家樂氏 (K) 2022 Q2 法說會逐字稿

Good morning. Welcome to the Kellogg Company's Second Quarter 2022 Earnings Call. (Operator Instructions) Please note, this event is being recorded. At this time, I will turn the call over to John Renwick, Vice President of Investor Relations and Corporate Planning for Kellogg Company. Mr. Renwick, you may begin your conference call.

早上好。歡迎來到家樂氏公司 2022 年第二季度財報電話會議。 （操作員說明）請注意，此事件正在記錄中。此時，我將把電話轉給 Kellogg Company 投資者關係和企業規劃副總裁 John Renwick。 Renwick 先生，您可以開始電話會議了。

Thank you, operator. Good morning, and thank you for joining us today for a review of our second quarter results and an update on our outlook for 2022. I'm joined this morning by Steve Cahillane, our Chairman and CEO; and Amit Banati, our Chief Financial Officer.

謝謝你，接線員。早上好，感謝您今天加入我們，審查我們的第二季度業績並更新我們對 2022 年的展望。今天早上，我們的董事長兼首席執行官史蒂夫卡希蘭 (Steve Cahillane) 加入了我的行列；和我們的首席財務官 Amit Banati。

Slide #3 shows our forward-looking statements disclaimer. As you are aware, certain statements made today, such as projections for Kellogg Company's future performance, are forward-looking statements. Actual results could be materially different from those projected. For further information concerning factors that could cause these results to differ, please refer to the third slide of this presentation as well as to our public SEC filings.

幻燈片 #3 顯示了我們的前瞻性聲明免責聲明。如您所知，今天做出的某些陳述，例如對 Kellogg 公司未來業績的預測，屬於前瞻性陳述。實際結果可能與預測結果大不相同。有關可能導致這些結果不同的因素的更多信息，請參閱本演示文稿的第三張幻燈片以及我們向美國證券交易委員會提交的公開文件。

This is a particular note during the current COVID-19 pandemic, volatile input costs and supply disruptions when the length and severity of these issues and resultant economic and business impacts are so difficult to predict. A recording of today's webcast and supporting documents will be archived for at least 90 days on the Investor page of kelloggcompany.com.

在當前 COVID-19 大流行、不穩定的投入成本和供應中斷期間，這是一個特別的注意事項，因為這些問題的持續時間和嚴重程度以及由此產生的經濟和商業影響是如此難以預測。今天的網絡直播和支持文件的錄音將在 kelloggcompany.com 的投資者頁面上存檔至少 90 天。

As always, when referring to our results and outlook, unless otherwise noted, we will be referring to them on an organic basis for net sales and on a currency-neutral adjusted basis for operating profit and earnings per share. And now I'll turn it over to Steve.

與往常一樣，在提及我們的業績和展望時，除非另有說明，否則我們將在淨銷售額的有機基礎上以及在營業利潤和每股收益的貨幣中性調整基礎上提及它們。現在我將把它交給史蒂夫。

Thanks, John, and good morning, everyone. We are obviously pleased to be able to report yet another quarter of strong performance, one that puts us in a position to raise our outlook for the full year. Before we get into the specific results and guidance, let me emphasize how we are navigating so well through what is undoubtedly a challenging business environment.

謝謝，約翰，大家早上好。我們顯然很高興能夠報告又一個季度的強勁表現，這使我們能夠提高全年的前景。在我們討論具體的結果和指導之前，讓我強調一下我們是如何在毫無疑問充滿挑戰的商業環境中如此出色地導航的。

First, we continue to execute our Deploy for Balanced Growth strategy depicted on Slide #5. As you'll see in the coming slides, it is clearly working. We remain equally committed to our planet and community as evidenced by our strong push in various areas of ESG. Some of our quarter 2 actions, achievements and recognitions are shown on Slide #6. For a more in-depth look at our ESG work, be on the lookout for our latest annual global ESG report, which will be published next week.

首先，我們繼續執行幻燈片 #5 中描述的“平衡增長部署”戰略。正如您將在接下來的幻燈片中看到的那樣，它顯然是有效的。我們在 ESG 各個領域的大力推動證明了我們對地球和社區的同樣承諾。我們在第 2 季度的一些行動、成就和認可顯示在幻燈片 #6 上。如需更深入地了解我們的 ESG 工作，請留意我們將於下週發布的最新年度全球 ESG 報告。

The result of this continued focus on execution is another quarter of strong results, as indicated on Slide #7. As you'll see in a moment, our momentum in snacks remains impressive around the world and led by world-class brands. Our international regions collectively posted yet another quarter of strong growth in sales and profit, a performance that is driven not only by snacks but also cereal and noodles and other in emerging markets.

如幻燈片 #7 所示，這種持續關注執行的結果是另一個四分之一的強勁結果。正如您稍後會看到的，我們在零食領域的發展勢頭在世界各地仍然令人印象深刻，並由世界級品牌引領。我們的國際地區在銷售和利潤方面共同實現了又一個季度的強勁增長，這一業績不僅受到零食的推動，還受到新興市場的穀物和麵條等的推動。

We also had an exceptional quarter for North America. This was driven not only by snacks but also by cereal. Our North America Cereal business continues to replenish inventory, both ours and that of our customers, leading to gradual resumption of commercial activity and recovery of share. We continue to mitigate the margin pressure created by decades-high cost inflation and bottlenecks and shortages evident across the entire economy. Our productivity initiatives continue to work and our revenue growth management actions continue to be effective.

我們在北美也有一個特殊的季度。這不僅是由零食驅動的，也是由穀物驅動的。我們的北美穀物業務繼續補充我們和我們客戶的庫存，從而逐步恢復商業活動和恢復份額。我們繼續減輕幾十年來的高成本通脹以及整個經濟中明顯的瓶頸和短缺所造成的利潤壓力。我們的生產力計劃繼續有效，我們的收入增長管理行動繼續有效。

As a result, we remain on an upward trajectory for operating profit. We're generating strong cash flow, which is providing enhanced financial flexibility, contributing to an increase this year in our dividend and in our share buybacks, all while reducing our net debt year-on-year as well. So we're executing well and delivering ahead of our own financial expectations. And as a result, today, we are raising our full year guidance.

因此，我們的營業利潤仍處於上升軌道。我們正在產生強勁的現金流，這提供了增強的財務靈活性，有助於今年增加我們的股息和股票回購，同時也減少了我們的淨債務。因此，我們執行得很好，並且超出了我們自己的財務預期。因此，今天，我們提高了全年指導。

Meanwhile, with June's public kickoff announcement, we continue to progress towards separating our company to 3 stronger, more focused companies as shown on Slide #8. We strongly believe that North America Cereal Co. and Plant Co. will be stronger as separate companies, able to focus on their specific strategies, priorities and resource needs.

同時，隨著 6 月的公開啟動公告，我們繼續朝著將我們的公司拆分為 3 家更強大、更專注的公司的方向前進，如幻燈片 #8 所示。我們堅信 North America Cereal Co. 和 Plant Co. 作為獨立的公司將更加強大，能夠專注於其特定的戰略、優先事項和資源需求。

Another key precept of our decision was the strength of our remaining Global Snacking Co. business. And our quarter 2 results only reemphasize that strength. As with any spinoff, this will require organizational design work and carving out the financials of the to-be-separated businesses, which in our structure today are integrated across business units. Work is well underway and we'll keep you apprised of our progress over the next several months. We will also remain laser-focused on delivering on our strategy and financial objectives in the meantime.

我們決定的另一個關鍵原則是我們剩餘的 Global Snacking Co. 業務的實力。我們的第二季度業績只是再次強調了這種實力。與任何分拆一樣，這將需要組織設計工作並確定將要分離的業務的財務狀況，在我們今天的結構中，這些業務是跨業務部門整合的。工作正在進行中，我們將在接下來的幾個月內隨時向您通報我們的進展情況。與此同時，我們還將繼續專注於實現我們的戰略和財務目標。

So we feel good about our first half of 2022. We feel confident about our second half, and we are excited about our separation plans. Let me now turn it over to Amit, who will explain our financial results and outlook in more detail.

因此，我們對 2022 年上半年感覺良好。我們對下半年充滿信心，我們對分離計劃感到興奮。現在讓我把它交給阿米特，他將更詳細地解釋我們的財務業績和前景。

Thanks, Steve, and good morning, everyone. We'll start with a brief summary of our quarter 2 financial results on Slide #10. Our net sales growth in quarter 2 again came in better than projected. This was a result of good momentum, particularly in snacks and noodles and other as well as price elasticity not returning as quickly to historical levels as we had assumed. It was also driven by North America Cereal's recovery happening faster than planned.

謝謝，史蒂夫，大家早上好。我們將從幻燈片 #10 上的第 2 季度財務業績的簡要摘要開始。我們第二季度的淨銷售額增長再次好於預期。這是良好勢頭的結果，特別是在零食和麵條等方面，以及價格彈性沒有像我們假設的那樣迅速恢復到歷史水平。它還受到北美穀物的複蘇比計劃更快的推動。

Our adjusted basis operating profit grew 10% on a currency-neutral basis in quarter 2. This was better than expected and it brings our first half into year-on-year growth. This growth comes despite high-cost inflation, industry-wide supply disruptions and incremental costs and lost sales stemming from a fire and strike in our North America Cereal business in the second half of 2021.

在不考慮貨幣因素的情況下，我們第二季度的調整後營業利潤增長了 10%。這好於預期，這使我們上半年實現了同比增長。儘管高成本通脹、全行業供應中斷、成本增加以及 2021 年下半年我們的北美穀物業務發生火災和罷工導致的銷售損失，但仍實現了這種增長。

Our adjusted basis earnings per share grew a better-than-expected 8% on a currency-neutral basis, bringing our year-to-date growth up to 5%. Cash flow through the first 2 quarters was ahead of our projections and significantly higher than last year. So clearly, it was a strong quarter, and we entered the second half ahead of where we thought we'd be at this juncture.

在貨幣中性的基礎上，我們調整後的每股收益增長了 8%，好於預期，使我們的年初至今增長高達 5%。前兩個季度的現金流量超出了我們的預期，並且顯著高於去年。很明顯，這是一個強勁的季度，我們進入下半場的時間比我們認為的要早。

Now let's look into each of these metrics in closer detail. Slide #11 lays out the components of our net sales growth this year. On an organic basis, we recorded 12% net sales growth in quarter 2. Volume remained pressured in quarter 2 by bottlenecks and shortages, but the decline was more moderate than expected. Price elasticity did not increase as much as we had anticipated. And our North America Cereal business recovered inventory and shipments faster than expected.

