Constellation Brands Inc (STZ) 2025 Q2 法說會逐字稿

Hello, and welcome to the Constellation Brands Q2 fiscal year 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Constellation Brands 2025 財年第二季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

It's now my pleasure to turn the call over to Senior Vice President, Investor Relations, Joe Suarez. Please go ahead, Joe.

現在我很高興將電話轉給投資者關係高級副總裁喬·蘇亞雷斯 (Joe Suarez)。請繼續，喬。

Thank you, Kevin, and good morning all and welcome to Constellation Brands Q2 fiscal '25 conference call. I'm here this morning with Bill Newlands, our CEO, and Garth Hankinson, our CFO.

謝謝凱文，大家早安，歡迎參加 Constellation Brands 25 財年第二季電話會議。今天早上我和我們的執行長比爾紐蘭茲 (Bill Newlands) 以及我們的財務長加思漢金森 (Garth Hankinson) 一起來到這裡。

As a reminder, reconciliations between the most directly comparable GAAP measures and any non-GAAP financial measures discussed on this call are included in our news release or otherwise available on the company's website at www.cbrands.com. Please refer to the news release and Constellation's SEC filings for risk factors, which may impact forward-looking statements made on this call.

謹此提醒，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我們的新聞稿中，或透過公司網站 www.cbrands.com 提供。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'll 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'd like to ask that we limit everyone to one question per person, which will help us to end our call on time.

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，這將有助於我們按時結束電話。

Thanks in advance, and now here's Bill.

預先感謝，現在是比爾。

Thanks, Joe, and welcome to our Q2 fiscal '25 earnings call. As usual, I'd like to start with a few key highlights for the quarter. First, while the current macroeconomic backdrop weighed on demand for beverage alcohol and more broadly across consumer-packaged goods, we continued to deliver strong performance in the marketplace, driven by our consumer-centric strategy and thoughtful approach to brand building.

謝謝喬，歡迎參加我們的 25 財年第二季財報電話會議。像往常一樣，我想首先介紹本季的一些關鍵亮點。首先，雖然當前的宏觀經濟背景對飲料酒精和更廣泛的消費品的需求造成壓力，但在我們以消費者為中心的策略和深思熟慮的品牌建設方法的推動下，我們繼續在市場上取得強勁的業績。

At a total company level in Circana tracked channels over the 12 weeks ending September 1, we held the number one spot for both dollar sales growth and share gains within all beverage alcohol and more notably, we once again achieved dollar sales growth, outpacing the total CPG sector as we continued to build on our track record of over a decade as a CPG growth leader.

在Circana 追蹤的整個公司層面上，截至9 月1 日的12 週內，我們在所有飲料酒精中的美元銷售額增長和份額增長均位居第一，更值得注意的是，我們再次實現了美元銷售成長，超過了總銷售額我們作為消費品成長領導者，繼續鞏固我們十多年來的業績記錄。

Second, our beer business remained the clear winner across the total beverage industry, having significantly outperformed in dollar sales growth and, of course, maintained its leading share gaining position in the US beer category.

其次，我們的啤酒業務仍然是整個飲料行業中明顯的贏家，在美元銷售額增長方面表現明顯優於，當然，在美國啤酒類別中保持了領先的份額增長地位。

Third, and continuing with our beer business, we delivered another quarter of significant margin expansion, supported by disciplined operational and financial management. Importantly, our cost savings and operational efficiency initiatives are delivering significant incremental benefits for our beer business beyond what we had anticipated at the start of fiscal '25, which are now enabling incremental marketing investments in our largest beer brands as of Q3.

第三，繼續我們的啤酒業務，在嚴格的營運和財務管理的支持下，我們的利潤率又實現了一個季度的大幅增長。重要的是，我們的成本節約和營運效率舉措正在為我們的啤酒業務帶來顯著的增量效益，超出了我們在25 財年年初的預期，這使得截至第三季度我們最大的啤酒品牌的行銷投資得以增加。

Fourth, our relentless focus on winning in the marketplace, delivering top-tier growth and driving efficiencies supported another quarter of double-digit increase in comparable EPS in line with our full year outlook. Our strong earnings performance and in turn significant cash generation enabled us to achieve a pivotal milestone of our capital allocation priorities, having reached a 2.9 net leverage ratio on a comparable basis in Q2, slightly below our approximate 3 times target.

第四，我們堅持不懈地致力於贏得市場、實現頂級成長和提高效率，支持了可比每股收益再實現兩位數成長，這與我們的全年展望一致。我們強勁的獲利表現和大量的現金產生使我們能夠實現資本配置優先事項的關鍵里程碑，第二季可比淨槓桿率達到 2.9，略低於我們約 3 倍的目標。

And equally important, consistent with those same priorities, we also returned nearly $250 million of cash to shareholders through share repurchases in Q2, bringing our total year-to-date cash returns through repurchases to approximately $450 million, while continuing to pay our dividend and advance our brewery investments in our beer business.

同樣重要的是，與這些優先事項一致，我們也透過第二季的股票回購向股東返還了近2.5 億美元現金，使我們透過回購獲得的年初至今現金回報總額達到約4.5 億美元，同時繼續支付股息和推進我們對啤酒業務的啤酒廠投資。

All in, as we noted a few weeks ago, while ongoing macroeconomic headwinds, particularly rising employment have led to a recent deceleration in the rate of growth of consumer demand for our products. We remain on track to deliver another solid fiscal year and continue to create value for our shareholders.

總而言之，正如我們幾週前指出的那樣，儘管持續的宏觀經濟逆風，特別是就業的成長，導致近期消費者對我們產品的需求成長放緩。我們仍有望實現另一個穩健的財年，並持續為股東創造價值。

With that, let's turn more fully to our beer business performance. During the second quarter of fiscal '25, our beer business continued to deliver strong financial performance with net sales and operating income growth of nearly 6% and 13%, respectively.

接下來，讓我們更全面地關注我們的啤酒業務表現。在 25 財年第二季度，我們的啤酒業務持續呈現強勁的財務業績，淨銷售額和營業收入分別成長近 6% 和 13%。

As noted earlier, these increases were primarily supported by solid volume growth and carryover pricing from last fall as well as disciplined cost management and operational efficiencies. Our beer business grew shipments by 4.6% in Q2, while depletions were up 2.4%, which includes the impact of one less selling day.

如前所述，這些成長主要得益於去年秋季的強勁銷售成長和結轉定價以及嚴格的成本管理和營運效率。我們的啤酒業務第二季的出貨量成長了 4.6%，而消耗量則成長了 2.4%，其中包括銷售日減少的影響。

It is important to reinforce that the Q2 performance of our beer business was accounted for in the updated expectations we shared for fiscal '25 four weeks ago.

需要強調的是，我們啤酒業務第二季度的業績已納入我們四個星期前分享的 25 財年的最新預期中。

Now, honing in on the performance of our largest brands, Modelo Especial grew depletions by nearly 5% and upheld its position as the top share gainer, further extending its lead as the number one beer brand in US tracked channels.

現在，在我們最大品牌的表現的基礎上，Modelo Especial 的消耗量增長了近 5%，並保持了其份額增長第一的地位，進一步擴大了其作為美國追蹤通路第一啤酒品牌的領先地位。

Corona Extra depletions declined approximately 3%. However, it remains a top five beer brand in dollar sales in the US and continue to gain dollar share in the category. Pacifico delivered another quarter of remarkable depletions growth of nearly 23% and remained the number four dollar share gainer across the total beer category.

