熱煙草領域的創新已經證明是成功的。例如，JT 去年在日本推出了 Ploom X。自推出以來，JT 在日本 HTS 領域的份額翻了一番。 JT 估計有超過 100 萬 Ploom X 消費者。根據他們的研究，這些消費者認為 Ploom X 是一個時尚、可靠和獨特的品牌。

Consumers also describe the product as easy to use. We look forward to bringing the newest version of this exciting product to U.S. smokers. We have discussed our increased focus and investment on an internal wholly owned heated tobacco product development. Our approach puts the consumer at the center of everything that we do. We receive more data on their preferences, purchasing patterns and friction points than we ever have.

消費者也將產品描述為易於使用。我們期待著為美國吸煙者帶來這款令人興奮的產品的最新版本。我們已經討論了我們對內部全資加熱煙草產品開發的更多關注和投資。我們的方法將消費者置於我們所做一切的中心。我們收到的關於他們的偏好、購買模式和摩擦點的數據比以往任何時候都多。

Additionally, we embedded our regulatory sciences team early in the process to align our product development efforts with FDA expectations. We believe these efforts are building a promising pipeline of wholly owned heated tobacco products and intellectual property consisting of heated tobacco capsule or HTC formats and new-to-market technologies. We believe capsule products can appeal to smokers who are open to novel, smoke-free products but have not yet found a satisfying alternative to cigarettes. This audience includes the millions of U.S. smokers who tried but ultimately rejected e-vapor products.

此外，我們在流程的早期就加入了我們的監管科學團隊，以使我們的產品開發工作與 FDA 的期望保持一致。我們相信，這些努力正在建立一條充滿希望的全資加熱煙草產品和知識產權管道，其中包括加熱煙草膠囊或 HTC 格式和新上市技術。我們相信膠囊產品可以吸引那些對新型無菸產品持開放態度但尚未找到令人滿意的香煙替代品的吸煙者。這些受眾包括數百萬嘗試但最終拒絕電子蒸汽產品的美國吸煙者。

We expect to finalize the design of our first capsule product by the end of this year, and we expect to follow PMTA by the end of 2024. We also expect to partner with JT to launch this product in an international test market using JT's sales and distribution network. We plan to share more on this product platform once the design is finalized.

我們預計在今年年底之前完成我們的第一個膠囊產品的設計，我們預計在 2024 年底之前跟隨 PMTA。我們還希望與 JT 合作，利用 JT 的銷售和分銷渠道。一旦設計完成，我們計劃在這個產品平台上分享更多信息。

We believe moving beyond smoking in the U.S. requires multiple FDA-authorized products within a smoke-free category to appeal to a diverse range of smokers and help them transition away from cigarettes. We believe that our pipeline of heated tobacco products and partnership with JT combined with the internal capabilities I described earlier, positions us well to increase adoption of smoke-free products for the millions of smokers interested in these products.

我們認為，要在美國超越吸煙，需要在無菸類別中使用多種 FDA 授權的產品，以吸引不同範圍的吸煙者並幫助他們擺脫香煙。我們相信，我們的加熱煙草產品管道以及與 JT 的合作關係以及我之前描述的內部能力，使我們能夠更好地為數百萬對這些產品感興趣的吸煙者採用無菸產品。

Let's now move to the e-vapor category. In the third quarter, total estimated e-vapor volumes declined by 4% versus a year ago and were flat sequentially. we believe the regulatory uncertainty related to JUUL caused market disruptions in the quarter, and we observed a reduction in JUUL purchases throughout the supply chain. We previously disclosed that we have exercised our option to be released from our noncompete obligations related to our JUUL investment. While we retain our 35% economic stake in JUUL, we're exploring all options to build an FDA-authorized portfolio of e-vapor products that will help smokers transition away from cigarettes.

現在讓我們轉到電子蒸汽類別。第三季度，估計電子蒸汽總銷量與一年前相比下降了 4%，並且環比持平。我們認為，與 JUUL 相關的監管不確定性導致本季度的市場混亂，我們觀察到整個供應鏈中的 JUUL 採購減少。我們之前曾披露，我們已行使選擇權，免除與我們的 JUUL 投資相關的非競爭義務。雖然我們保留了 JUUL 35% 的經濟股權，但我們正在探索所有選項，以建立 FDA 授權的電子蒸汽產品組合，幫助吸煙者擺脫香煙。

For example, our teams are conducting consumer research, performing external scans and evaluating internal product development options. We're excited about the opportunity to increase our participation in the largest smoke-free category in the U.S. Turning to oral tobacco. We remain encouraged by the growth of novel oral tobacco products, which grew its share of the total oral tobacco category for the 18th consecutive quarter. The category grew 6.5 share points year-over-year and now represents approximately 23% of the overall oral tobacco category.

例如，我們的團隊正在進行消費者研究、進行外部掃描和評估內部產品開發選項。我們很高興有機會增加我們對美國最大的無菸類別的參與。轉向口腔煙草。我們仍然對新型口腔煙草產品的增長感到鼓舞，該產品在口腔煙草總類別中的份額連續第 18 個季度增長。該類別同比增長 6.5 個份額點，現在約佔整個口腔煙草類別的 23%。

In the third quarter, on! reported shipment volume increased nearly 70% to 21 million cans. And on! retail share increased 0.3 sequentially reaching 5.2 share points of the oral tobacco category in the third quarter. We believe these strong results were driven by increased brand awareness and adoption of on!, supported by continued equity and promotional investment.

第三季，加油！報告的出貨量增加了近 70%，達到 2100 萬罐。繼續！第三季度零售份額環比增長 0.3，達到口腔煙草類別的 5.2 個份額。我們相信，這些強勁的業績是由品牌知名度的提高和 on! 的採用推動的，並得到持續的股權和促銷投資的支持。

Building on its second quarter launch of the [carry on!] brand equity campaign, Helix recently introduced on! Rewards, a digital program that enables on! consumers to track the rewards balance online and redeem their points for coupons or other items. We're excited about on!'s continued momentum, increasing brand loyalty and the opportunity for future growth.

在其第二季度推出的 [繼續！] 品牌資產活動的基礎上，Helix 最近推出了！獎勵，一個啟用的數字程序！消費者在線跟踪獎勵餘額並將積分兌換為優惠券或其他物品。我們對 on! 的持續發展勢頭、提高品牌忠誠度和未來增長機會感到興奮。

Let's now turn to our view of the regulatory environment. We continue to believe that more should be done to advance harm reduction in the U.S. and that the FDA should move more deliberately toward creating a market of authorized smoke-free products to help accelerate smoker transition away from cigarettes. The fact remains that today, only a small percentage of e-vapor volume has been authorized and no oral nicotine pouch products have received market authorization.

現在讓我們轉向我們對監管環境的看法。我們仍然認為，應該做更多的工作來推動美國減少危害，並且 FDA 應該更加謹慎地建立授權無菸產品市場，以幫助加快吸煙者擺脫捲菸的過渡。事實仍然是，今天，只有一小部分電子煙獲得了授權，沒有口服尼古丁袋產品獲得市場授權。

We believe collaboration and accountability from all stakeholders are required for this market transition to take place. We also believe that smoke-free products should serve as an offering for smokers, not an on ramp for youth users. We remain encouraged that youth smoking rates in the U.S. are at the lowest levels ever recorded.

我們認為，要實現這一市場轉型，所有利益相關者的合作和問責是必要的。我們還認為，無菸產品應該為吸煙者提供服務，而不是為青年用戶提供服務。我們仍然感到鼓舞的是，美國的青少年吸煙率處於有記錄以來的最低水平。

In fact, the latest Monitoring The Future study estimated that in 2021, the combined past 30-day smoking rates among 8th, 10th and 12th graders was 2.3%, a nearly 92% reduction from its 1997 peak. Additionally, data from the 2022 National Youth Tobacco Survey indicate that while e-vapor usage remains high among middle and high schoolers, the levels were significantly lower than the peak observed in 2019. Per the 2022 NYTS survey, 50% of the middle and high school current e-vapor users indicated that they most often use disposable e-cigarettes such as Puff Bar.

