Boston Beer Company Inc (SAM) 2025 Q3 法說會逐字稿

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

下午好，歡迎光臨。這位是波士頓啤酒公司副總法律顧問兼公司秘書麥克安德魯斯。我很高興開始我們的2025年第三季財報電話會議。波士頓啤酒公司參加此次電話會議的有創辦人、執行長兼董事長吉姆·庫克，以及財務長迭戈·雷諾索。

As we state in our earnings release, some of the information we discussed 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.

正如我們在獲利報告中所述，我們討論的一些資訊以及本次電話會議上可能出現的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，公司的實際業績可能與這些前瞻性聲明中預測的業績有重大差異。

Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements 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.

有關可能導致實際結果與公司最新 10-Q 和 10-K 文件中所載前瞻性聲明存在重大差異的因素的補充資訊。本公司不承諾公開更新前瞻性聲明，無論是由於新資訊、未來事件或其他原因。

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

現在我將把發言權交給吉姆，請他做一些介紹性發言。

Thanks, Mike. I'll begin my remarks this afternoon with an overview of our strategy, operating results, and brand updates, and then turn the call over to Diego, who will focus on our supply chain and the financial details of our third quarter results, as well as our updated financial outlook for 2025. Immediately following Diego's comments, we'll open the line for questions.

謝謝你，麥克。今天下午，我將首先概述我們的策略、經營業績和品牌更新，然後將電話會議交給迭戈，他將重點介紹我們的供應鏈和第三季度業績的財務細節，以及我們更新後的 2025 年財務展望。迭戈發言結束後，我們將立即開放提問環節。

I would like to start by thanking Michael Spillane for his service as CEO and for continuing to provide counsel to me as a member of our Board of Directors. While I've now stepped back into the CEO role, our company priorities remain unchanged. They continue to be innovation, supporting our full portfolio brands with advertising investment and focused execution, and driving margin improvement.

首先，我要感謝 Michael Spillane 在擔任執行長期間所做的貢獻，並感謝他作為董事會成員繼續為我提供建議。雖然我現在已經重新擔任執行長一職，但我們公司的優先事項保持不變。他們不斷創新，透過廣告投入和重點執行來支持我們所有的品牌組合，並推動利潤率的提高。

I'll personally be particularly focused on our high impact areas, including our innovation pipeline and ensuring that we are appropriately investing in our brands through both advertising and local in-market execution. We've made strong progress on our margin improvement initiatives, and to help continue those efforts, Phil Hodges has been named Chief Operating Officer.

我個人將特別關注我們的高影響力領域，包括我們的創新管道，並確保我們透過廣告和本地市場執行來對我們的品牌進行適當的投資。我們在提高利潤率方面取得了顯著進展，為了幫助繼續推進這些工作，菲爾·霍奇斯已被任命為營運長。

Phil has 30 years of operations experience in consumer packaged goods at Carlsberg, Mondelez, and Kraft Foods, and he has led our supply chain efforts for the last three years. His team has delivered strong efficiency improvements in our brewery, which have positively impacted our gross margins. In his new role, Phil will continue to report to me and will focus on continuing to improve execution across all functions and implementing our previously announced margin enhancement initiatives.

Phil 在嘉士伯、億滋國際和卡夫食品等消費品包裝行業擁有 30 年的營運經驗，並在過去三年中領導了我們的供應鏈工作。他的團隊顯著提高了我們啤酒廠的效率，這對我們的毛利率產生了積極的影響。在新的職位上，菲爾將繼續向我匯報工作，並將專注於繼續提高所有職能部門的執行力，並實施我們先前宣布的利潤提升計劃。

I'm excited to be back in the CEO's seat and to partner with our highly experienced executive leadership team to execute our plans, to improve volume trends, and create long-term shareholder value.

我很高興能夠重回執行長的職位，並與我們經驗豐富的執行領導團隊合作，執行我們的計劃，改善銷售趨勢，並創造長期股東價值。

Now turning to the current industry environment. I mentioned on our last call that we were experiencing a challenging macroeconomic environment, and those trends continued into the third quarter. Economic uncertainty that has consumers more tightly managing their budgets as well as pressure on Hispanic consumers continues to impact consumer demand negatively across the overall beer industry. Moderation trends are also having an impact on demand and in certain states, hemp-derived beverages are competing for shelf space and drinkers.

現在來談談目前的產業環境。我在上次電話會議上提到，我們正面臨充滿挑戰的宏觀經濟環境，而這些趨勢一直延續到第三季。經濟的不確定性導致消費者更嚴格地控制預算，同時西班牙裔消費者也面臨壓力，這持續對整個啤酒產業的消費者需求產生負面影響。適度飲酒的趨勢也對需求產生了影響，在某些州，大麻衍生飲料正在爭奪貨架空間和消費者。

Despite these current industry headwinds, we continue to see long-term growth opportunities in the Beyond Beer category, also known as the fourth category. Beyond Beer represents more than 85% of our volume. We believe that the Beyond Beer category share will grow as the drinker is younger and more diverse than traditional beer. Our brands are well positioned to participate in this growth, and our strong innovation culture allows us to move quickly to add to the portfolio as consumer trends evolve.

儘管目前產業面臨這些不利因素，但我們仍看到啤酒以外的品類（也稱為第四品類）有長期成長機會。啤酒以外的產品占我們銷售的 85% 以上。我們相信，隨著飲用者比傳統啤酒的飲用者更年輕、更多樣化，非傳統啤酒類別的市場份額將會成長。我們的品牌已做好充分準備參與這一成長，我們強大的創新文化使我們能夠隨著消費者趨勢的變化迅速擴展產品組合。

The latest example is Sun Cruiser, which was one of the top volume gainers in RTD Spirits so far this year. We're continuing to innovate and invest across our portfolio of brands to position us well for when the industry environment improves.

最新的例子是 Sun Cruiser，它是今年迄今即飲烈酒銷售成長最快的產品之一。我們將持續創新，並加大對旗下所有品牌的投資，以便在產業環境改善時佔據有利地位。

As Diego will discuss in his remarks on our guidance, we are reinvesting some of our gross margin over delivery into additional advertising spend. This includes media spend as well as a new local market activation program. As part of this local activation, we're investing alongside our wholesalers to support local sponsorships, local radio, sampling teams, brand ambassadors and grassroots events support. With respect to innovation, we're currently testing a number of brands, and our goal is to further expand Sun Cruiser in 2026 and launch an additional innovation brand.

正如迭戈將在他對我們業績指引的演講中提到的那樣，我們將部分超出交付額的毛利再投資於額外的廣告支出。這包括媒體支出以及一項新的本地市場激活計劃。作為本地推廣活動的一部分，我們正與批發商一起投資，以支持本地贊助、本地廣播、樣品派發團隊、品牌大使和基層活動。在創新方面，我們目前正在測試多個品牌，我們的目標是在 2026 年進一步擴大 Sun Cruiser 的規模，並推出另一個創新品牌。

With that as context, let's move on to our results and brand performance. In the first nine months, our depletions were down 3% compared to an overall beer industry that we estimate to be down over 4% in volume. In the third quarter, our depletions were down 3% and as we expected, shipments were significantly below depletions at down 14%.

在了解了這些背景之後，讓我們來看看我們的結果和品牌表現。前九個月，我們的銷量下降了 3%，而我們估計整個啤酒行業的銷量下降了 4% 以上。第三季度，我們的損耗量下降了 3%，正如我們預期的那樣，出貨量也大幅低於損耗量，下降了 14%。

As we mentioned in our last call, this was mostly driven by shipping ahead of depletions in the first half of the year due to the timing of wholesaler demand for Sun Cruiser as well as lower-than-target wholesaler inventory levels last June. In terms of depletions, we're encouraged by the strong consumer reception to Sun Cruiser, a second consecutive quarter of growth in Angry Orchard and positive drinker reception to our higher ABV offerings. However, industry headwinds are impacting our larger brands, particularly Twisted Tea, which are likely to persist for some time.

正如我們在上次電話會議中提到的，這主要是由於上半年批發商對 Sun Cruiser 的需求時間以及去年 6 月批發商庫存水平低於目標水平，導致庫存消耗提前，從而推動了發貨。就銷售而言，我們受到消費者對 Sun Cruiser 的強勁反響的鼓舞，Angry Orchard 連續第二個季度實現增長，並且飲酒者對我們更高酒精度的產品也給予了積極的評價。然而，產業逆風正在影響我們的大品牌，尤其是 Twisted Tea，這種情況可能會持續一段時間。

Despite a softer volume environment that we planned at the start of 2025, we have delivered strong margin expansion and grown our EPS for the first nine months of the year. This was primarily driven by continued progress on our profitability initiatives, which Diego will discuss in his remarks. And to a smaller extent, a positive product mix from our new product innovations.

儘管我們在 2025 年初預測銷售環境會有所疲軟，但我們仍實現了強勁的利潤率成長，並在今年前九個月實現了每股收益成長。這主要得益於我們在獲利能力提升方面取得的持續進展，迭戈將在演講中對此進行討論。此外，新產品創新也帶來了正面的產品組合，但程度稍輕。

These efforts have allowed us to raise our gross margin guidance for the year, while we continue to absorb tariff costs. We also hit record high consumer service levels and reached over 50% gross margin in the third quarter, which is our highest gross margin since 2018. Our business generated over $230 million in operating cash flow in the first nine months which enables us to both invest in our brands and repurchase over $160 million in shares year-to-date.

