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.

大家好，歡迎參加星座品牌 2024 財年第四季全年收益電話會議。 （操作員指示）提醒一下，此通話正在被錄音。

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，現在您可以開始了。

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，歡迎參加星座品牌 2024 財政年度年終收益電話會議。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；以及我們的財務長 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 指標與任何非 GAAP 財務指標之間的對帳表均包含在今天的新聞稿中，也可以在公司網站 www.cbrands.com 上查閱。

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，當我們討論 2024 財年和前幾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 股權和收益，除非另有說明。請參閱新聞稿和 Constellation 的 SEC 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的電話會議上分享的準備好的發言的重點。在將電話轉給比爾之前，與前幾季一樣，我想要求我們將每個人的提問限制為一個，這將有助於我們今天準時結束電話會議。

Thanks in advance, and now here's Bill.

提前謝謝您，現在請比爾發言。

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，Snehal，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，我想先介紹一下過去財政年度的幾個重要新聞。

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，我很高興地報告，我們在 24 財年又取得了強勁的業績。我們推動每股可比收益成長近 9%，並繼續專注於實現我們既定的中期目標，即未來每股可比收益保持低兩位數成長。這一成長得益於企業層級 5% 的淨銷售額成長和穩健的經營槓桿，導致可比營業收入成長 7%，企業可比營業利潤率接近 33%。這一表現再次使星座品牌被 Circana 評為 23 日曆年大型快速消費品公司中第一大增長領導者，而過去 7 年中，我們已有 5 年蟬聯這一稱號。我們是唯一一家連續 11 年躋身前十名的規模化快速消費品公司。

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.

在邁向25財年之際，我們繼續保持強勁的業績和發展勢頭，這增強了我們實現去年11月投資者日所概述的目標的能力的信心，即保持6%至8%的企業淨銷售額增長、實現33%至35%的企業可比營業收入利潤率並實現低兩位財年的可比每股收益增長，所有這些目標我們都打算實現25年財年。

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，從分部角度來看，我們 24 財年的業績主要受到啤酒業務的推動，該業務的淨銷售額和營業收入分別增長 9% 和 8% 以上，均超出了我們年初的預期。這一強勁表現推動我們在整個財年中取得了最大的美元份額增幅，在美國啤酒類別中增加了令人印象深刻的 2 個百分點的美元份額。今年，我們取得了一個重要的里程碑，Modelo Especial 成為美國美元銷售額第一的啤酒。此外，在所有酒精飲料中，我們的啤酒業務是美元份額增幅最大的，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齊心協力取得的非凡成就，他們連續 14 年實現了銷售成長，這無疑是 CPG 公司中另一個令人難以置信的差異化因素。

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財年都面臨一系列短期類別阻力，但我們仍然相信我們的策略是合理的。我們最近提拔 Sam Glaetzer 擔任新任葡萄酒和烈酒總裁。他是一位全面而有成就的行業資深人士，在葡萄酒和烈酒領域擁有近 30 年的經驗，並且在推動商業和營運效率與效益方面有著成功的記錄。

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.

過去幾年，Sam還在業務轉型實施中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，符合消費者偏好，同時開發了有針對性的國際市場路線，以實現中期業務的增量。

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 完全有能力帶領我們的團隊加強對執行的關注，實現成長並提高獲利能力。為此，我們的葡萄酒和烈酒團隊確定了幾項立即行動，以幫助推動我們同比營收業績的改善，我將在稍後詳細討論。

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創造，並在我們一貫的資本配置優先事項的支持下，以規範、平衡的方式部署現金。 24 財年，我們創造了 28 億美元的經營現金流，並且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.

我們也持續審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，其中大部分集中在增加我們的啤酒釀造業務的產能。第四，我們繼續實現我們的環境、社會和治理目標，我稍後將詳細討論這些目標。

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.

在此背景下，讓我們更詳細地討論一下我們的 24 財年業績，首先是啤酒業務，儘管第四季度天氣條件不佳，但消耗量仍增長了 9%，連續第 56 個季度實現消耗量增長。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，在整個啤酒類別中取得了最高的份額增長，這得益於美元銷售額增長近 14% 以及跟踪渠道的銷量增長近 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.

