Boston Beer Company Inc (SAM) 2023 Q3 法說會逐字稿

Greetings, and welcome to the Boston Beer Company Third Quarter 2023 Earnings Conference 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 年第三季財報電話會議。 （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 Mike Andrews。謝謝。麥克，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 third quarter earnings call. Joining the call from Boston Beer are Jim Koch, Founder and Chairman; Dave Burwick, our CEO; and Diego Reynoso, our CFO.

謝謝。下午好，歡迎光臨。我是麥克‧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 年第三季財報電話會議。加入波士頓啤酒公司電話會議的還有創辦人兼董事長吉姆‧科赫 (Jim Koch)；戴夫‧伯威克 (Dave Burwick)，我們的執行長；和我們的財務長迭戈雷諾索。

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

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資訊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有重大差異。有關可能導致實際結果與前瞻性陳述中的結果有重大差異的因素的更多資​​訊包含在公司最新的 10-Q 和 10-K 中。該公司不承諾公開更新前瞻性陳述，無論是由於新資訊、未來事件或其他原因。我現在將請吉姆做一些介紹性評論。

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 Diego, who will focus on the financial details of our third quarter results as well as our outlook for the remainder of 2023. Immediately following Diego's comments, we will open the line for questions.

謝謝，麥克。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，戴夫會將電話轉給迭戈，迭戈將重點關注我們第三季業績的財務細節以及我們對 2023 年剩餘時間的展望。迭戈發表評論後，我們將立即開放提問。

Our third quarter depletion decrease of 6% on a fiscal calendar basis and 3% on a comparable weeks basis was in line with our expectations and improved from a decrease of 7% on a comparable week basis in the second quarter. We saw strong performance in our largest brand, Twisted Tea, and we expect its continued success to have a continued impact on our overall growth rates for the remainder of the year. In measured off-premise channels, Twisted Tea continued its strong dollar growth, up 34%, which was offset primarily by continued declines in Truly Hard Seltzer.

我們第三季的消耗量按財政日曆計算下降了 6%，按可比周計算下降了 3%，符合我們的預期，並且比第二季度按可比周計算下降 7% 有所改善。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今年剩餘時間的整體成長率產生持續影響。在經過衡量的場外管道中，Twisted Tea 繼續保持強勁的美元成長，成長了 34%，但主要被 Truly Hard Seltzer 的持續下滑所抵消。

We continue to make progress on operational plans to enhance our margin and have delivered gross margin improvement for the last 2 quarters. Our multiyear initiatives to drive execution across more complex business and align our cost structure more closely to volume expectations are progressing well. We continue to believe that the Beyond Beer category will grow faster than the traditional beer market over the next several years. We plan to continue to invest behind Twisted Tea and Truly brands, while also developing innovation across Beyond Beer categories to drive long-term growth.

我們繼續在提高利潤率的營運計劃上取得進展，並在過去兩個季度實現了毛利率的改善。我們旨在推動更複雜業務的執行並使我們的成本結構更接近銷售預期的多年計劃進展順利。我們仍然相信，未來幾年，超越啤酒類別的成長速度將快於傳統啤酒市場。我們計劃繼續投資 Twisted Tea 和 Truly 品牌，同時開發 Beyond Beer 類別的創新，以推動長期成長。

The operational changes we've made this year will help us continue to drive improvement in our margins. But the pace of that improvement will depend on how the consumer environment plays out and how fast we are able to grow into our capacity. We continue to have a highly cash-generative business with a strong balance sheet, which has enabled us to fund incremental investments in our brands and repurchase over $69 million in stock thus far in 2023. Finally, we are thankful to our outstanding coworkers, distributors and retailers who continue to support our business. I will now pass it over to Dave for a more detailed overview of our business.

我們今年所做的營運變革將幫助我們持續提高利潤率。但改善的速度將取決於消費者環境的發展以及我們產能成長的速度。我們繼續擁有高現金生成能力和強大的資產負債表，這使我們能夠為我們品牌的增量投資提供資金，並在2023 年迄今為止回購超過6,900 萬美元的庫存。最後，我們感謝我們傑出的同事、分銷商以及繼續支持我們業務的零售商。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, everyone. As Jim mentioned, our third quarter volumes were in line with our expectations. For the second quarter in a row, we had a gross margin of over 45%. We also generated approximately $250 million in operating cash flow over the last 2 quarters combined. Diego will discuss the financial results in his remarks, while I'll focus my commentary on our overall performance.

謝謝吉姆，大家下午好。正如吉姆所提到的，我們第三季的銷售量符合我們的預期。我們的毛利率連續第二季超過 45%。過去兩個季度我們也產生了約 2.5 億美元的營運現金流。迭戈將在演講中討論財務業績，而我將專注於評論我們的整體業績。

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 margins and provide more funds to invest in our brands and our top-ranked industry sales force.

我們的策略重點保持不變。我們將資源集中在維持Twisted Tea [行業領先的成長] 和扭轉Truly 的銷售趨勢上，同時改善我們的供應鏈績效，以提高我們的毛利率，並提供更多資金來投資我們的品牌和行業一流的銷售隊伍。

I'll now provide some color on our brands. Twisted Tea in the third quarter had 34% dollar sales growth while adding 3.2 dollar share points and expanded its overall share (inaudible) to 29% of total FMB dollar sales in measured on-premise channels. This robust demand is a result of balanced efforts at growing both physical availability via improved geographic channel and package distribution and mental availability via a highly effective brand-building campaign, increased media investment and expanded college football tailgating platform and optimized packaging design that highlights the brand's distinctive assets. Twisted Tea party pack is now the third largest and the fastest-growing SKU among all FMBs, and our wholesaler service levels are in a good position to support further growth.

現在我將為我們的品牌提供一些顏色。第三季 Twisted Tea 的美元銷售額成長了 34%，同時增加了 3.2 美元的份額點，並將其整體份額（聽不清楚）擴大到在測量的本地通路中 FMB 美元銷售額總額的 29%。這種強勁的需求是透過改善地理管道和包裝分銷來提高物理可用性和透過高效的品牌建設活動、增加媒體投資和擴大大學橄欖球尾隨平台以及突出品牌價值的優化包裝設計來提高心理可用性的平衡努力的結果。獨特的資產。 Twisted Tea party Pack 目前是所有 FMB 中第三大且成長最快的 SKU，我們的批發商服務水準處於有利位置，可以支持進一步的成長。

We remain confident that Twisted Tea will sustain a strong double-digit growth for the remainder of 2023 for many reasons. First, there's upside in growing brand awareness and household penetration, and our ad campaign is working. Second, the brand is underdeveloped with Black and with Hispanic and Latino consumers, and we're seeing increased household penetration in these demographics as a result of our marketing efforts. Third, there's still ample room to expand distribution through shelf space gains and new channels. As I mentioned on our last call, 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 into 2024. In the on-premise channel, Twisted Tea is underpenetrated versus other FMB competitors. It has a [60] share and has driven 96% of the volume growth in Beyond Beer year-to-date.

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成長。首先，品牌知名度和家庭滲透率的提高有好處，而且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，由於我們的行銷努力，我們看到這些人群中的家庭滲透率增加。第三，透過增加貨架空間和新通路，仍有足夠的空間擴大分銷。正如我在上次電話會議中提到的，Twisted Tea 完成了春季空間重置季，貨架空間增加了 49%，這些好處將在 2024 年的剩餘時間內繼續推動業務發展。在本地通路中，與其他FMB 競爭對手相比，Twisted Tea 的滲透率較低。它佔有 [60] 的份額，並推動了 Beyond Beer 今年迄今為止 96% 的銷售成長。

Fourth, there's opportunity to widen the brand's presence in underdeveloped markets, and we're making great progress in places like Texas and California. Fifth, we're still in the early stage of Twisted Tea Light's national launch, and the sales per point is accelerating and exceeding our expectations. It's now approximately 85% incremental to the Twisted Tea portfolio. Lastly, in the third quarter, we began testing a higher ABV version of Twisted Tea in several markets called Twisted Tea Extreme. It has 8% ABV and is part of our efforts to find future pathways to growth by increasing occasions and adding new drinkers.

