奧馳亞 (MO) 2025 Q1 法說會逐字稿

Good day, and welcome to the Altria Group 2025 first-quarter earnings conference call. Today's call is scheduled to last about 1 hour, including remarks by Altria's management and a question and answer session. (Operator instructions)

大家好，歡迎參加奧馳亞集團 2025 年第一季財報電話會議。今天的電話會議預計持續約 1 小時，包括奧馳亞管理層的演講和問答環節。（操作員指示）

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.

現在我想將電話轉給奧馳亞客戶服務部投資者關係副總裁麥克·利文斯頓 (Mac Livingston)。先生，請繼續。

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

謝謝，大衛。早安，感謝您加入我們。今天上午，奧馳亞執行長比利·吉福德 (Billy Gifford)；我們的財務長 Sal Mancuso 將討論奧馳亞第一季的營運表現。今天早些時候，我們發布了一份新聞稿，介紹了我們的研究結果。新聞稿、簡報、季度指標和我們最新的企業責任報告均可在 altria.com 上查閱。

During our call today, unless otherwise stated, we're comparing results to the same period in 2024. Our remarks contain forward-looking statements, including 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. We report our financial results in accordance with US generally accepted accounting principles.

在今天的電話會議中，除非另有說明，我們都將結果與 2024 年同期進行比較。我們的評論包含前瞻性陳述，包括對未來結果的預測。請查看今天收益報告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董事會決定。我們根據美國公認會計原則報告我們的財務結果。

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 to the most comparable GAAP financial measures 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.

今天的電話會議將包含報告和調整後的各種營運結果。調整後的結果不包括影響與報告結果比較的特殊項目。這些非 GAAP 財務指標的描述以及與最可比較 GAAP 財務指標的對帳均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菸草消費者或特定菸草類別或領域的消費者均指現有 21 歲或以上的成年菸草消費者。

With that, I'll turn the call over to Billy.

說完這些，我就把電話轉給比利。

Thanks, Mac. Good morning, and thank you for joining us. Our highly profitable traditional tobacco businesses performed well in a challenging environment in the first quarter. The smokeable products segment delivered solid adjusted operating company's income growth behind the strength of Marlboro. In the oral tobacco products segment on maintain momentum in a competitive marketplace as Helix invested strategically behind the brand and shareholders continue to benefit from strong cash returns through dividends and share repurchases, while we invested in pursuit of our vision.

謝謝，麥克。早安，感謝您加入我們。我們利潤豐厚的傳統菸草業務在第一季的充滿挑戰的環境中表現良好。在萬寶路的強勁推動下，吸菸產品部門實現了穩健的調整後經營公司收入成長。在口服菸草產品領域，我們在競爭激烈的市場中保持了發展勢頭，因為 Helix 對該品牌進行了戰略投資，股東繼續透過股息和股票回購獲得強勁的現金回報，同時我們投資追求我們的願景。

My remarks this morning will focus on encouraging first quarter results from (inaudible), the state of the e-vapor category and enforcement progress and our path forward with e-vapor. I'll then turn it over to Sal who will provide further detail on our business results.

我今天早上的演講將重點介紹（聽不清楚）第一季度的令人鼓舞的業績、電子蒸汽類別的狀況和執法進展以及我們在電子蒸汽領域的前進道路。然後我將把它交給 Sal，他將提供有關我們業務成果的更多詳細資訊。

Let's begin with ON and the nicotine pouch category. Oral nicotine pouches drove the estimated 10% increase and old tobacco industry volume over the past six months. In the first quarter, oral nicotine pouches grew 8.7 share points and now represent nearly half of the oral tobacco category. Helix delivered strong performance in a very competitive environment this quarter, growing on reported shipment volume to over 39 million cans, representing 18% growth.

讓我們從 ON 和尼古丁袋類別開始。過去六個月，口服尼古丁袋推動了舊菸草行業銷售預計 10% 的成長。第一季度，口服尼古丁袋的市佔率成長了 8.7 個百分點，目前佔口服菸草類別的近一半。本季度，Helix 在競爭激烈的環境中表現強勁，出貨量成長至 3,900 多萬罐，增幅達 18%。

On continuous momentum at retail, expanding its share of the oral tobacco category to 8.8%, an increase of 1.8 share points versus the prior year and one-tenth of a share point sequentially. In addition, one share of the nicotine pouch category was 17.9%, an increase of 0.5 share point versus the prior year. Helix delivered these results while continuing to optimize promotional resources and as owns price at retail increased year-over-year. We believe Helix's ability to grow one's volume and share while its retail price is increasing, demonstrates on strengthening brand equity among loyal consumers.

由於零售業務的持續成長勢頭，其在口含菸草類別中的份額擴大至 8.8%，比上年增長了 1.8 個百分點，比上一季增長了十分之一。此外，尼古丁袋裝煙類別的份額為17.9%，比前一年增加了0.5個百分點。Helix 在持續優化促銷資源、零售價格較去年同期上漲的同時，也取得了這些成就。我們相信，Helix 在零售價格上漲的同時也能擴大銷售量和市場份額，這反映了其在忠實消費者中加強品牌資產的能力。

As a result of responsible brand-building investments, including the new It's On! campaign, consumer impressions of one grew by nearly 5 times versus the prior year exceeding $200 million in the first quarter. And over the past six months, awareness of the own brand among current oral nicotine pouch consumers reached over 60%, an increase of 9 percentage points. This year, Helix plans to maintain this momentum by bringing the its own campaign to more consumers and focusing on equity investments behind the own brand in new and existing channels.

作為負責任的品牌建立投資的結果，包括新的 It's On！活動期間，消費者對某項活動的印像比去年同期成長了近 5 倍，第一季超過了 2 億美元。而在過去半年中，目前口服尼古丁袋消費者對自有品牌的認知度達到了60%以上，成長了9個百分點。今年，Helix 計劃保持這一勢頭，將自己的活動推廣給更多消費者，並專注於在新管道和現有管道對自有品牌進行股權投資。

Let's now turn to the e-vapor category, where the illicit flavored disposable market continues to drive category growth. At the end of the quarter, we estimate the e-vapor category included more than 20 million vapors, up over $2.6 million versus a year ago. During the same period, disposable papers increased by an estimated $4 million to approximately $14 million.

