Duckhorn Portfolio Inc (NAPA) 2023 Q2 法說會逐字稿

Good afternoon. Thank you for attending today's Duckhorn Portfolio Fiscal Year 2023 Second Quarter Earnings Conference Call. My name is Tamia, and I will be your moderator for today. (Operator Instructions)

下午好。感謝您參加今天的 Duckhorn Portfolio 2023 財年第二季度收益電話會議。我叫 Tamia，今天我將擔任你們的主持人。 （操作員說明）

It is now my pleasure to pass the conference over to your host, Sean Sullivan, Chief Strategy and Legal Officer. You may proceed.

現在我很高興將會議轉交給你的主持人，首席戰略和法律官 Sean Sullivan。你可以繼續。

Good afternoon, and welcome to The Duckhorn Portfolio's second quarter 2023 earnings conference call. Joining me on today's call are Alex Ryan, our President, CEO and Chairman; and Lori Beaudoin, our Chief Financial Officer.

下午好，歡迎來到 Duckhorn Portfolio 2023 年第二季度收益電話會議。和我一起參加今天電話會議的有我們的總裁、首席執行官兼董事長 Alex Ryan；和我們的首席財務官 Lori Beaudoin。

In a moment, we will give brief remarks followed by Q&A. By now, everyone should have access to the earnings release for the fiscal quarter ended January 31, 2023, that went out at approximately 4:05 p.m. Eastern time. The press release is accessible on the company's website at ir.duckhorn.com. And shortly after the conclusion of today's call, a webcast will be archived for the next 30 days.

稍後，我們將發表簡短評論，然後進行問答。到現在為止，每個人都應該可以訪問截至 2023 年 1 月 31 日的財政季度的收益報告，該報告於美國東部時間下午 4:05 左右發布。東部時間。該新聞稿可在公司網站 ir.duckhorn.com 上獲取。在今天的電話會議結束後不久，將為接下來的 30 天存檔網絡廣播。

Before we begin, I would like to remind you that today's discussion contains forward-looking statements based on the environment as we currently see it, and as such, includes risks and uncertainties. If you refer to Duckhorn's earnings release, as well as the company's most recent SEC filings, you will see a discussion of factors that could cause the company's actual results to differ materially from these forward-looking statements. Please remember, the company undertakes no obligation to update or revise these forward-looking statements in the future.

在我們開始之前，我想提醒您，今天的討論包含基於我們當前所見環境的前瞻性陳述，因此包含風險和不確定性。如果您參考 Duckhorn 的收益發布以及公司最近向美國證券交易委員會提交的文件，您會看到對可能導致公司實際結果與這些前瞻性陳述存在重大差異的因素的討論。請記住，公司不承擔在未來更新或修改這些前瞻性陳述的義務。

We will make a number of references to non-GAAP financial measures. We believe that these measures provide investors with useful perspectives on the underlying growth trends of the business and have included in our earnings release a full reconciliation of non-GAAP financial measures to the most comparable GAAP measures. In addition, please note that all total U.S. food scanner data cited on today's call will refer to dollar or unit consumption for the 12 week period ended January 29, 2023, and growth versus the same period in the prior year, unless otherwise noted.

我們將多次提及非 GAAP 財務指標。我們相信，這些措施為投資者提供了有關業務潛在增長趨勢的有用觀點，並在我們的收益發布中包含了非 GAAP 財務措施與最具可比性的 GAAP 措施的全面對賬。此外，請注意，除非另有說明，否則今天電話會議中引用的所有美國食品掃描儀數據均指截至 2023 年 1 月 29 日的 12 週期間的美元或單位消費量，以及與去年同期相比的增長情況。

With that, I will turn the call over to Alex.

有了這個，我會把電話轉給亞歷克斯。

Thank you, Sean, and good afternoon, everyone. Thank you for joining us today to discuss another strong quarter of financial performance, demonstrating sound execution of our long-term growth strategy and continued outperformance of the luxury wine subsegment. Following my opening remarks, Lori will walk us through our quarterly results, and will also provide an update on our raised guidance for fiscal year '23. Then we will open the call for questions.

謝謝肖恩，大家下午好。感謝您今天加入我們，討論又一個強勁的財務業績季度，展示了我們長期增長戰略的良好執行以及奢侈葡萄酒細分市場的持續出色表現。在我的開場白之後，Lori 將向我們介紹我們的季度業績，並將提供我們對 23 財年上調指引的最新信息。然後我們將打開問題電話。

I would like to begin today's call by offering a few highlights from the quarter. First, we delivered nearly 5% organic net sales growth at the high end of our expectations for the quarter and lapping the robust 18% growth we realized in the prior year period. This marks a sequential acceleration on our two year trends with wholesale volume remaining the primary driver to our growth.

我想通過提供本季度的一些亮點來開始今天的電話會議。首先，我們實現了近 5% 的有機淨銷售額增長，達到了我們對本季度預期的上限，並超過了去年同期實現的 18% 的強勁增長。這標誌著我們兩年趨勢的連續加速，批發量仍然是我們增長的主要驅動力。

Second, demand for our high-quality luxury wines remains very healthy, and our wholesale depletion growth once again exceeded the pace of shipments in the quarter. We continue to execute against our considerable distribution white space opportunity, extending the reach of our high quality luxury brands into new doors and adding additional labels in existing accounts. During the quarter, we made solid progress on increasing the number of accounts in which our wines are sold and the number of labels in each account, both on and off-premise and across account types.

其次，對我們高品質奢侈葡萄酒的需求仍然非常健康，我們的批發消耗增長再次超過本季度的出貨速度。我們繼續利用我們可觀的分銷空白機會，將我們的高品質奢侈品牌的影響力擴展到新的領域，並在現有客戶中添加額外的標籤。在本季度，我們在增加銷售我們葡萄酒的賬戶數量和每個賬戶中的標籤數量方面取得了穩步進展，包括內部和外部以及跨賬戶類型。

Third, the premiumization trend toward luxury wine continues. Luxury remains the fastest growing subsegment in wine and our strong consumption trends continue to far outpace the subsegment and the broader category, led by our largest winery brands, Duckhorn Vineyards and Decoy, we were once again a growth leader among scaled luxury suppliers, marked by continued distribution gains. This superior performance resulted in consistent share gains measured in both dollars and volume. We continue to see little, if any signs of trade round within the Duckhorn Portfolio, and believe that this is a result of both the resiliency of our more affluent luxury consumer during times of uncertainty, as well as our superior brand strength.

第三，高檔酒的高端化趨勢仍在繼續。奢侈品仍然是葡萄酒中增長最快的細分市場，我們強勁的消費趨勢繼續遠遠超過該細分市場和更廣泛的類別，在我們最大的酒莊品牌 Duckhorn Vineyards 和 Decoy 的帶領下，我們再次成為規模化奢侈品供應商中的增長領導者，其標誌是持續的分配收益。這種卓越的表現導致以美元和數量衡量的持續份額增長。我們繼續在 Duckhorn Portfolio 中看到很少（如果有的話）貿易回合的跡象，並且相信這是我們更富裕的奢侈品消費者在不確定時期的彈性以及我們卓越的品牌實力的結果。

Fourth, the strength of our business extends beyond wholesale with performance in our high-margin DTC channel continuing according to plan, up nearly 60% in the quarter. Our exclusive limited time Kosta Browne single-vineyard series and Burgundy releases were tremendously successful. In addition, sales from our wine clubs were solid across our winery brands, which speaks to the multiple ways we are successfully connecting directly with our loyal consumers and driving top line growth.

