奧馳亞 (MO) 2024 Q2 法說會逐字稿

Good day everyone and welcome to the Altria Group 2024 second quarter and first half earnings conference call. Today's call is scheduled to last about one hour, including remarks by Altria's management and a question-and-answer session representative of the investment community and media on the call will be able to ask questions following the conclusion of the prepared remarks.

大家好，歡迎參加奧馳亞集團 2024 年第二季和上半年財報電話會議。今天的電話會議預計持續約一小時，包括奧馳亞管理層的演講和投資界代表的問答環節，電話會議上的媒體將可以在準備好的演講結束後提問。

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 second quarter and first half business results. Earlier today, we issued a press release providing our results. The release, presentation, quarterly metrics and our latest corporate responsibility reports are all available at altria.com.

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) 將討論奧馳亞第二季和上半年的業務表現。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 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. Future dividend payments and share repurchases remain subject to the discretion of our Board of Directors.

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。未來的股利支付和股票回購仍由我們的董事會酌情決定。

We report our financial results in accordance with US generally accepted accounting principles. Today's call will contain various operating results on both a reported and adjusted basis. Adjusted results exclude special items that affect comparisons with reported results. 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.

我們根據美國公認會計原則報告我們的財務表現。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菸草消費者或特定菸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菸草消費者。

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. Altria's momentum continues to build as we pursue our vision to responsibly lead the transition of adult smokers to a smoke-free future. In the second quarter, our company's innovative smoke-free products delivered strong share and volume performance. And we hit meaningful milestones that we believe set us up for future success.

謝謝，麥克。早安，感謝您加入我們。隨著我們追求負責任地引導成年吸菸者過渡到無菸未來的願景，奧馳亞的勢頭不斷增強。第二季度，我公司創新無菸產品取得了強勁的份額和銷售表現。我們達到了有意義的里程碑，我們相信這些里程碑將為我們未來的成功奠定基礎。

NJOY received the first and only marketing granted orders from the FDA for menthol e-vapor products. And we submitted PMTA applications to the FDA For next-generation NJOY and on! products. Our traditional tobacco businesses remained resilient despite a challenging operating environment. Our highly cash-generative businesses supported continued investments in our innovative product efforts and we returned significant value to shareholders during the first half of the year, with more than $5.8 billion delivered to shareholders through share repurchases and dividends. And we believe our dedicated teams have us on track to deliver against full year financial guidance.

NJOY 收到了 FDA 第一張也是唯一一個薄荷醇電子煙產品的行銷許可訂單。我們向 FDA 提交了下一代 NJOY 及後續產品的 PMTA 申請！產品。儘管經營環境充滿挑戰，我們的傳統菸草業務仍保持彈性。我們的高現金產出業務支持了對創新產品努力的持續投資，上半年我們為股東帶來了豐厚的回報，透過股票回購和股息為股東帶來了超過 58 億美元的回報。我們相信，我們的敬業團隊使我們能夠按照全年財務指導目標實現目標。

This morning, my remarks will focus on NJOY's encouraging second quarter results, the state of the e-vapor category, illicit market activity and enforcement actions and strong second quarter results from on!. I'll then turn it over to Sal, who will provide further detail on our financial results, including our outlook, the performance of our traditional tobacco businesses and capital allocation.

今天早上，我的演講將重點關注 NJOY 令人鼓舞的第二季度業績、電子煙類別的狀況、非法市場活動和執法行動以及強勁的第二季度業績！然後我會將其交給薩爾，他將提供有關我們財務業績的更多詳細信息，包括我們的前景、傳統煙草業務的業績和資本配置。

Let's begin with the e-vapor category. In June, we celebrated the 1-year anniversary of welcoming NJOY into the Altria family of companies. Since that time, we've combined our industry-leading capabilities with NJOY's competitive product offering and are thrilled with the progress we've made. Let me briefly recap some of our accomplishments.

讓我們從電子蒸氣類別開始。六月，我們慶祝了 NJOY 加入 Altria 公司大家庭一週年紀念。從那時起，我們將行業領先的能力與 NJOY 具有競爭力的產品組合相結合，並對我們所取得的進步感到興奮。讓我簡單回顧一下我們的一些成就。

We strengthened NJOY's supply chain to enable our expansion plans. Tripled NJOY's retail footprint to over 100,000 stores, secured premium positioning at retail and more than 80% of contracted stores through NJOY's first trade program. Launched a variety of trial-generating activities with compelling results and introduced a new brand equity campaign with impactful consumer messaging.

我們加強了 NJ​​OY 的供應鏈，以實現我們的擴張計劃。透過 NJOY 的第一個貿易計劃，NJOY 的零售足跡增加了兩倍，達到超過 100,000 家商店，確保了零售業和超過 80% 的簽約商店的優質定位。開展了各種試驗生成活動，取得了引人注目的成果，並推出了新的品牌資產活動，傳達了有影響力的消費者訊息。

As a result of these efforts, NJOY saw continued traction at retail during the second quarter and first half as evidenced by volume momentum and share growth. NJOY consumables shipment volume was approximately 12.5 million units for the second quarter and 23.4 million units for the first half. NJOY's device shipment volume was approximately 1.8 million units for the second quarter and 2.8 million units for the first half. Both consumables and device shipment volumes increased sequentially with consumables increasing by 14.7% and devices by 80%.

由於這些努力，NJOY 在第二季和上半年看到了零售業的持續成長，銷售動能和份額成長證明了這一點。 NJOY耗材出貨量第二季約1,250萬件，上半年約2,340萬件。 NJOY第二季度的設備出貨量約180萬台，上半年約280萬台。耗材和設備出貨量均較上月成長，耗材成長14.7%，設備成長80%。

To generate trial in the second quarter, NJOY paired equity messaging about its attractive product proposition with promotional support and saw compelling results at retail. For the second quarter, NJOY's retail share of consumables was 5.5 share points, up 1.3 share points sequentially. NJOY's retail share of consumables grew in each over the past 9 months.

為了在第二季進行試驗，NJOY 將有關其有吸引力的產品主張的股票資訊與促銷支援結合起來，並在零售方面取得了引人注目的成果。第二季度，NJOY 的消費品零售份額為 5.5 個份額點，比上一季上升 1.3 個份額點。過去 9 個月，NJOY 的消費品零售份額逐年成長。

We're also encouraged by NJOY's device share which we believe is an important indicator of trial and a potential leading indicator of longer-term adoption. As a result of trial focused investments in the second quarter, NJOY expanded its share of devices in the multi-outlet and convenience channel to 25.4 share points, more than doubling its share of devices sequentially. We plan to continue investing behind NJOY's value proposition and equity to build awareness and generate trial.

我們也對 NJOY 的設備份額感到鼓舞，我們認為這是一個重要的試驗指標，也是長期採用的潛在領先指標。由於第二季以試驗為重點的投資，NJOY 將其在多通路和便利通路中的設備份額擴大到 25.4 個份額點，比上一季增加了一倍多。我們計劃繼續投資 NJOY 的價值主張和股權，以提高知名度並嘗試。

At retail, approximately 2/3 of fixture resets are now complete and we've amplified NJOY's visibility and secured premium positioning through its trade program. NJOY is also reaching increased numbers of adult consumers through its events infrastructure and digital marketing programs. Through these engagements and NJOY's equity campaign, we can continue to position NJOY as a competitive alternative for adult smokers and vapors to responsibly grow NJOY over the long term.

在零售方面，大約 2/3 的燈具重置現已完成，我們擴大了 NJOY 的知名度，並透過其貿易計劃確保了優質定位。 NJOY 也透過其活動基礎設施和數位行銷計劃吸引了越來越多的成年消費者。透過這些參與和 NJOY 的股權活動，我們可以繼續將 NJOY 定位為成年吸菸者和電子煙的有競爭力的替代品，以負責任的方式長期發展 NJOY。

On the regulatory front, in June, NJOY received marketing granted orders from the FDA for 4 menthol e-vapor products. NJOY has the first and only menthol e-vapor products authorized by the FDA, a significant accomplishment for the NJOY team and a testament to the quality of NJOY's robust science and evidence-based applications. Under the terms of our acquisition of NJOY, upon receiving these authorizations, we made cash payments totaling $250 million in July. Now all in-market NJOY products are covered by marketing granted orders from the FDA.