Corona Extra 損耗下降了約 3%。然而，它仍然是美國銷售額排名前五的啤酒品牌，並繼續擴大該類別的美元份額。 Pacifico 又一個季度實現了近 23% 的驚人消耗量成長，並且仍然是整個啤酒類別中第四大美元份額成長者。

Our Modelo Chelada brands delivered an increase of approximately 2% in depletions and our Limón y Sal flavor remains a top 15 overall dollar share gainer in the category. As noted earlier, our beer business also maintained the momentum of its significant operating leverage gains, driving 2.7 percentage points of operating margin expansion year over year.

我們的 Modelo Chelada 品牌的消耗量增加了約 2%，而我們的 Limón y Sal 口味仍然是該類別中排名前 15 的整體美元份額增長者。如前所述，我們的啤酒業務也維持了營運槓桿大幅成長的勢頭，帶動營運利潤率年增 2.7 個百分點。

As mentioned earlier, we are pleased to be deploying incremental marketing investments across our largest beer brands in the second half of fiscal '25 as our cost savings and efficiency initiatives have delivered results above our initial expectations.

如前所述，我們很高興在 25 財年下半年對我們最大的啤酒品牌進行增量行銷投資，因為我們的成本節約和效率舉措所取得的成果超出了我們最初的預期。

Looking ahead more broadly, consistent with our recent outlook update, we continue to expect our beer business to deliver net sales growth of 6% to 8%, operating income growth of 11% to 12% and an operating margin of approximately 39% in fiscal '25.

展望更廣泛的未來，與我們最近更新的展望一致，我們繼續預計我們的啤酒業務將實現6% 至8% 的淨銷售額增長，11% 至12% 的營業收入增長，以及約39% 的營業利潤率。

Moving on to wine and spirits. As noted a few weeks ago in our full year guidance update, we continue to face incremental category headwinds in our wine and spirits business, particularly in the lower price segments. This affected both the performance of wine and spirits in this latest quarter and our fiscal '25 outlook for that business.

繼續討論葡萄酒和烈酒。正如幾週前我們在全年指引更新中指出的那樣，我們的葡萄酒和烈酒業務繼續面臨品類增量逆風，特別是在較低價格領域。這既影響了本季葡萄酒和烈酒的業績，也影響了我們對該業務的 25 財年展望。

In Q2, the impact of these category headwinds largely drove wine and spirits shipments down 9.8% year-on-year while in turn was the primary driver of the respective 12% and 13% declines in net sales and operating income for that business.

第二季度，這些品類逆風的影響在很大程度上導致葡萄酒和烈酒出貨量年減9.8%，而這又是該業務淨銷售額和營業收入分別下降12% 和13% 的主要推動因素。

Against that backdrop, the business remains focused on continuing to advance the operational and commercial execution initiatives identified at the end of our last fiscal year to improve the performance of our largest wine and spirits brands.

在此背景下，該業務仍專注於繼續推進上一財年末確定的營運和商業執行計劃，以提高我們最大的葡萄酒和烈酒品牌的表現。

Encouragingly, we saw some green shoots in Q2 across our largest higher-end wine brands, Kim Crawford, Meiomi, The Prisoner as tactical pricing and marketing support actions we are taking in select markets began to drive better consumer takeaway trends.

令人鼓舞的是，我們在第二季度看到了我們最大的高端葡萄酒品牌Kim Crawford、Meiomi、The Prisoner 的一些萌芽，因為我們在特定市場採取的戰術定價和營銷支持行動開始推動更好的消費者外送趨勢。

So we plan to continue these actions through the remainder of the year to drive further improvements in this select group of our most scaled higher-end offerings, which ultimately underpins the sequential improvement we expect in our wine and spirits business over the second half of fiscal '25 for our updated outlook.

因此，我們計劃在今年剩餘時間內繼續採取這些行動，以推動我們精選的這組規模最大的高端產品的進一步改進，這最終將支撐我們預計本財年下半年葡萄酒和烈酒業務的連續改善'25 更新我們的展望。

Also, notably, our craft spirits portfolio, albeit smaller in scale continues to be a positive driver for the business, delivering strong depletion volume growth as well as high single-digit dollar sales growth in Circana US tracked channels significantly outperforming the low single-digit growth rate of the higher-end spirit segment.

此外，值得注意的是，我們的精釀烈酒產品組合儘管規模較小，但仍然是業務的積極推動力，實現了強勁的消耗量增長以及Circana US 跟踪渠道的高個位數美元銷售額增長，明顯優於低個位數的銷售額成長高端烈酒細分市場的成長率。

Looking ahead for our recent updated fiscal '25 outlook, we expect the wine and spirits business to ultimately deliver for the full year net sales and operating income declines of 4% to 6% and 16% to 18% respectively.

展望我們最近更新的 25 財年展望，我們預計葡萄酒和烈酒業務最終全年淨銷售額和營業收入將分別下降 4% 至 6% 和 16% 至 18%。

Lastly, we usually take this opportunity in our Q2 call to bring your attention to the upcoming release of our annual ESG impact report every October. That said, going forward, we will be publishing this report under the same timeline as our other fiscal year end materials.

最後，我們通常會在第二季電話會議中利用這個機會，提請您關注即將於每年 10 月發布的年度 ESG 影響報告。也就是說，展望未來，我們將按照與其他財年結束資料相同的時間表發布這份報告。

This shift in timing will help ensure better alignment between our most recent and relevant full financial year updates and these related to our efforts to address pressing environmental and societal needs that are important to our business and our stakeholders ahead of our annual meeting. We look forward to sharing our progress and updated targets in a few quarters.

這一時間上的轉變將有助於確保我們最近的相關完整財政年度更新與我們在年度會議之前解決緊迫的環境和社會需求的努力相關，這些需求對我們的業務和利益相關者非常重要。我們期待在幾個季度內分享我們的進展和更新的目標。

So in closing, while our sector is facing less favorable consumer demand due to macroeconomic headwinds, we delivered another quarter of strong financial results underpinned by the continued solid net sales growth and significant margin expansion of our beer business, ultimately achieving our second quarter double digit comparable EPS growth in line with our full fiscal year expectations.

因此，最後，儘管我們的行業因宏觀經濟逆風而面臨消費者需求不佳的情況，但在持續穩健的淨銷售額增長和啤酒業務利潤率顯著擴張的支撐下，我們又實現了強勁的財務業績，最終實現了第二季兩位數的業績可比每股收益成長符合我們整個財年的預期。

In addition we continued to build on our leadership position within consumer packaged goods and the total beverage industry outperforming and dollar sales growth across Circana tracked channels.

此外，我們繼續鞏固我們在消費品和整個飲料行業的領導地位，並在 Circana 追蹤的通路中實現銷售成長。

And we remain steadfast in delivering against our disciplined and balanced capital allocation priorities, achieving a 2 times net leverage ratio on a comparable basis, slightly below our stated approximately 3 times target, while also returning nearly $250 million to shareholders through share repurchases in Q2 as well as continuing to pay our dividend and advance our brewery capacity investments.

我們仍然堅定不移地履行我們嚴格和平衡的資本配置優先事項，在可比基礎上實現2 倍的淨槓桿率，略低於我們規定的約3 倍的目標，同時還通過第二季度的股票回購向股東返還近2.5 億美元。

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

接下來，我會將電話轉給加斯，他將提供有關我們的財務業績和前景指導的更多詳細資訊。

Thank you, Bill, and good morning, everyone. As usual, my discussion of our Q2 fiscal '25 performance will focus mainly on our comparable enterprise results accompanied by business segment details.

謝謝你，比爾，大家早安。與往常一樣，我對 25 財年第二季業績的討論將主要集中於我們的可比較企業業績以及業務部門的詳細資訊。

Let's get started with our enterprise results. For the quarter, enterprise net sales grew through 3% while enterprise operating income decreased [226%] on a reported basis and increased 13% on a comparable basis.

