奧馳亞 (MO) 2019 Q1 法說會逐字稿

Good day, and welcome to the Altria Group First Quarter 2019 Earnings Conference Call.

美好的一天，歡迎來到奧馳亞集團 2019 年第一季度收益電話會議。

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

今天的電話會議計劃持續約 1 小時，包括奧馳亞管理層的講話和問答環節。

(Operator Instructions)

（操作員說明）

I would now like to turn the call over to Ms. Paige Magness, Vice President of Investor Relations and Communications for Altria Client Services.

我現在想把電話轉給奧馳亞客戶服務投資者關係和傳播副總裁 Paige Magness 女士。

Please go ahead, ma'am.

請繼續，女士。

Good morning, and thank you for joining us.

早上好，感謝您加入我們。

We're here this morning with Howard Willard, Altria's CEO; and Billy Gifford, our CFO, to discuss Altria's 2019 first quarter business results and related matters.

今天早上我們和奧馳亞的首席執行官霍華德威拉德一起來到這裡；和我們的首席財務官 Billy Gifford 討論奧馳亞 2019 年第一季度的經營業績及相關事宜。

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

今天早些時候，我們發布了一份新聞稿，提供了這些結果。

We're also including slides to accompany our remarks.

我們還包括幻燈片以配合我們的評論。

And all of this information is available on our website at altria.com and through the Altria Investor App.

所有這些信息都可以在我們的網站 altria.com 上和通過 Altria Investor App 獲得。

During our call today, unless otherwise stated, we're comparing results to the same period in 2018.

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 2018 年同期進行比較。

Our remarks contain forward-looking and cautionary statements and projections of future results.

我們的評論包含前瞻性和警示性陳述以及對未來結果的預測。

Please review the forward-looking and cautionary statement section at the end of today's earnings release for various factors that could cause actual results to differ materially from projections.

請查看今天收益發布末尾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產生重大差異的各種因素。

Future dividend payments and share repurchases remain subject to the discretion of Altria's board.

未來的股息支付和股票回購仍由奧馳亞董事會自行決定。

The timing of share repurchases depends on marketplace conditions and other factors.

股票回購的時間取決於市場條件和其他因素。

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

奧馳亞根據美國公認的會計原則報告其財務業績。

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

今天的電話會議將包含報告和調整後的各種運營結果。

Adjusted results exclude special items that affect comparisons with reported results.

調整後的結果不包括影響與報告結果比較的特殊項目。

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

這些非 GAAP 財務措施和對賬的說明包含在今天的收益發布和我們的網站 altria.com 上。

So with that, I'll turn the call over to Howard.

因此，我將把電話轉給霍華德。

Thanks, Paige, and good morning, everyone.

謝謝，佩奇，大家早上好。

After taking steps to position Altria for long-term success at the end of 2018, we entered 2019 with an evolved business platform that includes our strong core tobacco businesses and new strategic investments with tremendous potential for growth.

在 2018 年底採取措施使奧馳亞取得長期成功後，我們進入 2019 年時，業務平台不斷發展，其中包括我們強大的核心煙草業務和具有巨大增長潛力的新戰略投資。

We believe we've made significant progress in the first quarter on key initiatives to realize the potential of this evolved business platform.

我們相信，我們在第一季度的關鍵舉措方面取得了重大進展，以實現這一不斷發展的業務平台的潛力。

This morning, I'll focus my remarks on some of the key drivers of our business performance, progress against priorities for our new investments and our perspective on the current regulatory environment.

今天上午，我將重點討論我們業務績效的一些關鍵驅動因素、我們新投資優先事項的進展以及我們對當前監管環境的看法。

Altria's adjusted diluted EPS declined 5.3%, in line with our guidance for a mid-single-digit decline in the first quarter.

奧馳亞調整後的攤薄每股收益下降 5.3%，符合我們對第一季度中個位數下降的指引。

We incurred a higher interest expense as a result of our recently-issued debt without the full benefit of savings from our cost reduction program, which began to ramp up at the end of the quarter.

由於我們最近發行的債務沒有充分受益於我們在本季度末開始增加的成本削減計劃的節省，我們產生了更高的利息支出。

And in March, we closed our investment in Cronos.

3 月，我們結束了對 Cronos 的投資。

Altria now owns a 45% equity interest in the company, and we're excited to support of the talented Cronos team in pursuing its growth strategies.

奧馳亞現在擁有該公司 45% 的股權，我們很高興能支持才華橫溢的 Cronos 團隊實施其增長戰略。

Let's now move to our core tobacco businesses and start with the dynamics affecting U.S. cigarette category volumes.

現在讓我們轉向我們的核心煙草業務，並從影響美國捲菸類別銷量的動態開始。

We estimate that when adjusted for trade inventory movements and 1 fewer shipping day, cigarette industry volumes declined by approximately 5% in the first quarter.

我們估計，在根據貿易庫存變動和減少 1 個運輸日進行調整後，捲菸行業銷量在第一季度下降了約 5%。

We believe first quarter cigarette industry volumes reflect both the secular decline, including adult smoker movement between categories and e-vapor, in particular, and historic price elasticity.

我們認為，第一季度捲菸行業的銷量反映了長期下降，包括成年吸煙者在類別和電子蒸汽之間的流動，特別是，以及歷史價格彈性。

We also believe macroeconomic factors, specifically gas prices, affected cigarette volumes in the quarter.

我們還認為，宏觀經濟因素，特別是汽油價格，影響了本季度的捲煙銷量。

Gas prices increased by nearly 20% from the end of January through March.

從 1 月底到 3 月，天然氣價格上漲了近 20%。

We believe rapid and significant increases in gas prices can cause adult smokers to reevaluate their short-term purchasing decisions, and we believe this negatively impacted the decline rate in the quarter as we saw monthly sequential acceleration in volumes and volume declines over the 3 months of the quarter.

我們認為，汽油價格的快速和顯著上漲可能會導致成年吸煙者重新評估他們的短期購買決定，我們認為這對本季度的下降率產生了負面影響，因為我們看到銷量在過去 3 個月的月度環比加速和銷量下降季度。

We continue to closely monitor the category, mindful that trends typically play out over a longer period.

我們繼續密切關注該類別，注意趨勢通常會在較長時期內發揮作用。

However, because gas prices did not become a tailwind as we thought they might earlier this year, we've revised our 2019 cigarette industry volume decline rate estimate to 4% to 5%.

然而，由於天然氣價格並沒有像我們今年早些時候認為的那樣成為順風，我們將 2019 年捲菸行業銷量下降率預估修正為 4% 至 5%。

If we decompose the cigarette industry volume performance for the most recent 12 months ending March 31, we estimate that volumes declined approximately 4.5%, reflecting an elevated secular decline rate due to increased movement by adult smokers to e-vapor.

如果我們分解截至 3 月 31 日的最近 12 個月捲菸行業的銷量表現，我們估計銷量下降約 4.5%，反映出由於成年吸煙者越來越多地轉向電子蒸汽而導致的長期下降率升高。

We've previously cited a secular decline rate within a 2% to 3% range.

我們之前曾引用過 2% 至 3% 範圍內的長期下降率。

This range typically includes 1 percentage point of adult smoker movement to other tobacco products.

該範圍通常包括 1 個百分點的成年吸煙者轉向其他煙草產品。

And in total for this trailing 12-month period, we estimate adult consumer shifts to e-vapor accounted for the historic 1 percentage point component plus an additional 0.4.

在這過去的 12 個月中，我們估計成人消費者轉向電子蒸汽佔歷史 1 個百分點，外加 0.4 個百分點。

We believe macroeconomic factors, specifically gas prices, accounted for about 0.3 percentage point additional headwind on cigarette volumes.

我們認為宏觀經濟因素，特別是天然氣價格，對捲菸銷量造成了大約 0.3 個百分點的額外阻力。

We also believe the price elasticity component of the decline rate remains consistent with our long-term estimate of negative 0.3.

我們還認為，下降率的價格彈性部分與我們對負 0.3 的長期估計一致。

We continue to believe that cigarette volumes will decline at an average annual rate of 4% to 5% over the next 5 years.

我們仍然認為，未來 5 年捲菸銷量將以年均 4% 至 5% 的速度下降。

Moving now to our smokeable products segment cigarette volumes.

現在轉到我們的可吸產品細分捲菸量。

Reported domestic cigarette volumes declined 14.3% in the first quarter, reflecting year-over-year trade inventory dynamics and 1 fewer shipping day.

第一季度報告的國內捲煙銷量下降 14.3%，反映出同比貿易庫存動態和運輸日減少 1 個。

When adjusted for these factors, our cigarette volumes declined by an estimated 7%.

根據這些因素進行調整後，我們的捲煙銷量估計下降了 7%。

Let me comment in a bit more detail on the first quarter trade inventory movements, which negatively impacted year-over-year reported volume comparisons by approximately 1.7 billion units or almost 6 percentage points.

讓我更詳細地評論一下第一季度的貿易庫存變動，這對同比報告的數量比較產生了大約 17 億單位或近 6 個百分點的負面影響。

Over the course of the quarter, wholesalers depleted PM USA inventories by an estimated 400 million units compared to a build of 1.3 billion units in the year-ago quarter.

在本季度，批發商消耗了 PM USA 庫存約 4 億台，而去年同期為 13 億台。

And the trade ended the first quarter with significantly lower cigarette inventories than it did last year.

該行業在第一季度末的捲煙庫存明顯低於去年。

While there can be volatility quarter-to-quarter, industry movements typically smooth out over time.

雖然季度之間可能存在波動，但行業變動通常會隨著時間的推移而趨於平穩。

Despite this volume performance, the smokable segment's adjusted operating company's income was essentially unchanged from the prior year as PM USA continues to execute its strategy of maximizing profitability, while maintaining momentum on Marlboro over time.

儘管銷量表現如此出色，但由於 PM USA 繼續執行其盈利能力最大化戰略，同時隨著時間的推移保持萬寶路的發展勢頭，因此可吸煙部門調整後的運營公司收入與上一年基本持平。

PM USA's efforts resulted in smokeable products segment net price realization of more than 8% and adjusted operating company's income margin expansion of more than 3 percentage points.

PM USA 的努力使可吸煙產品部門的淨價實現了 8% 以上，並將調整後的運營公司的利潤率擴大了 3 個百分點以上。

We remain quite pleased with the performance of Marlboro and its continued stabilization since the fourth quarter of 2017 following the disruptive California SET increase earlier that year.

我們對萬寶路的表現及其自 2017 年第四季度以來的持續穩定感到非常滿意，因為當年早些時候加州 SET 的破壞性增長。

Investments in retail trade programs, product expansions like Marlboro Ice and brand equity like the Marlboro rewards program, continued to show encouraging results with retail share up or down 0.1 sequentially over the past 5 quarters.

對零售貿易計劃的投資、萬寶路冰等產品擴張以及萬寶路獎勵計劃等品牌資產繼續顯示出令人鼓舞的結果，零售份額在過去 5 個季度中連續上升或下降 0.1。

While Marlboro retail share has remained stable over the last 5 quarters, L&M has ceded share to deep discount offerings, which negatively impacted PM USA's overall retail share.

雖然萬寶路零售份額在過去 5 個季度保持穩定，但 L&M 已將份額讓給大幅折扣產品，這對 PM USA 的整體零售份額產生了負面影響。

We continue to believe the growth of deep discount reflects the churn between branded discount and deep discount and not interactions with premium brands.

我們仍然認為，深度折扣的增長反映了品牌折扣和深度折扣之間的變化，而不是與高端品牌的互動。

We remain quite pleased with the role L&M has played in PM USA's portfolio over the past 6 years, growing share and increasing profitability without affecting Marlboro.

我們對 L&M 在過去 6 年中在 PM USA 的投資組合中所扮演的角色感到非常滿意，在不影響萬寶路的情況下增加了份額並提高了盈利能力。

In smokeless, USSTC is similarly focused on maximizing income while maintaining momentum on Copenhagen over time.

在無菸方面，USSTC 同樣專注於收入最大化，同時隨著時間的推移保持哥本哈根的勢頭。

USSTC delivered strong adjusted operating company's income growth despite slowing category volumes and 1 less shipping Monday during the quarter.

USSTC 實現了調整後運營公司的強勁收入增長，儘管該季度類別數量放緩且週一出貨量減少 1。

Copenhagen, the fastest-growing brand in 4 of the last 5 quarters, grew its share by 0.7 share points to 35%.

哥本哈根是過去 5 個季度中有 4 個增長最快的品牌，其份額增長了 0.7 個百分點，達到 35%。

Additionally, in early February, USSTC presented a compelling case supporting its MRTP filing for Copenhagen snuff to the FDA's Tobacco Products Scientific Advisory Committee that communicating accurate and scientifically grounded information to adult smokers about the relative risks of smokeless tobacco is important for harm reduction.

