Constellation Brands Inc (STZ) 2023 Q4 法說會逐字稿

Greetings, and welcome to the Constellation Brands' Fourth Quarter and Full Year 2023 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the call over to Joe Suarez, Vice President of Investor Relations. Thank you. You may begin.

您好，歡迎來到 Constellation Brands 的第四季度和 2023 年全年收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。我現在想把電話轉給投資者關係副總裁 Joe Suarez。謝謝。你可以開始了。

Thank you, Darryl. Good morning, all, and welcome to Constellation Brands' Year-End Fiscal 2023 Conference Call. I'm here this morning with Bill Newlands, our CEO; and Garth Hankinson, our CFO. As a reminder, reconciliations between the most directly comparable GAAP 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.

謝謝你，達里爾。大家早上好，歡迎來到 Constellation Brands 的 2023 財年年終電話會議。今天早上我和我們的首席執行官 Bill Newlands 一起來到這裡；和我們的首席財務官 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。

Please refer to the news release and Constellation's SEC filings for risk factors, which may impact forward-looking statements made on this call. Following the call, we will also be making available in the Investors section of our company's website a series of slides with key highlights of the prepared remarks shared by Bill and Garth in today's call.

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。電話會議結束後，我們還將在我們公司網站的“投資者”部分提供一系列幻燈片，其中重點介紹了比爾和加思在今天的電話會議上分享的準備好的言論。

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

在將電話轉給 Bill 之前，與前幾個季度一樣，我想要求我們將每個人限制為每人一個問題，這將有助於我們按時結束電話。提前致謝。現在比爾來了。

Thank you, Joe, and good morning, everyone. I'm pleased to report that our team delivered another solid year of performance in fiscal '23, driving a 7% increase in net sales and a 3% increase in comparable operating income, despite elevated inflationary headwinds faced throughout the year. We delivered record net sales and comparable operating income of $9.5 billion and $3 billion, respectively. We were recognized as the #1 growth leader among large CPG companies by IRI and Boston Consulting Group in calendar year '22. And we are the only CPG company of scale in recent times to make their top 10 ranking for 10 consecutive years.

謝謝你，喬，大家早上好。我很高興地報告，儘管全年面臨通脹逆風，但我們的團隊在 23 財年又取得了穩健的業績，推動淨銷售額增長 7%，可比營業收入增長 3%。我們實現了創紀錄的淨銷售額和可比營業收入，分別為 95 億美元和 30 億美元。在 22 日曆年，我們被 IRI 和波士頓諮詢集團評為大型 CPG 公司中排名第一的增長領導者。我們是近期唯一一家連續 10 年進入前 10 名的具有規模的 CPG 公司。

Our performance was pivot by strong execution of our strategy, which centers on continuing to build powerful brands that people love, to introduce consumer-led innovations that address emerging trends and consistently shape our portfolio for profitable growth, to deploy capital with discipline while balancing priorities and operate in a way that is both good for business and good for the world.

我們業績的關鍵在於我們戰略的強有力執行，該戰略的核心是繼續打造人們喜愛的強大品牌，引入以消費者為主導的創新以應對新興趨勢並持續塑造我們的產品組合以實現盈利增長，在平衡優先事項的同時有紀律地部署資本以既有利於商業也有利於世界的方式經營。

Here's how each of our segments delivered against each of these objectives in fiscal '23. Our beer business delivered another year of double-digit net sales growth, and its 13th consecutive year of shipment volume growth, while maintaining best-in-class margins. We extended our lead as the #1 high-end beer supplier in the U.S. and as the leading share gainer in IRI channels with a 12% increase in dollar sales. We increased depletions by nearly 27 million cases and delivered net sales and operating income growth, well above the initial top end of our guidance range.

以下是我們的每個部門在 23 財年如何實現這些目標的。我們的啤酒業務又實現了兩位數的淨銷售額增長，並連續第 13 年實現出貨量增長，同時保持了同類最佳的利潤率。我們擴大了我們作為美國第一大高端啤酒供應商的領先地位，並以美元銷售額增長了 12%，成為 IRI 渠道中領先的份額獲得者。我們將消耗量增加了近 2700 萬箱，並實現了淨銷售額和營業收入增長，遠高於我們指導範圍的初始上限。

We continue to build momentum for our anchor brands. Modelo Especial maintained its position as the top share gainer and the #1 high-end beer brand in the category, increasing depletions by 9%. Corona Extra was the third largest share gainer and the #3 high-end beer brand in the category, increasing depletions by nearly 4%, and Pacifico gained significant momentum as a top 10 share gainer in tracked channels, delivering depletion growth of over 30%. Several consumer-led innovations within our Modelo Chelada franchise served as growth catalysts in fiscal '23. Naranja Picosa flavor, a new variety pack added over 1.6 million new cases of depletions to our Chelada brands.

我們繼續為我們的主力品牌打造動力。 Modelo Especial 保持了其在該類別中份額增長最快和排名第一的高端啤酒品牌的地位，消耗量增加了 9%。 Corona Extra 是該類別中第三大份額增長者和第三大高端啤酒品牌，消耗量增加了近 4%，而 Pacifico 在跟踪渠道中成為前 10 名份額增長者的勢頭強勁，消耗量增長超過 30% .我們的 Modelo Chelada 特許經營權中的幾項以消費者為主導的創新在 23 財年起到了增長催化劑的作用。 Naranja Picosa 風味，一種新的品種包裝，為我們的 Chelada 品牌增加了超過 160 萬箱新的消耗品。

Our new Limón y Sal 12-ounce, 12-pack helped to more than doubled to depletions of that flavor to over 5.6 million cases. And in tracked channels, the Limón y Sal 12-pack was a top 15 new package SKU and the variety pack of top 10 new brands. We continue to invest in our beer business, deploying over $800 million in capital investments in fiscal '23, which supported the ongoing expansions of our growing capacity at Obregon, the continued development of our new ABA alcohol production line in Nava, and the early stage work at our new site in Veracruz.

我們新推出的 Limón y Sal 12 盎司 12 包幫助該口味的消耗量增加了一倍以上，達到超過 560 萬箱。在跟踪渠道中，Limón y Sal 12 件裝是排名前 15 位的新包裝 SKU 和排名前 10 位新品牌的綜合裝。我們繼續投資於我們的啤酒業務，在 23 財年部署了超過 8 億美元的資本投資，這支持了我們在 Obregon 不斷增長的產能的持續擴張、我們在 Nava 的新 ABA 酒精生產線的持續發展，以及早期階段在我們位於韋拉克魯斯的新站點工作。

As part of our commitment to water stewardship, we recently worked with local efficients and water authorities to complete a project that updated water infrastructure in the city of Zaragoza near Nava facility, which improved water accessibility for most of the families in this town that is approximately 13,000 people. This is just one of the number of efforts we have underway in Mexico as part of our water stewardship commitment. As we look to fiscal '24, we will continue to prioritize investments against our core brands in Modelo Especial, Corona Extra and Pacifico.

作為我們對水資源管理承諾的一部分，我們最近與當地的效率部門和水務部門合作完成了一個項目，該項目更新了薩拉戈薩市納瓦設施附近的水資源基礎設施，改善了該鎮大多數家庭的水資源供應，大約13,000 人。作為水資源管理承諾的一部分，這只是我們在墨西哥正在進行的眾多努力之一。展望 24 財年，我們將繼續優先投資我們在 Modelo Especial、Corona Extra 和 Pacifico 的核心品牌。

We believe that the fundamental growth drivers for these brands, including awareness, distribution and demographic upside opportunities, remain as strong as ever. We're excited about several consumer-led innovations that are currently hitting the market, including Modelo Oro, which exceeded both external and internal benchmarks in 3 test markets where we trialed it last fiscal year and Corona non-alcoholic, which addresses the rapidly growing betterment trends. We'll also continue to build momentum for our Chelada franchise with the introduction of a second 12-ounce 12-pack for our best-selling traditional Chelada flavor and with the new spicy watermelon flavor, Sandia Picante, and we'll continue to deploying capital to enhance our growing capacity to meet the anticipated continuing robust demand for our products, both near and long term. Shifting gears. Our Wine & Spirits business has transformed from a U.S. wholesale business, mainly serving the mainstream segment to a global omnichannel competitor with a higher-end focused portfolio. And this strategy is working as the strength of our higher-end brands supported our outperformance against the broader market. While lower demand for our mainstream brands drove a 2.1% volume decline for our Wine & Spirits portfolio and IRI channels, we outperformed the 2.6% volume decline for the combined U.S. Wine & Spirits categories in fiscal '23.

我們相信，這些品牌的基本增長動力，包括知名度、分銷和人口增長機會，一如既往地強勁。我們對目前正在投放市場的幾項以消費者為主導的創新感到興奮，包括 Modelo Oro，它在我們上一財年試用的 3 個測試市場中超過了外部和內部基準，以及 Corona non-alcoholic，它解決了快速增長的問題改善趨勢。我們還將繼續為我們的 Chelada 特許經營建立勢頭，為我們最暢銷的傳統 Chelada 風味推出第二個 12 盎司 12 包和新的辛辣西瓜風味 Sandia Picante，我們將繼續部署資本以增強我們不斷增長的能力，以滿足近期和長期對我們產品的預期持續強勁需求。換檔。我們的葡萄酒和烈酒業務已經從主要服務於主流市場的美國批發業務轉變為專注於高端產品組合的全球全渠道競爭者。這一戰略正在發揮作用，因為我們高端品牌的實力支持我們超越大盤的表現。雖然對我們主流品牌的需求下降導致我們的葡萄酒和烈酒產品組合和 IRI 渠道的銷量下降了 2.1%，但我們在 23 財年的表現超過了美國葡萄酒和烈酒類別合併後 2.6% 的銷量下降。

We continue to focus on the growth of our consumer preferred higher-end brands within our portfolio. Our Aspira portfolio, which includes our Fine Wine and Craft Spirits brands, delivered double-digit shipment growth. In addition, it significantly outpaced the Fine Wine and Craft Spirits segment, led by The Prisoner Wine Company, which delivered depletion growth approaching 10% and our Craft Spirits portfolio, which achieved depletions growth approaching 29% in U.S. wholesale.

我們繼續專注於我們產品組合中消費者偏愛的高端品牌的增長。我們的 Aspira 產品組合（包括我們的優質葡萄酒和精釀烈酒品牌）實現了兩位數的出貨量增長。此外，它顯著超過了由 The Prisoner Wine Company 領導的優質葡萄酒和工藝烈酒細分市場，後者的消耗增長接近 10%，而我們的 Craft Spirits 產品組合在美國批發市場的消耗增長接近 29%。

In addition, these brands delivered exciting consumer-led innovations such as The Prisoner's Blindfold Blanc de Noir, Casa Noble Ultra Premium Marques Tequila and our Mi Campo ready-to-drink cocktails, which are still in early stages of their life cycles, but are contributing to our expanded presence in higher end of the market. Meanwhile, our Ignite portfolio continued to drive the momentum of our premium brands such as Meiomi and Kim Crawford, which delivered depletion growth of 5% and 7%, respectively, both gaining share in their respective segments.

