高露潔 (CL) 2022 Q2 法說會逐字稿

Good day, and welcome to today's Colgate-Palmolive Company's Second Quarter 2022 Earnings Conference Call. This call is being recorded and is being simulcast live at www. colgatepalmolive.com.

美好的一天，歡迎參加今天的高露潔棕欖公司 2022 年第二季度收益電話會議。此通話正在錄音，並在 www 現場同步直播。 colgatepalmolive.com。

Now for opening remarks, I would like to turn the call over to the Chief Investor Relations Officer and Senior Vice President, John Faucher. Please go ahead, John. Thank you.

現在開始致辭，我想將電話轉給首席投資者關係官兼高級副總裁 John Faucher。請繼續，約翰。謝謝你。

Thanks, Caroline. Good morning, and welcome to our 2022 second quarter earnings release conference call. This is John Faucher. Today's conference call will include forward-looking statements. Actual results could differ materially from these statements. Please refer to the earnings press release and earnings materials and our most recent filings with the SEC, including our 2021 annual report on Form 10-K and subsequent SEC filings, all available on Colgate's website, for a discussion of the factors that could cause actual results to differ materially from these statements.

謝謝，卡羅琳。早上好，歡迎參加我們的 2022 年第二季度財報電話會議。這是約翰·福徹。今天的電話會議將包括前瞻性陳述。實際結果可能與這些陳述大不相同。請參閱財報新聞稿和財報材料以及我們最近向 SEC 提交的文件，包括我們關於 10-K 表格的 2021 年年度報告和隨後向 SEC 提交的文件，所有這些都可在高露潔的網站上找到，以討論可能導致實際結果與這些陳述大不相同。

This conference call will also include a discussion of non-GAAP financial measures, including those identified in Tables 8 and 9 of the earnings press release. A full reconciliation to the corresponding GAAP financial measures is included in the earnings press release and is available on Colgate's website.

本次電話會議還將討論非 GAAP 財務指標，包括收益新聞稿表 8 和表 9 中確定的指標。收益新聞稿中包含與相應 GAAP 財務指標的完全對賬，可在高露潔網站上查閱。

Joining me on the call this morning are Noel Wallace, Chairman, President and Chief Executive Officer; and Stan Sutula, Chief Financial Officer.

今天早上和我一起參加電話會議的還有董事長、總裁兼首席執行官 Noel Wallace；和首席財務官斯坦·蘇圖拉。

Noel will now provide you with his thoughts on our Q2 results and our 2022 outlook. We will then open it up for Q&A.

諾埃爾現在將為您提供他對我們第二季度業績和 2022 年展望的看法。然後我們將打開它進行問答。

Thanks, John, and thanks to all of you for joining us this morning. I'm delighted to share with you our second quarter results.

謝謝，約翰，也感謝大家今天早上加入我們。我很高興與您分享我們第二季度的業績。

On the first quarter call, I talked about my confidence that our organic sales growth would accelerate from our first quarter results. Some of this was due to the improvement in trends in February, March and April that we discussed on the call.

在第一季度電話會議上，我談到了我對我們的有機銷售增長將比第一季度業績加速的信心。其中部分原因是我們在電話會議上討論的 2 月、3 月和 4 月趨勢的改善。

But what really gives me confidence is the fundamental changes Colgate people have made to drive growth, which is why we are raising our organic sales growth guidance to 5% to 7% for 2022. Our second quarter results, including double-digit organic sales growth in Oral Care and Pet Nutrition showed that the growth strategies we put in place 3 years ago are delivering on our objectives in how the power of our global portfolio is working. We're delivering growth across all of our divisions and all of our categories. We're showing the ability to take pricing because we have built healthier brands. We have built up our innovation capabilities, so we can deliver more breakthrough and transformational innovation that can drive both category growth and market share.

但真正讓我充滿信心的是高露潔人為推動增長所做的根本改變，這就是為什麼我們將 2022 年有機銷售增長指導提高到 5% 至 7%。我們的第二季度業績，包括兩位數的有機銷售增長在口腔護理和寵物營養方面的研究表明，我們 3 年前製定的增長戰略正在實現我們的目標，即我們的全球產品組合的力量如何發揮作用。我們正在所有部門和所有類別中實現增長。我們展示了定價能力，因為我們建立了更健康的品牌。我們已經建立了創新能力，因此我們可以提供更多突破性和變革性的創新，從而推動品類增長和市場份額。

We have accelerated our digital transformation across the company by leveraging the capabilities we have built at Hill's and in China and other developed markets to lead e-commerce in our markets where this important growth channel is underdeveloped.

通過利用我們在 Hill's 以及在中國和其他發達市場建立的能力，我們加快了整個公司的數字化轉型，在這一重要增長渠道不發達的市場引領電子商務。

And crucially, in this operating environment, our revenue growth management tools are driving positive pricing and mix as our efforts to offset the significant raw material and logistics inflation we are seeing, along with the productivity and our ability to improve our price mix, which would enable us to rebuild our gross margin moving forward.

至關重要的是，在這種經營環境中，我們的收入增長管理工具正在推動積極的定價和組合，因為我們努力抵消我們所看到的重大原材料和物流通脹，以及生產力和我們改善價格組合的能力，這將使我們能夠重建我們的毛利率向前發展。

And looking at the quarter, the second quarter marked our 14th consecutive quarter with organic sales growth either in or above our long-term target range of 3% to 5%, and that growth is broad-based. We delivered organic sales growth in all 6 of our divisions. We delivered organic sales growth in all 4 of our categories: Oral Care, Pet Nutrition, Personal Care and Home Care, with all 4 categories either in line with or above our long-term target range of 3% to 5%.

從本季度來看，第二季度是我們連續第 14 個季度有機銷售額增長達到或高於我們 3% 至 5% 的長期目標範圍，而且增長是廣泛的。我們在所有 6 個部門實現了有機銷售增長。我們在所有 4 個類別中實現了有機銷售增長：口腔護理、寵物營養、個人護理和家庭護理，所有 4 個類別均符合或高於我們 3% 至 5% 的長期目標範圍。

As we discussed on the first quarter call, our execution on revenue growth management and premium innovation allowed us to deliver a 500 basis point sequential acceleration in pricing growth.

正如我們在第一季度電話會議上所討論的那樣，我們對收入增長管理和溢價創新的執行使我們能夠在定價增長方面實現 500 個基點的連續加速。

Encouragingly, despite this pricing, our volume performance also improved sequentially in the quarter on both a 1- and a 2-year basis behind strong marketing plans, innovation and improved supply chain performance.

令人鼓舞的是，儘管採用了這種定價方式，但在強大的營銷計劃、創新和改進的供應鏈績效的推動下，我們的銷量表現在 1 年和 2 年的基礎上也在本季度有所改善。

Our market share performance continues to improve with our global toothpaste and manual toothbrush share now up on a year-to-date basis. We continue to deliver on productivity with another strong quarter of funding the growth, which is vital to our plans to regain lost gross margin.

我們的市場份額表現繼續提高，我們的全球牙膏和手動牙刷份額今年迄今有所上升。我們繼續通過另一個強勁的季度為增長提供資金來提高生產力，這對我們恢復失去的毛利率的計劃至關重要。

As we enter the back half, we are just beginning to see early benefits from our 2022 global productivity initiative. Over the next 18 months, this program will help drive operating leverage. But we are still dealing with a very difficult cost environment. We now expect $1.3 billion in raw material and packaging inflation with higher logistics costs as well. Foreign exchange has become a bigger headwind since our first quarter earnings release. The euro has moved to parity with the dollar and most other currencies have weakened as well. But we will continue to invest in our brands. Advertising spending was up on a dollar basis with continued shift to working from nonworking and a higher focus on digital spending.

