奧馳亞 (MO) 2023 Q1 法說會逐字稿

Good day, and welcome to the Altria Group 2023 First Quarter Earnings Conference Call. Today's call is scheduled to last about 1 hour, including remarks with Altria's management and a question-and-answer 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.

美好的一天，歡迎來到奧馳亞集團 2023 年第一季度收益電話會議。今天的電話會議計劃持續約 1 小時，包括與奧馳亞管理層的評論和問答環節。 （操作員說明）投資界和媒體的代表將能夠在準備好的發言結束後提問。

I would now like to turn the call over to Mac Livingston, Vice President of Investor Relations with Altria Client Services. Please go ahead, sir.

我現在想把電話轉給奧馳亞客戶服務部投資者關係副總裁 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 first quarter business results.

謝謝，凱蒂。早上好，感謝您加入我們。今天早上，奧馳亞的首席執行官 Billy Gifford；我們的首席財務官 Sal Mancuso 將討論奧馳亞第一季度的經營業績。

Earlier today, we issued a press release providing our results. The release, presentation, quarterly metrics and our latest corporate responsibility reports are all available at altria.com. During our call today, unless otherwise stated, we're comparing results to the same period in 2022.

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、介紹、季度指標和我們最新的企業責任報告都可以在 altria.com 上找到。在我們今天的電話會議中，除非另有說明，否則我們會將結果與 2022 年同期進行比較。

Our remarks contain forward-looking and cautionary statements and projections of future results. Please review the forward-looking and cautionary statements section at the end of today's earnings release for various factors that could cause actual results to differ materially from projections. Future dividend payments and share repurchases remain subject to the discretion of our Board.

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。未來的股息支付和股票回購仍由我們的董事會酌情決定。

We report our 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.

我們根據美國公認的會計原則報告我們的財務結果。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。

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

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。最後，今天對煙草消費者或特定煙草類別或細分市場的消費者的所有提及均指 21 歲或以上的現有成年煙草消費者。

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

有了這個，我會把電話轉給比利。

Thanks, Mac. Good morning, and thank you for joining us. We are off to a strong start and believe our businesses are on track to deliver against full year plans.

謝謝，麥克。早上好，感謝您加入我們。我們開局良好，相信我們的業務有望實現全年計劃。

Our tobacco businesses performed well in a challenging macroeconomic environment, and we announced exciting progress toward our vision. Highlights from our first quarter included strong adjusted diluted earnings per share growth of 5.4%, resilient in-market performance from our leading brands, including Marlboro and Copenhagen and continued volume and share growth from on! and announcements made at our Investor Day, including updates on our pending acquisition of NJOY, the unveiling of our exciting smoke-free products in development, and the introduction of our 2028 enterprise goals.

我們的煙草業務在充滿挑戰的宏觀經濟環境中表現良好，我們宣佈在實現我們的願景方面取得了令人振奮的進展。我們第一季度的亮點包括調整後攤薄每股收益強勁增長 5.4%，我們的領先品牌（包括萬寶路和哥本哈根）在市場上表現強勁，銷量和份額持續增長！以及在我們的投資者日發布的公告，包括我們即將收購 NJOY 的最新消息、我們正在開發的令人興奮的無菸產品的揭幕，以及我們 2028 年企業目標的介紹。

Let's now review first quarter results in more detail, beginning with the macroeconomic environment and its impact on industry cigarette volumes. In the first quarter, consumer discretionary income levels remained under pressure due to the negative effect of higher inflation over the past year. As a reminder, the cigarette industry experienced a higher rate of volume decline beginning in the second quarter of 2022 as smokers shifted their purchasing behaviors as a result of widespread inflation and the rapid increase in gas prices that were exacerbated by the Russian invasion of Ukraine. While gas prices began to recede in the second half of last year, higher inflation persisted across other goods and services and cigarette volumes remain under pressure.

現在讓我們更詳細地回顧一下第一季度的結果，從宏觀經濟環境及其對行業捲菸銷量的影響開始。第一季度，由於過去一年通脹上升的負面影響，消費者可自由支配的收入水平仍然面臨壓力。提醒一下，從 2022 年第二季度開始，由於普遍的通貨膨脹和俄羅斯入侵烏克蘭加劇了天然氣價格的快速上漲，吸煙者改變了他們的購買行為，捲菸行業的銷量下降速度加快。雖然去年下半年汽油價格開始回落，但其他商品和服務的通貨膨脹率持續上升，捲菸銷量仍面臨壓力。

Moving into the first quarter of 2023, the cumulative effects of inflation over the past several quarters continue to impact tobacco consumers, discretionary income and tobacco industry volumes. We will continue to monitor these factors and their impact on tobacco consumers as we progress throughout the year. Sal will provide additional color on industry volume in his remarks.

進入 2023 年第一季度，過去幾個季度通貨膨脹的累積影響繼續影響煙草消費者、可支配收入和煙草業銷量。隨著我們全年的進展，我們將繼續監測這些因素及其對煙草消費者的影響。 Sal 將在他的評論中提供更多關於行業數量的顏色。

Let's now turn to the oral tobacco category. We are excited by the continued growth of Oral Nicotine Pouch products, which grew their share of the total oral tobacco category for the 20th consecutive quarter. Oral nicotine pouches grew 7.1 share points year-over-year and now represent 26.2% of the oral tobacco category. Encouragingly, continued oral nicotine pouch growth was the primary contributor to the estimated 1% increase in total oral tobacco volumes over the past 6 months.

現在讓我們轉向口腔煙草類別。我們對口服尼古丁袋裝產品的持續增長感到興奮，該產品連續第 20 個季度增加了其在整個口服煙草類別中的份額。口服尼古丁小袋同比增長 7.1 個百分點，目前佔口服煙草類別的 26.2%。令人鼓舞的是，在過去 6 個月中，口腔尼古丁袋的持續增長是導致口腔煙草總量估計增加 1% 的主要原因。

Helix grew on! reported shipment volume to 25.2 million cans during the first quarter, an increase of 38%. on! continued its momentum at retail growing its share of total oral tobacco category by 2.4 share points to 6.5% and on! continue to grow its share of the nicotine pouch category reaching 24.6% in the first quarter, up 3.3 percentage points.

Helix 繼續成長！報告第一季度出貨量為 2520 萬罐，增長 38%。在！繼續保持零售勢頭，將其在口腔煙草總類別中的份額增加 2.4 個百分點，達到 6.5% 並繼續增長！其在尼古丁袋品類中的份額繼續增長，第一季度達到 24.6%，上升 3.3 個百分點。

Notably, on! outgrew then sequentially on an absolute basis in 50,000 stores. Helix delivered these impressive results as on!'s retail price grew 7% sequentially and 32% versus the year ago period. We believe on!'s ability to continue to grow share while effectively reducing its promotional investment demonstrates the strength of its product portfolio and brand equity. Helix is continuing its focus while strategically investing behind the brand as the category grows and remains committed to achieving profitability in 2025.

