奧馳亞 (MO) 2024 Q3 法說會逐字稿

Good day, everyone, and welcome to the Altria Group 2024 third-quarter earnings conference call.

大家好，歡迎參加奧馳亞集團 2024 年第三季財報電話會議。

Today's call is scheduled to last about one hour, including remarks by Altria's management and question-and-answer session. (Operator Instructions)

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問答環節。 （操作員說明）

I would now like to turn the call over to Mac Livingston, Vice President of Investor Relations for Altria Client Services. 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。繼續吧，先生。

Thanks, Ashley. Good morning, and thank you for joining us. This morning, Billy Gifford, Altria's CEO; and Sal Mancuso, our CFO, will discuss Altria's third-quarter and first nine months 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，阿什利。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) 將討論奧馳亞第三季和前九個月的業務表現。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. This 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。此次電話會議將包含報告和調整後的各種營運結果。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 delivered outstanding results in the third quarter. The smokeable products segment delivered solid operating company's income growth behind the resilience of Marlboro. And in the oral tobacco products segment, our MST brands continue to drive profitability while on! maintained momentum in the marketplace.

謝謝，麥克。早安，感謝您加入我們。奧馳亞在第三季取得了出色的業績。在萬寶路的韌性背後，可吸菸產品部門為公司帶來了穩健的營運收入成長。在口腔菸草產品領域，我們的 MST 品牌持續推動獲利能力！保持市場勢頭。

We also continue to reward shareholders through a growing dividend and share repurchases while making investments in pursuit of our vision. My remarks this morning will begin by highlighting the significant progress made to reduce underage tobacco use. Then I'll discuss the continued momentum our smoke-free products are making in the marketplace and a new initiative designed to modernize their processes, which we believe will accelerate progress for our vision. I'll then turn it over to Sal, who will provide further details on our financial and business results.

我們也繼續透過增加股利和股票回購來回報股東，同時進行投資以實現我們的願景。我今天早上的演講首先將強調在減少未成年人吸煙方面取得的重大進展。然後我將討論我們的無菸產品在市場上的持續發展勢頭，以及旨在實現流程現代化的新舉措，我們相信這將加速我們願景的進展。然後我會將其轉交給薩爾，他將提供有關我們的財務和業務成果的更多詳細資訊。

Recently, the FDA and CDC released their full report on tobacco product use among middle and high school students based on the 2024 National Youth Tobacco Survey, and the results are encouraging. Rates for legal tobacco products continue to decline and all five of the US Department of Health and Human Services' Healthy People 2030 goals to reduce adolescent use of tobacco and nicotine products have been met or exceeded. This is tremendous progress for public health that we should all celebrate, and it shows that with the work of many stakeholders, we can keep tobacco and nicotine products from becoming an on-ramp for youth while still making available FDA-authorized smoke-free products as an off-ramp from cigarettes for adult smokers.

近日，FDA和CDC根據2024年全國青少年菸草調查發布了中學生菸草製品使用情況的完整報告，結果令人鼓舞。合法菸草產品的價格持續下降，美國衛生與公眾服務部關於減少青少年使用菸草和尼古丁產品的所有五項「健康人民 2030」目標均已實現或超過。這是公共衛生方面的巨大進步，我們都應該慶祝，它表明，透過許多利益相關者的努力，我們可以防止菸草和尼古丁產品成為青少年的入口，同時仍然提供 FDA 授權的無菸產品作為成年吸菸者遠離香煙的出口。

Yet even in the face of meaningful progress on overall underage rates, the illicit market remains an issue. NYPS data demonstrates that more than 55% of the youth who reported current use of e-cigarettes used a disposable product, the vast majority of which are illicit. As I'll discuss in a bit, strong action is needed to reset the regulatory system in a way that supports the needs of adult smokers with satisfying products and enforces the rules for all while continuing to keep an eye on underage use.

然而，即使在整體未成年人比率方面取得了有意義的進展，非法市場仍然是一個問題。紐約警察局的數據顯示，超過 55% 的報告目前使用電子煙的青少年使用的是一次性產品，其中絕大多數是非法的。正如我稍後將討論的，需要採取強有力的行動來重置監管體系，以滿足成年吸煙者的需求，提供令人滿意的產品，並為所有人執行規則，同時繼續關注未成年人的吸煙情況。

Let's now turn to the e-vapor category, where we remain excited about NJOY and its potential as a competitive alternative with both smokers and vapors. This year, NJOY has focused on enhancing trial generation, distribution, visibility at retail, and connections with consumers. As a result of these efforts, we've seen encouraging repeat purchase data, growing customer loyalty, and strong share momentum.

現在讓我們轉向電子煙類別，我們仍然對 NJOY 及其作為吸煙者和電子煙的競爭替代品的潛力感到興奮。今年，NJOY 的重點是增強試用產品的生成、分銷、零售可見度以及與消費者的連結。這些努力的結果是，我們看到了令人鼓舞的重複購買數據、不斷增長的客戶忠誠度以及強勁的份額勢頭。

In the third quarter, NJOY pulled back on certain retail promotional offers to better understand consumer retention and underlying demand. The initial retention results were promising. In the retail accounts, where NJOY conducted tests, the promotion drove increased volume by approximately 85% compared to the pre-promotion period, and NJOY retained more than half of that volume growth following the promotional period.

第三季度，NJOY 取消了某些零售促銷優惠，以便更好地了解消費者保留率和潛在需求。最初的保留結果是有希望的。在NJOY進行測試的零售帳戶中，與促銷前相比，促銷帶動銷量增長約85%，並且NJOY在促銷期後保留了一半以上的銷量增長。

We believe these results reflect consumer interest in NJOY and their satisfaction after trying the brand, and NJOY plans to continue testing trial-focused investments with a view toward long-term profitability. NJOY's brand equity investments supporting its more to simply NJOY campaign are also yielding positive results. Today, NJOY's Net Promoter Score which measures consumer loyalty and satisfaction is over 20 points higher than in 2023. We believe this improvement is attributable to product satisfaction, improved visibility and positioning at retail and the marketing activations the brand has deployed this year.