事實上，最新的監測未來研究估計，到 2021 年，8 年級、10 年級和 12 年級學生過去 30 天的吸煙率總和為 2.3%，比 1997 年的峰值下降了近 92%。此外，2022 年全國青少年煙草調查的數據表明，雖然初中和高中生的電子煙使用率仍然很高，但該水平明顯低於 2019 年觀察到的峰值。根據 2022 年 NYTS 調查，50% 的中高中生學校現有電子煙用戶表示，他們最常使用一次性電子煙，例如 Puff Bar。

Moving forward, we hope to see timely science and evidence-based determinations on pending PMTA applications across all smoke-free categories and further enforcement on noncompliant manufacturers. Our journey towards responsibly moving beyond smoking continues, and we are optimistic that the actions we have taken to date have strengthened our portfolio into 3 major smoke free categories. We have built a compelling portfolio in the heated tobacco, enhanced our ability to compete in e-vapor and continue to strengthen on!'s position in the oral tobacco category.

展望未來，我們希望看到對所有無菸類別的未決 PMTA 申請進行及時的科學和循證決定，並對不合規的製造商進一步執法。我們以負責任的方式超越吸煙的旅程仍在繼續，我們樂觀地認為，迄今為止我們採取的行動已將我們的產品組合加強為 3 個主要的無菸類別。我們在加熱煙草方面建立了引人注目的產品組合，增強了我們在電子煙領域的競爭能力，並繼續加強 on! 在口腔煙草類別中的地位。

And we believe that we are able to maximize the value of these actions by leveraging our existing scale and infrastructure, such as our manufacturing centers and sales force. For example, our flagship Richmond manufacturing center began production of oral nicotine pouches in 2020.

我們相信，通過利用我們現有的規模和基礎設施，例如我們的製造中心和銷售隊伍，我們能夠最大限度地發揮這些行動的價值。例如，我們的旗艦里士滿製造中心於 2020 年開始生產口服尼古丁袋。

We now expect to add production of heated tobacco sticks for our new JV. Our sales and distribution system driven by our world-class sales force gives us the ability to responsibly market products in over 200,000 stores.

我們現在希望為我們的新合資企業增加加熱煙草棒的生產。我們的銷售和分銷系統由我們的世界級銷售隊伍推動，使我們能夠在超過 200,000 家商店負責任地營銷產品。

And we have decades of experience navigating dynamic U.S. regulatory and political environments through the strength of our regulatory and government affairs organizations. These functions, together with our many other talented employees, gives me confidence that we can achieve our vision.

我們擁有數十年的經驗，通過我們的監管和政府事務組織的力量駕馭動態的美國監管和政治環境。這些職能以及我們許多其他才華橫溢的員工讓我相信我們能夠實現我們的願景。

Before I conclude, I'd like to thank Leo Kiely for his distinguished service to Altria's Board. Leo has served on the Board since 2011 and will retire at the completion of his term early next year. I'd also like to welcome Jase Hernandez to our Board of Directors effective November 1. Jase brings a significant and deep understanding of the tobacco landscape following his years as an investment analyst covering the tobacco industry. Jase will serve on the finance and innovation committees. I'll now turn it over to Sal to provide more detail on the business environment and our results.

在結束之前，我要感謝 Leo Kiely 對奧馳亞董事會的傑出服務。 Leo 自 2011 年以來一直在董事會任職，並將在明年初任期結束時退休。我還想歡迎 Jase Hernandez 加入我們的董事會，自 11 月 1 日起生效。Jase 在擔任煙草行業投資分析師多年後，對煙草行業有著重要而深刻的了解。 Jase 將在財務和創新委員會任職。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 review of the macroeconomic backdrop and its impact on U.S. tobacco consumers. In the third quarter, consumer discretionary income levels remained under pressure as higher gas prices and inflation persisted. However, we saw signs of continued brand loyalty in the tobacco space. In September, we conducted research to understand how tobacco consumers were managing their spending in several categories, including tobacco, alcohol, groceries and household items.

謝謝，比利。我想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。第三季度，由於汽油價格上漲和通貨膨脹持續存在，消費者可自由支配的收入水平仍然承壓。然而，我們在煙草領域看到了持續品牌忠誠度的跡象。 9 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。

Our research indicates that tobacco consumers continue to stick with their preferred tobacco brands at a higher rate compared to other categories when experiencing higher prices. These results were consistent with the results from our previous surveys. We believe Inflation and the rise in gas prices was partially offset for some consumers by a strong job market and wage growth. Overall, average wages increased 6.9% in the third quarter compared to an average 8.3% increase in CPI.

我們的研究表明，與其他類別相比，煙草消費者在價格上漲時繼續以更高的比率堅持使用他們喜歡的煙草品牌。這些結果與我們之前的調查結果一致。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。總體而言，第三季度平均工資上漲 6.9%，而 CPI 平均上漲 8.3%。

And for some occupations, including the service industry, wage growth outpaced inflation. We continue to monitor tobacco consumer behaviors and changes in marketplace conditions. Despite these macroeconomic challenges, our core businesses performed extremely well in the third quarter, underpinned by the strength of our premium brands: Marlboro, Copenhagen and Black & Mild continued to grow profitably. And on!'s momentum and growth reflected strong positioning in the marketplace.

對於一些職業，包括服務業，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。儘管存在這些宏觀經濟挑戰，但我們的核心業務在第三季度表現非常出色，這得益於我們優質品牌的實力：萬寶路、哥本哈根和 Black & Mild 繼續實現盈利增長。 And on! 的勢頭和增長反映了在市場上的強大定位。

This strong business performance, combined with fewer shares outstanding, drove Altria's adjusted diluted earnings per share results. Altria grew adjusted diluted EPS by 4.9% in the third quarter and by 4% in the first 9 months. Turning to our business results. The smokable products segment continued 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 with adjusted operating company's income by 1.8% in the third quarter and by 2.6% in the first 9 months.

這種強勁的業務表現，加上較少的流通股，推動了奧馳亞調整後的攤薄每股收益。奧馳亞第三季度調整後的攤薄每股收益增長了 4.9%，前 9 個月增長了 4%。轉向我們的業務成果。可吸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。該部門第三季度調整後的運營公司收入增長了 1.8%，前 9 個月增長了 2.6%。

The smokeable products segment expanded its adjusted OCI margins to 58.9%, an increase of 0.9 percentage points for the third quarter and 1.2 percentage points for the first 9 months. This performance was supported by strong net price realization of 10.2% in the third quarter and 10.3% for the first 9 months. I'll remind you that manufacturer price realization does not reflect retail price change for smokers.

可煙產品板塊調整後的OCI利潤率擴大至58.9%，第三季度增長0.9個百分點，前9個月增長1.2個百分點。這一業績受到第三季度 10.2% 和前 9 個月 10.3% 的強勁淨價實現的支持。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。

For example, Marlboro price per packet retail increased 6% in the third quarter compared to last year, which was below overall inflation for the quarter. Multiple segment reported domestic cigarette volumes declined 9.2% in the third quarter and 9% for the first 9 months, driven in part by the continued macroeconomic pressures I described. When adjusted for trade inventory movement and other factors, domestic cigarette volumes for the third quarter and first 9 months declined by an estimated 10% and 9.5%, respectively.

例如，與去年同期相比，第三季度每包零售的萬寶路價格上漲了 6%，低於該季度的總體通脹水平。多個部門報告稱，第三季度國內捲煙銷量下降了 9.2%，前 9 個月下降了 9%，部分原因是我描述的持續的宏觀經濟壓力。經貿易庫存變動和其他因素調整後，第三季度和前 9 個月的國內捲煙銷量估計分別下降了 10% 和 9.5%。

At the industry level, we estimate that the adjusted domestic cigarette volumes declined by 8.8% in the third quarter and by 7.5% in the first 9 months. 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, Q3 year-to-date adjusted industry cigarette volumes have declined by an average of 4.5% over the past 5 years.

在行業層面，我們估計第三季度調整後的國內捲煙銷量下降了 8.8%，前 9 個月下降了 7.5%。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，今年第三季度調整後的行業捲菸銷量在過去 5 年中平均下降了 4.5%。

In the third quarter, the total discount segment retail share of the cigarette category increased 1.6 percentage points versus the year ago period and 0.7 sequentially, reflecting increased competitive activity and the challenging macroeconomic environment. We are encouraged that the discount segment share growth largely sourced from (technical difficulty) sequentially and 0.4 versus the year ago period. We are pleased with Marlboro's performance and stability over the long term.