在監管方面，6月份，NJOY收到FDA授予的4種薄荷醇電子煙產品的營銷許可訂單。 NJOY 擁有第一個也是唯一一個獲得 FDA 授權的薄荷醇電子煙產品，這是 NJOY 團隊的重大成就，也證明了 NJOY 強大的科學和實證應用的品質。根據我們收購 NJOY 的條款，在收到這些授權後，我們在 7 月支付了總計 2.5 億美元的現金。現在，所有市場上的 NJOY 產品均受到 FDA 行銷許可的覆蓋。

In addition, NJOY submitted a supplemental PMTA to the FDA to commercialize and market the NJOY ACE 2.0 device which incorporates access restriction technology designed to prevent underage use. NJOY also resubmitted PMTAs for blueberry and Watermelon pod products that work exclusively with the 2.0 device. These submissions mark further milestones in pursuit of our vision. And NJOY looks forward to responsibly providing flavored e-vapor options for adult smokers and vapers once authorized.

此外，NJOY 向 FDA 提交了補充 PMTA，以商業化和行銷 NJOY ACE 2.0 設備，該設備採用了旨在防止未成年人使用的存取限制技術。 NJOY 也重新提交了專門與 2.0 設備配合使用的藍莓和西瓜莢產品的 PMTA。這些提交標誌著我們追求願景的進一步里程碑。一旦獲得授權，NJOY 期待負責任地為成年吸菸者和電子煙愛好者提供調味電子煙選擇。

NJOY's momentum and the results are even more encouraging in the context of the broader e-vapor category which continues to be overrun by illicit disposable products due to a lack of effective regulation and enforcement. At the end of the second quarter, we estimate the e-vapor category included approximately 19 million vapors, up over 3 million vapors versus a year ago. During the same period, disposable vapors increased by 4 million to approximately 12 million vapors.

在更廣泛的電子煙類別中，由於缺乏有效的監管和執法，非法一次性產品繼續氾濫，NJOY 的勢頭和結果更加令人鼓舞。截至第二季末，我們估計電子煙類別包括約 1,900 萬支電子煙，比一年前增加了超過 300 萬支。同一時期，一次性蒸汽增加了 400 萬件，達到約 1200 萬件。

Through the first half of 2024, we estimate the category grew by approximately 40%, driven by illicit flavored disposable products which we believe now represent more than 60% of the category. We estimate pod-based volumes declined by approximately 15% in the first half of 2024. And now represents approximately 15% of category volumes. We are beginning to see the robust supply chains and lack of enforcement that supports the illicit e-vapor market, enable increased illicit activity across multiple tobacco categories, including nicotine pouches and cigarettes that are available to US consumers.

到 2024 年上半年，我們估計該類別在非法調味一次性產品的推動下增長了約 40%，我們認為這些產品目前佔該類別的 60% 以上。我們估計 2024 年上半年基於 Pod 的銷量下降了約 15%。我們開始看到支持非法電子煙市場的強大供應鏈和執法缺乏，導致多個菸草類別的非法活動增加，包括美國消費者可以獲得的尼古丁袋和香菸。

In fact, we've identified more than 350 illicit nicotine pouch SKUs across both retail and e-commerce, with new brands launching every month. This illicit market echoes the beginning of their illicit e-vapor market several years ago.

事實上，我們已經在零售和電子商務領域發現了超過 350 個非法尼古丁袋裝 SKU，並且每個月都會推出新品牌。這個非法市場與幾年前非法電子煙市場的開始相呼應。

In addition, we believe illicit cigarettes are becoming more prevalent in the US and are evading regulation and taxation. We periodically conduct discarded packs studies in select geographic markets. One such study in California found more than 25% of discarded cigarette packs were nondomestic products, originating primarily from duty-free channels and China. The FDA's inaction, lack of enforcement and slow pace of smoke-free authorizations continues to enable bad actors who are lately disregarding regulations.

此外，我們認為非法捲菸在美國變得越來越普遍，並且正在逃避監管和稅收。我們定期在選定的地理市場進行廢棄包裝研究。加州的一項此類研究發現，超過 25% 的廢棄菸盒是非國產產品，主要來自免稅管道和中國。 FDA 的不作為、執法不力以及無菸授權進展緩慢，繼續為最近無視法規的不良行為者提供便利。

For our part, we continue to actively engage with regulators, federal and state lawmakers, our trade partners and other stakeholders to build awareness of these issues and drive marketplace enforcement. This month, we sent the FDA data that supports our increasing concern that illicit market actors are expanding into the nicotine pouch category.

就我們而言，我們繼續積極與監管機構、聯邦和州立法者、我們的貿易夥伴和其他利益相關者合作，以提高對這些問題的認識並推動市場執法。本月，我們向 FDA 發送了數據，這些數據支持了我們對非法市場參與者正在擴展到尼古丁袋類別的日益擔憂。

Our hope is that this information demonstrates the need for the FDA to direct enforcement actions against illicit nicotine pouch products in addition to illicit e-vapor products. We believe it is critical that the FDA acts decisively to regain control over the oral nicotine pouch category to prevent another widespread illicit market from taking hold.

我們希望這些資訊表明，除非法電子煙產品外，FDA 還需要對非法尼古丁袋產品採取執法行動。我們認為，FDA 必須採取果斷行動，重新獲得對口服尼古丁袋類別的控制，以防止另一個廣泛的非法市場佔據主導地位。

At the federal level, we saw some positive actions in the second quarter. For example, in June, the Justice Department and the FDA announced the creation of a federal multi-agency task force which is expected to coordinate and streamline efforts to bring all available criminal and civil tools to bear against the illegal distribution and sale of e-vapor products.

在聯邦層面，我們在第二季看到了一些積極行動。例如，6 月，司法部和 FDA 宣布成立聯邦多機構特別工作小組，預計將協調和簡化工作，利用所有可用的刑事和民事工具來打擊非法分發和銷售電子產品。

We have been advocating for multi-agency collaboration and view this announcement as a much-needed course correction for enforcement efforts. In addition, we continue to see other actions at the federal level, including e-vapor related import refusals, civil monetary penalties and warning letters issued to manufacturers, retailers and wholesalers of illicit products.

我們一直倡導多機構合作，並將這項公告視為執法工作急需的方向修正。此外，我們也繼續看到聯邦層級的其他行動，包括拒絕與電子煙相關的進口、民事罰款以及向非法產品的製造商、零售商和批發商發出警告信。

In the absence of effective FDA enforcement to date, many states are stepping up to address this issue. As of today, 11 states have passed legislation requiring manufacturers to certify that they are compliant with FDA requirements and 4 states are considering similar legislation. Enforcement has started in 4 states with the balance set to begin in the second half of 2024 and 2025.

由於迄今為止 FDA 缺乏有效的執法，許多州正在加緊解決這個問題。截至目前，11 個州已通過立法，要求製造商證明其符合 FDA 要求，4 個州正在考慮類似立法。執法工作已在 4 個州開始，其餘州將於 2024 年下半年和 2025 年開始實施。

When properly implemented and comprehensively enforced, we believe state registry bills can be effective. We continue to believe in the promise of a responsible and fully regulated tobacco industry. As we stated in the past, regulation without enforcement is indistinguishable from no regulation at all. We're hopeful to see more meaningful action and enforcement activity over the next year.

如果正確實施和全面執行，我們相信國家登記法案能夠發揮作用。我們仍然相信負責任和全面監管的煙草業的承諾。正如我們過去所說，有監管而沒有執行就和沒有監管沒有區別。我們希望明年能看到更多有意義的行動和執法活動。

Let's turn back to the oral tobacco category where all nicotine pouches grew 12.3 share points year-over-year and now represent nearly 42% of the category. All nicotine pouches were the primary contributor of the estimated 9% increase in oral tobacco industry volume over the past 6 months. Helix participated in the category growth, growing on reported shipment volume by 37% to 41 million cans during the second quarter. Helix continues to invest strategically and responsibly behind on!. This spring, Helix launched a new trade program that secured the number 1 retail fixture position for nearly 80% of on!'s volume, creating broader visibility of the on! brand.

