Molson Coors Beverage Co (TAP) 2023 Q1 法說會逐字稿

Good day, and welcome to the Molson Coors Beverage Company First Quarter Fiscal Year 2023 Earnings Conference Call. You can find related slides on the Investor Relations page of the Molson Coors website. Our speakers today are Gavin Hattersley, President and Chief Executive Officer; and Tracey Joubert, Chief Financial Officer. With that, I'll hand it over to Greg Tierney, Vice President of FP&A Commercial Finance and Investor Relations. Please go ahead.

美好的一天，歡迎來到 Molson Coors Beverage Company 2023 財年第一季度收益電話會議。您可以在 Molson Coors 網站的投資者關係頁面上找到相關幻燈片。我們今天的發言人是總裁兼首席執行官 Gavin Hattersley；首席財務官 Tracey Joubert。有了這個，我將把它交給 FP&A 商業金融和投資者關係副總裁 Greg Tierney。請繼續。

Thank you, operator, and hello, everyone. Following prepared remarks today from Gavin and Tracey, we will take your questions. In an effort to address as many questions as possible, we ask you limit yourself to one question. If you have technical questions on the quarter, please pick them up with our IR team in the days and weeks that follow. Today's discussion includes forward-looking statements. Actual results or trends could differ materially from our forecast. For more information, please refer to the risk factors discussed in our most recent filings with the SEC.

謝謝接線員，大家好。在 Gavin 和 Tracey 今天準備好的發言之後，我們將回答您的問題。為了盡可能多地回答問題，我們要求您只回答一個問題。如果您對本季度有技術問題，請在接下來的幾天和幾週內與我們的 IR 團隊聯繫。今天的討論包括前瞻性陳述。實際結果或趨勢可能與我們的預測存在重大差異。如需更多信息，請參閱我們最近提交給美國證券交易委員會的文件中討論的風險因素。

We assume no obligation to update forward-looking statements. GAAP reconciliations for any non-U.S. GAAP measures are included in our news release. Unless otherwise indicated, all financial results the company discusses are versus the comparable prior year period in U.S. dollars and in constant currency when discussing percentage changes from the prior year period. Also, U.S. share data references are sourced from Sircana, formerly called IRI. And further, in our remarks today, we will reference underlying pretax income which equates to underlying income before income taxes on the condensed consolidated statements of operations. With that, over to you, Gavin.

我們不承擔更新前瞻性陳述的義務。我們的新聞稿中包含任何非美國 GAAP 措施的 GAAP 調節。除非另有說明，否則公司討論的所有財務結果均與可比的上年同期相比，以美元計算，並在討論與上年同期相比的百分比變化時以固定貨幣計算。此外，美國股票數據參考來自 Sircana，以前稱為 IRI。此外，在我們今天的評論中，我們將參考基本稅前收入，這相當於簡明綜合運營報表中所得稅前的基本收入。有了這個，就交給你了，加文。

Thanks, Greg, and thank you all for joining us this morning. When we reported our 2022 results, I see our ability to grow the top and bottom line was neither an anomaly nor an accident. It's the result of sticking relentlessly to a clear strategy. I also said our North Star is to deliver sustainable long-term top and bottom line growth. And while we remain cautious about the consumer outlook over the course of 2023, so far this year, we have continued to deliver. In the first quarter, we grew the top line by high single digits, and we nearly doubled our bottom line. These are clearly strong results following a strong 2022 as well. But I would caution you not to simply apply this growth rate to the entirety of 2023. Certainly, the fundamental strength of our business was a driver in our performance, but we also benefited from the lapping of Omicron-related restrictions in some of our markets and particularly strong pricing in all of our major markets compared to the prior year period.

謝謝，格雷格，感謝大家今天早上加入我們。當我們報告 2022 年的業績時，我發現我們增加收入和利潤的能力既不是異常也不是意外。這是不懈堅持明確戰略的結果。我還說過，我們的北極星將實現可持續的長期頂線和底線增長。儘管我們對 2023 年的消費者前景仍持謹慎態度，但今年到目前為止，我們仍在繼續交付成果。第一季度，我們的收入增長了高個位數，我們的利潤幾乎翻了一番。這些顯然也是強勁的 2022 年之後的強勁結果。但我要提醒您不要簡單地將這一增長率應用於整個 2023 年。當然，我們業務的基本實力是我們業績的推動力，但我們也受益於我們某些市場中與 Omicron 相關的限制的疊加與去年同期相比，我們所有主要市場的定價尤其強勁。

These drivers were expected. As a result, we are maintaining our full year guidance, and Tracey will go into more detail on that shortly. Importantly, the fundamentals of our business are strong. We're growing revenue in both business units and across our iconic brands. And our Above Premium innovation across the Americas and EMEA and APAC is truly changing the shape of our portfolio. So we see reasons for continued caution in the broader consumer landscape.

這些驅動程序是意料之中的。因此，我們將維持全年的指導方針，Tracey 將很快就此進行更詳細的介紹。重要的是，我們業務的基礎是強大的。我們在兩個業務部門和我們的標誌性品牌中都在增加收入。我們在美洲、歐洲、中東和非洲以及亞太地區的 Above Premium 創新正在真正改變我們產品組合的形態。因此，我們看到了在更廣泛的消費者領域繼續保持謹慎的理由。

As you are all aware, the consumer packaged good industry remains impacted by rising interest rates and global inflation, both of which persisted into the first quarter. And while we are still not experiencing meaningful trade down in our U.S. business, we have seen consumers shifting away from midsized packs towards singles and larger packs. In February, I mentioned we have seen a price-sensitive subset of consumers shifting to smaller pack sizes, in particular to single serves. Those trends remained in the first quarter, but we are also seeing a shift into larger packs among consumers with higher household income levels.

眾所周知，包裝消費品行業仍然受到利率上升和全球通貨膨脹的影響，這兩種情況一直持續到第一季度。雖然我們在美國的業務仍未經歷有意義的貿易下滑，但我們已經看到消費者從中型包裝轉向單件和大包裝。在 2 月，我提到我們已經看到一部分對價格敏感的消費者轉向更小的包裝尺寸，尤其是單份包裝。這些趨勢在第一季度仍然存在，但我們也看到家庭收入水平較高的消費者轉向更大的包裝。

This, combined with channel shifting behavior among these same consumers, suggest an increased focus on finding the best value even if it requires shopping at multiple stores. Trends notwithstanding, our brands proved incredibly resilient this quarter, starting with our premium light brands in the United States. Collectively in the U.S., Coors Light and Miller Lite grew revenue by double digits in the quarter and held total industry dollar share, and Miller Lite was a top 10 growth brand in the quarter.

這一點，再加上這些消費者的渠道轉移行為，表明人們更加關注尋找最佳價值，即使這需要在多家商店購物。儘管有趨勢，但我們的品牌在本季度證明具有令人難以置信的彈性，首先是我們在美國的優質輕型品牌。在美國，Coors Light 和 Miller Lite 在本季度的收入增長了兩位數，並佔據了整個行業的美元份額，而 Miller Lite 是本季度增長最快的 10 大品牌。

These brands benefited immensely from our first Super Bowl campaign in more than 30 years. During the run-up to the Super Bowl in February, Miller Lite and Coors Light, both saw a positive volume trend change versus the prior 13 weeks. Coors Light grew displays leading up to the Super Bowl and was a top 3 brand for all display activity in February due to the strength of our plans and execution.

這些品牌從我們 30 多年來的首次超級碗活動中獲益匪淺。在 2 月份的超級碗比賽期間，Miller Lite 和 Coors Light 的銷量趨勢與前 13 週相比都出現了積極變化。 Coors Light 在超級碗之前增加了展示，並且由於我們強大的計劃和執行力，在 2 月份的所有展示活動中名列前三。

Outside the U.S., our iconic brands in Canada and in Europe remained strong as well. In Canada, Molson Canadian grew brand volume and is growing share again in 2023 after returning to share growth in 2022,. Coors Light also grew brand volume in Canada. In the U.K., Carling remains the #1 beer by volume across the industry, with distribution and velocity significantly ahead of competition in the core segment.

在美國以外，我們在加拿大和歐洲的標誌性品牌也依然強勁。在加拿大，Molson Canadian 在 2022 年恢復份額增長後，品牌數量和份額在 2023 年再次增長。 Coors Light 在加拿大的品牌銷量也有所增長。在英國，Carling 仍然是整個行業銷量第一的啤酒，其分銷和速度明顯領先於核心細分市場的競爭對手。

More broadly, we grew total financial volume in EMEA and APAC in the first quarter, and our Above Premium portfolio in the U.K. has been a major growth driver. Madri Excepcional continued to grow share during the first quarter. Madri is now larger than Budweiser in the U.K., and recently had moved ahead of (inaudible) on-trade, where it is now the #6 beer. We continue to see tremendous potential for this brand as we head into the summer months.

更廣泛地說，第一季度我們在 EMEA 和亞太地區的總財務量有所增長，而我們在英國的 Above Premium 投資組合一直是主要的增長動力。 Madri Excepcional 在第一季度的份額繼續增長。 Madri 現在在英國比百威啤酒還大，而且最近已經領先於（聽不清）貿易，它現在是排名第六的啤酒。隨著我們進入夏季，我們繼續看到這個品牌的巨大潛力。

In the U.S., Peroni grew brand volume in the quarter. And in February, we introduced Peroni 0.0 in select U.S. regions with a new marketing campaign and a global partnership with the Aston Martin Formula One team. Just as our portfolio performed strongly in the first quarter across Above Premium Beer, the same is true for our brands across Above Premium flavor and Beyond Beer.

在美國，佩羅尼本季度的品牌銷量有所增長。 2 月，我們通過新的營銷活動以及與阿斯頓馬丁一級方程式車隊的全球合作夥伴關係，在美國部分地區推出了 Peroni 0.0。正如我們的產品組合在第一季度的 Above Premium Beer 表現強勁一樣，我們的 Above Premium 風味和 Beyond Beer 品牌也是如此。

We have previously referenced these as distinct spaces in our portfolio. But given the recent evolution in our Americas operating structure and to better align with broader industry definitions, we will now speak to Beyond Beer inclusive of all nonbeer brands meaning FABs, Hard Seltzers, (inaudible) products and non-alc. Starting with FABs in the U.S., Simply Spiked is now a top 10 brand in this segment. It was also a top 5 industry growth brand in the quarter. And just last month, we introduced Simply Spiked Peach. On its own, Simply Spiked Lemonade ended 2022 as the #2 new item in the total category. We brought Simply Spiked to Canada in the first quarter, and there is significant runway as we continue to innovate under this brand.