值得注意的是，在！然後在 50,000 家商店的絕對基礎上連續增長。 Helix 取得了這些令人印象深刻的成果！零售價環比增長 7%，與去年同期相比增長了 32%。我們相信！在有效減少促銷投資的同時繼續擴大市場份額的能力證明了其產品組合和品牌資產的實力。隨著品類的增長，Helix 繼續專注於該品牌的戰略投資，並繼續致力於在 2025 年實現盈利。

Let's now move to e-vapor, which has been the most successful category in the U.S. in transitioning smokers to alternative products. We believe the category is continuing to undergo a significant reset, and we estimate that first quarter e-vapor volumes decreased 11% versus a year ago and 1% sequentially.

現在讓我們轉向電子煙，這是美國在將吸煙者轉變為替代產品方面最成功的類別。我們認為該類別將繼續進行重大調整，我們估計第一季度電子蒸汽量比去年同期下降 11%，環比下降 1%。

We have observed a decline in traditional multi-outlet and convenience channel volumes, which we believe is primarily a result of the FDA marketing denial orders issued for JUUL and MyBlu. This volume decline has been partially offset by increased volume in nontraditional channels, such as e-commerce and vape stores. We are excited about our pending acquisition of NJOY and its portfolio of e-vapor products. NJOY is the only company to receive a marketing granted order for pod-based product. We continue to believe the strength of our commercial resources can benefit smokers and vapors across the U.S. and expand smoke-free competition in stores where NJOY ACE has not been distributed. The completion of the NJOY transaction is subject to customary closing conditions, including clearance from the Federal Trade Commission.

我們觀察到傳統的多渠道和便利渠道銷量下降，我們認為這主要是 FDA 對 JUUL 和 MyBlu 發出的營銷拒絕令造成的。這一銷量下降已被電子商務和電子菸商店等非傳統渠道銷量的增加部分抵消。我們對即將收購 NJOY 及其電子蒸汽產品組合感到興奮。 NJOY 是唯一一家獲得基於豆莢產品的營銷授權訂單的公司。我們仍然相信，我們的商業資源優勢可以使全美的吸煙者和電子煙受益，並在尚未分銷 NJOY ACE 的商店中擴大無菸競爭。 NJOY 交易的完成取決於慣例成交條件，包括聯邦貿易委員會的許可。

Moving to the regulatory environment. We remain optimistic about the future of harm-reduction in the U.S., and we continue to encourage the FDA to make more progress for the benefit of the $47 million tobacco consumers. In February, the FDA provided a response to the Reagan-Udall Foundation's assessment of FDA's tobacco operations. We are encouraged that the agency recognizes some important areas for improvement, including developing and communicating a 5-year strategic plan, improving transparency and defining more efficient product pathways, increasing enforcement of marketing denial orders, and exploring ways that the agency can and should address nicotine misperceptions through communications. We look forward to learning more details on these efforts.

轉向監管環境。我們對美國減少危害的未來保持樂觀，我們繼續鼓勵 FDA 為 4700 萬美元的煙草消費者的利益取得更多進展。 2 月，FDA 對 Reagan-Udall 基金會對 FDA 煙草業務的評估做出了回應。我們感到鼓舞的是，該機構認識到一些需要改進的重要領域，包括制定和傳達 5 年戰略計劃、提高透明度和定義更有效的產品途徑、加強營銷拒絕令的執行，以及探索該機構能夠而且應該解決的方法通過交流對尼古丁的誤解。我們期待了解有關這些努力的更多細節。

In addition, FDA enforcement is critical to making continued progress toward reducing youth usage of e-vapor products. The FDA has the necessary enforcement tools. and we encourage them to take the appropriate action against noncompliant manufacturers. We continue to believe that harm-reduction, not prohibition, is the best path forward, and we have made this clear in the public comments we submitted in response to the FDA's proposed menthol ban. Our comments highlight the many unintended consequences of prohibition, including the adoption of adulterated and unregulated products and the development of illicit markets. Unfortunately, we believe a number of those consequences are playing out in California, where a ban on flavored nicotine products went into effect in late 2022.

此外，FDA 的執法對於在減少青少年使用電子蒸汽產品方面取得持續進展至關重要。 FDA 擁有必要的執法工具。我們鼓勵他們對不合規的製造商採取適當的行動。我們仍然相信，減少危害而不是禁止是最好的前進道路，我們在為響應 FDA 擬議的薄荷醇禁令而提交的公眾評論中明確表示了這一點。我們的評論強調了禁令的許多意想不到的後果，包括採用摻假和不受管制的產品以及非法市場的發展。不幸的是，我們認為其中一些後果正在加利福尼亞州上演，那裡對調味尼古丁產品的禁令於 2022 年底生效。

Our operating companies immediately [ceased] their shipment of products to California wholesalers that we determined were not compliant with the law. A brands continue to perform well in the state with Marlboro and Copenhagen growing retail share sequentially. However, we remain concerned with the lack of enforcement in the state as some flavored products remained in the market. We also believe some manufacturers have introduced new products, or rebranded existing ones to sidestep the purpose of the law.

我們的運營公司立即 [停止] 向我們確定不符合法律規定的加利福尼亞批發商運送產品。 A 品牌在該州繼續表現良好，萬寶路和哥本哈根的零售份額依次增長。然而，我們仍然擔心該州缺乏執法，因為市場上仍有一些調味產品。我們還認為，一些製造商推出了新產品，或對現有產品進行了更名，以規避法律的目的。

In March, menthol cigarettes still represented nearly 40% of the volumes sold in the multi-outlet channel in California, an increase of 1.3 percentage points from January. Additionally, we have seen evidence that some California smokers are self-mentholating their cigarettes using alternative products such as flavor cards and menthol drops. We have also observed flavored e-vapor products in the market that appear to have been renamed to mislead state regulators. And trade dynamics in surrounded states suggest that some smokers are crossing state borders to purchase menthol products. For example, the share of menthol in Nevada increased 1.3 percentage points sequentially in the first quarter to 37.4%. We believe this is significant as the total share of menthol in Nevada has not been greater than 36.5% over the past 4 years.

3 月份，薄荷捲菸仍佔加州多渠道銷售量的近 40%，比 1 月份增加了 1.3 個百分點。此外，我們已經看到一些證據表明，一些加州吸煙者正在使用風味卡和薄荷醇滴劑等替代產品自行薄荷香煙。我們還觀察到市場上的調味電子蒸汽產品似乎已重新命名以誤導州監管機構。周圍各州的貿易動態表明，一些吸煙者正在跨越州界購買薄荷醇產品。例如，薄荷醇在內華達州的份額在第一季度環比增長了 1.3 個百分點，達到 37.4%。我們認為這很重要，因為過去 4 年內華達州薄荷醇的總份額不超過 36.5%。

Compliance remains a top priority, and our government affairs teams are engaging with California government officials to encourage them to enhance enforcement and to hold all manufacturers to the same standard. Our goal is for policymakers to embrace harm-reduction as the proper framework for tobacco and nicotine product regulation. In fact, public opinion strongly favor harm-reduction over prohibition, and science shows a significant public health benefit of moving smokers away from combustible products toward a smoke-free future.

