科蒂集團 (COTY) 2023 Q1 法說會逐字稿

Good morning, ladies and gentlemen. My name is Gretchen, and I'll be your conference operator today. At this time, I would like to welcome everyone to Coty's First Quarter Fiscal 2023 Question-and-Answer Conference Call. As a reminder, this conference call is being recorded today, November 8, 2022.

早上好，女士們，先生們。我的名字是 Gretchen，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 Coty 的 2023 財年第一季度問答電話會議。提醒一下，本次電話會議將於 2022 年 11 月 8 日錄製。

Please note that earlier this morning, Coty's issued a press release and prepared remarks webcast, which can be found on its Investor Relations website.

請注意，今天上午早些時候，科蒂發布了新聞稿並準備了評論網絡直播，可在其投資者關係網站上找到。

On today's call are Sue Nabi, Chief Executive Officer; and Laurent Mercier, Chief Financial Officer.

今天的電話會議是首席執行官 Sue Nabi；和首席財務官 Laurent Mercier。

I would like to remind you that many of the comments today may contain forward-looking statements. Please refer to Coty's earnings release and the reports filed with the SEC where the company lists factors that could cause actual results to differ materially from these forward-looking statements.

我想提醒您，今天的許多評論可能包含前瞻性陳述。請參閱 Coty 的收益發布和提交給 SEC 的報告，其中公司列出了可能導致實際結果與這些前瞻性陳述產生重大差異的因素。

In addition, except where noted, the discussion of Coty's financial results and Coty's expectation reflect certain adjustments as specified in the non-GAAP financial measures section of the company's release.

此外，除非另有說明，對科蒂財務業績和科蒂預期的討論反映了公司新聞稿中非公認會計準則財務措施部分中規定的某些調整。

With that, we will now open for questions.

有了這個，我們現在開始提問。

(Operator Instructions) And we'll take our first question from Ashley Helgans from Jefferies.

（操作員說明）我們將向 Jefferies 的 Ashley Helgans 提出第一個問題。

Congrats on the quarter. So to start, it was nice to see China return to growth. Can you just talk about some of the drivers in the region and your expectations for recovery for the balance of the fiscal year?

祝賀本季度。因此，首先，很高興看到中國恢復增長。您能否談談該地區的一些驅動因素以及您對本財年餘下時間復甦的預期？

Ashley, this is Sue speaking. Yes, China is slightly positive, which is, in a way, a good news for us, even if this region of the world and this country is only 4% of our net revenue. So in a way, we are protected against all these lockdowns that we've been seeing since a few months now that are continuing and that we do not see improving in the coming quarter and probably quarter, if I may.

阿什利，這是蘇說話。是的，中國略顯積極，這在某種程度上對我們來說是個好消息，即使這個地區和這個國家只占我們淨收入的 4%。因此，在某種程度上，我們受到保護，不受幾個月以來一直在繼續的所有這些封鎖的影響，如果可能的話，我們看不到下一個季度甚至可能是一個季度的改善。

But at the same time, starting from a slow base -- small base, sorry, Coty is seeing a lot of potential upside in this country, of course, with the fragrance business. Again, I'd love to remind everyone that this business in this country is only 3% penetration. And our brands, if you think about Chloé, that's the #1 new brand at Sephora. Gucci, Burberry, Calvin Klein, Hugo Boss, all these brands that are doing fabulously well globally are growth engines for the near future and the, I would say, far future for the company, of course, as you can imagine.

但與此同時，從一個緩慢的基數開始——小基數，對不起，科蒂在這個國家看到了很多潛在的上升空間，當然，香水業務也是如此。再一次，我想提醒大家，這個行業在這個國家的滲透率只有 3%。我們的品牌，如果你想到 Chloé，那就是絲芙蘭排名第一的新品牌。 Gucci、Burberry、Calvin Klein、Hugo Boss，所有這些在全球範圍內表現出色的品牌都是近期的增長引擎，我想說的是，當然，正如你可以想像的那樣，公司的未來也是如此。

On makeup, again, we started with Gucci makeup and Burberry makeup. And both brands had a fantastic start before lockdowns. And this is the category, I would say, that the most impacted by the recent series of lockdowns.

在化妝方面，我們再次從 Gucci 化妝和 Burberry 化妝開始。在鎖定之前，這兩個品牌都有一個出色的開端。我想說，這是受最近一系列封鎖影響最大的類別。

And last but not least, skincare, 70% of the Chinese market of beauty, huge, huge potential for the company as you can imagine. And there, we are starting with the first brand, which is Lancaster. As you see it during the presentation, Lancaster in Hainan. So its sales multiplied by 5 year-on-year, which is a great demonstration of the desirability for the brand towards the most demanding Chinese consumers. This is one.

最後但並非最不重要的一點是，護膚品，佔中國美容市場 70% 的份額，對於公司而言，您可以想像到的巨大潛力。在那裡，我們從第一個品牌 Lancaster 開始。正如你在演講中看到的，海南的蘭開斯特。所以它的銷售額同比增長了5倍，這很好地證明了該品牌對最苛刻的中國消費者的渴望。這是一。

Second, Lancaster, which is at Sephora as a niche exclusive brand until recently is the #1 niche skincare brand at Sephora in China. And this gives us a great confidence specifically after the Investors Day that we've done 1.5 months ago to start with this brand as the first, I would say, foray into the big, huge skin care market in China. So this is the way I would describe the situation in terms of how we are in a way doing quite okay in China despite all these very difficult environments.

其次，直到最近在絲芙蘭還是小眾獨家品牌的蘭開斯特是絲芙蘭在中國排名第一的小眾護膚品牌。這給了我們很大的信心，特別是在我們 1.5 個月前的投資者日之後，我們將這個品牌作為第一個，我想說的是，進軍中國龐大的護膚品市場。因此，這就是我描述情況的方式，即儘管在所有這些非常困難的環境下，我們在中國的表現還不錯。

Great. And if I could just throw in one more. We're starting to hear about some trade down in some beauty categories. We're curious if you've seen any of these trends within your consumer division and overall expectations for the consumer division if we do go into a recession.

偉大的。如果我可以再扔一個。我們開始聽到一些美容品類的交易下降。如果我們確實陷入衰退，我們很好奇您是否在您的消費者部門中看到了這些趨勢以及對消費者部門的總體預期。

Yes, that's a good question that we hear a lot. And honestly, we don't see any kind of trade down or slow down, by the way. No trade down at all. If you see our Prestige division, in a way, we are running after supply because the market is booming. This is what we love to call the fragrance index because our innovations are doing fantastically well, and we see it also in the way retailers are ordering from us, including sometimes ordering in advance during Q1 for the Q2 season. So on this part, we don't see this.