讓我們開始了解我們的企業成果。本季度，企業淨銷售額成長了 3%，而企業營業收入在報告基礎上下降了 [226%]，在可比基礎上成長了 13%。

The increases in enterprise net sales and enterprise comparable operating income were driven by strong results from our beer business, which were partially offset by ongoing category headwinds affecting the performance of our wine and spirits business, both of which I will address in more detail shortly.

企業淨銷售額和企業可比營業收入的成長是由我們啤酒業務的強勁業績推動的，但影響我們葡萄酒和烈酒業務業績的持續類別逆風部分抵消了這一增長，我將很快更詳細地討論這兩個問題。

The decline in reported enterprise operating income reflects a non-cash goodwill impairment loss for the wine and spirits business of $2.25 billion. As noted in our updated guidance last month, we now expect enterprise net sales to grow between 4% to 6% for fiscal '25 and for enterprise comparable operating income to grow 8% to 9% for the full year.

報告的企業營業收入下降反映了葡萄酒和烈酒業務 22.5 億美元的非現金商譽減損損失。正如我們上個月更新的指引中指出的那樣，我們現在預計 25 財年企業淨銷售額將成長 4% 至 6%，全年企業可比營業收入將成長 8% 至 9%。

At an enterprise level, we remain confident in our ability to deliver against our initial double-digit comparable EPS growth expectations as demonstrated by our decision to raise the lower end of our full year comparable EPS outlook during our recent guidance update. With that, range is now set at $13.60 to $13.80.

在企業層面，我們對實現最初的兩位數可比每股收益成長預期的能力仍然充滿信心，我們在最近的指導更新期間決定提高全年可比每股收益前景的下限就證明了這一點。至此，區間目前定為 13.60 美元至 13.80 美元。

Now I'll turn to a more detailed review of our Q2 fiscal '25 results. To start, our beer business net sales grew by 6%, representing an uplift of $137.5 million. This was driven by beer shipment volume growth of 4.6% and favorable pricing, which added $50.2 million to the overall beer net sales increase.

現在我將更詳細地回顧我們 25 年第二季的財務表現。首先，我們的啤酒業務淨銷售額成長了 6%，增加了 1.375 億美元。這是由 4.6% 的啤酒出貨量成長和有利的定價推動的，啤酒總淨銷售額增加了 5,020 萬美元。

For the full fiscal year, we continue to expect pricing to account for 1% to 2% of our net sales growth, reflecting both the muted pricing from the first half of this year, which was driven by lapping outsized pricing from last year as well as targeted price actions we are taking in the second half of fiscal '25.

對於整個財年，我們仍然預計定價將占我們淨銷售額增長的 1% 至 2%，這反映出今年上半年的定價低迷，這是由於去年的定價過高所致作為我們在25 財年下半年所採取的目標物價行動。

Beer depletions grew 2.4%, marking our 58th consecutive quarter of growth. As a reminder, in the second quarter, we had one less selling day and the impact of selling day variance to our volume growth performance has historically been between 0.5 to 1.5 percentage points, depending on the day a week lost or gain.

啤酒消耗量成長 2.4%，這是我們連續第 58 季成長。提醒一下，在第二季度，我們的銷售日減少了一個，而銷售日差異對我們銷售成長業績的影響歷來在 0.5 到 1.5 個百分點之間，具體取決於每週損失或增加的天數。

Also, as Bill noted, beer depletions for the quarter were impacted by the recent challenging macroeconomic backdrop where rising unemployment rates have impacted consumer behavior. That said, we are pleased to have had our beer business once again outperformed the category and sector in dollar sales in the second quarter.

此外，正如比爾指出的那樣，本季的啤酒消耗受到近期充滿挑戰的宏觀經濟背景的影響，失業率上升影響了消費者行為。也就是說，我們很高興我們的啤酒業務在第二季的銷售額再次超過了這個類別和行業。

And in particular to have once more one, the July 4 holiday has the top share gaining supplier and Circana dollar sales growing 5.1% and gaining [1.2 share points] of total beer and [1.3 share points] of high-end beer.

特別是，7 月 4 日假期再次出現，供應商的份額獲得最大增長，Circana 美元銷售額增長 5.1%，啤酒總量獲得 [1.2 份額點]，高端啤酒獲得 [1.3 份額點]。

Our on-premise depletions grew 5% and accounted for approximately 11% of our total volumes. Corona Extra remains the number one packaged beer by dollar sales in the on-premise, where Modelo Especial continues to hold its number four beer position on draft in the US, up from the number five spot last fiscal year.

我們的本地消耗量增加了 5%，約佔總消耗量的 11%。 Corona Extra 仍然是當地銷售額第一的包裝啤酒，Modelo Especial 繼續保持在美國生啤酒排名第四的位置，高於上一財年的第五位。

For the second quarter, beer shipment growth outpaced depletion growth as distributors proactively managed inventory levels to supply the higher-volume summer season. For the full fiscal year, we expect absolute shipment and depletion volumes to be closely aligned with each other and for the quarterly share of full year volumes across both of those metrics to be in line with those of fiscal '24.

第二季度，啤酒出貨量成長超過了消耗量成長，因為經銷商積極管理庫存水平，以供應量較大的夏季。對於整個財年，我們預計絕對出貨量和消耗量將彼此密切相關，而這兩個指標佔全年銷售的季度份額將與 24 財年的水平一致。

As we look ahead to the balance of the fiscal year for the beer business, I'd like to take a moment to reiterate our updated outlook announced last month. Beer net sales are now expected to grow between 6% to 8% for fiscal '25, reflecting the incremental macroeconomic headwinds we have seen this year affecting the consumer as noted earlier.

當我們展望啤酒業務本財年的平衡時，我想花點時間重申我們上個月宣布的最新前景。目前預計 25 財年啤酒淨銷售額將成長 6% 至 8%，這反映了我們今年看到的影響消費者的宏觀經濟逆風增量，如前所述。

We believe these headwinds are transitory in nature and while our consumers are cautious, they also remain very loyal to our brands as they seek more value-oriented packs and channels to manage their spend in this environment.

我們相信這些不利因素本質上是暫時的，雖然我們的消費者持謹慎態度，但他們仍然對我們的品牌非常忠誠，因為他們尋求更多以價值為導向的套餐和管道來管理他們在這種環境下的支出。

We are focused on managing the levers that we can control and continue to advance our cost savings and efficiency initiatives that allow us to accelerate incremental marketing investments toward our beer business to drive top line growth.

我們專注於管理我們可以控制的槓桿，並繼續推進我們的成本節約和效率計劃，使我們能夠加快對啤酒業務的增量行銷投資，從而推動營收成長。

We remain confident in our overall growth profile, which again continues to outperform our sector and industry as we pursue further incremental points of distribution in the US and push forward with our focused and disciplined innovation agenda while building on the broader demographic tailwinds from our loyal Hispanic consumers.

我們對我們的整體成長狀況仍然充滿信心，隨著我們在美國尋求進一步增量分銷點，並推進我們專注且嚴格的創新議程，同時利用我們忠誠的西班牙裔人口帶來的更廣泛的人口推動力，我們的整體成長狀況將再次繼續優於我們的部門和產業。

I'll now turn to beer operating income and margins. The beer segment grew operating income by 13% and had a 270 basis point increase in operating margin to 42.6%. The strong performance in our beer operating income is largely the result of an over $65 million benefit from our ongoing cost savings and efficiency initiatives, partially offsetting an increase in COGS of 4% excluding these savings, but inclusive of the impact of volume and foreign currency.

我現在談談啤酒營業收入和利潤率。啤酒部門的營業收入成長了 13%，營業利潤率成長了 270 個基點，達到 42.6%。我們啤酒營業收入的強勁表現主要是由於我們持續的成本節約和效率舉措帶來了超過6500 萬美元的收益，部分抵消了銷貨成本4% 的增長（不包括這些節省，但包括數量和外匯的影響） 。

As a reminder, approximately 25% of our total COGS are exposed to the Mexican peso, and we are approximately 90% hedged against that exposure for the fiscal year. For the remainder of fiscal '25, we anticipate incremental COGS relative to net sales due to lower fixed cost absorption from normal volume seasonality.

