高露潔 (CL) 2023 Q1 法說會逐字稿

Good morning. Welcome to today's Colgate-Palmolive 2023 First Quarter 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 2023 年第一季度收益電話會議。此通話正在錄音中，並在 www.colgatepalmolive.com 上進行現場直播。

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 John Faucher。

Thanks, Allison. Good morning, and welcome to our 2023 first quarter earnings release conference call. This is John Faucher.

謝謝，艾莉森。早上好，歡迎來到我們的 2023 年第一季度收益發布電話會議。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 2022 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存在重大差異。請參閱收益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 2022 年年度報告和隨後向美國證券交易委員會提交的文件，所有這些都可以在高露潔的網站上找到，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 Table 6 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 6 中確定的指標。與相應的 GAAP 財務措施的全面對賬包含在收益新聞稿中，並可在高露潔的網站上查閱。

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 some thoughts on our Q1 results in our 2023 outlook. We will then open it up for Q&A.

今天早上和我一起參加電話會議的還有董事長、總裁兼首席執行官諾埃爾·華萊士 (Noel Wallace)；和首席財務官 Stan Sutula。 Noel 將在我們的 2023 年展望中為您提供一些關於我們第一季度業績的想法。然後我們將打開它進行問答。

Noel?

諾爾？

Thanks, John, and good morning, everyone. As you can tell from our press release and the earnings materials, we had a strong start to 2023, and the momentum on our business gives us confidence to raise our net and organic sales growth guidance and to raise the lower end of our base business earnings per share growth guidance for the year. We did this because with the quarter of the year gone, we see less risk from some of the macroeconomic and geopolitical issues that we were concerned about earlier in the year. That said, there is still notable uncertainty surrounding the balance of the year, particularly in the second half.

謝謝，約翰，大家早上好。正如您從我們的新聞稿和收益材料中可以看出的那樣，我們在 2023 年開局良好，我們業務的發展勢頭使我們有信心提高我們的淨銷售額和有機銷售額增長指引，並提高我們基礎業務收益的下限年度每股增長指引。我們這樣做是因為隨著本季度的過去，我們發現今年早些時候我們擔心的一些宏觀經濟和地緣政治問題帶來的風險有所降低。儘管如此，今年餘下時間仍存在明顯的不確定性，尤其是下半年。

Since the commentary focuses on the results, I want to focus my remarks on 3 of our priorities that Colgate people are focused on. Priority 1 is driving organic sales growth as we face tougher comparisons. We will utilize our enterprise-wide capabilities in innovation and revenue growth management, along with a firm commitment to marketing spending to return to a balanced algorithm of pricing and volume growth. The pricing we have taken over the past 2 years helps provide us with the flexibility to fund increased brand investment to support our pricing, build brand health, and drive volume and household penetration. We know that the competitive environment is going to be difficult, but we have a brand portfolio that is built for times like these, and we look forward to driving growth and market share performance moving now.

由於評論側重於結果，因此我想將我的評論重點放在高露潔人關注的 3 個優先事項上。當我們面臨更嚴格的比較時，優先事項 1 正在推動有機銷售增長。我們將利用我們在整個企業範圍內的創新和收入增長管理能力，以及對營銷支出的堅定承諾，以恢復定價和銷量增長的平衡算法。我們在過去 2 年採用的定價方式有助於我們靈活地為增加的品牌投資提供資金，以支持我們的定價、建立品牌健康並推動銷量和家庭滲透率。我們知道競爭環境會很艱難，但我們擁有專為這樣的時代打造的品牌組合，我們期待現在推動增長和市場份額表現。

Priority 2 is delivering our productivity to fund the brand investment, while we're also delivering on our earnings targets. We had a strong start to the year for both funding-the-growth and our 2022 global productivity initiative and we are laser-focused on delivering against or exceeding our goals for the year. We still foresee year-over-year headwinds to earnings per share growth from raw and packaging materials, foreign exchange and below-the-line items, so driving productivity in the middle of our P&L is vital.

優先事項 2 是提供我們的生產力來為品牌投資提供資金，同時我們也在實現我們的盈利目標。我們在為增長提供資金和我們的 2022 年全球生產力計劃方面都有一個良好的開端，我們非常專注於實現或超過我們今年的目標。我們仍然預計原材料和包裝材料、外彙和線下項目對每股收益增長的同比不利因素，因此在我們的損益表中提高生產率至關重要。

And finally, we are focused on improving our cash flow performance. Again, we had a strong start to the year with both operating cash flow and free cash flow up and we know there is still opportunity for further improvement. We will utilize this cash flow to fund the growth in capital expenditures to return cash to shareholders through dividends and to drive earnings leverage through paying down debt and repurchasing shares. So I'm pleased with how we started the year, but I'm also well aware of the challenges and uncertainty ahead of -- for us. Colgate-Palmolive, however, has the brands, the capabilities and the people to deliver in this environment.

最後，我們專注於改善我們的現金流量表現。同樣，我們今年開局強勁，運營現金流和自由現金流均有所上升，我們知道仍有進一步改善的機會。我們將利用這筆現金流為資本支出的增長提供資金，通過股息向股東返還現金，並通過償還債務和回購股票來提高盈利槓桿。因此，我對我們今年的開局感到滿意，但我也很清楚我們面臨的挑戰和不確定性。然而，高露潔-棕欖擁有在這種環境下提供服務的品牌、能力和人才。

So with that, I'll take your questions.

因此，我會回答你的問題。

(Operator Instructions) Our first question today will come from Dara Mohsenian of Morgan Stanley.

（操作員說明）我們今天的第一個問題將來自摩根士丹利的 Dara Mohsenian。

So clearly, strong top line results in Q1, but we're also obviously in a period of outsized pricing. And the question is sort of where do we land as the pricing trails off. So just a -- just can you discuss your confidence that volume will recover going forward as pricing drops off? I know, it's a bit of an unanswerable question at this point, but how do you think about that dynamic ahead of time and manage your business to drive sustained volume growth as you look out longer term?

很明顯，第一季度業績強勁，但我們顯然也處於定價過高的時期。問題是隨著價格的下降，我們在哪裡著陸。所以只是 - 你能談談你對隨著價格下降而銷量會恢復的信心嗎？我知道，在這一點上這是一個無法回答的問題，但是您如何提前考慮這種動態並管理您的業務以推動持續的銷量增長，因為您著眼於長期？

And be -- maybe as a bit of a window into that performance when category pricing drops off, can you just talk about your market share performance in Q1 in some of your key regions and product categories and if the strategies are working in terms of driving improved market share trends?

並且可能是 - 當類別定價下降時，可以作為了解該績效的一個窗口，你能否談談你在第一季度在一些關鍵地區和產品類別中的市場份額表現，以及這些策略是否在推動方面發揮作用改善市場份額趨勢？

Yes. Thanks, Dara. Let me come back again to the strategy that we've been deploying over obviously the last couple of years and continues to execute against the initiatives that we've talked about, particularly at CAGNY, and that's driving the core and adjacencies and channels. And you see the progress we're making against all 3 of those, obviously delivering sequential volume growth in the quarter.

是的。謝謝，達拉。讓我再次回到過去幾年我們一直在部署的戰略，並繼續執行我們已經討論過的計劃，特別是在 CAGNY，這正在推動核心、鄰接和渠道。你會看到我們在這三個方面都取得了進展，顯然在本季度實現了連續的銷量增長。

So we had 5 of the 6 divisions sequentially up in the first quarter. North America was down, but if you pull the Fabuloso recall out of the North America business, North America would have been up sequentially as well. And all of this plays back to our belief that the strategy clearly is working to deliver improved volume despite the fact that we continue to take significant pricing across all of our geographies and our categories. So quite frankly, we're very pleased with the progress we're seeing, and we expect sequential volume improvement as we move through the year to go far.

因此，我們在第一季度連續增加了 6 個部門中的 5 個。北美業務下滑，但如果將 Fabuloso 召回事件從北美業務中剔除，北美業務也會連續增長。所有這一切都回到了我們的信念，即儘管我們繼續在所有地區和我們的類別中採取重要定價，但該戰略顯然正在努力提高銷量。所以坦率地說，我們對我們所看到的進展感到非常滿意，並且我們預計隨著我們在這一年中走得更遠，銷量會有所改善。

Now that is contemplated on a consumer environment that remains where it is. We shall see where the consumer goes relative to the level of inflation being absorbed in the marketplace, but we feel strongly that we've got the right portfolio of brands across price points, the right innovation, the right channel strategies, particularly where consumers are shopping today to continue to drive growth.

現在，在保持原樣的消費者環境中考慮了這一點。我們將看到消費者相對於市場吸收的通貨膨脹水平的走向，但我們強烈認為我們擁有跨價位的正確品牌組合、正確的創新、正確的渠道策略，特別是在消費者所在的地方今天的購物繼續推動增長。

Importantly, as we saw in the quarter, our Oral Care business was up double digit, and that's both positive pricing and positive volume in toothpaste, and we saw good share growth in the first quarter on toothpaste in North America. Good -- very strong share growth across Europe. Flat shares in Europe -- excuse me, in Latin America, and good share growth in Asia. So overall, we feel good about where we are from a consumption standpoint and the strategies that we're executing and expect sequential volume improvement as we move through the back half of the year.

重要的是，正如我們在本季度看到的那樣，我們的口腔護理業務增長了兩位數，這既是積極的定價又是積極的牙膏銷量，我們在第一季度看到北美牙膏的良好份額增長。好——整個歐洲的份額增長非常強勁。歐洲的持平份額——對不起，在拉丁美洲，亞洲的份額增長良好。因此，總的來說，我們對我們在消費的角度和我們正在執行的戰略感到滿意，並預計隨著我們在今年下半年的持續增長。

And as you said, pricing will get more challenging as we lap the back half. And certainly, in the second quarter, which was a strong quarter for us, where we had strong pricing and volume in that quarter, we'll expect a little bit of pullback from there. But overall, we feel good about the momentum we're behind the business right now.

