奧馳亞 (MO) 2023 Q4 法說會逐字稿

Good day, everyone, and welcome to the Altria Group 2023 Fourth Quarter and Full Year Earnings Conference Call. Today's call is scheduled to last about 1 hour, including remarks by Altria's management and a question-and-answer session. (Operator Instructions)

大家好，歡迎參加奧馳亞集團 2023 年第四季和全年財報電話會議。今天的電話會議預計持續約 1 小時，包括奧馳亞管理層的演講和問答環節。 （操作員說明）

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

我現在想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, Jamie. Good morning, and thank you for joining us. This morning, Billy Gifford, Altria's CEO; and Sal Mancuso, our CFO, will discuss Altria's fourth quarter and full year business results. Earlier today, we issued a press release providing our results. The release, presentation, quarterly metrics and our latest corporate responsibility reports are all available at altria.com.

謝謝，傑米。早安，感謝您加入我們。今天早上，奧馳亞執行長比利吉福德 (Billy Gifford)我們的財務長薩爾·曼庫索 (Sal Mancuso) 將討論奧馳亞第四季和全年的業務表現。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 上取得。

During our call today, unless otherwise stated, we're comparing results to the same period in 2022. 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 Altria's Board.

在今天的電話會議中，除非另有說明，否則我們將結果與 2022 年同期進行比較。我們的言論包含前瞻性和警告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，以了解可能導致實際結果與預測有重大差異的各種因素。未來的股利支付和股票回購仍由奧馳亞董事會自行決定。

Altria reports its financial results, in accordance with U.S. generally accepted accounting principles. Today's call will contain various operating results on both the reported and adjusted basis. Adjusted results exclude special items that affect comparisons with reported results. Descriptions of these non-GAAP financial measures and reconciliations are included in today's earnings release and on our website at altria.com. 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.

奧馳亞根據美國公認會計原則報告其財務表現。今天的電話會議將包含報告和調整後的各種營運績效。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，今天的演講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。

Thanks, Mac. Good morning, and thank you for joining us. It was a pivotal year for Altria as we made significant progress in pursuit of our vision by enhancing our smoke-free product portfolio, while our businesses performed well in a challenging environment. We grew adjusted diluted earnings per share by 2.3% and continued our long history of rewarding shareholders by delivering nearly $7.8 billion in dividends and share repurchases.

謝謝，麥克。早安，感謝您加入我們。對於奧馳亞來說，這是關鍵的一年，我們透過增強無菸產品組合在實現我們的願景方面取得了重大進展，同時我們的業務在充滿挑戰的環境中表現良好。我們的調整後攤薄每股收益成長了 2.3%，並透過提供近 78 億美元的股息和股票回購延續了我們回報股東的悠久歷史。

Throughout 2023, we took several transformative steps that we believe position us for sustained success in the U.S. nicotine space, including completing our acquisition of NJOY and fully integrating it into our family of companies making an exciting progress on our promising smoke-free pipeline, including launching on! PLUS internationally in Sweden, one of the world's largest modern oral tobacco markets.

2023 年，我們採取了多項變革性措施，我們相信這些措施將使我們在美國尼古丁領域取得持續成功，包括完成對NJOY 的收購，並將其完全整合到我們的公司家族中，在我們前景光明的無菸產品線方面取得令人興奮的進展，包括啟動！此外，瑞典是世界上最大的現代口腔菸草市場之一。

Continuing preparations to bring heated tobacco products to market, this includes heated tobacco stick products through Horizon, our joint venture with JT and our heated tobacco capsule product, Swic and advocating for a responsible and well-regulated e-vapor market, including stepped-up enforcement against illicit disposable products.

繼續準備將加熱煙草產品推向市場，其中包括透過我們與JT 的合資企業Horizo​​​​n 的加熱煙草棒產品和我們的加熱煙草膠囊產品Swic，並倡導負責任且監管良好的電子煙市場，包括加強打擊非法一次性產品。

Our vision continues to guide our actions, and we believe that our growing portfolio of smoke-free products positions us well to lead in the evolving nicotine space. My remarks this morning will focus on our view of the U.S. nicotine space and our progress in each of the smoke-free categories. I'll then hand it over to Sal, who will provide an update on consumer and industry dynamics and further detail on our business and financial results.

我們的願景繼續指導我們的行動，我們相信，我們不斷增長的無菸產品組合使我們能夠在不斷發展的尼古丁領域處於領先地位。我今天早上的演講將重點討論我們對美國尼古丁領域的看法以及我們在每個無菸類別方面取得的進展。然後我會將其交給薩爾，他將提供有關消費者和行業動態的最新資訊以及有關我們業務和財務業績的更多詳細資訊。

Let's begin with the operating environment. We estimate that total industry equivalized nicotine volumes increased approximately 3% for the year and approximately 1% over the past 5 years on a compounded annual basis driven by the growth of illicit flavored disposable e-vapor products. This new estimate marks a change from our previously provided estimates of low single-digit decline in total nicotine over the past several years. Our new estimate reflects a deeper ongoing analysis of the impact of illicit products on the e-vapor category. We have previously acknowledged the challenges associated with reading illicit market activity that takes place in less traditional channels. And we believe we have deepened our understanding of market dynamics through improved data sources, information gaps still remain.

我們先從運作環境說起。我們估計，由於非法調味一次性電子煙產品的增長，按年複合計算，今年行業尼古丁當量總量增加了約 3%，過去 5 年增加了約 1%。這一新的估計標誌著我們先前提供的過去幾年尼古丁總量低個位數下降的估計發生了變化。我們的新估計反映了對非法產品對電子煙類別影響的更深入的持續分析。我們之前已經承認與解讀非傳統管道中發生的非法市場活動相關的挑戰。我們相信，透過改善資料來源，我們加深了對市場動態的理解，但資訊差距仍然存在。

As a result, we're making some informed assumptions to better reflect the dynamics that flow. For example, we account for differences in liquid volume across products, device attributes and usage patterns by equivalizing e-vapor volume across different form factors. We then equivalized e-vapor volumes back to cigarettes, our base unit of equivalized volume. Because of the volatility that exists in reading the illicit market, our estimates may change over time, and we plan to provide you with our latest and best thinking as it evolves.

因此，我們正在做出一些明智的假設，以更好地反映流動的動態。例如，我們透過等效不同外形尺寸的電子蒸氣量來解釋不同產品、設備屬性和使用模式之間液體量的差異。然後，我們將電子蒸氣體積等效回香煙，這是我們等效體積的基本單位。由於非法市場的解讀存在波動性，我們的估計可能會隨著時間的推移而改變，我們計劃隨著情況的發展向您提供我們最新、最好的想法。

Of note, our estimate focuses only on usage among age 21 plus consumers. Looking now by category, industry cigarette volumes declined by an estimated 8% last year, primarily due to the historical secular rate of decline, the growth of illicit e-vapor products, and continued macroeconomic pressures on smokers. And while we're deeply concerned about growth in illicit product use, we are encouraged that adult smokers continue to transition to smoke-free alternatives, which now represent approximately 40% of total nicotine space.

值得注意的是，我們的估計僅關注 21 歲以上消費者的使用情況。現在按類別來看，去年工業捲菸銷售量估計下降了 8%，這主要是由於歷史長期下降率、非法電子煙產品的成長以及吸菸者持續面臨的宏觀經濟壓力。雖然我們對非法產品使用的成長深感擔憂，但我們鼓勵成年吸菸者繼續轉向無菸替代品，目前無菸替代品約佔尼古丁總空間的 40%。

E-vapor continues to be the largest smoke-free category, and we have observed an increase in the number of adult vapors driven primarily by those choosing illicit products. Based on our new estimate, the e-vapor category grew approximately 35% in 2023. We believe the category growth was largely driven by illicit flavored disposable products, which we estimate represents over 50% of the category. We estimate that pod-based products declined approximately 50% and represent between 15% to 20% of the category.

電子煙仍然是最大的無菸類別，我們觀察到成人電子煙數量的增加主要是由選擇非法產品的人推動的。根據我們的新估計，電子煙類別在 2023 年增長了約 35%。我們認為該類別的增長主要是由非法調味一次性產品推動的，我們估計該類別佔該類別的 50% 以上。我們估計，基於 Pod 的產品下降了約 50%，佔該類別的 15% 至 20%。

We continue to believe the e-vapor category is in the beginning of a reset and the steps that we have taken since closing the NJOY transaction will allow us to responsibly participate in the category's growth.

我們仍然相信電子煙類別正處於重置的開始，自完成 NJOY 交易以來我們所採取的步驟將使我們能夠負責任地參與該類別的成長。

Let's briefly recap our 2023 actions with NJOY following the completion of our acquisition on June 1. First, we strengthened NJOY's supply chain to enable our expansion plans. Our teams worked diligently to solidify the entire supply chain from sourcing direct materials through shipments to retail. We now expect to have capacity to support our expansion plans for NJOY moving forward.

讓我們簡要回顧一下我們在 6 月 1 日完成收購後與 NJOY 的 2023 年行動。首先，我們加強了 NJ​​OY 的供應鏈，以實現我們的擴張計劃。我們的團隊努力工作，鞏固從直接採購材料到運輸再到零售的整個供應鏈。我們現在期望有能力支持 NJOY 未來的擴張計劃。

Next, we prioritize closing inventory gaps at retail and expanding distribution of ACE. For example, prior to closing, a number of stores had ACE pods and distributions, but no devices. While other stores were missing various pod varieties. Our teams have closed inventory gaps in stores that already had distribution, which has significantly improved in-stock conditions at retail.