第三季度，捲菸類別的總折扣細分零售份額同比增長 1.6 個百分點，環比增長 0.7 個百分點，反映了競爭活動的增加和充滿挑戰的宏觀經濟環境。我們感到鼓舞的是，折扣部分的份額增長主要來自（技術難度）環比增長，與去年同期相比增長了 0.4。我們對萬寶路的長期表現和穩定性感到滿意。

In the first quarter of 2020, Marlboro's retail share was 42.5 percentage points. We believe that increased discretionary income driven in part by government stimulus checks and lower consumer mobility led to an increase in Marlboro's retail share throughout the pandemic. As consumer mobility returned to pre-pandemic levels, and federal stimulus checks ended, Marlboro's share returned to its pre-pandemic levels and has remained stable through the subsequent quarters.

2020年第一季度，萬寶路的零售份額為42.5個百分點。我們認為，部分由政府刺激措施和較低的消費者流動性推動的可自由支配收入增加導致萬寶路在整個大流行期間的零售份額增加。隨著消費者流動性恢復到大流行前的水平，並且聯邦刺激檢查結束，萬寶路的份額恢復到大流行前的水平，並在隨後的幾個季度保持穩定。

In fact, since the first quarter of 2020, Marlboro has performed better than many of the other premium brands in the category. As a result, Marlboro continued to grow its share of the premium segment to 58.4%, an increase of 0.4 sequentially and 0.7 versus a year ago. We believe its performance over the long term is a testament to its positioning within the premium segment as the aspirational brand with strong consumer loyalty.

事實上，自 2020 年第一季度以來，萬寶路的表現優於該類別中的許多其他高端品牌。因此，萬寶路在高端市場的份額繼續增長至 58.4%，環比增長 0.4，與一年前相比增長 0.7。我們相信其長期表現證明其在高端市場中的定位是具有強大消費者忠誠度的理想品牌。

In cigars, reported cigar shipment volume increased by 3.3% in the third quarter. Black & Mild continued its long-standing leadership in the profitable tipped cigar segment and Middleton continued to provide a strong contribution to smokable segment financial results.

在雪茄方面，報告的雪茄出貨量在第三季度增長了 3.3%。 Black & Mild 繼續其在盈利雪茄領域的長期領導地位，而米德爾頓繼續為可吸領域的財務業績做出巨大貢獻。

Turning to the oral tobacco products segment. Adjusted OCI grew 4.9% in the third quarter, but declined 3.4% for the first 9 months, primarily due to higher investments behind on!. We're pleased with the strong overall margins for the segment and excited about on!'s performance in the marketplace. Total reported oral tobacco products segment volume increased by 1.3% for the third quarter and decreased 1.8% for the first 9 months.

轉向口腔煙草產品部分。調整後的 OCI 在第三季度增長了 4.9%，但在前 9 個月下降了 3.4%，主要是由於投資增加！我們對該細分市場強勁的整體利潤率感到滿意，並對 on! 在市場上的表現感到興奮。第三季度報告的口腔煙草產品總銷量增長了 1.3%，前 9 個月下降了 1.8%。

When adjusted for trade inventory movement and calendar differences, segment volume decreased by an estimated 2% for the third quarter and 1.5% for the first 9 months. Oral Tobacco Products segment retail share declined 1.5 percentage points as declines in MST were partially offset by the continued growth of on!.

在根據貿易庫存變動和日曆差異進行調整後，第三季度的分部銷量估計下降了 2%，前 9 個月下降了 1.5%。由於 MST 的下降部分被 on! 的持續增長所抵消，口腔煙草產品部門的零售份額下降了 1.5 個百分點。

Turning to our investment in ABI. We recorded a noncash, pretax impairment charge of approximately $2.5 billion for the third quarter and first 9 months of 2022. This impairment reflects the difference between the fair value and carrying value of our investment in ABI as of September 30. We continue to believe that ABI's share price performance is not reflective of its underlying long-term equity value and that ABI's share price will recover.

轉向我們對 ABI 的投資。我們在 2022 年第三季度和前 9 個月記錄了約 25 億美元的非現金稅前減值費用。這一減值反映了截至 9 月 30 日我們在 ABI 投資的公允價值和賬面價值之間的差異。我們仍然認為， ABI 的股價表現並不能反映其潛在的長期股權價值，ABI 的股價將會回升。

However, we believe that it will take longer than previously expected as macroeconomic and geopolitical factors may continue to impact foreign exchange rates and ABI's financial results and share price performance in the near term. As we have previously shared, we view our ABI's stake as a financial investment, and our goal is to maximize the long-term value of the investment for our shareholders.

然而，我們認為，由於宏觀經濟和地緣政治因素可能會在短期內繼續影響外匯匯率和 ABI 的財務業績和股價表現，因此需要的時間將比之前預期的要長。正如我們之前所分享的，我們將 ABI 的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。

We remain committed to creating long-term shareholder value through the pursuit of our vision and our significant capital returns, which we demonstrated in the third quarter by paying approximately $1.6 billion in dividends and raising the dividend for the 57th time in 53 years and repurchasing 8.5 million shares totaling $368 million. We have approximately $375 million remaining under the currently authorized $3.5 billion share repurchase program, which we expect to complete by the end of this year.

我們仍然致力於通過追求我們的願景和顯著的資本回報來創造長期股東價值，我們在第三季度通過支付約 16 億美元的股息和 53 年來第 57 次提高股息和回購 8.5 美元來證明這一點萬股，總計3.68億美元。根據目前授權的 35 億美元股票回購計劃，我們剩餘約 3.75 億美元，我們預計將在今年年底前完成。

Our balance sheet remains strong and as of the end of the third quarter, our debt-to-EBITDA ratio was 2.1x. In August, we retired $1.1 billion of notes that came due with available cash. As Billy stated, we will receive $2.7 billion as a part of the IQOS agreement. We received $1 billion upon entry into the agreement and will receive the remaining $1.7 billion plus interest by July of 2023.

我們的資產負債表依然強勁，截至第三季度末，我們的債務與 EBITDA 比率為 2.1 倍。 8 月，我們退還了 11 億美元可用現金到期的票據。正如比利所說，作為 IQOS 協議的一部分，我們將獲得 27 億美元。我們在簽訂協議後收到了 10 億美元，並將在 2023 年 7 月之前收到剩餘的 17 億美元以及利息。

Our expected use of the cash proceeds may include investments in pursuit of our vision debt repayment, share repurchases or general corporate purposes. Share repurchases depend on marketplace conditions and other factors and remains subject to the discretion of our Board of Directors.

我們對現金收益的預期用途可能包括投資以實現我們的願景債務償還、股票回購或一般公司用途。股票回購取決於市場條件和其他因素，並由我們的董事會酌情決定。

Turning to our financial outlook. We are narrowing our full year 2022 guidance and now expect to deliver adjusted diluted EPS in a range of $4.81 to $4.89. This range represents growth of 4.5% to 6% from a base of $4.61 in 2021. We believe this range allows us the flexibility to react to marketplace conditions. With that, we'll wrap up, and Billy and I will be happy to take your questions.

轉向我們的財務前景。我們正在縮小我們的 2022 年全年指引，現在預計調整後的攤薄每股收益將在 4.81 美元至 4.89 美元之間。這個範圍代表了 2021 年從 4.61 美元的基數增長 4.5% 到 6%。我們相信這個範圍使我們能夠靈活地對市場條件做出反應。這樣，我們就結束了，比利和我很樂意回答你的問題。

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

在編制民意調查時，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。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 will come from Bonnie Herzog with Goldman Sachs.

（操作員說明）我們將首先回答投資界的問題。我們的第一個問題將來自高盛的 Bonnie Herzog。

A lot going on with a lot of announcements. But I wanted to maybe touch on what you announced this morning, related to your JV with JT. I just was hoping, Billy, maybe you could help us better understand the opportunity potential for HTC versus HTS formats and then the target consumers for each? And also, I just wanted to verify something. The time line with, I think, HTC is earlier and it's 100% owned and controlled by you. Is that correct?