讓我們回到口腔菸草類別，所有尼古丁袋裝的份額年增 12.3 個百分點，目前佔該類別的近 42%。所有尼古丁袋是過去 6 個月口腔菸草行業銷量估計成長 9% 的主要貢獻者。 Helix 參與了該品類的成長，報告第二季出貨量成長了 37%，達到 4,100 萬罐。 Helix 繼續以策略性和負責任的方式投資！今年春天，Helix 推出了一項新的貿易計劃，確保了 on! 近 80% 銷量的零售固定裝置第一名的位置，從而為 on! 創造了更廣泛的知名度。品牌。

And in June, Helix introduced a fresh new look for on! packaging and a new equity campaign, IT’S ON! to further differentiate the brand. Encouragingly, we saw consistent on! share momentum throughout the quarter. on!'s retail share grew in each of the past three months to 8.1% for the quarter, an increase of 1.2 share points versus the prior year and a 1 share point sequentially. Helix remains focused on long-term profitability and delivered these impressive results while reducing on! promotional spending year-over-year.

六月，Helix 推出了全新外觀！包裝和新的股權活動，ITâs ON！以進一步實現品牌差異化。令人鼓舞的是，我們看到了一致性！分享整個季度的勢頭。 on! 的零售份額在過去三個月中逐年增長，本季達到 8.1%，比上一年增加 1.2 個百分點，比上年同期增加 1 個百分點。 Helix 仍然專注於長期盈利能力，並在減少成本的同時取得了這些令人印象深刻的成果！促銷支出逐年增加。

We are very excited about the prospects and potential for on! PLUS, an innovative pouch product made using our proprietary "soft-feel" material which is designed for adults who dip and dual users with cigarettes. Early international results continue to show that on! PLUS is a growing competitive player in the nicotine pouch space in Sweden and the United Kingdom. In both markets, on! PLUS has been incremental to our total portfolio, sourcing mainly from competitive brands with minimal cannibalization.

我們對 on! 的前景和潛力感到非常興奮！ PLUS 是一種創新的煙袋產品，採用我們專有的「柔軟感覺」材料製成，專為吸煙和吸煙的成年人而設計。早期的國際結果繼續表明這一點！ PLUS 是瑞典和英國尼古丁袋裝領域日益壯大的競爭者。在這兩個市場，上！ PLUS 一直是我們總產品組合的增量，主要從競爭品牌採購，並最大限度地減少了蠶食。

In Sweden, levels of trial are increasing and e-commerce repurchase rates are strong, above 30%. Supported by these results, we expanded on! PLUS distribution beyond e-commerce into 2,000 key retail accounts in Sweden, including (technical difficulty). In the UK, following the launch of on! PLUS, the on! portfolio is the number 2 brand in e-commerce. And Helix recently secured on! PLUS distribution in 1,000 retail stores. Consumer feedback indicates that consumers enjoy the innovative on! PLUS pouch and view it as a unique point of differentiation in the category.

在瑞典，試用水準不斷提高，電商再購率也很高，超過 30%。在這些結果的支持下，我們繼續擴展！加上電子商務以外的分銷到瑞典 2,000 個主要零售客戶，包括（技術難度）。在英國，繼 on! 推出後另外，上！ Portfolio是電子商務領域的第二大品牌。 Helix 最近上線！加上 1,000 家零售店的經銷。消費者回饋顯示消費者享受創新！ PLUS 袋並將其視為該類別中的獨特差異點。

Turning back to the US market. Helix submitted PMTAs to the FDA for on! PLUS in June. These PMTAs were submitted for three varieties: tobacco, mint and wintergreen, each in three different nicotine strength options. We believe our innovation in the nicotine pouch space can be a meaningful contributor to our smoke-free goals once authorized in the US.

回到美國市場。 Helix 向 FDA 提交了 PMTA！再加上六月。這些 PMTA 提交了三個品種：菸草、薄荷和冬青，每種都有三種不同的尼古丁濃度選項。我們相信，一旦在美國獲得授權，我們在尼古丁袋領域的創新將為我們的無菸目標做出有意義的貢獻。

In summary, it was an exciting quarter for Altria. We made significant progress towards our vision with in-market products and achieved important milestones to prepare for future success. We're confident in the long-term outlook for our smoke-free portfolio and we have a significant opportunity to responsibly lead the transition of adult smokers to a smoke-free future. I believe we have the appropriate strategies in place to execute our growth plans and I want to thank all of our employees who continue to work tirelessly to make our vision become a reality.

總之，對於奧馳亞來說，這是一個令人興奮的季度。我們透過市場產品在實現我們的願景方面取得了重大進展，並實現了重要的里程碑，為未來的成功做好了準備。我們對無菸產品組合的長期前景充滿信心，我們有一個重要的機會負責任地引導成年吸菸者向無菸未來過渡。我相信我們已經制定了適當的策略來執行我們的成長計劃，我要感謝我們所有的員工，他們繼續不懈地工作，使我們的願景成為現實。

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

現在我將把它交給薩爾，以提供有關業務環境和我們的結果的更多詳細資訊。

Thanks, Billy. Adjusted diluted earnings per share was unchanged in the second quarter and declined by 1.6% for the first half. Our first half results were consistent with our expectations. For 2024, adjusted diluted EPS growth weighted to the second half due to the timing of the NJOY acquisition in June 2023 and the impact of two additional shipping days in the second half of the year. Therefore, we are narrowing our full year 2024 guidance range and now expect to deliver adjusted diluted EPS in a range of $5.07 to $5.15, representing a growth rate of 2.5% to 4% from a base of $4.95 in 2023.

謝謝，比利。第二季調整後攤薄每股收益維持不變，上半年下降 1.6%。我們上半年的業績符合我們的預期。對於 2024 年，由於 2023 年 6 月收購 NJOY 的時間以及下半年額外兩個運輸天數的影響，調整後稀釋後每股收益增長將加權到下半年。因此，我們正在縮小 2024 年全年指導範圍，目前預計調整後稀釋後每股收益將在 5.07 美元至 5.15 美元之間，較 2023 年 4.95 美元的基礎增長率為 2.5% 至 4%。

Let's turn to an update on consumer and industry dynamics. Cigarette industry shipment volumes remained pressured during the second quarter and first half, due primarily to macroeconomic factors and the growth of illegal disposable e-vapor products. While the rate of inflation has stabilized in recent months, we believe adult smokers remain under economic pressure as the cumulative impacts from prolonged inflation persists and constrained discretionary spending.

讓我們來看看消費者和產業動態的最新情況。捲菸產業出貨量在第二季和上半年仍面臨壓力，這主要是由於宏觀經濟因素和非法一次性電子煙產品的成長。儘管近幾個月通膨率已趨於穩定，但我們認為，由於長期通膨的累積影響持續存在且可自由支配支出受到限制，成年吸菸者仍面臨經濟壓力。

Late last year, we share our estimate that the growth of illegal disposable e-vapor products contributed to cigarette industry declines in a range of 1.5% to 2.5% and committed to continue evaluating this dynamic trend.

去年年底，我們估計非法一次性電子煙產品的成長導致捲菸產業下降 1.5% 至 2.5%，並致力於繼續評估這一動態趨勢。

As we've continued to see elevated growth of illicit e-vapor due to lack of enforcement, we believe that cross-category movement has been higher in recent quarters than our previously estimated range. We estimate that cross-category movement from cigarettes primarily to illicit disposable e-vapor products contributed an estimated 2% to 3% of the cigarette industry decline over the last 12 months and have reflected these updates in our decomposition of cigarette industry decline rates. We will continue to monitor the illicit e-vapor market and provide updates as we enhance our estimates in this space.

由於缺乏執法，我們繼續看到非法電子蒸汽的成長加快，我們認為最近幾季的跨類別流動高於我們先前估計的範圍。我們估計，在過去12 個月中，從捲菸主要轉移到非法一次性電子煙產品的跨類別轉移對捲菸產業下降的貢獻率約為2% 至3%，並在我們對捲菸產業下降率的分解中反映了這些更新。我們將繼續監控非法電子煙市場，並在提高對該領域的估計時提供最新資訊。

In the smokable products segment, our strategy continues to maximize profitability over the long term while appropriately balancing investments in Marlboro with funding the growth of smoke-free products. Segment adjusted operating companies income declined by 2% to $2.8 billion in the second quarter and by 2.3% to $5.3 billion in the first half.

