高露潔 (CL) 2022 Q3 法說會逐字稿

Good morning. Welcome to today's Colgate-Palmolive Third Quarter 2022 Earnings Conference Call. This call is being recorded and is being simulcast live at www.colgatepalmolive.com.

早上好。歡迎來到今天的高露潔棕欖 2022 年第三季度收益電話會議。該電話正在錄音，並在 www.colgatepalmolive.com 上同時直播。

Now for opening remarks, I'd like to turn this call over to Chief Investor Relations Officer and Senior Vice President, M&A, John Faucher.

現在開始致辭，我想把這個電話轉給首席投資者關係官兼併購高級副總裁約翰·福徹。

Thanks, Allison. Good morning, and welcome to our 2022 third quarter earnings release conference call. This is John Faucher.

謝謝，艾莉森。早上好，歡迎參加我們的 2022 年第三季度財報電話會議。這是約翰·福徹。

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 related prepared 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.

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相關準備材料以及我們最近向美國證券交易委員會提交的文件，包括我們關於 10-K 表格的 2021 年年度報告和隨後向美國證券交易委員會提交的文件，所有這些都可在高露潔網站上找到，以討論可能導致的因素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. Noel will provide you with his thoughts on our Q3 results and our 2022 outlook. We will then open it up for Q&A. Noel?

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 將為您提供他對我們第三季度業績和 2022 年展望的看法。然後我們將打開它進行問答。諾埃爾?

Thanks, John, and thanks to all of you for joining us this morning. We continue to execute our growth strategy as we deal with an operating environment that remains very volatile.

謝謝，約翰，也感謝大家今天早上加入我們。在應對仍然非常不穩定的運營環境時，我們將繼續執行我們的增長戰略。

In the third quarter, we delivered high single-digit organic sales growth with growth across every division. We also delivered growth in all four of our categories, including high single-digit growth in Oral Care, Pet Nutrition and Personal Care.

在第三季度，我們實現了高個位數的有機銷售增長，每個部門都有增長。我們還實現了所有四個類別的增長，包括口腔護理、寵物營養和個人護理的高個位數增長。

I know elasticities are a big topic of conversation this quarter. While our volumes were negatively impacted by retailer inventory reductions and Hill's supply chain constraints in the quarter, underlying elasticity remained in line with our expectations, and we would expect volume performance to improve sequentially in the fourth quarter as these headwinds abate.

我知道彈性是本季度的一大話題。雖然我們的銷量在本季度受到零售商庫存減少和 Hill 供應鏈限制的負面影響，但基本彈性仍然符合我們的預期，我們預計隨著這些不利因素的減弱，第四季度的銷量表現將連續改善。

We delivered strong pricing growth through revenue growth management and healthy productivity through Funding the Growth and the initial benefits of our 2022 Global Productivity Initiative. This helped us drive a sequential improvement in gross margin in the third quarter despite further increases in raw material prices.

我們通過收入增長管理實現了強勁的定價增長，並通過為增長提供資金和我們的 2022 年全球生產力計劃的初步收益實現了健康的生產力。儘管原材料價格進一步上漲，這幫助我們推動了第三季度毛利率的連續改善。

The headwinds we face, whether from foreign exchange, raw and packaging materials and logistics costs or macroeconomic uncertainty are significant, but we believe we are well positioned to deal with these issues. We have taken the difficult steps necessary to meet these challenges ahead on through pricing, productivity, capital deployment and other actions. These actions leave us well positioned to benefit when our markets stabilize.

我們面臨的不利因素，無論是來自外匯、原材料和包裝材料、物流成本還是宏觀經濟的不確定性，都是巨大的，但我們相信我們有能力應對這些問題。我們已經採取了必要的艱難步驟，通過定價、生產力、資本部署和其他行動來應對這些挑戰。這些行動使我們能夠在市場穩定時受益。

The first reason is our portfolio. We have focused -- we have a focused portfolio of leading brands in growing categories competing across multiple price tiers. Consumers use the vast majority of our products every day: when they shower, when they clean their homes, when they feed their pets and hopefully, when they brush their teeth after every meal.

第一個原因是我們的投資組合。我們專注——我們在不斷增長的類別中擁有一個專注的領先品牌組合，跨多個價格層進行競爭。消費者每天都會使用我們的絕大多數產品：淋浴時、打掃房間時、餵養寵物時以及希望在每餐後刷牙時。

We believe this high frequency of usage, combined with the strength of our brands, helped with our elasticities despite significant pricing. This has been particularly true in Oral Care. And our categories generally have low private label market shares compared to many other HPC categories where we don't compete.

我們相信，這種高頻率的使用，加上我們品牌的實力，有助於提高我們的彈性，儘管定價很高。在口腔護理中尤其如此。與我們不競爭的許多其他 HPC 類別相比，我們的類別通常具有較低的自有品牌市場份額。

Consumers look to trusted brands to provide value, and we have built brands over time to deliver value to our customers and our consumers, particularly given our breadth of offerings across price tiers from entry level to ultra-premium. And our professional recommendation model in several of our largest categories also helps to provide added value and differentiation to consumers, which builds brand loyalty.

消費者期待值得信賴的品牌來提供價值，隨著時間的推移，我們已經建立了品牌來為我們的客戶和消費者提供價值，特別是考慮到我們從入門級到超高端的價格層級產品的廣度。我們在幾個最大類別中的專業推薦模型也有助於為消費者提供附加值和差異化，從而建立品牌忠誠度。

And we have high market shares with #1 or #2 positions in many of our key segments across all four of our categories. We're also well positioned because we are building capabilities and then scaling them across the company in order to drive growth, both now and in the future.

在我們所有四個類別的許多關鍵細分市場中，我們的市場份額都很高，排名第一或第二。我們也處於有利地位，因為我們正在構建能力，然後在整個公司範圍內擴展它們，以推動現在和未來的增長。

Our most important capabilities are focused on science-led innovation, Particularly in a time when there is so much pricing in our categories, it is vital to add consumer identifiable value. You can see our progress here on brands like Colgate Optic White, Hill's Prescription Diet, EltaMD and many others. It is also helping to drive improvements in our market share trends.

我們最重要的能力集中在以科學為主導的創新上，特別是在我們的類別定價如此之多的時候，增加消費者可識別的價值至關重要。您可以在這裡看到我們在 Colgate Optic White、Hill's Prescription Diet、EltaMD 等品牌上取得的進展。它還有助於推動我們市場份額趨勢的改善。

I spent a lot of time at Barclays talking about our digital transformation, an area that is impacting every facet of our business: our e-commerce performance, the ROI of our advertising, a digital-driven supply chain, the use of AI and new product development and even how we're doing our training around the world.

我在巴克萊花了很多時間談論我們的數字化轉型，這個領域正在影響我們業務的方方面面：我們的電子商務表現、我們廣告的投資回報率、數字驅動的供應鏈、人工智能的使用和新的產品開發，甚至我們如何在世界各地進行培訓。

Revenue growth management is another capability we are scaling across the organization. We are putting the full force and effort of our data and analytics team into our RGM planning. We believe this is also helping us to make RGM decisions to help to lessen the impact of elasticities.

收入增長管理是我們在整個組織中擴展的另一項能力。我們正在將我們的數據和分析團隊的全部力量和努力投入到我們的 RGM 計劃中。我們相信這也有助於我們做出 RGM 決策，以幫助減輕彈性的影響。

So as we head into the Q&A, I want to reiterate that our strategy is working and through an environment that remains uncertain and volatile, we believe we are well positioned with strong brands, scaling capabilities and most importantly, great people.

因此，當我們進入問答環節時，我想重申我們的戰略正在發揮作用，並且在一個仍然不確定和多變的環境中，我們相信我們擁有強大的品牌、擴展能力以及最重要的是優秀的人才。

So I'll turn it over to the Q&A now.

所以我現在把它交給問答環節。

(Operator Instructions) Our first question today will come from Peter Grom of UBS.

（操作員說明）我們今天的第一個問題將來自瑞銀的 Peter Grom。

So I wanted to ask specifically on Hill's. Maybe first, is there a way you could potentially quantify the impact of the supply chain constraints and reductions in retail inventory had on organic sales in the quarter.

所以我想專門問問希爾的。也許首先，有沒有一種方法可以量化供應鏈限制和零售庫存減少對本季度有機銷售的影響。

And then maybe more importantly, I know you mentioned a return to double-digit organic sales growth in September. But can you maybe discuss why you remain confident in the acceleration in the business looking out to the fourth quarter and potentially longer term?

然後也許更重要的是，我知道你提到了 9 月份有機銷售額恢復兩位數增長。但是，您能否討論一下為什麼您對第四季度和可能更長期的業務加速保持信心？

Yes. Thanks, Peter. Let me go back to the strategy. And I think as it underpins some of the -- obviously, the supply chain constraints that we had earlier in the quarter, which is obviously based on really high demand for the brand. And we've had nine quarters of double-digit growth on that business with fundamentally the same supply chain network.

