Constellation Brands Inc (STZ) 2022 Q4 法說會逐字稿

Hello, and welcome to the Constellation Brands Fiscal Year 2022 Q4 Full Year Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Patty Yahn-Urlaub, Senior Vice President, Investor Relations. Please go ahead.

您好，歡迎參加 Constellation Brands 2022 財年第四季度全年收益電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。現在我很高興將電話轉給投資者關係高級副總裁 Patty Yahn-Urlaub。請繼續。

Thanks, Kevin. Good morning, and welcome to Constellation's Year-end Fiscal '22 Conference Call. I'm here this morning with Bill Newlands, our CEO; and Garth Hankinson, our CFO. As a reminder, reconciliations between the most directly comparable GAAP measure and any non-GAAP financial measures discussed on this call are included in our news release or otherwise available on the company's website at cbrands.com.

謝謝，凱文。早上好，歡迎參加 Constellation 的 22 財年年終電話會議。今天早上我和我們的首席執行官比爾·紐蘭茲（Bill Newlands）在這裡；和我們的首席財務官 Garth Hankinson。提醒一下，最直接可比的 GAAP 措施與本次電話會議中討論的任何非 GAAP 財務措施之間的對賬都包含在我們的新聞稿中或以其他方式在公司網站 cbrands.com 上提供。

Please refer to the news release and Constellation's SEC filings for risk factors which may impact forward-looking statements we make on this call.

請參閱新聞稿和 Constellation 向 SEC 提交的文件，了解可能影響我們在本次電話會議上做出的前瞻性陳述的風險因素。

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

在將電話轉給比爾之前，與前幾個季度類似，我想問一下，我們將每個人限制為每人 1 個問題，這將有助於我們按時結束電話。提前致謝，現在是 [Bill]。

Thank you, Patty. Good morning, and welcome to our fiscal '22 year-end call. Before I get started this morning, I'd like to comment on the announcement made earlier this week relating to the proposal from the Sands family to declassify Constellation's dual share class structure.

謝謝你，帕蒂。早上好，歡迎參加我們的 22 財年年終電話會議。在我今天早上開始之前，我想評論一下本週早些時候發布的有關金沙家族關於解密 Constellation 雙重股權結構的提議的公告。

According to the family's filing, the proposal brings significant benefits that will accrue to the company and its shareholders, including increasing market finance from investors who prefer single-class structures. The proposal is under consideration and will be negotiated explicitly by the Special Committee of our Board of Directors, and any agreement reached with the Sands family will require the approval of that special committee as well as our full Board of Directors.

根據該家族提交的文件，該提議將為公司及其股東帶來重大利益，包括增加偏好單一類別結構的投資者的市場融資。該提案正在審議中，將由我們董事會的特別委員會明確協商，與金沙家族達成的任何協議都需要得到該特別委員會以及我們整個董事會的批准。

In addition, pursuant to the terms of the proposal, it would require the approval of holders of a majority of our Class A common stock that do not also hold shares of our Class B common stock I'd like to remind everyone that the Sands family proposal was not made in connection with a corporate transaction.

此外，根據提案的條款，這將需要我們的大多數 A 類普通股持有人的批准，這些持有人不持有我們 B 類普通股的股份。我想提醒大家，金沙家族未就公司交易提出建議。

Constellation does not intend to comment further on the proposal. Unless and until a definitive agreement is reached, the proposal is abandoned or otherwise deemed advisable in connection with any further public disclosure by the Sands family.

Constellation 不打算對該提議發表進一步評論。除非並直至達成最終協議，否則該提議將被放棄或以其他方式被認為與金沙家族的任何進一步公開披露有關。

With that, let's proceed with the discussion of our excellent results and our guidance for fiscal '23. As I reflect on our performance for fiscal '22, I'm extremely proud of how our team pulled together to deliver a year of double-digit organic net sales growth and strong cash flow generation.

有了這個，讓我們繼續討論我們的優秀成果和我們對 23 財年的指導。當我回顧我們在 22 財年的表現時，我為我們的團隊如何齊心協力實現一年兩位數的有機淨銷售額增長和強勁的現金流產生感到非常自豪。

Our team accomplished this while battling through year 2 of the pandemic, including various supply chain challenges, adverse weather events, rising inflation, rapidly shifting consumer preferences and a host of other issues in the surrounding environment. Through it all, we stayed true to who we are and remain laser focused on our consumers and building brands that people love.

我們的團隊在與大流行的第 2 年作鬥爭時實現了這一目標，包括各種供應鏈挑戰、惡劣天氣事件、通脹上升、消費者偏好迅速變化以及周圍環境中的許多其他問題。通過這一切，我們始終忠於自己，始終專注於我們的消費者和打造人們喜愛的品牌。

We launched our consumer-led innovation while continuing to invest in future capabilities needed to win long term. We continue to deliver on our commitments to return value to shareholders and to serve the interest of all stakeholders by making a positive impact on our communities and the environment.

我們推出了以消費者為主導的創新，同時繼續投資於贏得長期所需的未來能力。我們繼續履行承諾，通過對我們的社區和環境產生積極影響，為股東回報價值並為所有利益相關者的利益服務。

In fact, earlier this morning as part of our ongoing commitment to environmental stewardship, we announced our new targets to reduce greenhouse gas emissions by 15% by fiscal '25 and to restore 1 billion gallons of water withdrawals from critical watersheds and improved water accessibility in disadvantaged communities where we operate in each case by fiscal '25.

事實上，今天早上早些時候，作為我們對環境管理的持續承諾的一部分，我們宣布了我們的新目標，即到 25 財年將溫室氣體排放量減少 15%，並從關鍵流域恢復 10 億加侖的取水量，並改善在我們在 25 財年之前在每種情況下開展業務的弱勢社區。

With that as a backdrop, I'd like to frame up what we believe are key takeaways from our performance in fiscal '22 as we head into our new fiscal year. First, our strong overall performance continues to be headlined by our beer business, which delivered its 12th consecutive year of volume growth. Our beer portfolio led by our Modelo and Corona brand families posted net sales growth of 11% and added 30 million cases of high-end growth, extending its leadership position as the #1 high-end beer supplier and the #1 share gainer across the U.S. beer market.

在此背景下，我想總結一下我們認為在進入新財年時我們在 22 財年的表現的關鍵要點。首先，我們強勁的整體業績繼續以我們的啤酒業務為主導，實現了連續第 12 年的銷量增長。我們以 Modelo 和 Corona 品牌系列為首的啤酒組合實現了 11% 的淨銷售額增長，並增加了 3,000 萬箱高端啤酒，進一步鞏固了其作為高端啤酒供應商第一和市場份額增長第一的領導地位美國啤酒市場。

Second, our Wine & Spirits business delivered strong organic net sales growth of 9% and solid gross margin improvement for the fiscal year. Our enhanced focus on consumer-led premiumization in Wine & Spirits continue to yield benefits as our high-end brands outpaced the overall U.S. line and spirits category primarily driven by Kim Crawford, Meiomi and the Prisoner.

其次，我們的葡萄酒和烈酒業務在本財年實現了 9% 的強勁有機淨銷售額增長和穩健的毛利率改善。由於我們的高端品牌超過了主要由 Kim Crawford、Meiomi 和 Prisoner 推動的美國整體產品線和烈酒類別，因此我們更加註重以消費者為主導的葡萄酒和烈酒高端化繼續產生效益。

Third, we continue to execute against our stated capital allocation strategy, returning nearly $2 billion to shareholders in the form of share repurchases and dividends in fiscal '22. We continue to demonstrate this commitment with this morning's announcement of a $500 million accelerated share repurchase program, which, when completed, will bring us to about 75% of our $5 billion goal.

第三，我們繼續執行我們既定的資本分配戰略，在 22 財年以股票回購和股息的形式向股東返還近 20 億美元。我們通過今天上午宣布的 5 億美元加速股票回購計劃繼續證明這一承諾，該計劃完成後將使我們達到 50 億美元目標的 75% 左右。

Our continued strong performance in fiscal '22 and the investments we continue to make in our core business provide a nice springboard for another successful year ahead. Now let's dive a little deeper into our business performance in '22 and our outlook for the year ahead.

我們在 22 財年的持續強勁表現以及我們繼續對核心業務進行的投資為未來又一個成功的一年提供了一個很好的跳板。現在讓我們更深入地了解我們在 22 年的業務表現以及我們對未來一年的展望。

One outlook of our success -- one hallmark of our success has been our beer business over the years has been the strength and continuity of leadership. Earlier this year, we announced that Jim Sabia assumed the role of President of our beer business. As many of you know, Jim has played a key role in the success of our beer business for many years, and we look forward to further building on the momentum under his leadership.

我們成功的一種前景——我們成功的一個標誌是多年來我們的啤酒業務一直是領導的力量和連續性。今年早些時候，我們宣布 Jim Sabia 擔任我們啤酒業務的總裁。正如你們許多人所知，多年來，Jim 在我們啤酒業務的成功中發揮了關鍵作用，我們期待在他的領導下進一步發揚光大。

Jim succeeds Paul Hetterich, who will continue to work with our beer operations team in Mexico to support our ongoing brewery projects in Nava and Obregon as well as the construction of our new brewery in the state of Veracruz. Paul has been a driving force behind the success of our economy, including our beer business for more than 35 years. I look forward to continuing to work with Paul, Jim and the rest of our beer team to accelerate traction of our high-performing beer portfolio in fiscal '23.

Jim 接替 Paul Hetterich，他將繼續與我們在墨西哥的啤酒運營團隊合作，支持我們在 Nava 和 Obregon 正在進行的啤酒廠項目，以及在韋拉克魯斯州建造新啤酒廠。 35 多年來，保羅一直是我們經濟成功的推動力，包括我們的啤酒業務。我期待著繼續與保羅、吉姆和我們啤酒團隊的其他成員合作，以加快我們在 23 財年的高性能啤酒產品組合的發展。

There are several industry trends that provide a solid platform for our portfolio growth in the year ahead. Total beverage alcohol servings per capita are expected to remain stable with growth of about 1% to 2% annually based on population growth expectations.

有幾個行業趨勢為我們未來一年的投資組合增長提供了堅實的平台。根據人口增長預期，人均飲料酒精總量預計將保持穩定，每年增長約 1% 至 2%。

Premiumization in the beer category is projected to continue with the high-end segment taking share from the mainstream segment. Mexican imports, primarily driven by the Constellation portfolio, are expected to continue to drive traditional beer growth and will continue to be a key driver of gains in the overall beer segment.

隨著高端細分市場從主流細分市場中佔據份額，預計啤酒類別的高端化將繼續。主要由 Constellation 產品組合推動的墨西哥進口預計將繼續推動傳統啤酒的增長，並將繼續成為整個啤酒領域增長的關鍵驅動力。

Significant growth is projected in the flavors category, including seltzers, flavored beer, RTD spirits, flavored malt beverages with all categories exhibiting strong future growth prospects. The on-premise segment has rebounded and is expected to continue to recover to drive incremental category growth.

預計風味類別將出現顯著增長，包括蘇打水、風味啤酒、RTD 烈酒、風味麥芽飲料，所有類別都顯示出強勁的未來增長前景。內部部署部分已經反彈，預計將繼續復甦以推動增量類別增長。

And finally, 3-tier e-commerce and digitally influenced sales have proven sticky for beer with revenue and share growing significantly. In fact, this channel is forecasted to deliver overindexed growth relative to other channels. Each of these trends, combined with Hispanic demographic tailwinds that work in our favor, either aligns with the core strengths of our beer business, are areas where we're investing to build capabilities needed to more fully compete and win.