在吸菸產品領域，我們的策略持續實現長期獲利最大化，同時適當平衡對萬寶路的投資與資助無菸產品的成長。經部門調整後的營運公司營收第二季下降 2%，至 28 億美元，上半年下降 2.3%，至 53 億美元。

As we look to the second half of the year, in addition to the two additional shipping days, I'll remind you of the expiration of legal fund payments related to the master settlement agreement in the fourth quarter which we previously disclosed in our 2023 10-K. Adjusted OCI margins expanded to 61.6% for the second quarter and 61% for the first half. This performance was supported by strong net price realization of 9.9% for the quarter and 9.3% for the first half.

展望下半年，除了額外的兩個發貨日外，我還要提醒您注意的是，我們之前在2023 年10 月的報告中披露的與第四季度主和解協議相關的法律資金付款已到期。調整後的 OCI 利潤率第二季擴大至 61.6%，上半年擴大至 61%。這一業績得益於本季 9.9% 和上半年 9.3% 的強勁淨價實現。

Marlboro continued to be the undisputed category leader with a retail share of 42% in the second quarter, down 0.1 versus the prior year and unchanged sequentially. Within the premium segment, Marlboro expanded its share to 59.4%, an increase of 0.7 share points versus the prior year and 0.1 sequentially.

萬寶路繼續成為無可爭議的品類領導者，第二季零售份額為 42%，比上年下降 0.1，與上一季持平。在高端市場，萬寶路的市佔率擴大至 59.4%，比前一年增加 0.7 個百分點，比上一季增加 0.1 個百分點。

The smokable products Segment reported domestic cigarette volumes declined by 13% in the second quarter and 11.5% for the first half. When adjusted for trade inventory movements, smokable products segment domestic cigarette volumes for the second quarter and the first half declined by an estimated 11% and 10.5%, respectively. At the industry level, when adjusted for trade inventory movements, second quarter domestic cigarette volumes declined by an estimated 9.5%.

吸菸產品部門報告稱，第二季度國內捲菸銷量下降了 13%，上半年下降了 11.5%。根據貿易庫存變動進行調整後，第二季和上半年可吸產品細分市場的國內捲菸銷售量預計分別下降 11% 和 10.5%。在產業層面，根據貿易庫存變動進行調整後，第二季國內捲菸銷售量預計將下降 9.5%。

For the first half, when adjusted for trade inventory movements and other factors, we estimate that adjusted domestic cigarette industry volumes declined by 9%. The discount segment grew 1.0 share point year-over-year and 0.2 sequentially in the second quarter. We believe these results were driven in part by macroeconomic pressures on adult smokers and competitive activity.

上半年，在調整貿易庫存變動和其他因素後，我們估計調整後的國內捲菸產業銷售量下降了9%。折扣業務年增 1.0 個百分點，第二季較上季成長 0.2 個百分點。我們認為，這些結果部分是由成年吸菸者的宏觀經濟壓力和競爭活動所推動的。

In cigars, reported shipment volume decreased 0.9% in the second quarter. Middleton continued to contribute to smokable products segment financial results and Black & Mild remained the leader in the highly profitable, machine-made large cigar segment.

雪茄方面，第二季報告的出貨量下降了 0.9%。 Middleton 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 by 1.8% in the second quarter and 3.1% for the first half. Adjusted OCI margins decreased by 2.4 percentage points for the second quarter and 1.2 percentage points for the first half, as Helix continued to invest in the growing oral nicotine pouch category. Reported shipment volume decreased 1.8% for the second quarter and 2.5% for the first half as on!'s growth was more than offset by lower MST volumes.

轉向口腔菸草產品領域。調整後的 OCI 第二季成長 1.8%，上半年成長 3.1%。由於 Helix 繼續投資不斷成長的口服尼古丁袋裝產品，調整後的 OCI 利潤率第二季下降了 2.4 個百分點，上半年下降了 1.2 個百分點。據報告，第二季度出貨量下降了 1.8%，上半年下降了 2.5%，因為 on! 的增長被 MST 出貨量的下降所抵消。

When adjusted for calendar differences and trade inventory movements, we estimate that second quarter and first half oral tobacco products segment volumes declined by approximately 3% and 3.5%, respectively.

根據日曆差異和貿易庫存變動進行調整後，我們估計第二季和上半年口腔菸草產品細分市場銷售量分別下降約 3% 和 3.5%。

Oral Tobacco Products segment retail share was 37.9% for both the second quarter and first half as declines in our MST brands were partially offset by the growth of on!. Evolving consumer preferences and the accelerated growth of oral nicotine pouches have continued to impact MST products. As a result, we determined that the estimated fair value of the Skoal trademark at June 30, 2024, was below its carrying value and recorded a noncash pre-tax impairment of $354 million.

第二季和上半年，口腔菸草產品細分市場的零售份額均為 37.9%，因為我們的 MST 品牌的下滑被 on! 的成長部分抵消。不斷變化的消費者偏好和口服尼古丁袋的加速成長持續影響 MST 產品。因此，我們確定 Skoal 商標截至 2024 年 6 月 30 日的估計公允價值低於其帳面價值，並記錄了 3.54 億美元的非現金稅前減損。

Despite this, we remain encouraged by the resilience of Copenhagen, the long-standing number 1 brand in MST and the continued growth of on! in nicotine pouches which surpassed Skoal to become our second largest oral tobacco brand at retail.

儘管如此，我們仍然對哥本哈根的韌性、MST 長期排名第一的品牌以及 on! 的持續成長感到鼓舞。尼古丁袋裝產品超過 Skoal，成為我們零售第二大口腔菸草品牌。

Turning to ABI's financial results. We recorded $145 million of adjusted equity earnings for the second quarter, up 9.8% versus the prior year. As a reminder, we used the equity method of accounting for our investment in ABI and report our share of ABI's results using a one quarter lag. Accordingly, our second quarter adjusted equity earnings represent our share of ABI's first quarter earnings reduced by our lower ownership percentage following the partial sale of our ABI investment which occurred late in the first quarter.

轉向 ABI 的財務業績。第二季調整後股本收益為 1.45 億美元，比去年同期成長 9.8%。提醒一下，我們使用權益法對 ABI 的投資進行會計處理，並使用四分之一的滯後來報告我們在 ABI 業績中所佔的份額。因此，我們第二季調整後的股本收益代表我們在 ABI 第一季收益中所佔的份額，由於我們在第一季末部分出售 ABI 投資後較低的所有權百分比而減少。

Lastly, on capital allocation. We returned significant value to shareholders during the first half of the year, supported by the partial sale of our investment in ABI, we returned $2.4 billion to shareholders through an accelerated share repurchase program which was completed during the second quarter.

最後，關於資本配置。上半年，我們向股東返還了可觀的價值，在部分出售 ABI 投資的支持下，我們透過第二季完成的加速股票回購計畫向股東返還了 24 億美元。

At the end of the quarter, we had approximately $1 billion remaining under our currently authorized share repurchase program which we expect to complete by the end of this year. We also paid $3.4 billion in dividends, resulting in total cash return to shareholders of $5.8 billion for the first half.

截至本季末，我們目前授權的股票回購計畫還剩約 10 億美元，我們預計該計畫將在今年年底前完成。我們也支付了 34 億美元的股息，上半年股東現金回報總額為 58 億美元。

Our balance sheet remains strong. Our debt-to-EBITDA ratio as of June 30 was 2.1 times, in line with our capital structure goal of approximately 2 times. As we continue to execute on our vision, we remain committed to creating long-term value for our shareholders and maintaining a strong balance sheet.

我們的資產負債表仍然強勁。截至 6 月 30 日，我們的債務與 EBITDA 比率為 2.1 倍，符合我們約 2 倍的資本結構目標。在我們繼續實現我們的願景的同時，我們仍然致力於為股東創造長期價值並保持強勁的資產負債表。

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.