我們相信這些結果反映了消費者對 NJOY 的興趣以及他們在嘗試品牌後的滿意度，並且 NJOY 計劃繼續測試以試用為重點的投資，以實現長期盈利。 NJOY 的品牌資產投資支持其更簡單的 NJOY 活動也產生了積極的成果。如今，NJOY 衡量消費者忠誠度和滿意度的淨推薦值比 2023 年高出 20 多分。

Turning to marketplace performance. NJOY consumables shipment line volume grew more than 15% to 10.4 million units in the third quarter. Consumable shipment volume for the first nine months was approximately 34 million units. NJOY device shipment volume for the quarter nearly tripled versus the prior year to 1.1 million units and was 3.9 million units for the first nine months. NJOY's third-quarter retail share of consumables was 6.2 share points, up 2.8 share points versus the year-ago period and 0.8 share points sequentially.

轉向市場表現。第三季NJOY耗材出貨量成長超過15%，達1,040萬件。前九個月的消耗品出貨量約為3,400萬件。本季 NJOY 設備出貨量較上年同期成長近兩倍，達到 110 萬台，前 9 個月為 390 萬台。 NJOY第三季消費品零售市佔率6.2個百分點，較去年同期上升2.8個百分點，較上季上升0.8個百分點。

While NJOY's results are encouraging, in the context of the broader e-vapor category, category growth continues to be driven by the proliferation of illicit disposable products. At the end of the third quarter, we estimate the e-vapor category included approximately 19 million adult vapors, up $2.5 million versus a year ago.

雖然 NJOY 的表現令人鼓舞，但在更廣泛的電子煙類別的背景下，非法一次性產品的擴散繼續推動類別成長。截至第三季末，我們估計電子煙類別包括約 1,900 萬件成人電子煙，比一年前增加了 250 萬美元。

Over the last year, the number of vapors using illicit disposable products grew by approximately 45% to 12.4 million vapors, while pod vapors declined by more than 20% to $2.7 million. While we believe the growth in e-vapor is a proof of concept for tobacco harm reduction, there are too few FDA-authorized products in the market, and FDA enforcement is inadequate. For our part, we continue actively engaging with regulators, federal and state lawmakers, our trade partners and other stakeholders to encourage action on these issues.

去年，使用非法一次性產品的電子煙數量增加了約 45%，達到 1,240 萬個電子煙，而 Pod 電子煙數量下降了 20% 以上，達到 270 萬美元。雖然我們相信電子煙的成長是減少菸草危害的概念證明，但市場上經 FDA 授權的產品太少，而且 FDA 的執法力道也不夠。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，鼓勵就這些問題採取行動。

At the federal level, we've seen some recent positive activity. This summer, the FDA, jointly with US Customs and Border Protection, sees more than 50,000 unauthorized vapor products from China at the Chicago port of entry. In August, the FDA issued a proposed rule requiring all imported vapor products to include a PMTA submission tracking number. Closing this loophole is something for which we have long advocated.

在聯邦層面，我們最近看到了一些積極的活動。今年夏天，FDA 與美國海關和邊境保護局聯合在芝加哥入境口岸發現了超過 50,000 種來自中國的未經授權的電子煙產品。 8 月，FDA 發布了一項擬議規則，要求所有進口蒸氣產品包含 PMTA 提交追蹤編號。堵住這個漏洞是我們長期以來所提倡的。

We provided our comments in support of this rule and encouraged additional actions, such as extending it to cover nicotine pouch products. And last week, the federal task force announced a joint seizure of unauthorized e-vapor products valued at $76 million. A strong course correction is needed to protect the harm reduction opportunity for the 30 million adult smokers in the US. And moving forward, we hope to see more meaningful enforcement action.

我們提供了支持該規則的意見，並鼓勵採取更多行動，例如將其擴展到尼古丁袋裝產品。上週，聯邦特別工作組宣布聯合扣押價值 7,600 萬美元的未經授權的電子煙產品。需要大力修正方向，以保護美國 3,000 萬成年吸菸者減少危害的機會。展望未來，我們希望看到更有意義的執法行動。

Before moving on, I want to mention our ongoing litigation before the US International Trade Commission. As you know, JUUL has asserted patent infringement claims against NJOY. And NJOY has done the same against JUUL, with both parties seeking import bans. In August, the administrative law judge in JUUL's case against NJOY issued an initial determination, supporting JUUL's allocations and recommending an exclusion order.

在繼續之前，我想提一下我們在美國國際貿易委員會正在進行的訴訟。如您所知，JUUL 已對 NJOY 提出專利侵權索賠。 NJOY 對 JUUL 也採取了同樣的做法，雙方都尋求進口禁令。 8 月，JUUL v. NJOY 案件的行政法法官做出初步裁決，支持 JUUL 的分配並建議發布排除令。

Last week, in response to NJOY's petition, the ITC granted review of the initial determination with respect to aspects of two of the four patents JUUL asserted against NJOY. The ITC is scheduled to issue a final determination in JUUL's case against NJOY by late December. Also last week, the same judge in JUUL's case against NJOY extended the deadline for her initial determination in NJOY's case against JUUL to December 6, 2024. As a result of the extension, the ITC is scheduled to issue a final determination in the case by early April.

上週，為了回應 NJOY 的請願，ITC 批准了對 JUUL 對 NJOY 主張的四項專利中的兩項的初步裁決進行複審。 ITC 計劃在 12 月底前對 JUUL v. NJOY 案做出最終裁決。同樣在上週，JUUL v. NJOY 案的同一法官將 NJOY v. JUUL 案的初步裁決期限延長至 2024 年 12 月 6 日。月初。

As a reminder, NJOY has developed strategies that we believe would allow ACE to remain on the market or limit sales disruption in the event of certain adverse litigation outcomes. We continue to believe in the strength of NJOY's claims, and are vigorously defending against all JUUL's allegations.

謹此提醒，NJOY 已製定策略，我們認為這些策略將使 ACE 能夠留在市場上或在出現某些不利訴訟結果時限制銷售中斷。我們仍然相信 NJOY 的主張有說服力，並積極針對 JUUL 的所有指控進行辯護。

Moving now to the oral tobacco product category. In the third quarter, oral nicotine pouches grew 11.4 share points and now represent nearly 44% of the category. Oral nicotine pouches were the primary contributor to the estimated 7.5% increase in oral tobacco industry volume over the past six months. Helix continued to participate in the category growth as on! reported shipment volume grew by 46% to nearly 42 million cans during the third quarter.