最後，事實證明，三層電子商務和受數字影響的銷售對啤酒具有粘性，收入和份額顯著增長。事實上，預計該渠道相對於其他渠道將實現指數增長。這些趨勢中的每一個，加上對我們有利的西班牙裔人口順風，要么與我們啤酒業務的核心優勢相一致，要么是我們正在投資的領域，以建立更充分競爭和取勝所需的能力。

We have one of the most focused and highly efficient portfolios in the industry with a long runway for growth ahead. Our inventory position has been rebuilt, and we have plans to invest aggressively behind our brands in fiscal '23. We also got some exciting new consumer-led innovation on the way.

我們擁有業內最專注、最高效的投資組合之一，未來的增長之路很長。我們的庫存狀況已經重建，我們計劃在 23 財年大力投資於我們的品牌。我們還在路上獲得了一些令人興奮的新的以消費者為主導的創新。

Modelo Especial is the #2 beer brand in dollar sales in the country and has significant distribution runway over the medium term to facilitate mid- to high single-digit total annual volume growth in the off-premise. Modelo Especial currently underindexes with non-Hispanic consumers, but has strong momentum and grew household penetration, 7% to 20%. I wish it was 70, but it was 20 with these consumers in the past 2 years, yet there's still significant opportunity to close the awareness gap in order to drive further household penetration.

Modelo Especial 是該國美元銷售額排名第二的啤酒品牌，並且在中期擁有重要的分銷渠道，以促進場外的中高個位數年總銷量增長。 Modelo Especial 目前低於非西班牙裔消費者的指數，但勢頭強勁，家庭滲透率增長 7% 至 20%。我希望它是 70 歲，但在過去 2 年中，這些消費者是 20 歲，但仍有很大的機會縮小認知差距，以推動進一步的家庭滲透。

For reference, Modelo Especial currently has only 80% of the household penetration of Corona Extra. We believe increasing total market penetration for Modelo Especial to Corona Extra levels will enable access to more than 2 million incremental consumers. Modelo Especial is the #5 draft brand in the entire category, yet it only has 11% national distribution. This distribution opportunity, along with the velocity the brand delivers, makes Modelo Especial brand our biggest on-premise priority.

作為參考，Modelo Especial 目前只有 Corona Extra 80% 的家庭普及率。我們相信，將 Modelo Especial 的總市場滲透率提高到 Corona Extra 水平，將能夠接觸到超過 200 萬的增量消費者。 Modelo Especial 是整個品類中排名第 5 的選秀品牌，但其全國分銷量僅為 11%。這種分銷機會，連同品牌交付的速度，使 Modelo Especial 品牌成為我們最大的本地優先事項。

In the F&B space, our Modelo Chelada brand family has become an important growth contributor to our portfolio as the #1 chelada in the U.S. beer market. For Modelo Chelada, we're forecasting double-digit CAGRs in the medium term, driven by extended channel distribution with new pack sizes, formats and flavors.

在餐飲領域，我們的 Modelo Chelada 品牌系列已成為我們產品組合的重要增長貢獻者，成為美國啤酒市場排名第一的 chelada。對於 Modelo Chelada，我們預測中期復合年增長率將達到兩位數，這主要得益於新包裝尺寸、格式和口味的擴展渠道分銷。

Current awareness levels from Modelo Chelada are low relative to other flavor categories and large competitors. We expect to improve awareness and accelerate growth of Modelo Chelada through maximizing social and digital media investments to broaden our demographic reach to general market consumers as well as Spanish language TV to stay connected to core Hispanic consumers.

與其他口味類別和大型競爭對手相比，Modelo Chelada 目前的認知度較低。我們希望通過最大化社交和數字媒體投資來提高 Modelo Chelada 的知名度並加速增長，以擴大我們對一般市場消費者的人口覆蓋範圍以及西班牙語電視，以與核心西班牙裔消費者保持聯繫。

Within our Chelada lineup, we're aiming for additional growth for a product line that grew over 30% last year, has tripled in size over the past 5 years and where we own almost 50% of the market nationwide. In fiscal '23, we're introducing a 12-ounce, 12-pack of (inaudible) and a new Chelada flavor, Naranja Picosa in orange and chili flavor. We're also extending the Modelo brand into new spaces to bring authentic Mexican flair to both lighter beer styles and favored cocktail-inspired beer. Modelo Oro is a premium, sessionable light cerveza with low-calories and carbs rolling out in 3 test markets, Charlotte, Fresno and Houston. This is a full-flavored beer that fits an active lifestyle.

在我們的 Chelada 產品線中，我們的目標是實現去年增長超過 30% 的產品線的額外增長，在過去 5 年中規模擴大了兩倍，我們在全國擁有近 50% 的市場份額。在 23 財年，我們推出了 12 盎司、12 包（聽不清）和一種新的 Chelada 風味，橙色和辣椒風味的 Naranja Picosa。我們還將 Modelo 品牌擴展到新的空間，為清淡的啤酒風格和受歡迎的雞尾酒風格啤酒帶來正宗的墨西哥風味。 Modelo Oro 是一款優質、可會話的清淡 cerveza，在夏洛特、弗雷斯諾和休斯頓這 3 個測試市場推出了低卡路里和碳水化合物。這是一款風味濃郁的啤酒，適合積極的生活方式。

Another product aimed at the low-calorie crowd is Modelo Cantarito Style Cerveza, a beer with fruit juice that mimics a popular Mexican beverage. It's rolling out in Atlanta, San Diego and Arizona and celebrates the strong Mexican culture and heritage we see throughout the U.S.

另一種針對低熱量人群的產品是 Modelo Cantarito Style Cerveza，一種模仿流行的墨西哥飲料的果汁啤酒。它正在亞特蘭大、聖地亞哥和亞利桑那州推出，慶祝我們在美國各地看到的強大的墨西哥文化和傳統。

Shifting gears. We're excited by the resurgence of Corona Extra, which continues to be one of the most loved brands in the U.S. beer market. While modest growth is projected for Corona Extra in fiscal '23, this brand has overindexed brand equity, indicating higher growth potential, both for the master brand and broader brand family, including younger and multicultural consumers, where we see significant opportunity to increase buy rates.

換檔。我們對 Corona Extra 的複蘇感到興奮，它仍然是美國啤酒市場上最受歡迎的品牌之一。雖然預計 Corona Extra 在 23 財年將出現適度增長，但該品牌的品牌資產指數過高，表明主品牌和更廣泛的品牌家族（包括年輕和多元文化消費者）的增長潛力更高，我們看到了提高購買率的重大機會.

Corona Extra also has a fairly high household penetration, yet it still lags behind some large competitors. Distribution opportunities also exist for Corona Premier as there are still significant effective distribution gaps versus Corona Extra.

Corona Extra 的家庭普及率也相當高，但仍落後於一些大型競爭對手。 Corona Premier 也存在分銷機會，因為與 Corona Extra 相比，仍然存在顯著的有效分銷差距。

And while buy rates continue to grow for Corona Premier, it still trails behind competing brands, indicating a significant opportunity to increase velocity. Premier is currently underdeveloped in the can format relative to its competitors, as experience indicates that cans are the preferred format for light beer drinkers.

儘管 Corona Premier 的購買率繼續增長，但仍落後於競爭品牌，這表明這是一個提高速度的重要機會。相對於其競爭對手，Premier 目前在罐裝形式方面的開發不足，因為經驗表明罐裝是淡啤酒飲用者的首選形式。

And we see a significant unlock with the launch of new packages and format sizes. Finally, consumers have embraced Corona Premier in the on-premise, and our craft focus this year is designed to accelerate that trend. For the Pacifico brand, we're forecasting 10% to 15% total annual volume growth in the medium term from distribution alone.

隨著新包裝和格式尺寸的推出，我們看到了重大的解鎖。最後，消費者已經在本地接受了 Corona Premier，我們今年的工藝重點旨在加速這一趨勢。對於 Pacifico 品牌，我們預計中期內僅從分銷來看，年總銷量將增長 10% 至 15%。

We're prioritizing growth in key DMAs for Pacifico to expand off-premise points of distribution in key cities, particularly in the West and Midwest regions of the country, which will be supported by digital media to reach target legal drinking age Gen Z consumers.

我們正在優先發展 Pacifico 的主要 DMA，以擴大主要城市的非本地分銷點，特別是在該國西部和中西部地區，這將得到數字媒體的支持，以覆蓋目標合法飲酒年齡的 Z 世代消費者。

We'll also activate consumer and customer-specific national accounts retail programs as well as steel marketing and sponsorship to support targeted investment markets. Pacifico had the hottest draft volume trend in the category during the last 52 weeks, followed closely by Modelo.

我們還將啟動消費者和特定客戶國民賬戶零售計劃以及鋼鐵營銷和讚助，以支持目標投資市場。在過去的 52 周里，Pacifico 的選秀量趨勢是該類別中最熱門的，Modelo 緊隨其後。

That trend, along with planned unique activations, positions Pacifico to continue to gain awareness with consumers. We've been increasingly focused on upping our game in the spirits-based RTD space with unique and compelling new brands. Last quarter, we announced a new agreement with the Coca-Cola Company for the U.S. market to create a new, state-of-line of spirit-based ready-to-drink cocktails using the well-loved and fast-growing fresca brand. Fresca mixed will debut this fall in vodka (inaudible) strips and tequila Paloma (inaudible).

這一趨勢以及計劃中的獨特激活使 Pacifico 能夠繼續獲得消費者的關注。我們越來越專注於通過獨特且引人注目的新品牌在基於烈酒的 RTD 領域提升我們的遊戲水平。上個季度，我們宣布與可口可樂公司就美國市場達成一項新協議，使用廣受喜愛且發展迅速的 fresca 品牌打造全新的以烈酒為基礎的即飲雞尾酒。 Fresca mix 將於今年秋天以伏特加（聽不清）條和龍舌蘭帕洛瑪（聽不清）的形式首次亮相。

In support of our collective fiscal 3 portfolio initiatives, we will continue to leverage our efficient sponsorship of UFC, the college football playoffs as well as numerous NFL, NBA and MLB teams. You'll see a significant increase and media investments to drive sustained awareness and consumer demand.

為支持我們的集體財政 3 投資組合計劃，我們將繼續利用我們對 UFC、大學橄欖球季后賽以及眾多 NFL、NBA 和 MLB 球隊的有效贊助。您將看到顯著增加和媒體投資，以推動持續的意識和消費者需求。

Overall, we plan to recruit new drinkers through advertising, investments in digital media and localized programming. In addition, our portfolio initiatives will be enabled by increasing adoption of our shopper-first shelf approach, which continues to drive results and gain traction. We completed 14,000 shopper-first shelf sets last year, our highest total to date.

總體而言，我們計劃通過廣告、數字媒體投資和本地化節目來招募新的飲酒者。此外，我們的產品組合計劃將通過越來越多地採用我們的購物者優先貨架方法來實現，這將繼續推動結果並獲得牽引力。去年，我們完成了 14,000 套購物者優先貨架，這是我們迄今為止的最高總數。

As you can see, our beer portfolio is well positioned to capitalize unveiling category and consumer trends by leveraging our core brands' competitive advantages for existing and new platforms to deliver our medium-term net sales growth target of 7% to 9%.

如您所見，我們的啤酒產品組合已做好充分準備，通過利用我們核心品牌在現有和新平台上的競爭優勢，實現我們 7% 至 9% 的中期淨銷售額增長目標，從而充分利用新品類和消費趨勢。

Now let's move on to our Wine & Spirits business. Despite the confluence of factors impacting this business in fiscal '22, including a major distributor transition, migration to SAP, inflationary headwinds and COVID related logistics and supply chain challenges, this business delivered strong organic net sales growth of 9% and solid gross margin improvement for the year.

現在讓我們繼續我們的葡萄酒和烈酒業務。儘管在 22 財年影響該業務的各種因素，包括主要分銷商轉型、向 SAP 遷移、通脹逆風以及與 COVID 相關的物流和供應鏈挑戰，但該業務實現了 9% 的強勁有機淨銷售額增長和穩健的毛利率改善一年。

Marketplace performance for our hiring brands continued to outpace the overall U.S. Wine & Spirits category primarily driven by Meiomi, Kim Crawford and the Wine Company. And our increased focus on our higher-end price segments yielded benefits as our fine wine and craft spirits portfolio achieved double-digit net sales growth driven by the Prisoner Wine Company and High West.

