奧馳亞 (MO) 2024 Q1 法說會逐字稿

Good day, and welcome to the Altria Group 2024 First Quarter 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) 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 2024 年第一季財報電話會議。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）參加電話會議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, Savannah. Good morning, and thank you for joining us. This morning, Billy Gifford, Altria's CEO; and Sal Mancuso, our CFO, will discuss Altria's first quarter business results. 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，薩凡納。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) 將討論奧馳亞第一季的業務表現。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 2023. Our remarks contain forward-looking and cautionary statements and projections of future results. Please review the Forward-Looking and Cautionary Statements section at the end of today's earnings release for various factors that could cause actual results to differ materially from projections.

在今天的電話會議中，除非另有說明，否則我們將結果與 2023 年同期進行比較。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。

Future dividend payments and share repurchases remain subject to the discretion of our Board. We report our financial results in accordance with U.S. generally accepted accounting principles.

未來的股利支付和股票回購仍由董事會酌情決定。我們根據美國公認會計原則報告我們的財務表現。

Today's call will contain various operating results on both a reported and adjusted basis. Adjusted results exclude special items that affect comparisons with reported results. Descriptions of these non-GAAP financial measures and reconciliations are included in today's earnings release and on our website at altria.com.

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。

Finally, all references in today's remarks to tobacco consumers or consumers within a specific tobacco category or segment refer to existing adult tobacco consumers 21 years of age or older. With that, I'll turn the call over to Billy.

最後，今天的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。這樣，我就把電話轉給比利。

Thanks, Mac. Good morning, and thank you for joining us. We made meaningful progress in pursuit of our vision, and our highly profitable traditional tobacco businesses continued to perform well in a challenging environment. In spite of the absence of an effective regulatory environment, we saw continued early momentum from NJOY and believe our businesses are on track to deliver against full-year plans.

謝謝，麥克。早安，感謝您加入我們。我們在追求願景的過程中取得了有意義的進展，我們高利潤的傳統菸草業務在充滿挑戰的環境中繼續表現良好。儘管缺乏有效的監管環境，但我們看到了 NJOY 持續的早期勢頭，並相信我們的業務有望實現全年計劃。

We also demonstrated our continued commitment to maximizing the return on our investments and delivering strong shareholder returns with the sale of a portion of our investment in ABI and the subsequent expansion of our share repurchase program in March.

我們還透過出售 ABI 的部分投資以及隨後在 3 月擴大股票回購計劃，展示了我們對最大化投資回報和提供強勁股東回報的持續承諾。

My remarks this morning will focus on the continued early momentum behind NJOY's commercialization, the state of the e-vapor category and enforcement progress, encouraging first quarter results from on! and our financial outlook. I'll then turn it over to Sal, who will provide further detail on our financial results and additional information on the partial sale of our ABI investment.

我今天早上的演講將重點關注 NJOY 商業化背後持續的早期勢頭、電子煙類別的狀況和執法進展，從一開始就令人鼓舞的第一季業績！以及我們的財務前景。然後我會將其轉交給 Sal，他將提供有關我們財務業績的更多詳細資訊以及有關部分出售 ABI 投資的其他資訊。

Let's begin with our e-vapor business. After 3 full quarters of ownership, we remain excited about NJOY and its potential in the legal U.S. e-vapor market. In the first quarter, we broadened NJOY's distribution to over 80,000 stores. And we expect to expand to approximately 100,000 stores by year-end. We also continued the rollout of NJOY's first retail trade program, which we believe will help NJOY achieve optimal visibility and product fixture space at retail.

讓我們從我們的電子蒸氣業務開始。經過三個完整季度的所有權後，我們仍然對 NJOY 及其在美國合法電子煙市場的潛力感到興奮。第一季度，我們將 NJOY 的分銷範圍擴大到超過 80,000 家門市。我們預計到年底，門市數量將擴大至約 10 萬家。我們也繼續推出 NJOY 的第一個零售貿易計劃，我們相信這將幫助 NJOY 在零售領域實現最佳的可見度和產品固定空間。

Today, more than 70% of contracted stores have chosen options that secure premium positioning in the e-vapor fixture for NJOY. And we expect the majority of fixture resets to be completed in the first half of this year.

如今，超過 70% 的簽約商店都選擇了能夠確保 NJOY 在電子煙設備中的高端定位的選項。我們預計大部分賽程重置將在今年上半年完成。

To generate trial of NJOY, we expanded promotional offers at retail in the first quarter and saw promising results. NJOY's retail share of consumables grew in each of the past 6 months, and was 4.3 share points in the quarter, up 0.6 share points sequentially, and we have seen early signs of longer-term adoptions from smokers and vapors that have tried NJOY.

為了進行 NJOY 的試用，我們在第一季擴大了零售促銷優惠，並看到了可喜的結果。 NJOY 的消費品零售份額在過去6 個月中逐年增長，本季度為4.3 個份額點，環比上升0.6 個份額點，並且我們已經看到嘗試過NJOY 的吸煙者和電子煙愛好者長期採用的早期跡象。

Late last year, we tested a variety of promotional offers in a limited number of retail accounts. Diving into one retail account example, share grew by over 9 percentage points versus the pre-promotional period. In the first quarter, we reduced promotions in the account, and NJOY retained over 50% of the share gain during the trial period, settling 5 percentage points higher than the pre-promotion period. We believe these results speak to NJOY's appeal once consumers try the product.

去年年底，我們在有限數量的零售帳戶中測試了各種促銷優惠。以一個零售帳戶為例，與促銷前相比，市佔率成長了 9 個百分點以上。一季我們減少了帳戶促銷，NJOY保留了試用期50%以上的市佔收益，比促銷前高出5個百分點。我們相信這些結果證明了 NJOY 在消費者嘗試過產品後的吸引力。

We are also inspecting a variety of other metrics to better evaluate trial and adoption of NJOY in the early stages of its expansion. One such metric that we believe is an important indicator of trial in the e-vapor category is retail share of devices, as we believe it's a measure of vapor and smoker trial and a potential leading indicator of longer-term adoption.

我們也正在檢視各種其他指標，以更好地評估 NJOY 在擴張早期階段的試用和採用。我們認為，電子煙類別試驗的重要指標之一是設備的零售份額，因為我們認為這是衡量電子煙和吸菸者試驗的指標，也是長期採用的潛在領先指標。

In the first quarter, NJOY's share of devices in the multi-outlet and convenience channel was 11.5 share points, an increase of 2.4 share points sequentially and 6.4 share points since the third quarter of 2023, our first full quarter of ownership.

第一季度，NJOY 在多通路和便利通路的設備份額為11.5 個份額點，比上一季增加了2.4 個份額點，自2023 年第三季度（我們擁有的第一個完整季度）以來增加了6.4 個份額點。

Turning to shipments, NJOY consumables shipment volume was approximately 10.9 million units, and NJOY's device shipment volume was approximately 1 million units. While shipment volume was essentially flat sequentially, recall that 2023 fourth quarter NJOY shipment volume included building pipeline inventory at wholesale and retail to support the increased demand we anticipated in the first quarter.