合規仍然是重中之重，我們的政府事務團隊正在與加州政府官員合作，鼓勵他們加強執法並讓所有製造商遵守相同的標準。我們的目標是讓政策制定者將減少危害作為煙草和尼古丁產品監管的適當框架。事實上，公眾輿論強烈支持減少危害而不是禁止，科學表明讓吸煙者遠離可燃產品走向無菸未來對公共健康有重大好處。

As we described at our Investor Day, we are continuing our efforts to create the conditions for harm-reduction to succeed through advocacy, engagement and our actions. I believe we are well positioned for success in 2023 and beyond. And while the external environment remains dynamic, I am confident that we have the tools in place to succeed. We have amazing brands, sound strategies and most importantly, talented indebted employees.

正如我們在投資者日所描述的那樣，我們正在繼續努力通過宣傳、參與和我們的行動為減少危害創造條件以取得成功。我相信我們已做好充分準備，在 2023 年及以後取得成功。雖然外部環境仍然充滿活力，但我相信我們擁有成功的工具。我們擁有令人驚嘆的品牌、穩健的戰略，最重要的是，我們擁有才華橫溢、負債累累的員工。

With these things in mind, we reaffirm our guidance to deliver 2023 full year adjusted diluted EPS and in a range of $4.98 to $5.13. This range represents an adjusted diluted EPS growth rate of 3% to 6% from a $4.84 base in 2022 and excludes the potential financial impacts of the pending NJOY transaction.

考慮到這些因素，我們重申我們的指導方針，即交付 2023 年全年調整後的攤薄每股收益，範圍為 4.98 美元至 5.13 美元。該範圍代表從 2022 年的 4.84 美元基數調整後的稀釋後每股收益增長率為 3% 至 6%，並且不包括待處理的 NJOY 交易的潛在財務影響。

I'll now turn it over to Sal to provide more detail on the business environment and our results.

我現在將其轉交給 Sal，以提供有關業務環境和我們結果的更多詳細信息。

Thanks, Billy. In the smokeable products segment, we continue to execute our strategy of maximizing profitability in combustibles over the long term while appropriately balancing investments in Marlboro funding the growth of our smoke-free portfolio.

謝謝，比利。在可吸產品領域，我們繼續執行我們的戰略，即在可燃產品中實現長期盈利能力最大化，同時適當平衡對萬寶路的投資，為我們的無菸產品組合的增長提供資金。

Smokeable segment adjusted operating companies income was essentially unchanged, and the segment expanded its adjusted OCI margins to 60.4%, driven by strong net price realization of 10.9%. As a reminder, manufacturer price realization does not reflect the retail price change.

Smokeable 部門調整後的運營公司收入基本沒有變化，並且在 10.9% 的強勁淨價實現的推動下，該部門將其調整後的 OCI 利潤率擴大至 60.4%。提醒一下，製造商價格實現並不反映零售價格變化。

At retail, Marlboro's net pack price increased 6.8% in the first quarter compared to last year. Total smokeable segment reported shipment volumes declined by 11.1% in the first quarter, as an 11.4% decline in cigarette volumes was partially offset by modest growth in cigars. When adjusted for trade inventory movement, calendar differences and other factors, we estimate that segment domestic cigarette volumes for the first quarter declined by 11% and that industry volumes declined by 9% over the same period.

在零售方面，第一季度萬寶路的淨包裝價格與去年同期相比上漲了 6.8%。總可吸部分報告的第一季度出貨量下降了 11.1%，因為捲菸銷量下降 11.4% 被雪茄的適度增長部分抵消了。在根據貿易庫存變動、日曆差異和其他因素進行調整後，我們估計第一季度國內捲煙細分市場銷量下降 11%，同期行業銷量下降 9%。

As Billy mentioned, we believe that industry volume trends have been negatively impacted by the cumulative effects of higher inflation, and we expect volume declines to moderate over time as the macroeconomic environment stabilizes. At retail, the discount segment grew 1.8 share points in the first quarter and 0.5 sequentially. We believe some smokers today are trading down as a result of adverse financial conditions. We continue to see increased competitive activity in the discount segment, including multiple branded discount offerings priced at deep discount levels.

正如 Billy 所提到的，我們認為行業銷量趨勢受到更高通脹的累積影響的負面影響，我們預計隨著宏觀經濟環境的穩定，銷量下降將隨著時間的推移而緩和。在零售方面，折扣部門第一季度增長 1.8 個份額點，環比增長 0.5 個。我們認為，由於不利的財務狀況，今天一些吸煙者正在交易。我們繼續看到折扣領域的競爭活動不斷增加，包括以大幅折扣價定價的多個品牌折扣產品。

Marlboro share declined 0.2 sequentially and 0.6 versus the year ago period, partially driven by the discount dynamics that I described, we have also seen a decline in Marlboro's menthol share of the total category as a result of the California flavor ban and increased competitive activity from premium menthol brands in the balance of the country. However, we believe that Marlboro remains the aspirational brand in the category as it retained the majority of its share in this challenging environment, growing its share of the premium segment to 58.5%, an increase of 0.1 sequentially and 0.7 year-over-year, while other brands ceded share in the segment.

萬寶路的份額環比下降 0.2，與去年同期相比下降 0.6，部分原因是我所描述的折扣動態，我們還看到萬寶路的薄荷醇在總類別中的份額下降，這是由於加利福尼亞風味禁令和競爭活動的增加該國其他地區的優質薄荷醇品牌。然而，我們認為萬寶路仍然是該類別中令人嚮往的品牌，因為它在這個充滿挑戰的環境中保留了大部分份額，將其在高端市場的份額增長到 58.5%，環比增長 0.1，同比增長 0.7，而其他品牌則放棄了該細分市場的份額。

And we believe at PM USA has the appropriate tools to navigate this challenging environment. For example, we recently announced a series of investments behind the Marlboro Black family of products, which are intended to provide additional support for price-sensitive Marlboro smokers. Included in these investments is the introduction of Marlboro Black Gold pack non-menthol offerings with a smooth flavor and rich taste. These products are intended to bolster the offerings within the Marlboro Black family of products and will be available nationwide beginning in May.

我們相信 PM USA 擁有適當的工具來應對這個充滿挑戰的環境。例如，我們最近宣布了對 Marlboro Black 系列產品的一系列投資，旨在為對價格敏感的 Marlboro 吸煙者提供額外支持。這些投資包括推出具有順滑口感和豐富口感的萬寶路黑金包裝非薄荷醇產品。這些產品旨在加強 Marlboro Black 產品系列中的產品，並將於 5 月開始在全國范圍內銷售。

Our RGM and advanced analytics capabilities inform the geographies and promotional rates for these strategic investments, allowing us to be precise with our spend while supporting our overall strategy for the segment. And as a result of the flavor ban in California, PM USA shipments to California retailers declined 12.8% in the state while reported industry shipments to retailers declined 18.8%. We've included more details related to first quarter California market dynamics in our metrics document that is available on altria.com.

