Constellation Brands Inc (STZ) 2024 Q1 法說會逐字稿

Hello, and welcome to the Constellation Brands' Q1 Fiscal Year 2024 Earnings Call and Webcast.

您好，歡迎參加 Constellation Brands 2024 年第一季度財報電話會議和網絡廣播。

(Operator Instructions)

（操作員說明）

As a reminder, this conference call is being recorded. It's now my pleasure to turn the call over to Joe Suarez, Vice President, Investor Relations. Please go ahead, Joe.

謹此提醒，本次電話會議正在錄音中。現在我很高興將電話轉給投資者關係副總裁喬·蘇亞雷斯 (Joe Suarez)。請繼續，喬。

Thank you, Kevin. Good morning all, and welcome again to Constellation Brands' Q1 Fiscal '24 Conference Call. I'm here this morning with Bill Newlands, our CEO; and Garth Hankinson, our CFO. As a reminder, reconciliations between the most directly comparable GAAP measure and any non-GAAP financial measures discussed on this call are included in our news release or otherwise available on the company's website at www.cbrands.com.

謝謝你，凱文。大家早上好，歡迎再次參加 Constellation Brands 的 24 財年第一季度電話會議。今天早上我和我們的首席執行官比爾·紐蘭茲 (Bill Newlands) 一起來到這裡。和我們的首席財務官加斯·漢金森 (Garth Hankinson)。謹此提醒，本次電話會議中討論的最直接可比的 GAAP 衡量標準與任何非 GAAP 財務衡量標準之間的對賬均包含在我們的新聞稿中，或通過公司網站 www.cbrands.com 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'll once again 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 向 SEC 提交的文件，了解可能影響本次電話會議中前瞻性陳述的風險因素。電話會議結束後，我們將再次在公司網站的投資者部分提供一系列幻燈片，其中包含比爾和加斯在今天電話會議中分享的準備好的講話的主要亮點。

Before turning the call over to Bill, in line with prior quarters, I'd like to ask that we limit everyone to 1 question per person as noted, which will help us end our call on time. Thanks in advance, and now here's Bill.

在將電話轉給比爾之前，與前幾個季度一樣，我想請求我們將每個人的問題限制為每人 1 個問題，這將有助於我們按時結束電話。預先感謝，現在是比爾。

Thanks, Joe, and good morning, everyone. We are off to a strong start in fiscal '24, with a solid first quarter. Our Beer Business delivered net sales growth of 11%, mainly driven by continued strong volume growth in line with our medium-term algorithm.

謝謝喬，大家早上好。我們在 24 財年有了一個良好的開端，第一季度表現強勁。我們的啤酒業務實現了 11% 的淨銷售額增長，主要是由於銷量持續強勁增長（符合我們的中期算法）。

As anticipated, depletion performance accelerated throughout the quarter, resulting in a 5.5% increase for the period and acceleration that has continued into June, supported by our beer team's unrelenting push to increase distribution for our high-growth, high-velocity brands, continued incremental investments in marketing focused on the highest return opportunities and ongoing strong demand for our high-end Mexican beer brands aligned with consumer-led premiumization trends. Particularly in large markets with significant runway for Modelo Especial, like Texas, Florida, Illinois and North Carolina with the brand posted double-digit dollar sales growth in Circana track channels.

正如預期的那樣，在我們的啤酒團隊不懈努力增加高增長、高速度品牌的分銷、持續增量的支持下，整個季度的消耗表現加速，導致該期間增長 5.5%，並且加速一直持續到 6 月份。營銷投資側重於最高回報機會以及對我們高端墨西哥啤酒品牌的持續強勁需求，符合消費者主導的高端化趨勢。特別是在 Modelo Especial 擁有重要跑道的大型市場，如德克薩斯州、佛羅里達州、伊利諾伊州和北卡羅來納州，該品牌在 Circana 賽道渠道的銷售額實現了兩位數的增長。

And yes, also in California, where our share gains actually accelerated and as expected, demand for our portfolio did ramp up after the unseasonably cold weather in early March.

是的，在加利福尼亞州，我們的股票漲幅實際上加速了，正如預期的那樣，在 3 月初反常的寒冷天氣之後，對我們投資組合的需求確實有所增加。

All in, our Beer Business delivered strong growth for the quarter while consistently advancing all 4 areas of our strategic initiatives. First, the business continued to propel its powerful core brands that people love. Modelo Especial remained the #1 dollar share gainer in the entire beer category, delivered double-digit dollar sales growth in tracked channels. And as most of you likely already are aware, became the #1 beer in America in dollar sales during the first quarter.

總而言之，我們的啤酒業務在本季度實現了強勁增長，同時持續推進我們戰略計劃的所有 4 個領域。首先，該業務繼續推動其深受人們喜愛的強大核心品牌。 Modelo Especial 仍然是整個啤酒類別中第一大美元份額增長者，在跟踪渠道中實現了兩位數的美元銷售額增長。正如你們大多數人可能已經知道的那樣，該啤酒在第一季度成為美國銷售額排名第一的啤酒。

Both Corona Extra and Pacifico also achieved share gains and delivered dollar sales growth of approximately 4% and 26%, respectively.

Corona Extra 和 Pacifico 也實現了份額增長，銷售額分別增長約 4% 和 26%。

Second, our beer innovations, which are still centered around the flavor and betterment consumer-led trends are off to a great start. Our Modelo Chelada brands remained a top 10 dollar share gainer with further support from our variety pack launched last year, the #4 new product in Circana channels and from the launch of new Sandia Picante flavor, the #5 new brand.

其次，我們的啤酒創新仍然以消費者主導的風味和改良趨勢為中心，已經有了一個良好的開端。我們的 Modelo Chelada 品牌仍然是排名前 10 美元的份額增長者，這得益於我們去年推出的品種包（Circana 渠道排名第四的新產品）以及新品牌 Sandia Picante 口味（排名第五的新品牌）的推出。

Modelo Oro was also a top 10 share gainer and incrementally has actually been slightly above what we saw in initial test markets. And Corona NA was the #1 share gainer in the nonalcoholic beer category in tracked channels.

Modelo Oro 的份額也位居前 10 名，而且實際上略高於我們在最初測試市場中看到的份額。在跟踪渠道中，Corona NA 是無酒精啤酒類別中份額第一的公司。

Third, the expansions of our beer brewing capacity continued to advance as planned. Our latest modular addition to Obregon successfully ramped up in Q1 and we are on track with the new ABA facility at Nava for Q4 of this fiscal year. At Veracruz, site development and construction work are underway, and we expect that to build up through this year and next.

三是啤酒產能擴張繼續按計劃推進。我們在 Obregon 的最新模塊化擴建項目在第一季度成功啟動，本財年第四季度我們在 Nava 的新 ABA 設施也步入正軌。韋拉克魯斯州的場地開發和建設工作正在進行中，我們預計這一工作將在今年和明年完成。

And fourth, the ESG efforts of our Beer Business further drove progress on our company-wide goals, particularly those on water stewardship. As noted in our last call, we recently surpassed our target of restoring 1.1 billion gallons of withdrawals from local watersheds. The initiatives in our Beer Business drove most of this achievement, and we plan to announce a new water target later this fiscal year.

第四，我們啤酒業務的 ESG 努力進一步推動了我們全公司目標的進展，特別是水資源管理方面的目標。正如我們在上次電話會議中指出的那樣，我們最近超額完成了恢復當地流域 11 億加侖取水量的目標。我們啤酒業務的舉措推動了這一成就的大部分，我們計劃在本財年晚些時候宣布新的水目標。

Building on our existing water and emissions targets, we also recently announced 2 new commitments focused on reducing waste and enhancing our use of circular packaging. In support of that commitment within our Beer Business, we plan to attain a True Zero Waste to Landfill Certification for our breweries in Mexico and replace hi-cone plastic rings with recyclable paperboard for all applicable 4 and 6-pack SKUs.

在我們現有的水和排放目標的基礎上，我們最近還宣布了兩項新的承諾，重點是減少浪費和加強循環包裝的使用。為了支持我們啤酒業務中的這一承諾，我們計劃為墨西哥的啤酒廠獲得真正的零廢物填埋認證，並用可回收紙板替換所有適用的 4 件裝和 6 件裝 SKU 的高錐體塑料環。

Similarly, within our Wine and Spirits Business, we also plan to attain the same certification for our key U.S. operations. As well as reducing our packaging to product weight ratio by 10% and ensure that 80% of the business packaging is returnable, recyclable or renewable.