正如您所說，隨著我們繞過後半部分，定價將變得更具挑戰性。當然，在第二季度，這對我們來說是一個強勁的季度，我們在該季度的定價和銷量都很強勁，我們預計會從那裡出現一些回落。但總的來說，我們對目前業務背後的勢頭感到滿意。

Operato.

操作。

R

R

Our next question today will come from Filippo Falorni of Citi.

我們今天的下一個問題將來自花旗銀行的 Filippo Falorni。

Can you talk about the consumer health in your key emerging markets? What are you seeing in terms of response to recent price increases? And then as you mentioned, like the second half, obviously, a lot of uncertainty. Maybe can you compare and contrast how do you see the consumer environment evolving in emerging markets compared to your more developed markets like the U.S. and Europe?

您能談談主要新興市場的消費者健康狀況嗎？您對近期價格上漲的反應如何？然後就像你提到的，就像下半場一樣，顯然有很多不確定性。也許您可以比較和對比您如何看待新興市場的消費環境與美國和歐洲等更發達的市場相比的演變？

Yes. Emerging was strong. You saw obviously double-digit organic in the quarter. Sequentially, again, volumes performing better than they did in the first quarter. And if you look at the pricing that we've taken in emerging markets, over the last 3 quarters, quite frankly, we're pretty pleased with the fact that the volume sequentially continues to improve.

是的。新興市場表現強勁。你在本季度看到了兩位數的有機增長。同樣，成交量的表現再次好於第一季度。如果你看一下我們在過去 3 個季度中在新興市場採取的定價，坦率地說，我們對交易量連續增長這一事實感到非常滿意。

Now that being said, we've got strong innovation in emerging markets and you've seen the level of advertising that we're putting back into the business. That gives us, again, confidence that we're able to sustain that advertising as we move into the back half of the year, and we intend to continue to do everything we can to increase that advertising support in the back half, particularly in emerging markets in order to: one, support the innovation we have; second, drive the pricing into the market and continue to accelerate volume growth in the category.

話雖這麼說，我們在新興市場進行了強大的創新，您已經看到我們重新投入業務的廣告水平。這再次讓我們相信，我們能夠在進入下半年時維持廣告投放，我們打算繼續盡我們所能在下半年增加廣告支持，尤其是在新興市場市場，以便：一，支持我們的創新；二是推動定價入市，繼續加快品類銷量增長。

So overall, emerging pretty good. We were really pleased with the progress in both Latin America, Africa and Asia, particularly in China, strong growth in all 3 of those regions, particularly in the key markets of Mexico, Brazil and China and South Africa. So good progress across emerging markets and shares holding up a little more elasticity as you would expect, even the level of pricing that we've taken in emerging markets. But overall, we feel pretty good about where we stand in that regard.

所以總體來說，emerging還不錯。我們對拉丁美洲、非洲和亞洲取得的進展感到非常高興，尤其是在中國，所有這三個地區的強勁增長，特別是在墨西哥、巴西、中國和南非等主要市場。正如你所期望的那樣，新興市場的進展如此順利，股票的彈性也有所增加，甚至達到了我們在新興市場採取的定價水平。但總的來說，我們對自己在這方面的立場感到非常滿意。

As it relates to the second half, time will tell. As I mentioned upfront, we'll see the compounding impact of pricing across many categories as we move into the back half. And I expect a better balance between pricing and volume as we move through the back half, but we shall see. The good news is we've got strong innovation. We've got the pricing in the P&L, which is really important in order to get the flexibility that we need to drive the business in the back half of the year. And we feel we've got a good channel strategy to ensure, as I mentioned upfront, that we're capturing the omnichannel impact of how consumers are shopping today.

至於下半場，時間會證明一切。正如我前面提到的，當我們進入後半部分時，我們將看到定價對許多類別的複合影響。而且我希望在我們通過後半部分時在定價和數量之間取得更好的平衡，但我們會看到。好消息是我們有強大的創新能力。我們已經在損益表中進行了定價，這對於獲得我們在下半年推動業務發展所需的靈活性非常重要。我們覺得我們有一個很好的渠道策略來確保，正如我前面提到的，我們正在捕捉當今消費者購物方式的全渠道影響。

Next question will come from Peter Grom of UBS.

下一個問題將來自瑞銀的 Peter Grom。

So, I appreciate all the commentary on inflation in the prepared remarks. But maybe as a point of reference, Stan, is the $300 million to $400 million headwind that we discussed on the last call, is that still a reasonable range? And I guess what I'm trying to get at is the dollar impact from the 770 basis point headwind in the bridge, this morning would put you pretty close to that range from a dollar perspective. So -- and I realize there's more than just inflation in that line. But is there just any way to frame either what inflation was within that number? Or how to think about that component of the bridge more broadly as we move through the balance of the year?

因此，我感謝準備好的發言中所有關於通貨膨脹的評論。但作為參考，Stan，我們在上次電話會議上討論的 3 億至 4 億美元的逆風是否仍然是一個合理的範圍？我想我想知道的是橋上 770 個基點逆風對美元的影響，從美元的角度來看，今天早上會讓你非常接近這個範圍。所以 - 我意識到這條線不僅僅是通貨膨脹。但是，是否有任何方法可以確定該數字內的通貨膨脹率是多少？或者，當我們度過今年餘下的歲月時，如何更廣泛地考慮橋樑的這個組成部分？

Yes. Thanks, Peter. So first, as we look at that inflation level, that $300 million to $400 million range is still the range that we're seeing on commodities. But there's really a tail underneath this. And in particular, around ag that affects predominantly Hill's, those prices still remain elevated. We don't see a lot of relief coming on those, and we see that kind of continuing as we go through the year. That's the main driver of our range, which is why we haven't seen it come down more.

是的。謝謝，彼得。因此，首先，當我們查看通貨膨脹水平時，3 億至 4 億美元的範圍仍然是我們在商品上看到的範圍。但這下面真的有一條尾巴。特別是，圍繞主要影響 Hill's 的 ag，這些價格仍然處於高位。我們沒有看到這些方面有很大的緩解，而且我們看到這種情況在我們度過這一年的過程中仍在繼續。這是我們範圍的主要驅動因素，這就是為什麼我們沒有看到它進一步下降的原因。

If you look at the other categories, like we do for toothpaste, Home Care, Oral Care and Personal Care, those have moderated more, and that was reflected in our guidance for the year, and they stayed reasonably balanced. So as we look out, remember, we're essentially locked in here for Q2. We have locking already in place for Q3 and a little bit less for Q4. I still see that as the viable range going into the back end of the year. Now what happens is on a year-on-year impact, we wrap around on the very significant increases last year. The pricing that we've taken helps to moderate this and then as you saw, we had an exceptionally good start to funding the growth this year, and that has also helped to mitigate that. That gives us the confidence to say that we will increase margins as we go through the year despite the fact that we expect that the commodities are still going to be in this range due to inflation.

如果你看看其他類別，就像我們對牙膏、家庭護理、口腔護理和個人護理所做的那樣，這些類別的調整幅度更大，這反映在我們今年的指導中，並且它們保持合理的平衡。因此，當我們注意時，請記住，我們基本上鎖定了第二季度。我們已經鎖定了第三季度，第四季度稍微少一些。我仍然認為這是進入年底的可行範圍。現在發生的是同比影響，我們總結了去年非常顯著的增長。我們採取的定價有助於緩和這種情況，然後正如你所看到的，我們今年為增長提供了一個非常好的開端，這也有助於緩解這種情況。這讓我們有信心說，我們將在今年增加利潤，儘管我們預計由於通貨膨脹，商品仍將處於這一範圍內。

The next question will come from Kevin Grundy of Jefferies.

下一個問題將來自 Jefferies 的 Kevin Grundy。

Great. And congrats on a strong result year. No, question for you on reinvestment. So obviously, strong results here. You guys are getting the top line payback that you'd hope for. You're seeing gross profit come through. You've made it a point since you come in -- since you came in this increased advertising levels, and see that the advertising and marketing as a percent of sales was high even by historical standards. That's a good thing, of course. How are you thinking about reinvestment levels should you exceed on gross profit? Number one.

偉大的。並祝賀今年取得了豐碩的成果。不，關於再投資的問題。很明顯，這裡的結果很好。你們正在獲得您所希望的最高回報。你看到毛利潤來了。自從你進來以來，你已經強調了這一點——因為你進來了這個增加的廣告水平，並且看到廣告和營銷佔銷售額的百分比即使按照歷史標準也很高。那當然是好事。如果毛利超過，您如何考慮再投資水平？第一。

And then number two, realizing that it's top line payback and profit growth that's sort of driving the decisions and not necessarily as a percent of sales, but are you comfortable with where you are? I mean, it's high, 12% of sales is high relative to historical standards, which dipped to 9% at -- if we go back here year to '15, '16. How are you thinking about that? How should we think about that as gross margin begins to improve?

然後是第二，意識到頂線回報和利潤增長在某種程度上推動了決策，不一定是銷售額的百分比，但你對自己的現狀感到滿意嗎？我的意思是，它很高，12% 的銷售額相對於歷史標準來說是高的，歷史標準下降到 9%——如果我們回到今年 15 年、16 年。你怎麼想的？隨著毛利率開始改善，我們應該如何看待這一點？

Sure. Thanks, Kevin. Yes, we're really pleased with the level of advertising we're getting in the P&L, and that is obviously driven by the circular nature of how we're driving the business, obviously, more advertising is driving the top line, and we're able to get more leverage to the P&L to continue to support that. And we feel as we move out getting the pricing in the P&L was critically important to sustaining and increasing our levels of advertising.

當然。謝謝，凱文。是的，我們對我們在損益表中獲得的廣告水平感到非常滿意，這顯然是由我們推動業務的循環性質所驅動的，顯然，更多的廣告正在推動收入增長，我們'能夠獲得更多的損益槓桿來繼續支持它。我們覺得，當我們搬出去時，在損益表中獲得定價對於維持和提高我們的廣告水平至關重要。

We've obviously moved more money into digital. We're seeing great ROIs on digital and our programmatic and the personalized content that we're delivering in the market. We're seeing growth in market shares relative to where we're spending the money, particularly around the Hill's business, and our Oral Care and Skin Health businesses. So we're really pleased with the fact that the advertising levels continue to deliver against the expectations that we have. And we balance that off with obviously a broad portfolio of offerings that we think are attracting and building the brands that we speak.

