Constellation Brands, Inc. (STZ) 2027 Q1 法說會逐字稿

Greetings. Welcome to the Constellation Brands' fiscal year '27 first quarter earnings call. (Operator Instructions) Please note that this conference is being recorded.

各位好。歡迎參加 Constellation Brands 2027 會計年度第一季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。

At this time, I'll turn the conference over to Blair Veenema, Vice President, Investor Relations. Thank you. You may now begin, Blair.

現在我將把會議交給投資人關係副總裁 Blair Veenema。謝謝。Blair，您現在可以開始。

Thank you, Ralph. Good morning, all, and welcome to Constellation Brands Q1 fiscal '27 conference call. I'm joined this morning by Nick Fink, our CEO; and Garth Hankinson, our CFO. Before we proceed, we trust you had the opportunity to review the news release and CEO, CFO commentary made available in the Investors section of our company's website, www.cbrands.com. On that note, as a reminder, reconciliations between the most directly comparable GAAP measure and any non-GAAP financial measures discussed on this call are included in the news release and website.

謝謝你，Ralph。各位早安，歡迎參加 Constellation Brands 2027 會計年度第一季電話會議。今天早上與我一同出席的有我們的執行長 Nick Fink，以及財務長 Garth Hankinson。在開始之前，我們相信各位已經有機會查閱新聞稿，以及已發布於本公司網站 www.cbrands.com「投資人」專區的執行長與財務長評論。並提醒各位，本次電話會議中提及之任何非 GAAP 財務衡量指標，與最直接可比的 GAAP 指標之調節表，均已收錄於新聞稿與網站中。

We also encourage you to refer to the news release and Constellation's SEC filings for risk factors that may impact forward-looking statements made on this call. Before turning it over to Nick to kick things off, please keep in mind that as usual, answers provided today will be referencing comparable results unless otherwise specified. Lastly, in line with prior quarters, I would ask that you limit yourselves to one question per person, which will help us to end our call on time. Thanks in advance. And now over to you, Nick.

我們也鼓勵各位參考新聞稿以及 Constellation 向 SEC 提交的文件中的風險因素，這些因素可能影響本次電話會議中的前瞻性陳述。在把時間交給 Nick 開場之前，請記得如同往常，今天提供的回答將以可比結果為基準，除非另有說明。最後，延續前幾季的做法，我想請各位每人限制一個問題，這將有助於我們準時結束會議。先行致謝。接下來交給你，Nick。

Thanks, Blair. Good morning, everyone, and thank you for joining us. Before we get into the Q&A, I'd like to share a few observations from my first 2.5 months as CEO of Constellation Brands. Having spent significant time in the market over the last several months, I am increasingly confident in the enduring strength of our brands and the role they continue to play in consumers' lives, even in periods when discretionary spending is more challenged. Over time, we have repeatedly shown an ability to create demand and scale brands through a combination of consumer insights, commercial execution and disciplined investment.

謝謝，Blair。各位早安，感謝各位加入我們。在進入問答之前，我想分享我擔任 Constellation Brands 執行長前 2.5 個月的一些觀察。過去幾個月我花了大量時間在市場端，我對我們品牌的長期韌性，以及它們即使在可支配支出較具挑戰的時期仍持續在消費者生活中扮演的角色，愈來愈有信心。長期以來，我們一再展現出透過消費者洞察、商業執行與紀律性投資的結合，創造需求並擴大品牌規模的能力。

That capability is reflected in the strength of our portfolio today, whether it's Modelo, Corona, Pacifico, Kim Crawford or Mi CAMPO, these are brands with strong identities, deep consumer connections and enduring relevance. I also believe some of our greatest opportunities remain directly in front of us.

這項能力反映在我們目前投資組合的強勁表現上，無論是 Modelo、Corona、Pacifico、Kim Crawford 或 Mi CAMPO，這些都是具有鮮明品牌識別、與消費者深度連結且長期具備相關性的品牌。我也相信，我們一些最大的機會仍然就在眼前。

As brands become larger and more established, it is important to find new ways to remain relevant in consumers' lives. That requires a deeper understanding of behavior, motivation and the moments that matter most to consumers. That's an area where I believe we have significant strengths and meaningful opportunity.

當品牌變得更大、更成熟時，找到新的方式以持續在消費者生活中保持相關性就很重要。這需要更深入理解消費者的行為、動機，以及對他們而言最重要的時刻。我相信這正是我們具備顯著優勢且有重大機會的領域。

Leveraging strong commercial capabilities, rich consumer insights and increasingly powerful data and technology tools that can help us move faster and make effective decisions. My focus is on ensuring that we continue to build on those advantages.

運用強大的商業能力、豐富的消費者洞察，以及日益強大的資料與科技工具，幫助我們更快行動並做出有效決策。我的重點是確保我們持續在這些優勢上再接再厲。

And lastly, I believe the most successful companies are willing to challenge their own assumptions about where future incremental growth will come from while still executing with excellence in the core. We have a strong portfolio in attractive positions today, but we also need to maintain a forward-looking perspective about where consumer demand is heading, and how we can leverage our capabilities to continue to create value through disciplined investment and execution. Across all three areas, one common theme is the importance of developing world-class insights.

最後，我認為最成功的公司願意挑戰自己對未來增量成長來源的假設，同時仍能在核心業務上卓越執行。我們目前擁有處於有利位置的強大投資組合，但我們也需要保持前瞻視角，了解消費者需求將走向何方，以及我們如何運用自身能力，透過紀律性的投資與執行持續創造價值。在這三個面向中，有一個共同主題：發展世界級洞察的重要性。

The better we understand consumers and emerging trends, the better position will be to allocate resources, execute effectively and create sustainable growth. So while the quarter reflected a continuation of the dynamic consumer backdrop that we have been operating in of late, my confidence in the long-term opportunity for this business remains strong. We have exceptional brands, outstanding people and a set of capabilities that position us well for the future.

我們越能理解消費者與新興趨勢，就越能更妥善地配置資源、有效執行並創造可持續的成長。因此，儘管本季反映出我們近期所處的動態消費者環境仍在延續，我對這項業務的長期機會依然充滿信心。我們擁有卓越的品牌、優秀的人才，以及一套讓我們在未來具備良好定位的能力。

Now back over to you, operator, for any questions.

現在把時間交回給接線員，開始提問。

(Operator Instructions) Nadine Sarwat, Bernstein.

(接線員指示) Bernstein 的 Nadine Sarwat。

Nick, your prepared remarks touched a lot on your refined strategy for Constellation. So perhaps a two-part question from me on strategy. First, you intend to deploy a different playbook to sustain growth at scale versus scaling emerging brands. How could that different playbook look like in practice?

