Constellation Brands Inc (STZ) 2024 Q4 法說會逐字稿

Good day, and welcome to the Constellation Brands Fiscal Year 2024 Fourth Quarter Full Year Earnings Call. (Operator Instructions) As a reminder, this call is being recorded.

美好的一天，歡迎參加 Constellation Brands 2024 財年第四季全年財報電話會議。 （操作員說明）謹此提醒，此通話正在錄音。

At this time, I'd like to turn the call over to Snehal Shah, Director of Investor Relations. Mr. Shah, you may now begin.

現在，我想將電話轉給投資者關係總監 Snehal Shah。沙阿先生，您現在可以開始了。

Thank you, Rob. Good morning all, and welcome to Constellation Brands' Year-End Fiscal 2024 Earnings Conference Call. I'm here this morning with Bill Newlands, our CEO; and Garth Hankinson, our CFO.

謝謝你，羅布。大家早安，歡迎參加 Constellation Brands 2024 財政年度年終財報電話會議。今天早上我和我們的執行長比爾紐蘭茲 (Bill Newlands) 一起來到這裡。和我們的財務長加思·漢金森 (Garth Hankinson)。

As a reminder, reconciliations between the most directly comparable GAAP measures and any non-GAAP financial measures discussed on this call are included in today's news release or otherwise available on the company's website at www.cbrands.com.

提醒一下，本次電話會議中討論的最直接可比較的GAAP 衡量標準與任何非GAAP 財務衡量標準之間的對帳均包含在今天的新聞稿中，或者可在公司網站www.cbrands.com 上找到。

Please note, when we discuss comparable earnings per share figures for fiscal 2024 and prior fiscal years, we are referring to earnings per share on a comparable basis, excluding Canopy equity and earnings, unless otherwise noted. Please refer to the news release and Constellation's SEC filings for risk factors which may impact forward-looking statements made on this call.

請注意，除非另有說明，當我們討論 2024 財年和之前財年的可比較每股收益數據時，我們指的是可比較基礎上的每股收益，不包括 Canopy 股本和收益。請參閱新聞稿和 Constellation 向 SEC 提交的文件，以了解可能影響本次電話會議中前瞻性聲明的風險因素。

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. 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 today.

電話會議結束後，我們還將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演講的主要亮點。在將電話轉給比爾之前，與前幾季一樣，我想請求我們限制每個人只能回答一個問題，這將有助於我們今天按時結束電話。

Thanks in advance, and now here's Bill.

預先感謝，現在是比爾。

Thanks, Snehal, and good morning, everyone. Welcome to our fiscal '24 year-end earnings call. As usual, I'd like to start with a few headlines from this past fiscal year.

謝謝，斯內哈爾，大家早安。歡迎參加我們的 24 財年年終收益電話會議。像往常一樣，我想從上一財年的一些頭條新聞開始。

First, I'm pleased to report that we delivered another year of strong performance in fiscal '24. We drove comparable earnings per share growth of nearly 9% and remain focused on achieving our stated medium-term target of low double-digit comparable EPS growth moving forward. This growth was supported by a net sales increase of 5% at an enterprise level and solid operating leverage that resulted in an increase of 7% in comparable operating income, representing an enterprise comparable operating margin of nearly 33%. This performance once again yielded recognition for Constellation Brands as the #1 growth leader among large CPG companies by Circana in calendar year '23 as we have been 5 of the last 7 years. We are the only CPG company of scale to make their top 10 ranking for 11 consecutive years.

首先，我很高興地向大家報告，我們在 24 財年又取得了強勁業績。我們推動可比每股收益成長近 9%，並繼續致力於實現我們既定的低兩位數可比每股收益成長的中期目標。這一成長得益於企業層級 5% 的淨銷售額成長和穩健的營運槓桿，導致可比營運收入成長 7%，相當於企業可比營運利潤率接近 33%。這項業績再次讓 Constellation Brands 被 Circana 評為 23 日曆年大型 CPG 公司中排名第一的成長領導者，因為我們在過去 7 年中已連續 5 年位列其中。我們是唯一一家連續 11 年躋身前 10 名的規模消費品公司。

Our continued strong performance and momentum heading into fiscal '25 reinforces our confidence in our ability to deliver against the following targets outlined at our Investor Day this past November, maintaining 6% to 8% enterprise net sales growth, delivering 33% to 35% enterprise comparable operating income margin and generating low double-digit comparable earnings per share growth, all of which we intend to achieve in fiscal '25.

進入25 財年，我們持續強勁的業績和勢頭增強了我們對實現去年11 月投資者日概述的以下目標的信心：保持6% 至8% 的企業淨銷售額增長，實現33% 至35% 的企業淨銷售額成長可比營業利潤率和實現低兩位數的可比每股收益成長，所有這些都是我們計劃在 25 財年實現的。

Second, from a segment perspective, our fiscal '24 results were largely driven by our beer business, which delivered net sales and operating income growth above 9% and 8%, respectively, both exceeding our expectations from the beginning of the year. This strong performance drove our largest dollar share gain ever for a full fiscal year, adding an impressive 2 points of dollar share within the U.S. beer category. And we achieved a significant milestone this year as Modelo Especial became the #1 beer in U.S. dollar sales. Furthermore, across all beverage alcohol, our beer business was the #1 dollar share gainer, capturing 1.1 points of share and driving nearly 70% of the total dollar growth in the sector. This was truly a remarkable achievement by our entire beer team working in concert with our distributor and retail partners as they delivered volume growth for the 14th consecutive year which is certainly another incredible differentiator among CPG companies.

其次，從細分市場的角度來看，我們24財年的業績主要是由我們的啤酒業務推動的，該業務的淨銷售額和營業收入增長分別超過9%和8%，均超出了我們年初的預期。這一強勁的業績推動我們整個財年的美元份額實現最大增幅，在美國啤酒類別中的美元份額增加了 2 個百分點，令人印象深刻。今年我們實現了一個重要的里程碑，Modelo Especial 成為美元銷售額排名第一的啤酒。此外，在所有飲料酒精中，我們的啤酒業務是美元份額增長第一的企業，佔據了 1.1 個百分點的份額，並推動了該行業總美元增長的近 70%。這確實是我們整個啤酒團隊與經銷商和零售合作夥伴共同努力取得的一項了不起的成就，因為他們連續14 年實現了銷量成長，這無疑是CPG 公司中另一個令人難以置信的差異化優勢。

In our wine and spirits business, we faced a series of near-term category headwinds throughout fiscal '24 but remain confident that our strategy is sound. We recently promoted Sam Glaetzer to serve as our new President of Wine and Spirits. He is a well-rounded and accomplished industry veteran with nearly 30 years of experience in the wine and spirits category and a successful track record of driving commercial and operational efficiency and effectiveness.

在我們的葡萄酒和烈酒業務中，我們在整個 24 財年面臨一系列近期品類逆風，但我們仍然相信我們的策略是合理的。我們最近提拔 Sam Glaetzer 擔任我們的新任葡萄酒和烈酒總裁。他是一位多才多藝、成就斐然的行業資深人士，在葡萄酒和烈酒領域擁有近 30 年的經驗，並在提高商業和營運效率和效益方面擁有成功的記錄。

Sam also played an integral role in the implementation of the business transformation over the last few years, leading our global end-to-end supply chain optimization initiatives and building a world-class farming, winemaking and distilling network, aligned to consumer preferences while developing a focused international route to market to deliver incremental growth for the business in the medium term.

Sam 在過去幾年的業務轉型實施中也發揮了不可或缺的作用，領導了我們的全球端到端供應鏈優化計劃，並建立了世界一流的農業、釀酒和蒸餾網絡，在開發產品的同時滿足消費者的喜好。

Now with the strategic transformation of our Wine and Spirits portfolio is largely complete, Sam is well positioned to lead our team in driving enhanced focus on execution, and the delivery of growth and improved profitability. To that end, our Wine and Spirits team has identified several immediate actions to help drive improvement in our year-over-year top line performance, which I'll discuss in more detail shortly.

現在，我們的葡萄酒和烈酒產品組合的策略轉型已基本完成，Sam 完全有能力領導我們的團隊更加重視執行、實現成長和提高獲利能力。為此，我們的葡萄酒和烈酒團隊已確定了幾項立即行動，以幫助推動我們逐年提高營收業績，我將很快對此進行更詳細的討論。

Third, we continue to achieve superior cash flow generation and deployed that cash in a disciplined and balanced manner underpinned by our consistent capital allocation priorities. For fiscal '24, we generated $2.8 billion in operating cash flow, and we're able to reduce our net leverage ratio by nearly 0.5 point while returning over $900 million back to our shareholders through quarterly dividends and share repurchases.

第三，我們繼續實現卓越的現金流生成，並以我們一貫的資本配置優先事項為基礎，以嚴格和平衡的方式部署現金。在 24 財年，我們產生了 28 億美元的營運現金流，我們能夠將淨槓桿率降低近 0.5 個百分點，同時透過季度股息和股票回購向股東返還超過 9 億美元。

We also continue to prudently invest to support the ongoing growth with total capital expenditures of nearly $1.3 billion in fiscal '24, most of which was focused on capacity additions to our beer brewing operations. And fourth, we continued to deliver against our environmental, social and governance objectives, which I'll discuss in more detail shortly.

我們也繼續謹慎投資以支持持續成長，24 財年的總資本支出接近 13 億美元，其中大部分集中在啤酒釀造業務的產能增加。第四，我們繼續實現我們的環境、社會和治理目標，我很快就會對此進行更詳細的討論。

With that as a backdrop, let's turn to a more detailed discussion of our fiscal '24 performance, starting with our beer business, which despite some challenging weather in our fourth quarter, grew depletions by 9%, resulting in our 56th consecutive quarter of depletions growth. For the full year, we continue to extend our lead as the #1 high-end beer supplier in the U.S., delivering top share gains across the total beer category underpinned by a nearly 14% increase in dollar sales and nearly 11% volume growth across tracked channels.

以此為背景，讓我們更詳細地討論我們的24 財年業績，從我們的啤酒業務開始，儘管第四季度遇到了一些挑戰，但啤酒業務的消耗量仍增長了9%，導致我們連續第56 季度出現消耗量生長。全年來看，我們繼續擴大作為美國第一大高端啤酒供應商的領先地位，在整個啤酒類別中實現最高份額增長，這得益於美元銷售額增長近14%，以及整個啤酒類別銷量增長近11 %。

And in line with our expectations, we captured low double-digit percent incremental shelf space this spring while adding another 21,000 resets through our shopper-first shelf program in fiscal '24. These factors all played a significant role in driving the growth of our beer business paired with the strength of our portfolio's iconic brands starting with Modelo Especial, which grew depletions by nearly 10% and maintained its leading position as the top share gainer, and as noted earlier, the #1 overall beer brand in U.S. tracked channels.