很多事情發生了很多公告。但我想談談您今天早上宣布的與您與 JT 的合資企業有關的內容。我只是希望，比利，也許你可以幫助我們更好地了解 HTC 與 HTS 格式的機會潛力，然後是每種格式的目標消費者？而且，我只是想驗證一些東西。我認為 HTC 的時間線更早，它 100% 由你擁有和控制。那是對的嗎？

Yes. So there was a lot in that, Bonnie. So I'll take them in reverse order. The HTC is 100% owned by us. It is not part of the JV. I think when you think about HTS and HTC, you've got this huge group of adult smokers looking for products that satisfy and meet their desires and needs. And so you have some that want a familiar experience as close as they can get to cigarettes, and that's where we believe the HTS product fulfills for them.

是的。所以其中有很多，邦妮。所以我會以相反的順序來處理它們。 HTC 100% 歸我們所有。它不是合資企業的一部分。我認為，當您想到 HTS 和 HTC 時，您會發現這一龐大的成年吸煙者群體正在尋找滿足並滿足他們的願望和需求的產品。因此，有些人希望獲得盡可能接近香煙的熟悉體驗，這就是我們相信 HTS 產品可以滿足他們的地方。

There are other consumers and a lot of -- as we've pointed out before, a lot of consumers want to try e-vapor, so they were willing to go with a more novel type product. And we believe the HTC fulfills those desires and needs. So we actually see room for both to be successful and it actually allows us to reach a larger group of consumers that are looking to switch.

還有其他消費者和很多——正如我們之前指出的，很多消費者想嘗試電子蒸汽，所以他們願意選擇更新穎的產品。我們相信 HTC 可以滿足這些願望和需求。因此，我們實際上看到了兩者都取得成功的空間，它實際上使我們能夠接觸到更多希望轉換的消費者群體。

Okay. And then just a follow-up on that. How do we think about this potentially changing either your near or long-term growth algorithm? And then I'm just thinking through in terms of future investments required. I assume there will be some other than the initial 250 million to develop and ultimately commercialize these products. Could you touch on that? .

好的。然後只是跟進。我們如何看待這可能會改變您的近期或長期增長算法？然後我只是在考慮未來所需的投資。我認為除了最初的 2.5 億人之外，還會有其他人來開發並最終將這些產品商業化。你能談談嗎？ .

Yes. I think -- look, we certainly are going to -- as we said previously, -- but remember, our overall strategy, even in the smokeable products categories to maximize our income through time but to make appropriate investments, both in Marlboro and balancing that with investments in the growth areas. So there are always puts and takes. I don't want you to think all of the investments that we make are completely incremental to the P&L.

是的。我認為 - 看，我們當然會 - 正如我們之前所說， - 但請記住，我們的整體戰略，即使是在可吸煙產品類別中，以隨著時間的推移最大化我們的收入，但要在萬寶路和平衡方面進行適當的投資在增長領域進行投資。所以總是有投入和投入。我不希望你認為我們所做的所有投資都是對損益表的完全增量。

We try to leverage and we try to point out some of that in our remarks this morning. So for instance, the manufacturing center, where we expanded our production for on! in that facility. The heat sticks for the JV will be produced by the manufacturing center. So there you have the infrastructure in place. You have a strong, talented group of employees that are familiar with running those machines. So you leverage some. So yes, there are investments and you have reallocation across the P&L, but it's not all incremental investment.

我們試圖利用槓桿作用，並試圖在今天上午的講話中指出其中的一些。例如，我們擴大生產的製造中心！在那個設施中。合資公司的加熱棒將由製造中心生產。這樣你就有了基礎設施。您擁有一支強大、才華橫溢的員工團隊，他們熟悉運行這些機器。所以你利用一些。所以是的，有投資，你可以在損益表中重新分配，但這並不都是增量投資。

Okay. And then just maybe my final question is related to your guidance, which you narrowed this morning. You narrowed it slightly, I guess, 20 bps at the midpoint. You stated just -- to give you more flexibility to react to marketplace conditions. So I just wanted to maybe hear from you what got a little bit worse or uncertain? Is it the pressures on the consumer? Or is there something else that we should be mindful of?

好的。然後也許我的最後一個問題與你今天早上縮小的指導有關。我猜你在中點稍微縮小了 20 個基點。你剛才說的——給你更多的靈活性來對市場條件做出反應。所以我只是想听聽你說什麼變得更糟或不確定？是消費者的壓力嗎？或者還有什麼我們需要注意的？

Yes, I appreciate the question, Bonnie. I think you could think of most of that narrowing as the passage of time, right? We have more certainty because remember, we're on a quarter lag with ABI, and you saw them released results this morning. But certainly, it's no surprise that our consumers are under pressure, and we want to maintain that flexibility, but nothing out of the ordinary that I would point out.

是的，我很欣賞這個問題，邦妮。我認為您可以將大部分縮小視為時間的流逝，對嗎？我們有更多的確定性，因為請記住，我們與 ABI 相比落後四分之一，您今天早上看到他們發布了結果。但可以肯定的是，我們的消費者面臨壓力也就不足為奇了，我們希望保持這種靈活性，但我要指出的沒有什麼特別之處。

Our next question will come from Pamela Kaufman with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的帕梅拉考夫曼。

I wanted to follow up on Bonnie's question and ask about how you're thinking about the evolution of the U.S. tobacco market over the next 5 to 10 years? How do you think about the relative size of the e-vapor versus heat-not-burn category over time? And now that you have greater flexibility to invest in e-vapor, given the noncompete termination with JUUL and the partnership with JT, how are you going to prioritize your investment between heat not burn and e-vapor?

我想跟進 Bonnie 的問題，詢問您如何看待未來 5 到 10 年美國煙草市場的演變？隨著時間的推移，您如何看待電子蒸汽與加熱不燃燒類別的相對規模？鑑於與 JUUL 的競業禁止終止以及與 JT 的合作，現在您在投資電子蒸汽方面擁有更大的靈活性，那麼您將如何優先考慮加熱不燃燒和電子蒸汽之間的投資？

Yes, it's a great question, Pamela. I think it's important to remember as you step back, and that's why we tried to highlight in the remarks that the reduced harm in the U.S. is really undeveloped. And the reason I say that is from an authorization standpoint, take the 2 that exists today, e-vapor and novel oral.

是的，這是一個很好的問題，帕梅拉。我認為當你退後一步時要記住這一點很重要，這就是為什麼我們試圖在評論中強調美國減少傷害的做法確實不發達。我這麼說的原因是從授權的角度來看，以今天存在的 2 個，e-vapor 和新穎的口頭。

A very low percentage has been authorized by the FDA in e-vapor, and we believe that's going to go through a period of transition as those authorizations come out and some make it and some get denied. When you move to the novel oral, really no authorizations have been received in that space. And so that, again, depending on how the regulatory body goes about assessing and authorizing those, there could be a bit of a transition there.

FDA 在電子蒸汽方面的授權比例非常低，我們相信隨著這些授權的出台，有些人會通過，有些人會被拒絕，這將經歷一段過渡期。當您轉向小說口頭時，該空間確實沒有收到任何授權。因此，同樣，取決於監管機構如何評估和授權這些，那裡可能會有一些過渡。

And then in the heated tobacco space, it's really nonexistent. I think when you think about those 3 categories, we believe the extent of those 3 categories will really be shaped by 3 factors: So one, I mentioned, is the regulatory decisions that are taken in each of the individual categories. It will be legislative in tax policy. How does that develop through time related to the individual categories? And then really through time is the innovation in the spaces that best address the consumer preferences based on what they desire.

然後在加熱的煙草空間中，它真的不存在。我認為，當您考慮這 3 個類別時，我們認為這 3 個類別的範圍將真正受到 3 個因素的影響：我提到的一個是在每個單獨類別中做出的監管決策。這將是稅收政策的立法。隨著時間的推移，與各個類別相關的情況如何發展？然後隨著時間的推移，真正能夠根據消費者的需求來最好地解決消費者偏好的空間創新。

So that's really what's going to shape the size of the 3 individual categories. We believe those are the 3 categories that will grow through time as consumers continue to move away from cigarettes to the smoke-free products. As far as prioritizing, we're going to prioritize based on where we see the consumer moving and how we see the consumer moving. It's going to be completely consumer-driven, and that's why we're excited to be able to leverage the sales force to get the products in the right stores as well as the amount of data we receive and the insights that we can garner from that.

