Constellation Brands Inc (STZ) 2023 Q2 法說會逐字稿

Greetings, and welcome to the Constellation Brands Fiscal Year '23 Q2 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Joseph Suarez, Vice President, Investor Relations. Please go ahead.

您好，歡迎參加 Constellation Brands 23 財年第二季度財報電話會議。 （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副總裁 Joseph Suarez。請繼續。

Thank you, Kevin. Good morning all, and welcome to Constellation Brands' Second Quarter Fiscal 2023 Conference Call. I'm here this morning with Bill Newlands, our CEO; and Garth Hankinson, our CFO.

謝謝你，凱文。大家早上好，歡迎參加 Constellation Brands 的 2023 財年第二季度電話會議。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。

As a reminder, reconciliations between the most directly comparable GAAP measures 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 made on this call. (Operator Instructions) Thanks in advance, and now here's Bill.

提醒一下，最直接可比的 GAAP 措施與本次電話會議中討論的任何非 GAAP 財務措施之間的對賬都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 向美國證券交易委員會提交的風險因素，這些因素可能會影響本次電話會議的前瞻性陳述。 （操作員說明）提前謝謝，現在是比爾。

Thank you, Joe, and good morning, all. Welcome to our second quarter call. I hope everyone had a good summer and enjoyed some of it with our great products.

謝謝你，喬，大家早上好。歡迎來到我們的第二季度電話會議。我希望每個人都度過了一個愉快的夏天，並通過我們出色的產品享受其中的一些樂趣。

Before we get started today, I want to take this opportunity to say that our thoughts are with all those affected by Hurricane Ian. Thankfully, all Constellation employees living in Hurricane Ian's path are safe and accounted for. We are also fortunate to have avoided any adverse impact to our operations in the area to this point. And we continue to stay in contact with our local distributors, retailers and other partners to best support their needs in this difficult time.

在我們今天開始之前，我想藉此機會說，我們的想法與所有受伊恩颶風影響的人同在。值得慶幸的是，生活在伊恩颶風路徑上的所有星座公司員工都安全無虞。到目前為止，我們也很幸運地避免了對該地區業務的任何不利影響。我們將繼續與我們當地的分銷商、零售商和其他合作夥伴保持聯繫，以便在這個困難時期最好地支持他們的需求。

Additionally, thousands of people in Florida, South Carolina, North Carolina and Virginia have been impacted by this natural disaster. So we are also supporting the American Red Cross with a significant contribution to help provide food, shelter and much-needed assistance. We will also match employee contributions to the American Red Cross 2-for-1 as part of this effort. And we hope it provides at least some comfort to local residents as they work to recover and rebuild.

此外，佛羅里達州、南卡羅來納州、北卡羅來納州和弗吉尼亞州的數千人受到這場自然災害的影響。因此，我們也在支持美國紅十字會，為幫助提供食物、住所和急需的援助做出了重大貢獻。作為這項工作的一部分，我們還將匹配員工對美國紅十字會的捐款 2-for-1。我們希望它至少為當地居民提供一些安慰，因為他們正在努力恢復和重建。

I also want to remind everyone that we filed our proxy statement in connection with the Class B common stock reclassification a couple of weeks ago. We have called a Special Meeting of Shareholders to vote on the reclassification next month on November 9.

我還想提醒大家，我們在幾週前提交了與 B 類普通股重新分類有關的代理聲明。我們已於 11 月 9 日召開了一次股東特別會議，就下個月的重新分類進行投票。

At this point, we are unable to comment further or provide additional information on this topic during today's call beyond what is available in the proxy statement and our other filings with the SEC. All of these filings are available through our Investor Relations website, and I urge anyone interested in the special meeting or the reclassification to review these documents.

目前，除了代理聲明和我們向美國證券交易委員會提交的其他文件中提供的信息之外，我們無法在今天的電話會議中就該主題發表進一步評論或提供更多信息。所有這些文件都可以通過我們的投資者關係網站獲得，我敦促任何對特別會議或重新分類感興趣的人查看這些文件。

Now as usual, I would like to start by emphasizing a few key takeaways from our latest results. First, consumer demand for our products remains strong. Consumer-led premiumization trends continue across beverage alcohol, giving further confidence in the resilience of premiumization as a fundamental driver of demand for our brands.

現在像往常一樣，我想首先強調我們最新結果的幾個關鍵要點。首先，消費者對我們產品的需求依然強勁。以消費者為主導的高端化趨勢在酒精飲料中繼續存在，這進一步增強了人們對高端化作為我們品牌需求的基本驅動力的信心。

Buy rate, which captures both the number of trips a consumer makes and the amount they spend per trip, increased in the second quarter for both high-end beer and total wine categories in tracked channels. And buy rate for Hispanic high-end beer consumers, which is particularly relevant to our core beer portfolio, is also proving resilient.

在第二季度，高端啤酒和跟踪渠道中的總葡萄酒類別的購買率同時反映了消費者的旅行次數和每次旅行的消費金額。與我們的核心啤酒組合特別相關的西班牙裔高端啤酒消費者的購買率也證明是有彈性的。

More specific to our brands, our Beer business posted depletion growth of nearly 9%. That is more than 9 million additional cases for the quarter. And in our Wine & Spirits business, our wine portfolio gained share and outperformed the entire wine category in tracked channels, while our craft spirits brands outperformed the higher-end segment of the spirits category.

更具體到我們的品牌，我們的啤酒業務錄得近 9% 的損耗增長。本季度新增病例超過 900 萬例。在我們的葡萄酒和烈酒業務中，我們的葡萄酒組合在跟踪渠道中獲得了份額並超過了整個葡萄酒類別，而我們的精釀烈酒品牌則超過了烈酒類別的高端細分市場。

Second, our Beer business also continues to outperform the entire category. In the second quarter, our Beer business remained the leading share gainer in U.S. tracked channels across the entire beer category and now accounts for 28% of the high-end segment.

其次，我們的啤酒業務也繼續跑贏整個品類。第二季度，我們的啤酒業務在整個啤酒類別的美國跟踪渠道中保持領先的份額增長，目前佔高端細分市場的 28%。

Importantly, we believe our Beer business remains well placed to continue to support the steady growth of our brands with inventories across the supply chain at historical norms and production continuing for our operating plants to meet volume expectations for the fiscal year and incremental capacity unlocked from our existing brewery operations in Mexico through optimization and productivity initiatives and the expansion of our breweries at Nava and Obregon as well as the construction process of our new brewery in Veracruz are all advancing as planned, all of which has given us the confidence to increase the fiscal '23 net sales and operating income growth guidance for our Beer business and continued conviction in our medium-term top line growth and margin algorithm.

重要的是，我們相信我們的啤酒業務仍然處於有利地位，可以繼續支持我們品牌的穩定增長，整個供應鏈的庫存保持在歷史標準水平，我們的運營工廠繼續生產以滿足本財年的產量預期和我們釋放的增量產能墨西哥現有的啤酒廠通過優化和生產力舉措，擴大我們在納瓦和奧布雷貢的啤酒廠，以及我們在韋拉克魯斯的新啤酒廠的建設過程，都在按計劃推進，所有這些都給了我們增加財政收入的信心'23 我們啤酒業務的淨銷售額和營業收入增長指導以及我們對中期收入增長和利潤率算法的持續信心。

Third, the transformation of our Wine & Spirits business continues to yield results. Over the past few years, this business has been evolving from a U.S. wholesaler business focused mainly on the mainstream segment to a global omni-channel competitor primarily focused on the higher end.

第三，我們葡萄酒和烈酒業務的轉型繼續取得成果。在過去幾年中，該業務已從主要專注於主流市場的美國批發商業務發展為主要專注於高端市場的全球全渠道競爭對手。

And in our latest quarter, our largest premium wine brands, Kim Crawford, Robert Mondavi Private Selection, Meiomi and Ruffino and our largest fine wine brand, The Prisoner Wine Company, all delivered solid depletion growth. In our craft spirits portfolio, High West, Casa Noble and Mi Campo all achieved strong double-digit depletion growth. In addition, our international and DTC channels each delivered double-digit net sales growth year-over-year, and we continue to gain share in 3-tier e-commerce.

在我們最近一個季度，我們最大的優質葡萄酒品牌 Kim Crawford、Robert Mondavi Private Selection、Meiomi 和 Ruffino 以及我們最大的優質葡萄酒品牌 The Prisoner Wine Company 均實現了穩健的消耗增長。在我們的工藝烈酒組合中，High West、Casa Noble 和 Mi Campo 均實現了強勁的兩位數消耗增長。此外，我們的國際和 DTC 渠道均實現了兩位數的淨銷售額同比增長，我們繼續在 3 級電子商務中獲得份額。

Fourth, our capital allocation priorities remain firm. Starting with our investment-grade rating. We expect to remain investment grade, including after funding the expected $1.5 billion cash payment for the Class B common stock reclassification, given the strong operating performance and cash generation of our business.

第四，我們的資本配置重點仍然堅定。從我們的投資級評級開始。鑑於我們業務的強勁運營業績和現金產生，我們預計將保持投資級別，包括在為 B 類普通股重新分類的預期 15 億美元現金支付提供資金之後。

Moving on to cash returns to shareholders. As of the end of the second quarter, we were over 97% toward meeting our $5 billion goal. And we have now exceeded the share buybacks component of our goal by $300 million. And upon payment of today's declared dividend, which we expect to take place next month, we will have fully achieved our goal ahead of our fiscal year-end deadline.

繼續向股東提供現金回報。截至第二季度末，我們實現 50 億美元目標的進度已超過 97%。我們現在已經超過了我們目標中的股票回購部分 3 億美元。在我們預計將於下個月支付今天宣布的股息後，我們將在財政年度結束期限之前完全實現我們的目標。

Shifting to our third priority of reinvesting to support the growth of our Beer business. As noted earlier, our capacity expansions and construction processes continue according to plan.

轉向我們的第三個優先事項，即再投資以支持我們啤酒業務的增長。如前所述，我們的產能擴張和建設過程繼續按計劃進行。

And lastly, our M&A focus remains on small acquisitions to fill portfolio gaps, particularly in our Wine & Spirits business. This included, most recently, the investment in a minority stake in Archer Roose as part of our Focus on Female Founders initiative, which is an accessible premium wine brand focused on offering consciously crafted wines to a new generation of legal drinking age wine drinkers. We are proud to say that 5 years into our Focus on Female Founders initiative, we have fulfilled 76% of our commitment to invest $100 million in female-founded and female-led start-ups in the beverage alcohol sector as part of our efforts to enhance social equity within the industry.

