Boston Beer Company Inc (SAM) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Boston Beer Company first-quarter 2025 earnings call. (Operator Instructions)

您好，歡迎參加波士頓啤酒公司 2025 年第一季財報電話會議。（操作員指示）

As a reminder, this conference is being recorded. And it is now my pleasure to introduce to you Mike Andrews, Associate General Counsel and Corporate Secretary.

提醒一下，本次會議正在錄製中。現在我很高興向大家介紹副總法律顧問兼公司秘書 Mike Andrews。

Thank you, Mr. Andrews, you may begin.

謝謝您，安德魯斯先生，您可以開始了。

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 2025 first quarter earnings call. Joining the call from Boston Beer are Jim Cook, Founder and Chairman; Michael Spillane, our CEO; and Diego Reynoso, our CFO.

謝謝。下午好，歡迎。我是波士頓啤酒公司的副總法律顧問兼公司秘書麥克安德魯斯。我很高興開始我們 2025 年第一季財報電話會議。波士頓啤酒公司創始人兼董事長吉姆·庫克 (Jim Cook) 也參加了此次電話會議；我們的執行長 Michael Spillane；以及我們的財務長 Diego Reynoso。

Before we discuss our business, I'll start with our disclaimer.

在我們討論業務之前，我先說一下免責聲明。

As we state in our earnings release, some of the information we discuss and that may come up on this call reflect 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.

正如我們在收益報告中所述，我們在本次電話會議上討論的一些資訊以及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大不相同的因素的更多信息，包含在公司最新的 10-Q 和 10-K 報告中。本公司不承諾公開更新前瞻性聲明，無論由於新資訊、未來事件或其他原因。

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

現在我將把它交給吉姆來做一些介紹性的評論。

Thanks, Mike. I'll begin my remarks this afternoon with a few introductory comments, and then hand over to Michael, who will provide an overview of our business. Michael will then turn the call over to Diego, who will focus on the financial details of our first quarter results, as well as our outlook for the remainder of 2025. Immediately following Diego's comments, we will open the line for questions.

謝謝，麥克。今天下午我將以一些介紹性評論開始我的發言，然後交給邁克爾，他將概述我們的業務。然後，麥可將把電話轉給迭戈，迭戈將重點介紹我們第一季業績的財務細節，以及我們對 2025 年剩餘時間的展望。在 Diego 發表評論後，我們將立即開設問答熱線。

Our first quarter results are a solid start to the year in a dynamic operating environment. Depletions are down 1% compared to first quarter of last year, and we performed in line with the beer category in measured channels, while increasing our overall market share.

在充滿活力的營運環境下，我們的第一季業績為今年開了個好頭。與去年第一季相比，消耗量下降了 1%，我們在衡量通路中的表現與啤酒類別一致，同時提高了我們的整體市場份額。

As we expected, shipments were significantly ahead of depletions at 5% growth for the quarter. This was primarily driven by the timing of wholesaler demand for our Sun Cruiser and Truly Unruly innovations, as well as the continued expansion of Hard Mountain Dew.

正如我們預期的那樣，本季的出貨量成長了 5%，遠遠超過消耗量。這主要是由於批發商對我們的 Sun Cruiser 和 Truly Unruly 創新產品的需求以及 Hard Mountain Dew 的持續擴張。

Our margin enhancement initiatives continued to show strong progress, and together, with the volume growth resulted in our highest first quarter gross margin since 2019. The business continues to generate strong cash flow, and we have repurchased $61 million in shares year-to-date.

我們的利潤率提升舉措持續取得強勁進展，加上銷售成長，使我們第一季的毛利率達到了 2019 年以來的最高水準。該業務繼續產生強勁的現金流，今年迄今我們已經回購了價值 6,100 萬美元的股票。

While we are encouraged by our first quarter performance, we are operating in a challenging and unpredictable macroeconomic environment. As I mentioned on our last call, we expect the broader beer category to remain highly relevant to consumers with significant growth opportunities in the fourth category, also called Beyond Beer.

雖然我們對第一季的業績感到鼓舞，但我們正處於充滿挑戰且難以預測的宏觀經濟環境中。正如我在上次電話會議上提到的那樣，我們預計更廣泛的啤酒類別將與消費者保持高度相關性，第四類（也稱為超越啤酒）將具有巨大的成長機會。

There are some factors such as health and wellness and cannabis that seem to be having an impact on the beer category as a whole. However, our current view is that inflation and economic uncertainty are also significant drivers of the recent weakness, as well as some impact from the timing of Easter this year. Our priorities for 2025 continue to be supporting our category-leading brands to improve market share, launching strong innovation and continuing to expand our gross margins.

健康和大麻等一些因素似乎對整個啤酒類別產生了影響。然而，我們目前的觀點是，通膨和經濟不確定性也是近期經濟疲軟的重要驅動因素，今年復活節的時間也產生了一些影響。我們 2025 年的首要任務仍然是支持我們的領先品牌提高市場份額、推出強大的創新並繼續擴大我們的毛利率。

As I mentioned on the last call, we're stepping up our advertising investment in 2025 to improve market share trends, ensure a successful national launch of Sun Cruiser and return to long-term volume growth. We continue to believe that increasing brand investments will drive improved long-term performance, and we will be disciplined in our approach and only invest where we see clear opportunities.

正如我在上次電話會議上提到的，我們將在 2025 年加大廣告投資，以改善市場份額趨勢，確保 Sun Cruiser 在全國範圍內成功推出，並恢復長期銷售成長。我們始終相信，增加品牌投資將推動長期績效的改善，我們將嚴守原則，只在看到明顯機會的地方進行投資。

In summary, I'm confident that we have the right strategies and team in place to deliver on our 2025 plans and generate long-term sustainable growth. We are highly focused on controlling what we can control and executing in the marketplace to improve share trends and expand our margins. I'd like to thank our Boston Beer team, our distributors, and our retailers for their continued support and a good start to the year.

總而言之，我相信我們擁有正確的策略和團隊來實現我們的 2025 年計劃並實現長期可持續成長。我們高度專注於控制我們能夠控制的事情並在市場上執行以改善份額趨勢並擴大我們的利潤率。我要感謝我們的波士頓啤酒團隊、我們的經銷商和我們的零售商，感謝他們一直以來的支持以及今年的良好開端。

I will now pass the call over to Michael.

我現在將電話轉給邁克爾。

Thanks, Jim, and good afternoon, everyone. Our first quarter results reflect continued progress in sharpening our execution. The strategy to nurture all our core brands, pursue a fewer things better approach to innovation, while transforming our supply chain is having a positive impact on our financial results.

謝謝，吉姆，大家下午好。我們第一季的業績反映了我們在執行力方面持續取得的進展。培養我們所有核心品牌、追求更少、更好的創新方法以及轉變我們的供應鏈的策略正在對我們的財務業績產生積極的影響。

We have multiple ways to win as a diversified beer company. We are highly focused on executing our summer marketing plans and expect a slight increase in total portfolio shelf space this spring. Our 2025 innovation efforts remain focused on our vodka-based hard tea, Sun Cruiser; and the continuing expansion of Samuel Adams American Light in our Twisted Tea Extreme and Truly Unruly high ABV offerings.