Nick，你在事先準備的發言中談到很多你對 Constellation 的精煉策略。所以我想就策略提出一個兩部分的問題。第一，你打算用不同的作戰手冊來在規模化情況下維持成長，與擴大新興品牌規模相比。這個不同的作戰手冊在實務上可能會是什麼樣子？

And then second, you called out exploring white spaces where you have a right to win. Is this organically, through acquisitions? And what white spaces are you seeing as most attractive today?

第二，你提到要探索你們具備勝出條件的空白領域。這會是有機成長，還是透過併購？而你目前看到哪些空白領域最具吸引力？

Sure. And thank you for the question. I'd be happy to give some perspective, Nadine. So I think there's little doubt about our capability to scale brands. We've got this incredible track record.

當然。也謝謝你的提問。Nadine，我很樂意提供一些觀點。我認為我們具備擴大品牌規模的能力幾乎無庸置疑。我們有非常出色的歷史成績。

And as I've spent time much deeper into it with the teams as well as just getting out into the market with our distributors talking about it, there is an execution playbook, it's disciplined, and frankly, it's the best I've seen. It's thoughtful, it's considered and there is a way in which we build distribution, we build awareness.

而當我與團隊更深入投入其中，同時也走到市場端、與我們的經銷商一起討論時，我看到的是一套執行作戰手冊：它有紀律，而且坦白說，是我見過最好的。它很周全、經過深思熟慮，而且我們在建立通路、建立知名度方面有一套方法。

We do it in a sustainable fashion that we know is going to hold over the very long run. And you've seen us do that over many decades, brands like Corona now continuing the job of Modelo and some great rising stars in the portfolio, we'll continue to do that. So a little doubt, and I'd say best-in-class ability there.

我們以可持續的方式來做，確保在非常長的時間尺度上都能站得住腳。而你們也看到我們在數十年來一直這麼做，像是 Corona 這樣的品牌，如今也延續了 Modelo 的工作，投資組合中也有一些很棒的新星正在崛起，我們會持續這麼做。所以幾乎沒有疑問，我會說我們在這方面具備同級最佳的能力。

You then go to some of the places where we've scaled a brand. And I look at a brand like Corona where the brand metrics are phenomenal, most loved beer brand. We've got the right distribution. We've got great awareness. Really, the brand health sort of green across the board.

接著你會看到一些我們已經把品牌做大之後的情況。以 Corona 這個品牌為例，它的品牌指標非常出色，是最受喜愛的啤酒品牌。我們擁有正確的通路覆蓋。我們有很高的知名度。整體而言，品牌健康度幾乎各項指標都是綠燈。

The way to continue to maintain and grow a brand like that will be different to the playbook in which we're driving awareness and driving distribution and there's still opportunities there. It becomes much more about saliency and relevance connecting with the consumer where they are, understanding RGM and price pack architecture, connecting into the right cultural moments, being visible in the places where they are in the way that they want to interact, connecting into the right types of occasions.

要持續維持並成長這樣的品牌，其方式會不同於我們用來推動知名度、推動通路的作戰手冊——雖然那裡仍有機會。它會更著重於顯著性與相關性：在消費者所在之處與其連結，理解 RGM（營收成長管理）與價格/包裝架構，連結到正確的文化時刻，在他們所在的場域以他們希望互動的方式保持可見度，並連結到正確類型的消費情境。

It is a different playbook, but it is one that many great consumer products companies do at scale and do very well. And I think it's a place where we'll continue to sharpen the capability and get after that. And if we can do both of those things, there is a ton of value creation to be had there. There's no question in my mind.

這是一套不同的作戰手冊，但許多優秀的消費品公司在大規模經營時都會採用，而且做得非常好。我認為這也是我們會持續精進能力並積極推進的領域。如果我們能同時把這兩件事都做好，就能創造大量價值。我對此毫不懷疑。

And then you go to the third place you referenced, which is white spaces. And we have a consumer that's evolving quickly. We have a customer that's evolving quickly. We have shelves, right, that are evolving and look pretty different to the way they looked 5 years ago, 10 years ago, and there's a lot happening.

接著談到你提到的第三個面向，也就是空白領域。我們的消費者正在快速演變。我們的客戶也在快速演變。還有貨架——對——也在演變，現在看起來和 5 年前、10 年前很不一樣，正在發生很多變化。

And so being open-minded to what is happening in those spaces, what are fads and what are trends, being able to know the difference between those things, knowing what's sustainable, what's not sustainable, seeing where momentum exists and then in a thoughtful and disciplined way being able to get after that. And so an example for -- already in our portfolio, you take Corona nonalcohol. Here's a brand that we have strong double-digit growth behind. We're now number four in the category. That's a space we weren't playing in.

因此，對於那些領域正在發生的事情保持開放的心態——哪些是短期風潮、哪些是長期趨勢——能夠分辨兩者差異，了解哪些是可持續的、哪些不可持續，看到動能存在於何處，然後以審慎且有紀律的方式去把握並推進。舉個例子——在我們現有的投資組合裡，你看 Corona 無酒精產品。這是一個我們背後有強勁雙位數成長的品牌。我們現在在該品類排名第四。這是我們過去沒有參與的領域。

Should we be putting more fuel on that fire because the fire is burning. And that's a great example of a white space didn't really exist for this company. Now we've got a toe in the water. Do we want to go double down on something that we've already got some real momentum behind and be willing to invest, again, in a disciplined way. I'm not talking about going out and making huge bets and hoping it comes.

我們是否應該在那把火上再加把柴，因為火勢正旺。這就是一個很好的例子：對這家公司而言，原本並不存在的「白地」機會。現在我們已經先把腳趾伸進水裡了。我們是否要在已經具備真實動能的事情上加碼，並且願意再次以有紀律的方式投資。我不是在說要出去下很大的賭注，然後希望它能成。

But we and I think have done a much better job over the last couple of years of developing test and learn capabilities, ways to go, try one market versus a different market, see what works, see where we're going to accelerate, see where we want to be agile and change. And that would be an example of a place where we might go do something like that.

但我們——我認為——在過去幾年在建立「測試與學習」能力方面做得好很多：用不同方式去做、在一個市場試試看再對比另一個市場，看看什麼有效、看看我們要在哪裡加速、看看我們要在哪裡保持敏捷並做出調整。那會是一個我們可能會去做類似事情的例子。

Filippo Falorni, Citi.

Filippo Falorni，花旗。

You called out in the prepared remarks, it's been pretty volatile start of the year, strong March and then softer April and May. So I was hoping you can give us a little more color on what you're seeing in June given -- especially given the gas prices have moderated a bit more recently? Are you seeing improvement in consumption trends as gas prices come down?

