Molson Coors Beverage Co (TAP) 2024 Q3 法說會逐字稿

Good morning, and welcome to the Molson Coors Beverage Company third-quarter earnings conference call. With that, I'll hand over to Traci Mangini, Vice President of Investor Relations.

早安，歡迎參加 Molson Coors Beverage Company 第三季財報電話會議。接下來，我將把工作交給投資者關係副總裁 Tracy Mangini。

Thank you, operator, and hello, everyone. Following prepared remarks today, we look forward to taking your questions. In an effort to address as many questions as possible, we ask that you limit yourself to one question. If you have technical questions on the quarter, please reach out to our IR team.

謝謝接線員，大家好。在今天準備好的發言之後，我們期待回答您的問題。為了盡可能回答更多的問題，我們要求您只回答一個問題。如果您對本季有任何技術問題，請聯絡我們的 IR 團隊。

Also, I encourage you to review our earnings release and earnings slides, which are posted to the IR section of our website and provide detailed financial and operational metrics.

此外，我鼓勵您查看我們的收益發布和收益幻燈片，它們發佈在我們網站的投資者關係部分，並提供詳細的財務和營運指標。

Today's discussion includes forward-looking statements. Actual results or trends could differ materially from our forecast. For more information, please refer to our risk factors discussed in our most recent filings with the SEC. We assume no obligation to update forward-looking statements, except as required by applicable law.

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有重大差異。欲了解更多信息，請參閱我們最近向 SEC 提交的文件中討論的風險因素。除非適用法律要求，否則我們不承擔更新前瞻性聲明的義務。

Reconciliations for any non US GAAP measures are included in our earnings release. Unless otherwise indicated, all financial results we discuss are versus the comparable prior-year period and are in US dollars. With the exception of earnings per share, all financial metrics are in constant currency when referencing percentage changes from the prior-year period.

任何非美國公認會計原則措施的調節都包含在我們的收益發布中。除非另有說明，我們討論的所有財務業績均與去年同期相比，並以美元為單位。除每股盈餘外，當參考上年同期的百分比變動時，所有財務指標均採用固定匯率。

Also, share data references are sourced from Circana in the US and from Beer Canada in Canada, unless otherwise indicated. Further, in our remarks today, we will reference underlying pretax income, which equates to underlying income before income taxes and underlying earnings per share, which equates to underlying diluted earnings per share as defined in our earnings release.

此外，除非另有說明，股份數據引用均來自美國的 Circana 和加拿大的 Beer Canada。此外，在今天的演講中，我們將參考基本稅前收入（相當於所得稅前的基本收入）和基本每股盈餘（相當於我們的收益發布中定義的基本稀釋每股收益）。

With that, over to you, Gavin.

就這樣，交給你了，加文。

Thank you, Traci. Hello, everybody, and thank you for joining the call. In the third quarter, consolidated net sales revenue was down 7.8% underlying pretax income was down 8.7% and underlying earnings per share was down 6.2%. At a high level, EMEA and APAC and Canada performed strongly, but the US was challenged with the macroeconomic environment contributing to US financial volume down 17.9% and brand volume down 6.2%.

謝謝你，特蕾西。大家好，感謝您加入通話。第三季度，綜合淨銷售收入下降 7.8%，基本稅前收入下降 8.7%，基本每股盈餘下降 6.2%。從高水準來看，歐洲、中東和非洲、亞太地區和加​​拿大表現強勁，但美國受到宏觀經濟環境的挑戰，導緻美國金融交易量下降 17.9%，品牌交易量下降 6.2%。

Given the key drivers in the third quarter, we don't see these results as representative of the long-term growth potential for our business. We knew we had a headwind in the quarter from the exit of Pabst contract brewing volume as well as from unfavorable shipment timing due to the unwind of our deliberate first half inventory build.

考慮到第三季的主要驅動因素，我們認為這些結果並不能代表我們業務的長期成長潛力。我們知道，由於帕布斯特合約釀造量的退出，以及由於我們有意減少上半年庫存而導致的不利的發貨時間，我們在本季度遇到了阻力。

And these drivers have largely played out as we expected. Our results were also meaningfully impacted by lower US brand volumes as the US beer industry was softer than we had anticipated over the summer. As we have heard across many consumer products companies, macroeconomic pressures have been impacting the consumer, and beer has not been immune.

這些驅動因素基本上是按照我們的預期發揮作用。我們的業績也受到美國品牌銷量下降的重大影響，因為美國啤酒產業比我們夏季預期的要疲軟。正如我們在許多消費品公司聽到的那樣，宏觀經濟壓力一直在影響消費者，啤酒也無法倖免。

We have seen value-seeking behavior in the form of channel and pack shifting, particularly in the peak summer season. Given the impact the macroeconomic environment has had on the US beer industry and as a consequence, its impact on our US brand volumes during this year's peak selling season, we are adjusting our 2024 net sales revenue guidance to down approximately 1% from up low single digits previously.

我們看到了以通路和包裝轉移形式出現的價值追求行為，特別是在夏季高峰季節。考慮到宏觀經濟環境對美國啤酒產業的影響，以及其對今年銷售旺季我們美國品牌銷售的影響，我們正在調整 2024 年淨銷售收入指引，從上調的單一低點下調約 1%之前的數字。

However, it is important to point out that excluding the impact of our contract brewing revenue declines, our annual top line projected growth is expected to be positive. With an improved cost outlook related to packaging materials, logistics and G&A, we are reaffirming our underlying pretax guidance of mid-single digits growth for the year, which is in line with our long-term growth algorithm.

然而，重要的是要指出，排除我們的合約釀造收入下降的影響，我們的年度收入預測成長預計將為正。隨著包裝材料、物流和一般行政費用相關成本前景的改善，我們重申了今年中個位數成長的基本稅前指導，這符合我們的長期成長演算法。

We are also reaffirming our underlying earnings per share guidance of mid-single digits, but we are narrowing it to the higher end of the range. This is supported by our share repurchase program, which for the first four quarters has been executed at an accelerated pace given our continued conviction in the long-term outlook for our business.

我們也重申了中個位數的基本每股盈餘指導，但我們正在將其縮小到該範圍的較高端。這得到了我們的股票回購計劃的支持，鑑於我們對業務長期前景的持續信心，該計劃在前四個季度的執行速度加快了。

As for more details on the quarterly drivers, as a reminder, our contract brewing agreement with Pabst terminates at the end of this year, although most of the brands have already left our brewery network. This reduced financial volumes by about 570,000 hectoliters in the third quarter and by about 1.5 million hectoliters in the first nine months.

至於有關季度驅動程式的更多詳細信息，請注意，我們與 Pabst 的合約釀造協議將於今年年底終止，儘管大多數品牌已經離開我們的啤酒廠網絡。這使得第三季的財務量減少了約 57 萬百升，前 9 個月的財務量減少了約 150 萬百升。

As a result, Pabst had a negative 2.6 percentage point impact on the third quarter and a negative 3 percentage point impact on the first nine months of Americas financial volume on a year-over-year basis. But again, while this is a current volume headwind, the reduction of this contract brewing volume is expected to have a positive impact on our brewery network effectiveness as well as mix and margin. As a reminder, we deliberately built inventory in the US in the first half of the year as a result of the Fort Worth strike.

結果，帕布斯特對第三季的金融交易量比去年同期產生了 2.6 個百分點的負面影響，對美洲前 9 個月的金融交易量產生了 3 個百分點的負面影響。但同樣，雖然這是當前產量的逆風，但合約釀造量的減少預計將對我們的啤酒廠網路效率以及組合和利潤產生積極影響。提醒一下，由於沃斯堡罷工，我們在今年上半年故意在美國建立了庫存。

And as expected, most of that unwound in the third quarter. Excluding contract volumes, STWs exceeded STRs by about 1.1 million hectoliters in the first half. And in the third quarter, this flipped the other way with STRs exceeding STWs by about 870,000 hectoliters. From a price mix perspective, we continue to benefit from global net pricing growth. This, combined with mix benefits from both the Pabst exit in the Americas and premiumization in EMEA and APAC drove an increase in consolidated net sales revenue per hectoliter of 5.2% for the quarter.

正如預期的那樣，其中大部分將在第三季解除。不包括合約量，上半年 STW 的產量比 STR 多出約 110 萬百公升。而在第三季度，情況發生了逆轉，STR 超過 STW 約 87 萬百升。從價格組合的角度來看，我們繼續受益於全球淨定價成長。再加上 Pabst 退出美洲市場以及歐洲、中東和非洲和亞太地區的高端化帶來的綜合效益，推動本季每百升綜合淨銷售收入成長 5.2%。

Turning to cash flow. We generated $856 million in underlying free cash flow for the first nine months of the year, while investing meaningfully in our business and returning $717 million in cash to shareholders through both dividends and our share repurchase program.

轉向現金流。今年前 9 個月，我們產生了 8.56 億美元的基礎自由現金流，同時對我們的業務進行了有意義的投資，並透過股息和股票回購計劃向股東返還了 7.17 億美元現金。

In fact, we repurchased more of our shares in the third quarter. We continue to view our valuation as compelling amid our confidence in our business and in our long-term growth algorithm. That confidence stems from our progress against our strategic priorities. I'll start with our core power brands. Collectively, they remain healthy.

事實上，我們在第三季回購了更多股票。由於我們對我們的業務和長期成長演算法充滿信心，我們仍然認為我們的估值具有吸引力。這種信心源自於我們在策略重點上所取得的進展。我將從我們的核心力量品牌開始。總的來說，他們保持健康。

In the US, Coors Light, Miller Lite and Coors Banquet third quarter combined volume share was down about 0.5 share point of industry versus a year ago when we saw strong share gains. Compared to last year, we continue to retain a substantial portion of our share gains on these core power brands. And compared to the third quarter of 2022, these brands were up 1.9 share points. So the step change gains we made last year have largely stuck.

