Constellation Brands Inc (STZ) 2023 Q3 法說會逐字稿

Greetings, and welcome to Constellation Brands' Third Quarter Full Year 2023 Earnings Conference Call.

您好，歡迎來到 Constellation Brands 的 2023 年第三季度全年收益電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Joseph Suarez. Thank you. You may begin.

提醒一下，這次會議正在錄製中。我現在想把會議轉交給你的東道主約瑟夫·蘇亞雷斯先生。謝謝你。你可以開始了。

Thank you, Rob. Good morning, all, and happy new year. Welcome to Constellation Brands Third Quarter Fiscal 2023 Conference Call. I'm here this morning with our CEO, Bill Newlands; and our CFO, 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. Before turning the call over to Bill, in line with prior quarters or like last, let me 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..

謝謝你，羅布。大家早上好，新年快樂。歡迎來到 Constellation Brands 2023 財年第三季度電話會議。今天早上我和我們的首席執行官 Bill Newlands 一起來到這裡；以及我們的首席財務官 Garth Hankinson。提醒一下，最直接可比的 GAAP 措施與本次電話會議上討論的任何非 GAAP 財務措施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 提交給 SEC 的風險因素，這些風險因素可能會影響在本次電話會議上所做的前瞻性陳述。在將電話轉給 Bill 之前，與前幾個季度或上個季度一樣，讓我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。提前致謝，現在是 Bill..

Thank you, Joe, and good morning, everyone. Happy New Year to everyone, and welcome to our fiscal third quarter call. I hope you all had a great holiday season and that our products were able to play a role in some of your special moments with your family and friends. Since our last call in October, Constellation Brands reached a notable milestone in its history as a public company.

謝謝你，喬，大家早上好。祝大家新年快樂，歡迎來到我們的第三財季電話會議。我希望你們都度過了一個愉快的假期，並且我們的產品能夠在你們與家人和朋友的一些特殊時刻發揮作用。自從我們在 10 月份的最後一次電話會議以來，Constellation Brands 達到了其上市公司歷史上的一個顯著里程碑。

As most of you know, in November, our shareholders approved the elimination of our Class B common stock. With that came the transition of our company to a single class of publicly listed stock, our Class A common stock, which provides our shareholders with equal 1 share, 1 vote rights. I want to thank everyone who supported this important enhancement to our company's corporate governance profile and capital structure. We believe that our leadership team now has an even stronger foundation to continue to build shareholder value through the strategic initiatives we adopted and have steadily advanced over the past nearly 4 years since I assumed the role of CEO.

正如你們大多數人所知，11 月，我們的股東批准取消我們的 B 類普通股。隨之而來的是我們公司向單一類別公開上市股票的過渡，即我們的 A 類普通股，它為我們的股東提供平等的 1 股、1 票權。我要感謝所有支持對我們公司的公司治理狀況和資本結構進行這一重要改進的人。我們相信，我們的領導團隊現在擁有更強大的基礎，可以通過我們採取的戰略舉措繼續為股東創造價值，並在我擔任首席執行官以來近 4 年的時間裡穩步推進。

Since fiscal 2020, we agreed to focus on and put in place plans to: number one, continue to build powerful brands that people love; number two, develop consumer-led innovations aligned with emerging trends and consistently shape our portfolio for growth; number three, deploy capital in line with disciplined and balanced priorities; and number four, operate in a way that is good for business and good for the world. I'm pleased to say that we continue to build on a strong track record we have established against all of these strategic initiatives.

自 2020 財年以來，我們同意重點關注並製定計劃：第一，繼續打造人們喜愛的強大品牌；第二，開發符合新興趨勢的以消費者為主導的創新，並持續塑造我們的產品組合以實現增長；第三，根據有紀律和平衡的優先事項部署資本；第四，以有利於商業和世界的方式經營。我很高興地說，我們將繼續在針對所有這些戰略舉措建立的良好記錄基礎上再接再厲。

Starting with number one, building our powerful portfolio of brands. Our beer business, despite a more recent series of headwinds, which we'll address in a few minutes, delivered its sixth consecutive quarter of leading share gains across the entire U.S. beer category in IRI channels that was primarily driven by our 2 largest brands, Modelo Especial and Corona Extra.

從第一開始，建立我們強大的品牌組合。我們的啤酒業務儘管最近遇到了一系列不利因素（我們將在幾分鐘內解決），但在主要由我們兩個最大品牌推動的 IRI 渠道中，我們的啤酒業務在整個美國啤酒類別中連續第六個季度取得領先的份額增長， Modelo Especial 和 Corona Extra。

In the third quarter, Modelo Especial maintained its position as the top share gainer and is the #1 high-end beer brand, and Corona Extra was the third largest share gainer and the #3 high-end beer brand. In fact, our beer business delivered 3.5 points of share gains and 54% in dollar sales growth when comparing the 52-week period that ended with our latest fiscal third quarter against the 52-week period that ended with our fiscal 2019. And comparing the same periods, the business contributed the highest dollar sales growth in the category, amounting to over $2.5 billion.

第三季度，Modelo Especial 保持了份額增長第一的位置，是排名第一的高端啤酒品牌，而 Corona Extra 是份額增長第三大的高端啤酒品牌。事實上，我們的啤酒業務實現了 3.5 個百分點的份額增長和 54% 的美元銷售額增長，將我們最新的第三財季結束的 52 週期間與我們 2019 財年結束的 52 週期間進行比較。並比較同期，該業務貢獻了該類別中最高的美元銷售額增長，總計超過 25 億美元。

In our Wine & Spirits business, our largest higher-end brands Meiomi, Kim Crawford, The Prisoner and High West, all delivered dollar sales growth and share gains in the third quarter. And comparing the 52-week period that ended our latest fiscal third quarter, against the 52-week period that ended our fiscal 2019, these brands achieved 72% dollar sales growth.

在我們的葡萄酒和烈酒業務中，我們最大的高端品牌 Meiomi、Kim Crawford、The Prisoner 和 High West 在第三季度都實現了美元銷售額增長和份額增長。將我們最新的第三財季結束的 52 週期間與我們 2019 財年結束的 52 週期間進行比較，這些品牌實現了 72% 的美元銷售額增長。

Moving on to number two, consumer-led innovation and shaping our portfolio for growth. Many of you may be surprised to know that in our beer portfolio, our SKUs introduced over the past 3 years have driven 20% of the growth delivered by the business since the start of fiscal 2020. An important part of this growth has come from our Modelo, Chelada brands, which have evolved from a niche business to a sizable platform. In fiscal 2023 year-to-date, it has delivered 13.6 million cases of depletions, which already exceeds the brand's total deflations for all of last fiscal year. And in the third quarter, Modelo Chelada limoncello moved up 9 spots to become the sixth largest share gaining brand in IRI tracked channels. Beyond the Chelada brands, we continue to build on the opportunities within the Modelo family with a clear focus on maintaining brand investments. We are excited about the national launch of Modelo Oro in March which has surpassed internal and external benchmarks in test markets.

繼續第二，以消費者為主導的創新和塑造我們的增長組合。許多人可能會驚訝地發現，在我們的啤酒產品組合中，我們在過去 3 年推出的 SKU 推動了自 2020 財年開始以來業務增長的 20%。這種增長的一個重要部分來自我們Modelo、Chelada 品牌，這些品牌已從小眾業務發展成為一個相當大的平台。在 2023 財年至今，它已經交付了 1360 萬箱消耗品，這已經超過了該品牌上一財年的總消耗量。在第三季度，Modelo Chelada limoncello 上升了 9 位，成為 IRI 跟踪渠道中第六大份額增長品牌。除了 Chelada 品牌之外，我們繼續利用 Modelo 家族的機會，明確專注於維持品牌投資。我們對 Modelo Oro 於 3 月在全國推出感到興奮，它已經超過了測試市場的內部和外部基準。

In our Wine & Spirits business, innovation has also yielded strong results, increasing its contribution to net sales from 1% in fiscal 2020 to approximately 8% in fiscal '23 year-to-date. This expansion has been primarily driven by extending our largest higher-end brand, once again, Meiomi Kim, The Prisoner and High West. Notably, extensions in The Prisoner brand family, Blindfold, Saldo and Unshackled have contributed significant growth, especially Unshackled, which has grown to be half the size of The Prisoner brand in just 4 years.

在我們的葡萄酒和烈酒業務中，創新也取得了強勁的成果，將其對淨銷售額的貢獻從 2020 財年的 1% 增加到 23 財年至今的約 8%。這種擴張主要是通過擴展我們最大的高端品牌，再次是 Meiomi Kim、The Prisoner 和 High West 來推動的。值得注意的是，The Prisoner 品牌家族的擴展、Blindfold、Saldo 和 Unshackled 為顯著增長做出了貢獻，尤其是 Unshackled，其規模在短短 4 年內就增長到了 The Prisoner 品牌的一半。

In addition, since the beginning of fiscal 2020, we have added 5 brands through acquisitions, like Bronco Wines, My Favorite Neighbor, Empathy Wines, Halpern and Kings and Austin Cocktails, all of which are in the higher-end segments of the wines and spirits categories that are contributing to growth. And we divested 36 brands, the vast majority of which were in the mainstream segment, which has mainly been in decline due to consumer-led premiumization trends. Given this free shaping of our portfolio, including the recent additional divestiture 62% of net sales in fiscal '23 year-to-date were from our higher-end brands. This is a dramatic shift from the 34% higher-end brands represented at the end of fiscal '19.

此外，自 2020 財年開始以來，我們通過收購增加了 5 個品牌，例如 Bronco Wines、My Favorite Neighbor、Empathy Wines、Halpern and Kings 和 Austin Cocktails，這些品牌都屬於高端葡萄酒和有助於增長的烈酒類別。我們剝離了 36 個品牌，其中絕大多數屬於主流細分市場，主要是由於消費者主導的高端化趨勢而下滑。鑑於我們產品組合的這種自由塑造，包括最近的額外資產剝離，23 財年迄今 62% 的淨銷售額來自我們的高端品牌。與 19 財年末 34% 的高端品牌相比，這是一個巨大的轉變。

Now turning to number three, capital allocation. In fiscal 2020, we introduced a thoughtfully structured approach designed to consistently deploy capital with discipline and balance. We made maintaining our investment-grade credit rating, our top capital allocation priority and reduced our net leverage ratio, excluding Canopy equity and earnings, from 4.5x at the end of fiscal '19 to 3x by the end of the second quarter of this fiscal year. This was partly driven by a $3.2 billion reduction in our debt levels and partly by strong earnings growth in our beer business.

現在轉向第三，資本配置。在 2020 財年，我們引入了一種經過深思熟慮的結構化方法，旨在以紀律和平衡的方式持續部署資本。我們維持我們的投資級信用評級，這是我們的首要資本配置優先事項，並將我們的淨槓桿率（不包括 Canopy 股權和收益）從 19 財年末的 4.5 倍降低到本財年第二季度末的 3 倍年。這部分是由於我們的債務水平減少了 32 億美元，部分是由於我們啤酒業務的強勁收益增長。

And then in the third quarter, these efforts gave us the flexibility to both accommodate the $1.5 billion financing for the elimination of our Class B shares and to maintain our investment-grade rating. As our net leverage ratio remained in line with our prior 3.5x target. However, we recently updated that set target to 3x, given our ability to previously achieve that target and the continued strong cash flow generation capabilities of our businesses.

然後在第三季度，這些努力使我們能夠靈活地處理 15 億美元的融資以取消我們的 B 類股票並維持我們的投資級評級。由於我們的淨槓桿率與我們先前的 3.5 倍目標保持一致。然而，鑑於我們之前實現該目標的能力以及我們業務持續強勁的現金流生成能力，我們最近將該目標更新為 3 倍。

Our second priority became delivering cash returns to our shareholders, and we set a goal to return $5 billion in dividends and buybacks between fiscal 2020 and '23. We virtually completed that goal ahead of schedule in the third quarter and we're now on track to exceed the $5 billion target with the fourth quarter dividend payment announced today. As to our third priority, we sought to advance growing capacity expansions to support the strong growth in our beer business. Since the start of fiscal 2020, we added approximately 9 million hectoliters of capacity through growth investments and another 2 million through brewery optimization and productivity initiatives.

我們的第二要務是為股東提供現金回報，我們設定的目標是在 2020 財年至 23 財年期間返還 50 億美元的股息和回購。我們實際上在第三季度提前完成了該目標，現在我們有望通過今天宣布的第四季度股息支付超過 50 億美元的目標。至於我們的第三個優先事項，我們尋求推進不斷增長的產能擴張，以支持我們啤酒業務的強勁增長。自 2020 財年開始以來，我們通過增長投資增加了約 900 萬百升產能，並通過啤酒廠優化和生產力舉措增加了 200 萬百升產能。

We are also on track to further diversify our production footprint with the development of our new brewery in Veracruz, where we have recently broken ground. And last in our capital allocation priorities was M&A, and since the start of fiscal '20, we have judiciously deployed excess cash through acquisitions with a strict focus on small gap filling higher-end brands. And the key strategic acquisitions we have executed over the last nearly 4 years are delivering top line growth. All in, we believe we have unquestionably upheld our capital allocation priorities and have even exceeded some of the associated targets we set out to achieve.

我們還有望通過在韋拉克魯斯州開發新啤酒廠進一步實現生產足蹟的多元化，我們最近在那裡破土動工。我們資本配置的最後一個優先事項是併購，自 20 財年開始以來，我們通過收購明智地配置了多餘的現金，嚴格關注填補小缺口的高端品牌。我們在過去近 4 年中執行的關鍵戰略收購正在實現收入增長。總而言之，我們相信我們毫無疑問地堅持了我們的資本配置優先事項，甚至超過了我們設定的一些相關目標。

Moving on to strategic initiative number four, operate in a way that is good for business and good for the world by advancing ESG goals. Our ambitions are to protect the environment and natural resources by serving as a model for water stewardship in our industry while reducing greenhouse gas emissions, to champion the professional development and advancement of women within our company, industry and communities, to enhance the economic development and prosperity in disadvantaged communities and to promote responsible beverage alcohol consumption. While we still have much work to do, I am proud to say we are making good progress towards our goals.