與我們的預期一致，今年春季我們獲得了低兩位數百分比的貨架空間增量，同時在 24 財年透過購物者優先的貨架計劃又增加了 21,000 個重置。這些因素都在推動我們啤酒業務的成長方面發揮了重要作用，再加上我們投資組合中標誌性品牌的實力，從Modelo Especial 開始，該品牌的消耗量增長了近10%，並保持了份額增長最多的領先地位，正如所指出的早些時候，美國排名第一的啤酒品牌追蹤了管道。

Corona Extra increased depletions nearly 1% and maintained its position as the #3 high-end beer brand in the U.S. and Pacifico delivered depletion growth over 17% as it reached the 20 million case sold milestone and remained a top 10 share gainer across the total beer category and the #4 share gainer in the high end. While we continue to build on the success of our iconic brands, we are also building good traction with our focused innovations aligned with consumer-led trends of premiumization, flavor and betterment.

Corona Extra 的消耗量增加了近1%，保持了美國第三大高端啤酒品牌的地位。名的地位。在我們繼續鞏固標誌性品牌成功的同時，我們也透過與消費者主導的高端化、風味和改善趨勢一致的重點創新來建立良好的吸引力。

Our Modelo Chelada brands delivered an increase of 30% in depletions also surpassing 20 million cases sold and remained the #1 Chelada in the category supported by the launch of our new flavor, Sandía Picante, and new pack size offerings. We are excited to continue to build on that momentum in fiscal '25 with 2 new flavors, Fresa Picante and Negra con Chile. Modelo Oro's national launch established a strong foundation for the brand as it rose to become a top 5 share gainer across the total beer category and the #3 share gainer in the high end with just 2 SKUs.

我們的 Modelo Chelada 品牌的消耗量增加了 30%，銷量也超過 2000 萬箱，在新口味 Sandía Picante 和新包裝尺寸產品推出的支持下，仍然是該類別中排名第一的 Chelada。我們很高興能夠在 25 財年繼續保持這一勢頭，推出兩種新口味：Fresa Picante 和 Negra con Chile。 Modelo Oro 在全國範圍內的推出為該品牌奠定了堅實的基礎，憑藉2 個SKU，該品牌躍升為整個啤酒類別中份額增長前5 名的公司，並在高端市場中排名第3 的份額增長者。

Given that strong reception and ongoing consumer demand for betterment products, we are launching 2 more Modelo Oro SKUs in fiscal '25, an 18-pack and a 24-pack. Staying within the Modelo brand family, our new Aguas Frescas variety pack secured the #1 new FMB spot in its test market of Nevada. So on fiscal '25, we will be expanding its rollout to another 20 markets for this authentic liquid aligned with consumer-led flavor trends and featuring our project, our nitro technology.

鑑於消費者對改良產品的強烈反響和持續需求，我們將在 25 財年再推出 2 種 Modelo Oro SKU，即 18 件裝和 24 件裝。留在 Modelo 品牌家族中，我們的新 Aguas Frescas 品種包在內華達州測試市場中獲得了新 FMB 排名第一的位置。因此，在25 財年，我們將把這種正宗液體的推廣範圍擴大到另外20 個市場，這種液體與消費者主導的風味趨勢相一致，並以我們的項目（我們的硝基技術）為特色。

In our Corona brand family, we introduced Corona nonalcoholic, which is the leading dollar share gainer in the fast-growing nonalcoholic beer segment. As for fiscal '25, we are testing Corona Sunbrew in select Eastern markets. This new refreshing beer is brewed with real citrus peels and a splash of real citrus juice.

在我們的 Corona 品牌家族中，我們推出了 Corona 無酒精啤酒，它是快速增長的無酒精啤酒領域中美元份額增長最快的產品。至於 25 財年，我們正在選定的東部市場測試 Corona Sunbrew。這款新的清爽啤酒是用真正的柑橘皮和少量真正的柑橘汁釀造的。

The strong execution of our beer business in fiscal '24 was also reflected in our ability to maintain best-in-class margins by combating trailing inflation headwinds with cost savings and efficiency initiatives. We also continued to invest in our beer business in fiscal '24, deploying approximately $950 million in capital expenditures, supporting our ability to meet the continued robust demand we see for our brands through the expansion of our beer brewing capacity at Nava and Obregon and the ongoing work at our new Veracruz site.

我們啤酒業務在 24 財年的強勁執行力也體現在我們透過成本節約和效率舉措來應對持續通膨逆風，從而維持一流利潤率的能力。我們還在 24 財年繼續投資啤酒業務，部署了約 9.5 億美元的資本支出，透過擴大納瓦和奧夫雷貢的啤酒釀造能力以及我們新韋拉克魯斯工廠正在進行的工作。

Looking ahead to fiscal '25 and in line with the plan we laid out at our Investor Day in November, we expect our beer business to remain within our net sales growth algorithm of 7% to 9% and for operating margins to gradually improve, supported by our operating income growth of 10% to 12%.

展望 25 財年，根據我們在 11 月投資者日制定的計劃，我們預計我們的啤酒業務將保持在 7% 至 9% 的淨銷售額增長算法內，並且營業利潤率將逐步提高，支持我們的營業收入成長了10%到12%。

Moving on to Wine and Spirits. Due largely to the challenging market dynamics referenced earlier, our Wine and Spirits business saw declines of approximately 8% for both organic net sales and operating income but still landed within our revised guidance range. While we do not expect ongoing challenges in the Wine and Spirits category to immediately subside, particularly in the mainstream and premium price segments, we have identified several areas to improve the performance of our wine and spirits business in fiscal '25, including, but not limited to, refocusing our efforts within our premium and above brands to more consistently drive growth in our most scaled and central offerings, notably in Crawford, Meiomi, The Prisoner, High West and Mi Campo while accelerating additional tactical investments to revitalize the equity and support demand for our largest mainstream brand, Woodbridge, and ensuring that we continue to support the transformation of other significant brands in our portfolio such as SVEDKA, Vint by Robert Mondavi, Ruffino and Lumina.

繼續討論葡萄酒和烈酒。主要由於前面提到的充滿挑戰的市場動態，我們的葡萄酒和烈酒業務的有機淨銷售額和營業收入均下降了約 8%，但仍落在我們修訂後的指導範圍內。雖然我們預計葡萄酒和烈酒類別中持續存在的挑戰不會立即消退，特別是在主流和高端價格領域，但我們已經確定了在25 財年改善葡萄酒和烈酒業務業績的幾個領域，包括但不限於僅限於，重新將我們的努力集中在我們的高端及以上品牌上，以更持續地推動我們最大規模和最核心的產品的增長，特別是Crawford、Meiomi、The Prisoner、High West 和Mi Campo ，同時加快額外的戰術投資，以振興股權和支持對我們最大的主流品牌 Woodbridge 的需求，並確保我們繼續支持我們產品組合中其他重要品牌的轉型，例如 SVEDKA、Vint by Robert Mondavi、Ruffino 和 Lumina。

Note that these 11 brands represent 3/4 of net sales and over 80% of volumes for our Wine and Spirits business in fiscal '24, which is why we plan to provide more focus and investment for them. Another key area we are focused on is aligning with our U.S. wholesale distributor partners on clear priorities to help enhance our performance in our largest markets and channels.

請注意，這 11 個品牌占我們 24 財年葡萄酒和烈酒業務淨銷售額的 3/4 和銷售額的 80% 以上，這就是我們計劃為它們提供更多關注和投資的原因。我們關注的另一個關鍵領域是與我們的美國批發經銷商合作夥伴就明確的優先事項進行協調，以幫助提高我們在最大市場和通路中的表現。

As noted in our prior call, these priorities include enhanced focus on improving mix, inventory and sales execution. We will also be making additional investments in media spend and price promotions as well as adjustments in our own sales capabilities to better support the execution and go-to-market efforts of our distributor partners. And similar to our beer business, we will continue to focus more broadly on efficiency opportunities to drive operational and sales excellence across our Wine and Spirits segment.

正如我們在先前的電話會議中指出的，這些優先事項包括更加重視改善產品組合、庫存和銷售執行。我們還將在媒體支出和價格促銷方面進行額外投資，並調整我們自己的銷售能力，以更好地支持我們的經銷商合作夥伴的執行和進入市場的努力。與我們的啤酒業務類似，我們將繼續更廣泛地關注效率機會，以推動整個葡萄酒和烈酒部門的營運和銷售卓越。

This will include the operational and supply chain initiatives highlighted at our Investor Day as well as enhancements to the business's organizational structure to enable a more effective and competitive operating model. Looking forward to fiscal '25, we expect our Wine and Spirits business net sales to be relatively stable and operating income to be down 9% to 11%.

這將包括我們在投資者日強調的營運和供應鏈計劃，以及對業務組織結構的增強，以實現更有效和更具競爭力的營運模式。展望 25 財年，我們預期葡萄酒和烈酒業務的淨銷售額將相對穩定，營業收入將下降 9% 至 11%。

While we believe the focus on sales execution I just outlined will help stabilize the top line growth for Wine and Spirits, our operating income guidance reflects incremental investments in additional media spend price promotions and sales capabilities as well as continued inflationary pressures on some cost of goods sold and lapping of distributor contractual payments and reduced incentive compensation that occurred in fiscal '24. As we noted, we remain committed to continuing to advance this business over the coming years toward the medium-term targets shared at our Investor Day.

雖然我們相信我剛才概述的對銷售執行的關注將有助於穩定葡萄酒和烈酒的收入增長，但我們的營業收入指引反映了對額外媒體支出、價格促銷和銷售能力的增量投資，以及某一些商品成本的持續通膨壓力24 財年發生的銷售和經銷商合約付款的重疊以及激勵補償的減少。正如我們所指出的，我們仍然致力於在未來幾年繼續推動這項業務，以實現投資者日分享的中期目標。

Moving on to capital allocation. we continue to deliver against our stated priorities and targets in fiscal '24. As noted earlier, we further strengthened our balance sheet with a reduction in our net leverage ratio, supported by our strong earnings performance and our disciplined debt management.

繼續進行資本配置。我們將繼續實現 24 財年既定的優先事項和目標。如前所述，在我們強勁的獲利表現和嚴格的債務管理的支持下，我們透過降低淨槓桿率進一步強化了我們的資產負債表。

We returned cash to shareholders and deployed most of our capital investments to brewery expansions to support the growth of our beer business, and we continue to conduct tuck-in gap-filling acquisitions that are aligned with consumer-led trends and complemented our portfolio. We also made notable progress in regards to our environmental, social and governance ambitions in fiscal '24.