並且正如我們的預期，今年春季，我們的貨架空間獲得了低兩位數百分比的增量，同時在 24 財年透過我們的購物者優先貨架計劃又增加了 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，以 Modelo Especial 為首，其消耗量增長了近 10%，並保持了其作為最大份額增長者的領先地位，並且如前所述，它是美國跟踪渠道中排名第一的啤酒品牌。

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 的消耗量增長了近 1%，並保持了其作為美國第三大高端啤酒品牌的地位，而 Pacifico 的消耗量增長了超過 17%，達到了 2000 萬箱的銷售里程碑，並繼續位居整個啤酒類別中份額增幅前 10 位和高端啤酒中份額增幅第四位。在我們持續鞏固標誌性品牌的成功的同時，我們也透過有針對性的創新來建立良好的吸引力，這些創新符合消費者主導的高端化、風味化和改良化趨勢。

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 品牌消費量成長了 30%，銷量也超過了 2000 萬箱，並且繼續保持該類別 Chelada 銷量第一的位置，這得益於我們推出的新口味 SandÃa Picante 和新的包裝尺寸產品。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，使其僅憑 2 個 SKU 就躍升成為整個啤酒類別中份額增長排名前​​ 5 的品牌，並成為高端啤酒中份額增長排名第 3 的品牌。

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.

鑑於強勁的反響和消費者對優質產品的持續需求，我們將在 25 財年推出另外 2 個 Modelo Oro SKU，一個 18 件裝，另一個 24 件裝。作為 Modelo 品牌家族的一部分，我們的新 Aguas Frescas 品種包裝在內華達州的測試市場中獲得了第一名的新 FMB 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，符合消費者主導的口味趨勢，並採用我們的專案和硝基技術。

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品牌。至於 25 財年，我們正在部分東部市場測試 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 24 財年啤酒業務的強勁表現也反映在我們能夠透過節省成本和提高效率的舉措來對抗通膨阻力，從而維持一流利潤率。我們還在24財年繼續投資我們的啤酒業務，部署了約9.5億美元的資本支出，透過擴大我們在納瓦和奧夫雷貢的啤酒釀造能力以及在新的韋拉克魯斯工廠的持續工作，支持我們滿足對我們品牌的持續強勁需求的能力。

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，按照我們在11月投資者日制定的計劃，我們預計啤酒業務的淨銷售額增長速度將保持在7%至9%的範圍內，營業利潤率也將逐步提高，營業收入將增長10%至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.

接下來討論葡萄酒和烈酒。主要由於前面提到的嚴峻市場形勢，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%，但仍在我們修訂後的指導範圍內。雖然我們不認為葡萄酒和烈酒類別中持續存在的挑戰會立即消退，特別是在主流和高端價格領域，但我們已經確定了幾個可以在25財年改善葡萄酒和烈酒業務業績的領域，包括但不限於重新調整我們在高端及以上品牌中的努力，以更持續地推動我們最具規模和核心的產品的增長，特別是Crawford、Meiomi、The 它，需求，並確保我們繼續支持我們投資組合中其他重要品牌的轉型，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分銷商合作夥伴協調明確的優先事項，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.

正如我們先前的電話會議中所提到的，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分銷合作夥伴的執行和上市努力。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卓越營運和銷售。

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重點強調的營運和供應鏈舉措，以及對業務組織結構的改進，以實現更有效、更有競爭力的營運模式。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營收成長，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，以及持續的通膨壓力對部分銷售成本和分銷商合約付款的重疊以及24財年發生的激勵薪酬的減少。 正如我們所指出的，我們仍致力於在未來幾年繼續推動這項業務，以實現我們在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。我們將繼續履行我們既定的24財年優先事項和目標。如前所述，在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增強了資產負債表。

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建，以支持我們啤酒業務的成長，我們繼續進行符合消費者主導趨勢並補充我們產品組合的填補空白的收購。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.

從治理角度來看，我們的董事會採取了改組行動，任命了兩位新的獨立董事，每位董事都有強大的財務背景。我們最近也宣布選出新的獨立董事會主席克里斯鮑德溫 (Chris Baldwin)，他擁有 CPG 領域的豐富高階領導經驗。此外，為了履行我們做好環境管理者的承諾，由於我們在23財年已經超額完成了最初的水資源恢復目標，我們設立了一個新的目標，即在23財年至25財年期間向我們運營地點附近的主要流域恢復超過50億加侖的水。這項目標旨在確保當地居民和企業擁有充足的水源和用水，這是建立永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浪費並加強循環包裝。

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，我們完全期待在 25 財年繼續保持這一勢頭。我們有信心繼續為股東創造價值並兌現我們的承諾，包括透過實現高個位數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，管理品類挑戰並通過加強執行來改善我們的葡萄酒和烈酒業務的增長軌跡，並保持我們的資本配置紀律和承諾，以有利於企業和世界的方式運營。

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.