你在事先準備的發言中提到，今年開局相當波動，3 月很強，然後 4 月和 5 月較疲弱。所以我希望你能多補充一些 6 月你們看到的情況——尤其是考量到油價最近有所回落？隨著油價下跌，你們是否看到消費趨勢有所改善？

And then also, obviously, in June, we've had three weeks of World Cup. So maybe you can give us some perspective there on the consumption on your brands around World Cup, and whether we should see a further potential improvement in the on-premise business where a lot of those occasions potentially reside?

另外，顯然在 6 月，我們已經有三週的世界盃賽事。所以也許你可以分享一下世界盃期間你們品牌的消費表現，以及我們是否應該看到餐飲通路（on-premise）業務有進一步改善的可能，因為很多這類場合可能都發生在那裡？

Sure. I'll be happy to jump in with some perspective and Garth can perhaps share some color as well. There is no question it was a volatile quarter. I mean you saw -- you see it in all the Circana and other data, right, a very strong March out of the gates. And I would say in a more normalized consumer environment a lot of great interaction with both us and the category but particularly our brands resonating very strongly.

當然。我很樂意先分享一些觀點，Garth 也許也能補充一些細節。毫無疑問，這是一個波動的季度。我的意思是，你看到——你在所有 Circana 和其他數據中都看得到，對吧，一開始 3 月非常強勁。我會說，在一個更正常化的消費者環境中，無論是我們還是整個品類都有很多很好的互動，但尤其是我們的品牌產生了非常強的共鳴。

And then a massive spike in gas prices, and we did see the consumer respond by slowing down. And I think not to be unexpected and that's not just us. I mean, as we've talked to even other companies in the consumer field, traffic is down, a lot of choices being made.

然後油價大幅飆升，我們確實看到消費者以放慢腳步作出回應。我認為這並不意外，而且不只是我們如此。我的意思是，正如我們與其他消費領域公司交流時所談到的，客流量在下降，大家在做出很多取捨。

And as we ended the quarter and got into the early part of this quarter and some of those headwinds have moderated, we've started to see a modest reacceleration, I wouldn't say back to where we were in March, but a healthy return to some growth rates and the Circana data just even for the last week was very encouraging, not just a category, but really around our brands, which are somewhat more premium positioned and very attractive to the consumer. We saw some very strong numbers as consumers get to make the choices that they want to make and would like to make.

而在季度末、進入本季度初，隨著其中一些逆風有所緩和，我們開始看到溫和的再加速；我不會說回到 3 月的水準，但成長率健康地回升。甚至僅看 Circana 上週的數據就非常令人鼓舞——不只是整個品類，而是特別在我們的品牌上；我們的品牌定位更偏高端，對消費者非常有吸引力。當消費者能夠做出他們想做、也希望做的選擇時，我們看到一些非常強勁的數字。

And so encouraging in a somewhat more normalized environment that the portfolio is more than holding its own and responding really well. And then certainly, it's been great to see both World Cup and some of the energy that we saw in one of our key markets like New York around the Knicks, which was, to me, I think, yes, some lift from that.

因此，在一個較為正常化的環境中，令人鼓舞的是，我們的產品組合不僅能守住表現，且反應非常好。另外，看到世界盃以及我們在紐約等關鍵市場、圍繞尼克隊所看到的一些熱度也很棒；對我而言，我想，是的，確實帶來了一些拉抬。

But even just more importantly, consumers engaging in that beer occasion coming together in the on-premise, in the off-premise, the pictures from New York, I thought were remarkable, just to see young people being together, watching the game projected on the sides of buildings and those are beer occasions, right? It's just a great reminder to that consumer of the role that this category can play in their lives, and I think having these great events rolling through the summer could be quite meaningful in that regard. So I don't know if anything to add?

但更重要的是，消費者在啤酒的飲用場合中參與其中——在餐飲通路（on-premise）與零售通路（off-premise）聚在一起。紐約的那些照片，我覺得非常驚人：看到年輕人聚在一起，看著投影在建築物側面的比賽，而那就是啤酒的場合，對吧？這很好地提醒消費者，這個品類在他們生活中可以扮演的角色；我認為整個夏天有這些大型活動接連登場，在這方面可能相當有意義。所以我不知道你是否還要補充什麼？

I think you hit it all, Nick.

我覺得你都講到了，Nick。

Thank you.

謝謝。

Lauren Lieberman, Barclays.

Lauren Lieberman，巴克萊。

Great. Just getting to the quarter itself, I was struck by the fixed cost leverage that looks like you enjoyed this quarter with the gross margins, the margins for beer at 39%. So I just wanted to talk a little bit about the drivers of that, the 1.8% shipment growth is certainly better than what was anticipated. But it's a high bar for the margin with volumes still sub 2%.

很好。回到這個季度本身，我注意到你們本季在毛利率上似乎享有固定成本槓桿效益，啤酒業務的毛利率達到 39%。所以我想稍微談談其驅動因素；1.8% 的出貨量成長確實比預期更好。但在銷量仍低於 2% 的情況下，這樣的毛利率水準門檻很高。

So just kind of curious, as we think about that going forward, you're absorbing incremental depreciation, but again, the strength of the margin in the quarter was particularly strong. I just want to understand the building blocks better so we can think about the path forward.

所以有點好奇，當我們往前看時，你們正在吸收新增折舊，但本季的毛利率強度又特別突出。我想更好地理解其組成要素，這樣我們才能思考未來的路徑。

Lauren, thanks for the question. And really, you hit on it. We had about 30 basis points of benefits this quarter versus last year really due to fixed overabsorption -- largely due to fixed overabsorption, as you say, related to the higher shipment. In addition to that, we also continue to make great progress on our cost savings agenda, and that was certainly a benefit. We also had 20 basis points of favorability due to pricing net of mix.

Lauren，謝謝你的問題。而且你其實點到重點了。本季相較去年，我們大約有 30 個基點的正面效益，主要來自固定成本的超額吸收——如你所說，主要與較高的出貨量相關。除此之外，我們在成本節省議程上也持續取得很大進展，這當然也是一項助益。另外，價格（扣除組合影響後）也帶來了 20 個基點的正面貢獻。

And that was offset by about 30 basis points of currency headwinds and other small things that will flow through cost of goods. So that really is what drove the favorability on gross profit margins. On operating margins, we declined 10 basis points. We had the 20 basis points of favorability on gross margin expansion, but we had a 20 basis point headwind on increased SG&A, similar to last year, as we've added employees to support Veracruz going live later this year. We've brought those folks online.

但這些被大約 30 個基點的匯率逆風以及其他一些會流入銷貨成本的小項目所抵銷。因此，這些就是推動毛利率改善的因素。在營業利益率方面，我們下降了 10 個基點。我們有 20 個基點來自毛利率擴張的正面效益，但在銷售、一般及行政費用（SG&A）增加上有 20 個基點的逆風，與去年類似，因為我們增聘員工以支援 Veracruz 於今年稍晚投產上線。我們已經把這些人員到位。

And until those -- until Veracruz commissions, they will sit in SG&A rather than COGS. And then we had 10 basis points of headwinds related to incremental marketing, mostly to support the World Cup that is happening now, as we indicated at our April earnings call.