當我們進入後半部分時，我們才剛剛開始看到 2022 年全球生產力計劃帶來的早期收益。在接下來的 18 個月中，該計劃將有助於提高運營槓桿率。但我們仍在應對非常困難的成本環境。我們現在預計 13 億美元的原材料和包裝通脹以及更高的物流成本。自我們發布第一季度財報以來，外匯已成為更大的阻力。歐元已與美元持平，大多數其他貨幣也已走弱。但我們將繼續投資於我們的品牌。隨著從非工作人員繼續向工作人員轉變以及對數字支出的更高關注，廣告支出以美元為基礎增加。

We are investing our capital to drive future growth as well. We are building capacity to meet strong consumer demand, particularly for Hill's, but also for other projects like our recyclable tool, which we continue to roll out across the globe.

我們也在投資我們的資本來推動未來的增長。我們正在建設能力以滿足強勁的消費者需求，尤其是對 Hill's 的需求，同時也滿足其他項目的需求，比如我們的可回收工具，我們將繼續在全球推廣。

As we look to the balance of 2022 and into next year, we are focused on executing our strategies with the right innovation, brand support, revenue growth management and capital plans to deliver on our long-term growth targets, while working to rebuild our gross margins and deliver sustainable, profitable growth in all 4 of our categories.

在展望 2022 年和明年的平衡時，我們專注於通過正確的創新、品牌支持、收入增長管理和資本計劃來執行我們的戰略，以實現我們的長期增長目標，同時努力重建我們的總收入利潤並在我們所有 4 個類別中實現可持續的盈利增長。

And with that, I'm happy to take your questions.

有了這個，我很高興回答你的問題。

Caroline, can we move to the Q&A?

卡羅琳，我們可以轉到問答環節嗎？

(technical difficulty)

（技術難度）

Okay. If everyone can just hold on, we're working to see. It seems like there's a problem on their end on the call.

好的。如果每個人都能堅持下去，我們正在努力觀察。他們的通話端似乎有問題。

We're working on this. If everyone can just hold tight. There's a problem on the conference call. And so hopefully, we'll be back up shortly. Thank you.

我們正在努力解決這個問題。如果每個人都能緊緊抓住。電話會議出現問題。所以希望我們很快就會回來。謝謝你。

(Operator Instructions) And we will take our first question from Dara Mohsenian with Morgan Stanley. Apologies, that question will actually come from Peter Grom with UBS.

（操作員說明）我們將回答摩根士丹利的 Dara Mohsenian 提出的第一個問題。抱歉，這個問題實際上將來自瑞銀的彼得格羅姆。

Yes. So no, I was just wondering if we could take a step back. And can you maybe just give us an update on kind of the health of the consumer in some of your key markets, particularly emerging markets and maybe specifically Latin America. Like are you beginning to see any signs of softening demand or trade down in your core categories? And I guess how do you think emerging market growth evolves from here as we look out to the back half of the year and potentially into '23?

是的。所以不，我只是想知道我們是否可以退後一步。您能否向我們介紹一下您的一些主要市場，特別是新興市場，也許特別是拉丁美洲的消費者健康狀況的最新情況。您是否開始看到任何需求疲軟或核心品類下降的跡象？我猜你認為新興市場的增長如何從這裡演變為我們展望今年下半年並可能進入 23 年？

Yes, sure. Thanks for the question. If you scan your -- at least the numbers we're looking around the world, you continue to see pretty good vitality at the consumer level. Emerging markets growing mid-single digits. Obviously, some slowdown in the developed world, particularly out of Europe where you saw some sluggishness in the categories. But specifically to your question on emerging, it looks pretty good.

是的，當然。謝謝你的問題。如果您掃描您的 - 至少我們在世界各地尋找的數字，您將繼續在消費者層面看到相當不錯的活力。新興市場增長中個位數。顯然，發達國家出現了一些放緩，特別是在歐洲之外，你看到這些類別有些遲緩。但具體到你關於新興的問題，它看起來相當不錯。

Now a lot of pricing, as you can imagine, going through. But if we come back to our overarching strategy and as we really laid out in the first quarter that we would continue to take pricing, coupled with strong revenue growth management, but more importantly, accelerating our innovation cycle into those markets. Strong innovation on the premium and the value orientation side has allowed us, obviously, to continue to deliver strong top line growth, both in price and in volume. We will watch the consumer really closely, Peter. We obviously have a lot of teams on the ground looking at exactly where the elasticities are. But so far, elasticities are in line with what we expected or slightly better. But that will change over time as you see more and more pricing going into the market and other economic factors impact categories.

正如您可以想像的那樣，現在有很多定價正在經歷。但是，如果我們回到我們的總體戰略，並且正如我們在第一季度真正制定的那樣，我們將繼續定價，加上強勁的收入增長管理，但更重要的是，加快我們進入這些市場的創新周期。顯然，在溢價和價值導向方面的強大創新使我們能夠繼續在價格和數量上實現強勁的收入增長。彼得，我們將密切關註消費者。顯然，我們有很多團隊在實地查看彈性的確切位置。但到目前為止，彈性符合我們的預期或略好一些。但是隨著時間的推移，隨著越來越多的定價進入市場以及其他經濟因素影響類別，這種情況會發生變化。

But overall, so far, we've seen the categories behaviors we expected. Not a lot of trade down, but it's early days. We'll see how that evolves over time.

但總的來說，到目前為止，我們已經看到了我們預期的類別行為。交易量不大，但現在還為時尚早。我們將看到它如何隨著時間的推移而發展。

And our next question will come from Dara Mohsenian with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的 Dara Mohsenian。

So you just mentioned the elasticity looks pretty good so far. Can you just talk a little bit about the competitive environment given the strong pricing you were able to realize in the quarter? Are you seeing competitors move at similar levels? And then specifically, maybe talk a little bit about the Americas in terms of the sustainability of this growth turnaround we've seen in the U.S.? And if you could just touch on the consumer in Latin America, that would be helpful also.

所以你剛才提到彈性到目前為止看起來還不錯。鑑於您在本季度能夠實現的強勁定價，您能否談談競爭環境？您是否看到競爭對手的發展水平相似？然後具體來說，也許就我們在美國看到的這種增長轉變的可持續性而言，談談美洲？如果你能觸及拉丁美洲的消費者，那也會很有幫助。

Sure. In terms of just an overarching statement on competition, clearly it's been constructive relative to how we've seen competitors behave. And I don't pretend to understand their strategies, or quite frankly, react to them. We're very focused on executing our strategies in the marketplace. And as we laid out again early on the first quarter call that we would be taking and leading pricing in some of the markets. And ultimately, we expected, given the inflation that's impacting everyone, we would see competition follow as well, and that's been the case by and large around the world.

當然。就競爭的總體陳述而言，顯然相對於我們看到的競爭對手的行為而言，它具有建設性。而且我不會假裝理解他們的策略，或者坦率地說，對他們做出反應。我們非常專注於在市場上執行我們的戰略。正如我們在第一季度電話會議早期再次提出的那樣，我們將在某些市場上採取並領先定價。最終，我們預計，考慮到影響每個人的通貨膨脹，我們也會看到競爭也隨之而來，而世界各地的情況大體上都是如此。

So overall, a constructive environment relative to pricing. In terms of the Americas, obviously, you've seen strong turnaround in our North America business. Again, we highlighted that we were taking pricing and saw momentum build in the first quarter, and that continued as we mentioned in the first quarter call through April. And obviously, you see now with the performance of the North America business, a good performance overall. I would call out that obviously, they saw strong consumption across the categories. The innovation is certainly taking hold. Excited to see the takeaway on Pro Series, which is at the premium end of the toothpaste. You've seen the market share in scanner performance, with scanner data in the U.S. up in 8 of 11 categories over the last 13 weeks, which, again, I think, shows the turnaround of that business and importantly, the performance of some of our innovation coming in broad-based across all the categories in which we compete.