此外，2 月初，USSTC 向 FDA 的煙草產品科學諮詢委員會提交了一個令人信服的案例，支持其哥本哈根鼻煙的 MRTP 申請，向成年吸煙者傳達有關無菸煙草相對風險的準確且有科學依據的信息對於減少危害非常重要。

The committee overwhelmingly agreed that our modified risk claim is fully supported by scientific evidence and voted accordingly.

委員會以壓倒性多數同意我們修改後的風險聲明得到科學證據的充分支持，並進行了相應的投票。

We'll continue to engage with FDA on this application.

我們將繼續就此申請與 FDA 接洽。

We also remain very excited about the opportunity to market PMI's iQOS heat-not-burn product in the U.S. We are fully committed to this platform and have strong commercialization plans to support its launch.

我們也對有機會在美國銷售 PMI 的 iQOS 加熱不燃燒產品感到非常興奮。我們完全致力於這個平台，並有強大的商業化計劃來支持它的推出。

We're ready and continue to learn from the momentum of iQOS's success in overseas markets.

我們已經準備好並繼續學習 iQOS 在海外市場取得成功的勢頭。

As you are aware, it's been 2 years since PMI submitted the iQOS PMTA, and recent comments from leadership at the Center for Tobacco Products suggest a decision is forthcoming this year.

如您所知，PMI 提交 iQOS PMTA 已經 2 年了，煙草產品中心領導最近的評論表明今年即將做出決定。

We believe the science is compelling and supportive of a market authorization, and we're ready and excited to help convert adult smokers to iQOS once that authorization is received.

我們相信科學是有說服力的，並且支持市場授權，一旦獲得授權，我們已經準備好並很高興幫助成年吸煙者轉變為 iQOS。

Turning now to e-vapor.

現在轉向電子蒸汽。

In December, we announced that our investment in JUUL would allow us to participate meaningfully in the e-vapor category and also to support and even accelerate adult smoker transition to noncombustible alternative products.

12 月，我們宣布我們對 JUUL 的投資將使我們能夠有意義地參與電子蒸汽類別，並支持甚至加速成年吸煙者向不可燃替代產品的過渡。

Over the past few years as products in the market have improved, led by JUUL, we've seen a significant re-acceleration in the number of adult vapors in the category.

在過去的幾年裡，隨著以 JUUL 為首的市場產品的改進，我們看到該類別中成人蒸汽的數量再次顯著加速。

Annual 12-month moving data shows an increase in the number of adult vapors from 9 million in 2016 to 13 million in February 2019.

每年 12 個月的移動數據顯示，成人蒸氣的數量從 2016 年的 900 萬增加到 2019 年 2 月的 1300 萬。

And when looking at 3-month data ended in February, there were more than 15 million adult vapors compared to the 12 million in the year-earlier period.

當查看截至 2 月的 3 個月數據時，成人蒸汽的數量超過 1500 萬，而去年同期為 1200 萬。

We believe this data reflects higher product satisfaction and conversion by adult smokers and is supportive of harm-reduction potential of the category.

我們認為該數據反映了成年吸煙者對產品的更高滿意度和轉化率，並支持該類別的減害潛力。

In the first quarter, we estimate that e-vapor category volume grew by approximately 40% year-over-year across open and closed systems and all trade classes.

在第一季度，我們估計開放式和封閉式系統以及所有貿易類別的電子蒸汽類別銷量同比增長約 40%。

JUUL reported to us that its shipment volume grew approximately 175% to over $175 million refill kit pods.

JUUL 向我們報告說，其出貨量增長了約 175%，達到超過 1.75 億美元的補充包盒。

And we estimate JUUL now represents more than 40% of the overall e-vapor category in the first quarter.

我們估計 JUUL 現在佔第一季度整個電子蒸汽類別的 40% 以上。

Sequentially, the e-vapor category and JUUL's growth slowed in light of JUUL's unilateral decision to stop shipping nontraditional flavored pods to retail in November.

隨後，由於 JUUL 單方面決定在 11 月停止向零售店運送非傳統口味的煙彈，因此電子蒸汽菸類別和 JUUL 的增長放緩。

As we've previously noted, we accept any short-term slowdown resulting from actions to address youth e-vapor use in an effort to preserve the long-term e-vapor opportunity for adults.

正如我們之前指出的那樣，我們接受因解決青少年電子蒸汽使用問題的行動而導致的任何短期放緩，以努力為成年人保留長期的電子蒸汽機會。

Internationally, JUUL continues to see promising results and is making progress on its commercial expansion.

在國際上，JUUL 繼續看到可喜的成果，並在其商業擴張方面取得進展。

Though still early days, let's update the 2 examples we first highlighted in our year-end call in January.

雖然還處於早期階段，但讓我們更新我們在 1 月份的年終電話會議上首次強調的 2 個示例。

In Canada, while distribution is limited, JUUL reports that retail takeaway at the end of February grew to more than 80% dollar share in stores selling their products from slightly more than 60% dollar share at the beginning of December.

在加拿大，雖然分銷有限，但 JUUL 報告稱，2 月底零售外賣在銷售其產品的商店中的美元份額從 12 月初略高於 60% 的美元份額增長到 80% 以上。

In the Sainsbury chain in the U.K., JUUL tells us that it remains the #1 e-vapor brand in the chain, increasing its dollar share to more than 27% by the end of March from 23% in late January.

在英國的 Sainsbury 連鎖店中，JUUL 告訴我們，它仍然是該連鎖店中排名第一的電子蒸汽品牌，其美元份額從 1 月底的 23% 增加到 3 月底的 27% 以上。

JUUL now operates in 9 countries outside of the U.S., having most recently launched in Spain with additional country launches expected by the end of 2019.

JUUL 目前在美國以外的 9 個國家開展業務，最近在西班牙推出，預計到 2019 年底將在其他國家/地區推出。

By mid-March, JUUL products were available in over 8,500 stores throughout Switzerland, Germany, France and Italy.

到 3 月中旬，JUUL 產品在瑞士、德國、法國和意大利的 8,500 多家商店有售。

JUUL also plans to test next-generation products in limited international markets this year, including a Bluetooth-enabled device.

JUUL 還計劃今年在有限的國際市場上測試下一代產品，包括支持藍牙的設備。

This device will test a variety of features, including access restrictions at the user level.

該設備將測試各種功能，包括用戶級別的訪問限制。

On the HSR review process for the JUUL transaction, we announced earlier this month that we received a request for additional information from the Federal Trade Commission related to the HSR notification we filed during the first quarter.

關於 JUUL 交易的 HSR 審查流程，我們本月早些時候宣布，我們收到了聯邦貿易委員會的要求，要求提供與我們在第一季度提交的 HSR 通知相關的更多信息。

We are cooperating with the FTC, and we'll work to provide answers to the outstanding questions promptly.

我們正在與 FTC 合作，我們將努力及時回答懸而未決的問題。

We continue to believe that our investment in the services we have agreed to provide JUUL will promote competition and have long-term benefits for adult smokers.

我們仍然相信，我們對我們同意提供 JUUL 的服務的投資將促進競爭，並為成年吸煙者帶來長期利益。

Turning to the FDA.

轉向 FDA。

With the arrival of the new interim FDA Commissioner, we are focused on continuing to work productively with the staff at the Center for Tobacco Products.

隨著新的臨時 FDA 專員的到來，我們專注於繼續與煙草產品中心的工作人員進行富有成效的合作。

We are committed to a shared belief in a continuum of risk for tobacco products and that adults who need or want nicotine should have access to nicotine through less harmful, noncombustible products.

我們堅信煙草產品的風險是連續的，需要或想要尼古丁的成年人應該通過危害較小、不可燃的產品獲得尼古丁。

As of February on a 12-month moving basis, 13 million adults have already chosen to use e-vapor products, clearly suggesting that this vision can be realized.

截至 2 月，以 12 個月為基準，已有 1300 萬成年人選擇使用電子煙產品，這清楚地表明這一願景是可以實現的。

We know, however, that the epidemic of youth e-vapor usage threatens the opportunity for harm reduction for adult smokers.

然而，我們知道，青少年電子蒸汽使用的流行威脅著成年吸煙者減少危害的機會。

That's why we are fully engaged, along with JUUL, in thoughtful solutions in taking action.

這就是為什麼我們與 JUUL 一起充分參與採取行動的深思熟慮的解決方案。

We believe the single most impactful step we can take today is to continue our advocacy for raising the minimum legal age to purchase all tobacco products to 21 at both the federal and state levels.

我們相信，我們今天可以採取的最具影響力的一步是繼續倡導在聯邦和州一級將購買所有煙草產品的最低法定年齡提高到 21 歲。

In just a few short months, we're beginning to see the impact of the full force of our government affairs advocacy.

在短短幾個月內，我們開始看到政府事務宣傳的全部力量所產生的影響。

Year-to-date, governors in 6 states have signed legislation to increase the legal age of purchase to 21, bringing the total number of states to 12.

今年迄今，已有6個州的州長簽署立法，將法定購買年齡提高到21歲，使州總數達到12個。

Two additional states have already passed legislation that awaits the governor's signature.

另外兩個州已經通過了等待州長簽署的立法。

With these additional bills, approximately 38% of the U.S. population will be covered by a state-wide legal age of purchase at 21.

有了這些額外的賬單，大約 38% 的美國人口將達到全州 21 歲的法定購買年齡。

19 additional states are actively considering similar legislation and bipartisan legislation is being introduced at the federal level.

另外 19 個州正在積極考慮類似的立法，並且正在聯邦一級引入兩黨立法。

This intensive effort has the endorsement of many in the public health sector and our full support.

這一密集的努力得到了公共衛生部門許多人的認可和我們的全力支持。

We expect the actions taken by Altria and JUUL will take some time to result in a leveling off and ultimately reduction of the current youth usage trends, and we believe these actions are essential and that now is the time.

我們預計奧馳亞和 JUUL 採取的行動將需要一些時間才能使當前的青年使用趨勢趨於平穩並最終減少，我們相信這些行動是必不可少的，現在是時候了。

In addition, during the first quarter, the FDA published draft guidance, proposing a potential revision to its compliance policy for both e-vapor products and cigars.

此外，在第一季度，FDA 發布了指南草案，提議可能修訂其電子蒸汽產品和雪茄的合規政策。

For flavored e-vapor products, other than tobacco, mint and menthol, it would move the deadline for filing premarket applications for these products from August 2022 to August 2021.

對於除煙草、薄荷和薄荷醇以外的調味電子蒸汽產品，它將提交這些產品上市前申請的截止日期從 2022 年 8 月推遲到 2021 年 8 月。

It would also impose restrictions on sales of such tobacco products at in-person locations and online in order to reduce underage access.

它還將限制在現場和在線銷售此類煙草產品，以減少未成年人的接觸。

And it would take enforcement action against those that target underage users and/or promote underage use of e-vapor and similar tobacco products.

它將對那些針對未成年用戶和/或鼓勵未成年人使用電子蒸汽和類似煙草產品的人採取執法行動。

We believe the draft guidance for e-vapor products is an important step toward addressing youth e-vapor use.

我們認為電子蒸汽產品指南草案是解決青少年電子蒸汽使用問題的重要一步。

For cigars, the draft guidance could result in the removal of all flavored cigars from the market 30 days after issuance of final guidance, except for grandfathered products and products that have received authorization from the FDA to remain on the market.

對於雪茄，指南草案可能會在最終指南發布 30 天后將所有調味雪茄從市場上撤下，但祖父級產品和已獲得 FDA 授權繼續在市場上銷售的產品除外。

This draft guidance raises several concerns in terms of process and the lack of science and evidence supporting the proposed policy.

該指南草案在過程和缺乏支持擬議政策的科學和證據方面引起了一些擔憂。

We will detail our concerns in our comments, which will be available on altria.com.

我們將在我們的評論中詳細說明我們的擔憂，這些評論將在 altria.com 上提供。

In summary, this is a dynamic time period in a changing tobacco category.

總之，這是一個不斷變化的煙草類別的動態時期。

Consumer preferences and regulatory actions are driving rapid change.

消費者偏好和監管行動正在推動快速變化。

We believe that our diverse income streams with our evolved platform of strong core tobacco businesses and investments in JUUL, Cronos and AB InBev have positioned Altria best among our peers for long-term growth and leadership across a variety of future scenarios.

我們相信，我們多樣化的收入來源以及我們強大的核心煙草業務的發展平台以及對 JUUL 、 Cronos 和 AB InBev 的投資，使奧馳亞在我們的同行中處於領先地位，能夠在各種未來情景中實現長期增長和領導地位。

Our 2019 plans are on track.