我們向股東返還現金，並將大部分資本投資用於啤酒廠擴張，以支持我們啤酒業務的成長，我們繼續進行填補空白的收購，這些收購符合消費者主導的趨勢，並補充了我們的投資組合。我們在 24 財年的環境、社會和治理目標方面也取得了顯著進展。

From a governance perspective, our Board undertook refreshment actions that resulted in the appointment of 2 new independent directors, each with strong financial backgrounds. We also recently announced the election of a new independent Board Chair, Chris Baldwin, who brings a wealth of senior leadership experience from the CPG sector. In addition, in line with our commitment to be good stewards of the environment, since we had surpassed our initial water restoration target in fiscal '23, we established a new goal of restoring more than 5 billion gallons of water to key water sheds near our operations between the time frame covering fiscal '23 and '25. This goal is designed to ensure local residents and businesses have ample supply and access to water, which is the key to building sustainable and thriving communities. Finally, we announced 2 new environmental commitments in fiscal '24 to reduce waste within our key operating facilities and to enhance circular packaging.

從治理的角度來看，我們的董事會採取了更新行動，任命了兩位新的獨立董事，每一位都擁有強大的財務背景。我們最近也宣布選出新的獨立董事會主席 Chris Baldwin，他帶來了消費品產業豐富的高階領導經驗。此外，根據我們成為良好環境管理者的承諾，由於我們在 23 財年超越了最初的水恢復目標，我們制定了一個新目標，即向我們附近的主要流域恢復超過 50 億加侖的水。財年至25 財年時間範圍內的營運。這一目標旨在確保當地居民和企業擁有充足的水供應和獲取機會，這是建立可持續和繁榮社區的關鍵。最後，我們在 24 財年宣布了兩項新的環境承諾，以減少我們主要營運設施內的廢棄物並加強循環包裝。

So in summary, we once again achieved another strong year of performance and significant progress across our strategic initiatives in fiscal '24, and we fully expect to build on this momentum in fiscal '25. We are confident in our ability to continue to create shareholder value and deliver on our commitments, including achieving low double-digit comparable EPS growth by generating high single-digit net sales growth and delivering best-in-class margins for our beer business, managing category challenges and improving the growth trajectory of our Wine and Spirits business with enhanced execution and maintaining our capital allocation discipline and commitment to operate in a way that is good for business and good for the world.

總而言之，我們在 24 財年再次取得了強勁的業績，並在戰略舉措方面取得了重大進展，我們完全期望在 25 財年繼續保持這一勢頭。我們對繼續創造股東價值和兌現承諾的能力充滿信心，包括透過實現高個位數的淨銷售額增長和為我們的啤酒業務提供一流的利潤率來實現低兩位數的可比每股收益增長，管理品類挑戰，透過增強執行力、維持我們的資本配置紀律和以有利於業務和世界的方式運作的承諾，改善我們的葡萄酒和烈酒業務的成長軌跡。

As I wrap up, I want to once again thank all of our colleagues across Constellation as well as our trade partners for their hard work and dedication in helping us deliver another year of industry-leading performance, and I believe we are well positioned to keep that momentum going in fiscal '25.

在我結束演講時，我想再次感謝星座公司的所有同事以及我們的貿易夥伴的辛勤工作和奉獻精神，幫助我們實現又一年行業領先的業績，我相信我們有能力繼續保持領先地位。年的這種勢頭將會持續下去。

And with that, I will turn the call over to Garth, who will give more details on our financial results and outlook.

接下來，我會將電話轉給加斯，他將提供有關我們財務業績和前景的更多詳細資訊。

Thank you, Bill, and good morning, everyone. As usual, my discussion will focus mainly on our comparable P&L results, starting at an enterprise level followed by business segment detail for fiscal '24. I will then discuss our fiscal '25 outlook and expectations in the same matter.

謝謝你，比爾，大家早安。像往常一樣，我的討論將主要集中在我們的可比損益結果上，從企業層面開始，然後是 24 財年的業務部門詳細資訊。然後我將討論我們對同一問題的 25 財年展望和預期。

Starting with net sales. As an enterprise, we delivered growth of over 5% slightly exceeding our fiscal '24 guidance range of 4% to 5%. This was driven by the strong performance of our beer business, which grew net sales over 9%, exceeding our guidance of 8% to 9%. As Bill mentioned, our beer business had another strong year of depletion growth, a 7.5% increase as the strength of our portfolio carried throughout the entire year. Off-premise depletions grew by over 8%, which represent nearly 89% of our total depletion volume. The on-premise accounts for the balance of our depletions and grew by over 1%.

從淨銷售額開始。作為一家企業，我們實現了超過 5% 的成長，略高於 24 財年 4% 至 5% 的指導範圍。這是由我們啤酒業務的強勁表現推動的，該業務的淨銷售額增長超過 9%，超出了我們 8% 至 9% 的指導。正如比爾所提到的，我們的啤酒業務迎來了強勁的消耗成長年，隨著我們的投資組合全年保持強勢，成長了 7.5%。場外消耗量增加了 8% 以上，占我們總消耗量的近 89%。內部部署佔了我們消耗的餘額，並且增加了 1% 以上。

We expect to build on our momentum in off-premise channels, supported by the low double-digit incremental shelf space that we captured this spring, which we foreshadowed at our Investor Day last November. And we continue to see opportunity to drive growth in the on-premise with new draft handles particularly from Modelo Especial and Pacifico in the coming fiscal year. I will elaborate on fiscal '25 shortly.

我們預計將在場外管道的勢頭基礎上繼續發展，今年春天我們獲得了兩位數的低位增量貨架空間，這也是我們在去年 11 月的投資者日所預示的。我們繼續看到在下一財年透過新的草案句柄（特別是來自 Modelo Especial 和 Pacifico 的新草案句柄）推動本地業務成長的機會。我很快就會詳細介紹 25 財年的情況。

Shipment volumes for our beer business in fiscal '24 grew 7.4%, and we achieved favorable pricing of 2%. These volume and pricing increases were partially offset by the divestiture of our craft beer business and an unfavorable shift in product mix. In aggregate, the volume, price and mix changes amounted to a nearly $700 million increase in beer net sales for fiscal '24. In regards to selling days, we had 1 extra sell day in the year, which occurred in Q4. This had a minimal impact on our volumes as shipments and depletions on an absolute basis were over 99% aligned for the year.

24 財年我們啤酒業務的出貨量成長了 7.4%，並且我們實現了 2% 的優惠定價。這些銷售和價格的成長被我們精釀啤酒業務的剝離和產品結構的不利轉變部分抵消。總的來說，銷售、價格和產品組合的變化使 24 財年的啤酒淨銷售額增加了近 7 億美元。關於銷售日，我們今年多了 1 個銷售日，發生在第四季。這對我們的銷售影響很小，因為全年的絕對出貨量和消耗量超過 99%。

For our Wine and Spirits business, net sales declined 9% and 8% on a reported and organic basis, respectively. The change in organic net sales for our Wine and Spirits business was within our lowered guidance range of a 7% to 9% decline. This decline was largely driven by unfavorable U.S. wholesale performance, particularly across our mainstream and premium brands. As Bill noted, we are working with our U.S. wholesale distributor partners to enhance performance in our largest markets and channels in fiscal '25.

對於我們的葡萄酒和烈酒業務，報告淨銷售額和有機淨銷售額分別下降 9% 和 8%。我們的葡萄酒和烈酒業務的有機淨銷售額變化在我們下調的 7% 至 9% 的指導範圍內。這種下降主要是由於美國批發業績不佳造成的，特別是我們的主流和高端品牌。正如 Bill 指出的那樣，我們正在與美國批發分銷商合作夥伴合作，以提高 25 財年我們最大市場和通路的表現。

Additionally, in our international markets, net sales for fiscal '24 were down 7% by destocking, particularly in Canada, our largest export market. More recently, in Q4, net sales from our international markets grew 14%, largely driven by the Canadian market where inventory levels have begun to normalize. The net sales decline in our U.S. wholesale and international markets were partially offset by 10% net sales growth in our direct-to-consumer channel.

此外，在我們的國際市場，24 財年的淨銷售額因庫存減少而下降了 7%，特別是在我們最大的出口市場加拿大。最近，在第四季度，我們國際市場的淨銷售額成長了 14%，這主要是受到加拿大市場庫存水準開始正常化的推動。我們的美國批發和國際市場的淨銷售額下降被我們的直接面向消費者通路 10% 的淨銷售額成長部分抵銷。

Moving on to our operating income and margin. At an enterprise-wide level, we delivered a 7% increase in comparable operating income at the upper end of our 6% to 7% guidance resulting in a 50 basis point increase in comparable operating margin to 32.6%. This was driven by the strong performance of our beer business, which grew operating income by just over 8% and delivered an operating margin of 37.9%.

接下來是我們的營業收入和利潤率。在整個企業層面，我們的可比營業收入成長了 7%，達到了 6% 至 7% 指導價值的上限，導致可比營業利潤率成長了 50 個基點，達到 32.6%。這是由我們啤酒業務的強勁表現推動的，該業務的營業收入增長了 8% 以上，營業利潤率為 37.9%。

Enterprise-wide operating margins also benefited from an 11% reduction or $30 million decrease in corporate expense driven mainly by reduced third-party consulting fees related to our DBA project spend. This solid performance was partially offset by our Wine and Spirits results, as operating income, excluding the gross profit, less marketing of the brands that are no longer part of the business following their divestiture, declined by 8%. This decline was within our lowered guidance range of a 6% to 8% decline, resulting in a flat year-over-year operating margin of 22.2%.

企業範圍內的營業利潤率也受益於公司費用減少 11%，即 3000 萬美元，這主要是由於與我們的 DBA 項目支出相關的第三方諮詢費用的減少。這一穩健的表現被我們的葡萄酒和烈酒業績部分抵消，營業收入（不包括毛利、剝離後不再屬於業務的品牌的營銷減少）下降了 8%。這一下降在我們下調的 6% 至 8% 指導範圍內，導致營運利潤率同比持平，為 22.2%。

Elaborating on the margin puts and takes in more detail, starting with the beer business. The increase in operating income and slight 40 basis point decrease in operating margin were reflective of an absolute increase of approximately 12% in overall COGS. This increase in COGS includes the impact of increased volume and the nearly $205 million from cost savings initiatives realized in fiscal '24.

從啤酒業務開始，更詳細地闡述保證金賣出和收取的情況。營業收入的增加和營業利潤率小幅下降 40 個基點反映了整體銷貨成本絕對值增加了約 12%。 COGS 的成長包括銷售增加的影響以及 24 財年實現的成本節約措施帶來的近 2.05 億美元的影響。

By COGS component and on an absolute basis, inclusive of both volume growth and cost savings, year-over-year changes were as follows: Raw materials and packaging represented the midpoint of 55% to 60% of total COGS and had an absolute increase of 16%; Logistics, making up just over 20% of total COGS, increased 3% as a large portion of the benefits from our cost savings agenda came from this area; Labor and overhead landed at just under 15% of total COGS and increased 19% attributable to the construction activities at our Veracruz brewery; and the remaining portion of total COGS depreciation increased approximately $37 million, representing the incremental capacity that was brought online in fiscal '24.