從出貨量來看，NJOY耗材出貨量約1,090萬台，NJOY設備出貨量約100萬台。雖然出貨量與上一季基本持平，但回想一下，2023 年第四季 NJOY 的出貨量包括在批發和零售方面建立管道庫存，以支持我們在第一季預期的需求成長。

Moving forward, our plan aims to broaden the awareness of NJOY and grow brand affinity through NJOY's improved positioning at retail, a new equity campaign that emphasizes enjoys unique attributes and exceptional vaping experience, a new adult-only event marketing infrastructure, which NJOY expects to activate this summer; and our adult tobacco consumer database, which allows us to communicate to millions of the age-verified U.S. adult tobacco consumers through various marketing channels.

展望未來，我們的計劃旨在透過NJOY 改進的零售定位、強調享受獨特屬性和卓越電子煙體驗的新股權活動、新的僅限成人的活動營銷基礎設施，擴大NJOY 的知名度並增強品牌親和力，NJOY預計今年夏天激活；我們的成年菸草消費者資料庫，使我們能夠透過各種行銷管道與數百萬經過年齡驗證的美國成年菸草消費者進行溝通。

We also continue to expect that NJOY will submit PMTA filings for flavored NJOY ACE products with age-gated Bluetooth technology by the end of the second quarter. NJOY's early success is encouraging in the context of broader trends in the e-vapor marketplace, where a lack of FDA-authorized products and the continued proliferation of illicit disposal products threaten the harm-reduction opportunity in the United States.

我們也繼續預期 NJOY 將在第二季末之前提交採用年齡限制藍牙技術的風味 NJOY ACE 產品的 PMTA 備案。在電子煙市場更廣泛的趨勢背景下，NJOY 的早期成功令人鼓舞，因為缺乏 FDA 授權的產品和非法處置產品的持續擴散威脅著美國減少危害的機會。

As it relates to enforcement, we believe that a comprehensive approach is needed to address this issue, and we continue to actively engage with regulators, state and federal lawmakers, our trade partners and other stakeholders to build awareness and drive marketplace enforcement.

由於涉及執法，我們認為需要採取全面的方法來解決這個問題，我們將繼續積極與監管機構、州和聯邦立法者、我們的貿易夥伴和其他利益相關者合作，以提高意識並推動市場執法。

There is still significant work ahead, but we saw some encouraging actions in the first quarter.

未來仍有大量工作要做，但我們在第一季看到了一些令人鼓舞的行動。

In the first quarter alone, the FDA, in collaboration with the U.S. Customs and Border Protection, issued over 450 e-vapor related import refusals, up from 348 during all of last year. The agency also continued to levy civil monetary penalties and send warning letters to manufacturers, retailers and wholesalers of illicit products.

光是第一季度，FDA 就與美國海關和邊境保護局合作發出了 450 多起與電子煙相關的進口拒絕令，高於去年全年的 348 件。該機構還繼續徵收民事罰款，並向非法產品的製造商、零售商和批發商發出警告信。

While these actions represent signs of progress, we believe they are wholly inadequate. Illicit markets are a threat to public health, and we believe the FDA's enforcement approach is not of the scale or scope needed to bring about fundamental change in the marketplace.

雖然這些行動代表了進步的跡象，但我們認為它們完全不夠。非法市場對公共健康構成威脅，我們認為 FDA 的執法方法無法達到為市場帶來根本性變化所需的規模或範圍。

As a result, we identified to the agency specific steps we believe they can take to build a more effective compliant and enforcement program to address the illicit market, including imposing direct liability on the large manufacturers, importers and distributors of illicit products, focusing on import prevention and clear enough widespread confusion in the marketplace about the FDA's enforcement priorities.

因此，我們向該機構確定了我們認為他們可以採取的具體步驟，以建立更有效的合規和執法計劃來應對非法市場，包括對非法產品的大型製造商、進口商和分銷商施加直接責任，重點關注進口預防並澄清市場上對 FDA 執法優先事項的普遍困惑。

Earlier this month, we sent a letter to the FDA, highlighting these recommendations and reinforcing our commitment to work collaboratively on solutions that can restore order in the e-vapor marketplace.

本月早些時候，我們致函 FDA，強調了這些建議，並強調了我們合作開發解決方案的承諾，以恢復電子煙市場的秩序。

We also continue to work with state legislatures that have passed or are considering legislation requiring manufacturers to certify that they are compliant with FDA requirements. As of April [19], 8 states have passed such legislation and 12 states are considering it. And we've seen increased legal action against entities that are enabling the illicit market.

我們也繼續與已經通過或正在考慮立法要求製造商證明其符合 FDA 要求的州立法機構合作。截至4月[19]，已有8個州通過了此類立法，12個州正在考慮。我們也看到針對助長非法市場的實體採取的法律行動增加。

As we've previously disclosed, we initiated litigation in the United States District Court in California relating to the sale of unlawful products. Due to some procedural challenges, we voluntarily dismissed this litigation earlier this year.

正如我們之前所披露的，我們向加州美國地方法院提起了有關非法產品銷售的訴訟。由於一些程序上的挑戰，我們在今年早些時候自願駁回了該訴訟。

We subsequently filed a new lawsuit against 5 manufacturers, 4 brick-and-mortar retailers and 3 online retailers of illicit Elf Bar e-vapor products in February Federal Court in California. And earlier this month, the City of New York filed a lawsuit against 11 wholesalers for their part in the sale of illegal disposable e-vapor products.

隨後，我們在 2 月向加州聯邦法院提起了針對非法 Elf Bar 電子煙產品的 5 家製造商、4 家實體零售商和 3 家線上零售商的新訴訟。本月早些時候，紐約市對 11 家批發商提起訴訟，指控他們參與銷售非法一次性電子煙產品。

We continue to believe in the promise of a responsible e-vapor category, but a strong course correction is needed to protect the tobacco harm reduction opportunity for the millions of adult smokers in the U.S.

我們仍然相信負責任的電子煙類別的前景，但需要進行強有力的路線修正，以保護美國數百萬成年吸菸者減少菸草危害的機會。

We've learned from past experience that complex issues like this require the work of many stakeholders. And while we are starting to see some early signs of action, more impactful progress needs to be made.

我們從過去的經驗中了解到，像這樣複雜的問題需要許多利害關係人的共同努力。雖然我們開始看到一些早期行動跡象，但仍需要取得更有影響力的進展。

Let's now turn to the oral tobacco category. [Oral] nicotine pouches grew 13.8 share points year-over-year and now represent over 40% of the oral tobacco category. Oral nicotine pouches were the primary contributor of the estimated 9.5% increase in oral tobacco industry volume over the past 6 months.

現在讓我們轉向口腔菸草類別。 [口服]尼古丁袋裝份額年增 13.8 個百分點，目前佔口服菸草類別的 40% 以上。口服尼古丁袋是過去 6 個月口服菸草產業銷售估計成長 9.5% 的主要原因。

Helix grew [on!] reported shipment volume to approximately 33 million cans during the first quarter, an increase of 32%. on! continued its momentum at [retail], growing its share of the oral tobacco category by 0.7 share points to 7.1%.

