“Certainly we'll be, as I mentioned, really enhancing the brand equity to increase awareness amongst both adult vapors and adult cigarette consumers, and then we'll be looking for distribution.”

In context

“as we expand distribution and have equity spending. I think the other thing is, look, the economy is very dynamic right now, and we've highlighted for you that the adult cigarette consumer is under extreme pressures, and we want the flexibility to adapt to them and be there for our consumers if necessary. So I think we'll see how the economy progresses and we'll see how the adult cigarette consumer returns to, if you will, more of a comfortable position from an economic standpoint. Bonnie Herzog: Okay, I guess that makes sense. I mean, you have flexibility with some of your investments. So I'm curious, just Billy, can you give us a sense of how much you expect your investment to step up this year versus last year? Billy Gifford: Yes, I won't go into details just for competitive reasons. Certainly we'll be, as I mentioned, really enhancing the brand equity to increase awareness amongst both adult vapors and adult cigarette consumers, and then we'll be looking for distribution. So both, filling distribution gaps, as well as improving the visibility of ACE in stores where it's currently distributed and then expanding to new stores. Bonnie Herzog: Okay. And then just maybe one final question for me, just on the relative price gaps which continue to widen. I guess I think it's now the widest it's been for maybe 15 years. I know I've asked you this before, but given it keeps widening, I guess I'd like to hear how your strategy might be changing, given the costs you just mentioned on the consumer and then what the deep discount manufacturers are doing. Just curious to hear how flexible you might be with your pricing promo strategy and then certainly, your strategy behind leveraging Marlboro Black to potentially minimize down trading. Thanks, Billy. A - Billy Giffor”