Keurig Dr Pepper Inc (KDP) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Keurig Dr Pepper's earnings call for the third quarter of 2024. This conference call is being recorded. (Operator Instructions).

早安，女士們先生們，感謝你們的支持。歡迎參加 Keurig Dr Pepper 2024 年第三季財報電話會議。本次電話會議正在錄音中。（操作員說明）。

I would now like to introduce Keurig Dr Pepper's Head of Investor Relations, Jane Gelfand. Ms. Gelfand, you may please begin.

現在我想介紹 Keurig Dr Pepper 投資者關係主管 Jane Gelfand。蓋爾凡德女士，請開始吧。

Thank you, and hello, everyone. Earlier this morning, we issued 2 separate press releases announcing third quarter results and our pending transaction with GHOST. We will discuss both topics during this conference call and in the accompanying slide presentation, which can be tracked in real time on the live webcast.

謝謝大家，大家好。今天早些時候，我們發布了兩份單獨的新聞稿，宣布第三季業績以及我們與 GHOST 的待決交易。我們將在本次電話會議和隨附的幻燈片簡報中討論這兩個主題，可以在網路直播中即時追蹤這些投影片。

Before we get started, I'd like to remind you that our remarks will include forward-looking statements, which reflect KDP's judgment assumptions and analysis only as of today. Our actual results may differ materially from current expectations based on a number of factors affecting KDP's business.

在開始之前，我想提醒您，我們的言論將包含前瞻性陳述，這些陳述僅反映 KDP 截至今天的判斷假設和分析。由於影響 KDP 業務的多種因素，我們的實際結果可能與目前預期有重大差異。

Except as required by law, we do not undertake any obligation to update any forward-looking statements discussed today. For more information, please refer to our earnings release and the risk factors discussed in our most recent Forms 10-K and 10-Q filed with the SEC.

除法律要求外，我們不承擔更新今天討論的任何前瞻性陳述的任何義務。欲了解更多信息，請參閱我們的收益發布以及我們最近向 SEC 提交的 10-K 和 10-Q 表格中討論的風險因素。

Consistent with previous quarters, we will be discussing our Q3 performance on a non-GAAP adjusted basis, which reflects constant currency growth rates and excludes items affecting comparability. Definitions and reconciliations to the most directly comparable GAAP metrics are included in our earnings materials.

與前幾季一致，我們將在非公認會計準則調整後的基礎上討論第三季的業績，這反映了恆定的貨幣成長率，並排除了影響可比性的項目。我們的收益資料中包含了最直接可比較的 GAAP 指標的定義和調整。

Here with us today to discuss our results are Keurig Dr Pepper's Chief Executive Officer, Tim Cofer; and Chief Financial Officer and President, International, Sudhanshu Priyadarshi. I'll now turn it over to Tim.

今天與我們一起討論我們結果的是 Keurig Dr Pepper 的執行長 Tim Cofer；財務長兼國際總裁 Sudhanshu Priyadarshi。我現在把它交給蒂姆。

Thanks, Jane, and good morning, everyone. Our solid 2024 year-to-date performance demonstrates KDP's resiliency and flexibility. This morning, we reaffirmed our full year outlook despite an uneven operating environment. And we're targeting a strong finish to the year in Q4. Simultaneously, we are making good progress against our long-term strategy, laying the groundwork for multiyear success.

謝謝，簡，大家早安。我們 2024 年迄今的穩健業績證明了 KDP 的彈性和靈活性。今天上午，儘管經營環境不平衡，我們仍重申了全年展望。我們的目標是在第四季度取得強勁的業績。同時，我們的長期策略正在取得良好進展，為多年的成功奠定了基礎。

Now before covering our quarterly results, I want to highlight the just announced GHOST deal as yet another example of how we are enhancing our portfolio while exercising capital discipline. We've reached an agreement to purchase a majority stake in GHOST this year to be followed by the acquisition of the remainder of the business in the first half of '28. This transaction strengthens our position in the attractive energy drink category and accelerates our portfolio evolution towards consumer-preferred and growth-accretive spaces.

現在，在介紹我們的季度業績之前，我想強調一下剛剛宣布的 GHOST 交易，這是我們如何在遵守資本紀律的同時增強我們的投資組合的另一個例子。我們已達成協議，今年將收購 GHOST 的多數股權，然後在 28 年上半年收購該業務的其餘部分。這項交易加強了我們在有吸引力的能量飲料類別中的地位，並加速了我們的產品組合向消費者偏好和成長成長領域的發展。

GHOST is young, versatile and founder-led, with approximately $0.5 billion portfolio anchored by its leading energy drink while also spanning supplements and an emerging presence in other LRB categories. The brand more than quadrupled in size over the last 3 years and remains one of the fastest-growing in the energy category, thanks to its unique brand identity, distinctive flavors and packaging, cross-occasion appeal and strong consumer engagement, including on-premise.

GHOST 是一家年輕、多才多藝、由創辦人領導的公司，擁有約 5 億美元的投資組合，以其領先的能量飲料為基礎，同時也涵蓋補充劑和其他 LRB 類別的新興業務。該品牌的規模在過去三年中增長了四倍多，並且仍然是能源類別中增長最快的品牌之一，這得益於其獨特的品牌標識、獨特的口味和包裝、跨場合的吸引力以及強大的消費者參與度（包括內部部署） 。

GHOST will complement KDP's existing energy portfolio and substantially enhance our presence in the category. We see significant potential to further scale GHOST in collaboration with its founders, Dan Lourenco and Ryan Hughes, who will continue to lead the brand as part of KDP's US refreshment beverages unit.

GHOST 將補充 KDP 現有的能源產品組合，並大幅增強我們在該類別中的地位。我們看到了與其創始人 Dan Lourenco 和 Ryan Hughes 合作進一步擴大 GHOST 規模的巨大潛力，他們將作為 KDP 美國清涼飲料部門的一部分繼續領導該品牌。

I've been very impressed with Dan and Ryan and their tremendous success to date. More importantly, I share their vision for strong growth in the years to come. Together, we plan to take GHOST to new heights as we build out KDP's platform-based approach to the energy category.

丹和瑞安以及他們迄今為止所取得的巨大成功給我留下了深刻的印象。更重要的是，我認同他們對未來幾年強勁成長的願景。我們計劃共同打造 KDP 基於平台的能源類別方法，將 GHOST 推向新的高度。

Now at $23 billion in size, energy remains one of the fastest-growing scaled categories in beverages and enjoys multiple structural growth characteristics. These beverages satisfy a near universal consumer need for energy and alertness, which is increasingly relevant in a world with significant demands on our time and attention. They appeal to consumers across all ages and demographics, including over-indexing to GenZennials.

目前能源規模達 230 億美元，仍是飲料中成長最快的規模類別之一，並具有多種結構性成長特徵。這些飲料幾乎滿足了消費者對能量和警覺性的需求，這在一個對我們的時間和注意力有巨大要求的世界中越來越重要。它們吸引了所有年齡層和人口統計特徵的消費者，包括過度索引的千禧世代。

There's significant headroom for household penetration to grow versus other leading beverage categories. And the category is still in the development stage of price pack architecture and channel diversity. All of these elements translate to a large total addressable market that we believe the category will grow into and on which KDP is well positioned to capitalize.

與其他主要飲料類別相比，家庭滲透率還有很大的成長空間。且該品類仍處於價格包架構和通路多元化的發展階段。所有這些要素都轉化為一個龐大的潛在市場，我們相信該類別將發展成為這個市場，而 KDP 已做好充分利用的準備。

As energy drink consumption becomes more prevalent, the category is evolving to serve distinct consumer need states and occasions. This landscape lends itself nicely to a portfolio approach, which we have successfully employed in premium water to become the number 2 share player. We're now using a similar playbook in energy, having accelerated our push into the category over the last 24 months with C4, GHOST and Black Rifle Energy.

