The Boston Beer Company, Inc. (SAM) 2026 Q1 法說會逐字稿

Greetings. Welcome to The Boston Beer Company first-quarter 2026 earnings call.

各位好。歡迎參加波士頓啤酒公司 2026 年第一季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

(接線員指示) 提醒各位，本次會議將被錄音。

It is now my pleasure to introduce Mike Andrews, Associate General Counsel and Corporate Secretary. Please go ahead.

現在我很榮幸介紹 Mike Andrews，副總法律顧問兼公司秘書。請開始。

Thank you. Good afternoon. Welcome. This is Mike Andrews, Associate General Counsel and Corporate Secretary of the Boston Beer Company.

謝謝。下午好。歡迎各位。我是 Mike Andrews，波士頓啤酒公司副總法律顧問兼公司秘書。

I'm pleased to kick off our 2026 first-quarter earnings call.

我很高興為我們 2026 年第一季財報電話會議揭開序幕。

Joining the call from Boston Beer are Jim Koch, Founder, CEO, and Chairman; and Diego Reynoso, our CFO.

與會的波士頓啤酒公司代表包括創辦人、執行長兼董事長 Jim Koch，以及我們的財務長 Diego Reynoso。

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

在討論業務之前，我先宣讀免責聲明：

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.

如我們在財報新聞稿中所述，我們在本次電話會議中討論的部分資訊，以及本次會議可能提及的內容，反映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。

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.

請務必注意，公司實際結果可能與這些前瞻性陳述所預測者存在重大差異。有關可能導致實際結果與前瞻性陳述所述結果出現重大差異之因素的更多資訊，載於公司最新的 10-Q 與 10-K。

The company does not undertake to publicly update forward-looking statements, whether as a result of new information, future events, or otherwise.

公司不承諾因新資訊、未來事件或其他原因而公開更新前瞻性陳述。

I will now pass over to Jim to share his comments.

接下來我把時間交給 Jim，請他發表評論。

Thanks, Mike.

謝謝你，Mike。

I'll begin my remarks this afternoon with an overview of our strategy and operating results, before turning the call over to Diego to discuss our first-quarter financial results and our financial outlook for the remainder of 2026. Immediately following Diego's comments, we will open the line for questions.

今天下午我將先概述我們的策略與營運成果，接著把電話交給 Diego，請他說明第一季財務結果，以及我們對 2026 年剩餘期間的財務展望。在 Diego 發言結束後，我們將開放提問。

In the first quarter, we were encouraged to see some signs of improvement in the total beer and RTD category, which we estimate was flat in volume compared to a decline of 4% for the full year of 2025.

第一季，我們很高興看到整體啤酒與 RTD（即飲）品類出現一些改善跡象；我們估計其銷量與去年同期持平，而 2025 全年則下滑 4%。

Beyond beer continues to outperform traditional beer in volume in measured off-premise channels, with an increase of about 3% for the quarter compared to traditional beer, which slightly declined.

在可衡量的非即飲通路中，「Beyond beer」品類的銷量持續優於傳統啤酒，本季約成長 3%；相較之下，傳統啤酒略為下滑。

While these trends represent modest industry progress, we continue to anticipate volume headwinds for 2026, given a dynamic macroeconomic environment and evolving geopolitical developments that may impact consumer spending.

儘管這些趨勢代表產業出現溫和進展，但鑑於多變的總體經濟環境與持續演變的地緣政治發展可能影響消費支出，我們仍預期 2026 年銷量將面臨逆風。

With respect to the Boston Beer portfolio, we have not yet fully participated in the improvement in category trends. We are encouraged that Twisted Tea and Sun Cruiser, together, are growing depletions, driven by the strong performance of Sun Cruiser and some sequential improvement in Twisted Tea.

就波士頓啤酒的產品組合而言，我們尚未完全參與品類趨勢改善所帶來的成長。我們感到鼓舞的是，Twisted Tea 與 Sun Cruiser 合計的去化量正在成長，主要由 Sun Cruiser 的強勁表現，以及 Twisted Tea 的一些連續性改善所帶動。

Angry Orchard and Dogfish Head have now experienced four consecutive quarters of growth. However, Truly remains a meaningful portion of our mix and continues to lose share.

Angry Orchard 與 Dogfish Head 已連續四個季度成長。然而，Truly 仍占我們組合中相當重要的比重，且持續流失市占。

We've also seen some softness in Samuel Adams and Hard Mtn Dew.

我們也看到 Samuel Adams 與 Hard Mtn Dew 有些疲弱。

Our first-quarter depletions were down 4%. As we expected, shipments trailed depletions at down 7%, reflecting first -quarter 2025 shipments comparisons, when distributors built inventory for our Sun Cruiser and Truly Unruly innovations.

第一季我們的去化量下滑 4%。如我們所預期，出貨量落後於去化量、下滑 7%，反映 2025 年第一季的出貨比較基期，當時經銷商為 Sun Cruiser 與 Truly Unruly 的創新產品建立庫存。

Additionally, improvements in the responsiveness of our supply chain to meet consumer demand led to moderately lower distributor inventory of four-and-a-half weeks on hand at the end of the quarter versus five weeks on hand in the prior-year period.

此外，我們供應鏈在滿足消費需求方面的反應速度提升，使得本季末經銷商庫存略降至約 4.5 週供應量，低於去年同期的 5 週。

We continue to make strong progress on our margin-enhancement initiatives, delivering 49.3% first-quarter gross margin. We're on track to achieve our planned full-year 2026 savings.

我們在毛利提升計畫上持續取得強勁進展，第一季毛利率達 49.3%。我們正按計畫達成 2026 全年預定的節省目標。

The business is generating strong cash flow. We have repurchased over $30 million in shares, year to date.

業務正在產生強勁的現金流。截至目前為止，我們已回購超過 3,000 萬美元的股份。

Our priorities for 2026 continue to be supporting our category-leading brands to improve market share trends; launching strong innovation; and continuing to expand our gross margins.

我們 2026 年的優先事項仍是：支持我們在品類中領先的品牌以改善市占趨勢；推出強勁的創新；並持續擴大毛利率。

We remain focused on controlling what we can control and executing in the marketplace. I'm confident in our operating plans for the key summer-selling season.

我們仍專注於掌控可控事項，並在市場上落實執行。我對關鍵的夏季銷售旺季之營運計畫充滿信心。

Incremental advertising support for our brands, following a significant step-up in 2025, is on track, while maintaining flexibility to adjust toward the lower end of our financial guidance range of brand investments, as we monitor the energy-cost environment.

在 2025 年大幅加碼之後，我們對品牌的增量廣告支持正按計畫推進；同時，隨著我們監測能源成本環境，我們也保有彈性，可將品牌投資調整至財務指引區間的較低端。

With respect to our full-year outlook, we expect the factors that I discussed on our last call, including tighter consumer budgets, pressure on the Hispanic consumer, and moderation trends, to continue.

就全年展望而言，我們預期我在上次電話會議中提到的因素將持續存在，包括消費者預算更緊、拉丁裔消費者承壓，以及節制飲酒（moderation）趨勢。

Based on year-to-date depletion trends and our latest outlook for the balance of the year, we are slightly narrowing our 2026 volume range to down low-single digits to mid-single digits from our prior guidance of flat to down mid-single digits.

基於年初至今的去化趨勢以及我們對今年剩餘期間的最新展望，我們將 2026 年銷量區間略為收斂，從先前指引的「持平至下滑中個位數」調整為「下滑低個位數至中個位數」。

As we look to the summer, we're highly focused on executing our marketing plans, with strong partnerships, programming for the US men's soccer team during the World Cup, and local-market activations. We expect to slightly increase our total portfolio shelf space this spring, while we continue to make progress on regaining lost display space.

展望夏季，我們高度聚焦於執行行銷計畫，包括強而有力的合作夥伴關係、在世界盃期間針對美國男子足球隊的活動規劃，以及在地市場的推廣活動。我們預期今年春季整體產品組合的貨架空間將小幅增加，同時持續在收復流失的陳列空間方面取得進展。

I'll now provide an overview of our brand performance and plans. As I mentioned on our last call, a key priority for 2026 is to improve share trends and grow volume in the [hard tea] category through progress in Twisted Tea and the continued expansion of Sun Cruiser.

接下來我將概述各品牌的表現與計畫。如我在上次電話會議中提到，2026 年的一項關鍵優先事項，是透過推動 Twisted Tea 的進展以及持續擴張 Sun Cruiser，在[hard tea]（硬茶）品類改善市占趨勢並帶動銷量成長。

On a combined basis, Twisted Tea and Sun Cruiser delivered depletion volume growth in the first quarter. As a reminder, to the extent that Sun Cruiser sources volume from Twisted Tea, this is revenue- and margin-accretive for us.

合併來看，Twisted Tea 與 Sun Cruiser 在第一季帶來去化量成長。提醒各位，若 Sun Cruiser 的銷量部分來自 Twisted Tea 的轉移，對我們而言在營收與毛利上是增益的。

Twisted Tea off-premise measured channel depletion trends improved sequentially in the first quarter but are not yet where we want them to be. Measured channel sales dollars declined 4% in the quarter compared to a decline of 9% in the fourth quarter against more difficult prior-year comparisons.

第一季 Twisted Tea 在非即飲可衡量通路的去化趨勢較前一季改善，但仍未達到我們希望的水準。本季可衡量通路的銷售金額下滑 4%，相較於第四季在更具挑戰的去年同期比較基期下下滑 9%。

Twisted Tea continued to gain distribution and shelf space with lower velocities, reflecting broader category headwinds; reduced feature and display activity, primarily due to the expansion of RTD spirits and some interactions with spirit-based hard tea. The declines are primarily concentrated in the original lemon tea and variety packs, particularly in 12-pack sizes, as previously discussed.

Twisted Tea 持續提升鋪貨與貨架空間，但動銷速度較低，反映更廣泛的品類逆風；促銷與陳列活動減少，主要因 RTD 烈酒擴張，以及與以烈酒為基底的硬茶之間的部分互動影響。下滑主要集中在原味檸檬茶與綜合口味組合包，尤其是 12 入裝規格，如先前所討論。

Encouragingly, Twisted Tea Extreme and Twisted Tea Light are both growing and gaining shelf space in the spring resets. We're seeing much better trends in single-serve across the full brand portfolio, which indicates continued consumer engagement with the Twisted Tea brand.

令人鼓舞的是，Twisted Tea Extreme 與 Twisted Tea Light 皆在成長，並在春季貨架重整（reset）中取得更多貨架空間。我們在全品牌組合的單瓶/單罐即飲（single-serve）上看到更好的趨勢，顯示消費者對 Twisted Tea 品牌仍持續投入。

So far, this year, we've increased advertising investment; added new partnerships; and launched new pack sizes and Twisted Tea Extreme flavor innovation.