據報告，Helix 第一季的出貨量成長了 32%，達到約 3,300 萬罐。在！ [零售]持續保持成長勢頭，在口腔菸草類別中的份額增加了 0.7 個百分點，達到 7.1%。

Helix delivered these impressive results as on! retail price increased by 26%. This spring, Helix introduced a new trade program that secures premium positioning for on! in over 80% of contracted stores, creating broader visibility of the brand.

Helix 一如既往地取得了令人印象深刻的成果！零售價格上漲26%。今年春天，Helix 推出了一項新的貿易計劃，確保 on! 的優質定位。超過 80% 的簽約店，擴大了品牌知名度。

Helix is continuing its focus on strategically investing behind the brand as the category growth accelerates. Helix is also making final preparations for following its PMTA for on! PLUS, which we expect to submit in the first half of this year. Upon FDA authorization, we believe it will contribute meaningfully to Helix' growth.

隨著品類成長加速，Helix 持續專注於品牌背後的策略投資。 Helix 也正在為後續 PMTA 做最後的準備！ PLUS，我們預計在今年上半年提交。一旦 FDA 授權，我們相信它將對 Helix 的成長做出有意義的貢獻。

We continue to aggressively pursue efforts to create the conditions for tobacco harm reductions success in the U.S., to benefit tobacco consumers, society and our shareholders. I am confident in Altria's ability to lead the way in harm reduction with our exciting portfolio of smoke-free products and our talented and dedicated employees.

我們繼續積極努力，為美國成功減少菸草危害創造條件，使菸草消費者、社會和我們的股東受益。我相信奧馳亞有能力憑藉我們令人興奮的無菸產品組合和我們才華橫溢、敬業的員工在減少危害方面發揮引領作用。

With our smoke-free progress and the strength of our traditional tobacco businesses in mind, we reaffirm our guidance to deliver 2024, full year adjusted diluted EPS in the range of $5.05 to $5.17, representing a growth rate of 2% to 4.5% from a base of $4.95 in 2023.

考慮到我們的無菸進展和傳統菸草業務的實力，我們重申我們的指導，即實現 2024 年全年調整後攤薄每股收益在 5.05 美元至 5.17 美元之間，增長率為 2% 至 4.5%。 2023 年基數為4.95 美元。

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

現在我將把它交給薩爾，以提供有關商業環境和我們的結果的更多詳細資訊。

Thank, Billy. First quarter adjusted diluted earnings per share declined by 2.5%. As we previously noted, we expect that 2024 adjusted diluted EPS growth will be weighted to the second half of the year, resulting from two main factors.

謝謝，比利。第一季調整後攤薄每股收益下降 2.5%。正如我們之前指出的，我們預計 2024 年調整後稀釋每股收益成長將加權到下半年，這是由兩個主要因素造成的。

The first relates to the timing of the NJOY acquisition in 2023. Since we closed this transaction on June 1 of last year, we are lapping quarters in the first half of the year that do not include the impact of amortization or investments behind the brand.

第一個與 2023 年 NJOY 收購的時間有關。

The second factor is the impact of 2 additional shipping days in the smokable segment, each of which occur in the second half of the year.

第二個因素是吸菸品領域額外增加 2 個運輸天數的影響，每個運輸天數都發生在下半年。

Turning now to our first quarter business results. The smokeable products segment delivered over $2.4 billion in adjusted operating company's income, with robust net price realization of 8.5%. And Marlboro maintained its long-standing leadership in the cigarette category. Adjusted OCI margins were 60.2% for the quarter, down slightly from a year ago.

現在轉向我們第一季的業務業績。吸煙產品部門調整後的營運公司收入超過 24 億美元，淨利潤實現強勁 8.5%。萬寶路在捲菸類別中保持了長期的領先地位。本季調整後的 OCI 利潤率為 60.2%，較去年同期略有下降。

Year-over-year margin comparisons were impacted by higher per unit settlement charges and some elevated manufacturing costs. Year-over-year MSA and manufacturing cost per pack increases were higher in the first quarter than we expect for the remainder of the year. These higher costs were partially offset by lower SG&A costs in the quarter. We also expect this segment to benefit from lower SG&A costs as the year progresses.

年比利潤率比較受到單位結算費用較高和製造成本上升的影響。第一季的 MSA 和每包製造成本年增幅高於我們對今年剩餘時間的預期。這些較高的成本被本季較低的 SG&A 成本部分抵銷。我們也預計，隨著時間的推移，該細分市場將受益於銷售、管理及行政成本的降低。

Total smokeable products segment reported and adjusted cigarette volumes declined by 10% in the first quarter. When adjusted for trade inventory movement and other factors, we estimate that industry volumes declined by 9% over the same period. We believe that industry volume trends have been negatively impacted by the proliferation of illicit disposable e-vapor products and continued pressures on tobacco consumer discretionary income.

第一季報告和調整後的可吸菸產品部門的捲菸總量下降了 10%。在根據貿易庫存變動和其他因素進行調整後，我們估計行業銷售在同一時期下降了 9%。我們認為，非法一次性電子煙產品的擴散以及菸草消費者可自由支配收入的持續壓力，對產業銷售趨勢產生了負面影響。

At retail, the discount segment grew 0.8 share points in the first quarter. We believe these results were driven in part by macroeconomic pressures on the adult smokers. We continue to see increased competitive activity in the discount segment, including multiple branded discount offerings priced at deep discount levels.

在零售方面，第一季折扣細分市場成長了 0.8 個百分點。我們認為，這些結果部分是由成年吸菸者面臨的宏觀經濟壓力所推動的。我們繼續看到折扣領域的競爭活動不斷增加，包括以大幅折扣水準定價的多個品牌折扣產品。

Meanwhile, Marlboro continues to show its resilience, retaining its retail share of 42% in a challenging environment. Marlboro also grew its share of the highly profitable premium segment to 59.3%, an increase of 0.7 share points. We believe Marlboro's strong consumer loyalty and position as the aspirational brand in the category is driving its continued outperformance in the premium segment.

同時，萬寶路繼續展現其韌性，在充滿挑戰的環境中保住了 42% 的零售份額。萬寶路在高利潤高端市場的市佔率也成長至 59.3%，增加了 0.7 個百分點。我們相信，萬寶路強大的消費者忠誠度和作為該類別中理想品牌的地位正在推動其在高端市場的持續出色表現。

In cigars, reported cigar shipment volume decreased by 6.1% in the first quarter. Middleton continued to contribute to smokable products segment financial results, and Black & Mild remains the leader in the highly profitable machine-made large cigar segment.

雪茄方面，第一季雪茄出貨量下降了 6.1%。米德爾頓繼續為可吸產品領域的財務表現做出貢獻，而 Black & Mild 仍然是高利潤的機制大雪茄領域的領導者。

Moving to the oral tobacco products segment, adjusted OCI grew 4.6% in the first quarter and adjusted OCI margins expanded by 0.2 percentage points to 69.5%. Total segment reported shipment volume decreased 3.1% as growth in on! was more than offset by lower [MST] volumes. When adjusted for calendar differences and trade inventory movements, we estimate that first quarter oral tobacco products segment volumes declined by approximately 4%.