最後，我們的併購重點仍然是小型收購以填補投資組合的空白，尤其是在我們的葡萄酒和烈酒業務中。這包括最近投資 Archer Roose 的少數股權，作為我們關注女性創始人計劃的一部分，該計劃是一個平易近人的優質葡萄酒品牌，專注於為新一代合法飲酒年齡的葡萄酒飲用者提供精心製作的葡萄酒。我們很自豪地說，在我們關注女性創始人倡議的 5 年裡，我們已經完成了 76% 的承諾，即投資 1 億美元用於飲料酒精行業的女性創立和女性主導的初創企業，作為我們努力的一部分，加強行業內的社會公平。

Now let's move on to a more fulsome discussion of our performance in the quarter. As I mentioned earlier, our beer brands continue to resonate strongly with the consumer, gaining 1.8 points across the entire category and 2.5 points in the high-end segment and tracked channels.

現在讓我們繼續對我們在本季度的表現進行更深入的討論。正如我之前提到的，我們的啤酒品牌繼續與消費者產生強烈共鳴，在整個品類中獲得 1.8 分，在高端細分市場和跟踪渠道中獲得 2.5 分。

Modelo Especial delivered depletion growth of over 10% and was the #1 share gainer in the entire U.S. beer category. It continues to strengthen its position as the #2 beer brand in dollar sales and is the #1 or 2 beer in 11 states, more than double the number of states from just 3 years ago. We continue to see further opportunities to maintain the growth momentum of Modelo Especial, particularly given the resilience of premiumization trends and our relentless focus on striving to close the brand's distribution and awareness gaps.

Modelo Especial 實現了超過 10% 的消耗增長，並且是整個美國啤酒類別中排名第一的份額增長者。它繼續鞏固其在美元銷售額中排名第二的啤酒品牌的地位，並且是 11 個州的排名第一或第二的啤酒品牌，是 3 年前州數量的兩倍多。我們繼續看到保持 Modelo Especial 增長勢頭的進一步機會，特別是考慮到高端化趨勢的彈性以及我們不懈地致力於努力縮小品牌的分銷和知名度差距。

Corona Extra maintained its momentum with 6% depletion growth and is the #3 share gainer in tracked channels. It remains the #1 most loved beer brand with both general market and Hispanic consumers. And our La Vida Más Fina campaign has maintained the #1 spot in ad awareness across the beer category. We continue to expect modest growth from Corona Extra, supported by distribution gains within certain pockets of the U.S. where it is underrepresented and the brand's appeal and growth potential with younger legal drinking age and multicultural consumers.

Corona Extra 保持了 6% 的損耗增長勢頭，並且是跟踪渠道中排名第三的份額增長者。它仍然是普通市場和西班牙裔消費者最喜愛的啤酒品牌第一名。我們的 La Vida Más Fina 活動在整個啤酒類別的廣告認知度中一直保持第一名。我們繼續預計 Corona Extra 將實現適度增長，這得益於其在美國某些地區的分銷收益不足，以及該品牌在法定飲酒年齡較年輕和多元文化消費者中的吸引力和增長潛力。

Pacifico achieved depletion growth of over 37% and was a top 10 share-gaining brand in tracked channels. We continue to see a fantastic growth runway for Pacifico as an emerging brand, particularly as the brand has significant distribution potential when compared to Modelo and even more so when compared to Corona Extra.

Pacifico 實現了超過 37% 的損耗增長，是跟踪渠道中份額增長前 10 的品牌。我們繼續看到 Pacifico 作為一個新興品牌的驚人增長跑道，特別是與 Modelo 相比，該品牌具有顯著的分銷潛力，與 Corona Extra 相比更是如此。

Lastly, our Modelo Chelada brands posted depletion growth of more than 60% for the second quarter. And Modelo Chelada Limón y Sal was a top 15 share-gaining brand in tracked channels. Modelo Chelada remains the #1 brand family in the chelada space and owns nearly 60% market share of the chelada segment nationwide.

最後，我們的 Modelo Chelada 品牌第二季度的消耗量增長超過 60%。 Modelo Chelada Limón y Sal 是跟踪渠道中排名前 15 的分享品牌。 Modelo Chelada 仍然是 chelada 領域的第一品牌家族，在全國 chelada 領域擁有近 60% 的市場份額。

However, awareness for Modelo Chelada is still relatively low compared to other flavor categories. And we continue to expect significant growth as we invest in marketing to broaden the demographic appeal and in additional flavors and package configurations to unlock new consumption occasions for this product.

然而，與其他風味類別相比，Modelo Chelada 的知名度仍然相對較低。我們繼續期待顯著增長，因為我們投資於營銷以擴大人口吸引力，並在額外的口味和包裝配置上為該產品開啟新的消費場合。

All in, the strong demand for our brands in the second quarter supported a net sales increase of 15% for our Beer business. And this, in turn, drove a 25% uplift in operating income, which also benefited from the lapping of higher obsolescence charges last year.

總而言之，第二季度對我們品牌的強勁需求支持我們啤酒業務的淨銷售額增長了 15%。這反過來又推動了營業收入增長 25%，這也得益於去年較高的報廢費用。

This gives us confidence to increase guidance for our Beer business as we now expect to achieve 8% to 10% net sales growth and 3% to 5% operating income growth for fiscal '23, which Garth will review in more detail shortly. That said, it is important to remember that in the third and fourth quarters of fiscal '23, we will be lapping elevated shipments from the second half of the last fiscal year that resulted from the rebuild of distributor and retailer inventories after supply shortages and severe weather-driven shipping disruptions that occurred in the first half of fiscal '22.

這使我們有信心增加對啤酒業務的指導，因為我們現在預計在 23 財年實現 8% 至 10% 的淨銷售額增長和 3% 至 5% 的營業收入增長，Garth 將很快對其進行更詳細的審查。話雖如此，重要的是要記住，在 23 財年的第三和第四季度，我們將從上一財年下半年開始增加出貨量，這是由於供應短缺和嚴重的分銷商和零售商庫存重建造成的22財年上半年發生的天氣驅動的航運中斷。

So while on an absolute basis, we continue to expect our shipments for the remainder of this fiscal year to be relatively in line with depletions, we believe the more comparable indicator for growth for our beer brands in the second half will be the depletion rate. Looking forward, we are also confident that over the medium term, our Beer business remains well positioned to deliver 7% to 9% net sales growth and 39% to 40% operating margin, supported by the sustained momentum of our core brands, the steady progress of our brewing capacity additions and the continued development of our innovation lineup, including the momentum of our chelada brands, the recent launch of Fresca Mixed, the expansion of Modelo Oro from select test markets to the entire national market next year and the introduction of Corona nonalcoholic.

因此，儘管在絕對基礎上，我們繼續預計本財年剩餘時間內的出貨量與消耗量相對一致，但我們認為下半年我們啤酒品牌增長的更具可比性的指標將是消耗率。展望未來，我們也有信心，在中期內，我們的啤酒業務在核心品牌的持續發展勢頭、穩定我們的釀造能力增加的進展和我們創新陣容的持續發展，包括我們的 chelada 品牌的勢頭，最近推出的 Fresca Mixed，明年將 Modelo Oro 從選定的測試市場擴展到整個國家市場，以及引入電暈不含酒精。

The new nonalcoholic drinking age consumer is an attractive target as they also consume high-end beer as well as spirits and hard seltzers. So we are excited about the extension of Corona into this segment, and we look forward to sharing more details as we approach the product launch.

新的非酒精飲酒年齡消費者是一個有吸引力的目標，因為他們還消費高端啤酒以及烈酒和硬蘇打水。因此，我們對 Corona 擴展到這一領域感到興奮，我們期待在產品發布臨近時分享更多細節。

Moving on to Wine & Spirits. Our Wine & Spirits business is making headway with its vision to become a bold and innovative high-end market leader. As noted earlier, the largest premium and fine wine brands and craft spirits brands of our portfolio delivered solid depletion growth rates in the second quarter. And relative to the market, the higher-end portion of our wine portfolio, which includes our premium and fine wine brands, outperformed the corresponding category segments in U.S. tracked channels.

繼續前進到葡萄酒和烈酒。我們的葡萄酒和烈酒業務正在朝著成為大膽創新的高端市場領導者的願景邁進。如前所述，我們投資組合中最大的優質葡萄酒品牌和精釀烈酒品牌在第二季度實現了穩健的消耗增長率。相對於市場，我們葡萄酒組合的高端部分（包括我們的優質和優質葡萄酒品牌）在美國跟踪渠道中的表現優於相應類別的細分市場。

Our craft spirits portfolio delivered dollar sales growth significantly ahead of higher-end segment of the spirits category. Our Wine & Spirits business also continues to advance its mainstream strategy through a greater focus on brands and initiatives with higher returns, including through the delivery of relevant and innovative products.

我們的工藝烈酒產品組合的銷售額增長顯著領先於烈酒類別的高端細分市場。我們的葡萄酒和烈酒業務還通過更加關注具有更高回報的品牌和計劃，包括通過提供相關和創新產品，繼續推進其主流戰略。

As we also announced this morning, we continue to further premiumize our business with the divestiture of a portion of our main streamline portfolio combined with a couple of select premium brands to the wine [brand]. When it closes, we believe this transaction will further enable us to focus our portfolio and efforts to deliver the industry-leading growth in margins that we continue to work towards.

正如我們今天早上宣布的那樣，我們通過剝離我們主要的流線型產品組合的一部分以及幾個精選的優質品牌來繼續進一步提升我們的業務[品牌]。當它完成時，我們相信這項交易將進一步使我們能夠集中我們的投資組合和努力實現我們繼續努力實現的行業領先的利潤率增長。

From an innovation perspective, we have several great examples of recently introduced products that are driving growth within our wine portfolio. Woodbridge Box was the #2 premium box share gainer in the second quarter. Meiomi Red Blend 750 was the #2 wine SKU. Kim Crawford Sparkling Prosecco was the #4 new wine brand. And the recent launches of The Prisoner Pinot Noir and Blindfold Blanc de Noir are respectively seeing early successes in priority accounts and the on-premise.

從創新的角度來看，我們有幾個最近推出的產品很好的例子，這些產品正在推動我們葡萄酒組合的增長。 Woodbridge Box 是第二季度排名第二的優質盒子份額增長者。 Meiomi Red Blend 750 是排名第二的葡萄酒 SKU。 Kim Crawford 起泡普羅賽克是排名第四的新葡萄酒品牌。最近推出的 The Prisoner Pinot Noir 和 Blindfold Blanc de Noir 分別在優先帳戶和內部部署方面取得了初步成功。

Beyond product innovation, we continue to extend our growth in direct-to-consumer and 3-tier e-commerce channels as well as international markets. Wine & Spirits DTC net sales grew 15% in the second quarter as our investments in these channels continue to yield strong performance.

除了產品創新，我們還在直接面向消費者和 3 級電子商務渠道以及國際市場繼續擴大增長。由於我們對這些渠道的投資繼續產生強勁的業績，Wine & Spirits DTC 的淨銷售額在第二季度增長了 15%。

We also continued to outperform in 3-tier e-commerce, delivering dollar sales growth 16 points ahead of the competition in the second quarter. Importantly, we're also outperforming in 3-tier e-commerce with our Beer business, which achieved a 7-point lead in dollar sales growth versus competition in the second quarter.