接下來，我們優先考慮縮小零售庫存缺口並擴大 ACE 的分銷。例如，在關閉之前，許多商店有 ACE Pod 和發行版，但沒有設備。而其他商店則缺少各種豆莢品種。我們的團隊已經彌補了已經分銷的商店的庫存缺口，這顯著改善了零售的庫存狀況。

During the fourth quarter, we expanded distribution of ACE to over 75,000 stores surpassing our previously announced goal of 70,000 stores. These stores represent approximately 75% of e-vapor volume and 55% of cigarette volume sold in the U.S. multi-outlet and convenience channel. We also introduced NJOY's first retail trade program, which we believe will help NJOY achieve optimal visibility and product fixture space at retail. Retailers can sign up for the program at various levels with merchandising options designed to position NJOY strategically and responsibly to tobacco consumers while creating further awareness of the brand.

第四季度，我們將 ACE 的分銷範圍擴大到超過 75,000 家商店，超過了我們先前宣布的 70,000 家商店的目標。這些商店約占美國多通路和便利通路銷售的電子煙銷量的 75% 和捲菸銷量的 55%。我們還推出了NJOY的第一個零售貿易計劃，我們相信這將幫助NJOY在零售方面實現最佳的可見度和產品固定空間。零售商可以在不同層級報名參加該計劃，並提供各種商品選項，旨在以策略性和負責任的方式向菸草消費者定位 NJOY，同時進一步提高品牌知名度。

We are encouraged by our trade partners response to the program with approximately 70% of stores having chosen options that secure premium positioning and the e-vapor fixture for NJOY. Fixture resets are well underway, and we expect the majority will be completed in the first half of this year. We believe that achieving manufacturing capacity, supply chain security and optimal product distribution and placement at retail were necessary precursors to engaging consumers with impactful marketing and promotional offers.

我們對貿易夥伴對該計劃的反應感到鼓舞，大約 70% 的商店選擇了確保 NJOY 高端定位和電子煙固定裝置的選項。賽程重置工作正在順利進行中，我們預計大部分將在今年上半年完成。我們相信，實現製造能力、供應鏈安全以及最佳產品分銷和零售佈局是透過有影響力的行銷和促銷優惠吸引消費者的必要前提。

Turning to NJOY's business results. NJOY consumer -- consumables shipment volume was approximately 11 million units for the quarter and 23 million units since closing. NJOY's retail share in the multi-outlet and convenience channel was 3.7% in the fourth quarter. In November, we began testing trial-generating bundle offers in a limited number of retail accounts and the results were very encouraging. Despite the limited reach of these offers, NJOY retail share increased 0.3 percentage points nationally in November and another 0.3 in December.

轉向 NJOY 的業務成果。 NJOY 消費性消費品本季出貨量約 1,100 萬件，自交易結束以來出貨量為 2,300 萬件。第四季度，NJOY 在多通路和便利通路的零售份額為 3.7%。 11 月，我們開始在有限數量的零售帳戶中測試試用生成捆綁優惠，結果非常令人鼓舞。儘管這些優惠的覆蓋範圍有限，NJOY 的零售份額 11 月份在全國範圍內增長了 0.3 個百分點，12 月份又增長了 0.3 個百分點。

While still early, we are excited by NJOY's momentum and remain optimistic about its potential in the U.S. market. We expect to further expand NJOY promotions and marketing activations in the first quarter and we anticipate submitting a PMTA for NJOY's age-restricted Bluetooth device with nontobacco flavors in the first half of this year. We look forward to sharing more detail about our plans for the year at CAGNY.

雖然還為時過早，但我們對 NJOY 的勢頭感到興奮，並對其在美國市場的潛力保持樂觀。我們預計在第一季度進一步擴大 NJOY 的促銷和行銷活動，並預計在今年上半年提交 NJOY 的非菸草口味的年齡限制藍牙設備的 PMTA。我們期待分享有關 CAGNY 今年計劃的更多細節。

Looking more broadly at the e-vapor category. We continue to believe that the current state of the market is intolerable for both legitimate manufacturers and consumer. As I previously stated, the total nicotine space grew in 2023, largely because of illegal flavored disposable e-vapor products. These products are being distributed by companies violating virtually every rule and guidance the FDA has issued since 2016. We are actively engaging with regulators, state and federal lawmakers, their trade partners and other stakeholders to build awareness of the series issue and drive marketplace enforcement.

更廣泛地審視電子蒸氣類別。我們仍然認為，當前的市場狀況對於合法製造商和消費者來說都是無法容忍的。正如我之前所說，尼古丁總空間在 2023 年有所增長，主要是由於非法調味的一次性電子煙產品。這些產品的分銷公司幾乎違反了FDA 自2016 年以來發布的所有規則和指南。我們正在積極與監管機構、州和聯邦立法者、他們的貿易夥伴和其他利益相關者合作，以提高對該系列問題的認識並推動市場執法。

While we believe there is still significant work ahead to eliminate these illicit products from the market, we have seen some encouraging actions. In December, the FDA in collaboration with U.S. Customs and Border Protection, announced the seizure of approximately 1.4 million unauthorized e-vapor products including Elf Bar and other brands that are popular with underage users. We believe that adopting comprehensive Border Protection programs is an important step towards clearing the market from illicit products.

雖然我們相信要從市場上消除這些非法產品仍有大量工作要做，但我們已經看到了一些令人鼓舞的行動。去年12月，FDA與美國海關和邊境保護局合作，宣布查獲約140萬件未經授權的電子煙產品，其中包括Elf Bar和其他深受未成年用戶歡迎的品牌。我們認為，採取全面的邊境保護計畫是清除市場上非法產品的重要一步。

Additionally, we have worked with legislatures in a number of states that have passed or are considering legislation requiring manufacturers to certify that they have either submitted a PMTA, which is pending or received a marketing order in compliance with FDA regulations. We also initiated litigation in the United States District Court in California relating to the sale of unlawful products. And although this litigation is facing some initial procedural challenges, we remain committed to explore and pursue all litigation opportunities against manufacturers, distributors and online retailers related to sale of unlawful products. A strong course correction is needed to protect the tobacco harm reduction for the millions of adult smokers in the U.S. We've learned from past experiences that complex issues like this require the work of many stakeholders. For our part, we're working with regulators, legislatures, law enforcement and others to address the illicit market. And while the FDA and other authorities are stepping up enforcement, more action is needed.

此外，我們還與許多州的立法機構合作，這些州已經通過或正在考慮立法，要求製造商證明他們已經提交了正在等待的 PMTA，或已收到符合 FDA 規定的行銷訂單。我們也就銷售非法產品向加州美國地方法院提起訴訟。儘管該訴訟最初面臨一些程序性挑戰，但我們仍然致力於探索和尋求與非法產品銷售相關的製造商、分銷商和線上零售商的所有訴訟機會。需要進行強有力的方向修正，以保護美國數百萬成年吸菸者減少菸草危害。我們從過去的經驗中了解到，像這樣的複雜問題需要許多利害關係人的共同努力。就我們而言，我們正在與監管機構、立法機構、執法部門和其他方面合作，解決非法市場問題。儘管 FDA 和其他當局正在加強執法，但仍需要採取更多行動。

Turning to oral tobacco. The nicotine pouch category experienced sizable growth once again, resulting in an estimated 7.5% increase in total, U.S. full tobacco volumes over the past 6 months. In the fourth quarter, all nicotine pouches grew 11.8 share points year-over-year and now represent more than 35% of the total U.S. oral tobacco category. on! continue to participate in the category growth. As reported shipment volumes increased nearly 33% in the fourth quarter and 39% for the full year.

轉向口腔煙草。尼古丁袋裝類別再次經歷了大幅增長，導致過去 6 個月美國菸草總銷量估計增加了 7.5%。第四季度，所有尼古丁袋裝產品的份額年增 11.8 個百分點，目前占美國口腔菸草類別總量的 35% 以上。在！持續參與品類增長。據報道，第四季出貨量成長近 33%，全年成長 39%。

In the fourth quarter, Helix continued its focus on volume growth while improving profitability. Helix applies its analytics and revenue growth management capabilities to be more flexible and efficient with its promotional investments in the marketplace. As a result, on!'s retail price increased over 47% versus the year ago period, while growing its retail share by 1.1 percentage points.

第四季度，Helix 繼續專注於銷量成長，同時提高獲利能力。 Helix 應用其分析和收入成長管理功能，使其在市場上的促銷投資更加靈活和高效。結果，on! 的零售價格比去年同期增長了 47% 以上，同時其零售份額增長了 1.1 個百分點。

Encouragingly, we continue to see increasing levels of both trial and adoption of the brand with repeat purchases up more than 30% year-over-year despite the substantial increase in retail price. We remain excited about on! PLUS and its potential in the U.S. market. We believe its long-lasting flavor systems and proprietary softer material are differentiators in the category. We continue to see encouraging results from the on! PLUS test launch from Sweden. Consumer research from the fourth quarter indicates that on! PLUS is competitive with the market-leading oral nicotine pouch product in Sweden and is seen as a unique offering with strong -- with a strong repeat purchase rate of over 30% in the e-commerce channel.