這些努力使我們能夠提高今年的毛利率預期，同時我們繼續承擔關稅成本。第三季度，我們的消費者服務水準也創下歷史新高，毛利率超過 50%，這是自 2018 年以來的最高毛利率。前九個月，我們的業務產生了超過 2.3 億美元的營運現金流，這使我們能夠投資於我們的品牌，並在今年迄今回購了超過 1.6 億美元的股票。

I'll now provide an update of our brand performance and plans. Twisted Tea had strong growth for many years and is the number 10 brand family in the overall beer market with over $1.2 billion in annual retail sales in measured off-premise channels. Going into the year, we planned the brand to growth consistent with an FMB market that grew 7% in dollar sales in measured off-premise channels during 2024.

接下來我將介紹我們的品牌表現和計畫。Twisted Tea 多年來一直保持強勁成長，是整個啤酒市場排名第 10 的品牌系列，在統計的非現場零售通路中，年零售額超過 12 億美元。進入新的一年，我們制定了品牌發展計劃，以期與 2024 年 FMB 市場在衡量的非現場通路銷售額增長 7% 的目標保持一致。

During 2025, the brand has gained distribution but has declined in velocity and retail displays and features. Year-to-date, in measured off-premise channels, Twisted Tea is down 5% in dollar sales and losing share in an FMB category that is down 3%. We continue to believe that the macroeconomic environment is a significant driver of weaker alcohol trends and the deceleration in Twisted Tea performance.

2025 年，該品牌的通路有所拓展，但銷售速度、零售展示和功能卻有所下降。今年迄今為止，在已衡量的非現場銷售管道中，Twisted Tea 的美元銷售額下降了 5%，並且在 FMB 類別中市場份額下降了 3%。我們仍然認為，宏觀經濟環境是導致酒精飲料市場趨勢疲軟和 Twisted Tea 業績放緩的重要驅動因素。

Inflation and general economic uncertainty below the middle income consumers has resulted in lower traffic at retail and fewer social occasions. The Twisted Tea drinker profile is particularly sensitive to these impacts as they typically have less household income than drinkers of our other brands.

通貨膨脹和中等收入以下消費者普遍面臨的經濟不確定性導致零售客流量下降和社交活動減少。Twisted Tea 的飲用者群體對這些影響尤其敏感，因為他們的家庭收入通常低於我們其他品牌的飲用者。

Hispanic consumer buying rates remain challenged across the industry. Twisted Tea is slightly over-indexed with Hispanic shoppers compared to overall alcoholic beverage shoppers. They are a sizable portion of the Twisted Tea drinker base and have an impact on the brand's volume performance.

在整個產業中，西班牙裔消費者的購買力仍面臨挑戰。與所有酒精飲料消費者相比，Twisted Tea 在西班牙裔消費者的受歡迎程度略高。他們是 Twisted Tea 飲用者群體中相當大的一部分，並對該品牌的銷售表現產生影響。

In addition to these macro factors, we believe the Twisted Tea retail displays are being impacted negatively by retailers making additional space for RTD Spirits, which are currently their key category growth driver. As I mentioned on our last call, according to numerator data, approximately 20% of the drop in Twisted Tea is due to the Vodka Tea category, of which Sun Cruiser is one of the brands. To the extent that Sun Cruiser sources volume from Twisted Tea, this is revenue and gross margin accretive for us.

除了這些宏觀因素外，我們認為零售商為即飲烈酒騰出更多空間，對 Twisted Tea 的零售展示產生了負面影響，因為即飲烈酒目前是他們的主要品類成長驅動力。正如我在上次通話中提到的，根據分子數據，扭曲茶銷量下降約 20% 是由於伏特加茶類別的下滑，而 Sun Cruiser 就是該品類的品牌之一。如果 Sun Cruiser 從 Twisted Tea 獲得銷量，這將增加我們的收入和毛利率。

Twisted Tea brand equities remained strong with growing distribution of very large organic social following and the highest organic engagement among the top 10 beer brands. It is a clear leader in malt-based hard tea with over 85% market share in measured off-premise channels. So far this year, single-serve is performing much better than large packs which tells us that the consumer interest in the brand remains strong.

Twisted Tea 品牌資產依然強勁，擁有龐大的自然社交粉絲群體，並且在排名前 10 的啤酒品牌中擁有最高的自然互動率。在麥芽硬茶領域，它是絕對的領導者，在可衡量的非現場消費管道中，市場份額超過 85%。今年以來，單份包裝的銷售情況遠優於大包裝，顯示消費者對該品牌的興趣仍然強勁。

We believe that softness in larger pack sizes is driven by its higher absolute price point with more cost-conscious shoppers. To address this, we will refine our pricing in certain markets as necessary. In addition, in certain markets, we have recently added an under $10 for package 16-ounce four pack to help increase lower price points and drive demand. Twisted Tea Light and Twisted Tea Extreme are growing shelf space and velocities.

我們認為，大包裝產品價格低是由於其絕對價格較高，而消費者更注重性價比。為解決這個問題，我們將根據需要調整某些市場的定價策略。此外，在某些市場，我們最近增加了售價低於 10 美元的 16 盎司四包裝產品，以幫助提高低價位並推動需求。Twisted Tea Light 和 Twisted Tea Extreme 的貨架空間和銷售速度都在不斷增長。

Our packaging redesign has improved sales per point of Twisted Tea light. Twisted Tea Extreme Lemon, and Blue Razz are still the top 2 growth SKUs in the convenience channel among all FMBs. To meet drinker demand, we're planning to add a Twisted Tea Extreme variety pack early in 2026. We expect Twisted Tea Light and Twisted Tea Extreme to be growth drivers for the brand for the remainder of 2025 and beyond. We have strong advertising plans for the rest of the year to position the brand for future growth.

我們重新設計了包裝，提高了 Twisted Tea 蠟燭的單位銷售量。在所有 FMB 中，Twisted Tea Extreme Lemon 和 Blue Razz 仍然是便利商店通路成長最快的 2 個 SKU。為了滿足消費者的需求，我們計劃在 2026 年初推出 Twisted Tea Extreme 混合裝。我們預計 Twisted Tea Light 和 Twisted Tea Extreme 將成為該品牌在 2025 年剩餘時間及以後的成長驅動力。我們制定了強而有力的廣告宣傳計劃，以期在今年餘下的時間裡提升品牌知名度，為未來的成長奠定基礎。

Key campaigns to drive awareness for the balance of the year include our high-performing key drop ads along with our college football and fall fest programs with spends across ESPN, ABC and CBS during key college football matchups. Our college football program includes in-game advertising, sponsorships with ESPN and expanded retailer programs with team specific packages in key markets.

今年剩餘時間裡，提高品牌知名度的關鍵活動包括我們顯著的關鍵投放廣告，以及我們在大學橄欖球和秋季慶典活動中投放的廣告，這些廣告將在重要的大學橄欖球比賽期間在 ESPN、ABC 和 CBS 等電視台播出。我們的大學橄欖球項目包括比賽期間的廣告、與 ESPN 的贊助合作以及在重點市場推出的包含球隊特定套餐的零售商拓展項目。

In the coming months, we're adding other promotions, key programs and partnerships and media to resonate with our drinkers, including country music, NASCAR and WWE Wrestling, as well as NFL-related promotions. And lastly, we're increasing our investment in Hispanic and Spanish language brand content, including new media and digital content to continue to widen the brand's appeal to more drinkers.

在接下來的幾個月裡，我們將增加其他促銷活動、重點項目、合作夥伴關係和媒體宣傳，以引起消費者的共鳴，包括鄉村音樂、納斯卡賽車和世界摔跤娛樂摔跤，以及與 NFL 相關的促銷活動。最後，我們將增加對西班牙裔和西班牙語品牌內容的投資，包括新媒體和數位內容，以繼續擴大品牌對更多飲酒者的吸引力。

In summary, Twisted Tea is our largest brand, and we're continuing to support it with advertising investment and innovation. We continue to believe that despite near-term challenges, these actions, coupled with an improvement in the macroeconomic environment will return the brand to growth in the long term.

總而言之，Twisted Tea 是我們最大的品牌，我們將繼續透過廣告投入和創新來支持它。我們仍然相信，儘管短期內面臨挑戰，但這些措施，再加上宏觀經濟環境的改善，長遠來看將使品牌重回成長軌道。

Moving to Sun Cruiser now, which launched last summer and went national in January of this year. Sun Cruiser has been very well received by wholesalers, retailers and drinkers, particularly in the highly visible on-premise channel. Many consumers were introduced to Sun Cruiser in this channel, and we believe it is the right place to build the brand.

接下來介紹 Sun Cruiser，它在去年夏天推出，並於今年一月走向全國。Sun Cruiser 受到了批發商、零售商和飲酒者的熱烈歡迎，尤其是在備受矚目的餐飲場所通路。很多消費者都是透過這個管道了解到 Sun Cruiser 的，我們相信這是打造品牌的正確途徑。

According to Nielsen data, Sun Cruiser is the leading RTD spirits, tea, and lemonade brand in on-premise bars and restaurants. Sun Cruiser has quickly grown to become the fourth largest brand in the RTD spirits category, continues to increase distribution and has one of the highest velocities of the leading RTD spirits brands. It is now on shelf in larger national chain retailers and has tripled its points of distribution compared to earlier in the year.