作為一家多元化啤酒公司，我們有多種獲勝方式。我們高度重視執行夏季行銷計劃，並預計今年春季整體產品組合貨架空間將略有增加。我們 2025 年的創新努力仍然集中在以伏特加為基酒的硬茶 Sun Cruiser 上；並在我們的 Twisted Tea Extreme 和 Truly Unruly 高 ABV 產品中繼續擴展 Samuel Adams American Light。

We're particularly excited about Sun Cruiser, which has received very positive feedback from drinkers, wholesalers and retailers. However, the macroeconomic environment remains dynamic with our depletion softening somewhat since our last earnings call. We remain highly focused on improving market share and driving distribution gains to help offset potential category weakness.

我們對 Sun Cruiser 特別興奮，它得到了飲酒者、批發商和零售商的非常積極的回饋。然而，宏觀經濟環境依然充滿活力，自上次收益電話會議以來，我們的消耗已減弱。我們仍然高度重視提高市場份額和推動分銷成長，以幫助抵消潛在的類別弱點。

I'll now provide an update on our brand performance and plans, beginning with our core brands. Twisted Tea grew dollar sales 1% in measured channels compared to the first quarter last year and gained market share of FMBs, while maintaining an over 86% share in the attractive hard tea category. Early indications from spring [self resets] are that Twisted Tea will continue to gain back shelf space as retailers begin to trim the numbers of FMB brands in their assortments.

現在，我將從我們的核心品牌開始，介紹我們的品牌表現和計劃的最新情況。與去年第一季相比，Twisted Tea 在測量通路的美元銷售額成長了 1%，並獲得了 FMB 的市場份額，同時在有吸引力的硬茶類別中保持了 86% 以上的份額。春季 [自我重置] 的早期跡象表明，隨著零售商開始削減其產品組合中的 FMB 品牌數量，Twisted Tea 將繼續獲得貨架空間。

We did see a deceleration in measured channel trends during the first quarter, more than what we anticipated as both the declines of the FMB category of minus 2%, and larger beer category decline of minus 5% were higher than we expected. We currently estimate low single-digit growth from Twisted Tea this year, driven by strong advertising support, increased points of distribution, and the positive impact of national expansion of Twisted Tea Extreme.

我們確實看到第一季衡量通路趨勢的減速，超出我們的預期，因為 FMB 類別的下降幅度為負 2%，而更大的啤酒類別的下降幅度為負 5%，都高於我們的預期。我們目前估計，今年 Twisted Tea 將實現低個位數成長，這得益於強大的廣告支援、分銷點的增加以及 Twisted Tea Extreme 全國擴張的正面影響。

Our upcoming marketing plans include significant advertising investment behind our top-performing Tea drop ads in the key summer months, as well as the return of our American Parties with Tea program. The program will drive thematic red, white, yellow, and blue programming across retail stores; and includes the drinker favorite Rocket Pop in our original and light summer party packs.

我們即將推出的行銷計劃包括在關鍵的夏季月份對我們表現最佳的茶葉廣告進行大量廣告投資，以及恢復我們的美國茶會活動計劃。該計劃將在零售店中推動紅、白、黃、藍主題規劃；並在我們的原創和輕便夏日派對包中包括飲酒者最喜歡的 Rocket Pop。

Twisted Tea is also collaborating with Ballpark Buns on displays in large-format stores to give drinkers their summer barbecue essentials. Our high ABV Twisted Tea Extreme offering continues to receive a positive response from drinkers and retailers.

Twisted Tea 也與 Ballpark Buns 合作，在大型商店中展示產品，為顧客提供夏季燒烤必需品。我們提供的高 ABV Twisted Tea Extreme 繼續受到飲酒者和零售商的積極響應。

In the first quarter, the lemon and Blue Razz flavors were the number two and three growth drivers in FMB volume and dollars in off-premise measured channels. These flavors were available nationally beginning in January and continue to build distribution. Importantly, Twisted Tea Extreme continues to bring new drinkers into the category and unlock new occasions for the brand. Our analysis shows that Extreme is incremental to the Twisted Tea brand and is sourcing drinkers from spirits and other high alk FMB brands.

在第一季度，檸檬和藍莓口味是 FMB 銷售和非現場測量通路銷售額的第二大和第三大成長動力。這些口味於一月份開始在全國範圍內上市，並且繼續擴大分銷。重要的是，Twisted Tea Extreme 不斷為該類別帶來新的飲用者，並為該品牌開闢新的場合。我們的分析表明，Extreme 是 Twisted Tea 品牌的增量品牌，並且正在從烈酒和其他高酒精 FMB 品牌中獲取飲用者。

Turning to hard seltzer. The hard seltzer category continues to decline with category sales down 5% in the first quarter dollar sales in measured off-premise channels. We are not satisfied with our Truly performance and our increasing advertising investment behind the brand this year in refreshing our marketing strategy. Truly will continue to sponsor US soccer and the Barstool sports podcast, Pardon My Take, the number one sports podcast in the country and Chicks in the Office, a leading entertainment and pop culture podcast. We believe this bar stool partnership, along with the new brand and retail activation campaigns will help reposition the brand to be more culturally relevant and improve volume trends over time.

轉向硬蘇打水。硬蘇打水類別持續下滑，第一季非現場通路銷售額下降了 5%。我們對Truly的業績並不滿意，今年我們不斷增加對Truly品牌的廣告投入，並更新了行銷策略。Truly 將繼續贊助美國足球和 Barstool 體育播客、美國排名第一的體育播客 Pardon My Take 以及領先的娛樂和流行文化播客 Chicks in the Office。我們相信，這次與酒吧凳子的合作以及新的品牌和零售活化活動將有助於重新定位品牌，使其更具文化相關性，並隨著時間的推移改善銷售趨勢。

High ABV offerings continue to be a bright spot in the hard seltzer category. Truly Unruly, which was introduced early last year, has grown to a 2% volume share of hard seltzer. The Truly Unruly variety 12-pack SKU was the number one dollar share gainer in the US beyond beer market over the last 12 months. We introduced a second Truly Unruly variety pack in April and expect Truly Unruly be a key contributor in improving the trajectory of the Truly brand.

高酒精度產品繼續成為硬蘇打水類別的一大亮點。Truly Unruly 於去年年初推出，其銷售份額已增長至 2% 的硬蘇打水。在過去 12 個月中，Truly Unruly 品種的 12 瓶裝 SKU 是美國除啤酒市場以外美元份額增幅最大的產品。我們在 4 月推出了第二款 Truly Unruly 多樣化包裝，並希望 Truly Unruly 成為改善 Truly 品牌發展軌蹟的關鍵貢獻者。

Our beer brand, Samuel Adams and Dogfish, had continue to be important parts of the portfolio. At Samuel Adams, we're pleased with the early results of the national expansion of American Light recently ran the most premium light beer and America campaign for March Madness, and will be featured in our summer patriotic program along with Summer Ale. American Light is helping our Samuel Adams brand family gained shelf space while craft beer shelf space continues to decline.

我們的啤酒品牌 Samuel Adams 和 Dogfish 一直是我們產品組合的重要組成部分。在 Samuel Adams，我們對 American Light 全國擴張的早期成果感到滿意，最近，該公司為瘋狂三月開展了最優質的淡啤酒和美國活動，並將與 Summer Ale 一起在我們的夏季愛國計劃中亮相。American Light 正在幫助我們的 Samuel Adams 品牌系列獲得貨架空間，而精釀啤酒的貨架空間則持續下降。

Our Dogfish Head beer brand achieved flat depletions for the first quarter driven by the successful launch of its Grateful Dead Juicy Pale Ale. This launch is the largest in Dogfish Head history and has gotten great early traction in music venues, such as the Sphere in Las Vegas and has achieved almost 2 billion media impressions.

