Constellation Brands Inc (STZ) 2023 Q1 法說會逐字稿

Good morning, and welcome to the Constellation Brands First Quarter Fiscal Year 2023 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Patty Yahn-Urlaub, Senior Vice President of Investor Relations for opening remarks. Please go ahead, Patty.

早上好，歡迎參加 Constellation Brands 2023 財年第一季度財報電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。現在，我很高興將電話轉給投資者關係高級副總裁 Patty Yahn-Urlaub 做開場白。請繼續，帕蒂。

Thanks, Kevin. Good morning, and welcome to Constellation's Q1 Fiscal '23 Conference Call. I'm here this morning with Bill Newlands, our CEO; and Garth Hankinson, our CFO. As a reminder, reconciliations between the most directly comparable GAAP measure and any non-GAAP financial measures discussed on this call are included in our news release or otherwise available on the company's website at www.cbrands.com. Please refer to the news release and Constellation's SEC filings for risk factors which may impact forward-looking statements we make on this call.

謝謝，凱文。早上好，歡迎參加 Constellation 的 Q1 財政 '23 電話會議。今天早上我和我們的首席執行官比爾·紐蘭茲（Bill Newlands）在這裡；和我們的首席財務官 Garth Hankinson。提醒一下，最直接可比的 GAAP 衡量標準與本次電話會議討論的任何非 GAAP 財務衡量標準之間的對賬包含在我們的新聞稿中或以其他方式在公司網站 www.cbrands.com 上提供。請參閱新聞稿和 Constellation 向 SEC 提交的文件，了解可能影響我們在本次電話會議上做出的前瞻性陳述的風險因素。

Before turning the call over to Bill, similar to prior quarters, I would like to ask that we limit everyone to one question per person, which will help us to end our call on time. Thanks in advance, and now here's Bill.

在將電話轉給比爾之前，與前幾個季度類似，我想問一下，我們將每個人限制為每人一個問題，這將有助於我們按時結束電話。提前謝謝，現在是比爾。

Thank you, Patty, and good morning, everyone. Before we get started today, I wanted to take a minute to recognize Patty, who, after 15 years with Constellation, has elected to retire next month. We appreciate Patty's commitment in helping shepherd our Investor Relations function since joining the company in 2007. And on behalf of all of our team here at Constellation, we thank Patty for her many contributions to our success over the years, including managing our relationships with a number of folks on this call. We wish her the very best in retirement.

謝謝你，帕蒂，大家早上好。在我們今天開始之前，我想花一點時間認識一下 Patty，他在 Constellation 工作了 15 年後，選擇下個月退休。自 2007 年加入公司以來，我們感謝 Patty 致力於幫助管理我們的投資者關係部門。我們代表 Constellation 的所有團隊，感謝 Patty 多年來為我們的成功做出的許多貢獻，包括管理我們與本次通話的人數。我們祝愿她退休後一切順利。

Effective July 1, leadership of our IR function will transition to Joe Suarez, who joined Constellation last November as Vice President of Investor Relations. Joe previously served as Managing Director at Teneo, a global CEO advisory firm. Prior to his time there, Joe also served in a range of commercial, governance, finance and investor relations roles for a couple of major players in the global resources sector. We look forward to the continued success of our Investor Relations function under Joe's leadership.

自 7 月 1 日起，我們 IR 職能的領導層將移交給去年 11 月加入 Constellation 擔任投資者關係副總裁的 Joe Suarez。 Joe 此前曾擔任全球 CEO 諮詢公司 Teneo 的董事總經理。在此之前，Joe 還曾為全球資源領域的幾家主要參與者擔任過一系列商業、治理、金融和投資者關係職務。我們期待在喬的領導下，我們的投資者關係職能繼續取得成功。

With that, let's move on to a discussion of our first quarter results. We're off to a strong start in our new fiscal year, thanks to the solid fundamentals of our business, the disciplined execution of our strategy and the relentless commitment of our Constellation Brands team as well as that of our distributors and retail partners.

有了這個，讓我們繼續討論我們的第一季度業績。由於我們業務的堅實基礎、我們戰略的嚴格執行以及我們的星座品牌團隊以及我們的分銷商和零售合作夥伴的不懈承諾，我們在新的財政年度有了一個強勁的開端。

Our performance in Q1 fiscal '23 continued to build momentum in 3 key areas tied to our long-term goals. First, our beer business once again delivered industry-leading share gains with Modelo Especial and Corona Extra taking the #1 and #4 spots among share-gaining brands across track channels. The business achieved an important milestone, having reached more than 5 full points in shares gained over the last 5 years.

我們在 23 財年第一季度的表現繼續在與我們的長期目標相關的 3 個關鍵領域建立勢頭。首先，我們的啤酒業務再次實現了行業領先的份額增長，Modelo Especial 和 Corona Extra 在跨渠道的份額增長品牌中分別位居第一和第四位。該業務實現了一個重要的里程碑，在過去 5 年中獲得了超過 5 個完整點的股票。

Coming back to Q1. Our beer business delivered net sales growth of 21% and added nearly 15 million cases in incremental shipment volume. As anticipated, these significant increases were partly driven by the lapping of supply challenges as a result of severe weather impacts in Q1 fiscal '22. For clarity, ships and depletes in our current quarter were roughly equal on an absolute basis. Importantly, our shipments mainly were underpinned by continued strong demand for our authentic Mexican beers, our consistent and balanced approach to pricing and the effective ramp-up of new brewing capacity from our organic growth investments.

回到第一季度。我們的啤酒業務實現了 21% 的淨銷售額增長，並增加了近 1500 萬箱的增量出貨量。正如預期的那樣，這些顯著增長的部分原因是由於 22 財年第一季度的惡劣天氣影響導致供應挑戰不斷加劇。為清楚起見，我們本季度的船舶和消耗量在絕對基礎上大致相等。重要的是，我們的出貨量主要得益於對我們正宗墨西哥啤酒的持續強勁需求、我們一貫和平衡的定價方法以及通過我們的有機增長投資有效提高新的釀造能力。

Second, our Wine & Spirits business outperformed the U.S. Wine & Spirits category in tracked channels, where we gained share supported by strong performance of our higher-end brands. Our Wine & Spirits business grew net sales by 2% and saw overall U.S. depletions increased by over 1% with the premium wine and fine wine and craft spirits portions of our portfolio achieving 8% and 16% depletion growth, respectively, with brands like Meiomi, the Prisoner, High West and Casa Noble delivering double-digit depletion growth rates; and third, our sustained and strong operating performance and cash flow generation enabled us to continue to deliver against our established capital allocation priorities.

其次，我們的葡萄酒和烈酒業務在跟踪渠道中的表現優於美國葡萄酒和烈酒類別，我們在高端品牌的強勁表現支持下獲得了份額。我們的葡萄酒和烈酒業務的淨銷售額增長了 2%，美國的整體消耗量增加了 1% 以上，我們產品組合中的優質葡萄酒、優質葡萄酒和精釀烈酒部分分別實現了 8% 和 16% 的消耗量增長，其中 Meiomi 等品牌，Prisoner、High West 和 Casa Noble 實現了兩位數的消耗增長率；第三，我們持續強勁的經營業績和產生的現金流使我們能夠繼續按照我們既定的資本配置優先事項交付成果。

Our balance sheet remains strong. We continue to invest behind the momentum of our beer business with a focus on growth and flexibility, and we exceeded our planned $500 million accelerated share repurchase activity with an additional $800 million in buybacks. In fact, we have now fulfilled the share buyback portion of the $5 billion goal in cash returns to shareholders that we promised.

我們的資產負債表依然強勁。我們繼續投資於啤酒業務的發展勢頭，重點是增長和靈活性，我們超過了計劃的 5 億美元加速股票回購活動，另外還進行了 8 億美元的回購。事實上，我們現在已經實現了我們承諾的 50 億美元現金回報目標中的股票回購部分。

Now let's discuss in more detail our beer business performance. We maintained our #1 position as the #1 supplier in high-end beer in the U.S. and achieved depletion growth of almost 9% in the quarter, consistent with our expectations and our growth profile target.

現在讓我們更詳細地討論我們的啤酒業務表現。我們保持了我們在美國高端啤酒第一供應商的第一地位，並在本季度實現了近 9% 的消耗增長，這與我們的預期和我們的增長目標一致。

As for Memorial Day, which celebrations took place within the quarter, we were the #1 share gainer for that holiday, capturing 1.5 share points of total beer and 2.3 points of high-end beer in the U.S. tracked channels. In the on-premise, our beer business achieved a 30% depletion growth rate across the portfolio and delivered double-digit growth for the Corona and Modelo brand families as well as Pacifico.

至於在本季度舉行的陣亡將士紀念日，我們是該節日的第一大份額增長者，在美國跟踪渠道中獲得了 1.5 個總啤酒份額和 2.3 個高端啤酒份額。在本地，我們的啤酒業務在整個產品組合中實現了 30% 的損耗增長率，並為 Corona 和 Modelo 品牌系列以及 Pacifico 實現了兩位數的增長。

As mentioned, Modelo Especial remains the #1 share gainer in tracked channels, adding over 1.2 points in incremental share, nearly double the incremental share of the second largest gainer. Overall, Modelo Especial delivered the total depletion growth above 15% for the quarter.