現在轉向口腔菸草產品類別。第三季度，口服尼古丁袋增加了 11.4 個百分點，目前佔該類別的近 44%。口服尼古丁袋是過去六個月口服菸草業銷售估計成長 7.5% 的主要原因。 Helix 持續參與品類成長！據報道，第三季出貨量成長了 46%，達到近 4,200 萬罐。

On!'s strong sales growth has increasingly been driven by repeat purchasers. Repeat purchasers of the brand have increased by 40% to approximately 700,000 consumers versus the prior year and contributed more than 80% of on!'s volume in the third quarter. Helix plans to continue this moment by executing plans that build brand awareness and generate trial and adoption among consumers. On! also continued its momentum at retail, growing its share of the oral tobacco product category to 8.9% in the third quarter, an increase of 2 share points versus the prior year and 0.8 share points sequentially.

On! 的強勁銷售成長越來越多地受到重複購買者的推動。該品牌的重複購買者比去年增加了 40%，達到約 70 萬名消費者，佔第三季 on! 銷量的 80% 以上。 Helix 計劃透過執行建立品牌知名度並在消費者中試用和採用的計劃來延續這一時刻。在！零售業也持續保持成長勢頭，第三季其在口腔菸草產品類別的份額成長至 8.9%，比前一年增加 2 個百分點，比上一季增加 0.8 個百分點。

We believe on!'s ability to grow volume and share demonstrates the strength of its product portfolio and increasing brand equity. Unfortunately, and similar to e-vapor, we've identified more than 1,000 illicit nicotine pouch SKUs at retail and online. Many of these are synthetic nicotine pouch products, which are an emerging issue. According to federal law, it is illegal to sell or distribute a synthetic nicotine product in the United States that has not received a marketed branded order from the FDA by July 2022.

我們相信 on! 增加銷售量和份額的能力證明了其產品組合的實力和不斷增加的品牌資產。不幸的是，與電子煙類似，我們在零售和網路上發現了 1,000 多種非法尼古丁袋裝 SKU。其中許多是合成尼古丁袋裝產品，這是一個新出現的問題。根據聯邦法律，在 2022 年 7 月之前尚未收到 FDA 上市品牌訂單的合成尼古丁產品在美國銷售或分銷是非法的。

To date, the FDA has not authorized any synthetic health products. Despite the clarity of the statute, the FDA's refusal to enforce the law is causing confusion among legitimate manufacturers. And we call on the agency to clarify its enforcement posture on synthetic products.

迄今為止，FDA 尚未批准任何合成保健品。儘管法規很明確，但 FDA 拒絕執行該法律，導致合法製造商感到困惑。我們呼籲該機構澄清其對合成產品的執法態度。

The momentum behind NJOY and on! is exciting. Going forward, we plan to build our smoke-free progress and maintain our focus on the opportunity to advance our vision and enterprise goals. To that end, we're launching a multi-phase optimize and accelerate initiative designed to modernize the way we work and become a faster, more efficient organization. We believe that by doing so, we will accelerate progress toward our vision. We plan to centralize work, streamline and standardize processes, further leverage artificial intelligence and automation, and outsource certain transactional tasks.

NJOY背後的動力以及繼續前進的動力！很令人興奮。展望未來，我們計劃推進無菸進程，並繼續專注於推進我們願景和企業目標的機會。為此，我們正在啟動一項多階段優化和加速計劃，旨在實現我們工作方式的現代化，並成為一個更快、更有效率的組織。我們相信，透過這樣做，我們將加速實現我們的願景。我們計劃集中工作，簡化和標準化流程，進一步利用人工智慧和自動化，並將某些事務任務外包。

By optimizing processes and better using technology and external partners, we expect to free up significant employee time and financial resources A key component of this initiative will be the establishment of an accelerated business solutions organization. This will be a centralized organization responsible for driving efficiency and process improvement across our companies in partnership with external service providers.

透過優化流程並更好地利用技術和外部合作夥伴，我們預計將釋放大量員工時間和財務資源。這將是一個集中組織，負責與外部服務提供者合作，推動我們公司的效率和流程改善。

We expect the initial phases of the initiative will deliver at least $600 million in cumulative cost savings over the next five years, which we plan to reinvest in our businesses in support of our vision and enterprise goals. We estimate total pretax charges for the initial phases of approximately $100 million to $125 million. Although we are still evaluating certain aspects of the initial phases of the initiative, we expect to record the majority of the costs as special items excluded from adjusted EPS by the end of the first half of 2025, with the initial cost being recorded beginning in the fourth quarter of 2024.

我們預計該計劃的初始​​階段將在未來五年內累積節省至少 6 億美元的成本，我們計劃將其再投資於我們的業務，以支持我們的願景和企業目標。我們估計初始階段的總稅前費用約為 1 億至 1.25 億美元。儘管我們仍在評估該計劃初始階段的某些方面，但我們預計到 2025 年上半年末，將大部分成本記錄為不計入調整後每股收益的特殊項目，初始成本從 2025 年開始記錄。 2024 年第四季。

By evolving our ways of working, implementing new technology, and better leveraging external partners, we can drive further progress toward our vision and position ourselves for long-term sustainable growth in this dynamic environment. We continue to believe Altria is uniquely positioned to responsibly lead the transition of adult smokers to a smoke-free future. The tobacco harm reduction opportunity remains in front of us, and we believe we have the right strategies to make it a reality. Those strategies, together with the strength of our smoke-free portfolio and talented employees, give me confidence that we can achieve our vision.

透過改進我們的工作方式、實施新技術以及更好地利用外部合作夥伴，我們可以推動我們的願景進一步取得進展，並為自己在這個充滿活力的環境中實現長期可持續成長做好準備。我們仍然相信奧馳亞擁有獨特的優勢，能夠負責任地引領成年吸菸者過渡到無菸的未來。減少菸草危害的機會仍然擺在我們面前，我們相信我們有正確的策略來實現這一目標。這些策略，加上我們無菸產品組合的優勢和才華橫溢的員工，讓我相信我們能夠實現我們的願景。

I'll now turn it over to Sal to provide additional detail on our business and financial results.

我現在將其轉交給薩爾，以提供有關我們業務和財務業績的更多詳細資訊。

Thanks, Billy. Consistent with our 2024 expectation for second half weighted EPS growth, Altria grew adjusted diluted earnings per share by 7.8% in the third quarter and by 1.6% in the first nine months. We reaffirm our guidance to deliver 2024 full-year adjusted diluted EPS in a range of $5.07 and to $5.15, representing a growth rate of 2.5% to 4% from a base of $4.95 in 2023.