截至目前為止，今年我們已提高廣告投資；新增合作夥伴；並推出新的包裝規格以及 Twisted Tea Extreme 的口味創新。

This summer, we'll be running our high-performing Tea Drop national ads, complemented with in-store display programs and always-on media for Twisted Tea Extreme and Twisted Tea Light. We've expanded partnerships, including Barstool's number 1 sports podcast, Pardon My Take; and with Realtree Camo.

今年夏天，我們將投放表現優異的 Tea Drop 全國性廣告，並搭配店內陳列方案，以及針對 Twisted Tea Extreme 與 Twisted Tea Light 的常態化媒體投放。我們也擴大合作夥伴關係，包括 Barstool 的第一名運動播客《Pardon My Take》，以及與 Realtree Camo 的合作。

Lastly, we continue to increase our investment in Hispanic and Hispanic-language brand content, including new media and digital content, to continue to widen the brand's appeal.

最後，我們持續加大對拉丁裔及西班牙語品牌內容的投資，包括新的媒體與數位內容，以進一步擴大品牌吸引力。

Our pack-size innovations, including lower price point 4-packs, a 16-ounce can, a 24-can value pack, and the Twisted Tea Extreme variety pack are now in market. While it is still early, we believe these offerings will continue to provide more options for consumers to engage with the brand and benefit volumes, over time.

我們在包裝規格上的創新，包括較低價位的4入裝、16盎司罐、24罐超值裝，以及Twisted Tea Extreme綜合口味組合包，現已上市。雖然目前仍屬早期階段，但我們相信這些產品將持續為消費者提供更多與品牌互動的選擇，並隨時間推進帶動銷量。

Sun Cruiser has quickly grown to a top 5 spirits RTDs and is the fastest growing brand in the category by volume across combined measured and off-premise channels. Built in bars and restaurants, Sun Cruiser is the leading RTD spirits tea and lemonade brand in the measured on-premise channels.

Sun Cruiser已迅速成長為烈酒即飲（RTD）品類前五大品牌，並且在合併的可衡量通路與非店內（off-premise）通路中，以銷量計為該品類成長最快的品牌。Sun Cruiser以酒吧與餐廳通路為基礎建立，在可衡量的店內（on-premise）通路中，是領先的RTD烈酒茶與檸檬水品牌。

On-premise remains a key driver of trial. We are investing in the channel, alongside our off-premise expansion.

店內通路仍是帶動試飲的關鍵驅動因素。在擴展非店內通路的同時，我們也持續投資於該通路。

We expect strong distribution gains for Sun Cruiser in 2026 but continue to expect measured off-channel, off-premise data coverage to be lower versus our other brands due to Sun Cruiser's strong premise in on-premise and independence.

我們預期Sun Cruiser在2026年將取得強勁的通路鋪貨增長，但由於Sun Cruiser在店內通路的強勢基礎以及其獨立性，我們仍預期其可衡量的非店內通路、非店內（off-premise）數據覆蓋率將低於我們其他品牌。

Advertising support for Sun Cruiser includes content around the Let the Good Times Cruise media campaign, which includes television; paid social and digital advertising; and key influencers. We will be present where Sun Cruiser fits into our drinkers' lifestyles, with a particular focus on music and sports.

對Sun Cruiser的廣告支持包括「Let the Good Times Cruise」媒體活動相關內容，涵蓋電視；付費社群與數位廣告；以及關鍵意見領袖。我們將在Sun Cruiser契合消費者生活型態的場域中曝光，並特別聚焦於音樂與運動。

We recently announced a multi-year USGA partnership, making Sun Cruiser the official ready-to-drink cocktail of two of golf's most noticeable championships, the US Open and the US Women's Open.

我們近期宣布與USGA建立多年合作夥伴關係，使Sun Cruiser成為高爾夫兩項最受矚目的錦標賽——美國公開賽（US Open）與美國女子公開賽（US Women's Open）——的官方即飲雞尾酒。

The partnership goes live this spring. Programming includes retail and tournament activation; golf media; influencers; and experiential marketing programs; as well as wholesaler incentives.

該合作將於今年春季正式啟動。相關活動規劃包括零售與賽事現場啟動活動；高爾夫媒體；意見領袖；體驗式行銷方案；以及批發商激勵措施。

Sun Cruiser will have continued media presence in sports, including the NCAA, the MLB, the NFL, and sponsorship of numerous music concert series.

Sun Cruiser將持續在體育領域保持媒體曝光，包括NCAA、MLB、NFL，以及贊助多個音樂演唱會系列。

From an innovation perspective, we're maintaining a disciplined range of tea and lemonade styles, while expanding package options, including new 19.2-ounce single-serve packages; single-style 8-packs; and tea and lemonade sampler 12-packs. We expect these offerings to broaden drinker occasions and support strong growth in 2026.

從創新角度來看，我們在維持茶與檸檬水風格的精準產品範圍的同時，也擴充包裝選項，包括新的19.2盎司單罐即飲包裝；單一口味8入裝；以及茶與檸檬水綜合試飲12入裝。我們預期這些產品將拓展飲用情境，並支持2026年的強勁成長。

Turning to hard seltzer, the overall hard seltzer category has continued to improve and grew slightly in dollars in measured off-premise channels for the first quarter. Truly has maintained its number 2 share position in the category. However, share trends remain challenged.

談到硬蘇打（hard seltzer），整體硬蘇打品類持續改善，第一季在可衡量的非店內通路中，以金額計略有成長。Truly維持其在該品類的第2名市佔地位。然而，市佔趨勢仍面臨挑戰。

Our effort to improve our share during 2026 include investing in new equity-building creative; capitalizing on the US Men's Soccer team participating in the World Cup; and continuing to expand Truly Unruly.

我們在2026年提升市佔的努力包括投資新的品牌資產（equity）建立型創意；把握美國男子足球隊參與世界盃的契機；以及持續擴展Truly Unruly。

We're continuing to build our communications platform of Make Your Dreams Come Truly, while leveraging our US Soccer partnership through our Drink Like A Believer program.

我們將持續打造「Make Your Dreams Come Truly」的溝通平台，同時透過「Drink Like A Believer」計畫，運用我們與美國足球的合作夥伴關係。

Drink Like A Believer commercial activities launched in May and have been well-received by major retailers. The programming includes displays and a US Soccer collector set of singles, along with a soccer-themed Star Squad Rotator 12-pack and 24-pack. In addition, we will have significant local media and retail programming investment in the 11 host cities.

「Drink Like A Believer」的商業活動於5月啟動，並獲得主要零售商的良好回饋。活動內容包括陳列展示與美國足球收藏版單罐組合，並搭配足球主題的Star Squad Rotator 12入裝與24入裝。此外，我們也將在11個主辦城市投入大量在地媒體與零售活動資源。

High ABV offerings continue to be a growth driver in hard seltzer. Truly Unruly continues to grow both volume and distribution as our second-highest volume 12-pack.

高酒精度（ABV）產品持續成為硬蘇打的成長驅動因素。Truly Unruly作為我們銷量第二高的12入裝產品，持續在銷量與通路鋪貨上成長。

In cider, Angry Orchard continues to grow, supported by new positioning, refreshed creative, and strong retail programming, including our St. Patrick's Day-themed promotions and displays in the first quarter.

在蘋果酒（cider）方面，Angry Orchard在新定位、更新的創意素材以及強勁的零售活動支持下持續成長，其中包括第一季以聖派翠克節為主題的促銷與陳列。

The new Angry Orchard Crisp Imperial 19.2 single-serve cans are a growth driver for the brand. Overall, Crisp Imperial volume has increased more than 40% in the first quarter in measured off-premise channels.

全新的Angry Orchard Crisp Imperial 19.2盎司單罐即飲產品是該品牌的成長驅動因素。整體而言，Crisp Imperial在第一季於可衡量的非店內通路中，銷量成長超過40%。

For our Samuel Adams brand, we have recently updated our brand messaging around Independent Since Forever and are excited to celebrate America's 250th anniversary this summer. To support our Drink Like It's 1776 retail programming and promotions, we have launched limited edition retro packaging.

就Samuel Adams品牌而言，我們近期更新了圍繞「Independent Since Forever」的品牌訊息，並很高興在今年夏天慶祝美國建國250週年。為支持我們「Drink Like It's 1776」的零售活動與促銷，我們推出了限量版復古包裝。

For our Dogfish Head brand, which returned to growth in 2025 and has grown for four consecutive quarters, we continue to expand Dogfish Head's Grateful Dead beer collaboration and invest behind the Minute Series' IPAs.

就Dogfish Head品牌而言，該品牌於2025年重回成長，並已連續四個季度成長；我們持續擴展Dogfish Head與Grateful Dead的啤酒聯名合作，並加大對Minute Series IPA產品的投資。

Turning to innovation, we continue to prioritize high-growth, margin-accretive opportunities. Our Sinless Vodka Cocktails are full-flavored spirit-based cocktails, with zero sugar and zero carbs. With approximately 100 calories per can, it is positioned as guilty of flavor, free of sugar and carbs; and targets incremental consumer segments that complement our core brand portfolio.

談到創新，我們持續優先聚焦於高成長、可提升毛利的機會。我們的Sinless Vodka Cocktails為風味飽滿的烈酒基底雞尾酒，零糖、零碳水。每罐約100卡路里，其定位為「有罪於風味、無負擔於糖與碳水」；並鎖定可補強我們核心品牌組合的增量消費族群。

Sinless was tested in a small number of states in 2025 and expanded to more than 30 states in March. Sinless is in the early stages of launch. Initial feedback from wholesalers, retailers, and drinkers has been positive.

Sinless於2025年在少數州進行測試，並於3月擴展至超過30個州。Sinless仍處於上市初期階段。來自批發商、零售商與消費者的初步回饋均為正面。

In closing, I'm encouraged to see modest improvements in category trends. While the macroeconomic environment remains dynamic, we are focused on executing our operating plans for the upcoming summer season.

最後，我很高興看到品類趨勢出現小幅改善。儘管總體經濟環境仍具動態變化，我們仍專注於執行即將到來夏季旺季的營運計畫。

We're acting with urgency to leverage the strengths of our brands, our innovation capabilities, and our distributor relationships to improve performance and drive long-term value.

我們正以緊迫感採取行動，善用品牌優勢、創新能力以及與經銷商的合作關係，以改善表現並創造長期價值。

I'd like to thank our Boston Beer Company team and our distributors and retailers for their continued support.

我要感謝Boston Beer Company團隊，以及我們的經銷商與零售商持續的支持。

I'll now pass the call to Diego for a detailed review of the first-quarter and our 2026 guidance.