我們顯然已經將更多資金投入數字領域。我們在數字和我們在市場上提供的程序化和個性化內容方面看到了巨大的投資回報率。我們看到市場份額相對於我們花錢的地方有所增長，特別是圍繞希爾的業務以及我們的口腔護理和皮膚健康業務。因此，我們對廣告水平繼續達到我們的預期這一事實感到非常高興。我們顯然通過廣泛的產品組合來平衡這一點，我們認為這些產品正在吸引和建立我們所說的品牌。

We have high household penetration, with many of the brands around the world, our ability to drive reach and continue to sustain that reach is very, very important to the growth that we're seeing in the business. As we look forward, we would anticipate to continue to spend behind those businesses. We still have some businesses, in my view, need more support, particularly businesses in parts of Europe and some of the categories in the U.S., and we would expect to continue to fund those as we get more gross margin accretion through the back half of the year because we're seeing the results.

我們的家庭滲透率很高，在世界各地都有許多品牌，我們擴大影響力並繼續維持這種影響力的能力對於我們在業務中看到的增長非常非常重要。展望未來，我們預計將繼續在這些業務背後投入資金。在我看來，我們仍有一些業務需要更多支持，尤其是歐洲部分地區的業務和美國的某些類別，隨著我們在 2019 年下半年獲得更多毛利率增長，我們預計會繼續為這些業務提供資金這一年，因為我們看到了結果。

And ultimately, the brand equity, which is obviously the big testament to the brand support and how are we getting what we want out of it continues to show a strengthening of our brands, and that bodes well for continuity and sustainability of the growth moving forward, and that's how we're kind of running that flywheel right now, continue to invest, drive leverage in the middle of the P&L, accelerate the top line and ultimately deliver better margins, better earnings per share for our shareholders.

最後，品牌資產，這顯然是對品牌支持的重要證明，以及我們如何從中得到我們想要的，繼續顯示我們品牌的加強，這預示著未來增長的連續性和可持續性，這就是我們現在運行飛輪的方式，繼續投資，在損益中間推動槓桿作用，加速收入增長，最終為我們的股東帶來更好的利潤率和每股收益。

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。

O

歐

I wanted to talk a little bit about gross margin. Clearly, funding the growth start of the year materially better than expected. I imagine it's a function of supply chains improving a bit. If you could expand on that a bit. And then usually, your savings contribution build as the year progresses. So did we assume sort of a regular quarterly cadence from here? Or is there something one time-ish that happened this quarter-ish to result in the strong funding of growths contribution.

我想談談毛利率。顯然，為年初的增長提供資金大大好於預期。我想這是供應鏈有所改善的一個功能。如果您可以對此進行擴展。然後通常，您的儲蓄貢獻會隨著時間的推移而增加。那麼我們是否從這裡假設了某種定期的季度節奏？或者本季度是否發生過一次類似的事情，導致增長貢獻的強勁資金。

Yes. Thanks, Olivia. This was very intentional. As we went through the back half of last year, we were deliberately looking to make sure that we have projects in place for the first half of this year in order to accelerate gross margin accretion given the inflationary pressures that we were seeing.

是的。謝謝，奧利維亞。這是非常有意的。去年下半年，我們有意確保今年上半年的項目到位，以便在我們看到的通脹壓力下加速毛利率增長。

In addition, I would say that we've done a lot of work on getting our facilities to run far more efficiently, whether that's the Hill's facilities where capacity utilization has come down, which has allowed us to put more funding to growth projects onto the line to determine their feasibility. We've had the teams, obviously, very much focused on the opportunities that we see in the first half in order to ensure that we get that gross margin back in quickly to once again sustain the advertising and the increases we want to see in the back half of the year. So it was deliberate and strategic to make sure that we got more of that funding to growth up front. And the teams have really done a wonderful job in that regard as you saw through in the numbers and we would certainly expect that focus to continue as we move through the balance of the year.

此外，我想說我們已經做了很多工作來讓我們的設施更有效地運行，無論是 Hill 的設施，產能利用率已經下降，這使我們能夠將更多資金投入到增長項目上行以確定其可行性。顯然，我們的團隊非常關注我們在上半年看到的機會，以確保我們能夠迅速恢復毛利率，以再次維持廣告和我們希望看到的增長回到半年。因此，確保我們獲得更多資金用於預先增長是深思熟慮和戰略性的。正如您從數字中看到的那樣，這些團隊在這方面確實做得非常出色，我們當然希望在今年餘下的時間裡繼續關注這一點。

Let me throw it over to Stan. He'll give you a little bit more color on what we're seeing again around commodities and some of the other projects that we have underway, particularly around our global productivity initiative.

讓我把它交給斯坦。他會給你更多關於我們再次看到的商品和我們正在進行的其他一些項目的顏色，特別是圍繞我們的全球生產力倡議。

Yes. Thanks, Noel. And just a quick comment on the FTG. Noel highlighted that we had a very strong start here. That SKU, I think, is going to be a little bit different than prior years. In prior years, you saw build through the year. This was very deliberate. Supply chain has moderated in terms of the volatility around that. In particular, the Hill's team has actually had time to work on some of these as we've had a little bit better improvement in capacity utilization.

是的。謝謝，諾埃爾。只是對 FTG 的快速評論。 Noel 強調說我們在這裡有一個非常好的開端。我認為，該 SKU 將與往年有所不同。在前幾年，您看到了全年的構建。這是非常刻意的。供應鏈的波動性有所緩和。特別是，Hill 的團隊實際上有時間研究其中的一些，因為我們在產能利用率方面有了更好的改進。

So the strong start we have to the year, I think you should think that this will be more equal as you go through the year versus growing through the year, so from a SKU point of view. And this is important because as we look at the material cost, there's still going to be a headwind as we go through the year. So we need that to help offset that impact. And then we have our GPI program, we continue to get benefit from that. You saw a small charge in the quarter, but the team is driving productivity throughout the P&L, not just in the GP line, but also in the MBO line as we look for things to offset that material headwind.

因此，我們今年必須有一個強勁的開端，我認為你應該認為，從 SKU 的角度來看，這將在你經歷這一年與全年增長時更加平等。這一點很重要，因為當我們查看材料成本時，我們在這一年中仍然會遇到逆風。所以我們需要它來幫助抵消這種影響。然後我們有了 GPI 計劃，我們繼續從中受益。您在本季度看到了少量費用，但團隊正在提高整個損益表的生產力，不僅在 GP 系列中，而且在 MBO 系列中，因為我們正在尋找抵消這一重大不利因素的方法。

Our next question today will come from Chris Carey of Wells Fargo Securities.

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

So Stan, I just wanted to confirm 1 comment about commodities. I think it was somewhat clear. But to Peter's question, just around the $300 million to $400 million range, is that what you're expecting for the full year from an inflation standpoint? And then just a little bit related on the North American operating margin, that has been stepping up kind of sequentially and then slowed a little bit this quarter, obviously.

所以 Stan，我只想確認 1 條關於商品的評論。我認為這有點清楚。但對於彼得的問題，就在 3 億到 4 億美元的範圍內，從通貨膨脹的角度來看，這是你對全年的預期嗎？然後與北美營業利潤率有一點相關，它一直在逐步上升，然後在本季度有所放緩，很明顯。

I would have thought maybe with the transportation and logistics relief and building productivity, a little bit of easing inflation, maybe that can keep going, but I know there was obviously some noise with the North America business this quarter with recall, and otherwise. So is there any way you can maybe just unpack that North America margin performance and where you see things going? So thanks for that clarification on commodities and the comment on North America.

我本來想也許隨著運輸和物流的緩解以及生產力的提高，一點點通脹的緩解，也許這會繼續下去，但我知道本季度北美業務顯然有一些噪音與召回，以及其他方面。那麼，有什麼方法可以解開北美的利潤率表現以及您看到的情況嗎？因此，感謝您對商品的澄清和對北美的評論。

So why don't I start here? On North -- first, let's start with the commodities. So as we said, still $300 million to $400 million range on that impact. I don't see that moving a lot in the short term. And keep in mind, are locking, right? So we're already into -- almost May, so 2Q is largely locked. And as we go into the back half of the year, hopefully, we'll see a little bit of relief come through. But keep in mind, the closer we get, the more we lock in order to ensure we have supply.

那我為什麼不從這裡開始呢？在北方——首先，讓我們從商品開始。因此，正如我們所說，這種影響仍有 3 億至 4 億美元的範圍。我認為短期內不會有太大變化。請記住，正在鎖定，對嗎？所以我們已經進入 - 幾乎是五月，所以第二季度基本上是鎖定的。當我們進入今年下半年時，希望我們能看到一些緩解。但請記住，我們越接近，我們鎖定的越多，以確保我們有供應。

If we think about the North America margin and go through, so North America margins here still improved on a year-on-year basis. They also improved on a sequential basis. So as you look at the progress on what we're doing from a GP point of view, that's important. We do see some logistics benefits here. Logistics have come down versus the start of the year. But again, we start to lock in some of that activity. We've seen it mostly in the ocean side of logistics, which will certainly help the overall margin. And if you think about North America in total, clearly, Fabuloso recall had an impact in the quarter. That's getting largely behind us, so we expect that we'll see improvement as we go through the year.

如果我們考慮北美利潤率並通過，那麼北美利潤率仍然同比有所提高。他們還按順序進行了改進。因此，當您從 GP 的角度來看我們正在做的事情的進展時，這很重要。我們確實在這裡看到了一些物流優勢。與年初相比，物流有所下降。但同樣，我們開始鎖定其中的一些活動。我們主要在物流的海洋方面看到它，這肯定會有助於整體利潤率。如果你從整體上考慮北美，很明顯，Fabuloso 召回對本季度產生了影響。這在很大程度上已經落後於我們，因此我們預計我們會在這一年中看到改善。

Yes. Maybe a couple of things. So as Stan said, obviously, operating profit was up nicely, which has been the big focus for our North America business. We were up roughly 300 basis points on operating profit in the first quarter. So we feel we're making the right step -- taking the right decisions and making the right progress against the middle of the P&L, particularly around gross profit and controlling our overheads and managing logistics. So that was an important element, and we're making sure that, that progress has been reinvested in the business.