是的，這是一個很好的問題，我們經常聽到。老實說，順便說一句，我們沒有看到任何形式的交易放緩或放緩。完全沒有降價交易。如果您看到我們的 Prestige 部門，在某種程度上，我們正在追逐供應，因為市場正在蓬勃發展。這就是我們喜歡稱之為香水指數的東西，因為我們的創新做得非常好，我們也看到了零售商向我們訂購的方式，包括有時在第一季度為第二季度提前訂購。所以在這部分，我們看不到這一點。

And the second element is that our Consumer Beauty business, as you've seen in the figures, plus 12% like-for-like, is doing also fantastically well. And this is thanks to the great work that the teams at Coty have done behind the different brands, making sure to take these brands from large heritage brand that people trust into still the same qualities. But on top of this, what we call cool brands. And I'd love to talk about smart shopping also. A lot of consumers are also shopping there, saying this brand is a cool brand. And it proposes products that are the quality of other products that are more expensive. And therefore, you can see that in both divisions, the premiumized beauty, be it the desirable one from luxury or the cool smart purchase in Consumer Beauty. These 2 premiumized parts of the business are doing great, and this is what explains in a way the results that you see across both divisions.

第二個因素是我們的消費者美容業務，正如你在數據中看到的那樣，加上 12% 的點贊率，也表現得非常好。這要歸功於 Coty 團隊在不同品牌背後所做的出色工作，確保將這些品牌從人們信任的大型傳統品牌中汲取到相同的品質。但最重要的是，我們稱之為酷品牌。我也很想談談智能購物。很多消費者也在那裡購物，說這個品牌很酷。它提出的產品質量與其他更昂貴的產品相同。因此，您可以看到，在這兩個部門中，高端美容產品，無論是奢侈品中的理想產品，還是 Consumer Beauty 中的酷智能購買產品。業務的這兩個高端部分做得很好，這就是您在兩個部門看到的結果的某種解釋。

Our next question comes from Anna Lizzul from Bank of America.

我們的下一個問題來自美國銀行的 Anna Lizzul。

On the mass beauty side, some of your competitors are gaining shelf space at key retailers domestically, such as Walmart and Target and the drugstores. Just as you're continuing to stabilize and gain market share, can you talk a bit about your distribution of brands such as CoverGirl? And are you happy with the current shelf space of the brand? And also, is there any opportunity to gain shelf space from struggling brands such as Revlon?

在大眾美容方面，您的一些競爭對手正在國內的主要零售商中獲得貨架空間，例如沃爾瑪和塔吉特以及藥店。就在您繼續穩定並獲得市場份額的同時，您能談談您對 CoverGirl 等品牌的分銷嗎？您對品牌目前的貨架空間滿意嗎？此外，是否有機會從露華濃等苦苦掙扎的品牌中獲得貨架空間？

So thank you for your question. Again, when it comes to the shelf resets for the Consumer Beauty division, I would say that for spring 2023, which is the next, I would say, slot, we expect to maintain a stable shelf space for our Consumer Beauty business globally. We also expect at the same time pockets on incremental shelf space gains, particularly in the U.K. driven by the outstanding success behind Rimmel Kind & Free, new vegan and sustainable line of makeup and mascaras and powders. Also behind Sally Hansen that's seen in many, many markets, as you know, the undisputed leader of the nail business, and therefore, many countries are now giving more space to Sally Hansen.

所以謝謝你的問題。同樣，當談到消費者美容部門的貨架重置時，我想說的是，對於 2023 年春季，我想說，這是下一個時段，我們希望在全球範圍內為我們的消費者美容業務保持穩定的貨架空間。同時，我們還期望增加貨架空間，尤其是在英國，這得益於 Rimmel Kind & Free、新的素食和可持續化妝品、睫毛膏和粉末系列產品取得的巨大成功。正如你所知，在許多市場上看到的 Sally Hansen 也是美甲行業無可爭議的領導者，因此，許多國家現在都在為 Sally Hansen 提供更多空間。

And last but not least, Bourjois, which we have very successfully repositioned recently. Remember, Bourjois has the #1 selling mascara in a very competitive country like France. And Bourjois is reentering several markets, including recently U.K. where the brand is exclusive to Superdrug and doing very, very well over there. We also expect incremental gains for CoverGirl in a mix of tracked and nontracked channels. So this is, I would say, the overall picture that I can share with you when it comes to the shelf space future movements.

最後但同樣重要的是，我們最近非常成功地重新定位了 Bourjois。請記住，Bourjois 在法國等競爭非常激烈的國家擁有銷量第一的睫毛膏。 Bourjois 正在重新進入幾個市場，包括最近在英國，該品牌是 Superdrug 獨有的，並且在那裡做得非常非常好。我們還期望 CoverGirl 在跟踪和非跟踪渠道的混合中獲得增量收益。因此，我想說，這是我可以與您分享的關於貨架空間未來運動的總體情況。

Next question comes from Nik Modi from RBC Capital.

下一個問題來自 RBC Capital 的 Nik Modi。

Two questions. One is just more of a housekeeping item. I'm trying to understand what's actually happening with glass. I mean if you can just provide what's actually the derivation of the supply shortages?

兩個問題。一個只是更多的家務用品。我試圖了解玻璃的實際情況。我的意思是，如果你能提供供應短缺的真正原因是什麼？

And then the bigger picture question, Sue, I love your kind of big picture thoughts on this is it looks like the fragrance category is shifting away from gifting and more towards kind of self-consumption, at least from what we can see. I'm just curious how -- is that certainly -- do you agree with that statement? Number one. And how does that change your strategy as you move forward to kind of keep the momentum going?

然後是更大的問題，Sue，我喜歡你對這個問題的總體看法，看起來香水類別正在從送禮轉向自我消費，至少從我們所看到的情況來看是這樣。我只是很好奇——那是肯定的——你同意這個說法嗎？第一。當您繼續前進以保持勢頭時，這將如何改變您的策略？

Yes, Nik, thank you so much. These are 2 indeed very important questions that we are asking ourselves on a daily basis. And let me share with you the way we see it at Coty. On glass, this is quite factual. In fact, it's really about the reduced number of suppliers doing quality glass. And they are not a lot, and mainly European-based. So this is what explains, in fact, the tension that we are seeing today. And this tension, in fact, is exacerbated by the fragrance index, in fact, so -- for Coty by the big success behind our innovations from 2021. This is, I would say, very simply said the overall picture, small number of suppliers, booming category worldwide and booming innovations at Coty far above our best expectations from last year. So this is what explains this, I would say, tension around glass.

