Boston Beer Company Inc (SAM) 2023 Q1 法說會逐字稿

Greetings, and welcome to the Boston Beer Company's First Quarter 2023 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎來到波士頓啤酒公司 2023 年第一季度財報電話會議。 （操作員說明）提醒一下，正在錄製此會議。

It is now my pleasure to introduce your host, Mike Andrews, Associate General Counsel and Corporate Secretary. Thank you. You may begin.

現在我很高興向您介紹主持人 Mike Andrews，他是副總法律顧問兼公司秘書。謝謝。你可以開始了。

Thank you. Good afternoon, and welcome. This is Mike Andrews, Associate General Counsel and Corporate Secretary of the Boston Beer Company. I'm pleased to kick off our 2023 first quarter earnings call. Joining the call from Boston Beer are Jim Koch, our Founder and Chairman; Dave Burwick, our CEO; and Matt Murphy, our Chief Accounting Officer and Interim CFO.

謝謝。下午好，歡迎光臨。我是波士頓啤酒公司副總法律顧問兼公司秘書 Mike Andrews。我很高興開始我們的 2023 年第一季度財報電話會議。加入波士頓啤酒電話會議的還有我們的創始人兼董事長 Jim Koch；我們的首席執行官 Dave Burwick；以及我們的首席會計官兼臨時首席財務官 Matt Murphy。

Before we discuss our business, I'll start with our disclaimer. As we stated in our earnings release, some of the information we discuss and that may come up on this call reflects the company's or management's expectations or predictions of the future. Such predictions are forward-looking statements. It's important to note that the company's actual results could differ materially from those projected in these forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained in the company's most recent 10-Q and 10-K. The company does not undertake to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.

在我們討論我們的業務之前，我將從我們的免責聲明開始。正如我們在收益發布中所述，我們在此次電話會議上討論和可能出現的一些信息反映了公司或管理層對未來的預期或預測。此類預測屬於前瞻性陳述。值得注意的是，公司的實際結果可能與這些前瞻性陳述中預測的結果存在重大差異。有關可能導致實際結果與前瞻性陳述中的結果存在重大差異的因素的更多信息包含在公司最近的 10-Q 和 10-K 中。公司不承諾公開更新前瞻性陳述，無論是由於新信息、未來事件或其他原因。

I will now pass it over to Jim for some introductory comments.

我現在將其轉交給 Jim 以徵求一些介紹性意見。

Thanks, Mike. I'll begin my remarks this afternoon with a few introductory comments and then hand over to Dave who will provide an overview of our business. Dave will then turn the call over to Matt who will focus on the financial details of our first quarter results as well as our outlook for the remainder of 2023. Immediately following Matt's comments, we will open the line for questions.

謝謝，邁克。今天下午我將以一些介紹性評論開始我的發言，然後交給 Dave，他將概述我們的業務。然後，Dave 會將電話轉給 Matt，他將專注於我們第一季度業績的財務細節以及我們對 2023 年剩餘時間的展望。在 Matt 發表評論後，我們將立即打開提問熱線。

As we mentioned on our February call, our plans for 2023 reflected comparatively lower first quarter volume versus the balance of 2023 due to the timing of our Truly marketing plans and lapping our Truly Margarita launch in the first quarter of last year. Our first quarter total company depletions decline of 6% was in line with our expectations. In measured off-premise channels, Twisted Tea continued its strong dollar growth, up 34%, which was offset primarily by declines in Truly. Dave will later take you through the details of our second quarter plans for Truly, which we expect to help improve the brand performance starting in the second half of this year.

正如我們在 2 月的電話會議上提到的那樣，由於我們的 Truly 營銷計劃的時間安排以及我們在去年第一季度推出的 Truly Margarita 的推出，我們 2023 年的計劃反映出第一季度的銷量相對於 2023 年的餘額而言較低。我們第一季度的公司消耗總量下降了 6%，符合我們的預期。在測量的場外渠道中，Twisted Tea 繼續保持強勁的美元增長，增長 34%，這主要被 Truly 的下滑所抵消。 Dave 稍後將帶您詳細了解我們第二季度的 Truly 計劃，我們希望從今年下半年開始幫助改善品牌業績。

Meanwhile, we are implementing the operational plans we discussed on our last call to adjust to a lower volume environment. This includes simplifying our business to reduce needless complexity and improve margins, as well as adjusting our cost structure to be more closely in sync with our volume expectations. These operational plans are on track and should begin to impact our margins positively in the second half of the year.

與此同時，我們正在實施我們在上次電話會議上討論的運營計劃，以適應低容量環境。這包括簡化我們的業務以減少不必要的複雜性並提高利潤率，以及調整我們的成本結構以更接近我們的銷量預期。這些運營計劃正在按計劃進行，應該會在今年下半年開始對我們的利潤率產生積極影響。

We are focused on keeping the strong momentum behind Twisted Tea and improving our Truly trends while continuing to invest broadly across our entire portfolio and in new innovation, with the goal of returning our company to long-term sustainable growth.

我們專注於保持 Twisted Tea 背後的強勁勢頭並改善我們的 Truly 趨勢，同時繼續對我們的整個產品組合和新創新進行廣泛投資，以期使我們的公司恢復長期可持續增長。

We continue to believe that the Beyond Beer category, where we have an advantaged portfolio, will grow faster than the traditional beer market over the next several years. We expect the operational changes we are making this year, combined with our history of innovation, strong brands and our top-rated sales force will help lead us to long-term success. Our strong balance sheet enables us to continue to invest in our brands and has allowed us to repurchase $27 million in stock thus far in 2023.

我們仍然相信，我們擁有優勢產品組合的 Beyond Beer 類別在未來幾年內的增長速度將超過傳統啤酒市場。我們預計我們今年進行的運營變革，結合我們的創新歷史、強大的品牌和一流的銷售團隊，將幫助我們取得長期成功。我們強大的資產負債表使我們能夠繼續投資於我們的品牌，並使我們能夠在 2023 年迄今為止回購 2700 萬美元的股票。

I will now pass it over to Dave for a more detailed overview of our business.

我現在將其傳遞給 Dave，以便更詳細地了解我們的業務。

Thanks, Jim, and good evening. As Jim mentioned, our first quarter volumes were in line with our plans. Our financial results during the first quarter were negatively impacted by our decision to rebrand and relaunch Truly Vodka Seltzer as Truly Vodka Soda while expanding its flavor assortment and by a decision to make a nonrecurring payment to a third-party contract brewer that we expect will benefit our supply chain costs going forward.

謝謝，吉姆，晚上好。正如吉姆所提到的，我們第一季度的銷量符合我們的計劃。我們決定將 Truly Vodka Seltzer 更名為 Truly Vodka Seltzer 並重新推出 Truly Vodka Soda，同時擴大其口味種類，並決定向我們預計將從中受益的第三方合同釀酒商進行非經常性付款，這對我們第一季度的財務業績產生了負面影響我們的供應鏈成本向前發展。

While both decisions resulted in a charge that impacted first quarter profitability, they've set us up for greater success and profitability for the balance of the year. Matt will discuss the financial results in detail in his remarks, while I'll focus my commentary on our operating performance.

雖然這兩項決定都導致了影響第一季度盈利能力的費用，但它們使我們在今年餘下時間取得更大的成功和盈利能力。馬特將在他的評論中詳細討論財務結果，而我將重點關注我們的經營業績。

Our strategic priorities remain unchanged. We're focusing our resources on sustaining Twisted Tea industry-leading growth and improving Truly volume trends, while simplifying our business to improve our gross margin. We're continuing to invest in all of our brands and our top-ranked industry sales force.

我們的戰略重點保持不變。我們將資源集中在維持 Twisted Tea 行業領先的增長和改善真正的銷量趨勢上，同時簡化我們的業務以提高我們的毛利率。我們將繼續投資於我們所有的品牌和一流的行業銷售隊伍。

I'll now provide some color on our brands. Twisted Tea accelerated its growth trajectory in the first quarter with 34% dollar sales growth while adding $3 share points and expanding its overall share leadership and is now 27% of total FMB dollar sales in measured off-premise channels. The robust demand is a result of an effective brand-building campaign, our increased investment in media during Q1 and additional retail program focused on the Super Bowl that significantly increased our display execution, better distribution of 12 packs and improved service levels versus the first quarter of last year.

我現在將為我們的品牌提供一些顏色。 Twisted Tea 在第一季度以 34% 的美元銷售額增長加速了其增長軌跡，同時增加了 3 美元的份額並擴大了其整體份額領導地位，目前在衡量的場外渠道中佔 FMB 美元銷售額總額的 27%。強勁的需求是有效的品牌建設活動、我們在第一季度增加了對媒體的投資以及以超級碗為重點的額外零售計劃的結果，這些計劃顯著提高了我們的展示執行力、更好地分發 12 包以及與第一季度相比提高了服務水平去年的。

In addition, while category on-premise sales are still nascent, Twisted Tea holds a 50% volume share of FMBs within on-premise and has delivered 82% of the on-premise FMB volume growth year-to-date, according to the Nielsen CGA consumer survey. We'll continue to increase our total marketplace spend to broaden Twisted Tea's still narrow consumer base and advance its favorable position within Beyond Beer.

此外，根據尼爾森的數據，雖然類別本地銷售仍處於初期階段，但 Twisted Tea 在本地 FMB 中佔有 50% 的份額，並且今年迄今為止已經實現了 82% 的本地 FMB 銷量增長CGA 消費者調查。我們將繼續增加市場總支出，以擴大 Twisted Tea 仍然狹窄的消費者基礎，並提升其在 Beyond Beer 中的有利地位。

We remain confident that Twisted Tea will sustain a strong double-digit growth for the remainder of 2023 for a number of reasons. First, there's upside in growing brand awareness and household penetration; second, there's still room to expand package distribution across channels, including on-premise; third, the brand is making progress in bringing new drinkers, such as Latinos and African Americans, into the fold; and fourth, there's opportunity to widen the brand's presence in underdeveloped markets, such as California and Texas. Additionally, we're in the early stages of launching 110-calorie Twisted Tea Light nationally. And repeat is very strong, while it's proven to be highly incremental to the Twisted Tea portfolio.