此外，這些品牌還推出了令人興奮的以消費者為主導的創新產品，例如 The Prisoner's Blindfold Blanc de Noir、Casa Noble Ultra Premium Marques Tequila 和我們的 Mi Campo 即飲雞尾酒，這些產品仍處於其生命週期的早期階段，但有助於我們擴大在高端市場的影響力。與此同時，我們的 Ignite 產品組合繼續推動我們高端品牌的發展勢頭，例如 Meiomi 和 Kim Crawford，這兩個品牌分別實現了 5% 和 7% 的消耗增長，並在各自的細分市場中獲得了份額。

We continue to complement the growth of our core premium products with innovations that broaden the offerings of these consumer preferred brands. As an example, Meiomi's new Red Blend remains the #2 wine SKU since its launch and Kim Crawford's Prosecco was the #2 new wine brand. Within our Ignite portfolio, the performance of our higher-end premium brands was offset by our remaining mainstream Wine & Spirits brands, namely Woodbridge and SVEDKA which experienced declines versus the market in the U.S. We continue to focus on stabilizing and revitalizing these brands. To further support our strategy to reshape our Wine & Spirits portfolio to the higher end, we divested several residual mainstream brands and acquired a smaller, higher-end wine brand and a ready-to-drink cocktail brand.

我們繼續通過創新來補充我們核心優質產品的增長，這些創新擴大了這些消費者首選品牌的產品範圍。例如，Meiomi 的新 Red Blend 自推出以來一直是排名第二的葡萄酒 SKU，而 Kim Crawford 的 Prosecco 是排名第二的新葡萄酒品牌。在我們的 Ignite 產品組合中，我們高端優質品牌的表現被我們其餘的主流葡萄酒和烈酒品牌所抵消，即 Woodbridge 和 SVEDKA 與美國市場相比經歷了下滑。我們繼續專注於穩定和振興這些品牌。為了進一步支持我們將葡萄酒和烈酒產品組合重塑到高端的戰略，我們剝離了幾個剩餘的主流品牌，並收購了一個規模較小的高端葡萄酒品牌和一個即飲雞尾酒品牌。

Of note, our relatively recent acquisition to My Favorite Neighbor portfolio is delivering substantial growth and performing above our initial expectations. So overall, in fiscal '23, while net sales for our Wine & Spirits business declined just under 4%. A large part of that was due to the recent divestiture of primarily mainstream brands that I just referenced. And despite the strong performance of our higher-end brands, on an organic basis, net sales declined by 2%, mainly driven by lower demand for our mainstream brands, reflecting continued consumer-led premiumization trends, which I also noted earlier.

值得注意的是，我們最近對 My Favorite Neighbor 投資組合的收購實現了大幅增長，表現超出了我們最初的預期。因此，總體而言，在 23 財年，我們的葡萄酒和烈酒業務的淨銷售額下降了不到 4%。其中很大一部分是由於最近我剛剛提到的主要主流品牌的剝離。儘管我們的高端品牌表現強勁，但在有機基礎上，淨銷售額下降了 2%，這主要是由於對我們主流品牌的需求下降，反映了我之前也提到過的以消費者為主導的持續高端化趨勢。

We continue to build momentum for our higher-end brands and continue to accelerate our performance in key channels, such as direct-to-consumer and international markets, which grew net sales by 29% and organic net sales by 4%, respectively. Looking forward, we see an opportunity to continue to grow the DTC and international markets by investing in our Premium Wine, Fine Wine and Craft Spirits brands that tilt their growth toward DTC and international routes to market. Importantly, our Wine & Spirits business delivered operating margin expansion in fiscal '23, further demonstrating the benefits of its strategy and making additional progress towards its medium-term targets.

我們繼續為我們的高端品牌打造動力，並繼續加快我們在直接面向消費者和國際市場等關鍵渠道的業績，這些渠道的淨銷售額分別增長了 29% 和有機淨銷售額增長了 4%。展望未來，我們看到了一個機會，可以通過投資我們的優質葡萄酒、優質葡萄酒和精釀烈酒品牌來繼續發展 DTC 和國際市場，這些品牌的增長將向 DTC 和國際市場路線傾斜。重要的是，我們的葡萄酒與烈酒業務在 23 財年實現了營業利潤率增長，進一步展示了其戰略的優勢，並在實現中期目標方面取得了更多進展。

Overall, we are exiting the year in Wine & Spirits on solid footing, and I remain confident in the pathway of that business. The solid performance driven by our beer and Wine & Spirits teams enabled us to return nearly $2.3 billion to shareholders and share repurchases and dividends in fiscal '23, and we further demonstrated our capacity to conduct opportunistic share buybacks with an additional nearly $300 million of repurchases in the fourth quarter. This means our dividend payments and buybacks since fiscal '20 totaled more than $5.4 billion, well above our $5 billion goal.

總的來說，我們在葡萄酒與烈酒領域的基礎穩固，我對這一業務的發展道路充滿信心。在我們的啤酒和葡萄酒與烈酒團隊的推動下，我們的穩健業績使我們能夠在 23 財年向股東返還近 23 億美元並進行股票回購和分紅，我們進一步展示了我們進行機會性股票回購的能力，額外回購了近 3 億美元在第四季度。這意味著我們自 20 財年以來的股息支付和回購總額超過 54 億美元，遠高於我們 50 億美元的目標。

Moving forward, we plan to continue to deliver against our capital allocation priorities with our disciplined approach. Our fiscal '24 earnings and cash flow outlook should enable us to move closer to our net leverage ratio target to support dividend payments in line with our payout ratio target to continue to deploy capital to be a growing capacity additions and hospitality investments in Wine & Spirits business and to opportunistically pursue additional share repurchases and small gap (inaudible) acquisitions.

展望未來，我們計劃繼續通過我們嚴格的方法來實現我們的資本配置優先事項。我們的 24 財年收益和現金流前景應該使我們能夠更接近我們的淨槓桿率目標，以支持與我們的派息率目標一致的股息支付，以繼續部署資本以增加對葡萄酒和烈酒的產能增加和酒店投資業務，併機會主義地尋求額外的股票回購和小差距（聽不清）收購。

Lastly, we remain committed to making meaningful progress against our enterprise ESG goals, which include reducing Scope 1 and 2 greenhouse gas emissions by 15% in fiscal -- by fiscal '25 from a fiscal '20 baseline and restoring more than 1 billion gallons of water withdrawals from local watersheds, while also improving accessibility and quality of water for communities where we operate between fiscal '23 and '25. Water stewardship in particular, has been a top priority for our team, and I'm pleased to announce that we have already surpassed our fiscal '25 goal related to water restoration.

最後，我們仍然致力於在我們的企業 ESG 目標方面取得有意義的進展，其中包括將範圍 1 和範圍 2 的溫室氣體排放量減少 15%——到 25 財年從 20 財年的基線開始，並恢復超過 10 億加侖的排放量。從當地流域取水，同時還改善了我們在 23 財年和 25 財年運營所在社區的水的可及性和水質。尤其是水資源管理，一直是我們團隊的首要任務，我很高興地宣布，我們已經超過了與水恢復相關的 25 財年目標。

We'll look to announce later this year new targets for our water stewardship efforts as well as other important areas that are part of our ongoing commitment to ensuring the long-term viability of our local communities and this environment. We have also significantly enhanced our ESG reporting references aligned to the Sustainability Accounting Standards Board framework and considering recommendations from the Task Force on climate-related financial disclosures.

我們將在今年晚些時候宣布水資源管理工作的新目標，以及其他重要領域的目標，這些目標是我們持續致力於確保當地社區和環境的長期生存能力的一部分。我們還顯著增強了與可持續發展會計準則委員會框架一致的 ESG 報告參考，並考慮了工作組關於氣候相關財務披露的建議。

As we look ahead, we intend to continue to take steps to more fully integrate ESG into our core business planning process, establishing thoughtful, specific, measurable and time-bound targets supported by robust strategies and operating plans that we can map progress against. We believe this approach best serves the interest of our business, shareholders, other stakeholders and our surrounding communities as it seeks to integrate ESG into our business operations and helps ensure that we can clearly deliver on our stated commitments.

展望未來，我們打算繼續採取措施，將 ESG 更充分地整合到我們的核心業務規劃流程中，建立深思熟慮、具體、可衡量和有時限的目標，並以我們可以製定進展情況的穩健戰略和運營計劃為支持。我們認為，這種方法最符合我們的業務、股東、其他利益相關者和我們周圍社區的利益，因為它尋求將 ESG 整合到我們的業務運營中，並有助於確保我們能夠明確地兌現我們的既定承諾。

So in summary, we delivered another solid year of performance, resulting in record net sales and comparable operating income, despite elevated inflationary headwinds based throughout the year. Our performance was driven by strong execution of our strategy, and we continue to make good progress against all dimensions, building brands that people love, complementing growth of our core products with consumer-led innovation, deploying capital with discipline while balancing priorities against our organization, and continuing to operate in a way that is both good for business and good for the world.

因此，總而言之，儘管全年通脹逆風加劇，但我們又取得了穩健的業績，實現了創紀錄的淨銷售額和可比營業收入。我們的業績是由我們戰略的強有力執行推動的，我們繼續在各個方面取得良好進展，打造人們喜愛的品牌，通過消費者主導的創新補充我們核心產品的增長，有紀律地部署資本，同時平衡優先事項與我們的組織，並繼續以既有利於商業又有利於世界的方式經營。

With another strong year of execution against our strategy behind us, we're quite confident in our ability to continue building momentum in fiscal '24. And with that, I will turn the call over to Garth.

隨著對我們戰略的又一次強勁執行，我們對我們在 24 財年繼續建立勢頭的能力充滿信心。有了這個，我會把電話轉給加思。

Thank you, Bill, and good morning, everyone. Fiscal '23 was another solid year for our company as we continue to relentlessly deliver on our operating plans and strategic initiatives. Despite the inflationary pressures that both our industry and consumers have been facing, we demonstrated yet again the strength of our adaptable businesses, high-end brands and resilient teams. We expect the same focus and dedication to further support our momentum in fiscal '24.

謝謝你，比爾，大家早上好。 23 財年對我們公司來說又是一個堅實的一年，因為我們繼續堅持不懈地實施我們的運營計劃和戰略舉措。儘管我們的行業和消費者都面臨著通脹壓力，但我們再次展示了我們適應性強的業務、高端品牌和彈性團隊的實力。我們期待同樣的關注和奉獻精神來進一步支持我們在 24 財年的發展勢頭。

So let's review in more detail our full year fiscal '23 performance and fiscal '24 outlook. As always, I will focus on comparable basis financial results. Starting with the fiscal '23 performance of our beer business. Net sales increased $713 million or 11%, exceeding the upper end of our guidance range. This was primarily driven by solid shipment growth of approximately 7% as strong demand continued across our portfolio, supporting a $464 million uplift in net sales from incremental volumes.

