奧馳亞 (MO) 2023 Q2 法說會逐字稿

Good day, and welcome to the Altria Group 2023 Second Quarter and First Half 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，歡迎參加奧馳亞集團 2023 年第二季度和上半年收益電話會議。今天的電話會議預計持續約 1 小時，包括奧馳亞管理層的講話和問答環節。 （操作員說明）。電話會議上的投資界和媒體代表將可以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 for Altria Client Services. Please go ahead, sir.

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

謝謝，雪莉。早上好，感謝您加入我們。今天早上，奧馳亞首席執行官比利·吉福德 (Billy Gifford)我們的首席財務官薩爾·曼庫索 (Sal Mancuso) 將討論奧馳亞第二季度和上半年的業務業績。今天早些時候，我們發布了一份新聞稿，提供了我們的結果。發布、演示、季度指標和我們最新的企業責任報告均可在 altria.com 上獲取。在今天的電話會議中，除非另有說明，我們將結果與 2022 年同期進行比較。

Our remarks contain forward-looking and cautionary statements and projections of the 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. We will report our financial results in accordance with the U.S. Generally Accepted Accounting Principles. Today's call will contain various operating results on both a reported and adjusted basis.

我們的言論包含前瞻性和警示性的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存在重大差異的各種因素。未來的股息支付和股票回購仍由董事會酌情決定。我們將根據美國公認會計原則報告我們的財務業績。今天的電話會議將包含報告和調整後的各種經營業績。

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

調整後的結果排除了影響與報告結果比較的特殊項目。這些非 GAAP 財務指標和調節表的描述包含在今天的收益報告和我們的網站 altria.com 中。最後，今天的發言中所有提及的煙草消費者或特定煙草類別或細分市場內的消費者均指 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.

這樣，我就把電話轉給比利。

Thank you, Mac. Good morning, and thank you for joining us. We had a solid first half of the year and we continue on our exciting journey towards Moving Beyond Smoking. We completed our acquisition of NJOY and delivered strong business results, growing adjusted diluted earnings per share by 5% in the first half. And we returned $3.8 billion to shareholders while investing in pursuit of our vision. We look forward to executing our commercialization plan for NJOY in the second half of the year and we reaffirm our guidance to deliver 2023 full year adjusted diluted EPS in a range of $4.89 to $5.03. This range represents an adjusted diluted EPS growth rate of 1% to 4% from a $4.84 base in 2022.

謝謝你，麥克。早上好，感謝您加入我們。今年上半年我們度過了充實的一年，我們將繼續邁向戒菸的激動人心的旅程。我們完成了對 NJOY 的收購，並取得了強勁的業績，上半年調整後攤薄每股收益增長了 5%。我們向股東返還 38 億美元，同時進行投資以實現我們的願景。我們期待在下半年執行 NJOY 的商業化計劃，並重申我們的指導，即實現 2023 年全年調整後攤薄每股收益在 4.89 美元至 5.03 美元之間。這一範圍代表調整後的稀釋後每股收益增長率為 1% 至 4%，以 2022 年 4.84 美元為基數。

My remarks this morning will focus on 3 topics. Our enhanced smoke-free product portfolio, including our recent acquisition with NJOY. The consumer dynamic impacting our core tobacco business and an update on the California flavor ban and its impact on the market.

我今天上午的發言將集中於三個主題。我們增強了無菸產品組合，包括我們最近對 NJOY 的收購。影響我們核心煙草業務的消費者動態以及加州香料禁令的最新情況及其對市場的影響。

I'll then turn it to Sal, who will provide further details on our business and financial results. Let's begin with e-vapor, which is in the most successful category in the U.S. entrenching smokers to alternative products. In June, we took a transformative step toward our goal of Moving Beyond Smoking by completing our acquisition of NJOY. We are fully focused on more responsibly accelerating U.S. smoker and vapor adoption of NJOY ACE.

然後我會將其轉給薩爾，他將提供有關我們業務和財務業績的更多詳細信息。讓我們從電子煙開始，它是美國最成功的類別，使吸煙者得以使用替代產品。六月，我們完成了對 NJOY 的收購，朝著戒菸的目標邁出了變革性的一步。我們完全專注於以更負責任的方式加速美國吸煙者和電子煙對 NJOY ACE 的採用。

Currently, the only pod-based e-vapor product with marketing observation from the FDA. The integration and business plan is already well underway and we welcome the NJOY team to the Altria M&A companies. They bring a wealth of knowledge and capability that complement our own, such as vapor product development, device manufacturing partnerships and international supply chain and expertise.

目前唯一獲得 FDA 市場觀察的煙彈電子煙產品。整合和業務計劃已經在順利進行，我們歡迎 NJOY 團隊加入奧馳亞併購公司。他們帶來了豐富的知識和能力，可以補充我們的知識和能力，例如蒸汽產品開發、設備製造合作夥伴關係以及國際供應鍊和專業知識。

We believe there are still accelerated our progress towards our vision, and we are excited to build upon their recent experience operating in that category. Prior to close limited visibility and frequent auto strikes make it difficult for the NJOY team to communicate offers and awareness that they bring to stores. In that 95% of stores with distribution of ACE Black complete inventory of a device and all pods-used.

我們相信，我們仍在加速實現我們的願景，我們很高興能夠借鑒他們最近在該領域的運營經驗。在此之前，有限的能見度和頻繁的汽車罷工使得 NJOY 團隊很難傳達他們為商店帶來的優惠和認知度。在 95% 經銷 ACE Black 的商店中，有完整的設備庫存和所有使用過的煙彈。

Our sales organization of over 1,600 employees has already started using their strong trading relationship to address these opportunities. They engage with nations top 25 convenient store chains by e-vapor volume to improve visibility and inventory of NJOY in stores with existing distribution. It is because of the tremendous efforts that starting this week, NJOY will become part of an enhanced retail presence through premium fixtures and improved retail inventory, although that we completed the transaction. And later this month, we plan to broadened distribution base. So a total of approximately 43,000 stores, a 25% increase so that we can complete the transaction.

