Boston Beer Company Inc (SAM) 2023 Q2 法說會逐字稿

Greetings, and welcome to The Boston Beer Company Second Quarter 2023 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mike Andrews, Associate General Counsel and Corporate Secretary. Thank you, Mike. You may begin.

您好，歡迎參加波士頓啤酒公司 2023 年第二季度收益電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向您介紹主持人，副總法律顧問兼公司秘書邁克·安德魯斯 (Mike Andrews)。謝謝你，邁克。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 second quarter earnings call. Joining the call from Boston Beer are Jim Koch, 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。我是邁克·安德魯斯 (Mike Andrews)，波士頓啤酒公司副總法律顧問兼公司秘書。我很高興開始我們的 2023 年第二季度財報電話會議。加入波士頓啤酒電話會議的還有創始人兼董事長吉姆·科赫 (Jim Koch)；戴夫·伯威克 (Dave Burwick)，我們的首席執行官；以及我們的首席會計官兼臨時首席財務官馬特·墨菲（Matt Murphy）。

Before we discuss our business, I'll start with our disclaimer. As we state 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，我將首先聲明我們的免責聲明。正如我們在財報中所述，我們討論的以及本次電話會議中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，該公司的實際結果可能與這些前瞻性陳述中的預測存在重大差異。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新的 10-Q 和 10-K 中。該公司不承諾公開更新前瞻性陳述，無論是由於新信息、未來事件還是其他原因。

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

現在我將把它交給吉姆，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 second quarter results as well as our outlook for the remainder of 2023. Immediately following Matt's comments, we'll open the line for questions.

謝謝，邁克。今天下午我將首先進行一些介紹性評論，然後交給戴夫，他將概述我們的業務。然後，Dave 將把電話轉給 Matt，他將重點關注我們第二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，我們將立即開放提問。

Our second quarter depletions decrease of 3% on a fiscal calendar basis and 7% on a comparable weeks' basis was in line with our expectations. We saw strong performance in our largest brand, Twisted Tea, and we expect its continued success to have an even larger impact on our overall growth rates in the second half. In measured off-premise channels, Twisted Tea continued its strong dollar growth, up 38%, which was offset primarily by continued declines in Truly Hard Seltzer. We are making progress on operational plans to enhance our margins and began to see some benefits this quarter.

我們第二季度的消耗量按會計日曆計算下降了 3%，按可比周計算下降了 7%，符合我們的預期。我們看到我們最大的品牌 Twisted Tea 表現強勁，我們預計它的持續成功將對我們下半年的整體增長率產生更大的影響。在經過衡量的場外渠道中，Twisted Tea 繼續保持強勁的美元增長，增長了 38%，但主要被 Truly Hard Seltzer 的持續下滑所抵消。我們正在提高利潤的運營計劃方面取得進展，並在本季度開始看到一些好處。

Our multiyear initiatives to simplify our operations by mastering the complexity of our business and to align our cost structure more closely to volume expectations are progressing well. 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 the new innovation with the goal of returning our company to long-term sustainable growth.

我們多年來的計劃旨在通過掌握業務的複雜性來簡化我們的運營，並使我們的成本結構更接近銷量預期，進展順利。我們致力於保持 Twisted Tea 背後的強勁勢頭並改善我們的 Truly 趨勢，同時繼續對整個產品組合和新創新進行廣泛投資，目標是讓我們的公司恢復長期可持續增長。

Based on our second quarter financial results, we've established plans to invest incrementally in media behind our Twisted Tea and Truly brands, starting immediately. We are thankful to our outstanding coworkers, distributors and retailers who continue to support our business. We are proud to have just been named the #1 Beer Industry Supplier in the Tamarron Survey, the annual poll of beer distributors conducted by Tamarron Consulting, a consulting firm specializing in the alcoholic beverage distribution industry. It is our sixth #1 ranking in a row and 13th in the last 15 years. This is a result of the efforts of all Boston Beer coworkers to service and support our distributors' businesses and to the strong relationships we've built with them over many years. We continue to believe that we have the best group of distributors in the beer business.

根據我們第二季度的財務業績，我們已製定計劃，立即開始對 Twisted Tea 和 Truly 品牌背後的媒體進行增量投資。我們感謝繼續支持我們業務的優秀同事、分銷商和零售商。我們很自豪剛剛在 Tamarron 調查中被評為啤酒行業第一供應商，該調查是由專門從事酒精飲料分銷行業的諮詢公司 Tamarron Consulting 進行的年度啤酒分銷商調查。這是我們連續第六次排名第一，也是過去 15 年中的第 13 位。這是所有波士頓啤酒員工努力服務和支持我們經銷商業務的結果，也是我們多年來與他們建立的牢固關係的結果。我們仍然相信我們擁有啤酒行業最優秀的經銷商群體。

We 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-ranked 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 over $50 million in stock, thus far, in 2023.

我們相信，我們擁有優勢產品組合的 Beyond Beer 類別在未來幾年將比傳統啤酒市場增長得更快。我們預計今年所做的運營變革，加上我們的創新歷史、強大的品牌和一流的銷售隊伍，將有助於帶領我們取得長期成功。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，並讓我們能夠在 2023 年回購超過 5000 萬美元的股票。

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

現在我將把它交給戴夫，讓他更詳細地了解我們的業務。

Thanks, Jim, and good afternoon, everybody. As Jim mentioned, our second quarter volumes were in line with our expectations. Our fiscal calendar quarter depletions decreased 3%, while comparable weeks' depletions decreased 7%. This is due to the timing of the July 4 holiday relative to our 2023 and 2022 fiscal calendars.

謝謝吉姆，大家下午好。正如吉姆提到的，我們第二季度的銷量符合我們的預期。我們的財政日曆季度消耗下降了 3%，而可比周的消耗下降了 7%。這是由於相對於我們 2023 年和 2022 年會計日曆而言，7 月 4 日假期的時間安排不同。

We improved our overall financial performance during the quarter and achieved gross margins of over 45%, while generating approximately $120 million in operating cash flow. Matt will discuss the financial results in his remarks, while I'll focus my commentary on our operating performance.

本季度我們的整體財務業績有所改善，毛利率超過 45%，同時產生約 1.2 億美元的運營現金流。馬特將在講話中討論財務業績，而我將重點評論我們的經營業績。

Our strategic priorities remain unchanged. We're focusing our resources on sustaining Twisted Tea's industry-leading growth and turning Truly's volume trends, while improving our supply chain performance to enhance our gross margin and provide more funds to invest in our brands and our top-ranked industry sales force.

我們的戰略重點保持不變。我們將資源集中用於維持 Twisted Tea 行業領先的增長並扭轉 Truly 的銷量趨勢，同時改善我們的供應鏈績效，以提高我們的毛利率，並提供更多資金投資於我們的品牌和行業一流的銷售隊伍。

As Jim also mentioned, we're encouraged by our second quarter financial performance, and we're investing in incremental media to further fuel Twisted Tea's growth and moderate Truly's declines. We're doing so immediately to create an impact over the next several months.

正如 Jim 還提到的那樣，我們對第二季度的財務業績感到鼓舞，我們正在投資增量媒體，以進一步推動 Twisted Tea 的增長並緩解 Truly 的下滑。我們將立即這樣做，以便在接下來的幾個月內產生影響。

I'll now provide some color on our brands. Twisted Tea accelerated its growth trajectory in the second quarter with 38% dollar sales growth, while adding (inaudible) share points and expanding its overall share of leadership to 27% of total FMB dollar sales in measured off-premise channels. Robust demand is a result of balanced efforts of growing both fiscal availability, the improved geographic channel and package distribution and mental availability via a highly effective brand-building campaign, increased media investment and optimize packaging design that highlights the brand's distinctive assets. While we struggled to keep up with demand for the Twisted Tea party pack, that is now the second largest and the fastest-growing SKU among all FMBs, we've improved our overall service levels versus the first half of last year and can support further growth acceleration. We remain confident that Twisted Tea will sustain its strong double-digit growth for the remainder of 2023 for many reasons.

現在我將為我們的品牌提供一些顏色。 Twisted Tea 在第二季度加速了其增長軌跡，銷售額增長了 38%，同時增加了（聽不清）份額，並將其總體領導地位擴大到在非本地渠道中佔 FMB 美元銷售額總額的 27%。強勁的需求是通過高效的品牌建設活動、增加媒體投資和優化包裝設計來提高財政可用性、改善地理渠道和包裝分銷以及心理可用性等平衡努力的結果，以突出品牌的獨特資產。儘管我們努力滿足對 Twisted Tea party 包的需求（該包目前是所有 FMB 中第二大且增長最快的 SKU），但與去年上半年相比，我們已經提高了整體服務水平，並且可以進一步支持增長加速。出於多種原因，我們仍然相信 Twisted Tea 將在 2023 年剩餘時間內保持強勁的兩位數增長。

First, there's upside in growing brand awareness and household penetration, and we know our ad campaign is working. Second, the brand is underdeveloped with Black and Hispanic and Latino consumers, but we're now seeing large household penetration increases as a result of our marketing efforts. Third, there's still ample room to expand distribution across channels and packages where other FMB competitors have far more presence. This includes on-premise, where Twisted Tea is close to (inaudible) share of FMBs and has driven the fifth most incremental cases year-to-date of any brand family across total beer.

首先，提高品牌知名度和家庭滲透率有好處，而且我們知道我們的廣告活動正在發揮作用。其次，該品牌在黑人、西班牙裔和拉丁裔消費者中的發展還不夠成熟，但由於我們的營銷努力，我們現在看到家庭滲透率大幅提高。第三，仍有足夠的空間擴大跨渠道和套餐的分銷，而其他 FMB 競爭對手的影響力要大得多。這包括內部部署，其中 Twisted Tea 接近（聽不清）FMB 份額，並且在所有啤酒品牌系列中今年迄今為止的增量案例排名第五。

Additionally, Twisted Tea finished the spring space reset season with a 49% increase in shelf space, and those benefits will continue to fuel the business during the balance of the year and into 2024. Fourth, there's opportunity to widen the brand's presence in underdeveloped markets from Florida to Texas to California. Fifth, we're still in the early stages of Twisted Tea Lights national launch, and the sales per point's accelerating and exceeding our expectations and has proven to be about 85% incremental to the Twisted Tea portfolio. We've also expanded our Light portfolio offerings with a new variety pack available in select highly developed markets, and we're seeing some early success.