在 Veracruz 正式投產之前，這些成本會先列在 SG&A，而不是銷貨成本（COGS）。另外，我們還有 10 個基點的逆風，來自額外的行銷投入，主要是為了支持目前正在進行的世界盃，正如我們在 4 月的財報電話會議中所指出的。

As we look forward into Q2 and Q3, we would still expect gross margins to be strong, but we will see some incremental headwinds as it relates to operating margins. Keeping in mind, we've increased our marketing spend expectations for the full year to drive incremental marketing investment, particularly around the World Cup and College Football and the NFL. So you'll see in Q2 and in Q3, a spike in marketing as a percent of net sales.

展望第 2 季與第 3 季，我們仍預期毛利率會維持強勁，但在營業利益率方面會看到一些額外逆風。請記得，我們已提高全年行銷支出預期，以推動額外的行銷投資，特別是圍繞世界盃、NCAA 大學美式足球以及 NFL。因此你會在第 2 季與第 3 季看到行銷費用占淨銷售額比重的上升。

As we said in our prepared remarks, that will be over 10% in those two quarters. And then in Q2 and Q3, we will see SG&A increases. They're a bit more material in Q1. A big part of that is lapping last year's lower compensation benefits related to incentive income or incentive compensation.

如同我們在事先準備的發言中所說，這兩個季度將超過 10%。而在第 2 季與第 3 季，我們也會看到 SG&A 增加。它們在第 1 季的影響更為顯著。其中很大一部分原因是，去年較低的薪酬福利（與獎金收入或獎勵性薪酬相關）的基期效應。

Dara Mohsenian, Morgan Stanley.

Dara Mohsenian，摩根士丹利。

You mentioned in the prepared remarks you're looking to extend participation across more occasions. Just high level, can you give us a bit more detail there on how you execute that? Is it more marketing on base brands and refining that? Is it more through innovation? Is it more through moving into new areas or the white spaces through M&A?

您在事先準備的發言中提到，您希望把參與度延伸到更多消費情境。就高層次而言，您能否再多提供一些細節，說明您打算如何執行？是更多針對基礎品牌的行銷並加以精煉嗎？是更多透過創新嗎？還是更多透過進入新領域，或透過併購（M&A）切入白地機會？

And just wanted to get a bit more detail on how specifically you do that. And then obviously, moving into white spaces potentially is a piece of that. So how significant a focus do you expect the white space expansion to be just relative to driving base business brand trends?

也想再多了解一些，您具體會怎麼做。然後很明顯，進入白地機會可能也是其中一部分。因此，相較於推動核心業務的品牌趨勢，您預期白地擴張會是多大程度的重點？

Yes, I'll start with that. Look, I think the headline is there will be no greater way we can create value than nailing this with our core brands and core portfolio, period, right? And so when I talk about an understanding consumer occasions, it's really sort of taking the blinders off of not just thinking about our brands as they compete versus another beer or to be even more narrow Mexican beer, but actually, how do you look more broadly at what is the choice that your consumer is making in that moment, right?

好的，我先回答這個。你看，我認為重點是：沒有任何方式能比把核心品牌與核心產品組合做到位更能創造價值，句點，對吧？所以當我談到理解消費者的飲用情境時，真正的意思是把視野打開，不只是把我們的品牌想成在跟另一款啤酒競爭，甚至更狹隘地說是跟墨西哥啤酒競爭，而是更廣泛地去看：在那個當下，消費者做出的選擇到底是什麼，對吧？

We -- and the team does some fantastic work. We have a whole wheel of identified different consumer occasions. And so -- and then we make focused choices like here's where we want to compete and here's some moments where maybe we're happy if you take our product, but we're not spending to go win that moment in the same degree.

我們——團隊做了非常出色的工作。我們有一整套輪盤式的架構，辨識出各種不同的消費者情境。因此——接著我們會做出聚焦的選擇，例如：哪些情境是我們想要去競爭的；也有一些時刻，或許消費者選擇我們的產品我們也樂見其成，但我們不會投入同等程度的資源去贏下那個時刻。

But then understanding against other -- not just other beers for the beer brands that can apply to the wine and spirits brands as well, not just within your category, but what choices as consumers increasingly cross over, what choices are they making? And then how do you remain salient, and you win even with the core portfolio in that moment? And if you can do that, then you can actually, even within the beer portfolio, start to create some differentiation amongst our brands, right? They have different brand personas.

但接著要理解的是：相對於其他——不只是啤酒品牌所面對的其他啤酒，這也同樣適用於葡萄酒與烈酒品牌；不只是你所在品類內的競爭，而是當消費者越來越跨品類選擇時，他們在做哪些選擇？然後你要如何保持顯著性（salient），並且即使只靠核心產品組合，也能在那個時刻勝出？如果你能做到這點，那麼其實即便在啤酒產品組合內，你也能開始在我們各品牌之間創造一些差異化，對吧？它們有不同的品牌人格。

They appeal to -- they have a lot of similarities, but appeal to slightly different consumer groups, different age cohorts, maybe different moments, you see some of the work that we're doing behind Pacifico, which is more lifestyle-oriented, more around adventure, doesn't necessarily play in some of the same moments. And if we're able to do that, then you expand the aperture of what these brands can do and how they can play.

它們——有很多相似之處，但吸引的消費者族群略有不同、不同年齡層，可能也對應不同時刻；你可以看到我們在 Pacifico 背後所做的一些工作，它更偏生活風格導向、更圍繞冒險，不一定會出現在相同的情境中。如果我們能做到這點，那麼就能擴大這些品牌能做什麼、以及能如何參與的視野。

And frankly, I think you can get after a larger addressable moment and compete in a greater way as a portfolio as opposed to duplicating some of the activities. And so that's first and foremost. To the extent that within that as well, we identify other opportunities where the consumer is looking for something.

坦白說，我認為你可以鎖定更大的可觸及情境（addressable moment），並且以產品組合的方式更有力地競爭，而不是重複做一些活動。所以這是第一優先。同時，在這個過程中，如果我們也辨識出其他機會，發現消費者正在尋找某些東西。

And we think that is a space in which we can participate in a meaningful, but disciplined way. I think we should consider that as well and I gave the example earlier of Corona non-alc, right? That business is growing strong double digits. Our consumers are telling us they love the product. We haven't put a ton behind it yet, should we start to participate at that not just think of it as a product, but what is the occasion in which they're consuming that product.