所以這真的會影響 3 個單獨類別的規模。我們相信隨著消費者繼續從捲菸轉向無菸產品，這三個類別將隨著時間的推移而增長。至於優先級，我們將根據我們看到消費者移動的位置以及我們如何看待消費者移動來確定優先級。它將完全由消費者驅動，這就是為什麼我們很高興能夠利用銷售人員將產品送到正確的商店，以及我們收到的數據量以及我們可以從中獲得的洞察力.

Great. My second question is on ABI. You previously expected the shares to recover and decided to hold on to your investment when your lockup expired. It seems that now you expect this recovery to take longer than expected. So how does this impact your thinking around the investment? And does this further extend your plans to hold on to the stake? Or does it increase their willingness to sell it at a lower price?

偉大的。我的第二個問題是關於 ABI。您之前預計股票會恢復，並決定在鎖定期滿時保留您的投資。現在看來，您預計這種複蘇需要比預期更長的時間。那麼，這對您對投資的思考有何影響？這是否進一步擴大了您持有股份的計劃？還是增加了他們以較低價格出售的意願？

Pam, the impairment of the ABI asset, the reduction in our carrying value is really accounting driven. When you think about whether an impairment is temporary or not, you have to look at timing of your expected recovery. As far as the ABI asset, as we stated, we view it as a financial investment. Our focus is to maximize the value for our shareholders. But share price value is one of many variables that go into that analysis. It's an analysis that we do on an ongoing basis, and we'll continue to focus on what's best for our stakeholders over the long term.

Pam，ABI 資產的減值，我們賬面價值的減少確實是會計驅動的。當您考慮損傷是否是暫時的時，您必須考慮預期恢復的時間。正如我們所說，就 ABI 資產而言，我們將其視為一項金融投資。我們的重點是為股東創造最大價值。但股價價值是進行該分析的眾多變量之一。這是我們持續進行的分析，從長遠來看，我們將繼續關注對利益相關者最有利的事情。

And maybe if I could squeeze 1 more in. Can you just talk about what you plan to do with the proceeds from the IQOS termination agreement? And if there is any e-vapor assets that would be attractive to you to help accelerate your entry into the category?

也許如果我能再擠 1 個。你能談談你打算用 IQOS 終止協議的收益做什麼嗎？如果有任何電子蒸汽資產對您有吸引力，可以幫助您加速進入該類別？

Thanks, Pamela. We mentioned them in our opening remarks. I don't have a lot to add to that. I mean, obviously, the proceeds provide us with increased flexibility, which is always a good thing. So there's really nothing more to add. I mean we're going to continue to look at all capital allocations through the lens of what's best for our shareholders, be it investments in our long-term vision, continuing to manage a strong balance sheet or provide further returns to our shareholders. But again, that's part of our broader capital allocation strategies.

謝謝，帕梅拉。我們在開場白中提到了它們。我沒有太多要補充的。我的意思是，顯然，收益為我們提供了更大的靈活性，這總是一件好事。所以真的沒有什麼要補充的了。我的意思是，我們將繼續從對股東最有利的角度審視所有資本配置，無論是對我們的長期願景的投資，還是繼續管理強勁的資產負債表或為我們的股東提供進一步的回報。但同樣，這是我們更廣泛的資本配置策略的一部分。

Our next question will come from Chris Growe with Stifel.

我們的下一個問題將來自 Chris Growe 和 Stifel。

I had a question for you, a bit of a follow-on to the agreement with JT. Obviously, it's very encouraging to get you back into that category. Given the time line for development of your products and obviously, FDA review, do you have a reasonable time frame for launching the product in the U.S.? And if I could ask related to that, you'll have this international capability in terms of launching a product. So should we expect that you'll be able to develop products and kind of test and learn internationally to refine those for an ultimate PMTA application in the U.S.

我有一個問題要問你，是與 JT 協議的後續問題。顯然，讓你回到那個類別是非常令人鼓舞的。鑑於您的產品開發時間表，顯然，FDA 審查，您是否有在美國推出該產品的合理時間表？如果我能問到與此相關的問題，您將在推出產品方面擁有這種國際能力。因此，我們是否應該期望您能夠開發產品和測試類型並在國際上學習以改進這些，以便在美國最終應用 PMTA。

Yes, Chris, thanks for the question. And you're right. We are excited about the opportunities we have in front of us. I think when you think about the time line for launch, so what we tried to provide you is when we would anticipate be enable to file PMTA then it will be dependent on how long it takes the FDA to authorize those products.

是的，克里斯，謝謝你的提問。你是對的。我們對擺在我們面前的機會感到興奮。我認為當您考慮發布的時間表時，我們試圖為您提供的是我們預計何時能夠提交 PMTA，那麼這將取決於 FDA 授權這些產品需要多長時間。

I believe through time, those authorizations will become more predictable and quicker whether that's the next product that they authorize or it takes a couple for them to get used to the new categories remains to be seen. I think when you think about the launch internationally, yes, we're excited about the potential there for being able to test products in the live market in the international realm.

我相信隨著時間的推移，這些授權將變得更加可預測和更快，無論這是他們授權的下一個產品，還是他們需要一段時間才能適應新的類別還有待觀察。我認為，當您考慮在國際上發佈時，是的，我們對能夠在國際領域的現場市場測試產品的潛力感到興奮。

We're excited about the ability to -- whether it's in any of the new categories to be able to leverage that. But I don't want to get ahead of myself. We mentioned the memorandum of understanding about future collaboration and we'll share more on as appropriate to share.

我們對能夠利用它的能力感到興奮——無論是在任何新類別中。但我不想超越自己。我們提到了關於未來合作的諒解備忘錄，我們將在適當的時候分享更多內容。

And just to be clear on that, Billy, would it be -- given your time line for when you expect the PMTA for the product you're developing, would it be reasonable to assume we'd see that like next year in international market being tested at least and then moving to an application in 2024 or I'm getting too far ahead of myself here?

只是為了澄清這一點，比利，考慮到您期望正在開發的產品的 PMTA 的時間線，假設我們會在國際市場上看到像明年這樣的情況是否合理？至少經過測試，然後在 2024 年轉移到應用程序，或者我在這裡走得太遠了？

I think you're getting a little bit ahead of yourself. I think from an international launch, we tried to say, look, when we would anticipate getting it launch that into international market, maybe your question underlying that is why -- are you taking so long? And I think it really goes back to -- look, we want to be disciplined. We want to conduct preliminary studies to certify that we can consistently meet the high standards for product quality that we pulled ourselves to as well as the constituent reductions. And so we're going to go about it in a thoughtful manner. But yes, we are excited to get it into an international market and look forward to.

我覺得你有點超前了。我認為從國際發布開始，我們試圖說，看，我們預計何時將其發佈到國際市場，也許你的問題是為什麼 - 你花了這麼長時間嗎？我認為這真的可以追溯到 - 看，我們希望受到紀律處分。我們希望進行初步研究，以證明我們能夠始終如一地滿足我們自己追求的產品質量以及成分減少的高標準。因此，我們將以深思熟慮的方式進行處理。但是，是的，我們很高興能將其推向國際市場並期待著。

Okay. And I had a question just in relation to your -- just part of your guidance this flexibility to react to current marketplace conditions. And as I look at your business today on the smokable side, in particular, you're gaining share in the premium segment. Obviously, premium is losing share, though, overall. So I guess as I think about where you need to invest, I would be curious, is it in the premium brands in the premium category to take back share from discount? Or is it more on the discount side where you're losing share do you want to invest going forward?

好的。我有一個與您有關的問題 - 只是您對當前市場狀況做出反應的靈活性的指導的一部分。當我今天從可吸煙方面審視您的業務時，特別是，您正在獲得高端市場的份額。不過，總體而言，溢價顯然正在失去份額。所以我想當我考慮你需要在哪裡投資時，我會很好奇，是在高端類別的高端品牌中從折扣中奪回份額嗎？或者更多的是在折扣方面，你正在失去份額，你想在未來進行投資嗎？

Yes. I understand your question, Chris. I really would look at the narrowing our guidance as the passage of time. Look, we wanted to make everybody aware that our consumers are under pressure just like consumers across all industry. And we like the flexibility. That's more of the range we had maintained for the establishment of the guidance.

