2025-06-03 Constellation Brands, Inc. (STZ) dbAccess Global Consumer Conference (Transcript)

2025-06-03 Constellation Brands, Inc. (STZ) dbAccess Global Consumer Conference (Transcript)

Constellation Brands, Inc. (NYSE:STZ) dbAccess Global Consumer Conference Call June 3, 2025 8:00 AM ET

Company Participants

Bill Newlands - President and Chief Executive Officer
Garth Hankinson - Executive Vice President and Chief Financial Officer

Conference Call Participants

Stephen Powers - Deutsche Bank

Stephen Powers

All right. Good afternoon. Welcome back. Thanks for joining us. For our next session, I'm thrilled to welcome for the first time, I believe, ever, the Constellation Brands company to our conference. Constellation, as I'm sure you know, is a leading international producer and marketer of beer, wine and spirits with operations principally in the United States and Mexico. The company generates roughly $10 billion in annual revenues and boasts the number one brand in the U.S. in Modelo, alongside the iconic Corona and the fast-growing Pacifico within its beer portfolio.
好的。下午好。欢迎回来。感谢加入我们。在接下来的环节，我非常激动地欢迎，我相信是有史以来第一次，星座集团（Constellation Brands）公司参加我们的会议。正如大家所知，星座集团是一家领先的国际啤酒、葡萄酒和烈酒生产商和营销商，主要业务在美国和墨西哥。该公司年收入约100亿美元，并拥有美国排名第一的啤酒品牌 Modelo，以及其啤酒产品组合中标志性的科罗娜（Corona）和快速增长的 Pacifico。

With us today, I am happy to have Bill Newlands, President and Chief Executive Officer; as well as Garth Hankinson, Executive Vice President and Chief Financial Officer. So guys, thanks for joining us.
今天和我们在一起的，我很高兴能请到总裁兼首席执行官比尔·纽兰兹（Bill Newlands）；以及执行副总裁兼首席财务官加思·汉金森（Garth Hankinson）。那么，各位，感谢你们的加入。

Bill Newlands

Good to be here.
很高兴来到这里。

Garth Hankinson

Thank you.
谢谢。

Question-and-Answer Session
问答环节

Stephen Powers

All right. So Bill, maybe we just start, I think not dissimilar from many other companies within beverage alcohol or across consumer packaged goods, the start of the calendar year has been more challenging than I think any of us originally anticipated. And it prompted you guys to give a more muted outlook for fiscal 2026 and to recalibrate your longer-term fiscal 2027, 2028 outlook. I guess, as you kind of reflect back on trends year-to-date so far, just how do you assess the moving parts? How do you assess market trends currently and just sort of a scorecard of stable, improving or not?
好的。那么比尔，也许我们先开始吧，我认为与酒精饮料或整个消费包装品行业的许多其他公司类似，本公历年的开局比我们任何人最初预期的都要更具挑战性。这促使你们给出了一个较为保守的2026财年展望，并重新调整了你们更长期的2027、2028财年展望。我想，当你回顾今年迄今为止的趋势时，你如何评估这些变动因素？你如何评估当前的市场趋势，以及给出稳定、改善或未改善的评价？

Bill Newlands

Sure. A lot of things at the consumer level are challenging. Across the board, consumers are a little wary. And that's doubled down if you're a Hispanic consumer. And as you know, Steve, roughly half our business is in the Hispanic community. So we've done a fair amount of research around that consumer. What are they worried about? What are they doing more or less than they have been? And how is that impacting the business?
当然。在消费者层面，很多事情都充满挑战。总的来说，消费者有点谨慎。如果你是西班牙裔消费者，这种情况会更加明显。正如你所知，史蒂夫，我们大约一半的业务是在西班牙裔社区。所以我们围绕这部分消费者做了相当多的研究。他们在担心什么？他们比以前做得更多或更少的事情是什么？这又是如何影响业务的？

The things that we've seen with that consumer is there's a lot of concern about inflation. There's a lot of concern about the whole immigration question. That gets doubled down if you've had someone in your immediate family or friends who've been – had that issue attached to them at all. And where it's playing itself out is in behaviors that are sort of anti our business, which is they're going out to eat less. 75% of Hispanic consumers are going to restaurants less. There's less social occasions.
我们观察到，这部分消费者非常担心通货膨胀。他们也非常担心整个移民问题。如果你直系亲属或朋友中有人曾遇到过这个问题，这种担忧会加倍。而这种担忧体现在一些不利于我们业务的行为上，比如他们减少了外出就餐的次数。75%的西班牙裔消费者减少了去餐馆的次数。社交场合也变少了。

The Hispanic community often has lots of social occasions and those tend to be beer occasions. So you're seeing a fair amount of differences in how the consumer interacts. The thing that will be interesting to watch from our perspective is how does that evolve going forward. Fortunately, our brand health metrics are as strong as they've ever been. There's real loyalty to our brands. In the broader market, you're seeing continued development of brand awareness, both aided and unaided. So we believe we're in a good position as things continue to develop. But certainly, we're in a challenging moment. The question, I think, is how long will that moment last.
西班牙裔社区通常有很多社交场合，而这些场合往往是喝啤酒的场合。所以你会看到消费者互动方式上出现了相当多的差异。从我们的角度来看，值得关注的是未来这种情况将如何演变。幸运的是，我们的品牌健康指标一如既往地强劲。消费者对我们的品牌有真正的忠诚度。在更广泛的市场中，你看到品牌知名度持续提升，无论是提示性认知还是非提示性认知。因此，我们相信随着事态的继续发展，我们处于有利地位。但毫无疑问，我们正处在一个充满挑战的时刻。我认为，问题在于这个时刻会持续多久。

Stephen Powers

Has there been any noticeable change kind of March, April, May from that – among the Hispanic consumer – do we see a step down and then we're sort of going sideways across the bottom? Has it been a steady slide down? Has it been improvement? Any sense on that?
从三月、四月、五月来看，西班牙裔消费者的行为是否有任何明显的变化？我们是看到一个阶梯式的下降，然后触底横盘吗？还是一直在稳步下滑？还是有所改善？对此有什么感觉吗？

Bill Newlands

It's tough to tell at this point. Often what happens in these things is you get an immediate plateau problem and then it flattens out because people have adjusted their behavior in terms of what they're doing or what they're planning to do. We've gone to doing monthly studies and the first one was what I just referred to. The next ones do any day. So we'll soon find out if we're seeing any of that behavior. I think the interesting thing, we're even seeing channel shifting. We're seeing people spending less time in convenience stores or stores that skew Hispanic to broader market stores. And we'll see if that sort of behavior continues as time goes on as well.
目前很难说。通常在这种情况下，你会先遇到一个即时的平台期问题，然后趋于平稳，因为人们已经调整了他们的行为，包括他们正在做什么或计划做什么。我们已经开始进行月度研究，我刚才提到的就是第一个。下一个研究随时会出结果。所以我们很快就会知道是否观察到任何这类行为。我认为有趣的是，我们甚至看到了渠道转移。我们看到人们在便利店或偏向西班牙裔的商店花费的时间减少了，而在更广泛的市场商店花费的时间增加了。我们也将观察这种行为是否会随着时间的推移而持续下去。