第四，有機會擴大品牌在欠發達市場的影響力，我們在德州和加州等地取得了巨大進展。第五，我們還處於Twisted Tea Light全國上市的早期階段，單點銷量正在加速成長，超出了我們的預期。現在，Twisted Tea 產品組合的增量約為 85%。最後，在第三季度，我們開始在多個市場測試 Twisted Tea 的更高 ABV 版本，稱為 Twisted Tea Extreme。它的酒精度為 8%，是我們透過增加場合和增加新飲酒者來尋找未來成長途徑的努力的一部分。

Now on to Truly. We remain confident in the changes we made to the brand proposition starting late in the second quarter and have seen gradual improvements in our results in a challenging segment. In light of Twisted Tea's strong growth, Truly continues to become a smaller part of our portfolio mix with Twisted Tea now 1.7x larger than Truly in measured channels in the third quarter. This impact is evident in our total company volume share, which when compared to the prior year quarter was flat at 4.5% in the third quarter versus a loss of 0.2 points at 4.3% volume share in the second quarter. In the third quarter, Truly's dollar sales declined 26% and lost 3 dollar share points versus a 31% decline in dollar sales and a loss of 3.8 dollar share points in the second quarter. Underlying this improved trend is much better performance in our lightly-flavored variety packs and 24-ounce single-serve cans, which gained dollar share by 0.4 points and 0.7 points, respectively, in the third quarter.

現在到真正的。我們對從第二季末開始對品牌主張所做的改變仍然充滿信心，並且在充滿挑戰的細分市場中看到我們的業績逐漸改善。鑑於 Twisted Tea 的強勁成長，Truly 繼續成為我們投資組合中較小的一部分，在第三季的可測管道中，Twisted Tea 現在是 Truly 的 1.7 倍。這種影響在我們公司的總銷量份額中體現得很明顯，與去年同期相比，第三季度的銷量份額持平於4.5%，而第二季度的銷量份額則下降了0.2 個百分點，為4.3% 。第三季度，Truly 的美元銷售額下降了 26%，損失了 3 美元份額，而第二季度的美元銷售額下降了 31%，損失了 3.8 美元份額。這一改善趨勢的背後是我們的淡味品種包裝和 24 盎司單份罐裝的更好表現，第三季度它們的美元份額分別增加了 0.4 個百分點和 0.7 個百分點。

Our new packaging refresh, merchandising focus on light flavors, push behind single serve in the convenience channel, new ad campaign and higher media spend all have contributed to share growth in this lightly-flavored part of the portfolio. We recently shared some innovations for the Truly brand launching in early 2024 that include a new 8% ABV Truly [Unruly] variety pack, which will replace our Truly Margarita pack; and a new Truly party pack, which will replace our Truly Tropical pack. In addition, we'll improve the recipe of both Truly Lemonade and Fruit Punch to create a lighter, more refreshing finish, addressing a key issue with lapsed drinkers. We believe these innovations, along with the national launch of Truly Tequila Soda ahead of the peak summer season, will better position the Truly brand offering and set it up well for improved trends in 2024 and beyond.

我們的新包裝更新、對清淡口味的銷售重點、在便利管道中推動單一服務、新的廣告活動和更高的媒體支出都促進了該產品組合中清淡口味部分的份額增長。我們最近分享了將於 2024 年初推出的 Truly 品牌的一些創新，其中包括新的 8% ABV Truly [Unruly] 品種包裝，它將取代我們的 Truly Margarita 包裝；以及新的 Truly 派對包，它將取代我們的 Truly Tropical 包。此外，我們還將改進 Truly Lemonade 和 Fruit Punch 的配方，打造出更輕盈、更清爽的餘味，解決酗酒者的一個關鍵問題。我們相信，這些創新，加上在夏季旺季之前在全國範圍內推出 Truly 龍舌蘭蘇打水，將更好地定位 Truly 品牌產品，並為 2024 年及以後的趨勢改善做好準備。

While we're not satisfied with Truly's pace of improvement, we're confident we made the right changes to position the brand for success. We remain encouraged, and in the third quarter, Truly maintained the second highest sales per point in hard seltzer, 52% more (inaudible) than the [competitor] brand and the third highest sales per point following Beyond Beer. So there remains a strong consumer base to build upon. The moderating overlap of Margarita launch and Truly's teas discontinuation, which have contributed 75% of the brand share loss to date, should lead to continued improved share trends through the balance of the year. As evidenced on measured off-premise channels, Truly lost 2 volume share points in the latest 4 weeks compared to losing 2.4 volume share points in the third quarter and 3.5 volume share points in the second.

雖然我們對 Truly 的改進速度並不滿意，但我們相信我們做出了正確的改變，使品牌成功。我們仍然受到鼓舞，在第三季度，Truly 在硬蘇打水中保持了第二高的每點銷售額，比[競爭對手]品牌高出52%（聽不清），並且是繼Beyond Beer 之後的第三高每點銷售額。因此，仍然有強大的消費者基礎可供建立。瑪格麗塔的推出和 Truly 茶的停產的緩和重疊（迄今為止造成了 75% 的品牌份額損失）應該會導致今年餘下的份額趨勢持續改善。根據測量的場外管道數據顯示，Truly 在最近 4 週內損失了 2 個銷售份額，而第三季度損失了 2.4 個點，第二季度損失了 3.5 個點。

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 we'll continue to support and build out our smaller brands. Sam Adams' total share across all channels was slightly up in the third quarter 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 [nonalc] portfolio, including Just The Haze and Gold Rush pilsner, which grew 95% of dollars in the third quarter in measured off-premise channels. While currently a small part of our portfolio, we see incremental opportunities in spirits-based RTDs. Truly Vodka Soda has strong [VP] and continues to gain distribution. And Truly Tequila Soda will launch nationally in 2024, ahead of the peak selling season, building on the success in test markets this year. Meanwhile, Dogfish's award-winning canned cocktails have gained solid foothold in the traditional canned cocktail segment.

雖然保持 Twisted Tea 的兩位數成長和改善 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，我們將繼續支持和打造我們的小品牌。第三季度，山姆·亞當斯(Sam Adams) 在困難的精釀啤酒類別中在所有渠道中的總份額略有上升，除了我們的[nonalc] 產品組合之外，我們將繼續投資於我們新的重新製作的波士頓拉格啤酒活動和季節性產品，包括Just Haze 和 Gold Rush 比爾森啤酒第三季在非預售通路的銷售額成長了 95%。雖然目前僅占我們產品組合的一小部分，但我們看到以烈酒為基礎的 RTD 存在越來越多的機會。真正的伏特加蘇打水俱有強大的 [VP] 並繼續獲得分銷。在今年試銷市場成功的基礎上，Truly Tequila Soda 將於 2024 年銷售旺季之前在全國上市。與此同時，角鯊屢獲殊榮的罐裝雞尾酒已在傳統罐裝雞尾酒領域站穩了腳跟。

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. The first is procurement savings. We targeted savings initiatives across multiple areas, including raw materials and packaging, that have achieved some benefit during the second and third quarters. We continue to review our contracts with our [well-packed] suppliers with the aim of adjusting these to be more reactive to changing demand.

轉向我們的供應鏈。我們繼續透過對設備、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。我想廣泛討論我們重點關注的 3 個類別的現狀，以提高利潤率。首先是採購節省。我們針對多個領域（包括原料和包裝）採取了節約舉措，這些舉措在第二季和第三季取得了一些成效。我們繼續審查與我們的[精心包裝的]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 second area is 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, 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.

第二個領域是啤酒廠績效。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，重點是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聯合製造商的合約。

Third is waste and network optimization. We have initiatives to attack waste and optimize our logistics, which will reduce freight and warehousing costs over time. These efforts helped us realize lower inventory obsolescence cost in the third quarter, which benefited our gross margin. We're currently implementing systems to improve our forecasting inventory management, which we expect to further reduce waste.

第三是浪費和網路優化。我們採取了一些措施來消除浪費並優化我們的物流，這將隨著時間的推移降低貨運和倉儲成本。這些努力幫助我們在第三季實現了較低的庫存報廢成本，這有利於我們的毛利率。我們目前正在實施系統來改善我們的預測庫存管理，我們預計這將進一步減少浪費。

We have multiyear savings plans across each of these categories, which we expect will 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 and third quarters primarily related to procurement savings and lower inventory obsolescence costs, and we expect to see more in the remainder of the year. We're also closely managing our operating expenses. We expect to use the cost savings that these efforts generate to nurture new innovation and 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擴張。雖然實現全部效益需要時間，但我們在第二季和第三季開始看到一些效益，主要與節省採購和降低庫存報廢成本有關，我們預計在今年剩餘時間內會看到更多效益。我們也密切管理我們的營運費用。我們希望利用這些努力節省的成本來培育新的創新，並支持增加品牌支出和品牌支出，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位和社交媒體。

In summary, we're optimistic about the long-term outlook for our diversified beverage portfolio. Our company has exceptional innovation and brand-building capabilities to top sales organization [and peer] and a cash-generative business model with an excellent balance sheet to support long-term growth.