我們招聘品牌的市場表現繼續超過主要由 Meiomi、Kim Crawford 和 Wine Company 推動的整體美國葡萄酒和烈酒類別。由於我們的優質葡萄酒和精釀烈酒產品組合在 Prisoner Wine Company 和 High West 的推動下實現了兩位數的淨銷售額增長，因此我們更加關注高端價格細分市場帶來了收益。

Our innovation efforts also produced excellent results with growth contributions coming from Meiomi cabernet sauvignon, Kim Crawford Illuminate Sauvignon Blanc which together both held the top 2 slots among new high-end products introduced over the last 2 years as well as the Prisoner (inaudible) extensions, High West ready-to-serve cocktails and Woodbridge's Buttery Chardonnay in 3-liter box.

我們的創新努力也取得了優異的成績，來自 Meiomi 赤霞珠、Kim Crawford Illuminate Sauvignon Blanc 的增長貢獻在過去 2 年推出的新高端產品以及 Prisoner（聽不清）擴展中均位居前兩名、High West 即食雞尾酒和 Woodbridge's Buttery Chardonnay 3 升盒裝。

Heading into fiscal '23, our strategic focus includes commitment to continued premiumization, margin expansion, accelerated growth in DTC channels and continued growth in our international business. Our innovation strategy will be focused on prevailing consumer trends of premiumization, digital, betterment, convenience, sustainability and enhanced flavor profiles.

進入 '23 財年，我們的戰略重點包括致力於持續高端化、利潤率擴張、DTC 渠道加速增長以及我們國際業務的持續增長。我們的創新戰略將專注於高端化、數字化、改進、便利性、可持續性和增強風味特徵的流行消費趨勢。

We have a strong innovation pipeline planned for the coming year, which includes the launch of SVEDKA Gin, Meiomi Red Blend, Kim Crawford key wine spirits, Unshackled Chardonnay and Pinot noir and (inaudible) ready-to-serve cocktails.

我們計劃在來年推出強大的創新渠道，其中包括推出 SVEDKA Gin、Meiomi Red Blend、Kim Crawford 主要烈酒、Unshackled Chardonnay 和 Pinot noir 以及（聽不清）即食雞尾酒。

Today, we announced 2 small additions to our Wine & Spirits portfolio to complement our premiumization efforts in line with Constellation's ambition to be the #1 player in fine wine and among the top 5 in ultra-luxury and icon lines.

今天，我們宣佈在我們的葡萄酒和烈酒產品組合中增加 2 項小幅產品，以配合我們的高端化努力，以符合 Constellation 成為優質葡萄酒排名第一和超豪華和標誌性產品線前 5 名的雄心。

We have acquired the highly acclaimed Obregon line brand (inaudible). This demonstrates our commitment to building a strong omnichannel business that includes category leadership in DTC and 3-tier eCommerce while building our fine wine portfolio with a diverse collection of best wines from top line regions around the world.

我們收購了備受讚譽的 Obregon 系列品牌（聽不清）。這表明我們致力於打造強大的全渠道業務，包括在 DTC 和 3 級電子商務領域的品類領先地位，同時建立我們的優質葡萄酒組合，收集來自全球頂級地區的各種最佳葡萄酒。

We also acquired the remaining portion of Austin Cocktails, which began in 2018 as Constellation Ventures focus on female founders. Austin Cocktails is a leader in the fast-growing premium RTD segment of the U.S. beverage alcohol market. It currently is distributed in 28 states and posted depletion growth of 135% in calendar '21 as RTD trends continue to rise to popularity among consumers.

我們還收購了 Austin Cocktails 的剩餘部分，該部分始於 2018 年，因為 Constellation Ventures 專注於女性創始人。 Austin Cocktails 是美國酒精飲料市場快速增長的優質 RTD 細分市場的領導者。它目前分佈在 28 個州，並且隨著 RTD 趨勢繼續在消費者中流行起來，在 21 年日曆中的消耗量增長了 135%。

Overall, we expect fiscal '23 to be a dynamic year in our Wine & Spirits business. A tighter focus on higher-end brand strengthens the business and strategically positions it for future success.

總體而言，我們預計 23 財年將是我們葡萄酒和烈酒業務充滿活力的一年。更加專注於高端品牌可以加強業務並為未來的成功進行戰略定位。

Before I wrap, I'd like to provide a few thoughts on our investment in Canopy Growth. We continue to believe that the cannabis market represents a significant long-term growth opportunity and we're encouraged by the work Canopy is doing to further sharpen its strategy, rightsize its operating expense structure and capital investments and achieved profitability in Canada while strengthening its competitive positioning in the U.S.

在結束之前，我想就我們對 Canopy Growth 的投資提供一些想法。我們仍然相信大麻市場代表著一個重要的長期增長機會，我們對 Canopy 為進一步加強其戰略、調整其運營費用結構和資本投資並在加拿大實現盈利同時增強其競爭力所做的工作感到鼓舞在美國的定位

In their most recent quarterly results, Canopy maintained the #1 share position in premium flower products in Canada and drove record performance for its BioSteel and stores and beco product lines. We are encouraged by recent Canadian government changes to beverage equivalency regulations, allowing consumers to purchase cannabis beverages in greater quantities.

在最近的季度業績中，Canopy 在加拿大優質花卉產品中保持了第一的份額，並推動了其 BioSteel 以及商店和 beco 產品線的創紀錄業績。我們對加拿大政府最近對飲料等效法規的改變感到鼓舞，允許消費者購買更多數量的大麻飲料。

And in the U.S., Canopy's THC strategy is anchored by strategic relationships with 2 profitable MSOs, Acreage and TerrAscend, both of which are positioned in high-growth northeastern markets. Canopy continues to progress their U.S. THC strategy by establishing a scalable footprint, best-in-class products and national distribution networks required to unlock the U.S. market upon federal legalization.

在美國，Canopy 的 THC 戰略以與兩家盈利的 MSO 的戰略關係為基礎，即 Acreage 和 TerrAscend，這兩家公司都定位於高增長的東北市場。 Canopy 通過建立可擴展的足跡、一流的產品和在聯邦合法化後打開美國市場所需的全國分銷網絡，繼續推進其美國 THC 戰略。

In closing, I once again want to thank our team as well as our value distributors and retailers for your efforts in delivering another strong year of performance, and we're just as excited about our prospects for growth in the year ahead. Our beer business, led by our core iconic brands and consumer-led innovation, is poised to continue extending its leadership position in the high end of the U.S. beer market.

最後，我要再次感謝我們的團隊以及我們的價值分銷商和零售商為實現又一個強勁業績所做的努力，我們對未來一年的增長前景同樣興奮。我們的啤酒業務以我們的核心標誌性品牌和以消費者為主導的創新為主導，準備繼續擴大其在美國高端啤酒市場的領導地位。

Our continued focus on premiumization in the Wine & Spirits business is producing results, and we have plans to further focus our Wine & Spirits portfolio towards the higher end in fiscal '23. We remain committed to our previously stated capital allocation strategy, and we remain on track to deliver our $5 billion commitment by the end of fiscal '23.

我們繼續專注於葡萄酒和烈酒業務的高端化正在產生成果，我們計劃在 23 財年將我們的葡萄酒和烈酒產品組合進一步集中在高端。我們仍然致力於我們先前聲明的資本分配戰略，並且我們仍有望在 23 財年結束前兌現我們 50 億美元的承諾。

And finally, I'd like to leave you with this. We operate in a very dynamic and seemingly ever changing environment. But over the years, one thing has remained constant. (inaudible) recently came out with its annual rankings of CPG growth leaders, and Constellation was recognized for being one of the top performers yet again.

最後，我想把這個留給你。我們在一個非常動態且看似不斷變化的環境中運營。但多年來，有一件事一直保持不變。 （聽不清）最近公佈了 CPG 增長領導者年度排名，Constellation 再次被公認為表現最好的公司之一。

In fact, Constellation has been recognized as an IRI growth leader more than any other CPG company in our peer set over the last 10 years. That's something we're extremely proud of, and we look forward to continuing to keep this momentum going into our new fiscal year.

事實上，在過去 10 年中，Constellation 被公認為 IRI 增長領導者，超過了我們同行中的任何其他 CPG 公司。這是我們非常自豪的事情，我們期待在新的財政年度繼續保持這種勢頭。

And with that thought, I would like to turn it over to Garth, who will review our financial results in '22 and our financial focus for '23. Garth?

有了這個想法，我想把它交給 Garth，他將審查我們在 22 年的財務業績以及我們在 23 年的財務重點。加思？

Thank you, Bill, and good morning, everyone. Fiscal 2022 marked another year of solid financial performance and shareholder value creation despite a myriad of headwinds forming our fortitude and resiliency. Our strong operating results and powerful cash flow generation allowed us to return almost $2 billion in capital to shareholders for the year.

謝謝你，比爾，大家早上好。 2022 財年標誌著又一年穩健的財務業績和股東價值創造，儘管無數不利因素形成了我們的堅韌和彈性。我們強勁的經營業績和強大的現金流產生使我們今年向股東返還了近 20 億美元的資本。

Additionally, as Bill mentioned, this morning, we announced that we are entering into an accelerated share repurchase, or ASR, agreement to repurchase $500 million of shares during Q1 of fiscal 2023. Please note that the ASR agreement constitutes the $500 million share repurchase referenced in this morning's earnings release.

此外，正如比爾所提到的，今天上午，我們宣布我們將簽署一項加速股票回購 (ASR) 協議，以在 2023 財年第一季度回購 5 億美元的股票。請注意，ASR 協議構成了所提及的 5 億美元股票回購在今天上午的財報中。

Once we complete the ASR in Q1, we will be approximately 75% of the way toward achieving our goal of returning $5 billion to shareholders by the end of fiscal 2023. More on fiscal 2023 in a minute, but first went to review full year fiscal 2022 performance in more detail, where I'll generally focus on comparable basis financial results.

一旦我們在第一季度完成 ASR，我們將在實現到 2023 財年末向股東返還 50 億美元的目標方面完成大約 75% 的工作。稍後將詳細介紹 2023 財年，但首先要回顧一下全年財年更詳細地了解 2022 年的表現，我通常將重點放在可比較的基礎財務結果上。

Starting with beer. Net sales increased 11%, landing in the upper end of our previous guided range driven by shipment growth of approximately 9% and favorable price, which, as expected, landed slightly above our typical 1% to 2% range.

從啤酒開始。淨銷售額增長 11%，在出貨量增長約 9% 和優惠價格的推動下達到我們之前指導範圍的上限，正如預期的那樣，該價格略高於我們典型的 1% 至 2% 的範圍。

These tailwinds were partially offset by unfavorable sales mix primarily driven by a shift in package types and the return of on-premise draft SKUs. Depletion growth for the year came in at nearly 9% driven by the continued strength of Modelo Especial and Corona Extra as well as the strong return to growth in the on-premise channel.

這些順風部分被不利的銷售組合所抵消，主要是由於包裝類型的轉變和本地草稿 SKU 的回歸。由於 Modelo Especial 和 Corona Extra 的持續強勢以及本地渠道的強勁增長，今年的消耗增長接近 9%。

On-premise volume accounted for approximately 11% of the total beer depletions during the fiscal year and grew strong double digits versus last year. As a reminder, the on-premise accounted for approximately 15% of our beer depletion volume pre COVID and was only 6% of our depletion volume in fiscal 2021 as a result of on-premise shutdowns and restrictions due to COVID-19.