如前所述，Modelo Especial 仍然是跟踪渠道中排名第一的份額增長者，增加了超過 1.2 個百分點的增量份額，幾乎是第二大增長者增量份額的兩倍。總體而言，Modelo Especial 本季度的總消耗增長率超過 15%。

Our Modelo Chelada brand family grew in line with our medium-term double-digit CAGR expectations, achieving over 39% depletion growth in the quarter. The national release of our new Limon y Sal 12-ounce, 12-pack helped this popular flavor of our Chelada brand delivered the 15th largest share gain across the entire U.S. beer category in tracked channels. And although it is still very early days for our other Modelo innovations, we are encouraged by the initial data we're seeing in test markets, particularly for (inaudible)

我們的 Modelo Chelada 品牌系列的增長符合我們中期兩位數的複合年增長率預期，在本季度實現了超過 39% 的消耗增長。我們新的 12 盎司、12 包 Limon y Sal 的全國發布幫助我們的 Chelada 品牌的這種流行風味在跟踪渠道中在整個美國啤酒類別中實現了第 15 大份額增長。儘管我們的其他 Modelo 創新還處於初期階段，但我們對我們在測試市場上看到的初始數據感到鼓舞，特別是（聽不清）

We continue to be encouraged by the sustained healthy growth of Corona Extra. This brand delivered over 4% depletion growth for the quarter, and as mentioned earlier, was the #4 share gainer in the U.S. beer market in tracked channels. We continue to expect modest growth for Corona Extra in fiscal '23.

我們繼續對 Corona Extra 的持續健康增長感到鼓舞。該品牌在本季度實現了超過 4% 的消耗增長，並且如前所述，在跟踪渠道中，它是美國啤酒市場的第四大份額增長者。我們繼續預計 Corona Extra 在 23 財年將出現適度增長。

And Pacifico delivered depletion growth of more than 20% for the quarter. We continue to expect Pacifico to grow in line with our medium-term 10% to 15% total annual volume growth forecast in fiscal '23. All in, our beer business delivered strong net sales growth for the quarter and this, in turn, supported a double-digit increase in operating income.

Pacifico 在本季度實現了超過 20% 的消耗增長。我們繼續預計 Pacifico 的增長將符合我們在 23 財年中期 10% 至 15% 的年總銷量增長預測。總而言之，我們的啤酒業務在本季度實現了強勁的淨銷售額增長，這反過來又支持了營業收入的兩位數增長。

Looking ahead, we're confident that our beer business remains well positioned to deliver against our net sales and operating income growth targets for fiscal '23 despite the ongoing inflationary pressures affecting consumers. We'll continue to take appropriate pricing and cost management actions to ensure we maintain both the growth algorithm of our brands and our industry-leading margins.

展望未來，儘管通脹壓力持續影響消費者，但我們相信我們的啤酒業務仍有望實現 23 財年的淨銷售額和營業收入增長目標。我們將繼續採取適當的定價和成本管理措施，以確保我們保持品牌的增長算法和行業領先的利潤率。

We'll also continue to support our consumer-led innovation and brand building efforts throughout the remainder of the year. which will include the launch of our Fresca Mixed vodka spirits and Tequila Paloma flavors in early September. And we continue to make progress with our brewing capacity additions including our new brewery to be built in the state of Veracruz.

我們還將在今年剩餘時間內繼續支持我們以消費者為主導的創新和品牌建設工作。其中包括在 9 月初推出我們的 Fresca 混合伏特加烈酒和 Tequila Paloma 口味。我們繼續在增加釀造能力方面取得進展，包括我們將在韋拉克魯斯州建造的新啤酒廠。

During the quarter, we were pleased to have formally announced the location of our new brewery with the President of Mexico, Andres Manuel Lopez Obrador, as well as with both the governor of this data of Veracruz and the mayor of the city of Veracruz along with federal, state and municipal authorities. The new brewery will be located in the port of Veracruz, one of the most prominent sea ports in the region and will have ample access to water and necessary resources and a highly capable workforce as President Lopez Obrador himself has stated. We look forward to continuing the remarkable journey of our strong performance of our beer business with a focus on both growth and flexibility as we deploy the investments needed to meet steadily rising demand for our products.

在本季度，我們很高興與墨西哥總統安德烈斯·曼努埃爾·洛佩斯·奧夫拉多爾、韋拉克魯斯州數據的州長和韋拉克魯斯市市長一起正式宣布了我們新啤酒廠的選址。聯邦、州和市政當局。正如洛佩茲·奧夫拉多爾總統本人所說，新啤酒廠將位於韋拉克魯斯港，該港口是該地區最著名的海港之一，將擁有充足的水源和必要的資源以及高素質的勞動力。我們期待繼續我們啤酒業務強勁表現的非凡旅程，同時關注增長和靈活性，因為我們部署所需的投資以滿足對我們產品的穩步增長的需求。

Now let's move on to Wine & Spirits. Our strategy to increasingly focus on higher-end brands, aligned with ongoing consumer-led premiumization trends, continues to enhance the commercial performance of our Wine & Spirits business. The premium wine, fine wine and craft spirits portions of our portfolio all significantly outperformed their corresponding categories and track channels. Meiomi, the Prisoner and Kim Crawford remain the driving forces behind our premium and fine wine growth with continued share gains in tracked channels and strong increases in depletions. And in craft spirits, our High West and Casa Noble brands delivered dollar sales growth ahead of the competition. We maintained share in mainstream wine with Woodbridge primarily driving that performance.

現在讓我們繼續討論葡萄酒和烈酒。我們越來越關注高端品牌的戰略，與持續的以消費者為主導的高端化趨勢保持一致，繼續提升我們葡萄酒和烈酒業務的商業業績。我們產品組合中的優質葡萄酒、精品葡萄酒和精釀烈酒部分的表現均顯著優於其相應類別和跟踪渠道。 Meiomi, the Prisoner 和 Kim Crawford 仍然是我們優質和優質葡萄酒增長的驅動力，在跟踪渠道中的份額持續增長，消耗量強勁增長。在工藝烈酒方面，我們的 High West 和 Casa Noble 品牌在競爭中實現了銷售額增長。我們保持在主流葡萄酒中的份額，伍德布里奇主要推動了這一表現。

Our innovation efforts also continued to produce excellent results with Meiomi Red Blend becoming the second largest new product growth contributor in the wine category in just over a quarter since its launch. And we are seeing incremental growth from the expansion of our Wine & Spirits brands into international markets with particularly significant gains of more than 60% in international shipment volumes for our fine wine and craft spirits products.

我們的創新努力也繼續取得優異的成績，自推出以來僅超過四分之一的時間，Meiomi Red Blend 就成為葡萄酒類別中第二大新產品增長貢獻者。我們看到我們的葡萄酒和烈酒品牌向國際市場擴張帶來的增量增長，特別是我們的優質葡萄酒和精釀烈酒產品的國際出貨量增長了 60% 以上。

As with our beer business, we continue to closely monitor the state of consumer and remain disciplined in our approach to ensure we balance both pricing and growth across our Wine & Spirits portfolio as economic conditions further evolve. That said, while consumers are reporting increasing concerns about the economy, these concerns have not yet translated into significant behavior change for beverage alcohol shoppers, particularly for our major brands. In total, beverage alcohol servings per capita in the U.S. have remained and are expected to remain stable with growth of 1% to 2% based on population growth expectations.

與我們的啤酒業務一樣，我們將繼續密切關註消費者的狀況，並在我們的方法中保持自律，以確保隨著經濟狀況的進一步發展，我們在葡萄酒和烈酒產品組合中平衡定價和增長。也就是說，雖然消費者報告對經濟的擔憂日益增加，但這些擔憂尚未轉化為飲料酒精消費者的重大行為變化，尤其是我們的主要品牌。總體而言，美國的人均酒精飲料供應量一直保持不變，根據人口增長預期，預計將保持穩定，增長 1% 至 2%。

Against that backdrop, we are encouraged by the continued strength of our high-end beer and Wine & Spirits brands in the first quarter of this fiscal year and remain confident in our ability to drive additional growth for both businesses over the medium term. To that end, we are accelerating our investments in digital capabilities to further support future growth. These investments will be focused on securing the talent and enhancing the technologies needed to further optimize our marketing efforts and reinforce our leading position in 3-tier e-commerce and DT sales as well as unlock value from enhancements to our procurement, supply chain management, plant operations and back office activities.

在此背景下，我們對本財年第一季度高端啤酒和葡萄酒與烈酒品牌的持續實力感到鼓舞，並對我們在中期推動這兩項業務進一步增長的能力充滿信心。為此，我們正在加快對數字能力的投資，以進一步支持未來的增長。這些投資將專注於確保人才和增強所需的技術，以進一步優化我們的營銷工作，鞏固我們在 3 級電子商務和 DT 銷售方面的領先地位，以及從增強我們的採購、供應鏈管理、工廠運營和後台活動。

Online beverage alcohol sales remain over 4 point times the pre-COVID rates and we are seeing great traction with our DTC and 3-tier e-commerce efforts, having outperformed the competition by 3.5 points in these channels over the first quarter. We are now planning additional investments as part of these efforts this fiscal year and expect the total impact of this digital business acceleration program to ultimately result in incremental earnings to be realized over the coming years driven by more effective marketing as well as more efficient supply chain, procurement, data and analytics and operations platforms. Garth will provide additional details in just a few minutes.

在線飲料酒類銷售額仍然是 COVID 之前的 4 個百分點以上，我們看到 DTC 和 3 層電子商務工作的巨大吸引力，在第一季度在這些渠道中的表現超過了競爭對手 3.5 個百分點。作為本財年這些努力的一部分，我們現在計劃進行額外投資，並預計這一數字業務加速計劃的總體影響最終將在更有效的營銷和更高效的供應鏈的推動下，在未來幾年實現增量收益、採購、數據和分析以及運營平台。 Garth 將在幾分鐘內提供更多詳細信息。

Beyond the growth, we continue to expect from our businesses, which will be further supported by our digital business acceleration program. We also continue to believe that our ownership position in Canopy represents a compelling opportunity in developing -- in a developing industry with significant long-term growth potential.

除了增長之外，我們繼續期待我們的業務，這將得到我們的數字業務加速計劃的進一步支持。我們還繼續相信，我們在 Canopy 的所有權地位代表了一個引人注目的發展機會——在一個具有顯著長期增長潛力的發展中行業。

Within that context, we think Canopy's focused on premiumizing its cannabis-branded portfolio to improve performance in Canada is appropriate. And we are also supportive of its efforts in the U.S. to strengthen the distribution of its emerging CPG brands and build a competitive THC ecosystem as Canopy continues to gain traction.