此外，Twisted Tea 在春季空間重置季結束時，貨架空間增加了 49%，這些好處將在今年餘下時間和 2024 年繼續推動業務發展。第四，有機會擴大該品牌在欠發達市場的影響力從佛羅里達州到德克薩斯州再到加利福尼亞州。第五，我們仍處於 Twisted Tea Lights 全國推出的早期階段，每點銷量正在加速增長並超出了我們的預期，事實證明，Twisted Tea 產品組合的增量約為 85%。我們還通過在選定的高度發達市場提供的新品種包擴展了我們的輕型產品組合，並且我們看到了一些早期的成功。

Lastly, we recently announced we're testing a higher ABV version of Twisted Tea in select markets this summer, called Twisted Tea Extreme. It is 8% ABV as part of our efforts to find future pathways to growth for all our brands by increasing occasions and adding new drinkers.

最後，我們最近宣布今年夏天將在部分市場測試 Twisted Tea 的更高酒精度版本，稱為 Twisted Tea Extreme。酒精度為 8%，這是我們通過增加場合和增加新飲酒者來尋找所有品牌未來增長途徑的努力的一部分。

Now on to Truly. We launched a major Truly Refresh late in the second quarter, including brighter and easy-to-shop packaging that calls out our product improvement with real fruit juice, a new more of motive and high-scoring ad campaign called Lightly Fantastic, increased media spend with a focus on digital and social and new wholesaler execution priorities that focus on our lightly flavored lineup. We now have full distribution of the new Truly Hard Seltzer packaging, and our ad campaign has been running for 6 weeks.

現在到真正的。我們在第二季度末推出了一項重要的“Truly Refresh”活動，包括更明亮且易於購買的包裝，以真正的果汁來宣傳我們的產品改進，一項名為“Lightly Fantastic”的新的更具動機和高分的廣告活動，增加了媒體支出重點關注數字和社交，以及新的批發商執行優先事項，重點關注我們的清淡口味系列。現在，我們已全面分發新的 Truly Hard Seltzer 包裝，並且我們的廣告活動已持續 6 週。

Our 2 new Truly Vodka Soda SKUs and package design hit the market starting in late June and will continue its rollout into early August. Additionally, during the second quarter, we launched the Red White and True lightly flavored variety pack, limited time offering in support of our partnership as the first-ever official hard seltzer of U.S. Soccer and have received a strong in-store wholesaler and retailer support. While the brand remains down about 3.3 volume share points year-to-date, we're seeing green shoots that we expect will have an accumulated impact in the balance of summer and into the fourth quarter.

我們的 2 個新的 Truly Vodka Soda SKU 和包裝設計於 6 月底開始投放市場，並將繼續推出到 8 月初。此外，在第二季度，我們推出了 Red White 和 True 淡味品種套裝，限時供應，以支持我們作為美國足球第一家官方硬蘇打水的合作夥伴關係，並獲得了店內批發商和零售商的強大支持。儘管該品牌今年迄今為止的銷量份額仍下降了約 3.3 個百分點，但我們看到了復甦的跡象，預計這將在夏季剩餘時間和第四季度產生累積影響。

For example, our lightly flavored lineup of variety packs has gained both volume and dollar share of hard seltzer in the past 4- and 13-week time frames, while 24-ounce single-serve gained 0.6 share points in the second quarter, driven by our lead style, Wild Berry, which grew 16% in the last 4 weeks.

例如，在過去 4 周和 13 週的時間範圍內，我們的淡味品種包裝系列硬蘇打水的銷量和美元份額均有所增加，而 24 盎司單份裝在第二季度則增長了 0.6 個份額點，這得益於我們的主導品種 Wild Berry 在過去 4 週內增長了 16%。

Lemonade and Fruit Punch share losses stabilized during the second quarter, while the Margarita overlap and the iced tea discontinuation from 2022 are still weighing on total brand share and have accounted for about 75% of the branch share losses year-to-date. These overlaps will continue to moderate through the summer and drop off in the fourth quarter. While we're disappointed that we've not yet stemmed Truly share losses, we believe we made the necessary changes to set the brand up for success and now need to keep our focus on the execution we know our wholesalers are capable of achieving.

檸檬水和 Fruit Punch 的份額損失在第二季度趨於穩定，而瑪格麗塔的重疊和冰茶自 2022 年起停產仍在對總品牌份額構成壓力，並佔今年迄今為止分公司份額損失的 75% 左右。這些重疊將在整個夏季繼續減少，並在第四季度減少。雖然我們對尚未阻止 Truly 份額損失感到失望，但我們相信我們已經做出了必要的改變，以使該品牌取得成功，現在需要將重點放在我們知道批發商有能力實現的執行上。

As evidence of our confidence in our direction, we're increasing our media spend for the balance of the year and will ensure that Truly is on air every single week. We're only 8 weeks into the refresh, so we need to keep pushing hard with the initiatives we've put in place. We're encouraged that Truly maintains the second highest sales per point in hard seltzer, 52% more productive than the #3 brand, and the third highest sales per point in all of Beyond Beer, so there remains a strong consumer base to build upon.

作為我們對方向充滿信心的證據，我們將增加今年剩餘時間的媒體支出，並將確保《Truly》每周播出。更新僅進行了 8 週，因此我們需要繼續努力推進我們已經實施的舉措。我們感到鼓舞的是，Truly 在硬蘇打水中保持著第二高的每點銷售額，比排名第三的品牌高出 52%，並且在所有 Beyond Beer 中每點銷售額排名第三，因此仍然有強大的消費者基礎可供建立。

Of note, Truly share position has improved by 1 point from March to June, so we're trending in the right direction. We recently announced we're testing a new Truly Tequila product in several markets this summer as part of our efforts to grow the brand in all the occasions with refreshment, sessionability and variety intersect. While maintaining Twisted Tea's double-digit growth and improving Truly's trajectory are our top priorities for the year, we have a broad portfolio and will continue to support and build out our smaller brands.

值得注意的是，Truly 的股價從 3 月到 6 月提高了 1 個百分點，因此我們的趨勢是正確的。我們最近宣布，今年夏天我們將在多個市場測試一種新的 Truly 龍舌蘭酒產品，這是我們在所有場合以清爽、可飲用和多樣性相結合的方式發展該品牌的努力的一部分。雖然保持 Twisted Tea 的兩位數增長和改善 Truly 的發展軌跡是我們今年的首要任務，但我們擁有廣泛的產品組合，並將繼續支持和打造我們的小品牌。

Sam Adams is holding its own in a difficult craft beer category and will continue to invest behind our new Remastered Boston Lager campaign and our seasonals, in addition to our non-alc portfolio, including Just The Haze and the newly released, Gold Rush Pilsner, which grew 94% in dollars in the second quarter in measured on-premise channels. Our Sam Adams Boston Lager Remastered program has improved Boston Lager volume trends by 6 points, and the total brand gained 0.3 share points of craft in the second quarter based on Beer Institute numbers.

Sam Adams 在困難的精釀啤酒類別中保持著自己的地位，並將繼續投資於我們新的 Remastered Boston Lager 活動和季節性啤酒，以及我們的非酒精產品組合，包括 Just The Haze 和新發布的 Gold Rush Pilsner，在測量的本地渠道中，第二季度的美元增長了 94%。我們的 Sam Adams Boston Lager Remastered 計劃將 Boston Lager 銷量趨勢提高了 6 個百分點，根據啤酒協會的數據，第二季度整個品牌的精釀啤酒份額增加了 0.3 個百分點。

While Truly makes a play in vodka- and tequila-based seltzers, Dogfish Head is gaining a foothold in the traditional can cocktail segment and grew volume approximately 81% in the second quarter across all channels.

雖然 Truly 涉足以伏特加和龍舌蘭為基礎的蘇打水，但 Dogfish Head 正在傳統罐裝雞尾酒領域站穩腳跟，第二季度所有渠道的銷量增長了約 81%。

Turning to our supply chain. We continue to modernize our supply chain through investments in equipment, capacity and improved systems and processes. I'd like to broadly discuss the status of the 3 categories we focused on to drive improved margins.

轉向我們的供應鏈。我們繼續通過對設備、產能以及改進的系統和流程的投資來實現供應鏈的現代化。我想廣泛討論一下我們重點關注的 3 個類別的現狀，以提高利潤率。

The first category is procurement savings. We've targeted savings initiatives across multiple areas, including raw materials and packaging, and achieved some benefit during the second quarter. We continue to review our contracts with our raw pack suppliers with the aim of adjusting these to be more reactive to changing demand.

第一類是採購節約。我們在多個領域（包括原材料和包裝）採取了針對性的節約舉措，並在第二季度取得了一些成效。我們繼續審查與原材料供應商的合同，目的是調整這些合同，以更好地應對不斷變化的需求。

The next category is proving 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.

下一個類別是證明性能。雖然我們希望始終混合內部和外部生產，但考慮到我們的生產成本優勢，我們的重點是在可能的情況下將產量轉移回我們的內部啤酒廠。我們正在以嚴格的方式評估我們的產品組合，並專注於提高我們的內部生產線穩定性和效率，並在適應產量和產品組合的變化時調整與我們的聯合製造商的合同。

The final category is ways to network optimization. We have initiatives to optimize our logistics, which 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.

最後一類是網絡優化的方法。我們採取了優化物流的舉措，從而隨著時間的推移降低貨運和倉儲成本。此外，正如我們在上次電話會議中討論的那樣，我們目前正在實施系統來改進我們的預測和庫存管理，我們預計這將減少今年剩餘時間的庫存陳舊情況。

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 began to see some benefit in the second quarter, primarily related to procurement savings and expect to see further benefits in the remainder of the year. 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, and within brand spend, both converting nonworking to working dollars and shifting our mix from traditional to digital and social media.