在本財年，內部銷售量約佔啤酒消耗總量的 11%，並且與去年相比增長了兩位數。提醒一下，由於 COVID-19 導致的內部關閉和限制，內部部署約占我們在 COVID 之前的啤酒消耗量的 15%，並且僅占我們 2021 財年消耗量的 6%。

When adjusting for 2 extra selling days in the year, the beer business generated approximately 8% depletion growth. As previously guided, cases shift continue to exceed cases depleted during the fourth quarter, which resulted in distributor inventories returning to normal levels at fiscal year-end.

當調整一年中額外的 2 個銷售日時，啤酒業務產生了約 8% 的損耗增長。如前所述，第四季度的案例轉移繼續超過消耗的案例，這導致分銷商庫存在財政年度末恢復到正常水平。

Moving on to beer margins. As expected, beer operating margin decreased 110 basis points versus prior year to 40%. Benefits from favorable pricing, marketing as a percent of net sales and mix were more than offset by unfavorable COGS.

繼續啤酒利潤。正如預期的那樣，啤酒營業利潤率較上年下降 110 個基點至 40%。有利的定價、營銷占淨銷售額和組合的百分比所帶來的好處被不利的銷貨成本所抵消。

The increase in COGS was driven by several headwinds that included the following: first, the previously announced obsolescence charge of approximately $80 million due to excess inventory of our hard seltzer SKUs resulting from a slowdown in the overall category; second, increased brewery costs driven by incremental head count, labor inflation in Mexico and increased spend related to capacity expansion; third, increased material costs due to rising commodity prices and inflationary headwinds that, on average, landed in the mid- to high single-digit increase range, predominantly driven by wood pallets, cartons steel, corn and aluminum.

COGS 的增加是由以下幾個不利因素推動的：首先，由於整體類別放緩導致我們的硬蘇打水 SKU 庫存過剩，先前宣布的過時費用約為 8000 萬美元；其次，由於員工人數增加、墨西哥勞動力膨脹以及與產能擴張相關的支出增加，啤酒廠成本增加；第三，由於大宗商品價格上漲和通脹逆風導致材料成本增加，平均而言，通脹阻力在中高個位數增長范圍內，主要由木托盤、紙箱鋼、玉米和鋁推動。

Please note that this range includes the impact of hedging where possible. And lastly, step-up in depreciation expense, largely due to the incremental 5 main hectoliters at Obregon completed in early fiscal 2022. These comp headwinds were partially offset by favorable fixed cost absorption driven by increased production levels in fiscal 2022 versus last year.

請注意，此範圍包括盡可能對沖的影響。最後，折舊費用的增加，主要是由於 Obregon 在 2022 財年初完成了 5 主要百升的增量。這些不利因素被 2022 財年與去年相比產量水平提高所帶來的有利的固定成本吸收所部分抵消。

On an absolute dollar basis, marketing investments increased versus prior year. However, due to favorable top line leverage, marketing as a percent of net sales decreased 40 basis points to 9.2% versus prior year.

按絕對美元計算，營銷投資比上一年有所增加。然而，由於有利的收入槓桿，營銷占淨銷售額的百分比與去年相比下降了 40 個基點至 9.2%。

Moving to Wine & Spirits. Net sales declined 19% as shipments declined approximately 34%. Excluding the impact of the wine experience divestitures, organic net sales increased 9% mainly driven by shipment growth of nearly 3%, favorable mix, increased pricing and small tainted bulk wine sales related to the 2020 wildfires. Organic shipment growth was largely driven by Meiomi, Kim Crawford and the Prisoner partially offset by a decline for some of our key mainstream brands.

轉向葡萄酒和烈酒。淨銷售額下降 19%，出貨量下降約 34%。排除葡萄酒體驗剝離的影響，有機淨銷售額增長了 9%，主要是受近 3% 的出貨量增長、有利的組合、定價增加以及與 2020 年野火相關的小受污染散裝葡萄酒銷售的推動。有機出貨量增長主要由 Meiomi、Kim Crawford 和囚徒推動，部分被我們一些主要主流品牌的下降所抵消。

Depletions declined approximately 6%, mainly driven by SVEDKA, Robert Mondavi Private Selection and Woodbridge. These declines were partially offset by the robust growth of our higher-end brands, led by the Prisoner Wine Company of 16%; made only in High West, up 13%; and Kim Crawford, up 9%. Shipment growth was ahead of depletion growth for the year, mostly reflecting impacts from our distributor transition.

消耗量下降了約 6%，主要由 SVEDKA、Robert Mondavi Private Selection 和 Woodbridge 推動。這些下降部分被我們高端品牌的強勁增長所抵消，其中 Prisoner Wine Company 增長了 16%；僅在 High West 製造，增長 13%；和金克勞福德，上漲 9%。今年的出貨量增長領先於消耗增長，主要反映了我們分銷商轉型的影響。

During the coming year, we expect to rightsize inventory levels in the business. Operating margin decreased 180 basis points to 22.7% as mix benefited from the divestiture and favorable price were more than offset by increased marketing and SG&A spend as a percent of net sales and increased costs.

在來年，我們預計將調整業務的庫存水平。營業利潤率下降 180 個基點至 22.7%，原因是資產組合受益於資產剝離，而有利的價格被營銷和 SG&A 支出占淨銷售額的百分比增加和成本增加所抵消。

Higher costs were driven by increased freight and warehousing costs partially offset by net favorable fixed cost absorption, lower break raw materials and cost savings initiatives. Marketing and SG&A as a percent of net sales increased versus the prior year largely due to a loss of top line leverage resulting from the divestitures.

較高的成本是由增加的運費和倉儲成本推動的，這部分被淨有利的固定成本吸收、較低的破損原材料和成本節約舉措所抵消。營銷和 SG&A 占淨銷售額的百分比與上一年相比有所增加，這主要是由於資產剝離導致的頂線槓桿損失。

Now let's proceed with the rest of the P&L. Fiscal 2022 corporate expense came in slightly higher than our previous guidance, finishing at approximately $238 million up 4% versus last fiscal year. This increase was primarily driven by higher consulting T&E spend and increased depreciation.

現在讓我們繼續處理損益表的其餘部分。 2022 財年的企業支出略高於我們之前的指引，最終達到約 2.38 億美元，比上一財年增長 4%。這一增長主要是由於諮詢 T&E 支出增加和折舊增加所致。

These headwinds were partially offset by a decrease in compensation and benefits and a favorable foreign currency impact. Interest expense for the year decreased 8% to approximately $356 million primarily due to lower average borrowings partially offset by higher weighted average interest rates.

這些不利因素被薪酬和福利的減少以及有利的外匯影響部分抵消。本年度利息支出減少 8% 至約 3.56 億美元，主要是由於較低的平均借款部分被較高的加權平均利率所抵消。

Our full year comparable basis effective tax rate, excluding Canopy equity and earnings came in at 17.5% versus 18.2% last year primarily driven by a higher level of stock-based compensation benefits. Effective tax rates on our 4 businesses came in lower than expected during Q4, driving tax rate favorability versus our previous guidance.

我們的全年可比基礎有效稅率（不包括 Canopy 股權和收益）為 17.5%，而去年為 18.2%，這主要是由於更高水平的基於股票的薪酬福利。在第四季度，我們 4 項業務的有效稅率低於預期，與我們之前的指導相比，推動稅率有利。

Moving to fiscal 2022 free cash flow, which we define as net cash provided by operating activities less CapEx. We generated $1.7 billion of free cash flow, which reflects strong operating cash. CapEx totaled approximately $1 billion and was in line with our most recent guidance. This included approximately $850 million of CapEx for our Mexico beer operations expansion.

轉向 2022 財年的自由現金流，我們將其定義為運營活動提供的淨現金減去資本支出。我們產生了 17 億美元的自由現金流，這反映了強勁的運營現金。資本支出總額約為 10 億美元，符合我們最近的指導。這包括大約 8.5 億美元的資本支出，用於我們的墨西哥啤酒業務擴張。

Pivoting to our full year fiscal 2023 P&L and cash flow targets. For fiscal 2023, we expect comparable basis diluted EPS to be in the range of $11.20 to $11.50, which excludes Canopy equity and earnings. For fiscal 2023, the beer business is targeting net sales growth of 7% to 9%, reflecting 1 to 2 points of pricing benefit within our Mexican product portfolio, which is in line with our typical pricing strategy and operating income growth of 2% to 4%.

轉向我們的 2023 財年全年損益和現金流目標。對於 2023 財年，我們預計可比基礎攤薄後每股收益將在 11.20 美元至 11.50 美元之間，其中不包括 Canopy 股權和收益。對於 2023 財年，啤酒業務的目標是淨銷售額增長 7% 至 9%，這反映了我們墨西哥產品組合中 1 至 2 個定價優勢，這與我們的典型定價策略和營業收入增長 2% 至4%。

This implies operating margin to approximately 38%. As previously discussed, the implied decline in operating margin is predominantly driven by gross margin compression as benefits from price and our cost savings agenda are expected to be more than offset by the following COGS headwinds.

這意味著營業利潤率約為 38%。如前所述，營業利潤率的隱含下降主要是由毛利率壓縮驅動的，因為價格和我們的成本節約議程帶來的好處預計將被以下 COGS 逆風所抵消。

First, we are expecting elevated inflationary pressures to continue throughout fiscal 2023 and estimating inflation on the commodity spend component of raw and packaging materials to land, on average, in the high single-digit to low double-digit range, including the impact of hedging and (inaudible). These significant inflationary pressures are expected across numerous cost components but largely driven by aluminum, cartons, wood pallets and steel.

首先，我們預計通脹壓力將在整個 2023 財年持續上升，並估計原材料和包裝材料的商品支出部分的通脹率將平均在高個位數到低兩位數範圍內，包括對沖的影響和（聽不清）。這些巨大的通脹壓力預計會出現在眾多成本組成部分中，但主要由鋁、紙箱、木托盤和鋼材驅動。

Second, similar to fiscal 2022, we are expecting incremental brewing costs driven by labor inflation in Mexico is estimated to range between 5% and 6% as well as incremental head count and training expenses to support our continued capacity expansion initiatives.

其次，與 2022 財年類似，我們預計墨西哥勞動力通脹推動的釀造成本增量估計在 5% 至 6% 之間，以及增加的員工人數和培訓費用，以支持我們持續的產能擴張計劃。

Third, as a result of these brewery expansion plans, we are estimating a step-up in depreciation expense as additional capacity is planned to come online throughout the fiscal year. For fiscal 2023, we are targeting total beer segment depreciation expense to approximate $295 million or an increase of approximately $45 million.

第三，由於這些啤酒廠的擴張計劃，我們估計折舊費用會增加，因為計劃在整個財政年度增加產能。對於 2023 財年，我們的目標是啤酒部門折舊費用總額約為 2.95 億美元，或增加約 4500 萬美元。

And finally, we expect margin headwinds related to incremental logistics costs in fuel and freight rates for both rail and truck, which is expected to drive an increase in the low to high single-digit range.

最後，我們預計與鐵路和卡車的燃料和運費增加的物流成本相關的利潤率逆風，預計將推動低至高個位數範圍的增長。

As previously stated, we expect to execute against our aggressive cost savings agenda to help partially offset these headwinds, along with expected favorable fixed cost absorption driven by increased production models. As it relates to beer marketing spend for fiscal 2023, we expect marketing as a percent of net sales to land in the 9% to 10% range.

如前所述，我們希望執行我們積極的成本節約議程，以幫助部分抵消這些不利因素，以及由增加的生產模型推動的預期有利的固定成本吸收。由於它與 2023 財年的啤酒營銷支出有關，我們預計營銷占淨銷售額的百分比將在 9% 到 10% 之間。

Shifting to Wine & Spirits. For fiscal 2023, the Wine & Spirits business is targeting net sales to decline 1% to 3%. While this range is outside our medium-term growth goal for the business, it is an anomaly driven by the significant overlap we have from our distributor transition as well as revenues associated with sales of smoke-tainted bulk wine.