依銷貨成本組成部分，在絕對基礎上，包括銷售成長和成本節省，較去年同期變化如下： 原料和包裝佔總銷貨成本的 55% 至 60%，絕對成長16%；物流佔總銷貨成本 (COGS) 的 20% 多一點，成長了 3%，因為我們的成本節約議程的大部分收益來自該領域；由於韋拉克魯斯啤酒廠的建設活動，勞動力和管理費用佔總銷貨成本的比例略低於 15%，並增加了 19%； COGS 折舊總額的剩餘部分增加了約 3,700 萬美元，代表了 24 財年上線的增量產能。

Moving on to marketing. Our dollar spend increased by approximately 2% year-over-year. As a percent of fiscal '24 net sales, marketing was approximately 8.5%, coming in slightly below our medium-term 9% algorithm partly driven by the divestiture of our craft beer brands and efficiencies from the transition to our new media agency. Lastly, SG&A, which represented approximately 5% of net sales increased approximately 8%, driven by the unfavorable impact of foreign currency and increased compensation and benefits. These increases were partially offset by benefits from the craft beer divestiture and lower legal fees.

繼續行銷。我們的美元支出年增約 2%。行銷佔 24 財年淨銷售額的百分比約為 8.5%，略低於我們的中期 9% 演算法，部分原因是我們精釀啤酒品牌的剝離以及向新媒體機構轉型的效率。最後，在外匯不利影響以及薪資和福利增加的推動下，佔淨銷售額約5%的SG&A成長了約8%。這些增長部分被精釀啤酒剝離帶來的好處和較低的法律費用所抵消。

Moving on. Our Wine and Spirits business operating income margin, excluding the gross profit, less marketing of the brands that are no longer part of the business following last year's divestiture remained flat year-over-year as the volume decline and unfavorable channel mix were offset by favorability in our COGS, driven by nearly $40 million coming from our cost savings initiatives, favorable pricing, reduced other SG&A expenses and a reduction in marketing expense.

繼續。我們的葡萄酒和烈酒業務的營業利潤率（不包括毛利）、去年剝離後不再屬於該業務的品牌的營銷費用同比保持持平，因為銷量下降和不利的渠道組合被好感度所抵消我們的在銷貨成本(COGS) 中，近4,000 萬美元來自我們的成本節約計劃、優惠的定價、其他SG&A 費用的減少以及行銷費用的減少。

Interest expense for fiscal '24 was about $435 million, a 9% increase from prior year driven by higher average borrowings and weighted average interest rates. We ended fiscal '24 with our comparable net leverage ratio, excluding Canopy equity and earnings of 3.2x, leaving us well positioned to achieve our target of approximately 3x in fiscal '25.

24 財年的利息支出約為 4.35 億美元，比上年增長 9%，原因是平均借款和加權平均利率上升。截至 24 財年，我們的淨槓桿率（不包括 Canopy 股權和收益）為 3.2 倍，這使我們有能力在 25 財年實現約 3 倍的目標。

Our comparable effective tax rate, excluding Canopy equity and earnings, was 18.5% versus 19.2% last year. Comparable EPS for fiscal '24, excluding Canopy equity and earnings, grew nearly 9% year-over-year to $12.38 and came in above our guidance range of $12 to $12.20.

我們的可比較有效稅率（不包括 Canopy 股權和收益）為 18.5%，而去年為 19.2%。 24 財年的可比每股收益（不包括 Canopy 股權和收益）年增近 9% 至 12.38 美元，高於我們 12 至 12.20 美元的指導範圍。

Moving to fiscal '24 free cash flow, which we define as net cash provided by operating activities less CapEx. We generated free cash flow slightly over $1.5 billion, exceeding our $1.4 billion to $1.5 billion guidance range. Free cash flow decreased 12% year-over-year, driven by a 23% increase in CapEx investments attributable to our expansions at our existing facilities and the ongoing construction of our new brewery in Veracruz.

轉向 24 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。我們產生的自由現金流略高於 15 億美元，超出了 14 億至 15 億美元的指引範圍。由於我們現有設施的擴建以及韋拉克魯斯州新啤酒廠的持續建設，資本支出投資增加了 23%，導致自由現金流較去年同期下降 12%。

In fiscal '24, we increased our total nominal capacity from our Mexico brewery operations from 42 million hectoliters to approximately 48 million hectoliters as a result of the modular expansions brought online over the summer that were fully ramped by year-end along with unlocked incremental capacity through our optimization initiatives. Consistent with our capital allocation priorities, we once again delivered cash returns to our shareholders with over $900 million of expenditures in dividends and share repurchases.

在24 財年，我們將墨西哥啤酒廠業務的總名義產能從4,200 萬百升增加到約4,800 萬百升，這是由於夏季上線的模組化擴展在年底前全面啟動以及釋放的增量產能所致。根據我們的資本配置優先順序，我們再次向股東提供了超過 9 億美元的現金回報，用於股息和股票回購。

In addition, we executed portfolio gap filling transactions, encompassing both a tuck-in acquisition of a female and Black-founded luxury wine brand with a successful track record and a venture investment in the high-growth nonalcoholic space in fiscal '24.

此外，我們還執行了填補投資組合缺口的交易，包括收購一個由女性和黑人創立、擁有成功業績記錄的豪華葡萄酒品牌，以及在 24 財年對高成長的非酒精領域進行風險投資。

With that, let me now step through our outlook for fiscal '25, starting with net sales. We are targeting our enterprise-wide net sales to grow 6% to 7%, inclusive of a 7% to 9% growth target for our beer business and a 0.5% decline to 0.5% growth in net sales for our Wine and Spirits business. The beer top line outlook is expected to be primarily achieved by continued strong volume growth of our portfolio. Again, we expect this to come from distribution of our largest brands bolstered by spring shelf reset gains, the health and continued support of our consumers and innovation in the form of brand extensions, new-to-world products and new pack sizes.

現在，讓我從淨銷售額開始逐步闡述我們對 25 財年的展望。我們的目標是整個企業的淨銷售額成長 6% 至 7%，其中包括啤酒業務 7% 至 9% 的成長目標以及葡萄酒和烈酒業務淨銷售額成長 0.5% 至 0.5% 的成長目標。啤酒營收前景預計將主要透過我們產品組合銷售的持續強勁成長來實現。同樣，我們預計這將來​​自於我們最大品牌的分銷，這些品牌受到春季貨架重置收益、消費者的健康和持續支持以及品牌延伸、新產品和新包裝尺寸等形式的創新的支持。

Regarding beer volumes. We anticipate fiscal '25 shipments and depletions to track closely on an absolute basis, consistent with prior years. Similarly, we expect the cadence of our shipments and depletions in terms of share of annual volumes from a quarter and a half year perspective to be fairly in line with fiscal '24.

關於啤酒量。我們預計 25 財年的出貨量和消耗量將在絕對基礎上密切跟踪，與前幾年一致。同樣，我們預計從一個季度半的角度來看，我們的出貨節奏和消耗量佔年銷量的份額將與 24 財年相當。

For Wine and Spirits net sales, we expect to largely offset ongoing category headwinds as we drive the sales and marketing execution initiatives described by Bill earlier. Additionally, we expect mix-related benefits due to the better performance in our higher-end brands. That said, we continue to anticipate overall volume growth to remain challenged, particularly due to demand headwinds in the mainstream and premium price segments, which account for a major part of our volumes. Furthermore, from a net sales perspective, we are expecting unfavorable lapping of bulk sales through fiscal '24.

對於葡萄酒和烈酒的淨銷售額，隨著我們推動比爾之前描述的銷售和行銷執行計劃，我們預計將在很大程度上抵消當前類別的不利因素。此外，由於我們的高端品牌表現較好，我們預計會帶來與組合相關的好處。儘管如此，我們仍預期整體銷售成長仍將面臨挑戰，特別是由於占我們銷售主要部分的主流和高端價格領域的需求逆風。此外，從淨銷售額的角度來看，我們預計 24 財年的批量銷售將出現不利的情況。

From a cadence perspective, we also expect quarterly and half yearly shipments and depletion shares of the full year total to be fairly aligned with fiscal '24. For fiscal '25 operating income, we expect comparable enterprise-wide growth between 8% and 10%, reflecting 10% to 12% operating income growth for our beer business, a 9% to 11% operating income decline for our wine and spirits business and a slight increase in corporate expense to approximately $260 million.

從節奏的角度來看，我們也預期季度和半年度的出貨量以及全年總量的消耗份額將與 24 財年相當。對於25 財年的營業收入，我們預期整個企業的可比成長率在8% 至10% 之間，反映出我們啤酒業務的營業收入成長10% 至12%，我們的葡萄酒和烈酒業務營業收入下降9% 至11%公司開支略有增加，約 2.6 億美元。

For our beer business, we anticipate operating income tailwinds from volume growth and favorable pricing. We expect these tailwinds will be partially offset by continued input cost inflation with an absolute increase in COGS, inclusive of volume growth, cost savings initiatives and our multiyear hedging actions in the high single digits. We expect the following percent of total COGS and absolute increases across each component. For packaging and raw materials to account for 55% to 60% and increase mid- to high single digits.

對於我們的啤酒業務，我們預計營業收入將受益於產量成長和有利的定價。我們預計，這些有利因素將被持續的投入成本通膨所部分抵消，其中銷貨成本的絕對增長，包括銷售增長、成本節約舉措和我們的多年對沖行動都處於高個位數。我們預計總銷貨成本的百分比和每個組成部分的絕對增長如下。包裝和原料佔比將達到55%至60%，並增加中高個位數。

Logistics to make up approximately 20% and increased mid-single digits. Labor and overhead to be approximately 15%, an increase in the high teens primarily driven by merit salary increases given the strong operational performance from the business and incremental headcount, primarily at our Veracruz brewery as we continue with construction. And the remainder of COGS depreciation with a mid-single-digit increase, which approximately equates to a $20 million step-up which is slightly lower than recent years given prior depreciation of the packaging line of the ABA facility that was operational throughout all of fiscal '24.

物流佔比約 20%，呈中個位數成長。勞動力和管理費用約為 15%，由於業務運營績效強勁，員工人數增加（主要是我們的韋拉克魯斯啤酒廠），隨著我們繼續建設，績效工資的增長主要是由績效工資增長推動的。其餘的銷貨成本折舊則以中個位數增長，大約相當於2000 萬美元的增量，考慮到ABA 工廠包裝線的折舊（該工廠在整個財政年度都在運營），這一數字略低於近年來的水平。

Outside of COGS, we expect marketing expense as a percent of net sales to be approximately 8.5%, which is lower than our unchanged medium-term algorithm of 9%. The change of marketing expense as a percent of net sales for fiscal '25 is driven by a shift in our marketing investment allocation with an overall focus on maximizing value. The investment shift is geared towards prioritizing our largest brands to support their continued momentum followed by our high-growth potential next wave brands and then thoughtful and deliberate investments to support our innovation pipeline.