轉向口腔菸草產品領域，第一季調整後 OCI 成長 4.6%，調整後 OCI 利潤率擴大 0.2 個百分點，達到 69.5%。隨著成長的繼續，該部門報告的總出貨量下降了 3.1%！ [MST] 產量下降足以抵消此影響。根據日曆差異和貿易庫存變動進行調整後，我們估計第一季口腔菸草產品細分市場銷售量下降了約 4%。

Oral tobacco products segment retail share declined 7.1 percentage points as declines in our MST brands, were partially offset by the growth of on!. We remain encouraged by the performance of our oral tobacco products as on! continued to grow share, and Copenhagen remain the leading moist smokeless tobacco brand.

口腔菸草產品細分市場的零售份額下降了 7.1 個百分點，因為我們的 MST 品牌的下降被 on! 的成長部分抵消。我們仍然對我們的口腔菸草產品的表現感到鼓舞！份額持續成長，哥本哈根仍是領先的濕無菸菸草品牌。

Moving to capital allocation. In March, we sold a portion of our investment in ABI and expanded our share repurchase program to $3.4 billion. In expanding our repurchase program, we implemented a $2.4 billion accelerated share repurchase program, under which we received 46.5 million shares in March, representing 85% of the ASR Program. These repurchases are reflected in our weighted average shares outstanding for the quarter.

轉向資本配置。 3 月份，我們出售了 ABI 的部分投資，並將股票回購計畫擴大到 34 億美元。在擴大回購計劃方面，我們實施了 24 億美元的加速股票回購計劃，3 月我們收到了 4,650 萬股股票，佔 ASR 計劃的 85%。這些回購反映在我們本季已發行加權平均股票。

We expect to receive shares representing the remaining 15% of the ASR Program by the end of the second quarter. After the completion of the ASR Program, we anticipate having $1 billion remaining under the currently authorized share repurchase program, which we expect to complete by year-end.

我們預計在第二季末收到代表 ASR 計劃剩餘 15% 的股份。 ASR 計畫完成後，我們預計目前授權的股票回購計畫還剩 10 億美元，預計計畫將在年底前完成。

Turning to ABI's financial results. We recorded $165 million of adjusted equity earnings for the quarter, down [8.3%]. As a reminder, we use the equity method of accounting for our investment in ABI and report our share of ABI's results using a 1 quarter lag.

轉向 ABI 的財務業績。本季調整後股本收益為 1.65 億美元，下降 [8.3%]。提醒一下，我們對 ABI 的投資採用權益法進行會計處理，並使用 1 個季度的滯後來報告我們在 ABI 業績中所佔的份額。

Accordingly, our first quarter adjusted equity earnings represent our share of ABI's fourth quarter earnings. Following the ABI transaction, our ownership of ABI is approximately 8.1%, with a tax basis of approximately $1.2 billion.

因此，我們第一季調整後的股本收益代表了我們在 ABI 第四季收益中所佔的份額。 ABI 交易完成後，我們對 ABI 的持股比例約為 8.1%，稅基約為 12 億美元。

We continue to view the ABI stake as a financial investment, and our goal remains to maximize long-term value of the investment for our shareholders.

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。

Turning to other capital allocation activity. We paid approximately $1.7 billion in dividends and retired $1.1 billion of notes that came due in the first quarter. And as of March 31, our debt-to-EBITDA ratio was 2.1x.

轉向其他資本配置活動。我們支付了約 17 億美元的股息，並收回了第一季到期的 11 億美元票據。截至 3 月 31 日，我們的債務與 EBITDA 比率為 2.1 倍。

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。

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？

(Operator Instructions) Our first question will come from Pamela Kaufman with Morgan Stanley. Please go ahead.

（操作員說明）我們的第一個問題將來自摩根士丹利的帕梅拉·考夫曼。請繼續。

I wanted to ask about the modest of raise to your full-year guidance following the ABI share sale despite your plans to repurchase an incremental 3% of your stock. What considerations went into that? And is it a reflection of weaker-than-expected underlying performance relative to your outlook at the beginning of the year?

我想問一下，儘管您計劃回購 3% 的股票，但在 ABI 股票出售後，您的全年指引是否會適度上漲。其中考慮了什麼？這是否反映出相對於您年初的展望，基本表現弱於預期？

Thanks for the question. We were really happy to be able to revise our guidance and take up the bottom end of the guidance by a full percentage point. We took the top half -- the top end of the guidance up about 0.5 percentage point. I would read into that the confidence in our core businesses.

謝謝你的提問。我們非常高興能夠修改我們的指導意見，並將指導意見的底端提高了整整一個百分點。我們取了上半部分——指導的上半部分，上調了約 0.5 個百分點。我會解讀這對我們核心業務的信心。

But also, it provides us with flexibility as we go throughout the year to manage not only our overall business, but to make investments behind our innovative tobacco products. So we feel really good about being able to provide the guidance. It reflects the accretion of the ABI transaction.

而且，它還為我們提供了全年的靈活性，不僅可以管理我們的整體業務，還可以對我們的創新菸草產品進行投資。因此，我們對能夠提供指導感到非常高興。它反映了ABI交易的增加。

Okay. And the second -- my second question is a bit more philosophical. Historically, your strategy has been to maximize operating profit by [taking] price in excess of cigarette volume declines. And given this is becoming increasingly difficult because of the magnitude of volume declines and the need to reinvest behind alternatives, do you think that this strategy is sustainable in the changing operating backdrop? And have you considered other approaches to maximizing profitability?

好的。第二個問題──我的第二個問題更具哲學性。從歷史上看，你們的策略是透過[採取]超過捲菸銷售下降的價格來最大化營業利潤。鑑於由於銷量大幅下降以及需要對替代品進行再投資而使這一點變得越來越困難，您認為這種策略在不斷變化的營運背景下是否可持續？您是否考慮過其他最大化獲利能力的方法？

Yes. We always look at our strategies, Pamela, but we feel like that is the right strategy. I would phrase it a little bit differently than you did. It's to maximize profitability over the long term while making appropriate investments in Marlboro and the growth segment.

是的。帕梅拉，我們總是審視我們的策略，但我們覺得這是正確的策略。我的措辭與你的稍有不同。這是為了最大限度地提高長期盈利能力，同時對萬寶路和成長領域進行適當的投資。

So when you think about that, I think when you think about the pricing, and we've talked about the factors that go into pricing decisions, certainly, we've highlighted for you that our consumer is under economic strain, both from the cumulative impact of inflation as well as debt loads and high interest rates.

因此，當您考慮這一點時，我認為當您考慮定價時，我們已經討論了定價決策的因素，當然，我們已經向您強調了我們的消費者正面臨著經濟壓力，無論是來自累積的通貨膨脹以及債務負擔和高利率的影響。

And so we're going to continue to maximize profitability over the long term. We feel good about the price realization we had in the quarter, it was [8.5%]. I think it's important to step back and think about what the consumer felt at retail. And so when you think about that, that was just shy of 6%.