在美國，Coors Light、Miller Lite 和 Coors Banquet 第三季度的合計銷售份額與去年同期相比下降了約 0.5 個百分點，當時我們看到了強勁的份額增長。與去年相比，我們繼續保留了這些核心力量品牌的大部分份額收益。與 2022 年第三季相比，這些品牌的份額上升了 1.9 個百分點。因此，我們去年所取得的階躍變革成果基本上已經停滯不前。

Coors Banquet continued to perform very strongly with brand volume up 8% and growing industry share for the 13th consecutive quarter on top of significant prior-year gains. In fact, year-to-date, Banquet is the fastest-growing top 15 beer brand in the US in terms of volume percentage growth.

Coors Banquet 持續表現強勁，在去年大幅成長的基礎上，品牌銷量成長了 8%，產業份額連續第 13 季成長。事實上，今年迄今為止，就銷售百分比成長而言，Banquet 是美國成長最快的 15 個啤酒品牌。

We see much more opportunity ahead as we invest in building the brand's awareness, its national scale and loyal consumer base, particularly among new Gen Z and millennial legal drinking age consumers. In Canada, Coors Light continued to perform very well and again gained share of segment in the three months ended August.

當我們投資於建立品牌知名度、全國規模和忠誠的消費者基礎時，我們看到了更多的機會，特別是在新一代 Z 世代和千禧世代法定飲酒年齡的消費者中。在加拿大，Coors Light 繼續表現出色，並在截至 8 月的三個月中再次獲得了市場份額。

In fact, it's the number one light beer in the industry. The Molson family of brands also gained volume share for both the three months and year-to-date ended August. This performance has helped us to drive 19 consecutive months of share growth despite the challenging industry backdrop, and we plan to build on that.

事實上，它是業界排名第一的淡啤酒。 Molson 系列品牌在截至 8 月的三個月和年初至今的銷售份額也有所增加。儘管產業背景充滿挑戰，這項業績幫助我們連續 19 個月推動股價成長，我們計劃在此基礎上再接再厲。

In EMEA and APAC, strong results in Central and Eastern Europe was supported by Ožujsko in Croatia, which increased volumes 6% in the quarter, as well as the extremely successful relaunch of a legacy brands in Romania called Caraiman.

在歐洲、中東和非洲和亞太地區，中歐和東歐的強勁業績得到了克羅埃西亞 OÅüjsko 的支持，該季度銷量增長了 6%，並且在羅馬尼亞重新推出了名為 Caraiman 的傳統品牌，取得了巨大成功。

Caraiman has already reached over 250,000 hectoliters since March and has been incremental to the overall portfolio in the country. And while certainly early days, it's initial success highlights our ability to identify consumer needs and full white spaces are complementing our existing portfolio. And carling is, of course, a top lager in the UK, and we continue to invest to further enhance its brand equity amid a challenge mainstream segment in this market.

自 3 月以來，Caraiman 的銷量已超過 250,000 公升，並且已成為該國整體產品組合的增量。雖然還處於早期階段，但它的初步成功凸顯了我們識別消費者需求的能力，完整的空白空間正在補充我們現有的產品組合。當然，Carling 是英國頂級啤酒，在這個市場主流細分市場面臨挑戰的情況下，我們將繼續投資以進一步增強其品牌資產。

Turning to our premiumization priorities, both beer and beyond beer, EMEA and APAC is an excellent example of our ability to premiumize. We've shared that more than half of our EMEA and APAC net brand revenue is in above premium and we have continued to build on that. Much of the success comes from madri, which grew net sales revenue over 15% in the quarter and is now the number two larger in the on-premise in the UK in terms of value.

談到我們的高端化優先事項，無論是啤酒還是啤酒以外的產品，歐洲、中東和非洲和亞太地區都是我們高端化能力的一個很好的例子。我們已經表示，我們的歐洲、中東和非洲和亞太地區品牌淨收入的一半以上處於溢價之上，我們將繼續在此基礎上繼續發展。大部分成功來自 madri，該公司本季的淨銷售收入成長了 15% 以上，目前就價值而言在英國本地企業中排名第二。

And as discussed in our earnings release this morning, we are pleased to have now taken full ownership of Cobra and over 200,000 hectolitre above premium brand in the UK. Canada also continues to premiumize with it's above premium brand revenue up nearly 15% in the quarter. This was driven by the success of Miller Lite, which is the fastest growing beer brand in this market as well as by our flavor portfolio.

正如我們今天早上的財報中所討論的，我們很高興現在完全擁有 Cobra 和英國超過 200,000 公升以上的優質品牌。加拿大也持續走向高端化，本季其高端品牌營收成長了近 15%。這是由 Miller Lite（市場上成長最快的啤酒品牌）的成功以及我們的風味產品組合所推動的。

We are growing more share of flavor than any other major brewer in Canada. We are committed to building on these successes with premiumization in the US, we have taken necessary actions to lower even more focus on scalable about premium opportunities, including divesting underperforming properties.

我們的風味份額比加拿大任何其他主要啤酒製造商都多。我們致力於在美國的高端化方面再接再厲，我們已採取必要的行動，更加關注可擴展的優質機會，包括剝離表現不佳的房產。

We do have work to do here, but we have focused plants and see long-term opportunities within our expanding above premium portfolio of brands in both beer and beyond beer. I'll highlight a few examples. Last quarter, we shared some of our new plans for Peroni and they are starting to take shape. We have already onshore production of kegs is in cans and bottles will follow soon.

我們在這裡確實有工作要做，但我們有重點工廠，並在我們擴大啤酒及啤酒以外的優質品牌組合中看到了長期機會。我將重點介紹幾個例子。上個季度，我們分享了 Peroni 的一些新計劃，這些計劃已開始成形。我們已經在陸上生產罐裝小桶，不久後也將生產瓶子。

This will significantly improve consistency of supply, which has previously been a challenge when we have tried to scale the breadth and very importantly, it will also allow us to introduce different pack sizes that consumers are asking for in addition, we have strong commercial plans, which we intend to fund through the meaningful savings that will be driven through local production.

這將顯著提高供應的一致性，這在我們嘗試擴大供應範圍時一直是一個挑戰，非常重要的是，它還將使我們能夠推出消費者要求的不同包裝尺寸，此外，我們有強大的商業計劃，我們打算透過本地生產帶來的有意義的節省來提供資金。

Ultimately, we see no reason why I really can't rival the size of other major European imports in the US. Of course, it will take some time, but we plan to hit the ground running in 2025 as we begin to drive meaningful scale and margin for this high-potential brands.

最終，我們認為我沒有理由無法與美國其他主要歐洲進口產品的規模相提並論。當然，這需要一些時間，但我們計劃在 2025 年開始運作，開始為這個高潛力品牌推動有意義的規模和利潤。

In beyond beer, which is a big part of our premiumization trends. None out is an important area of focus for us, with our emphasis on addressing consumer needs, particularly those of the younger legal drinking age, Gen Z consumer and on capturing more occasions, we are investing behind the growing areas in this space where we feel we have a right to win.

除了啤酒之外，這是我們高端化趨勢的重要組成部分。None Out 是我們關注的一個重要領域，我們強調滿足消費者的需求，特別是年輕的合法飲酒年齡、Z 世代消費者的需求，並抓住更多場合，我們正在投資於這個領域的不斷增長的領域，我們認為我們有權利獲勝。

This is a long-term play. We are making progress with this in mind as part of our broader strategy within non-alcohol, we have increased our investments in ZOA, bringing our ownership interest to 51%. We believe ZOA is well positioned, particularly as it plays in the better for you segment that is outpacing energy category growth.

這是一個長期的遊戲。考慮到這一點，作為我們在非酒精領域更廣泛策略的一部分，我們正在取得進展，我們增加了對 ZOA 的投資，使我們的所有權權益達到 51%。我們相信 ZOA 處於有利地位，特別是因為它在「對您更好」的細分市場中發揮著重要作用，該細分市場的成長速度超過了能源類別的成長。

With the support of its co-founder, Dwayne, the Rock Johnson, we have built a strong foundation for ZOA over the past three years and it's time to pursue the next stage of growth and scale. Taking this increased stake allows us to lead the entirety of the brand's marketing, retail and direct to consumer sales development as we drive brand awareness and distribution, leveraging the strength of our network. Supporting all these strategic priorities is our robust capabilities. And today, I'd like to share a few examples of how they are creating value across the commercial organization.

在共同創辦人 Dwayne Rock Johnson 的支持下，過去三年我們為 ZOA 奠定了堅實的基礎，現在是時候追求下一階段的成長和規模了。增加股份使我們能夠領導整個品牌的營銷、零售和直接面向消費者的銷售發展，同時利用我們的網路優勢提高品牌知名度和分銷。支持所有這些戰略重點的是我們強大的能力。今天，我想分享一些他們如何在整個商業組織中創造價值的例子。

Taking consumer-centric approach. We have developed deep consumer insights, inform how we support our brands and develop winning innovations, whether it's how we show up in new occasions with non-alcohol retract Gen Z through flavour for how we make of tainted cultural connections with Latinos.

採取以消費者為中心的方法。我們已經形成了深入的消費者洞察，告訴我們如何支持我們的品牌並開發制勝的創新，無論是我們如何在新場合中以無酒精飲料的方式展示Z世代，還是透過味道來了解我們如何與拉丁美洲人建立受污染的文化連結。

Happy Thursday's a great example of how we identified a preference within Gen Z for bubble three beverages. And we were first mover in the market to address it. We're also advancing our shopper insights, like with our approach in C-stores, creating our first ever C-store innovation pipeline to win in this critical channel where we have historically under-indexed.

