Unknown Executive
Please welcome Constellation Brands Vice President, Investor Relations, Joseph Suarez.
未知高管：
请欢迎Constellation Brands（星座品牌）投资者关系副总裁Joseph Suarez。
Joseph Suarez – Senior VP of Investor Relations
Good afternoon all, and welcome to Constellation Brands' 2023 Investor Day. We're excited to be here today to share insights into our company's leading performance and plans for ongoing success.
Joseph Suarez – 投资者关系高级副总裁：
大家下午好，欢迎参加Constellation Brands 2023年投资者日。我们很高兴今天能在这里，与大家分享我们公司领先的业绩表现以及持续成功的计划。
Before we get started, I invite everyone to review our forward-looking statements, which can be found on the pages of the release today and our filings.
在我们开始之前，请大家查阅今天发布材料及公司申报文件中的前瞻性声明。
This presentation, as usual, please remember to refer to Constellation's SEC filings for risk factors, which may impact forward-looking statements made on today's presentations. We also invite you to review our non-GAAP financial measure disclaimers.
像往常一样，请参考Constellation提交给美国证监会（SEC）的文件，了解可能影响我们今天演讲中前瞻性声明的风险因素。同时，也请查阅我们关于非GAAP财务指标的免责声明。
And as a final reminder, reconciliations between the most directly comparable GAAP measures and any non-GAAP financial measures discussed during today's presentation are included in the appendix or otherwise available on the company's website at [
www.cbrands.com](http://www.cbrands.com).
We have a pretty full agenda today where you'll get to hear from several of our executives and broad leadership team members about the continued growth of our iconic higher-end Beer, Wine & Spirits brands portfolio; our efforts to capitalize on emerging beverage trends through consumer-led approach to innovation; our ambitions to consistently achieve strong revenue growth and profitability; and to deliver value to you, our shareholders, by deploying capital in line with disciplined and balanced priorities; and our latest achievements and initiatives to serve as good stewards of the environment, enhance social equity and underserved communities, promote responsible beverage alcohol consumption and to continue implementing value-additive governance enhancements.
我们今天的议程非常丰富，您将听到多位高管和管理团队成员的分享，内容涵盖：我们标志性的高端啤酒、葡萄酒与烈酒品牌组合的持续增长；通过以消费者为导向的创新，抓住新兴饮品趋势的努力；我们在持续实现强劲收入增长和盈利能力方面的愿景；以及如何通过有纪律、平衡的资本部署策略，为您——我们的股东——创造价值。同时，还包括我们近期在环境保护、社会公平、服务弱势社区、推广负责任饮酒行为以及推进增值型公司治理方面的成就与举措。
We'll also have 2 Q\&A sessions, one at the halfway point and another at the end of the presentations. And we just ask that during each session, you please focus your questions on the 3 corresponding agenda items immediately preceding them.
今天我们将安排两个问答环节，一个在会议中段，一个在演示结束后。我们希望各位在每个问答环节中，能够就其前面三个相关议题提出问题。
Now before turning the presentation over to Bill, I'd like to ask you once again to please ensure your mobile devices are silenced. Thank you, once more, for joining us. And now here is Bill.
在我将演讲交给比尔之前，再次请大家确保手机静音。再次感谢您的到来。接下来请欢迎比尔上台。
William Newlands – President, CEO & Director
Thank you, Joe, and welcome to all of you to our 2023 Investor Day. It's great to be here with you in New York again and to have many of you joining us via the webcast, as I'm sure you know.
威廉·纽兰兹 – 总裁、首席执行官兼董事：
谢谢你，乔，欢迎大家参加我们2023年的投资者日。很高兴再次来到纽约与大家见面，也欢迎许多通过网络直播参与的朋友们。
I am Bill Newlands, the CEO of Constellation Brands. And since Joe covered the main disclaimers, I only have one final announcement. Without a doubt in my mind, we have the best portfolio in our industry. So for those of you who are of legal drinking age, which probably is most of you, but you haven't tried one of our great products, I invite you to experience them after our presentations today so that you can all appreciate why our leading brands have so much momentum in the marketplace and why we have so much excitement around our newer innovations.
我是Bill Newlands，Constellation Brands的首席执行官。既然乔已经讲过主要的免责声明，我只补充一点：我毫不怀疑，我们拥有行业内最出色的品牌组合。因此，如果在座的各位大多数已经达到了法定饮酒年龄，但还没有尝过我们的优秀产品，我邀请您在今天演示结束后亲自体验一下，这样您就会明白我们的核心品牌为什么在市场上势头如此强劲，以及我们对新产品创新为何如此充满信心。
And with that really important message out of the way, let's get started. Our last company-wide Investor Day was in 2016. So we are eager to share with you today why our company is in even better shape now than it was back then and the incredible future that we still see ahead supported by our strategic foundation. We'll provide a comprehensive review of these topics this afternoon. But if I were to distill it to a handful of key highlights, here's what we want to convey to you today.
说完这一重要信息，我们正式开始。上一次公司的投资者日是在2016年。因此，我们非常期待今天向大家展示：我们的公司现在为什么比当时更强大；以及在我们的战略基础支持下，我们依然对未来充满信心。今天下午我们将对此进行全面回顾，但如果要简要概括几个重点，那就是以下几点：
First, our objectives for our Beer business remain unchanged: 7% to 9% net sales growth; 39% to 40% operating margin over the medium term; and most importantly, we believe those will remain best-in-class growth and profitability metrics, not only for the beer category or even for the beverage alcohol industry but across all of CPG.
第一，我们对啤酒业务的目标保持不变：中期净销售额增长7%到9%，营业利润率达到39%到40%。最重要的是，我们相信这些依然将是业内最具领先性的增长与盈利指标，不仅领先于啤酒品类，甚至整个酒精饮品行业，乃至所有消费品行业。
Second, we anticipate sequential improvement in the top line profitability of our Wine & Spirits business. And we believe that starting next fiscal year, we will accelerate in our path toward reaching 1% to 3% net sales growth and 25% to 26% operating margins.
第二，我们预计葡萄酒与烈酒业务的收入与盈利能力将逐季改善。我们相信，从下个财年起，我们将在实现1%到3%净销售额增长和25%到26%营业利润率的道路上加速前进。
This strong outlook for both our businesses, along with our thorough plans to continue managing the rest of our P\&L with efficacy and discipline, gives us confidence to add an objective to deliver double-digit diluted EPS growth as part of our medium-term algorithm.
这两大业务的强劲前景，加上我们对整体利润表管理的严谨规划，使我们有信心将“实现两位数摊薄每股收益增长”作为中期目标纳入我们的增长框架。
Fourth, in addition, we're expecting to see a step-up in the growth rate of our operating cash flow, which, net of our organic investments that mainly support the growth of our Beer business, should enable us to deliver between \$10 billion and \$12 billion in free cash flow in total from fiscal '24 to fiscal '28.
第四，我们还预计经营现金流的增长速度将进一步加快。扣除主要用于支持啤酒业务增长的内部投资后，从2024财年至2028财年，我们预计将产生100亿至120亿美元的自由现金流。
Fifth, more broadly, we are confident that our existing capital allocation priorities will continue to strike an appropriate balance to deliver value, and as such, those priorities remain unchanged. But as we are quickly approaching our target net leverage ratio, we have an incremental \$2 billion share repurchase authorization from our Board, which I will later discuss in more detail.
第五，更广义上讲，我们有信心，现有的资本配置优先级仍将继续带来合理的价值平衡，因此我们不会改变这些优先级。但由于我们正在快速接近目标净杠杆率，董事会已批准新增20亿美元的股票回购授权，稍后我会对此作进一步说明。
And last but certainly not least, we aim to deliver on our medium-term outlook while working to address pressing environmental and societal needs, which are important to our shareholders, our communities, our consumers and our employees. And we firmly believe our ESG strategy will continue to enable us to both create and protect value, while delivering meaningful positive impacts for people and the planet.
最后但同样重要的是，我们在致力于实现中期展望的同时，也会积极应对紧迫的环境与社会需求，这对我们的股东、社区、消费者与员工都至关重要。我们坚信，我们的ESG战略将继续在创造和守护价值的同时，为人类与地球带来有意义的积极影响。
Now with those 6 points in mind, let's shift gears to how our strategic initiatives have built a solid foundation for us to deliver against those highlights. And we'll provide some incremental details of what you can expect from Constellation Brands going forward.
有了这六个要点，我们现在来看看我们的战略举措如何为实现这些目标奠定了坚实基础。接下来我们将介绍Constellation Brands未来的发展蓝图。
At the core of our strategy is our consumer obsession, which drives our focus on building brands that people love and on developing innovations that are consumer-led. Our strong performance against these objectives have supported a decade-long status as a CPG growth leader and lifted us to the #1 spot in several of those years. But our leadership team is fully aligned that delivering growth is not enough to create value.
我们战略的核心是“对消费者的执着”，这驱动我们专注于打造人们热爱的品牌，推动以消费者为导向的创新。正是凭借在这些目标上的持续努力，我们在过去十年一直是消费品领域的增长领导者，并在多个年份位列行业第一。但我们的管理团队也一致认为，仅有增长远远不够，还必须真正创造价值。
So over the last few years, we have consistently delivered against disciplined and balanced capital allocation priorities that have led us to significantly reduce our leverage, that has returned nearly \$6 billion in dividends and share repurchases to our shareholders and to make significant investments in growing capacity to support the growth of our Beer business.
因此，过去几年我们始终坚持纪律严明、平衡有序的资本配置原则，大幅降低了财务杠杆，累计向股东返还了近60亿美元的股息和股票回购资金，同时也对扩大产能进行了重大投资，以支持啤酒业务的增长。
To reinforce these efforts, our governance structure as well as our approach to environmental and social stewardship have also evolved. All our shareholders now have equal economic and voting rights on a per-share basis. The composition of our Board has shifted in line with a comprehensive refreshment and enhancement process. And our corporate social responsibility efforts are more aligned with key issues related to our business, such as water stewardship, where we have made incredible progress against our target.
为了进一步巩固这些努力，我们的公司治理架构以及环境和社会责任战略也在不断演进。现在，所有股东在每股基础上都拥有相同的经济和表决权。我们的董事会构成也随着全面的更新和提升过程而发生变化。我们的企业社会责任措施也更聚焦于与业务密切相关的关键议题，比如水资源管理，在这方面我们已经取得了令人瞩目的成果。
All together, these core tenets of our strategy have enabled us to deliver total shareholder returns in excess of both the S\&P 500 and the S\&P Food & Beverage indices, whether you look at it over the longer term or the near term.
总体来看，正是这些战略核心支柱，使我们在长期和短期的股东总回报方面都超越了标普500指数和标普食品饮料指数。
Let's face it without a doubt, our Beer business has been the main driver of our strong growth. Our results are truly best-in-class, having delivered over 50 consecutive quarters of depletion growth. This remarkable achievement has not been without its challenges. We have faced skepticism and unforeseen changes from external dynamics since early on, but the conviction and execution of our Beer team has overcome these questions and concerns. And in less than a decade span shown on this slide, not only delivered overall incredible growth, but also established our core brands as category leaders.
毫无疑问，我们的啤酒业务是强劲增长的主要引擎。我们的表现真正达到了业内顶尖水平，已经连续超过50个季度实现销售出库量增长。这一卓越成就的取得绝非易事。早期我们也面临了质疑和外部环境的不可预见变化，但啤酒团队坚定的信念和卓越的执行力帮助我们克服了这些挑战。在不到十年的时间里，如当前展示的这张幻灯片所示，我们不仅实现了全面的高速增长，还使核心品牌确立了行业领导地位。
By fiscal '19, Modelo Especial had reached the size of Corona Extra and the #2 spot in the high end. Corona Extra remains the #3 in the high end as well as a top 10 brand across all beer in the U.S. while Pacifico achieved the 10 million case milestone and reached a top 20 spot in the high end.
到2019财年，Modelo Especial的规模已与Corona Extra相当，并跃升为高端啤酒市场的第二名。Corona Extra则依然保持高端市场第三的位置，同时跻身全美啤酒品类前十品牌；Pacifico则突破了1,000万箱的销量里程碑，进入高端市场前二十名。
Since then, the depletion growth of our portfolio has remained relatively in line at about an 8% CAGR with our Beer team continuing to prove skeptics wrong, all while navigating unprecedented headwinds. I mean, come on, folks, who could have foreseen that a global pandemic would be called a virus with the same name as our most iconic brand. Our Board would have love it if I brought that one up.
自那以后，我们啤酒组合的出库量年复合增长率保持在约8%左右，持续展现强劲表现，我们的啤酒团队在面对前所未有的阻力时，依然一次次打破外界质疑。说真的，谁能预见到一场全球大流行病会用我们最具标志性的品牌同名命名？董事会大概很乐意我提起这一点。
But our team didn't miss a beat and that same brand just got stronger with Corona Extra climbing up 2 spots to become a top 5 brand in the U.S. only to be outdone by Modelo Especial reaching the #1 spot across the entire market. And of course, Pacifico has almost doubled in size and is now a top 10 high-end brand.
但我们的团队毫无懈怠，反而让这个品牌更加强大——Corona Extra跃升两位，成为全美前五的啤酒品牌；而Modelo Especial更是后来居上，成为全美第一。与此同时，Pacifico的规模几乎翻倍，现已跻身高端品牌前十。
Just as importantly, Modelo Especial achieved a similar share gain in the last 4.5 years as it did in the prior 8 while Corona Extra also continued to gain share over that more recent time frame. And Pacifico share actually doubled. So it's safe to say right now that the core brands in our Beer portfolio are stronger than ever.
同样重要的是，Modelo Especial在过去四年半中获得的市场份额增长，与此前八年的增幅相当；Corona Extra在同期也继续扩大了份额；Pacifico的市场份额甚至翻了一番。可以说，如今我们的啤酒核心品牌比以往任何时候都更强劲。
In our Wine & Spirits business, our portfolio has undergone a significant transformation over the last several years. We shifted from being mainly exposed to the mainstream segment of their respective categories to being primarily focused on the higher end. This journey included integrating and growing brands that are now among the largest in our higher-end offerings as well as more recent mainstream brand divestitures that accelerated the pivot in the mix of the portfolio.
在葡萄酒与烈酒业务方面，我们的品牌组合在过去几年经历了显著转型。我们从原本以主流市场为主，转向聚焦高端领域。这一过程包括整合并扩展现已跻身我们高端阵容主力的品牌，同时也出售了一些主流品牌，加快了产品结构的战略转型。
We acquired Casa Noble a bit before my time, over 9 years ago now, but we then quickly followed with the acquisitions of Meiomi, which is now nearly the same size as Woodbridge on a net sales perspective, and with The Prisoner Wine Company and High West, which are now, respectively, our largest fine wine and our largest craft spirit brand.
我们在我上任之前就收购了Casa Noble，那是九年多前的事了。随后我们快速完成了对Meiomi的收购，该品牌如今的净销售额几乎已与Woodbridge持平；我们还收购了The Prisoner Wine Company和High West，这两个品牌现在分别是我们最大的高端葡萄酒和手工烈酒品牌。
More recently, with the acquisition of My Favorite Neighbor, which is delivering incredibly strong dollar sales growth in tracked channels, very much in line with the CAGRs of all the other acquisitions.
最近，我们还收购了My Favorite Neighbor，这个品牌在可追踪渠道中的美元销售增长非常强劲，与我们其他收购品牌的年复合增长率表现保持一致。
So a pretty good track record of acquiring and growing higher-end Wine & Spirits brands since fiscal '19, which Robert and the team will cover in more detail.
因此，自2019财年以来，我们在高端葡萄酒与烈酒品牌的收购与增长方面建立了相当出色的业绩记录，罗伯特和他的团队稍后将作更详细的介绍。
As I mentioned earlier, we then accelerated the transformation of the portfolio more recently, with the divestiture of approximately 30 lower-priced brands to Gallo and a smaller set of brands to The Wine Group. And while some of these brands had scale and a few were in the premium segment, they were not aligned with our growth and strategic ambitions.
正如我早前提到的，我们最近进一步加速了品牌组合的转型，将约30个低价品牌出售给Gallo集团，另有一部分品牌转让给The Wine Group。虽然其中一些品牌具有一定规模，甚至少数属于高端品类，但它们与我们的增长战略不再一致。
Ultimately, we believe we now have a very robust portfolio with exciting craft spirits and fine wine brands that still have plenty of scale and distribution runway as well as large and leading premium wine brands and a small set of mainstream wine and spirits brands that we're actively working to revitalize.
归根结底，我们相信，现在我们拥有一个非常强健的品牌组合，涵盖令人兴奋的手工烈酒和高端葡萄酒品牌，它们仍具有广阔的规模扩张和渠道增长潜力；同时，我们还拥有一些领先的大型高端葡萄酒品牌，以及少量我们正在积极重振的主流葡萄酒与烈酒品牌。
In fact, we've doubled the number of fine wine and craft spirits brands in our portfolio since fiscal '19, which now represents 23% of our net sales and continue to deliver double-digit growth in tracked channels.
事实上，自2019财年以来，我们组合中的高端葡萄酒与手工烈酒品牌数量已翻了一番，目前这部分业务占净销售额的23%，且在可追踪渠道中持续实现两位数增长。
We have refined our premium line portfolio to larger brands that are still delivering very solid growth despite some headwinds in the category. And we reduced our mainstream Wine & Spirits portfolio to about 1/10 of the brands that we had in fiscal '19. This has helped us to mitigate the impact of declines in mainstream wine and certain segments of mainstream spirits.
我们已将高端系列优化为几个规模更大的品牌，尽管该品类面临一定逆风，但这些品牌仍保持稳健增长。同时，我们将主流葡萄酒与烈酒品牌的数量缩减至2019财年的约十分之一。这帮助我们减轻了主流葡萄酒市场下滑及部分主流烈酒子品类带来的负面影响。
Additionally, we're making great progress expanding the avenues of growth for this business. We've materially increased sales coming from our direct-to-consumer channels and grown our international sales as we continue to target large metro markets, which Robert and his team will also discuss with you in more detail.
此外，我们在拓展业务增长路径方面也取得了显著进展。我们大幅提升了直面消费者渠道（DTC）的销售额，并扩大了国际市场销售规模，重点聚焦于主要都市市场，这部分内容罗伯特及其团队也将为您作进一步说明。
In addition to our focus on delivering growth from our core higher-end Beer, Wine & Spirits brands, we also have brought innovative products to market aligned with consumer-led trends, more specifically, with a clear emphasis on betterment and flavor offerings since fiscal '19. Since then, we have significantly expanded our range in both subsegments with compelling extensions to our core brands that are resonating with consumers. This is clearly visible in the significant compounded growth from innovation for both our businesses. And we still see great opportunity ahead for our innovation efforts with enhanced capabilities and processes, which I will briefly elaborate on shortly, and Mallika will cover in depth during her presentation.
除了专注于推动我们高端啤酒、葡萄酒和烈酒核心品牌的增长之外，自2019财年以来，我们还推出了符合消费者主导趋势的创新产品，特别强调健康提升和风味创新。自那以来，我们在这两个细分市场中显著扩展了产品范围，通过引人注目的核心品牌延伸，赢得了消费者的共鸣。这种创新带来的显著复合增长在我们两个业务中均有明显体现。我们仍然看到创新工作的巨大潜力，得益于能力和流程的增强，我稍后会简要说明，而Mallika将在她的演讲中详细介绍。
In fiscal '20, shortly after my transition into the CEO seat, we also introduced our current disciplined and balanced capital allocation priorities. And as I stated earlier, we have consistently delivered against these over the past 4.5 years: strengthening our balance sheet; delivering significant cash returns to shareholders; continuing to invest in organic growth opportunities, particularly in our Beer business; and executing small acquisitions, primarily to close gaps in our Wine & Spirits portfolio.
在2020财年，在我接任首席执行官后不久，我们也引入了目前这一套有纪律性和平衡性的资本分配优先事项。正如我之前所说，在过去4年半的时间里，我们持续兑现了这些承诺：强化资产负债表；向股东返还大量现金；持续投资于有机增长机会，特别是在啤酒业务中；并进行小规模并购，主要是为了弥补我们葡萄酒和烈酒组合中的空白。
Our leadership team is proud of our track record against these priorities, and we remain committed to maintaining a disciplined financial foundation while balancing investments and additional returns.
我们的领导团队为在这些优先事项上的执行成果感到自豪，我们将继续致力于维持有纪律的财务基础，同时平衡投资与额外回报。
As with capital allocation, we also adopted a slightly different approach to our environmental and social initiatives as of fiscal '20 that sought to more strategically align our efforts on these matters with our business objectives, bringing together all of our activities in these areas under a member of our executive team, formalizing oversight of our goals and efforts under our Board committee and more transparently disclosing targets and reporting our performance against them in line with recognized frameworks.
与资本分配一样，从2020财年起，我们在环境和社会事务上的做法也略有不同，旨在将这些工作的推进更加战略性地与我们的业务目标对齐。我们将相关所有活动集中到一位高管团队成员的领导之下，并通过董事会委员会对目标和进展进行正式监督，并依据公认框架更加透明地披露目标与绩效。
Mike will share more about the importance of this transition for our business and our stakeholders. But let me say, I am very proud of what we have achieved while recognizing there's still work to be done.
Mike 将会进一步分享这一转型对我们业务及利益相关方的重要性。但我想说，我为我们取得的成果感到非常自豪，同时我们也清楚仍有工作要做。
As noted earlier, we also recently introduced several changes that better aligned our corporate governance profile with the expectation of our shareholders, including normalizing the voting power and economic ownership of all shareholders, changes to the composition of our Board of Directors and other governance matters shareholders identified as being important to our owners.
正如前文提到的，我们近期还推动了一些变革，使我们的公司治理状况更符合股东期望，包括使所有股东的表决权和经济所有权正常化、调整董事会成员构成，以及处理股东认定对所有者具有重要性的其他治理事项。
So thank you, once again, to everyone who supported these enhancements. We continue to believe they are an important shift for our company.
因此，再次感谢所有支持这些改善措施的人士。我们始终相信，这是公司一项重要的转变。
So as you have seen, Constellation Brands is undoubtedly in even better shape now than when we last met for our last Investor Day. Our Beer, Wine & Spirits portfolios are stronger, including a wider range of innovative products. And we have delivered on our capital allocation priorities while also enhancing our ESG approach and profile.
正如大家所见，Constellation Brands 毫无疑问比我们上次投资者日会议时的状态更好。我们的啤酒、葡萄酒和烈酒产品组合更加强劲，涵盖更广泛的创新产品。同时，我们也实现了资本分配优先事项，并提升了我们的ESG战略和表现。
As we look ahead, our path forward remains centered around our consumer obsession, driving us to continue to build brands and develop consumer-led innovations that people love and still supported by an empowered franchise with discipline and balanced capital allocation priorities and approach to ESG aligned with our business objectives, which together, will keep us delivering our value proposition for our shareholders, consumers, employees, communities and broader stakeholders.
展望未来，我们将继续以“消费者至上”为核心，推动我们不断打造品牌并开发受消费者驱动的创新产品，始终由授权的业务体系所支持，并坚持有纪律和平衡的资本分配优先事项及与业务目标一致的ESG路径。所有这些将共同确保我们向股东、消费者、员工、社区及更广泛的利益相关方持续传递我们的价值主张。
And on that note, let's discuss the incredible future we still see ahead built on our solid financial and strategic foundation. Over the last 2 years, we've taken a significant step forward to develop an even deeper understanding of where our consumers are heading.
基于我们坚实的财务与战略基础，让我们来探讨我们仍然看好的辉煌未来。在过去两年里，我们迈出了关键的一步，进一步深入了解消费者的走向。
Mallika's team has engaged with over 300,000 legal drinking age consumers and mapped over 10,000 different consumption occasions, while also studying the next phase of 4 key consumer-led macro trends that we've been following closely for a long time: premiumization, which we expect to continue over the greater emphasis on cultural credibility; uniqueness, which is about calibrating products to meet different needs across different consumer segments; positive impact, which plays and interplays with betterment from a mental and communal perspective; and channel fluidity with experiences shifting from transactional to also enabling discovery.
Mallika 的团队与超过30万名法定饮酒年龄的消费者进行了交流，并描绘出超过一万种不同的消费场景，同时也研究了我们长期关注的四个关键消费者主导的宏观趋势的下一阶段：高端化——我们预计将在更注重文化认同的背景下持续推进；独特性——即调整产品以满足不同消费者群体的多样化需求；积极影响——强调从心理和社群角度出发对“更好生活”的促进和联动；以及渠道流动性——体验从交易型转向更具探索性。
We expect the combination of all that work to further enhance our go-forward approach to how we position our products with consumers, including new product launches, as well as how we reach consumers through both traditional and digital channels.
我们预计，所有这些工作的结合将进一步优化我们未来在产品定位方面的策略，包括新产品的推出，以及通过传统和数字渠道触达消费者的方式。
With that enriched perspective on the consumer, we're even more confident that our Beer portfolio will continue to deliver 7% to 9% annual net sales growth, mainly driven by strong volume uplifts to meet demand for our brands. We also expect operating margins for the business to return to our medium-term average of 39% to 40% as we continue to benefit from that top line growth while delivering incremental efficiencies and as inflationary headwinds begin to subside.
基于这种对消费者更深入的洞察，我们更有信心我们的啤酒产品组合将持续实现每年7%至9%的净销售额增长，主要由销量的强劲提升驱动，以满足市场对我们品牌的需求。我们还预计，随着营收增长带来的规模效应持续释放、效率不断提升以及通胀压力开始缓解，业务的营业利润率将恢复到39%至40%的中期平均水平。
Ultimately, we expect our Beer business to generate significant amounts of cash, which we intend to partly reinvest in growing capacity expansions to meet the rising consumer demand and support the continuing growth of that business. Jim Sabia and his team will share a lot more today about the building blocks that underpin these expectations for our Beer business.
最终，我们预计啤酒业务将产生大量现金，我们计划部分再投资于产能扩张，以满足不断增长的消费需求，并支持业务持续发展。Jim Sabia 和他的团队今天将详细阐述支撑这些预期的关键基础。
Similarly, Robert and his team will dive more deeply into the strategy and outlook for our Wine & Spirits business. But at a high level, supported by the premiumization and channel fluidity macro trends just discussed, we expect our Wine & Spirits business to deliver sequential improvements as it continues to shift toward an even greater share of global omnichannel and higher-end sales, ultimately, supporting an acceleration in its net sales growth to 1% to 3% annually and lifting its operating margins to 25% to 26%.
同样地，Robert 和他的团队将更深入探讨我们葡萄酒和烈酒业务的战略与前景。但从整体来看，得益于我们刚才提到的高端化和渠道流动性等宏观趋势的支撑，我们预计该业务将持续改善，逐步向全球全渠道和高端销售占比更高的方向发展，最终实现每年1%至3%的净销售增长，并将营业利润率提升至25%至26%。
Turning to innovation. Just as we have augmented our methodology to gather consumer insights, we have also enhanced our approach to innovation. We have new R&D facilities across both businesses to continue developing exciting, innovative products including liquids pushing the boundaries of traditional offerings with patented technologies, such as our latest extension to the Modelo family, Aguas Frescas, which I admit is a favorite of mine, but let me move on, which we have done extremely well with in the initial test market in Las Vegas.
说到创新，正如我们增强了收集消费者洞察的方法，我们也提升了创新方式。我们在两大业务板块都建立了新的研发设施，持续开发令人兴奋的创新产品，包括通过专利技术突破传统品类边界的饮品，例如我们在Modelo系列中的最新延伸产品Aguas Frescas（我个人非常喜欢），该产品在拉斯维加斯的初期测试市场表现极佳。
And today, we're publicly sharing for the first time Shyft, our new flavor-changing product, which will be part of our new emerging brands group that will have a more focused, but longer testing approach than our brand extensions. Mallika will cover these areas in greater detail right after my presentation.
今天我们首次对外公布Shyft，这是一款能够变换风味的新产品，属于我们新设立的新兴品牌部门的一部分。该部门相比品牌延伸将采取更聚焦但周期更长的测试路径。Mallika将在我之后的演讲中更详细地介绍这些内容。
From a capital allocation perspective, as noted earlier, our priorities remain consistent. First, we will continue to target an approximately 3x net leverage ratio, which we expect to reach next fiscal year. And our dividend payout will remain roughly at 30%.
从资本分配角度来看，正如前面提到的，我们的优先事项保持不变。首先，我们将继续以约3倍的净杠杆率为目标，预计将在下一个财年达成；我们的股息支付率将保持在约30%的水平。
Second, we intend to invest $4 billion in additional growing capacity to support the growth of our Beer business. And we have an incremental $2 billion authorization from our Board to repurchase shares.
其次，我们计划投资40亿美元用于额外产能扩张，以支持啤酒业务的增长。同时，我们董事会也授权追加20亿美元用于股票回购。
And lastly, we will continue to evaluate any M&A opportunities with discipline and rigor. Garth will add more to that on this crucial topic later on today.
最后，我们将继续以纪律性和严谨性评估所有并购机会。Garth 稍后将在今天的会议上就这一关键话题做进一步说明。
Similarly, our ESG focus areas are unchanged and we'll work to deliver against our targets, including our new water stewardship goal of restoring 5 billion gallons of water withdrawals from fiscal '23 to fiscal '25, which is nearly 5x the amount of our initial target as we already exceeded our prior goal largely due to projects in our Beer business. Mike will talk about our ESG targets and our efforts to achieve these objectives as part of his presentation.
同样地，我们在ESG方面的重点方向未变，并将持续推进既定目标的达成，包括我们最新的水资源管理目标——在2023到2025财年间恢复50亿加仑的取水量，这一目标是最初目标的近5倍，因为我们已通过啤酒业务的多个项目提前实现了此前目标。Mike将在他的演讲中介绍我们在ESG方面的目标及实现路径。
Now to conclude. Based on the path forward we have outlined for you today, if I were to start with the companies that are part of the S&P 500 and narrow them down to ones that offer at least our same top line growth, diluted EPS growth, dividend payout ratio based on the next 12-month consensus and then focus on those that are also in sectors more directly tied to consumers, there are only 7 other companies that meet these criteria. And of those, 6 carry higher multiples than Constellation Brands.
最后总结一下。基于我们今天描绘的未来发展路径，如果我从标普500指数成分股开始筛选，找出那些至少能实现与我们相同的营收增长、摊薄每股收益增长和未来12个月一致预期下的股息支付率的公司，再聚焦于与消费者联系更紧密的行业，仅有7家公司符合这些标准。而在这7家公司中，有6家的估值倍数高于Constellation Brands。
So at the risk of stating the obvious, we strongly believe that our company should command a higher value, specifically given our track record of delivering on our commitments and our compelling path forward.
因此，虽然显而易见，我们仍坚定地认为，基于我们持续兑现承诺的优异记录和极具吸引力的发展前景，公司理应获得更高的市场估值。
With that, I will now hand it over to the other members of our leadership team presenting today to share with you in more detail the various subjects I've noted that they would address. But as my parting comment, I want to assure you that this entire leadership team remains fully dedicated to continuing to meet our objectives and to deliver value for you, our shareholders, with each of us bringing different yet complementary perspectives and expertise as well as diverse backgrounds and deep experience, but all, all, sharing a strong commitment to win in the marketplace.
接下来，我将把时间交给今天将做进一步演讲的其他管理团队成员，他们会就我刚才提到的各个议题做更详细的分享。临别之际，我想再次强调，我们整个领导团队将继续坚定不移地致力于实现我们的各项目标，并为您——我们的股东——创造价值。我们每个人都带来了不同但互补的视角与专业知识、各异的背景和丰富的经验，但我们共同拥有的，是在市场中争胜的坚定承诺。
Thank you. And with that, I would like to introduce Mallika Monteiro, our Chief Growth and Strategy Officer. Mallika?
谢谢大家。接下来，我将介绍我们的首席增长与战略官 Mallika Monteiro。Mallika，请。
Mallika Monteiro EVP, MD of Beer Brands & Interim Chief Growth and Strategy Officer
Thank you, Bill. Good afternoon, everyone. It's great to be here with all of you. I'm Mallika Monteiro, and I lead our growth strategy and digital efforts.
谢谢你，Bill。大家下午好。很高兴与各位相聚。我是Mallika Monteiro，负责我们的增长战略和数字化工作。
As Bill has said, Constellation Brands is built for growth. We have a strong core portfolio with significant runway for expansion. We're delivering disciplined and focused innovation that's driving growth for our business by reaching new consumers of legal drinking age. And we're investing in our future to ensure our capabilities meet our growth ambitions.
正如Bill所说，Constellation Brands是为增长而构建的。我们拥有强大的核心产品组合，并具备广阔的扩张潜力。我们正在开展有纪律、有重点的创新，通过触达新的法定饮酒年龄消费者来推动业务增长。同时，我们正在为未来进行投资，以确保我们的能力能够支撑我们的增长雄心。
Building on the strategic overview that Bill just provided, I'm here to talk about the areas of focus and investment that are fundamental to our approach to driving long-term growth. The 3 topics I'll cover are: first, the culture of consumer obsession we've built at Constellation Brands; second, the investments we're making in tools and capabilities to reach our LDA consumer and to run our business more effectively; and finally, our approach to winning with innovation across the portfolio, including the new way we're building emerging brands.
在Bill刚才介绍的战略基础上，我将讲讲我们推动长期增长所依赖的一些关键关注领域和投资方向。我将涵盖三个主题：首先，Constellation Brands 所打造的“消费者至上”文化；第二，我们为触达法定饮酒年龄消费者、提升业务效率所进行的工具和能力投资；最后，我们在整个产品组合中以创新取胜的方法，包括我们打造新兴品牌的新方式。
But let's start with the consumer. Constellation is committed to being consumer obsessed. And as a note, any time we talk about consumers or drinkers, we always mean legal drinking age adults. Over the last 5 years, we've invested in consumer insights, data analytics, ways of working to ensure our people bring deep understanding and empathy for our consumers to our decisions, our brand plans and our products.
但我们先从消费者谈起。Constellation致力于以消费者为中心。需要说明的是，每当我们谈到“消费者”或“饮用者”时，指的都是具有法定饮酒年龄的成年人。在过去5年中，我们不断投资于消费者洞察、数据分析和工作方式，确保我们的员工在做决策、制定品牌规划和开发产品时，都能带着对消费者的深刻理解和同理心。
Here are a few facts to bring to life what that means. Over the last 2 years, we've spoken with over 300,000 consumers. We're growing our ability to own our own consumer data as privacy regulations shift, building a first-party consumer data platform with 2.5 million consumers who've opted in to receive our marketing with ambition to build to 10 million consumers over the medium term.
以下是一些具体例子来说明我们的做法。在过去两年中，我们与超过30万名消费者进行了交流。随着隐私法规的变化，我们不断增强对自有消费者数据的掌控能力，建立了一个拥有250万自愿接收我们市场推广信息的消费者的第一方数据平台，并计划在中期内将该平台扩展至1000万名消费者。
Through our media partner, we have access to 240 million adult consumer records across 12,000 attributes, demographics, consumer passion points, media and purchase behavior, location data, all of which informs our media strategy and local programming. We've built a database of 10,000 occasions to create a proprietary map of consumer demand that informs our portfolio strategy and brand positioning.
借助我们的媒体合作伙伴，我们可以接触到2.4亿成年消费者的记录，涵盖12,000项属性，包括人口统计数据、兴趣点、媒体和购买行为、地理位置等，这些信息为我们的媒体策略和本地化推广提供支持。我们还构建了一个包含10,000个消费场景的数据库，绘制出独有的消费者需求地图，为我们的产品组合战略和品牌定位提供指导。
And we get out into the market.
我们还亲身走进市场。
We talk to distributors, to retailers, to bartenders to get deeper intel on culture, consumer behavior, on-premise trends and customer expectations. Just last month, this management team spent time with Hispanic and Gen Z consumers, part of our ongoing program to get our people out of conference rooms and offices and into our core markets to understand drinking behavior and brand choice.
我们与分销商、零售商、调酒师进行交流，深入了解文化动态、消费者行为、终端趋势和客户期望。就在上个月，我们的管理团队还专门拜访了西班牙裔和Z世代消费者，这是我们一项持续计划的一部分，目的是让员工走出会议室和办公室，深入核心市场，亲身了解饮用行为与品牌选择。
We have a deep understanding of luxury wine consumers and their drinking and spending habits so that we can build the capabilities, experiences and products in line with our ambition to be a high-end innovative luxury wine business.
我们对高端葡萄酒消费者及其饮用和消费习惯有深入了解，从而能够打造与我们高端、创新、奢华葡萄酒战略相匹配的能力、体验和产品。
And of course, we have doubled down on our understanding of our core Hispanic consumer. The demographic strength of Hispanic consumers is well known. 60% of total U.S. population growth over the last 5 years has come from Hispanic consumers. They control $2 trillion in purchasing power and now represents the largest affluent subgroup in the U.S. amongst Gen Z. We project that by 2030, 20% of legal drinking age in the U.S. will be Hispanic. That's 50 million drinkers nationally.
当然，我们也在加倍加深对核心西班牙裔消费者的了解。西班牙裔消费者的结构性优势众所周知——在过去五年里，美国人口增长中有60%来自西班牙裔群体。他们掌握着2万亿美元的消费力，并已成为Z世代中最富裕的族群。我们预计，到2030年，美国将有20%的法定饮酒年龄人口为西班牙裔，总量将达到5000万饮用者。
Hispanics are a powerful consumer group in alcohol, over-indexing across every alcohol type versus other population groups in the U.S. with a strong preference and affinity for beer, our beer. They drive almost half of total dollar contribution to our Beer portfolio and 1/3 of Constellation's Beer dollar growth today. And so Hispanic consumers are the single most important consumer group for our business.
西班牙裔是酒类消费中的一支强大力量，在美国所有酒精类型中的消费水平都高于其他人群，尤其偏爱啤酒——我们的啤酒。他们为我们的啤酒产品组合贡献了近一半的总销售额，并推动了Constellation啤酒当前销售增长的三分之一。因此，西班牙裔消费者是我们业务中最重要的单一消费者群体。
But we know they're not a monolith who think, act and behave alike. Generation, country of origin, U.S. geographic location, acculturation, primary language, gender all play a role in what Hispanic consumers are looking for and how they interact with brands. And so our consumer work gets to the context and nuance across this diverse landscape of Hispanic consumers. Almost 20% of our unique consumer data represents Hispanic consumers. 1/4 of our consumer conversations and in-market connection are with Hispanic consumers.
但我们知道，西班牙裔消费者并不是一个思想、行为和习惯完全一致的群体。代际差异、原籍国家、在美国的地理位置、文化融合程度、主要语言、性别等因素都会影响他们的需求以及与品牌的互动方式。因此，我们的消费者研究会深入挖掘这一多样化西班牙裔群体中的背景与细微差别。在我们独有的消费者数据中，近20%代表西班牙裔消费者；我们所有消费者对话和市场接触中，有1/4是与西班牙裔消费者进行的。
Everything we do across our Mexican imports portfolio is pressure tested with Hispanic consumers to ensure we don't stray from authenticity and from consumer expectations of our brands.
我们在墨西哥进口产品组合中的每一项举措都会与西班牙裔消费者进行验证，确保我们不偏离品牌的正宗性和他们的消费期望。
And of course, general market consumers continue to be a significant growth opportunity for our beer brands. We've invested to make our Mexican imports resonate with them. The core human insights behind the campaigns for our brands, from Modelo's Mark of A Fighter to Corona's La Vida Más Fina, connect with consumers from all walks of life, enabling us to unlock growth beyond our core Hispanic consumer. As a result, while non-Hispanics account for just over half of Constellation's beer dollars, they drive 70% of our beer growth.