因此，從長遠來看，我們將繼續實現盈利最大化。我們對本季的價格實現感到滿意，為 [8.5%]。我認為重要的是退一步思考消費者在零售中的感受。所以當你考慮到這一點時，你會發現這個比例還不到 6%。

So there's still competition out there. But our consumer is under pressure, and we're going to make appropriate investments and be there for them. I think if you look back through history, that's proven to be a strong strategy.

所以仍然存在競爭。但我們的消費者面臨壓力，我們將進行適當的投資並為他們提供幫助。我認為，如果你回顧歷史，你會發現這是一個強而有力的策略。

Our next question will come from Bonnie Herzog with Goldman Sachs.

我們的下一個問題將來自高盛的邦妮·赫爾佐格。

Maybe a bit of a follow-up question to Pamela. Just one thing I certainly saw in the quarter was your controllable cost in smokable per pack were up quite a bit, I think up mid-teens. So hoping you could touch on the drivers of that, and how we should think about that moving forward? And then honestly, just ultimately, your expectations for improved dollar profit growth in smokable in the back half.

也許是對帕梅拉的一個後續問題。我在本季度確實看到的一件事是，每包可吸煙的可控成本上升了很多，我認為上升到了十幾歲左右。希望您能談談其中的驅動因素，以及我們該如何思考未來的發展？老實說，最終，您對後半段可吸煙產品的美元利潤增長的預期有所改善。

I guess I'm trying to understand, can you guys hit the mid- to high end of your EPS guidance this year, if dollar profits don't recover? Again, kind of a little bit of what Pamela was asking, but just trying to understand how much flexibility you have.

我想我想知道，如果美元利潤沒有恢復，你們今年的每股盈餘指引能否達到中高端？再說一次，有點像帕梅拉問的問題，但只是想了解你有多少彈性。

Bonnie, I'm going to unpack that question a little bit. Hopefully, I touch on all aspects of it. If I don't, please follow up.

邦妮，我要稍微解釋一下這個問題。希望我能觸及它的各個面向。如果我沒有，請跟進。

As we talked about in our opening remarks, I think first quarter, there's a couple of items that I would point out. It's really about comparisons to prior year that impact the first quarter at a higher level then we think will impact the rest of the year.

正如我們在開場白中談到的那樣，我認為第一季有幾件事我要指出。這實際上與去年相比，對第一季的影響更高，我們認為這將影響今年剩餘時間。

A couple of adjustments, if you will, accounting adjustments as you think about. One is within the MSA cost per pack. We've seen adjustments in the past. There's a lot of variables. It's a complex calculation when you develop the accrual for MSA. And in the past, you've seen adjustments related to things like inflation.

如果你願意的話，可以做一些調整，根據你的想法進行會計調整。其中之一是在每包 MSA 成本範圍內。我們過去已經看過調整。有很多變數。當您開發 MSA 的應計費用時，這是一個複雜的計算。過去，您已經看到了與通貨膨脹等相關的調整。

This quarter, we did make an adjustment. It was really specific to industry profits. Specifically, one of our major competitors had lower profits than anticipated.

這個季度，我們確實做出了調整。這確實是針對行業利潤的。具體來說，我們的主要競爭對手之一的利潤低於預期。

And then on the cost side, not to get too deep into the accounting, but we do account for inventory in the [LIFO] methodology. So when you revalue the inventory, it does impact the P&L, and it impacts the P&L in the first quarter at a higher level than it will in the remainder of the year.

然後在成本方面，不要太深入會計，但我們確實採用 [LIFO] 方法來計算庫存。因此，當您重估庫存時，它確實會影響損益，並且它對第一季損益的影響程度高於今年剩餘時間。

To your broader question, we feel very confident in our ability to continue to grow margins within the smokable products segment. And we're really happy with the performance of that segment, the performance of Marlboro, where you saw stable share performance and growth in the premium segment of the cigarette category.

對於您更廣泛的問題，我們對我們在吸煙產品領域繼續提高利潤的能力非常有信心。我們對萬寶路這一細分市場的表現感到非常滿意，您看到了捲菸類別高端細分市場的穩定份額表現和成長。

Okay. And I guess that's helpful. But I guess if I'm hearing you correctly, it's really maybe more of a timing like the one-off that you mentioned. So as we think about just honestly, the controllable cost, if those moderate, moving forward and especially in the back half, that's going to help to drive the dollar profit growth? Is that part of the confidence you have?

好的。我想這很有幫助。但我想如果我沒聽錯的話，這可能更像是你提到的一次性的時機。因此，當我們誠實地考慮可控成本時，如果這些成本適度，向前推進，尤其是在下半年，這將有助於推動美元利潤成長？這是你信心的一部分嗎？

Yes. The year-over-year increase was higher in the first quarter. And then finally, let me also point out, the smokeable products segment did benefit from lower SG&A costs that -- and it will continue to benefit from that throughout the year. So again, we feel very good about the smokable products segment, going forward.

是的。第一季年增幅較高。最後，我還要指出，可吸煙產品領域確實受益於較低的銷售、管理及管理成本，並且全年將繼續受益。因此，我們對吸煙產品領域的未來感到非常滿意。

No, that helps. And then maybe my next question or final question is on pricing. You guys have taken 2 increases so far this year, and I am talking about [cig] pricing. So that seems to follow your typical quarterly cadence, which sounds reasonable, given the unrelenting pressure on cig volumes, but your peers don't seem to be following in terms of frequency or strength.

不，這有幫助。也許我的下一個問題或最後一個問題是關於定價的。今年到目前為止，你們已經漲價兩次了，我說的是 [cig] 定價。因此，這似乎遵循了您典型的季度節奏，考慮到香菸銷售的持續壓力，這聽起來很合理，但您的同行似乎在頻率或強度方面沒有遵循。

And I guess I'm asking because how concerned are you about the price gaps, and how much they've widened? And I'm asking especially in light of the down-trading pressures that we're seeing, which seems to be continuing to accelerate.

我想我問這個問題是因為您對價格差距有多關心，以及它們擴大了多少？我特別問的是鑑於我們所看到的下行交易壓力，這種壓力似乎正在繼續加速。

And as you guys called out, the continued proliferation of illicit e-cigs. How should we think about that and your ability to kind of manage these price gaps, et cetera, and down-trading?

正如你們所呼籲的，非法電子煙的持續擴散。我們應該如何考慮這一點以及您管理這些價格差距等以及向下交易的能力？

Yes, I appreciate the question, Bonnie. I'd be careful not to talk about future pricing decisions. But I think when you step back and you look at how it's performed over time, I think what you see is the benefit of the investments we made in data analytics, really from a standpoint of being able to bring revenue growth management, where we started in traditional moist smokeless tobacco and brought it over to cigarettes.

是的，我很欣賞這個問題，邦妮。我會小心不要談論未來的定價決策。但我認為，當你退後一步，看看它隨著時間的推移如何表現時，我認為你看到的是我們在數據分析方面所做的投資的好處，實際上是從能夠帶來收入成長管理的角度來看，這是我們開始的地方傳統的濕無菸煙草中，並將其轉化為香煙。

You see that Marlboro is steady overall share and growing share of premium. Yes, you see a little bit of down trading. But I think if you look back through history, you see that occur when the consumer is under economic pressure. We feel good about the tools we have within Marlboro, and I think it shows in the strength of the performance of that brand.