Stephen Powers

Okay. And among the non-Hispanic consumers, we've got value-seeking behavior. We've got varying – an active debate around how consumers are approaching beverage alcohol and what that's doing to category trends. We've got weather fluctuations. Memorial Day was wet and cold for those of you who didn't know. I guess, how do you kind of think through the non-Hispanic – the dynamics facing the non-Hispanic consumer and kind of parse that out? And what does that tell you about category momentum as we go into the balance of the calendar year?
好的。那么在非西班牙裔消费者中，我们看到了寻求价值的行为。关于消费者如何对待酒精饮料以及这对品类趋势有何影响，存在着不同的看法和激烈的争论。我们还遇到了天气波动。可能有些人不知道，阵亡将士纪念日那天又湿又冷。我想，您如何看待非西班牙裔消费者面临的动态并进行分析？这对我们进入本公历年剩余时间的品类发展势头意味着什么？

Bill Newlands

Well, that consumer is worried about some of the same things, not all, but some. Certainly, the inflationary environment is a big concern to people. And you are seeing some of that trade down behavior. Generally not from our price point. It tends to be lower price points where the consumer is purely looking for what's the most I can get for the least price. So you've seen some of that behavior going on. But that's a consumer that we've been developing. As you know, using Modelo as a great example, Modelo was 80% Hispanic several years ago. Today, it's 55%. So we've spent a lot of time, a lot of energy, a lot of media dollars developing in that consumer marketplace. And I think we're in a good position to continue to see that develop as time goes forward.
嗯，这部分消费者也担心一些同样的事情，虽然不是全部，但有一些是相同的。当然，通胀环境是人们非常关心的问题。你也确实看到了一些消费降级的行为。但通常不是从我们的价位降级。消费降级往往发生在更低的价格点，消费者纯粹是在寻找用最低的价格买到最多的东西。所以你看到了一些这样的行为。但这部分消费者是我们一直在开发的。正如你所知，以 Modelo 为例，几年前它的消费者 80% 是西班牙裔。如今，这个比例是 55%。所以我们投入了大量时间、精力和媒体资金来开发这个消费者市场。我认为我们处于有利地位，随着时间的推移，将继续看到这方面的发展。

Stephen Powers

Right. So I think through all of the discussions we've been having in the last couple of months, you've been pretty consistent that the headwinds that – you view them as transitory. I guess maybe just refresh us on the major building blocks of that logic as to why transitory versus more structural. And then what do you think we need to see for the category and for Constellation to more fully rebound?
是的。回顾过去几个月我们所有的讨论，你一直相当坚持认为这些逆风——你视其为暂时性的。我想，也许可以给我们重温一下这个逻辑的主要依据，为什么是暂时性的而不是更结构性的。然后，你认为我们需要看到什么，才能让整个品类和星座集团更充分地反弹？

Bill Newlands

So if you think about the things that people want to talk about – about what's structural versus not, there's an argument that younger consumers are not consuming as much. Well, from our perspective, the 21-year-old to 25-year-old cohort for our business. Our percentage of business with that cohort is twice what the industry average is. So we've been able to bring newer, younger consumers into our franchises. So that's good.
那么，如果你考虑人们想要讨论的那些关于什么是结构性、什么不是结构性的问题，有一种说法是年轻消费者消费得少了。嗯，从我们的角度来看，对于我们的业务，21岁到25岁这个年龄段的消费者群体，我们在这个群体中的业务占比是行业平均水平的两倍。所以我们一直能够将更新、更年轻的消费者吸引到我们的品牌特许经营中来。所以这是好现象。

GLPs, there's just no evidence that GLPs has a big impact. Most people are only on them for six months if they're on them for that long. And when you look at the list of things that people change about the behavior while they're on them, alcohol beverage is way down the list right there with water, right? People change the water thing is a different question, but it's way down the list. So you start to think about what else. People brought up cannabis. If you look at the markets where cannabis has been legal for a long time, again, you see no real differentiation of what alcohol did before or after.
GLP-1 药物，根本没有证据表明 GLP-1 药物有重大影响。大多数人即使服用，也只服用六个月。当你查看人们在服用期间改变行为习惯的清单时，酒精饮料排在非常靠后的位置，和水差不多，对吧？人们改变饮水习惯是另一个问题，但酒精饮料确实排在很后面。所以你开始思考还有什么其他因素。有人提到了大麻。如果你看看那些大麻合法化很久的市场，同样，你看不出酒精消费在之前或之后有什么真正的区别。

I think the biggest thing to answer your specific question is when is the consumer going to get more comfortable? When are they going to revert to their, what I would call more normalized behavior because they are loyal to our brands, and we're very fortunate that we do have that strong brand loyalty. It's part of the reason we're continuing to advertise at an aggressive rate. We're number one and number two share of voice with Modelo and Corona, respectively, and we're going to continue to do that so that we're ready to go when the consumer is ready to revert to more normalized behavior.
我认为回答你具体问题的关键在于，消费者什么时候会感觉更自在？他们什么时候会恢复到我所说的更常态化的行为？因为他们对我们的品牌是忠诚的，我们非常幸运拥有这种强大的品牌忠诚度。这也是我们持续以积极的力度进行广告宣传的部分原因。我们的 Modelo 和科罗娜分别拥有市场第一和第二的广告声量份额，我们将继续这样做，以便在消费者准备好恢复更常态化行为时，我们已经做好了准备。

Stephen Powers

Okay. And as you think about the reacceleration that you've anticipated looking out to fiscal 2028 and beyond, maybe flipping the lens. What are the reasons to be more structurally positive on the category, your position within the category? And maybe highlight some of the initiatives you have in place in fiscal 2026 to kind of fight against some of the headwinds that we've talked about.
好的。当你展望到2028财年及以后，并预期重新加速增长时，也许换个角度看。对于这个品类以及你们在品类中的地位，有哪些更具结构性的积极因素？也许可以重点介绍一下你们在2026财年为应对我们讨论过的一些逆风而采取的一些举措。

Bill Newlands

Well, we like to point out our brands, our company has been the Circana growth leader six of the last eight years in CPG. So we've got a long history of strong growth profile for our business. I think that speaks well to it. Some of the things that we're doing this year, when you have a consumer that's concerned, I think having the right price pack architecture is really important. I've often said, I think Coca-Cola does a great job at that. You tell me how much money you have. There is a Coke product in every store that allows you to spend that amount of money.
嗯，我们喜欢指出，我们的品牌，我们的公司在过去八年中有六年是消费品领域的 Circana 增长领导者。所以我们的业务有着悠久的强劲增长历史。我认为这很好地说明了问题。今年我们正在做的一些事情，当消费者有所顾虑时，我认为拥有合适的价格包装组合（price pack architecture）非常重要。我经常说，我认为可口可乐在这方面做得很好。你告诉我你有多少钱，每家商店都有一款可口可乐产品能让你花掉那笔钱。

We in the alcohol beverage business, I don't think, have done as good a job at that particular topic. But we're doing 7-ounce in both Modelo and Corona. We're doing 8-ounce cans with Corona. So we're finding ways to put price points in place so that the consumers are very loyal to us, irrespective of how much money they may have to spend at a particular point in time, we have a product available to them.
我认为，我们在酒精饮料行业在这个特定问题上做得不够好。但我们正在为 Modelo 和科罗娜推出 7 盎司包装。我们正在为科罗娜推出 8 盎司罐装。所以我们正在寻找方法来设置不同的价格点，这样无论消费者在特定时间点有多少钱可以花，他们都对我们非常忠诚，我们都有适合他们的产品。

We're also, as you know, readjusting our price on Oro. The light category as a sector has been somewhat challenged. We think Oro is a great brand to go after that particular point. And so literally, as we speak, the price is being adjusted on Oro to give the consumer a bit of a value for in the light sector from a brand name they know and trust.
正如你所知，我们也在重新调整 Modelo Oro 的价格。清爽型啤酒（light category）作为一个细分市场一直面临一些挑战。我们认为 Oro 是一个很棒的品牌，可以抓住这个特定的市场机会。所以，就在我们谈话的时候，Oro 的价格正在调整，以便在清爽型啤酒领域，以消费者熟悉和信任的品牌名义，为他们提供一些价值。