轉向葡萄酒和烈酒。對於 2023 財年，葡萄酒和烈酒業務的目標是淨銷售額下降 1% 至 3%。雖然這個範圍超出了我們對該業務的中期增長目標，但由於我們的分銷商轉型以及與煙熏散裝酒銷售相關的收入的顯著重疊，這是一個反常現象。

Both are anticipated to be onetime in nature, and thus, we do not expect them to be repeated in fiscal year 2023. Excluding these impacts, we expect an underlying Wine & Spirits business to return to its targeted goal of 2% to 4% net sales growth next fiscal year.

兩者都預計是一次性的，因此，我們預計它們不會在 2023 財年重演。排除這些影響，我們預計潛在的葡萄酒和烈酒業務將回到其淨 2% 至 4% 的目標目標下一財年的銷售增長。

On the bottom line, we expect operating income to increase in the 4% to 6% range. This implies operating margin to approximate 24.5%, which represents almost 200 basis points of margin expansion. This margin expansion reflects benefits from price, mix and cost saving initiatives to help more than offset significant cost inflation headwinds mostly related to freight and packaging.

歸根結底，我們預計營業收入將增長 4% 至 6%。這意味著營業利潤率約為 24.5%，這代表了近 200 個基點的利潤率擴張。這種利潤增長反映了價格、組合和成本節約舉措帶來的好處，這些舉措不僅有助於抵消主要與貨運和包裝相關的重大成本通脹逆風。

Cost saving initiatives include optimizing the Appalachian mix across our portfolio and decreasing the weight of our glass bottles, which also has positive environmental impacts. This is a good spot to update everyone on our Wine & Spirits operating margin expectations in the medium term.

節省成本的舉措包括優化我們產品組合中的阿巴拉契亞混合物和減輕玻璃瓶的重量，這也對環境產生了積極的影響。這是向所有人更新我們的葡萄酒和烈酒中期營業利潤率預期的好地方。

Since we provided original targets back in 2019, the operational environment has changed considerably. Inflationary pressures have got significantly worse, driving increased freight and warehousing costs in fiscal 2022 and are expected to continue well into fiscal 2023. Additionally, while we continue to remove stranded costs from the business, we strategically decided to reinvest more of these savings back into the areas of businesses that are driving growth.

自從我們在 2019 年提供原始目標以來，運營環境發生了很大變化。通脹壓力明顯惡化，推動 2022 財年的貨運和倉儲成本增加，預計將持續到 2023 財年。此外，在我們繼續從業務中消除擱淺成本的同時，我們從戰略上決定將更多這些節省的資金重新投資於推動增長的業務領域。

Specifically, in DTC, e-commerce, our fine wine and craft spirits portfolio and consumer-led products that are fueled by category tailwinds. As such, we've updated our operating margin goal to reflect these impacts and now expect medium-term operating margins to migrate to a range of 28% to 29% and EBIT margins at approximately 30%, reflecting a leading margin structure for our industry.

具體而言，在 DTC、電子商務、我們的優質葡萄酒和工藝烈酒組合以及受類別順風推動的消費者主導產品方面。因此，我們更新了我們的營業利潤率目標以反映這些影響，現在預計中期營業利潤率將遷移到 28% 至 29% 的範圍內，息稅前利潤率約為 30%，反映了我們行業領先的利潤率結構.

Before we move on to guidance for the rest of the P&L, I'd like to highlight the new additions to our wine spirit portfolio that Bill mentioned earlier. As part of the evolution to the high end, we acquired lingua franca as well as the remaining interest in Austin Cocktails from our ventures portfolio, 2 businesses positioning categories with significant growth tailwinds behind it.

在我們繼續對損益表的其餘部分進行指導之前，我想強調一下比爾之前提到的我們葡萄酒烈酒組合中的新增內容。作為向高端發展的一部分，我們從我們的風險投資組合中收購了 lingua franca 以及對 Austin Cocktails 的剩餘權益，這兩個業務定位類別，背後有顯著的增長順風。

From a finance perspective, these transactions collectively, along with My Favorite Neighbor, which was fully acquired in fiscal 2022 were almost entirely self-funded through the sale of one of our successful venture investments, which generated a significant return on investment.

從財務角度來看，這些交易連同我最喜歡的鄰居（在 2022 財年被完全收購）幾乎完全是通過出售我們成功的風險投資之一自籌資金的，這產生了可觀的投資回報。

Other fiscal 2023 guidance assumptions include the following: corporate expenses to approximate $230 million, interest expense to be in the range of $350 million to $360 million and a comparable tax rate, excluding Canopy equity earnings of approximately 20%.

其他 2023 財年指導假設包括：公司費用約為 2.3 億美元，利息費用在 3.5 億美元至 3.6 億美元之間，以及可比的稅率，不包括大約 20% 的 Canopy 股權收益。

The increase in our tax rate is mainly driven by a lower level of anticipated stock-based compensation benefits versus fiscal 2022. Rounding up the P&L, noncontrolling interest is expected to approximate $40 million and weighted average diluted shares outstanding are targeted at approximately 198 million (sic, see press release, "189 million").

與 2022 財年相比，我們的稅率增加主要是由於預期的基於股票的薪酬福利水平較低。將損益四捨五入，非控股權益預計約為 4000 萬美元，加權平均稀釋後流通股目標約為 1.98 億股（原文如此，見新聞稿，“1.89 億”）。

This share count assumes we executed a $500 million of share repurchases in Q1. We plan to repurchase additional shares throughout the remainder of the fiscal year. However, we do not know the timing of cadence, and as such, these expected share repurchases have been excluded from our guidance assumptions.

此股數假設我們在第一季度執行了 5 億美元的股票回購。我們計劃在本財年剩餘時間內回購更多股份。但是，我們不知道節奏的時間安排，因此，這些預期的股票回購已被排除在我們的指導假設之外。

We will continue to update our outstanding shares accordingly when we report quarterly earnings throughout the fiscal year. Additionally, this EPS guidance range does not reflect a prolonged impact from the volatility associated with the ongoing headwinds we've been experiencing on fuel prices and other commodities as the sustained impact of the recent geopolitical events remains unclear.

當我們報告整個財政年度的季度收益時，我們將繼續相應地更新我們的流通股。此外，由於近期地緣政治事件的持續影響仍不明朗，這一每股收益指導範圍並未反映與我們一直在經歷的燃料價格和其他商品的持續逆風相關的波動性的長期影響。

Thankfully, we have no employees who live or work in Russia or Ukraine, and we have minimal commercial disclosure to this part of the world. That said, our thoughts and prayers are with those being impacted by this growing humanitarian crisis, and we wish for a quick resolution to this conflict and return the peace in the region.

值得慶幸的是，我們沒有在俄羅斯或烏克蘭生活或工作的員工，我們對世界這一地區的商業信息披露很少。也就是說，我們的想法和祈禱與那些受到日益嚴重的人道主義危機影響的人們同在，我們希望迅速解決這場衝突並恢復該地區的和平。

Turning to cash flow. We expect fiscal 2023 free cash flow to be in the range of $1.3 billion to $1.4 billion, which reflects operating cash flow in the range of $2.6 billion to $2.8 billion and CapEx of $1.3 billion to $1.4 billion, including approximately $1.2 billion targeted for Mexico beer operations expansion.

轉向現金流。我們預計 2023 財年的自由現金流將在 13 億美元至 14 億美元之間，這反映了運營現金流在 26 億美元至 28 億美元之間，資本支出為 13 億美元至 14 億美元，其中包括墨西哥啤酒的約 12 億美元經營擴張。

To wrap up, I'd like to reiterate that our capital allocation strategy remains unchanged. In fiscal 2022 alone, our strong operating results and powerful cash flow generation capabilities enabled us to return almost $2 billion in capital to shareholders as part of our overall goal of returning $5 billion by the end of our fiscal 2023.

最後，我想重申我們的資本配置策略保持不變。僅在 2022 財年，我們強勁的經營業績和強大的現金流生成能力就使我們能夠向股東返還近 20 億美元的資本，這是我們在 2023 財年末返還 50 億美元的總體目標的一部分。

Our capital allocation priorities augment our organic growth strategy to enable strategic reinvestment where we see category tailwinds. We believe this strategy, combined with excellent execution and returns to shareholders, positions us to be a top-tier shareholder return generator for many years to come. With that, Bill and I are happy to take your questions.

我們的資本配置優先事項增強了我們的有機增長戰略，以在我們看到類別順風的情況下實現戰略再投資。我們相信，這一戰略，加上出色的執行力和股東回報，使我們在未來多年成為頂級股東回報創造者。有了這個，比爾和我很高興回答你的問題。

(Operator Instructions) Our first question today is coming from Lauren Lieberman from Barclays.

（操作員說明）我們今天的第一個問題來自 Barclays 的 Lauren Lieberman。

Great. I wanted to talk just a little bit about Corona. I was actually surprised that in your prepared remarks, you talked about expecting more modest growth in Corona Extra in '23. But the momentum on that brand has been so strong this year, my understanding of anecdotes around performance during the Super Bowl period has been tremendous. So just curious why expecting things to slow down a bit in '23.

偉大的。我想談談科羅娜。實際上，我很驚訝在您準備好的講話中，您談到預計 23 年 Corona Extra 的增長將更加溫和。但這個品牌今年的勢頭如此強勁，我對超級碗期間關於表現的軼事的理解是巨大的。所以只是好奇為什麼期望事情在 23 年會放緩一點。

Well, Lauren, we're actually very optimistic that we'll continue to see strong Corona Extra performance. Obviously, as you point out, it was a very pleasant situation for us this past fiscal year, and it significantly outperformed than we expected.

好吧，勞倫，我們實際上非常樂觀，我們將繼續看到強勁的 Corona Extra 表現。顯然，正如您所指出的，上一財年對我們來說這是一個非常愉快的情況，而且表現明顯好於我們的預期。

But we also have a lot of other priorities in the Corona brand family, as you know. As I stated in my remarks, we expect Premier to be a heavy focus both in the on-premise as well as building out our distribution capabilities in the off-premise.

但如您所知，我們在 Corona 品牌家族中還有許多其他優先事項。正如我在講話中所說，我們預計 Premier 將成為內部部署以及在外部部署中建立我們的分發能力的重點。

So we're just trying to be sort of aware that we're going to have a lot of overall work across the family, but we expect to continue to see Corona Extra be a continuing growth driver in our overall business.

因此，我們只是想意識到我們將在整個家庭中進行大量的整體工作，但我們希望繼續看到 Corona Extra 成為我們整體業務的持續增長動力。

Our next question is coming from Dara Mohsenian from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Dara Mohsenian。

So I wanted to focus on beer margins. First, just how much visibility do you think you have on the fiscal 2023 beer margin guidance given there's a number of moving pieces? There's also tremendous external volatility including how hedged or locked in on contracts you are on some of your key commodities and might -- and what might be some of the bigger risk points in terms of margins?

所以我想專注於啤酒利潤。首先，鑑於有許多變動因素，您認為您對 2023 財年啤酒利潤指引的知名度有多大？還有巨大的外部波動，包括您對一些關鍵商品和可能的合約的對沖或鎖定 - 以及在利潤率方面可能存在哪些更大的風險點？

And then second, just on the pricing front, playing devil's advocate, why not be more aggressive than the long-term 1% to 2% algorithm? I'm just having a hard time believing that $1 incremental per case cost on beer is going to be that much of a factor in a trade down decision relative to consumers seeing much, much higher dollar pressure from other areas, whether it's grocery, gas or electricity costs. So just your thoughts around why not being more aggressive on pricing, particularly given the market share volatility and if you're seeing any signs of trade down so far?