我們還在 3 層級電子商務領域繼續表現出色，在第二季度實現美元銷售額增長 16 個百分點，領先於競爭對手。重要的是，我們的啤酒業務在 3 級電子商務中也表現出色，在第二季度的美元銷售額增長與競爭對手相比，該業務領先 7 個百分點。

Back to our Wine & Spirits business. International net sales grew 10% versus prior year, showing the continued momentum of our brands in the select international markets that we are targeting. Going forward, we will continue to focus on growing our omni-channel and international footprint as we believe these channels will continue to grow as a portion of our mix over time and be an important opportunity for higher-end growth.

回到我們的葡萄酒和烈酒業務。國際淨銷售額與去年相比增長了 10%，顯示了我們品牌在我們瞄準的特定國際市場的持續發展勢頭。展望未來，我們將繼續專注於擴大我們的全渠道和國際足跡，因為我們相信這些渠道將隨著時間的推移繼續增長，成為我們組合的一部分，並成為高端增長的重要機會。

Now let's move on to Canopy growth. While the impairment of our Canopy investment is clearly disappointing, it is not indicative of a significant long-term market opportunity that still exists for the legal cannabis market, particularly in the U.S. where the market was estimated at $25 billion at the end of 2021 and is expected to nearly double in size by 2026 as more states continue to legalize cannabis.

現在讓我們繼續討論 Canopy 的增長。雖然我們對 Canopy 投資的減值顯然令人失望，但這並不表明合法大麻市場仍然存在重大的長期市場機會，特別是在美國，該市場在 2021 年底估計為 250 億美元，隨著越來越多的州繼續將大麻合法化，預計到 2026 年其規模將增加近一倍。

In fact, the companies that Canopy invested in to establish its U.S. ecosystem continued to perform strongly and to scale. We also remain supportive of Canopy's efforts to restructure its Canadian operations and its plan to further drive BioSteel's growth and believe these actions will also strengthen their business and ultimately provide an opportunity to enhance the value of our holding.

事實上， Canopy 投資建立其美國生態系統的公司繼續表現強勁並擴大規模。我們也仍然支持 Canopy 重組其加拿大業務的努力及其進一步推動 BioSteel 增長的計劃，並相信這些行動也將加強他們的業務並最終提供一個提高我們控股價值的機會。

Before I conclude, I also want to take this opportunity to highlight that we expect to release our 2022 ESG Impact Report later this month. The report seeks to provide a comprehensive review of our ESG strategy and key initiatives designed to make a positive difference in our communities, safeguard our environment and advocate for the responsible consumption of beverage alcohol.

在結束之前，我還想藉此機會強調我們預計將在本月晚些時候發布我們的 2022 ESG 影響報告。該報告旨在全面審查我們的 ESG 戰略和旨在為我們的社區帶來積極影響、保護我們的環境和倡導負責任地消費酒精飲料的關鍵舉措。

We will also, for the first time, be reporting with references aligned to the Sustainability Accounting Standards Board framework and taking into consideration the recommendations from the Task Force on Climate-Related Financial Disclosures. We believe these planned enhancements to our reporting will be valuable steps intended to better align with stakeholder expectations on the information we provide on these important topics, reflect our company values and better showcase our ongoing efforts to address pressing environmental and societal needs that are important to our communities, our consumers and our employees. I invite all of our stakeholders to spend some time reviewing the report when it is released, which will be available through our company website.

我們還將首次使用與可持續發展會計準則委員會框架一致的參考進行報告，並考慮氣候相關財務披露工作組的建議。我們相信，這些計劃中對我們報告的改進將是有價值的步驟，旨在更好地符合利益相關者對我們提供的有關這些重要主題的信息的期望，反映我們的公司價值觀，並更好地展示我們為解決緊迫的環境和社會需求所做的持續努力我們的社區、我們的消費者和我們的員工。我邀請我們所有的利益相關者在報告發佈時花一些時間查看報告，該報告將通過我們公司的網站提供。

In closing, I'd like to reiterate our main takeaways from this quarter. Number one, consumer demand for our higher-end beer and higher-end wine and spirits products continues to be strong. And we remain confident in the long-term prospects of our portfolio and our runway for growth.

最後，我想重申我們本季度的主要收穫。第一，消費者對我們高端啤酒和高端葡萄酒和烈酒產品的需求持續強勁。我們對我們的投資組合的長期前景和我們的增長跑道仍然充滿信心。

Number two, our core imported brands continue to outperform the industry. Modelo Especial further strengthened its position as the #2 beer in the U.S. market and continues to gain ground as the #1 share gainer. And Corona Extra also maintained its momentum, delivering solid growth rates and taking the #3 share gainer spot in the beer category. The strong performance of our brands in the first half of the fiscal year now puts us on track to deliver better-than-expected growth for our Beer business in fiscal '23.

第二，我們的核心進口品牌繼續跑贏行業。 Modelo Especial 進一步鞏固了其作為美國市場第二大啤酒的地位，並繼續成為第一大份額增長者。 Corona Extra 也保持了增長勢頭，實現了穩健的增長率，並在啤酒類別中佔據了第三的份額。我們品牌在本財年上半年的強勁表現現在使我們有望在 23 財年為我們的啤酒業務實現好於預期的增長。

Number three, we continue to see the benefits of our wine and spirits strategy taking hold. Our largest higher-end wine and spirits brands are delivering growth. And we are also performing strongly internationally with our higher-end brands and in e-commerce and DTC channels.

第三，我們繼續看到我們的葡萄酒和烈酒戰略帶來的好處。我們最大的高端葡萄酒和烈酒品牌正在實現增長。而且，我們的高端品牌以及電子商務和 DTC 渠道在國際上也表現出色。

And number four, we continue to deliver on capital allocation priorities by maintaining our investment-grade credit rating, delivering cash returns to shareholders through dividends and share buybacks, advancing the brewery capacity expansion and construction processes in our Beer business to support its continued strong growth and executing on disciplined tuck-in M&A to fill gaps in our portfolio.

第四，我們通過維持投資級信用評級、通過股息和股票回購向股東提供現金回報、推進啤酒業務的啤酒廠產能擴張和建設流程，以支持其持續強勁增長，繼續實現資本配置優先事項並執行有紀律的併購，以填補我們投資組合中的空白。

And with that, I would now like to turn the call over to Garth, who will review our financial results in the quarter.

有了這個，我現在想把電話轉給 Garth，他將在本季度審查我們的財務業績。

Thank you, Bill, and good morning, everyone. As Bill mentioned, our business continued to perform well in the second quarter, delivering another strong set of operating results. We are making good progress against our operating plans and strategic initiatives. And we are now expected to exceed our previously stated fiscal 2023 net sales goals for the Beer and Wine & Spirits businesses and our operating income goal for the Beer business.

謝謝你，比爾，大家早上好。正如比爾所說，我們的業務在第二季度繼續表現良好，帶來了另一套強勁的經營業績。我們在運營計劃和戰略舉措方面取得了良好進展。現在，我們預計將超過我們之前規定的 2023 財年啤酒和葡萄酒與烈酒業務的淨銷售額目標以及啤酒業務的營業收入目標。

Our strong Q2 results were led by a 12% increase in net sales driven by growth in both our Beer and Wine & Spirits businesses. Additionally, we achieved a 10% uplift in operating income, underpinned by significant double-digit increase in the operating income of our Beer business.

我們強勁的第二季度業績是由我們的啤酒和葡萄酒與烈酒業務增長推動的淨銷售額增長 12% 帶動的。此外，在啤酒業務的營業收入顯著兩位數增長的支撐下，我們的營業收入實現了 10% 的增長。

Our strong cash flow results supported dividends and incremental share repurchases in Q2 that put us on track to exceed our $5 billion goal in cash returns to our shareholders by the end of this fiscal year. With that, let's review Q2 performance and our full year outlook in more detail, where I'll generally focus on comparable basis financial results.

我們強勁的現金流結果支持了第二季度的股息和增量股票回購，這使我們有望在本財政年度結束前超過我們向股東提供的 50 億美元現金回報的目標。有了這個，讓我們更詳細地回顧第二季度的表現和我們的全年展望，我通常會關注可比的財務業績。

Starting with beer. Net sales increased 15% primarily driven by shipment volume growth of over 12% from strong demand for our core beer portfolio and higher average annual price increases. Q2 shipment volumes were generally aligned with depletion volumes, and inventories across the supply chain remained at historical norms.

從啤酒開始。淨銷售額增長 15%，主要是由於對我們核心啤酒組合的強勁需求和更高的年均價格上漲，出貨量增長超過 12%。第二季度出貨量與消耗量基本一致，整個供應鏈的庫存保持在歷史水平。

From a growth perspective, depletions for the quarter were up nearly 9% which was propelled by the continued strength of Modelo Especial, Corona Extra, Pacifico and the Modelo Chelada brands. Selling days in the quarter were flat year-over-year and will continue to be flat in Q3.

從增長的角度來看，本季度的消耗量增長了近 9%，這得益於 Modelo Especial、Corona Extra、Pacifico 和 Modelo Chelada 品牌的持續強勢。本季度的銷售天數與去年同期持平，並將在第三季度繼續持平。

Moving on to beer margins. We continued to experience headwinds driven by the inflationary economic environment, particularly in packaging material costs and shifts in mix. However, beer operating margin increased over 330 basis points to 40.5% primarily driven by more favorable impact from pricing, lower obsolescence charges and lower marketing spend as well as the favorable impact of fixed cost absorption from strong shipment volume growth.

繼續啤酒利潤。我們繼續受到通貨膨脹經濟環境的不利影響，特別是在包裝材料成本和組合變化方面。然而，啤酒營業利潤率增長超過 330 個基點至 40.5%，這主要是受定價、報廢費用降低和營銷支出減少以及出貨量強勁增長帶來的固定成本吸收的有利影響的推動。

As you may recall, we reported higher obsolescence charges in Q2 of fiscal 2022 due to the slowdown in the overall hard seltzer category during the summer of last year.

您可能還記得，由於去年夏季整體硬蘇打水類別的放緩，我們在 2022 財年第二季度報告了更高的報廢費用。

Marketing as a percent of net sales decreased 170 basis points due to the timing of our media spend. We continue to expect that marketing as a percent of net sales will be in the 9% to 10% range for the full year as we anticipate marketing spend to ramp up in the second half of the year with the launch of new campaigns, particularly from our media investments around college and NFL football.