隨著能量飲料消費變得越來越普遍，該類別正在不斷發展，以滿足不同的消費者需求狀態和場合。這種情況非常適合投資組合方法，我們已成功地將其應用於優質水領域，成為第二大份額參與者。我們現在在能源領域使用了類似的策略，在過去 24 個月透過 C4、GHOST 和 Black Rifle Energy 加速了我們向該類別的推進。

In addition to today's Ghost announcement, we just signed a distribution agreement with Nutrabolt for Bloom ready-to-drink energy. Bloom is a highly promising emerging and distinctive beverage brand with a female-oriented SKU. Together, each of these brands can work in complementary ways to address consumer needs while driving greater scale in the category and across our DSD infrastructure.

除了今天的 Ghost 公告之外，我們剛剛與 Nutrabolt 簽署了 Bloom 即飲能量的分銷協議。Bloom是一個極具前景的新興且獨特的飲料品牌，具有女性導向的SKU。這些品牌中的每一個都可以以互補的方式合作來滿足消費者的需求，同時推動該類別和整個 DSD 基礎設施的規模擴大。

Beyond its strategic merits, the GHOST transaction is another good example of how we approach efficient capital deployment. Through an elegant deal structure, we are capturing the growth opportunity and paving the way for compelling financial returns while retaining manageable balance sheet leverage and aligning long-term incentives.

除了其策略優勢之外，GHOST 交易也是我們如何實現高效資本部署的另一個很好的例子。透過優雅的交易結構，我們正在抓住成長機會，為實現引人注目的財務回報鋪平道路，同時保持可管理的資產負債表槓桿並調整長期激勵措施。

Our chosen structure retains GHOST's leadership team, reinforcing a unique element of KDP's white space expansion strategy, our founder network. We work to keep visionary entrepreneurs at the helm of the brands they created while adding substantial scale and resources from KDP.

我們選擇的架構保留了 GHOST 的領導團隊，強化了 KDP 空白擴張策略的獨特元素，也就是我們的創辦人網絡。我們致力於讓有遠見的企業家掌管他們創建的品牌，同時增加 KDP 的規模和資源。

In energy drinks, we've seen the value of this arrangement firsthand through our close relationship with Nutrabolt's innovative leader, Doss Cunningham. With alignment and support from energy leaders like Doss, Dan and Ryan of GHOST and others, we are building a formidable energy platform that will drive win-win outcomes for all involved.

在能量飲料領域，我們透過與 Nutrabolt 創新領導者 Doss Cunningham 的密切關係，親眼目睹了這種安排的價值。在 Doss、GHOST 的 Dan 和 Ryan 等能源領導者的協調和支持下，我們正在建立一個強大的能源平台，為所有參與者帶來雙贏的結果。

Let's now move to our third quarter results. Constant currency net sales grew 3.1%. We made solid progress on volume/mix with 3.5% growth in Q3. As anticipated, US refreshment beverages momentum strengthened considerably US coffee volume mix grew nicely and international trends remained healthy.

現在讓我們來看看第三季的業績。以固定匯率計算淨銷售額成長 3.1%。我們在銷售/產品組合方面取得了堅實的進展，第三季成長了 3.5%。正如預期的那樣，美國清涼飲料勢頭顯著增強，美國咖啡銷量增長良好，國際趨勢保持健康。

Total KDP net price was a source of modest pressure in Q3. We expect sequential improvement in Q4 and a further step-up into 2025 as recently announced pricing actions across meaningful parts of our portfolio including CSDs and single-serve coffee take effect early next year.

KDP 總淨價是第三季適度壓力的一個來源。我們預計第四季度將出現連續改善，並在 2025 年進一步提高，因為最近宣布的對我們投資組合中有意義的部分（包括碳酸飲料和單份咖啡）的定價行動將於明年初生效。

Our focus on productivity and cost discipline continued to ratchet up in Q3. These elements help to support gross and operating margin expansion. As a result, consolidated operating income grew in the high single digits, and EPS grew 6%, consistent with our plan.

我們對生產力和成本控制的關注在第三季繼續加強。這些因素有助於支持毛利率和營業利潤率的擴張。結果，綜合營業收入實現了高個位數成長，每股收益成長了 6%，這與我們的計畫一致。

We are focused on near-term delivery while also truly orienting our business towards the long term. Our strategy provides a road map for achieving strong and consistent results over a multiyear time frame, and we aim to incrementally advance our strategic pillars each and every quarter.

我們專注於短期交付，同時也真正將我們的業務面向長期。我們的策略為在多年的時間內實現強勁和一致的成果提供了路線圖，我們的目標是每季逐步推進我們的策略支柱。

Let me discuss our latest progress. I'll start with consumer-obsessed brand building. Our consumer-centric scorecards include awareness, household penetration, loyalty and other classic brand-led metrics. And yet, how we ultimately measure success comes down to market share growth.

讓我談談我們的最新進展。我將從消費者迷戀的品牌建立開始。我們以消費者為中心的記分卡包括認知度、家庭滲透率、忠誠度和其他經典的品牌主導指標。然而，我們最終衡量成功的方式取決於市場佔有率的成長。

In Q3, we gained share across each of our major product verticals, liquid refreshment beverages, K-Cup pods and brewers, and in each of our major markets, the United States, Mexico and Canada. We achieved this performance through a combination of exciting innovation and brand activity as well as strong commercial delivery.

在第三季度，我們在每個主要產品垂直領域、液體清涼飲料、K-Cup 豆莢和啤酒廠以及每個主要市場（美國、墨西哥和加拿大）的份額都獲得了成長。我們透過令人興奮的創新和品牌活動以及強大的商業交付的結合實現了這一業績。

While our Q3 top line also reflected the impact of the softer consumer environment on certain category growth rates, our market share results are a good indicator that we are effectively stewarding our brands and controlling the controllables.

雖然我們第三季的營收也反映了消費環境疲軟對某些類別成長率的影響，但我們的市佔率結果很好地表明我們正在有效地管理我們的品牌並控制可控因素。

Our second pillar, reshaping our now and next portfolio has been a major 2024 priority, primarily through our new Electrolit and La Colombe partnerships. Both brands continued to transition to our DSD network during the third quarter with a growing financial contribution. We are now able to more directly influence their marketplace performance, and accordingly, our trends are accelerating with significant opportunity still ahead.

我們的第二個支柱是重塑我們現在和下一個產品組合，這一直是 2024 年的主要優先事項，這主要是透過我們新的 Electrolit 和 La Colombe 合作夥伴關係實現的。兩個品牌在第三季度繼續向我們的 DSD 網路過渡，財務貢獻不斷增加。我們現在能夠更直接地影響他們的市場表現，因此，我們的趨勢正在加速，前方仍有重大機會。

Our just announced transaction with GHOST furthers our commitment to evolving towards high-growth areas. We will continuously shape our portfolio in the future, which will likely entail both brand additions and targeted pruning.

我們剛剛宣布的與 GHOST 的交易進一步推動了我們向高成長領域發展的承諾。未來我們將不斷塑造我們的產品組合，這可能需要增加品牌和有針對性的修剪。

Moving now to route to market. During the third quarter, we closed on and integrated our recently acquired assets in Arizona. The transition of coverage to our network went smoothly and was achieved in record time. We have now shifted our focus to ensuring the Arizona operations run as efficiently as possible and leverage the network benefits of being part of KDP. We also continue to opportunistically expand our distribution presence in other regions, including the recent tack-on of incremental territories in Tennessee.