是的。謝謝，彼得。讓我回到策略上來。而且我認為它支撐了一些 - 顯然，我們在本季度早些時候遇到的供應鏈限制，這顯然是基於對品牌的真正高需求。我們在該業務上實現了九個季度的兩位數增長，供應鍊網絡基本相同。

So if you go back to the core elements of the strategy, really building science-driven innovation that we translate into claims for the consumer, claims for our vets and vet technicians that drives to endorsement of our brand. We translate that digitally across the enterprise, run our e-commerce business ahead of general market shares. Ultimately, that is driving strong consumption.

因此，如果您回到戰略的核心要素，真正構建科學驅動的創新，我們將其轉化為消費者聲明、我們的獸醫和獸醫技術人員的聲明，從而推動我們品牌的認可。我們在整個企業中進行數字化翻譯，使我們的電子商務業務領先於一般市場份額。最終，這將推動強勁的消費。

What happened in the early part of the quarter is the supply chain is obviously at 100% capacity, pre, obviously, the acquisitions of Red Collar and the acquisition that we made in Europe. We now have the ability to really free up capacity moving forward. We're going to be able to do a lot more efficient production in our existing facilities.

本季度初發生的情況是，供應鏈顯然處於 100% 的產能，顯然是在收購 Red Collar 和我們在歐洲進行的收購之前。我們現在有能力真正釋放未來的容量。我們將能夠在現有設施中進行更高效的生產。

We're transferring a lot of that volume into the new Red Collar facilities, which are coming upstream as of October. So we feel very good moving forward. And as you mentioned, we exited the quarter back in double-digit growth. So strong consumption in the business, shipments outpacing -- excuse me, consumption, obviously, outpacing shipments. And we feel very good about where we are in the next 3 to 6 months as we integrate the Red Collar acquisition and continue to operate our plants more efficiently in the existing network.

我們正在將其中的大部分轉移到新的 Red Collar 設施中，這些設施將於 10 月在上游建成。所以我們感覺非常好繼續前進。正如你所提到的，我們以兩位數的增長退出了本季度。如此強勁的業務消費，出貨量超過了 - 對不起，消費顯然超過了出貨量。隨著我們整合收購 Red Collar 並繼續在現有網絡中更有效地運營我們的工廠，我們對未來 3 到 6 個月的狀況感到非常滿意。

Our next question today will come from Dara Mohsenian of Morgan Stanley.

我們今天的下一個問題將來自摩根士丹利的 Dara Mohsenian。

So obviously, incredibly strong pricing in the quarter. We haven't seen that level of quarterly growth in decades. So it'd be helpful just to understand what you're seeing competitively out there, given such strong Colgate pricing. Are you content with price gaps? Are you generally seeing competitors follow? Or might there be adjustments that are needed as you think about that pricing line going forward?

很明顯，本季度的定價非常強勁。幾十年來，我們從未見過如此高的季度增長水平。因此，鑑於高露潔如此強勁的定價，了解您所看到的競爭優勢會很有幫助。您對價格差距感到滿意嗎？您通常會看到競爭對手跟隨嗎？或者在您考慮未來的定價線時是否需要進行調整？

Yes, thanks. Let's go back to, again, what we've been discussing all year. We took pricing obviously, as we articulated in the second quarter, particularly across North America and other divisions. That continued, obviously, in the third quarter. We have led pricing in many of our markets, and that has been fundamental to the growth of the business right now.

對了謝謝。讓我們再次回到我們一年來一直在討論的話題。正如我們在第二季度所闡明的那樣，我們顯然採用了定價，特別是在北美和其他部門。顯然，這種情況在第三季度繼續存在。我們在許多市場中引領定價，這對目前的業務增長至關重要。

We believe it's critical to get the pricing into the P&L. We have now seen competitors begin to follow. So that should alleviate some of the volume pressure that we saw early in the quarter, but we feel very good about where we are with pricing.

我們認為將定價納入損益表至關重要。我們現在已經看到競爭對手開始效仿。因此，這應該可以緩解我們在本季度初看到的一些銷量壓力，但我們對定價方面的情況感到非常滿意。

We obviously feel that the market will continue to hold that pricing as we see a very constructive market, as I've discussed in the past, with competition. Now competition was a little slow to follow, but we have seen that in the later end of the quarter that most of our competitors have followed in our core categories. So we feel pretty good.

我們顯然認為市場將繼續保持該定價，因為我們看到一個非常有建設性的市場，正如我過去所討論的那樣，競爭激烈。現在競爭有點慢，但我們已經看到，在本季度末，我們的大多數競爭對手在我們的核心類別中都緊隨其後。所以我們感覺還不錯。

We talked about elasticities upfront. They're more or less in line with where we articulated at Barclays. We've seen a little bit more elasticity, given the pricing that we took in some of the Home Care businesses. But again, we took Home Care pricing ahead of competition, and competition is now following. So we expect that to alleviate as we move forward.

我們預先討論了彈性。它們或多或少與我們在巴克萊的表述一致。考慮到我們對一些家庭護理業務採取的定價，我們已經看到了更多的彈性。但同樣，我們將家庭護理定價領先於競爭，現在競爭也隨之而來。因此，我們希望隨著我們的前進，這種情況會有所緩解。

But overall, we feel pretty good about where we are. Obviously, foreign exchange is the new dynamic we're dealing with and having lots of discussions with the team on how to manage price volume moving forward, but we feel very good about where we are right now.

但總的來說，我們對自己所處的位置感覺很好。顯然，外匯是我們正在處理的新動態，並與團隊就如何管理未來的價格交易量進行了很多討論，但我們對目前所處的位置感覺非常好。

Our next question today will come from Andrea Teixeira of JPMorgan.

我們今天的下一個問題將來自摩根大通的 Andrea Teixeira。

So can you comment a bit on the pace of volumes exiting the quarter? I think you alluded to the fact that Hill's got better with the acquisition. I know it takes, you mentioned, 3 to 6 months. I just want to reconcile, Noel, your comment also on pricing that your competitors are following now and then you hope to alleviate. Should we expect like the way the quarter unfolded that volumes were not as bad as you exit the quarter?

那麼，您能否就本季度的成交量步伐發表一些評論？我認為你提到了希爾在收購後變得更好的事實。我知道這需要，你提到，3 到 6 個月。我只是想調和一下，Noel，你對競爭對手不時遵循的定價的評論，然後你希望減輕。我們是否應該像本季度的發展方式那樣預期交易量不會像您退出本季度那樣糟糕？

Yes. Thanks, Andrea. Yes, volumes improved as we exited the quarter as we talked about, obviously some of the supply chain constraints upfront on Hill's. We talked about post Barclays, as you remember, we saw some early warning signs in the online business on our trade partners taking inventory down. We had not seen it in brick and mortar at that stage, but we had communicated that, that's not to say that might happen towards the end of the quarter, which is exactly what happened.

是的。謝謝，安德里亞。是的，正如我們所說的那樣，隨著我們退出本季度，銷量有所改善，顯然希爾的一些供應鏈限制。我們談到了巴克萊銀行之後，您還記得，我們在在線業務中看到了一些預警信號，表明我們的貿易夥伴正在減少庫存。在那個階段，我們沒有在實體店看到它，但我們已經傳達了這一點，這並不是說這可能會在本季度末發生，這正是發生的事情。

We saw some inventory come out in some of the key retailers in North America. We obviously saw continued reductions in inventory on Amazon throughout the quarter, and that ultimately led to roughly 100 basis points of headwinds on the quarter. Take that with additional 50 basis points of Russia impact in the quarter, and obviously, some of the supply chain constraints. So we feel good about volume sequentially improving in the fourth quarter.

我們看到北美一些主要零售商出現了一些庫存。我們顯然看到整個季度亞馬遜的庫存持續減少，這最終導致本季度出現大約 100 個基點的逆風。考慮到本季度俄羅斯額外 50 個基點的影響，顯然還有一些供應鏈限制。因此，我們對第四季度的銷量連續增長感到滿意。

Obviously, consumption seems to be holding out, but we have to bear in mind that there's a lot of pricing going in the market across multiple categories. So we'll continue to watch that very carefully.

顯然，消費似乎在堅持，但我們必須記住，市場上有很多跨多個類別的定價。因此，我們將繼續非常仔細地觀察。

We've also obviously had to pull a little bit of the advertising back in the quarter as we saw consumption across most categories slowed down in Europe and obviously, the constraints on Hill's. Hill's, we moved that money to the fourth quarter to continue to drive consumption and exit the year strongly. We do not want to be cutting investment. We believe this -- hopefully, some of these volatility is short term. Our focus is continue to invest behind the brands and drive consumption as we move into 2023.