由於多種原因，我們仍然相信 Twisted Tea 將在 2023 年剩餘時間內保持兩位數的強勁增長。首先，提高品牌知名度和家庭滲透率有好處；其次，仍有空間來擴展跨渠道的包分發，包括內部部署；第三，該品牌在吸引拉美裔和非裔美國人等新的飲酒者方面取得了進展；第四，有機會擴大該品牌在欠發達市場的影響力，例如加利福尼亞和德克薩斯。此外，我們正處於在全國推出 110 卡路里 Twisted Tea Light 的早期階段。重複非常強大，同時它被證明對 Twisted Tea 產品組合具有高度增量。

Meanwhile, as announced on our February call, we're launching a major advancement of the Truly brand in the second quarter that includes a simplified product lineup, real fruit juice, new easy-to-shop packaging, more motive- versus product-centric brand communication, elevated media spend with a focus on digital and social media, and aggressive marketplace support to improve product availability and visibility.

與此同時，正如我們在 2 月份的電話會議上宣布的那樣，我們將在第二季度推出 Truly 品牌的重大改進，其中包括簡化的產品系列、真正的果汁、易於購買的新包裝、更加以動機為中心而非以產品為中心品牌傳播、以數字和社交媒體為重點的高媒體支出以及積極的市場支持以提高產品可用性和知名度。

So far, over the past 4 months, we've seen sequential improvement in our core variety packs performance as market share has stabilized and sales per point has improved, while more recently, the total Truly brand has gained share at almost half of the 63 markets measured by Circana, formerly known as IRI, in the past 4 weeks. These trends have been obscured by the lapping of the Truly Margarita launch from 2022 and the subsequent discontinuation of Truly Tea. As the year progresses, these headwinds will be mitigated while our Truly refresh takes hold in the market.

到目前為止，在過去的 4 個月裡，我們已經看到我們的核心品種包裝性能連續改善，因為市場份額已經穩定並且每點銷售額有所提高，而最近，整個 Truly 品牌在 63 個品牌中的份額增加了近一半Circana（前身為 IRI）在過去 4 週內衡量的市場。這些趨勢已被 2022 年推出的 Truly Margarita 的包裝和隨後的 Truly Tea 停產所掩蓋。隨著時間的推移，這些逆風將得到緩解，而我們的 Truly 更新將在市場上站穩腳跟。

Despite the rough going, Truly has the second highest sales per point in Hard Seltzer and the third highest sales per point in all of Beyond Beer, so there remains a strong base to build from. We expect to have full distribution of the new Truly packaging and a new ad campaign right before Memorial Day, and our new Truly Vodka Soda packaging and SKUs will hit the market in early June.

儘管情況不妙，但 Truly 在 Hard Seltzer 中的單點銷售額排名第二，在所有 Beyond Beer 中的單點銷售額排名第三，因此仍有強大的基礎可以建立。我們希望在陣亡將士紀念日之前全面分發新的 Truly 包裝和新的廣告活動，我們新的 Truly 伏特加蘇打包裝和 SKU 將於 6 月初投放市場。

Additionally, we have a special Red, White and True lightly flavored variety pack limited time offer tied to the U.S. soccer team hitting the market in the next few weeks and have received a lot of wholesaler and retailer support behind this initiative that should help the brand gain displays and inventory heading into the summer.

此外，我們有一個特殊的紅色、白色和真正的清淡口味組合限時優惠，與美國足球隊有關，將在未來幾週內投放市場，並且在這一舉措背後得到了很多批發商和零售商的支持，這應該有助於該品牌獲得進入夏季的展示和庫存。

While maintaining Twisted Tea's double-digit growth and a proven Truly trajectory are our top priorities for the year, we have a broad portfolio, and we'll continue to support and build out our smaller brands. Samuel Adams is holding its own in a difficult craft beer category, and we'll continue to invest behind our new remastered Boston Lager campaign and our Seasonals, in addition to our non-alcohol portfolio, including Just The Haze and the newly released Gold Rush pilsner, which have grown 66% in dollars so far this year in measured off-premise channels.

雖然保持 Twisted Tea 的兩位數增長和經過驗證的 Truly 軌跡是我們今年的首要任務，但我們擁有廣泛的產品組合，我們將繼續支持和打造我們的小品牌。塞繆爾·亞當斯 (Samuel Adams) 在艱難的精釀啤酒類別中獨樹一幟，除了我們的非酒精產品組合（包括 Just The Haze 和新發布的淘金熱）之外，我們將繼續投資於我們重新製作的波士頓拉格啤酒和季節性啤酒比爾森啤酒，今年迄今為止在衡量的場外渠道中以美元計算增長了 66%。

While Truly Vodka Soda makes a play in vodka-based seltzers, Dogfish Head is gaining a foothold in the traditional canned cocktail segment and grew volume approximately 70% in the first quarter across all channels. We'll support other innovations, including the launch of Jim Beam Kentucky Coolers and the continued rollout of Hard Mountain Dew, but expect these to be smaller volume contributors in 2023 as they ramp distribution and find their audience.

雖然 Truly Vodka Soda 在以伏特加為基礎的蘇打水中大放異彩，但 Dogfish Head 正在傳統罐裝雞尾酒領域站穩腳跟，第一季度所有渠道的銷量增長了約 70%。我們將支持其他創新，包括 Jim Beam Kentucky Coolers 的推出和 Hard Mountain Dew 的持續推出，但預計這些在 2023 年將成為較小的貢獻者，因為它們會增加分發並找到他們的觀眾。

Turning to our supply chain. As we've previously discussed, we're in the process of modernizing our supply chain through investments in equipment, capacity and improved systems and processes. I'd like to broadly discuss the 3 categories we're focused on to drive improved margins.

轉向我們的供應鏈。正如我們之前所討論的，我們正在通過投資設備、產能以及改進系統和流程來實現供應鏈現代化。我想廣泛討論我們專注於提高利潤率的 3 個類別。

First, procurement savings. We've targeted savings initiatives across multiple areas, including raw materials and packaging. We're also reviewing our contracts with our raw pack suppliers with the aim of adjusting these to be more reactive to changing demand.

第一，採購節約。我們針對多個領域（包括原材料和包裝）採取了節約措施。我們還在審查我們與原始包裝供應商的合同，目的是調整這些合同以更好地響應不斷變化的需求。

Second, brewery performance. While we expect to always have a mix of internal and external production, we're focused on moving volume back to our internal breweries, where possible, given our production cost advantage. We're evaluating our mix in a disciplined manner and focusing on improving our internal line stability and efficiencies as well as adjusting contracts with our co-manufacturers, as we adapt to changes in our volumes and product mix.

二是啤酒廠業績。雖然我們希望始終混合內部和外部生產，但鑑於我們的生產成本優勢，我們專注於在可能的情況下將產量轉移回我們的內部啤酒廠。我們正在以一種有紀律的方式評估我們的組合，並專注於提高我們內部生產線的穩定性和效率，以及調整與我們的合作製造商的合同，以適應我們的數量和產品組合的變化。

Third, waste and network optimization. We have initiatives to optimize our logistics, which will reduce freight and warehousing costs over time. Also, as we discussed on our last call, we're currently implementing systems to improve our forecasting and inventory management, which we expect to reduce inventory obsolescence over the balance of the year.

三是垃圾和網絡優化。我們採取措施優化我們的物流，這將隨著時間的推移降低運費和倉儲成本。此外，正如我們在上次電話會議上討論的那樣，我們目前正在實施系統來改進我們的預測和庫存管理，我們希望在今年餘下時間減少庫存過時。

We have multiyear savings plans across each of these categories, which we expect to generate significant long-term gross margin expansion. While it will take time to realize the full benefit, we do expect to begin to see some impact in the second half of 2023. We're also closely managing our operating expenses. We expect to use the cost savings that these efforts will generate to support increased brand spend while -- and within brand spend, both converting nonworking to working dollars and shifting our mix from traditional to digital and social media.

我們在每個類別中都有多年儲蓄計劃，我們預計這將產生顯著的長期毛利率增長。雖然實現全部收益需要時間，但我們確實希望在 2023 年下半年開始看到一些影響。我們也在密切管理我們的運營費用。我們希望利用這些努力將產生的成本節約來支持增加品牌支出，同時 - 以及在品牌支出中，將非工作美元轉化為工作美元並將我們的組合從傳統媒體轉向數字和社交媒體。

Turning to guidance. Our depletion trends for the first 16 weeks of 2023 have declined 6% from the comparable period in 2022. We're reiterating our shipments and depletions expectation of down 2% to down 8% for the full year 2023. Where we land within that range is dependent on a variety of factors, including the overall economic environment and consumer demand in our upcoming peak season.

轉向指導。我們 2023 年前 16 週的消耗趨勢比 2022 年同期下降了 6%。我們重申 2023 年全年出貨量和消耗量預期下降 2% 至 8%。我們落在該範圍內取決於多種因素，包括我們即將到來的旺季的整體經濟環境和消費者需求。

Now I'll hand it over to Matt to discuss first quarter financials and our full year guidance.

現在我將把它交給馬特來討論第一季度的財務狀況和我們的全年指導。

Thank you, Dave. Good evening, everyone. As Jim and Dave mentioned, first quarter volumes were in line with our plans, and we are in the process of implementing our strategies to invest behind Twisted Tea while enhancing the Truly brand proposition and improving our supply chain. Some of these actions resulted in charges, which impacted our first quarter financial performance, which I'll discuss later in my remarks.

謝謝你，戴夫。各位晚上好。正如 Jim 和 Dave 提到的那樣，第一季度的銷量符合我們的計劃，我們正在實施我們的戰略以投資 Twisted Tea，同時增強 Truly 品牌主張並改善我們的供應鏈。其中一些行動導致收費，這影響了我們第一季度的財務業績，我將在稍後的評論中討論。

Depletions for the quarter decreased 6% from the prior year, reflecting decreases in our Truly Hard Seltzer, Angry Orchard, Samuel Adams and Dogfish Head brands, partially offset by increases in our Twisted Tea and Hard Mountain Dew brands.

本季度消耗量比去年同期下降 6%，反映出我們 Truly Hard Seltzer、Angry Orchard、Samuel Adams 和 Dogfish Head 品牌的減少，部分被我們的 Twisted Tea 和 Hard Mountain Dew 品牌的增加所抵消。

Shipment volume for the quarter was approximately 1.6 million barrels, a 7.6% decrease from the prior year. We believe distributor inventory as of April 1, 2023, averaged approximately 5 weeks on hand and was at an appropriate level for each of our brands.