《快樂星期四》是一個很好的例子，說明了我們如何確定 Z 世代對氣泡三元飲料的偏好。我們是市場上解決這個問題的先行者。我們也正在推進我們的購物者洞察，就像我們在便利商店中的方法一樣，創建我們的第一個便利商店創新管道，以贏得這個我們歷來索引不足的關鍵管道。

This includes three new launches that fit the larger trends in singles and higher ABV across both here and flavour. Now before I pass over to Tracy, I'll conclude by saying that we are confident we have the right strategy to achieve our long-term growth objectives.

其中包括三款新產品，符合單打和更高酒精度的大趨勢。現在，在我轉向特雷西之前，我最後要說的是，我們相信我們擁有正確的策略來實現我們的長期成長目標。

Collectively, our global core power brands are healthier than they had been in years. We are changing the shape of our global portfolio, premiumization successes in EMEA and APAC and Canada and targeted plans for the US. We have strong and growing operations outside of the US, which are performing well and contributing meaningfully to our growth.

總的來說，我們的全球核心品牌比多年來更健康。我們正在改變我們的全球投資組合的形式，在歐洲、中東和非洲、亞太地區和加​​拿大的高端化成功以及針對美國的目標計劃。我們在美國以外擁有強大且不斷成長的業務，這些業務表現良好，為我們的成長做出了有意義的貢獻。

We have booked capabilities across our organization that support premiumization and focused innovation, supply chain efficiencies and commercial effectiveness, all of which helped drive sustained long-term profitable growth.

我們在整個組織內都擁有支援高端化和集中創新、供應鏈效率和商業效益的能力，所有這些都有助於推動持續的長期獲利成長。

And we have substantially improved our financial flexibility, allowing us to continue to advance our strategy by investing in our business as well as returning cash to shareholders. So we are pleased with our progress in our ability to capitalize on the opportunities ahead. And with that i will pass it to Tracey?

我們大幅提高了財務靈活性，使我們能夠透過投資業務以及向股東返還現金來繼續推進我們的策略。因此，我們對我們在利用未來機會的能力方面取得的進展感到高興。然後我會把它傳給特蕾西？

Thank you, Gavin. We Continue to focus on enhancing our profitability and financial flexibility. We are highly cash generative business. And as Kevin mentioned, we delivered $876 million and underlines the cash in the first nine months of the year. This was supported by underlying pre-tax income margin expansion of 100 basis points during that period.

謝謝你，加文。我們繼續專注於提高盈利能力和財務靈活性。我們是高現金產出業務。正如 Kevin 所提到的，我們交付了 8.76 億美元，並強調了今年前 9 個月的現金。在此期間，基本稅前收入利潤率擴大了 100 個基點，為這一點提供了支持。

And we achieved that our gross margin pressure largely due to volume deleverage, particularly in the third quarter related to the US shipment trends, discussed. It was also a key part will continue to support the health of our brand globally. Marketing investment were up for the nine-month period, but it was down for the quarter as we were cycling higher investments in the second half of last year related to that generated demand in the US.

我們發現，我們的毛利率壓力主要是因為銷售去槓桿化，特別是與美國出貨趨勢相關的第三季。這也是繼續支持我們品牌在全球健康發展的關鍵部分。這九個月期間的行銷投資有所增加，但本季有所下降，因為我們在去年下半年增加了與美國產生的需求相關的投資。

We also continue to prudently invest in our business to help support long-term sustainable profitable growth. One example is our multi year multi hundred million dollars Golden brewery upgrade, which is now complete.

我們也繼續審慎地投資於我們的業務，以幫助支持長期可持續的獲利成長。一個例子是我們歷時數億美元的 Golden 啤酒廠升級改造，現已完成。

And now we have more flexibility to continue to invest across brewery network to support our underlying cost savings initiatives while maintaining tight control of our annual capital expenditure within historical ranges.

現在，我們擁有更大的靈活性，可以繼續在整個啤酒廠網絡進行投資，以支持我們的基本成本節約計劃，同時將我們的年度資本支出嚴格控制在歷史範圍內。

Importantly, our balance sheet is healthy. Our quarter end, leverage ratio was 2.1 times, well in alignment with our long-term target of ended 2.5 times. And we so proud that our strong progress has been recognized by Moody's, which upgraded us [1 notch last week to Baa1] stable, highest investment-grade rating in over a dozen years.

重要的是，我們的資產負債表是健康的。我們季末的槓桿率為 2.1 倍，與我們 2.5 倍的長期目標非常一致。我們感到非常自豪的是，我們的強勁進步得到了穆迪的認可，穆迪將我們的評級升級為[1級至 Baa1]十多年來穩定的最高投資級別。

Ultimately, our greatly improve financial flexibility, provides us more optionality in a way that's we invest in the business, including bolt-on M&A and to retain even more cash to shareholders. We remain committed to our string-of-pearls approach as evidenced by our recent investment in ZOA and Cobra. As for returning cash to shareholders.

最終，我們大大提高了財務靈活性，為我們投資業務的方式提供了更多選擇，包括補強併購，並為股東保留更多現金。我們仍然致力於我們的珍珠鍊方法，我們最近對 ZOA 和 Cobra 的投資證明了這一點。至於向股東返還現金。

In the first nine months of this year, we paid $279 million in cash dividends and paid $438 million to repurchase 7.5 million shares. Since that plan was announced in October 2023, we have restated by 5% of our Class B shares outstanding. It's an up to five year $2 billion plan, and we have utilized 29% in just the first fourth quarter.

今年前9個月，我們支付了2.79億美元現金股息，並支付了4.38億美元回購750萬股股票。自 2023 年 10 月宣布該計劃以來，我們重述了 5% 的已發行 B 類股票。這是一項為期五年、耗資 20 億美元的計劃，光是第一個第四季我們就利用了 29%。

And now I'll conclude with our financial outlook. As Gavin discussed, we are adjusting our net sales revenue guidance to down approximately 1% from low single digit growth previously. This is a result of the softer than anticipated US industry performance during the peak summer selling season. However, we are reaffirming mid-single-digit growth for underlying pre-tax income driven by lower than expected COGS, largely due to packaging, material and logistics costs as well as G&A expenses.

現在我將總結我們的財務前景。正如加文所討論的，我們正在將淨銷售收入指引從先前的低個位數成長下調約 1%。這是由於夏季銷售旺季美國產業表現弱於預期的結果。然而，我們重申基本稅前收入將實現中個位數成長，這是由於低於預期的銷貨成本推動的，這主要是由於包裝、材料和物流成本以及一般管理費用。

We also expect improved efficiencies and cost savings related to the further refinement of our US regional craft operations as announced this week. These efforts serve to optimize our brewery network by closing our two remaining and underutilized US regional craft breweries, Chippewa Falls and Tenth Street in Wisconsin and shifting more production to our Milwaukee brewery.

我們還預計，正如本周宣布的那樣，我們的美國區域船舶業務的進一步完善將提高效率並節省成本。這些努力透過關閉我們剩餘的兩個未充分利用的美國地區精釀啤酒廠（威斯康辛州的奇珀瓦瀑布和第十街）並將更多生產轉移到我們的密爾瓦基啤酒廠來優化我們的啤酒廠網路。

We are also reaffirming mid single growth for underlying earnings per share, but we are narrowing it to the higher end of the range, supported by the execution of our share repurchase program. Lastly, we continue to expect $1.2 billion plus or minus 10% in underlying free cash flow.

我們也重申基本每股盈餘的中期單一成長，但在股票回購計畫執行的支持下，我們正在將其縮小到區間的高端。最後，我們仍然預期基本自由現金流將增加或減少 12 億美元上下 10%。

Looking specifically at the fourth quarter. In the US, excluding contract volumes, we plan to ship to consumption for the year, given the shift ahead of demand by about 1.1 million hectoliters in the first half of the year and 870,000 hectoliters reversed in the third quarter.

具體看第四季。在美國，不包括合約量，考慮到上半年需求超前約 110 萬百升，第三季需求逆轉 87 萬百升，我們計劃今年出貨至消費市場。

We expect STRs to outpace STWs back 200,000 hectoliters in the fourth quarter. Also, we expect a remaining a headwind of about 500,000 hectoliters to American financial volume related to the termination of the Pabst contract brewing agreement at year end. We continue to expect COGS per hectoliter to be impacted by volume deleverage related to the US shipment drivers discussed.

我們預計第四季 STR 產量將超過 STW 20 萬百升。此外，我們預計，由於年底帕布斯特合約釀造協議的終止，美國的財務量仍將面臨約 50 萬公升的阻力。我們繼續預計每百公升的銷貨成本將受到與所討論的美國發貨驅動因素相關的銷售去槓桿化的影響。

This compared to a volume leverage benefit on a consolidated basis of about 50 basis points in the comparable period in 2023. And we continue to expect SG&A to be down compared to the prior year period as we cycle both higher marketing investments, which was up approximately $50 million in the fourth quarter last year to support the momentum in our brand as well as higher incentive compensation.

相較之下，2023 年同期的綜合數量槓桿效益約為 50 個基點。我們繼續預期 SG&A 與去年同期相比會有所下降，因為我們加大了行銷投資（去年第四季增加了約 5000 萬美元）以支持我們品牌的發展勢頭以及更高的激勵薪酬。

Looking ahead, we remain confident in our business strategy and our growth algorithm. We recognized a 2024 balance is not effective at our connected long-term growth algorithm. But notably, excluding the impact of pet and garden, that impact positive top line growth for 2024 despite the softer than anticipated industry the summer.

展望未來，我們對我們的業務策略和成長演算法仍然充滿信心。我們認識到 2024 年的平衡對於我們的互聯長期成長演算法並不有效。但值得注意的是，排除寵物和花園的影響，儘管今年夏季的行業狀況比預期疲軟，但這仍會影響 2024 年的收入成長。

At a high-level, here, how we think about some of the building blocks that the long-term growth algorithm. To get to top line growth of low single digits, the drivers are pricing, mix and volume. On average, we expect annual net price increases in North America to be in the average historical range of 1% to 2% and other markets to trend in line with inflation.