我們對每個類別都有多年的儲蓄計劃，我們預計這將帶來顯著的長期毛利率增長。雖然實現全部效益需要時間，但我們在第二季度開始看到一些效益，主要與採購節省有關，並預計在今年剩餘時間內看到更多效益。我們還密切管理我們的運營費用。我們希望利用這些努力所節省的成本來支持品牌支出的增加，並在品牌支出範圍內，將非工作資金轉化為工作資金，並將我們的組合從傳統媒體轉向數字和社交媒體。

Now turning to guidance. Our fiscal week depletions trends for the first 29 weeks of 2023 have declined 6% from 2022. We're reiterating our shipments and depletions expectation of down 2% to down 8% for the full year 2023. Where we'll land within that range is dependent on a variety of factors, including the overall economic environment and consumer demand balance of the year.

現在轉向指導。我們 2023 年前 29 週的財週消耗趨勢較 2022 年下降了 6%。我們重申 2023 年全年的出貨量和消耗預計將下降 2% 至 8%。我們將落在該範圍內取決於多種因素，包括全年整體經濟環境和消費者需求平衡情況。

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

現在我將把它交給馬特討論第二季度的財務狀況和我們的全年指導。

Thank you, Dave, and good afternoon, everyone. As Jim and Dave mentioned, second quarter volumes were in line with our expectations, 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.

謝謝戴夫，大家下午好。正如 Jim 和 Dave 提到的，第二季度的銷量符合我們的預期，我們正在實施投資 Twisted Tea 的戰略，同時增強 Truly 的品牌主張並改善我們的供應鏈。

Fiscal calendar depletions for the quarter decreased 3% from the prior year, reflecting decreases in our Truly, Angry Orchard, HARD MTN DEW and Samuel Adams brands, partially offset by increases in our Twisted Tea and Dogfish Head brands.

本季度的財政日曆損耗比上年同期下降了 3%，反映出我們的 Truly、Angry Orchard、HARD MTN DEW 和 Samuel Adams 品牌的減少，但部分被 Twisted Tea 和 Dogfish Head 品牌的增加所抵消。

Shipment volume for the quarter was approximately 2.3 million barrels, a 4.5% decrease from the prior year. We believe distributor inventory as of July 1, 2023, averaged approximately 3 weeks on hand and was at an appropriate level for each of our brands, except for certain Twisted Tea brand packages that were below targeted levels due to higher-than-forecasted consumer demand.

該季度的發貨量約為230萬桶，較上年減少4.5%。我們認為，截至 2023 年 7 月 1 日，經銷商庫存平均約為 3 週，並且對於我們每個品牌來說都處於適當的水平，但某些 Twisted Tea 品牌包裝由於消費者需求高於預期而低於目標水平。

Our second quarter gross margin of 45.4% increased 230 basis points from the 43.1% margin realized in the second quarter of 2022. This was primarily due to price increases and procurement savings, which more than offset inflationary costs. Advertising, promotional and selling expenses for the second quarter decreased $5.5 million or 3.6% from the second quarter of 2022, primarily due to decreased freight to distributors, partially offset by an increase in brand and selling costs.

我們第二季度的毛利率為 45.4%，比 2022 年第二季度實現的 43.1% 的毛利率增長了 230 個基點。這主要是由於價格上漲和採購節省，這足以抵消通貨膨脹成本。第二季度的廣告、促銷和銷售費用較 2022 年第二季度減少 550 萬美元，即 3.6%，主要是由於經銷商運費減少，但部分被品牌和銷售成本的增加所抵消。

General and administrative expenses increased by $6.1 million or 15.6% from the second quarter of 2022, primarily due to increased consulting and legal costs and higher salary and benefits costs. For the second quarter, we reported a net income of $58 million or $4.72 per diluted share compared to prior year net income of $53.3 million or $4.31 per diluted share. This increase between periods was primarily driven by higher gross margins and lower operating expenses, partially offset by lower net revenue and a higher tax rate.

一般和管理費用較 2022 年第二季度增加 610 萬美元，即 15.6%，主要是由於諮詢和法律成本增加以及工資和福利成本增加。第二季度，我們公佈的淨利潤為 5800 萬美元，即稀釋後每股收益 4.72 美元，而上年同期淨利潤為 5330 萬美元，即稀釋後每股收益 4.31 美元。各時期之間的增長主要是由於較高的毛利率和較低的運營費用推動的，但部分被較低的淨收入和較高的稅率所抵消。

Turning to guidance. 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. 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%. Our full year investments in brand spend within advertising, promotional and selling expenses are expected to increase between $20 million and $40 million, which is an increase from our previous guidance range of a decrease of $5 million to an increase of $15 million. This guidance does not include any changes in freight costs for the shipment of products to our distributors.

轉向指導。根據我們目前掌握的信息，我們重申 2023 年全年指導範圍，出貨量和消耗量下降 2% 至 8%，稀釋後每股收益為 6 至 10 美元。該預測對銷量變化高度敏感，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。我們預計每桶收入將增長 1% 至 3%。 2023年全年毛利率預計在41%至43%之間。我們全年在廣告、促銷和銷售費用方面的品牌支出預計將增加 2000 萬美元至 4000 萬美元，這比我們之前減少 500 萬美元至增加 1500 萬美元的指導範圍有所增加。本指南不包括向我們的經銷商運送產品的運費的任何變化。

We've experienced lower-than-expected freight costs year-to-date, which, in addition to gross margin performance, allows us to further support our brand. We continue to estimate our full year effective tax rate to be approximately 28%.

今年迄今為止，我們的貨運成本低於預期，這除了毛利率表現外，還使我們能夠進一步支持我們的品牌。我們繼續估計全年有效稅率約為 28%。

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%. Second, the 53rd week overlap is expected to negatively impact fourth quarter volume trends by approximately 6 percentage points.

當您對今年剩餘時間進行建模時，請記住這些因素。首先，我們對消耗和出貨量的指導包括約 1 個百分點的估計負面影響，因為 2022 財年有 53 週，而 2023 財年將有 52 週。在 52 周可比基礎上，我們預計消耗量和出貨量將減少 1% 至 7%。其次，第 53 週的重疊預計將對第四季度的銷量趨勢產生約 6 個百分點的負面影響。

Also, as we had anticipated, we finished the first half at the lower end of our shipment guidance range on a comparable weeks' basis. We estimate that second half shipments will benefit from the expected continued growth of Twisted Tea, which is our largest brand; the lapping of last year's Truly Margarita launch; and additional investments in advertising spend in the second half of the year. And finally, our guidance incorporates an expectation of shortfall fees, which primarily impact the fourth quarter. Therefore, we expect year-over-year gross margin improvement to be lower in the fourth quarter relative to earlier quarters.

此外，正如我們所預期的那樣，我們上半年的業績在可比周的基礎上處於出貨指導範圍的下限。我們預計下半年出貨量將受益於我們最大品牌 Twisted Tea 的預期持續增長；去年推出的 Truly Margarita 的研磨；以及下半年廣告支出的額外投資。最後，我們的指導包含了短缺費用的預期，這主要影響第四季度。因此，我們預計第四季度的毛利率同比改善幅度將低於前幾個季度。

Turning to capital allocation. We ended the quarter with a cash balance of $208 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 through our share buyback. For the full year, we expect capital expenditures of between $100 million and $140 million. These investments will be primarily related to our own breweries to build capabilities and improve efficiencies. During the period from January 3, 2023 through July 21, 2023, the company repurchased 161,000 shares at a cost of $52.5 million. As of July 21, 2023, we had approximately $307 million remaining on the $1.2 billion share repurchase authorization.

轉向資本配置。本季度結束時，我們的現金餘額為 2.08 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，並通過股票回購向股東返還現金。我們預計全年資本支出將在 1 億至 1.4 億美元之間。這些投資將主要與我們自己的啤酒廠相關，以建設能力和提高效率。 2023年1月3日至2023年7月21日期間，該公司以5250萬美元的成本回購了161,000股股票。截至 2023 年 7 月 21 日，我們的 12 億美元股票回購授權尚剩餘約 3.07 億美元。

I will now pass the call back to Dave for some closing remarks.

現在我將把電話轉回給戴夫，讓他發表一些結束語。

Thanks, Matt. As you may have seen from our announcement a few days ago, we're very excited that Diego Reynoso will be joining us as our new Chief Financial Officer, effective September 5. Diego has significant financial and operational experience in the consumer industry, particularly the alcoholic beverage category. I'm confident he'll bring valuable perspective to Boston Beer and look forward to introducing him to you on our third quarter call.

謝謝，馬特。正如您可能從我們幾天前的公告中看到的，我們非常高興迭戈·雷諾索 (Diego Reynoso) 將加入我們，擔任我們的新任首席財務官，該任命將於 9 月 5 日生效。迭戈在消費行業擁有豐富的財務和運營經驗，特別是酒精飲料類別。我相信他將為波士頓啤酒帶來寶貴的觀點，並期待在我們的第三季度電話會議上向您介紹他。

I'd like to take this opportunity to thank Matt for his leadership of the finance team and his strong partnership with me during the transition period. We're very fortunate to have Matt as a senior finance leader, and we look forward to him playing a significant role in our future success.

我想藉此機會感謝馬特對財務團隊的領導以及他在過渡期間與我的牢固合作夥伴關係。我們非常幸運有馬特擔任高級財務主管，我們期待他在我們未來的成功中發揮重要作用。

And now we'll open the line up for questions.

現在我們將開始提問。

(Operator Instructions) Our first question is from Nik Modi with RBC.

（操作員說明）我們的第一個問題來自 RBC 的 Nik Modi。

I was hoping you can just comment on, obviously, in the process of reset discussions with retailers, and there just seems to be a lot of volatility in the industry with what's going on with Bud Light and potential opportunities for perhaps some shelf space gains. And so I just want to kind of get your state of the union on how those discussions are going with retailers, particularly as it relates to Truly and kind of what's going to go on with the hard seltzer category, if you can just provide any updates there.