是的。我明白你的問題，克里斯。我真的會把縮小我們的指導視為時間的流逝。看，我們想讓每個人都意識到我們的消費者和所有行業的消費者一樣面臨壓力。我們喜歡這種靈活性。這更多的是我們為建立指南而保持的範圍。

I wouldn't point out anything specific. We're very excited about the price realization we've been able to realize being on track for our guidance for the total year and the stability that Marlboro has experienced in the marketplace. I mean when you look at pre-pandemic to post-pandemic, and Sal mentioned this in his comments, when you saw government stimulus and less mobility in the marketplace, we actually saw it as encouraging.

我不會指出任何具體的事情。我們對我們能夠實現的價格實現感到非常興奮，我們對全年的指導以及萬寶路在市場上所經歷的穩定性都步入正軌。我的意思是，從大流行前到大流行後，Sal 在他的評論中提到了這一點，當你看到政府的刺激措施和市場流動性減少時，我們實際上認為這是令人鼓舞的。

We weren't attempting to gain share. We were in the business like we normally do. It shows that Marlboro is still the aspirational brand in the cigarette space. And that's what we saw take place during the pandemic. And disposable income has got a little bit tighter and mobility is up affecting that as well. We see some of that share back. But pre-pandemic to post-pandemic, call it, roughly [0.5 -- maybe up a 0.1] and we're extremely pleased with where we're at.

我們並沒有試圖獲得份額。我們像往常一樣從事這項業務。這表明萬寶路仍然是捲菸領域的理想品牌。這就是我們在大流行期間看到的情況。可支配收入有所收緊，流動性也在增加，這也產生了影響。我們看到了其中的一些份額。但是從大流行前到大流行後，大約 [0.5 - 可能上漲 0.1]，我們對我們所處的位置非常滿意。

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。

So a few questions from me. So first is on the oral tobacco pricing this quarter, which was, I think, of 5.5%, and it was flat to manage, just 3% last year. And if I look at Copenhagen's pricing, based on your disclosure, it is still running at the same level of plus 7%. So does it mean that you are pulling back on promotions or you're increasing actually on!'s pricing now that on! is becoming a bigger part of your portfolio, and it has hit maybe some critical market share?

所以我有幾個問題。首先是本季度的口腔煙草定價，我認為是 5.5%，管理持平，去年僅為 3%。如果我看一下哥本哈根的定價，根據你的披露，它仍然在 7% 的相同水平上運行。那麼這是否意味著您正在撤回促銷活動，或者您實際上正在增加！現在的定價！正在成為您投資組合中更大的一部分，並且它可能已經達到了一些關鍵的市場份額？

Yes. Look, Gaurav, we're excited about what on!'s been able to perform, how it's been able to perform and grow in the marketplace. Certainly, with the learnings we had in the other 2 categories where we have the analytics and the RGM tools that we have in place, we certainly see the opportunity to be able to apply that into new spaces as we gain volume and market share. And so overall, I think from a standpoint of the strategy in the on! space, it's really to maximize profitability through the long term with the strength of Copenhagen while balancing investments with on!. And I think that's exactly what you see taking place in that space.

是的。看，Gaurav，我們對 on! 的表現以及它如何在市場上表現和成長感到興奮。當然，憑藉我們在其他兩個類別中的學習，我們擁有現有的分析和 RGM 工具，隨著我們獲得數量和市場份額，我們當然看到了將其應用到新領域的機會。所以總的來說，我認為從戰略的角度來看！空間，它確實是通過哥本哈根的實力在長期內最大限度地提高盈利能力，同時平衡投資與 on!。我認為這正是你所看到的在那個領域發生的事情。

Sure. My second question is on the Logic's MDO on menthol e-cigarettes which it received and I appreciate it's not your product. But just broadly, like if FDA now goes ahead and starts denying menthol e-cigarettes. Would it make any sense to invest in US e-cigarettes right now because maybe all the menthol e-cigarettes get denied?

當然。我的第二個問題是關於它收到的 Logic 關於薄荷醇電子煙的 MDO，我很感激它不是你的產品。但從廣義上講，就像 FDA 現在繼續前進並開始否認薄荷醇電子煙一樣。現在投資美國電子煙是否有意義，因為也許所有的薄荷醇電子煙都被拒絕了？

Yes. I think it remains to be seen, and that's what we try to highlight for the size of each category. And you highlighted an important one that's in front of the entire industry in all of these spaces, is regulatory decisions. That will decide how large the individual categories can be.

是的。我認為這還有待觀察，這就是我們試圖強調的每個類別的大小。您強調了在所有這些領域都擺在整個行業面前的一個重要問題，那就是監管決策。這將決定各個類別的規模。

I would also highlight the other 2. It's really legislative and tax policy. How does that mature through time? And then the last would be innovation. But I hear you, and that's why we try to highlight those 3 factors that could ultimately decide the size of each of those categories relative to each other.

我還要強調其他兩個。這確實是立法和稅收政策。它是如何隨著時間的推移而成熟的？最後是創新。但我聽到了，這就是為什麼我們試圖強調這三個因素，這些因素最終可能決定每個類別相對於彼此的大小。

Yes. On the California flavor ban that could happen next quarter. How are you planning to approach that?

是的。關於下個季度可能發生的加州風味禁令。你打算如何解決這個問題？

Yes. So we've engaged with our government affairs team. We don't believe the science supports it from a standpoint, and we've highlighted that. And we've been pretty vocal with that even with the FDA as they looked at some of these things. We think those decisions are better based with the FDA, where it finds an evidence-based. But when you think about the overall category in California, certainly, it could have an industry impact.

是的。所以我們已經與我們的政府事務團隊進行了接觸。我們不相信科學從某個角度支持它，我們已經強調了這一點。即使在 FDA 研究其中一些事情時，我們也對此非常直言不諱。我們認為這些決定最好以 FDA 為依據，因為它發現了基於證據的情況。但是，當您考慮加利福尼亞的整體類別時，當然，它可能會產生行業影響。

But we, as a reminder, SKU non-menthol cigarettes and we SKU non-flavored products in the more smokeless space. So again, I think it could have an impact to the industry, the science doesn't support it, but I just wanted to remind you of our positions from a SKU standpoint.

但我們提醒一下，SKU 非薄荷醇香煙和我們 SKU 無味產品在更無菸的空間。再說一次，我認為它可能會對行業產生影響，科學不支持它，但我只是想從 SKU 的角度提醒您我們的立場。

Sure. And if I could just squeeze the last one on CapEx, like you reduced the CapEx guidance slightly. Would you be able to help us understand why that happened?

當然。如果我可以擠壓資本支出的最後一個，就像你稍微降低資本支出指導一樣。你能幫助我們理解為什麼會這樣嗎？

Can you repeat that Gaurav?

你能重複一下那個 Gaurav 嗎？

The CapEx number, the CapEx guidance was reduced, so what are the factors driving that?

資本支出數字，資本支出指導減少了，那麼推動這一點的因素是什麼？

Yes. If you think about capital projects, Gaurav, the spending is not necessarily linear, right? The projects are moving along quite well. The year -- time has passed throughout the year. So we're 3 quarters through the year. So we just lowered our forecast for spending. So that's more timing. The projects remain on track. Of course, there are some delays in supply chain when you're ordering equipment, but nothing material. We've been able to manage that quite well. So it's not uncommon for fluctuations in capital forecast as the year progresses.

是的。如果考慮資本項目，Gaurav，支出不一定是線性的，對吧？這些項目進展順利。一年——時間一整年過去了。所以我們一年有 3 個季度。所以我們只是降低了對支出的預測。所以這是更多的時機。這些項目仍在按計劃進行。當然，當您訂購設備時，供應鏈會出現一些延遲，但沒有什麼實質性的。我們已經能夠很好地管理它。因此，隨著時間的推移，資本預測的波動並不少見。

Our next question will come from Vivien Azer with Cowen.