總體而言，相對於定價而言，這是一個建設性的環境。顯然，就美洲而言，您已經看到我們北美業務的強勁轉變。我們再次強調，我們正在定價並看到第一季度的勢頭增強，並且正如我們在第一季度電話會議中提到的那樣，這種情況一直持續到 4 月。很明顯，你現在看到北美業務的表現，整體表現不錯。我要說的是，很明顯，他們看到了各個類別的強勁消費。創新肯定會站穩腳跟。很高興看到 Pro 系列的外賣，這是牙膏的高端產品。您已經看到掃描儀性能的市場份額，在過去 13 週內，美國的掃描儀數據在 11 個類別中有 8 個上升，我認為這再次顯示了該業務的好轉，重要的是，一些我們的創新廣泛應用於我們競爭的所有類別。

So overall, good. We're watching this closely. It's an unpredictable environment relative to where we see consumers evolving, where we see inflation evolving. But the good news is, we've taken pricing, we have more pricing planned across the world moving into the back half, and we'll watch the consumer impact of that very carefully.

所以總的來說，不錯。我們正在密切關注這一點。相對於我們看到消費者在哪裡演變，我們看到通貨膨脹在哪裡演變，這是一個不可預測的環境。但好消息是，我們已經定價，我們計劃在全球範圍內進行更多定價，進入後半部分，我們將非常仔細地觀察這對消費者的影響。

Chris Carey with Wells Fargo Securities has our next question.

Wells Fargo Securities 的 Chris Carey 提出了我們的下一個問題。

So pretty good progress on North America margins sequentially as pricing is built. You noted in the prepared remarks that your supply chain headwinds are starting to abate, with pretty good traction with the consumer on this pricing. I just wonder if you have any updated thoughts on where we stand today around just the potential to rebuild margins in that segment even amidst the inflation, which is going to be a little bit higher than your prior expectations?

隨著定價的建立，北美利潤率連續取得了相當不錯的進展。你在準備好的評論中指出，你的供應鏈逆風開始減弱，在這個定價上對消費者有很好的吸引力。我只是想知道您是否對我們今天的立場有任何更新的想法，即即使在通貨膨脹的情況下也有可能重建該細分市場的利潤率，這將比您之前的預期略高一點？

Yes. Thanks, Chris. You have known our company for many years, how focused we are on gross profit, and we will continue to be laser-focused on recovering gross profit as we move through the balance of this year and into 2023. The pricing and innovation strategies and revenue growth management discipline that we have across the organization is clearly focused and tailored towards getting our teams equipped to find innovative ways to drive category growth, get value into the categories through pricing and other innovation initiatives, and that will clearly be the road map moving forward.

是的。謝謝，克里斯。您已經了解我們公司很多年了，我們對毛利潤的關注程度，我們將在今年餘下時間和進入 2023 年期間繼續專注於恢復毛利潤。定價和創新戰略以及收入我們在整個組織中擁有的增長管理學科顯然專注於並量身定制，以使我們的團隊能夠找到推動類別增長的創新方法，通過定價和其他創新舉措為類別帶來價值，這顯然是前進的路線圖.

And we feel quite confident given the health of our brands, the investment that we've been putting behind our brands that we'll have the ability to continue to take pricing in the marketplace. We'll watch it very closely, as I mentioned. But recognize that we have a very broad portfolio of products. We compete at the high end and at the low end of the market. And historically, we have been able to flex our portfolio quite well in markets where we've had difficult economic circumstances. So we will continue to innovate across all price points and be sure that we're capturing any trade down, if that happens, which we have not seen at this stage, but ultimately, I would expect you will see some trade down moving forward, and we'll continue to innovate at the top end to drive the premiumization opportunity that we see.

考慮到我們品牌的健康狀況，我們對我們一直在品牌背後的投資感到非常有信心，我們將有能力繼續在市場上定價。正如我所提到的，我們將密切關注它。但要認識到我們擁有非常廣泛的產品組合。我們在高端市場和低端市場競爭。從歷史上看，我們能夠在經濟困難的市場中很好地調整我們的投資組合。因此，我們將繼續在所有價格點上進行創新，並確保我們正在捕捉任何下跌的交易，如果發生這種情況，我們在現階段還沒有看到，但最終，我希望你會看到一些交易下跌，我們將繼續在高端進行創新，以推動我們看到的高端化機會。

And our next question will come from Andrea Teixeira with JPMorgan.

我們的下一個問題將來自摩根大通的 Andrea Teixeira。

And thank you for the new call format and prepared remarks. So my question is on pricing and a follow-up on volumes in Europe and Asia Pac. On pricing, you had an impressive 8.5% global uptick in the quarter globally and about 3% in North America. So I believe there is additional pricing, Noel, as you mentioned, coming through potentially in Oral Care, I believe, in the U.S. in July. Can you confirm the timing and the magnitude.

並感謝您提供新的通話格式和準備好的評論。所以我的問題是關於定價和歐洲和亞太地區銷量的後續行動。在定價方面，您在本季度全球範圍內實現了令人印象深刻的 8.5% 的全球增長，在北美增長了約 3%。所以我相信諾埃爾，正如你所提到的，我相信在 7 月份在美國的口腔護理中可能會出現額外的定價。你能確認時間和幅度嗎？

And in Europe, in terms of volumes you lost, perhaps you lost temporary distribution because you had a 3% decline in volume there. I mean, not sure if it's related to the war, and if you can round up the Asia Pac exit rate also in the volumes, because you exit -- and you had a minus 7 change, just to make sure that we cover all bases. I mean, not to take, obviously, the 9% organic growth, but I just want to make sure that we know the puts and takes there.

在歐洲，就您損失的數量而言，也許您失去了臨時分銷，因為那裡的數量下降了 3%。我的意思是，不確定這是否與戰爭有關，以及您是否可以在數量上也可以將亞太地區的退出率四捨五入，因為您退出了——而且您有一個負 7 的變化，只是為了確保我們覆蓋所有基地.我的意思是，顯然不要接受 9% 的有機增長，但我只是想確保我們知道那裡的看跌期權。

Yes. Thanks. I'll pack in that one. So let me talk a little bit about the overarching thoughts around organic growth in the top line. Obviously, strong pricing at 8.5%, but I call out the positive volume growth, where we saw across North America, Asia and Hill's. And if you take, obviously, the impact of Russia, that volume moved up nearly 100 basis points. So overall, we're very pleased with the broadness of the pricing that we took across all divisions and the positive volume growth that we saw across some of the markets that I just mentioned.

是的。謝謝。我會收拾那個。因此，讓我談談圍繞收入有機增長的總體想法。顯然，8.5% 的強勁定價，但我認為銷量正增長，我們在北美、亞洲和希爾斯看到了這一點。顯然，如果你考慮到俄羅斯的影響，該交易量上升了近 100 個基點。因此，總的來說，我們對我們在所有部門採用的廣泛定價以及在我剛才提到的一些市場中看到的正量增長感到非常滿意。

When you look at specifically calling out some of the other markets, Europe obviously was impacted by a couple of things. The negotiations on pricing certainly impacted categories. We tend to see some elasticity in Europe happen early on as the market adjusts to the new pricing. But ultimately, that tends to become -- that is mitigated over time as you see everyone take pricing.

當您特別關注其他一些市場時，歐洲顯然受到了幾件事的影響。定價談判肯定會影響品類。隨著市場適應新的定價，我們傾向於看到歐洲在早期出現一些彈性。但最終，這往往會隨著時間的推移而減輕，因為你看到每個人都在定價。

Asia, you asked about, obviously, strong growth in Asia, both in pricing and in volume. We had an easier comp on Hawley & Hazel, but I would call out the CP China business, which grew significantly in the quarter as well on a more difficult comp.

亞洲，您顯然詢問了亞洲在定價和數量方面的強勁增長。我們對 Hawley & Hazel 的比賽比較容易，但我會提到 CP 中國業務，該公司在本季度也有顯著增長，而且比賽難度更大。

So overall, really pleased with China despite the lockdowns that we saw in the marketplace there. So we were able to overcome that and deliver strong consumption growth across most of our business.