由於我們的媒體支出時機，營銷占淨銷售額的百分比下降了 170 個基點。我們繼續預計全年營銷占淨銷售額的百分比將在 9% 至 10% 範圍內，因為我們預計隨著新活動的推出，營銷支出將在下半年增加，特別是從我們圍繞大學和 NFL 橄欖球的媒體投資。

Given the strong performance of our Beer business, we are now targeting full year fiscal '23 net sales growth of 8% to 10% and operating income growth of 3% to 5% for that business. Our updated fiscal '23 outlook includes a 2% to 3% price increase, which is higher than the previously anticipated 1% to 2% expectation and medium-term algorithm range as elevated costs continue to create pressure across the supply chain. However, we continue to expect an implied operating margin of approximately 38% for fiscal '23.

鑑於我們啤酒業務的強勁表現，我們現在的目標是 23 財年全年淨銷售額增長 8% 至 10%，營業收入增長 3% 至 5%。我們更新的 23 財年展望包括 2% 至 3% 的價格上漲，高於先前預期的 1% 至 2% 的預期和中期算法範圍，因為成本上升繼續對整個供應鏈造成壓力。但是，我們繼續預計 23 財年的隱含營業利潤率約為 38%。

We anticipate second half operating income margins to be negatively affected as we expect the benefits from our pricing adjustments and cost-saving actions will be more than offset by ongoing inflationary pressures across raw materials and packaging, particularly as more favorable hedges will continue to roll off, additional headcount in training as well as increased depreciation from our brewery capacity expansions and higher marketing spend as previously referenced.

我們預計下半年營業利潤率將受到負面影響，因為我們預計我們的定價調整和成本節約行動帶來的好處將被原材料和包裝領域持續的通脹壓力所抵消，特別是隨著更有利的對沖將繼續減少，額外的培訓人數以及我們啤酒廠產能擴張和更高營銷支出的折舊增加，如前所述。

Now shifting to Wine & Spirits. Q2 fiscal '23 net sales increased over 1% driven primarily by an increase in bulk sales and favorable pricing. And as Bill noted, Q2 depletion growth was solid for our largest premium wine brands, Kim Crawford, Robert Mondavi Private Selection, Meiomi and Ruffino, our largest fine wine brand, The Prisoner Wine Company, and our largest craft spirits brand, High West, Casa Noble and Mi Campo.

現在轉向葡萄酒和烈酒。 23財年第二季度的淨銷售額增長超過1%，主要是由於批量銷售的增加和優惠的定價。正如比爾指出的那樣，我們最大的優質葡萄酒品牌 Kim Crawford、Robert Mondavi Private Selection、Meiomi 和 Ruffino、我們最大的優質葡萄酒品牌 The Prisoner Wine Company 和我們最大的精釀烈酒品牌 High West 的第二季度消耗增長穩健， Casa Noble 和 Mi Campo。

Operating margin decreased 40 basis points to 19.3% primarily driven by the continued impact of inflationary headwinds and higher general and administrative expenses. The increase in COGS was mainly a result of higher supply chain costs, particularly container surcharges and warehousing, and higher material costs, including grapes and glass, partially offset by favorable fixed cost absorption as a result of the lapping of the New Zealand frost and the wildfires in the U.S.

營業利潤率下降 40 個基點至 19.3%，主要是由於通脹逆風和更高的一般和行政費用的持續影響。銷貨成本增加的主要原因是供應鏈成本增加，尤其是集裝箱附加費和倉儲費，以及包括葡萄和玻璃在內的材料成本增加，部分被新西蘭霜凍和冰凍天氣帶來的有利的固定成本吸收所抵消。美國的野火

The increase in general and administrative expense was driven by compensation and benefits primarily to improve marketing effectiveness. Marketing was favorable due to the timing of spend.

一般和管理費用的增加主要是由薪酬和福利推動的，主要是為了提高營銷效率。由於支出的時機，營銷是有利的。

For full year fiscal '23, we now expect Wine & Spirits net sales to come in flat to down 2% and operating income to increase 3% to 5%. This implies operating margins of about 24% for fiscal '23.

對於 23 財年全年，我們現在預計 Wine & Spirits 的淨銷售額將持平至下降 2%，營業收入將增長 3% 至 5%。這意味著 23 財年的營業利潤率約為 24%。

Despite significant inflationary pressures and the inclusion of Cooper & Thief in the divestiture previously referenced by Bill, we continue to expect a considerable improvement in operating margins albeit at a lower point than previously anticipated.

儘管存在巨大的通脹壓力，並且在 Bill 之前提到的資產剝離中將 Cooper & Thief 納入其中，但我們仍然預計營業利潤率將有相當大的改善，儘管低於之前的預期。

As noted in our Q1 earnings call, we expect to achieve the uplift in operating margins in the second half through the following key drivers: consumer-led premiumization and mix improvement, mainly in our fine wine brands; incremental pricing actions executed in Q2 that will be fully reflected in the second half; a bountiful New Zealand harvest, which will drive volume and enhance margins for Kim Crawford; lowering marketing as a percent of net sales; and finally, continued benefits from our cost savings initiatives.

正如我們在第一季度財報電話會議中所指出的，我們預計下半年的營業利潤率將通過以下關鍵驅動因素實現提升：以消費者為主導的高端化和組合改進，主要是我們的優質葡萄酒品牌；第二季度執行的增量定價行動將在下半年得到充分體現；新西蘭豐收，這將推動 Kim Crawford 的銷量並提高利潤；降低營銷占淨銷售額的百分比；最後，從我們的成本節約計劃中持續受益。

Now let's proceed with the rest of the P&L. As we also discussed in our Q1 earnings call, increased investment in our digital business acceleration initiative was the primary driver of our higher corporate expense.

現在讓我們繼續處理損益表的其餘部分。正如我們在第一季度財報電話會議中所討論的那樣，增加對我們的數字業務加速計劃的投資是我們公司支出增加的主要驅動力。

The majority of the spend in our Digital Business Acceleration program, or DBA for short, was incurred in Q2. And we expect to start to see some small benefits from these investments later this fiscal year followed by larger benefits in FY '24.

我們的數字業務加速計劃（簡稱 DBA）的大部分支出發生在第二季度。我們預計將在本財年晚些時候開始從這些投資中看到一些小收益，然後在 24 財年獲得更大的收益。

As a reminder, the goal of our DBA initiative is to support our aim to become a digital leader and capture value. It is a combination of data, technology and operating models, including evolving ways of working, organizational structures and acquiring talent.

提醒一下，我們 DBA 計劃的目標是支持我們成為數字領導者並獲取價值的目標。它是數據、技術和運營模式的結合，包括不斷發展的工作方式、組織結構和人才獲取。

DBA builds on the implementation of our SAP platform that was completed last year. And we anticipate it will enable us to deliver cost savings and greater efficiency in a number of areas by taking our digital strategy to the next level.

DBA 建立在我們去年完成的 SAP 平台的實施之上。我們預計，通過將我們的數字戰略提升到一個新的水平，它將使我們能夠在多個領域實現成本節約和更高的效率。

The first phase of our DBA program is focused on 3 key areas: supply chain, marketing and procurement, each with their own objectives. The aim of these initial efforts is to maximize efficiency across end-to-end supply chain, to build a world-class procurement function with greater spend visibility and to unlock demand for our products by analyzing and connecting multiple consumer data sources.

我們 DBA 計劃的第一階段側重於 3 個關鍵領域：供應鏈、營銷和採購，每個領域都有自己的目標。這些初步努力的目的是最大限度地提高端到端供應鏈的效率，建立具有更高支出可見性的世界級採購功能，並通過分析和連接多個消費者數據源來釋放對我們產品的需求。

We continue to expect $35 million to $40 million of spend in our DBA program for fiscal '23 as part of our total $265 million to $270 million of corporate spend anticipated for the full year. Comparable basis interest expense for the quarter was relatively unchanged. However, we now expect interest expense for fiscal '23 to be between $360 million and $370 million as a result of the July equitization of the Canopy debt securities and rising interest rates.

我們繼續預計 23 財年 DBA 計劃的支出將達到 3500 萬美元至 4000 萬美元，這是我們全年預計的 2.65 億美元至 2.7 億美元企業支出總額的一部分。本季度的可比基準利息費用相對沒有變化。然而，由於 7 月份 Canopy 債務證券的股權化和利率上升，我們現在預計 23 財年的利息支出將在 3.6 億美元至 3.7 億美元之間。

This excludes the impact of any interest expense associated with the funding of the $1.5 billion cash consideration payable in the event a Class B common stock reclassification closes. From a balance sheet perspective, should the reclassification be approved, on a Q2 FY '23 pro forma basis, our net leverage would increase to approximately 3.5x when considering funding for the premium payment and excluding Canopy equity earnings.

這不包括與 B 類普通股重新分類結束時應付的 15 億美元現金對價的資金相關的任何利息費用的影響。從資產負債表的角度來看，如果重新分類獲得批准，在 23 財年第二季度的備考基礎上，在考慮為保費支付提供資金且不包括 Canopy 股權收益時，我們的淨槓桿率將增加到約 3.5 倍。

We ended the second quarter with a net leverage ratio of approximately 3x, excluding Canopy equity earnings. As Bill noted, we have nearly completed our goal of returning $5 billion to cash to shareholders. We will continue towards our goal through planned dividend payouts and opportunistic share buybacks throughout the remainder of this fiscal year. This remains a top capital allocation priority, and we now expect to exceed our cash returns to shareholders goal by the end of this fiscal year.

我們在第二季度末的淨槓桿率約為 3 倍，不包括 Canopy 的股票收益。正如比爾所說，我們幾乎完成了向股東返還 50 億美元現金的目標。我們將在本財年剩餘時間內通過計劃的股息支付和機會性股票回購繼續實現我們的目標。這仍然是資本配置的首要任務，我們現在預計到本財年末將超過我們對股東的現金回報目標。

That said, we continue to expect our weighted average diluted shares outstanding to be approximately 186.5 million for fiscal '23, including shares repurchased in Q2. As a result of the adjustments to our Beer business growth outlook for fiscal '23 and the partial offset from higher interest expense, we now expect EPS comparable guidance to be in the $11.20 to $11.60 range, which represents a $0.10 increase at the top end of our prior guidance range.

也就是說，我們繼續預計我們在 23 財年的加權平均稀釋後流通股約為 1.865 億股，包括在第二季度回購的股票。由於我們對 23 財年啤酒業務增長前景進行了調整，並部分抵消了較高的利息費用，我們現在預計每股收益可比指引將在 11.20 美元至 11.60 美元之間，這意味著在 23 財年的高端增長了 0.10 美元我們之前的指導範圍。

Moving to free cash flow, which we define as net cash provided by operating activities less CapEx. We generated free cash flow of $1.2 billion for the first half of fiscal '23, which is a 4% increase versus prior year, reflecting strong operating cash flow, partially offset by a 23% increase in CapEx investments as we continue to make good progress on our brewery capacity expansion plans to support the robust growth of our Beer business.