是的，尼克，非常感謝你。這些確實是我們每天都在問自己的兩個非常重要的問題。讓我與您分享我們在科蒂的看法。在玻璃上，這是非常真實的。事實上，這實際上與生產優質玻璃的供應商數量減少有關。而且他們並不多，主要是歐洲人。事實上，這就是我們今天所看到的緊張局勢的解釋。事實上，香水指數加劇了這種緊張局勢，事實上，對於科蒂來說，我們從 2021 年開始的創新背後取得了巨大成功。我想說，這是非常簡單的整體情況，供應商數量很少，全球範圍內蓬勃發展的類別和科蒂蓬勃發展的創新遠遠超出了我們去年的最佳預期。所以這就是解釋這個的原因，我想說，玻璃周圍的張力。

When it comes to the fragrance business and shifting away from gifting to self-consumption, this is absolutely true, and this is great in a way for our business because as you can imagine, our SaaS consumption of fragrances is much more relutive for us than gift sets, which are dilutive in general. So that's a great, I would say, sign of a category whose penetration is increasing. So we are less into, I would say, the classical consumption of gifting, which people do automatically year-over-year. And we are more into I'm buying something for me, I'm buying something if I am a young Gen Z that I'm going to show in social media or if I am any other consumer, I'm going to wear hopefully for the remainder of the year or for many, many years. And this shift is clearly a structural shift that we are seeing and the best demonstration is the fact that people are buying more and more, I would say, expensive items. They are moving strongly from eau de toilette to eau de parfum. Eau de parfum in larger sizes, which is clearly another demonstration of self-consumption.

當談到香水業務並從送禮轉向自我消費時，這是絕對正確的，這在某種程度上對我們的業務來說非常好，因為正如你可以想像的那樣，我們對香水的 SaaS 消費對我們來說比禮品套裝，通常具有稀釋性。所以我想說，這是一個滲透率正在增加的類別的一個很好的標誌。因此，我會說，我們不太喜歡傳統的送禮消費，人們每年都會自動這樣做。我們更喜歡為我買東西在這一年的剩餘時間裡，或者很多很多年。這種轉變顯然是我們所看到的結構性轉變，最好的證明是人們購買越來越多，我想說，昂貴的物品。他們正在強烈地從淡香水轉向淡香水。大號的淡香精，這顯然是另一種自我消費的表現。

And second, a lot of them are moving from the eau de parfum into what we used to call the niche category, which I do believe is not anymore a niche category given the growth and the size this category is starting to have in many, many areas around the world. And this is clearly what is at play behind the famous fragrance index. And you can relate this to, of course, social media.

其次，他們中的許多人正在從淡香精轉向我們過去所說的利基類別，鑑於這個類別開始在很多很多中的增長和規模，我相信這不再是一個利基類別世界各地。這顯然是著名的香水指數背後的原因。當然，您可以將其與社交媒體聯繫起來。

But I have to say, to also heighten quality from us, suppliers of fragrances, there used to be years and years where the beauty industry, including from Prestige, was launching fragrances that were honestly not at the right level of quality. And since maybe 7, 8 years, this has been corrected probably because of niche brands showing the way to most of the other brands. And today, the heritage brand catches up totally and very strongly, and this is what we are seeing today in terms of fragrance index that some call the wellbeing index, and I think it's totally right.

但我不得不說，為了提高我們香水供應商的質量，過去幾年來，包括 Prestige 在內的美容行業一直在推出質量不合適的香水。大概從 7 到 8 年以來，這種情況已經得到糾正，可能是因為小眾品牌向大多數其他品牌展示了道路。而今天，傳統品牌完全和非常強勁地迎頭趕上，這就是我們今天在香水指數方面看到的，有些人稱之為幸福指數，我認為這是完全正確的。

Our next question comes from Andrea Teixeira from JPMorgan.

我們的下一個問題來自摩根大通的 Andrea Teixeira。

This is Shovana from -- speaking on behalf of Andrea. I was wondering with about like low single-digit pricing in the beginning of calendar year '22 mid-single pricing across the portfolio and like late summer and another round of like planned low single-digit price increases in fiscal quarter 3, are you assuming volumes will be declining in the current guidance?

我是來自 Andrea 的 Shovana。我想知道在 22 年年初的低個位數定價整個投資組合中的中單價，像夏末和另一輪類似計劃在第三財季的低個位數價格上漲，你假設在目前的指導下，銷量會下降嗎？

Absolutely. So I mean, it's important to remind that we anticipated, and this is something that we built more than a year ago. We built a pricing office exactly to be able, indeed, to implement price increase. And this was, of course, absolutely needed to mitigate to offset inflation. And you've seen tangible results as we are growing gross margin by 70 basis points. So indeed, we did low -- mid-single digit recently, and we continue.

絕對地。所以我的意思是，重要的是要提醒我們預期，這是我們一年多前建造的東西。我們建立了一個定價辦公室，正是為了能夠實現價格上漲。當然，這絕對是緩解通脹所需要的。隨著我們將毛利率提高 70 個基點，您已經看到了切實的成果。所以確實，我們最近做得很低——中個位數，我們繼續。

We are not seeing any decline. And definitely, when we are doing this price increase, we do it at a very -- in a very granular manner. And we are taking opportunity also of the great momentum that we're having on our brands and the support that we are putting on our brands and also great innovations. So it's really part of all these equations that we are doing. And the tangible result is that our volumes, fragrance, are growing and volumes in Consumer Beauty are growing.

我們沒有看到任何下降。毫無疑問，當我們進行價格上漲時，我們會以非常 - 非常細化的方式進行。我們也在利用我們品牌所擁有的巨大動力以及我們對品牌的支持以及偉大的創新。所以它確實是我們正在做的所有這些方程式的一部分。有形的結果是我們的銷量（香水）正在增長，消費者美容產品的銷量也在增長。

Your next question comes from Olivia Tong from Raymond James.