您將看到萬寶路的整體份額穩定，並且優質份額不斷增長。是的，您會看到一些下跌交易。但我認為，如果你回顧歷史，你會發現這種情況發生在消費者面臨經濟壓力時。我們對萬寶路擁有的工具感覺良好，我認為這體現在品牌的實力表現上。

From a standpoint of the pressures on volume, we try to provide for you the decomposition. And you see from a secular decline in price elasticity holding steady, it's really the macroeconomic and to your point, the proliferation of illicit e-vapor.

從體積壓力的角度，我們嘗試為您提供分解。從價格彈性的長期下降保持穩定來看，這實際上是宏觀經濟的影響，就你的觀點而言，是非法電子煙的擴散。

And so we really need to see from an overall standpoint, a regulatory environment that is effective and is both looking at authorizing smoke-free products that the consumer is demanding and enforcement against illicit e-vapor products.

因此，我們確實需要從整體角度來看，建立一個有效的監管環境，既要考慮授權消費者要求的無菸產品，也要對非法電子煙產品進行執法。

Our next question comes from Faham Baig with UBS.

我們的下一個問題來自瑞銀集團的 Faham Baig。

A couple of questions from me, both on the smokables division. I just want to understand if the industry volume decline remains at minus 9% for the rest of the year, whether that still allows you to hit the bottom end of your EPS outlook? In other words, you still have some room to reduce SG&A costs further and raise pricing higher?

我問了幾個問題，都是關於菸品部門的。我只是想了解，如果今年剩餘時間行業銷量降幅保持在-9%，這是否仍能讓您觸及每股收益前景的底部？換句話說，您還有進一步降低 SG&A 成本並提高定價的空間嗎？

And the second question is whether you can share your estimate of the growth of the vapor category in Q1, and what impact this might have had on cigarette volumes in Q1, please?

第二個問題是，您是否可以分享您對第一季電子煙類別成長的估計，以及這可能對第一季捲菸銷售產生什麼影響？

Yes. I appreciate your question. I think from a standpoint of guidance, look, we run a range of scenarios of what could be the outcomes as we progress through the year. We reaffirmed that guidance and feel very good about the guidance that we have out in the marketplace.

是的。我很欣賞你的問題。我認為，從指導的角度來看，我們對這一年的進展可能產生的結果進行了一系列設想。我們重申了這項指導意見，並對我們在市場上提供的指導意見感到非常滿意。

I think when you think about the e-vapor, we believe that the overall e-vapor category continues to grow, with the vast majority of that coming from illicit disposable e-vapor products. While there, we started filling some of our information gaps, the nature of it being illicit as it goes around the normal distribution chain.

我認為當你想到電子蒸氣時，我們相信整個電子蒸氣類別持續成長，其中絕大多數來自非法一次性電子蒸氣產品。在那裡，我們開始填補一些資訊空白，這些資訊在正常分銷鏈中傳播時本質上是非法的。

I think the best thing I can point you to, and we included this in our quarterly metrics, you saw the growth and the consumers engaged on a 12-month moving just shy of [18] million consumers now engaged with a step-up of both those that are fully converted and those that are still using cigarettes and e-vapor.

我認為我可以向您指出的最好的一點是，我們將這一點納入了我們的季度指標中，您看到了增長，消費者參與度在12 個月內的變化僅略低於[18] 百萬消費者，現在參與度的提升包括那些完全轉換的人和那些仍在使用香菸和電子煙的人。

And then going to the decomposition, range estimate for the impact of e-vapor in the cigarette category is 1.5 to 2.5. And again, we're looking to fill those information gaps that the nature of it being illicit. We feel good about that range. I know it's a bit of a wide range, but as we continue to fill those information gaps and try to get a read on the illicit marketplace, we'll provide those updates as appropriate.

然後進行分解，電子煙對捲菸類別的影響範圍估計為1.5至2.5。再次，我們希望填補這些資訊空白，因為它的性質是非法的。我們對這個範圍感覺很好。我知道範圍有點廣，但隨著我們繼續填補​​這些資訊空白並嘗試了解非法市場，我們將酌情提供這些更新。

Our next question comes from Matt Smith with Stifel.

我們的下一個問題來自 Stifel 的 Matt Smith。

There was a reacceleration of price realization in the combustible business in the quarter with pricing per pack, up 8.5%, that's above the 5.5% in the fourth quarter. Can you talk about the factors behind the stronger price realization? And are you now lapping some stepped-up investments in the Marlboro brand in response to the pressure on the -- in response to the economic pressure on the consumer?

本季可燃物業務的價格實現再次加速，每包定價上漲 8.5%，高於第四季的 5.5%。能談談價格實現走強背後的因素嗎？您現在是否正在加大對萬寶路品牌的投資，以應對消費者面臨的經濟壓力？

Yes. I think from a standpoint, I would encourage you to look at price realization over the longer term. I think it's exactly what you referred to. We highlighted as we progressed through 2023, there are some investments we wanted to make, both on the menthol segment of Marlboro as well as some of the discount pressure we're seeing, in pockets.

是的。我認為從一個角度來看，我會鼓勵您從長遠來看價格實現。我想這正是你所提到的。我們強調，隨著 2023 年的進展，我們希望進行一些投資，既包括萬寶路的薄荷醇部分，也包括我們看到的一些折扣壓力。

I think it's important to remember that price gap that we show on a national basis, we're managing that price gap down at the store level. So you can go from one side of the city to the other and see different price gaps in stores.

我認為重要的是要記住我們在全國範圍內顯示的價格差距，我們正在商店層面縮小價格差距。這樣你就可以從城市的一側走到另一側，看到商店裡不同的價格差距。

And so being able to mine that data, I think you see it with the strength of Marlboro and to your point, the strong price realization we experienced in the quarter.

因此，能夠挖掘這些數據，我認為您可以透過萬寶路的實力以及我們在本季度經歷的強勁價格實現來看到這一點。

And my second question, R&D spending is shifting to the all other segments. The impact from that shift, did that seem meaningful in the first quarter, given the unique higher costs in smokeable? Can you talk about the phasing of that R&D shift through 2024? Should we think of the smokable profitability growth weighted to the second half in addition to the overall company EPS growth weighted to the second half?

我的第二個問題，研發支出正在轉向所有其他領域。考慮到可菸產品獨特的較高成本，這種轉變的影響在第一季似乎有意義嗎？能談談 2024 年之前研發轉移的分階段嗎？除了下半年公司整體每股盈餘成長之外，我們是否還應該考慮下半年的可吸煙獲利成長？

Matt, we don't -- as you know, we don't guide at the segment level, but you are correct in that you are seeing a shift in R&D spending towards the innovative products, and that's part of the SG&A benefit I talked about within the smokable segment earlier with Bonnie. The smokeable segment will continue to benefit from those lower SG&A costs as the year progresses.