我們之前在我們的投資組合中將這些作為不同的空間進行了引用。但鑑於我們最近在美洲的運營結構發生了變化，並且為了更好地與更廣泛的行業定義保持一致，我們現在將談論 Beyond Beer，包括所有非啤酒品牌，即 FAB、Hard Seltzers、（聽不清）產品和非 alc。從美國的 FAB 開始，Simply Spiked 現在是該細分市場的前 10 大品牌。它還是本季度行業增長前 5 名的品牌。就在上個月，我們推出了 Simply Spiked Peach。就其本身而言，Simply Spiked Lemonade 在 2022 年結束時成為總類別中排名第二的新產品。我們在第一季度將 Simply Spiked 帶到了加拿大，隨著我們在這個品牌下繼續創新，我們的跑道很長。

And also in Canada, we are the only large brewer growing share in hard seltzer. In the U.S., despite cycling last year's national launch, Topo Chico Hard Seltzer grew brand volume in March. In ready-to-drink cocktails, we've just released Topo Chico Spirited across more than 20 U.S. markets. And recently, we announced our plans to continue building our presence in Beyond Beer with the launch of (inaudible) in select markets later this year, another new branch of our successful relationship with the Coca-Cola Company. As we continue to premiumize our portfolio, we remain focused on growing ZOA as well. After doubling its volume in 2022, we are excited about the opportunity for ZOA in 2023 with our new and vibrant packaging. And finally, in full strength bottled spirits, we are continuing to expand into whiskey with Five Trail and our new Bamn1873 Bourbon. Those brands will be in a total of 25 markets this year. And just last week, Five Trail was awarded 2 gold medals at the Denver International Spirits Competition.

同樣在加拿大，我們是唯一一家在硬蘇打水市場份額不斷增長的大型釀酒商。在美國，儘管自行車去年在全國推出，但 Topo Chico Hard Seltzer 在 3 月份的品牌銷量有所增長。在即飲雞尾酒中，我們剛剛在美國 20 多個市場推出了 Topo Chico Spirited。最近，我們宣布計劃在今年晚些時候在特定市場推出（聽不清），繼續擴大我們在 Beyond Beer 的影響力，這是我們與可口可樂公司成功合作關係的另一個新分支。隨著我們繼續對我們的產品組合進行優質化，我們也將繼續專注於增長 ZOA。在 2022 年銷量翻番之後，我們很高興 ZOA 在 2023 年有機會使用我們充滿活力的新包裝。最後，我們將繼續使用 Five Trail 和我們的新 Bamn1873 波旁威士忌，以全強度瓶裝烈酒擴展到威士忌。這些品牌今年將進入 25 個市場。而就在上週，Five Trail 在丹佛國際烈酒大賽中獲得了 2 枚金牌。

Our progress in Beyond Beer is just one marker of our commitment to total beverage, and it's also a reflection of our successful approach to innovation. But none of this would be possible without continued investments in our capabilities. We've made progress here. And just this month, our new flavor packing capabilities will be going online at our Fort Worth brewery. These enhancements involve a $65 million investment in the facility where we now produce the majority of our flavor innovation brands in-house.

我們在 Beyond Beer 方面取得的進展只是我們對全面飲料承諾的標誌之一，也反映了我們成功的創新方法。但是，如果不繼續投資於我們的能力，這一切都不可能實現。我們在這裡取得了進展。就在這個月，我們新的風味包裝能力將在我們的沃思堡啤酒廠上線。這些改進涉及對設施的 6500 萬美元投資，我們現在在該設施內生產大部分風味創新品牌。

Just as we're modernizing our production capabilities, we've modernized our structure as well. In February, we established a new commercial structure in the Americas and elevated Michelle St. Jacques to Chief Commercial Officer. This new structure is designed to unlock the next phase of growth across our brands, geographies and capabilities.

正如我們對生產能力進行現代化改造一樣，我們也對結構進行了現代化改造。 2 月，我們在美洲建立了新的商業結構，並將 Michelle St. Jacques 提升為首席商務官。這種新結構旨在開啟我們品牌、地域和能力的下一階段增長。

First, our U.S. sales and marketing teams will now be working even more closely together with one set of guiding commercial principles. We will also place more emphasis on key growth areas like innovation, Beyond Beer and digital capabilities. And finally, all of these changes will enable us to make even faster decisions and better ensure our investments match our ambitions across the full commercial landscape.

首先，我們的美國銷售和營銷團隊現在將根據一套商業指導原則更加緊密地合作。我們還將更加重視創新、Beyond Beer 和數字能力等關鍵增長領域。最後，所有這些變化將使我們能夠更快地做出決策，並更好地確保我們的投資符合我們在整個商業領域的雄心壯志。

So from the changes we are making within our own team to the progress we are seeing across our global portfolio, the trajectory of our business is becoming clear. No matter how uncertain the environment around us might be. And the message I want to leave you with today is one of consistency and stability. The results we saw in the first quarter underscore the strong foundation we have built to continue to drive consistent top and bottom line growth and achieving our eighth consecutive quarter of revenue growth proves this out.

因此，從我們在自己團隊中所做的改變到我們在全球投資組合中看到的進步，我們的業務軌跡正變得清晰起來。無論我們周圍的環境多麼不確定。今天我想給大家傳達的信息是一致性和穩定性。我們在第一季度看到的結果突顯了我們為繼續推動持續的收入和利潤增長而建立的堅實基礎，我們連續第八個季度實現收入增長證明了這一點。

The emphasis we put in our core brands across global markets shows they can stabilize and grow consistently. The strength of our innovation shows we can premiumize our portfolio consistently and even in parts of our business that are completely new, we are showing consistent progress and an ability to reach new consumers. There's power and consistency.

我們對全球市場核心品牌的重視表明它們可以穩定並持續增長。我們創新的實力表明，我們可以持續優化我們的產品組合，甚至在我們全新的部分業務中，我們也展示了持續的進步和接觸新消費者的能力。有力量和一致性。

And in our case, there's power in a portfolio that is strategically built to offer consumers a range of winning brands across price tiers and preferences. Now to give you more detail on the financials and outlook, I'll hand it over to our Chief Financial Officer, Tracey Joubert. Tracey?

在我們的案例中，戰略性構建的產品組合具有強大的力量，可以為消費者提供跨價格等級和偏好的一系列成功品牌。現在，為了向您提供有關財務狀況和前景的更多詳細信息，我將把它交給我們的首席財務官 Tracey Joubert。特蕾西？

Thank you, Gavin, and hello, everyone. In the third quarter, on a constant currency basis, we grew net sales revenue 8.2% and underlying pretax income 82.8%, while continuing to invest in our business and return cash to shareholders. While we remain mindful of the dynamic global macroeconomic environment and beer industry softness, our first quarter performance, coupled with the strong foundation we have laid over the last 3 years, provide us confidence to reaffirm our 2023 full year guidance.

謝謝你，加文，大家好。第三季度，按固定匯率計算，我們的淨銷售收入增長了 8.2%，基本稅前收入增長了 82.8%，同時繼續投資於我們的業務並向股東返還現金。雖然我們仍然關注動態的全球宏觀經濟環境和啤酒行業的疲軟，但我們第一季度的業績，加上我們在過去 3 年打下的堅實基礎，讓我們有信心重申我們的 2023 年全年指引。

This guidance would mark another year of growth on a constant currency basis delivering on our goal of sustainable top and bottom line growth. Now let's talk about some of the drivers of the first quarter performance. Strong global net pricing due to rollover pricing benefits from higher than typical increases taken in 2022 and positive sales mix from premiumization and favorable geographic mix across both business units led to 8.4% net sales per hectoliter growth.

這一指引將標誌著又一年的增長以不變的貨幣為基礎，實現了我們可持續的收入和利潤增長的目標。現在讓我們談談第一季度業績的一些驅動因素。由於展期定價受益於 2022 年高於典型的增長，以及來自兩個業務部門的優質化和有利的地理組合的積極銷售組合導致每百升淨銷售額增長 8.4%，因此強勁的全球淨定價。

Financial volume declined 0.2% as lower Americas volumes was partially offset by higher volume in EMEA and APAC. Consolidated brand volume declined 2.1%. Turning to costs. As expected, inflationary pressures continued to be a headwind in the quarter, driving underlying COGS per hectoliter up 7.4%. And as you can see from the slides, we back at COGS into 3 areas. First is cost inflation and other which includes cost inflation, depreciation, cost savings and other items. Second is mix. And third is deleverage.

金融交易量下降 0.2%，因為美洲交易量的減少部分被 EMEA 和亞太地區交易量的增加所抵消。綜合品牌銷量下降 2.1%。轉向成本。正如預期的那樣，通脹壓力在本季度繼續成為不利因素，推動每百升基礎銷貨成本上漲 7.4%。正如您從幻燈片中看到的那樣，我們將 COGS 分為 3 個區域。首先是成本通脹和其他，包括成本通脹、折舊、成本節約和其他項目。二是混搭。第三是去槓桿化。

The cost inflation bucket drove almost 80% of the increase and was mostly due to higher material, conversion and energy costs. Cost savings and our hedging program helped to mitigate some of these cost pressures. Other costs per hectoliter drivers included mix, which was about 20% of the increase. This is largely due to the impact of factored brands in the U.K. as well as premiumization. And while premiumization is a negative for COGS, it's a positive for gross margin per hectoliter.

成本膨脹桶推動了近 80% 的增長，主要是由於材料、轉換和能源成本增加。成本節約和我們的對沖計劃有助於減輕其中一些成本壓力。每百升司機的其他成本包括混合成本，約佔增長的 20%。這主要是由於英國保理品牌的影響以及高端化。雖然溢價化對銷貨成本不利，但對每百升毛利率有利。

Deleverage had a negligible impact on COGS per hectoliter in the quarter.