当然，大众市场消费者仍是我们啤酒品牌的重要增长机会。我们也进行了投资，使我们的墨西哥进口产品能与这些消费者产生共鸣。我们的品牌营销背后都植根于人性的核心洞察——从Modelo的“斗士之印”到Corona的“La Vida Más Fina”，这些理念触动了各行各业的消费者，使我们能够在核心西班牙裔之外挖掘新的增长点。因此，尽管非西班牙裔仅贡献了Constellation啤酒收入的一半多一点，但他们却推动了70%的啤酒增长。
All of this and more forms the foundation of a proprietary knowledge base of consumer understanding and insight that powers our business.
所有这些内容共同构成了一个专有的消费者理解与洞察知识库，支撑着我们的业务发展。
But data and analytics aren't enough. We've built a culture of consumer obsession to take our consumer understanding and empathy and translate it into action, building a consumer-first mentality across our business and especially within our commercial and innovation teams.
但仅有数据和分析是不够的。我们已经构建起一种“消费者至上”的文化，把我们对消费者的理解和同理心转化为实际行动，在整个公司内部，尤其是在商业和创新团队中，建立以消费者为先的思维模式。
For example, our innovation work on our Mexican imports brand is rooted in our understanding of the flavor and liquid experiences Hispanic consumers are looking for. We spent time in their homes, at backyard barbecues, on the streets of Mexico to create ideas that are distinctive in the U.S. and also authentic to our brands. That's how Modelo Aguas Frescas came about. The liquid is created using nitro technology to mimic the creamy authentic taste of nonalcoholic Aguas Frescas in Mexico. The entire product proposition is grounded in our knowledge of what Hispanic consumers tell us they are missing in the flavor category.
例如，我们在墨西哥进口品牌上的创新工作，就是基于对西班牙裔消费者在风味和饮品体验方面偏好的深入理解。我们曾走进他们的家中，参加他们的后院烧烤，在墨西哥街头与他们互动，提出既具有美国市场独特性又符合品牌正宗性的创意。Modelo Aguas Frescas 就是这样诞生的。该产品使用氮气技术调制饮品，模拟墨西哥无酒精Aguas Frescas那种顺滑正宗的口感。整个产品定位都基于我们对西班牙裔消费者在风味品类中感受到缺失之处的深入了解。
And our approach is working. Modelo Aguas Frescas is now the #1 new FMB multipack in its test market of Las Vegas. It connects with our core Hispanic consumer. With a Hispanic consumer index of 150, Modelo Aguas Frescas far outpaces the top 5 FMBs in the U.S.
而我们的做法也已经初见成效。Modelo Aguas Frescas 目前已成为拉斯维加斯测试市场中最畅销的新款调味麦芽酒多包装产品。它成功吸引了我们的核心西班牙裔消费者，消费者指数达150，远超美国前五大调味麦芽酒产品。
And this consumer obsession is driving results in our business. Corona is the best-loved brand in the U.S. beer category, enabling us to stretch its equity into brand extensions that have delivered almost $3 billion in Circana dollar sales since 2018.
这种“消费者至上”的理念正在为我们的业务带来成果。Corona 是美国啤酒品类中最受喜爱的品牌之一，使我们得以扩展其品牌资产，自2018年以来通过品牌延伸已实现近30亿美元的 Circana 美元销售额。
Our consumer-focused Spanish language and English language advertising, sports sponsorships and retail programming have enabled Modelo to grow household penetration by 18% over the last 3 years. Modelo has the highest household penetration and the #1 repeat rate in beer among Hispanic consumers.
我们聚焦消费者的西语和英语广告、体育赞助以及零售方案，使Modelo在过去三年中家庭渗透率增长了18%。在西班牙裔消费者中，Modelo的家庭渗透率和复购率均位居啤酒品牌之首。
And The Prisoner Wine Company has grown net sales 260% since we acquired the brand. 40% of the brand's net sales now come from innovation beyond the core Red Blend.
自我们收购以来，The Prisoner Wine Company 的净销售额增长了260%。目前，该品牌40%的净销售额来自于超越核心红葡萄混酿的新产品创新。
Our consumer obsession positions us in our efforts to drive long-term growth and it's the foundation for the tools and capabilities we're building to reach our consumer and to run our business more effectively. The capabilities I'm going to touch on today are innovation and R&D, brand building and media and digital business acceleration.
我们对消费者的执着，是我们推动长期增长的核心竞争力，也是我们构建触达消费者与高效运营能力体系的基础。今天我将讲的能力包括：创新与研发、品牌建设、媒体与数字业务加速。
Over the last 5 years, we've invested almost $550 million in R&D, talent and technical capabilities, both in Mexico and domestically, to meet the innovation ambitions in both business units, including the innovation and technical development center at the brewery in Nava, a; new flavor R&D lab on the Woodbridge campus to meet our ready-to-serve and flavored innovation needs in the U.S.; and new production, packaging and flavor capabilities, including nitro and flavor blending.
在过去五年中，我们在墨西哥和美国本土共投入近5.5亿美元用于研发、人才和技术能力建设，以满足两大业务板块的创新需求，包括设在Nava酿酒厂的创新与技术开发中心；位于Woodbridge园区、专门满足美国即饮与风味产品创新需求的新风味研发实验室；以及新建的生产、包装和风味调配能力，包括氮气技术与风味混合。
These new capabilities have enabled us to accelerate our innovation agenda with distinctive new products like Modelo Aguas Frescas, Modelo Chelada, High West barrel-aged cocktails, Mi Campo ready-to-serve and lime-friendly Corona can.
这些新能力使我们得以加速创新计划，推出了一系列具有特色的新产品，如Modelo Aguas Frescas、Modelo Chelada、High West橡木桶陈年鸡尾酒、Mi Campo即饮产品，以及适合搭配青柠的Corona罐装啤酒。
Innovation has driven almost 30% of Constellation Circana dollar growth over the last 5 years, driving $3.4 billion in Circana sales during that time period. I'll touch more on our innovation strategy and approach in a moment.
在过去5年中，创新推动了Constellation近30%的Circana美元增长，为我们带来了34亿美元的Circana销售额。稍后我会进一步讲述我们的创新战略和方法。
Let's talk next, though, about brand building and media. Our approach to brand building is centered on consumers' creativity and consistency. It starts with smart, relevant consumer-focused brand positioning with an ownable point of view and distinctiveness in the marketplace. And it extends to breakthrough brand activation and communication across the marketing mix, bringing our brands to life where our consumers are with the right message and activation at the right time, personalized for their needs, interests and motivations from live sports, to streaming video, from distillery and winery experiences to digital and out-of-home.
接下来我们谈谈品牌建设和媒体策略。我们打造品牌的方式以消费者为中心，强调创意与一致性。首先是以明确的品牌视角和差异化，在市场中进行智能且与消费者高度相关的品牌定位；然后通过多元的营销组合实现品牌激活与传播，在消费者所在之处，以恰当的信息和行动，在恰当的时机，用他们感兴趣、需要、认同的方式——从体育赛事、流媒体视频，到酒厂与酒庄体验，再到数字平台与户外媒体——让品牌真正“活”起来。
And we're consistent. Unlike so many other brands, we don't change our advertising every year. The strength of our marketing to connect to our consumers, to tell stories only we can tell and to bring our brands to life in ways that break through the clutter is evident. In beer, our ads consistently outperform our competitors on brand relevance, breakthrough and preference.
我们强调持续性。不同于许多品牌年年换广告，我们的营销始终如一，能有效与消费者建立联结，讲述只有我们才能讲述的品牌故事，并用独特方式让品牌深入人心。在啤酒领域，我们的广告在品牌相关性、吸引力与偏好度上始终优于竞争对手。
The strength of our creative and consistent approach translates directly to profitable growth. Across Beer, Wine & Spirits, we invest approximately 9% of net sales in marketing, the majority of that investment in media. And while consumers today have more content choices than ever before, we believe we're building a highly effective and impactful digital and media ecosystem that brings our brands to life in disruptive and breakthrough ways.
我们这种富有创意且持续一致的做法，直接转化为可持续的盈利增长。在啤酒、葡萄酒和烈酒业务中，我们将约9%的净销售额投入市场营销，其中大部分用于媒体投放。在当今消费者内容选择愈加丰富的背景下，我们坚信自己正在打造一个高度有效、极具影响力的数字与媒体生态系统，以颠覆式、突破性的方式让品牌焕发新生。
Our media investment across the Beer imports portfolio drove a media ROI of $2.50, delivering almost $750 million in profit. And in Wine & Spirits, we sharpened our marketing model, evolving away from heavy investment in traditional media in favor of bespoke marketing in line with how higher-end brands are built with DTC and hospitality, brand experiences and partnerships taking center stage and video supporting our premium brands.
我们在啤酒进口产品组合上的媒体投资实现了2.5倍的投资回报率，带来了近7.5亿美元的利润。而在葡萄酒和烈酒业务中，我们也优化了营销模式，从对传统媒体的重投入转向为高端品牌量身定制的营销方式，以DTC（直面消费者）、品牌体验和合作为核心，并通过视频传播支持高端品牌建设。
Finally, let's discuss our more recent investments in digital business acceleration. When COVID hit in 2020, we had the advantage of being early investors in building digital commerce capabilities and establishing retail relationships when the channel was still underdeveloped in alcohol. As a result, we established category leadership early, securing category captaincies with emerging digitally native retailers, pioneering bev alc retail media and performance marketing with third-party marketplaces such as Instacart and evolving our Shopper-First Shelf program and expanding it into e-commerce and omnichannel retail. And that continues to pay off to this day.
最后，让我们来谈谈我们近期在加速数字业务方面的投资。2020年疫情爆发时，我们已率先在酒类仍属数字渠道未成熟阶段投资构建了数字商务能力和零售关系。这使我们能够早早确立品类领先地位，与新兴的数字原生零售商建立主导关系，在如Instacart等第三方平台上率先开展酒类零售媒体和绩效营销，并将我们的“以消费者为先的货架计划”升级并扩展至电商与全渠道零售。这些举措至今仍持续产生效益。
In the last 52 weeks, Constellation continues to be the leader in e-commerce, growing ahead of the beverage alcohol category and gaining share ahead of our competitors. Two years ago, we moved with urgency to build on this leadership in digital to transform our business around our 3D digital strategy: to unlock demand, drive disruption and deliver excellence.
在过去52周中，Constellation继续领跑电商渠道，其增长速度高于整个酒类饮品行业，也持续在市场份额上领先于竞争对手。两年前，我们迅速采取行动，进一步巩固在数字领域的领先地位，并围绕我们的“3D数字战略”转型业务：激发需求、推动颠覆、实现卓越。
With $60 million to $80 million in planned investment in technology, data and analytics, talent and new ways of working, we are focused on becoming a true digitally driven organization.
我们计划投入6,000万至8,000万美元用于技术、数据分析、人才与工作方式的升级，目标是打造一个真正以数字化驱动的组织。
To date, our priority has been the Beer business with focus in procurement, supply chain and marketing, in particular. The goal of these investments is to build demand and to ensure we get the right beer to the right place at the right time for the right cost.
迄今为止，我们的重点一直是啤酒业务，尤其专注于采购、供应链和营销。这些投资的目标是创造需求，并确保我们以合适的成本，在正确的时间，将正确的啤酒送达正确的地点。
Here are some examples of the results we've driven so far. In procurement, data transparency and automation of category spend and contract data into real-time dashboards has delivered approximately $60 million in real savings to date, well ahead of run rate expectations for the program.
以下是我们目前取得的一些成果。例如，在采购方面，通过将品类支出和合同数据实现数据透明化和自动化并集成进实时仪表盘，截至目前已实现约6000万美元的实际节省，远超该项目的预期节奏。
In end-to-end supply chain, we've sustainably improved OTIF impacting 300,000 to 500,000 cases delivered on time weekly from Modelo and Pacifico. We're on track to deliver $0.02 per case annual savings as a result of removing inefficiency and waste in the system.
在端到端供应链方面，我们可持续地提升了OTIF（按时足量交付率），每周有30万到50万箱Modelo和Pacifico按时交付。通过消除系统中的低效与浪费，我们预计将实现每箱节省2美分的年度目标。
And in marketing, we've leveraged advertising partnerships with campaigns tailored to consumer demand segments that have delivered almost 8% positive sales lift for Pacifico. We're scaling to Corona and Modelo this year.
在营销方面，我们通过与广告合作伙伴共同开展面向不同消费者需求细分市场的定制化推广活动，使Pacifico的销售额实现了近8%的增长。今年，我们将这一成功模式推广到Corona和Modelo品牌。
Our investments in digital business acceleration are delivering both top line growth and margin enhancement while also supporting working capital efficiency and smarter ways of working for our people.
我们在数字业务加速方面的投资，不仅带来了营收增长和利润率提升，同时也改善了营运资金效率，并帮助员工实现更智能的工作方式。
Switching gears then to my final topic, our approach to innovation and emerging segments and brands. Shifting consumer behavior is disrupting beverage alcohol in meaningful ways as consumers shift between segments seamlessly and as macro trends like betterment, moderation, flavor are driving new choices for consumers. We see the opportunity to recruit new drinkers, expand occasions and enter new segments as critical to driving long-term growth.
接下来进入我最后一个话题：我们在创新及新兴细分市场与品牌上的策略。消费者行为的转变正以前所未有的方式重塑酒类饮品行业，消费者在各个细分市场间无缝切换，而健康提升、适度饮用和风味驱动等宏观趋势也在促使他们选择新的产品。我们认为，吸引新饮用者、拓展消费场景、切入新细分市场，是实现长期增长的关键。
And our investments in innovation and emerging segments is working. Modelo Oro is the #1 new brand launched nationally this year. Modelo Chelada Sandia Picante is the #1 new single-serve FMB SKU in the entire beer category. And Kim Crawford Illuminate and Meiomi Bright are on the forefront of the betterment wine space, growing over 2.5x the low-alc core varietal wine segment driving almost 1/4 of that segment's growth and recruiting new incremental drinkers.
而我们的创新及新兴品类投资已初见成效。Modelo Oro是今年全美推出的第一大新品品牌；Modelo Chelada Sandia Picante是整个啤酒品类中销量最高的新单瓶装调味麦芽酒SKU。Kim Crawford Illuminate和Meiomi Bright则引领着健康型葡萄酒市场，其增长速度超过低酒精核心品类的2.5倍，贡献了该细分市场近1/4的增长，同时吸引了大量新增饮用者。
Dos Hombres Mezcal, Archer Roose sustainable wine and HOP WTR non-alc sparkling water, examples of companies in our corporate ventures portfolio, are each outgrowing their segment and disrupting the category.
我们的企业风险投资组合中的品牌，如Dos Hombres 梅斯卡尔、Archer Roose 可持续葡萄酒、HOP WTR 无酒精气泡水等，都在各自品类中实现超速增长，并带来颠覆性变革。
I mentioned earlier, Constellation has a strong track record in innovation. And innovation has driven almost 30% of our growth in the last 5 years, delivering almost $3.4 billion in Circana sales over that time period. We are one of the only companies across beverage alcohol, driving sustained and consistent growth across both our core and our innovation. And our beer innovation is more efficient than our large beer competitors, generating more dollars per SKU.
如我之前提到，Constellation在创新方面有着出色的表现。在过去五年中，创新贡献了近30%的增长，为我们带来约34亿美元的Circana销售额。我们是酒类行业中少数能在核心产品与创新产品上实现持续稳定增长的公司之一。我们的啤酒创新比大型竞争对手更高效，每个SKU带来的收益更多。
Our pursuit of consumer growth opportunities is built against an ecosystem of integrated growth levers: building through organic innovation when the opportunity to create new distinctive consumer-driven ideas is clear and immediate; incubating new brands we create through a deliberate disciplined strategy designed to build new brands at scale sustainably; investing ahead of trends and consumer adoption through our corporate ventures arm to enter new segments where consumers are going; and buying smaller differentiated, high-momentum brands to tuck into our portfolio at the high end.
我们抓住消费者增长机会，是基于一套由多项增长杠杆构成的整合生态系统：当能够清晰迅速地创造出有特色、由消费者驱动的新创意时，我们进行有机创新；通过有计划、有纪律的战略孵化我们自创的新品牌，实现规模化、可持续建设；通过企业风险投资，提前布局趋势与消费采纳路径，进入消费者正在转向的新兴细分市场；并通过收购小而差异化、增长势头强劲的高端品牌，将其纳入我们的产品组合。
For today, I'm going to focus on organic innovation and our approach to emerging brands. Our innovation approach across both business units is strategic and consistent. As always, we start with the consumer, concentrating on macro trends and ideas to meet consumer opportunities. We're focused on high-growth market segments where there's upside to our portfolio. In Beer, that's flavor and betterment. In Wine & Spirits, it's ready-to-serve, betterment and disruptive flavor profiles. We also introduced new varietals extending into white spaces for our portfolio, new varietals like The Prisoner Cabernet, Meiomi Cabernet and betterment extension, Kim Crawford Illuminate, are outgrowing the category and gaining share.
今天，我将重点讲述我们的有机创新战略以及应对新兴品牌的做法。我们在两个业务板块中的创新方法都具有战略性和一致性。我们始终从消费者出发，聚焦宏观趋势和创意，以把握消费机会。我们关注的是高增长的市场细分领域，这些领域为我们的产品组合带来增量空间。在啤酒业务中，重点是风味和健康提升；在葡萄酒与烈酒业务中，则是即饮型产品、健康提升以及颠覆性的风味定位。我们还推出了多个新品种，填补产品组合中的空白，例如 The Prisoner Cabernet、Meiomi Cabernet 和健康型延伸 Kim Crawford Illuminate，这些新产品的增长速度远超品类平均水平，且不断提升市场份额。
We strongly believe in extending the shoulders of our powerful brands to recruit new drinkers and expand occasions. In Beer, our brand extension have contributed almost 20x the innovation growth of our big beer competitors.
我们坚信应充分发挥强势品牌的带动作用，吸引新饮用者并拓展消费场景。在啤酒领域，我们的品牌延伸带来的创新增长几乎是大型啤酒竞争对手的20倍。
We create liquids that are authentic, unique and, as those of you in this room will taste later, delicious. We continue to be focused, testing to learn in markets before we scale our ideas so that we get to the best big ideas.
我们创造的饮品既正宗、独特，而且，正如在座各位稍后将品尝到的，非常美味。我们始终专注于前期小范围市场测试，通过学习不断优化创意，再逐步扩大规模，确保我们聚焦于最具潜力的“大创意”。
And we're disciplined. Dialing in market execution and marketing to grow our innovation while ensuring our core gets focused. At the same time, we bring targeted and strategic price and pack architecture to meet our consumers' needs and expand occasions. Across our entire import beer portfolio, we generate nearly 5x the sales per SKU compared to our top 2 beer suppliers. Jim will talk about this more in a moment.
我们也很有纪律性。在推进市场执行和营销的同时，我们确保核心业务不被忽视，有效推动创新增长。同时，我们还通过有针对性的价格与包装策略，满足消费者需求并拓展更多饮用场景。在整个进口啤酒产品组合中，我们的每个SKU带来的销售额几乎是前两大啤酒供应商的5倍。Jim稍后会详细讲述这一点。
The end result of all of this is sustainable incremental growth for us and for our distributor and retail partners. And the threshold for the incrementality our new products are driving continues to be well ahead of the 30% to 40% industry average.
这一切最终带来的，是我们以及我们的分销商和零售合作伙伴实现的可持续、可累积的增长。我们的新产品所实现的增量贡献，始终远超行业30%至40%的平均水平。
As we look to the future though, we know it's not enough to innovate extension of our core portfolio of brands. We must also build new-to-the-world ideas to go after consumer opportunities, particularly in beer, that our Mexican imports simply can't pursue.
但展望未来，仅仅围绕核心品牌组合进行延伸创新是远远不够的。我们还必须打造“全新创世”的产品创意，以把握更多消费机会，尤其是在墨西哥进口品牌无法覆盖的啤酒细分市场。
We've seen though that new-to-the-world brands require patience, careful incubation and a commitment to learning and adapting in order to succeed long term. So we're evolving the highly effective scale playbook we use in the Beer business that works so well for our big brands, but doesn't quite fit young brands to create a new emerging brands team.
我们认识到，要让这些“全新创世”型品牌实现长期成功，需要耐心、细致孵化，并持续学习和调整。因此，我们正在改进在啤酒业务中用于大品牌的高效规模化运营模式，并将其转化为更适合年轻品牌发展的新方法，专门组建了一个“新兴品牌团队”来推动这一战略。
Our mission is to build the next generation of brands for our portfolio ready for consumers because we've tested, learned and adapted through commercial experience and experimentation. The way we'll do this is built on 3 pillars.
我们的使命是为我们的产品组合打造面向下一代消费者的全新品牌，这些品牌已通过商业实践与试验进行了充分测试、学习和调整。我们将通过三大支柱来实现这一目标。
The first is ownership and accountability with dedicated resources and funding a team staffed with deep marketing, commercial sales and distributor management experience.
第一是责任归属与问责机制：配备专门资源与资金的团队，成员拥有深厚的市场营销、商业销售和分销管理经验。
The second is patience to learn and adapt over multiple years. This isn't about [sailing] fast, instead it's about starting small. Learning and adapting with discipline, optimizing before expanding so that we maximize the success as we pursue big-scale ideas.
第二是长期耐心地学习与调整。这不是“快速推进”的项目，而是从小规模起步，有纪律地学习与迭代，先优化再扩张，以便在追求大规模构想的过程中最大化成功率。
And the final pillar is a targeted approach to test market selection. We'll launch our new brands in smaller markets to limit disruption on the core business and to work closely with teams on the ground to test our ideas.
最后一个支柱是有针对性的测试市场选择策略。我们会在较小的市场中推出新品牌，以降低对核心业务的干扰，并与当地团队密切合作检验我们的构想。
And we have an incredible exciting lineup of new brands we're getting ready to launch, including the first introduction this fall of Shyft. Shyft is a first-of-its-kind, patented, flavor-shifting FMB. We believe there's nothing like it in the marketplace and I'm so excited for you to get to try it this afternoon.
我们即将推出一批令人振奋的新品牌，其中包括今年秋季首次亮相的Shyft。Shyft是一款首创、拥有专利的可变风味FMB产品，我们相信市场上尚无同类产品。我非常期待您今天下午能够亲自品尝这款新品。
Everything in development for emerging brands is envisioned to meet our ambition of being disruptive, of bringing unique and market-leading liquids and experiences to consumers and carving out distinct market position for Constellation in line with our strategy.
我们在开发的新兴品牌项目都致力于实现我们的颠覆式创新愿景：为消费者带来独特且领先市场的饮品与体验，并为Constellation在市场中塑造出差异化定位，与我们的战略目标高度一致。
As I wrap up, there are 3 things I'd like to leave you with.
在总结时，我想留下三个要点供大家思考。
First, Constellation is consumer obsessed. Our understanding of the consumer drives everything we do. And it is the foundation that underpins the strength of our brands and our conviction in our long-term growth.
第一，Constellation始终以消费者为核心。我们对消费者的理解驱动着我们的一切工作，这也是我们品牌实力与长期增长信念的根基。
Second, we're investing in building the capabilities and tools to enhance how effectively and efficiently we reach our consumers and run our business. These investments are directly driving impact in the business from industry-leading media ROI to margin-enhancing savings.
第二，我们正投资于构建能力与工具，以更高效、更有效地触达消费者、运营业务。这些投资已在业务中产生了直接影响——从行业领先的媒体投资回报率，到提升利润率的节约效果。
And finally, later today you'll get a chance to taste the many high-end new innovations we've launched across the portfolio. They're examples of our consumer-centric, focused and disciplined approach to innovation and new segments that are driving critical growth for Constellation and are built against our strategy to enter new segments, to win new consumers while always ensuring that our core continues to thrive.
最后，今天稍晚您将有机会品尝我们在整个产品组合中推出的众多高端创新产品。它们是我们以消费者为中心、聚焦且有纪律的创新策略和新细分市场打法的具体体现，正是这些创新正在为Constellation带来关键增长，并落实了我们不断进入新细分市场、吸引新消费者、同时持续巩固核心业务的战略。
I'm excited to talk to you during the Q&A. Thank you.
我期待在问答环节与您进一步交流。谢谢大家。
[Presentation]
Unknown Executive
Please welcome President, Beer Division, Jim Sabia.
请欢迎啤酒事业部总裁 Jim Sabia 上台。
James Sabia EVP & President of Beer Division
It's great to be here with you today to discuss our Beer business. As I've spoken to many of you over the years, we remain very confident in our ability to continue driving great results for our business. Today, I will share with you our growth drivers and imperatives that support our go-forward vision. In addition, Bill Renspie, our Chief Customer Officer; John Kester, SVP, Operations Services; and Tom McCorry, SVP, Beer Finance, will provide more details about our business.
今天很高兴能在这里与大家分享我们的啤酒业务。多年来，我与各位中的许多人都有过交流，我们依然非常有信心能够持续为这项业务带来出色成果。今天，我将向大家介绍支撑我们未来愿景的增长驱动因素与关键任务。同时，我们的首席客户官 Bill Renspie、运营服务高级副总裁 John Kester 以及啤酒财务高级副总裁 Tom McCorry 也将提供更多业务细节。
So let's begin. We've been speaking about the high end for many years and this narrative continues to get stronger year after year. Ten years ago when we acquired the full rights to these brands, only 33% of the industry revenue was in the high end. Today, over 60% of industry revenue is in this segment. During this time, while the low end has consistently declined, the high end has grown 11% on a compounding annual growth rate basis, has represented all of the growth in the entire industry. And our portfolio has accounted for a majority of that growth.
那我们开始吧。多年来，我们一直在讲述高端化的故事，而这一趋势年复一年愈发强劲。十年前，当我们获得这些品牌的完整权益时，整个行业中只有33%的收入来自高端市场。而如今，高端市场的收入占比已超过60%。在这段时间里，低端市场持续萎缩，而高端市场则以11%的年复合增长率快速扩张，占据了整个行业的全部增长，而我们的产品组合则贡献了其中的大部分增长。
More importantly, over the last 10 years, we've grown over 50% and have gone from a 7% share to over a 16% share. Within the high end, we've gone from a 21% share to over a 27% share. And through the first 9 months of this year, our trends continue to accelerate with 2.1 share points added to our industry share and 2.8 share points added to our high-end share, which is the largest gap we've ever had from our next closest competitor. And this strong growth is happening all over the country.
更重要的是，在过去十年中，我们的整体业务增长超过50%，市场份额从7%提升至16%以上；而在高端市场中，我们的份额从21%提升至27%以上。今年前九个月，我们的增长趋势持续加速，整体市场份额提升了2.1个百分点，高端市场份额则增长了2.8个百分点，这是我们与第二大竞争对手之间有史以来最大的领先差距。而且，这种强劲增长正在全国范围内广泛展开。
Let's take a look at this slide. Corona Extra and Modelo Especial are achieving strong growth and are leading brands across many markets. For example, Corona is the #1 brand in Miami, Orlando and New York City and the #2 brand in San Francisco and the #3 brand in 6 additional markets.
让我们来看这张幻灯片。Corona Extra 和 Modelo Especial 正在实现强劲增长，并在多个市场中成为领先品牌。例如，Corona 是迈阿密、奥兰多和纽约市的第一品牌，是旧金山第二大品牌，同时在其他六个市场中排名第三。
And 10 years ago, Modelo Especial was not even a top 10 brand and now it's the #1 brand in 13 major markets and is bigger than Bud Light, Miller Lite, Coors Light and Budweiser in LAs combined. In several DMAs, we have the #1 and #2 brands with Modelo and Corona. And in some markets like San Francisco, we have 3 of the top 4 brands with Pacifico coming in at #4 and growing.
十年前，Modelo Especial 连前十品牌都排不上名次，而现在它已成为13个主要市场的第一品牌，并且在洛杉矶地区，其规模已经超过 Bud Light、Miller Lite、Coors Light 和 Budweiser 的总和。在多个DMA（指定市场区域）中，我们通过 Modelo 和 Corona 占据了第一和第二的位置。在旧金山等市场，我们甚至拥有排名前四中的三个品牌，Pacifico 目前位居第四，并在持续增长。
And speaking of Modelo Especial, how about this? A high-end beer is now the #1 beer in dollars in the U.S. over the last 26 weeks. Modelo Especial is a $9 share of the total industry, which is 1.3 share points higher than our next competitor. In the last 4 weeks ending 10/1, we have increased our industry share to 9.4, 1.8 share points higher than our next competitor. And now it has a $14 share in the high end.
说到 Modelo Especial，有一个令人振奋的事实：在过去26周中，这款高端啤酒已成为全美销售额最高的啤酒品牌。Modelo Especial 在整个行业中占有9%的市场份额，比我们下一位竞争对手高出1.3个百分点。而在截至10月1日的过去4周中，我们的行业份额进一步上升至9.4%，领先对手1.8个百分点。如今，该品牌在高端市场的占比已达14%。
As the previous slide showed, Modelo Especial is a #1 or #2 in 17 of the 60 tracked markets across the country. So the important takeaway here is that there's still a lot of opportunity for this brand throughout the country.
正如前一页所示，在全国60个追踪市场中，Modelo Especial 在其中17个市场中位居第一或第二。因此，最关键的一点是：这一品牌在全国范围内仍有大量增长机会。
And speaking about opportunity, the country continues to premiumize. Currently, 19 states in the U.S. have a high-end share of over 60. And 11 states, shaded with the light blue, are rapidly moving to the high end and have added 3-plus share points over the last 2 years. But this clearly tells us where this industry is going.
谈到机会，全国范围内的高端化趋势仍在持续。目前，美国已有19个州的高端市场份额超过60%。另有11个州（浅蓝色区域）在过去两年中迅速向高端转移，份额提升了3个百分点以上。这一趋势清楚地展示了整个行业的发展方向。
Let's talk about our brands and their distinct role in this growing part of the industry. Over the years, we've told you about our fundamental growth drivers for our business. These drivers remain the same today.
接下来我们谈谈我们的品牌以及它们在这个不断扩大的高端市场中所扮演的独特角色。多年来，我们始终向大家传递推动业务增长的核心驱动因素——这些驱动因素至今依然未变。
Distribution. This is, by far, our #1 driver. The demand for our brands is at an all-time high, which allows us to gain incremental distribution and space in many retailers throughout the entire country.
渠道拓展。 这是迄今为止我们最重要的增长驱动因素。我们品牌的需求处于历史最高水平，使我们能够在全国范围内的众多零售商中赢得更多的上架空间和分销点。
The retailers are very aware of the velocity per point of distribution our brands generate and are allocating more space across our entire portfolio. Bill Renspie will unpack more details in his presentation that will outline why we are so confident in delivering our distribution goals for many years to come.
零售商们非常清楚我们品牌在每一个分销点上的销售速度，因此愿意为我们的整个产品组合分配更多的货架空间。Bill Renspie将在他的演讲中提供更多细节，解释我们为何对未来多年实现渠道目标充满信心。
Demographics, we continue to benefit from tailwinds from legal drink and age growth. Hispanic consumers are growing at a 2x rate of the general population and there's larger demand for all of our brands with a broader consumer base than ever before.
人口结构方面，我们持续受益于法定饮酒年龄人群增长所带来的顺风。西班牙裔消费者的增长速度是整体人口的两倍，所有品牌在更广泛的消费者基础中都迎来了更大的需求。
Innovation, we're focused on developing unique distinct liquids that will be line extensions for our current brands or new-to-the-world introductions.
创新方面，我们致力于开发独特差异化的饮品，既包括现有品牌的延伸，也包括前所未有的全新产品。
We are currently working on a number of initiatives that I'm very excited about, some of which you may taste today in Happy Hour and some of which we hear about in the near future. In addition, we'll focus on price pack architecture and provide new packages that provide the right product in the right channel, in the right format at the right price point. Whether that's 7-ounce bottles, 8-ounce cans or 12-ounce chelates, we will continue to be disciplined and thoughtful in our approach.
目前我们正推进多个让我非常兴奋的项目，其中一些产品您今天在Happy Hour上就能品尝到，还有一些将在不久后亮相。此外，我们还将聚焦价格与包装架构，推出在正确渠道、采用合适形式和合理定价的新品包装。无论是7盎司瓶装、8盎司罐装，还是12盎司的Chelada，我们都将以有纪律、深思熟虑的方式来执行。
As Bill Newlands shared, we plan to add at least 100 million cases over the next 5 years and the path to achieve these objectives are through the execution of our strategic growth imperatives, which are the following: we will drive growth with the core; we'll build focused approach to flavors and we accelerate growth in betterment.
正如 Bill Newlands 所说，我们计划在未来五年新增至少1亿箱销量，而实现这一目标的路径就是执行我们的三大战略增长重点：推动核心增长；打造聚焦风味的策略；加速健康提升领域的增长。
Let's discuss each of these imperatives in the role they will play in hitting 100 million cases over the next five years.
接下来我们逐一讲述这三大战略如何助力实现未来五年1亿箱的增长目标。
For Modelo Especial, we plan to grow mid- to high single digits through increasing distribution, household penetration and buy rates with our core Hispanic consumers of Mexican heritage and those Hispanic consumers in the east of other Latin origins; increased our aided and unaided awareness with the general market consumers through building on our powerful fighting spirit advertising, our #1 media share of voice and new sponsorships and new packages.
对于 Modelo Especial，我们计划通过扩大分销渠道、提高家庭渗透率和购买频率，实现中至高个位数增长，尤其在我们核心的墨西哥裔西班牙语消费者及美东其他拉美裔人群中。同时，通过强化“斗士精神”的广告主张、保持我们在媒体声音中的领先份额、引入新的赞助和包装形式，提升我们在大众市场中的品牌认知度（包括辅助记忆和自发记忆）。
For Corona, we plan to grow low single digits through maintaining our cultural relevancy with advertising [that resonates] with all consumers. Unlocking growth with cans and price pack architecture and continue to have a strong media presence and investments in sponsorships.
对于 Corona，我们将通过广告保持品牌文化的相关性、与所有消费者产生共鸣，实现低个位数增长。我们还将通过罐装产品和定价/包装结构释放增长潜力，并持续强化媒体投放和赞助投入。
And our strategy for Pacifico is to continue to build on the momentum in the West with increased media, sponsorships, new packages and increased its distribution in off and on premise in markets outside of California.
我们对 Pacifico 的策略是延续其在美国西部市场的增长势头，提升媒体和赞助投入、推出新包装，并扩大在加州以外市场的店内外渠道覆盖。
Our second imperative is to build focused approach with flavors. Younger consumers between the ages of 25 to 34 over-index both flavored beer and [AABs].
我们的第二个战略重点是打造聚焦风味的策略。25至34岁的年轻消费者在风味啤酒和[AABs，即即饮酒类替代品]的消费上表现尤为突出。
We have three brands currently participating in this space with Chelada being our workhorse. We approach this segment with a discipline. You won't see a cycling in and out of flavors and brands year-over-year that drives complexity and execution of risk. We want a tight portfolio of flavors that can contribute to the growth and unlock new occasions.
我们目前在这一领域有三大品牌参与，其中 Chelada 是我们的主力品牌。我们以纪律性十足的方式参与这一细分市场——不会每年轮换风味和品牌以增加复杂度和执行风险。我们希望打造一个紧凑的风味产品组合，既能推动增长，也能开启全新消费场景。
So we started the Chelada franchise 13 years ago with one SKU, a 24-ounce can. As the brand has grown, we have added more flavors to get a total of six 24-ounce cans. But however, the past two years, we have introduced Chelada in 12-ounce cans with Limon y Sal, Modelo Chelada and a variety pack. This is a great example of using price pack architecture to expand our consumer base and channels.
13年前我们以一款24盎司罐装产品启动了Chelada品牌。随着品牌的发展，我们陆续推出更多风味，目前共有6款24盎司罐装产品。然而，在过去两年里，我们引入了12盎司罐装Chelada，涵盖Limon y Sal、Modelo Chelada以及混合装。这正是通过价格与包装架构拓展消费人群与销售渠道的典范。
In addition, we're seeing great growth in our general market consumer, which represents 50% of the mix and our female consumer, which represents 49% of the mix. And our new flavor, Sandia, watermelon, that we introduced last year and [Fresa,] strawberry that we are introducing in FY '25 are flavors that have more appeal to all consumers, general market and Hispanic.
此外，我们在大众市场消费者中看到了显著增长，占比达到50%；女性消费者也表现亮眼，占比达49%。去年我们推出的新口味Sandia（西瓜）以及将在2025财年推出的新口味Fresa（草莓），更加吸引大众市场和西班牙裔消费者。
In addition, this past year, we tested Modelo Aguas Frescas in Las Vegas. This brand concept was inspired by the traditional jugs of Agua Frescas that are found in Mexico and Hispanic stores in Western U.S. Liquid contains nitrogen versus CO2, which provides a smoother mouthfeel, easy-to-drink benefit. I encourage you to try one at Happy Hour. This spring, we are expanding this brand across the country into the states that represent 80% of the Chelada business.
此外，过去一年我们在拉斯维加斯测试了Modelo Aguas Frescas。该品牌灵感源自墨西哥和美国西部西语社区商店中常见的传统果饮Aguas Frescas。它采用氮气而非二氧化碳注入，带来更顺滑、易饮的口感。我鼓励大家在Happy Hour时亲自品尝。今年春季，我们将这一品牌扩展到覆盖Chelada业务80%的州份，实现全国推广。
Our third imperative is to accelerate growth in betterment. We currently have four brands that play in a betterment space. Corona Light was first brought into the U.S. in the late 1980s. Our strategy on Corona Light is to focus on the eastern half of the country where the brand development index is high.
我们的第三大战略重点是加速“健康提升”品类的增长。目前我们在该领域拥有四个品牌。Corona Light 最早于1980年代末进入美国市场，我们的策略是在品牌发展指数较高的美国东部地区聚焦投入。
Corona Premier is our lead high-end light player, supported on a national level with resources behind it to build consumer demand. We need to continue to educate consumers up. This is a light beer with only 90 calories and 3 grams of carbohydrates. We have updated the packaging and next year will be a key year to accelerate its velocity.
Corona Premier 是我们在高端轻饮市场的主力品牌，获得了全国范围的资源支持来培育消费需求。我们还需持续加大消费者教育力度——这款轻饮啤酒每瓶仅含90卡路里和3克碳水。我们已经更新了其包装，明年将是加快其销售速度的关键时期。
Now this year, built off the equities of Especial, we introduced Modelo Oro nationally with two SKUs, a 12-pack can and a 24-ounce can. We're very pleased with its first year performance and its velocity for point of distribution. Among brands introduced nationally this year, Oro is the #1 new brand, and we plan on expanding with 18 packs and 24 pack cans nationally in calendar year 2024.
今年，我们借助Especial的品牌资产，在全国范围推出了Modelo Oro，包含两个SKU：12罐装和24盎司单罐装。其上市首年的表现和单位分销点的销售速度令我们非常满意。在今年全国推出的新品中，Oro是排名第一的新品牌。我们计划于2024年新增18罐装和24罐装SKU，实现更大范围的扩展。
We also introduced Corona [Non-alc] this fiscal year and its #1 share gain in the [non-alc] segment during Q2. Team has done a great job on developing a strong liquid, and we are excited about its future potential in this emerging [a spec] segment.
我们还在本财年推出了Corona无酒精产品，并在第二季度取得了无酒精品类中份额增长第一的成绩。我们的团队在打造优质口感方面做得非常出色，我们对该产品在这一新兴细分市场中的未来潜力感到非常兴奋。
In addition to our three growth imperatives, there are three areas that are essential for our business, and remain a critical focus in the future. Focus on disciplined portfolio, effective and enhanced marketing and optimizing our supply chain.