我們擁有 1,600 多名員工的銷售組織已經開始利用其強大的貿易關係來抓住這些機會。他們與全國排名前 25 名的電子煙連鎖便利店合作，以提高現有分銷商店中 NJOY 的知名度和庫存。正是由於付出了巨大的努力，從本週開始，NJOY 將通過優質固定裝置和改善零售庫存成為增強零售業務的一部分，儘管我們完成了交易。本月晚些時候，我們計劃擴大分銷基礎。那麼總共大約有43,000家商店，增加了25%，這樣我們就可以完成交易。

We expect to further expand distribution for a total of 70,000 stores by the end of this year, which represents approximately 7% of the e-vapor volume and 55% of cigarette volumes sold in the U.S. mostly outlets and convenience channels. This remarkable progress is that the testament to the highly talented employees across the operating companies and it's lot of the hard work and collaboration.

我們預計到今年年底將進一步擴大分銷至 70,000 家商店，約占美國電子煙銷量的 7% 和捲菸銷量的 55%（主要是經銷店和便利渠道）。這一顯著的進步證明了運營公司中才華橫溢的員工以及大量的辛勤工作和協作。

In all of the battle, we are encouraged by the continued growth of the novel old products, which drove the estimated 2.5% increase in total U.S. oral tobacco volumes over the past 6 months. Oral nicotine pouches grew 8.4 share points year-over-year and now represents 29.1% of the total U.S. oral tobacco category.

在所有的戰鬥中，我們對新型老產品的持續增長感到鼓舞，這推動了過去 6 個月美國口腔煙草總量的估計增長 2.5%。口服尼古丁袋裝的份額同比增長 8.4 個百分點，目前占美國口服煙草類別總量的 29.1%。

In the second quarter, oral reported ship volume increased nearly 50% versus the year ago period and on! retail share, on! full tobacco increased 5% sequentially reaching 70 share points in the second quarter. This represents a growth rate of almost 45% year-over-year and it is the 16th consecutive quarter of on! share growth.

第二季度，口頭報告的船舶量較去年同期增長近50%！零售股，上！全煙草第二季度環比增長 5%，達到 70 個百分點。這意味著同比增長率近 45%，並且是 on! 連續第 16 個季度增長！分享成長。

Here we delivered impressive results while growing on! retail price 70% versus the year year-ago period. We believe on!'s ability to continue to grow share while effectively reducing the most investment demonstrates a strength of product portfolio and growing brand equity.

在這裡，我們在不斷成長的同時取得了令人矚目的成果！零售價較去年同期上漲70%。我們相信 on! 能夠在有效減少大部分投資的同時繼續增加份額，這證明了產品組合的實力和不斷增長的品牌資產。

Helix is focused on strategically investing behind the brand as in your category growth and continues to expect profitability in 2025. In September, our teams trying to gain on international path of on! PLUS our new tobacco derived nicotine wet pouch product that features on optimized long lasting flavor system and our proprietary pouch feel material.

Helix 專注於品牌背後的戰略投資以及您的品類增長，並繼續預計 2025 年實現盈利。9 月，我們的團隊試圖走上國際化道路！另外，我們的新型煙草衍生尼古丁濕袋產品具有優化的持久風味系統和我們專有的袋感材料。

But the product will be demo via e-commerce in Sweden where we've seen scientific discipline for the gain learning. Second in form a future U.S. pouch. We're excited about on! PLUS. And believe consumers will be too. While a small sample size after our research indicates about 3 out of 4 dippers and nicotine pouch consumers and our suddenly preferred on! PLUS over them on applied base. We have our own track to follow PMTA for on! PLUS for the first half of next year.

但該產品將通過瑞典的電子商務進行演示，在那裡我們看到了增益學習的科學紀律。第二個是未來的美國郵袋。我們很興奮！加。相信消費者也會如此。雖然我們研究後的小樣本量表明大約四分之三的吸食者和尼古丁袋消費者，我們突然更喜歡！在應用基礎上優於它們。我們有自己的跟踪 PMTA 的路線！加上明年上半年。

Let's now move to our core tobacco business. In the second quarter cigarette consumer drawings declined moderated. However, the consumer dynamics we have observed in the past year largely continued. I'll look at the gas prices, combined with the cumulative effect of higher inflation continued the pressure consumer to discretionary into high levels ups. However, we believe we have the appropriate tools to navigate this challenging environment.

現在讓我們轉向我們的核心煙草業務。第二季度捲菸消費者繪圖下降有所放緩。然而，我們在過去一年中觀察到的消費者動態在很大程度上仍在持續。我會看看汽油價格，加上通脹上升的累積效應，持續壓力消費者可自由支配的價格上漲。然而，我們相信我們擁有適當的工具來應對這個充滿挑戰的環境。

For example, PM USA used RGM capability to deploy a series of strategic investments behind the marked Marlboro Black family of products earlier this year. Due to these advanced analytics the team provided additional support for price-sensitive Marlboro for smokers while being efficient with the commercial investments. As a result, Marlboro expected quarterly retail share of the cigarette category grew sequentially to 42.1%.

例如，今年早些時候，PM USA 利用 RGM 的能力對著名的萬寶路黑色系列產品進行了一系列戰略投資。由於這些先進的分析，該團隊為吸煙者提供了對價格敏感的萬寶路的額外支持，同時有效地進行了商業投資。因此，萬寶路預計捲菸類別的季度零售份額將環比增長至 42.1%。

Let's now turn to California where we ban on the sale of flavored type of products and tobacco product flavors and filters went through a fact late last year. While our brands continue to perform well in this day, we remain concerned with lock-in enforcement and negative unintended consequences of prohibitionary policies. We have continue to evidence as the issue re-correlated in our first quarter of March. Such as the adult-rated product. Retail and manufacturing among clients and illicit market activity.

現在讓我們轉向加利福尼亞州，我們禁止銷售調味類型的產品，而煙草產品調味劑和過濾嘴去年年底就經歷了這樣的事實。儘管我們的品牌如今繼續表現良好，但我們仍然擔心鎖定執行和禁止政策帶來的意外負面後果。隨著該問題在三月份第一季度重新關聯，我們將繼續提供證據。例如成人級產品。客戶之間的零售和製造以及非法市場活動。

For example, roughly 65,000 OTP branded flavor pods were sold in California in the first half of the year. More than triple the amount sold in another 49 states combined. In comparison OTP branded flavor pod volume was negligeable in California in the year-over-year period. When menthol cigarettes were still legally available.

例如，今年上半年，加州售出約 65,000 個 OTP 品牌風味煙彈。是另外 49 個州銷售量總和的三倍多。相比之下，加州 OTP 品牌風味豆莢的銷量同比可以忽略不計。當薄荷香煙仍然合法可用時。

To further understand consumer use of illicit nicotine products, we commissioned a third-party study in California, where researchers collected and analyzed nearly 20,000 distorted tobacco products. Their findings suggest that almost half of the cigarettes consumed were not tax stamp for sale in California. And approximately 20% of the cigarette packs were menthol or products we believe other manufacturers recently introduced to sidestep the purpose of the law.