您的下一個問題來自 Raymond James 的 Olivia Tong。

I wanted to talk a little bit about the shortage hitting fragrance and where you stand relative to the past in terms of the glass quality and what have you. And to what extent you think it could impact holiday, your ability to supply gift sets during what is obviously an important period continue?

我想談談香水短缺的問題，以及你在玻璃質量和你擁有什麼方面相對於過去的地位。您認為這會在多大程度上影響假期，您在明顯重要的時期提供禮品套裝的能力是否會繼續？

Definitely. So we confirm our guidance, 6% to 8%. So you see that there is no change on our guidance either for H1, 6% to 8%, excluding Russia, of full year. We confirm the 6% to 8% growth, excluding Russia. So -- and this is following a strong Q1, as you -- we just published. The demand is very strong. At the same time, we are monitoring very closely all the tensions that we are facing on components. Fragrance of, yes, is the #1 tension that we are seeing, but we are seeing also as all our peers, also tension on caps and, to some extent, on funds. So we are monitoring tightly. But despite this tension on components, we are confirming our guidance H1 of this year.

確實。所以我們確認我們的指導，6% 到 8%。因此，您會看到我們對上半年的指導沒有變化，全年 6% 至 8%（不包括俄羅斯）。我們確認了 6% 到 8% 的增長，不包括俄羅斯。所以 - 這是繼強勁的第一季度之後，正如你一樣 - 我們剛剛發布。需求非常強烈。與此同時，我們正在密切關注我們在組件方面面臨的所有緊張局勢。是的，是的，是我們所看到的第一大緊張局勢，但我們和所有同行一樣，也看到了上限和某種程度上的資金緊張局勢。所以我們正在密切關注。但是，儘管組件方面存在這種緊張關係，我們仍在確認我們今年上半年的指導。

Can you give any color into what you think the impact of the glass shortage had on the results this quarter? And then broadly, just in terms of SG&A, I mean, this is the best performance, the lowest SG&A we've seen in several years, even prior to COVID. So can you just talk about the SG&A opportunity in front of you, what's driving that improvement this quarter, particularly against what's arguably a bit more of a challenging comp for you guys? The comps obviously get a fair bit easier as the year progresses. So just if you could talk a little bit about the SG&A opportunity in front of you, that would be fantastic.

您能否說明您認為玻璃短缺對本季度業績的影響？然後從廣義上講，僅就 SG&A 而言，我的意思是，這是最好的表現，是我們幾年來甚至在 COVID 之前看到的最低 SG&A。那麼，您能否談談您面前的 SG&A 機會，是什麼推動了本季度的改進，尤其是對你們來說可能更具挑戰性的競爭？隨著時間的推移，比賽顯然會變得相當容易。所以，如果你能談談你面前的 SG&A 機會，那就太棒了。

Olivia, I'm going to take the first part, which is around the impact of the shortages on the results in Q1. Again, our mass service level is in the low 90s, which is quite good compared to what we are seeing around us. On Prestige, it's roughly under 80%, which is not good, if I may say, but in the same level of our peer set. So we're not worse than the others, but we're not better than the others. But I can just give you how much the potential of our prestige quarter would have been if we didn't face this kind of, I would say, limitations. The sellout for Prestige in the quarter was in the low teens. And the performance of the division was 7% like-for-like, excluding Russia. This gives you an idea of how strong is our fragrance business at the moment.

奧利維亞，我將討論第一部分，即短缺對第一季度業績的影響。同樣，我們的大眾服務水平處於 90 年代的低水平，與我們周圍看到的相比，這是相當不錯的。在 Prestige 上，它大約低於 80%，如果我可以說，這並不好，但與我們的同行處於同一水平。所以我們並不比別人差，但我們也不比別人好。但我可以告訴你，如果我們沒有面臨這種我想說的限制，我們的聲望季度的潛力會有多大。本季度 Prestige 的售罄率處於低位。該部門的業績為 7%，不包括俄羅斯。這讓您了解我們目前的香水業務有多強大。

So Olivia, on your second question on SG&A, there is one specific element we need to consider, which is the ForEx. As I highlighted during my presentation and a few times, we have, of course, a very significant ForEx headwind on top line, and we say it's about 6% to 8%.

所以奧利維亞，關於你關於 SG&A 的第二個問題，我們需要考慮一個具體的元素，那就是外匯。正如我在演講中和幾次強調的那樣，我們當然在頂線上遇到了非常重要的外匯逆風，我們說它大約是 6% 到 8%。

But on P&L side, I shared also that we have a natural hedging in Coty because we have cost of goods, which are sitting in Europe. We have factories in Europe. But it's also the case on A&CP and SG&A because we have teams in Europe. So to be more specific on SG&A, we have HQ in Amsterdam. We have also a team in Paris, so -- and we have also a sizable team in U.K. So there is a mechanical effect of currency, which is lowering SG&A in reporting numbers dollar.

但在損益方面，我還分享說，我們在科蒂有自然對沖，因為我們有商品成本，而這些成本位於歐洲。我們在歐洲有工廠。但 A&CP 和 SG&A 也是如此，因為我們在歐洲有團隊。因此，為了更具體地了解 SG&A，我們在阿姆斯特丹設有總部。我們在巴黎也有一個團隊，所以 - 我們在英國也有一個相當大的團隊。所以貨幣的機械效應正在降低 SG&A 報告數字的美元。

Having said that, we are -- we keep working, of course, on SG&A reduction. This is completely part of our all-in to win agenda. So we keep this work. We continue. And definitely, we amplify and we have some additional initiatives, especially on support function to continue how to have nimble organization within Coty and to manage our equation.

話雖如此，我們 - 當然，我們會繼續努力減少 SG&A。這完全是我們全力以赴贏得議程的一部分。所以我們保留了這項工作。我們繼續。毫無疑問，我們會擴大規模，並且我們有一些額外的舉措，特別是在支持職能方面，以繼續如何在科蒂內部建立靈活的組織並管理我們的方程式。

Our next question comes from Steve Powers from Deutsche Bank.

我們的下一個問題來自德意志銀行的史蒂夫鮑爾斯。

Just on the full year reaffirmation of guidance, it sounds like you've assumed more or less current consumer demand conditions remain intact. I guess within that, I'm wondering if you have any allowances embedded for even modest demand slowing or allowances for retailers to potentially pull back in inventory. If they foresee potential slowing or alternatively, what levers you have at your disposable should those conditions arise?

