On this page of StockholderLetter.com we present the 4/6/2023 shareholder letter from ALTRIA GROUP, INC. — ticker symbol MO. Reading current and past MO letters to shareholders can bring important insights into the investment thesis.

 •  4/6/2023 Letter Continued (Full PDF)
 •  4/4/2024 MO Stockholder Letter
 •  4/3/2025 MO Stockholder Letter
 •  4/2/2026 MO Stockholder Letter
 •  More "Cigarettes & Tobacco" Category Stockholder Letters
 •  MO Benford's Law Stock Score = 87

MO 4/6/2023 Shareholder/Stockholder Letter Transcript:

2022
Altria Group, Inc.
Annual Report
From tobacco company
To tobacco harm reduction company.

Dear Fellow Shareholders
Altria had an exciting year in 2022. We made meaningful progress
toward our Vision, our tobacco businesses successfully executed
their strategies in a dynamic operating environment and we
delivered strong financial performance once again.
Progress Toward Our Vision | In 2022, we remained focused on
Moving Beyond Smoking   . Our teams took several steps forward
to (i) accelerate the growth of our current smoke-free offerings,
(ii) create a compelling long-term smoke-free portfolio and (iii)
enhance our capabilities to compete in an evolving marketplace.
Helix grew reported shipment volume for on! to 82.5 million cans
during its first full year of unconstrained manufacturing capacity,
an increase of more than 70% versus the prior year. Moreover, on!
retail share momentum continued, as the brand reached 5.0% of
the total U.S. oral tobacco category and 23.0% of the U.S. nicotine
pouch category for full-year 2022. This impressive performance
was driven by increased brand awareness and adoption by adult
dippers and smokers.
We created a new long-term path forward in the heated tobacco
category. In October, we announced the formation of Horizon, a
majority-owned joint venture with JT Group, for the U.S. marketing
and commercialization of heated tobacco stick (HTS) products.
Horizon is working diligently to optimize HTS products for U.S.
adult smokers.
We reached an agreement with Philip Morris International Inc.
under which we will receive cash payments of $2.7 billion in
exchange for assigning the exclusive U.S. commercialization rights
to the IQOS Tobacco Heating System    effective April 30, 2024.
We received $1.0 billion in October and expect to receive the
remaining $1.7 billion by July 2023.
Our teams also made significant progress with our product
pipeline. At our Investor Day in March 2023, we unveiled two
innovative tobacco products in development     a heated
tobacco capsule product and a novel oral product. We are
encouraged by the adult tobacco consumer (ATC) feedback
we received during research, and our companies look forward
to introducing these smoke-free alternatives to ATCs in the
coming years, upon regulatory authorization.
In addition to enhancing our product portfolio, our teams
remained focused on expanding our capabilities in the
marketplace, particularly in digital consumer engagement.
We launched our Digital Trade Program last spring, and the
Kathryn B. McQuade, Chair of the Board
March 20, 2023
program brings to life new ways in which ATCs can responsibly
interact with our brands. Responsibility is the foundation of the
program, and for those participating at the highest level, we
introduced incentives for retailers to include age and identity
verification solutions in their digital platforms. As we broaden our
digital reach, we will use data to help us better understand each
adult smoker   s journey and assist them in successfully transitioning
to smoke-free alternatives in our portfolio.
Resilient Traditional Tobacco Businesses | Our traditional
tobacco businesses generated strong performance in 2022.
The smokeable products segment grew its adjusted operating
companies income (OCI) by 2.9% to $10.7 billion and expanded
adjusted OCI margins by 1.4 percentage points to 59%. Marlboro
performance was resilient once again, and its share of the
premium segment grew to 58.2% for full-year 2022.
We were encouraged by the full-year performance within the
oral tobacco products segment, as we invested behind on!.
Copenhagen celebrated its 200th anniversary and remained
the leading oral tobacco brand.
Strong Financial Performance and Significant Cash Returns
to Shareholders | Our full-year adjusted diluted earnings per
share grew 5.0%, as our tobacco businesses successfully executed
their strategies in a dynamic operating environment. In addition,
our tobacco businesses generated substantial cash flows, and we
returned more than $8.4 billion to shareholders last year through
dividends and share repurchases. We paid $6.6 billion in dividends,
and our Board of Directors raised the dividend for the 57th time
in 53 years. We also repurchased $1.8 billion of shares, completing
a two-year, $3.5 billion share repurchase program. Further, we
maintained focus on the strength of our balance sheet, retiring
$1.1 billion of notes in August with available cash.
Looking Forward | We believe we are well-positioned
to advance our Vision and create long-term value for our
shareholders. We have an unprecedented opportunity in front
of us to transition millions of U.S. adult smokers to smokefree alternatives. Our talented employees have been, and will
continue to be, a critical driver of our success. The passion of
our employees is evident, and we are confident in our ability to
execute our Vision because of them.
Thank you, as always, for your ongoing support of Altria.
William F. Gifford, Jr., Chief Executive Officer
For explanations and reconciliations of adjusted measures to corresponding GAAP financial measures used herein, see Item 7. Management   s Discussion and Analysis of Financial Condition
and Results of Operations in Part II of the enclosed Annual Report on Form 10-K.