最後，我想再次感謝 Constellation 的所有同事以及我們的貿易夥伴，感謝他們的辛勤工作和奉獻精神，幫助我們在新的一年裡取得行業領先的業績，我相信我們有能力在 25 財年保持這一勢頭。

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

說完這些，我將把電話轉給 Garth，他將詳細介紹我們的財務表現和前景。

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，從企業層級開始，然後是24財年的業務部門細節。然後，我將以同樣的方式討論我們對 25 年財政狀況的展望和期望。

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% 的成長率，略高於我們 24 財年 4% 至 5% 的預期範圍。這是由於我們啤酒業務的強勁表現所致，其淨銷售額增長超過 9%，超過了我們 8% 至 9% 的預期。正如比爾所提到的，我們的啤酒業務又度過了強勁的消耗成長年，成長了 7.5%，因為我們全年的產品組合都很強勁。場外消耗量增加了 8% 以上，占我們總消耗量的近 89%。現場部署佔了我們消耗的平衡，成長了 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.

我們預計將繼續保持場外管道的成長勢頭，這得益於我們今年春季獲得的低兩位數增量貨架空間，這是我們去年 11 月投資者日所預示的。我們繼續看到透過新的選秀方式推動現場業務成長的機會，特別是來自 Modelo Especial 和 Pacifico 的選秀方式。 我很快就會詳細說明 25 財年。

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.

我們24財年的啤酒業務出貨量成長了7.4%，並且實現了2%的優惠定價。這些產量和價格的成長部分被我們精釀啤酒業務的剝離和產品結構的不利轉變所抵消。總體而言，銷售量、價格和產品組合的變化導致24財年的啤酒淨銷售額增加了近7億美元。就銷售天數而言，我們今年多了 1 個銷售日，發生在第四季。這對我們的銷售量影響很小，因為全年的絕對出貨量和消耗量一致率超過 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.

就我們的葡萄酒和烈酒業務而言，淨銷售額按報告和有機基礎分別下降了 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指導範圍內，即下降 7% 至 9%。這一下降主要是由於美國批發業績不佳，尤其是我們的主流品牌和高端品牌。 正如比爾所說，我們正在與美國批發經銷商合作夥伴合作，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，在我們的國際市場上，由於庫存減少，24財年的淨銷售額下降了7%，尤其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%，這主要得益於庫存水準開始正常化的加拿大市場。 我們美國批發和國際市場的淨銷售額下滑被我們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%.

繼續討論我們的營業收入和利潤。從企業範圍來看，我們實現了可比營業收入 7% 的成長，達到了我們 6% 至 7% 預期的上限，從而使可比營業利潤率增加了 50 個基點，達到 32.6%。這是由於我們啤酒業務的強勁表現所致，該業務的營業收入增長了 8% 多一點，營業利潤率達到了 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%.

整個企業的營業利潤率也受益於企業費用減少 11% 或 3000 萬美元，這主要由於與我們的 DBA 項目支出相關的第三方諮詢費用減少。這一穩健的業績被葡萄酒和烈酒業務的業績部分抵消，因為不包括毛利的營業收入減去剝離後不再屬於業務的品牌的營銷費用下降了 8%。 這一降幅在我們下調的 6% 至 8% 的指導範圍內，導致營業利潤率與去年同期持平，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.

更詳細闡述利潤的利弊，先從啤酒業務說起。營業收入的增加和營業利益率略為下降40個基點，反映整體銷貨成本絕對增加約12%。銷貨成本的增加包括銷售增加的影響和24財年實現的近2.05億美元的成本節約措施。

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.

以銷售成本組成部分，以絕對值計算，包括銷售成長和成本節約，年比變化如下：原料和包裝佔總銷售成本的 55% 至 60% 的中間值，絕對成長率為 16%；物流費用佔總銷售成本的20%多一點，成長了3%，因為我們的成本節約計畫帶來的大部分收益都來自這一領域；勞動力和管理費用佔總銷售成本的近 15%，由於我們韋拉克魯斯啤酒廠的建設活動而增加了 19%；總 COGS 折舊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.

繼續進行行銷。我們的支出較去年同期成長了約2%。作為 24 財年淨銷售額的百分比，行銷約佔 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帶來的效率。最後，受外匯不利影響以及薪資福利增加的影響，銷售、一般及行政費用（約佔淨銷售額的 5%）增加了約 8%。這些增長被精釀啤酒剝離和較低的法律費用帶來的收益部分抵消。

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營業利潤率（不包括毛利潤，減去去年剝離後不再屬於業務的品牌的營銷費用）與去年同期相比持平，因為銷量下滑和不利的渠道組合被我們的銷貨成本的有利影響所抵消，這得益於近 4,000 萬美元來自我們的成本節約舉措、優惠的定價、減少其他銷售、一般費用及行政費用以及減少其他銷售、一般營銷費用和營銷費用。

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，較上年增長9%，原因是平均借款額和加權平均利率上升。截止 24 財年，我們的淨槓桿率（不包括 Canopy 股權和收益）為 3.2 倍，這讓我們預計在 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%。不包括 Canopy 股權和收益，24 財年的可比每股收益同比增長近 9% 至 12.38 美元，高於我們的 12 美元至 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.