就在全年重申指導方針時，聽起來你已經或多或少地假設當前的消費者需求狀況保持不變。我想在這其中，我想知道您是否有任何允許即使是適度的需求放緩或允許零售商可能減少庫存。如果他們預見到潛在的放緩或替代方案，如果出現這些情況，您有哪些可支配的槓桿？

Steve, so indeed, we confirm our full year guidance, top line, 6% to 8% and the EBITDA guidance, $955 million to $965 million. And obviously, we confirm our road map towards 4x leverage ratio by end of calendar '22. So indeed, we are -- as Sue shared and mentioned and you see confirmation in the numbers, we are not seeing any slowdown in the demand. And even in Q1, as we just shared, I mean, the demand and the sellout is even stronger. So definitely, this is -- there is good momentum on Consumer Beauty and Prestige. We are not seeing any slowdown and all the plans that we have in place that give us full confidence about this momentum and this dynamic. At the same time, definitely, we are -- I am monitoring, we are monitoring really all the actions that we have been all in to win are giving us also some munitions to manage and to mitigate the equation. So this is really the way we monitor.

史蒂夫，所以事實上，我們確認了我們的全年指導，頂線，6% 到 8% 和 EBITDA 指導，9.55 億美元到 9.65 億美元。顯然，我們在 22 年年底前確認了實現 4 倍槓桿率的路線圖。因此，事實上，我們是 - 正如 Sue 所分享和提到的，並且您在數字中看到了確認，我們沒有看到需求出現任何放緩。即使在第一季度，正如我們剛剛分享的那樣，我的意思是，需求和售罄更加強勁。所以絕對是——消費者美容和聲望有良好的勢頭。我們沒有看到任何放緩以及我們制定的所有計劃，這些計劃使我們對這種勢頭和這種動態充滿信心。與此同時，毫無疑問，我們正在——我正在監控，我們正在監控我們為贏得勝利而全力以赴的所有行動，這也為我們提供了一些彈藥來管理和緩解等式。所以這確實是我們監控的方式。

And also to -- on your specific question about retailers, destocking and so on, what we are seeing, definitely, we are not seeing any destocking. I mean. Even in the context of supply chain tension, we are seeing more, okay, some need really to fulfill and really to push for selling. This is what we are seeing in Q1 and we see currently.

還有——關於你關於零售商、去庫存等的具體問題，我們所看到的，當然，我們沒有看到任何去庫存。我是說。即使在供應鏈緊張的情況下，我們也看到了更多，好吧，有些人需要真正實現並真正推動銷售。這就是我們在第一季度看到的，也是我們目前看到的。

Okay. That's very helpful. And then if I could, I have to ask on Gucci because while you and Kering at this point have both acknowledged that license has a number of years left remaining, Kering, I'm sure you know, continues to talk pretty openly about work they're doing to potentially take that license, that business back in-house over time, even if years down the road. And I guess, I'm just wondering if there's anything you can additionally offer on the Kering standing of that relationship, whether renewal ultimately is at your discretion for Kering. And if it's at theirs, the question I keep getting from investors is how that impacts your willingness to continually invest in a franchise that has been central to your ambitions, especially in Prestige makeup, et cetera, with the risk that, that portfolio may one day revert back to the original brand owner. Just how you're thinking about that.

好的。這很有幫助。如果可以的話，我必須問一下 Gucci，因為此時您和開雲都承認許可證還有很多年，我相信您知道，開雲繼續非常公開地談論他們的工作'隨著時間的推移，可能會將該許可證，該業務帶回內部，即使是幾年後。而且我想，我只是想知道您是否可以就這種關係的開雲地位提供任何額外的東西，續約是否最終由開云自行決定。如果是他們的問題，我不斷從投資者那裡得到的問題是，這將如何影響您繼續投資對您的雄心壯志至關重要的特許經營權的意願，尤其是在 Prestige 化妝品等領域，風險在於，該投資組合可能是一個天恢復到原來的品牌所有者。只是你是怎麼想的。

Again, first of all, again, what we have heard is that beauty is a very attractive category. And this we see it, of course, even more today, given what's happening around us and specifically the fragrance index. And it makes sense that others would do some initial work on that space. What we have heard has nothing to do with Gucci, if I'm not wrong. We have the license for the long term as confirmed by Kering themselves, and there is also no mechanism for an early exit.

再一次，首先，再一次，我們聽到的是，美是一個非常有吸引力的類別。當然，鑑於我們周圍發生的事情，特別是香水指數，我們今天看到的更多。其他人會在該領域做一些初步工作是有道理的。如果我沒記錯的話，我們所聽到的與 Gucci 無關。我們擁有開雲集團自己確認的長期許可，也沒有提前退出的機制。

The other thing I want to share with you is that this is one of the growth engines of the company. It's certainly not the only one. I can tell you that the success we are seeing behind our Prestige division is clearly widespread across the different brands. And every quarter, we have a new brand, thanks to the work we are doing, that's joining the pack of growth drivers into the company without even talking about skincare. That's the biggest upside potential for the company, I would say, in the coming years.

我想和大家分享的另一件事是，這是公司的增長引擎之一。它當然不是唯一的。我可以告訴你，我們在 Prestige 部門背後看到的成功顯然在不同品牌中普遍存在。每個季度，我們都有一個新品牌，這要歸功於我們正在做的工作，它把增長動力包加入了公司，甚至不用談論護膚品。我想說，這是該公司未來幾年最大的上行潛力。

Last but not least, I can tell you that the relationship between us and Gucci is fantastic, I have to tell you. The results we got behind Gucci Flora Gorgeous Gardenia last year and Gorgeous Jasmine this year are unprecedented as you've seen it during the presentation today. And I was last week in Singapore together with Marco Bizzarri, and we made the opening of a beautiful, fantastic new boutique in the middle of Singapore.

最後但同樣重要的是，我可以告訴你，我們和 Gucci 之間的關係非常好，我必須告訴你。我們在去年的 Gucci Flora Gorgeous Gardenia 和今年的 Gorgeous Jasmine 背後取得的成果是前所未有的，正如您在今天的演示中所看到的那樣。上週我和 Marco Bizzarri 一起在新加坡，我們在新加坡中部開設了一家美麗、夢幻般的新精品店。

Next question comes from Rob Ottenstein from Evercore.