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Indicate
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Yes
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athe
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definitions
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in Yes
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Indicate
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athe
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the
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   large
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reporting
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If an emerging
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Emerging
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Smaller
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If
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If
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check
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or
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new
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Large
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If
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new
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Act.
Emerging
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If
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indicate
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if
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registrant
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any
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revised
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accounting
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provided
pursuant
to
13(a)
of
Exchange
Act.
Indicate
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check
mark
whether
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registrant
has
filed
a
report
on
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$75 billion
/3 par
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1,785,563,827
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registrant
a shell
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defined
in Outstanding
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received
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ofmark
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registrant   s
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pursuant
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based
on by
the30,
closing
price
of the
common
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as
reported
on
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York
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Exchange.
1
As
of
June
2022,
the
aggregate
market
value
of
the
registrant   s
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approximately
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Common
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$0.33
/3 par value
1,785,563,827
shares the registrant was approximately $75 billion
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of June
2022,
thewhether
aggregate
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held
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non-affiliates
billion
Indicate
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registrant
isstock
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based
onby
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price ofthe
the
common
as registrant   s
reported
on
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New stock
York
Stock
DOCUMENTS
INCORPORATED
BY
REFERENCE
based on the closing sale price of the common
stock as reportedINCORPORATED
on the New York Stock
Exchange.
DOCUMENTS
BY
REFERENCE
As of June 30, 2022, the aggregate market value of the registrant   s common stock held by non-affiliates of the registrant was approximately $75 billion
Portions
ofclosing
the registrant   s
definitive
proxy
statement
forINCORPORATED
usetheinNew
connection
with
its
annual meeting of shareholders to be held on
DOCUMENTS
BY
REFERENCE
based
on the
sale price of
the common
stock
as reported
on
York Stock
Exchange.
Portions
the to
registrant   s
definitive
proxy
statement
use in connection
with
meeting
of shareholders
to be held
May 18, of
2023,
be filed with
the U.S.
Securities
and for
Exchange
Commission
onits
or annual
about April
6, 2023,
are incorporated
by on
May
18, 2023,
to
beIIIfiled
with
the U.S.
Securities
and for
Exchange
Commission
onits
or annual
about April
6, 2023,
are incorporated
by on
reference
hereof.
Portions
ofinto
thePart
registrant   s
definitive
proxy
statement
use in connection
with
meeting
of shareholders
to be held
reference
into Part
hereof.
May 18, 2023,
to beIIIfiled
with the U.S. Securities and Exchange Commission on or about April 6, 2023, are incorporated by
reference into Part III hereof.
v4 2022 ALTRIA 10-K 030923 1p.indd 1
3/9/23 12:54 PM