Stephen Powers

Great. And Garth, maybe we can get you involved here. I guess from a – as you – we pull all that together from a financial perspective, can you just ground us on how that all kind of layered into your thinking in terms of fiscal 2026 guidance? And we've talked mostly about top line trends. So maybe a little discussion around what you're expecting from a bottom line perspective, both within beer and within wine and spirits.
太好了。加思，也许我们可以让你参与进来。我想从财务角度来看，当你把所有这些因素综合起来时，你能否给我们解释一下，这一切是如何融入你们对2026财年指引的思考中的？我们主要讨论了营收（top line）趋势。所以也许可以稍微讨论一下你们对利润（bottom line）的预期，包括啤酒业务以及葡萄酒和烈酒业务。

Garth Hankinson

Yes. Well, for – well, I guess maybe we'll start in reverse. I'll start with wine and spirits and move to beer. In terms of margin profile, this is going to be a bit of a transitional year for us in the beer business. Earlier this year, we announced that we were reshaping our wine and spirits portfolio through the divestiture of primarily our mainstream brands and some related assets. As of last night, that transaction has now officially closed. So we're really happy about that.
是的。嗯，对于——好吧，我想也许我们可以反过来开始。我先从葡萄酒和烈酒开始，然后谈啤酒。在利润率方面，对于我们的啤酒业务来说，这将是一个有点过渡性的年份。（注：Garth 似乎口误，他接下来谈的是葡萄酒和烈酒，而不是啤酒的过渡年）。今年早些时候，我们宣布通过剥离主要是我们的主流品牌和一些相关资产来重塑我们的葡萄酒和烈酒产品组合。截至昨晚，该交易现已正式完成。所以我们对此感到非常高兴。

And that portfolio that remains is a portfolio that's going to participate mainly in categories that have top line headwinds in terms of growth. So there'll be in price segments that are expected to grow through FY2028 in the low single to mid-single-digit range. But they're also squarely at really attractive rate of profit profiles, if you will, much more profitable from a margin perspective than the brands that we divested.
（注：Garth 此处似乎再次口误，保留下来的品牌组合应该是在增长前景更好的细分市场，而不是面临“营收增长逆风”的品类。他接下来描述的低到中个位数增长和高利润率支持了这一点。）保留下来的产品组合将主要参与那些（预期增长的）品类。它们将处于预计到2028财年将实现低个位数到中个位数增长的价格细分市场。而且，如果你愿意这么说的话，它们也正好处于非常有吸引力的利润率水平，从利润率角度来看，比我们剥离的品牌要盈利得多。

We also announced at that same time that we had a pretty robust restructuring process or program in place and expect to yield savings in excess of $200 million. Those savings won't be fully realized until FY2028, if you think about the timing of when those start to funnel through. But that all plays into what we're expecting from a margin perspective from our wine and spirits business.
我们同时还宣布，我们有一个相当稳健的重组流程或计划正在实施中，预计将产生超过2亿美元的节省。如果你考虑到这些节省开始显现的时间安排，它们要到2028财年才能完全实现。但这都影响了我们对葡萄酒和烈酒业务利润率的预期。

Of that $200 million, we're expecting to get about $100 million out of the wine business. And that's by – again, by FY2028. And in FY2025, we expect to reap about $55 million worth of benefits. So that's really kind of what underlies the profitability of our wine business going forward.
在这2亿美元中，我们预计约有1亿美元将来自葡萄酒业务。同样，这是到2028财年。而在2025财年，我们预计将获得约5500万美元的收益。所以这基本上就是我们葡萄酒业务未来盈利能力的基础。

Just touching briefly on beer because I imagine we'll talk about the margin profile for that in a little bit. But there's also a component of the cost savings agenda that will benefit our beer business. I mentioned about $100 million going to – or coming out of wine and spirits. About another $100 million will come out of our corporate functions as well as our beer division, mainly, by the way, our corporate functions. Even though they come out of the corporate function, there will be an allocation benefit to our wine – to our beer business. And any benefit that we get over and above expectation for our beer business, we look to invest back into the growth profile and the opportunities that Bill mentioned a moment ago.
简单提一下啤酒，因为我想我们稍后会讨论它的利润率情况。但是，成本节省计划中也有一部分将惠及我们的啤酒业务。我提到大约1亿美元来自葡萄酒和烈酒业务。另外大约1亿美元将来自我们的公司职能部门以及我们的啤酒部门——顺便说一句，主要是我们的公司职能部门。即使节省来自公司职能部门，也会有一部分分配给我们的葡萄酒——我们的啤酒业务带来好处。对于我们啤酒业务获得的任何超出预期的收益，我们都希望将其重新投资于增长和比尔刚才提到的机会中。

Stephen Powers

Yes. Okay. And that's a good segue. So that despite recalibration of top line expectations, you've held firm to your 39% to 40% beer margin target. As you think about the, I guess, the path to fiscal 2028, maybe what's the framework you guys use to think about the – why that's the right margin range? What are the kind of the positives balanced against the puts and the takes around that number?
是的。好的。这是一个很好的过渡。所以，尽管调整了营收（top line）预期，你们仍然坚持 39% 到 40% 的啤酒利润率目标。我想，在展望到 2028 财年的路径时，你们用来思考为什么这是正确的利润率区间的框架是什么？围绕这个数字，有哪些积极因素与权衡因素（puts and takes）？

Garth Hankinson

Yes, sure. Well, first of all, we've been saying for years, we think 39% to 40% is the right range over the medium term to think about our beer business. If I don't say it, Bill will, those are best-in-class margins, not just in beer, but in consumer packaged goods. And honestly, the puts and takes are kind of the same that they have been. On the positive side in terms of tailwinds, we still expect to get sort of at least low single-digit volume growth, which will help with overhead absorption, obviously.
是的，当然。嗯，首先，我们多年来一直说，我们认为 39% 到 40% 是中期内考虑我们啤酒业务的正确区间。如果我不说，比尔也会说，这是同类最佳的利润率，不仅在啤酒行业，在消费品行业也是如此。老实说，其中的权衡因素（puts and takes）和以前基本一样。在积极的顺风方面，我们仍然预计至少能实现低个位数的销量增长，这显然有助于分摊管理费用（overhead absorption）。

We continue to believe that we've got the ability to take 100 to 200 basis points of growth through pricing. And we're going to have a robust savings agenda. We've always had a robust savings agenda as part of our plan. We've talked more about that in the last couple of years just because the quantum of dollars have been bigger than they had been in years past. That's because twofold. One, we've been really successful in terms of clawing back some of the outsized increases we saw during the two-year period of time where we had really elevated inflationary impacts against our business, and our procurement team has done a really nice job of RFP in the business and reentering contracts.
我们继续相信我们有能力通过定价实现 100 到 200 个基点（1%-2%）的增长。而且我们将有一个强有力的成本节省计划。我们一直将强有力的成本节省计划作为我们规划的一部分。过去几年我们更多地谈论这一点，仅仅是因为节省的金额比往年更大。这有两个原因。第一，在我们业务受到严重通胀影响的两年期间，我们在收回一些过高的成本增长方面非常成功，我们的采购团队在业务招标（RFP）和重新签订合同方面做得非常好。