由於 Grateful Dead Juicy Pale Ale 的成功推出，我們的 Dogfish Head 啤酒品牌第一季的銷售持平。這場發布會是 Dogfish Head 史上規模最大的一次發布會，並在拉斯維加斯的 Sphere 等音樂場所獲得了巨大的早期關注，媒體曝光量接近 20 億次。

Our Angry Orchard brand continues to be the number one cider brand, with market share of over 40%, and we believe it has potential to return to sustainable growth. We recently launched our new media campaign, Don't Get Angry, Get Orchard; and began our exciting new sponsorship of the WWE Wrestling.

我們的 Angry Orchard 品牌繼續成為第一大蘋果酒品牌，市佔率超過 40%，我們相信它有潛力恢復永續成長。我們最近發起了新媒體活動「別生氣，去果園」；並開始了我們對 WWE 摔角的激動人心的新贊助。

Turning to innovation. We are pleased with the performance of our vodka-based hard tea Sun Cruiser, which was a solid contributor to our year-to-date depletions and is gross margin accretive. Sun Cruiser has been well received by wholesalers retailers and drinkers, and we'll continue to drive awareness of this new brand through expanded distribution and significant advertising investment. On-premise has been an important venue to drive awareness and trial for Sun Cruiser. We continue to expand the brand into sports and music venues, including our recently announced multi-brand sponsorship of AEG Presents.

轉向創新。我們對以伏特加為基底的硬茶 Sun Cruiser 的表現感到滿意，它是我們今年迄今為止的虧損的重要貢獻者，並且增加了毛利率。Sun Cruiser 受到了批發商、零售商和飲酒者的一致好評，我們將繼續透過擴大分銷和大量廣告投資來提高這個新品牌的知名度。現場一直是推動 Sun Cruiser 知名度和試用的重要場所。我們繼續將品牌擴展到運動和音樂場所，包括我們最近宣布的 AEG Presents 的多品牌贊助。

After an initial regional launch focused on independence and on-premise, we're excited to announce that Sun Cruiser is now on shelf in larger national chain retailers, and we are on track to triple points of distribution for the summer. As the brand enters the spring national chains shelf sets, you should see a greater presence for Sun Cruiser in measured channel data.

在最初以獨立和現場銷售為重點的區域發布之後，我們很高興地宣布，Sun Cruiser 現已在大型全國連鎖零售商上架，並且我們預計在夏季將分銷點增加三倍。隨著該品牌進入春季全國連鎖貨架，您應該會在測量的渠道數據中看到 Sun Cruiser 的更大存在。

We're investing significantly in advertising support for the summer, including television, sponsorships, and retail activation. Our plans includes a Chase the Sun national retail program running this month ahead of the summer season, a sponsorship of AVP Beach volleyball, and detailed activation plans across more than 20 top local markets.

我們正在大力投資夏季廣告支持，包括電視、贊助和零售活動。我們的計劃包括在夏季來臨之前本月開展的追逐太陽全國零售計劃、對 AVP 沙灘排球的贊助以及覆蓋 20 多個頂級本地市場的詳細激活計劃。

In terms of product assortment, Sun Cruiser lemonade variety packs and pink lemonade single server now rolling out nationally.

在產品種類方面，Sun Cruiser 檸檬水多種包裝和粉紅檸檬水單份裝現已在全國推出。

With respect to Hard Mountain Dew, we're encouraged to see positive depletion trends for the third consecutive quarter. The brand was recently launched in Texas and the iconic code red flavor debuted in stores during March. Hard Mountain Dew Code Red is now available in a single serve and has been included in our new Hard Mountain Dew variety pack, along with the three other most popular flavors. (technical difficulty) growth for Hard Mountain Dew this year, but it will be a multiyear effort for this product to become a meaningful part of our volume mix.

就硬激浪而言，我們很高興看到其連續第三個季度呈現正面的消耗趨勢。該品牌最近在德克薩斯州推出，標誌性的紅色代碼口味於三月在商店中首次亮相。Hard Mountain Dew Code Red 現已以單份形式提供，並與其他三種最受歡迎的口味一起包含在我們的新 Hard Mountain Dew 混合裝中。 (技術難度) 今年硬激浪的成長，但要讓該產品成為我們銷量組合中有意義的一部分，還需要多年的努力。

In closing, I'm encouraged by the progress we're making across the organization. We're highly focused on our commercial plans and executing well in the summer selling season. I continue to believe that there are multiple opportunities to take market share and drive margin improvement to create long-term value for shareholders. I'd also like to thank our team for all the hard work done over the last year to improve our processes, which positions us well to be more agile in the current macro environment.

最後，我對整個組織所取得的進展感到鼓舞。我們高度關注我們的商業計劃，並在夏季銷售季節執行良好。我始終相信，有多個機會可以佔領市場份額、提高利潤率，進而為股東創造長期價值。我還要感謝我們的團隊在過去一年中為改進流程所做的所有努力，這使我們在當前的宏觀環境中更加靈活。

I'll now pass the call over to Diego to review our first quarter financial results and 2025 guidance.

現在我將把電話轉給 Diego，讓他回顧我們的第一季財務表現和 2025 年指引。

Thank you, Michael. Good afternoon, everyone. Depletions in the first quarter decreased 1% and shipments increased 5.3%, compared to the first quarter of last year, primarily driven by increases in Sun Cruiser, Hard Mountain Dew, and Twisted Tea brands partially offset by declines in our Truly brand.

謝謝你，麥可。大家下午好。與去年第一季相比，第一季消耗量下降了 1%，出貨量增加了 5.3%，這主要得益於 Sun Cruiser、Hard Mountain Dew 和 Twisted Tea 品牌的銷量成長，但 Truly 品牌的銷量下降部分抵消了這一增長。

Shipments were higher than depletions in the quarter due to multiple factors. Distributors built inventories to support our peak selling season, and we also have a significant increase in points of distribution related to our Sun Cruiser, Truly Unruly, and Hard Mountain Dew innovations. We believe distributor inventory of five weeks on hand as of March 29, is an appropriate level for each of our brands and is slightly ahead of the 4.5 weeks at the end of the first quarter of 2024.

由於多種因素，本季的出貨量高於消耗量。經銷商建立了庫存來支持我們的銷售旺季，我們的 Sun Cruiser、Truly Unruly 和 Hard Mountain Dew 創新產品相關的分銷點也顯著增加。我們認為，截至 3 月 29 日，分銷商庫存為五週，對於我們每個品牌來說都是合適的水平，並且略高於 2024 年第一季末的 4.5 週。

Revenue for the quarter increased 6.5% due to volume and price increases. Our first quarter gross margin of 48.3% increased 460 basis points year over year. Gross margin performance benefited from lower brewery processing costs per barrel due to volume leverage and brewery efficiencies, as well as pricing and procurement savings. These positive drivers were partially offset by inflationary costs.