提醒一下，我們的總銷貨成本中大約 25% 涉及墨西哥比索，並且我們在本財政年度對沖了大約 90% 的風險。對於 25 財年的剩餘時間，我們預期銷售成本相對於淨銷售額會增加，因為正常銷售季節性的固定成本吸收較低。

That said, it is important to recall that in Q4 we will lap the VAT write-off from the same period last year, which would provide some favorability year-over-year, but we'll not offset the sequential impact of lesser fixed cost absorption due to seasonally lower volumes.

也就是說，重要的是要記住，在第四季度，我們將取消去年同期的增值稅沖銷，這將提供一些同比優惠，但我們不會抵消固定成本減少的連續影響由於季節性銷量減少而產生的吸收。

Marketing expense as a percentage of net sales was 7.6% for the quarter. For fiscal '25, we are still on track to be in line with our full year expectation of approximately 8.5% as we continue to ramp up investments to support our core brands during the NFL and college football season, particularly in Q3.

本季行銷費用佔淨銷售額的百分比為 7.6%。對於 25 財年，我們仍有望達到約 8.5% 的全年預期，因為我們在 NFL 和大學橄欖球賽季期間（尤其是第三季）繼續加大投資力度以支持我們的核心品牌。

Other SG&A expense was 3.8% as a percentage of net sales, and we expect this ratio to increase in the second half of the year, largely due to lower volumes yielding less cost absorption. This is in line with our expectation, and we continue to anticipate our full year SG&A expense to be approximately 5% of net sales.

其他 SG&A 費用佔淨銷售額的比例為 3.8%，我們預計這一比例將在今年下半年上升，這主要是由於銷售下降導致成本吸收減少。這符合我們的預期，我們繼續預計全年 SG&A 費用約為淨銷售額的 5%。

Overall, for beer operating margins, we continue to expect to be at approximately 39% for fiscal '25. As just noted, we expect lower fixed cost absorption and incremental marketing investments to drive sequentially lower operating margins in the second half.

總體而言，我們繼續預期 25 財年啤酒營業利潤率約為 39%。正如剛才所指出的，我們預計固定成本吸收的降低和行銷投資的增量將導致下半年營業利潤率連續下降。

Moving on to the wine and spirits business. Net sales for the segment declined 12% in the second quarter, driven largely by a 9.8% decrease in shipments. The decline was largely driven by ongoing challenges in the wine category, particularly in the US wholesale marketplace due to both weaker consumer demand and retailer inventory destocking.

轉向葡萄酒和烈酒業務。第二季該部門的淨銷售額下降了 12%，主要是由於出貨量下降了 9.8%。下降的主要原因是葡萄酒類別持續面臨的挑戰，特別是在美國批發市場，由於消費者需求疲軟和零售商庫存去庫存。

Accordingly, we remain focused on the ongoing tactical pricing and marketing actions shared at the beginning of this fiscal year to help drive net sales improvement in the performance of our largest brands. As Bill noted, we are seeing some encouraging early results from these actions.

因此，我們仍然專注於本財年年初分享的持續戰術定價和行銷行動，以幫助推動我們最大品牌績效的淨銷售改善。正如比爾所指出的那樣，我們看到這些行動取得了一些令人鼓舞的早期成果。

And as a reminder, we continue to see the back half of the fiscal year is the higher volume period for our wine and spirits business due to historical seasonality related to vintage releases from our higher-end brands and incremental demand over the holiday season as well as incremental benefits from the initiatives just referenced.

提醒一下，我們繼續看到本財年後半段是我們的葡萄酒和烈酒業務的銷量較高時期，因為歷史季節性與我們高端品牌的年份酒發布以及假日季節的需求增量有關作為剛才提到的舉措的增量收益。

Operating income for wine and spirits business remained relatively flat with a decline of approximately $10 million, resulting in an 18.1% operating margin. Altogether, the decline in operating income and relatively stable margin performance were primarily impacted by unfavorable product mix and overall lower shipment volumes, partially offset by higher contractual distributor payments.

葡萄酒和烈酒業務的營業收入保持相對平穩，下降約 1,000 萬美元，營業利潤率為 18.1%。總而言之，營業收入的下降和相對穩定的利潤率表現主要受到不利的產品組合和整體出貨量下降的影響，但部分被較高的合約分銷商付款所抵消。

Our marketing expense as a percent of net sales was 9.3% which is slightly above our medium-term targets as we continue to make near-term investments in our largest brands to help support our top line. And SG&A as a percentage of net sales was 14.8%, coming in line with our medium-term outlook.

我們的行銷費用佔淨銷售額的百分比為 9.3%，略高於我們的中期目標，因為我們繼續對我們最大的品牌進行短期投資，以幫助支持我們的營收。 SG&A 佔淨銷售額的百分比為 14.8%，與我們的中期前景一致。

Looking forward to the remainder of the year for the wine and spirits business, we expect operating margins to benefit from mix benefits due to the previously noted seasonally driven increase in volumes for our higher-end brands, incremental volume benefits from the commercial execution initiatives also previously referenced to further support demand for our core brands and operational efficiency and cost savings actions similar to those being executed in our beer business.

展望今年剩餘時間的葡萄酒和烈酒業務，我們預計營業利潤率將受益於混合效益，這是由於之前提到的高端品牌銷量的季節性增長以及商業執行計劃帶來的銷量增量收益之前提到的目的是進一步支持對我們核心品牌的需求以及營運效率和成本節約行動，類似於我們在啤酒業務中執行的行動。

As we face ongoing operating deleverage due to larger top-line headwinds, we anticipate a full year 16% to 18% decline in operating income for our recently revised fiscal '25 guidance.

由於收入逆風較大，我們面臨持續的營運去槓桿化，我們預計最近修訂的 25 財年指導全年營運收入將下降 16% 至 18%。

Capping off the rest of the P&L. Corporate expense for the quarter was approximately $58 million, reflecting a year-over-year decrease of $8 million or 13%, driven by a one-off real estate tax benefit in the second quarter.

結束損益表的其餘部分。本季的企業費用約為 5,800 萬美元，年減 800 萬美元，即 13%，這是由於第二季一次性房地產稅收優惠所致。

In the back half of fiscal '25, we expect a marginal increase mainly due to the increase in compensation and benefits and digital capabilities investments. And for the full year, we continue to expect $260 million. Interest expense for the quarter was $104 million, a 6% decrease from the prior year due to lower average borrowings and an increase in capitalized interest from our investments in our breweries.

在 25 財年後半段，我們預期會出現邊際成長，主要是因為薪資和福利以及數位能力投資的增加。我們預計全年收入將持續達到 2.6 億美元。本季的利息支出為 1.04 億美元，比上一年下降 6%，原因是平均借款下降以及我們啤酒廠投資的資本化利息增加。

As noted in our previously updated guidance, interest expense for the fiscal year is now expected to be approximately $430 million as we see favorability from lower cost of borrowing and adjustments related to capitalized interest. Our comparable effective tax rate was 18.7% compared to 17.8% for the corresponding quarter last year, and we continue to expect our full year tax rate to be 18.5%.

正如我們先前更新的指引中所指出的，由於我們看到較低的借貸成本和與資本化利息相關的調整帶來的利好，本財年的利息支出目前預計約為 4.3 億美元。我們的可比有效稅率為 18.7%，而去年同期為 17.8%，我們繼續預計全年稅率為 18.5%。

And finally, free cash flow, which we define as net cash provided by operating activities less capital expenditures. For the first half of fiscal '25, we generated free cash flow of $1.2 billion, a 12% increase from the prior period.