至此，我們就結束了。比利和我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公認會計原則對帳可在 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。

Operator, do we have any questions?

接線員，我們還有什麼問題嗎？

(Operator Instructions) Bonnie Herzog, Goldman Sachs.

（操作員指示）Bonnie Herzog，高盛。

Thank you. Good morning, everyone. I had a question on your guidance this morning. You narrowed your EPS guidance that implies the midpoint stays the same. And it does suggest a decent step up of growth in the back half. So I guess I'm wondering what some of the drivers of that growth will be. And ultimately, how much visibility do you have on this given really has been a challenging environment?

謝謝。大家，早安。今天早上我對你的指導有疑問。您縮小了 EPS 指導範圍，這表示中點保持不變。這確實顯示後半段的成長將有可觀的提升。所以我想我想知道這種成長的一些驅動因素是什麼。最後，考慮到環境確實充滿挑戰，您對此有多少了解？

And then how should we think about the implied back half EPS growth, especially given the investments you have been making behind smoke-free and will those ramp? Or are they going to slow down in the back half?

然後，我們應該如何考慮隱含的後半段每股盈餘成長，特別是考慮到您在無菸背後的投資，這些投資會增加嗎？或者他們會在後半段放慢速度嗎？

Sure. Bonnie, as you said, we were able to narrow guidance. Our EPS for the first half was in line with our expectations. As far as the second half, let me point to a few factors. Remember, we're lapping the acquisition of NJOY which occurred in June of last year. We also have two extra shipping days and there are a couple of other items I'll point out.

當然。邦妮，正如你所說，我們能夠縮小指導範圍。我們上半年的每股盈餘符合我們的預期。就下半年而言，我想指出幾個因素。請記住，我們正在討論去年 6 月發生的 NJOY 收購。我們還有兩個額外的運輸天數，還有一些其他項目我會指出。

The benefit of our accelerated share repurchase program is back half weighted. And then as I mentioned earlier, there'll be the expiration of the legal fund which is part of our MSA costs and that expires in the fourth quarter of this year.

我們加速股票回購計畫的好處是後半加權。正如我之前提到的，法律基金將會到期，該基金是我們的 MSA 成本的一部分，將於今年第四季到期。

So it sounds like -- Al right, that's helpful. And then I guess my second question would be on your smokable segment. Despite expanding op margins which have been quite impressive, your dollar profits didn't increase again in the quarter. And really, this has been a concern.

所以聽起來——好吧，這很有幫助。然後我想我的第二個問題是關於您的可吸煙部分。儘管營運利潤率不斷擴大，令人印象深刻，但本季您的美元利潤並沒有再次增加。事實上，這一直是個令人擔憂的問題。

Obviously, the sharp cig volume declines continue to weigh on your top line despite what I would characterize as robust net price realization. But what about the controllable costs in the quarter which were up high single digits. Could you talk a little bit more about maybe the drivers behind these costs?

顯然，儘管我將其描述為強勁的淨價格實現，但捲菸銷量的急劇下降繼續對您的營收構成壓力。但本季可控成本上漲了個位數，情況又如何呢？您能否多談談這些成本背後的驅動因素？

And then ultimately, going back to your EPS guidance, does that imply that your smokable profits are expected to grow this year? Or are you just assuming flat profitability and you can still hit your EPS guidance without smokable profits growing?

最後，回到你的每股盈餘指導，這是否意味著你今年的可吸菸利潤預計會成長？或者你只是假設獲利能力持平，並且你仍然可以達到你的每股盈餘指引而不增加可吸利潤？

Yes, there's a lot to unpack. So I want to make sure I get to all your questions, Bonnie, if I don't, please follow up. I'm going to work a little bit backwards. So let's talk about smokable for a minute. Remember, we are managing that business to maximize profitability and balance investments behind Marlboro in our smoke-free products.

是的，有很多東西需要解壓縮。所以我想確保我能回答你所有的問題，邦妮，如果我沒有回答，請跟進。我會稍微倒退一下。讓我們談談可吸煙的事情。請記住，我們管理該業務的目的是最大限度地提高盈利能力並平衡萬寶路對無菸產品的投資。

And we're really pleased with the strong net price realization. We're pleased with the strong margin performance. But during economic difficult times for our consumers. We are going to support them and we're doing that, I think, pretty effectively through our RGM strategies which include investments in Marlboro Black.

我們對強勁的淨價實現感到非常滿意。我們對強勁的利潤率表現感到滿意。但在我們消費者的經濟困難時期。我們將支持他們，我認為，我們正在透過我們的 RGM 策略（包括對萬寶路黑色的投資）非常有效地做到這一點。

In the second half of the year, there are some tailwinds that we expect to see. Some have already mentioned, right, the two extra shipping days that occurred in the back half of the year, the expiration of the legal fund in the fourth quarter.

今年下半年，我們預計會看到一些有利因素。有人已經提到了，對了，下半年多了兩個出貨天，第四季法人基金到期了。

We'll also be lapping the investments we began to make in Marlboro Black last year which really is an important tool to engage with consumers who are facing difficult economic times and maybe more price sensitive. So we feel really good about the progress in the smokable segment and the progress going forward with that as well. So that's the smokable segment.

我們也將完成去年開始對萬寶路黑色進行的投資，這確實是吸引面臨經濟困難且對價格更加敏感的消費者的重要工具。因此，我們對可吸煙領域的進展以及未來的進展感到非常滿意。這就是可吸煙的部分。

As far as the back half of the year, I think I've talked to you about and talked about the individual items that were that will be tailwinds to our EPS growth in the back half of the year. But we don't manage the business quarter-to-quarter. We are managing it for the long term. and we're really pleased with the financial progress.

就今年下半年而言，我想我已經與您討論過那些將推動我們下半年每股收益成長的個別項目。但我們不會按季度管理業務。我們正在對其進行長期管理。我們對財務進展感到非常滿意。

But volumes are down and that will drive controllable costs up on a per pack basis. And part of margin growth is both pricing and effective cost management. There are a couple of items that we've mentioned. So we have a base inflation rate for MSA of at least 3%.

但銷量下降，這將導致每包的可控成本上升。利潤成長的一部分在於定價和有效的成本管理。我們提到了一些項目。因此，我們的 MSA 的基本通膨率至少為 3%。

And then, I talked about this last quarter and it disproportionately hit the first quarter but industry profits from a leading competitor are lower than expected. So that is driving some of our MSA costs. But again, our folks do a great job of using technology thinking about better ways of continuing to execute our strategy. And then having flexibility where we could manage cost between smokable and then use that infrastructure in our newer products. I think you've seen the strong results in our innovative smoke-free products.

然後，我談到了上個季度的情況，它對第一季的影響不成比例，但領先競爭對手的行業利潤低於預期。因此，這增加了我們的一些 MSA 成本。但我們的員工在利用技術思考繼續執行我們的策略的更好方法方面做得非常出色。然後具有靈活性，我們可以管理吸煙之間的成本，然後在我們的新產品中使用該基礎設施。我想您已經看到了我們創新的無菸產品的強勁成果。

All right. Thank you for that. I'll pass it on.

好的。謝謝你。我會把它傳遞下去。

Matt Smith, Stifel.

馬特史密斯，史蒂菲爾。

Hi, good morning and thank you for taking the question. I want to tie together a few comments from the prepared remarks. The impact of cross-category movement on the cigarette industry, decline rate is now higher. That's -- you talked about that being largely driven by the growth in illicit vapor products. So as enforcement steps up, albeit with a limited impact of the broader market today, can you talk about how adult consumers are reacting in terms of switching to compliant products in vapor or the impact to the cross-category headwind where you are seeing some progress on those enforcement efforts?