由於銷量和價格上漲，本季營收成長了 6.5%。我們第一季的毛利率為 48.3%，較去年同期成長 460 個基點。毛利率表現受益於產量槓桿和啤酒廠效率的提高，以及定價和採購成本的降低。這些積極的驅動因素被通膨成本部分抵銷。

Advertising, promotional, and selling expenses for the first quarter of 2025 increased $17.3 million, or 14.3% year over year, due to increase in brand investments in media and local marketing.

2025 年第一季的廣告、促銷和銷售費用增加了 1,730 萬美元，年增 14.3%，原因是品牌在媒體和本地行銷方面的投資增加。

General and administrative expenses decreased $2.4 million, or 4.8% year over year primarily due to Chief Executive Officer transition costs incurred in the first quarter of 2024.

一般及行政費用較去年同期減少 240 萬美元，即 4.8%，主要原因是 2024 年第一季產生的執行長過渡成本。

We reported EPS of $2.16 per diluted share, which more than doubled compared to the prior year. Our strong EPS performance was driven by revenue growth and higher gross margin as well as a lower tax rate and the effect of our share repurchase. These benefits were somewhat offset by the increased investment in our brands.

我們報告的每股收益為 2.16 美元，比前一年增長了一倍多。我們的強勁每股盈餘表現得益於營收成長、毛利率上升、稅率降低以及股票回購的影響。這些好處在某種程度上被我們對品牌增加的投資所抵消。

Now I'd like to provide an update on our ongoing productivity initiatives. We have made strong progress, particularly in procurement savings, improved brewery efficiencies, and more disciplined inventory management. These demonstrated improvements in our supply chain and gross margin in the first quarter gives us confidence that we are tracking well on our multiyear savings projects.

現在我想介紹一下我們正在進行的生產力計劃的最新進展。我們取得了長足的進步，特別是在採購節省、提高釀酒廠效率和更嚴格的庫存管理方面。第一季我們的供應鏈和毛利率明顯改善，這讓我們有信心，我們的多年節約專案進展順利。

We believe with these improvements, we are in a better position to react to the uncertain impact of future volume and product mix changes and tariff impact. For the remainder of 2025 and beyond, we continue to expect contribution from all three saving buckets, as I discussed on last quarter's call.

我們相信，透過這些改進，我們能夠更好地應對未來產量和產品組合變化以及關稅影響的不確定影響。正如我在上個季度的電話會議上所討論的那樣，對於 2025 年剩餘時間及以後的時間，我們將繼續期待所有三個儲蓄桶的貢獻。

I'll now provide some highlights on our initiatives in each bucket. We continue to see opportunities for procurement savings on packaging and ingredients primarily due to price negotiations and recipe optimization. Our first quarter results benefited from lower negotiated pricing on certain packaging and ingredients, which we expect will continue to 2025.

現在我將重點介紹我們在每個領域採取的舉措。我們繼續看到透過價格談判和配方優化來節省包裝和原料採購成本的機會。我們第一季的業績受益於某些包裝和成分的較低協商價格，我們預計這種狀況將持續到 2025 年。

First quarter brewery performance was as we expected with some benefits from higher line efficiencies. Our brewery performance efforts for the full year of 2025 include expected improvements in OEEs driven by process improvements at our breweries and continuing to increase our internal production. In the first quarter, we increased our domestic internal production to 85% of our volume compared to 83% in the first quarter of last year.

第一季啤酒廠的業績符合我們的預期，並得益於生產線效率的提升。我們 2025 年全年的啤酒廠績效努力包括透過啤酒廠的製程改進和繼續提高內部產量來提高 OEE 的預期改善。第一季度，我們的國內內部產量從去年第一季的 83% 提高到 85%。

We had continuing opportunities to reduce waste and optimize our network, which will be enabled by improving supply chain processes and systems and more consistent and predictable volumes. The automated customer ordering and inventory management system that we implemented in 2024 continues to help us further reduce waste and optimize our network. Multiyear operational improvements we are making in our business, together with the diminishing impacts of previous we discussed contractual items, show that we continue to have a strong pathway for gross margin improvement.

我們有持續的機會減少浪費並優化我們的網絡，這將透過改進供應鏈流程和系統以及更一致和可預測的數量來實現。我們於 2024 年實施的自動化客戶訂購和庫存管理系統繼續幫助我們進一步減少浪費並優化我們的網路。我們在業務中正在進行的多年營運改進，加上我們先前討論的合約專案的影響逐漸減弱，表明我們仍然擁有強勁的毛利率提升途徑。

Now, I'll discuss our 2025 guidance. The first quarter was a good start to the year, but we do expect the environment around us to continue to be dynamic. Exclusive of the estimated impacts of tariffs, we are reiterating our full year financial guidance with full year 2025 earnings per diluted share expected to be between $8 and $10.50.

現在，我將討論我們的 2025 年指導。今年第一季是一個良好的開端，但我們確實預計周圍的環境將繼續保持活力。不包括關稅的預期影響，我們重申全年財務指引，預計 2025 年全年每股攤薄收益在 8 美元至 10.50 美元之間。

Based on the information currently available and based on tariff programs announced to date, we estimate that tariffs will have an unfavorable 2025 cost impact of approximately $20 million to $30 million or $1.25 to $1.90 earnings per diluted share. These estimates include an unfavorable gross margin impact of between 50 to 100 basis points.

根據目前可用的資訊和迄今為止宣布的關稅計劃，我們估計關稅將對 2025 年的成本產生不利影響，約為 2,000 萬至 3,000 萬美元，或每股收益 1.25 至 1.90 美元。這些估計值包括 50 至 100 個基點之間的不利毛利率影響。

Given expected buying patterns and inventories currently on hand, we would expect tariffs to begin impacting our financials early in the second quarter. We'll continue to closely monitor the tariff environment and are looking across our operations for opportunities to mitigate some of the tariff headwinds.

鑑於預期的購買模式和目前的庫存，我們預計關稅將在第二季初開始影響我們的財務狀況。我們將繼續密切關注關稅環境，並在我們的營運中尋找機會減輕一些關稅阻力。

Our fiscal week depletion trends for the first 16 weeks of 2025 have decreased 1% from 2024. We are reiterating our volume guidance of down low single digits to up low single digits. While we are not making changes to our volume guidance today, different depletion trends continue, we would expect to deliver the year closer to the midpoint of the range.

2025 年前 16 週的財政週消耗趨勢比 2024 年下降了 1%。我們重申我們的交易量指導，即從低個位數下降到高個位數上升。雖然我們今天沒有改變產量指導，但不同的消耗趨勢仍在繼續，我們預計今年的產量將更接近該範圍的中點。

As a reminder, the summer selling season is a significant driver of our full year volume performance, and we'll have more visibility on market trends as we move through the summer. We continue to expect price increases of between 1% and 2%. And full year 2025 gross margins are expected to be between 45% and 47% exclusive of the estimated tariff impacts I discussed earlier.

提醒一下，夏季銷售季是我們全年銷售表現的重要推動力，隨著夏季的到來，我們將對市場趨勢有更清晰的了解。我們繼續預期價格上漲 1% 至 2%。預計 2025 年全年毛利率將在 45% 至 47% 之間（不包括我之前討論過的預計關稅影響）。

Where we land within the range of our guidance will be somewhat dependent on volume performance and the mix of products sold. The contractual shortfall fees in the production prepayment amortization that we discussed on our last call are expected to have a negative 100 to 140 basis point impact on our gross margin.