根據尼爾森的數據，Sun Cruiser 是酒吧和餐廳中領先的即飲烈酒、茶和檸檬水品牌。Sun Cruiser 已迅速發展成為即飲烈酒類別中第四大品牌，其分銷管道不斷擴大，並且是領先的即飲烈酒品牌中銷售速度最快的品牌之一。目前該產品已在大型全國連鎖零售商上架，分銷點比今年稍早增加了兩倍。

This expanded presence is beginning to be reflected in measured off-premise channel data. However, given Sun Cruiser's strong presence in on-premise and independence measured off-premise data still only reflects a small portion of the brand's total volume. We believe Sun Cruiser will be the next iconic brand for our company and an important growth contributor for the Beyond Beer category. We are focused on building the brand's distribution, displays and retail promotion while investing in media and key sponsorships that keep the brand relevant throughout the four seasons of the year.

這種不斷擴大的影響力開始反映在非現場通路數據的測量上。然而，鑑於 Sun Cruiser 在餐飲場所的強大影響力以及獨立衡量的非餐飲場所數據仍然只反映了該品牌總銷量的一小部分。我們相信 Sun Cruiser 將成為我們公司的下一個標誌性品牌，並為非啤酒類別帶來重要的成長。我們專注於建立品牌的分銷、展示和零售推廣管道，同時投資媒體和關鍵贊助，以保持品牌在一年四季的相關性。

From a product innovation perspective, we intend to keep a disciplined number of tea and lemonade styles while continuing to expand package options. Sun Cruiser will be available in the 19.2-ounce can format in New England this month, which will be expanded nationally in early 2026. Advertising support for Sun Cruiser is built around the Let the Good Times Cruise brand campaign as well as sponsorships of sports and music venues, including NFL, PGA Golf and MLB media and sponsorship of the AEG music concert series.

從產品創新角度來看，我們打算保持茶和檸檬水種類適中，同時繼續擴大包裝選擇。Sun Cruiser 本月將在新英格蘭地區以 19.2 盎司罐裝形式上市，並將於 2026 年初在全國範圍內推廣。Sun Cruiser 的廣告支援以「讓美好時光巡航」品牌活動為核心，並贊助體育和音樂場所，包括 NFL、PGA 高爾夫和 MLB 媒體，以及贊助 AEG 音樂會系列。

The media campaign also includes paid social and digital advertising and key influencers. Additionally, Sun Cruiser's presence in AVP Beach volleyball and the World Surf League further reinforce its positioning as a brand for sun, sand and fun.

此次媒體宣傳活動還包括付費社交和數位廣告以及與關鍵意見領袖的合作。此外，Sun Cruiser 在 AVP 沙灘排球和世界衝浪聯盟中的亮相，進一步鞏固了其作為陽光、沙灘和樂趣品牌的定位。

In summary, it is early, but we are very excited about the outlook for Sun Cruiser and its contribution to our hard tea portfolio. We will continue to increase investment in both Sun Cruiser and Twisted Tea with our goal for 2026 being to increase our share and grow volume in the overall hard tea category.

總而言之，現在下結論還為時過早，但我們對 Sun Cruiser 的前景及其對我們硬茶產品組合的貢獻感到非常興奮。我們將繼續加大對 Sun Cruiser 和 Twisted Tea 的投資，目標是在 2026 年提高我們在硬茶品類中的份額並擴大銷量。

Turning to Hard Seltzer. The overall hard seltzer category declined 4% in dollars in measured off-premise channels in the third quarter as consumer preferences continue to shift towards more premium RTD spirits-based beverages, while Truly continues to be a top 2 hard seltzer brand and top 4 Beyond Beer brand year-to-date, we're not satisfied with its performance. We are focused on improving Truly's brand message and relevance, promoting our lead flavor wildberry, bringing variety through seasonal rotator packs and building on the momentum of our high ABV innovation Truly Unruly.

改喝硬蘇打水。第三季度，在非現場通路中，硬蘇打水整體銷售額下降了 4%，因為消費者的偏好繼續轉向更高端的即飲烈酒飲料。雖然 Truly 仍然是今年迄今為止排名前二的硬蘇打水品牌和排名前四的非啤酒品牌，但我們對其表現並不滿意。我們致力於提升 Truly 的品牌訊息和相關性，推廣我們的主打口味野莓，透過季節性輪換包裝帶來多樣性，並鞏固我們高酒精度創新產品 Truly Unruly 的發展勢頭。

Our new creative platform we recently launched is built around, make your dreams come Truly. This includes new creative content and a significant investment in regional media in key markets and new retailer campaigns. Truly will continue to leverage its relationship with US soccer as it's Beyond Beer sponsor and its recently announced sponsorship of the American Outlaws, the official fan club of US soccer. Truly will launch a US soccer collector set of singles to help promote the year-long lead up to the 2026 World Cup which will take place in North America for the first time in more than three decades and include 11 cities and over 100 matches.

我們最近推出的全新創意平台旨在讓您的夢想成真。這包括新的創意內容、對重點市場區域媒體的大量投資以及新的零售商推廣活動。Truly 將繼續利用與美國足球的關係，因為 Truly 是 Beyond Beer 的贊助商，最近也宣布贊助美國足球官方球迷俱樂部 American Outlaws。Truly 將推出一套美國足球單張收藏卡，以幫助宣傳為期一年的 2026 年世界盃預熱活動。 2026 年世界盃將在北美舉行，這是三十多年來的首次，比賽將在 11 個城市舉行，超過 100 場比賽。

High ABV offerings continue to be a bright spot in hard seltzer. Truly Unruly has grown to a 3% volume share of Hard Seltzer and the Truly Unruly variety pack is the number $1.12 pack share gainer in Hard Seltzer in the last 12 months. Our second variety pack Truly Unruly Lemonade launched in April and is helping Truly Unruly build momentum and gain shelf space.

高酒精度數的硬蘇打水仍然是市場上的一大亮點。Truly Unruly 的硬蘇打水銷售份額已增長至 3%，而 Truly Unruly 混合裝在過去 12 個月中是硬蘇打水銷量份額增長最快的 1.12 美元包裝產品。我們的第二款混合裝產品 Truly Unruly 檸檬水於 4 月上市，並幫助 Truly Unruly 累積勢頭，獲得貨架空間。

In cider, Angry Orchard has returned to growth behind the consumer trend back to more flavorful options. Depletions grew in the third quarter and year-to-date, driven by a higher level of focus across the organization including increased investment and new sponsorships. The new campaign, don't get angry, get Orchard, and our sponsorship of WWE Wrestling, positively impacted results and helped the brand gain shelf space.

在蘋果酒領域，Angry Orchard 順應了消費者對更具風味飲品的趨勢，並實現了成長。第三季和年初至今的資金消耗增加，這主要是由於整個組織更加重視相關業務，包括增加投資和新的贊助。新的宣傳活動「別生氣，選擇 Orchard」以及我們對 WWE 摔角的贊助，對銷售業績產生了積極影響，並幫助該品牌獲得了貨架空間。

The brand's current programming is focused on owning Halloween, and we are executing an exciting program featuring Jason from Friday the 13th movie-themed advertising, promotions, packaging and displays for Halloween and the peak fall cider season. Our beer brands, Samuel Adams and Dogfish Head have combined to hold share in a challenging craft beer category.

品牌目前的行銷活動重點是萬聖節，我們正在執行一項令人興奮的計劃，以《十三號星期五》電影中的傑森為主題，開展萬聖節和秋季蘋果酒銷售旺季的廣告、促銷、包裝和展示活動。我們的啤酒品牌 Samuel Adams 和 Dogfish Head 共同在競爭激烈的精釀啤酒市場中佔有了一席之地。

We are excited that in early 2026, Samuel Adams will begin programs and promotions as well as launch limited edition packaging to help celebrate Americas 250th anniversary. For Dogfish Head, we are particularly pleased that Dogfish Head grateful dead beer collaboration has helped fuel Dogfish Head's return to growth.

我們很高興地宣布，在 2026 年初，Samuel Adams 將啟動一系列活動和促銷活動，並推出限量版包裝，以慶祝美國建國 250 週年。對於 Dogfish Head 來說，我們尤其感到高興的是，Dogfish Head 與 Grateful Dead 啤酒的合作幫助推動了 Dogfish Head 的復甦。

In summary, I'm confident we have the right strategies and team in place. We're continuing to invest in our brands. We're building a strong innovation pipeline, and we're highly focused on our multiyear productivity initiatives. Importantly, we're focused on controlling what we can control. We're executing in the marketplace to improve share trends and to expand our margins.

總而言之，我相信我們已經擁有了正確的策略和團隊。我們將持續加大對旗下品牌的投入。我們正在建立強大的創新管道，並且高度重視我們的多年生產力提升計劃。重要的是，我們專注於控制我們能夠控制的事情。我們正在市場中積極行動，以改善市場份額趨勢並擴大利潤率。

I'd like to thank our Boston Beer team, our distributors and our retailers for their continued support and remaining agile in a dynamic operating environment. I will now pass the call over to Diego to review our third quarter financial results and 2025 guidance.

我要感謝波士頓啤酒團隊、我們的經銷商和零售商，感謝他們一直以來的支持，以及在瞬息萬變的營運環境中保持靈活應變的能力。現在我將把電話交給迭戈，讓他回顧我們第三季的財務表現和2025年的業績展望。

Thank you, Jim. Good afternoon, everyone. As expected and as Jim noted, during the third quarter, our shipments rebalanced relative to our depletion, which unfavorably impacted third quarter shipments and revenue. Depletions decreased 3% and shipments decreased 13.7% compared to the third quarter of last year, primarily driven by declines in our Twisted Tea, Truly Hard Seltzer and Samuel Adams brands, that were only partially offset by growth in the company's Sun Cruiser and Angry Orchard brands.