你好，早安，感謝你提出問題。我想把準備好的發言中的一些評論結合起來。跨品類流動對捲菸產業的影響，目前下降幅度較高。您談到這主要是由非法蒸氣產品的成長所推動的。因此，隨著執法力度的加大，儘管對當今更廣泛市場的影響有限，您能否談談成年消費者在轉向合規蒸汽產品方面的反應，或者您看到一些進展對跨類別逆風的影響關於這些執法工作？

Yes. And that is the key point that you point out, Matt. I think when you think about it, when we talk about continued momentum building, that momentum is really around awareness. And I think we have their attention. We need to translate that momentum and awareness to momentum in action. And so yes, there are some limited actions that have been taking place but they need to step up significantly. What you saw in that increase in category movement to illicit vape is the prevalence of the illicit vape in the marketplace.

是的。這就是你指出的關鍵點，馬特。我認為當你思考這個問題時，當我們談論持續的動力建設時，這種動力實際上是圍繞著意識展開的。我認為我們引起了他們的注意。我們需要將這種勢頭和意識轉化為行動的動力。因此，是的，已經採取了一些有限的行動，但需要大力加強。您在非法電子煙類別運動的增加中看到的是非法電子煙在市場上的盛行。

Just to give you an example, you heard, a store mentioned at the hearing on Capitol Hill with the FDA and DOJ, we sent a representative in this week and those illicit vapes are still available and they were able to purchase it. So, then we send them to stores around the FDA headquarters and within the shadow of the FDA headquarters, we found at least five stores where illicit vapes are prevalent and readily available. So it's one thing to drive momentum and awareness, we need momentum in action.

舉個例子，你聽說，國會山莊聽證會上 FDA 和 DOJ 提到的一家商店，我們本週派了一名代表，那些非法電子煙仍然存在，他們能夠購買。所以，然後我們把它們送到 FDA 總部周圍的商店，在 FDA 總部的陰影範圍內，我們發現至少有五家商店非法電子煙很流行並且很容易買到。因此，推動動力和意識是一回事，我們需要採取行動的動力。

And maybe just as a follow-up, specifically in Louisiana which I believe is a state where you have a longer period of time where there's been enforcement, have -- did you see adult tobacco users stay within their existing categories, meaning e-vapor? Or did you see consumer shift between categories as enforcement stepped up?

也許只是作為後續行動，特別是在路易斯安那州，我認為該州有較長一段時間的執法，你是否看到成年菸草使用者停留在現有的類別中，即電子煙？或者，隨著執法力度的加強，您是否看到消費者在不同類別之間發生轉變？

Yes. We've seen some enforcement there. Remember, they started enforcing right away in Louisiana and then there was a TRO, a restraining order that put it on hold. What we did see as far as early trends. And again, I'll call them early because we need to see continued enforcement is that in the multi-outlet convenience channel, we did see authorized products go up as far as that, the illicit products went virtually to zero and that we did see a slight difference in cigarette volume declines.

是的。我們在那裡看到了一些執法行動。請記住，他們立即在路易斯安那州開始執行，然後出現了 TRO（一項限制令），將其擱置。就早期趨勢而言，我們確實看到了這一點。再說一次，我會儘早給他們打電話，因為我們需要看到持續的執法，在多出口便利管道中，我們確實看到授權產品的價格上漲到了這個水平，非法產品幾乎為零，我們確實看到捲菸量下降略有差異。

But what we see is because of the lack of enforcement across the US is that once entrench those supply chains and you heard in the remarks, we're seeing that now that the supply chains have been established, the bad actors are putting more products through that same supply chain. So we need a concerted effort across the US but those were the early trends we saw in Louisiana.

但我們看到的是，由於美國各地缺乏執法，一旦鞏固了這些供應鏈，你在言論中聽到了，我們看到現在供應鏈已經建立，不良行為者正在將更多的產品投入使用。供應鏈。因此，我們需要全美範圍內的共同努力，但這些是我們在路易斯安那州看到的早期趨勢。

Callum Elliott, Bernstein.

卡勒姆·艾利奧特，伯恩斯坦。

Maybe I can start by building on Matt's question. Just wondering if you could give us an idea, I think you had mentioned in the prepared remarks, 11 states have passed measures but only four have actually sort of enforced those measures or enacted the measures so far. Of the seven where we're still waiting for enactment in the back half of this year in 2025, what proportion of US cigarette volumes roughly below 7 states represent, Billy?

也許我可以從馬特的問題開始。只是想知道你是否能給我們一個想法，我想你在準備好的發言中提到過，11 個州已經通過了措施，但迄今為止只有4 個州實際上執行了這些措施或頒布了這些措施。比利，我們仍在等待今年下半年（即 2025 年）頒布的七個州中，大約低於 7 個州的美國捲菸銷售佔了多少比例？

Yes, I don't have that number off the top of my head, Callum. I'll make sure IR follows up as far as percent of cigarette volume and e-vapor volume. The point you highlight is that I think they're trying to be disciplined and think about a total enforcement approach in these states and that's why we see a bit of delay in the implementation of it.

是的，我腦子裡沒有這個數字，卡勒姆。我將確保紅外線追蹤香菸量和電子蒸氣量的百分比。你強調的一點是，我認為他們正在努力遵守紀律，並考慮在這些州採取全面的執法方法，這就是為什麼我們看到它的實施有些延遲。

But I think it's an important step. Once they get the enforcement in place and really hold manufacturers accountable to it, we think they can have an impact. We would like to see this happen across the US and at the federal level.

但我認為這是重要的一步。一旦他們執行到位並真正讓製造商承擔責任，我們認為他們可以產生影響。我們希望看到這種情況在美國和聯邦層級發生。

And maybe this segues nicely there then. Obviously, we've got a US election later this year and whatever happens, we're going to have a new President now. So my question is, are there legislative measures that could help with this problem and that we could maybe expect to see accelerate after the election? Or do you think this has does remain in the hands of the FDA?

也許這會很好地延續下去。顯然，今年稍後我們將舉行美國大選，無論發生什麼，我們現在都會有一位新總統。所以我的問題是，是否有立法措施可以幫助解決這個問題，我們可以期望在選舉後看到加速？或者您認為這仍然掌握在 FDA 手中嗎？

Yes. I think to your point, regardless of the outcome of the election, we'll certainly have a new administration. We really engage on both sides of the aisle and intend to work with either administration that comes in place. I think the focus will be that the right approach is harm reduction. But to have a fruitful harm reduction, you need both authorizations for legitimate smoke-free products and enforcement for illicit products. And that prohibition is not the proper framework.

是的。我認為就你的觀點而言，無論選舉結果如何，我們肯定都會有一個新政府。我們確實與兩黨都進行了接觸，並打算與任何一個就任的政府合作。我認為重點是正確的方法是減少傷害。但要有效減少危害，您需要合法無菸產品的授權和非法產品的執法。該禁令並不是適當的框架。

And so they really need to focus on restoring. We think the FDA has all the tools necessary and partnering with the other federal agencies, they just need to take action. But certainly, we will never turn down a legislative approach and we'll continue to propose approaches that we think could be effective but we think the tools are there already.

所以他們確實需要專注於恢復。我們認為 FDA 擁有所有必要的工具，並與其他聯邦機構合作，他們只需要採取行動。但當然，我們永遠不會拒絕立法方法，我們將繼續提出我們認為可能有效的方法，但我們認為工具已經存在。

And maybe final one, shifting gears a little bit. incredibly encouraging NJOY device share that you shared in the slides up at 25%, so a very big sequential step-up. You spoke in your remarks, Billy, about how you think that could maybe be a leading indicator of consumable share? I guess my question is, can you talk about any recent data that you have on the conversion? Like what do the rates of conversion look like for NJOY Ace? And what proportion of people trialing the product actually (technical difficulty) in you experience?

也許是最後一個，稍微改一下。您在幻燈片中分享的 NJOY 設備份額令人難以置信地增長了 25%，這是一個非常大的連續提升。比利，您在演講中談到您認為這可能是消費品份額的領先指標？我想我的問題是，您能談談您最近獲得的有關轉換的數據嗎？ NJOY Ace 的轉換率是多少？在您的經驗中，實際試用該產品（技術難度）的人所佔比例是多少？

Yes. It's early on yet, Callum, as we've repositioned to NJOY at retail given a greater visibility and really have both equity a new equity campaign highlighting the benefits of NJOY over other products and the advantages the consumer can have. I understand your question and we'll be sure to share those when we feel like we have enough data on hand to be able to project those.