There's also this migration that we've talked about for a few years now around being – moving from a builder to an operator. Again, that has yielded real savings for us as we've gone from sort of 50-foot railcars to 60-foot railcars, double stacking in those railcars, just a couple of the initiatives that we've had underway. So all of those will be the tailwinds. Headwinds will be the usual suspects, inflation, a little bit of fixed overhead absorption drag as we put in incremental capacity and then depreciation.
还有我们几年来一直在谈论的这种转变——从建设者（builder）转变为运营者（operator）。这再次为我们带来了实实在在的节省，比如我们从 50 英尺的铁路货车换成了 60 英尺的铁路货车，并在这些货车中进行双层堆叠，这只是我们正在进行的几项举措中的例子。所以所有这些都将是顺风因素。逆风因素将是常见的那几个：通货膨胀，随着我们增加额外产能而带来的一些固定管理费用分摊（fixed overhead absorption）拖累，然后是折旧（depreciation）。

We're doing a nice job, I think, managing depreciation. We've talked about this modular approach to expansion. And what we're able to do is as we're seeing demand queues change, we can extend when we bring lines or facilities on stream and then better manage the depreciation impact in the business. But with all that said, again, 39% to 40% is what we think is the right way to think about the business. But in any one year, we might have more tailwinds, and we'll be above 40%. In some years, we'll be – have more headwinds and being below 39%.
我认为我们在管理折旧方面做得很好。我们已经讨论过这种模块化的扩张方法。我们能够做到的是，当我们看到需求队列发生变化时，我们可以推迟生产线或设施投入使用的时间，从而更好地管理业务中的折旧影响。但总而言之，我们仍然认为 39% 到 40% 是思考这项业务的正确方式。但在任何一年，我们可能会有更多的顺风因素，利润率会超过 40%。在某些年份，我们会遇到更多逆风因素，利润率会低于 39%。

Stephen Powers

Yes. Okay. Great. And maybe we can – maybe this question is a little bit for both of you. And Bill, you alluded to it. The business operates with a fairly simple SKU assortment. And I guess, such that there's probably good growth and good ROI with a little bit more complexity, right, if you're choiceful about it. So how do you think about and prioritize different flavors, different package sizes and formats? And I guess, is there a level – I guess on the other side, is there a level of complexity that you're trying to avoid where all of a sudden, the calculus becomes more of a net detriment than a positive?
是的。好的。太好了。也许我们可以——也许这个问题有点适合你们俩。比尔，你之前也提到了。公司的业务运营依赖相当简单的 SKU（库存单位）组合。我想，这意味着如果你们审慎地选择增加一点复杂性，比如推出更多口味、包装尺寸和形式，可能会带来良好的增长和投资回报率（ROI），对吧？那么，你们是如何考虑和优先排序不同的口味、包装尺寸和形式的呢？另外，我想问，是否存在一个你们试图避免的复杂性水平，一旦超过这个水平，整体的考量（calculus）突然就弊大于利了？

Bill Newlands

Well, Why don't I start? We always start with the consumer. Are there places where we can have a product or SKU that meets either a consumer or consumer occasion that we're not addressing today. So – and I would argue that follows into multiple things. So if you think about the price packed architecture, that fills price point, price need and so on. If you think about things like Corona Sunbrew, new product, it was specifically with what we observed younger consumers doing on spring break. It was – and it's a great product that goes to a consumer trend, which is interest in higher flavor.
嗯，不如我先开始吧？我们总是从消费者出发。是否存在一些地方，我们可以提供一种产品或 SKU 来满足我们目前尚未满足的消费者需求或消费场景。所以——我认为这涉及到多个方面。如果你考虑价格包装组合（price pack architecture），它满足了不同的价格点、价格需求等等。如果你想想像科罗娜 Sunbrew 这样的新产品，它是专门针对我们观察到的年轻消费者在春假期间的行为而推出的。它是一款很棒的产品，迎合了消费者对更高风味兴趣的趋势。

We introduced Corona Non-Alc. Again, there's a certain subsegment of the audience that's thinking about moderation. We have a product for them with that. And you could argue, okay, well, you've now said you're going to expand your SKU count. Our SKU count is about 160. Most of our competitors are several times that. So if you're one of our distributors or one of our retailers, the efficiency of our portfolio is radically better than what most in the industry see. And that's been a very big help. And what you've seen is we've gained shelf position over time. So we always start at the consumer lens, where can it add value? Where does it serve a need that isn't serviced today by our business. And that's kind of the approach we take relative to SKU assortment.
我们推出了科罗娜无酒精啤酒（Corona Non-Alc）。同样，有一部分受众正在考虑适度饮酒。我们为此为他们提供了一款产品。你可能会说，好吧，你们现在说要扩大 SKU 数量了。我们的 SKU 数量大约是 160 个。我们大多数竞争对手的 SKU 数量是我们的好几倍。所以，如果你是我们的分销商或零售商之一，我们产品组合的效率要比行业内大多数公司高得多。这一直是一个非常大的帮助。你所看到的是，随着时间的推移，我们获得了更多的货架位置。所以我们总是从消费者的角度出发：它能在哪里增加价值？它能在哪里满足我们业务目前尚未满足的需求？这就是我们在 SKU 组合方面采取的方法。

Garth Hankinson

Yes. I mean I think Bill covered it. I mean the only thing I would add is that we're investing in capabilities to ensure that we can do just what Bill said, right? I mean – and we're doing that kind of in three buckets, if you will. One is in people to make sure we've got the right people doing the right – with the right capabilities to be able to mine information and data to see where it is we want to play, not just from the consumer-led different liquids or formats, but also from a price pack architecture.
是的。我的意思是，我认为比尔已经涵盖了。我唯一想补充的是，我们正在投资于能力建设，以确保我们能做到比尔所说的那样，对吧？我的意思是——我们正在通过三个方面来做这件事，如果你愿意这么说的话。一是在人才方面，确保我们有合适的人员，具备合适的能力，能够挖掘信息和数据，以确定我们想要在哪里竞争，不仅仅是从消费者主导的不同酒液或形式来看，也包括从价格包装组合（price pack architecture）的角度。

We're investing in systems and technology to dial it in even further. And then the investment that we've made in the breweries over the last 10 years have really enabled us to have that extra capacity and more flexibility and complexity so that we can innovate and innovate more quickly to respond to the consumer-led trends that Bill referenced.
我们正在投资于系统和技术，以进一步精确调整。然后，我们在过去 10 年对啤酒厂的投资确实使我们拥有了额外的产能、更大的灵活性和处理复杂性的能力，这样我们就可以创新，并更快地创新，以响应比尔提到的消费者主导的趋势。

Stephen Powers

What's the range of profitability within the beer segment around that 30% to 40% sweet spot. And as you think about new innovations, new introductions, new SKUs, what's the profit hurdle that you're trying to achieve? And how much dilution are you able to – are you willing to accept upfront for growth? And just how you think about that dynamic?
在啤酒业务 39% 到 40% 的理想区间内，盈利能力的范围是怎样的？当你们考虑新的创新、新产品、新 SKU 时，你们试图达到的利润门槛是多少？为了增长，你们能够——或者说愿意预先接受多大程度的（利润率）稀释（dilution）？以及你们是如何看待这种动态平衡的？