同樣，在我們的葡萄酒和烈酒業務中，我們也計劃為我們的美國主要業務獲得相同的認證。還將我們的包裝與產品重量的比例減少 10%，並確保 80% 的商業包裝可回收、可回收或可再生。

With that, let's turn more fully to our Wine and Spirits Business. As noted previously, over the last few years, the Wine and Spirits Business has strategically shifted its portfolio to a bold, innovative and higher-end product mix that continues to be driven by consumer-led premiumization. In Q1, the higher-end wine portion of the business gained share in the U.S. wine category and outpaced the dollar sales growth of the corresponding segment and tracked channels.

有了這個，讓我們更全面地轉向我們的葡萄酒和烈酒業務。如前所述，在過去幾年中，葡萄酒和烈酒業務已戰略性地將其產品組合轉向大膽、創新和高端的產品組合，並繼續受到消費者主導的高端化的推動。第一季度，該業務的高端葡萄酒部分在美國葡萄酒類別中的份額增加，並超過了相應細分市場和跟踪渠道的美元銷售額增長。

Meiomi and Kim Crawford, the portfolio's largest premium wine brands and The Prisoner Wine Company, the largest fine wine brand group were main drivers of this strong performance. The innovation efforts across these brands also continued to deliver excellent results with Meiomi Bright, the brand's lower alcohol, lower calorie offering aligned with consumer-led betterment trend capturing the #1 new brand spot in the category.

該組合中最大的優質葡萄酒品牌 Meiomi 和 Kim Crawford 以及最大的精品葡萄酒品牌集團 The Prisoner Wine Company 是這一強勁業績的主要推動力。這些品牌的創新努力也繼續取得了優異的成果，Meomi Bright 是該品牌的低酒精、低熱量產品，符合消費者主導的改善趨勢，佔據了該類別中排名第一的新品牌地位。

In the main streamline portion of the business, the reinvention of Woodbridge is underway to address the growth headwinds, facing that segment of the category while keeping the brand's core consumers engaged. And while there is certainly more work to be done here, the brand's year-over-year dollar sales decline in U.S. tracked channels improved throughout the quarter.

在業務的主要精簡部分，伍德布里奇正在進行重塑，以應對增長阻力，面對該類別的細分市場，同時保持品牌核心消費者的參與度。雖然這里肯定還有更多工作要做，但該品牌在美國跟踪渠道的同比銷售額下降在整個季度有所改善。

The overall spirits portfolio maintained its share in U.S. tracked channels with notably strong dollar sales performance across its higher-end tequila and RTD products. In particular, Mi Campo tequila and High West ready-to-drink cocktails, both delivered significant double-digit dollar sales growth.

整體烈酒產品組合保持了其在美國跟踪渠道中的份額，其高端龍舌蘭酒和即飲產品的美元銷售表現尤其強勁。尤其是 Mi Campo 龍舌蘭酒和 High West 即飲雞尾酒，銷售額均實現了兩位數的顯著增長。

Beyond the evolution of the portfolio over the last few years, the Wine and Spirits Business has also been investing in capabilities to accelerate its performance in key growth channels. This omnichannel focus has provided additional pillars of consumer-led growth such as international and direct-to-consumer, the latter of which grew the channel's net sales 13% in Q1. And in fact, the e-commerce and customer loyalty portions of our DT business -- DTC business, pardon me, were up over 40% in Q1.

除了過去幾年產品組合的發展之外，葡萄酒和烈酒業務還一直在投資能力，以加快其在關鍵增長渠道的業績。這種全渠道重點為消費者主導的增長提供了額外的支柱，例如國際和直接面向消費者，後者使該渠道的淨銷售額在第一季度增長了 13%。事實上，我們 DT 業務（DTC 業務）的電子商務和客戶忠誠度部分在第一季度增長了 40% 以上。

From a volume perspective, the Wine and Spirits Business continued to face lower demand primarily for our mainstream brands, reflecting continued consumer-led premiumization trends noted earlier, which in turn affected top line performance. In the higher end line portion of our portfolio, our larger premium and luxury brands faced softer segment demand in April, but we did see solid acceleration in May, and that has continued into June.

從銷量角度來看，葡萄酒和烈酒業務繼續面臨主要針對我們主流品牌的需求下降，反映出前面提到的消費者主導的高端化趨勢持續存在，這反過來又影響了營收表現。在我們投資組合的高端產品線部分，我們較大的高端和奢侈品牌在 4 月份面臨著細分市場需求疲軟的情況，但我們確實在 5 月份看到了強勁的加速，並且這種情況一直持續到 6 月份。

Meanwhile, in our spirits portfolio, our higher-end craft brands posted very strong depletion growth of 40%. The Wine and Spirits Business also delivered significant operating margin expansion in Q1, adjusted for the contribution after marketing of the divested brands. This further demonstrates the benefits of the strategic refocusing of the portfolio to higher end, higher growth, higher-margin brands and channels.

與此同時，在我們的烈酒產品組合中，我們的高端精釀品牌的消耗量增長了 40%，非常強勁。葡萄酒和烈酒業務在第一季度也實現了營業利潤率的大幅增長，並根據剝離品牌營銷後的貢獻進行了調整。這進一步證明了將產品組合戰略重新聚焦於更高端、更高增長、更高利潤的品牌和渠道的好處。

To sum up the shift of the Wine and Spirits Business toward driving growth and margin improvement through its pivot to the higher-end brands and broader channels and markets, remains well on track. All in, we are confident in our outlook for the Wine and Spirits Business in fiscal '24 as performance is expected to continue to accelerate throughout the course of the year, in line with seasonality and the business' annual plan, particularly as the share of net sales from our ASPIRA Fine Wine and Craft Spirits portfolio increases over the coming quarter.

總而言之，葡萄酒和烈酒業務通過轉向高端品牌和更廣泛的渠道和市場來推動增長和利潤率改善的轉變仍然順利進行。總而言之，我們對 24 財年葡萄酒和烈酒業務的前景充滿信心，因為全年業績預計將繼續加速，符合季節性和業務年度計劃，特別是隨著我們的 ASPIRA 精品葡萄酒和精釀烈酒產品組合的淨銷售額在下一季度有所增長。

In closing, I once more want to highlight that our solid performance for the first quarter of fiscal '24 was anchored by the consistent execution of the annual plans and strategic initiatives across both businesses.

最後，我想再次強調，我們 24 財年第一季度的穩健業績得益於兩家公司年度計劃和戰略舉措的一致執行。

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

說到這裡，我想將電話轉給加斯，他將更詳細地審查我們本季度的財務業績。

Thank you, Bill, and good morning, everyone. As Bill noted, fiscal '24 is off to a solid start. We steadily executed against our annual plans, remaining both focused and adaptable as the economic and consumer backdrop continue to evolve and we remain on track to deliver against our stated financial performance goals for this fiscal year.

謝謝你，比爾，大家早上好。正如 Bill 指出的那樣，24 財年有了一個良好的開端。隨著經濟和消費者背景的不斷發展，我們穩步執行年度計劃，保持專注和適應能力，並且我們仍然有望實現本財年既定的財務業績目標。

As Bill noted, our Beer Business achieved double-digit net sales growth and the higher-end segment of our Wine and Spirits Business outperformed the higher end of the wine category. We also continue to execute and deliver against our capital allocation priorities, and we are reiterating our guidance for the year.

正如比爾指出的那樣，我們的啤酒業務實現了兩位數的淨銷售額增長，我們的葡萄酒和烈酒業務的高端部分的表現優於高端葡萄酒類別。我們還繼續執行和兌現我們的資本配置優先事項，並重申我們今年的指導。

Now let's review our Q1 fiscal '24 results in more detail where I will mainly focus on comparable basis financial results. Starting with the Beer Business. Net sales increased by $200 million representing an uplift of 11%. This was driven primarily by our volume growth of 7.5% as strong demand continued across our industry-leading portfolio. We also benefited from favorable pricing, which contributed $60 million of the overall net sales increase.

現在，讓我們更詳細地回顧一下我們 24 年第一季度的財務業績，其中我將主要關注可比基礎財務業績。從啤酒業務開始。淨銷售額增加 2 億美元，增幅 11%。這主要是由於我們行業領先的產品組合需求持續強勁，銷量增長了 7.5%。我們還受益於優惠的定價，為整體淨銷售額增長貢獻了 6000 萬美元。

Staying on the topic of price for just a moment, the incremental pricing we realized at this quarter primarily reflects the wraparound impact from the elevated pricing taken in fiscal 2023 that was above our typical 1% to 2% algorithm. As a reminder, we expect pricing to account for 1% to 2% of our net sales increase this fiscal year, which represents the combined uplift from the wraparound impact and the average of any other additional pricing actions to be taken in fiscal '24 on a market-by-market, channel-by-channel and SKU-by-SKU basis.