其次，只是在定價方面，扮演魔鬼的擁護者，為什麼不比長期的 1% 到 2% 算法更激進呢？我很難相信每箱啤酒增加 1 美元的成本將成為降低交易決定的一個重要因素，而消費者看到來自其他領域（無論是雜貨店、天然氣）的美元壓力要高得多或電費。所以只是你的想法為什麼不在定價上更加激進，特別是考慮到市場份額的波動，以及你是否看到迄今為止任何交易下降的跡象？

Thanks, Dara. I'll take the first part of that question on margin and then Bill will comment on pricing. So as we started selling in the second half of last year. The inflationary environment, obviously, have gotten a little bit deeper and more protracted than anyone expected.

謝謝，達拉。我將回答關於保證金問題的第一部分，然後比爾將評論定價。因此，當我們在去年下半年開始銷售時。顯然，通脹環境比任何人預期的都更加深刻和持久。

And so that's why we (inaudible) folks in January as to the facts we're going to be facing some additional headwinds this coming year. Typically, we're seeing inflationary increases on a year-over-year basis in that kind of low to mid-single-digit range.

這就是為什麼我們（聽不清）1 月份的人們，我們將在來年面臨一些額外的逆風。通常情況下，我們看到通脹在這種低到中個位數範圍內同比增長。

And this year, we're exporting them in the high single digit to low to mid-double-digit range. You're seeing that across things like glass, which is our biggest component in beer, which is up 6%. Cartons are up 17%. Crowns were up 26%. Wood pallets are up 35%. So costs are definitely under pressure for sure.

今年，我們以高個位數到中低兩位數的範圍出口它們。你會在玻璃之類的東西上看到這一點，這是我們在啤酒中最大的成分，上漲了 6%。紙箱價格上漲 17%。皇冠上漲了 26%。木托盤上漲了 35%。因此，成本肯定面臨壓力。

That being said, we think that we're fairly well positioned as we enter into the year. To be very proactive around this, we've gotten more aggressive with our hedging policy or our hedging practices, I should say. We typically enter a year somewhere hedged in the neighborhood of sort of 50% to 60% on any given line.

話雖如此，我們認為我們在進入這一年時處於相當有利的位置。我應該說，為了在這方面非常積極主動，我們在對沖政策或對沖實踐方面變得更加積極。我們通常會在任何給定的行上進入大約 50% 到 60% 的對沖年份。

But this year, we've taken a more defensive posture to make sure that we're really protecting the P&L as we enter the year this year, we're hedged at about 75% on aluminum, 70% on natural gas, 60% on the core and 90% of diesel. So we're in a pretty good spot.

但是今年，我們採取了更具防禦性的姿態，以確保我們在今年進入這一年時真正保護了損益表，我們對鋁的對沖比例約為 75%，對天然氣的對沖比例為 70%，對沖比例為 60%在核心和 90% 的柴油上。所以我們處於一個很好的位置。

That being said, as you articulated, there's a lot of volatility around commodities, and that's where we're watching as we go through the year, and we're being opportunistic to layer and even been further hedges as we see weaknesses on a day-to-day basis. So we think we're in pretty good shape. But certainly, there's still some exposure just given the depth and the duration of the inflationary environment we're currently in.

話雖如此，正如您所闡述的那樣，大宗商品周圍存在很多波動，這就是我們在這一年中所關注的地方，當我們看到一天的弱點時，我們正在伺機進行分層甚至進一步對沖以日為基礎。所以我們認為我們的狀態非常好。但可以肯定的是，考慮到我們目前所處的通脹環境的深度和持續時間，仍有一些風險敞口。

So relative to your question on price, we certainly understand the question and the thought behind it. So let me remind you how we price. We price on a SKU-by-SKU basis, market-by-market basis, and we're going to continue to do it that way. We also are probably a bit more judicious on price, and perhaps we could be.

所以相對於你關於價格的問題，我們當然理解這個問題及其背後的想法。所以讓我提醒你我們是如何定價的。我們按 SKU 和市場定價，我們將繼續這樣做。我們也可能在價格上更加明智，也許我們可以。

The reality is we need to be sensitive to our consumers. It's a challenging time for consumers across many, many industries. And it's our view that this is not the time to try to put extra burden out on one of the critical things that many people have in their basket, which happens to be our beers.

現實是我們需要對消費者敏感。對於許多行業的消費者來說，這是一個充滿挑戰的時期。我們認為，現在不是嘗試為許多人籃子裡的關鍵物品之一（恰好是我們的啤酒）增加額外負擔的時候。

So we're a bit probably more judicious than we might be able to be, but we think this is in the long-term interest. We always say it's a whole lot easier to keep your consumer than to lose them and have to reacquire them. And that's part of what drives our thinking.

因此，我們可能比我們所能做的更明智，但我們認為這符合長期利益。我們總是說，留住你的消費者要比失去他們並重新獲得他們容易得多。這就是驅動我們思考的部分原因。

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

您的下一個問題來自高盛的 Bonnie Herzog。

Maybe just a little bit of a follow-on question to Bill, what you were just mentioning. I was just hoping to get some color from you on the consumer and sort of the spending behavior so far this year. I certainly know your products are premium, but curious, are you seeing any signs of down-trading pressure?

也許只是對比爾的一點後續問題，你剛才提到的。我只是希望從你那裡得到一些關於今年迄今為止的消費者和消費行為的信息。我當然知道您的產品很優質，但很好奇，您是否看到任何下跌交易壓力的跡象？

And then could you talk about how well you think your portfolio will hold up if or when we enter a recession? I know Bill, in the past, you kind of mentioned your portfolio is pretty defensive. So I'd just be curious to kind of hear you revisit that for us.

然後你能談談如果或當我們進入衰退時，你認為你的投資組合將如何支撐？我知道比爾，在過去，你提到過你的投資組合非常具有防禦性。所以我很想听到你為我們重新審視它。

You bet, Bonnie. Fortunately, so far, things are holding up very well. One of the things that I've seen over the course of my career in the alcoholic beverage business, is many, many times, when there is recessionary environments, consumers are still interested in our category and almost view it as a small luxury that they can still experience where they might pass on buying a new refrigerator or something that's a bigger purchase.

你打賭，邦妮。幸運的是，到目前為止，事情進展順利。我在酒精飲料行業的職業生涯中看到的一件事是，很多次，當經濟不景氣時，消費者仍然對我們的品類感興趣，幾乎將其視為他們認為的小奢侈品仍然可以體驗到他們可能會放棄購買新冰箱或購買更大的東西的地方。

If they're having personal challenges, they still want to engage in some things that they enjoy in their life. And fortunately, our category is one of those. So far, this continues to hold. And I think it speaks directly to my answer to Dara a minute ago, which is trying to be sensitive to our consumer and to make sure that we continue to provide our great products to them at pricing that's reasonable given a tough environment.

如果他們面臨個人挑戰，他們仍然想從事一些他們在生活中享受的事情。幸運的是，我們的類別就是其中之一。到目前為止，這種情況繼續存在。我認為這直接反映了我在一分鐘前對 Dara 的回答，它試圖對我們的消費者保持敏感，並確保我們繼續以在艱難的環境下合理的價格向他們提供我們的優質產品。

Our next question is coming from Chris Carey from Wells Fargo.

我們的下一個問題來自富國銀行的 Chris Carey。

Just one follow-up on the pricing and then related question. Are you planning on pricing on Corona? Or is that all going in Modelo and the other SKUs? Can you just maybe comment on where the pricing is going to be going in? And then just specifically on Modelo, I think you said mid-single digit to high single digit in the off-premise.

只是對定價的跟進，然後是相關問題。您是否打算在 Corona 上定價？或者這一切都在 Modelo 和其他 SKU 中進行？您能否評論一下定價的走勢？然後特別是在 Modelo 上，我想你說的是場外的中個位數到高個位數。

Can you maybe review expectations for on-premise penetration for this fiscal year? And just in general, where you see that as far as kind of innings of developing the on-premise for that specific offering?

您能否回顧一下本財年對本地滲透率的預期？就一般而言，您在哪裡看到為該特定產品開發內部部署的那種局？

Yes, you bet. So I'll just remind you what I said earlier, which is we look at pricing on a SKU-by-SKU basis, on a market-by-market basis. So it's not any individual brand, let's say, where we focus on pricing. It's really on a SKU-by-SKU or brand by brand. And so there's not a generality, as to your question, on a particular brand.

是的，你打賭。因此，我只想提醒您我之前所說的，即我們在逐個 SKU 的基礎上，在逐個市場的基礎上查看定價。因此，比方說，我們專注於定價的不是任何單個品牌。它實際上是逐個 SKU 或逐個品牌的。因此，對於您的問題，對於特定品牌並沒有普遍性。

Relative to Modelo, as I also stated earlier, one of our biggest opportunity is really on-premise draft. We're the #5 player in on-premise draft. We're only 11% penetration nationally in that particular format. That's a great opportunity for us to expand our reach, particularly on Modelo Especial.

相對於 Modelo，正如我之前所說，我們最大的機會之一是真正的本地草稿。我們在本地選秀中排名第五。我們在全國范圍內這種特定格式的滲透率只有 11%。這是我們擴大影響力的絕佳機會，尤其是在 Modelo Especial 上。

And interestingly enough, it was only beaten out of its growth last year by Pacifico, which I guess is not the worst thing. But certainly, Modelo, we think, has a great opportunity to continue to expand its reach, particularly as we continue to see much greater penetration in non-Hispanic households that's going to be both the on-premise and the off-premise numbers that both you and I quoted earlier?

有趣的是，它僅在去年被 Pacifico 擊敗，這並不是最糟糕的事情。但可以肯定的是，我們認為，Modelo 有一個很好的機會繼續擴大其影響範圍，特別是當我們繼續看到非西班牙裔家庭的滲透率更高時，這將是內部和外部的數字，兩者都是你和我之前引用的？

Thank your next question today is coming from Kaumil Gajrawala from Credit Suisse.

謝謝你今天的下一個問題來自瑞士信貸的 Kaumil Gajrawala。

Garth, can you maybe talk about the logic behind doing an ASR versus just buying in the open market over the course of the first quarter?

Garth，您能否談談在第一季度進行 ASR 與僅在公開市場上購買背後的邏輯？

Sure. Thanks, Kaumil. Look, we're going to use the same approach this year that we used last year, which is we're going to use all sort of the tools that are available to us to buy back the shares that we need to buy back in order to meet our obligations.

當然。謝謝，考米爾。看，今年我們將使用與去年相同的方法，即我們將使用所有可用的工具來回購我們需要回購的股票履行我們的義務。

So last year, we used an ASR in the second quarter. We also took advantage of a 10b5 and 10b18 program. So we're going to do that for the -- we can optimize the timing of the -- of our repurchases as well as appropriately dollar cost averaging, dollar cost average out here to make sure we get the best value for this. And we opted to use the ASR in the first quarter because we're going to get the benefits earlier in the year.

所以去年，我們在第二季度使用了 ASR。我們還利用了 10b5 和 10b18 計劃。因此，我們將為 - 我們可以優化回購的時間以及適當的美元成本平均，美元成本平均在這裡確保我們獲得最佳價值。我們選擇在第一季度使用 ASR，因為我們將在今年早些時候獲得收益。

And also, I think that it's a good time for us to buy it.

而且，我認為現在是我們購買它的好時機。

Thank your next question today is coming from Vivien Azer from Cowen and Company.

謝謝你今天的下一個問題來自 Cowen and Company 的 Vivien Azer。

I just wanted to offer, I think it's really reassuring to investors how consistent you guys have been in terms of the commentary on capital allocation today. So thank you for that. In terms of my question, I also wanted to focus on pricing in the health of the consumer but perhaps pivoting to the Wine & Spirits business.

我只是想提供，我認為這真的讓投資者放心，你們今天對資本配置的評論是多麼的一致。非常感謝你的幫忙。就我的問題而言，我還想關註消費者健康的定價，但可能會轉向葡萄酒和烈酒業務。

Clearly, you guys have done a ton of work to premiumize your portfolio. So given the portfolio evolution in Wine & Spirits, how does that change your thinking around your ability to take price there?