Garth Hankinson

Yes. I mean – and that's not necessarily a one-size-fits-all answer. I mean, obviously, we'd like everything to be at least margin neutral. And there are some things we've looked at that could be slightly dilutive over – initially, but over time, they become more neutral to the overall portfolio. So that's kind of what the goal is. To the extent what would we accept from a dilutive perspective longer term, I think as you just get down to what is the size of the opportunity? And does that create enough incremental real dollars to have that dilutive effect.
是的。我的意思是——这并不是一个放之四海而皆准的答案。显然，我们希望所有项目至少能保持利润中性。我们也观察到，有些项目在初期可能略微稀释利润，但随着时间推移，它们对整体投资组合的影响会变得更为中性。这就是我们的目标。至于长期来看我们能接受多大的利润稀释，归根究底在于机会的规模，以及它是否能带来足够的增量实际收益，以抵消这部分稀释效应。
Warning
瞎扯。

Stephen Powers

Okay. Great. Bill, maybe we can zero in on brands, Modelo, Corona and Pacifico. I guess how would you summarize the role that each of those brands plays in the portfolio? And then what is the interplay between them and among them in the marketplace?
好的。太好了。比尔，也许我们可以聚焦于几个品牌：Modelo、科罗娜（Corona）和 Pacifico。我想，您会如何总结这些品牌各自在产品组合中扮演的角色？然后，它们在市场上的相互作用是怎样的？

Bill Newlands

We still believe Modelo has got a tremendous runway. When you look at the state of California, as an example, the share that we have there is twice what the national average is. So we still see Modelo as a real growth driver going forward. The number of people that were shocked to know that it's number one beer by dollars in the U.S. when it happened, it kind of blew us all away a little bit. So there's just so much room to grow. If you look at the profile of – and I'm going to get on to Corona second, but what Corona was 20 years ago, the demographics looked very much similar to what Modelo is today.
我们仍然相信 Modelo 有着巨大的增长空间（runway）。以加利福尼亚州为例，我们在那里的市场份额是全国平均水平的两倍。所以我们仍然将 Modelo 视为未来真正的增长驱动力。当它成为美国销售额第一的啤酒时，很多人都感到震惊，这让我们所有人都有些意外。所以增长空间还很大。如果你看看——我稍后会谈到科罗娜，但看看 20 年前科罗娜的情况，当时的人口统计特征与今天的 Modelo 非常相似。

So if you look at – if Modelo ends up someday down the road being 60-40 in the general market, the upside to that is immense. So that creates, I think, a great opportunity for that business to continue to accelerate. Corona, on the other hand, was something we're looking for a bit of more neutrality. It's still gaining share. But if we can sort of hold our own with the core Corona Extra business, I think we'd be happy with that because we have things around it that are doing very well. Familiar is doing extraordinarily well. It's up double digits.
所以，如果你看看——如果 Modelo 未来某天在主流市场（general market）的消费者构成达到 60-40（指非西班牙裔与西班牙裔的比例），那么其上升潜力是巨大的。所以我认为这为该业务继续加速增长创造了绝佳的机会。另一方面，对于科罗娜，我们寻求的是更多的中性（neutrality，可能指维持稳定）。它仍在获得市场份额。但如果我们能让核心的科罗娜特级（Corona Extra）业务保持稳定，我想我们会对此感到满意，因为我们围绕它的其他产品表现非常好。科罗娜 Familiar 表现异常出色，实现了两位数的增长。

The Corona Non-Alc business, the second year doubled after the first year almost in spite of us, meaning we really didn't put a lot of time, energy or money behind it. But again, that follows the consumer trend, and that's doing very well. We've added another pack this year to continue to accelerate around that.
科罗娜无酒精（Corona Non-Alc）业务，在第一年之后，第二年的销量几乎翻了一番，这几乎是“无心插柳”的结果，意思是说我们真的没有投入太多时间、精力或资金。但这再次顺应了消费者趋势，而且表现非常好。今年我们又增加了一种包装规格，以继续加速其增长。

And then when you think about Pacifico, Pacifico is like a Baby Modelo. It started heavily in the West. It's the number two beer in Southern California to Modelo. But 50% of it now is outside the state of California. So you're starting to see it develop around the country. And as you pointed out, it's a double-digit growth driver for us, which is terrific. So – it also skews a bit different. It's a bit more Gen Z. It's a bit younger. So that fits a little bit of a different niche than the other two, which compete a little bit more against each other. So we think each of those has a real purpose and will be an important factor of what our business looks like as we move forward.
然后当你想到 Pacifico 时，Pacifico 就像一个“小 Modelo”。它最初在西部市场表现强劲。在南加州，它是仅次于 Modelo 的第二大啤酒。但现在其 50% 的销量来自加州以外。所以你开始看到它在全国范围内发展。正如你指出的，它是我们一个两位数增长的驱动力，这非常棒。所以——它的消费者群体也略有不同。它更偏向 Z 世代（Gen Z），更年轻一些。因此，它填补了一个与另外两个品牌略有不同的细分市场（niche），后两者之间的竞争更为直接一些。所以我们认为这三个品牌都有其真正的目的，并且将是我们未来业务发展的重要组成部分。

Stephen Powers

And how do you – maybe, Garth or Bill, you guys tag team, but how do you ensure that each brand is getting the appropriate amount of support, both in terms of innovation, care and feeding as well as just basic marketing, commercial support?
那你们——也许加斯或比尔可以搭档回答——如何确保每个品牌在创新、养护以及基本营销和商业支持方面都得到恰当的扶持？

Bill Newlands

Well, I’m good.
我可以说。

Garth Hankinson

Well, go ahead, Bill.
好的，比尔，请讲。

Bill Newlands

See that? You get an open ended. We got to keep in mind, Modelo is the number one share of voice. Corona is number two. So we significantly support those businesses. And I’m sure Garth will tell you in a minute, we rarely say no if we have a good ROI against our business. I think the big question is how much more gas do we put on the Pacifico fire? We’re again, we’re starting to see that build itself around the country. And that’s part of the debate. When do you really say, okay, let’s open up the \[indiscernible] here and get going because there’s a lot of interest in that particular brand. So we will we’re going to continue to support both of those businesses because we think there’s still a lot of room around the country.
你看，这可是个开放式问题。必须牢记，Modelo 的声量份额排第一，Corona 排第二，所以我们对这两大业务投入很重。我敢说，加斯马上会告诉你，只要投资回报率合适，我们几乎不会说“不”。现在的大问题是：我们还要给 Pacifico 这把火再添多少油？目前我们看到它在全国各地都在升温，这也是讨论的一部分——什么时候该真正“打开\[听不清]的闸门”让它全速推进？因为市场对这个品牌的兴趣很高。基于全国仍有广阔空间，我们会继续支持这两个品牌。

Garth Hankinson

Yes. And Bill touched on a couple of specifics, so I'll speak about it a little bit more generically. So first of all, keep in mind something Bill said earlier on, the brand health continues to be fantastically strong on all three. So we've got a great base to build on, which gives us the confidence to continue to invest, as Bill just said. And then furthermore, we continue to get growth out of the business, which allows us to increase our incremental investment on a year-over-year basis. So we do have plenty of dollars to go around to fuel the investment.
没错。比尔提到了一些具体点，我先泛谈一下。首先，如比尔刚才所说，三大品牌的健康度依旧极为强劲，这给我们提供了坚实的基础，也让我们有信心继续加码投资。同时，业务仍在持续增长，使我们每年都能增加额外投放资金。因此，用来支撑投资的资金完全充裕。

As we're looking across brands, we always look to balance our investment across effectiveness and efficiency, if you will. And so for example, if you look at like live sports, very, very effective just because of what the reach, the range of audience that, that has. And then we've started from an efficiency standpoint over the last few years, invest more in digital advertising, right, because that's targeting individual consumers a bit more precisely. So we are very, very happy with that discipline.
在品牌层面，我们始终在成效与效率之间寻求平衡。举例来说，直播体育赛事极具成效，因为其受众覆盖面广；而在效率方面，过去几年我们加大了数字广告投入，能够更精准地触达个人消费者。对此我们十分满意。