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。我們在 23 財年上半年產生了 12 億美元的自由現金流，比上年增長 4%，反映了強勁的經營現金流，但隨著我們繼續取得良好進展，資本支出投資增長 23% 部分抵消了這一影響關於我們的啤酒廠產能擴張計劃，以支持我們啤酒業務的強勁增長。

In addition, our brewery optimization and productivity initiatives have enabled us to utilize incremental capacity from our existing footprint. We now estimate our current total capacity to be approximately 41 million hectoliters, giving us additional production flexibility and enhancing the returns of our prior capital investments.

此外，我們的啤酒廠優化和生產力計劃使我們能夠利用現有足蹟的增量產能。我們現在估計我們目前的總產能約為 4100 萬百升，這為我們提供了額外的生產靈活性並提高了我們之前資本投資的回報。

We continue to expect fiscal '23 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 unchanged CapEx of $1.3 billion to $1.4 billion.

我們繼續預計 23 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，資本支出保持在 13 億美元至 14 億美元之間。

Lastly, on Canopy growth. We recorded a $1.1 billion impairment on our investment, which was excluded from our comparable basis results. This noncash item was driven by the following factors: the period of time for which the fair value has been less than the carrying value and the uncertainty surrounding Canopy's stock price recovery in the near term, Canopy's previously announced goodwill impairment for their cannabis operations and the uncertainty of U.S. federal cannabis legalization.

最後，關於 Canopy 的增長。我們記錄了 11 億美元的投資減值，這不包括在我們的可比基準結果中。這一非現金項目是由以下因素驅動的：公允價值低於賬面價值的時期以及 Canopy 近期股價回升的不確定性、 Canopy 先前宣布的大麻業務商譽減值以及美國聯邦大麻合法化的不確定性。

In addition, we also recorded a $651 million equity loss from our share of ownership in Canopy, which includes $461 million of Canopy's goodwill impairment. While disappointing, we continue to believe that Canopy's focus on premiumizing its cannabis branded portfolio to improve their performance in Canada is appropriate. And we also remain supportive of Canopy's efforts in the U.S. to strengthen their emerging CPG brand distribution and build of a competitive THC ecosystem.

此外，我們在 Canopy 的所有權份額還記錄了 6.51 億美元的股權損失，其中包括 Canopy 的 4.61 億美元商譽減值。雖然令人失望，但我們仍然認為 Canopy 專注於提升其大麻品牌產品組合以改善其在加拿大的業績是適當的。我們也繼續支持 Canopy 在美國加強其新興 CPG 品牌分銷和建立具有競爭力的 THC 生態系統的努力。

In closing, we continue to deliver strong business performance and are proud of the continued progress we are making against our operating plans and strategic initiatives. Our Beer business continues to outshine the market. And our Wine & Spirits business is showing the benefits of its strategy to become a global omni-channel competitor in line with consumer preferences primarily focused on the higher end.

最後，我們繼續提供強勁的業務表現，並為我們在運營計劃和戰略舉措方面取得的持續進展感到自豪。我們的啤酒業務繼續超越市場。我們的葡萄酒和烈酒業務正在展示其成為全球全渠道競爭對手的戰略的好處，這符合主要集中在高端的消費者偏好。

With that, Bill and I are happy to take your questions.

有了這個，比爾和我很高興回答你的問題。

(Operator Instructions) Our first question today is coming from Dara Mohsenian from Morgan Stanley.

（操作員說明）我們今天的第一個問題來自摩根士丹利的 Dara Mohsenian。

So on your Beer business, there's been a pretty nice halo the last few quarters between scanner data and the reported depletions just as on-premise recovers post-COVID. Wasn't as much the case this quarter. So can you just give us some detail on on-premise and untracked channels in general in Q2 and what you're seeing there?

因此，在您的啤酒業務中，過去幾個季度在掃描儀數據和報告的消耗之間出現了相當不錯的光環，就像在內部恢復後 COVID 一樣。本季度情況並非如此。那麼，您能否在第二季度向我們提供一些有關內部部署和未跟踪渠道的詳細信息以及您在那裡看到的情況？

And then on the beer margin side, obviously, a big beat in the quarter versus consensus. That's great news. But the implied H2 margins of 36% are well below what you saw in the first half. Obviously, there's some seasonality there. But just help us understand as we think about margins for fiscal '24, should we think about it more relative to a 38% full year base? Is it more relative to 36% in the back half? Again, there's some seasonality there, but just conceptually, how you think about that would be helpful.

然後在啤酒利潤方面，顯然，本季度的大幅超過共識。這真是個好消息。但隱含的 H2 利潤率為 36%，遠低於上半年的水平。顯然，那裡有一些季節性。但只是幫助我們理解，當我們考慮 24 財年的利潤率時，我們是否應該更多地考慮相對於 38% 的全年基數？相對於後半部分的 36% 是否更多？同樣，那裡有一些季節性，但只是從概念上講，你如何看待它會有所幫助。

Joe and Garth, why don't I take the first part? So relative to the on-premise, it's very typical of us to see a stronger Q1 on-premise because it includes Cinco, which is the single biggest event and occasion for our Beer business in the on-premise. On-premise was roughly 11% of our volume in this particular quarter, which was slightly less than it was in the prior quarter.

喬和加思，我為什麼不參加第一部分？因此，相對於內部部署，我們很容易看到第一季度的內部部署更強勁，因為它包括 Cinco，這是我們啤酒業務在內部部署中最大的事件和場合。在這個特定季度，內部部署約占我們銷量的 11%，略低於上一季度。

The other thing I think that's always important to look at is our completion volume has been very consistent with what we look at in IRI trends. And as an example, in our Beer business in the most recent IRI trends, the 26-week data showed in totality 7.5% growth. And purely import business showed 9.4% growth. That's very consistent with our roughly 9% depletion growth in this particular quarter.

我認為始終重要的另一件事是我們的完成量與我們在 IRI 趨勢中看到的非常一致。例如，在我們最近的 IRI 趨勢中的啤酒業務中，26 週的數據顯示總共增長了 7.5%。純進口業務增長9.4%。這與我們在這個特定季度大約 9% 的消耗增長非常一致。

The other place where you'll also see strength within our business is in some of the untracked channels in smaller Hispanic -- particularly Hispanic accounts particularly out west, which are not tracked by IRI or Nielsen channels. So all in, I think, again, our depletion growth profile looks exactly like what the takeout trends in tracked channels are.

您還會在我們的業務中看到實力的另一個地方是在較小的西班牙裔中的一些未跟踪的渠道 - 特別是西班牙裔帳戶，特別是西部的西班牙裔帳戶，IRI 或尼爾森頻道沒有跟踪這些帳戶。因此，我認為，再一次，我們的消耗增長概況看起來與跟踪渠道中的外賣趨勢完全一樣。

And I think as we've said many, many times, this year, in particular, that is really the way to look at our business due to the variance that we saw last year and weather-related activities in our -- and when we shipped and when we did maintenance and things of that nature, which I'm sure Garth will touch on here in a moment.

而且我認為正如我們已經多次說過的那樣，尤其是今年，由於我們去年看到的差異以及我們與天氣相關的活動——以及當我們發貨，當我們進行維護和類似的事情時，我相信 Garth 稍後會在這裡談到。

Yes, Dara, on the margin piece. So one, I would say that you would expect that this year's margin profile on a first half versus second half would reflect something that's more normal, which we really haven't had the last couple of years due to sort of production issues that we had to contend with, which led to sort of a rebalancing of shipments.

是的，達拉，在頁邊空白處。因此，我想說的是，您會期望今年上半年與下半年的利潤率狀況將反映出更正常的情況，由於我們遇到的生產問題，過去幾年我們確實沒有遇到這種情況與之抗衡，這導致了出貨量的重新平衡。

Again, this will be more because we're in a more typical production environment. You will see a more sort of normal first half versus second half margin profile. We are expecting margins in the second half to be negatively impacted as I said in my remarks as the benefits from pricing and some of the cost-saving actions will be more than offset, again, by ongoing inflationary pressures.

同樣，這將更多，因為我們處於更典型的生產環境中。您將看到更正常的上半場與下半場保證金分佈。正如我在講話中所說，我們預計下半年的利潤率將受到負面影響，因為定價和一些成本節約措施帶來的好處將再次被持續的通脹壓力所抵消。

From a materials perspective, we continue to see some pressure from corn as well as cans and cartons and glass. As you know, we have a relatively robust hedging policy. But the way that we layer in those hedges and then the way that those hedges then roll off, we saw the greatest impact from those in the first half of the year.

從材料的角度來看，我們繼續看到來自玉米、罐頭、紙箱和玻璃的一些壓力。如您所知，我們有相對穩健的對沖政策。但是，我們在這些對沖中分層的方式以及這些對沖隨後滾動的方式，我們看到了今年上半年的最大影響。

So while we're nicely hedged, they just won't be at the favorable rates, if you will, as we were in the first half. And then again, as is typical -- and then as typical as we're laying out incremental capacity, we will be impacted by incremental costs as we bring on people to train in advance of the capacity coming online.

因此，儘管我們進行了很好的對沖，但如果您願意的話，它們將不會像上半年那樣處於有利的利率。再說一次，就像典型的那樣 - 然後就像我們正在佈置增量容量一樣典型，我們將受到增量成本的影響，因為我們讓人們在容量上線之前進行培訓。

And then finally, we're expecting to see a significant increase in marketing in the second half versus the first half as we support new marketing campaigns around college and NFL football. For FY '24, our guidance is -- continues to be clear on that. We continue to view the right way to think about our margins is in that 39% to 40% range, and we're not coming off of that.

最後，隨著我們支持圍繞大學和 NFL 橄欖球的新營銷活動，我們預計下半年的營銷活動將比上半年顯著增加。對於 24 財年，我們的指導是 - 繼續明確這一點。我們繼續認為考慮我們的利潤率的正確方法是在 39% 到 40% 的範圍內，我們並沒有擺脫這個範圍。

Our next question is coming from Kevin Grundy from Jefferies.

我們的下一個問題來自 Jefferies 的 Kevin Grundy。

Great. So I wanted to pivot to the wine sales this morning, given the continued premiumization focus, but you're holding on to Woodbridge, a more value-oriented brand. I think the view there in the past has been that, that brand offers scale.

偉大的。所以我今天早上想把重心轉向葡萄酒銷售，考慮到持續的高端化焦點，但你堅持的是伍德布里奇，一個更注重價值的品牌。我認為過去的觀點是，那個品牌提供了規模。

Just a little bit on how the deal came about, whether you can comment whether you're done and generally pleased with the shape of the portfolio at the conclusion of this transaction. And I think just kind of taking a step back, just given the change here, and I think it's sort of been in some state of transition for a period of time.

只需簡單介紹一下交易是如何達成的，您是否可以評論您是否已完成交易，並且在交易結束時對投資組合的形狀總體感到滿意。而且我認為只是退後一步，只是考慮到這裡的變化，我認為它在一段時間內處於某種過渡狀態。

It sort of begs the broader question whether the wine portfolio, albeit a narrowed down one and more focused on premium -- the premium end of the category, whether you think it still makes sense within the broader portfolio relative to a Beer business, much higher growth, margins and return on capital. So I'd love to get your thoughts there.