除銷貨成本外，我們預期行銷費用佔淨銷售額的百分比約為 8.5%，低於我們不變的中期演算法 9%。 25 財年行銷費用佔淨銷售額百分比的變化是由我們行銷投資分配的轉變所推動的，整體重點是價值最大化。投資轉變的目的是優先考慮我們最大的品牌，以支持其持續發展勢頭，其次是我們的高成長潛力下一波品牌，然後是深思熟慮和深思熟慮的投資，以支持我們的創新管道。

And savings driven by efficiencies from our new media agency partnership announced in Q3 of fiscal '24. Rounding out beer operating margin drivers, we anticipate SG&A as a percent of net sales to be approximately 5%, in line with the medium-term algorithm we provided during our Investor Day. All in, this implies beer operating margins of approximately 39% as our beer business continues to generate best-in-class operating margins and year-over-year improvement as we close in on our medium-term targets.

我們在 24 財年第三季宣布的新媒體代理合作關係提高了效率，從而實現了節省。除了啤酒營業利潤率驅動因素外，我們預計 SG&A 佔淨銷售額的百分比約為 5%，這與我們在投資者日期間提供的中期演算法一致。總而言之，這意味著啤酒營業利潤率約為 39%，因為我們的啤酒業務將繼續產生一流的營業利潤率，並且隨著我們接近中期目標而逐年改善。

For our Wine and Spirits business, operating income, we anticipate an overall COGS increase of mid- to high single digits, driven by less favorable fixed cost absorption as a result of lower volumes and higher seller overhead and blend costs partially offset by favorability in logistics and packaging costs as part of our cost savings initiatives.

對於我們的葡萄酒和烈酒業務的營業收入，我們預計整體銷貨成本將增長中高個位數，這是由於銷量減少和賣方管理費用增加以及混合成本增加而導致固定成本吸收不太有利，這部分被物流的有利條件所抵消和包裝成本作為我們成本節約計劃的一部分。

For marketing and other SG&A expense as a percent of net sales, we anticipate 9% and 10%, respectively, each slightly above our medium-term outlook, driven by the adjustments to our marketing, pricing and sales investments to drive top line growth and partially offset by organizational structure changes, both points previously referenced by Bill. In addition, we expect to face headwinds from unfavorable lapping of contractual distributor payments and lower compensation and benefits in FY '24. That said, this implies Wine and Spirits operating margins to contract to approximately 20% in fiscal '25 as we continue to navigate category headwinds and reset investment in certain marketing and sales activities. We believe our enhanced focus on execution and planned cost savings can provide margin improvement over the medium term toward the targets outlined at our Investor Day in November.

對於行銷和其他SG&A 費用佔淨銷售額的百分比，我們預計分別為9% 和10%，均略高於我們的中期預期，這是由於我們對行銷、定價和銷售投資進行調整以推動營收成長和組織結構的變化部分抵消了比爾之前提到的這兩點。此外，我們預計 24 財年將面臨合約分銷商付款不利以及薪資和福利降低的不利影響。也就是說，這意味著隨著我們繼續應對品類逆風並重新調整對某些行銷和銷售活動的投資，葡萄酒和烈酒業務的營業利潤率將在 25 財年收縮至約 20%。我們相信，我們對執行和計劃成本節約的加強關注可以在中期提高利潤率，以實現 11 月份投資者日概述的目標。

Corporate expense is anticipated to increase slightly as we continue to invest in the business while reducing third-party fees more broadly. We expect interest expense to be approximately $445 million to $455 million, driven by higher weighted average interest rates, and we expect our comparable effective tax rate to remain unchanged coming in at approximately 18.5%.

隨著我們繼續投資業務，同時更廣泛地降低第三方費用，預計公司費用將略有增加。在加權平均利率上升的推動下，我們預計利息支出約為 4.45 億至 4.55 億美元，並且我們預計可比有效稅率將保持不變，約為 18.5%。

We expect noncontrolling interest to be about $35 million and anticipated weighted average diluted shares outstanding for fiscal '25 to be around 183 million, inclusive of share repurchase activity. Based on these assumptions, we expect our reported EPS to be between $13.40 and $13.70 and our comparable EPS to be between $13.50 and $13.80, representing a 10% midpoint increase year-over-year.

我們預計非控制權益約 3,500 萬美元，預計 25 財年加權平均稀釋後流通股約為 1.83 億股，包括股票回購活動。基於這些假設，我們預計報告的每股收益將在 13.40 美元至 13.70 美元之間，可比每股收益將在 13.50 美元至 13.80 美元之間，年比中點增加 10%。

From a cash flow perspective, we expect our free cash flow in fiscal '25 to be between $1.4 billion and $1.5 billion, reflective of $2.8 billion to $3 billion of operating cash flow net of CapEx spend of $1.4 billion to $1.5 billion, driven primarily by the expansions of our existing breweries and the ongoing construction in Veracruz. We anticipate approximately $3 billion of remaining CapEx spend from fiscal '25 to fiscal '28 with fiscal '25 expected to be the peak spend year as we progress with the construction of our greenfield site in Veracruz. And consistent with our Investor Day messaging, we expect a step-up in free cash flow that should yield cumulatively between $7 billion to $9 billion from fiscal '26 to fiscal '28.

從現金流的角度來看，我們預計25 財年的自由現金流將在14 億至15 億美元之間，反映出28 億至30 億美元的營運現金流扣除14 億至15 億美元的資本支出，這主要是由我們現有啤酒廠的擴建以及韋拉克魯斯州正在進行的建設。我們預計從 25 財年到 28 財年剩餘資本支出約為 30 億美元，隨著我們在韋拉克魯斯州綠地建設的進展，預計 25 財年將成為支出高峰年。與我們在投資者日發布的信息一致，我們預計自由現金流將有所增加，從 26 財年到 28 財年，累計收益將在 70 億至 90 億美元之間。

To conclude, we ended fiscal '24 with strong results driven by continued outstanding growth in our beer business as its core brands reached new milestones in cases sold and market share. Our Wine and Spirits business faced difficult market conditions in FY '24, but we've identified key actions to improve execution and performance.

總而言之，我們在啤酒業務持續出色成長的推動下，在 24 財年結束時取得了強勁的業績，其核心品牌在銷售和市場份額方面達到了新的里程碑。我們的葡萄酒和烈酒業務在 24 財年面臨困難的市場條件，但我們已經確定了改善執行和績效的關鍵行動。

As we look ahead to fiscal '25, we are confident that we can deliver against our plan with strong enterprise results aligned with our medium-term targets, execute our capital allocation priorities and seek to create value for our shareholders. We thank you for your ongoing support throughout fiscal '24 and look forward to updating you on our progress and success in fiscal '25.

展望 25 財年，我們有信心能夠實現我們的計劃，取得與中期目標一致的強勁企業業績，執行我們的資本配置優先事項，並尋求為股東創造價值。我們感謝您在整個 24 財年的持續支持，並期待向您通報我們在 25 財年的最新進展和成功。

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

至此，比爾和我很高興回答您的問題。

(Operator Instructions) Our first question today comes from the line of Dara Mohsenian with Morgan Stanley.

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

Moving on to our next questioner is coming from Nick Modi with RBC Capital Markets.

我們的下一個提問者來自加拿大皇家銀行資本市場的尼克莫迪。

Just 2 quick ones for me. Just been getting a lot of questions about gross margin and wanted to get any perspective on if there's any onetime issues that might have affected the gross margin this quarter for beer?

對我來說只有 2 個快速的。剛剛收到很多有關毛利率的問題，想了解是否存在可能影響本季啤酒毛利率的一次性問題？

And then the second part of that is just -- when you think about the shipments this quarter, can you give us any context on how much might have been attributable to some -- whether it be the Aguas Frescas launch into wholesale or preparing for some of the shelf easements, that would be helpful.

然後第二部分就是——當你考慮本季度的出貨量時，你能給我們任何背景信息，說明有多少可能歸因於某些——無論是Aguas Frescas 進入批發市場還是為某些產品做準備架子地役權，這會很有幫助。

Yes, Nick, I'll try to address both of those. First, on the gross margins. As we laid out in our press release, we did have a bit of a write-off of a bad accrual as it relates to bad receivables in Q4. That impacted our Q4 operating margin by about 100 basis points.

是的，尼克，我會盡力解決這兩個問題。首先是毛利率。正如我們在新聞稿中所述，我們確實沖銷了一些不良應計費用，因為它與第四季度的不良應收帳款相關。這對我們第四季的營業利潤率產生了約 100 個基點的影響。

Obviously, that would have hit gross margin as well, and that impacted the full year by about 30 basis points, again, at the operating profit margin -- as it relates to Q4 impact of Aguas Frescas launch, very, very minimal impact, really just the strength of the portfolio more broadly is what drove Q4.

顯然，這也會影響毛利率，並再次影響全年約 30 個基點的營業利潤率——因為這與 Aguas Frescas 推出的第四季度影響有關，影響非常非常小，真的更廣泛的投資組合的實力才是第四季的推動力。

The next question is come from the line of Dara Mohsenian with Morgan Stanley.

下一個問題來自摩根士丹利的 Dara Mohsenian。

So I wanted to touch on beer depletions, the near 7% result in the quarter ex the extra day is a pretty solid result considering the weather. Can you just give us any sense for momentum so far in March and April when the weather normalized or maybe how big a drag January was in Q4? Just give us sort of a sense of underlying trends.

因此，我想談談啤酒消耗問題，考慮到天氣因素，除額外一天外，本季接近 7% 的結果是一個相當可靠的結果。您能否告訴我們迄今為止 3 月和 4 月天氣恢復正常時的勢頭，或者 1 月對第四季度的拖累有多大？只是讓我們了解潛在的趨勢。

And just on market share, you mentioned the shelf space gains being disproportionate this year post Bud Light struggles. How much of a positive impact are you expecting from that? And can you juxtapose that versus the risk that Bud Light trends get better and you see some direct impact on your brands from that?

就市場佔有率而言，您提到在百威淡啤酒陷入困境後，今年貨架空間的成長不成比例。您預計這會產生多少正面影響？您能否將其與百威淡啤酒趨勢變得更好的風險進行比較，您會發現這對您的品牌產生了一些直接影響？

Sure. We obviously take into account our March results with our overall expectations for the year. But I'd say March was very consistent with what our expectations were. Everyone should keep in mind that March has 2 less selling days, April has 2 more. So we internally look at it as sort of the combo plan of those 2 months.