現在讓我們更詳細地研究這些指標中的每一個。幻燈片 #11 列出了我們今年淨銷售額增長的組成部分。在有機基礎上，我們在第二季度錄得 12% 的淨銷售額增長。第二季度銷量仍然受到瓶頸和短缺的壓力，但下降幅度比預期的要溫和。價格彈性並沒有像我們預期的那樣增加。我們的北美穀物業務以比預期更快的速度恢復庫存和發貨。

Price/mix remained elevated in quarter 2, even accelerating as all 4 regions utilized all levers of revenue growth management in order to complement productivity initiatives. This is all in an effort to protect gross profit dollars amidst enormously high input cost inflation. Through the first half, our net sales grew organically by 8%, with price/mix growth more than offsetting the negative volume impacts of supply disruptions, most notably in North America Cereal and price elasticity. Foreign currency translation negatively impacted net sales growth by more than 3 percentage points in quarter 2 as currencies around the globe weakened further against the U.S. dollar.

第二季度價格/組合保持高位，甚至加速，因為所有 4 個地區都利用了收入增長管理的所有槓桿來補充生產力計劃。這一切都是為了在投入成本高漲的情況下保護毛利潤。上半年，我們的淨銷售額有機增長了 8%，價格/組合增長抵消了供應中斷的負面影響，尤其是在北美穀物和價格彈性。由於全球貨幣兌美元匯率進一步走弱，外幣折算對第二季度的淨銷售額增長產生了超過 3 個百分點的負面影響。

Slide #12 shows the organic basis net sales growth rates of each region during the first 2 quarters of this year. We have generated solid growth in all 4 regions year-to-date, even despite unusual supply disruptions principally in North America. For our international regions, quarter 2 strong growth was a continuation of a multi-quarter and multi-year trend. And for our North America region, the quarter 2 growth reflected continued strength in snacks, complemented by better-than-expected recovery in cereal, including trade inventory replenishment.

幻燈片#12 顯示了今年前兩個季度每個地區的有機基礎淨銷售額增長率。儘管主要在北美出現了異常的供應中斷，但今年迄今為止，我們在所有 4 個地區都實現了穩健增長。對於我們的國際地區，第二季度的強勁增長是多季度和多年趨勢的延續。對於我們的北美地區，第 2 季度的增長反映了零食的持續強勁增長，同時穀物的複蘇好於預期，包括貿易庫存補充。

Overall, for the second half, we expect to see price/mix continue to drive our sales growth, reflecting revenue growth management actions already executed as well as further RGM activity to be taken in the second half. On volume, we are taking the planning stance of assuming a gradual return to normal levels of price elasticity, and additionally, we face a larger impact from lost Russia volume.

總體而言，我們預計下半年價格/組合將繼續推動我們的銷售增長，這反映了已經執行的收入增長管理行動以及下半年將採取的進一步 RGM 活動。在交易量方面，我們採取了假設價格彈性逐漸恢復到正常水平的計劃立場，此外，我們面臨俄羅斯交易量減少的更大影響。

Turning now to gross profit. Slide #13 offers a glimpse at just how impactful input cost inflation and supply disruptions have been as well as how each region has utilized revenue growth management to help protect the dollar profit impact. COGS per kilo is a metric that captures the rate of cost across all factors from input cost inflation to adverse transactional foreign exchange to supply disruptions, which create lost absorption and the need to utilize more expensive spot markets.

現在轉向毛利潤。幻燈片 #13 展示了投入成本通脹和供應中斷的影響有多大，以及每個地區如何利用收入增長管理來幫助保護美元利潤的影響。每公斤的銷貨成本是一個衡量所有因素的成本率的指標，從投入成本通脹到不利的交易外匯再到供應中斷，這會造成吸收損失和利用更昂貴的現貨市場的需要。

These metrics also captures productivity savings and changes in mix. As you can see on the chart, this comprehensive cost per kilo was up in the high teens year-on-year in the first half, even after productivity savings. The good news is that our net sales per kilo, which is how we measure price/mix, is up in the low teens, covering a sizable portion of our input cost inflation. However, it's not able to cover the unpredictable impacts of supply disruptions and impacts related to last year's second half fire and strike.

這些指標還反映了生產力節省和組合變化。正如您在圖表中看到的那樣，即使在節省了生產力之後，每公斤的綜合成本在上半年也同比增長了十幾歲。好消息是，我們衡量價格/組合的方式，即我們衡量價格/組合的方式，我們每公斤的淨銷售額在十幾歲以下，涵蓋了我們投入成本通脹的相當大一部分。但是，它無法涵蓋供應中斷的不可預測影響以及與去年下半年火災和罷工相關的影響。

Our objective during this unusually high-cost environment is to protect gross profit dollars as much as we can. Slide #14 shows that our gross profit through the first half is down year-on-year, but it wouldn't have been were it not for the fire and strike's residual impact in quarter 1. Moreover, it remains higher than our pre-COVID first half 2019 level with or without the businesses we divested later that year. So even though our margins have been pressured by the current environment, our gross profit dollars remain on an upward trajectory.

在這種異常高成本的環境中，我們的目標是盡可能保護毛利潤。幻燈片 #14 顯示，我們上半年的毛利潤同比下降，但如果不是第一季度火災和罷工的殘餘影響，它就不會如此。此外，它仍然高於我們之前的無論有無我們當年晚些時候剝離的業務，COVID 2019 年上半年都處於水平。因此，即使我們的利潤率受到當前環境的壓力，我們的毛利潤仍處於上升軌道。

As we get into the second half, we no longer have fire and strike impact. In fact, we lap it in quarter 4. Input cost inflation is likely to remain ahead of our productivity and RGM offsets, and we now assume no moderation in bottlenecks and shortages until quarter 4. As a result, we believe we will see gross profit dollars narrow the year-on-year deficit in quarter 3 and then swing to year-on-year growth in quarter 4 when we lap the worst of the fire and strike.

隨著我們進入下半場，我們不再有火力和打擊力。事實上，我們在第 4 季度完成了它。投入成本通脹可能會繼續領先於我們的生產力和 RGM 抵消，我們現在假設瓶頸和短缺在第 4 季度之前不會緩和。因此，我們相信我們將看到毛利潤美元在第三季度縮小了同比赤字，然後在第四季度我們經歷了最嚴重的火災和罷工時，實現了同比增長。

SG&A expense, meanwhile, will work in the opposite direction in the second half. Slide #15 shows how our SG&A began to decline in the second half of 2021 when supply disruptions, starting with bottlenecks and shortages and then worsening with fire and strike forced us to pull back on A&P investment. This was mainly the case in North America Cereal, which continue to refrain from this investment during quarter 1 and only started to resume investment in a relatively small way during quarter 2. But you can see how SG&A returned to year-on-year growth in quarter 2 and should continue to do so in the second half. This will be driven by increased A&P as we restore commercial activity as well as by higher incentive compensation related to our improved outlook and a return to travel and meetings.

與此同時，SG&A 費用將在下半年反其道而行之。幻燈片 #15 顯示了我們的 SG&A 如何在 2021 年下半年開始下降，當時供應中斷，從瓶頸和短缺開始，然後隨著火災和罷工而惡化，迫使我們撤回 A&P 投資。這主要是北美穀物的情況，它在第一季度繼續克制這項投資，並且在第二季度才開始以相對較小的方式恢復投資。但是您可以看到 SG&A 如何恢復到同比增長第 2 季度，並且應該在下半年繼續這樣做。這將受到隨著我們恢復商業活動而增加的 A&P 以及與我們改善前景和恢復旅行和會議相關的更高激勵薪酬的推動。

Putting it all together, we see on Slide #16 our quarter 2 and first half operating profit performance in the context of prior years. Leaving aside 2020, which stood out for its pandemic-related lift from shoppers stocking up, our operating profit remains on an upward trajectory. And we grew operating profit year-on-year in quarter 2 and the first half with and without currency translation. We expect to sustain this upward dollar profit trajectory in the second half as well in spite of cost and supply pressures and increased investment.

綜上所述，我們在幻燈片 #16 上看到了我們在前幾年的背景下第二季度和上半年的營業利潤表現。撇開 2020 年不談，2020 年因與流行病相關的購物者囤貨而脫穎而出，我們的營業利潤仍處於上升軌道。我們在第二季度和上半年的營業利潤同比增長，無論是否採用貨幣換算。儘管存在成本和供應壓力以及投資增加，我們預計下半年美元利潤將保持上升趨勢。

Turning now to our below-the-line items on Slide #17. These items were collectively negative to EPS growth in the quarter and only slightly positive for the first half. Interest expense was again down year-on-year in quarter 2, owing to lower average debt. However, rising interest rates on the roughly 20% of our debt that is floating will swing interest expense into a year-on-year headwind in the second half.

現在轉到幻燈片 #17 上的線下項目。這些項目對本季度的每股收益增長總體不利，上半年僅略微有利。由於平均債務減少，第二季度的利息支出同比再次下降。然而，我們大約 20% 的浮動債務的利率上升將在下半年將利息支出轉為同比逆風。

Other income, which is predominantly the nonoperating portion of pension expense, decreased meaningfully year-on-year in quarter 2 and the first half, attributable to lower asset values at the beginning of the year. In the second half, an update of higher interest rates and lower pension asset values, reflecting this year's sharply lower fixed income and equity markets will pull down other income in the second half by more than previously forecast. And barring a significant comeback in the financial markets over the remainder of the year, this will be a sizable headwind in 2023 as well.

由於年初資產價值下降，其他收入（主要是養老金支出的非營業部分）在第二季度和上半年同比顯著下降。下半年，較高的利率和較低的養老金資產價值的更新，反映出今年的固定收益和股票市場大幅下降，這將在下半年拉低其他收入，幅度超過先前的預測。除非金融市場在今年剩餘時間裡出現重大反彈，否則這在 2023 年也將是一個相當大的逆風。

Our effective tax rate in quarter 2 was up year-on-year. But through the first half, it was right in line with the approximately 22% rate we expect for the full year. Our JV earnings and minority interest were collectively less negative to net income, thanks to consolidating some of our Africa joint ventures at midyear in 2021. We have now lapped that consolidation so it is no longer a tailwind for this line item. And average shares outstanding decreased slightly year-on-year, a reflection of our share buybacks during quarter 1. Based on accelerated options exercises and higher stock price, we now expect shares outstanding to decrease less than 0.5% for the full year.

我們第二季度的有效稅率同比上升。但到上半年，這與我們預計的全年約 22% 的增長率完全一致。由於在 2021 年年中合併了我們的一些非洲合資企業，我們的合資企業收益和少數股權對淨收益的負面影響總體較小。我們現在已經完成了整合，因此它不再是該項目的順風。發行在外的平均股數同比略有下降，這反映了我們在第一季度的股票回購。基於加速期權行使和更高的股價，我們現在預計全年流通股的跌幅將低於 0.5%。

Let's now look at our cash flow, starting with our cash flow conversion ratio shown on Slide #18. In recent years, we've made it a priority to improve our conversion of earnings into cash flow. And while 2020 was distorted by the various effects of the pandemic, you can see that our ratio of cash flow to adjusted basis net income has been on an upward trajectory.