謝謝，比利。與我們對 2024 年下半年加權每股收益成長的預期一致，奧馳亞第三季調整後攤薄每股收益成長 7.8%，前 9 個月成長 1.6%。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 5.07 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%。

Turning to our business results. The smokeable products segment continued to deliver on the strategy of maximizing profitability while appropriately balancing investments in Marlboro with funding the growth of smoke-free products. This segment grew its adjusted operating company's income by 7.1% in the third quarter and by 0.9% for the first nine months. Adjusted OCI margins expanded meaningfully to 63.1% and 61.7% for the third quarter and first nine months, respectively.

轉向我們的業務成果。吸菸產品部門持續實施利潤最大化的策略，同時適當平衡對萬寶路的投資與資助無菸產品的成長。該部門調整後營運公司的營收第三季成長了 7.1%，前九個月成長了 0.9%。第三季和前九個月調整後的 OCI 利潤率分別顯著擴大至 63.1% 和 61.7%。

This performance was supported by strong net price realization of 10.6% for the quarter and 9.7% for the first nine months. Smokeable products segment reported domestic cigarette volumes declined 8.6% in the third quarter and 10.6% for the first nine months. When adjusted for trade inventory movements and calendar differences, domestic cigarette volumes for the third quarter and the first nine months declined by an estimated 11.5% and 11%, respectively.

這一業績得益於本季 10.6% 和前 9 個月 9.7% 的強勁淨價實現。吸菸產品部門報告稱，第三季度國內捲菸銷量下降了 8.6%，前 9 個月下降了 10.6%。在根據貿易庫存變動和日曆差異進行調整後，第三季和前九個月的國內捲菸銷量預計分別下降 11.5% 和 11%。

At the industry level, when adjusted for the same factors, we estimate that adjusted domestic cigarette volumes declined by 9% in the third quarter and the first nine months. During the third quarter, cigarette industry volume declines continue to be elevated, partly due to the growth of illicit flavored disposable e-vapor products and continued discretionary income pressures on consumers. While the rate of inflation has softened in recent months, we believe smokers remain under economic pressure as the cumulative impacts from prolonged inflation persist, and constrain discretionary income.

在產業層面，在相同因素調整後，我們預期第三季和前九個月調整後的國內捲菸銷量下降了9%。第三季度，捲菸產業銷售下降持續加劇，部分原因是非法調味一次性電子煙產品的成長以及消費者持續面臨的可自由支配收入壓力。儘管通膨率近幾個月放緩，但我們認為，由於長期通膨的累積影響持續存在，吸菸者仍面臨經濟壓力，並限制了可自由支配收入。

The latest data shows that wages have not offset rising prices for smokers and consumer debt and credit delinquency rates are rising. At retail, total discount segment share grew by 1.5 share points in the third quarter and by 1.1 share points for the first nine months. Marlboro retail share of the cigarette category declined 0.6p versus the year ago period and 3p sequentially. Within the highly profitable premium segment, Marlboro remains the undisputed leader in the category.

最新數據顯示，薪資並沒有抵銷吸菸者物價上漲的影響，消費者債務和信貸拖欠率正在上升。在零售業，折扣細分市場的總份額在第三季度增長了 1.5 個百分點，在前 9 個月增長了 1.1 個百分點。萬寶路捲菸類別的零售份額較去年同期下降 0.6 便士，環比下降 3 便士。在高利潤的高端市場中，萬寶路仍然是該類別中無可爭議的領導者。

In the third quarter, Marlboro expanded its share of premium to 59.3%, an increase of 0.3 share points year over year, while other competitive brands ceded share. We are encouraged by Marlboro's resilient performance, and believe it is a testament to its positioning within the premium segment as the aspirational brand with strong consumer loyalty. In cigars, reported shipment volume decreased 1.6% in the third quarter, yet outperformed the large [Mastergard] industry, which declined 5.2%. Middleton continued to contribute to smokeable products segment financial results and Black & Mild remain the leader in the highly profitable machine-made large cigar segment.

第三季度，萬寶路的高端市佔率擴大至59.3%，較去年同期成長0.3個百分點，而其他競爭品牌的市佔率則有所下降。我們對萬寶路的彈性表現感到鼓舞，並相信這證明了其在高端市場中作為具有強大消費者忠誠度的理想品牌的定位。雪茄方面，第三季報告的出貨量下降了 1.6%，但表現優於大型 [Mastergard] 產業，後者下降了 5.2%。米德爾頓繼續為可抽吸產品部門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。

Turning to the oral tobacco products segment. Adjusted OCI grew 2% in the third quarter and 2.7% for the first nine months. Third quarter and first nine months adjusted OCI margins remained strong at 66.8% and 67.2%, respectively. Margins contracted by 2.5 percentage points for the third quarter and 1.7 percentage points for the first nine months, primarily due to mix as on! becomes a more significant portion of our oral tobacco products segment.

轉向口腔菸草產品領域。調整後的 OCI 第三季成長 2%，前 9 個月成長 2.7%。第三季和前 9 個月調整後的 OCI 利潤率依然強勁，分別為 66.8% 和 67.2%。第三季的利潤率下降了 2.5 個百分點，前 9 個月的利潤率下降了 1.7 個百分點，這主要是由於混合因素所致！成為我們口腔菸草產品領域更重要的一部分。

Total segment reported shipment volume increased by 1.2% in the third quarter. For the first nine months, reported shipment volume decreased by 1.3%. When adjusted for calendar differences and trade inventory movements, we estimate that third quarter and first nine months oral tobacco products segment volumes declined by approximately 1% and 2.5%, respectively. Oral tobacco products segment retail share declined by 4.2 percentage points in the third quarter as declines in our MST brands were partially offset by continued on! share gains. Overall, we continue to be encouraged by the performance of our oral tobacco products as on! grew volume and share in a competitive category and Copenhagen remain the number one brand in MST.