從高層次來看，我們如何思考長期成長演算法的一些建構模組。為了實現低個位數的收入成長，驅動因素是定價、產品組合和銷售。平均而言，我們預計北美的年度淨價格漲幅將在 1% 至 2% 的平均歷史範圍內，而其他市場的趨勢將與通膨一致。

We expect mix to be a meaningful growth driver as we advance toward our medium-term goal of reaching about one-third of our global net brand revenue from above premium. We are focused on stabilizing some of our larger above premium brands in the US, and we see great opportunities for brands like Peroni, Madri, Blue Moon Light as well as our broader non-alc initiatives.

我們預計，隨著我們朝著中期目標邁進，即我們的全球淨品牌收入的約三分之一來自於上述溢價，我們預計這一組合將成為一個有意義的成長動力。我們專注於穩定美國一些較大的高端品牌，我們看到了 Peroni、Madri、Blue Moon Light 等品牌以及更廣泛的非酒精飲料計劃的巨大機會。

When they put that altogether, we remain optimistic we can achieve that global premiumization goal. Given the growth potential through price and mix, there is room for some variations in volume in a given year. Also we are not just a US business. It is second largest market but our markets outside the US are important contributors to our growth outlook.

總而言之，我們對實現全球高端化目標保持樂觀。考慮到價格和組合的成長潛力，特定年份的銷售存在一些變化的空間。此外，我們不僅僅是一家美國企業。它是第二大市場，但美國以外的市場是我們成長前景的重要貢獻者。

For perspective within our Americas business is the high NSR rate market of Canada, which grew its top line, 5.7% for the first nine months of 2024. And EMEA and APAC is also performing well with its top line, also up 5.7% for the same period.

我們美洲業務的前景是加拿大的高 NSR 市場，該市場的收入在 2024 年前 9 個月增長了 5.7%。歐洲、中東和非洲 (EMEA) 和亞太地區 (APAC) 的營收也表現良好，同期也成長了 5.7%。

EMEA and APAC is home to one of our most successful innovations in our history, Madri. And it also provides us with exposure to the higher relative growth markets in Central and Eastern Europe. Where we have been executing strong commercial plan and to get to mid-single digit underlying pretax income growth our algorithm assumes margin expansion.

歐洲、中東和非洲 (EMEA) 和亞太地區是我們歷史上最成功的創新之一——馬德里 (Madri) 的發源地。它也為我們提供了接觸相對較高成長的中歐和東歐市場的機會。我們一直在執行強有力的商業計劃，並為了實現中個位數的潛在稅前收入成長，我們的演算法假設利潤率擴張。

This is not only a function of disciplined revenue management and mix benefits from both premiumization and significantly lower contract brewing, but also from the return on our investment in supply chain and commercial capabilities that support our growth initiative, efficiency and cost savings.

這不僅是嚴格的收入管理和高端化和顯著降低的合約釀造帶來的混合效益的結果，而且還來自我們對供應鏈和商業能力的投資回報，這些投資回報支持我們的成長計劃、效率和成本節約。

And then layering on our commitment of returning cash to shareholders through our share repurchase program supports high single digit underlying earnings per share growth. In closing, we believe we have the right strategy and we have made meaningful progress with compelling cash generation and a healthy balance sheet.

然後，我們承諾透過股票回購計畫向股東返還現金，從而支持高個位數的潛在每股盈餘成長。最後，我們相信我們擁有正確的策略，並且透過引人注目的現金產生和健康的資產負債表取得了有意義的進展。

We are committed to continue to invest in our business to achieve long-term financial growth and our strategic goals while also returning cash to shareholders through a growing dividend and our share repurchase program. With that, we would like to open it up to your question, operator.

我們致力於繼續投資於我們的業務，以實現長期財務成長和我們的策略目標，同時透過增加股息和股票回購計劃向股東返還現金。至此，我們願意向您提出問題，接線生。

(Operator Instructions)

（操作員說明）

Bonnie Herzog, Goldman Sachs.

邦妮·赫爾佐格，高盛。

Hi, thank you and good morning. I guess I have a question on your financial volume in Americas. Could you help us unpack the impact on shipment plan in the quarter that you called out versus maybe the impact on your business from macro pressures?

你好，謝謝你，早安。我想我有一個關於你們在美洲的財務規模的問題。您能否幫助我們分析一下您提到的季度出貨計劃的影響以及宏觀壓力對您業務的影響？

And I recognize that you also had -- I think it was a 260 bps headwind due to the Pabst unwind. So just trying to think through those factors. And then your updated sales growth guidance for the year, while lower, does imply an acceleration in Q4. So I guess I'm really just trying to understand what is factored into that? I mean, can you talk about trends in October? Did your shipments accelerate in October, for instance, and that gives you some expectation that Q4 will be better. And I guess that's it. Thank you.

我認識到你也有——我認為這是由於帕布斯特放鬆而造成的 260 個基點的逆風。所以只是想考慮一下這些因素。然後，今年您更新的銷售成長指引雖然較低，但確實意味著第四季的加速。所以我想我真的只是想了解其中的因素是什麼？我的意思是，您能談談十月份的趨勢嗎？例如，您的十月份出貨量是否加速，這讓您對第四季會更好有一些預期。我想就是這樣。謝謝。

Thanks, Bonnie. And good morning to you. Let me start and maybe, Tracey, you can add to it. I didn't catch entirely everything on your question there, but I think I got the gist of it. The guidance, obviously, from an NSR point of view and taking it from where it was to down around 1% was largely driven by what we experienced in July and August. Those were tough months for the industry. And of course, we were impacted the same. We certainly did see some improvement in September.

謝謝，邦妮。早安.讓我開始吧，也許，特雷西，你可以補充。我沒有完全理解你問題的全部內容，但我想我已經明白了要點。顯然，從 NSR 的角度來看，該指引從原來的位置下降到 1% 左右，很大程度上是由我們 7 月和 8 月經歷的情況推動的。對該行業來說，那是艱難的幾個月。當然，我們也受到了同樣的影響。我們確實在九月看到了一些改善。

And over the last four or five weeks as we've got into Q4, the overall industry has performed a lot better than it did in July and August. Of course, July and August are important months for us, right? Because it's the middle of summer.

在進入第四季的過去四、五週內，整個產業的表現比七月和八月好得多。當然，七月和八月對我們來說是重要的月份，對吧？因為現在是仲夏。

From a shipments point of view, it played out pretty much as we expected in the third quarter as we unwound the stocked inventory building that we had coming into Q2 because of the Fort Worth situation. And so we've largely unwound that, but there is a little bit more to go, depending on where brand volumes sales to retailers fall out, it will probably be a couple of hundred thousand barrels.

從出貨量的角度來看，第三季的表現與我們的預期基本一致，因為我們解除了因沃斯堡局勢而進入第二季的庫存建設。因此，我們基本上已經解決了這個問題，但還有更多的工作要做，這取決於品牌向零售商銷售的銷量，可能會是幾十萬桶。

And then Pabst, certainly, almost all of Pabst is out of our system now. There's I think there's one brand family left, which will come out in the fourth quarter, but that's relatively small volumes. And so if you put all of that together, that's how we landed at the guidance shift that we made.

然後是帕布斯特，當然，幾乎所有的帕布斯特現在都已經脫離了我們的系統。我認為還剩下一個品牌系列，該系列將於第四季度推出，但銷量相對較小。因此，如果你把所有這些放在一起，這就是我們如何實現指導轉變的。

And Tracey, anything you want to add to that?

崔西，你還有什麼要補充的嗎？

Yes. I mean just maybe to put some numbers to it, Bonnie. So in the US our shipments were down 17.9%. The brand volume was down 6.2% and Pabst had a 2.6% impact as well. And then the rest was just really timing of trading days, et cetera.

是的。我的意思是也許要加上一些數字，邦妮。因此，我們在美國的出貨量下降了 17.9%。該品牌銷量下降了 6.2%，Pabst 也產生了 2.6% 的影響。然後剩下的就是交易日的時間安排等等。

Andrea Teixeira, JPMorgan.

安德里亞·特謝拉，摩根大通。

Good morning. This is Drew Levine on for Andrea. Thank you for taking our question. So Gavin, I wanted to double-click on the industry backdrop. You mentioned over the summer, there was a lot more value-seeking behavior and that there's been improvement in September and October. So curious what you're seeing from a consumer perspective? Anything specific that you see as driving the improvement in the industry backdrop? Is it specific channels, consumer cohorts?

早安.我是德魯·萊文 (Drew Levine) 替安德里亞 (Andrea) 發言。感謝您提出我們的問題。所以加文，我想雙擊行業背景。您提到整個夏天，出現了更多的價值追求行為，並且 9 月和 10 月有所改善。很好奇您從消費者的角度看到了什麼？您認為有哪些具體因素推動了產業背景的改善？是特定的通路、消費者群嗎？

And then maybe as it relates to next year, how the improved performance into the fourth quarter will factor into your planning? Thank you.

然後，也許與明年相關，第四季度業績的改善將如何影響您的計劃？謝謝。

Thanks, for the question. Look, I mean probably from an overall industry point of view, there's obviously the throughout this year, obviously a lot of noise with trading days and Harvard timings and wins in sometimes turbulent weather.

謝謝你的提問。聽著，我的意思是，可能從整個行業的角度來看，今年顯然有很多交易日和哈佛時間安排以及有時在動蕩的天氣下獲勝的噪音。

But if you look at the overall industry in total, it's essentially a continuation of what we've seen for a while with slightly more pack shifting into singles as well as larger packs as consumers continue to look for value. And not to be repetitive of what I said to Bonnie, but the category has been up and down.