去槓桿化對本季度每百升銷貨成本的影響可以忽略不計。

Now let's look at our quarterly results by business unit. In the Americas, net sales revenue was up 6.5% and underlying pretax income grew 37.7%. The Americas net sales per hectoliter increased 7.1%, largely benefiting from strong net pricing growth as well as favorable brand and geographic mix. The strong net pricing growth included benefits from higher than typical U.S. and Canada pricing in 2022. As a reminder, in the U.S., in 2022, we took 2 pricing increases, a spring and a fall, each averaging approximately 5%.

現在讓我們按業務部門查看我們的季度業績。在美洲，淨銷售收入增長 6.5%，基本稅前收入增長 37.7%。美洲每百升淨銷售額增長 7.1%，主要受益於強勁的淨定價增長以及有利的品牌和地理組合。強勁的淨定價增長包括受益於 2022 年高於典型美國和加拿大定價的好處。提醒一下，在美國，2022 年，我們進行了 2 次定價上漲，一次是春季，一次是秋季，每次平均上漲約 5%。

The spring increase was taken in January and the beginning of February, which was earlier in the first quarter than usual, and the fall increase began in September 2022. Financial volume declined 0.5%, and this was due to industry softness as well as lower Latin American and contract brewing volumes. This was partially offset by a 1% increase in U.S. domestic shipments to bring our distributor inventory levels, primarily for our core brands to a stronger position compared to a year ago.

春季增長發生在 1 月和 2 月初，第一季度比往年提前，秋季增長從 2022 年 9 月開始。金融量下降 0.5%，這是由於行業疲軟以及拉美較低美國和合同釀造量。這部分被美國國內出貨量增加 1% 所抵消，使我們的分銷商庫存水平（主要是我們的核心品牌）與一年前相比處於更有利的地位。

Brand volumes were down 1.5%. Looking at brand volume by region. The U.S. declined 1.2% on software industry performance and lower economy volume. There was also 1 more trading day in the quarter. So on a trading day adjusted basis, U.S. brand volume was down 2.8%. In Canada, brand volume increased 4.9%, driven by growth in core brands and lapping Omicron on-premise restrictions in the prior year period. In Latin America, brand volume was down 12.4%, largely due to industry softness in some of our major markets in the region.

品牌銷量下降了 1.5%。按地區查看品牌數量。美國因軟件行業表現和經濟總量下降而下跌 1.2%。本季度也多了1個交易日。因此，在交易日調整後的基礎上，美國品牌銷量下降了 2.8%。在加拿大，品牌數量增長了 4.9%，這得益於核心品牌的增長以及去年同期對 Omicron 內部部署的限制。在拉丁美洲，品牌銷量下降了 12.4%，這主要是由於該地區一些主要市場的行業疲軟。

On the cost side, Americas underlying COGS per hectoliter increased 5.6%, while MG&A was flat. Turning to EMEA and APAC. Net sales revenue increased 16.1%, and underlying pretax income increased 27.6%. Positive net pricing included the rollover benefits from increases taken in 2022, favorable sales mix on continued premiumization fueled by the strength of brands like Madri and positive geographic mix drove net sales per hectoliter growth of 15.1%. Financial volume grew 0.8% on the strength of our both premium portfolio and higher factor brand volume. Brand volume declined 3.9%.

在成本方面，美洲每百升的基本銷貨成本增加了 5.6%，而 MG&A 持平。轉向 EMEA 和亞太地區。淨銷售收入增長 16.1%，基礎稅前收入增長 27.6%。積極的淨定價包括 2022 年的增長帶來的展期收益、由 Madri 等品牌的實力推動的持續優質化帶來的有利銷售組合，以及積極的地域組合推動每百升淨銷售額增長 15.1%。由於我們的優質產品組合和更高因素的品牌量，金融量增長了 0.8%。品牌銷量下降 3.9%。

Looking by market, brand volume grew in the U.K., but this was more than offset by declines in our export and license business in markets impacted by the Russia war in Ukraine, which we exited in March 2022 as well as by declines in Central and Eastern Europe due to the impact of inflationary pressures on the consumer.

從市場來看，英國的品牌銷量有所增長，但這被我們在受烏克蘭俄羅斯戰爭影響的市場的出口和許可業務下降（我們於 2022 年 3 月退出）以及中東部市場的下降所抵消歐洲由於通脹壓力對消費的影響。

On the cost side, underlying COGS per hectoliter increased 15.2%. This was largely due to cost inflation related to materials, transportation and energy as well as mix from premiumization and the impact of factored brands. Underlying free cash flow was a negative $174 million for the quarter, and this was an improvement of $185 million, primarily due to higher net income and lower cash capital expenditures.

在成本方面，每百升的基本銷貨成本增加了 15.2%。這主要是由於與材料、運輸和能源相關的成本膨脹以及高端化和保理品牌影響的混合。本季度基本自由現金流為負 1.74 億美元，改善了 1.85 億美元，這主要是由於淨收入增加和現金資本支出減少。

Turning to capital allocation. Our priorities remain to invest in our business to drive top line growth and efficiencies, reduce net debt and return cash to shareholders. Capital expenditures paid were $181 million for the quarter. This was down $62 million and was due to the timing of capital projects. Capital expenditures continue to focus on our Golden Brewery modernization and expanding our capabilities in areas that drive efficiencies and savings like a [indiscernible that Gavin mentioned earlier.

轉向資本配置。我們的首要任務仍然是投資於我們的業務，以推動收入增長和效率，減少淨債務並向股東返還現金。本季度支付的資本支出為 1.81 億美元。這減少了 6200 萬美元，這是由於資本項目的時間安排所致。資本支出繼續關注我們的 Golden Brewery 現代化，並擴大我們在提高效率和節約領域的能力，例如 Gavin 之前提到的 [音頻不清晰。

We ended the quarter with net debt of $6.3 billion, which is essentially all at fixed rate. Our exposure to floating rate debt is limited to our commercial paper and revolving credit facilities, which had 0 balances outstanding at quarter end. Our net debt to underlying EBITDA ratio was just under 3x, and we remain committed to maintaining and in time, improving our investment-grade rating and strive towards a longer-term leverage ratio target of approximately 2.5x.

我們在本季度末的淨債務為 63 億美元，基本上都是固定利率的。我們對浮動利率債務的敞口僅限於我們的商業票據和循環信貸額度，它們在季度末的未償餘額為 0。我們的淨債務與基礎 EBITDA 的比率略低於 3 倍，我們仍然致力於維持並及時提高我們的投資級評級，並努力實現約 2.5 倍的長期槓桿率目標。

And we returned cash to our shareholders with a quarterly cash dividend of $0.41 per share. The dividend represents an increase of 8% from the fourth quarter 2022 level. It is our second increase since we reinstated the dividend in 2021, and it aligns with our intention to sustainably increase the dividend.

我們以每股 0.41 美元的季度現金股息向股東返還現金。股息比 2022 年第四季度的水平增加了 8%。這是我們自 2021 年恢復派息以來的第二次增長，這符合我們持續增加派息的意圖。

Now let's discuss our outlook. But first, please recall that we cite year-over-year growth rates in constant currency. And when considering the first quarter in relation to our full year, remember, the first quarter is our smallest quarter. So percentage changes in the first quarter are off much smaller basis.

現在讓我們討論一下我們的前景。但首先，請記住我們引用的是固定匯率的同比增長率。在考慮與我們全年相關的第一季度時，請記住，第一季度是我們最小的季度。因此，第一季度的百分比變化幅度要小得多。

On to our guidance. We are reaffirming our 2023 guidance, which includes low single-digit growth for both net sales revenue and underlying pretax income and underlying free cash flow of $1 billion, plus or minus 10%. This guidance anticipates full year growth, despite softness in the beer industry, caution around the consumer and impacts of continued global inflationary cost pressures.

關於我們的指導。我們重申我們的 2023 年指導方針，其中包括淨銷售收入和基本稅前收入的低個位數增長以及 10 億美元的基本自由現金流，上下浮動 10%。儘管啤酒行業疲軟、消費者謹慎以及持續的全球通脹成本壓力的影響，該指引預計全年增長。

As we discussed on our fourth quarter call, our underlying assumptions assume that top line growth is more rate than volume driven as we continue to benefit from the strong global net pricing that we took in 2022 as well as benefits from portfolio premiumization. Keep in mind that due to the timing of our 2022 U.S. pricing increases, we had a disproportionate benefit in the first quarter of this year. And while it's early years, we don't anticipate taking another potential general increase in the U.S. until the fall of this year, at which point it is possible we could see pricing return to its more historical levels of 1% to 2%.

正如我們在第四季度電話會議上討論的那樣，我們的基本假設是，隨著我們繼續受益於我們在 2022 年採用的強勁全球淨定價以及投資組合溢價化帶來的好處，我們的基本假設是收入增長速度高於銷量。請記住，由於我們 2022 年美國價格上漲的時間安排，我們在今年第一季度獲得了不成比例的收益。雖然現在還處於早期階段，但我們預計在今年秋天之前美國不會再次出現潛在的普遍上漲，屆時我們可能會看到定價回到 1% 至 2% 的歷史水平。

In terms of financial volume, recall that we have a headwind as a large contract billing agreement begins to wind down ahead of its termination at the end of 2024. We expect significant volume declines under this contract in the second half of the year with acceleration in the fourth quarter.

就財務量而言，回想一下，由於一項大型合同計費協議在 2024 年底終止之前開始逐漸減少，我們遇到了不利因素。我們預計該合同下的交易量將在下半年大幅下降，並加速第四季。

And as I previously mentioned, we built stronger U.S. distributor inventory levels at the end of the first quarter versus the prior year, with U.S. shipment trends roughly 4 percentage points ahead of trading day adjusted brand volume. We expect this inventory build will unwind in the subsequent quarter as we maintain our goal to ship to consumption for the year.