為了進一步了解消費者對非法尼古丁產品的使用情況，我們委託在加利福尼亞州進行了一項第三方研究，研究人員收集並分析了近 20,000 種扭曲的煙草產品。他們的研究結果表明，在加州銷售的香煙中，幾乎有一半沒有貼上印花稅票。大約 20% 的香煙包裝是薄荷醇或我們認為其他製造商最近推出的產品是為了迴避該法律的目的。

In comparison, menthol represented approximately 1/4 of the total California cigarette category prior to the bands enactment. And finally, while disposable e-vapor products were overrepresented in the study, 98% of the collected e-vapor products were flavored despite being subject to the California flavor ban and unauthorized by the FDA. These figures are alarming. And indicate substantial illicit market activity. We believe the best way to prevent illicit markets is to keep tobacco products legal and regulated.

相比之下，在這些法規頒布之前，薄荷醇約佔加州捲菸類別的 1/4。最後，雖然一次性電子煙產品在該研究中所佔比例過高，但收集到的電子煙產品中 98% 都經過調味，儘管受到加州調味品禁令的約束且未經 FDA 授權。這些數字令人震驚。並表明存在大量非法市場活動。我們認為，防止非法市場的最佳方法是保持煙草產品的合法性和監管。

We have made this clear in the public comments we submitted in response to the FDA's proposed menthol ban. Our goal is for policymakers to embrace farm reduction as the proper framework for tobacco and nicotine product regulation. And there's a growing course of diverse stakeholders who agree, including consumers, our trade partners, public health advocates criminal justice reform advocates, law enforcement and tobacco growers.

我們在針對 FDA 提議的薄荷醇禁令而提交的公眾評論中明確了這一點。我們的目標是讓政策制定者將減少農場作為煙草和尼古丁產品監管的適當框架。越來越多的不同利益相關者表示同意，包括消費者、我們的貿易夥伴、公共衛生倡導者、刑事司法改革倡導者、執法部門和煙草種植者。

In fact, public opinion overwhelmingly supports farm reduction over prohibition. And signs shows a significant public health benefit us moving smokers away from combustible products for what a smoke-free future. We will continue to advocate for a well-regulated U.S. tobacco industry that embraces farm reduction. We have an unprecedented opportunity to lead the way in shifting millions of smokers away from cigarettes if we follow the science and foster innovation with the support of reasonable regulation.

事實上，輿論壓倒性地支持減少農場而不是禁止農場。跡象表明，讓吸煙者遠離可燃產品，實現無菸的未來，對公共健康有重大益處。我們將繼續倡導美國煙草業受到良好監管，並支持減少農場。如果我們遵循科學並在合理監管的支持下促進創新，我們就有前所未有的機會引領數百萬吸煙者遠離香煙。

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

現在我將把它交給薩爾，以提供有關我們的結果和業務環境的更多詳細信息。

Thanks, Billy. The smokeable products segment continued to deliver on its strategy of maximizing profitability in combustibles over the long term, while appropriately balancing investments in Marlboro with funding the growth of smoke-free products. The segment grew its adjusted operating company's income by 3.1% in the second quarter and by 1.7% in the first half. Adjusted OCI margins expanded to more than 60% for the second quarter and first half.

謝謝，比利。吸煙產品部門繼續實施其可燃產品長期盈利最大化的戰略，同時適當平衡對萬寶路的投資與資助無菸產品的增長。該部門調整後的運營公司收入第二季度增長了 3.1%，上半年增長了 1.7%。第二季度和上半年調整後的 OCI 利潤率擴大至 60% 以上。

This performance was supported by robust net price realization of 10.1% in the second quarter and 10.5% for the first half. At retail, Marlboro net pack price increased 6.1% in the second quarter compared to last year. Smokeable Products segment reported domestic cigarette volumes declined by 8.7% in the second quarter and 10% in the first half.

這一業績得益於第二季度 10.1% 和上半年 10.5% 的強勁淨價實現。第二季度萬寶路零售淨包裝價格與去年同期相比上漲了 6.1%。吸煙產品部門報告稱，第二季度國內捲煙銷量下降了 8.7%，上半年下降了 10%。

When adjusted for calendar differences and trade inventory movements, second quarter and first half, domestic cigarette volumes declined by an estimated 10% and 10.5%, respectively. At the industry level, we estimate that adjusted domestic cigarette volumes declined by 7.5% in the second quarter and by 8% in the first half. At retail, the total discount segment share grew 1.8 percentage points year-over-year to 28.2%, but was flat sequentially. We believe some smokers are trading down as a result of the adverse financial conditions that Billy described. We also continued to see increased competitive activity in the discount segment, including multiple branded discount offerings priced at deep discount levels.

根據日曆差異和貿易庫存變動進行調整後，第二季度和上半年國內捲煙銷量預計分別下降 10% 和 10.5%。在行業層面，我們估計調整後的國內捲煙銷量第二季度下降7.5%，上半年下降8%。在零售方面，折扣細分市場的總份額同比增長 1.8 個百分點，達到 28.2%，但與上一季度持平。我們相信，由於比利描述的不利的財務狀況，一些吸煙者正在減少吸煙。我們還繼續看到折扣領域的競爭活動不斷增加，包括以大幅折扣水平定價的多個品牌折扣產品。

As Billy mentioned, Marlboro displayed resiliency during a period of economic pressure for consumers. In the second quarter, Marlboro's retail share of the cigarette category grew 10% sequentially to 42.1%, while declining 0.6p versus the year ago period partially driven by the discount dynamics that I described.

正如比利提到的，萬寶路在消費者面臨經濟壓力的時期表現出了彈性。第二季度，萬寶路在捲菸類別中的零售份額環比增長了 10%，達到 42.1%，但與去年同期相比下降了 0.6 便士，部分原因是我所描述的折扣動態。

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. Additionally, Marlboro grew its share within the premium segment to 58.6% and an increase of 0.1% sequentially and 5p year-over-year. While other brands ceded share in the segment over the past year.