我們的下一個問題將來自 Vivien Azer 和 Cowen。

So I also wanted to touch on heat-not-burn, please. I apologize, maybe it's just a lack of imagination on my part, Billy. But when you just guided the HTCs, the capsules, it reminds me of the original Ploom innovation that JT launched in 2016, 2017. Can you just expand on how that's different, if at all, because that didn't really resonate with consumers in Japan?

所以我也想談談加熱不燃燒，拜託。對不起，也許這只是我缺乏想像力，比利。但是，當您剛剛指導 HTC、膠囊時，它讓我想起了 JT 在 2016 年和 2017 年推出的原始 Ploom 創新。您能否擴展一下它的不同之處，如果有的話，因為這並沒有真正引起消費者的共鳴日本？

Sure. And I don't want to get too far ahead of myself. We'll come forward with the actual product, and I know you'll be excited about it when we're able to bring it forward once we complete design. If you think about the stick, that's pretty evident because everybody has seen that in the marketplace. If you think about the capsule, the tobacco is contained within a capsule. It's different than the technology you're familiar with the Ploom, but again, I don't want to get too far ahead of myself from a standpoint of describing the device before we're ready.

當然。而且我不想超越自己太遠。我們會提出實際的產品，我知道一旦我們完成設計，當我們能夠提出它時，您會對此感到興奮。如果你想想棍子，那是很明顯的，因為每個人都在市場上看到過。如果您考慮膠囊，那麼煙草就包含在膠囊中。它與您熟悉的 Ploom 技術不同，但我不想在我們準備好之前從描述設備的角度走得太遠。

Okay. Fair enough. But it is different in terms of the nicotine delivery.

好的。很公平。但就尼古丁的輸送而言，它是不同的。

That is correct.

那是對的。

Okay. Perfect. I do look forward to seeing that, for sure. Maybe just pivoting to the smokeable segment, please. Understanding perfectly well that your objectives are really focused on profit growth. It's hard to ignore the fact that your price gap is now the highest it's been since 2009. And so I'm just curious how you think about operating leverage for that segment, modest market share declines are fine. You're right. Obviously, that on a 3-year basis, industry declines haven't gotten that much worse. But your 2 years stack is deteriorating on an industry adjusted basis. And so how do you think about operating leverage in that segment from a volume perspective?

好的。完美的。我確實很期待看到這一點，當然。也許只是轉向可吸煙部分，拜託。完全理解您的目標確實專注於利潤增長。很難忽視這樣一個事實，即您的價格差距現在是自 2009 年以來的最高水平。所以我只是好奇您如何看待該細分市場的運營槓桿，市場份額適度下降是可以的。你是對的。顯然，在 3 年的基礎上，行業衰退並沒有變得更糟。但是在行業調整的基礎上，您的 2 年堆棧正在惡化。那麼從數量的角度來看，您如何看待該領域的經營槓桿？

Yes, sure. I think when you look at the price gap, I just want to remind you, Vivien, and I know you know this, but that 40% price gap that we disclosed is really a barometer for the national level. We put that out because that allows you all to have a barometer, but we manage it much lower than that.

是的，當然。我想當你看到價格差距時，我只是想提醒你，Vivien，我知道你知道這一點，但是我們披露的 40% 的價格差距確實是國家層面的晴雨表。我們把它放出來是因為這讓你們所有人都有一個晴雨表，但我們管理它的程度遠低於此。

And I think you see as the introduction and execution against the data analytics and the revenue growth management most people refer to it as those tools that we have available allows us to manage the price gap at a much lower level. And so that is, I think, what you're seeing in the success of the Marlboro market share through time. And so we're extremely pleased with where we're at. We feel good about the performance of Marlboro and being able to expand the price gap and increase the profitability through time the way we've done .

我認為你認為數據分析和收入增長管理的引入和執行大多數人稱之為我們可用的那些工具使我們能夠在低得多的水平上管理價格差距。我認為，這就是你在萬寶路市場份額隨著時間的推移所取得的成功所看到的。所以我們對我們所處的位置非常滿意。我們對萬寶路的表現感到滿意，並且能夠像我們所做的那樣隨著時間的推移擴大價格差距並提高盈利能力。

Absolutely. And that segues really nicely into my last question, which is on the performance of the discount category. Obviously, deep discount share gains are now reaccelerating. You've articulated, I think, very helpfully, the puts and takes in terms of the backdrop of the consumer. But just any updates on how you're thinking about kind of strategically positioning your discount brands against that backdrop?

絕對地。這很好地融入了我的最後一個問題，即折扣類別的表現。顯然，大幅折扣的股票收益現在正在重新加速。我認為，您已經根據消費者的背景非常有幫助地闡明了看跌期權。但是，關於您如何考慮在這種背景下戰略性地定位您的折扣品牌的任何更新？

Yes. And you'll recall, Vivien, we're premium focused. We participate in a discount because it's important to our retailers to have a portfolio that services all of their customers that visit their stores, but we're premium focused. You know that we ceded share in L&M, we felt like we would see cede share in L&M as we increase profitability. But we're pleased with the increased profitability we've experienced on L&M and with the willingness to cede some of that share to deep discount.

是的。你會記得，Vivien，我們專注於高端產品。我們參與折扣是因為對我們的零售商來說，擁有一個為所有訪問他們商店的客戶提供服務的產品組合很重要，但我們專注於溢價。你知道我們放棄了 L&M 的份額，我們覺得隨著盈利能力的提高，我們會看到 L&M 的份額。但我們對 L&M 的盈利能力提高以及願意將部分份額讓給大幅折扣感到高興。

You'll remember our consumers at the lower end of that socioeconomic status. Loyalty is extremely high, over 90% for premium brands. And so you always have that group of consumers when they get under pressure are going to shop around and move around depending on what their individual situations are.

你會記得我們的消費者處於社會經濟地位的低端。忠誠度極高，高端品牌的忠誠度超過 90%。因此，當他們面臨壓力時，您總是有一群消費者會根據他們的個人情況四處逛逛和四處走動。

(Operator Instructions) Our next question will come from Carla Cacia with JPMorgan.

（操作員說明）我們的下一個問題將來自摩根大通的 Carla Cacia。

This is Oliver (inaudible) on for Carla. Just a couple from us. So with regards to the announcement made last week on the agreement reached with Philip Morris. Is there any risk to the remaining $1.7 billion that Philip Morris owed, could that value change between now and then?

這是卡拉的奧利弗（聽不清）。我們只有一對。因此，關於上周宣布與菲利普莫里斯達成協議的消息。菲利普莫里斯所欠的剩餘 17 億美元是否有任何風險，從現在到那時，該價值會發生變化嗎？

Yes. With that value, it was an exchange of 2.7. The only thing that would change the 1.7 is the interest that would accumulate through time, depending on when they made that payment. Exclusivity remains with us until the final payment's made. .

是的。有了這個值，它是 2.7 的交換。唯一會改變 1.7 的是隨著時間的推移累積的利息，具體取決於他們何時付款。在支付最後一筆款項之前，我們始終享有排他性。 .

Got it. And then just secondly on JUUL. While the noncompete is no longer in place and you're turning your focus to bearing options to build out the portfolio, you still retain that 35% stake. Is there a plan longer term what you would maybe do it that stake?

知道了。然後就在 JUUL 上。雖然競業禁止條款不再存在，並且您將注意力轉向承擔期權以擴大投資組合，但您仍保留 35% 的股份。是否有一個長期的計劃，你可能會這樣做嗎？

Really no plan at this point. We hold the economic state. We'll see what their performance is in the marketplace, but we thought it was important at that point in time to get out of the noncompete to open up our flexibility in the e-vapor category.

在這一點上真的沒有計劃。我們持有經濟狀態。我們將看看他們在市場上的表現如何，但我們認為在那個時候擺脫競業限制以打開我們在電子蒸汽類別中的靈活性非常重要。

Thank you. Our next question will come from Priya Ohri-Gupta with Barclays.

謝謝你。我們的下一個問題將來自巴克萊銀行的 Priya Ohri-Gupta。

This is Argus in for Priya. One quick question. You have a euro debt maturity early next year. Do you need to have that euro exposure? Or could you be flexible in refinancing that in U.S. dollars?