而我們認為那是一個我們可以以有意義、但又有紀律的方式參與的空間。我認為我們也應該把它納入考量；我先前舉的例子是 Corona 無酒精（non-alc），對吧？那個業務正以強勁的雙位數成長。消費者告訴我們他們很喜歡這個產品。我們目前還沒有投入太多資源在它背後，那我們是否應該開始參與——不只是把它當作一個產品，而是去理解他們在什麼情境下消費這個產品。

Is it an occasion where they don't want alcohol at all. There's an occasion where they're actually combining use of it with some of our alcoholic products and extending the occasion. And I think having that very strong consumer insight then definitely leads to an ability to execute in a much more targeted way and grow the addressable moment as well as our share at that moment.

那是他們完全不想喝酒精的情境嗎？還是他們其實會把它與我們的一些含酒精產品搭配使用、延長飲用情境？我認為有了非常強的消費者洞察，確實能讓我們以更精準的方式執行，並擴大可觸及情境，同時提升我們在該情境下的市占。

Chris Carey, Wells Fargo.

Chris Carey，富國銀行。

I wanted to ask about, I guess, the complexity of -- or the complexion rather, of the portfolio. Modelo Especial remains sluggish, Corona Extra has obviously been a bit of a challenge, and you're seeing kind of tremendous growth in other parts of the portfolio that are lifting up the portfolio just a bit.

我想問的是，我猜是關於——產品組合的複雜度，或者更準確地說，是產品組合的樣貌。Modelo Especial 仍然表現疲弱，Corona Extra 顯然一直有些挑戰，而你在產品組合的其他部分看到相當驚人的成長，這些成長也在一定程度上把整體產品組合往上帶。

I think the sustainability of some of those faster growth offerings feels quite durable, but there remains question marks around, most importantly, Corona Extra and then Modelo Especial just getting back to a bit of growth. Can you just give us a bit more context on how you see these two brands specifically and a bit more detail on what you're doing to reaccelerate? And maybe most specifically with Corona Extra, given the duration of the headwinds that the brand has seen?

我認為其中一些高速成長品項的可持續性看起來相當穩健，但市場仍對——最重要的是 Corona Extra，以及 Modelo Especial 能否回到一些成長——抱持疑問。你能否就這兩個品牌的看法提供更多背景，並更詳細說明你們正在做什麼來重新加速？也許特別是針對 Corona Extra，考量到該品牌面臨逆風的時間已經相當長？

Yes. Sure. Happy to do so. And I'll start off by vehemently agreeing with you on the sustainability of the things in the portfolio that are growing as strongly as they're growing. And I say that because the very disciplined way in which the team is going about achieving that growth, driving awareness, driving distribution, but doing those two things in concert with each other and making sure that we don't get ahead of ourselves so that we're building it in a very disciplined way.

好的。當然。很樂意說明。我先非常強烈地同意你對於產品組合中那些成長如此強勁項目的可持續性看法。我之所以這麼說，是因為團隊以非常有紀律的方式來達成這些成長：推動知名度、推動通路鋪貨，但這兩件事是同步協同進行，並確保我們不會操之過急，而是以非常有紀律的方式把基礎打好。

And I've been incredibly impressed as I've spent time with our team and our distributors how they do that. And I've seen it done differently with less discipline and less sustainability. And I think the way that we're doing it is best-in-class. So I really agree with you on that. You're right to point out some of the challenges and the headwinds on Especial and Extra.

我在與團隊及經銷商相處的過程中，對他們如何做到這點感到非常印象深刻。我也看過用不同方式做、紀律較少、可持續性較差的案例。我認為我們現在的做法是同業最佳（best-in-class）。所以我真的同意你的看法。你指出 Especial 和 Extra 面臨的一些挑戰與逆風，這點也沒錯。

And I think that's fair. And that goes to my earlier point of once things are scaled, the toolkit for continuing to both maintain and then grow those brands becomes different. Now in the case of Modelo Especial, there is still room to grow. We haven't finished the job scaling that, right. There is still a significant gap to distribution.

我認為這樣的評估是公平的。這也呼應我先前的觀點：一旦規模做起來之後，持續維持並進一步成長這些品牌所需的工具箱就會不同。以 Modelo Especial 來說，仍然還有成長空間。我們還沒有完成把它做大規模的工作，對吧。在通路鋪貨上仍然存在顯著缺口。

Unaided awareness is remarkably low given that this is the number one value -- brand by value in the marketplace, which is actually quite an incredible opportunity as we continue to drive awareness and that becomes more and more of a general population brand.

在未提示知名度（unaided awareness）方面，表現低得驚人；考量到它是市場上按價值計算的第一大——品牌，這其實是一個相當驚人的機會，因為我們可以持續推動知名度，讓它越來越成為一般大眾的品牌。

So the job is yet to be finished on Modelo Especial. We will finish the job, but we need to develop the very sharp toolkit of what do you do as that becomes fully scaled, and how do you continue to drive saliency and relevance, which gets us to Corona and developing that playbook on Extra that, that would be a playbook that will then deploy for anything that is scaled and that becomes a bit of a different playbook. You're not driving awareness and distribution anymore, you're driving saliency, relevance, connecting with consumers in the moment and really being both available to them, which is top of mind awareness and distribution. But activating in that moment being the thing that they choose.

所以 Modelo Especial 的工作還沒有完成。我們會把這件事做完，但我們也需要建立一套非常精準的工具箱：當它完全規模化之後要做什麼？以及如何持續推動顯著性與相關性（relevance）。這也把我們帶到 Corona，以及在 Extra 上建立那套作戰手冊；而那套手冊之後也會用在任何已經規模化、需要採用不同打法的品牌上。你不再是在推動知名度與通路鋪貨，而是在推動顯著性、相關性、在當下與消費者連結，並真正做到既能被他們買得到——也就是心佔率（top of mind awareness）與通路鋪貨。同時在那個時刻啟動（activating），成為他們會選擇的那一個。

And that is a somewhat different skill, one that there are plenty of companies out there that have developed really, really well, and we need to demonstrate that we can bring. Now I will tell you, and over the course of my career, I've worked on some tired brands. I've rebuilt some tired brands and rejuvenated tired brands. Our brands are not tired. They have some of the most, and I'm just saying this sincerely remarkable brand health of any brands I've ever seen.

這是一種有些不同的能力；市面上有不少公司已經把這件事做得非常、非常好，而我們需要證明我們也能做到。我也可以告訴你，在我的職涯中，我做過一些疲態品牌。我重建過一些疲態品牌，也讓一些疲態品牌重新焕發活力。我們的品牌並不疲態。它們擁有我真心認為、也是我見過的任何品牌中最——我只是誠懇地說——最出色的品牌健康度之一。

And you start with Corona Extra, you start with most loved beer, most loved beer, right? Still number one in New York City, the cultural icons of this country, still number one in Miami. So you're starting with this really powerful foundation. We need to dial up the everyday activation switch and I have absolute confidence that with the right focus there, that is something that we can do that will not just help Corona Extra but then will allow us to continue to deploy those capabilities against anything else we scale over time.