據報告，第三季總出貨量成長了 1.2%。前 9 個月，報告的出貨量下降了 1.3%。根據日曆差異和貿易庫存變動進行調整後，我們估計第三季和前九個月口腔菸草產品銷量分別下降約 1% 和 2.5%。第三季度，口腔菸草產品細分市場的零售份額下降了 4.2 個百分點，因為我們的 MST 品牌的下降被持續不斷的部分抵消！分享收益。整體而言，我們的口腔菸草產品的表現繼續令我們感到鼓舞！在競爭類別中銷量和份額不斷增長，哥本哈根仍然是 MST 的第一品牌。

Turning to our investment in ABI. We recorded $144 million of adjusted equity earnings for the third quarter, up 0.7% versus the prior year. These earnings include the impact of a lower ownership interest compared to the year ago period due to the partial sale of our ABI investment earlier this year. We continue to view the ABI stake as a financial investment and our goal remains to maximize the long-term value of the investment for our shareholders.

談談我們對 ABI 的投資。第三季調整後股本收益為 1.44 億美元，比去年同期成長 0.7%。這些收益包括由於今年稍早我們部分出售 ABI 投資而導致所有權權益較去年同期下降的影響。我們仍然將 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。

In October, we reached an agreement with the IRS regarding the tax treatment of the ordinary losses related to our former investment in JUUL. Of the approximately $12.8 billion in losses and pursuant to our agreement with the IRS, we have claimed $4 billion of ordinary losses and $4.1 billion of capital losses on our 2023 tax return. $3.2 billion of these capital losses offset capital gains related to the IQOS transaction and the partial sale of our investment in ABI. We have $5.6 billion of capital losses remaining from the JUUL investment, including $900 million that are available to offset capital gains through 2028. For financial statement purposes, none of the tax benefit for the $5.6 billion has been recognized.

10 月，我們與美國國稅局就與我們先前投資 JUUL 相關的普通損失的稅務處理達成協議。在大約 128 億美元的損失中，根據我們與 IRS 的協議，我們在 2023 年納稅申報表中申報了 40 億美元的普通損失和 41 億美元的資本損失。其中 32 億美元的資本損失抵銷了與 IQOS 交易和部分出售 ABI 投資相關的資本利得。 JUUL 投資仍有 56 億美元的資本損失，其中 9 億美元可用於抵銷 2028 年之前的資本利得。

We remain committed to returning significant value to shareholders and maintaining a strong balance sheet. We demonstrated this commitment in the third quarter when we paid approximately $1.7 billion in dividends and raised our dividend by 4.1% in August, marking our 59th increase in the last 55 years. In the third quarter, we repurchased 13.5 million shares for $680 million. At the end of the third quarter, we had $310 million remaining under our current share repurchase program, which we expect to complete by the end of the year. In addition, our balance sheet remains strong. Our total to EBITDA ratio as of September 30 was 2.1 times, in line with our target of approximately 2 times.

我們仍然致力於為股東回報豐厚的價值並保持強勁的資產負債表。我們在第三季兌現了這項承諾，支付了約 17 億美元的股息，並在 8 月將股息提高了 4.1%，這是我們在過去 55 年來的第 59 次增加股息。第三季度，我們以 6.8 億美元回購了 1,350 萬股股票。截至第三季末，我們目前的股票回購計畫還剩 3.1 億美元，我們預計該計畫將在年底前完成。此外，我們的資產負債表仍然強勁。截至 9 月 30 日，我們的總 EBITDA 比率為 2.1 倍，符合我們約 2 倍的目標。

With that, we'll wrap up, and Billy and I will be happy to take your questions. While the close 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。在編制收盤價時，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) Matt Smith, Stifel.

（操作員說明）Matt Smith，Stifel。

If we could start with -- you reiterated the guidance, and that implies a fairly wide range of growth for the fourth quarter. Can you talk about some of the puts and takes we should keep in mind for the fourth quarter? You'll have the benefit of the MSA legal fee expiration, but any other detail that we should keep in mind would be helpful.

如果我們可以首先——您重申了指導意見，這意味著第四季度的成長範圍相當廣泛。您能談談我們在第四季應該牢記的一些看跌期權嗎？您將受益於 MSA 法律費用到期的好處，但我們應該記住的任何其他細節都會有所幫助。

Matt, I think you touched on one of the issues, definitely. It's the the MSA benefit from the expiration of the legal fund. I'll remind you, too, that we have an extra shipping day in the fourth quarter as well. So we were pleased to provide you with the guidance and very comfortable with it.

馬特，我認為你肯定觸及了其中一個問題。這是 MSA 因法定基金到期而獲得的福利。我還要提醒您，我們在第四季也有一個額外的出貨日。因此，我們很高興為您提供指導，並且對此感到非常滿意。

And as my second question, I'd like to ask about the discount category share dynamics. Marlboro had an impressive performance in the premium category, but discount share reaccelerated on a sequential basis. You have a lot of deep consumer insights data. Are you seeing diverging trends between cross-category movement for the premium versus the discount consumer?

作為我的第二個問題，我想問一下折扣類別份額動態。萬寶路在高端類別中表現出色，但折扣份額環比再次加速。您擁有大量深入的消費者洞察數據。您是否發現高端消費者與折扣消費者的跨品類流動之間有不同趨勢？

I think there's a little bit of that happening, Matt. I would point to really is the economic strain that the consumer is under. I think you've seen it. We've been highlighting it. You see it in some of the C-store traffic that the consumer is under economic strain. And so from that standpoint, if they're same with the cigarette category, they feel that economic strain. I would also highlight from a cigarette perspective, not directly to your discount question, is the impact of illicit and the number of consumers that are moving over.

我認為有一點這樣的事情發生了，馬特。我想指出的是消費者確實面臨的經濟壓力。我想你已經看過了。我們一直在強調這一點。從一些便利商店的客流量中可以看出，消費者正面臨經濟壓力。因此，從這個角度來看，如果他們與捲菸類別相同，他們就會感受到經濟壓力。我還想從捲菸的角度強調，而不是直接針對你的折扣問題，是非法的影響和轉移的消費者數量。

Bonnie Herzog, Goldman Sachs.

邦妮·赫爾佐格，高盛。

I actually wanted to circle back on the guidance, and maybe ask a little differently. Despite the stronger-than-expected Q3, you did choose to maintain your guidance and not narrow the range despite really only two months left in the year. So could you maybe help us understand the reasoning behind this? And if in some way, you have limited ability. And then also, your guidance assumes Q4 EPS growth will decelerate sequentially despite another extra shipping day in MSA stuff.