顯然，我希望你能在與零售商重新討論的過程中發表評論，百威淡啤的情況以及潛在的貨架空間增長機會似乎使該行業出現了很大的波動。因此，我只是想了解一下與零售商的討論進展情況，特別是與 Truly 相關的情況，以及硬蘇打水類別將要發生的情況，如果您能提供任何更新的話那裡。

Sure. Thanks, Nik. This is Dave. Nik, are you referring to this fall or next spring?

當然。謝謝，尼克。這是戴夫。尼克，你指的是今年秋天還是明年春天？

Yes, fall and spring because I know sometimes these discussions tend to overlap, so...

是的，秋天和春天，因為我知道有時這些討論往往會重疊，所以......

Yes. Okay. I mean spring, it's a little early for spring, so we're not there yet. And I think it won't be until really like after Labor Day that retailers have the data that they need to determine what they want to do for spring. But as it relates to fall of this year, there will be some changes, but we don't -- right now, we're not -- and we know there's a lot of noise out there about what could happen. We're not hearing back from retailers if there's anything significantly different that's going to happen this fall.

是的。好的。我是說春天，春天來得有點早，所以我們還沒有到。我認為，直到勞動節之後，零售商才會獲得他們需要的數據來確定他們想要在春季做什麼。但由於與今年秋天有關，將會發生一些變化，但我們不會——現在，我們不會——而且我們知道外界有很多關於可能發生的事情的聲音。如果今年秋天會發生什麼明顯不同的事情，我們沒有收到零售商的回复。

We do know -- I mean as it relates to us, we've mentioned that we finished at plus 49% on Twisted Tea space. That will benefit us as the year goes on, and that we have to force that and make sure we get compliance and make that work. And we don't necessarily see anything changing really with Truly or hard seltzer in the fall. Based on what -- again, based on our conversations we've had with retailers up to this point.

我們確實知道——我的意思是，因為它與我們相關，我們已經提到我們在 Twisted Tea 空間上完成了 49% 的盈利。隨著時間的推移，這將使我們受益，我們必須強迫這樣做，並確保我們得到遵守並使其發揮作用。在秋季，我們不一定會看到 Truly 或 Hard Seltzer 發生任何真正的變化。基於什麼——再次基於我們迄今為止與零售商的對話。

Great. And then just as it relates to the consumer and seltzer obviously, it tends to be higher priced relative to beer. Some of the work we've done with there was some shifting of consumption, especially with older consumers out of seltzer and into beer. I'm just -- promotions seem to be ramping, at least from what I'm hearing in the industry. I just wanted to get your state union on kind of how you think about the promotional environment right now.

偉大的。正如它與消費者和蘇打水明顯相關一樣，它的價格往往比啤酒更高。我們所做的一些工作涉及消費的一些轉變，特別是老年消費者從蘇打水轉向啤酒。我只是——促銷活動似乎正在增加，至少從我在業內聽到的情況來看是這樣。我只是想讓你們的州工會了解一下你們現在對促銷環境的看法。

Yes. I think -- I mean, if you look at the (inaudible) data, you don't see a lot of promotional activity built in. There is -- I mean, there is a digital coupon and other things going on to create value that's out there. But I wouldn't say it's extraordinarily different than what it's been in prior years.

是的。我認為 - 我的意思是，如果你查看（聽不清）數據，你不會看到很多內置的促銷活動。有 - 我的意思是，有數字優惠券和其他東西可以創造價值就在那裡。但我不會說這與前幾年有很大不同。

I think you're right, Nik. I think when you look at the pricing on hard seltzer, the gap to imports and to premium beer, light beer has increased pretty continually over the last 2 or 3 years. And the gap actually on the other end to RTG cocktails has actually shrunk. So it is in a sort of a place where you probably don't want to see it to go much higher. But in terms of like mass promotional stuff happening, we don't see it. I mean occasionally, things will happen in certain markets, but it's fairly limited to this point.

我認為你是對的，尼克。我認為，當你觀察硬蘇打水的定價時，與進口啤酒和優質啤酒、淡啤酒的差距在過去兩三年裡一直在持續增加。 RTG 雞尾酒另一端的差距實際上已經縮小。因此，你可能不希望看到它走得更高。但就大規模促銷活動的發生而言，我們沒有看到這種情況。我的意思是，有時候，某些市場會發生一些事情，但僅限於此。

Our next question is from Vivien Azer with TD Cowen.

我們的下一個問題來自 Vivien Azer 和 TD Cowen。

So I'm just trying to reconcile the unchanged guidance on the top and bottom line relative to the $20 million in incremental A&P at the midpoint of the range. So recognizing the top line was expected to improve in 2023, and that was always part of the plan. I'm interested to better understand your confidence in holding the EPS range, given that if my simple math is correct, $20 million incremental A&P, just at the midpoint is $1.50 headwind to EPS. And certainly, it would be more than that if you took the extremes of old and new guidance. So any incremental color there would be helpful.

因此，我只是試圖將頂線和底線不變的指引與範圍中點的 2000 萬美元增量 A&P 進行協調。因此，預計 2023 年營收將有所改善，而這始終是計劃的一部分。我有興趣更好地了解您對保持每股收益範圍的信心，因為如果我的簡單數學是正確的，則 2000 萬美元的增量 A&P，在中點對每股收益來說是 1.50 美元的逆風。當然，如果你採取新舊指導的極端，情況會不止於此。所以任何增量顏色都會有幫助。

Sure. Vivien, it's Matt. We feel good about our overall guidance certainly on the top line, the ranges between the 2% and the 8%, and it's not -- there's no magic in it as far as achieving the middle of the range if you just keep looking at the trends of Twisted, which is a little less than 30% growth, and then Truly, which is probably a little worse than 30% decline. If you extrapolate those out, as Twisted gets to be a bigger part of the mix, you get overall company decline of minus 2 for the back half of the year. So that probably gets you to the middle of the range. So we feel good about that. We could have tightened it a little bit, but it just felt like with these 2 brands that are moving in different directions and that we still have a couple months left to the peak season, we felt that, that range was still appropriate.

當然。薇薇安，是馬特。我們對我們的總體指導感到滿意，當然是在頂線上，即 2% 到 8% 之間的範圍，但事實並非如此——如果你只是繼續關注，達到範圍的中間水平並沒有什麼魔力。 Twisted 的趨勢略低於 30% 的增長，然後是 Truly，其下降的幅度可能略低於 30%。如果你推斷出這些，隨著 Twisted 在組合中所佔的比例越來越大，你會發現公司今年下半年的整體跌幅為 -2。所以這可能會讓你到達範圍的中間。所以我們對此感覺良好。我們本來可以收緊一點，但感覺這兩個品牌正朝著不同的方向發展，而且距離旺季還有幾個月的時間，我們覺得這個範圍仍然合適。

As it relates to margins, we were at the 42, a little better than 42 for the first half of the year. So we're seeing the same type of achievement during the second half.

就利潤率而言，我們排名第 42 位，比上半年的 42 位稍好一些。因此，我們在下半年看到了同樣的成就。

And then on the operating expenses, just the real important item is we're seeing a lot of freight savings. So to keep it real simple, the freight savings that we're seeing, both in the first half of the year, which we realized, which is off the prior year, about $28 million, we're looking at that along with other operating expenses for the second half of the year, and we're investing that in the brand. So that's the reason when we give you guidance on AT&S, we exclude the freight component. So I think the freight component will get you to reconcile that difference. Does that help?

然後在運營費用方面，真正重要的是我們看到運費節省了很多。因此，為了簡單起見，我們在今年上半年看到了運費節省，我們意識到，與上一年相比，節省了約 2800 萬美元，我們正在與其他運營商一起研究這一點下半年的費用，我們將其投資於品牌。因此，當我們為您提供有關 AT&S 的指導時，我們排除了貨運部分。所以我認為運費部分會讓你協調這種差異。這有幫助嗎？

That helps a lot. And just quickly as a follow-up, Dave, as you enumerated the key 3 strategic priorities in terms of driving medium- to long-term gross margin improvement, have any of those come in quicker than expected?

這很有幫助。戴夫，作為後續行動，您列舉了推動中長期毛利率改善的 3 個關鍵戰略重點，其中有哪一個比預期來得更快嗎？

I'm sorry, which part? I'm not sure I caught that question. Which priorities are you referring to?

抱歉，是哪一部分？我不確定我是否明白了這個問題。您指的是哪些優先事項？

Sorry. Yes. So you've laid out kind of on the 3 key initiatives to drive gross margin improvement over the medium to long term. And I'm just wondering whether any of those are hitting a little bit sooner than expected relative to initial guidance.

對不起。是的。因此，您已經列出了推動中長期毛利率改善的 3 項關鍵舉措。我只是想知道，相對於最初的指導，其中是否有任何一個比預期要早一些。

Sure, Vivien. I'll take it. It's Matt again. The 3 key items, the procurement savings, the brewery performance, the ways to network optimization, we talked about those as sort of equal opportunities that get us from around low 40s to upper 40s over the next 3 to 5 years. We've seen some benefit in procurement savings. You can see from the Q2 results that we were realizing some of that benefit. And that as we sort of signaled, that was going to be our first area where we thought we'd see it hit.

當然，薇薇安。我要買它。又是馬特。三個關鍵項目，採購節省、啤酒廠績效、網絡優化方法，我們將這些視為平等機會，使我們在未來 3 到 5 年內從 40 歲左右上升到 40 歲以上。我們已經看到了採購節省的一些好處。您可以從第二季度的結果中看到我們正在實現其中的一些好處。正如我們所暗示的那樣，這將是我們認為會受到衝擊的第一個領域。

And then brewery performance is -- we're stabilized. And we're not having the same one-off items that we've had in the prior quarters that have kept the margin in the high 30s and achieving the 45 just gives us a sense that things are more stable. So good progress on the procurement savings and both brewery performance and ways to network optimization are a little longer term, but we're happy to see that they're not negatively impacting the margins at this point.