暫時停留在價格主題上，我們在本季度實現的增量定價主要反映了 2023 財年提高定價的總體影響，該定價高於我們典型的 1% 至 2% 算法。提醒一下，我們預計定價將佔本財年淨銷售額增長的 1% 至 2%，這代表了全面影響和 2024 財年採取的任何其他額外定價行動的平均增幅的綜合提升。逐個市場、逐個渠道和逐個 SKU。

Beer depletion growth for the quarter came in at 5.5%, which reflects a slower start but strong finish in the 3-month period between March and May as growth significantly accelerated through the quarter, driven by the disciplined execution of our distribution and marketing plans, including during the key Cinco de Mayo and Memorial Day holidays. Ongoing consumer-led premiumization trends including solid buy rates for high-end beer. And as Bill noted, significant growth in several of our top 5 markets and beyond as well as improving conditions in California. These results give us confidence as we head into the peak summer selling season.

本季度的啤酒消耗量增長率為 5.5%，這反映出 3 月至 5 月的 3 個月期間開始較慢，但結束強勁，在嚴格執行我們的分銷和營銷計劃的推動下，整個季度的增長顯著加速，包括重要的五月五日節和陣亡將士紀念日假期。持續的消費者主導的高端化趨勢，包括高端啤酒的穩定購買率。正如比爾指出的那樣，我們的幾個前 5 個市場及其他市場都出現了顯著增長，並且加利福尼亞州的情況也有所改善。當我們進入夏季銷售旺季時，這些結果給了我們信心。

Our largest brands, Modelo Especial and Corona Extra delivered mid-single-digit and low single-digit depletion growth, respectively. While our emerging brands, the Modelo Chelada brands and Pacifico each delivered double-digit depletion growth. On-premise depletions grew 3.2% and accounted for approximately 12.4% of total volume, reflecting more normalized year-over-year performance following the distortions caused by the pandemic closures and post-pandemic reopenings.

我們最大的品牌 Modelo Especial 和 Corona Extra 分別實現了中個位數和低個位數的消耗增長。我們的新興品牌 Modelo Chelada 和 Pacifico 均實現了兩位數的消耗增長。內部消耗量增長了 3.2%，約佔總交易量的 12.4%，反映出在大流行關閉和大流行後重新開放造成的扭曲之後，同比表現更加正常化。

For the first quarter of fiscal '24, shipment volume ran slightly ahead of the depletion volume on an absolute basis. Shipments were in line with our plan throughout the quarter, and depletions ultimately ramped up over the course of the 3 months, as previously noted. This difference in timing was the primary driver of the variance between shipment and depletion volumes.

24 財年第一季度，出貨量絕對值略高於消耗量。整個季度的出貨量符合我們的計劃，並且如前所述，消耗最終在這 3 個月內增加。這種時間上的差異是發貨量和消耗量之間差異的主要驅動因素。

Additionally, as it has been the case historically, strong shipment volume in the first quarter also reflects inventory preparations with distributors and retailers for the peak busy summer season. That said, distributor inventories remain at normal seasonal levels, so we do not expect this variance to generate any further distortion in Q2 and expect both shipment and depletion volume to be aligned for the full fiscal year.

此外，正如歷史上的情況一樣，第一季度強勁的出貨量也反映出分銷商和零售商為夏季旺季準備庫存的情況。也就是說，經銷商庫存保持在正常的季節性水平，因此我們預計這種差異不會在第二季度產生任何進一步的扭曲，並預計整個財年的出貨量和消耗量將保持一致。

Importantly, we also -- we are also well equipped with capacity flexibility to meet any incremental demand as we move through the year.

重要的是，我們還具備足夠的產能靈活性，可以滿足全年任何增量需求。

In regards to selling days, they were flat year-over-year for the quarter. Please note that for fiscal '24, there will be one more selling day in Q4.

就銷售天數而言，本季度與去年同期持平。請注意，對於 24 財年，第四季度將多一個銷售日。

Moving on to beer margins. Operating margin decreased by 220 basis points to 38%. This decrease was primarily driven by continued inflationary headwinds in our COGS as we faced an overall cost increase of approximately 4% for the quarter. As anticipated in our guidance for the year, we continue to face higher packaging and raw materials, freight and overhead costs. In Q1, we experienced low double-digit percent increases in packaging and raw materials as inflationary pressures continued throughout the period, albeit at a declining rate over the 3 months.

轉向啤酒利潤。營業利潤率下降 220 個基點至 38%。這一下降主要是由於我們的銷貨成本持續通脹不利，因為本季度我們面臨約 4% 的總體成本增長。正如我們在今年的指導中所預期的那樣，我們將繼續面臨更高的包裝和原材料、運費和管理費用。在第一季度，由於通脹壓力持續存在，我們的包裝和原材料出現了兩位數的低增長，儘管在這 3 個月裡增速有所下降。

We also continue to face higher overhead costs related to our brewery expansion as well as increased logistics costs, largely related to higher shipment volumes. As we have previously stated, it is important to note that for fiscal '24 and consistent with recent years, roughly 70% of our COGS are subject to annual pricing adjustments. These are based on trailing indicators, such as producer price indices and, therefore, typically reflect inflation from the preceding year. The remaining 30% of COGS are subject to fluctuations throughout the year and we can manage the volatility for about half of that 30% through our multiyear hedging program. While our full year COGS expectations currently remain unchanged, we are monitoring closely any potential favorability in direct commodity and pass-through raw material prices for the approximately 15% nonhedged portion still subject to intra-year adjustments and will provide any relevant updates in future quarters.

我們還繼續面臨與啤酒廠擴張相關的更高的間接費用以及物流成本的增加，這在很大程度上與發貨量的增加有關。正如我們之前所說，值得注意的是，在 24 財年，與近年來一致，我們大約 70% 的銷貨成本需要進行年度定價調整。這些基於追踪指標，例如生產者價格指數，因此通常反映上一年的通貨膨脹。其餘 30% 的銷貨成本全年都會波動，我們可以通過多年對沖計劃來管理這 30% 中約一半的波動。雖然我們的全年銷貨成本預期目前保持不變，但我們正在密切關注直接商品和轉嫁原材料價格的任何潛在有利條件，其中約 15% 的非對沖部分仍需進行年內調整，並將在未來幾個季度提供任何相關更新。

Additional operating margin headwinds for the Beer Business were comprised of a $29 million or 17% increase in marketing expense, primarily driven by ongoing media spend to build awareness of our core products as well as recent investments to support the new Modelo Oro product launch and as a result, please note that marketing as a percent of net sales came in at 9.5% for the quarter.

啤酒業務的其他營業利潤逆風包括營銷費用增加 2,900 萬美元，即 17%，這主要是由於持續的媒體支出，以提高我們核心產品的知名度，以及最近為支持新 Modelo Oro 產品發布而進行的投資，以及因此，請注意，本季度營銷占淨銷售額的百分比為 9.5%。

A $15 million or 18% increase in SG&A expense which was primarily the result of increased legal costs and an $11 million or 16% increase in depreciation, almost entirely associated with our brewery capacity investments.

SG&A 費用增加 1500 萬美元，即 18%，這主要是由於法律成本增加，以及折舊增加 1100 萬美元，即 16%，幾乎完全與我們的啤酒廠產能投資有關。

To help offset the increase in cost to our Beer Business, we are executing on various levers to partially offset the full year high single-digit inflationary headwinds in our overall packaging, raw materials and logistics costs through productivity initiatives. These initiatives have yielded savings of over $30 million for the first quarter of fiscal '24, and are focused on unlocking efficiencies and cost savings across procurement, operations and supply chain.

為了幫助抵消啤酒業務成本的增加，我們正在採取各種槓桿措施，通過生產力計劃來部分抵消全年整體包裝、原材料和物流成本中高個位數的通脹阻力。這些舉措在 24 財年第一季度節省了超過 3000 萬美元，重點是提高采購、運營和供應鏈的效率並節省成本。

For fiscal '24, our guidance for the Beer Business remains unchanged as we continue to target 7% to 9% of net sales growth and operating income growth of 5% to 7%, implying an operating margin of approximately 38%.

對於 24 財年，我們對啤酒業務的指導保持不變，我們繼續目標是淨銷售額增長 7% 至 9%，營業收入增長 5% 至 7%，這意味著營業利潤率約為 38%。

Now moving on to the Wine and Spirits Business. As Bill noted, over the last few years, our Wine and Spirits Business has been effectively shifting its portfolio to be more focused on higher-end brands that are better aligned with consumer-led premiumization trends while broadening sales channels to also expand into higher growth avenues. To that effect, please recall that we divested a collection of primarily mainstream wine brands from our portfolio during our third quarter in fiscal '23.