我們能否達到預期範圍將在一定程度上取決於銷售表現和所售產品的組合。我們在上次電話會議上討論的生產預付款攤銷中的合約缺口費用預計將對我們的毛利率產生 100 至 140 個基點的負面影響。

We continue to expect advertising, promotional and selling expenses increases to range from $30 million to $50 million, exclusive of any tariff impact. We expect most of these increases to occur in the first half of the year. This does not include any changes in freight costs for the shipment of products to our distributors.

我們繼續預期廣告、促銷和銷售費用將增加 3,000 萬美元至 5,000 萬美元（不包括關稅影響）。我們預計大部分成長將發生在上半年。這不包括將產品運送給我們的分銷商的運費的任何變化。

As you model out the year, please keep in mind the following factors. Our business is impacted by seasonal volume change. With the fourth quarter typically our lowest absolute gross margin rate of the year. We expect first cap shipments to be toward the higher end of the full year guidance range, with second quarter shipments growth year over year at a lower rate than the first quarter.

在製定年度模型時，請記住以下因素。我們的業務受到季節性銷售變化的影響。第四季通常是我們一年中絕對毛利率最低的季度。我們預計首季度出貨量將達到全年指引範圍的高端，而第二季出貨量的年增率將低於第一季。

We expect shipments ahead of depletion trends for the first half, which we expect will reverse in the second half, primarily in the third quarter. As I mentioned earlier, increases in brand investment will be more heavily weighted to the first half of the year.

我們預計上半年出貨量將超過消耗趨勢，而下半年，尤其是第三季度，這一趨勢將出現逆轉。我之前提到過，品牌投入的增加將更集中在上半年。

Turning to capital allocation. We ended the quarter with a cash balance of $152.5 million and an unused credit line of $150 million, which provides us with flexibility to continue to invest in our base business, fund future growth initiatives and return cash to shareholders through our share buyback program.

轉向資本配置。本季末，我們的現金餘額為 1.525 億美元，未使用的信用額度為 1.5 億美元，這為我們提供了靈活性，可以繼續投資於我們的基礎業務，資助未來的成長計劃，並透過我們的股票回購計劃向股東返還現金。

For the full year of 2025, we continue to expect capital expenditures of between $90 million and $110 million. During the 13-week period ended March 29, 2025, in the period from March 31, 2025, through April 18, 2025, we've repurchased shares in the amount of $49 million and $11.3 million. As of April 18, 2025, we have approximately $367 million remaining on the $1.6 billion share repurchase authorization.

對於 2025 年全年，我們預計資本支出仍將在 9,000 萬美元至 1.1 億美元之間。在截至 2025 年 3 月 29 日的 13 週期間，即 2025 年 3 月 31 日至 2025 年 4 月 18 日期間，我們回購了價值 4,900 萬美元和 1,130 萬美元的股票。截至 2025 年 4 月 18 日，我們在 16 億美元的股票回購授權中還剩餘約 3.67 億美元。

This concludes our prepared remarks. And now we'll open the line for questions.

我們的準備好的演講到此結束。現在我們將開始回答問題。

(Operator Instructions) Peter Grom, UBS.

（操作員指示）瑞銀 (UBS) 的 Peter Grom。

Thanks, operator. Good afternoon, everyone. Hope you're doing well. So I just wanted to ask about the gross margin performance in the quarter. I think it's the best first quarter gross margin since 2019.

謝謝，接線生。大家下午好。希望你一切都好。所以我只是想問一下本季的毛利率表現。我認為這是2019年以來第一季最好的毛利率。

Can you maybe just unpack how much of that is a function of maybe the stronger shipments versus maybe some of the ongoing margin initiatives you've been discussing? So what I'm really trying to get is just a very strong number. So just trying to understand how to think about that in the context of the full year guidance.

您能否解釋一下，這在多大程度上是由於出貨量增加，還是由於您一直在討論的一些正在進行的利潤計劃？所以我真正想要得到的只是一個非常強大的數字。因此，只是想了解如何在全年指導的背景下考慮這個問題。

Thank you for the question. I think as we laid down, we did have stronger shipments. And that does give us a little bit of an uplift in Q1. But the underlying is mainly our gross margin projects and pieces that we've laid out before.

謝謝你的提問。我認為，當我們放下手邊的事情時，我們的出貨量確實會更大。這確實為我們第一季帶來了一些提升。但其基礎主要是我們先前佈局的毛利率項目和部分。

So that's why we're continuing with our full year guidance, that will be a year-on-year improvement, but we're not necessarily taking it up because of the first quarter because of that upside in shipments. So I'd say there is a little bit of a benefit of the shipments, but the main piece is our underlying gross margin initiatives.

因此，我們將繼續維持全年預期，這將是同比增長，但我們不一定會因為第一季出貨量的上升而接受這一預期。所以我想說，出貨量確實有一點好處，但主要還是我們的基本毛利率措施。

Great. And then maybe just a follow-up on tariffs. I appreciate the color that you outlined in the release and in the prepared remarks. But maybe can you just help us understand what's kind of driving the cost pressure? And then just, I think, the numbers outlined I just want to make sure, are those gross impacts? Or are they net of any mitigation effort you guys might look to deploy here?

偉大的。然後也許只是對關稅進行跟進。我很欣賞您在新聞稿和準備好的發言中所概括的色彩。但也許您能幫助我們了解造成成本壓力的因素是什麼嗎？然後，我想，我只是想確認一下列出的數字是否有整體影響？或者他們已經採取了你們可能希望在這裡部署的緩解措施？

Yeah. So the first part of your question, there's a few drivers, as you say -- as you know, they've changed a lot on a weekly basis. But the first one is the cost of aluminum and therefore, which is a big component of our cans. And then the second one is point of sale material and other pieces that we're bringing in from countries that are currently on higher tariffs than we would have guessed, particularly China. So those are the two key components.

是的。所以關於你問題的第一部分，正如你所說，有幾個驅動因素——如你所知，它們每週都會發生很大的變化。但第一個是鋁的成本，因此，鋁是我們罐頭的重要組成部分。第二個是銷售點材料和其他零件，我們從目前關稅高於我們預期的國家進口，特別是中國。所以這是兩個關鍵組成部分。

The second part of your question, that is right now the growth. We're looking for actions to potentially mitigate that, but we'll see that probably in the next quarter. We'll come back and share what they are.

你問題的第二部分是關於目前的成長。我們正在尋找可能緩解這種情況的措施，但我們可能會在下個季度看到結果。我們會回來分享它們。

Awesome. Thank you so much. And congrats on a great start of the year.

驚人的。太感謝了。恭喜您今年有一個好的開始。

Filippo Falorni, Citigroup.

花旗集團的 Filippo Falorni。

Hey. Good afternoon, everyone. I wanted to ask, within the 5.3% shipment volume that you posted, you mentioned a significant contribution from Sun Cruiser and Truly Unruly. Can you help us break out like how much they contributed to the shipment volume?

嘿。大家下午好。我想問一下，在您發布的 5.3% 的出貨量中，您提到了 Sun Cruiser 和 Truly Unruly 的重大貢獻。您能幫我們算一下他們對出貨量的貢獻有多大嗎？

And also, more from a kind of like sell-through standpoint, from a depletion standpoint, obviously, some crews there are a lot of it is still on track. So can you give us a sense of how it performed from a consumption standpoint in Q1? And just any early signs of -- as you roll it out in new states. Thank you.