然後啤酒廠的表現是穩定的。我們沒有像前幾個季度那樣將利潤率保持在 30 多美元的一次性項目，達到 45 美元只是讓我們感覺事情更加穩定。因此，在採購節省、啤酒廠績效和網絡優化方法方面取得良好進展需要更長的時間，但我們很高興看到它們目前並未對利潤率產生負面影響。

Our next question is from Rob Ottenstein with Evercore.

我們的下一個問題來自 Evercore 的 Rob Ottenstein。

Congratulations to you and your team on another great result in the Tamarron Survey. So first, just kind of looking at the hard seltzer category as a whole, are you surprised that the category hasn't seemed to benefit at all from the Bud Light controversy? So that would be question #2. And question -- I'm sorry, question #1, long day. And question #2 is on the second half margins, if you excluded the shortfall fees, would they be -- how would they compare to first half margins?

祝賀您和您的團隊在塔馬倫調查中取得了又一項出色的成果。首先，從整體上看一下硬蘇打水類別，您是否對該類別似乎沒有從百威淡啤爭議中受益感到驚訝？這就是問題#2。還有問題——對不起，問題#1，漫長的一天。問題#2是關於下半年的利潤率，如果排除差額費用，它們與上半年的利潤率相比會如何？

I could take one, I guess the first one, and then...

我可以拿一個，我猜是第一個，然後......

I'll take the second.

我就拿第二個。

Matt and Jim -- Jim can maybe -- Jim may have a point of view on the Bud Light. I think we're not that surprised because when you look at the demographics, the geographies and such where Bud Light be struggling, those are really hard core light beer drinkers. So we're not shocked that is going basically more back into light beer. I mean there's another factor at play on the whole hard seltzer piece as well, which is obviously RTDs. If you throw RTDs in, Rob, that number, so I think like according to (inaudible) call it, 23% volume decline year-to-date on hard seltzer, RTDs would add like probably 6 points of volume on top of that to the benefit. So you have a lot of dynamics at play, but we're not really surprised about the volume not coming back straight to hard seltzer. So Jim, I don't know if you have any other thoughts on that? If not, we can -- Matt can take #2.

馬特和吉姆——吉姆也許可以——吉姆可能對百威淡啤有自己的看法。我認為我們並不感到驚訝，因為當你看看百威淡啤陷入困境的人口統計、地理位置等情況時，你會發現這些人都是真正的鐵桿淡啤酒飲用者。因此，我們對淡啤酒的回歸併不感到驚訝。我的意思是，整個硬蘇打水還有另一個因素在起作用，這顯然是 RTD。如果你把 RTD 算進去，羅布，這個數字，所以我認為，按照（聽不清）的說法，硬蘇打水今年迄今為止的銷量下降了 23%，RTD 可能會在此基礎上增加 6 個百分點的銷量的好處。所以你有很多動力在發揮作用，但我們對音量沒有直接回到硬蘇打水並不感到驚訝。那麼吉姆，我不知道你對此還有什麼其他想法嗎？如果沒有，我們可以——馬特可以採取#2。

I'd just second what you said. It seems like the beneficiaries of the Bud Light issue, I'll call it, are near end, Coors Light, Miller Lite, (inaudible) Yuengling, so they're the near-end substitutes. And we never had that much interaction with the hardcore light beer drinkers with Truly and I think with the best of hard seltzer.

我只是附議你所說的。看起來百威淡啤問題的受益者，我稱之為近端啤酒，庫爾斯淡啤，米勒淡啤，（聽不清）Yuengling，所以他們是近端替代品。我們從來沒有與 Truly 的鐵桿淡啤酒飲用者進行過如此多的互動，我認為是最好的硬蘇打水。

Great. On the second question, Rob, you can see through our 10-Q filings, the shortfall fees we're estimating for the second half of the year, about $9 million. So I guess that's about a point of margin. We feel like our progress we've demonstrated in procurement savings and general inflation and commodity environment will offset that. So that allows us to offset that impact.

偉大的。關於第二個問題，Rob，你可以通過我們的 10-Q 文件看到，我們預計下半年的缺口費用約為 900 萬美元。所以我想這大約是一個餘量。我們認為，我們在採購節約、總體通脹和大宗商品環境方面所取得的進展將抵消這一點。這樣我們就可以抵消這種影響。

And then just one other on the margins. Did the 4th of July timing impact the margins in the second quarter at all?

然後只是邊緣的另一個。 7 月 4 日的時間安排對第二季度的利潤率有影響嗎？

No. A little bit of benefit on volume in shipments, but no impact on margins.

不會。出貨量有一點好處，但對利潤率沒有影響。

Our next question is from Nadine Sarwat with Bernstein.

我們的下一個問題來自 Nadine Sarwat 和 Bernstein。

Two questions from me. One, could you comment on where your capacity utilization is today? Are you still underutilizing both your internal and external capacity? And then curious, I know you called out a number of changes you made to the Truly brand family and attempts to drive improved performance, although it does look like the brand is still struggling. When we look at tracked channels, so it would be helpful to provide some color behind your conviction that Truly can see improved performance over the remainder of the year.

我有兩個問題。第一，您能否評論一下您目前的產能利用率？您是否仍然沒有充分利用您的內部和外部能力？然後好奇的是，我知道您提到了對 Truly 品牌系列所做的一些改變，並試圖提高性能，儘管看起來該品牌確實仍在苦苦掙扎。當我們查看跟踪的渠道時，如果您相信 Truly 可以在今年剩餘時間內看到業績的改善，那麼提供一些支持的信息將會很有幫助。

It's Matt. I'll take the first one, and then Dave will take the second. So on internal and external, our model is to fill our internal breweries. And I wouldn't say we're at 100% capacity, but we try to keep them full and well over 90%, so that's the model. And then what -- the excess goes to external. And that external, given where we were from a volume perspective a few years ago and the expectations we have, we have significant capacity externally should we return to growth, which is what we intend to do. So it's hard to put a number on how much external capacity we have available, but we have quite a bit. And we feel like it's a good insurance policy for when the company gets back to growth. We'll have that capacity. We won't need to enter new contracts or go out and try to contract for additional capacity.

是馬特。我將選擇第一個，然後戴夫將選擇第二個。因此，在內部和外部方面，我們的模型是填充我們的內部啤酒廠。我不會說我們已達到 100% 的容量，但我們會盡力保持其滿載並遠遠超過 90%，這就是模型。然後呢——多餘的部分流向外部。從外部來看，考慮到我們幾年前的銷量以及我們的期望，如果我們恢復增長，我們擁有巨大的外部能力，這正是我們打算做的。因此，很難給出我們有多少可用外部能力的數字，但我們有相當多的可用能力。我們認為，當公司恢復增長時，這是一項很好的保險。我們將有這個能力。我們不需要簽訂新合同或嘗試簽訂額外產能合同。

Nadine, okay. Dave here. I'll try -- I'll answer your second one. I think, I mean the intent of the Truly Refresh Program was really to slowdown on the hyper innovation behind the brand and make the brand just easier to understand, quite honestly. And so there's a number of things. I won't go through the whole (inaudible) but the package redesign to really make it easier to shop and easier to find and deliver those refreshment cues, the new ad campaign. We are stepping up the ads. We have stepped up the advertising investment. And now we're -- as we mentioned on the call, we're going to step it up further for the balance of the year. And really, the focus has been bringing attention back to the core. So the bolder flavors have been important. They're more than half the brand.

納丁，好吧。戴夫在這裡。我會嘗試 - 我會回答你的第二個。我認為，我的意思是，真正的刷新計劃的目的實際上是放慢品牌背後的超級創新，讓品牌更容易理解，老實說。所以有很多事情。我不會詳細介紹整個過程（聽不清），但包裝的重新設計確實使購物變得更容易，更容易找到和提供那些茶點提示，新的廣告活動。我們正在加強廣告投放。我們加大了廣告投入。現在，正如我們在電話會議中提到的，我們將在今年剩下的時間裡進一步加大力度。事實上，重點一直是把人們的注意力帶回核心。因此，更大膽的口味很重要。他們佔品牌的一半以上。

We spent a lot of time and a lot of effort in the last couple of years trying to lap that innovation and to focus on those flavors. The effort thus over the last, call it, 8 to 10 weeks, really in market has been to focus on those 3 core, 12 packs, the berry, the tropical, the citrus and also our single serve.

在過去的幾年裡，我們花費了大量的時間和精力來嘗試創新並專注於這些口味。因此，過去 8 到 10 週的努力主要集中在 3 個核心、12 包、漿果、熱帶、柑橘以及我們的單一服務上。

And if you look at the results, I mean, you don't -- in a declining category like this, with a lot of change to be done, it doesn't happen overnight. But what we do like is when we look at where we've been over the last 8 weeks or so, and I guess I'll try to repeat what I said in the script, but those core 3 12 packs are actually growing share. For the last 4 weeks, the last 13 weeks, they're growing share, which is important. It's very important.

如果你看看結果，我的意思是，你不會——在這樣一個不斷下降的類別中，需要做很多改變，這不會在一夜之間發生。但我們真正喜歡的是，當我們查看過去 8 週左右的時間時，我想我會嘗試重複我在腳本中所說的內容，但那些核心 3 12 包實際上正在增​​長份額。在過去 4 週、過去 13 週，他們的份額不斷增長，這很重要。這很重要。

Also, if you look at our single-serve and convenience this (inaudible) is actually gained share and gained share really since April. And so part of that was really actually fixing the mix. So if we had 3 SKUs in a convenience store, 2 of them would be bold in favor, 1 would be wider. Now it's 2 light, 1 bold. We're getting the mix right. We have been -- we are still down 3.3 share points year-to-date. But sequentially, we're starting to gain share against this April. So we're up -- we gained about a share point. We still have a significant delta between us and #3. So we're 18 share points away from the #3 player, which is about exactly where it was a year ago at this time.