現在轉向葡萄酒和烈酒業務。正如比爾指出的那樣，在過去的幾年裡，我們的葡萄酒和烈酒業務一直在有效地轉變其投資組合，更加專注於更符合消費者主導的高端化趨勢的高端品牌，同時拓寬銷售渠道，以實現更高的增長途徑。為此，請記住，我們在 23 財年第三季度從我們的投資組合中剝離了一系列主要主流葡萄酒品牌。

Accordingly, during today's discussion, I will be referring to the top line of the Wine and Spirits Business on an organic basis, which excludes the contribution from the divested brands. Consistent with the strategic transformation, the Wine and Spirits Business has undertaken the higher-end brands of the wine portfolio, continue to resonate with the consumer and outperformed the corresponding segment of the category in the U.S. tracked channels in Q1.

因此，在今天的討論中，我將指有機基礎上的葡萄酒和烈酒業務的營收，其中不包括剝離品牌的貢獻。與戰略轉型相一致，葡萄酒及烈酒業務承接了葡萄酒組合中的高端品牌，持續引起消費者共鳴，第一季度在美國跟踪渠道中表現優於該品類的相應細分市場。

More recently, we've seen even greater strength in our 3 largest premium and fine wine brand families with Meiomi, Kim Crawford and The Prisoner Wine Company showing dollar sales growth and acceleration in tracked channels. Similarly, we were also pleased to see the overall spirits portfolio deliver strong dollar sales growth in tracked channels led by Mi Campo, and High West ready-to-drink cocktails. However, Wine and Spirits organic net sales were down 6%, largely as a result of the continued impact of ongoing consumer-led premiumization affecting the entire category and the lapping of a particularly strong prior year first quarter for our higher-end brands due to distributor inventory balancing actions.

最近，我們看到我們的 3 個最大的優質葡萄酒品牌系列（Meomi、Kim Crawford 和 The Prisoner Wine Company）表現出更大的實力，顯示出美元銷售額的增長和跟踪渠道的加速。同樣，我們也很高興看到整個烈酒產品組合在以 Mi Campo 和 High West 即飲雞尾酒為首的跟踪渠道中實現了強勁的美元銷售額增長。然而，葡萄酒和烈酒的有機淨銷售額下降了 6%，這主要是由於消費者主導的高端化對整個品類的持續影響，以及我們的高端品牌去年第一季度的表現尤其強勁。分銷商庫存平衡行動。

From a channel perspective, we continue to see success through our direct-to-consumer efforts, which delivered 13% net sales growth in our overall DTC channel. While still small compared to the rest of our Wine and Spirits Business, this channel accounted for 4% of total net sales, an increase of 100% versus just a few years ago.

從渠道角度來看，我們通過直接面向消費者的努力繼續取得成功，整個 DTC 渠道的淨銷售額增長了 13%。雖然與我們的其他葡萄酒和烈酒業務相比，該渠道仍然較小，但佔總淨銷售額的 4%，與幾年前相比增長了 100%。

Shipments on an organic basis decreased by 9% and depletions decreased by approximately 6%. As noted earlier, this volume decline was primarily driven by our mainstream brands, Woodbridge and SVEDKA as their respective segments of the categories face ongoing growth headwinds driven by consumer-led premiumization. Again, the Wine and Spirits Business continues to diligently work on the reinvention of Woodbridge and SVEDKA to address these headwinds. In particular, SVEDKA declines have stabilized, and we continue to look at incremental opportunities to revitalize the brand and accelerate improvements.

有機出貨量下降了 9%，消耗量下降了約 6%。如前所述，銷量下降主要是由我們的主流品牌 Woodbridge 和 SVEDKA 推動的，因為它們各自的類別細分市場面臨著消費者主導的高端化推動的持續增長阻力。葡萄酒和烈酒業務部再次努力重塑 Woodbridge 和 SVEDKA，以應對這些不利因素。特別是，SVEDKA 的下滑已經趨於穩定，我們將繼續尋找增量機會來振興品牌並加速改進。

And more broadly, in our spirits portfolio, our craft brands posted nearly 40% depletion growth driven by Mi Campo, posting depletion growth of over 80%. Wine and Spirits operating income, excluding the gross profit, less marketing of the brands that are no longer part of the business following their divestiture were relatively flat, and operating margin increased 90 basis points to 19%, also reflecting the same exclusion. The margin improvement was primarily driven by the favorable impact of the pricing actions taken last year that primarily focused on our higher-end brands, lower materials and packaging costs, including great blend optimization, lapping of higher freight and warehousing costs and lower marketing expense as we have streamlined our approach to marketing, focusing on the highest return areas of our portfolio.

更廣泛地說，在我們的烈酒產品組合中，我們的精釀品牌在 Mi Campo 的推動下實現了近 40% 的消耗量增長，消耗量增長超過 80%。葡萄酒和烈酒業務的營業收入（不包括毛利潤、剝離後不再屬於該業務的品牌的營銷減少）相對持平，營業利潤率增加了 90 個基點，達到 19%，也反映了同樣的排除情況。利潤率的改善主要是由於去年採取的定價行動的有利影響，這些定價行動主要集中在我們的高端品牌、較低的材料和包裝成本，包括出色的混合優化、較高的運費和倉儲成本以及較低的營銷費用，我們簡化了營銷方法，重點關注投資組合中回報率最高的領域。

Looking ahead, we expect the performance of the Wine and Spirits Business to accelerate throughout the remainder of the fiscal year through the combination of increased growth contribution from the portfolio's higher-end brands, which are already seeing depletions improve in line with our sales efforts and seasonal trends, ongoing growth in DTC channels as well as a return to growth in international markets. Lower marketing spend as we shift towards higher growth areas, focusing on the ASPIRA portfolio, and continued work toward a revitalization of SVEDKA and Woodbridge in the mainstream category.

展望未來，我們預計，通過組合中高端品牌增長貢獻的增加，葡萄酒和烈酒業務的業績將在本財年剩餘時間內加速增長，這些品牌的損耗已經隨著我們的銷售努力而有所改善，季節性趨勢、DTC 渠道的持續增長以及國際市場的恢復增長。隨著我們轉向更高增長領域，專注於 ASPIRA 產品組合，並繼續致力於振興主流類別中的 SVEDKA 和 Woodbridge，營銷支出將會降低。

Accordingly, we remain confident in the outlook for Wine and Spirits for the year and our guidance for that business for fiscal '24 remains unchanged.

因此，我們對今年葡萄酒和烈酒的前景仍然充滿信心，並且我們對該業務 24 財年的指導保持不變。

Now let's proceed with the rest of the P&L. Starting with corporate expense, which for the quarter was approximately $50 million from SG&A and overall corporate expense reduction of 19% when compared to the prior year and $33 million from unconsolidated investments related to Canopy and our Ventures portfolio investments. The overall corporate expense reduction is primarily driven by reduced spend in the second wave of our digital business acceleration program.

現在讓我們繼續處理損益表的其餘部分。從公司費用開始，本季度的 SG&A 費用約為 5000 萬美元，總體公司費用與上年相比減少了 19%，其中 3300 萬美元來自與 Canopy 和我們的風險投資組合投資相關的未合併投資。公司整體費用的減少主要是由於我們第二波數字業務加速計劃的支出減少所致。

I want to take a moment to talk briefly about the next wave of our digital business acceleration program. For fiscal '24, our DBA program will have 3 main goals: first, scaling our prior year's focus areas of marketing, procurement and supply chain across the business; second, introducing a new focus area, logistics, which will center around improving end-to-end visibility, and planning as well as enhancing our network capabilities across the business; and third, reducing third-party consulting fees as we begin to shift the support of our DBA program to in-house, increasing efficiencies and reducing overall cost.

我想花點時間簡要談談我們的下一波數字業務加速計劃。對於 24 財年，我們的 DBA 計劃將有 3 個主要目標：首先，擴大我們上一年在整個企業的營銷、採購和供應鏈的重點領域；其次，引入一個新的重點領域——物流，該領域將圍繞提高端到端可視性、規劃以及增強我們整個業務的網絡能力；第三，隨著我們開始將 DBA 計劃的支持轉向內部，減少第三方諮詢費用，從而提高效率並降低總體成本。

Interest expense for the quarter was approximately $118 million. This is a 34% increase from the prior year driven by higher average borrowings and rising interest rates on approximately 10% of our debt with adjustable rates. We ended the quarter with a net leverage ratio of approximately 3.5x excluding Canopy equity and earnings and expect to continue to make progress towards our approximately 3x ratio target throughout the year.