馬特，我們不——正如你所知，我們不會在細分市場層面提供指導，但你是對的，你看到研發支出轉向創新產品，這是我談到的 SG&A 收益的一部分大約在早些時候與邦妮的可吸煙部分。隨著時間的推移，吸煙產品部門將繼續受益於較低的銷售、管理和管理成本。

And our next question will come from Gaurav Jain with Barclays.

我們的下一個問題將來自巴克萊銀行的 Gaurav Jain。

Two questions from me. So one is on retail pricing. I think you are saying in Q1, it is [347]. And in Q4, it was [377]. So have you stepped up promotions on on! to stem the share loss that you have seen in oral nicotine pouches?

我有兩個問題。其中之一是零售定價。我認為你在第一季說的是[347]。在第四季度，它是[377]。那你有沒有加大促銷力道呢！阻止您在口服尼古丁袋中看到的份額損失？

I wouldn't say stepped up for any purposes from a share standpoint. Really, what we -- you see happening, Gaurav, you see that the data that we have, I mentioned the investments in advanced analytics, being able to bring that from both moist smokeless tobacco and the smokeable segment over to the nicotine pouch segment. And so you're going to have pulse promotions through time.

從股票的角度來看，我不會說出於任何目的而加強。真的，我們——你看到正在發生的事情，Gaurav，你看到我們擁有的數據，我提到了對高級分析的投資，能夠將潮濕無菸煙草和可吸煙部分轉移到尼古丁袋部分。因此，隨著時間的推移，您將獲得脈動促銷。

The real goal there is to keep the converted consumer engaged with the brand, but still induce trial, both from competitive and those that are making different choices in the nicotine space. And so you're going to see variability on a short-term basis. But over the long term, I think it's important to step back and see the volume growth that we experienced with significant retail price year-over-year.

真正的目標是讓轉變的消費者與品牌保持聯繫，但仍然會引起競爭者和在尼古丁領域做出不同選擇的消費者的嘗試。所以你會看到短期的變化。但從長遠來看，我認為重要的是退後一步，看看我們經歷的銷售成長以及零售價格同比的大幅成長。

Sure. And my second question is on ABI's stake. So you're highlighting that the remaining stake has a $1.2 billion tax basis. So just sort of 1 tranche, your [JUUL] losses expire in March 2028. So would we be fair in expecting a progressive exit from the rest of the stake over the next 4 years?

當然。我的第二個問題是關於 ABI 的股份。因此，您強調剩餘股權的稅基為 12 億美元。因此，您的 [JUUL] 損失只是第一筆，將於 2028 年 3 月到期。

I want to make sure I'm answering your question, Gaurav, if I don't, please follow up.

我想確保我正在回答你的問題，Gaurav，如果我沒有回答，請跟進。

You are right that we provided you with the new tax basis. And tax is just one of many variables that we consider related to the ABI investment and our capital allocation analysis. The transaction that we executed earlier this year, the shares we sold were a mix of both the restricted and unrestricted shares. And what we shared with you is that the tax liability was less than $100 million. Our expectation is that we can offset that in the future related to ABI losses -- I'm sorry, [JUUL] losses.

您是對的，我們為您提供了新的稅基。稅收只是我們考慮的與 ABI 投資和資本配置分析相關的眾多變數之一。在我們今年稍早執行的交易中，我們出售的股票是限制性股票和非限制性股票的混合。我們與您分享的是，納稅義務不到 1 億美元。我們的期望是，我們可以在未來抵消 ABI 損失相關的損失——對不起，[JUUL] 損失。

The other thing I'll just remind you is that if you think about the JUUL losses, we took about half, let's call it, just over half; as ordinary losses for tax -- for cash tax purposes, but we fully reserve that on the P&L. We continue to wait to get feedback from the IRS. We hope to hear more as the year progresses.

我要提醒你的另一件事是，如果你考慮 JUUL 的損失，我們損失了大約一半，我們可以這樣稱呼它，剛好超過一半；作為普通稅收損失－出於現金稅目的，但我們將其完全保留在損益表中。我們繼續等待美國國稅局的回饋。隨著時間的推移，我們希望聽到更多。

Our next question comes from Callum Elliott with Bernstein. Please go ahead.

我們的下一個問題來自卡勒姆·艾利奧特和伯恩斯坦。請繼續。

Couple of slightly different questions from me. On NJOY, you called it the 60 basis points of share gain, which we can see in this candidate and sounds impressive and a nice improvement. But this kind of data do also show us that the retail sales for the brand are down double digits for the past few months.

我提出了幾個略有不同的問題。在 NJOY 上，您將其稱為 60 個基點的份額增益，我們可以在該候選產品中看到這一點，聽起來令人印象深刻，而且是一個不錯的改進。但此類數據也確實向我們表明，過去幾個月該品牌的零售額出現了兩位數的下降。

So I guess my question is, this deterioration, is that just ongoing pressure from illicit products that's impacting the legal products in the market to cause this sort of heavy decline despite the share gain? Or is there something else going on in the category?

所以我想我的問題是，這種惡化是否只是來自非法產品的持續壓力，影響了市場上的合法產品，導致儘管份額有所增長，但仍出現這種大幅下滑？或者該類別中還有其他事情發生嗎？

Yes. I think what you see is exactly what you pointed out, Callum, is that the overall disposable, specifically the illicit vapes in the marketplace, continue to grow, while pod, the segment that's pod are replaceable capsules, continue to shrink in the marketplace.

是的。卡勒姆，我認為您所看到的正是您所指出的，即整體一次性電子煙，特別是市場上的非法電子煙，繼續增長，而小煙（可替換膠囊的細分市場）在市場上持續萎縮。

Okay. And then my second question is on oral tobacco. You touched on this a little bit earlier with, I think, Faham's question, but just building upon that. I think based on the numbers in your release, your share of total oral is now 33% and volumes declining slightly. I've got Zyn share, based on some numbers from PMI, at 28% on an apples-to-apples basis and growing 80% year-on-year. So it seems, to be clear, that you guys are on the cusp of losing your leadership position now in all tobacco as a whole.

好的。我的第二個問題是關於口腔菸草。我想，你之前在法漢姆的問題中談到了這一點，但只是在此基礎上進行的。我認為根據你們發布的數據，你們的口語總量份額現在為 33%，數量略有下降。根據 PMI 的一些數據，我得到的 Zyn 份額在同類基礎上為 28%，並且同比增長 80%。因此，需要明確的是，你們現在正處於失去整個菸草產業領導地位的邊緣。

So I guess my question is, does losing the leadership position change your mindset in how you're going to come about this category? Can you maybe be free in a sense to come at this from a slightly more challenger mindset relative to the sort of maybe slightly defensive mindset that you've necessarily had over the past several years through this pressure from Zyn?

所以我想我的問題是，失去領導地位是否會改變你對如何進入這一類別的心態？從某種意義上說，你是否可以從稍微更具挑戰者的心態來看待這個問題，而不是過去幾年你在 Zyn 的壓力下必然擁有的那種可能稍微有點防禦性的心態？

Yes. I think when you think about the overall oral tobacco category, really the strategy there is to maximize profitability while balancing investments behind Copenhagen, which is the aspiration of Brian in [MST] and making appropriate investments in on!.