另外，如果你看看我們的單份服務和便利性，這個（聽不清）實際上已經獲得了份額，並且自四月份以來確實獲得了份額。所以其中一部分實際上是修復混音。因此，如果我們在一家便利店有 3 個 SKU，其中 2 個將是大膽的，1 個將是更廣泛的。現在是 2 個淺色，1 個粗體。我們正在正確地進行混合。今年迄今為止，我們的股價仍然下跌了 3.3 個百分點。但從今年四月份開始，我們的份額開始增加。所以我們上漲了——我們獲得了大約一個股點。我們和第三名之間仍然有很大的差距。因此，我們與排名第三的玩家相差 18 分，這與一年前此時的情況差不多。

And the last thing I'll say, when you look at the Margarita overlap and the discontinuation of tea, year-to-date, that's about 75% of our share loss, okay? And that will definitely moderate, as I mentioned also earlier in the call, as the year goes on. Particularly as we get into the fall, it will moderate.

我要說的最後一件事是，當你看看今年迄今為止瑪格麗塔酒的重疊和茶的停產時，這大約是我們份額損失的 75%，好嗎？正如我在電話會議早些時候提到的那樣，隨著時間的推移，這種情況肯定會有所緩和。特別是當我們進入秋季時，它會放緩。

So for all the -- for those reasons and others, we believe that we will continue to make progress, and we look at this brand back. And ideally, we're not going to grow share when the year is over. But ideally, we're close to growing share as we get into the fourth quarter based on all of these initiatives.

因此，出於這些原因和其他原因，我們相信我們將繼續取得進步，並且我們會回顧這個品牌。理想情況下，今年結束後我們的份額不會增加。但理想情況下，基於所有這些舉措，隨著進入第四季度，我們的份額即將增長。

Our next question is from Bonnie Herzog with Goldman Sachs.

我們的下一個問題來自高盛的邦妮·赫爾佐格。

I had a quick clarification question on your guidance. I just wanted to clarify, if you're reinvesting 100% of the lower-than-expected freight costs and improve gross margin performance that you've mentioned, back into your business in the form of incremental media spend? Or do you plan to let some of those benefits flow to the bottom line?

我對您的指導有一個快速澄清的問題。我只是想澄清一下，您是否將您提到的低於預期的貨運成本 100% 再投資並提高毛利率表現，以增量媒體支出的形式重新投入到您的業務中？或者您是否計劃讓其中一些收益轉化為利潤？

Bonnie, it's Matt. I would say the majority of the freight savings are going to be invested in media, but those are decisions that we'll make over the second half of the year. Certainly, we want to make sure that we're confident in the investments and the plans that we have. So we currently have that -- those dollars allocated for that, but we'll see what we spend and what we bring to the bottom line should that come about.

邦妮，是馬特。我想說，節省的大部分運費將投資於媒體，但這些是我們將在今年下半年做出的決定。當然，我們希望確保我們對我們的投資和計劃充滿信心。因此，我們目前已經為此分配了這些資金，但我們將看看我們花了什麼以及如果發生的話我們會帶來什麼。

Bonnie, this is Dave. If I could just build, just before you ask -- or you're going to ask another question, I can tell. Before you do, I mean, I think it's -- we feel really good about this investment because, first of all, Twisted Tea, there's about 100 reasons why we should be investing even further in this brand and just got the momentum. It's got a great message. And there's still a long way to go in terms of household penetration and brand awareness, et cetera. So we feel terrific about that.

邦妮，這是戴夫。如果我可以在你問之前構建，或者你要問另一個問題，我可以告訴你。在你這樣做之前，我的意思是，我認為我們對這項投資感覺非常好，因為首先，Twisted Tea，有大約 100 個理由說明我們應該進一步投資這個品牌，並且剛剛獲得了動力。這是一個偉大的信息。而在家庭滲透率、品牌知名度等方面還有很長的路要走。所以我們對此感覺很棒。

And for Truly, we feel like we've got everything lined up now the way it needs to be. And so now we just need to bring the message to people. We need to create better awareness of our changes, and we have a campaign that we test pretty rigorously that also tested very well. So we're being very thoughtful about how we're making this investment, and we're thinking about it. And we're breaking it down by geography, by consumer, et cetera, to make sure we get the most -- the best return we can on this investment. But we really believe now is -- and literally like right now, not in September, but now is the right time to do it, and that's why we're moving forward pretty quickly with this investment.

對於 Truly 來說，我們覺得現在一切都已經按照需要的方式安排好了。所以現在我們只需要把這個信息傳達給人們。我們需要讓人們更好地意識到我們的變化，我們有一個經過相當嚴格測試的活動，而且測試得也很好。因此，我們非常認真地考慮如何進行這項投資，並且我們正在考慮這一點。我們正在按地理位置、消費者等進行細分，以確保我們在這項投資中獲得最大、最好的回報。但我們確實相信現在是——實際上就像現在，不是九月，但現在是這樣做的正確時機，這就是為什麼我們快速推進這項投資的原因。

No, that's helpful. And definitely, I understand the confidence. And so in the context that, yes, I did have another question, if I may. It's just trying to get a sense of sort of Truly's declines in the quarter, and have those declines moderated versus Q1. So I know you've talked about some of the green shoots, but just maybe in total.

不，這很有幫助。當然，我理解這種信心。因此，在這種情況下，是的，我確實有另一個問題，如果可以的話。它只是試圖了解 Truly 在本季度的下滑情況，並讓這些下滑與第一季度相比有所放緩。所以我知道你已經談到了一些萌芽，但也許只是全部。

And then definitely wanted to clarify something, as you've talked about this before about your guidance and what it implies for Truly this year, could you maybe update us on that? And if that's changed at all? And then in your press release, you've called out that your guidance is pretty sensitive to any potential changes for the hard seltzer category. So maybe help frame that for us as well in terms of your latest expectations for the category.

然後肯定想澄清一些事情，因為您之前已經談到過您的指導以及它對今年的真正意義，您能否向我們介紹最新情況？如果這種情況有改變呢？然後在新聞稿中，您指出您的指導對硬蘇打水類別的任何潛在變化非常敏感。因此，也許可以幫助我們根據您對該類別的最新期望來製定這一點。

Okay. So I think the first part of that question was just more about how Truly's changed from -- I think from a share perspective, we're seeing -- as I said before, we're seeing that core -- the core business of the lighter flavors improving their share position. And we're seeing single-serve improving its position as well. We're seeing the bolder flavors share loss moderate. And then we're sort of riding that curve on Margarita, which will diminish over time.

好的。所以我認為這個問題的第一部分更多的是關於 Truly 是如何改變的——我認為從股票的角度來看，我們看到——正如我之前所說，我們看到的是核心——公司的核心業務。口味較淡的口味提高了其市場份額。我們也看到單發球的地位也在提高。我們看到更大膽的口味份額損失不大。然後我們就在瑪格麗塔酒上沿著這條曲線行駛，隨著時間的推移，這條曲線會逐漸減小。

So in terms of total volume change, you could look at (inaudible), it probably hasn't changed much between Q2 and Q1. I think for the balance of the year, we're not -- based on the guidance, we're not expecting it to change much either necessarily, we're not. So we're not -- we don't have some high hurdles or unrealistic expectation for what's going to happen in the second half versus what's happened in the first half. We hope to beat that. And again, I think the category is probably going to be -- volume wise, let's say, minus 20 to minus 25, right? So right now, it's minus 23. So that's probably a fair midpoint for where we will end up.

因此，就總成交量變化而言，您可以看看（聽不清），第二季度和第一季度之間可能沒有太大變化。我認為，在今年剩下的時間裡，我們不會——根據指導意見，我們預計它也不會發生太大變化，我們也不會。因此，與上半場相比，我們對下半場將要發生的事情沒有任何高障礙或不切實際的期望。我們希望能夠戰勝這一點。再說一遍，我認為該類別可能會——就數量而言，比方說，負 20 到負 25，對嗎？所以現在是負23。所以這可能是我們最終結果的一個合理的中點。

And it's something that we would be between -- we're not going to be at the category growth rate. We're going to be straight with you. Because that's -- there's too much ground to be gained here. But we want to be as close as we can. We think in the second half, the idea is to basically, by the fourth quarter, as I mentioned, we should be at least holding share across the board ideally in the fourth quarter. But again, that's a little bit aspirational. It depends on where the numbers come in, but we're not expecting like a big -- a huge change in the second half in terms of Truly depletions.

這是我們將介於兩者之間的事情——我們不會達到類別增長率。我們會直接告訴你。因為那是——這裡有太多的基礎需要獲得。但我們希望盡可能接近。我們認為，在下半年，我們的想法基本上是，到第四季度，正如我提到的，我們至少應該在第四季度理想地全面持有股票。但話又說回來，這有點令人嚮往。這取決於數字的來源，但我們並不期望下半年在真正的消耗方面出現巨大的變化。

Right. So that's what's baked in. But then like you mentioned, as you step up spending, maybe, right, behind Truly?

正確的。這就是其中的內容。但就像你提到的，當你加大支出時，也許，對吧，落後於 Truly？

Well, it's -- it is. It's kind of an -- think about it as an insurance policy and a way to help maybe to nudge it, to nudge it forward. It just gives us more confidence that we're going to get to the finish line we want to get to.

嗯，它是——它是。這是一種——將其視為一項保險政策，以及一種幫助推動它、推動它前進的方法。它只會讓我們更有信心到達我們想要到達的終點線。

Our next question is from Eric Serotta with Morgan Stanley.

我們的下一個問題來自摩根士丹利的埃里克塞羅塔。

A couple of questions. Starting with a follow-on to Bonnie's on your initial expectations. If I remember correctly, the expectation was that Twisted growth would moderate somewhat in the second half as you lapped some of last year's distribution gains. Given the robust growth that you've had so far year-to-date and the additional media, how -- have your second half funds for Twisted change? Are you still looking for a material slowdown there? Or do you think it could maintain this kind of momentum into the second half?