我們的 2019 年計劃正在按計劃進行。

We reaffirmed our guidance to deliver full year 2019 adjusted diluted earnings per share of $4.15 to $4.27.

我們重申了我們的指導方針，以實現 2019 年全年調整後的攤薄每股收益 4.15 美元至 4.27 美元。

This range represents a growth rate of 4% to 7% from a 2018 adjusted diluted EPS base of $3.99.

該範圍表示從 2018 年調整後的攤薄每股收益基數 3.99 美元增長 4% 至 7%。

I'll now turn it over to Billy to provide more detail on our first quarter results.

我現在將其轉交給比利，以提供有關我們第一季度業績的更多詳細信息。

Thanks, Howard, and good morning, everyone.

謝謝，霍華德，大家早上好。

Although our recent investments have been the subject of significant focus, our smokable and smokeless tobacco businesses still delivered most of our earnings.

儘管我們最近的投資一直是重點關注的主題，但我們的可吸和無菸煙草業務仍然為我們帶來了大部分收益。

Despite headwinds in the first quarter, these businesses are performing well, and we expect them to deliver strong income growth into the future.

儘管第一季度遇到逆風，但這些業務表現良好，我們預計它們未來將帶來強勁的收入增長。

Here are some highlights from the quarter.

以下是本季度的一些亮點。

In the smokeable products segment, adjusted OCI was essentially flat at nearly $2 billion and adjusted OCI margins increased 3.6 percentage points to 53.3%.

在吸煙產品領域，調整後的 OCI 基本持平，接近 20 億美元，調整後的 OCI 利潤率增長 3.6 個百分點至 53.3%。

Adjusted OCI results were driven by lower cigarette volume offset by higher pricing, lower promotional investments and lower costs.

調整後的 OCI 結果是由捲菸銷量下降所驅動，而捲菸銷量下降被更高的定價、更低的促銷投資和更低的成本所抵消。

Turning to Marlboro.

轉向萬寶路。

The brand's retail share declined 0.2 percentage point year-over-year.

該品牌的零售份額同比下降 0.2 個百分點。

However, it remains unchanged sequentially from its fourth quarter 2018 share.

然而，與 2018 年第四季度的份額相比，它的份額保持不變。

Several initiatives are helping Marlboro stay strong and relevant.

多項舉措正在幫助萬寶路保持強大和相關性。

First, PM USA introduced the reseal pack technology last year, representing our most significant cigarette packaging innovation since the flip-top box.

首先，PM USA 去年推出了再密封包裝技術，這是我們自翻蓋盒以來最重要的捲煙包裝創新。

The consumer response to the introduction was overwhelmingly positive and the brand continues to expand this innovation.

消費者對推出的反應非常積極，該品牌繼續擴大這項創新。

PM USA is excited to announce plans to expand Marlboro Smooth Ice, a fresh, crisp menthol cigarette in the resale pack nationally with distribution to over 110,000 stores beginning this month.

PM USA 很高興地宣布計劃在全國范圍內推廣 Marlboro Smooth Ice，這是一種清新、清脆的薄荷醇捲菸，從本月開始在全國范圍內分銷到 110,000 多家商店。

Similarly, Marlboro Rewards continues to exceed our expectations, bringing new adult smokers 21-plus to marlboro.com and increasing digital engagement.

同樣，Marlboro Rewards 繼續超出我們的預期，將 21 歲以上的新成年吸煙者帶到 marlboro.com 並增加了數字參與度。

In only 2.5 months, more than 1.6 million adult smokers 21-plus enrolled in the program and entered over 30 million pack codes.

在短短 2.5 個月內，超過 160 萬 21 歲以上的成年吸煙者參加了該計劃，並輸入了超過 3000 萬個包裝代碼。

We've seen a nearly 140% increase in new registrants to marlboro.com in the first quarter.

我們發現第一季度 marlboro.com 的新註冊人增加了近 140%。

We are encouraged that Marlboro smokers are reinvesting their rewards points back into the brand as mobile coupons remain the #1 redeemed item.

我們感到鼓舞的是，萬寶路吸煙者正在將他們的獎勵積分重新投入品牌，因為移動優惠券仍然是排名第一的兌換項目。

In the super-premium tobacco and water segment, Nat Sherman continues to perform well following the regional expansion of Nat's across the Western U.S. in mid-2018.

在超優質煙草和水領域，Nat Sherman 在 2018 年中期 Nat's 在美國西部進行區域擴張後繼續表現良好。

In the first quarter, Nat's represented a 0.3 of a share point of the cigarette category in states selling the product.

第一季度，Nat's 在銷售該產品的各州佔捲菸類別的 0.3 個百分點。

Based on these strong results, Nat's is expanding nationally to the remaining 37 states this month.

基於這些強勁的業績，Nat's 本月將在全國范圍內向其餘 37 個州擴張。

In the smokeless products segment, USSTC generated adjusted OCI growth of 7.9% in the first quarter as higher pricing and lower cost were partially offset by lower volumes.

在無菸產品領域，由於較高的定價和較低的成本被較低的銷量部分抵消，USSTC 在第一季度產生了 7.9% 的調整後 OCI 增長。

We continue to believe that the smokeless industry volume is being affected by adult tobacco consumer movement between tobacco categories and higher pricing.

我們仍然認為，無菸行業的銷量受到成人煙草消費者在煙草類別和更高定價之間移動的影響。

Copenhagen continues to be the growth engine behind the success of USSTC.

哥本哈根繼續成為 USSTC 成功背後的增長引擎。

In the first quarter, Copenhagen grew 0.7 retail share points to 35%.

第一季度，哥本哈根的零售份額增長了 0.7 個百分點，達到 35%。

Next month, USSTC will open the [Original Snuff Shop], a premium a flagship store in the heart of downtown Nashville.

下個月，USSTC將在納什維爾市中心開設高檔旗艦店【原味鼻煙店】。

The store is designed to reinforce Copenhagen's leading equity among adult dippers and its 100% American craftsmanship positioning.

該商店旨在加強哥本哈根在成人用品中的領先地位及其 100% 美國工藝定位。

Turning to our alcohol assets.

轉向我們的酒精資產。

In wine, Ste.

在葡萄酒中，Ste。

Michelle's adjusted OCI decreased $2 million, primarily due to higher costs and higher promotional investments partially offset by higher shipment volume.

米歇爾調整後的 OCI 減少了 200 萬美元，這主要是由於更高的成本和更高的促銷投資被更高的出貨量部分抵消了。

In beer, adjusted earnings from our equity investment in AB InBev were $200 million in the first quarter, which reflects Altria's share of AB InBev's fourth quarter results.

在啤酒方面，第一季度我們對百威英博股權投資的調整後收益為 2 億美元，這反映了奧馳亞在百威英博第四季度業績中的份額。

And of course, we continue to reward shareholders through dividends and share repurchases.

當然，我們將繼續通過股息和股票回購來回報股東。

We remain fully committed to our dividend payout ratio target of approximately 80% of adjusted diluted EPS.

我們仍然完全致力於實現約佔調整後攤薄每股收益 80% 的股息支付率目標。

We repurchased 2.7 million shares in the first quarter at an average share price of $56.34 for a total cost of $151 million.

我們在第一季度以 56.34 美元的平均股價回購了 270 萬股股票，總成本為 1.51 億美元。

This leaves $195 million remaining in the current $2 billion repurchase program, which we expect to complete by the end of the second quarter.

目前的 20 億美元回購計劃還剩下 1.95 億美元，我們預計該計劃將在第二季度末完成。

We were also active in the credit markets in the quarter.

本季度我們還活躍於信貸市場。

We issued $16.3 billion in debt in the European and U.S. markets at a combined weighted average coupon of approximately 4.1%.

我們在歐洲和美國市場發行了 163 億美元的債券，加權平均票息約為 4.1%。

We subsequently used these proceeds to repay the term loan we used to fund the JUUL investment and to fund the Cronos investment.

我們隨後使用這些收益來償還我們用於資助 JUUL 投資和資助 Cronos 投資的定期貸款。

The balance will be used for other general corporate purposes, which may include future debt maturities.

餘額將用於其他一般公司用途，其中可能包括未來的債務到期日。

Finally, our cost reduction program remains on track to deliver approximately $575 million in annualized cost savings by the end of 2019.

最後，我們的成本削減計劃仍有望在 2019 年底之前實現約 5.75 億美元的年度成本節約。

As a reminder, the program includes savings from workforce reductions, third-party spending reductions and closure of our Nu Mark operations.

提醒一下，該計劃包括通過裁員、第三方支出削減和關閉我們的 Nu Mark 業務而節省的資金。

In the first quarter, savings were primarily driven by workforce reductions, most of which occurred at the end of February, as well as discontinuation of e-vapor operations.

第一季度，節省的主要原因是裁員（其中大部分發生在 2 月底）以及電子蒸汽業務的停止。

We continue to expect the remaining savings from this program to ramp up throughout the year and to achieve full run rate by year-end.

我們繼續預計該計劃的剩餘節省將在全年增加，並在年底前實現全速運行。

I'd also like to provide color on reported earnings.

我還想提供報告收益的顏色。

Since we will be reporting Cronos-related financial instruments at fair value each quarter, there may be significant reported earnings volatility primarily driven by quarterly adjustments related to movement in Cronus' stock price.

由於我們將每個季度以公允價值報告與 Cronos 相關的金融工具，因此可能存在重大的報告收益波動，這主要是由與 Cronus 股價變動相關的季度調整驅動的。

Any fair value adjustments is noncash and will be reported as a special item.

任何公允價值調整都是非現金的，將作為特殊項目報告。

With that we'll wrap up and Howard and I will be happy to take your questions.

我們就此結束，霍華德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 on altria.com.

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

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

我們已經發布了我們通常的季度指標，其中包括定價、庫存和其他內務管理項目。

With that I'll open the question-and-answer period.

有了這個，我將打開問答期。

Operator, do we have any questions?

接線員，我們有什麼問題嗎？

Before we do that, operator, Paige has just reported out to me that I misspoke on one number that I'll correct now.

在我們這樣做之前，接線員，Paige 剛剛向我報告說我在一個號碼上說錯了，我現在會更正。

I think I explained that by mid-March, JUUL products were available in a number of stores in Switzerland, Germany, France and Italy, and that number of stores is 8,500 stores.

我想我解釋過，到 3 月中旬，JUUL 產品在瑞士、德國、法國和意大利的多家商店有售，商店數量為 8,500 家。

So with that, operator, do we have any questions?

那麼，接線員，我們還有什麼問題嗎？

(Operator Instructions) Our first question comes from the line of Chris Growe of Stifel.

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

I want to ask around the volume performance in the cigarette category this quarter.

我想問問本季度香菸類別的銷量表現。

You talked about sequential weakness through the quarter, obviously, gas prices being a main driver of that.

你談到了整個季度的連續疲軟，顯然，天然氣價格是其中的主要驅動因素。

Could you talk about where it ended the quarter?

你能談談這個季度結束的地方嗎？

And do you see that continue into the second quarter?

你認為這種情況會持續到第二季​​度嗎？

Just trying to get a sense of the performance you expect as we kind of move here in the interim in 2019.

只是想了解一下您期望的性能，因為我們在 2019 年的過渡期間搬到了這裡。

Yes.

是的。

I will comment on the second quarter performance, but it did step up a little bit in March.

我將評論第二季度的表現，但它在 3 月份確實有所上升。

And ultimately, the total quarterly performance was down 5%.

最終，季度總業績下降了 5%。

But of course, we've taken all that into account as we've looked at our estimate for the full year, and we continue to believe full year decline is likely to be 4% to 5%.

但是，當然，我們在查看全年的估計時已經考慮了所有這些因素，並且我們仍然認為全年下降可能為 4% 至 5%。

And that 4% to 5% decline rate is a category growth rate.

而這 4% 到 5% 的下降率是一個品類增長率。

Obviously, a lot of your market share weakness in the quarter occurred in the discount segment.

顯然，本季度你們市場份額的大部分疲軟都發生在折扣領域。

Marlboro is performing well.

萬寶路表現良好。

Would the persistent outperformance for L&M cause you to lose market share for the year?

L&M 的持續優異表現是否會導致您失去今年的市場份額？

Is that part of your expectation for 2019?

這是您對 2019 年的期望嗎？

I don't know that we're at all troubled by the discount performance in the first quarter.

我不知道我們對第一季度的折扣表現有任何困擾。

As we stated, there's been a trend for quite some time for some modest share churn between branded discount and the deep discount products.

正如我們所說，品牌折扣和深度折扣產品之間存在適度的份額流失趨勢已經有一段時間了。

We are focused on programs within L&M to moderate that.

我們專注於 L&M 中的計劃來緩和這一點。

But I don't feel like we feel like that puts our plans for the year at all at risk.