總之，我們對多元化飲料組合的長期前景持樂觀態度。我們公司擁有領先銷售組織[和同業]的卓越創新和品牌建立能力，以及具有良好資產負債表的現金生成業務模式，可支持長期成長。

Now I'd like to welcome Diego Reynoso, our new CFO. Diego has significant financial and operational experience in the consumer industry, particularly in the alcoholic beverage category. I've worked closely with him since he started in early September, and I'm confident he brings the requisite leadership and financial expertise to help us attack our most important business challenges. I'll now hand it over to Diego to discuss third quarter financials and our full year guidance.

現在我要歡迎我們的新任財務長迭戈·雷諾索 (Diego Reynoso)。迭戈在消費產業（尤其是酒精飲料類別）擁有豐富的財務和營運經驗。自從他九月初上任以來，我一直與他密切合作，我相信他能夠帶來必要的領導力和財務專業知識，幫助我們應對最重要的業務挑戰。我現在將把它交給迭戈討論第三季度的財務狀況和我們的全年指導。

Thank you, Dave. Good afternoon, everyone. I'm very excited to be part of The Boston Beer Company and have learned a lot in my first 2 months. It's exciting to return to the beer business, particularly as the category has expanded to provide more consumer choices with Beyond Beer and nonalcoholic offerings. Although it's early in my tenure, I'm very encouraged by our innovation and distribution expertise and the strength of our team and our unique culture. I'm looking forward to partnering across the company, particularly with our supply chain function to drive long-term financial performance.

謝謝你，戴夫。大家下午好。我很高興能成為波士頓啤酒公司的一員，並且在前兩個月學到了很多東西。重返啤酒業務令人興奮，特別是隨著該類別的擴大，透過超越啤酒和非酒精產品為消費者提供更多選擇。儘管我剛上任，但我對我們的創新和分銷專業知識以及我們團隊的實力和獨特的文化感到非常鼓舞。我期待與整個公司合作，特別是與我們的供應鏈職能部門合作，以推動長期財務表現。

Turning to our third quarter results. Fiscal calendar depletions for the quarter decreased 6% from the [prior year], reflecting decreases mainly in hard seltzers, partially offset by increases in Twisted Tea, Truly Vodka Soda and some of our innovation. Shipment volume for the quarter was approximately 2.3 million barrels, a 2.5% decrease from the prior year. We believe distributor inventory as part of -- as of September 30, 2023 averaged approximately 5 weeks [on hand] and was at an appropriate level for each of our brands. Our third quarter gross margin of 45.7% increased 250 basis points from the 43.2% margin realized in the third quarter of 2022. This was primarily due to strong price realization and lower obsolescence and procurement savings, which more than offset inflationary costs.

轉向我們第三季的業績。本季的財政日曆消耗比[上一年]下降了 6%，主要反映了硬蘇打水的減少，但部分被 Twisted Tea、Truly Vodka Soda 和我們的一些創新產品的增加所抵消。該季度的出貨量約為230萬桶，較上年減少2.5%。我們認為，截至 2023 年 9 月 30 日，經銷商庫存平均約為 5 週[現有]，並且對於我們每個品牌來說都處於適當的水平。我們第三季的毛利率為45.7%，比2022 年第三季實現的43.2% 的毛利率成長了250 個基點。這主要是由於強勁的價格實現以及較低的報廢和採購節省，這足以抵消通貨膨脹成本。

Advertising, promotional and selling expenses for the third quarter of 2023 decreased $1.1 million or 0.7% from the third quarter of 2022 primarily due to decreased freight to distributors, partially offset by increased brand investment and higher selling costs. General and administrative expenses increased by $4.9 million or 13.2% from the third quarter of 2022 primarily due to higher salaries and benefits costs and increased consulting costs. In the third quarter, we recorded $16.4 million noncash impairment charge primarily for the Dogfish Head brand as a result of the company's annual impairment analysis. The impairment determination was primarily based on the latest forecast of brand performance, which were below our earlier projections.

2023 年第三季的廣告、促銷和銷售費用較 2022 年第三季減少 110 萬美元，即 0.7%，主要是由於分銷商運費減少，但部分被品牌投資增加和銷售成本上升所抵消。一般和管理費用較 2022 年第三季增加 490 萬美元，即 13.2%，主要是由於工資和福利成本增加以及諮詢成本增加。根據該公司年度減損分析，第三季我們主要為角鯊頭品牌記錄了 1,640 萬美元的非現金減損費用。減損確定主要基於對品牌績效的最新預測，該預測低於我們先前的預測。

For the third quarter, we reported net income of $45.3 million or $3.70 per diluted share. The impairment I discussed earlier negatively impacted diluted earnings per share by $0.96. Year-over-year earnings growth was driven by revenue growth and higher gross margins as well as lower impairment charges versus the prior year.

第三季度，我們公佈的淨利潤為 4,530 萬美元，即稀釋後每股收益 3.70 美元。我之前討論的減損對攤薄每股盈餘產生了 0.96 美元的負面影響。收入年增率是由收入成長、毛利率上升以及減損費用較上年下降所推動的。

Turning to guidance. Our depletion trends for the first 42 weeks of 2023 have declined 5% from 2022 on both a fiscal and comparable week basis. Based on our year-to-date performance and current projections for the fourth quarter, we are narrowing our full year 2023 guidance range. As a reminder, the 2023 fiscal year includes 52 weeks compared to the 2022 fiscal year, which includes 53 weeks. As you are updating your models, please note that the impact of this one less selling week will be reflected entirely in our upcoming fourth quarter results.

轉向指導。與 2022 年相比，我們 2023 年前 42 週的消耗趨勢在財政和可比周基礎上均下降了 5%。根據我們今年迄今的業績和目前對第四季度的預測，我們正在縮小 2023 年全年指導範圍。提醒一下，2023 財年有 52 週，而 2022 財年有 53 週。當您更新模型時，請注意，本週銷量減少的影響將完全反映在我們即將發布的第四季度業績中。

We now expect full year 2023 depletions and shipments to be down 5% to 7% versus our previous guidance of down 2% to 8%. This is inclusive of a 1 percentage point negative impact from the loss of the 53rd week. We project increases in revenue per barrel of between 2% and 3% versus our previous guidance of between 1% and 3%. Full year 2023 gross margins are expected to be between 42% and 43% versus our previous guidance of between 41% and 43%. Our full year investment and brand spend within advertising, promotional and selling expenses are expected to [increase] between $25 million and $35 million, which is a narrowing from our previous guidance range of $20 million to $40 million. This guidance does not include any changes in freight costs for the shipment of products to our distributors. We have experienced lower-than-expected freight costs year-to-date, which, in addition to gross margin performance, allows us to support our brands further.

我們現在預計 2023 年全年消耗量和出貨量將下降 5% 至 7%，而我們先前的指引是下降 2% 至 8%。這包括第 53 週損失造成的 1 個百分點的負面影響。我們預計每桶收入將成長 2% 至 3%，而先前的指引為 1% 至 3%。 2023 年全年毛利率預計為 42% 至 43%，而我們先前的指引為 41% 至 43%。我們全年在廣告、促銷和銷售費用方面的投資和品牌支出預計將在 2500 萬美元至 3500 萬美元之間增加，這比我們之前 2000 萬美元至 4000 萬美元的指導範圍有所縮小。本指南不包括向我們的經銷商運送產品的運費的任何變更。今年迄今為止，我們的貨運成本低於預期，除了毛利率表現外，還使我們能夠進一步支持我們的品牌。

We continue to estimate our full year effective tax rate to be approximately 28%. Our updated non-GAAP earnings per share guidance of $7 to $9 excludes the impact of the noncash impairment charge of $16.4 million or $0.96 per diluted share. This projection is highly sensitive to changes in volume protections and supply chain performance. As you model out your projections, please keep in mind these factors. The 53rd week overlap is expected to negatively impact fourth quarter volume trends by approximately 6 percentage points. In the fourth quarter, we expect price realization to be positive but at a lower level due to third quarter price increases compared to the prior year.

我們繼續估計全年有效稅率約為 28%。我們更新的非 GAAP 每股盈餘指引為 7 至 9 美元，不包括 1,640 萬美元或稀釋每股 0.96 美元的非現金減損費用的影響。此預測對數量保護和供應鏈績效的變化高度敏感。當您建立預測模型時，請記住這些因素。第 53 週的重疊預計將對第四季度的銷售趨勢產生約 6 個百分點的負面影響。在第四季度，我們預計價格實現將為正值，但由於第三季度價格較上年同期上漲，價格水平較低。

In the fourth quarter, which has seasonally lower volumes, gross margin is typically lower on an absolute basis relative to earlier quarters. We expect lower year-over-year gross margin improvements in the fourth quarter due to higher shortfall fees on our third-party breweries and the volume impact of lapping the 53rd week. Finally, as we have been disclosing in our 10-Q for some time, we do expect to incur shortfall fees in the coming years as we continue to work with our third-party breweries and grow into our capacity.