正如我之前提到的，與去年同期相比，我們在第一季度末建立了更強的美國分銷商庫存水平，美國出貨量趨勢比交易日調整後的品牌數量提前了大約 4 個百分點。我們預計，隨著我們保持今年出貨到消費的目標，這種庫存增加將在下個季度得到緩解。

In terms of costs, we expect the impact of inflation on COGS to remain elevated in the second quarter before moderating in the second half of the year, and we continue to expect it will be a headwind for the year. However, utilizing our levers, which include pricing, ongoing cost savings efforts, our hedging program and continued premiumization, we expect gross margin dollars per hectoliter to increase for the full year in both business units.

在成本方面，我們預計通脹對 COGS 的影響在第二季度將保持高位，然後在今年下半年放緩，我們繼續預計這將成為今年的不利因素。然而，利用我們的槓桿，包括定價、持續的成本節約努力、我們的對沖計劃和持續的溢價，我們預計兩個業務部門全年每百升的毛利率美元將增加。

We also expect to continue to strongly support our core brands and key innovations, particularly in the key beer selling season. As a result, we plan to increase marketing dollar investments in 2023 versus the prior year.

我們還希望繼續大力支持我們的核心品牌和關鍵創新，尤其是在關鍵的啤酒銷售季節。因此，我們計劃在 2023 年比上一年增加營銷美元投資。

In closing, we are pleased with our first quarter performance and our ability to manage the dynamic macro environment with a strong portfolio of brands across all price segments and the financial flexibility that enables us to continue to invest prudently in our business, we are confident in our ability to sustainably deliver growth in full year 2023 and beyond. With that, we look forward to answering your questions. Operator?

最後，我們對第一季度的業績以及我們通過所有價格段的強大品牌組合管理動態宏觀環境的能力以及使我們能夠繼續謹慎投資我們的業務的財務靈活性感到滿意，我們有信心我們在 2023 年及以後全年實現可持續增長的能力。因此，我們期待著回答您的問題。操作員？

(Operator Instructions) Our first question is from the line of Bonnie Herzog with Goldman Sachs.

（操作員說明）我們的第一個問題來自 Bonnie Herzog 與 Goldman Sachs 的合作。

So I had a question on your guidance. So given the strength you saw in Q1 and then the share gains you're seeing maybe in the last few weeks from Bud Light pressures, your guidance feels pretty conservative, especially on pretax income with your guidance implying probably a low single-digit decline for the remainder of the year. So I guess, I'm trying to understand the drivers of this.

所以我對你的指導有疑問。因此，鑑於您在第一季度看到的實力，以及您在過去幾周可能從 Bud Light 壓力中看到的股票收益，您的指導感覺相當保守，尤其是在稅前收入方面，您的指導可能暗示低個位數下降今年剩下的時間。所以我想，我正在嘗試了解這方面的驅動因素。

And maybe if you're assuming some of these short-term gains you're seeing won't necessarily be sustainable? Or are you now planning on stepping up reinvestments, possibly not letting any of the incremental top line strength flow to the bottom line? So any color on that would be helpful.

也許如果你假設你看到的這些短期收益中的一些不一定是可持續的？或者您現在是否計劃加強再投資，可能不會讓任何增加的頂線實力流向底線？所以上面的任何顏色都會有幫助。

Thanks, Bonnie. Yes, you're right. Look, we did have a really strong performance in Q1, and we're really pleased about that, but it is a small quarter for us. And many of the drivers that we saw in the first quarter we were expecting, there's obviously a lot of uncertainty out there from a macroeconomic environment and how that might impact or not impact the consumer base. And frankly, we haven't even got to the peak selling season yet.

謝謝，邦妮。你是對的。看，我們在第一季度的表現確實非常強勁，我們對此感到非常高興，但這對我們來說只是一個小季度。我們在第一季度看到的許多我們預期的驅動因素，顯然宏觀經濟環境存在很多不確定性，以及這可能會或不會影響消費者基礎。坦率地說，我們甚至還沒有到銷售旺季。

The other point I would make is that we haven't factored any of the trends that we've seen in April into our guidance. We really, and I'm sure nobody has any idea how long these are going to continue. So they're not factored into our guidance at this point. So yes, we didn't raise our guidance at this time for those reasons.

我要說的另一點是，我們沒有將 4 月份看到的任何趨勢納入我們的指導中。我們真的，我敢肯定沒有人知道這些會持續多久。因此，目前它們並未納入我們的指導方針。所以是的，出於這些原因，我們此時沒有提高我們的指導。

The next question is from the line of Kevin Grundy with Jefferies.

下一個問題來自 Jefferies 的 Kevin Grundy。

Congrats on the strong results here. Gavin, just to come back, maybe just to spend a moment on this. So it sounds like -- and specifically, the issue with your key competitor because I kind of feel like it's the elephant in the room here. So just to be clear, there's nothing embedded in your guidance, April clearly off to a really strong start. How do you see this sort of playing out?

祝賀這裡取得了很好的成績。加文，回來吧，也許只是想花點時間討論這個。所以這聽起來像是——具體來說，是你的主要競爭對手的問題，因為我覺得這是房間裡的大象。所以要明確一點，您的指導中沒有任何內容，4 月顯然是一個非常強勁的開端。您如何看待這種情況？

I know it's a difficult question to answer. But based on your long history in the industry, I know there's sort of a uniqueness to this, how do you potentially see this playing out? And you may have not embedded some of the favorable trends we've seen in April. Is there sort of a cushion in your guidance to contemplate what will likely be sort of a step-up in investment maybe across whether we're talking price, whether we're talking advertising and marketing from your key competitors, they would naturally attempt to sort of stabilize trends. So maybe just a little bit more time on this in terms of how you're contemplating it, I think, would be a great interest to folks.

我知道這是一個很難回答的問題。但根據你在這個行業的悠久歷史，我知道這有一種獨特性，你如何看待它的發展？您可能還沒有嵌入我們在 4 月份看到的一些有利趨勢。在你的指導中是否有某種緩衝來考慮什麼可能是投資的升級可能跨越我們是否在談論價格，無論我們是否在談論來自你的主要競爭對手的廣告和營銷，他們自然會嘗試有點穩定趨勢。因此，我認為，就您如何考慮它而言，也許只是多花一點時間，這將引起人們的極大興趣。

Thanks, Kevin. Yes, just a couple of maybe additional points to that. Obviously, our focus right now is on our brands completely and not looking at what our competitors are doing. And I'm particularly proud of the work that we've done over the last 3 years because we've built our brands very deliberately, and Kevin, we're seeing progress across our portfolio as a result of that. And that tells us that our strategy is working. So no matter what happens with our competitors, we're going to continue to make the right direct decisions for our brands and the long-term health of our brands. As I said to you, we haven't factored in the current situation into the guidance, holding our guidance where it is. Honestly, we can't say how long the current situation is going to last. And our focus is going to stay on our brands. Our guidance did contemplate previously an increase in our marketing spend, particularly in the summer part of the year.

謝謝，凱文。是的，只是一些額外的要點。顯然，我們現在的重點完全放在我們的品牌上，而不是關注我們的競爭對手在做什麼。我為過去 3 年所做的工作感到特別自豪，因為我們非常有意識地打造了我們的品牌，而凱文，我們因此看到了整個產品組合的進步。這告訴我們，我們的戰略正在奏效。因此，無論我們的競爭對手發生什麼情況，我們都將繼續為我們的品牌和我們品牌的長期健康做出正確的直接決策。正如我對你說的，我們沒有將當前情況考慮到指導中，而是將指導保持在原樣。老實說，我們不能說目前的情況會持續多久。我們的重點將留在我們的品牌上。我們的指南之前確實考慮過增加營銷支出，尤其是在今年的夏季。

So as we head into Memorial Day and after that as we go into 4th of July, our guidance did include supporting our brands in a meaningful way. And I guess that's about all I can say on that at this point, Kevin.

因此，當我們進入陣亡將士紀念日以及之後進入 7 月 4 日時，我們的指導確實包括以有意義的方式支持我們的品牌。凱文，我想這就是我目前能說的全部內容。

The next question is from the line of Vivien Azer from TD Cowen.

下一個問題來自 TD Cowen 的 Vivien Azer。

This is Victor on for Vivien Azer. While it's hard to know how durable the faster growth in April will prove to be, can you speak to the flexibility in your supply chain to accommodate outsized consumer demand for Coors Light and Miller Lite in the U.S.?

這是 Vivien Azer 的 Victor。雖然很難知道 4 月份的快速增長將被證明有多持久，但您能否談談您的供應鏈的靈活性，以適應美國消費者對 Coors Light 和 Miller Lite 的巨大需求？

Yes. Thanks, Victor. Thanks for that question. Yes, certainly, I can do that. And I'll do that by saying that we came into this year with inventories in really good shape and that was the good starting point. And then as Tracey said in her remarks, we shipped ahead of consumption in the first quarter as well. So we came out of Q1 in good shape from an inventory point of view. Our inventories were healthy. And our inventories have remained stable in the last 4 weeks.

是的。謝謝，維克多。謝謝你的問題。是的，當然，我可以做到。我會說我們今年的庫存狀況非常好，這是一個很好的起點。然後正如特蕾西在她的評論中所說，我們在第一季度的出貨量也超過了消費量。因此，從庫存的角度來看，我們在第一季度表現良好。我們的庫存很健康。我們的庫存在過去 4 週內保持穩定。

So we are keeping up with the demand that we're seeing, certainly in April. Many of the changes that we made over the last year or so and decisions that we've made put us in a much better position from a supply chain point of view than we have been for quite some time. And if you remember, our economy to SKU rationalization, we expanded our supplier base. And that's just allowed us to be much more nimble from an overall business point of view.

因此，我們正在跟上我們看到的需求，當然是在 4 月份。從供應鏈的角度來看，我們在過去一年左右的時間裡做出的許多改變和做出的決定使我們處於比過去相當長一段時間更好的位置。如果你還記得，我們的經濟為了 SKU 合理化，我們擴大了我們的供應商基礎。從整體業務的角度來看，這讓我們變得更加靈活。

And as a result, we have improved our ability to react to potential sharp changes in supply. So thanks for the question.