現在讓我們看看我們的現金流，從幻燈片 #18 中顯示的現金流轉換率開始。近年來，我們將提高收益轉化為現金流的效率作為優先事項。雖然 2020 年受到大流行的各種影響而扭曲，但您可以看到，我們的現金流與調整後的基礎淨收入之比一直處於上升軌道。

Slide #19 shows what this focus and discipline has done for us. On the left side, you can see that our absolute cash flow has remained on an upward trajectory, and this continued in quarter 2. And on the right-hand side, you can see that this cash flow, along with proceeds from our 2019 divestiture, has enabled us to reduce our net debt, leading to lower leverage ratios. This has given us enhanced financial flexibility, even as we have continued to increase our dividend and buy back shares.

幻燈片 #19 展示了這種專注和紀律為我們所做的事情。在左側，您可以看到我們的絕對現金流量一直保持上升趨勢，並在第二季度繼續。在右側，您可以看到該現金流量以及我們 2019 年資產剝離的收益，使我們能夠減少我們的淨債務，從而降低杠桿率。即使我們繼續增加股息和回購股票，這也增強了我們的財務靈活性。

Let's now turn to Slide #20 and a discussion about our guidance for the full year. As Steve mentioned, our first half was strong enough and our momentum durable enough that we feel comfortable raising our guidance on all 4 metrics. We are raising our full year outlook for net sales to organic growth of 7% to 8%, a sizable increase from our previous guidance of approximately 4% growth. We are raising our full year outlook for adjusted basis operating profit to 4% to 5% growth on a currency-neutral basis, up significantly from our previous guidance of 1% to 2% growth.

現在讓我們轉到幻燈片 #20 並討論我們對全年的指導。正如史蒂夫所提到的，我們的上半場足夠強勁，我們的勢頭足夠持久，以至於我們可以放心地提高對所有 4 個指標的指導。我們將全年淨銷售額展望上調至 7% 至 8% 的有機增長，與我們之前約 4% 的增長預期相比有相當大的增長。在貨幣中性的基礎上，我們將調整後營業利潤的全年預期增長至 4% 至 5%，顯著高於我們之前 1% 至 2% 的增長預期。

We are raising our full year outlook for adjusted basis earnings per share to approximately 2% growth on a currency-neutral basis, up from our previous guidance of 1% to 2% growth. This is held back only by the pension remeasurement we discussed earlier. This is a nonoperating noncash item. We are raising our full year outlook for cash flow to approximately $1.2 billion, up from our previous guidance of $1.1 billion to $1.2 billion. This reflects not only a higher-cash-earnings, but it also incorporates incremental upfront cash outlays in 2022 related to the upcoming separation transactions.

在貨幣中性的基礎上，我們將調整後每股收益的全年預期從我們之前的 1% 至 2% 的增長預期上調至約 2%。這僅因我們之前討論的養老金重新計量而受到阻礙。這是一項非經營性非現金項目。我們將全年現金流預期從之前的 11 億美元提高到 12 億美元，提高到約 12 億美元。這不僅反映了更高的現金收益，而且還包含了與即將到來的分離交易相關的 2022 年增加的前期現金支出。

So to summarize, on Slide #21, we feel very good about our financial condition as we enter the second half. As Steve mentioned, the work continues towards the separations. As of now, we estimate that we'll incur between $70 million to $80 million in upfront costs in 2022 related to readying for the transactions. To ensure visibility into the ongoing results of the businesses, the company will disclose these upfront costs and exclude them from its adjusted basis operating profit and earnings per share in its external reporting.

總而言之，在幻燈片 #21 上，進入下半年時，我們對自己的財務狀況感覺非常好。正如史蒂夫所說，工作繼續朝著分離方向發展。截至目前，我們估計 2022 年與準備交易相關的前期成本將在 7000 萬至 8000 萬美元之間。為確保對業務持續業績的可見性，公司將在外部報告中披露這些前期成本，並將其排除在調整後的基礎營業利潤和每股收益之外。

However, the cash portion of these costs, which we estimate could be about half of these upfront expenses, are incorporated into our cash flow guidance as always. Meanwhile, we're going to great lengths to ensure no disruption to our business while this work is going on. And we are pleased with the financial health of our businesses. In short, we feel good enough about our business that we can today raise our full year guidance on all key metrics while using our strong cash flow to both return more cash to shareholders and preserve a strong balance sheet.

然而，這些成本的現金部分（我們估計可能佔這些前期費用的一半左右）一如既往地納入我們的現金流指導。同時，我們將竭盡全力確保在這項工作進行期間不會對我們的業務造成乾擾。我們對我們業務的財務狀況感到滿意。簡而言之，我們對我們的業務感到足夠好，今天我們可以提高所有關鍵指標的全年指導，同時利用我們強大的現金流向股東返還更多現金並保持強勁的資產負債表。

Let me now turn it back to Steve for a review of our regions.

現在讓我把它轉回給史蒂夫，讓我們回顧一下我們的地區。

Thanks, Amit. I'll start with a review of each of our regions, beginning with Kellogg North America on Slide #23. This region had an exceptionally good quarter, posting notably strong net sales growth with growth in both volume and price/mix. And this top line performance drove good growth in operating profit as well. Our sales growth was led by our largest business, Snacks, which accelerated because of in-market momentum, revenue growth management and replenishment of trade inventory. We obviously feel very good about our Snacks business going into the second half.

謝謝，阿米特。我將從對我們每個地區的回顧開始，從幻燈片 #23 上的 Kellogg North America 開始。該地區的季度表現異常出色，淨銷售額增長顯著強勁，銷量和價格/組合均有所增長。這一頂線業績也推動了營業利潤的良好增長。我們的銷售增長由我們最大的業務零食引領，由於市場動力、收入增長管理和貿易庫存的補充而加速。我們顯然對下半年的零食業務感覺非常好。

Cereal also posted strong net sales growth in the second quarter, driven both by volume as we replenished both our and retailers' inventories and by price/mix as we executed revenue growth management actions. We feel that our recovery is on firm footing as we enter the second half. And as we get past the fire and strike impact, we are in the early stages of recovering our profit margins in this business as well.

穀物在第二季度也實現了強勁的淨銷售額增長，這得益於我們補充和零售商庫存的數量以及我們執行收入增長管理行動時的價格/組合。進入下半年，我們覺得我們的複蘇已經站穩腳跟。隨著我們克服火災和罷工的影響，我們也處於恢復該業務利潤率的早期階段。

In Frozen, net sales growth in our from the griddle Eggo business was offset by the decline in our plant-based business, with the latter experiencing supply disruptions at a co-manufacturer. Both businesses are expected to have a better second half, aided by improved capacity and supply. Overall, North America turned in a very good first half, considering its enormous supply obstacles and is poised to sustain top line growth while improving bottom line performance in the second half even as we restore investment.

在《冰雪奇緣》中，我們來自煎鍋 Eggo 業務的淨銷售額增長被我們以植物為基礎的業務的下降所抵消，後者在一家聯合製造商處遭遇供應中斷。得益於產能和供應的改善，預計這兩家公司下半年的業績都會更好。總體而言，考慮到其巨大的供應障礙，北美上半年的表現非常好，並且即使在我們恢復投資的情況下，也有望維持收入增長，同時在下半年改善利潤表現。

Kellogg Europe's results are shown on Slide #24. The second quarter was another good one for this region. Revenue growth management actions have sustained good price/mix growth with an extra boost from country and category mix with elasticity impact on volume returning, particularly in cereal but not as quickly as we had anticipated. Snacks, which represent almost half of our annual Kellogg Europe net sales, continued to deliver strong growth, both in net sales and in consumption. This has been led by sustained momentum in Pringles but also our portable wholesome snacks brands, which are benefiting from both a resumption in consumer mobility but also from our increased focus on revitalizing these brands.

Kellogg Europe 的結果顯示在幻燈片 #24 上。第二季度對該地區來說又是一個不錯的季度。收入增長管理措施保持了良好的價格/組合增長，國家和類別組合的額外推動以及對銷量回報的彈性影響，特別是在穀物方面，但沒有我們預期的那麼快。零食幾乎占我們家樂氏歐洲年度淨銷售額的一半，無論是淨銷售額還是消費量，都繼續實現強勁增長。這得益於品客薯片的持續發展勢頭，以及我們的便攜式健康零食品牌，這些品牌既受益於消費者流動性的恢復，也得益於我們更加註重振興這些品牌。

In Cereal, our net sales growth was fairly broad-based across the region, led by effective revenue growth management actions, though with signs of increasing price elasticity in Continental Europe. Going into the second half, we expect to sustain momentum in Snacks even as we absorb a larger impact of halting shipments into Russia and working through general supply tightness. And across the business, we'll continue to leverage revenue growth management and productivity to help mitigate the impact of what will be accelerating cost pressures.

在穀物方面，我們在整個地區的淨銷售額增長相當廣泛，這得益於有效的收入增長管理措施，儘管歐洲大陸有價格彈性增加的跡象。進入下半年，我們預計零食將保持勢頭，即使我們吸收了停止向俄羅斯發貨的更大影響並解決了普遍的供應緊張問題。在整個業務中，我們將繼續利用收入增長管理和生產力來幫助減輕將加速的成本壓力的影響。

Kellogg Latin America, shown on Slide #25, also had a solid quarter 2. Its high single-digit net sales growth was driven by price mix and in-market momentum even if we did start to see the rising price elasticity, particularly in Cereal. In Snacks, which represent more than 1/3 of our annual net sales in Latin America, we continued to drive very strong growth across the region, including share gains in our key markets.

幻燈片 #25 上顯示的 Kellogg Latin America 在第二季度也表現穩健。儘管我們確實開始看到價格彈性上升，特別是在穀物方面，但其高個位數的淨銷售額增長是由價格組合和市場動力推動的.零食占我們在拉丁美洲年度淨銷售額的 1/3 以上，我們繼續推動整個地區的強勁增長，包括在我們的主要市場中的份額增長。

In Cereal, net sales grew in most markets and we continued to gain share overall, led by Mexico, Colombia and Brazil. Cost inflation has been higher in our emerging markets than in our developed markets and further exacerbated by adverse transactional foreign exchange. And while this led to margin pressure in Kellogg Latin America, we did see sequential moderation in the second quarter, and this helped drive year-on-year growth in operating profit. In the second half, we expect to sustain sales and profit growth even as we work to offset accelerated cost inflation.