謝謝你，吉姆。大家下午好。正如預期的那樣，正如吉姆所指出的那樣，在第三季度，我們的出貨量相對於我們的庫存消耗量進行了重新平衡，這對第三季度的出貨量和收入產生了不利影響。與去年第三季相比，損耗量下降了 3%，出貨量下降了 13.7%，這主要是由於 Twisted Tea、Truly Hard Seltzer 和 Samuel Adams 品牌的銷量下滑，而 Sun Cruiser 和 Angry Orchard 品牌的成長僅部分抵消了這些下滑的影響。

We believe distributor inventory of 4.5 weeks on hand as of September 27, is an appropriate level for each of our brands. Revenue for the quarter decreased 11.2% due to lower volumes, partially offset by increased pricing and favorable product mix. Our third quarter gross margin of 50.8% increased 450 basis points year-over-year, and it's the highest level we've had since 2018.

我們認為，截至 9 月 27 日，經銷商的庫存量為 4.5 週，對於我們每個品牌來說都是合適的水平。由於銷量下降，本季營收下降了 11.2%，但價格上漲和有利的產品組合部分抵消了這一影響。我們第三季的毛利率為 50.8%，年成長 450 個基點，這是自 2018 年以來的最高水準。

Gross margin primarily benefited from procurement savings, improved brewery efficiencies, price increases and product mix as well as a favorable comparison against higher inventory obsolescence in the prior year. These factors were partially offset by increased inflationary and tariff costs.

毛利率主要受益於採購節省、啤酒廠效率提高、價格上漲和產品組合，以及與前一年庫存過時情況相比的有利比較。這些因素部分被通貨膨脹和關稅成本的增加所抵消。

Advertising, promotional and selling expenses for the third quarter of 2025 increased $16.8 million or 11.3% year-over-year primarily due to $20.9 million in increased brand media and local marketing investments that were partially offset by lower freight costs. General and administrative expenses for the third quarter increased $1.1 million or 2.5% year-over-year, primarily due to increased salaries and benefit costs.

2025 年第三季的廣告、促銷和銷售費用年增 1,680 萬美元，增幅達 11.3%，主要原因是品牌媒體和本地行銷投資增加了 2,090 萬美元，但部分被較低的運費所抵消。第三季一般及行政費用年增 110 萬美元，增幅為 2.5%，主要原因是薪資和福利成本增加。

For the first nine months of the year, the strong progress we have made in our supply chain initiatives enabled us to deliver 49% gross margin and generate $11.82 of EPS. Our three buckets of multiyear savings projects, which we are executing ahead of our initial timing expectations are positioning us to respond better to potential changes in the volume environment, product mix and tariffs.

今年前九個月，我們在供應鏈舉措方面取得了顯著進展，使我們能夠實現 49% 的毛利率和 11.82 美元的每股盈餘。我們正在提前執行三個多年期節約項目，這使我們能夠更好地應對銷售環境、產品組合和關稅方面的潛在變化。

We are continuing to execute projects across all three buckets, which I'll now discuss. In brewery performance, we continue to see improvements in OEEs driven by process improvements, which helped to increase our internal production capacity.

我們正在繼續執行所有三個領域的項目，接下來我將對此進行討論。在啤酒廠的生產性能方面，我們不斷看到製程改進帶來的 OEE 提升，這有助於提高我們的內部生產能力。

In the third quarter, we produced 90% of our domestic volume internally compared to 66% in the third quarter of last year. Year-to-date, our domestic internal production increased to 83% of our volume compared to 71% in the first nine months of the last year. In our procurement savings, our third quarter results benefited from lower negotiated pricing on certain packaging and ingredients.

第三季度，我們國內產量的90%來自內部生產，去年第三季這一比例為66%。今年迄今為止，我們的國內內部產量佔總產量的比例已增至 83%，去年同期為 71%。在採購節省方面，我們第三季的業績得益於某些包裝和原料的較低談判價格。

Our efforts year-to-date have resulted in procurement savings more than offsetting inflationary impact. In waste and network optimization, we're continuing our efforts to improve our customer ordering and inventory management system that we implemented last year. These efforts resulted in a 28% reduction in obsolete inventories year-to-date.

今年迄今為止，我們的努力已經實現了採購成本的節約，足以抵消通貨膨脹的影響。在廢棄物和網路優化方面，我們正在繼續努力改進去年實施的客戶訂購和庫存管理系統。這些努力使得今年迄今的過時庫存減少了 28%。

Turning to our guidance. Given that three quarters of the year are behind us and our fourth quarter is seasonally smaller quarter, we are narrowing our volume guidance range and raising our gross margin and EPS guidance for the full year, inclusive of higher investment spending in our brands. We now expect our volumes to be down mid-single digits for the year. Our depletion trends for the first 42 weeks of 2025 have decreased 4% from 2024. We continue to expect price increases of between 1% and 2%.

請參考我們的指導意見。鑑於今年已過去四分之三，而第四季度通常是季節性淡季，我們將縮小銷售預期範圍，並提高全年毛利率和每股收益預期，其中包括對我們品牌增加投資支出。我們現在預計今年的銷量將下降個位數中段。2025 年前 42 週的消耗趨勢比 2024 年下降了 4%。我們仍然預期價格上漲幅度在 1% 到 2% 之間。

Based on strong gross margin performance year-to-date, combined with a lower-than-expected impact from tariffs, our gross margin guidance for the year is now 47% to 48%, up from 46% to 47.3% previously. We now expect tariffs to have an unfavorable impact of $9 million to $13 million, which is a gross margin headwind of 40 basis points to 60 basis points. The change to our tariff estimate is due to lower-than-anticipated tariffs primarily on material source from Canada and exempt from the tariffs as a US MC compliant goods.

基於今年迄今強勁的毛利率表現，以及關稅影響低於預期，我們今年的毛利率預期從先前的 46% 至 47.3% 上調至 47% 至 48%。我們現在預計關稅將造成 900 萬至 1300 萬美元的不利影響，這將使毛利率下降 40 至 60 個基點。我們關稅估算的變化是由於來自加拿大的材料來源關稅低於預期，並且作為符合美國 MC 標準的商品，這些材料免徵關稅。

In the first nine months, we have incurred $7.1 million in tariff costs. Given our strong margin performance, we are using some of the upside to increase our advertising investments in our brands in the fourth quarter. We now expect increases in advertising, promotional and selling expenses to range from $50 million to $60 million, an increase from our previous estimate of $30 million to $50 million. This does not include any changes in freight costs for the shipment of the products to our distributors.

前九個月，我們已產生 710 萬美元的關稅費用。鑑於我們強勁的利潤率表現，我們將利用部分成長勢頭，在第四季度增加對旗下品牌的廣告投入。我們現在預計廣告、促銷和銷售費用將增加 5,000 萬美元至 6,000 萬美元，高於我們先前估計的 3,000 萬美元至 5,000 萬美元。這不包括產品運送至分銷商的運費變化。

We are revising our full year 2025 EPS guidance range inclusive of tariffs to $7.80 to $9.80, up from $6.72 to $9.54. Tariffs are expected to have an unfavorable impact of $0.60 to $0.80 on earnings per diluted share. As you model our fourth quarter, please keep in mind the following factors.

我們將包含關稅在內的2025年全年每股收益預期範圍從6.72美元至9.54美元上調至7.80美元至9.80美元。預計關稅將對稀釋後每股收益產生0.60美元至0.80美元的不利影響。在對第四季度進行建模時，請記住以下因素。

Due to seasonality, the fourth quarter is our smallest revenue quarter with the lowest absolute gross margin rate of the year. Meaningful improvement in our gross margin performance beginning last year's fourth quarter, which we will be lapping. Additionally, we expect volume deleverage in the fourth quarter combined with a higher year-over-year shortfall fees.

由於季節性因素，第四季是我們全年收入最低的季度，也是毛利率絕對值最低的季度。從去年第四季開始，我們的毛利率表現有了顯著改善，我們將超越去年同期水準。此外，我們預計第四季銷售將下降，同時同比缺口費用也將增加。

Turning to capital allocation. We ended the quarter with a cash balance of $250.5 million and an unused credit line of $150 million, which reprise us with flexibility to continue to invest in our base business, fund future growth initiatives and return cash to our shareholders through our share buyback program. For the full year 2025, we are lowering our capital expenditure guidance range by $20 million to between $50 million and $70 million, with a portion of the reduction driven by timing. We continue to focus our spend on supporting our productivity programs.

接下來討論資本配置。本季末，我們擁有 2.505 億美元的現金餘額和 1.5 億美元的未使用信貸額度，這使我們有了更大的靈活性，可以繼續投資於我們的基礎業務，為未來的增長計劃提供資金，並透過我們的股票回購計劃向股東返還現金。2025 年全年，我們將資本支出指導範圍下調 2,000 萬美元，至 5,000 萬美元至 7,000 萬美元之間，部分下調是由於時間安排所致。我們將繼續把支出重點放在支持提高生產力的項目上。

During the 13-week period ended September 27, 2025, in the period from September 27, 2025, through October 17, 2025, we repurchased shares in the amount of $50 million and $12.1 million, respectively. As of October 17, 2025, we had approximately $266 million remaining on the $1.6 billion share repurchase authorization. This concludes our prepared remarks. And now we'll open the line up for questions.

在截至 2025 年 9 月 27 日的 13 週期間，以及從 2025 年 9 月 27 日至 2025 年 10 月 17 日期間，我們分別回購了價值 5,000 萬美元和 1,210 萬美元的股份。截至 2025 年 10 月 17 日，我們在 16 億美元的股票回購授權中還剩下約 2.66 億美元。我們的發言稿到此結束。現在我們開始接受提問。

(Operator Instructions)

（操作說明）

Nik Modi, RBC Capital Markets.