除了三大战略增长重点外，还有三个领域对我们的业务至关重要，并将持续成为未来工作的重点：聚焦有纪律的产品组合、实施高效且增强的营销策略、以及优化供应链。
First, we have the most focused and profitable portfolio in the industry. As you can see, we currently have five brand families and about 150 SKUs, which results in the $54 million per SKU, which is almost 5x better than our competitors.
首先，我们拥有业内最聚焦、最具盈利能力的产品组合。目前我们有五个品牌系列、约150个SKU，每个SKU带来的销售额高达5400万美元，是竞争对手的近5倍。
Our focus, prioritization and efficiency are a key factor in our success that our gold network distributors and retail partners truly appreciate. This also allows us to work closely with our distributors on a monthly basis of [one] business objectives against our most critical brands and SKUs month-over-month -- will speak to this with the Shopper-First Shelf strategy.
我们对焦点的坚持、对优先级的把控以及高效执行力，是成功的关键因素，也深受我们金牌分销商网络和零售合作伙伴的认可。这也使我们能每月与分销商密切协作，就最关键品牌与SKU制定统一的业务目标——稍后我会在介绍“以消费者为先的货架策略”时详细说明这一点。
As I mentioned earlier, price pack architecture. We will continue to be disciplined with SKU extensions, thoughtfully introducing new SKUs, driving distribution on existing ones and achieving new price points that drive incremental volume. Due to the strength of our brands, we don't and we won't introduce a whole bunch of new brands and packages just to hit an annual number.
正如我之前提到的，关于价格与包装架构，我们将继续对SKU扩展保持纪律性，审慎推出新SKU，推动现有SKU的渠道拓展，并实现能够带来额外销量的新价格点。鉴于我们品牌的强大实力，我们不会、也绝不会为了完成年度数字目标而盲目推出一堆新品牌和新包装。
Our marketing investment strategy over the years has been based on our marketing mix modeling. This model allows us to make the most efficient and effective investments by brand to understand the ROI and the marginal ROI on every dollar we spend. Within marketing, we will continue building on these models with an enhanced emphasis on digital media optimization that leverages data and technology to be smarter, faster and reach the right consumer at the right time with the right message.
多年来，我们的营销投资策略一直基于营销组合建模。这一模型帮助我们按品牌做出最具效率和效果的投资决策，清晰了解每一美元的投资回报及边际回报。在营销领域，我们将继续以此为基础，进一步强化数字媒体优化，借助数据与技术更智能、更迅速地触达正确的消费者，并传递恰当的信息。
We will bring continuous improvement approach to the already strong foundation we have built across our marketing efforts, continuing to invest in what we know work today while also future-proofing through new and innovative media channels, platforms and tactics. And for example, we recently transitioned to a new media agency, which will also enhance the efficiency and effectiveness across all of our media purchases.
我们将在既有的坚实营销基础上持续改进，继续投入于当前已被验证有效的做法，同时通过新的创新媒体渠道、平台与策略为未来做好准备。例如，我们最近更换了媒体代理公司，这将进一步提升我们在所有媒体采购上的效率与效果。
Some of these efficiencies and digital investments will allow us to take our previous marketing spend of 9% to 10% of net sales and effectively target 9% by optimizing our process, increasing spending on the right brands and increasing our return on investment. And everything we're doing across market we are adapting to the change in consumer and marketplace dynamics, embracing new methodologies to fuel growth and strengthening our performance and capabilities.
这些效率提升和数字化投资将使我们得以将原本占净销售额9%到10%的营销支出，优化至精确锁定9%，通过优化流程、聚焦正确品牌投入，实现更高投资回报率。我们所做的一切，都是为了顺应消费者和市场动态的变化，拥抱新方法，推动增长，提升业绩和能力。
Before I bring up the next set of leaders, I want to underscore a few key points that I hope stand out as you leave here today and think about our future business. We have been growing depletions for 54 straight quarters, 13.5 years of growth quarter after quarter. Yes, we know that, that was in the past and today is about the next 5 years and beyond. But however, due to our analytical approach to our business, we understand what drives our business and what drags our business.
在请下一组领导人上台之前，我想强调几个关键点，希望各位离开今天的会议时能牢记在心，并对我们未来的业务保持信心。我们已连续54个季度实现销量出货增长，也就是连续13年半的持续增长。是的，我们知道这属于过去，而现在更重要的是展望未来五年及更长远。但我们之所以能持续增长，正是因为我们采用分析驱动的方式经营业务，深刻理解哪些因素推动增长，哪些因素可能拖累发展。
We understand the volume that is generated by new points of distribution by package by region. We understand our pricing elasticities. We understand the focus and discipline as required from a financial and operational perspective to optimize our business. We understand the power of our advertising message and media spend in the volume these activities generate. And we understand the importance of providing our distributors and retailers healthy, powerful brands that drive their profitability.
我们知道新渠道点、不同包装与区域所带来的销量增量；我们了解我们的价格弹性；我们明白从财务和运营角度保持聚焦与纪律对优化业务的重要性；我们理解广告信息与媒体投放所带来的销售力量；我们也知道，向分销商和零售商提供强劲健康的品牌，是帮助他们实现盈利的关键。
So now I'd like to introduce you to our leaders across sales, operations and finance to take you through our next Sections. Bill Renspie is our Chief Customer Officer. Bill has been a strategic sales leader at CBI over the last 20-plus years. John Kester, our Senior Vice President of Operations Services, has been with us almost 10 years. He's a long time operations veteran in the beer business. And Tom McCorry, our Senior Vice President of Finance, who has also been with CBI for 20 years across beers, wine and spirits.
接下来，我将介绍我们销售、运营和财务部门的几位领导，由他们为大家讲解接下来的内容。Bill Renspie 是我们的首席客户官，过去20多年一直是CBI的战略销售领导者；John Kester 是我们运营服务高级副总裁，已在公司工作近10年，是啤酒行业资深的运营专家；Tom McCorry 是我们的财务高级副总裁，在CBI服务超过20年，涵盖啤酒、葡萄酒和烈酒业务。
I'll see you all later during Q&A. Thank you.
稍后问答环节见。谢谢大家。
[Presentation]
Operator
Please welcome Chief Customer Officer, Beer Division, Bill Renspie.
请欢迎啤酒事业部首席客户官 Bill Renspie 上台。
Bill Renspie – Former Chief Customer Officer of Beer Division
Thank you. Good afternoon, and thanks for being here. What a great lead in—what you just saw is just some small snippets of our distributors. We had our big distributor sales meeting not too long ago. We asked them in their own words what they thought about our portfolio. And what you heard there and what you would see if you sat through all of them was a consistent message: accelerating growth and accelerating momentum.
谢谢大家，下午好，感谢你们的到来。刚才展示的只是我们一些分销商反馈的片段。就在不久前，我们召开了大型分销商销售会议，并请他们用自己的语言谈谈对我们产品组合的看法。你们刚才听到的，以及如果看完整视频会看到的，传递的都是一个一致的信息：增长加速，势头强劲。
We have the best portfolio in the industry. A healthy growing core, which is very unique and proven consumer-led innovation. And what you're seeing there is an increased share of mind and heart, okay? That's the distributors that are behind our brands. And why that's important to you and what you should take away—that means significantly more investment in focus and resources against our portfolio, which translates into growth.
我们拥有业内最出色的产品组合，核心业务稳健增长，同时具备真正独特、经过验证的消费者驱动型创新。你所看到的，是我们品牌在分销商心智和情感占比上的提升。这背后代表着什么？意味着分销商会在我们的产品组合上投入更多关注和资源，而这将直接转化为增长。
Now we're seeing record levels of merchandising support and we'll cover our increasing space and distribution gains in a moment. And the remainder of this year, we'll benefit from increased space and distribution and merchandising. This spring, we'll see some of the most influential retailers really, really lean into our business. I can't talk about it now because they haven't communicated to their organizations. But Modelo Especial will be one of the biggest beneficiaries of that.
目前，我们在陈列支持方面创下历史新高，不久后我们也会讲到空间和渠道方面的增长情况。在今年剩下的时间里，我们将持续受益于更多的货架空间、渠道拓展和陈列推广支持。今年春季，一些最具影响力的零售商将大力支持我们的业务。现在还不能透露太多，因为他们尚未对外公布，但可以肯定的是，Modelo Especial 将是最大的受益者之一。
Now if you look at what's happening recently in the beer industry, it's not very healthy. This is our message out and direction to our distributors, but it's also the message that we're getting back from retailers. When you see, there's only growth coming from two areas. Mainly imports, which is up about two share, and a little bit FMBs, which is kind of balanced out with the decline in seltzer, and these areas really need more space and distribution. And really, it's imports, which has gained over two share and we're going to be the most and the biggest beneficiary of that growth.
看看当下啤酒行业的整体情况，并不算乐观。这是我们传递给分销商的核心信息，也是我们从零售商那里得到的反馈。现在，行业中的增长主要只来自两个领域：其一是进口啤酒，市场份额增长约2个百分点；其二是调味麦芽酒（FMBs），但FMBs的增长基本被苏打酒（seltzer）的下滑所抵消。换句话说，真正的增长动力来自进口啤酒，而我们将成为这波增长中最主要、最直接的受益者。
Now I want to talk a little bit about [domestic lights] because right now, there's tons and tons of chatter about that—every day, somebody is writing something or saying something. The main thing is that domestic light and really the low end in general is shrinking. Consumers continue to trade up. We're seeing that accelerate. So in fact, when you look at the big three domestic lights and you put them all together, they're down. They're down almost 2% in dollars and down 6% in volume. Even when you add in the top Yuengling brand and the top [Paps] brand, it's still down. So that shows you that the consumer is not moving back into that—they're moving away.
现在我想谈谈“国产淡啤”（domestic lights），因为现在几乎每天都有关于这个细分市场的各种讨论和报道。最核心的一点是：国产淡啤，乃至整个低端市场，正在萎缩。消费者在持续“向上交易”（trade up），而且这种趋势还在加速。实际上，三大国产淡啤品牌加在一起，销售额下降了将近2%，销量下降了6%。即便你再加上Yuengling和Pabst这些畅销品牌，整体依然下滑。这清楚地表明，消费者并没有回流这个细分市场，而是在持续流出。
Now I was told that I can't reference the rearranging the deck chairs, so I'll say this. The consumers are moving into the high end even more so every year, and we're poised to be the beneficiary of that growth.
我被告知不能用“重新排列甲板椅”这个比喻（笑），但我要说的是：消费者每年都在加速转向高端市场，而我们正处于能最大程度受益于这一趋势的位置。
Now we've been consistently gaining significant share, and those share gains are accelerating. Our 28-week average, we're almost at [two], we've gained [1.91] over the last 28 weeks. And to put that into reference, if you annualize that out just in [indiscernible], it's over $870 million. If you look at most recently, the last two months, we've been averaging over [2.]. It's actually [2.34] share gain. When you annualize that out, it's over $1 billion. That shows you the potential in the magnitude of our growth.
我们在持续显著提升市场份额，且增长速度正在加快。在过去28周内，我们的平均份额增长接近2个百分点（1.91）。如果将这一增长年化计算，仅以此为基础，年增量就相当于8.7亿美元。再看看最近两个月，我们的平均份额增长超过2个百分点，实际为2.34。按年化计算，相当于超过10亿美元的增长。这说明了我们增长潜力的规模和力度。
Now as Jim talked about our top sales initiatives are focused on space and distribution. And what's important here is we have a proven approach utilizing advanced analytics and advanced modeling. It's all centered around precise targets and exact execution. And the results of our approach has led to consistent and great plan attainment, you see here over the last three years where I almost had 102% of plant attainment. And this will continue to be one of the main drivers of our growth.
正如 Jim 所提到的，我们当前的首要销售举措聚焦在货架空间和渠道分布上。关键在于，我们有一套经过验证的方法，运用了先进的分析技术和建模工具，所有行动都围绕精准的目标设定与精确执行展开。这一方法在过去三年中帮助我们持续并高质量地完成了计划，计划达成率接近 102%。这将继续成为我们未来增长的主要驱动因素之一。
When it comes to goal setting, we set aggressive goals based on the dynamics of each individual market. Now in more developed markets where we have less distribution opportunities, but still significant runway, our focus is on increasing space, specifically adequate days on hand to make sure the growing brands and SKUs, predominantly our brands and SKUs are always in stock so that everybody in the chain can maximize sales.
在制定目标时，我们会根据各个市场的动态设定有挑战性的目标。在较为成熟的市场中，尽管渠道拓展空间有限，但仍存在广阔增长潜力，我们的重点是提升货架空间，特别是确保“现货天数”充足，确保那些高增长品牌和SKU，尤其是我们的品牌和SKU，始终保持在库状态，以便供应链上的每个环节都能实现最大销售潜力。
This is our key message and direction to our partners and it's to grow our space ahead of our volume trends. Now in less developed areas, our continued distribution gains is our main focus and continues to be the main driver of our growth. You heard about Shopper-First Shelf while Shopper for Shelf is our proven approach to growing the category by optimizing shelf flow, space and assortment based on how the consumer shops for beer. Now this has proven to deliver a sales lift, not only for our portfolio, but for the category as a whole. And this becomes more important and more relied on as we experience a rapid increase in the introduction of new brands and SKUs.
我们向合作伙伴传达的核心信息和指导方向是：在销售量增长之前优先扩大货架空间。而在发展程度较低的市场，我们持续争取渠道拓展，这是我们增长的核心动力之一。你们也听说过我们“以消费者为先的货架（Shopper-First Shelf）”策略，这是一种已被验证有效的方法，依据消费者购买啤酒的方式来优化货架流动、陈列空间和产品组合。这不仅为我们的产品组合带来销售增长，也带动了整个品类的提升。在新品品牌和SKU迅速涌入的今天，这一策略的重要性愈发凸显，依赖程度也日益加深。
Now our goal of high-end leadership has naturally broadened into category leadership. We are gaining more and more influence and category partnerships with key retailers across the country. Over the past five years, we've made significant gains securing formal category captain roles in over half of the top 25 retailers. And we have significant and increasing influence in the other half. This past spring, we increased our space over 13%, but we're also very influential and may be more influential with key independent and specifically within key independent Hispanic accounts.
我们从“高端品类领导者”的目标，自然而然地扩展到了“品类领导者”的地位。我们在全美与主要零售商建立了越来越多的影响力和品类合作关系。在过去五年中，我们在美国排名前25的大型零售商中，成功获得了超过一半的正式品类管理角色（Category Captain），并在另一半中也拥有不断增长的影响力。今年春季，我们的货架空间提升了13%以上，我们在关键独立渠道，尤其是面向拉美裔消费群体的独立渠道中的影响力也非常强，甚至可能更强。
Our last fiscal year was our most productive year when it comes to space gains. On average, we grew our share of the [ Coor ] over two share points. We hit a high watermark surpassing over 17,000 total Shopper-First Shelf sets. And I'm really happy to say we're well on our way to exceeding last year's impact this year. On average, we've grown our share of the Coor over three share points this year, and we'll finish the year with over 21,000 total Shopper-First shelf sets.
上一财年是我们在货架空间增长方面最具成果的一年。我们在 [Coor]（注：应为Coors或其他竞品，原文模糊）上的平均市场份额增长超过2个百分点。我们的“Shopper-First Shelf”货架总数首次突破17,000个，创下新高。今年，我们也有望超越去年所取得的影响力。目前，我们在该竞品上的市场份额平均已增长超过3个百分点，全年预计将实现超过21,000个“Shopper-First Shelf”货架设定。
Now a lot of interest in what's happening this fall and this spring. While we saw that this past fall, accounts that represent about 20% of our business are executing full resets, which is kind of off the normal schedule. And accounts that represent about 60% of our business did plug-and-play significant changes, but more plug-and-play. These are underway right now, we expect most of them to be completed by the end of the fourth quarter. And here's what's important. We, Constellation Brands will be the major beneficiary of the incremental space. It will be ahead of our growth in the 8% to 10% range and net-net, we will gain the most incremental points of distribution, [ more or not ].
接下来很多人都关心今年秋季和明年春季的动态。我们观察到，在刚过去的秋季，约占我们业务20%的门店正在进行全面的货架重设（reset），尽管这不在以往的常规节奏内；而另有约60%的门店则采用了“即插即用式”（plug-and-play）的重大调整。这些变动正在进行中，预计大部分将在第四季度末完成。关键在于：Constellation Brands 将成为这些新增货架空间的主要受益者。我们的空间增长将领先于销售增长，增幅预计在8%到10%之间，最终我们将在渠道网点数量上获得最多的新增分布点，不论从哪个角度看都是净利好的。
Now I'll give you a little color on that. In one of the large grocery chains, where we have access to the total shelf data because we're partners with them, we increased our space over 25%. And we gained over 6,000 incremental points of distribution. And to put that in reference, the next top five suppliers combined netted out a loss of over 9,000 placements. So you can see we're gaining space and net-net, we're gaining the most distribution.
让我为你们补充一些具体情况。在一家大型连锁超市中，我们作为其合作伙伴，拥有完整货架数据的访问权限。在这家超市里，我们的货架空间增长超过了25%，并新增了超过6,000个分销点。相比之下，排在我们之后的前五大供应商加在一起，净流失的货架位置超过了9,000个。由此可见，我们正在持续扩大货架空间，并且净净地说，我们在分销点方面也是增长最多的。
Now this spring, we expect the vast majority of our business to execute full resets. And again, we expect to be the major beneficiary of the incremental space in that 10% to 15% increase range, which will be in line or ahead of our growth. And net-net, we will be the biggest gainer of incremental points of distribution.
接下来这个春季，我们预计大多数渠道会进行全面的货架重设（reset）。我们再次预期，在这10%至15%的新增货架空间中，我们将是主要受益方，这一增幅与我们的增长步伐相当，甚至更快。从净增长的角度看，我们也将是新增分销点的最大获益者。
Now our distribution runway. It's determined on the account base, our market development, our current distribution levels and our velocity. It's a little bit art and science. You don't want to move too fast because it becomes inefficient and revolving door SKUs. You don't want to move too slow, you leave sales on the table and it's ineffective. We think, and we've proven we found the sweet spot.
至于我们的渠道拓展空间，是由我们的客户基础、市场发展程度、当前分销水平和销售动销速度共同决定的。这其中既有“科学”，也有“艺术”。动作太快，会导致效率低下，SKU频繁轮换；动作太慢，则会错失销售机会，效果不佳。我们认为，并且已经验证，我们找到了那个“黄金平衡点”。
Now our 5-year outlook. We're targeting over 500,000 new points of distribution, and that's just our proven core today, the proven high-velocity items. When you add in our line extensions, the innovation we have already announced and the innovation of the pipeline, it will be significantly bigger than that.
接下来的五年展望中，我们的目标是新增超过50万个分销点，而且这仅仅是我们目前已验证的核心产品和高动销品项的计划目标。如果再加上我们已发布的产品延伸、创新项目以及未来产品管线中的新品，总体规模将远远超过这个数字。
Now we have growth opportunities across all markets, but the areas with the strong velocities and the significant distribution upside will be our largest areas of growth and focus. Texas, the mid-South and the Southeast will represent about 1/3 of our distribution growth. And of our total growth, just under half the total will come from Modelo Especial, which shows you the huge opportunity and upside for what is now the #1 beer in the U.S. And for those of you wondering about Chelada and Pacifico, Chelada will make up about 25% of our distribution gains and Pacifico about 15%.
我们在所有市场中都存在增长机会，但那些销售速度快、分销潜力大的市场将成为我们最重要的增长和关注区域。德州、中南部和东南部将占我们渠道增长的大约三分之一。而在整体增长中，Modelo Especial将贡献近一半的增长，这也展示了这款如今已是全美销量第一的啤酒的巨大潜力和空间。至于Chelada和Pacifico，Chelada将贡献约25%的分销增长，Pacifico约占15%。
So in closing, consumer change will continue and most likely accelerate. Constellation and our portfolio is best positioned in the industry hands down. We have a healthy growing core. We have proven consumer-led innovation, a deep pipeline of brands and ideas that are always moving forward with the consumer. We continue to have the best advertising and programming, again, always moving with where the consumer is going.
最后总结一下，消费者的变化将持续发生，并很可能加速。而Constellation和我们的品牌组合无疑在整个行业中处于最佳位置。我们拥有健康、不断增长的核心产品线；拥有经验证的、以消费者为导向的创新；有着不断前进、紧跟消费者脚步的丰富品牌和创意储备；我们依然拥有最优质的广告投放和营销活动，始终跟随消费者的方向前进。
We have the most aggressive aligned plans and goals. We have a proven approach to expanding space and distribution. We have the gold network. They're more focused on the Constellation portfolio than ever before, and that means a lot. Make no mistake, the Constellation portfolio is the engine for sustainable, profitable growth in the industry, growth today and growth well into the future.
我们有最具进取精神的统一规划与目标；我们拥有经过验证的货架空间和渠道拓展方法；我们拥有金牌分销网络，他们对Constellation品牌组合的关注度前所未有地高，这意义重大。毫无疑问，Constellation的品牌组合就是行业中实现可持续盈利增长的引擎，无论是现在还是未来，都是推动增长的核心力量。
Thank you.
谢谢大家。
[Presentation]
Operator
Please welcome Senior Vice President, Operations Services, John Kester.
John Kester SVP & Chief Supply Chain Officer
Good afternoon, everyone. For everyone who's followed us over the last 10 years, that video in this slide will look very familiar. From the early days of one brewery making half of our own beer through one furnace glass plant, they're not purchasing any of our own materials. We've come a long way in our shift from importer to brewer. And with the purchase of Obregon, we enabled an end-to-end supply chain capable of planning, sourcing, making and shipping all of our own beer. And while we continue to add capacity to support our continued growth, we also continue to develop capabilities in other areas of our supply chain.
大家下午好。对于过去十年一直关注我们的人来说，这张幻灯片中的视频会非常熟悉。从最初只有一家啤酒厂生产我们一半啤酒的日子，到一家玻璃厂的一个炉子开始生产玻璃瓶，再到我们当时并未采购任何自有材料。我们已经在从进口商向酿造商的转型道路上走了很远。通过收购Obregon，我们实现了端到端的供应链，能够自主规划、采购、生产并发运所有自有品牌啤酒。虽然我们仍在不断扩充产能以支撑持续增长，但我们也在供应链的其他方面不断提升能力。
With that said, we're entering the next phase of our transformation. The transformation from builder to operator, meaning that we're looking for ways to increase efficiency across our supply chain. We're investing in areas beyond hard assets. And to those points, Tom will share the financial implications as we monetize the benefits of tuning our supply chain.
话虽如此，我们正步入转型的下一个阶段：从“建设者”向“运营者”转变。这意味着我们正在寻找提升整个供应链效率的新方式。我们正在投资于“硬资产”之外的领域。关于这部分的财务影响，Tom 稍后会讲述我们如何通过优化供应链来实现效益变现。
From an expansion standpoint, you heard Jim and Bill talk about how gains in areas like space and distribution will drive our future growth and the need for incremental capacity. And while some of these numbers are new, you will see the benefits of our previously discussed 3 million hectoliters of productivity initiatives unlocked in the last year.
从扩张的角度看，大家听到 Jim 和 Bill 提到，在货架空间和分销等领域的增长将驱动我们的未来增长，同时也意味着对新增产能的需求。虽然有些数据是新的，但我们在去年已经实现的300万公升的产能提升举措，其成果已经开始体现出来。
Specifically, we've adjusted our capacity plans through FY '28 from the prior expectation of 25 million to 30 million hectoliters to the current expectation through FY '28 of 22 million hectoliters. Our new plan delivers in FY '24 and '25, 10 million hectoliters of incremental capacity with half of it Obregon and the other half in the Nava ABA facility specifically optimized to support Chelada growth. In FY '26 and '27, have 6 million hectoliters of incremental capacity with half of it coming from the [ Newbury ] and Veracruz and the other half due to continued enhancements in our other breweries. And then in FY '28, another incremental 6 million hectoliters with a similar approach to FY '26 and '27.
具体来说，我们将截至2028财年的产能规划从之前预计的2,500万至3,000万公升，调整为目前的2,200万公升。根据新计划，2024和2025财年将新增1,000万公升产能，其中一半来自Obregon，另一半来自Nava ABA工厂，后者专门优化以支持Chelada产品线的增长。2026和2027财年将新增600万公升产能，其中一半来自[Newbury]和Veracruz工厂，另一半来自其他啤酒厂持续优化的结果。2028财年再新增600万公升，方式与2026和2027财年相似。
So broadly, beyond FY '24, we expect at least half of our capacity increases that come from our new brewery at Veracruz, and we're gauging the most efficient and economical way to utilize that facility to provide the best network solution. The result will be a typical annual utilization rate of 75% with peak at about 85%, which is well within industry norms. So again, to be clear, the adjustment in our expansion plans as a result of the incremental capacity already delivered through productivity gains as well as the work underway to deliver more.
总体而言，从2024财年起，我们预计新增产能中至少有一半将来自我们在Veracruz的新啤酒厂。我们正在评估最有效、最经济的方式来利用这座工厂，从而提供最佳的产能网络解决方案。最终结果将是年平均产能利用率为75%，高峰期约为85%，这一水平完全符合行业标准。再次重申，我们调整扩张计划的原因，是因为已有的产能提升措施已经带来了新增产能，未来还有更多潜力正在释放。
So shifting gears a bit. You heard Mallika talk about our investment in digital tools and the supply chain has been an early adopter to advance our capabilities. And we're really excited about the work, and we expect to pay back the investment in just three years. But what's even more exciting are the future unlocks that these tools can deliver beyond the base business case.
稍微转换一下话题。大家也听到了Mallika提到我们在数字化工具方面的投资，而供应链是最早采用这些工具来提升能力的部门之一。我们对这项工作感到非常兴奋，预计只需三年就能收回投资。而更令人期待的是，这些工具在基本业务场景之外，未来还将带来更多潜在价值的释放。
The Digital Tools business case is driven by the foundation of sending improved planning signals throughout the end-to-end supply chain. But once up and running, we expect other unlocks such as inventory reductions, both cycle stock and safety stock. Improvement in on-time and in-full shipments so that we improve out of stocks, both at the distributor level and also on retail shelves. And lastly, value creation from a supplier standpoint by optimizing their utilization and inventory levels.
数字工具的商业案例是基于在整个端到端供应链中传递更优的计划信号这一基础之上建立的。但一旦投入运行，我们预计将实现其他价值释放，例如减少库存（包括循环库存和安全库存），提升准时完整交付（OTIF）能力，从而减少分销商层面和零售货架上的断货情况。最后，从供应商的角度来看，通过优化其利用率和库存水平实现价值创造。
As I previously mentioned, our transformation has shifted from builder to operator. And on this slide, you'll see some important areas of that transformation and how value will be created. First of all, from a procurement standpoint, this is the first area that we implemented Digital Tools and Advanced Analytics. And the benefit is we've delivered roughly $60 million worth of savings over the last year. But I think what's more important is the fact that we can run the same playbook up against about $1 billion worth of addressable spend over the next three years.
如我之前提到的，我们的转型已从“建设者”转向“运营者”。这张幻灯片展示了转型中的几个重要领域以及我们如何创造价值。首先是采购方面，这是我们最早部署数字工具和高级分析的领域。过去一年，我们实现了约6,000万美元的成本节约。但更重要的是，在未来三年内，我们可以将这一成功经验复制应用到约10亿美元的可控支出中。
From the logistics and distribution standpoint, beyond implementing innovative truckload and warehouse strategies, this is the second area that we're implementing digital tools. The results not only driving value, but also improving our service levels to our distributors.
在物流和分销方面，除了实施创新的整车运输和仓储策略之外，这也是我们第二个部署数字工具的领域。相关成果不仅推动了价值创造，还提升了我们对分销商的服务水平。
From a planning standpoint, our proof of concept of the tool suggests a forecast accuracy improvement of 15% to 20% at a distributor SKU level. And the earlier turns across both planning and also logistics delivered a $0.02 per case benefit and just this year alone across our network. But most important are the cross-functional projects. These are high-value projects that span the end-to-end supply chain. A couple of examples would be double stacking pallets on railcars for shipments to the United States. And enabling that by converting wood pallets to plastic pallets so that we can minimize and reduce damage.
在计划方面，我们的工具概念验证表明，在分销商SKU级别上，预测准确率提高了15%至20%。同时，今年仅通过更早的计划和物流周转，在整个网络中就实现了每箱节省2美分的成效。但最关键的是那些跨职能项目，这些是横跨整个供应链、具有高价值的项目。例如，通过在铁路运输中实现托盘双层堆叠来向美国发货；为此我们正在将木质托盘转换为塑料托盘，从而最大限度地减少损坏。
And then finally, retiring our 50-foot railcar fleet and replacing it with a 60-foot high cube feet -- fleet, excuse me, which is no small task, given the fact that we used 75,000 railcars in a year, which makes us the largest box car user in the western half of the United States.
最后，我们正在淘汰50英尺铁路车厢车队，转而采用60英尺高立方车厢车队（请原谅我刚才的口误）。这并非一项简单的任务，因为我们每年使用约75,000节铁路货车，这使我们成为美国西部最大的厢式货车使用者。
So in closing, this slide represents the future of our supply chain. And while I would say things like quality and sustainability and resiliency are important, they're table stakes for world-class supply chain. Our ongoing transformation is squarely aligned to supporting consumer demand through operations and expansion, while unlocking through savings through an ambitious cost savings agenda to fuel growth. At the center is our growth target, enabled by a highly capable team equipped with digital tools. And at the end of the day, our mandate is clear, right beer, right place, right time at the right cost.
最后，这张幻灯片展示了我们供应链的未来。毫无疑问，质量、可持续性和弹性是重要的，但它们是世界一流供应链的基本要求。我们目前的转型完全围绕通过运营和扩张满足消费者需求，同时通过一项雄心勃勃的成本节约计划释放潜力来支持增长。其核心是我们的增长目标，由一支配备数字工具、能力强大的团队来实现。归根结底，我们的使命很明确：在正确的时间、正确的地点，以正确的成本提供正确的啤酒。
Thank you. And now I'd like to bring up Tom McCorry.
谢谢大家。现在请允许我邀请 Tom McCorry 上台。
Tom McCorry Former Senior VP of Finance of Beer Division
Thank you, John. Good afternoon, everyone. It's my pleasure to be here today to translate the strategies that Jim and Bill and John laid out for you today into our medium-term financial outlook for our business, which covers the period from FY '24 to FY '26.
谢谢你，John。大家下午好。很高兴今天在这里为大家将 Jim、Bill 和 John 刚才介绍的战略转化为我们业务在 2024 财年至 2026 财年期间的中期财务展望。
Now as you heard from each one of them, our business is strong. And as we prepare ourselves for the next phase of growth, we're confident really in our ability to -- in the strength of our brands and our ability to consistently deliver net sales in the 7% to 9% range over the medium term. In our ability to deliver sustainable operating margins at an average of 39% or better over the medium term with meaningful progress on margin expansion in the coming year and in our ability to generate free cash flow conversion at a consistent or better rate than we have historically.
正如各位刚刚所听到的，我们的业务表现强劲。我们正为下一阶段的增长做准备，并且对我们的品牌实力以及在中期内持续实现 7% 至 9% 净销售额增长的能力充满信心。我们同样有信心在中期维持平均 39% 或更高的可持续营业利润率，并在来年实现实质性的利润率提升，同时保持或超过历史水平的自由现金流转换率。
Now if we start with net sales. Our growth algorithm has not changed. We expect to deliver the 7% to 9% net sales growth, primarily driven by sustainable volume increases from continued growth in our core brands, propelled mainly by distribution gains on Modelo Especial and Pacifico as well as velocity gains across the portfolio. We expect these distribution gains and the velocities associated with those gains to represent about 40% to 50% of our growth with innovation and demographics, representing the balance.
首先来看净销售额。我们的增长逻辑没有改变。我们预计将实现 7% 至 9% 的净销售增长，主要由核心品牌的持续增长带动的可持续销量增长所驱动，尤其是 Modelo Especial 和 Pacifico 的分销拓展以及整个品牌组合的动销提升。我们预计这些分销扩张及其带来的动销提升将贡献大约 40% 至 50% 的增长，其余增长将来自创新和人口结构变化。
Our pricing algorithm remains the same as well. We expect to realize pricing benefits of 1% to 2% per year, which is reflected in our net sales range. And just to remind everybody, we analyze pricing opportunities at the brand, market and SKU level, so not every SKU and every market will see a price increase. But on average, we expect to realize pricing benefits of 1% to 2% per year.
我们的定价策略也保持不变。我们预计每年将实现 1% 至 2% 的定价收益，这也体现在我们的净销售增长区间中。需要提醒大家的是，我们在品牌、市场和 SKU 层面上对定价机会进行分析，因此并非所有 SKU 和市场都会涨价。但平均而言，我们预计每年实现 1% 至 2% 的定价收益。
Now these pricing decisions that we make are aligned with our deep understanding of our brand elasticities as well as the economic circumstances of different consumers across the U.S. And to that point, in FY '22 and in FY '23, we were able to realize price increases outside of our normal targets because of broader inflationary environment across all of consumer goods, including the beer category. That supported that outsized uplift. However, we're seeing right now a more normalized return -- or sorry, a return to more normalized elasticities, which really supports our 1% to 2% annual targets.
我们的定价决策是基于我们对品牌价格弹性和美国不同消费者经济状况的深刻理解。例如在 2022 和 2023 财年，由于包括啤酒在内的整体消费品通胀环境较为严重，我们能够实现高于正常目标的价格提升，这支持了当时的超额增长。但现在我们正看到价格弹性恢复至更为正常的水平，这进一步支持我们每年 1% 至 2% 的目标设定。
If I turn to margins. Historically, we've been able to sustain our best-in-class operating profit margins based on a simple algorithm where the benefits of pricing, volume growth and resulting fixed cost absorption benefits along with cost savings and efficiency initiatives would generally offset low single-digit cost inflation with marketing and SG&A as a percentage of sales remaining in specific ranges to support our growth.
再来说利润率。一直以来，我们都能维持业内领先的营业利润率，基于一个简单的公式：定价收益、销量增长带来的固定成本分摊效益，再加上成本节约与效率提升举措，通常能够抵消低单位数的成本通胀，同时销售、一般及行政费用（SG&A）占销售额的比例也维持在一定范围内，从而支撑我们的增长。
Now you all know that we faced outsized inflation in FY '23 and FY '24. That's two years of double-digit inflation on material costs, which has had a significant impact on our margins despite record price realization and robust cost savings delivery. In addition, more recently, we've been building capacity to support the growth of our business as well as provide a little bit more redundancy and flexibility across the network, that incremental depreciation is also having an impact on our operating margins.
大家都知道，在 2023 和 2024 财年，我们经历了超预期的通胀压力，连续两年原材料成本出现两位数增长。尽管我们实现了创纪录的价格收益，并取得了强劲的成本节约效果，但这些通胀仍对我们的利润率产生了重大影响。此外，最近我们也在扩充产能，以支持业务增长并提高网络的冗余性和灵活性，由此产生的新增折旧同样对营业利润率带来压力。
Now as you can see in the chart, there's been years historically, when we've exceeded our range due to the headwinds that supported the outperformance. And it's because of that, we have confidence in our ability to recover our margins over the medium term and expect the trajectory of our margins to improve throughout the next fiscal years, and it's driven by several different factors, which I'll go into in more detail.
正如你们在图表中所看到的，过去我们有一些年份超出了预期区间，这得益于当时有利的外部环境。也正因如此，我们对在中期内恢复利润率的能力充满信心，并预计在未来几个财年利润率将逐步改善，推动这一趋势的因素有很多，接下来我将详细说明。
Now as John discussed, we have opportunities to continue to get cost out of our end-to-end supply chain through cost savings initiatives and efficiency initiatives. And we're investing behind them, both enabling technologies and processes, and we believe that we will be able to deliver at least $300 million of savings through FY '28. As we look forward, over the medium term, we expect low single-digit net inflation, net inclusive of the savings benefits that I outlined before.
正如 John 所说，我们仍有机会通过节约成本和提升效率的举措，在端到端供应链中进一步降本。我们正持续投资于相关技术与流程，预计到 2028 财年，我们至少可以实现 3 亿美元的成本节约。展望未来，中期内我们预计净通胀将保持在低单位数的水平，这一预测已考虑前述节约成效。
Now the low single-digit net inflation is driven by a shift towards more normalized inflationary dynamics that should reduce the outsized material, logistics and labor cost headwinds that we've seen over the last couple of years, favorable supplier and contract management across materials and logistics cost categories, favorable commodities costs supported by our robust hedging program, cost reductions resulting from enhancements to our integrated planning processes and cost efficiencies like the implementation of reusable plastic pallets and the conversion from 50-foot to 60-foot railcars.
这一下行的通胀趋势主要由以下因素推动：通胀水平回归正常，从而减轻我们过去几年所面临的原材料、物流和人工成本压力；在材料和物流成本管理方面，我们通过供应商优化与合同管理获得有利条件；通过强有力的对冲计划，原材料价格更为有利；一体化计划流程的优化带来了成本节约；同时我们还通过如可重复使用的塑料托盘和由 50 英尺向 60 英尺铁路货车的转换等措施提升了成本效率。
We're still expecting some additional depreciation as we continue to add incremental capacity across the network with the expansions of Obregon and the new brewery at Veracruz, representing the lion's share. With this, we expect total annual depreciation to be in the range of 3.5% to 4% of net sales on average over the medium term.
由于我们仍在通过扩建 Obregon 及新建 Veracruz 啤酒厂等方式不断扩充产能，预计将产生额外的折旧压力。因此，中期内我们预计年度折旧总额将占净销售额的 3.5% 至 4%。
And we continue to gain efficiencies from the balance of our P&L. As Jim discussed, we continue to focus our marketing dollars against the brands that represent the highest growth opportunities. We're driving efficiencies and marketing through engagement with a new media agency, which we believe will drive efficiency in our media buying as well as improve our mix between linear TV, social and digital advertising. We have investments behind DBA marketing, which is going to help us improve our geographic and demographic targeting. And through vendor and contract management for nonworking media, we're targeting reductions in agency and production fees.
此外，我们在利润表其他部分也在不断提升效率。正如 Jim 所说，我们将市场营销投入聚焦于增长潜力最大的品牌。我们与新的媒体代理合作，以提高媒介采购效率，并优化线性电视、社交媒体和数字广告之间的投放组合。此外，我们还在 DBA（数字品牌激活）营销方面投入，以提升我们的地域和人群定向能力。通过对非投放性媒体的供应商与合同管理，我们也致力于降低代理及制作费用。
So looking forward, after the divestiture of the Crafts business, which had a disproportional amount of investment relative to net sales and as a result of the efficiencies that I just outlined, we're now targeting marketing spend to be approximately 9% of net sales.
展望未来，考虑到我们已剥离了投资与净销售不成比例的工艺啤酒业务，再加上上述提到的效率提升措施，我们将市场营销支出目标定在净销售额的约 9%。
And from an SG&A perspective, we continue to take the same disciplined approach we always had, prioritizing investments to drive growth and unlock value across the business. We continue to increase our investments in areas like category management, supply chain optimization and digital enablement. We make these investments because we believe that these types of investments will allow us to drive higher productivity from our commercial and our administrative teams. So as a result, we expect to gain some leverage on SG&A. And so our SG&A target spend is 4% to 5% of net sales over the medium term.