因此，讓我們更詳細地回顧一下我們全年的 23 財年業績和 24 財年展望。一如既往，我將關注可比基礎的財務業績。從我們啤酒業務的 23 財年業績開始。淨銷售額增加了 7.13 億美元或 11%，超過了我們指導範圍的上限。這主要是由於我們的產品組合需求持續強勁，出貨量穩步增長約 7%，支持增量銷量增加 4.64 億美元的淨銷售額。

Net sales also benefited from favorable pricing in excess of our unusual 1% to 2% average annual pricing algorithm. As we previously noted, the incremental pricing actions taken in fiscal '23 were in response to cost pressures across the value chain due to inflationary headwinds. We introduced larger pricing increases and made pricing adjustments in certain markets ahead of our regular case. Depletion growth for the year was over 7%, which, as Bill noted, was driven by continued strong growth in our largest brands, Modelo Especial, Corona Extra, Pacifico and Modelo Chelada brands. On-premise depletions grew 15% year-over-year, and on-premise volume accounted for approximately 12% of total depletions in fiscal '23, nearing the mid-teen volume share from prior to the start of pandemic.

淨銷售額還受益於超過我們不尋常的 1% 至 2% 年平均定價算法的優惠定價。正如我們之前指出的那樣，23 財年採取的增量定價行動是為了應對因通脹逆風導致的整個價值鏈的成本壓力。我們引入了更大的價格上漲，並在我們的常規案例之前對某些市場進行了價格調整。今年的損耗增長超過 7%，正如 Bill 指出的那樣，這是受到我們最大品牌 Modelo Especial、Corona Extra、Pacifico 和 Modelo Chelada 品牌持續強勁增長的推動。內部消耗量同比增長 15%，內部消耗量約佔 23 財年消耗總量的 12%，接近大流行開始前的中等體積份額。

As previously guided, our shipments and depletions were closely aligned on an absolute basis. Moving on to the bottom line for our beer business. Operating income increased 6%, also exceeding the upper end of our guidance range. This increase was largely driven by a $492 million benefit from net sales growth and yielded an operating margin of 38.3%, which was in line with our implied guidance range. As expected and noted over fiscal '23, operating margins were negatively affected by inflationary headwinds.

如前所述，我們的出貨量和消耗量在絕對基礎上密切相關。繼續關注我們啤酒業務的底線。營業收入增長 6%，也超過了我們指導範圍的上限。這一增長主要是由淨銷售額增長帶來的 4.92 億美元收益推動的，營業利潤率為 38.3%，符合我們隱含的指導範圍。正如 23 財年預期和指出的那樣，營業利潤率受到通脹逆風的負面影響。

For the import portion of our beer business, which represents nearly the entirety of COGS, we faced an increase of approximately 16% in our raw materials and packaging costs, which was largely driven by inflationary pressures that resulted in an 8% increase on a per case basis. This reflected some benefits from the lapping of the seltzer obsolescence charge in fiscal '22 as excluding any obsolescence impact, the increases in our raw materials and packaging costs would have been 20% on an absolute basis and 12% on a per case basis.

對於幾乎代表全部銷貨成本的啤酒業務的進口部分，我們的原材料和包裝成本增長了約 16%，這主要是受通貨膨脹壓力的推動，通貨膨脹壓力導致每年 8% 的增長案例基礎。這反映了 22 財年蘇打水過時收費的一些好處，因為不包括任何過時的影響，我們的原材料和包裝成本的增加將在絕對基礎上增加 20%，在每個案例的基礎上增加 12%。

Note that these 2 cost categories, including the obsolescence impact represented just over 55% of the import portions COGS in fiscal '23. We also saw a 12% year-over-year increase in freight costs, mainly driven by incremental shipment expenses that were offset by efficiency initiatives. Freight costs were 5% up on a per case basis and account for just under 25% of import COGS. and we faced a 14% rise in labor and overhead costs that was mainly driven by our brewery capacity investments. Labor and overhead were up 7% on a per case basis and accounted for just under 15% of import COGS. In addition, operating margins for the beer business were also affected by a $41 million or nearly 22% increase in depreciation, almost entirely associated with our brewery capacity investments. A $55 million or nearly 9% increase in marketing spend related to incremental investments in sport sponsorships and a $48 million or nearly 14% decrease in our -- in other SG&A, driven by incremental sales support to align with the momentum of our beer brands. Note, however, that while our marketing investments increased when compared to the prior year, they were still within our 9% to 10% range as a percentage of net sales. All of that said, and it's important to note that we still delivered best-in-class margins for our beer business in fiscal '23. Now shifting to our Wine & Spirits business. First, please recall that we divested a collection of primarily mainstream wine brands from our wine portfolio in fiscal '23.

請注意，這兩個成本類別，包括過時影響，在 23 財年佔進口部分 COGS 的 55% 以上。我們還看到貨運成本同比增長 12%，這主要是由於增加的運輸費用被效率舉措所抵消。每箱運費上漲 5%，佔進口 COGS 的比例略低於 25%。我們面臨著 14% 的勞動力和管理費用上漲，這主要是由我們的啤酒廠產能投資推動的。勞動力和間接費用按案例計算增加了 7%，佔進口 COGS 的比例略低於 15%。此外，啤酒業務的營業利潤率也受到 4100 萬美元或近 22% 的折舊增加的影響，這幾乎完全與我們的啤酒廠產能投資有關。與體育贊助的增量投資相關的營銷支出增加了 5500 萬美元或近 9%，而我們的其他 SG&A 減少了 4800 萬美元或近 14%，這是由於增量銷售支持與我們啤酒品牌的勢頭保持一致。但是請注意，雖然我們的營銷投資與上一年相比有所增加，但它們占淨銷售額的百分比仍處於我們 9% 至 10% 的範圍內。綜上所述，重要的是要注意，我們在 23 財年仍然為我們的啤酒業務提供了一流的利潤率。現在轉向我們的葡萄酒和烈酒業務。首先，請回想一下，我們在 23 財年從我們的葡萄酒產品組合中剝離了一系列主要的主流葡萄酒品牌。

So during today's remarks, I will also be discussing top line on an organic basis, which excludes the contributions from the divested brands. As Bill noted, despite the strong performance of our higher-end Wine & Spirits brands on an organic basis, net sales decline of 2%, ultimately landing in our guidance range. The decline in net sales, excluding the impact of the divestiture, was primarily driven by our mainstream brands as they faced challenging market conditions and lapping of prior fiscal year inventory build.

因此，在今天的發言中，我還將有機地討論頂線，這不包括剝離品牌的貢獻。正如 Bill 指出的那樣，儘管我們的高端葡萄酒和烈酒品牌在有機基礎上表現強勁，但淨銷售額下降了 2%，最終落在我們的指導範圍內。淨銷售額的下降（不包括資產剝離的影響）主要是由我們的主流品牌推動的，因為它們面臨著充滿挑戰的市場條件和上一財年的庫存積壓。

Again, this decline was partially offset by strong growth in our higher-end brands, which outperformed in the U.S. in the higher-end category for both Wine & Spirits and total U.S. wine market. Our higher-end brands also had strong growth in our emerging and rapidly expanding direct-to-consumer channels and international markets. Over time, we expect our portfolio to continue to migrate toward the higher end and for these higher-end brands, channels and markets to support our top line growth acceleration.

同樣，這一下降被我們高端品牌的強勁增長部分抵消，這些品牌在美國高端類別的葡萄酒和烈酒以及整個美國葡萄酒市場的表現均優於美國。我們的高端品牌在新興和快速擴張的直接面向消費者的渠道和國際市場中也有強勁增長。隨著時間的推移，我們預計我們的產品組合將繼續向高端遷移，而這些高端品牌、渠道和市場將支持我們的營收加速增長。

Shipments on an organic basis decreased by under 8% and depletions decreased by 3%. As just noted, this volume decline, which reduced organic net sales by $148 million, was driven primarily by our mainstream brands, as mix and price, largely driven by our higher-end brands provided a $111 million uplift to organic net sales.

有機出貨量下降了不到 8%，消耗量下降了 3%。正如剛剛指出的那樣，銷量下降導致有機淨銷售額減少 1.48 億美元，這主要是由我們的主流品牌推動的，因為組合和價格主要由我們的高端品牌推動，為有機淨銷售額帶來了 1.11 億美元的提升。

Wine & Spirits operating income, excluding the gross profit, less marketing of the brands that are no longer part of the business, following their divestiture in fiscal '23, increased 2%, and operating margin increased 80 basis points to nearly 23%, also reflecting the same exclusion. This margin increase was driven by a $12 million uplift from net sales flow-through as favorable product mix was supported by lower grade costs as well as a strong New Zealand harvest. Benefits from other cost savings actions primarily resulting in lower-grade costs that helped to partially offset higher logistics material costs. And more efficient marketing expense from enhanced investment strategies, which increased focus the highest return opportunities, which supported a $20 million tailwind to operating income.

葡萄酒與烈酒的營業收入，不包括毛利潤，減去不再屬於該業務的品牌的營銷，在他們在 23 財年剝離後，增加了 2%，營業利潤率增加了 80 個基點，達到近 23%，也反映出同樣的排除。利潤率的增長是由於淨銷售額增加了 1200 萬美元，因為有利的產品組合受到較低等級成本和強勁的新西蘭收成的支持。其他成本節約行動的好處主要是導致較低的成本，這有助於部分抵消較高的物流材料成本。增強的投資策略帶來更高效的營銷費用，增加了對最高回報機會的關注，支持了 2000 萬美元的營業收入順風。

These benefits were partially offset by $17 million in higher SG&A from increased headcount, as we continue to strategically invest in our growing DTC channels. We remain well positioned to continue to expand margins in our Wine & Spirits business over time with mix improvements and productivity initiatives in the future. Now moving on to the rest of the P&L. In fiscal '23, our corporate expense included approximately $270 million from SG&A and $20 million from unconsolidated investments related to our ventures portfolio. All-in, landing at the low end of our guidance at $290 million.

隨著我們繼續戰略性地投資於我們不斷增長的 DTC 渠道，這些收益被員工人數增加帶來的 1700 萬美元的更高 SG&A 部分抵消。隨著時間的推移，我們仍然處於有利地位，可以通過未來的混合改進和生產力舉措繼續擴大我們的葡萄酒和烈酒業務的利潤率。現在繼續討論損益表的其餘部分。在 23 財年，我們的公司費用包括來自 SG&A 的大約 2.7 億美元和來自與我們的風險投資組合相關的未合併投資的 2000 萬美元。總計 2.9 億美元，落在我們指導的低端。

Within the SG&A portion of corporate expense, the implementation of our DBA program, which stands for digital business acceleration, accounted for $47 million.

在公司費用的 SG&A 部分中，我們代表數字業務加速的 DBA 計劃的實施佔 4700 萬美元。

As a reminder, we introduced our multiyear DbA initiative in fiscal '23 and expect similar investments to carry into fiscal '24. Interest expense for the year increased 12% to approximately $400 million, coming in at the upper end of our guidance range. This increase was driven primarily by the financing of the stock reclassification, which took place in Q3 of fiscal '23 as well as the impact of rising interest rates on approximately 15% of our debt with adjustable rates.

提醒一下，我們在 23 財年推出了多年 DbA 計劃，並預計類似的投資將進入 24 財年。本年度的利息支出增加了 12%，達到約 4 億美元，處於我們指導範圍的上限。這一增長主要是由 23 財年第三季度發生的股票重新分類融資以及利率上升對我們約 15% 的可調利率債務的影響推動的。

Our full year comparable basis effective tax rate, excluding Canopy equity earnings, came in at 19.2% versus 17.5% last year as we lapped favorability in fiscal '22, primarily driven by higher stock-based compensation activity. Free cash flow for fiscal '23, which we define as net cash provided by operating activities, less CapEx, was above the upper end of our guidance range at $1.7 billion. CapEx totaled $1 billion, including over $800 million of investment in our beer business.