但如果你從整體上看整個行業，你會發現這本質上是我們一段時間以來看到的情況的延續，隨著消費者繼續尋找價值，更多的包裝轉向單件以及更大的包裝。我不想重複我對邦妮說的話，但這個類別一直在上下波動。

July and August certainly showed the pressures from economic impacts with some of that channel and pack shift accelerating, though, and as I said, that eased up a bit in September and certainly in October and first part of November, data that we've seen suggests that it's a much better performance from an industry point of view than we saw in July and August.

7 月和8 月確實顯示了經濟影響帶來的壓力，其中一些管道和包裝轉移正在加速，正如我所說，這種情況在9 月、10 月和11 月初有所緩解，我們已經看到了數據顯示從行業角度來看，這比我們在 7 月和 8 月看到的表現要好得多。

So from a consumer point of view, not seeing anything meaningfully different from previous trends. Value-conscious consumers continuing to engage in some channel and pack shifting. But we've noted that trend on this call before and somewhat counterintuitive to that. We continue to see premiumization taking place.

因此，從消費者的角度來看，沒有看到與以前的趨勢有任何有意義的差異。具有價值意識的消費者繼續進行某些管道和包裝轉移。但我們之前已經注意到這次電話會議的趨勢，而且有些違反直覺。我們繼續看到高端化正在發生。

And that certainly applies in the US and in Canada, pretty similar situation. I don't have a crystal ball on where this is all going to play out into the future. We're obviously encouraged by recent trends and we keep a close eye on consumer confidence, which has ticked up in the recent numbers that we released. So put all of that together, and we're not seeing a whole lot different to what we've seen previously.

這當然適用於美國和加拿大，情況非常相似。我沒有水晶球來預測這一切將在未來發生什麼。我們顯然對最近的趨勢感到鼓舞，並且密切關註消費者信心，我們最近發布的數據顯示消費者信心上升。因此，將所有這些放在一起，我們並沒有看到與之前看到的東西有太大不同。

Filippo Falorni, Citi.

菲利波·法洛尼，花旗銀行。

Hi, good morning, everyone. I wanted to ask about just early thoughts on the fall resets. Obviously, last year, you had significant shelf space gains as one of your competitors were going through some issue. What are your thoughts for this year in terms of retaining the shelf space that you gained last year and potentially gaining more? Any thoughts on your key brands will be helpful.

嗨，大家早安。我想問一下關於秋季重置的早期想法。顯然，去年，由於您的競爭對手之一遇到了一些問題，您的貨架空間獲得了顯著的成長。今年，您對保留去年獲得的貨架空間並可能獲得更多貨架空間有何想法？關於您的主要品牌的任何想法都會有所幫助。

Yes. Thanks, Filippo, and good morning. Look, from a shelf reset point of view, if you remember correctly, we had a significant dislocation last fall. Retailers don't normally make any meaningful changes to shelf sets in the fall, and we had an unprecedented change in the fall, and then we had that again in the spring. So collectively, a big jump in shelf space for ourselves. As we've said previously, we didn't expect those meaningful dislocations to take place again.

是的。謝謝，菲利波，早安。看，從貨架重置的角度來看，如果你沒記錯的話，我們去年秋天發生了一次嚴重的錯位。零售商通常不會在秋季對貨架組進行任何有意義的改變，我們在秋季進行了前所未有的改變，然後在春季再次進行了這種改變。總的來說，我們的貨架空間有了很大的躍升。正如我們之前所說，我們沒想到那些有意義的混亂會再次發生。

And we thought that the retailers would revert back to the small tweaks either up or down that they've done in the past. And obviously, our goal was to retain the share space that we gained and to increase it. And we achieved both of those goals in the fall of this year.

我們認為零售商會恢復到他們過去所做的小幅調整。顯然，我們的目標是保留並增加我們獲得的共享空間。我們在今年秋天實現了這兩個目標。

We held the share of space that we gained in the fall and the spring, and we actually gained a little bit. So a very positive outcome from us given the significant increase in shelf space that we experienced in the fall and spring.

我們保住了秋季和春季獲得的空間份額，而且實際上我們還獲得了一點點。鑑於我們在秋季和春季的貨架空間顯著增加，我們取得了非常積極的成果。

Going forward, we would expect in spring for the same process to manifest, retailers making tweaks and adjustments based on new innovations that are coming out and slow-moving items. I think the key takeaway from our perspective is we retained the significant shelf space we got, and we actually gained a little bit more. So we're very pleased with the outcome.

展望未來，我們預期同樣的過程將在春季顯現，零售商將根據即將推出的新創新產品和滯銷商品進行調整和調整。我認為從我們的角度來看，關鍵的收穫是我們保留了我們獲得的重要貨架空間，而且我們實際上獲得了更多。所以我們對結果非常滿意。

Bryan Spillane, Bank of America.

布萊恩·斯皮蘭，美國銀行。

Thanks operator and good morning, everyone. Maybe, Tracey, can you just level set for us now where we stand in terms of marketing levels? If I recall last year, given the upside that you were running, there was quite a bit of incremental spend built into the back half of last year.

謝謝接線員，大家早安。特雷西，也許你能為我們設定一下我們目前在行銷水平方面的水平？如果我記得去年，考慮到你們正在運行的優勢，去年下半年有相當多的增量支出。

And I guess I'm thinking about this more in terms of as we exit '24 and into '25, are we into, or are we at a level now in terms of total marketing expense that is enough, right? To drive the algorithm? Or do we think that there's going to be a potential to step up more?

我想我更多地考慮這個問題是，當我們退出 24 世紀並進入 25 世紀時，我們是否已經進入，或者我們現在的總行銷費用水平是否足夠，對吧？驅動演算法？或者我們認為會有進一步提升的潛力？

Thanks, Bryan. Yes. So if you recall, we did say that we don't expect to spend the same level of marketing dollars in the back half of this year as we did in the back half of last year because we were investing fairly significantly behind our core brands, which had the momentum that we were seeing.

謝謝，布萊恩。是的。因此，如果您還記得的話，我們確實說過，我們預計今年下半年不會像去年下半年那樣花費相同水平的營銷資金，因為我們在核心品牌方面進行了大量投資，這具有我們所看到的勢頭。

And as I said in my prepared remarks, for the fourth quarter of this year, we don't expect the marketing investment to be up. Last year, it was up about $50 million in the fourth quarter. But if we look at the full year '24, we still expect our marketing investment to be up versus 2022.

正如我在準備好的發言中所說，今年第四季度，我們預計行銷投資不會增加。去年第四季度，這一數字增加了約 5,000 萬美元。但如果我們看看 24 年全年，我們仍然預計我們的行銷投資將比 2022 年增加。

And we will continue to put the right level of investment behind our brands. We will make sure that we feel our core brands in particular, but also the innovations and above premium brands that we have against Blue Moon, against Madri. We've spoken about Peroni and how we're going to increase investments behind that brand as we bring production into the US just makes it much easier for us.

我們將繼續對我們的品牌進行適當的投資。我們將確保我們特別感受到我們的核心品牌，同時也感受到我們在與藍月亮、馬德里的對抗中所擁有的創新和優質品牌。我們已經談到了 Peroni 以及我們將如何增加對該品牌的投資，因為我們將生產帶入美國，這讓我們的工作變得更加容易。

So we will put the right level of investment behind our brands, but we don't expect significant step-ups. But again, we'll make those decisions as we see what we need to invest behind and where we need to invest and which brand.

因此，我們將對我們的品牌進行適當的投資，但我們預計不會有顯著的進步。但同樣，當我們看到我們需要投資什麼、我們需要投資哪裡以及哪個品牌時，我們將做出這些決定。

Chris Carey, Wells Fargo Securities.

克里斯凱裡，富國銀行證券。

Thanks, everyone. Just, I guess, reflecting on 2024, clearly, the top line has been a challenge, but this is really a category dynamic. It's been a challenge across the entire category. When you reflect on how this year has gone and start thinking about next year, how much of the volume weakness this year feels like an anomaly with maybe some green shoots that you feel like are getting better or not?

謝謝大家。我想，回顧 2024 年，收入顯然是一個挑戰，但這確實是一個類別動態。這對整個類別來說都是一個挑戰。當你反思今年的過去並開始思考明年時，今年的成交量疲軟有多少感覺像是一種異常現象，也許還有一些你覺得正在好轉或沒有好轉的萌芽？

And how much of the price mix that you've seen this year feels durable? Obviously, there's a mix premiumization element, but pricing element as well. And what I'm really getting at here, and you answered how you will, regarding 2025, but it's this dynamic where you're lapping this really significant event from last year. And on top of that, the category was quite weak. And so it's really hard to understand where your top line is going to shake out in, say, a more normal environment with more normal comparison.

今年您看到的價格組合中有多少是經得起考驗的？顯然，既有高端化因素，也有定價因素。我在這裡真正想說的是，關於 2025 年，你回答了你將如何回答，但正是在這種動態中，你正在回顧去年這一非常重要的事件。最重要的是，該類別相當薄弱。因此，很難理解在一個更正常的環境和更正常的比較中，你的收入會發生什麼變化。

And I just don't know if you have any broader comments on that as you canvas the next one or two years. I mean, clearly, you've been doing well from a profit standpoint and returning cash, but it's a top line, which is the recurring base. So I would just love any added perspective there. Thanks.

我只是不知道您在規劃未來一兩年時是否對此有更廣泛的評論。我的意思是，顯然，從利潤和返還現金的角度來看，你一直做得很好，但這是一個頂線，這是經常性的基礎。所以我很喜歡那裡的任何補充觀點。謝謝。

Thanks, Chris. Look, I mean, a lot to unpack in what you just asked, right? But maybe I can just summarize it into what gives you confidence that you can meet your long-term growth algorithm as it relates to NSR. So I'm going to answer it that way, right? I mean if you look at 2024, lots of noise in 2024, both from an industry point of view, from Pabst coming out of our top line revenue and cycling significant growth in the previous year.