該季度的利息支出約為 1.18 億美元。由於平均借款增加以及約 10% 可調利率債務的利率上升，這一數字比上年增加了 34%。本季度結束時，不包括 Canopy 股權和收益的淨槓桿率約為 3.5 倍，預計全年將繼續朝著我們約 3 倍的槓桿率目標取得進展。

Our comparable effective tax rate, excluding Canopy equity and earnings for the quarter was 20.7% versus 20.6% last year. For fiscal '24, we continue to expect the comparable effective tax rate, excluding Canopy equity and earnings to be approximately 19%.

不包括 Canopy 股權和收益的本季度可比有效稅率為 20.7%，而去年為 20.6%。對於 24 財年，我們繼續預計可比有效稅率（不包括 Canopy 股權和收益）約為 19%。

Moving to free cash flow, which we define as net cash provided by operating activities less CapEx. For the first quarter of fiscal '24, we generated free cash flow of $388 million, a 31% decrease versus prior year, driven by a 41% increase in CapEx investments driven primarily by the capacity expansions at our Nava and Obregon facilities and the construction of our new brewery located in Veracruz. Our capacity expansions are underway as planned. Of the planned additions for this year, we fully ramped up 5 million hectoliters at our Obregon facility in Q1 and are planning on another 5 million hectoliters to support our ABA production to be online at our Nava facility towards the end of fiscal '24.

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。 24 財年第一季度，我們產生了 3.88 億美元的自由現金流，比去年同期下降了 31%，主要是由於納瓦和奧布雷貢設施的產能擴張以及建設，資本支出投資增長了 41%。我們位於韋拉克魯斯州的新啤酒廠。我們的產能擴張正在按計劃進行。在今年計劃的新增產能中，我們在第一季度在 Obregon 工廠全面增加了 500 萬百升，併計劃在 24 財年末再增加 500 萬百升，以支持我們的納瓦工廠在線生產 ABA。

In total, by the end of fiscal '24, we expect to have about 52 million hectoliters of capacity online, which, as you recall, includes nearly 3 million hectoliters of additional capacity from operational efficiency initiatives executed last fiscal year. Looking ahead, as we continue to consider incremental operational opportunities for our production facilities, we will seek to ensure that we align our additional modular capacity expansions to the timing that best balances both any further enhancements to our existing production footprint and our expectations for continued strong demand for our brands.

總的來說，到 24 財年末，我們預計將擁有約 5200 萬百升的在線產能，您還記得，其中包括上一財年執行的運營效率計劃帶來的近 300 萬百升的額外產能。展望未來，當我們繼續考慮生產設施的增量運營機會時，我們將尋求確保我們將額外的模塊化產能擴張調整到最佳平衡現有生產足蹟的任何進一步增強和我們對持續強勁的期望的時機。對我們品牌的需求。

Turning to cash flow. We continue to expect fiscal '24 free cash flow to be in the range of $1.2 billion to $1.3 billion, reflective of operating cash flow between $2.4 billion to $2.6 billion, and CapEx of $1.2 billion to $1.3 billion. Comparable EPS for the quarter, excluding Canopy equity and earnings, was $3.04 with an announced dividend of $0.89, bringing our dividend payout ratio to approximately 30% for the quarter. Our fiscal '24 EPS comparable guidance of $11.70 to $12 remains unchanged.

轉向現金流。我們仍然預計 24 財年自由現金流將在 12 億美元至 13 億美元之間，反映出運營現金流在 24 億美元至 26 億美元之間，資本支出為 12 億美元至 13 億美元。本季度的可比每股收益（不包括 Canopy 股本和收益）為 3.04 美元，宣布的股息為 0.89 美元，使我們本季度的股息支付率達到約 30%。我們 24 財年每股收益可比指導為 11.70 美元至 12 美元，保持不變。

In closing, we believe that this solid start to fiscal '24 sets us up for a great year ahead. We delivered net sales and volume growth in our Beer Business while implementing cost savings and efficiencies to help counteract the continued inflationary headwinds we face. Our Wine and Spirits Business is honing in on becoming a multichannel global competitor primarily focused on the higher-end segment. The growth in our core businesses and execution against our strategies makes us enthusiastic about what the rest of the year will bring and the shareholder value we will be able to create. With that, Bill and I are happy to take your questions.

最後，我們相信 24 財年的良好開局將為我們迎接美好的一年奠定基礎。我們的啤酒業務實現了淨銷售額和銷量增長，同時實施成本節約和提高效率，以幫助抵消我們面臨的持續通脹阻力。我們的葡萄酒和烈酒業務正在努力成為主要專注於高端市場的多渠道全球競爭對手。我們核心業務的增長和戰略的執行使我們對今年剩餘時間將帶來的事情以及我們將能夠創造的股東價值充滿熱情。至此，比爾和我很樂意回答您的問題。

(Operator Instructions)

（操作員說明）

Our first question today is coming from Dara Mohsenian from Morgan Stanley.

我們今天的第一個問題來自摩根士丹利的 Dara Mohsenian。

So you sounded pretty bullish about beer depletions towards the end of fiscal Q1 in May and June so far. I was just hoping for a little more detail there. And more specifically, if you can sort of juxtapose that versus the slowdown we have seen in the November to April time frame. It does seem like a fairly sizable inflection the other way. So more detail there would be helpful. And just if these factors driving the better May and June look more extendable and how you think about that?

因此，您聽起來對迄今為止 5 月和 6 月第一財季末的啤酒消耗情況相當樂觀。我只是希望那裡有更多細節。更具體地說，如果你能將其與我們在 11 月至 4 月期間看到的經濟放緩進行比較。反過來看，這確實是一個相當大的變化。所以更多細節會有幫助。如果這些推動五月和六月更好的因素看起來更具延續性，您對此有何看法？

And if I can slip in a second part that I'll pretend is related to the first part, just if industry pricing worsens going forward, given there's obviously a lot of potential changes on the ABI side, how do you think about domestic beer pricing as sort of the risk factor to your volume trends as you look going forward, if, in fact, there's any change from an industry backdrop standpoint?

如果我可以插入第二部分，我會假裝與第一部分相關，如果行業定價未來惡化，考慮到 ABI 方面顯然有很多潛在的變化，您如何看待國內啤酒定價作為您展望未來銷量趨勢的風險因素，事實上，從行業背景的角度來看是否有任何變化？

Sure, Dara. Let me cover that one. As we have told you before, March was a particularly challenging month. But as we've also noted, there was great acceleration. I think the easiest way to look at it is to look at Circana data. The 12-week is better than the 26th week. The 4-week is better than the 12-week. And as I noted this morning, the acceleration that we saw coming out of the first quarter is continuing into the second quarter, which I think is very positive.

當然，達拉。讓我來介紹一下。正如我們之前告訴過您的，三月是一個特別具有挑戰性的月份。但正如我們也注意到的那樣，出現了巨大的加速。我認為最簡單的查看方法是查看 Circana 數據。 12週比26週好。 4週比12週好。正如我今天早上指出的那樣，我們看到第一季度的加速持續到第二季​​度，我認為這是非常積極的。

To give you some other perspective that I think would be important and I think people often ask, if you think about Modelo Especial, we had 24 states in the first quarter growing double digits. In our Chelada business, we had 47 states grow double or triple digits during the first quarter. And as we've already noted, those things were accelerating coming out of the quarter. So I think we're quite comfortable that the largely challenging issues that we faced in sort of that winter time period are now behind us, and we're looking forward to a very strong summer period.

為了給您提供一些我認為很重要的其他觀點，我想人們經常會問，如果您考慮 Modelo Especial，我們在第一季度有 24 個州實現了兩位數增長。在我們的 Chelada 業務中，我們有 47 個州在第一季度實現了兩位數或三位數的增長。正如我們已經指出的那樣，這些事情在本季度中正在加速發展。因此，我認為我們很放心，我們在冬季期間面臨的極具挑戰性的問題現在已經過去了，我們期待著一個非常強勁的夏季。

Relative to your question about pricing, we haven't seen any particular challenges around pricing. In fact, as we run our normal drivers and drags, the effect of pricing has actually decreased in our business as we've gone through the early part of this year. As we've noted other times, we have not seen much trade down at all away from our business and believe that trend is likely to continue, given the strong consumer engagement with all of our brands.

相對於您有關定價的問題，我們沒有看到定價方面存在任何特殊挑戰。事實上，當我們運行正常的驅動因素和阻力時，定價對我們業務的影響實際上在今年年初有所下降。正如我們其他時候指出的那樣，我們沒有看到太多與我們業務無關的貿易下降，並且考慮到消費者對我們所有品牌的強烈參與，這種趨勢可能會持續下去。

Next question today is coming from Lauren Lieberman from Barclays.