最後，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。 25 財年上半年，我們產生了 12 億美元的自由現金流，比上一財年成長了 12%。

As a reminder, we expect free cash flow to be between $1.4 billion and $1.5 billion for the fiscal year as we reach the high watermark year of capital expenditures in our beer business, medium term outlook provided at our Investor Day. Beyond fiscal '25, we continue to expect an uplift in free cash flow generation, particularly as we complete the initial phase of our new Veracruz brewery by late fiscal '26 or early fiscal '27.

提醒一下，我們預計本財年的自由現金流將在 14 億至 15 億美元之間，因為我們的啤酒業務資本支出將達到高水位線，這是我們在投資者日提供的中期展望。在 25 財年之後，我們繼續預期自由現金流的產生將有所增加，特別是當我們在 26 財年末或 27 財年年初完成新韋拉克魯斯啤酒廠的初始階段時。

To conclude, we continued to make solid progress in delivering growth from our strong portfolio brands, margin expansion from our relentless pursuit of operational efficiency and cost discipline and against our disciplined and balanced capital allocation priorities.

總而言之，我們在透過強大的投資組合品牌實現成長、透過對營運效率和成本紀律的不懈追求以及嚴格和平衡的資本配置優先事項實現利潤率擴張方面繼續取得紮實進展。

That said, in light of constantly evolving macroeconomic and geopolitical dynamics, we continue to closely monitor for any signs of ongoing pressures on the consumer, and we plan to continue to take proactive actions to mitigate these possible headwinds and maintain the momentum of our brands with consumers, such as reinvesting incremental cost savings into high-return marketing opportunities and advancing our price pack architecture efforts.

也就是說，鑑於不斷變化的宏觀經濟和地緣政治動態，我們將繼續密切關註消費者持續面臨壓力的任何跡象，併計劃繼續採取積極行動，以減輕這些可能的不利因素，並通過以下方式維持我們品牌的發展動能：消費者，例如將增量成本節省再投資於高回報的行銷機會，並推動我們的價格包架構工作。

And as we've always done, we will continue to provide timely updates to our stakeholders as we develop any additional relevant insights on our consumers or should there be any material changes to our expectations, both favorable or unfavorable. As I wrap up, I want to thank all of you for your support as we continue to execute against our stated initiatives.

正如我們一貫所做的那樣，當我們對消費者產生任何其他相關見解或我們的期望發生任何重大變化（無論有利還是不利）時，我們將繼續及時向利害關係人提供最新資訊。在我結束演講時，我要感謝大家在我們繼續執行既定措施時所給予的支持。

And with that, Bill and I are happy to take your questions. Thank you.

就此而言，比爾和我很樂意回答你們的問題。謝謝。

(Operator Instructions) Kaumil Gajrawala, Jefferies.

（操作員說明）Kaumil Gajrawala，Jefferies。

Hey, guys. Good morning. Congrats, you hit your leverage target. Can you maybe talk about moving forward now that you're there, what the appetite is for more aggressively repurchasing shares, especially as using your words, you're at sort of a high-water mark on CapEx. And then just on maybe procedurally, how often does the Board meet to have those discussions, is it ongoing or just once a year? Thanks.

嘿，夥計們。早安.恭喜，您達到了槓桿目標。您能否談談現在您在那裡的前進方向，對更積極地回購股票的興趣是什麼，特別是用您的話來說，您的資本支出正處於高水位線。然後，也許在程序上，董事會多久舉行一次會議進行這些討論，是持續進行還是每年一次？謝謝。

Thanks, Kaumil. And as you suggested, as our Bill and my remarks, we did continue to deliver against our disciplined allocation priorities as we've done for the last year or last five years in Q2. As you noted, in Q2, we had an important milestone, which is we got at our target or slightly below our target and throughout the first half of the year, we've been of very opportunistic as we've repurchased shares.

謝謝，考米爾。正如您所建議的，正如我們的法案和我的言論一樣，我們確實繼續履行我們嚴格的分配優先事項，就像我們在去年或過去五年第二季度所做的那樣。正如您所指出的，在第二季度，我們有一個重要的里程碑，即我們達到了目標或略低於我們的目標，並且在整個上半年，我們一直非常機會主義，因為我們回購了股票。

In fact, we had accelerated our repurchase activity in Q2 delivering $249 million in Q2 after delivering $200 million in Q1 for a total of nearly $450 million through the first half of the year. We have $2.2 billion of authorization left under the current authorization provided by the Board, which will allow us to continue to be opportunistic as we move into the second half of the year.

事實上，我們在第二季加快了回購活動，在第一季回購了 2 億美元之後，第二季回購活動達到了 2.49 億美元，上半年回購總額接近 4.5 億美元。根據董事會目前的授權，我們還剩下 22 億美元的授權，這將使我們能夠在進入今年下半年時繼續把握機會。

And per your sort of procedural or administrative question, we typically get additional authorizations and announce any incremental programs or commitments in the back half of our fiscal year.

根據您提出的程序或行政問題，我們通常會在財政年度後半段獲得額外授權並宣布任何增量計劃或承諾。

Dara Mohsenian, Morgan Stanley.

達拉莫森尼安，摩根士丹利。

Good morning. So just on beer depletions in the quarter, a bit softer result than we've been used to from you guys looking back over the past few years, just can you give us a bit of postmortem there? Obviously, you talked about the macro factors. Is that really the key factor in your mind? Or are there other pressure points and maybe parse out trends in different key consumer segments for you to give us some insight there.

早安.因此，就本季的啤酒消耗而言，回顧過去幾年的情況，結果比我們習慣的要溫和一些，您能給我們一些事後分析嗎？顯然，你談到了宏觀因素。這真的是你心目中的關鍵因素嗎？或者是否還有其他壓力點，也許可以解析不同關鍵消費群的趨勢，以便您為我們提供一些見解。

And then the pickup so far in September, that's obvious in the [scanner data], just put that in context and how that informs your forward view from here around depletions in this macro-environment? Thanks.

然後，到目前為止，9 月的回升，這在[掃描器數據] 中很明顯，只需將其放在上下文中，這將如何影響您對當前宏觀環境中的枯竭的前瞻性看法？謝謝。

Sure. Let me tackle that one. First of all, there were two or three factors that were critically important in Q2. One is there was somewhat higher unemployment rate, particularly in the Hispanic market, and that affects most of our top five states which represent roughly 50% of our volume.

當然。讓我來解決這個問題。首先，第二季有兩三個因素至關重要。一是失業率上升，特別是在西班牙裔市場，這影響了我們排名前五的州中的大部分，這些州約占我們總量的 50%。

I think secondly, and if you look historically, this often happens. Whenever there's a scenario where you have a federal election that is close, you often have people pull back. You see it across the whole consumer sector, and that is consistent as well.

我認為其次，如果你回顧歷史，這種情況經常發生。每當聯邦選舉臨近時，人們常常會退縮。你可以在整個消費領域看到這一點，而且這也是一致的。

I think couple of things are important to recognize. One is demand. Our buy rate continues to be very strong. On a 52-week basis, we were up mid-single digits and with the Hispanic consumer is slightly ahead of that.

我認為有幾件事需要認識到。一是需求。我們的購買率仍然非常強勁。在 52 週的基礎上，我們的成長率達到了中個位數，而西班牙裔消費者的成長率略高於這一水準。

You point out, I think it's obvious and IRI Circana data before we trend is better than both the 12 week trend and the 26 week trend. I think this is consistent with what we've said all along, which is we don't see this as any radical change in the long-term perspective on the business. It is purely a near term issue.