接下來是第四項戰略舉措，通過推進 ESG 目標，以有利於企業和世界的方式運營。我們的目標是保護環境和自然資源，成為我們行業水資源管理的典範，同時減少溫室氣體排放，支持我們公司、行業和社區內女性的職業發展和進步，促進經濟發展和弱勢社區的繁榮，並促進負責任的飲料酒精消費。雖然我們還有很多工作要做，但我可以自豪地說，我們正在朝著我們的目標取得良好進展。

To that end, in the third quarter, we released our 2022 ESG Impact Report, which included several enhancements on the information shared on these important topics and our work towards our targets, including, for the first time, references aligned to the Sustainability Accounting Standards Board framework and taking into consideration recommendations from the task force on climate-related financial disclosures.

為此，我們在第三季度發布了 2022 年 ESG 影響報告，其中包括對這些重要主題共享信息的多項改進以及我們為實現目標所做的工作，包括首次參考可持續發展會計準則董事會框架並考慮氣候相關財務披露工作組的建議。

So as with our capital allocation priorities, we have been consistently working to deliver against our strategic initiatives. Net, we have done we have said what we do, and we have done what we said. And despite current inflationary pressures and the risk of recessionary headwinds we remain confident in our ability to continue to advance and create value through these initiatives.

因此，對於我們的資本分配優先事項，我們一直致力於實現我們的戰略舉措。 Net，我們做到了我們所說的，我們做到了我們所說的。儘管當前存在通脹壓力和經濟衰退逆風的風險，但我們仍然相信我們有能力通過這些舉措繼續推進和創造價值。

And on that note, let's move on to a more fulsome discussion of our performance in the third quarter. Depletion growth for our beer business decelerated to 5.7%, which, as I mentioned earlier, was largely due to a recent series of headwinds that developed towards the latter part of the quarter. First, as we shared on our last call, we decided to introduce all pricing changes above our usual algorithm due to cost pressures across the chain, and historically, the impact of these types of notable pricing actions take a few months to settle in.

在這一點上，讓我們繼續對我們在第三季度的表現進行更全面的討論。我們啤酒業務的消耗增長放緩至 5.7%，正如我之前提到的，這主要是由於最近在本季度後期出現的一系列逆風。首先，正如我們在上次電話會議上分享的那樣，由於整個鏈條的成本壓力，我們決定在我們通常的算法之上引入所有定價變化，而且從歷史上看，這些類型的顯著定價行動的影響需要幾個月的時間才能穩定下來。

Second, distribution growth is returning to more normalized levels after lapping a softer summer period last year when we were managing supply constraints. That said, distribution growth remains at exceptionally healthy levels as well as aligned with our full year expectations. And third, some of these headwinds were particularly accentuated in a few key regions for our brands, such as California, where we lapped double-digit depletion growth rates and better weather in November of last year as well as more favorable economic conditions.

其次，在經歷了去年我們管理供應限制的疲軟夏季之後，分銷增長正在恢復到更正常的水平。也就是說，分銷增長保持在非常健康的水平，並且符合我們的全年預期。第三，其中一些不利因素在我們品牌的幾個關鍵地區尤為突出，例如加利福尼亞，我們在去年 11 月實現了兩位數的消耗增長率和更好的天氣以及更有利的經濟條件。

All of that said, our beer business continues to perform strongly relative to the wider market and to resonate with consumers who continue to shift to higher-end brands. In IRI channels, we gained 1.5 points across the entire category and 2.3 points in the higher-end segment in the third quarter, which is higher, let me repeat that, which is higher than the share gains in the same quarter last fiscal year.

綜上所述，我們的啤酒業務相對於更廣泛的市場繼續表現強勁，並與繼續轉向高端品牌的消費者產生共鳴。在 IRI 渠道中，第三季度我們在整個類別中獲得了 1.5 個百分點，在高端細分市場中獲得了 2.3 個百分點，這是更高的，讓我重複一遍，這高於上一財年同一季度的份額收益。

And when looking at depletions fiscal '23 year-to-date, our beer business achieved growth of 7.8%, which continues to be in line with our annual expectations. Importantly, based on the prior activity we have seen in retail, as they adjust to the continued inflationary environment, we expect trends to return to more historical rates over the next few months.

從今年迄今的 23 財年消耗來看，我們的啤酒業務實現了 7.8% 的增長，這繼續符合我們的年度預期。重要的是，根據我們之前在零售業看到的活動，隨著它們適應持續的通脹環境，我們預計趨勢將在未來幾個月內恢復到更多的歷史水平。

Now shifting to the performance of our beer brands. Modelo Especial delivered depletion growth of 4.4% in the third quarter lapping a tough 13.2% depletion growth comparison in the corresponding period of the last fiscal year. That said, the brand has achieved depletion growth of 9.9% over fiscal '23 year-to-date.

現在轉向我們啤酒品牌的表現。 Modelo Especial 在第三季度實現了 4.4% 的消耗增長，而上一財年同期的消耗增長僅為 13.2%。也就是說，該品牌在 23 財年至今實現了 9.9% 的消耗增長。

In the recent quarter, it continued to strengthen its position in the 5 states where it is already the #1 beer brand in dollar sales, delivering another approximately 0.2 points in share gains. Importantly, in the other 39 states tracked by IRI data, Modelo Especial delivered more than 4x the share gains at over 0.8 points. More broadly, Modelo Especial's depletion growth in its secondary markets outpaced the growth in its top 5 states by over 10 points. As such, we continue to see significant incremental opportunities to maintain the momentum of Modelo Especial, particularly through distribution gains in the states where it is under represented.

在最近一個季度，它繼續鞏固其在 5 個州的地位，它已經是美元銷售額排名第一的啤酒品牌，又帶來了大約 0.2 個百分點的份額收益。重要的是，在 IRI 數據跟踪的其他 39 個州中，Modelo Especial 的股票收益超過 4 倍，超過 0.8 個百分點。更廣泛地說，Modelo Especial 在其二級市場的損耗增長超過其前 5 個州的增長超過 10 個百分點。因此，我們繼續看到顯著的增量機會來保持 Modelo Especial 的勢頭，特別是通過在其代表性不足的州的分銷收益。

Corona Extra delivered depletion growth of 1.3% in the third quarter and 4% in fiscal '23 year-to-date. As noted earlier, the brand has maintained its momentum as the #3 share gainer in track channels. We continue to invest in the growth of Corona Extra through a thoughtful and authentic evolution of the brand's market such as the augmented reality addition to our O Tannenpalm campaign, which is one of the more enduring holiday themed commercials running for over 30 years now. And we continue to see growth potential for Corona Extra with younger legal drinking age and multicultural consumers.

Corona Extra 在第三季度實現了 1.3% 的消耗增長，在 23 財年至今實現了 4% 的增長。如前所述，該品牌一直保持著在軌道渠道中排名第三的勢頭。我們繼續通過品牌市場的深思熟慮和真實的演變來投資 Corona Extra 的增長，例如我們的 O Tannenpalm 廣告活動中增加的增強現實技術，這是目前運行了 30 多年的更持久的假日主題廣告之一。我們繼續看到 Corona Extra 在法定飲酒年齡更年輕和多元文化消費者中的增長潛力。

Pacifico's depletion growth accelerated in the third quarter to 40.7%. And over fiscal '23, year-to-date, its depletion growth was 32.9%. The brand remains a top 10 share gainer in track channels in the third quarter, mainly supported by its growing footprint in states like California, Nevada, Utah, Colorado and Arizona. We continue to see fantastic growth runway for Pacifico as one of our new wave brands with significant distribution potential relative to Modelo and even more so relative to Corona Extra. Particularly as the brand also continues to build momentum by shifting east in the U.S., building on the 26% depletion growth delivered in our Eastern business unit in the third quarter.

Pacifico 的損耗增長在第三季度加速至 40.7%。在 23 財年至今，其消耗增長率為 32.9%。該品牌在第三季度仍然是軌道渠道份額增長的前 10 名，這主要得益於其在加利福尼亞州、內華達州、猶他州、科羅拉多州和亞利桑那州等州不斷增長的足跡。作為我們的新浪潮品牌之一，我們繼續看到 Pacifico 的驚人增長跑道，與 Modelo 相比具有顯著的分銷潛力，與 Corona Extra 相比更是如此。特別是該品牌還通過在美國東部轉移繼續建立勢頭，建立在我們東部業務部門第三季度實現的 26% 消耗增長的基礎上。

Lastly, our Modelo Chelada brands achieved depletion growth of 44% in the third quarter and 48% over fiscal '23 year-to-date. Our Model Chelada brand remained the #1 set in the Chelada space, and the brands gained nearly half a share point across all U.S. beer and track channels. For perspective, that is as much as Corona Extra's gain. In fact, these gains were largely driven by innovations launched this fiscal year, including Naranja Picosa flavor, the Limon y Sal 12 ounce 12 pack, which is a top 10 new patent SKU and our new variety pack, which is among the top 15 new brands.

最後，我們的 Modelo Chelada 品牌在第三季度實現了 44% 的消耗增長，比 23 財年迄今增長了 48%。我們的 Model Chelada 品牌仍然在 Chelada 領域排名第一，並且這些品牌在所有美國啤酒和軌道渠道中獲得了近一半的份額。從角度來看，這與 Corona Extra 的收益一樣多。事實上，這些收益主要是由本財年推出的創新產品推動的，包括 Naranja Picosa 口味、Limon y Sal 12 盎司 12 包，這是前 10 大新專利 SKU 和我們的新品種包，它是前 15 大新專利之一品牌。

We continue to expect significant growth from the Modelo Chelada brands as we invest in marketing to the general market consumer to broaden the demographic appeal for this product. All in, the strong demand for our brands in the third quarter supported a net sales increase of approximately 8% for our beer business. And despite the impact of inflationary headwinds on operating income, we were able to maintain operating margin at 37.5%. This gives us the confidence to once again raise guidance for our beer business this fiscal year lifting the low end of our growth outlook. We now expect to achieve 9% to 10% net sales growth and 4% to 5% operating income growth for fiscal '23.

我們繼續預計 Modelo Chelada 品牌將實現顯著增長，因為我們投資於面向一般市場消費者的營銷以擴大該產品的人口吸引力。總而言之，第三季度對我們品牌的強勁需求支持了我們啤酒業務的淨銷售額增長約 8%。儘管通貨膨脹逆風對營業收入產生了影響，但我們仍能夠將營業利潤率維持在 37.5%。這使我們有信心在本財年再次提高我們啤酒業務的指導，提升我們增長前景的低端。我們現在預計 23 財年將實現 9% 至 10% 的淨銷售額增長和 4% 至 5% 的營業收入增長。

Moving on to Wine & Spirits. Our Wine & Spirits business continues to advance its vision to be the high-end market leader. As noted earlier, our largest higher-end brands delivered strong performance relative to their categories in the third quarter. In our Aspira portfolio, which includes our fine wine and craft spirits brands, over the third quarter in track channels, The Prisoner brands grew dollar sales by 4.3%, while the fine wine segment contracted by 5.7%. And High West grew dollar sales by 22%, while high-end spirits segment grew by only 3.4% In our premium and mainstream Wine & Spirits portfolio, which we refer to as Ignite, both Meiomi and Kim Crawford gained share in the U.S. wine category.

轉到葡萄酒與烈酒。我們的葡萄酒與烈酒業務繼續推進其成為高端市場領導者的願景。如前所述，我們最大的高端品牌在第三季度相對於其類別表現強勁。在我們的 Aspira 產品組合中，包括我們的優質葡萄酒和精釀烈酒品牌，在第三季度的軌道渠道中，囚犯品牌的美元銷售額增長了 4.3%，而優質葡萄酒部分則收縮了 5.7%。 High West 的美元銷售額增長了 22%，而高端烈酒領域僅增長了 3.4% 在我們稱為 Ignite 的優質和主流葡萄酒和烈酒產品組合中，Meiomi 和 Kim Crawford 在美國葡萄酒類別中的份額均有所增加.

Depletions for our Wine & Spirits business declined by 5.5% in the third quarter, mainly driven by continued headwinds based across our mainstream brands. However, our Aspira portfolio delivered strong performance with 8.5% depletion growth in the quarter. And in fiscal '23 year-to-date, our Aspira portfolio has now achieved an overall 6.3% increase in depletions supported by strong double-digit depletion growth for The Prisoner and High West.

我們的葡萄酒和烈酒業務的損耗在第三季度下降了 5.5%，這主要是由於我們主流品牌的持續逆風。然而，我們的 Aspira 產品組合表現強勁，本季度消耗增長 8.5%。在 23 財年至今，我們的 Aspira 投資組合在 The Prisoner 和 High West 強勁的兩位數消耗增長的支持下，整體消耗增長了 6.3%。

Among Ignite brands, Meiomi and Kim Crawford have also delivered solid depletion growth in fiscal '23 year-to-date, supporting an overall 2.3% increase in depletions for our premium line portfolio. Our Wine & Spirits business also continued to expand its global omnichannel footprint, advancing its growth in direct-to-consumer, 3-tier e-commerce channels as well as international markets. Wine & Spirits DTC net sales grew 23% in the third quarter, and we continue to perform particularly well in 3-tier e-commerce which delivered dollar sales growth 9 points above the competition.