接下來我將把電話會議交給Diego，請他詳細回顧第一季表現以及我們對2026年的指引。

Thank you, Jim. Good afternoon, everyone.

謝謝你，Jim。各位下午好。

Depletions in the first quarter decreased 4% and shipments decreased 6.9% compared to the first quarter of last year, primarily driven by decreases in our Twisted Tea, Truly, Sam Adams, and Hard Mtn Dew brands, partially offset by the increases in our Sun Cruiser, Angry Orchard, and Dogfish Head brands.

第一季去化量（depletions）較去年同期下降4%，出貨量下降6.9%，主要由Twisted Tea、Truly、Sam Adams與Hard Mtn Dew品牌下滑所致；部分被Sun Cruiser、Angry Orchard與Dogfish Head品牌的成長所抵銷。

Consistent with our plans, shipments declined at a higher rate than depletions in the quarter, with shipments lapping strong growth in the prior year to load innovation.

符合我們的計畫，本季出貨量的下滑幅度高於去化量，原因是出貨量在去年為了鋪貨創新產品而有強勁成長，形成較高的比較基期。

Distributor inventories at the end of the quarter was four-and-one-half weeks on hand, which was approximately one half of a week lower compared to the end of the quarter last year. This decrease in distributor inventory was due to the timing of innovation and supply chain improvements, as Jim mentioned earlier.

季末經銷商庫存為4.5週的在手量，較去年同季季末約少0.5週。如Jim先前提到，經銷商庫存下降主要是由於創新產品時程安排以及供應鏈改善所致。

Revenue for the quarter decreased 4.4% due to lower volume, partially offset by price increases and favorable product mix.

本季營收因銷量較低而下降4.4%，部分被漲價與有利的產品組合所抵銷。

Our first-quarter gross margin of 49.3% increased 100 basis points, year over year. Gross margin performance primarily benefited from procurement savings and brewery efficiencies. A positive impact of pricing and product mix were offset by inflationary commodities and tariff costs.

我們第一季毛利率為49.3%，年增100個基點。毛利率表現主要受惠於採購節省與釀酒廠效率提升。定價與產品組合的正面影響，則被原物料通膨與關稅成本所抵銷。

Advertising, promotional, and selling expenses for the first quarter of 2026 increased $2.5 million or 1.8% year over year due to higher freight rates, partially offset by lower volumes.

2026年第一季的廣告、促銷與銷售費用年增250萬美元（或1.8%），主要因運費費率較高，部分被較低銷量所抵銷。

Brand investments were flat, lapping mid-teens increases in advertising investments in the first quarter of 2025.

品牌投資持平，主要是因為去年2025年第一季的廣告投資已出現約十幾個百分點的增幅，形成較高比較基期。

General and administrative expenses increased $4.4 million or 9.1%, year over year. Excluding legal costs related to the one-time litigation expense, general and administrative expenses increased by $0.4 million from the first quarter of 2025, primarily due to increased consulting costs.

一般與行政費用年增440萬美元（或9.1%）。若排除與一次性訴訟費用相關的法律成本，一般與行政費用較2025年第一季增加40萬美元，主要由顧問費用增加所致。

We recorded $216 million in total pre-tax litigation expenses in the quarter. As we previously disclosed, this amount is related to a supplier contract dispute. We intend to pursue all available post-trial motions and appellate remedies.

本季我們認列稅前訴訟費用合計2.16億美元。如我們先前揭露，該金額與一項供應商合約爭議相關。我們擬提出所有可行的審後動議及上訴救濟。

We cannot estimate when or if damages or interest will ultimately be paid but do not expect this issue to have a material impact on our operating plans.

我們無法估計最終何時或是否將支付損害賠償或利息，但預期此事項不會對我們的營運計畫造成重大影響。

The total impact of these litigation expenses represented a $15.52 impact to our first-quarter GAAP EPS. Excluding the litigation-related expenses, we reported non-GAAP EPS of $1.64 per diluted share.

上述訴訟費用的總影響，使我們第一季GAAP每股盈餘（EPS）減少15.52美元。排除與訴訟相關的費用後，我們的非GAAP稀釋後每股盈餘為1.64美元。

Now, I'd like to provide an update on our ongoing productivity initiatives.

接下來，我想就我們持續推動的生產力提升計畫提供最新進展。

We continue to make progress and are on track to deliver our 2026 savings target. As I noted on our fourth-quarter call, we expect year-over-year gross margin improvement in 2026, although at a lower rate than that of 2025, given strong performance in 2025.

我們持續取得進展，並按計畫達成2026年的節省目標。如我在第四季電話會議中所提到，鑑於2025年的強勁表現，我們預期2026年毛利率將較去年改善，但改善幅度將低於2025年。

We believe the multi-year operational improvements that we have made in our supply chain better positions us to manage variability and volume; product mix; and the tariff and commodity environment.

我們相信，過去數年在供應鏈所做的營運改善，使我們更能因應波動與產量；產品組合；以及關稅與大宗商品環境。

For the remainder of 2026 and beyond, we continue to expect contribution from all four savings buckets, as I discussed on the last quarter call.

對於2026年剩餘期間及其後，我們仍預期四個節省項目（bucket）皆將有所貢獻，如我在上一季電話會議中所說明。

I will now provide some highlights on our initiatives in each bucket.

我現在將就各項目中的計畫重點做一些說明。

In brewery performance, we continue to see improvements in [OEEs], driven by process improvements, which help to increase our internal production capacity.

在釀造廠績效方面，我們持續看到[OEEs]改善，主要由流程改善所帶動，進而有助於提升我們的內部生產產能。

In the first quarter, we produced 95% of our domestic volume internally compared to 85% in the first quarter of last year. For the full-year 2026, we continue to estimate domestic internal production will be over 90% compared to 86% last year.

第一季我們在內部生產了95%的國內銷量，相較去年第一季為85%。就2026全年而言，我們仍估計國內內部生產占比將超過90%，高於去年的86%。

In procurement savings, our first-quarter results benefited from lower negotiated pricing on certain packaging and ingredients. As discussed previously, procurement savings have been a significant contributor to our gross margin improvements over the last two years. While we expect some continued benefits in 2026, the impact is expected to moderate versus 2025.

在採購節省方面，我們第一季的結果受惠於部分包材與原料的議價後價格下降。如先前所述，過去兩年採購節省一直是我們毛利率改善的重要貢獻來源。雖然我們預期2026年仍有部分持續效益，但其影響預期將較2025年趨於溫和。

In waste and network optimization, we're continuing to enhance our customer ordering and inventory management system. These efforts helped us achieve high customer service levels, lower inventories, and improved our cash flow. In addition, we reduced obsolete inventories 36% in the first quarter.

在減少浪費與網路（network）最佳化方面，我們持續強化客戶下單與庫存管理系統。這些努力協助我們達成高水準的客戶服務、降低庫存，並改善現金流。此外，我們在第一季將呆滯庫存降低了36%。

Revenue-management capabilities were added this year as part of our margin agenda. These efforts are in the early stages in 2026, with a more meaningful contribution expected in 2027.

今年我們將收益管理（revenue-management）能力納入毛利率提升議程的一部分。這些工作在2026年仍處於早期階段，預期在2027年將有更顯著的貢獻。

Turning to our 2026 guidance, as Jim mentioned earlier, our volume guidance range of down low-single digits to down mid-single digits reflect year-to-date depletions and market share performance; and our latest outlook for the balance of the year.

接著談2026年指引，如Jim先前提到，我們的銷量指引區間為年減低個位數至年減中個位數，反映年初至今的出貨消化量（depletions）與市占表現，以及我們對今年剩餘期間的最新展望。

Fiscal-week depletion trends for the first 17 weeks of 2026 have declined 4% year over year, a sequential improvement from down 6% in the fourth quarter of 2025.

2026年前17週按財政週（fiscal-week）計的出貨消化量趨勢，年減4%，較2025年第四季年減6%呈現逐季改善。

As a reminder, the summer-selling season is a significant driver of our full-year volume performance. We will have more visibility on market trends, as we move through the summer.

提醒一下，夏季銷售旺季是驅動我們全年銷量表現的重要因素。隨著我們進入夏季，我們將能更清楚掌握市場趨勢。

Since our last earnings call, we are seeing additional inflation in energy and aluminum that could impact the balance of the year. We do not hedge commodities and are closely watching recent market cost increases driven by macroeconomic factors.

自上次財報電話會議以來，我們看到能源與鋁材出現額外通膨，可能影響今年剩餘期間。我們不進行大宗商品避險，並正密切關注由總體經濟因素所驅動的近期市場成本上升。

As a result of these two factors, we are narrowing our full-year non-GAAP EPS guidance to $8.50 to $10.50 from our prior guidance of $8.50 to $11.00. This EPS outlook embeds our latest volume and energy-cost projections a,s well as productivity and cost-mitigation efforts.

基於上述兩項因素，我們將全年非GAAP每股盈餘指引由先前的8.50至11.00美元，縮窄為8.50至10.50美元。此EPS展望已納入我們最新的銷量與能源成本預測，以及生產力與成本緩解措施。

We also expect to maintain flexibility to reduce incremental advertising spending, if needed, to offset further headwinds from the macroeconomic cost pressure. We will update our EPS outlook, if commodity inflation continues to increase.

我們也預期將保有彈性，必要時可降低額外的廣告支出，以抵銷總體經濟成本壓力帶來的進一步逆風。若大宗商品通膨持續上升，我們將更新EPS展望。

We continue to expect price increases of between 1% and 2%; and some additional benefit from mix. We continue to expect full-year 2026 reported gross margins to be between 48% and 50%.

我們仍預期價格上調幅度介於1%至2%，並可從產品組合獲得一些額外效益。我們仍預期2026全年揭露的毛利率介於48%至50%。

Our outlook expects tailwinds from positive pricing, favorable product mix, productivity savings, and lower shortfall fees, with headwinds from tariffs and commodity inflation.

我們的展望預期將受惠於正向定價、有利的產品組合、生產力節省以及較低的短缺費用（shortfall fees），但將受到關稅與大宗商品通膨的逆風影響。

As a reminder, the majority of our freight expense is booked in advertising, promotional, and selling expenses.

提醒一下，我們大部分的運費支出係列在廣告、促銷與銷售費用中。

Our 2026 guidance reflects a full-year tariff cost estimate of $20 million to $30 million, versus a partial year in 2025 of $11 million. These tariff cost estimates are based upon tariffs that we are currently being charged by our suppliers and that -- what we expect to continue, going forward.