第四季的銷量季節性下降，毛利率的絕對值通常低於前幾季。由於我們的第三方啤酒廠的缺口費用增加以及第 53 週的銷售影響，我們預計第四季度的毛利率將同比下降。最後，正如我們在 10-Q 中所揭露的那樣，隨著我們繼續與第三方啤酒廠合作並擴大我們的產能，我們預計在未來幾年將產生缺口費用。

Turning up to capital allocation. We ended the quarter with a cash balance of $311 million and an unused credit line of $150 million, which provides us with the flexibility to continue to invest in our base business to fund our future growth initiatives and return cash to our shareholders through our share buyback. For the full year, we expect capital expenditures of between $60 million and $90 million, a decrease from our previous guidance of between $100 million and $140 million, primarily due to changes in the timing of capital projects. These investments will be primarily related to our own breweries to build capabilities and improve efficiencies. During the period from January 3, 2023 through October 20, 2023, the company repurchased [280,000] shares at a cost of $69 million. As of October 20, 2023, we had approximately $290 million remaining on the $1.2 billion share repurchase authorization.

轉向資本配置。本季結束時，我們的現金餘額為3.11 億美元，未使用的信貸額度為1.5 億美元，這使我們能夠靈活地繼續投資於我們的基礎業務，為我們未來的成長計畫提供資金，並透過股票回購向股東返還現金。我們預計全年資本支出將在 6,000 萬至 9,000 萬美元之間，較之前 1 億至 1.4 億美元的指導有所減少，這主要是由於資本項目時間安排的變化。這些投資將主要與我們自己的啤酒廠相關，以建立能力和提高效率。 2023年1月3日至2023年10月20日期間，該公司以6,900萬美元的成本回購了[280,000]股股票。截至 2023 年 10 月 20 日，我們的 12 億美元股票回購授權尚剩餘約 2.9 億美元。

This concludes our prepared remarks. I look forward to meeting many of you in the quarter ahead. And now we'll open the line for questions.

我們準備好的演講到此結束。我期待在未來的季度與你們中的許多人見面。現在我們將開通提問熱線。

(Operator Instructions) Our first question is from Vivien Azer with TD Cowen.

（操作員說明）我們的第一個問題來自 Vivien Azer 和 TD Cowen。

I wanted to start on the innovation pipeline and kind of the swapping of SKUs. It seems like there's a lot of activity planned between the party packs on Truly and then also on Truly and tequila. I think you guys noted last quarter that kind of visibility on spring resets would be more robust following Labor Day. So I was just wondering, what is kind of the level of retail -- or dialogue around all this new innovation, your confidence on gaining incremental shelf space to support that?

我想從創新管道和 SKU 交換開始。看起來 Truly 上的派對包之間以及 Truly 和龍舌蘭酒上也計劃了很多活動。我想你們上個季度注意到，勞動節之後春季重置的可見性將會更加強勁。所以我只是想知道，零售水平如何——或者圍繞所有這些新創新的對話，您對獲得增量貨架空間來支持這一點有信心嗎？

Vivien, this is Dave. I'll take a first shot at that. I think what we're trying to do is we're trying to replace both those SKUs. Margarita and tropical will -- they may still exist in some markets if there's demand. But generally, they're going to disappear in most places. And we're going to replace them with 2 new SKUs that we think are more productive, both the high ABV Truly [Unruly] as well as what we're calling the party pack, which we think is sort of like an all-star assortment of flavors. So in a way, what we're doing is we're maintaining our shelf space by swapping one SKU, in most cases, for another. But we're doing it, importantly, we believe with SKUs that are going to be more productive and are going to turn better. So that's the thinking behind that. And again, I think one of the things we've learned with Truly is that we got into this innovation cycle where we were adding a lot of new variety pack SKUs. And at some point, you got to -- you just have to walk away from that and you have to find a way to do more with fewer, and that's part of the plan for next year.

薇薇安，這是戴夫。我將對此進行第一次嘗試。我認為我們正在嘗試做的是嘗試替換這兩個 SKU。瑪格麗特酒和熱帶酒——如果有需求的話，它們可能仍然存在於一些市場上。但一般來說，它們會在大多數地方消失。我們將用 2 個我們認為更有效率的新 SKU 來取代它們，包括高酒精度的 Truly [Unruly] 以及我們所說的派對包，我們認為它有點像全明星各種口味。因此，在某種程度上，我們正​​在做的就是透過將一個 SKU（在大多數情況下）換成另一個 SKU 來維持我們的貨架空間。但我們正在這樣做，重要的是，我們相信 SKU 將會變得更有生產力並且會變得更好。這就是背後的想法。再說一次，我認為我們從 Truly 學到的一件事是，我們進入了這個創新週期，我們添加了許多新的品種包 SKU。在某些時候，你必須——你必須擺脫這種情況，你必須找到一種方法，用更少的錢做更多的事情，這是明年計劃的一部分。

Yes, for sure. And I probably could have done a better job of phrasing my question. Absolutely understood on the replacement cycle on those [core] SKUs. But like what about (inaudible) the Twisted Extreme, those new and incremental to the franchises, right?

是肯定的。我可能可以更好地表達我的問題。完全了解這些[核心] SKU 的更換週期。但就像（聽不清楚）《Twisted Extreme》一樣，那些新的和增量的特許經營權，對嗎？

Oh, yes. I'm sorry. You mean the other ones that we've talked about. You said -- you're talking about Twisted Tea Extreme? Yes, that would be new...

哦是的。對不起。你指的是我們討論過的其他那些。你說——你在談論 Twisted Tea Extreme？是的，那將是新的......

(inaudible) Twisted Tea -- I'm sorry.

（聽不清楚）扭曲茶－－對不起。

Yes. So there's (inaudible) confuse. So I was referring -- Truly [Unruly] is for Truly. It's a high ABV for Truly which we're launching early in the first quarter. We are testing right now Truly -- I'm sorry, Twisted Tea Extreme, which is another 8% ABV version of Twisted Tea that's in convenience stores in about 5 states right now that we're testing. And if it performs the way we hope it will, then we could likely expand that next year. But that would be in addition to -- the innovation on Twisted actually is kind of light because we have so much to grow -- so many opportunities to grow the core business that we're being very careful on what we add new on Twisted. But Twisted Tea Extreme is a potential for broader distribution. We haven't decided though. Did that answer your question, Vivien?

是的。所以存在（聽不清楚）混亂。所以我指的是－Truly [Unruly] 是指 Truly。對於 Truly 來說，這是一個高酒精度的產品，我們將在第一季初推出。我們現在正在測試Truly - 對不起，Twisted Tea Extreme，這是另一種8％ABV版本的Twisted Tea，目前我們正在測試的大約5個州的便利店有售。如果它按照我們希望的方式運行，那麼我們可能會在明年進行擴展。但除此之外，Twisted 上的創新實際上很輕鬆，因為我們還有很多需要成長的地方，有很多發展核心業務的機會，因此我們在 Twisted 上添加新內容時非常謹慎。但 Twisted Tea Extreme 有更廣泛的分銷潛力。不過我們還沒決定。這回答了你的問題嗎，薇薇安？

It does. Sorry about that. So many teas, so many higher ABVs. (inaudible) if we could just turn to the gross margin. Obviously, a very nice second quarter gross margin expansion. Heard loud and clear on kind of the seasonality of margin. But I'm just curious, were margins in the third quarter in line with your expectations? Or did they exceed? And if so, like what were the key drivers there?

確實如此。對於那個很抱歉。這麼多的茶，這麼多更高的酒精度。 （聽不清楚）如果我們可以轉向毛利率。顯然，第二季的毛利率擴張非常好。關於保證金季節性的聲音響亮而清晰。但我只是好奇，第三季的利潤率符合您的預期嗎？或者說他們超過了？如果是這樣，那麼關鍵驅動因素是什麼？

Vivien, this is Diego. I think margins are in line with our expectations. I think -- we laid out 3 key buckets that we wanted to go for efficiencies to improve our gross margins, and we're proceeding in all 3 of them the way we expected. The biggest drivers we have in the quarter is the reduction of waste in our network optimization bucket. And the other piece that we also have is some of the procurement savings that we're advancing upon. So those were the 2 buckets that we thought would give us the faster benefits, and we'll continue in our program for the next few quarters.