我們的全年可比基準有效稅率（不包括 Canopy 股權收益）為 19.2%，而去年為 17.5%，因為我們在 22 財年的支持率有所上升，這主要是受股票薪酬活動增加的推動。 23 財年的自由現金流（我們將其定義為經營活動提供的淨現金減去資本支出）高於我們指導範圍的上限 17 億美元。資本支出總計 10 億美元，其中包括對我們啤酒業務的 8 多億美元投資。

CapEx came in below our guidance, primarily due to timing shifts in the spend for certain materials and equipment of our Mexico brewery investments at our Nava and Obregon facilities. As of the end of fiscal '23, our Mexico brewery operations had a total nominal capacity of approximately 42 million hectoliters. This includes 32.5 million hectoliters at our Nava facility and 9.5 million hectoliters at our Obregon facility.

資本支出低於我們的指導，這主要是由於我們在 Nava 和 Obregon 設施的墨西哥啤酒廠投資的某些材料和設備的支出時間發生了變化。截至 23 財年末，我們墨西哥啤酒廠的總名義產能約為 4200 萬百升。這包括我們 Nava 工廠的 3250 萬百升和我們 Obregon 工廠的 950 萬百升。

This represents a 1 million hectoliter uplift at our Nava facility relative to the capacity we communicated a few months ago. This uplift is once again the result of our continued productivity initiatives that have unlocked additional production flexibility from the existing footprint of our breweries. As a reminder, earlier this year, we shared that these initiatives had unlocked additional capacity of 1.5 million hectoliters at Nava and 0.5 million hectoliters at Obregon.

相對於我們幾個月前公佈的產能，這意味著我們 Nava 工廠的產量增加了 100 萬百升。這一提升再次歸功於我們持續的生產力舉措，這些舉措從我們啤酒廠的現有足跡中釋放了額外的生產靈活性。提醒一下，今年早些時候，我們分享了這些舉措在 Nava 和 Obregon 分別釋放了 150 萬百升和 50 萬百升的額外產能。

In light of the 2.5 million hectoliters of productivity capacity unlocked at Nava in fiscal '23, we have slightly adjusted the ramp-up plans for our new ABA production line at that facility, which I will discuss shortly. With that, let's move now to our outlook for fiscal '24. We expect a comparable basis diluted EPS to be in the range of $11.70 to $12, excluding Canopy equity earnings. For fiscal '24, our beer business is targeting net sales growth of 7% to 9%. As Bill discussed earlier, we expect to continue strong volume growth momentum to be largely driven by our iconic brands, Modelo Especial and Corona Extra and next wave brands, Pacifico and the Modelo Chelada brands.

鑑於 Nava 在 23 財年釋放了 250 萬百升的產能，我們對該工廠的新 ABA 生產線進行了略微調整，稍後我將對此進行討論。有了這個，讓我們現在轉向我們對 24 財年的展望。我們預計可比基準稀釋每股收益在 11.70 美元至 12 美元之間，不包括 Canopy 股票收益。對於 24 財年，我們的啤酒業務目標是實現 7% 至 9% 的淨銷售額增長。正如 Bill 之前討論的那樣，我們預計將繼續保持強勁的銷量增長勢頭，這主要由我們的標誌性品牌 Modelo Especial 和 Corona Extra 以及下一波品牌 Pacifico 和 Modelo Chelada 品牌推動。

We anticipate our full year fiscal '24 shipments and depletions to track each other closely, both on an absolute basis and in terms of the year-over-year comparison. As a reminder, despite some fluctuations in the last few years in our quarterly shipment cadence and year-over-year growth rates due to severe weather and pandemic-related impacts, we expect the cadence of our shipments in fiscal '24 to follow a more traditional seasonal pattern. We anticipate approximately 55% of our fiscal '24 wine to ship in the first half as we meet peak summer demand for our products.

我們預計我們全年的 24 財年出貨量和消耗量將在絕對基礎上和同比比較方面相互密切跟踪。提醒一下，儘管過去幾年由於惡劣天氣和大流行相關影響，我們的季度出貨節奏和同比增長率出現了一些波動，但我們預計 24 財年的出貨節奏將遵循更傳統的季節性模式。我們預計 24 財年大約 55% 的葡萄酒將在上半年發貨，因為我們會滿足夏季對我們產品的需求高峰。

In addition, from a quarterly perspective, particularly when looking at year-over-year growth rates, we also expect shipment and depletion comparisons to still show some variability as they always have, as we manage inventory levels around seasonality throughout the year and our regular brewery maintenance activities in Q3. All of that said, we do not expect to have any incremental lapping variability in our shipment growth rate for Q4 as we did in fiscal '23.

此外，從季度的角度來看，特別是在查看同比增長率時，我們還預計出貨量和消耗量比較仍會像往常一樣顯示出一些變化，因為我們全年圍繞季節性和我們的常規管理庫存水平第三季度的啤酒廠維護活動。綜上所述，我們預計第四季度的出貨量增長率不會像我們在 23 財年那樣出現任何遞增重疊變化。

From a pricing perspective, at this stage, we are planning for average annual pricing within our 1% to 2% algorithm. We are mindful that consumers will likely continue to face challenging macroeconomic conditions for the foreseeable future, and that our pricing increases in the last 2 fiscal years were above this algorithm. As we advance throughout the year, we will continue to monitor inflationary dynamics and potential recessionary risks to ensure our pricing is appropriately balanced to support the momentum of our brands.

從定價的角度來看，現階段，我們計劃在 1% 到 2% 的算法範圍內進行平均年定價。我們注意到，在可預見的未來，消費者可能會繼續面臨具有挑戰性的宏觀經濟狀況，並且我們在過去 2 個財政年度的定價漲幅高於該算法。隨著我們全年的進步，我們將繼續監測通貨膨脹動態和潛在的衰退風險，以確保我們的定價適當平衡，以支持我們品牌的發展勢頭。

We will provide any further update in that regard as part of our future quarterly calls. In terms of operating income growth. Our beer business is targeting 5% to 7%, which implies a fiscal '24 operating margin of approximately 38%.

作為我們未來季度電話會議的一部分，我們將提供這方面的任何進一步更新。在營業收入增長方面。我們的啤酒業務目標是 5% 到 7%，這意味著 24 財年的營業利潤率約為 38%。

As we have discussed, we continue to expect our beer operating margin to be negatively impacted by inflationary COGS headwinds. The majority of these relate to year-over-year adjustments in our packaging and raw material costs, which, on average, represent a high single-digit increase in absolute terms for these inputs in the import portion of our beer business.

正如我們所討論的那樣，我們繼續預計我們的啤酒營業利潤率將受到通脹 COGS 逆風的負面影響。其中大部分與我們的包裝和原材料成本的同比調整有關，平均而言，這些投入在我們啤酒業務的進口部分的絕對值上呈高個位數增長。

While prices for some of these inputs are off their peaks, most are subject to contractual terms that reflect annual adjustments based on trailing pricing data and some still remain significantly elevated relative to pre-pandemic prices. In fiscal '24, we expect packaging and raw material for imports to account for approximately 55% to 60% of our costs. In addition, we expect freight to be approximately 20% to 25% of costs and reflect a high single-digit year-over-year absolute increase as we continue to face annual volume contractual increases. And labor and overhead to be approximately 15% of costs and reflect a high teens increase in absolute terms, largely driven by increased headcount and training tied to our brewery capacity investments.

雖然其中一些投入的價格已脫離峰值，但大多數都受合同條款的約束，這些條款反映了根據追踪定價數據進行的年度調整，而且一些仍相對於大流行前的價格大幅上漲。在 24 財年，我們預計進口包裝和原材料約占我們成本的 55% 至 60%。此外，我們預計運費將佔成本的 20% 至 25% 左右，並且隨著我們繼續面臨年度合同量增長，將出現高個位數的同比絕對增長。勞動力和間接費用約佔成本的 15%，反映出絕對值的高增長，這主要是由於與我們的啤酒廠產能投資相關的員工人數和培訓的增加。

For our beer business, we expect incremental depreciation of approximately $35 million to $40 million, as we continue to bring into production incremental growing capacity from our investments, particularly at Obregon, in fiscal '24. As noted earlier, the incremental capacity unlocked from our existing Nava facility footprint from productivity initiatives has given us additional flexibility on the ramp-up of our new ABA line. We now intend to spend a bit more time optimizing that new additional ABA production to better support the strong growth of our Modelo Chelada brands.

對於我們的啤酒業務，我們預計將增加約 3500 萬至 4000 萬美元的折舊，因為我們在 24 財年繼續通過我們的投資（尤其是在 Obregon 的投資）將增量產能投入生產。如前所述，生產力計劃從我們現有的 Nava 設施足跡中釋放出的增量產能使我們在增加新 ABA 生產線方面具有更大的靈活性。我們現在打算花更多時間優化新的 ABA 生產，以更好地支持我們的 Modelo Chelada 品牌的強勁增長。

Accordingly, we anticipate the ABA line will be ramping up in Q4 of FY '24. Conversely, we have been able to accelerate the ramp-up of our next 5 million hectoliter investment at Obregon to Q1 of fiscal '24. This is being enabled by the move of brewery and package equipment that we had previously intended for use in Mexico. Now going back to operating margins. We plan to execute a number of productivity initiatives to help offset inflationary pressures. The expectations shared for our beer business COGS in fiscal '24 have operational efficiencies and cost-saving actions embedded into them.

因此，我們預計 ABA 生產線將在 24 財年第四季度增加。相反，我們已經能夠將我們在 Obregon 的下一個 500 萬百升投資加速到 24 財年第一季度。這是通過我們之前打算在墨西哥使用的啤酒廠和包裝設備的移動實現的。現在回到營業利潤率。我們計劃實施一系列提高生產力的舉措，以幫助抵消通脹壓力。我們對 24 財年啤酒業務 COGS 的共同期望中嵌入了運營效率和成本節約措施。

These initiatives include benefits from our ongoing hedging program and contractual negotiation efforts as well as from our fiscal '23 DBA program. To that end, it is relevant to note that only around 25% of our beer business COGS are subject to contractual pricing adjustments within fiscal '24, and then we expect our hedging program to reduce our exposure to those adjustments for about 10% to 15% of COGS.

這些舉措包括從我們正在進行的對沖計劃和合同談判工作以及我們的財政 '23 DBA 計劃中受益。為此，需要注意的是，我們的啤酒業務 COGS 中只有約 25% 在 24 財年受到合同定價調整，然後我們預計我們的對沖計劃會將我們對這些調整的敞口減少約 10% 至 15%銷貨成本百分比。

In addition, we expect to deliver marketing and other SG&A efficiencies, including an even greater focus on optimizing these types of investments toward our iconic and next wave brands. So despite remaining slightly below our medium-term operating margin target we expect our fiscal '24 efforts to still yield best-in-class results for our beer business, and we expect all quarters within fiscal '24 to deliver operating margins above this latest quarter's result.