而且，從銷售角度和消耗角度來看，顯然，有些團隊仍然在按計劃進行。那麼，您能否從消費角度向我們介紹第一季的表現如何？以及在新州推廣該服務時出現的任何早期跡象。謝謝。

We appreciate the question. We typically don't break out by product in terms of the shipments. I would say that Sun Cruiser is meeting our expectations, and we expect to have 3x the points of distribution by the summer. So you're starting to see the sets in the the national chains, and we like the progress we're making.

我們很感謝你提出這個問題。我們通常不會依照產品來細分出貨量。我想說的是，Sun Cruiser 滿足了我們的預期，我們預計到夏天其分銷點數將增加 3 倍。因此，您開始在全國連鎖店中看到這些產品，我們對所取得的進展感到滿意。

And again, I think as we mentioned in the earlier remarks, Sun Cruiser is margin accretive to our portfolio, which when we set out 12 months ago, that was a big part of what we were trying to do was bring in our innovation and make the innovation positive to our margins.

而且，我認為，正如我們在之前的評論中提到的那樣，Sun Cruiser 可以增加我們投資組合的利潤，當我們 12 個月前開始做這件事時，我們所做的很大一部分就是引入我們的創新，並使創新對我們的利潤率產生積極影響。

Got it. And then maybe on Twisted Tea, you mentioned clearly the slowdown that we've seen in track channel in Q1. What do you think was the main driver of digital down? And I guess, you sounded confident that things will get better after Q1. Can you give us some more sense of what gives you that confidence in the balance of the year? Thank you.

知道了。然後也許在 Twisted Tea 上，您明確提到了我們在第一季看到的軌道管道放緩。您認為數位轉型的主要驅動因素是什麼？我想，您聽起來很有信心，第一季之後情況會好轉。您能否進一步解釋一下是什麼讓您對今年的平衡如此有信心？謝謝。

Yeah. So I mean if you look at the macro environment, we certainly recognize it's challenging out there. The other dynamic with Twisted Tea was that there were a lot of smaller competitors that came into the market last year. We're in the process, hopefully, of grabbing some of that space back, which should help get the growth rate up higher than we did this past quarter.

是的。所以我的意思是，如果你看一下宏觀環境，我們當然會意識到它充滿挑戰。Twisted Tea 的另一個動態是，去年有許多規模較小的競爭對手進入市場。我們希望能夠重新奪回部分空間，這將有助於使成長率高於上一季。

So we feel confident we have some great investments and we're heavily investing in, not only point of sale, but actually national advertising for Twisted Tea. So we feel pretty confident. It's still -- we're thinking single digits versus the trailing double-digit growth, but we feel confident also with the the innovations, both the high ABV and the light, those are doing well.

因此，我們相信我們進行了一些很好的投資，而且我們正在大力投資，不僅是銷售點，而且實際上是 Twisted Tea 的全國廣告。所以我們非常有信心。我們仍然認為成長率將是個位數，而不是兩位數，但我們對創新充滿信心，無論是高 ABV 還是低 ABV，它們都表現良好。

Great. Thanks so much.

偉大的。非常感謝。

Nadine Sarwat, Bernstein.

納丁·薩瓦特，伯恩斯坦。

Two for me, just coming back to the guidance comments on tariffs. It sounds like most of that is cost, but can you comment on are you making any assumptions about changes in consumer demand? And either way, could you provide color on how you're thinking of potential changes in consumer demand for the remainder of the year?

對我來說有兩個，只是回到有關關稅的指導意見。聽起來其中大部分是成本，但您能否評論一下您是否對消費者需求的變化做出了任何假設？無論如何，您能否詳細說明您對今年剩餘時間內消費者需求的潛在變化的看法？

And then the second question, a little more broadly, beer industry obviously has had a very weak start to the year, weakening of consumer confidence is pretty well telegraphed at this point. But are you able to comment to what you're seeing on the ground, in particular, any incremental consumer insights as to what's driving any changes in behavior, perhaps by demographics, income levels, et cetera? I know you guys always track that very closely. Thank you.

然後是第二個問題，更廣泛地說，啤酒業今年開局顯然非常疲軟，消費者信心的減弱在這一點上表現得相當明顯。但是，您能否評論一下您所看到的實際情況，特別是關於是什麼推動了消費者行為的變化（可能是人口統計、收入水平等）的漸進式消費者洞察？我知道你們總是密切注意這一點。謝謝。

Yeah. So I think Diego will take the first part of that, and then Jim will pick up the second part, if that's okay?

是的。所以我認為 Diego 會負責第一部分，然後 Jim 會負責第二部分，可以嗎？

Yeah. So from a tariff point of view, you are correct that it's mostly cost, although promotional materials and point of sale is part of our advertising marketing budget. It does not include changes in demand. I think it's too soon to know what that will be for the rest of the year. So that's what's included in the actual guidance from a tariff point of view.

是的。因此，從關稅的角度來看，您說得對，這主要是成本，儘管促銷材料和銷售點是我們廣告行銷預算的一部分。它不包括需求的變化。我認為現在判斷今年剩餘時間的情況還為時過早。從關稅的角度來看，這就是實際指導中包含的內容。

And then I'll hand it off to Jim for the second part of the question.

然後我會把問題的第二部分交給吉姆。

Yeah. I would break -- well, the beer industry has been softer than we anticipated in the first quarter, probably than most other participants anticipated. We've seen some sort of macroeconomic trends, and then there's some longer-term medium to kind of long-term trends.

是的。我想說的是——啤酒業第一季的表現比我們預期的要疲軟，可能也比大多數其他參與者預期的要疲軟。我們已經看到了一些宏觀經濟趨勢，然後還有一些長期中期趨勢。

The macroeconomic ones are obviously the consumer confidence, the fear of inflation. There is also some pullback from the Hispanic consumers that they're just not going out as much. And then there are some longer-term trends that I think are real. There are things like moderation, Delta 9, meaning, hemp-based THC beverages, health concerns.

宏觀經濟因素顯然是消費者信心、對通貨膨脹的恐懼。西班牙裔消費者也出現了一些退縮，他們不再那麼頻繁地外出。我認為有一些長期趨勢是真實的。還有諸如適度、Delta 9（即大麻基 THC 飲料）等健康問題。

They've reduced sociability. People just aren't going out as much as they did pre-pandemic. And then minor things like GLP-1 drugs and online gambling. And you put all those together and it looks like it's taken a point or two out of what was expected. And I would agree with what we saw from our friends at Constellation, they're projecting the beer industry down 1% or 2%. And I think that's probably a new normal.

他們已經降低了社交能力。人們外出的次數不像疫情前那麼多了。然後是一些小事，例如 GLP-1 藥物和線上賭博。如果你把所有這些放在一起，看起來它比預期少了一兩分。我同意我們在星座公司的朋友的看法，他們預測啤酒產業將下滑 1% 或 2%。我認為這可能是一種新常態。

Perfect. That's very helpful. Thank you very much.

完美的。這非常有幫助。非常感謝。

Eric Serotta, Morgan Stanley.

摩根士丹利的 Eric Serotta。

Great. Thanks. And good afternoon. Hoping you could give a little bit more color on the runway for Twisted as you look out over the next few years, a long history of double-digit growth from that brand, certainly accelerated over the past few years, COVID and the aftermath, and then has really slowed recently. So I know you talked about low single digits for this year, but could you talk about what you're doing to sort of reaccelerate that brand going forward? And is getting back to low double digit a reasonable planning assumption?