現在讓我們來看看電子蒸汽類別，非法調味一次性市場繼續推動該類別的成長。截至本季末，我們估計電子蒸氣煙類別的銷量超過 2,000 萬支，比去年同期增加了 260 多萬美元。在同一時期，一次性紙張的價值估計增加了 400 萬美元，達到約 1400 萬美元。

We estimate that illicit e-vapor products now represent more than 60% of the category. To address the illicit e-vapor issue, we remain focused on advocating for regulatory reforms to accelerate product authorizations and enhance enforcement against illicit actors.

我們估計，非法電子煙產品目前佔該類別產品的 60% 以上。為了解決非法電子煙問題，我們將繼續致力於倡導監管改革，以加速產品授權並加強對非法行為者的執法力度。

We are actively engaging with members of Congress and key administrative staff to highlight the importance of this issue and urging the new administration and the federal multi-agency task force established last year to take stronger, more coordinated action.

我們正積極與國會議員和主要行政人員接觸，強調這項議題的重要性，並敦促新政府和去年成立的聯邦多機構工作小組採取更強大、更協調的行動。

We're also supporting state legislative remedies, to address illlicity vapor, including state directories. Today, two states have enacted directory legislation this year and another 21 states have legislation pending pending. AGs are also becoming more active. In the first quarter, 10 state AGs announced various actions, including civil lawsuits, targeted investigations and warning letters against illicit e-vapor manufacturers, wholesalers and retailers. In April, Iowa's AG bled a coalition of every Republican state AG and asking the Trump administration to continue combating the flood of illicit e-vapor from China into the US.

我們也支持州立法補救措施，以解決非法蒸汽問題，包括州目錄。如今，今年已有兩個州頒布了目錄立法，另有 21 個州有立法待決。AG 也變得更加活躍。第一季度，10 個州檢察長宣布了各種行動，包括針對非法電子煙製造商、批發商和零售商的民事訴訟、有針對性的調查和警告信。今年 4 月，愛荷華州檢察長向所有共和黨州檢察長聯盟發出警告，要求川普政府繼續打擊從中國流入美國的非法電子煙。

Let's now turn to NJOY. Since we acquired NJOY in 2023, the e-vapor market place has changed significantly to the detriment of legitimate e-vapor manufacturers like NJOY. Unfortunately, in the absence of FDA-authorized flavored choices, many consumers have turned to the illicit market. An NJOY has been further challenged by the ITC's exclusion order and cease and desist orders that took effect on March 31. To comply with the orders, enjoy discontinued the importation of NJOY ACE and ceased shipments to wholesale.

現在讓我們來談談 NJOY。自 2023 年我們收購 NJOY 以來，電子煙市場發生了巨大變化，對 NJOY 等合法電子煙製造商造成了損害。不幸的是，由於缺乏 FDA 授權的口味選擇，許多消費者轉向了非法市場。美國國際貿易委員會於 3 月 31 日生效的排除令和停止令對 NJOY 提出了進一步挑戰。為了遵守訂單，enjoy 已停止進口 NJOY ACE 並停止向批發商出貨。

These orders are yet another step backwards for the e-vapor category. They severely limit FDA-authorized choices for consumers and undermine public health. NJOY intends to appeal the ITC's decision to the US Court of Appeals for the Federal Circuit, and our teams continue to work to finalize a product solution that we believe addresses all four patents.

這些命令對電子煙產業來說又是一次倒退。它們嚴重限制了 FDA 授權的消費者選擇並損害了公眾健康。NJOY 打算就 ITC 的裁決向美國聯邦巡迴上訴法院提出上訴，我們的團隊將繼續努力，最終確定我們認為能夠解決所有四項專利的產品解決方案。

Looking ahead, we believe it is critical to compete in the e-vapor category with products that align with the evolving expectations of today's consumers. We see the exit of NJOY ACE from the market saturated with the listed products as an opportunity to refine and strengthen our e-vapor product portfolio.

展望未來，我們認為，在電子煙領域，採用符合當今消費者不斷變化的期望的產品進行競爭至關重要。我們認為 NJOY ACE 退出飽和上市產品市場是完善和加強我們的電子蒸氣產品組合的機會。

To that end, we are combining the talent and capabilities we gained in the NJOY acquisition with our evolved view on today's vapors to broaden NJOY's pipeline of innovative e-vapor products. We continue to believe in the promise of a fully regulated e-vapor category.

為此，我們將在收購 NJOY 的過程中獲得的人才和能力與我們對當今蒸汽的不斷發展的看法相結合，以拓寬 NJOY 的創新電子蒸汽產品線。我們仍然相信全面監管電子蒸汽類別的前景。

As I have said before, the FDA has all the resources and tools necessary to accomplish that goal by expediting the authorization process and forcefully enforcing its rules. In the meantime, we are positioning ourselves to re-enter a properly regulated market where we can compete on a level playing field and make significant progress to our vision.

正如我之前所說，FDA 擁有實現該目標所需的所有資源和工具，透過加快授權流程和強制執行其規則。同時，我們正在重新進入一個受到適當監管的市場，在那裡我們可以在公平的環境中競爭，並在我們的願景方面取得重大進展。

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

現在我將把時間交給 Sal，讓他提供有關我們業務成果的更多詳細資訊。

Thanks, Billy. Turning to our first quarter business results. The smokeable products segment grew adjusted operating companies income or OCI by 2.7%. Adjusted OCI margins were 64.4%, an increase of 4.2 percentage points versus a year ago. This performance was supported by robust net realization of 10.8%.

謝謝，比利。談談我們第一季的業務業績。吸菸產品部門的調整後營運公司收入或 OCI 成長了 2.7%。調整後的OCI利潤率為64.4%，較去年同期成長4.2個百分點。這一業績得益於 10.8% 的強勁淨實現率。

Total smokeable products segment reported domestic cigarette volumes declined by 13.7% in the first quarter. When adjusted for calendar differences and trade inventory movements, we estimate that our domestic cigarette volumes declined by 12% over the same period.

根據菸草產品部門報告，第一季國內捲菸銷量下降了 13.7%。經過日曆差異和貿易庫存變動調整後，我們估計我們的國內捲菸銷量在同一時期下降了 12%。

At the industry level, when adjusted for trade inventory movements, calendar differences and other factors, we estimate that domestic cigarette volumes declined by 9%. During the quarter, cigarette industry volume declines remained elevated, partly due to the growth of illicit flavored disposable e-vapor products and continued discretionary income pressures on consumers.