轉向財年 24 自由現金流，我們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，超過了我們 14 億至 15 億美元的指引範圍。自由現金流年減 12%，原因是我們現有設施的擴建和我們在韋拉克魯斯的新啤酒廠的持續建設導致資本支出增加 23%。

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的總名義產能從4200萬百升增加到約4800萬百升，這得益於夏季上線的模組化擴建，這些擴建在年底前已完全投入使用，同時透過我們的優化舉措釋放了增量產能。根據我們的資本配置重點，我們再次透過超過 9 億美元的股息和股票回購支出向股東帶來現金回報。

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，包括對一家由女性和黑人創立且擁有成功業績的奢侈葡萄酒品牌的收購，以及在 24 財年對高成長非酒精飲料領域的風險投資。

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，讓我先從淨銷售額開始，介紹一下我們對 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%，其中啤酒業務的成長目標為 7% 至 9%，葡萄酒和烈酒業務的淨銷售額下降 0.5% 至成長 0.5%。預計啤酒營收前景將主要得益於我們產品組合的持續強勁銷售成長。再次，我們預計這將來​​自於我們最大品牌的分銷，這得益於春季貨架重置收益、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。

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.

關於啤酒產量。我們預計 25 財年的出貨量和消耗量將與前幾年保持緊密一致。類似地，我們預計，從季度和半年度的角度來看，我們的出貨量和消耗節奏（就年度出貨量份額而言）將與24財年相當一致。

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，我們預計在推動比爾先前描述的銷售和行銷執行計劃的過程中，將在很大程度上抵消持續的類別阻力。 此外，由於我們的高端品牌表現較佳，我們預計也將帶來與產品組合相關的效益。儘管如此，我們仍然預期整體銷售成長仍將面臨挑戰，特別是由於主流和高端價格領域的需求阻力，這佔了我們銷售的很大一部分。此外，從淨銷售額的角度來看，我們預計24財年批量銷售將出現不利的局面。

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的出貨量以及全年總量的消耗份額將與24財年相當一致。對於 25 財年的營業收入，我們預計全企業可比成長 8% 至 10%，其中啤酒業務營業收入成長 10% 至 12%，葡萄酒和烈酒業務營業收入下降 9% 至 11%，公司費用小幅增加至約 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，我們預計銷售成長和優惠定價將為營業收入帶來順風。我們預計，這些順風因素將被持續的投入成本通膨部分抵消，包括銷售成長、成本節約措施和我們多年的對沖行動，銷貨成本的絕對成長將達到高個位數。我們預期總銷售成本的百分比以及每個組成部分的絕對增幅如下。包裝和原料佔比達到55%至60%，並以中高個位數成長。

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.

物流約佔20%，且成長了中等個位數。勞動力和管理費用約為 15%，增幅達到十幾歲的高位，主要是由於績效工資的增加，因為業務運營業績強勁，員工人數增加，主要是在我們繼續建設的韋拉克魯斯啤酒廠。其餘的 COGS 折舊將出現中等個位數增長，約相當於增加 2,000 萬美元，略低於最近幾年的水平，因為 ABA 工廠的包裝線之前已經折舊，該工廠在整個 24 財年都在運營。

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的百分比的變化是由我們的行銷投資分配的轉變引起的，總體重點是最大化價值。 投資轉變旨在優先考慮我們最大的品牌，以支持它們持續的發展勢頭，其次是我們具有高成長潛力的下一波品牌，然後是深思熟慮和慎重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 財年第三季宣布與新媒體代理商合作，從而提高了效率，並實現了成本節約。綜合考慮啤酒營業利潤率的驅動因素，我們預期銷售、一般及行政費用佔淨銷售額的百分比約為 5%，與我們在投資者日提供的中期演算法一致。 總體而言，這意味著啤酒營業利潤率約為 39%，因為我們的啤酒業務繼續創造一流的營業利潤率和同比增長，而我們正接近中期目標。

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 COGS 將增加中高個位數，這是由於銷售較低以及賣方管理費用和混合成本較高導致的固定成本吸收不太有利，但作為成本節約舉措的一部分，物流和包裝成本的有利性部分抵消了這一影響。

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.