TABLE
TABLE
OF CONTENTS
OF CONTENTS
Page Page
PARTPART
I
I
Item 1.Item 1. Business
Business
Item 1A.
Item 1A.Risk Factors
Risk Factors
Item 1B.
Item 1B.Unresolved
Unresolved
Staff Comments
Staff Comments
Item 2.Item 2. Properties
Properties
Item 3.Item 3. Legal Legal
Proceedings
Proceedings
Item 4.Item 4. Mine Safety
Mine Safety
Disclosures
Disclosures
PARTPART
II
II
Item 5.Item 5. MarketMarket
for Registrant   s
for Registrant   s
Common
Common
Equity,Equity,
Related
Related
Stockholder
Stockholder
Matters
Matters
and Issuer
and Issuer
Purchases
Purchases
of
of
EquityEquity
Securities
Securities
Item 6.Item 6. [Reserved]
[Reserved]
Item 7.Item 7. Management   s
Management   s
Discussion
Discussion
and Analysis
and Analysis
of Financial
of Financial
Condition
Condition
and Results
and Results
of Operations
of Operations
Item 7A.
Item 7A.Quantitative
Quantitative
and Qualitative
and Qualitative
Disclosures
Disclosures
AboutAbout
MarketMarket
Risk Risk
Item 8.Item 8. Financial
Financial
Statements
Statements
and Supplementary
and Supplementary
Data Data
Item 9.Item 9. Changes
Changes
in andin
Disagreements
and Disagreements
with Accountants
with Accountants
on Accounting
on Accounting
and Financial
and Financial
Disclosure
Disclosure
Item 9A.
Item 9A.Controls
Controls
and Procedures
and Procedures
Item 9B.
Item 9B.Other Other
Information
Information
Item 9C.
Item 9C.Disclosure
Disclosure
Regarding
Regarding
Foreign
Foreign
Jurisdictions
Jurisdictions
that Prevent
that Prevent
Inspections
Inspections
PARTPART
III
III
Item 10.
Item 10.Directors,
Directors,
Executive
Executive
Officers
Officers
and Corporate
and Corporate
Governance
Governance
Item 11.
Item 11.Executive
Executive
Compensation
Compensation
Item 12.
Item 12.Security
Security
Ownership
Ownership
of Certain
of Certain
Beneficial
Beneficial
Owners
Owners
and Management
and Management
and Related
and Related
Stockholder
Stockholder
Matters
Matters
Item 13.
Item 13.CertainCertain
Relationships
Relationships
and Related
and Related
Transactions,
Transactions,
and Director
and Director
Independence
Independence
Item 14.
Item 14.Principal
Principal
Accounting
Accounting
Fees and
Fees
Services
and Services
PARTPART
IV IV
Item 15.
Item 15.Exhibits
Exhibits
and Financial
and Financial
Statement
Statement
Schedules
Schedules
Item 16.
Item 16.Form 10-K
Form Summary
10-K Summary
Signatures
Signatures
b
1
5
13
13
14
14
1
5
13
13
14
14
15
15
16
16
47
48
103
103
103
103
16
16
47
48
103
103
103
103
103
104
104
103
104
104
104
104
104
104
105
108
109
105
108
109