第四，我們的業務實力不僅限於批發，我們高利潤 DTC 渠道的業績繼續按計劃進行，本季度增長了近 60%。我們獨家限時推出的 Kosta Browne 單一葡萄園系列和勃艮第系列非常成功。此外，我們葡萄酒俱樂部的銷售額在我們的酒莊品牌中表現穩健，這說明我們通過多種方式成功地直接與忠實的消費者建立聯繫並推動收入增長。

And fifth, our highly diversified approach to great sourcing and wine production, coupled with clear visibility into our cost structure, enabled us to deliver strong results up and down the P&L, with adjusted gross profit margin and adjusted EBITDA margin each several 100 basis points above the prior year period and also ahead of our plan. This quarter's strong performance is rooted in our omnichannel growth strategy, which is diversified and well balanced across our winery brands. In both on and off-premise, we continue to see strong depletions, reflecting solid gains in accounts sold and the number of labels in each account as well as velocities per account that remain above pre-pandemic levels.

第五，我們高度多元化的優質採購和葡萄酒生產方法，加上對成本結構的清晰可見性，使我們能夠在損益表上下取得強勁的業績，調整後的毛利率和調整後的 EBITDA 利潤率各高出數百個基點去年同期，也比我們的計劃提前。本季度的強勁表現源於我們的全渠道增長戰略，該戰略在我們的酒莊品牌之間實現了多元化和均衡。在內部和外部，我們繼續看到強勁的消耗，反映出已售出的賬戶和每個賬戶中的標籤數量以及每個賬戶的速度仍然高於大流行前水平。

Returning to the longer-term channel dynamics, our on-premise depletions growth outperformed off-premise depletions growth, increasing double-digits in spite of a challenging comparison in the prior year period. On-premise depletions continue to grow, underscoring the momentum we have in that channel as restaurateurs continue to view us as a trusted partner that consistently supplies high-quality luxury wines that consumers prefer. The underlying health of our off-premise channel is also strong as depletions continue to grow in line with our expectations. We observed good balance between national and independent accounts and cases, accounts sold and number of labels in each account contributed as strongly as expected over this time frame.

回到長期的渠道動態，我們的內部消耗增長優於外部消耗增長，儘管與上一年同期相比具有挑戰性，但增長了兩位數。內部消耗繼續增長，突顯了我們在該渠道中的勢頭，因為餐館老闆繼續將我們視為值得信賴的合作夥伴，始終如一地提供消費者喜歡的高品質奢侈葡萄酒。我們的場外渠道的潛在健康狀況也很強勁，因為消耗量繼續增長符合我們的預期。我們觀察到國家賬戶和獨立賬戶之間的良好平衡，在這段時間框架內，每個賬戶中售出的賬戶和標籤數量的貢獻與預期的一樣大。

As we have discussed before, the off-premise channel remains our greatest opportunity for future growth. As we further optimize our pricing and strategically invest in sales to drive distribution and awareness of our winery brands, we are confident that we can continue to take share in the channel. Our high-margin direct-to-consumer business realized tremendous growth in the quarter. We have previously discussed the change in the timing of the offerings of our ultra-luxury cost of brown wines that we are implementing over the course of this year. Consistent with that new cadence, the single-vineyard series offering moved from the first quarter into the second quarter, where it joined our highly innovative Kosta Browne Burgundy offering, which together provided a considerable tailwind to sales and gross margin.

正如我們之前所討論的，場外渠道仍然是我們未來增長的最大機會。隨著我們進一步優化定價並戰略性地投資於銷售以推動我們酒莊品牌的分銷和知名度，我們相信我們可以繼續在渠道中佔據份額。我們的高利潤直接面向消費者的業務在本季度實現了巨大增長。我們之前已經討論過我們在今年實施的超豪華棕色葡萄酒供應時間的變化。與新的節奏一致，單一葡萄園系列產品從第一季度進入第二季度，與我們高度創新的 Kosta Browne Burgundy 產品相結合，共同為銷售和毛利率提供了可觀的推動力。

As you may recall, the Kosta Browne is sold predominantly in the DTC channel through a limited allocation model, each of these wines is offered only once per year, and these limited time offerings afford some of our most passionate customers an opportunity to purchase some of the rarest wines in The Duckhorn Portfolio. Given the scarcity and small production size of these ultra luxury wines, the backlog to be eligible to purchase Kosta Browne wine is extensive, and we consistently sell out every offering.

您可能還記得，Kosta Browne 主要通過有限分配模式在 DTC 渠道銷售，這些葡萄酒中的每一種每年只提供一次，這些限時供應讓我們一些最熱情的客戶有機會購買一些The Duckhorn Portfolio 中最稀有的葡萄酒。鑑於這些超豪華葡萄酒的稀缺性和生產規模小，有資格購買 Kosta Browne 葡萄酒的積壓訂單非常多，我們始終銷售一空。

As we enter the second half of our fiscal year, we expect a similar performance from the Kosta Browne releases in each of the next two quarters. Notably, our Appalachian series offering Kosta Browne's largest offering ships in the fourth quarter. And because this is a shift in timing compared to the prior year, we expect it will serve as a considerable driver to our top and bottom line performance later in the year. Complementing the strength of Kosta Browne were solid trends in our wine club sales as our most loyal customers enjoyed cherished favorites along with our new innovative offerings.

隨著我們進入本財年的下半年，我們預計 Kosta Browne 在接下來的兩個季度中的每個季度都會有類似的表現。值得注意的是，我們的阿巴拉契亞系列在第四季度提供了 Kosta Browne 最大的產品船。而且由於與上一年相比這是時間上的轉變，我們預計它將在今年晚些時候成為我們收入和利潤表現的重要推動力。與 Kosta Browne 的實力相輔相成的是我們的葡萄酒俱樂部銷售穩健的趨勢，因為我們最忠實的客戶享受著珍貴的最愛以及我們的創新產品。

At our tasting rooms, results were generally stable in spite of inclement weather that temporarily impacted visitation during the quarter. As we look ahead, we are encouraged by how early bookings are shaping up for this spring. Our innovation extends well beyond the boundaries of DTC. Our new wines have also achieved great success at scale in the wholesale channel. One of our proudest accomplishments is the success of Decoy Limited, our elevated blue label Decoy offering. Leveraging the strength of the Decoy winery brand, we have managed to deliver incremental growth by filling a previously open space in the portfolio.

在我們的品酒室，儘管惡劣天氣暫時影響了本季度的訪問量，但結果總體穩定。展望未來，我們對今年春季提前預訂的情況感到鼓舞。我們的創新遠遠超出了 DTC 的界限。我們的新酒在批發渠道也取得了規模化的成功。我們最引以為豪的成就之一是 Decoy Limited 的成功，這是我們升級的藍色標籤 Decoy 產品。借助 Decoy 酒莊品牌的實力，我們成功地填補了產品組合中先前的空缺，實現了增量增長。

Since the initial introduction of Decoy Limited with four varietals offered in early 2021, Decoy Limited has continued to post outsized growth through increased distribution of the original varietals and the market's warm acceptance of new offerings, with strong initial sell-in of our new Decoy Limited Brute Rose and limited Alexander Valley Merlot serving as recent positive examples. We are delighted to be bringing to the market these delicious wines at the attainable luxury price point, and we are increasingly being recognized for it, by both the consumer and trade. In fact, Decoy Limited Red Blend was recently named the 2022 #2 value wine by Wine Spectator across all wine varieties globally rated 90 points or higher and widely available at $40 or less. This recognition highlights and validates our ability to provide outstanding wine at an attainable luxury price point.