偉大的。謝謝。午安.希望您能為 Twisted 的未來發展增添一些色彩，展望未來幾年，該品牌長期以來一直保持兩位數增長，在過去幾年、新冠疫情及其後果的影響下，增長速度明顯加快，但最近確實有所放緩。我知道您談到了今年的低個位數成長，但您能否談談您正在採取哪些措施來推動該品牌未來發展？回到兩位數以下是合理的規劃假設嗎？

And then on Truly, you've spoken for a while about sort of trimming the tail there and sort of getting back to the core of the lightly flavored packs and Unruly. Can you give us any sense of the mix today? How much of a drag are those areas that you're continuing to deemphasize? Thank you.

然後在 Truly 上，您曾談到要修剪尾巴並回到清淡口味的包裝和 Unruly 的核心。您能給我們講講今天的混合情況嗎？您持續淡化強調的那些領域會造成多大的拖累？謝謝。

Sure. So in terms of the first, I think the foundation this company has been built on is innovation. And I think the Twisted Tea family of product has been driven by expansion of the offerings. And specifically, the high ABV and the light now are just starting their ramp. They're at low percentages of the total points of distribution of the core Twisted Tea products that we see a one to three rep in those products to really get them out in front of the consumers like they should be, big opportunities there on premise as well.

當然。因此，就第一點而言，我認為這家公司建立的基礎是創新。我認為 Twisted Tea 系列產品的發展得益於產品範圍的擴大。具體來說，高 ABV 和淡啤酒現在才剛開始升溫。他們在核心 Twisted Tea 產品總分銷點中所佔比例很低，我們看到這些產品中只有一到三個代表，才能真正讓它們出現在消費者面前，而且在現場也有很大的機會。

So we'll continue to innovate in the family. And there are things in work now that we won't talk about, but we'll have new exciting products that come to market, much like Rocket Pop came before and was unexpected.

因此，我們將繼續在家庭中進行創新。現在正在進行的工作中有一些我們不會談論的事情，但我們將會有令人興奮的新產品進入市場，就像之前推出的出人意料的 Rocket Pop 一樣。

Secondly, on Truly. Truly has been tough for us for a long time. And I would say most of the editing and pairing down of the flavor assortment has been completed. We're pleased with the energy that Unruly has brought to it. And we're seeing, as noted earlier, some great progress there.

其次，關於 Truly。對我們來說，這確實很長一段時間都很艱難。我想說的是，口味組合的大部分編輯和配對工作已經完成。我們對 Unruly 為它帶來的活力感到非常高興。正如之前提到的，我們看到那裡取得了一些重大進展。

We're suffering both from the decline in the category and then still trying to claw back now a lot of the points of distribution we had as our business was contracting, we lost a lot of space. So we're working on getting that back as well as through heavy marketing investment, as we talked about, being led by Barstool to accelerate the demand for the product and make it more culturally relevant.

我們正遭受類別下滑的困擾，並且仍在努力收回現在的許多分銷點，因為我們的業務正在萎縮，我們失去了很多空間。因此，我們正在努力恢復這一局面，並透過大量的行銷投資，正如我們所討論的，由 Barstool 牽頭，加速對產品的需求並使其更具文化相關性。

So it will be a journey. It's taken a long time to get here, but it's really important to us, and we'll continue to invest and innovate in that space.

所以這將是一次旅程。我們花了很長時間才實現這一目標，但這對我們來說非常重要，我們將繼續在該領域進行投資和創新。

Great. Thanks so much.

偉大的。非常感謝。

Michael Lavery, Piper Sandler.

麥可拉弗里、派珀桑德勒。

Thank you. Good afternoon. You had guidance and called out the tariff headwind separately. Would we be right to infer that your current operating assumption is that you'll absorb that incremental cost? And then that you're not lending to the pricing? Or is that still TBD?

謝謝。午安.您給了指導，並單獨指出了關稅逆風。我們是否可以正確地推斷出您目前的營運假設是您將吸收該增量成本？那你就不會借出定價嗎？還是還有待確定？

Look, I think in terms of the tariffs, we're still identifying what is the actual policy and what is posturing and what it looks like a long negotiation. So we're being very thoughtful and focused internally on if we needed solutions, we have them ready. We're assessing the marketplace to see what kind of pricing tolerance there would be as well as we're constantly looking at finding efficiencies internally.

聽著，我認為就關稅而言，我們仍在確定實際政策是什麼、姿態是什麼、以及這看起來像是一場長期談判。因此，我們非常認真地考慮並集中精力，如果我們需要解決方案，我們已經準備好了。我們正在評估市場，以了解其定價容忍度，同時我們也不斷尋找內部效率。

So I would say, I mean, one of the reasons why we've -- Diego explained it the way he did it because it's an evolving situation. We continue to watch it closely. And whatever scenario we get, we'll be ready to do the thing that serves the business in the best manner for our shareholders long term.

所以我想說，我們這樣做的原因之一——迭戈之所以這樣做，是因為情況不斷變化。我們將繼續密切關注此事。無論我們遇到什麼情況，我們都將做好準備，以最有利於我們股東的長期利益的方式開展業務。

Makes sense. Fair enough. Just a follow-up on Sun Cruiser. You obviously started initially in more independents and on-premise. Any sense of what amount of that business is in measured channels?

有道理。很公平。這只是對 Sun Cruiser 的後續報道。顯然，您最初是從更獨立和本地的地方開始的。您知道透過測量管道進行的業務量是多少嗎？

And you also pointed to a distribution expansion by this summer. Maybe a little bit more granular sense of timing, would it be mid-summer, or would you be catching the full kind of busy season? How do we think about how that rolls out?

您也指出今年夏天分銷範圍將會擴大。也許時間上的感覺更細緻一些，是仲夏，還是正值整個旺季？我們如何看待這項成果？

Thank you for the question. I would say for the first part, most of the volume that we're doing right now or we've been doing it until the beginning of the year is not in the tracked channels, it's in the on-track channels. As Michael mentioned, we are expecting the modern channel point of distribution to triple in the next coming, I'd say, two to three months. And therefore, I'd say by the middle of the summer, you should start seeing some of that volume come through a more tracked channel point of view.

謝謝你的提問。我想說的是，就第一部分而言，我們現在做的大部分交易量，或者直到今年年初我們一直在做的大部分交易量都不在跟踪渠道中，而是在跟踪渠道中。正如邁克爾所提到的，我們預計現代通路分銷點將在未來兩到三個月內增加兩倍。因此，我想說，到夏季中旬，你應該會開始看到部分交易量透過更有追蹤力的管道出現。

Okay. Thanks so much.

好的。非常感謝。

Bonnie Herzog, Goldman Sachs.

高盛的邦妮·赫爾佐格。

All right, thank you. Hi, everyone. I had first a quick follow-up question on tariffs. You mentioned an impact from aluminum inflation. So curious if you're hedged at all on aluminum?

好的，謝謝。大家好。我首先想快速問一下關於關稅的後續問題。您提到了鋁價上漲的影響。所以很好奇您是否對鋁進行了對沖？

So no, we do not. As a matter of the way we work, we do not hedge aluminum. We have a pass-through through our can suppliers.