在 Ignite 品牌中，Meiomi 和 Kim Crawford 在 23 財年至今也實現了穩健的損耗增長，支持我們的高端產品組合的損耗總體增長 2.3%。我們的葡萄酒和烈酒業務還繼續擴大其全球全渠道足跡，推動其在直接面向消費者、三層電子商務渠道以及國際市場的增長。 Wine & Spirits DTC 淨銷售額在第三季度增長了 23%，我們在 3 層電子商務中繼續表現特別出色，其美元銷售額增長率比競爭對手高出 9 個百分點。

These results were underpinned by our strategic DTC investments in both hospitality through facility upgrades and talent development and our own e-commerce website platforms as well as our continued leadership in 3-tier e-commerce through marketing innovations like launching video ads on Instacart. And a strategic focus on major omnichannel national accounts, third-party marketplaces and digitally native retailers like Amazon, where we were the #1 overall supplier and #1 gross supplier in higher-end wine in the third quarter.

這些結果得益於我們通過設施升級和人才開發在酒店業和我們自己的電子商務網站平台上進行的戰略性 DTC 投資，以及我們通過營銷創新（例如在 Instacart 上發布視頻廣告）在 3 層電子商務中的持續領導地位。戰略重點是主要的全渠道國民賬戶、第三方市場和亞馬遜等數字原生零售商，我們在第三季度是高端葡萄酒的第一大整體供應商和第一大總供應商。

International markets accounted for 9% of the total net sales in the Wine & Spirits business in the third quarter as our strategically focused approach continued to target select metropolitan markets, including London, Tokyo, Seoul, Sydney, Mexico City, Zurich and Toronto with some of our most renowned premium and fine wine brands like The Prisoner, the Schrader as well as more recently acquired brands like Lingua Franca and My Favorite Neighbor.

第三季度，國際市場佔葡萄酒和烈酒業務淨銷售額的 9%，因為我們的戰略重點方法繼續瞄準選定的大都市市場，包括倫敦、東京、首爾、悉尼、墨西哥城、蘇黎世和多倫多，其中一些我們最著名的優質葡萄酒品牌，如 The Prisoner、the Schrader，以及最近收購的品牌，如 Lingua Franca 和 My Favorite Neighbor。

And with our craft spirits portfolio, which includes brands like Casa Noble and the CAMPO high-end tequilas, that delivered international shipments 5x greater than the third quarter of the prior year. We are also pleased that our efforts to establish a leading global higher-end Wine & Spirits portfolio are gaining recognition with several of our brands receiving remarkable accolades including Schrader Cellars winning its 37th 100-point score and its Double Diamond brand being recognized by The Wine Spectator as its #1 wine of 2022.

我們的精釀烈酒產品組合（包括 Casa Noble 和 CAMPO 高端龍舌蘭酒等品牌）的國際出貨量比去年第三季度高出 5 倍。我們也很高興我們建立全球領先的高端葡萄酒和烈酒產品組合的努力正在獲得認可，我們的多個品牌獲得了非凡的讚譽，包括 Schrader Cellars 贏得第 37 個 100 分，其雙鑽石品牌被 The Wine 認可Spectator 將其評為 2022 年排名第一的葡萄酒。

Our To Kalon Vineyard was being recognized again as the top vineyard in North America for the fourth consecutive year among top vineyards in the world. And I'm pleased to report that our To Kalon Vineyard has now also is certified as organic, expanding the appeal of its lines to a broader set of consumers and adding to its differentiation. And in our spirits portfolio, our recently launched Nelson Brothers Bourbon Reserve was ranked among Whiskey Advocate's top 10 most exciting whiskeys of 2022. So all in, our Wine & Spirits business continues to make meaningful progress on its transformation.

我們的 To Kalon 葡萄園再次被公認為北美頂級葡萄園，連續第四年躋身世界頂級葡萄園之列。我很高興地向大家報告，我們的 To Kalon Vineyard 現在也獲得了有機認證，擴大了其係列對更廣泛消費者的吸引力，並增加了差異化。在我們的烈酒產品組合中，我們最近推出的 Nelson Brothers Bourbon Reserve 被 Whiskey Advocate 評為 2022 年最令人興奮的 10 大威士忌之一。總而言之，我們的葡萄酒和烈酒業務在轉型方面繼續取得有意義的進展。

And while net sales and operating margins, net of recent divestiture, were slightly lower relative to the third quarter of last fiscal year due to volume shifts from shipment timing only being partially offset by mix and pricing benefits we did see a significant sequential uplift in operating margins of 55 basis points relative to the second quarter of this fiscal year. This gives us confidence to reaffirm our fiscal '23 guidance for our Wine & Spirits business of stable to 2% lower net sales and 3% to 5% operating income growth, which we are providing against the fiscal '22 baseline adjusted for the recent divestiture.

雖然淨銷售額和營業利潤率（扣除最近的資產剝離）相對於上一財年第三季度略有下降，但由於發貨時間的數量變化僅被組合和定價優勢部分抵消，我們確實看到了營業額的顯著環比提升與本財年第二季度相比，差幅為 55 個基點。這使我們有信心重申我們對葡萄酒和烈酒業務的 23 財年指導，即淨銷售額穩定下降 2%，營業收入增長 3% 至 5%，這是針對最近剝離調整的 22 財年基線提供的.

Looking further ahead, we are also confident that over the medium term, both our beer business and our Wine & Spirits business remain well placed to deliver strong growth and best-in-class operating margins. That said, given continued inflationary pressures and the potential impact of recessionary environment, we remain mindful of balancing the momentum of our brands against near-term cost challenges.

展望未來，我們也有信心在中期內，我們的啤酒業務和葡萄酒與烈酒業務仍處於有利地位，可以實現強勁增長和一流的營業利潤率。也就是說，鑑於持續的通脹壓力和經濟衰退環境的潛在影響，我們仍然注意平衡我們品牌的勢頭與近期成本挑戰。

To that end, based on our current expectations of the pressures that the consumer will continue to face in the near term, we are giving even more careful consideration to our pricing actions for fiscal '24. In particular, we currently expect pricing actions for our beer business to be more muted in fiscal '24 as our pricing actions in the current fiscal year were ultimately above our medium-term algorithm. While input costs remain at historically elevated prices we strongly believe that additional consideration in our approach to pricing in fiscal '24 is warranted to sustain healthy growth for our brands.

為此，根據我們目前對消費者在短期內將繼續面臨的壓力的預期，我們正在更加仔細地考慮我們 24 財年的定價行動。特別是，我們目前預計我們啤酒業務的定價行動在 24 財年會更加溫和，因為我們在本財年的定價行動最終高於我們的中期算法。雖然投入成本仍處於歷史高位，但我們堅信，我們在 24 財年的定價方法中需要額外考慮，以維持我們品牌的健康增長。

In addition, while some input costs are below the peaks from earlier this fiscal year, we now anticipate inflation to remain above historical trends in the high-end single-digit range for fiscal '24. As always, we will continue with our disciplined approach to manage these evolving conditions through cost-saving initiatives. But these persistent inflationary headwinds will be compounding on the double-digit cost uplift we have faced in fiscal '23. As such, we now expect operating margins for our beer business in fiscal '24 to be more in line with our anticipated margin structure for this fiscal year, and therefore, below our stated 39% to 40% medium-term range. We are still refining our outlook for '24 and will provide more detailed guidance at our next earnings call, but we wanted to share some context today now that our annual planning process is underway.

此外，雖然一些投入成本低於本財年早些時候的峰值，但我們現在預計 24 財年通脹仍將高於歷史趨勢，處於高端個位數範圍內。一如既往，我們將繼續採用嚴格的方法，通過節約成本的舉措來管理這些不斷變化的情況。但這些持續的通脹逆風將加劇我們在 23 財年面臨的兩位數成本增長。因此，我們現在預計 24 財年啤酒業務的營業利潤率將更符合我們本財年的預期利潤率結構，因此低於我們規定的 39% 至 40% 的中期範圍。我們仍在完善我們對 24 年的展望，並將在我們的下一次財報電話會議上提供更詳細的指導，但我們今天想分享一些背景信息，因為我們的年度規劃過程正在進行中。

With all that said, let me be clear. Our beer business continues to have best-in-class operating margins and our Wine & Spirits business continues to make progress toward achieving that same differentiation. We are also confident that over the medium term, our beer business remains well positioned to deliver leading operating margins, supported by the sustained momentum of our core Modelo Especial and Corona Extra brands, the significant opportunity being captured by our Pacifico, Modelo Chelada brands.

話雖如此，讓我說清楚。我們的啤酒業務繼續擁有一流的營業利潤率，我們的葡萄酒和烈酒業務繼續在實現同樣的差異化方面取得進展。我們也相信，在我們的核心 Modelo Especial 和 Corona Extra 品牌的持續發展勢頭以及我們的 Pacifico、Modelo Chelada 品牌抓住的重大機遇的支持下，我們的啤酒業務在中期仍處於有利地位，可以提供領先的營業利潤率。

The incremental upside from our broader existing portfolio and the continued development of our innovation lineup particularly from exciting imminent additions like dell' Ornellaia and we continue to expect our Wine & Spirits business to make progress on its operating margins supported by continuing to pursue the exciting runway for growth of our higher-end brands and ensuring these brands represent an even greater portion of our mix over time, enhancing the performance of our mainstream portfolio through a greater focus on brands and initiatives with higher returns, including through relevant and innovative products and growing our omni-channel and international leadership particularly as an incremental opportunity for higher-end growth.

我們更廣泛的現有產品組合帶來的增量優勢以及我們創新產品線的持續發展，特別是來自 dell' Ornellaia 等激動人心的即將到來的產品，我們繼續期望我們的葡萄酒和烈酒業務在繼續追求令人興奮的跑道的支持下，在營業利潤率方面取得進展為了我們高端品牌的增長，並確保這些品牌隨著時間的推移在我們的組合中佔據更大的比例，通過更加關注具有更高回報的品牌和舉措，包括通過相關和創新的產品以及不斷增長的方式，提高我們主流產品組合的績效我們的全渠道和國際領導地位，特別是作為高端增長的增量機會。

Now before I conclude, I wish to quickly touch on Canopy. We remain supporter of Canopy sellers to create an exchangeable share structure designed to support the consolidation of all its U.S. cannabis assets into a single avenue. And to that end, our intention continues to be to transition our existing common share ownership interest in Canopy Growth into new exchangeable shares once its shareholders approve this transaction. We believe that the conversion of our ownership interest will maintain our ability to realize the potential upside of our investment in Canopy.

在結束之前，我想快速談談 Canopy。我們仍然支持 Canopy 賣家創建一個可交換的股份結構，旨在支持將其所有美國大麻資產整合到一個單一的途徑中。為此，我們的意圖繼續是在其股東批准該交易後，將我們在 Canopy Growth 中現有的普通股所有權權益轉變為新的可交換股份。我們相信，我們所有權權益的轉換將保持我們實現 Canopy 投資潛在優勢的能力。

At the same time this transaction and the surrender of our warrants are expected to eliminate the impact to our equity and earnings, mitigate risk to our organization and further reinforce our intent to not deploy additional investment in Canopy in line with our capital allocation priorities. In closing, I'd like to reiterate 3 main takeaways today. First, nearly 4 years ago we committed to a series of strategic initiatives aimed at delivering profitable growth and shareholder value. And I'm pleased to say that we are delivering against those initiatives and in many cases even exceeding the goals we set out to achieve.

與此同時，這項交易和認股權證的交還預計將消除對我們的股權和收益的影響，降低我們組織的風險，並進一步強化我們不根據我們的資本分配優先事項對 Canopy 進行額外投資的意圖。最後，我想重申今天的 3 個主要要點。首先，大約 4 年前，我們致力於實施一系列旨在實現盈利增長和股東價值的戰略舉措。我很高興地說，我們正在兌現這些舉措，在許多情況下甚至超過了我們設定的目標。

Second, our third quarter results demonstrate that we continue to execute against these strategic initiatives and that our company remains in a strong position to deliver best-in-class results. Despite the headwinds in the quarter due to macroeconomic pressures and tough comps versus prior year, the strong performance of our beer business has put it on track to deliver better-than-expected results in fiscal '23. And the transformation of our Wine & Spirits business is also yielding results.

其次，我們第三季度的業績表明，我們將繼續執行這些戰略舉措，並且我們的公司仍然處於提供一流業績的強勢地位。儘管由於宏觀經濟壓力和與上一年相比艱難的競爭，本季度出現逆風，但我們啤酒業務的強勁表現使其有望在 23 財年實現好於預期的業績。我們的葡萄酒與烈酒業務的轉型也取得了成果。

And third, we remain confident we will continue to build on our track record of solid growth and value creation through our strategic initiatives. And with that, I turn the call over to Garth.

第三，我們仍然有信心通過我們的戰略舉措繼續鞏固我們穩健增長和價值創造的記錄。就這樣，我把電話轉給了加思。

Thank you, Bill, and good morning, everyone. As Bill mentioned, we delivered another set of solid results in the third quarter and continue to make progress against our operating plans and strategic initiatives. Our beer business achieved high single-digit net sales growth and continue to deliver best-in-class operating margins. Our Wine & Spirits business made additional progress against its strategy with an even more premiumized portfolio further aligned with consumer trends following our recently completed divestiture. Additionally, we generated strong cash flow results and with yesterday's declared dividend to be paid in February, we are on track to exceed our stated $5 billion goal of returning cash to shareholders in the form of dividends and share repurchases between fiscal '20 and fiscal '23.

謝謝你，比爾，大家早上好。正如 Bill 提到的，我們在第三季度取得了另一套穩固的業績，並繼續在我們的運營計劃和戰略計劃方面取得進展。我們的啤酒業務實現了高個位數的淨銷售額增長，並繼續提供一流的營業利潤率。在我們最近完成剝離後，我們的葡萄酒和烈酒業務在其戰略方面取得了更多進展，更加優質的產品組合進一步符合消費者趨勢。此外，我們產生了強勁的現金流結果，加上昨天宣布的將於 2 月份支付的股息，我們有望超過我們規定的 50 億美元目標，即在 20 財年和 20 財年之間以股息和股票回購的形式向股東返還現金。 23.