當然。顯然，我們將 3 月份的業績與今年的整體預期考慮在內。但我想說，三月與我們的預期非常一致。大家應該記住，3 月少了 2 個銷售天數，4 月則多了 2 個銷售天數。因此，我們在內部將其視為這兩個月的組合計劃。

With that said, we had a very comfortably strong March as we expected that we would and think it's setting us off on a really solid year as we said, consistent with what we said at the Investor Day in New York. As we also noted in my script, we had low double-digit growth in our shelf sets here in the spring, greater than our growth algorithm, which is what we expected. And certainly, that's going to be one of the added values in our delivery of the total year.

話雖如此，我們的三月表現非常強勁，正如我們所預期的那樣，並且我們認為這將讓我們迎來一個非常堅實的一年，正如我們所說，這與我們在紐約投資者日所說的一致。正如我們在腳本中指出的那樣，春季我們的貨架組出現了兩位數的低成長，高於我們的成長演算法，這正是我們的預期。當然，這將成為我們全年交付的附加價值之一。

But as we've said and as all of you know, incremental space, by and large, is not at the same velocity as what you have from existing velocity because it's marginal returns. With that said, we're very pleased with the increase in our shelf position. We've said for many years our brands really deserve it. They've averaged over $50 million per SKU in dollar return. And it certainly is reflective of what I'm sure all retailers are seeing and that our brands are driving the growth in the category.

但正如我們所說，正如你們所有人都知道的那樣，增量空間總體上與現有速度的速度不同，因為它是邊際回報。話雖如此，我們對貨架位置的增加感到非常滿意。多年來我們一直說我們的品牌確實值得。他們平均每個 SKU 的美元回報超過 5000 萬美元。這當然反映了我確信所有零售商都看到的情況，以及我們的品牌正在推動該類別的成長。

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

我們的下一個問題來自美國銀行的布萊恩‧斯皮蘭 (Bryan Spillane)。

So I guess just stepping back, we had this question a couple of times this morning and maybe the underlying question is just, at an enterprise level, we get back to being basically on algorithm for the year, but in a year where Wine and Spirits underdelivers beer -- at least in terms of growth rate on operating profit, maybe a little faster than normal, a little help from below the line on interest expense.

所以我想退一步來說，今天早上我們多次提出了這個問題，也許潛在的問題只是，在企業層面，我們基本上回到了今年的演算法上，但在葡萄酒和烈酒的一年中啤酒供應不足－至少在營業利潤成長率方面，可能比正常情況快一點，利息支出線下有一點幫助。

So just is it a coincidence, right, that basically, there can be a hole with Wine and Spirits under delivering but there were other offsets. Or was this more a function of you all maybe making some adjustments to get to that place, whether it's pulling some savings forward or using some tax credits. So I think people are just trying to understand how much manipulation or how much work you had to do to sort of make up the difference or whether this was just a coincidence.

所以這只是一個巧合，對吧，基本上，葡萄酒和烈酒的交付可能存在一個漏洞，但還有其他抵消。或者這更多的是你們所有人可能做出一些調整以達到這個目標的一個功能，無論是提前節省一些儲蓄還是使用一些稅收抵免。所以我認為人們只是想了解你必須做多少操縱或多少工作才能彌補差異，或者這只是一個巧合。

No, Bryan, we don't play with the numbers. The numbers reflected very strong results in our beer business. As we've said, we've had some challenges in our Wine and Spirits business. As you know, we just installed a new President of our Wine and Spirits business whose focus will be on execution.

不，布萊恩，我們不玩數字。這些數字反映了我們啤酒業務的強勁業績。正如我們所說，我們的葡萄酒和烈酒業務遇到了一些挑戰。如您所知，我們剛剛任命了一位新的葡萄酒和烈酒業務總裁，其重點將放在執行上。

We have a number of things in this coming year that will cause it to be a bit of a reset year at the bottom line because we're lapping a number of onetime issues, but that isn't going to stop us from delivering on the enterprise-wide results that we committed to in New York and that we are reiterating today. We expect to continue to show best-in-class results.

明年我們會發生很多事情，這將導致今年的底線有點重置，因為我們正在解決一些一次性問題，但這並不會阻止我們實現目標我們在紐約承諾並今天重申的企業範圍內的成果。我們期望繼續展現一流的成果。

As you heard in my remarks, last year, we again were the #1 growth company in Circana large companies as we have been 5 of the last 7 years, and that is what's really driving the success of our business, not anything else.

正如您在我的演講中所聽到的，去年，我們再次成為Circana 大公司中排名第一的成長型公司，過去7 年中我們有5 年都是如此，這才是真正推動我們業務成功的因素，而不是其他任何因素。

Our next question is from the line of Lauren Lieberman with Barclays.

我們的下一個問題來自巴克萊銀行的勞倫·利伯曼。

I was just curious, you gave a lot of help and color on the Wine and Spirits. But I was just curious, we've heard in the industry more about -- you spoke last quarter about promotional pressures. Other manufacturers have talked about retailer destocking, seeing more inventory management at the distributor level. Just curious to hear your take on kind of the promotional environment and kind of state of the union on inventory levels within the system, knowing it's tough to have visibility within 3 tier, but just curious your view on inventory in the system online.

我只是很好奇，您在葡萄酒和烈酒方面提供了很多幫助和色彩。但我只是很好奇，我們在業內聽到了更多有關您上季度談到的促銷壓力的信息。其他製造商也談到了零售商去庫存的問題，並在經銷商層級進行了更多的庫存管理。只是想聽聽您對促銷環境的看法以及聯盟對系統內庫存水平的看法，因為知道在 3 層內實現可見性很困難，但只是想知道您對系統中在線庫存的看法。

Yes, you bet. We did see some inventory reduction this past fiscal year, particularly in Canada. There was quite a bit of inventory realignment in Canada. And certainly, there has been some that we've seen in the U.S. as well. The thing that I think is important for us to continue to focus on is we've made a number of changes. We're going to focus on those 11 brands that are really the biggest drivers of our success. That's a bit of a change.

是的，你敢打賭。上一財年我們確實看到庫存減少，特別是在加拿大。加拿大進行了大量庫存調整。當然，我們在美國也看到了一些這樣的情況。我認為對我們來說繼續關注的重要事情是我們已經做出了一些改變。我們將重點放在真正推動我們成功的 11 個品牌。這是一個小小的改變。

Frankly, we'd probably peanut buttered our efforts a little too broadly in the past, and we're going to focus on those brands that we believe have real growth potential for the long term. We're also going to do a bit more promotional spend than we have in the past, particularly on brands like Woodbridge, where that's an important part of the consumer dynamic.

坦白說，過去我們的努力可能有點過於廣泛，我們將重點放在那些我們認為具有長期真正成長潛力的品牌。我們也將比過去投入更多的促銷支出，特別是像 Woodbridge 這樣的品牌，這是消費者動態的重要組成部分。

A lot of work and research has been done in the last few months to make sure that we understand all of the consumer dynamics around our critical brands, and we will execute against those dynamics in this coming year. And I think that's reflective of an improved pipeline that you see this year, acknowledging there'll be a bit of a reset at the bottom line.

在過去的幾個月裡，我們做了很多工作和研究，以確保我們了解圍繞我們的關鍵品牌的所有消費者動態，並且我們將在未來一年針對這些動態執行。我認為這反映了今年你看到的改進的管道，承認底線會有一些重置。

Next question is from the line of Chris Carey with Wells Fargo Securities.

下一個問題來自富國銀行證券公司的 Chris Carey。

So Garth, thank you for all the perspective on expectations around your margins for the full year. Can you just perhaps expand a little bit on what specifically is driving the commodity input inflation, number one?

Garth，感謝您對全年利潤預期的所有看法。能否稍微詳細說明一下推動大宗商品投入通膨的具體因素是什麼？

And then secondly, if I put all this together, it does feel like maybe there's a little bit of top line leverage you're expecting or you need a little bit more savings on the G&A line to get to the low double-digit number for the full year in the division. So maybe just help provide any context on that. So thanks on the commodities and maybe just some of the assumptions on how you're getting to the operating profit number for the full year.

其次，如果我把所有這些放在一起，確實感覺可能會有一些你所期望的頂線槓桿，或者你需要在 G&A 行上多一點節省才能達到較低的兩位數數字整個部門的一年。所以也許只是幫助提供相關的背景資訊。因此，感謝大宗商品，也許只是一些關於如何獲得全年營業利潤數據的假設。

Yes. So just as it relates to margins for beer, I think that -- first of all, I think we have to acknowledge that if you look at the past 2 years and you look at the disruption we saw to global supply chains and then the elevated inflation environment that we've been dealing with that the improved margins starting in the back half of our fiscal '24 and then moving forward with significant margin expansion in FY '25 to get near the low end of our target range, I think that, that's no small feat.

是的。因此，正如它與啤酒的利潤率有關一樣，我認為，首先，我認為我們必須承認，如果你看看過去兩年，你會看到我們對全球供應鏈的破壞，然後是我們一直在應對的通膨環境是，從24 財年後半段開始，利潤率有所改善，然後在25 財年大幅擴張利潤率，以接近我們目標範圍的低端，我認為，這可不是一件小事。

As we look forward to FY '25, we're going to face similar tailwinds and headwinds that we have for the last several years. The tailwinds, again, will be volumetric growth given the strength of our brands, as well as the -- our typical pricing algorithm. Some of the issues that we'll face or headwinds that we'll face is that while commodity prices have certainly abated from their highs, they're certainly sort of higher still than their historical norms or near-term historical norms.

當我們展望 25 財年時，我們將面臨過去幾年類似的順風和逆風。考慮到我們品牌的實力以及我們典型的定價演算法，銷售成長將再次成為推動因素。我們將面臨的一些問題或阻力是，雖然大宗商品價格肯定已從高點回落，但它們肯定仍高於歷史標準或近期歷史標準。

And there have been a couple of commodities that have been a bit resilient in their strength, if you will, or haven't come down nearly as much as we would have hoped. So we still face those. In addition, we have the strength of the peso, which is something that we're going to continue to manage through. Fortunately, we're hedged as we enter the year against the peso at about 80%. So we're going to manage that effectively.

如果你願意的話，有幾種大宗商品的強度有些彈性，或者沒有像我們希望的那樣下跌。所以我們仍然面臨這些。此外，我們擁有比索的強勢，這是我們將繼續應對的問題。幸運的是，我們在進入今年時就對沖了大約 80% 的比索匯率。所以我們將有效地管理這一點。

And as you've heard us talk about extensively, both on this call and Investor Day, we have this year as well as have had last year an aggressive set of cost savings initiatives that will help benefit the business. So all in, I mean, we think that there is fairly significant margin expansion here, margin growth in FY '25 as we move towards getting closer to our midterm growth algorithm -- or midterm margin algorithm.