從產業層面來看，經貿易庫存變動、日曆差異和其他因素調整後，我們估計國內捲菸銷量下降了 9%。本季度，捲菸產業銷售下降幅度依然較大，部分原因是非法調味一次性電子蒸汽產品的成長以及消費者持續的可支配收入壓力。

Smokers remain under economic pressure due to the compounding effects of inflation exceeding overall wage growth, especially among low in consumers. Although the year-over-year increases in the rate of inflation moderated in the quarter, high prices on everyday exist continue to constrain disposable income. As a result, we've seen smokers continue to seek price relief at retail, either within their regular brand or in the form of discount products.

由於通貨膨脹超過整體薪資成長的複合效應，吸菸者仍面臨經濟壓力，尤其是低收入消費者。儘管本季通膨率年增幅放緩，但日常生活用品的高價仍限制可支配收入。因此，我們看到吸煙者繼續在零售店尋求價格優惠，無論是常規品牌還是折扣產品。

In the first quarter, the discount cigarette segment grew by 1.8 share points. Marlboro retail share declined by 1 share point versus the year ago period and 0.3 share points sequentially. Within the highly profitable premium segment, where smoker purchasing behavior tends to reflect high levels of brand loyalty, Marlboro maintained its long-standing leadership in the category.

第一季度，折扣捲菸市場的佔有率成長了1.8個百分點。萬寶路零售份額與去年同期相比下降了 1 個百分點，與上一季相比下降了 0.3 個百分點。在利潤豐厚的高端香菸市場中，吸菸者的購買行為往往反映出較高的品牌忠誠度，萬寶路在該領域保持了長期的領先地位。

In the first quarter, Marlboro expanded its share of the premium segment by 0.1 share point to 59.3%, while other competitive brands ceded share. We are encouraged by Marlboro's resilient performance and believe it is a testament to its positioning as the aspirational brand in the category, strong brand loyalty and PM USA's RGM and data analytics capabilities.

第一季度，萬寶路在高端市場的市佔率擴大了0.1個百分點，達到59.3%，而其他競爭品牌的市佔率則有所下降。萬寶路的強勁表現令我們感到鼓舞，並相信這證明了其作為同類品牌中令人嚮往的品牌地位、強大的品牌忠誠度以及菲莫國際美國的 RGM 和數據分析能力。

PM USA uses its RGM tools to manage the Marvel franchise holistically supporting Marlboro at the state, store and consumer levels. As I discussed the CAGNY, national metrics like average price gaps are too generalized to be meaningful and are not reflective of how PM USA delivers value or manages the business.

PM USA 使用其 RGM 工具來全面管理漫威特許經營權，在州、商店和消費者層面為萬寶路提供支援。正如我所討論的 CAGNY，平均價格差距等國家指標過於籠統，沒有意義，也不能反映 PM USA 如何提供價值或管理業務。

As a result, beginning in the first quarter, we are no longer providing the Marlboro price gap versus the lowest effective price in our quarterly metrics. In cigars, reported shipment volume decreased 2.9%. Middleton continued to outperform in the large master car industry behind the strength of Black & Mild.

因此，從第一季開始，我們不再在季度指標中提供萬寶路價格與最低有效價格之間的差距。就雪茄而言，報告的出貨量下降了2.9%。在 Black & Mild 的強力支持下，Middleton 在大型主車行業繼續表現出色。

Let's turn now to the Oral Tobacco Products segment which delivered over $400 million in total adjusted OCI in the first quarter. Adjusted OCI margins remained strong at 69.2%, down slightly from a year ago. Total cement reported shipment volume decreased 5% as growth in ON! was more than offset by lower MST volumes.

現在讓我們來看看口服菸草產品部門，該部門在第一季實現了超過 4 億美元的調整後 OCI 總值。調整後的 OCI 利潤率保持強勁，為 69.2%，較去年同期略有下降。由於安大略省經濟成長，水泥總出貨量下降了 5%！被較低的 MST 量所抵銷。

When adjusted for calendar differences and trade inventory movements, we estimate that first quarter oral tobacco products segments volumes declined by approximately 1%. Oral Tobacco Products segment retail share declined by 3.1 percentage points, as declines in our MST brands were not offset by continued share growth of ON!.

經過日曆差異和貿易庫存變動調整後，我們估計第一季口服菸草產品部門的銷售量下降了約 1%。口服菸草產品部門零售份額下降了 3.1 個百分點，因為我們的 MST 品牌的下滑並未被 ON! 的持續份額增長所抵消。

Overall, we remain encouraged by the performance of our oral tobacco products as on grew volume and share in a highly competitive category and Copenhagen, remained a significant contributor to adjusted OCI as the leading moist smokeless tobacco brand for consumers who want a high-quality premium product experience.

總體而言，我們仍然對我們的口含煙草產品的表現感到鼓舞，因為在競爭激烈的類別中，我們的銷量和份額都在增長，而哥本哈根仍然是調整後的 OCI 的重要貢獻者，作為領先的濕潤無菸煙草品牌，它適合那些想要獲得高品質優質產品體驗的消費者。

Let's turn to an update on our e-vapor reporting unit. As Billy mentioned, the ITC orders related to the NJOY ACE went into effect at the end of the first quarter. As a result, we performed an interim impairment assessment of the goodwill and recorded a noncash impairment charge of $873 million. Despite the withdrawal of NJOY ACE from the marketplace, we believe we gain valuable assets and capabilities in the NJOY acquisition that can be applied toward a future e-vapor pipeline that meets consumer preferences over the long term.

讓我們來看看電子蒸汽報告部門的最新消息。正如 Billy 所提到的，與 NJOY ACE 相關的 ITC 命令於第一季末生效。因此，我們對商譽進行了中期減損評估，並記錄了 8.73 億美元的非現金減損費用。儘管 NJOY ACE 已退出市場，但我們相信，收購 NJOY 後我們將獲得寶貴的資產和能力，這些資產和能力可以長期應用於滿足消費者偏好的未來電子煙產品線。

Turning to ABI's financial results. We recorded $146 million of adjusted equity earnings down 11.5% versus the prior year. This decline was driven by a lower ownership interest compared to the year ago period, reflecting the sale of a portion of our ABI investment. We continue to view our ABI stake as a financial investment, and our goal remains to maximize the long-term value of the investment for our shareholders. We remain committed to returning significant value to shareholders and maintaining a strong balance sheet.

談到 ABI 的財務表現。我們記錄的調整後股權收益為 1.46 億美元，較前一年下降 11.5%。這一下降是由於與去年同期相比所有權權益下降，反映了我們出售了部分 ABI 投資。我們繼續將 ABI 股份視為一項金融投資，我們的目標仍然是為股東實現投資的長期價值最大化。我們仍然致力於為股東帶來豐厚的回報並保持強勁的資產負債表。

In the first quarter, we paid approximately $1.7 billion in dividends and repurchased 5.7 million shares for $326 million. At the end of the first quarter, we had $674 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 debt-to-EBITDA ratio as of March 31 was 2.1 times, in line with our target of approximately 2 times.