對於行銷和其他銷售、一般及行政費用佔淨銷售額的百分比，我們預計分別為 9% 和 10%，略高於我們的中期預期，這得益於我們對行銷、定價和銷售投資的調整，以推動營收成長，並被組織結構變化部分抵消，這兩點比爾之前都提到過。此外，我們預計，24 財年我們將面臨合約分銷商付款不利以及薪資福利降低所帶來的阻力。也就是說，隨著我們繼續應對品類逆風並重新調整某些行銷和銷售活動的投資，這意味著葡萄酒和烈酒的營業利潤率將在 25 財年收縮至約 20%。 我們相信，透過加強對執行和規劃成本節約的關注，我們可以在中期內提高利潤率，從而實現我們在 11 月投資者日提出的目標。

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%.

由於我們繼續對業務進行投資，同時更廣泛地降低第三方費用，預計公司費用將略有增加。我們預計利息支出約為 4.45 億美元至 4.55 億美元，受加權平均利率上升的影響，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為 3,500 萬美元，預計 25 財年的加權平均攤薄流通股約為 1.83 億股，其中包括股票回購活動。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，可比每股收益在 13.50 美元至 13.80 美元之間，中位數同比增長 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.

從現金流角度來看，我們預計 25 財年的自由現金流將在 14 億美元至 15 億美元之間，反映出 28 億美元至 30 億美元的經營現金流淨額，扣除 14 億美元至 15 億美元的資本支出，主要由現有啤酒廠的擴建和韋拉克魯斯正在進行的建設所推動的建設所推動。我們預計，25財年到28財年剩餘的資本支出約為30億美元，隨著我們在韋拉克魯斯的綠地基地建設的推進，25財年預計將是支出高峰年。 與我們的投資者日資訊一致，我們預計自由現金流將會增加，從26財年到28財年累計收益將達到70億至90億美元。

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，我們以強勁的業績結束了 24 財年，這得益於我們啤酒業務繼續出色的增長，其核心品牌在箱銷售和市場份額方面都達到了新的里程碑。我們的葡萄酒和烈酒業務在24財年面臨艱難的市場環境，但我們已經確定了提高執行力和業績的關鍵措施。

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，我們有信心實現我們的計劃，取得與我們的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，並努力為我們的股東創造價值。我們感謝您在整個24財年給予的持續支持，並期待在25財年向您通報我們的進展和成功。

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

因此，比爾和我很樂意回答您的問題。

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

（操作員指示）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.

下一位提問者是加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Nick Modi。

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?

對我來說只需快速問 2 個問題。剛剛收到很多關於毛利率的問題，想了解是否有任何一次性問題可能會影響本季啤酒的毛利率？

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.

然後第二部分是 - 當您考慮本季度的出貨量時，您能否給我們提供一些背景信息，說明其中有多少可能歸因於某些因素 - 無論是 Aguas Frescas 推出批發業務還是為一些貨架地役權做準備，這都會有所幫助。

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，關於毛利率。正如我們在新聞稿中所述，我們確實註銷了一些與第四季度的壞帳應收帳款相關的不良應計項目。這對我們第四季的營業利潤率影響了約 100 個基點。

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，並對全年產生約 30 個基點的影響，同樣，對營業利潤率的影響 - 這與 Aguas Frescas 推出對第四季度的影響有關，影響非常非常小，實際上只是更廣泛的投資組合的實力才是推動第四季度發展的因素。

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.

所以我想談談啤酒的消耗，考慮到天氣因素，本季除額外一天外的近 7% 的業績是一個相當不錯的結果。您能否告訴我們，截至目前，三月和四月天氣恢復正常時的勢頭如何，或者一月份對第四季的拖累有多大？只需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，今年百威淡啤酒遭遇困境後，貨架空間成長不成比例。您期望這會產生多大正面影響？您能否將此與百威淡啤酒趨勢好轉的風險進行對比，並看到這對您的品牌產生的直接影響？

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。我們顯然會將三月的業績與今年的整體預期結合起來考慮。但我想說，三月的情況與我們的預期非常一致。大家要記住，3月份的銷售日少了2天，4月份的銷售日多了2天。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，我們三月份的業績表現非常強勁，正如我們預期的那樣，我們認為這將為我們開啟真正穩健的一年，就像我們所說的那樣，與我們在紐約投資者日上所說的一致。正如我們在腳本中提到的那樣，今年春季我們的貨架數量實現了低兩位數的增長，高於我們的增長演算法，這正是我們預期的。毫無疑問，這將是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.