你指出，我認為這是顯而易見的，我們趨勢之前的 IRI Circana 數據比 12 週趨勢和 26 週趨勢都要好。我認為這與我們一直以來所說的一致，即我們不認為這對業務的長期前景有任何根本性的改變。這純粹是近期問題。

I think the fact that the Fed has reduced rates is going to help to manage the unemployment issue and stimulate consumption. So we remain as optimistic as we have been about our expectations for the back half of the year.

我認為聯準會降息將有助於解決失業問題並刺激消費。因此，我們對今年下半年的預期仍然保持樂觀。

Bonnie Herzog, Goldman Sachs.

邦妮·赫爾佐格，高盛。

Hi, thank you. Hi, everyone. I had a question on your increased space and distribution gains. I know you captured a lot of space in the spring reset. So I guess curious to hear the lift from that has met your expectations.

你好，謝謝。大家好。我對你們增加的空間和分銷收益有疑問。我知道你在春季重置中佔據了很多空間。所以我想很想知道這是否滿足了您的期望。

And then also any color on potential shelf space gains you got or may be getting this fall? And if so, could you maybe quantify this and really share with us how that factors into your full year beer top-line growth guidance essentially implies top-line growth should accelerate a little bit in the second half versus the first half. Thank you.

那麼今年秋天你獲得或可能獲得的潛在貨架空間收益有什麼顏色嗎？如果是這樣，您能否量化這一點，並與我們分享如何將其納入您的全年啤酒營收成長指引中，這本質上意味著下半年的營收成長應比上半年有所加快。謝謝。

Well, obviously, anytime you pickup shelf and just to remind everyone on the call, we had double-digit share gains here in the spring resets. That always is beneficial, and it's particularly beneficial in areas where we are still radically improving our share and increasing our awareness levels.

嗯，很明顯，無論何時你拿起貨架，只是提醒每個人在電話中，我們在春季重置時獲得了兩位數的份額收益。這總是有益的，尤其是在我們仍在從根本上提高我們的份額並提高我們的意識水平的領域。

I think this is going to be double down on the fact that we are spending a significant amount of increased marketing investments against our beer brands because of the strong cost and efficiency initiatives that we've been able to achieve above and beyond what we expected at the beginning of the year.

我認為這將是雙倍的，因為我們正在對我們的啤酒品牌進行大量增加的行銷投資，因為我們已經能夠實現超出我們預期的強有力的成本和效率舉措。

So we expect that, therefore, those shelf initiatives that have occurred in the early part of the year, combined with our marketing efforts to double down at a time when many in the consumer sector having to pull back, we'll be highly beneficial to our results as you continue through the rest of this year.

因此，我們預計，今年年初發生的這些上架舉措，再加上我們在許多消費領域不得不撤回的時候加倍努力的營銷努力，將非常有利於我們我們的成果將在今年剩下的時間裡繼續進行。

Nik Modi, RBC Capital Markets.

尼克莫迪，加拿大皇家銀行資本市場。

So if you could just talk about Corona. It was a little weak in the quarter. Is that a function of just Modelo really doing better and maybe cannibalizing maybe Pacifico, just any thoughts around that would be helpful.

所以如果你能談談科羅娜。本季有點疲軟。這是莫德羅真的做得更好的一個功能，也許會蠶食太平洋，任何圍繞這個的想法都會有幫助。

Yeah. Corona was slightly softer than we expected. It might be in Q2. But as we noted, there were some again, macro factors. Corona is a little overweighted to the East Coast. There were some challenging times during that window -- during the second quarter for many of the Eastern markets.

是的。電暈比我們預期的要軟一些。可能是在第二季。但正如我們所指出的，還有一些宏觀因素。科羅娜對東海岸的影響有點偏重。對於許多東部市場而言，第二季這段窗口期經歷了一些充滿挑戰的時期。

With that said, there's a lot of excitement around Corona as well. We are already seeing a pickup, as you've seen in the in the IRI take-out data, Corona has much like our overall business has looked much better on a four-week basis than it did in the prior window of time.

話雖如此，圍繞著科羅納也有很多令人興奮的事情。正如您在 IRI 外賣數據中看到的那樣，我們已經看到了回升，科羅納很像我們的整體業務在四個星期的基礎上看起來比之前的時間窗口要好得多。

We're very excited about the impending launch of Corona Sun Brew, which is done very well in consumer testing in the Northeast here during this window of time. So we continue to say that Corona is going to be slightly up for the year.

我們對即將推出的 Corona Sun Brew 感到非常興奮，在此期間，該產品在東北地區的消費者測試中表現得非常好。因此，我們繼續說，科羅娜今年將略有上升。

We still think that's probably where that will land, and Corona is going to be one of the big benefits and the increase in the marketing spend that we have in the back half of the year because of our strong cost efficiency initiatives. So I think Corona is going to be just fine as we continue through the remainder of the year.

我們仍然認為這可能是最終的結果，由於我們強有力的成本效率舉措，新冠病毒將成為我們今年下半年的一大優勢和行銷支出的增加。所以我認為，隨著我們在今年剩餘時間繼續，新冠疫情將會很好。

Andrea Teixeira, JPMorgan.

安德里亞·特謝拉，摩根大通。

Thank you, operator. And hi, Bill. Garth. I hope all is well. It seems like obviously beer volumes picked up in the last few weeks as you mentioned. I was hoping to see if you can comment a little bit or how to expect beer depletions against consumption as we go forward.

謝謝你，接線生。嗨，比爾。加斯.我希望一切都好。正如您所提到的，過去幾週啤酒銷量似乎明顯有所增加。我希望了解您是否可以評論一下，或者在我們前進的過程中如何預計啤酒消耗會減少。

Of course, you have an extra day in the fourth quarter, if I believe that's correct. But you have easier comps now in the third quarter, but tougher comps in the fourth quarter. So how we should be thinking about the cadence of the beer shipments and depletions as we move forward? Thank you.

當然，如果我相信這是正確的，那麼第四季度你還有一天的時間。但現在第三季的比賽比較容易，但第四季的比賽則更加艱難。那麼，在我們前進的過程中，我們該如何考慮啤酒運輸和消耗的節奏呢？謝謝。

I think there's going to be another number of things that work to our advantage as the year progresses. One is and you already pointed it out, there's been incremental change that you've seen in the recent weeks. We do not see it if this is a structural change as we've said many times. A number of things are going to be working better as we go forward.

我認為隨著時間的推移，還會有很多事情對我們有利。一是你已經指出了，最近幾週你看到了漸進的變化。我們不認為這是否是我們多次說過的結構性變化。隨著我們的前進，許多事情將會變得更好。

The fact that the Fed action to reduce rates, I think is going to be a big help. I think the fact that we expect Hispanic unemployment to come back in line and obviously, the resolution of the election will occur here in the next several weeks.

我認為聯準會採取降息行動將是一個很大的幫助。我認為，我們預計西班牙裔失業率將回升，顯然，選舉的解決方案將在未來幾週內出現。

So the other thing I'd point out and we've said this and I'm sure Joe has said this when you've spoken to him directly. The beer depletes and scanner results have tended to be right on top of one another recently after there having been some fairly broad differentiation amongst those. So I think that begins to be a little more consistent as you go forward through the rest of the year.

所以我要指出的另一件事是，我們已經說過這​​一點，我確信當你直接與喬交談時，他也說過這一點。最近，啤酒耗盡和掃描器結果往往相互重疊，因為其中存在一些相當廣泛的差異。因此，我認為隨著今年剩餘時間的推移，這種情況會開始變得更加一致。

Based on our assessment to sell days are the same at both Q3 and Q4. We don't expect any impact of that. Just a reminder for everybody, Q2, there was one less selling date and our judgment that probably impacted somewhere toward the upper end of the range that Garth mentioned during his conversations.