現在轉向市場路線。在第三季度，我們關閉並整合了最近在亞利桑那州收購的資產。我們的網路覆蓋範圍的過渡進展順利，並且在創紀錄的時間內完成了。我們現在已將重點轉移到確保亞利桑那州業務盡可能高效地運行，並利用成為 KDP 一部分的網路優勢。我們也繼續機會主義地擴大我們在其他地區的分銷業務，包括最近在田納西州增加的地區。

Our company-owned DSD network in Mexico is another focus area, given the vital competitive advantage it provides in a market with a sizable traditional trade. During the third quarter, we invested in expanding the systems coverage, selling routes and cooler penetration, all of which contributed to our strong relative trends.

我們公司在墨西哥擁有的 DSD 網路是另一個重點領域，因為它在傳統貿易規模龐大的市場中提供了至關重要的競爭優勢。在第三季度，我們投資擴大了系統覆蓋範圍、銷售路線和冷卻器滲透率，所有這些都促成了我們強勁的相對趨勢。

Turning now to our productivity and overhead discipline work to generate fuel for growth. This is a priority in all environments, but it's particularly critical in the current moment. As such, we delivered strong savings during the third quarter with healthy productivity and the reemergence of SG&A overhead leverage for the first time in many quarters. We are now on track to exceed our cost savings goals for the year while also carrying a healthy pipeline of productivity and efficiency projects forward into 2025.

現在轉向我們的生產力和管理費用紀律工作，以產生成長動力。這在所有環境中都是優先事項，但在當下時刻尤其重要。因此，我們在第三季度實現了強勁的節約，生產力良好，而且 SG&A 間接費用槓桿在許多季度以來首次重新出現。我們現在預計將超越今年的成本節約目標，同時也將一系列生產力和效率專案健康推進至 2025 年。

Finally, our cash generation has strengthened as expected in 2024, and we are dynamically allocating this cash flow to support multiple parallel priorities. Our capital deployment this year has thus far included capital expenditures to support our growth and productivity initiatives; a sizable share buyback near our stock's 52-week low; a 7% dividend increase announced in Q3, which marked our fourth consecutive annual raise; and now our pending acquisition of a 60% interest in GHOST.

最後，我們的現金產生能力如預期在 2024 年有所增強，並且我們正在動態分配此現金流以支援多個並行優先事項。迄今為止，我們今年的資本部署包括支持我們的成長和生產力計劃的資本支出；在我們股票 52 週低點附近進行大規模股票回購；第三季宣布股息增加 7%，這標誌著我們連續第四年提高股息；現在我們即將收購 GHOST 60% 的股權。

In other words, we are staying disciplined, being opportunistic when compelling options become available and managing across our capital allocation objectives, including our commitment to a resilient balance sheet.

換句話說，我們保持紀律，在出現令人信服的選擇時保持機會主義，並管理我們的資本配置目標，包括我們對彈性資產負債表的承諾。

Let me now share some observations on our third quarter segment performance, starting with US refreshment beverages. We saw a nice sequential acceleration in revenue growth, which increased at a mid-single-digit rate in the quarter. Our volume/mix momentum built as we completed the distribution transition and significantly ramped display activity for Electrolit. We also delivered solid base business trends across our core brands.

現在讓我分享一些對我們第三季細分市場業績的觀察，首先是美國清涼飲料。我們看到營收成長連續加速，本季以中個位數的速度成長。隨著我們完成分銷轉型並顯著增加 Electrolit 的展示活動，我們的銷售/組合勢頭逐漸增強。我們也為我們的核心品牌提供了堅實的基礎業務趨勢。

The consumer environment remains dynamic, which is having varying impacts across our portfolio. For instance, the carbonated soft drinks category is outperforming our expectations. CSDs have accessible price points and are supported by sophisticated revenue growth management capabilities, which make them well positioned to provide options for value-seeking consumers. At the same time, we are also winning in the category with a strong innovation and commercial programming slate that is driving healthy share trends.

消費者環境仍然充滿活力，這對我們的投資組合產生了不同的影響。例如，碳酸軟性飲料類別的表現超出了我們的預期。CSD 具有平易近人的價格點，並得到複雜的收入成長管理功能的支持，這使它們能夠為追求價值的消費者提供選擇。同時，我們也憑藉強大的創新和商業節目在該類別中獲勝，推動了健康的份額趨勢。

Our CSD performance was led by brand Dr Pepper, thanks in part to a very successful summertime LTO with creamy coconut as well as the continued build-out of our Zero Sugar line. We expect the brand's momentum and share gains to sustain, supported by a recent launch of the seventh season of our incredibly popular Fansville college football marketing campaign.

我們的 CSD 表現由 Dr Pepper 品牌引領，部分歸功於奶油椰子夏季 LTO 的成功以及我們零糖系列的持續發展。我們預計，在最近推出的非常受歡迎的 Fansville 大學橄欖球行銷活動第七季的支持下，該品牌的勢頭和份額收益將持續下去。

Elsewhere in CSDs, Canada Dry Fruit Splash, the brand's most significant launch in years remains highly incremental to the franchise and is demonstrating the potential of this great brand. We're also stepping up support behind our iconic 7UP with a first-in-a-decade brand design refresh that debuted in Q3 and a limited time offering Shirley Temple flavor that is just now rolling out and has been a hit on social media.

在碳酸飲料的其他地方，Canada Dry Fruit Splash 是該品牌多年來最重要的推出，仍然對特許經營權有很大的增量，並展示了這個偉大品牌的潛力。我們還加強了對標誌性7UP 的支持，在第三季度推出了十年來首次的品牌設計更新，並限時提供秀蘭·鄧波兒(Shirley Temple) 口味，該口味剛剛推出，並在社交媒體上大受歡迎。

Meanwhile, some still beverage categories remain under pressure, which we see as a reflection of the current consumer softness. This is particularly true for categories with a greater exposure to convenience stores and with higher average price per ounce products like ready-to-drink teas. In these categories, we must continue engaging consumers with compelling brand activity, while also appropriately emphasizing value at key price points.

同時，一些非碳酸飲料類別仍然面臨壓力，我們認為這反映了當前消費者疲軟的情況。對於便利商店較多且每盎司產品平均價格較高（例如即飲茶）的類別尤其如此。在這些類別中，我們必須繼續透過引人注目的品牌活動吸引消費者，同時適當強調關鍵價格點的價值。

In other still beverages, we're seeing stronger trends. One example is our billion-dollar warehouse-delivered Mott's brand, which has been an investment priority during 2024. During Q3, our back-to-school campaign, which highlighted fresh, minimally processed apples as a point of differentiation for Mott's performed well, supporting top line growth and share gains for the brand.

在其他非碳酸飲料中，我們看到了更強勁的趨勢。一個例子是我們價值數十億美元的倉儲交付 Mott’s 品牌，該品牌一直是 2024 年的投資重點。在第三季度，我們的返校活動強調了新鮮、最低限度加工的蘋果作為 Mott's 的差異化點，表現良好，支持了該品牌的營收成長和份額成長。

In total, we're pleased with the performance of the US refreshment beverages segment in Q3, with notable progress made in scaling the Electrolit partnership and supporting our core portfolio.