我們還看到，由於加州香料禁令以及該國其他地區優質薄荷醇品牌的競爭活動增加，萬寶路薄荷醇在整個類別中的份額有所下降。此外，萬寶路在高端市場的份額增長至 58.6%，環比增長 0.1%，同比增長 5 便士。而其他品牌在過去一年中放棄了該領域的份額。

We believe Marlboro's performance over the long-term is a testament to its positioning within the premium segment as the aspirational brand with strong consumer loyalty. In cigars, reported cigar shipment volume increased 5% in the first half. To continue this momentum, the Middleton team is expanding Royal, which will further enhance Black & Mild's plastic tip offerings. The team expects Black & Mild Royal to be available nationally later this month.

我們相信，萬寶路的長期表現證明了其在高端市場的定位，即作為具有強大消費者忠誠度的理想品牌。在雪茄方面，據報導，上半年雪茄出貨量增長了 5%。為了延續這一勢頭，Middleton 團隊正在擴大 Royal，這將進一步增強 Black & Mild 的塑料尖端產品。該團隊預計 Black & Mild Royal 將於本月晚些時候在全國上市。

Moving to the oral tobacco products segment. Second quarter adjusted OCI grew 3% and in the segment expanded adjusted OCI margins to 68%. This performance was supported by robust net price realization due in part to more efficient on promotional investments. In the first half, the segment grew adjusted OCI by 2.6% with strong adjusted OCI margins of 68.7%.

轉向口腔煙草產品領域。第二季度調整後 OCI 增長 3%，該部門調整後 OCI 利潤率擴大至 68%。這一業績得到了強勁淨價實現的支撐，部分原因是促銷投資更加高效。上半年，該部門調整後 OCI 增長 2.6%，調整後 OCI 利潤率高達 68.7%。

Total segment reported shipment volume decreased by 1.7% and 1.8% for the second quarter and the first half, respectively. The segment's volume decline was driven by declines in MSP volumes, partially offset by the growth of on!. When adjusted for trade inventory movements and calendar differences, segment volume declined by an estimated 2.5% for both the second quarter and first half.

整個部門報告第二季度和上半年的出貨量分別下降了 1.7% 和 1.8%。該細分市場銷量下降的原因是 MSP 銷量下降，但 on! 的增長部分抵消了這一下降。根據貿易庫存變動和日曆差異進行調整後，第二季度和上半年的細分市場銷量預計下降 2.5%。

Oral Tobacco Products segment retail share declined 2.8 percentage points in the second quarter 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 a competitive category and Copenhagen remain the category leader.

第二季度，口腔煙草產品細分市場的零售份額下降了 2.8 個百分點，因為我們的 MST 品牌的下降被 on! 的持續增長部分抵消。我們的口腔煙草產品的表現繼續令我們感到鼓舞！在競爭激烈的類別中的份額持續增長，哥本哈根仍然是該類別的領導者。

Moving to our investment in ABI. We recorded $132 million of adjusted equity earnings in the second quarter. This was an increase of approximately 6.5% from the year ago period and represents Altria's share of ABI's first quarter 2023 results. Our balance sheet remains strong. And as of the end of the second quarter, our debt-to-EBITDA ratio was 2.2x.

轉向我們對 ABI 的投資。第二季度調整後股本收益為 1.32 億美元。這比去年同期增長了約 6.5%，代表了奧馳亞在 ABI 2023 年第一季度業績中所佔的份額。我們的資產負債表仍然強勁。截至第二季度末，我們的債務與 EBITDA 比率為 2.2 倍。

In July, we received the remaining $1.7 billion plus interest from Philip Morris International as a part of the IQOS agreement we announced last fall. After receiving the payment, we repaid the term loan we entered to finance the NJOY transaction. We remain committed to creating long-term shareholder value through the pursuit of our vision and our focus on significant capital returns and maintaining a strong balance sheet.

7 月份，作為我們去年秋天宣布的 IQOS 協議的一部分，我們從菲利普莫里斯國際公司收到了剩餘的 17 億美元加上利息。收到付款後，我們償還了為 NJOY 交易提供資金的定期貸款。我們仍然致力於通過追求我們的願景、關注顯著的資本回報和維持強勁的資產負債表來創造長期股東價值。

We demonstrated this commitment in the first half by completing our acquisition of NJOY. Retiring approximately $1.6 billion in long-term notes at maturity with available cash, paying approximately $3.4 billion in dividends and repurchasing 10.4 million shares totaling $472 million. At the end of June, we had $528 million remaining under the currently authorized $1 billion share repurchase program, which we expect to complete by the end of this year.

我們在上半年完成了對 NJOY 的收購，證明了這一承諾。用可用現金在到期時收回約 16 億美元的長期票據，支付約 34 億美元的股息，並回購 1,040 萬股股票，總價值 4.72 億美元。截至 6 月底，我們目前授權的 10 億美元股票回購計劃還剩 5.28 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，我們就結束了，比利和我將很樂意回答您的問題。在整理電話會議期間，我要提醒您，今天的收益發布和我們的非 GAAP 調節表可在 altria.com 上查看。我們還發布了通常的季度指標，其中包括定價、庫存和其他項目。

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

下面我們開始問答環節。接線員，我們還有什麼問題嗎？

Just quickly, before we turn it over to the Q&A, I just want to apologize to those of you on the webcast for some audio issues we had early on in the call. So we will work to expedite the posting of our replay. So you'll have full access to the remarks. So with that, we'll turn to Q&A.

很快，在我們將其轉入問答環節之前，我只想就我們在通話初期遇到的一些音頻問題向網絡廣播中的各位致歉。因此，我們將努力加快重播的發布速度。這樣您就可以完全訪問這些評論。因此，我們將轉向問答。

(Operator Instructions) We'll take our first question from Pam Kaufman with Morgan Stanley.

（操作員說明）我們將接受摩根士丹利的 Pam Kaufman 提出的第一個問題。

How do you think about the long-term industry volume outlook for the cigarette category. Cigarette industry volumes were down 8% in the first half of this year. Do you expect industry volumes will return to the mid-single-digit decline rate? And what would need to happen for them to normalize towards that level?

您如何看待捲菸品類的長期行業銷量前景？今年上半年捲菸行業銷量下降了 8%。您預計行業銷量將恢復到中個位數降幅嗎？他們需要發生什麼才能正常化到這個水平？

Yes. Thanks for the question, Pamela. I think when you think about it, and we discussed this a little bit in the first quarter, but I think it's worth a reminder. Remember, in the COVID pandemic, we actually saw what we believe added nicotine occasions to adult smokers day. As we came out of the COVID pandemic and you saw mobility increase, you would expect some of those nicotine occasions to come back out of their day. And I think that was exacerbated by the cumulative effect of inflation.