有幾個問題。從邦妮的後續行動開始，滿足您最初的期望。如果我沒記錯的話，預計 Twisted 的增長將在下半年有所放緩，因為你會放棄去年的一些分配收益。考慮到今年迄今為止您的強勁增長和更多媒體，您的下半年是否為 Twisted 的變革提供了資金？您還在尋找材料放緩的跡象嗎？或者說您認為這種勢頭能保持到下半年嗎？

Okay. guy, I think, I mean, for the first half of the year, I would say that Twisted Tea's exceeded our expectations of growth. So we don't foresee and don't -- we're not planning that is going to sustain the same growth rate balance of the year. We don't see a material slowdown. It depends how you define material. We don't see it as material, but we do see a bit of a slowdown.

好的。伙計，我想，我的意思是，今年上半年，我想說 Twisted Tea 的增長超出了我們的預期。因此，我們沒有預見，也沒有——我們不打算維持今年相同的增長率平衡。我們沒有看到實質性的放緩。這取決於你如何定義材料。我們不認為這是實質性的，但我們確實看到了一些放緩。

If you look at last year, the fourth quarter last year, the brand decelerated. So it's not a huge -- it's not like we have a big overlap. We have a reasonable overlap to hit, but we're just going to keep doing what we're doing, and we'll see where it ends up. But we're not going to be surprised if it slows down a little bit because we can't sustain -- it's unlikely to sustain this 30% growth rate on a larger and larger base like this. Does that make sense?

如果你看看去年，去年第四季度，該品牌增速放緩。所以這並不是一個很大的問題——我們之間也沒有很大的重疊。我們有一個合理的重疊目標，但我們將繼續做我們正在做的事情，我們會看到它最終的結果。但如果它因無法維持而稍微放緩，我們也不會感到驚訝——在這樣越來越大的基數上，不太可能維持 30% 的增長率。那有意義嗎？

Yes, that's helpful. And then I want to come back to the gross margin question. Your first half was a little over 42. Your guidance for the full year is 41 to 43, which is a pretty large range considering the year's half done and you're above the midpoint to the first half. So I guess maybe can you talk about areas where you have visibility and where you maybe don't as it pertains to the short-term margin picture? And then somebody has got to ask about the confidence in the longer term getting back to the high 40s, low 50s in gross margins. So figures, I'm not turning to ask that. So does your progress to date with respect to the supply chain savings, the procurement savings increase your confidence in getting there? Or I guess what do you see as the key swing factors?

是的，這很有幫助。然後我想回到毛利率問題。你的上半年略高於 42。你對全年的指導是 41 到 43，考慮到今年上半年已經完成並且你高於上半年的中點，這是一個相當大的範圍。所以我想也許你能談談你有可見性的領域和你可能沒有的領域，因為它涉及短期利潤圖？然後有人必須問一下，從長遠來看，毛利率回到 40 多歲、50 多歲低的水平是否有信心。所以我不會轉而問這個問題。那麼，迄今為止，您在供應鏈節省、採購節省方面取得的進展是否增強了您實現這一目標的信心？或者我猜你認為關鍵的搖擺因素是什麼？

Eric, it's Matt. Thanks. Just overall, we've been through -- yes, this is the best margin we've had in 2 years. So we're at 45, and that was a lot of work, took a lot of work to get there. We've had probably more quarters with high 30s over the last 8 quarters. So it's a great sign that our plans are working. And we've talked (inaudible) Q1, it was -- we've got a lot of great plans, but we've got to demonstrate that they can be successful. So we feel like this is a good step forward. And certainly, the procurement savings are probably our best line of sight. And in Q2, they offset any of the inflationary impacts, which was good and let pricing sort of flow through. So we're building our confidence, but it is 1 quarter. So we feel like we -- the 42 that we demonstrated for the first half, we can continue that for the second half of the year. But we've had a lot of surprises in the past 8 months, and we're just trying to be as prudent and continue to demonstrate some slow progress in this area.

埃里克，這是馬特。謝謝。總的來說，我們已經經歷了——是的，這是我們兩年來最好的利潤率。我們現在已經 45 歲了，這是一項艱鉅的工作，花了很多工作才達到這個目標。在過去 8 個季度中，我們可能有更多季度達到 30 多歲。所以這是一個很好的跡象，表明我們的計劃正在發揮作用。我們已經討論了（聽不清）第一季度，我們有很多偉大的計劃，但我們必須證明它們可以成功。所以我們覺得這是向前邁出的良好一步。當然，節省採購可能是我們最好的視線。在第二季度，它們抵消了任何通脹影響，這很好，並且讓定價得以流通。所以我們正在建立信心，但現在只是 1 季度。所以我們覺得我們——我們在上半年展示的 42 名球員，我們可以在下半年繼續這樣做。但在過去的 8 個月裡，我們遇到了很多驚喜，我們只是試圖保持謹慎，繼續展示這一領域的一些緩慢進展。

Our next question is from Brett Cooper with Consumer Edge.

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

Just a question on Truly and how you guys think about or frame how extendable the brand is, whether that be in flavors or alcohol levels. And then I guess, do you take lessons or learnings from what you did on Truly in your phasing or your pace of that extension?

只是關於 Truly 的問題，以及你們如何看待或構建該品牌的可擴展性，無論是口味還是酒精含量。然後我想，你是否從你在《Truly》上所做的事情中汲取教訓或學習到你的分階段或擴展的步伐？

Thanks, Brett. We do think -- I mean I think Truly can play where sessionability, refreshment variety all intersect. And so that's why we're in -- that's why we're in vodka. That's why we're testing Tequila. And we think that -- we think the brand can play in those spaces pretty well.

謝謝，布雷特。我們確實認為——我的意思是我認為 Truly 可以在會話性、茶點多樣性交叉的地方發揮作用。這就是我們選擇伏特加的原因。這就是我們測試龍舌蘭酒的原因。我們認為——我們認為該品牌可以在這些領域發揮得很好。

I think within the category, the category, as everybody knows, exploded so quickly. And it just became a gold rush to get as many SKUs and as many flavors out there as possible. And I think in the end, it probably wasn't good. for a lot of brands. And I think we're preparing maybe overextending Truly. And I think we would take that learning certainly with us to Twisted Tea. I mean, Twisted Tea, we have a lot of room to extend. We're testing the high alc version of that. We're doing that very carefully. And we're not -- we don't know which way it's going to go. We're not necessarily in our minds thinking we have to do A, B or C as it relates to Twisted Tea. Because one of the strengths of Twisted Tea is that it's a very simple idea, and there's always a risk to overextend. So I think, yes, we've learned a lot from the hard seltzer story. And I think we're absolutely applying that every day as we prepare and get Truly back on track as well as how we think about Twisted Tea.

我認為在這個類別中，眾所周知，這個類別爆炸得如此之快。獲得盡可能多的 SKU 和盡可能多的口味已經成為淘金熱。我認為最終，這可能並不好。對於很多品牌來說。我認為我們正在準備可能會過度擴張。我認為我們肯定會將這種學習帶到 Twisted Tea 中。我的意思是，Twisted Tea，我們還有很大的擴展空間。我們正在測試其高酒精度版本。我們正在非常仔細地做這件事。我們不知道它會朝哪個方向發展。我們心裡不一定認為我們必須做 A、B 或 C，因為它與 Twisted Tea 有關。因為 Twisted Tea 的優勢之一是它是一個非常簡單的想法，而且總是存在過度擴展的風險。所以我認為，是的，我們從硬蘇打水的故事中學到了很多東西。我認為我們每天都在準備並真正回到正軌以及我們對 Twisted Tea 的看法時絕對會應用這一點。

And I think -- actually, maybe -- and Jim probably has some good perspective on this because he's seen this rodeo or done this rodeo before. So Jim, do you want to add to that?

我認為——實際上，也許——吉姆可能對此有一些很好的看法，因為他以前看過或參加過這個牛仔競技表演。吉姆，你想補充一下嗎？

Yes. I mean one of the unique features of hard seltzer that we've never seen before, and it's fairly rare even in consumer products is the core SKUs were all variety packs. That's quite unusual, especially in beer. So with Truly, our belief was it can go into more varieties. In fact, a part of -- the appeal of the category is a fair amount of variety. So I think that's always going to be there with Truly. It's not exploding anymore, so we don't feel like we need to bring out a new flavor or 2 every year, but we do think that the seasonal variety packs will probably be a permanent part of the brand.

是的。我的意思是，硬蘇打水的獨特特徵之一是我們以前從未見過的，即使在消費品中也是相當罕見的，那就是核心 SKU 都是多種包裝。這很不尋常，尤其是在啤酒中。因此，對於 Truly，我們相信它可以有更多的品種。事實上，該類別的吸引力部分在於其豐富的多樣性。所以我認為 Truly 永遠都會有這樣的感覺。它不再爆炸了，所以我們覺得不需要每年推出一種或兩種新口味，但我們確實認為季節性品種包裝可能會成為該品牌的永久組成部分。

With Twisted Tea, it's been kind of the opposite. It's always been led by Twisted Tea Original. We're 23 years now into the brand. And we're just beginning to test a different alcohol level. We have introduced other flavors, but fewer of them in 23 years than we did in the first 3 years with Truly. So there are some lessons in each of them that apply, I believe, differently to the 2. They're both an FMB type brands, but the consumer base is much tighter in what they're looking for with Twisted Tea.

對於 Twisted Tea，情況恰恰相反。它一直由 Twisted Tea Original 領導。我們進入該品牌已有 23 年了。我們剛剛開始測試不同的酒精含量。我們推出了其他口味，但 23 年的數量比我們在 Truly 的前 3 年推出的要少。因此，我認為，它們中的每一個都有一些與這兩個不同的教訓。它們都是 FMB 類型的品牌，但消費者基礎對 Twisted Tea 的需求要緊密得多。

Our next question is from Peter Grom with UBS.