我們顯然也不得不在本季度撤回一點廣告，因為我們看到歐洲大多數類別的消費放緩，顯然，Hill's 受到限制。 Hill's，我們將這筆資金轉移到第四季度，以繼續推動消費並強勁退出今年。我們不想削減投資。我們相信這一點——希望其中一些波動是短期的。隨著我們進入 2023 年，我們的重點是繼續投資品牌並推動消費。

Our next question is going to come from Chris Carey of Wells Fargo Securities.

我們的下一個問題將來自 Wells Fargo Securities 的 Chris Carey。

Can you just perhaps comment on how you feel about gross margin progression, (inaudible) pricing still coming in quite strong, and the commodity impact actually worsened sequentially. But ultimately, commodities will ease going forward and into next year, and presumably productivity remains a good story.

您能否評論一下您對毛利率增長的看法，（聽不清）定價仍然相當強勁，商品影響實際上是依次惡化的。但最終，大宗商品將在未來和明年有所緩解，而且生產力可能仍然是一個好故事。

So in the context of what you're seeing on the volume side, do you feel like you might need to reinvest back some to drive demand within promotions, and perhaps that can reduce net pricing? But in general, it does feel like you're weathering quite a bit of commodity pressure here with pricing, and these things are going to ease going forward. So I wonder if you could just give a sense on how you feel about gross margin progression over time.

因此，根據您在數量方面看到的情況，您是否覺得您可能需要重新投資一些以推動促銷活動的需求，也許這會降低淨定價？但總的來說，你確實感覺你正在通過定價來承受相當大的商品壓力，這些事情將在未來得到緩解。因此，我想知道您是否可以了解一下您對毛利率隨著時間的推移而增長的感覺。

Sure. Let me just -- I'll take it conceptually and strategically the top, and then let me turn it over to Stan to give you a little bit more color.

當然。讓我 - 我會在概念上和戰略上把它放在頂部，然後讓我把它交給 Stan 給你更多的色彩。

Overall, strategically, as we talked about coming into the second quarter, we felt it was very important to get ahead of the inflationary environment and take as much pricing as we could. We watch that very carefully, obviously, with consumption.

總體而言，從戰略上講，當我們談到進入第二季度時，我們認為超越通脹環境並儘可能多地定價非常重要。我們非常仔細地觀察這一點，顯然，消費。

You combine that with the initiatives that we set out for 2022 with our Global Productivity Index. We felt it was very important to get ahead of this, which we announced back in 2021. And we're seeing that coming through on the gross profit line. Obviously, gross profit up sequentially in the quarter despite 920 points of headwind in the gross margin reconciliation. So we feel that was important to get that in, and we'll continue to take pricing as necessary.

您將其與我們為 2022 年制定的計劃與我們的全球生產力指數相結合。我們認為提前完成這一點非常重要，我們早在 2021 年就宣布了這一點。我們看到這在毛利潤線上得到了體現。顯然，儘管毛利率調節中存在 920 個逆風點，但本季度毛利潤環比上升。因此，我們認為將其納入其中很重要，我們將繼續根據需要進行定價。

Raw materials, I'll turn it over to Stan to give you a flavor of where those are right now. We've seen a little bit of pullback, but more or less, we're still seeing significant increases versus where we were last year. Stan?

原材料，我會把它交給斯坦，讓你了解一下這些材料現在在哪裡。我們已經看到了一些回落，但或多或少，與去年相比，我們仍然看到了顯著的增長。斯坦?

Yes. So we've seen some modest movement in materials cost. But overall, we continue to see raw materials as a full year 2022 as a $1.3 billion full year increase. As a reminder, that's 23% year-to-year.

是的。因此，我們已經看到材料成本出現了一些適度的變化。但總體而言，我們繼續認為 2022 年全年原材料將增加 13 億美元。提醒一下，這是每年 23%。

In the third quarter, as Noel highlighted, it was 920 points. So a little bit of color underneath that. Oil has generally been lower since our last call, but now has kind of creep back to where it was then. We've seen ag as an offset here. It increased versus our previous guidance, particularly around proteins, corn, et cetera. And those are notably higher versus where we were in July.

正如諾埃爾所強調的那樣，第三節是 920 分。所以下面有一點顏色。自從我們上次打電話以來，油價普遍走低，但現在又回到了當時的水平。我們在這裡將 ag 視為偏移量。與我們之前的指導相比，它有所增加，尤其是在蛋白質、玉米等方面。與我們 7 月份的水平相比，這些水平明顯更高。

Partially offsetting that, we've seen palm oil has actually come in a decent amount. Now that's favorable, but tallow, soybean and other oils are still showing elevated levels of inflation. So that's what keeps us at the $1.3 billion for the year. As a reminder, we lock in, so typically, and this quarter is no exception, we're largely locked in for fourth quarter.

部分抵消了這一點，我們已經看到棕櫚油的數量實際上相當可觀。現在這是有利的，但牛油、大豆和其他油仍顯示出較高的通脹水平。這就是我們今年保持在 13 億美元的原因。提醒一下，我們通常會鎖定，本季度也不例外，我們在很大程度上鎖定了第四季度。

Now one of the common -- while natural gas is not a raw material per se, we do use it to power our plants, particularly in Europe. And that's been volatile and continues to escalate. So as we expected, raw materials continue to move, but overall, still see $1.3 billion.

現在是常見的一種——雖然天然氣本身不是原材料，但我們確實用它來為我們的工廠供電，尤其是在歐洲。這一直不穩定，並繼續升級。因此，正如我們預期的那樣，原材料繼續移動，但總體而言，仍為 13 億美元。

And this is why we have our GPI program, our Funding the Growth program as we look to take productivity to mitigate that 920-point headwind.

這就是為什麼我們有我們的 GPI 計劃，我們的資助增長計劃，因為我們希望提高生產力來緩解 920 點的逆風。

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

我們今天的下一個問題將來自美國銀行的 Bryan Spillane。

Stan, maybe if I could just pick up on the last question. Can you just give us a sense of just given how volatile maybe raw material costs have been, are you locking in or hedging further out? And as we begin to kind of look at 2023, is there -- how far ahead are you in terms of being locked in, locked in on raw material costs for '23?

斯坦，也許我能回答最後一個問題。鑑於原材料成本的波動性，您能否讓我們了解一下，您是鎖定還是進一步對沖？當我們開始展望 2023 年時，是否存在 - 在鎖定 23 年的原材料成本方面，您領先多遠？

Yes. Thanks for the question, Bryan. So as we look, we've seen the volatility. While we've had movement up and down, the $1.3 billion is exactly the same number we highlighted out of last quarter. So while we've seen components move up and down, we've only seen modest movement on a net basis.

是的。謝謝你的問題，布萊恩。因此，正如我們所看到的，我們已經看到了波動性。雖然我們有上下波動，但 13 億美元與我們在上個季度強調的數字完全相同。因此，雖然我們看到組件上下移動，但我們只看到淨值的適度移動。

We typically lock in the next quarter, and then we do, do some longer-term pricing into that, mock that in out quarters. But it's relatively modest. As you'd expect, the near quarter gets the most, and then it kind of scales down.

我們通常會鎖定下一個季度，然後我們會做一些長期定價，在接下來的幾個季度進行模擬。但它相對溫和。如您所料，近季度獲得最多，然後按比例縮小。

But today, we're not going to give 2023 guidance. What we are looking at is the movement that we see. We're trying to make sure we're very prudent on not locking in areas that we think are going to moderate over time.

但是今天，我們不會給出 2023 年的指導。我們看到的是我們看到的運動。我們正在努力確保我們非常謹慎，不會鎖定我們認為隨著時間的推移會緩和的領域。

And then we don't do a lot of hedging. So we do some in the ag space, but we don't do a lot of hedging among the others. We think price is the ultimate hedge.

然後我們不會做很多對沖。所以我們在農業領域做了一些，但我們並沒有在其他領域做很多對沖。我們認為價格是最終的對沖。

Our next question will come from Jason English of Goldman Sachs.

我們的下一個問題將來自高盛的 Jason English。

A couple of quick questions I'll try to squeeze in. So back to the $1.3 billion inflation, our quick math suggests that implies a reasonable amount of moderation in the fourth quarter. Still a lot inflation, but certainly less than what we've been seeing in the last two quarters. A, is that math right?

我將嘗試回答幾個簡單的問題。回到 13 億美元的通脹，我們的快速計算表明，這意味著第四季度的適度放緩。通脹仍然很高，但肯定比我們在過去兩個季度看到的要少。 A，那數學對嗎？

And secondly, in your Q, you give round numbers on percentage of sales by category. And I know they're round numbers. So there can be a lot of variability there. But it does suggest that you're seeing year-on-year declines in your Personal Care and Home Care categories. Can you just maybe elaborate a little bit on what you're seeing within those individual categories?