本季度的出貨量約為 160 萬桶，比去年同期下降 7.6%。我們認為，截至 2023 年 4 月 1 日，經銷商庫存平均約為 5 週，並且對我們每個品牌來說都處於適當的水平。

Our first quarter 2023 gross margin of 38.0% decreased from the 40.2% margin realized in the first quarter of 2022. This decrease was primarily due to higher inventory obsolescence costs and higher brewery processing costs, partially offset by price increases.

我們 2023 年第一季度的毛利率為 38.0%，低於 2022 年第一季度的 40.2%。這一下降主要是由於庫存報廢成本和啤酒加工成本增加，部分被價格上漲所抵消。

During the first quarter, we recognized 2 charges as we implemented our operating plans. The first is higher Truly inventory obsolescence costs primarily related to relaunching Truly Vodka Seltzer to Truly Vodka Soda, and the second is a nonrecurring payment to a third-party contract brewer that we expect will benefit our supply chain costs going forward. Together, these 2 charges had an unfavorable impact of 210 basis points on our first quarter gross margin.

在第一季度，我們在實施運營計劃時確認了 2 項費用。第一個是更高的 Truly 庫存過時成本，主要與重新啟動 Truly Vodka Seltzer 到 Truly Vodka Soda 有關，第二個是向第三方合同釀酒商的非經常性付款，我們預計這將有利於我們未來的供應鏈成本。這兩項費用加起來對我們第一季度的毛利率產生了 210 個基點的不利影響。

Advertising, promotional and selling expenses for the first quarter of 2023 decreased $5.2 million or 4% from the first quarter of 2022, primarily due to decreased freight to distributors, partially offset by an increase in brand investments. General and administrative expenses increased by $4 million or 10.1% from the first quarter of 2022 primarily due to increased consulting costs.

2023 年第一季度的廣告、促銷和銷售費用比 2022 年第一季度減少 520 萬美元或 4%，這主要是由於對分銷商的運費減少，部分被品牌投資的增加所抵消。一般和行政費用比 2022 年第一季度增加 400 萬美元或 10.1%，主要原因是諮詢費用增加。

For the first quarter, we reported a net loss of $9 million or $0.73 per diluted share compared to a net loss of $2 million or $0.16 per diluted share in the first quarter of 2022. This change between periods was primarily driven by lower net revenue and gross margins, including the charges I discussed earlier, partially offset by lower operating expenses.

第一季度，我們報告淨虧損 900 萬美元或攤薄後每股收益 0.73 美元，而 2022 年第一季度淨虧損為 200 萬美元或攤薄後每股收益 0.16 美元。期間之間的這種變化主要是由較低的淨收入和毛利率，包括我之前討論的費用，部分被較低的運營費用所抵消。

Turning to guidance. As a reminder, the first quarter is our smallest volume quarter of the year, with the second and third quarters including the seasonally higher shipment and depletion months. Based on information of which we are currently aware, we are reiterating our full year 2023 guidance range of shipments and depletions down 2% to 8% and earnings per diluted share of $6 to $10. This projection is highly sensitive to changes in volume, particularly related to the hard seltzer category, supply chain performance and inflationary and recessionary impacts on consumer spending.

轉向指導。提醒一下，第一季度是我們一年中銷量最小的季度，第二和第三季度包括季節性較高的出貨量和消耗月份。根據我們目前所知的信息，我們重申 2023 年全年出貨量和消耗量下降 2% 至 8% 以及每股攤薄收益 6 至 10 美元的指導範圍。該預測對數量變化高度敏感，特別是與硬蘇打水類別、供應鏈績效以及通貨膨脹和衰退對消費者支出的影響有關。

We project increases in revenue per barrel of between 1% and 3%. Full year 2023 gross margins are expected to be between 41% and 43%. We continue to expect to cover inflationary cost increases through pricing.

我們預計每桶收入增加 1% 至 3%。預計 2023 年全年毛利率將在 41% 至 43% 之間。我們繼續期望通過定價來彌補通脹成本的增加。

Our full year 2023 investments in advertising, promotional and selling expenses are expected to change between a decrease of $5 million and an increase of $15 million. This does not include any changes in freight costs for the shipment of products to our distributors. We estimate our full year 2023 effective tax rate to be approximately 28%.

我們 2023 年全年在廣告、促銷和銷售費用方面的投資預計將在減少 500 萬美元和增加 1500 萬美元之間變化。這不包括向我們的經銷商運送產品的運費的任何變化。我們估計 2023 年全年的有效稅率約為 28%。

Finally, as you model out the remainder of the year, please keep in mind these factors. First, our guidance on depletions and shipments includes the estimated negative impact of approximately 1 percentage point due to the fact that fiscal 2022 had 53 weeks and fiscal 2023 will have 52 weeks. On a 52-week comparable basis, we expect depletions and shipments to decrease between 1% and 7%. Also, first half 2023 shipments are expected to be at the low end of the full year guidance range, primarily due to lapping last year's Truly Margarita launch.

最後，當您為今年剩餘時間建模時，請牢記這些因素。首先，由於 2022 財年有 53 週，2023 財年有 52 週，我們對消耗量和出貨量的估計包括約 1 個百分點的負面影響。在 52 周可比基礎上，我們預計消耗量和出貨量將下降 1% 至 7%。此外，預計 2023 年上半年的出貨量將處於全年指導範圍的低端，這主要是由於去年 Truly Margarita 的推出。

Lastly, year-over-year margin improvement is expected to be weighted to the second half of the year based on volume expectations, the expected timing of cost reduction efforts and the timing of obsolescence expense recognized in 2022.

最後，根據銷量預期、成本削減工作的預期時間以及 2022 年確認的過時費用的時間，預計下半年利潤率的同比增長將有所提高。

Turning to capital allocation. We ended the quarter with a cash balance of $123 million and an unused credit line of $150 million, which allows us to invest in our base business, fund future growth initiatives and return cash to shareholders. In 2023, we expect capital expenditures of between $100 million and $140 million. These investments will be primarily related to our owned breweries to build capabilities and improve efficiencies.

轉向資本配置。本季度結束時，我們的現金餘額為 1.23 億美元，未使用的信貸額度為 1.5 億美元，這使我們能夠投資於我們的基礎業務，為未來的增長計劃提供資金，並將現金返還給股東。 2023 年，我們預計資本支出在 1 億至 1.4 億美元之間。這些投資將主要與我們擁有的啤酒廠有關，以建設能力和提高效率。

During the period from January 3, 2023, through April 21, 2023, the company repurchased 82,000 shares at a cost of $27.5 million. As of April 21, 2023, we had approximately $62.8 million remaining on the $931 million share repurchase authorization.

在2023年1月3日至2023年4月21日期間，公司以2750萬美元的成本回購了82,000股股票。截至 2023 年 4 月 21 日，我們在 9.31 億美元的股票回購授權中剩餘約 6280 萬美元。

We will now open up the call for questions.

我們現在將開始提問。

(Operator Instructions) Our first question comes from the line of Nik Modi with RBC.

（操作員說明）我們的第一個問題來自 Nik Modi 與 RBC 的對話。

I guess this question is for Jim. I mean, if we take a step back, and we've had a lot of moments over the last decade plus of new segments kind of emerging and then demerging, if you will. And Jim, I just -- I'd love your thoughts on kind of how you look at the Beyond Beer space as it is today? And kind of where do you think the biggest pockets of opportunity will be? And I ask this within the context of some of the experiments that you have in the marketplace right now, as you kind of test it on the innovation model.

我想這個問題是給吉姆的。我的意思是，如果我們退後一步，在過去十年中我們經歷了很多時刻，如果你願意的話，還有一些新的細分市場出現然後又消失。吉姆，我只是 - 我很想知道你如何看待今天的 Beyond Beer 空間？你認為最大的機會在哪裡？我在你現在在市場上進行的一些實驗的背景下提出這個問題，因為你在創新模型上進行了某種測試。

Yes. Thanks, Nik. I guess my view of over the long term somewhat reflects the past. I mean, certainly in the last 5 years, traditional beer has not grown, but the beer business has been reasonably healthy. And the decline in traditional beer has been offset, in some years more than offset, by the emergence of what people call Beyond Beer or to me it's a fourth category because it's not just Beyond Beer, it's beyond wine, it's beyond hard liquor. And it's an opportunity for brewers like us to come out with new products and new flavors, and that's certainly driven our business for the last 10 years and especially last 5.

是的。謝謝，尼克。我想我對長期的看法在某種程度上反映了過去。我的意思是，當然在過去 5 年裡，傳統啤酒沒有增長，但啤酒業務相當健康。傳統啤酒的下降已經被人們稱為 Beyond Beer 的出現所抵消，在某些年份甚至超過了抵消，或者對我來說它是第四類，因為它不僅僅是 Beyond Beer，它超越了葡萄酒，超越了烈性酒。對於像我們這樣的釀酒商來說，這是一個推出新產品和新口味的機會，這無疑推動了我們過去 10 年，尤其是過去 5 年的業務發展。

And the projections for this sort of category, I think sometimes is called ABA, alternative -- maybe AAB, alternative adult beverages, the projections are that it will grow sort of in the low to mid-single digits. And I think that's true, consumers are responding to the new entries. And there is certainly a tidal wave of new products coming from literally everywhere. It's not even just traditional alcoholic beverage producers, soft drink producers and all the way to energy drink producers. So it's a receptive market. There's a flood of products, only some of them will succeed. And that category represents the vast majority of our business.

對這類類別的預測，我認為有時被稱為 ABA，替代——也許是 AAB，替代成人飲料，預測是它將以低到中個位數增長。我認為這是真的，消費者正在響應新條目。毫無疑問，幾乎所有地方都湧現出一股新產品的浪潮。甚至不僅僅是傳統的酒精飲料生產商、軟飲料生產商，甚至能量飲料生產商。所以這是一個可以接受的市場。產品如潮水般湧來，只有一部分會成功。該類別代表了我們業務的絕大部分。

So I guess the way I look at our growth opportunities are 2 things: one, holding our share of this growing Beyond Beer category; and then second, innovating on top of that with new products. And that is a core strength of Boston Beer Company. And it does mean that in innovating most of our products do fail. So we feel like we need a fairly robust innovation pipeline to find the next Truly, the next Twisted Tea, and we feel like our credentials as a craft maker of high-quality products, with a lot of care and attention into the ingredients, the quality of the taste, and a respect for the consumers and for the makers of these products, which is part of sort of the craft ethic, that coupled with a very, very effective sales force and a great distribution network, will give us the same kind of advantages going forward that we've enjoyed in the last 5 or 10 years.