我們的2026年指引反映全年關稅成本估計為2,000萬至3,000萬美元，相較之下，2025年僅為部分年度、金額為1,100萬美元。這些關稅成本估計係基於我們目前由供應商向我們收取的關稅，以及我們預期未來將持續適用的情況。

We continue to estimate that our investments in advertising, promotional, and selling expenses will increase between $20 million and $40 million. This amount does not include any changes in freight costs for the shipment of products to our distributors.

我們仍估計在廣告、促銷與銷售費用上的投資將增加2,000萬至4,000萬美元。此金額不包含將產品運送至經銷商所產生的運費成本之任何變動。

As I mentioned earlier, we may choose to spend at the lower end of the range, depending on the commodity and energy costs environment. We are estimating our full-year 2026 non-GAAP effective tax rate to be approximately 29% to 30%.

如我先前所提到，視大宗商品與能源成本環境而定，我們可能選擇在區間下緣支出。我們估計2026全年非GAAP有效稅率約為29%至30%。

As you model out the year, please keep in mind the following factors:

在您建立全年模型時，請留意以下因素：

Our business is impacted by seasonal volume changes, with the first quarter and the fourth quarter being lower absolute volume quarters; and the fourth quarter, typically, our lowest absolute gross margin rate of the year.

我們的業務受季節性銷量變化影響，第一季與第四季的絕對銷量較低；而第四季通常是全年絕對毛利率最低的季度。

We expect first-half shipments to decline toward the lower end of our full-year volume guidance, with better shipment performance later in the year. This is due to higher shipment comparisons in the first half of the year, as the company shipped ahead of depletions in 2025 to support innovation and build distributor inventories, as well as 2026 innovation launches, which are second half-weighted.

我們預期上半年出貨量將朝向全年銷量指引的下緣下滑，而下半年出貨表現將較佳。原因在於上半年出貨比較基期較高，因公司於2025年為支援創新並建立經銷商庫存而提前出貨（超前於depletions），此外，2026年的創新上市也偏向下半年。

Additionally, improvements in the company's supply-chain responsiveness that enables modestly lower distribution-inventory levels are expected to have a more meaningful impact on the first half and begin to be lapped throughout the second half.

此外，公司供應鏈反應能力的提升，使通路庫存水位得以小幅降低，預期對上半年的影響更為顯著，並在下半年逐步被比較基期所消化（lapped）。

During the full-year 2026, we estimate shortfall fees and non-cash expenses of third-party productions pre-payments, in total, will negatively impact gross margin by 40 basis points to 60 basis points. We expect year-over-year gross margin rates improvements to be the most meaningful in the fourth quarter.

在2026全年期間，我們估計短缺費用以及第三方生產預付款的非現金費用合計，將使毛利率降低40至60個基點。我們預期毛利率的年對年改善將在第四季最為顯著。

We typically expense the majority of our shortfall fees in the fourth quarter. We expect lower shortfall fees in 2026. The timing of this benefits, together with the fact that the fourth quarter is a smaller dollar quarter, has an outsized favorable impact on the gross margin rate.

我們通常在第四季認列大部分的短缺費用。我們預期2026年的短缺費用將較低。此效益的時點，加上第四季為較小的金額季度，使其對毛利率帶來不成比例的正面影響。

Incremental advertising investment is expected to be weighted to the second and third quarters to support the key summer-selling season.

預期新增的廣告投資將主要集中在第二季與第三季，以支援關鍵的夏季銷售旺季。

Turning to capital allocations, we ended the quarter with a cash balance of $164 million and $150 million of availability on our line of credit. These balances, together with our projected future operating cash flow, enables us to maintain operating investments in our business and cash returns to shareholders, as well as the potential litigation-related payments.

談到資本配置，我們在季末的現金餘額為1.64億美元，且在循環信用額度（line of credit）下尚有1.50億美元可用額度。這些餘額，加上我們預期未來的營運現金流，使我們得以維持對業務的營運投資與對股東的現金回饋，以及潛在的訴訟相關付款。

We expect capital expenditures of between $70 million to $90 million in 2026. These investments will be primarily related to our own breweries to build capabilities, improve efficiencies, and support innovation.

我們預期 2026 年的資本支出將介於 7,000 萬至 9,000 萬美元之間。這些投資將主要與我們自有的啤酒廠相關，用以建立能力、提升效率並支持創新。

We will continue to be disciplined in our capital spending, as we monitor the dynamic industry environment over the long term.

在長期監測多變的產業環境之際，我們將持續在資本支出上保持紀律。

During the 13-week period ended March 28, 2026, and the period from March 30, 2026, through April 24, 2026, we repurchased shares in the amount of $23.8 million and $7.4 million. As of April 24, 2026, we had approximately $197 million remaining on the $1.6 billion repurchase authorization.

在截至 2026 年 3 月 28 日的 13 週期間，以及自 2026 年 3 月 30 日至 2026 年 4 月 24 日的期間內，我們分別回購了 2,380 萬美元與 740 萬美元的股份。截至 2026 年 4 月 24 日，在 16 億美元的回購授權額度下，我們尚餘約 1.97 億美元可用。

This concludes our prepared remarks. Now, we'll open the line for questions.

以上為我們事先準備的發言。接下來我們將開放提問。

(Operator Instructions)

（接線員指示）

Eric Serotta, Morgan Stanley.

摩根士丹利（Morgan Stanley）的 Eric Serotta。

Great. Thanks so much for the question. Good afternoon, everyone.

很好。非常感謝讓我提問。各位下午好。

Jim, I wanted to get your perspective on Twisted from here. You made a number of innovation -- a number of interventions last year, including some selective pricing adjustments on certain packs in certain channels. The brand still seems to be stubbornly declining.

Jim，我想請教你對 Twisted 接下來走勢的看法。你們去年做了多項創新——也做了多項介入措施，包括在某些通路的某些包裝上進行選擇性的價格調整。但這個品牌看起來仍在頑固地下滑。

Can you talk about how you're looking at the outlook from here? I know you talked about some innovation and packaging -- new packaging coming. But do you think you need something -- a little bit more of a reset or something a little bit more, I don't want to say, drastic or extreme, but more expensive to get the brand back to where you want and need it to be?

你能談談你們如何看待接下來的展望嗎？我知道你提到一些創新與包裝——會推出新包裝。但你是否認為需要做一些——更像是重新定位，或是更進一步的動作？我不想說是激進或極端，但可能需要更高成本，才能把品牌拉回到你們希望、也需要的水準？

Yeah. To answer your question, I don't think it needs a drastic reset but it does need some levers.

是的。回答你的問題，我不認為需要大幅度的重新定位，但確實需要一些槓桿。

What I think is going on is the success and the rise of vodka-based teas has certainly eaten into the Truly volume. There's no question about it. It's happened in a bunch of ways.

我認為目前發生的情況是，以伏特加為基底的茶飲成功崛起，確實侵蝕了 Truly 的銷量。這點毫無疑問。而且是以多種方式發生的。

One is it took a lot of display space in 2024. In the first half of 2025, we were getting significant display space for Twisted Tea. We lost some of that last summer to the new shiny penny, which was brands like Sun Cruiser and [Surfside]. In total, our Twisted Tea and Sun Cruiser volume is actually up this year.

其中之一是，2024 年它占用了大量的陳列空間。在 2025 年上半年，我們為 Twisted Tea 取得了相當可觀的陳列空間。但去年夏天，我們把其中一部分讓給了新的「當紅炸子雞」，也就是像 Sun Cruiser 和[Surfside] 這類品牌。整體而言，我們的 Twisted Tea 與 Sun Cruiser 今年的總銷量其實是成長的。

Of course -- but the shift is we lost volume in Twisted Tea; made it up in Sun Cruiser, which happens to be margin- and revenue-accretive in that shift.

當然——但變化在於 Twisted Tea 的銷量下滑；我們在 Sun Cruiser 上補回來，而這種轉移剛好對毛利與營收是增益的。

Our volume in hard tea is actually up a little bit. But there is movement from [FMB] tea, like Twisted Tea, to Sun Cruiser, Surfside, and the vodka-based teas.

我們在硬茶（hard tea）的銷量其實小幅上升。但確實有從 [FMB] 茶（例如 Twisted Tea）轉向 Sun Cruiser、Surfside，以及以伏特加為基底的茶飲的趨勢。

What we're doing with Twisted Tea -- there's a bunch of smaller levers. One of them is, trying to reset some of the pricing. There are markets where it's up at [Stella] pricing or [Modelo] pricing. It's traditionally lived a little bit below FMB pricing because of a more blue collar but upscale blue-collar clientele for Twisted Tea.

我們對 Twisted Tea 所做的——有一系列較小的槓桿。其中之一是嘗試重新調整部分定價。有些市場的價格已經拉到接近 [Stella] 或 [Modelo] 的價位。傳統上，Twisted Tea 的定價會略低於 FMB，因為它的客群較偏藍領，但又是較高端的藍領客群。

Second, we've actually gained shelf space for Twisted Tea in the resets. A lot of that went to Twisted Tea Extreme, which is growing triple digits.

第二，我們在貨架重整（reset）中其實為 Twisted Tea 爭取到更多貨架空間。其中很大一部分配置給 Twisted Tea Extreme，而它正以三位數的速度成長。

Then, we are putting more advertising dollars into it -- things that don't show up as advertising dollars, like Pardon My Take, which is the number 1 sports podcast in Barstool.

接著，我們也投入更多廣告資金——有些不會以「廣告費」的形式呈現，例如 Pardon My Take，它是 Barstool 旗下排名第 1 的運動類 Podcast。

We're adding more advertising money and pushing it towards NASCAR, Realtree Camo, those partnerships that refresh our connection to our original more blue-collar drinker base for Twisted Tea.

我們增加更多廣告預算，並把資源推向 NASCAR、Realtree Camo 等合作夥伴關係，以更新我們與 Twisted Tea 原本較偏藍領飲用者基礎之間的連結。

And then, we've introduced some new packs to give us a better price pack architecture; things like a 4-pack of 16-ounce for under $10 because even the 6-pack pricing has gotten over $10. This gives us an entry point. And then, at the other end of it for value, some 24-packs.

另外，我們推出了一些新組合包，讓我們有更好的價格／包裝架構；例如 16 盎司 4 入裝、售價低於 10 美元，因為就連 6 入裝的價格也已經超過 10 美元了。這讓我們有一個入門價位。而在另一端、偏向價值取向的，則有一些 24 入裝。

Those are the things we're doing with it. Within FMB hard tea, I think Twisted Tea is holding or, perhaps, gaining share 'cause the new entrants that have come in the last five years from, like, Monster and New Belgium and, even, Lipton are falling away.

以上就是我們對它所做的事情。在 FMB 硬茶品類中，我認為 Twisted Tea 的市占正在守住，甚至可能在提升，因為過去五年進入市場的新進者——例如 Monster、New Belgium，甚至 Lipton——正在退潮。

Those are the actions that we've taken. None of them is a drastic reset. But there's a bunch of tweaks.