因此，我們提高了應對潛在供應急劇變化的能力。所以謝謝你的問題。

The next question is from the line of Andrea Teixeira from JPMorgan.

下一個問題來自摩根大通的 Andrea Teixeira。

Gavin, you spoke a little bit on the demand in April. So how can you kind of think about all these forces and you're correct, and I think it's prudent not just on that this is going to continue. The history of brands having those points, right, I wouldn't say. But how (inaudible) so how it will change the customer perception of a specific brand? But thinking of what you described as the package dynamics that happen in the U.S., how does that -- how can you kind of shift a little bit of your price pack architecture going into the summer?

加文，你在四月份談到了一些需求。那麼你怎麼能考慮所有這些力量，你是對的，我認為謹慎不僅僅是因為這將繼續下去。具有這些點的品牌歷史，對，我不會說。但是（聽不清）它將如何改變客戶對特定品牌的看法？但是想想你所描述的在美國發生的包裹動態，那是怎麼回事——你怎麼能稍微改變一下你的價格包結構進入夏季呢？

And if any changes you are envisioning? And have you seen conversely -- as you pointed out, the most affluent consumers actually looking for more value also in the bigger packs, are you seeing on trade some deceleration that we saw at the end of March, I think, in the data? Are you seeing that happening through as the weather in some places is still challenging or the places that the weather got better, you've seen that shift back to on-premise. So can you talk about those dynamics? And how are you seeing that play out in your guide?

如果您正在設想任何改變？你有沒有看到相反的情況——正如你所指出的，最富裕的消費者實際上也在更大的包裝中尋找更多的價值，你是否看到我們在 3 月底的數據中看到的貿易減速？您是否看到這種情況發生，因為某些地方的天氣仍然具有挑戰性，或者天氣變得更好的地方，您已經看到這種情況又回到了內部部署。那麼你能談談這些動態嗎？您如何看待指南中的內容？

Thanks, Andrea. Look, from an overall industry point of view and your question is directed more at the U.S., so I'll keep my comments there. We had a number of dynamics that played out in the first quarter. In January, it was certainly positive for us because we were cycling Omicron, which certainly benefited the on-premise volume trend versus the prior year. But in March, we did see on-premise trends slow a little bit, didn't provide us the offset to -- the off-premise performance, which remains reasonably soft during the quarter, mostly because of what was happening out in the Pacific region and specifically California.

謝謝，安德里亞。你看，從整個行業的角度來看，你的問題更多是針對美國的，所以我會把我的評論留在那裡。我們在第一季度有很多動態。 1 月份，這對我們來說肯定是積極的，因為我們正在循環使用 Omicron，這肯定有利於與前一年相比的內部部署量趨勢。但在 3 月份，我們確實看到本地趨勢略有放緩，並沒有為我們提供抵消——非本地性能在本季度仍然相當疲軟，這主要是因為太平洋地區發生的事情地區，特別是加利福尼亞州。

That was the biggest geographic driver of industry softening, frankly, Andrea, at least in part, mostly due to the weather situation out that part of the world. From our point of view, we did perform ahead of the industry in the Pacific region and California, and we gained share in California, which we're particularly pleased about. And when you couple all of that with the current macroeconomic environment and the fact that we haven't built any of this current trend change into our guidance, it's just left us a bit cautious in the short term, but very confident that our portfolio -- the work that we've done over the last 3 years has strategically positioned us to navigate the dynamic environment that we're seeing. So thanks for that question.

這是行業疲軟的最大地理驅動因素，坦率地說，安德里亞，至少在一定程度上，主要是由於世界那個地區的天氣狀況。從我們的角度來看，我們確實在太平洋地區和加利福尼亞州的表現領先於行業，我們在加利福尼亞州獲得了份額，我們對此感到特別高興。當你將所有這些與當前的宏觀經濟環境以及我們尚未將任何當前趨勢變化納入我們的指導方針時，這只會讓我們在短期內有點謹慎，但非常有信心我們的投資組合 - - 我們在過去 3 年所做的工作在戰略上使我們能夠駕馭我們所看到的動態環境。所以感謝這個問題。

That's super helpful -- yes, super helpful. Can you talk then the same similar view on Europe?

這非常有幫助——是的，非常有幫助。那麼你能談談對歐洲的同樣相似的看法嗎？

Yes, sure. So in Europe, from a U.K. point of view, the consumers remained frankly remarkably resilient. And so we haven't seen much degradation in consumer behavior in the U.K. And certainly from a sales revenue point of view, our on-premise trends are above what they were in 2019. A little different in Central and Eastern Europe. I mean the consumer there is less discretionary disposable income and with the inflation being where it is and particularly in consumer durables -- sorry, not durables, fast-moving consumer goods, we've seen more of an impact in Central and Eastern Europe than we have in the U.K.

是的，當然。因此，在歐洲，從英國的角度來看，坦率地說，消費者仍然非常有彈性。因此，我們沒有看到英國消費者行為有太大下降。當然，從銷售收入的角度來看，我們的本地趨勢高於 2019 年。中歐和東歐略有不同。我的意思是那裡的消費者可支配的可支配收入較少，而且通貨膨脹率很高，尤其是在耐用消費品方面——對不起，不是耐用品，快速消費品，我們在中歐和東歐看到的影響比我們在英國

In Canada, we saw a similar trend as we did in the U.S., excluding the -- obviously, the California situation. And we were very pleased with the fact that our volumes in Canada were up, 4.9%. So thanks for that, Andrea.

在加拿大，我們看到了與美國類似的趨勢，顯然不包括加利福尼亞的情況。我們對我們在加拿大的銷量增長了 4.9% 感到非常高興。所以謝謝你，安德里亞。

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

下一個問題來自 Evercore 的 Rob Ottenstein。

Gavin, the beer industry is very high fixed costs. So any kind of increase in volumes, you get a lot of operating leverage from that. And given that your supply chain sounds in great shape and the ability to meet increased demand seems very solid at least for a short period of time, who knows how long you will have some windfall in terms of profitability.

加文，啤酒行業的固定成本非常高。因此，任何一種數量的增加，你都會從中獲得很多運營槓桿。鑑於您的供應鏈狀況良好，並且至少在短時間內滿足不斷增長的需求的能力似乎非常穩固，誰知道您在盈利方面會有多長時間的意外收穫。

How -- and it's kind of in the books already, right, for April. So how should we think about you spending that money? Would you step up marketing even more? Do you brought -- bring it to the bottom line? Do you think about different capital allocation? Just trying to get a sense of how you're thinking about spinning that windfall.

如何 - 它已經在四月份的書中了。那麼我們應該如何考慮你花那筆錢呢？你會加強營銷嗎？你把它帶到了底線嗎？你考慮過不同的資本配置嗎？只是想了解一下您是如何考慮旋轉這筆意外之財的。

Robert, you're right. I mean our supply chain is in much better shape than it was several years ago. And as I said, they've done a brilliant job of meeting demand as we've gone along. And you're right, the more volume you get through your breweries, the more fixed cost deleverage or the opposite of that comes into play. But as I said earlier, none of this -- what's happening in April is any of our guidance going forward as we assess it and see what happens and see how sustaining it is.

羅伯特，你是對的。我的意思是我們的供應鏈比幾年前要好得多。正如我所說，隨著我們的發展，他們在滿足需求方面做得非常出色。你是對的，你通過啤酒廠獲得的數量越多，固定成本去槓桿化或與之相反的作用就越大。但正如我之前所說，這一切都不是 - 4 月份發生的事情是我們在評估它並查看會發生什麼並查看它的持續性時的任何指導。

We always were going to increase our marketing spend as we headed into summer and Memorial Day and into 4th of July, in fact, for the whole of summer. So we feel that we have really strong plans for summer behind all of our core brands, whether they here in the United States or up in Canada or across the Ocean. So we'll continue to spend what we think is right behind our brands. If we saw an opportunity, we could change that obviously, but that's factored into our guidance as we got it now.

當我們進入夏季和陣亡將士紀念日以及 7 月 4 日時，我們總是會增加我們的營銷支出，事實上，整個夏季。因此，我們覺得我們所有核心品牌背後都有非常強大的夏季計劃，無論是在美國、加拿大還是大洋彼岸。因此，我們將繼續花費我們認為適合我們品牌的資金。如果我們看到一個機會，我們可以明顯地改變它，但這已經成為我們現在獲得的指導中的一個因素。

So would we -- should we expect that perhaps given the momentum that you have in the market, you would look to take advantage of that and perhaps pick up spending in marketing, well, while you have the wind behind your back?

那麼我們是否會 - 我們是否應該期望也許鑑於您在市場上的勢頭，您會希望利用它並可能在營銷方面增加支出，好吧，當您背後有風的時候？

Robert, as you're kind of implying where our focus is and our focus remains on our brands and not really focused on what the competitors are doing. And as I said, we've built our brands very deliberately over the last 3 years, and we've made great progress on our portfolio. I think our portfolio, particularly our core portfolio, is really great part from an overall health point of view. The momentum we saw in our core brands coming out of 2022 continued into the first quarter.

羅伯特，你有點暗示我們的重點在哪裡，我們的重點仍然是我們的品牌，而不是真正關注競爭對手在做什麼。正如我所說，我們在過去 3 年中非常有意識地打造了我們的品牌，並且我們在我們的產品組合方面取得了長足的進步。我認為我們的投資組合，尤其是我們的核心投資組合，從整體健康的角度來看確實是一個很好的部分。我們在 2022 年的核心品牌中看到的勢頭一直持續到第一季度。

And we believe we're set up for a really strong summer regardless of what's happening in the broader environment. And our marketing plans and support plans from a sales execution point of view, we're designed to support that brand strength before all this happened.

我們相信，無論大環境中發生了什麼，我們都將為一個非常強勁的夏天做好準備。從銷售執行的角度來看，我們的營銷計劃和支持計劃旨在在這一切發生之前支持品牌實力。

The next question is from the line of Bryan Spillane with Bank of America.

下一個問題來自美國銀行的 Bryan Spillane。

I actually had two quick questions, if you will. The first one is just in the first quarter in the U.S., the shipping ahead of consumption, is that really more just kind of getting back to a normal seasonality, right? You try to build some inventory in the shoulder seasons to have enough in the peak. So with the supply chain normalizing, is that really kind of what -- why you would have shipped ahead in the first quarter? And then I have a follow-up.