是的。謝謝你的提問，帕梅拉。我想當你考慮一下這一點時，我們在第一季度對此進行了一些討論，但我認為值得提醒一下。請記住，在新冠病毒大流行中，我們實際上看到了我們認為成年吸煙者一天中尼古丁攝入量增加的情況。隨著我們走出新冠病毒大流行，人們的流動性有所增加，你會期望一些尼古丁場合會重新出現。我認為通貨膨脹的累積效應加劇了這種情況。

So we had nicotine occasions coming back out of their day and exacerbated by cumulative inflation. So when you think about it, I think it's best to go back in history a bit and look at similar occurrences where the adult tobacco consumer was under extreme economic pressure. And you can look at '08, '09, and you see similar occurrences there. What we see with the adult cigarette consumer is, it takes a bit of time for them to adjust in their new situation. And you see typically, and we saw it in '08, '09, and '12, the consumer return for their basic normal nicotine occasions in the day.

因此，我們遇到了尼古丁的情況，並因累積通貨膨脹而加劇。因此，當你思考這個問題時，我認為最好稍微回顧一下歷史，看看成年煙草消費者面臨極端經濟壓力的類似事件。你可以看看 08 年、09 年，你會看到類似的情況。我們從成年捲菸消費者身上看到的是，他們需要一些時間來適應新的情況。你通常會看到，我們在 08 年、09 年和 12 年看到了消費者在一天中恢復正常尼古丁攝入的情況。

So I think what we're seeing right now, even though inflation is coming down on a cumulative basis, it's still growing. So the consumer is still in their economic pressure. You recall that -- the in the first quarter, we put some extra investments behind a couple of pockets of areas where we saw a competitor get aggressive with menthol offerings and where we saw the consumer under pressure and looking to discount. And you see we're extremely pleased with the results of those investments as Marlboro picked up the 0.1% quarter-over-quarter.

因此，我認為我們現在所看到的情況是，儘管通貨膨脹在累積的基礎上下降，但它仍在增長。所以消費者仍然面臨著經濟壓力。您還記得嗎？在第一季度，我們在幾個領域進行了一些額外投資，我們看到競爭對手在薄荷醇產品方面表現出侵略性，並且我們看到消費者面臨壓力並希望打折。您會看到，我們對這些投資的結果非常滿意，萬寶路季度環比增長了 0.1%。

That's helpful. And in your prepared remarks, you touched on some of the initiatives that you have to drive NJOY growth. Now that you've owned the business for 2 months, can you just elaborate on where you see opportunity to operate the brand more efficiently? And how are you thinking about the contribution from NJOY over the coming quarters and the level of investment that you'll need to make behind the brand?

這很有幫助。在您準備好的發言中，您談到了推動 NJOY 發展的一些舉措。現在您已經擁有這家公司兩個月了，您能詳細說明一下您在哪些方面看到了更有效地運營該品牌的機會嗎？您如何看待 NJOY 在未來幾個季度的貢獻以及您需要在該品牌背後進行的投資水平？

Yes. Thanks for the question. You're right. We -- there was a month in the results for the quarter, and now we've surpassed another month. Our focus will be on the pod-based product, the ACE NJOY. And you heard my remarks filling distribution gaps as well as visibility. Just to characterize that, only 3,000 stores currently in distribution carry all top 3 based pod SKUs and about 10,000 stores carry the pods, but no devices. So the focus will be both on filling those distribution gaps and improving visibility, while at the same time, enhancing ACE's brand equity to increase both brand awareness and appeal amongst adult smokers and vapors.

是的。謝謝你的提問。你說得對。我們——本季度的業績還有一個月，現在我們又超過了一個月。我們的重點將是基於 Pod 的產品 ACE NJOY。你們也聽到了我的言論，填補了分銷空白和知名度。僅僅為了說明這一點，目前只有 3,000 家商店出售所有排名前 3 的小煙 SKU，大約 10,000 家商店出售小煙，但沒有設備。因此，重點將放在填補這些分銷空白和提高知名度上，同時增強 ACE 的品牌資產，以提高品牌知名度和對成年吸煙者和電子煙的吸引力。

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

我們將回答高盛邦妮·赫爾佐格的下一個問題。

All right. I had a question on your guidance. You reaffirmed your EPS growth guidance of 1% to 4% this year, which remains pretty darn wide, especially given only 5 months left this year. So I guess I'm trying to understand this and what headwinds do you see that would cause you to come in at the lower end of your guidance, which implies negative low single-digit EPS growth in the second half.

好的。我對你的指導有疑問。您重申了今年每股收益增長 1% 至 4% 的目標，這個目標仍然相當寬泛，特別是考慮到今年只剩下 5 個月了。因此，我想我正在嘗試了解這一點，以及您認為哪些阻力會導致您處於指導的下限，這意味著下半年每股收益將出現低個位數的負增長。

Well, certainly, we highlighted for you, Bonnie, that we'll be investing behind the NJOY brand as we expand distribution and have equity spending. I think the other thing is the book, the economy is very dynamic right now. And we've highlighted for you that the adult cigarette consumers under extreme pressures, and we want the flexibility to adapt to them and be there for consumers is necessary. So I think we'll see how the economy progresses, and we'll see how the adult cigarette consumer returns to, if you will, more of a comfortable position from an economic standpoint.

嗯，當然，邦妮，我們向您強調，隨著我們擴大分銷和股權支出，我們將投資 NJOY 品牌。我認為另一件事是書，現在的經濟非常有活力。我們向您強調，成年捲菸消費者承受著極大的壓力，我們希望能夠靈活地適應他們，並為消費者提供幫助是必要的。因此，我認為我們將看到經濟如何發展，並且從經濟角度來看，如果您願意的話，我們將看到成年捲菸消費者如何恢復到更舒適的狀態。

Okay. I guess that makes sense. I mean you have flexibility with some of your investments. So I'm curious, Billy, can you give us a sense of how much you expect your investments to step up this year versus last year?

好的。我想這是有道理的。我的意思是你的一些投資具有靈活性。所以我很好奇，比利，你能告訴我們你預計今年的投資與去年相比會增加多少嗎？

Yes. I won't go into detail, just for competitive reasons. Certainly, we'll be, as I mentioned, really enhancing the brand equity to increase awareness amongst both adult vapors and adult direct consumers. And then we'll be looking for distribution. So both filling distribution gaps as well as improving the visibility of ACE in stores where it's currently distributed and then expanding to new stores.