正如您在這次電話會議和投資者日上聽到我們廣泛談論的那樣，我們今年和去年都採取了一系列積極的成本節約舉措，這將有助於使企業受益。總而言之，我的意思是，我們認為，隨著我們越來越接近中期成長演算法（或中期利潤率演算法），25 財年的利潤率將出現相當顯著的擴張。

Our next question is from the line of Kaumil Gajrawala with Jefferies.

我們的下一個問題來自考米爾·加吉拉瓦拉 (Kaumil Gajrawala) 和傑弗里斯 (Jefferies) 的專線。

Just one quick follow-up on the shelf space question. You've gained a lot of shelf space already. Can you maybe just give us a sense of how much incremental space do you expect as we think about this spring? And then secondly, it looks like the strategic or I guess the valuation on Wine and Spirits is complete. To what degree did you consider divestments as part of it, either for pieces of that business or maybe even for the whole thing?

只是貨架空間問題的一個快速跟進。您已經獲得了大量的貨架空間。您能否讓我們了解一下，當我們考慮今年春天時，您期望有多少增量空間？其次，看起來對葡萄酒和烈酒的戰略估值已經完成。您在多大程度上認為撤資是其中的一部分，無論是部分業務還是整個業務？

Sure. As I stated, Kaumil in my primary remarks, low double-digit shelf space is what we expected to get, and that's, in fact, what we are getting in spring resets. Obviously, it varies all over the map depending, but that's roughly what the total number is in the aggregate. And again, that's at least as much as we expected. We're very pleased with where that landed.

當然。正如我在考米爾的主要演講中所說的那樣，低兩位數的貨架空間是我們期望得到的，事實上，這就是我們在春季重置中得到的。顯然，它在整個地圖上有所不同，但這大致是總數的總和。再說一遍，這至少與我們的預期一樣多。我們對它的落地非常滿意。

Relative to the Wine and Spirits business, we've made this comment a number of times. The person that drinks across all 3 categories, beer, wine and spirits spend 6x as much as an individual that drinks only in 1 of those 3 categories. Therefore, we continue to feel that that's important that we are accessing significant additional consumer occasions and consumer spending by being able to play in all 3 of those categories.

相對於葡萄酒和烈酒業務，我們已經多次發表過這樣的評論。喝所有 3 個類別（啤酒、葡萄酒和烈酒）的人的花費是只喝這 3 個類別之一的人的 6 倍。因此，我們仍然認為，透過能夠參與所有這三個類別來獲得大量額外的消費場合和消費支出非常重要。

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

我們的下一個問題來自 Nadine Sarwat 和 Bernstein。

Two interrelated questions from me. First, you obviously posted very robust beer volume growth this quarter. What are you seeing in terms of the health of the U.S. consumer today? Any signs of down trading or shift in behavior?

我提出的兩個相互關聯的問題。首先，本季啤酒銷售量明顯成長非常強勁。您對當今美國消費者的健康狀況有何看法？有任何交易下降或行為轉變的跡象嗎？

And then the second question also on the consumer. Some of your industry peers have highlighted dry January being more meaningful headwind this year. Other commentators are calling out different drinking patterns amongst younger legal drinking age consumers. So I'd be really curious to hear what you are observing when it comes to these trends, any changes in behavior from the consumer.

第二個問題也與消費者有關。一些業界同行強調，乾燥的一月是今年更有意義的逆風。其他評論者指出年輕法定飲酒年齡消費者的不同飲酒模式。因此，我真的很想聽聽您在這些趨勢方面所觀察到的情況，以及消費者行為的任何變化。

Sure, Nadine. We're very pleased with the health of our consumer. We've said many, many times, the brand loyalty that we have within our franchise is superb. And I think that's really important. I think when you put that together with the fact that -- and Garth has mentioned this on a number of occasions, we've been judicious in our pricing strategy over the last few years which is a little bit different from what some other people have done in CPG industries.

當然，納丁。我們對消費者的健康狀況感到非常滿意。我們已經說過很多很多次了，我們的特許經營權所擁有的品牌忠誠度是非常高的。我認為這非常重要。我認為，當你把這一點與加思在很多場合提到這一點的事實結合起來時，我們在過去幾年中的定價策略一直是明智的，這與其他人的定價策略有點不同。行業中完成。

But we think that's important to maintain that consumer base given the very strong loyalty that we have within our franchises. It's also important to note that the high end, which is the only place where we compete in beer continues to see an increase in buy rate. So that again speaks to the fact that the consumer continues to premiumize, and we're in the perfect position to take advantage of that particular point.

但我們認為，鑑於我們的特許經營權擁有非常強烈的忠誠度，維持消費者基礎非常重要。同樣重要的是要注意，高端市場（這是我們在啤酒領域競爭的唯一領域）的購買率持續上升。因此，這再次說明了消費者繼續追求高端化的事實，而我們處於充分利用這一點的最佳位置。

Relative to any consumer changes in January and so on, one of the things that we've noted a couple of times is betterment. We've done a number of things in our wine business to bring out light or lighter products like Illuminate and Kim Crawford, and Bright in Meiomi. Similarly, our Corona nonalcoholic had a great start. It was the #1 share gainer in the nonalcoholic segment. And I think that does reflect some change in consumer behavior or people that are concerned about being the designated driver but still want to enjoy an outstanding tasting beer.

相對於一月份等消費者的變化，我們多次注意到的一件事是改善。我們在葡萄酒業務中做了很多事情，推出了淡色或淡色產品，例如 Illuminate 和 Kim Crawford，以及 Meiomi 的 Bright。同樣，我們的科羅娜非酒精飲料也有一個好的開始。它是非酒精飲料領域份額第一的產品。我認為這確實反映了消費者行為的一些變化，或者人們擔心成為指定司機但仍然想享受美味的啤酒。

We're going to continue to emphasize the betterment trends as we go forward with a number of our product offerings and certainly expect Corona nonalcoholic to continue to grow here in this coming fiscal year as well.

隨著我們推出多種產品，我們將繼續強調改善趨勢，當然預計 Corona 非酒精飲料在下一個財年也將繼續成長。

Our next question is from the line of Andrea Teixeira with JPMorgan.

我們的下一個問題來自摩根大通的 Andrea Teixeira。

This is Drew Levine on for Andrea. So just 2 for us, if we may. Just going back to one of the earlier questions, Bill, if you can comment maybe on depletion trends outside of California versus inside California during the quarter and how those progressed throughout the quarter.

我是德魯·萊文 (Drew Levine) 替安德里亞 (Andrea) 發言。如果可以的話，我們只需要 2 個。回到之前的一個問題，比爾，您是否可以評論一下本季度加州以外與加州內部的消耗趨勢以及整個季度的進展。

And then one for Garth, I think you mentioned roughly $200 million of cost savings for beer in fiscal '24. I think that implies a pretty meaningful step-up in the fourth quarter. So if you could just talk about maybe some of the projects where you saw a benefit and how we should be thinking about cost savings for fiscal '25.

然後是 Garth，我想您提到了 24 財年啤酒成本節省了大約 2 億美元。我認為這意味著第四季將取得非常有意義的進步。因此，您能否談談您認為有好處的一些項目，以及我們應該如何考慮 25 財年的成本節約。

Andrea, your voice got a lot lower since the last time you asked the question. All joking aside, our trends were very, very strong, really across the country. A significant place -- let me use Pacifico, as an example, the depletions across that brand for the year were up 17%. And obviously, the big stronghold is California.

安德里亞，自從上次問問題以來，你的聲音低了很多。拋開玩笑不談，我們的趨勢非常非常強勁，在全國範圍內都是如此。一個重要的地方——讓我以 Pacifico 為例，該品牌今年的損耗增加了 17%。顯然，最大的據點是加州。

Modelo Especial continues to be the #1 brand in the state of California. But we're also seeing really good success across the country, places like Texas and Florida. And secondary markets, we've always said secondary markets are going to be an important element for us and many, many, many of those showed double-digit increases over this past year. So we were very pleased to see a broad-based growth profile for our business as we closed out the year, and we think we're in a position to continue to do that here in fiscal '25. Garth, I think the second one is for you.

Modelo Especial 仍然是加州第一品牌。但我們也在全國各地看到了非常好的成功，例如德州和佛羅裡達州。至於二級市場，我們一直說二級市場將成為我們的一個重要組成部分，其中許多、許多、許多市場在過去的一年中出現了兩位數的成長。因此，我們很高興在今年結束時看到我們業務的廣泛成長，我們認為我們有能力在 25 財年繼續做到這一點。加斯，我想第二個適合你。

Just on the roughly $25 million of cost savings that came out of the beer business throughout the year, yes, that ramped up throughout the year. We started right out of the gate very strong in Q1. And again, that ramped up as we went through the year. The ramp up as we went through the year really based on 2 factors. One is we identified or put in place new initiatives throughout the year, but then you also benefited from almost from a compounding perspective for those things that started earlier in the year as well.

僅就全年啤酒業務節省的約 2500 萬美元成本來看，是的，這一數字全年都在增加。我們在第一季一開始就非常強勁。隨著這一年的過去，這種情況再次加劇。我們這一年的成長其實是基於兩個因素。一是我們在這一年中確定或實施了新的舉措，但隨後您也從幾乎複合的角度受益於今年早些時候開始的那些事情。

The kinds of initiatives that we undertook last year were procurement-related in terms of various RFPs around raw materials where we're able to address some of the outsized increases that we saw over the last 2 years due to global supply chain disruptions as well as the inflationary environment. There was a number of logistics initiatives in terms of railcars and double stacking and also a number of operational initiatives that were underway.

我們去年採取的各種措施與圍繞原材料的各種 RFP 的採購相關，我們能夠解決過去兩年由於全球供應鏈中斷以及通貨膨脹的環境。在軌道車和雙層堆疊方面有許多物流舉措，還有一些正在進行的營運舉措。

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

我們的下一個問題來自 Evercore 的 Rob Ottenstein。

First, could you please just remind us what your gross dollar amount of expenses that are peso-denominated are? So that would be great. And then second, looking at the scanner data, and this is Circana, your price mix has been well below the beer category over the last 4, 12 weeks or so.

首先，您能否提醒我們您以比索計價的費用總額是多少？那麼那就太好了。其次，查看掃描器數據，這是 Circana，在過去 4、12 週左右的時間裡，您的價格組合遠低於啤酒類別。

So I'm trying to understand why that's the case. And most of the other players took pricing kind of before or after the Super Bowl. And what is the timing on your price increases this year? And again, why is your apparent realization in the scanner data less than the market and most of the other big brands.

所以我試著去理解為什麼會這樣。大多數其他球員在超級盃之前或之後都採取了定價方式。今年你們的漲價時間是什麼時候？再說一遍，為什麼您對掃描器數據的明顯認識低於市場和大多數其他大品牌。

Yes. So on the first one, in terms of the amount of costs that are peso-denominated for our beer business is about 20% to 25% of our costs are peso-denominated. And as I said, as we enter this year, we're hedged at about 80%.