I will now review our Q3 performance and full year outlook in more detail, where I will generally focus on comparable basis financial results. Starting with our beer business. Net sales increased 8%, primarily driven by higher average price increases and solid demand across our portfolio. Q3 shipment volumes were up 3% reflecting a difficult buying lap given the focus of replenishing product inventories in the same period last year. From a depletions perspective, we achieved growth in the quarter of approximately 6%, driven by the demand of our Modelo family of products, including the Modelo Especial and Modelo Chelada brand as well as double-digit growth from Pacifico.

我現在將更詳細地回顧我們第三季度的業績和全年展望，我通常會關注可比基礎的財務業績。從我們的啤酒業務開始。淨銷售額增長了 8%，這主要是由於平均價格上漲幅度更大以及我們產品組合的需求強勁。第三季度的出貨量增長了 3%，這反映出由於去年同期的重點是補充產品庫存，購買困難重重。從耗盡的角度來看，我們在本季度實現了約 6% 的增長，這得益於我們的 Modelo 系列產品的需求，包括 Modelo Especial 和 Modelo Chelada 品牌以及 Pacifico 的兩位數增長。

As Bill noted, depletions decelerated sequentially from Q2 to Q3. This was primarily due to: number one, incremental fall pricing that, as expected, will put us above our targeted annual average increase. Notably the impact of our fall increases has been heightened by additional pricing actions across the value chain. That said, we expect the impact of incremental pricing will settle over the coming months as we have seen in prior similar circumstances.

正如 Bill 指出的那樣，消耗量從第二季度到第三季度依次減速。這主要是由於：第一，如預期的那樣，增量降價將使我們高於我們的目標年平均增長。值得注意的是，整個價值鏈中的額外定價行動加劇了我們秋季價格上漲的影響。也就是說，我們預計增量定價的影響將在未來幾個月內得到解決，正如我們在之前的類似情況下所看到的那樣。

Number two, relatively lower distribution growth in Q3 versus Q2, where we lapped a softer prior year period when we were managing supply constraints. And while we are seeing distribution growth return to normalized levels, it remains aligned with our full year expectations. Importantly, it is worth noting that Q3 distribution growth remained well above the levels we achieved in Q4 last year and Q1 of this year.

第二，與第二季度相比，第三季度的分銷增長相對較低，我們在管理供應限制時超越了去年較疲軟的時期。雖然我們看到分銷增長恢復到正常水平，但它仍然符合我們的全年預期。重要的是，值得注意的是，第三季度的分銷增長仍遠高於我們在去年第四季度和今年第一季度取得的水平。

And number three, as Bill also referenced in the third quarter, particularly in the month of November, we lapped multiple tailwinds from last year such as double-digit depletion growth rates in key regions like California, which benefited from periods of warmer weather and a stronger macroeconomic environment. All of that said, we expect depletion trends to continue to normalize as we move into fiscal 2024, and we remain confident in our fiscal year expectations. Selling days in the quarter were flat year-over-year, but please note that in Q4, there will be 1 less selling day. Operating income for the beer business decreased 2% and operating margins declined by 380 basis points to 38%.

第三，正如比爾在第三季度也提到的那樣，特別是在 11 月份，我們從去年獲得了多個順風，例如加利福尼亞等關鍵地區的兩位數消耗增長率，這些地區受益於溫暖的天氣和更強的宏觀經濟環境。綜上所述，我們預計隨著我們進入 2024 財年，消耗趨勢將繼續正常化，並且我們對我們的財年預期仍然充滿信心。本季度的銷售天數與去年同期持平，但請注意，在第四季度，銷售天數將減少 1 個。啤酒業務的營業收入下降 2%，營業利潤率下降 380 個基點至 38%。

As expected, operating income and operating margins were negatively affected by ongoing inflationary pressures across raw materials and packaging, particularly as more favorable hedges rolled off. Increased logistics expenses related to higher fuel and freight costs, incremental operating costs and increased depreciation as a result of our brewery capacity expansions, and increased marketing spend, particularly from our media investments in sports sponsorships with NFL and TAA Football, Major League Baseball, the NBA and the NHL. Marketing as a percent of net sales increased 160 basis points to 9.6% in Q3. For fiscal '23, we continue to expect that marketing as a percent of net sales will be in the 9% to 10%. More broadly, given the strong top line growth of our beer business year-to-date, we now anticipate it will grow net sales between 9% to 10% and operating income between 4% to 5% for the full fiscal year.

正如預期的那樣，營業收入和營業利潤率受到原材料和包裝持續通脹壓力的負面影響，尤其是在更有利的對沖措施取消的情況下。與燃料和貨運成本增加相關的物流費用增加，由於我們的啤酒廠產能擴張導致運營成本增加和折舊增加，以及營銷支出增加，特別是我們對 NFL 和 TAA 足球、美國職業棒球大聯盟、美國職業棒球大聯盟的體育贊助的媒體投資NBA 和 NHL。第三季度營銷占淨銷售額的百分比增長了 160 個基點，達到 9.6%。對於 23 財年，我們繼續預計營銷占淨銷售額的百分比將在 9% 至 10% 之間。更廣泛地說，鑑於今年迄今為止我們啤酒業務的強勁收入增長，我們現在預計整個財政年度的淨銷售額將增長 9% 至 10%，營業收入將增長 4% 至 5%。

This still implies an operating margin of approximately 38% for fiscal 2023. As expected benefits from our 2% to 3% average pricing increase for the full year and our cost-saving efforts will be more than offset by the same headwinds that have affected our margins year-to-date. I'd like to take a moment to reiterate some of the points Bill made earlier regarding fiscal '24. As mentioned, we are anticipating our beer business margins to be more in line with our anticipated margin for this fiscal year, and therefore, below our stated medium-term target range of 39% to 40%. This is driven by the fact that input costs remain at historically elevated levels due to ongoing inflationary pressures.

這仍然意味著 2023 財年的營業利潤率約為 38%。正如預期的那樣，我們全年平均價格上漲 2% 至 3%，我們的成本節約努力將被影響我們的同樣不利因素所抵消年初至今的利潤率。我想花點時間重申比爾早些時候就 24 財年提出的一些觀點。如前所述，我們預計我們的啤酒業務利潤率將更符合我們本財年的預期利潤率，因此低於我們規定的 39% 至 40% 的中期目標範圍。這是由於持續的通貨膨脹壓力導致投入成本保持在歷史高位的事實。

As we have shared in some of our prior calls, we hedged about 10% of our beer business costs to help reduce volatility in the P&L. However, our commodity hedging program is managed on a multiyear rolling basis. So we currently do not anticipate our blended hedge rates to capture the favorability of recent declines in certain commodity prices until the second half of next fiscal year. In addition while prices have declined from their peaks earlier this year for commodities like aluminum and natural gas, which are part of our can and glass cost, they still remain above pre-pandemic levels.

正如我們在之前的一些電話會議中分享的那樣，我們對沖了大約 10% 的啤酒業務成本，以幫助降低損益的波動性。然而，我們的商品對沖計劃是在多年滾動的基礎上進行管理的。因此，我們目前預計我們的混合對沖利率要到下一財年下半年才能捕捉到近期某些大宗商品價格下跌的優勢。此外，雖然鋁和天然氣等大宗商品的價格已從今年早些時候的峰值回落，但它們仍高於大流行前的水平，鋁和天然氣是我們罐頭和玻璃成本的一部分。

Beyond our hedging program, most of our beer business input costs have a greater exposure to inflationary pressures, including raw materials, such as wood pallets, steel crowns and cartons. The majority of these input costs are subject to contractual agreements that tend to reflect negotiated prices that are based on existing inflationary conditions. So as we move forward with our annual planning and supplier cost determination process, we will develop a clearer view of these contractual prices and on the resulting margin expectations. Against that backdrop, with these processes now underway, we have greater visibility into the high single-digit cost segments that will continue to build off the double digit unfavorable cost outlook that our beer business faced in fiscal '23.

除了我們的對沖計劃之外，我們的大部分啤酒業務投入成本更容易受到通脹壓力的影響，包括木托盤、鋼冠和紙箱等原材料。這些投入成本中的大部分受合同協議的約束，這些協議往往反映基於現有通貨膨脹條件的協商價格。因此，隨著我們推進年度計劃和供應商成本確定流程，我們將更清楚地了解這些合同價格以及由此產生的利潤率預期。在這種背景下，隨著這些流程的進行，我們對高個位數的成本部分有了更大的了解，這些部分將繼續建立我們的啤酒業務在 23 財年面臨的兩位數不利成本前景。

In addition, we continue to see ongoing macroeconomic pressures on the consumer, which are leading us to plan to take more subdued pricing actions across our beer portfolio in fiscal '24. That said, we expect a number of tailwinds that will partially offset some of these elements, including the continued momentum of our core brands, capitalizing on opportunities with emerging brands such as Pacifico and Modelo Chelada's, winning with new and future innovation such as Modelo or Modelo Oro and through our consistent and disciplined cost savings actions, nevertheless, as Bill mentioned, we will continue to refine our outlook for next year, and we will provide detailed guidance during our Q4 earnings call.

此外，我們繼續看到消費者面臨持續的宏觀經濟壓力，這導致我們計劃在 24 財年對我們的啤酒產品組合採取更溫和的定價行動。也就是說，我們預計一些順風將部分抵消其中一些因素，包括我們核心品牌的持續發展勢頭，利用 Pacifico 和 Modelo Chelada 等新興品牌的機會，通過 Modelo 或Modelo Oro 以及通過我們一貫和有紀律的成本節約行動，但是，正如 Bill 提到的，我們將繼續完善明年的展望，我們將在第四季度財報電話會議上提供詳細的指導。

That said, it is important to reiterate that our expected fiscal '23 and fiscal '24 operating margins remained best in class. And in fact, when considering our fiscal '20 through our currently anticipated fiscal '24 margins, we expect the average operating margin for that 5-year period to remain within our medium-term algorithm of 39% to 40%.

也就是說，重要的是要重申我們預期的 23 財年和 24 財年營業利潤率仍然是同類產品中最好的。事實上，在考慮我們目前預期的 20 財年到 24 財年的利潤率時，我們預計這 5 年期間的平均營業利潤率將保持在我們 39% 至 40% 的中期算法範圍內。

Now shifting to Wine & Spirits. As a reminder, during our recently concluded third quarter, we divested a series of brands from our Wine portfolio. As such, third quarter of fiscal '22, included approximately $17 million of net sales and $11 million of gross profit less marketing, that are no longer part of the Wine & Spirits segment results. When presenting today's results, I will be discussing our top line results on an organic basis, excluding the contribution from those divested brands in the preceding periods.

現在轉向葡萄酒與烈酒。提醒一下，在我們最近結束的第三季度，我們從我們的葡萄酒產品組合中剝離了一系列品牌。因此，22 財年第三季度包括約 1,700 萬美元的淨銷售額和 1,100 萬美元的毛利潤減去營銷，這些不再是葡萄酒和烈酒部門業績的一部分。在介紹今天的結果時，我將有機地討論我們的頂線結果，不包括前幾個時期那些剝離品牌的貢獻。

Starting with organic net sales. The Wine & Spirits business decreased 1%, primarily driven by a 13% increase in shipments, partially offset by a favorable product mix, which both related to consumer-led premiumization and mix improvements of our portfolio. From a depletions perspective, while the Wine & Spirits business saw a decline of approximately 6% on an organic basis in Q3 as Bill noted earlier, our higher-end brand delivered strong performance with our Aspira portfolio, which includes our fine wine and craft spirits brands, delivering depletion growth of 9%, driven by growth in our Prisoner Wine and High West brands.

從有機淨銷售額開始。葡萄酒與烈酒業務下降 1%，主要受出貨量增長 13% 的推動，部分被有利的產品組合所抵消，這都與消費者主導的高端化和我們產品組合的組合改進有關。從消耗的角度來看，雖然葡萄酒和烈酒業務在第三季度有機地下降了約 6%，但正如比爾之前指出的那樣，我們的高端品牌通過我們的 Aspira 產品組合表現強勁，其中包括我們的優質葡萄酒和精釀烈酒品牌，在我們的 Prisoner Wine 和 High West 品牌的增長推動下實現了 9% 的消耗增長。

Meanwhile, our Ignite portfolio, which includes our mainstream and premium Wine & Spirits brands primarily faced headwinds from our mainstream brands, which was down 8%. That said, in tracked channels, our largest higher-end brands continue to outperform their corresponding segments, and our peak premium brands portfolio actually gained share in the category with particularly strong performance from Meiomi and Kim Crawford in both volume and dollar sales growth.

與此同時，我們的 Ignite 產品組合（包括我們的主流和優質葡萄酒和烈酒品牌）主要面臨來自我們主流品牌的不利影響，該品牌下降了 8%。也就是說，在跟踪渠道中，我們最大的高端品牌繼續跑贏相應的細分市場，而我們的頂級高端品牌組合實際上在該類別中獲得了份額，其中 Meomi 和 Kim Crawford 在銷量和美元銷售額增長方面表現尤為強勁。

Moving on to Wine & Spirits operating income and operating margins. Wine & Spirits operating income declined by 7%, partly as a result of the divestiture and operating margin decreased 60 basis points to 24.8%. The decrease in operating margins was driven by higher transportation costs, including ocean freight shipping, unfavorable costs from higher drivers largely due to inflation and increased general and administrative expenses due to higher compensation and benefits primarily related to higher headcount from our continued strategic focus on expanding into direct-to-consumer channels and higher-end brands in our Aspira portfolio.