今天的下一個問題來自巴克萊銀行的勞倫·利伯曼。

Great. I was just curious if you could talk a little bit about on-premise trends, the depletion call out of 3%. It seems that there is a deceleration versus Q1. So maybe just specifically to what you've been seeing in terms of on-premise trends later in the quarter? And if you've been talking about this acceleration, in our Circana data, that also applies to the on-premise trend.

偉大的。我只是好奇您能否談談本地趨勢，即 3% 的消耗率。與 Q1 相比似乎出現了減速。那麼，也許只是針對您在本季度晚些時候所看到的本地趨勢？如果您一直在談論我們的 Circana 數據中的這種加速，那麼這也適用於本地趨勢。

Lauren, on-premise is still not quite back to where we saw pre-pandemic. As we've said before, it was roughly 15% of our business pre-pandemic, and it's still in that 12% to 13% range as we have come out of the pandemic. And it's probably been a little more volatile, hit and miss compared to what you see in tracked channels. We believe it's going to continue to do well, and it's going to continue to improve over the course of the summer as we put the final touches, hopefully on the pandemic behind us, but it's admittedly not back to quite where it was ahead of time.

勞倫，內部部署仍然沒有完全回到我們在大流行前看到的情況。正如我們之前所說，這大約占我們在疫情爆發前業務的 15%，而在疫情結束後，這一比例仍保持在 12% 到 13% 的範圍內。與您在跟踪渠道中看到的情況相比，它可能更加不穩定，時好時壞。我們相信它會繼續表現良好，並且在我們進行最後的潤色時，它會在整個夏天繼續改善，希望疫情已經過去，但不可否認，它還沒有回到之前的狀態。

The thing that we've often been very pleased about is we've seen many accounts in the on-premise get much more focused on well-known recognized brands. And obviously, whenever that happens, it's to our advantage because of the strength of those brands.

我們常常非常高興的是，我們看到許多本地帳戶更加關注知名品牌。顯然，無論何時發生這種情況，由於這些品牌的實力，這對我們來說都是有利的。

Next question is coming from Peter Grom from UBS.

下一個問題來自瑞銀集團 (UBS) 的彼得·格羅姆 (Peter Grom)。

So I kind of wanted to ask about beer margins. Maybe 2 parts here. Maybe first, I think marketing was up almost 17% this quarter. And I think the expectation in the initial guidance was for a low single-digit increase for marketing for the year. So I guess, how should we think about the phasing of marketing spend moving forward? And I guess has the outlook changed at all, given the high teens inclusion 1,2? And then just related, you mentioned that you're monitoring some favorability across some of your key inputs and we'll provide an update later. But I guess, conceptually, should there be any favorability in those in would you anticipate those benefits dropping to the bottom line? Or would you look to take out marketing further?

所以我有點想問一下啤酒的利潤。也許這裡有 2 部分。也許首先，我認為本季度營銷增長了近 17%。我認為最初的指導中的預期是今年的營銷費用將出現低個位數的增長。所以我想，我們應該如何考慮未來營銷支出的分階段？我想考慮到青少年的包容性 1,2，前景是否發生了根本變化？然後，您提到您正在監控一些關鍵輸入的一些好感度，我們稍後會提供更新。但我想，從概念上講，這些好處是否會下降到底線？或者您會考慮進一步開展營銷嗎？

Well, thanks for the question. I mean, as we noted in our prepared remarks, the increase in Q1 marketing spend was largely supportive of the momentum behind our existing products as well as the support of the launch behind Modelo Oro. So marketing as a percent of net sales for the quarter came in at 9.5%. The outlook for the full year is unchanged. We will continue to spend in our normal algorithm, that 9% to 10% of net sales on a full year basis. And so again, nothing changed in that regard.

嗯，謝謝你的提問。我的意思是，正如我們在準備好的發言中指出的那樣，第一季度營銷支出的增加在很大程度上支持了我們現有產品背後的勢頭以及 Modelo Oro 背後的推出。因此，營銷佔本季度淨銷售額的百分比為 9.5%。全年展望不變。我們將繼續按照正常算法進行支出，即全年淨銷售額的 9% 到 10%。同樣，在這方面沒有任何改變。

As it relates to some of the improvement that we're seeing, obviously, we're off of some of the highs from a commodity perspective, with the exception of 1 or 2 things that have continued to be a little bit -- they haven't quite come off their highs just yet. So we do think that there could be some favorability as we move through the year on the commodity side. However, some of that favorability could be offset with the strength of the peso. If we look at the outlook right now, the favorability we're seeing on some commodities is being somewhat or completely offset by the strength of the peso. So right now, we're not seeing necessarily when you take into account the peso and the improving commodity market, but we're not necessarily seeing a big change for the balance of the year.

由於它與我們看到的一些改善有關，顯然，從大宗商品的角度來看，我們已經脫離了一些高點，除了一兩件事仍然有點——他們還沒有還沒有完全擺脫他們的高點。因此，我們確實認為，隨著今年大宗商品方面的進展，可能會出現一些有利的情況。然而，部分優惠可能會被比索走強所抵消。如果我們現在看看前景，就會發現我們對某些商品的青睞正在部分或完全被比索的強勢所抵消。因此，現在，當你考慮到比索和商品市場的改善時，我們不一定會看到，但我們不一定會看到今年剩餘時間的重大變化。

Next question today is coming from Bryan Spillane from Bank of America.

今天的下一個問題來自美國銀行的 Bryan Spillane。

Just one quick one for me, Garth. I think back on the 4Q call, when you talked about cadence, it was 55% of beer volume first half and 55% of Wine and Spirits in the back half. So just wanted to see if that was still directionally kind of where we should be thinking as we're beginning to kind of restack our models for the balance of the year?

加斯，對我來說只是一個快速的。我回想起第四季度的電話會議，當您談到節奏時，上半場是啤酒量的 55%，後半場是葡萄酒和烈酒的 55%。所以只是想看看這是否仍然是我們應該思考的方向，因為我們開始在今年剩下的時間裡重新調整我們的模型？

Yes, Bryan, absolutely. No changes in that. And obviously, that's one of the reasons why we think wine will continue to improve through the year. And again, no change that -- the Beer Business is pretty seasonal and tried and true. So that's absolutely what the outlook is for the Beer Business.

是的，布萊恩，絕對如此。沒有變化。顯然，這就是我們認為葡萄酒今年將繼續改進的原因之一。再說一次，沒有任何改變——啤酒業務具有相當的季節性，並且經過考驗且真實。這絕對是啤酒行業的前景。

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

你們的下一個問題來自高盛的邦妮·赫爾佐格。

All right. I guess I had a question about the Bud Light issue and how it may be impacting your business as well as your distributors? And any changes you might be making there? And then also in light of this, wondering if there might be an opportunity for you to possibly secure more tap handles from Modelo, just thinking about the on-prem business. And then just finally, any changes that you might be making to your marketing strategy or possibly spend levels in light of all of this.

好的。我想我有一個關於百威淡啤問題的問題，以及它可能如何影響您的業務以及您的經銷商？您可能會在那裡做出任何改變嗎？鑑於此，想知道您是否有機會從 Modelo 獲得更多的 Tap 句柄，僅考慮本地業務。最後，考慮到所有這些，您可能對營銷策略或可能的支出水平做出的任何改變。

Well, obviously, the single biggest change that we've seen, Bonnie has been that Modelo has taken over as the #1 beer by dollars in the U.S. We -- Jim Sabia has often said that, that was going to happen in the next few years. But obviously, it happened a little sooner than we had anticipated. I think one of the things that you're likely to see if some of that challenge continues is when we look at shelf sets in the back half of the year. Many retailers look at velocities as they are doing their re-shelf setting, which, again, often happens in the fall. And that always works to our advantage.

嗯，很明顯，我們看到的最大的變化是，邦尼（Bonnie），莫德羅（Modelo）已經成為美國以美元計排名第一的啤酒。我們——吉姆·薩比亞（Jim Sabia）經常說，這將在接下來的時間內發生幾年。但顯然，這件事發生得比我們預期的要早一些。我認為，如果某些挑戰繼續存在，您可能會看到的一件事是，當我們查看今年下半年的貨架組合時。許多零售商在重新上架時都會考慮速度，這通常發生在秋季。這總是對我們有利。

I think when you -- the retailing environment has gotten very, very sophisticated about seeing where the growth profiles are and the velocities against those. We're particularly excited in our Beer Business, the fact that the buy rate, both on our core as well as our high-end beer, including the Hispanic consumer, went up year-on-year during the first quarter.