如果你願意的話，我實際上有兩個簡單的問題。第一個是在美國的第一季度，運輸先於消費，這真的更像是回到正常的季節性，對嗎？您嘗試在平季建立一些庫存，以便在旺季有足夠的庫存。因此，隨著供應鏈正常化，這真的是什麼——為什麼你會在第一季度提前發貨？然後我有一個後續行動。

Bryan, look, I mean, frankly, we're living in such uncertain volatile times that it has been our practice when we can to make sure that we're at the top end of where we would like our inventory to be. And so that's how we felt coming out of 2022, and that's why we were where we were at the end of the first quarter. It feels like over the last 3 years, there's always been something, right? And so we wanted to make sure that we had our inventories at the right level to make sure that our out of stocks were as low as we can possibly have them.

布萊恩，坦率地說，我的意思是，我們生活在這樣一個不確定的動盪時期，我們的做法是確保我們處於我們希望庫存的最高端。這就是我們對 2022 年的感受，這就是為什麼我們在第一季度末處於現狀。感覺在過去的 3 年裡，總有一些東西，對吧？因此，我們想確保我們的庫存處於正確的水平，以確保我們的缺貨量盡可能低。

And so that was the position we found ourselves coming out of Q1, higher inventory than we perhaps would have been in previous years because build for someone normally takes place in April and through into May. So it was -- we're in a good place from an inventory point of view at the moment, Bryan.

這就是我們發現自己從第一季度出來的位置，庫存比前幾年可能更高，因為通常在 4 月和 5 月為某人建造。所以它是 - 從目前的庫存角度來看，我們處於一個好地方，布萊恩。

Okay. And then just a quick one on MG&A. It was a little bit lower than what we were expecting in the first quarter. And I think Tracey, in your remarks, you talked about more of the spend in the middle of the year. So I just wanted to make sure that, that was -- there wasn't anything unusual in the first quarter and what we're seeing is just sort of the anticipation or the expectation that you'll have more marketing spend in the middle of the year?

好的。然後是關於 MG&A 的快速介紹。這比我們在第一季度的預期要低一些。我認為特蕾西，在你的發言中，你談到了今年年中的更多支出。所以我只是想確保，那是 - 第一季度沒有任何異常，我們所看到的只是一種預期或期望你會在中期有更多的營銷支出那一年？

Yes. So MG&A was flat. If you have a look at the marketing spend, in particular, as Gavin said, we've always planned to spend more marketing dollars in 2023. In Q1, we obviously did put a lot of investment around our Super Bowl ad, but we spent that money very wisely. We went into 2, 3 weeks before Super Bowl, talking about Miller Lite and Coors Light brands. And so there was a big price tag, but we were able to spend less and actually delivered more.

是的。所以 MG&A 持平。如果你看一下營銷支出，特別是正如加文所說，我們一直計劃在 2023 年花費更多的營銷資金。在第一季度，我們顯然確實在超級碗廣告上投入了大量資金，但我們花了那筆錢很明智。我們進入超級碗前 2、3 週，談論 Miller Lite 和 Coors Light 品牌。所以有一個很大的價格標籤，但我們能夠花更少的錢，實際上交付更多。

In fact, we had over 60% increase in impressions across our 3 key brands in January and February versus the prior year. But also just to remind you that last year in Q1, we had the big launch of Topo Chico Hard Seltzer. And so there was a big spend that we were lapping from last year.

事實上，與去年同期相比，我們 3 個主要品牌在 1 月和 2 月的印象增加了 60% 以上。但也要提醒您，去年第一季度，我們推出了 Topo Chico Hard Seltzer。因此，我們從去年開始就花了一大筆錢。

The next question is from the line of Steve Powers with Deutsche Bank.

下一個問題來自德意志銀行的 Steve Powers。

Just going back to the supply chain, I guess, should these share shifts prove to be structural and the trends continue or even extend? I guess I just want to go back to it and think about over the course of the summer, is there any risk that you can't keep up if these trends continue all the way through the peak selling season and that we hit inventories and potential for out of stocks over the summer? I just want to kind of sanity check that.

回到供應鏈，我想，這些份額轉移是否應該證明是結構性的，並且趨勢會繼續甚至擴大？我想我只是想回過頭來想想整個夏天，如果這些趨勢一直持續到銷售旺季並且我們觸及庫存和潛力，是否有任何你無法跟上的風險夏季缺貨？我只是想檢查一下。

And then on the volume leverage that you're getting, again, assuming these trends continue, is there a tipping point where the positive leverage and the economies of scale through the course of your factories and supply chain become sort of too much to handle and you start to get into this economies of scale trying to keep up with much faster than expected volumes. Just want to think that through as we think about the remainder of the year.

然後再一次，假設這些趨勢繼續下去，關於你獲得的數量槓桿，是否存在一個轉折點，在這個臨界點，你的工廠和供應鏈過程中的積極槓桿和規模經濟變得有點難以處理和你開始進入這種規模經濟，試圖跟上比預期更快的數量。只想在我們考慮今年剩餘時間時仔細考慮一下。

Thanks, Steve. Look, to answer your second question first, no, there isn't. So the benefit of spreading our fixed costs across a larger volume set doesn't have a reduction as things move forward. So I wouldn't factor that in any way. From an overall capacity point of view, it's a little bit of a hypothetical question, right, because it's hard to predict how big or how long these current trends are going to continue. I would just tell you that in terms of where we're positioned, we're as good as we could have been.

謝謝，史蒂夫。看，首先回答你的第二個問題，不，沒有。因此，隨著事情的進展，將我們的固定成本分攤到更大的數量集的好處並沒有減少。所以我不會以任何方式考慮這一點。從整體容量的角度來看，這有點像一個假設性的問題，對吧，因為很難預測這些當前趨勢將持續多大或持續多久。我只想告訴你，就我們所處的位置而言，我們已經做到了最好。

And obviously, we weren't planning for this. But as I said, we had great inventories coming out of the year. Our distributors were very supportive in building inventories towards the back end of the year, and we've kept up that momentum in the first quarter. So we're positioned as well as we could be from a supply point of view. So now we'll just have to see how that plays out. Thanks, Steve.

顯然，我們並沒有為此做計劃。但正如我所說，我們今年有大量庫存。我們的分銷商非常支持在年底前建立庫存，我們在第一季度保持了這種勢頭。因此，從供應的角度來看，我們的定位以及我們可能的定位。所以現在我們只需要看看結果如何。謝謝，史蒂夫。

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

下一個問題來自 Nadine Sarwat 與 Bernstein 的對話。

Two questions for me. So first, do you anticipate that the recent share shifts between you and your biggest U.S. competitor to have any longer-term implications on share of shelf space, perhaps in your favor? And then second question, we're obviously all seeing the scanner data very strong for April. But could you provide any commentary or feedback from what you're getting from distributors and retailers right now on the ground in terms of changes in consumer preferences?

我有兩個問題。那麼首先，您是否預計最近您和您最大的美國競爭對手之間的份額變化會對貨架空間份額產生任何長期影響，也許對您有利？然後是第二個問題，我們顯然都看到 4 月份的掃描儀數據非常強勁。但是，您能否就消費者偏好的變化從您目前從分銷商和零售商那裡獲得的信息提供任何評論或反饋？

Thanks, Nadine. Look, from a consumer point of view and from a distributor point of view, frankly, I don't think anybody can say how long the situation is going to last. And that's why our focus is squarely on our brands and taking advantage of the momentum that we created coming out of 2022 and also out of the first quarter. In terms of spring resets, look, the retailers only make meaningful changes to their resets coming into the spring and then they do minor ones in the fall.

謝謝，納丁。看，從消費者的角度和經銷商的角度來看，坦率地說，我認為沒有人能說這種情況會持續多久。這就是為什麼我們的重點完全放在我們的品牌上，並利用我們在 2022 年和第一季度創造的勢頭。就春季重置而言，零售商只對進入春季的重置進行有意義的更改，然後在秋季進行較小的更改。

Most of the retail chains have finished their sets and have actually begun the reset process. And as you can expect, there was a bigger growth in shelf space going to RTDs, coming directly from FABs and Seltzers with some reduction in shelf space for food craft. Craft changes seem to be very dependent on retail strategy, and it's not consistent across retailers. We have seen a significant growth in space for imports and premium lights and super premium is growing, but to a lesser extent.

大多數零售連鎖店已經完成了他們的設置，並且實際上已經開始了重置過程。正如您所預料的那樣，直接來自 FAB 和 Seltzers 的 RTD 的貨架空間有更大的增長，而食品工藝的貨架空間有所減少。工藝變化似乎非常依賴於零售策略，並且在各個零售商之間並不一致。我們已經看到進口和優質燈的空間顯著增長，超高端也在增長，但幅度較小。

We don't have a complete picture of all the resets that have taken place. But where we do have a read, we're growing both distribution and we're growing physical space. And frankly, we've seen growth -- strong growth in distribution and space due to innovation, but we're also growing space in the core of our portfolio as well. So the biggest opportunity for us to gain additional retail space aligns really well with the category segment trends we're seeing in Seltzer and Craft, and we're feeling really good about our biggest bets in innovation for 2023, like Simply Spiked.

我們沒有所有已發生的重置的完整圖片。但是，在我們確實有閱讀的地方，我們正在增加分佈和增加物理空間。坦率地說，我們已經看到了增長——由於創新，分銷和空間的強勁增長，但我們也在增加我們產品組合核心的空間。因此，我們獲得額外零售空間的最大機會與我們在 Seltzer 和 Craft 中看到的類別細分趨勢非常吻合，我們對我們在 2023 年最大的創新賭注感到非常滿意，例如 Simply Spiked。

The next question is from the line of Chris Carey with Wells Fargo.