根據我們的評估，第三季和第四季的銷售天數相同。我們預計這不會產生任何影響。只是提醒大家，第二季度，銷售日期減少了，我們的判斷可能會影響加斯在談話中提到的範圍的上限。

Peter Grom, UBS.

彼得‧格羅姆，瑞銀集團。

Thank you, operator. Maybe just two quick follow-ups. I just want to follow up just in the context of what we've seen year-to-date with shipments coming ahead of depletions and the expectation that they're going to be aligned for the year.

謝謝你，接線生。也許只是兩次快速跟進。我只想根據我們今年迄今為止所看到的情況進行跟進，即出貨量將在耗盡之前出現，並預計今年的出貨量將保持一致。

How should we be thinking about the timing of that reversal? Would that be largely in 3Q or spread evenly in the back half of the year? And then just thinking about the full year, obviously, you're kind of squarely at the midpoint of your sales guidance.

我們該如何考慮這種逆轉的時機？這主要是在第三季還是下半年平均分佈？然後考慮一下全年，顯然，您正處於銷售指導的中點。

But with shipment timing benefits expected to reverse a bit, should we kind of view the high-end of the beer top line range as aspirational? Or are there other key drivers or offsets that could result in stronger growth in the back half? Thanks.

但由於出貨時間優勢預計會略有逆轉，我們是否應該將啤酒頂線系列的高端視為理想的選擇？或者是否有其他關鍵驅動因素或抵銷因素可能導致下半年更強勁的成長？謝謝。

Hey. Thanks, Peter. In terms of the quarterly cadence of shipments and depletions, as we noted during my opening remarks, we expect the quarterly share of annual shipments and depletions to be in line with where they were in fiscal '24.

嘿。謝謝，彼得。就季度出貨量和消耗量而言，正如我們在開場白中指出的那樣，我們預計年度出貨量和消耗量的季度份額將與 24 財年的水平一致。

And as noted, and you noted, Q2 shipments surpassed depletions as distributors built inventory for the peak season. In Q3, the shipment share will be lower than the depletion share due to maintenance activities. And this has historically resulted in our shipment growth being below depletion growth.

正如您所指出的，隨著分銷商為旺季建立庫存，第二季度的出貨量超過了消耗量。第三季度，由於維護活動，出貨份額將低於消耗份額。從歷史上看，這導致我們的出貨量成長低於消耗成長。

So you will see some of that reversal that you referenced in Q3. And then in Q4, both the share of the full year -- for both of those would tend to normalize just as we saw last year. So net-net, as you indicate, we expect up on a full-year basis, shipments and depletions to be largely in line with one another.

所以你會看到你在第三季提到的一些逆轉。然後在第四季度，全年的份額都將趨於正常化，就像我們去年看到的那樣。因此，正如您所指出的，我們預計全年出貨量和消耗量將基本一致。

And I would say -- I would not necessarily agree with your aspirational comment. What we tried to do with our range is provide a range that gives us, if things go positively, we would expect to be to the upper end of the range. And if things are a bit more challenging for any reason, it might be the lower end of the range. That's why we give it a range. So I would not characterize it as in the way you asked.

我想說——我不一定同意你的雄心勃勃的評論。我們試圖對我們的範圍所做的是提供一個範圍，如果事情進展順利，我們期望達到該範圍的上限。如果由於某種原因事情變得更具挑戰性，那麼它可能是範圍的下限。這就是為什麼我們給它一個範圍。所以我不會按照你問的方式來描述它。

Michael Lavery, Piper Sandler.

麥可萊弗里、派珀桑德勒。

Thank you. Good morning. I was hoping you could unpack some of the marketing color a little bit. You talked about some of the incremental spending. But then I think you also reiterated the 8.5% spend for the full year for beer. So maybe can you just help us understand what's new or what's changed and how we should -- what we should expect to see?

謝謝。早安.我希望你能稍微解開一些行銷色彩。您談到了一些增量支出。但我想你也重申了全年 8.5% 的啤酒支出。那麼也許您可以幫助我們了解新增內容或更改內容以及我們應該如何—我們應該期望看到什麼？

Yeah. What's new and what's changed is we've decided to put a significant amount of additional investment against our brands. Corona, Modelo Chelada, Pacifico will all benefit from some of that increased spend and that's already started. You may have noticed against the football schedule that you kind of can't miss our brands if you happen to watch any football, whether it be college football or National Football League.

是的。新的和變化的是我們決定對我們的品牌進行大量的額外投資。 Corona、Modelo Chelada 和 Pacifico 都將從增加的支出中受益，而這已經開始了。您可能已經注意到，根據足球賽程表，如果您碰巧觀看任何足球比賽，無論是大學橄欖球還是國家橄欖球聯盟，您都不會錯過我們的品牌。

So we're going to continue to do that because of the tremendous work that's been done around cost and operational efficiencies and all of our critical brands are going to benefit from the uplift that we will have in the back half of the year. And I think it's important to point out.

因此，我們將繼續這樣做，因為圍繞成本和營運效率所做的大量工作，我們所有的關鍵品牌都將從今年下半年的提升中受益。我認為指出這一點很重要。

The reason we can do that is because of the growth of our business and the cost savings initiative. This is at a time when many, many other consumer businesses are challenged and wouldn't be able to do this. I think this is a great opportunity for our business in the back half of the year to double down on our approach to going after the consumer and providing them with outstanding opportunities to consume our products.

我們能夠做到這一點的原因是我們業務的成長和成本節約計劃。此時，許多其他消費企業都面臨挑戰，無法做到這一點。我認為這對我們的業務來說是今年下半年的絕佳機會，可以加倍努力吸引消費者，為他們提供消費我們產品的絕佳機會。

Filippo Falorni, Citi.

菲利波·法洛尼，花旗銀行。

Hi. Good morning, everyone. I wanted to ask on beer gross margins, that's been an area of upside surprise versus our estimate. Clearly, you talked about the cost savings coming in better and driving the opportunity to invest more behind the brands.

你好。大家早安。我想問一下啤酒的毛利率，與我們的估計相比，這是一個令人驚訝的上行領域。顯然，您談到了成本節省的效果更好，並帶來了在品牌背後進行更多投資的機會。

How should we think about those savings in the second half of the year and maybe other drivers, both from a commodity and foreign exchange standpoint. You mentioned the peso, you're 90% hedged this year. Should we think maybe some favorability on the peso in Q4 and maybe into fiscal '26? And then on the commodity side, maybe any update on the commodity headwind that you're expecting? Thank you.

從大宗商品和外匯的角度來看，我們應該如何考慮下半年的這些節省以及其他驅動因素。你提到了比索，今年你90%都對沖了。我們是否應該認為比索可能會在第四季甚至 26 財年受到一些青睞？然後在大宗商品方面，也許您所期望的大宗商品逆風有任何更新？謝謝。

Yeah. Well, thank you for the question. And as you noted, we've made very good progress against our cost savings and efficiency initiatives. And we've -- this point, we've really hit that $300 million target that we laid out at the at our Investor Day last year. Obviously, that doesn't mean we'll stop there.

是的。嗯，謝謝你的提問。正如您所指出的，我們在成本節約和效率措施方面取得了非常好的進展。到目前為止，我們確實實現了去年投資者日所製定的 3 億美元目標。顯然，這並不意味著我們會就此止步。

As we go forward, we'll continue to identify areas of opportunity to take costs out of the business to become more efficient as we always have done. But the acceleration of -- the achievement against those is helped to the margin profile that we announced today.

隨著我們的前進，我們將繼續尋找機會領域，以降低業務成本，從而提高效率，就像我們一直在做的那樣。但這些成就的加速有助於我們今天宣布的利潤狀況。

As we look towards the second half of the year, we will continue to benefit from the cost savings that we've generated through the first half of the year. That being said, in the second half of the year, in the beer business, we typically see about 45% of our volume, so the normal cadence. So we will have less fixed cost absorption in the second half of the year, again, typical than what we see in the back half of every sort of normal year.