繼續討論葡萄酒與烈酒的營業收入和營業利潤率。葡萄酒與烈酒營業收入下降 7%，部分原因是資產剝離和營業利潤率下降 60 個基點至 24.8%。營業利潤率下降的原因是運輸成本增加，包括海運、主要由通貨膨脹導致的更高驅動因素帶來的不利成本，以及由於我們持續的戰略重點擴大擴張而導致員工人數增加導致的薪酬和福利增加導致的一般和行政費用增加進入直接面向消費者的渠道和我們 Aspira 產品組合中的高端品牌。

For full year fiscal '23, we remain confident in our previously stated outlook for our Wine & Spirits Experience business. We expect fiscal '23 organic net sales decline of 0% to 2% and operating income to increase 3% to 5% implying a full year operating margin of about 24%. Looking ahead to fiscal '24, we expect our Wine & Spirits business to continue to make progress on its operating margin. We believe our Wine & Spirits business is positioned to further improve its operating margins through growth of our higher-end brands, bolster performance from our mainstream portfolio through high-return brand initiatives such as innovation, and expansion of our omnichannel and international footprint.

對於 23 財年全年，我們仍然對我們之前陳述的葡萄酒和烈酒體驗業務前景充滿信心。我們預計 23 財年有機淨銷售額下降 0% 至 2%，營業收入將增長 3% 至 5%，這意味著全年營業利潤率約為 24%。展望 24 財年，我們預計我們的葡萄酒和烈酒業務將繼續在營業利潤率方面取得進展。我們相信，我們的葡萄酒與烈酒業務有望通過高端品牌的增長進一步提高其營業利潤率，通過創新等高回報品牌舉措以及擴大我們的全渠道和國際足跡來提升我們主流產品組合的業績。

As I mentioned earlier, we are currently working through our annual planning process and we'll provide a more detailed fiscal '24 outlook during our Q4 earnings call. Now let's proceed with the rest of the P&L. Corporate expenses came in at approximately $75 million, up 70% versus Q3 last year. This increase in corporate expense was primarily impacted by costs associated with increased compensation and benefits, primarily related to a third quarter fiscal '22 reversal of stock-based compensation and third-party services related to our ongoing investments in our digital business acceleration initiative.

正如我之前提到的，我們目前正在製定年度計劃流程，我們將在第四季度財報電話會議上提供更詳細的 24 財年展望。現在讓我們繼續 P&L 的其餘部分。公司支出約為 7500 萬美元，比去年第三季度增長 70%。公司費用的增加主要受到與薪酬和福利增加相關的成本的影響，這主要與 22 財年第三季度基於股票的薪酬和與我們對數字業務加速計劃的持續投資相關的第三方服務的逆轉有關。

We now expect our total corporate spend to be between $290 million and $300 million for the full year, mainly driven by the incremental costs in Q3. Interest expense for the quarter was up 12%. Also, as we noted in our release, following the completion of the reclassification of our Class B common stock, we now expect interest expense for fiscal '23 to be between $390 million and $400 million. This includes the interest expense associated with the funding of the $1.5 billion cash consideration which is expected to be $80 million to $90 million on an annual basis based on current market rates. Our Q3 comparable basis effective tax rate, excluding Canopy equity and earnings, came in at 18.8% versus 14% in Q3 last year.

我們現在預計全年企業總支出將在 2.9 億美元至 3 億美元之間，這主要受第三季度增量成本的推動。本季度的利息支出增長了 12%。此外，正如我們在新聞稿中指出的那樣，在完成 B 類普通股的重新分類後，我們現在預計 23 財年的利息支出將在 3.9 億美元至 4 億美元之間。這包括與 15 億美元現金對價的資金相關的利息支出，根據當前市場利率，預計每年為 8000 萬至 9000 萬美元。我們第三季度的可比基礎有效稅率（不包括 Canopy 股權和收益）為 18.8%，而去年第三季度為 14%。

The effective tax rate increased mostly due to the change in stock-based compensation benefits. As a result of these updates to our outlook, the increased interest expense due to the reclassification bonds, adjustments relating to our most recent divestiture in our Wine & Spirits business and increased corporate expenses that were only partially offset by the increased expectations for our beer business. We now expect comparable EPS guidance to be in the $11 to $11.20 range, which represents a $0.20 decrease to the bottom end and a $0.40 decrease at the top end of our prior guidance range.

有效稅率的增加主要是由於基於股票的補償福利的變化。由於對我們的展望進行了這些更新，重新分類債券導致的利息支出增加，與我們最近剝離葡萄酒和烈酒業務相關的調整以及公司支出的增加僅部分被對我們啤酒業務的預期增加所抵消.我們現在預計可比較的 EPS 指導將在 11 美元至 11.20 美元的範圍內，這意味著與我們先前指導範圍的下限相比下降了 0.20 美元，與我們先前指導範圍的上限相比下降了 0.40 美元。

Moving to free cash flow, which we define as net cash provided by operating activities less CapEx. We generated free cash flow of $1.6 billion for the 9 months of fiscal '23 reflecting strong operating cash flow partially offset by a 14% increase in CapEx investments as we continue to support the growth of our beer business through our brewery capacity expansion plans. And on that note, to echo Bill, we are excited by the progress we have made with our new sites in Veracruz in which we recently broke ground. Our fiscal '23 free cash flow is now expected to be in the range of $1.5 billion to $1.6 billion and CapEx is now expected to be between $1.1 billion and $1.2 billion. Operating cash flow for fiscal '23 remains unchanged and is expected to be between $2.6 billion and $2.8 billion.

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 財年的 9 個月內產生了 16 億美元的自由現金流，這反映出強勁的運營現金流被資本支出投資增長 14% 部分抵消，因為我們繼續通過啤酒廠產能擴張計劃支持啤酒業務的增長。在這一點上，為了回應比爾，我們對最近在韋拉克魯斯州破土動工的新站點取得的進展感到興奮。我們的 23 財年自由現金流現在預計在 15 億美元到 16 億美元之間，資本支出現在預計在 11 億美元到 12 億美元之間。 '23 財年的運營現金流保持不變，預計在 26 億美元至 28 億美元之間。

Related to our uses of these cash flows, as we recently noted in December, our capital allocation priorities moving forward following the reclassification remain fundamentally aligned with the priorities we introduced in fiscal '20. To achieve a disciplined and balanced and thoughtful approach to support growth and value creation. Our recently updated capital allocation priorities are as follows: first, we remain committed to our investment-grade rating and to targeting dividend growth in line with earnings as key elements of a disciplined financial foundation.

正如我們最近在 12 月指出的那樣，與我們對這些現金流量的使用相關，我們在重新分類後向前推進的資本配置優先事項與我們在 20 財年引入的優先事項基本保持一致。實現一種紀律嚴明、平衡和深思熟慮的方法來支持增長和價值創造。我們最近更新的資本配置優先事項如下：首先，我們仍然致力於我們的投資級評級，並將與收益相一致的股息增長作為紀律嚴明的財務基礎的關鍵要素。

We ended the third quarter with a net leverage ratio of approximately 3.5x when factoring in the financing for the cash payment associated with our recent transition to a single-class stock structure and excluding Canopy equity earnings. That said, we have set a target net leverage ratio on that same basis of approximately 3x, which we are confident we can return to.

當考慮到與我們最近向單一股票結構過渡相關的現金支付的融資並且不包括 Canopy 股權收益時，我們在第三季度結束時的淨槓桿率約為 3.5 倍。也就是說，我們在相同的基礎上設定了大約 3 倍的目標淨槓桿率，我們有信心可以恢復到這個水平。

Another important element of our commitment to a disciplined financial foundation is targeting an approximately 30% dividend and payout ratio. Second, we will continue to balance investments to support the growth of our business and deliver additional returns to shareholders through share repurchases. As we look ahead, we continue to expect adding another 25 million to 30 million hectoliters of brewing capacity between fiscal 2023 and fiscal 2026. This will be supported by $5 billion to $5.5 billion of investment over that same period. We are developing this capacity through a series of expansion ways which is consistent with the modular approach we have adopted to maintain capital expenditure discipline and flexibility.

我們對紀律嚴明的財務基礎的承諾的另一個重要因素是目標是大約 30% 的股息和派息率。其次，我們將繼續平衡投資以支持我們業務的增長，並通過股票回購為股東提供額外回報。展望未來，我們繼續預計在 2023 財年至 2026 財年期間再增加 2500 萬至 3000 萬百升的釀造能力。這將得到同期 50 億至 55 億美元投資的支持。我們正在通過一系列擴展方式來發展這種能力，這與我們為保持資本支出紀律和靈活性而採用的模塊化方法是一致的。

We remain committed to executing share repurchases targeted to at least cover dilution. While we also have approximately $1.2 billion of our repurchase capacity still under our current board authorization and plan to remain opportunistic, particularly since we achieved incremental cash flow flexibility. And third, we may deploy excess cash to smaller acquisitions. Again, we intend to remain disciplined in our pursuit of any M&A opportunities and we'll continue to pursue transactions that we believe fulfill one or more of the following characteristics: are consumer led, they deliver growth momentum, providing compelling returns, fill portfolio gaps, and offer synergistic benefits.

我們仍然致力於執行股票回購，以至少彌補稀釋。雖然我們還有大約 12 億美元的回購能力仍在我們目前的董事會授權下，併計劃保持機會主義，特別是因為我們實現了增量現金流靈活性。第三，我們可能會將多餘的現金用於較小的收購。同樣，我們打算在追求任何併購機會時保持紀律，我們將繼續追求我們認為滿足以下一個或多個特徵的交易：以消費者為主導，它們提供增長動力，提供令人信服的回報，填補投資組合空白，並提供協同效益。

Lastly, on Canopy. As it announced in October, Canopy plans to consolidate all of its U.S. cannabis assets into a single entity, Canopy USA. This U.S. holding company and new exchangeable share structure is designed to enable Canopy USA to trigger full ownership of Canopy's U.S. cannabis investments and capitalize on the U.S. cannabis market opportunities. Assuming the completion of this transaction and approval by Canopy shareholders of a charter amendment we intend to transition our existing common share ownership interest in Canopy into new exchangeable shares, which is intended to protect Constellation shareholder value while retaining an interest in Canopy through nonvoting and nonparticipating shares.

最後，在 Canopy 上。正如它在 10 月份宣布的那樣， Canopy 計劃將其所有美國大麻資產整合到一個實體 Canopy USA 中。這家美國控股公司和新的可交換股份結構旨在使 Canopy USA 能夠觸發 Canopy 美國大麻投資的完全所有權，並利用美國大麻市場機會。假設本次交易完成並獲得 Canopy 股東批准章程修正案，我們打算將我們在 Canopy 的現有普通股所有權權益轉換為新的可交換股份，這是為了保護 Constellation 股東價值，同時通過無表決權和不參與的方式保留在 Canopy 的權益分享。

This share ownership transition and the surrender of our Canopy warrants is aligned with our focus on core beer and Wine & Spirits businesses and capital allocation priorities. As a reminder, until this transaction is completed and we convert our holdings into exchangeable shares, Canopy will still be reported within our P&L consistent with past quarters.

這種股權轉讓和放棄我們的 Canopy 認股權證符合我們對核心啤酒和葡萄酒與烈酒業務以及資本配置優先事項的關注。提醒一下，在本次交易完成並且我們將持有的股份轉換為可交換股票之前，Canopy 仍將在我們的損益表中報告，與過去幾個季度一致。

In closing, we continue to demonstrate strong execution in growing our core business and investments to enhance our portfolio of industry-leading brands. As we approach the end of the fiscal year, we remain committed to delivering against our stated goals to drive sustainable and profitable growth and build shareholder value. And with that, Bill and I are happy to take your questions.

最後，我們繼續在發展我們的核心業務和投資方面表現出強大的執行力，以增強我們的行業領先品牌組合。在本財年即將結束之際，我們將繼續致力於實現我們既定的目標，以推動可持續的盈利增長並創造股東價值。因此，比爾和我很樂意回答您的問題。

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Lauren Lieberman with Barclays.

我們的第一個問題來自 Lauren Lieberman 與 Barclays 的對話。

When you walk through the drivers of the change in trend for depletions that you saw towards the end of the quarter, one sort of mention was a comparison on macroeconomic trend versus the prior year and then also your comments on taking sort of more muted pricing as you look into '24. So I'd love if you could just spend a little bit more time talking about what you're seeing from your various kind of core consumer groups, it feels like I know you pointed out some share gain continues. But when we look at some of your brands relative to other high-end brands, core beer brands, not Seltzer, it does look like there's underperformance, it's specific to your brands. So just any further diagnostic you may have done would be really helpful to hear about? And then also, I wasn't entirely clear on why the slower CapEx spend, I know you just went through it across at the very end of your comments, but I was hoping you could just reframe that because I admittedly missed why is it $200 million lower this year?

當你回顧本季度末你看到的消耗趨勢變化的驅動因素時，一種提及是宏觀經濟趨勢與上一年的比較，然後是你對採取更溫和定價的評論你看看'24。因此，如果您能多花一點時間談談您從各種核心消費者群體中看到的情況，我很樂意，感覺就像我知道您指出了一些份額繼續增加一樣。但是，當我們將你們的一些品牌與其他高端品牌、核心啤酒品牌而不是 Seltzer 進行比較時，看起來確實表現不佳，這是你們品牌特有的。那麼，您可能做過的任何進一步診斷是否真的有幫助？然後，我並不完全清楚為什麼資本支出支出較慢，我知道你剛剛在評論的最後討論過它，但我希望你能重新定義它，因為我承認錯過了為什麼它是 200 美元今年少了萬元？

Sure. So relative, Lauren, to the depletion trend scenario, we're still seeing in our -- all of our assessment and research suggests that we continue to have very strong support for our brands among our core Hispanic base as well as growing trends amongst the non-Hispanic community. I think a great example of that shows itself in that we actually had an increase in our share gain quarter-on-quarter from last year which reflects very well. Certainly, some of what we saw at the latter part of this quarter was driven by a couple of things. One is many businesses, including ours, took additional pricing over what we had planned. And that caused an overall softness in the market, particularly in the state of California. It wasn't limited to us. And frankly, that's not an unusual reaction. We've seen that many times before.