在 SG&A（销售、一般与行政费用）方面，我们将继续采取一贯的纪律性策略，优先投向那些能驱动增长、释放业务价值的领域。我们会持续加大在品类管理、供应链优化和数字化能力方面的投资，因为我们相信这些投入能够提升商业和管理团队的生产力。因此，我们预计将在 SG&A 上实现杠杆效应，中期内目标是将 SG&A 支出控制在净销售额的 4% 至 5% 之间。
So just to recap on margins. We're confident in our ability to return our operating margin to 39% to 40% on average over the medium term. And this is based on our billings continuing to grow in line with our depletions over the coming years, driving significant volume growth and fixed cost absorption benefits. Pricing will deliver 1% to 2% to the top line. We also expect COGS net inflation to be low single digits, reflected market-based input cost inflation, partially offset by the $300 million of cost savings and cost efficiencies that I just discussed. Marketing is targeted at approximately 9% of net sales, reflecting the efficiencies, the efficiency initiatives I outlined as well as the craft beer divestiture. And finally, we expect to gain leverage on SG&A as we drive productivity gains resulting in targeted spend of 4% to 5% of net sales. So all in all, by next fiscal year, we anticipate to at least have more than offset the incremental margin pressures we've been facing this fiscal year.
关于利润率的总结是：我们有信心在中期内将运营利润率恢复至平均 39% 至 40%。这一判断基于我们未来几年账单金额将继续与销量消耗保持同步，从而带来显著的销量增长和固定成本摊销效益。价格方面预计将为营收贡献 1% 至 2%。我们还预计销售成本净通胀将保持在低单位数，这主要反映市场驱动的投入成本通胀，但部分会被我们所提到的 3 亿美元成本节约和效率提升所抵消。市场营销支出目标定为净销售额的约 9%，反映了我们提到的效率提升举措以及精酿啤酒业务的剥离。最后，我们期望在 SG&A 方面获得杠杆效应，目标支出占比为净销售额的 4% 至 5%。综合来看，到下一个财年，我们预计将至少完全抵消本财年所面临的额外利润率压力。
Now if we move on to capital spend, we expect to spend $4 billion in fiscal year '24 through '28 on beer capital expenditures to support anticipated growth, primarily expansions at Obregon and the new brewery in Veracruz. Looking back, we previously provided capital spend guidance of $5 billion to $5.5 billion to deliver 25 million to 30 million hectoliters of capacity expansion.
现在来看资本支出，从 2024 财年至 2028 财年，我们预计在啤酒业务上的资本支出为 40 亿美元，以支持预期中的增长，重点是对 Obregon 和新建 Veracruz 啤酒厂的扩建。回顾之前，我们曾提供资本支出指引为 50 亿至 55 亿美元，以实现 2,500 万至 3,000 万百升的产能扩张。
But because of the outstanding work of our brewing teams, we were able to realize approximately 3 million hectoliters of increased brewing capacity between Nava and Obregon and as a result of these efficiency projects in FY '23. So we now expect to deliver 22 million hectoliters from capital investment, add that to the 3 million hectoliters from last year's productivity gains, which we continue to work on, and we believe that there's further benefits from additional operational productivity initiatives in front of us. So these gains and the ongoing efforts that informed -- have informed our decision to no longer pursue the next modular expansion at the Nava Brewery in the next five years.
但由于酿造团队的出色表现，我们在 Nava 与 Obregon 工厂通过 2023 财年的效率项目实现了约 300 万百升的额外酿造产能。因此，我们目前预计通过资本投资可实现 2,200 万百升，再加上去年产能提升所带来的 300 万百升，并且我们仍在持续推动生产力提升项目，未来还有更多效率红利可释放。基于这些成效及持续努力，我们已决定在未来五年内不再推进 Nava 啤酒厂的下一阶段模块化扩建。
So as a result, we will deliver a total of at least 25 million hectoliters of capacity at a cost of approximately $1 billion less than what we previously guided. This is a perfect example of a relentless pursuit of efficiency as we continue our transition from brewery builders to brewery operators.
因此，我们将以比原先指引低约 10 亿美元的成本，实现至少 2,500 万百升的产能扩张。这正是我们从“啤酒厂建设者”向“啤酒厂运营者”转型过程中持续追求效率的最佳体现。
So as I mentioned at the start of my presentation, we're confident in our ability to generate strong growth, profitability and free cash flow conversion. Our high single-digit sustainable net sales growth, combined with our optimized and best-in-class operating margins, generate significant incremental operating profit. We have confidence in our ability to convert these earnings into free cash flow at a consistent or better than historical trends.
正如我在演讲开头所说，我们有信心实现强劲的增长、盈利能力和自由现金流转化能力。我们可持续的高单位数净销售增长，加上优化和领先的运营利润率，将带来显著的增量营业利润。我们也有信心将这些利润转化为自由现金流，并维持或超过历史水平。
Thank you very much for your time.
非常感谢大家的时间。
Unknown Attendee
Please welcome, President, Wine & Spirits division, Robert Hanson.
不知名与会者
请欢迎葡萄酒与烈酒事业部总裁罗伯特·汉森。
Robert Hanson Former Executive VP and President of Wine & Spirits Division
Good afternoon, everybody. It's a pleasure to be here with you. I'm Robert Hanson, the President of the Wine & Spirits business. I've had the pleasure to work with my talented team on the transformation we've been driving for the past 4 or so years. And prior to that, I spent 6 years on Constellation Brands' Board.
罗伯特·汉森 前执行副总裁兼葡萄酒与烈酒事业部总裁
下午好，大家好。很高兴今天在这里与各位相聚。我是罗伯特·汉森，负责葡萄酒与烈酒业务。过去四年多来，我与我们才华横溢的团队共同推动了这一业务的转型。在此之前，我曾在星座品牌公司董事会任职六年。
I'm going to review the transformation we've achieved up to this point and discuss our current and future role in driving Constellation Brands' shareholder value. Matt McHargue, our SVP of Brand Management; Sam Glaetzer, our SVP of Operations and International Sales; Lisa Brown, our SVP of Supply Chain; and Ken Metz, our SVP of Finance, are going to discuss our brand and channel drivers, our operations and supply chain initiatives and, of course, our financial guidance in more detail.
我将回顾我们迄今为止所取得的转型成果，并探讨我们在推动星座品牌公司股东价值方面的当前与未来角色。我们还有几位高级副总裁将分别详细介绍品牌和渠道推动力、运营与供应链举措以及财务指引：品牌管理高级副总裁马特·麦克哈格、运营与国际销售高级副总裁山姆·格莱策、供应链高级副总裁丽莎·布朗以及财务高级副总裁肯·梅茨。
Before we focus on the future, I do want to spend a moment to ground us in where we are today and the drivers behind our decision to make an adjustment to our revenue guidance for this fiscal year. We are revising our fiscal year '24 guidance down from -- down 0.5% to up 0.5%, then to down 1% to 2%. Though we are maintaining our operating income guidance of growth between 2% and 4%.
在我们展望未来之前，我想先花一点时间说明我们目前的状况，并解释我们决定下调本财年营收指引背后的原因。我们将 2024 财年的营收指引从原先的下滑 0.5% 至增长 0.5% 区间，调整为下滑 1% 至 2%。不过，我们仍维持营业利润增长 2% 至 4% 的指引不变。
Recent dynamics in the marketplace have driven this decision to revise our guidance. We're seeing the marketplace is in a -- a marketplace deceleration in our more mature Canadian, Australian, New Zealand and Italian businesses behave more similarly to the U.S. wholesale marketplace.
我们之所以做出这一调整，是受近期市场动态影响。我们看到，加拿大、澳大利亚、新西兰和意大利这些较成熟市场的表现趋于放缓，其表现越来越类似于美国批发市场。
And while we're maintaining pricing discipline and continue to take pricing, the competitive pricing context has made it difficult to realize full price optimization. And the Canadian Liquor Control Board made some recent changes to inventory regulations that are driving destocking. So these have been the drivers behind our adjustment in revenue.
尽管我们保持价格纪律并持续进行价格调整，但在竞争激烈的价格环境下，我们难以实现理想的价格优化。同时，加拿大酒类管制局近期更改了库存规定，导致渠道清库存现象加剧。这些都是我们下调营收指引的主要原因。
But we are, however, maintaining our operating income growth guidance range. And this is driven by positive price and mix across our higher-end portfolio. We are having sustained market outperformance from the higher end and getting greater returns and leverage from our marketing and SG&A investments as well as distributor/partner contractual performance obligations.
然而，我们仍维持营业利润增长区间的指引。这得益于高端产品组合带来的积极价格与品类组合效应。我们的高端产品持续跑赢市场，并通过营销与销售管理费用投资获得更高回报，同时也受益于分销商和合作伙伴合同约定的履约义务所带来的杠杆效应。
We are confident that our net sales performance will accelerate from this year forward, driven by our linear performance improvements that have enabled us to outperform the market, including this year, and will continue to drive strong operating income growth.
我们有信心，从今年开始，我们的净销售额表现将持续提速。这一信心来自于我们持续的线性业绩改善，这些改善使我们在包括今年在内的多个财年都能跑赢市场，并将继续推动强劲的营业利润增长。
With that said, let's get into the reasons behind our confidence. We've taken a series of strategic actions since 2019 to reshape our portfolio towards the higher end, in line with consumer-led premiumization trends. We expect our higher-end brands to continue to drive growth and become an even larger part of our mix moving forward.
接下来我们具体谈谈我们信心背后的原因。自 2019 年以来，我们采取了一系列战略举措，将产品组合向高端化方向转型，以契合消费者主导的高端化趋势。我们预计，高端品牌将继续推动增长，并在整体组合中占比越来越高。
We've built a global omnichannel route to market, diversifying our channel and geography mix beyond the more mature U.S. wholesale business, and expect our DTC and international businesses, which both have a long runway, to drive growth outperformance. Operational and efficiency initiatives will deliver margin enhancements while supporting our higher in mix shift, our quality objectives and our enterprise-wide ESG goals.
我们已构建起全球全渠道销售路径，实现渠道与地域结构多元化，突破传统成熟的美国批发业务，预计直达消费者（DTC）业务和国际业务将成为未来增长的强劲动力。运营与效率提升计划将助力利润率增长，同时支持高端化组合转型、质量目标实现以及企业范围内的 ESG 目标。
We're confident moving forward in our ability to deliver our medium-term financial targets of 1% to 3% net sales growth, beating market performance as we have historically done; and 25% to 26% operating margins, which are considered best-in-class among our high-end peer set.
我们对未来充满信心，有能力实现中期财务目标，即 1% 至 3% 的净销售增长，延续我们一贯优于市场的表现；以及 25% 至 26% 的营业利润率，这一水平在高端同行中被视为一流水准。
So now let's review the strategic initiatives that underpin our growth and margin algorithms. In 2019, Wine & Spirits was a broad, volumetric, primarily U.S. wholesale portfolio with weak structural economics. Today, consistent with our vision, we are the largest still -- premium still wine producer in the world with a curated portfolio of mostly premium, fine wine and craft spirits brands that are competing in tailwind-driven pricing segments and with a global omnichannel route to market.
现在我们来回顾一下支撑我们增长与利润模型的战略举措。2019 年，葡萄酒与烈酒业务还主要是一个面向美国批发渠道的广谱、以量取胜的组合，其结构性经济效益较弱。而如今，按照我们的战略愿景，我们已成为全球最大的高端静态葡萄酒生产商，拥有以优质、精品葡萄酒和手工艺烈酒为主的精选品牌组合，定位于增长势头强劲的价格细分领域，并拥有全球全渠道销售网络。
Our higher-end business is supported by the 8 key pillars that you see on the slides. We believe these are the right areas of focus and will allow for linearity of progress against our commitments, while delivering shareholder value creation for Constellation Brands moving forward.
我们的高端业务由幻灯片中展示的 8 个关键支柱支撑。我们相信这些是正确的战略重点，能够实现我们承诺的线性进展，并持续为星座品牌公司创造股东价值。
Given our shift to the higher end, I'd like to take just a moment to clarify the sources we use to track our business, which do differ in part from our Beer business. As you can see here, Circana-tracked channel data is reliable for tracking the U.S. wholesale mainstream and premium segments of the market, but is constrained in tracking global fine wine and craft spirits.
鉴于我们已转向高端市场，我想简单说明一下我们用于跟踪业务表现的数据来源，这与我们的啤酒业务部分不同。正如您所见，Circana 跟踪的渠道数据在美国批发市场的主流与高端细分市场表现方面具有可靠性，但在全球精品葡萄酒和手工艺烈酒领域的追踪能力仍有限。
To get the most accurate picture possible of our higher-end global business, we combine Circana for U.S. wholesale mainstream and premium brands, with IWSR and NABCA for U.S. wholesale and international high-end Wine & Spirits brands, and we use Sovos ShipCompliant to track our DTC business. So we're going to be using these 4 sources moving forward to track our business performance as we share it with you.
为了尽可能准确地了解我们高端全球业务的表现，我们将使用四个数据来源：Circana 用于追踪美国批发渠道的主流和高端品牌，IWSR 与 NABCA 用于追踪美国批发和国际市场的高端葡萄酒与烈酒品牌，Sovos ShipCompliant 用于追踪我们的直达消费者（DTC）业务。因此，今后我们在分享业务表现时将使用这四个来源的数据。
Now let's dig into the details of the opportunities we see for this business. Our strategy is aligned to several key consumer trends that are driving growth in the category: premiumization, DTC and digital, betterments and international. Consumer preferences continue to shift to the higher end across both wine and spirits, as you can see on the left of the slide, which outlines the historical CAGRs demonstrating the outperformance of the higher end in both categories.
现在我们来深入探讨这个业务所面临的机遇。我们的战略与当前推动品类增长的几大关键消费者趋势高度契合：高端化、DTC 与数字化、健康化（betterments）以及国际化。消费者在葡萄酒与烈酒领域的偏好持续向高端转移，正如幻灯片左侧所示，历史复合年增长率（CAGR）清晰地反映了高端品类在这两个领域的超额增长表现。
DTC value has delivered greater than a 12% 10-year CAGR. It's a fairly underdeveloped category in beverage alcohol and particularly for us, which I'll review in more detail in a moment.
DTC 价值在过去十年实现了超过 12% 的复合年增长率。在酒精饮品行业中，这仍是一个相对欠开发的细分领域，尤其是对我们而言，我将在稍后详细展开说明。
Betterment has quickly become a standout global trend and is estimated to be a $4 billion to $5 billion market in the medium term. Just in the U.S., the betterment category has driven a 25% CAGR -- 10-year CAGR. We've challenged ourselves to be the market maker in betterment by leveraging the broad shoulders of our leading brands. And again, I'll review that in more detail in a moment.
健康化（betterment）已经迅速成为一项突出的全球趋势，预计在中期内其市场规模将达到 40 至 50 亿美元。仅在美国，健康化品类过去十年的年复合增长率就高达 25%。我们希望通过旗下领先品牌的强大支撑，积极推动健康化品类发展，力争成为该领域的市场塑造者。我也将在稍后进一步说明。
While the U.S. wholesale market is mature, and we remain committed to growing the business above the weighted average growth of the market, consumer markets around the world are ripe for higher-end wines and for craft spirits, especially in emerging markets.
尽管美国批发市场已趋成熟，我们仍致力于实现高于市场加权平均水平的业务增长。同时，全球消费者市场，尤其是新兴市场，对于高端葡萄酒和手工艺烈酒有着广阔的需求空间。
Solid growth has come from international, especially given 2 years of COVID impact, particularly in China. And we see the international market as a compelling opportunity because we're particularly underdeveloped in emerging markets, such as Latin America the Middle East and North Asia. These key trends underpin our strategic focus and portfolio reshaping efforts, which I now am going to review.
国际市场实现了稳健增长，尤其是在经历了两年疫情影响之后，特别是在中国市场的复苏下表现突出。我们认为国际市场蕴藏着极具吸引力的机会，因为我们在拉美、中东和北亚等新兴市场的布局仍然较少。这些关键趋势正是我们战略聚焦和产品组合重塑工作的核心驱动，接下来我将对此进行回顾。
Since 2019, we've reshaped our Wine & Spirits business to a higher-end, higher-value portfolio. This has been achieved through a series of divestments of lower-end brands, supplemented with successful tuck-in M&A. We broadened the shoulders of our leading brands, and we've renovated our accessible brands that are important for scale and cost leverage but -- and are competing to hold share in a challenged market segment.
自 2019 年以来，我们将葡萄酒与烈酒业务重塑为一个更高端、更高价值的产品组合。这一转型通过一系列低端品牌的剥离以及成功的小型并购完成。同时，我们强化了核心领先品牌的竞争优势，并对可及性品牌进行升级改造，这些品牌在实现规模效应和成本杠杆方面至关重要，且目前仍在竞争激烈的细分市场中保持份额。
We're now a strong competitor with a focused set of high-end peers. We now see, for example, our competitors is Napa, the higher end of Treasury Wine Estates, the very high end of Gallo and spirits companies such as Beam. While not a direct competitor, the reshaped higher-end portion of our portfolio is now more similar to, for example, LVMH's sparkling portfolio.
如今，我们已成为一支与专注高端市场的同行展开激烈竞争的强劲力量。我们的竞争对手包括纳帕谷（Napa）、富邑葡萄酒集团（Treasury Wine Estates）的高端产品线、嘉露酒庄（Gallo）的超高端品牌，以及像 Beam 这样的烈酒公司。尽管不属于直接竞争关系，但我们重新打造的高端产品组合在结构上已更接近于 LVMH 的起泡酒品牌矩阵。
If you think about their portfolio, they compete with Chandon in the teens, and it goes all the way up to Dom Pérignon and Cru get $300 and above a bottle. In our case, it's Meiomi and Kim Crawford in the teens, and we compete up to $250 to $350 a bottle with Schrader, the To Kalon Vineyard Company and the Robert Mondavi Reserve tier lines.
如果你考虑他们的产品组合，他们在十几美元的价格段有 Chandon 起泡酒，向上覆盖到 Dom Pérignon 和 Cru 等单瓶售价超过 300 美元的高端产品。而我们的产品线中，十几美元的价格段由 Meiomi 和 Kim Crawford 占据，高端市场我们拥有 Schrader、To Kalon Vineyard Company 以及 Robert Mondavi Reserve 系列，价格区间达到了每瓶 250 至 350 美元。
We do have 2 brands, Vint and SVEDKA, currently in the mainstream segment, that we're positioning up a tier into accessible luxury over time. We believe that we're broadly finished with our portfolio reshaping. Don't have any near-term divestitures planned. And consistent with Bill and Garth's articulated capital allocation strategy, we're going to be focusing our investments on organic growth, higher-return marketing activities and higher-end tuck-in M&A.
我们目前在主流市场还有两个品牌，Vint 和 SVEDKA，我们正计划将其逐步提升一个档次，打造为大众可及的轻奢品牌。我们认为整体产品组合的重塑工作基本完成，近期没有计划进行新的品牌剥离。与 Bill 和 Garth 阐述的资本分配战略保持一致，我们将把投资重点放在有机增长、高回报的市场营销活动以及高端补强型并购上。
Now let's take a look at the portfolio on a CAM profitability basis because it's quite insightful. Projecting CAM through fiscal '28 provides further evidence that our strategy has poised us for growth and profitability expansion and scale momentum. As you can see here, the highlighted brands have both strategic and financial attractiveness, and will receive more focus from us over time.
现在我们来从 CAM（贡献毛利）盈利能力的角度审视我们的产品组合，这将提供非常有价值的洞察。将 CAM 盈利能力预测延伸至 2028 财年，进一步验证了我们的战略已为增长、盈利能力扩张和规模提升打下了坚实基础。正如幻灯片所示，高亮显示的品牌在战略性和财务上都具备吸引力，未来将是我们重点资源倾斜的对象。
They are already contributing CAM that exceeds the less-profitable brands -- mainstream brands such as Woodbridge, which is our largest case volume brand by far, but is margin-dilutive. So for example, we're expecting Meiomi CAM to be greater than 3x the CAM of Woodbridge by fiscal '28 at 1/3 of the volume. And High West to be similar CAM to Woodbridge at just 5% of the volume.
这些品牌已经实现的 CAM 贡献已超过我们那些盈利能力较低的主流品牌——比如 Woodbridge，这是我们出货量最大的品牌，但其利润率相对较低。例如，预计到 2028 财年，Meiomi 的 CAM 将是 Woodbridge 的三倍，尽管其销量只有 Woodbridge 的三分之一；High West 的 CAM 则与 Woodbridge 相当，但其销量仅为后者的 5%。
Our focus on CAM profitability is a key pillar to offsetting the drag from our large volume but dilutive Woodbridge brand that is competing in a challenged market segment in the marketplace.
我们对 CAM 盈利能力的聚焦，是抵消 Woodbridge 这类体量大但利润摊薄的品牌所带来拖累的关键支柱，而 Woodbridge 所在的市场细分本身也面临较大挑战。
With our successful premiumization strategy taking hold, we've been able to meet or exceed comparable peer performance averages since 2019. As you can see on the right, we've shifted our product mix significantly to above $15 a bottle. And we'll continue this mix shift, as Bill pointed out, to achieve the mid-70s by fiscal '28.
随着我们成功推动高端化战略的落地，自 2019 年以来，我们已经达到了或超过了同行业的平均表现。如右图所示，我们的产品结构已显著转向单瓶售价 15 美元以上的高端产品。正如 Bill 所指出的，我们将继续推动这种结构性转变，目标是在 2028 财年达到 70% 中段的占比。
And on the left, this shift has enabled our total business, which is in dark blue, to outperform the category against the peer set that I mentioned a moment ago in gray. And this is driven by the outperformance of our higher-end in light blue, offsetting the drags of our mainstream brands in yellow.
如左图所示，这一结构性转变使我们的整体业务（深蓝色部分）相较我刚才提到的同行（灰色）实现了超额表现。其中的关键动力来自高端品牌（浅蓝色）带来的超强表现，足以抵消主流品牌（黄色）所造成的拖累。
Now I'd like to discuss our track record of successful inorganic and organic growth driven by tuck-in M&A and innovation, which build on the points you heard from Bill earlier as well. We've developed a proven ability to successfully integrate and scale acquisitions in the Wine & Spirits portfolio.
接下来我想谈谈我们通过补强型并购与创新推动的非有机与有机增长成果，这也呼应了大家早前从 Bill 那里听到的内容。我们已经建立了经过验证的能力，能够将葡萄酒与烈酒业务中的并购标的成功整合并实现规模化发展。
CAGR, since acquisition, range from 9% with Schrader and Double Diamond, and that includes lapping a missed vintage due to wildfires. And My Favorite Neighbor, which is driving a 121% CAGR, with scaled brands such as Meiomi, The Prisoner and High West, ranging between 13% and 29%. A more recent acquisition, My Favorite Neighbor, which includes Booker Estates, My Favorite Neighbor and Harvey & and Harriet has shown an impressive 121% CAGR since acquisition.
自收购以来，年复合增长率（CAGR）在不同品牌之间有所差异，其中 Schrader 和 Double Diamond 实现了 9% 的增长，这还包括受野火影响错过某年份带来的冲击。而 My Favorite Neighbor 实现了惊人的 121% CAGR。其他已经规模化的品牌，如 Meiomi、The Prisoner 和 High West，其 CAGR 介于 13% 至 29% 之间。我们最近收购的 My Favorite Neighbor，包括 Booker Estates、My Favorite Neighbor 和 Harvey & Harriet，自收购以来的 CAGR 更是高达 121%。
As we've successfully integrated and scaled these acquisitions, we've also created meaningful organic growth through innovation, which has driven approximately 7% of our net sales in fiscal '23. Three examples tied to betterment and ready-to-serve cocktail trends that are worth noting: our Kim Crawford Illuminate, which is the #1 white betterment SKU and driving 138% CAGR; Meiomi Bright, the #1 red betterment SKU, that's driving a 46% CAGR; and Mi Campo ready-to-serve cocktails, which competes in the second-largest spirits category by volume, according to SipSource, is driving a 52% CAGR.
在成功整合并扩大这些收购品牌的同时，我们也通过创新实现了有意义的有机增长，这在 2023 财年占据了我们净销售额的约 7%。其中值得一提的三个例子紧贴“健康化”和即饮鸡尾酒趋势：Kim Crawford Illuminate 是白葡萄酒健康化品类中销量排名第一的单品，CAGR 高达 138%；Meiomi Bright 是红葡萄酒健康化品类中排名第一的单品，CAGR 达到 46%；Mi Campo 即饮鸡尾酒属于按销量计算的第二大烈酒品类（据 SipSource 数据），其 CAGR 为 52%。
A case study that combines our ability to acquire and then scale through innovation is The Prisoner Wine Company. Once known only for The Prisoner Red Blend and a smattering of small DTC SKUs, The Prisoner Wine Company is now a house of 5 brands, driving a 46% CAGR from the brand family innovations that we've introduced into the portfolio.
一个能够体现我们兼具收购能力与创新扩张实力的案例是 The Prisoner Wine Company。该品牌起初仅以 The Prisoner Red Blend 及少量直销（DTC）SKU 为人熟知，如今已发展为包含五大子品牌的品牌集团，其品牌家族的创新带动了 46% 的年复合增长率。
And this has been achieved by introducing new brands such as Unshackled, which competes in a really important $20 to $30 price segment; converting DTC SKUs into stand-alone brands such as Saldo and Blindfold; extending the shoulders of all the brands with consumer-relevant varietal launches and tuck-in M&A, such as our recent acquisition of Domaine Curry. This successful high-end growth playbook is being applied to the balance of our portfolio, and we expect that to help deliver -- accelerate our performance moving forward.
这一成就得益于我们推出新品牌如 Unshackled，它瞄准至关重要的 20 至 30 美元价格段市场；将原有 DTC SKU 转化为独立品牌，例如 Saldo 和 Blindfold；通过推出与消费者偏好相关的新品种和补强型并购（如最近收购的 Domaine Curry），扩展各个品牌的产品线。我们正将这套成功的高端增长策略应用到整个产品组合的其余部分，预计这将进一步加速我们的业务表现。
Now let's take a deeper look into our shift in geography and channel mix. While growing all 3 channels, including the U.S. wholesale marketplace, we intend to continue to focus on accelerating our DTC and international businesses over time. As you'll see, at the top of the slide, we're still in early stages of this channel mix shift, having doubled our very immature DTC business from 2% to 4%, while increasing international from 8% to 10% of channel mix.
接下来让我们深入看看我们在地域和渠道结构上的调整。尽管我们在包括美国批发渠道在内的三大渠道中都在推动增长，我们计划长期持续聚焦于加速直销（DTC）和国际市场业务。正如幻灯片顶部所示，我们目前仍处于渠道结构调整的早期阶段，初期体量较小的 DTC 业务已从 2% 提升至 4%，国际业务占比也从 8% 增至 10%。
These are solid accomplishments, but the most important point here is that we now have a foundation in place to double the combined DTC and international mix from the mid-teens today to around 30% by fiscal '28. The bottom outlines are CAGRs by channel versus their respective market, where we have beat the market in all 3 channels.
这些都是非常扎实的成果，但更重要的是，我们已经建立了坚实的基础，有信心将目前占比在十几个百分点的 DTC 和国际业务总和，到 2028 财年提升至约 30%。幻灯片底部展示了各渠道的 CAGR 与其所在市场的对比，在所有三个渠道中，我们的增长都跑赢了市场平均水平。
Now let's take a look at a few of the key pillars that are working already and underpin our future growth. To profitably grow our business, we're developing a disciplined and focused approach to omnichannel commerce globally. We plan to grow our U.S. wholesale business 100 to 150 basis points above the weighted average growth of the marketplace.
现在让我们看看几项已开始发挥作用并支撑我们未来增长的关键支柱。为了实现盈利性增长，我们正全球范围内建立一套有纪律、聚焦的全渠道商业策略。在美国批发业务方面，我们计划实现较市场加权平均增长率高出 100 至 150 个基点的增长。
We'll achieve this through really rigorous national account planning and by penetrating channels where we're underpenetrated and that are aligned with our premiumization strategies, such as the general market, the on-premise and 3-tier e-commerce.
我们将通过非常严谨的全国大客户规划来实现这一目标，并渗透那些我们当前渗透不足、但与我们高端化战略相契合的渠道，例如大众市场、堂食渠道和三层电商渠道。
We have built and now have a GP-accretive multichannel high-end DTC business rooted in hospitality, e-commerce and loyalty. Our DTC business is still quite immature compared to other high-end competitors, where DTC mix can be as high as 30% to 40% of total business. So we have a big opportunity there.
我们已经构建起一项能带来毛利增益的多渠道高端直销（DTC）业务，涵盖酒店服务、电商和会员忠诚计划。相较于其他高端竞争对手，我们的 DTC 业务仍处于相当初期的阶段，而他们的 DTC 占比可高达总业务的 30% 至 40%。因此，我们在这方面拥有巨大机会。
Our prior international business was complex, lower end, asset-heavy and dilutive. Today, we have a successful, profitable, asset-light, key city strategy, with the foundation poised to double the business in the medium term, while shifting our brand mix to greater than 90% high end. Matt and Sam are going to be reviewing a little bit more detail about our shift in brand and channel mix in just a moment.
我们以往的国际业务复杂、定位偏低端、资产密集且稀释利润。如今，我们已构建起一项成功、盈利、轻资产并聚焦核心城市的国际业务战略，具备在中期内实现业务翻番的基础，并使高端品牌占比提升至 90% 以上。稍后 Matt 和 Sam 将会更详细介绍我们在品牌与渠道结构上的调整。
Let me wrap up my strategic review by reviewing our go-forward growth and operating margin algorithms. As Bill mentioned, our strategy has delivered a consistent linear year-over-year improvement in organic growth and operating margins.
让我以对我们未来增长和运营利润率算法的回顾来总结本次战略回顾。正如 Bill 所提，我们的战略已带来连续且线性地逐年改善的有机增长和运营利润率表现。
We'll continue this performance acceleration by further leveraging the key strategies I just reviewed: further shifting our mix to the higher end in both brand and product, accelerating our track record of successful and scale innovations, continuing to beat the U.S. wholesale market through rigorous national account planning, but especially through penetrating underpenetrated channels that I just mentioned by driving double-digit growth in DTC and high single-digit growth in the international market.
我们将通过进一步推进刚刚回顾过的关键战略来加速这一表现：在品牌与产品层面持续推动结构向高端转移，加速我们在成功规模化创新方面的成果，继续通过严谨的大客户规划超越美国批发市场表现，特别是通过在当前渗透不足的渠道中实现 DTC 的两位数增长和国际市场的高个位数增长。
These growth drivers will support margin expansion as we focus on GP-accretive brand, product and channel mix, gain pricing leverage through consumer-led premiumization, optimize our operations and SG&A cost structure, and drive both a higher return and greater efficiency from our marketing investments.
上述增长动力将推动利润率扩张，因为我们将专注于能够提升毛利的品牌、产品和渠道组合；通过消费者推动的高端化趋势实现定价优势；优化运营和销售管理费用结构；并提高营销投资的回报和效率。
I'm very much looking forward to answering your questions a bit later, but now I'm going to turn it over to Matt and Sam, who are going to share our brand and channel performance and plans in a lot more detail. Matt? Over to you. Thank you.
我非常期待稍后解答大家的问题。现在，我将把话筒交给 Matt 和 Sam，他们将更详细地介绍我们的品牌与渠道表现及未来规划。Matt，请你开始，谢谢。
Matt McHargue Senior VP & Chief Sales Officer of U.S. of Wine & Spirits Division
Good afternoon, everybody. As Robert mentioned, the overall category has seen continued fragmentation of health depending on price point and varietal, with strong premium brands driving category growth. We've had a tremendous success in tracked channels outpacing the higher end by over 5x. We expect to gain further share with our higher-end workhorses, Meiomi, Kim Crawford and The Prisoner; and tremendous share growth versus the category with High West, Mi Campo and Casa Noble.
大家下午好。正如 Robert 所提，整个品类的健康状况继续呈现碎片化，受价格点和品种影响较大，而强势的高端品牌正驱动着整个品类的增长。在可追踪渠道中，我们的表现远超高端市场逾五倍，取得了巨大成功。我们预计将在高端核心品牌 Meiomi、Kim Crawford 和 The Prisoner 的带动下进一步扩大市场份额，并通过 High West、Mi Campo 和 Casa Noble 相对于整个品类的强劲份额增长实现突破。
I'll now review the highlights and drivers behind this. We strategically expanded The Prison from a branded house to a luxury house of 4 brands: The Prisoner, Saldo, Unshackled and Blindfold. We've established dominance to the U.S. market, now owning the #1 super luxury red blend with The Prisoner, the #1 luxury red blend with Unshackled and the #1 super luxury Zinfandel with Saldo.
接下来我将回顾这一成绩背后的亮点与驱动因素。我们战略性地将 The Prisoner 品牌从单一品牌扩展为一个由四个高端品牌构成的奢华品牌屋：The Prisoner、Saldo、Unshackled 和 Blindfold。在美国市场，我们已建立起领先地位，现拥有全美第一的超高端红葡萄酒混酿品牌 The Prisoner、第一的高端红葡萄酒混酿品牌 Unshackled，以及第一的超高端 Zinfandel 品类品牌 Saldo。
While The Prisoner Red Blend has an extremely high ACV in the U.S., it still has significant distribution runway internationally, an opportunity to increase velocity in the U.S. and room to close gaps with its newer line extensions, which provide a runway for the brand to grow in the mid-20% range.
尽管 The Prisoner Red Blend 在美国拥有极高的分销覆盖率（ACV），但在国际市场仍有大量分销增长空间；在美国市场也有提升动销速度的机会，并且其新推出的产品线仍有明显发展空间，为品牌提供了可实现 20% 中段增长的路径。
Blindfold has quickly become a leader in the super luxury white blend category, with a long runway for growth in distribution, velocity and net sales. And although Unshackled Red Blend already leads the luxury category, we'll focus on closing the 88% penetration gap to Decoy.
Blindfold 已迅速成为超高端白葡萄酒混酿品类的领导品牌，在分销、动销速度和净销售额方面仍拥有广阔增长空间。尽管 Unshackled Red Blend 已是高端市场的领先者，我们仍将重点追赶与 Decoy 之间在渗透率上的 88% 差距。
Saldo's core Zinfandel SKU is leading the category and will continue to maintain ACV leadership over Rombauer as we focus on increasing ACV for its line extensions, leading to mid-20s net sales growth. And as Robert mentioned, we recently welcomed a fifth brand of the house with our acquisition of Domaine Curry, founded by Ayesha Curry and Sydel Curry-Lee, welcoming younger LDA and multicultural consumers in the luxury wine space.
Saldo 的核心 Zinfandel 单品目前领跑该品类，我们将继续保持其在 ACV 上对 Rombauer 的领先地位，同时专注提升其延伸产品线的分销覆盖，从而推动其净销售额实现中段 20% 的增长。正如 Robert 所提，我们最近通过收购 Domaine Curry 为该品牌家族增添了第五个品牌。该品牌由 Ayesha Curry 和 Sydel Curry-Lee 创立，面向年轻的法定饮酒年龄（LDA）和多元文化背景的高端葡萄酒消费者。
In the ultra-premium segment, we currently have 2 dominant market leaders in Kim Crawford -- or Meiomi and Kim Crawford. Not only do they own the #1 pinot noir and sauvignon blanc, respectively, also the #1 wine in Canada with Kim Crawford, but also own the #1 white and red wines in the betterment space with Kim Crawford Illuminate Sauvignon Blanc and Meiomi Bright Pinot Noir, respectively.
在超高端细分市场，我们目前拥有两个市场主导品牌：Meiomi 和 Kim Crawford。它们不仅分别拥有全美第一的黑皮诺和长相思品类，也凭借 Kim Crawford 成为加拿大第一的葡萄酒品牌，同时在“健康化”葡萄酒领域中也分别拥有第一的白葡萄酒（Kim Crawford Illuminate Sauvignon Blanc）和第一的红葡萄酒（Meiomi Bright Pinot Noir）。
The growth runway for the 2 brands will be driven by closing distribution gaps to the premium-plus leaders of Josh Cellars, closing gaps at their core SKU ACV with Meiomi Chardonnay, Cabernet Sauvignon Red Blend and Kim Crawford French Rosé and Italian Prosecco; and as Robert mentioned, continuing to be the market maker in betterment. This strategy will allow us to increase net sales in the mid-teens of Meiomi and low-20s with Kim Crawford and be able to drive incremental benefit in the betterment space across our entire Wine & Spirits portfolio.
这两个品牌的增长将通过与高端品牌领导者 Josh Cellars 之间的分销差距缩小来推动；具体包括 Meiomi Chardonnay、赤霞珠混酿以及 Kim Crawford 法国桃红葡萄酒和意大利普罗塞克起泡酒在核心单品 ACV 上的差距；同时，正如 Robert 所述，我们将持续引领“健康化”市场的发展。这一战略将助力 Meiomi 实现中段十几的净销售额增长，Kim Crawford 实现低段 20% 的增长，同时推动整个葡萄酒与烈酒组合在“健康化”品类上的增量价值。
With that, I'll switch gears to an adjacent growth category in higher end spirits. We currently have a high-growth, tightly curated and well-positioned craft spirits portfolio with a long runway, both domestically and internationally. Our vertical in tequila, a category with tremendous tailwinds, is positioned to continue to welcome consumers into the luxury and ultra-premium segments.
接下来，我将话题转向另一个相邻的高端增长品类——高端烈酒。我们目前拥有一个增长迅猛、组合精简、定位精准的手工烈酒品牌组合，无论在本土还是国际市场都拥有广阔的增长前景。我们在龙舌兰酒这一强劲增长品类的布局，使我们能够持续吸引消费者进入奢华及超高端细分市场。
Casa Noble, with its multiple-tier luxury offerings, enables us to capture further share and close gaps to Don Julio, leading to greater than 50% net sales growth. And the ultra-premium tequila space, Mi Campo, right behind me here, a brand we created and launched in-house, will continue to close distribution and pricing gaps to Espolon, while taking advantage of the meteoric rise of the $11 billion ready-to-serve cocktail space with Mi Campo cocktails, which we launched earlier this year. Execution of both will lead to over 100% net sales growth in our tequila portfolio in the medium term.
Casa Noble 拥有多个层级的奢华产品组合，使我们能够进一步扩大市场份额并缩小与 Don Julio 之间的差距，推动净销售额增长超过 50%。在超高端龙舌兰酒领域，我们自主打造并推出的品牌 Mi Campo（就在我身后）将继续缩小与 Espolon 在分销与定价上的差距，同时借助价值达 110 亿美元的即饮鸡尾酒市场的爆发性增长势头，Mi Campo Cocktails 已于今年初推出。这两项战略的执行预计将在中期内推动我们整个龙舌兰组合实现超过 100% 的净销售额增长。
And while we have several strong players in the American whiskey, High West has been a standout, having experienced tremendous growth since we acquired the brand in 2016. It still has material distribution runway in the U.S. versus key competitors Basil Hayden and Angel's Envy and has just started to ship internationally. As we close those distribution gaps of bourbon and rye and expand internationally, it will lead to net sales growth in the mid-30% range.
虽然我们在美国威士忌领域拥有多个强劲品牌，但 High West 一直是其中的佼佼者，自 2016 年收购以来实现了惊人的增长。与主要竞争品牌 Basil Hayden 和 Angel's Envy 相比，它在美国市场仍有大量的分销增长空间，目前也刚刚开始进行国际出货。随着我们缩小波本和黑麦威士忌的分销差距并拓展国际市场，High West 有望实现约 35% 的净销售额增长。
And although our growth road map is super clear with our well-positioned, higher-end brands, we recognize the work to be done to renovate our mainstream brands, mainly SVEDKA and Woodbridge. The transformation of both brands will allow us to capture consumers that are new to the categories, while providing us with continued scale and operating margin leverage crucial to the continued growth of our higher-end portfolio.