展望今年下半年，我們將繼續受益於上半年節省的成本。話雖這麼說，在下半年，在啤酒業務中，我們通常會看到銷量的 45% 左右，這是正常的節奏。因此，我們下半年的固定成本吸收量將再次減少，這比我們在正常年份下半年看到的情況要少。

And then as we said in their opening remarks today, we are spending more as a percent of net sales and marketing in the second half of the year to support the growth of the business, inclusive of the incremental marketing expenditure that Bill just spoke to here a moment ago.

正如我們今天在開場白中所說，我們將在下半年投入更多的淨銷售額和行銷費用，以支持業務成長，包括比爾剛才在這裡談到的增量行銷支出剛才。

And that's why you'll see the margin be a little bit lower in the second half of the year. Importantly, on that marketing, you'll see the biggest impact of that in Q3.

這就是為什麼你會看到下半年的利潤率略低。重要的是，在行銷方面，您將在第三季看到最大的影響。

Robert Moskow, TD Cowen.

羅伯特·莫斯科，TD·考恩。

Hi. I wanted to ask about wine and spirits. The marketing plan that you had this year looks like it's been slow to materialize, although you did mention some green shoots. And I wanted to know if the plan going forward also includes more acquisitions. You had Sea Smoke acquisition earlier this year. Do you think that you need to make more acquisitions of up-and-coming brands like this in order to truly turn around the business?

你好。我想問一下關於葡萄酒和烈酒的問題。儘管您確實提到了一些新芽，但您今年的行銷計劃似乎實現得很慢。我想知道未來的計劃是否還包括更多收購。今年早些時候，你們收購了 Sea Smoke。您是否認為您需要收購更多這樣的新興品牌才能真正扭轉業務？

Thanks for the question. So let me remind you what Garth and I said at the beginning of the fiscal year, that a lot of the work that was put in place was going to take us 9 to 12 months to fully play out. And as we said on today's call, we expect sequential improvement in the wine and spirits business in the back half of the year.

謝謝你的提問。因此，讓我提醒您加思和我在本財年之初所說的話，即我們已經開展的許多工作需要 9 到 12 個月的時間才能完全完成。正如我們在今天的電話會議上所說，我們預計今年下半年葡萄酒和烈酒業務將持續改善。

The answer to your question, no, I don't perceive us to be acquiring additional properties at this point in time, particularly on the wine side of our business. Frankly, our focus right now is on improving the operational performance of that business and all the time energy and efforts are being put against seeing that operational improvement play out in the back half of the year, including engaging more directly and more often with our distributor partners as part of that.

你的問題的答案是，不，我不認為我們目前正在收購額外的財產，特別是在我們業務的葡萄酒方面。坦白說，我們現在的重點是改善該業務的營運績效，並且一直在投入精力和努力，以確保營運改善在今年下半年發揮作用，包括更直接、更頻繁地與我們的經銷商合作夥伴作為其中的一部分。

As we've said, and I'll just reiterate one more time, we do expect to see sequential improvement in the back half of the year based on all the work that's been put in on the first half of the year to see that coming along. Noting the point about green shoots, we are starting to see some of that result. We look forward to seeing more of it in the back half.

正如我們所說，我將再次重申，基於今年上半年所做的所有工作，我們確實預計下半年會出現連續改善。注意到關於萌芽的觀點，我們開始看到一些結果。我們期待在後半段看到更多內容。

Bill Kirk, Roth Capital Partners.

比爾‧柯克，羅斯資本合夥人。

Hi. I have another one on wine and spirits. At fiscal year end, the fair value is still estimated, I think in the [10-K] at about $3 billion. The impairment takes it down to like $500 million. So I guess why the dramatic change in such short time? Why is $500 million the right number when it's generating $400 million in EBITDA and there's some green shoots out there. And then finally, like does the impairment give you any flexibility to do something strategically with those assets?

你好。我還有另一本關於葡萄酒和烈酒的文章。在財政年度結束時，公允價值仍然是估計的，我認為在 [10-K] 中約為 30 億美元。減損損失使其減少至約 5 億美元。所以我想為什麼在這麼短的時間內就會發生巨大的變化？為什麼 5 億美元是正確的數字，因為它能產生 4 億美元的 EBITDA，而且已經出現了一些新的萌芽。最後，減損是否能讓你靈活地利用這些資產進行策略性的行動？

Well, thanks for the question, Bill. I would say that the amount that remains on the balance sheet is it's fairly formulaic as you go through what you think the future business will look like. There's a number of assumptions that will go into that.

嗯，謝謝你的提問，比爾。我想說的是，當你考慮未來業務的情況時，資產負債表上剩餘的金額是相當公式化的。對此有許多假設。

And so, I think it's important to note that it's non-cash as well. I wouldn't read anything too much into it other than that. And I don't know that it really has any impact other than it was an accounting requirement for us to take. It doesn't really change the strategic outlook for the business.

因此，我認為重要的是要注意它也是非現金的。除此之外，我不會過度解讀它。我不知道它真的有什麼影響，除了我們要採取的會計要求之外。它並沒有真正改變企業的策略前景。

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

謝謝。我們的問答環節結束了。我想重新發言以徵求進一步的意見或結束意見。

Great. Thank you, operator, and thank you all again for joining today's call. We're very pleased with our solid performance in Q2 of fiscal '25 at a total company level.

偉大的。謝謝接線員，並再次感謝大家參加今天的電話會議。我們對 25 財年第二季整個公司層級的穩健表現感到非常滿意。

We once again outpaced the total CPG sector in dollar sales growth across Circana tracked channels and delivered another quarter of double-digit comparable EPS growth in line with our full year outlook and achieved our approximate 3 times net leverage ratio while returning another $250 million of cash to shareholders via share repurchases. Now, totaling nearly $450 million fiscal year to date.

我們在Circana 追蹤通路中的美元銷售額增長再次超過了整個CPG 行業，並實現了另一個季度兩位數的可比每股收益增長，這符合我們的全年預期，並實現了大約3 倍的淨槓桿率，同時返還了另外2.5 億美元的現金透過股票回購的方式返還給股東。目前，本財年迄今總計接近 4.5 億美元。

In our beer business, we continued to outperform the total beverage industry in dollar sales growth, maintaining our leading share gainer position in the US beer market, delivering our 58th consecutive quarter of depletion growth and sustained the momentum of margin expansion in the beer business through our cost savings and operational efficiency initiatives.

在我們的啤酒業務中，我們的美元銷售額增長繼續跑贏整個飲料行業，保持了我們在美國啤酒市場的領先份額增長者地位，實現了連續58 個季度的虧損增長，並通過以下方式維持了啤酒業務利潤率擴張的動能：我們的成本節約和營運效率舉措。

And in our wine and spirits business, while we continue to face challenging market dynamics in Q2, we expect sequential improvements in Q3 and four as we make further progress on our commercial and operational execution initiatives launched at the beginning of this fiscal year.

在我們的葡萄酒和烈酒業務中，雖然我們在第二季度繼續面臨充滿挑戰的市場動態，但隨著我們在本財年初啟動的商業和營運執行計劃上取得進一步進展，我們預計第三季度和第四季將出現連續改善。

In closing, as our next earnings call is not until January, I'd like to wish everyone a happy holiday season and hope you all enjoy your celebrations with some of our fantastic products. Thanks again for joining today's call.

最後，由於我們的下一次財報電話會議要到一月份才能舉行，我謹祝大家節日快樂，並希望大家都能享受我們精彩產品的慶祝活動。再次感謝您參加今天的電話會議。

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

謝謝。今天的電話會議網路廣播到此結束。此時您可以斷開線路並度過美好的一天。我們感謝您今天的參與。