在穀物領域，大多數市場的淨銷售額都有所增長，我們在墨西哥、哥倫比亞和巴西的帶領下繼續獲得整體份額。我們新興市場的成本通脹高於我們的發達市場，不利的外匯交易進一步加劇了這種情況。雖然這導致凱洛格拉丁美洲的利潤率壓力，但我們確實看到第二季度連續放緩，這有助於推動營業利潤的同比增長。下半年，即使我們努力抵消加速的成本上漲，我們預計銷售額和利潤將保持增長。

We'll finish our regional review with Kellogg EMEA in Slide #26. During the second quarter, our high teens net organic sales growth was very similar to that of quarter 1 and even the full year of 2021. The growth reflects primarily our revenue growth management actions as we work to protect dollar profit from the highest cost inflation of any region in our company, with ocean freight being a particular driver of this higher cost pressure. This enabled us to continue to post solid operating profit growth in quarter 2 despite the pressure on margins.

我們將在幻燈片 #26 中完成與 Kellogg EMEA 的區域審查。在第二季度，我們的高青少年淨有機銷售額增長與第一季度甚至 2021 年全年非常相似。增長主要反映了我們的收入增長管理行動，因為我們努力保護美元利潤免受最高成本通脹的影響在我們公司的任何地區，海運是這種較高成本壓力的一個特殊驅動因素。儘管利潤率面臨壓力，這使我們能夠在第二季度繼續實現穩健的營業利潤增長。

Leading EMEA's growth in quarter 2 and the first half were Noodles & Other, which make up almost half of the region's annual net sales and which sustained its strong momentum in Africa. Snacks, representing about 1/5 of EMEA's annual net sales, also sustained organic net sales growth of more than 20% with gains across Asia, Africa, the Middle East and Australia driven by momentum in Pringles. In cereal, which generates about 1/3 of our EMEA annual net sales, also posted good broad-based net sales growth with notable strength in Australia, India and the Middle East. For the second half, strong top line and profit growth are expected for this region.

歐洲、中東和非洲地區第二季度和上半年增長領先的是麵條和其他食品，佔該地區年度淨銷售額的近一半，並在非洲保持強勁勢頭。佔歐洲、中東和非洲年度淨銷售額約 1/5 的零食也保持了 20% 以上的有機淨銷售額增長，其中亞洲、非洲、中東和澳大利亞的增長得益於品客薯片的勢頭。占我們歐洲、中東和非洲年度淨銷售額約 1/3 的穀類食品也實現了良好的廣泛淨銷售額增長，在澳大利亞、印度和中東地區表現強勁。下半年，預計該地區將實現強勁的收入和利潤增長。

Now let's take a step back and look at Slide #27, which groups our portfolio into the businesses that will comprise each of the 3 post-separation companies. We continue to see strong momentum in the businesses that represent 80% of our portfolio today and that will comprise Global Snacking Co. after the separations. Our snacks businesses around the world continue to show good momentum with organic net sales growth in the double digits during the first half. This double-digit growth is coming from all 4 regions, and it was faster in quarter 2 than it was in quarter 1. And as we'll see in a moment, this growth is being led by world-class brands.

現在讓我們退後一步，看看幻燈片 #27，它將我們的投資組合分為將包括 3 家分立後公司中的每一個的業務。我們今天繼續看到占我們投資組合 80% 的業務的強勁勢頭，這些業務將在分拆後組成 Global Snacking Co.。我們在全球的零食業務繼續呈現良好勢頭，上半年有機淨銷售額實現兩位數增長。這一兩位數的增長來自所有 4 個地區，第二季度的增長速度快於第一季度。我們稍後會看到，這種增長是由世界級品牌引領的。

Noodles & Other, which is predominantly in Africa and the Middle East, continues to post double-digit growth, both in the quarter and the half, aided by higher prices and expanded distribution. International cereal posted low single-digit growth in the first half, led by emerging markets, which make up almost half of our international cereal sales and continue to post good growth in growing categories. And in frozen breakfast, we delivered low single-digit growth despite being constrained on capacity during the quarter.

Noodles & Other 主要在非洲和中東地區，在價格上漲和分銷擴大的推動下，在本季度和上半年繼續實現兩位數的增長。上半年，國際穀物在新興市場的帶動下實現了低個位數增長，新興市場占我們國際穀物銷售額的近一半，並且在增長類別中繼續保持良好增長。在冷凍早餐方面，儘管本季度產能受限，但我們仍實現了低個位數增長。

Putting them all together, the Global Snacking Co. businesses collectively have generated double-digit organic basis net sales growth so far this year. For North America Cereal Co., 2022 is all about recovery of supply, and as we'll discuss in a moment, this recovery is off to a faster-than-expected start. Its lack of inventory pulled down sales sharply in the first quarter but it grew substantially year-on-year in quarter 2, bringing its first half net sales performance to a very low single-digit decline.

將它們放在一起，今年迄今為止，全球零食公司的業務共同產生了兩位數的有機基礎淨銷售額增長。對於北美穀物公司來說，2022 年的關鍵是供應的恢復，正如我們稍後將討論的那樣，這種複甦的開端快於預期。其庫存不足在第一季度大幅拉低了銷售額，但在第二季度同比大幅增長，使其上半年淨銷售業績降至極低的個位數下降。

The only post-spin business where there was softness in quarter 2 was in Plant Co., which has experienced some supply disruption which we'll discuss in a moment. Let's look at each of these businesses and their key brands. When we turn to Slide #28, we can see that our world-class snacks brands have continued to perform well in market this year around the world. Pringles with $2.5 billion in annual net sales globally remains in an impressive form. It has generated double-digit consumption growth in most of our biggest markets around the world.

第二季度唯一出現疲軟的紡紗後業務是 Plant Co.，該公司經歷了一些供應中斷，我們稍後將討論。讓我們看一下這些業務及其主要品牌。當我們轉向幻燈片#28 時，我們可以看到我們的世界級零食品牌今年在全球市場上繼續表現良好。品客薯片在全球的年淨銷售額為 25 億美元，仍然令人印象深刻。它在我們全球大多數最大的市場中產生了兩位數的消費增長。

Cheez-It with over $1 billion of annual net sales has continued to drive share gains in the cracker category, both in the U.S. and in Canada with our new Puff'd platform off to a strong start and incremental to the core line. Pop-Tarts closing in on $1 billion of annual net sales continues to post good growth in its core U.S. market while showing excellent promise in international markets. The same goes for Rice Krispies Treats with $0.5 billion of annual net sales and double-digit consumption growth in key markets this year. These 4 brands collectively represented more than 40% of the total 2021 net sales of what will be Global Snacking Co.

Cheez-It 的年淨銷售額超過 10 億美元，繼續推動餅乾類別的份額增長，無論是在美國還是在加拿大，我們的新 Puff'd 平台開局良好，並增加了核心產品線。 Pop-Tarts 的年淨銷售額接近 10 億美元，在其核心美國市場繼續保持良好增長，同時在國際市場上表現出良好的前景。 Rice Krispies Treats 也是如此，今年的淨銷售額為 5 億美元，主要市場的消費增長達到兩位數。這 4 個品牌合計佔全球零食公司 2021 年總淨銷售額的 40% 以上。

On Slide #29, we see continued strong retail sales growth across key international cereal markets also led by world-class brands. In Europe, the cereal category has slowed, resuming more price elasticity than other regions, and our consumption is lapping a notably strong 2-year period, but we continue to drive good growth in key brands. In emerging markets, which represent about half of our international cereal sales annually, consumption growth remains robust, both for us and the category. We're seeing strong high single-digit consumption growth in Latin America with share gains in key markets like Mexico, Colombia and Brazil. And in EMEA, we're seeing mid-single-digit consumption growth across the region and share gains in markets ranging from Australia to Korea to Saudi Arabia to South Africa.

在幻燈片 #29 中，我們看到主要國際穀物市場的零售銷售持續強勁增長，這些市場也由世界級品牌引領。在歐洲，穀物類別已經放緩，恢復了比其他地區更大的價格彈性，我們的消費正在過去兩年顯著強勁，但我們繼續推動主要品牌的良好增長。在占我們每年國際穀物銷售額約一半的新興市場，消費增長依然強勁，無論是對我們還是對這一類別而言。我們看到拉丁美洲強勁的高個位數消費增長與墨西哥、哥倫比亞和巴西等主要市場的份額增長。在歐洲、中東和非洲，我們看到整個地區的消費增長達到中個位數，並在澳大利亞、韓國、沙特阿拉伯和南非等市場分享收益。

Slide #30 shows another growth business for us, Noodles & Other. This is comprised of our distributor business in West Africa and our Kellogg's branded noodle business elsewhere in Africa and the Middle East. This is a $1 billion-plus business that has consistently posted double-digit or high single-digit growth quarter after quarter after quarter. This reflects the competitive advantage Multipro offers as well as the value of offering a Kellogg's product line at the lower end of the price pyramid.

幻燈片 #30 顯示了我們的另一個增長業務，麵條和其他。這包括我們在西非的經銷商業務以及我們在非洲和中東其他地方的家樂氏品牌麵條業務。這是一個超過 10 億美元的業務，一個季度又一個季度地持續保持兩位數或高個位數的增長。這反映了 Multipro 提供的競爭優勢以及在價格金字塔低端提供 Kellogg 產品線的價值。

Turning to frozen breakfast on Slide #31. Our Eggo brand continues to perform well even despite being constrained on capacity, particularly in waffles and pancakes. The good news is that additional waffles capacity came on stream late in quarter 2, and innovation like the more portable style waffle is off to a good start. With about $750 million in annual net sales globally, this is yet another world-class brand and reliable grower that continues to show momentum.

在幻燈片 #31 上轉向冷凍早餐。儘管產能受限，我們的 Eggo 品牌仍然表現良好，尤其是在華夫餅和煎餅方面。好消息是，額外的華夫餅產能在第二季度末投產，而更便攜的華夫餅等創新有了一個良好的開端。憑藉全球約 7.5 億美元的年淨銷售額，這是又一個世界級品牌和可靠的種植者，並繼續顯示出勢頭。

Now let's turn to our U.S. cereal business on Slide #32. As we've discussed, 2022 is all about recovering supply after severe disruptions in late 2021. And as we mentioned earlier, we are ahead of plan in terms of rebuilding inventory, both our own and that of our retail partners. As supply has improved, so have our total distribution points and so has our share. In fact, we've now recovered more than 4 share points since the start of the year. And we have only recently resumed commercial activity and even then, only on certain brands. And this improving trend has continued into July.

現在讓我們在幻燈片 32 上轉向我們的美國穀物業務。正如我們所討論的，2022 年就是在 2021 年底嚴重中斷後恢復供應。正如我們之前提到的，我們在重建庫存方面領先於我們自己和我們零售合作夥伴的庫存。隨著供應的改善，我們的總分銷點和我們的份額都有所改善。事實上，自今年年初以來，我們現在已經恢復了 4 個以上的份額。而且我們只是在最近才恢復商業活動，即便如此，也只是在某些品牌上。而這種改善趨勢一直持續到七月。

On Slide #33, the chart on the left shows how the overall category has accelerated growth lately on the strength of our increased prices and below-average elasticity. It also shows our supply-driven turnaround quite clearly and how we have already begun to catch up on the category. And this trend continued into July. The chart on the right offers a view of how our 5 largest brands are recovering share after hitting lows in the fourth quarter and the aftermath of our fire and strike. These brands have started to resume commercial activity and they are responding immediately. So we feel good about how our supply is recovering, how we are getting back on shelf and how we are recovering share. We are also poised to begin recovering profit margin. This business is clearly on the rebound.