尽管我们高端品牌定位明确、增长路径清晰，我们也清楚地意识到仍需对主流品牌进行改造，主要是 SVEDKA 和 Woodbridge。这两大品牌的重塑将帮助我们吸引进入该品类的新一代消费者，同时为我们持续提供规模效应和运营利润率杠杆，这对我们高端品牌组合的持续增长至关重要。
We'll execute using 2 distinct playbooks. Work is underway to shift SVEDKA from an unfocused mainstream position with dilutive flavor extensions to an affordable luxury position focused around a dominant 80-proof SKU, haloed with a collection of ready-to-serve martinis, with channel growth focus shifting to the on-premise and liquor channels in key states. With the new positioning, we predict a shift to low-double-digit net sales and a margin profile moving from 43% to 50%.
我们将采用两套明确的执行方案。目前我们正着手将 SVEDKA 从一个缺乏聚焦、口味延伸稀释品牌价值的主流定位，转型为专注于主打 80 度核心产品、以一系列即饮马天尼产品作品牌光环的“可负担奢华”定位。渠道重点也将转向重点州的餐饮渠道和酒类专卖渠道。借助这一新定位，我们预计该品牌将实现低双位数的净销售增长，利润率将从当前的 43% 提升至 50%。
We'll modernize Woodbridge and align its offerings to consumer preferences, such as a sweeter taste profile, building on our existing 13 varietals across 2 price points. We expect this will improve margins in the mid-20s, with the goal to hold share, and what Robert described, with a very declining market.
我们将对 Woodbridge 进行现代化改造，使其产品更加贴合消费者偏好，例如提供更偏甜口味的选择，基于我们当前横跨两个价位段的 13 种葡萄酒品种进行优化。我们预计该举措将把品牌利润率提升至 25% 中段水平，同时在 Robert 所描述的持续萎缩市场中稳住市场份额。
Now I've spoken to individual brand highlights, let me switch gears to our omnichannel route to market. While we do have significant share in U.S. wholesale, we still see meaningful growth runway in 4 key areas and have plans in place to: focus growing distribution to our competitive benchmarks while leveraging the pricing power of our stronger, more highly penetrated brands; execute a strategy of continued leadership across all of our national accounts; invest in underpenetrated segments, including on-premise, the general market and 3-tier e-commerce, which are all outgrowing the broader segment; and finally, growing innovation in the high single digits.
谈完具体品牌亮点后，我将话题转向我们的全渠道市场布局。尽管我们在美国批发市场已拥有可观份额，我们仍然在四个关键领域看到了显著的增长空间，并已制定了相应计划：第一，扩大分销范围，以赶超竞争标杆，并充分发挥我们高渗透、高定价能力品牌的优势；第二，继续在全国重点客户中保持领先地位；第三，加大对渗透率较低但增长迅猛的细分市场的投资，包括餐饮渠道、一般市场和三级电商渠道；最后，在创新品类中实现高个位数增长。
We experienced industry-leading DTC growth of 29% in FY '23, and we'll continue to invest in what continues to be an underdeveloped category in the beverage alcohol business; driving hospitality visitation and increased AOV around our 20 sites globally, leading to a net sales growth of greater than 10%; accelerating first-party data, affiliate marketing and personalization to continue to drive 40-plus percent e-commerce growth; and enhancing customer experience and consumer acquisition in club, corporate sales and events to drive 40-plus percent net sales in the loyalty channel.
我们在 2023 财年实现了行业领先的 29% DTC 增长，我们将持续投资这一在酒类行业仍属欠开发的渠道。具体措施包括：提升我们全球 20 个门店的招待体验和客单价，从而实现超过 10% 的净销售增长；加快一方数据建设、联属营销和个性化体验，继续推动电商渠道超过 40% 的增长；通过俱乐部、企业团购和线下活动提升客户体验与获客能力，以实现忠诚度渠道超过 40% 的净销售增长。
I've addressed 2 legs in the channel stool, and now I'll turn it over to Sam Glaetzer, SVP of Global Operations and International Sales to hit our third, which is our international route to market. Sam?
我已经讲解了渠道三脚架中的两个支柱，现在我将话筒交给我们的全球运营与国际销售高级副总裁 Sam Glaetzer，请他来讲解第三个支柱——我们的国际市场渠道战略。Sam，请。
Samuel Glaetzer Executive VP & President of Wine & Spirits Division
Thanks, Matt. Hi, everyone. It's great to be here today in New York. A long way from where I first started in the mighty Barossa Valley. I even found a suit to come along with me. But I'd like to speak to you now about our international expansion strategy.
谢谢你，Matt。大家好。今天能来到纽约与各位见面我感到非常高兴。这离我最初出发的地方——强大的巴罗萨谷（Barossa Valley）相当遥远。我甚至特地穿上了西装。不过现在我想和大家聊一聊我们的国际扩张战略。
Today, it is only 10% of our business, but it's a critical piece of our shift to the higher end and gives us a diverse path to growth, somewhat independent of the U.S. economic footprint. Global businesses tend to be complex, sometimes unfocused and often dilutive. Ours was too. However, today, while our revenue was flat, our operating income is up 38% from prior years, resulting from our disciplined and focused strategy, which sets us up with the foundation to drive both our top and bottom lines.
目前，国际市场仅占我们业务的 10%，但它是我们转型高端的重要组成部分，为我们提供了一条相对独立于美国经济轨迹的多元化增长路径。全球化业务往往复杂、有时缺乏聚焦、甚至会带来利润稀释。我们的业务过去也曾如此。然而如今，虽然我们的国际收入保持持平，但营业利润较往年增长了 38%，这正是我们专注且有纪律战略的成果，为我们未来推动营收与利润双增长奠定了基础。
We have built a strong asset-light profitable international business base that will allow us to constantly grow our $200 million top line revenue business to 2x that in the medium term, whilst also keeping our healthy margins intact.
我们已建立起一个强大的、轻资产、可盈利的国际业务基础，使我们能够在中期内将当前 2 亿美元的国际营收实现翻倍增长，同时保持稳健的利润率水平。
Now how are we going to do this? Well, firstly, it's a continuation of our asset-light strategy with a strategically located and extremely talented team. Secondly, it's the focus on continuing to build our amazing consumer experiences around the globe. Third, a disciplined approach to growing sales for our higher-end Wine & Spirits brands whilst maintaining our share in the mainstream. And our fourth area of focus is our pivotal key city strategy.
那么我们打算如何实现这一目标呢？首先，是继续执行我们的轻资产战略，依靠在战略位置上部署的高素质人才团队。第二，是聚焦全球范围内打造卓越的消费者体验。第三，是以纪律严明的方式推动我们高端葡萄酒与烈酒品牌的销售增长，同时保持我们在主流市场的份额。第四个关键方向，就是我们核心的“重点城市战略”。
The globe is large and complex, and it could be cumbersome to run an international business. But we don't look at our international route to market as the entire globe. We see the opportunity as a combination of key cities, where consumers often will have the economic buying power that fits our high-end portfolio.
全球市场既庞大又复杂，经营国际业务本可能变得异常繁琐。但我们并不将国际市场视为一个统一整体，而是将机会视为一组关键城市的组合。这些城市的消费者往往具备与我们高端产品组合相匹配的购买力。
Our city strategy firstly separates emerging markets versus mature markets. We define this by the attractiveness and the penetration curve at which consumers are interested and buy predominantly U.S. fine wine and craft spirits. We then map to these cities in the regions where those customers reside. From there, we are accelerating and optimizing our ability to reach those consumers through our strategic partners in those regions and also investing ourselves internally.
在我们的城市战略中，首先是将新兴市场与成熟市场加以区分。我们通过评估消费者对美国精品葡萄酒和精酿烈酒的兴趣程度与渗透曲线来进行定义。接下来，我们在这些潜在客户聚集的区域对关键城市进行映射。然后，我们通过在当地的战略合作伙伴以及自身的内部投资，加速并优化触达这些消费者的能力。
This model is iterative. Firstly, it's based on history, but then we overlay both the current and future economic potential they may have. A great example of our willingness to accelerate in the right markets is our recent leadership investments in both Japan and South Korea. We've seen no shortage of growth runway with this playbook, and I'm very much looking forward to updating you as we progress on this great journey.
这一模型是迭代式的：一方面基于历史数据，同时我们也会叠加其当前与未来的经济潜力。我们最近在日本和韩国的领导层投资正是我们愿意在正确市场加速布局的例证。依托这套策略，我们看到持续增长的广阔空间。我非常期待在这场伟大征程中持续向大家汇报我们的进展。
Now I'd like to change my hat, shift gears to our global operations efforts, which support our higher-end global omnichannel portfolio. I'd like to begin by speaking about the asset network and optimization initiatives which create flexibility and risk avoidance across our global footprint, whilst always staying focused on quality day in and day out.
现在我想换个身份，转而谈谈我们在全球运营方面的努力，这些努力为我们高端的全球全渠道产品组合提供支持。我想先介绍一下我们的资产网络和优化举措，这些举措在全球布局中创造了灵活性并降低风险，同时我们始终专注于每天每刻都能确保产品品质。
We have a global network of diverse and strategically located vineyards and wineries which produce the highest-quality grapes in the world. Over time, we have developed a well-renowned footprint, operations footprint, and have continued to invest in strategic assets across key regions enhanced with the necessary resources and capabilities to support our premiumized portfolio.
我们拥有一个多样化、战略性布局的全球葡萄园和酒厂网络，这些资产出产世界上最高品质的葡萄。随着时间推移，我们建立了享誉业界的运营足迹，并持续在关键地区投资战略性资产，配备所需资源和能力，以支撑我们不断高端化的产品组合。
We employ our highest and best use approach to our assets from New Zealand to Italy, and across our mighty fine U.S. footprint. Not only do we produce some of the best wines and spirits on the planet, we have also made it a priority that our footprint can adapt to climate change and shifting consumer preferences. We also apply this mindset across our great spirits network as we expand our leadership in the category.
我们在从新西兰到意大利再到美国广阔基地的每一个资产上，都贯彻“最高和最佳利用”的原则。我们不仅酿造地球上最优秀的葡萄酒和烈酒之一，也将确保我们的运营网络能适应气候变化和不断变化的消费者偏好作为优先事项。在我们扩大在烈酒品类的领导地位时，也将这一理念运用到我们的烈酒网络中。
Our commitment to highest and best use of our assets has dramatically shifted our grape allocations from 2019 to today. Our better cultural teams, which previously were focused on growing predominantly for our mainstream business, are now focused on growing each vineyard block to produce the highest-quality grapes, which are then put to the best possible use in our wine portfolio.
我们对资产“最高和最佳利用”的承诺，使我们的葡萄种植策略自 2019 年以来发生了显著变化。我们优秀的农业团队从过去主要为主流品牌种植，转变为专注于让每一块葡萄园产出最高质量的葡萄，并将其投入到我们高端葡萄酒组合中的最佳用途。
We also use cutting-edge technology across all growing spectrums and have an unwavering commitment to ensuring the land we farm is in better conditions -- in a better condition for our generations ahead. A great example of this capability and commitment is our To Kalon Vineyard in the Napa Valley.
我们还在整个种植环节中应用最先进的技术，始终坚定不移地致力于让我们耕作的土地为后代处于更佳状态。我们在纳帕谷的 To Kalon 葡萄园就是这方面能力与承诺的绝佳例证。
To Kalon, very dear to my heart, has been consistently ranked as the top vineyard in the U.S. and often in the top 5 vineyards around the world. It supplies our fine wine portfolio, including the Robert Mondavi Winery, the To Kalon Vineyard Company, Schrader and Double Diamond.
To Kalon 葡萄园，我个人非常喜爱，一直被评为全美最顶尖的葡萄园，且常年跻身全球前五。它为我们的高端葡萄酒组合提供原料，包括 Robert Mondavi 酒庄、To Kalon Vineyard Company、Schrader 和 Double Diamond 等。
To Kalon received organic certification this year. It is now farmed in part using electric tractors. It is leveraging world-class technology to optimize its water use in line with our ESG goals. Just a few years ago, 10% of our To Kalon fruit would go into bottles of our wine greater than $100. Whereas today, 2023 harvest, we are achieving greater than 70%, and it's climbing.
To Kalon 今年已获得有机种植认证。目前部分种植已采用电动拖拉机，并利用世界级技术优化用水管理，符合我们的 ESG 目标。就在几年前，To Kalon 出产的葡萄中仅有 10% 用于酿造售价超过 100 美元的葡萄酒。而在 2023 年的收成中，这一比例已超过 70%，而且还在持续增长。
Another example of this great result is the profit generated from this asset, only a few years ago, was delivering $40 million, if we look at the price versus the market through price. Today, 2023, we are planning on having that at 3x that amount at $120 million. A testament to our commitment to quality is our fantastic rankings for the 2022 Wine Spectator's Wine of the Year list.
另一个体现成果的例子是，该资产几年前每年仅带来约 4000 万美元利润（按市场定价口径计算）。而在 2023 年，我们预计将达到这一数字的三倍，即 1.2 亿美元。这也验证了我们对质量承诺的成果。例如，我们在《Wine Spectator》2022 年度最佳葡萄酒榜单上的优异排名就是一个很好的证明。
In first spot, the coveted position, was our 2019 Double Diamond Oakville Cabernet Sauvignon. And coming in at an excellent ranking of #6 was our 2019 Robert Mondavi Oakfield Estates Cabernet Sauvignon. I'm really looking forward to tasting these wines with you, hopefully, very soon at our happy hour, if there's not too many questions. And for those of you listening on the webcast, it would also be super if you could perhaps buy a bottle or 2 and try them for yourselves.
获得榜首这个令人梦寐以求的位置的是我们的 2019 年份 Double Diamond Oakville 赤霞珠。排名第六的则是我们的 2019 年份 Robert Mondavi Oakfield Estates 赤霞珠。我非常期待能在之后的酒会环节中和大家一起品尝这些佳酿——当然前提是大家的问题不要太多。至于通过网络观看的朋友们，也非常欢迎你们购买一两瓶自己亲自尝试一下。
Now I'd like to welcome my colleague, Lisa Brown, SVP of Supply Chain, to showcase some other areas in our operations business, where we are focused on driving efficiency without ever compromising on quality. Thank you.
接下来，我想请出我的同事，供应链高级副总裁 Lisa Brown，为大家展示我们在运营业务中其他方面的举措——在这些方面我们持续提升效率，但始终不牺牲质量。谢谢大家。
Lisa Brown Senior VP of Supply Chain - Wine Spirits division
All right. Hello, glad you all are still hanging in there with us, because I personally am very excited to be here with you today to provide an overview of several key supply chain initiatives that support the strategic and financial commitments that we've outlined. Our sustainable design acceleration and SKU rationalization initiatives are designed to improve our cost structure in areas within our control, while helping to deliver both on consumer preferences and our ESG objectives.
大家好，感谢各位还在坚持聆听。我个人今天非常激动能在此为大家概述几项关键的供应链举措，这些举措将支撑我们已阐明的战略和财务承诺。我们加快可持续设计的推进以及精简产品SKU的举措，旨在改善我们可控领域的成本结构，同时也有助于满足消费者偏好并实现我们的 ESG 目标。
We are currently on track to deliver the targeted $12 million to $14 million of savings this fiscal year, with a solid plan for an additional $5 million to $8 million next year. This program directly supports our broader sustainability goals. One example is the reduction of our glass usage by 7,000 tons. So that is the equivalent of nearly 9 million, I'll say it again, 9 million bottles with no decrease in perceived quality.
目前，我们正按计划推进，本财年预计将实现1,200万至1,400万美元的成本节约，并已制定了明年再节省500万至800万美元的稳固方案。这项计划直接支持我们更广泛的可持续发展目标。比如，我们减少了7,000吨玻璃的使用，相当于近9百万瓶（我再强调一次，是900万瓶），而这并未降低消费者对品质的感知。
We will continue to pursue these efforts as good stewards of our environment while continuing to improve consumer perceptions of quality, all while creating greater efficiencies across our ways of working and cost structure.
我们将继续致力于此，作为环境的良好管理者，同时持续提升消费者对品质的认知，并在运营方式和成本结构上创造更高效的成果。
I'd like to now give you a snapshot of another efficiency enabler, our production facility and supply chain network optimization approach. As John shared from our Beer division, we're running numerous initiatives that are enabling us to run our business as efficiently as possible while maintaining our quality standards.
接下来我想简单介绍另一项提升效率的措施——我们对生产设施和供应链网络的优化方法。正如 John 在啤酒业务部分所提到的，我们正在开展多项计划，目的是在保持质量标准的同时最大程度提升运营效率。
A key focus of ours is improving the network supply chain, which we expect will produce a plus 25 to 35 basis points lift to margin. We're recommissioning our Napa bottling center, which will give us -- returns key capabilities -- we're bringing capabilities back in-house, also reducing labor costs 20% versus third-party supply providers.
我们目前的一个重点是提升网络供应链，这预计将为利润率带来25到35个基点的提升。我们正在重新启用纳帕的灌装中心，将关键能力收回内部，从而使我们能够减少20%的人工成本，相较于使用第三方供应商。
We are streamlining our logistics network, delivering an $0.11 per case cost improvement. This will better position us to service our fine wine customers with the experience they expect, while helping the environment by decreasing time and resources on the road and avoiding the use of additional capital.
我们正在简化物流网络，带来每箱0.11美元的成本改善。这将使我们能够更好地为高端葡萄酒客户提供他们期望的服务体验，同时通过减少运输时间和资源消耗、避免额外资本使用，帮助实现环保目标。
Our cellar strategy enables us to efficiently utilize storage space as well as the full service life of current equipment, while, again, decreasing the need for capital investment as we leverage our internal resources and capabilities. And as Sam said, we now have a growing higher-end international footprint and are focused on supporting it in an efficient and optimal way.
我们的酒窖策略能让我们高效利用存储空间和现有设备的全部使用寿命，同时依托内部资源与能力，降低资本投资需求。正如 Sam 所说，我们现在在高端国际业务上的布局不断扩大，我们正致力于以高效、最优的方式为其提供支持。
We have similar initiatives underway in both our Spirits business and our DTC capability. I'll begin in Spirits with a few key examples. We have plans to relocate our High West bottling line to our Salt Lake City location, as well as in-sourcing components of SVEDKA production that will yield $1 million to $1.5 million in annualized savings and a $22 million CapEx avoidance. We also have a joint investment in tequila capacity that will both scale our portfolio and deliver production benefits, driving a 25% return on invested capital.
我们在烈酒业务和DTC能力方面也在推进类似举措。先说烈酒，我们计划将High West的灌装线迁至盐湖城厂区，并将SVEDKA部分生产环节内部化，这将带来每年100万至150万美元的成本节约，并避免2,200万美元的资本支出。同时我们在龙舌兰产能方面也有一项联合投资，既扩大了产品组合规模，也带来了生产效益，预计投资回报率可达25%。
In our DTC channel, we are currently standing up the insourcing of our Schrader brand from a third-party provider to our Lodi distribution center for a partial year of $560,000 savings in FY '24 and up to $1.5 million in FY '25. We have plans to scale this capability across our entire DTC portfolio, which will deliver an estimated favorability of $7 million to $10 million.
在DTC渠道方面，我们正将 Schrader 品牌的物流环节从第三方转移至我们位于 Lodi 的配送中心，仅在2024财年这一部分就能节省约56万美元，2025财年预计节省达150万美元。我们计划将这一能力扩展至整个DTC产品组合，预计整体节约可达700万至1000万美元。
I took you through several of the many initiatives we have underway, which are driving cost, process and material efficiencies. We will continue to pursue the highest and best use of our resources to achieve the structural economics worthy of a shareholder value-creating business.
以上我介绍了我们正在推进的众多项目中的几项，它们正推动成本、流程与材料方面的效率提升。我们将持续践行资源“最高和最佳使用”的理念，以实现可持续创造股东价值的结构性经济效益。
Now I'd like to welcome Ken Metz, SVP of Finance, to the stage. Thank you.
接下来我想请出财务高级副总裁 Ken Metz 上台。谢谢大家。
Ken Metz Senior VP of Finance of Wine & Spirits Division
Thanks, Lisa. Hi, everyone. Let's talk about how the strategy we have articulated will accelerate our Wine & Spirits financial performance. Beyond fiscal '24, over the medium-term horizon, we expect our net sales to grow from 1% to 3% annually and to continue to improve our operating margins to achieve 25% to 26%. As a reminder, our unconsolidated investments contribute an additional $30 million to $40 million of EBIT each year.
谢谢你，Lisa。大家好。现在我们来谈谈我们所阐明的战略将如何加速葡萄酒与烈酒业务的财务表现。展望2024财年之后的中期，我们预计净销售额每年将增长1%至3%，并将继续改善营业利润率至25%至26%。提醒大家，我们的未合并投资每年还为我们贡献额外的3,000万至4,000万美元的息税前利润（EBIT）。
Our fiscal '24 net sales are expected to be slightly below $2 billion. From that base, our targeted 1% to 3% annual net sales growth will be driven by the shift of our brand and product mix to the higher end, and our geo and channel mix to an omnichannel route to market, and planned annual price increases of about 1% a year, all of which are expected to offset the headwinds our mainstream brands are experiencing in the U.S. wholesale channel.
2024财年的净销售额预计略低于20亿美元。在此基础上，我们目标的1%至3%的年净销售增长将由以下几方面驱动：品牌和产品组合向高端转型，地域与渠道结构向全渠道销售模式转型，以及每年约1%的价格上调计划。这些因素有望抵消我们主流品牌在美国批发渠道面临的逆风。
Our operating margins are expected to improve to 25% to 26% over the medium term. This will be driven by our shift in focus to higher-end, higher-margin products, which will make up a larger part of our portfolio, the benefit of our planned annual price increases and realized savings from the operations and cost efficiency projects that Sam and Lisa just discussed. And these benefits will offset expected COGS inflation and increases in depreciation from the expansion of our hospitality locations and investments in our operational facilities.
我们预计营业利润率将在中期内提高至25%至26%。这主要得益于我们专注于高端、高利润产品，这类产品将在我们的组合中占据更大比例；此外，还包括计划中的年度提价以及来自Sam和Lisa刚才提到的运营和成本效率项目的节省成果。这些收益将足以抵消预计的销售成本（COGS）通胀和由于扩展款待设施及运营投资带来的折旧增加。
Although we hedge our foreign currency exposures to minimize volatility, our operating margins may also be impacted by foreign exchange rates associated with our 3 imported brands.
虽然我们对外汇风险进行了对冲以尽量减少波动，但我们的营业利润率仍可能受到涉及三大进口品牌的汇率影响。
The productivity improvement initiatives that Lisa described are expected to deliver $125 million to $150 million in cumulative savings over the next 5 years. This will help offset inflation and improve our margins. Inflation has been higher than expected and higher than average over the last 2 years in the wine and spirits business, driven by higher freight, warehousing and labor costs.
Lisa提到的生产效率提升计划预计将在未来5年带来1.25亿至1.5亿美元的累计节省。这将有助于抵消通胀带来的压力并改善利润率。过去两年，葡萄酒与烈酒行业的通胀水平高于预期，也高于历史平均水平，主要受运输、仓储和劳动力成本上升的推动。
In contrast to our beer division, the Wine and Spirits division does expect some mid-single-digit inflation in fiscal '25 to fiscal '28. This will be driven primarily by higher grade costs, which represent almost 50% of our COGS base. As well as facility deleverage and freight. However, moving forward, we expect inflation to return to more normal levels of low to mid-single digits. Including cost savings initiatives, as Tom did, when he talked about the beer business, we would likely be more in the low single-digit range of inflation.
相较于啤酒部门，葡萄酒与烈酒部门在2025至2028财年预计将面临中单位数的通胀压力，主要来自葡萄成本上涨（葡萄占COGS成本结构近50%）、设施去杠杆化效应及运输成本。不过展望未来，我们预计通胀将回归更正常的低至中单位数区间。如果将我们的成本节约计划考虑在内，正如Tom在谈及啤酒业务时所说，我们的整体通胀水平可能更接近于低单位数区间。
To fuel our future growth and improve efficiency, we expect to invest approximately 100 -- I'm sorry, $800 million in capital expenditures over the next 5 years through maintenance projects and organic growth investments. Our maintenance projects will include systematically replacing vineyards to ensure we maintain the highest quality. ESG initiatives, including our ongoing water stewardship programs and investments in electric tractors to reduce greenhouse gas emissions. And winery and distillery investments to boost efficiency while upholding our quality standards.
为了支持未来的增长并提升效率，我们预计在未来五年内将投入约8亿美元的资本支出，用于维护项目和有机增长投资。维护项目将包括系统性地更换葡萄园，以确保维持最高品质；ESG举措包括持续推进水资源管理计划和投资电动拖拉机，以减少温室气体排放；此外，我们还将在酒厂和蒸馏厂方面投资，以提升效率同时保持质量标准。
Our organic growth investments include renovation or expansion of various hospitality, winery and distillery sites to support strong demand. We expect our depreciation expense to be between $85 million and $105 million annually, including the planned capital expenditures. Our sharpened approach to return focused marketing results in our overall spend decreasing to 8% to 8.5% of net sales, which is still above the industry average. And we will spend more behind accelerating the growth rates of our higher-end brands while continuing to support our mainstream brands to maintain share in challenged market segments.
我们的有机增长投资包括翻新或扩建多个接待中心、酒庄和蒸馏厂，以满足强劲的市场需求。我们预计年折旧费用将在8,500万美元至1.05亿美元之间，其中包括计划中的资本支出。我们更聚焦回报导向的营销策略将使整体支出降至净销售额的8%至8.5%，这一水平仍高于行业平均值。我们将更多地投资于推动高端品牌的加速增长，同时继续支持主流品牌在面临挑战的细分市场中维持市场份额。
Although we've been managing our SG&A spending, there has been a slight increase in fiscal '24 from both inflation pressures and nonrecurring legal expenses. Going forward, we expect our SG&A to be around 14.5% of net sales despite these inflation pressures. We'll get there by investments in process automation and IT systems, margin accretive investments in DTC and International, given their growth rates above market and continued cost discipline to ensure SG&A does not grow faster than net sales.
尽管我们一直在控制销售、一般及行政开支（SG&A），但由于通胀压力以及一次性法律费用，2024财年仍出现小幅上升。展望未来，尽管通胀持续存在，我们仍预计SG&A将维持在净销售额的约14.5%。为实现这一目标，我们将通过投资流程自动化和IT系统、在DTC和国际市场进行利润率增厚型投资（这些业务的增长速度高于市场平均水平），以及持续的成本纪律，确保SG&A增长不超过净销售增长。
I'll wrap up with a summary of our growth and profitability outlook. As Robert mentioned, our fiscal '24 net sales are expected to decline between 1% and 2%. However, we maintain our guidance of 2% to 4% operating income growth this year. In fiscal '25 onward, we expect net sales growth of 1% to 3% annually, beating the market as we have historically done. While delivering 25% to 26% operating margins, which is considered best-in-class among our high-end peers.
我将以我们的增长与盈利前景总结结束发言。正如Robert所提到的，我们预计2024财年净销售额将下降1%至2%，但我们仍维持今年营业收入增长2%至4%的指导。从2025财年起，我们预计年净销售额将增长1%至3%，延续我们一贯领先于市场的表现，同时实现25%至26%的营业利润率，这一水平在高端同行中被视为业内最佳。
Our capital expenditures of $800 million over the medium term will help fuel our future growth and operating efficiencies, and we expect our annual depreciation to be around $85 million to $105 million. We believe that the acceleration of our strategy outlined today and our linear progress against our commitments will deliver strong cash generation and shareholder value creation for Constellation brands moving forward.
我们在中期内的8亿美元资本支出将有助于推动未来增长并提升运营效率，同时预计年折旧费用在8,500万美元至1.05亿美元之间。我们相信，今天所阐述的战略提速以及我们在承诺方面的持续线性进展，将为星座品牌（Constellation Brands）未来带来强劲的现金创造能力和股东价值的提升。
Robert will answer your questions in the Q&A, and we look forward to sharing our wine and spirits products with you during the happy hour. Thank you very much.
接下来的问答环节由Robert为大家解答问题，我们也期待在欢乐时光与大家一起品鉴我们的葡萄酒与烈酒产品。非常感谢大家。
Operator
Please welcome Chief Communications and CSR Officer, Mike McGrew.
主持人
请欢迎首席传播与企业社会责任官Mike McGrew上台发言。
Michael McGrew EVP, Chief Communications, CSR & Inclusion Officer
Hang in there, we're almost done. We're in the home stretch. Good afternoon. I'm Mike McGrew. My team is responsible for Corporate Communications, Investor Relations, Diversity, Equity and Inclusion and ESG, which is where we'll focus our attention for this afternoon.
大家坚持一下，我们就快结束了，已进入最后阶段。下午好，我是Mike McGrew。我所带领的团队负责企业传播、投资者关系、多元、公平与包容（DEI）以及环境、社会与治理（ESG）。今天下午，我将重点介绍我们的ESG工作。
Before I jump into a discussion about our ESG strategy, I want to provide a little context first as I think it's important to note that we've taken a number of steps to evolve our ESG approach over the past several years. With Bill's active support, we've established ESG as a core pillar of our business strategy and centralized leadership and accountability for ESG within our leadership team.
在深入探讨我们的ESG战略之前，我想先提供一些背景信息，因为我认为有必要指出，过去几年我们已在ESG方法方面做出了诸多改进。在Bill的大力支持下，我们已将ESG确立为公司战略的核心支柱之一，并在领导团队中实现了ESG工作的集中领导和问责机制。
We've bolstered support for our ESG efforts by adding designated subject matter experts in areas such as finance, external reporting and water stewardship. We've elevated oversight of our ESG program to our Board of Directors, and we've embedded ESG into our annual business planning processes. So these are just a few of the pivots that we've made to raise the bar relative to ESG at Constellation over the past several years.
我们通过引入专门领域的专家，如财务、外部报告和水资源管理，增强了对ESG工作的支持。我们还将ESG项目的监督职责提升至董事会层级，并将其纳入我们的年度业务规划流程中。这些只是过去几年中我们在星座公司为提升ESG水平所做转变中的一部分。
So what prompted the shift in our approach? Well, similar to what you've heard from those who came before me. We're absolutely committed to driving a culture that's consumer obsessed, and it keeps consumers at the forefront of our decision-making in all aspects of our business. And the fact of the matter is, today's consumers expect more from the companies and brands they support.
那么，是什么促使我们改变了ESG方法呢？和前面几位发言人提到的一样，我们致力于打造以消费者为中心的企业文化，在业务各方面都将消费者放在首位。而现实情况是，如今的消费者对他们支持的公司和品牌有了更高的期望。
Based on a study conducted by PwC in 2021, 83% of consumers are more likely to engage with brands that demonstrate a sincere commitment towards ESG-related issues. And conversely, they're willing to walk away from brands that they feel are misaligned. We see this as a huge potential business opportunity to influence more consumers to choose our brands, to stay loyal to our brands and to trade up to our brands. And this sentiment, by the way, also applies to current and prospective employees, investors and other key stakeholders.
根据普华永道在2021年进行的一项研究，83%的消费者更愿意支持那些在ESG议题上表现出真诚承诺的品牌。相反，他们也会选择远离那些他们认为缺乏一致性的品牌。我们认为这是一个巨大的商业机会，可以吸引更多消费者选择我们的品牌、忠于我们的品牌，并升级购买我们的品牌。这种情绪同样适用于当前和潜在员工、投资者以及其他关键利益相关方。
So we've evolved our ESG strategy to be much more tightly aligned to our business strategy. And we've prioritized investments in select focus areas that have significant bearing on our future growth and success.
因此，我们已调整ESG战略，使其与我们的整体业务战略更加紧密地结合。同时，我们优先投资于对公司未来增长和成功有重大影响的重点领域。
Our strategy centers around 3 core commitments. Number one, to operate in a manner that safeguards our environment and natural resources. In this regard, we'll highlight our efforts to reduce greenhouse gas emissions and waste and to enhance our use of circular packaging. But an area that I'd like to call out more specifically in which we're prioritizing investments as it relates to the environment is water stewardship.
我们的战略围绕三大核心承诺展开。第一是以保护环境和自然资源的方式运营。在这方面，我们重点致力于减少温室气体排放和废弃物产生，同时提升循环包装的使用比例。但我特别想强调的是，我们在环保方面优先投资的一个关键领域——水资源管理。
As many of you know, this has been a topic of interest, particularly related to our beer business in recent years. Water is essential to building thriving sustainable communities, and we firmly believe -- we firmly believe that access to quality water is a basic human right. We want to do our part to ensure the communities where we operate, have an ample supply of this resource for many years to come.
正如许多人所知，这在近年来尤其与我们的啤酒业务相关，是一个备受关注的话题。水资源对于建设繁荣且可持续的社区至关重要，我们坚信——我们坚信获得优质水源是一项基本人权。我们希望尽自己的一份力，确保我们运营所在的社区在未来多年内都能拥有充足的水资源。
Number two, we're focused on enhancing social equity within our company, our industry and our communities, ensuring that we cultivate a best-in-class workforce that reflects the diversity of our consumers, and our communities and bolstering support for underserved members of our communities with an emphasis on Hispanic demographics and female demographics, which are vital to our long-term success given their size, and increasing levels of purchasing power.
第二点，我们致力于在公司、行业和社区中提升社会公平，确保我们培养出一支世界一流的员工队伍，能够反映出我们的消费者和社区的多样性。同时加强对社区中服务不足人群的支持，特别是拉丁裔和女性人群——鉴于其人口规模及其不断增长的购买力，这些群体对我们的长期成功至关重要。
And number three, as an industry leader, we want to make sure we're doing our part to advocate for responsible consumption of beverage alcohol products. Let's delve a little deeper into each of these areas.
第三，作为行业领导者，我们希望确保在推广负责任饮酒方面尽到自己的责任。接下来我们将对这些重点领域进行更深入的探讨。
As it relates to water stewardship, we've made significant progress against our goals, which center around: Restoring key watersheds near our operations; continually striving to enhance water efficiency at our production facilities; recycling and reusing excess water consumed as part of our production process; and investing in water infrastructure projects in underserved communities near our operations to help ensure reliable access to quality water for local residents.
关于水资源管理，我们在实现目标方面已取得重大进展，目标主要包括：修复我们运营附近的关键流域；持续努力提升生产设施的用水效率；回收并重复利用生产过程中产生的多余用水；以及投资我们运营周边服务不足社区的水利基础设施项目，以帮助确保当地居民可靠地获取优质水源。
Our goal is to help build sustainable communities where our neighbors and Constellation can thrive well into the future. As part of these efforts, we set a goal in April 2022 to restore more than 1 billion gallons of water withdrawals to key watersheds where we operate by fiscal year 2025. Well, I'm proud to say, and you've heard it earlier, that we surpassed that goal earlier this year ahead of schedule. So we've increased our goal by an incremental 4 billion gallons and now expect to restore a total of 5 billion gallons of water withdrawals to key watersheds where we operate by fiscal '25.
我们的目标是帮助打造可持续发展的社区，使我们的邻居和星座公司能够在未来长久繁荣。作为这一努力的一部分，我们在2022年4月设立了一个目标，即在2025财年前将运营所在地的关键流域恢复超过10亿加仑的水资源。我很自豪地告诉大家，正如你们之前所听到的，我们今年年初提前实现了这个目标。因此，我们将目标提高了40亿加仑，计划到2025财年在我们运营的关键流域中累计恢复50亿加仑的水资源。
Now to accomplish this goal, we're working with local authorities in Sonora, Mexico where our Obregon brewery is located to install agricultural irrigation equipment designed to enhance overall water efficiency in the region. The agricultural sector is by far, by far the biggest consumer of water in the region. And so enhancing water conservation efforts in this sector is key to long-term success.
为了实现这一目标，我们正与墨西哥索诺拉州地方政府合作——我们的奥布雷贡啤酒厂就坐落于此，安装旨在提升区域整体用水效率的农业灌溉设备。农业部门在该地区是水资源消耗量最大的领域，因此提升该领域的节水效率是实现长期成功的关键。
We also installed a new water treatment facility at our Obregon brewery that allows us to recover, treat and reuse excess water for other purposes such as agricultural irrigation or for use in cooling pipes within our brewery.
我们还在奥布雷贡啤酒厂安装了新的水处理设施，使我们能够回收、处理并再利用多余的用水，用于农业灌溉或工厂内部冷却管道等其他用途。
In addition, we're working with NGOs such as Pro-Natura and the Nature Conservancy on multiyear projects designed to help restore underground water tables near our Nava Brewery and to bolster local watersheds near our wineries in California.
此外，我们正与如Pro-Natura和大自然保护协会（The Nature Conservancy）等非政府组织合作，开展多年期项目，旨在帮助恢复我们Nava酿酒厂附近的地下水位，并加强我们在加州酒庄周边地区的流域保护。
Overall, we reduced our total water withdrawals and water intensity rating by about 20%, respectively, from fiscal '22 to fiscal '23. And in fiscal '23, we restored approximately 50% of total water withdrawals through discharge and restoration efforts.
总体而言，我们在2022财年至2023财年间分别减少了约20%的总取水量和单位产品用水强度。在2023财年，我们通过排水与修复工作，恢复了约50%的总取水量。
Now moving on to greenhouse gas emissions. Our team is working diligently to reduce Scope 1 and Scope 2 greenhouse gas emissions in line with our fiscal '25 goals. We've taken a number of steps to decrease our dependence on nonrenewable energy sources over the past several years, such as adding more than 80 low and 0 emissions vehicles to our fleet in Obregon. And we recently purchased 6 Monarch tractors for use at our California vineyards. Now use of these automated 0 emissions tractors is equal to removing over 60 gas power passenger vehicles from our roads each year.
接下来讲温室气体排放问题。我们的团队正全力以赴，努力实现到2025财年的第1类和第2类温室气体排放目标。过去几年中，我们采取了多项措施以减少对不可再生能源的依赖，例如在奥布雷贡运营车队中新增了超过80辆低排放或零排放车辆。我们还最近采购了6台Monarch电动拖拉机，用于加州葡萄园的作业。这些自动化零排放拖拉机的使用，相当于每年从道路上减少60多辆汽油动力乘用车的排放。
We're working to shift our reliance on fossil fuels to solar technology at our Ruffino winery in Italy and at The Prisoner Wine Company in Napa Valley. We're transitioning from fuel oil to natural gas at our Obregon brewery. And we now purchased 100%. 100% of the electricity used at our Woodbridge Winery in California from renewable energy sources.
我们正在努力将意大利Ruffino酒庄和纳帕谷The Prisoner酒庄的能源结构从化石燃料转向太阳能技术。在奥布雷贡酿酒厂，我们正将燃料油替换为天然气。同时，我们目前在加州Woodbridge酒庄使用的电力已100%来自可再生能源。
We continue to look for additional ways to complement these actions while ensuring that we make sound disciplined decisions that effectively balance our ESG ambitions with our fiduciary responsibility to shareholders and other business priorities.
我们将继续寻找更多方式来补充现有举措，同时确保我们的决策合理、审慎，能够在实现ESG目标的同时，切实履行我们对股东的受托责任，并兼顾其他业务重点。
Related to Scope 3 emissions, we've taken steps to enhance our data collection processes by putting foundational processes and controls in place for monitoring and reporting ESG metrics in line with established frameworks such as TCFD as part of our preparation to meet anticipated SEC requirements.
关于第3类温室气体排放，我们已着手加强数据收集流程，建立了基础流程与控制机制，用于监测和报告ESG指标，以符合诸如TCFD等既定框架要求，这是我们为应对预期中的SEC监管要求所做的准备之一。
In addition, we implemented Enablon ESG software to assist with data collection and reporting related to water conservation and greenhouse gas emissions. And we've put measures in place to capture more actual emissions data from some of our largest goods and services suppliers, including glass, resulting in more accurate Scope 3 emissions. These actions help put us on a path towards establishing commitments aligned to science-based targets.