總的來說，我們對第三季美國清涼飲料部門的表現感到滿意，在擴大與 Electrolit 的合作夥伴關係和支持我們的核心產品組合方面取得了顯著進展。

In US coffee, we experienced a soft overall quarter. Market share momentum drove solid volume mix, but pricing realization was challenged due to persistent category promotions, which weighed on segment revenue and profitability. We're not satisfied with this outcome and are actively working to improve these trends even in the context of escalating inflation.

在美國咖啡方面，我們經歷了整體疲軟的季度。市佔率動力推動了穩定的銷售組合，但由於持續的品類促銷，定價實現受到挑戰，這對部門收入和獲利能力造成了壓力。我們對這一結果並不滿意，即使在通貨膨脹不斷升級的背景下，我們也正在積極努力改善這些趨勢。

At the same time, we're planning prudently regarding US coffee's role in our near-term overall enterprise performance. The reality is that at-home coffee category consumption remains muted. However, within that, single-serve is outperforming, and within that, our brands are as well. But because the category's absolute growth rate is below the long-term trend, we are choosing to be judicious, and we're focusing on the elements within our control.

同時，我們正在謹慎規劃美國咖啡在我們近期整體企業表現中的作用。現實情況是，家庭咖啡類別的消費仍然低迷。然而，其中，單份服務表現出色，我們的品牌也是如此。但由於該類別的絕對成長率低於長期趨勢，因此我們選擇明智，並專注於我們控制範圍內的要素。

Let me dive deeper into 3 such areas that, together, should result in improving revenue trends for the coffee segment over time. First, we have good pod market share momentum. Our 3-pronged strategy focused on affordability, premiumization and cold coffee translated into further meaningful owned and licensed share momentum in the quarter.

讓我更深入地探討三個這樣的領域，隨著時間的推移，這些領域應該會改善咖啡細分市場的收入趨勢。首先，我們的吊艙市佔率勢頭良好。我們的三管齊下策略專注於可負擔性、高端化和冷咖啡，這在本季度轉化為進一步有意義的自有和許可股票勢頭。

We saw strength across both Green Mountain and The Original Donut Shop, including particular traction and incrementality from our new line of refreshers, which we are building into a distinct single-serve platform. At the same time, we are attracting new brands into the Keurig ecosystem, including the recent addition of Black Rifle K-Cup pods, which began to scale in our network during Q3. Taken together, our favorable owned and licensed market share trends and new partnerships position us for a stronger set of financial outcomes as the category recovers.

我們看到了 Green Mountain 和 The Original Donut Shop 的實力，包括我們新的提神系列產品的特別吸引力和增量，我們正在將其構建成一個獨特的單一服務平台。同時，我們正在吸引新品牌進入 Keurig 生態系統，包括最近添加的 Black Rifle K-Cup 豆莢，該豆莢在第三季度開始在我們的網絡中擴展。總而言之，我們有利的自有和授權市場份額趨勢以及新的合作夥伴關係使我們能夠隨著該類別的復甦而獲得更強勁的財務成果。

Second, brewer trends continue to move in the right direction. In Q3, we drove strong double-digit growth in brewer shipments. While quarterly trends are inherently lumpy, the coffee maker category has returned to more stable footing, and Keurig-compatible brewers are gaining significant share. This speaks to our ongoing appeal among coffee-consuming households and should be supportive of future pod consumption.

其次，啤酒趨勢持續朝著正確的方向發展。第三季度，我們推動啤酒商出貨量實現兩位數的強勁成長。雖然季度趨勢本質上是不穩定的，但咖啡機類別已恢復到更穩定的基礎，而與 Keurig 相容的咖啡機正在獲得顯著的份額。這說明我們對咖啡消費家庭的持續吸引力，應該會支持未來的豆莢消費。

Looking out to the important holiday season, we're well positioned with excellent retailer and consumer feedback for K-Brew + Chill in the early days of our launch and good momentum behind our entry-priced models.

展望重要的假期季節，我們在 K-Brew + Chill 推出之初就獲得了出色的零售商和消費者反饋，並且我們的入門級型號背後有著良好的勢頭，因此我們處於有利地位。

Third, while not yet evident in category trends or our results, we are encouraged by recent category pricing in response to escalating inflation. The competitive environment in the third quarter was notably promotional as in the first half, and we do not expect any immediate easing in Q4.

第三，雖然品類趨勢或我們的業績尚未明顯，但我們對最近為應對不斷升級的通膨而進行的品類定價感到鼓舞。與上半年一樣，第三季的競爭環境明顯增強，我們預計第四季不會立即放鬆。

However, industry pricing should build over the coming quarters given recently announced competitor price increases as well as our early 2025 single-serve increase. Even with an anticipated elasticity impact and some related volume trade-off, we'd expect this to result in a healthier overall revenue trend.

然而，鑑於最近宣布的競爭對手價格上漲以及我們 2025 年初的單份服務價格上漲，行業定價應該會在未來幾季內上漲。即使存在預期的彈性影響和一些相關的銷售權衡，我們預計這將帶來更健康的整體收入趨勢。

All in, though the path ahead will likely come with some quarter-to-quarter variability, we continue to see traction across our US coffee segment. As long as the at-home coffee category remains soft, we will continue to plan with restraint, all while positioning Keurig and our assortment of brands to win longer term. In other words, we are playing the long game by driving high-quality innovation and marketing and attracting new brands into the Keurig ecosystem.

總而言之，儘管未來的道路可能會出現一些季度變化，但我們仍然看到美國咖啡領域的吸引力。只要家用咖啡類別保持疲軟，我們將繼續克制計劃，同時定位 Keurig 和我們的各種品牌以贏得長期勝利。換句話說，我們正在透過推動高品質的創新和行銷以及吸引新品牌進入 Keurig 生態系統來打持久戰。

Turning now to international. We delivered another quarter of good performance, with constant currency net sales growth nearing the high single digits. We drove gains across multiple regions and categories. In Mexico, market share grew in almost every category in which we operate, reflecting productive brand-building activity and DSD investments bearing fruit.

現在轉向國際。我們又一個季度取得了良好的業績，以固定匯率計算的淨銷售額成長接近高個位數。我們推動了多個地區和類別的成長。在墨西哥，我們經營的幾乎每個類別的市場份額都在成長，這反映出富有成效的品牌建立活動和 DSD 投資取得了成果。

We often talk about the success of our powerhouse, Penafiel brand. which maintained its trajectory in Q3, but Squirt's performance was also notable. The brand recently achieved a significant milestone becoming the number 2 flavored CSD in Mexico, and it is a great example of another iconic KDP brand with local traction and momentum.

我們經常談論我們的巨頭 Penafiel 品牌的成功。第三季保持了軌跡，但 Squirt 的表現也值得注意。該品牌最近實現了一個重要的里程碑，成為墨西哥排名第二的口味 CSD，它是另一個具有當地影響力和勢頭的標誌性 KDP 品牌的一個很好的例子。

Our cold beverages performance in Canada was also robust, led by growth in Canada Dry and Dr Pepper as well as continued strength in our low- and no-alcohol portfolio. In international coffee, as in the US, our 3-pronged strategy helped to drive market share gains across both brewers and pods. Overall, we feel great about our international momentum and with ongoing investment, expect this segment to remain an outsized growth driver for KDP.

我們在加拿大的冷飲業績也很強勁，這主要得益於 Canada Dry 和 Dr Pepper 的成長以及我們的低酒精和無酒精產品組合的持續強勁。在國際咖啡領域，與美國一樣，我們的三管齊下策略有助於推動咖啡釀造商和咖啡豆市場份額的成長。總體而言，我們對我們的國際勢頭感到滿意，並且透過持續的投資，預計該細分市場仍將是 KDP 的巨大成長動力。

In closing, we're pleased with our team's strong execution in what remains a dynamic operating environment. We are on track and focused on closing out the year strong while pushing ahead on key strategic initiatives and setting the stage for healthy, consistent financial performance beyond 2024.