Nik Modi，加拿大皇家銀行資本市場。

A couple of questions, just clarifications. Maybe Diego, Jim, if you guys can talk about the timing of some of the spend you talked about promotional spend, perhaps behind Twisted Tea. I'm assuming that would be more behind the 12 pack. And then some of this local marketing spend, Jim, that you discussed at NBWA, just -- is this year thing? Or is this going to bleed also into next year? So that was the first question.

幾個問題，只是想確認一下。迭戈、吉姆，你們能否談談你們之前提到的促銷支出的時間安排，例如 Twisted Tea 背後的支出？我猜那應該在12瓶裝後面。吉姆，你之前在NBWA上討論過的一些本地行銷支出，只是——今年的情況如何？或者這種情況會延續到明年嗎？這是第一個問題。

And I guess the broader question is, given kind of what's going on with consumers and affordability, I hear a lot of pack size innovation coming from Boston Beer. But what about smaller pack sizes? I think the carbonated soft drink industry has had a lot of success with 8-ounce can. Even Constellation has done some stuff with 7.5-ounce bottles. Just curious on your thought process there as it relates to maybe putting some of your core brands and some of those pack sizes?

我覺得更廣泛的問題是，考慮到消費者和購買力方面的情況，我聽說波士頓啤酒公司在包裝規格方面做了很多創新。但是小包裝尺寸的包裝呢？我認為碳酸軟性飲料產業憑藉 8 盎司罐裝飲料取得了巨大的成功。就連星座牌香水也推出過 7.5 盎司裝的香水。我很好奇您在這方面的想法，例如是否應該加入一些核心品牌和一些包裝規格？

Thank you, Nik. I'll start the question a little bit with the numbers and then I'll hand it off to Jim to talk a little bit more about the spend and where we're doing it. So I think if you remember at the beginning of the year, we said this year, we're really going to take up our spend and really support our brands. And so we've started this year -- you've seen in our results, how part of it has already been in our numbers, and we're going to double down in the balance of the year, and that's why we're taking up a little bit our A&P spend guidance.

謝謝你，尼克。我先從數位入手，然後把問題交給吉姆，讓他再詳細談談支出狀況以及支出地點。所以，我想如果你還記得年初的時候，我們說過今年我們會加大投入，真正支持我們的品牌。所以今年我們已經開始了——你們從我們的業績中已經看到了其中一部分，而且我們將在今年剩餘的時間裡加倍投入，這就是為什麼我們要稍微提高廣告和促銷支出指導的原因。

We're working on next year's plan, but there's no reason why we wouldn't continue to invest in our brands, given some of the things that we're seeing in some of the innovation like Sun Cruiser and some of the great results we've had there.

我們正在製定明年的計劃，但鑑於我們在 Sun Cruiser 等一些創新方面看到的一些情況以及我們取得的一些巨大成果，我們沒有理由不繼續投資我們的品牌。

So I would say we'll come back in more detail for 2026, but definitely in the back end of this year, and we expect to kind of keep going into next year. We'll continue to support our brands, and we like the results we've seen coming back from them.

所以我想說，我們會在 2026 年公佈更詳細的信息，但肯定會在今年年底公佈，而且我們預計這項工作會持續到明年。我們將繼續支持我們的品牌，並且我們對它們帶來的成果感到滿意。

Jim, I'll hand it off to you a little bit more in the detail of what we're doing around that.

吉姆，接下來我會把我們在這方面所做的具體工作的細節交給你來詳細介紹。

Sure. Good questions around pack size. And we are figuring how to surgically implement some more promotional spending on Twisted Tea. So we are -- one thing that we've announced is a 4 times 16-ounce to a 4 pack of 16-ounce cans that will come under $10. It will be depending on the market, $8.99 to $9.99. So a more attractive entry point.

當然。關於包裝尺寸的問題問得很好。我們正在研究如何更有針對性地增加對 Twisted Tea 的促銷支出。所以，我們宣布的一件事是，將 4 罐 16 盎司的飲料包裝成 4 罐 16 盎司裝，售價低於 10 美元。價格將取決於市場情況，大概在 8.99 美元到 9.99 美元之間。因此，這是一個更具吸引力的入場點。

And then on the 12 packs, which is the biggest source of weakness, singles are okay, but 12 packs in certain markets are notably weak and we believe that the pricing got pushed up well beyond the traditional space where Twisted Tea has lived, which is kind of in between mass domestic peers and above them, but below craft, below imports and below many of the other FMBs to we have a more blue-collar drinker. So in some markets -- I've been in markets where we were actually -- the 12 packs were priced above Modelo or Stella even. And that's probably the wrong price point.

然後是 12 包，這是最大的弱點，單包還可以，但在某些市場，12 包明顯疲軟，我們認為定價已經遠遠超出了 Twisted Tea 一直以來所處的傳統市場，這個市場介於國內大眾同類產品之間，高於它們，但低於精釀產品、進口產品和許多其他 FMB 產品，因此我們的大眾同類產品是更藍領的飲用產品。所以在某些市場——我去過一些市場，我們確實在那裡銷售過——12 瓶裝啤酒的價格甚至高於 Modelo 或 Stella。這可能不是合適的定價。

So we're going to be surgical about trying to bring puts the price point on a 12 pack under imports under craft and in some cases, under other FMBs. With respect to like smaller sizes in beer, they're not that appealing. They don't represent much value. Consumers tend to want to 12 ounces. And from a margin side, you start doing like the Coronado is a 7-ounce bottle. The costs are not that much less than a 12-ounce bottle.

因此，我們將採取精準的策略，努力將 12 瓶裝啤酒的價格定位在進口商品、精釀啤酒，在某些情況下，甚至在其他 FMB 之下。至於小瓶裝啤酒之類的，它們就沒那麼吸引人了。它們沒什麼價值。消費者通常想要 12 盎司。從利潤率的角度來看，你會覺得 Coronado 就像是 7 盎司的瓶子。價格並沒有比 12 盎司裝的便宜多少。

So per ounce, they're significantly more expensive. So in terms of the price pack architecture, we're looking ways to deliver comparable or more value. So on one hand, we'll have a lower entry point with a 460-ounce cans. And then on the other side, we will have right markets 18 packs and 24 loose packs that will present to the consumer more value.

所以以盎司計算，它們的價格要貴得多。因此，在價格方案架構方面，我們正在尋找提供同等或更高價值的方法。一方面，我們將以 460 盎司的罐裝形式降低入門門檻。另一方面，我們將推出 18 包裝和 24 散裝的合適市場，這將為消費者帶來更多價值。

Filippo Falorni, Citi.

Filippo Falorni，花旗銀行。

I wanted to talk on the gross margin performance, very strong performance again. So congratulations on that expansion. Maybe like what levers were you able to extract considering the volume deleverage this quarter that came in better than you expected?

我想談談毛利率表現，表現依然非常強勁。恭喜你們成功擴張。例如，考慮到本季成交量下降，你採取了哪些措施來應對，最終結果比你預期的要好？

And then just more broadly, Diego, maybe like you talked about the high 40%, low 50% gross margin target in the next couple of years. Are you feeling better in terms of getting there maybe a little bit faster than you initially anticipated? And maybe what are the drivers of potentially getting to the target?

更廣泛地說，迭戈，也許就像你剛才提到的，未來幾年毛利率目標應該在 40% 到 50% 之間。你覺得自己到達目的地的速度比原先預期的快一點嗎？那麼，促成達成目標的潛在因素是什麼呢？

Thanks for your question, Filippo. First, just to clarify, I think I've always said high 40s, so I'm not sure I went to low 50s. But look to -- we're really happy with gross margin. I mean we haven't had a quarter like this in a long time. And it's a result of constant projects, savings agendas and deliveries by our operations team and the rest of the organization, price mix, revenue management.

謝謝你的提問，菲利波。首先，澄清一下，我一直都說的是40多歲，所以我不確定我是否到了50歲出頭。但請注意——我們對毛利率非常滿意。我的意思是，我們已經很久沒有遇到這樣的季度了。這是我們營運團隊和組織其他部門不斷開展專案、節約成本計劃和交付成果、價格組合和收入管理的結果。

So as we laid out a couple of years ago, we said, look, we think we can get to high 40s despite or in spite of volume changes because we had three big buckets, which was procurement savings, which was brewery efficiencies and with was our distribution footprint. And the reality is, what you're seeing now, it's a little bit of an acceleration of how long we thought we were going to take to deliver on some projects, but it's those same areas that are delivering.

正如我們幾年前所闡述的那樣，我們說，儘管銷量有所變化，但我們認為我們可以達到 40 多美元的利潤率，因為我們有三大支柱：採購節省、釀酒效率提高以及我們的分銷網絡。而現實情況是，你現在看到的，是某些專案交付速度比我們預期的要快一些，但正是這些領域正在取得成果。

So I feel very comfortable of our ability to get to and maintain high 40s. Now in order to get past that line, then you do have some other things that we have to take into account, volume being one of them. And then tariffs, for example, being another one where this year, we only have a fraction of what the wraparound would be if nothing changes.

所以我很有信心我們能夠達到並維持40多歲的高水準。為了突破那條界限，我們還需要考慮其他一些因素，其中之一就是銷售量。例如，關稅就是另一個例子，今年我們實際獲得的補償金額只有如果情況沒有改變將會獲得的補償金額的一小部分。

So what I would say is we internally, we definitely want to go past high 40s and get to 50s. But to get there, we need to, one, continue down the projects that we're currently running in our savings agenda. But two, we do have now at that level, we do have some dependencies with volumes and costs and inflation. So we will ensure that we get to the highest number that we can. But right now, we're very, very happy with where we are today.