這些就是我們採取的行動。沒有任何一項是大幅度的重新定位。但有一連串的微調。

Thanks, Jim.

謝謝你，Jim。

For Diego, look, your gross margin performance over the past year has really been very impressive, especially in light of the commodity pressure and some of the volume de-leveraging.

接著問 Diego：你們過去一年的毛利率表現確實非常亮眼，尤其是在大宗商品壓力以及部分銷量去槓桿（volume de-leveraging）的情況下。

It looks like you're basically maintaining the gross margin guidance for this year and the EPS guidance, more or less, despite the incremental costs since the war.

看起來你們基本上仍維持今年的毛利率指引與 EPS 指引，大致不變，儘管自戰爭以來出現了額外成本。

Can you help us unpack some of the gross margin drivers from here? I know you don't give specific quantifications; but, order of magnitude, what you're expecting for incremental cost headwinds.

你能否協助我們拆解一下接下來毛利率的驅動因素？我知道你們不提供具體量化；但以量級（order of magnitude）來看，你們預期額外成本逆風會是多少？

[LME] aluminum is up quite a bit since the war. I believe you don't hedge.

[LME] 鋁價自戰爭以來上漲不少。我相信你們不做避險。

If you'd help us understand the moving pieces there, it would be great. Thanks.

如果你能幫助我們理解其中的變動因素，那就太好了。謝謝。

Yeah. Sure. First of all, thank you for the comment.

好的。當然。首先，謝謝你的評論。

Look, our margin agenda has always said, look, we think we can get to high-[40%s]. The difference between high-40%s and [50%s] is that, to get to [50%], you need the external situation to -- whether it's volume or geopolitical -- help. I think that's where we've gotten to, where we're still delivering the savings.

你看，我們的毛利率策略一直是：我們認為可以達到 40% 後段（high-[40%s]）。而 40% 後段與 [50%s] 的差別在於：要達到 [50%]，你需要外部情勢——不論是銷量或地緣政治——提供助力。我認為我們目前就是到這個位置：我們仍在交付節省成果。

But, to your point, those savings are being used to offset some of the challenges that we have. If we look at Q1 for the moment, you can see that, like, just in aluminum for the quarter, which is in a small-volume quarter, we've got, like, $4.3 million of aluminum tariff costs, which is the biggest piece of the tariffs.

但如你所說，這些節省正被用來抵銷我們面臨的一些挑戰。以第一季為例，你可以看到，光是本季的鋁材（在一個小銷量季度），我們就有大約 430 萬美元的鋁關稅成本，這是關稅中最大的一塊。

We also have some [POS] costs in there and some ingredients. We've been able to offset some of those.

我們也有一些 [POS] 成本，以及部分原料成本。我們已能抵銷其中一部分。

We think, for the rest of the year, we'll be able to take our continuous agenda, which is procurement savings, brewery efficiencies. We're 95% in-house versus out of our production facilities.

我們認為在今年剩餘時間，我們能持續推進我們的持續改善議程，包括採購節省、啤酒廠效率提升。我們有 95% 的產量是在自有廠內生產，而非委外於我們的生產設施之外。

The other piece is the positive mix that Jim mentioned, when we're talking about things like Sun Cruiser and some other innovations that we're launching this year that are accretive to our margins. All of those things are helping us offset some of these external pieces that have challenged our cost structure.

另一個因素是 Jim 提到的正向產品組合（mix），例如 Sun Cruiser，以及我們今年將推出的其他一些創新產品，這些都能增益我們的毛利率。上述各項都在幫助我們抵銷一些外部因素，這些因素對我們的成本結構造成了挑戰。

Now, in order for us to actually improve our gross margin even less, what we need to do is maintain those opportunities and savings. Hopefully, as those headwinds disappear, hopefully, in the future, we'll be able to maintain those. That would be the only way we could drive our margin even higher.

現在，為了讓我們實際上把毛利率再提升一些，我們需要做的是維持那些機會與節省。希望隨著那些逆風消退，希望未來我們能夠把這些維持住。那將是我們能把毛利率推得更高的唯一方式。

Robert Ottenstein, Evercore ISI.

Robert Ottenstein，Evercore ISI。

This is [Greg], on for Robert.

我是[Greg]，代替Robert發言。

I just had a quick question about Sun Cruiser. Maybe -- if you could talk a bit about how the [ACV] and the brand's penetration differs between the East and the West Coasts; and, like, as you build the brand across the country, where you see the biggest opportunity, still, for [TDP] gains. Thanks.

我想快速問一個關於Sun Cruiser的問題。也許——如果你能談談[ACV]以及該品牌在東岸與西岸之間的滲透率有何不同；以及，當你在全國建立品牌時，你認為在哪裡仍有最大的機會取得[TDP]的提升。謝謝。

Yeah. It's strongest in New England. It's been game-changing, in some ways.

是的。它在新英格蘭最強。在某些方面，它帶來了顛覆性的改變。

In New England, it's the size of Twisted Tea, at a higher margin. Our distributors are quite delighted with the performance there.

在新英格蘭，它的規模跟Twisted Tea一樣大，但毛利率更高。我們的經銷商對那裡的表現相當滿意。

Mid-Atlantic is fairly strong. You do see differences in penetration.

中大西洋地區也相當強。你確實會看到滲透率的差異。

Like, Twisted Tea, the last major market, was California. It was almost 15 years behind New England. There is that regional gap.

例如Twisted Tea，最後一個主要市場是加州。它幾乎比新英格蘭晚了15年。確實存在那種區域落差。

With Sun Cruiser, you have the added complexity of the state tax rates and the distribution limitations because it's vodka-based. You have much bigger variations than we have with Twisted Tea. You have states where you have to buy it from a state liquor store, like in New York, for example.

至於Sun Cruiser，因為它是以伏特加為基底，還多了州稅率與配銷限制的複雜性。你會看到比Twisted Tea更大的差異。有些州你必須從州營酒類商店購買，例如紐約。

It's not readily available cold. It's not in the same distribution channels.

它不容易以冷藏形式取得。也不在相同的配銷通路裡。

In Texas, you have to go through a different class of distributors to get to the bars.

在德州，你必須透過不同等級的經銷商才能進到酒吧通路。

There's just much -- in Washington State, there's this huge tax on any spirits-based product so there's no, really, great potential like in a Washington State that we would have in a Massachusetts or a Connecticut.

另外，在華盛頓州，任何烈酒基底產品都有很高的稅，所以在華盛頓州並沒有像麻薩諸塞或康乃狄克那樣的巨大潛力。

There are these big differences. To try to boil it down, I think we do have ACV upside if we, like, look at it versus High Noon, which is highly developed. There's definite upside; maybe another 50% ACV.

差異就是這麼大。如果要簡化來說，我認為若拿它跟發展非常成熟的High Noon相比，我們的ACV仍有上行空間。確實有上行；也許還能再增加約50%的ACV。

We did not pitch it to chains this time last year. We didn't get on the sets quick enough. Now, we are. And so we weren't on the shelves a year ago. But we had successful distribution drives this year.

去年這個時候我們沒有向連鎖通路推介它。我們沒有夠快進入貨架陳列（set）。現在我們做到了。所以一年前我們還不在貨架上。但今年我們成功推動了配銷擴張。

In the shelf sets this year, there's going to be significantly more Sun Cruiser. In some of the chains, we got one item; now, we're getting three or four.

今年的貨架陳列中，Sun Cruiser的品項會明顯增加。在某些連鎖通路，我們原本只上了一個品項；現在我們拿到三到四個。

I see a nice bump in the next three or four months; and then, long term, continued upside, as the category gets more and more developed.

我預期未來三到四個月會有不錯的跳升；而長期來看，隨著品類愈來愈成熟，仍會持續有上行空間。

Peter Grom, UBS.

Peter Grom，UBS。

Great. Good afternoon, everyone. Thank you.

很好。各位下午好。謝謝。

Jim, you touched on the category improvement. Can you maybe just give us a sense for how you see category growth evolving from here; and maybe just some perspective around why you think category trends are getting better?

Jim，你提到了品類改善。你能否談談你如何看待接下來品類成長的演變；以及你認為品類趨勢正在變好的原因是什麼？

Sure; with the caveat, my crystal ball is no better than anybody else's.

當然；但先說明，我的水晶球不會比任何人更準。

But we can look at the numbers, so far, this year. There's been an improvement. There's no precise number. People don't agree on what's in the beer category, when you look at the lot of numbers. For example, hard cider is in there.

不過我們可以看今年迄今的數據。確實有所改善。沒有一個精確的數字。當你看很多數據時，大家對「啤酒品類」包含哪些並沒有共識。例如，硬蘋果酒（hard cider）也被算在裡面。

But, overall, what we're seeing is, when we look at traditional beer and hard cider, it's down this year, maybe, 1.5%, something like that, as opposed to 5%, 5.5% last year. That's a significant improvement.

但整體而言，我們看到的是：當我們看傳統啤酒與硬蘋果酒時，今年可能下滑約1.5%左右，相較於去年下滑5%、5.5%。這是顯著的改善。

If I try to attribute that to something, I would say that some of the big factors last year, like the health publicity -- a year ago, we were reading about, oh, beer causes cancer. Now, we're hearing, wait a minute, beer is an important social lubricant; an important element of sociability; and it's a mitigation of the loneliness epidemic.

如果要把原因歸因於某些因素，我會說去年一些重大因素，例如健康方面的宣傳——一年前我們還在讀到「喔，啤酒會致癌」。現在我們聽到的是：等等，啤酒是重要的社交潤滑劑；是社交性的重要元素；而且有助於緩解孤獨流行病。

Dr. Oz talked about -- it helps people and creates social connections. We know that there's more and more evidence that those social connections are an important part of longevity. Beer is an important part of that.

Dr. Oz談到——它能幫助人們並建立社交連結。我們知道，越來越多證據顯示這些社交連結是長壽的重要部分。啤酒在其中扮演重要角色。

The dietary guidelines came out. They basically said, it's okay to have a beer now and then; might just be a good thing. The health dialogue has become much more hospitable.

飲食指南也出來了。它們基本上表示：偶爾喝杯啤酒是可以的；甚至可能是件好事。健康方面的論述變得友善得多。

Hemp. With the changes in the legislation and the, basically, a federal ban on hemp-based THC products, including the beverages, that has taken a fair amount of the excitement around the hemp-based beverages becoming 5%, 10%, 20% of beer.