所以我想我看待我們的增長機會的方式是兩件事：第一，保持我們在不斷增長的 Beyond Beer 類別中的份額；其次，在新產品的基礎上進行創新。這是波士頓啤酒公司的核心優勢。這確實意味著我們大多數產品的創新都失敗了。所以我們覺得我們需要一個相當強大的創新渠道來找到下一個 Truly，下一個 Twisted Tea，我們覺得我們作為高品質產品的工藝製造商的證書，對成分非常關心和關注，口味的質量，以及對消費者和這些產品製造商的尊重，這是工藝道德的一部分，再加上非常非常有效的銷售隊伍和強大的分銷網絡，將為我們帶來同樣的我們在過去 5 年或 10 年中享有的未來優勢。

That's very helpful. And if I could just ask just a quick follow-up on some of the contract terminations. Dave, can you just provide any context on -- do we have any other SKUs that we need to worry about over the next couple of quarters? Or do you think a lot of these kind of termination or one time contract costs are out of the system?

這很有幫助。如果我可以就一些合同終止問題快速跟進一下。戴夫，你能否提供任何背景信息——在接下來的幾個季度裡，我們還有其他需要擔心的 SKU 嗎？還是您認為很多此類終止或一次性合同成本都在系統之外？

Nik, it's Matt. Just we've been through a cycle here with the Truly declines. And we've been working together with our partners to find the best balance between our requirements and the capacities are -- that they're holding for us. We've been able to make some contract modifications. We've reduced our shortfall fees quite substantially as we've gone and worked with those partners. In the first quarter, we did have a charge that's included in the nonrecurring items of 210 basis points. We thought it was the right business decision. It sets up our supply chain better going forward, more efficient. So we feel good about that. But we feel like we're getting through the cycle where we have more consistency as far as the volumes of the company. We've been at the 6% volume decline now for -- since the beginning of 2022. So from a planning perspective, everything is getting easier, and we feel good that we're getting close to the end.

尼克，是馬特。只是我們在這裡經歷了一個真正下降的周期。我們一直在與我們的合作夥伴一起努力，在我們的要求和他們為我們提供的能力之間找到最佳平衡。我們已經能夠對合同進行一些修改。當我們離開並與這些合作夥伴合作時，我們已經大大減少了差額費用。在第一季度，我們確實有一項費用包含在 210 個基點的非經常性項目中。我們認為這是正確的商業決策。它使我們的供應鏈更好地向前發展，更有效率。所以我們對此感覺很好。但我們覺得我們正在經歷一個週期，在這個週期中，我們在公司數量方面具有更高的一致性。自 2022 年初以來，我們的銷量一直在下降 6%。因此，從規劃的角度來看，一切都變得越來越容易，我們很高興我們接近尾聲。

Our next question comes from the line of Rob Ottenstein with Evercore.

我們的下一個問題來自 Evercore 的 Rob Ottenstein。

Great. Two questions. One, Benj put out something yesterday in which he's hearing about a lot of price rollbacks, particularly led from the ABI side, but potentially having an impact on the industry as a whole. So I wondered if you could kind of just talk big picture about the beer industry in terms of pricing dynamics and demand at the start of the year, which seems a little rocky. That's question number 1.

偉大的。兩個問題。第一，Benj 昨天發布了一些消息，其中他聽說了很多價格回落，尤其是 ABI 方面的領導，但可能對整個行業產生影響。所以我想知道你是否可以在年初的定價動態和需求方面談談啤酒行業的大局，這似乎有點不穩定。這是問題 1。

And then question number 2 is more about, from an organizational perspective, been a lot of bumps, a little bit of rollercoaster recently. And just sort of how the organization is doing, the sales force morale. Is there unusual attrition or everybody pretty much onboard and rolling in the right direction? Just kind of a sense of how you're kind of keeping things together given kind of the unprecedented ups, and then more recently downs.

然後問題 2 更多的是，從組織的角度來看，最近有很多顛簸，有點像過山車。以及組織的運作方式，銷售人員的士氣。是否存在不尋常的人員流失，或者每個人都在船上並朝著正確的方向前進？考慮到前所未有的起起落落，然後是最近的起伏，只是一種關於你如何將事情保持在一起的感覺。

Thanks, Rob. I'll start, and Jim, you can jump in if you want as well. On the pricing front, I mean, it looks like the pricing increases were starting to lap last year's pricing increases, so they're moderating. But I think year-to-date, it's like 6% of pricing which gives yielded 3% volume declines. And I think everybody's being a little bit careful about this because it's still an unsettled environment. Where we go with inflation, where we end up -- do we end up with a recession? Is it hard? Is it not? I mean, our goal is to be competitive. So we're obviously not price leaders in the market. We're going to make sure we're competitive across the board. And that's -- we're looking at 1% to 3% this year, which is less than what we did last year. And we -- right now, we're through the first quarter, we've achieved toward the upper end of that, and we'll keep going down this path as long as the consumer seems to be responding okay. But if the whole category changes, we would obviously have to look at that, but we have no intent of doing anything different than what we've already stated from a pricing perspective.

謝謝，羅布。我先開始，吉姆，如果你願意，也可以加入。在定價方面，我的意思是，價格上漲似乎開始超過去年的價格上漲，因此它們正在放緩。但我認為今年迄今為止，定價的 6% 使產量下降了 3%。而且我認為每個人都對此有點謹慎，因為它仍然是一個不穩定的環境。通貨膨脹將走向何方，最終將走向何方——我們最終會陷入衰退嗎？難嗎？不是嗎？我的意思是，我們的目標是具有競爭力。所以我們顯然不是市場上的價格領導者。我們將確保我們在各方面都具有競爭力。那就是——我們今年的目標是 1% 到 3%，這比我們去年所做的要少。我們——現在，我們已經度過了第一季度，我們已經實現了這一目標的上限，只要消費者似乎反應良好，我們就會繼續沿著這條路走下去。但如果整個類別發生變化，我們顯然必須考慮這一點，但我們無意做任何不同於我們已經從定價角度聲明的事情。

As it relates to the organization, I think, yes, we've been through some ups, we've been through some downs. I think this is a very gritty and resilient organization with a sales organization that is fired up. Obviously, selling a lot of Twisted Tea, but also getting very excited about what's to come very soon with Truly. The brand teams, the rest of the organization, have been working really hard. Over the last 6 to 9 months, we've been learning as much as we can about what's happening in the category, not just Hard Seltzer, but in general, and we've been putting in place really quickly plans to grow again. And I think the Truly plans reflect some important insights that we've gathered over that time, and we're excited to see them hit the marketplace, and that's where the rubber meets the road. So I think we're ready. Summer's here, people are energized, and we're ready to go. And we think that -- I'd like to think that the worst is behind us, and we're rolling ahead now into Q2.

就組織而言，我認為，是的，我們經歷了一些起起伏伏。我認為這是一個非常堅韌和有彈性的組織，有一個充滿活力的銷售組織。顯然，銷售了很多 Twisted Tea，但也對 Truly 即將推出的產品感到非常興奮。品牌團隊和組織的其他部分一直在非常努力地工作。在過去的 6 到 9 個月裡，我們一直在盡可能多地了解該類別中正在發生的事情，不僅僅是 Hard Seltzer，而是一般情況，我們一直在迅速制定再次增長的計劃。而且我認為 Truly 計劃反映了我們在那段時間收集的一些重要見解，我們很高興看到它們進入市場，這就是橡膠遇到道路的地方。所以我認為我們已經準備好了。夏天來了，人們精力充沛，我們準備好了。我們認為 - 我想最壞的情況已經過去，我們現在正在進入第二季度。

Can you just -- one of your greatest assets is your phenomenal sales force, which everybody tells me is the best, and retailers praise them to the skies. It's an amazing group that you have. Can you just give us a sense of the -- in a normal year, whatever that means, the compensation mix between fixed and variable?

你能不能 - 你最大的資產之一就是你非凡的銷售隊伍，每個人都告訴我這是最好的，零售商稱讚他們到天空。你擁有一個了不起的團隊。你能給我們一個感覺——在正常的一年裡，不管那意味著什麼，固定和可變的薪酬組合？

Yes, it's Matt. It's pretty heavily weighted towards fixed. They're on sort of what I would call a normal bonus program. So mostly weighted towards fixed. And it's a career. Our sales team, we draw our own from the beginning, people coming out of college, and they work for Boston Beer for 10, 20 years. All of our division directors have grown up in the industry. So it's a unique culture, and we're very proud of it.

是的，是馬特。它非常重視固定。他們在某種程度上我稱之為正常的獎金計劃。所以主要是固定的。這是一個職業。我們的銷售團隊，我們從一開始就組建了自己的團隊，他們都是大學畢業生，他們為波士頓啤酒工作了 10 年、20 年。我們所有的部門主管都是在這個行業長大的。所以這是一種獨特的文化，我們為此感到非常自豪。

Our next question comes from the line of Kevin Grundy with Jefferies.

我們的下一個問題來自 Kevin Grundy 與 Jefferies 的對話。

I wanted to pick up on gross margin. So it was good to hear the focus. It was good to hear sort of the 3 key areas of improvement. Just kind of picking up on this, so a few questions. Number 1, is the low to mid-50 gross margin target that Frank had previously spoken to, is that still the right ambition? 2, are you prepared to put a time line on achieving that goal? Is there kind of still too much uncertainty, with the top line deleveraged? And then 3, do you feel like, at this point, the organization has the right incentive structure to achieve this goal? So sort of said differently, would the organization be well served by once you sort of embrace this prioritization that you're pushing down this gross margin target to the right level? So your thoughts there would be helpful, and then I have a follow-up.