此外，我們希望提高營銷和其他 SG&A 效率，包括更加專注於優化對我們的標誌性和下一波品牌的這些類型的投資。因此，儘管仍略低於我們的中期營業利潤率目標，但我們預計我們的 24 財年努力仍將為我們的啤酒業務帶來一流的業績，並且我們預計 24 財年的所有季度的營業利潤率都將高於本季度的營業利潤率結果。

Moving to the outlook for our Wine & Spirits business. Our fiscal -- for fiscal '24, we are targeting organic net sales to be relatively flat within 0.5 percentage point from fiscal '23 net sales, excluding $38.5 million of net sales from the brands divested in fiscal '23. We expect to continue the strong growth of our Premium Wine, Fine Wine and Craft Spirits brands and in our DTC channels and international markets. These segments of our business will help to offset the headwinds we expect to face with our mainstream U.S. wholesale brands, which are facing challenging market conditions due to ongoing consumer-led premiumization.

轉向我們的葡萄酒和烈酒業務的前景。我們的財年——對於 24 財年，我們的目標是有機淨銷售額與 23 財年淨銷售額相差 0.5 個百分點以內，不包括 23 財年剝離品牌的 3850 萬美元淨銷售額。我們預計我們的優質葡萄酒、優質葡萄酒和精釀烈酒品牌以及我們的 DTC 渠道和國際市場將繼續保持強勁增長。我們業務的這些部分將有助於抵消我們預計美國主流批髮品牌面臨的不利因素，由於持續的消費者主導的高端化，這些品牌正面臨充滿挑戰的市場條件。

Conversely to our beer business, we expect our Wine & Spirits business to ship approximately 55% of our fiscal '24 volumes in the second half, again, in line with seasonal demand for our Wine & Spirits products. More notably, despite continued inflationary pressures, we are targeting operating income growth between 2% to 4%, exclusive of $19.5 million of gross profit, less marketing, related to brands divested in fiscal '23. This implies an operating margin improvement of at least 40 basis points.

與我們的啤酒業務相反，我們預計我們的葡萄酒和烈酒業務將在下半年出貨約 55% 的 24 財年銷量，再次符合對我們的葡萄酒和烈酒產品的季節性需求。更值得注意的是，儘管通脹壓力持續存在，但我們的目標是營業收入增長 2% 至 4%，不包括與 23 財年剝離的品牌相關的 1,950 萬美元毛利潤，減去營銷費用。這意味著營業利潤率至少提高 40 個基點。

The primary margin improvement drivers for fiscal '24 include additional mix improvement, particularly with our further optimized portfolio, driven by ongoing growth in our higher-end brands from continued consumer-led premiumization trends, enduring growth momentum in our higher-margin direct-to-consumer channels and targeted international metro areas, primarily through our Aspira portfolio brands, additional innovation with new consumer-led products that help extend our higher-end offerings and stabilize our mainstream brands, reduced marketing spend relative to net sales with optimized investments increasingly focused on high-growth, high-return areas and additional SG&A reductions in cost management initiatives.

24 財年利潤率提高的主要驅動因素包括進一步的組合改進，特別是我們進一步優化的產品組合，這是由於我們的高端品牌持續增長，持續的消費者主導的高端化趨勢，我們利潤率較高的直銷業務的持久增長勢頭-消費者渠道和目標國際都會區，主要通過我們的 Aspira 組合品牌，以消費者為主導的新產品進行額外創新，幫助擴展我們的高端產品並穩定我們的主流品牌，減少相對於淨銷售額的營銷支出，優化投資越來越集中在高增長、高回報領域以及成本管理舉措中額外的 SG&A 削減。

Similar to our beer business, we expect approximately 25% of our Wine & Spirits business COGS to be subject to adjustments within fiscal '24. Now moving to expectations for the rest of the P&L in fiscal '24. Corporate expense, including just the SG&A portion, is expected to be approximately $270 million. We expect to see favorability from the termination of certain compensation and benefits that will not be payable in fiscal '24 following the retirement of Rob and Richard Sands from their executive roles for the reclassification agreement approved by shareholders in fiscal '23, offset by the impact of inflationary pressures and merit-driven salary increases.

與我們的啤酒業務類似，我們預計大約 25% 的葡萄酒和烈酒業務銷貨成本將在 24 財年內進行調整。現在轉向對 24 財年剩餘損益表的預期。公司費用（僅包括 SG&A 部分）預計約為 2.7 億美元。我們預計，在 Rob 和 Richard Sands 因股東在 23 財年批准的重新分類協議從執行職務退休後，某些補償和福利的終止將不會在 24 財年支付，這將帶來有利影響，這將被影響所抵消通脹壓力和績效驅動的加薪。

Interest expense is expected to be approximately $500 million for the year. This is a 25% increase from fiscal '23 and is primarily due to the incremental interest expense associated with the financing of the reclassification. The comparable tax rate, excluding Canopy equity and earnings is expected to be around 19%. Rounding up the P&L, we anticipate approximately $40 million in noncontrolling interest benefits and weighted average diluted shares outstanding are targeted at approximately 184 million.

預計全年利息支出約為 5 億美元。這比 23 財年增加了 25%，主要是由於與重新分類融資相關的增量利息支出。不包括 Canopy 股權和收益的可比稅率預計約為 19%。綜合損益表，我們預計非控股權益收益約為 4000 萬美元，加權平均攤薄流通股的目標約為 1.84 億股。

Turning to cash flow. We expect fiscal '24 free cash flow to be in the range of $1.2 billion to $1.3 billion, which reflects operating cash flow in the range of $2.4 billion to $2.6 billion, and CapEx of $1.2 billion to $1.3 billion. CapEx includes approximately $1 billion to support our Mexico brewery investment and most of the remainder will support our Wine & Spirits hospitality updates.

轉向現金流。我們預計 24 財年自由現金流將在 12 億美元至 13 億美元之間，這反映了運營現金流在 24 億美元至 26 億美元之間，資本支出在 12 億美元至 13 億美元之間。資本支出包括大約 10 億美元用於支持我們的墨西哥啤酒廠投資，其餘大部分將用於支持我們的葡萄酒和烈酒招待更新。

To wrap up, I would like to reiterate that our refreshed capital allocation priorities that we have introduced and discussed throughout fiscal '23 and earlier by Bill remain unchanged. We remain committed to a disciplined financial foundation by maintaining an investment-grade rating as we move towards our net leverage ratio target, delivering returns to shareholders via both dividends in line with our payout ratio goal and through incremental share repurchases to at least cover dilution while remaining opportunistic for any additional repurchases, continuing to support the growth of our businesses through deployed capital in our beer brewing emissions and in our Wine & Spirits hospitality investments.

總而言之，我想重申，我們在整個 23 財年和比爾之前引入和討論的更新的資本配置優先事項保持不變。在我們朝著淨槓桿率目標邁進的過程中，我們通過維持投資級評級，通過符合我們的派息率目標的股息和通過增量股票回購至少彌補攤薄，為股東提供回報，從而繼續致力於建立紀律嚴明的財務基礎對任何額外的回購保持機會主義，通過在我們的啤酒釀造排放和我們的葡萄酒和烈酒酒店投資中部署資本，繼續支持我們的業務增長。

And lastly, through smaller acquisitions that will fill gaps or enhance our existing portfolio.

最後，通過規模較小的收購來填補空白或增強我們現有的產品組合。

We believe that this strong disciplined capital allocation strategy, combined with exceptional execution, will empower us to be a premier shareholder return generator for the foreseeable future.

我們相信，這種強有力的、有紀律的資本配置策略，加上卓越的執行力，將使我們在可預見的未來成為主要的股東回報產生者。

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

有了這個，比爾和我很樂意回答你的問題。

(Operator Instructions) Our first question comes from the line of Andrea Teixeira with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Andrea Teixeira。

Can you comment on what you're seeing most recently and that makes you feel confident about the 7% to 9% your sales growth outlook and particularly in light of the broad deceleration in consumption called out by retailers in March? And related to that, are there any dynamics between shipments ahead of the Cinco de Mayo the start of the summer and the depletions as we move into the first quarter and throughout the year?

您能否評論一下您最近看到的情況，這讓您對 7% 到 9% 的銷售增長前景充滿信心，尤其是考慮到 3 月份零售商提出的消費普遍放緩的情況？與此相關的是，夏季開始前的 Cinco de Mayo 發貨與我們進入第一季度和全年時的消耗之間是否存在任何動態？

And if I can squeeze on the pricing front, you mentioned the 1% to 2%, but I understand some of the competitors decided to just pushback. And given the dynamics that you had towards the fall last year, if you're going to be mostly looking to do pricing for the fall?

如果我可以在定價方面擠壓，你提到了 1% 到 2%，但我知道一些競爭對手決定只是推遲。考慮到去年秋季的動態，您是否打算主要為秋季定價？

So thanks for the question. A couple of things that give us the confidence in the 7% to 9% range. First of all, we saw a very strong start to the year in markets like Texas and Florida, which have both seen double-digit increases in the first month of the year. Now acknowledging the state of California has been challenging, but I'll tell you what I'm very excited about California. In Q4, we saw our distribution growth. Our effective distribution grew by 3.6%, Q4 versus the Q4 prior. Our simple distribution, despite a very broad market capability there, saw a simple distribution grow up 2%.

所以謝謝你的問題。有幾件事讓我們對 7% 到 9% 的範圍充滿信心。首先，我們看到得克薩斯州和佛羅里達州等市場今年開局非常強勁，這兩個市場在今年第一個月都出現了兩位數的增長。現在承認加利福尼亞州一直具有挑戰性，但我會告訴你我對加利福尼亞感到非常興奮的地方。在第四季度，我們看到了我們的分銷增長。我們的有效分銷增長了 3.6%，Q4 與之前的 Q4 相比。我們的簡單分銷，儘管那裡有非常廣闊的市場容量，但簡單分銷增長了 2%。

And our draft panels went up over 9%. What this says to me is that we are well prepared when California gets back into their normal weather pattern versus what we saw this year. So we're very comfortable. Obviously, we wouldn't be giving you this guidance that we thought otherwise. But we feel very comfortable that we'll be in that 7% to 9% range that we noted today.

我們的草案小組上升了 9% 以上。這對我來說意味著，當加州恢復到與我們今年看到的情況相比的正常天氣模式時，我們已經做好了充分的準備。所以我們很舒服。顯然，我們不會為您提供我們原本認為的指導。但我們感到非常舒服，因為我們將處於我們今天注意到的 7% 到 9% 的範圍內。

Garth, do you want to touch on the pricing point?

Garth，你想談談定價點嗎？

Yes. So I mean as we stated in our prepared remarks, we're comfortable with the pricing at our 1% to 2% algorithm. Obviously, we will continue our approach to pricing gives us the flexibility throughout the year to monitor what's the macroeconomic and the inflationary recession impacts -- potential recession impacts are on our consumer. It allows us to monitor competitor behavior and give us the flexibility to act agilely, when we see a reason to move on price.

是的。所以我的意思是，正如我們在準備好的評論中所說，我們對 1% 到 2% 算法的定價感到滿意。顯然，我們將繼續我們的定價方法，讓我們全年都可以靈活地監控宏觀經濟和通脹衰退的影響——潛在的衰退影響對我們的消費者。它使我們能夠監控競爭對手的行為，並讓我們在看到有理由調整價格時靈活地採取行動。

So that will be something that I said in my prepared remarks that, to the extent we make any changes throughout the year, we will provide updates on our regular quarterly calls.