下一個問題來自 Evercore 的 Rob Ottenstein。

Apologies if you covered this, this morning. But you said you're not really seeing any weakness. Can you kind of bear that down into Europe, given everything we hear, right, about increasingly strained consumer? Maybe touch on a little bit more on Max Factor and Rimmel, what you're seeing there. And then also, if you can touch on Travel Retail, your initiatives in Travel Retail. Everywhere I travel, I do absolutely see more and more of your brands. So maybe talk a little bit about that and how they see the December quarter outside of Hainan in terms of increased traveling and the impact on your business.

抱歉，如果您今天早上報導了這一點。但你說你並沒有真正看到任何弱點。考慮到我們聽到的關於消費者日益緊張的一切，你能忍受到歐洲嗎？也許更多地涉及 Max Factor 和 Rimmel，你在那裡看到的。此外，如果您可以觸及旅遊零售，您在旅遊零售方面的舉措。無論我走到哪裡，我都會看到越來越多的你們的品牌。因此，也許可以談談這一點，以及他們如何看待海南以外的 12 月季度旅行增加和對您業務的影響。

This is Sue, Rob. Thank you for your question. Again, I confirm that we are not seeing any weakness, including in EMEA. You've seen that EMEA is growing double digits. Part of it is, of course, Travel Retail. That's doing fantastically well. And I come back on this part later in my answer.

這是蘇，羅伯。謝謝你的問題。我再次確認，我們沒有看到任何弱點，包括在歐洲、中東和非洲地區。您已經看到 EMEA 正在以兩位數的速度增長。當然，其中一部分是旅遊零售。這做得非常好。我稍後會在我的回答中回到這部分。

But on the fragrance part, Europe is doing also very well. Our brands are doing very well. Recently, we even saw France that used to be an entry Prestige market, mainly moving towards Premium or ultra premium/luxury fragrances, which is a first and says a lot about where consumers are going, including in the biggest country in Europe, which is France.

但在香水方面，歐洲也做得很好。我們的品牌做得很好。最近，我們甚至看到法國曾經是 Prestige 市場的入口，主要轉向高級或超高級/豪華香水，這是第一次，並且說明了很多消費者的去向，包括在歐洲最大的國家，即法國。

When it comes to our Consumer Beauty business, you're right to point out that Max Factor and Rimmel, these are the 2 brands that are, in a way, strongly taking our market shares up. Rimmel again, we've presented to you the plan of Rimmel, which was first to lead on clean beauty, which has done fantastically well, thanks to Kind & Free, which is today representing more or less 10% of the net revenues of the brand and a big success in many, many parts around the world opening the brand to the younger generation in a massive way, I have to say.

當談到我們的消費者美容業務時，您可以正確指出 Max Factor 和 Rimmel，這兩個品牌在某種程度上佔據了我們的市場份額。 Rimmel 再次向您介紹了 Rimmel 的計劃，該計劃率先引領清潔美容，由於 Kind & Free 的支持，該計劃做得非常好，如今它或多或少地佔了該公司淨收入的 10%品牌並在世界許多地方取得了巨大的成功，我不得不說，該品牌以大規模的方式向年輕一代開放。

And remember, I spoke to you about how we are learning quickly how to create products that can become Tiktok sensations, and Thrill Seeker, the latest mascara from Rimmel is exactly the embodiment of all of this. It was created with TikTok in mind by TikTokers that we have in-house. And with TikToker in part of the TV commercial, as you've seen it a few minutes ago. And the result is that Thrill Seeker is the second mascara of the U.K. market and the biggest mascara launch for Rimmel since many, many years.

請記住，我曾與您談過我們如何快速學習如何創造可以成為 Tiktok 感覺的產品，而 Rimmel 最新的睫毛膏 Thrill Seeker 正是這一切的體現。它是由我們內部的 TikTokers 考慮到 TikTok 而創建的。正如您在幾分鐘前看到的那樣，在電視廣告中使用了 TikToker。結果是，Thrill Seeker 成為英國市場的第二款睫毛膏，也是多年來 Rimmel 推出的最大的睫毛膏。

On Max Factor, the brand is gaining market share consistently and globally, and this is thanks to a strategy that's very well developed between base business and new innovation. And this brand, once it has been repositioned towards late millennials and Gen X, is doing fantastically well its job, which is to capture this audience that has the spending power, that is more sophisticated and that is looking for products that stand the test of time. And this is exactly what Max Factor is all about today.

在 Max Factor 上，該品牌在全球範圍內不斷獲得市場份額，這要歸功於在基礎業務和新創新之間發展良好的戰略。而這個品牌，一旦重新定位於千禧一代和 X 一代，它的工作就做得非常好，那就是抓住有消費能力的觀眾，更成熟，正在尋找經得起考驗的產品時間。這正是今天 Max Factor 的意義所在。

And last but not least, the last part is about Travel Retail. Even if travel is still 20% to 30% below the levels of 2019, we see this part of the business booming at Coty, plus 30-something percent of growth. And this is thanks, of course, to our fragrance dynamism, the dynamism of our brands, the fragrance index. But also because we added 2 new legs to this business. The first one is Prestige makeup, think Kylie Cosmetics. That's doing very, very well everywhere we are opening this brand. But also skincare, thanks to Lancaster. That's, again, booming in Hainan, which is this, I would say, a central place now when it comes to Travel Retail in the Asian region, but also elsewhere. So in a way, we do not see this weakness happening. And at the moment, we are really running after rebuilding the stocks behind our fragrance products.

最後但同樣重要的是，最後一部分是關於旅遊零售的。即使旅行仍然比 2019 年的水平低 20% 到 30%，我們看到這部分業務在科蒂蓬勃發展，加上 30% 左右的增長。當然，這要歸功於我們的香水活力，我們品牌的活力，香水指數。但也因為我們為這項業務增加了兩條新腿。第一個是 Prestige 彩妝，想想 Kylie Cosmetics。這在我們開設這個品牌的任何地方都做得非常非常好。還有護膚品，多虧了蘭開斯特。這再次在海南蓬勃發展，我想說，這裡是亞洲地區乃至其他地區旅遊零售業的中心。所以在某種程度上，我們沒有看到這種弱點發生。目前，我們正在重建香水產品背後的庫存。

Your next question comes from Chris Carey from Wells Fargo.

您的下一個問題來自富國銀行的 Chris Carey。

Can you just expand on what you mean by modest gross margin expansion in Q2 and for the full year? And around just some of the puts and takes that we should be thinking about as far as tailwinds and headwinds?