Again, you've probably heard us talk about this somewhat in the past as well. We've changed some of our partnerships in terms of agencies, which have really led to strategic relationships that have resulted in us being more efficient in our marketing spend in terms of sort of buying – buying advertising, managing inflation. So again, we're squeezing the most out of the dollars we put against the brands.
此外，正如你们以前听过的，我们更换了一些代理合作伙伴，建立了更具战略性的关系，让我们在广告购买、应对通胀方面的营销支出更加高效。因此，我们正最大化每一美元的价值。

And long story short, that's why we feel good about the 8.5% target that we've got out there in terms of our guidance relative to marketing spend. And then as Bill said, just because I want to double down on it, we will continue to invest. I mean, we don't compromise when it comes to marketing, right? We want to continue to invest in the brands, drive the top line. And when our marketing team comes to us with compelling return-generating opportunities, we look at those positively. And last year, I think, is a good example where we approved a significant amount of incremental spend in the last second half of the year.
总之，这就是我们对8.5%的营销支出指引信心十足的原因。同时，正如比尔所强调的，我们会继续投资——在营销上绝不妥协。我们要不断为品牌投入，推动营收增长。只要营销团队提出有吸引力的高回报机会，我们都会积极考虑。去年下半年就是很好的例子，我们批准了大量的新增投入。

Bill Newlands

Can I pile on?
我能补充一下吗？

Garth Hankinson

Yes, you may.
当然可以。

Bill Newlands

Chelada is a great example of where some of that spend went that Garth was just talking about in the back half of the year. That was a business that sort of happened again, almost in spite of us, but it matches consumer trends. It's high flavor, but it was all 24-ounce until about three years ago. We've introduced multipack smaller sizes. It opened up more demographic. It opened up more occasions. But the awareness level outside of the core consumer is pretty low.
Chelada 就是加斯刚才提到去年下半年新增投入的好例子。这个品类几乎是在“无心插柳”之下迅速成长，完全契合消费者趋势。它风味强烈，但三年前之前只卖24盎司的大罐装。我们后来推出了多包装小规格产品，吸引了更多人群与使用场景。不过核心客群之外的认知度仍然偏低。

We did our first major media effort last fall to introduce that to a broader audience because that meets consumer trends. A lot of people have asked us in the few individual meetings we've had today, what's going on with smaller format or ready-to-drink stuff? I would argue Chelada is a great example of where we have addressed some of that high flavor single-serve needs for our business.
去年秋天，我们第一次大规模媒体投放，把 Chelada 推向更广受众，因为这符合消费趋势。今天几场一对一会议里，很多人都问我们小规格或即饮产品的进展。我认为 Chelada 正是我们满足高风味单份需求的绝佳案例。

Stephen Powers

Yes. Do you have – you mentioned number one, number two share of voice for Modelo and Corona. Do you have share of voice metrics relative to share of market metrics? Where do you want share of voice to be for each of those three brands relative to market share? Is that a way you think about that way?
是的。你们有——你提到了 Modelo 和科罗娜（Corona）拥有第一和第二的“声量份额”（share of voice）。你们是否有相对于市场份额指标的声量份额指标？对于这三个品牌中的每一个，你们希望它们的声量份额相对于市场份额达到什么水平？这是你们思考这个问题的方式吗？

Bill Newlands

I'd say we think about it more of we want effectiveness. We want great return for our spend, and we track it very carefully. We know exactly how much and how fast we're going to get return on our dollars when we spend those. We've got an algorithm that tracks it literally on an ongoing basis.
我会说我们更多地考虑的是我们想要效果（effectiveness）。我们希望我们的支出能获得丰厚的回报，并且我们非常仔细地追踪它。我们确切地知道当我们花钱时，我们的资金会带来多少回报以及多快带来回报。我们有一个算法可以持续地实时追踪它。

Stephen Powers

Okay. Another – a long-time goal of the company, Bill, has been securing more of your fair share of space in coolers on shelf. I guess how would you rate – what's the scorecard on that if you think about the last couple of years? And how are conversations going at present on that front? And I guess a little bit of what's kind of the support level you're getting from distributors as well?
好的。另一个——比尔，公司的一个长期目标一直是争取在货架上的冷柜中获得更多你们应得的份额（fair share）。我想，回顾过去几年，您会如何评价——这方面的成绩单（scorecard）是怎样的？目前在这方面的沟通进展如何？而且，我想，你们从分销商那里得到的支持程度大概是怎样的？

Bill Newlands

Yes. Shelf space remains a great opportunity for us. When you think about a brand like Modelo, it’s still Bud Lights 30% to 50% more pods than we have, even though we're bigger in terms of dollars. So a lot of opportunity goes there. I think a couple of the changes that you've seen is – it wasn't that long ago that we had less influence with those critical large retailers. Today, we have influence, either as a category captain or as a validator in over 80% of accounts. So we have more of a say in the equation.
是的。货架空间对我们来说仍然是一个巨大的机会。当你想到像 Modelo 这样的品牌时，百威淡啤（Bud Light）的货架单元（pods）仍然比我们多 30% 到 50%，尽管按销售额计算我们更大。所以那里有很多机会。我认为你看到的几个变化是——不久前，我们对那些关键的大型零售商影响力还较小。今天，我们在超过 80% 的客户（accounts）中拥有影响力，无论是作为品类领导者（category captain）还是验证者（validator）。所以我们在决策中有更多的话语权。

How has that paid off. A couple of years ago, we had double-digit share gains. Last year, we had high single-digit. We think we still will continue to see that. And on an ongoing basis, we expect to see share gains in advance of our growth profile because we are the ones that tend to bring the profitability and growth to the category. That works for a retailer. But to your point, it also works in the wholesale level. Our relationship with our wholesalers are top-notch. Part of what the real value is, it goes back to your earlier question about efficiency. With 160-ish SKUs, we're very efficient for a wholesaler that wants effectiveness and efficiency in their delivery systems.
这带来了什么回报呢？几年前，我们实现了两位数的份额增长。去年，我们是高个位数增长。我们认为我们将继续看到这种情况。并且，持续地，我们预计份额增长会领先于我们的整体增长速度，因为我们是倾向于为品类带来盈利能力和增长的一方。这对零售商有利。但正如你所指出的，它在批发层面也同样有效。我们与批发商的关系是一流的（top-notch）。部分真正的价值在于，这又回到了你之前关于效率的问题。凭借大约 160 个 SKU，对于那些希望在其配送系统中实现效果和效率的批发商来说，我们非常高效。

Stephen Powers

And do you – what's the attitude towards – you mentioned being consumer-led. To what extent are you sort of distributor led in terms of – I'm sure they're pulling from you for a lot of things, but you're also competing in a competitive system. So what's been their overall approach to your innovation efforts? Are they satisfied? Are they hungry for more I don't think they're overwhelmed, but you tell me if that.
那么你们——对于——你提到以消费者为主导。在多大程度上你们是由分销商主导的——我确信他们在很多事情上向你们寻求支持（pulling from you），但你们也在一个竞争激烈的体系中竞争。那么他们对你们的创新努力的总体态度是怎样的？他们满意吗？他们是否渴望更多？我不认为他们不堪重负（overwhelmed），但你告诉我是否如此。