在幻燈片 #33 上，左側的圖表顯示了最近整體類別如何在我們上漲的價格和低於平均水平的彈性的推動下加速增長。它還非常清楚地顯示了我們以供應為導向的轉變，以及我們如何已經開始趕上這一類別。這種趨勢一直持續到 7 月。右邊的圖表顯示了我們的 5 個最大品牌在第四季度觸及低點後如何恢復市場份額以及我們的火災和罷工的後果。這些品牌已開始恢復商業活動，並立即做出回應。因此，我們對我們的供應如何恢復、我們如何重新上架以及我們如何恢復份額感到滿意。我們也準備開始恢復利潤率。這項業務顯然正在反彈。

Moving now to plant-based foods on Slide #34. Our Morningstar Farms is uncharacteristically down in net sales and consumption through the first half. Much of this has to do with supply chain challenges, principally with a co-manufacturer, which led us to reducing our commercial activities. This is a short-term issue and we're working through it. And we have strong plans for the second half as we resume commercial activity. Nevertheless, this is a leader in plant-based foods, a category with tremendous growth prospects. This is a business that remains in good condition from the standpoint of brand equity, marketing and innovation pipeline as well as profitability.

現在轉到幻燈片 #34 上的植物性食品。上半年，我們的晨星農場的淨銷售額和消費量一反常態地下降。這在很大程度上與供應鏈挑戰有關，主要是與合作製造商有關，這導致我們減少了商業活動。這是一個短期問題，我們正在解決它。隨著我們恢復商業活動，我們對下半年有強有力的計劃。儘管如此，這是植物性食品的領導者，這一類別具有巨大的增長前景。從品牌資產、營銷和創新渠道以及盈利能力的角度來看，這是一項保持良好狀態的業務。

So to close out our prepared remarks, let me briefly summarize with Slide #36. Through the second quarter and the first half, we're very pleased at how the business is performing, particularly given the challenging business environment. We have sustained momentum in the majority of our portfolio. In North America Cereal, our recovery is progressing well. We continue to mitigate the pressure on our profit margins. Our cash flow and balance sheet are strong, giving us strong financial flexibility.

因此，為了結束我們準備好的評論，讓我用幻燈片 #36 簡要總結一下。在第二季度和上半年，我們對業務的表現感到非常滿意，特別是考慮到充滿挑戰的商業環境。我們的大部分投資組合都保持了勢頭。在北美穀物領域，我們的複蘇進展順利。我們繼續減輕我們的利潤率壓力。我們的現金流和資產負債表強勁，為我們提供了強大的財務靈活性。

We have kicked off the process of separating into 3 companies, and we will not let this distract us from delivering results. And with all this going on, we are raising our outlook for the year. This gives you an idea of just how strong the first half we've had and the kind of confidence we have in our business and all our Kellogg employees that bring their skill and grit to work each and every day. And with that, we'll open up the line for questions.

我們已經開始了拆分為 3 家公司的過程，我們不會讓這分散我們交付成果的注意力。隨著這一切的繼續，我們正在提高對今年的展望。這讓您了解我們上半年的表現有多麼強大，以及我們對我們的業務以及我們的所有 Kellogg 員工每天都將他們的技能和勇氣帶到工作中的信心。有了這個，我們將打開問題的線路。

(Operator Instructions) Our first question is from Andrew Lazar with Barclays.

（操作員說明）我們的第一個問題來自 Barclays 的 Andrew Lazar。

Steve, with the announced spin of North America Cereal, one of -- the biggest pushback I think we've continued to hear is really more about the longer-term sustainability of the business as sort of a stand-alone beyond the recovery expected to occur in '22, which is clearly taking shape nicely as you just talked about. So I mean, taking a more forward-looking stance, like on the top line, the question is more about share longer term as I think Kellogg was losing share fairly consistently prior to sort of all of this and prior to the pandemic.

史蒂夫，隨著北美穀物的宣布旋轉，我認為我們繼續聽到的最大阻力之一實際上更多地是關於業務的長期可持續性，作為一種獨立的超越預期的複蘇發生在 22 年，正如你剛才所說，這顯然正在形成。所以我的意思是，採取更具前瞻性的立場，比如在頂線上，問題更多是關於長期份額，因為我認為家樂氏在所有這一切之前和大流行之前相當一致地失去份額。

And then on profitability, how do you balance the margin opportunity that you've talked about with the potential need to reinvest more to at least get to a point where you can at least hold share again over the longer term?

然後在盈利能力方面，您如何平衡您所談到的保證金機會與可能需要進行更多再投資以至少達到您至少可以在長期內再次持有股份的程度？

Yes. Thanks, Andrew. So let me start by just framing the cereal business a little bit in our business for you. We have 5 of the top 11 brands. They are strong brands. All the information, research and data that we have suggests or reinforces how strong these brands are, how relevant they are. The category, as you know right now, is very healthy. It's showing incredible pricing power. Even the last 4 weeks is better than the last 13 weeks. The category is quite healthy. It's versatile. It's showing, especially in challenging times, that it is a very affordable meal for people. A bowl of cereal with a glass of milk is $1, and that's really helping the category.

是的。謝謝，安德魯。因此，讓我首先在我們的業務中為您介紹一下穀物業務。我們擁有前 11 個品牌中的 5 個。他們是強大的品牌。我們擁有的所有信息、研究和數據都表明或強化了這些品牌的實力和相關性。正如您現在所知，該類別非常健康。它顯示出令人難以置信的定價能力。甚至最後 4 周也比過去 13 週好。該類別非常健康。它用途廣泛。它表明，尤其是在充滿挑戰的時代，這對人們來說是一頓非常實惠的飯菜。一碗麥片加一杯牛奶是 1 美元，這對這個類別很有幫助。

Our recovery, which you already mentioned, is happening faster than planned. We're up 400 basis points year-to-date so the business has good momentum. But your question is, so how do we think about it in the future? And why is it going to be a strong business going forward? And we were losing share prior to the pandemic, and that's well documented. Some of the reasons for that, we went through a pack size harmonization which was necessary, but we did that.

您已經提到，我們的複蘇比計劃的要快。年初至今，我們上漲了 400 個基點，因此業務發展勢頭良好。但你的問題是，那我們以後怎麼想呢？為什麼它會成為一個強大的業務？在大流行之前，我們正在失去份額，這是有據可查的。其中一些原因是，我們進行了必要的包裝尺寸協調，但我們做到了。

The pandemic obviously had supply-related constraints for everybody. That was a real issue for us. Then we had a fire and strike, and you see the real results of that, and it was very, very difficult but we came through that. This is not a business that has been underinvested, right? But this is a business that will benefit from a focused management team. #1 focus will be -- the only focus will be how to drive these great brands in a category that is showing good recovery. The #1 focus of a new sales force will be these brands with the customers.

大流行顯然對每個人都有與供應相關的限制。這對我們來說是一個真正的問題。然後我們發生了火災和罷工，你看到了真正的結果，這非常非常困難，但我們挺過來了。這不是一個投資不足的企業，對吧？但這是一項將受益於專注的管理團隊的業務。 #1 重點將是——唯一的重點將是如何在一個顯示出良好復甦的類別中推動這些偉大品牌。新銷售隊伍的第一重點將是這些品牌與客戶。

There are opportunities for productivity, for sure, for supply chain automation that we're already undergoing right now. And perhaps the best example I can give you, and there's many examples because we've studied these types of spins, where you talk about focus and taking a great collection of brands and focusing them with the management team.

當然，我們現在已經在進行的供應鏈自動化有提高生產力的機會。也許是我能給你的最好的例子，而且有很多例子，因為我們已經研究過這些類型的旋轉，你在其中談論專注，收集大量品牌，並與管理團隊一起關注它們。

And look at what we've done with Pringles. Pringles, when we took it over was not a brand that was growing. It was not a brand that was able to break through price points. And today, Pringles, you see in virtually all the big markets around the world, is growing double digits, right? So we are very confident in the cereal business going forward for all of these reasons, good category, great brands, focused management team and good examples of where it's worked in the past.

看看我們對 Pringles 所做的一切。品客薯片，當我們接管它時，它並不是一個正在成長的品牌。這不是一個能夠突破價位的品牌。而今天，品客薯片，您在全球幾乎所有的大市場中都看到了兩位數的增長，對吧？因此，由於所有這些原因，我們對穀物業務的發展充滿信心，良好的品類、優秀的品牌、專注的管理團隊以及過去工作的良好例子。

The next question is from Nik Modi with RBC Capital Markets.

下一個問題來自 RBC Capital Markets 的 Nik Modi。

So I guess, Steve, the question is most of us listening on the call have seen a lot of these spins over the last 10, 15, 20 years covering the space. And I think it's pretty safe to say that when these situations are occurring, it's tough, or at least what we've witnessed, it's tough for companies that are going through this process to kind of adjust to a changing environment, whether it be competitive, macro, et cetera.

所以我想，史蒂夫，問題是我們大多數聽電話的人在過去 10 年、15 年、20 年的時間裡看到了很多這樣的旋轉。而且我認為可以肯定地說，當這些情況發生時，這很艱難，或者至少我們所目睹的，對於正在經歷這個過程的公司來說，很難適應不斷變化的環境，無論它是否具有競爭力、宏等。

And we're kind of in this environment now where I would say the volatility, as we can all agree, is probably higher than it's ever been. So I'm just curious. What have you guys observed or learned from prior spins at other companies? What frameworks are you putting in place to make sure that you're able to adjust and adapt to the environment as you go through this process?

我們現在處於這種環境中，我想說的是，正如我們都同意的那樣，波動性可能比以往任何時候都高。所以我只是好奇。你們從之前在其他公司的旋轉中觀察到或學到了什麼？您採用了哪些框架來確保您在完成此過程時能夠調整和適應環境？

Yes. Thanks, Nik. So we have studied, as I just mentioned, quite a number of spins. We've got an excellent set of outside advisers that have great experience in this that are working with us. And a number of things I'd say is it's very important to understand who has accountability for what and have the right project teams in place and the right work streams in place to really diligently work through all the work that has to happen.