自 2021 年初首次推出提供四種品種的 Decoy Limited 以來，Decoy Limited 通過增加原始品種的分銷和市場對新產品的熱烈接受，以及我們新的 Decoy Limited 的強勁初始銷售，繼續實現超額增長Brute Rose 和有限的 Alexander Valley Merlot 是最近的積極例子。我們很高興以可達到的奢侈價格將這些美味的葡萄酒推向市場，我們越來越受到消費者和貿易商的認可。事實上，Decoy Limited Red Blend 最近被 Wine Spectator 評為 2022 年價值第二的葡萄酒，在全球所有葡萄酒品種中獲得 90 分或更高的評分，並且以 40 美元或更低的價格廣泛供應。這一認可突出並驗證了我們以可達到的奢侈價格點提供優質葡萄酒的能力。

In summary, I'm very pleased with our second quarter and first half performance. The underpinnings that support continued premiumization and the outperformance of the luxury subsegment relative to the total wine segment remain intact, and the key components of our long-term growth strategy that have allowed us to outpace the luxury subsegment only continues to strengthen. We had in the back half of the fiscal year with good momentum. I am confident in our ability to continue to deliver strong, highly profitable growth, which is reflected in the upwardly revised full year guidance that we are announcing today.

總之，我對我們第二季度和上半年的表現感到非常滿意。支持持續高端化的基礎和奢侈品細分市場相對於整個葡萄酒細分市場的出色表現仍然完好無損，我們長期增長戰略的關鍵組成部分使我們能夠超越奢侈品細分市場，只會繼續加強。我們在本財年的後半段取得了良好的勢頭。我相信我們有能力繼續實現強勁、高利潤的增長，這反映在我們今天宣布的向上修訂的全年指引中。

With that, I'll now turn it over to Lori to discuss our second quarter performance and updated fiscal year 2023 outlook in greater detail.

有了這個，我現在將它交給 Lori 來更詳細地討論我們第二季度的業績和更新的 2023 財年展望。

Thank you, Alex, and good afternoon, everyone. It's delightful to speak with you about another solid quarter as our highly diversified and scaled omnichannel luxury platform, coupled with sound execution of our long-term growth strategy, continue to provide strong financial results.

謝謝你，亞歷克斯，大家下午好。很高興與您談論另一個穩定的季度，因為我們高度多元化和規模化的全渠道奢侈品平台，加上我們長期增長戰略的良好執行，繼續提供強勁的財務業績。

Beginning with our top line, net sales were $103.5 million, a 4.8% increase in organic growth compared to the prior year period. These results reflect 5.2% growth in price mix, driven primarily by favorable channel mix and price increases. As anticipated, our high-margin DTC channel delivered robust growth in the quarter, benefiting from the previously mentioned change in cadence of the Kosta Browne single-vineyard series offering from the first quarter into the second quarter, as well as the highly successful inaugural Kosta Browne Burgundy offering.

從我們的收入開始，淨銷售額為 1.035 億美元，與去年同期相比有機增長增長 4.8%。這些結果反映了價格組合增長 5.2%，主要受有利的渠道組合和價格上漲的推動。正如預期的那樣，我們的高利潤 DTC 渠道在本季度實現了強勁增長，這得益於前面提到的 Kosta Browne 單一葡萄園系列產品從第一季度到第二季度的節奏變化，以及非常成功的首屆 Kosta Browne 勃艮第產品。

Positive price mix was partially offset by a de minimis 0.4% decline in volumes. This was in line with our expectations and primarily driven by Duckhorn Vineyards and Decoy, as we lapped a tremendous 24.8% volume growth comparison in the prior year period. As Alex noted earlier, second quarter wholesale depletion growth outpaced shipment growth with accounts sold and to a slightly lesser extent, number of labels in each account continuing to serve as the driving forces behind our top line results, while velocity per account remained consistently strong.

積極的價格組合部分被銷量微降 0.4% 所抵消。這符合我們的預期，主要由 Duckhorn Vineyards 和 Decoy 推動，因為與去年同期相比，我們實現了 24.8% 的巨大銷量增長。正如 Alex 早些時候指出的那樣，第二季度批發耗盡增長超過了出貨量增長，其中銷售的賬戶數量略有減少，每個賬戶中的標籤數量繼續作為我們收入結果背後的驅動力，而每個賬戶的速度仍然保持強勁。

Turning to net sales performance by channel. As we forecasted, the direct-to-consumer channel was our greatest growth contributor in the quarter, increasing 58.9% over the prior year period. This significant increase was due predominantly to the offering cadence shift for the Kosta Browne offerings I mentioned a moment ago. Wine club sales growth also contributed nicely to the quarter, while revenue from our tasting rooms was flat, with visitations impacted by inclement weather.

轉向按渠道劃分的淨銷售業績。正如我們預測的那樣，直接面向消費者的渠道是我們本季度最大的增長貢獻者，比去年同期增長 58.9%。這一顯著增長主要是由於我剛才提到的 Kosta Browne 產品的產品節奏轉變。葡萄酒俱樂部的銷售額增長也為本季度做出了很好的貢獻，而我們品酒室的收入持平，訪問量受到惡劣天氣的影響。

California direct-to-trade was up 1.1% compared to the prior year period. We were pleased with this result, particularly given the challenging 19% year ago comparison, when California saw significant reopening at on-premise businesses. Our wholesale to distributor channel declined 4.5% compared to the prior year quarter. While this is an outlier relative to our historical performance, these results were in line with our expectations. And once again, one year performance only tells part of the story.

與去年同期相比，加州直接貿易增長了 1.1%。我們對這一結果感到滿意，特別是考慮到與一年前相比具有挑戰性的 19%，當時加利福尼亞州的本地企業大量重新開業。與去年同期相比，我們的批發到分銷商渠道下降了 4.5%。雖然相對於我們的歷史表現，這是一個異常值，但這些結果符合我們的預期。再一次，一年的表現只是故事的一部分。

Looking at our two year trends, the channel increased 27.4%, a sound acceleration relative to the 22.4% growth rate realized in the first quarter. Second quarter gross profit was $55.2 million, an increase of $5.7 million or 11.5% compared to the prior year period. On an adjusted basis, gross profit grew to $55.5 million, an increase of 11.6% compared to the prior year period. This represented a 53.6% adjusted gross margin, up approximately 320 basis points year-over-year, driven by improved channel mix from DTC and price increases implemented earlier in the fiscal year.

從我們的兩年趨勢來看，該渠道增長了 27.4%，相對於第一季度實現的 22.4% 的增長率有了明顯的加速。第二季度毛利潤為 5520 萬美元，比去年同期增加 570 萬美元或 11.5%。在調整後的基礎上，毛利潤增長至 5550 萬美元，比去年同期增長 11.6%。這表示調整後的毛利率為 53.6%，同比增長約 320 個基點，這得益於 DTC 改善的渠道組合和本財年早些時候實施的價格上漲。

Total selling, general and administrative expenses were largely in line with our expectations, up $5.7 million or 24% compared to the prior year period. This increase is primarily attributable to professional fees and planned growth investments intended to optimally position us for continued execution against our significant multi-year wholesale distribution white space opportunity.

總銷售、一般和管理費用基本符合我們的預期，比去年同期增加 570 萬美元或 24%。這一增長主要歸因於專業費用和計劃中的增長投資，旨在優化我們的定位，以繼續執行我們重要的多年批發分銷空白機會。

On an adjusted basis, total operating expenses increased by $2.9 million or 14.8%. Net income was $14.9 million and diluted EPS was $0.13 per share compared to net income of 17.9 and $0.16 per share in the prior year period. Adjusted net income came in at $21.1 million, and adjusted EPS was $0.18 per diluted share compared to 19.5 and $0.17 per diluted share in the prior year period.