謝謝，克里斯。聽著，我的意思是，你剛才問的問題有很多事情要解開，對吧？但也許我可以將其總結為讓您有信心滿足與 NSR 相關的長期成長演算法的因素。那我就這樣回答吧？我的意思是，如果你看看 2024 年，你會發現 2024 年有很多噪音，無論是從行業的角度來看，Pabst 的營收都在上一年實現了顯著增長。

So I made the point, I think, in my remarks about -- if you strip Pabst out of our top line, we actually are in positive territory. So let's start there. And of course, we do have some whilst Pabst out of our system largely by the end of Q3 and will be out completely by Q4, we'll continue to cycle that for the next 9 months at least and then a little bit in the fourth quarter of the following year.

因此，我認為，我在演講中指出了這一點——如果將帕布斯特從我們的營收中剔除，我們實際上處於積極的境地。那麼就讓我們從這裡開始吧。當然，我們確實有一些 Pabst 基本上在第三季末退出我們的系統，並將在第四季度完全退出，我們將至少在接下來的 9 個月內繼續循環，然後在第四季度稍微退出次年的季度。

But if you look at the share retention that we've experienced with our core power brands, right? I mean we gained and have gained and retained about 190 basis points of share growth over the first 9 months of the year when you compare it with 2022. So that's very pleasing. And in the latest 4-week read, we're retaining about 80% of the share that we gained last year.

但如果你看看我們的核心力量品牌所經歷的份額保留，對嗎？我的意思是，與 2022 年相比，今年前 9 個月我們已經獲得並維持了約 190 個基點的份額成長。所以這非常令人高興。在最近 4 週的閱讀中，我們保留了去年獲得的約 80% 的份額。

So I'm very, very pleased with that outcome. We've retained most of it, and that seems to be settling down at this level. Coors Banquet, in particular, has been very positive for us. Year-to-date, that brand is growing double digits. It's the fastest-growing brand from a percentage point of view, as I said, in this space, and it's just doing very, very well.

所以我對這個結果非常非常滿意。我們保留了其中的大部分，而且似乎已經穩定在這個水平上。尤其是庫爾斯宴會對我們來說非常正面。今年迄今為止，該品牌正在以兩位數的速度成長。正如我所說，從百分比的角度來看，它是這個領域成長最快的品牌，而且做得非常非常好。

We're more than just a US business, of course. Tracey made that point. We've got Canada that's growing revenue really strongly. We're gaining share at a meaningful clip in Canada year-over-year on top of share growth from last year. And our EMEA, APAC business is also driving top line growth. So from a pricing point of view in the US, we've said previously, we expected pricing to settle down into that 1% to 2% range.

當然，我們不僅僅是一家美國企業。特雷西指出了這一點。加拿大的營收成長非常強勁。除了去年的份額增長之外，我們在加拿大的份額同比大幅增長。我們的歐洲、中東和非洲、亞太地區業務也在推動營收成長。因此，從美國定價的角度來看，我們之前說過，我們預計定價將穩定在 1% 至 2% 的範圍內。

So far this year, it's at the top end of that range at around 2% the price increases that we got in fall last year, same players and spaces have increased price in the fall of this year. Our premiumization efforts, which obviously drive strong mix, doing really, really well in Canada and across the ocean. We know we've got work to do in the US, we've got clear plans from that.

今年到目前為止，它處於該範圍的頂端，比去年秋季的價格上漲約 2%，同樣的玩家和空間在今年秋季也提高了價格。我們的高端化努力顯然推動了強大的組合，在加拿大和大洋彼岸做得非常非常好。我們知道我們在美國還有工作要做，我們已經制定了明確的計劃。

We've obviously made some moves in the quarter, taking our stake above 50%. So overall, when I look at it and some of our innovation and premiumization plans, whether it's Peroni in the US or expanding Madri into Canada and Bulgaria and potentially some other markets in Europe in the new year. And I feel confident in our long-term growth algorithm, Chris. Hopefully, that answered your question.

顯然，我們在本季採取了一些舉措，將持股比例提高到了 50% 以上。總的來說，當我審視它以及我們的一些創新和高端化計劃時，無論是美國的 Peroni 還是將 Madri 擴展到加拿大和保加利亞，以及新的一年可能在歐洲的其他一些市場。我對我們的長期成長演算法充滿信心，克里斯。希望這回答了你的問題。

Rob Ottenstein , Evercore.

羅布·奧滕斯坦，Evercore。

Great. I'd like to just maybe drill down a little bit into some of the prior questions and ask what does the pricing environment look like, the promo environment? We understand that there was some selective pricing in October on singles in the import space. I don't know if you played in that with Peroni, for instance, and how that played out. But just love to understand what the competitive environment looks like. So let me stop there. Thank you.

偉大的。我想稍微深入探討一下之前的一些問題，並詢問定價環境、促銷環境是什麼樣的？據我們了解，十月份進口領域的單曲有一些選擇性定價。例如，我不知道你是否和佩羅尼一起踢過那場比賽，以及結果如何。但只是喜歡了解競爭環境是什麼樣的。那麼就讓我就此打住吧。謝謝。

Thanks, Robert. Well, let me answer the Peroni question. No, we didn't do anything to my knowledge on promotion on Peroni. Our plans around Peroni are much different, right? I mean, as we've said, we're bringing that brand onshore, and that's going to give us three really big advantages for us, right?

謝謝，羅伯特。好吧，讓我回答佩羅尼的問題。不，據我所知，我們沒有在 Peroni 上進行任何促銷活動。我們圍繞佩羅尼的計劃有很大不同，對吧？我的意思是，正如我們所說，我們正在將該品牌帶入國內，這將為我們帶來三大優勢，對吧？

It's going to be a more consistent supply, increased pack formats, which the consumer has been wanting, but we haven't been able to provide given where we were sourcing the product from and then a tonne more margin to reinvest back in the brand to drive marketing.

這將是更一致的供應，增加的包裝格式，這是消費者一直想要的，但考慮到我們從哪裡採購產品，我們無法提供更多的利潤，然後再投資回品牌推動行銷。

So that's our strategy around Peroni. It's not a promotional pricing play for us at all. This is a really good above premium brand for us, and we want to keep it that way. From an overall pricing point of view, as I said, we're looking to pricing being in that historical range, top end of it at this point in time.

這就是我們圍繞佩羅尼的策略。對我們來說，這根本不是促銷定價遊戲。對我們來說，這是一個非常好的優質品牌，我們希望保持這種狀態。從整體定價的角度來看，正如我所說，我們希望定價處於歷史範圍內，即目前的最高水平。

The full GI is pretty consistent with last year. What do I mean by that? We only had a select group of markets that we took price last year from a GI point of view, and it's pretty much those same markets that we're doing again this year.

完整的地理指數與去年相當一致。我這麼說是什麼意思？去年我們只從地理標誌的角度對一組選定的市場進行了定價，今年我們再次對這些市場進行了定價。

Haven't seen much of a shift in product elasticities, although the macroeconomic environment, particularly in that July and August time frame did push some consumers to reach full value by channel or pack, not by brand.

儘管宏觀經濟環境，特別是在七月和八月的時間範圍內，確實促使一些消費者透過通路或包裝而不是品牌實現全部價值，但產品彈性並沒有太大變化。

From a promotional point of view, as I've said before, we always see some level of promotional activity in the summer months. And this summer was no different. I do think one of the things that was a little different from a brand point of view or maybe a segment point of view is there was some deeper discounting in the above premium tier, which obviously we didn't react to.

從促銷的角度來看，正如我之前所說，我們總是在夏季看到一定程度的促銷活動。今年夏天也不例外。我確實認為從品牌角度或細分市場角度來看有點不同的一件事是，上述高端級別有一些更深的折扣，顯然我們沒有對此做出反應。

And therefore, did have some impact on our core brands in our pockets, but we felt it was important from a brand point of view to stick to our strategy, which we did. And I would perhaps call out as the only different thing that took place this summer that we haven't necessarily experienced in the past.

因此，確實對我們口袋裡的核心品牌產生了一些影響，但我們認為從品牌的角度來看，堅持我們的策略很重要，我們也這樣做了。我也許會說這是今年夏天發生的唯一不同的事情，而我們過去不一定經歷過。

Robert Moskow, TD Cowen.

羅伯特·莫斯科，TD·考恩。

This is Victor Ma on for Rob Moskow. So it's clear in tracking data that growth of Simply Spiked is slowing. And it seems like blurring the lines by taking a preexisting brand it just doesn't work long term. So what are your thoughts there? And I know it's small, but can you speak about Happy Thursday and how it's performed versus your internal expectations?

我是維克多·馬（Victor Ma），代表羅布·莫斯科（Rob Moskow）發言。因此，追蹤數據可以清楚地看出，Simply Spiked 的成長正在放緩。採用現有品牌似乎模糊了界限，但從長遠來看，它並不能發揮作用。那你有什麼想法呢？我知道它很小，但是您能談談快樂星期四以及它的表現與您的內部期望相比如何嗎？

Yes, sure. Look, I mean, talking about Simply Spiked, I don't think it's a small brand. I mean it's -- that brand is $100 million in revenue. That's a big brand for us. As it relates to flavor more broadly, consumers do tend to have a treasure hunt mentality.

是的，當然。聽著，我的意思是，談論 Simply Spiked，我不認為它是一個小品牌。我的意思是——該品牌的收入為 1 億美元。這對我們來說是一個大品牌。由於它與更廣泛的風味有關，消費者確實傾向於有尋寶心態。

And so you've got to make sure that your flavor innovation is keeping pace with what the consumer is looking for as they evolve their demands. And yes, we have seen some softening on some of the original packs that we launched.