因此，總體而言，儘管我們在中國市場上看到了封鎖，但我們對中國感到非常滿意。因此，我們能夠克服這一問題，並在我們的大部分業務中實現強勁的消費增長。

So overall, we're pleased with the balance of pricing and volume. We're pleased with how we're getting pricing executed. And more importantly, we're pleased with the innovation that's going into the market across multiple price points in order to sustain that moving forward.

總的來說，我們對定價和數量的平衡感到滿意。我們對我們如何執行定價感到滿意。更重要的是，我們對跨多個價位進入市場的創新感到滿意，以維持這一發展。

Moving forward, I would say that we will continue to be pushing pricing. And my expectation is we'll see some pressure on volume in the year to go, but that's to be expected as we get more pricing in the market. The important part is the balance of innovation across all price points to mitigate that.

展望未來，我想說我們將繼續推動定價。我的預期是，我們將在未來一年看到一些銷量壓力，但隨著我們在市場上獲得更多定價，這是可以預料的。重要的部分是所有價格點的創新平衡，以減輕這種情況。

Our next question will come from Kaumil Gajrawala with Credit Suisse.

我們的下一個問題將來自瑞士信貸的 Kaumil Gajrawala。

Can you talk maybe or compare and contrast what your market shares look like from a volume perspective versus a revenue perspective? Obviously, elasticities are a bit better than planned, but curious how that looks like versus the market.

您能否談談或比較和對比您的市場份額從數量角度與收入角度的情況？顯然，彈性比計劃好一點，但很好奇與市場相比，這看起來如何。

And then on your assumptions for commodity costs, are they linked to just assuming spot stays where it is? Or do you have some assumptions in there for things particularly like palm oil and such?

然後根據你對商品成本的假設，它們是否與假設現貨停留在原地有關？或者你對棕櫚油之類的東西有一些假設嗎？

Yes. As I mentioned in the prepared remarks, we're very pleased with the share performance. And I recognize that a lot of the share performance that we make public don't pick up e-commerce shares and some of the untracked channels. But that being said, our global shares continue to track well on both toothpaste and toothbrushes. Obviously, we're taking pricing. So we're seeing value shares respond to that. Volume shares have been a little bit softer. But if you look back historically, where you've seen very acute pricing enter the marketplace over time, you see volume come down. But over time, as I mentioned, it's our responsibility to bring innovation across price points, our responsibility to work with the trade to drive volume back in the categories. We have big traffic builders. Our brands are strong around the world. And we know our retailers rely on us to bring traffic into their stores and drive volume and basket. So we will continue to focus on finding innovation to ensure that the volume aspect of the category is protected.

是的。正如我在準備好的評論中提到的，我們對股票表現非常滿意。而且我認識到，我們公開的許多股票表現並沒有獲得電子商務股票和一些未跟踪的渠道。但話雖如此，我們在牙膏和牙刷方面的全球份額繼續保持良好勢頭。顯然，我們正在定價。因此，我們看到價值股對此做出了回應。成交量份額略有下降。但是，如果您回顧歷史，隨著時間的推移，您會看到非常敏銳的定價進入市場，您會看到銷量下降。但隨著時間的推移，正如我所提到的，我們有責任在不同的價格點上帶來創新，我們有責任與行業合作以推動這些類別的交易量。我們有大型交通建設者。我們的品牌在世界各地都很強大。我們知道我們的零售商依靠我們為他們的商店帶來客流量並推動銷量和購物籃。因此，我們將繼續專注於尋找創新，以確保該類別的數量方面受到保護。

But I do expect, as we get more pricing in the market, volumes will be a little bit soft year to go, but we'll manage that very, very closely. On commodity specifically, again, coming back to the first quarter, we talked about $1.2 billion of raw material inflation. We have adjusted that up to $1.3 billion this quarter. Most of that will come in the second quarter, but we'll get a little of that coming back through the back half of the year. We have used spot rates, as you mentioned, and we've seen obviously some commodities come down, but we're pretty much locked in for the third quarter. Any benefit to any deflation that we see, we'll get a little bit of that in the fourth quarter, possibly more of that coming in 2023.

但我確實預計，隨著我們在市場上獲得更多定價，未來一年的銷量會有點疲軟，但我們會非常、非常密切地進行管理。特別是在商品方面，再次回到第一季度，我們談到了 12 億美元的原材料通脹。我們在本季度將其調整為高達 13 億美元。其中大部分將在第二季度出現，但我們將在今年下半年恢復一些。正如您所提到的，我們使用了即期匯率，我們已經看到一些商品明顯下跌，但我們幾乎鎖定了第三季度。我們看到的任何通貨緊縮的任何好處，我們都會在第四季度得到一點好處，可能會在 2023 年得到更多好處。

But we will look to obviously continue to take pricing given the unprecedented environment that we're seeing both on raw materials and logistics and make sure that we have the marketing plans to execute that effectively.

但鑑於我們在原材料和物流方面看到的前所未有的環境，我們顯然會繼續定價，並確保我們有有效執行的營銷計劃。

And our next question will come from Kevin Grundy with Jefferies.

我們的下一個問題將來自 Jefferies 的 Kevin Grundy。

Congrats on the results. Noel, just to kind of pull together some of the pieces of what you've touched on as it pertains to the guidance. So you edged it up to your 5% to 7% from 4% to 6%. And I'm just looking to get at some of the macro and category-specific assumptions underlying that, understanding it's going to differ a little bit by category, but it does imply at the midpoint a deceleration in the back half of the year against either year-over-year comparisons. Can you maybe just touch on that a little bit, and maybe this is some conservatism around elasticity that you've seen and should elasticities hold its upside, but maybe just comment on pulling together some of the commentary so far on the call relative to the guidance in the back half.

祝賀結果。諾埃爾，只是為了將你所觸及的與指導相關的一些內容匯總在一起。因此，您將其從 4% 提高到 6% 到 5% 到 7%。而且我只是想了解一些宏觀和特定類別的假設，了解它會因類別而有所不同，但這確實意味著在中點，今年下半年相對於任何一個都減速逐年比較。您能否稍微談談這一點，也許這是您已經看到的圍繞彈性的一些保守主義，應該彈性保持其上行空間，但也許只是評論一下到目前為止關於電話會議的一些評論相對於指導在後半部分。

Yes. So obviously, we've taken our guidance up based on the consumption we're seeing in the market and based on the fact that we've been able to get strong pricing. And early on, obviously, see some good volume moving through the P&L.

是的。很明顯，我們已經根據我們在市場上看到的消費情況以及我們已經能夠獲得強勁定價的事實來提高我們的指導。很明顯，在早期，會看到一些良好的交易量在損益表中移動。

FX continues to be the biggest incremental issue that we see based on where we were in the first quarter. But overall, we see the categories behaving as we expected.

根據我們在第一季度的情況，外匯仍然是我們看到的最大增量問題。但總的來說，我們看到這些類別的行為符合我們的預期。

Now given the incredible unpredictability of what's happening in the global world right now, we're watching that category performance very, very carefully. Our estimations are based on the fact that elasticity will be consistent with where we expected it to be or slightly better, and we'll adjust accordingly as we move down the road. But it's very difficult to predict exactly what's going to happen at this stage. So we based our macros on what we can see today and what we can control.

現在，鑑於目前全球正在發生的事情令人難以置信的不可預測性，我們正在非常非常仔細地觀察該類別的表現。我們的估計是基於這樣一個事實，即彈性將與我們預期的一致或稍好一些，並且隨著我們的前進，我們將進行相應的調整。但很難準確預測現階段會發生什麼。所以我們的宏基於我們今天可以看到的和我們可以控制的。

So let's come back to what we can control. We control the execution of our strategy, and we're executing against all the things that we've talked about, driving the core, looking at adjacencies, new channels and some of the faster-growth channels, particularly e-commerce, and you see that delivering in the results that we've had over the last 14 quarters.