所以我想說的是，我們內部肯定希望突破 40 多歲，達到 50 多歲。但要實現這一目標，首先，我們需要繼續推進我們目前正在實施的儲蓄計畫項目。但第二，目前在這個層面上，我們確實存在一些與銷售、成本和通貨膨脹相關的依賴關係。所以我們會盡一切努力達到盡可能高的數字。但就目前而言，我們對我們所處的位置非常非常滿意。

Great. That's helpful. And then maybe just how did you offset the shipment deleverage this quarter maybe were the levers that you were able to pull to kind of offset the negative this quarter?

偉大的。那很有幫助。那麼，您是如何抵銷本季出貨量下降的影響的呢？您採取了哪些措施來抵銷本季的負面影響？

Yes. That's a great question. And one of the things that I think it's important to remind people is, it's really hard to look at quarter-to-quarter because although we talk about shipments and depletions, there is one other volume that we don't talk enough about, which is production. And therefore, it's not just how much you ship, but it's also how much you produce. And we had a strong production numbers, especially in our own footprint.

是的。這是一個很好的問題。我認為需要提醒大家的一點是，很難按季度來看情況，因為雖然我們談論出貨量和消耗量，但還有一個我們談論得不夠多的量，那就是產量。因此，重要的不僅是你的出貨量，還有你的產量。我們的生產數據非常強勁，尤其是在我們自己的生產基地。

So if you look at our percentage internal and external, it was up significantly versus last year. And therefore, that helped us, that plus the brewery efficiencies plus the other buckets that I mentioned, helped us offset that from a volume point of view. So if going back to some of the numbers we had 90% in Q3, internally, we had 66 last year, as just as a matter of how we plan out the volume. So that helped us in the quarter.

所以，如果你看一下我們的內部和外部資金佔比，你會發現它比去年有了顯著成長。因此，這幫助我們，再加上釀酒廠的效率提高以及我提到的其他因素，從產量角度來看，這幫助我們抵消了損失。所以，回顧我們第三季的一些數據，內部數據顯示我們達到了 90%，而去年同期只有 66%，這只是我們如何規劃產量的問題。所以這對我們本季的業績有所幫助。

Peter Grom, UBS.

Peter Grom，瑞銀集團。

So I wanted to get some perspective on just how you see the top line growth evolving within your portfolio as you look out over the next 12- to 18 months. Obviously, some cruiser momentum has been impressive this year. You've been able to partially send the declines that you're seeing interested in Truly. But you highlighted some of the challenges which that are likely to linger. It seems like Truly could be under pressure as well.

因此，我想了解一下，在您展望未來 12 至 18 個月時，您如何看待您的投資組合中的營收成長情況。顯然，今年一些巡航摩托車的發展勢頭十分強勁。您已經能夠部分發送您看到的對 Truly 感興趣的拒絕訊息。但您也指出了一些可能會長期存在的挑戰。Truly似乎也面臨壓力。

So just as you think about the path forward, and I know we'll get guidance ever. But just how do you think about the moving pieces as you look ahead given what we know today? And maybe specifically, whether you think the growth or the contribution from Sun Cruiser can be as strong next year versus what we're seeing this year?

所以，就像你在思考前進的道路一樣，我知道我們總是會得到指引。但鑑於我們今天所掌握的信息，在展望未來時，您究竟該如何看待各種變化因素呢？具體來說，您認為 Sun Cruiser 明年的成長或貢獻能否像今年一樣強勁？

Perfect. Thank you for the question. I'm going to start the answer, and then I'm going to hand it off to Jim. So as you've mentioned, we're working on our 2026 plan. But there are things we're very happy with. Sun Cruiser we're very happy with. It's one of the top brands, and we still think it has a lot of runway. So from that part of your question, yes, we still have strong hopes for the brand.

完美的。謝謝你的提問。我先來回答一下，然後交給吉姆。正如您所提到的，我們正在製定 2026 年計劃。但也有讓我們非常滿意的地方。我們對Sun Cruiser非常滿意。它是頂級品牌之一，我們仍然認為它還有很大的發展空間。所以，就你問題的這一部分而言，是的，我們仍然對這個品牌抱有很高的期望。

We also have other innovations and things that we feel strongly about. But it's also important where the total market is. We like our portfolio. We like the ability to win share, but there is a question of where the market is going to go, and I think that will be a piece of it. So in that tone, I'm going to hand it off to Jim and Jim, please, if you can share your view.

我們還有其他一些創新和我們非常重視的事物。但整個市場的規模也很重要。我們很喜歡我們的投資組合。我們喜歡贏得市場份額的能力，但市場走向如何也是一個問題，我認為這將是其中的一部分。所以，接下來我將把發言權交給吉姆。吉姆，如果你能分享一下你的看法，那就太好了。

Yes. In general, we are looking to at least maintain share for each of our brand families within their segment, if you will. So Sam Adams and Dogfish Head in Craft Beer, which we were able to do this year. Angry Orchard and Hard Cider, it's actually gaining share as it grows. Our issues are Twisted Tea and Truly. To be honest, Twisted Tea surprised us. It was couple of months of 2025 that was positive by -- it was growing maybe 5%. And then it's relatively quickly in this business flipped. And if you look into kind of in the last 13 weeks, it's gone from plus 5% to down double digits.

是的。總的來說，我們希望至少能夠維持旗下每個品牌系列在其細分市場中的份額。所以，今年我們得以推出 Sam Adams 和 Dogfish Head 精釀啤酒。Angry Orchard 和 Hard Cider 的市佔率實際上正在隨著其發展而成長。我們的問題是 Twisted Tea 和 Truly。說實話，Twisted Tea 讓我們感到驚訝。2025 年有幾個月是正成長的——成長幅度可能達到 5%。然後，在這個行業裡，情況很快就發生了轉變。如果你看一下過去 13 週的情況，你會發現它已經從成長 5% 轉為下降兩位數。

So our view of Twisted Tea is it ought to be able to maintain share within the FMB category. It's one of the two largest brands in that category. It's got significant marketing support ranging from what we believe are effective national advertising campaigns to a lot of local marketing and support with our wholesalers. So we would look to get that back to holding share within the category.

因此，我們認為 Twisted Tea 應該能夠在 FMB 類別中保持市場份額。它是該品類中最大的兩個品牌之一。它獲得了大量的行銷支持，包括我們認為有效的全國性廣告宣傳活動，以及與批發商進行的大量本地行銷和支援。所以我們希望能夠重新獲得該類別中的控股份額。

And the same thing with Truly. It is, in fact, been losing share in Hard Seltzer. And we've seen some growth from both of the styles in Truly Unruly. So we're -- that's growing as a part of our portfolio, but we would like to get that close to the category. And we are, as you can see, ramping up the brand support in all the different levers that we have with Truly, we're the sponsor of the US soccer team.

Truly 也是如此。事實上，它在硬蘇打水市場的份額一直在下降。我們看到 Truly Unruly 的兩種風格都取得了一些進步。所以，這部分業務正在我們產品組合中不斷發展壯大，但我們希望它能更接近該類別。正如你所看到的，我們正在利用我們與 Truly 合作的所有不同管道，加大品牌支持力度，我們是美國足球隊的贊助商。

So we believe that the World Cup will be a major event in the US. We're doing special things in the 11 cities and our wholesalers and retailers are very excited using Truly as the World Cup ramps up and takes up a lot of the summer. So that's how we look at those two, and that leaves Sun Cruiser, which we believe has significant runway.

因此，我們相信世界盃將成為美國的一件大事。我們在11個城市開展了一些特別活動，隨著世界杯的臨近，夏季的大部分時間都將用於世界杯，我們的批發商和零售商都非常興奮地使用Truly產品。所以這就是我們對這兩家公司的看法，剩下的就是 Sun Cruiser 了，我們認為它有很大的發展空間。

Next year, we will have full presence in chains. This year, we really missed most of the chain sets in the spring and how it kind of limp in during the fall resets. But next year, we will have a full across all of the major chains, full representation. We're very happy with the performance this year. Just didn't have distribution, but we were the number 1 in (technical difficulty) tea and vodka lemonade in Walmart, where we did have good distribution.

明年，我們將全面進軍連鎖店市場。今年，我們真的錯過了春季的大部分鏈條套裝，以及它在秋季重置期間的勉強恢復狀態。但明年，我們將全面涵蓋所有主要連鎖店，以實現全面覆蓋。我們對今年的成績非常滿意。只是沒有分銷管道，但我們在沃爾瑪的（技術難題）茶和伏特加檸檬水銷量排名第一，因為我們在沃爾瑪的分銷渠道很好。

So we think we'll have a full year in market next year. We are focusing on some underpenetrated markets in the Atlantic area that are big the key markets where we're not -- where we think our share should be. So we see another year certainly grown double digit, maybe even triple-digit growth for Sun Cruiser in 2026.

所以我們認為明年我們將有整整一年的時間在市場上銷售。我們正專注於大西洋地區一些滲透率較低的市場，這些市場規模龐大，是我們尚未涉足的關鍵市場——我們認為我們應該在這些市場佔據一定的份額。因此，我們預計 2026 年 Sun Cruiser 的銷售將再次實現兩位數成長，甚至可能達到三位數成長。

Great. And then just on the brand support you mentioned, how do you think about the balance of reinvestment versus kind of allowing savings to flow to the bottom line? I understand you have more flexibility and you want to support the brand longer term, but it doesn't seem to be shifting the depletion performance in the near term. So just how should we think about that moving forward?