顯然，你們已經做了大量的工作來提升你的投資組合。因此，鑑於 Wine & Spirits 的投資組合演變，這將如何改變您對定價能力的思考？

I think it largely depends on the sector of the wine business in which we're discussing. As you know, mainstream is actually down, although we're gaining share in a down market. And that's the way we think about it. Let's gain share in the mainstream of the business.

我認為這在很大程度上取決於我們正在討論的葡萄酒行業。如你所知，主流實際上已經下降，儘管我們在低迷的市場中獲得了份額。這就是我們思考它的方式。讓我們在業務的主流中獲得份額。

On the other hand, as you move up the price ladder, you're seeing significant acceleration, and many of our brands are performing extremely well, and it does give us some opportunity to increase our pricing and to do it probably even a better job of covering some of the inflationary increases that we see in the beer business.

另一方面，隨著價格階梯的上升，您會看到顯著加速，我們的許多品牌都表現得非常好，這確實給了我們一些提高定價的機會，甚至可能做得更好涵蓋了我們在啤酒業務中看到的一些通貨膨脹性增長。

So I think you should expect them to see a bifurcated answer where we need to be sensitive to what the marketplace is giving us in the mainstream but there's probably some opportunity as you look at the premium and up sections to be a little bit more aggressive in the pricing arena.

所以我認為你應該期望他們看到一個分叉的答案，我們需要對市場在主流中給我們的東西保持敏感，但是當你看到溢價和更高的部分時，可能會有一些機會在定價領域。

Our next question today is coming from Nik Modi from RBC Capital Markets.

我們今天的下一個問題來自加拿大皇家銀行資本市場的 Nik Modi。

So just a quick housekeeping item and then that is a real question. Just, Bill, if you can just comment, given the rules around ASRs and material nonpublic information, can I presume that Constellation is not sitting on some news regarding a large M&A transaction?

所以只是一個快速的家務項目，然後這是一個真正的問題。只是，比爾，如果你可以評論一下，鑑於有關 ASR 和重大非公開信息的規則，我可以假設 Constellation 沒有坐視有關大型併購交易的一些消息嗎？

So that was just a clarification. And the real question is any update on how March depletions look. Some of the channel work that we did suggested some very strong results that look to be an acceleration sequentially from what you guys showed this February quarter. So any thoughts on that would be helpful.

所以這只是一個澄清。真正的問題是有關 3 月消耗情況的任何更新。我們所做的一些渠道工作表明了一些非常強勁的結果，這些結果看起來比你們在今年 2 月季度展示的結果有所加速。因此，對此的任何想法都會有所幫助。

Nik, this is Garth. I'll take the first part, and then I'll turn it over to Bill. I think it speaks for itself that Constellation is fully aware of and comprise all of our obligations to under state and federal securities laws. .

尼克，這是加思。我會拿第一部分，然後我會把它交給比爾。我認為，Constellation 充分了解並包含我們在州和聯邦證券法下的所有義務，這不言而喻。 .

And relative to your question of how March was, Nik, we're pleased that it's at least consistent with our annual algorithm despite huge comps that we faced in March of last year. So we're pretty pleased that we got off to a good start.

相對於你關於三月如何的問題，尼克，我們很高興它至少與我們的年度算法一致，儘管我們在去年三月面臨巨大的競爭。所以我們很高興我們有了一個良好的開端。

Your next question is coming from Bryan Spillane from Bank of America.

您的下一個問題來自美國銀行的 Bryan Spillane。

So Garth, I had a question about just the Wine & Spirits margin outlook medium term. And one thing just in terms of I think you gave kind of 2 sets of numbers. One was 28% to 29% operating margin and then the other was approximating a 30% EBIT margin over time.

所以加思，我有一個關於葡萄酒和烈酒中期利潤前景的問題。還有一件事，我認為你給出了兩組數字。一個是 28% 到 29% 的營業利潤率，另一個是隨著時間的推移接近 30% 的息稅前利潤率。

And just are those different? Or are we just saying that we still think we can get back to the 30% margin? It was a little just confused about the language there.

只是那些不同嗎？還是我們只是說我們仍然認為我們可以回到 30% 的利潤率？只是對那裡的語言有點困惑。

Yes, sure. So on the operating profit margin question, yes, so we are coming in at 28, 29. The difference between operating margin and EBIT is the addition of our -- what we take in from an equity earnings in Opus One.

是的，當然。所以在營業利潤率問題上，是的，所以我們的收入是 28、29。營業利潤率和息稅前利潤之間的區別在於我們從 Opus One 的股權收益中獲得的收益。

Your next question is coming from Nadine Sarwat from Bernstein.

您的下一個問題來自 Bernstein 的 Nadine Sarwat。

I want to touch on Corona Hard Seltzer for a little bit. So that brand continues to underperform the broader seltzer market. So what's your strategy going forward with the brand? And then maybe taking a step back, a broader question related to this.

我想稍微談談 Corona Hard Seltzer。因此，該品牌的表現繼續落後於更廣泛的蘇打水市場。那麼您對品牌的未來戰略是什麼？然後也許退後一步，一個與此相關的更廣泛的問題。

What lessons have you learned from launching Corona Hard Seltzer? And how is this going to influence your approach to rolling out innovation in the future? I think you called out a number of those in your prepared remarks.

您從推出 Corona Hard Seltzer 中學到了什麼？這將如何影響您未來推出創新的方法？我認為你在準備好的發言中提到了其中的一些內容。

Obviously, the seltzer market has developed very differently than what we had anticipated. And frankly, it's been more of a challenge than what we had anticipated as well. As you know, this year, we're doing a number of things. We're repackaging, as we said, in prior quarters. We are getting much more focused on where we bring differentiated products rather than me-too products into that particular sector.

顯然，蘇打水市場的發展與我們預期的截然不同。坦率地說，這比我們預期的更具挑戰。如你所知，今年，我們做了很多事情。正如我們所說，我們正在重新包裝前幾個季度。我們越來越關注將差異化產品而不是模仿產品引入特定領域的地方。

But we still feel that, that's going to be a growth segment of the overall beer business, and we're going to participate in it. So relative to lessons learned, I think a couple of things are always important. It's important to test.

但我們仍然認為，這將成為整個啤酒業務的增長部分，我們將參與其中。所以相對於經驗教訓，我認為有幾件事總是很重要的。測試很重要。

We're obviously doing tests as it relates to our Modelo franchises to make sure that we have consumer propositions that are best of class and that are going to win with consumers. And we're going to continue to operate under that approach going forward.

顯然，我們正在進行與我們的 Modelo 特許經營權相關的測試，以確保我們擁有一流的消費者主張，並贏得消費者的青睞。我們將繼續在這種方法下運作。

Our next question is coming from Rob Ottenstein from Evercore. .

我們的下一個問題來自 Evercore 的 Rob Ottenstein。 .

Just kind of swinging back to the question on seltzers and taking it a little bit broader. Clearly, a lot of the excitement on that segment is gone. From your perspective, is there actually a silver lining in that such that retailers and distributors will spend more time, energy on your brands, and that should be something that you should benefit from going forward?

只是回到關於蘇打水的問題，並把它擴大一點。顯然，那個部分的很多興奮已經消失了。從您的角度來看，是否真的有一線希望，這樣零售商和分銷商會在您的品牌上花費更多的時間和精力，而這應該是您今後應該從中受益的事情？

And then connected to that, are you starting to get a little bit more of the shelf space that you guys have earned given the tremendous brands and velocity that you've had and the fact that you've been undershelved in the past?

然後與此相關，鑑於你們擁有的巨大品牌和速度以及過去被擱置的事實，你們是否開始獲得更多的貨架空間？

Robert, you definitely put your finger on a benefit of the scenario that the seltzer business has not been quite what we expected, which is it's very mix-accretive. So the more beer we sell, the better the mix. So that's the flip side of the seltzer business for us is not developed quite the way we had anticipated, as you point out.

羅伯特，你肯定把你的手指放在了蘇打水業務並不像我們預期的那樣的情況下，這是非常混合增長的。因此，我們銷售的啤酒越多，混合效果就越好。因此，正如您所指出的，對於我們而言，蘇打水業務的另一面並沒有像我們預期的那樣發展。

I think you make a very good point relative to shelf space. One of the things that occurred during the pandemic is many retailers just didn't redo their shelves to the degree that we would have expected or that you would see on a typical annual basis. And there's no question that the growth profile of our overall portfolio not only demands but really should have more shelf space.

我認為你在貨架空間方面提出了一個很好的觀點。在大流行期間發生的一件事是，許多零售商只是沒有按照我們預期的程度或您在典型的年度基礎上看到的程度重做貨架。毫無疑問，我們整體投資組合的增長狀況不僅需要而且確實應該有更多的貨架空間。

So this is going to be a critical part of what our sales organization is driving for this year is to broaden our reach and package sizes and depth within stores. I mentioned the Shopper-First Shelf initiative, which we actually had a pretty good year on last year.

因此，這將成為我們銷售組織今年推動的關鍵部分，即擴大我們在商店內的覆蓋範圍、包裝尺寸和深度。我提到了 Shopper-First Shelf 計劃，實際上我們去年的表現非常好。

We expect to extend that this year. It's good for the category it's good for us. So a lot of work will be done on that very topic this year, as you point out. And we think it will be in everyone's interest, ours plus the retailer, to give our brands more shelf space. They've earned it.

我們預計今年將延長這一期限。這對我們有好處的類別有好處。因此，正如您所指出的，今年將在這個主題上做很多工作。我們認為，為我們的品牌提供更多貨架空間符合每個人的利益，包括我們和零售商的利益。他們已經賺到了。

Our next question is coming from Kevin Grundy from Jefferies.

我們的下一個問題來自 Jefferies 的 Kevin Grundy。

Great. First, a housekeeping question on the Sands proposal, which Bill, I think you can't comment on. When do you expect the Board to vote on that proposal before potentially putting it out to the Class A shareholders? And then the broader question, Bill, just your perspective on the slow start to the year for the U.S. beer industry.

偉大的。首先，關於金沙提案的內務問題，比爾，我認為你無法評論。您預計董事會何時對該提案進行投票，然後再將其提交給 A 類股東？然後是更廣泛的問題，比爾，只是你對美國啤酒行業今年開局緩慢的看法。

So your data looks good. The results were obviously very good today. The Nielsen data continues to look good in the month of March for Constellation and probably even is a bit better, given some of the noise we understand in the Nielsen data in the last week of March.

所以你的數據看起來不錯。今天的結果顯然非常好。考慮到我們在 3 月最後一周的尼爾森數據中了解到的一些噪音，3 月份的 Constellation 的尼爾森數據繼續看起來不錯，甚至可能會好一些。

But I just wanted to get your perspective, more broadly, on what you think is driving that. I think there's some year-over-year comps at play, the seltzer slowdown, as you commented. But anything you're seeing that's potentially sort of concerning that you're watchful of, particularly around the consumer that may sort of play out here as it pertains to your portfolio? So your thoughts there would be helpful.

但我只是想從更廣泛的角度了解你認為是什麼推動了這一點。正如你所評論的，我認為有一些年復一年的對比，蘇打水減速。但是，您所看到的任何可能引起您注意的事情，尤其是與您的投資組合相關的可能在這裡發揮作用的消費者？所以你的想法會有幫助。

You bet. So just relative to your question about the Sands proposal, we've been advised that transactions of this nature typically takes 60 to 90 days. Beyond that, it's really out of our hands. The management is not involved in the discussion, the discussions between the Sands family and the special committee of the independent directors of the Board.

你打賭。因此，就您關於金沙提案的問題而言，我們被告知這種性質的交易通常需要 60 到 90 天。除此之外，它真的不在我們的掌控之中。管理層不參與討論、金沙家族與董事會獨立董事特別委員會之間的討論。

So I don't have the exact answer to that question, believe that by 60 to 90 days is very typical. So we shall see. Relative to the start of the year, I think everybody recognized January was a bit of a tough month. It was for every -- I think everybody in the industry. A little bit of that was where New Year's fell, there were weather events, Super Bowl got pushed out an extra week versus what it was the year before.