第一季度，我們支付了約 17 億美元的股息，並以 3.26 億美元回購了 570 萬股股票。截至第一季末，我們目前的股票回購計畫剩餘 6.74 億美元，我們預計將於年底前完成。此外，我們的資產負債表依然強勁。截至 3 月 31 日，我們的總負債與 EBITDA 比率為 2.1 倍，與我們約 2 倍的目標一致。

Let's move now to guidance, where we expect to deliver 2025 full year adjusted diluted EPS in a range of $5.30 to $5.45, representing a growth rate of 2% to 5% from a base of $5.19 in 2024. As noted in today's press release, beginning in the first quarter, we changed our treatment of our amortization expense associated with definite live intangible assets and now excluded from our adjusted results.

現在讓我們來看看指引，我們預計 2025 年全年調整後稀釋每股收益將在 5.30 美元至 5.45 美元之間，相當於在 2024 年 5.19 美元的基礎上增長率為 2% 至 5%。正如今天的新聞稿所述，從第一季開始，我們改變了與確定性活動無形資產相關的攤銷費用的處理方式，現在將其排除在調整後的結果之外。

We believe that operating results adjusted for this item better reflect the underlying performance of our businesses and provides a better comparison to prior operating results. As a result, our guidance reflects a recast of the guidance range and 2024 base.

我們相信，針對此項調整後的經營業績能夠更能反映我們業務的基本業績，並與先前的經營業績進行更好的比較。因此，我們的指導反映了指導範圍和 2024 年基準的重新制定。

Our growth rate expectation is unchanged. Our guidance assumes limited impact on combustible and e-vapor product volumes from enforcement efforts in the illicit e-vapor market and assumes NJOY ACE does not return to the marketplace this year. The guidance range also includes the reinvestment of anticipated cost savings related to our previously announced optimize and accelerate initiative and lower expected net periodic benefit income.

我們的成長率預期保持不變。我們的指導假設非法電子蒸氣市場的執法行動對可燃和電子蒸氣產品數量的影響有限，並假設 NJOY ACE 今年不會重返市場。指導範圍還包括與我們先前宣布的優化和加速計劃相關的預期成本節約的再投資以及較低的預期淨定期福利收入。

In addition, our guidance range contemplates limited impact of increased tariffs on our cost and potential impacts on our consumers based on presently available information about tariffs. We will continue to closely monitor the state of our consumers including how the economic impact of tariffs could affect their purchasing behaviors.

此外，根據目前可用的關稅信息，我們的指導範圍考慮到了關稅上調對我們的成本的有限影響以及對我們的消費者的潛在影響。我們將繼續密切關註消費者的狀況，包括關稅的經濟影響如何影響他們的購買行為。

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.

我們的討論就到此結束，比利和我很樂意回答你們的問題。在匯總電話會議的同時，我要提醒您，今天的收益報告和我們的非 GAAP 對帳表可在 altria.com 上查閱。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?

讓我們開始問答環節。接線員，我們還有疑問嗎？

Thank you. (Operator instructions)

謝謝。（操作員指示）

Matt Smith, Stifel.

馬特史密斯（Matt Smith），Stifel。

Hi, good morning. Thank you for taking my question.

嗨，早安。感謝您回答我的問題。

Good morning, Matt.

早安，馬特。

Billy, maybe to start, Altria has a unique perspective or a great perspective on the consumer. You talked about some of the macroeconomic pressure the consumer is facing. And when we look at the bridge and the underlying cigarette volume chart that you provide, it looks like the macroeconomic factor is less of an impact relative to cross-category factors that you're calling out. Can you talk about the current state of the consumer? And are you seeing that inflationary pressure on the consumer play a role in that elevated cross-category movement?

比利，也許首先，奧馳亞對消費者有著獨特的視角或很好的看法。您談到了消費者面臨的一些宏觀經濟壓力。當我們查看您提供的橋樑和底層香菸銷售圖表時，看起來宏觀經濟因素相對於您所說的跨類別因素的影響較小。能談談當前的消費者狀況嗎？您是否認為消費者面臨的通膨壓力在跨類別運動的加劇中發揮了作用？

Yes, it's a great question, Matt. We certainly are seeing the consumer under pressure, and we've been noting it for a number of quarters, as you recall, It's a cumulative impact of the inflation. It's not just one quarter stand-alone. It's the cumulative impact over time. And we are seeing, to your point, in the cross category, especially to elicit e-vapor, we're seeing pricing from a consumer perspective, move up.

是的，這是一個很好的問題，馬特。我們確實看到消費者面臨壓力，而且我們已經注意到這一點好幾個季度了，正如你們所記得的，這是通膨的累積影響。這不僅僅是一個獨立的季度。這是隨著時間的推移而產生的累積影響。正如您所說，我們看到跨類別中，特別是為了引發電子蒸汽，從消費者的角度來看，價格正在上漲。

It's certainly not number one. Flavors are still number one and the flexibility they have and the amount of choices they have in the marketplace being the number one thing. But price is certainly moving up in that and it's becoming a more prominent factor.

它肯定不是第一。口味仍然是最重要的，其靈活性和在市場上的選擇數量也是最重要的。但價格肯定在上漲，並且正成為一個更突出的因素。

Thank you Billy And as a follow-up, can you talk about what you're seeing from the consumer that gives you the confidence in continuing to seek pretty robust pricing in the cigarette category. You announced an additional price increase recently. And can you talk about the confidence in the consumer for that pricing or perhaps it's more flexibility with that pricing to reinvest more in Marlboro to sustain the strong performance you're seeing in the premium segment. Thank you.

謝謝比利。作為後續問題，您能否談談您從消費者那裡看到的情況，這讓您有信心繼續在香菸類別中尋求相當強勁的定價。你們最近宣布了進一步提價。您能否談談消費者對這種定價的信心，或者也許這種定價具有更大的靈活性，可以對萬寶路進行更多的再投資，以維持您在高端市場看到的強勁表現。謝謝。

Yes. I think it's the key point you had at the end. It's the flexibility. It's a little bit of both. Certainly, the strength of Marlboro. But the tools we have available to us with data analytics and revenue growth management. allows us to apply resources where they're needed by the consumer. And you'll recall us describing it. We can do it at the store level. We're certainly in progress to try to do it to the individual level, but we certainly do it to the store level pretty effectively. And we're pleased with the results Marlboro's had in the marketplace from a market share standpoint.