當然。因此，勞倫，相對於枯竭趨勢情景，我們仍然看到——我們所有的評估和研究表明，我們繼續在我們的核心西班牙裔群體中為我們的品牌提供非常強大的支持，以及在西班牙裔群體中的增長趨勢非西班牙裔社區。我認為這方面的一個很好的例子表明，我們的股票收益實際上比去年同期有所增加，這反映得很好。當然，我們在本季度後半部分看到的一些情況是由幾件事驅動的。一是許多企業，包括我們的企業，在我們計劃的基礎上採取了額外的定價。這導致市場整體疲軟，尤其是在加利福尼亞州。它不僅限於我們。坦率地說，這不是不尋常的反應。我們以前見過很多次。

Frankly, what we were very pleased about as we then look into December and to see if this thing is beginning to go back to some normalcy, we see that it has been, we saw a 7.5% swing to the upside in dollars versus where it was in November and that compares to a category swing of 4.5%.

坦率地說，當我們回顧 12 月並查看這件事是否開始恢復正常時，我們感到非常高興，我們看到它已經恢復正常，我們看到美元相對於它的位置上漲了 7.5%是在 11 月，相比之下類別波動為 4.5%。

So again, we saw a significant improvement in the market that was primarily the cause of a bit of deceleration in our depletion performance as we got into December, and we continue to gain share in that overall mix of swing. So we're not -- we -- this is not an unusual event. It happens virtually every time you see significant pricing action taken and the fact that we continue to gain share at the clip that we are gives us great confidence going forward and the strength of the brands overall. Garth, anything you want to say.

因此，我們再次看到市場有了顯著改善，這主要是我們進入 12 月時消耗性能略有放緩的原因，我們繼續在整體波動組合中獲得份額。所以我們不是——我們——這不是一個不尋常的事件。幾乎每次你看到採取重大定價行動時都會發生這種情況，而且我們繼續以我們所處的剪輯獲得份額這一事實讓我們對未來充滿信心，並增強了品牌的整體實力。加思，你想說什麼就說什麼。

Yes, Lauren, just on the CapEx, it's important to note that we continue to progress with our expansion as planned. As we stated in the remarks, we've added 11 million hectoliters of capacity over the last several years, $9 million in growth, sort of $2 million through productivity initiatives. We are on track with our expansions at both Nava and Obregon. And as we mentioned, we've recently broken ground in Veracruz. So the reduction in CapEx for this year is not necessarily abnormal as we move through the year. It really has more to reflect the timing of when payments will be made and less to do with progress.

是的，勞倫，就資本支出而言，重要的是要注意我們繼續按計劃進行擴張。正如我們在評論中所說，我們在過去幾年中增加了 1100 萬百升的產能，增長了 900 萬美元，通過生產力舉措增加了 200 萬美元。我們在 Nava 和 Obregon 的擴張正步入正軌。正如我們提到的，我們最近在韋拉克魯斯破土動工。因此，今年資本支出的減少並不一定是異常的，因為我們已經走過了這一年。它確實更多地反映了付款的時間，而不是與進度有關。

Our next question comes from the line of Nik Modi with RBC Capital Markets. .

我們的下一個問題來自 Nik Modi 與 RBC Capital Markets 的對話。 .

Bill, I was hoping maybe you could talk about what's actually happening with some of the pricing as it goes through the supply chain? Certainly, we've picked up some commentary within the trade that pricing was taken on top of what you actually took in the market. And I'm just curious what the state of that is, if it's starting to get unwound? And have you seen any implication of that in some of the more recent weeks?

比爾，我希望你能談談在供應鏈中某些定價的實際情況？當然，我們在交易中發現了一些評論，即定價是根據您在市場上的實際價格進行的。我很好奇它是什麼狀態，是否開始鬆開？在最近幾週，您是否看到了這方面的任何影響？

Yes. You bet, Nik. You're absolutely right. One of the things that we saw that occurred after our pricing increase is that other players within the chain took more price on top of what our pricing increase was. And frankly, this often happens. Well it tends to happen, and we've already started to see it in certain some markets is that, that moderates over time as well because an attempt is made to see what the consumer is ready to accept. And if we find a spot that's a bit more than they are ready to accept you see some moderation in that increase. You've already started to see that with some critical change in the state of California, which probably relates to my answer to Lauren a moment ago, which is why you saw the trends in December change quite a bit.

是的。你打賭，尼克。你是絕對正確的。我們看到在我們的價格上漲後發生的一件事是，鏈中的其他參與者在我們的價格上漲之上收取了更多的價格。坦率地說，這經常發生。好吧，它往往會發生，我們已經開始在某些市場上看到它隨著時間的推移而緩和，因為試圖了解消費者準備接受什麼。如果我們發現一個點比他們準備接受的多一點，你會看到這種增長有所緩和。你已經開始看到加利福尼亞州發生了一些重大變化，這可能與我剛才對勞倫的回答有關，這就是為什麼你看到 12 月的趨勢發生了很大變化。

So you're correct there was a lot more and it piled on, if you will, once it was out of us and into further down the chain, more was taken and as we often see that goes higher early and then moderates over time.

所以你是對的，有更多的東西，如果你願意的話，它會堆積起來，一旦它離開我們並進入鏈條的更下游，就會有更多的東西被拿走，正如我們經常看到的那樣，它會在早期走高，然後隨著時間的推移而緩和。

Our next question is from Nadine Sarwat with Bernstein.

我們的下一個問題來自 Bernstein 的 Nadine Sarwat。

I just want to stick with depletions here. I know you gave those explanations in your prepared remarks, but I have 2 follow-ups. So the first is that the reported depletion still meaningfully lag the trends in the Nielsen track channels, which I would have assumed would reflect a number of the factors that you called out, so could you help us understand this gap? And then the second question is, I know you've mentioned that you have confidence that your depletions would return to those normal levels. But we are still seeing weakness in the December Nielsen trends. So could you provide some color as to what gives you that confidence? And what are your quarter-to-date depletions at the moment?

我只想在這裡堅持消耗。我知道你在準備好的發言中給出了這些解釋，但我有 2 個後續行動。所以首先是報告的消耗仍然明顯滯後於尼爾森跟踪渠道的趨勢，我認為這會反映出你提到的一些因素，那麼你能幫助我們理解這種差距嗎？然後第二個問題是，我知道你已經提到你有信心你的消耗會恢復到那些正常水平。但我們仍然看到 12 月尼爾森趨勢的疲軟。那麼，您能否提供一些顏色來說明是什麼讓您充滿信心？您目前的季度消耗量是多少？

Sure. So let's start with the question of track channels. One of the things that we have historically found is that you're in the roughly -- there's roughly 3-point delta, we use IRI, I realize you just said Nielsen, we use IRI. There's roughly a 3-point delta historically between the growth that you see in the tracked channels and the depletion rates. Interestingly, that got massively bigger when you're in the middle of the pandemic because the percentage of business that went through the off-premise trade increased substantially. That has now come back to somewhat of a more normalized level as you get to a little bit better positioned in the on-premise, not quite back to where it was, but it's directionally.

當然。那麼讓我們從軌道通道的問題開始。我們從歷史上發現的一件事是，你大致處於 - 大致有 3 點增量，我們使用 IRI，我知道你剛剛說尼爾森，我們使用 IRI。從歷史上看，您在跟踪渠道中看到的增長與消耗率之間存在大約 3 個點的增量。有趣的是，當你處於大流行期間時，它會變得更大，因為通過場外交易的業務比例大幅增加。現在，隨著您在內部部署中定位得更好一些，這已經回到了某種程度上更正常化的水平，並沒有完全回到原來的位置，但它是有方向的。

So that is some of what you are seeing is you're back to a more traditional split between those individual things. Relative to -- and I quoted to the California, some other states are seeing a bit different. Texas on the other was also a market that was somewhat softer post price increase, and that one has not rebounded just yet. But that, again, is not unusual either. It's a little bit of a different channel mix than what you see in the state of California where you often see a more faster response to whatever impact pricing increases take. So this, in our judgment is all part of a normal process of when pricing actions are taken.

所以這就是你所看到的一些東西，你回到了那些獨立事物之間更傳統的分裂。相對於 - 我引用了加利福尼亞州的話，其他一些州的情況有所不同。另一方面，得克薩斯州也是一個價格上漲後較為疲軟的市場，目前還沒有反彈。但同樣，這也不罕見。這與您在加利福尼亞州看到的渠道組合略有不同，在加利福尼亞州，您經常看到對價格上漲帶來的任何影響做出更快的反應。因此，根據我們的判斷，這都是採取定價行動的正常過程的一部分。

It takes a few months for it to all work its way through the system. Relative to the depletes, we don't have the final numbers in. As you would expect, we're only in day 5 of the new year and obviously, it included the new year, which makes the reporting a little bit behind. What I would say is that we're comfortable with where we think the summer is going to land. Otherwise, we wouldn't have raised our guidance.

它需要幾個月的時間才能通過系統完成所有工作。相對於耗盡，我們沒有最終數字。正如您所料，我們只是在新年的第 5 天，顯然，它包括新年，這使得報告有點落後。我要說的是，我們對我們認為夏天將要降落的地方感到滿意。否則，我們不會提高我們的指導。

Our next question is from Kaumil Gajrawala with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Kaumil Gajrawala。

Not to belabor the pricing conversation, but when you mentioned 2024 pricing to be more muted, could you maybe just talk a little bit more about what that means? And then Garth, when we think about the share price, not just the movement today but perhaps more recently and perhaps even the fact that it's been -- the share has been flat for a period of time. Does that change how you're thinking about share recalls?

不是為了討論定價對話，而是當你提到 2024 年的定價更加低調時，你能不能多談談這意味著什麼？然後是加思，當我們考慮股價時，不僅是今天的走勢，而且可能是最近的走勢，甚至可能是事實——股價在一段時間內持平。這會改變您對股票召回的看法嗎？

So relative to 2024 pricing, as we stated in the last quarterly call, we were going to go above what our expectations had been. And that reflects, obviously, in the October increase that has taken us above our traditional 1% to 2% guidelines. What we're suggesting relative to 2024 is that it's going to be much more in line with what our historical trend has been, which is 1% to 2%. We would not expect it to go beyond the top end of the range as we did in this particular year and late in this fiscal year.

因此，相對於 2024 年的定價，正如我們在上一個季度電話會議中所說的那樣，我們將超出我們的預期。顯然，這反映在 10 月份的漲幅中，我們已經超過了我們傳統的 1% 到 2% 的指導方針。我們相對於 2024 年的建議是，它將更加符合我們的歷史趨勢，即 1% 到 2%。我們預計它不會像我們在這一特定年份和本財年末所做的那樣超出範圍的上限。

Yes, Kaumil on the share repurchase, I just want to make sure it's clear that we haven't necessarily deprioritized share repurchase activity. As we mentioned, we have $1.2 billion worth of capacity under our current board authorization. In the near term, we think that it's more important to focus on getting our leverage ratio back down close to 3%. That being said, we do have the flexibility to be able to -- to take advantage of weakness in the marketplace, as we said in our prepared remarks and be opportunistic. So it's absolutely something that we have the flexibility and optionality to execute against.

是的，Kaumil 關於股票回購，我只是想確保我們沒有必要取消股票回購活動的優先級。正如我們提到的，根據我們目前的董事會授權，我們擁有價值 12 億美元的產能。在短期內，我們認為更重要的是集中精力讓我們的槓桿率回到接近 3% 的水平。話雖如此，正如我們在準備好的發言中所說的那樣，我們確實具有靈活性，能夠利用市場的疲軟並投機取巧。因此，這絕對是我們可以靈活和選擇性地執行的事情。

Our next question is from Bonnie Herzog with Goldman Sachs.

我們的下一個問題來自高盛的 Bonnie Herzog。

Just maybe first, a quick clarification on your pricing. I'm wondering if you're still expecting to be in your 2% to 3% pricing guidance range for the full year since I guess that would imply only around 1% pricing in Q4? And then, I guess, a question on your guidance, just in terms of your beer guidance, you raised your full year sales and op income growth, but it does imply shipments will be down maybe as much as high single digits in Q4. So I'm aware you're lapping the distributor inventory build from last year, but just trying to reconcile this with some of the key initiatives you have out such as the rollout of Modelo Oro that's shipping now. So maybe if you could touch on that? And then just finally, I wanted to clarify if you expect your full year shipments and depletions to be broadly in line with each other?

也許首先，快速澄清您的定價。我想知道你是否仍然期望全年的定價指導範圍在 2% 到 3% 之間，因為我猜這意味著第四季度的定價只有 1% 左右？然後，我想，一個關於你的指導的問題，就你的啤酒指導而言，你提高了全年的銷售額和營業收入增長，但這確實意味著第四季度的出貨量可能會下降高達個位數。所以我知道你正在處理去年的分銷商庫存構建，但只是試圖將其與你已經推出的一些關鍵舉措相協調，例如現在正在發貨的 Modelo Oro 的推出。那麼也許你能談談嗎？最後，我想澄清一下，您是否預計全年出貨量和消耗量大致一致？

Sure. We do expect to be slightly above our 2% to 3% that we quoted in the last quarter, when all is said and done for the year. We also -- you should also recognize that mix is going to be higher and in large part because of the significant increase in the Chelada business, which is mix accretive in the overall portfolio. Garth, do you want to touch on the other piece?