薇薇安，這是迭戈。我認為利潤率符合我們的預期。我認為，我們制定了三個關鍵領域，我們希望透過提高效率來提高毛利率，並且我們正在按照我們預期的方式在這三個領域進行工作。本季我們最大的推動因素是減少網路優化的浪費。我們還擁有的另一部分是我們正在推進的一些採購節省。因此，我們認為這兩個桶將為我們帶來更快的收益，我們將在接下來的幾個季度繼續我們的計劃。

Diego, congratulations on the new role. We look forward to working with you.

迭戈，祝賀你擔任新角色。我們期待與您的合作。

Thank you.

謝謝。

Our next question is from Rob Ottenstein with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Rob Ottenstein。

Congratulations, Diego. Two questions. Let me start with the first one, and that is just love to understand how you're looking at the current business environment and demand for beer. This is usually the season where you get a new round of pricing. Seems like it may be a little weaker than certainly the last couple of years, but maybe even weaker than pre-COVID. Is that your sense? So love to get a sense of your feelings about demand and pricing and how you're dealing with that situation. Then I have a follow-up.

恭喜，迭戈。兩個問題。讓我從第一個開始，那就是想了解您如何看待當前的商業環境和對啤酒的需求。這通常是您獲得新一輪定價的季節。看起來它可能比過去幾年要弱一些，但甚至可能比新冠疫情之前還要弱。這是你的感覺嗎？因此，希望了解您對需求和定價的感受以及您如何處理這種情況。然後我有一個後續行動。

Well, let me start with the pricing. So if you look at our pricing guidance, we're doing a little bit better than our previous guidance for 2023. But as we go into the fourth quarter, we are expecting it to be a little lighter because in Q3, price increases were lower than they were the previous year. So right now, we are currently planning our 2024 view, and we look forward to sharing it in the next call. But we're very -- being very prudent given what we're seeing in the current environment.

好吧，讓我從定價開始。因此，如果您查看我們的定價指導，您會發現我們的定價比之前的 2023 年指導要好一些。但隨著進入第四季度，我們預計價格會有所下降，因為第三季度的價格漲幅較低與前一年相比。現在，我們正在規劃 2024 年的願景，並期待在下次電話會議中分享。但考慮到我們在當前環境中所看到的情況，我們非常謹慎。

Would kind of 1% to 2% be about right for incremental pricing that you're putting in now?

對於您現在採用的增量定價來說，1% 到 2% 合適嗎？

We're currently making sure that we understand the dynamics, and we'll come back in the next call and be a lot clearer on what we expect for next year.

我們目前正在確保了解動態，我們將在下一次電話會議中回來，並更清楚地了解我們明年的預期。

Okay. Great. And then -- and I know -- I'd love it if you could help us think through this, and that is the split between the third-party manufacturing and what you have inside. Can you give us any kind of round numbers or percentages of how much is third party, how much you do internal? Is it the same for Twisted Tea? Is it the same for Truly? How fungible are those brands? And what percentage of the gross margin gap between where you are now and 50% is bridged by getting that split right?

好的。偉大的。然後——我知道——如果你能幫助我們思考這個問題，我會很高興，這就是第三方製造和你內部擁有的東西之間的分歧。您能給我們任何形式的整數或百分比嗎？第三方的費用是多少，您內部的費用是多少？麻花茶也是這樣嗎？真真也一樣嗎？這些品牌的可替代性如何？透過正確分配，您現在的毛利率與 50% 之間的毛利率差距有多少百分比可以彌補？

Yes. So we always try to maximize our internal capacity. I think we've said before, we try to keep it around 90% to 100%. We are actually increasing from 65% internal to about 70% internal from last year to this year. So we continue to move down that path so that we maximize our assets. And as we look forward, we're -- part of the optimization is geography. So it's not just about the assets, but also where they're located. So we will always have a split that helps us maximize our profitability. So as we look forward, we're trying to -- one of the buckets we mentioned is network optimization. That has a lot to do with where we have our different third-party manufacturers and ours and optimizing the financial performance of that.

是的。所以我們總是盡力最大化我們的內在能力。我想我們之前說過，我們努力將其保持在 90% 到 100% 左右。實際上，從去年到今年，我們的內部員工比例從 65% 增加到了 70% 左右。因此，我們繼續沿著這條道路前進，以便最大化我們的資產。展望未來，我們優化的一部分是地理位置。因此，這不僅與資產有關，也與資產所在的位置有關。因此，我們始終會進行分拆，以幫助我們最大限度地提高獲利能力。因此，展望未來，我們正在努力——我們提到的目標之一是網路優化。這與我們擁有不同的第三方製造商以及我們的財務績效優化有很大關係。

And let's say -- I mean, do you need to get to that 90% to get back to the 50% margin and that will be one of the biggest buckets to do that?

比方說，我的意思是，你是否需要達到 90% 才能恢復到 50% 的利潤率，而這將是實現這一目標的最大目標之一？

No. No. Again, because they're located in very different geographical areas, that is not something we have to do to be able to achieve our gross margin road map.

不，不，再說一次，因為它們位於非常不同的地理區域，所以我們不需要這樣做就能實現我們的毛利率路線圖。

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 question on your new FY '23 guidance. You narrowed your ranges but lowered them. And I guess it now implies Q4 shipments and depletions, I think, will be down, maybe 11.5% on shipments and down 9% at the midpoint. And I know you've highlighted the negative impact from lapping the 53rd week. But I just wanted to understand why you're expecting things to be so weak in the quarter, maybe what's changed. And then also, I did want to understand if the impairment charges you reported in the quarter were always factored into your guidance for the year.

我對你們 23 財年的新指導有疑問。你縮小了你的範圍，但降低了它們。我想這意味著第四季的出貨量和消耗量將會下降，出貨量可能下降 11.5%，中間下降 9%。我知道您已經強調了第 53 週的負面影響。但我只是想了解為什麼您預計本季的情況如此疲軟，也許發生了什麼變化。另外，我確實想了解您在本季度報告的減損費用是否始終計入您的年度指引中。

Yes. I think -- Bonnie, it's Dave. So I think first of all, we actually went to the higher -- we actually rounded up on gross margin. Slightly down on depletion is more because we're just -- we're being cautious and prudent given the current economic environment. We're not quite sure, so we're just being cautious. But we don't see any change in trajectory than we had anticipated before actually. So pricing, we went a little bit to the higher end; gross margin, a little bit to the higher end; and depletions and shipments, a little bit -- just a smidge towards the lower end. So it's not -- I'm not sure where you're seeing us go down on all of those.

是的。我想──邦妮，是戴夫。所以我認為首先，我們實際上達到了更高的水平——我們實際上對毛利率進行了四捨五入。能源消耗略有下降更多是因為我們在當前的經濟環境下保持謹慎和謹慎。我們不太確定，所以我們只是保持謹慎。但我們實際上並沒有看到軌跡發生任何比我們之前預期的變化。因此，我們在定價上走得更高端一些。毛利率高一點；以及消耗和出貨量，一點點——只是一點點接近低端。所以這不是——我不確定你在哪裡看到我們對所有這些的看法。

Okay. So I guess I was just asking primarily on shipments and depletions like since you're expecting shipments and depletions to be down 5% to 7%, correct? So minus 6% at the midpoint?

好的。所以我想我只是主要問出貨量和消耗量，因為您預計出貨量和消耗量會下降 5% 到 7%，對嗎？那麼中間值是-6%嗎？

That's right. That's about right. Again...

這是正確的。差不多是這樣吧。再次...

So this is Diego. I think just we have one more quarter of results, so what we did is we reduced the range. So last time we said minus 2% to minus 8%. We've now come back and said, well, given we have one more quarter of results, we're going to make that range a little smaller. So we went to minus 7% to minus 5%, but it's simply just because we have one more quarter information. We really haven't changed our [perspectives around] the year. So that would be the first part. On the second part, the impairment was not factored into our guidance that we [gave] last quarter. This is our regular time of the year when we're looking at our impairments through a regular process. So that was not included in our Q2 guidance.

這就是迭戈。我認為我們還有四分之一的結果，所以我們所做的是縮小範圍。所以上次我們說負2%到負8%。我們現在回來說，好吧，鑑於我們還有四分之一的結果，我們將把這個範圍縮小一點。所以我們把負7%調整到負5%，但這只是因為我們還有一個季度的資訊。這一年我們確實沒有改變我們的[觀點]。這就是第一部分。在第二部分中，減損並未計入我們上季給予的指引中。這是我們一年中的常規時間，我們會透過常規流程檢查我們的缺陷。因此，這沒有包含在我們第二季的指導中。

Okay. No, that's helpful. And I think it's just -- as you think about you've got [better] visibility, there's only 2 months left in the year, so I get it. That's great. You've narrowed the ranges and maybe there's some level of conservatism. But just also thinking about the comments that you added and you discussed that you're now expecting lower fixed cost absorption in the quarter based on what you're producing in-house. So that's a function of lower expectations on shipments in the quarter, I imagine. And then just trying to think about in the context of your gross margin and what it implies for Q4. You're also sounding pretty conservative on your gross margin in Q4 and what that new full year guidance implies, correct?