我想了解毛利率。所以很高興聽到焦點。很高興聽到 3 個關鍵的改進領域。只是有點了解這一點，所以有幾個問題。第一，Frank 之前談到的低至 50 毛利率目標是否仍然是正確的目標？ 2、你準備好為實現這個目標設定時間表了嗎？在頂線去槓桿化的情況下，是否還有太多的不確定性？然後 3，你覺得在這一點上，組織是否擁有實現這一目標的正確激勵結構？換句話說，一旦您接受了將毛利率目標降低到正確水平的優先順序，組織是否會得到很好的服務？所以你的想法會有幫助，然後我會跟進。

Great. It's Matt. I'll take that, Kevin. So yes, absolutely, our goal is to get back to where we were sort of pre-COVID, 49%, 50% gross margins. That is -- we wake up every day chasing that, and we feel like we've got a good path to get there. Always a little guarded about giving a time line given it's heavily dependent on volume. And we've been through quite a swing in volume from just a few years ago being up 20% to being down 6% now since the beginning of last year. So volume is an important component. So that puts us a little more hesitant to set a specific time line, but we feel like it's in the 3- to 5-year time horizon.

偉大的。是馬特。我會接受的，凱文。所以是的，絕對是，我們的目標是回到我們在 COVID 之前的水平，49%，50% 的毛利率。也就是說——我們每天醒來都在追逐它，我們覺得我們已經找到了一條通往那裡的好路。考慮到它在很大程度上取決於數量，所以在給出時間線時總是有點謹慎。自去年年初以來，我們經歷了從幾年前增長 20% 到現在下降 6% 的巨大波動。所以體積是一個重要的組成部分。所以這讓我們對設定具體的時間線有點猶豫，但我們覺得它在 3 到 5 年的時間範圍內。

The building blocks, as we've talked about, are -- in Dave's comments, are the procurement savings. We're making great progress on that. That's probably going to be the first to hit brewery performance. We've got a lot of advantages as far as the mix swinging more from external to internal, allows us to control our activities at our breweries and get the benefit of fixed cost absorption and the efficiencies from our equipment. So we feel pretty good about that and then waste and network optimization as well. So we think we have the right incentive programs. It's embedded in the company's goals and management goals and all the way down to all the members of the supply chain and the rest of the organization. So we feel like we're set up for success, but we have to prove it. We certainly didn't prove it in Q1, but we feel like we'll make progress for the rest of the year, and we'll be able to show it.

正如我們所討論的那樣，構建模塊是——在 Dave 的評論中，是採購節省。我們正在這方面取得很大進展。這可能是第一個影響啤酒廠業績的。就組合更多地從外部轉向內部而言，我們有很多優勢，使我們能夠控制啤酒廠的活動，並從固定成本吸收和設備效率中獲益。所以我們對此感覺很好，然後浪費和網絡優化也是如此。所以我們認為我們有正確的激勵計劃。它嵌入在公司的目標和管理目標中，一直向下到供應鏈的所有成員和組織的其他部分。所以我們覺得我們已經為成功做好了準備，但我們必須證明這一點。我們當然沒有在第一季度證明這一點，但我們覺得我們會在今年餘下的時間裡取得進展，我們將能夠證明這一點。

And Kevin, just one more thing to add that, just in terms of the incentive. We did -- everybody is on the same bonus plan. And what we did in the last year is, we actually altered it, it was very heavily weighted toward depletions. And we took up the OI component to reflect some of these initiatives that we're after. So we think, as Matt sort of alluded to, even the bonus payout for everybody has more of a profit component than it had in the past.

凱文，就激勵而言，再補充一點。我們做到了——每個人都在同一個獎金計劃中。我們去年所做的是，我們實際上改變了它，它非常重視消耗。我們採用了 OI 組件來反映我們所追求的其中一些舉措。所以我們認為，正如馬特提到的那樣，即使是每個人的獎金支付也比過去有更多的利潤成分。

Got it. A quick follow-up, if I can. A question for Jim, I can appreciate the sensitivity of the topic, but nevertheless, it's pertinent and it's having a very real impact on what we're seeing in the Nielsen data. So the social media fallout from one of your key competitors, it seems to be largely impacting competing premium light brands. Can you -- Jim, maybe just thoughts on the duration of the impact, how this is going to play out and whether you see any impact on your portfolio, but really sort of the impact more broadly and the duration of it as best you can tell?

知道了。如果可以的話，快速跟進。吉姆的問題，我能理解這個話題的敏感性，但無論如何，它是相關的，並且它對我們在尼爾森數據中看到的內容產生了非常真實的影響。因此，來自您的主要競爭對手之一的社交媒體影響似乎在很大程度上影響了競爭的高端輕型品牌。你能不能 - 吉姆，也許只是想一想影響的持續時間，這將如何發揮作用以及你是否看到對你的投資組合有任何影響，但實際上更廣泛地影響和盡你所能的持續時間告訴？

Honestly, this is something we haven't seen before in beer. I've been making beer for 38 years. This is a first. It had a duration and a depth that it's nothing that's happened before. We've all had missteps. I've had in mind. And we've all recovered from them without any permanent damage. So I really don't know what the duration is going to be. I was talking to some wholesalers today that told me that it's real and it's large. Even they don't know how to predict this. And I don't think it's really had an effect on our business, our portfolio, kind of hoping it doesn't because I don't think anybody in the beer business wants to profit from the misfortune of others, but rather from the fruits of our own labors. It seems to be mostly around below premium and premium beers, which we don't really compete, but it's closer to the heart of the ABI portfolio.

老實說，這是我們以前在啤酒中從未見過的東西。我釀造啤酒已有 38 年。這是第一次。它具有前所未有的持續時間和深度。我們都有過失誤。我心裡有數我們都從它們中恢復過來，沒有任何永久性損傷。所以我真的不知道持續時間會是多久。我今天和一些批發商談過，他們告訴我這是真的，而且很大。甚至他們也不知道如何預測這一點。我不認為它真的對我們的業務、我們的投資組合產生影響，我希望它不會，因為我認為啤酒行業的任何人都不想從別人的不幸中獲利，而是想從水果中獲利我們自己的勞動。它似乎主要圍繞低於優質和優質啤酒，我們並沒有真正競爭，但它更接近 ABI 產品組合的核心。

So I've never seen anything like this. So this is a new world to all of us, maybe in this more polarized society that we're seeing the effect of social media. This is going to be a new phenomenon, I don't know.

所以我從來沒有見過這樣的事情。所以這對我們所有人來說都是一個新世界，也許在這個更加兩極分化的社會中，我們看到了社交媒體的影響。這將是一個新現象，我不知道。

Our next question comes from the line of Vivien Azer with Cowen.

我們的下一個問題來自 Vivien Azer 與 Cowen 的對話。

Jim, I wanted to follow up on a comment that you made earlier in the Q&A, acknowledging the deal (inaudible) to try to find that next big win. I was wondering if you could just reflect back on the learning from the seltzer proposition that I believe you and Dean mutually agreed to pull from the market recently?

吉姆，我想跟進你早些時候在問答中發表的評論，承認這筆交易（聽不清），試圖找到下一個大贏家。我想知道你是否可以回顧一下我相信你和迪恩最近同意從市場上撤出的蘇打水命題的經驗教訓？

Yes. The biggest learning is you've got to try stuff to see if it gets traction. And we don't -- I don't have a great deal of learning from it. It was something that really didn't get consumer traction from the beginning. It's certainly a very good brand. But I guess if I talk about learning from it, it probably would indicate that it's hard to have a malt-based product that is liquor branded. So I think if there was some learning there, that would be it.

是的。最大的學習是你必須嘗試一些東西，看看它是否有吸引力。而且我們沒有 - 我沒有從中學到很多東西。這是從一開始就沒有真正吸引消費者的東西。這當然是一個非常好的品牌。但我想如果我談論從中吸取教訓，它可能會表明很難有一種以麥芽為基礎的產品是酒類品牌。所以我認為如果那裡有一些學習，那就是它。

That's interesting. And then my follow-up question, Dave, for you. On the competitive landscape, you noted the wide range of outcomes to be seen in terms of the macro environment. I'm curious whether you guys kind of tweaked your approach to the new Truly launch. In other words, like have you leaned towards more single-serve, smaller pack sizes, just to kind of future proof the portfolio to the extent that economic headwinds become more intense for the consumer.

那很有意思。然後我的後續問題，戴夫，給你。關於競爭格局，您指出了宏觀環境方面的廣泛結果。我很好奇你們是否調整了對新 Truly 發布的方法。換句話說，就像你傾向於更多的單份服務、更小的包裝尺寸，只是為了在某種程度上證明投資組合的未來，以至於經濟逆風對消費者來說變得更加強烈。

Sure thing. I think we did not change pack sizes. We are focusing a lot on single-serve and convenience. And we're spending a lot of money to really create excitement around the brand and around the category, to get people back to the category. But in terms of the economic environment, I think, again, we're going to be -- we'll be competitive. So wherever the market goes, we'll be there. But there was nothing like unusual we did as it relates to the Truly relaunch, in terms of a packet size or price point that we went for.

當然可以。我想我們沒有改變包裝尺寸。我們非常關注單一服務和便利性。我們花了很多錢來真正圍繞品牌和類別創造興奮，讓人們回到這個類別。但就經濟環境而言，我再次認為，我們將——我們將具有競爭力。因此，無論市場走向何方，我們都會在那裡。但是，就我們所追求的數據包大小或價格點而言，我們所做的與 Truly 重新啟動相關的事情並沒有什麼不尋常之處。

Really, the focus is about building the brand and really focusing on the core flavors. We've been very successful and established a very strong #2 position by launching a bold flavor innovation, one after another. And we realized that successive innovations aren't as incremental and actually light flavors of what people -- is still the majority of the category, and that's what people want. So we're really trying to bring attention back to those SKUs and back to the fun -- honestly, the fun and the lightness of drinking -- of drinking hard seltzer.

真的，重點是建立品牌並真正專注於核心口味。我們已經非常成功，並通過一項又一項大膽的風味創新確立了非常強大的第二名的地位。我們意識到，連續的創新並不是漸進式的，實際上人們的口味很淡——仍然是大多數類別，而這正是人們想要的。因此，我們真的在努力將注意力帶回那些 SKU，帶回喝烈性蘇打水的樂趣——老實說，是喝酒的樂趣和輕鬆。

(Operator Instructions) Our next question comes from the line of Nadine Sarwat with Bernstein.

（操作員說明）我們的下一個問題來自 Nadine Sarwat 與 Bernstein 的對話。

Circling back on the supply chain, after the contract termination you flagged in your prepared remarks, could you comment if you're still underutilizing both internal and external capacity? And how do you expect this utilization to progress moving forward? And then just a second small housekeeping item. I see you called out the higher consulting costs in your G&A expense this quarter. Is this a one-off? Or is this an incremental expense that we can expect to see recurring in the coming quarter?