令人鼓舞的是，儘管零售價格大幅上漲，但我們繼續看到該品牌的試用和採用水平不斷提高，重複購買量同比增長超過 30%。我們仍然興奮不已！ PLUS 及其在美國市場的潛力。我們相信其持久的風味系統和專有的柔軟材料是該類別中的差異化因素。我們繼續看到令人鼓舞的結果！ PLUS 從瑞典測試發射。第四季的消費者研究顯示！ PLUS 與瑞典市場領先的口服尼古丁袋裝產品具有競爭力，並被視為一種獨特的產品，具有強大的優勢——在電子商務通路中重複購買率超過 30%。

Given the success of on! PLUS MINT and SMOOTH MINT in December, we introduced on! PLUS Berry and Citrus in 6- and 9-milligram strength variants in the e-commerce channel. We also plan to expand on! PLUS to additional retail accounts in Sweden. Our teams are on track to submit the PMTA for on! PLUS in the first half of this year, and upon FDA authorization, we expect it will contribute meaningfully to Helix' growth.

就定成功了！ PLUS MINT 和 SMOOTH MINT 在 12 月就推出了！加上電子商務通路中的 6 毫克和 9 毫克濃度的漿果和柑橘品種。我們還計劃擴大！再加上瑞典的其他零售帳戶。我們的團隊正在按計劃提交 PMTA！加上今年上半年，並在 FDA 授權後，我們預計它將為 Helix 的成長做出有意義的貢獻。

In heated tobacco, we believe our compelling portfolio of products will appeal to the millions of adult smokers seeking innovative and healable alternatives to e-vapor products. We are continuing regulatory preparations to bring heated tobacco stick products to the U.S. market through Horizon, our joint venture with JT. We remain on track to follow up PMTA for Ploom in the first half of 2025. And we are making continued progress on our heated tobacco capsule product, Swic. While we believe heated tobacco products can play an important role in achieving harm-reduction, the category remains nonexistent in the United States. We're encouraged by the progress we made in 2023, and we are committed to achieving long-term leadership in each of the smoke-free categories while delivering strong shareholder returns.

在加熱煙草方面，我們相信我們引人注目的產品組合將吸引數百萬尋求創新且可治癒的電子蒸汽產品替代品的成年吸煙者。我們正在繼續進行監管準備工作，以便透過我們與 JT 的合資企業 Horizo​​n 將加熱菸草棒產品引入美國市場。我們仍有望在 2025 年上半年跟進 Ploom 的 PMTA。我們的加熱煙草膠囊產品 Swic 正在不斷取得進展。雖然我們相信加熱菸草產品可以在減少危害方面發揮重要作用，但該類別在美國仍然不存在。我們對 2023 年的進展感到鼓舞，我們致力於在每個無菸類別中實現長期領導地位，同時提供強勁的股東回報。

Last March, we introduced our 2028 enterprise goals. We provided updates on our progress in this morning's press release, and we expect to provide progress updates annually moving forward. We look forward to discussing our exploration of non-nicotine and international nicotine markets at CAGNY later this month.

去年3月，我們提出了2028年的企業目標。我們在今天早上的新聞稿中提供了進展更新，我們預計今後每年都會提供進展更新。我們期待本月稍後在 CAGNY 討論我們對非尼古丁和國際尼古丁市場的探索。

Turning to our 2024 financial outlook. Our plans include a continuation of our strategy to balance earnings growth and shareholder returns with strategic investments toward our vision. For 2024, our planned investment areas include marketplace activities in support of our smoke-free products and continued smoke-free product research, development and regulatory preparations. We believe the external environment will remain dynamic in 2024, and we will continue to monitor the economy, including the cumulative impact of inflation, tobacco consumer dynamics including purchasing patterns and adoption of smoke-free products, solicity vapor enforcement and regulatory litigation and legislative developments.

轉向我們的 2024 年財務展望。我們的計劃包括繼續實施平衡獲利成長和股東回報的策略，並透過策略投資實現我們的願景。 2024 年，我們計劃的投資領域包括支持我們的無菸產品的市場活動以及持續的無菸產品研究、開發和監管準備。我們相信2024年外部環境將保持動態，我們將繼續監測經濟，包括通貨膨脹的累積影響、菸草消費者動態（包括購買模式和無菸產品的採用）、蒸汽煙執法和監管訴訟以及立法進展。

Considering these factors, we expect to deliver 2024 full year adjusted diluted EPS in a range of $5 to $5.15. This range represents an adjusted diluted EPS growth rate of 1% to 4% from a $4.95 base in 2023. We expect 2024 adjusted diluted EPS growth to be weighted to the second half of the year. Our guidance includes the impact of 2 additional shipping days in 2024 and assumes limited impact from illicit e-vapor enforcement on combustible and e-vapor volumes.

考慮到這些因素，我們預計 2024 年全年調整後攤薄每股收益將在 5 美元至 5.15 美元之間。此範圍代表以 2023 年 4.95 美元為基礎的調整後稀釋每股收益成長率為 1% 至 4%。我們預計 2024 年調整後稀釋每股盈餘成長將加權到下半年。我們的指導包括 2024 年額外 2 個運輸天的影響，並假設非法電子蒸汽執法對可燃物和電子蒸汽數量的影響有限。

Before I turn it over to Sal, I'd like to take a moment to recognize Murray Garnick, who recently announced his decision to retire from Altria. During his remarkable career, Murray represented Altria and its subsidiaries for nearly 40 years, both as outside and in-house counsel including his last 7 as General Counsel, leading the law and regulatory affairs departments. Under his guidance, we have successfully managed significant litigation challenges and established Altria as a leading advocate for tobacco harm-reduction policies in the U.S. We will continue to benefit from Murray's guidance through the first quarter, at which time, Bob McCarter will assume the role of General Counsel. Bob currently leads the management of tobacco health and other litigation. Bob has been with Altria since 2015 and spent 18 years before that representing the company as outside counsel.

在我把它交給薩爾之前，我想花點時間認識默里·加尼克（Murray Garnick），他最近宣布決定從奧馳亞退休。在他非凡的職業生涯中，穆雷代表奧馳亞及其子公司工作了近 40 年，擔任外部和內部法律顧問，包括他最後 7 年擔任總法律顧問，領導法律和監管事務部門。在他的指導下，我們成功應對了重大訴訟挑戰，並將奧馳亞確立為美國煙草減害政策的主要倡導者。第一季我們將繼續受益於Murray 的指導，屆時鮑勃·麥卡特( Bob McCarter) 將擔任此角色總法律顧問。鮑伯目前負責菸草健康和其他訴訟的管理。 Bob 自 2015 年起加入奧馳亞，在此之前曾擔任公司外部法律顧問 18 年。

Please join me in thanking and congratulating Murray on an incredible career. And we look forward to introducing Bob to many of you at CAGNY and in the years to come. I'll now turn it over to Sal to provide more detail on the business environment and our results.

請和我一起感謝並祝賀穆雷令人難以置信的職業生涯。我們期待在未來幾年內將 Bob 介紹給 CAGNY 的許多人。現在我將把它交給 Sal，以提供有關業務環境和我們的結果的更多詳細資訊。

Thanks, Billy. Let's begin with a review of the macroeconomic backdrop and its impact on U.S. tobacco consumers. We believe that discretionary income levels remained under pressure through the fourth quarter. While slightly lower gas prices in the fourth quarter were a modest tailwind, we believe the cumulative effects of inflation and higher consumer debt levels led to lower discretionary income for tobacco consumers.

謝謝，比利。讓我們先回顧一下宏觀經濟背景及其對美國菸草消費者的影響。我們認為，第四季可自由支配所得水準仍面臨壓力。雖然第四季汽油價格的小幅下降是一個溫和的推動因素，但我們認為通貨膨脹和消費者債務水準上升的累積影響導致菸草消費者的可自由支配收入下降。

Late last year, we conducted research to understand how tobacco consumers were adjusting their purchasing behaviors to the current macroeconomic environment. Our research indicates smokers continue to feel economic pressure throughout 2023, and we're more likely to search for deals when purchasing tobacco products in the fourth quarter. We will continue to monitor tobacco consumer behaviors and changes in marketplace conditions in 2024.

去年年底，我們進行了研究，以了解菸草消費者如何調整其購買行為以適應當前的宏觀經濟環境。我們的研究表明，吸菸者在 2023 年繼續感受到經濟壓力，我們更有可能在第四季度購買菸草產品時尋找優惠。 2024 年，我們將持續監測菸草消費者行為和市場狀況的變化。

Moving to our results. Our tobacco businesses generated solid financial performance again this year in a challenging external environment. In the smokeable products segment, adjusted operating companies income declined by 1.3% in the fourth quarter and was essentially flat for the full year. Adjusted OCI results in the fourth quarter and full year were primarily driven by elevated industry volume declines and higher promotional investments. Adjusted OCI margins expanded by 0.6 and 0.9 in the fourth quarter and full year, respectively.

轉向我們的結果。我們的菸草業務今年在充滿挑戰的外部環境中再次取得了穩健的財務表現。在吸菸產品領域，第四季度調整後的營運公司收入下降了 1.3%，全年基本持平。第四季和全年調整後的 OCI 業績主要是由產業銷售下降幅度加大和促銷投資增加所推動的。調整後的 OCI 利潤率在第四季度和全年分別增長了 0.6 和 0.9。

Net pricing remained robust and net price realization for the segment was 5.5% for the fourth quarter and 8.8% for the full year. Marlboro displayed resiliency during a period of continued uncertainty for consumers. In the fourth quarter, Marlboro's retail share was 42.2%, unchanged versus the year ago period and down just 0.1 sequentially. Marlboro also grew its share within the highly profitable premium segment to 59.2%, an increase of 0.8 versus a year ago and 0.3 sequentially.