但我不覺得我們覺得這會危及我們今年的計劃。

And it is a continuation of a moderate trend.

這是溫和趨勢的延續。

And I pointed out I think in the past that if you go back 5 years on an L&M, it is still modestly ahead in its share and has had significant profit improvement.

我指出，我認為在過去，如果你回顧 5 年前的 L&M，它的份額仍然略微領先，並且利潤有顯著提高。

And so I think we're quite pleased there.

所以我認為我們在那裡很高興。

And as you point out, our primary focus in the cigarette category is on Marlboro, and I think that we're pleased with the performance of the Marlboro brand.

正如您所指出的，我們在香菸類別中的主要關注點是萬寶路，我認為我們對萬寶路品牌的表現感到滿意。

We're pleased with the stability of the premium category.

我們對高端類別的穩定性感到滿意。

And I think that causes us to not be interested in getting too active in spending a lot of money in discount.

而且我認為這導致我們對過於積極地花很多錢打折不感興趣。

Okay.

好的。

And just a quick follow-up, if I could, on menthol.

如果可以的話，只是快速跟進一下薄荷醇。

You indicated that your market share was down a little bit in menthol in the quarter, which I found surprising because you have a lot of new products there as well.

您表示本季度您的薄荷醇市場份額有所下降，這讓我感到驚訝，因為您在那裡也有很多新產品。

Is that category more competitive?

該類別是否更具競爭力？

Or any unique that would have caused your market share performance to not be up in the quarter?

或者任何會導致您的市場份額表現在本季度沒有上升的獨特之處？

And any color you have there would be helpful.

你那裡的任何顏色都會有幫助。

Yes.

是的。

Thanks for the question, Chris.

謝謝你的問題，克里斯。

I think it's important to remember over a short-term period, things will fluctuate.

我認為重要的是要記住在短期內，事情會波動。

There is nothing there from a competitive standpoint that will show -- that we are concerned about.

從競爭的角度來看，沒有什麼可以表明——我們擔心的。

Of course, the tobacco category is always competitive.

當然，煙草品類總是有競爭力的。

But if I put it in a band, I'd put it kind of at the midpoint of our band, and so nothing of concern.

但如果我把它放在一個帶中，我會把它放在我們帶的中點，所以沒什麼好擔心的。

Your next question comes from the line of Pamela Kaufman of Morgan Stanley.

你的下一個問題來自摩根士丹利的 Pamela Kaufman。

I just wanted to follow up on Chris' question on volumes in the quarter and better understand why wholesalers are depleting inventory levels to this degree.

我只是想跟進克里斯關於本季度銷量的問題，並更好地理解為什麼批發商將庫存水平消耗到這種程度。

You mentioned that this is something you expect to reverse throughout the year, but is this a reflection at all on their view of the health of the category?

你提到這是你希望全年扭轉的情況，但這是否反映了他們對該類別健康狀況的看法？

And how transitory is this dynamic?

這種動態有多短暫？

Yes, I think when you think about wholesale inventory, it's always important to put it over a long period of time.

是的，我認為當你考慮批發庫存時，把它放在很長一段時間內總是很重要的。

You'll see fluctuations in a short period, and what we refer to is that they tend to balance out over the longer period.

你會在短期內看到波動，我們指的是它們在較長時期內趨於平衡。

I think when you think about wholesale inventory and trade inventories in total, you'll see the number of different reasons why the inventories fluctuate based on how they manage their inventories.

我認為當你考慮批發庫存和貿易庫存時，你會看到庫存波動的不同原因的數量取決於他們管理庫存的方式。

Sometimes it's seasonality.

有時是季節性的。

Sometimes it's when their year-end occurs.

有時是他們年終的時候。

And the other is around price increases.

另一個是圍繞價格上漲。

And so when you look at the price increase that took place, our price increase this year, it took place earlier in the quarter than last year.

因此，當您查看發生的價格上漲時，我們今年的價格上漲發生在本季度的時間比去年早。

And so you'll typically see that wholesale inventory tends to deload after a price increase.

因此，您通常會看到批發庫存在價格上漲後往往會減少。

Well, because it happened earlier this year, they were able to -- what we anticipated is that they were able to deload their inventory all within the quarter, where last year it lapped first and second quarter.

好吧，因為它發生在今年早些時候，他們能夠——我們預期的是他們能夠在本季度內全部卸載庫存，去年第一季度和第二季度。

And also I just wanted to hear a little bit more about your perspective on the leadership changes at the FDA.

而且我只是想多聽聽你對 FDA 領導層變動的看法。

Do you believe that any of these changes impact the FDA's goals on menthol or nicotine reduction where it has to impact timing for iQOS approval?

您認為這些變化是否會影響 FDA 減少薄荷醇或尼古丁的目標，從而影響 iQOS 批准的時間？

Sure.

當然。

Yes, I don't think we've gotten any indication that directly as a result of the leadership change that there is going to be significant change in the issues and the view of FDA on those issues.

是的，我認為我們沒有得到任何跡象表明，直接由於領導層變動，這些問題和 FDA 對這些問題的看法將發生重大變化。

I think that the nicotine issue and the menthol issue, I think from my expectation, are expected to be resolved and with us for quite some time period of years.

我認為尼古丁問題和薄荷醇問題，我認為從我的期望來看，預計將在相當長的一段時間內解決並伴隨我們多年。

And so I think we're in early days on that, and I wouldn't expect this change is going to have a big change there.

所以我認為我們在這方面還處於早期階段，我不認為這種變化會在那裡產生很大的變化。

I would be surprised, given where we are in the iQOS application process, which is I think we're near the end, if there were any changes that occurred there.

考慮到我們在 iQOS 申請流程中所處的位置，如果那裡發生任何變化，我會感到驚訝，我認為我們已經接近尾聲。

And then I think that this is favorable, in my view.

然後我認為這是有利的，在我看來。

I think there's been pretty clear communication that under the new acting FDA Commissioner, there's going to continue to be a focus on driving down youth use of e-vapor products and I think that's a positive.

我認為已經有非常明確的溝通表明，在新任代理 FDA 專員的領導下，將繼續關注減少年輕人對電子蒸汽產品的使用，我認為這是積極的。

Sorry, last question.

抱歉，最後一個問題。

What -- have you started to offer any of the services to JUUL as part of your services agreement?

什麼——作為服務協議的一部分，您是否開始向 JUUL 提供任何服務？

And can you elaborate at all on the nature of the questions related to the antitrust review?

您能否詳細說明與反壟斷審查相關的問題的性質？

Sure.

當然。

With regard to the services that we provide JUUL, we are in the early stages of that, although we did provide some in the first quarter.

關於我們提供的 JUUL 服務，我們還處於早期階段，儘管我們在第一季度確實提供了一些服務。

I think you'll see that pick up pace more in the second and third quarter of this year.

我想你會看到今年第二和第三季度的步伐加快。

Probably the service that is most highly visible that we offered in the first quarter, we had established innovative tobacco products space in a number of retailers across the country that we were going to use for our MarkTen e-vapor products.

可能是我們在第一季度提供的最引人注目的服務，我們已經在全國許多零售商中建立了創新的煙草產品空間，我們將用於我們的 MarkTen 電子蒸汽產品。

Typically, that is space that is visible by the consumer.

通常，這是消費者可見的空間。

Oftentimes, it includes the header position.

通常，它包括標題位置。

And we transferred that space that we were going to use for MarkTen over to JUUL.

我們將要用於 MarkTen 的空間轉移到了 JUUL。

And already in March, there were thousands of stores that were converting that space to the JUUL product, and I would expect that will continue into the second quarter.

早在 3 月份，就有數千家商店將這個空間轉換為 JUUL 產品，我預計這將持續到第二季​​度。

With regard to questions around HSR, I don't know that the -- there's any specific questions that I would call out.

關於有關 HSR 的問題，我不知道 - 我會提出任何具體問題。

I just think that as is typical in these cases, we addressed a number of questions in the first round.

我只是認為，正如這些案例中的典型情況一樣，我們在第一輪中解決了一些問題。

They have some follow-up questions and that just means that we end up in a longer period of time for them to make their decision.

他們有一些後續問題，這只是意味著我們最終需要更長的時間讓他們做出決定。

As I indicated in the remarks, we continue to be confident about its ultimate approval.

正如我在評論中指出的那樣，我們仍然對其最終批准充滿信心。

Your next question comes from the line of Michael Lavery of Piper Jaffray.

您的下一個問題來自 Piper Jaffray 的 Michael Lavery。

As you expand the Smooth Ice and Nat's nationally, can you give us a sense of what those are replacing on the back bar?

當您在全國范圍內擴展 Smooth Ice 和 Nat's 時，您能否讓我們了解一下那些正在替換後酒吧的東西？

And with JUUL, you just touched on the MarkTen swap outs, obviously, but are there any cases where that may replace anything other than MarkTen's space?

顯然，對於 JUUL，您剛剛談到了 MarkTen 換出，但在任何情況下，它可以替代 MarkTen 空間以外的任何東西嗎？

Yes.

是的。

From a standpoint in the first, Marlboro Smooth Ice and Nat's, they really aren't replacing anything in the backbar.

從第一個角度來看，Marlboro Smooth Ice 和 Nat's，它們確實沒有更換後備箱中的任何東西。

We have a great sales force that knows what's relevant to the consumers in their area, and so they really work with the retailers in our display space to display those brands that those consumers are interested in.

我們有一支強大的銷售隊伍，他們知道什麼與他們所在地區的消費者相關，因此他們真正與我們展示空間中的零售商合作，展示那些消費者感興趣的品牌。

As far as the innovative space, it's really limited to the removal of our brands in the marketplace in e-vapor and the replacement of that by JUUL in those stores where they bought that space from us.

就創新空間而言，它實際上僅限於在電子蒸汽市場上移除我們的品牌，並在他們從我們那裡購買該空間的那些商店中用 JUUL 替換它。

Okay.

好的。

And a little bit related, how much have you seen, if any, the momentum in vapor have an impact on trade inventories?

有點相關的是，您看到蒸汽的勢頭對貿易庫存有多大影響（如果有的話）？

Now especially with your relationship with JUUL, do you have some better visibility on their sort of situation in the store and how that may or may not be influencing retail trade inventories?

現在，特別是關於您與 JUUL 的關係，您是否可以更好地了解他們在商店中的情況，以及這可能會或可能不會影響零售貿易庫存？

I think when you think about it, Michael, across inventories, they really do look at it through time and think about the various categories individually.

我想當你考慮它時，邁克爾，在整個庫存中，他們確實會隨著時間的推移來看待它，並單獨考慮各個類別。

I think we have seen a benefit to out of stocks on JUUL product with some of our services we provided.

我認為我們已經通過我們提供的一些服務看到了 JUUL 產品缺貨的好處。

So I would say better inventory practices in the e-vapor space related to JUUL, but no material impact from the other categories.

所以我會說在與 JUUL 相關的電子蒸汽空間中更好的庫存實踐，但其他類別沒有實質性影響。

And then just one more.

然後還有一個。

We saw the Canopy acreage deal obviously recently and your stake with Cronos is significant and could flip above 50% with the warrants.

我們最近明顯看到了 Canopy 種植面積交易，您在 Cronos 的股份很大，並且可以通過認股權證翻轉超過 50%。

Do you work with them on strategic evaluation of opportunities in the U.S.?

您是否與他們合作對美國的機會進行戰略評估？

And is the acreage playbook one that you might see replicated from with them as a partner?

您可能會看到與他們作為合作夥伴複製的種植面積手冊嗎？

Sure.

當然。

As you know, we recently closed the deal with Cronos.

如您所知，我們最近完成了與 Cronos 的交易。

And through our board representation, we are significantly exposed to their ideas and obviously, provide them with ideas on how to further grow their business in the future.

通過我們的董事會代表，我們可以充分了解他們的想法，並且顯然可以為他們提供有關如何在未來進一步發展業務的想法。

And I think you are right to point out the fact that the cannabis space is quite lively these days with a variety of companies that are making strategic moves.

我認為你指出這樣一個事實是正確的，即如今大麻領域非常活躍，許多公司都在採取戰略行動。

And we've obviously been thinking quite proactively on our own and are now thinking with Cronos which strategic moves make sense over the next year.

顯然，我們自己一直在積極主動地思考，現在正在與 Cronos 一起思考明年哪些戰略舉措是有意義的。

I don't have anything to talk about today, but our intention in making the investment into Cronos and capitalizing them quite competitively versus the other cannabis companies in this space was really designed to enable them to make the kind of moves that are necessary to build out our leadership position.

我今天無話可說，但我們打算對 Cronos 進行投資，並將其資本化，使其與該領域的其他大麻公司相比具有競爭力，這實際上是為了使他們能夠採取必要的行動來建立出我們的領導地位。

And I imagine over the next year or 2, we'll have more to say about that.