但正如我們所說以及大家所知，增量空間總體上並不與現有速度具有相同的速度，因為它是邊際收益。話雖如此，我們對貨架位置的提升感到非常高興。多年來我們一直說我們的品牌確實值得這樣的評價。他們每個 SKU 的平均回報超過 5,000 萬美元。我相信這確實反映了所有零售商所看到的情況，而且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 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，我們今天早上已經問過幾次這個問題了，也許根本的問題是，在企業層面，我們基本上回到了今年的演算法上，但在這一年，葡萄酒和烈酒的銷量不如啤酒——至少在營業利潤的增長率方面，可能比正常情況要快一點，低於利息支出的一點幫助。

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量可能存在差距，但還有其他補償。或者這更多的是你們所有人為了達到那個目的而做出的一些調整，無論是提前儲蓄還是使用一些稅收抵免。所以我認為人們只是想了解需要進行多少操作或做多少工作才能彌補差異，或者這只是巧合。

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。這些數字反映出我們的啤酒業務業績非常強勁。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葡萄酒和烈酒業務的新總裁，其工作重點將集中在執行上。

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.

在即將到來的這一年中，我們將面臨許多事情，這些事情將使我們在盈利方面迎來重新設定的一年，因為我們正在解決一些一次性問題，但這不會阻止我們實現我們在紐約承諾的、今天重申的企業範圍的成果。我們期望繼續取得一流的成績。

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聽到的，去年，我們再次成為 Circana 大型公司中成長最快的公司，就像過去 7 年中有 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給予了很多幫助和色彩。但我只是好奇，我們在業界聽到了更多關於——您上個季度談到了促銷壓力。 其他製造商也談到了零售商去庫存，並看到經銷商層級的庫存管理更加加強。只是好奇想聽聽您對促銷環境和系統內庫存水平的看法，我知道在 3 個層級內很難有可見性，但只是好奇您對在線系統庫存的看法。

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，確實如此。我們確實看到過去財政年度庫存減少，尤其是在加拿大。加拿大進行了相當多的庫存重新調整。當然，我們在美國也看到了一些這種情況。我認為我們需要繼續關注的重要一點是我們已經做出了一些改變。我們將重點放在那些真正對我們成功起到最大推動作用的 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，我們過去的努力可能有些過於寬泛，我們將專注於那些我們認為具有長期真正成長潛力的品牌。我們還將比過去增加一些促銷支出，特別是針對 Woodbridge 等品牌，因為它們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，我們做了大量的工作和研究，以確保我們了解圍繞我們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採取行動。我認為這反映了今年管道的改善，並承認底線會出現一些重置。

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

下一個問題來自富國證券的克里斯凱裡 (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?

所以 Garth，謝謝你對全年利潤率的預期。第一，能否稍微詳細說明一下導致商品投入通膨的具體因素？

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，確實感覺也許你期望有一點頂線槓桿，或者你需要在 G&A 線上節省更多一點，才能使該部門全年的業績達到兩位數的低水平。因此也許只是有助於提供關於此的任何背景資訊。因此，感謝您對商品的關注，也許只是對如何獲得全年營業利潤數字的一些假設。

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，就啤酒利潤率而言，我認為——首先，我認為我們必須承認，如果回顧過去兩年，看看我們看到的全球供應鏈中斷，以及我們一直在應對的通膨環境，利潤率從 24 財年下半年開始提高，然後在 25 財年大幅擴大利潤率，接近我們目標範圍的低端，我認為這不是一件小事。

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.

展望25財年，我們將面臨與過去幾年類似的順風逆風。鑑於我們品牌的實力以及我們典型的定價演算法，順風將再次是體積增長。我們將面臨的一些問題或阻力是，儘管大宗商品價格確實已從高點回落，但肯定仍高於其歷史標準或近期的歷史標準。

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.

有幾種商品的價格表現出了一定的彈性，或者說，跌幅遠沒有我們預期的那麼大。所以我們仍然面臨這些問題。此外，我們的比索仍然堅挺，我們將繼續保持這一勢頭。幸運的是，今年我們對比索的對沖已經達到了約 80%。所以我們要有效地管理這一點。

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.

正如您在本次電話會議和投資者日上廣泛聽到的那樣，我們今年和去年都採取了一系列積極的成本節約舉措，這將有助於使業務受益。總而言之，我的意思是，我們認為這裡的利潤率擴張相當顯著，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 財年的利潤率將會成長。

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

我們的下一個問題來自 Jefferies 的 Kaumil Gajrawala。

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?

我只想快速跟進貨架空間的問題。您已經獲得了許多貨架空間。您能否告訴我們，對於今年春季，您預計增量空間會有多大？其次，看起來，葡萄酒和烈酒的戰略估值或我猜測的估值已經完成。您在多大程度上考慮撤資，是部分業務還是全部業務？

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。正如我所說的，Kaumil，在我的主要演講中，我們預計將獲得低兩位數的貨架空間，事實上，這也是我們在春季重置中獲得的。顯然，這取決於整個地圖，但總數大致如此。再次，這至少和我們預期的一樣多。我們對最終結果非常滿意。

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.