淨定價依然強勁，第四季該部門的淨價格實現率為 5.5%，全年為 8.8%。在消費者持續不確定的時期，萬寶路展現了韌性。第四季度，萬寶路的零售份額為 42.2%，與去年同期持平，僅比上一季下降 0.1%。萬寶路在高利潤高端市場的佔有率也成長至 59.2%，比去年同期增加 0.8%，比上一季增加 0.3%。

In 2023, PM USA used a sophisticated suite of RGM tools, to make investments in Marlboro Black to support its share performance. The investments in Marlboro Black gave consumers under economic strain, a place to stay within the Marlboro portfolio while positioning PM USA to maximize profitability over the long term. Historically, we have seen similar investments improve brand loyalty during times of economic uncertainty, which has contributed to Marlboro's long-standing leadership in the category. We continue to believe that Marlboro remains the aspirational brand in the cigarette category, and we are encouraged by its performance in 2023. Total discount segment share was 28.6% in the fourth quarter, up 0.4 sequentially and 0.9 versus a year ago.

2023 年，PM USA 使用一套複雜的 RGM 工具對 Marlboro Black 進行投資，以支持其股價表現。對萬寶路黑色的投資為處於經濟壓力的消費者提供了留在萬寶路產品組合中的一席之地，同時使 PM USA 能夠實現長期盈利最大化。從歷史上看，我們看到類似的投資在經濟不確定時期提高了品牌忠誠度，這有助於萬寶路在該類別中長期保持領先地位。我們仍然相信萬寶路仍然是捲菸類別中的理想品牌，我們對其2023 年的表現感到鼓舞。第四季折扣細分市場的總份額為28.6%，比上一季增長0.4%，比去年同期增長0.9 %。

We believe that results were driven in part by seasonal trends in the discount segment and the macroeconomic factors that I just discussed. Turning to volumes. Smokable Products segment reported domestic cigarette volumes declined by 7.6% in the fourth quarter and 9.9% for the full year. When adjusted for trade inventory movements, domestic cigarette volumes for the fourth quarter and full year declined by an estimated 9% and 10%, respectively. At the industry level, when adjusted for trade inventory movements and other factors, we estimate that domestic cigarette volumes declined by 8% in the fourth quarter and for the full year.

我們認為，業績在一定程度上是由折扣細分市場的季節性趨勢以及我剛才討論的宏觀經濟因素所推動的。轉向卷。吸菸產品部門報告稱，第四季度國內捲菸銷量下降 7.6%，全年下降 9.9%。根據貿易庫存變動進行調整後，第四季和全年國內捲菸銷量預計分別下降 9% 和 10%。從產業層面來看，調整貿易庫存變動等因素後，我們預期第四季及全年國內捲菸銷量將下降8%。

In cigars, reported shipment volume decreased 1.4% for the fourth quarter and increased 2.8% for the full year while Black & Mild continued to maintain its leadership in the profitable machine-made-to-cigar segment. The oral tobacco products segment reported strong fourth quarter results. Adjusted OCI and OCI margins increased and on! continued to grow its retail share of the oral tobacco category year-over-year.

在雪茄方面，第四季度報告的發貨量下降了 1.4%，全年增長了 2.8%，而 Black & Mild 繼續保持其在盈利機制雪茄領域的領先地位。口腔菸草產品部門報告了強勁的第四季度業績。調整後的 OCI 和 OCI 利潤率不斷增加！口腔菸草類別的零售份額持續逐年成長。

For the fourth quarter, adjusted OCI grew 10.3% and the segment expanded adjusted OCI margins to 63.1%, an increase of nearly 2 percentage points versus the prior year. This performance was supported by robust net price realization due in part to lower promotional investment behind on!. For the full year, the segment grew adjusted OCI by 5.5% with adjusted OCI margins of 67.4%, up more than 1 percentage point. Total segment reported shipment volume decreased by 2% and 2.2% for the fourth quarter and full year, respectively. The segment's volume decline was primarily driven by declines in MST volume, partially offset by the growth of on!.

第四季度，調整後 OCI 成長 10.3%，該部門調整後 OCI 利潤率擴大至 63.1%，比上年增長近 2 個百分點。這一業績得到了強勁淨價實現的支撐，部分原因是 ! 背後的促銷投資減少。全年來看，該部門調整後的 OCI 成長了 5.5%，調整後的 OCI 利潤率為 67.4%，成長超過 1 個百分點。整個部門報告第四季度和全年出貨量分別下降 2% 和 2.2%。該細分市場銷量下降的主要原因是 MST 銷量下降，但 on! 的成長部分抵消了這一下降。

When adjusted for trade inventory movements and calendar differences, segment volumes declined by an estimated 2.5% for the fourth quarter and full year. Oral Tobacco Products segment retail share declined by 5.8 percentage points in the fourth quarter as declines in our MST brands were partially offset by the year-over-year growth of on!.

根據貿易庫存變動和日曆差異進行調整後，第四季和全年的細分市場銷售量預計將下降 2.5%。第四季度，口腔菸草產品細分市場的零售份額下降了 5.8 個百分點，因為我們的 MST 品牌的下降被 on! 的同比增長部分抵消。

Turning to our investment in ABI. We recorded $628 million of adjusted equity earnings for the full year, up 10% versus 2022. We continue to view our stake in ABI as a financial investment, and our goal remains to maximize the long-term value of the investment for our shareholders. In our all other operating category, we recorded $74 million in adjusted losses for the year, and we continue to return significant cash to shareholders while maintaining a strong balance sheet.

談談我們對 ABI 的投資。我們全年調整後股本收益為 6.28 億美元，比 2022 年增長 10%。我們繼續將 ABI 股份視為一項金融投資，我們的目標仍然是為股東實現投資的長期價值最大化。在我們所有其他業務類別中，我們今年的調整後虧損為 7,400 萬美元，我們繼續向股東返還大量現金，同時保持強勁的資產負債表。

Last year, we paid approximately $6.8 billion in dividends and raised our dividend by 4.3% in August in line with our new progressive dividend growth goal. This marked our 58th increase in the last 54 years and repurchased 22.7 million shares which completed our previously authorized $1 billion program. Our balance sheet remains strong. As of the end of the fourth quarter, our debt-to-EBITDA ratio was 2.2x in line with our new capital structure goal of approximately 2x. In the fourth quarter, we issued $1 billion in debt that we plan to use to retire approximately $1.1 billion in maturing debt in the first quarter.

去年，我們支付了約 68 億美元的股息，並根據我們新的漸進式股息成長目標，在 8 月將股息提高了 4.3%。這是我們在過去 54 年來的第 58 次增持，回購了 2,270 萬股股票，完成了我們先前授權的 10 億美元計畫。我們的資產負債表仍然強勁。截至第四季末，我們的負債與 EBITDA 比率為 2.2 倍，符合我們約 2 倍的新資本結構目標。第四季度，我們發行了 10 億美元的債務，並計劃用這些債務償還第一季約 11 億美元的到期債務。

Earlier this week, our Board authorized a new $1 billion share repurchase program, which we expect to complete by the end of 2024. 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. Let's open the question-and-answer period. Operator, do we have any questions?

本週早些時候，我們的董事會批准了一項新的10 億美元股票回購計劃，我們預計該計劃將在2024 年底前完成。至此，我們就結束了，比利和我將很樂意回答你們的問題。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 調整表可在 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。下面我們開始問答環節。接線員，我們還有什麼問題嗎？

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

（操作員說明）我們的第一個問題將由 Matt Smith 和 Stifel 提出。

Wanted to ask a question if we could start with the EPS guidance for the year. When we consider the 1% to 4% growth, you note that it will be weighted towards the second half. Can you talk about the factors supporting that higher growth in the second half? How much of that is the difference between incrementally higher investment in the first half before you anniversary some higher investment levels in 2023 versus your outlook for the cigarette volumes, including the additional shipping days in the second half?

想問一個問題，我們是否可以從今年的每股盈餘指引開始。當我們考慮 1% 到 4% 的成長時，您會注意到，它將在下半年進行加權。您能談談支持下半年高速成長的因素嗎？在 2023 年較高投資水準週年紀念日之前的上半年逐步增加的投資與您對捲菸銷售量（包括下半年額外運輸天數）的預期之間有多少差異？

I think when you think about it being weighted to the second half of the year, I think there's 2 major components you should think on the biggest being NJOY. You remember, we closed that on June 1. So we had amortization of that acquisition. And so you'll have the investments that we highlighted in our remarks of course, in the first half of the year where you didn't have that in the first half of last year. I think the other thing to note is, you remember, the 2 extra shipping days, one of those will occur in the third quarter and one in the fourth quarter. So they're both back half of the year weighted. I think those are the 2 major things. And of course, there are always puts and takes, but those are the 2 major things I would highlight.

我認為，當你考慮到下半年的權重時，我認為你應該考慮兩個主要組成部分，其中最大的是 NJOY。您還記得嗎，我們於 6 月 1 日結束了該交易。因此我們對該收購進行了攤銷。因此，您當然會在今年上半年獲得我們在評論中強調的投資，而去年上半年則沒有。我認為另一件值得注意的事情是，你還記得，額外的 2 個發貨天數，其中一個將發生在第三季度，一個將發生在第四季度。所以他們的權重都回到了今年下半年。我認為這是兩件主要的事情。當然，總是有一些選擇和接受，但這是我要強調的兩件主要事情。

If I could ask a second question here. When we look at the price realization on a per-pack basis in the smokeable business, that year-over-year contribution decelerated through 2023, especially in the second half with realized pricing well below the rate of list price increases. Can you talk about the offsets to the price announcements that you have made, how much of that difference is between list and realized prices is due to trade downmix within Marlboro, with Marlboro Black Gold and other extensions versus increased promotional spending?