您能否擴展您所說的第二季度和全年毛利率適度增長的意思？關於順風和逆風，我們應該考慮的只是一些看跌期權？

Chris, I mean, first of all, I mean, we are very proud of the results we delivered in Q1 with 70 basis point gross margin expansion. And this is definitely a testament to all the actions that we have implemented. So let me give you a little more color, and this is what you're calling tailwinds and the headwinds. So definitely, the headwind is inflation. It's about 2 points of net revenue. It's in line with what we shared last quarter. So there are some positive and negative. But all in all, this is quite in line.

克里斯，我的意思是，首先，我的意思是，我們對第一季度實現的結果感到非常自豪，毛利率增長了 70 個基點。這絕對是我們已實施的所有行動的證明。所以讓我給你更多的顏色，這就是你所說的順風和逆風。所以毫無疑問，逆風是通貨膨脹。這大約是淨收入的 2 個百分點。這與我們上個季度分享的內容一致。所以有一些積極的和消極的。但總而言之，這是非常符合的。

So how we mitigate and we more than offset this inflation? We continue the work on cost reduction -- cost of goods reduction. A clear example is we announced more than a year ago, closure of factory, Prestige factory in Germany. This is now implemented, and this is a way to increase utilization rate of fragrance. And this is definitely helping for fixed cost absorption and helping gross margin.

那麼我們如何緩解和抵消這種通貨膨脹呢？我們繼續降低成本——降低商品成本。一個明顯的例子是我們一年多前宣布關閉工廠，Prestige 在德國的工廠。現在實施了，這是提高香料利用率的一種方式。這無疑有助於吸收固定成本並提高毛利率。

We are working also on market value analysis, so it's really to reduce to simplify components, platforming of our products. And this is a powerful way also to reduce costs and to improve efficiency. So this is really on the cost side. There is a big, big element, which is mix. We continue. This is what we kicked off 2 years ago. And all the initiatives, all the work we are doing is always focused on mix and the gross margin accretive. This is valid for Prestige. This is also valid within Consumer Beauty. All the new initiatives that we are launching. Sometimes some of these initiatives are even gross margin equivalent to Prestige.

我們也在進行市場價值分析，所以它確實是為了簡化組件，我們產品的平台化。這也是降低成本和提高效率的有效方法。所以這真的是在成本方面。有一個很大很大的元素，那就是混合。我們繼續。這是我們兩年前開始的。所有的舉措，我們所做的所有工作都始終專注於混合和毛利率的增加。這對 Prestige 有效。這在 Consumer Beauty 中也是有效的。我們正在推出的所有新舉措。有時，其中一些舉措的毛利率甚至與 Prestige 相當。

And number three, which is absolutely key, is pricing. We did a low single-digit beginning calendar '22. We just implemented a mid-single-digit price increase during summer, September. And we are implementing a new price increase mid-single digit also beginning calendar '23. So you see that all these elements, thanks to all these elements, we are able to confirm modest gross margin expansion within fiscal '23.

第三，絕對是關鍵，是定價。我們做了一個低個位數的開始日曆'22。我們剛剛在 9 月的夏季實施了中個位數的價格上漲。我們正在實施新的中個位數價格上漲，也從 23 年日曆開始。因此，您會看到所有這些因素，由於所有這些因素，我們能夠在 23 財年確認毛利率適度增長。

Next question comes from Lauren Lieberman from Barclays.

下一個問題來自巴克萊的 Lauren Lieberman。

I know in the press release, you'd mentioned that I think the 100th month for market share gains for CoverGirl. But I was hoping we can get a little bit of an update on performance there, some additional thoughts on skincare launch, how that's progressing or really how you'll look to migrate that to kind of even stronger performance in '23. So a lot of the prepared remarks to focus on some of the other brands.

我知道在新聞稿中，你提到我認為 CoverGirl 的市場份額增長的第 100 個月。但我希望我們能得到一些關於那裡的性能更新，關於護膚品發布的一些額外想法，這是如何進展的，或者你真的希望如何將其遷移到 23 年更強大的性能。所以很多準備好的言論集中在其他一些品牌上。

On CoverGirl, it's interesting to give you, I would say, the overall picture and the way I see it. Remember, when we started to talk about the brand, it was somewhere around September 2020. We were, in a way, listing the difficulties this brand has been facing for years and years and years. And the work that we have done at Coty since September 2020 until very recently was to reposition the brand to reinforce the brand equity, to make this brand the undisputed leading brand when it comes to selling clean, sustainable, healthy beauty to American people. And this has been delivering fantastic results, as you've seen it until recently.

在 CoverGirl 上，我想說，給你一個整體畫面和我看待它的方式很有趣。請記住，當我們開始談論這個品牌時，是在 2020 年 9 月左右。在某種程度上，我們列出了這個品牌多年來一直面臨的困難。從 2020 年 9 月到最近，我們在 Coty 所做的工作是重新定位品牌以加強品牌資產，使該品牌在向美國人民銷售清潔、可持續、健康的美容產品時成為無可爭議的領先品牌。正如您直到最近才看到的那樣，這一直在提供出色的結果。

And then we got into the constraint -- supply constraints when it comes to the Lash Blast line, which is a big, big, big net revenue maker into CoverGirl, which we went out, let's say, recently, just at the end of the summer and recently, we are back in stock with CoverGirl -- with the Lash Blast, sorry.

然後我們遇到了限制——Lash Blast 生產線的供應限制，它是 CoverGirl 的一個很大、很大、很大的淨收入創造者，我們最近出去了，比如說，就在夏天，最近，我們又恢復了 CoverGirl 的庫存——與 Lash Blast，抱歉。

In the meantime, what we've done is, of course, we've continued to invest behind the brand, and we invested behind a younger line called Exhibitionist mascara, which is doing fantastically well, by the way, strong market share, et cetera. But this line is not having the same halo effect on the overall CoverGirl market share as Lash Blast used to have.

與此同時，我們所做的是，當然，我們繼續投資於品牌背後，我們投資於一個名為 Exhibitionist mascara 的年輕產品線，它做得非常好，順便說一下，強大的市場份額等等等。但這條線對整個 CoverGirl 市場份額的光環效應並不像 Lash Blast 過去那樣。

So what we are doing now is now that we solve the supply constraints, we still have a few little ones here and there. But let's say that, overall, these are behind us. We are fine-tuning the media mix behind CoverGirl, which is very, very specific. And there, it's really test, learn, retest, learn, implement. And we understood what needs to be done. So hopefully, by Q3 and already starting a little bit now, we are playing the playbook of Thrill Seeker, leveraging the power of TikTok behind Lash Blast line. But the reason, I would say, come back of Lash Blast into media will happen somewhere around the next quarter.