關於葡萄酒和烈酒業務，我們已經多次提出這樣的評論。喝啤酒、葡萄酒和烈酒這 3 類酒的人比只喝其中 1 類酒的人花費多 6 倍。因此，我們繼續認為，透過能夠在所有這三個類別中發揮作用，我們可以獲得大量額外的消費場合和消費者支出，這一點很重要。

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

我們的下一個問題來自伯恩斯坦的 Nadine Sarwat。

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?

我問兩個相互關聯的問題。首先，本季你們的啤酒銷售量顯然成長非常強勁。您認為目前美國消費者的健康狀況如何？有任何交易量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。一些業界同行指出，今年一月份的乾燥天氣將是更顯著的不利因素。其他評論者則指出，未達法定飲酒年齡的消費者的飲酒模式有所不同。因此，我真的很好奇，想聽聽您對這些趨勢有何觀察，以及消費者行為有何變化。

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非常滿意。我們已經說過很多次了，我們特許經營店的品牌忠誠度非常高。我認為這非常重要。我認為，當你把這一點與以下事實結合起來時——加斯曾多次提到這一點，我們在過去幾年中一直採取明智的定價策略，這與快速消費品行業其他人所做的略有不同。

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店內擁有非常強大的消費者忠誠度，維持消費者群體非常重要。另外值得注意的是，高端啤酒（也是我們在啤酒領域競爭的唯一領域）的購買率持續上升。這再次說明消費者繼續追求高端化，而我們正處於利用這一特定點的最佳位置。

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.

相對於一月份等的任何消費者變化，我們多次注意到的事情之一就是有所改善。我們在葡萄酒業務中做了很多事情，推出了清淡或更清淡的產品，例如 Illuminate 和 Kim Crawford 以及 Meiomi 的 Bright。同樣地，我們的 Corona 無酒精啤酒也有一個好的開始。它是非酒精飲料領域中份額成長最快的產品。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.

隨著我們推出一系列產品，我們將繼續強調改進趨勢，當然希望 Corona 非酒精飲料在即將到來的財年繼續成長。

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.

這是德魯‧萊文 (Drew Levine)，代替安德里亞 (Andrea)。所以如果可以的話，我們只給 2 個。回到之前的一個問題，比爾，您能否評論一下本季度加州以外和加州內部的消耗趨勢，以及這些趨勢在整個季度的進展情況。

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.

然後問 Garth 一個問題，我記得您提到 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出現相當有意義的成長。因此，您是否可以談談一些您認為有好處的項目，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，自從你上次問這個問題以來，你的聲音變得低沉多了。玩笑歸玩笑，我們的趨勢確實非常非常強勁，遍及全國。一個重要的地方——讓我以 Pacifico 為例，品牌全年的消耗量上升了 17%。顯然，最大的堡壘是加州。

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 繼續成為加州第一品牌。但我們也在全國各地看到了良好的成功，例如德克薩斯州和佛羅裡達州。至於二級市場，我們一直說二級市場對我們來說將是一個重要因素，其中許多二級市場在過去一年都實現了兩位數的成長。因此，在年底時，我們非常高興地看到我們的業務呈現廣泛的成長態勢，我們認為我們有能力在 25 財年繼續保持這種成長勢頭。加思，我認為第二個適合你。

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.

僅從啤酒業務全年節省的約 2,500 萬美元成本來看，這一數字還在全年不斷增加。我們在第一季一開始就表現非常強勁。而且，隨著一年的過去，這一趨勢進一步加劇。我們這一年的成長其實是基於兩個因素。一是我們在全年確定或實施了新舉措，但從複合角度來看，年初開始實施的舉措也幾乎使你受益。

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.

我們去年採取的措施與原物料採購有關，包括各種 RFP，旨在解決過去兩年因全球供應鏈中斷以及通膨環境導致的部分原物料價格過高的問題。在鐵路車輛和雙層堆放方面，有多項物流舉措，並且正在進行多項營運舉措。

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，您能否提醒我們一下您以比索計價的總支出金額是多少？那就太好了。其次，查看掃描器數據，這是 Circana，在過去 4 到 12 週左右的時間裡，您的價格組合一直遠低於啤酒類別。

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.

所以我想了解為什麼會出現這種情況。大多數其他球員的定價都是在超級盃之前或之後進行的。今年你們漲價的時間是什麼時候？再說了，為什麼你們在掃描器數據中的明顯實現量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，就第一個問題而言，就我們啤酒業務以比索計價的成本而言，約有 20％至 25％的成本是以比索計價的。正如我所說，進入今年以來，我們的對沖率已達到約 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.