我想在接下來的一兩年內，我們將有更多話要說。

Your next question comes from the line of Owen Bennett of Jefferies.

你的下一個問題來自 Jefferies 的 Owen Bennett。

Just a couple of related questions on JUUL and the services you're providing there, so whether it be the shelf space or as you understand what you were saying previously about advertising the JUUL inside your Marlboro packs.

關於 JUUL 和您在那裡提供的服務的幾個相關問題，無論是貨架空間還是您之前所說的有關在萬寶路包裝內宣傳 JUUL 的內容。

I'm just wondering firstly, could you talk about the dynamics you're seeing between Marlboro and JUUL now?

我只是想知道，首先，你能談談你現在看到的萬寶路和 JUUL 之間的動態嗎？

And have you seen any increase rate of switching?

你有沒有看到任何增加的轉換率？

And then secondly, if iQOS does get approved, and how would you make the decision between switching Marlboro smokers to iQOS or switching them over to JUUL?

其次，如果 iQOS 確實獲得批准，您將如何決定是將萬寶路吸煙者換成 iQOS 還是將他們換成 JUUL？

Sure.

當然。

I think we have not detected any specific impact of JUUL on Marlboro.

我想我們還沒有檢測到 JUUL 對萬寶路的任何具體影響。

I would say that JUUL's growth continues to be more broadly from the cigarette category generally, and we haven't seen any specific impact on our brands.

我想說 JUUL 的增長繼續從香菸類別中更廣泛地擴展，我們還沒有看到對我們品牌的任何具體影響。

And then I would say that with regard to iQOS versus JUUL, I think we ultimately believe that the consumer is going to decide which product most appeals to them.

然後我要說的是，關於 iQOS 與 JUUL，我認為我們最終相信消費者將決定哪種產品對他們最有吸引力。

It would not surprise me if some consumers actually engage in trial of both products and then ultimately make a choice between the 2 or whether or not they want to stay within the cigarette category.

如果一些消費者真的試用了這兩種產品，然後最終在兩者之間做出選擇，或者他們是否想留在香菸類別中，我也不會感到驚訝。

And I think our real focus in providing assistance to JUUL and also in representing the iQOS brand once it's approved by FDA is to make sure that consumers are aware of the products and the product benefits, that the products are distributed in stores where adult cigarette consumers shop, they're aware of the brand, that it's in stock to make up promotional offers on it.

而且我認為我們為 JUUL 提供幫助以及在 iQOS 品牌獲得 FDA 批准後的真正重點是確保消費者了解產品和產品優勢，確保產品在成年香煙消費者所在的商店銷售商店，他們知道這個品牌，知道它有庫存，可以在上面做促銷優惠。

And then I think ultimately, the consumers are going to make their product choice.

然後我認為最終，消費者將做出他們的產品選擇。

Your next question comes from the line of Bonnie Herzog of Wells Fargo.

你的下一個問題來自富國銀行的 Bonnie Herzog。

I guess my first question is more of a big picture one.

我想我的第一個問題更像是一個大問題。

I guess I want to ask, can your model work?

我想我想問一下，你的模型行得通嗎？

Meaning, can you guys still hit your EPS guidance in the context of an environment where cig volumes are decelerating faster.

意思是，在香煙銷量下降更快的環境下，你們還能達到 EPS 指導嗎？

Just really want to hear from you what gives you the confidence in this.

真的很想听聽您是什麼讓您對此充滿信心。

I'm thinking about this in the context that the key headwinds, such that you do own a stake in JUUL but you aren't yet seeing the benefits of that, and you might not until next year.

我是在關鍵逆風的背景下考慮這個問題的，比如你確實擁有 JUUL 的股份，但你還沒有看到它的好處，你可能要到明年才能看到。

Pricing is going up to offset the greater volume pressure, but is this pricing really sticking?

定價正在上漲以抵消更大的銷量壓力，但這種定價真的會堅持下去嗎？

And then, finally, cig volumes, realistically, could decline more rapidly.

最後，實際上，香煙銷量可能下降得更快。

So I guess in the context of all of that, is it realistic to assume that you're going to be able to deliver on your EPS guidance?

因此，我想在所有這些情況下，假設您將能夠實現 EPS 指導是否現實？

And then, more importantly, your long-term algorithm?

然後，更重要的是，你的長期算法？

Sure.

當然。

I think to start off, we continue to strongly believe that we can deliver on our EPS guidance this year of 4% to 7% EPS growth.

我認為首先，我們繼續堅信我們可以實現今年 EPS 增長 4% 至 7% 的 EPS 指導。

And we continue to be confident about our ability to deliver over the long term, against our 7% to 9% adjusted EPS growth.

我們繼續對我們的長期交付能力充滿信心，而我們的調整後每股收益增長率為 7% 至 9%。

And I think we communicated on the call here, our expectation for the range of industry cigarette volume declines.

而且我認為我們在這裡的電話會議上進行了溝通，我們對行業捲菸銷量下降範圍的預期。

I think you're asking a hypothetical question, which is related to, well, if it turns out that there are conditions in the marketplace because our estimate for category declines to be lower than actually occurs, do we feel -- still feel confident in our 7% to 9% EPS growth.

我想你問的是一個假設性的問題，如果事實證明市場上存在這種情況，因為我們對類別下降的估計低於實際發生的情況，我們是否覺得 - 仍然對我們 7% 至 9% 的每股收益增長。

And I have to say that while we continue to believe that our estimate is our best view on what the next 5 years will bring, if there is further movement around in the category that drives cigarettes' volume declined higher, I'd still have confidence that we can deliver against our 7% to 9% EPS growth over the long term.

我不得不說，雖然我們仍然相信我們的估計是我們對未來 5 年將會發生什麼的最佳看法，但如果推動捲菸銷量下降的類別有進一步的變化，我仍然有信心從長遠來看，我們可以實現 7% 至 9% 的每股收益增長。

You are right to point out that in this year, we don't have an income stream of any significance coming from JUUL.

您正確地指出，在今年，我們沒有任何來自 JUUL 的重要收入流。

But given the growth we expect in the e-vapor category and the growth we expect from JUUL this year, I would expect that by next year and the year after, if, in fact, there is any acceleration in the cigarette category decline rates that we will have an income offset to any impact that would have on us related to income coming from JUUL.

但考慮到我們對電子菸類別的增長預期以及我們對今年 JUUL 的預期增長，我預計到明年和後年，如果香菸類別的下降速度有任何加速，我們將對與來自 JUUL 的收入相關的任何影響進行收入抵消。

That was part of the logic of the investment because while we think we have a pretty good handle on what's going to happen over the next 5 years, if there was any variation in that we felt strongly that we wanted to have a position in the leading, fast growing and in the near future highly profitable e-vapor player in the U.S.

這是投資邏輯的一部分，因為雖然我們認為我們對未來 5 年將要發生的事情有很好的把握，但如果有任何變化，我們強烈認為我們希望在領先地位, 快速增長，並在不久的將來在美國成為高利潤的電子蒸汽播放器

And I have to tell you, I also believe that we have a very resilient profit generator in the cigarette and smokeless businesses that we have, and we have a number of additional levers to pull to help drive EPS growth.

我必須告訴你，我也相信我們在香煙和無菸業務中擁有非常有彈性的利潤來源，並且我們有許多額外的槓桿可以幫助推動每股收益增長。

So we continue to be -- frankly, we continue to believe that the year -- the next 5 years is unfolding much the way we expected when we put together our analysis 3 or 4 months ago.

因此，我們繼續 - 坦率地說，我們繼續相信今年 - 未來 5 年的發展方式與我們在 3 或 4 個月前進行分析時所預期的方式大致相同。

And if there were changes in the future, we feel like our platform gives us a number of options to continue to deliver both our 7% to 9% long-term EPS growth and the 80% of that cash back for the shareholders in the form of dividends.

如果未來發生變化，我們覺得我們的平台為我們提供了多種選擇，可以繼續實現 7% 至 9% 的長期每股收益增長，並將 80% 的現金返還給股東股息。

Okay.

好的。

That's really helpful, Howard.

這真的很有幫助，霍華德。

I appreciate the color on that.

我很欣賞上面的顏色。

And I do want to just clarify something about the JUUL closing and when you could see the equity income falling through the P&L?

我確實想澄清一些關於 JUUL 關閉的事情，以及什麼時候你可以看到股票收入通過損益表下降？

Just to be clear, I mean, is there any potential that, that could happen this calendar year?

需要明確的是，我的意思是，這個日曆年是否有可能發生這種情況？

Or is it really going to be a 2020 event?

或者它真的會成為 2020 年的活動嗎？

So, Bonnie, the equity income would really be triggered by HSR approval.

所以，邦妮，高鐵批准真的會觸發股權收入。

That is when our shares move from economic or nonvoting to voting.

那就是我們的股票從經濟或無投票權轉向投票權的時候。

And remember, we talked about with JUUL we would be a 1-quarter lag, similar to the way we are with AB InBev.

請記住，我們與 JUUL 討論過我們將滯後 1 個季度，類似於我們與 AB InBev 的方式。

So taking that into consideration it'll depend on when HSR approval comes through.

因此，考慮到這一點，這將取決於何時獲得 HSR 批准。

Understood.

明白了。

But then that's what I was curious about, is there any update on the timing of when that is expected?

但這就是我很好奇的，是否有任何關於預期時間的更新？

Yes.

是的。

I think it's hard to predict how long this HSR process might take.

我認為很難預測這個 HSR 過程可能需要多長時間。

And I think that given that it's going to be some time that we'll be interacting with them to answer your questions and given the fact that we're going to be on a 1-quarter lag, I think there's a -- question is whether that would start to flow this year or whether it's likely to flow in early next year.

而且我認為，鑑於我們將需要一段時間與他們互動以回答您的問題，並且考慮到我們將滯後 1 個季度，我認為有一個 - 問題是這是否會在今年開始流動，或者是否可能在明年初流動。

But we'll certainly keep you up-to-date on our discussions with the FTC.

但我們一定會讓您了解我們與 FTC 的最新討論。

And then, just to be clear, so your guidance assumes none of that flows in this year?

然後，要明確一點，所以你的指導假設今年沒有這些流量？

Yes.

是的。

That was our original assumptions, and we communicated that at the beginning of the year that our guidance for this year really didn't include any material income contribution from either Cronos or JUUL.

這是我們最初的假設，我們在今年年初表示，我們今年的指導實際上不包括 Cronos 或 JUUL 的任何物質收入貢獻。

And that was the assumption in our guidance and, of course, it turns out that -- because of the regulatory action, that's highly likely to be the outcome.

這是我們指南中的假設，當然，事實證明——由於監管行動，這很可能是結果。

Okay.

好的。

Then maybe one final question from me, if I may, just on your margins.

那麼我可能會提出最後一個問題，如果可以的話，就在你的邊緣。

Your smokable margins expanded really sharply in the quarter.

你們的可吸煙利潤率在本季度大幅增長。

So hoping you could just drill down a little bit further on some of the key buckets because I think this does highlight some of the levers you have to pull.

所以希望你能在一些關鍵的桶上進一步深入一點，因為我認為這確實突出了你必須拉動的一些槓桿。

I mean I guess, I'm assuming the earlier and larger-than-expected price increase was probably one of the key drivers there, and you already touched on some of the severance agreement payments, which I think also could be a nice boost to margins.

我的意思是，我猜，我假設較早且高於預期的價格上漲可能是其中的關鍵驅動因素之一，而且你已經談到了一些遣散費，我認為這也可能是一個很好的推動力邊距。

But are there any other considerations?

但是還有其他的考慮嗎？

And maybe thinking about that as the year progresses, especially as you realize more of the cost savings that you've highlighted?

也許隨著時間的推移考慮這一點，尤其是當你意識到你所強調的更多成本節約時？

Yes.

是的。

I think you touched on it, the 2 most important, especially, on the short-term period like a quarter.

我認為您談到了這兩個最重要的問題，尤其是在短期內，例如一個季度。

But certainly, as we progress through the year and the cost reductions ramp-up, the savings associated with those, certainly, cost will be a factor as well.

但可以肯定的是，隨著我們在這一年的進展和成本削減的增加，與這些相關的節省，當然，成本也將是一個因素。

Your next question comes from the line of Vivien Azer of Cowen.

你的下一個問題來自 Cowen 的 Vivien Azer。

So I wanted to double back on that -- your industry volume expectations, please.

所以我想再次強調這一點——請談談你對行業銷量的期望。

Very helpful disclosure on Slide 6 as you unpack the drivers.