這就引出了一個更廣泛的問題，葡萄酒組合，儘管是一個縮小的範圍，更專注於高端——該類別的高端端，你是否認為它在相對於啤酒業務的更廣泛的投資組合中仍然有意義，要高得多增長、利潤率和資本回報率。所以我很想得到你的想法。

Sure. Look, we're very pleased with the progress that we're seeing in the Wine business. And the divestiture that you saw this morning, again, helps to reshape the portfolio. What I -- the way I think you should think about our total business is we are increasingly focused our attention on the higher end.

當然。看，我們對葡萄酒業務所取得的進展感到非常滿意。你今天早上看到的資產剝離再次有助於重塑投資組合。我 - 我認為你應該考慮我們的整體業務的方式是我們越來越將注意力集中在高端。

We've noted that for many, many years as it relates to beer. We have now specifically related that on our Wine & Spirits business as well. As you probably noted, most of the tuck-in work that we've done in our Wine & Spirits business has been focused on craft spirits as well as higher-end wine brands that fill portfolio gaps, all of which focus on the high end, where we believe the growth and margin profile are significantly improved. So I would think about this today as just a further step in the reshaping of our business.

多年來，我們已經註意到它與啤酒有關。我們現在也特別將其與我們的葡萄酒和烈酒業務相關聯。正如您可能注意到的那樣，我們在葡萄酒和烈酒業務中所做的大部分工作都集中在工藝烈酒以及填補產品組合空白的高端葡萄酒品牌上，所有這些都專注於高端，我們認為增長和利潤率狀況顯著改善。因此，我今天認為這只是重塑我們業務的又一步。

As we've said, we're very focused on seeing a growth profile and an improved margin profile on that business. And we believe we're well on our way to delivering that. And today is just, again, one more step in the process of achieving that goal.

正如我們所說，我們非常專注於看到該業務的增長概況和改善的利潤率概況。我們相信我們正在努力實現這一目標。而今天又是實現這一目標過程中的又一步。

Our next question is coming from Lauren Lieberman from Barclays.

我們的下一個問題來自巴克萊的 Lauren Lieberman。

Great. I was just curious on the second half outlook because some of the things just in terms of the cost structure because some of the things you've called out in terms of rolling hedges and so on. I would have thought you might have had some visibility into previously. So I was just more curious on the -- what's changed on the second half cost outlook rather than just why second half is different than first half?

偉大的。我只是對下半年的前景感到好奇，因為有些事情只是在成本結構方面，因為你在滾動對沖等方面提到了一些事情。我原以為你以前可能已經了解了一些。所以我只是更好奇——下半年成本前景發生了什麼變化，而不僅僅是為什麼下半年與上半年不同？

And then the second thing was you made a pretty clear statement on the medium-term algorithm, still looking for 39% to 40% margins on beer. So outside of the timing shifts that are impacting the second half margins, I was just curious if you can maybe look forward fiscal '24 and beyond. Like do we get back to 39% to 40% in '24? Or is it a longer rebuild because of where you think that those relative hedge positions kind of roll through when we look into '24?

然後第二件事是你對中期算法做了一個非常明確的陳述，仍然在尋找 39% 到 40% 的啤酒利潤率。因此，除了影響下半年利潤率的時間變化之外，我只是好奇你是否可以期待 24 財年及以後的時間。就像我們在 24 年回到 39% 到 40% 一樣嗎？還是因為您認為當我們回顧 24 年時那些相對的對沖頭寸會發生滾動，所以需要進行更長時間的重建？

Yes. So Lauren, on the first half of that, around what changed from Q -- or from the first half of the year to the second half of the year, and I would say that really, nothing has changed in our mind. We give guidance on an annual basis, not on a quarterly basis. And we're going to deliver margins in line with where we said at the beginning of the year. You want to answer the second half of that, Bill?

是的。所以勞倫，在上半年，圍繞 Q 的變化——或者從上半年到下半年，我想說的是，我們的想法真的沒有任何改變。我們每年而不是每季度提供指導。我們將提供與年初所說的一致的利潤率。你想回答後半部分嗎，比爾？

Yes, sure. I think the way to -- we'll obviously give specific guidance on fiscal '24 when we get to that time frame. But I think what we are seeing is we continue to see a long runway for growth in our Beer business. And we think that's in the 7% to 9% range consistently. We think we're going to see consistent delivery of 39% to 40% on the margin play.

是的，當然。我認為，當我們到達那個時間框架時，我們顯然會給出關於 24 財年的具體指導。但我認為我們所看到的是，我們繼續看到啤酒業務的增長之路很長。我們認為這始終在 7% 到 9% 的範圍內。我們認為我們將看到保證金交易持續交付 39% 到 40%。

As Garth and I have always said over the last several years, you have opportunities to be ahead or behind that in any 1 particular year. This year, we're a little behind that algorithm because of a number of factors that we've touched on before.

正如加思和我在過去幾年中一直所說的那樣，在任何特定的一年裡，你都有機會領先或落後。今年，由於我們之前提到的許多因素，我們稍微落後於該算法。

But we still believe that is a solid expectation for the medium term, and we'll give specific guidance around '24 when we get there. But we believe that's a consistent approach that we are going to be able to deliver on with consistency for the next several years.

但我們仍然認為這是對中期的可靠預期，當我們到達那裡時，我們將在 24 年左右給出具體指導。但我們相信這是一種一致的方法，我們將能夠在未來幾年內始終如一地交付。

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

我們今天的下一個問題來自高盛的 Bonnie Herzog。

I was hoping for a little more color on your beer shipments versus depletions. I guess, first, it would be helpful to hear how your quarter-to-date depletions have been tracking. And then second, you mentioned depletion should outpace shipments in the second half. But just really trying to think through how we should think about your shipments. In the context of your new top line guidance, it does imply barely any shipment growth in the second half.

我希望你們的啤酒出貨量與消耗量相比有更多的色彩。我想，首先，了解您的季度至今消耗情況如何跟踪會很有幫助。其次，您提到下半年的消耗量應該超過出貨量。但只是真的想考慮一下我們應該如何看待您的貨物。在您的新頂線指導的背景下，它確實意味著下半年幾乎沒有任何出貨量增長。

So I guess I'm really trying to understand this, given you're lapping some of the brewery maintenance you had last year in Q3, and then you have the rollout of some really strong innovations such as Modelo Oro that will need to be shipped in Q4. So I'm just kind of thinking through your new top line guidance, and it feels pretty conservative. So I just want to make sure I understand that.

所以我想我真的很想理解這一點，因為您正在對去年第三季度進行的一些啤酒廠維護進行研磨，然後您將推出一些非常強大的創新，例如需要運送的 Modelo Oro在第四季度。所以我只是想通過你的新頂線指導，感覺很保守。所以我只是想確保我理解這一點。

Sure. Well, to answer your first part of your question, Bonnie, the start of the quarter, September was very solid. And it's consistently in line with what we expect our annual numbers to be. So we certainly think we're off to a good start in Q3.

當然。好吧，回答你問題的第一部分，邦妮，本季度開始，九月非常穩固。它始終符合我們預期的年度數字。因此，我們當然認為我們在第三季度有了一個良好的開端。

Garth said this at the beginning of the year that it was going to be a very lumpy year. The important part that I think everyone should think about is our depletion -- the actual volume of our depletions and our shipments year-to-date are almost on top of one another.

加思在年初表示，這將是非常坎坷的一年。我認為每個人都應該考慮的重要部分是我們的消耗——我們的消耗量和我們今年迄今為止的出貨量幾乎是相互疊加的。

However, because you compare it to last year and because we had shipping disruptions last year, it looks very different on a percentage basis. On an actual volumetric basis, they're very similar, and you're going to see the same thing for the rest of the year.

但是，由於您將其與去年進行比較，並且因為我們去年出現了運輸中斷，因此在百分比基礎上看起來非常不同。在實際體積的基礎上，它們非常相似，並且在今年餘下的時間裡你會看到同樣的東西。

But this is why we have consistently said the best thing to do to look at the success of our business is the depletion rate. And our depletion rate year-to-date on our Beer business is in just under 9%. And obviously, that's why we increased our guidance because we have further confidence that we are going to outpace the growth profile that we set out at the beginning of the fiscal year.

但這就是為什麼我們一直說，看我們的業務成功最好的辦法是消耗率。年初至今，我們啤酒業務的消耗率略低於 9%。顯然，這就是我們增加指導的原因，因為我們有進一步的信心，我們將超過我們在本財年初設定的增長概況。

So that's the way we've consistently urged that people think about it around the depletion rate because it's just going to be lumpy this year on the shipment side. Doesn't take away one iota for the outperforming success that our Beer business continues to have in the marketplace.

所以這就是我們一直敦促人們圍繞消耗率考慮它的方式，因為今年在出貨方面只會變得不穩定。不會因為我們的啤酒業務在市場上繼續取得出色的成功而失去一點點。

Our next question today is coming from Andrea Teixeira from JPMorgan.

我們今天的下一個問題來自摩根大通的 Andrea Teixeira。

So I just want to go back to this question because it does imply though that, of course, you ship more than you had in depletions in the 9%. So what you're saying now, we should be seeing shipment volume negative in the third and the fourth, which is that what's implying because we see it as flat revenues, if I understood you correctly, minus 2 to plus 2, given your guidance.

所以我只想回到這個問題，因為它確實暗示了，當然，你的出貨量比你在 9% 的消耗量中的出貨量要多。所以你現在說的，我們應該看到第三和第四的出貨量為負數，這意味著我們認為這是固定收入，如果我理解正確的話，負2到正2，給你的指導.

And you have pricing. So you're just telling us to assume volumes will decline in the second half. I just want to clarify that. And then another question related to that, given the pressures that you had in commodities rolling over and all the hedges, isn't it makes sense to take another pricing usually in the fall to kind of like offset those pressures?

你有定價。所以你只是告訴我們假設下半年銷量會下降。我只是想澄清一下。然後另一個與此相關的問題，考慮到大宗商品展期和所有對沖的壓力，通常在秋季採取另一種定價來抵消這些壓力是否有意義？

Yes, Andrea, thanks for the question. So first of all, just to reiterate what Bill just said, our shipments and our depletions for the first half of the year have been in line with one another. So we have not over-shipped beyond the depletions. The issue between the first half and the second half is strictly due to the timing of shipments related to some production outages that we had to deal with last year. So that's the differential.

是的，安德里亞，謝謝你的提問。所以首先，重申一下比爾剛才所說的，我們上半年的出貨量和消耗量是一致的。因此，我們沒有超出消耗量的過度運輸。上半年和下半年之間的問題完全是由於我們去年不得不處理的一些生產中斷有關的發貨時間。所以這就是差異。

As it relates to your point on pricing, as we said in our scripts, we are taking more pricing this year. We upped it for this year from our normal 1% to 2% algorithm to 2% to 3%.