最後，我們對我們的團隊在充滿活力的營運環境中的強大執行力感到滿意。我們正步入正軌，專注於以強勁的業績結束這一年，同時推進關鍵策略舉措，為 2024 年後健康、一致的財務業績奠定基礎。

And with that, I'll turn the call to Sudhanshu.

然後，我會將電話轉給 Sudhanshu。

Thanks, Tim, and good morning, everyone. We delivered a solid quarter with operational discipline driving strong OI growth and accelerating cash generation. We are on track to a strong finish to 2024 while also making important strategic progress like today's announced transaction with GHOST. The actions we are taking to support base momentum and enhance our portfolio help reinforce visibility to consistent performance in the years ahead.

謝謝蒂姆，大家早安。我們的季度業績表現穩健，營運紀律推動 OI 強勁成長並加速現金產生。我們預計在 2024 年取得圓滿成功，同時也取得重要的策略進展，例如今天宣布的與 GHOST 的交易。我們為支持基礎動力和增強我們的投資組合而採取的行動有助於增強未來幾年持續業績的可見性。

Third quarter net sales grew 3.1% in constant currency. US refresh and beverages top line accelerated, US coffee posted a soft quarter, and international growth remained healthy. I will discuss each segment in more detail shortly.

以固定匯率計算，第三季淨銷售額成長 3.1%。美國新鮮飲料和飲料收入加速成長，美國咖啡季度表現疲軟，國際成長保持健康。我將很快更詳細地討論每個部分。

On a consolidated basis, volume/mix was the primary sales driver, a strengthening to a 3.5% gain. We grew share across our portfolio and also benefited from a building contribution from new partnerships. Net price realization declined 0.4%. Pricing was positive across most of the business with pressure confined to US coffee. We expect consolidated pricing to turn positive once again in quarter 4.

綜合來看，銷售/產品組合是主要的銷售驅動力，增幅增強至 3.5%。我們的投資組合份額不斷增加，並且還受益於新合作夥伴關係的建設性貢獻。實現淨價下降 0.4%。大多數業務的定價都是正面的，壓力僅限於美國咖啡。我們預計第四季綜合定價將再次轉正。

Gross margin expanded 20 basis points versus prior year. This reflected good productivity delivery and a performance incentive from C4, which contributed approximately 50 basis points of expansion.

毛利率較上年增加 20 個基點。這反映出良好的生產力交付和 C4 的績效激勵，為擴張貢獻了約 50 個基點。

SG&A also leveraged 80 basis points as the lean overhead discipline we are embedding across the organization is beginning to more meaningfully benefit results. This will remain a focus area going forward. All in, operating margins expanded 110 basis points and operating income grew 7.5%. Inclusive of a net headwind below the line, EPS grew a solid 6%, consistent with our plan.

SG&A 也利用了 80 個基點，因為我們在整個組織中嵌入的精實管理費用規則開始為結果帶來更有意義的好處。這仍將是未來的重點領域。總而言之，營業利益率擴大了 110 個基點，營業收入成長了 7.5%。考慮到線下的淨阻力，每股盈餘穩定成長 6%，與我們的計畫一致。

Moving to the segments. US refreshment beverages net sales grew 5.3%, accelerating from a low single-digit rate in quarter 2. Volume/mix led the way, up 4%, including a growing contribution from Electrolit as volume fully transition to our DSD network. Our base business trends also strengthened, led by our CSD portfolio.

轉向細分市場。美國清涼飲料淨銷售額成長 5.3%，較第二季的低個位數成長率加速。銷量/組合領先，增長了 4%，其中隨著銷量完全過渡到我們的 DSD 網絡，Electrolit 的貢獻不斷增加。在 CSD 投資組合的引領下，我們的基礎業務趨勢也得到加強。

Pricing contributed 1.3% to the top line, reflecting favorable price realization in CSDs and targeted value investments in parts of the still beverages portfolio. We expect segment net sales growth to improve further in quarter 4, reflecting a healthy partnership contribution and base business trend.

定價對營收貢獻了 1.3%，反映出碳酸飲料的有利價格實現以及部分非碳酸飲料組合的目標價值投資。我們預計第四季度的細分市場淨銷售額成長將進一步改善，反映出健康的合作夥伴貢獻和基礎業務趨勢。

Segment operating income grew 6.8%, with 40 basis points of margin expansion. The improvement was driven by our net sales momentum, productivity and the C4 performance incentive. This was partially offset by cost inflation across key inputs.

分部營業收入成長 6.8%，利潤率擴大 40 個基點。這項改善是由我們的淨銷售動能、生產力和 C4 績效激勵所推動的。這部分被關鍵投入的成本上漲所抵銷。

In US coffee, net revenue and operating income declined 3.6% and 7.2%, respectively. Obviously, we are not pleased with these results, but this performance deserves greater context. Despite a still muted coffee category, we drove improving volume/mix in the third quarter with 2.7% growth. This was comprised of flattish pods and 14% growth in brewer shipments.

在美國咖啡領域，淨收入和營業收入分別下降 3.6% 和 7.2%。顯然，我們對這些結果並不滿意，但這種表現值得更多的背景。儘管咖啡類別仍然低迷，但我們在第三季推動了銷售/品種的改善，成長了 2.7%。其中包括豆莢扁平化和啤酒商出貨量成長 14%。

We enjoyed good market share momentum across both product lines, thanks to strong innovation and retail execution. This market share trend should sustain in quarter 4 as we continue to benefit from our 3 strategic focus areas of affordability, premiumization and cold coffee.

由於強大的創新和零售執行力，我們在兩條產品線中都享有良好的市場份額勢頭。這種市場佔有率趨勢應該會在第四季度持續下去，因為我們繼續受益於我們的 3 個策略重點領域：可負擔性、高端化和冷咖啡。

Third quarter pricing was soft, declining 6.3%. We lapped a challenging year ago pricing comparison, and like in the first half, continued to respond to industry promotions, which remained at odds with coffee commodity moves. We do not expect the competitive picture to moderate immediately, but our comparisons get easier starting in quarter 4.

第三季定價疲軟，下降 6.3%。我們經歷了去年充滿挑戰的定價比較，並且像上半年一樣，繼續對行業促銷做出反應，這與咖啡商品的走勢仍然不一致。我們預期競爭格局不會立即緩和，但從第四季開始我們的比較會變得更容易。

In addition, we just announced a price increase due to take effect early in the next year. As is typical, there will likely be an elasticity impact as industry pricing is implemented. As Tim said, we will manage the business for overall revenue dollars, which we expect to reflect the combination of good market share and more favorable pricing.

此外，我們剛剛宣布漲價將於明年初生效。通常，隨著行業定價的實施，可能會產生彈性影響。正如蒂姆所說，我們將根據整體收入來管理業務，我們預計這將反映良好的市場份額和更優惠的定價的結合。

Shifting to the segment operating income decrease in quarter 3. We generated strong productivity savings, but these were more than offset by the net price decline. Though Q4 operating income is likely to once again be pressured given the return of commodity cost inflation, our team is focused on 2 major levers to improve the trend into next year.