所以我沒有這個問題的確切答案，相信 60 到 90 天是非常典型的。所以我們會看到。相對於年初，我想每個人都認識到一月份是一個艱難的月份。它適用於每個人——我認為這個行業的每個人。其中有一點是新年到來的地方，有天氣事件，與前一年相比，超級碗被推遲了一周。

But I think the exciting part for us is it was a very, very strong February, and as I responded to Nik, 2 questions ago, march has been very strong as well in the start of our fiscal year. So I don't think there's anything that's overarching as an issue within the category but certainly not as it relates to our business.

但我認為對我們來說令人興奮的部分是，這是一個非常非常強勁的 2 月份，正如我在 2 個問題前回答 Nik 時，3 月份在我們財政年度開始時也非常強勁。因此，我認為該類別中沒有任何首要問題，但肯定與我們的業務無關。

We continue to be very pleased with how our brands are performing. And as Garth pointed out in his prepared remarks, we've gotten our inventories back in the right position. So brands like Pacifico, which we were a little challenged for a while on brown glass, we have gotten through that.

我們繼續對我們品牌的表現感到非常滿意。正如加思在他準備好的講話中指出的那樣，我們已經讓我們的庫存回到了正確的位置。因此，像 Pacifico 這樣的品牌，我們在棕色玻璃上受到了一段時間的挑戰，我們已經度過了難關。

Some of those kinds of things, which were sort of detrimental to an otherwise very strong performance here, we've now fixed. So we're in a much better position heading into this fiscal year than we were last year where there were just a lot of extraneous things that were not helpful to us.

我們現在已經修復了其中一些對這裡非常強勁的表現不利的事情。因此，與去年相比，我們在本財年處於更好的位置，去年有很多無關緊要的事情對我們沒有幫助。

Our next question today is coming from Andrea Teixeira from JPMorgan.

我們今天的下一個問題來自摩根大通的 Andrea Teixeira。

I just wanted to double-click on the opportunity to improve mix with the shift to on-premise. You had, I think, 3.8% price/mix expansion in the quarter. Can you still have around -- my calculations around the 100 basis points tailwind? And do you expect this to be -- price/mix to be embedded in your guide around 400 basis points?

我只是想雙擊通過轉移到內部部署來改善混合的機會。我認為，您在本季度實現了 3.8% 的價格/組合擴展。你還能有 - 我的計算圍繞 100 個基點順風嗎？您是否期望這會——價格/組合將嵌入您的指南中約 400 個基點？

I just want to double check that. And on Wine & Spirits, I think Brian, Vivien asked good questions regarding the outlook. Is there any reason why it was a bit disappointing? I know you're making a lot of investments to premiumize the portfolio. But anything to kind of give us more comfort that besides the Opus One impact, what is impacting there and if there is a better outlook towards the long term?

我只是想仔細檢查一下。在 Wine & Spirits 上，我認為 Brian，Vivien 就前景提出了很好的問題。有什麼理由讓它有點令人失望嗎？我知道您正在進行大量投資以使投資組合更加優質。但是，除了 Opus One 的影響之外，任何可以讓我們感到安慰的事情是什麼，以及是否有更好的長期前景？

Sure. Let me touch on the second piece first. We're still very pleased with the development, particularly at the higher end of our wine business. As Garth pointed out, we had 2 or 3 one-off items that were a bit challenging based around the distributor transition that occurred last year and some sale of smoke tainted wine from prior years. .

當然。讓我先談談第二部分。我們仍然對發展感到非常滿意，特別是在我們的葡萄酒業務的高端。正如 Garth 指出的那樣，基於去年發生的分銷商過渡以及前幾年的一些受煙熏污染的葡萄酒的銷售，我們有 2 或 3 件一次性產品具有一定的挑戰性。 .

If you would exclude those things, we're in a growth profile for our wine business, and that's being driven by the higher end. The work that Robert Hanson and the rest of the team have done to refocus our attention towards the high end in the growth sector of the wine business I think is exactly what we expected to do.

如果您排除這些因素，我們的葡萄酒業務正處於增長態勢，這是由高端推動的。 Robert Hanson 和團隊其他成員所做的工作是為了將我們的注意力重新集中到葡萄酒業務增長領域的高端，我認為這正是我們所期望的。

It's the strategy we began and undertook a couple of years ago, and we're continuing to execute against it. So despite the significant headwinds, as I said earlier, in the mainstream sector of the business, we're very pleased with how things are developing at the higher end.

這是我們幾年前開始並實施的戰略，我們將繼續執行。因此，正如我之前所說，儘管在業務的主流領域存在重大不利因素，但我們對高端領域的發展感到非常滿意。

And we're comfortable that our longer-term algorithm of 2% to 4% in the wine business will be achieved sooner rather than later.

我們很高興我們在葡萄酒業務中 2% 到 4% 的長期算法將盡快實現。

And relative to your first -- the first part of your question, if I understood it correctly, you're pointing out that, in Q4, we had sort of a 4% points of pricing and whether or not that's going to continue. Our outlook for next year assumes that we're going to get our -- more in line with our typical 1% to 2% pricing. So that's sticking in line with our normal offer.

相對於你的第一部分 - 你問題的第一部分，如果我理解正確的話，你指出，在第四季度，我們有 4% 的定價點，無論這是否會繼續。我們對明年的展望假設我們將得到我們的 - 更符合我們典型的 1% 到 2% 的定價。所以這符合我們的正常報價。

Our next question is coming from Steve Powers from Deutsche Bank.

我們的下一個問題來自德意志銀行的史蒂夫鮑爾斯。

Great. I actually wanted to follow up on both those 2 questions and your answers there. So on the beer side of things, the 1% to 2% pricing outlook, you're saying that that's inclusive of any mix impacts. I want to clarify that. And then on the wine, Bill, given the decision to reinvest stranded overheads towards additional growth, as you think about that 2% to 4% objective, are you biased, over time, higher within that range because of accelerated reinvestments?

偉大的。我實際上想跟進這兩個問題和你的答案。所以在啤酒方面，1% 到 2% 的定價前景，你說這包括任何混合影響。我想澄清一下。然後關於葡萄酒，比爾，考慮到將擱淺的間接費用再投資於額外增長的決定，當您考慮 2% 到 4% 的目標時，您是否會因為加速再投資而隨著時間的推移在該範圍內偏高？

Or is the takeaway that the -- just sort of the cost of achieving that top line has just gone up a tick because of -- probably because of mainstream dynamics, but just your perspective there.

或者是因為 - 可能是因為主流動態，但只是因為你的觀點，實現這一頂線的成本剛剛上升。

I think relative to the second piece of that, there's no question that there's obviously been an inflation, which is making a bit of that more challenging than what it had been prior. But I would like to point out something related to what Garth said in his prepared remarks, which is we've been very judicious, and thank you, Vivien, for your comment about our careful capital allocation.

我認為相對於第二部分，毫無疑問，顯然存在通貨膨脹，這使得這比以前更具挑戰性。但我想指出一些與加思在他準備好的講話中所說的話有關的事情，那就是我們一直非常明智，並感謝 Vivien 對我們謹慎的資本分配的評論。

But I think this is a great example of we made 3 small purchases in the Wine & Spirits business almost entirely funded by the sale of one of our venture businesses, which was sold at a significant increase versus what we paid.

但我認為這是一個很好的例子，我們在葡萄酒和烈酒業務中進行了 3 次小額購買，幾乎完全由出售我們的一個風險企業提供資金，與我們支付的價格相比，該業務的出售價格顯著增加。

So again, I think this begins to reflect a very judicious view of how we think about capital allocation and is very consistent with what we've promised externally. We do believe that we are going to see significant success going forward, particularly at the higher end of the business.

再說一次，我認為這開始反映出我們對資本配置的看法非常明智，並且與我們在外部做出的承諾非常一致。我們確實相信，我們將在未來取得重大成功，尤其是在高端業務方面。

I think the only thing that's going to potentially challenge that or be a challenge to it is where the mainstream business goes. As I said earlier, that's in the category that's been declining, and we're gaining share. So we're still winning in that category, but it's a tougher segment of the category.

我認為唯一可能挑戰或挑戰它的是主流業務的去向。正如我之前所說，這是在下降的類別中，我們正在獲得份額。所以我們仍然在該類別中獲勝，但這是該類別中更難的部分。

Certainly, we expect high single digits growth profile or even better at the higher end portion of our business. And you're seeing that brands like Kim Crawford, Meiomi and the Prisoner and High West. So I think, over time, you're going to be pleased with what you see in the profile of our wine business. And this year will be a continued step in that direction.

當然，我們預計在我們業務的高端部分會有高個位數的增長，甚至更好。你會看到 Kim Crawford、Meiomi and the Prisoner 和 High West 等品牌。所以我認為，隨著時間的推移，您會對您在我們葡萄酒業務的概況中看到的內容感到滿意。今年將繼續朝著這個方向邁出一步。

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

我們的問答環節已經結束。我想把發言權轉回給 Newlands 先生，以徵求任何進一步或結束的意見。

Well, thank you, everyone, for joining our call today. In closing, I want to reiterate that I'm extremely proud of what our team accomplished in fiscal '22. We delivered strong financial results, continuing to launch consumer-led innovation and reinforce our efforts to making a positive impact on our communities and the environment.

好吧，謝謝大家今天加入我們的電話會議。最後，我想重申，我為我們的團隊在 22 財年取得的成就感到非常自豪。我們取得了強勁的財務業績，繼續推出以消費者為主導的創新，並加強我們對社區和環境產生積極影響的努力。

Our beer business extended its leadership position with its 12th consecutive year of volume growth, and we are confident in our ability to maintain this momentum in fiscal '23. Over the medium term, we continue to see a strong runway for growth, supported by favorable industry trends for our portfolio and our ongoing investments in brewery capacity expansions.

我們的啤酒業務連續第 12 年實現銷量增長，鞏固了其領先地位，我們有信心在 23 財年保持這一勢頭。在中期內，我們繼續看到強勁的增長勢頭，這得益於我們投資組合的有利行業趨勢以及我們對啤酒廠產能擴張的持續投資。

Our Wine & Spirits business also delivered solid performance in fiscal '22 with organic net sales growth and gross margin improvement. We are enhanced -- focused on consumer-led premiumization continued to yield benefits as our high-end brands outpaced the overall U.S. Wine & Spirits category.

我們的葡萄酒和烈酒業務在 22 財年也取得了穩健的業績，有機淨銷售額增長和毛利率提高。我們得到了增強——專注於以消費者為主導的高端化繼續產生效益，因為我們的高端品牌超過了整個美國葡萄酒和烈酒類別。

Overall, we remain bullish on the future performance of our business, in our ability to deliver value for our shareholders, as reflected in our announcement of a $500 million accelerated share repurchase program. Again, I thank you all for joining today.

總體而言，我們仍然看好我們業務的未來表現，以及我們為股東創造價值的能力，這反映在我們宣布的 5 億美元加速股票回購計劃中。再次感謝大家今天的加入。

We look forward to speaking with you in late June during our next quarterly call. And before then, we hope you will certainly choose some of our fine products for your Cinco de Mayo and Memorial Day celebrations. Thank you very much again. Have a great day, everybody.

我們期待在 6 月下旬的下一個季度電話會議上與您交談。在此之前，我們希望您一定會為您的 Cinco de Mayo 和陣亡將士紀念日慶祝活動選擇我們的一些優質產品。再一次非常感謝你。祝大家有美好的一天。

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

謝謝你。今天的電話會議和網絡直播到此結束。你可以在這個時候斷開你的線路，並有一個美好的一天。我們感謝您今天的參與。