下一個問題來自 Chris Carey 與 Wells Fargo 的對話。

So Tracey, I think you mentioned that built into plans were for a price increase in the U.S. that would probably be more in line with your typical pricing strategies in the market. I think one of the concerns that are out there with the competitive activity from this (inaudible) effectively what is (inaudible), right, and a price cut is something that I think many are contemplating. And so I guess in the context of you're going to be increasing marketing spending through this year, which makes total sense, can you just maybe frame how you would be thinking about that fall price increase should there be a broader price competition within beer, perhaps just over-delivery on volume gives you enough flexibility to work through that if you didn't want to price. But maybe just any thoughts on your sensitivity to that full price increase, that how firm you view it?

所以特蕾西，我想你提到過內置的計劃是在美國提價，這可能更符合你在市場上的典型定價策略。我認為，與此（聽不清）的競爭活動有關的擔憂之一是什麼（聽不清），對，降價是我認為許多人正在考慮的事情。因此，我想在您今年將增加營銷支出的背景下，這完全有道理，如果啤酒內部存在更廣泛的價格競爭，您能否構想一下您將如何考慮秋季價格上漲，如果您不想定價，也許僅僅超額交付就可以為您提供足夠的靈活性來解決這個問題。但也許只是關於你對全面提價的敏感性的任何想法，你對它的看法有多堅定？

Thanks, Chris. Look, I mean, I'll make the point upfront that we're not seeing competitive moves from a promotional point of view to the degree that you may have seen -- been reported that certainly isn't a full market thing. It's not a full portfolio thing and certainly not half of last year's for whole GI. We have seen some increase in brewer funded levels, but hard to say where that's all going. But certainly, it's not as widespread as you may have read in the media.

謝謝，克里斯。看，我的意思是，我會預先指出，從促銷的角度來看，我們沒有看到競爭性舉措達到您可能已經看到的程度——據報導，這肯定不是一個完整的市場。這不是一個完整的投資組合，當然也不是去年整個 GI 的一半。我們已經看到釀酒商資助的水平有所增加，但很難說這一切都將走向何方。但可以肯定的是，它並不像您在媒體上讀到的那樣廣泛。

We continue to do pricing as we've always done it, right, which is on a brand by brand, market-by-market basis. We're holding steady on what we said on our last earnings call. But, obviously, we've cycled through the spring price increases from last year, and we've now got the fall price increase we put through last year, which was in the sort of 5% to 6% range, holding steady through this coming fall. And we still continue to believe that the fall price increases will revert back to more historical levels in that sort of 1% to 2% range.

我們繼續像往常一樣進行定價，對的，這是一個品牌一個品牌，一個市場一個市場地定價。我們堅持我們在上次財報電話會議上所說的話。但是，很明顯，我們已經經歷了去年春季的價格上漲，現在我們經歷了去年的秋季價格上漲，漲幅在 5% 到 6% 之間，在今年保持穩定秋天來了。我們仍然相信，下跌的價格漲幅將恢復到 1% 到 2% 的歷史水平。

But obviously, there's plenty of time between now and when we have to make a decision on that to determine exactly what we'll do from a pricing point of view for our brand portfolio.

但顯然，從現在到我們必須就此做出決定，以從定價的角度為我們的品牌組合準確確定我們將做什麼，還有很多時間。

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

下一個問題來自 Lauren Lieberman 與 Barclays 的對話。

I have two questions. The first was just knowing that you said the recent shared momentum that you've seen in recent weeks is not included in the guidance and who knows what happens from here. But I was just curious how to think about that in the context of the 4-point spread between brand volume and financial volume in the U.S. are 4-ish. So the thought was what it is in the guidance, is it kind of takes all year or through the year that you work through that?

我有兩個問題。首先是知道你說你最近幾週看到的最近共同勢頭沒有包括在指導中，誰知道從這裡會發生什麼。但我很好奇，在美國品牌數量和財務數量之間的 4 點差為 4 左右的情況下，如何考慮這一點。所以這個想法就是指南中的內容，是需要一整年還是整整一年才能完成？

Should the recent market share dynamics hold the volume trends that we see in Nielsen, would that gap be closed sooner? Would that be something that -- yes, that we should just think about in closing more quickly? So that was kind of question one. And the second was on the contract manufacturing exit. I think I know you've spoken to it before, but not quite as specific fashion. And I think the language previously, at least we heard it was, a gradual sort of wind down until the contract terminates.

如果最近的市場份額動態保持我們在尼爾森看到的銷量趨勢，這種差距會更快縮小嗎？那會是——是的，我們應該考慮更快地結束嗎？所以這是第一個問題。第二個是合同製造出口。我想我知道你以前說過，但不是很具體。我認為之前的語言，至少我們聽說過，是一種逐漸結束的方式，直到合同終止。

But now you're speaking to an accelerating and significant pressure from that in the back half. So I was just wondering -- and more so in the fourth quarter. If you could put any kind of quantification around that because that might also help with tying in some of the decision to hold the line on guidance, despite such a significant outperformance in Q1?

但現在你正在談論來自後半場的加速和巨大壓力。所以我只是想知道——在第四季度更是如此。你是否可以圍繞它進行任何量化，因為儘管第一季度的表現如此顯著，但這也可能有助於將一些決定與指引聯繫起來？

Thanks, Lauren. Tracey, you'll take the second question. But from an overarching point of view, Lauren, as I said, we haven't built in any of the current trends into our guidance reiteration, right? Obviously, it's too soon to tell where this is all going to go. And I point you towards Tracey's comments, where she said, our plan is always to try and ship to consumption for the full year. So as we said, we overshipped in the first quarter very deliberately to make sure that we could weather any unexpected issues, which may earlier their head through summer and our inventory levels have remained pretty steady through the whole month of April.

謝謝，勞倫。 Tracey，你來回答第二個問題。但從總體的角度來看，勞倫，正如我所說，我們沒有將任何當前趨勢納入我們的指導重申中，對嗎？顯然，現在判斷這一切將走向何方還為時過早。我向您指出了 Tracey 的評論，她說，我們的計劃始終是嘗試全年發貨。因此，正如我們所說，我們在第一季度故意超額發貨，以確保我們能夠經受住任何意想不到的問題，這些問題可能會提前到夏季，而且我們的庫存水平在整個 4 月都保持相當穩定。

So our supply chain has been able to meet the increased demand that you can obviously see through the publicly available channel and scan data. So that's about all the color I can add for you as it relates to shipments for the year. And then contract brewing (inaudible)

因此，我們的供應鏈已經能夠滿足不斷增長的需求，您可以通過公開渠道和掃描數據清楚地看到這一點。這就是我可以為您添加的所有顏色，因為它與當年的出貨量有關。然後合同釀造（聽不清）

Yes. So again, I can't quantify this because it is with a contract brewing partner, Lauren, but it is a large contract brewing agreement. It does wind down at the end of 2024. We do expect, based on forecasts, et cetera, that we do a seize to see a significant decline in volumes related to this in the second half of the year and, as I mentioned, accelerating in Q4. So other than being able to quantify which we can't, that's about as much color as I can add to that.

是的。因此，我無法量化這一點，因為它是與合同釀造合作夥伴 Lauren 簽訂的，但這是一項大型合同釀造協議。它確實會在 2024 年底結束。我們確實預計，根據預測等，我們會抓住機會，在今年下半年看到與此相關的交易量顯著下降，並且正如我提到的那樣，加速在第四季度。因此，除了能夠量化我們無法量化的內容之外，這與我可以添加的顏色差不多。

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

下一個問題來自花旗銀行的 Filippo Falorni。

So question on -- just a question on, again, the pricing that you're assuming in the balance of the year. I know, obviously, you mentioned the competitive dynamics you haven't really seen anything yet. But do you see a need maybe for the beer industry to step up a bit promotional activity to reflect some of the trade down or signs of more consumers looking for more value? How do you see that evolving in the balance of the year? And bigger picture, obviously, we talked a lot about market share dynamics within the beer industry. But what are your expectations for the entire industry growth for 2023?

所以問題 - 只是一個問題，再次，你在今年餘額中假設的定價。我知道，很明顯，你提到了你還沒有真正看到任何東西的競爭動態。但您是否認為啤酒行業可能需要加強一些促銷活動，以反映一些降價或更多消費者尋求更多價值的跡象？您如何看待這一年的餘額變化？顯然，從更大的角度來看，我們談論了很多啤酒行業的市場份額動態。但您對 2023 年整個行業的增長有何預期？

Thanks, Filippo. So a couple of things in there. From a pricing point of view, not -- I can't really add much more than what I've already said other than that we don't approach pricing on a one size fits all. We certainly look at by brand, by pack, by market very specifically. And we will continue to do that. And I think we've been pretty effective at that.

謝謝，菲利波。所以里面有幾件事。從定價的角度來看，不是——我真的不能添加比我已經說過的更多的東西，除了我們不會以一種適合所有人的方式來定價。我們當然會非常具體地按品牌、按包裝、按市場來看待。我們將繼續這樣做。我認為我們在這方面非常有效。

From a -- as Tracey said, from an overall point of view, our assumptions for the full year is that our top line growth is going to come more from rate than volume. It's -- as I said, there's a lot of uncertainty from a macro environment point of view and what impact that may or may not have on the consumer. We are still seeing premiumization though, albeit at a slower pace. We're not observing significant segment trade down.

從 - 正如特蕾西所說，從整體的角度來看，我們對全年的假設是我們的收入增長將更多地來自利率而不是數量。正如我所說，從宏觀環境的角度來看存在很多不確定性，以及對消費者可能產生或不產生的影響。儘管速度較慢，但我們仍然看到高端化。我們沒有觀察到明顯的細分市場交易下降。

We're seeing the value that segment trends are stabilizing. And as for consumers, we continue to see trips and dollars being up, primarily due to that pricing. Buyers and units down, which is obviously impacting overall industry volumes. And as I said, consumers continue to make trade-offs as they look for value, will shift into the larger packs and into the singles away from midsized packs, and we build all of that into how we think about pricing of our various brands and packs. Thanks, Filippo.

我們看到了細分趨勢正在穩定的價值。至於消費者，我們繼續看到旅行和美元上漲，這主要是由於定價。買家和單位減少，這顯然影響了整個行業的交易量。正如我所說，消費者在尋找價值時會繼續做出權衡取捨，他們會從中型包裝轉向大包裝和單包裝，我們將所有這些融入我們對各種品牌和產品定價的思考方式中。包。謝謝，菲利波。

The next question is from the line of Eric Serotta with Morgan Stanley.