其次，在你的 Q 中，你給出了按類別劃分的銷售額百分比的整數。我知道它們是整數。所以那裡可能有很多可變性。但這確實表明您看到個人護理和家庭護理類別的同比下降。您能否詳細說明您在這些單獨類別中看到的內容？

Yes. Let me take the categories first, and then I'll let Stan provide a little bit more color on the raw materials and where we see the fourth quarter. Categories, by and large, are where we estimated. Obviously, we've seen a little pullback in the Home Care categories, but Personal Care, Oral Care and Pet Nutrition continue to be quite healthy, particularly given the pricing that's going into the category.

是的。讓我先列出類別，然後讓 Stan 提供更多關於原材料的顏色以及我們在第四季度看到的位置。總的來說，類別是我們估計的。顯然，我們已經看到家庭護理品類有所回落，但個人護理品、口腔護理品和寵物營養品仍然相當健康，特別是考慮到該類別的定價。

Relative to year-on-year, I mean, all of our categories in terms of how we play them are up. There may be some impact from foreign exchange there, Jason. But other than that, we see good growth across a broad nature of our categories.

相對於去年同期，我的意思是，我們所有的類別在我們如何發揮它們方面都在上升。傑森，那裡的外匯可能會有一些影響。但除此之外，我們看到我們類別的廣泛性質的良好增長。

And on the raw materials, Jason, we said in our last call that we thought this is going to peak in Q3. We continue to believe that. So while the full year still holds at $1.3 billion, we do expect some slight moderation in Q4. And again, we're largely locked in for that.

關於原材料，傑森，我們在上次電話會議中表示，我們認為這將在第三季度達到頂峰。我們繼續相信這一點。因此，儘管全年仍保持在 13 億美元，但我們確實預計第四季度會略有放緩。再一次，我們在很大程度上被鎖定了。

Yes. The one area I'd add is ag prices and some of the specialty ingredients that we use in Science Diet and Prescription Diet, those continue to be quite high. So we're watching those quite carefully as we move into '23.

是的。我要補充的一個領域是農業價格和我們在科學飲食和處方飲食中使用的一些特殊成分，這些仍然相當高。因此，當我們進入 23 世紀時，我們會非常仔細地觀察這些。

Our next question today will come from Kevin Grundy of Jefferies.

我們今天的下一個問題將來自 Jefferies 的 Kevin Grundy。

Wanted to pivot, Noel, ask a question on portfolio strategy, two parts to it. The first one, the overall level of satisfaction with the portfolio. As you sit here today, any updated thoughts on where you potentially would want to augment through M&A.

Noel 想要轉身，問一個關於投資組合策略的問題，分為兩個部分。第一個，對投資組合的總體滿意度。當你今天坐在這裡時，任何關於你可能希望通過併購擴大哪些方面的最新想法。

And the second part, as it pertains to Hill's, which is a business which has done extraordinarily well here recently, there's a view in the marketplace there's potentially some latent value in the Colgate portfolio, specifically related to that business. Love to get your thoughts there, perhaps remind us of the Board's approach to portfolio assessment.

第二部分，因為它涉及 Hill's，這是一家最近在這裡做得非常好的業務，市場上有一種觀點認為高露潔投資組合中可能存在一些潛在價值，特別是與該業務相關。樂於表達您的想法，或許可以提醒我們董事會對投資組合評估的方法。

Yes. Thanks for the question. In a world of significant volatility, we are really pleased with the diversity of the categories we compete in. They're carefully curated categories. We're highly focused on four. As you all know, we've been focused on four for a long, long time. We have deep understanding in those four categories.

是的。謝謝你的問題。在一個劇烈波動的世界中，我們對我們競爭的類別的多樣性感到非常滿意。它們是精心策劃的類別。我們高度關註四個。眾所周知，我們長期以來一直專注於四個方面。我們對這四類有很深的理解。

We believe they're well constructed and well positioned for future growth whether you're looking at consumption opportunities, whether you're looking at price-driven opportunities in terms of premiumization. And obviously, they're all not going to run in tandem.

我們相信，無論您是在尋找消費機會，還是從高端化角度看價格驅動的機會，它們的結構都很好，並且為未來的增長做好了準備。很明顯，它們不會同時運行。

And we've obviously done some great things in the Pet Nutrition categories. We've pivoted a lot of that strategy over the last four years, and you've seen the success of that. You've seen the success in this year as we're driving broad-based growth across all of our categories, which I talked about initially.

我們顯然在寵物營養類別中做了一些很棒的事情。在過去的四年裡，我們已經對這一戰略進行了很多調整，你已經看到了它的成功。你已經看到了今年的成功，因為我們正在推動我們所有類別的廣泛增長，我最初談到了這一點。

Very happy with skin health. Obviously, the professional skin business in the U.S. continues to perform very well. Yes, the Filorga business in China continues to be a challenge, given the lockdowns we've seen in China and the lack of travel of Chinese consumers around the world. But overall, we feel the ebb and flow of our categories is exactly where we want to be right now. And we feel very fortunate that we're very focused on four, and all those categories are growing today.

對皮膚健康非常滿意。顯然，美國的專業皮膚業務繼續表現良好。是的，鑑於我們在中國看到的封鎖以及中國消費者在世界各地旅行的缺乏，Filorga 在中國的業務仍然是一個挑戰。但總的來說，我們覺得我們的類別的潮起潮落正是我們現在想要的。我們感到非常幸運，我們非常專注於四個，所有這些類別今天都在增長。

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

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

Great. Great. My question was more around expenses. First on commodities and raw mat. Is it possible to kind of parse out how much currency played a part versus inflation on a constant currency basis?

偉大的。偉大的。我的問題更多的是關於費用。首先是商品和生墊。是否有可能在固定貨幣的基礎上解析出貨幣對通貨膨脹的影響？

And then on advertising, if you could just give a little bit more color. It sounded like most of that was related to the disruption in Hill's. Just a little bit more color in terms of your ongoing expectations, particularly in sort of the digital aspect, given what we've heard from some of the digital advertisers.

然後在廣告方面，如果你能多一點顏色的話。聽起來大部分都與希爾的中斷有關。鑑於我們從一些數字廣告商那裡聽到的信息，就您的持續期望而言，尤其是在數字方面，請多加一點色彩。

So let me start with the expenses piece. So on raw materials, obviously, we operate in over 200 countries and territories. So as you think about the currency impact on our overall portfolio, that also impacts our raw materials. So I wouldn't say it's outsized in any particular one.

所以讓我從費用部分開始。所以在原材料方面，很明顯，我們在 200 多個國家和地區開展業務。因此，當您考慮貨幣對我們整體投資組合的影響時，這也會影響我們的原材料。所以我不會說它在任何特定的地方都過大。

Some materials are sourced from 1 or 2 suppliers, so they'll have an outsized impact while others are sourced locally. And those have a natural hedge, if you will, from a currency aspect. So FX, as you think about the impact to raw materials, you should think about that largely in line with the impact of the overall company, and that will vary slightly by division.

一些材料來自 1 或 2 個供應商，因此它們會產生巨大的影響，而其他材料則來自本地。如果你願意的話，從貨幣方面來說，這些都有一個自然的對沖。因此，FX，當您考慮對原材料的影響時，您應該考慮在很大程度上與整個公司的影響一致，並且會因部門而略有不同。

On advertising, Olivia, you heard us say that on a dollar basis, we were down about 3%, but on a local currency basis, we were up 2%. So overall, we still feel good with the impact we're having in the markets.

在廣告方面，奧利維亞，你聽到我們說，以美元計算，我們下跌了約 3%，但以當地貨幣計算，我們上漲了 2%。所以總的來說，我們仍然對我們在市場上產生的影響感到滿意。

We've done a lot of work, as others have done, to really optimize our spending that would obviously a move of 50-plus of our spending now, 50% plus of our spending in digital. We're able to get much more deep into the analytics and the ROI metrics. We're doing a much better job at personalizing our content.

正如其他人所做的那樣，我們已經做了很多工作來真正優化我們的支出，這顯然是我們現在支出的 50 多倍，我們數字支出的 50% 以上。我們能夠更深入地了解分析和 ROI 指標。我們在個性化內容方面做得更好。

As I've talked about before, we've over 40,000 people around the world on our digital transformation, media being an important part of that. So we feel we're getting much better.

正如我之前所說，我們在全球有超過 40,000 人參與我們的數字化轉型，媒體是其中的重要組成部分。所以我們覺得我們正在變得更好。

We pulled back a little in Europe as we saw a pretty significant drop off in the categories. And so we wanted to be prudent as we thought about investment moving forward. And as I mentioned earlier, we pulled back a little bit in the third quarter at Hill's, but transferred that money into the fourth quarter to continue to drive consumption as we bring on more capacity.

我們在歐洲有所回落，因為我們看到這些類別出現了相當大的下降。因此，我們在考慮未來投資時要謹慎。正如我之前提到的，我們在 Hill's 的第三季度有所回落，但將這筆資金轉移到了第四季度，以繼續推動消費，因為我們帶來了更多的產能。

Our next question will come from Callum Elliott of Bernstein.