回到供應鏈，在您在準備好的評論中標記的合同終止後，您能否評論一下您是否仍未充分利用內部和外部能力？您預計這種利用會如何向前發展？然後是第二個小家政用品。我看到你在本季度的 G&A 費用中提到了更高的諮詢成本。這是一次性的嗎？或者這是我們可以預期在下一季度重複出現的增量費用？

Great. Nadine, I'll take them in reverse order. The G&A is a one-off. So we won't see that pop in any more in the quarters for the remainder of the year. And then just going to the internal versus external and capacity, so internal, we're operating at full capacity is our plan. That's where we get cost savings, that's where we get fixed cost absorption. So we model out to be full. And then from an external perspective, we have a significant amount of capacity. We think of it at this point now as an insurance policy, as we work to turn the brand towards growth. And as we would achieve those growth targets, we would have the capacity and we wouldn't have to go try to find it, which can be expensive, as you know.

偉大的。納丁，我會把它們倒過來。 G&A 是一次性的。因此，在今年餘下的時間裡，我們不會再看到這種情況出現在季度中。然後只是內部與外部和容量，所以內部，我們正在滿負荷運行是我們的計劃。這就是我們節省成本的地方，也是我們吸收固定成本的地方。所以我們建模要完整。然後從外部角度來看，我們擁有大量的能力。在我們努力將品牌轉向增長的過程中，我們現在將其視為一種保險政策。當我們實現這些增長目標時，我們將有能力而且我們不必去嘗試尋找它，這可能是昂貴的，正如你所知。

From a progress perspective, what we disclosed and talked about in February was we were about 65%-35% between internal and external. Last year, our plans that we've communicated are between our 70% internal and 30% external. So we're continuing to try to get the benefit of internal production, but we value our co-man suppliers, and they're an important part of our strategy.

從進展的角度來看，我們在 2 月份披露和談論的是我們在內部和外部之間大約 65%-35%。去年，我們傳達的計劃介於 70% 的內部和 30% 的外部之間。因此，我們將繼續努力從內部生產中獲益，但我們重視我們的合作夥伴供應商，他們是我們戰略的重要組成部分。

Our next question comes from the line of Bonnie Herzog with Goldman Sachs.

我們的下一個問題來自 Bonnie Herzog 與 Goldman Sachs 的對話。

I have just had a few questions on Truly, if I may. I mean first, can you guys give us a sense of Truly's declines in the quarter and maybe whether those declines accelerated versus Q4 possibly got a little bit better or less negative? And then you mentioned Truly Vodka Seltzer rebranding had a negative impact in the quarter, so could you quantify this as well as maybe costs associated with Truly reformulation? And then is there any -- or should we think about any further expenses associated with those initiatives moving forward...

如果可以的話，我剛剛有幾個關於 Truly 的問題。我的意思是，首先，你們能否讓我們了解一下 Truly 在本季度的下滑情況，也許這些下滑速度與第四季度相比是否會有所好轉或減少負面影響？然後你提到 Truly Vodka Seltzer 品牌重塑在本季度產生了負面影響，那麼你能否量化這一點以及與 Truly 重新制定相關的成本？然後有沒有——或者我們是否應該考慮與這些舉措相關的任何進一步的費用……

Okay. Bonnie, you got cut off at the end, but I think we got the gist of your question. All good. So on the Truly front, I mean, the first we're lapping, the Margarita launch last year, Margarita was like a [51, 52] Share. So I think it was about over 25% of the total Truly business in the first quarter last year. So it's a big overlap for us, and then that will moderate over the course of the year. But I think that's the biggest overlap we just went through, although there's still -- as the year progresses, there's still some overlap there, but the whole intent of our -- of the refresh program is really to get some attention, get some heat, and get some focus against the core 3 wider flavored variety packs. In addition, we're going to have some limited time offers that come out over the course of the year.

好的。邦妮，你最後被打斷了，但我想我們已經明白你問題的要點了。都好。因此，在 Truly 方面，我的意思是，我們首次合作，即去年推出的 Margarita，Margarita 就像 [51, 52] 股。所以我認為它在去年第一季度大約佔 Truly 總業務的 25% 以上。所以這對我們來說是一個很大的重疊，然後在今年的過程中會緩和。但我認為這是我們剛剛經歷的最大的重疊，雖然仍然 - 隨著時間的推移，那裡仍然有一些重疊，但我們的 - 更新計劃的全部目的確實是為了獲得一些關注，獲得一些熱度，並重點關注核心 3 種更廣泛口味的多種包裝。此外，我們將在一年中推出一些限時優惠。

As it relates to the vodka soda transition, I mean, basically, what we decided, we've got some learning at the end of last year, we got in the marketplace early, and we saw some things that made us decide we wanted to give -- to change the proposition. We're adding a couple of variety packs. We decided to name the Vodka Soda, it was better than Vodka Seltzer. So with that came a decision do we take a write-off, do we take a hit in Q1 to get into the market in time for the summer, which is very important to take advantage of the opportunity; or do we not which we could have chosen to do, and then get into the market like end of the summer or beginning of the fall. And we decided that it made -- there's much more upside to like let's make -- we know what we need to do, make the changes, get out there and go. I'm not sure if we're actually talking about the exact number or not.

由於它與伏特加蘇打過渡有關，我的意思是，基本上，我們決定，我們在去年年底學到了一些東西，我們很早就進入了市場，我們看到了一些讓我們決定我們想要的東西give——改變提議。我們正在添加幾個品種包。我們決定命名伏特加蘇打水，它比伏特加蘇打水更好。因此，我們決定是否註銷，我們是否在第一季度受到衝擊以便在夏季及時進入市場，這對於利用這個機會非常重要；或者我們不做我們本可以選擇做的事情，然後在夏末或秋初進入市場。我們決定它做出了——讓我們做出更多的好處——我們知道我們需要做什麼，做出改變，走出去。我不確定我們是否真的在談論確切的數字。

Yes. To add on, it's 100 to 150 basis point impact in Q1 margin, if that helps.

是的。此外，如果有幫助的話，第一季度利潤率會受到 100 到 150 個基點的影響。

Definitely helps, okay. And then I understand, Dave, what you mentioned about Margarita and the lapping. But is there a way or would you share with us if we were to exclude Margarita what the rest of Truly is doing? I mean, are you seeing kinds of improvement year-over-year or even sequentially?

絕對有幫助，好吧。然後我明白了，戴夫，你提到的關於瑪格麗塔和研磨的事。但是，如果我們將瑪格麗塔排除在外，您是否有辦法或與我們分享真正的其他人正在做什麼？我的意思是，您是否看到了逐年甚至連續的改進？

Yes, we are. Actually, I mean, if you look at the Margarita overlap in Q1, add to the fact that we're discontinuing Truly Tea, that's over half of the declines on the trademark right there. So those are over half of the losses. In terms of what we're seeing, if you look at the core business and look at the very tropical citrus, those -- when you look at those variety packs, how they performed over the past 3 or 4 months, we're seeing a stabilization in share. We're seeing a -- it actually even an increase in sales per point. And if you look at the former IRI Circana's 63 markets that they track, almost half of them, the total Truly trademark has actually grown share in the last month, okay?

是的我們是。實際上，我的意思是，如果你看一下第一季度的瑪格麗塔重疊，再加上我們正在停止供應 Truly Tea 的事實，那就是商標下降的一半以上。所以這些是損失的一半以上。就我們所看到的而言，如果你看看核心業務並看看非常熱帶的柑橘，那些 - 當你看看那些品種包時，它們在過去 3 或 4 個月的表現如何，我們看到份額趨於穩定。我們看到了——它實際上什至增加了每點的銷售額。如果你看看他們跟踪的前 IRI Circana 的 63 個市場，幾乎有一半，Truly 商標的總份額在上個月實際上有所增長，好嗎？

So these are green shoots now. They don't -- they obviously haven't laddered up to the top number yet, but we're starting to see some signs that were -- of recovery from the base business as we -- as this overlap mitigates and as we start to do other things behind the brand to create some more excitement around the brand.

所以這些現在是萌芽。他們沒有——他們顯然還沒有登上榜首，但我們開始看到一些跡象——從我們的基礎業務中復蘇——隨著這種重疊的減輕和我們的開始做品牌背後的其他事情，圍繞品牌創造更多刺激。

Okay. That's helpful. And I might be pushing it, but just in the context of that for your guidance, remind us what your expectations are for Truly. If I remember, your guidance, I thought, implied continued share loss. Is that correct? And I guess you guys haven't really talked about your expectations for the Hard Seltzer category or if, in fact, it still is [10% to 15%] this year. So any help there would help.

好的。這很有幫助。我可能會推動它，但就在您提供指導的背景下，提醒我們您對 Truly 的期望是什麼。如果我記得的話，我認為你的指導意味著持續的份額損失。那是對的嗎？我想你們還沒有真正談論過你們對 Hard Seltzer 類別的期望，或者事實上，今年它仍然是 [10% 到 15%]。所以那裡的任何幫助都會有所幫助。

Okay. So I think -- yes, in terms of the category, so we're thinking down mid-teens or so. Year-to-date -- this is volume. I'm talking volume. Year-to-date, I think it's down closer to 20%. We're thinking mid-teens -- mid- to high teens is where it looks right now. If you include the vodka-based seltzers, which should be included, add like 5 points for volume, if you will. So it's 5 points -- it's made 5 points better than that. What was your other question? Was it around -- I'm sorry, what was the first part of the question?

好的。所以我認為 - 是的，就類別而言，所以我們正在考慮十幾歲左右。年初至今——這是數量。我說的是音量。今年迄今為止，我認為它下降了接近 20%。我們正在考慮十幾歲 - 中高青少年就是現在的樣子。如果你包括基於伏特加的蘇打水，它應該包括在內，如果你願意的話，可以為音量添加 5 分。所以它是 5 分 - 它比這更好 5 分。你的另一個問題是什麼？是不是——抱歉，問題的第一部分是什麼？

To that, you just said your expectations for Truly, and what's kind of factored in?