Bill Newlands

No, I hope they're not overwhelmed. But part of what we have said to them is, we're only going to bring you things that have been validated and tested. We're not going to throw anything against the wall that we don't believe is going to be valuable and that we haven't both tested and plan to support. They like that answer, right? They don't want to get hung out on a limb saying, oh, just go get something done. The efficiency point, we've made that a couple of times now, but it never ends relative to the discussion at the distributor level. They want growth. Growth has been tougher. They want profitability. That's been tougher. And especially at our price point, playing in all in the high end, we bring a better margin profile for them. We bring growth profile for them, and they've been highly supportive. We worked very closely with them as we develop our annual plans every year.
不，我希望他们没有不堪重负。但我们对他们说过的一部分是，我们只会给他们带来经过验证和测试的东西。我们不会随便尝试（throw anything against the wall）任何我们不相信有价值、并且没有经过测试和计划支持的东西。他们喜欢这个答案，对吧？他们不希望被置于困境（hung out on a limb），被告知“哦，随便去做点什么吧”。效率这一点，我们现在已经提过几次了，但在分销商层面的讨论中，这一点永远不会结束。他们想要增长。增长变得更加困难。他们想要盈利能力。这也变得更加困难。特别是在我们的价位上，完全专注于高端市场，我们为他们带来了更好的利润状况。我们为他们带来了增长前景，他们一直非常支持。我们每年在制定年度计划时都与他们密切合作。

Stephen Powers

Okay. Great. So Garth, I wanted to pivot to the cash side of things because I think the company is in a very different position than it was a few years ago from a cash perspective. plans to generate $2.7 billion, $2.8 billion in operating cash flow in fiscal 2026 and see it grow high single-digit, low single-digit off that base over the next couple of years. I guess maybe talk through some of the unlocks of that cash flow. And you talked about modularity of manufacturing and from a margin perspective, how that's helping the margin profile. But it's also obviously helping cash even when growth is less robust. So talk to me about sort of the journey you've been on to improve cash flow, your kind of visibility of that cash flow over the next couple of years and the key drivers there?
好的，很好。那么，加斯，我想把话题转到现金层面，因为我认为公司在现金方面的状况与几年前相比已经截然不同。公司计划在2026财年产生27亿至28亿美元的经营现金流，并在此基础上在未来几年实现高个位数到低个位数的增长。我想请你谈谈释放这些现金流的关键举措。你提到了制造的模块化，以及从利润率角度看，它如何改善利润结构；显然，即便增速不那么强劲，这也有助于现金流。因此，请你聊聊提升现金流的旅程、未来几年对现金流的可见度，以及其中的主要驱动因素。
Idea
税前还有4.x亿的利息支出，税后20亿的净利润，302亿的市值，约等于15倍的PE。
Garth Hankinson

Yes. Well, look, this is one of my favorite topics, right? Now, you're right. We are in a different spot now than we were a few years ago. And a lot of that story has to just basically do with CapEx, if you will, right? So you referenced the cash flow for this year. But if we look out to FY2028, we're expecting to generate roughly $9 billion of operating cash flow and roughly $6 billion of free cash flow.
是的。嗯，看，这是我最喜欢的话题之一，对吧？现在，你是对的。我们现在所处的位置与几年前不同了。这个故事很大程度上基本上与资本支出（CapEx）有关，如果你愿意这么说的话，对吧？所以你提到了今年的现金流。但如果我们展望到 2028 财年（FY2028），我们预计将产生大约 90 亿美元的运营现金流和大约 60 亿美元的自由现金流。

The real inflection again has been in CapEx. In FY2025, which is kind of our high watermark, FY2026 will still be a little bit elevated because we moved some investment in between years. But in FY2025, CapEx as a percent of net sales was about 13%. And in FY2028, we're forecasting that to be more like 4% or 5%. So a huge unlock.
真正的转折点（inflection）还是在资本支出上。在 2025 财年，这可以说是我们的高点（high watermark），2026 财年仍会略高一些，因为我们在不同年份之间调整了一些投资。但在 2025 财年，资本支出占净销售额的比例约为 13%。而在 2028 财年，我们预测这个比例会更像是 4% 或 5%。所以这是一个巨大的释放（unlock）。

Obviously, the growth of the business has been an unlock as well. And so this is – all of this cash flow sort of supports the capital allocation priorities that we've had in place for the last five or six years. We always look to manage the short-term needs with the longer-term aspirations of the organization, and that's really served us well. We're going to continue to be to target a 3x leverage ratio. We're going to want to maintain our investment grade rating for all the benefits that, that brings.
显然，业务的增长也是一个释放因素。所以，所有这些现金流都支持着我们在过去五六年里一直实施的资本配置优先事项。我们始终着眼于平衡组织的短期需求和长期愿景，这确实对我们很有利。我们将继续以 3 倍的杠杆率（leverage ratio）为目标。我们将希望保持我们的投资级评级（investment grade rating），以获得其带来的所有好处。

We're going to seek to maintain our 30% dividend payout we still have – even though there's a big shift coming in terms of the quantum of CapEx. We'll still invest in the business. And through FY2028, it's about $2.2 billion, $2.4 billion of CapEx across the enterprise, about $2 billion in beer. And then we'll execute against our newest – our latest share authorization we've got from our Board, three years, $4 billion. And then last is M&A, which we'll use like we've used in the past several years, which is targeted portfolio gap filling type of initiatives.
我们将寻求维持我们 30% 的股息支付率（dividend payout）——尽管资本支出的规模（quantum）即将发生重大转变。我们仍将投资于业务。到 2028 财年，整个企业的资本支出约为 22 亿至 24 亿美元，其中约 20 亿美元用于啤酒业务。然后，我们将执行我们最新的——我们董事会最新批准的股票回购授权，为期三年，金额 40 亿美元。最后是并购（M&A），我们将像过去几年一样使用它，即针对性的、填补产品组合空白（portfolio gap filling）类型的举措。

Stephen Powers

Okay. Can you talk a little bit about just balance sheet structure, debt structure and how you think about that. Last night, you also alongside the deal closure, you also announced the early redemption of about. I think it was $900 million of senior notes over the next couple of years. Sort of the logic in that announcement and just how you're thinking about the overall debt profile.
好的。你能稍微谈谈资产负债表结构、债务结构以及你们对此的看法吗？昨晚，在交易完成的同时，你们还宣布了提前赎回（early redemption）大约——我记得是未来几年内 9 亿美元的优先票据（senior notes）。能否解释一下该公告背后的逻辑，以及你们是如何考虑整体债务状况（debt profile）的？

Garth Hankinson

Yes. Well, look – so first of all, as I said, I mean, we think right now, 3x is the right target for us. Now given the cash flow generation – we have the ability to take a look at that on a year-to-year basis and say, do we still think 3x is the right amount or not? And to the extent – we think it should be less than that we can act appropriately to the extent we think that there's an opportunity, maybe share price dislocation, we want to pulse up for a short period of time. We could do that. We have that flexibility.
是的。嗯，看——首先，正如我所说，我的意思是，我们认为目前 3 倍（杠杆率）对我们来说是合适的目标。现在考虑到现金流的产生——我们有能力每年审视一下，然后说，我们是否仍然认为 3 倍是合适的数额？在某种程度上——如果我们认为它应该低于这个水平，我们可以采取适当的行动；在某种程度上，如果我们认为有机会，比如股价错位（share price dislocation），我们想在短期内提高（杠杆率），我们也可以这样做。我们有这种灵活性。