這是 Priya 的 Argus。一個快速的問題。明年初你的歐元債務到期。你需要有歐元敞口嗎？或者你可以靈活地用美元再融資嗎？

Yes. I don't want to get ahead of ourselves on that maturing debt. So how we retire that debt and the process we go through, we'll wait and see. Obviously, we'll do the necessary analytics from a market perspective, from a capital allocation perspective. To your question though, while we have flexibility on where we could issue debt, we do not necessarily need to have the euro exposure now.

是的。我不想在到期債務上超越自己。因此，我們如何償還債務以及我們經歷的過程，我們將拭目以待。顯然，我們將從市場角度、資本配置角度進行必要的分析。不過，對於你的問題，雖然我們在發行債務的地方有靈活性，但我們現在不一定需要擁有歐元敞口。

And 1 last one. What are your thoughts on the relative attractiveness of the U.S. dollar market versus the European market in terms of swap rates?

最後一個。您如何看待美元市場相對於歐洲市場在掉期利率方面的相對吸引力？

Well, obviously, FX exchange rates are a factor that goes into that allocation. I don't want to necessarily predetermine what's more attractive. But for us, what's important is to have flexibility in the marketplace. We are fortunate in that we have a strong balance sheet. We've got operating companies that do a tremendous job of converting income the cash.

嗯，很明顯，外匯匯率是影響分配的一個因素。我不想預先確定什麼更有吸引力。但對我們來說，重要的是在市場中具有靈活性。我們很幸運，我們擁有強大的資產負債表。我們的運營公司在將收入轉化為現金方面做得非常出色。

So as debt comes due, we can refinance or we can think about other methods of retiring the debt. So for us, it's really the flexibility to determine how we want to handle that debt coming due, but also with markets we may or may not want to enter. FX exchange is definitely part of that process, though.

因此，當債務到期時，我們可以再融資，或者我們可以考慮其他償還債務的方法。所以對我們來說，決定我們如何處理即將到期的債務真的很靈活，而且我們可能想或不想進入的市場也是如此。不過，外匯兌換絕對是該過程的一部分。

Our next question will come from Callum Elliott with Bernstein.

我們的下一個問題將來自 Callum Elliott 和 Bernstein。

Thank you for the question. I'd love to ask you guys a little bit more about Horizon, if that's okay. I guess our sense is it feels like giving away a 25% economic share is a huge amount, given that candidly, this is a poorly performing product, a weak number for brand globally without regulatory approval in the U.S.

感謝你的提問。如果可以的話，我很想問你們更多關於 Horizon 的信息。我想我們的感覺是，放棄 25% 的經濟份額感覺是一筆巨款，坦率地說，這是一個表現不佳的產品，在沒有美國監管部門批准的情況下，對於全球品牌來說，這是一個微弱的數字。

And so hoping you can just talk about the drivers behind why you entered this JV, how you arrived at a 75-25 economic split? It feels just to us and based on the conversations we've had this morning to investors as well that this is going to be very difficult for this to be economically viable for you.

所以希望你能談談你為什麼進入這家合資企業的驅動因素，你是如何達到 75-25 的經濟分裂的？對我們來說，根據我們今天早上與投資者的對話，這對你來說很難在經濟上可行。

Yes. We think about it a bit differently. I mean let me describe. You'll recall when (inaudible) across the nicotine space in the U.S., it greatly reduces the decline rates. So if you look over the past 5 years, it declined at about 1%. We think it's important to have a portfolio of products in each of these categories and across the categories that attract consumers to them from a standpoint of being able to participate in those categories, have strong products and brands across those categories, which will be a benefit to volume and attract a larger group of consumers to transition from cigarettes over to the smoke-free space.

是的。我們的想法有點不同。我的意思是讓我描述一下。您會記得（聽不清）美國的尼古丁空間何時（聽不清），它大大降低了下降率。因此，如果你回顧過去 5 年，它下降了大約 1%。我們認為，從能夠參與這些類別的角度來看，從能夠參與這些類別的角度來看，在這些類別中的每一個類別和跨類別中都有一個產品組合，在這些類別中擁有強大的產品和品牌，這是很重要的，這將是一個好處量並吸引更多的消費者從捲菸過渡到無菸空間。

I think it's important to remember that the JV that's in place is for a product that hasn't even been commercialized yet, as they continue to garner learnings and consumer insights and feedback. And so we're extremely excited, and we think this is a foundation for future collaboration and potential exposure to international revenue as well.

我認為重要的是要記住，現有的合資企業是針對尚未商業化的產品，因為他們繼續獲得學習和消費者洞察力和反饋。所以我們非常興奮，我們認為這是未來合作和潛在國際收入的基礎。

Okay. And I guess just 1 follow-up, unrelated. I wonder if I can get you to talk a little bit about cannabis as well. I think you obviously still have your stake in Cronos, your warrants are set to expire in a few months. Presumably, you're not likely to exercise and given the way after the money. But more broadly, my question is how you're thinking about the cannabis category has changed over the past 3.5 years since you made that investment And where does it sit on the list of capital allocation priorities today?

好的。我猜只有 1 次跟進，無關。我想知道我是否也可以讓你談談大麻。我認為你顯然仍然持有 Cronos 的股份，你的認股權證將在幾個月後到期。想必，你是不太可能在運動後給錢的。但更廣泛地說，我的問題是，自從您進行投資以來，您如何看待大麻類別在過去 3.5 年中發生了變化？它在今天的資本配置優先事項列表中處於什麼位置？

Yes. I think when you think back, we highlighted when we made that investment in cannabis that it was going to be a long-term investment. We still believe it has long-term potential in the U.S. Certainly, with the current political environment, it doesn't feel imminent that anything will switch in the U.S. I think the President made an important first step in some departments, but it's a first step, and it's a lot more to take place before the industry dynamics change in the U.S. to be able to capitalize on that. So we still believe it has long-term potential in the U.S., but certainly in the political environment, nothing is imminent.

是的。我想當你回想起來時，我們在對大麻進行投資時強調，這將是一項長期投資。我們仍然相信它在美國具有長期潛力。當然，在當前的政治環境下，美國不會立即發生任何轉變。我認為總統在某些部門邁出了重要的第一步，但這是第一步在美國的行業動態發生變化之前，要利用這一點，還有很多事情要做。因此，我們仍然相信它在美國具有長期潛力，但可以肯定的是，在政治環境中，沒有什麼是迫在眉睫的。

(Operator Instructions)

（操作員說明）

Thank you. At this time, I will now turn the call back over to Billy Gifford for closing remarks.

謝謝你。在這個時候，我現在將把電話轉回給比利·吉福德（Billy Gifford）的閉幕詞。

Yes. Thank you, Katie. I'd like to conclude our remarks by going back to where I started. We are in an exciting period of Altria's history and have an unprecedented opportunity in moving beyond smoking. We expect that our actions will lead to a strengthened portfolio across the 3 major smoke-free categories, that will help smokers transition away from cigarettes. In heated tobacco, we believe we have taken a huge step forward with our new joint venture with JT and our internal product development efforts. .

是的。謝謝你，凱蒂。我想回到我開始的地方來結束我們的發言。我們正處於奧馳亞歷史上一個激動人心的時期，並且擁有前所未有的超越吸煙的機會。我們預計，我們的行動將加強 3 個主要無菸類別的產品組合，這將有助於吸煙者擺脫捲菸。在加熱煙草方面，我們相信我們與 JT 的新合資企業和我們的內部產品開發工作已經向前邁出了一大步。 .

We now have the ability to compete in the e-vapor category and are already assessing our options in this space. And we have demonstrated progress in the growing novel oral category with on!'s continued growth. I continue to be confident in my belief that we can achieve our vision and create long-term value for our shareholders. Thank you for joining us, and have a great day.

我們現在有能力在電子蒸汽類別中競爭，並且已經在評估我們在這一領域的選擇。隨著 on! 的持續增長，我們已經在不斷增長的新型口服類別中取得了進展。我繼續堅信我們能夠實現我們的願景並為我們的股東創造長期價值。感謝您加入我們，祝您有美好的一天。

Thank you for your participation in today's event. You may disconnect at any time.

感謝您參與今天的活動。您可以隨時斷開連接。