是的。我不會詳細說明，只是出於競爭原因。當然，正如我所提到的，我們將真正增強品牌資產，以提高成人電子煙和成人直接消費者的認知度。然後我們將尋找分銷。因此，既可以填補分銷空白，又可以提高 ACE 在目前分銷的商店中的知名度，然後擴展到新商店。

Okay. And then just maybe one final question for me, just on the relative price gaps, which continue to widen. I guess, I think it's now the widest, it's been for maybe 15 years. I know I've asked you this before, but given it keeps widening, I guess I'd like to hear how your strategy might be changing.

好的。對我來說，也許還有最後一個問題，即相對價格差距，這一差距繼續擴大。我想，我認為它現在是最寬的，可能已經有 15 年了。我知道我以前問過你這個問題，但考慮到問題不斷擴大，我想我想听聽你的策略可能會如何改變。

Given the calls you just mentioned on the consumer and then what the deep discount manufacturers are doing. Just curious to hear how flexible you might be with your pricing, promo strategy and then certainly, your strategy behind leveraging Marlboro Black to potentially minimize down trading?

鑑於您剛才提到的消費者電話以及大幅折扣製造商正在做的事情。只是想知道您的定價、促銷策略以及利用 Marlboro Black 來最大程度地減少下跌交易背後的策略有多靈活？

Yes, thanks. And I'll be careful to not talk about future pricing. But I think you can see like going from first to second quarter, we highlighted for you some areas of where we thought additional investment was necessary. And you saw the significant results of those Marlboro increasing 0.1% sequentially. So we want that flexibility. But I would remind you that the RGM tool. So that price gap that you're seeing is on a national basis and the RGM tools that we have in the advanced analytics allows us to minor price cut down to a very, very low level. And we can be efficient with spend and even move spend around, if necessary, around the U.S.

對了謝謝。我會小心地不談論未來的定價。但我認為您可以看到，從第一季度到第二季度，我們向您強調了我們認為需要額外投資的一些領域。您看到了萬寶路的顯著成果，連續增長了 0.1%。所以我們想要這種靈活性。但我要提醒您的是 RGM 工具。因此，您看到的價格差距是在全國范圍內的，我們在高級分析中擁有的 RGM 工具使我們能夠將價格小幅降低到非常非常低的水平。我們可以提高支出效率，如有必要，甚至可以在美國各地轉移支出。

So that's how we're thinking about it. From a standpoint of Marlboro itself, you see it continues to grow in the premium segment. It's performing very well. And as I highlighted for Pamela, we've seen instances of this in the history of when the consumer is under pressure that you see discount grow, you see premium from a total industry perspective and then you see that moderate through time.

這就是我們的想法。從萬寶路本身的角度來看，你會看到它在高端市場的持續增長。它的表現非常好。正如我向帕梅拉強調的那樣，我們在歷史上看到過這樣的例子，當消費者面臨折扣增長的壓力時，從整個行業的角度來看，你會看到溢價，然後隨著時間的推移，你會發現溢價逐漸放緩。

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

我們將回答 Vivien Azer 和 TD Cowen 提出的下一個問題。

So I want to start on your oral tobacco margins, please? Quite nice see some year-over-year improvement given kind of the multiyear degradation we've seen in support of on!. So Sal I was wondering, can you just comment on how we should think about margins for oral tobacco in the back half?

那麼我想從您的口腔煙草利潤開始，好嗎？鑑於我們在支持 on! 方面看到的多年退化，很高興看到一些逐年的改進。所以薩爾，我想知道，您能否評論一下我們應該如何考慮後半部分口腔煙草的利潤？

Yes. I'm going to be careful not to talk about future quarters. I will agree with you. We're really happy with the margin performance in the OTP segment. For year-to-date OTP margins, as I said in my remarks, we're over 68%. What you're seeing, I think, is the success of on! where we've grown share each quarter, and as we talked about in our earlier remarks, you see increased pricing of 17% on a year-over-year basis. So I think that shows the strength of on! in the marketplace, but we're really excited about the progress on! is making and the overall OTP performance.

是的。我會小心不要談論未來幾個季度。我同意你的觀點。我們對 OTP 領域的利潤率表現非常滿意。正如我在發言中所說，今年迄今為止的 OTP 利潤率已經超過 68%。我認為，您所看到的就是 on! 的成功！我們每個季度的份額都在增長，正如我們在之前的評論中談到的，您會看到定價同比增長了 17%。所以我認為這顯示了on的實力！在市場上，但我們對進展感到非常興奮！正在製作和整體 OTP 性能。

Certainly. And then for my follow-up question, Billy, nice to see the Marlboro market share sequentially by some of the heightened competitive activity that you called out from competitive premium menthol offerings, do you -- just given kind of the competitive backdrop, do you think that you need to have the Marlboro Black Gold in the marketplace longer than you had originally contemplated?

當然。然後，對於我的後續問題，比利，很高興看到萬寶路的市場份額連續因您從競爭性優質薄荷醇產品中呼籲的一些激烈的競爭活動而增加，您是否 - 只是考慮到某種競爭背景，您是嗎？您是否認為萬寶路黑金在市場上的停留時間比您最初預期的要長？

Look, we think that's an addition to our portfolio, it certainly gives the Marlboro team. It rounds out the Black portfolio. The Marlboro Black, the family has been around a while. We saw this as a gap in that portfolio and we filled that. So from a standpoint of overall Marlboro Black, you can think about that as about 10% of Marlboro. And it certainly gives the consumer a safe place or a place to land if they're under economic pressure.

看，我們認為這是對我們產品組合的補充，它肯定會給萬寶路團隊帶來好處。它完善了 Black 產品組合。萬寶路黑色，這個家族已經存在了一段時間了。我們認為這是該投資組合中的一個空白，並填補了這個空白。因此，從整體 Marlboro Black 的角度來看，您可以將其視為 Marlboro 的 10% 左右。如果消費者面臨經濟壓力，它肯定會為他們提供一個安全的地方或一個落腳點。

And as you've seen previously, when we use tools like this, we're able to shrink the gap to mainline through time. So it's about keeping mainline very strong, which we're very pleased that it is and then having a place for the Marlboro consumer because Marlboro is still the aspirational brand in the cigarette category. Having a place for them to land where their economic pressure. And as the situation changes, we can shrink that gap to mainline.