在這種情況下，我們認為 Canopy 專注於提升其大麻品牌產品組合以提高加拿大的業績是合適的。我們也支持其在美國的努力，以加強其新興 CPG 品牌的分銷，並在 Canopy 繼續獲得牽引力的情況下建立具有競爭力的 THC 生態系統。

Canopy's agreements with Acreage, TerrAscend, Wana and Jetty position it to quickly scale operations across the U.S. upon federal legalization. We continue to support Canopy through our strategic relationship sharing our experience and capabilities to support the continued advancement of their U.S. strategy, specifically in the areas of commercial sales, marketing and operations. And as announced yesterday, part of our holding in Canopy's convertible debt will be transitioned into equity, which will reduce Canopy's debt while maintaining our share of equity ownership without putting additional capital at risk.

Canopy 與 Acreage、TerrAscend、Wana 和 Jetty 的協議使其能夠在聯邦合法化後迅速擴大在美國的業務。我們繼續通過我們的戰略關係支持 Canopy，分享我們的經驗和能力，以支持其美國戰略的持續推進，特別是在商業銷售、營銷和運營領域。正如昨天宣布的那樣，我們持有的 Canopy 可轉換債務的一部分將轉換為股權，這將減少 Canopy 的債務，同時保持我們的股權份額，而不會使額外的資本面臨風險。

On a separate note, earlier today, we also announced that our Board of Directors has approved a proposal to eliminate our Class B common stock. After an extensive review and analysis by the special committee and with the special committee's recommendation, our Board agreed that it is in the best interest of the company and all Constellation shareholders to eliminate the Class B common stock. Under the proposal, owners of our Class B common stock, which are primarily the Sands family, would convert those shares into Class A common stock and receive $64.64 per share in cash, which equates to a total amount of $1.5 billion. The transaction requires shareholder approval, including approval of a majority of the issued and outstanding shares of Class A common stock not held by the Sands family or their affiliates, executive officers of the company or Directors that also hold Class B common stock.

在另一份說明中，今天早些時候，我們還宣布我們的董事會已經批准了一項取消我們 B 類普通股的提議。經過特別委員會的廣泛審查和分析以及特別委員會的建議，我們的董事會同意，取消 B 類普通股符合公司和所有 Constellation 股東的最佳利益。根據該提議，我們 B 類普通股的所有者（主要是金沙家族）將把這些股票轉換為 A 類普通股，並獲得每股 64.64 美元的現金，相當於 15 億美元的總額。該交易需要股東批准，包括大多數已發行和流通在外的 A 類普通股股份的批准，這些股份並非由金沙家族或其關聯公司、公司執行官或同時持有 B 類普通股的董事持有。

One shareholder approval is received, we expect that the proposal would deliver a number of corporate governance and other benefits, including the elimination of the higher vote Class B common stock, including the associated voting control of the Sands family and a reduction in the concentration of voting power; a simplification of the company's equity capital structure to better align the voting rights and interests of all shareholders; a broader appeal of our shares to a larger base of investors who prefer single voting class common stock structures; operating cost savings associated with executive salary and certain benefits as well as administrative savings from maintaining the Class B common stock.

獲得一位股東的批准，我們預計該提案將帶來許多公司治理和其他好處，包括取消較高投票權的 B 類普通股，包括對金沙家族的相關投票控制和減少投票權；簡化公司的股權資本結構，以更好地協調所有股東的投票權和利益；我們的股票對更喜歡單一投票類別普通股結構的更多投資者俱有更廣泛的吸引力；與高管工資和某些福利相關的運營成本節省，以及維護 B 類普通股的行政節省。

We expect the executive salary and benefits cost savings will be about $15 million to $20 million per year using the $17.5 million midpoint of that cost savings range. and our current trading multiple of approximately 21x PE. That equates to roughly $300 million of value on a tax-effective basis. Other corporate governance benefits include a rotation of the lead independent Director position on the Board at the next available normal cycle opportunity. And finally, a shift to majority voting in uncontested elections from the current plurality standard for our Board of Directors and the adoption of a Board anti-pledging policy.

我們預計，使用該成本節約範圍的中點 1750 萬美元，每年可節省約 1500 萬美元至 2000 萬美元的高管薪酬和福利成本。我們目前的交易倍數約為 21 倍市盈率。在稅收有效的基礎上，這相當於大約 3 億美元的價值。其他公司治理好處包括在下一個可用的正常週期機會輪換董事會首席獨立董事職位。最後，我們的董事會從當前的多元化標準轉變為在無爭議的選舉中進行多數投票，並採用了董事會反質押政策。

We will be seeking the approval of shareholders at a special meeting, and a proxy statement, including all details of the proposal will be available ahead of that special meeting. In the meantime, the announcement we made this morning related to the proposal can be found on our company website, cbrands.com. And at this point, we will be unable to comment further or provide additional information on the proposal during today's call beyond what is available in that announcement.

我們將在一次特別會議上尋求股東的批准，一份代理聲明，包括該提案的所有細節，將在該特別會議之前提供。同時，我們今天上午發布的與該提案相關的公告可以在我們公司的網站 cbrands.com 上找到。在這一點上，我們將無法在今天的電話會議中進一步評論或提供有關該提案的其他信息，而不是該公告中提供的信息。

In closing, I once again want to recap the 3 highlights I shared earlier on our performance in the first quarter of fiscal '23. First, our beer business continued to achieve industry-leading share gains, driven by our high-performing Modelo Especial, Modelo Chelada, Corona Extra and Pacifico brands delivering overall strong financial results with double-digit growth for both net sales and operating income.

最後，我想再次回顧一下我早些時候分享的關於我們在 23 財年第一季度的表現的 3 個亮點。首先，我們的啤酒業務繼續實現行業領先的份額增長，這得益於我們表現出色的 Modelo Especial、Modelo Chelada、Corona Extra 和 Pacifico 品牌實現了整體強勁的財務業績，淨銷售額和營業收入均實現兩位數增長。

Second, our Wine & Spirits business outperformed the U.S. Wine & Spirits category and tracked channels, particularly through the strong performance of our higher-end brands and also grew net sales in the quarter. And third, we continued to deliver against our established capital allocation priorities, including through the $1.3 billion return to shareholders and share repurchases through June and dividends for the first quarter of this year. We are now at over 90% of our $5 billion promised goal.

其次，我們的葡萄酒和烈酒業務的表現優於美國葡萄酒和烈酒類別並跟踪渠道，特別是通過我們高端品牌的強勁表現以及本季度的淨銷售額增長。第三，我們繼續按照既定的資本配置優先事項交付，包括通過 13 億美元的股東回報和截至 6 月的股票回購以及今年第一季度的股息。我們現在已經完成了 50 億美元承諾目標的 90% 以上。

We were very encouraged by the continued strength of our business in the first quarter of this fiscal year and remain confident in our ability to drive sustained growth over the medium term. And with that, I'd now like to turn it over to Garth, who will give you more detail of our financial results in the quarter. Garth?

我們對本財年第一季度業務的持續強勁感到非常鼓舞，並對我們在中期推動持續增長的能力充滿信心。有了這個，我現在想把它交給加思，他會給你更多關於本季度財務業績的細節。加思？

Thank you, Bill, and good morning, everyone. Fiscal '23 is off to a great start. We're executing against our business strategy, and we're on track to achieve our targeted financial performance goals for the year. Our beer business achieved double-digit net sales and operating income growth, and our Wine & Spirits business is progressing as marketplace momentum accelerates for the portfolio.

謝謝你，比爾，大家早上好。 '23 財年開局良好。我們正在執行我們的業務戰略，並且我們有望實現我們今年的目標財務業績目標。我們的啤酒業務實現了兩位數的淨銷售額和營業收入增長，我們的葡萄酒和烈酒業務正在隨著市場勢頭加速投資組合而取得進展。

In addition, our strong cash flow results enabled us to accelerate and complete our share buyback as we repurchased 5.3 million shares for $1.3 billion through the first 4 months of our fiscal year.

此外，我們強勁的現金流結果使我們能夠加速並完成我們的股票回購，因為我們在本財年的前 4 個月以 13 億美元回購了 530 萬股股票。

As a reminder, one of our key capital allocation priorities has been to return $5 billion to shareholders through a combination of dividends and share repurchases by the end of fiscal '23. To date, we've completed the share repurchase portion of this commitment well in advance of our year-end target. As such, we are now forecasting weighted average diluted shares outstanding of approximately 186.5 million for fiscal 2023, which includes share repurchases through June only. As is typical, since we do not know the timing and cadence of future share repurchase activity, any additional share repurchases have been excluded from our guidance assumptions.

提醒一下，我們的主要資本分配優先事項之一是在 23 財年末通過股息和股票回購的組合向股東返還 50 億美元。迄今為止，我們已經在我們的年終目標之前完成了這一承諾的股票回購部分。因此，我們現在預測 2023 財年的加權平均稀釋後流通股約為 1.865 億股，其中僅包括截至 6 月的股票回購。通常，由於我們不知道未來股票回購活動的時間和節奏，任何額外的股票回購都被排除在我們的指導假設之外。

Now let's review Q1 fiscal '23 performance in more detail where I generally focus on comparable basis financial results. Starting with beer. Net sales increased 21% primarily driven by shipment volume growth of over 17% from ongoing robust demand for our core portfolio and favorable price. As a reminder, we're seeing a favorable shipment volume overlap versus last year's Q1, which was impacted by supply shortages and missed shipping days as a result of severe weather events impacting Texas and Northern Mexico.