而相對於價格實現，如您所知，您在這些類型的事情中看到的許多內容取決於價格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。而從全年來看，我們仍預期價格將出現 1% 到 2% 的波動。

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，我們是根據每個 SKU 市場的具體情況進行此操作的，因此，您可以在一年中的不同時間範圍內反映出這一情況的實際出現時間。我認為這不是我們所擔心的事情，也不是持續的趨勢。正如我們所說，我們預計今年的成長率將達到 1% 到 2%，正如我們之前溝通過的那樣。

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的問題和您的想法，因為我們即將經歷去年 4 月圍繞百威淡啤酒的爭議所帶來的巨大市場份額轉變。顯然，在此次爭議爆發之前，您的業務就以遠高於目前的速度成長，但有人擔心，您可能會從市場份額的轉變中受益。那麼，也許您可以談談對您業務產生的一些影響，以及當我們開始循環這些影響時您是如何看待它的？

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，正如我們一直所說的那樣，我們可能不是最大的贏家，因為它與你知道的爭議有關。但我還要再次強調我之前說過的觀點，那就是我們擁有極強的品牌忠誠度，而且我們只涉足高端市場。

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.

目前該類別的成長點處於高端。我們很幸運，這正是我們比賽的地方。如果您考慮到我們在這次春季重置計劃期間看到貨架份額顯著增加，我們認為我們處於一個很好的位置，並且認識到我們正獲得星座品牌啤酒業務歷史上最大的份額增長。每瓶啤酒總計 2 分，最高分為 2.6 分。這是一個前所未有的成長，我認為這反映了我們品牌的強大實力。

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?

回到葡萄酒的話題，比爾，你在準備好的發言中闡述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，在去年兩次下調預期的背景下，如果您能就本財年初期實現平穩收入業績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：葡萄酒類別最終將從今年的當前水準開始改善？

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，在過去幾個月裡，加斯和我花了很多時間與我們的葡萄酒同事一起仔細研究我們認為至關重要的事情。績效改進的體現涉及幾個變數。一，我們將更加緊密地合作，提高我們的銷售能力，以支持我們的經銷商網路。我認為，與去年相比，我們對分銷商和我們對分銷商的意圖和期望已經更加一致了。

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.

第二，我們重新調整了工作重點。在我們的整體投資組合中，大約有 11 個關鍵品牌可能沒有得到適當的優先排序，我們已經從根本上解決了這個問題。第三，我們追求業務效率，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的成功。我們將一些相同的資源投入到葡萄酒和烈酒業務中，這有助於我們在去年取得非常強勁的業績。因此，我們正在實施許多舉措，並認識到今年將是一個重置的一年，特別是對於葡萄酒業務的底線而言。

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。是的。它將幫助我們在前進的過程中獲得中期演算法。此時，一切都取決於執行。我認為 Sam Glaetzer 和團隊的其他成員將會全神貫注於我們策略的執行。

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卡洛斯·拉博伊 (Carlos Laboy)。

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

您能否進一步闡述您所看到的當前更重要的內部活動的狀態？

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.

我認為你看到了一些有趣的波動，這取決於特定的時間範圍。我們也看到了一些這樣的情況。我們在今年短暫的時期內遇到了一些與桶有關的問題，但現在這個問題已經完全解決了。我們繼續看到現場部署的強勁發展，我們對其進入 Cinco 感到特別興奮，這顯然是我們下一個重要的時間段，也是我們歷史上表現非常出色並在零售和現場部署環境中取得顯著份額增長的時間段。

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，內部部署將成為我們今年業績的重要組成部分。 Modelo、Corona Extra 和 Pacifico 在該管道的份額都在增長，我們預計，本財年的份額將繼續增長。

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.

至此，問答環節已經結束，我將把發言權交還給比爾·紐蘭茲，請他作結束語。

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，也謝謝今天參加電話會議的所有人。最後，我要再次感謝 Constellation 的同事以及我們的貿易夥伴，感謝他們在 24 財年又取得了強勁的業績。您持續的專注和自律使得 Constellation 連續 11 年成為 CPG 公司中表現最出色的成長領導者。近代以來沒有其他公司可以這麼說，我們為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，我們有信心進一步鞏固我們的發展勢頭，並通過實現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，我們預計該業務將產生高個位數的淨銷售額增長和一流的營業利潤率，我們高度關注我們在葡萄酒和烈酒業務的商業和運營執行，同時保持我們對資本配置的嚴謹態度和社區隨著夏季關鍵銷售季節的臨近，我們邀請您在節日期間品嚐一些美味的產品，我們期待在下次季度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，祝大家有愉快的一天。

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。祝您有美好的一天。