是的。也許有幾件事。正如斯坦所說，顯然，營業利潤增長良好，這一直是我們北美業務的重點。第一季度我們的營業利潤增長了大約 300 個基點。因此，我們認為我們正在邁出正確的一步——做出正確的決定並在損益中間取得正確的進展，特別是在毛利潤和控制我們的間接費用和管理物流方面。所以這是一個重要因素，我們正在確保這一進展已重新投資於業務。

So a couple of other highlights on North America. Obviously, ex-Fabuloso volume would have been up on the quarter, great quarter for toothpaste. Toothpaste was up double digit in the quarter for North America with growth, including volume growth on that business. Toothbrush is a little softer. You remember, we were lapping a resupply of our product last year and some out of stock from some of our competitors. So volumes were a bit down there. Personal Care, up high single digits. Home Care was soft, as we mentioned, due to the Fabuloso recall. But overall, really good progress.

北美的其他幾個亮點。顯然，前 Fabuloso 的銷量在本季度有所上升，這是牙膏的好季度。北美地區的牙膏在本季度增長了兩位數，其中包括該業務的銷量增長。牙刷稍微軟一點。您還記得，我們去年對我們的產品進行了補給，而我們的一些競爭對手的一些產品缺貨。所以成交量有點下降。個人護理，高個位數。正如我們提到的，由於 Fabuloso 召回，Home Care 表現疲軟。但總的來說，進步真的很大。

The other aspect to North America that I would call out is the significant progress we're making in nonmeasured channels. And again, this is part of our strategy of growing in faster-growth channels, where we saw significant growth in non-Nielsen channels, which was terrific for North America and has obviously helped to drive some of that top line growth. So overall, a good quarter for North America, very focused on the middle of the P&L moving forward, and we see opportunities, but the good news is we're seeing good progress on the top line, and that's translating to the P&L.

我要指出的北美的另一個方面是我們在非衡量渠道方面取得的重大進展。再一次，這是我們在增長更快的渠道中增長戰略的一部分，我們看到非尼爾森渠道的顯著增長，這對北美來說非常棒，並且顯然有助於推動一些收入增長。所以總的來說，北美的一個好季度，非常專注於 P&L 的中間部分，我們看到了機會，但好消息是我們在收入方面看到了良好的進展，這正在轉化為 P&L。

Just 1 point of clarification on that. North America volume would have been up sequentially from Q4 to Q1 performance from Q4 to Q1, not up year-over-year ex Fabuloso. And then, Stan, on the that...

對此只有 1 點澄清。北美銷量本應從第四季度到第一季度從第四季度到第一季度連續增長，而不是在 Fabuloso 之前同比增長。然後，斯坦，在那...

Yes, the operating margin, it's up year-to-year versus fourth quarter, you see it's down about 100 basis points or so. And that's really driven by the Fabuloso impact, combined with the increased investment in advertising as we're bringing both innovation to market and supporting the pricing that we've taken in the market.

是的，營業利潤率與第四季度相比同比上升，你看到它下降了大約 100 個基點左右。這確實是由 Fabuloso 的影響以及廣告投資的增加所驅動的，因為我們正在將創新推向市場並支持我們在市場上採取的定價。

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

我們今天的下一個問題將來自 RBC Capital Markets 的 Nik Modi。

If I could just ask a quick clarification on the raw material, the ag stuff. Stan, can you just give us any more detail on exactly what Ag's are causing the pressure and what's driving that? And then my broader question is now on the whitening innovation and just the whitening strategy. I'm just curious if you've done any halo work on the impact it has on the core or Oral Care franchise toothpaste, tootbrush. Any perspective around that would be helpful.

如果我可以快速澄清一下原材料，即 ag 材料。 Stan，你能不能給我們更多的細節，具體是什麼 Ag 導致了壓力，又是什麼驅動了壓力？然後我現在更廣泛的問題是美白創新和美白策略。我只是想知道您是否對它對核心或口腔護理特許經營牙膏、牙刷的影響做過任何光環研究。圍繞這一點的任何觀點都會有所幫助。

Sure. Let me -- Nik, let me take that, and then we'll have Stan get to some more specifics around the Hill's commodities and particularly the ag prices. Yes, the strategy that we have on whitening is very much about building the brand, particularly here if you take North America, the Optic White brand. And as we expanded into at-home whitening at very significant premium prices and the significant efficacy that those products deliver in the market and to the consumer, we've seen very nice halo impacts across the entire Optic White range as well as the Colgate brand. So the short answer to your question is, clearly, the halo effect is transferring to the entire Optic franchise as well as improving the Colgate brand.

當然。讓我——Nik，讓我接受這個，然後我們將讓 Stan 了解有關 Hill 商品的更多細節，尤其是農產品價格。是的，我們在美白方面的戰略在很大程度上是關於建立品牌的，尤其是在北美，如果你選擇 Optic White 品牌的話。隨著我們以非常高的溢價擴展到家庭美白以及這些產品在市場和消費者中提供的顯著功效，我們已經看到整個 Optic White 系列以及高露潔品牌的光環效果非常好.所以對你的問題的簡短回答是，很明顯，光環效應正在轉移到整個 Optic 特許經營權以及改善高露潔品牌。

Yes. And Nik, on the commodities, it's kind of across the board with most of the ag. So corn, wheat, soybean, the risk of the drought in the U.S. and the effect on crops, even though some other areas of the world are a little bit better, the risk of Ukraine, all has been pushing pressure on that. Don't forget as well that the protein side of this, things like chicken livers, et cetera, with some of the impacts that have been out there has all put pressure on Hill's. That remains the real driver of that $300 million to $400 million range.

是的。而 Nik，在商品方面，它與大多數 ag 一樣全面。因此，玉米、小麥、大豆、美國干旱的風險以及對農作物的影響，儘管世界其他一些地區的情況略有好轉，但烏克蘭的風險一直在對其施加壓力。也不要忘記其中的蛋白質方面，如雞肝等，以及已經存在的一些影響都對 Hill's 造成了壓力。這仍然是 3 億至 4 億美元範圍內的真正驅動因素。

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

下一個問題將來自高盛的 Jason English。

That's a great segue because I wanted to talk about Hill's and (inaudible) on it. Good quarter, obviously, not for Hill's with the profitability of the margins. We've lost over 1,000 basis points in margin in the last few years. I was hoping you could unpack the components of it, and the cadence at which you can recover if you to recover them. So how much are we looking at from the mix effects of recent acquisitions? And what's the cadence of bringing your capacity on there and improving that?

這是一個很好的轉折點，因為我想談談 Hill's 和（聽不清）。顯然，良好的季度對 Hill's 的利潤率不利。在過去幾年中，我們的利潤率損失了 1,000 多個基點。我希望你能解開它的組件，以及如果你恢復它們，你可以恢復的節奏。那麼，我們從最近收購的混合效應中看到了多少？將您的能力帶到那裡並加以改進的節奏是什麼？

How much is related to like the slack capacity, the underutilization of the assets that you're standing up and maybe some of the stress in the supply chain as a result of past utilization, and then I think the third bucket and tell me if there's other buckets. I think the third bucket is the pricing at the cost. How large is that bucket of the roughly 1,000, and is it reasonable to think that could come back? And if so, when? Sorry for the multipart long.

有多少與產能過剩、現有資產的未充分利用以及過去利用造成的供應鏈壓力有關，然後我認為第三個桶告訴我是否有其他桶。我認為第三個桶是按成本定價。大約 1,000 個桶中的那個桶有多大，認為它可以回來是否合理？如果是這樣，什麼時候？抱歉，多部分很長。

No. Thank you, Jason. So let me top line Hill's a bit, and then Stan can provide a little more of the specificity that you were looking for. But structurally and strategically, this business continues to perform very well, continued sequential improvement in volume and strong organic growth despite the difficult comps that we continue to come up again. So overall, pleased with the 14%. And again, that's 14% on 13% last year and pricing of 11.4% on 9% last year and obviously sequentially improvements in volumes.

不，謝謝你，傑森。因此，讓我先介紹一下 Hill's，然後 Stan 可以提供更多您正在尋找的特異性。但在結構和戰略上，儘管我們繼續再次提出困難的補償，但該業務繼續表現良好，銷量持續連續改善和強勁的有機增長。總的來說，對 14% 感到滿意。再一次，這是去年 13% 的 14% 和去年 9% 的 11.4% 的定價，並且銷量明顯連續改善。

So a couple of things there. Stan will get into, obviously, the key drivers of the operating margin dilution, which would be the following. Obviously, ag cost, the manufacturing integration of the 3 Red collar facilities plus the Italian facility that we have as we move through the variances associated with that. Red collar in the current quarter is a significant portion of that, the private label business. We've continued to obviously significantly increased our advertising support. We said we would do that as we built up more capacity. That is very strategic and deliberate and we're seeing the results of that in the marketplace, particularly as we drive new innovation into the market, and we drive pricing in the market, the ability to sustain and elevate that moving forward is going to be largely driven by our ability to sustain the strong levels or even increase our advertising levels.

所以有幾件事。顯然，Stan 將探討營業利潤率稀釋的主要驅動因素，具體如下。顯然，ag 成本、3 個紅領設施的製造整合以及我們在處理與之相關的差異時擁有的意大利設施。本季度的紅領是自有品牌業務的重要組成部分。我們繼續顯著增加我們的廣告支持。我們說我們會在建立更多容量時這樣做。這是非常具有戰略性和深思熟慮的，我們正在市場上看到它的結果，特別是當我們將新的創新推向市場，我們推動市場定價時，維持和提升向前發展的能力將是很大程度上是由我們維持強勁水平甚至提高廣告水平的能力推動的。

As we look forward, strategically, margins will improve sequentially as we move through the back half of the year. Plant efficiencies will continue to deliver progress in that regard. We'll get the constraints out of our existing plants, which we're running at full throttle that will allow us to be far more efficient in those plants, put more funding the growth into those plants as we look forward. So overall, strategically, the business is doing very, very well, and we feel all the steps we've taken to improve capacity ultimately delivering good, strong line growth. We need to focus on the middle of the P&L, as you rightfully say, and the progress is there to do that.