所以讓我們回到我們可以控制的事情上來。我們控制著我們戰略的執行，我們正在執行我們討論過的所有事情，推動核心，關注鄰接、新渠道和一些增長更快的渠道，特別是電子商務，以及您看到我們在過去 14 個季度中取得的結果。

So we're pleased with the strategies taking hold. I think the competencies we're building around digital across the entire enterprise, the competencies that we're building on innovation are all starting to track well in terms of how we evaluate them, and we're seeing that play out in performance.

因此，我們對策略的實施感到滿意。我認為我們在整個企業中圍繞數字化建立的能力，我們在創新上建立的能力在我們如何評估它們方面都開始很好地跟踪，我們正在看到它在績效中發揮作用。

Our next question will come from Bryan Spillane with Bank of America.

我們的下一個問題將來自美國銀行的 Bryan Spillane。

I wanted to ask a question more broadly about just the rebuilding of gross margins. And so like forgetting about the constructs of fiscal years and time frames. Can you rebuild gross margins if inflation were to -- or your cost of goods basket today were to stay at its current level? So the inflation doesn't proceed. Would it be possible to rebuild gross margins with cost at this level? Or does it somewhat depend upon some sort of disinflation, if you will, in the cost basket?

我想更廣泛地提出一個關於毛利率重建的問題。就像忘記財政年度和時間框架的結構一樣。如果通貨膨脹——或者你今天的一攬子商品成本保持在目前的水平，你能重建毛利率嗎？所以通貨膨脹不會繼續。是否有可能在這個水平上以成本重建毛利率？或者它是否在某種程度上取決於成本籃子中的某種通貨緊縮？

Yes, it depends on a couple of things, Bryan. First and foremost, we believe that over the longer term, our focus is on rebuilding gross margins, and we feel quite confident that we could do that, particularly in the current environment, given the strength of our brand, the investment we're putting behind the brands, and the innovation grid that we have in front of us.

是的，這取決於幾件事，布萊恩。首先，我們相信，從長遠來看，我們的重點是重建毛利率，我們非常有信心能夠做到這一點，特別是在當前環境下，鑑於我們的品牌實力，我們正在投入的投資品牌背後，以及我們面前的創新網格。

A couple of things that need to happen. Obviously, the pricing in the market needs to hold. As you see inflation come down, it's a real question of where competitors will go with pricing. We think it's been quite rational to this stage. We think that given the unprecedented levels, that you'll see constructive moves around pricing and promotion moving forward, but we're prepared for that. It's really the flex of our portfolio across different price points that we need to manage very, very carefully.

有幾件事需要發生。顯然，市場定價需要保持不變。當您看到通貨膨脹下降時，競爭對手將如何定價是一個真正的問題。我們認為這個階段是相當合理的。我們認為，鑑於前所未有的水平，您將看到圍繞定價和促銷的建設性舉措向前推進，但我們已為此做好準備。這實際上是我們需要非常非常謹慎地管理的不同價格點的投資組合的靈活性。

So in my view, if inflation holds, the big determinant will be will pricing hold. And my sense is given where we see the marketplace today, that will be the case. So the answer is, longer term, yes, we absolutely believe that we can rebuild gross margins.

所以在我看來，如果通脹保持不變，主要的決定因素將是價格保持不變。我的感覺是我們今天看到的市場，情況就是這樣。所以答案是，從長遠來看，是的，我們絕對相信我們可以重建毛利率。

Our next question comes from Rob Ottenstein with Evercore.

我們的下一個問題來自 Evercore 的 Rob Ottenstein。

Great. And congratulations on terrific results. Also kind of stepping back, Noel, over the last 2 or 3 years, and what appears to us to be a very disciplined and systematic manner, you've kind of addressed various issues, whether it's channel in the drug stores and digital, whether it's premiumization, whether it's competition against local brands, and really have done a fantastic job executing and improving the momentum of the business on a commercial basis. Apart from the macro factors that are going on today and not to diminish those, but in terms of the general commercial strategy, where is the focus now in terms of improving your actual business momentum? And what are you doing to address that?

偉大的。並祝賀你取得了很好的成績。在過去的 2 或 3 年裡，Noel 也有點退後了，在我們看來，這是一種非常有紀律和系統的方式，你已經解決了各種問題，無論是藥店渠道還是數字渠道，是否它是高端化，無論是與本地品牌的競爭，並且在商業基礎上執行和改善業務勢頭確實做得非常出色。除了今天正在發生的宏觀因素，而不是減少這些因素，但就總體商業戰略而言，現在在改善您的實際業務勢頭方面的重點在哪裡？你正在做什麼來解決這個問題？

Sure. Thanks, Rob. So if we come back again, I think, to the heart of our strategy, which is big core businesses that need to be innovated against, and you see that coming through. We've got a pretty significant innovation on our anti-cavity business coming out in some of the developing part of the world. The premiumization aspect that we've talked about for quite some time, Rob, we continue to obviously unfold that across different parts of our category, whether it be on our Hill's business or whether it be on our Oral Care business most recently with the Pro Series launch, which is a great innovation with our highest level of hydrogen peroxide in the marketplace, and obviously, looking at adjacencies and new channels.

當然。謝謝，羅伯。因此，我認為，如果我們再次回到我們戰略的核心，即需要創新的大型核心業務，你會看到這一點。我們的抗蛀牙業務在世界一些發展中地區出現了非常重要的創新。 Rob，我們已經討論了很長一段時間的高端化方面，我們繼續明顯地在我們類別的不同部分展開這一點，無論是在我們 Hill 的業務中，還是在我們最近與 Pro 合作的口腔護理業務中系列發布，這是一項偉大的創新，我們在市場上擁有最高水平的過氧化氫，顯然，我們著眼於鄰接和新渠道。

If we talk about new channels, specifically to your point, we still see a lot of runway there. Most of our markets, our online share is now above our general market share, which is terrific. I call out China specifically where we are up, as you saw in the prepared remarks, 600 basis points on our e-commerce share, and that's the largest e-commerce business we have in oral care across the world. And that's been driven through good premium innovation, a lot of good personalized marketing, getting into data-driven decisions in terms of how we think about it.

如果我們談論新頻道，特別是您的觀點，我們仍然會在那裡看到很多跑道。我們的大部分市場，我們的在線份額現在都高於我們的一般市場份額，這非常棒。正如你在準備好的評論中看到的那樣，我特別提到中國，我們的電子商務份額增加了 600 個基點，這是我們在全球口腔護理領域擁有的最大的電子商務業務。這是通過良好的優質創新、大量良好的個性化營銷以及根據我們的思考方式做出數據驅動的決策來推動的。

I come back to the success we have on digital and really equate it back to what we did with Hill's years back. I mean that knowledge transfer that we had on Hill's where we went digital and online is transferring all around the world, and we're seeing great results in our e-commerce business, specifically. It's up to now about 14% of our total sales. It was up nearly 20% in the quarter in terms of growth.

我回到我們在數字領域取得的成功，並將其與希爾多年前所做的等同起來。我的意思是，我們在 Hill's 進行數字化和在線化的知識轉移正在世界各地轉移，特別是我們在電子商務業務中看到了巨大的成果。到目前為止，它約占我們總銷售額的 14%。就增長而言，該季度增長了近 20%。

So overall, we're seeing a lot of those strategies we put in place.

所以總的來說，我們看到了很多我們實施的策略。

Moving forward, not a lot of changes, Rob. We're focused on the execution. I think getting some of the supply chain constraints behind us is critically important for us, and that allows us to get back to focusing on what we do best, which is execution and innovation across multiple price points, and that's exactly where we see things unfolding.

繼續前進，沒有太多變化，Rob。我們專注於執行。我認為擺脫一些供應鏈限制對我們來說至關重要，這使我們能夠重新專注於我們最擅長的事情，即跨多個價格點的執行和創新，而這正是我們看到事情發展的地方.