好的。不，這很有幫助。我認為這只是——當你想到你已經獲得[更好的]可見度時，一年只剩下兩個月了，所以我明白了。那太棒了。你已經縮小了範圍，也許存在著某種程度的保守主義。但也要考慮一下您添加的評論以及您所討論的，您現在預計根據您內部生產的產品，本季度的固定成本吸收會降低。我想這是本季出貨量預期降低的結果。然後嘗試考慮毛利率及其對第四季的影響。您對第四季度的毛利率以及新的全年指導意味著什麼聽起來也相當保守，對嗎？

Yes. So 2 points. This is Diego. First one is, yes, although the midpoint is slightly lower, we are increasing our gross margin and holding EPS. So there's a piece there. The second piece is the impact of that week in the quarter is about 6 points. So when you adjust the quarter for those 6 points, the trends are relatively holding when you look at the Q3 and Q4 numbers. So for me, that means that we're not significantly seeing a significant change in the performance of the business.

是的。所以2分。這是迭戈。第一個是，是的，儘管中點略低，但我們正在提高毛利率並保持每股盈餘。所以那裡有一塊。第二塊是季度那一週的影響大概是6個點。因此，當您調整這 6 個點的季度時，當您查看第三季和第四季的數據時，趨勢相對穩定。所以對我來說，這意味著我們沒有看到業務績效有重大變化。

Okay. That's helpful. I was just trying to reconcile because I feel like we've known about the extra -- lapping the extra week. But it sounds like you're feeling pretty good and the improvement as you round out the year.

好的。這很有幫助。我只是想和解，因為我覺得我們已經知道額外的事情了——多跑一周。但聽起來你感覺不錯，而且隨著這一年的結束，你的感覺也有所改善。

Yes. And I agree with you because we've always known -- I think we've narrowed the guidance, but we haven't significantly changed it.

是的。我同意你的觀點，因為我們一直都知道——我認為我們已經縮小了指導範圍，但我們並沒有對其進行重大改變。

Our next question is from Brett Cooper with Consumer Edge Research.

我們的下一個問題來自消費者邊緣研究中心的布雷特·庫柏。

Boston has always had (inaudible) success in creating new brands. So I was hoping to ask on the innovation program and specifically outside of your big brands. I think you changed the approach to how you innovate. And I was just hoping to get an update on what you're seeing from your innovation portfolio, how the new approach is working, expectations from innovation outside of your big brands and whether innovation program can get enough attention from the company, distributors and retailers given all of your other efforts.

波士頓在創造新品牌方面一直取得（聽不清楚）成功。所以我希望詢問創新計劃，特別是在你們的大品牌之外。我認為你改變了創新的方法。我只是希望了解您從創新組合中看到的最新情況、新方法如何發揮作用、對大品牌之外的創新的期望以及創新計劃是否能得到公司、分銷商和零售商的足夠重視考慮到你所有其他的努力。

Brett, I'm going to let -- I'll let Jim jump in on that one on innovation.

布雷特，我會讓──我會讓吉姆參與關於創新的話題。

Thanks. We have, I think, evolved our innovation program. We're probably making the same or a larger number of bets but not rolling them out nationally. So what you're seeing from us is a fairly consistent flow of new products, a couple of years of new brands and -- but doing them in test markets and scaling them more cautiously and more slowly and discontinuing things when they don't work. So that's the change that we've made. That's on the new brand side.

謝謝。我認為，我們已經發展了我們的創新計劃。我們可能會進行相同或更多的賭注，但不會在全國推廣。因此，您從我們這裡看到的是相當穩定的新產品流、幾年的新品牌，以及——但在測試市場中進行這些工作，並更謹慎、更緩慢地擴展它們，並在它們不起作用時停止它們。這就是我們所做的改變。那是在新品牌方面。

And Dave talked about lots of new innovation within existing brands, which continue to have shoulders that we can build out like with Twisted Tea. Last year, we brought out Twisted Tea Light. This year, we're in test markets with Twisted Tea Extreme and the same thing with Truly [Unruly]. So we're approaching line extensions, if you will, with a little more comfort in rolling them out quicker and bigger. And then we won a pipeline of innovations that are new brands, and we're going to do that more slowly and build on success. I think our model is Twisted Tea, which is obviously a huge brand now for us, but it took 25 years to get there.

戴夫談到了現有品牌中的許多新創新，這些品牌仍然有我們可以像 Twisted Tea 一樣建立的肩膀。去年，我們推出了Twisted Tea Light。今年，我們用 Twisted Tea Extreme 和 Truly [Unruly] 進行了測試市場。因此，如果您願意的話，我們正在接近產品線延伸，並且可以更輕鬆地更快、更大地推出它們。然後我們贏得了一系列新品牌的創新，我們將更緩慢地做到這一點，並在成功的基礎上再接再厲。我認為我們的模式是 Twisted Tea，這對我們來說顯然是一個巨大的品牌，但我們花了 25 年才達到這個目標。

Our next question is from Stephen Powers with Deutsche Bank.

我們的下一個問題來自德意志銀行的史蒂芬鮑爾斯。

Congrats and welcome from me as well, Diego. I got 2 questions. One on Twisted and one on Truly. Maybe we'll start with Twisted. I guess, Dave, you called out some success in building out those more underdeveloped markets. I think you called out California and Texas. You talked about Florida as well in the past. Maybe just give a little bit of an update there in terms of a little bit more detail on what you are seeing in terms of that progress. And any learnings that you've recruited, best practices or any differences either across those markets or nuances versus where the brands are more established for longer?

我也表示祝賀和歡迎，迭戈。我有 2 個問題。一張在 Twisted 上，一張在 Truly 上。也許我們會從 Twisted 開始。我想，戴夫，您在開拓那些較不發達的市場方面取得了一些成功。我想你提到了加州和德克薩斯州。您過去也曾談過佛羅裡達州。也許只是提供一點更新，更詳細地說明您所看到的進展。您所學到的知識、最佳實踐或這些市場之間的任何差異或與品牌建立時間較長的地方之間的細微差別？

Okay. Steve, yes, I think both -- if you look at -- actually, take those 2 states of Texas and California. They're our 2 fastest-growing states right now for the brand. So we kind of went from low developed markets to upper mid developed markets pretty much in the year. And really, it was basic execution. It was driving -- all the things -- the litany of things I went through in the opening remarks, it was just driving distribution. And initially, we start in small format, in convenience stores. That's where the consumer goes. And then building out to large format, building out our 12-pack distribution, building out our 24-ounce distribution. So a lot of it is really execution in the marketplace.

好的。史蒂夫，是的，我認為這兩個州——如果你看一下——實際上，以德克薩斯州和加利福尼亞州為例。它們是我們目前該品牌發展最快的兩個州。因此，我們在這一年中幾乎從低發達市場轉向了中高端已開發市場。事實上，這是基本的執行。它正在推動——所有的事情——我在開場白中經歷的一連串的事情，它只是推動了發行。最初，我們從小型便利商店開始。這就是消費者要去的地方。然後擴大到大規格，擴大我們的 12 件裝分佈，擴大我們的 24 盎司分佈。所以很多都是在市場上真正執行的。

On top of that, we did add some media targeting Latino consumers in both of those markets as well because that's obviously an important part of both of those markets. And it's moving. So it's not like -- it's not something very complicated. It's basically executing the fundamentals of the business, and that's where it's been able to get growth there and yet -- they are still, obviously, 2 large populated states, of course. But there are other geographies that we're deploying the same tactics, and it's obviously working because the brand has been growing pretty consistently double digits.

最重要的是，我們確實在這兩個市場中添加了一些針對拉丁裔消費者的媒體，因為這顯然是這兩個市場的重要組成部分。它正在移動。所以這並不是——這不是一件非常複雜的事情。它基本上是在執行業務的基本原則，這就是它能夠在那裡獲得成長的地方——當然，它們仍然是兩個人口稠密的州。但我們在其他地區也採取了同樣的策略，這顯然很有效，因為該品牌一直以兩位數的速度成長。

Yes. That's perfect. I just wanted to validate that it was more execution and commonality of strategy as opposed to something more nuanced. And then flipping over to Truly. As you called out, the lighter flavors have performed better relative to the total portfolio, which I think is evident. I guess those brands are still trending down, at least [in track] as we see it, down low teens. So they're better, but they still got a ways to go. I guess any thoughts on how you can kind of bend the trend in those light flavors specifically and whether you think there's an element of more media investment there or more kind of promotional sampling strategies? Just anything you can articulate around how you improve that -- the trajectory in those light flavors specifically.