是的。卡勒姆，現在還為時過早，因為我們已經在零售領域重新定位了NJOY，因為它具有更大的知名度，並且確實擁有新的股權活動，強調NJOY 相對於其他產品的優勢以及消費者可以擁有的優勢。我理解你的問題，當我們覺得手邊有足夠的數據能夠預測這些問題時，我們一定會分享這些問題。

Thanks.

謝謝。

Faham Baig, UBS

法漢姆·拜格，瑞銀

Good morning, gents. A couple from me as well. Firstly, I wanted to get your thoughts on the ABI stake and the credit rating given Fitch Ratings recent comments. I guess there are two questions within this. Firstly, how important is the current investment-grade credit rating to you? And secondly, could this mean a further stake sell is unlikely in the net?

早安，先生們。我也有一對。首先，我想了解您對 ABI 股份和惠譽評級最近評論的信用評級的看法。我想這裡面有兩個問題。首先，目前的投資等級信用評級對您來說有多重要？其次，這是否意味著網路上不太可能進一步出售股份？

And then the second question given it is proving quite a challenge to control these new alternative nicotine products and as you suggested, prohibition isn't valid. It shouldn't be valid. A large part of this expansion of illicit products has probably been due to the rapid evolution of these categories.

然後，第二個問題證明，控制這些新的替代尼古丁產品是一個相當大的挑戰，正如您所建議的，禁令是無效的。它不應該是有效的。非法產品的擴張很大程度上可能是由於這些類別的快速發展。

And there are many factors that clearly weren't considered at the time these regulations were formed. For example, synthetic nicotine, non-nicotine products, WS-3, etcetera which has probably created an equal playing field. I wanted to get your view on what options do you believe authorities have to evolve regulation? And do you believe it is feasible to reset the deeming regulation date to permit new products as the industry seeks greater adoption of smoke-free products?

這些法規制定時顯然沒有考慮到許多因素。例如，合成尼古丁、非尼古丁產品、WS-3等可能創造了一個平等的競爭環境。我想聽聽您的看法，您認為當局必須採取哪些選擇來制定監管？您認為隨著業界尋求更多採用無菸產品，重新設定認定監管日期以允許新產品上市是否可行？

Let me start with your question on the credit rating in ABI and then I'll turn it over to Billy. So first, look, we believe it's in the best interest of our shareholders to manage a strong balance sheet and investment-grade credit rating is important because from time to time, we do enter the commercial paper market as our cash outflows vary over the course of the year, you pay MSA in April and things like that.

讓我先回答你關於 ABI 信用評級的問題，然後我將其轉交給比利。因此，首先，我們相信管理強大的資產負債表符合股東的最佳利益，投資等級信用評級也很重要，因為我們不時會進入商業票據市場，因為我們的現金流出在整個過程中會有所不同一年中，你在四月支付MSA 之類的。

But if you look at our history, in our allocation of resources and capital, we've taken a very balanced approach. We have really strong cash-generative operating companies. After paying the dividend to our shareholders, we generally have over $1 billion in excess cash and we're able to deploy that in a number of ways.

但如果你看看我們的歷史，在我們的資源和資本分配方面，我們採取了非常平衡的方法。我們擁有非常強大的現金生成營運公司。向股東支付股息後，我們通常擁有超過 10 億美元的多餘現金，我們可以透過多種方式進行部署。

In the past, we've deployed it through share repurchase, we have managed our maturity towers. We've paid off debt that is coming due. So -- and we were able to provide in our corporate goals some -- a little bit of transparency related to our leverage goal of 2:1. So obviously, managing the strength of our balance sheet remains strong. As far as the ABI asset, there's really no change to how we view that asset. It's a financial asset. We think about it through the lens of Altria's shareholder and long-term shareholder value. So really no change to that at all.

過去，我們透過股票回購來部署它，我們管理我們的成熟度塔。我們已經還清了即將到期的債務。因此，我們能夠在我們的企業目標中提供一些與我們 2:1 槓桿目標相關的透明度。顯然，管理我們資產負債表的實力仍然強勁。就 ABI 資產而言，我們對該資產的看法實際上並沒有改變。這是一種金融資產。我們從奧馳亞股東和長期股東價值的角度來思考這個問題。所以其實根本沒有改變。

Yes. And following up on your question about potential enforcement actions, we do believe they can bring the market back to order. Some of the things that we've mentioned to the FDA and letters to them, just to give you a flavor of what we think they can do. The FDA really hasn't taken any action again, either in the form of litigation or civil monetary penalties against the largest illicit vapor manufacturers or the US-based distributors.

是的。跟進你關於潛在執法行動的問題，我們確實相信它們可以使市場恢復秩序。我們向 FDA 提到的一些事情以及給他們的信，只是為了讓您了解我們認為他們可以做的事情。 FDA 實際上沒有再次對最大的非法蒸汽製造商或美國經銷商採取任何行動，無論是訴訟還是民事罰款。

If you think about US-based distributors, the litigation, the distributors have assets that can be seized. If you think about holding these illicit actors either civilly or criminally accountable for the activities they have in the marketplace. They can put all illicit products on a list that custom should prevent from entering the borders, impose the civil monetary penalties that they have at the maximum levels, not just warning letters.

如果你考慮一下美國的經銷商，在訴訟中，經銷商擁有可以扣押的資產。如果您考慮讓這些非法行為者對他們在市場上的活動承擔民事或刑事責任。他們可以將所有非法產品列入海關應阻止進入邊境的清單，施加最高級別的民事罰款，而不僅僅是警告信。

And like I mentioned earlier to Matt, following up on warning letters, here, there was a store pointed out to them in a congressional hearing and the illicit vapor products are still available there at the store. So there are some simple things and then there are some that require this multi-agency collaboration but we believe could be effective. You mentioned synthetic nicotine.

就像我之前向馬特提到的那樣，在收到警告信後，這裡有一家商店在國會聽證會上向他們指出，並且該商店仍然可以買到非法蒸汽產品。因此，有一些簡單的事情，還有一些需要多機構合作，但我們相信可能會有效。你提到了合成尼古丁。

Just take the prevalence we're starting to see in nicotine pouch. When that statute was passed to give the FDA authorization over synthetic nicotine, it said, any product that did not receive authorization and they gave a dead line, that wasn't authorized, that wasn't authorized was not longer legally -- should be legally available on the market. But we're seeing -- I mentioned 350 SKUs and more each month. It's just a matter of enforcement and holding people accountable to the regulation.

以我們開始在尼古丁袋中看到的流行程度為例。當該法規獲得通過，給予 FDA 對合成尼古丁的授權時，它說，任何未獲得授權的產品，他們給出了最後期限，未經授權，未經授權的產品不再合法 - 應該是可以合法地在市場上買到。但我們看到 - 我提到每月有 350 個 SKU 甚至更多。這只是執行和讓人們對法規負責的問題。

Gaurav Jain, Barclays

高拉夫‧賈恩 (Gaurav Jain)，巴克萊銀行

Three questions from me. So the first is on the industry volume declines which remain weak but they are weak at a constant level. Well, we are seeing other parts of consumer weaken sequentially. So is it fair to say that you are maybe seeing some green shoots and your key competitor was highlighting that they are beginning to see industry volume trends improve. Is that something you are seeing?

我的三個問題。首先是行業銷售下降，雖然仍然疲軟，但處於穩定水平。嗯，我們看到消費者的其他部分相繼走弱。因此，可以公平地說，您可能看到了一些萌芽，而您的主要競爭對手則強調他們開始看到行業銷售趨勢的改善。這是你所看到的嗎？

I think you could highlight some green shoots. I think when you think about it, is certainly we've seen, like, let's just use inflation as one. We've seen inflation lessening but it's not a matter of a quarter-to-quarter inflation, it's really a matter of the cumulative inflation that takes place. And so the green shoots from a standpoint is you need some time of a steady marketplace for the consumer to adapt to their new conditions.