Revenue growth management will be critically important to our success moving forward. I think the discipline that we have on the ground quarter-to-quarter gets better? Are we where we need to be? No. But the pricing you see reflected over the last 2 quarters where you see at least a 2-year stack on pricing, which looks terrific for us, I think is a testament to the fact that we're finding ways to build off the strength of our brands and get value executed in the marketplace.

收入增長管理對於我們取得成功至關重要。我認為我們在實地的紀律每季度都會變得更好？我們在我們需要的地方嗎？不。但是您看到的定價反映在過去 2 個季度中，您看到至少有 2 年的定價堆棧，這對我們來說看起來很棒，我認為這證明了我們正在尋找方法來構建我們的品牌實力，並在市場上獲得執行價值。

So not a lot of changes, more focus on revenue growth management, more focus on our productivity initiatives and in terms of funding the growth and our global productivity program, which you're well aware of, getting that executed in the back half and early '23. So again, let's focus on what we do best, get on our front foot and continue to execute.

所以沒有太多的變化，更多地關注收入增長管理，更多地關注我們的生產力計劃以及為增長和我們的全球生產力計劃提供資金，你很清楚，在後半段和早期執行'23.因此，讓我們再一次專注於我們最擅長的事情，站在我們的前腳並繼續執行。

Our next question will come from Steve Powers with Deutsche Bank.

我們的下一個問題將來自德意志銀行的史蒂夫鮑爾斯。

No, actually, picking up kind of on some of the things you were just talking about there at the end. I guess based on your prepared remarks and your commentary just now, it sounds like most of your earlier supply chain issues have generally abated around the world. Just wanted to confirm that and to see if there's any callouts you have around bottlenecks that you're still working through, number one.

不，實際上，在最後你剛剛談到的一些事情上有所收穫。我猜根據你準備好的評論和你剛才的評論，聽起來你之前的大部分供應鏈問題在全球範圍內普遍得到緩解。只是想確認一下，看看是否有任何關於您仍在解決的瓶頸問題的標註，第一。

And then number two, on line of sight to funding the growth and savings from the global productivity initiative, just maybe a little bit of color around how those savings can accelerate in the back half. I think they're expected to, but just maybe confirm that, and whether we should expect that to skew at all to the fourth quarter versus the third quarter?

然後第二點，在為全球生產力計劃的增長和儲蓄提供資金的視線上，可能只是關於這些儲蓄如何在後半部分加速的一點色彩。我認為他們應該會，但也許可以證實這一點，以及我們是否應該預期到第四季度與第三季度完全不同？

Yes. Thanks, Steve. So let me address supply chain first. Clearly, a lot of headwinds over the last 6 to 9 months, COVID related, obviously, at the heart of that, which has been somewhat consistent with the space, and you're seeing others obviously talk about that more now. A lot of the supply chain North America issues are behind us. You've seen that obviously translate into much better on-shelf availability, and obviously, that translates into good consumption for our brands and the market share performance that we had over the last 13 weeks. It is still a very, very unpredictable environment in terms of what we're seeing there. The team is all over it, but I think the tougher part is behind us, certainly across North America.

是的。謝謝，史蒂夫。所以讓我先談談供應鏈。顯然，在過去的 6 到 9 個月中，很多不利因素與 COVID 相關，顯然，這是其核心，這與空間有些一致，你現在看到其他人顯然更多地談論這一點。北美供應鏈的許多問題都已經過去了。您已經看到，這顯然轉化為更好的貨架可用性，顯然，這轉化為我們品牌的良好消費和過去 13 週的市場份額表現。就我們在那裡所看到的而言，它仍然是一個非常非常不可預測的環境。團隊已經全力以赴，但我認為更艱難的部分已經過去，當然在整個北美。

I would say, given the strong demand that we're seeing on Hill's, obviously, that team is doing an extraordinary job continuing to deliver on what we need to have to meet the demand we're seeing in the marketplace. Obviously, 18% organic, comp being 15% from last year is a really strong performance. And I give the supply chain, our global supply chain, who is pulling on resources from all of our businesses around the world, to bring in thoughts and ideas on how to continue to meet that capacity. We've made some good strategic decisions on our balance sheet. Obviously, the Nutriamo facility that we have opening up in Europe will alleviate some of that, but we need to watch Hill's carefully, because obviously, the consumption is high, which I don't anticipate we'll see that level of consumption quarter-to-quarter, we'll see some strengths and some slowdown. But overall, the underlying fundamentals of that business are strong. We need to ensure we continue to execute from a supply chain standpoint. So overall, we feel much better about where we are globally from a supply chain.

我想說，鑑於我們在 Hill's 看到的強勁需求，顯然，該團隊正在做著非凡的工作，繼續提供我們需要滿足我們在市場上看到的需求。顯然，18% 的有機，comp 是去年的 15%，這是一個非常強勁的表現。我讓供應鏈，我們的全球供應鏈，從我們在世界各地的所有業務中汲取資源，就如何繼續滿足這種能力提出想法和想法。我們在資產負債表上做出了一些很好的戰略決策。顯然，我們在歐洲開設的 Nutriamo 設施將緩解部分問題，但我們需要仔細觀察希爾的情況，因為很明顯，消費量很高，我預計我們不會看到四分之一的消費水平——到本季度，我們將看到一些優勢和一些放緩。但總體而言，該業務的基本面很強勁。我們需要確保從供應鏈的角度繼續執行。所以總的來說，我們對我們在全球供應鏈中所處的位置感覺好多了。

On Funding the Growth and GPI. GPI, as we mentioned, will be more back half loaded and into 2023. We had a marginal amount of savings come through in the second quarter. The bulk of the savings will come through in the third and fourth and into 2023. And you'll see obviously that likewise in funding the growth, it's pretty evenly spaced, but historically, we get a little bit more funding to growth in the back half. And the teams are obviously very focused. We talked about that in the first quarter call that we had a lot more focus against funding the growth given the unprecedented environment. And fortunately, the global productivity initiative that we put in place last year in anticipation of a more difficult marketplace, we're starting to see the benefits of that unfold this year.

關於為增長和 GPI 提供資金。正如我們所提到的，到 2023 年，GPI 將更加後半部分負載。我們在第二季度實現了少量儲蓄。大部分節省的資金將在第三和第四年以及到 2023 年實現。你會很明顯地看到，同樣在為增長提供資金時，它的間隔相當均勻，但從歷史上看，我們在後面獲得了更多的資金來支持增長一半。團隊顯然非常專注。我們在第一季度的電話會議中談到了這一點，鑑於前所未有的環境，我們更加關注為增長提供資金。幸運的是，我們去年為應對更加困難的市場而實施的全球生產力計劃，今年我們開始看到其帶來的好處。

Our next question will come from Olivia Tong with Raymond James.

我們的下一個問題將來自 Olivia Tong 和 Raymond James。

I wanted to talk about how, in your view, the competitive environment might change given all the global sort of macro slowdown concerns. How do you think about this? Does it perhaps put you in a better competitive positioning, particularly in emerging markets versus some smaller local players?

我想談談，在你看來，鑑於全球宏觀經濟放緩的擔憂，競爭環境可能會發生怎樣的變化。你怎麼看？與一些較小的本地企業相比，它是否可能使您處於更好的競爭地位，尤其是在新興市場？

And then just following up, you mentioned a couple of times that you do expect trade down. You haven't seen it yet, but you're expecting it to come, but you're still planning to price, and obviously, the Hill's results speak for themselves. So if you could just kind of triangulate those different pieces of expecting trade down, but obviously not seeing it yet, that would be helpful.

然後只是跟進，你提到了幾次你確實希望交易下降。您還沒有看到它，但您期待它的到來，但您仍在計劃定價，顯然，希爾的結果不言自明。因此，如果您可以對預期交易的不同部分進行三角測量，但顯然還沒有看到，那將很有幫助。

Yes, a couple of things. So first of all, if I take the back end of your question first, I mean, the strategy that we have deployed in high inflationary times, which we have a lot of experience in this marketplace doing that, is to balance our entire portfolio. We compete across multiple price points. In some countries 5 to 6 different price points in a specific category. That allows us to be very thoughtful on where we take pricing and when we take pricing. And obviously, a lot of the analytics that we have in place, Olivia, now allow us to kind of see where consumers are trading in and out of to ensure that we're adjusting our strategies accordingly. And I think that flexibility and agility that we have learned over the years in managing high inflationary markets has afforded us the opportunity to think very carefully about how we want to adjust to this moving forward.