當您解壓驅動程序時，幻燈片 6 上的非常有用的披露。

I'm looking specifically at the additional cost category movement and the evolution of that drag because 40 basis points in '18, but 50 basis points on a trailing 12-month basis, which would, if my math is right, imply that the -- like the one -- the first-quarter drag was actually much more meaningful, 70 to 80 basis points, am I thinking about that math right?

我特別關注額外成本類別的變動和拖累的演變，因為 18 年有 40 個基點，但在過去 12 個月的基礎上有 50 個基點，如果我的數學是正確的，這意味著 - - 就像那個 - 第一季度的拖累實際上更有意義，70 到 80 個基點，我在考慮這個數學嗎？

I think you are, but I wouldn't go to a short-term period, Vivien.

我想你是，但我不會去短期的，Vivien。

You remember, as we're progressing through '18, e-vapor was ramping-up throughout the year.

您還記得，隨著我們在 18 年取得進展，電子蒸汽在全年都在增加。

And so whenever you take off the -- in a trailing 12-month, whenever you take off the first 3 months, of course, the -- all of those months that it's increasing through, carry a heavier weight.

因此，無論何時起飛 - 在過去的 12 個月內，當然，每當你起飛前 3 個月時 - 所有這些月份都在增加，承載更重的重量。

But I think the logic you're applying to it is correct.

但我認為你應用的邏輯是正確的。

So that's fair, Billy.

所以這很公平，比利。

But with that in mind then, given that, that more meaningful impact coincided with an actual sequential softening in JUUL's results, given the elimination of novel flavors in brick-and-mortar retail.

但考慮到這一點，考慮到實體零售中新口味的取消，考慮到這一點，更有意義的影響與 JUUL 結果的實際連續疲軟相吻合。

But how are you guys thinking about that for the full year?

但是你們全年如何考慮這一點？

Because to my mind, it does call into question a little bit the achievability of even the amount it's worth for the category?

因為在我看來，它確實讓人有點懷疑它是否能達到這個類別的價值？

Yes.

是的。

I tried to follow exactly what you were saying there, Vivien.

薇薇安，我試著完全聽懂你在那裡說的話。

I think when you think about it, this trailing 12-month is really just designed to, kind of, say, look, we need a long period of data to be able to break it down to these specific buckets.

我認為，當您考慮一下時，這個尾隨的 12 個月實際上只是為了，比如說，看，我們需要很長一段時間的數據才能將其分解為這些特定的桶。

Then when you take out those first 3 months, which would have been the first quarter of the previous year, when volume is ramping through the year, as we talked about previously the 15% to 20% e-vapor growth, across that 5-year period on the CAGR, of course, it's going to grow faster in the earlier period because the base is strong.

然後當你去掉前 3 個月，也就是前一年的第一季度，當銷量在一年中攀升時，正如我們之前談到的 15% 到 20% 的電子蒸汽增長，在這 5-年復合增長率，當然，它會在早期增長更快，因為基礎很強。

So just math would say that it's -- from a CAGR standpoint, it'll slow down in the later years just because the base is growing.

所以只是數學會說它是 - 從復合年增長率的角度來看，它會在以後幾年放緩，因為基數在增長。

We feel like with the 4% to 5%, it's important to remember, you've got to look over in the long period.

我們覺得對於 4% 到 5%，重要的是要記住，你必須長期審視。

I think sometimes we tend to get wrapped up in the quarter.

我認為有時我們往往會在這個季度結束。

So just, for instance, last year, right, first quarter cigarette industry volume is down 5.5%, and we ended the year at 4.5%.

例如，去年第一季度捲菸行業銷量下降了 5.5%，而我們年底的銷量為 4.5%。

So sometimes we take a quarter and try to project it out as if that's the exact way that whole year is going to play out versus allowing time to pass.

因此，有時我們會花一個季度並嘗試將其預測出來，就好像這就是全年將要結束的確切方式而不是讓時間過去。

Okay.

好的。

That's fair.

這還算公平。

So then can you articulate what is embedded in the 4% to 5% outlook for the full year?

那麼您能否闡明全年 4% 至 5% 的前景中包含的內容？

Is it a 50 basis point drag from cross-category movement?

跨類別運動是否拖累了 50 個基點？

Or is it worse than that?

或者比這更糟？

Remember, Vivien, when we put out a range, it's going -- each one of these is going to have a magnitude of range around it.

請記住，Vivien，當我們提出一個範圍時，它會發生——每個範圍都會有一個範圍的大小。

And so we are trying to provide and be as transparent as we can in the 4% to 5%.

因此，我們正在努力提供 4% 到 5% 的數據並儘可能保持透明。

I'd hate to start now saying, let's take the pieces and give the guidance on the pieces, I'd rather stick to the 4% to 5%.

我不想現在開始說，讓我們把這些碎片放在碎片上並給出指導，我寧願堅持 4% 到 5%。

But know that each of these pieces have a range around them that are incorporated in the total 4% to 5% that we're providing.

但是要知道，這些部分中的每一個都有一個範圍，這些範圍包含在我們提供的總數的 4% 到 5% 中。

Your next question comes from the line of Steve Powers of Deutsche Bank.

你的下一個問題來自德意志銀行的 Steve Powers。

So I guess pick up on some of the prior questions related to the FDA and the FTC.

所以我想回答一些與 FDA 和 FTC 相關的先前問題。

Obviously, there were some public concerns put forth by the FDA and the FDA Commissioner, following the announcement of your transaction with JUUL, could you expand at all on how your more recent conversations with the FDA have gone with respect to JUUL?

顯然，在宣布您與 JUUL 的交易後，FDA 和 FDA 專員提出了一些公眾擔憂，您能否詳細說明您最近與 FDA 就 JUUL 進行的對話？

And then do those discussions have any impact at all on how the FTC may be reviewing your filing for HSR approval?

那麼這些討論對 FTC 可能如何審查您的 HSR 批准申請有任何影響嗎？

Sure.

當然。

I think based on our dialogue with our advisers, I think the FTC tends to make a decision based on its own analysis and apply it against the rules that it's focused on discharging.

我認為，根據我們與顧問的對話，我認為 FTC 傾向於根據自己的分析做出決定，並將其應用於它專注於解除的規則。

So I don't find that there's a whole lot of influence from one agency to the other.

所以我沒有發現一個機構對另一個機構有很大的影響。

And I think, ultimately, we're going to answer the questions for the FTC, and we expect them to act based on the rules that they normally use.

我認為，最終，我們將回答聯邦貿易委員會的問題，我們希望他們根據他們通常使用的規則行事。

With regard to our dialogue with FDA, I would say that most of the dialogue we've had with FDA and most of the interaction with FDA around JUUL, really starting in October, has really been focused on FDA is concerned about youth usage of e-vapor products and their encouragement of us in JUUL to take actions that might help reduce youth usage of e-vapor products.

關於我們與 FDA 的對話，我想說的是，我們與 FDA 進行的大部分對話以及與 FDA 圍繞 JUUL 的大部分互動，真正從 10 月開始，實際上都集中在 FDA 關注年輕人對電子產品的使用-電子煙產品以及他們在 JUUL 中鼓勵我們採取可能有助於減少青少年使用電子煙產品的行動。

And I have to tell you that we feel like we've taken significant actions and, frankly, that JUUL and I have been on the leading edge of really proactively addressing that issue.

我必須告訴你，我們覺得我們已經採取了重大行動，坦率地說，JUUL 和我一直處於真正主動解決這個問題的前沿。

In the case of JUUL, they removed their flavored products from mainstream retail outlets, and you saw some impact, I think, of that action in the first quarter because there was a sequential slowdown in growth overall of the category.

就 JUUL 而言，他們從主流零售店撤下了調味產品，我認為你在第一季度看到了這一行動的一些影響，因為該類別的整體增長連續放緩。

And I think that, that is going to take, I think, some of the pressure off on youth usage of the products just because the category slowdown is likely to have an impact there.

而且我認為，我認為，這將減輕年輕人使用產品的一些壓力，因為類別放緩可能會在那裡產生影響。

And I think in the short run, it is prudent to take steps even though they may impact adult cigarette smokers if that can really have a positive impact on driving down youth rates.

我認為，從短期來看，採取措施是謹慎的，即使它們可能會影響成年吸煙者，如果這真的能對降低青年吸煙率產生積極影響。

And then we also talked about, what I think has been quite a gratifying pick-up in the pace, moving the minimum age to purchase to 21.

然後我們還談到，我認為這是一個相當令人滿意的步伐加快，將最低購買年齡提高到 21 歲。

When we first had a dialogue with the FDA in October of last year, we expressed to them that we were committed to raising the minimum age to purchase to 21 at the Federal level.

去年 10 月我們第一次與 FDA 對話時，我們向他們表示，我們致力於將聯邦層面的最低購買年齡提高到 21 歲。

We continue to always believe that Federal activity on something like that makes it easier for retailers to manage that, enforce that.

我們仍然始終相信，聯邦政府在類似事情上的活動使零售商更容易管理、執行。

But following further communication from the FDA, we concluded that doing it at both the Federal and State level was going to get quicker action.

但在與 FDA 進行進一步溝通後，我們得出結論，在聯邦和州一級都這樣做將會更快地採取行動。

And that was accurate, we've already had a number of bills passed.

這是準確的，我們已經通過了一些法案。

And then I'm also pleased to see that not only is it moving in a number of states, but it's now moving at the Federal level.

然後我也很高興看到它不僅在許多州發生變化，而且現在也在聯邦層面發生變化。

So I have to tell you, I'm quite gratified that we could see significantly more action and significantly more population centers in the U.S. towards raising that age to 21.

所以我必須告訴你，我很高興我們可以看到美國有更多的行動和更多的人口中心將這個年齡提高到 21 歲。

And we think that's probably the most important thing, combined with effective enforcement to drive down youth usage of e-vapor products and really all tobacco products.

我們認為這可能是最重要的事情，再加上有效的執法，可以減少年輕人對電子蒸汽產品和所有煙草產品的使用。

Great.

偉大的。

And then, secondly, I wanted to pick up on smokeless, if I could.

然後，其次，如果可以的話，我想選擇無菸的。

At least, versus our expectations that the price and the margin realization in that business this quarter was, frankly, exceptional.

至少，與我們的預期相比，坦率地說，本季度該業務的價格和利潤實現非常出色。

So anything to call out there versus your own internal expectations?

那麼，有什麼可以與您自己的內部期望相提並論的嗎？

And then related, I guess, any update on how you're seeing that industry segment evolve in terms of its interplay with e-vapor?

然後相關的，我想，關於你如何看待該行業領域在與電子蒸汽的相互作用方面的發展的任何更新？

Yes.

是的。

I can't think of anything that I would call out.

我想不出有什麼我會喊出來的。

I would agree with you, it's certainly an exceptional quarter for the -- that segment and then, specifically, our business.

我會同意你的看法，對於那個部門，特別是我們的業務來說，這無疑是一個特殊的季度。

I think we tried to highlight in the remarks that Copenhagen is the growth engine there.

我認為我們試圖在評論中強調哥本哈根是那裡的增長引擎。

The dippers really like Copenhagen, and they want to engage with that brand and we're doing everything to reinforce that with them.

北斗七星真的很喜歡哥本哈根，他們想與該品牌互動，我們正在盡一切努力與他們一起加強這一點。

Yes.

是的。

I might point out that while it's certainly a good first quarter for smokeless, the profit growth is quite similar to the full year performance last year.

我可能會指出，雖然第一季度對無菸來說肯定是一個不錯的季度，但利潤增長與去年全年的表現非常相似。

And so I think that, that's a business that they will be able to generate the kind of profit growth on a pretty regular basis.

所以我認為，這是一項他們能夠定期產生利潤增長的業務。

I think with regard to interaction between smokeless and e-vapor, I think the relationship is a little bit complicated and that you will recall 5 or 6 years ago, you had an e-vapor category that was not growing much at all, and you had a smokeless category that was growing in volume terms 5% a year.

我認為關於無菸和電子蒸汽之間的相互作用，我認為這種關係有點複雜，你會記得 5 或 6 年前，你有一個電子蒸汽類別根本沒有增長多少，你無菸品類的銷量每年增長 5%。

I think that was really driven by the fact that, at that time, smokeless was the primary place that a lot of cigarette smokers were moving when looking to an alternative to cigarettes.

我認為這確實是由於這樣一個事實，即當時無菸是許多吸煙者在尋找香煙替代品時移動的主要地方。

I think the step-down in the growth in the smokeless category is not so much driven by smokeless consumers switching to e-vapor, it's driven by the fact that a lot of the cigarette smokers that were switching to smokeless and driving its growth have stopped switching to smokeless.

我認為無菸類別增長的放緩並不是由無菸消費者轉向電子蒸汽所推動的，而是由於許多轉向無菸並推動其增長的吸煙者已經停止這一事實所推動的切換到無菸。

And they're more attracted to e-vapor.