第三季營業收入下降轉向該部門。我們實現了巨大的生產力節省，但這些都被淨價格下降所抵消。儘管鑑於大宗商品成本通膨的回歸，第四季度的營業收入可能會再次受到壓力，但我們的團隊將重點放在兩個主要槓桿上，以改善明年的趨勢。

Price increases and modulating promotions will be one significant driver, and productivity, network optimization and broader cost controls will be the other important enabler. Our discipline across both is getting stronger, and we are revving our productivity engines, which gives us optimism looking out to 2025.

價格上漲和調整促銷將是一個重要的推動因素，而生產力、網路優化和更廣泛的成本控制將是另一個重要的推動因素。我們在這兩方面的紀律都在變得更加強大，我們正在加速我們的生產力引擎，這讓我們對 2025 年充滿樂觀。

International constant currency net sales grew 6.5% or 0.4% on a reported basis. Top line growth was balanced, with volume/mix increasing 3.1% and net price realization adding another 3.4%. Our growth was strong in absolute terms, and also came against a tough year-ago comparison.

以報告計算，國際固定匯率淨銷售額成長 6.5% 或 0.4%。營收成長均衡，銷售/產品組合成長 3.1%，實現淨價又成長 3.4%。從絕對值來看，我們的成長強勁，而且與去年同期相比也很艱難。

During quarter 3, our local execution was exceptional, driving market share gains in our major categories and markets. International top line growth should accelerate in quarter 4 as our market share outperformance sustains and comparisons begin to ease. Beyond this year, we have exciting plans to continue to capture the significant long-term growth opportunity we see for this segment.

在第三季度，我們的本地執行非常出色，推動了我們主要類別和市場的市場份額成長。隨著我們的市佔率表現持續出色並且比較開始緩解，第四季度國際營收成長應該會加速。今年之後，我們制定了令人興奮的計劃，繼續抓住我們在該領域看到的重大長期成長機會。

International segment operating income advanced meaningfully in the quarter, growing 16.6% in constant currency. The strong bottom line result was driven by net pricing and productivity. This more than offset continued inflationary pressures and helped fund incremental marketing.

本季國際部門營業收入大幅成長，以固定匯率計算成長 16.6%。強勁的獲利結果是由淨定價和生產力推動的。這不僅抵消了持續的通膨壓力，還為增量行銷提供了資金。

Moving to the balance sheet, cash flow and capital allocation. In the third quarter, we generated more than $500 million in free cash flow. Consistent with our expectations, free cash flow dollars and conversion are improving. We remain on track for a meaningful step-up in full year cash flow compared to prior year.

轉向資產負債表、現金流量和資本配置。第三季度，我們產生了超過 5 億美元的自由現金流。與我們的預期一致，自由現金流量和轉換率正在改善。與前一年相比，我們仍有望實現全年現金流量的有意義的成長。

The accelerating cash flow profile is supporting our ability to advance multiple capital allocation priorities. GHOST will enhance our presence in an attractive white space category. By utilizing a thoughtful restructure, we are setting up to deliver compelling multiyear financial returns.

不斷加速的現金流狀況支持我們推動多個資本配置優先事項的能力。GHOST 將增強我們在有吸引力的空白領域的影響力。透過深思熟慮的重組，我們正在努力實現令人矚目的多年財務回報。

We are doing so while aligning incentives and ensuring our balance sheet remains resilient post the transaction. In quarter 3, we also announced a 7% dividend increase, marking KDP's fourth consecutive year of dividend growth and underscoring our commitment to direct shareholder returns.

我們這樣做的同時調整激勵措施並確保我們的資產負債表在交易後保持彈性。在第三季度，我們也宣布將股息增加 7%，這標誌著 KDP 連續第四年實現股息成長，並強調了我們對直接股東回報的承諾。

Turning now to our 2024 guidance. On a constant currency basis, we continue to expect mid-single-digit net sales and high single-digit EPS growth. Our full year 2024 outlook also embeds the following below-the-line assumptions: Interest expense in a range of $615 million to $625 million; an effective tax rate in a 22% to 23% range; and approximately 1.37 billion diluted weighted average shares outstanding.

現在轉向我們的 2024 年指導。以固定匯率計算，我們繼續預期淨銷售額將達到中個位數，每股盈餘將達到高個位數成長。我們對 2024 年全年展望也包含以下線下假設： 利息支出在 6.15 億美元至 6.25 億美元之間；有效稅率在 22% 至 23% 範圍內；以及約13.7億股攤薄加權平均已發行股票。

When it comes to quarter 4, we are focused on delivering a strong top line result, driven by solid base momentum, including improved net price realization and a continued healthy contribution from recent partnerships.

談到第四季度，我們的重點是在堅實的基礎動力的推動下實現強勁的營收業績，包括淨價格實現的提高以及近期合作夥伴關係的持續健康貢獻。

Though revenue growth is expected to accelerate and our productivity bias will remain strong, our margin progress is likely to pause this quarter. This is because inflation is slated to become a bigger factor in quarter 4, while the benefits of just announced pricing do not kick in until early 2025. We also expect a modest FX translation headwind to both top and bottom line.

儘管營收成長預計將加速，並且我們的生產力偏差將保持強勁，但本季我們的利潤成長可能會暫停。這是因為通貨膨脹預計將在第四季度成為一個更大的因素，而剛剛宣布的定價的好處要到 2025 年初才會顯現。我們也預期外匯匯率對營收和利潤都會產生適度的阻力。

In closing, we are pleased with our overall performance in quarter 3. In an uneven operating environment, we are focused on executing our plans over the balance of the year, emphasizing Q4 delivery, advancing our strategic pillars and actively planning for another year of consistent performance in 2025.

最後，我們對第三季的整體表現感到滿意。在不平衡的經營環境中，我們專注於執行今年剩餘時間的計劃，強調第四季度的交付，推進我們的戰略支柱，並積極規劃 2025 年又一個保持一致業績的一年。

I will now pass on to Tim to wrap with some brief remarks about next year.

現在我將請蒂姆對明年做一些簡短的評論。

Thanks, Sudhanshu. Before we move to Q&A, I want to leave you with a few closing thoughts. First and foremost, we are laser-focused on finishing 2024 on a strong note. At the same time, similar to many of you, our internal attention is increasingly shifting to 2025. While it's premature to provide an exact outlook, I can share a few preliminary thoughts.

謝謝，蘇丹舒。在我們進行問答之前，我想向您留下一些結束語。首先也是最重要的是，我們全神貫注於以有力的成績結束 2024 年。同時，與你們許多人類似，我們內在的注意力越來越多地轉向 2025 年。雖然現在提供準確的前景還為時過早，但我可以分享一些初步的想法。

As we build our 2025 plan, we see considerable opportunity and also some risk. On the one hand, the operating environment remains subdued, with no immediate signs of relief for stretched consumers. Pockets of escalating inflationary pressure are necessitating industry pricing, but because consumer health is varied, the elasticity impact is uncertain.

在製定 2025 年計畫時，我們看到了巨大的機遇，也看到了一些風險。一方面，經營環境仍然低迷，消費者的壓力沒有立即緩解的跡象。不斷升級的通膨壓力迫使行業定價，但由於消費者健康狀況各不相同，彈性影響不確定。

On the other hand, our strategic progress in 2024 will provide long-tailed benefits in 2025. We have strong innovation and commercial plans across our brands, the benefit of continued portfolio evolution and expanded route-to-market capabilities and greater productivity and cost discipline taking hold across the company.

另一方面，我們2024年的策略進展將為2025年帶來長尾效益。我們的品牌擁有強大的創新和商業計劃，持續的產品組合演變和擴大的市場路線能力以及整個公司更高的生產力和成本紀律的好處。

We will also have added top line flexibility from GHOST, which will enable us to plan judiciously in the case of coffee and to push ahead on other portfolio optimization opportunities, all while delivering consistently. Put another way, as we see it today, the various puts and takes into 2025 appear fairly balanced.