展望未來，從戰略上講，隨著我們度過今年下半年，利潤率將依次提高。工廠效率將繼續在這方面取得進展。我們將擺脫現有工廠的限制，我們正在全速運轉，這將使我們能夠在這些工廠中提高效率，並在我們期待的時候為這些工廠的增長投入更多資金。因此，總體而言，從戰略上講，該業務做得非常非常好，我們感覺到我們為提高產能而採取的所有步驟最終帶來了良好、強勁的產品線增長。正如您所說的那樣，我們需要專注於損益表的中間部分，並且在這方面取得了進展。

Yes. Let me pick up here. So first, if you take a look, these investments in the business and if you look at the net sales, keep in mind, you go back just a couple of years ago, we're up well over $200 million quarter versus first quarter of 2021. So the investment in the brand is paying off. If we look at margin, the private label has -- what we said as a 90 basis point impact to the total company has slightly over 400 basis points impact to Hill's. So as you take a look at that margin impact, that is a material impact to Hill's on a GP basis.

是的。讓我在這裡接。所以首先，如果你看一下這些業務投資，如果你看一下淨銷售額，請記住，你回到幾年前，與第一季度相比，我們的季度增長超過 2 億美元2021 年。因此，對品牌的投資正在獲得回報。如果我們看利潤率，自有品牌 - 我們所說的對整個公司的 90 個基點影響對 Hill's 的影響略超過 400 個基點。因此，當您查看利潤率影響時，這對 GP 的 Hill's 產生了重大影響。

Now through time, that private label will wind down, and that will be over the next couple of years as we slowly wind down that contract and then backfill it with Hill's volume at Hill's margin. Now as we've already talked about, all of the raw material impact inflation has predominantly been against Hill's, also impacting their margins. But keep in mind, they've taken significant pricing here over the last several quarters, and that is helping to mitigate this. And the fact that we're now, as the Red Collar facilities have come on, that's helping us manage utilization, not just a Red Collar but of the entire manufacturing footprint.

現在隨著時間的推移，那個自有品牌將會逐漸消失，這將在接下來的幾年內逐漸結束該合同，然後在希爾的保證金中用希爾的數量回填它。正如我們已經談到的那樣，所有原材料影響通貨膨脹主要對希爾不利，也影響了他們的利潤率。但請記住，他們在過去幾個季度在這裡採取了重要定價，這有助於緩解這種情況。事實上，隨著紅領設施的出現，我們現在正在幫助我們管理利用率，不僅僅是紅領，而是整個製造足跡。

That's enabled Hill's to contribute materially to the funding of the growth savings. So I think where Hill's is right now is well positioned. I think we'll see sequential improvement in margin as we go through the year. We're going to manage that carefully so we can continue to supply our clients and we saw material improvement in case fill rates coming out of first quarter.

這使 Hill's 能夠為增長儲蓄的資金做出重大貢獻。所以我認為希爾現在的位置很好。我認為我們將在今年看到利潤率的連續改善。我們將謹慎管理，以便我們可以繼續為我們的客戶提供服務，並且我們看到第一季度的案例填充率有了實質性的改善。

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

我們的下一個問題將來自美國銀行的 Bryan Spillane。

I just -- I've got a quick clarification first for Stan. I think in the guidance, we talk about net interest expense maybe going higher than your original plan. So could you put some -- if you can just put some color, put a number on that. And I'm assuming -- is this related to the refinancing? I think you refinanced some debt in March. So is it just related to the refinancing of the debt? Or is it exposure to like short-term financing variable rates? And then I have a follow-up.

我只是——我首先要為 Stan 做一個快速的澄清。我認為在指南中，我們談到淨利息支出可能會高於您的原始計劃。那麼你能不能放一些——如果你能放一些顏色，就放一個數字。我假設——這與再融資有關嗎？我認為你在三月份為一些債務再融資。那麼它只是與債務再融資有關嗎？或者它是否暴露於類似的短期融資可變利率？然後我有一個後續行動。

Sure, Bryan. Thanks for the question. So first, on interest here as we look, this is -- well, we want to call it out because we saw rates going up, this is not a large number. So you should think around $20 million for the year. It's not really related to the first quarter debt issuance. We are very happy with that. We had very good demand on that bond. It's really the assumptions on the number of rate increases and predominantly in Europe. So as we look at the ECB and the changes there, the slight difference to what we had anticipated coming into the year. As we all know, that's a moving target, and it's going to depend on inflation moves to central banks, but that's our best guess right now. So that's a modest impact for the year.

當然，布萊恩。謝謝你的問題。所以首先，在我們看來，這裡的利息是——好吧，我們想把它說出來，因為我們看到利率在上升，這不是一個很大的數字。所以你應該考慮每年 2000 萬美元左右。這與第一季度發債並沒有太大關係。我們對此感到非常高興。我們對該債券有很好的需求。這實際上是對加息次數的假設，主要是在歐洲。因此，當我們審視歐洲央行及其變化時，與我們今年的預期略有不同。眾所周知，這是一個不斷變化的目標，它將取決於通脹對央行的影響，但這是我們目前最好的猜測。因此，這對今年的影響不大。

Okay. Great. And then a question for Noel. Just you talked about, I guess, risks in the second half. And maybe if we just kind of think about that at a higher level, it sounded to me from listening to the Q&A and reading the prepared remarks that a lot of that risk is what the consumer may or not do, less so than concerns about volatility in input costs or supply chains? And risk has got a lot of definitions, right? So if you could just maybe talk a little bit about like what the specific risks are and maybe how Colgate is in a position to manage that risk maybe a little bit more -- with a little bit more agility than maybe was the case, 2 years ago.

好的。偉大的。然後有一個問題要問 Noel。我猜你剛才談到了下半場的風險。也許如果我們只是在更高的層次上考慮這一點，聽完問答和閱讀準備好的評論，我覺得很多風險是消費者可能會或不會做的事情，而不是對波動性的擔憂在投入成本或供應鏈中？風險有很多定義，對吧？所以，如果你能談談具體的風險是什麼，以及高露潔如何能夠管理這種風險，也許會多一點——比實際情況更靈活一點，2 年前。

Yes. Good Morning, Bryan, thank you. I saw it clearly, the consumer environment is the 1 that's the big unknown, I think, to everyone. And that's been a consistent theme through the first quarter print by most in terms of what's really going to happen in the back half and the compounding impact of pricing. I'll address the fact that historically, when we've seen significant inflation in our categories, we weathered those periods really, really well, a combination of great value-oriented innovation and the fact that our -- the breadth of our portfolio at various price points affords us the opportunity to really push different segments at the appropriate time anywhere around the world.

是的。早上好，布萊恩，謝謝。我清楚地看到，消費環境是第一大未知數，我認為，對每個人來說。就後半部分真正發生的事情以及定價的複合影響而言，這一直是第一季度印刷品的一貫主題。我要解決的事實是，從歷史上看，當我們看到我們的類別出現嚴重通貨膨脹時，我們真的非常好地度過了那些時期，這是以價值為導向的偉大創新與我們的投資組合的廣度相結合的事實不同的價位使我們有機會在適當的時間在世界任何地方真正推動不同的細分市場。

So we're pleased with that. We're also pleased with the fact that you tend to see in times like this, a squeeze in the middle of the category with premium growing and the value growing, and that's been our focus, quite frankly. Premium has been the key focus for us, and we're seeing great progress, particularly across our Toothpaste business in new channels and at the premium end of the market, and we obviously have a very strong base business that is well positioned based on some of the relaunches we have.

所以我們對此感到滿意。我們也很高興您傾向於在這樣的時代看到這一事實，即隨著保費增長和價值增長而擠入該類別的中間，坦率地說，這一直是我們的重點。高端一直是我們的重點，我們看到了巨大的進步，尤其是我們在新渠道和高端市場的牙膏業務，而且我們顯然擁有非常強大的基礎業務，這些業務基於一些我們的重新啟動。

Raw and packing materials, we shall see, we've seen a stabilization across at least the Colgate side, you've heard a lot about the ag prices that continue to elevate, but we've seen a stabilization on those as we move. So we've got more predictability on that. Hence, the reason why we felt more confident with the raise in guidance across multiple dimensions there because we see a little bit more transparency to that. As Stan mentioned, we've got some contracts that will obviously come off.

原材料和包裝材料，我們將看到，我們至少在高露潔方面看到了穩定，你已經聽到很多關於農業價格繼續上漲的消息，但我們已經看到這些價格在我們移動時穩定下來。所以我們對此有更多的可預測性。因此，我們之所以對那裡的多個維度的指導增加更有信心，是因為我們看到了更多的透明度。正如 Stan 提到的，我們有一些合同顯然會取消。

Now the unknown there is what our suppliers would do. They're facing rising wage inflation, and we'll have to deal with that as it comes, particularly in the second half of the year relative to how they decide to adjust pricing on some of the key commodities that we will ultimately be purchasing.

現在未知的是我們的供應商會做什麼。他們正面臨不斷上升的工資通脹，我們將不得不應對這種情況，尤其是在今年下半年，他們決定如何調整我們最終將購買的一些關鍵商品的定價。

The other aspect is China. We will see where China impacts not only the Asia business, but the world's, quite frankly. We expect obviously a slow progress in that market. I don't expect it to be vertical. I expect it to be a progress from quarter-to-quarter. We have not seen the travel retail business come back yet, and that is an expectation that we will probably see in the second half of 2023, not in the first half, but we shall see. Now we'll get into Asia and China, I'm sure as the Q&A progresses, but we had obviously a very strong quarter there, and we think we're well positioned as that economy comes back to deliver on it.