我們的 RGM 和高級分析能力為這些戰略投資提供了地理位置和促銷率信息，使我們能夠精確地支出，同時支持我們對該細分市場的整體戰略。由於加利福尼亞州的香料禁令，PM USA 對該州零售商的出貨量下降了 12.8%，而報告的行業對零售商的出貨量下降了 18.8%。我們在 altria.com 上提供的指標文檔中包含了與第一季度加州市場動態相關的更多詳細信息。

Moving to the oral tobacco products segment. Adjusted OCI grew 2.2% in the first quarter and the segment delivered strong adjusted OCI margins of 69.3%. Total segment reported shipment volume decreased 1.8% as growth in on! was more than offset by lower MST volumes. When adjusted for calendar differences and trade inventory movements, we estimate that first quarter oral tobacco segment volumes declined by an estimated 3%. Oral Tobacco Products segment retail share declined 1.8 percentage points as declines in our MST brands were partially offset by the continued growth of on!. We continue to be encouraged by the performance of our oral tobacco products as on! continued to grow share in the category and Copenhagen remained the category leader.

轉向口腔煙草產品領域。第一季度調整後的 OCI 增長 2.2%，該部門調整後的 OCI 利潤率強勁，達到 69.3%。隨著增長，總細分市場報告的出貨量下降了 1.8%！被較低的 MST 數量所抵消。在根據日曆差異和貿易庫存變動進行調整後，我們估計第一季度口腔煙草部門的銷量下降了約 3%。口服煙草產品部門的零售份額下降了 1.8 個百分點，因為我們的 MST 品牌的下降部分被 on! 的持續增長所抵消。我們繼續為我們的口腔煙草產品的性能感到鼓舞！在該類別中的份額繼續增長，哥本哈根仍然是該類別的領導者。

Turning to our investment in ABI. We recorded $180 million of adjusted equity earnings for the quarter, up 28%. We continue to view the ABI stake as a financial investment, and our goal remains to maximize the long-term value of the investment for our shareholders. Our balance sheet remains strong. And as of the end of the first quarter, our debt-to-EBITDA ratio was 2.1. In February, we retired $1.3 billion of notes that came due with available cash. And as part of the IQOS agreement we announced last fall, we expect to receive the remaining $1.7 billion plus interest from Philip Morris International by July of this year.

轉向我們對 ABI 的投資。本季度我們錄得 1.8 億美元的調整後股權收益，增長 28%。我們繼續將 ABI 股權視為一項金融投資，我們的目標仍然是為股東實現投資的長期價值最大化。我們的資產負債表依然強勁。截至第一季度末，我們的債務與 EBITDA 之比為 2.1。 2 月，我們收回了 13 億美元的可用現金到期票據。作為我們去年秋天宣布的 IQOS 協議的一部分，我們預計將在今年 7 月之前從 Philip Morris International 收到剩餘的 17 億美元外加利息。

We remain committed to creating long-term shareholder value through the pursuit of our vision and our focus on significant capital returns. We demonstrated this commitment in the first quarter, by paying approximately $1.7 billion in dividends and announcing a new progressive dividend goal that targets mid-single-digit dividend growth annually through 2028. Due to the timing of our announcement of the NJOY transaction, we did not repurchase any shares in the first quarter. As of March 31, we had $1 billion remaining under the current share repurchase program, which we expect to complete by the end of this year.

我們始終致力於通過追求我們的願景和關注顯著的資本回報來創造長期股東價值。我們在第一季度展示了這一承諾，支付了約 17 億美元的股息，並宣布了一個新的漸進式股息目標，目標是到 2028 年每年實現中個位數股息增長。由於我們宣布 NJOY 交易的時間安排，我們確實做到了一季度不回購任何股份。截至 3 月 31 日，我們目前的股票回購計劃還剩 10 億美元，我們預計該計劃將在今年年底前完成。

With that, we'll wrap up and Billy and I will be happy to take your questions. While the calls are being compiled, I'll remind you that today's earnings release and our non-GAAP reconciliations are available on altria.com. We've also posted our usual quarterly metrics, which include pricing, inventory and other items.

至此，我們將結束，比利和我將很樂意回答您的問題。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。我們還發布了我們通常的季度指標，包括定價、庫存和其他項目。

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

現在讓我們打開問答環節。接線員，我們有什麼問題嗎？

(Operator Instructions) Our first question comes from Bonnie Herzog with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Bonnie Herzog。

I guess my first question is on your cig volumes, which were pretty pressured this quarter down 11%, and that's actually comping some pretty significant decline. So could you maybe just -- I don't know, I'm thinking take a step back for us and then give us a better sense of what you're seeing in the category? How much of the pressure is attributable to down-trading and then the pressures that are mounting on the consumer. Also, it looks like many of your estimates for the industry, which now appears strong. So just maybe a little more color on what's driving that change would be helpful.

我想我的第一個問題是關於你的 cig 銷量，本季度它的壓力很大，下降了 11%，這實際上是一些相當顯著的下降。那麼你能不能——我不知道，我想為我們退後一步，然後讓我們更好地了解你在這個類別中看到的是什麼？有多少壓力可歸因於降價交易，然後是消費者承受的壓力。此外，看起來您對該行業的許多估計現在看起來很強勁。因此，也許對推動這種變化的因素多加一點顏色會有所幫助。

Sure. Thanks for the question, Bonnie. I think, I'll try to take it in part. So, I think when you think about the consumer, we tried to highlight in our remarks where you're seeing the cumulative impact of high inflation across all of their spending categories. So it's not just high inflation in the quarter, it's the cumulative impact of that through time. I think certainly, you're seeing interest rates climb, which is impacting consumers, mortgages, credit cards, car loans. And underneath all that, to respond to the consumer, we are seeing accelerated debt as well as decline of savings rates.

當然。謝謝你的問題，邦妮。我想，我會試著參與其中。所以，我認為當你想到消費者時，我們試圖在我們的評論中強調你看到高通脹對他們所有支出類別的累積影響。因此，這不僅僅是本季度的高通脹，而是隨著時間的推移累積的影響。我想當然，你看到利率攀升，這正在影響消費者、抵押貸款、信用卡、汽車貸款。在這一切之下，為了回應消費者，我們看到債務加速增長以及儲蓄率下降。

So they're using what they have available to them. But it's the cumulative impact of that. It's not new to the cigarette space. I think you can go back in history a bit, and we see other instances where the consumer came under extreme pressure. You can look at the '08, '09 period or '01, '02 period. And you see where the consumer in those instances were under pressure because of the recessions that were taken place. Here, the other factors I described, we feel like we have the tools in place. I think you see the resiliency of Marlboro in the marketplace, gaining share in the premium space. Certainly, we've seen competitors, I'll call it using your term, Bonnie, running share at the bottom, where they're pricing some of their discount brands at deep discount levels.