是的。我認為這是你最後提出的關鍵點。這就是靈活性。兩者都有一點。當然，萬寶路的實力。但是我們擁有可用於資料分析和收入成長管理的工具。使我們能夠將資源應用到消費者需要的地方。你會記得我們對此有過描述。我們可以在商店層級做到這一點。我們確實正在努力將其推廣到個人層面，但我們確實在商店層面做得非常有效。從市佔率的角度來看，我們對萬寶路在市場上所取得的成績感到滿意。

Gaurav Jain, Barclays.

巴克萊銀行的 Gaurav Jain。

Hi, good morning, Billy. Good morning, Sal. Three questions from me. One is on the brand you have basic seems that you have repositioned it down almost to the pricing of Lucky Strike and I'm picking that data from Nielsen, so maybe my reading is in product. But can you just us understand how you are thinking about approaching the discount segment?

嗨，早上好，比利。早安，薩爾。我有三個問題。一方面，你們的品牌基本上已經重新定位，幾乎與 Lucky Strike 的定價一致，而我從尼爾森獲取了這些數據，因此我的解讀可能與產品有關。但是您能告訴我們您是怎樣考慮進入折扣市場的嗎？

Yes, it's a good question, Gaurav. Look, I wouldn't see it as a strategy shift. This is very common to what we do back through time. If you think about it, when we were increasing the profitability on basic in our history, we use positioning L&M to capture those smokers that were unable to move up with the price increases on basic. You're seeing the exact opposite now as we increase profitability on L&M.

是的，這是個好問題，Gaurav。瞧，我不認為這是一種策略轉變。這是我們過去所做的事情中很常見的。如果你仔細想想，當我們在歷史上提高基本盈利能力時，我們使用定位 L&M 來吸引那些無法隨著基本價格上漲而上漲的吸煙者。隨著我們提高 L&M 的盈利能力，您現在看到的恰恰相反。

We ran some test with our basic brand in the market place. We were pleased with the test that it was able to capture those consumers that couldn't move up or were unable to move up with the increased price and we were able to capture them with the brand.

我們在市場上對我們的基本品牌進行了一些測試。我們對這次測試感到很滿意，它能夠吸引那些無法隨著價格上漲而上漲的消費者，而且我們能夠透過品牌吸引他們。

So we expanded that as we move into this year. We are still a premium-focused company. We want to have presence in discount, but we are not interested in growing the discount segment, but profitability is still in the premium segment. You'll recall at CAGNY and it's still true as we ended the first quarter. The dollar market share of Marlboro still exceeds its overall market share from a volume perspective.

因此，我們在今年擴大了這一範圍。我們仍然是一家專注於高端產品的公司。我們希望在折扣市場佔有一席之地，但我們對擴大折扣市場不感興趣，獲利能力仍在高端市場。您會記得在 CAGNY，當我們結束第一季時，這仍然是事實。從銷售角度來看，萬寶路的美元市佔率仍超過其整體市佔率。

Thank you so much. And my second question is on ON!. So still pretty robust growth, 18% Y-o-Y. Clearly, growth has slowed down, and we have the biggest competitor increasing guidance. Last week, they're more bullish. So do you think there is a risk to our trajectory as we go into the second half of the year? And do you need to pursue a multi-brand strategy, maybe enter (inaudible)? So could you just help us understand how you're thinking about ON?

太感謝了。我的第二個問題是關於 ON! 的。因此成長仍然相當強勁，年增 18%。顯然，成長已經放緩，我們最大的競爭對手正在增加指導。上週，他們更加樂觀。那麼，您是否認為進入下半年，我們的發展軌跡會面臨風險？你需要推行多品牌策略嗎？或許可以進入（聽不清楚）？那麼，您能否幫助我們了解您對 ON 的看法？

Yes, I'll try to disassemble there are a couple of questions in there, and I'll try to answer them individually. I think look, we're pleased with the ON!. Some of it is just mathematical as the base grows, as certainly from a percentage standpoint, it's going to slow a bit. But it's a competitive marketplace. We're certainly seeing the entry of various as you mentioned, synthetic nicotine products into the marketplace with different traits to the consumer and the consumers are trying those. But we're pleased with it.

是的，我會嘗試拆解其中的幾個問題，並嘗試分別回答它們。我想，我們對 ON! 感到很滿意。隨著基數的增長，其中一些只是數學上的，從百分比的角度來看，它肯定會慢一點。但這是一個競爭激烈的市場。正如您所說，我們確實看到各種合成尼古丁產品進入市場，這些產品對消費者來說具有不同的特性，消費者正在嘗試這些產品。但我們對此很滿意。

And I would highlight, again, back to our pipeline. We're excited for authorization for (inaudible) to bring it to the marketplace. Certainly, it was the adult dipper that moved first, and they were desiring something a bit larger from a pouch perspective. And so we're excited to be able to bring on us, and we feel good about ON!, and we'll continue to drive its momentum in the marketplace.

我想再次強調我們的管道。我們很高興獲得授權（聽不清楚）將其推向市場。當然，成年河烏首先行動了起來，它們想要一個更大一點的育兒袋。因此，我們很高興能夠加入我們，我們對 ON！感到很滿意，我們將繼續推動其在市場上的發展勢頭。

Thank you. And lastly, on e-cigarettes. So it is clearly a big category and now you can't sell your devices. So is it that you will just exit the market or because that doesn't seem to be a viable strategy long term. So how should we think about you approaching the e-cigarette market here on?

謝謝。最後，談談電子煙。所以這顯然是一個很大的類別，現在你無法出售你的設備。那麼，您是否會退出市場，還是因為這似乎不是一個可行的長期策略？那我們該如何看待您進入電子煙市場呢？

Yes. Certainly, we can't ship anything after March 31. So we see shipments. Anything that was at wholesale or retail can continue to be sold through. I think your broader question is what is our strategy in e-vapor. And as we try to express both in this earnings call and at CAGNY, we believe e-vapor is something we need to participate in long term because it has been the most successful in the US, converting adult smokers to smoke-free products.