我實際上想回顧一下指南，也許會問一些不同的問題。儘管第三季強於預期，但您確實選擇維持指導，而不是縮小範圍，儘管今年實際上只剩下兩個月了。那麼您能幫助我們理解背後的原因嗎？如果在某種程度上，你的能力有限。此外，您的指導假設第四季度每股收益成長將連續減速，儘管 MSA 的出貨日又增加了一天。

So I guess I assume a key driver of this is due to the unwind of the over shipments in Q3. And so if you could talk about that, if I just do a quick calculation, it looks like the shipment timing in Q3 was a two-point benefit versus maybe a one-point benefit from the extra day. So any color there would be helpful and how we should think about that for Q4.

因此，我想我認為這現象的一個關鍵驅動因素是第三季超額出貨量的減少。因此，如果您能談談這一點，如果我快速計算一下，看起來第三季的發貨時間會帶來兩點好處，而額外一天的好處可能是一點。因此，任何顏色都會有幫助，以及我們應該如何考慮第四季度的情況。

Sure. We're pleased to be able to reaffirm our guidance and certainly in the dynamic market that the tobacco industry is under in the US, with the lack of enforcement things taking place that we're seeing the consumer being swayed by the number of illicit products, both in nicotine pouch and e-vapor that's impacting across all categories. I think when you think about tightening, we feel good about it, Bonnie, and there are always puts and takes quarter to quarter.

當然。我們很高興能夠重申我們的指導，當然在美國菸草業所處的充滿活力的市場中，由於缺乏執法措施，我們看到消費者受到非法產品數量的影響，無論是尼古丁袋裝還是電子煙，都對所有類別產生影響。我認為，當你考慮緊縮政策時，我們對此感覺良好，邦妮，並且每個季度都會有看跌期權和拿走期權。

As far as your question around shipments and inventories, you'll remember, we had an extra shipping day in the third quarter. We have an extra shipping day in the fourth quarter. From an overall inventory standpoint, nothing really to highlight. I think you've seen it. You have fluctuations, but over the long term, it tends to balance out.

至於您關於發貨和庫存的問題，您會記得，我們​​在第三季度有一個額外的發貨日。我們在第四季有一個額外的發貨日。從整體庫存的角度來看，沒有什麼值得強調的。我想你已經看過了。會有波動，但從長遠來看，它往往會平衡。

Okay. Fair. But if I may, Billy, I mean, just based on what you report with your shipments versus the adjusted inventory for the quarter, I mean, there was a little bit of a timing benefit in the quarter. And so maybe that's going to --

好的。公平的。但如果可以的話，比利，我的意思是，僅根據您報告的發貨量與本季度調整後的庫存相比，我的意思是，本季度有一點時間優勢。所以也許這會——

Well, from a comparison standpoint, you certainly have the extra shipping day that occurred in the third quarter. And I would remind you, you're going to have the extra shipping day that occurs in the fourth.

好吧，從比較的角度來看，第三季確實有額外的出貨日。我想提醒您，您將在第四個工作天獲得額外的出貨日。

I can take it offline. I'm just trying to make sure I understand this because your adjusted volume, ex trade inventory, it was down 11.5%, which is like a three-point difference than reported shipments. So again, suggest that there was some timing differences in the quarter that could unwind in Q4.

我可以把它離線。我只是想確保我理解這一點，因為你們調整後的交易量（即貿易庫存）下降了 11.5%，這與報告的發貨量相差了 3 個百分點。再次表明，本季存在一些時間差異可能會在第四季度得到緩解。

To make it comparable, year over year you adjust that shipping day out.

為了使其具有可比性，您每年都會調整出貨日期。

Right. I can take it offline. I didn't think it would be one extra -- not three points. I didn't think based on my math, unless you really over-shipped one extra -- anyway. I do have another question, if I may, on your relative price gap. It certainly continues to widen, and it's now at 47%. And you've implemented four price increases this year. So I guess I'd love to hear at this point, if there's any change in your strategy and sort of how concerned are you about this widening price gap between Marlboro and the lowest competitive cigarette brand in the market.

正確的。我可以把它離線。我不認為這會是額外的一分——不是三分。我沒有根據我的數學來思考，除非你真的多發了一件——無論如何。如果可以的話，我還有一個關於你們的相對價格差距的問題。它肯定會繼續擴大，目前已達到 47%。今年你們已經實施了四次漲價。因此，我想我現在很想聽聽您的策略是否有任何變化，以及您對萬寶路和市場上競爭力最低的捲菸品牌之間不斷擴大的價格差距有多擔心。

And I'm thinking about in the context of everything you called out with the pressures on the consumer and some of the market share gains we've been seeing from deep discount manufacturers as there has been some downtrading pressure. Any color there would be helpful.

我正在考慮您所指出的一切，即消費者面臨的壓力，以及我們從大幅折扣製造商看到的一些市場份額的增長，因為存在一些降價壓力。任何顏色都會有幫助。

Sure. I appreciate the question, Bonnie. I think it's important to remember that price gap that we're showing on the metrics is the national price gap. Remember, as we've implemented RGM, it's allowed us to really look at price gaps in a store. And then you can look at within the portfolio of Marlboro, different price points within Marlboro. And implementing that, we're able to, we believe, more effectively, more efficiently apply the resources to the marketplace.

當然。我很欣賞這個問題，邦妮。我認為重要的是要記住，我們在指標上顯示的價格差距是全國價格差距。請記住，當我們實施 RGM 時，它使我們能夠真正了解商店中的價格差距。然後您可以在萬寶路的產品組合中查看萬寶路的不同價格點。我們相信，透過實施這一點，我們能夠更有效、更有效率地將資源應用於市場。

Our ideal would be to get to a consumer-by-consumer basis. We're not quite there yet. But it allows us to -- from a pricing standpoint, this past pricing, take pricing and then implement what we need to in the marketplace. I would remind you the strategy of the overall combustible category is to maximize profitability over the long term, while making appropriate investments in Marlboro balanced with the growth areas. And so we feel like we are successfully doing that. You highlighted that Marlboro continues to grow in the premium segment, and we'll continue to monitor it as we move forward.