所以他們正在使用他們可用的東西。但這是累積的影響。這對香煙領域並不陌生。我想你可以回顧一下歷史，我們看到了消費者承受巨大壓力的其他例子。您可以查看'08、'09 期間或'01、'02 期間。你會看到，在那些情況下，消費者因經濟衰退而承受壓力。在這裡，我描述的其他因素，我們覺得我們有適當的工具。我想你看到了萬寶路在市場上的彈性，在高端市場獲得了份額。當然，我們已經看到競爭對手，我會用你的術語來稱呼它，邦妮，在底部運行份額，他們以極低的折扣水平為他們的一些折扣品牌定價。

And really, if you think about our strategy in the cigarette space, that's to maximize profitability over the long term while making appropriate investments in Marlboro and the growth areas. I think when you think about the question about price elasticity, yes, we made the minor investment at Investor Day. But if you look at even the decomposition that we provided in our metrics, you can see that's been pretty consistent over the past 4 periods that we showed on a 12-month moving. We really don't see anything there from a standpoint of the consumer -- any changes in the price elasticity other than the minor adjustment that we made going into Investor Day.

事實上，如果你考慮一下我們在捲菸領域的戰略，那就是在對萬寶路和增長領域進行適當投資的同時，最大限度地提高長期盈利能力。我想當你考慮價格彈性的問題時，是的，我們在投資者日進行了少量投資。但是，如果您查看我們在指標中提供的分解，您會發現在過去 4 個時期內，我們在 12 個月的移動中顯示的情況非常一致。從消費者的角度來看，我們真的看不到任何東西——除了我們在投資者日所做的微小調整之外，價格彈性有任何變化。

All right. And then just maybe one more question just as it relates to price gaps and your share, your relative price gaps have widened again this quarter, I guess, to 43%. So, why don't we get a sense from you how concerned are you about that as well as Marlboro share was pressured, obviously, given some of the obvious pressures you've highlighted on the consumer but maybe also in light of the frequency and strength on some of the pricing actions you guys actually just took your stock price increase this year.

好的。然後可能還有一個問題，因為它與價格差距和您的份額有關，我猜本季度您的相對價格差距再次擴大到 43%。那麼，為什麼我們不從你那裡了解到你對此有多關心以及萬寶路的份額是否受到壓力，顯然，考慮到你強調消費者面臨的一些明顯壓力，但也可能考慮到頻率和你們今年的一些定價行動的實力實際上只是讓你們的股價上漲。

So just trying to get a sense of how much room do you see for further pricing at these levels? And how flexible maybe are you in terms of your promotional strategy as ways to offset some of the pressure the consumer is facing. I guess I'm just wondering if there's a point where it becomes difficult to keep some of the Marlboro consumers in the brand family.

因此，只是想了解一下您認為在這些水平上進一步定價的空間有多大？您在促銷策略方面的靈活性如何，可以抵消消費者面臨的一些壓力。我想我只是想知道是否有一點很難讓一些萬寶路消費者留在品牌家族中。

Yes, I appreciate the question, Bonnie. And I'm sure you've seen with your connections to retail as part of that price announcement, we also made a separate announcement making some adjustments to promotional spend in the marketplace. Those adjustments are really down at the local level. And what we are seeing were pockets of area where we felt like Marlboro menthol was under pressure and Sal highlighted in his remarks, stepped up promotional spend by a competitor in the menthol space. So we're making some adjustments there using various packings within the Marlboro franchise depending on what resonates with the consumer in those localities.

是的，我很欣賞這個問題，邦妮。我敢肯定，作為價格公告的一部分，您已經看到與零售業的聯繫，我們還單獨發布了公告，對市場的促銷支出進行了一些調整。這些調整實際上是在地方一級進行的。我們看到的是一些區域，我們覺得萬寶路薄荷醇面臨壓力，薩爾在他的言論中強調，薄荷醇領域的競爭對手加大了促銷支出。因此，我們正在那裡使用萬寶路特許經營權中的各種包裝進行一些調整，具體取決於當地消費者的共鳴。

Some of the other adjustments are related to exactly your question, where we see the consumer under extreme economic pressure, and we're making some adjustments within the Marlboro franchise on promotional spend to cataract and give them a place where they can continue to engage with Marlboro. It's not new. We've done this before Bonnie. I'm sure you're well aware whether you think about Marlboro Special Blend in history, which is now Special Select in the marketplace.

其他一些調整與您的問題完全相關，我們看到消費者承受著極端的經濟壓力，我們正在萬寶路特許經營中對白內障的促銷支出進行一些調整，並為他們提供一個可以繼續參與的地方萬寶路。這不是新的。我們在邦妮之前就這樣做過。我相信您很清楚您是否想到了歷史上的 Marlboro Special Blend，它現在是市場上的 Special Select。

What it allows us to do is to keep the consumer who aspires to be a Marlboro consumer engage with Marlboro. And then as their economic conditions change, we can actually shrink that promotional discount to the Marlboro mainline. And what we see through time is it's actually much more efficient and effective because we see in going back in history when we did it with special blends, some of the consumers as we shrunk that discount product to mainline and some of them stuck with Special Blend because it was a flavor that they enjoyed. So we feel like we have the tools available to us, and we'll continue to monitor all those adjustments that we announced effective May were included in the reaffirmation of the guidance.

它允許我們做的是讓渴望成為萬寶路消費者的消費者與萬寶路保持聯繫。然後隨著他們經濟狀況的變化，我們實際上可以將促銷折扣縮小到萬寶路主線。隨著時間的推移，我們看到它實際上更加高效和有效，因為我們回顧歷史，當我們使用特殊混合物時，一些消費者在我們將折扣產品縮小到主線時，一些消費者堅持使用特殊混合物因為這是他們喜歡的味道。因此，我們覺得我們擁有可用的工具，我們將繼續監控我們宣佈於 5 月生效的所有調整，這些調整已包含在指南的重申中。

Our next question will come from Vivien Azer with TD Cowen.

我們的下一個問題將來自 TD Cowen 的 Vivien Azer。

Thank you so for the incremental detail around California. That was particularly helpful. And I noted the intra-quarter commentary, the January through March, which I really appreciated Billy. I was wondering whether you'd be willing to expand on any of that intra-quarter commentary? How did Marlboro share trends progress through the first quarter in California, if you wouldn't mind commenting on that?