我們的下一個問題將來自 Bernstein 的 Callum Elliott。

Another portfolio question, if that's okay. I just wanted to ask you, can you talk please about the operational integration of the Oral Care business with the Personal Care and Home Care businesses, and specifically with a view to how difficult would it be to separate parts of or all of Personal Care, Home Care, if you were to change about the value of those Personal Care, Home Care businesses to the overall company?

另一個投資組合問題，如果可以的話。我只是想問您，您能否談談口腔護理業務與個人護理和家庭護理業務的運營整合，特別是要分離部分或全部個人護理業務有多困難，家庭護理，如果您要改變這些個人護理、家庭護理業務對整個公司的價值？

Yes. What I'm going to do is step back again and talk about the strategy of the company and why it's working. And I think the results today illustrate that our growth strategies across all of our businesses and how we integrate those businesses and scale our capabilities are delivering strong performance for the overall business, 15 quarters now of organic sales growth within our 3% to 5% target range.

是的。我要做的是再次退後一步，談談公司的戰略以及它為什麼奏效。我認為今天的結果表明，我們所有業務的增長戰略以及我們如何整合這些業務和擴展我們的能力正在為整體業務帶來強勁的表現，現在 15 個季度的有機銷售增長在我們的 3% 到 5% 的目標內範圍。

We've had growth in every division, in all four of our categories. And we're particularly pleased, obviously, this quarter with high single-digit growth in Oral Care, our Personal Care business as well as our Pet Nutrition business.

我們在所有四個類別中的每個部門都有增長。顯然，我們對本季度口腔護理、個人護理業務以及寵物營養業務的高個位數增長感到特別高興。

A key part of that strategy, which I think gets to the heart of your question is, is how we're leveraging our capabilities across the enterprise. We've talked about our science-driven approach, clinical substantiation for our products that drive claims, consumer acceptance, drive -- lead to professional endorsement.

我認為該戰略的一個關鍵部分是您問題的核心，即我們如何在整個企業中利用我們的能力。我們已經討論了我們以科學為導向的方法，為我們的產品提供臨床證實，推動索賠、消費者接受、推動——導致專業認可。

As you know, we have a strong professional model across our pet business, our Oral Care business as well as our skin health business. We're leveraging those learnings. In fact, over the last 1.5 years, we put an organization in New York simply to look at how we continue to optimize and sharpen our professional strategies as we see brand recommended most often is a key driver of saliency for the brands and the equities and ultimately loyalty.

如您所知，我們的寵物業務、口腔護理業務以及皮膚健康業務擁有強大的專業模式。我們正在利用這些經驗。事實上，在過去的 1.5 年裡，我們在紐約設立了一個組織，只是為了看看我們如何繼續優化和加強我們的專業策略，因為我們看到最常推薦的品牌是品牌和股票顯著性的關鍵驅動力，以及最終忠誠。

Our digital transformation largely initially led by Hill's. We have now taken their capabilities, their talent and use those across the entire enterprise to further our digital capabilities. You've seen our e-commerce business is one of the fastest-growing channel businesses that we have today.

我們的數字化轉型最初主要由 Hill's 領導。現在，我們已經利用他們的能力和才能，並在整個企業中利用這些能力來提升我們的數字能力。您已經看到我們的電子商務業務是我們今天擁有的增長最快的渠道業務之一。

Our market shares in markets like China, which is the biggest e-commerce market, are outdelivering against any other competitor in the market. And we really attribute that to leveraging the scalability of certain capabilities across the enterprise. So again, we like the four categories we compete in, a lot of similarities, a lot of overlap. And we continue to see that executed in terms of the results that we've delivered today.

我們在最大的電子商務市場中國等市場的市場份額超過了市場上的任何其他競爭對手。我們真的將其歸因於利用整個企業的某些功能的可擴展性。再說一次，我們喜歡我們競爭的四個類別，有很多相似之處，有很多重疊。我們繼續看到我們今天交付的結果執行。

One thing I'd add there, I think, is that integration extends to our supply chain. One of our key attributes here is the production that we do across the world. And we integrate that particularly across Personal Care, Home Care and Oral Care, and that gives us a lot of leverage.

我想我要補充的一件事是整合延伸到我們的供應鏈。我們在這裡的關鍵屬性之一是我們在世界各地進行的生產。我們將其整合到個人護理、家庭護理和口腔護理中，這給了我們很大的影響力。

Our next question today will come from Lauren Lieberman of Barclays.

我們今天的下一個問題將來自巴克萊的 Lauren Lieberman。

Great. I guess two things. First off is you've commented quite a bit on elasticity and feeling -- saying it's very much in line. And I think you've done a nice job calling out Hill's and then the inventory destocking in North America.

偉大的。我猜有兩件事。首先是你對彈性和感覺發表了很多評論——說它非常符合。而且我認為您在呼叫希爾斯以及北美的庫存去庫存方面做得很好。

But one thing that jumped out to me was just the volume performance in Latin America. So if you could just give -- from other companies, I think we've kind of seen what looks like a bit better resiliency in the face of pricing. So just curious if you could offer some more detail on Latin America.

但讓我印象深刻的一件事就是拉丁美洲的銷量表現。因此，如果您可以提供其他公司的幫助，我認為我們已經看到了面對定價時看起來更好的彈性。所以只是好奇你能否提供更多關於拉丁美洲的細節。

And secondly, I was just curious on your view broadly on inflation in grocery into 2023. How much more space do you think there is for incremental pricing across your portfolio? Is it terribly different domestically versus internationally? I'd just be curious for some perspective on that as well.

其次，我只是對你對 2023 年雜貨通脹的廣泛看法感到好奇。你認為在你的投資組合中增量定價還有多少空間？國內和國外差別很大嗎？我也很好奇對此的一些看法。

Yes. Thanks, Lauren. Let me talk to Latin America. In fact, I just got back from trips to Brazil and Mexico. So the information is very fresh.

是的。謝謝，勞倫。讓我談談拉丁美洲。事實上，我剛從巴西和墨西哥旅行回來。所以信息很新鮮。

You saw the 20% pricing that we took in Latin America, obviously, following significant pricing in the second quarter, about 12.5. And as I mentioned upfront, we have led in pricing across all of our categories in Latin America.

你看到了我們在拉丁美洲採取的 20% 的定價，顯然是在第二季度的大幅定價之後，大約 12.5。正如我前面提到的，我們在拉丁美洲的所有類別中都處於領先地位。

And as a result of leading, it took time for the others to catch up. And obviously, you got elasticity when the others haven't catch up is going to be a little bit higher. As we exited the quarter, we started to see volumes improve, particularly across Personal Care and Oral Care.

而且由於領先，其他人也需要時間才能趕上。顯然，當其他人沒有趕上時，你的彈性會更高一點。當我們結束本季度時，我們開始看到銷量有所改善，特別是在個人護理和口腔護理方面。

Home Care, a little slow to recover, but we'll see -- I think we'll see that stabilize as we move forward. But overall, the plans I saw in place in both Brazil and Mexico were really, really strong. Shares, very good in Brazil, a little soft in Mexico, particularly in Oral Care, given the fact that we took aggressive pricing competition follow initially. As I was leaving those markets, competition followed. So we feel pretty good as we move into the fourth quarter and into 2023.

家庭護理，恢復有點慢，但我們會看到 - 我認為隨著我們的前進，我們會看到它穩定下來。但總的來說，我在巴西和墨西哥看到的計劃非常非常強大。巴西的股票非常好，墨西哥的股票有點疲軟，尤其是口腔護理，因為我們最初採取了激烈的定價競爭。當我離開這些市場時，競爭隨之而來。因此，當我們進入第四季度和 2023 年時，我們感覺很好。

And the innovation plans that we have in place and the premiumization plans we have in place in Latin America look really, really strong. In fact, in both Mexico and Brazil, we have seen our share of the premium segment grow sequentially over the last five quarters, six quarters. So we feel good about where we are there.

我們制定的創新計劃和我們在拉丁美洲制定的高端化計劃看起來非常非常強大。事實上，在墨西哥和巴西，我們已經看到我們在高端市場的份額在過去五個季度、六個季度中連續增長。因此，我們對自己所處的位置感覺良好。

We're also, as we've talked about in the past, the importance of our core businesses, relaunching some of our core businesses to ensure that if we do see trade down and we continue to provide value at the opening price point, we're there for that consumer. So overall, feeling good about Latin America as we move into the fourth quarter and in 2023.

正如我們過去談到的那樣，我們還強調我們核心業務的重要性，重新啟動我們的一些核心業務，以確保如果我們確實看到貿易下降並且我們繼續以開盤價提供價值，我們'在那里為那個消費者。總的來說，隨著我們進入第四季度和 2023 年，我們對拉丁美洲感覺良好。

Relative to inflation moving forward, listen, I think everyone is going to deal with that how they see fit. We will continue to take pricing. I think the key aspect for us is continuing to invest behind brand building. And that brand building ultimately allows us to take more pricing in the markets around the world and continue to drive value to our consumers.