現在讓我們更詳細地回顧一下 23 財年第一季度的表現，我通常關注可比基礎財務結果。從啤酒開始。淨銷售額增長 21%，主要是由於對我們核心產品組合的持續強勁需求和優惠價格，出貨量增長超過 17%。提醒一下，與去年第一季度相比，我們看到有利的出貨量重疊，後者受到供應短缺的影響，以及由於德克薩斯州和墨西哥北部的惡劣天氣事件導致的運輸天數延誤。

Depletion growth for the quarter came in at nearly 9% driven by the continued strength of Modelo Especial and Corona Extra as well as the return to growth in the on-premise channel. Q1 shipments were generally aligned with cases depleted as distributor inventories remained at normal levels. The on-premise channel grew more than 30% in Q1 and now accounts for approximately 13% of our depletion volume versus 11% in Q1 fiscal 2022 when the on-premise channel continued to be somewhat affected by the pandemic.

由於 Modelo Especial 和 Corona Extra 的持續強勁以及本地渠道的恢復增長，本季度的消耗增長接近 9%。由於分銷商的庫存保持在正常水平，第一季度的出貨量通常與耗盡的案例一致。內部部署渠道在第一季度增長了 30% 以上，現在約占我們消耗量的 13%，而在 2022 財年第一季度，當內部部署渠道繼續受到大流行的影響時，這一比例為 11%。

Moving on to beer margins. As expected, beer operating margin decreased 260 basis points to 40.2% primarily driven by the expected impact of inflationary headwinds, leading to increased COGS for transportation and material costs, including pallets, cartons, steel, corn and aluminum.

繼續啤酒利潤。正如預期的那樣，啤酒營業利潤率下降 260 個基點至 40.2%，主要受通脹不利因素的預期影響，導致運輸和材料成本（包括托盤、紙箱、鋼材、玉米和鋁）的 COGS 增加。

Additional factors include higher depreciation and brewery costs associated with planned capacity additions at our Obregon production facility in Mexico. These headwinds were partially offset by the favor overlap from 2 items: one, fixed cost absorption related to increased production levels compared to last year's Q1 driven by the weather events I just mentioned; and two, decreased obsolescence primarily related to hard seltzers.

其他因素包括與我們位於墨西哥的 Obregon 生產設施的計劃產能增加相關的更高折舊和啤酒成本。這些不利因素被兩項有利重疊部分抵消：第一，與去年第一季度相比，受我剛才提到的天氣事件驅動，與生產水平提高相關的固定成本吸收；第二，主要與硬蘇打水有關的過時減少。

On an absolute dollar basis, marketing investments increased versus prior year. However, due to favorable top line leverage, marketing as a percent of net sales decreased 40 basis points to 9% versus prior year. We continue to expect marketing as a percent of net sales to be in the 9% to 10% range for the year.

按絕對美元計算，營銷投資比上一年有所增加。然而，由於有利的頂線槓桿，營銷占淨銷售額的百分比與去年相比下降了 40 個基點至 9%。我們繼續預計今年營銷占淨銷售額的百分比將在 9% 到 10% 之間。

For full year fiscal '23, we continue to target net sales growth of 7% to 9%, which includes 1 to 2 points of pricing within our Mexican product portfolio and operating income growth of 2% to 4%. This implies an operating margin of approximately 38% for the year.

對於 23 財年全年，我們繼續以 7% 至 9% 的淨銷售額增長為目標，其中包括我們墨西哥產品組合中 1 至 2 個定價點和 2% 至 4% 的營業收入增長。這意味著全年的營業利潤率約為 38%。

Throughout the remainder of the year, gross margin will be negatively impacted as benefits from price and our cost savings agenda are expected to be more than offset by the following COGS headwinds. First, elevated inflationary pressures will continue throughout fiscal 2023 across numerous cost components but largely driven by aluminum, cartons, wood pallets and steel. In addition, we'll see increased logistic costs for fuel and freight rates for truck and route.

在今年餘下的時間裡，毛利率將受到負面影響，因為價格帶來的好處和我們的成本節約議程預計將被以下 COGS 逆風所抵消。首先，通脹壓力將在整個 2023 財年持續上升，涉及眾多成本組成部分，但主要由鋁、紙箱、木托盤和鋼材驅動。此外，我們將看到卡車和路線的燃料和運費的物流成本增加。

Second, we're expecting incremental brewery costs driven by labor inflation in Mexico as well as increased head count and training expenses to support our continued capacity expansion initiatives at both Nava and Obregon.

其次，我們預計墨西哥勞動力通脹以及增加的員工人數和培訓費用將推動啤酒廠成本的增加，以支持我們在 Nava 和 Obregon 的持續產能擴張計劃。

Third, as a result of these brewery expansion plans, the step-up in depreciation expense will continue as additional capacity is planned to come online throughout the fiscal year.

第三，由於這些啤酒廠擴張計劃，折舊費用將繼續增加，因為計劃在整個財年增加產能。

Moving to Wine & Spirits. Q1 fiscal '20 net sales increased 2% driven by a combination of increased shipments and favorable price and mix. Q1 depletion growth was driven by double-digit contributions from Meiomi, the Prisoner brand family, High West and Casa Noble.

轉向葡萄酒和烈酒。 20 財年第一季度的淨銷售額增長了 2%，這得益於出貨量的增加以及有利的價格和組合。第一季度耗竭增長是由 Meiomi、Prisoner 品牌家族、High West 和 Casa Noble 的兩位數貢獻推動的。

Operating margin decreased 330 basis points to 19.6% as mix and price benefits, combined with a favorable inventory adjustment, were more than offset by higher COGS driven by inflationary headwinds, including higher material costs for grapes and glass, as well as increased transportation and warehousing costs.

營業利潤率下降 330 個基點至 19.6%，原因是混合和價格優勢，加上有利的庫存調整，被通脹逆風（包括葡萄和玻璃的材料成本增加，以及運輸和倉儲增加）推動的銷貨成本增加所抵消。費用。

SG&A and marketing increased as a percent of net sales versus the prior year primarily driven by increased head count and marketing initiatives to support key growth areas of our business. For full year fiscal 2023, the Wine & Spirits business continues to expect net sales to decline 1% to 3% with an increase of 4% to 6% in operating income, implying operating margins of about 24% for fiscal '23.

SG&A 和營銷占淨銷售額的百分比與上一年相比有所增加，這主要是由於增加了員工人數和營銷計劃，以支持我們業務的關鍵增長領域。對於 2023 財年全年，葡萄酒和烈酒業務繼續預計淨銷售額將下降 1% 至 3%，營業收入將增長 4% 至 6%，這意味著 23 財年的營業利潤率約為 24%。

Despite unit Q1 margin results, we expect to achieve our Wine & Spirits margin goals for the year through a combination of the following initiatives that are primarily weighted to the second half of the year. We expect ongoing premiumization and mix improvement driven primarily by our fine wine business and the timing of the vintage transition for these products. We have planned incremental pricing actions beginning in the second quarter. A strong New Zealand vintage coming online is projected to drive volume and enhanced margins. And finally, we expect to see benefits from our ongoing cost savings initiatives.

儘管有第一季度的單位利潤率結果，但我們希望通過以下主要針對下半年的舉措的組合來實現我們今年的葡萄酒和烈酒利潤率目標。我們預計，主要由我們的優質葡萄酒業務和這些產品的年份過渡時間推動，持續的高端化和混合改進。我們計劃從第二季度開始採取增量定價行動。預計強勁的新西蘭葡萄酒上線將推動銷量並提高利潤率。最後，我們希望看到我們正在進行的成本節約計劃帶來的好處。

Now let's proceed with the rest of the P&L. This is a good point to provide additional detail regarding the digital business acceleration initiative that Bill outlined a few minutes ago. Constellation is already an emerging digital business today with impressive progress in key areas such as DTC, 3-tier e-commerce and digital marketing. The digital business acceleration effort will help to create a more cohesive digital strategy and is an entirely new way of doing business that is designed to enable us to become best-in-class initially in the areas that include procurement, end-to-end supply chain planning and marketing optimization.

現在讓我們繼續處理損益表的其餘部分。這是提供有關比爾幾分鐘前概述的數字業務加速計劃的更多詳細信息的好點。如今，Constellation 已經是一個新興的數字業務，在 DTC、3 級電子商務和數字營銷等關鍵領域取得了令人矚目的進展。數字化業務加速工作將有助於創建更具凝聚力的數字化戰略，這是一種全新的經營方式，旨在使我們最初在採購、端到端供應等領域成為一流的連鎖規劃和營銷優化。

The implementation of our new SAP platform last year enabled a framework for us to proceed with this initiative, which is expected to add $35 million to $40 million in corporate expense this year. As a result, our initial corporate expense guidance increased from $230 million to a range of $265 million to $270 million. We expect to start to see some benefits from these investments later this year.

去年我們新的 SAP 平台的實施為我們推進這項計劃提供了一個框架，預計今年將增加 3500 萬至 4000 萬美元的公司開支。因此，我們最初的公司開支指引從 2.3 億美元增加到 2.65 億美元至 2.7 億美元。我們預計今年晚些時候將開始從這些投資中看到一些好處。

Our fiscal 2023 EPS comparable guidance of $11.20 to $11.50 remains unchanged despite the lower share count. Corporate expenses as a percent of net sales remains at about 3%, which is at the level that had been trending during the SAP implementation. In fact, the Q1 increase in corporate expense of approximately $7 million was primarily driven by investment spending for our digital business acceleration initiative. You can expect to see the majority of the remaining fiscal 2023 spend for this project to occur in Q2.

儘管股票數量減少，我們 2023 財年每股收益可比指引為 11.20 美元至 11.50 美元保持不變。公司費用占淨銷售額的百分比保持在 3% 左右，處於 SAP 實施期間的趨勢水平。事實上，第一季度公司開支增加了約 700 萬美元，主要是由我們的數字業務加速計劃的投資支出推動的。您可以預計，該項目 2023 財年剩餘的大部分支出將在第二季度發生。

Comparable basis interest expense for Q1 increased slightly due to higher average borrowings, and we ended the quarter with a net leverage ratio of 3.2x, excluding Canopy equity earnings. During Q1, we entered into an agreement that amended and restated our senior credit facility. This resulted in an increase in our existing revolving credit facility from $2 billion to $2.25 billion and extended its maturity to 2027.