正如我們在腳本中所說，這與您對定價的觀點有關，今年我們將採取更多定價。我們今年將其從正常的 1% 到 2% 算法提高到 2% 到 3%。

The other thing I think is important to consider is we've seen significant mix benefits in our business as well. There's been -- because in part from the growth of cheladas, which are almost entirely single-serve, although we have added some innovation in different size and pack configurations. But the single-serve pieces of our business have been very strong. It's a great example of that's mix accretive.

我認為需要考慮的另一件事是我們在業務中也看到了顯著的混合收益。有——部分是因為 cheladas 的增長，它們幾乎完全是單份的，儘管我們在不同的尺寸和包裝配置上增加了一些創新。但我們業務的單份服務非常強大。這是混合增長的一個很好的例子。

So in addition to purely the fact that we are going to be taking a bit more price than we had originally anticipated, we also are seeing mix benefits within the portfolio as well, which will be advantageous.

因此，除了我們將採取比最初預期更高的價格這一事實之外，我們還看到了投資組合中的混合收益，這將是有利的。

Your next question is coming from Rob Ottenstein from Evercore.

您的下一個問題來自 Evercore 的 Rob Ottenstein。

I was wondering if you could talk to us a little bit about what's going on with Modelo and Corona, Corona being somewhat stronger than we would have expected. Modelo still very strong but slightly slower than it has been in prior years. Is there anything going on there in terms of the interaction between those 2 brands or the brand families that we should be aware of?

我想知道你是否可以和我們談談 Modelo 和 Corona 的情況，Corona 比我們預期的要強一些。 Modelo 仍然非常強大，但比前幾年稍慢。就這兩個品牌或品牌家族之間的互動而言，我們應該注意什麼？

No, Robert, I don't think so. I mean, again, when we look at the kind of growth profile that Modelo Especial, using that as the example, in any of the volumetric trend timing, we're growing in double digits all the way along. And that becomes -- obviously, the bigger it gets, the more double digits is a very enjoyable proposition.

不，羅伯特，我不這麼認為。我的意思是，再次，當我們查看 Modelo Especial 的增長概況時，以它為例，在任何體積趨勢時間中，我們一直在以兩位數的速度增長。這變成了——顯然，它越大，兩位數越多是一個非常令人愉快的提議。

We're very excited admittedly about Corona Extra. Corona Extra has grown a bit ahead of what we had expected. But I think that speaks to the -- just the long-term belief amongst both Hispanic and non-Hispanic consumers in that brand. It's the most loved brand. We continue to benefit from that. And we continue to advertise against that business very heavily.

誠然，我們對 Corona Extra 感到非常興奮。 Corona Extra 的增長超出了我們的預期。但我認為這說明了西班牙裔和非西班牙裔消費者對該品牌的長期信念。是最受喜愛的品牌。我們繼續從中受益。我們繼續大力宣傳該業務。

So I wouldn't read a lot into the fact that Modelo continues to grow double digit, but it's slightly less than the last double digit. I would view it as we have a comprehensive brand portfolio whether you talk about Modelo Especial, Corona Extra, the chelada business, Pacifico, that just continues to radically outperform. And that combination allowed us to raise our expectations for the Beer business for the year.

因此，我不會對 Modelo 繼續以兩位數增長的事實進行過多解讀，但它略低於最後一位兩位數。無論您談論 Modelo Especial、Corona Extra、chelada 業務、Pacifico，我都會認為我們擁有一個全面的品牌組合，它們的表現將繼續大幅超越。這種結合使我們提高了對今年啤酒業務的期望。

Our next question today is coming from Bryan Spillane from Bank of America.

我們今天的下一個問題來自美國銀行的 Bryan Spillane。

I just wanted to ask a question about, I guess, beer inventories. And given that you've had more supply this year and seems like your in-stock levels are better in assortment, has it just been more in stock with a full array of assortment? Is that -- how much of a benefit has that been to depletions?

我只是想問一個關於啤酒庫存的問題。鑑於您今年的供應量增加了，而且您的庫存水平似乎在分類方面更好，是不是因為品種齊全，庫存就更多了？那是 - 消耗有多少好處？

Well, obviously, any time you have all the packages and you have all the availability that you expect, it certainly is beneficial. What I must say is our team did an outstanding job of making sure throughout the challenging time when we had some product outages to make sure that we had availability of the brand.

好吧，顯然，只要您擁有所有軟件包並且擁有您期望的所有可用性，這肯定是有益的。我必須說的是，我們的團隊在整個充滿挑戰的時期做得非常出色，當我們遇到一些產品中斷時，以確保我們有品牌的可用性。

Brand size switching, meaning package size switching, within the Beer business is very strong because most consumers come into the store planning to buy a Corona or a Modelo and, therefore, will adjust their package size selection based on what's available. We've seen that through in-depth consumer research.

品牌尺寸轉換，即包裝尺寸轉換，在啤酒業務中非常強大，因為大多數消費者進入商店計劃購買 Corona 或 Modelo，因此會根據可用的產品調整他們的包裝尺寸選擇。我們已經通過深入的消費者研究看到了這一點。

So yes, it certainly helps some because it provides the wide array of selection that we owe to consumers. But it doesn't change the algorithm radically because as you've seen, we continue to show high single-digit volumetric and double-digit top line growth within the business almost throughout the entire thing.

所以是的，它肯定對某些人有所幫助，因為它提供了我們欠消費者的廣泛選擇。但它並沒有從根本上改變算法，因為正如你所看到的，我們幾乎在整個業務中繼續顯示出高個位數的體積和兩位數的收入增長。

The other thing that I would say, though, where you do see some real change by availability is Pacifico. We said a couple of quarters ago, we had some challenges around brown glass, which significantly impacted Pacifico. But didn't really change. In fact, some of you on the call asked questions about that. Are we concerned that Pacifico's growth profile isn't what it once was?

不過，我要說的另一件事是 Pacifico。我們在幾個季度前說過，我們在棕色玻璃方面遇到了一些挑戰，這對 Pacifico 產生了重大影響。但並沒有真正改變。事實上，你們中的一些人在電話會議上提出了這個問題。我們是否擔心 Pacifico 的增長狀況不再像以前那樣？

And then it comes roaring back with 37%, and the IRI data shows over 50% takeout increases. So I think it shows and confirms what we had said to you in prior quarters is that Pacifico is a tremendous potential brand for us going forward. And it is a great example to your question of in instances where we've had some challenges on inventory, what can really happen in the strength of our inherent brands.

然後它以 37% 的速度回升，IRI 數據顯示外賣增長超過 50%。因此，我認為它顯示並證實了我們在前幾個季度對您所說的是，Pacifico 是我們前進的巨大潛力品牌。這是一個很好的例子，您的問題是，在我們在庫存方面遇到一些挑戰的情況下，我們固有品牌的實力會真正發生什麼。

Your next question today is coming from Kaumil Gajrawala from Credit Suisse.

您今天的下一個問題來自瑞士信貸的 Kaumil Gajrawala。

Could we talk a little bit about the price increases? You're looking for a little more pricing perhaps than you had expected before? Are they in place? What's the magnitude?

我們能談談價格上漲嗎？您正在尋找比您之前預期的更高的價格？它們到位了嗎？量級是多少？

And then on price gaps, you gave pretty compelling reasons in previous quarters on why you were going up perhaps less than the market given kind of our outlook for inflation, most of which has come true. So can you maybe talk about kind of this new outlook and what has changed?

然後在價格差距方面，你在前幾個季度給出了非常令人信服的理由，說明為什麼你的漲幅可能低於市場，因為我們對通脹的展望已經實現了。那麼，您能否談談這種新的前景以及發生了什麼變化？

I think there's 2 or 3 things that fall into that equation. You are correct. We have raised our expectation from 1% to 2% to 2% to 3%. I think there's several things that are in play there.

我認為有 2 或 3 件事屬於這個等式。你是對的。我們已將預期從 1% 上調至 2% 至 2% 至 3%。我認為那裡有幾件事在起作用。

We've been very excited by the buy rates that we've seen across our business, one. We obviously are doing our best to cover as best we can some of the inflationary pressures that Garth noted in his remarks. But we really haven't changed how we do pricing.

我們對我們在整個業務中看到的購買率感到非常興奮，一。顯然，我們正在盡最大努力覆蓋加思在講話中指出的一些通脹壓力。但我們確實沒有改變定價方式。

We do our pricing SKU by SKU, market by market, all the way across the board. But it will probably come into that 2% to 3% range, which again is up from what we expected.

我們對 SKU 進行定價，逐個市場，一直進行。但它可能會進入 2% 到 3% 的範圍，這再次高於我們的預期。

I think an important part, and I touched on it a couple of questions ago, is we're also seeing mix benefits, which does flow through in terms of how it presents itself. When you have things like single serves doing better, which is a better mix item for us, you see cheladas, which are almost all single serve, being a better mix item for us.

我認為一個重要的部分，我在幾個問題前談到了它，是我們也看到了混合的好處，這在它如何呈現自身方面確實流動。當你有像單發這樣的事情做得更好時，這對我們來說是一個更好的混合項目，你會看到幾乎都是單發的 cheladas，對我們來說是一個更好的混合項目。

So you've got a combination of, yes, we're going to take a bit more pricing. Yes, you're seeing better mix in the overall equation. And yet, we're still doing it the way we're doing it, which is SKU by SKU, market by market.

所以你有一個組合，是的，我們將採取更多的定價。是的，您在整體方程式中看到了更好的組合。然而，我們仍然按照我們的方式進行操作，即 SKU by SKU，逐個市場。

And I believe it remains judicious. We always keep the consumer in mind as we think about what we're doing relative to pricing. And that certainly isn't going to change.

我相信它仍然是明智的。在考慮我們在定價方面所做的事情時，我們始終牢記消費者。這當然不會改變。

Our next question is coming from Vivien Azer from Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Vivien Azer。

I wanted to touch on cannabis, Bill. I wanted to touch on your comment on SAFE Banking. I mean, I fully agree, right, like it's so hard to know. But if the base case assumption is that Republicans flip the House, it seems like there's maybe better than a 50% chance that SAFE could pass.

我想談談大麻，比爾。我想談談您對安全銀行業務的評論。我的意思是，我完全同意，對，就像這很難知道一樣。但是，如果基本情況假設是共和黨人推翻眾議院，那麼 SAFE 通過的可能性似乎可能超過 50%。

Historically, Canopy has indicated that the Constellation Board sensitivity and your lender sensitivity is a key determinant in terms of their ability to close their purchase obligation on acreage that would certainly be meaningfully accretive to their bottom line and in turn, how you guys are reporting that business. So could you just offer any updated insights on how the Board and your lenders are thinking about SAFE in the current kind of House version, very narrow?