是的。因此，在第一個方面，就我們啤酒業務以比索計價的成本而言，我們的成本中大約有 20% 到 25% 以比索計價。正如我所說，當我們進入今年時，我們的對沖幅度約為 80%。

And relative to price realization, as you know, a lot of what you see in these types of things depends on when pricing increases or pricing actions were taken. We consistently have said 1% to 2% is our pricing algorithm. And over the course of the whole year, we're still expecting to see 1% to 2% pricing actions.

相對於價格實現，如您所知，您在此類事物中看到的許多內容取決於定價上漲或採取定價行動的時間。我們一直說 1% 到 2% 是我們的定價演算法。全年來看，我們仍預期會出現 1% 至 2% 的定價行動。

As you also know, Robert, we do that on a SKU-by-SKU market-by-market basis, and therefore, you have reflections in different time frames across the year as to when that actually shows up. I don't think that's anything that we are concerned about or any kind of an ongoing trend. And as we said, over the course of the year, we'll expect to get 1% to 2% as we've communicated we would.

羅伯特，您也知道，我們是在逐個 SKU、逐個市場的基礎上做到這一點的，因此，您可以在一年中的不同時間範圍內反思這一點何時實際出現。我認為這不是我們所關心的任何事情，也不是任何持續的趨勢。正如我們所說，在這一年中，我們預計將達到 1% 到 2%，正如我們所傳達的那樣。

Our next question is from the line of Filippo Falorni with Citi.

我們的下一個問題來自花旗銀行的 Filippo Falorni。

I had a question on the overall beer industry and your thoughts as we are about to cycle the big market share shift with the controversy around Bud Light in April of last year. Clearly, your business was growing at this rate well above before this controversy, but there are some concerns that you might have benefited from the market share shift. So maybe you can address some of the impact that you see on your business and how you're thinking about it as we start to cycle those impacts?

我有一個關於整個啤酒行業和您的想法的問題，因為我們即將經歷去年四月圍繞百威淡啤酒的爭議帶來的市場份額大轉變。顯然，您的業務成長速度遠高於這場爭議之前的水平，但有人擔心您可能會從市場份額的轉變中受益。那麼，也許您可以解決您所看到的對您的業務的一些影響，以及當我們開始循環這些影響時您如何看待它？

Well, as we've said right along, we probably were not the single biggest gainer as it related to the controversy that you know. But I'd also, again, continue to point out something I said earlier, which is we've got extraordinarily strong brand loyalty and we only play in the high end.

好吧，正如我們剛才所說，我們可能不是最大的受益者，因為這與你知道的爭議有關。但我還要再次繼續指出我之前說過的一點，那就是我們擁有非常強的品牌忠誠度，而且我們只從事高端業務。

The high end is where the growth in the category is at the moment. And we're fortunate that, that's exactly where we play. When you add in the fact that we've seen a significant increase in our share growth in our shelf presence here during this spring reset program, we think we're in a great position, recognized we are coming off the single biggest share gain in the history of Constellation Brands beer business. 2 points an all total beer and 2.6 points in the high end. It's an unprecedented gain, and I think it reflects the sheer strength of our brands.

高端是目前該類別的成長點。我們很幸運，這正是我們比賽的地方。當你補充說，在這個春季重置計劃期間，我們看到我們的貨架份額顯著增加，我們認為我們處於有利位置，並認識到我們正在擺脫單一最大份額增長星座品牌啤酒業務的歷史。啤酒總分2分，高階2.6分。這是前所未有的收穫，我認為這反映了我們品牌的絕對實力。

Next question is from the line of Gerald Pascarelli with Wedbush Securities.

下一個問題來自 Wedbush Securities 的 Gerald Pascarelli。

Just going back to wine, Bill, the drivers you laid out in your prepared remarks were very helpful. But based on current trends, I think the outlook for the year came in above expectations, definitely above our expectations. So I guess in the context of 2 guide downs last year, if you could maybe provide some more commentary just on your level of confidence this early in the fiscal year in achieving flat revenue performance, that would be great. And then does your outlook embed the assumption that the wine category will ultimately start to improve from current levels this year?

回到葡萄酒，比爾，你在準備好的發言中列出的驅動因素非常有幫助。但根據目前的趨勢，我認為今年的前景超出預期，絕對超出我們的預期。因此，我想在去年兩次指導下降的背景下，如果您能就您在本財年早期實現收入持平的信心水平提供更多評論，那就太好了。那麼您的展望是否包含這樣的假設：今年葡萄酒類別最終將開始從目前的水平開始改善？

I think, obviously, Garth and I spent a lot of time with our Wine colleagues over the last few months, looking carefully at what we thought was critically important. The reflection of an improved performance has several variables involved. One, we're going to work much more closely and enhance our sales capabilities to support our distributor network. I think we've gotten much more aligned as to what our intentions and expectations are, both from distributor to us and us to distributors than where we had been as we came out of last year.

我認為，顯然，在過去的幾個月裡，加思和我花了很多時間與我們的 Wine 同事一起，仔細研究我們認為至關重要的事情。性能改進的反映涉及多個變數。第一，我們將更加密切合作，增強我們的銷售能力，以支持我們的經銷商網路。我認為，與去年相比，無論是從經銷商到我們，還是從我們到經銷商，我們的意圖和期望都更加一致。

Second, we've refocused our priorities. There are 11 or so critical brands that did not probably have the right amount of prioritization within our overall portfolio, and we have radically addressed that. Third, we're going after efficiencies within the business, and we think there are those to be had.

其次，我們重新調整了優先事項。有 11 個左右的關鍵品牌在我們的整體產品組合中可能沒有得到適當的優先級，我們已經從根本上解決了這個問題。第三，我們追求的是業務內部的效率，我們認為這是可以實現的。

As you know, that was a tremendous success last year in our Beer business. And we're putting some of the same resources against our Wine and Spirits business that helped generate that very strong result last year. So there's a number of elements that we are putting in place, recognizing this is going to be a bit of a reset year, particularly at the bottom line for the Wine business.

如您所知，去年我們的啤酒業務取得了巨大成功。我們正在為我們的葡萄酒和烈酒業務投入一些相同的資源，這些資源去年幫助我們取得了非常強勁的業績。因此，我們正在實施許多要素，並認識到這將是一個重新設定的一年，特別是在葡萄酒業務的底線方面。

However, again, we've said we think the strategy is sound. It's right. It's going to get us to our medium-term algorithms as we go forward. And at this point, it's all about execution. And I think Sam Glaetzer and the rest of the team are going to be crystal focused on execution against our strategy.

然而，我們再次表示，我們認為該策略是合理的。這是正確的。隨著我們的前進，它將幫助我們制定中期演算法。此時，一切都與執行有關。我認為 Sam Glaetzer 和團隊的其他成員將專注於執行我們的策略。

Our next question is from the line of Carlos Laboy with HSBC.

我們的下一個問題來自匯豐銀行的 Carlos Laboy。

Can you please expand further on the state of on-premise activity that you saw towards your end and more important currently?

能否進一步詳細介紹您在最終階段看到的、目前更重要的內部活動的狀況？

I think you saw some interesting volatility, depends on the particular time frame. And we saw some of that. We had an issue for a brief period during this year where we had some issues with kegs, which is now fully behind us. We're continuing to see strong development in the on-premise, and we're particularly excited about it heading into Cinco, which is obviously the next big time frame for us and a time frame when we historically have done very well and made significant share gains both in the retail and in the on-premise environment.

我認為您看到了一些有趣的波動，具體取決於特定的時間範圍。我們看到了其中的一些。今年我們在短時間內遇到了一個問題，即我們在小桶方面遇到了一些問題，但現在已經完全過去了。我們繼續看到內部部署的強勁發展，我們對它進入 Cinco 感到特別興奮，這顯然是我們的下一個重要時間框架，也是我們歷史上做得非常好並取得重大成果的時間框架零售和本地環境中的份額都有所成長。

So we're very optimistic that the on-premise is going to be an important part of what our results are this year. Both Modelo, Corona Extra and Pacifico are all growing share in that channel, and we expect that, that continued share growth is going to continue in this fiscal year.

因此，我們非常樂觀地認為，本地部署將成為我們今年業績的重要組成部分。 Modelo、Corona Extra 和 Pacifico 在該管道中的份額都在增長，我們預計，這種持續的份額增長將在本財年繼續。

At this time, we've reached the end of the question-and-answer session, and I'll hand the floor back to Bill Newlands for closing remarks.

現在，我們的問答環節已經結束，我將把發言權交還給比爾·紐蘭茲（Bill Newlands）作結束語。

Thank you, Rob, and thank you to all who joined today's call. As we wrap up, I want to once again thank our colleagues across Constellation as well as our trade partners for delivering another strong year of performance in fiscal '24. Your continued focus and discipline has made Constellation a top-performing growth leader among CPG companies for 11 consecutive years. No other company in recent times can say that, and we're extremely proud of this achievement.

謝謝你，羅布，也謝謝所有參加今天電話會議的人。在我們結束之際，我想再次感謝 Constellation 的同事以及我們的貿易夥伴在 24 財年再次取得了強勁的業績。你們持續的專注和紀律使 Constellation 連續 11 年成為 CPG 公司中表現最佳的成長領導者。近年來沒有其他公司可以做到這一點，我們對這項成就感到非常自豪。

As we head into fiscal '25, we're confident in our ability to further build on our momentum and to create additional shareholder value by delivering low double-digit EPS growth fueled primarily by our beer business, which we expect to generate high single-digit net sales growth and best-in-class operating margins, heightened focus on our commercial and operational execution in our Wine and Spirits business while maintaining our disciplined approach to capital allocation and continuing to serve as good stewards of our environment and the communities where we operate. As we approach the key summer selling season, we invite you to enjoy some of our great tasting products as part of your festivities, and we look forward to speaking with you again on our next quarterly call.

隨著我們進入25 財年，我們有信心能夠進一步鞏固我們的勢頭，並透過主要由我們的啤酒業務推動的低兩位數每股收益增長來創造額外的股東價值，我們預計啤酒業務將產生高個位數成長數位淨銷售額成長和一流的營運利潤率，更加重視葡萄酒和烈酒業務的商業和營運執行，同時保持嚴格的資本配置方法，並繼續成為我們的環境和社區的好管家。隨著關鍵的夏季銷售季節的臨近，我們邀請您品嚐我們的一些美味產品，作為慶祝活動的一部分，我們期待在下一個季度的電話會議上再次與您交談。

Thank you very much, and have a good day, everybody.

非常感謝大家，祝大家有美好的一天。

This will conclude today's conference. Thank you for your participation. Have a wonderful day.

今天的會議到此結束。感謝您的參與。祝你有美好的一天。