因此，您必須確保您的風味創新能夠滿足消費者不斷變化的需求。是的，我們已經看到我們推出的一些原始包有所軟化。

But Simply, as we've said before, the non-alc brand is about founding one out of every two households in America. We continue to believe that there's potential to drive growth into distribution and household penetration going forward.

但簡單地說，正如我們之前所說，非酒精飲料品牌是指美國每兩個家庭中就有一個創立了非酒精飲料品牌。我們仍然相信，未來有潛力推動分銷和家庭滲透率的成長。

And I'll give you another recent example for us in the Simply Spiked space. we launched a new LTO with Cranberry, obviously, seasonally, this is a great time to do that, trying to drive some engagement with our brand outside of the typical summer months.

我將在 Simply Spiked 領域為您提供另一個最近的例子。我們與 Cranberry 一起推出了新的 LTO，顯然，季節性地，這是一個很好的時機，試圖在典型的夏季月份之外推動與我們品牌的一些互動。

And we're seeing really strong execution with display and feature increasing week-over-week with that LTO. So as we look to 2025, we've got strong plans to play in this space. And certainly, from an overall flavor point of view, we see potential going forward for not just Simply Spiked, but our whole flavor portfolio.

我們看到 LTO 的顯示和功能每週都在增加，執行力非常強大。因此，展望 2025 年，我們制定了進軍這一領域的強大計劃。當然，從整體口味的角度來看，我們不僅看到了 Simply Spiked 的潛力，還看到了我們整個口味組合的潛力。

If you look at Happy Thursday, in particular, obviously, it's still early for us, but we're hearing lots of positive feedback from many different markets. We think that brand really hits the intersection of what legal age Gen Z consumers are after.

如果你特別看看“快樂星期四”，顯然，現在對我們來說還為時過早，但我們聽到了許多不同市場的許多積極反饋。我們認為該品牌真正滿足了 Z 世代消費者所追求的法定年齡。

It's a great bubble-free beverage. It's flavorful, it stands out on shelf. And it's too early for us to project how big this brand could actually become, but we're certainly encouraged by the early results, and we are certainly very happy that we've got first-mover advantage here, and we're going to continue to support this brand.

這是一種很棒的無泡飲料。味道鮮美，在貨架上很顯眼。對我們來說，預測這個品牌實際上能變得多大還為時過早，但我們確實對早期的結果感到鼓舞，我們當然非常高興我們在這裡擁有先發優勢，我們將繼續支持這個品牌。

Eric Serotta, Morgan Stanley.

艾瑞克‧塞羅塔，摩根士丹利。

Great. Thanks for the call for the question. So in terms of above premium, can you talk a little bit about plans to revitalize Blue Moon? I think you were talking about that a bit last year, and it seems relatively mixed so far, so some more work to do. Also, can you address opportunities for Coors Banquet from here? Does the Golden expansion or new brewery in Golden unlock additional capacity? And are there plans to push that harder?

偉大的。感謝您致電提問。那麼就上述溢價而言，您能談談藍月亮的振興計劃嗎？我想你去年就談到這個問題，到目前為止似乎還比較複雜，所以還有很多工作要做。另外，可以在這裡介紹一下庫爾斯宴會的機會嗎？戈爾登的擴建或戈爾登的新啤酒廠是否會釋放額外的產能？是否有計劃更努力地推動這一目標？

And then lastly, for Tracey, any initial thoughts in terms of COGS per hectoliter for next year? You won't have some of the headwinds from the deleveraging with the contract brewing going away? Should we think that there's some tailwinds from the delayed impact of commodities coming down given your hedging program? Yes, I would love to get your thoughts on those areas.

最後，對特蕾西來說，對於明年每百升的銷貨成本有什麼初步想法嗎？隨著合約醞釀的結束，你不會受到去槓桿化帶來的一些阻力嗎？鑑於你們的對沖計劃，我們是否應該認為大宗商品的延遲影響會帶來一些順風車？是的，我很想了解您對這些領域的想法。

Okay. Thanks, Eric. I'll take the first two, Tracey, you obviously take the third one. I'll start with Blue Moon. Eric, as we've said in the past, it's a big important brand for us. It's a top priority for us in the above premium space. And we're very committed to turning the trajectory of this brand around. That's why we've launched the new packaging, the whole new visual identity for the brand family.

好的。謝謝，埃里克。我會選前兩個，崔西，你顯然會選第三個。我將從藍月亮開始。艾瑞克，正如我們過去所說，這對我們來說是一個重要的品牌。在上述高端領域，這是我們的首要任務。我們非常致力於扭轉這個品牌的發展軌跡。這就是我們推出新包裝和品牌家族全新視覺識別的原因。

We've got the new campaign, and we've repositioned Blue Moon Light. And we're seeing signs of stability. The Blue Moon family of brands has experienced sequential improvement in total industry dollar share, right?

我們推出了新的戰役，並且重新定位了藍月之光。我們看到了穩定的跡象。藍月亮系列品牌的行業總美元份額經歷了連續的提高，對嗎？

Not craft dollar share, which is craft is falling off quite a lot. But in total industry dollar share, we're seeing sequential improvement for the Blue Moon family and the last 52 and flat in the last 13 weeks. So we're encouraged by that a lot actually.

不是工藝品的美元份額，而是工藝品正在大幅下降。但就行業總美元份額而言，我們看到 Blue Moon 系列和最後 52 系列的連續改善，並且在過去 13 週內持平。所以我們實際上對此感到非常鼓舞。

We're continuing to see positive momentum behind some of our new innovations, whether that's the repositioning of Blue Moon Light and whether it's the launch of Blue Moon non-alc, which is now the number two craft non-alc brand.

我們繼續看到一些新創新背後的積極勢頭，無論是 Blue Moon Light 的重新定位，還是 Blue Moon non-alc 的推出，現在是第二大非酒精工藝品牌。

So we've got a lot of activity behind Blue Moon. We're starting to see the impact from a share of total industry point of view, and we're going to continue to drive that. As far as Coors Banquet is concerned the expansion on the growth side of the brewery has not created extra capacity for us, for Coors Banquet. We only make Coors Banquet in Golden.

所以我們在藍月亮背後有很多活動。我們開始從整個行業的份額角度看到其影響，並且我們將繼續推動這一趨勢。就 Coors Banquet 而言，啤酒廠成長的擴張並沒有為我們、為 Coors Banquet 創造額外的產能。我們只在 Golden 做 Coors Banquet。

And as we drive that volume up in Golden, so we can move brands that are produced in Golden to some of our other breweries, and we do that. So I have no worries about capacity for Coors Banquet. And I know that the operators can support whatever growth our sales team bring us.

當我們提高戈爾登的產量時，我們就可以將戈爾登生產的品牌轉移到我們的其他一些啤酒廠，我們就這樣做了。所以我不擔心庫爾斯宴會的容量。我知道營運商可以支持我們的銷售團隊為我們帶來的任何成長。

And that growth is strong at the moment, right? I mean we've gained industry share in the last 13 consecutive quarters. Year-to-date, that brand is growing double digits. I think I said it maybe in my opening remarks to an earlier question, it's the fastest-growing top 15 big brand in the category year-to-date and in Q3, growing faster than it's that big Mexican import.

目前這種成長勢頭很強勁，對嗎？我的意思是，我們在過去連續 13 個季度中獲得了行業份額。今年迄今為止，該品牌正在以兩位數的速度成長。我想我可能在對先前問題的開場白中說過，它是今年迄今為止和第三季度該類別中增長最快的 15 大品牌，增長速度比墨西哥進口大品牌還要快。

We've worked really hard to build the brand and to grow distribution at the same time. And we're seeing consumers from all legal drinking age generations really take to Coors Banquet because of the quality that it brings and the lifestyle that it represents. And that comes through and comes to life through partnerships like Yellowstone.

我們非常努力地打造品牌並同時擴大分銷。我們看到所有法定飲酒年齡的消費者都真正喜歡庫爾斯宴會，因為它帶來的品質和它所代表的生活方式。透過像黃石公園這樣的合作夥伴關係，這一目標得以實現並得以實現。

And you're going to see us around the final season of Yellowstone quite meaningfully as it launches. So yes, it was probably more than you asked, Chris, but you got it anyway -- Eric, but you got it anyway.

當《黃石公園》最後一季開播時，你將會看到我們非常有意義。所以，是的，這可能比你要求的要多，克里斯，但你無論如何都得到了它——埃里克，但你無論如何都得到了它。

You want to do the COGS?

你想做 COGS 嗎？

Yes. So Eric, we haven't given COGS guidance for next year, and we'll certainly talk more about our guidance for 2025 when we have our Q4 call. But maybe just a little bit of context in terms of how we're looking at COGS and our costs going forward. So we've put a lot of investment in our breweries, and you specifically mentioned our Golden brewery.

是的。所以艾瑞克，我們還沒有給出明年的銷貨成本指導，當我們召開第四季度電話會議時，我們肯定會更多地討論我們對 2025 年的指導。但也許只是我們如何看待銷貨成本和未來成本的一些背景資訊。所以我們對我們的啤酒廠投入了大量的投資，你特別提到了我們的金啤酒廠。

And most of the capital investments that we make is to support long-term sustainable growth to drive efficiencies, help mitigate inflation, et cetera. And certainly, removing Pabst from that mix, it will benefit our efficiency in our breweries. It's a positive impact.

我們所做的資本投資大多是為了支持長期永續成長，以提高效率、幫助緩解通貨膨脹等。當然，從這種混合物中去除帕布斯特將有利於我們啤酒廠的效率。這是一個正面的影響。

We eliminate hundreds of short-run brands. That really means that we can improve efficiencies with fewer changeovers, that leads to less waste. It also gives us more headroom as we go into the summer, running at full capacity, it certainly helps from a leverage point of view as well.