此外，我们引入了Enablon ESG软件，帮助收集与报告有关节水与温室气体排放的数据。我们还采取措施，从包括玻璃在内的一些主要商品与服务供应商处获取更多实际排放数据，从而使第3类排放数据更加准确。这些举措将帮助我们迈向基于科学的目标设定路径。
Now shifting gears. We established 2 new environmental commitments earlier this year, focused on reducing our operational waste and enhancing our company's use of circular packaging. Now it's important to note that our packaging mix is inherently recyclable with the vast majority of packaging for our products, consisting of glass, aluminum and cardboard. That said, we're taking steps. We are absolutely taking steps to reduce operational waste and to improve packaging recyclability by reducing the ratio of packaging weight to product by 10% across our wine and spirits portfolio by the end of fiscal '25. And as you heard from Lisa, we're well on our way to removing the equivalent of 9 million glass bottles from our materials footprint. Awesome progress.
现在换个话题。今年早些时候，我们确立了两个新的环保承诺，重点是减少运营废弃物并提升公司对循环包装的使用水平。需要指出的是，我们的包装组合本身就具有可回收性，我们产品包装的绝大部分由玻璃、铝和纸板构成。尽管如此，我们仍在积极采取措施，确实在努力减少运营废弃物并提高包装可回收性，目标是在2025财年结束前，将葡萄酒与烈酒产品中包装重量与产品重量的比率降低10%。正如Lisa提到的，我们已经顺利推进，可望将相当于900万个玻璃瓶的包装材料从我们的足迹中移除。这是令人振奋的进展。
We're also working to ensure that a minimum of 80% of packaging for our Wine and Spirits portfolio is returnable, recyclable or renewable. We're replacing high cone plastic rings with recyclable paperboard for all applicable 4 and 6 pack offerings across our beer portfolio, doing that by the end of fiscal '25.
我们还在努力确保我们葡萄酒与烈酒产品组合中至少80%的包装材料具备可回收、可重复使用或可再生性。对于啤酒产品组合中所有适用的4瓶装与6瓶装，我们将在2025财年结束前把传统的塑料高环更换为可回收纸板材料。
And we're taking steps to pursue a true certification for 0 waste in key operating facilities. In regards to our focus on enhancing social equity, we've prioritized our focus on initiatives that positively impact core demographics relevant to our company's mission. For instance, in fiscal 2019, we launched our focus on Female Founders program. Now women make up more than half of the population in the U.S., our biggest market. Purchasing power amongst women has increased exponentially over time and women make a majority of household purchasing decisions, including decisions related to food and beverage, yet female representation with our industry remains relatively low. So we saw an opportunity to do better. We committed to invest $100 million in female-founded or female-led start-ups in the beverage alcohol space over a 10-year period.
我们也正在推进关键运营设施的零废弃认证工作。关于推动社会公平方面，我们聚焦于能对公司使命核心人群产生积极影响的项目。例如，在2019财年，我们推出了“Female Founders女性创始人计划”。美国是我们最大的市场，女性人口占比超过一半，其购买力随着时间成倍增长，并且女性掌握了大多数家庭的消费决策，包括饮食相关的消费。然而，在我们的行业中，女性的代表性依然偏低。因此，我们看到了改善的机会，并承诺在10年内对饮品酒类行业中由女性创办或领导的初创公司投资1亿美元。
Now this program, which is managed by our ventures team, invest in early-stage companies with products that have traction in the marketplace and that feel white space within our portfolio. In partnering with us, these entrepreneurs get access to more than just funding. They also get access to subject matter expertise in areas such as sales, marketing, finance, supply chain management and distributor relations. All of this is designed to enhance their chances at long-term success.
这一计划由我们的风投团队管理，投资对象为那些在市场上已有初步影响、且能够填补我们产品组合空白的早期公司。与我们建立合作后，这些创业者获得的不仅仅是资金支持，还能接触到我们在销售、营销、财务、供应链管理以及经销商关系等方面的专业知识。所有这些支持都旨在提升她们实现长期成功的可能性。
We launched a similar program for minority founders. And since fiscal '19, we've invested more than $98 million in female and minority founded small businesses combined.
我们也推出了面向少数族裔创始人的类似计划。自2019财年以来，我们已在女性与少数族裔创办的小企业中合计投资超过9,800万美元。
We've also partnered with several community-based organizations focused on providing greater access to opportunity for underserved members of our local communities. Our partnerships with Dress for Success and UnidosUS are great examples. Dress for Success, empowers women to achieve economic independence by surrounding them with a network of support by providing professional attire and development tools to help them thrive in work and in life.
我们还与多个致力于为本地社区中弱势群体提供更多发展机会的基层组织建立合作。例如，我们与“Dress for Success”及“UnidosUS”的合作就是很好的例子。Dress for Success 致力于帮助女性实现经济独立，为她们提供支持网络、职业着装与个人发展工具，助力其在工作与生活中蓬勃发展。
Dress for success has supported well over 1 million women since its founding. Most are women of color. Beyond monetary support, many of our team members serve as mentors, leadership coaches, digital workforce trainers and Board members for local chapters. UnidosUS supports Hispanic communities across the U.S. in overcoming many of the social and economic challenges that pose headwinds to this demographic.
“Dress for Success”自成立以来，已支持超过100万名女性，其中大多数是有色人种女性。除了资金支持外，我们许多团队成员还担任导师、领导力教练、数字劳动力培训师及地方分会的董事会成员。“UnidosUS”则致力于帮助全美的西语裔社区应对各种社会与经济挑战，这些挑战常常成为该群体发展的障碍。
Beyond monetary support, our employees help provide a homeownership counseling, financial management, coaching to Hispanic families and underserved communities across the country. These are just a few examples of the work that we're doing in this space.
除了提供资金支持，我们的员工还为全国范围内的西语裔家庭与弱势社区提供购房咨询、财务管理指导及培训。这些只是我们在该领域所做工作的一部分实例。
All in, we've contributed more than $4.1 million over the past 2 years to help support the respective missions of our social impact partners. Now though we've talked about efforts to enhance social equity within our industry and local communities, I think it's very important to note that our commitment really starts at home. So from a diversity, equity and inclusion standpoint, we're focused on 3 areas: number one, cultivating a high-performing best-in-class workforce that reflects the diversity amongst our consumers and communities; number two, creating an inclusive culture that allows that diversity to thrive; and number three, leveraging the passion and talents of our diverse team to positively impact the world around us primarily through the partnerships mentioned earlier.
总体来看，在过去两年里，我们已向各个社会影响合作伙伴的项目贡献了超过410万美元。尽管我们一直在努力推动行业内及本地社区的社会公平，但我认为必须强调的是，我们的承诺始于内部。因此，在多元、公平与包容（DEI）方面，我们聚焦于三个重点：第一，打造一支高绩效、世界一流、能够反映我们消费者和社区多样性的员工队伍；第二，营造一个包容性的企业文化，使多样性得以繁荣发展；第三，借助我们多元化团队的热情与才华，通过前文提到的合作关系，积极影响我们周围的世界。
We realized that DEI leadership starts at the top. And we're proud of the strides that we've made to enhance diverse representation on our board, not only in terms of gender and ethnicity, but in terms of subject matter expertise, ensuring that we have a set of well-rounded perspectives at the table actively engaging in discussions and debates related to our business and key stakeholders.
我们深知DEI的领导力必须从公司高层做起。我们为在董事会中提升多元代表性所取得的进展感到自豪。这不仅体现在性别和族裔层面，还包括专业知识的多样性，以确保我们在关键议题和利益相关方讨论中具备全面、深入的视角。
Gender and ethnic diversity on our board rates slightly above 2022 S&P 500 board diversity averages which also sends a positive message and models behavior for the rest of our organization. And I'd be remiss if I didn't also recognize the strides we've made in enhancing the level of diversity in our executive management team, where we've increased diverse representation by 50%. 50% over the past 4.5 years. Now our team is working to enhance recruiting, hiring, onboarding and development programs in support of our ultimate ambitions.
我们董事会的性别与族裔多样性略高于2022年标普500公司的董事会平均水平，这一成绩也向组织内部传达了积极的信号并树立了榜样。值得一提的是，我们在提升公司高管团队多样性方面也取得显著进展，在过去4年半里，多元代表性提升了50%。我们当前正致力于优化招聘、录用、入职及人才发展项目，以支持我们的长期目标。
As we bring more diverse talent into our organization, we're also focused on creating a workplace culture that fully harnesses the power of our increasingly diverse team. We've established 9 business resource groups across our U.S. operations and additional BRGs relevant to key demographics in our international operations.
随着更多多样化人才加入我们的组织，我们也专注于打造一种能够充分发挥多元团队力量的职场文化。目前，我们在美国运营中已设立了9个业务资源小组（BRGs），并在国际市场根据关键人口群体建立了相应的BRGs。
Our BRGs develop and execute strategies to help enhance cultural awareness, develop leadership capabilities and to strengthen allyship across our company. Each member of our executive management team serves as an executive sponsor for at least one of our U.S.-based BRGs and over 60% of our employees. Over 60% of our employees are engaged as members of one or more BRGs.
我们的BRGs制定并执行战略，以提升文化认知、发展领导力能力，并加强公司内部的协作关系。我们每一位高管团队成员都担任至少一个美国BRG的执行赞助人，同时公司超过60%的员工参与了一个或多个BRGs的工作。
To wrap up our last area of concentration related to social efforts. We continue to maintain our focus on promoting responsible consumption of beverage alcohol products. In doing so, we adhere to all industry standards and regulations related to responsible promotion and marketing of our products. And we focus on two areas in particular: number one, supporting fact-based education, engagement programs and policies to help empower adults to make responsible choices in their beverage alcohol consumption. An example would be our conscious consumption, social media campaigns and SafeRide home activations executed during cultural celebrations and holidays throughout the year. Number two, we've made significant progress over the past several years in developing a range of grade tasting, higher end, low and no alcohol offerings through our beer, Wine and Spirits and Ventures teams aligned to consumer trends around betterment and moderation.
关于我们社会责任努力的最后一项重点，我们始终关注并倡导负责任的饮酒行为。在这方面，我们遵守所有行业标准及相关法规，确保产品推广与营销合规负责任。我们重点聚焦两个方面：第一，支持基于事实的教育活动、公众参与项目及相关政策，帮助成年人在酒精饮品消费中做出负责任的选择。例如，我们在全年的文化庆典及节假日期间开展“理性饮酒”社交媒体宣传与“安全返家”公益行动；第二，在迎合消费者健康改善与适度饮酒趋势方面，我们的啤酒、葡萄酒与烈酒及风投团队在过去数年已开发出一系列口感优质、档次更高的低酒精或无酒精产品。
Lastly, as Bill referenced earlier, we've made significant enhancements to our corporate governance structure over the past year. In addition to what Bill shared, we've established Board oversight of our ESG strategy, adding this responsibility to our Corporate Governance Nominating and Responsibility Committee. And our Board recently appointed Jennifer Daniels as Chair of this committee. She brings significant expertise and knowledge to this space as she's headed or head ESG oversight responsibility at Colgate Palmolive for the past 9 years. So she's been a great addition.
最后，正如Bill早前提到的，我们在过去一年中显著强化了公司治理结构。在Bill所分享的内容之外，我们还将ESG战略纳入董事会的监管范围，并将其职责划归“公司治理、提名与责任委员会”。董事会近期任命Jennifer Daniels为该委员会主席。她在该领域拥有丰富经验，曾在高露洁-棕榄公司担任ESG监管负责人长达9年，是我们团队极具价值的新成员。
While we still have much work to do, our team is extremely proud, extremely proud of the progress made to date. We invite you to learn more about our efforts as outlined in our 2023 ESG impact report, which you can access via our website, cbrands.com. We appreciate the continued engagement feedback and guidance provided by our shareholders as well, and we want to continue to open dialogue as expectations continue to evolve in this space.
尽管我们还有很多工作要做，但我们团队对于迄今所取得的进展感到非常自豪。我们诚挚邀请您阅读我们的2023年ESG影响报告，报告可通过我们官网 cbrands.com 获取。我们也十分感谢股东们在此领域不断给予的参与、反馈与指导，并期望在未来继续保持开放对话，以应对不断演进的外部期望。
Now with that, I'd like to close my session with a brief video that we feel truly helps bring our ESG story to life. I appreciate your time and attention this afternoon. Thank you.
接下来，我将以一段简短视频结束我的分享，这段视频生动展现了我们的ESG故事。感谢大家今天下午的时间与关注。谢谢。
[Presentation]
Operator
Please welcome Chief Financial Officer, Garth Hankinson.
主持人
请欢迎首席财务官加思·汉金森。
Garth Hankinson Executive VP & CFO
Hello, and good afternoon, everyone. As I walk on stage, I'm acutely aware that I'm the last presentation before our final Q&A session and the happy hour that I think every one of my colleagues has referenced as we've gone throughout the day. But if you bear with me, I promise to be concise, but additive.
大家好，下午好。当我走上舞台时，我非常清楚我是在今天的最后一个问答环节和大家都提到过的欢乐时光之前做最后一个演讲的人。但如果大家再稍作等待，我保证我的发言会简明扼要，但内容充实。
I trust everyone has found that the information today to be helpful in better understanding our medium-term outlook, including how we will continue to drive the company's medium-term success and how our business and enterprise plans are aligned to our overarching strategy that Bill stepped through earlier.
我相信大家今天所听到的信息有助于更好地理解我们的中期前景，包括我们将如何持续推动公司的中期成功，以及我们的业务和整体企业规划如何与比尔早前阐述的总体战略保持一致。
As I have the privilege of wrapping up today's presentations, my goal is to bring together our financial targets at an enterprise level and to tell how those translate to better returns for shareholders.
我很荣幸为今天的演讲做总结，我的目标是将我们在企业层面的财务目标整合起来，并说明这些目标如何转化为对股东更优厚的回报。
Through the lens of our financial outlook, I will cover two main topics. First, Constellation's enterprise-wide financial targets over the medium term. Tom and Ken did a fantastic job earlier today as they walked you through the key components for each of our businesses.
从财务前景的角度出发，我将重点讲述两个话题。第一，Constellation在中期内的企业整体财务目标。Tom和Ken今天早些时候已经非常出色地向大家展示了各业务板块的关键要素。
In my presentation, you will see how these come together at an enterprise-wide level to yield our targets of mid- to high single-digit net sales growth, 33% to 35% operating income margins and double-digit diluted earnings per share growth.
在我的演讲中，大家将看到这些目标如何在企业层面整合，从而实现我们设定的中高单位数净销售增长、33%至35%的营业利润率，以及两位数的稀释后每股收益增长。
Second, I'll reinforce our capital allocation priorities, specifically how they have evolved when our current leadership assumed their roles and how we will continue to maintain a balanced and disciplined approach to our use of cash, including these updates regarding our targets.
第二，我将重申我们的资本分配优先事项，具体包括当前管理团队上任以来这些事项如何发展演变，以及我们将如何继续以平衡而审慎的方式运用现金，包括一些与目标相关的新进展。
First, we have optimized our beer expansion spend to approximately $4 billion from fiscal 2024 through fiscal 2028. As Tom noted earlier, a reduction of about $1 billion from our initial estimates.
首先，我们已将2024财年至2028财年的啤酒业务扩张支出优化至约40亿美元。正如Tom早前提到的，这一数字比我们最初的预估减少了约10亿美元。
Second, our Board of Directors has authorized an incremental $2 billion for share repurchases, bringing our current total available repurchases to roughly $2.8 billion.
第二，我们的董事会已批准额外20亿美元的股票回购授权，使我们目前可用的总回购额度达到约28亿美元。
Third, we continue to delever and anticipate achieving our net leverage ratio target of 3x during fiscal 2025. So let's get started with our enterprise-wide financial performance and outlook.
第三，我们正持续去杠杆化，并预计将在2025财年实现净杠杆比率降至3倍的目标。接下来，我们正式开始讲述公司整体的财务表现和展望。
Our net sales growth target is 6% to 8%, having already been within this range in recent fiscal years, we believe 6% to 8% remains achievable due to the continued growth of our industry-leading core and next wave beer brands and our higher-end wine and craft spirits brands. Consumer-led innovation across the entirety of our portfolios and disciplined annual price increases for both of our businesses.
我们的净销售增长目标为6%至8%。由于我们在最近几个财年已经处于这一增长区间，我们相信6%至8%的增长仍然是可以实现的，这得益于我们在行业中领先的核心和新兴啤酒品牌的持续增长，以及我们高端葡萄酒和精酿烈酒品牌的扩张。消费者主导的产品创新贯穿整个产品组合，同时我们在两个业务领域都采取了有节制的年度价格上涨策略。
By delivering this annual net sales growth target, we anticipate a net sales uplift between $3 billion and $4 billion by our fiscal 2028. For our enterprise operating income, we are targeting operating margins of approximately 33% to 35% annually. We intend to achieve this enterprise target as inflationary dynamics continue to revert to more historical levels as well as continuing to unlock cost savings through our productivity initiatives which are businesses discussed at length, but we continue to drive at a corporate level.
通过实现这一年度净销售增长目标，我们预计到2028财年净销售额将提升30亿至40亿美元。就公司整体营业利润而言，我们的目标是实现约33%至35%的年度营业利润率。我们打算通过以下方式实现这一企业目标：一方面，随着通胀趋势回归更具历史性的水平；另一方面，通过持续推进各业务板块已详细阐述的生产力提升举措以释放成本节省潜力，并在公司层面不断强化这些举措。
Executing optimized marketing plans that support incremental investments in marketing, and at the same time, shift those investments toward higher growth areas that best connect with our consumers and produce the best returns. And by driving efficiencies in other SG&A expenses across both businesses relative to net sales as we continue to deliver top line growth in excess of inflation and any additional investment required to support that growth.
我们将实施优化的市场营销计划，支持增量投资，并同时将这些投资转向与消费者联系最紧密、回报最优的高增长领域。同时，我们也将提升其他销售与管理费用（SG&A）的效率，使其相较于净销售额持续改善，从而确保我们的营收增长能够跑赢通胀，并覆盖支撑增长所需的额外投资。
These efforts will help us offset the more normalized inflationary headwinds we expect to face and the ramp-up in depreciation, which is primarily associated with our beer business capacity expansion.
这些举措将有助于我们抵消未来面临的更为正常化的通胀压力，以及与啤酒业务产能扩张相关的折旧费用上升带来的影响。
As noted, we are working on delivering efficiencies at the corporate level. That being said, we do anticipate annual increases in the low single to mid-single digits in corporate expenses from continued modest and targeted investments in technology and digital capabilities to support our growth initiatives and our productivity improvements.
正如前面提到的，我们正在公司层面努力提升效率。尽管如此，我们预计公司费用仍将以低单位数至中单位数的速度逐年上升，主要用于持续适度且有针对性地在技术和数字能力方面进行投资，以支持我们的增长计划和效率提升。
And by supporting our businesses and attracting, maintaining and developing top talent, we plan to continue to invest in our people as they are key to the success we've had in the past and are critical to our future success.
此外，为了支持我们的业务，并吸引、留住和培养顶尖人才，我们计划继续在人力资源上投入，因为人才既是我们过去成功的关键，也是我们未来成功的核心。
With those factors combined, our 33% to 35% operating margin target, is expected to provide an operating income uplift of $1.3 billion to $1.8 billion by fiscal 2028.
综合上述因素，我们33%至35%的营业利润率目标预计将在2028财年带来13亿至18亿美元的营业利润增长。
So now let's move through the rest of the P&L. We anticipate our effective tax rate to be consistently between 20% to 22%. This marginal increase relative to our fiscal 2024 tax rate guidance reflects forthcoming adjustments due to current tax legislation. Obviously, our expected tax range is subject to any future changes in policy.
接下来让我们看看利润表的其他部分。我们预计有效税率将持续保持在20%至22%之间。与2024财年的税率指引相比，这一小幅上调反映了当前税法下即将发生的调整。当然，这一税率范围仍可能受到未来政策变动的影响。
We anticipate our interest expense to be between $450 million and $600 million as we work towards our targeted leverage ratio and manage our debt in what is currently an elevated interest rate environment relative to recent years.
在我们努力实现既定杠杆率目标，并在当前相较于近年更高的利率环境下管理债务的过程中，我们预计利息费用将在4.5亿至6亿美元之间。
We expect approximately $40 million of annual noncontrolling interest adjustments primarily from our glass plant joint venture with Owens-Illinois. Additionally, we expect the benefit from our share repurchase plans, which I will discuss in more detail shortly. As a result, we are targeting our diluted earnings per share to grow low double digits annually over the medium term. We believe reestablishing an earnings per share growth target will help our existing and future shareholders understand the strength of our commitment in continuing to consistently deliver leading performance and value creation.
我们预计每年约有4000万美元的少数股东权益调整，主要来自我们与Owens-Illinois合资的玻璃工厂。此外，我们也预期将从股票回购计划中获益，稍后我会详细说明。因此，我们的目标是在中期内，每年的稀释后每股收益实现低双位数增长。我们认为，重新设定每股收益增长目标有助于当前和未来的股东理解我们持续兑现卓越业绩与价值创造承诺的坚定意志。
Moving from our P&L to cash flows. The successful execution of our strategy and our ability to drive strong earnings growth has supported strong cash flow generation year-over-year, which we believe will continue over the medium term. Looking back a few years, from fiscal 2020 to fiscal 2023, we generated nearly $11 billion in operating cash flow. Based on the targets I just outlined, we are anticipating low double-digit operating cash flow growth from this fiscal year to fiscal 2028 ultimately leading to cash generation of approximately $15 billion to $17 billion in operating cash flow from fiscal 2024 to fiscal 2028.
从利润表转向现金流。我们战略的成功执行和强劲的盈利增长能力，推动了年复一年的强劲现金流生成，我们相信这种趋势将在中期持续回升。回顾过去几个财年，从2020财年至2023财年，我们共实现了近110亿美元的经营现金流。基于我刚才概述的目标，我们预计从本财年到2028财年，经营现金流将实现低双位数增长，总体现金生成将在150亿至170亿美元之间。
As discussed previously, our capital allocation priorities shifted under our current leadership team. From fiscal 2017 through fiscal 2019, we made a series of significant acquisitions that required a substantial amount of debt.
如前所述，在现任管理团队领导下，我们的资本分配优先级发生了调整。从2017财年至2019财年，我们进行了一系列重大收购，这些收购需要大量举债支持。
In fiscal 2020, we shifted our priorities. First, we aim to address that incremental debt and get ourselves into a net leverage ratio of 3.5x. Second, we set a goal to deliver incremental cash returns to shareholders through share repurchases and lifted our dividend payout ratio to the upper end of our prior 25% to 30% target. When combined, these would deliver at least $5 billion of cash back to our shareholders. Third, we recommitted to deploying significant capital to incremental brewing capacity to support the growth of our beer business. And finally, we deprioritized M&A and refocused it on targeted tuck-in additions to fill in portfolio gaps.
到2020财年，我们调整了优先级：第一，我们致力于解决新增债务问题，将净杠杆比率控制在3.5倍以内；第二，我们设立目标，通过股票回购向股东返还增量现金，并将分红派息率提升至原先25%至30%目标区间的上限。这两项合计将向股东返还至少50亿美元现金；第三，我们再次承诺在啤酒业务方面投入大量资本以提升酿造产能；最后，我们将并购的优先级下调，转而聚焦于战略性的“小型收购”，用于填补产品组合空白。
So how do we perform against those commitments? Well, we more than achieved our leverage target getting very close to our current target of 3 times. We over-delivered on our $5 billion cash return goal completing the program early and exceeding it by nearly $500 million. And we only made a handful of tuck-in acquisitions, notably my favorite neighbor, Lingua Franca and Austin Cocktails, all of which have bolstered our portfolio and have been delivering outsized sales growth.
那么我们在兑现这些承诺方面表现如何？实际上我们超额完成了杠杆目标，距离当前的3倍净杠杆率目标仅一步之遥；我们提前完成并超额实现了50亿美元的股东回馈计划，最终超过目标近5亿美元；我们仅进行了一小部分“小型收购”，其中包括我最喜爱的邻居品牌Lingua Franca和Austin Cocktails，这些收购加强了我们的产品组合，并带来了远超预期的销售增长。
Now as all of you are aware, in fiscal 2023, we took out some incremental debt to support the Class B common stock reclassification approved by our shareholders. This added debt took us back to 3.6x leverage temporarily, and we have since gotten our leverage ratio back down to 3.2x.
众所周知，在2023财年，我们新增部分债务，以支持股东通过的B类普通股重分类事项。这部分新增债务曾使我们的净杠杆率短暂回升至3.6倍，但此后我们已将杠杆率降至3.2倍。
Now as we look at our capital allocation priorities moving forward, they remain largely the same, but we are further advancing the underline commitments against each priority. We continue to target a strong balance sheet that supports our investment-grade rating, and we are working toward a net leverage ratio of 3x, which we expect to be achieved within fiscal 2025. We expect to maintain a dividend payout ratio of 30%, supporting continued growth of our dividend per share in line with our earnings expectations. We plan to invest approximately $5 billion in growth and maintenance CapEx from 2024 to fiscal 2028 across both our beer and Wine and Spirits businesses. We expect to execute share repurchases with the $2.8 billion currently authorized by our Board. And we will maintain a disciplined M&A process with strict criteria when assessing any potential tuck-in opportunities.
展望未来，我们的资本配置优先事项基本保持不变，但在每项优先事项上都进一步强化了承诺。我们仍致力于维持强劲的资产负债表，以支持我们的投资级评级，并力争在2025财年内实现3倍的净杠杆率目标。我们预计将维持30%的股息派息率，与我们的盈利预期保持一致，支持每股股息的持续增长。我们计划在2024至2028财年期间，在啤酒及葡萄酒与烈酒业务上投入约50亿美元的增长和维持性资本支出。我们还计划执行董事会已批准的28亿美元股票回购计划，并将在并购方面保持严格标准的审慎态度，仅考虑具有高度契合度的小型补充性并购机会。
Of course, behind our capital allocation priorities and goals is a considered approach to determine the best use of our cash flows. This approach seeks to balance near-term and longer-term considerations across all potential uses of cash. For example, if we were to see a near-term dislocation in our share price, we would consider accelerating share repurchases and achieving our net leverage ratio slightly later than previously anticipated. Obviously, this is a hypothetical example to illustrate that our uses of cash are ultimately anchored on delivering the highest value and returns for our shareholders. While continuing to uphold our targets to ensure we continue to deliver that value and those returns in a disciplined and balanced manner.
当然，我们在设定资本配置优先事项和目标的背后，有一套经过深思熟虑的方法，用于确定现金流的最佳使用方式。该方法旨在在所有潜在用途之间，平衡短期与长期的考虑因素。例如，如果我们的股价在短期内出现大幅偏离，我们可能会考虑加速股票回购，并将实现净杠杆率目标的时间略微延后。显然，这只是一个假设性的例子，用以说明我们的现金使用始终以为股东创造最大价值和回报为核心。同时，我们也将继续坚持纪律严明、平衡有序的方式，以实现这些价值与回报。
With that, let's discuss each of our capital allocation priorities in a bit more detail. We continue to value our investment-grade rating given the benefits in access and cost of capital it provides. As noted earlier, we are targeting a net leverage ratio of 3x. This is a 1.5 turn reduction when compared to our 4.5x leverage ratio that we had in fiscal 2019, which included our investment in Canopy and when we supported larger scale M&A. In fact, we maintained a leverage ratio near 3x up to our share reclassification, which I said, took place during the fall of fiscal 2023.
接下来，让我们更详细地讨论各项资本配置优先事项。我们依然高度重视维持投资级信用评级，因为它为我们在融资渠道和资金成本方面带来显著优势。如前所述，我们的净杠杆率目标为3倍。与2019财年4.5倍的杠杆率相比，这一目标相当于减少了1.5倍，当时我们的杠杆率受到Canopy投资以及大型并购的影响。实际上，在2023财年秋季的股票重分类发生之前，我们始终将杠杆率维持在接近3倍的水平。因此，考虑到我们的执行轨迹和此前在这一杠杆水平上的良好运营表现，我们对实现3倍净杠杆率目标充满信心。
Our approximately 30% dividend payout ratio has historically been aligned with our peer average. As we look ahead, this payout ratio is also expected to be competitive relative to the S&P 500 average, providing consistent returns and remaining an attractive option within the broader market. We believe our dividend to be an important part of value proposition for many of our shareholders. And its alignment with our earnings through our payout ratio goal supports expected annual increases given our low double-digit EPS growth target.
我们当前约30%的派息率在历史上与同行平均水平保持一致。展望未来，该比例相较标普500指数的平均水平也具有竞争力，为投资者提供稳定回报，并在整个市场中保持吸引力。我们认为，股息是我们向众多股东传递价值主张的重要组成部分。而通过派息率目标与盈利表现保持一致，我们的股息也将有望随低双位数每股收益增长目标逐年提升。
We also know how important it is to invest in the organic growth of our business to support our broader expectations. Therefore, we are planning to spend approximately $5 billion from fiscal 2024 to fiscal 2028 from these opportunities. As we noted earlier, we now expect approximately $4 billion of that total to be allocated towards our beer business. This planned CapEx is going to support our brewery capacity expansions across our existing facilities as well as the construction of our new brewery at Veracruz.
我们也深知，为了支撑我们更广泛的预期目标，投资于业务的有机增长至关重要。因此，我们计划在2024至2028财年期间，为此类机会投入约50亿美元。如前所述，我们目前预计，其中约40亿美元将用于啤酒业务。这项计划中的资本支出将用于扩建我们现有设施的酿酒产能，并建设位于韦拉克鲁斯的新酿酒厂。
As the beer team shared, these investments will support our expected growth as well as enable redundancy to navigate periods of unanticipated elevated demand and more expedited recoveries from unexpected external disruptions across the supply chain.
正如啤酒团队所分享的，这些投资不仅将支持我们预期的增长，还将提供冗余产能，以便在出现意外高需求时期应对自如，并在面对供应链中的突发外部干扰时实现更快速的恢复。
Regardless of these capacity investments, we will continue to target additional opportunities for increased productivity to unlock incremental capacity from our existing footprint just as we did recently with the nearly 3 million hectoliters of additional volumes delivered across our breweries through efficiency actions.
即使在推进这些产能投资的同时，我们仍将持续寻找提升生产力的机会，以从现有设施中释放更多可用产能。正如我们近期通过提高运营效率，在各大酿酒厂额外实现近300万公升的产量增长。
As we move forward, our overall CapEx spend is expected to significantly decrease as a percentage of net sales, in line with the cadence of our beer business investments, which are expected to peak next fiscal year. Ultimately, we expect our fiscal 2028 CapEx requirements relative to net sales to be nearly 50% what they were last fiscal year.
随着业务推进，整体资本支出占净销售额的比例预计将显著下降，这与啤酒业务投资的节奏相一致，其投资将在下一个财年达到高峰。最终，我们预计到2028财年，资本支出占净销售额的比例将缩减至上一财年的约50%。
As noted earlier, cash returns to shareholders through share repurchases has been an important part of our capital allocation priorities since the current leadership team came into our roles. From fiscal 2020 through fiscal 2023, we made $3.1 billion in share repurchases, a key factor in achieving our cash return goal of $5 billion over that period.
如前所述，自现任管理团队上任以来，通过股票回购向股东返还现金一直是我们资本配置的关键部分。在2020至2023财年期间，我们进行了31亿美元的股票回购，是我们当期实现50亿美元现金回报目标的关键因素之一。
Over the next 3 to 5 years, we aim to conduct meaningful but prudent share repurchases as we now have approximately $2.8 billion of authorized repurchase capacity. And as noted in the example I shared earlier, we will assess opportunities to accelerate share repurchases when we see significant dislocations in our share price.
在接下来的3至5年内，我们计划在审慎的基础上开展具有意义的股票回购。目前我们尚有约28亿美元的获批回购额度。如我之前举例说明，当我们观察到股价出现显著偏离时，我们将评估是否加快回购节奏。
Our fifth and final capital allocation priority is focused on M&A, which remains geared towards tuck-in opportunities. Each potential M&A opportunity will undergo a rigorous financial and strategic assessment to ensure an appropriate fit within our turn profile and our portfolio. As I discussed earlier, we shifted away from larger scale M&A in fiscal 2020, and we spent less than 4% or $440 million of operating cash flow on M&A in the last 4 years inclusive of our venture investments.
我们第五项也是最后一项资本配置优先事项聚焦于并购，其重心仍然是小型补充性收购。每一个潜在的并购机会都将经过严格的财务和战略评估，确保其与我们的投资回报要求及现有产品组合高度契合。正如我早前所述，自2020财年以来，我们已转变战略，放弃大规模并购，过去4年中，包括风险投资在内，我们用于并购的运营现金流不足4%，总计约4.4亿美元。
These acquisitions included my favorite neighbor, Lingua Franca and Austin Cocktails, all of which were strong plays in beverage alcohol segments and subsegments that were additive to our returns and to our portfolio. The largest of these acquisitions was approximately $100 million, which is well within our definition of tuck-in acquisitions. And of course, over the years, we have done slightly larger tuck-in transactions like Meiomi and the Prisoner, which as Bill and Robert chaired, continued to perform very well.
这些收购项目包括我最喜欢的邻居品牌 Lingua Franca 和 Austin Cocktails，这些品牌在酒精饮品细分市场中都展现出强劲实力，并为我们的投资回报和产品组合增添了价值。其中规模最大的一笔收购约为1亿美元，完全符合我们对于“小型补充性收购”的定义。当然，过去几年我们也完成了稍大的补充性收购，例如 Meiomi 和 The Prisoner，正如比尔和罗伯特所强调的，这些品牌至今仍表现优异。
Regardless of the size of these tuck-ins, we always apply the same rigorous financial and strategic assessment I mentioned earlier. By looking at whether the opportunity can fill gaps in our portfolio or play in an under-indexed segment as a return profile accretive to our enterprise-wide ROIC is accretive to the base business for both top line growth and in margin and is priced in the premium or above price segments. And has the ability to scale with high-velocity products and brands that have distribution upside. It is with this set of criteria that we will ensure our future tuck-in M&A opportunities are the right fit for our business and contribute to overall returns.
无论这些补充性收购规模大小，我们始终坚持此前提到的严谨财务和战略评估标准：我们关注该机会是否能弥补产品组合中的空白，是否在目前低覆盖的细分领域具备布局价值，是否能够提升整体资本回报率（ROIC），是否能对我们核心业务的营收和利润率起到增值作用，是否定价于高端或更高档位市场，并且是否具备可扩展性、高周转率及分销增长潜力。我们将始终以这一套标准来确保未来的补充性并购机会与我们的业务高度契合，并能为整体回报做出积极贡献。
As I've outlined today, we have a strong plan over the medium term to deliver mid- to high single-digit net sales growth, operating income margins of approximately 33% to 35% and a low double-digit diluted EPS growth. This plan is expected to lead to consistent strong cash generation, enabling us to deploy capital with discipline and prudence.
正如我今天所概述的，我们拥有一项强有力的中期规划，目标是在未来实现中至高单位数的净销售增长、33%至35%左右的营业利润率，以及低双位数的稀释后每股收益增长。该计划预计将带来持续强劲的现金流生成，从而使我们能够在资本部署上保持纪律性和审慎性。
As we manage our debt and maintain an investment-grade rating, deliver returns to our shareholders through dividends and share repurchases and expand and grow our business through organic investments and tuck-in M&A.
在有效管理债务并维持投资级信用评级的同时，我们将通过分红和股票回购回馈股东，并通过有机增长投资和补充性并购拓展和壮大我们的业务。
This is what propels us forward toward contingent success. We are building on a solid history of industry-leading growth and more recently, highly effective capital allocation. And we have now shared with you our plans to make the next few years look just as good, if not better, than the last few. We hope all of you are as excited about our path forward as we are.
正是这些举措驱动我们不断迈向可持续的成功。我们立足于一段行业领先增长的坚实历史，近期更实现了极具成效的资本配置。如今我们已向各位详细阐述了未来数年的规划，力求使其表现不输于过去，甚至更胜一筹。我们真诚希望大家和我们一样，对未来的发展之路感到振奋与期待。
And with that, I want to thank you for your time and attention today, and we look forward to any questions you have as we move into our final Q&A session with Robert, Mike, Bill and myself. All right
最后，衷心感谢各位今天的时间与关注，接下来我们将进入最终的问答环节，由我、罗伯特、麦克和比尔共同参与，期待聆听大家的提问。谢谢！
Unknown Executive
We will now begin our first Q&A panel with President and Chief Executive Officer, Bill Newlands; EVP Chief Growth Strategy and Digital Officer, Mallika Monteiro; and President, Beer division, Jim Sabia.
我们现在将开始第一场问答环节，由总裁兼首席执行官比尔·纽兰兹、执行副总裁兼首席增长战略与数字官玛莉卡·蒙泰罗，以及啤酒事业部总裁吉姆·萨比亚参与。
Dara Mohsenian Morgan Stanley
Jim, can you help us understand the growth opportunity in the Modelo brand between the non-Hispanic and Hispanic consumer and how you plan to go after expanding household penetration among the non-Hispanic consumer and perhaps if the forward growth is different between the two cohorts versus the last few years and how you think about that?
吉姆，能否请你帮我们了解一下 Modelo 品牌在非西语裔与西语裔消费者之间的增长机会？你们打算如何扩大在非西语裔家庭中的渗透率？此外，未来这两个群体的增长趋势是否会与过去几年有所不同？你对此有何看法？
James Sabia EVP & President of Beer Division
Yes, Dara. So as you all know, Modelo, as I mentioned, in California, how big it is, it started out West. Really did a great job out West getting the distribution, the velocity of the consumer. Over the years, one of the benefits we've had is our national advertising campaigns. Years ago, we used to do a lot of local advertising in these markets. But now we're advertising nationally. So we're talking to consumers in the middle of the country, in the east part of the country as well as the consumers out West. So with that, we're getting more distribution. Our advertising campaign, the fighting spirit is really resonating, right?
好的，Dara。如你所知，Modelo 品牌最早在美国西部扎根，尤其在加州发展得非常强劲，在那里的分销网络与消费者接受度都很成功。多年来，我们的一个重要推动力是全国范围的广告宣传。早些年，我们主要在特定市场投放本地广告，但现在我们进行的是全国性宣传。我们不仅面向西部消费者，也触及中部和东部市场的消费者。这也带来了更广泛的分销。而我们的广告主题“斗志精神”（Fighting Spirit）也非常打动人心，对吧？
We used to only advertising Spanish language media. About seven years ago, we started English language and the fighting spirit campaign has been really effective. We've had some sponsorships that have helped us, right? So these are all the things we're doing to get the general market consumer.
过去我们只在西语媒体上打广告。但大约七年前，我们开始投放英文广告，而“斗志精神”这个广告主题表现十分出色。同时我们也参与了一些赞助项目，对吧？这些努力都是为了吸引更广泛的主流市场消费者。
If you think about the East Coast, there's a lot of Hispanics that are the origins are not from Mexico, whether it's Puerto Rico or Cuba, Venezuela. We're talking to those consumers more to in Spanish language. So our share of voice, we have the #1 share of voice in English language and Spanish language with Modelo Especial.
如果你看美国东海岸，很多西语裔并非墨西哥裔，而是来自波多黎各、古巴、委内瑞拉等地。我们用西班牙语与这些消费者沟通。因此，在 Modelo Especial 品牌上，我们在英语和西班牙语市场的“声音占比”（share of voice）都排名第一。
And then we talk about distribution and the velocity per point. So we have about 14 SKUs of Modelo. And we have, on an average, 5.6 SKUs on average in retail. So we think there's a lot of upside. Naturally, in California, it's going to be over indexed. But you go all the way East, you go even here in New York, in Miami, Corona is still bigger than Modelo Especial. So there's still so much opportunity, the awareness, especially the unaided awareness, which is when you ask consumers, when you think about beer, what do you think about, unaided awareness for Modelo is low. It's getting better and better and better.