正如您之前所看到的，當我們使用這樣的工具時，我們能夠隨著時間的推移縮小與主線的差距。因此，我們要保持主線非常強大，我們對此感到非常高興，然後為萬寶路消費者提供一席之地，因為萬寶路仍然是捲菸類別中的理想品牌。為他們提供一個可以緩解經濟壓力的地方。隨著情況的變化，我們可以縮小與主線的差距。

And we'll take our next question from Matt Smith with Stifel.

我們將回答 Matt Smith 和 Stifel 提出的下一個問題。

Billy, I just -- I wanted to follow up on your commentary about the level of investment in the cigarette business. And are we in an environment now with the enhanced digital tools and more efficient ways to engage with your consumers that you expect more volume to be sold using promotional activity, even as economic conditions improve.

比利，我只是——我想跟進你對捲菸業務投資水平的評論。我們現在是否處於一個擁有增強的數字工具和更有效的方式與消費者互動的環境中，即使經濟狀況有所改善，您也期望通過促銷活動銷售更多的銷量。

Yes, I wouldn't think of it as more volume under promotional. I think it's being more efficient and effective with that promotional spend. It's trying to get it to the individual consumer as close as we can get to that, that needs it while not subsidizing adult cigarette consumers that don't need it. And I think you've seen that with both the growth in Marlboro in the premium space, the investments we made first to second is -- had the 0.1% sequentially bump and the price realization we're experiencing in the cigarette space.

是的，我不認為這是促銷下的更多銷量。我認為促銷支出更加高效和有效。它試圖盡可能地將其提供給需要它的個人消費者，同時不補貼不需要它的成年捲菸消費者。我想你已經看到，隨著萬寶路在高端領域的增長，我們所做的第一到第二的投資是——連續增長了 0.1%，以及我們在捲菸領域經歷的價格實現。

Okay. And if I could ask another question on the growth on the on! oral brand the growth there remains robust even as you've reduced promotional activity. Can you remind us where the brand stands today in terms of distribution and how we should think about the drivers of growth for on! in the second half of the year?

好的。如果我能問另一個關於增長的問題的話！即使您減少了促銷活動，口頭品牌的增長仍然強勁。您能否提醒我們該品牌目前在分銷方面的狀況以及我們應該如何考慮 on! 的增長動力？下半年？

Yes. I think from a distribution, we've got it in the stores we want. You may see small fluctuations as we decide if we want to add additional stores in distribution, but we've got it to where we want it. You'll recall, we were capacity constrained from a manufacturing basis, we're beyond that. It continues to grow. I would say the growth as we move forward as it continues even though we've been talking about it when you guys have been talking about it for a while, it's still fairly new to the consumer.

是的。我認為通過分銷，我們已經在我們想要的商店裡買到了它。當我們決定是否要在分銷中添加額外的商店時，您可能會看到微小的波動，但我們已經達到了我們想要的程度。您還記得，我們​​的產能受到製造基礎的限制，但我們已經超越了這一點。它繼續增長。我想說的是，隨著我們前進，這種增長仍在繼續，儘管我們已經在談論它，而你們已經談論它有一段時間了，但它對消費者來說仍然是相當新的。

So it's continuing to drive awareness and specifically trial once the consumer tries it, they enjoy the product. So that's where the growth will come as the success in achieving new consumers to the category as they transition. I think when you think about that transition through time, it's important to remember that you're looking at the consumer, specifically dippers that are moving currently in large amounts but it's also talking to the cigarette consumer, and it allows an oral tobacco product to be available to consumers that previously projected moist smokeless tobacco.

因此，它會繼續提高意識，特別是一旦消費者嘗試過，他們就會喜歡該產品。因此，隨著新消費者在轉型過程中成功吸引新消費者進入該類別，增長將隨之而來。我認為，當你考慮隨著時間的推移而發生的轉變時，重要的是要記住你正在關註消費者，特別是當前大量移動的煙斗，但它也在與捲菸消費者交談，並且它允許口腔煙草產品向以前預計潮濕無菸煙草的消費者提供。

We'll take our next question from Andrei Condrea with UBS.

我們將回答瑞銀安德烈·康德里亞 (Andrei Condrea) 的下一個問題。

Firstly, when looking at the U.S. cigarette industry, we saw that discount was stable on a sequential basis, bucking the trend for the past 3 to 4 years, how much of that do you think could be attributed to Marlboro Black Gold, for instance, and just increased promo activity from new NPAs?

首先，我們看美國捲菸行業，折扣環比穩定，過去三四年逆勢而上，你認為這其中有多少是萬寶路黑金的功勞，比如，以及新 NPA 增加的促銷活動？

Yes. I don't know if I would specifically attribute it to increased promo. As we've highlighted for you, the adult cigarette consumer in the U.S. is really under economic pressure. And so you look to certainly give them places to land, specifically in Marlboro, a place to land where they can continue to engage with Marlboro. We see that as both less expensive versus them leaving and returning, and we've been successful with that in the past, and I think you see the results first to second quarter.

是的。我不知道我是否會特別將其歸因於促銷活動的增加。正如我們向您強調的那樣，美國的成年捲菸消費者確實面臨著經濟壓力。因此，您肯定希望為他們提供落地的地方，特別是在萬寶路，一個他們可以繼續與萬寶路接觸的地方。我們認為，與他們離開和返回相比，這都更便宜，而且我們過去在這方面取得了成功，我認為您會看到第一季度到第二季度的結果。

Makes sense. And secondly, this is a bit more medium term. But as you're pushing harder into vaping now with NJOY, illicit products are a problem on the market. As flagged by 1 of your peers. What can you and said, peer do more to, well, basically improve enforcement in the area and get those numbers down?

說得通。其次，這是一個比較中期的情況。但隨著 NJOY 更加努力地推廣電子煙，非法產品已成為市場上的一個問題。正如您的一位同行所標記的那樣。您和其他同行可以做些什麼來從根本上改善該地區的執法並降低這些數字？

Yes. I think it's continued engagement, both with Congress as well as the FDA to really make this their top priority. You saw underage use of e-vapor come down, but it's essential that the FDA really focused on enforcement. It's illicit product in the marketplace with flavors that are not authorized. And so you saw in the most recent National Use Tobacco Survey, the most popular product with youth following was an illicit product in the marketplace.