而且他們更喜歡電子蒸汽。

And that is resulted in the last 2 or 3 years of a category that's more flat to slightly down.

這導致了過去 2 或 3 年的類別更加平穩甚至略有下降。

And at least until we see some change in cigarette smoker interest in e-vapor, I think we think this is probably the range the smokeless category will be in.

至少在我們看到吸煙者對電子蒸汽的興趣發生一些變化之前，我認為我們認為這可能是無菸類別的範圍。

Although it's -- you're right to point out the fact that even with that kind of volume performance, it has nice profit growth.

儘管它 - 你指出的事實是正確的，即使有這樣的銷量表現，它也有不錯的利潤增長。

Your next question comes from the line of Gaurav Jain of Barclays.

你的下一個問題來自巴克萊銀行的 Gaurav Jain。

So there's a lot of investor interest in the modern oral category.

所以有很多投資者對現代口服類別感興趣。

The nicotine pouch without tobacco category and here that has gained a lot of share and is expanding nationally, BAT is also planning its own launch, how are you planning to pursue this opportunity?

沒有煙草品類的尼古丁袋，這裡已經獲得了很大的份額並正在全國擴張，BAT也正在計劃自己的推出，你們打算如何抓住這個機會？

Sure.

當然。

You are right to point that out.

你指出這一點是對的。

While the modern oral category is small in the U.S. today, it has certainly generated a lot of interests and I know there is further product expansion that is planned.

雖然現代口服藥類別在今天的美國還很小，但它確實引起了很多興趣，而且我知道有進一步的產品擴展計劃。

While we are the leader in the smokeless tobacco category, we do not currently have a product in the market that participates in that modern oral.

雖然我們是無菸煙草類別的領導者，但我們目前在市場上還沒有一款產品參與到現代口香糖中。

But the potential there is not lost on us.

但我們並沒有失去那裡的潛力。

And that's an area that we've got some work underway.

這是我們正在進行的一些工作的領域。

I don't have anything to share with you today, but I do think if you think over the next 5 or 10 years, that could be an interesting sector.

我今天沒有什麼可與您分享的，但我確實認為，如果您考慮未來 5 年或 10 年，那將是一個有趣的領域。

Again, concerning you cannot introduce new products because of Deeming Regulations, how exactly will you go about pursuing that opportunity?

再一次，關於你因為推定法規而不能推出新產品，你將如何抓住這個機會？

Sure.

當然。

I'm not going to comment further on that.

我不打算對此作進一步評論。

Okay.

好的。

Sure.

當然。

So my next question is on cigars.

所以我的下一個問題是關於雪茄的。

Sir, can you just share what percentage of your cigar business would be impacted by the proposed flavor cigar ban, if it were to go ahead?

先生，如果要繼續實施，您能否分享一下您的雪茄業務中有多少百分比會受到擬議的風味雪茄禁令的影響？

Was some part of your portfolio grandfathered?

你投資組合的某些部分是祖父的嗎？

And on some others you have a few applications and your marketing orders as well.

在其他一些應用程序上，您還有一些應用程序和營銷訂單。

So any estimate of what part of your portfolio might be impacted?

那麼對您的投資組合的哪一部分可能會受到影響的任何估計？

Yes.

是的。

I don't have a specific answer for you as far as a percentage.

就百分比而言，我沒有給你具體的答案。

I think if you think about a lot of our products similar to what -- the way we treated cigarettes and smokeless, a significant amount of our SKUs currently in the marketplace are not grandfathered.

我想如果你想想我們的很多產品類似於什麼——我們對待香煙和無菸的方式，我們目前在市場上的大量 SKU 都不是祖父。

Meaning, we had made changes, however, they are considered more of the transitional products.

意思是，我們進行了更改，但是，它們更多地被認為是過渡產品。

So we're evaluating that based on the proposed rules, and you can certainly see all the remarks we made related to the current proposed rule.

所以我們正在根據提議的規則對其進行評估，你當然可以看到我們所做的與當前提議的規則相關的所有評論。

And so we'll have to see how -- if the FDA moves forward and how they move forward and any changes to the rule.

因此，我們必須看看 FDA 是否向前推進以及他們如何向前推進以及對規則的任何更改。

And then we'll have a more specific percentage for you.

然後我們將為您提供更具體的百分比。

I think we're going to need, let's -- for clarity from FDA on exactly which cigars would be impacted by the action they've proposed in the preliminary rule.

我認為我們需要，讓我們——讓 FDA 明確哪些雪茄會受到他們在初步規則中提出的行動的影響。

And I expect that based on the high volume of comments they're going to get, they'll provide that greater clarity as they think about moving on to the final rule.

我希望基於他們將獲得的大量評論，他們會在考慮進入最終規則時提供更大的清晰度。

Sure.

當然。

And my last question is on JUUL and iQOS.

我的最後一個問題是關於 JUUL 和 iQOS。

So there's a theory that JUUL works in high-nicotine markets, like the U.S., and iQOS works in low-nicotine markets like Japan.

因此，有一種理論認為 JUUL 適用於美國等高尼古丁市場，而 iQOS 適用於日本等低尼古丁市場。

Now you have interest in both these products and you are going to invest capital behind iQOS.

現在你對這兩種產品都感興趣，你將在 iQOS 背後投入資金。

So how do you view this theory?

那麼您如何看待這個理論呢？

Yes.

是的。

I would not subscribe to the theory that JUUL is a better fit for some markets and that iQOS is a better fit for others.

我不同意 JUUL 更適合某些市場而 iQOS 更適合其他市場的理論。

I have to tell you that we believe that both JUUL and iQOS can generate quite nice consumer interest here in the U.S. And I also believe that the iQOS product is quite satisfying on both the nicotine and the taste basis for a large number of consumers that smoke traditional U.S. cigarettes.

我必須告訴你，我們相信 JUUL 和 iQOS 都可以在美國引起相當不錯的消費者興趣，而且我也相信 iQOS 產品在尼古丁和口味基礎上都非常令人滿意，因為大量吸煙的消費者美國傳統香煙。

I think that the difference between a consumer picking a JUUL or an iQOS is more likely to be related to other factors that differentiate the products, whether it's the form factor, whether it's the taste.

我認為，消費者選擇 JUUL 還是 iQOS 之間的差異更可能與區分產品的其他因素有關，無論是外形因素，還是味道。

And I think, ultimately, there's room for both products to be quite successful here in the U.S.

我認為，最終，這兩種產品在美國都有取得相當成功的空間。

Your next question comes from the line of Nik Modi of RBC.

你的下一個問題來自 RBC 的 Nik Modi。

Yes.

是的。

So just a question on price realization.

所以只是一個關於價格實現的問題。

Billy, Howard, maybe if you can give some context.

比利、霍華德，也許你可以提供一些背景信息。

I mean it's been a lot higher over the last few quarters than, I think, has been normally the case.

我的意思是，在過去的幾個季度裡，它比我認為的通常情況要高得多。

And so I guess there's kind of 2 pieces to this.

所以我想這有兩部分。

One is, should we be thinking about price realization being a bigger part of the contributor to the algorithm going forward?

一是，我們是否應該考慮將價格實現作為未來算法的更大貢獻者？

Or is it that the loyalty rewards program that you guys are launching nationally is helping you, kind of, become more efficient with your promotional spend?

還是你們在全國推出的忠誠度獎勵計劃在某種程度上幫助你們提高了促銷支出的效率？

Any clarity you can give on that will be helpful.

你能給出的任何澄清都會有所幫助。

Sure.

當然。

You are right that if you go back over the last 5 years, price realization has typically been between 4% and 6%.

你是對的，如果你回顧過去 5 年，價格實現通常在 4% 到 6% 之間。

And I wouldn't draw any conclusion for the year based on the first quarter but certainly, last year, it was on the higher end and above that range.

我不會根據第一季度得出今年的任何結論，但可以肯定的是，去年它處於較高端並高於該範圍。

I think that part of the way I might explain that is, I don't know that we have not -- we don't have a specific target in any given year on price realization, but we are guided by the fact that we're trying to maximize profitability in our cigarette business.

我認為我可能會解釋的部分方式是，我不知道我們沒有 - 我們在任何一年都沒有具體的價格實現目標，但我們以我們的事實為指導'我們正在努力使我們的捲煙業務的盈利能力最大化。

And beyond list price in a favorable economic environment with much better tools for tuning the effectiveness of our promotions, I think we are getting better and better every year at how to effectively spend our promotional dollars to effectively get into the consumers that need it.

除了在有利的經濟環境中使用更好的工具來調整促銷效果的定價之外，我認為我們每年都在如何有效地花費我們的促銷資金以有效地吸引需要它的消費者方面做得越來越好。

And, frankly, to trim it with consumers that don't.

而且，坦率地說，與不這樣做的消費者一起削減它。

And we're getting more precise at doing that on a per-packing basis at below the State level and, certainly, on a one-to-one basis.

我們在州一級以下的每個包裝基礎上，當然，在一對一的基礎上，越來越精確地做到這一點。

So you have not only list prices but you have promotional efficiency.

因此，您不僅擁有標價，還擁有促銷效率。

And then, of course, you're also pointing out that with a program like Marlboro Rewards where we're strengthening the equity and, maybe without using price as a tool, increasing consumer loyalty, I think that gives us more flexibility on driving profitability across the brand.

然後，當然，您還指出，通過像萬寶路獎勵計劃這樣的計劃，我們正在加強公平性，並且可能不使用價格作為工具來提高消費者忠誠度，我認為這使我們能夠更靈活地提高盈利能力整個品牌。

So I would say that the tools we have to manage the profitability of that brand have gotten much more sophisticated over the last 3 or 4 years.

所以我想說，在過去的 3 或 4 年裡，我們用來管理該品牌盈利能力的工具變得更加複雜。

Great.

偉大的。

And then I guess one final question from me is, can you recount how volumes kind of behaved or moved when you had several retailers kind of exit the cigarette category, right?

然後我想我的最後一個問題是，當你有幾家零售商退出香菸類別時，你能重述一下銷量是如何表現或移動的嗎？

Because we're having similar situations occur across certain retailers right now.

因為我們現在在某些零售商中也遇到了類似的情況。

And so maybe you could just give us kind of a case study on what happened, I think, when CVS exited the cigarette or tobacco category a couple of years ago?

所以也許你可以給我們一個案例研究，我想，當 CVS 幾年前退出香煙或煙草類別時發生了什麼？

Yes.

是的。

I can certainly do that.

我當然可以做到。

What we found was that there was really no disruption in product availability for consumers.

我們發現，消費者的產品可用性確實沒有中斷。

And I think it's really driven by the fact that most tobacco consumers already have a number of places that they shop where they can purchase their tobacco products, and if they have a primary place that ultimately stops providing those tobacco products, they very easily shift to either another store they're already going to or to a store down the street or around the corner.

而且我認為這真的是因為大多數煙草消費者已經有許多可以購買煙草產品的購物場所，如果他們有一個最終停止提供這些煙草產品的主要場所，他們很容易轉向要么是他們已經要去的另一家商店，要么是街上或拐角處的商店。

And what we found in the last phase was that, and I know it's the same in this period, it is not like the availability of tobacco products is such that if you have a chain that pulls out, somebody's got to drive a great distance.

我們在上一個階段發現的是，我知道在這個時期也是如此，煙草產品的可用性並不是這樣的，如果你有一條拉出的鏈條，就必須有人開車很遠的距離。

The availability is quite significant and people just adjust.

可用性非常重要，人們只是進行調整。

I will say the benefit is that you may be aware that convenience stores have been growing their share of tobacco sales quite nicely up until a couple of years ago when some of that growth in the convenience store trade slowed down a bit, I think partially through the advent of dollar stores.

我要說的好處是，您可能已經意識到，直到幾年前，便利店在煙草銷售中的份額一直在增長，當時便利店貿易的增長有所放緩，我認為部分原因是美元商店的出現。

And frankly, as some trade classes and some retailers have pulled out, it's actually brought a bit of a return to growing share to the retailers that are committed to the category.

坦率地說，隨著一些貿易類別和一些零售商的退出，它實際上為致力於該類別的零售商帶來了一些回報，增加了份額。

And I know that it's a benefit for them.

我知道這對他們有好處。

Your next question comes from the line of Judy Hong of Goldman Sachs.

你的下一個問題來自高盛的 Judy Hong。

So I guess I wanted to go back to the industry volume questions, Howard.

所以我想我想回到行業數量問題，霍華德。

And I guess I'm just trying to, kind of, reconcile a couple of things.

而且我想我只是想在某種程度上調和一些事情。

One is, on one hand you are pretty comfortable with the long-term consumption declines staying within this 4% to 5%.