在調整後的基礎上，總運營費用增加了 290 萬美元或 14.8%。淨收入為 1490 萬美元，攤薄後每股收益為 0.13 美元，而去年同期的淨收入分別為 17.9 美元和每股 0.16 美元。調整後淨收入為 2110 萬美元，調整後每股攤薄收益為 0.18 美元，而去年同期為 19.5 美元和每股攤薄收益 0.17 美元。

Adjusted EBITDA for the quarter increased 13.1% to $38.8 million. This represented 37.5% of net sales compared to 34.7% of net sales in the prior year period. This 280 basis point increase reflects our solid top line growth as well as robust gross profit generation, partially offset in the quarter by planned growth investments, including in our sales force. At the end of the quarter, we had cash of $7.3 million and total debt of $225.8 million, resulting in our leverage ratio declining to 1.7x net debt.

本季度調整後的 EBITDA 增長 13.1% 至 3880 萬美元。這占淨銷售額的 37.5%，而去年同期占淨銷售額的 34.7%。這 280 個基點的增長反映了我們穩健的收入增長以及強勁的毛利潤產生，在本季度被計劃的增長投資（包括我們的銷售團隊）部分抵消。在本季度末，我們擁有 730 萬美元的現金和 2.258 億美元的總債務，導致我們的槓桿率降至淨債務的 1.7 倍。

Let's now look to our outlook for the rest of the fiscal year. Given our strong year-to-date performance and confidence in our ability to execute throughout the remainder of the year, we are raising our guidance for the fiscal year 2023, which now calls for net sales of $398 million to $404 million, reflecting approximately 7% to 8.5% organic volume-led growth.

現在讓我們看看我們對本財年剩餘時間的展望。鑑於我們年初至今的強勁表現以及對我們在今年剩餘時間的執行能力的信心，我們正在提高 2023 財年的指引，現在要求淨銷售額為 3.98 億美元至 4.04 億美元，反映了大約 7 % 至 8.5% 的有機銷量增長。

Adjusted EBITDA of $135 million to $138 million, adjusted EPS of $0.63 to $0.65 per diluted share. We are also making a few updates to certain assumptions underlying our full year guidance, namely interest expense and adjusted gross margin. We now expect interest expense of approximately $11 million to $12 million, which is down from the $13.5 million to $14.5 million range we indicated last quarter and reflects some upside from interest rate hedges.

調整後的 EBITDA 為 1.35 億美元至 1.38 億美元，調整後每股收益為 0.63 美元至 0.65 美元。我們還對我們全年指導所依據的某些假設進行了一些更新，即利息支出和調整後的毛利率。我們現在預計利息支出約為 1,100 萬美元至 1,200 萬美元，低於我們上個季度指出的 1,350 萬美元至 1,450 萬美元的範圍，反映了利率對沖的一些上行空間。

To reflect our second quarter and first half outperformance, we now expect adjusted gross margins for fiscal 2023 to reflect modest expansion, which is an improvement versus our prior guide of flat to down approximately 50 basis points year-over-year. While we are raising our guidance for the full fiscal year, as it relates to cadence, we would point you to the detailed quarterly net sales guidance we provided on our last two calls, including our discussion of Q4.

為了反映我們第二季度和上半年的出色表現，我們現在預計 2023 財年調整後的毛利率將適度擴張，這比我們之前的持平指南有所改善，同比下降約 50 個基點。雖然我們正在提高整個財政年度的指導，因為它與節奏有關，但我們會向您指出我們在上兩次電話會議上提供的詳細季度淨銷售額指導，包括我們對第四季度的討論。

As a reminder, our largest Kosta Browne offering, the Appalachian series has shifted entirely from the third quarter into the fourth quarter starting in this fiscal year. It is also important to remember that variability in monthly wholesale channel performance can influence any given quarter, including those late in the fiscal year. However, we remain confident in our overall ability to deliver outsized and broad-based growth embedded in our guidance for the second half in both our wholesale and DTC channels.

提醒一下，我們最大的 Kosta Browne 產品，從本財年開始，Appalachian 系列已從第三季度完全轉移到第四季度。同樣重要的是要記住，每月批發渠道績效的變化會影響任何給定的季度，包括財政年度後期的季度。然而，我們對我們在下半年批發和 DTC 渠道的指導中嵌入的超大和廣泛增長的整體能力仍然充滿信心。

Overall, we are very pleased with the second quarter and our strong results in the first half have provided us with a high degree of confidence as we enter the back half of fiscal year 2023. As we discussed when we reported earnings after the first quarter, I plan to retire in the next few months. Accordingly, this is likely to be the last quarterly earnings conference call for which I will have the pleasure of joining you. I'm pleased to be retiring from the Duckhorn Portfolio at a time when the company continues to deliver strong performance with momentum into the future.

總體而言，我們對第二季度感到非常滿意，上半年的強勁業績為我們進入 2023 財年下半年提供了高度信心。正如我們在第一季度後報告收益時所討論的那樣，我計劃在接下來的幾個月內退休。因此，這可能是我有幸參加的最後一次季度收益電話會議。我很高興從 Duckhorn Portfolio 退休，而此時公司繼續提供強勁的業績，並在未來充滿活力。

With that, Alex has a few closing comments.

至此，亞歷克斯發表了一些結束語。

Thank you, Lori. We truly appreciate your invaluable contributions to the company that will leave a lasting impression for years to come. Our national search for Lori's successor continues along our expected time line. To close, I'd like to reiterate my confidence in premiumization serving as a persistent tailwind to the industry and for The Duckhorn Portfolio to continue to outperform the fastest-growing subsegment in wine, luxury.

謝謝你，洛瑞。我們非常感謝您為公司做出的寶貴貢獻，這將在未來幾年留下持久的印象。我們在全國范圍內尋找 Lori 的繼任者，並按照我們預期的時間表繼續進行。最後，我想重申我對高端化作為行業持續順風的信心，以及 Duckhorn Portfolio 將繼續跑贏葡萄酒、奢侈品中增長最快的細分市場。

To ensure that we remain a category growth leader, we are committed to making the necessary investments in our business to support the continued execution against our considerable wholesale distribution white space opportunity, and as we scale, we will be vigilant in bringing a healthy balance between growth and profitability as we seek to maximize long-term shareholder value.

為確保我們保持類別增長的領導者地位，我們致力於對我們的業務進行必要的投資，以支持針對我們可觀的批發分銷空白機會的持續執行，並且隨著我們的規模擴大，我們將保持警惕，以在兩者之間實現健康的平衡增長和盈利能力，因為我們尋求最大化長期股東價值。

With that, Lori, Sean and I are available to take your questions.

這樣，Lori、Sean 和我就可以回答您的問題了。

(Operator Instructions) The first question comes from Gerald Pascarelli with Wedbush Securities.

（操作員說明）第一個問題來自 Wedbush Securities 的 Gerald Pascarelli。

Understanding that DTC is obviously going to see lumpiness and we're kind of over two months into the quarter here, can you maybe speak to some of the quarter-to-date trends that you've seen in your wholesale business from a top line perspective? Is it performing relative to your expectations from both the volume and pricing perspective? Just looking for any kind of color that you've seen headed into the third quarter here.

了解到 DTC 顯然會出現波動，而且我們已經進入本季度兩個多月了，您能否談談您在批發業務中看到的一些季度最新趨勢？看法？從數量和定價的角度來看，它的表現是否符合您的預期？只是尋找你在第三季度看到的任何一種顏色。

Gerald, thanks for joining us this afternoon. I can tell you that our third quarter Kosta Browne offering has completed and it's been fully subscribed, and we're very excited about it. But also remind you that historically, that has -- it happens with Kosta Browne. It's generally fully subscribed, and we've seen the same thing with this quarter. And that gives us a lot of confidence into our Q4 plans as well because a big piece of the growth in Q4 is the Kosta Browne Appalachian offering. So we expect similar results there as well.