我認為，零售環境已經變得非常非常複雜，可以了解增長情況以及與之相對應的速度。我們對啤酒業務感到特別興奮，因為第一季度我們的核心啤酒和高端啤酒（包括西班牙裔消費者）的購買率同比上升。

I think that's going to continue to be positive for us, and I think it's going to help us accelerate expansion of shelf and again, some of that is coming because of the growth and velocities that you're seeing on our brands, but also the decrease that you've seen, as you know, from some of our competitors.

我認為這對我們來說將繼續是積極的，我認為這將幫助我們加速貨架的擴張，其中一些是因為你在我們的品牌上看到的增長和速度，但也因為如您所知，我們的一些競爭對手所看到的減少。

Next question is coming from Nadine Sarwat from Bernstein.

下一個問題來自伯恩斯坦的 Nadine Sarwat。

You mentioned some commentary at the start on Oro. I'd be keen to get a little bit more color there in terms of either repeat rates, cannibalizations and feedback from consumers now that it's been out in the market for a while.

您在開始時提到了對 Oro 的一些評論。既然它已經上市一段時間了，我很想在重複率、蠶食和消費者反饋方面獲得更多的信息。

You bet, Nadine. It is -- the incrementality on the actual market has been better, a slight bit better than what we had anticipated coming out of our test markets. And we are quite pleased with it in the test markets. So we're getting very good response on that. It is already a top 10 share gainer, as I noted in my prepared remarks. And again, we've done this with, I would say, a careful approach. We only have 2 SKUs in that particular product at this point in time.

你敢打賭，納丁。實際市場的增量更好，比我們對測試市場的預期略好一些。我們對它在測試市場上的表現非常滿意。所以我們對此得到了很好的回應。正如我在準備好的發言中指出的那樣，它已經成為份額增長前十的公司。我想說的是，我們採取了謹慎的方法來做到這一點。目前該特定產品只有 2 個 SKU。

Recognizing, as Garth pointed out in his remarks, should that continue to show the positive signs that it has to date, we do have the capacity now to more aggressively go after that as the year continues, which I think, again, is very, very positive and speaks to the success that we've had in our operations in Mexico of creating some ability to go beyond what our initial plans are when those opportunities present themselves.

正如加思在講話中指出的那樣，認識到如果這繼續顯示出迄今為止的積極跡象，我們現在確實有能力在今年繼續更積極地追求這一目標，我再次認為這是非常，非常積極，這說明我們在墨西哥的業務中取得了成功，當這些機會出現時，我們創造了一些超越我們最初計劃的能力。

But it's early days. I don't like to get too far over my skis too soon on any new product introduction. But so far, this is going at least according to plan, if not better, and we're very pleased with the incrementality that we're seeing. As I said, it's slightly better than we saw in our test markets. So all thumbs up for us at this point on that product.

但現在還為時尚早。我不喜歡在任何新產品介紹上過早地談論我的滑雪板。但到目前為止，這至少是按照計劃進行的，如果不是更好的話，我們對所看到的增量感到非常滿意。正如我所說，這比我們在測試市場中看到的略好。因此，此時此刻，所有人都對我們的產品表示讚賞。

Next question is coming from Andrea Teixeira from JPMorgan.

下一個問題來自摩根大通的 Andrea Teixeira。

So I wanted to go back to the marketing spend. I think you've mentioned for the year the 7% to 9% of the top line, you started well with 9%. So I was just hoping to reconcile because you also said you expect it to be to low single. I mean not questioning, I think it's probably a great thing to start well, especially now with this commentary about, obviously, what's happening with Bud Light. And then related to -- just a clarification on a bit on the gross margin side. And I think, Garth, you mentioned that obviously, you've got $30 million of cost benefit for savings. You also have some benefit from packaging. Is that -- I believe we are in this call to see margins the way they came through for beer. So can you comment on a little bit about the leg room. Do you feel even more confident with your guide being conservative as the way I see it?

所以我想回到營銷支出。我想你已經提到了今年營收的 7% 到 9%，你從 9% 開始就做得很好。所以我只是希望能夠和解，因為你也說過你希望它是低單的。我的意思是不要質疑，我認為良好的開端可能是一件很棒的事情，尤其是現在有了關於百威淡啤正在發生的事情的評論。然後是關於毛利率方面的一些澄清。 Garth，我認為您顯然提到過，您可以節省 3000 萬美元的成本效益。您還可以從包裝中獲得一些好處。我相信我們在這次電話會議中是為了看到他們啤酒的利潤率。您能評論一下腿部空間嗎？您是否對您的導遊在我看來是保守的感到更有信心？

So let me take the first half, and I'll let Garth take the second half of that. Our marketing approach has been consistent for years. That's one of the things that we think has been tremendous for our brands and why they continue to accelerate in the market. We believe in spending against our brands. We have refined it some. We're getting much more capable in the digital arena than what we were just a few years ago. And I think that's very positive.

所以讓我來承擔上半部分，我會讓加斯承擔下半部分。多年來，我們的營銷方法一直保持一致。這是我們認為對我們的品牌來說意義重大的事情之一，也是它們在市場上不斷加速發展的原因。我們相信針對我們的品牌進行消費。我們對其進行了一些改進。我們在數字領域的能力比幾年前要強大得多。我認為這是非常積極的。

But we have the #1 share of voice in the market and we expect to continue to be -- to have that continue going forward. And we believe in it. It's shown tremendous success for our brands as we've gotten to this point, and we believe it's going to be an important part of our continued success moving forward. Garth, I'll let you answer the other, if you would.

但我們在市場上擁有第一的話語權，並且我們預計將繼續保持這一地位。我們相信這一點。到目前為止，它為我們的品牌帶來了巨大的成功，我們相信這將成為我們繼續取得成功的重要組成部分。 Garth，如果你願意的話，我會讓你回答另一個問題。

Yes. On the margin front, look, I mean the 38% for the quarter was roughly in line, maybe slightly better than what our expectations were as we entered the year. We certainly feel confident in our ability to deliver the margin profile that we laid out at the beginning of the year. As I said in my prepared remarks, and as we reminded everyone in the last quarter, roughly 70% of our total COGS are subject to annual adjustments that are backward looking and only 30% have any fluctuation or exposed to fluctuations throughout the year. And so again, we feel really good about the position that we're in right now and our ability to deliver the margin profile that's consistent with the -- with our earnings guidance.

是的。在利潤率方面，我的意思是，本季度的 38% 大致符合預期，可能略好於我們進入今年時的預期。我們當然對實現年初制定的利潤率的能力充滿信心。正如我在準備好的發言中所說，也正如我們在上個季度提醒大家的那樣，我們的總銷貨成本中大約有 70% 會受到年度調整的影響，而這些調整是回顧性的，只有 30% 的產品全年有任何波動或面臨波動。再說一次，我們對我們目前所處的狀況以及我們提供與我們的盈利指導一致的利潤率狀況的能力感到非常滿意。

Next question is coming from Chris Carey from Wells Fargo Securities.

下一個問題來自富國銀行證券公司的克里斯·凱里。

Just one clarification and then a question on Wine and Spirits. Just the clarification, Garth, you said that you didn't expect any distortion in shipments versus depletions going forward after Q1. And I think you were clear in response to Bryan's question about the mix of cases front half versus back half. But should the rate of growth of shipments be below the rate of growth of depletions in Q2 or any quarter go forward? And basically, what I'm trying to clarify here is the absolute cases versus the rate of change.

只是一個澄清，然後是關於葡萄酒和烈酒的問題。 Garth，您剛才說，您預計第一季度之後的出貨量與消耗量不會出現任何扭曲。我認為您對布萊恩關於前半部分與後半部分案件混合的問題的回答很清楚。但第二季度或未來任何季度的出貨量增長率是否應該低於消耗增長率？基本上，我在這裡想澄清的是絕對案例與變化率。

So that would just give a clarification then the question on Wine and Spirits would be, can you just perhaps just suppose the premiumization efforts with the margin delivery in the quarter and perhaps just reaffirm confidence in a way on the margin trajectory of the Wine and Spirits business go forward here.

因此，這只是澄清了關於葡萄酒和烈酒的問題是，您是否可以假設本季度利潤交付的高端化努力，也許只是以某種方式重申對葡萄酒和烈酒利潤軌蹟的信心業務在這裡發展。

Yes. So on the shipments and depletions. So look, as we said, we expect the shipments and depletions to be on a nominal basis to be largely in line with one another on a full year basis. I think if you look and you go back to the years that are unaffected by the pandemic or weather-related operational difficulties, you'll see that there is some seasonal differences between depletions and shipments. Q1, as we noted, we typically do have some outpacing of shipments relative to depletions on a nominal basis as you're building for the summer season. So -- and you're getting distributors and retailers in a position that they're able to meet the demand of that key summer selling season. So that's fairly typical. So I would just ask you to go back and look at some prior periods, again, pre-pandemic.