一個是，一方面，您對長期消費下降保持在 4% 至 5% 的範圍內感到非常滿意。

On the other hand, you did tick this year down albeit a little bit after one quarter.

另一方面，您今年確實有所下降，儘管在一個季度之後略有下降。

So do you think there's just a lot of volatility and just existing -- just industry volume decline now with a lot of e-vapor issue and as the pricing strategy does maybe evolving?

那麼，您是否認為存在很大的波動性並且只是存在 - 現在只是行業銷量下降，有很多電子蒸汽問題，而且定價策略可能會發生變化？

And if that's the case, I mean, how do you sort of get comfortable with that 4% to 5% long-term decline forecast for the industry?

如果是這樣的話，我的意思是，你如何看待該行業 4% 到 5% 的長期下滑預測？

Sure.

當然。

Based on the data we have available to us today, we're comfortable with our 4% to 5% forecast for this year and over the next 5 years.

根據我們今天掌握的數據，我們對今年和未來 5 年 4% 到 5% 的預測感到滿意。

But you are right to point out that there are a number of other variables that are influencing the decline rate in the cigarette category today, compared to 3 or 4 years ago.

但您正確地指出，與 3 或 4 年前相比，今天還有許多其他變量正在影響捲菸類別的下降率。

And frankly, that is why we took the step at the end of last year in providing you with both guidance and more detail on how we get to that guidance for the decline rate because it is a -- I believe, it's going to be a noisier environment for measuring that.

坦率地說，這就是為什麼我們在去年年底採取步驟，為您提供指導和更多關於我們如何獲得下降率指導的詳細信息，因為它是 - 我相信，這將是用於測量的嘈雜環境。

And I think our commitment to our investors is that as we get new information, we will apply that to our forecast methodology and to the approaches that we've used to forecast, and if there's any adjustments, we will make them.

我認為我們對投資者的承諾是，當我們獲得新信息時，我們會將其應用於我們的預測方法和我們用於預測的方法，如果有任何調整，我們將進行調整。

I will raise one that I don't think causes us to need to make an adjustment over the long-term decline rate forecast we made of 4% to 5%, but that if we get more experience with it and if we continue to make progress, it could be something we'll be discussing, probably next year, which is the impact of the increased age to purchase to 21.

我會提出一個我認為不會導致我們需要對我們做出的 4% 到 5% 的長期下降率預測進行調整的問題，但是如果我們在這方面獲得更多經驗並且如果我們繼續做出進展，這可能是我們將要討論的事情，可能是明年，這是購買年齡增加到 21 歲的影響。

And as I, hopefully, will we end up with the federal statute that essentially raises it nationwide, there is 2% of cigarette volume today that is in that legal age to 20 segment.

正如我所希望的那樣，我們最終會通過基本上在全國范圍內提高它的聯邦法規，今天有 2% 的捲煙量處於 20 歲的法定年齡段。

I don't think there's evidence, yet, that we're going to get to a uniform national standard that ought to be factored in.

我認為還沒有證據表明我們將製定一個應該考慮在內的統一國家標準。

But if we make progress on that, I do imagine we'll be talking about what impact that might have.

但如果我們在這方面取得進展，我想我們會討論這可能產生的影響。

And we don't have a lot of experience with that.

我們在這方面沒有太多經驗。

I don't think that it's going to suddenly just happen in one quarter, but it could be an influence over 2 years or 3 years.

我不認為它會在一個季度內突然發生，但它可能會影響 2 年或 3 年。

And I think as we learn about that, we would obviously make any adjustments.

我認為，當我們了解到這一點時，我們顯然會做出任何調整。

I have to tell you that 4% to 5% decline over a period of 5 years gives us a lot of opportunity to absorb that.

我必須告訴你，在 5 年的時間裡下降 4% 到 5% 給了我們很多吸收它的機會。

But it is clearly a time when there are more variables that we're moving around a bit more.

但這顯然是一個我們正在移動的變量更多的時候。

Yes.

是的。

Got it.

知道了。

Appreciate that.

感謝。

My last question is on JUUL performance.

我的最後一個問題是關於 JUUL 性能的。

So sequentially, obviously, some full interest given the flavor restrictions, can you just put that performance in the context of what you expect it to be put the restriction took place?

因此，很明顯，考慮到風味限制，一些人會很感興趣，你能不能把這種表現放在你期望限制發生的背景下？

Do you think this is a bit of just a temporary situation?

你認為這只是暫時的情況嗎？

And do you or JUUL have any kind of a forecast for how this plays out for the full year 2019 just from a JUUL's line growth perspective?

從 JUUL 的產品線增長角度來看，您或 JUUL 是否對 2019 年全年的情況有任何預測？

Yes.

是的。

I don't think that the results we got in the first quarter were much of a surprise to us.

我認為我們在第一季度獲得的結果並不令我們感到意外。

I think that the withdrawal of flavors, I think we knew was going to have an impact.

我認為口味的退出，我想我們知道會產生影響。

And frankly, I think that we do think that it's likely to have some help on driving down youth vaping so I think we thought that impact was worth it.

坦率地說，我認為我們確實認為它可能對減少年輕人使用電子煙有一些幫助，所以我認為我們認為這種影響是值得的。

Frankly, I wasn't surprised by the results and I was quite -- I think I was quite pleased by the fact that the -- JUUL in the first quarter, even though, the category growth slowed down, that it helped share.

坦率地說，我對結果並不感到驚訝，而且我非常 - 我認為我對第一季度的 - JUUL 感到非常高興，儘管類別增長放緩，但它有助於分享。

And I think it's performing quite nicely.

我認為它的表現非常好。

Your next question comes from the line of Adam Spielman of Citi.

你的下一個問題來自花旗銀行的 Adam Spielman。

So several of my other questions have been asked already.

所以我的其他幾個問題已經被問到了。

And I think you've already just mentioned, just to clarify something, I think you said right at the end of Judy's question of [succession] but that -- in the first quarter on Slide 18, you've got JUUL growing sequentially 3%.

我想你剛才已經提到過，只是為了澄清一些事情，我想你在 Judy 的 [繼承] 問題的最後說了，但是 - 在幻燈片 18 的第一季度，你有 JUUL 連續增長 3 %。

And I think you said it helps drag, so it implies the whole e-vapor category was growing only about 3% in Q1, is that correct?

我想你說它有助於拖累，所以這意味著整個電子蒸汽類別在第一季度僅增長了 3% 左右，對嗎？

Yes.

是的。

I think you're referring to our chart, right?

我想你指的是我們的圖表，對吧？

Yes.

是的。

What I'm really trying to get at is, you've given us a sequential growth for JUUL and I thank you for that, but if you look to the category -- when I say category of e-vapor, overall would it show the same pattern roughly?

我真正想表達的是，您為我們帶來了 JUUL 的連續增長，對此我表示感謝，但如果您查看類別——當我說電子蒸汽類別時，總體上會顯示大致相同的模式？

Or...

或者...

I mean I think the -- if you're referring to chart 18 where we show you from first quarter of 2018 to first quarter of 2019, and we've got the volume for the overall e-vapor category, we colored in JUUL's performance, but the sequential quarterly growth numbers are actually for the total e-vapor category and so...

我的意思是我認為——如果你指的是我們向你展示的 2018 年第一季度到 2019 年第一季度的圖表 18，並且我們已經了解了整個電子蒸汽類別的數量，我們在 JUUL 的表現中進行了著色，但連續的季度增長數字實際上是針對電子蒸汽總類別的，所以......

Oh, I misunderstood that.

哦，我誤會了。

Of course.

當然。

Yes.

是的。

The category overall on a year-over-year basis has had quite nice growth.

該類別總體上同比增長相當不錯。

But it has slowed down.

但它已經放緩。

You'll notice the slowdown really started in the fourth quarter, which is when flavors were first withdrawn.

您會注意到增長放緩真正開始於第四季度，也就是口味首次被撤回的時候。

And then it slowed down even more in the first quarter and we don't -- we didn't provide a specific number on JUUL.

然後它在第一季度放慢了更多，我們沒有——我們沒有提供 JUUL 的具體數字。

But as you can see from the chart, JUUL continued to perform quite nicely and really represented on a year-over-year basis the growth of the category.

但正如您從圖表中看到的那樣，JUUL 繼續表現得相當不錯，並且真正代表了該類別的同比增長。

And just to be clear, the 0.44 refers to the whole category, not to JUUL?

需要明確的是，0.44 指的是整個類別，而不是 JUUL？

That's right.

這是正確的。

Okay.

好的。

So I misunderstood it.

所以我誤會了。

Okay, that's very clear.

好的，這很清楚。

And I may have missed this, but am I right, because under the service agreement, you -- JUUL will be able to access your database -- or markets somehow through your database and put inserts and onserts into your packs, but do you have any sense of when that's going to begin because my impression is it hasn't yet?

我可能錯過了這一點，但我是對的，因為根據服務協議，你——JUUL 將能夠訪問你的數據庫——或者通過你的數據庫以某種方式進行市場營銷，並將插入和插入放入你的包中，但是你有嗎知道什麼時候開始，因為我的印像是還沒有開始？

Yes.

是的。

We -- So I think the way I would phrase it is that JUUL, like the other operating companies at Altria, can access -- or can provide offers to customers that are on the adult tobacco consumer database.

我們——所以我認為我要表達的方式是 JUUL 和奧馳亞的其他運營公司一樣，可以訪問——或者可以向成人煙草消費者數據庫中的客戶提供報價。

The actual planning of those offers and the sequencing of them across our companies including JUUL, and the execution of them, comes through Altria personnel that are in our marketing services organization.

這些報價的實際規劃和它們在我們公司（包括 JUUL）中的排序，以及它們的執行，都是通過我們營銷服務組織中的奧馳亞人員進行的。

But you are right that, that marketing services organization has added JUUL to the roster of companies that can procure those services from them, and it is both direct-mail communication and it's also onserts.

但你是對的，那個營銷服務組織已經將 JUUL 添加到可以從他們那裡採購這些服務的公司名單中，它既是直接郵件通信，也是廣告。

You are also right that there's been relatively light activity in the first quarter, and I would expect to see more activity in quarters 2, 3 and 4, and that will be both direct-mail drops and inserts in the product.

你也是對的，第一季度的活動相對較少，我希望在第二、第三和第四季度看到更多的活動，這將是直接郵寄和產品插入。

And of course, we always manage -- particularly, with regard to the database, we always manage the sequencing and the amount of mail that we send to consumers on the database.

當然，我們總是管理——特別是關於數據庫，我們總是管理我們發送給數據庫消費者的郵件的順序和數量。

So JUUL will be sequenced in with offers from our other tobacco brands.

因此，JUUL 將與我們其他煙草品牌的優惠同時進行。

That's really very helpful.

這真的很有幫助。

And just one final question.

最後一個問題。

Can you actually -- did JUUL tell you what their plans and expectations are for the -- going forward?

你真的可以 - JUUL 告訴你他們的計劃和期望是什麼 - 前進嗎？

Or is it simply, they report to you what they've done after the quarter ends?

或者只是簡單地說，他們會在季度結束後向您報告他們所做的事情？

Yes.

是的。

I would say, through our Board observer, our Board observer has access to the communications that they share with the Board members.

我想說，通過我們的董事會觀察員，我們的董事會觀察員可以訪問他們與董事會成員共享的通信。

And then at quarter end, our Investor Relations group as a relationship with JUUL where they discuss JUUL's performance for the quarter, and they discuss what information we will share.

然後在季度末，我們的投資者關係小組與 JUUL 建立了關係，他們討論了 JUUL 本季度的業績，並討論了我們將分享哪些信息。

So we do not have a, kind of, a real-time sharing relationship.

所以我們沒有某種實時共享關係。

That is driven by the fact that we haven't got an HSR approval and it probably wouldn't be appropriate.

這是因為我們尚未獲得 HSR 批准，這可能不合適。

Yes.

是的。

So that's very clear.

所以這很清楚。

So the follow-up question to that is, is it right to believe that the JUUL's board expects JUUL volumes to accelerate in the rest of 2019?

那麼接下來的問題是，相信 JUUL 董事會預計 JUUL 銷量將在 2019 年剩餘時間加速增長是否正確？

Yes.

是的。

I don't know that I would comment on that.

我不知道我會對此發表評論。

You'll have to look back to the forecast.

你必須回顧一下預測。

At this time, I would like to turn the call back over to Ms. Paige Magness for closing comments.

此時，我想將電話轉回給 Paige Magness 女士以徵求意見。

Thank you, all, for joining our call this morning.

感謝大家今天早上加入我們的電話會議。

And if you have any follow-up questions, please call us at Investor Relations.

如果您有任何後續問題，請致電投資者關係部聯繫我們。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。