我認為你可以強調一些新芽。我想，當你思考這個問題時，我們肯定已經看到了，例如，讓我們將通貨膨脹作為一個因素。我們已經看到通貨膨脹減輕，但這不是季度間通貨膨脹的問題，而是實際發生的累積通貨膨脹的問題。因此，從一個角度來看，新芽是你需要一些穩定的市場時間，讓消費者適應他們的新條件。

And we try to highlight that for a couple of quarters. So we're seeing some green shoots. You highlighted the kind of a more steady decline. But then we highlighted just the opposite with illicit vape, where we're seeing increased consumers moving over because of the plethora of those products in the marketplace and being readily available. So yes, there are some green shoots that we're seeing in the economics.

我們試圖在幾個季度中強調這一點。所以我們看到了一些萌芽。您強調了這種更穩定的下降。但隨後我們強調了與非法電子煙恰恰相反的情況，我們看到越來越多的消費者因為市場上這些產品過多且容易取得而轉向非法電子煙。所以，是的，我們在經濟學中看到了一些萌芽。

Sure. My second question is on this MSA legal bill which the industry pays $500 million max cap which will, I guess, run out by the end of this year. So can you just help us think about the benefit to you in Q4 this year and then further in 2025?

當然。我的第二個問題是關於 MSA 法律法案，該行業支付的最高上限為 5 億美元，我猜上限將在今年年底用完。那麼您能否幫助我們考慮今年第四季以及 2025 年對您的好處？

Yes, sure. You are correct. The total legal fund is about $500 million. We pay our fair share of that based on shipments and you'll get a 1/4 of that this year in the remaining three quarters in 2025.

是的，當然。你是對的。法律資金總額約5億美元。我們根據出貨量支付公平份額，到 2025 年剩下的三個季度，您今年將獲得 1/4。

And my last question is on leaf costs. So your key competitor was highlighting that leaf cost inflation which was almost low double digit in 1H is going to be lower in 2H and then unwind completely in FY '25. So is that something you are also seeing? And will that also be a benefit as we look ahead over the next 13 months?

我的最後一個問題是關於葉子成本。因此，您的主要競爭對手強調，上半年的菸葉成本通膨幾乎是兩位數的低位，下半年將更低，然後在 25 財年完全放鬆。那麼這也是你所看到的嗎？當我們展望未來 13 個月時，這也會帶來好處嗎？

Yes. Well, look, we engage with domestic growers, primarily they're fantastic business partners. They work really hard to provide us with high-quality leaf. You are seeing some inflation in the lead cost, their labor costs are up, fuel costs were up, obviously. We're blending multiple years of leaf in our product and as some of those economic factors move, it could influence our leaf cost.

是的。好吧，看，我們與國內種植者合作，主要是他們是很棒的商業夥伴。他們非常努力地為我們提供高品質的葉子。你會看到鉛成本上漲，勞動成本上升，燃料成本明顯上升。我們在我們的產品中混合了多年的葉子，隨著其中一些經濟因素的變化，它可能會影響我們的葉子成本。

We're very fortunate in our businesses is that our cost of goods are fairly low for our products. We have high margins in the cigarette category as an example, it's really MSA, FET, fees like that, that are the primary cost drivers in the cigarette business. But we have a terrific department that engages with our growers and they do a fantastic job of getting high-quality lead at a competitive price and they'll continue to do that work.

我們的業務非常幸運，因為我們產品的商品成本相當低。以捲菸類別為例，我們的利潤率很高，實際上 MSA、FET 等費用是捲菸業務的主要成本驅動因素。但我們有一個很棒的部門與我們的種植者合作，他們在以有競爭力的價格獲得高品質鉛方面做得非常出色，他們將繼續做這項工作。

Thank you so much.

太感謝了。

Owen Bennett, Jefferies.

歐文貝內特，傑弗里斯。

A couple of questions from me. And the first one, relates to industry wholesale shipments. So there appears to be a sizable inventory headwind in the first half such that we've got cigarette industry shipments down close to 12% versus the adjusted decline of around 9%. There also seems to be a similar dynamic at play in traditional smokeless. So my question is, as we continue to see the shift over the new RRPs and more shelf space allocated to these products, do we expect this inventory dynamic to be an ongoing trend? So where shipment trends are worse than in market trends? Or do you think this will start to unwind at some point?

我有幾個問題。第一個與行業批發運輸有關。因此，上半年似乎存在相當大的庫存逆風，導致捲菸產業出貨量下降近 12%，而調整後的下降幅度約為 9%。傳統的無菸菸草似乎也存在類似的動態。所以我的問題是，隨著我們繼續看到新建議零售價的變化以及分配給這些產品的更多貨架空間，我們是否預計這種庫存動態將成為持續趨勢？那麼哪些出貨趨勢比市場趨勢更糟呢？或者你認為這種情況會在某個時候開始緩解嗎？

Yes. Thanks for the question, Owen. I think you highlight inventories and when you think about inventories, I would just encourage you to look at them a bit more longer term in the quarter. Certainly, from a standpoint of overall inventories, they tend to balance through time.

是的。謝謝你的提問，歐文。我認為你強調庫存，當你考慮庫存時，我只是鼓勵你在本季度更長期地關注它們。當然，從整體庫存的角度來看，它們往往會隨著時間的推移而保持平衡。

But as we see volume declines, certainly, through time, you would expect some decrease in inventories commensurate with the decrease in volume but that's more of a kind of a trend to trend basis, they're very similar. I think also I would highlight -- you highlighted wholesale inventory included in there is some retail inventory I do think, as we've seen the plethora of illicit vapes as we see some capital allocated by retailers into the illicit vape category.

但當我們看到成交量下降時，當然，隨著時間的推移，您會預期庫存會隨著成交量的下降而相應減少，但這更多的是一種趨勢與趨勢的基礎，它們非常相似。我想我還要強調——你強調了批發庫存，我確實認為有一些零售庫存，因為我們看到了過多的非法電子煙，因為我們看到零售商將一些資本分配到非法電子煙類別中。

And then just my second question is on RRP internationally. Well, two questions here. Do you have market share estimates for on! in Sweden and in the UK? And then the second question is, any plans for NJOY or even SWIC internationally at any point over the next 12 months? As this could clearly be a way to offset some of the US pressures. So at least on the top line is obviously that the additional spend involved with this.

我的第二個問題是關於國際建議零售價的。嗯，這裡有兩個問題。您對 on! 的市佔率有預估嗎？在瑞典和英國？第二個問題是，未來 12 個月內，NJOY 甚至 SWIC 在國際上有什麼計劃嗎？因為這顯然可以成為抵銷美國部分壓力的一種方式。因此，至少在最重要的方面，顯然是與此相關的額外支出。

Yes. As far as on! in Sweden and the UK, we haven't disclosed market share. We're still in the early stages of that. We tried to highlight some of the repeat purchases and some of the increased distribution. So we'll get a little traction there and then we'll be able to share those. I think as far as NJOY, you see the activity in the US with illicit vape.

是的。就這樣吧！在瑞典和英國，我們還沒有透露市場份額。我們仍處於早期階段。我們試圖強調一些重複購買和一些增加的分銷。因此，我們會在那裡獲得一些關注，然後我們就能夠分享這些內容。我認為就 NJOY 而言，您會看到美國的非法電子煙活動。

I think as you look at least in the European community, it's a very similar type of situation taking place with a plethora of illicit vapes there as well. Some countries are looking to try to garner and take control of that illicit vape market. So we'll see how that plays out. Our focus for NJOY right now is we feel like there's a huge opportunity here in the US and that's where our focus is.

我認為，至少在歐洲社會，情況非常相似，那裡也存在大量非法電子煙。一些國家正在尋求奪取並控制非法電子煙市場。所以我們將看看結果如何。我們現在對 NJOY 的關注點是我們覺得美國有巨大的機會，這就是我們的焦點。

And then as far as SWIC, we mentioned some learning that we would have as we approach year-end. And so we'll share more about that as we get closer.

然後就 SWIC 而言，我們提到了臨近年底時我們將學到的一些知識。因此，當我們接近時，我們將分享更多相關資訊。

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

目前似乎沒有其他問題了。我想將電話轉回麥克·利文斯頓，請其發表結束語。

Thanks everyone for joining us. Have a great day. Talk to you soon. Bye.

感謝大家加入我們。祝你有美好的一天。以後再聊。再見。

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。