我們的下一個問題來自瑞銀集團的彼得·格羅姆。

This is Brian Adams on for Pete. So first, apologies if I missed this in your response to Vivien or one of the other responses for that matter. But are you able to give us a rough like numeric sense at how much of a benefit you've got in 2Q margin from those procurement savings? Just trying to think about how we should think about those savings in the downhill and looking further out.

我是布賴恩·亞當斯 (Brian Adams) 替皮特 (Pete) 發言。首先，如果我在您對費雯麗的回复或其他相關回復中漏掉了這一點，我深表歉意。但是，您能否給我們一個粗略的數字感覺，即您從這些採購節省中獲得了多少第二季度利潤？只是想一下我們應該如何考慮下坡時的節省並放眼更遠的地方。

Yes. Brian, it's Matt. You probably haven't a chance to look at the Q, but I think we called it out as about an $8 million benefit in the first half of the year. So that's what we've seen, and it offset. As we've said, our inflationary impacts. So that's the details.

是的。布萊恩，是馬特。你可能沒有機會看到 Q，但我認為我們在今年上半年宣布了大約 800 萬美元的福利。這就是我們所看到的，並且它抵消了。正如我們所說，我們的通脹影響。這就是細節。

Okay. Awesome. And then one more, just longer term, thinking about that march back to 50% gross margin, obviously, looking at just the complexion of the business. The bucket in terms of the size of Truly versus the size of Twisted Tea have changed pretty meaningfully here over the last couple of years. So it's a bit of a Boston Beer one-on-one question. But is there a demonstrably different gross margin you see in those products? Or are they pretty comparable?

好的。驚人的。然後，從長遠來看，考慮毛利率回到 50%，顯然，只考慮業務的情況。在過去的幾年裡，Truly 茶桶的大小與 Twisted Tea 茶桶的大小發生了相當有意義的變化。所以這有點像波士頓啤酒公司的一對一問題。但您在這些產品中看到的毛利率是否有明顯不同？或者說它們很有可比性？

Yes, thanks. It's -- they have different factors for Truly. There's more variety packs for Twisted Tea. There's more 24 ounce. So generally, they're the same. Some of it just depends on the mix between the various different packages. But we operate our business with all our products generally in the same margin zone. So I would just think of them as having similar margins.

對了謝謝。他們對 Truly 有不同的因素。 Twisted Tea 有更多品種包。還有 24 盎司。所以一般來說，它們是相同的。其中一些僅取決於各種不同軟件包之間的組合。但我們經營業務的所有產品通常都處於同一利潤區。所以我認為它們具有相似的利潤率。

(Operator Instructions) Our next question is from Filippo Falorni with Citi.

（操作員說明）我們的下一個問題來自花旗銀行的 Filippo Falorni。

Question on Twisted Tea. Clearly, this year, you've made significant gains from a distribution standpoint. As you think about the fall's shop-space reset, what kind of visibility you have that you can get further shelf space next year, particularly as competition heats up in the hard tea category and with new entrants and new launches have been announced?

關於扭曲茶的問題。顯然，今年，從分銷的角度來看，您已經取得了顯著的收益。當您考慮秋季商店空間的重置時，您對明年可以獲得更多貨架空間有什麼看法，特別是在硬茶類別的競爭加劇以及新進入者和新產品發布的情況下？

Yes, so we're -- obviously, as I mentioned, we're picking up a lot this year. I think even with that -- whatever that 49% increase, our space to sales is still underrepresented. So we still arguably could advocate for more. And I think -- I don't think we compete more with more than just the other key brands. It's really within FMB, land. So we'll see how we -- I mean if we continue on the same pace of growth, we have a good story to take to our retailers next year to get more.

是的，所以我們——顯然，正如我提到的，我們今年取得了很多成果。我認為即使如此，無論 49% 的增長如何，我們的銷售空間仍然不足。因此，我們仍然可以主張更多。我認為——我不認為我們與其他主要品牌的競爭更多。它確實在 FMB 陸地內。因此，我們將看看我們如何——我的意思是，如果我們繼續保持同樣的增長速度，明年我們就有一個好故事可以向我們的零售商展示，以獲得更多。

Got it. Okay. And then on kind of the extension of Truly, can you talk about like how Truly Vodka Soda, how the launch has gone relative to your initial expectations? And like maybe give us some more color on the tequila experimentation with Truly? And like when expected to launch and your initial expectation for that as well?

知道了。好的。然後，關於 Truly 的擴展，您能談談 Truly 伏特加蘇打水的推出情況與您最初的預期相比如何嗎？也許能給我們更多關於 Truly 的龍舌蘭酒實驗的信息？預計何時推出以及您對此的最初期望？

Was the first question about the website -- was it about the margin? Is that what the question?

第一個問題是關於網站的——是關於利潤的嗎？是這個問題嗎？

No. No, Sorry, I was asking about Truly Vodka Soda, the performance relative to your expectations and then maybe more color on the tequila.

不，不，抱歉，我問的是真正的伏特加蘇打水，相對於您的期望的性能，然後可能是龍舌蘭酒的更多顏色。

Yes. Well, I think if you look at the -- on the vodka, it's about -- it's sitting about a 3 share of Vodka-based spirits. The #4 brand, it's a different channel. It's independence. It's liquor stores. It's a new -- it's really a new frontier for us. And I think we're making progress, but we're not -- we haven't knocked it out of the park yet, but we are getting a great response to the new products, the 2 new variety packs we've put in the marketplace just recently. So we feel great about the product. We feel great about the rebrand.

是的。嗯，我想如果你看看伏特加，它大約佔伏特加烈酒的 3 份額。第四品牌，它是一個不同的渠道。這是獨立。都是酒類商店。這對我們來說是一個新領域，確實是一個新領域。我認為我們正在取得進展，但我們並沒有——我們還沒有完全做到這一點，但我們對新產品、我們推出的 2 個新品種包反響很好最近剛剛上市。所以我們對這個產品感覺很好。我們對品牌重塑感覺很好。

And now it's just the hard work of driving distribution. But so far, we're getting good response from consumers, but it's not going to be an overnight thing. It's going to take a while to get there. But we're committed to it because the reality is this is -- it sources from traditional hard seltzer occasions, and we need to be in there.

現在只是推動分銷的艱苦工作。但到目前為止，我們得到了消費者的良好反響，但這不會是一朝一夕的事情。需要一段時間才能到達那裡。但我們致力於它，因為現實是——它源自傳統的硬蘇打水場合，我們需要參與其中。

The Tequila test just started maybe a few weeks ago in a handful of markets. And if you're in Island or Delaware or Minnesota, or L.A. or San Diego, you can find it. And again, it's just this belief that this brand -- and I think Brett asked the question before, this brand can play in certain spaces where it's about refreshment and sessionability and variety. And we love the product. We absolutely love this product.

龍舌蘭酒測試大約幾週前才在少數市場開始。如果您在艾蘭島、特拉華州、明尼蘇達州、洛杉磯或聖地亞哥，您都可以找到它。再說一次，正是這種信念，這個品牌——我想布雷特之前問過這個問題，這個品牌可以在某些涉及提神、會話性和多樣性的空間中發揮作用。我們喜歡這個產品。我們非常喜歡這個產品。

And we're -- but we've learned a lot in the last couple of years, one of which is not to launch too many things too quickly and also to do maybe test a little bit more to get something to its optimum state before we go national, and that's what we're doing right now. So we'll see how it goes. And depending on the results on these lead markets, we'll determine what we do with it next year. So we're hopeful. And again, this is -- the whole spirits piece is a different play for us. We're committed to it. And we have -- of course, we have Dogfish Head our there doing quite well. And -- but it's going to be -- it's like a street fight is what it is, but we're prepared. I don't know, Jim, I don't know if you have any other thoughts about this space.

我們在過去幾年中學到了很多東西，其中之一就是不要太快地推出太多東西，並且可能需要進行更多測試以使某些東西達到最佳狀態。我們走向全國，這就是我們現在正在做的事情。所以我們會看看事情進展如何。根據這些主要市場的結果，我們將決定明年的用途。所以我們充滿希望。再說一次，整個烈酒作品對我們來說是一場不同的表演。我們致力於此。當然，我們的角鯊頭做得很好。而且——但這將會是——就像街頭打架一樣，但我們已經做好了準備。我不知道，吉姆，我不知道你對這個空間是否還有其他想法。

Obviously, a crowded and confused space with a lot going on. I think it's probably getting more attention because it's new and nobody is really sure where it's going to go, then the actual volume will merit for it. High Noon certainly done extremely well, but after High Noon, the volumes are quite small. And I -- it's just all these new brands being thrown at it. And even from big name spirit brands, but their volumes at the end of the day are not going to be large enough for them to sustain a place in the cold box. So there will be a warm shelf with a lot of these brands. And the warm shelf is kind of -- it's not where you're going to get any volume. It's in some ways the cause of death. So there will be a big shape out, I think, next year.

顯然，這是一個擁擠而混亂的空間，發生了很多事情。我認為它可能會受到更多關注，因為它是新的，沒有人真正確定它會走向何方，那麼實際的銷量就值得它。 《High Noon》確實做得非常好，但在《High Noon》之後，銷量就非常小了。而我——這只是所有這些新品牌的投入。即使來自知名烈酒品牌，但最終它們的銷量也不足以在冷箱中維持一席之地。所以會有一個溫暖的貨架，上面有很多這樣的品牌。溫暖的架子是一種——它不是你能獲得任何體積的地方。從某些方面來說，這是導致死亡的原因。所以我認為明年將會有一個大的形狀。

Thank you. There are no further questions at this time. I'd like to hand the floor back over to Jim Koch for closing comments.

謝謝。目前沒有其他問題。我想將發言權交還給吉姆·科赫 (Jim Koch) 進行總結評論。

Thank you. We look forward to (inaudible) with hopefully some improvement in a bunch of different things. I hope we can continue, and we'll see you in 3 months.

謝謝。我們期待（聽不清）希望在許多不同的事情上有所改進。我希望我們能繼續下去，我們三個月後見。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。