由於平均借款增加，第一季度的可比基礎利息費用略有增加，我們在本季度末的淨槓桿率為 3.2 倍，不包括 Canopy 股票收益。在第一季度，我們簽訂了一項協議，修改並重申了我們的高級信貸額度。這導致我們現有的循環信貸額度從 20 億美元增加到 22.5 億美元，並將其期限延長至 2027 年。

In addition, we issued senior notes and subsequently repaid the 2018 3.2% senior notes and the 2013 4.25% senior notes that were coming due next year. We believe that this was the appropriate action to take in a rising interest rate environment.

此外，我們發行了優先票據，隨後償還了將於明年到期的 2018 年 3.2% 優先票據和 2013 年 4.25% 優先票據。我們認為這是在利率上升的環境下採取的適當行動。

Moving to free cash flow, which we define as net cash provided by operating activities less CapEx. For Q1, we generated free cash flow of $562 million, which represents a 7% decrease versus prior year driven by a 73% increase in CapEx investments to support planned capacity expansions and related activities in Mexico.

轉向自由現金流，我們將其定義為經營活動提供的淨現金減去資本支出。對於第一季度，我們產生了 5.62 億美元的自由現金流，這比上一年減少了 7%，這是由於資本支出投資增加了 73%，以支持墨西哥計劃的產能擴張和相關活動。

We continue to expect fiscal 2023 free cash flow to be in the range of $1.3 billion to $1.4 billion, which reflects operating cash flow in the range of $2.6 billion to $2.8 billion and CapEx of $1.3 billion to $1.4 billion, including investments targeted for Mexico beer operations expansions.

我們繼續預計 2023 財年的自由現金流將在 13 億美元至 14 億美元之間，這反映了運營現金流在 26 億美元至 28 億美元之間，資本支出為 13 億美元至 14 億美元，其中包括針對墨西哥啤酒的投資業務擴展。

In closing, our excellent performance and strong business fundamentals demonstrate that we are committed to generating net sales and operating income growth while returning value to shareholders. Our path to impressive Q1 results were paved by great execution in growing our core business and supported by investments to enhance our portfolio and operations. With that, Bill and I are happy to take your questions.

最後，我們出色的業績和強勁的業務基本面表明，我們致力於在為股東回報價值的同時實現淨銷售額和營業收入增長。我們在發展核心業務方面的出色執行為我們取得令人印象深刻的第一季度業績鋪平了道路，並得到了投資的支持，以增強我們的投資組合和運營。有了這個，比爾和我很高興回答你的問題。

(Operator Instructions) Our first question is coming from Bryan Spillane from Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Bryan Spillane。

Just 2 questions from me. One is as we think about the -- assuming that the shareholder proposal gets approved and there's the $1.5 billion outlay. How would we finance that? And are there any offsets to offset the incremental cost of financing? And then second is just as we think about the incremental -- the accelerated investment in digital, should we think about that as being part of the kind of the cost base going forward? So is it a multiyear investment? Or you're just having a good year and you figured you'd spend -- you'd sort of pull forward some of the expenses. So really those 2 things, how we think about offsetting the incremental cost, I guess, of the $1.5 billion; and then how to think about the digital investments. .

我只有2個問題。一個是我們考慮的 - 假設股東提案獲得批准並且有 15 億美元的支出。我們將如何融資？是否有任何抵消措施來抵消增加的融資成本？然後第二個就是當我們考慮增量 - 加速數字投資時，我們是否應該將其視為未來成本基礎的一部分？那麼這是一項多年的投資嗎？或者你剛剛度過了美好的一年，你認為你會花掉——你會提前支付一些費用。所以真的這兩件事，我們如何考慮抵消15億美元的增量成本；然後是如何考慮數字投資。 .

Yes. Thanks, Bryan. So I'll take those in that order. First, on the funding of the $1.5 billion. First of all, we're in a very enviable position given the strength of our balance sheet and given our investment-grade rating. We're -- obviously, given the timing of this proposal, we're still thinking through exactly how we're going to fund the $1.5 billion, but it likely will include some new debt and may or may not include some of our existing debt that we have available to us under the revolver.

是的。謝謝，布萊恩。所以我會按照這個順序來。首先，關於 15 億美元的資金。首先，鑑於我們的資產負債表的實力和我們的投資級評級，我們處於非常令人羨慕的位置。我們 - 顯然，鑑於該提案的時間安排，我們仍在考慮如何為這 15 億美元提供資金，但它可能包括一些新債務，可能包括也可能不包括我們現有的一些債務。我們在左輪手槍下可用的債務。

So there will be more to come on that as we move forward. That being said, whatever we do, we do remain committed to our investment-grade rating, and we intend to remain within our targeted leverage range and can do so as we support this commitment.

因此，隨著我們的前進，將會有更多的事情發生。話雖如此，無論我們做什麼，我們都會繼續致力於我們的投資級評級，並且我們打算保持在我們的目標槓桿範圍內，並且可以這樣做，因為我們支持這一承諾。

On the digital business acceleration cost, so -- this is -- this will be a multiyear program that's in place. What the spend will be in future years. We will work on that as we move through this year and into next. But this is not a pull forward per se. This will be incremental investment, and so you'll see more about that, as I said, as we move through this year and into next.

關於數字業務加速成本，所以 - 這是 - 這將是一個多年計劃。未來幾年的支出將是多少。我們將在今年和明年繼續努力。但這本身並不是一個進步。這將是增量投資，所以正如我所說，隨著我們今年和明年的發展，你會看到更多關於這一點的信息。

Our next question is coming from Bonnie Herzog from Goldman Sachs.

我們的下一個問題來自高盛的 Bonnie Herzog。

All right. So I guess the key question this morning that we're hearing from investors is on your full year guidance and why you maintained it despite the significant outperformance in Q1 and also thinking about the significant repurchases. So I guess we're all trying to understand your level of conservatism, especially considering it implies that your beer shipments only grow about 3% for the balance of the year despite what I think is pretty darn good momentum behind your brand. So what are we all missing? I mean maybe you guys could sort of lay out for us some of the key puts and takes to help us better understand that?

好的。所以我想今天早上我們從投資者那裡聽到的關鍵問題是關於你的全年指導，以及為什麼儘管第一季度表現顯著優於你，而且還考慮了重大回購。因此，我想我們都在試圖了解您的保守程度，特別是考慮到這意味著您的啤酒出貨量在今年餘下時間僅增長約 3%，儘管我認為您的品牌背後的勢頭相當不錯。那麼我們都缺少什麼？我的意思是，也許你們可以為我們列出一些關鍵點，以幫助我們更好地理解這一點？

Yes, Bonnie. So Bill and I probably try to take this a little bit in response to your question. So I would say, first of all, Q1 was on our estimates for the quarter, keeping in mind, as we stated, as we entered the year that this year would be a bit lumpy just like last year was a bit lumpy as we've been overlapping the production issues we had last year. So you'll continue to see some of that lumpiness.

是的，邦妮。所以比爾和我可能會嘗試稍微回答一下你的問題。所以我想說，首先，第一季度是我們對本季度的估計，請記住，正如我們所說，當我們進入這一年時，今年會有點不穩定，就像去年有點像我們一樣。一直在重疊我們去年遇到的生產問題。所以你會繼續看到一些塊狀。

For the balance of the year, I would say that we continue to expect that we're going to have strong depletions, and we will continue to have shipment growth that is in line with our long-term algorithm. So the business will continue very much going forward in a very strong manner.

對於今年的剩餘時間，我想說我們繼續預計我們將有強勁的消耗，我們將繼續保持符合我們長期算法的出貨量增長。因此，業務將以非常強勁的方式繼續向前發展。

As it relates specifically to the guidance, I kind of alluded to this in my scripts, while we did get a benefit from the share repurchases, obviously, from retiring more shares and reduced share count, we also introduced today the incremental spend on the digital business acceleration initiative. And those 2 things kind of net out against one another.

由於它與指導特別相關，我在我的腳本中提到了這一點，雖然我們確實從股票回購中獲得了好處，但顯然，通過退出更多股票和減少股票數量，我們今天還介紹了數字化的增量支出業務加速倡議。這兩件事是相互對抗的。

And for that matter, as we look again to the balance of the year, it's just a little bit too early for us to make any adjustments given that we're still monitoring macroeconomic conditions as well as what those economic conditions, including inflation, have on the consumer.

就此而言，當我們再次審視今年的餘額時，鑑於我們仍在監測宏觀經濟狀況以及包括通貨膨脹在內的經濟狀況的影響，現在做出任何調整還為時過早對消費者。

Yes. The only thing, Bonnie, that I would add to that is I always try to look at what our depletion rate looks like and to make sure that you're seeing the consumer takeaway. And as we stated, we're gaining significant share in our beer business. We're gaining share in almost every sector of our Wine & Spirits business. Both of those were very positive within the quarter.

是的。邦妮，我唯一要補充的是，我總是嘗試查看我們的消耗率，並確保您看到了消費者的收穫。正如我們所說，我們在啤酒業務中獲得了重要份額。我們在葡萄酒和烈酒業務的幾乎每個領域都獲得了份額。這兩個在本季度都非常積極。

And don't get confused or funneled, if you will, by the lumpiness of the shipment timing because, last year, as we know, because of weather-related events was a bit unusual. And so therefore, the overlaps in particular, quarters of this year will be a little different. I look at the depletions, and our depletions were very strong, yielding share-gaining performance within the market. More importantly, we are continuing to see strong consumer demand throughout the year. And certainly, the consumers continues to be interested with our business despite an understanding that there's -- it's going to be an interesting year relative to questions around inflation and around recession. But we remain very confident in the performance of our business, and I think it was reflected in the quarter we delivered.