是的。關於出貨量和消耗量。因此，正如我們所說，我們預計名義上的出貨量和消耗量將與全年基本一致。我認為，如果您回顧一下未受大流行或與天氣相關的運營困難影響的年份，您會發現消耗和發貨之間存在一些季節性差異。第一季度，正如我們所指出的，當您為夏季建造時，相對於名義上的消耗量，我們的出貨量通常確實會超過一些。因此，您將讓分銷商和零售商能夠滿足關鍵的夏季銷售季節的需求。所以這是相當典型的。所以我只想請你們回顧一下之前的一些時期，再一次，大流行前的時期。

As it relates to our Wine and Spirits Business, again, as we said on the call, we do expect to see continued improvement through the year on the margin front as we continue to see increased traction with our premium portfolio. Again, we're seeing good growth on brands like Meiomi and Kim Crawford and The Prisoner Wine Company. We're continuing to get the benefit of pricing on those. And there are a number of cost initiatives underway in our Wine Business. As well as seeing improvements there, as we said, on both logistics and on great input costs. So again, that's a business also that, as Bryan noted, we've guided will -- the volume there is about 55 back-end loaded.

由於這與我們的葡萄酒和烈酒業務有關，正如我們在電話會議上所說，我們確實預計今年利潤率將持續改善，因為我們繼續看到我們的優質產品組合的吸引力不斷增強。我們再次看到 Meiomi 和 Kim Crawford 以及 The Prisoner Wine Company 等品牌的良好增長。我們將繼續從這些產品的定價中獲益。我們的葡萄酒業務正在進行多項成本舉措。正如我們所說，物流和投入成本方面都取得了進步。所以，正如 Bryan 指出的那樣，這也是一項我們引導的業務——後端加載的數量約為 55 個。

So for all of those reasons, we're confident that we can deliver the year and deliver the margin profile that we previously guided to.

因此，出於所有這些原因，我們有信心能夠實現這一年的業績並實現我們之前指導的利潤率。

Next question is coming from Filippo Falorni from Citi.

下一個問題來自花旗銀行的 Filippo Falorni。

A quick question on the health of the U.S. consumer, particularly if you look about your core Hispanic consumer base, any changes that you see in terms of purchasing behaviors, in terms of package size, trade down or any signs of that? And clearly, your business has improved as the weather improved in California. But any signs there also in terms of changing consumer behaviors, particularly again, in the Hispanic consumer base in the States?

一個關於美國消費者健康狀況的簡單問題，特別是如果你看看你的核心西班牙裔消費者基礎，你在購買行為、包裝尺寸、降價或任何跡象方面看到了任何變化嗎？顯然，隨著加州天氣的好轉，您的業務也有所改善。但消費者行為是否也發生了變化，特別是在美國的西班牙裔消費者群體中？

Yes. As you can imagine, that's something that we track very carefully as well. And we're pleased to report that the buy rate, which again is trips, times the spend for high-end beer. And this includes the Hispanic consumer was up year-on-year in the first quarter. It's one we track very carefully. It's an important element to us. And it's one that we are very pleased to see in a positive vein. As you point out, we have continued to see acceleration of our share in California, which is an important market during the course of the first quarter as well. And in that particular market, as you would expect, the Hispanic consumer base is very important to us.

是的。正如您可以想像的那樣，我們也非常仔細地跟踪這一點。我們很高興地報告說，購買率（又是旅行次數）乘以高端啤酒的支出。其中包括第一季度同比增長的西班牙裔消費者。這是我們非常仔細追踪的一個。這對我們來說是一個重要的元素。我們很高興看到這一積極的一面。正如您所指出的，我們在加利福尼亞州的份額繼續加速增長，這也是第一季度的一個重要市場。正如您所期望的那樣，在這個特定市場中，西班牙裔消費者群對我們來說非常重要。

It's also very important, for instance, in the State of Texas, which saw a double-digit growth profile in the first quarter as well. So we're pretty comfortable that the consumer side of our business remains very strong. And as I noted on the prior call from -- the prior question, excuse me, that we are continuing to invest heavily against our marketing approach to make sure that we continue to maintain that same consumer demand that we've enjoyed.

這也非常重要，例如，在德克薩斯州，該州第一季度也實現了兩位數的增長。因此，我們對消費者方面的業務仍然非常強勁感到非常滿意。正如我在之前的電話中指出的那樣，對不起，我們將繼續對我們的營銷方法進行大量投資，以確保我們繼續保持我們所享受的相同的消費者需求。

Our next question is coming from Andrew Strelzik from BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Andrew Strelzik。

Great. My question is around opportunities around price pack architecture as a beer volume growth driver. And I guess what I'm hoping is you can help us understand exactly where you are in that process? Is that something that over the medium term we should expect to accelerate as a contributor and maybe over the next 12 months versus over the medium term, where the focus is within that strategy?

偉大的。我的問題是圍繞價格包架構作為啤酒銷量增長驅動力的機會。我想我希望您能幫助我們準確了解您在此過程中所處的位置？從中期來看，作為貢獻者，我們應該期望加速這一趨勢，也許在未來 12 個月內，而不是中期，重點是該戰略？

Yes. You're entirely right, Andrew. That's something that our beer leadership team is working on aggressively day in and day out. And frankly, we think we can learn a lot from some other players in the beverage arena, particularly in the soda area, where pretty much if you tell me what you've got to spend, there's a pack size or a pack appropriate for a particular price point. So a lot of things we are looking at, things like Modelito, we're looking at different quantities, ounce quantities against some of our packaging. So all of these things are critically important.

是的。你完全正確，安德魯。這是我們的啤酒領導團隊日復一日積極努力的方向。坦率地說，我們認為我們可以從飲料領域的其他一些參與者那裡學到很多東西，特別是在蘇打水領域，如果你告訴我你必須花多少錢，就會有一個包裝尺寸或適合一個人的包裝。特定的價格點。所以我們正在研究很多東西，比如 Modelito，我們正在研究不同的數量，盎司數量與我們的一些包裝。因此，所有這些事情都至關重要。

Part of the reason you're seeing the massive acceleration in the high 40 percentile in the Chelada business, is what used to be only a 24-ounce can is now available in both multipack and 12-ounce opportunities. So again, we think, and that's been part of the big acceleration in the Chelada area. So this is an area that we're spending a lot of time on ourselves to make sure that whatever the consumer has available to spend against our brand, that we have something available to them within our portfolio to make sure that they can take our products home with them when they leave a store.

您看到 Chelada 業務中 40% 以上的業務大幅增長的部分原因是，以前只有 24 盎司罐裝的產品現在有合裝裝和 12 盎司的機會。我們認為，這也是切拉達地區大加速的一部分。因此，我們在這個領域花費了大量時間，以確保消費者可以在我們的品牌上花費任何錢，我們的產品組合中可以為他們提供一些東西，以確保他們可以接受我們的產品當他們離開商店時與他們一起回家。

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

謝謝。我們的問答環節已經結束。我想將發言權交還給比爾，以徵求進一步的意見或結束意見。

Thank you, Kevin, and thank you all for joining today's call. We're off to an excellent start in fiscal '24. Our Beer Business delivered strong growth for the quarter with performance accelerating since the beginning of the year and into Q2. The higher-end brands of our Wine and Spirits portfolio continued to outperform and track channels and to drive margin improvement. We remain confident in our outlook for the full year and are building great momentum as we head into the key summer selling season for our Beer Business and the seasonally stronger second half for the Wine and Spirits Business.

謝謝凱文，也感謝大家參加今天的電話會議。我們在 24 財年有了一個良好的開端。我們的啤酒業務在本季度實現了強勁增長，自年初和進入第二季度以來業績不斷加速。我們的葡萄酒和烈酒產品組合中的高端品牌繼續表現優於並跟踪渠道並推動利潤率提高。我們對全年的前景仍然充滿信心，並在啤酒業務進入關鍵的夏季銷售季節以及葡萄酒和烈酒業務季節性強勁的下半年之際，正在建立強勁的勢頭。

In closing, I want to wish you all a happy 4th of July for those of you celebrating that and hope you choose to enjoy your celebrations with some of our great products. Thanks again, everyone, and have a great summer.

最後，我祝愿大家 7 月 4 日快樂，並希望你們選擇使用我們的一些優質產品來慶祝。再次感謝大家，祝大家夏天愉快。

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

謝謝。今天的電話會議和網絡廣播到此結束。此時您可以斷開線路，度過美好的一天。我們感謝您今天的參與。