偉大的。關於您提到的品牌支持，您如何看待再投資與節省下來的資金轉化為利潤之間的平衡？我理解您擁有更大的靈活性，並且希望長期支持該品牌，但這似乎並沒有在短期內改變其損耗情況。那麼，我們接下來該如何看待這個問題呢？

Go ahead, Jim.

請繼續，吉姆。

You should think of us as having a bias towards growth. That is how we look at the world. We believe that we should be growing our revenue. As a company, we are heavily weighted away from traditional beer towards what people call Beyond Beer, I like to call it a fourth category because it's not just Beyond Beer. It's beyond liquor, beyond wine. And there's a bunch of different ways to define that beyond beer.

你應該把我們看作是傾向於成長的一方。這就是我們看待世界的方式。我們認為應該提高收入。作為一家公司，我們嚴重偏離了傳統啤酒，轉向了人們所謂的「超越啤酒」領域。我喜歡稱之為第四個類別，因為它不僅僅是「超越啤酒」。它超越了烈酒，超越了葡萄酒。除了啤酒之外，還有很多不同的方式可以定義它。

But the way we're looking at it, it is -- there's a big growth gap between traditional beer, which this year looks like it's off by maybe 5.5%. We'll see where the numbers come in at the end of the year. And then Beyond Beer, which is down maybe 1% or 2%. So there's a 4% gap. And we are thinking next year, it won't be down at 5.5% for the overall beer category. We're thinking it will be down less, but we don't have a crystal ball. And we're thinking that the fourth category will return to a very modest growth next year.

但從我們的角度來看，確實存在這樣的情況——傳統啤酒與新式啤酒之間存在著很大的成長差距，今年傳統啤酒的成長似乎下降了 5.5%。我們拭目以待年底的數據。還有 Beyond Beer，股價可能下跌了 1% 或 2%。所以存在4%的差距。我們認為明年啤酒類別的整體降幅不會只有 5.5%。我們認為跌幅會小一些，但我們沒有水晶球。我們認為，明年第四類成長將恢復到非常溫和的水平。

So we play in a part of the total beer and beer like SKUs much more heavily than the rest of the traditional beer industry. So we believe that we are playing in what will be a growth category over the long run, and we're investing accordingly.

因此，我們在啤酒市場和類似啤酒的 SKU 中所佔的份額，比傳統啤酒行業的其他企業大得多。所以我們相信我們所處的領域從長遠來看將會是一個成長領域，我們也相應地進行了投資。

Yes. I will build on Jim's point just to clarify. If you just look at this year, yes, you can say, well, the split between how much has gone to profit versus the brands. But if you look back two- or three years, we've actually generated savings for both, right? We've improved our profitability, and we've invested in our brands.

是的。為了更清楚地說明，我將補充吉姆的觀點。如果你只看今年，是的，你可以說，利潤和品牌之間的分配情況。但回顧過去兩三年，我們實際上在這兩方面都節省了開支，對吧？我們提高了獲利能力，並且投資了我們的品牌。

So I think what we've shown that we are very good at is reacting to the market. So the market conditions and where our brands are, I think we're doing the right thing. But we're also -- as we go forward and plan for next year, I think where things are working, we'll invest more, where we feel like we should drop to the bottom line or invest in something else, we will. So I will continue to share our capital allocation as we go forward with you guys.

所以我認為我們已經證明，我們非常擅長的就是對市場做出反應。所以，就市場狀況和我們品牌的現狀而言，我認為我們正在做正確的事情。但是，隨著我們展望未來並製定明年的計劃，我認為在進展順利的地方，我們會增加投資；在我們認為應該降低成本或投資於其他方面的地方，我們也會這樣做。所以，接下來我會繼續跟大家分享我們的資金配置。

Eric Serotta, Morgan Stanley.

艾瑞克‧塞羅塔，摩根士丹利。

Great. A couple of housekeeping items. First on the year-to-date, I think it's 42-week depletions were down 4% versus down 3% through the 39 weeks. Is that just rounding and maybe a case of down 3%, 4% versus down 3.6%? Or did the business slow in October?

偉大的。一些家務用品。首先，就今年迄今為止的情況來看，我認為 42 週的消耗量下降了 4%，而 39 週的消耗量下降了 3%。這只是四捨五入的結果嗎？可能是下降 3%、4% 而不是下降 3.6%？還是說10月業務放緩了？

So I mean, the numbers are very close. So it's not there was a significant change in the last period. It's to your point, more about where the numbers end up.

我的意思是，這些數字非常接近。所以，上個時期並沒有發生重大變化。正如你所說，更重要的是最終的數字是多少。

Okay. And then, Diego, your comment on the higher volumes and your own production footprint in the quarter and the higher production volumes overall. Do you see that as sustainable into the fourth quarter and early next year? And more broadly, where do you stand in terms of reconfiguring the third-party production that you guys have put in place several years ago now?

好的。然後，迭戈，你對本季更高的產量、你自己的生產規模以及整體更高的產量有什麼看法？您認為這種趨勢能夠持續到第四季和明年年初嗎？更廣泛地說，你們對重新配置幾年前建立的第三方生產體系持什麼立場？

Okay. Let me break that into the different parts of the question. So no we don't foresee that going into the fourth quarter, and our guidance reflects that. As we've said before, the fourth quarter is our lowest production volume of the year. And because of that, the lowest margin quarter by far.

好的。讓我把這個問題分解成幾個部分來討論。所以，我們預期第四季不會出現這種情況，我們的業績指引也反映了這一點。正如我們之前所說，第四季是我們全年產量最低的季度。正因如此，本季利潤率遠低於往年。

They're also -- we're also lapping, for example, Sun Cruiser had already started a little bit last year in the fourth quarter. So no, we're not projecting in our guidance for that production strength to continue into the fourth quarter. But that's why we focus on the full year guidance because quarter-to-quarter, it can easily move without it being significant to the full year guidance. 2026, we'll come back and we'll talk a little bit more when we give guidance for 2026.

他們也在——我們也在追趕，例如，Sun Cruiser 去年第四季就已經開始追趕了。所以，不，我們預計這種強勁的生產勢頭不會延續到第四季。但也因為如此，我們才更關注全年業績指引，因為季度業績波動可能很大，但對全年業績指引的影響卻不大。至於2026年，我們會稍後再詳細討論，屆時會給予2026年的業績指引。

And the third part of your question is we are constantly updating our relationships with our third-party. But I do want to remind people that the volume need is not the only reason why we have co-packers. Part of it is also it has allowed us not to have to build a facility for any type of emergency or any reason we would have to stop our production in our own facility.

你問題的第三部分是，我們一直在更新與第三方的關係。但我確實想提醒大家，銷售需求並不是我們引進代工包裝商的唯一原因。部分原因還在於，它使我們能夠不必為任何類型的緊急情況或任何導致我們不得不停止自有工廠生產的原因而建造設施。

So we always have a backup and then we feel that's important. And it's also geographically advantageous for some of our products. So we are continuing to review that, and we -- every couple of quarters, we look at upcoming renewals of contracts, and we'll brief you as those come up.

所以我們總是會有備用方案，我們覺得這很重要。而且，從地理位置上看，這對我們的一些產品也很有利。因此，我們正在繼續審查此事，並且每隔幾個季度，我們都會審查即將續簽的合同，並在情況出現時向您報告。

Great. And then just one last housekeeping item. I believe you gave the shortfall fee outlook in the Qs -- check the latest. But can you just remind us the amortization of the prepaid expense? Does that step down next year? And sort of what's the magnitude there?

偉大的。最後還有一件要處理的事情。我相信您在季度報告中已經給出了缺口費用的展望——請查看最新版本。您能否提醒我們預付費用攤銷的相關事宜？明年會降級嗎？那麼，那裡的規模究竟有多大呢？

Yes, you are correct. Like there's two pieces to the shortfall fees. So the amortization does go away, but we continue to have the regular shortfall fees. So you can see in our 10-Q, you can see year-by-year what our forecast is for each one of the shortfall fees. And I'm happy to send it to you if needed.

是的，你說得對。就像缺口費用分為兩部分一樣。因此，攤銷費用雖然消失了，但我們仍然需要支付常規的資金缺口費用。所以你可以從我們的 10-Q 表格中看到，我們可以逐年查看我們對每項缺口費用的預測。如果需要，我很樂意寄給你。

I could check the Qs, but thank you.

我可以查看問題，不過還是謝謝你。

Robert Ottenstein, Evercore ISI.

Robert Ottenstein，Evercore ISI。

This is Greg. This is Greg on for Robert. I was wondering if you could just talk a little bit about the impact from both hemp beverages and then the Hispanic consumer on your products? You talked about them both on like a higher level. But have you guys done any work into like how much of this 5% to 5.5% decline in the beer category is due to the weaker Hispanic consumer and then how much you think hemp beverages is impacting demand to your products?

這是格雷格。這是格雷格替羅伯特報道。我想請您談談大麻飲料和西班牙裔消費者對貴公司產品的影響？你從更高的層面談論了他們兩個。但你們有沒有研究過，啤酒類別 5% 到 5.5% 的下滑有多少是由於西班牙裔消費者的消費能力下降造成的？你們認為大麻飲料對你們產品的需求有多大影響？

Jim, would you like to answer that question?

吉姆，你願意回答這個問題嗎？

Sure. There isn't really great data on these things. So I'm going to be pulling numbers out of the air. I think for us, about 20% of our drinkers for Twisted Tea are Hispanic, and that's broadly reflective of the total market. I would -- to me, the biggest four things are basically the overall macroeconomic situation, which kind of broadly is okay.