所以我們現在正在做的是現在我們解決了供應限制，我們仍然有一些小問題。但是讓我們說，總的來說，這些都落後於我們。我們正在微調 CoverGirl 背後的媒體組合，這是非常非常具體的。在那裡，它真的是測試、學習、重新測試、學習、實施。我們了解需要做什麼。因此，希望到第三季度並且現在已經開始一點點，我們正在玩 Thrill Seeker 的劇本，利用 Lash Blast 系列背後的 TikTok 的力量。但我想說，Lash Blast 重返媒體的原因將在下個季度左右發生。

So that's overall, the big picture I can share with you around CoverGirl. The big news and the good news is that all the fundamentals such as the demand, the penetration among Gen Zs, the penetration among the Hispanic consumers has increased dramatically versus just 2 years ago.

總的來說，我可以與你分享關於 CoverGirl 的大圖。好消息和好消息是，與僅僅 2 年前相比，需求、Z 世代中的滲透率、西班牙裔消費者中的滲透率等所有基本面都急劇增加。

When it comes to skincare, skincare has done its job. The part of skincare that we launched a year ago is, as you know, it stopped in the makeup aisle. So by definition, it was for us a place where we could test, learn, fine-tune again, et cetera. And we learned a lot of things that we intend to continue to implement and progress on this part of the business of CoverGirl, probably here again in quarter 3 and quarter 4. So everything is on track when it comes to CoverGirl, and the brand dynamics and the health of the brand is intact.

在護膚方面，護膚已經完成了它的工作。如您所知，我們一年前推出的護膚品部分停在了化妝區。因此，根據定義，它對我們來說是一個可以測試、學習、再次微調等等的地方。我們學到了很多東西，我們打算繼續實施並在 CoverGirl 的這部分業務上取得進展，可能會在第三季度和第四季度再次出現。所以在 CoverGirl 和品牌動態方面一切都在軌道上品牌的健康完好無損。

And Our last question comes from Carla Casella from JPMorgan.

我們的最後一個問題來自摩根大通的 Carla Casella。

I have; a question on the debt structure. You've got a lot of debt maturing in '25 and '26, so I know it's not imminent that you need to do anything. And the rate markets aren't great. But any sense for how far in advance the maturities you feel you would need to address or lengthen your debt structure?

我有;關於債務結構的問題。你有很多債務在 25 和 26 年到期，所以我知道你需要做任何事情並不是迫在眉睫。利率市場也不是很好。但是，您認為需要提前多長時間才能解決或延長債務結構？

So first of all, as you rightly say, Carla, is we made the right things over the last 2 years is to extend debt maturity to '25 and '26. So we have many years to go, and we will continue to pay down our debt. And the clear confirmation is that our deleveraging agenda is perfectly on track, delivering $400 million free cash flow at a minimum earlier until '25. And on top of this, we have, as you know, the Wella stake with a value, which is $1 billion at a minimum. So all these elements -- with all these elements, I mean we are in full confidence in our deleveraging agenda. With debt maturity '25, '26, we are in a very good place.

所以首先，正如你所說的那樣，Carla，我們在過去 2 年所做的正確的事情是將債務期限延長至 25 年和 26 年。所以我們還有很多年的時間，我們將繼續償還我們的債務。明確的確認是，我們的去槓桿化議程完全走上正軌，在 25 年前至少提供 4 億美元的自由現金流。最重要的是，如您所知，我們擁有價值至少為 10 億美元的 Wella 股份。所以所有這些因素——我的意思是，我們對我們的去槓桿議程充滿信心。隨著債務到期'25、'26，我們處於一個非常好的位置。

Thank you also...

也謝謝你...

Okay. Can I ask...

好的。請問...

Yes. I'm sorry, Carla. Please go ahead.

是的。對不起，卡拉。請繼續。

Just 1 business follow-up. You're doing so well in the Prestige cosmetics. You held up Gucci and Burberry and Kylie. What percentage of sales are those today?

只需 1 次業務跟進。你在 Prestige 化妝品方面做得很好。你舉起了 Gucci、Burberry 和 Kylie。今天這些銷售額的百分比是多少？

This part of the business is in the low single digits, and so it's still a small portion of our business. Growing good, but it's small portion of the business.

這部分業務處於低個位數，所以它仍然是我們業務的一小部分。發展良好，但它只是業務的一小部分。

Thank you, Carla. Thank you, Laurent. So thank you, everyone. I would like to close this Q&A session with some closing remarks, if you allow me. The first one is that, again, we have shown how much we are all about consistency since 9 quarters in a row now, which is a very important element for us and for you, of course. The second thing is that we will start -- you will start to hear us talking about the leverage that's going towards 3x by the end of next calendar year. This is a big step change for Coty as a company. And the third element as a closing remark is the one of ESG. You've seen recently because we've been questioned a lot by a lot of you around this element. You've seen that the company has been rated by Sustainalytics in the top quartile of personal products company, which is great news, but this is just the beginning of what this company is doing around the sustainability and ESG topic.

謝謝你，卡拉。謝謝你，勞倫特。所以謝謝大家。如果您允許的話，我想用一些結束語來結束這次問答環節。第一個是，我們再次展示了自連續 9 個季度以來我們對一致性的重視程度，這當然對我們和你來說都是一個非常重要的因素。第二件事是我們將開始——您將開始聽到我們談論到下一個日曆年年底將達到 3 倍的槓桿率。對於 Coty 作為一家公司來說，這是一個巨大的進步。作為結束語的第三個要素是 ESG。你最近看到了，因為很多人就這個元素對我們提出了很多質疑。您已經看到該公司被 Sustainalytics 評為個人產品公司的前四分之一，這是個好消息，但這只是該公司圍繞可持續發展和 ESG 主題所做工作的開始。

So I do believe that again and again, this is the best and the right moment to enter Coty's investor base. Thank you very much for your attention.

因此，我一次又一次地相信，這是進入 Coty 投資者群的最佳時機。非常感謝您的關注。

Thank you, ladies and gentlemen. This concludes today's conference. You may now disconnect.

謝謝你們，女士們，先生們。今天的會議到此結束。您現在可以斷開連接。