As it relates to managing the maturities, last night was kind of a continuation of what we started earlier this year. We've been in the market twice this year, 3x really this year to raise debt when we found attractive windows. And that really is to manage debt that's coming due within the next nine to 12 months. So we'll continue to be opportunistic in that regard.
关于管理到期债务（maturities），昨晚的行动可以说是我们今年早些时候开始的行动的延续。今年我们已经两次进入市场，实际上是三次，在发现有吸引力的窗口时发行了债券。这确实是为了管理未来 9 到 12 个月内到期的债务。所以我们将在这方面继续保持机会主义（opportunistic）。

Stephen Powers

Okay. Bill, we talked about, I guess, in being consumer-led in the R&D process and in marketing, you talked about the amount of money you're spending behind some of these new initiatives. You've also – you alluded to building a lot of capabilities, whether it's consumer insights, generation or marketing ROI or in-market commercialization. Just where do you think the biggest advantages of Constellation sit relative to market? Where are you at most ahead in terms of commercial capabilities? And where do you see the biggest opportunity to build more strength?
好的。比尔，我想我们之前谈到了在研发过程和营销中以消费者为主导，你也谈到了在一些新举措背后投入的资金量。你也提到了正在建立很多能力，无论是消费者洞察（consumer insights）、（洞察的）产生（generation）还是营销投资回报率（marketing ROI）或市场商业化（in-market commercialization）。相对于市场，你认为星座公司（Constellation）最大的优势在哪里？在商业能力方面，你们最领先的地方是哪里？以及你认为在哪些方面有最大的机会来建立更强的实力？

Bill Newlands

I think our data assessment has radically improved. So we've gone – we've done much more on a regional basis, I mean it wasn't that long ago, and you'll remember this, that we kind of did everything on a national basis. Here not pricing. We’d always did that on a localized basis. But if we were going to do an initiative and went everywhere, that's probably not the best approach. And we've done a lot more based on solid data. What's the algorithm show, what's the benefit, what's the ROI on the spend and on the approach that we're taking. So I think that's been important.
我认为我们的数据评估能力（data assessment）已经显著改善。所以我们已经——我们在区域层面上做得更多了，我的意思是，就在不久前，你会记得，我们基本上所有事情都是在全国层面上做的。这里不是指定价。定价我们一直是在本地化基础上进行的。但如果我们要做一个举措（initiative），然后推广到所有地方，那可能不是最好的方法。我们现在更多地基于可靠的数据来做。算法显示了什么，好处是什么，支出和我们采取的方法的投资回报率（ROI）是多少。所以我认为这很重要。

I think we've gotten much more focused on exactly what we ask our organization to execute against. Again, rather than broad-based, much more specific. You're in a market where Corona Light is a big factor, okay? We are expecting that this will be what the result of that answer is. So putting data first, and I think that's been a big improvement.
我认为我们更加专注于要求我们的组织具体执行什么。同样，不是泛泛的（broad-based），而是更加具体。比如说，你所在的市场科罗娜淡啤（Corona Light）是一个重要因素，好的，我们期望这就是答案的结果。所以把数据放在首位，我认为这是一个很大的进步。
Idea
至少已经意识到数据能力的重要性。
The second thing, I think, is our capabilities on both the actual liquids. I've always been a big fan for my entire career, stuff's got to taste good. Don't tell me. Oh, yes, you'll like it. It's low alc. So therefore, it's got a taste like crap. I'm not a big fan of that. I think consumers want to have something that they enjoy. And I think our team and our R&D team has done an exceptional job of when we introduce something, if that's a flavor characteristic or a product characteristic that you're looking for, you're going to get a damn good one. I think that's been a real advancement that we've had. And I think it plays out in terms of the quality of things like Chelada's or Sunbrew, Modelo Aguas, Frescas or those kinds of things is we're making exceptional products.
我认为第二点是我们在实际液体（actual liquids，指产品本身）方面的能力。我整个职业生涯一直坚信，东西必须好喝。别告诉我，“哦，是的，你会喜欢的。它是低酒精度的（low alc）。所以，它的味道就得像垃圾一样。”我非常不认同这一点。我认为消费者想要他们喜欢的东西。我认为我们的团队和研发团队在推出新产品方面做得非常出色，如果你追求的是某种风味特征或产品特性，你会得到一个非常棒（damn good）的产品。我认为这是我们取得的真正进步。我认为这体现在像 Chelada、Sunbrew、Modelo Aguas Frescas 这类产品的质量上，我们正在制造卓越的产品。

I think the same would apply to the wine business, quite frankly. So I think those capabilities are all there. I'd say the place where I still want to see us do a better job. We're still in the early stages on the digital side of our business. And while I think we've made leaps and bounds, I still think there are other leaps and bounds for us to go get.
坦率地说，我认为这同样适用于葡萄酒业务。所以我认为这些能力都具备了。要说我仍然希望我们做得更好的地方，那就是我们业务的数字化方面（digital side）仍处于早期阶段。虽然我认为我们已经取得了长足的进步（leaps and bounds），但我仍然认为我们还有更多的进步空间（leaps and bounds）需要去争取。

Stephen Powers

Okay. When you – on the data and on I guess – and on kind of liquid R&D. To what extent are you investing in internal proprietary – proprietary data acquisition, proprietary R&D versus partnering with outsiders and leveraging third parties in your efforts?
好的。关于数据以及，我想——以及液体研发方面。你们在多大程度上投资于内部专有的（internal proprietary）——专有数据获取、专有研发，而不是与外部人士（outsiders）合作并利用第三方（third parties）来支持你们的工作？

Bill Newlands

There's a little of both, but we do most of it internally. We have a major R&D lab at both in the United States and another one in Mexico. So we rely mostly. We use flavor houses for certain things if there's flavor involved. But most of it is done internally.
两者都有一些，但我们大部分是在内部完成的。我们在美国和墨西哥各有一个主要的研发实验室。所以我们主要依靠内部。如果涉及风味，我们会使用香精公司（flavor houses）来处理某些事情。但大部分工作是在内部完成的。

Stephen Powers

Okay. We've got two minutes left. So if you think about to take you beyond 2028 and think about the next kind of five years, looking out to 2030, what are the critical goals – the biggest aspirations, the things that you want to be able to say when you're back here at June 2030 that you've been able to achieve over the last five years.
好的。我们还有两分钟。那么，如果让你思考超越 2028 年，展望未来五年，也就是到 2030 年，关键的目标是什么——最大的抱负，当你 2030 年 6 月回到这里时，你希望能够说在过去五年中实现了哪些事情？

Bill Newlands

I think a number of things. I think the growth profile of the business, we want to continue to outperform, gain share. We want to win more consumer MAUs. I think we want to make sure and some of the things Garth talked about relative to our capital allocation. We've been very consistent about that for the last 6.5 years. I think we want to continue to do that with the appropriate amount of share buybacks and dividends that are attractive to our investor base. And I'd say the single biggest thing I'd like to see is I'd like our stock to reflect our results sooner than later.
我认为有几件事。我认为是业务的增长状况（growth profile），我们希望继续超越市场表现（outperform），获得市场份额。我们希望赢得更多的消费者心智份额（consumer MAUs - Mind Awareness Usage，此处意译）。我认为我们想确保，以及加思（Garth）谈到的一些关于我们资本配置（capital allocation）的事情。过去 6.5 年我们在这方面一直非常一致。我认为我们希望继续这样做，进行适量的股票回购（share buybacks）和派发对我们投资者群体（investor base）有吸引力的股息（dividends）。我想说，我最希望看到的一件事是，我希望我们的股价能尽早（sooner than later）反映我们的业绩。

Stephen Powers

It's a good ending. All right. Thank you, guys. Thanks to Constellation. Thanks to all for joining us.
这是一个很好的结尾。好的。谢谢你们。感谢星座公司（Constellation）。感谢大家的参与。

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