當然。關於這些方面，並沒有太多可靠的數據。所以我要隨意說出一些數字。我認為，在我們這裡，Twisted Tea 的飲用者中約有 20% 是西班牙裔，這大致反映了整個市場的組成。對我來說，最重要的四件事基本上就是整體宏觀經濟情勢，而宏觀經濟情勢整體上還算可以。

But for the 80% of the population in the bottom quintile it's not good. And those are heavily beer drinking. So that's weak. The second is health concerns. So those to me are the two biggest things. There's just lots of media on alcohol causes cancer despite the National Academy of Sciences and their more considered opinion. So we have those two big things going on.

但對於佔人口80%、處於社會底層五分之一的族群來說，情況並不樂觀。而且他們都是啤酒重度愛好者。所以這很弱。第二點是健康問題。對我來說，這兩件事是最重要的。儘管美國國家科學院提出了更審慎的觀點，但媒體上仍充斥著大量關於酒精導致癌症的報導。所以我們現在有兩件大事要處理。

Hemp, it's smaller. Maybe of that 5.5%. It might be 1% because it's limited to only a smaller number of states and availability. And I guess, so that's the economy and the health issues, I think, are the two biggest things. Maybe those represent over half of that 5.5% and then the Hispanic community and then hemp. And after that, you have a little noise things, GLP-1 and things like that. Does that help?

大麻纖維，它比較小。或許是那5.5%中的一部分。可能是 1%，因為它僅限於少數幾個州和有限的可用性。我想，經濟和健康問題是兩大最重要的問題。也許這些佔了那 5.5% 的一半以上，然後是西班牙裔社區，然後是大麻。之後，還有一些噪音方面的東西，像是 GLP-1 之類的。這樣有幫助嗎？

Yes. That's great. And then just maybe within the hemp beverages, when you guys see consumers like moving towards some of those products and like which of your products do you think are most exposed to those market share losses?

是的。那太棒了。那麼，在大麻飲料領域，當你們看到消費者傾向於選擇某些大麻飲料產品時，你們認為你們的哪些產品最容易受到市場份額損失的影響呢？

I don't think we have that level of detail, to be honest, just by each one of the brands because to Jim's point, it's such an evolving legal framework and category. Like every day you wake up and a state is in, it's out, et cetera. So that would be a hard question to answer. But as we go forward and things clarify, we can share that.

坦白說，我認為我們還沒有掌握每個品牌所需的詳細程度，因為正如吉姆所說，這是一個不斷發展的法律框架和類別。就像每天你醒來，某個州的狀態就發生了變化，一會兒生效，一會兒失效，等等。所以這個問題很難回答。但隨著事態發展和情況明朗化，我們可以分享這些資訊。

Bill Kirk, ROTH Capital Partners.

Bill Kirk，ROTH Capital Partners。

So I asked a very similar question last quarter, but now year-to-date EPS is almost $12 a share. Full year guidance implies a 4Q loss of $4 a share to $2 a share. So when you look at 4Q, is there really no scenario where you see positive EPS? And I asked because before 2021, 4Q was always a positive earnings quarter. Since 2021, it hasn't been positive once, I don't think. But I guess, what changed with the earnings seasonality that makes 4Q a negative earnings quarter?

上個季度我問了一個非常類似的問題，但現在今年迄今的每股盈餘接近 12 美元。全年業績預期意味著第四季每股虧損 4 美元至 2 美元。那麼，展望第四季度，真的沒有任何可能出現每股收益為正的情況嗎？我之所以這麼問，是因為在 2021 年之前，第四季總是獲利的季度。自 2021 年以來，我想，就沒有一次是陽性結果。但我想，是什麼改變了獲利季節性，導致第四季出現虧損？

So well, clearly, you didn't like my answer last time. But I think -- look, we've been very clear how the fourth quarter is always the lowest quarter. But one of the things we did do this year and from the beginning, we said is we were really going to try to produce a head of demand to avoid some of the issues that we saw in the summer last year and at the end of the year.

看來，你上次不喜歡我的回答。但我認為——你看，我們已經非常清楚地表明，第四季總是業績最差的季度。但今年我們確實做了一件事，而且從一開始就說，我們要努力製造需求高峰，以避免去年夏天和年底出現的一些問題。

And also, we had very high hopes for Sun Cruiser. So again, from a production shipment point of view, we went ahead and you saw our days kind of grow in the second quarter and start coming down in the third quarter. So there has been a change in our production and shipment pattern from previous years as we've really tried to make sure that our distributors and our customers had access. That would be one.

而且，我們對Sun Cruiser也寄予厚望。所以，從生產出貨的角度來看，我們繼續推進，你們可以看到我們的出貨量在第二季有所成長，然後在第三季開始下降。因此，與往年相比，我們的生產和出貨模式發生了變化，因為我們一直在努力確保我們的經銷商和客戶都能獲得產品。那算一個。

The other one is we took up our guidance for marketing spend for the full year and a lot of that will come in the fourth quarter. So we are going to invest significantly more in the fourth quarter than we did last year in our investments. So I think if you put those things together, that's why the full year guidance is we're improving it in total, but Q4 has a different shape than the year before.

另一件事是，我們採納了全年行銷支出指導方針，其中許多支出將在第四季度實現。因此，我們將在第四季投入比去年同期更多的資金。所以我覺得，把這些因素綜合起來考慮，這就是為什麼我們全年業績預期總體上有所改善，但第四季度的業績與上年同期有所不同的原因。

Bill, I can give you a little more color. Essentially, what's happened over the last, whatever it is, five- or six years, our mix has moved from primarily craft beer and hard cider to primarily Truly and Twisted Tea. That means we've moved more to very summer-oriented beverages like Truly and Tea and now Sun Cruiser away from Sam Adams and Angry Orchard. And Sam Adams was always a trade up, much like the fourth quarter is the biggest quarter for spirits.

比爾，我可以補充一些細節給你。基本上，在過去的五、六年裡，我們的產品組合已經從以精釀啤酒和蘋果酒為主轉變為以 Truly 和 Twisted Tea 為主。這意味著我們已經更多地轉向了像 Truly 和 Tea 以及現在的 Sun Cruiser 這樣非常適合夏季飲用的飲料，而不是 Sam Adams 和 Angry Orchard。山姆亞當斯啤酒一直都是一種升級之選，就像第四季是烈酒銷售最旺的季度一樣。

It was a trade-up to Sam Adams when people were entertaining, they were out on-premise was strong. And per Angry Orchard, October and November are the biggest months because it's big Halloween, Thanksgiving, Apple Harvest those kind of things. So our primary products move from more summer oriented away from more Q4 oriented.

當人們外出娛樂時，山姆亞當斯啤酒是一種升級選擇，而且當時的現場銷售情況也很好。據 Angry Orchard 稱，十月和十一月是銷售最旺的月份，因為這兩個月有萬聖節、感恩節、蘋果豐收等節日。因此，我們的主要產品從更偏向夏季市場轉向更偏向第四季市場。

That makes a lot of sense. And then a few years ago in Vermont, right? They put spirit-based RTDs next to the Malt products. At the time, I would guess that you wouldn't have supported that change. But now with Sun Cruiser, where does Boston Beer stand on channel access initiatives for spirits or even tax equivalency proposals? And are there any large legislative changes out there that are possible in the near term?

這很有道理。然後幾年前在佛蒙特州，對吧？他們把以烈酒為基底的即飲飲料放在麥芽產品旁。我猜想，當時你不會支持這項改變。但現在有了 Sun Cruiser，波士頓啤酒公司對烈酒通路准入計劃，甚至是稅收等效提案持何立場？近期內是否有可能出現任何重大的立法變革？

Jim, I will hand that over to you.

吉姆，我會把它交給你的。

Yes. Our position hasn't changed. We think that historically, I mean, going all the way back to, I think, 1794, the first sort of broad taxes in the US that were not import duties, were on whiskey. So spear and not on beer. Beer did not get a federal tax till, believe it or not, to fund the civil war, which was a little while ago, but the tax hasn't gone away.

是的。我們的立場沒有改變。我們認為，從歷史上看，我的意思是，追溯到 1794 年，美國第一次徵收的非進口關稅的廣泛稅收是針對威士忌徵收的。所以是矛，而不是啤酒。信不信由你，啤酒直到內戰時期才開始徵收聯邦稅，而內戰是很久以前的事了，但這項稅收至今仍然存在。

So we support the historical tax structure and availability structure that's served the alcohol industry quite well since prohibition. So our position on equivalency hasn't changed. We believe there's a difference between beer is the beverage moderation and our friends over in the spirits industry, we're still with the Beer Institute on this.

因此，我們支持自禁酒令以來一直對酒類產業非常有利的傳統稅收結構和供應結構。因此，我們對等效性的立場並沒有改變。我們認為啤酒是一種適度飲用的飲料，而我們在烈酒行業的朋友們則認為啤酒和烈酒之間存在區別，在這方面我們仍然與啤酒協會保持一致。

And at this time, there are no further questions. And now I'd like to turn the floor back over to Jim Cook for any closing remarks.

目前沒有其他問題了。現在我想把發言權交還給吉姆·庫克，讓他做最後的總結發言。

Thank you all for joining us, and I'm looking forward to talking to you again in February when we can sum up this crazy year in the beer business. Cheers.

感謝各位的參與，我期待在二月再次與大家交流，屆時我們可以總結一下啤酒行業這瘋狂的一年。乾杯。