是的，有幾件事。因此，首先，如果我首先回答您問題的後端，我的意思是，我們在高通脹時期部署的策略是平衡我們的整個投資組合，我們在這個市場上擁有豐富的經驗。我們在多個價格點上競爭。在某些國家/地區，特定類別有 5 到 6 個不同的價格點。這使我們能夠非常周到地考慮我們在何處定價以及何時定價。顯然，Olivia 所做的很多分析現在讓我們能夠看到消費者在哪裡進出交易，以確保我們相應地調整我們的策略。而且我認為，我們多年來在管理高通脹市場方面所學到的靈活性和敏捷性使我們有機會非常仔細地思考我們希望如何適應這一趨勢。

The competitive environment may change for sure. If inflation becomes more benign, there may be a decision by others to decide to put that into promotion and get some volume. But as I mentioned earlier on, I think the market seems to be acting quite rationally. This is an unprecedented environment for all CPG relative to levels of inflation. And so my instinct is you're not going to see a lot of people chasing volume by discounting price. They're going to try to regain margin in the P&L. You know Colgate is very focused on gross profit. We will continue to be focused on getting pricing into the P&L as that allows us to maintain the advertising support to drive the top line and make sure we get our innovation well suited in the marketplace. And I don't really see that changing over the foreseeable future.

競爭環境肯定會發生變化。如果通脹變得更加溫和，其他人可能會決定將其投入促銷活動並獲得一些銷量。但正如我之前提到的，我認為市場似乎表現得很理性。相對於通脹水平，對於所有 CPG 而言，這是一個前所未有的環境。所以我的直覺是，你不會看到很多人通過打折來追逐數量。他們將試圖在損益表中重新獲得利潤。你知道高露潔非常注重毛利潤。我們將繼續專注於將定價納入損益表，因為這使我們能夠維持廣告支持以推動收入增長，並確保我們的創新非常適合市場。在可預見的未來，我並沒有真正看到這種變化。

We will flex our portfolio accordingly. And the good news is we compete across so many price points across all of our categories that we feel that buffers us a bit against any trade down that we see in the marketplace.

我們將相應地調整我們的投資組合。好消息是，我們在所有類別中競爭如此多的價格點，我們認為這可以緩沖我們在市場上看到的任何交易下跌。

We'll now take a question from Mark Astrachan with Stifel.

我們現在將回答來自 Stifel 的 Mark Astrachan 的問題。

I wanted to ask a question on Pet Care specifically, without obviously drilling down too much. But the performance has been really strong, right? You go back even pre-pandemic, this really has gotten better since kind of mid-2000. I think what a lot of people know and understand is that there were a lot of pet adoptions during the early parts of the pandemic, which continue. I guess if you could unpack a bit of how much of the contribution has come from that? And maybe if you could talk about how you measure your success amongst that newer cohort in terms of your market share amongst those that have adopted pets over the last 2 years?

我想專門問一個關於寵物護理的問題，但顯然沒有深入研究太多。不過演技真的很強不是嗎？你甚至可以追溯到大流行之前，自 2000 年中期以來，情況確實有所好轉。我認為很多人都知道和理解的是，在大流行的早期階段有很多寵物收養，這種情況仍在繼續。我想你能不能稍微了解一下其中有多少貢獻？也許你能談談你如何衡量你在過去兩年收養寵物的市場份額方面在新群體中的成功？

And given that they're probably somewhat new to pet ownership, how do you think about the risk, if any, of trade down given where the economy may be going?

鑑於他們可能對養寵物有點陌生，鑑於經濟可能走向何方，您如何看待貿易下降的風險（如果有的話）？

Yes, back on Hill's, clearly strong performance. The strategies that we've deployed on Hill's are the same strategies we've deployed across all of our categories. And the learning that we've had from Hill's, it certainly is they've been much more at the forefront on digital and online, as I mentioned earlier, that knowledge transfer has been terrific and shared across the world relative to how we're thinking about the business.

是的，回到希爾，顯然表現強勁。我們在 Hill's 部署的策略與我們在所有類別中部署的策略相同。正如我之前提到的，我們從 Hill's 那裡學到的東西肯定是他們在數字和在線方面走在了最前沿，與我們現在的情況相比，知識轉移非常棒，並且在世界範圍內共享考慮業務。

And if you go back to the essence of our strategy, it's faster growth channels. And obviously, they're looking at e-commerce as an opportunity for growth. The expansion into new markets, our global supply chain as well as our global footprint allows them to think about more expansion. Clearly, they're seeing a pickup from pet ownership in the U.S. That works in perpetuity in many respects because pet owners are going to continue to feed their pets. We have benefited, I think, from getting back to what we stand for, which is science. Science is inherent to all of our core categories, whether it's oral care, skin health, and we use that platform to really drive innovation, drive superior consumer benefits and health benefits across the value chain, and you're seeing that obviously translate into strong growth for that business.

如果你回到我們戰略的本質，那就是更快的增長渠道。顯然，他們將電子商務視為增長的機會。向新市場的擴張、我們的全球供應鏈以及我們的全球足跡使他們能夠考慮更多的擴張。顯然，他們看到美國的寵物所有權有所回升。這在許多方面都是永久有效的，因為寵物主人將繼續餵養他們的寵物。我認為，我們已經從回歸我們所代表的東西中受益，這就是科學。科學是我們所有核心類別所固有的，無論是口腔護理、皮膚健康，我們使用該平台來真正推動創新，在整個價值鏈中推動卓越的消費者利益和健康利益，你會看到這顯然轉化為強大的該業務的增長。

So again, core adjacencies, channels, get back to what we stand for, which is science and superiority, leveraging our professional model across the enterprise. They've done a terrific job, obviously, with their vet partnerships, which again is akin to what we do in Oral Care, and what we do in Skin Care. The digital work that Hill's is doing is it best-in-class for us as a company. As you know, they've built that business with a digital-first mindset. Obviously, now we're taking digital into thematic advertising as we expand penetration for the brand and expand brand awareness, which candidly are quite low still.

因此，核心鄰接、渠道再次回歸到我們所代表的東西，即科學和優勢，在整個企業中利用我們的專業模式。顯然，他們在與獸醫合作方面做得非常出色，這又類似於我們在口腔護理中所做的事情，以及我們在皮膚護理領域所做的事情。 Hill 正在做的數字化工作對我們公司來說是一流的。如您所知，他們以數字優先的心態建立了該業務。顯然，現在我們正在將數字化納入主題廣告，因為我們擴大了品牌的滲透率並擴大了品牌知名度，坦率地說，這仍然很低。

So all in all, we feel very good about where we are. Strong growth. We've got tough comps moving forward, as I mentioned earlier. But we feel pretty good about where we are and where the consumer is.

所以總而言之，我們對自己所處的位置感覺非常好。強勁增長。正如我之前提到的，我們有艱難的比賽向前推進。但我們對自己所處的位置和消費者的位置感覺非常好。

If you go back to '07, '08, during the last recession, we did not see a lot of trade down out of the Hill's business during that time. So we feel pretty good. The brand is stronger, we're innovating and we're spending behind the brand moving forward. Obviously, the supply chain is an opportunity to move this forward, and we're using our balance sheet accordingly to address that.

如果你回到 07 年、08 年，在上一次經濟衰退期間，我們並沒有看到在那段時間里希爾的業務出現大量交易。所以我們感覺還不錯。品牌更強大，我們正在創新，我們正在為品牌前進而花錢。顯然，供應鍊是推動這一進程的機會，我們正在相應地使用我們的資產負債表來解決這個問題。

Your next question will come from Lauren Lieberman with Barclays.