我們還將增加 GHOST 的頂線靈活性，這將使我們能夠在咖啡方面做出明智的計劃，並推動其他投資組合優化機會，同時始終如一地交付。換句話說，正如我們今天所看到的，2025 年的各種投入和投入似乎相當平衡。

Together, we expect them to support another year of performance within our long-term algorithm. We'll continue to monitor the environment and refine our assumptions and will share official 2025 guidance during our next earnings cycle.

我們期望它們能夠共同支持我們的長期演算法在新一年的表現。我們將繼續監控環境並完善我們的假設，並將在下一個盈利週期分享官方 2025 年指導。

Thank you for the time, and we're now happy to take your questions.

感謝您抽出寶貴的時間，我們現在很樂意回答您的問題。

(Operator Instructions)

（操作員說明）

Kaumil Gajrawala, Jefferies.

考米爾·加吉拉瓦拉，傑弗里斯。

Congrats. Can we maybe talk more about how the portfolio works together in energy and maybe specifically C4 and GHOST, but also with Black Rifle and some of the other things that you've been doing? Just how is the whole meant to work? Or is there any concern of the blurring of lines between some of these categories?

恭喜。我們能否多談談該產品組合如何在能源方面協同工作，也許特別是 C4 和 GHOST，還有 Black Rifle 以及您一直在做的其他一些事情？整體是如何運作的？或者是否擔心其中一些類別之間的界線變得模糊？

Yes, Kaumil. I could certainly speak to that. As you look at energy, we continue to believe energy is one of the most attractive categories within total LRB, large, consistently fastest growing over the last many years. I think what we're starting to see is as that category matures, it's evolving to serve distinct consumer need states and occasions. And we believe that, that landscape lends itself well to a portfolio approach.

是的，考米爾。我當然可以這麼說。當你審視能源時，我們仍然相信能源是總 LRB 中最具吸引力的類別之一，規模龐大，在過去許多年中一直增長最快。我認為我們開始看到的是，隨著該類別的成熟，它正在不斷發展以服務不同的消費者需求狀態和場合。我們相信，這種情況非常適合投資組合方法。

And that's what we're pursuing with today's announcement is a collection of brands that work in complementary ways to address different consumer needs and different occasions while obviously generating scale that will benefit our DSD system.

這就是我們今天發布的公告所追求的目標，即一系列品牌以互補的方式滿足不同消費者的需求和不同的場合，同時顯然會產生有利於我們 DSD 系統的規模。

So if you think about it, step back just 2 years ago, KDP basically had very little, if any, presence in the energy category. As a result of today's announcement, primarily around GHOST, but also around Bloom, we now have a portfolio of 4 to 5 material brands in the category that will allow us to establish a multifaceted energy platform.

因此，如果你想一想，回到兩年前，KDP 基本上在能源領域幾乎沒有存在（如果有的話）。今天的公告主要圍繞 GHOST，但也圍繞著 Bloom，我們現在在該類別中擁有 4 到 5 個材料品牌的產品組合，這將使我們能夠建立一個多方面的能源平台。

Very quickly on each one to your question. As you look at C4, Doss Cunningham has done a great job of establishing a strong performance-based positioning with products that really provide functional efficacy, targeted largely at gym and fitness occasions and everyday energy. It's also, from a consumer standpoint, tends to be more male and skewing a little bit millennial.

很快就回答了你的每一個問題。正如您所看到的 C4，Doss Cunningham 已經通過真正提供功能功效的產品建立了強大的基於性能的定位，主要針對健身房和健身場合以及日常能量。從消費者的角度來看，它也更傾向於男性，並且有點千禧世代的傾向。

Then you get to GHOST. GHOST has a more lifestyle positioning, bold flavor forward products, popular with gamers, social settings and increasingly a business that lends itself to on-prem, on-premise, including occasions like music festivals. Also a slightly more balanced male/female split, a little bit more Gen Z and a real growing authority in zero sugar. In fact, recent data would suggest 6 of the top 30 SKUs in zero sugar are from GHOST.

然後你就到了 GHOST。GHOST 擁有更生活方式的定位、大膽的風味前沿產品，深受遊戲玩家、社交場合的歡迎，並且越來越適合本地、本地（包括音樂節等場合）的業務。此外，男性/女性的比例也稍微平衡一些，Z 世代更多一些，並且在零糖方面真正的權威不斷增長。事實上，最近的數據顯示，零糖排名前 30 的 SKU 中有 6 個來自 GHOST。

Then you get to Black Rifle, our recently announced partnership with Black Rifle. This brand will serve consumers seeking more mainstream energy products as well as those looking for coffee energy hybrids and obviously, the chance to leverage that strong coffee brand with that target.

然後是 Black Rifle，我們最近宣布與 Black Rifle 合作。該品牌將為尋求更主流能源產品以及尋找咖啡能源混合產品的消費者提供服務，顯然，有機會利用這個強大的咖啡品牌來實現這一目標。

And then finally, the other news of today, Bloom, clearly more female-oriented, early days, but highly promising. And as you heard, we just signed on to distribute that business nationwide after really, a very successful launch at Target this summer.

最後，今天的另一則新聞，布魯姆，顯然更以女性為導向，處於早期階段，但前景光明。正如您所聽到的，今年夏天在塔吉特成功推出該業務後，我們剛剛簽約在全國範圍內分銷該業務。

So we feel great about this portfolio approach. It's a big step forward for KDP. The energy category is more sophisticated, and we think this approach will serve us well in the years to come.

所以我們對這種投資組合方法感覺很好。這對 KDP 來說是向前邁出的一大步。能源類別更加複雜，我們認為這種方法將在未來幾年為我們提供良好服務。

Brett Cooper, Consumer Edge Research.

布雷特·庫珀，消費者邊緣研究。

Another question for you on the GHOST transaction. The brand has been able to get to about a 3% share in the beer distribution network, that's been stuck there. So can you talk about what KDP brings to the table that can step change that, maybe offering past examples?

關於 GHOST 交易的另一個問題。該品牌已經能夠在啤酒分銷網絡中獲得約 3% 的份額，但一直停滯不前。那麼，您能否談談 KDP 帶來了什麼，可以逐步改變這一現狀，也許可以提供過去的例子？

And then on the other side of that, can you speak to and maybe quantify the scale benefit it brings to your business in the C-store channel and the impact that can have on the total portfolio over the long term? Again, any tangible examples would be helpful.

另一方面，您能否談談並量化它為您的便利商店通路業務帶來的規模效益以及對整個產品組合的長期影響？同樣，任何具體的例子都會有所幫助。

Yes, absolutely. I think the best example of what KDP can bring to GHOST and why this today's announcement and acquisition, I think, has tremendous logic and benefit is really what we've done in the last couple of years with Doss, Nutrabolt and C4.

是的，絕對是。我認為 KDP 可以為 GHOST 帶來什麼以及為什麼今天的公告和收購具有巨大的邏輯和好處的最佳例子就是我們在過去幾年中對 Doss、Nutrabolt 和 C4 所做的事情。

In less than 2 years, we've effectively doubled the business on C4 together. We've increased market share by more than 1 point. We've essentially doubled TDPs, total distribution points, in particular, in C-stores and UDS, which, as you well know, is critical for energy. With the power of KDP DSD, we've almost tripled display activity, and we've, by orders of magnitude, increased cold drink assets.