Part I
Item 1. Business.
General Development of Business
When used in this Annual Report on Form 10-K (   Form 10-K   ), the terms    Altria,       we,       us    and    our    refer to either (i) Altria
Group, Inc. and its consolidated subsidiaries or (ii) Altria Group, Inc. only and not its consolidated subsidiaries, as appropriate in the
context.
We have a leading portfolio of tobacco products for U.S. tobacco consumers age 21+. Our Vision by 2030 is to responsibly lead the
transition of adult smokers to a smoke-free future (   Vision   ). We are Moving Beyond SmokingTM, leading the way in moving adult
smokers away from cigarettes by taking action to transition millions to potentially less harmful choices - believing it is a substantial
opportunity for adult tobacco consumers, our businesses and society.
Our wholly owned subsidiaries include Philip Morris USA Inc. (   PM USA   ), which is engaged in the manufacture and sale of cigarettes
in the United States; John Middleton Co. (   Middleton   ), which is engaged in the manufacture and sale of machine-made large cigars and
pipe tobacco and is a wholly owned subsidiary of PM USA; UST LLC (   UST   ), which, through its wholly owned subsidiary U.S.
Smokeless Tobacco Company LLC (   USSTC   ), is engaged in the manufacture and sale of moist smokeless tobacco products (   MST   )
and snus products; and Helix Innovations LLC (   Helix   ), which operates in the United States and Canada, and Helix Innovations GmbH
and its affiliates (   Helix ROW   ), which operate internationally in the rest-of-world, are engaged in the manufacture and sale of oral
nicotine pouches. Other wholly owned subsidiaries include Altria Group Distribution Company, which provides sales and distribution
services to our domestic tobacco operating companies; Altria Client Services LLC (   ALCS   ), which provides various support services to
our companies in areas such as legal, regulatory, consumer engagement, finance, human resources and external affairs; and Philip Morris
Capital Corporation (   PMCC   ), which completed the wind-down of its portfolio of finance assets in 2022 and had no finance assets
remaining at December 31, 2022.
In October 2022, Altria, through PM USA, entered into a joint venture with JTI (US) Holding, Inc. (   JTIUH   ), a subsidiary of Japan
Tobacco Inc. (   Japan Tobacco   ), for the U.S. marketing and commercialization of heated tobacco stick (   HTS   ) products. The joint
venture entity, Horizon Innovations LLC (   Horizon   ), is structured to exist in perpetuity and is responsible for the U.S.
commercialization of HTS products owned by either party. PM USA holds a 75% economic interest in Horizon with JTIUH having a
25% economic interest. The parties plan to collaborate on a global smoke-free partnership. Horizon is governed by a board of
managers, which is comprised of four individuals designated by PM USA and three individuals designated by JTIUH. For further
information, see Other Tobacco Products below.
In October 2021, UST sold its subsidiary, International Wine & Spirits Ltd. (   IWS   ), which included Ste. Michelle Wine Estates Ltd.
(   Ste. Michelle   ), in an all-cash transaction with a net purchase price of approximately $1.2 billion and the assumption of certain
liabilities of IWS and its subsidiaries (the    Ste. Michelle Transaction   ).
In December 2020 and April 2021, we purchased the remaining 20% interest in (i) Helix ROW and (ii) Helix, respectively. The total
purchase price of the December 2020 and April 2021 transactions was approximately $250 million.
Our reportable segments are smokeable products and oral tobacco products. The financial services business, the IQOS System (as
defined below) heated tobacco business and Helix ROW are included in an all other category due to the relative financial contribution of
these businesses to our consolidated results. Prior to the Ste. Michelle Transaction, wine produced and/or sold by Ste. Michelle was a
reportable segment. For further information, see Note 14. Segment Reporting to the consolidated financial statements in Item 8.
Financial Statements and Supplementary Data of this Form 10-K (   Item 8   ).
Our investments in equity securities include Anheuser-Busch InBev SA/NV (   ABI   ), Cronos Group Inc. (   Cronos   ) and JUUL Labs,
Inc. (   JUUL   ). We account for our investments in ABI and Cronos under the equity method of accounting using a one-quarter lag. We
account for our investment in JUUL at fair value.
For further discussion of our investments in equity securities, see Note 5. Investments in Equity Securities to the consolidated financial
statements in Item 8 (   Note 5   ).
Description of Business
Portions of the information relating to this Item are included in Operating Results by Business Segment in Item 7. Management   s
Discussion and Analysis of Financial Condition and Results of Operations of this Form 10-K (   Item 7   ).
Tobacco Space
Our tobacco operating companies include PM USA, USSTC and other subsidiaries of UST, Middleton and Helix.
The products of our tobacco operating companies include: (i) smokeable tobacco products, consisting of combustible cigarettes
manufactured and sold by PM USA and machine-made large cigars and pipe tobacco manufactured and sold by Middleton; and (ii) oral
11

4/6/2023 Letter Continued (Full PDF)

 

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