當然。我們確實預計會略高於我們在上一季度引用的 2% 至 3%，當今年一切都說完了。我們還——你還應該認識到，混合會更高，這在很大程度上是因為 Chelada 業務的顯著增長，這在整體投資組合中是混合增長的。 Garth，你想談談另一塊嗎？

Yes. Just in Q4, right? I mean as a reminder Bonnie, as we said throughout the year, you need to focus on sort of full year performance as that we're going to -- it was going to be sort of uneven or choppy results throughout the year, given the fact that we had the difficult overlaps as we were in the first half of last year dealing with some production-related issues in the second half of the year, we were building back inventories. So Q4 will certainly be muted this year versus what it was last year as last year was sort of artificially high due to that, those rebuilding efforts.

是的。就在第四季度，對吧？我的意思是提醒 Bonnie，正如我們全年所說的那樣，你需要像我們將要關注的那樣關注全年的表現——考慮到事實上，我們在去年上半年遇到了困難的重疊，在今年下半年處理了一些與生產相關的問題，我們正在建立庫存。因此，今年第四季度肯定會與去年相比有所減弱，因為去年的重建工作有點人為地高。

Our next question is from Dara Mohsenian with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Dara Mohsenian。

So I know we spent a lot of time on depletions already, but just a couple more specific follow-ups to drive a finer point on it. A, just as we think about the deceleration we've seen in nontrack channels, the untracked channels the last couple of quarters here. I wanted to get a little more detail on your perspective on what's occurring there. Is it more just look, there's less momentum from an on-premise recovery post-COVID as you cycle the more normalized post-COVID comps, might there be more of a macro slowdown on the untracked off-premise channels as theoretically volume shift to track channels in areas like Bodegas, et cetera, just sort of break down that nontracked channel mix a bit in terms of talking about on-premise versus the untracked off-premise so sort of extended a bit beyond the answer and maybe into the question?

所以我知道我們已經在耗盡上花費了很多時間，但只是進行了一些更具體的後續行動來推動更精細的觀點。答，正如我們考慮在非跟踪渠道中看到的減速一樣，這裡是過去幾個季度的非跟踪渠道。我想更詳細地了解您對那裡發生的事情的看法。只是看一下，當您循環更規範化的 COVID 後組合時，COVID 後內部部署恢復的勢頭較小，理論上未跟踪的場外渠道可能會出現更大的宏觀放緩，因為理論上音量轉移到跟踪Bodegas 等地區的渠道，只是在談論內部部署與未跟踪的外部部署方面稍微打破了非跟踪渠道的混合，所以有點超出了答案，可能進入了問題？

And then Modelo does look like it's disproportionately slowed. Just to check on that, it seems like your mindset is more that it's related to some of the weakness in California, some of the pricing impact, less sort of more temporary factors. Is any of that sort of related to more longer-term factors? Maybe it's at a much larger base and you're having -- you're not going to see as much growth? How do you sort of think about the Modelo brand and its performance recently?

然後 Modelo 看起來確實慢得不成比例。只是檢查一下，您的心態似乎更多地與加利福尼亞的一些弱點、一些定價影響有關，而不是一些更暫時的因素。這些是否與更長期的因素有關？也許它的基數要大得多，而且你有——你不會看到那麼多的增長？您如何看待 Modelo 品牌及其最近的表現？

And then last, sorry for the multipart question, but price/mix was obviously very strong in the quarter. Some of that is higher year-over-year pricing. But presumably, some of that is mix also. So are you seeing a big shift to smaller packages, might that also be part of the reason for some of the depletion weakness. So I just wanted to get a little more clarity on those points as it related to depletions?

最後，對於多部分問題感到抱歉，但本季度的價格/組合顯然非常強勁。其中一些是較高的同比定價。但據推測，其中一些也是混合的。那麼你是否看到了向更小包裝的重大轉變，這可能也是一些耗盡弱點的部分原因。所以我只是想更清楚地了解與耗盡有關的那些要點？

Sure. Let's try to tackle those one at a time. Relative to Modelo, well, importantly, we are still seeing share gains in our 5 biggest markets. I think that's really important. But we're seeing several times those gains in the other markets with track channels, which we see as we've said many times before, a tremendous upside opportunity, this brand is still under shared, if you will, in terms of its household penetration compared to Corona Extra as an example. So there's just a lot of runway for growth for Modelo, and we remain very, very comfortable and confident in that brand's ability to continue to accelerate.

當然。讓我們嘗試一次解決這些問題。相對於 Modelo，嗯，重要的是，我們仍然看到我們 5 個最大市場的份額增長。我認為這非常重要。但我們看到其他市場的收益是軌道渠道的好幾倍，正如我們之前多次說過的那樣，這是一個巨大的上昇機會，如果你願意的話，就其家庭而言，這個品牌的份額仍然不足以與 Corona Extra 相比的穿透力為例。因此，Modelo 的增長空間很大，我們對該品牌繼續加速發展的能力仍然非常、非常滿意和充滿信心。

Relative to the nontracked channels, we have continued to see on-premise get closer to where it had been, but it's still not quite to where it was before the pandemic, one. Two, it always takes a bit more time in some of the smaller Bodega style nontrack channels for pricing actions to work their way through. We've seen that happen before. And obviously, when you include and talk about the state of California, which is our single biggest share market, I'll remind you that Modelo Especial is bigger than Coors Light, Miller Light, Bud Light combined.

相對於非跟踪渠道，我們繼續看到內部部署更接近以前的水平，但仍然沒有達到大流行之前的水平。第二，在一些較小的 Bodega 風格的非軌道渠道中，定價行動總是需要更多的時間才能完成。我們以前見過這種情況。顯然，當你包括並談論我們最大的單一股票市場加利福尼亞州時，我會提醒你，Modelo Especial 比 Coors Light、Miller Light、Bud Light 的總和還要大。

When you see some of that happen it has a disproportionate impact in the short term until the pricing scenario plays itself through. So we don't believe this is any long-term trend issues. And our confidence in that is bolstered by the fact that as I stated earlier to one of the earlier questions, that we saw a very strong rebound in the State of California during December.

當你看到其中一些發生時，它會在短期內產生不成比例的影響，直到定價方案自行完成。所以我們不認為這是任何長期趨勢問題。正如我之前對一個較早的問題所說的那樣，我們在 12 月份看到加利福尼亞州出現了非常強勁的反彈，這一事實增強了我們對此的信心。

Relative to price mix, a piece of that -- by the way, I should also mention, the #1 share gainer in the State of California in the last 4 weeks happen to be Pacifico. I think that also speaks to the strength of our portfolio. Our portfolio is not a one-trick pony. We have a very strong place in the Corona brand, and the Modelo brand as well as Pacifico, all of which I think is very positive. Relative to the price mix question, right? We are seeing mix benefits.

相對於價格組合，順便說一句，我還應該提到，過去 4 週加利福尼亞州排名第一的股票漲幅恰好是 Pacifico。我認為這也說明了我們投資組合的實力。我們的投資組合不是只會一招的小馬。我們在 Corona 品牌、Modelo 品牌以及 Pacifico 中佔有非常重要的地位，我認為所有這些都是非常積極的。相對於價格組合問題，對吧？我們看到了混合效益。

Some of that, as I stated just a moment ago is related to Chelada, given how big and important Chelada has gotten to be, that is mix accretive to our overall business. And therefore, the 40-plus percent growth profile that you see from that particular subsegment of Modelo does add significantly to the mix benefit that you observed.

正如我剛才所說，其中一些與 Chelada 相關，鑑於 Chelada 已經變得有多大和重要，這對我們的整體業務有混合增值作用。因此，您從 Modelo 的特定子細分市場看到的 40% 以上的增長情況確實顯著增加了您觀察到的混合收益。

Our next question is from Kevin Grundy with Jefferies.

我們的下一個問題來自 Jefferies 的 Kevin Grundy。

So my question relates to trade down in the category over the next 12 months, given the sort of obvious element in the room with the macro factors. And I wanted to tie that in your level of confidence on -- in your beer segment. So we are seeing trade down like we see it in the Nielsen data for economy beers, which, of course, have been donating share for a long period of time.

所以我的問題與未來 12 個月內該類別的交易有關，考慮到宏觀因素在房間中的那種明顯因素。我想將其與您對啤酒領域的信心水平聯繫起來。因此，我們看到貿易下降，就像我們在尼爾森經濟啤酒數據中看到的那樣，當然，經濟啤酒長期以來一直在捐贈份額。

So Bill, how concerning is that when we look at trade down behavior and we've seen it in past recessions as well. I just want to see how that's sort of in forming the view. And I think relatedly, just given some of the concern that's out there in the market today, I think folks would be very keen on hearing your level of confidence, I guess, in your intermediate term, high single-digit growth outlook for the beer business. The color you guys gave on margins was certainly helpful. And it looks like you're taking a conservative tack there. Is it reasonable to take a sort of similarly conservative tack in your outlook for top line growth in the beer segment looking out to next year as well?

所以比爾，當我們觀察貿易下降行為時，我們在過去的經濟衰退中也看到過這種情況，這有多令人擔憂。我只是想看看這是如何形成觀點的。我認為與此相關的是，考慮到當今市場上存在的一些擔憂，我認為人們會非常熱衷於聽到你的信心水平，我想，在你的中期，啤酒的高個位數增長前景商業。你們給邊緣的顏色肯定有幫助。看起來你在那裡採取了保守的策略。在展望明年的啤酒領域的收入增長前景中採取類似的保守策略是否合理？

Sure. I'll go backwards there on that. Hopefully, I won't miss anything. We maintain our continuing expectation of our medium-term guidance that we've said before, we don't think there's any radical change to where that has been. And as you know, we've often beaten that in the past. Relative to trade down, we'd obviously watch this carefully. We are very fortunate in the alcohol beverage business that we tend to be recession-resistant, doesn't mean that there's no impact that we are -- it is certainly resistant.

當然。我會在那兒倒退。希望我不會錯過任何東西。我們維持對我們之前所說的中期指導的持續期望，我們認為這不會有任何根本性的變化。如您所知，我們過去經常擊敗它。相對於向下交易，我們顯然會仔細觀察。我們在酒精飲料行業非常幸運，我們傾向於抗衰退，但這並不意味著我們沒有影響——它肯定是抗衰退的。

The interesting thing that's occurred at this particular time is we've seen variable trade down at our price points. It doesn't mean -- you're correct, there has been trade down, but it has tended to be from price points below us going even lower rather than trade down from our brands which I think speaks very strongly to this year's strength of those brands. We have seen some trading around within our brands.

在這個特定時間發生的有趣的事情是我們已經看到可變交易在我們的價格點下降。這並不意味著——你是對的，已經出現了降價，但它往往是從低於我們的價格點開始變得更低，而不是從我們的品牌降價，我認為這非常有力地說明了今年的實力那些品牌。我們已經看到一些品牌內部的交易。

I know -- as I said a moment ago, the Pacifico scenario in the state of California is spectacular. And I think is reflective of the growth potential for that business but it also reflected some trading around within our portfolio that occurred. So we are less concerned. We also keep our eye on it. We are less concerned about trade down from our price points. And remember, we are continuing to market these brands in the same way that we have historically. Our share of voice at the consumer level has never been higher. And I think that's important as well. We continue to invest behind our brands to support those in the eye and the mind of the consumer. And I think that's going to be critically important during a time when there could be some trade down lower in the category.

我知道——正如我剛才所說，加利福尼亞州的 Pacifico 情景非常壯觀。我認為這反映了該業務的增長潛力，但也反映了我們投資組合中發生的一些交易。所以我們不太關心。我們也對此保持關注。我們不太關心從我們的價格點進行交易。請記住，我們將繼續以與以往相同的方式營銷這些品牌。我們在消費者層面的話語權從未如此之高。我認為這也很重要。我們繼續投資於我們的品牌，以支持消費者眼中和心目中的品牌。而且我認為，在該類別中可能會有一些交易下降的時候，這將是至關重要的。

Our next question is from Andrew Strelzik with BMO.

我們的下一個問題來自 BMO 的 Andrew Strelzik。

First, I'll follow up quickly and then another question. The follow-up is on pricing again. I'm just curious, obviously recognizing that you're making some of the commentary about '24 being a bit more muted, while you're seeing some volatility in the depletion trends. So can you just talk about how you'll be approaching that or what you'll be watching as you move through the year potential flexibility there, things maybe holding a little bit better? And then the other question is just on product innovation, which you mentioned all the growth that's been driven by product innovation in the last several years. How does the innovation pipeline look now versus the last several years? Are you -- where are you seeing kind of the biggest opportunities or where is the focus? And is that more or less relevant in this consumer environment?

首先，我會快速跟進，然後是另一個問題。後續又要談定價了。我只是很好奇，顯然認識到你正在發表一些關於 24 年更加低調的評論，同時你看到了消耗趨勢的一些波動。那麼，您能否談談您將如何實現這一點，或者在您度過這一年的潛在靈活性時您將看到什麼，情況可能會好一些？然後另一個問題只是關於產品創新，你提到了過去幾年產品創新推動的所有增長。與過去幾年相比，現在的創新渠道如何？你是——你在哪裡看到了最大的機會或者重點在哪裡？在這種消費環境中，這或多或少是相關的嗎？

So relative to pricing, Andrew, we believe we're going to be more -- we took more price now in October which will inherently have some rollover benefit within the P&L. But relative to new pricing taken in next fiscal year, we expect them to be back in that 1% to 2% range that we have consistently delivered. We think that's important, especially in an environment where the consumer is overly sensitive to pricing actions.