而你是從 Corona Extra 開始，你是從最受喜愛的啤酒開始，最受喜愛的啤酒，對吧？在紐約市仍然是第一名，這個國家的文化象徵，在邁阿密仍然是第一名。所以你是從一個非常強大的基礎起步。我們需要把日常啟動的開關再調高一些，我完全有信心，只要在那裡聚焦得當，這是我們能做到的事，而且不僅能幫助 Corona Extra，還能讓我們在未來擴大規模時，持續把這些能力運用到其他任何事情上。

Rob Ottenstein, Evercore ISI.

Rob Ottenstein，Evercore ISI。

Great. And in a way, this is kind of a follow-on to the last question. As you said, and I think we'd all agree, you have some amazing brands. The performance has been tough. Obviously, there's a lot of macro factors that are out of your control.

很好。而且某種程度上，這算是延續上一個問題。如你所說，我想我們也都同意，你們有一些非常出色的品牌。但表現一直很艱難。顯然，有很多你們無法控制的總體因素。

So let's just focus on things that are in your control, and I do know it's early days for you, but for over a year, you didn't have a Head of Sales, right? Bill Renspie, very well regarded, left, I think, in March of '25. And then now you've hired Jack Edwards from Diageo Beer who has a fantastic reputation, I think it started about a month or two ago. So you got the great brands. You're in a great category in many ways.

所以我們就聚焦在你們能控制的事情上。我也知道你上任時間還不長，但在一年多的時間裡，你們沒有銷售主管，對吧？Bill Renspie，口碑很好的人，離職了，我記得是在 25 年 3 月。而現在你們從帝亞吉歐啤酒聘請了 Jack Edwards，他的名聲非常好，我想他大概是一兩個月前開始的。所以你們有很棒的品牌。在很多方面，你們也處在一個很好的品類。

Have you had a chance to sit down with Jack yet and talk about what is under your control in terms of driving execution with distributors, with retailers to make sure that you're best leveraging the remarkable brands that you actually do have.

你是否已經有機會和 Jack 坐下來談談，在與經銷商、零售商推動執行方面，有哪些是你們能控制的，以確保你們能把手上這些卓越品牌的優勢發揮到最大？

And again, I know it's early days on this, but are there a couple of things that maybe you can point out that are areas in which you're going to be working with Jack and look like reasonable wins and objectives over the next six months that can improve the trajectory in terms of what you can control?

再一次，我知道現在還算早期，但是否有幾件事你可以指出，作為你接下來六個月將與 Jack 一起推進的領域，看起來是合理的勝利點與目標，能在你們可控的範圍內改善走勢？

I'm happy to share a few thoughts. I don't want to -- be overly graphic about some of the competitive ideas that we have, but rest assured that they're there. But firstly, I'll start by acknowledging your point. I think, yes, indeed, macro headwinds, we talked about both generally in the economy and some of the things we saw both in the quarter. And by the way, our consumer even more adversely impacted by that.

我很樂意分享一些想法。我不想——把我們的一些競爭策略講得太具體，但請放心，我們確實有這些想法。不過首先，我先承認你說得對。我想，是的，確實有總體逆風，我們談過整體經濟，以及我們在本季看到的一些情況。順帶一提，我們的消費者受到的影響更為不利。

And while that gap has improved, there is still a gap that we're seeing within the Hispanic ZIP codes relative to Genpop. So we're cycling through those headwinds. That said, you're right. We don't sit and make excuses. We think about what it is that we have that's under our control that we can go execute.

雖然那個差距已經改善，但我們仍然看到西語裔郵遞區號相對於一般人口（Genpop）仍存在差距。所以我們正在經歷這些逆風。話雖如此，你說得對。我們不會坐著找藉口。我們會思考有哪些事情是在我們可控範圍內、可以去執行的。

And so I talked about there are things like still distribution gaps in Modelo so awareness gaps. We can continue to drive those that is within our control. There is more, I think we can do on a brand like Corona Extra. We just talked about that, right? And that might be getting more tactical in the field, in the on-premise, in the places where our consumers live and breathe.

所以我提到像是 Modelo 仍然存在配銷缺口，以及認知度缺口。我們可以持續推動這些，這是在我們可控範圍內。我認為在像 Corona Extra 這樣的品牌上，我們還能做得更多。我們剛剛也談到這點，對吧？而這可能意味著在前線、在即飲通路（on-premise）、在我們消費者生活與活動的地方，採取更戰術性的作法。

I think that is within our control. And then as Jack is coming on board and we're spending more time together, it's really some of that in-field execution, which has been really good, but we can always push ourselves to improve more. Thinking about our pack price architecture, thinking about revenue management, how do we meet the consumer where the consumer is in an increasingly K-shaped economy, right?

我認為這是在我們可控範圍內。接著，隨著 Jack 加入、我們一起投入更多時間，重點就在於一些前線執行；這方面一直做得很好，但我們總是可以要求自己做得更好。思考我們的包裝與價格架構（pack price architecture）、思考收益管理（revenue management），在一個愈來愈呈 K 型分化的經濟中，我們要如何在消費者所在的位置與他們相遇，對吧？

We're seeing some really interesting activity across our pack sizes where we have, by far, the largest share of both the small pack size and the larger sharing pack size. I think that's a really interesting place to play, but you got to make it really available to your consumer and make sure they can find it and discover it. And does that start to get our portfolio to a place where notwithstanding some of the headwinds, it is more accessible.

我們在各種包裝規格上看到一些非常有趣的動態：在小包裝與大份量分享包裝上，我們的市占率都是遠遠領先。我認為這是一個非常有意思的戰場，但你必須讓消費者很容易買得到，並確保他們能找到並發現它。而這是否能讓我們的產品組合走到一個位置：即便有一些逆風，也能更容易被消費者負擔與取得。

So those are some of the ideas that we're working on. Again, I think it's early days. Jack has been out on the road nonstop since he started. And I think as he absorbs and digests everything he's seeing, we'll continue to generate new ideas, but we're very excited to have him on board. He's a real talent.

所以這些是我們正在推進的一些想法。再說一次，我認為現在還算早期。Jack 自從上任以來就一直在外奔波、幾乎沒有停過。我想隨著他吸收並消化所看到的一切，我們會持續產生新的想法；但我們非常興奮他能加入。他是一位真正的人才。

Bonnie Herzog, Goldman Sachs.

Bonnie Herzog，高盛。

I had a question on your FY27 guidance. You maintain your beer net sales guidance despite strong shipments in the quarter. And then comparisons do become pretty favorable in Q2 and Q3. So I guess I wanted to understand if the decision to maintain guidance reflects, I don't know, an abundance of caution regarding the dynamic consumer environment.