相對於未來的通脹，聽著，我認為每個人都會以他們認為合適的方式處理這個問題。我們將繼續定價。我認為我們的關鍵方面是繼續投資於品牌建設。這種品牌建設最終使我們能夠在全球市場上採取更多定價，並繼續為我們的消費者創造價值。

Now we'll see where the competition goes. If inflation becomes more benign, which I think most people expect it to be, we will watch that carefully. But the pricing environment has been to now very constructive. And we anticipate that as we can bring stronger innovation into the market, continue to invest behind our brands, we will minimize the elasticity.

現在我們將看看競爭的去向。如果通脹變得更加溫和，我認為大多數人都希望如此，我們會仔細觀察。但到目前為止，定價環境一直非常具有建設性。我們預計，隨著我們能夠為市場帶來更強大的創新，繼續投資於我們的品牌，我們將最大限度地減少彈性。

Is there more opportunity in grocery? Absolutely. We'll see that as it comes to fruition. But right now, we feel good about where we've taken pricing and particularly the plans we have in place to minimize elasticity.

雜貨店有更多機會嗎？絕對地。我們會看到它實現的。但現在，我們對定價的位置感到滿意，特別是我們為最大限度地降低彈性而製定的計劃。

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

我們的下一個問題將來自瑞士信貸的 Kaumil Gajrawala。

Can you maybe talk a little bit more about Europe? Obviously, we can see the delivery in the quarter, but an area where inflation might be the most acute is also an area where the consumer might be under the most amount of pressure. So maybe if you could just talk about your outlook for Europe, particularly as we're going into the winter?

你能多談談歐洲嗎？顯然，我們可以看到本季度的交付情況，但通貨膨脹可能最嚴重的區域也是消費者可能承受最大壓力的區域。所以也許你能談談你對歐洲的展望，尤其是在我們即將進入冬季的時候？

Yes. You're right. I mean, Europe's certainly under the most pressure, particularly around energy pricing. We have taken significant pricing in Europe as others have. It's -- as you go back and look at that in history, it's the most pricing that's gone into the business in quite some time.

是的。你是對的。我的意思是，歐洲肯定承受著最大的壓力，尤其是在能源定價方面。與其他人一樣，我們在歐洲採取了重要的定價方式。這是 - 當你回過頭來看歷史時，這是相當長一段時間內進入業務的最高定價。

Importantly, we have a good mix of price points covered in Europe. The strength of our elmex and our meridol brands, obviously, at the premium side, and Colgate, obviously more in the mainstream, you've seen the combination of those two businesses grow share in the quarter and in the year. So we feel good about where we are.

重要的是，我們在歐洲涵蓋了多種價格點。我們的 elmex 和我們的 meridol 品牌的實力顯然在高端，而高露潔顯然更多地處於主流地位，您已經看到這兩項業務的結合在本季度和本年度的份額都在增長。因此，我們對自己所處的位置感覺良好。

As I mentioned earlier, I think consistently across the world, a little bit more elasticity in the Home Care businesses, but we've got some pretty significant relaunches coming in early 2023 on our Home Care businesses. So we feel good about the plans in place we have in order to continue to drive consumption there.

正如我之前提到的，我一直認為，在全球範圍內，家庭護理業務的彈性會更大一些，但我們的家庭護理業務將在 2023 年初進行一些非常重要的重新啟動。因此，我們對我們為繼續推動消費而製定的計劃感到滿意。

So overall, it's going to be a tough winter. We're going to watch that very closely. We feel we've got a good mix of brands at different price points to deal with the significant inflation that consumer is going to have to deal with. But obviously, a tough six months ahead of the Europeans.

所以總的來說，這將是一個艱難的冬天。我們將密切關注這一點。我們認為我們擁有不同價位的品牌組合，以應對消費者將不得不應對的巨大通貨膨脹。但顯然，比歐洲人要艱難六個月。

Our next question today will come from Robert Ottenstein of Evercore.

我們今天的下一個問題將來自 Evercore 的 Robert Ottenstein。

Great. Just a couple of sort of follow-up questions. On the inventory side, the retail adjustments, is that -- are you confident that's done at this point? And is there anything on the e-commerce side where there could be adjustments in terms of e-commerce-related inventories?

偉大的。只是一些後續問題。在庫存方面，零售調整是 - 你有信心在這一點上完成嗎？在電子商務方面，電子商務相關庫存方面是否有任何調整？

And then second, can you give us any more details on China? You've talked about that a lot in the past. How are you doing there? How are the market share trends? And how is that market starting to reopen?

其次，您能否提供更多有關中國的詳細信息？你過去已經談過很多了。你在那裡過得怎麼樣？市場份額趨勢如何？該市場如何開始重新開放？

Yes. Rob, thanks. On the inventory adjustments, obviously, we saw quite a bit come out towards the end of the quarter. Is it done? We can't make that prediction. We follow these inventories, as I mentioned, I think, on the second quarter call or up at Barclays to the day, I mean, particularly with our big customers, we work very much in collaboration with them on the guidance and goals that they have.

是的。羅布，謝謝。顯然，在庫存調整方面，我們在本季度末看到了很多。好了嗎？我們無法做出這樣的預測。正如我所提到的，我們跟踪這些庫存，我認為，在第二季度電話會議或巴克萊銀行的當天，我的意思是，特別是對於我們的大客戶，我們與他們就他們的指導和目標進行了非常密切的合作.

Invariably, what happens is they may take democratic decisions across all the categories if they're reducing inventories, and we deal with that unexpectedly towards the end of the quarter. We obviously are staying very close to case builds and on-shelf availability and communicating that back as necessary.

如果他們正在減少庫存，他們可能會在所有類別中做出民主決定，而我們會在本季度末出人意料地處理這個問題。顯然，我們非常接近案例構建和上架可用性，並在必要時進行溝通。

The last thing they want to do is obviously run out of stocks, particularly with our portfolio, which are significant traffic drivers across the categories in which we compete. So is it done? It's hard to say. It is below where they historically have managed their inventories.

他們最不想做的事情顯然是缺貨，尤其是我們的投資組合，這是我們競爭的各個類別的重要流量驅動因素。那麼完成了嗎？很難說。它低於他們歷史上管理庫存的位置。

That usually means that they'll bring them back to those levels or something closer, but we'll have to watch that very carefully. It's very difficult for me to predict.

這通常意味著他們會將他們帶回到那些水平或更接近的水平，但我們必須非常仔細地觀察。我很難預測。

A great quarter for China. We've talked about China over the last two years in terms of the transformation of our strategy on the ground, which was significant from our entire go-to-market to some of our marketing and innovation plans.

對中國來說是一個很棒的季度。在過去的兩年裡，我們談到了中國的實地戰略轉型，這從我們的整個市場進入到我們的一些營銷和創新計劃都具有重要意義。

We've seen our e-commerce continue to be one of the fastest-growing e-commerce brands in the market. We've seen our brick-and-mortar business stabilize over the last couple of quarters, which is terrific.

我們已經看到我們的電子商務繼續成為市場上增長最快的電子商務品牌之一。我們已經看到我們的實體業務在過去幾個季度穩定下來，這非常棒。

You saw the growth that we delivered the last two quarters for greater -- our Greater China region. We delivered positive pricing and positive volume across our enterprise. We had the Hawley & Hazel, the Darlie relaunch has gone into effect. This is a significant, significant relaunch for the brand, changing the brand name. That's been quite successful.

您看到了我們在過去兩個季度實現了更大的增長——我們的大中華地區。我們在整個企業中實現了正向定價和正向銷量。我們有 Hawley & Hazel，Darlie 的重新啟動已經生效。這對品牌來說是一次重大的、重大的重新啟動，改變了品牌名稱。那已經相當成功了。

Our Colgate business continues to track well. So overall, we feel good. Now no question, the lockdowns are having an impact. The lockdowns have had a significant impact on our Filorga business. They've had a significant impact on some of our premium brands as we've seen those typically translate into slower online sales.

我們的高露潔業務繼續保持良好勢頭。所以總的來說，我們感覺很好。現在毫無疑問，封鎖正在產生影響。封鎖對我們的 Filorga 業務產生了重大影響。它們對我們的一些優質品牌產生了重大影響，因為我們已經看到這些通常會轉化為較慢的在線銷售。

But overall, we feel pretty good about where we are. We'll see where the lockdowns go. That will open up the market. And as that comes back to a more stable predictability, we feel good about where we are and what we built in terms of capabilities on the ground during a very difficult to 18 months.

但總的來說，我們對自己所處的位置感覺很好。我們將看到封鎖的去向。這將打開市場。隨著這恢復到更穩定的可預測性，我們對自己所處的位置以及在非常困難的 18 個月內建立的實地能力感到滿意。

Our next question will come from Jonathan Feeney of Consumer Edge.