因此，這將是我在準備好的發言中所說的，如果我們全年做出任何改變，我們將提供定期季度電話會議的最新情況。

Our next question comes from the line of Kevin Grundy with Jefferies.

我們的下一個問題來自 Kevin Grundy 與 Jefferies 的對話。

Just a quick cleanup, Bill, I'm not sure if you can comment on March depletion trends. I mean, presumably, given the importance of California, I suspect it's probably running a bit below what we saw in the fourth quarter. Maybe you could just comment on that. But my broader question is on the Oro launch. And maybe just follow-up there on your expectations, comments on cannibalization risk. And then I think importantly, sort of context around how we should be thinking about this rollout relative to the premier launch several years ago and the degree of incremental spend?

只是快速清理一下，比爾，我不確定你是否可以對 3 月份的消耗趨勢發表評論。我的意思是，大概是考慮到加利福尼亞的重要性，我懷疑它可能會比我們在第四季度看到的要低一些。也許你可以對此發表評論。但我更廣泛的問題是關於 Oro 的發布。也許只是跟進你的期望，對蠶食風險的評論。然後我認為重要的是，關於我們應該如何考慮與幾年前首次發布相關的這次推出以及增量支出的程度？

If I'm not mistaken, Garth, you can correct me if I'm wrong, I think that was in the $35 million to $40 million range of incremental spend behind that rollout, but just some context around there would be helpful.

如果我沒記錯的話，Garth，如果我錯了，你可以糾正我，我認為這是在推出之後的 3500 萬到 4000 萬美元的增量支出範圍內，但只是一些相關的背景信息會有所幫助。

Sure. So that I don't step on myself after I just got done saying I wasn't going to talk about depletions anymore. I won't specifically talk about March depletions other than to say they're pretty much in line with what we expected. As I did note in my prior answer to Andrea, Texas, Florida were up double-digits. Certainly, California was challenged this particular start to the year. But I think it's safe to say that, as we progress in the year, it's extremely unusual to have rain, snow or flooding once you get into May, June, July and August in the state of California. So much like we've seen many other times when there's a dislocation of particular market, we expect that, that would pass over time.

當然。這樣我就不會在剛說完我不會再談論消耗時踩到自己了。我不會具體談論 3 月份的消耗，只是說它們與我們的預期非常一致。正如我在之前對安德里亞的回答中指出的那樣，得克薩斯州和佛羅里達州增長了兩位數。當然，加利福尼亞在今年的這個特殊開局時受到了挑戰。但我認為可以肯定地說，隨著我們今年的進展，一旦進入加利福尼亞州的五月、六月、七月和八月，下雨、下雪或發生洪水是極不尋常的。就像我們在其他很多時候看到特定市場出現混亂一樣，我們預計，隨著時間的推移，這種情況會過去。

Second, related to your Oro question, we've said we're going to be very sensible about the rollout of Oro. I'm pleased to say that our beer group has done an extremely good job of getting distribution into the marketplace. As you know, we're less than a month in on that particular project. But we were very positive about the cannibalization rates that we saw in the 3 test markets. We saw incrementality above 60% in those markets, which we are very pleased with. And we really think it fills a gap particularly with our core Hispanic consumer, who has been looking for an alternative to some of the other light beer scenarios.

其次，關於你的 Oro 問題，我們說過我們將非常明智地推出 Oro。我很高興地說，我們的啤酒集團在向市場分銷方面做得非常出色。如您所知，我們在那個特定項目上還不到一個月。但我們對在 3 個測試市場中看到的蠶食率非常樂觀。我們看到這些市場的增量超過 60%，我們對此感到非常滿意。我們真的認為它填補了一個空白，尤其是我們的核心西班牙裔消費者，他們一直在尋找其他一些淡啤酒方案的替代品。

So we're very positive about that, but we're going to do it in a very sensible and approachable way. For those of you who watch March Madness, you would have noted, we had -- we started our media campaign during that particular event. And this launch will be supported by significant media over the course of the summer.

所以我們對此非常積極，但我們將以一種非常明智和平易近人的方式來做。對於那些看過“瘋狂三月”的人，您會注意到，我們已經——我們在那個特定的事件期間開始了我們的媒體宣傳活動。此次發布將在整個夏季得到重要媒體的支持。

Our next question comes from the line of Dara Mohsenian with Morgan Stanley.

我們的下一個問題來自 Dara Mohsenian 與摩根士丹利的對話。

On the beer depletion side, can you discuss a bit the trends you're seeing on-premise? The gap looked better in terms of on-premise and some of the smaller store on track channels relative to track channels versus Q2 and Q3. So just would love to get an update there. And then also do you think you're seeing any broader macro impacts in your portfolio? Maybe give us a bit of update on trade down in general in beer and what's occurring there and any impacts to your business?

在啤酒枯竭方面，你能談談你在內部看到的趨勢嗎？與第 2 季度和第 3 季度相比，與軌道渠道相比，內部部署和一些較小的軌道渠道商店之間的差距看起來更好。所以只是想在那裡獲得更新。然後你還認為你在你的投資組合中看到任何更廣泛的宏觀影響嗎？也許給我們一些關於啤酒貿易下降的最新情況，那裡發生了什麼以及對您的業務有什麼影響？

So in terms of on-premise, on-premise continues to grow, as we noted in our prepared remarks. We continue to see acceleration in the on-premise, which we think is very good. We're not quite back to where we were from a normal standpoint that where we sat before the pandemic. But we continue to make progress against that as we are seeing more and more often that consumers are being out in the marketplace and consuming on-premise. So we remain optimistic.

因此，就內部部署而言，正如我們在準備好的評論中指出的那樣，內部部署繼續增長。我們繼續看到內部部署的加速，我們認為這非常好。從正常的角度來看，我們還沒有完全回到大流行之前的狀態。但我們繼續在這方面取得進展，因為我們越來越多地看到消費者在市場上外出並在本地消費。所以我們保持樂觀。

Our growth profile in the on-premise really continues to accelerate. As I think that many on-premise accounts are looking more and more for brands that resonate consistently with consumers. And obviously, we have those and that speaks very well. I used the example of a well saturated market like California seeing draft panels on our business were up 9% in the fourth quarter last year. And I think that's a great reflection of the potential that still exists for us in the on-premise.

我們在本地的增長狀況確實在繼續加速。正如我認為的那樣，許多本地客戶越來越多地尋找與消費者產生一致共鳴的品牌。顯然，我們有這些，而且說得很好。我以加州這樣一個飽和度很高的市場為例，去年第四季度，我們業務的草稿面板增長了 9%。我認為這很好地反映了我們在內部部署中仍然存在的潛力。

Relative to your question about trade down, we have seen very little trade down against our portfolio. Certainly, there has been some it appears, but it tends to occur at lower price points than ours. So there are some consumers that are showing some concern about general inflationary macroeconomic trends. But by and large, that has occurred at lower price points that where our brands compete. And that's fairly consistent with what we've seen relative to the pure loyalty we see against our brands. It's the benefit of having consumer preferred brands in our portfolio.

相對於您關於降價交易的問題，我們發現很少有降價交易反對我們的投資組合。當然，已經出現了一些，但它的價格往往低於我們的價格。因此，有些消費者對總體通脹宏觀經濟趨勢表現出一些擔憂。但總的來說，這發生在我們品牌競爭的較低價格點上。這與我們所看到的對我們品牌的純粹忠誠度相當一致。這是在我們的產品組合中擁有消費者首選品牌的好處。

Our next question comes from the line of Rob Ottenstein with Evercore.

我們的下一個問題來自 Evercore 的 Rob Ottenstein。

Just a follow-up on Garth on some of your guidance comments, and I don't know if I -- just maybe I didn't follow you. But I think you were talking about productivity measures that would help get to the margin target. And then you talked kind of very quickly or with some points on hedging programs and the amount hedged or not -- and I just -- I apologize, I lost you on that. But I was kind of trying to connect what hedging would have to do with productivity and trying to exactly the point you were trying to make.

只是對 Garth 的一些指導意見進行跟進，我不知道我是否 - 只是也許我沒有關注你。但我認為你在談論有助於實現利潤率目標的生產力措施。然後你談得非常快，或者談到了對沖計劃的一些要點，以及對沖或不對沖的金額——我只是——我很抱歉，我在這件事上讓你失望了。但我有點想把對沖與生產力的關係聯繫起來，並試圖準確地表達你想要表達的觀點。

Yes. So sure, Robert, thanks for the question. And just so as Joe indicated at the beginning of the remarks, we are going to be posting some slides to our website immediately following this call specific to the efficiency -- productivity efficiencies and the hedging. The point on that is it's just like in any given year, we have certain productivity goals, efficiency goals, savings to help offset the impact of cost increases related to inflation. So that's no different than any other year.

是的。當然，羅伯特，謝謝你提出這個問題。正如喬在發言開頭所指出的那樣，我們將在這次針對效率的電話會議後立即將一些幻燈片發佈到我們的網站上——生產力效率和對沖。這一點就像在任何一年一樣，我們有一定的生產力目標、效率目標和儲蓄，以幫助抵消與通貨膨脹相關的成本增加的影響。所以這與其他年份沒有什麼不同。

And the point of the comment was that those increases that I had stated previously, those are net of those efficiencies. And then on the point around hedging is just that we continue to have a fairly robust hedging policy program. Typically, we are only able to hedge around 10% to 15% of what's in our cost of goods. And so we are hedging against those things right now. And as we enter this year, we're at where we would normally be in terms of the percent of commodities that are hedged.

評論的重點是我之前說過的那些增加，那些是效率的淨值。然後關於對沖的一點就是我們繼續擁有一個相當強大的對沖政策計劃。通常，我們只能對沖商品成本的 10% 到 15% 左右。所以我們現在正在對沖這些事情。當我們進入今年時，就對沖商品的百分比而言，我們處於通常的水平。

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。

Just a few follow-ups. So just curious on, Bill, you mentioned some of the distribution gains you've seen in California. Just was hoping to get some context on your view on resets, and kind of what you're seeing more broadly, especially in the markets where you're under shared relative to where you are in California? And then the second question is just there's been a lot of discussion in the trade about some of the other brewers perhaps rolling back some pricing or promoting back some of the recent price increases.

只是一些後續行動。所以只是好奇，比爾，你提到了你在加利福尼亞看到的一些分配收益。只是希望了解您對重置的看法，以及您更廣泛地看到的情況，尤其是在您相對於加利福尼亞州的共享不足的市場中？然後第二個問題是，在交易中已經有很多關於其他一些啤酒商可能會降低一些定價或促進最近的一些價格上漲的討論。

Just wanted to get some context on kind of philosophically how you think about if that were to happen, kind of would you need to react or not? And just would love your context and perspective on that.

只是想從哲學上了解一下如果發生這種情況，您是如何思考的，您是否需要做出反應？只是會喜歡你的背景和觀點。

Yes, you bet, Nik. Thanks for the question. One of the things that relative to resets, we are doing extremely well in reset situations. And I think it's just simple, good business because with our portfolio representing more than 80% of the growth in the total beer category it just makes sense for retailers to increase our shelf positions versus the competition. You see, as we said in our prepared remarks, Modelo being the #1 growth driver and Corona being the #3 growth driver and Pacifico being the top 10 growth driver, these brands demand more space on the shelf. And we're very fortunate that our team is specifically focused on that very topic.