非常感謝您提供有關加利福尼亞州的更多詳細信息。這特別有幫助。我注意到季度內評論，從 1 月到 3 月，我非常感謝 Billy。我想知道您是否願意擴展任何季度內評論？如果您不介意對此發表評論，萬寶路如何分享第一季度在加利福尼亞的趨勢進展？

Yes. I mean certainly, you saw that overall for the quarter, Marlboro was up in share. It's telling that the consumer continues to choose Marlboro as the brand choice. I think when you see that, it's in line with some of the previous studies where consumers when menthol is banned, and they no longer have access tend to go to the non-menthol space. And I think that's what you're seeing with Marlboro and the strength of in California for the quarter.

是的。我的意思是，當然，你看到本季度總體而言，萬寶路的份額有所上升。這表明消費者繼續選擇萬寶路作為品牌選擇。我認為當你看到這一點時，它與之前的一些研究一致，即當薄荷醇被禁止時，消費者不再有機會進入非薄荷醇空間。我認為這就是您在萬寶路和本季度在加利福尼亞州的實力所看到的。

Understood. That's helpful. And I think encouraging to hear that you guys are going to be introducing Marlboro. And believe you said it was Black Gold Pack. So do you have a targeted ASP or a price gap relative to mainline Marlboro in mind, recognizing, of course, it will vary by geography.

明白了。這很有幫助。聽到你們要介紹萬寶路，我覺得很鼓舞人心。相信你說的是 Black Gold Pack。因此，您是否有目標平均售價或相對於主線萬寶路的價格差距，當然，它會因地理位置而異。

Yes, it will certainly vary by geography. I think if you think of it being in line with other black packings that are in the black family that are in the marketplace, depending on the locale and the pricing in that locale.

是的，它肯定會因地理位置而異。我想如果你認為它與市場上黑色系列中的其他黑色包裝一致，這取決於地區和該地區的定價。

Perfect. And my last quick one. The call out about kind of some of the category dynamics relative to '09 and '01, make perfect sense. I mean, it seems like in terms of premium share of segment, it's basically where we were in '09. But I think one of the nuances of course is that in both of those prior periods, not only were their macroeconomic heads for the consumer, they were also compounded by the introduction of interruptive federal excise tax increases. So how do you think about that, recognizing maybe this macroeconomic backdrop is incredibly nuanced because of COVID comps, but there's not disruptive excise tax increases happening right now?

完美的。我的最後一個快速。關於與 09 年和 01 年相關的某些類別動態的呼籲非常有道理。我的意思是，就細分市場的溢價份額而言，它基本上是我們在 09 年的水平。但我認為其中一個細微差別當然是，在前兩個時期，它們不僅是消費者的宏觀經濟負責人，而且還因聯邦消費稅的中斷性增加而變得更加複雜。那麼，您如何看待這一點，認識到由於 COVID comps，這種宏觀經濟背景可能非常微妙，但現在並沒有發生破壞性的消費稅增加？

Yes. I appreciate your question, Vivien. I think what you're seeing, though, is the exacerbation of cumulative high inflation, that's put the consumer under pressure. They had been subsidized by the government to a large extent since the pandemic, and I appreciate you raising that. And you saw when they had that subsidy that Marlboro actually benefited from it. The consumer is still the aspirational brand in the cigarette category. That's why we're making what we feel like the appropriate adjustments headed into May for those pockets of areas where we see the consumer under pressure, and we'll continue to monitor and make adjustments as appropriate.

是的。我很感激你的問題，薇薇安。不過，我認為你所看到的是累積高通脹的加劇，這讓消費者面臨壓力。自大流行以來，他們在很大程度上得到了政府的補貼，我感謝你提出這一點。你看到當他們獲得補貼時，萬寶路實際上從中受益。消費者仍然是捲菸類別中的理想品牌。這就是為什麼我們要在 5 月前針對我們看到消費者面臨壓力的那些領域做出我們認為適當的調整，我們將繼續監測並做出適當的調整。

(Operator Instructions) Our next question will come from Andrei Condrea with UBS.

（操作員說明）我們的下一個問題將來自瑞銀的 Andrei Condrea。

We are hearing no response from the line. We will go to our next question. Our next question will come from Pamela Kaufman with Morgan Stanley.

我們沒有聽到線路的響應。我們將轉到下一個問題。我們的下一個問題將來自摩根士丹利的 Pamela Kaufman。

So given the elevated rate of cigarette volume declines, do you believe that it's becoming increasingly difficult to drive PM USA revenue growth through pricing in excess of volumes? It seems that higher pricing creates a virtuous cycle, whereby it drives trade down and market share pressure. And with the exception of 2020, which was clearly an unprecedented time, PM USA top line hasn't grown since 2017. So can you talk about how you're thinking about driving top line growth in PM USA and if you think it's possible?

因此，鑑於捲菸銷量下降的速度加快，您是否認為通過超過銷量的定價來推動 PM USA 收入增長變得越來越困難？似乎更高的定價創造了一個良性循環，從而推動交易量下降和市場份額壓力。除了 2020 年，這顯然是一個前所未有的時期，美國 PM 的收入自 2017 年以來就沒有增長。那麼你能談談你是如何考慮推動美國 PM 的收入增長的嗎？如果你認為這是可能的？

Yes. Vivien, I think I would really point you to price elasticity. And when you think about price elasticity, that's the nature of a negative 0.35, Is that for percent that you increase price, you expect that 0.35 impact on volume. So it's much, much lower than other industry categories in the CPG space. You can see in the decomposition we try to break down what's taking place in the cigarette category. You see secular declines pretty steady. The big factor is macroeconomic that swings around.

是的。 Vivien，我想我真的會向你指出價格彈性。當你考慮價格彈性時，這就是負 0.35 的本質，對於你提高價格的百分比，你預計 0.35 對數量的影響。所以它比 CPG 領域的其他行業類別要低得多。你可以在分解中看到我們試圖分解香菸類別中發生的事情。你會看到長期下降非常穩定。一個重要的因素是宏觀經濟的波動。

I think if you go back in history, you'll see macroeconomic, the conditions that the consumer is under will swing it up or down. You can recall in 2015, I think you were asking us, did we expect volume to stay flat for a period of time? These are natural fluctuations that take place as the consumer experiences, dynamic conditions differently, sometimes under pressure and sometimes they have a one fall. So it's natural. We'll continue to monitor and make the adjustments that we feel appropriate.

我認為如果你回顧歷史，你會看到宏觀經濟，消費者所處的條件會使它上下波動。您還記得在 2015 年，我想您是在問我們，我們是否預計銷量會在一段時間內保持平穩？這些是隨著消費者體驗、動態條件不同而發生的自然波動，有時是在壓力下，有時是跌倒。所以這很自然。我們將繼續監控並做出我們認為合適的調整。

I mentioned in earlier answers some of the adjustments we're making going into May, down at the local level where we see different conditions for consumers versus just a homogeneous, if you will, condition of the consumer across the entire U.S. That's some of the benefit of the tools and the analytics team that we have is we can make those adjustments down at the granular level.