如果我可以在這裡問第二個問題。當我們查看可菸業務中每包的價格實現時，我們會發現，到 2023 年，同比貢獻有所下降，尤其是在下半年，實現的定價遠低於標價漲幅。您能談談對您發布的價格公告的抵消嗎？標價與實際價格之間的差異有多少是由於萬寶路內部的貿易縮減、萬寶路黑金和其他擴展與促銷支出的增加造成的？

Yes, it's a little bit of both. I think when you think about it, Matt, we tried to highlight that our consumer is under pressure. And we felt like we could use the normal Black franchise as well as rounding out that portfolio for -- with the Marlboro Gold pack. I think if you look back in history, you see we use these tools. It allows us to take a small segment of Marlboro and provide a place for consumers under pressure because Marlboro is still the aspirational brand in the marketplace. Those that are facing economic pressures have a place to continue to interact with Marlboro and purchase Marlboro.

是的，兩者都有一點。馬特，我想當你想一想時，我們試著強調我們的消費者面臨壓力。我們覺得我們可以使用普通的 Black 特許經營權，並透過萬寶路金裝來完善該產品組合。我想如果你回顧歷史，你會發現我們使用這些工具。它使我們能夠佔據萬寶路的一小部分，並為面臨壓力的消費者提供一席之地，因為萬寶路仍然是市場上的理想品牌。那些面臨經濟壓力的人可以繼續與萬寶路互動併購買萬寶路。

You'll see historically, when economic pressures ease a bit for our consumers, we're able to lessen those promotional. But in essence, we kept them in the mobile franchise, the brand itself. And it's much more effective and efficient to do it that way, then try to win them back if they trade it down. I would encourage you to think about price realization over the long term. When you look at it on a quarter basis, you have timing of pricing things of that nature. But even if I can encourage you to look at it over the long term, at least look at it and look at costs year-over-year. And I think if you look last year, you'll see the fourth quarter was a high mark compared to the other quarters from a price realization. So comps will affect it to a certain degree as well.

從歷史上看，當我們的消費者的經濟壓力稍微減輕時，我們就能夠減少這些促銷活動。但本質上，我們將它們保留在行動特許經營權中，即品牌本身。這樣做會更有效、更有效率，然後如果他們降低價格，則試圖贏回他們。我鼓勵您考慮長期的價格實現。當你以季度為基礎查看時，你就有了為這種性質的東西定價的時機。但即使我可以鼓勵你從長遠來看，至少要逐年審視它並審視成本。我認為，如果你看看去年，你會發現第四季的價格實現水準高於其他季度。所以comps也會在某種程度上影響它。

We'll turn now to Pamela Kaufman with Morgan Stanley.

現在我們請摩根士丹利的帕梅拉·考夫曼 (Pamela Kaufman) 發言。

Congrats to Murray, and thanks to him for all of the help over the years.

祝賀穆雷，並感謝他多年來的所有幫助。

Thanks for that, Pam.

謝謝你，帕姆。

So question on the guidance for low single-digit earnings growth in 2024. This follows a year of low single-digit growth in '23, but your growth algorithm calls for mid-single-digit earnings growth. So do you think that your longer-term targets are still achievable? And what do you anticipate changing over the next few years that can put you on that path?

因此，我們對 2024 年低個位數獲利成長的指導提出質疑。這是繼 23 年低個位數成長之後的一年，但您的成長演算法要求中個位數獲利成長。那麼您認為您的長期目標仍可實現嗎？您預計未來幾年會發生哪些變化，讓您走上這條路？

Thanks for your question, Pamela. I think there are a number of factors you should think about. When we put that enterprise goal out there, we talked about it on a compounded annual basis. And we highlighted for you that there would be variability throughout that process because there are going to be years where you have investments and you heard the answer to the previous question. We closed NJOY in the second half of the year. And so now you have a full year of investment. On the other hand, you have puts and takes across it because you saw the increase in profitability with on!. So as you're investing, the various categories is going to be at different levels of investments and as we're able to ease those investments, that's what we anticipate through time. You know the aspiration is to be the leader -- be a leader in each of the categories, and you know that we are pretty successful in increasing margins through time.

謝謝你的提問，帕梅拉。我認為您應該考慮很多因素。當我們提出該企業目標時，我們以複合年度為基礎進行討論。我們向您強調，整個過程將存在差異，因為您將在未來幾年內進行投資，並且您將聽到上一個問題的答案。我們下半年關閉了NJOY。現在你已經有了一整年的投資。另一方面，您擁有看跌期權和承兌期權，因為您看到了 on! 盈利能力的增加。因此，當您進行投資時，各個類別將處於不同的投資水平，並且隨著我們能夠放鬆這些投資，這就是我們隨著時間的推移所預期的。你知道我們的願望是成為領導者——成為每個類別的領導者，而且你知道我們在隨著時間的推移提高利潤方面非常成功。

And then in the smokeable segment, this was the second consecutive quarter of negative sales and OCI growth. Given several years of elevated cigarette volume declines and a heightened competitive backdrop, how do you get comfort that your financial model is sustainable and more near term, do you anticipate that smokable segment operating profit can grow in 2024?

然後在可吸煙領域，這是連續第二個季度銷售額和 OCI 出現負增長。考慮到捲菸銷售量連續幾年下降和競爭加劇，您如何確信您的財務模式是可持續的且更近期，您預計吸煙部門的營業利潤在 2024 年會增長嗎？

Yes. I would point you back to the decomposition of overall industry volume and the factors affecting it. The ones I would highlight is really the macroeconomic and other. And there remember, there are 2 components there. One, we've been highlighting for you that the consumer is under economic pressure. And when they're under economic pressure, they make different decisions in the moment. The other is the explosion of illicit vape. It's having an impact both in the combustible segment as well as the e-vapor segment, the legitimate e-vapor segment, if you will, and so it's having an impact on both.

是的。我想請大家回到整個產業體量的分解以及影響它的因素。我要強調的是宏觀經濟和其他方面。請記住，那裡有兩個組件。第一，我們一直向您強調消費者正面臨經濟壓力。當他們面臨經濟壓力時，他們會立即做出不同的決定。另一個是非法電子煙的爆炸性增長。它對可燃部分和電子蒸汽部分都產生影響，如果你願意的話，合法的電子蒸汽部分，所以它對這兩個部分都有影響。

So I think as you think about the economy through time as well as what is necessary, which is significant more enforcement of illegitimate and illegal product in the marketplace, those consumers will be at play. We want to keep them in the e-vapor market, and that's why you see the distribution and the movements we've made with NJOY, but keeping them in the e-vapor market responsibly. And so that's the way we think about it through time.

因此，我認為，當你思考隨著時間的推移的經濟以及必要的措施時，即對市場上的非法和非法產品進行更多執法，這些消費者將發揮作用。我們希望將它們留在電子煙市場，這就是為什麼你會看到我們與 NJOY 所做的分配和動作，但負責任地將它們留在電子煙市場。這就是我們隨著時間的推移思考它的方式。

Okay. And just one last one. Can you talk about the current competitive backdrop and what you're observing from the premium and deep discount cigarette segments as well as from e-vapor and your strategy to compete against each of these segments?

好的。還有最後一張。您能否談談當前的競爭背景以及您從優質捲菸和大幅折扣捲菸細分市場以及電子煙領域觀察到的情況以及您與每個細分市場競爭的策略？

Yes. I think when you think about the combustible segment, it has always been a competitive marketplace. So I think we're seeing these other bigger challenges with the consumer being under pressure and this illicit vape. From an illicit vape standpoint, the consumers are moving. What's encouraging is it's a proof of harm-reduction. If we had harm-reduced products in the marketplace, consumers removed, but they have to be reviewed and authorized by the FDA for the consumer to be able to count on that.

是的。我認為當你想到可燃領域時，它一直是一個競爭激烈的市場。因此，我認為我們看到了消費者面臨的壓力和非法電子煙帶來的其他更大挑戰。從非法電子煙的角度來看，消費者正在改變。令人鼓舞的是，這是減少傷害的證據。如果我們在市場上有減少危害的產品，消費者就會將其移除，但它們必須經過 FDA 的審查和授權，消費者才能信賴。

So I think when you think about through time, the competitive I would point to Marlboro continues to grow its share in the premium segment. And its overall share has been really steady if you go prepandemic to post-pandemic, but it continues to be a competitive marketplace. I think when you think about e-vapor, we've certainly seen competitors step up their promotional spend as we have expanded distribution of NJOY. We've shared with you, if you will, the consumer research that we did prior to the acquisition. We feel good about the proposition we have with NJOY and the early consumer feedback we have on the product in the marketplace. So we look forward to being able to continue to engage with the consumer as we move through 2024.

因此，我認為，隨著時間的推移，我認為萬寶路的競爭力將繼續擴大其在高端市場的份額。從大流行前到大流行後，它的整體份額非常穩定，但它仍然是一個競爭激烈的市場。我想當你想到電子煙時，我們肯定會看到競爭對手加大了促銷支出，因為我們擴大了 NJOY 的分銷。如果您願意的話，我們已經與您分享了我們在收購之​​前所做的消費者研究。我們對 NJOY 的主張以及市場上該產品的早期消費者回饋感到滿意。因此，我們期待在 2024 年能夠繼續與消費者互動。

We'll hear next from Bonnie Herzog with Goldman Sachs.

接下來我們將聽到高盛邦妮·赫爾佐格的演講。

Murray definitely all the best to your retirement.

穆雷絕對祝你退休一切順利。

I'm sure he'll appreciate that, Bonnie. Thanks.