下一個問題來自摩根士丹利的 Eric Serotta。

Maybe Eric had his question answered already.

也許埃里克的問題已經得到解答。

Sorry about that. I was on mute there -- I was on mute there. Most of my questions have been answered, but one for you. You previously had the $1 billion revenue target for your emerging growth unit. With the reorganization, my understanding is that business unit doesn't really exist anymore or doesn't exist anymore. So wondering how you're thinking about growth prospects for the brands that used to be part of that unit? I understand if you can't fully reconcile it exactly, but how are you thinking about growth for that portfolio with the progress that we've seen to date and the (inaudible) organization?

對於那個很抱歉。我在那裡保持沉默——我在那裡保持沉默。我的大部分問題都已得到解答，但有一個是給你的。您之前為您的新興增長部門製定了 10 億美元的收入目標。隨著重組，我的理解是業務部門不再存在或不再存在。所以想知道您如何看待曾經屬於該部門的品牌的增長前景？我理解如果你不能完全調和它，但你如何考慮該投資組合的增長與我們迄今為止看到的進展和（聽不清）組織？

Thanks, Eric. Look, I mean you're right. I mean we don't have an emerging growth division anymore. So the $1 billion goal is no longer applicable. But the changes to the org structure that we've made here in the Americas is completely designed to support accelerating future growth. We're going to have more aligned priorities, we can have more aligned leadership. The collaboration between sales and marketing is going to be much more. And it allows us to have more scale in Beyond Beer. And it does allow us to accelerate and have more aligned capabilities.

謝謝，埃里克。看，我的意思是你是對的。我的意思是我們不再有新興的增長部門了。因此，10 億美元的目標不再適用。但我們在美洲對組織結構所做的改變完全是為了支持加速未來的增長。我們將有更一致的優先事項，我們可以有更一致的領導。銷售和營銷之間的協作將會更多。它使我們能夠在 Beyond Beer 中擁有更大的規模。它確實讓我們能夠加速並擁有更一致的能力。

Two examples of that would be innovation, and then, obviously, digital. And all of that is in support of our Beyond Beer initiatives as well as, obviously, our core brands. With total Beyond Beer coming together because they were sort of housed in different houses, like Topo Chico Spirited and expanded relationships with Coca-Cola, with (inaudible) full sprit strength -- full-strength spirits like Five Trail and Barmen and non-alc with brands like ZOA. All of the activity that now fits into this one big house is designed to drive that even faster.

這方面的兩個例子是創新，然後是數字化。所有這些都是為了支持我們的 Beyond Beer 計劃以及我們的核心品牌。 Beyond Beer 之所以走到一起，是因為它們有點像 Topo Chico，與可口可樂的精神和擴大關係，具有（聽不清）完整的精神力量——像 Five Trail 和 Barmen 和非 alc 這樣的充滿活力的烈酒與 ZOA 等品牌合作。現在適合這個大房子的所有活動都是為了更快地推動它。

And we're seeing that with Simply, we're seeing that with ZOA, we're seeing that with our full-strength spirits. So we're only about 45 days into the new structure, but the benefits of it are really becoming really clear. So I'm very pleased with the sort of first month or 2 of our new process. So thanks for that question, Eric.

我們看到了 Simply，我們看到了 ZOA，我們看到了我們全力以赴的精神。所以我們進入新結構只有大約 45 天，但它的好處真的變得非常明顯。所以我對我們新流程的第一個月或第二個月感到非常滿意。謝謝你提出這個問題，埃里克。

The next question is from the line of Peter Grom with UBS.

下一個問題來自瑞銀集團的 Peter Grom。

So Tracey, I appreciate the commentary on inflation. And I know you still expect gross margin per hectoliter to increase. But when you look at your kind of inflation basket today versus earlier in the year, has anything materially changed? Is it broadly similar? And then just given the strong start to the year, how should we think about the phasing of gross margin more on a year-over-year basis, particularly as inflation moderates?

所以特蕾西，我很欣賞關於通貨膨脹的評論。而且我知道您仍然期望每百升的毛利率會增加。但是，當您查看今天與今年早些時候的通貨膨脹籃子時，有什麼實質性的變化嗎？它大致相似嗎？然後，鑑於今年開局強勁，我們應該如何考慮毛利率的逐年增長，尤其是在通脹放緩的情況下？

Okay. So thanks for that, Peter. So the inflation buckets are pretty similar, driven by our brewing and packaging materials, some brewery inflation. But also what's a little bit different is the premiumization, especially coming out of EMEA & APAC. So as we drive our portfolio premiumization, it does come at a higher COGS, although as I said, it comes at higher margins as well.

好的。所以謝謝你，彼得。所以通脹桶非常相似，由我們的釀造和包裝材料驅動，一些啤酒廠通脹。但也有一點不同的是高端化，尤其是來自 EMEA 和 APAC 的高端化。因此，當我們推動我們的投資組合溢價化時，它確實帶來了更高的銷貨成本，儘管正如我所說，它也帶來了更高的利潤率。

So with the performance we saw in U.K., driven by the on-premise performance and the portfolio premiumization, we did have higher COGS in Q1. But as we look at the balance of the year, we've got a good line of thought to our COGS based on our hedging programs, contract prices and as well as our expected cost savings. And so that helps us to moderate some of the inflation increases we're seeing.

因此，根據我們在英國看到的業績，在內部部署業績和投資組合溢價化的推動下，我們在第一季度的銷貨成本確實更高。但當我們審視今年的餘額時，我們根據對沖計劃、合同價格以及預期的成本節約，對我們的 COGS 有了很好的思路。因此，這有助於我們緩和我們看到的一些通脹增長。

And that's why we -- with this good line of thought, we are able to look at the COGS moderating -- with inflation moderating in the back half of the year. So I mean, I think that there's nothing significantly different other than maybe the premiumization.

這就是為什麼我們 - 憑藉這種良好的思路，我們能夠看到 COGS 放緩 - 通脹在今年下半年放緩。所以我的意思是，我認為除了優質化之外沒有什麼明顯不同。

The final question will be from the line of Gerald Pascarelli with Wedbush Securities.

最後一個問題將來自 Wedbush Securities 的 Gerald Pascarelli。

Just on Simply Spiked, it's obviously been incremental to your top line growth, and you're going to come up on cycling your national launch in June. So how do you think about cycling these distribution gains that you've been achieving? And then going back to shelf resets, do you think the fact that we likely see less shelf space allocated to Hard Seltzer? Does that help to mitigate the potential impact you may see in the back half of the year due to better product placement? Any color there would be helpful.

就在 Simply Spiked 上，它顯然對您的收入增長起到了增量作用，並且您將在 6 月份循環全國發布。那麼，您如何看待循環利用您已經取得的這些分配收益？然後回到貨架重置，您認為我們可能會看到分配給 Hard Seltzer 的貨架空間變少了嗎？由於更好的產品植入，這是否有助於減輕您在今年下半年可能看到的潛在影響？那裡的任何顏色都會有所幫助。

Thanks, Gerald. Look, I mean, from a U.S. point of view, very pleased with the performance of Topo Chico and Vizzy. Topo Chico is on track to be the #3, Hard Seltzer is #4 coming out of the first quarter. Simply Spiked has just been, as you say, a massive success since we launched it in summer of 2022. And frankly, it caught us a little bit by surprise, and we weren't able to meet all of the demand that existed.

謝謝，杰拉德。看，我的意思是，從美國的角度來看，對 Topo Chico 和 Vizzy 的表現非常滿意。 Topo Chico 有望成為第 3 名，Hard Seltzer 在第一季度排名第 4。正如您所說，自從我們在 2022 年夏天推出 Simply Spiked 以來，它取得了巨大的成功。坦率地說，它讓我們有點吃驚，我們無法滿足現有的所有需求。

And with the work that our supply chain team have done to in-house that and with a variety packet coming online now in May, we feel very confident that we're going to be able to meet the elevated demand. So although we're going up against strong comps in many respects, that could have been even stronger, and that's what we're going to take advantage of. We've also got Simply Spiked Peach, which is just launched, which has been -- I mean it's really early days, but it's been amazingly successful so far.

通過我們的供應鏈團隊所做的內部工作，以及 5 月份上線的各種包裝，我們非常有信心能夠滿足不斷增長的需求。因此，儘管我們在很多方面都在與強大的對手競爭，但它本來可以更強大，這就是我們要利用的優勢。我們還有剛剛推出的 Simply Spiked Peach，它已經——我的意思是它真的很早，但到目前為止它取得了驚人的成功。

We've just launched Simply Spiked in Canada, very late in Q1. So it really had no impact on our Q1 performance up in Canada, but it's off to a really strong start with some of our key retailers. So we're feeling really good about our position from a full flavor point of view, which is how we're looking at it right now. So thanks for that question.

我們剛剛在第一季度末在加拿大推出了 Simply Spiked。所以它確實對我們在加拿大的第一季度業績沒有影響，但它對我們的一些主要零售商來說是一個非常強勁的開端。因此，從全面的角度來看，我們對自己的立場感覺非常好，這就是我們現在看待它的方式。所以感謝這個問題。

That concludes our Q&A session for the call this morning. I would like to turn the call back over to Greg Tierney for concluding remarks.

今天早上的電話問答環節到此結束。我想將電話轉回給 Greg Tierney 以作總結髮言。

Thank you, operator. I know there may have been additional questions that we weren't able to answer today. So please follow up with our Investor Relations team in the days and weeks that come, and we look forward to talking with many of you as the year progresses. Thanks much, and thanks, everybody, for participating in today's call. Have a great day.

謝謝你，運營商。我知道可能還有我們今天無法回答的其他問題。因此，請在接下來的幾天和幾週內跟進我們的投資者關係團隊，我們期待著隨著時間的推移與你們中的許多人交談。非常感謝，也感謝大家參加今天的電話會議。祝你有美好的一天。

That concludes today's conference call. Thank you for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開線路。