再來是大麻（hemp）。隨著立法變動，以及基本上聯邦層面禁止以hemp為基底的THC產品（包含飲料），這削弱了先前那種「hemp飲料會成為啤酒的5%、10%、20%」的熱度。

That looks like that's off the table. There's still a lot of them out on the shelves. I think a lot of retailers are waiting to see if maybe the loophole has been extended. But it looks -- and I think the Farm Bill got out of the House today without an extension of the loophole.

看起來這件事已經不太可能了。貨架上仍然有很多這類產品。我認為許多零售商正在觀望，看看那個漏洞是否可能被延長。但看起來——而且我認為《農業法案》（Farm Bill）今天在眾議院通過時並沒有延長那個漏洞。

It's an uncertain legislative landscape. But things look much more difficult for hemp-based THC replacing beer.

立法環境仍不確定。但對於以hemp為基底的THC取代啤酒而言，情勢看起來困難得多。

Finally, less pressure on the Hispanic community. We don't have as good a data as Constellation so they're a better authority than we are. But we're seeing a little bit less pressure on that.

最後，西語裔社群所承受的壓力也較小。我們沒有像Constellation那樣好的數據，所以他們比我們更有權威。但我們看到那方面的壓力稍微減輕了一些。

That's where I would see the improvement. It's somewhat subject to the macroeconomic environment, which is probably worse, right now, than it was six months ago but very uncertain. Consumer confidence is very unpredictable.

我會把改善歸因於這些地方。這在某種程度上也取決於總體經濟環境；而目前可能比六個月前更差，但非常不確定。消費者信心非常難以預測。

The price of gas can't help. C stores are hurting a little bit. If I had to attribute this improvement, which is real, that's where I would go with it.

汽油價格也幫不上忙。便利商店（C stores）有點受挫。如果要我解釋這個確實存在的改善，我會從這些因素著手。

Finally, I'd add in, from us, we view our accessible market as being traditional beer, cider, beyond beer, and a certain part of the spirits-based RTD-type beverages.

最後我再補充一點：我們認為我們可觸及的市場包括傳統啤酒、蘋果酒、beyond beer，以及烈酒基底RTD類飲料中的某一部分。

Last year, when we ran our numbers, that looked like it was off about 4% versus 5%, 5.5% with beer. This year, it's probably slightly down but significantly better than the 1.5% to 2% that traditional beer is suffering, so closer to flat.

去年我們跑數據時，這個市場看起來下滑約4%，相較於啤酒下滑5%、5.5%。今年它可能小幅下滑，但明顯優於傳統啤酒承受的1.5%到2%下滑，因此更接近持平。

The bad news is our volume's still off 4%. We think there's a lot of the things in the pipeline that will affect our trends over the next nine months in the back half of the year.

壞消息是，我們的銷量仍下滑4%。我們認為管線中有很多事情會在未來九個月、也就是今年下半年，影響我們的趨勢。

We are planning on that getting better. Right now, as opposed to last year when we held share, right now, we've actually lost share of what we consider our addressable market.

我們正計劃讓那方面改善。目前，相較於去年我們維持市占的情況，現在我們其實在我們認為可觸及的市場中流失了市占。

That's very helpful color.

這些補充說明非常有幫助。

And then, Diego, you made a comment around updating the EPS outlook, if commodity inflation continues. Just curious if you can maybe unpack what inflation assumptions underpin the outlook today.

接著，Diego，你提到如果大宗商品通膨持續，會更新每股盈餘（EPS）展望。我想請教你能否進一步拆解一下，目前展望所依據的通膨假設是什麼。

Just on the offset, you mentioned, just to Eric's question, mix and the savings initiatives. Are you leaning more or leaning in here further? Or are the benefits from these items greater than what was originally contemplated?

另外關於抵銷因素，你提到（回應 Eric 的問題）產品組合以及節省計畫。你們是更倚重這些措施、或是進一步加大力道了嗎？還是說，這些項目的效益高於原先的預期？

Just trying to understand whether the shift in cost pressures changes your perspective around where you would expect to land in the gross margin guidance.

我想了解的是，成本壓力的變化是否改變了你們對毛利率指引最終落點的看法。

Okay. Perfect. Let me unpack that.

好的。完美。我來拆解一下。

First, let's start with inflationary costs. As you can see in our 10-Q, for the quarter, we've got about $12.5 million of inflationary impacts; out of which, most of that was aluminum. In that piece of aluminum, you got $4.3 million of tariffs. The rest is the underlying cost of aluminum.

首先，先從通膨成本談起。如你在我們的 10-Q 中所見，本季我們約有 1,250 萬美元的通膨影響；其中大部分來自鋁。在鋁的部分，有 430 萬美元是關稅。其餘則是鋁的基礎成本。

We are forecasting that to continue mostly through the back end of the year. We're not expecting any big shifts, like either up or down. We're just projecting our current situation and assuming that that will continue. That's our base assumption of where we're going.

我們預估這種情況大多會持續到今年下半年。我們不預期會有任何重大變動，不論上升或下降。我們只是以目前的狀況做推估，並假設它會延續。這就是我們前進方向的基本假設。

The second part of your question is, in the buckets we've laid out, I think, in general, we're a little bit better than we thought, in total, of the savings that we could deliver. Some buckets have delivered more; some less.

你問題的第二部分是：就我們列出的各個「桶」（類別）而言，我認為整體來說，我們能交付的節省幅度比原先想的稍微更好。有些類別交付得更多；有些則較少。

But the big difference has been the speed at which we've been able to go after it. Our procurement savings that we've laid out a five-year roadmap, we've pretty much tapped out in three and a half years.

但最大的差異在於我們推進的速度。我們在採購節省方面原本規劃了五年路線圖，但我們幾乎在三年半就把能做的都做完了。

Some of our other buckets, like our brewery efficiencies, again, are ahead of schedule. The one that I think is lagging a little behind and it still has some room to deliver is our footprint.

我們其他一些類別，例如釀酒廠效率提升，也同樣進度超前。我認為稍微落後、但仍有交付空間的一項是我們的據點/版圖（footprint）。

I'd say, overall, in total, they are going to deliver a little bit more than we thought. But it's more the speed of the delivery that has changed.

我會說，整體合計來看，它們將交付的節省會比我們原先想的多一些。但改變更大的是交付速度。

Now, what we have done is we've added a fourth bucket that hasn't really started delivering yet but we expect it to start delivering in 2027, which is revenue management.

另外，我們新增了第四個類別，目前其實還沒有開始貢獻，但我們預期會在 2027 年開始帶來成效，也就是收益管理（revenue management）。

As we've been able to accelerate some of our cost-savings buckets, we're making sure that we keep adding new things that we think can maintain that gross margin or potentially help it, depending on volume and inflation. That would be the bucket that we're adding.

隨著我們得以加速部分成本節省類別的推進，我們也確保持續加入我們認為能維持毛利率、或在取決於銷量與通膨的情況下可能有助於毛利率的新項目。這就是我們新增的那個類別。

I'd say it's mostly acceleration, although, in total, we will deliver a little bit more savings than we thought we could deliver of current buckets. We're adding a new bucket to try to offset from those pieces.

我會說主要是加速，雖然就總量而言，現有類別的節省也會比我們原先認為能做到的多一些。我們新增一個類別，試圖抵銷那些因素帶來的影響。

Hopefully, that answers both parts of your questions.

希望這回答了你問題的兩個部分。

Filippo Falorni, Citigroup.

Filippo Falorni，花旗集團。

Hi. Good afternoon, everyone.

嗨。各位下午好。

Jim, I was hoping you can give us your perspective on the expectation in -- heading into the summer, especially with the big events coming, with the FIFA World Cup, America's (inaudible). How are you thinking the consumption occasions will evolve, especially the interaction between traditional beer; and, as you call it, the fourth category; and the RTD space?

Jim，我希望你能分享一下你對——進入夏季前的預期看法，尤其是有一些大型活動即將到來，例如 FIFA 世界盃、美國的(聽不清)。你如何看待飲用情境（consumption occasions）的演變，特別是傳統啤酒、你所稱的第四類（fourth category），以及 RTD（即飲）品類之間的互動？

You see that more of an occasion for more traditional beer? How do you think you can get consumers into your core portfolio for that?

你認為這更像是傳統啤酒的飲用情境嗎？你覺得要如何把消費者帶進你們的核心產品組合？

I know you have the sponsorship with Truly. But, maybe, you can expand a little bit more how you're planning to capitalize on those occasions. Thank you.

我知道你們與 Truly 有贊助合作。但也許你可以再多談一點，你們打算如何把握這些情境來創造效益。謝謝。

Yes. We have a number of things that we're planning.

是的。我們規劃了很多事情。

The big one is with Truly. That is our sponsorship of the US men's national soccer team. We have gotten good reactions from retailers.

最大的一項是 Truly。那是我們對美國男子國家足球隊的贊助。我們從零售商那邊得到不錯的反應。

Basically, we're using that to get on the floor; to get big displays -- team displays around the US soccer team. We have a soccer ad that we're running about; and a whole campaign around, believe in the US Soccer team.

基本上，我們利用這個來進入賣場陳列；做大型展示——圍繞美國足球隊的團隊展示。我們正在投放一支足球廣告；並且有一整套以「相信美國足球隊」為主軸的活動。

That's the biggest thing we've done with Truly in a number of years. We've gotten good reception from retailers. We think that will have a, at least, temporary effect on bending the trends on Truly.

這是我們 Truly 多年來做過最大的一次行銷動作。我們獲得零售商良好的回饋。我們認為這至少會在短期內對 Truly 的趨勢帶來一些扭轉效果。

With Samuel Adams, we are using it more in a PR sense. We're having a quarter-of-a-million person toast to America's birthday for 250,000 people to raise a Sam Adams.

至於 Samuel Adams，我們更多是以公關（PR）的方式運用。我們將舉辦一場 25 萬人的祝酒活動，為美國生日乾杯，讓 250,000 人一起舉起一杯 Sam Adams。

It also -- as we go into the summer, we benefit from just the seasonality of Sun Cruiser and hard tea, in general. We expect the fact that Sun Cruiser is the fastest-growing significant RTD out there -- and it's a heavily seasonal product so that growth of Sun Cruiser is going to mean a lot more in Q2 and Q3 than it did in Q1.

另外——進入夏季後，我們也會受惠於 Sun Cruiser 以及整體硬茶（hard tea）的季節性。我們預期，Sun Cruiser 是目前成長最快、且具規模的 RTD 產品——而它又是高度季節性的產品，因此 Sun Cruiser 的成長在第二季與第三季的意義會遠大於第一季。

Those are the big summer-oriented promotions. How much more -- are they going to benefit traditional beer more than the fourth category? I don't know. I don't think they will.

以上是主要以夏季為導向的促銷。它們會不會讓傳統啤酒受益多於第四類？我不確定。我不認為會。

We are seeing Gen Z accepting the beyond beer category as being as attractive and, in some ways, more attractive, than traditional beer.