如果你願意的話，不要因為裝運時間的混亂而感到困惑或漏斗，因為據我們所知，去年由於天氣相關事件有點不尋常。因此，特別是重疊部分，今年的幾個季度會有所不同。我看看消耗量，我們的消耗量非常大，在市場上產生了份額增長的表現。更重要的是，我們全年繼續看到強勁的消費者需求。當然，消費者仍然對我們的業務感興趣，儘管他們理解有 - 相對於圍繞通脹和衰退的問題而言，這將是有趣的一年。但我們對我們的業務表現仍然非常有信心，我認為這反映在我們交付的季度中。

Your next question today is coming from Dara Mohsenian from Morgan Stanley.

您今天的下一個問題來自摩根士丹利的 Dara Mohsenian。

So maybe we could just take a step back and talk about how you think your business is positioned if we do move into a recession and a period of weaker consumer spending both looking at past cycles and what you've seen so far this cycle. And second, maybe just an update on June depletions. Have you seen any trade down impact on your business so far? So maybe first conceptual and then be a bit more concrete. What are you seeing near term?

因此，也許我們可以退後一步，談談如果我們確實進入衰退和消費者支出疲軟的時期，看看過去的周期以及你在這個週期到目前為止所看到的情況，你認為你的業務將如何定位。其次，也許只是關於六月消耗的更新。到目前為止，您是否看到任何貿易下降對您的業務的影響？所以也許首先是概念性的，然後是更具體的。你近期看到了什麼？

Sure. Well, let's deal with a few facts that I think are very strong and supportive of our business. We are finding that 7 out of 10 shoppers who purchased beer have that as a planned purchase before leaving their home. I think that's very strong. It speaks very well to our business. We then look at a thing like buy rate. And buy rate the way we discuss buy rate is equal to the number of trips times the spend that occurs during the trip. And that's actually up versus pre-pandemic levels and is actually accelerating in Q1 for beer versus the prior 3 months. I think those are very strong indications of the strength of our portfolio, particularly when you look at the share gains that both Garth and I have alluded to up to this point.

當然。好吧，讓我們處理一些我認為非常有力並支持我們業務的事實。我們發現，每 10 個購買啤酒的購物者中就有 7 個在離開家之前將其作為計劃購買。我認為這是非常強大的。它非常適合我們的業務。然後我們看一個像買入率這樣的東西。並且購買率我們討論購買率的方式等於旅行次數乘以旅行期間發生的支出。這實際上高於大流行前的水平，並且與前 3 個月相比，啤酒在第一季度實際上正在加速。我認為這些都是我們投資組合實力的有力跡象，特別是當你看到 Garth 和我迄今為止所暗示的股票收益時。

June looks consistent with our yearly algorithm. I think it was another very solid month, and it's consistent with what our expectations are for the year, as we've said it earlier. So just to recap. Modelo continues to be on fire. We're continuing to see strong results in Corona Extra. Once we get over the supply chain issues in Pacifico, you saw a very, very strong quarter in Pacifico. So our anticipation is that we are going to continue to see a very solid year in our beer business as the year progresses, recognizing there's a lot of unknown variables that are going to go on relative to the economy.

六月看起來與我們的年度算法一致。我認為這是又一個非常穩定的月份，這與我們對今年的預期一致，正如我們之前所說的那樣。所以只是回顧一下。莫德洛繼續火熱。我們繼續在 Corona Extra 中看到強勁的結果。一旦我們解決了 Pacifico 的供應鏈問題，您就會看到 Pacifico 一個非常非常強勁的季度。因此，我們的預期是，隨著時間的推移，我們將繼續看到我們的啤酒業務非常穩健的一年，認識到與經濟相關的許多未知變量將繼續存在。

Your next question is coming from Nik Modi from RBC.

您的下一個問題來自 RBC 的 Nik Modi。

This is (inaudible) on for Nik. Question on pricing, on beer pricing. You came in a little bit before expected and your 1% to 2% target for the full year. We are -- how are you thinking beer pricing will evolve in the balance of the year? And do you think the narrowing price gaps versus domestic beer could be a benefit, potentially accelerating your market share gains going forward as we get into a more uncertain macroeconomic environment?

這對 Nik 來說是（聽不清）。關於定價的問題，關於啤酒定價的問題。你比預期的要早一點，你的全年目標是 1% 到 2%。我們是——你認為啤酒定價在今年餘下時間會如何演變？你認為縮小與國內啤酒的價格差距是否會帶來好處，隨著我們進入一個更加不確定的宏觀經濟環境，可能會加速你的市場份額增長？

So our -- we've been very clear that our long-term algorithm on pricing is 1% to 2%. As you know, last year, we were slightly above that result. And frankly, we think that it is particularly important to keep the consumer in mind as we make choices around our pricing algorithm. Our current algorithm works very well for us. And it's fairly flexible. And the benefit of that approach is it does provide the flexibility as we watch and see how things develop over the course of the year. So what I can assure you of is we are closely monitoring what is going on both from an inflationary standpoint as well as pricing, and we'll be ready to adjust our approach if that proves to be necessary or appropriate. But what I would say is it's not going to change our long-term algorithm. We still believe that 1% to 2% over time is correct for our business and helps us maintain our consumer base, which ultimately, at the end of the day is what it's all about.

所以我們 - 我們非常清楚，我們的長期定價算法是 1% 到 2%。如您所知，去年，我們略高於該結果。坦率地說，我們認為在我們圍繞定價算法做出選擇時，將消費者牢記在心尤為重要。我們當前的算法非常適合我們。而且它相當靈活。這種方法的好處是它確實提供了靈活性，因為我們觀察和了解事情在一年中的發展情況。所以我可以向你保證的是，我們正在從通脹和定價的角度密切關注正在發生的事情，如果證明有必要或適當，我們將準備調整我們的方法。但我想說的是，它不會改變我們的長期算法。我們仍然相信，隨著時間的推移，1% 到 2% 對我們的業務來說是正確的，並幫助我們維持我們的消費者群，最終，這就是它的全部意義所在。

Your next question is coming from Chris Carey from Wells Fargo Securities.

您的下一個問題來自 Wells Fargo Securities 的 Chris Carey。

Just to start, Bill, just a clarification. You said that depletions are consistent with your yearly algorithm. Were you referring to the beer growth algorithm of 7 to 9 or the volume component within that algorithm? So that's just a clarification. And the main question is I hear you in response to the resilience of the consumer. I was wondering if you could just maybe frame consumer risk within your portfolio. For example, do you see relatively higher consumer sensitivity in Modelo versus Corona, given different demographic exposure? And maybe just offer some thoughts on how you could evolve your strategy, as you just noted, should you start to see a change in the consumer habits.

剛開始，比爾，只是一個澄清。您說消耗與您的年度算法一致。您是指 7 到 9 的啤酒增長算法還是該算法中的體積分量？所以這只是一個澄清。主要問題是我聽到你回應消費者的彈性。我想知道您是否可以在您的投資組合中構建消費者風險。例如，鑑於不同的人口暴露，您是否認為 Modelo 與 Corona 的消費者敏感性相對較高？正如您剛才所說，如果您開始看到消費者習慣發生變化，也許只是提供一些關於如何發展戰略的想法。

Sure, so to answer the first question, it's both. Depletes and volume, we expect to be roughly equal over the course of the year. Because there is growth, shipments are always a little bit higher because you're working off a bigger base. So there's always a bit more shipment in any year because, unfortunately, we have a strong growth profile within our business.

當然，所以要回答第一個問題，兩者都是。消耗量和數量，我們預計在一年中大致相等。因為有增長，所以出貨量總是會高一點，因為你正在一個更大的基礎上工作。因此，任何一年的出貨量都會有所增加，因為不幸的是，我們的業務增長勢頭強勁。

Premiumization rates, and I think this is an important one also relative to our portfolio, are continuing to hold. In fact, in beer, 59% of dollars are now in the high end. You remember just a few years ago, when we were predicting that we'd pass 50%. It's continued up to 59.5% as of this point in time, which is up 1 point -- 1.1 points versus prior year.

溢價率，我認為這對我們的投資組合也很重要，繼續保持不變。事實上，在啤酒中，59% 的美元現在處於高端市場。你還記得幾年前，當我們預測我們會超過 50% 時。截至這一時間點，它繼續高達 59.5%，與去年相比上升了 1 個百分點 - 1.1 個百分點。

You're also seeing similar activity in the wine business, where the premiumization that's occurring is continuing to occur there as well. All of those things speak very well to the sustainability of our growth profile for our business. And as we've said before, there's still plenty of room for growth within all of our franchises. But using Modelo as an example, Modelo is still growing substantially in a lot of secondary markets where there's a lot of distribution opportunity as well as gaining share in markets that have more sustained and long-term strength. So we're very comfortable that we have a long and sustained runway for growth across all of our brands, and certainly, the facts are backing that up.

您還可以在葡萄酒行業看到類似的活動，那裡正在發生的高端化也正在繼續發生。所有這些都很好地說明了我們業務增長狀況的可持續性。正如我們之前所說，我們所有的特許經營權仍有很大的增長空間。但以 Modelo 為例，Modelo 在許多二級市場中仍然有顯著增長，這些市場有很多分銷機會，並在具有更持久和長期實力的市場中獲得份額。因此，我們很高興我們所有品牌都有一個長期而持續的增長跑道，當然，事實證明了這一點。

Our next question today is coming from Lauren Lieberman from Barclays.

我們今天的下一個問題來自巴克萊的 Lauren Lieberman。

So I guess I'm trying a few different questions. From an industry volume standpoint, Bill, you've spoken very clearly to the strength of your brand momentum in your portfolio. But industry-wide in beer, I mean my understanding is there's historically a pretty strong correlation between gas prices and beer consumption. And so I think some of the industry data that's out there or anecdotal has been that there has been a deceleration in industry volume in recent weeks. So I was just curious if you could comment on that. If you guys are not seeing that, if you think something different, if you don't think there's a relationship with gas pricing. I'd be curious. That broader industry perspective would be helpful because I have no doubt that within that, your brands are in a great spot. .