是的。謝謝，尼克。因此，正如我剛才提到的，我們已經研究了相當多的旋轉。我們擁有一批優秀的外部顧問，他們在這方面擁有豐富的經驗，正在與我們合作。我想說的一些事情是，了解誰對什麼負責，並擁有合適的項目團隊和合適的工作流程，以便真正勤奮地完成所有必鬚髮生的工作，這一點非常重要。

And perhaps the most important -- it is the most important thing while you're going through this is to keep the focus on the business and the business momentum, and we have great business momentum. And with another thing we've learned is the most successful spins happen from a position of strength, not from a position where you're desperate or things have to happen to fix the business, but when they happen from a real position of strength because then you can unlock the underlying potential of those businesses.

也許最重要的——當你經歷這件事時，最重要的是保持對業務和業務動力的關注，我們有很好的業務動力。我們學到的另一件事是，最成功的旋轉發生在實力位置，而不是在你絕望或必鬚髮生的事情來修復業務的位置，而是當它們發生在真正的實力位置時，因為那麼您就可以釋放這些業務的潛在潛力。

And I think we've got great momentum, obviously a terrific quarter across the board. And so we're doing this from a position of strength. And we've got good accountabilities across the patch. You'll see us making announcements in the coming months about various things related to the spins and keeping that momentum on the existing business and having momentum towards the back half of next year when we'll execute the spins is very important, and we're entirely focused on it.

而且我認為我們的勢頭很好，顯然是一個了不起的季度。所以我們是從實力的角度來做這件事的。而且我們在整個補丁中都有很好的問責制。您將在接下來的幾個月中看到我們發布有關旋轉相關的各種事情的公告，並在現有業務上保持這種勢頭，並且在明年下半年我們將執行旋轉時保持勢頭非常重要，我們重新完全專注於它。

And how close is the organization on figuring out divisional level executives, the C-suites for the independent company?

該組織在找出部門級主管、獨立公司的最高管理層方面有多接近？

So we'll be ready to make those announcements, we said, at the latest in the first quarter of 2023. We might be sooner than that. But when we're ready, we'll make those announcements. We'll make them internally first and then we'll share them with the outside world.

因此，我們說，最遲在 2023 年第一季度，我們將準備好發布這些公告。我們可能會更早。但是當我們準備好時，我們會發布這些公告。我們將首先在內部製作它們，然後我們將與外部世界分享它們。

The next question is from Ken Goldman with JPMorgan.

下一個問題來自摩根大通的 Ken Goldman。

First, thank you for the additional detail on the slides on segment-by-segment category growth. That's very helpful. I may have just missed it. Did you guys provide the expected FX impact on the top and bottom lines for the year? Did you update that at all?

首先，感謝您提供有關逐個細分類別增長的幻燈片的更多詳細信息。這很有幫助。我可能只是錯過了它。你們是否提供了對今年收入和利潤的預期外匯影響？你有更新嗎？

Yes. So Ken, this is Amit here. So I think during the quarter, we saw strengthening in the dollar against most currencies, particularly the pound and the euro. So in the quarter, in quarter 2, we saw impact of about 3% to 4% across net sales, OP and EPS. Though you've got to remember, this was the toughest comp from our -- toughest quarter from a comp standpoint. I think for the full year, based on exchange rates today, I'd estimate it at around a 3% impact.

是的。肯，這是阿米特。所以我認為在本季度，我們看到美元兌大多數貨幣走強，尤其是英鎊和歐元。因此，在本季度，在第二季度，我們看到淨銷售額、OP 和 EPS 的影響約為 3% 至 4%。雖然你必須記住，這是我們最艱難的比賽——從比賽的角度來看，這是最艱難的季度。我認為全年，根據今天的匯率，我估計會產生大約 3% 的影響。

And that's both top and bottom line?

這既是頂線又是底線？

Yes.

是的。

Okay. And then my follow-up, I wanted to get a better sense, and I know it's hard just to know these things for sure, but you did guide understandably to other income being less than what you thought previously. I don't think I also heard a specific number there. Do you have any kind of more precise guidance quantitatively that you can provide on that other income line?

好的。然後我的後續行動，我想獲得更好的感覺，我知道很難確定這些事情，但你確實可以理解地指導其他收入低於你以前的想法。我不認為我在那裡也聽到了具體的數字。您是否可以在其他收入線上提供任何更精確的定量指導？

And then I'm curious why now for the revaluation when we've already seen asset values fall by the first quarter? Why in the second quarter? Why didn't we see it in the first quarter? Maybe I'm just missing something obvious, but pensions aren't exactly my specialty.

然後我很好奇為什麼在我們已經看到資產價值在第一季度下降的情況下現在進行重估？為什麼在第二季度？為什麼我們沒有在第一季度看到它？也許我只是遺漏了一些明顯的東西，但養老金並不是我的專長。

Yes. So I think the remeasurement, that was triggered. It was technically triggered because of a number of retirees opting for a lump-sum pension payment. It increased to a point that triggered a remeasurement. So that's the reason why you're seeing why that remeasurement happened. And so I think -- so that's the reason why that happened.

是的。所以我認為重新測量是觸發的。它在技術上是由於許多退休人員選擇一次性養老金支付而觸發的。它增加到觸發重新測量的點。這就是為什麼你會看到重新測量發生的原因。所以我認為——這就是發生這種情況的原因。

I think from a full year standpoint, I think you should see similar year-on-year decline, dollar declines as in the first half despite the comps are easier because we started seeing this trend in the second half of last year. So despite the easier comps, right, you're going to see a similar dollar and dollar declines in the second half as we saw in the first half.

我認為從全年的角度來看，我認為你應該會看到類似的同比下降，美元下跌與上半年一樣，儘管比較容易，因為我們在去年下半年開始看到這種趨勢。因此，儘管比較容易，對，你會在下半年看到與我們在上半年看到的類似的美元和美元下跌。

And I think as I mentioned in my prepared remarks, this will continue to be a headwind into 2023 where if markets stay where they are right now, obviously, we're going to see significantly lower asset values as we head into '23. So at current market levels, this would be a headwind that would continue into '23.

而且我認為，正如我在準備好的講話中提到的那樣，這將繼續成為 2023 年的逆風，如果市場保持目前的水平，顯然，隨著我們進入 23 年，我們將看到資產價值顯著下降。因此，在目前的市場水平上，這將是一個持續到 23 年的逆風。

The next question is from Pamela Kaufman with Morgan Stanley.

下一個問題來自摩根士丹利的帕梅拉考夫曼。

How much of a benefit did you see in the second quarter from inventory replenishment? And where are retailer inventory levels today? Do you expect to ship ahead of consumption in the third and fourth quarters?

您在第二季度從庫存補充中看到了多少好處？今天的零售商庫存水平在哪裡？您預計第三季度和第四季度會在消費之前出貨嗎？

Yes. So in terms of inventory, we did see replenishment of inventory in North America in cereal faster than we anticipated and somewhat in snacks as well, catching up to what had happened last quarter where consumption was ahead of shipments. And so on balance, when you put it all together, there's really kind of nothing to see here, except for the fact that retailer inventories are close to back to where they were in kind of pre-pandemic levels. Service levels are starting to get back to where we want them to be. Still work to be done, but broadly speaking, there's really not much of a story in shipments versus inventory on a year-to-date basis.

是的。因此，在庫存方面，我們確實看到北美穀物庫存的補充速度比我們預期的要快，零食方面的庫存也有所補充，趕上了上個季度消費量超過發貨量的情況。等等，當你把它們放在一起時，這裡真的沒什麼可看的，除了零售商庫存接近大流行前水平的事實。服務水平開始回到我們想要的水平。仍有工作要做，但從廣義上講，今年迄今的出貨量與庫存之間並沒有太多的故事。

Got it, okay. And maybe if I could sneak one more in. Can you provide an updated input cost inflation outlook for the year? Is the recent moderation in commodity prices expected to translate into more moderate inflation next year? Or are there offsets like higher labor cost, supply chain issues that you would expect to keep inflation higher?

明白了，好吧。也許如果我能再偷偷摸摸一下。你能提供今年的最新投入成本通脹前景嗎？近期商品價格的放緩是否有望轉化為明年更溫和的通脹？或者是否存在諸如更高的勞動力成本、供應鏈問題等抵消因素，您預計這些問題會導致通脹走高？

So we continue to look for gross inflation on input costs to be in the high teens for the full year. In fact, if anything, it's now towards the absolute top end of that range. So incorporated in our guidance is an acceleration -- a continued acceleration in inflation. I think while the spot rates have moved down in some commodities, we are largely hedged for 2022 so we're not going to see any benefit in 2022. It's important also to note that while they move down, the spot rates have moved down, they're significantly higher. They continue to be higher than our averages for this year. And so we'll continue to see and plan for inflation into '23.

因此，我們繼續預計全年投入成本的總通貨膨脹率將保持在十幾歲。事實上，如果有的話，它現在正接近該範圍的絕對高端。因此，我們的指導中包含了一種加速——通脹的持續加速。我認為，儘管某些商品的即期匯率已經下跌，但我們在很大程度上對 2022 年進行了對沖，因此我們不會在 2022 年看到任何好處。還需要注意的是，儘管它們下跌，但即期匯率已經下跌，他們明顯更高。它們繼續高於我們今年的平均水平。因此，我們將繼續觀察併計劃通脹到 23 年。

The next question is from Steve Powers with Deutsche Bank.

下一個問題來自德意志銀行的史蒂夫鮑爾斯。

Maybe just back to the U.S. cereal recovery. Clearly, as you've pointed out, you're ahead of schedule, which is great. I guess what I'm trying to figure out is how far ahead of schedule. I guess, maybe in time in terms of like when did you originally expect to be where you are now, if that's an answerable question. And then secondly, as you leverage that momentum, I guess, have your end state objectives or ambitions also changed for the better versus where you were when you started the year?

也許只是回到美國穀物的複蘇。顯然，正如您所指出的，您提前完成了計劃，這很好。我想我想弄清楚的是提前了多遠。我想，如果這是一個可以回答的問題，也許就你最初期望的時間而言，你現在是什麼時候。其次，當你利用這種勢頭時，我猜，你的最終狀態目標或野心是否也與年初時相比變得更好？

Yes. Thanks, Steve. I guess it's hard to quantify exactly, but I'd say we're about 1/4, so say, 3 months ahead of schedule based on getting inventories where we want them to be and reinstating commercial activity. So as we look at the back half of the year, particularly in quarter 4, we'll be really back to normal in terms of through-the-line execution against all of our brands.

是的。謝謝，史蒂夫。我想這很難準確量化，但我會說我們大約提前 1/4，也就是說，基於獲得我們想要的庫存並恢復商業活動，提前 3 個月。因此，當我們回顧今年下半年，特別是在第 4 季度時，我們將在針對我們所有品牌的全線執行方面真正恢復正常。

And what you see now, if you look at the syndicated data is the brands that got back to high levels of inventory first are doing the best and are driving the share recovery. And so we don't have a share forecast that -- we don't have one for the end of the year but we see good sequential recovery continuing, 400 basis points. So far, we see that continuing and we plan on exiting the year with very, very good momentum.