是的，你打賭，尼克。謝謝你的問題。與重置相關的一件事是，我們在重置情況下做得非常好。而且我認為這只是簡單的好生意，因為我們的產品組合佔整個啤酒類別增長的 80% 以上，對於零售商來說，增加我們的貨架位置以對抗競爭對手是有意義的。你看，正如我們在準備好的評論中所說，Modelo 是第一大增長動力，Corona 是第三大增長動力，Pacifico 是前 10 大增長動力，這些品牌需要更多的貨架空間。我們非常幸運，我們的團隊特別專注於這個主題。

Relative to pricing, as Garth noted, we carefully analyze the elasticities against our brands. And I've said this on many other occasions, we're very mindful that we want to keep our consumer. And our pricing strategies over time have been to be sensible and approachable to ensure that we keep our consumers. We're going to raise within our normal algorithm this year in the 1% to 2%, as Garth noted, but we should and expect no rolling back of any pricing scenarios from us this year because we have been judicious about keeping the consumer engaged with us as we move pricing in the past.

正如 Garth 指出的那樣，相對於定價，我們仔細分析了我們品牌的彈性。我在很多其他場合都說過這一點，我們非常注意我們想要留住我們的消費者。隨著時間的推移，我們的定價策略一直是明智和平易近人的，以確保我們留住消費者。正如 Garth 指出的那樣，我們今年將在我們的正常算法範圍內提高 1% 到 2%，但我們應該並且期望今年我們不會回滾任何定價方案，因為我們在保持消費者參與方面一直是明智的與我們一起改變過去的定價。

We'll continue to monitor to that carefully as the year goes on, as we always do. On a monthly basis, we analyze elasticities and drivers and drags, which you've all heard from Jim Sabia over time. But we see absolutely no need to be rolling back pricing in any market because we think we were very appropriate in what we have done historically, which should allow us to be right back in our algorithm going forward.

隨著時間的推移，我們將一如既往地繼續密切關注這一點。每個月，我們都會分析彈性、驅動因素和阻力，隨著時間的推移，你們都從吉姆薩比亞那裡聽說過。但我們認為絕對沒有必要在任何市場上回滾定價，因為我們認為我們在歷史上所做的事情是非常合適的，這應該讓我們能夠在我們的算法中立即回歸。

Our next question comes from the line of Bonnie Herzog with Goldman Sachs.

我們的下一個問題來自 Bonnie Herzog 與 Goldman Sachs 的對話。

I had a question on your free cash flow guidance of $1.2 billion to $1.3 billion this year. It's a fair amount below your historical run rate. So maybe you could highlight the key puts and takes that are going to impact your free cash flow this year? And then you completed your share repurchase goals to date and your $5 billion return to shareholder target, but you didn't necessarily announce a new return goals.

我對今年 12 億至 13 億美元的自由現金流指導有疑問。它比您的歷史運行率低很多。那麼也許你可以強調今年將影響你的自由現金流的關鍵看跌期權和看跌期權？然後你完成了迄今為止的股票回購目標和 50 億美元的股東回報目標，但你不一定宣布新的回報目標。

So curious how you're thinking about your capital allocation priorities going forward? And then maybe what's realistic to consider for cash return to shareholders this year and beyond thinking about this in the context of the CapEx needs, your leverage targets, et cetera?

很好奇您如何考慮未來的資本分配優先事項？然後，除了在資本支出需求、您的槓桿目標等背景下考慮這一點之外，對於今年向股東的現金回報考慮什麼是現實的？

Thanks, Bonnie. So I'll start on free cash flow. I guess to start on free cash flow, we need to start at operating cash flow, right? So operating cash flow is a bit down this year versus last year. And the primary drivers of that are really a couple fold. One is there is the increase in interest that I referenced in my opening remarks pretty much at 25% increase on a year-over-year basis, and that's really reflected primarily of the debt and the interest associated with the collapse. And then to a lesser extent, the remaining floating rate debt that we have on our books.

謝謝，邦妮。所以我將從自由現金流開始。我想從自由現金流開始，我們需要從經營現金流開始，對吧？因此，與去年相比，今年的經營現金流略有下降。而其中的主要驅動因素確實有很多。一是我在開場白中提到的利息增加了 25%，這實際上主要反映了與崩潰相關的債務和利息。然後在較小程度上，我們賬面上剩餘的浮動利率債務。

Additionally, we'll have higher cash paid taxes next year due to the U.S. and some nonrecurring tax benefits that we had in FY '23 and then to a smaller extent, some changes in working capital.

此外，由於美國和我們在 23 財年獲得的一些非經常性稅收優惠，明年我們將有更高的現金繳納稅款，然後在較小程度上，營運資金會發生一些變化。

Moving further down the list. We'll continue to have significant investments in CapEx, as you heard. And so that's really -- those are the factors that are driving the free cash -- the operating cash flow and free cash flow ranges that we outlined earlier. As it relates to the share returns of capital to shareholders through share repurchases, we still have nearly $1 billion left under our existing Board authorization for share repurchases.

進一步向下移動列表。正如您所聽到的，我們將繼續對資本支出進行大量投資。所以這真的是 - 這些是推動自由現金的因素 - 我們之前概述的運營現金流和自由現金流範圍。由於這涉及通過股票回購向股東返還資本，根據我們現有的董事會授權，我們仍有近 10 億美元用於股票回購。

As we mentioned in our comments, at the very least, we will buy back dilution throughout the year, but we will continue to be agile and be able to take advantage of market conditions, just like we did in Q4, where, as Bill noted in his remarks, we aggressively bought back almost $300 million worth shares as we saw some -- what we consider dislocations in price. So that's going to -- that will be how we continue throughout the year. We actually like the ability to have that flexibility. And so it's something that will obviously continue to be a very critical component of our capital allocation strategy.

正如我們在評論中提到的，至少，我們將在全年回購稀釋，但我們將繼續保持敏捷並能夠利用市場條件，就像我們在第四季度所做的那樣，正如比爾指出的那樣在他的講話中，我們積極回購了價值近 3 億美元的股票，因為我們看到了一些我們認為價格錯位的股票。所以這將 - 這將是我們全年繼續的方式。我們實際上喜歡具有這種靈活性的能力。因此，這顯然將繼續成為我們資本配置戰略的一個非常重要的組成部分。

Our next question comes from the line of Peter Grom with UBS.

我們的下一個問題來自瑞銀的 Peter Grom。

So I wanted to ask about the pricing cadence and the commentary that you're going to be monitoring the consumer. And you provided a lot of color in the response to both Andrea and Nik's question. But I guess if you don't plan to roll back prices, can you maybe just talk about what actions you would be willing to take if the environment were to deteriorate, would that just be pricing at the lower end?

所以我想問一下定價節奏和你將要監控消費者的評論。你在回答 Andrea 和 Nik 的問題時提供了很多色彩。但我想如果你不打算回落價格，你能不能談談如果環境惡化你願意採取什麼行動，那是否只是在低端定價？

And I guess what I'm really trying to understand is if the pricing outlook were to really change at all, how would that impact your ability to achieve your margin targets? Could you lean in more elsewhere? Or would it be more difficult to achieve?

我想我真正想了解的是，如果定價前景真的發生了變化，那將如何影響您實現利潤率目標的能力？你能在其他地方更多地依靠嗎？還是會更難實現？

Well, there's a lot of negative what-ifs in the question, which, frankly, we don't see coming to pass. If you look historically where our beer business has been able to publish, we have maintained a very consistent approach to pricing over time, 1% to 2% year, after year, after year. The last couple of years, as you know, we've significantly gone beyond that in an effort to hedge against some of the strong inflationary pressures that all consumer companies have faced.

好吧，這個問題中有很多負面的假設，坦率地說，我們認為這些假設不會發生。如果你從歷史上看我們的啤酒業務能夠發布的地方，我們會隨著時間的推移保持非常一致的定價方法，年復一年，年復一年，1% 到 2%。如您所知，在過去的幾年裡，我們已經遠遠超出了這一範圍，努力對沖所有消費品公司都面臨的一些強大的通脹壓力。

Our belief is we are in a very good position to do our historical 1% to 2% pricing increase. That's based on a lot of analytics and a lot of elasticity assessments that we do on an ongoing basis. We are very comfortable with that, and we feel like that's going to be an appropriate play for the course of this fiscal year, which should allow us to do everything we said. I would also note, just as an adjunct to that, one of the things that I said at CAGNY was how strong the Modelo share was in its 2 strongest markets, which was California and Nevada, where we were double-digit.

我們相信，我們處於非常有利的位置，可以實現歷史上 1% 至 2% 的價格上漲。這是基於我們持續進行的大量分析和大量彈性評估。我們對此感到非常滿意，我們認為這將是本財年的一個合適的選擇，這應該讓我們能夠做到我們所說的一切。我還要指出，作為補充，我在 CAGNY 所說的其中一件事是 Modelo 在其兩個最強勁的市場中的份額有多強勁，即加利福尼亞和內華達，我們在那里達到了兩位數。

I'm pleased to report that at this point that actually is now 4 states, which includes both New Jersey and Texas, which again just continues to show that our growth profile. Outside of the state of California, it remains a tremendous growth opportunity for our business over the long term, and also helps to support what we just talked about relative to our ability to price within our 1% to 2% algorithm.

我很高興地報告，此時實際上有 4 個州，其中包括新澤西州和德克薩斯州，這再次表明我們的增長狀況。在加利福尼亞州以外，從長遠來看，這對我們的業務來說仍然是一個巨大的增長機會，也有助於支持我們剛才談到的關於我們在 1% 到 2% 算法範圍內定價的能力。

Our next question comes from the line of Chris Carey with Wells Fargo.

我們的下一個問題來自 Chris Carey 與 Wells Fargo 的對話。

So just 2 quick ones for me. On the (inaudible) -- on the beer margin outlook, you gave a lot of great detail. I guess you're looking for flat operating margins for the year. Is there any way -- or flattish. Is there any way to frame expectations for gross margin relative to operating margin? And I say that in the context of productivity initiatives, which I suppose can play out in both line items. So I was just curious if you have any comment there.

所以對我來說只有 2 個快速的。關於（聽不清）——關於啤酒利潤率前景，您提供了很多非常詳細的信息。我猜你正在尋找全年的營業利潤率。有什麼辦法——還是平淡無奇。有什麼方法可以確定相對於營業利潤率的毛利率預期嗎？我說的是在生產力計劃的背景下，我認為這可以在兩個項目中發揮作用。所以我很好奇你是否有任何評論。

The second observation is Wine & Spirits just delivered what I think is the best operating margin in a few years. And yet the outlook would imply that you're giving a lot of that back. So is that just conservatism? Or is there something just missing in the bridge about some of this nice premiumization, which has really helped the margin structure there. And I sort of asked that in the context of prior margin targets for the Wine & Spirits business in general. So thanks for those 2 ones, beer margins and Wine & Spirits margins.