我們的理想是以消費者為基礎。我們還沒有完全做到這一點。但它允許我們——從定價的角度來看，過去的定價，定價，然後在市場上實施我們需要的東西。我想提醒您的是，整個可燃品類的策略是長期獲利最大化，同時對萬寶路進行適當的投資，與成長領域相平衡。所以我們覺得我們正在成功做到這一點。您強調了萬寶路在高端市場的持續成長，我們將在前進過程中繼續監控。

(Operator Instructions) Faham Baig, UBS.

（操作員說明）Faham Baig，UBS。

If it's okay, I might take the liberty of three questions. The first one goes back to your patent infringement lawsuit that JUUL has against NJOY. I know you've shared a bit on this. And then there is a final determination date set for December 23, after which I understand there is a 60-day period before an exclusion order could be granted and NJOY's products have to -- you have to stop importing NJOY's products.

如果可以的話，我可以冒昧問三個問題。第一個可以追溯到 JUUL 對 NJOY 的專利侵權訴訟。我知道你已經分享了一些關於這一點的內容。然後，最終確定日期為 12 月 23 日，據我了解，在此之後有 60 天的時間才能授予排除令，並且 NJOY 的產品必須停止進口 NJOY 的產品。

Previously, you've highlighted a couple of things, right? You've highlighted substantial equivalence applications as well as negotiating with JUUL to come up with a resolution. So can you please give us a bit more information on those SE applications, when you expect to receive approvals, whether you've been able to now work around the four patents at concern as well as where the negotiation trends are. Then I'll come back with my next two.

之前，您已經強調了幾件事，對嗎？您強調了實質等效申請，並與 JUUL 進行談判以提出解決方案。那麼，您能否向我們提供有關這些 SE 申請的更多資訊、您預計何時獲得批准、您現在是否能夠解決相關的四項專利以及談判趨勢。然後我會帶著接下來的兩個回來。

Sure. Yes. You've nailed it as far as timing. We would expect the final determination towards the end of December. You are correct. The President has -- or trade representative, which is officially the President, has up to 60 days. If that lapses, an exclusion order would go into effect, or if the trade representative notifies the ITC of approval before the 60 days. We did file [PMK] exemptions for three out of the four patents. And they were really for simple changes to the exterior of our NJOY product that we believe avoid those patents.

當然。是的。就時間安排而言，你已經確定了。我們預計最終決定將在 12 月底做出。你是對的。總統或貿易代表（正式總統）的任期最長為 60 天。如果該期限失效，或貿易代表在 60 天之前通知 ITC 批准，則排除令將生效。我們確實為四項專利中的三項申請了 [PMK] 豁免。他們實際上是為了對我們的 NJOY 產品的外觀進行簡單的改變，我們認為這可以避免這些專利。

And so we filed those. We've been in conversations with the FDA. They have let us know that they'll be looking at those applications as we progress towards the end of the year. Our teams internally are working for being able to have an avoidance of the fourth patent that was mentioned in the ITC case. And so we're looking at the whole process as part of the contingency because you never know how litigation would turn out and we feel good about that. As far as the negotiations with JUUL and through the mediator, nothing really to report there.

所以我們提交了這些。我們一直在與 FDA 進行對話。他們告訴我們，隨著年底的進展，他們將研究這些申請。我們的團隊內部正在努力避免 ITC 案件中提到的第四項專利。因此，我們將整個過程視為意外事件的一部分，因為你永遠不知道訴訟結果如何，我們對此感到滿意。至於與 JUUL 的談判以及透過調解人進行的談判，沒有什麼好報告的。

Great. And the second question goes back to your pretty impressive EBIT margin performance in the smokeables division, 350 basis points, if I remembered correctly. If I do the math, your controllable costs seem to be down about high single digits, which is pretty impressive given that they were running up double digits in the first half. Again, that's dependent on my math. But could you help clarify? And if the math is right, what's driven that, please?

偉大的。第二個問題回到了您在吸煙產品部門令人印象深刻的息稅前利潤率表現，如果我沒記錯的話，為 350 個基點。如果我算一下，你的可控成本似乎下降了大約高個位數，考慮到上半年成本上升了兩位數，這是相當令人印象深刻的。同樣，這取決於我的數學。但你能幫忙澄清一下嗎？如果數學是正確的，那麼是什麼推動了這一點？

Sure. You are right. Controllable costs for this quarter are down. But if you go back, if you rewind the clock to April when we were talking in the first quarter, controllable costs were up. And at the time, I shared that we expected timing to play a factor in that, and that's what you're really seeing. So as expected, we think that you're seeing a more normalized pattern over the long term. But within a short window, like a quarter timing of cost does impact the controllable costs.

當然。你是對的。本季的可控成本有所下降。但如果你回顧過去，如果你把時鐘倒回四月份，當我們談論第一季時，可控成本就會上升。當時，我表示我們預計時機會在其中發揮作用，這就是您真正看到的。因此，正如預期的那樣，我們認為從長遠來看，您會看到一種更正常化的模式。但在很短的時間內，例如一個季度的成本時間確實會影響可控成本。

Okay. So it's not something we should expect continues?

好的。那我們不應該期待這種情況會繼續下去嗎？

No, I would not look at a quarter in a short window like that and extrapolate it. I would look at it over a longer period of time.

不，我不會在這樣短的時間內觀察四分之一並進行推論。我會用更長的時間來審視它。

Okay. And one final question. I think one of your peers has recently launched a heated tobacco offering, which you'll be very familiar with. Can you maybe remind us what your expectations are for the success of this category over, let's say, the next five years and how it could potentially impact the current cigarette trends please?

好的。最後一個問題。我認為您的一位同行最近推出了一款加熱煙草產品，您會非常熟悉。您能否提醒我們，您對該類別在未來五年內取得成功的期望是什麼，以及它可能如何影響當前的捲菸趨勢？

Yes. If you'll recall all the way back to our Investor Day when we talked about the -- what we saw as the three growing categories, unless something draconian comes out of the FDA, we expected e-vapor to be the largest because it was already in place and entrenched. Next was going to be nicotine pouch, and then heat not burn. It's something that we'll monitor. You'll recall that we have a joint venture with JT for the Ploom device, which we are still excited about. We look to file a combined PMTA MRTP in the first half of 2025. And so from that standpoint, we feel like it's something to monitor. But as far as the size of the categories, we feel like e-vapor will be the largest.