我想問一下你們 FY27 的指引。儘管本季出貨強勁，你們仍維持啤酒淨銷售指引不變。而且在第二季與第三季，基期比較會變得相當有利。所以我想了解，維持指引的決定是否反映了——我不知道——對於變動的消費環境採取更審慎的態度。

And I guess maybe touch on that, especially with the Hispanic consumer. Or are there specific distribution or maybe shipment headwinds in the next few quarters that we should be thinking about?

也請你談談這點，特別是針對西語裔消費者。或者，接下來幾季是否有特定的配銷或可能的出貨逆風，是我們應該納入考量的？

Sure, Bonnie. Thanks for the question. I'll start and then Nick, you can weigh in too. I mean, look, we're off to a solid start to the year. There's no denying that.

當然，Bonnie。謝謝你的問題。我先回答，然後 Nick 你也可以補充。我的意思是，你看，我們今年開局不錯。這點無庸置疑。

But as we look to the balance of the year and as we laid out in April, this continues to be a rather dynamic operating environment, right, with, in some instances, low visibility. Nick referenced earlier around how we started the quarter and then how we ended the quarter, and again, how things kind of moved around. Nick referenced the impact on gas prices in Q1, right? If you look at the end of our fiscal year and then at the peak of Q1, gas prices were up well over 50% across the US on average.

但當我們看向今年剩餘期間，以及如同我們在四月所說，這仍是一個相當動態的營運環境，對吧？在某些情況下，可見度很低。Nick 先前提到我們本季一開始的情況，以及本季結束時的情況——事情如何變動。Nick 也提到第一季汽油價格的影響，對吧？如果你看我們財年的期末到第一季高峰期，整個美國平均汽油價格上漲超過 50%。

That was more than $1.60 a gallon if you look at it on that rate. In a market like California, gas prices at its peak were up 40%, Illinois 70%, New York, Florida, Texas, up over 50%. Inflation was up largely due to fuel prices, but there are other things that kept inflation a bit higher than anyone would like.

換算下來，每加侖上漲超過 1.60 美元。在加州這樣的市場，汽油價格在高峰時上漲 40%，伊利諾州 70%，紐約、佛羅里達、德州都上漲超過 50%。通膨上升主要是因為燃油價格，但也有其他因素讓通膨維持在比任何人希望的都更高的水準。

So that's a little bit long-winded to say there are a lot of things that are going around in the market that just give us uncertainty. And while we're off to a good start, we don't think that after one good quarter that we want to change what the outlook is for the full year just given some of the limited visibility we have on those macroeconomic metrics.

所以講得有點冗長，是想說市場上有很多事情在發生，讓我們感到不確定。雖然我們開局良好，但我們不認為僅因一個好的季度，就應該改變對全年展望的看法，因為在那些總體經濟指標上，我們的可見度仍然有限。

Anything you want to add?

你有什麼想補充的嗎？

No, completely agree.

沒有，我完全同意。

Peter Grom, UBS.

Peter Grom，瑞銀。

I wanted to follow up on the response to Filippo's question earlier. And Nick, I think you mentioned thus far in June, you've kind of seen a return to healthy growth rates but not at March levels. And look, this may be a hard question to answer. But when you think about the improvement, is there a way to parse out how much of that is related to kind of World Cup or maybe some of these unique events that are ending here in a few weeks versus maybe signs that the consumer pressure is abating.

我想跟進一下你先前對 Filippo 問題的回應。Nick，我想你提到截至目前六月，你們某種程度上看到成長率回到健康水準，但沒有回到三月的水準。而且你看，這可能很難回答。但當你思考這個改善時，有沒有辦法拆解其中有多少是與世界盃或一些幾週後就會結束的特殊事件相關， versus 可能是消費者壓力正在緩解的跡象？

And I guess what I am -- the premise of the question is really just trying to understand whether you think this improvement we've seen kind of quarter-to-date is durable as we look ahead?

我想我想問的是——這個問題的前提其實是想了解，您是否認為我們看到的這種本季迄今的改善，在往前看時是否具有持續性？

Yes, look, it's a great question, and it's one that we're asking ourselves, and we're going to continue to do the work and analysis to really get our heads around as we see how the rest of the year develops and then how we can continue to drive the momentum where the momentum is sustainable. But I will tell you from the early reads and yet -- by the way, early, right? We're just like still a few weeks. I know we're a few weeks in, but we're just a few weeks in. It does seem to us to be pretty broad-based, right?

是的，你看，這是個很好的問題，也是我們自己一直在問的問題；我們也會持續做相關工作與分析，真正釐清我們的看法，隨著今年剩餘時間的發展，以及我們如何在動能可持續的地方繼續推動動能。但我可以告訴你，從初步的觀察來看——順帶一提，這還很早，對吧？我們其實才剛過幾週。我知道我們已經進行了幾週，但真的就只是幾週。我們看起來它相當廣泛地發生，對吧？

I mean if we can get to some account data or some on-premise data where you do see big spikes around a game or in that particular geography, but it's not like you look to the rest of the country and you're seeing a vastly different result as an average, right? You could see a big spike here, but it's not moving the needle for everything. So it's fairly broad based. Texas and California continue to be -- sorry, Texas and Florida, I should say, continue to be challenged. California has been pretty good.

我的意思是，如果我們看一些帳戶數據或一些店內（on-premise）數據，你確實會看到在某場比賽周邊或在特定地理區域出現很大的尖峰，但並不是說你看全國其他地方，平均結果就會差異非常大，對吧？你可能在這裡看到很大的尖峰，但它不會對整體產生決定性影響。所以它相當廣泛。德州和加州仍然——抱歉，我應該說德州和佛州——仍然面臨挑戰。加州表現一直相當不錯。

And that hasn't necessarily changed as a result of the World Cup. We think that is more of a macroeconomically led headwind for our consumer, in particular, in those geographies. And we've seen that sort of continue notwithstanding the improved performance.

而這不一定是因為世界盃而有所改變。我們認為，這對我們的消費者而言更像是由總體經濟所帶來的逆風，特別是在那些地區。而且即便表現有所改善，我們仍看到那種情況持續存在。

And so it does look like the return of health to us might be more to do with some of the headwinds abating than any kind of onetime tailwinds. But as I said earlier, it still doesn't hurt that you certainly have the World Cup event that you had the [Knicks] of major markets and that people are just getting together and enjoying that beer occasion, which we think is also just a key future unlock of people remembering how important it is to come together to socialize and the role that our products can play in that.

因此，在我們看來，健康狀況的回歸似乎更可能是一些逆風正在消退，而不是任何一次性的順風所致。但如我先前所說，當然，有世界盃這樣的活動也無妨，而且你在主要市場有[尼克斯]（Knicks）這樣的因素，人們聚在一起、享受啤酒的飲用情境；我們也認為，這同樣是未來的一個關鍵解鎖點：讓人們重新記起聚在一起社交有多重要，以及我們的產品在其中可以扮演的角色。

Peter Galbo, Bank of America.