另一方面是中國。坦率地說，我們將看到中國不僅影響亞洲業務，而且影響世界業務。我們顯然預計該市場進展緩慢。我不希望它是垂直的。我預計這將是一個季度到一個季度的進步。我們還沒有看到旅遊零售業務回歸，這是我們可能會在 2023 年下半年看到的預期，而不是上半年，但我們會看到。現在我們將進入亞洲和中國，我敢肯定，隨著問答的進行，但我們顯然在那裡有一個非常強勁的季度，我們認為隨著經濟恢復實現這一目標，我們處於有利地位。

The last is foreign exchange. That clearly is always a risk. We -- as you saw in the prepared remarks with low single-digit and -- foreign exchange impact through the P&L, we'll see where that moves. The Latin American currencies have come back a little bit here as has the euro, but it's been very volatile, and we'll adjust to that going forward. But that has been a big driver in the past as you want, but we think we're well positioned right now from the fact again, of getting strong pricing into the P&L, both in the fourth quarter and the first quarter.

最後是外匯。這顯然總是有風險的。我們——正如你在準備好的評論中所看到的那樣，通過損益表對外匯產生低個位數的影響，我們將看到它的發展方向。拉美貨幣和歐元在這裡有所回升，但波動非常大，我們將在未來進行調整。但這在過去一直是你想要的一個重要驅動因素，但我們認為我們現在再次從事實中定位良好，在第四季度和第一季度將強勁的定價納入損益表。

Our next question will come from Lauren Lieberman of Barclays.

我們的下一個問題將來自巴克萊銀行的 Lauren Lieberman。

Two questions sort of like everybody else. But the first was is just pretty basic. And I was curious if you could offer any perspective on volume performance by category that you've seen? I know that's not typically something you discuss. But as we kind of think about that path forward and that shift in the -- towards a more balanced revenue algorithm, I was just curious where you stand on kind of volume growth by segment.

兩個問題有點像其他人。但第一個是非常基本的。我很好奇你是否可以提供任何關於你所看到的類別的銷量表現的觀點？我知道這通常不是您討論的內容。但是，當我們考慮這條前進的道路以及向更平衡的收入算法轉變時，我只是好奇你對按細分市場的銷量增長的立場。

And then, the other question was, Noel, in your prepared remarks, you mentioned something about knowing the competitive environment would be difficult. And I just -- we haven't heard that from a lot of other companies, and I didn't know if it was sort of a particularly pointed comments or just a general commentary on your ability to compete and confidence in the innovation pipeline and advertising support. So just curious on a little bit more color behind that commentary on the competitive environment.

然後，另一個問題是，諾埃爾，在你準備好的發言中，你提到了了解競爭環境會很困難。我只是 - 我們還沒有從很多其他公司那裡聽到這一點，我不知道這是一種特別尖銳的評論，還是只是對你的競爭能力和對創新渠道的信心的一般評論，以及廣告支持。所以只是對競爭環境評論背後的更多色彩感到好奇。

Sure. Thanks, Lauren. Let me take the second question first. The competitive environment will likely intensify particularly as you see costs come down, and that will be a function of both local brands and private label getting more aggressive. The good news is our categories. If you take North America and private label, we're benign, no progress in private label shares. So to speak, with the exception of a little bit in liquid hand soap and a little bit in cleaner, a little bit more acute of private label growth in Europe.

當然。謝謝，勞倫。我先回答第二個問題。競爭環境可能會加劇，尤其是當您看到成本下降時，這將是本地品牌和自有品牌變得更加激進的結果。好消息是我們的類別。如果你拿北美和自有品牌來說，我們是良性的，自有品牌份額沒有進展。可以這麼說，除了一些洗手液和一些清潔劑，歐洲自有品牌的增長更為迅猛。

As you saw price discrepancies or the gap between private label and global brands increase, we'll see how that translates in the back half as we expect them to have to take pricing in the first quarter as we did as well. So we think local brands in private label likely to elevate in terms of their competitive nature in the back half. And as cost to stay flat in the back half, which is what I think we're hearing from most, we expect the competitive environment to increase in that regard. Obviously, you'll see more promotional volumes probably come into the category, but it's been quite constructive so far. I will say that, but we need to anticipate that things could worsen based on where the costs are, and we're well prepared for that.

當您看到價格差異或自有品牌與全球品牌之間的差距增加時，我們將看到這在後半部分如何轉化，因為我們預計他們也必須像我們一樣在第一季度進行定價。因此，我們認為自有品牌的本地品牌在後半段的競爭性質方面可能會提升。由於後半部分保持平穩的成本，這是我認為我們從大多數人那裡聽到的，我們預計這方面的競爭環境會增加。顯然，您會看到更多的促銷量可能會進入該類別，但到目前為止，這是非常有建設性的。我會這麼說，但我們需要根據成本所在預測情況可能會惡化，我們為此做好了充分準備。

On your first question, volumes. So category volumes, if I take just the market volumes in general, flat to slightly negative across most of the world on the volume side, obviously, driven by the fact that there's so much pricing that's gone into both Oral Care, Personal Care and Home Care. If you look at us specifically, really strong growth on the Oral Care side, as I talked about, double-digit growth across most markets in Toothpaste, good volume progress in most markets on Toothpaste. So we're really pleased with what we're seeing there. Personal Care up mid- to high single digits depending on the marketplace. Both from a pricing standpoint, a little bit more challenged on the volume side given the strong pricing we've taken there, particularly in categories like liquid hand soap and bar soap. And on Home Care, mid-single digits to low single digits in terms of growth, depending on the marketplace. And that 1 has experienced a little more elasticity, particularly around the cleaner side of the business where we've seen more price competitiveness in that side of the business and a little bit more trade down.

關於你的第一個問題，卷。所以類別數量，如果我只考慮一般市場數量，在數量方面，世界大部分地區持平或略有負數，顯然，這是由於口腔護理、個人護理和家庭產品的定價如此之高這一事實所推動的關心。如果你具體看一下我們，正如我所說，口腔護理方面的增長非常強勁，牙膏的大多數市場都實現了兩位數的增長，牙膏的大多數市場都取得了良好的銷量增長。所以我們對我們在那裡看到的非常滿意。取決於市場，個人護理達到中高個位數。從定價的角度來看，考慮到我們在那裡採取的強勁定價，特別是在液體洗手液和條皂等類別中，在數量方面面臨更多挑戰。在家庭護理方面，根據市場的不同，增長從中個位數到低個位數。那個 1 經歷了更多的彈性，特別是在業務的清潔方面，我們在業務的這一方面看到了更多的價格競爭力和更多的交易。

But overall, again, sequentially up and really pleased with sequentially up, given the fact that we had a lot more pricing in this quarter than we had in the fourth quarter. So good progress overall. We'll have to watch the volumes carefully, and we're all over that.

但總的來說，考慮到我們在本季度的定價比第四季度高得多，因此再次連續上漲並且對連續上漲感到非常滿意。整體進步如此之大。我們必須仔細觀察這些卷，我們已經完成了。

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。

I wanted to ask about EBIT margin in North America and Europe. If you take a look at where you are today versus where you were a few years ago, it seems like it's outside of Hill's, one of the biggest drop-off relative to historical levels. I appreciate inflation, FX, et cetera, but it also seems like maybe those markets are a little bit more competitive than some of the others. Is it levels of spend that is potentially impacted that? And kind of how do you think about progression of margins? Is it realistic to think that you could eventually, no sort of time line around that to get back to those levels? Why or why not would be helpful.

我想問一下北美和歐洲的息稅前利潤率。如果您看看今天與幾年前的對比，您會發現它似乎超出了 Hill's，這是相對於歷史水平的最大跌幅之一。我欣賞通貨膨脹、外匯等等，但似乎這些市場可能比其他一些市場更具競爭力。支出水平是否可能受到影響？您如何看待利潤率的增長？認為你最終可以在沒有任何時間表的情況下回到這些水平是否現實？為什麼或為什麼不會有幫助。

Yes. Thanks, Mark. Yes, your answer is clearly around the spending, that's the answer. The spending is up quite notably in North America, that's very strategic. We see that as a growth market for us moving forward, not only on the top line but on the bottom line. We really wanted to reinvest behind the business in some of our brands, and we're clearly demonstrating that as we've gone through the last couple of quarters.

是的。謝謝，馬克。是的，你的答案顯然是關於支出的，這就是答案。北美的支出增長非常顯著，這是非常具有戰略意義的。我們認為這是我們前進的增長市場，不僅在頂線而且在底線。我們真的很想對我們的一些品牌的業務進行再投資，而且我們在過去幾個季度中清楚地證明了這一點。

Getting gross profit in the middle of the P&L sorted out in North America. It's clearly been a key focus, and we've had good gross profit progress in North America. We're getting better overhead leverage through the P&L. We're getting a lot better efficiency in our plants, and so we'll see that translating moving forward. But we will continue to invest behind that business moving forward to drive the top line.

在北美整理出的 P&L 中間獲得毛利潤。這顯然是一個重點，我們在北美的毛利潤取得了良好的進展。我們通過損益表獲得更好的間接費用槓桿。我們的工廠效率大大提高，因此我們會看到這種轉化向前發展。但我們將繼續對該業務進行投資，以推動收入增長。

Europe, a little bit driven, obviously, by the foreign exchange environment to a certain extent and obviously, it more increased inflation in Europe than we've seen in other markets around the world, particularly around the high gas prices and the fall-off effects of higher gas prices in some of the raw materials that we purchased into our European plants. So overall, there's been a little bit more pressure there. But again, we've taken strong pricing in the back half of 2022, and pleased that we were able to execute our pricing in the first quarter of 2023 towards the latter end of the quarter, and we'll see that benefit us as we move forward.

歐洲，顯然，在一定程度上受到外匯環境的驅動，顯然，歐洲的通貨膨脹率比我們在世界其他市場看到的要高，特別是在高油價和下跌的情況下天然氣價格上漲對我們購買到歐洲工廠的一些原材料的影響。所以總的來說，那裡的壓力有點大。但同樣，我們在 2022 年下半年採取了強勁的定價，並且很高興我們能夠在 2023 年第一季度到本季度末執行我們的定價，我們將看到這對我們有利，因為我們前進。

So overall, your observation is correct. We feel -- we've got a good handle of getting the gross margins and the operating profits up sequentially as we move through the back half of the year and importantly, sustaining or increasing our advertising levels to continue to drive the top line.