我們淘汰了數百個短期品牌。這確實意味著我們可以透過減少轉換來提高效率，從而減少浪費。當我們進入夏季時，它也為我們提供了更多的空間，滿載運行，從槓桿的角度來看，這當然也有幫助。

As we look forward again, cost savings is just a way of life at Molson Coors. And most of our cost savings initiatives are concentrated on the COGS line. So really focusing on improving efficiencies, production efficiencies, reducing waste, also helps in supporting our sustainability goals. So more to come on our Q4 call, but obviously, this is a big focus area for us and constantly looking at opportunities to take costs out.

當我們再次展望未來時，節省成本只是 Molson Coors 的生活方式。我們的成本節約措施大多集中在銷貨成本線上。因此，真正專注於提高效率、生產效率、減少浪費也有助於支持我們的永續發展目標。我們第四季的電話會議還有更多內容，但顯然，這是我們的一個重點領域，我們不斷尋找降低成本的機會。

Peter O'Connor, UBS.

彼得‧奧康納，瑞銀集團。

Thanks, operator. Good morning everyone. I guess I just wanted to follow up quickly on just the category questions, but just more what's really embedded in the outlook. Obviously, it's nice to see some sustained improvement here in September and October, but we've seen the category move around quite quickly over the last year.

謝謝，接線生。大家早安。我想我只是想快速跟進類別問題，但更多的是展望中真正嵌入的內容。顯然，很高興看到 9 月和 10 月出現一些持續改善，但我們看到該類別在去年發生了相當快的變化。

So I guess I'd just be curious, when you think about the 4Q guidance, are you assuming this current improvement holds? Are you embedding some flex if the category were to weaken from here? Can you just help us understand what's really embedded in the outlook from a category perspective?

所以我想我只是好奇，當您考慮第四季度指導時，您是否認為當前的改進成立？如果該類別從這裡開始減弱，您是否會嵌入一些彈性？您能否幫助我們從類別的角度理解前景中真正包含的內容？

Yes. Thanks, Peter. Look, I mean, as you know, there are a lot of drivers for our top line, right? And certainly from a fourth quarter point of view, we've got a good feel for those, right? We know what we're going to ship pretty much. We know what has come out from a Pabst contract brewing point of view and what's left. And so we've got a good handle around that.

是的。謝謝，彼得。聽著，我的意思是，正如你所知，我們的營收有很多驅動因素，對嗎？當然，從第四季度的角度來看，我們對這些有很好的感覺，對吧？我們非常清楚我們要運送什麼。我們知道從帕布斯特合約釀造的角度來看會產生什麼以及還剩下什麼。所以我們對此有很好的處理。

We've just put our pricing before price increases in, and we've obviously got the price increases from spring that roll forward. So we've got a good handle on our drivers given where we are in the year and how it's going to play out in the fourth quarter.

我們剛剛將價格上漲之前的定價納入其中，顯然我們已經從春季開始就開始漲價了。因此，考慮到我們今年的處境以及第四季度的表現，我們已經很好地掌握了我們的車手。

And as far as the long term is concerned, I think in answer to, I think, it might have been Chris' question, I think I covered off on all of the reasons to believe in our long-term algorithm as it relates to in terms of your question, the top line.

就長期而言，我認為在回答這可能是克里斯的問題時，我認為我涵蓋了相信我們的長期演算法的所有理由，因為它與就你的問題而言，最上面一行。

Lauren Lieberman, Barclays.

勞倫·利伯曼，巴克萊銀行。

Great, Thanks. Good morning. I was a bit surprised to see EMEA and APAC go back into volumes being down. And I know you flagged the increasingly competitive environment in the UK, but I was hoping to just maybe dissect a little further the drivers of that volume weakness and just perspective on more recent trends? Thanks

太好了，謝謝。早安.看到歐洲、中東和非洲和亞太地區的銷量再次下降，我感到有點驚訝。我知道您指出了英國競爭日益激烈的環境，但我希望能進一步剖析銷量疲軟的驅動因素，並展望最近的趨勢？謝謝

Thanks, Lauren. Look, I mean, consumer demand in the UK has been a little bit soft compared to the previous year in Q3. We did see some uplift from the Euro tournament. But as I think everybody who operates in that market has spoken about, that was offset by some poor weather.

謝謝，勞倫。我的意思是，與去年第三季相比，英國的消費者需求有點疲軟。我們確實看到了歐洲錦標賽的一些提升。但正如我認為在該市場經營的每個人都談到的那樣，這被一些惡劣的天氣所抵消。

On the other side, the market has become increasingly competitive with some high promotional intensity in that space. We continue to support our brands, for Carling. We're certainly driving a value over volume strategy. So we haven't participated in that high promotional environment.

另一方面，市場競爭日益激烈，該領域的促銷力道也很大。我們將繼續支持 Carling 的品牌。我們當然正在推動價值高於數量的策略。所以我們沒有參與那麼高的促銷環境。

On the positive side, Madri continues to drive both volume and value growth for us across both the on and the off-premise. From an overall consumer point of view, when you compare the UK with all the other countries in the world, they've probably been a little bit more resilient.

從積極的一面來看，Madri 繼續推動我們內部和外部的數量和價值成長。從整體消費者的角度來看，當你將英國與世界上所有其他國家進行比較時，他們可能會更有彈性。

And with inflation coming off and interest rates coming down, it's hard to see that, that won't have a positive impact on consumer behavior. But obviously, we'll have to see how it plays out. But that's an overall summary of what's going on there, Lauren.

隨著通貨膨脹的下降和利率的下降，很難看出這不會對消費者行為產生正面影響。但顯然，我們必須看看結果如何。但這是對正在發生的事情的總體總結，勞倫。

Michael Lavery, Piper Sandler.

麥可萊弗里、派珀桑德勒。

Thank you. Good morning. First, I just wanted to touch on ZOA a little bit more. And I guess maybe it's -- in the scanner data, it certainly is a very small brand. And hasn't done a whole lot. Maybe more than anything, two questions. Is there anything we might be missing? Does it have a big unmeasured component we should make sure to be aware of?

謝謝。早安.首先，我只是想多談談 ZOA。我想也許是——在掃描器數據中，它肯定是一個非常小的品牌。而且還沒有做很多事情。也許最重要的是兩個問題。有什麼我們可能遺漏的嗎？它是否有一個很大的未測量的組成部分，我們應該確保意識到這一點？

And then just looking ahead with a consolidating stake, how different might execution be? What should we expect? And maybe over what time horizon? Is there a much bigger push that might come near term? Is it a bit more of a long-term trajectory? How should we think about all that?

然後，展望未來，如果合併股權，執行會有多大不同？我們該期待什麼？也許在什麼時間範圍內？近期是否會有更大的推動力？這是一個更長期的軌跡嗎？我們該如何思考這一切？

Yeah. Thanks, Michael. Look, from a ZOA point of view, we think we've got lots of potential for success with ZOA. It's a better-for-you energy drink. That's the space it plays in. If you unpack the drivers of growth or the lack thereof in the energy drink space, certainly, better-for-you energy is driving all of the growth in the energy drink space where there is that.

是的。謝謝，麥可。看，從 ZOA 的角度來看，我們認為 ZOA 有很大的成功潛力。這是一種對你更好的能量飲料。這就是它發揮作用的空間。如果你分析能量飲料領域的成長驅動因素或缺乏成長驅動因素，那麼當然，對你更好的能量正在推動能量飲料領域的所有成長。

And ZOA plays right into that subsegment of Energy. We think we've got a fantastic liquid. I think we've said that in the past. We think we've got a great brand. We think we've got great packaging. And we've got a powerful spokesperson who's not just a social media influencer, but actually somebody who has a decent stake in the business with us.

ZOA 剛好涉足能源領域。我們認為我們已經得到了一種很棒的液體。我想我們過去已經說過了。我們認為我們擁有一個偉大的品牌。我們認為我們有很棒的包裝。我們有一位強大的發言人，他不僅是社交媒體影響者，而且實際上在我們的業務中擁有相當大的股份。

As far as unmeasured is concerned, look, I mean, ZOA is already a top 10 brand on Amazon year-to-date, which is incredible given how long its competitors, the big players have been in this space. So we're very encouraged by that.

就 unmeasured 而言，我的意思是，ZOA 今年迄今為止已經成為亞馬遜排名前 10 的品牌，考慮到其競爭對手、大玩家在這個領域已經存在了很長時間，這是令人難以置信的。所以我們對此感到非常鼓舞。

We're very encouraged by the fact that ZOA is attracting new drinkers into the Energy category, and we're starting to build stronger new distribution and getting chain mandates, which we didn't have before. Now that we've got a majority stake in the business, we're going to have ownership of marketing. We're going to have ownership of other areas that we haven't had before.

ZOA 正在吸引新的飲用者進入能源類別，我們對此感到非常鼓舞，並且我們開始建立更強大的新分銷並獲得連鎖授權，這是我們以前沒有的。現在我們已經擁有了業務的多數股權，我們將擁有行銷的所有權。我們將擁有我們以前從未擁有過的其他領域的所有權。

And that's going to be a big plus for us. It's highly incremental to our overall revenues, very supportive of our string-of-pearls approaches, as Tracey mentioned. So we feel really good about this brand, and that's what gives us confidence to take our minority stake up to a majority stake. So thanks for the question, Michael.

這對我們來說將是一個很大的優勢。正如特雷西所提到的，這對我們的整體收入來說是一個巨大的增量，非常支持我們的珍珠鏈方法。因此，我們對這個品牌感覺非常好，這讓我們有信心將少數股權提升為多數股權。謝謝你的提問，麥可。

Thank you, we have no further questions. And so this concludes today's call. Thank you, for your participation. You may now disconnect your lines.

謝謝您，我們沒有其他問題了。今天的電話會議到此結束。謝謝您的參與。現在您可以斷開線路。