是的。當然，3 月 31 日之後我們就無法出貨了。所以我們看到了發貨量。任何批發或零售的商品都可以繼續銷售。我認為您更廣泛的問題是我們在電子蒸氣方面的策略是什麼。正如我們試圖在本次收益電話會議和 CAGNY 上表達的那樣，我們相信電子煙是我們需要長期參與的事物，因為它在美國是最成功的，它使成年吸煙者轉向無菸產品。

From this standpoint, it's important to step back and think about the nature of the marketplace that's currently taking place. You heard in my remarks, over 60% of the market is illicit e-vapor products that completely went around the regulatory process. So we're certainly advocating for quicker authorizations because you can see the success that of moving the consumer from smokeable or combustible products to smoke-free products that e-vapor has and that the -- we need authorizations because the consumer is desiring it, but we also need enforcement for those products that go around the system.

從這個角度來看，回顧並思考當前市場發生的性質是很重要的。大家在我的演講中也聽到了，超過 60% 的市場是完全繞過監管程序的非法電子煙產品。因此，我們當然主張加快授權，因為您可以看到將消費者從可吸煙或可燃產品轉向電子蒸汽無菸產品的成功，而且——我們需要授權，因為消費者需要它，但我們也需要對那些繞過系統的產品進行強制執行。

Our interest is to learn from the consumer, the traits and characteristics of the disposables that they like, enhance our pipeline, and that's where we're investing. Certainly, we're going to -- we are at final design for the last patent that we were found to be infringed upon. We'll continue to challenge in legal. I don't want you to think we're giving up the legal challenges. But we are close to having worked around all of the four patents that we were found to have infringed upon, and we're excited to bring pods back.

我們的興趣在於了解消費者喜歡的一次性用品的特性和特點，增強我們的產品線，這就是我們投資的地方。當然，我們正在對被發現侵犯的最後一項專利進行最終設計。我們將繼續在法律上發起挑戰。我不想讓你認為我們放棄了法律挑戰。但我們很快就解決了所有被發現侵犯的所有四項專利，我們很高興能夠將豆莢帶回來。

But remember, the pod category itself is shrinking. It's disposable that's growing. And so there were traits there, and we've included those traits in our pipeline of products and are excited to move forward and be able to bring NJOY back to the marketplace.

但請記住，豆莢類別本身正在萎縮。一次性用品正在不斷增長。所以它具有一些特點，我們已經將這些特點納入了我們的產品線中，並且很高興能夠繼續前進並能夠將 NJOY 帶回市場。

Thank you so much.

太感謝了。

Bonnie Herzog, Goldman Sachs.

高盛的邦妮·赫爾佐格。

All right, thank you. Good morning. I guess I'm hoping to hear your perspective on the lost shipment and retail share in the quarter? And maybe how concerned you are? And are further share gains factored into the low end of your guidance? And then despite the volume and share pressures, you still were able to generate OCI growth smokable, but I think primarily due to the lower legal fees. So just trying to think through this and how you're going to manage some of these factors next year when you lap that?

好的，謝謝。早安.我想聽聽您對本季遺失的貨物和零售份額的看法？您到底有多擔心？進一步的股價上漲是否已經計入了您的預期下限？儘管面臨銷售和份額壓力，您仍然能夠實現 OCI 成長，但我認為主要原因是合法費用較低。所以，試著思考這個問題，以及明年當你解決這個問題時，你將如何處理其中的一些因素？

Yes. No, I appreciate your question, Bonnie. I would remind you of our strategy in the combustible segment. Remember, it's to maximize profitability over the long term. while balancing investments in Marlboro and the smoke-free categories.

是的。不，我很感謝你的提問，邦妮。我想提醒大家我們在可燃物領域的策略。請記住，這是為了長期實現盈利最大化。同時平衡對萬寶路和無菸類別的投資。

And that's exactly what you saw take place in the first quarter. Certainly look at trends over the long term. We're not going to react from a quarter-to-quarter basis. We're again pleased with the way Marlboro performing in the marketplace with the consumer under extreme economic conditions that they're facing. Certainly, your view towards what you believe will happen in the macroeconomic is a factor. And when you believe that consumers have experienced enough choices in the e-vapor category that, that potentially slows through time of that conversion over.

這正是您在第一季看到的情況。當然要看長期趨勢。我們不會按季度做出反應。我們再次對萬寶路在面臨極端經濟條件的情況下在市場上的表現感到滿意。當然，您對宏觀經濟前景的看法也是一個因素。當你相信消費者已經在電子煙類別中體驗了足夠的選擇時，這種轉變的速度可能會減慢。

So those are things that we're thinking about. We certainly think about the strength of the brand, the economic pressure is not the consumer is under, but that's where we have the RGM tools to be able to bring those consumers that are under extreme pressure bring them relief and portions of the Marlboro brand. And so we'll continue to monitor it, especially the tariff impact as that's a very fluid environment, how that impacts the consumer, but we're pleased with the first quarter results.

這些都是我們正在考慮的事情。我們當然會考慮品牌的力量，經濟壓力並不是消費者所承受的，但這正是我們擁有 RGM 工具的地方，我們能夠為那些承受極大壓力的消費者帶來緩解，並為他們帶來萬寶路品牌的一部分。因此，我們將繼續監控它，特別是關稅的影響，因為這是一個非常不穩定的環境，它會如何影響消費者，但我們對第一季的結果感到滿意。

Okay, thanks for that. And then just maybe a little bit of a follow on question but different. Just wanted to ask a couple questions on the relative price gaps. I mean, first, I guess I'm curious to hear why you're no longer providing this in your metric sheet. And then second, how are you thinking about the gaps right now considering, they remain very wide between Marlboro, the lowest price big brand in the market.

好的，謝謝。然後可能只是一點點的後續問題，但有所不同。只是想問幾個關於相對價格差距的問題。我的意思是，首先，我很好奇為什麼您不再在指標表中提供這些資訊。其次，您如何看待目前的差距，因為萬寶路與市場上價格最低的大品牌之間的差距仍然很大。

I guess, how are you thinking about it in the context of what you know we were just talking about the pressures on the consumer and the potentially move into recession this year. I guess, so essentially what are you doing, to try and prevent further down training pressures just thinking about the the share question I asked the (inaudible).

我想，您如何看待這個問題？我們剛剛討論了消費者面臨的壓力以及今年可能陷入經濟衰退的可能性。我想，所以本質上你在做什麼，試圖防止進一步的訓練壓力，只是想想我問的問題（聽不清楚）。

Yes, I think I understand your question, but if I answer it wrong, you follow back up, Bonnie. I think when you think about it, remember, and we've tried to describe this through various interactions with you all and the investor base is that, that price gap that we were showing was a national average.