是的。那很完美。我只是想驗證這更多的是戰略的執行和通用性，而不是更微妙的東西。然後翻到《Truly》。正如您所說，相對於整個產品組合，清淡口味的表現更好，我認為這是顯而易見的。我猜這些品牌仍然呈現下降趨勢，至少在我們看來是在下降趨勢，下降到十幾歲。所以他們更好了，但他們還有很長的路要走。我想您對如何具體扭轉這些清淡口味的趨勢有什麼想法，以及您是否認為那裡有更多媒體投資或更多種類的促銷採樣策略的元素？只要你能闡明如何改進它——特別是那些清淡口味的軌跡。

Yes, sure. I mean I think it's just doing more of the same of what we've been doing. So we've been doing it since May or June. And you're right. I mean on the 3 core light-flavored variety packs, they are declining, but they're declining less than the rate of the category. So gaining share is step 1, growing outright is step 2. On a single-serve basis, so 24-ounce cans actually were growing. We're actually growing volume if you look at those numbers. And of course, we're gaining share as well in doing that. It's really been a focus of everything we've been doing over the last, whatever, 4, 5 months, which is focusing on our execution and making sure we have more light-flavored variety packs on display.

是的，當然。我的意思是，我認為它只是做了更多與我們一直在做的事情相同的事情。所以我們從五月或六月就開始這樣做了。你是對的。我的意思是，在 3 個核心的清淡口味品種包裝上，它們正在下降，但下降幅度小於該類別的下降速度。因此，獲得份額是第一步，徹底增長是第二步。在單份服務的基礎上，24 盎司罐裝實際上正在增​​長。如果你看看這些數字，我們實際上正在增​​加銷量。當然，我們在這方面也獲得了份額。這確實是我們過去四到五個月所做的一切的重點，重點是我們的執行並確保我們展示更多清淡口味的品種包。

So we went from maybe, call it, 20%, 25% of the display being light flavors to now 40% to 50% of our typical displays being light flavors. It's been fixing the mix and convenience and making sure that we have single serves of light flavors available. It's a new ad campaign. We put a lot more weight behind it, as we talked about in the last call. It's actually spending more money in social and digital much more than we had done before [in lieu of] TV and just keep on running the play.

因此，我們從大概 20%、25% 的展示是清淡口味，到現在 40% 到 50% 的典型展示是清淡口味。它一直在修復組合和便利性，並確保我們提供單一清淡口味。這是一個新的廣告活動。正如我們在上次電話會議中談到的那樣，我們對此給予了更多的重視。實際上，它在社交和數位領域投入的資金比我們之前（代替）電視的投入要多得多，並且繼續播放該劇。

The other thing I would say is that one other thing we changed is acknowledgment that the category is still 70-plus percent [lightly] flavored was to change our LTO platform. So we have 3 LTOs per year. We're getting much better at executing those, and they're all light flavors. So for example, last summer, we had Red, White & Tru in the marketplace, which was lightly flavored. It lapped a year ago what we call Poolside, which was a bold flavor. We had 2x the repeat rate on Red, White & Tru last summer. So a 20% repeat rate versus 10%. So this is an example of giving consumers what they want, giving them more lighter flavors. And we think -- so the momentum has begun, and we have to keep going because we're obviously -- as I mentioned before, we're not happy unless we're growing. We're happy to -- we want to gain share and [that -- at least we start --] we are in that part of the business. So there's nothing really, I'd say, up our sleeve that we haven't done that has to be unleashed in order to get there.

我要說的另一件事是，我們改變的另一件事是承認該類別仍然有 70% 以上的[輕度]口味，那就是改變我們的 LTO 平台。所以我們每年有 3 個 LTO。我們在執行這些方面做得越來越好，而且它們都是輕口味的。例如，去年夏天，我們在市場上推出了紅色、白色和特魯，口味清淡。一年前，我們稱之為池畔，這是一種大膽的風格。去年夏天，我們的 Red、White 和 Tru 的重複率是原來的 2 倍。因此，重複率是 20%，而重複率是 10%。所以這是一個給消費者他們想要的東西、給他們更清淡口味的例子。我們認為——所以勢頭已經開始，我們必須繼續前進，因為我們顯然——正如我之前提到的，除非我們成長，否則我們不會高興。我們很高興——我們希望獲得份額，並且[至少我們開始——]我們參與了這部分業務。因此，我想說，為了實現這一目標，我們必須釋放一切我們未曾做過的事情。

I think -- the last thing I'll add on top of that is, obviously, [bold], it's about half of our portfolio. We have the bold flavors that we have to improve, there's no question, because we're not going to get total growth until we get lemonade and fruit punch on a better trajectory than we have -- we did talk about it at NACS. I think we talked about it in my remarks. We're reformulating both of those. We're taking Stevia out, and we have a much better tasting product, we believe, that leads to more sort of repeatability, sessionability. So that's a play for us to kind of -- to buoy that part of the business as we head into next year.

我想——我要添加的最後一件事顯然是，[粗體]，它大約占我們投資組合的一半。毫無疑問，我們必須改進大膽的口味，因為除非我們讓檸檬水和果汁賓治走上比我們更好的軌道，否則我們不會實現全面增長——我們確實在 NACS 上討論過這一點。我想我們在發言中談到了這一點。我們正在重新制定這兩者。我們正在淘汰甜菊，我們相信，我們有一種味道更好的產品，這會帶來更多的可重複性和可會話性。因此，這對我們來說是一種策略——在我們進入明年時提振這部分業務。

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。

Welcome, Diego. I realize you guys aren't going to give 2024 guidance until February, which I think is a wise decision. But Jim has spoken lately about an approaching inflection point or tipping point where your overall volumes and revenue could turn into growth with Truly -- Twisted growth more than offsetting Truly declines. What's your degree of confidence in terms of reaching that tipping point in 2024? And what are some of the puts and takes from a big picture standpoint for getting there?

歡迎，迭戈。我知道你們要到 2 月才會給予 2024 年指導，我認為這是一個明智的決定。但吉姆最近談到了一個即將到來的轉折點或臨界點，在這個點上，你的總體銷量和收入可能會隨著 Truly 的增長而增長——扭曲的增長超過了抵消 Truly 的下滑。您對 2024 年達到這項轉捩點的信心有多大？從大局的角度來看，要實現這個目標，需要採取哪些措施？

Thank you for the question. This is Diego, and thank you for the welcome. Although, to your point, we're not giving guidance right now for 2024, what we can say is that we've seen constant improvements and sequential improvements in Circana. So if you look at the numbers we've seen so far, I mean, we've gone from looking at a reduction of 5%, 6% -- sorry, 5% and improving all the way to the last numbers that we can see that you're looking at 2% reduction. So you're seeing sequential improvement in each one of the periods when you look at 52, 13 and 4 weeks, and we expect that to continue. What trajectory that will take, we will share a little bit more in the next conversation, but we're really happy with the performance and the trends so far.

感謝你的提問。我是迭戈，謝謝你的歡迎。儘管就您而言，我們現在沒有給出 2024 年的指導，但我們可以說的是，我們已經看到 Circana 的不斷改進和連續改進。因此，如果你看一下我們迄今為止看到的數字，我的意思是，我們已經從減少 5%、6%——抱歉，5% 一直到我們能做到的最後數字。請注意，您希望減少2%。因此，當您觀察 52、13 和 4 週時，您會看到每個時期的連續改善，我們預計這種情況會持續下去。我們將在下一次對話中分享更多內容，但我們對迄今為止的表現和趨勢感到非常滿意。

And this is Dave. I'll just jump on top. I think what we're seeing is, obviously, Twisted Tea become -- as we mentioned, becoming bigger, growing, having a bigger impact on the total results. And again, actually, look at our depletions that we talked about: Q2, minus 7% on a calendar basis; Q3, minus 3% on a calendar basis. So that's pointing us in the right direction, and we'll talk -- again, we'll talk to your point -- Eric, we'll talk more about it in February. But I mean, next year, I mean, the goal is to get growth from more than one place. So we have a great portfolio of brands, and we need to get growth in multiple places. And we think we're on the pathway to do that. So for example, nonalc beer is growing. Dogfish Head Canned Cocktails are growing. Truly Vodka Soda is growing. We have other innovation that we haven't announced yet that we think will have an impact on the business.