所以總的來說，你的觀察是正確的。我們覺得 - 我們已經很好地處理了毛利率和營業利潤的連續上升，因為我們在今年下半年移動，重要的是，維持或增加我們的廣告水平以繼續推動收入。

Our next question will come from Stephen Powers of Deutsche Bank.

我們的下一個問題將來自德意志銀行的 Stephen Powers。

Just a couple of cleanups, I guess. Just the first 1 on -- just on the Fabuloso recall just because I've received some confusion in my inbox during the call. Just is there a way to quantify what the impact was in the quarter? And does that reverse out as a benefit in the second quarter? That's question number one.

我猜只是一些清理工作。只是第一個 - 只是關於 Fabuloso 召回，因為在通話期間我的收件箱中收到了一些混亂。有沒有辦法量化該季度的影響？這會在第二季度逆轉為收益嗎？這是第一個問題。

Question number 2, on the logistics topic. I don't know if there's a way to quantify what the benefit was or how you're thinking about the -- the expected benefit over the course of the year, but that would be helpful as well. And then the last piece is I guess it kind of builds on Jason's question on Hill's margins. But I was specifically on the Tonganoxie plant, just where that is and what the time line is to get that up to scale? And just is that a material driver of the margin bridge as well? Or is it more on the margin?

問題 2，關於物流主題。我不知道是否有辦法量化收益是什麼，或者您是如何考慮這一年的預期收益的，但這也會有所幫助。然後最後一段是我猜它是建立在 Jason 關於 Hill's margins 的問題之上的。但我特別關注 Tonganoxie 工廠，那是什麼地方，什麼時候才能擴大規模？這也是保證金橋樑的物質驅動因素嗎？還是邊緣更多？

Great. Thanks, Stephen. Let me take the Fabuloso in the Hill's question, and I'll have Stan come back to you on logistics. So the Fabuloso impact was Q1. It was a material impact to the North America volume line. We're not going to quantify that, but it was quite significant to the volume performance in North America. That is behind us as we move through into the second quarter. So we'll see the benefits of the Fabuloso business coming back into the P&L as we move forward. Again, if you take the Fabuloso business out of the North America number, they were up sequentially versus the fourth quarter of 2022 in volume. So it was a very time-driven event in the first quarter. And the good news is, that's behind us.

偉大的。謝謝，斯蒂芬。讓我回答 Hill 的 Fabuloso 問題，我會讓 Stan 就後勤問題回來找你。所以 Fabuloso 的影響是 Q1。這對北美銷量線產生了重大影響。我們不打算對其進行量化，但這對北美的銷量表現非常重要。當我們進入第二季度時，這已經過去了。因此，隨著我們的前進，我們將看到 Fabuloso 業務的好處重新回到損益表中。同樣，如果您將 Fabuloso 業務從北美數字中剔除，則與 2022 年第四季度相比，它們的銷量連續上升。所以這是第一季度非常時間驅動的事件。好消息是，這已經過去了。

Tonganoxie progressing, as you know, strategically, that's a very important plant for us given the strong demand we have on the wet side of the business at Hill's and our inability to supply the current demand for web products all around the world. So getting that plant up and running will be strategic for the continued growth of that business. That will happen towards the tail end of the third quarter. And we anticipate, obviously, we'll have some start-up costs associated with that as we move through the transition of that facility. But overall, we should see that benefit us moving into 2024, particularly at the margin line as our web business is margin accretive to us and will certainly benefit the Hill's business longer term.

如您所知，Tonganoxie 在戰略上取得進展，鑑於我們對 Hill's 業務的濕面需求強勁以及我們無法滿足全球當前對網絡產品的需求，這對我們來說是一個非常重要的工廠。因此，讓該工廠啟動並運行對於該業務的持續增長將具有戰略意義。這將在第三季度末發生。顯然，我們預計，在我們完成該設施的過渡過程中，我們會有一些與之相關的啟動成本。但總的來說，我們應該看到這對我們進入 2024 年有利，特別是在利潤線上，因為我們的網絡業務對我們來說是利潤增長，並且肯定會使希爾的業務長期受益。

Yes. So let me pick up on logistics here. So you told logistics was 9.5% of sales. And if we look -- it's been incremental headwind to our overheads. Remember, it's in our overheads and SG&A for several years. And in Q4, we saw the first year-on-year decline as a percent of sales in 12 quarters, and it was down again this quarter, and we expect it to be down for the year. I expect as we kind of look out through the remainder of the year, it's going to come down slightly. I don't see it coming down materially. So we're at 9.5% now. I still think it will probably start with the 9% as we go through the remainder of the year.

是的。因此，讓我在這裡了解物流。所以你告訴物流是銷售額的 9.5%。如果我們看的話——這對我們的管理費用來說是漸進的逆風。請記住，它在我們的間接費用和 SG&A 中存在了好幾年。在第四季度，我們看到 12 個季度以來銷售額的百分比首次出現同比下降，本季度再次下降，我們預計全年都會下降。我預計，當我們展望今年剩餘時間時，它會略有下降。我不認為它有實質性的下降。所以我們現在是 9.5%。我仍然認為，隨著今年剩餘時間的推移，它可能會從 9% 開始。

So certainly a help year-on-year, but as we kind of look out through the rest of the year, I think that's how you should think about as a percent of sales, it will moderate and stay just above 9%.

所以肯定是同比有所幫助，但當我們展望今年剩餘時間時，我認為這就是你應該考慮的銷售額百分比，它將放緩並保持在略高於 9% 的水平。

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

我們的下一個問題將來自 Evercore ISI 的 Robert Ottenstein。

Great. Two follow-ups. First one, a quick one. You mentioned that the -- you were very strong in nonmeasured channels in North America. Was that more e-commerce or Clubs Stores? And can you give us some metrics around that? That would be helpful.

偉大的。兩次跟進。第一個，一個快速的。你提到 - 你在北美的非衡量渠道中非常強大。那是更多的電子商務還是俱樂部商店？你能給我們一些相關的指標嗎？那會很有幫助。

And then my core question is really on the advertising spend pickup, 14%, it's a big number. You mentioned for the full year that you would be up absolutely and as a percent of sales, so can you give us a little bit more sense of where that money is going? Is it more innovation and longer-term focused or maybe more short term? And then following into that, do you expect to see this elevated level going forward, either because you have very high return projects or you need to catch up, just trying to get a sense of what the income statement may look like longer term.

然後我的核心問題是關於廣告支出的增加，14%，這是一個很大的數字。你提到全年你會絕對增長，佔銷售額的百分比，所以你能告訴我們更多關於這筆錢的去向嗎？是更多的創新和更長期的關注還是更短期的？然後接下來，你是否希望看到這個更高的水平向前發展，要么是因為你有非常高的回報項目，要么你需要趕上，只是想了解損益表的長期情況。

Rob, let me take both those questions. First, on the nonmeasured channels. Again, this plays back to the strategy that we've been talking about for quite a few years now. And certainly, I highlighted again at CAGNY that we are very focused on growing channels that particularly are not measured by Nielsen, which are the faster growth channels, as you mentioned, e-commerce, club stores, discount stores, value discount stores. Some of the big box stores that we're seeing emerging in Latin America. So overall, in some of the new obviously platforms that we're seeing coming out of China, so this has been strategic and deliberate for us.

Rob，讓我回答這兩個問題。首先，在非測量通道上。同樣，這又回到了我們多年來一直在討論的戰略。當然，我在 CAGNY 再次強調，我們非常關注增長的渠道，尤其是尼爾森沒有衡量的增長渠道，正如你提到的那樣，這是增長更快的渠道，電子商務、俱樂部商店、折扣店、超值折扣店。我們在拉丁美洲看到的一些大賣場正在興起。總的來說，在我們看到的一些來自中國的明顯新平台中，這對我們來說具有戰略意義和深思熟慮。

And if you take the North America number, we've seen significant growth in nonmeasured channels to the tune of 4 to 5x what we're getting in measured channels. So obviously, good growth there. The key is to sustain that growth. Our e-commerce business was up double digit in the quarter, now roughly 14% of our total sales. So overall, and we're seeing good share growth in those businesses. In fact, if you take some of the progress we're seeing in China, very much driven by the strong e-commerce shares that we had. I demonstrated that at CAGNY. And in fact, since CAGNY, we've continued to increase our e-commerce shares in China, and likewise, in the brick-and-mortar business. So overall, we feel the strategy is working for us.

如果你拿北美的數字來說，我們已經看到非衡量渠道的顯著增長，達到衡量渠道的 4 到 5 倍。很明顯，那裡的增長很好。關鍵是要維持這種增長。我們的電子商務業務在本季度增長了兩位數，目前約占我們總銷售額的 14%。總的來說，我們看到這些業務的份額增長良好。事實上，如果你看看我們在中國看到的一些進步，這在很大程度上是由我們擁有的強大電子商務份額推動的。我在 CAGNY 展示了這一點。事實上，自 CAGNY 以來，我們一直在增加我們在中國的電子商務份額，同樣，在實體業務中。所以總的來說，我們覺得這個策略對我們有用。

Again, largely driven by the fact that we're supporting our businesses. We're using a wide spread of different mediums to grow brand awareness and brand penetration. Obviously, TV for a lot of reach and frequency given the scale and scope of our brands in many markets, but really fine-tuning behind our digital transformation, our ability to drive higher ROI spending in the digital space. And clearly, as we see more ROI coming, we see continued growth in terms of penetration, in terms of consumption, and in terms of ultimately delivering share growth and category growth for our retailers, we'll continue to elevate our spending.

同樣，這在很大程度上是由我們支持我們的業務這一事實驅動的。我們正在廣泛使用不同的媒體來提高品牌知名度和品牌滲透率。顯然，考慮到我們品牌在許多市場的規模和範圍，電視的覆蓋面和頻率很高，但在我們的數字轉型背後確實進行了微調，我們有能力在數字領域推動更高的投資回報率支出。很明顯，隨著我們看到更多的投資回報率，我們看到滲透率、消費量以及最終為我們的零售商帶來份額增長和類別增長方面的持續增長，我們將繼續提高我們的支出。

We're measuring it very quickly. This is not just for the sake of increasing spending. We want to be sure and absolutely deliberate and making sure that the spending is returning back to the brands, driving category growth. So there's not a specific number we're aimed at, Rob. We're looking to obviously continue to accelerate and sustain the top line and grow the health of our brands and we're seeing good results from the strategy we've put in the marketplace.