杰拉爾德，感謝您今天下午加入我們。我可以告訴你，我們第三季度的 Kosta Browne 產品已經完成並且已經全部訂閱，我們對此感到非常興奮。但也要提醒你，從歷史上看，這種情況發生在 Kosta Browne 身上。它通常是完全訂閱的，我們在本季度看到了同樣的情況。這也讓我們對我們的第四季度計劃充滿信心，因為第四季度增長的很大一部分是 Kosta Browne Appalachian 產品。所以我們也期待類似的結果。

Right. Understanding DTC from your core wholesale channel, I guess, just looking for like any kind of read on how things are trending from the downtick it was implied down for. Sorry about that.

正確的。從你的核心批發渠道了解 DTC，我想，只是尋找任何一種關於事物如何從暗示下跌的下跌趨勢的解讀。對於那個很抱歉。

Okay. All right. Sorry, I didn't understand. Yes. So we don't expect any change in Q3 from our expectations. We're increasing our guidance slightly because we've had strong performance across the top -- up and down our P&L, and we expect continued strong performance. And in our forecasting in Q3 and Q4, we have very reasonable expectations on depletions, and we expect things to continue. We don't see any changes coming down the pipe.

好的。好的。對不起，我沒聽懂。是的。因此，我們預計第三季度的預期不會有任何變化。我們略微提高了我們的指導，因為我們在損益表上下都有強勁的表現，我們預計會繼續保持強勁的表現。在我們對第三季度和第四季度的預測中，我們對消耗量有非常合理的預期，我們預計情況會繼續下去。我們沒有看到任何變化正在發生。

The following question comes from Gregory Porter with Evercore.

以下問題來自 Evercore 的 Gregory Porter。

Just two quick question in terms of your guidance. What would be the key driver, I guess, of the upside for your guidance change? And then secondarily, is there any assumption of a weakening consumer environment in the back half? Or is the assumption that kind of things stay as they are now?

關於您的指導，只有兩個簡單的問題。我想，您的指導變化的主要推動因素是什麼？其次，是否存在下半年消費環境疲軟的假設？還是假設事情會保持現在的樣子？

Sure. Yes. So on the top line, we're really rolling through all of the first half outperformance, and some of the things that we're thinking about as we think about that is in our wholesale channel, inventories are really in a good position. We're forecasting shipments, which align very well with our targeted days on hand. We're seeing the benefits rolling through from our pricing changes. And also, we're seeing benefits from the strategic investments that we've made in our sales team.

當然。是的。因此，最重要的是，我們真的經歷了上半年的所有表現，我們正在考慮的一些事情是在我們的批發渠道中，庫存確實處於有利位置。我們正在預測出貨量，這與我們的目標庫存天數非常吻合。我們看到了定價變化帶來的好處。而且，我們看到了我們對銷售團隊進行的戰略投資的好處。

And then as I've mentioned earlier, we have our depletion plan for Q3 and Q4 is really reasonable based on what we've seen in the first half. And then the historic experience we've had with our Kosta Browne offerings and how reliable those are and how we have them planned in the quarters. And then I believe your second question had to do with trade down?

然後正如我之前提到的，根據我們在上半年看到的情況，我們制定了第三季度和第四季度的耗盡計劃。然後是我們在 Kosta Browne 產品方面的歷史經驗，以及這些產品的可靠性以及我們如何在季度中計劃它們。然後我相信你的第二個問題與降價交易有關？

Yes. Just with the consumer environment is baked in.

是的。只是與消費環境有關。

Yes. Just to follow-up on that. It's a good question. And right now, we're not making any adjustment for changes in our consumers' behavior. And I stress that point, the people buying and enjoying our wines, which has been obviously a big part of our high performance.

是的。只是為了跟進。這是個好問題。現在，我們不會針對消費者行為的變化做出任何調整。我強調這一點，人們購買和享用我們的葡萄酒，這顯然是我們出色表現的重要組成部分。

We haven't seen our consumer trading out of luxury, and we don't anticipate that they will, they will still stay within the luxury subsegment.

我們還沒有看到我們的消費者放棄奢侈品，我們預計他們不會，他們仍將留在奢侈品細分市場。

The following question comes from Kaumil Gajrawala with Credit Suisse.

以下問題來自瑞士信貸的 Kaumil Gajrawala。

Can you maybe clarify and give some more details on your comments on incremental investing. I think you said increasing sales force, a few other things. Are they -- is this incremental in the sense that the quarters obviously come in better -- not the quarter, the first half has come in better than expected, maybe freeing up some additional marketing spend? Or is this something that was maybe always part of the plan?

你能否澄清並提供更多關於你對增量投資的評論的細節。我想你說的是增加銷售人員，還有其他一些事情。他們是——從季度明顯更好的意義上來說，這是增量嗎——而不是季度，上半年的表現好於預期，也許釋放了一些額外的營銷支出？或者這可能一直是計劃的一部分？

Kaumil, thank you for the questions. So we don't have any change in our guide. We announced our fiscal year '23 guidance. We mentioned that we'd be investing in Summit in our sales team. And those investments have been made, and we're seeing results, but -- and we don't have any changes to our plans in that regard.

考米爾，謝謝你的提問。所以我們的指南沒有任何變化。我們宣布了我們的 23 財年指南。我們提到我們將在我們的銷售團隊中投資 Summit。這些投資已經進行，我們正在看到結果，但是——我們在這方面的計劃沒有任何改變。

And I'd just add from a strategy perspective, historically, we've looked at companies that have invested during downturns. And they have generally performed better when the upswing or period of dislocation ends. And so we believe that the investments we've made in innovation and efforts to secure a high-quality great supply and investment in people and systems, that's going to bode well for us in the long-term.

我只想從戰略角度補充，從歷史上看，我們研究過在經濟低迷時期進行投資的公司。當上漲或錯位期結束時，它們通常表現更好。因此，我們相信，從長遠來看，我們在創新方面的投資以及為確保高質量供應和對人員和系統的投資所做的努力，這對我們來說是個好兆頭。

Kaumil, it's a good question. With those investments going to help us continue to take share, and we're very confident in that. And I think to Sean's point, by taking share now and into the future, we think -- when the really good days come back, we'll be extremely well poised to continue to capitalize on that in the luxury market.

考米爾，這是個好問題。這些投資將幫助我們繼續分享，我們對此非常有信心。而且我認為肖恩的觀點是，通過現在和未來的分享，我們認為 - 當真正美好的日子回來時，我們將非常準備繼續在奢侈品市場上利用它。

Okay. Great. And then maybe an update on the incremental distribution. You mentioned wholesale strength that you continue to gain distribution. I think you shared some figures at ICR on kind of the opportunity and how far along you are? I'm just curious if you could maybe give an update or talk about your progress on some of these shelf-space wins.

好的。偉大的。然後可能是增量分發的更新。你提到了你繼續獲得分銷的批發實力。我想你在 ICR 上分享了一些關於機會種類和進展情況的數據？我只是想知道您是否可以提供更新或談論您在這些貨架空間勝利中取得的進展。

Sure. So the focus that we spoke of, that I think you're referring to is our -- what we view is our total addressable market of accounts that are appropriate for our wines. And in our year end earnings in October, we spoke to what we view as our goals for our potential to increase that penetration from 24% to 29% over the course of the fiscal year period. For where we are now in that journey, which is obviously early, we feel very good -- we continue to feel very good about not only meeting that goal, but also effectively getting where we want to be on the other two vectors, which is increasing the number of SKUs on the shelf and then obviously increasing velocity over time of those SKUs. So we feel like where we should be to make good progress on that goal.