而你現在看到的，如果你看一下聯合數據，首先回到高庫存水平的品牌表現最好，並且正在推動份額復甦。因此，我們沒有這樣的股票預測——我們沒有對今年年底的預測，但我們看到良好的連續復甦持續，400 個基點。到目前為止，我們看到這種情況仍在繼續，我們計劃以非常非常好的勢頭結束這一年。

Okay. Maybe less from share perspective, but just from what you're seeing in the category. Is the overall category ahead of where you expected it to be, such that, that gives you optimism in terms of where you might end up? Or just anything you can -- any further color and then I'll pass it on.

好的。從分享的角度來看可能更少，而只是從您在該類別中看到的內容來看。整個類別是否超出了您的預期，從而使您對最終的目標感到樂觀？或者任何你能做的——任何其他顏色，然後我會傳遞它。

Yes. Steve, just from a category perspective, the category is doing very, very well. I talked about the affordability of cereal and that's -- and the versatility of it. That's clearly been a driver. If you look at just syndicated data on a year-to-day basis -- year-to-date basis, the category is up almost 7%. In the quarter, it was up 9%. The last 4 weeks, it's up double digits. It's up like 15%, I think. And so you're seeing real strength in the category that is above what we expected.

是的。史蒂夫，從品類的角度來看，品類做得非常非常好。我談到了穀物的可負擔性，以及它的多功能性。那顯然是個司機。如果您僅查看每年（年初至今）的聯合數據，則該類別增長了近 7%。在本季度，它上漲了 9%。過去 4 週，它上升了兩位數。我認為上漲了 15%。因此，您在該類別中看到了超出我們預期的真正實力。

And so obviously, we're playing catch-up already based on what happened with the fire and strike, and we're playing catch-up in a category that's accelerating. So it's really -- it's in a great place. It's better than we expected it to be. And clearly, consumers are relying on cereal as their budgets are strapped.

很明顯，我們已經根據火災和罷工發生的情況在追趕，我們正在加速追趕。所以它真的 - 它在一個很棒的地方。它比我們預期的要好。顯然，由於預算緊張，消費者正在依賴穀物。

The next question is from Robert Moskow with Credit Suisse.

下一個問題來自瑞士信貸的羅伯特莫斯科。

A couple of questions. One was on modeling. Amit, I thought I heard you say that gross margin dollars would be down year-over-year in third quarter. I think they're up in second quarter. So why would they take a step down in third?

幾個問題。一個是關於建模。阿米特，我想我聽到你說第三季度毛利率將同比下降。我認為他們在第二季度上漲。那麼他們為什麼要退居第三呢？

And then a follow-up on Morningstar. I thought I also saw an article about a possible labor strike or unionization at one of the plants. Is that at all related to the co-packer problems that you're having? And also, are there any ramifications for the plan to spin off as a stand-alone business?

然後是晨星的後續行動。我想我還看到了一篇關於其中一家工廠可能發生的罷工或工會化的文章。這是否與您遇到的共同包裝問題有關？此外，作為獨立業務分拆的計劃是否有任何影響？

Yes, Rob. So I'll take the second question and then let Amit talk about the margins. So it had nothing to do with the labor negotiation that we're talking through right now, has nothing to do with the co-manufacturer. It has nothing to do with the spin or our strategic look at the business. It's entirely what happens often -- many times, there's a union that has been talking to our workers about a possible unionization effort at our owned Morningstar Farms plant. And obviously, we have a lot of unions in the United States, and we successfully negotiate and renegotiate contracts all the time.

是的，羅伯。所以我會回答第二個問題，然後讓 Amit 談談利潤。因此，這與我們現在正在討論的勞資談判無關，與合作製造商無關。它與旋轉或我們對業務的戰略看法無關。這完全是經常發生的事情——很多時候，有一個工會一直在與我們的工人討論我們擁有的晨星農場工廠可能進行的工會化工作。顯然，我們在美國有很多工會，我們一直成功地談判和重新談判合同。

The outlier was the cereal strike last year, obviously well documented. We believe that despite having great relations with our unions, we still believe that the best way forward for this particular plant is to remain a nonunion plant and not have somebody in between us and them. It's been a very successful plant. Great wages at the plant, great benefits at the plant. But we'll continue talking and we'll see where we get to. Do you want to take the margin?

異常值是去年的穀物罷工，顯然有據可查。我們相信，儘管與我們的工會保持著良好的關係，但我們仍然相信，這家特定工廠的最佳前進方式是保持非工會工廠，並且我們和他們之間沒有任何人。這是一個非常成功的工廠。工廠工資高，工廠福利好。但是我們會繼續討論，我們會看到我們到達哪裡。你想拿保證金嗎？

Yes, I think from a gross margin standpoint, I think maybe I'll start with the full year and then we can get into the quarters. So I think in our last call, we had talked of a projection of a 100 basis point decline year-on-year in gross profit margin. I think sitting here today, we continue to see that range as being where we are from a full year standpoint.

是的，我認為從毛利率的角度來看，我想也許我會從全年開始，然後我們可以進入季度。所以我認為在我們上次的電話會議中，我們談到了毛利率同比下降 100 個基點的預測。我認為今天坐在這裡，從全年的角度來看，我們繼續將這個範圍視為我們所處的位置。

I think in quarter 3, we will see incremental pressure year-on-year. And I think really what's changed is the supply chain bottlenecks, we are continuing to see that. And while it's improved in a couple of areas, broadly, I would say that we continue to see widespread bottlenecks and disruptions. Our previous assumption was that would diminish in quarter 3. I think now, our current planning assumption is that's going to diminish in quarter 4. So quarter 3 would continue to see incremental pressure year-on-year but it will moderate.

我認為在第三季度，我們將看到同比增加的壓力。我認為真正改變的是供應鏈瓶頸，我們將繼續看到這一點。雖然它在幾個領域有所改善，但我想說的是，我們繼續看到廣泛的瓶頸和中斷。我們之前的假設是在第 3 季度會減少。我認為現在，我們目前的計劃假設是在第 4 季度會減少。所以第 3 季度將繼續看到同比增加的壓力，但會有所緩和。

And I think our trend from a margin standpoint, the year-on-year decrease in quarter 3 will still continue a trend of sequential moderation in declines, just less than what we had previously expected. And then I think obviously, in quarter 4, we start lapping the fire and strike. So we expect our margins -- gross margins to be up year-on-year in quarter 4. And overall, for the year, still at that 100 basis point decline that we had talked in our last call.

而且我認為從利潤率的角度來看，我們的趨勢是，第三季度的同比下降仍將繼續下降的連續放緩趨勢，略低於我們之前的預期。然後我認為很明顯，在第 4 季度，我們開始火力全開並罷工。因此，我們預計我們的利潤率 - 毛利率將在第 4 季度同比上升。總體而言，今年仍處於我們上次電話會議中談到的 100 個基點的下降幅度。

Okay. So does that mean that gross profit dollars in third quarter, they could still be above year-ago levels even though the percentage is down?

好的。那麼這是否意味著第三季度的毛利潤美元，即使百分比下降，仍可能高於去年同期水平？

Yes, yes. And I think there's a little bit of ForEx impact in that so -- but yes.

是的是的。我認為這對外匯有一點影響——但是是的。

The next question is from Michael Lavery with Piper Sandler.

下一個問題來自 Michael Lavery 和 Piper Sandler。

I just wanted to come back to the spin and maybe just see if you could touch on the dis-synergies and just give a sense of how much, as you're starting to plan it out, you're able to quantify those and what that looks like. And maybe related to that, for the margin upside you called out as like it was kind of the headline for North America Cereal, certainly against current levels that are a little bit depressed, that would make sense. But over time, especially against historical sort of benchmarks with its own stand-alone company costs, how should we expect that to really move the needle?

我只是想回到旋轉，也許只是看看你是否可以觸及到不協同作用，並給出一個感覺，當你開始計劃它時，你能夠量化那些和什麼看起來像。也許與此有關，因為您所說的利潤率上升就像是北美穀物的頭條新聞，當然與目前有點低迷的水平相比，這是有道理的。但隨著時間的推移，特別是針對具有自身獨立公司成本的歷史基準，我們應該如何期望它真正改變呢？

Yes. So Michael, we're not prepared to talk in detail about models around the 3 different businesses going forward. Suffice it to say though, we are laser-focused on dis-synergies. We're laser-focused on setting up these businesses for success. We understand where businesses have suffered from dis-synergies. And we also understand where businesses have benefited from doing the work required to set these businesses up for success and having the right scale and having the right level of executional focus for the different things that they need to do. So when we're further on in the process, we'll be releasing a lot more information about exactly what the stand-alone businesses will look like on a go-forward basis.

是的。所以邁克爾，我們不准備詳細討論未來 3 種不同業務的模型。可以這麼說，我們專注於協同效應。我們專注於建立這些業務以取得成功。我們了解企業在哪些方面遭受了協同效應的影響。我們還了解企業在哪些方面受益於開展這些業務所需的工作以取得成功，並為他們需要做的不同事情擁有適當的規模和適當的執行重點。因此，當我們在這個過程中進一步推進時，我們將發布更多關於獨立業務在前進的基礎上的確切外觀的信息。

The next question is from Cody Ross with UBS.

下一個問題來自瑞銀的 Cody Ross。

Your snacks momentum across the globe is impressive. Can you update us on the progress of expanding some of your brands internationally and how consumers are responding so far? And ultimately, how much room for global expansion do you think there is?

您在全球的零食勢頭令人印象深刻。您能否向我們介紹您在國際上擴展您的一些品牌的進展情況以及迄今為止消費者的反應？最終，您認為全球擴張的空間有多大？

Yes. So thanks, Cody. I think we've got a number of initiatives in place. We've got Cheez-It, which is now in Brazil and Canada and we're looking into Europe as well. We've got plans that we haven't talked about yet, but for some of our other brands like Rice Krispies Treats is an obvious one, and following in the Pringles path, which is obviously all around the world right now.

是的。所以謝謝，科迪。我認為我們已經採取了一些舉措。我們有 Cheez-It，現在在巴西和加拿大，我們也在尋找歐洲。我們已經制定了尚未討論的計劃，但對於我們的其他一些品牌，例如 Rice Krispies Treats 是一個明顯的計劃，並且遵循 Pringles 的道路，這顯然是現在遍布世界各地。

So we see great opportunity. It's one of the core elements of what we talk about in the Global Snacking business going forward. One of the big opportunities is global expansion of brands like Cheez-It and Pop-Tarts and Rice Krispies Treats. And so we don't have a lot of detail to share with you yet, but where we have it in Canada and Brazil, it has done very -- I'm talking about Cheez-It, has done exceptionally well, ahead of our plan. And so it gives us good confidence that there is great potential there. In many markets -- you'll already find Pop-Tarts, for example, in many markets where it just -- it finds its way there and does very well. So as we build out those plans, it will be part of what we unveil when we talk about a global snacking company on a go-forward basis.