這是戴夫。我就跳到上面。我認為我們所看到的是，顯然，Twisted Tea 變得——正如我們所提到的，變得更大、不斷增長，對整體結果產生更大的影響。實際上，再看看我們談到的消耗：第二季度，以日曆計算負 7%；第三季度，以日曆計算負 3%。因此，這為我們指明了正確的方向，我們將再次討論您的觀點，埃里克，我們將在二月份詳細討論這一點。但我的意思是，明年，我的意思是，目標是從多個地方成長。因此，我們擁有豐富的品牌組合，並且需要在多個領域中實現成長。我們認為我們正在實現這一目標。例如，非醇啤酒正在成長。角鯊頭罐裝雞尾酒正在成長。真正的伏特加蘇打水正在增長。我們還有其他尚未宣布的創新，但我們認為這些創新會對業務產生影響。

So the momentum is there. We need to keep hitting it hard, and we need to move -- continue to grow Twisted; continue to find a way to get Truly back to where it needs to be, at least gaining share, and then ultimately growing. And then we have the rest of this portfolio that we think there's a lot of opportunities to get the growth from the other elements of it as well.

所以勢頭就在那裡。我們需要繼續努力，我們需要行動──繼續成長 Twisted；繼續尋找一種方法讓真正回到它需要的位置，至少獲得份額，然後最終實現成長。然後，我們擁有該投資組合的其餘部分，我們認為也有很多機會從其其他要素中獲得成長。

Great. And then just a quick follow-up in terms of Twisted party pack, at least in [scanner] data, has been a huge incremental contributor beyond the overall portfolio, which is doing extremely well. Could you talk about how you're looking at further runway for party pack? Would you do additional variety packs for Twisted? Or is it more keeping it close to the core there?

偉大的。然後，就 Twisted 派對包而言，至少在[掃描器]數據方面的快速跟進，已經成為超出整個產品組合的巨大增量貢獻者，該產品組合表現得非常好。您能談談您如何為派對包尋找進一步的跑道嗎？你們會為 Twisted 製作額外的綜藝包嗎？還是更接近核心？

Sure. I think on Twisted, we're being very deliberate and very disciplined in how we roll things out, and we don't want to over renovate. I think when you look at -- party pack has been terrific for us. It still only has about 52% ACV distribution. Original is like around 58% or 59%. So we still have a lot of runway just by driving distribution on party pack. We are announcing -- we have announced a Twisted Tea Light variety pack next year that will be out there as well. So that's really for the more developed markets. So again, like when we go to market, we go to market and we think about it on a [BDI] basis, on a brand development basis, by market. There's not one-size-fits-all. But we're focused on original 12-pack first. If you get that right, then you move on to half and half. If you get that right, you move on to party pack. If you get that right, you move on to Twisted Tea Light, then Twisted Tea Light variety pack, et cetera.

當然。我認為在 Twisted 上，我們在推出產品時非常謹慎且嚴格，我們不想過度翻新。我想當你看到——派對包對我們來說非常棒。它仍然只有大約 52% 的 ACV 分佈。原始大約是 58% 或 59% 左右。因此，透過推動派對包的分發，我們仍然有很多跑道。我們宣布 - 我們已經宣布明年也將推出 Twisted Tea Light 品種包。所以這確實適用於較發達的市場。所以，就像我們進入市場時一樣，我們進入市場，並在 [BDI] 的基礎上、在品牌發展的基礎上、按市場進行思考。沒有一刀切的方法。但我們首先關注的是原版 12 件裝。如果你做對了，那麼你就可以繼續一半一半。如果你做對了，你就可以繼續使用派對包。如果你做對了，你就可以繼續使用 Twisted Tea Light，然後是 Twisted Tea Light 品種包，等等。

And I think by doing it that way, we're maximizing the growth from each SKU that we add, and it's not just a free for all, which the category -- the [total] beer category, as you know, has become. So I think there's a disciplined approach that we've deployed for many years that we're continuing to hold the line on. So that's why we feel pretty confident there's a lot of growth without adding a lot of new innovation other than just driving distribution of what we got. And again, I think the party pack -- last thing I'll say about the party pack is just an example of what consumers are looking for today, and that's variety, flavor variety, #1. It trumps everything else out there. And so if that's what consumers want, we're going to make sure we give it to them. And we'll find ways to do it, but we'll do it in a way that's very orderly and smart.

我認為，透過這樣做，我們可以最大限度地提高我們添加的每個 SKU 的成長，而且這不僅僅是一個免費的類別——如您所知，[總]啤酒類別。因此，我認為我們多年來一直採用嚴格的方法，並將繼續堅持下去。這就是為什麼我們非常有信心，除了推動我們所擁有的產品的分配之外，無需增加大量新的創新，就能實現大幅成長。再說一次，我認為派對套裝——我要說的關於派對套裝的最後一件事只是消費者當今所尋求的一個例子，那就是多樣性、風味多樣性，#1。它勝過其他一切。因此，如果這就是消費者想要的，我們將確保將其提供給他們。我們會找到方法來做到這一點，但我們會以一種非常有序和明智的方式來做。

(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。

(inaudible) the growth of the flavored malt beverage category (inaudible) analysis in terms of understanding how much of the shelf space of the growth of FMB (inaudible)...

（聽不清楚）風味麥芽飲料類別的成長（聽不清楚）分析了解 FMB 成長的貨架空間有多大（聽不清楚）...

Filippo, we're losing -- I think we lost you. We have a bad connection. We can't quite understand your question. I don't know if you want to try again or maybe move a few feet to either side.

菲利波，我們正在失敗──我想我們失去了你。我們的關係不好。我們不太明白你的問題。我不知道你是否想再試一次，或向兩邊移動幾英尺。

Do you hear me now...

你現在聽到我說話了嗎...

I think we may have -- hey.

我想我們可能有—嘿。

Just try it again.

再試一次。

Yes, try it again, Filippo. Give it another shot.

是的，再試一次，菲利波。再試一次。

Yes. I was just thinking, have you guys had any studies in terms of understanding how much of the shelf space in FMB is coming from hard seltzers?

是的。我只是在想，你們有沒有做過任何研究來了解 FMB 的貨架空間有多少來自硬蘇打水？

Okay. Got you. Okay. Yes, I think -- I mean, if you look at the spring resets and then the fall resets, I mean, the hard seltzers are the net contributor to shelf space pretty much across the board. I think if you look at it now like where we are in the fall, there have been some resets in the fall, about 70% of customers that do, do resets in the fall in addition to the spring. And things are kind of settling out pretty much (inaudible) to what you would expect from a space to sales perspective. So right now, I think in the last year, for example, hard seltzers has gone from maybe 11% to about 8%, which is about right in terms of space to sales. RTDs have gone up like 1 point to maybe 2.5 points, so they're gaining some of that. And FMBs have also gained a bit as well. So I think -- it seems to be a rational marketplace where retailers are essentially assigning space based on where the growth is, if not immediately, with some sort of a lag. So I'd say that's -- in terms of exactly where it came from, I think FMBs is probably coming mostly from hard seltzers, maybe craft as well.

好的。明白你了。好的。是的，我認為 - 我的意思是，如果你看看春季重置和秋季重置，我的意思是，硬蘇打水幾乎是全面貨架空間的淨貢獻者。我認為，如果你現在看看我們在秋季的情況，你會發現秋季有一些重置，大約 70% 的客戶除了春季之外，還在秋季進行重置。從空間到銷售的角度來看，事情已經基本解決了（聽不清楚）。所以現在，我認為去年，硬蘇打水已經從 11% 左右上升到 8% 左右，從銷售空間來看，這大約是正確的。 RTD 上漲了 1 個百分點到 2.5 個百分點，因此他們正在獲得一些收益。 FMB 也有所成長。所以我認為，這似乎是一個理性的市場，零售商基本上根據成長的情況來分配空間，即使不是立即成長，也會有某種延遲。所以我想說的是——就其確切來源而言，我認為 FMB 可能主要來自硬蘇打水，也許也來自工藝品。

There are no further questions at this time. I would like to turn the floor back over to Jim Koch for closing comments.

目前沒有其他問題。我想請吉姆·科赫 (Jim Koch) 發表結束評論。

Thanks, everybody, for joining us, and we will be talking to you in February on the Q4 call where we'll have more to say about our projections for 2024.

感謝大家加入我們，我們將在 2 月的第四季度電話會議上與您交談，屆時我們將詳細介紹我們對 2024 年的預測。

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。