當然。因此，我們談到的重點，我認為你指的是我們的 - 我們認為是適合我們葡萄酒的總可尋址客戶市場。在 10 月份的年終收益中，我們談到了我們認為有可能在本財年期間將滲透率從 24% 提高到 29% 的目標。對於我們現在在這段旅程中所處的位置，這顯然是早期的，我們感覺非常好——我們繼續感覺非常好，不僅實現了這個目標，而且有效地實現了我們想要在其他兩個向量上到達的位置，這是增加貨架上的 SKU 數量，然後隨著時間的推移明顯增加這些 SKU 的速度。所以我們覺得我們應該在這個目標上取得良好進展。

The next question comes from Andrea Teixeira with JPMorgan.

下一個問題來自摩根大通的 Andrea Teixeira。

Lori, congrats again on your retirement, and thank you for educating all of us. One of the questions that I had is like -- and you included very strong, of course, from Kosta Browne and also the improvement in Decoy Limited. But I think when we look at Nielsen, and I know, obviously, there are puts and takes there. Can you kind of help us understand kind of like the disconnect a bit with the track channel data? And then related to -- and just a clarification also on your guide, I understand like Lori said, you raised a bit. It seems that the top line bit was about $11 million and EBITDA bit by $7 million.

Lori，再次祝賀你退休，感謝你對我們所有人的教育。我遇到的其中一個問題是——當然，你包括來自 Kosta Browne 的非常強大的問題以及 Decoy Limited 的改進。但我認為，當我們看尼爾森時，我知道，很明顯，那裡有投入和投入。你能幫我們理解一下與軌道通道數據的斷開嗎？然後與 - 只是對您的指南進行澄清，我理解就像 Lori 所說的那樣，您提出了一點。似乎頂線位約為 1100 萬美元，EBITDA 位為 700 萬美元。

So you only raised at the end of the fiscal year by $4 million and then $2 million, respectively. So wondering if you're seeing -- it doesn't look like you're embedding any deceleration there, but perhaps just being conservative, how to think about the bridge to guidance?

所以你只在財政年度結束時分別籌集了 400 萬美元和 200 萬美元。所以想知道你是否看到 - 看起來你沒有在那裡嵌入任何減速，但也許只是保守，如何考慮通往指導的橋樑？

Andrea, I'll take the first one, and I think I will pass the second one to Lori. We're seeing really solid -- we can all skin scanner data, Nielsen and others in many different ways, but we're seeing really solid Nielsen data reporting on our subsegment and certainly on our company. So we're not anticipating really any changes than continued growth in that area and resulting growth with us. And as you guys will all recall, scanner data represents about 1/3 of our overall business.

Andrea，我選第一個，我想我會把第二個傳給 Lori。我們看到了非常可靠的——我們可以通過許多不同的方式獲得所有皮膚掃描儀數據，尼爾森和其他人，但我們看到了關於我們的細分市場和我們公司的非常可靠的尼爾森數據報告。因此，除了該領域的持續增長以及我們的增長之外，我們並沒有真正期待任何變化。你們都記得，掃描儀數據約占我們整體業務的 1/3。

And because of the diversification theme, we've stressed numerous times, that 1/3 is important, but there is 2/3 of other areas of business that continue to perform and we'll kind of continue to -- we feel confident, get us to where we're guiding and continued growth in the future. So I think we should -- we all -- Nielsen is a good guide, but it's difficult in a time period. So again, it's not our exclusive barometer.

由於多元化主題，我們已經多次強調，1/3 很重要，但還有 2/3 的其他業務領域繼續表現，我們會繼續——我們有信心，讓我們到達我們正在引導的地方，並在未來繼續增長。所以我認為我們應該——我們所有人——尼爾森是一個很好的嚮導，但在一段時間內很難做到。同樣，這不是我們的獨家晴雨表。

Yes, I know I get that, Alex. Just one clarification on that. On the cadence of the quarter also. I think like when we saw the data in general, right, not only in NAV track, all of the other ways that we can try to anticipate the trends, right? And obviously, it's not perfect, but it's the only thing we can look at. So it seems as if like there was a December softness and then January was better, and then February was a bit softer again. Is that the trend that you're seeing? And then -- and sorry, Lori, I just want to make sure that I get that clarification.

是的，我知道我明白了，亞歷克斯。對此只有一個澄清。論節律也。我認為當我們看到一般數據時，不僅是在 NAV 軌道上，我們還可以嘗試預測趨勢的所有其他方式，對嗎？顯然，它並不完美，但這是我們唯一可以看的東西。所以看起來好像有 12 月的疲軟，然後 1 月好一些，然後 2 月又軟了一點。這是你看到的趨勢嗎？然後——抱歉，Lori，我只是想確保我得到了澄清。

We did see that trend, but it really didn't hamper our overall performance. We did see the trend. We could talk it up to a number of factors, probably national crazy weather might be part of it. Then we saw, as you noted, some pullout in January and for us into February. So we're not concerned that, that was -- I think that was more of an isolated blip, not necessarily a trend that's affected the way we're looking at our business.

我們確實看到了這種趨勢，但它並沒有真正影響我們的整體表現。我們確實看到了趨勢。我們可以將其歸結為多種因素，全國瘋狂的天氣可能是其中的一部分。然後，正如您所指出的，我們在 1 月份和 2 月份看到了一些退出。所以我們並不擔心，那是——我認為這更像是一個孤立的現象，不一定是影響我們看待業務方式的趨勢。

And then just one other point on that. Overall, our results were in line with our expectations. And I think you'll recall in the prior year, there was some significant growth rates that we experience as on-premise was reopening in some of these things. And we see that the luxury market is really settling into a stable state with growth rates that we expect to see into the future.

然後就是關於這一點的另一點。總的來說，我們的結果符合我們的預期。而且我想你會記得在前一年，我們經歷了一些顯著的增長率，因為內部部署在其中一些事情中重新開放。我們看到，奢侈品市場正以我們預期的未來增長率真正進入穩定狀態。

With that said, I think you asked about EBITDA. And so, as we're guiding on our EBITDA, we're not rolling through all the first half adjusted EBITDA based favorability as you pointed out. And most of that has to do with some expenses, Andrea, the timing. They didn't roll through in the first half as we anticipated, and we expect those to push into the second half. So there's nothing unusual there, no increased spend. It's just kind of the normal cadence of our monthly and quarterly flow-through in anticipation of when those things will hit.

話雖如此，我想你問的是 EBITDA。因此，當我們指導我們的 EBITDA 時，我們並沒有像你指出的那樣滾動所有上半年調整後的基於 EBITDA 的好感度。其中大部分與一些費用有關，安德里亞，時間安排。他們沒有像我們預期的那樣在上半場取得成功，我們預計他們會進入下半場。所以那裡沒有什麼不尋常的，沒有增加支出。這只是我們每月和每季度流轉的正常節奏，以預期這些事情何時會發生。

That's helpful. And that's what marketing or some of increased costs?

這很有幫助。那是什麼營銷或一些增加的成本？

It's not -- it's just a wide array of things across the board. A bunch of little things that add up to a bigger number. So -- and it's not increased spend necessarily as much as it's just things that we had forecast would land in Q2 pushing into Q3 or what have you.

它不是 - 它只是全面的各種各樣的東西。一堆小東西加起來就是一個更大的數字。所以 - 它不一定會增加支出，因為它只是我們預測的東西會在第二季度進入第三季度或者你有什麼。

The next question comes from Christian Junquera with Bank of America.

下一個問題來自美國銀行的 Christian Junquera。

You have Christian on for Pete. Gross margins came in better -- much better than anticipated. Can you discuss the key drivers behind the upside? And it would also be helpful if you could discuss cost inflation. Are you guys beginning to see it moderate on your end?