對此，您剛剛說了您對 Truly 的期望，其中考慮了哪些因素？

Yes. Thank you. So to hit the midpoint of the range, right now, where Twisted Tea is at the moment and where Truly is, Truly doesn't really need to change trajectory that much. So therefore, that would mean losing share, right? So we factored that in. So we came out with our guidance in the last call. We gave those numbers, presuming that we're not going to get much with Truly. We're obviously working to do a lot better than that, but we're not -- it doesn't have to happen. And honestly, I think if you look at the overlaps for the first half of the year, we're probably not going to gain share for Truly.

是的。謝謝。因此，要達到範圍的中點，現在 Twisted Tea 目前所在的位置和 Truly 所在的位置，Truly 並不需要那麼大地改變軌跡。因此，這將意味著失去份額，對嗎？所以我們考慮到了這一點。所以我們在上次電話會議中提出了我們的指導。我們給出了這些數字，假設我們不會從 Truly 得到太多。我們顯然正在努力做得比這更好，但我們沒有——這不一定會發生。老實說，我認為如果你看看今年上半年的重疊情況，我們可能不會為 Truly 獲得份額。

However, we're hopeful that the things that we're doing to hit the market in May and June and carry through the summer, if those things take hold, then we're hoping that we'll see better -- we'll see improvement on it from a share perspective and, obviously, volume perspective on the second half of the year.

然而，我們希望我們正在做的事情能夠在 5 月和 6 月進入市場並持續到整個夏天，如果這些事情能站穩腳跟，那麼我們希望我們會看到更好的情況——我們會從份額的角度來看它有所改善，顯然，從今年下半年的數量角度來看。

Our next question comes from the line of Eric Serotta with Morgan Stanley.

我們的下一個問題來自 Eric Serotta 與摩根士丹利的對話。

First one, talk a bit about the shelf space. Dave, you talked last quarter, I think, about plans for Twisted space being up north of 30% this year. And you seem hopeful that Truly would hold shelf space as the long tail got trend. Wondering, now that we're almost done with the first 4 months of the year, how has that played out versus expectations?

第一個，談談貨架空間。戴夫，我想你上個季度談到了今年 Twisted 空間的計劃超過 30%。隨著長尾趨勢的發展，你似乎希望 Truly 能夠佔據貨架空間。想知道，現在我們幾乎完成了今年的前 4 個月，這與預期相比如何？

Sure thing. We've got -- it's a good time to have this conversation. We have a lot more information than we did in our last call. So we probably have about information of maybe 70% of our customers right now on shelf resets. So I'll talk about Hard Seltzer first. Hard Seltzer looks like it's going to go the category from about 10% of beer to maybe closer to 8% of beer. So it's going down. It's -- we had expected that given the performance of the category. Within the category, the good news for Truly is that Truly is going to go from about 25% of that, of Hard Seltzer, to about 27% of Hard Seltzer. The #1 player is also gaining share of the segment. And those are the only 2 that are really gaining share as far as we know now of the segment. So again, hard seltzer, in total, shrinking Truly and the other major competitor gaining share of space.

當然可以。我們已經 - 現在是進行這次對話的好時機。我們掌握的信息比上次通話時多得多。所以我們現在可能有大約 70% 的客戶關於貨架重置的信息。所以我會先談談硬蘇打水。 Hard Seltzer 看起來將佔啤酒的 10% 左右，可能接近 8%。所以它正在下降。鑑於該類別的表現，我們曾預料到這一點。在該類別中，對 Truly 來說，好消息是 Truly 將從 Hard Seltzer 的約 25% 增加到 Hard Seltzer 的約 27%。排名第一的玩家也正在獲得該細分市場的份額。據我們所知，這些是僅有的 2 個真正獲得份額的細分市場。因此，硬蘇打水總體上縮小了 Truly，而其他主要競爭對手則獲得了空間份額。

As it relates to Twisted Tea, Twisted Tea we're looking at close to 45% increase in space. So we said 30% before. Actually, our original objectives have been exceeded so far with these customers. There's a lot of enthusiasm behind Twisted Tea. There's a lot of enthusiasm behind FMBs as well, in general, although Truly's almost -- Twisted Tea is almost 30% of it. So that's a good thing, and we expect that will -- not only will we get that increase in shelf space, but we're expecting to get, with it, future -- more future display activity certainly than we did a year ago.

由於它與 Twisted Tea 相關，我們看到 Twisted Tea 的空間增加了近 45%。所以我們之前說了30%。實際上，到目前為止，這些客戶已經超出了我們最初的目標。 Twisted Tea 背後有很多熱情。總的來說，FMB 背後也有很多熱情，儘管 Truly 幾乎 - Twisted Tea 幾乎佔其中的 30%。所以這是一件好事，我們預計這將 - 我們不僅會增加貨架空間，而且我們預計未來會比一年前更多的未來展示活動。

Great. And following up on that, certainly, your expectation for shelf space has gone up a lot. Last quarter, I think you spoke about your various scenarios within the depletion range for this year, both sort of the low end and the high end assuming a moderation in Twisted growth as we got into the second half. Given the higher shelf space gains and the momentum to date, how are you looking at Twisted momentum for the year? What are you planning for? And where do you see growth sort of significant white space either from a channel perspective or in terms of getting the 12 pack on the shelf?

偉大的。當然，在此之後，您對貨架空間的期望已經上升了很多。上個季度，我想你談到了今年耗盡範圍內的各種情景，無論是低端還是高端，都假設我們進入下半年時 Twisted 增長放緩。鑑於更高的貨架空間收益和迄今為止的勢頭，您如何看待今年的 Twisted 勢頭？你打算做什麼？從渠道角度或從 12 件裝上架的角度來看，您在哪裡看到增長的重要空白？

Okay. Yes, so I think -- I mean we're very happy with Twisted Tea's growth right now. And in fact, it's been accelerating since the fourth quarter of last year. I think we don't -- our expectations were that it doesn't have to -- let's go back to the middle of the range. Twisted Tea can come off its growth rate and Truly can stay the same, as I just mentioned to Bonnie, and we're in the middle, right? We'd like to obviously exceed the middle desperately, and we would like to do that. For Twisted Tea, I mean, some of the tailwinds, the shelf space that I mentioned, along with that will come feature and display activity. We've got a lot of media plans for the summer.

好的。是的，所以我認為——我的意思是我們對 Twisted Tea 現在的增長非常滿意。事實上，自去年第四季度以來，它一直在加速。我認為我們不需要——我們的期望是它不必——讓我們回到範圍的中間。 Twisted Tea 可以降低其增長率，而 Truly 可以保持不變，正如我剛剛向 Bonnie 提到的那樣，我們處於中間位置，對吧？顯然，我們很想拼命地超越中路，我們也願意這樣做。對於 Twisted Tea，我的意思是，一些順風，我提到的貨架空間，隨之而來的是特色和展示活動。我們為夏季制定了很多媒體計劃。

Another thing that we haven't really talked about is if you look at our service levels last year, we struggled last year. I mean we want to get to at least 95% service levels. We didn't hit that number on Twisted Tea last year until the first or second week of September. And right now, we're above that. So we're going to be able to ride through the summer with much higher service levels than we did a year ago, and I think we're going to need them given what we're seeing. So that's a positive.

我們還沒有真正談論的另一件事是，如果你看看我們去年的服務水平，我們去年很掙扎。我的意思是我們希望至少達到 95% 的服務水平。直到去年 9 月的第一周或第二週，我們才在 Twisted Tea 上達到這個數字。而現在，我們超越了這一點。因此，我們將能夠以比一年前高得多的服務水平度過整個夏天，而且我認為，鑑於我們所看到的情況，我們將需要它們。所以這是積極的。

The other thing I'd say is that last year, if you look at the household penetration on Twisted Tea last year, it was about 15% growth in household penetration. In the first quarter, it was closer to 28%. So we're seeing the acceleration of household. And the repeat rates are basically -- they're still -- they're up slightly. So we have more households coming in rapidly, and their frequency is the same as those who've been in the franchise before. So these are all good things. That buoyed Twisted Tea. But there's a lot of -- on the other hand, there's a lot of competitive activity out there. It's a very large number growing base. So can we sustain 30-plus percent? I'm talking about, to quote IRI, 34%. That would be wonderful if we could, but I think it's going to be a challenge. But again, we don't -- we're not expecting to. We don't have to. But if we can hold it, we will. And so everything is in place on Twisted Tea to do that for the balance of the year.

我要說的另一件事是去年，如果你看一下去年 Twisted Tea 的家庭滲透率，家庭滲透率增長了大約 15%。第一季度，這一比例接近 28%。所以我們看到了家庭的加速。重複率基本上——它們仍然——略有上升。所以我們有更多的家庭迅速進入，他們的頻率與以前加入特許經營權的家庭相同。所以這些都是好事。這鼓舞了 Twisted Tea。但是有很多 - 另一方面，那裡有很多競爭活動。這是一個非常大的增長基礎。那麼我們能維持 30% 以上嗎？我說的是，引用 IRI，34%。如果可以的話，那就太好了，但我認為這將是一個挑戰。但同樣，我們不——我們不期望。我們不必。但如果我們能堅持下去，我們會的。因此，Twisted Tea 上的一切都已準備就緒，可以在今年餘下的時間裡做到這一點。

Our next question comes from the line of Brett Cooper from Consumer Edge Research.

我們的下一個問題來自 Consumer Edge Research 的 Brett Cooper。

I'll borrow one of demonstrated from earlier with respect to a tidal wave of new products coming in to Beyond Beer. And I think much of that is coming into FMB and even into teas more specifically. And I just want to take that with some of your comments you've made in the past with respect to saturation causing problems in the seltzer market. So how do you think about the impact of saturation on Twisted Tea? And is there a way that you can insulate or protect the brand from all of these products in that saturation?

我將藉用之前關於新產品湧入 Beyond Beer 的浪潮中的一個演示。我認為其中很大一部分正在進入 FMB，甚至更具體地進入茶。我只想結合你過去發表的關於飽和導致蘇打水市場問題的一些評論。那麼你如何看待飽和度對Twisted Tea的影響呢？有沒有一種方法可以在這種飽和狀態下將品牌與所有這些產品隔離或保護起來？

Thanks, Brett. Jim, do you want to -- I can jump in or Jim, if you have a pointed view of a 20-year history with Twisted Tea.