所以我們看到了巨大的機會。這是我們在未來全球零食業務中談論的核心要素之一。其中一個重大機遇是 Cheez-It、Pop-Tarts 和 Rice Krispies Treats 等品牌的全球擴張。所以我們還沒有很多細節可以和你分享，但是我們在加拿大和巴西有它，它做得非常好——我說的是 Cheez-It，做得非常好，領先於我們計劃。因此，這讓我們充滿信心，那裡有巨大的潛力。在許多市場——例如，你已經在許多市場上找到了 Pop-Tarts——它找到了它的出路並且做得很好。因此，當我們制定這些計劃時，它將成為我們在未來談論一家全球零食公司時所公佈的內容的一部分。

Just one more price mix sequentially increased by (inaudible) points this quarter. How much of the 13.7% price growth was price? And related to that, remind us when you announced the price increase and when that will be effective, trying to understand how much price momentum should roll into fiscal '23.

本季度僅再增加一個價格組合（聽不清）點。 13.7%的價格增長中有多少是價格？與此相關，請提醒我們您何時宣布漲價以及何時生效，試圖了解在 23 財年應該有多少價格動能。

Yes. So I think most of it -- most of what you say in quarter 2 was price -- I think mix was positive and it was up low-single digits. So I'd say most of it was price. And I think without getting into the specifics of prospective pricing, like I said, we continue to plan for an inflationary environment and protect our margins in that environment through a whole suite of revenue growth management actions.

是的。所以我認為其中的大部分——你在第二季度所說的大部分是價格——我認為混合是積極的，而且是低個位數。所以我會說大部分是價格。而且我認為沒有像我說的那樣深入了解預期定價的細節，我們會繼續為通貨膨脹環境做計劃，並通過一整套收入增長管理行動來保護我們在這種環境下的利潤。

Yes. And Cody, I would just add, always working on productivity as our first line of defense. But obviously, in an environment like this, productivity, it's very difficult to approach the type of inflationary levels we're seeing but always working with our retail partners as constructively, as collaboratively as we can to keep prices affordable and keep the consumer at the heart and soul of everything that we do.

是的。而科迪，我只想補充一點，始終將生產力作為我們的第一道防線。但顯然，在這樣的環境下，生產力，很難接近我們所看到的通脹水平，但始終與我們的零售合作夥伴建設性地合作，盡可能地合作，以保持價格合理並讓消費者保持在我們所做的一切的核心和靈魂。

And just remind us, how much productivity typically are you planning for this year?

提醒我們，您今年通常計劃多少生產力？

It's in the -- it's -- normally, we'd operate at around 4% range, 3% to 4% range. But I mean, this year with the bottlenecks, it's probably a little lower than the -- than what's normal, but in that ballpark.

它在 - 它是 - 通常情況下，我們會在大約 4% 的範圍內運行，3% 到 4% 的範圍內。但我的意思是，今年有瓶頸，它可能比 - 比正常情況低一點，但在那個範圍內。

The next question is from Jason English with Goldman Sachs.

下一個問題來自 Jason English 和 Goldman Sachs。

One quick question back on the pension. I think you mentioned that the negative revision to the other income was due predominantly to returns, with what's happened in fixed income and equity markets. When you went through and did the remeasurement, did you also address discount rates or is that something you're going to do at your end based on where we sit today? What do you expect impact to have?

關於養老金的一個快速問題。我認為您提到對其他收入的負面修正主要是由於回報，以及固定收益和股票市場發生的情況。當您進行重新測量時，您是否還解決了折扣率問題，或者根據我們今天所處的位置，您將在最後做些什麼？您預計會產生什麼影響？

We did, Jason. So I think it's both. I think there are 2 impacts that come through, right? One is a low asset base creates a lower expected return on assets, right? So the rate on -- the expected rate -- return on assets is unchanged but it's just on a lower asset base, so that generates a lower pension income.

我們做到了，傑森。所以我認為兩者兼而有之。我認為有兩種影響，對吧？一是資產基數低會導致資產預期回報率降低，對嗎？因此，資產回報率——預期利率——沒有變化，但只是在較低的資產基礎上，因此產生了較低的養老金收入。

I think the other thing that we've done is we've updated the interest charge that flows through the P&L on your liabilities. So while your liabilities have gone down with a higher discount rate, the charge that you take for the year has gone up because of the higher interest cost. So we've done both, and both of those are reflected in our outlook.

我認為我們所做的另一件事是我們更新了流經您的負債損益表的利息費用。因此，雖然您的負債隨著較高的貼現率而下降，但由於較高的利息成本，您當年收取的費用卻上升了。所以我們兩者都做了，這兩者都反映在我們的前景中。

Got it. Good to hear. And I'm going to come back and probably bang my head against the wall with limited success on Michael's question around stranded cost because it's really top of mind amongst every investor we talk to. When you spun out Keebler, I think the stranded cost equated to something a little north of 10% of Keebler sales. Is there any reason to believe that that's not a fair number to work with as we think about what Global Snack Co. could be saddled with as you spin out North America and Plant Co.?

知道了。很高興聽到。而且我會回來，可能會在邁克爾關於擱淺成本的問題上取得有限的成功，因為這確實是我們與之交談的每個投資者的頭等大事。當你分拆出 Keebler 時，我認為擱淺成本相當於 Keebler 銷售額的 10% 以上。有什麼理由相信這不是一個公平的數字，因為我們考慮到當你分拆北美和工廠公司時 Global Snack Co. 可能會背負什麼？

Yes. I think if you look at Keebler, right, in the end, and if you look at our '21 results and you look at where our overheads are, I think the teams and the organization did a terrific job working through the stranded costs. And so I think as you look back on our results, we worked those stranded costs through the system, and there was a lot of work to make that happen. So as we embark on this spin, I think we're very mindful of the challenge.

是的。我想如果你看看 Keebler，對，最後，如果你看看我們 21 年的結果，看看我們的管理費用在哪裡，我認為團隊和組織在解決擱淺成本方面做得非常好。所以我認為當你回顧我們的結果時，我們通過系統處理了那些擱淺的成本，並且有很多工作來實現這一點。所以當我們開始這個旋轉時，我認為我們非常注意挑戰。

No question, our businesses are well integrated. And so as we -- and there are entanglements. But I think to the point that Steve was making, as we work on the separation, we are very mindful as well of stranded costs and program and having the necessary programs in place to address them over time.

毫無疑問，我們的業務整合得很好。就像我們一樣——還有糾纏。但我認為，就史蒂夫提出的觀點而言，當我們致力於分離時，我們也非常注意擱淺的成本和計劃，並製定了必要的計劃來隨著時間的推移解決這些問題。

Operator, I think we have time for just one more question.

接線員，我想我們還有時間再問一個問題。

And the question will come from Chris Growe with Stifel.

問題將來自 Chris Growe 和 Stifel。

I just had a quick question, just to follow up on an earlier question from Cody. I believe it was on, does just -- and this is just based on the pricing you've announced so far. Does pricing accelerate in 3Q versus 2Q? Not asking for prospective pricing, just what you've announced so far.

我只是有一個簡短的問題，只是為了跟進 Cody 之前提出的問題。我相信它已經開啟，只是 - 這只是基於您迄今為止宣布的定價。與 2Q 相比，3Q 的定價會加速嗎？不要求預期定價，只是您迄今為止宣布的。

I wouldn't say it accelerates, Chris. It's quite high right now. And so I'd say you're going to see the same type of end market that you're seeing right now.

我不會說它加速了，克里斯。現在還挺高的。所以我想說你會看到你現在看到的相同類型的終端市場。

And the only thing I'd add is we've had multiple rounds of pricing around the world. And so I think we've been reacting to what we are seeing on commodities and input costs. And as Steve said, we've got productivity programs in place, so we've been through multiple rounds. So...

我唯一要補充的是，我們已經在全球範圍內進行了多輪定價。所以我認為我們一直在對我們所看到的商品和投入成本做出反應。正如史蒂夫所說，我們已經制定了生產力計劃，所以我們經歷了多輪。所以...

I get it. And you're starting to lap -- this stuff started to happen a year ago so I get there's a lot of year-over-year comparison factors. I just wanted to understand that a little better.

我得到它。你開始跑了——這件事一年前就開始發生了，所以我知道有很多年同比因素。我只是想更好地理解這一點。

And then there was a comment on my -- just my last point or question would be on price elasticity in cereal in Europe. The comment you made, you're seeing, I think, in the continent. Is that getting back to like historical levels? Is that a rate that you would generally expect to kind of creep into the U.S. and other divisions based on your second half expectation for elasticity to pick back up? And I can leave it there.

然後有人對我的評論——我的最後一點或問題是關於歐洲穀物的價格彈性。你發表的評論，我認為，你在非洲大陸看到了。這會恢復到歷史水平嗎？根據您下半年對彈性回升的預期，這是您通常預計會進入美國和其他部門的比率嗎？我可以把它留在那裡。

Yes. Chris, I'd say in Continental Europe, it's not back to historical levels but it's gradually approaching that. And it's unique to the continent. It's not in the U.K., nowhere near that in the United States. And so Continental Europe has obviously always been a different market. It's seeing inflation. And it never sees inflation. It's used to deflation. So I'd say it's not a good indicator of what might happen around the world, but it is happening in the continent, in Continental Europe, but principally Germany, Italy and Spain.

是的。克里斯，我想說的是，在歐洲大陸，它並沒有回到歷史水平，但它正在逐漸接近那個水平。它是非洲大陸獨有的。它不在英國，在美國也沒有。因此，歐洲大陸顯然一直是一個不同的市場。它正在看到通貨膨脹。它永遠不會看到通貨膨脹。它習慣於通貨緊縮。所以我想說這不是一個很好的指標，可以很好地表明世界各地可能會發生什麼，但它正在歐洲大陸發生，在歐洲大陸，但主要是德國、意大利和西班牙。

And with that, we're going to -- we're at time. Steve, any last comments or thoughts?

有了這個，我們將 - 我們是時候了。史蒂夫，有什麼最後的評論或想法嗎？

Yes. I would just say thanks again for your interest. Thanks for your time. We certainly appreciate it. We're proud of the work that was done this quarter, the momentum that we have. And I'll close it out by thanking all of our associates around the world who made this happen. We really appreciate all of their efforts and wish you a very good day.

是的。我只想再次感謝您的關注。謝謝你的時間。我們當然很感激。我們為本季度所做的工作以及我們所擁有的勢頭感到自豪。最後，我將感謝我們在世界各地實現這一目標的所有員工。我們非常感謝他們的所有努力，並祝您有美好的一天。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。