所以我想我正在嘗試一些不同的問題。從行業數量的角度來看，比爾，您已經非常清楚地說明了您的品牌在您的投資組合中的實力。但在啤酒行業範圍內，我的意思是，我的理解是，從歷史上看，汽油價格和啤酒消費之間存在很強的相關性。因此，我認為一些現有的或傳聞的行業數據表明，最近幾周行業數量出現了減速。所以我只是好奇你是否可以對此發表評論。如果你們沒有看到這一點，如果你有不同的想法，如果你不認為與天然氣定價有關係。我會很好奇。這種更廣泛的行業視角會有所幫助，因為我毫不懷疑，在此範圍內，您的品牌處於有利地位。 .

Certainly, it's something that we're all watching. One of the benefits that you've seen in at historical times of recession or recessionary style trends is alcohol beverage tends to be an affordable luxury, and therefore, it tends to continue to be consumed during that window of time.

當然，這是我們都在關注的事情。您在經濟衰退或衰退風格趨勢的歷史時期看到的好處之一是酒精飲料往往是一種負擔得起的奢侈品，因此，它往往會在那個時間窗口內繼續被消費。

Let me give you an exact fact around beer-drinking households. It holds an essential status for many, many consumers. In fact, if you look at 172 edible categories, beer ranks 15, about -- and therefore, what it says is the consumer is consistently wanting to continue to participate in this category. That doesn't mean that there won't be short-term impacts because of gas prices and other inflationary pressures. But overall, it tends to be a category that is a staple for a lot of people, and that's probably particularly true for our Hispanic consumer base, which, as you know, we over-index with that consumer base.

讓我給你一個關於啤酒飲用家庭的確切事實。它對很多很多消費者來說都是必不可少的。事實上，如果你查看 172 個可食用品類，啤酒排在第 15 位左右——因此，它表明消費者一直希望繼續參與這一類別。這並不意味著不會因為天然氣價格和其他通脹壓力而產生短期影響。但總的來說，它往往是很多人的主食類別，對於我們的西班牙裔消費者群來說可能尤其如此，正如你所知，我們對這個消費者群的指數過高。

So I think it speaks pretty well to our position at least of being able to work our way through a recessionary environment pretty -- in a pretty healthy way.

所以我認為這很好地說明了我們的立場，至少能夠以一種非常健康的方式度過經濟衰退的環境。

Your next question is coming from Nadine Sarwat from Bernstein.

您的下一個問題來自 Bernstein 的 Nadine Sarwat。

Two questions from me, if I may. The first, could you just help us understand exactly why the Q1 price mix was above that longer term 1 to 2 that you mentioned? Is that the phasing of pricing? Is there a mix component we're not taking into account or perhaps some distributors taking pricing? Color on that would be appreciated.

如果可以的話，我有兩個問題。首先，您能否幫助我們準確理解為什麼第一季度的價格組合高於您提到的長期 1 到 2 的價格？這是定價的階段性嗎？是否有我們沒有考慮到的混合組件，或者可能是一些分銷商在定價？上面的顏色將不勝感激。

And then my second question on Canopy growth. I appreciate your comments in the prepared remarks that you remain committed to that investment. But the company does continue to lose share in Canadian recreational cannabis, continues to face challenging -- challenges reaching profitability. U.S. scheduled legalization is looking increasingly less likely, at least in the short term. So could you maybe provide more color as to what gives you conviction that this business can meaningfully improve in the long term?

然後是關於 Canopy 增長的第二個問題。我感謝您在準備好的評論中的評論，即您仍然致力於這項投資。但該公司確實繼續失去在加拿大休閒大麻中的份額，繼續面臨挑戰——實現盈利的挑戰。美國預定的合法化看起來越來越不可能，至少在短期內是這樣。那麼，您能否提供更多色彩來說明是什麼讓您確信該業務可以在長期內有意義地改善？

Sure. Let me take the first part of that because you are correct. If you look at the data, it certainly shows that the pricing scenario at the moment is above the 1 to 2 algorithm. There's a number of things involved in that. One is it only reflects tracked channels. So that's a piece of it. It is partly mixed. As you see different sizes and different products and different subcategories within beer affecting it, you see different scenarios. It's partly retailers making choices about hitting specific price points, which, in some instances, will drive the percentage higher but doesn't reflect the change in our pricing strategy.

當然。讓我拿第一部分，因為你是對的。如果你看數據，它肯定表明目前的定價場景在 1 到 2 算法之上。這涉及到很多事情。一是它只反映跟踪的頻道。所以這是其中的一部分。它是部分混合的。當您看到影響它的啤酒中不同的尺寸、不同的產品和不同的子類別時，您會看到不同的場景。部分原因是零售商做出了關於達到特定價格點的選擇，在某些情況下，這會推高百分比，但並不反映我們定價策略的變化。

As I said earlier, I think this all goes back to our algorithm being particularly important and particularly flexible in our ability to see what's happening in the market and adjust as necessary as part of it. But all of those elements weigh into what is certainly some higher pricing than what we have noted in our words.

正如我之前所說，我認為這一切都可以追溯到我們的算法在我們看到市場正在發生的事情並根據需要進行調整的能力方面特別重要和特別靈活。但是，所有這些因素都會影響到比我們所說的更高的定價。

Yes. And on the Canopy question, there's no doubt that over the past couple of years, Canopy has faced a number of headwinds. That being said, we remain very, very positive on the category and very optimistic for Canopy. The reason we feel that way, right, is that, number one, in Canada, we believe that the Canopy team, through its recent announced restructuring programs, have a renewed focus on driving the premium end of that business, which is profitable and that the team up there is on a path to profitability in the near term.

是的。關於 Canopy 的問題，毫無疑問，在過去的幾年裡，Canopy 面臨著許多不利因素。話雖如此，我們對該類別仍然非常非常樂觀，並且對 Canopy 非常樂觀。我們有這種感覺的原因是，在加拿大，第一，我們相信 Canopy 團隊通過其最近宣布的重組計劃，重新專注於推動該業務的高端業務，這是有利可圖的，而且那裡的團隊在短期內走上了盈利之路。

In the U.S., we continue to see very good green shoots for the category in general in terms of consumer consumption. Whether you look at retail sales or you look at state-by-state tax income associated with cannabis sales, both are growing very, very quite nicely showing that the consumer is adopting the category.

在美國，就消費者消費而言，我們繼續看到該類別的總體發展勢頭非常好。無論您是查看零售額還是查看與大麻銷售相關的各州稅收收入，兩者都在非常非常好地增長，這表明消費者正在採用該類別。

We also really like the approach that the Canopy team has taken in the U.S. If you look at some of the options that Bill outlined in his prepared remarks, Canopy's position with Acreage and TerrAscend and Jetty and Wana have them very well positioned to take advantage of the U.S. market once it does open up and once legalization occurs. So that's why we remain -- that's why we continue to have conviction on the category.

我們也非常喜歡 Canopy 團隊在美國採取的方法。如果你看看 Bill 在他準備好的評論中概述的一些選項，Canopy 在 Acreage 和 TerrAscend 以及 Jetty 和 Wana 的立場讓他們非常有能力利用美國市場一旦開放並合法化。所以這就是我們留下來的原因——這就是我們繼續對這個類別有信心的原因。

Our next question is coming from Rob Ottenstein from Evercore ISI.

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

Great. I just wanted to follow up a little bit on the pricing question. And that is if you can talk a little bit about your views about what appears to be happening based on channel checks, trade checks that retailers are essentially taking or increasing their margin given the much higher price increases for other brands and just the fact that distributors, right, have pressures in terms of their costs and they're likely to want to see higher prices, so if you could talk maybe a little bit about that dynamic. And I think we all understand the long-term algorithm, why that makes sense, but these are extraordinary times.

偉大的。我只是想跟進定價問題。也就是說，如果你能談談你對基於渠道檢查的看法，零售商基本上採取的貿易檢查或增加他們的利潤，因為其他品牌的價格上漲要高得多，而且分銷商的事實，對，在成本方面有壓力，他們可能希望看到更高的價格，所以如果你能談談這種動態。而且我認為我們都了解長期算法，為什麼這是有道理的，但現在是非常時期。

They are extraordinary times. And I think the one thing that's important, Robert, in extraordinary times is to remain balanced, sensible and not sort of get caught up in the world wind at the moment and doing things that what I would describe as anti consumer. So that's why we are, again, saying that we are going to be judicious as to how we look at this, balancing the understanding that there are a lot of pressures that our consumers and all consumers are under because of inflationary pressures in the market.

他們是非常時期。而且我認為重要的一件事，羅伯特，在非常時期保持平衡，明智，不要陷入當下的世界風中，做我稱之為反消費者的事情。這就是為什麼我們再次表示，我們將明智地看待這個問題，平衡我們的消費者和所有消費者由於市場的通脹壓力而承受著很多壓力的理解。

You have seen some increase in pricing as one of the prior callers asked that is being taken either at the distributor level or at the retail level to hit specific price points, and it's being reflected. So we're trying to walk the delicate line of what's appropriate, what is -- what can we do to reflect and address the rising costs that we are all facing while keeping our consumer base.

您已經看到定價有所上漲，因為之前的一位來電者要求在分銷商級別或零售級別採取特定價格點，並且它正在得到反映。因此，我們正試圖走一條微妙的路線，即什麼是合適的，什麼是——我們可以做些什麼來反映和解決我們所有人都面臨的不斷上漲的成本，同時保持我們的消費者基礎。

We think that's in the long-term interest not only of our company but for the category as well. And as I said, we're going to be very judicious. We are watching it very closely. And as I said earlier, not to repeat myself, but we do have a very flexible algorithm that allows us to address questions in real time, and I can assure you we keep our eye on it almost on a daily basis.