第二個觀察結果是 Wine & Spirits 剛剛實現了我認為幾年來最好的營業利潤率。然而，前景將暗示你正在回饋很多。那隻是保守主義嗎？或者在橋樑中是否缺少一些關於這種很好的溢價化的東西，這確實有助於那裡的利潤率結構。我在一般情況下在葡萄酒和烈酒業務的先前利潤率目標的背景下問過這個問題。所以感謝這兩個，啤酒利潤率和葡萄酒與烈酒利潤率。

Yes. So on the Wine & Spirits margins. And so again, I'll reference you to the deck that will be posted to our website after this call. But we're actually forecasting wine margins to increase by at least 40 basis points on a year-over-year basis. And so you'll be able to see that detail on the -- on the website. As it relates to operating margin -- gross profit margin with beer, I mean, all of the headwinds that we're facing really in beer this coming year will be in gross margin, and not below the line. As we said, we'll continue to -- we'll continue to effectively manage our marketing and SG&A spend and focus on the highest return and highest priority initiatives, and we'll manage that effectively.

是的。所以在葡萄酒和烈酒的利潤率上。因此，我將再次向您推薦本次電話會議後將發佈到我們網站上的演示文稿。但我們實際上預測葡萄酒利潤率將同比增長至少 40 個基點。因此，您將能夠在網站上看到該詳細信息。因為它與營業利潤率有關——啤酒的毛利率，我的意思是，明年我們在啤酒領域真正面臨的所有不利因素都將是毛利率，而不是低於這條線。正如我們所說，我們將繼續——我們將繼續有效地管理我們的營銷和 SG&A 支出，並專注於最高回報和最高優先級的計劃，我們將有效地管理它。

So the largest drag for us, as we've said for the last several months now, it's going to just be the inflationary impact, and then again, we'll hit through COGS as well as some incremental depreciation throughout the year.

因此，正如我們過去幾個月所說的那樣，對我們來說最大的拖累就是通貨膨脹的影響，然後，我們將再次通過 COGS 以及全年的一些增量貶值。

Our next question comes from the line of Nadine Sarwat with Bernstein.

我們的下一個問題來自 Nadine Sarwat 與 Bernstein 的對話。

So just coming back to the beer margin point, if I take the midpoint up your beer guidance for top line and operating income, it comes a touch below your initial 38% that I think you discussed. Was there anything in particular the change to the downside versus your previous commentary? Or I mean, is this just a situation of rounding here? And then just a follow-up on the margin point, given the margins of last year, what we'll be seeing on the back of your guidance for this fiscal year? Should we still be thinking about 39% to 40% as your medium-term margin for the business? And would it be fair to (technical difficulty) fiscal '25?

所以回到啤酒保證金點，如果我把你的啤酒指導收入和營業收入的中點提高，它會低於我認為你討論過的最初的 38%。與您之前的評論相比，下行有什麼特別的變化嗎？或者我的意思是，這只是一種四捨五入的情況嗎？然後只是對保證金點的跟進，考慮到去年的利潤率，我們將在本財年的指導背後看到什麼？我們是否仍應將 39% 至 40% 作為您的業務中期利潤率？ 25 財年（技術難度）公平嗎？

So I'm going to apologize because you broke up back there at the end.

所以我要道歉，因為你最後在那里分手了。

I think the back end of that was do we expect to get there in fiscal '25? You broke up, I apologize, but I think that's what she said. So go ahead.

我認為其後端是我們是否希望在 25 財年實現目標？你分手了，我很抱歉，但我想她就是這麼說的。所以請繼續。

Yes. So I think as you're working with the numbers that we provided, when we said 38% operating -- approximately 38% operating margin. So that if you kind of look at the various points within our range, you'll come up with various different outputs as it relates to what the margin will be. So we fully -- we have full conviction that we're going to deliver operating margins for our beer business on approximately 38%.

是的。所以我認為當你使用我們提供的數字時，當我們說 38% 的運營時 - 大約 38% 的運營利潤率。因此，如果您查看我們範圍內的各個點，您會得出各種不同的輸出，因為它與保證金有關。所以我們完全 - 我們完全相信我們將為我們的啤酒業務提供大約 38% 的營業利潤率。

As it relates to the outlook going forward, we've just provided our outlook -- our margin outlook for our beer business for FY '24. We're not providing any guidance for future years. We typically don't do that at this point. That's not part of our process. Certainly, the biggest driver again this year that we have for FY '24 is again driven predominantly by inflation, and the inflation that we're seeing, which I in my scripts as well as some incremental depreciation.

關於未來的前景，我們剛剛提供了我們的展望——我們對 24 財年啤酒業務的利潤率展望。我們不會為未來幾年提供任何指導。我們通常不會在這一點上這樣做。這不是我們流程的一部分。當然，我們今年 24 財年的最大驅動力再次主要由通貨膨脹和我們看到的通貨膨脹驅動，我在我的腳本中以及一些增量貶值。

Offsetting that, we'll continue to take pricing as we have. And as we've said earlier, we'll be have pricing in our 1% to 2% range. We continue to drive incremental volume, which helps to offset fixed overheads and depreciation as we grow into our expanded footprint. And we'll continue on with the efficiency drivers that I mentioned as well. So that's where we stand for FY '24, and we'll talk about FY '25 as we close to the end of the year.

作為抵消，我們將繼續採用現有的定價方式。正如我們之前所說，我們將在 1% 到 2% 的範圍內定價。我們繼續推動增量業務，這有助於抵消隨著我們擴大業務範圍而產生的固定管理費用和折舊。我們還將繼續討論我提到的效率驅動因素。這就是我們代表 FY '24 的立場，我們將在接近年底時討論 FY '25。

Our final question comes from the line of Bryan Spillane with Bank of America.

我們的最後一個問題來自美國銀行的 Bryan Spillane。

I wanted to touch just move back to Wine & Spirits. And maybe Garth, could you talk a little bit about how SVEDKA and Woodbridge are affecting margin and maybe margin progression there? And I guess I get -- I ask in the context of they're a much larger contributor to volume than they are to revenue. And I guess my assumption is the margins are lower than the average. So just trying to understand, is getting volume stabilization or volume growth in those 2 brands an important component sort of building margins there? Or is that not really a big factor? So really just trying to understand Woodbridge, SVEDKA and kind of the longer-term impact on profitability in Wine & Spirits?

我想回到 Wine & Spirits。也許加思，你能談談 SVEDKA 和 Woodbridge 如何影響利潤率以及那裡的利潤率進展嗎？我想我明白了——我問的是，他們對銷量的貢獻比對收入的貢獻大得多。我想我的假設是利潤率低於平均水平。因此，只是想了解一下，這兩個品牌的銷量穩定或銷量增長是建立利潤率的重要組成部分嗎？或者這不是一個很大的因素？所以真的只是想了解 Woodbridge、SVEDKA 以及對 Wine & Spirits 盈利能力的長期影響嗎？

Yes. Well, you're absolutely correct that given the size of those brands that they do have a bit of a drag on our overall margin profile, given the price points in which they compete and therefore, their margin profile, which is below the average profile for the entire business unit. On a positive note, the Wine & Spirits team has pretty aggressive revitalization plans in place for both of those brands so that we can stabilize those brands and continue to outperformed the price segments that they participate in.

是的。嗯，你是絕對正確的，考慮到這些品牌的規模，他們確實對我們的整體利潤率有一點拖累，考慮到他們競爭的價格點，因此，他們的利潤率低於平均水平對於整個業務部門。積極的一面是，Wine & Spirits 團隊為這兩個品牌制定了相當積極的振興計劃，這樣我們就可以穩定這些品牌，並繼續超越他們參與的價格區間。

And as such, as we continue to make those efficiency improvements, we certainly -- and revitalize those brands, we expect that we'll be able to achieve our margin targets as laid out.

因此，隨著我們繼續提高效率，我們當然 - 並振興這些品牌，我們希望我們能夠實現既定的利潤率目標。

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

我們的問答環節已經結束。我現在想把電話轉回 Bill Newlands 以作結束語。

Thanks very much. Fiscal '23 was a big year for Constellation Brands'. We achieved record net sales and comparable operating income and were recognized for the 10th year as a CPG growth leader, despite some of the most significant inflationary headwinds affecting our company and consumers in recent history. Our beer business outperformed our initial expectations and continue to lead in share gains, growth and margins. Despite some volatility across the year as we lapped distortions in our performance from prior periods and navigating incremental pricing actions beyond our annual algorithm intended to offset cost pressures across the chain. And we delivered many other transformational milestones, including our transition to a single share class structure and other important corporate governance enhancements.

非常感謝。 '23 財年對 Constellation Brands 來說是重要的一年。我們實現了創紀錄的淨銷售額和可比營業收入，並連續第 10 年被公認為 CPG 增長領導者，儘管最近歷史上一些最嚴重的通脹逆風影響了我們的公司和消費者。我們的啤酒業務超出了我們最初的預期，並在份額增長、增長和利潤率方面繼續領先。儘管全年出現了一些波動，因為我們對前期業績進行了扭曲，並在我們的年度算法之外採取了增量定價行動，旨在抵消整個鏈條的成本壓力。我們還實現了許多其他轉型里程碑，包括我們向單一股份類別結構的過渡和其他重要的公司治理改進。

The start of our construction activities at our new brewery site in Veracruz, and some additional refinement of our Wine & Spirits portfolio as well as continued progress against the strategy of that business.

我們在韋拉克魯斯州的新啤酒廠開始建設活動，對我們的葡萄酒和烈酒產品組合進行一些額外的改進，並根據該業務的戰略繼續取得進展。

Lastly, the performance of our business, coupled with our disciplined and balanced capital allocation priorities, allowed us to maintain our investment-grade rating, despite the incremental financing associated with the transaction for our transition to a single share price structure to surpass our share repurchases and dividend cash returns goal by over $400 million and continuing to grow our beer production capacity while executing small growth accretive M&A.

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級評級，儘管與交易相關的增量融資使我們過渡到單一股價結構以超過我們的股票回購和股息現金回報目標超過 4 億美元，並繼續增加我們的啤酒生產能力，同時執行小規模增長的併購。

As we look forward to fiscal '24, we remain focused on delivering sustainable growth and value creation for our shareholders through the execution of our annual plan and by continuing to advance our strategic initiatives.

展望 24 財年，我們將繼續專注於通過執行年度計劃和繼續推進戰略舉措，為股東實現可持續增長和價值創造。

And we are confident in our ability to continue building momentum across our bigger portfolio and strong volume growth and targeted pricing actions. We are bullish on the future performance of our Wine & Spirits business as it continues to advance its strategy, and we are committed to our capital allocation priorities and our ESG orders.

我們有信心在我們更大的產品組合、強勁的銷量增長和有針對性的定價行動中繼續建立勢頭。我們看好我們的葡萄酒和烈酒業務的未來表現，因為它繼續推進其戰略，我們致力於我們的資本配置優先事項和我們的 ESG 訂單。

Thanks again, everyone, for joining the call. We hope you will choose to enjoy your Cinco de Mayo and Memorial Day celebrations with some of our great products, and we look forward to speaking with all of you in late June on our next quarterly call. Thank you very much, and have a great day.

再次感謝大家加入電話會議。我們希望您會選擇使用我們的一些優質產品來享受 Cinco de Mayo 和陣亡將士紀念日的慶祝活動，我們期待在 6 月下旬的下一個季度電話會議上與大家交談。非常感謝，祝你有美好的一天。

This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

今天的電話會議到此結束。感謝您的參與。此時您可以斷開線路。享受你剩下的一天。