Peter Galbo，美國銀行。

Maybe just to put a finer point on those last few questions around Q2. Garth, I was hoping just for maybe a little bit more clarity on the shipment side for Q2. There's a lot of, I think, moving pieces in the quarter. You kind of overshipped, I think, in Q1 ahead of where you normally seasonally would be. You have the lap versus last year where I think there was some destocking.

也許把剛才幾個關於第二季的問題再說得更精準一些。Garth，我希望你能就第二季的出貨端提供更清楚一點的說明。我認為這一季有很多變動因素。你們在第一季的出貨量似乎超前了，超過你們通常的季節性節奏。另外還有與去年同期相比的基期因素，我記得去年有一些去庫存（destocking）。

So maybe you can just help us think through the relationship for Q2 between absolute shipments and depletions because I know that the growth rates between the two can be a bit wonky.

所以也許你可以幫我們梳理一下第二季在「絕對出貨量」與「去化量（depletions）」之間的關係，因為我知道兩者的成長率之間有時會有點不太好解讀。

Yes. Just to start on that, let me just say that, on a full year basis, we would expect, as we always do, that shipments and depletions would align with one another -- very closely align with one another. In Q1, which is typical for us in every fiscal year, we ship ahead of depletions to support the key summer selling season so that's fairly typical. Then as we move through the year, we will see some of that become more in line with one another, again, supporting the fact that when we get to the end of the fiscal year, shipments and depletions will essentially equal one another.

是的。先從這點開始，我先說，若以全年來看，我們一如既往地預期出貨量與去化量會彼此一致——非常接近地一致。第一季，這對我們每個會計年度都很典型，我們會為了支援關鍵的夏季銷售旺季而讓出貨量領先去化量，所以這相當典型。接著隨著年度推進，我們會看到兩者逐步更趨一致；同樣地，這也支持了我們的觀點：當我們到達會計年度末時，出貨量與去化量基本上會相等。

Michael Lavery, Piper Sandler.

Michael Lavery，Piper Sandler。

Just as you think about the consumer and occasions, one of the things we've seen just as kind of a stepped-up level of innovation focus is higher ABV mostly in RTDs, but certainly in the consumer's mind, some of the lines get blurry and it's in the same consideration set very often. But in most situations, wouldn't seem like it has a different consumption effect on the consumer. It's more -- it looks like a volume headwind if they get more bang for the buck, but with maybe only a modest mix lift, it would seem at a high level to be category value dilutive. How do you think about just competing against that, participating in it? Kind of how do you weigh some of maybe the trade-offs and maybe risks or opportunities in terms of just how that innovation thread evolves?

當你們思考消費者與飲用情境時，我們看到的一件事是創新焦點似乎提升了，主要是在即飲（RTD）上提高酒精濃度（ABV）；但在消費者心中，有些產品線的界線其實變得模糊，而且很多時候都在同一個考量集合裡。但在多數情況下，看起來它對消費者的飲用效果不會有不同。它更像是——如果他們用同樣的錢得到更高的酒精含量，對你們來說看起來像是量的逆風；但若只有溫和的組合（mix）提升，從高層次看似乎會稀釋品類價值。你們如何看待與此競爭、以及參與其中？你們如何權衡一些取捨，以及就這條創新主線的演變而言，可能的風險或機會？

It's an interesting question. And look, we talk a lot about K-shaped economy, and you also see sort of K-shaped consumer behavior, right? So you've seen that behavior, which I think is a value-driven behavior. You're seeing other parts of the K where it's sort of, I want a great premium product, like think about what's happening in Corona non-alc where we've got very strong double-digit growth, no alcohol, right? It's about, I'm willing to pay more to have a very premium experience with a great tasting liquid.

這是個有趣的問題。你看，我們常談到K型經濟，你也會看到某種K型的消費者行為，對吧？你已經看到那種行為，我認為那是價值導向的行為。而在K的另一端，你會看到像是「我想要很棒的高端產品」這種——例如看看Corona無酒精產品正在發生的事，我們有非常強勁的雙位數成長，零酒精，對吧？這關乎於：我願意多付一些錢，來獲得非常高端、口感很好的飲用體驗。

And so you've seen -- we continue to see that both ends of that K. And I think for us, we just need to be thoughtful about where we want to play and participate. So I'd say we have a toe in the water on the higher ABV stuff with a small RTD brand as well as some of the stuff that we're doing with our Chelada business, which now would be the third largest RTD business if we measured it that way.

因此你會看到——我們持續看到K型兩端都存在。我想對我們而言，我們需要審慎思考我們想在哪裡參與、如何參與。所以我會說，我們在較高ABV的產品上也有小幅涉入，透過一個小型RTD品牌，以及我們在Chelada業務上所做的一些事情；如果用那種方式來衡量，它現在會是第三大的RTD業務。

So a good example of this company's ability to innovate into something like RTDs but do it in a way that is thoughtful and sustainable and true to our brands. And as product plays there, we need to be thoughtful about what is that impact on the whole portfolio, are we meeting the consumer where they are with what they drink and what they would like.

所以這是一個很好的例子，展現公司有能力在像RTD這樣的領域進行創新，但方式是審慎、可持續，且忠於我們的品牌。而當產品在那裡布局時，我們需要仔細思考它對整體產品組合的影響是什麼、我們是否用消費者正在喝的、以及他們想喝的東西去滿足他們。

And then to the earlier question about controlling the controllables, then how do we go execute that in field because you've got to make sure if you want to play in something like that, that the consumer knows that you are there and can find you, which I think is probably some of the work to do.

然後回到先前關於「掌控可控因素」的問題，我們要如何在前線把它執行到位？因為你必須確保，如果你想在那樣的領域參與，消費者知道你在那裡、也找得到你；我想這可能就是還需要做的一些工作。

So I think we need to be thoughtful about these emerging trends and be choiceful about which are the ones that we want to participate in or not, Garth, I'm going on a perspective whether it's more or less dilutive. I'm not sure, I think it's probably just a consumer occasion.

所以我認為我們需要審慎看待這些新興趨勢，並且有選擇地決定哪些是我們要參與、哪些不參與。Garth，我從「是否更稀釋」的角度來看——我不確定，我覺得它可能只是某種消費者飲用情境。

No, I agree with that.

不，我同意。

Thank you. Ladies and gentlemen, this concludes our question-and-answer session. We'll also conclude today's conference. We thank you for your participation. You may now disconnect your lines at this time and have a wonderful day.

謝謝。各位女士、先生，我們的問答環節到此結束。今天的電話會議也將結束。感謝各位的參與。您現在可以掛斷線路，祝您有美好的一天。