我們認為這不僅符合我們公司的長期利益，也符合該類別的長期利益。正如我所說，我們將非常明智。我們正在密切關注它。正如我之前所說，不要重複我自己，但我們確實有一個非常靈活的算法，可以讓我們實時解決問題，我可以向你保證，我們幾乎每天都會關注它。

Your next question is coming from Andrea Teixeira from JPMorgan.

您的下一個問題來自摩根大通的 Andrea Teixeira。

So as we all listen to what you said in terms of like how you exit consumption and depletions, it sounds as if you are -- you're still quite confident as you exit the quarter and enter the Q2, and correct me if I'm wrong on the beer side. So given you cast the guidance for the balance of the year, should we summarize and interpret that you're monitoring how volumes would flow through as you're shipping more than depletion and, at this point, you're helping wholesale that retailers take a larger share of the profits at this point? But if everything goes well in the summer, goes as expected, perhaps you could take pricing as you go into the fall, which is a typical pricing point, a pricing action point.

因此，當我們都聽你所說的如何退出消費和消耗時，聽起來你是——當你退出季度並進入第二季度時，你仍然很有信心，如果我'我在啤酒方面錯了。因此，鑑於您為今年的餘額提供指導，我們是否應該總結和解釋您正在監控銷量將如何流動，因為您的出貨量超過消耗量，此時，您正在幫助零售商採取批發此時利潤的更大份額？但是如果夏天一切順利，如預期的那樣，也許你可以在進入秋天時定價，這是一個典型的定價點，一個定價行動點。

And if you can comment on how you're going to balance because your low single-digit implied shipment volume for the balance of the year? Obviously, it (inaudible) investors. Is there anything we should be noting in terms of like the level of conservatives that you're assuming now? Or is that just a function of again, looking at how your typical consumer will behave, given higher oil prices?

如果你能評論你將如何平衡，因為你的低個位數隱含出貨量為今年的餘額？顯然，它（聽不清）投資者。就您現在假設的保守派水平而言，有什麼我們應該注意的嗎？或者這只是一個功能，看看你的典型消費者在油價上漲的情況下會如何表現？

So let me try to -- hopefully, I'll answer most of those here as I only try to answer it. First of all, let me go back to something that I said in my prepared remarks, which is, while it looks like we shipped a lot more than we depleted in the first quarter, that is purely because of the overlap of last year where there was weather events. And the absolute -- on the beer side, the ships and depletes in the absolute were roughly the same, and we expect that to remain over the course of the year.

所以讓我嘗試- 希望我會在這裡回答大多數人，因為我只是嘗試回答它。首先，讓我回到我在準備好的評論中所說的話，雖然看起來我們的出貨量比第一季度消耗的多得多，但這純粹是因為去年的重疊是天氣事件。而絕對值——在啤酒方面，絕對值中的船舶和消耗量大致相同，我們預計這一情況將在一年中保持不變。

As Garth noted a little earlier, it is going to be a little lumpy because we had a time in the first quarter where we went against weather-related activities. We obviously, in the back half of the year went against times when we were rebuilding the inventories for last year. So it will just be a bit of a lumpy year.

正如 Garth 稍早指出的那樣，這會有點混亂，因為我們在第一季度有一段時間反對與天氣相關的活動。很明顯，我們在今年下半年與我們重建去年庫存的時候背道而馳。因此，這將是一個崎嶇不平的一年。

Relative to pricing, most of our pricing, as we look at how we do it, is roughly 60% in the first half and 40% in the second half. That's just the way it has worked consistently. So we do have pricing moments. And as you know, we look at it SKU by SKU, market by market. We don't do broad-based pricing answers if it is a very micro view of pricing and how we look at it. So again, that gives us the opportunity to see how the year is developing, what opportunities exist in the marketplace. And we look at that, as I said, on an ongoing basis.

相對於定價，我們的大部分定價，當我們看看我們是如何做到的時，上半年大約是 60%，下半年大約是 40%。這就是它始終如一的工作方式。所以我們確實有定價時刻。如您所知，我們逐個 SKU、逐個市場地查看它。如果它是一個非常微觀的定價視圖以及我們如何看待它，我們不會做廣泛的定價答案。因此，這再次讓我們有機會了解這一年的發展情況，市場上存在哪些機會。正如我所說，我們會持續關注這一點。

So we think that, that remains the best way for us to proceed. It's worked very well for our company over the course of time, and we think it's going to continue to serve us well going forward.

所以我們認為，這仍然是我們繼續進行的最佳方式。隨著時間的推移，它對我們公司的運作非常好，我們認為它將繼續為我們提供良好的服務。

Our next question is coming from Bill Chappell from Truist Securities.

我們的下一個問題來自 Truist Securities 的 Bill Chappell。

So kind of the same questions that you've gotten on elasticity and market environment and that on beer but applied to wine. Kind of any thoughts or what you're seeing or would expect to see kind of how this environment affects wine sales? And when I think of that -- I know there's -- as you said, affordable luxury but just wondering if you're seeing consumers go from $25 wine down to $20 wine or if there's a net benefit for the Woodbridge franchise, as more and more people are looking at popular price wine. Just didn't know if you were seeing that or expect to see that and how that would affect your kind of outlook.

您在彈性和市場環境以及啤酒上遇到的類似問題，但也適用於葡萄酒。有什麼想法或您正在看到或期望看到這種環境如何影響葡萄酒銷售？當我想到這一點時——我知道有——正如你所說，負擔得起的奢侈品，但只是想知道你是否看到消費者從 25 美元的葡萄酒降到 20 美元的葡萄酒，或者伍德布里奇特許經營權是否有淨收益，更多和更多的人正在尋找大眾價位的葡萄酒。只是不知道您是否看到或期望看到這一點，以及這將如何影響您的前景。

Sure. You bet. So in wine, and I quoted the beer example earlier, in wine, the entry levels of the high end are, frankly, the most robust growth profiles, and that's sort of in that $11 to $25 range. That represents about 28% to 29% of total dollars. And that's also, interestingly enough, it's the exact same number, 1.1 points versus a year ago. I quoted the beer one was also 1.1 points a bit earlier, but that's also up 1.1 points.

當然。你打賭。所以在葡萄酒中，我之前引用了啤酒的例子，在葡萄酒中，高端的入門水平，坦率地說，是最強勁的增長曲線，而且在 11 到 25 美元的範圍內。這約佔總美元的 28% 到 29%。有趣的是，這也是完全相同的數字，與一年前相比是 1.1 分。我早些時候引用的啤酒也是 1.1 分，但也上漲了 1.1 分。

And of course, that's perfect for us because we've got brands like Kim Crawford, Meiomi and unshackled in various other brands that fit right into that price point. So therefore, it's not surprising that those brands are doing extraordinarily well. As I said earlier, our premium wine and our fine wine and craft spirits businesses had a very strong quarter with strong depletion growth of 8% and 16%, respectively. So we had a very strong start in wine. And certainly, the premiumization that you're seeing continues.

當然，這對我們來說是完美的，因為我們擁有 Kim Crawford、Meiomi 等品牌，並且在適合該價位的各種其他品牌中不受束縛。因此，這些品牌表現異常出色也就不足為奇了。正如我之前所說，我們的優質葡萄酒和優質葡萄酒和精釀烈酒業務的季度表現非常強勁，消耗量分別增長了 8% 和 16%。所以我們在葡萄酒方面有一個非常好的開端。當然，您所看到的高端化仍在繼續。

It would be a different answer if we talked about mainstream wine where, frankly, it's been more challenged, even though we're very pleased that our Woodbridge brand is gaining share in a challenged subcategory. So overall, it's very similar in style to what I responded earlier in beer, and we're quite pleased that it is.

如果我們談論主流葡萄酒，那將是一個不同的答案，坦率地說，它受到了更大的挑戰，儘管我們很高興我們的伍德布里奇品牌在一個充滿挑戰的子類別中獲得了份額。所以總的來說，它的風格與我之前在啤酒中的反應非常相似，我們對此感到非常高興。

We reached end of our question-and-answer session. I'd like to turn the floor back over to Bill for any further closing comments.

我們的問答環節結束了。我想把發言權轉回給比爾，以徵求任何進一步的結束意見。

Great. Thanks again. Thank you all for joining our call today. As you could hear, we're off to a very good start to the year. We delivered excellent operating performance, underpinned by strong business fundamentals which provides us with great momentum as we head into our key summer selling season. Consumer demand and takeaway especially for our beer brands, remains robust as I've stated before, and we're well positioned to achieve our targeted financial goals for the year. Overall, we've demonstrated again that we're committed to pursuing our strategic growth initiatives while returning value to our shareholders.

偉大的。再次感謝。感謝大家今天加入我們的電話會議。正如你所聽到的，我們今年的開局非常好。在強勁的業務基本面的支撐下，我們實現了出色的經營業績，這為我們進入關鍵的夏季銷售季節提供了巨大的動力。正如我之前所說，消費者的需求和外賣，尤其是對我們的啤酒品牌而言，仍然很強勁，我們已經做好了實現今年目標財務目標的準備。總體而言，我們再次證明我們致力於追求我們的戰略增長計劃，同時為我們的股東回報價值。

In closing, I'd like to wish everyone in the United States, a happy fourth of July holiday weekend and hope your celebrations with your friends and family include some of our fantastic beer, Wine & Spirits products. Thanks again, everybody, and have a safe and healthy summer.

最後，我想祝美國的每個人，7 月 4 日假期週末愉快，並希望您與朋友和家人的慶祝活動包括我們的一些美妙的啤酒、葡萄酒和烈酒產品。再次感謝大家，祝大家度過一個安全健康的夏天。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝你。今天的電話會議和網絡直播到此結束。你可以在這個時候斷開你的線路，並有一個美好的一天。我們感謝您今天的參與。