謝謝，布雷特。吉姆，你想——我可以加入，或者吉姆，如果你對 Twisted Tea 的 20 年曆史有一個明確的看法。

Yes, we've seen over -- it's now like 23 years, 24 years, when Twisted Tea started getting successful. Everybody's thrown competitors at it, from Mike's Hard Tea to Anheuser Busch has had several entries. I think they have like Hoop now, and probably a couple more. So I think my point of view is it's a bit late to come into a category that's kind of owned by one product. It's got 90-some percent of the category, and the next product might have 5. And when you go into a store, there's a shelf of Twisted Tea, or 2 shelves; in some cases, in real core markets, even a door of it. And so I don't see what would differentiate another tea to make significant inroads in Twisted Tea. And we have slowly, and in a very disciplined way, spread out on that shelf from the original to half-and-half, and now we have multiple other flavors like raspberry and peach, and we have a variety pack and now we have Twisted Tea Light.

是的，我們已經看到了 - 現在大約 23 年，24 年，Twisted Tea 開始獲得成功。從 Mike's Hard Tea 到 Anheuser Busch，每個人都有競爭對手參與其中。我認為他們現在有像 Hoop，可能還有更多。所以我認為我的觀點是，進入一個屬於一種產品的類別有點晚了。它有 90% 的類別，下一個產品可能有 5 個。當你走進一家商店時，有一個貨架的 Twisted Tea，或者 2 個貨架；在某些情況下，在真正的核心市場中，甚至有一扇門。因此，我看不出有什麼能使另一種茶與眾不同，從而在 Twisted Tea 中取得重大進展。我們慢慢地，以一種非常有紀律的方式，在那個貨架上從原來的攤開到一半，現在我們有多種其他口味，比如覆盆子和桃子，我們有多種包裝，現在我們有 Twisted茶色。

So I feel like we are answering pretty much all the consumers' needs that have -- in the tea category for products that have any kind of volume. There are niche tea products that are on the higher prices, but they're less than 1% share. So I'm not seeing anything that I would consider meaningfully different or better than Twisted Tea. And then there is always the flavor profile, and Twisted Tea has a unique and delicious flavor profile that nobody's been able to copy either. It uses very high-quality teas. They come from the Atlantic rainforest. I mean, there's a genuine ingredient story that we don't talk much about behind it. But it's not easy to duplicate the flavor of Twisted Tea, though many have tried.

所以我覺得我們幾乎可以滿足所有消費者的需求——在茶類產品中，對於任何體積的產品。有價格較高的小眾茶產品，但它們的份額不到1%。所以我沒有看到任何我認為與 Twisted Tea 有意義的不同或更好的東西。然後總是有風味特徵，Twisted Tea 具有獨特而美味的風味特徵，沒有人能夠複製。它使用非常優質的茶。它們來自大西洋雨林。我的意思是，有一個真正的成分故事，我們並沒有在它的背後談論太多。但是要復制 Twisted Tea 的味道並不容易，儘管許多人都嘗試過。

If I can just follow on, the Light proposition, is there any way that you guys -- or how do you speak to how you think about the proposition and the potential size relative to the base Twisted Tea business?

如果我可以繼續，Light 提議，你們有什麼辦法 - 或者你如何談論你如何看待這個提議以及相對於基礎 Twisted Tea 業務的潛在規模？

Sure. Right now, it's not as big as one would think because what we've learned over all these years is when the Twisted Tea drinker opts for a Twisted Tea, they're doing it because they want something that is delicious, full-flavored, and they're not really that concerned about the calories and even the sugar. And it does have less calories, less sugar than a lot of other FMB entrants because the tea flavor is so powerful. So it's -- I think in the Circana numbers, it's probably less than 5% at this point of the Twisted Tea volume, but it's an important part of our portfolio to have something out there in case that lower-calorie end of the FMB category grows significantly. And also, it does protect the brand from a potential point of vulnerability of somebody coming in with their own version of a Twisted Tea that was 120 calories instead of 190, like the regular strength. So it's a flanker that protects that flank.

當然。現在，它並沒有人們想像的那麼大，因為這些年來我們學到的是，當 Twisted Tea 飲用者選擇 Twisted Tea 時，他們這樣做是因為他們想要美味、味道濃郁的東西，他們並不真正關心卡路里甚至糖分。而且它的卡路里和糖分確實比許多其他 FMB 參賽者少，因為茶味太濃了。所以它是——我認為在 Circana 的數字中，此時 Twisted Tea 的銷量可能不到 5%，但它是我們投資組合的重要組成部分，以防 FMB 類別的低熱量端出現顯著增長。而且，它確實保護了品牌免受潛在的脆弱點，因為有人帶著他們自己版本的 Twisted Tea 來了，這種 Twisted Tea 的熱量是 120 卡路里，而不是 190 卡路里，就像常規強度一樣。所以它是保護側翼的側衛。

And it's growing quite nicely, but on a small base. The Twisted Tea drinker is just not that worried. It's like somebody's -- it's like an ice cream eater. There's not much volume in the low cal end of the ice cream market because we all know it's an indulgence, and we're okay with it.

它的增長非常好，但基數很小。 Twisted Tea 飲用者並不那麼擔心。這就像某人的——就像一個吃冰淇淋的人。低端冰淇淋市場的銷量不大，因為我們都知道這是一種放縱，我們對此表示滿意。

(Operator Instructions) Our next question comes from the line of Peter Grom with UBS.

（操作員說明）我們的下一個問題來自瑞銀集團的 Peter Grom。

I have a question on inflation more broadly. But maybe just -- specifically around freight. Thus far, in earnings season, it's been a pretty positive call-out from CPG companies in terms of how to think about the path forward. And it was also called out in your press release today. So how much of a tailwind could this be to you as you look ahead? And I guess, to the extent that it does continue to moderate, how do you think about balance letting some of these savings flow to the bottom line versus stepping up reinvestment?

我有一個更廣泛的關於通貨膨脹的問題。但也許只是 - 特別是圍繞貨運。到目前為止，在財報季，CPG 公司就如何思考前進的道路發出了相當積極的呼籲。你今天的新聞稿中也提到了這一點。那麼，當你展望未來時，這對你來說會有多大的順風？而且我想，就它確實繼續放緩的程度而言，你如何看待讓這些儲蓄中的一些流入底線與加強再投資之間的平衡？

Yes. We're definitely (inaudible) the numbers as a benefit. Some companies have it in the cost of goods sold. We have it in SG&A. But you can see we benefited. We expect to continue to benefit for the year. And we'll make the decision based on how the Truly refresh is working and other opportunities, whether we reinvest that or bring it to the bottom line.

是的。我們絕對（聽不清）數字是一種好處。一些公司將其計入銷貨成本。我們在 SG&A 中有它。但是你可以看到我們受益。我們預計今年將繼續受益。我們將根據 Truly 刷新的工作方式和其他機會做出決定，無論我們是對其進行再投資還是將其帶到底線。

Okay. Understood. And then just a follow-up, I would love to get an update on Hard Mountain Dew. How is the brand performing versus your expectations? And then just within that, any initial views on whether Monster's new product offering could impact the growth trajectory of Hard Dew?

好的。明白了。然後只是後續行動，我很想了解 Hard Mountain Dew 的最新消息。與您的期望相比，該品牌的表現如何？然後就在其中，對 Monster 的新產品供應是否會影響 Hard Dew 的增長軌蹟有任何初步看法嗎？

Sure, Peter. This is Dave. I think -- so right now, it's in 13 states, primarily 12 packs. And actually, if you look at in those markets, it's the #2 12-pack to Twisted Tea. The velocity is probably #3 or 4 within the market. So there's still -- I mean there's interest. There's pull. As Ramon Laguarta from PepsiCo, I think those guys had earnings yesterday, the day before, he mentioned the approach for Blue Cloud is kind of more or less slow and steady kind of wins the race and there's not a rush. They want to do it right. And we agree with that. And so we think we have a brand that's got a lot of interest. So obviously, we've got a huge trial when we launched a year ago like because of the novelty. That's settled down, but it's still turning really well, and we're just going to -- we're not betting on a huge growth for us this year. We're going to go at the right pace, at the same pace that PepsiCo wants to go at. We're -- so we're fine with that.

當然，彼得。這是戴夫。我認為 - 所以現在，它在 13 個州，主要是 12 包。事實上，如果你看看這些市場，它是 Twisted Tea 排名第二的 12 包。速度可能在市場上排名第三或第四。所以仍然 - 我的意思是有興趣。有拉力。作為百事可樂的 Ramon Laguarta，我認為那些人昨天有收益，前一天，他提到 Blue Cloud 的方法或多或少是緩慢而穩定的贏得比賽的方式，並不急於求成。他們想做對。我們同意這一點。所以我們認為我們有一個引起很多興趣的品牌。很明顯，由於新穎性，我們在一年前推出時進行了巨大的試驗。這已經解決了，但它仍然非常好，我們只是 - 我們不會押註今年我們會有巨大的增長。我們將以正確的步伐前進，與百事可樂希望的步伐相同。我們 - 所以我們對此很好。

As it relates to Monster, it's -- I don't know, it's hard to say because neither brand have energy components in it. So it's more going to -- I think these brands will be judge based on are they refreshing and good tasting and something that people want to drink instead of a beer or another FMB or not. So I think the Monster stuff, it's just really obviously a great brand, but it's really early to tell what -- even what the trajectory of that will be and where it's going to source its volume. But we'll know. By the end of the year, we'll know more.

與 Monster 相關的是——我不知道，很難說，因為這兩個品牌都沒有能量成分。所以它更多的是 - 我認為這些品牌將根據它們是否清爽和美味以及人們想要喝的東西而不是啤酒或其他 FMB 來判斷。所以我認為 Monster 的東西，它真的很明顯是一個偉大的品牌，但現在說什麼 - 甚至是它的軌跡是什麼以及它將從哪裡獲得它的數量還為時過早。但我們會知道的。到今年年底，我們會知道更多。

There are no further questions. I'd like to hand it back to Mr. Koch for closing remarks.

沒有其他問題了。我想把它交還給科赫先生作結束語。

Thanks, everybody, and we'll talk again in a few months. Thanks for joining us.

謝謝大家，幾個月後我們再談。感謝您加入我們。

Ladies and gentlemen, this does conclude today's conference. You may disconnect your lines at this time, and have a wonderful day.

女士們，先生們，今天的會議到此結束。此時您可以斷開線路，度過美好的一天。