我在之前的回答中提到了我們將在 5 月份進行的一些調整，在地方層面，我們看到消費者的不同條件，而不僅僅是同質的，如果你願意的話，整個美國消費者的條件。這是一些我們擁有的工具和分析團隊的好處是我們可以在細粒度級別進行這些調整。

Okay. And then just on your -- what you're seeing in the competitive landscape, you pointed out how branded players are pricing their branded discount at deep discount levels, and given that the growth in the deep discount segment, would you reconsider your strategy on L&M? And how are you thinking about participation within that segment?

好的。然後就你 - 你在競爭格局中看到的情況，你指出了品牌玩家如何以極低的折扣水平為其品牌折扣定價，並且鑑於極低折扣細分市場的增長，你會重新考慮你的戰略嗎L＆M？您如何考慮參與該細分市場？

Yes. I appreciate it, Pamela. Certainly, we're going to participate, but we're premium focused. I would remind you that the strategy hasn't changed in the cigarette space for us. It's maximize profitability over the long term while making appropriate investments in Marlboro and into the growth areas. You may have heard in my previous answer, it's not something that is new to the cigarette space. I pointed to a couple of time periods where we saw similar things. You see as the economic conditions for the consumer change through time, it tends to revert back on a historical perspective.

是的。我很感激，帕梅拉。當然，我們會參與，但我們專注於溢價。我要提醒你的是，我們在香煙領域的戰略沒有改變。它在對萬寶路和增長領域進行適當投資的同時，最大限度地提高長期盈利能力。您可能在我之前的回答中聽說過，這對香煙領域來說並不是什麼新鮮事。我指出了我們看到類似事情的幾個時間段。你看到隨著時間的推移，消費者的經濟條件發生了變化，它往往會回到歷史的角度。

So again, we want to be there for our consumers. It's really about keeping the consumer engaged with Marlboro, whether they want to stay with Marlboro long term or whether we put them on the journey to the smoke-free products in our portfolio. And so it's really about continuing to engage with the consumer through time.

因此，我們再次希望為我們的消費者服務。這實際上是為了讓消費者與萬寶路保持聯繫，無論他們是想長期使用萬寶路，還是我們讓他們踏上我們產品組合中無菸產品的旅程。因此，這實際上是關於隨著時間的推移繼續與消費者互動。

Our next question will come from Andrei Condrea with UBS.

我們的下一個問題將來自瑞銀的 Andrei Condrea。

I have 2. The first one is just on the California menthol ban because obviously, this isn't the first flavor ban we've seen in the U.S. on a state level. But if you were to just net-net, the impact you've seen in California versus other neighboring states. Could you hazard a guess as to the impact on the total U.S. level just in terms of the haircut?

我有 2 個。第一個是關於加州薄荷醇禁令，因為很明顯，這不是我們在美國看到的第一個州級風味禁令。但是，如果你只是網，網，你在加利福尼亞看到的影響與其他鄰近州相比。您能否就理髮方面對美國總體水平的影響進行猜測？

Yes, I think what we tried to show you was what we see thus far. I think it's too early to declare, Oh, this is the total impact to the U.S. I think what we were trying to highlight is when legislation passes with the purpose of the law, they really need to give heavy consideration into how they're going to enforce that. And based on the comps we provided to the FDA with their proposed menthol ban, and some of the consequences, the unintended consequences of that we're seeing play out in California. As far as your question about what's the net impact, I think it's too early to tell to see how that plays out.

是的，我認為我們試圖向您展示的是我們目前所看到的。我認為現在宣布，哦，這是對美國的總體影響還為時過早。我認為我們試圖強調的是，當立法以法律的目的通過時，他們真的需要認真考慮他們的進展情況強制執行。根據我們向 FDA 提供的關於他們提議的薄荷醇禁令的補償，以及一些後果，我們在加利福尼亞看到的意外後果正在上演。至於你關於淨影響是什麼的問題，我認為現在判斷結果如何還為時過早。

No, that's fair. And my second one is it's a bit more long term. Thinking about your international expansion with your heated tobacco capsules, but most of your nicotine pouches, whether it's on! PLUS or on!. Are you seeing any feedback for the time being on your current on! pilots, because I know you've got one going on in London. I'm just wondering if you will take rather the foot off the pedal until you get on! PLUS online?

不，這很公平。我的第二個是更長期的。想想你們用加熱的煙草膠囊進行國際擴張，但你們的大部分尼古丁袋，不管它是否打開！加或上！您是否暫時看到有關您當前的任何反饋！飛行員，因為我知道你有一個在倫敦進行。我只是想知道在你上車之前你是否願意把腳從踏板上移開！加上在線？

Yes. I appreciate your question. I think when you think about it, it's early on in the international space, it's really about learning in this space with the consumer, receiving their feedback. We're certainly excited to be able to bring on! PLUS to the international market. We think it will resonate well with the consumer, but more to come on that.

是的。我很感激你的問題。我認為當你考慮它時，它在國際空間中處於早期階段，它實際上是關於在這個空間中與消費者一起學習，接收他們的反饋。我們當然很高興能夠帶來！加上國際市場。我們認為它會引起消費者的共鳴，但更多的是在這一點上。

(Operator Instructions) Our next question will come from Matt Smith with Stifel.

（操作員說明）我們的下一個問題將來自 Stifel 的 Matt Smith。

Just 2 questions for me. The first is Marlboro's share performance has been fairly resilient despite the robust price realization. Could you discuss the mix of volume within the Marlboro family. Are you seeing an acceleration in consumers down-trading within Marlboro that would have otherwise moved to discount brands?

只問我兩個問題。首先是儘管價格實現強勁，但萬寶路的股價表現相當堅韌。您能否討論一下萬寶路家族中的體積組合。您是否看到消費者在萬寶路內加速降價交易，否則他們會轉向折扣品牌？

Nothing that I would point out as trend break. You always have consumers moving around. And that's really -- goes back to what I was referring to as far as advanced analytics. Depending on the situation of the consumer in a locality, they're are going to face different pressures than other parts of the U.S. And so you'll see fluctuations at the local level around the U.S. and sometimes they're in sync with each other and sometimes they're counter to each other as far as what way the consumer is moving and what they're feeling. I think overall, though, the takeaway right now is with the adjustments that we're making to our promotional spend in some locales, we're seeing a more widespread of the consumer being under economic pressure. And I highlighted some of the reasons we believe that it's occurring and we want to keep the consumer engaged with Marlboro.

沒有什麼我會指出趨勢突破。你總是有消費者四處走動。這真的 - 回到我所指的高級分析。根據當地消費者的情況，他們將面臨與美國其他地區不同的壓力。所以你會看到美國各地地方層面的波動，有時它們相互同步有時，就消費者的移動方式和他們的感受而言，它們彼此背道而馳。不過，我認為總的來說，現在的收穫是我們正在對某些地區的促銷支出進行調整，我們看到更廣泛的消費者正面臨經濟壓力。我強調了一些我們認為它正在發生的原因，我們希望讓消費者與萬寶路保持聯繫。

Okay. And you mentioned the introduction of Marlboro Black Gold Pack. Are you positioning this offering to regain some of the adult smokers that traded down into discount and bring them back to the Marlboro family or more to keep Marlboro smokers within the family?