是的。我認為需要與國會和 FDA 繼續接觸，才能真正將此作為他們的首要任務。你看到未成年人使用電子煙的情況有所下降，但 FDA 真正注重執法是至關重要的。它是市場上的非法產品，其口味未經授權。因此，您在最近的全國煙草使用調查中看到，最受年輕人追隨的產品是市場上的非法產品。

Now they have started stepping up their enforcement but it needs to be more vigorous in the marketplace. Even if they would just publish a list of those products that are authorized and those that are under review, it would certainly level up with the trade because the enforcement that they're doing while encouraging isn't enough to change what the marketplace is what we're experiencing in the marketplace.

現在他們已經開始加強執法力度，但在市場上還需要更有力。即使他們只是發布已授權產品和正在審查產品的清單，也肯定會與行業保持一致，因為他們在鼓勵的同時所做的執法工作不足以改變市場現狀我們正在市場上體驗。

(Operator Instructions) We'll take our next question from Gaurav Jain with Barclays.

（操作員說明）我們將接受巴克萊銀行的 Gaurav Jain 提出的下一個問題。

A couple of questions from me. So one is on the e-cigarette industry growth, clearly disposables are cannibalizing closed and e-cigarettes. So why are you launching the NJOY ACE and not the NJOY Daily product. And in that context, can you also just tell us where you are with the PMTA application of the NextGen product, which is -- which you have mentioned you have filed?

我有幾個問題。因此，關於電子煙行業的增長，顯然一次性煙正在蠶食封閉式電子煙。那麼為什麼你們要推出 NJOY ACE 而不是 NJOY Daily 產品呢？在這種情況下，您能否告訴我們您對 NextGen 產品的 PMTA 申請的進展情況，您提到您已經提交了該申請？

Yes. So let's break that down. So the first part, I think if you think about the e-vapor category, certainly, there's a large pod base of consumers. And so we certainly see that as an opportunity. And you heard in the remarks, the NJOY ACE is the only pod that has received FDA authorization.

是的。那麼讓我們來分解一下。因此，第一部分，我認為如果您考慮電子菸類別，那麼肯定有大量的消費者群體。所以我們當然認為這是一個機會。您在發言中聽到，NJOY ACE 是唯一獲得 FDA 授權的煙彈。

When you think about the disposable side, the growth, at least what we're seeing in the marketplace is with the plethora of flavors that are illicitly in the marketplace. So as the FDA certainly steps up enforcement and we see enforcement take place and those illicit products come out of the marketplace, we see the potential, again, because NJOY was able to receive authorization for the disposable, the opportunity for growth in that space. But we feel like the appropriate focus is on that large pod-based, consumer base until they illicit a plethora of flavors and the flavors that are illicitly in the marketplace are cleaned up.

當您考慮一次性產品的增長時，至少我們在市場上看到的是市場上非法口味的過多。因此，隨著 FDA 肯定會加強執法，我們看到執法的發生以及那些非法產品退出市場，我們再次看到了潛力，因為 NJOY 能夠獲得一次性產品的授權，這是該領域的增長機會。但我們認為，適當的重點應該放在基於豆莢的龐大消費者基礎上，直到他們非法使用過多的口味，並且市場上的非法口味被清理乾淨。

From a standpoint of the age restriction, I think you were referring to, we just recently closed it, and we're excited about that technology. We're assessing the timing of following that. We would have a target in mind by the end of this year. But I think what's so exciting about it is, it's the regulatory team that we certainly welcome on board from the NJOY that was -- that successfully navigated. It's the only pod-based product that has navigated the regulatory. So we're excited. They had started the application then again, we would target following that by the end of the year.

從年齡限制的角度來看，我想你指的是，我們最近剛剛關閉了它，我們對這項技術感到興奮。我們正在評估遵循該計劃的時間。我們將在今年年底之前確定一個目標。但我認為最令人興奮的是，我們當然歡迎 NJOY 的監管團隊加入，他們成功地完成了任務。它是唯一一款通過監管的基於 Pod 的產品。所以我們很興奮。他們再次開始申請，我們的目標是在年底之前完成。

Sure. And can you also update us on this JUUL patent litigation that you have filed against NJOY, which I found very surprised and considering. I thought you would have -- when you walked away from JUUL, you would have gained access to all their IP. So could you just help us understand what's happening there?

當然。您能否向我們介紹一下您針對 NJOY 提起的 JUUL 專利訴訟的最新情況，我對此感到非常驚訝和考慮。我以為當你離開 JUUL 時，你就會獲得他們所有 IP 的訪問權。那麼你能幫助我們了解那裡發生了什麼嗎？

Sure. We believe that the litigation against us is meritless, and we're vigorously looking to respond to that. When you step back from it, we think it's interesting that JUUL only brought the suit after we completed the acquisition, the litigation, if you think about it from a standpoint of the merits of it, it really feels like a bit of an active desperation, if you will, to stifle competition really from the only pod-based product that the FDA has determined appropriate for the protection of public health. So we see it as meritless.

當然。我們認為針對我們的訴訟毫無根據，我們正在積極尋求回應。當你退一步看時，我們認為有趣的是，JUUL 在我們完成收購之後才提起訴訟，訴訟，如果你從其是非曲直的角度考慮，這真的感覺有點像一種積極的絕望如果你願意的話，可以真正扼殺來自 FDA 確定適合保護公眾健康的唯一基於豆莢的產品的競爭。所以我們認為它毫無價值。

Okay. Sure. And if I could just sneak in one last, because you mentioned that on! PLUS, you will launch in Sweden, even if it is targeted, would you also be looking at launching NJOY internationally at some point of time?

好的。當然。如果我能偷偷溜進最後一個就好了，因為你提到過這一點！另外，您將在瑞典推出，即使是有針對性的，您是否也會考慮在某個時間在國際上推出 NJOY？

Yes. Our focus currently is, as we mentioned, filling the distribution gaps from existing stores in the U.S. expanding distribution to approximately 70,000 stores by the end of this year, and we'll come back to you on international -- in any international plans when it's appropriate.

是的。正如我們提到的，我們目前的重點是填補美國現有商店的分銷空白，到今年年底將分銷範圍擴大到大約 70,000 家商店，我們會在國際計劃中與您聯繫。合適的。

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

目前似乎沒有進一步的問題。我想將電話轉回給麥克·利文斯頓，讓其發表結束語。

Thank you for your time this morning. If you have any follow-up questions, please feel free to reach out to the Investor Relations team. Thanks, and have a great day.

感謝您今天早上抽出時間。如果您有任何後續問題，請隨時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 any time.

今天的電話會議到此結束。感謝您的參與。您可以隨時斷開連接。