你有克里斯蒂安代替皮特。毛利率更好——比預期好得多。你能談談上漲背後的關鍵驅動因素嗎？如果您可以討論成本通脹，這也會有所幫助。你們開始看到它在你們這邊溫和了嗎？

Sure. Yes. Thank you for your question as well. So we anticipate modest adjusted gross margin expansion and as we've seen. And it's driven mostly by we're seeing the benefit of the pricing strategy and the pricing increases. And then also, we have some favorable brand mix in there. I think we've talked about before, we're constantly looking for ways to improve our margins and continue to deliver quality wines at the same time. And part of what we're seeing is, we talked about we made price adjustments to manage inflation. We're seeing that come through beneficially.

當然。是的。也謝謝你的問題。因此，我們預計調整後的毛利率會適度擴張，正如我們所看到的那樣。這主要是因為我們看到了定價策略的好處和價格上漲。然後，我們在那裡有一些有利的品牌組合。我想我們之前已經談過，我們一直在尋找提高利潤率的方法，同時繼續提供優質葡萄酒。我們所看到的部分情況是，我們談到我們進行了價格調整以管理通貨膨脹。我們看到這是有益的。

With regard to our Decoy brand in specific, we're seeing improved margin. We've been focusing on it very hard over the last few years. And one of the things that we've done is we've moved our Decoy white to a California Appalachian, our Decoy white label, that is while continuing to high-grade the quality of the wine and also ensure we have sufficient supply to meet our consumer demand. In addition to that, we're seeing really strong performance from our Decoy Limited offering, which is our blue label, and that has margins that are favorable to our Decoy wine brand, which we're seeing as well.

具體到我們的 Decoy 品牌，我們看到利潤率有所提高。在過去的幾年裡，我們一直非常努力地關注它。我們所做的其中一件事是將我們的 Decoy 白葡萄酒轉移到加利福尼亞阿巴拉契亞山脈，即我們的 Decoy 白標，同時繼續提高葡萄酒的質量，並確保我們有足夠的供應來滿足我們的消費需求。除此之外，我們看到我們的 Decoy Limited 產品表現非常強勁，這是我們的藍色標籤，它的利潤率有利於我們的 Decoy 葡萄酒品牌，我們也看到了這一點。

But in regard to your question on inflation, we've talked about that in the past, and we've made those pricing adjustments to accommodate for that, and we feel very confident that we're getting the results that we anticipated.

但關於你關於通貨膨脹的問題，我們過去已經談過這個問題，我們已經進行了定價調整以適應這個問題，我們非常有信心我們正在獲得我們預期的結果。

The next question comes from Lauren Lieberman with Barclays.

下一個問題來自巴克萊銀行的 Lauren Lieberman。

Great. I want to talk a bit about gross margins. And my first question was just how much of the gross margin recovery or expansion this quarter stem from Kosta Browne and Burgundy this quarter versus other channel mix considerations on pricing?

偉大的。我想談談毛利率。我的第一個問題是本季度毛利率的恢復或擴張有多少來自本季度的 Kosta Browne 和 Burgundy，而不是其他渠道組合對定價的考慮？

Yes. As we talked about last quarter, we anticipated that quite a big piece of that would be related to Kosta Browne. Kosta Browne has a big impact on our margin in that as those -- as we change those -- the cadence of those shipments. So it did have an outsized impact. We don't really report on individual brand margins or their results, but it was a sizable impact.

是的。正如我們在上個季度談到的那樣，我們預計其中很大一部分將與 Kosta Browne 相關。 Kosta Browne 對我們的利潤產生了重大影響，因為那些——當我們改變這些——這些出貨的節奏時。所以它確實產生了巨大的影響。我們並沒有真正報告單個品牌的利潤率或其結果，但這是一個相當大的影響。

Okay. So if you look forward, right, the Kosta Browne dynamics in the second half, it's just a shift from one quarter to the other. So on a half of the year should theoretically even out. But it still implies -- the guidance now implies the gross margin performance really decelerate second half versus first half. And I'm not terribly clear on why. So if you could help with that, it would be great.

好的。所以如果你向前看，對吧，Kosta Browne 在下半場的動態，這只是從一個季度到另一個季度的轉變。所以理論上一年的一半應該是平均的。但它仍然暗示 - 現在的指導意味著下半年的毛利率表現確實比上半年有所放緩。我不是很清楚為什麼。因此，如果您能提供幫助，那就太好了。

So the -- so Kosta Browne has been in our results historically, and it continues. It just has been shifting, as we talked about before, moving -- the bigger piece of the shipment was in Q3 last year, this year, it will be in Q4. So in general, our end of the year margins will be -- will not be impacted by that. And so the guidance that we're providing with regard to margin and the slight improvement there has to do more with the other things that we've talked about, the -- realizing the pricing as well as a little bit of brand mix.

所以 - 所以 Kosta Browne 在歷史上一直在我們的結果中，而且它還在繼續。正如我們之前談到的那樣，它一直在變化——去年第三季度出貨量較大，今年將在第四季度。所以總的來說，我們年底的利潤率將不會受到影響。因此，我們提供的關於利潤率的指導和那裡的輕微改善必須與我們討論過的其他事情做更多的事情——實現定價以及一些品牌組合。

Okay. So I'm just saying, but I guess what I'm getting at is that second half gross margins given the guidance, I think, is implied to be lower than first half gross margin. And I don't believe that there is seasonality in the business that would support that. So I'm just (technical difficulty) way the second half gross margin guidance or implied looks a bit conservative. And I just was wondering if you're building in or leaving cushion for maybe some greater promotional activity, leaving wiggle room for weakness in the consumer or if there is just something I'm missing in terms of timing on inflation.

好的。所以我只是說，但我想我得到的是下半年的毛利率，我認為，我認為這意味著低於上半年的毛利率。而且我不認為業務中存在支持這一點的季節性。所以我只是（技術困難）下半年毛利率指導或暗示看起來有點保守。我只是想知道你是否正在為一些更大的促銷活動建立或留下緩衝，為消費者的弱點留下迴旋餘地，或者我是否只是在通貨膨脹的時機方面缺少一些東西。

Yes. So we won't see the same level of gain in Q3 as we saw in Q2, because Q2 had a bigger -- a much bigger Kosta Browne, Appalachian -- sorry, single-vineyard series offering, and it's a smaller offering in Q3. So that will have some impact in margin. But we do anticipate having strong margins in the back half. And our forecasting is the best that we have today, right? So it may have some -- a little bit of conservative in it -- conservatism in it just to give us the flexibility in a dynamic market if we're desired to take advantage of that. But we'll see, our margin -- remember, our gross profit margin has a lot to do with mix.

是的。所以我們不會在第三季度看到與第二季度相同的收益水平，因為第二季度有一個更大——更大的科斯塔布朗，阿巴拉契亞——抱歉，單一葡萄園系列產品，而且它在第三季度的產品較小.所以這會對保證金產生一些影響。但我們確實預計後半部分會有強勁的利潤率。我們的預測是我們今天最好的，對吧？所以它可能有一些 - 有點保守 - 保守主義只是為了給我們在動態市場中的靈活性，如果我們希望利用它的話。但我們會看到，我們的利潤率——請記住，我們的毛利率與組合有很大關係。

And so -- but ultimately, at the end of the day, when we get down to earnings, the gross profit margin fluctuation isn't always impactful to our earnings line because if we were -- if it's -- because we're selling into California versus direct-to-distributor, that'll impact our gross profit margin, but it doesn't impact our earnings margin.

所以 - 但最終，在一天結束時，當我們開始討論收益時，毛利率波動並不總是對我們的收益線產生影響，因為如果我們 - 如果 - 因為我們正在銷售進入加利福尼亞與直接面向分銷商，這將影響我們的毛利率，但不會影響我們的利潤率。

(Operator Instructions) Our next question comes from Noah Erni with Jefferies.