您的下一個問題將來自 Barclays 的 Lauren Lieberman。

I just had 2 questions. First just to clarify, you mentioned earlier plans on second half pricing. And I was just curious, anything you can tell us geographically. I think it was in regard to North America specifically, but I just was maybe looking for a little bit more detail on that.

我只有2個問題。首先澄清一下，您之前提到了下半年定價的計劃。我只是好奇，你能告訴我們的任何地理信息。我認為這是專門針對北美的，但我可能只是在尋找更多細節。

And then the second thing was on advertising spending. In the release, you have mentioned the plan now for it to be flat as a percentage of sales, still up in dollar terms, and you did raise the sales outlook. But I just wanted to get a sense for how you might describe average advertising spending plans today versus where they maybe were at the start of the year.

然後第二件事是關於廣告支出。在新聞稿中，您提到了現在計劃使其占銷售額的百分比持平，但以美元計算仍然上升，並且您確實提高了銷售前景。但我只是想了解一下您如何描述今天的平均廣告支出計劃與年初時的情況。

So on pricing, let me just make it more on a global basis. Clearly, with the inflation that we've seen, as we talked about in the first quarter, and we were very clear in laying out visibility in the first quarter around where we saw pricing evolve through the quarter. Obviously, it accelerated in the back half of the first quarter and into April. We expect pricing will accelerate as we look at our organic growth composition through the balance of the year. That means, obviously, that we'll have new pricing executed in the back half of the year. And that will be pretty broad-based across the world. I'm not going to get into specific regions, but I will say that we will be taking pricing across both the developed and developing world in the back half of the year. And that will be dependent on categories, competitive situations, and we're looking at each of that very closely. But broad-based, we're taking pricing across the world.

所以在定價方面，讓我把它更多地放在全球範圍內。顯然，正如我們在第一季度談到的那樣，隨著我們看到的通貨膨脹，我們非常清楚地在第一季度圍繞我們看到整個季度的定價演變情況展示了第一季度的可見性。顯然，它在第一季度後半段和四月加速。隨著我們在今年餘下時間審視我們的有機增長構成，我們預計定價將加速。顯然，這意味著我們將在今年下半年執行新的定價。這將在世界範圍內非常廣泛。我不打算進入特定地區，但我會說我們將在今年下半年對發達國家和發展中國家進行定價。這將取決於類別、競爭情況，我們正在非常仔細地研究每一個。但在廣泛的基礎上，我們正在全球範圍內定價。

Relative to advertising. Obviously, given the strong top line, the percentage of sales came down, our absolute dollar was a little bit up. We expect our dollar increase to be up in the back half of the year as we continue to support our strong innovation plans. And as a percentage of sales, we're estimating that, that will come in more or less in line with where we were last year.

相對於廣告。顯然，鑑於強勁的收入，銷售額的百分比下降了，我們的絕對美元略有上升。隨著我們繼續支持我們強有力的創新計劃，我們預計我們的美元增長將在今年下半年上升。作為銷售額的百分比，我們估計，這將或多或少與我們去年的情況一致。

You saw in the prepared remarks, we're spending a lot more time thinking about our digital advertising and the return on investment we're getting there. We're moving a lot more money from nonworking into working media in order to balance some of the growth opportunities we see in the market. So we feel pretty good about where we are from an advertising standpoint and intend to continue to invest to build our brands.

您在準備好的評論中看到，我們花費了更多時間來考慮我們的數字廣告和我們正在實現的投資回報。我們正在將更多的資金從非工作媒體轉移到工作媒體，以平衡我們在市場上看到的一些增長機會。因此，從廣告的角度來看，我們對自己所處的位置感覺很好，並打算繼續投資以建立我們的品牌。

And our final question will come from Jason English with Goldman Sachs.

我們的最後一個問題將來自高盛的 Jason English。

Sorry if some of my questions are redundant to maybe your remarks to your 10-Q, but we got a lot of information dumped on us today. I must confess I have not been able to get through all of it.

抱歉，如果我的一些問題對於您對 10-Q 的評論來說是多餘的，但我們今天收到了很多信息。我必須承認我無法通過所有這些。

But a couple of things that stood out to me. North America, the sequential improvement in margins was certainly impressive and better than I was expecting. I haven't been able to get through the drivers in your Q yet, but can you give us any more color on what contributed to, well, I guess, the abatement of year-on-year decline and the sequential uptick and whether or not there's anything transitory aiding that?

但是有幾件事讓我印象深刻。在北美，利潤率的連續提高肯定令人印象深刻，而且比我預期的要好。我還不能通過你 Q 中的驅動程序，但你能否給我們更多的顏色，說明是什麼促成了，嗯，我猜，同比下降的減少和連續上升，以及是否或沒有任何暫時的幫助嗎？

Sure. Thanks. So obviously, the North America had strong sequential improvement in margin, obviously, up around a couple of hundred basis points that you saw as we put it in the prepared remarks.

當然。謝謝。很明顯，北美的利潤率連續大幅提高，顯然，正如我們在準備好的評論中所說的那樣，上升了大約幾百個基點。

Dollar sales growth is driving that. Obviously, good top line growth, good consumption growth across our categories. I mentioned earlier, Jason, that at least the last 13 weeks, we've seen share growth in 8 of 11 categories, which again, I think, is the result of, obviously, the execution, results we're getting in the marketplace, the innovation, working our promotions effectively in the marketplace, and some of the new products that we've put in place.

美元銷售增長正在推動這一點。顯然，我們各個類別的收入增長良好，消費增長良好。我之前提到過，傑森，至少在過去的 13 周里，我們在 11 個類別中的 8 個類別中看到了份額增長，我認為這顯然是我們在市場上獲得的執行結果的結果，創新，在市場上有效地開展我們的促銷活動，以及我們推出的一些新產品。

But obviously, we're going to continue to focus on gross margin expansion across both North America and the company. Gross profit is the key focus. The funding the growth initiatives that we have in place, getting the mix right, getting the innovation right in Oral Care as we move through the back half of the year will be critically important.

但顯然，我們將繼續關注北美和公司的毛利率擴張。毛利是重點。在我們度過下半年的過程中，為我們實施的增長計劃提供資金、正確組合、正確進行口腔護理創新將至關重要。

Supply chain was a contributor to that as well. Obviously, we've got some of those issues that are behind us, still a lot of pressure. We need to focus on logistics, which continues to be a real headwind for both North America and the company. And as we see opportunities in the back half, we'll certainly look to take those.

供應鏈也是其中的一個因素。顯然，我們已經解決了一些問題，但壓力仍然很大。我們需要專注於物流，這對北美和公司來說仍然是一個真正的逆風。當我們在後半場看到機會時，我們肯定會抓住這些機會。

And we have no further questions at this time. So I'll turn the conference back over to Noel Wallace for any closing remarks.

目前我們沒有進一步的問題。因此，我將把會議轉回給 Noel Wallace 進行任何閉幕詞。

Well, thanks, everyone. Again, broad-based growth across the company, executing and transferring knowledge across our core categories. We're seeing, obviously, good consumption, obviously, an unprecedented environment around pricing. We'll continue to be focused on revenue growth management, our funding the growth initiatives and our global productivity initiative as we go into the back half.

嗯，謝謝大家。再次，整個公司的廣泛增長，在我們的核心類別中執行和轉移知識。我們顯然看到了良好的消費，顯然，圍繞定價的環境前所未有。當我們進入後半部分時，我們將繼續專注於收入增長管理、我們為增長計劃和全球生產力計劃提供資金。

Thanks for the call this morning, and we look forward to talking with everyone soon.

感謝今天早上的電話，我們期待很快與大家交談。

And that does conclude today's conference. Once again, thanks, everyone, for joining us. You may now disconnect.

這確實結束了今天的會議。再次感謝大家加入我們。您現在可以斷開連接。