是的。如果你還記得我們的投資者日，當時我們談到了我們所看到的三個不斷增長的類別，除非 FDA 提出嚴厲的要求，否則我們預計電子蒸汽將成為最大的類別，因為它已經就位並根深蒂固。接下來是尼古丁袋，然後加熱而不是燃燒。這是我們將監控的事情。您可能還記得，我們​​與 JT 成立了一家合資企業生產 Ploom 設備，對此我們仍然感到興奮。我們希望在 2025 年上半年提交一份合併的 PMTA MRTP。 因此從這個角度來看，我們覺得這是值得監控的事情。但就類別的規模而言，我們認為電子煙將是最大的。

Callum Elliott, Bernstein.

卡勒姆·艾利奧特，伯恩斯坦。

Firstly, just a quick follow-up maybe on the litigation with JUUL. So you mentioned the [Swic] product that you've submitted the SE application for. You also mentioned how you've tweaked this product to get around three of the four patents in question in the ITC case. My question is how confident are you given that the revised products still sort of infringes on this one patent, that the revised product would not be subject to an import ban from ITC?

首先，快速跟進與 JUUL 的訴訟。您提到了您已提交 SE 申請的 [Swic] 產品。您還提到如何調整該產品以繞過 ITC 案件中涉及的四項專利中的三項。我的問題是，鑑於修訂後的產品仍然侵犯了這項專利，並且修訂後的產品不會受到 ITC 的進口禁令，您有多大信心？

Certainly, anything can happen in litigation. The remaining patent was one of them that the ITC granted review of with our petition. Our teams internally, as any good team will do, is working feverously to avoid that patent as well, and so they're making great progress there. I think when you look underneath this column, if you want to draw a positive out of it, I think it shows that JUUL is worried about success that NJOY's had in the marketplace thus far. And so we'll continue to move forward, but we're certainly pleased that we were able to follow those PMTA exemptions for, like I said earlier, simple changes to the exterior of the product.

當然，訴訟中任何事情都可能發生。剩下的專利是美國國際貿易委員會通過我們的請願書批准審查的專利之一。我們的團隊內部，就像任何優秀團隊都會做的那樣，也在積極努力避免該專利，因此他們在這方面取得了巨大進展。我認為，當您仔細閱讀本專欄時，如果您想從中得出積極的一面，我認為這表明 JUUL 對 NJOY 迄今為止在市場上的成功感到擔憂。因此，我們將繼續前進，但我們當然很高興我們能夠遵循這些 PMTA 豁免，就像我之前所說的那樣，對產品的外觀進行簡單的更改。

Just a quick follow-up on that, Bill. If you make a further change to the product to circumvent this force patent, would that restart the timeline on the SE process or not?

比爾，我只是對此進行快速跟進。如果您對產品進行進一步更改以規避此強制專利，是否會重新啟動 SE 流程的時間表？

Yes. So from a standpoint of the final one, it would be considered a different application. Again, we believe with these kind of simple, if you will, exterior changes that the SE exemption process was really a contingency in the utmost of cost. And to go to the FDA, it really doesn't change how the device function, what goes in and what comes out of the device. And we've provided that data to the FDA.

是的。因此，從最終的角度來看，它將被視為不同的應用程式。再次強調，我們相信，透過這些簡單的（如果你願意的話）外部變化，SE 豁免流程實際上是一種成本最大化的意外事件。去FDA，它確實不會改變設備的功能、設備的輸入和輸出內容。我們已向 FDA 提供了這些數據。

Okay. Perfect. And then my second question is actually on something else that you mentioned, which is your partnership with Japan Tobacco for the Ploom device. Obviously, JT have recently closed an acquisition in the US cigarette space and become a more meaningful competitor there. So is there any change to that partnership following that acquisition is my question.

好的。完美的。我的第二個問題實際上是關於您提到的其他事情，即您與日本菸草公司在 Ploom 設備方面的合作夥伴關係。顯然，日本菸草最近完成了在美國捲菸領域的收購，並成為那裡更有意義的競爭對手。我的問題是，收購之後這種合作關係是否會發生任何變化。

Yes, from the JV, it's progressing along. Remember, we set that up to really run into perpetuity. The teams are working well together on the application process. We're excited to continue progress there, and we really see no impact to the JV we have for the Ploom device.

是的，從合資企業來看，它正在取得進展。請記住，我們將其設定為真正的永久。這些團隊在申請過程中合作得很好。我們很高興能在這方面繼續取得進展，而且我們確實認為 Ploom 設備的合資企業不會受到任何影響。

Okay. Perfect. That's clear. And my final question is on the proposed rule that you mentioned, requiring the imports to have a PMTA tracking number. I'm hoping that you can maybe walk us through your expected timeline to get to the end of this process.

好的。完美的。很清楚。我的最後一個問題是關於您提到的擬議規則，即要求進口商品有 PMTA 追蹤號碼。我希望您可以引導我們完成您的預期時間表，以完成此過程。

Yes. What we told the FDA is we didn't really think it needed to go through the proposed rule process that it was part of their jurisdiction already. So we'll see how they respond to that and how they respond to other comments that they received. And we encourage them to expand it to nicotine pouch as well because we're seeing the same manufacturers that we're putting the listed vapor in the marketplace just expanded their portfolio and are putting a list of pouches in the marketplace.

是的。我們告訴 FDA 的是，我們並不真正認為它需要通過擬議的規則流程，因為它已經是他們管轄範圍的一部分。因此，我們將看看他們如何回應這個問題以及他們如何回應收到的其他評論。我們鼓勵他們將其擴展到尼古丁袋，因為我們看到我們將列出的電子煙投放到市場上的同一製造商剛剛擴大了他們的產品組合，並將一系列尼古丁袋投放到市場上。

But any sort of rough guidelines of when you think it could come into place?

但是您認為什麼時候可以實施任何粗略的指導方針？

I would like to be able to predict timing with the FDA, but we've been unable to do that thus far.

我希望能夠與 FDA 預測時間，但到目前為止我們還無法做到這一點。

(Operator Instructions) And it does appear that we have no further questions at this time. I would now like to turn the call over to back to Mac Livingston for any closing remarks.

（操作員說明）目前看來我們沒有其他問題了。我現在想將電話轉回給麥克利文斯頓，讓其發表結束語。

Thanks to everybody for joining us, and have a great day.

感謝大家加入我們，祝您有美好的一天。

Thank you. And this does conclude today's program. You may disconnect at any time.

謝謝。今天的節目到此結束。您可以隨時斷開連線。