是的，我想我明白你的問題，但如果我回答錯了，你就跟進，邦妮。我想當你考慮這一點時，請記住，我們試圖透過與你們所有人和投資者群體的各種互動來描述這一點，我們所展示的價格差距是全國平均水平。

And we're really executing and making decisions in the business at the store level, and that's where the price gap matters. And you'll remember at CAGNY, so laid out for you all. Here's the price gap of Marlboro in a store.

我們確實在商店層級執行和製定業務決策，這就是價格差距重要的地方。你們會記得在 CAGNY，這裡為你們所有人準備瞭如此豐富的內容。這是商店中萬寶路的價格差距。

Here's what certain segments of the Marlboro brand and franchise would be at like Marlboro Black, for instance, in some stores was low as a price gap of 5%. So we're really monitoring it and executing our RGM tools at the store level. What we seem to realize is that we kept getting that questions about the national price gap, and that's not the way we're managing the business. And so it was causing confusion.

萬寶路品牌和專營店的某些部分的價格如下，例如萬寶路黑煙，在某些商店中價格差距低至 5%。因此，我們確實在商店層級對其進行監控並執行我們的 RGM 工具。我們似乎意識到，我們不斷收到有關全國價格差距的問題，而這不是我們管理業務的方式。因此它引起了混亂。

So we felt like people were asking about it because we were publishing it, but that wasn't the way we were managing the business and having to explain how we were actually managing the business, and that was the decision to remove it from the quarterly metrics.

因此，我們覺得人們之所以詢問它是因為我們發布了它，但這不是我們管理業務的方式，而且我們必須解釋我們實際上是如何管理業務的，這就是將其從季度指標中刪除的決定。

Okay, thank you. I'll pass it on.

好的，謝謝。我會傳達的。

Faham Baig, UBS.

瑞銀的 Faham Baig。

Hi guys, Three questions this morning. Firstly, I appreciate it is very early days, but there have been significant tariffs implemented on products imported from China which would include the disposable vapes. Have you seen any impact on the imports availability and pricing for the disposable vapes from China post these tariffs?

大家好，今天早上有三個問題。首先，我知道現在還為時過早，但中國已經對進口自中國的產品徵收了高額關稅，其中包括一次性電子煙。您是否看到這些關稅對中國一次性電子煙的進口供應和定價有任何影響？

Yes. I think it's too early to see the true indications of how I think that trend will play out as we progress through the year. Our hope is with revenue dollars available to the government, there will be much more enforcement taking place at the borders. And maybe we're starting to see the green shoots of that a little bit with certain track downs at the borders. But certainly with revenue, our hope is that there will be more attention paid to cracking down on these products coming into the US.

是的。我認為現在判斷這一趨勢在今年將如何發展還為時過早。我們希望，隨著政府收入的增加，邊境執法力道將大大加強。也許，隨著邊境地區某些追蹤行動的發展，我們已經開始看到一些曙光。但當然，在收入增加的情況下，我們希望美國政府能更重視打擊這些進入美國的產品。

And secondly, one of your peers, I noted recently acquired a portfolio of synthetic disposable vapes that could potentially look to compete with the disposable rates from China. What is your view on synthetic vape products? And is this an area that Altria could increase activity without having to go around the PMTA filings would be interesting to know.

其次，我注意到您的一位同行最近收購了一批合成一次性電子煙，可能會與中國的一次性電子煙價格競爭。您對合成電子煙產品有何看法？有趣的是，奧馳亞是否可以在這個領域增加活動而不需要繞過 PMTA 備案。

Yes. Certainly, our view on synthetic has evolved through time. As you recall, last with the year-end earnings release, we talked about our view was that synthetic was illegal because of the way the [statue] was written. It's certainly the indications with the activities from the FDA, it appears they're using enforcement discretion. An enforcement against those products. So it certainly moved synthetic nicotine up on our radar. And so we're looking at all available opportunities to assess what's the right move in that direction.

是的。當然，我們對合成的看法隨著時間的推移而不斷演變。您還記得，上次發布年終收益報告時，我們談到我們的觀點，即合成材料是非法的，因為（法規）的寫法是這樣的。這肯定是 FDA 活動的跡象，看來他們正在使用執法自由裁量權。對這些產品的強制執行。因此，它無疑地使合成尼古丁進入了我們的視野。因此，我們正在尋找所有可用的機會來評估朝這個方向採取的正確措施。

Thanks. And maybe the third question is for Sal. The settlement payments in the quarter were down about 20% or $170 million. Anything that you would call out on the drivers behind this? And any phasing that may be behind the payments this year?

謝謝。也許第三個問題是問 Sal 的。本季的和解金下降了約 20%，即 1.7 億美元。您對這起事件背後的推動者有何看法？今年的付款可能分階段進行嗎？

Yes. Remember, there's a lot of variables that go into the calculation of the MSA and settlement payments. I would point out that there was the expiration of the legal fund. You started to see that in the fourth quarter of last year, and that will continue. So on a comparative basis, you will see that benefit in the first three quarters of this year.

是的。請記住，MSA 和結算付款的計算涉及許多變數。我想指出的是，法律基金已經到期。你在去年第四季就開始看到這種情況，而且這種情況還會持續下去。因此，從比較的角度來看，您會在今年前三個季度看到這一好處。

Perfect. Thank you guys.

完美的。謝謝你們。

Thank you.

謝謝。

(Operator instructions)

（操作員指示）

Emma Rumney, Reuters.

艾瑪·拉姆尼，路透社。

Hi guys, thanks a lot for taking my question. Well, I have a few if that's alright. The first one is on the tariffs and whether you can see any kind of discernible impact on consumer sentiment in the US as a result of the tariffs and the uncertainty surrounding tariffs. Any color you have on that would be great.

大家好，非常感謝您回答我的問題。好吧，如果可以的話，我有幾個。第一個問題是關於關稅，以及你是否能看到關稅和圍繞關稅的不確定性對美國消費者情緒產生任何明顯的影響。無論什麼顏色都可以。

Sure. Good morning. So as I said in my opening remarks, our guidance does consider the impact of tariffs. Remember, we are predominantly a US company with the US-focused supply chain. So while certain materials may be impacted, for example, (inaudible) in aluminum that are used in some of our packaging.

當然。早安.正如我在開場白中所說，我們的指導確實考慮了關稅的影響。請記住，我們主要是一家美國公司，擁有以美國為中心的供應鏈。因此，某些材料可能會受到影響，例如（聽不清楚）我們某些包裝中使用的鋁。

The impact on our costs are limited, especially compared to other CPG companies and other industries. Of course, we do and will continue to closely monitor the potential impact to our consumers as the year plays out.