我們的下一個問題將來自 Consumer Edge 的 Jonathan Feeney。

I just wanted to follow up about your thoughts about big picture about promotional efficacy. The big debate is how much -- I know you talked about, everybody is wondering how much promotion is going to come back structurally.

我只是想跟進您對促銷效果大局的看法。最大的爭論是多少——我知道你談到了，每個人都想知道有多少晉升會在結構上回歸。

But I wanted to dig in and any comment you could have about are more people -- people have gotten trained off of buying on deals. So now a little bit more promos coming back in. It's a little bit more little by little anyway. How is promotional -- is promotional efficacy where you are promoting working better or worse than your expectations, particularly in, say, North America and Europe, developed markets?

但我想深入挖掘，你可以發表的任何評論都是更多的人——人們已經接受了購買交易的培訓。所以現在有更多的促銷活動回來了。無論如何，它是一點一點的。促銷效果如何——您所宣傳的促銷效果比您的預期好還是差，特別是在北美和歐洲等發達市場？

Yes, Jonathan, thanks for the question. Clearly, I think as the consumer becomes more strapped relative to inflation, they will be more astute in looking at promotions. I can characterize at least where promotional volumes are, particularly for North America. And it would be somewhat a generalized consensus for the rest of the world.

是的，喬納森，謝謝你的提問。顯然，我認為隨著消費者相對於通脹變得更加束手無策，他們會更加精明地看待促銷活動。我至少可以描述促銷量在哪裡，尤其是在北美。對於世界其他地區來說，這在某種程度上是一種普遍的共識。

Our promotional volumes are slightly down year-to-date. That was deliberately -- deliberate. We've pulled back on some aggressive couponing that can drive volume but doesn't do much for your P&L. We've seen some of our competitors follow that strategy, not all of them. I would say our two key competitors have taken their promotions up a little bit in the U.S.

年初至今，我們的促銷量略有下降。那是故意的——故意的。我們已經撤回了一些可以增加交易量但對您的損益沒有太大幫助的激進優惠券。我們已經看到我們的一些競爭對手採用了這種策略，而不是全部。我想說我們的兩個主要競爭對手在美國的促銷活動有所提高。

But you saw the U.S. numbers, at least our consumption continues to be very strong in North America. We were up or flat in 8 of our 12 categories. Our toothpaste business and toothbrush business continue to perform quite well with share growth. And we've done that with good innovation and pulling back a little bit on promotion.

但是你看到了美國的數字，至少我們在北美的消費仍然非常強勁。我們在 12 個類別中的 8 個類別中上升或持平。我們的牙膏業務和牙刷業務繼續表現良好，份額增長。我們已經通過良好的創新做到了這一點，並在促銷方面有所回落。

Now where does it go moving forward? I think promotions will be sharply managed by the categories and by our competitors. And we'll have to watch that very carefully.

現在它向前發展的方向是什麼？我認為促銷活動將由類別和我們的競爭對手嚴格管理。我們必須非常仔細地觀察。

But clearly, I think you would expect to see a little bit more volume sold on promotion moving forward, returning to much more normalized levels given the fact that the trade and our competitors will be looking to drive a little bit more volume in the categories. But we're going to watch that very carefully.

但很明顯，我認為你會期望看到更多的促銷活動向前推進，回到更加正常化的水平，因為貿易和我們的競爭對手將尋求在這些類別中推動更多的銷量。但我們會非常仔細地觀察。

Again, I think it comes down to your ability to leverage your portfolio effectively. A lot of the work that we've done in revenue growth management really gets to the heart of that on how to balance entry price point, mid-price point and premium price points in order to drive value to the category and to our customers and ultimately giving the consumer a good proposition to take home.

同樣，我認為這取決於您有效利用您的投資組合的能力。我們在收入增長管理方面所做的很多工作都真正觸及到瞭如何平衡入門價位、中價位和溢價價位的核心，以便為該類別和我們的客戶創造價值，以及最終給消費者一個帶回家的好建議。

Our next question will come from Nik Modi of RBC Capital Markets.

我們的下一個問題將來自加拿大皇家銀行資本市場的 Nik Modi。

Noel, I was just hoping you can reconcile the inventory destocking dynamic. I'm just thinking about fill rates are recovering. At the same time, the categories in which you play are high frequency.

諾埃爾，我只是希望你能調和庫存去庫存動態。我只是在考慮填充率正在恢復。同時，您玩的類別是高頻的。

So is this just a broader retailer decision based on dollar-based inventory that they're holding across the store? Or is purchase frequency, let's say, within Oral Care, people are squeezing a little extra out of their tube, and the purchase cycles are getting a little wider. Any perspective around that would be helpful.

那麼，這只是基於他們在商店中持有的以美元為基礎的庫存的更廣泛的零售商決策嗎？或者是購買頻率，比方說，在口腔護理中，人們從他們的管子裡擠出一點額外的東西，購買週期變得越來越寬。圍繞這一點的任何觀點都會有所幫助。

Sure. Trips are down but starting to turn a little bit. We're not seeing significant changes in, obviously, household penetration across our categories. Consumers may be losing a little bit less. We'll have to watch that moving forward.

當然。旅行有所下降，但開始有所轉變。顯然，我們沒有看到我們各個類別的家庭滲透率發生顯著變化。消費者的損失可能會少一些。我們將不得不注意這一點。

The basic driver in volume has been just more deliberate shifts in some of our trade partners trying to manage their costs, particularly as they see discretionary items slow. They've had to look at, obviously, their full basket of inventory and take inventory down more, quite frankly, across the enterprise.

數量的基本驅動力只是我們的一些貿易夥伴在試圖管理其成本方面進行了更加謹慎的轉變，尤其是在他們認為可自由支配項目放緩的情況下。很明顯，他們不得不查看他們完整的一攬子庫存，並且坦率地說，在整個企業中更多地減少庫存。

We watch, as I mentioned upfront, very, very carefully with our trade partners. We watch out of stocks. Our case fills are all back up, obviously, looking good across the business with the exception of the early supply chain constraints we had on Hill's, as I mentioned.

正如我前面提到的，我們非常非常仔細地與我們的貿易夥伴一起觀察。我們注意庫存不足。正如我所提到的，除了我們在 Hill's 遇到的早期供應鏈限制之外，顯然，我們的案例填充都得到了支持，整個業務看起來都不錯。

But we feel good about where we are from that standpoint, which gives us a lot more visibility and a lot more confidence as we deal with our trade partners to give them what they need. Again, predicting what they're going to do towards the end of the quarter becomes difficult. But I think as these things stabilize, inventories stay down at these levels, the trade will look to high velocity categories is their first priority to take back up because that's what's going to drive traffic in their stores.

但從這個角度來看，我們對自己所處的位置感覺良好，這讓我們在與貿易夥伴打交道以提供他們需要的東西時，獲得了更多的知名度和更多的信心。同樣，預測他們將在本季度末做什麼變得困難。但我認為隨著這些情況趨於穩定，庫存保持在這些水平，貿易將把高速類別視為他們的首要任務，因為這將推動他們商店的客流量。

Our next question will come from Mark Astrachan of Stifel.

我們的下一個問題將來自 Stifel 的 Mark Astrachan。

Yes. Just a few questions for me. One, could you just comment on what global volume growth would be in your categories?

是的。只是問我幾個問題。一，您能否評論一下您所在類別的全球銷量增長情況？

Second, just maybe remind us thoughts about pricing, particularly in pets, if there's sort of deflation?

其次，如果有通貨緊縮，也許只是提醒我們關於定價的想法，特別是在寵物方面？

And then just more broadly on pricing, how are you thinking about maintaining the pricing that you've taken? What would be the expectation for that retention? And has there been any sort of change from a retailer standpoint in terms of your discussions about taking or retaining?

然後更廣泛地討論定價，您如何考慮維持您所採取的定價？對保留的期望是什麼？從零售商的角度來看，在您關於獲取或保留的討論方面是否有任何變化？

And maybe if you could talk a bit -- I know some of the questions we're talking about that domestically, but maybe if you could talk on a global basis, your perspective, that would be helpful.

也許如果你能談談——我知道我們在國內談論的一些問題，但如果你能在全球範圍內談談你的觀點，那會很有幫助。

Sure. Yes, global categories, we're tracking today around 3% to 4%, maybe a little shy of that in volumes, but value more or less 3% to 4%. Obviously, as pricing goes into the market, you see the ebb and flows there. But overall, we expect volumes to recover.

當然。是的，全球類別，我們今天跟踪大約 3% 到 4%，在數量上可能略低於這個水平，但價值或多或少 3% 到 4%。顯然，隨著定價進入市場，您會看到那裡的潮起潮落。但總的來說，我們預計銷量會恢復。

We do think purchase cycles, as I mentioned earlier, will get a little bit more elongated. Consumers will watch their consumption and their pantries quite carefully. We've seen -- we watch the pantry inventories. We've seen a little bit of that come down, but that's to be expected.