我相信他會很感激的，邦妮。謝謝。

Yes. I just -- I had a quick follow-up question on your smokable segment. I guess, Billy and Sal, I mean, could you guys give us a sense of what's factored into your EPS growth guidance this year? I guess I'm thinking about it on the low end of your guidance range. Just does the low end assume essentially no dollar profit growth for smokable, just trying to understand maybe how much flexibility you have to kind of hit some of these ranges.

是的。我只是 - 我對您的吸煙部分有一個快速的後續問題。我想，比利和薩爾，我的意思是，你們能給我們介紹一下你們今年每股收益成長指引的因素是什麼嗎？我想我正在考慮你的指導範圍的低端。低端市場是否假設可煙的美元利潤基本上沒有成長，只是想了解你必須有多大的彈性才能達到其中一些範圍。

Yes. I appreciate your question, Bonnie. You'll recall we don't really offer guidance down to the level because we're balancing that. That's why we put forward the enterprise goals. Remember, one is the overall margin for the portfolio of products because, as I mentioned earlier, each of those categories have been being different points of investment. What we strive for in the combustible segment is to maximize profitability in the long term and we're going to make appropriate investments in Marlboro and investments in the growth categories. And so we try to lay for you, if you will, the groundwork of how we're going to manage the business through time.

是的。我很感激你的問題，邦妮。您會記得我們並沒有真正提供具體的指導，因為我們正在平衡這一點。這就是我們提出企業目標的原因。請記住，其中一個是產品組合的整體利潤，因為正如我之前提到的，每個類別都是不同的投資點。我們在可燃品領域的目標是實現長期獲利最大化，我們將對萬寶路和成長類別進行適當的投資。因此，如果您願意的話，我們會盡力為您奠定我們將如何長期管理業務的基礎。

Okay. And then I did want to ask about your smoke-free vision. Just hoping for maybe a little more details on the vision and where you expect these by the end of the year in terms of progress. You touched on NJOY and then maybe, a little bit more color and update on your JV with JTI et cetera and then I'm also trying to understand how to think about required investments this year versus last year. Can you give us a sense if spending behind your vision will accelerate in '24? And if so, are your core smokable and I guess, oral tobacco business is strong enough to support this stepped-up spending and your ability ultimately to generate EPS growth? I think that's one of the key question here.

好的。然後我確實想問一下你的無菸願景。只是希望能獲得更多有關願景的細節以及您對今年年底進展的期望。您談到了 NJOY，然後可能會介紹您與 JTI 等的合資企業的更多資訊和更新，然後我也試圖了解如何考慮今年與去年相比所需的投資。您能否告訴我們，您的願景背後的支出是否會在 24 年加速？如果是這樣，您的核心是可吸煙的嗎？我猜，口腔煙草業務是否足夠強大，足以支持這種增加的支出以及您最終實現每股收益增長的能力？我認為這是這裡的關鍵問題之一。

Yes, there was a lot in that question, Bonnie, so I'll try to unpack it, but follow up if I missed the piece. So I'll start in the reverse order. Yes, we feel like our core businesses are very strong when you look at the strength of Marlboro in the marketplace, you look at the aspiration of Copenhagen and MST and you look at the performance of those businesses through time, you see that they're very strong and continue to be strong.

是的，這個問題有很多內容，邦妮，所以我會嘗試解開它，但如果我錯過了這一部分，請跟進。所以我將從相反的順序開始。是的，當你看看萬寶路在市場上的實力，看看哥本哈根和 MST 的願望，看看這些業務隨著時間的推移的表現，你會發現他們是非常強大並且繼續強大。

As far as investments, I'll speak -- you ask about Ploom. We shared in our remarks, we're continuing to work on the application there. We expect to file that in the first half of 2025. It's just the application process and compiling it and the studies that are involved with that. But we feel good about what we've seen with interactions with the consumer to this point. As far as the NJOY, certainly, you can expect more investment in 2024 than you did in 2023. Some of that's just the nature of, we didn't close it until June 1, but now we're in 75,000 stores.

至於投資，我會講──你問的是 Ploom。我們在評論中分享了我們的觀點，我們將繼續在那裡開發應用程式。我們預計在 2025 年上半年提交該文件。這只是申請流程和編譯以及與之相關的研究。但到目前為止，我們對與消費者的互動所看到的情況感到滿意。當然，就 NJOY 而言，你可以預期 2024 年的投資將比 2023 年更多。其中一些只是本質原因，我們直到 6 月 1 日才關閉它，但現在我們已經擁有 75,000 家商店。

And so we're really looking forward to having that in the stores where consumers are shopping, having it displayed much more prominently than it ever has been we secured, as I mentioned, the great spot on the fixture. But having that in the consideration set, we feel like once we get that in consumers' hands, consumer research would tell us that they will convert through time for the product because they enjoy it.

因此，我們真的很期待在消費者購物的商店中擁有它，並將其展示得比以往任何時候都更加顯眼，正如我所提到的，在固定裝置上的最佳位置。但考慮到這一點，我們覺得一旦我們把它送到消費者手中，消費者研究就會告訴我們，他們會隨著時間的推移而轉變為該產品，因為他們喜歡它。

(Operator Instructions) We'll go now to Callum Elliott with Bernstein.

（操作員指示）我們現在將與伯恩斯坦一起前往卡勒姆·埃利奧特。

Another one on price mix, but maybe from a slightly longer-term perspective. We've obviously seen a divergence. I think I would describe it this year between your pricing strategy and some of your big peers. And it seems like the peers are signaling that they're set to continue on their path. So I guess this is for Billy. My question is, do you see a strategic imperative to react to some of that more competitive pricing? And maybe is that what we're seeing in the big step down in sequential price mix this quarter? Or are you content over the longer term to continue this divergence?

另一種是關於價格組合的，但也許是從更長遠的角度來看。我們顯然看到了分歧。我想我會在今年描述你們的定價策略和一些大同行之間的情況。同行們似乎正在發出信號，表示他們將繼續走自己的路。所以我想這是給比利的。我的問題是，您是否認為有必要對一些更具競爭力的定價做出反應？也許這就是我們在本季連續價格組合大幅下降所看到的？或者從長遠來看，您是否滿足於繼續這種分歧？

Yes. I appreciate your question. I think if you recall, as we progressed through 2023, we highlighted for you pockets of the U.S. where we felt like we needed to make some investments. Some in the menthol segment, we saw some competitors getting a bit aggressive in the menthol space, and we made those investments. And some was related directly to the discount category and some of the aggressiveness there. I think overall, when you look at Marlboro and its steadiness and share and its growth in the premium segment, you can see with the RGM capabilities and the data analytics that we have, we're able to be very efficient and effective with spending in the marketplace. Trying to get, if you will, to the individual consumer so that we can deal with the individual consumer that is facing those either competitive decisions with the aggressiveness that they take or with just their economic situation. And I think you see that we've actually been able to implement that very well, again, with the steadiness of Marlboro and the investments that we've made.

是的。我很欣賞你的問題。我想如果您還記得，隨著 2023 年的進展，我們向您重點介紹了美國的一些地區，我們認為我們需要在這些地區進行一些投資。在薄荷醇領域，我們看到一些競爭對手在薄荷醇領域變得有點激進，我們進行了這些投資。其中一些與折扣類別和那裡的一些激進程度直接相關。我認為總的來說，當你觀察萬寶路及其穩定性和份額以及它在高端市場的成長時，你可以看到，憑藉我們擁有的 RGM 功能和數據分析，我們能夠非常高效和有效地支出市場。如果您願意的話，請嘗試接觸個人消費者，以便我們能夠應對面臨這些競爭性決策的個人消費者，或者是他們採取的積極性，或者只是他們的經濟狀況。我想你會看到，憑藉萬寶路的穩定性和我們所做的投資，我們實際上已經能夠很好地實現這一目標。

Callum, this is Sal. I touched on this in our opening remarks that the utilization of the breadth of Marlboro's brand family and utilizing SKUs to interact with consumers who are under economic pressure has occurred in the past. It's happened with special blend as an example, during difficult economic times. So you mentioned -- you called it a divergence, but I would say this is something that we've done in the past, and we've been able, as the economy improves to margin up those SKUs, but also see consumers return to mainline Marlboro.

卡勒姆，這是薩爾。我在開場白中談到了這一點，即利用萬寶路品牌家族的廣度，利用SKU與經濟壓力下的消費者互動，這在過去已經發生過。以特殊混合為例，在經濟困難時期就發生過這種情況。所以你提到——你稱之為分歧，但我想說這是我們過去做過的事情，隨著經濟的改善，我們已經能夠提高這些 SKU 的利潤，但也看到消費者回歸主線萬寶路。

I guess I'm just slightly surprised because I think your table in the quarterly metrics disclosures suggest that the macroeconomic pressure has actually lessened this quarter, whereas obviously, the price mix suggests that that trade down has accelerated in a very meaningful way.

我想我只是有點驚訝，因為我認為季度指標披露中的表格表明本季度宏觀經濟壓力實際上有所減輕，而顯然，價格組合表明貿易下降以一種非常有意義的方式加速。

Yes, I think you have to think about it as headwinds tailwinds. Certainly, gas prices have declined, so you can take the gas prices being a bit of a tailwind. You also have to think about the debt load and the cumulative impact of inflation on the total basket that our consumer purchases. It's that cumulative impact that's affected the discretionary income. And then I mentioned that load, just because from a debt load standpoint, the increase in interest rate also affects the discretionary income. So I think overall, if you think about the discretionary income, its down.