對我們的成本的影響是有限的，尤其是與其他 CPG 公司和其他行業相比。當然，我們會繼續密切關註今年對消費者的潛在影響。

Okay. But so far, are you seeing any sort of discernible impact from the tariffs that have been imposed or that are threatened?

好的。但到目前為止，您是否看到已實施或威脅實施的關稅產生任何明顯的影響？

On a cost basis, nothing material from a consumer standpoint. Obviously, they've been under economic pressure for quite a while. A lot of it, the sustained level of inflation that has taken place, the cumulative impact of that. So tariffs, I think, has impacted consumer confidence. You haven't necessarily seen it so much in the everyday items, but every day items are up just because of inflation.

從成本角度來看，從消費者的角度來看，沒有什麼實質的改變。顯然，他們已經承受了相當長一段時間的經濟壓力。其中很大一部分是已經發生的持續通貨膨脹水準及其累積影響。所以我認為關稅影響了消費者信心。您在日常用品中不一定會看到這麼多，但是由於通貨膨脹，日常用品的價格都會上漲。

So the consumer is under pressure. It's early days, and we'll see how this plays out throughout the year. And it is something we run a lot of scenarios when we're thinking about providing the investment community guidance. And there are always puts and takes as the year plays out, and I think we are well positioned to adjust.

因此消費者面臨壓力。現在還為時過早，我們將觀察這一情況在全年如何發展。當我們考慮為投資界提供指導時，我們會運行很多這樣的場景。隨著時間的推移，總是會有一些得失，我認為我們已經做好了調整的準備。

Got it. Thank you. And obviously, on tariffs, there's still a lot of uncertainty around the duration or the rates that will be applied. Could you talk a little bit about how you kind of plan for the long term and in your guidance, whether you're using a particular percentage for tariffs as part of the sort of base case or if yes, I assume that you're looking at kind of 10% perhaps or 20% on aluminum, but it would be great if you could talk me through the numbers that you're including in your base case scenario.

知道了。謝謝。顯然，關於關稅，其實施期限和稅率仍然存在許多不確定性。您能否談談您的長期規劃以及指導意見，您是否使用特定百分比的關稅作為基準情況的一部分，或者如果是的話，我假設您考慮對鋁徵收 10% 或 20% 的關稅，但如果您能告訴我您在基準情景中包含的數字，那就太好了。

Yes, I understand the question. It's a fair question. I'm not going to get into specific numbers and details. What I would tell you is that when you look at the cost of our products, specifically our biggest income generator, the cigarette business. The predominant cost is really driven by federal exercise tax, settlement payments, things like that.

是的，我明白這個問題。這是一個公平的問題。我不會談論具體的數字和細節。我想告訴你的是，當你看看我們產品的成本，特別是我們最大的收入來源——香菸業務。主要成本實際上來自於聯邦運動稅、結算付款等。

The cost for materials, leaf conversion is pretty low compared to most CPG companies. So it is something we consider. We have a really terrific supply chain group that is looking at alternative suppliers, and we feel really good about their ability to continue to think about this long term and manage it appropriately. So again, we'll continue to monitor the situation. It is very early days, but we believe that we've got the ability to adjust as time goes on. And again, we'll pay close attention to the impact on the consumer.

與大多數 CPG 公司相比，材料和葉子轉換的成本相當低。所以這是我們考慮的事情。我們有一個非常出色的供應鏈團隊，正在尋找替代供應商，我們對他們繼續考慮長遠問題並進行適當管理的能力感到非常滿意。因此，我們將繼續關注局勢。現在還為時過早，但我們相信，隨著時間的推移，我們有能力進行調整。我們將密切關注對消費者的影響。

Got it. And then last one for me, if I may, on authorized vapes. You talked a minute ago about the potential for tariffs to increase enforcement at the border and that's interesting. But I wondered if more broadly, you've seen any other positive signals from the Trump administration so far and how do you interpret the changes that have been either implemented or proposed at the FDA and CTP?

知道了。如果可以的話，最後一個問題是關於授權電子煙的。您剛才談到了關稅可能增強邊境執法力度，這很有趣。但我想知道，從更廣泛的角度來看，到目前為止您是否看到了川普政府發出的任何其他積極信號，以及您如何解讀 FDA 和 CTP 已經實施或提出的變化？

Certainly, we're hopeful that they take a position of authorizing and enforcing. And you heard me earlier say and you referred to it. Certainly, with the potential for additional revenue to the US government, we're hopeful that there will be stepped-up enforcement at the borders.

當然，我們希望他們採取授權和執行的立場。您之前聽我說過並且提到了這一點。當然，由於這可能會為美國政府帶來額外收入，我們希望邊境執法力道能加強。

But more importantly is exactly where you went, which is the FDA and the CTP. They take seriously the regulatory act that was passed by Congress. It shows with these illicit bases in the marketplace that the consumer wants to move. And so they need to increase their authorization have a very disciplined process. You remember the act itself called for products to be authorized within 180 days.

但更重要的是你到底去了哪裡，也就是 FDA 和 CTP。他們認真對待國會通過的監管法案。市場上這些非法基地的存在表明消費者想要轉移。因此，他們需要增加授權並制定一個非常規範的流程。您記得該法案本身要求產品在 180 天內獲得授權。

And I can't recall any product even coming close to meeting that deadline. And so certainly, authorization so that you fill the pipeline with products that the consumer wants and then enforcement for those that just completely short the regulatory process that was laid forth by Congress and the intentions there. So we're certainly hopeful. I think we saw some early actions with the removal of the proposed rule for both menthol in cigarettes and flavored cigars. And we're hopeful that, that activity and momentum continues.

我不記得有任何產品能夠接近該期限。當然，授權是為了用消費者想要的產品填充管道，然後對那些完全不符合國會規定的監管程序和意圖的產品進行強制執行。所以我們當然充滿希望。我認為我們已經看到了一些早期的行動，取消了針對香菸和調味雪茄中薄荷醇的建議規則。我們希望這種活動和勢頭能夠持續下去。

Okay. Thank you very much.

好的。非常感謝。

Thank you.

謝謝。

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

目前似乎沒有其他問題。現在我想將電話轉回給麥克·利文斯頓 (Mac Livingston)，請他做最後發言。

Just thanks to everybody for joining us and have a great day. We'll talk to you soon. Thanks.

感謝大家的參與，祝福大家有愉快的一天。我們很快會和你聯絡。謝謝。

This concludes today's call. Thank you for your participation, and you may disconnect at the 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。