所以，我們不會。就我們的工作方式而言，我們不會對鋁進行對沖。我們透過罐頭供應商進行傳遞。

Okay. Thank you. And then hoping you could help reconcile for me the stepped up marketing spend in Q1 with your depletions being down 1%, as well as, I guess, negative depletion trends in April. So I guess, when do you expect to see the spend start to improve, I guess, depletion performance? Or do you think your depletions would have been down even more during Q1 without the stepped-up spending? I guess, ultimately, is it your expectation that your depletions will flip positive, maybe in the second half? Thank you.

好的。謝謝。然後希望您能幫我理清第一季行銷支出增加與消耗下降 1% 之間的關係，以及我猜 4 月的負消耗趨勢。所以我想，您什麼時候預計會看到支出開始改善，也就是消耗表現？或者您認為，如果沒有增加支出，第一季的消耗會進一步下降？我想，最終，您是否期望您的消耗會轉為正值，也許是在下半年？謝謝。

Jim, do you want to take that?

吉姆，你想接受這個嗎？

Sure. Yes, it is our expectation that depletions will flip positive maybe in the second quarter, certainly in the second half. And yes, I think had we not increased the brand support dollars. The depletions would have been down more than they have been. Year-to-date, it's honestly, the beer category has been a couple of points weaker than we thought it was going to be.

當然。是的，我們預期消耗量可能在第二季轉為正值，肯定是在下半年。是的，我認為如果我們沒有增加品牌支持資金的話。資源消耗量將會比現在下降更多。說實話，今年迄今為止，啤酒類別的表現比我們想像的要差幾個點。

And our depletions are tracking pretty close to the midpoint of our guidance, and I think they would have been towards the lower end.

我們的消耗情況非常接近指導的中點，我認為應該處於較低水平。

Yeah. And then, Bonnie, the only thing I would add to that is that with a new brand like Sun Cruiser creating awareness is really important. And you don't necessarily see depletions track the quarter, the dollars are spent.

是的。然後，邦妮，我唯一想補充的是，對於像 Sun Cruiser 這樣的新品牌來說，提高知名度非常重要。而且你不一定會看到季度支出的減少，美元已經花掉了。

Yes, not quite yet, but you're leaning in and continuing to push forward on the spending. So thank you for that color.

是的，還沒有，但你正在努力並繼續推進支出。所以謝謝你的顏色。

(Operator Instructions) Robert Ottenstein, Evercore ISI.

（操作員指示）羅伯特·奧滕斯坦（Robert Ottenstein），Evercore ISI。

Yeah. I'd like to just kind of circle back on Twisted Tea. And apologies if this was always already asked, Mike. For some reason, my line dropped. But I think we're all surprised at how fast and steep the drop has been on Twisted Tea. And at least it has been my impression that it really hadn't been fully distributed in a lot of regions and underrepresented in a lot of regions of the country. And so I guess -- I'm talking about the core Twisted Tea product.

是的。我想再次回顧 Twisted Tea。如果這個問題已經有人問過了，我很抱歉，麥克。由於某種原因，我的線路斷了。但我想我們都對 Twisted Tea 的下滑速度和幅度感到驚訝。至少我的印像是，它在許多地區還沒有完全普及，在全國許多地區代表性不足。所以我想——我正在談論的是核心的 Twisted Tea 產品。

So number one is that correct or was I mistaken? And if I am correct, is there -- maybe it's just a brand that doesn't resonate in certain areas of the country? Or is there an execution issue or maybe is it just that I'm wrong and it just is fully distributed? Thanks.

那麼第一點才是正確的還是我錯了？如果我是對的，那麼是不是——也許這只是一個在該國某些地區沒有引起共鳴的品牌？或者是否存在執行問題，或者也許只是我錯了並且它只是完全分佈的？謝謝。

So first of all, thank you for the question. I'll start and then I'll hand it off to Michael for some color.

首先感謝您的提問。我先開始，然後將其交給邁克爾上色。

We do have opportunities for distribution. But as we've talked about it, they're in specific brand extensions. For example, we think there's a lot of opportunities for Light. We think there are specific opportunities in Hispanics that we've talked about before. So that I think in part of that, I think that's an opportunity.

我們確實有分銷的機會。但正如我們所討論的，它們處於特定的品牌延伸中。例如，我們認為 Light 有很多機會。我們認為西班牙裔人群中存在著我們之前討論過的特定機會。所以我認為從某種程度上來說，這是一個機會。

I would say the other part of the equation is there's other key products, for example, like Sun Cruiser, that has a little bit of cannibalization to the product. So if you look at the overall tea category, the category continues to be strong growth and we continue to be the leader. It's just a little bit more brands in there than there used to be two years ago.

我想說的是，等式的另一部分是其他關鍵產品，例如 Sun Cruiser，對產品有一點蠶食作用。因此，如果你看一下整個茶類別，你會發現該類別繼續保持強勁增長，而我們繼續保持領先地位。與兩年前相比，這裡的品牌數量只是稍微多一點。

And I would say the third thing is the brand is 50 million cases now. It's significantly larger, and therefore, even a smaller percentage. It could be a smaller percentage growth, but yet significant volume growth in a number of cases. So I'd say those are key things, and then I'll put it to Michael.

我想說的第三件事是該品牌現在銷售已達 5,000 萬箱。它明顯更大，因此，所佔比例更小。在許多情況下，百分比的增長可能較小，但數量卻有顯著的增長。所以我想說這些都是關鍵的事情，然後我會把它交給麥可。

Yeah. And then look, the pillars, again, as I stated before, and that you may have missed it, but Jim founded this company as an innovation company. And the success we've had is creating a lot of this sector, both high ABV and light products in here are really under distributed.

是的。然後看看這些支柱，正如我之前所說的，你可能錯過了，但吉姆創立這家公司是為了一家創新公司。我們取得的成功為該領域創造了很大份額，這裡的高 ABV 和淡味產品都尚未充分分銷。

So I think we're looking at those as going to be part of the growth -- the second part, which is the other dynamic was the year that everybody decided to get into tea was last year. And a lot of space was given to those smaller brands. Nobody really made an impact. I think the highest penetrated competitive brand is 3.9%.

所以我認為我們將這些視為成長的一部分——第二部分，即另一個動態是去年每個人都決定進入茶業。並且為那些較小的品牌提供了很大的空間。沒有人真正產生影響力。我認為滲透率最高的競爭品牌是3.9%。

So we're looking at this kind of a long tail in the category right now, and we're looking to claw that back. So -- and I don't think you can look past the macro headwinds. January, February are really tough on the entire category. So I think it's a combination of those things. We continue to invest and innovate, and we have expectations to get that number higher.

因此，我們現在正在關注該類別中的這種長尾現象，並希望將其奪回。所以——我認為你不能忽視宏觀逆風。一月和二月對於整個類別來說確實很艱難。所以我認為這是這些因素的綜合作用。我們將繼續投資和創新，並期望這一數字更高。

Terrific. Thank you.

了不起。謝謝。

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

目前沒有其他問題。我想把發言權交還給吉姆·庫克，請他做最後發言。

Thanks, everyone, for joining us, and we look forward to speaking to you about our second quarter. Thanks.

感謝大家的加入我們，我們期待與大家討論我們的第二季。謝謝。

And thank you, everyone. This does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

謝謝大家。今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開線路。