我們看到 Z 世代把「超越啤酒」（beyond beer）品類視為同樣有吸引力，而且在某些方面甚至比傳統啤酒更有吸引力。

Traditional beer is much stronger in people over 40. The people under that are quite accepting of fourth category as a beverage that they would consume in an occasion that, 15 years ago, was dominated by beer.

傳統啤酒在 40 歲以上族群中強得多。40 歲以下的人相當能接受第四類作為一種飲料，在某些飲用情境中，15 年前還是由啤酒主導的。

Great. That's very helpful.

很好。這非常有幫助。

And then, Diego, maybe, on the cost front and the commodity front, can you remind us a bit of your hedging policies? Looking through your filings, it seems like most of the hedging is on some of the brewing ingredients, like hops. But maybe on the packaging side, is it more on the spot rate? Should we think about it that way on the Midwest premium?

接著，Diego，也許在成本與大宗商品方面，你能提醒我們一下你們的避險政策嗎？從你們的申報文件來看，避險似乎主要在一些釀造原料上，例如啤酒花。但在包材端，是否比較偏向現貨價格？我們是否應該用這種方式來理解中西部溢價（Midwest premium）？

And then, maybe any comment on transportation costs, as well. That would be helpful. Thank you.

另外，也請你評論一下運輸成本。那會很有幫助。謝謝。

Excellent, Filippo.

很好，Filippo。

Well, first of all, we do not hedge. In general, our policy is not to hedge. Some of our suppliers will decide to hedge for us. But we do not directly hedge.

首先，我們不做避險。一般而言，我們的政策是不避險。我們的一些供應商會決定替我們做避險。但我們不會直接避險。

The Midwest premium directly goes through our numbers. We feel like, overall, over time, that's actually a better approach than spending on hedge.

中西部溢價會直接反映在我們的數字裡。我們認為，整體而言，長期來看，這其實比花錢做避險更好的做法。

From that point of view, that's why you're seeing the movements in the Midwest premium in our first quarter. That's why we're disclosing what assumptions we're taking for the rest of the year.

從那個角度來看，這就是為什麼你會在我們第一季看到中西部溢價的波動。這也是為什麼我們會揭露我們對今年剩餘期間所採用的假設。

That's the piece that we'll see during the year. If the Midwest premium comes down, we will be able to improve our P&L.

這就是我們在今年內會看到的那一塊。如果中西部溢價下滑，我們將能改善我們的損益表（P&L）。

On the second piece, as you know, we book most of our distribution costs through SG&A. We do see the impact of diesel, like everybody else is doing. Although it hasn't materially impacted our numbers, we've been able to offset it through other pieces.

第二部分，如你所知，我們大部分的配送成本都記在銷售、一般及行政費用（SG&A）裡。我們確實看到柴油的影響，跟其他人一樣。雖然它尚未對我們的數字造成重大影響，但我們已能透過其他項目加以抵銷。

I do think that is going to be a challenge for everybody, as the year continues, in two fronts:

我確實認為，隨著今年持續進行，這會在兩個面向成為所有人的挑戰：

From an impact on the actual fuel cost, can be at -- right now, we're probably thinking mid-single digits in millions but it will depend on the mix.

就實際燃料成本的影響而言——目前我們大概認為會是數百萬美元等級的中個位數，但會取決於組合。

But the second one is we're also seeing the availability of truckers being a challenge, given some of the policies implemented.

但第二個是，我們也看到在一些已實施政策的影響下，卡車司機的供給可得性成為一項挑戰。

I think, as we go through the year, especially in the high season, that's something that we're working very close to our supply chain team to ensure that we can minimize the impact to our P&L. That is definitely something that is going to impact pretty much every CPG company, as we go into the summer.

我認為，隨著今年推進，特別是在旺季，我們正與供應鏈團隊非常緊密合作，以確保能把對我們損益表（P&L）的影響降到最低。當我們進入夏季時，這絕對會影響幾乎每一家民生消費品（CPG）公司。

Kaumil Gajrawala, Jefferies.

Kaumil Gajrawala，Jefferies。

Hi, team. Hey, good job on getting my name correct.

嗨，各位團隊。嘿，你們把我的名字念對了，做得好。

Just want to ask a question on Dogfish Head and Angry Orchard. It's great to see that you're delivering growth, once again.

我想問一個關於 Dogfish Head 和 Angry Orchard 的問題。很高興再次看到你們帶來成長。

What would you point to as the key drivers for this level of improvement for the brands? Is it new customer additions/ or are you growing more penetration with younger drinkers?

你會把這些品牌改善到這個程度的關鍵驅動因素歸因於哪些？是新增客戶／或是你們在較年輕的飲酒者中提高了滲透率？

On a go-forward basis, how do you think about -- like, how do you see this playing out for the remainder of the year? Do you expect to sustain this level of growth that you're currently seeing?

往後看，你怎麼看——也就是，你認為今年剩餘期間會如何發展？你預期能維持目前看到的這個成長水準嗎？

Yeah. Let me talk about those brands.

是的。我來談談這些品牌。

I think the growth with Angry Orchard has come, partly, from us focusing on a little bit -- and focusing on the core.

我認為 Angry Orchard 的成長，部分來自於我們把重點放在——更聚焦於核心產品。

We did, a year ago, a push on Angry Orchard Draft that gave us a bunch of draft lines. Some of them stuck.

一年前，我們推動了 Angry Orchard Draft，讓我們拿到一批生啤拉線（draft lines）。其中有些留了下來。

Some of it's just -- consumers are swinging back to cider. They're open to non-beer experiences. In some ways, this is like a fourth category.

另外一部分就是——消費者正在回流到蘋果酒（cider）。他們願意嘗試非啤酒的體驗。在某些方面，這就像是第四品類。

Cider has -- it belongs in beer occasions. It comes out of a draft line. You drink it in a pint glass. It happens to be gluten-free. It's very friendly to drinking, when you're in a group drinking craft beer.

蘋果酒——它屬於啤酒的飲用情境。它從生啤拉線出來。你用品脫杯喝它。它剛好是無麩質的。當你在一群人一起喝精釀啤酒時，它非常容易被接受、很友善。

It's very fruit-forward, like a lot of fourth-category products. It's sweet. It bridges traditional beer and fourth-category products. That's given it some underlying consumer-driven growth.

它非常偏果香風味（fruit-forward），就像很多第四品類產品一樣。它偏甜。它在傳統啤酒與第四品類產品之間搭起橋樑。這帶來了一些由消費者驅動的底層成長。

And then, we focused a little more on it' cleaned up the portfolio. We have an effective advertising campaign underneath it: Don't Get Angry, Get Orchard.

然後，我們也更聚焦在它身上，精簡了產品組合。我們有一個有效的廣告活動作為支撐：Don’t Get Angry, Get Orchard。

We had a very successful Halloween promotion with the Friday the 13th character. We're repeating that this year. I think it will sustain itself; repeating it with Scream, another Halloween franchise. I think that will sustain itself.

我們在萬聖節做了一個非常成功的促銷活動，搭配《十三號星期五》的角色。今年我們會再做一次。我認為它會延續；這次會與《驚聲尖叫》（Scream）這個另一個萬聖節系列合作重複操作。我認為那會延續下去。

With Dogfish Head, again, we went in; cleaned up the brand; cleaned up the clarity of the product line, around 30 minutes, 60 minutes, and 90 minutes, which was very easy for consumers to understand.

至於 Dogfish Head，同樣地，我們進去後，整理了品牌；也釐清了產品線的清楚度，聚焦在 30 Minute、60 Minute 和 90 Minute，消費者很容易理解。

We're getting growth from Dogfish Head Spirits. Dogfish was one of the original craft distillers over 20 years ago. They've got a history of being a distiller and a line of just delicious canned cocktails that they sell at a price premium over a Cutwater or a similar product. They have a higher end niche.

我們也從 Dogfish Head Spirits 取得成長。Dogfish 在 20 多年前就是最早一批的精釀蒸餾酒廠之一。他們有蒸餾酒的歷史，也有一系列非常好喝的罐裝調酒，以高於 Cutwater 或類似產品的溢價價格販售。他們有較高端的利基定位。

I think that those are the things that have made both of those brands grow.

我認為，這些就是讓這兩個品牌成長的因素。

Michael Lavery, Piper Sandler.

Michael Lavery，Piper Sandler。

Thank you. Good afternoon.

謝謝。下午好。

Just was wondering if you could start by unpacking some of the shelf space, shelf resets, and display upside you've talked about. I don't know if you could quantify some of that; or maybe clarify, on some of the displays, either timing or how temporary or relatively permanent they might be; just how to think about that retail distribution piece of the equation.

我想請你先拆解一下你們提到的貨架空間、貨架重置（shelf resets）以及陳列（display）帶來的上行空間。我不確定你能否量化其中一些；或是針對某些陳列，釐清一下時點、或它們是暫時性的還是相對永久性的；也就是該如何看待這個零售通路鋪貨（distribution）在整個方程式中的那一塊。

Yeah. Overall, we were one of, maybe, two or three suppliers that gained shelf space. I think the beer category was a little bit stressed, given its performance last year.

好的。整體而言，我們可能是兩到三家獲得貨架空間增加的供應商之一。我認為啤酒品類因為去年表現，承受了一些壓力。

Nobody was really eager to add significant amount of beer and beyond beer, fourth-category shelf space. We were fortunate enough to be one of a couple of suppliers who did.

沒有人真的很積極要大幅增加啤酒以及超越啤酒、第四品類的貨架空間。我們很幸運成為少數幾家做到的供應商之一。

That was driven on the upside by, as I talked about earlier, a lot more shelf space for Sun Cruiser. In 2024, we didn't really pitch Sun Cruiser very strongly. And so we didn't get a lot more shelf space. But, last year, we did. We're reaping the benefits of that this year.

這個上行主要是由我先前提到的 Sun Cruiser 貨架空間大幅增加所帶動。在 2024 年，我們其實沒有很強力地推 Sun Cruiser。所以我們沒有拿到太多額外的貨架空間。但去年我們有推。我們今年正在收穫那個成果。

Where the Kroger had one SKU, now, they're going to have three; some stores, four. Some chains didn't put it in, at all, and are now giving us multiple SKUs because Sun Cruiser is the fastest-growing brand in, probably, the fastest-growing category in the RTD -- spirits-based RTDs. We're getting that.

像 Kroger 原本只有一個 SKU，現在他們會有三個；有些門市會到四個。有些連鎖原本完全沒有上架，現在因為 Sun Cruiser 是 RTD 中成長最快的品牌——而且可能是在成長最快的品類：以烈酒為基底的 RTD——所以現在給我們多個 SKU。我們正在拿到這些。

Twisted Tea actually gained shelf space because they found a place for Twisted Tea Extreme. We got a lot more shelf space for Extreme that more than offset where we lost a peach or a raspberry. That works out advantageously to us because the SKUs that we lost have a lower rate of sale than Twisted Tea Extreme.