正如我之前提到的，我們確實認為購買週期會變得更長一些。消費者會非常仔細地觀察他們的消費和食品儲藏室。我們已經看到了——我們觀察了食品儲藏室的庫存。我們已經看到了一些下降，但這是可以預料的。

But overall, I mean, we're looking at global category growth in the 3 to 4 range. And obviously, we're growing above that generally around the world. And so that obviously leads to better consumption on our categories or at least better shares.

但總的來說，我的意思是，我們正在關注 3 到 4 範圍內的全球類別增長。顯然，我們在全球範圍內的增長普遍高於這一水平。因此，這顯然會導致我們的品類更好的消費，或者至少是更好的份額。

In terms of pricing in the categories, our ability to retain that, that depends largely, quite frankly, on our innovation and the value proposition we're bringing to consumers. And we've spent a lot of time. It's not just taking pricing. There's a lot of relaunches into that RGM strategy that we've been talking about to ensure that across all price points, we're adding value to the consumer, something new and different for them to continue to use our brands and see longevity in terms of the interest they have in our equities.

在類別定價方面，我們保留這一點的能力，坦率地說，很大程度上取決於我們的創新和我們為消費者帶來的價值主張。而且我們花了很多時間。這不僅僅是定價。我們一直在討論的 RGM 戰略有很多重新啟動，以確保在所有價格點上，我們都在為消費者增加價值，讓他們繼續使用我們的品牌並看到長壽的新的和不同的東西他們對我們股票的興趣。

And so we've been very careful to ensure that it's not just straight pricing that we're bringing value, whether it's through price pack architecture, through better innovation in terms of science-driven claims, et cetera, et cetera.

因此，我們一直非常謹慎地確保我們帶來價值的不僅僅是直接定價，無論是通過價格包架構，還是通過在科學驅動的聲明方面的更好創新等等等等。

Specifically on Hill's, I think it's very much about the innovation strategy that we have, the Derm Complete launch, significant innovation, the obesity diets that we have, significant innovation in the market. So that drives real value with the consumer that we can communicate and justify the price increases that we have. So we'll continue to execute against that strategy, and we'll watch the categories carefully as we balance volume and price moving forward.

特別是在 Hill's，我認為這與我們擁有的創新戰略、Derm Complete 的推出、重大創新、我們擁有的肥胖飲食以及市場上的重大創新有關。因此，這推動了與消費者的真正價值，我們可以溝通並證明我們所擁有的價格上漲是合理的。因此，我們將繼續執行該策略，並在平衡數量和價格的過程中仔細觀察這些類別。

The last question will come from Steve Powers of Deutsche Bank.

最後一個問題將來自德意志銀行的史蒂夫鮑爾斯。

Great. I actually want to go back to Europe, and you spoke about this a bit, but I guess I was giving a question just a little more perspective on your outlook on European profitability and whether or not you thought it, it's going to get worse before it gets better or whether or not you saw improvement on the horizon.

偉大的。我實際上想回到歐洲，你也談到了這個問題，但我想我只是想對你對歐洲盈利能力的看法多一點看法，不管你是否想過，以前情況會變得更糟它會變得更好，或者您是否看到了即將到來的改善。

And maybe as part of that, I guess, I was also curious what you're seeing from some of your European-based competitors, which are obviously on the other side of the FX wall here and how that may be playing into pricing considerations and competitive considerations perhaps in Europe as a headwind to profitability or maybe it's -- or maybe more globally?

也許作為其中的一部分，我想，我也很好奇你從一些歐洲競爭對手那裡看到了什麼，這些競爭對手顯然在外匯牆的另一邊，以及這可能如何影響定價考慮和競爭考慮可能在歐洲作為盈利能力的逆風，或者可能是 - 或者可能更全球化？

Yes. Europe had a good quarter. Obviously, this has been an incredible undertaking to get that level of pricing in the P&L. You haven't seen that, quite frankly, in a long, long time.

是的。歐洲有一個不錯的季度。顯然，在損益表中獲得這樣的定價水平是一項了不起的工作。坦率地說，你已經很久很久沒有看到這一點了。

And I think it plays out -- plays back to a lot of the work and the focus that we've had around revenue growth management. Europe is doing an extraordinary job.

而且我認為它會發揮作用 - 回溯到我們圍繞收入增長管理所做的大量工作和重點。歐洲正在做著非凡的工作。

Steve, you know the trade there can be difficult, but we've seen a lot of good opportunities to take pricing in the categories. It's also, I think, underscored the ability to bring real new news to the categories, and we're doing that across the board.

史蒂夫，你知道那裡的交易可能很困難，但我們已經看到了很多在這些類別中定價的好機會。我認為，這也強調了為這些類別帶來真正的新新聞的能力，我們正在全面這樣做。

We have strong brands in Oral Care in Europe. Obviously, meridol and elmex at the premium side of the business continue to grow in this environment despite the fact that we have led on pricing. So we feel pretty good about where we are.

我們在歐洲擁有強大的口腔護理品牌。顯然，儘管我們在定價方面處於領先地位，但處於業務高端的 meridol 和 elmex 在這種環境下繼續增長。所以我們對自己所處的位置感覺很好。

I again mentioned that the Home Care business across the world is the challenge, and we're taking a very deeper look at exactly what we need to do to ensure we continue to drive more volume in those categories. We've got strong businesses in Home Care in Europe, and we need to be mindful of that.

我再次提到，全球的家庭護理業務是一個挑戰，我們正在更深入地研究我們需要做的事情，以確保我們繼續在這些類別中推動更多的銷量。我們在歐洲的家庭護理領域擁有強大的業務，我們需要注意這一點。

I'll mention, I guess, as a point private label. Private label down across all our categories in North America. In market shares, you've seen it inch up, but you would expect a little bit more in Europe. So we're going to have to watch that.

我會提到，我猜，作為一個點私人標籤。北美所有類別的自有品牌。在市場份額方面，你已經看到它一點點上升，但你預計歐洲會更多。所以我們將不得不注意這一點。

This is a market that will be challenged in the next six months, given the inflationary pressures they're under that everyone is well aware of. And we're thinking very carefully about how to continue to execute successfully. The key is getting pricing in the P&L, which allows us the leverage that we need to do the things that we need to do moving forward.

這是一個將在未來六個月內受到挑戰的市場，因為每個人都清楚他們所承受的通脹壓力。我們正在非常仔細地考慮如何繼續成功執行。關鍵是在損益表中進行定價，這使我們能夠利用我們需要做的事情來做我們需要做的事情。

This concludes the Q&A portion of our call. I will now return the call to Noel Wallace, Colgate's Chairman, President and CEO, for any closing remarks.

我們電話的問答部分到此結束。我現在將回電給高露潔董事長、總裁兼首席執行官 Noel Wallace，請他發表任何閉幕詞。

Yes. Well, thanks, everyone, and good questions. I want to come back to just a couple of concluding remarks.

是的。好吧，謝謝大家，還有好問題。我想回到幾個結束語。

As you've seen, I think our strategy continues to pay off. The broad-based growth is encouraging, all four categories, all six divisions, the innovation stream that we're putting in the market, that's a testament to a lot of the changes we've made in innovation over the last couple of years, that's driving premiumization and making sure we sustain our strong core businesses, particularly at the entry level.

如您所見，我認為我們的策略將繼續取得成效。廣泛的增長令人鼓舞，所有四個類別，所有六個部門，我們投入市場的創新流，這證明了我們在過去幾年中在創新方面做出的許多改變，這推動了高端化，並確保我們維持強大的核心業務，特別是在入門級業務。

The digital transformation is having a profound impact on how we operate around the world, how we drive RGM, how we drive content. So we think we have a well-positioned portfolio moving forward.

數字化轉型對我們在全球的運營方式、我們推動 RGM 的方式以及推動內容的方式產生了深遠的影響。因此，我們認為我們有一個定位良好的投資組合向前發展。

But most importantly, I'm really proud of how our team has executed this strategy to deliver the continued organic sales growth. There's been a tremendous amount of headwinds against the business, but we've now delivered 15 straight quarters of either in line or above our 3% to 5% target. And this quarter was 7% organic, is a terrific quarter. And we're very proud of the work that the teams on the ground are doing.

但最重要的是，我為我們的團隊如何執行這一戰略以實現持續的有機銷售增長感到自豪。該業務面臨著巨大的不利因素，但我們現在已經連續 15 個季度實現了 3% 至 5% 的目標。本季度有機率為 7%，是一個了不起的季度。我們為實地團隊所做的工作感到非常自豪。

So with that, I wish all of you a healthy and safe end of the year, and I look forward to speaking to you in January.

因此，我祝愿你們所有人在今年年底健康安全，我期待著在 1 月份與你們交談。

The conference has now concluded. Thank you for attending today's call. You may now disconnect.

會議現已結束。感謝您參加今天的電話會議。您現在可以斷開連接。