我們正在快速測量它。這不僅僅是為了增加支出。我們希望確定並絕對深思熟慮，確保支出回歸品牌，推動品類增長。所以我們沒有針對特定的數字，Rob。顯然，我們希望繼續加速和維持頂線，並提高我們品牌的健康度，我們看到我們在市場上實施的戰略取得了良好的效果。

Our next question today will come from Fulvio Cazzol of Berenberg.

我們今天的下一個問題將來自 Berenberg 的 Fulvio Cazzol。

Mine is on the medium-term outlook for the pet nutrition category. How should we think about the medium-term growth prospects as the tailwinds ease from increased pet ownership during COVID, et cetera. And I was also interested in your view on the competitive standpoint, like if you're making some investments on capacity. And I think some of your peers are making significant investments. I think Nestle is doing quite a bit on manufacturing. Is there a risk that the supply-demand balance turns less favorable in the coming years and result in softening industry pricing power? So that's my question.

我的觀點是寵物營養類別的中期展望。我們應該如何考慮中期增長前景，因為在 COVID 等期間寵物擁有量增加帶來的順風緩和。我也對你對競爭觀點的看法很感興趣，比如你是否正在對產能進行一些投資。我認為你們的一些同行正在進行重大投資。我認為雀巢在製造業方面做得很多。是否存在供需平衡在未來幾年變得不利並導致行業定價能力減弱的風險？這就是我的問題。

Yes. Thank you very much. Let me take -- let me answer a couple of ways on the first part. First, obviously, coming through COVID, pet adoptions increased quite significantly. Those pets will continue to obviously age, and we will have, obviously, therapeutic and wellness products delivered for an aging pet population. So we feel good about that. You will recall, we've talked about the low brand penetration and brand awareness of the Hill's franchise. So we feel even if the market softens a bit, which we have not necessarily seen a little softness in volume, but not necessarily in value, as you see premiumization continuing to grow the market today.

是的。非常感謝。讓我來回答第一部分的幾種方式。首先，顯然，通過 COVID，寵物收養量顯著增加。這些寵物將繼續明顯變老，顯然，我們將為老化的寵物群體提供治療和保健產品。所以我們對此感覺很好。你會記得，我們已經談到了希爾特許經營權的低品牌滲透率和品牌知名度。因此，即使市場有所走軟，我們也能感覺到，我們不一定會看到數量上有一點疲軟，但不一定會看到價值上的疲軟，正如你所看到的，今天的高端化繼續推動市場增長。

We feel we have the right portfolio of brands to continue to grow in the right investment strategy, hence, the aggressiveness of the advertising to ensure we're building brand awareness and penetration off the lower levels that we have today. And we also feel we've got opportunities internationally that we have yet to exploit given some of the capacity constraints that we have. And so we'll continue to obviously go after those moving forward.

我們認為我們擁有正確的品牌組合，可以在正確的投資策略中繼續增長，因此，廣告的積極性確保我們正在建立品牌知名度和滲透率，使我們今天擁有較低的水平。我們也覺得我們在國際上有機會，但鑑於我們的一些能力限制，我們還沒有利用這些機會。因此，我們顯然會繼續追求那些前進的方向。

We feel -- I can't address the capacity issues or where the capacity is in the market. We're obviously putting capacity for our business. And we see that, obviously, as a real plus for us as we move forward, not only to drive better efficiencies in the plants that we currently produce in. But as we bring Tonganoxie up to line as we bring the Italian facility up to speed relative to our recipes, we feel we have real growth opportunities to continue to expand those segments where we weren't competing nearly as aggressively in the past. And so overall, that will not only drive our business but will drive the category as well, given the levels of support that we'll continue to bring to our retailers.

我們覺得 - 我無法解決容量問題或容量在市場上的位置。我們顯然正在為我們的業務投入能力。顯然，我們認為這對我們來說是一個真正的優勢，因為我們向前邁進，不僅可以提高我們目前生產的工廠的效率。而且當我們讓 Tonganoxie 上線時，我們讓意大利工廠加快速度相對於我們的食譜，我們覺得我們有真正的增長機會，可以繼續擴大我們過去競爭不那麼激烈的那些細分市場。因此，總的來說，考慮到我們將繼續為零售商提供的支持水平，這不僅會推動我們的業務，還會推動該類別。

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

我們今天的最後一個問題將來自摩根大通的 Andrea Teixeira。

Noel, Stan, I appreciate the sequential improvement in volumes that you called out worldwide. Are you still seeing a premiumization playing out, starting to see consumer down trade into the entry level points in some parts of the world. I know mix is part of your volume numbers. So I was wondering if you can speak apples-to-apples into the volume increase that you're seeing sequentially.

諾埃爾、斯坦，我很欣賞你們在全球範圍內呼籲的銷量連續改善。您是否仍然看到高端化正在發揮作用，開始看到世界某些地區的消費品交易進入入門級點。我知道混合是你的音量數字的一部分。所以我想知道你是否可以將蘋果對蘋果說成你看到的連續增加的數量。

And then a clarification on the Latin America and in European, including EMEA. I understood the share stabilized, especially in Lat Am, but assuming it was mostly value share, given that, obviously, you're the leader and you're leading in pricing. So how about the volume share in those regions? And how are you seeing that play out as you progress, especially as you [overskew] in Personal Care, in particular, hand soap and the other categories within that sort of category.

然後澄清拉丁美洲和歐洲，包括 EMEA。我知道份額穩定了，尤其是在拉丁美洲，但假設它主要是價值份額，因為很明顯，你是領導者，你在定價方面處於領先地位。那麼這些地區的銷量份額如何？隨著您的進步，您如何看待這種情況，尤其是當您在個人護理領域 [overskew]，特別是洗手液和此類類別中的其他類別時。

Yes. Thanks for the question. Clearly, as we've seen in prior challenging the markets with a lot of inflation, you kind of have the tale of 2 cities, which is the premium segment continues to grow and that's the area where we're under-indexed in. So clearly, that's fueling a lot of our advertising investment and our channel strategies, particularly in Oral Care and in the Skin Health business. So we see that segment continuing to grow. The middle getting squeezed a bit and the lower end with the point you made, a little bit more trade down into the lower end.

是的。謝謝你的問題。顯然，正如我們之前在通貨膨脹率很高的市場挑戰中所看到的那樣，你有兩個城市的故事，這是高端市場繼續增長的領域，而這正是我們指數不足的領域。所以顯然，這推動了我們大量的廣告投資和渠道戰略，特別是在口腔護理和皮膚健康業務方面。因此，我們看到該細分市場繼續增長。中間部分被擠壓了一點，而你提出的觀點的下端，更多的交易向下端進入了下端。

Now remember that some of our lower end businesses, while the absolute margin dollars might be lower, the margin percent might be as good or better than some of our premium segments. So overall, we feel pretty good about the mix of our business, and that continues to be, in our view, a real advantage for our portfolio relative to the breadth of our portfolio.

現在請記住，我們的一些低端業務雖然絕對利潤率可能較低，但利潤率可能與我們的一些高端業務一樣好或更好。因此，總的來說，我們對我們的業務組合感覺非常好，而且在我們看來，相對於我們投資組合的廣度，這仍然是我們投資組合的真正優勢。

Relative to volume shares, particularly in the emerging markets, we have taken significant pricing in emerging markets. And we clearly done that to ensure we get the flexibility in the P&L as quickly as we possibly can, that we sustain the advertising numbers or increase them to drive the innovation and deliver the pricing, particularly for the premium side of the market. We've seen a little trade down, particularly more in the Home Care businesses. The cleaner's segment, I would point out in the dish segment, a little bit of trade down, particularly in Latin America. Personal Care, holding up okay. Bar soap tends to be more price elastic than many of our categories.

相對於銷量份額，尤其是在新興市場，我們在新興市場採取了重要定價。我們顯然這樣做是為了確保我們盡快獲得損益的靈活性，我們維持廣告數量或增加它們以推動創新並提供定價，特別是對於高端市場。我們看到了一些貿易下降，尤其是在家庭護理業務中。清潔工的部分，我會在盤子部分指出，有一點貿易下降，特別是在拉丁美洲。個人護理，撐得住。與我們的許多類別相比，條皂的價格往往更具彈性。

But we've seen a lot of constructive pricing from our competition. So there hasn't been a significant amount of trade down to private label as of yet, but we'll watch that very carefully. So Home Care a little bit more challenged, particularly around the Cleaner segment worldwide and Personal Care in the Bar Soap segment. Oral Care looks okay, as I mentioned, were up by double digit in Toothpaste with both positive pricing and positive volume.

但我們從競爭對手那裡看到了很多建設性的定價。因此，到目前為止還沒有大量的自有品牌交易，但我們會非常仔細地觀察。因此，家庭護理面臨更多挑戰，尤其是在全球清潔劑領域和香皂領域的個人護理領域。正如我提到的，口腔護理看起來還不錯，牙膏的價格和銷量都上漲了兩位數。

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。我現在將把電話轉回給高露潔董事長、總裁兼首席執行官諾埃爾華萊士，請他發表任何結束語。

Yes. Thanks, everyone, for your interest in our company. And let me just extend a personal thanks to the 34,000 Colgate people who have worked tirelessly to deliver a stronger momentum in the first quarter, getting us off to a strong start for the year. We greatly appreciate their steadfast resolve and the innovation that they're bringing to the market and the strong execution. So I look forward to talking to everyone in the second quarter. Thank you.

是的。謝謝大家對我們公司的關注。讓我向 34,000 名高露潔員工表示個人感謝，他們孜孜不倦地工作，在第一季度帶來了更強勁的勢頭，讓我們在今年有了一個強勁的開端。我們非常感謝他們為市場帶來的堅定決心和創新以及強大的執行力。所以我期待在第二季度與大家交談。謝謝。

The conference has now concluded. We 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。