Twisted Tea 其實也增加了貨架空間，因為他們為 Twisted Tea Extreme 找到了位置。我們為 Extreme 拿到更多貨架空間，遠遠抵銷了我們在蜜桃或覆盆子口味上失去的部分。這對我們有利，因為我們失去的那些 SKU 銷售速度（rate of sale）比 Twisted Tea Extreme 低。

There's a double benefit. We got more space. It's going to be more productive.

這有雙重好處。我們拿到更多空間。而且它會更有效率、更能產出。

Where we lost -- and lost significantly -- was on Truly and a little bit on Samuel Adams. But the net of it was not only more points of distribution for our portfolio but, even more, an increased share of the available shelf space.

我們失去——而且失去不少——的是 Truly，Samuel Adams 也少了一點。但整體淨額來看，不只是我們產品組合的鋪貨點（points of distribution）增加，更重要的是，可用貨架空間的占比也提高了。

Okay. Thanks. That's a great color.

了解。謝謝。這些補充很有幫助。

Just on a brand that doesn't get as much attention -- but can you maybe walk us through Hard Mtn Dew and just a little bit of maybe what hasn't worked there?

再問一個關於一個沒那麼受關注的品牌——你能否帶我們快速走一遍 Hard Mtn Dew，並談談那邊有哪些地方可能沒有奏效？

It seems like when it first launched -- in the States, where it launched through PepsiCo's distribution, it had a [2%]-ish share of FMBs. But it doesn't seem like it's held or gotten to that with the broader distribution from your system and is down -- it's soft now.

看起來在剛推出時——在美國，透過百事可樂公司的通路發行——它在FMB（調味麥芽飲料）中的市占率大約有[2%]左右。但看起來在你們系統更廣泛的鋪貨之後，並沒有維持或提升到那個水準，反而下滑——現在表現偏弱。

Can you just help us maybe understand what happened there and how (inaudible) -- I'm assuming that didn't come out as much as you would've expected.

你能否協助我們理解當時發生了什麼，以及（聽不清）——我猜測結果沒有像你們原先預期的那麼好。

Maybe just a little bit of a review of how to think about what happened with that brand.

也許請你簡單回顧一下，該如何看待那個品牌當時的情況。

Yeah. I would say, overall, the hard sodas that came out have not had the appeal, on an enduring basis, that I think a lot of us thought they would. They've actually struggled against new-to-world purpose-driven brands.

是的。我會說，整體而言，推出的硬蘇打（hard soda）並沒有在長期上展現出我想我們很多人原先以為會有的吸引力。事實上，它們在與一些全新、以使命/目的驅動（purpose-driven）的品牌競爭時表現吃力。

That's across all of the hard sodas, whether it's Fresca or some of the other extensions like [Simply] and so forth.

這適用於所有硬蘇打，不論是Fresca，或是其他一些延伸產品像[Simply]等等。

Hard Mtn Dew -- well, our experience with it -- it's a very strong brand. I'm not sure that we've found our niche with it so we are looking at, where is the core Hard Mtn Dew consumer? What is his or her occasion for Hard Mtn Dew, which has very strong attributes?

Hard Mtn Dew——就我們的經驗而言——它是一個非常強的品牌。我不確定我們是否已經找到它的利基定位，因此我們正在看：Hard Mtn Dew的核心消費者是誰？他或她在什麼情境/場合會喝Hard Mtn Dew？它有非常強的產品屬性。

It has some energy drink attributes in it. We want to see if there's a way to bring those to the fore, as in the hard soda category.

它帶有一些能量飲料的特性。我們想看看是否有辦法把這些特性凸顯出來，放在硬蘇打這個品類的語境中。

And then, there have been some distribution issues, where the remaining independent bottlers have been able to block it, coming into their territory. That has, then, made it difficult to get chain distribution. It's difficult to get wholesaler support, when the Pepsi bottlers territory doesn't have the same footprint as our wholesaler.

另外，也有一些通路/配銷問題，因為剩下的獨立裝瓶商能夠阻擋它進入他們的地盤。這就使得我們很難取得連鎖通路的鋪貨。當百事裝瓶商的地盤版圖與我們的批發商覆蓋範圍不一致時，也很難獲得批發商的支持。

And so our wholesaler only has it in part of their territory, which makes it harder for them to give day-in and day-out support to it. That's some of the underlying issues.

因此，我們的批發商只在其部分區域有這個產品，這讓他們更難對它提供日復一日的持續支持。這些是一些底層的問題。

But, at the end of the day, we continue to believe it's a really strong brand. We continue to work to try to figure out how do we find a good niche that's based on all the brand equity of Hard Mtn Dew, which is unique.

但歸根結底，我們仍然相信這是一個非常強的品牌。我們會持續努力，試著找出如何基於Hard Mtn Dew獨特的品牌資產，找到一個好的利基定位。

(Operator Instructions)

（接線員指示）

Chris Barnes, Deutsche Bank

Chris Barnes，德意志銀行

Hi. Good evening. Thanks for the question.

嗨。晚安。謝謝讓我提問。

Jim, recently Brown-Forman and the Brown family put their toes in the water on a merger process that ultimately didn't materialize. I'm just curious to hear your thoughts on why you think they'd evaluate a transaction down here?

Jim，最近Brown-Forman以及Brown家族在一個併購流程上試探性地踏入水溫，但最終並未成案。我想聽聽你的看法：你認為他們為什麼會在這個時點評估一筆交易？

Clearly, the investment community thinks the alcohol profit pool is evaporating. Is consolidation and the related synergy capture increasingly becoming a survival strategy that alcoholic beverage companies need to more seriously consider today?

顯然，投資界認為酒精飲料的利潤池正在蒸發。整併以及相關的協同效益擷取，是否正日益成為酒精飲料公司在當下需要更嚴肅考慮的生存策略？

Thanks.

謝謝。

That's a question that investment bankers -- and, frankly, the brain power of the people on this call is much greater than mine. That's up there in the stratosphere.

這是投資銀行家會回答的問題——坦白說，這通電話上各位的腦力遠勝於我。那是高到平流層的議題。

We're just down here, going from bar to bar, trying to sell more product. I -- there's clearly consolidation going on.

我們只是在這裡，從一家酒吧跑到另一家酒吧，努力多賣一些產品。我——顯然，產業整併正在發生。

I think we feel like, in some ways, we're in a unique position in that we've gotten over the hump as a supplier, to the point where we're important to our wholesale partners and we're important to our retailers.

我想我們覺得，某種程度上我們處在一個獨特的位置：作為供應商，我們已經跨過那道門檻，到了對批發合作夥伴很重要、對零售商也很重要的程度。

That importance is amplified. For a typical -- an average wholesaler, we may be 10% of their gross profit. That's a meaningful -- we're in their top 5 suppliers -- so we're important to them.

而這種重要性正在被放大。對一家典型——平均的批發商而言，我們可能占其毛利的10%。這很有意義——我們是他們前五大供應商之一——所以我們對他們很重要。

That's somewhat amplified by -- historically, we've been a bigger part of their growth. We have a great innovation track record. We're very happy with our pipeline.

這點也在某種程度上被放大，因為——歷史上，我們一直是他們成長更大的一部分。我們有很棒的創新紀錄。我們對我們的產品管線非常滿意。

Again, the success of Sun Cruiser in the last year has validated our continuing ability to bring new-to-world brands to our wholesalers that they don't have to pay for and buy from somebody else.

再者，Sun Cruiser在過去一年的成功，驗證了我們持續為批發商帶來「全新」品牌的能力；而這些品牌他們不需要另外付費、也不必向別人買下來。

We continue to be big enough to get the attention that we need. I don't feel like we're disadvantaged.

我們的規模也足夠大，能獲得我們需要的關注。我不覺得我們處於劣勢。

I think, like, we're in this sweet spot of, we're big enough to innovate and bring successful new products to market, with a strong 550 person salesforce -- bigger than any other salesforce -- in our category; and then, we're small enough to be nimble, move quickly, be innovative, and continue to to grow against the opportunities that we're finding today, which primarily are in the fourth category, which is now 85% of our volume.

我認為我們正處在一個甜蜜點：我們夠大，能創新並把成功的新產品推向市場，且擁有一支550人的銷售團隊——在我們這個品類中比任何其他銷售團隊都大；同時，我們又夠小，能保持靈活、快速行動、持續創新，並在我們今天看到的機會中持續成長，而這些機會主要在第四品類，該品類目前占我們銷量的85%。

It's where we've proven our capabilities of bringing new, strong brands to our wholesalers and our retailers.

在那裡，我們已經證明了我們把新的強勢品牌帶給批發商與零售商的能力。

I would also add that I think, as investors, when there's a segment that drops value like alcohol, in general, has, obviously, there's a lot of people that see the value there and see it as an opportunity to jump in.

我也想補充：我認為作為投資人，當某個板塊像酒精飲料這樣出現估值下滑時，顯然會有很多人看到其中的價值，並把它視為進場的機會。

I think part of the reason you're not seeing some of those mergers materialize is because people see the opportunity in the future and, therefore, hold on it.

我認為你沒有看到某些併購真正落地的部分原因，是因為人們看到了未來的機會，因此選擇繼續持有。

I still think it's an industry that has a lot of value. I do think that people see an opportunistic time, given that last year, on average, most companies have gone down to jump into something they see value in the future.

我仍然認為這是一個很有價值的產業。我也確實認為，鑑於去年平均而言多數公司的股價都下跌了，人們會把這視為一個機會性的時點，去投入他們認為未來有價值的標的。

I think the value will continue in the industry. I think we're really well-positioned to play in that.

我認為這個產業的價值會持續存在。我認為我們在其中的布局非常到位。

Great. Thanks very much for the perspective, both.

很好。非常感謝兩位提供的觀點。

Thanks.

謝謝。

Thank you. This concludes the question-and-answer session.

謝謝。問答環節到此結束。

I would like to turn the call back over to Jim Koch for closing remarks.

我想把電話交回給Jim Koch作結語。

Thanks to everybody for joining us this afternoon.

感謝各位今天下午加入我們。

It's an exciting time to be in this business. There's both lots of challenges and opportunities.

現在是投入這個產業令人振奮的時刻。既有許多挑戰，也有許多機會。

I look forward to talking to you in a few months.

我期待幾個月後再與各位交流。

This concludes today's conference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

您現在可以掛斷電話線。

Enjoy the rest of your day.

祝您今天剩下的時間愉快。