因此，相對於定價，安德魯，我們相信我們會更多——我們在 10 月份採取了更多的價格，這在損益表中自然會有一些展期收益。但相對於下一財年採取的新定價，我們預計它們將回到我們一直交付的 1% 至 2% 的範圍內。我們認為這很重要，尤其是在消費者對定價行為過於敏感的環境中。

We're in an inflationary environment across all areas in the consumer space. And our view is we need to be careful in balancing our growth profile with our pricing profile. And we're going to continue that thought and approach going forward because we think it's in the best long-term interest of our brands.

我們在消費領域的所有領域都處於通貨膨脹環境中。我們的觀點是，我們需要謹慎平衡我們的增長狀況與我們的定價狀況。我們將繼續這種想法和方法，因為我們認為這符合我們品牌的最佳長期利益。

Innovation is going to continue to be an important part of what we do. As you know, we're very excited about the launch here in March of Modelo Oro. Certainly, the Chelada business continues to be one of our great growth drivers. And many of those things, as I noted in my prepared remarks, are products that are relatively new. As you probably know, this fiscal year, we added a 12 pack, we added 12 ounce. We're putting a variety pack in. That's been very successful also. So we're reaching more consumers and more consumer occasions than what we have done. And therefore, we continue to expect innovation to be an ongoing part of our success, same through the wine business.

創新將繼續成為我們工作的重要組成部分。如您所知，我們對 Modelo Oro 於 3 月在這裡的發布感到非常興奮。當然，Chelada 業務仍然是我們巨大的增長動力之一。正如我在準備好的評論中指出的那樣，其中許多都是相對較新的產品。您可能知道，本財政年度，我們增加了 12 包，我們增加了 12 盎司。我們正在放入各種包裝。這也非常成功。因此，與我們所做的相比，我們正在接觸更多的消費者和更多的消費場合。因此，我們繼續期望創新成為我們成功的持續組成部分，同樣通過葡萄酒業務。

You saw that with things like Unshackled with things like our Red Blend in Meiomi. You saw that with Illuminate, with Kim Crawford. We're -- and innovation has been a strength of our companies and that we can put outstanding liquids in the bottle or can as the case may be and continue to do so, and we think that's going to be an important part together with our core organic growth of our growth profile going forward.

你在 Meiomi 中看到了 Unshackled 和我們的 Red Blend 之類的東西。你在 Illuminate 和 Kim Crawford 身上看到了這一點。我們 - 創新一直是我們公司的優勢，我們可以將出色的液體放入瓶中或罐中，視情況而定，並繼續這樣做，我們認為這將成為我們的重要組成部分我們未來增長前景的核心有機增長。

Our next question is from Chris Carey with Wells Fargo.

我們的下一個問題來自富國銀行的 Chris Carey。

So I'm just trying to get a little bit more comfort with the outlook on beer operating margins for next year. If I just take this concept of muted pricing and high single-digit inflation, I'm coming up with a little bit of operating margin compression, right, and maybe modest operating income growth in beer next year.

因此，我只是想對明年啤酒營業利潤率的前景更加放心。如果我只是採用這種低定價和高個位數通貨膨脹率的概念，我就會想到營業利潤率會有所壓縮，對吧，明年啤酒的營業收入可能會適度增長。

And so I'm just wondering if that logic is sound or whether there are other things going on here like incremental savings programs for less spending elsewhere, which gets you to, I think, what you're implying is operating margins are flat, and if not, I just wonder if there's a more important revision of estimates that's required here, so thanks for any clarification on that? And any help you can provide on the bridge math.

所以我只是想知道這個邏輯是否合理，或者這裡是否還有其他事情正在發生，比如減少其他地方支出的增量儲蓄計劃，這讓你明白，我認為，你的意思是營業利潤率持平，並且如果沒有，我只是想知道這裡是否需要對估計進行更重要的修訂，所以感謝您對此的任何澄清？以及您可以在橋樑數學方面提供的任何幫助。

Yes, Chris, thanks for the question. Look I think it's important to note that we will continue to deliver best-in-class operating margins, both this year and next year. As we said during the call, we're in the process right now of going through our annual planning review. And so we'll have a lot more detail to share on this with our Q4 earnings release and outlook for FY 2024. That being said, we did want to use today to acknowledge that next year's margin profile is going to be more in line with this year's margin profile for all the reasons that we discussed. Certainly, inflation continues to be enduring, and it's lasted longer than anyone had expected.

是的，克里斯，謝謝你的提問。看，我認為重要的是要注意，我們將在今年和明年繼續提供一流的營業利潤率。正如我們在電話會議中所說，我們現在正在進行年度計劃審查。因此，我們將在第四季度收益發布和 2024 財年展望中分享更多細節。話雖如此，我們確實想利用今天來承認明年的利潤率狀況將更符合由於我們討論的所有原因，今年的利潤率概況。當然，通貨膨脹將繼續持續，而且持續時間比任何人預期的都要長。

And as we noted, many of our costs are contractual in nature, and those contracts when they get renegotiated, they get renegotiated at sort of the then inflation rate, not necessarily what the outlook for the year is. And we're going through that process again right now. So we'll have more clarity around where we land on those as we go through the next several weeks and months. We've talked about hedges in commodities, and commodities coming off their highs, but certainly, they certainly haven't reverted yet to where they were pre-pandemic, so they will continue to be a bit of a headwind for us next year.

正如我們所指出的，我們的許多成本本質上都是合同性質的，而這些合同在重新談判時，會以當時的通貨膨脹率進行重新談判，而不一定是當年的前景。我們現在正在再次經歷這個過程。因此，在接下來的幾周和幾個月裡，我們將更加清楚我們在這些方面的著陸點。我們已經談到了商品的對沖，以及商品從高位回落，但可以肯定的是，它們肯定還沒有回到大流行前的水平，所以明年它們將繼續對我們構成一些不利因素。

Depreciation will also be a bit of a headwind next year for us as we lay around the incremental CapEx that I referenced to Lauren's question, we will -- we do expect to go live with our ABA capacity expansion at Nava as well as that incremental capacity at Obregon. What's the impact to that depreciation on, again, we'll know better about that in the next few months because that's all dependent upon when assets are put into service.

明年對我們來說，折舊也會有點不利，因為我們圍繞著我提到的 Lauren 問題的增量資本支出，我們將 - 我們確實希望在 Nava 實現 ABA 產能擴張以及增量產能在奧夫雷貢。再次，我們將在未來幾個月內更好地了解折舊的影響，因為這完全取決於資產何時投入使用。

And then as you know, pricing will be a bit more muted. Again, we're still going to be within our 1% to 2% algorithm. We just won't be above 2%, like we have been not just this fiscal year but last fiscal year as well. And so those will be some of the headwinds. And again, we always have tailwinds for as well. The continued momentum of the brands, right? We'll continue to -- the brands will continue to grow and drive efficiencies, and we always have a robust set of cost savings initiatives that we will avail ourselves up. And again, we'll have more detail around what -- how each of those impact margins for FY '24 as we release our FY '23 annual results, but we wanted to acknowledge that on this call.

然後如您所知，定價會更加低調。同樣，我們仍然會在 1% 到 2% 的算法範圍內。我們只是不會超過 2%，就像我們不僅在本財年而且在上一財年也是如此。因此，這些將是一些不利因素。再一次，我們也總是有順風。品牌的持續發展勢頭，對嗎？我們將繼續 - 品牌將繼續增長並提高效率，並且我們始終擁有一套強大的成本節約計劃，我們將利用這些計劃。再一次，我們將在發布 23 財年年度業績時詳細介紹這些內容如何影響 24 財年的利潤率，但我們想在這次電話會議上承認這一點。

Our next question is from Bryan Spillane with Bank of America.

我們的下一個問題來自美國銀行的 Bryan Spillane。

Just one quick one for me. Garth, I guess while we're talking about '24 there's a $26 million, I guess, gross contribution after marketing hit from the Wine & Spirits divestitures that affected fiscal '23. So does any of that spill into fiscal '24? Or are there still I guess drags from divestitures that we should be thinking about as we're just polishing up our '24 model today?

對我來說只是一個快速的。 Garth，我想當我們談論 24 年時，我猜在 Wine & Spirits 資產剝離影響 23 財年的營銷打擊後，總貢獻為 2600 萬美元。那麼，這是否會影響到 24 財年？或者，我猜在我們今天剛剛完善我們的 24 模型時，是否還有我們應該考慮的資產剝離拖累？

There won't be any more necessarily more drags per se from that, as the cost will come out. I won't say that the impact that you'll have is that there will just be a comparability issued for the first sort of 3 quarters of the year, but no further drag as we move into the year.

這本身不會再有更多的拖累，因為成本會出來。我不會說你會產生的影響是今年前 3 個季度只會發布可比性，但隨著我們進入今年，不會有進一步的拖累。

And our final question comes from Vivien Azer with Cowen and Company.

我們的最後一個問題來自 Cowen and Company 的 Vivien Azer。

I was hoping we could pivot to the wine segment, given the conversations around down trading in beer Bill, I was hoping to get some perspective on what you guys think you're seeing in wine, the Nielsen data would suggest that there is down trading there? And if you could just remind us, given all of the divestitures that you guys have done, what percentage of your wine revenues are coming from $20 and above?

我希望我們可以轉向葡萄酒領域，鑑於圍繞啤酒比爾交易的談話，我希望對你們認為你在葡萄酒中看到的東西有一些看法，尼爾森數據表明存在交易那裡？如果你能提醒我們，考慮到你們所做的所有資產剝離，你們的葡萄酒收入中有多少來自 20 美元及以上？

Sure, you bet Vivien. We have seen some more trading down in the wine business in the fact that private label has been tending to outpace branded sales by roughly 2.1 points in the last 12 weeks. So that has had some impact. What's interesting is you get a bit of a, I would say, a buying model scenario, meaning you're seeing some trade down at sort of mid- to lower price points. And then you're doing fine if you get into higher price points and a little bit in the middle has been a little shaky is some of what we're seeing. So -- which is a little different than what you have seen historically in these particular environments. As I said in my prepared remarks, there's been a pretty radical change in the amount of our business in the premium sector.

當然，你打賭薇薇安。事實上，在過去 12 週內，自有品牌的銷售額往往比品牌銷售額高出約 2.1 個百分點，因此我們看到葡萄酒業務的交易量有所下降。所以這產生了一些影響。有趣的是，我會說，你會遇到一些購買模型場景，這意味著你會看到一些交易價格處於中低價位。然後，如果你進入更高的價格點，你就做得很好，而中間的一點點有點不穩定，這是我們所看到的。所以 - 這與您在這些特定環境中看到的歷史略有不同。正如我在準備好的發言中所說，我們在高端行業的業務量發生了相當大的變化。

I would -- I didn't categorize it as $20. But we're well over 60% of our total business now occurring in the premium and fine wine sector, which was 34% just a few years ago. So we're seeing a pretty radical move within our business as we thought what if we reshape the portfolio because over the long term that's where the consumer is going. And we believe that's not only where there's better profitability but there's better growth as well. So we believe the work that we've done is bearing fruit, and I think it plays itself out in terms of the growth profile of some of our higher end and critical brands.

我會——我沒有將它歸類為 20 美元。但我們現在超過 60% 的總業務發生在優質和精品葡萄酒領域，而幾年前這一比例僅為 34%。因此，我們看到我們的業務發生了相當大的變化，因為我們認為如果我們重塑投資組合會怎樣，因為從長遠來看，這就是消費者的去向。我們相信這不僅是盈利能力更好的地方，也是增長更好的地方。因此，我們相信我們所做的工作正在取得成果，而且我認為它在我們一些高端和關鍵品牌的增長狀況方面發揮了作用。

We have reached the end of the question-and-answer session. I'd now like to turn the call back over to Bill Newlands for closing remarks.

我們已經結束了問答環節。我現在想把電話轉回 Bill Newlands 以作結束語。

Thank you, Rob. Despite the ongoing inflationary headwinds affecting the concern in our business over the last 3 quarters, we're on track to deliver another strong year of growth and remain well placed to further build on the solid track record we have established against advancing our long-term strategic initiatives for nearly 4 years now.

謝謝你，羅布。儘管在過去 3 個季度中持續的通貨膨脹逆風影響了我們對業務的擔憂，但我們有望實現又一個強勁的增長年，並且仍然有能力進一步鞏固我們為推進長期發展而建立的穩固業績記錄近 4 年的戰略舉措。

Our beer business continues to lead in share gains, growth and margins and we're confident in our ability to capture the significant opportunities we still see for our core and our next wave brands.

我們的啤酒業務在份額增長、增長和利潤率方面繼續領先，我們有信心抓住我們仍然看到的核心和下一波品牌的重大機遇。

Our Wine & Spirits premiumization strategy continues to gain momentum as well advancing our higher-end brands, DTC channels and international footprint, all yielding noticeable results. Lastly, the performance of our businesses, coupled with our disciplined and balanced capital allocation priorities has allowed us to maintain our investment-grade rating, surpass our cash returns goal, grow our beer production capacity and execute small growth accretive M&A.

我們的葡萄酒和烈酒高端化戰略繼續獲得動力，並推進我們的高端品牌、DTC 渠道和國際足跡，所有這些都取得了顯著的成果。最後，我們的業務表現，加上我們有紀律和平衡的資本分配優先事項，使我們能夠維持我們的投資等級評級，超過我們的現金回報目標，提高我們的啤酒生產能力並執行小幅增長的增值併購。

With all that said, let me reiterate, looking ahead, we remain committed and believe we now have an even stronger foundation to deliver sustainable growth and value creation for our shareholders. Thanks for everyone for joining the call, and I wish you a happy, safe and healthy new year.

儘管如此，讓我重申，展望未來，我們仍然致力於並相信我們現在擁有更強大的基礎來為我們的股東實現可持續增長和價值創造。感謝大家加入電話會議，祝大家新年快樂、平安健康。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。您此時可以斷開線路，我們感謝您的參與。