是的，我認為你必須將其視為逆風和順風。當然，天然氣價格已經下降，所以你可以認為天然氣價格有點順風。您還必須考慮債務負擔以及通貨膨脹對消費者購買的總籃子的累積影響。正是這種累積影響影響了可自由支配所得。然後我提到負擔，只是因為從債務負擔的角度來看，利率的增加也會影響可自由支配收入。所以我認為總的來說，如果你考慮可自由支配收入，它會下降。

And I have just sort of very, very different follow-up. The question is, can you talk about some of the recent regulatory changes in Louisiana, where I think they've been taking it upon themselves to clamp down on the illegal sales that you spoke about the disposable vaping products given the action that we've seen from the FDA? I think some of those changes took place in November. So that should have a couple of months' worth of data now. What impact have you seen in Louisiana? And do you expect that other states might follow that path that Louisiana have taken?

我的後續行動非常非常不同。問題是，您能否談談路易斯安那州最近的一些監管變化，我認為他們一直在採取行動，打擊您所說的一次性電子煙產品的非法銷售，因為我們已經採取了行動從FDA看到的？我認為其中一些變化發生在十一月。所以現在應該要有幾個月的數據了。您在路易斯安那州看到了什麼影響？您是否認為其他州可能會效仿路易斯安那州的做法？

Yes, that is a lot based on efforts by ourselves and working with the legislatures in the state. And what you're referring to is Louisiana requires manufacturers to certify the individuals within the company to certify that they either have followed FDA guidance and they have a legitimate application on file and it's pending or that they have actually received authorization. It is early right now, Callum, in Louisiana. I would say the early signs are encouraging that we are seeing illicit-based being removed from the marketplace. I hope that that trend continues. And we are -- there have been a number of states that have passed similar legislation as well as a number of states that are considering it. But it's a bit early, but yes, the early signs are encouraging.

是的，這很大程度上取決於我們自己的努力以及與州立法機構的合作。您指的是路易斯安那州要求製造商對公司內部的個人進行認證，以證明他們要么遵循了 FDA 的指導，要么他們有合法的申請存檔且正在等待，或者他們實際上已經獲得了授權。現在還早，卡勒姆，在路易斯安那州。我想說，早期跡象令人鼓舞，我們看到非法產品已從市場上消失。我希望這種趨勢能夠持續下去。我們已經有許多州通過了類似的立法，還有一些州正在考慮這樣做。雖然現在還為時過早，但早期跡象令人鼓舞。

We'll go next to Pallav Mittal with Barclays.

接下來我們將與巴克萊銀行一起去帕拉夫·米塔爾。

Sure. Can you please comment on the sell-through trends for NJOY? Or is the $11 million number, the shipment similar to retail trends as well?

當然。您能否評論一下 NJOY 的銷售趨勢？或者說 1100 萬美元的出貨量也與零售趨勢相似嗎？

Yes. What we tried to share with you is that was the shipment volume. We tried to share with you, also the share, and if you will, that's an estimate of consumer take. So it was 3.7% for the period that we owned them and then we try to highlight for you that we have put in place testing some bundle offers, where we could test trial promotions so that we're prepared for the full distribution and be able to bring that across the U.S. this year. We did it on a small scale, but just that small-scale impacted national share, an additional incremental $0.03 in November and another incremental $0.03 in December. So it's early. We'll be bringing that marketing activation and promotional to the nation this year. But certainly, the early results are very encouraging.

是的。我們試圖與您分享的是出貨量。我們試圖與您分享，也包括份額，如果您願意的話，這是對消費者接受的估計。因此，在我們擁有它們的期間，該比例為 3.7%，然後我們嘗試向您強調，我們已經測試了一些捆綁優惠，我們可以在其中測試試用促銷，以便我們為全面分發做好準備，並能夠今年將其帶到美國各地。我們的規模很小，但正是這種小規模影響了全國份額，11 月額外增加了 0.03 美元，12 月又增加了 0.03 美元。所以現在還早。今年我們將在全國各地開展行銷活動和促銷活動。但可以肯定的是，早期的結果非常令人鼓舞。

And one more. So the minus 8% decline in industry volumes, how much do you think is the cannibalization from e-cigarettes? And how much is the impact from the growth in modern oral?

還有一個。那麼產業銷售量下降-8%，您認為電子煙的蠶食有多大？現代口語成長的影響有多大？

Yes, I would say from modern oral, there is minimal impact. You'll recall that in secular decline, we represent historically about 1% across category movement. Then we tried to call out any additional or special items. And what we call out, and you'll see that in our quarterly metrics that about 1.5% to 2.5% is related to the illicit e-vapor category. And so if you think about historically 1% being up in secular decline, this 1.5% to 2.5% being related to illicit vape. But yes, we are encouraged that we're seeing some interaction with on! with adult smokers. But at this point, from an impact to the overall industry, it is minimal. It is really illicit vape that is driving the majority of that.

是的，我想說，從現代口頭來看，影響很小。您會記得，在長期下降中，我們歷史上代表的整個類別的變動約為 1%。然後我們嘗試指出任何其他或特殊的項目。我們指出，您會在我們的季度指標中看到，大約 1.5% 到 2.5% 與非法電子蒸汽類別相關。因此，如果你考慮到歷史上 1% 的成長是長期下降的，那麼這 1.5% 到 2.5% 與非法電子煙有關。但是，是的，我們很高興看到與 on! 的一些互動！與成年吸煙者。但目前來看，從對整個產業的影響來說，是微乎其微的。其中大部分確實是非法電子煙造成的。

We'll go now to Jennifer Maloney with Wall Street Journal.

現在我們請來《華爾街日報》的珍妮佛馬洛尼。

I have a question about the California market dynamic data that you shared this morning. It looks like overall cigarette industry sales fell in California more steeply than the country overall in 2023. And -- but it also looks like Marlboro, I thought more USA retail share increased in California more than elsewhere. So is it fair to say that as a result of the menthol ban, some consumers moved away from cigarettes, either stop smoking or move to other products, but also there was a dynamic here where people who might have smoked menthol cigarettes switch to Marlboro cigarettes.

我對您今天早上分享的加州市場動態數據有疑問。 2023 年，加州捲菸產業的整體銷售額下降幅度似乎比全國整體下降幅度更大。而且，但看起來也像萬寶路，我認為加州的美國零售份額增長幅度比其他地方更多。因此，可以公平地說，由於薄荷醇禁令，一些消費者不再吸煙，要么戒菸，要么轉向其他產品，但也存在一種動態，即可能吸過薄荷醇香煙的人轉向萬寶路香煙。

Yes. It's a complex issue. So let me try to unpack it for you. When you look at that 15%, we would consider that legitimate shipments that went to California. What you're seeing is a lot of black market activity that takes place in California. So you see gray market consumers going across the border, and we've seen that, whether it be Nevada or other bordering states, some consumers go across to get them menthol cigarettes. We're seeing a lot of black market enter up from Mexico into the state of California. That would not be included in the 15%. So that is black market or a legal product that has made its way into California for the consumer to buy. Again, that wouldn't be in the 15%. We do believe some consumers have moved. Certainly, there's a huge market of illicit vape in California. That continues even though the flavor ban is in place.

是的。這是一個複雜的問題。那麼讓我嘗試為您打開包裝。當您查看這 15% 時，我們會認為是發送到加州的合法貨物。您所看到的是加州發生的大量黑市活動。所以你會看到灰色市場消費者越過邊境，我們也看到，無論是內華達州還是其他邊境州，有些消費者都會越過邊境購買薄荷捲菸。我們看到大量黑市從墨西哥進入加州。這不包括在 15% 之內。因此，這是黑市或已進入加州供消費者購買的合法產品。再說一遍，這不會在 15% 之內。我們確實相信一些消費者已經採取行動。當然，加州有一個巨大的非法電子煙市場。儘管實行了口味禁令，這種情況仍在繼續。

To answer your question on the adult cigarette consumer, what you see with the benefit of Marlboro is I think if you look at various studies, when there's a menthol ban, the consumer really doesn't leave the nicotine space and a lot of them don't even leave cigarettes. They look to non-menthol cigarettes as an alternative. And with our over-indexing and non-menthol, it makes sense that they would move to Marlboro, One of the other things I would highlight in moving to nonmenthol, we've seen an influx of what we call menthol cards into the state of California. So again, they're illegal, but it allows the consumer to buy a non-menthol pack of cigarettes, insert the card and then if you will self-ventilate their cigarettes. So there, I think it points again to when you pass the law without an eye towards how you're going to enforce the law, you see a significant amount of illicit activity that takes place related to that.

為了回答你關於成年香菸消費者的問題，你所看到的萬寶路的好處是，我認為如果你看一下各種研究，當薄荷醇禁令出現時，消費者真的不會離開尼古丁空間，而且很多人都不會離開尼古丁空間。連香菸都不留。他們將非薄荷醇香菸視為替代品。由於我們過度索引和非薄荷醇，他們轉向萬寶路是有道理的，在轉向非薄荷醇時我要強調的另一件事是，我們已經看到我們所說的薄荷醇卡湧入了這種狀態加州。再說一遍，它們是非法的，但它允許消費者購買非薄荷醇的香煙，插入卡，然後讓他們的香煙自行通風。因此，我認為這再次表明，當您通過法律而不考慮如何執行法律時，您會看到與之相關的大量非法活動。

What I don't see here is PM USA total shipments in California, I see that there's a retail share increase, but did your sales in California decrease in 2023 more than the national average?