再谈到分销和每个零售点的动销速度。我们目前在 Modelo 品牌下拥有约14个SKU，而平均每家零售店仅陈列了5.6个SKU，所以我们认为还有很大增长空间。加州当然是超额表现市场，但往东走，比如纽约或迈阿密，Corona 仍然比 Modelo Especial 更受欢迎。所以这当中蕴含巨大机会。尤其在品牌认知度方面，“非提示认知率”——也就是当你问消费者“你想到啤酒时想到什么品牌”时——Modelo 的认知率还较低，但在持续提升。
And one of the things that's helping us dramatically is becoming the #1 beer in America, right? All the media, we got all [ the earned media we ] have really, really helped consumers outside of the core Modelo franchise out West to really understand, well, what is this brand? What brand is this, #1 beer in America, I really haven't had it.
而一个极大推动力是，我们现在成为了全美销量第一的啤酒品牌，对吧？我们获得了大量媒体曝光，尤其是“赚得媒体”曝光（earned media），这极大帮助了西部核心市场以外的消费者了解这个品牌——“什么牌子是全美第一？我还没试过？”
And in terms of draft, that's one of the biggest opportunities we have. We're the fifth largest draft handle right now, #1 beer in America, fifth largest draft handle. Even in New York City, Blue Moon has 3,000 --, we have less than 1,000. So there's just so much opportunity on-premise, off-premise with this brand, including all the above-the-line advertising to really talk to the consumer about who we are as a brand.
而在生啤（draft beer）方面，这是我们当前最大的机会之一。尽管我们是全美销量第一的啤酒品牌，但在生啤龙头数量上我们仅排第五。在纽约市，Blue Moon 拥有3,000个生啤龙头，我们还不到1,000个。因此无论是店内（on-premise）还是店外（off-premise）渠道，我们都还有巨大机会，再结合广告宣传等“线上传播”（above-the-line）手段，进一步强化品牌形象、扩大消费者触达。
Dara Mohsenian Morgan Stanley
Can I slip one more in? Mallika, just the 300,000 consumers that you've interviewed over the last few years, maybe if you can give us some perspective on the insights that -- and their desires today versus maybe a few years ago and how that's changed? And also the younger LDA consumer, how that might be different than the older consumer?
我可以再问一个问题吗？玛莉卡，关于过去几年你们访谈过的30万名消费者，你能否分享一些关于他们需求变化的洞察？他们现在的偏好与几年前相比有什么不同？尤其是法定饮酒年龄（LDA）范围内的年轻消费者，与年长消费者有什么区别？
Mallika Monteiro EVP, MD of Beer Brands & Interim Chief Growth and Strategy Officer
Yes, absolutely. One of the reasons we talk to consumers in such depth and across such a vast array of demographics and background is to get a perspective on where the category is going, how consumers are thinking about brands and purchase behavior. And what we're seeing at a macro level trends like moderation and betterment and flavor really taking hold in general and then particularly with that younger consumer.
当然可以。我们之所以如此深入地与消费者对话，并覆盖各类人口统计和背景群体，目的是为了洞察品类的发展方向，以及消费者对品牌和购买行为的看法。从宏观趋势来看，“适度饮酒”（moderation）、“健康意识”（betterment）和“风味化”（flavor）趋势在整体人群中已明显显现，尤其是在年轻消费者中更为突出。
I think of it as expanding the pie rather than shrinking it as consumers add products like Corona non-ALC or the hot water that I see some of you drinking to their repertoire. It's -- Robert really likes that. To their repertoires, it's expanding occasions, it's adding new occasions. And I think that's really exciting for high-end portfolio like ours.
我认为这不是市场份额被稀释，而是整个“蛋糕”在扩大。消费者开始将如Corona无酒精啤酒、热水等产品加入他们的选择组合中（我看到你们有人正在喝热水，Robert特别喜欢这个）。这实际上是增加了消费场景，是“加法”而非“减法”。这对于我们这样专注高端产品组合的企业来说，是非常令人振奋的。
And then, of course, we pay really close attention to Hispanic consumers to make sure that our brands continue to be authentic, are connecting to them in ways that speak to who they are and what they're looking for from brands, but are also authentic to our brands. And we're paying attention to making sure that, that is -- that continues to be consistent as we evolve marketing and as we innovate.
当然，我们也非常重视西语裔消费者，确保我们的品牌在与他们沟通时保持真实、有共鸣，同时也符合我们品牌本身的调性。随着我们不断进行营销演化和产品创新，我们努力确保这种一致性得以保持。
Unknown Executive
All right. We have a question from the other side.
好的，我们这边有一个问题。
Unknown Analyst
Just two quick questions. Jim, when you look at the shape of Pacifico and kind of stack it on top of the shape of Modelo going back, any clarity, any thoughts on like can Pacifico, 10, 15 years from now be just as big as Modelo just like Modelo became just as big as Corona? So I'd love your perspective on that. And then just on the [shift] product, can you explain kind of what it is? And is the technology applicable to the other segments of the portfolio, like wine, spirits, nice to have a pinot turn into a [cab. Get deeper to the night.]
两个简短问题。吉姆，当你观察 Pacifico 品牌的成长曲线，并将其与早期 Modelo 的发展进行对比时，你是否认为十到十五年后 Pacifico 能像 Modelo 成为全美销量第一一样成为一个同等级别的大品牌？想听听你的看法。还有关于那个叫“shift”的产品，你能解释一下它是什么？它的技术是否也能应用在葡萄酒或烈酒等品类上？比如让一瓶黑皮诺变成赤霞珠之类。
James Sabia EVP & President of Beer Division
So Nick, with Pacifico, it started out West, again, in California. But interestingly enough, in California, where Modelo started with Hispanic consumers, Pacifico started with general market consumers. It looked very different than Modelo. What we're seeing now is that the Hispanic consumer in California is starting to really pick up Pacifico. So we're really getting an outsized growth in the state of California.
Nick，Pacifico 也是起源于西部，在加州。但有趣的是，Modelo 最初是在加州通过西语裔消费者打下基础，而 Pacifico 则是从主流市场消费者那里获得认可的，起步路径与 Modelo 不同。而现在我们看到，加州的西语裔消费者也开始越来越多地接受 Pacifico，这使得我们在加州的增长非常强劲。
We're up in a lot of markets across the country. I think it's close to like 47 markets this past first two quarters. What we're doing, though, we have a very deliberate strategy, as Bill Renspie talked about. As we move East, we are moving with a very precise targeting of what states, what retailers and ensuring that we have the velocity per point, we're not going to throw a bunch of SKUs into Texas or New York or Florida. We're really looking at the brand development index as we move from west to east, where does it belong, how many SKUs.
我们在全国多个市场中都在增长，我记得前两个季度已拓展至大约47个市场。但我们采用的是一项非常审慎的战略，正如 Bill Renspie 所讲的。当我们从西部向东推进时，我们会精确评估哪些州、哪些零售商最合适，并确保每个分销点都有足够的动销速度。我们不会盲目将大量SKU扔进德州、纽约或佛州，而是根据品牌发展指数（BDI）谨慎部署SKU数量和区域。
We're starting out in California right now. We started with Corona, having a door, then Modelo had a blue door, now we're getting yellow doors of Pacifico. And the thing about Pacifico is the positioning we have, this lifestyle, and if you think about that color of yellow and you guys see it at retail when we merchandise it.
目前我们还在加州阶段推广。过去我们先从 Corona 的“门店入口”布局开始，然后是 Modelo 的蓝色入口，现在 Pacifico 用黄色门头开始进入市场。Pacifico 的定位是生活方式品牌，黄色的视觉元素也非常突出，大家在零售店中可以清晰看到这种风格的陈列。
So to answer your question on the growth potential of Pacifico, we believe in 10, 15 years, to your point, it's not going to happen in the next three to five years. But in 10 to 15 years with the right strategy, with the right advertising, making sure drafts another point of focus against us, it's the #2 priority we have besides Modelo Especial, we really believe there's a lot of upside on brand Pacifico.
所以回到你关于 Pacifico 增长潜力的问题，我们确实认为，在未来10到15年内，有机会实现像你说的那样的增长（不太可能在未来3-5年内完成）。只要我们执行好战略，持续进行有效广告投放，重点拓展生啤渠道——Pacifico 现在是我们仅次于 Modelo Especial 的第二大重点品牌——我们确实认为 Pacifico 拥有非常大的增长空间。
Mallika Monteiro
[indiscernible] Nick, we want you to buy the pinot and the [cab], not in one product. But what's exciting about the way we've built [Shift], we went back to looking at the flavor category. And it is at retailers to see if [sameness,] if everyone is doing the same thing. What's the next strawberry? What's the next coconut? What's the next mango? We knew that if we were bringing a product to market, we wanted it to be distinctive. We wanted it to bring consumers something they haven't seen before. It has to taste fantastic, and we think it does. And the way in which it's built really lends itself to a sweet and citrus style product.
Nick，我们希望你分别购买黑皮诺和赤霞珠，而不是在同一瓶里搞定两种品种。但我们对 Shift 的构建方式感到兴奋，是因为我们回到“风味品类”本身去重新思考，并且在零售端观察有没有“同质化”现象，大家是不是都在做一样的东西？接下来的草莓、椰子、芒果口味又会是谁？我们非常清楚，如果要推出一款新产品，就必须做到与众不同，必须为消费者带来他们从未体验过的东西。它的口感必须极佳——而我们确实认为它做到了。从构造角度来看，它非常适合打造一种甜感与柑橘感兼具的风格产品。
So when you drink it today, you'll get both, you'll get a citrus and you'll get a fruit and that continues to shift as you consume the product. When we tested it with consumers, we didn't tell them what to expect. And what was amazing to us because I didn't really believe the R&D scientists when they told us they could do this. Consumers played back that shift to us unprompted, which is why we're really excited about that liquid.
所以当你今天去喝它时，你会尝到柑橘感，也会尝到果味，而这种感受会随着饮用过程而“变化”。我们在消费者测试中并没有预先告知他们会喝到什么，令人惊讶的是，他们在没有提示的情况下，主动描述出这种风味变化。我一开始甚至不太相信研发团队真能做出这种效果，这正是我们对这款产品如此兴奋的原因。
Unknown Executive
The one in the middle, Robert.
中间那位，Robert。
Robert Ottenstein – Evercore ISI Institutional Equities
Robert Ottenstein, Evercore. You threw out a number on women on one of the brands, it went a little bit too fast, but beer has generally not done a good job attracting female drinkers. Corona has kind of distinguished itself that way. Can you talk about what your mix is right now, male, female in terms of the beer portfolio and what you're doing to attract more women drinkers?
我是 Evercore 的 Robert Ottenstein。你们刚才提到某个品牌的女性消费者比例时说得太快了，没太听清。但整体来看，啤酒在吸引女性消费者方面一直做得不太理想，Corona 算是少数做得还不错的品牌。能否谈谈你们啤酒品牌组合当前的男女消费者比例？你们又在做什么来吸引更多女性消费者？
James Sabia – EVP & President of Beer Division
Yes, Robert, the brand we threw out there, sorry, I was too quick there was Chelada, right? We looked at -- was surprised to us over the last couple of years. We've seen 50% of the mix be general market, right? This brand started, like I said, 13 years ago, a 24-ounce SKU out West, where it's a very traditional Mexican brand. However, with the styles we've made now with the flavors of watermelon and strawberry, we're seeing more general market consumers pick it up.
没错，Robert，我们提到的那个品牌是 Chelada，很抱歉刚才说得太快。过去几年，这个品牌的表现出乎我们意料——现在有约50%的消费者来自“主流市场”人群。这个品牌13年前诞生于美国西部，起初是非常传统的墨西哥风格，主打24盎司的SKU。但我们后续引入了西瓜和草莓等风味，吸引了越来越多主流市场的消费者。
In addition, with this 12-ounce variety pack and Limon y Sal and Modelo, it's almost 25% of the mix right now, the 12-ounce, 12 pack. So we're getting to think about a 24-ounce can usually, that's a [C-store package]. You get -- buy, it's cold, you drink it. Now people are buying 12 packs. And we're getting distribution in the FMB space, so we're really starting to talk to the more general market consumer.
此外，我们还推出了12盎司的多口味组合包装，如“柠檬加盐”和 Modelo 口味，现在这部分已经占到了总销量的近25%。过去24盎司罐装产品通常是便利店渠道的即饮产品——消费者买来就是为了现喝。但现在，消费者愿意购买12瓶装的组合包。我们也逐渐切入风味麦芽饮料（FMB）渠道，开始更广泛地面向主流市场消费者。
And with the female consumer, because of the profile of the liquid, and it's easy to drink. It's only 3.5% alcohol, easy to drink. You saw it on the advertising. We're showing a female make the product. So that's where we're really attracted to talking with that consumer. I'll give to a quick overview on what we're doing with the female. It depends -- by brand, quite frankly. To your point, Corona has a higher index where Corona Light has a higher index, but if you saw some of the Modelo advertising [indiscernible], we used a grandmother and a daughter, right? So what we're purposely targeting females in our advertising now that to build on that.
至于女性消费者，这款酒的特点正好契合——它非常好喝，酒精度只有3.5%，入口顺滑。你们也许注意到我们的广告中展示了一位女性在制作这款饮品，我们就是在主动对女性受众发声。我也可以简单说说我们在吸引女性消费者方面的做法：坦白说，要看具体品牌。就像你提到的，Corona 的女性消费者指数比较高，Corona Light 更是如此。至于 Modelo，我们最近的一些广告中甚至用了“祖母与孙女”的形象来呈现——这是我们目前在广告中有意加强女性形象塑造的体现，旨在进一步扩大女性市场。
Mallika Monteiro
Yes. One of the things that I'm excited about that Constellation is doing personally is representing women in really authentic railways in our work. it's not women who are just serving the product who are just looking good while they're walking around with the tray of beer. Women in our ads are protagonists. They're showing up in real natural ways, and I personally find that exciting. And I think that's what's true as the women we talk to across our beer business play back to us as well.
是的，我个人非常兴奋的一点是，Constellation 现在以非常真实的方式在工作中呈现女性形象。在我们的广告中，女性不再只是端着啤酒托盘、走来走去的漂亮服务员。她们是主角，以自然真实的方式出现在镜头中。我个人对此感到非常振奋，而且我们在整个啤酒业务中与女性消费者的对话也得到了类似的反馈。
Unknown Analyst
Thinking about the geographic opportunity within the U.S., you highlighted the South and Central as some of the areas where you have a lot of distribution opportunities. Maybe can you talk about from a market share standpoint or opportunity in those states relative to the high end, high share states like California?
谈到你们在美国的地域扩张机会，你们提到了南部和中部地区存在大量分销潜力。能否从市场份额的角度谈谈，这些州与加州这样的高端、高份额州相比，机会如何？
And then from a channel standpoint, obviously, on-premise, you historically have been underpenetrated there. So what's the opportunity there? And how that the channels where you feel like you have an opportunity.
此外，从渠道的角度来看，你们过去在堂饮渠道的渗透率较低。这一渠道的机会怎样？你们在哪些渠道看到了增长潜力？
James Sabia EVP & President of Beer Division
So in -- so we think about Modelo on a national level, right, we're about [9]. California were [19,] right? So we think there's a lot of opportunity going to Texas, Florida, that part of the country with Modelo.
以全国范围来看，Modelo 的市占率大约是 9%，而在加州则达到了 19%。所以我们认为，在德克萨斯、佛罗里达等地区还有很大的增长机会。
But when you think about our portfolio, CBI right? CBI or in the -- or high end, share is on a country -- CBI on an industry is [19], high end in California -- I'm sorry, CBI, you get these numbers correct. CBI as an industry is in [19], California with [35], right?
再看我们的整体品牌组合，CBI（Constellation Brands Inc.）在全国高端市场的市占率大约是 19%，而在加州高端市场我们占有率是 35%。我确认一下这些数字，是的，加州是 35%。
So as you see the growth we have and the shares we have -- we're gaining like two share points in California almost every week, right? So you're seeing that. But we're starting to move east where Texas and Florida and C stores and all the price pack architecture.
所以你可以看到我们的增长势头和市占率——我们几乎每周在加州都能提升两个百分点。而现在我们正向东部推进，进入德州、佛州以及便利店等渠道，并调整价格包结构以适应市场。
So there's a lot of opportunity. The brand really, like I said earlier, it was really developed out West and now it's really moving East as Pacifico was developed. Corona really was our first national brand where in New York and Miami, it's still #1. Modelo is #2, but it's still number one.
因此我们看到巨大机会。正如我之前说的，Modelo 是在美国西部发展起来的，现在正如 Pacifico 一样逐渐向东扩张。而我们的第一个全国性品牌其实是 Corona，在纽约和迈阿密仍然是第一，Modelo 虽然排第二，但表现也非常强劲。
In terms of on-premise, it's a critical, critical channel for us.
在堂饮渠道方面，这是我们极其重视的关键渠道。
And one of the reasons why it's so critical is that we know that when consumers go into a bar, the very first thing they look at is draft, right? So you go into a bar, you look at draft because the benefit of that is that it gives you top of mind awareness, right?
它之所以如此关键，是因为我们知道消费者一走进酒吧，首先看的就是生啤。生啤的好处在于，它能带来“优先认知”，让品牌成为消费者脑海中的首选。
Unless you have a brand in your head that you want to buy, like Corona has a lot of that. [I take a Corona]. But it lets you to have the brand in your mind, you're not going to go over and look down and see what they have in the well down there.
除非你脑子里早已有了品牌，比如很多人直接点名要 Corona，否则你不会往下看那个酒槽里都放了什么品牌。
So draft is a critical part. So as we do more and more with the on-premise channel, it's going to help our brands, especially brands like Pacifico, especially brands like Oro that aren't really well known that really don't have the big, big national advertising, we're really using that channel as awareness and sampling.
因此生啤环节至关重要。我们会在堂饮渠道上持续发力，这对我们旗下那些品牌知名度还不够、没有大规模全国广告投放的品牌尤其有帮助，比如 Pacifico 和 Oro。我们把这个渠道作为品牌曝光和试饮体验的重要平台。
Unknown Analyst
I have a question on innovation. Over the last five years, you talked about 30% of your growth being driven from innovation. And now you're looking to see anywhere from 20% to 40%. So could you help frame for us how your pipeline of innovation may look in the next five years versus what it looked like before you kind of shared a lot with us today. But do you expect it to be more skewed towards product versus package?
听起来，您正在倾向于“全新创新”（new-to-world innovation）。因此，我认为这部分创新的比重将更多地来自于全新创新，而不是延伸您核心产品。请您就此发表一下看法。另外，在这一切的背景下，创新对盈利的贡献如何？当您不断创新时，您的大部分收入增长都来自创新？这些创新如何影响公司的利润？
Mallika Monteiro EVP, MD of Beer Brands & Interim Chief Growth and Strategy Officer
So we've been really pleased with how well our beer -- our innovation playbook in general has been working to drive that 30% of \[indiscernible] growth that we've seen over the last five years. And that playbook is really built on a handful of things that we are really good at. That depth of understanding of the consumer, what they're looking for, where they're going, that allows us to bet on the right high-growth segments and the right consumer macro trends. We feel really good about the liquids we create and the appeal they have to consumers — what’s in those bottles and cans really matters, and we're driving that quality.
Mallika Monteiro 啤酒品牌执行副总裁兼首席增长与战略官
我们对过去五年中，创新策略带动30%增长的成效深感满意。我们的创新方法论基于我们极为擅长的几方面：对消费者深度洞察——了解他们的需求和行为轨迹，使我们能够押注于高增长细分市场和有利的宏观消费趋势；对产品品质的自信——瓶装和易拉罐内的每一种配方都经过精心打造，具有强烈的吸引力，我们持续提升这一品质。
And then we have best-in-class execution really at the top of our game, making sure we’re focused and disciplined, managing cannibalization so that our new ideas are incremental to our business and attracting new drinkers. And that’s the playbook, we’ll continue to use going forward.
随后，我们在执行层面保持行业顶尖水平——专注且有纪律地推进项目，谨慎控制新产品对既有业务的吞噬效应，确保创新举措真正带来额外增量并吸引新消费者。这一方法论将持续指导我们的未来工作。
That 20% to 40% that you quoted is a mix of both innovation, brand extensions in some new to the world as well as packs because we see runway in the things that we’ve already brought to market. Modelo Oro, as an example, in year one of its national launch, only two SKUs in market. We’re bringing new SKUs beyond that. Modelo — expand new flavors on Chelada. So extensions are still a large part of what we do. And then we see price pack architecture as being really important to allow us to attract new drinkers, meet consumers’ needs as they think about what they’re looking for on a channel basis and drive greater channel penetration.
您提到的20%至40%增量，既包含全新创新，也包括品牌延伸及包装创新，因为我们认为已投放市场的产品线仍有扩展空间。例如，Modelo Oro全国首年仅推出两款SKU，我们后续将不断增加新SKU；Chelada系列也将拓展更多口味。因此，延伸产品依然是核心策略之一。同时，价格–包装组合策略对吸引新消费者、满足不同渠道和场景的需求，以及提升渠道渗透率至关重要。
On emerging brands, we have a slow, disciplined process. We don’t want to throw things at the wall to see what sticks. We want to make sure that we’re measuring in market, really understanding the product proposition that the liquid delivers that we’re bringing new and distinctive things to market, not just following everyone else. And so we’ll have a cadence to how we do that, Shift being the first one. It launched about a month ago.
对于新兴品牌，我们采取稳健、有纪律的节奏，不搞“试错式”投放。我们重点关注市场反馈，深入了解每款产品的核心价值主张，确保推出的新品具有独特性，而非人云亦云。Shift是我们的首个新品牌，大约一个月前已在市场亮相。
A lot of our emerging brands are focused in the flavored space, where we see upside to the beer portfolio. And so as we think about profitability of those products, it’s really tied to how the Chelada come into the business. We don’t want to be accretive to the beer P\&L. And so we’re being very careful about how we think about how those products are created, the pricing strategy behind them and how we think about channels.
我们的多数新兴品牌集中于口味创新领域，这也是啤酒品类的增长潜力所在。因此，在评估这些产品的盈利性时，关键在于它们如何与Chelada系列协同。我们不希望这些新品对啤酒业务利润表产生稀释效应，所以在产品开发、定价策略及渠道布局方面都极为谨慎。
Unknown Analyst
There was some commentary around spring resets that was quite constructive. Can you just expand on that? Are you expecting that to drive acceleration beyond your typical algorithm, number one?
未知分析师
之前有关春季重置的评论非常具有建设性。你能否对此进行进一步阐述？第一，你是否预计这会推动增长加速，超出你们通常的算法预期？
Number two, do you see this increasing your penetration rates? Is this becoming an accelerant for your business, the share shifts that have gone on with the category and some of the benefits that you're accruing as a result? So any expansion on that would be helpful.
第二，你是否认为这会提升你们的渗透率？这种举措是否正成为你们业务的催化剂，推动品类份额的转移并带来相应的好处？任何进一步的展开说明都将非常有帮助。
Unknown Executive
Chris, as Bill Renspie said, we're going to pick up 21,000 Shopper-First shelf resets. And that's been really working for us as the most we've ever had. We also laid out 500 million new points of distribution over 5 years on our...
未知高管
克里斯，正如比尔·仁斯皮（Bill Renspie）所说，我们将进行21,000次“以购物者为先”的货架重置。这是我们有史以来最多的一次，而且效果显著。我们还在5年内规划了5亿个新的分销点，...
Unknown Executive
\[indiscernible] 500,000. 500 million \[indiscernible]
未知高管
\[听不清] 500,000。5亿\[听不清]
Unknown Executive
I said 500 million. \[indiscernible] 500,000 So what's really good too for us \[indiscernible] this price pack architecture. We talked about Chelada, right? We talked about Chelada being 24-ounce can only, then we have 12-ounce cans. That's going to drive more, right? So Bill talked about and we have good -- really good growth in the fall, but outsized in the spring, right? So that's really going to help us.
未知高管
我说的是5亿。\[听不清] 50万。所以对我们来说，最有利的是这种价格–包装架构。我们讨论过Chelada产品，对吧？最初Chelada只有24盎司罐装，后来我们又推出了12盎司罐装。这会带来更多销量，对吧？比尔提到，我们在秋季实现了非常可观的增长，但春季增长更为显著。这将对我们大有裨益。
Because you remember the slide, the \$54 million per SKU versus \[ 10 or 11 versus ] our competition, retailers know that, right? They know that our SKUs to drive velocity, they drive revenue. And in this space, as you all know, you can't buy shelf space, you have to earn it. And we think that's what's happening with Modelo Especial. Even with -- we have Oro or now with more SKUs. And when our master brands like Modelo, right, for example, are really, really healthy, it helps us with our Fresca. It helps us with Chelada. It helps us with Oro because we have our master brand that's advertising, #1 share of voice, and it helps us get into the cold boxes. Because you got to get into cold box, 94% of beer is sold into cold box, and it's a critical spot. Bill and his team are doing a great job on getting more and more and more distribution. So time will tell what that does to our algorithm in terms of all the new spring sets that Bill talked about in terms of our brand.
因为你们还记得那张幻灯片，每个SKU带来5400万美元的销售额，而我们的竞争对手只有（10或11）\[百万？]，零售商对此心知肚明，对吧？他们知道我们的SKU能够推动销量，实现营收。在这一领域，如你们所知，你无法“买”到货架空间，必须赢得它。而我们认为，这正是Modelo Especial所取得的效果。即便在Oro或其他更多SKU的情况下也是如此。当我们的核心品牌如Modelo保持强劲健康时，它会带动Fresca、Chelada以及Oro的表现，因为我们的核心品牌拥有第一的广告声量，这也帮助我们获得更多冷藏展示位。毕竟94%的啤酒是在冷藏展示柜中售出，这是至关重要的位置。比尔和他的团队在不断拓展分销方面做得非常出色。至于比尔所提到的所有新春季陈列的影响，我们的算法会如何响应，就要时间来检验了。
Unknown Analyst
\[indiscernible] from Bernstein. I'd like to come back to innovation and how you balance line extensions versus new world. How do you pick which is more suitable when you're going after that new occasion or that consumer? And related to that, as you're doing line extensions, how do you then think about protecting the brand equity of the mother brand, especially given how concentrated your portfolio is?
未知分析师
来自伯恩斯坦的\[听不清]。我想回到创新话题，谈谈你们如何在产品线延伸（line extensions）和全新（new world）品牌之间取得平衡。在针对新的消费场景或特定消费者时，你们如何选择更合适的策略？与此相关，当你们进行产品线延伸时，又如何在品牌组合如此集中的情况下，保护母品牌的品牌价值？
Mallika Monteiro EVP, MD of Beer Brands & Interim Chief Growth and Strategy Officer
Yes, it's a really critical question. As we think about going after consumer opportunity, we really believe that smartly and in a disciplined way, extending our brand is, in many ways, the first choice. We can draft off the equity that the brand has in the marketplace. We can build off of the marketing investment so that we're more efficient with how we support innovation. Modelo -- is a great example of that. It builds off of what consumers already know and expect from Modelo.
玛丽卡·蒙特罗 啤酒品牌执行副总裁兼首席增长与战略官
这是一个非常关键的问题。在追寻消费者机会时，我们坚信以聪明且有纪律的方式延伸品牌在许多方面是首选策略。我们可以利用品牌在市场中的价值，也可以基于已有的营销投入，让创新支持变得更高效。Modelo就是一个很好的例子，它建立在消费者已经熟知和期待的Modelo品牌之上。
Now when we think about it though, we are very careful to make sure that the extension fits the brand strategy and fits the brand authenticity. And so Aguas Frescas rooted in Mexico very much a part of what happens south of the border that appeals to our consumers in the U.S. with -- our mind. We actually looked at should it be Corona, Modelo and excel right. For Modelo and that's what consumers played back for us, so that authenticity and connection to the brand matters.
然而，当我们进行延伸时，会非常谨慎地确保它符合品牌战略和品牌的真实性。Aguas Frescas深植于墨西哥文化，体现了边境以南的特色，并与美国消费者产生了共鸣。我们还评估过是否应该以Corona或Modelo品牌推出，但最终消费者的反馈证明他们更认可Modelo，因此品牌的真实性和关联度至关重要。
And we try not to do too much at once. And so there is a deliberate way in how we think about what comes next, how much time should we give the idea to live and grow in markets and make sure it continues to pay back to the master brand, so to speak.
我们也避免一口气铺得过多。因此，我们会有意地规划下一步，让新创意在市场中生根、成长，并确保它持续为母品牌带来回报。
But there are some things that the Mexican of course, just can't do. You can't go into new segments in certain ways that are authentic to the brand that protect the equity. And so in those times, we look very choicefully to say does it make sense to launch a new to the world brand we think that's right for shift? Or does it make sense to do a ventures minority investment in a mid-stage company that meets consumers where they are, does it in a way that's authentic and tell the right story but doesn't take away from the equity of our brands or the focus of our sales team because we want to make sure that we're balancing the growth of the core with what we do in innovation at the same time. So it's a fine toggle to make sure we're doing math the right way.
但也有一些领域是Modelo品牌本身无法触及的——你无法以既符合品牌真实性又能保护品牌资产的方式进入所有新细分市场。在这种情况下，我们会非常慎重地权衡：是否应该推出一个全新的“新世界”品牌（new-to-world brand），或者对一家中期成长型公司进行少数股权投资，让它以更贴近消费者且具真实性的方式讲述品牌故事，同时不稀释我们既有品牌的资产，也不分散销售团队的重点。这样一来，我们才能在核心业务增长和创新之间实现平衡，并确保“精算”到位——这正是一个细微而重要的抉择。
Unknown Analyst
So I guess we're going to spin out the next five years, can you give us some perspective on how you're thinking or what you're seeing in terms of just the sort of the dynamics between alcohol consumption and spirits versus beer versus wine. It's been a thematic thing for the last 20-some-odd years. And just what's changing, what's involving? I'm going to ask someone \[indiscernible] the GLP-1 sort of factor in that 5-year plan as well. If there is one, is it on your radar? I'm not asking for kind of what you're seeing now, but I'm assuming you're -- someone is looking at it, but maybe not.
未知分析师
所以我猜你们将在未来五年进行规划，能否从你们的角度谈谈，关于酒精消费中烈酒、啤酒和葡萄酒之间的动态？在过去二十多年里，这一直是一个主题。现在有哪些变化，哪些在演变？我还想请教一下GLP-1因素在那个五年计划中的作用。如果有的话，它在你们的视野里吗？我不是在问你们目前看到的情况，而是假设你们有人在关注它，或者可能没有。
Unknown Executive
\[ Let me take both of these. ]
未知高管
\[让我来同时回答这两个问题。]
Mallika Monteiro EVP, MD of Beer Brands & Interim Chief Growth and Strategy Officer
玛丽卡·蒙特罗 啤酒品牌执行副总裁兼首席增长与战略官
Why not?
为什么不呢？
Unknown Executive
Can you put up that slide, please? I've been waiting for this one. Thank you. Look, I could spend all night on this slide, but when the interest is not doing it for the rest of the evening, I'll just point out a couple of things. One percent of the population is actually consuming any of these drugs today. Mallika and her team has listened to 2.6 million conversations about what people are doing and how they're doing it. Seventy-one percent, I don't care what it costs, I wouldn't do this if this is the last thing walking. And in those 2.6 million conversations, only 2% even brought up the topic of alcohol. I don't think it's going to be a big issue for us. Obviously, we'll continue to watch the question. But I think in terms of overblown, this probably goes to the top of the list. Thank you for your fact sheet.
未知高管
能把那张幻灯片放上来吗？我一直在等这个。谢谢。看，我可以整晚都讲这张幻灯片，但如果大家今晚不想听，我就简单说几点。当前只有1%的人口真正使用这些药物。玛丽卡和她的团队听取了260万次关于人们如何使用这些药物的对话。其中有71%的对话者表示，“我不在乎成本，如果这是我最后一刻，我也不会用这些药物。”在那260万次对话中，只有2%的人提到了酒精话题。我认为这对我们来说不会是大问题。显然，我们会继续关注。不过我觉得，如果要说被夸大的问题，这件事可能是最夸张的。感谢你提供的资料表。
Unknown Analyst
\[indiscernible] that slide.
未知分析师
\[听不清]那张幻灯片。
William Newlands President, CEO & Director
Well, we got to be ready. And thank you for the -- we did use some data that we found in multiple locations for this lovely slide. But going back to the question of beer, wines and spirits. One of the things that I think that we have the benefit of is that we are in each of those categories. I alluded to the fact earlier that 9 out of 10 alcoholic beverage consumers consume all of them, and they spend 6x as much as anybody that \[ just is in ] less than that. So we think we're uniquely positioned no matter what the answer to that question ultimately looks like.
威廉·纽兰兹 总裁、CEO兼董事
我们必须做好准备。感谢你——我们确实使用了多个渠道收集的数据来制作这张精彩的幻灯片。但回到啤酒、葡萄酒和烈酒的问题，我认为我们的优势在于我们涉足了每一个类别。我之前提到过，十分之九的酒精饮料消费者会同时消费这三类产品，他们的花费是仅消费其中一类的人的六倍。因此，无论最终答案如何，我们都处于独特的有利位置。
I also think you're seeing a lot more fluidity in terms of what is the base of certain things. I don't think the consumer is as knowledgeable today about what exactly the base is of the alcohol as what they might have been a few years ago. You're seeing a lot more blurring of that. We've done some great work where we have barrel -- spirit barrel-aged wines. It's been a terrific sector for our wine. Well, what is it? It's a little bit of both, if you really want to be honest about it.
我也认为，如今人们对某些酒精饮料的基酒成分了解得没有几年前那么透彻。你会看到更多的模糊化。我们在这方面做了很棒的工作，比如推出了桶陈酿烈酒风味葡萄酒。这对我们的葡萄酒业务来说是一个绝佳领域。那么这到底算什么呢？如果实话实说，它有点两者兼而有之。
So part of what we're doing is trying to make sure that, that isn't a relevant answer to us. We would be prepared to play in any of those sectors depending on how and where the consumer goes. And then some of the innovation work that Mallika and her team are doing position us with areas that the base alcohol is not really the point. It creates a great drink experience that the consumer can enjoy. So I'd say anything we would say to tell you which one goes better or worse is probably a guess. Importantly, we're in a good position to take advantage no matter what the answer to that happens to take.
因此，我们的部分工作是确保这一问题对我们而言不那么关键。我们愿意根据消费者的需求和去向在任何领域参与竞争。此外，玛丽卡和她的团队所做的一些创新工作让我们进入了基酒成分并非核心的领域，创造了卓越的饮用体验供消费者享受。所以，我想如果让我们说哪一类表现更好或更差，那大概也是一种猜测。重要的是，无论答案如何，我们都处于良好位置，可以灵活应对。
Joseph Suarez Senior VP of Investor Relations
约瑟夫·苏亚雷斯 投资者关系高级副总裁
Perfect. All right. We can to go Bill at the back.
完美。好的，我们回到后面比尔那边。
Unknown Analyst
So on marketing spend, I think, Mallika, you said ROI \$2.5. So why is 9% the right number? Why isn't it something higher? And then what does your analysis tell you happens to ROI on that spend when you do go above 9%?
未知分析师
那么关于营销支出，我记得，玛丽卡，你提到投资回报率是2.5美元。为什么营销支出占比9%是合适的？为什么不是更高？你的分析显示，当支出超过9%时，投资回报率会怎样？
Mallika Monteiro EVP, MD of Beer Brands & Interim Chief Growth and Strategy Officer
玛丽卡·蒙特罗 啤酒品牌执行副总裁兼首席增长与战略官
I know you have a strong opinion about that.
我知道你对此有强烈看法。
James Sabia EVP & President of Beer Division
Yes. Bill, we look at this -- we've been looking at this for many, many years, right? Looking at all the activities against marketing, against what brands, what's the ROI, whether it's linear TV, social, digital, right? The 9%, what we've done is we've really focused now on some of our core brands to put resources against. So Modelo will get more, Corona will get more, Pacifico will get more. We're really making the big bets against those core brands, and others like Oro, and some of the other ones like Premier, right?
詹姆斯·萨比亚 啤酒事业部执行副总裁兼总裁
是的，比尔，我们多年来一直在研究这件事。我们评估了各种营销活动在不同品牌上的投资回报率，无论是线性电视、社交媒体还是数字渠道，对吧？至于9%，我们的做法是将资源重点投入到一些核心品牌上。因此，Modelo会获得更多支持，Corona会获得更多，Pacifico也是如此。我们真正做出重大押注的是这些核心品牌，以及像Oro和Premier等其他品牌。
So the marginal \$2.50 is the ROI. And by brand, the marginal ROI is different, right? So where you -- if you spend too much like on a brand like Pacifico too quickly, your points of distribution aren't there. So your ROI could be x, but your marginal ROI could be a lot less. Brands like Modelo, with all these new points of distribution and all the activities, that's where we're really going to spend resources behind because it has so many more points of distribution.
2.50美元的边际回报率就是我们的投资回报率。而在不同品牌之间，边际回报率会有所差异。比如，如果你对Pacifico这样的品牌在渠道铺设尚未到位时匆忙加大投入，你的回报率可能不错，但边际回报率会大幅下降。像Modelo这样拥有大量新分销点和推广活动的品牌，就是真正值得我们继续投入资源的对象，因为它拥有更多的分销点。
And the thing about 9% is that we're going to hit 7% to 9% net sales every year. So our marketing budget will go up every year. And over the course of 5 years, that's substantial dollars. So as we look at that, we feel very, very confident with the new media agency we have, what they're doing and whether we're buying or media and how we're allocating our resources and our knowledge about what activities against what brands against what part of the country, we feel like 9% is a really great number for us to continue to drive this business.
至于9%的支出比例，我们每年都会实现7%至9%的净销售增长。所以我们的营销预算也会每年增加。放眼五年，这笔预算将非常可观。因此，基于我们与新媒体代理的合作、他们的执行情况，以及我们在媒体购买、资源分配和对不同品牌在不同地域活动效果的了解，我们认为9%是继续推动业务增长的绝佳比例。
Joseph Suarez Senior VP of Investor Relations
约瑟夫·苏亚雷斯 投资者关系高级副总裁
I think we'll go to the question on the right, Andrea?
我想我们来回答右边的问题，安德里亚？
Andrea Teixeira JPMorgan Chase & Co
Andrea here from JPMorgan. So I wanted to go back, Jim, you said like the marginal rate of ROI going to the innovation. And Mallika, you correctly pointed out, right? I mean, obviously, you'd try to protect your brand equity on the big, big, large brands. So what would take you to get to that operational leverage as you go -- and your depreciation?
安德里亚·特谢拉 摩根大通
我是摩根的安德里亚。我想回到之前的问题，吉姆，你提到创新的边际投资回报率。正如玛丽卡所指出的，显然你们会尽力保护大品牌的品牌资产。那么，在追求运营杠杆和考虑折旧时，你们需要做哪些工作？
And I guess, Tom, you gave like a good example of how, historically, your margin could touch that higher level. And now that you're getting into the better productivity on those additional active leaders in both Nava and Obregon, why not getting to that high end, given that you're having all, you're hitting all those points in productivity? What will take you to hit those high notes, I would say?
另外，我想汤姆你之前举了一个很好的例子，说明你们的利润率在历史上曾达到更高水平。现在你们在Nava和Obregon的新增生产线效率都有所提升，为什么还没达到那个高端水平？要达成那些高点，还需要哪些条件？
James Sabia EVP & President of Beer Division
I think as Tom laid out, right, in terms of our marketing at 9%, SG\&A at 4% or 5%. The materials, which are 55% to 60% of our cost, right, those still -- we believe they're going to have low-single-digit inflation, right? So with that and then with the depreciation that Tom talked about, I think in fiscal '24, it was like \$285 million of depreciation, right?