好的。你提到了萬寶路黑金包的推出。您是否將此產品定位為重新獲得一些以折扣價交易的成年吸煙者並將他們帶回萬寶路家庭或更多地讓萬寶路吸煙者留在家庭中？

We know that the consumer aspires to be Marlboro. You heard my comments earlier about in the pandemic when they had extra discretionary income, Marlboro share actually went up. So it shows that Marlboro is an aspirational brand in that category. And so it's to do both. If consumers had felt the need to trade out because they were under economic pressure, it gives them a space within the Marlboro franchise where they can reengage or if a consumer comes under pressure, it gives them a space to continue to engage with Marlboro. So it's really about the engagement with the consumers that want to choose Marlboro as their brand.

我們知道消費者渴望成為萬寶路。你之前聽過我的評論，說在大流行期間，當他們有額外的可自由支配收入時，萬寶路的份額實際上上升了。因此，它表明萬寶路是該類別中的一個令人嚮往的品牌。所以兩者都要做。如果消費者因為經濟壓力而感到有必要換掉，這會在萬寶路特許經營權內為他們提供一個空間，讓他們可以重新參與，或者如果消費者面臨壓力，這會為他們提供一個繼續與萬寶路互動的空間。所以這真的是關於與想要選擇萬寶路作為他們品牌的消費者的互動。

At this time, we will open the lines for media. Our next question will come from Jennifer Maloney with Wall Street Journal.

屆時，我們將為媒體開通線路。我們的下一個問題將來自華爾街日報的 Jennifer Maloney。

I wonder if you could explain to me what you think is going on in California with respect to the increase in menthol share to 40%. So I'm trying to like imagine what's actually playing out in stores. Is it like consumers are finding retailers who still have menthol cigarettes on the shelves and then they're stocking up a lot because they think that it might not be available soon? Or what do you think is going on there?

我想知道您是否可以向我解釋一下您認為加利福尼亞州將薄荷醇份額增加到 40% 的情況。所以我試著想像一下商店裡到底發生了什麼。是不是就像消費者發現零售商的貨架上仍然有薄荷醇捲菸，然後他們囤積了很多，因為他們認為這種捲菸可能不會很快上市？或者你認為那裡發生了什麼？

Yes, I appreciate the question. If I said 40% that was by error. It was 4% in California. So I apologize for that. But to answer your question directly, I think what we're seeing take place is a number of the unintended consequences that we highlighted for the FDA and our comments on menthol ban that they had proposed. I think what you're seeing take place is to -- the purpose of the law had a purpose. And what we're seeing is the lack of enforcement and some of the ways that product is in the marketplace is counter to what the purpose of the law was.

是的，我很欣賞這個問題。如果我說 40% 那是錯誤的。加利福尼亞州為 4%。所以我為此道歉。但直接回答你的問題，我認為我們所看到的是我們向 FDA 強調的一些意想不到的後果以及我們對他們提出的薄荷醇禁令的評論。我認為你所看到的是——法律的目的是有目的的。我們看到的是缺乏執法，並且產品在市場上的某些方式與法律的目的背道而馳。

And so enforcement and the thought process behind how it's going to be enforced is extremely important to really achieve the purpose of the law. So some of the things we highlighted for you, Jennifer, where we're seeing some of the consumers self mentholating whether that be with menthol cards and menthol drops. We are seeing menthol still in stores in California. And then we saw in some of the other spaces, a number of flavored products just renamed. And so the enforcement is necessary if they want to achieve the purpose of the law.

因此，執法和執法背後的思考過程對於真正實現法律的目的極為重要。所以我們為你強調了一些事情，詹妮弗，我們看到一些消費者自我暗示是否使用薄荷卡和薄荷滴劑。我們在加利福尼亞州的商店裡看到薄荷醇。然後我們在其他一些空間看到，一些調味產品剛剛重新命名。因此，如果他們想達到法律的目的，執法是必要的。

Overall in California are volumes down more than you would normally expect with any absence of a menthol ban?

總體而言，在沒有薄荷醇禁令的情況下，加利福尼亞的銷量下降幅度是否比您通常預期的要大？

Yes. You saw what we tried to do is in our metrics page, what we try to do is from an industry standpoint, if you think about Q1 of 2023 to Q1 of 2022. In California, they were down 18.8%. And for the rest -- if you think about a total U.S. standpoint, down 8.9%. So you can see that -- I'm sorry.

是的。你在我們的指標頁面上看到了我們試圖做的事情，我們試圖做的是從行業的角度來看，如果你考慮一下 2023 年第一季度到 2022 年第一季度。在加利福尼亞，它們下降了 18.8%。至於其餘的——如果你考慮美國的總體觀點，則下降了 8.9%。所以你可以看到——我很抱歉。

No, go ahead.

沒有，繼續。

So you can see that even on a sequential basis, again, California down 11.1%, total U.S. down 6.1%. So it certainly had an impact on shipments in California, we also highlighted some of the cross-border dynamics.

所以你可以看到，即使按順序計算，加利福尼亞再次下降了 11.1%，美國總計下降了 6.1%。所以它肯定對加利福尼亞的出貨量產生了影響，我們還強調了一些跨境動態。

Right. So you highlighted Nevada, and I wonder -- is there -- can you quantify the uptick in volumes in all of the bordering states that might -- that might mitigate somewhat the decline in shipment volumes in California?

正確的。所以你強調了內華達州，我想知道 - 是否存在 - 你能否量化所有可能的邊界州的貨運量上升 - 這可能會在一定程度上緩解加利福尼亞州貨運量的下降？

Yes. Again, I think it's too early to say. We try to get to a net impact of California and netting out the positives. What we try to show is, certainly, we see what we think is a indication of cross-border in Nevada, using that as an example of menthol share, it's representation in Nevada is higher than it has been over the past 4 years.

是的。同樣，我認為現在說還為時過早。我們試圖獲得加州的淨影響並剔除積極因素。當然，我們試圖展示的是，我們看到我們認為在內華達州的跨境跡象，以薄荷醇份額為例，它在內華達州的代表性高於過去 4 年。

Thank you. This appears to be no further questions at this time. I will now turn the call back over to Mac Livingston for closing remarks.

謝謝。這似乎是此時沒有進一步的問題。我現在將把電話轉回給 Mac Livingston 作結束語。

Thanks again for everybody for joining us. Please contact the Investor Relations team if you have any further questions. Thanks, and have a great day.

再次感謝大家加入我們。如果您有任何其他問題，請聯繫投資者關係團隊。謝謝，祝你有美好的一天。

This concludes today's call. Thank you for your participation. You may disconnect at this time.

今天的電話會議到此結束。感謝您的參與。此時您可以斷開連接。