（操作員說明）我們的下一個問題來自 Jefferies 的 Noah Erni。

Great. Two for me, if possible. On the revenue guidance, your upwardly revised guide implies about 10% to 13% growth back half. And you provided some context earlier from Greg's question on the high-end assumptions. Could you also provide some background on the low-end assumptions and any big risks that could potentially affect that heading into the back half of the year? And then second, sort of looking at the weakness of consumption we have seen in the wine category more broadly, can you comment on overall weakness and wine consumption compared to beer and spirits and what the industry should be doing collectively to attract more consumers to the category?

偉大的。兩個給我，如果可能的話。關於收入指導，您向上修訂的指導意味著大約 10% 到 13% 的增長後半部分。你之前提供了格雷格關於高端假設的問題的一些背景信息。您能否提供一些關於低端假設的背景知識以及可能影響到下半年的任何重大風險？其次，更廣泛地審視我們在葡萄酒類別中看到的消費疲軟，您能否評論與啤酒和烈酒相比的整體疲軟和葡萄酒消費，以及該行業應該共同做些什麼來吸引更多消費者類別？

All right. Good series of questions there for you. To start is, we're pretty optimistic, we're pretty confident, optimistic on our guidance as you would expect. I don't think I could sit here and isolate any materials and identifiable concerns that we have, right? It's a dynamic market, some might call it challenging. And we seem to be doing extremely well in it for a whole host of regions, kind of our long-term plan of how we're supposed to be executing, and we are executing on that area.

好的。有很多問題等著你。首先，我們非常樂觀，我們非常有信心，對我們的指導持樂觀態度，正如您所期望的那樣。我不認為我可以坐在這裡隔離我們擁有的任何材料和可識別的問題，對嗎？這是一個充滿活力的市場，有些人可能會稱之為挑戰。我們似乎在許多地區都做得非常好，這是我們應該如何執行的長期計劃，我們正在該地區執行。

So I need to give you my prudent comments, but the reality is, we are comfortable with the guidance range we gave you in both ends, given that we got 5.5 more months of execution into the summer to take place. So...

所以我需要給你我謹慎的評論，但現實是，我們對我們在兩端給你的指導範圍感到滿意，因為我們在夏季還有 5.5 個月的執行時間。所以...

As you pointed out, guidance is just a range, right? So how we think things will come out, it's kind of our best estimate at this time. There's nothing that's causing us undue concern in the bottom range of that guidance. It's just we take into account the information we obtained from our distributors, what we're seeing out there in the market, what we're seeing in just basic overall economic dynamics, and we put that all in together and create our forecast. And so there's nothing that gives us undue concern in the bottom range versus the high end.

正如您所指出的，指導只是一個範圍，對嗎？所以我們認為事情會怎樣，這是我們目前最好的估計。在該指南的底部範圍內，沒有什麼會引起我們過分的擔憂。只是我們考慮了從分銷商那裡獲得的信息，我們在市場上看到的，我們在基本的整體經濟動態中看到的，我們把所有這些放在一起並做出我們的預測。因此，與高端相比，沒有什麼讓我們過分擔心底部範圍。

I'd just note to Lori's point about [solid] range. You'll note that not only did we take up guidance, but we also tightened those ranges, both on the net sales and adjusted EBITDA guidelines. So that gives you probably a sense of where we as a management team see that risk profile.

我只是注意到 Lori 關於 [solid] 範圍的觀點。您會注意到，我們不僅接受了指導，而且還收緊了淨銷售額和調整後 EBITDA 指導方針的範圍。因此，這可能會讓您了解我們作為管理團隊在哪裡看到了這種風險狀況。

What was the second part of your question? I'm sorry, I think we missed it as we're processing the first part of your question.

你問題的第二部分是什麼？抱歉，我想我們在處理您問題的第一部分時錯過了它。

No, worries, that's a long one. The second one was sort of with the overall weakness in consumption in the category, sort of what industry participants we're doing together collectively to attract more consumers?

不，擔心，那是一個很長的。第二個是關於該類別消費的整體疲軟，我們正在共同做哪些行業參與者來吸引更多消費者？

Been asked that a lot. I'll -- let me start by just taking a quick victory lap for our particular plans, right? We're executing a very focused, very exclusive luxury-based wine strategy. We've talked about it now for months and years in some cases. And I think it really shows that focus on concentrating on really the accessible part of luxury continues to pay off, and we understand what our trade, our distributors and certainly what our consumers desire from us, and it's working really, really well. The broader category and the broader wine market, as you've noticed, we've all seen the data, has some challenges, it's got to work through.

被問了很多。我會 - 讓我首先為我們的特定計劃快速取得勝利，對吧？我們正在執行一項非常專注、非常獨特的奢華葡萄酒戰略。在某些情況下，我們已經討論了數月甚至數年。我認為這確實表明，專注於奢侈品真正觸手可及的部分會繼續得到回報，我們了解我們的行業、我們的分銷商，當然還有我們的消費者對我們的期望，而且它運作得非常非常好。正如您所注意到的，更廣泛的類別和更廣泛的葡萄酒市場，我們都看到了數據，面臨一些挑戰，必須克服這些挑戰。

I don't know if taking a play out of big beer or big spirits is the right approach. But I think we are touching our consumers, largely in DTC ways, it's a form of marketing in the ways they want to be contacted and engaged with. And we as an industry are going to have to continue to do that. We seem to be doing it very well. The industry probably has a little more work to do in it. And I think that DTC to us is sometimes viewed as really successful marketing efforts on our part. And so maybe the industry has to look at how they engage customers better, whether it be more traditional advertising or ways that luxury wine does it more experiential ways is probably up for some debate.

我不知道玩大啤酒還是烈酒是正確的做法。但我認為我們正在接觸我們的消費者，主要是通過 DTC 方式，這是一種營銷形式，以他們希望接觸和參與的方式進行。作為一個行業，我們將不得不繼續這樣做。我們似乎做得很好。該行業可能還有更多工作要做。我認為 DTC 對我們來說有時被視為我們真正成功的營銷努力。因此，也許該行業必須研究他們如何更好地吸引客戶，無論是更傳統的廣告還是奢侈葡萄酒以更具體驗性的方式來做這件事，都可能引起一些爭論。

But I'll leave that comment with just saying that we do have the knowledge in that area as the customers for our band of price points really want to be engaged. And I think it's been demonstrated in our continued results and certainly, this wonderful quarter. So I hope that gives you a little bit of color.

但我會留下評論，只是說我們確實擁有該領域的知識，因為我們價位範圍內的客戶真的很想參與。我認為這已經在我們持續的業績中得到證明，當然，這個精彩的季度也得到了證明。所以我希望這能給你一點色彩。

Thank you. There are no other questions registered at this time. (Operator Instructions) There are no other questions. I will now pass it back to the management team for any closing remarks.

謝謝。目前沒有其他問題登記。 （操作員說明）沒有其他問題。我現在將把它傳回給管理團隊，聽取任何結束語。

Wonderful. Well, thank you all. I want to thank you again for joining us today to review our second quarter performance and our improved outlook for the remainder of the fiscal year. I look forward again to speaking with you in early June when we report our third quarter 2023 results. Until then, take care, and thank you.

精彩的。嗯，謝謝大家。我想再次感謝您今天加入我們，回顧我們第二季度的業績以及我們對本財年剩餘時間的改善前景。我期待在 6 月初報告 2023 年第三季度業績時再次與您交談。在那之前，保重，謝謝你。

This concludes today's call. Thank you for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開線路。