我在這裡沒有看到 PM USA 在加州的總出貨量，我看到零售份額增加，但是 2023 年你們在加州的銷售額下降幅度是否超過全國平均水平？

They did. They are commensurate with overall industry.

他們做到了。它們與整個行業相稱。

Okay. So based on your observations of the market dynamics in California, what would you expect to see this a national ban menthol cigarette ban were implemented in terms of market dynamics and the impact on your sales?

好的。那麼，根據您對加州市場動態的觀察，您對此次全國性薄荷醇捲菸禁令的實施對市場動態以及對您銷售的影響有何期望？

It's hard to answer on the hypothetical Jennifer, and I apologize for it. Without staying in the actual proposed rule and what's going to take place, it's tough to say what their enforcement activities will be. I think if you look at our comments related to the menthol ban, you'll see that we felt like the FDA needed to take into consideration all of the unintended consequences and that you're seeing them take place in California. Black market activity, illicit product getting into the marketplace, methylated cards. So there are a lot of unintended consequences. So it'd be tough to tell, if you will, what the overall, how the consumer will be at play in that depending on what's available to them.

很難回答假設的詹妮弗，對此我深感抱歉。如果不停留在實際提議的規則和將要發生的事情的情況下，很難說他們的執法活動將會是什麼。我想如果你看看我們關於薄荷醇禁令的評論，你會發現我們認為 FDA 需要考慮所有意想不到的後果，而且你看到它們發生在加州。黑市活動、非法產品進入市場、甲基化卡。所以會產生很多意想不到的後果。因此，如果你願意的話，很難說清楚消費者將如何參與其中，這取決於他們可以獲得什麼。

But in California, your sales went down, although you did see some share gain as menthol smokers switched over to Marlboro.

但在加州，您的銷售額下降了，儘管隨著薄荷醇吸煙者轉向萬寶路，您確實看到了一些份額增長。

That is correct.

那是對的。

And if the draft rule were adopted as a final rule, would you -- do you intend to, by a legal challenge, if that is -- if that final rule is published?

如果規則草案被採納為最終規則，如果最終規則被公佈，你是否打算透過法律挑戰來這樣做？

I think it's too early to tell. We would certainly anticipate that there would be legal challenges, but it's too early to tell whether we would be involved. We would like to be able to understand the rule as it's published finally and then make that decision, and we'll share it with you when we have anything to share.

我認為現在說還為時過早。我們當然預計會出現法律挑戰，但現在判斷我們是否會參與還為時過早。我們希望能夠在最終發布的規則中了解該規則，然後做出決定，當我們有任何要分享的內容時，我們會與您分享。

One last question on modern oral nicotine products. Are they a risk to young people? And do you -- and what flavors and marketing approaches do you think are appropriate for that category?

關於現代口服尼古丁產品的最後一個問題。它們對年輕人構成風險嗎？您認為哪些口味和行銷方法適合該類別？

Yes. I think there could be a risk for underage if not marketed and sold responsibly. So we actually sent a letter to the FDA many months ago that they should encourage them to issue marketing guidelines for the category. So that regardless of authorizations or not, be able to have marketing guidelines for that category so that all industry members could follow so that we can protect the harm reduction for adults without exposing underaged users to the category. We haven't seen any action by the FDA. But certainly, we, as our approach to the marketplace have very minimal underage interaction with our brand.

是的。我認為，如果不負責任地進行行銷和銷售，未成年人可能會面臨風險。因此，我們實際上在幾個月前就向 FDA 發出了一封信，鼓勵他們發布該類別的行銷指南。這樣，無論授權與否，都能夠制定該類別的行銷指南，以便所有行業成員都可以遵循，這樣我們就可以保護成年人的傷害減少，而不會讓未成年用戶接觸該類別。我們還沒有看到 FDA 採取任何行動。但可以肯定的是，我們進入市場的方式與我們的品牌的未成年人互動非常少。

So what would those marketing guidelines look like ideally, in your view, would it entail labor restrictions, would it entail restrictions on social media, marketing and influencers?

那麼，在您看來，理想情況下，這些行銷準則會是什麼樣子，是否會帶來勞動力限制，是否會帶來對社群媒體、行銷和影響者的限制？

Well, I won't get into the details because we shared that with the FDA, and we haven't seen any action at this point, but certainly, what would be considered a responsible approach to the marketplace.

好吧，我不會透露細節，因為我們與 FDA 分享了這一點，目前我們還沒有看到任何行動，但可以肯定的是，這將被視為對市場負責任的方法。

(Operator Instructions) We'll go next to (inaudible) with Thomson Reuters.

（操作員指示）我們接下來將與湯森路透（聽不清楚）。

My first one is around the successful challenges to the FDA's marketing denial orders for some vapes, which have started to put some pressure on the agency and also increased the likelihood of a case going to the Supreme Court. I wondered whether Altria would want to participate in any Supreme Court case. And if so, how it's preparing for that possibility?

我的第一個案例是對 FDA 對某些電子煙產品的營銷拒絕令的成功挑戰，這已經開始給該機構帶來一些壓力，也增加了案件提交最高法院的可能性。我想知道奧馳亞是否願意參與最高法院的任何案件。如果是這樣，它是如何為這種可能性做準備的？

Yes. I think you certainly highlight that the circuit courts have taken different positions on the approach by the FDA in the e-vapor market when we certainly are closely monitoring these cases. But I think when you step back from it, we're in a unique position. We're the only cloud-based product that has received authorization from the FDA. So if you think about other major competitors in the cloud segment, they have not received authorization. Our authorization was in the tobacco-flavored pods and our application from the menthol version of the same product is pending with the FDA. And we really feel like looking at those court cases in both instances where the courts have taken different positions, we believe that we should get a marketing order for this menthol product, whether you look at the holdings on either of those instances in the circuit court. So we'll monitor those, but we're in a unique position.

是的。我認為您肯定強調，當我們確實在密切關注這些案件時，巡迴法院對 FDA 在電子煙市場的做法採取了不同的立場。但我認為，當你退後一步時，我們處於一個獨特的位置。我們是唯一獲得 FDA 授權的基於雲端的產品。因此，如果你考慮一下雲端領域的其他主要競爭對手，他們還沒有獲得授權。我們的授權是在煙草味的煙彈中，我們對同一產品的薄荷醇版本的申請正在向 FDA 申請。我們真的很想看看法院在這兩個案件中採取不同立場的法庭案件，我們認為我們應該獲得這種薄荷醇產品的營銷令，無論您是否查看巡迴法院對這兩個案件中任何一個案件的持有情況。所以我們會監控這些，但我們處於一個獨特的位置。

Just a follow-up to an earlier question around the sustainability of the financial model for the smokeable segment, in particular. Obviously, the industry has for some time now effectively used pricing increases to offset volume declines, but the last couple of quarters, it seems that that's been a bit more difficult, given the down trading and the promotional environment that you flagged. So I'm wondering whether the ability to offset declines with pricing in the smokeable segment is kind of disappearing or you feel that, that will return when the economic environment improves and promotions sort of ease a little bit?

這只是先前關於可吸煙領域財務模式可持續性問題的後續問題。顯然，該行業一段時間以來一直有效地利用價格上漲來抵消銷量下降，但考慮到您所標記的下跌交易和促銷環境，在過去的幾個季度中，這似乎有點困難。所以我想知道，透過可吸煙細分市場的定價來抵消價格下降的能力是否正在消失，或者您認為，當經濟環境改善且促銷活動​​稍微放鬆一點時，這種能力將會恢復？

Yes, I'll be careful not to talk about future pricing, but I'll describe how we think about pricing. It's certainly an important part of the algorithm. I think you've seen us take pricing. I know people are focused on fourth quarter price realization. I tried to express that if you're going to look at it on a short-term basis, at least look at comps versus prior year, we look at price realization over the long term. And when we think about the strategy in combustibles, it really is to maximize profitability over the long term while balancing appropriate investments in Marlboro with the areas that are growing. And when you look at that and look through history and see the price realization, you see the data analytics and the revenue growth management capabilities kicking in, Marlboro has been steady, is growing its share of premium, and we continue to compete what we feel like very effectively and efficiently fulfilling what our strategy is for the category through time.

是的，我會小心不要談論未來的定價，但我會描述我們如何看待定價。這當然是演算法的重要組成部分。我想你已經看到我們定價了。我知道人們關注的是第四季的價格實現。我試圖表達的是，如果你要從短期角度來看待它，至少看看與前一年相比的比較，我們會著眼於長期的價格實現。當我們考慮可燃物的策略時，它實際上是為了實現長期獲利最大化，同時平衡對萬寶路的適當投資與正在成長的領域。當你回顧這一點並回顧歷史並看到價格實現時，你會看到數據分析和收入增長管理能力開始發揮作用，萬寶路一直很穩定，正在增加其溢價份額，我們將繼續按照我們的感覺進行競爭就像隨著時間的推移非常有效和有效率地實現我們對該類別的策略。

So you're kind of confident that the smokable segment can return to revenue growth in the future?

那麼您對吸煙細分市場未來能夠恢復收入成長有信心嗎？

I think when you look at it, we'll continue to execute against our strategy, which is to maximize profitability over the long term.

我認為當你看到它時，我們將繼續執行我們的策略，即長期獲利最大化。

And there appears to be no further questions at this time. I'd 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，請其結束語。

Thanks, everyone, for joining us today. Please feel free to contact the Investor Relations team if you have any further questions. Have a great day. Thanks.

謝謝大家今天加入我們。如果您有任何其他問題，請隨時聯繫投資者關係團隊。祝你有美好的一天。謝謝。

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。您可以隨時斷開連線。