詹姆斯·萨比亚 执行副总裁兼啤酒事业部总裁
正如汤姆所述，我们的营销费用占收入的9%，销售及管理费用占4%到5%。占成本55%到60%的原材料，我们预计仍将保持低单位数的通胀率。再加上汤姆提到的折旧——我记得2024财年的折旧大约为2.85亿美元。
As we look at that, pricing is now 1% to 2%. We learned a lot about pricing. As Tom mentioned, we took 2.7% 2 years ago and then we took 3.7%. And we saw elasticities. We saw that being a drag. And Bill always reminds us, it's so much harder to recruit new users than lose them, right, and get them back. So when we do have these consumers, we're being extremely mindful of how aggressive we get with pricing, working with our distributors on a market-by-market basis.
在此基础上，我们的定价提升在1%到2%之间。我们从定价策略中学到了很多。正如汤姆提到的，两年前我们提价2.7%，随后又提价3.7%，并观察到价格弹性对销量的拖累。比尔一直提醒我们，招募新消费者比维系和挽回现有消费者要难得多。因此，当我们面对这些消费者时，会在定价上保持极度谨慎，并与分销商在各个市场有针对性地协作。
So we feel good about where we are with the top line, 7% or 9%, with the bottom line getting to 39%, 40%. In the middle there with the marketing, with the SG\&A, and then Tom talked about the depreciation, that's where we're going. Now the materials, right, we just -- cost innovation. We talked about \$300 million over 5 years. And that's kind of linear. That's \$60 million per year. Naturally, we're going to continue to push with John and his team to get more of that. So we're going to continue to push as hard as we possibly can actually to get to that 39% as quick as possible.
因此，我们对7%到9%的营收增长以及39%到40%的净利率目标感到有信心。中间的营销和销售及管理费用，以及汤姆提到的折旧，这些都在我们的规划之内。至于原材料成本创新，我们讨论了未来五年总计3亿美元的目标，约合每年6000万美元。自然，我们会继续与约翰及其团队一起努力，争取更多成本创新，尽最大可能尽快实现39%的净利率目标。
Joseph Suarez Senior VP of Investor Relations
约瑟夫·苏亚雷斯 投资者关系高级副总裁
And we'll go one on the middle. Brett?
我们到中间的位置，由布雷特提问？
Brett Cooper Consumer Edge Research
Question on premiumization. We've seen it for a long time in the beer industry, but it seems to have kind of capped out at your portfolio price point. I think it's not that much higher, whereas Wine & Spirits continues to ratchet up. Can you explain why that is and why it isn't a risk that the consumer goes to sort of the next price point in beer over the next 10 years?
布雷特·库珀 Consumer Edge Research
关于高端化的问题。我们在啤酒行业已经看到这一趋势很久了，但似乎在你们的产品组合定价区间已经到达了顶点，提价幅度不大，而葡萄酒和烈酒继续上涨。你能解释一下这是为什么吗？未来十年消费者转向更高价位的啤酒，这是否存在风险？
James Sabia EVP & President of Beer Division
詹姆斯·萨比亚 执行副总裁兼啤酒事业部总裁
You want to talk about wine, Bill? And I can talk about beer.
比尔，你想讲讲葡萄酒吗？我可以谈谈啤酒。
William Newlands President, CEO & Director
威廉·纽兰兹 总裁兼首席执行官
Go ahead. You start.
请讲，你先开始。
James Sabia EVP & President of Beer Division
Yes. So you think about the high end, and the way we look at the high end, it's a 127 index to premiums, right? So our portfolio, we used to be about \$8 to \$10, if you go back 7, 8, 9 years between premium. Now we're getting up to \$12, \$13, \$14 per case, right? So we believe, right, consumers are drinking better, right? They're not drinking quantity, they're drinking quality. So we believe that's going to continue to increase.
詹姆斯·萨比亚 执行副总裁兼啤酒事业部总裁
是的，谈到高端化，我们把高端定价与高端啤酒的平均水平做了127的指数对比。大约7到9年前，我们的高端啤酒定价在每箱8到10美元之间，现在已经升至每箱12、13、14美元。因此，我们认为消费者在喝得更好，不再追求数量而是追求品质，我们相信这一趋势会继续增长。
As we looked at -- I think the -- I'm not going to -- the numbers of 17 states are at 60%. There are so many more states with the light blue that is getting 3-plus more share points at the high end. So we believe that the consumers will begin to continue to trade up. Now what's the end game in terms of how much can you sell a 6-pack for? Folks that live in New York City, they probably pay probably \$13.99 for a 6-pack of Corona. In some other markets like in Texas, a 12-pack is \$22. So it depends where you are. It depends on the consumer. It depends on taxes.
从我们看到的数据来看，我不打算——但有17个州的高端啤酒渗透率已达到60%。还有更多州处于浅蓝色区域，高端市场份额提升了3个百分点以上。因此，我们相信消费者会继续向高价位转移。至于最终价格能到什么水平？住在纽约市的人，可能要为一盒6罐的科罗娜啤酒支付约13.99美元；在德州等其他市场，一箱12罐可能要22美元。这取决于所在地区、消费者偏好和税收政策。
So we believe premiumization will continue in beer, how high and what kind of price point can you get. You have to really offer a liquid that's very unique. And now in wine, the \[ terroir ] and To Kalon grapes are a lot more expensive naturally, and I'll let Bill talk about wine. But with beer, right, the ingredients are more simple than it is potentially with wine and where the grapes are sourced from.
因此，我们认为啤酒行业的高端化会继续，不过定价能走多高以及哪个价格区间合适，关键在于是否能提供真正独特的产品。而葡萄酒方面，产地风土和To Kalon葡萄本身就更昂贵，我会让比尔来谈葡萄酒。至于啤酒，其配料相比葡萄酒更加简单，不像葡萄酒那样依赖特定产地。
William Newlands President, CEO & Director
威廉·纽兰兹 总裁兼首席执行官
Jim spent some time as the CMO of our total company, and so he got to be a wine guy on the side while he was doing that.
吉姆曾担任我们整体公司的首席营销官，因此在那段时间他也涉足了一些葡萄酒领域。
James Sabia EVP & President of Beer Division
詹姆斯·萨比亚 执行副总裁兼啤酒事业部总裁
Yes, I was trying to learn.
是的，我当时就是在学习。
William Newlands President, CEO & Director
I don't want to take away from our wine team. They're going to talk to you a lot about the whole premiumization. But I think one fact that stands out about wine for us is, 4 years ago, we were in the low-40s percentage of high-end business of our overall portfolio. That's gone up more than 50% in the last year, and you saw some of the facts that back up what I said.
威廉·纽兰兹 总裁兼首席执行官
我不想抢我们葡萄酒团队的风头，他们接下来会详细介绍高端化。但有一点值得强调：四年前，我们组合中高端葡萄酒业务所占比例在低40%区间，而去年这一比例已经增长超过50%，你们也看到了支持这一说法的数据。
I think that's a critical part of what you're going to hear about later today, is the real transformation that you've seen in this business. We've radically deemphasized the mainstream sectors, which as you've seen. It isn't very healthy. And I think that was a critical move that we made, which will sustain the long-term premiumization approach that we've taken with this business. And I will not steal the thunder for the rest of the team when they come up and talk to you about it.
我认为这也是你们稍后将听到的关键内容：你们已经看到这一业务发生了真正的转型。我们已经彻底弱化了主流产品线，因为正如你们所见，它们并不健康。我认为这是我们做出的关键举措，将支撑我们在该业务中长期推进的高端化战略。我不会抢接下来上台团队的风头，让他们详细阐述。
Joseph Suarez Senior VP of Investor Relations
约瑟夫·苏亚雷斯 投资者关系高级副总裁
All right. And we'll do last question in the middle, and then we're going to go to a 10-minute break after this one.
好的。我们在中间进行最后一个问题，之后我们将休息10分钟。
Unknown Analyst
Thanks very much. Two quick questions. Jim, I'm wondering if you could frame for us -- \[ Jeff Walker with Stopin Capital. ] The points of distribution, 500,000 incremental, was that specific to Modelo? And where does it sit? Or is that total company? And where are you today? So what does that mean in terms of incremental points of distribution penetration? That's the first question.
未知分析师
非常感谢。两点快速提问。吉姆，我想请你帮我们说明一下——【Stopin Capital的杰夫·沃克】提到的那50万个增量分销点，是专门针对Modelo吗？它现在处于什么阶段？还是涵盖整个公司？目前的分销点覆盖率是多少？这在增量渗透率方面意味着什么？这是第一个问题。
The second one, more from Mallika. I think we've all seen innovation is very important, and you need to do that whatever company you're talking about. But you do have experience in the Corona family side with Corona Familiar, which I think popped up in many locations, but now has gone away. Corona Premier seems to be doing quite well. So talk about some of the challenges and success there. But also we do know about Corona Hard Seltzer in the obsolescent charge. So what are some of the key learnings? And kind of how you go forward with a different path, perhaps, to be more successful? Two questions.
第二个问题给玛丽卡。我想我们都知道创新非常重要，无论哪个公司都需要创新。但在Corona家族产品中，你们也有Corona Familiar的经验，我记得它曾在许多地区出现，但现在已经退出市场。而Corona Premier表现不错。请谈谈那里的挑战和成功。同时，我们也了解Corona Hard Seltzer已经开始退潮。有哪些关键经验？以及你们可能走一条不同路径以获得更大成功？两个问题。
James Sabia EVP & President of Beer Division
I'll start with the distribution of 500,000 points of distribution. As Bill mentioned, about 250,000 of those are Modelo and the other ones are our core brands with our current SKUs. So we talked about there could be more, meaning if we come out with a 7-ounce of Pacifico, right, or we do more price pack architecture or we do another line extension of another -- one of our master brands. So the base over the next 5 years is 500,000 cases, with 250,000 of those against Modelo Especial. Then on top of that would be more price pack architecture, more innovation to build on the 500,000.
詹姆斯·萨比亚 执行副总裁兼啤酒事业部总裁
我先谈这50万个分销点。正如比尔提到的，其中约25万个是针对Modelo，剩下的则是针对我们现有核心品牌的现有SKU。我们讨论过，未来如果推出7盎司的Pacifico，或是更多的价格–包装组合，或是另一款我们主品牌的线延伸，分销点可能还会增加。因此，未来五年的基础目标是50万件，其中25万件针对Modelo Especial。在此基础上，还会有更多的价格–包装组合和创新，以建立在这50万件之上。
Mallika Monteiro EVP, MD of Beer Brands & Interim Chief Growth and Strategy Officer
I would say on Corona innovation, and it was the first brand we really have extended at scale in a number of different platforms. We learned a couple of lessons on Seltzer that we're applying to the new innovations we're bringing on our brand extension. The first, we were late to market. And as Seltzer was starting to develop, there were a lot of new to the world brands that were driving growth. We were later to market than we would have liked. And in those segments where there is a little bit of a boom and then a stabilization, being earlier rather than later matters.
玛丽卡·蒙特罗 啤酒品牌执行副总裁兼首席增长与战略官
关于Corona的创新，这是我们首次在多个平台上大规模进行品牌延伸。我们从Hard Seltzer中学到了一些经验，并将其应用到新的品牌延伸创新中。首先，我们进场较晚。随着Seltzer市场的发展，出现了许多全新品牌在推动增长，我们的上市时间晚于预期。在那些先爆发后趋于稳定的细分市场，先发优势非常重要。
The other thing I think we've learned, and you see it now on -- what we're applying to Chelada, with Frescas, even on the wine and spirit side with barrel-aged cocktails on High West and Mi Campo ready-to-serve, you got to be distinctive and have a point of view in the market that is different from what everybody else is doing. And we're holding ourselves to that standard going forward, that we have to bring something that is unique, that gives the consumers a reason to take stock and try our products. And so that's the other lesson that we're applying going forward.
我们还学到另一个教训——正如你们现在在Chelada、Frescas，甚至在葡萄酒和烈酒领域，如High West的桶陈鸡尾酒和Mi Campo的即饮产品中所看到的，你必须在市场上保持独特性和差异化视角，而不是人云亦云。未来，我们将坚持这一标准，推出独特的产品，给消费者足够的理由关注并尝试我们的新品。这是我们未来将继续应用的另一个关键经验。
Joseph Suarez Senior VP of Investor Relations
Great. And with that, we're going to go to a quick 10-minute break, and then we'll be back for Wine & Spirits.
约瑟夫·苏亚雷斯 投资者关系高级副总裁
很好。到此为止，我们将休息10分钟，随后回到葡萄酒与烈酒环节。
Mallika Monteiro EVP, MD of Beer Brands & Interim Chief Growth and Strategy Officer
Thank you.
玛丽卡·蒙特罗 啤酒品牌执行副总裁兼首席增长与战略官
谢谢。
\[Break]
\[休息]
Operator
All right. Round 2, final round. Hands up. All right. Let's start with Robert.
接线员
好的。第二轮，最后一轮。请举手。好了，我们从Robert开始。
Robert Ottenstein Evercore ISI Institutional Equities
Great, perfect presentation. So at the beginning, Bill talked about how cheap the stock is relative to other algorithms. Stock is kind of where it was like 6 years ago and arguably a much better business. We gave a great presentation today, a lot of granularity in terms of growing the beer business, turnaround Wine and Spirits. Is there any reason not to get aggressive on share buyback between now and the end of the year given that very stable cash flows, we've got the leverage down for the U.S. dollar base for the most part. It seems like an opportunity. It seems like a dislocation already.
罗伯特·奥滕斯坦 Evercore ISI机构股票部
非常好，演示很完美。一开始，比尔谈到公司股价相对于其他模型有多便宜。股价现在大致回到六年前的水平，但业务状况显然更好。今天我们看到了非常详尽的演示，关于啤酒业务的增长和葡萄酒与烈酒的转型都有深入剖析。鉴于现金流非常稳定，杠杆水平大体已降至合理区间，为什么不在现在到年底之间积极回购股票？这似乎是一个机会，似乎已经出现了错位。
Garth Hankinson Executive VP & CFO
So Robert, I hope we took from today's presentation, we've taken from our past practices that we are pretty agile, and we get into the marketplace whenever we see a good opportunity for us to buy back a substantial amount of our shares. That's an approach that, as I say, has worked well for us in the past. It's one that's going to continue to work well. We believe work well for us going forward. And so we will exercise that agility.
加斯·汉金森 执行副总裁兼首席财务官
罗伯特，我希望通过今天的演示你能看到，我们一向做法灵活，当看到合适的回购机会时，就会迅速行动。这一策略过去非常有效，并且将继续有效。我们相信它未来也会带来良好效果，因此我们会继续保持这种灵活性。
And then I said during our presentation or during my presentation is we have our targets, and we believe in our targets. But we have and will adjust those targets on a temporary basis in order to deliver the greatest value we can to our shareholders.
然后，我在演示中提到，我们有自己的目标，并且对这些目标充满信心。但我们也会根据情况临时调整这些目标，以便最大程度地为股东创造价值。
And if there's a dislocation in our share price, we'll absolutely take advantage of that.
如果我们的股价出现错位，我们绝对会抓住机会。
Bryan Spillane BofA Securities
布莱恩·斯皮伦 BofA证券
Bryan Spillane, two questions. One is \[indiscernible] Woodbridge \[indiscernible].
布莱恩·斯皮伦，有两个问题。其中一个是关于\[听不清]Woodbridge\[听不清]。
Robert Hanson Former Executive VP and President of Wine & Spirits Division
罗伯特·汉森 前执行副总裁兼葡萄酒与烈酒业务总裁
Thanks for the question, Bryan. We don't actually give out direct margin guidance by brands. And so therefore, we wanted to kind of frame the total portfolio on its strategic and financial attractiveness. The way I'd think about it is Woodbridge is by far our largest case volume brands. It is margin dilutive. If you think about our portfolio, the higher-end brands deliver above the 50% GP, the mainstream brands are delivering GPs in the 20% to 30% range. And then if you think about how we're managing our marketing investments, that's why you see the framework that we presented to you.
感谢您的提问，布莱恩。实际上我们并不针对各个品牌提供直接的利润率指导。因此，我们想要从战略和财务吸引力的角度来展示整个组合。我认为Woodbridge是我们最大的销量品牌，但它会稀释整体利润率。如果您看我们的组合，高端品牌的毛利率超过50%，主流品牌的毛利率则在20%到30%之间。而在我们管理营销投入的方式上，这也正是您在我们展示的框架中看到的逻辑。
I think the bigger opportunity we have rather than getting really specific on the individual brand margins is to look at the \[ CAMO ] profitability growth algorithm for the brands that are in the higher end. And that's really what we use. And I think as I shared with you in the presentation, at 1/3 of the volume, Meiomi is going to be delivering 3x the CAMO WoodBridge by fiscal '28 and at 5% of the volume High West can be delivering the CAMO Woodbridge by fiscal '28.
我认为，与其过于关注各品牌的具体利润率，不如着眼于\[CAMO]盈利增长算法，特别是那些位于高端的品牌。这也是我们的核心方法。我在演示中提到，到2028财年，当Meiomi的销量占比达到三分之一时，其CAMO将是Woodbridge的3倍；而当High West的销量占比达到5%时，其CAMO也能达到Woodbridge的水平。
So we are really focused on basically renovating Woodbridge, making it more modern, improving the sensory taste profile, putting into the market more compelling SKUs against this direct competitive base, managing the brand in a much more modern way than it's been managed in the past. But it's competing in a margin dilutive and declining market segment. So we want to really hold share there and get significantly more accretive growth out of the higher end of the portfolio.
因此，我们的重点是对Woodbridge进行彻底改造，使其更加现代化，提升感官口感，并在市场上推出更具吸引力的SKU，以更现代的方式管理品牌。然而，该品牌竞争的市场细分利润率较低且在下滑。因此，我们希望在那里保持市场份额，并从组合的高端业务中获得更具增值性的增长。
Bryan Spillane BofA Securities
\[indiscernible]
布莱恩·斯皮伦 BofA证券
\[听不清]
Robert Hanson Former Executive VP and President of Wine & Spirits Division
Yes. I mean, look, we've looked at Woodbridge and SVEDKA quite materially. I'm going to set SVEDKA aside because it's a slightly different answer than Woodbridge, I think I've answered the question on Woodbridge. But if you think about the whole presentation that the team and I shared, it's really driven by the shift in mix to the higher end. So we're really seeing a significant mix shift to the \$15 and above bottles. We were 42% 10 years ago were 63% today, and we'll be moving that up into the mid-70s by fiscal '28. So there's a brand and product mix shift. It is growing our larger volume leading brands. So everything from Meiomi and the high teens up to our tequila portfolio at 50% growth \[indiscernible] or doubling the comp on an annual basis. So we're really going to get the majority of the growth there. It's offsetting the drag of the mainstream portfolio.
罗伯特·汉森 前执行副总裁兼葡萄酒与烈酒事业部总裁
是的。我们的确对Woodbridge和SVEDKA进行了深入研究。我暂且将SVEDKA放在一边，因为它的情况与Woodbridge略有不同——我觉得我已经回答了有关Woodbridge的问题。但如果您回顾我和团队所做的整个演示，核心就是向高端产品组合的转变。因此，我们确实看到15美元及以上瓶装产品的组合发生了显著变化。十年前，这一比例为42%，如今已达63%，并将在2028财年升至中70%的水平。这不仅是品牌和产品的组合转变，也推动了我们大批量主导品牌的增长。从Meiomi在十几美元价位到我们的龙舌兰系列实现50%增长\[听不清]或年复一年的业绩翻番，我们将在这些领域获得大部分增长，从而抵消主流产品组合的拖累。
Woodbridge, we don't anticipate to grow, and we still feel confident we can deliver that 1% to 3% net sales growth algorithm and confident in our 25% to 26% margin targets because we're going to be getting the growth out of the more margin accretive into the portfolio.
Woodbridge我们预计不会增长，但我们仍然有信心可以实现1%至3%的净销售增长算法，并且对25%至26%的利润率目标充满信心，因为我们将从组合中更具利润贡献的部分获得增长。
SVEDKA is a slightly different answer. We believe SVEDKA needs to be returned to its original roots as a higher-end accessible luxury vodka. We're going to be doing that. We're narrowing the focus to an 80 proof. We're introducing in the second largest growth in the spirits category ready to serve Martini collection. We expect those to be accretive. We're narrowing the focus of the more dilutive flavor offerings. And while it's not going to be immediate, we think that once we get through the renovation on SVEDKA, it can return to high single-digit to low double-digit growth over time.
SVEDKA的情况略有不同。我们认为SVEDKA需要回归其原始定位——高端可及的奢华伏特加。我们将着手进行这一转变，将产品聚焦于80 proof（40%酒精度），并在烈酒品类中第二大增长市场推出即饮马提尼系列。我们预计这些产品将带来增值效果，同时缩减更为稀释利润的风味产品。尽管不会立竿见影，但我们认为一旦完成对SVEDKA的改造，其业绩可以在一段时间内恢复至高单位数到低双位数的增长水平。
Bryan Spillane BofA Securities
And in regard to clarification of EPS algorithm low double digit...
布莱恩·斯皮伦 BofA证券
关于对EPS算法低两位数的澄清……
Garth Hankinson Executive VP & CFO
Yes, I'd say like, look, if you look at our EPS growth algorithm and then you look at -- you take the ranges in which we've given you, you'll see with the lion's share of where our growth is going to come from. As it relates to EPS, but certainly, it takes into account everything that we outlined today takes into account the top line volume growth or top line net sales growth, which over this period of time will be the biggest contributor, but it also takes into account margin improvement we're going to see in both of our business from where we are today as well as everything we do below the line as well.
加斯·汉金森 执行副总裁兼首席财务官
是的。我的意思是，如果您看我们的EPS增长算法，再结合我们给出的范围，您就会看到我们的增长大部分将来自这些因素。关于EPS，它当然考虑了我们今天所阐述的所有内容，包括在这一时期内将成为最大贡献者的顶线销量增长或净销售增长，还考虑了我们从现在起在两大业务中所能实现的利润率提升，以及我们在成本以下所进行的一切努力。
Unknown Executive
That guy in the middle there, could have left a microphone back there.
未知执行官
中间那个人，可能把麦克风落在那里了。
Unknown Analyst
A couple of things. First off, I mean, Woodbridge does also give you heft in the distribution channel, right? I mean you get rid of that, all of a sudden, economically not as important at Southern and RNDC. So there is an ancillary benefit that in regards to that.
未知分析师
有几点想法。首先，Woodbridge在分销渠道中也能提供影响力，对吧？如果您剔除它，在Southern和RNDC那边，其经济重要性会骤然下降。因此，这方面也有一个附带的好处。
Robert Hanson Former Executive VP and President of Wine & Spirits Division
Yes, 100%. We often get asked questions about the relative importance of the mainstream portfolio, would we consider divestitures in the future. The reality is -- it's an important part of the portfolio for the reasons you explained. It provides us scale. It gives us fixed cost overhead leverage. And these brands, although dilutive, they generate a lot of free cash flow that has helped us invest behind the higher end of the portfolio. And it's frankly invested in the portfolio reshaping that we described as a team earlier today.
罗伯特·汉森 前执行副总裁兼葡萄酒与烈酒事业部总裁
完全正确。我们经常被问到主流产品组合的重要性，以及未来是否会考虑剥离。事实是——正如您所指出的，那是组合中至关重要的一部分。它为我们提供了规模效应，使固定成本得以摊薄。这些品牌虽然会稀释利润，但它们产生了大量自由现金流，帮助我们支持高端产品组合的投入，正如我们团队今天早些时候所描述的那样，用于重塑组合。
So while they are dilutive, they are important for the very reasons that you point out, and we'll continue to really fight a good fight to make sure that at least Woodbridge can hold share, and we'd like instead get a return to growth.
因此，尽管它们会稀释利润，但正如您所说，它们非常重要。我们将继续努力，确保Woodbridge至少能够保持市场份额，并且希望它能够重新实现增长。
Unknown Analyst
And I would bet you could also make the argument that they're accretive from dry goods supply side, you're going out to the glass guys with a much bigger contract, et cetera, et cetera. I may be the only person in the room that is upset about the rigor you guys are going to be doing your M\&A going forward. You're killing us here, but I totally understand that it's the right thing to be doing.
未知分析师
我还认为，从干货供应方来看，它们也是增值的——您可以与玻璃制造商谈判更大合同，等等。我可能是房间里唯一对你们今后在并购上如此严谨感到不满的人。你们真是太严格了，不过我完全理解这是正确的做法。
So in regards to kind of brands and where the wine business is at right now, obviously, we're going through some headwinds in regards to kind of demographic shifts, right? Boomers aging out and such like and the next generations that are coming in are coming to wine a little bit slower. But they are continuing to be interested in quality. And they're really kind of focused in many ways. I think that there's 2 areas in the U.S. that can deliver really high-quality grades at a lower cost. And you guys obviously have solved for one already, and that's Paso with my favorite neighbor. And I think that's a brilliant -- and the liquid in the bottle is great, and I love the price point of that. And obviously, with the \[ Dow ] transaction, that area has been -- that area is obviously getting the kind of forward momentum that we want.
关于品牌和当前葡萄酒业务所处的环境，很显然我们正面临一些人口结构变化带来的阻力：婴儿潮一代逐渐退出市场，而新一代进入葡萄酒消费的步伐则稍慢。但他们依旧关注品质，并在很多方面更加专注。我认为美国有两个产区能够以更低成本生产出高质量葡萄酒。你们显然已经解决了其中一个，那就是Paso Robles的“My Favorite Neighbor”系列，我认为这一做法非常出色——酒液品质优异，价格也很讨喜；通过与Dow的交易，该产区也获得了我们期望的推进动力。
The other area, that was Washington, right? And I know you guys are taking your licks in Washington. But with what's going on with Ste. Michelle, we're going to continue to see great quality wine coming out of there at a much lower per ton price. Have you put any thought into trying to solve Washington?
另一个产区是华盛顿州，对吧？我知道你们在华盛顿遇到了一些挑战。但考虑到Ste. Michelle的现状，我们将继续看到那里以更低吨价生产出优质葡萄酒。你们有没有考虑解决华盛顿州这一问题？
Robert Hanson Former Executive VP and President of Wine & Spirits Division
Yes. I mean, look, you pointed out an important approach that we take, and Sam talked about this of diversifying the \[ Tower ] that we go after, the Appalachians, the ABAs, not only to diversify the portfolio and give us some protection against climate events, et cetera, but to really manage our total great input cost. I think my favorite neighbor is a great example. I want to refer back to the Prisoner Wine Company example that I provided as a playbook because we've done something quite similar with my favorite neighbor portfolio.
罗伯特·汉森 前执行副总裁兼葡萄酒与烈酒事业部总裁
是的。正如您指出的，我们采取了一个重要方法，正如Sam所述，通过多样化我们追求的“葡萄园群”（Tower），涵盖阿巴拉契亚山脉、AVA（美国法定产区）等，不仅为了分散组合风险并应对气候事件，还为了有效管理整体优质葡萄采购成本。我最喜欢的“My Favorite Neighbor”系列就是一个极佳范例。我先前提出的Prisoner Wine Company案例正是我们的操作模板，因为在“My Favorite Neighbor”组合中我们也做出了非常类似的举措。
So when we first started discussing the -- what ultimately was a minority investment that we then acquired with the founder, it was a single brand, really, it was an estate brand competing in \$85 to \$105 a bottle. We now have 3 brands in the portfolio with my favorite neighbor as a \$50 to \$65 brand and Harvey & Harriet that's competing at around \$30 a bottle. So we take a very disciplined approach to portfolio segmentation. We think we have a lot of runway for growth in the higher end in our existing \[ Tower ], both California and Oregon with the Lingua Franca transaction with brands such as My Favorite Neighbor, 121% CAGR since the acquisition date, really high growth coming from Lingua Franca as well.
当我们最初讨论这项少数股权投资时，与创始人合作收购的其实只有一个品牌——一家以每瓶85至105美元定价的庄园品牌。如今我们的组合已有三个品牌，包括定位50至65美元的“My Favorite Neighbor”以及约30美元定价的Harvey & Harriet系列。因此，我们在组合细分上采取了非常严谨的策略。我们认为在现有“葡萄园群”（涵盖加州和俄勒冈）的高端领域仍有很大增长空间，通过Lingua Franca交易引入的“My Favorite Neighbor”等品牌，自收购以来实现了121%的复合年增长率，Lingua Franca本身也带来了极高的增长。
We'd rather go vertical where we currently compete. If we were pursue tuck-in M\&A moving forward, that not the criteria that Garth just articulated, then to expand our \[ Tower ], but we'll always be opportunistic. If there's an opportunity for us to source super high-quality grades at an affordable price that match the strategy. There's no reason we wouldn't take a serious look at it.
我们更愿意在现有竞争领域纵向深耕。如果今后进行并购，不会偏离Garth所阐述的标准去扩展新的“葡萄园群”，但我们始终会保持机会主义：只要有机会以合理价格获得与战略匹配的超高品质葡萄资源，我们就一定会认真评估。
Unknown Executive
未知高管
We're going to Middle left
我们将移动到中间偏左位置。
Stephen Robert Powers Deutsche Bank AG
It's Steve Powers from Deutsche Bank. Garth, a question for you. If I go back to the slide, the kind of charter the path back to 39% to 40% beer margins. If I read it right, basically, the path was SG\&A. It was A\&P and SG\&A leverage. It implied gross margins were effectively in '28 about where they were in '23. I wanted to kind of play that back and get your perspective on the gross margins trajectory.
史蒂芬·罗伯特·鲍尔斯 德意志银行（Deutsche Bank AG）
我是德意志银行的史蒂夫·鲍尔斯。加斯，我有个问题。如果我回到这张幻灯片，上面大致描绘了啤酒利润率回升至39%至40%的路径。如果我没理解错，基本上是通过SG\&A（销售、总务及行政费用），也就是广告与促销（A\&P）和SG\&A的杠杆作用来实现。这意味着到2028年，毛利率将回到2023年的水平。我想重复一下这个观点，并听听你对毛利率走势的看法。
And as a bolt-on to that, maybe a better question for the last session, but just because you're here. Just as you think about layering on all of the new innovation on beer that we talked about. How much of -- what percentage of the innovation that you have is gross margin accretive? How important is gross margin accretion as you think about new innovation in beer or wine, but just in general?
作为补充问题，也许更适合在最后一场会议中提出，但既然你在这里，我还是想请教：关于我们讨论的所有啤酒创新，其中有多少比例能够提升毛利率？当你考虑啤酒或葡萄酒方面的新创新时，毛利率的提升总体而言有多重要？
Garth Hankinson Executive VP & CFO
Yes. So when you referenced the 39% to 40% margins, obviously, you're talking about our beer business. And as Tom and team and John laid out, it's not just SG\&A and it's not just marketing. There's certainly -- as we get into more sort of normalized interest rate environment and you look at the \$300 million worth of productivity initiatives that John detailed, those all sit in cost of goods.
加斯·汉金森 执行副总裁兼首席财务官
是的，当你提到39%至40%的利润率时，显然你说的是我们的啤酒业务。正如汤姆和他的团队及约翰所阐述的，这不仅仅关乎SG\&A，也不仅仅关乎营销。随着利率环境趋于常态化，且你会看到约翰所详述的3亿美元生产效率提升措施，这些都计入了商品成本中。
So certainly, that will impact gross profit margins. So it really is a mix of everything. I mean like we're using -- we're deploying real discipline across all of our expenses, regardless of where they fall in the P\&L. To deliver the margin structure that Tom and team laid out.
因此，这肯定会影响毛利率。实际上，这是多种因素的综合作用——我们对所有费用都保持高度的纪律性，无论它们在损益表的哪个部分，都是为了实现汤姆及其团队所规划的利润率结构。
Now as it relates to what's our profit goals, if you will, for innovation. Certainly, there's a couple of ways to answer that, right? One is that we're always looking for anything that we launch to be at least neutral, right, to our overall margin profile. And that's the goal.
至于我们对创新的利润目标，确实可以从几个角度来回答。第一，我们始终希望任何推出的产品在总体利润率上至少保持中性。这就是我们的目标。
There's -- the second to answer to that though is, as Bill articulated and Mallika articulated in their presentations, we are consumer obsessed. We want to be participating in those categories and in those segments in which there's real consumer headwinds and their scale, right? And currently, some of those segments, some of those consumer interest, if you will, are a little bit more flavored forward. And we know that historically, those have been a bit margin dilutive to our overall portfolio.
第二点则如比尔和玛丽卡在演示中所强调的，我们对消费者需求非常专注。我们希望参与那些不仅规模可观、且具备真实增长动力的类别和细分市场。目前，其中一些细分市场更偏重风味创新，而我们也都知道，历史上这些创新对我们的整体组合而言会产生一定的利润稀释效应。
But we also know that we've added capabilities in-house to be able to offset some of those things that made those margin dilutive. And you heard John Kester refer today to the ABA facility that we've built that have coming online later this year, early next at Nava, that will help mitigate any of that margin dilution that you might see there.
但我们也在内部引入了新能力，以抵消这些带来稀释效应的因素。你今天也听到约翰·凯斯特提到，我们在纳瓦（Nava）建立的ABA设施，将于今年晚些时候或明年初投产，这将有助于减轻你可能在这些领域看到的任何利润稀释影响。
So we will absolutely participating in consumer segments that have real tailwinds, even if in the short term, there could be some margin dilution, but the goal is always to be at least neutral to our margins, if not accretive.
因此，我们会积极参与那些拥有真实增长动力的消费细分市场，即便在短期内可能会出现一定的利润稀释，但我们的目标始终是至少在利润率上保持中性，如能实现增厚则更好。
Robert Hanson Former Executive VP and President of Wine & Spirits Division
And Garth, can I just add a point on one in Spirit. I think you look at the portfolio that was reviewed, there are brands that we launched that have been quite successful that are margin accretive. So Mi Campo is a brand-new brand that we launched, it's growing at 100% annually. We launched Unshackled within the Prisoner Wine Company portfolio in the \$20 to \$30 price segment, driving that a part of that 46% innovation-driven CAGR from that portfolio. Also margin accretive.
罗伯特·汉森 前执行副总裁兼葡萄酒与烈酒事业部总裁
加斯，我想补充一点关于烈酒方面的内容。回顾刚才审阅的组合，会发现我们推出的一些品牌表现非常出色，对利润率有实质提升。例如我们全新推出的Mi Campo品牌，年增长率达到100%；在Prisoner Wine Company组合下推出的Unshackled，定位于20至30美元价格区间，是该组合实现46%创新驱动复合年增长率的关键，也为组合带来了利润增厚。
We have launched off the back of the Schrader portfolio, the #1 wine online spectators list in 2022, double Diamond. It's the most affordable currently. Not the \[indiscernible] it is bubble, super margin accretive. So there's an example of new-to-world brands that we've successfully introduced but we're doing fewer, bigger and better innovations. And I'm just going to point to validate Garth's point on Wine and Spirit specifically, both Kim Crawford Illuminate and Meiomi Bright are not only growing at exceptional rate and competing in the tailwind driven category such as betterment, but they're both margin accretive to the total portfolio of those 2 brands.
此外，我们还基于Schrader组合推出了在2022年被《Wine Spectator》评为“双钻”级别的产品，该产品目前在同类中最具性价比，且非起泡酒，却能带来超高的利润增厚。这个例子说明，我们在新世界品牌方面的创新更加聚焦、规模更大且质量更高。我特别强调这一点，以印证加斯关于葡萄酒与烈酒的观点：Kim Crawford Illuminate和Meiomi Bright这两个品牌不仅增长速度惊人，且在以“更优生活”趋势为驱动的细分市场中表现出色，同时也为这两个品牌的整体组合带来了利润增厚。
Dara Mohsenian Morgan Stanley
达拉·莫赫塞尼安 摩根士丹利
Dara Mohsenian, Morgan Stanley. So Garth, you laid out some very specific financial goals really across the business, very helpful. But as you think about the outlook, is there areas where potentially you're excited about being towards the higher end of the range or even generating upside over time? And on the other side of things, what do you think are the biggest risk factors, either looking externally or internally to achieving those goals?
达拉·莫赫塞尼安，摩根士丹利。那么，加斯，你在业务各方面都制定了一些非常具体的财务目标，非常有帮助。但在展望未来时，你是否对接近目标范围上限甚至随时间推移实现增量收益感到兴奋？另一方面，你认为在实现这些目标时，无论是外部环境还是内部因素，最大的风险因素是什么？
Garth Hankinson Executive VP & CFO
Yes. So Dara, look, I can't say what I'm most interested in because I'm interested at the entire story, I think, is fantastic, right? I mean we really are hitting on all cylinders. And as Bill said earlier, and so as we look at those targets, we're really happy and comfortable with all of them. Certainly, the cash flow generation, the amount of cash flow that this business is going to throw off in the last few years. And when you look at that from an operating cash flow perspective, and then you look at the chart that we had in there around how our CapEx spend is going to come down as a percent of net sales over time. And so you think about the free cash flow generation.
加斯·汉金森 执行副总裁兼首席财务官
是的。达拉，你看，我无法说出我最感兴趣的是什么，因为我对整个故事都感到非常兴奋，真的是很棒，对吧？我们的各方面都在全速运转。正如比尔之前所说，当我们审视这些目标时，我们对所有目标都非常满意和有信心。当然，这几年这个业务所产生的现金流量，以及从经营现金流的角度来看，当你看到那张关于我们的资本支出占净销售额比例随着时间推移将如何下降的图表时，就会想到自由现金流的生成。
Clearly, that's something that excites me and I think it excites the team as we want to sit back and as I articulated in my presentation, we're going to look at what are those potential uses of cash as we look forward, and we're going to balance the near term and the longer term considerations to make sure that we're delivering the best returns and generating the best value creation for our shareholders.
显然，这让我感到非常兴奋，我认为这也让团队感到兴奋。正如我在演示中所阐述的，我们会坐下来思考未来现金的潜在使用方式，并在短期和长期的考虑之间保持平衡，以确保为股东提供最佳回报并创造最大价值。
And so I think, like I say, it all excites me, that maybe excites me and the team a little bit more than the others, but it's all really, really exciting. And then to your question around some of the risks. And I guess what I would say is, look, when we set targets externally, whether those are the annual targets we provide every year in April or whether it's the targets that we provided today, it's just good business practice that we sit down and we pressure test those to see that we have great conviction. We have the ability to have great conviction in what we're sharing with you.
所以我觉得，正如我所说，所有这些都让我和团队都感到非常兴奋，其中有些可能比其他更让我们激动。但说到你关于风险的问题，我想说的是，无论是我们每年四月公布的年度目标，还是今天提供的这些目标，都是良好的商业惯例——我们会坐下来对其进行压力测试，以确保我们对所分享内容拥有强大的信心和确信。
And so we feel really good about the targets that we presented today. Obviously, it is predicated a little bit on not significant prolonged shocks to the system, externalities, if you will. Obviously, if we entered into a prolonged recession or there was God forbid another global pandemic. I mean certainly, things like those could have an ability to impact what we presented today, but based on the scenario analysis that we've done, we feel really good about being able to stand up in front of you today and provide these targets.
因此，我们对今天所提出的目标非常有信心。显然，这些目标是在系统不会遭受重大且长期冲击的前提下设定的。显然，如果出现长期衰退，或者（天哪）再次爆发全球性大流行病，这些情况肯定会影响我们今天提出的目标。但根据我们所做的情景分析，我们对能够站在这里向各位展示这些目标感到非常自信。
Unknown Executive
All right. And the third thing Garth might be really excited about is that's the end of our Q\&A. And now we got to move on to Happy Hour.
未知高管
好的，第三件让加斯可能真的很兴奋的事是：我们的问答环节到此结束。现在我们得转入欢乐时光了。