是的。我認為，當你考慮整個口腔煙草類別時，真正的策略是最大化盈利能力，同時平衡哥本哈根背後的投資，這是 Brian 在 [MST] 中的願望，並對 on! 進行適當的投資。

Copenhagen continues to be the leader in the MST space, and we are pleased with the results we saw in on! in the first quarter, certainly the growth in volume, the growth in overall share of the oil tobacco space and the significant increase in retail price.

哥本哈根仍然是 MST 領域的領導者，我們對所看到的結果感到滿意！第一季度，銷售量的成長、油煙領域整體份額的成長以及零售價格的大幅上漲是必然的。

And then behind that, being able to file the application with the FDA for the on! PLUS, which we feel like will perform very well in the marketplace once authorized.

然後，就可以向 FDA 提交申請了！ PLUS，我們認為一旦獲得授權，它將在市場上表現出色。

(Operator Instructions) Our next question comes from Jennifer Maloney with Wall Street Journal.

（操作員說明）我們的下一個問題來自《華爾街日報》的珍妮佛馬洛尼。

First, I wanted to ask about consumers under pressure. You said on this call that you were going to make appropriate investments and be there for them. Could you tell what do you mean by that? What kind of investments are you referring to?

首先，我想問一下面臨壓力的消費者。您在這次電話會議上表示，您將進行適當的投資並為他們提供支援。你能告訴我這是什麼意思嗎？您指的是哪一類投資？

Yes, Jennifer, really, it's around promotions in the marketplace. When you think about the data analytics that we received, and I highlighted earlier, the price gap in a store can be different than a store across a city or town. And it's really mining that data and seeing the consumer economic pressure and being able to dial those resources appropriately for the situation that they're facing.

是的，詹妮弗，真的，這是圍繞市場促銷活動的。當你考慮我們收到的數據分析時，我之前強調過，一家商店的價格差距可能與整個城市或城鎮的商店不同。它實際上是挖掘這些數據並了解消費者的經濟壓力，並能夠根據他們面臨的情況適當地調用這些資源。

And so it's really about retail promotions in the marketplace that we continue to adjust through time. It allows us to be there for the consumer. Another example would be Marlboro Black, having a place for the consumer that wants to engage with Marlboro, having a place that they can continue to gauge, even when they're under academic pressure.

因此，這實際上是關於我們隨著時間的推移而不斷調整的市場零售促銷活動。它使我們能夠為消費者服務。另一個例子是萬寶路黑，為想要與萬寶路互動的消費者提供一個地方，讓他們可以繼續衡量，即使他們面臨學業壓力。

And when you say promotional activity, would that apply to both the Marlboro brand and also some of your lower-priced brands?

當您說促銷活動時，這是否適用於萬寶路品牌以及您的一些低價品牌？

When you look across the portfolio, we think of the portfolio as one big RGM pool. And just like I mentioned Marlboro Black and the Marlboro family, it allows us to take a small segment of Marlboro and be there for the consumer. It gives them a place to continue to engage with the brand, but we look across the entire portfolio.

當您縱觀整個投資組合時，我們將其視為一個大型 RGM 池。就像我提到的萬寶路黑和萬寶路家族一樣，它使我們能夠佔據一小部分萬寶路並為消費者服務。它為他們提供了一個繼續與品牌互動的地方，但我們會審視整個產品組合。

Looking out at the rest of 2024, do you expect pressures on lower-income consumers to continue or to moderate?

展望 2024 年剩餘時間，您預期低收入消費者面臨的壓力會持續還是有所緩解？

Yes. I think when you think about the consumer being at the lower end of the socioeconomic status, they've been impacted. While inflation has slowed down a bit, it's still increasing and it's the cumulative impact of that inflation on their total market purchase, as well as the increase in debt levels. And that, coupled with increased interest rates through time has impacted discretionary spend for our consumers.

是的。我認為，當你想到處於社會經濟地位低端的消費者時，他們就會受到影響。雖然通貨膨脹有所放緩，但仍在增加，這是通貨膨脹對其市場總購買量以及債務水準增加的累積影響。再加上隨著時間的推移利率上升，影響了我們消費者的可自由支配支出。

One more question on modern oral tobacco. So looking at the share losses in Skoal and Copenhagen and also the share performance in on!, it seems like Zyn is taking significant share from traditional oral tobacco and on! isn't catching up to Zyn. So what's your strategy for that overall oral tobacco category and then specifically for the modern oral subcategory?

還有一個關於現代口腔菸草的問題。因此，看看 Skoal 和 Copenhagen 的份額損失以及 on! 的份額表現，Zyn 似乎正在從傳統口腔煙草及 on! 中奪取重要份額。沒有趕上 Zyn。那麼，您針對整個口腔菸草類別以及針對現代口腔子類別的具體策略是什麼？

Yes. You may have heard me mention earlier, the overall strategy in oral tobacco is to maximize profitability over the long term while making appropriate investments in Copenhagen and the investments in the -- in our on! product in the marketplace.

是的。您可能之前聽過我提到過，口腔菸草的整體策略是在長期內實現利潤最大化，同時在哥本哈根和我們的 on! 進行適當的投資。市場上的產品。

I think when you think about it, it's intuitive that the moist smokeless consumer is the first to move over. They're used to putting nicotine products in their mouth. And moving from [MST] to nicotine pouch allows them to avoid some of the social friction, spitting things of that nature, in relation to enjoying nicotine in their product.

我想當你想到這一點時，直覺上潮濕的無菸消費者是第一個移動的。他們習慣將尼古丁產品放入口中。從 [MST] 轉向尼古丁袋可以讓他們避免一些與享受產品中的尼古丁相關的社會摩擦、吐痰等自然現象。

When you think about the Zyn versus on!, we feel very good. I think you saw that -- and we highlighted in our remarks, we feel like we're going to have better positioning at retail. We feel good about the existing product, and we feel great about the pipeline to follow, which we'll be following with the FDA, PMTAs in on! PLUS as we progress through the end of this quarter.

當您想到 Zyn 與 on! 時，我們感覺非常好。我想你已經看到了這一點——我們在演講中強調了這一點，我們認為我們將在零售業擁有更好的定位。我們對現有產品感覺良好，對後續產品線也感覺很好，我們將與 FDA、PMTA 一起跟進！另外，隨著我們在本季末取得進展。

So would it be fair to say that your goal would be to capture those folks who are moving from Skoal and Copenhagen to modern oral to capture as many of those folks as possible with on! rather than losing them to Zyn?

因此，可以公平地說，您的目標是捕捉那些從 Skoal 和哥本哈根轉向現代口語的人，並盡可能多地捕捉這些人！而不是把它們輸給 Zyn？

That would be correct.

那是正確的。

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

目前似乎沒有進一步的問題。我想將電話轉回麥克·利文斯頓，請他發表結束語。

Thanks for joining the call today. Hope you all have a great day. Thanks so much.

感謝您今天加入通話。希望大家有個愉快的一天。非常感謝。

And this concludes today's call. Thank you for your participation, and 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。