從歷史上看，Canopy 曾表示，星座委員會的敏感性和您的貸方敏感性是他們能否完成對土地購買義務的關鍵決定因素，這肯定會有意義地增加他們的底線，反過來，你們是如何報告的商業。那麼，您能否提供有關董事會和您的貸方如何在當前的 House 版本中考慮 SAFE 的最新見解，非常狹窄？

Sure. We failed miserably at predicting how that was all going to play out. So I would take my answer with a slight grain of salt, admittedly. But we are cautiously optimistic that there will be progress.

當然。我們在預測這一切將如何發展時悲慘地失敗了。因此，誠然，我會對我的回答持保留態度。但我們對會有進展持謹慎樂觀的態度。

What I'm particularly happy about relative to Canopy is I think they are positioned to be a winner in the U.S. Their Wana, Jetty and Acreage layouts, which are all ready to go, I think are an important part of being a winner.

相對於 Canopy，我特別高興的是，我認為他們的定位是成為美國的贏家。他們的 Wana、Jetty 和 Acreage 佈局都已準備就緒，我認為這是成為贏家的重要組成部分。

We still believe that in the longer run, brands are going to matter. And I think they're positioning themselves to have the right brands that will matter over the long run here in the U.S.

我們仍然相信，從長遠來看，品牌會很重要。而且我認為他們正在將自己定位為擁有正確的品牌，從長遠來看，這些品牌在美國很重要。

Look, we're optimistic. I think everybody is optimistic that we're going to start to see the legislation loosen up. Although again, being able to predict that, I would have failed miserably on that score. But we're hopeful.

看，我們很樂觀。我認為每個人都樂觀地認為我們將開始看到立法放鬆。儘管再次能夠預測到這一點，但我在這一點上會慘敗。但我們充滿希望。

Your next question is coming from Nadine Sarwat from Bernstein.

您的下一個問題來自 Bernstein 的 Nadine Sarwat。

I'd like to kick off with 2 long-term questions here. So sticking on the cannabis points, in the past, you've alluded to U.S. federal legalization as being one of the key factors behind your continued confidence in the Canopy investment. But it's now one of the stated reasons for the meaningful impairment you took today.

我想在這裡提出兩個長期問題。因此，在過去，堅持大麻觀點，您曾暗示美國聯邦合法化是您對 Canopy 投資持續充滿信心的關鍵因素之一。但這現在是您今天受到有意義損害的既定原因之一。

So how long are you willing to wait to see U.S. legalization happen? And do you see the size of your stake changing in Canopy anytime soon? And then similarly, a bigger picture question, your super-premium beer brands continues to perform strongly in the last quarter, but the consumer is seeing increasing pressure on their wallets from macro pressures. So are you seeing anything, if any, changes in consumer behavior quarter-to-date from that macro pressure?

那麼你願意等多久才能看到美國合法化呢？您是否看到您在 Canopy 的股份規模很快會發生變化？同樣，一個更大的問題是，您的超優質啤酒品牌在上個季度繼續表現強勁，但消費者看到宏觀壓力對他們的錢包造成越來越大的壓力。那麼，從該宏觀壓力來看，本季度迄今為止，您是否看到了消費者行為的任何變化（如果有的話）？

Sure. Let me take the wallet question, and then we can decide who takes the other. No, fortunately, we haven't. One of the things that we recognize is beer, fortunately, is a staple for many of our -- much of our consumer base.

當然。讓我拿錢包的問題，然後我們可以決定誰拿另一個。不，幸運的是，我們沒有。我們認識到的一件事是啤酒，幸運的是，它是我們許多人的主食——我們的大部分消費者群。

So we've seen some variation in terms of the pack sizes that have been taken out. But as I alluded earlier, and we view this as a critical component, the buy rates that we've seen have been increasing.

因此，我們已經看到了已取出的包裝尺寸方面的一些變化。但正如我之前提到的，我們認為這是一個關鍵組成部分，我們看到的購買率一直在上升。

And that's one of the first things you look at is the number of times that people go to the store and what they take out when they're in the store. So we're cautiously optimistic that this is going to continue to go well for us.

這是您首先要看的事情之一是人們去商店的次數以及他們在商店時取出的東西。因此，我們謹慎樂觀地認為，這將繼續對我們有利。

I think it speaks to the strength of the brands, and I think it speaks to the strength of the brand confidence that consumers have with us. Relative to cannabis, I wouldn't expect you to see the size of our investment in that change.

我認為這說明了品牌的力量，我認為這說明了消費者對我們的品牌信心的力量。相對於大麻，我不希望你看到我們對這種變化的投資規模。

And as to outlook, I would just say that in terms of the first part of your question around legalization, first of all, that was one part of a multipart analysis to determine whether or not we need to take the impairment that we announced today. Beyond that, we continue, as Bill has said, we continue to be pleased with how the cannabis category has unfolded.

至於前景，我只想說，就你關於合法化的問題的第一部分而言，首先，這是多部分分析的一部分，以確定我們是否需要接受我們今天宣布的損害。除此之外，正如比爾所說，我們繼續對大麻類別的發展感到滿意。

In the U.S., as Bill noted in his remarks, it's now a $25 billion retail sales opportunity in those states where it's legal. So it is starting to convert consumers, and consumers are adopting to the category. And we are happy with the position that Canopy has in the U.S. and with the improvements that they're making in Canada.

在美國，正如比爾在他的講話中指出的那樣，在那些合法的州，它現在是一個 250 億美元的零售機會。所以它開始轉變消費者，消費者正在接受這個類別。我們對 Canopy 在美國的地位以及他們在加拿大所做的改進感到滿意。

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

我們今天的下一個問題來自 Truist Securities 的 Bill Chappell。

Just a couple of questions on -- I mean, Modelo Oro. I can't remember, is that -- does shipments as you expand nationwide going to have an impact or a meaningful impact on the back half of the year kind of shipments? Or is that more into next year? Or is it not meaningful?

只是幾個關於--我的意思是，Modelo Oro 的問題。我不記得了，隨著您在全國范圍內擴張，出貨量是否會對下半年的出貨量產生影響或有意義的影響？還是明年更多？還是沒有意義？

And then second, and I know that I should probably understand this, but why isn't it just coming out of Modelo Light? I mean, it seems like with some of the confusion of Corona Premier that a consumer doesn't always understand that it's a light beer or it's a low-calorie beer. So any clarification would be helpful.

然後第二個，我知道我可能應該理解這一點，但為什麼它不只是從 Modelo Light 中出來的呢？我的意思是，對於 Corona Premier 的一些困惑，消費者似乎並不總是明白它是淡啤酒還是低熱量啤酒。因此，任何澄清都會有所幫助。

Yes, you bet. Oro is going to be taken nationwide next fiscal year. So it will have no impact per se in the back half of this current fiscal year. It's in 3 test markets now, and obviously, those will continue, but it will be taken nationwide next year.

是的，你打賭。 Oro 將於下個財政年度在全國范圍內推廣。因此，在本財政年度的後半段，它本身不會產生影響。它現在在 3 個測試市場，顯然，這些測試將繼續，但明年將在全國范圍內推廣。

Look, we did a lot of study as to what we thought was the best answer. We -- if you actually look at the can, that we're really talking about the gold standard of light beer. So I think the consumer will understand what they're going to get.

看，我們對我們認為最好的答案做了很多研究。我們——如果你真的看罐頭，我們真的在談論淡啤酒的黃金標準。所以我認為消費者會明白他們會得到什麼。

Our understanding from the research is that they do understand what it is. And certainly, we were very pleased with the results of the test market and are anxiously looking forward to seeing how it does on a national basis next year. It was highly incremental, and we're very excited about that as well. So we're very optimistic about what Oro can do when Modelo has a "light version."

我們從研究中了解到，他們確實了解它是什麼。當然，我們對測試市場的結果非常滿意，並焦急地期待著明年在全國范圍內看到它的表現。它是高度增量的，我們也對此感到非常興奮。所以我們非常看好Oro在Modelo有了“輕量版”後能做些什麼。

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

我們的問答環節已經結束。我想把發言權轉回給 Newlands 先生，以徵求任何進一步的結束意見。

Thank you, again, and appreciate all of you joining our call today. Hopefully, as you could hear, we delivered another quarter of strong growth performance. Consumer demand for our higher-end beer, wine and spirits brands remain robust, giving us further confidence in their runway for future growth.

再次感謝您，並感謝大家今天加入我們的電話會議。希望，正如你所聽到的，我們實現了又一個季度的強勁增長。消費者對我們高端啤酒、葡萄酒和烈酒品牌的需求依然強勁，這讓我們對他們未來的增長前景充滿信心。

Our core beer brands, Modelo Especial and Corona Extra, continued to outshine the market. And our next-wave brands like Pacifico and Modelo Chelada are achieving very strong double-digit growth. We continue to see opportunity ahead for our beer portfolio supported by continued consumer-led premiumization and our ongoing investments in brewery capacity expansions.

我們的核心啤酒品牌 Modelo Especial 和 Corona Extra 繼續在市場上脫穎而出。我們的下一波品牌如 Pacifico 和 Modelo Chelada 正在實現非常強勁的兩位數增長。在以消費者為主導的持續高端化以及我們對啤酒廠產能擴張的持續投資的支持下，我們繼續看到我們的啤酒組合未來的機會。

The benefits of our wine and spirits strategy are also taking hold as our higher-end brands continue to resonate with consumers and our global and omni-channel efforts are yielding benefits. Our largest premium wine, fine wine and craft spirits brands all delivered positive depletion growth. And we achieved double-digit net sales growth in both DTC channels and international markets.

隨著我們的高端品牌繼續與消費者產生共鳴，我們的全球和全渠道努力正在產生效益，我們的葡萄酒和烈酒戰略的好處也正在發揮作用。我們最大的優質葡萄酒、精品葡萄酒和精釀烈酒品牌均實現了正消耗增長。我們在 DTC 渠道和國際市場均實現了兩位數的淨銷售額增長。

And we continue to demonstrate, again, that we are committed to capital allocation priorities to maintain our strong financial foundation, balance returns and reinvestment and deploy excess cash with discipline.

我們繼續證明，我們致力於資本配置優先事項，以維持我們強大的財務基礎、平衡回報和再投資，並有紀律地部署多餘的現金。

In closing, as our next earnings call is not until January, I'd like to wish everyone a safe and happy holiday season. And as always, we hope your celebrations will include enjoying some of our great products with your family and friends. Thanks again, everybody. Appreciate you joining the call.

最後，由於我們的下一次財報電話會議要等到 1 月，我想祝大家度過一個安全快樂的假期。與往常一樣，我們希望您的慶祝活動將包括與您的家人和朋友一起享用我們的一些優質產品。再次感謝大家。感謝您加入通話。

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。