在不到 2 年的時間裡，我們的 C4 業務實際上翻了一番。我們的市佔率增加了超過 1 個百分點。我們基本上將 TDP（總配送點）增加了一倍，特別是在便利商店和 UDS 中，眾所周知，這對能源至關重要。借助 KDP DSD 的強大功能，我們的顯示活動幾乎增加了兩倍，冷飲資產也增加了幾個數量級。

So I think when you're looking for specifics, there's a number of specifics there. We know energy now well, and I think we have a proven playbook that we've executed with C4 that we believe we can replicate with GHOST. Beyond that, I think there's other elements that we bring to this partnership that can be powerful and a real win-win.

所以我認為當你尋找細節時，會有很多細節。我們現在對能源非常了解，我認為我們已經用 C4 執行了一個經過驗證的劇本，我們相信我們可以用 GHOST 複製它。除此之外，我認為我們也為這種夥伴關係帶來了其他元素，這些元素可以是強大的、真正的雙贏。

Obviously, things like R&D capabilities, innovation capabilities, marketing strength, our commercial teams, RGM skill sets, connections and top to tops, obviously, with our customers in building out the doors, price pack architecture. And then over time, I think, a lot of synergies as well from the procurement side, certainly manufacturing long term, there's quite a few cost synergies that we can think about. So overall, I feel good about our model, the strong momentum that we have with Doss and C4 and our ability to replicate this once again with GHOST.

顯然，像是研發能力、創新能力、行銷實力、我們的商業團隊、RGM 技能組合、聯繫和高層到高層，顯然，與我們的客戶一起建立戶外價格包架構。我認為，隨著時間的推移，採購方面也會產生許多綜效，當然從長期來看，製造方面也會產生許多綜效，我們可以考慮很多成本綜效。總的來說，我對我們的模型、Doss 和 C4 的強勁勢頭以及我們透過 GHOST 再次複製這一點的能力感到滿意。

And I think the last part of your question, no doubt this will help drive the total KDP DSD flywheel. When you look at what we've done here over the last few years, say the last 3 years, we've gone at C-store in particular, from about a 7 share to approaching a 10 share across total LRB. C-store is obviously critical for the energy segment. And with the addition of GHOST, that will probably add close to 20% additional scale in small format to KDP's footprint. And obviously, that drives the entire DSD flywheel and economics.

我認為你問題的最後一部分，毫無疑問這將有助於驅動整個 KDP DSD 飛輪。當你看看我們過去幾年（例如過去 3 年）所做的事情時，我們特別是在便利商店，在 LRB 總份額中從大約 7 份額增加到接近 10 份額。便利商店顯然對於能源領域至關重要。隨著 GHOST 的加入，KDP 的足跡可能會以小格式增加近 20% 的額外規模。顯然，這推動了整個 DSD 飛輪和經濟發展。

Dara Mohsenian, Morgan Stanley.

達拉莫森尼安，摩根士丹利。

Tim, you spent a lot of time on your plans in the coffee segment. And obviously, there's a lot occurring from an industry standpoint here. Just wanted to get your perspective, it does sound like you've taken a step back in terms of what you assume from an industry perspective in coffee. How durable do you think that is as you look out?

提姆，你在咖啡部分的計畫上花了很多時間。顯然，從行業的角度來看，這裡發生了很多事情。只是想了解您的觀點，聽起來您確實從咖啡產業角度的假設上退了一步。從你的觀察來看，你認為它有多耐用？

And then given some of the company initiatives you mentioned that are paying off in terms of your market share picking up, brewers picking up, do you think that you can offset some of those industry headwinds? Are you looking at a pace of organic sales growth that's similar to long-term trends as you look out over the next year or two? And how do you think about that?

然後考慮到您提到的一些公司舉措正在為您的市場份額上升、啤酒製造商的崛起帶來回報，您認為您可以抵消其中一些行業阻力嗎？當您展望未來一兩年時，您是否認為有機銷售成長速度與長期趨勢相似？您對此有何看法？

And then second, just on profitability. Once pricing goes into place, do you think you can start to expand year-over-year margins again in the coffee segment? Or with some of the cost pressures and industry top line headwinds, that's more uncertain? Just how you think about those things going forward would be helpful.

其次，就是盈利能力。一旦定價到位，您認為您可以開始再次擴大咖啡領域的同比利潤嗎？或者由於一些成本壓力和行業頂線阻力，這更加不確定？你如何看待未來的這些事情將會有所幫助。

Okay. Thanks, Dara. Yes, I'll start on that, and I'll kick it over to Sudhanshu to speak to the last part of your question on margin for next year.

好的。謝謝，達拉。是的，我將從這個開始，然後我將把它交給 Sudhanshu 來回答你關於明年保證金問題的最後一部分。

Dara, I'll start, I said it before, I'm going to say it again, we are bullish on coffee's long-term prospects. I think the structural tailwinds are intact. We're bullish on this category. Ubiquitous regular consumption, the most consumed beverage aside from water on the planet, addressing a critical need for energy and alertness. So we're bullish long term. No doubt, at-home coffee category performance has been sluggish, and it is taking longer to recover than we have planned and anticipated.

達拉，我開始，我之前說過，我要再說一遍，我們看好咖啡的長期前景。我認為結構性有利因素完好無損。我們看好這個類別。無處不在的定期飲用，是地球上除水之外消耗最多的飲料，滿足了對能量和警覺性的迫切需求。所以我們長期看好。毫無疑問，家庭咖啡類別的表現一直低迷，而且恢復所需的時間比我們計劃和預期的要長。

Having said that, what we're doing is focusing on what we can control. And I think the encouraging signs are, within at-home coffee, which overall is sluggish, the single-serve category continues to outperform. And within the single-serve category, our brands continue to outperform.

話雖如此，我們正在做的事情是專注於我們可以控制的事情。我認為令人鼓舞的跡像是，在整體低迷的家庭咖啡中，單份咖啡類別繼續表現出色。在單一服務類別中，我們的品牌持續表現出色。

So for us, and you said it in your question, we are planning prudently when it comes to the category recovery. That's inclusive of Q4 in terms of year to go and our affirmation of our guide on the year. So we're planning prudently in Q4 and as we look ahead to '25. You heard me give some preliminary commentary on '25. We're planning prudently.

因此，對我們來說，正如您在問題中所說，我們在品類復甦方面正在謹慎規劃。這包括第四季度的剩餘時間以及我們對今年指南的肯定。因此，我們在第四季和展望 25 年時都進行了謹慎的規劃。你聽到我對 25 進行了一些初步評論。我們正在謹慎計劃。

But we're continuing to execute, I think, a strategy that we believe is working and I've talked before, I won't drain it, affordability, premiumization, cold coffee. Those 3 vectors, we think, are working. We have plans against it. We're encouraged by our results. Evidence of that are market share gains you're seeing in both pods and brewers and an improving trend in '24 versus '23.

但我認為，我們正在繼續執行一項我們認為有效的策略，我之前說過，我不會耗盡它，可負擔性、高端化、冷咖啡。我們認為這 3 個向量正在發揮作用。我們有計劃反對它。我們對我們的結果感到鼓舞。證據就是你在豆莢和啤酒製造商中看到的市場份額的增長，以及 24 年與 23 年相比的改善趨勢。

The new dynamic now is the green coffee increase in cost. And to your question, what that means for us is we intend to manage the business for overall revenue dollars in the near term as you would expect, in an inflationary environment. So as I shared in my prepared remarks, we've announced the pricing that will go into effect in early '25.

現在的新動態是生咖啡成本增加。對於你的問題，這對我們意味著什麼，我們打算在通貨膨脹的環境下，在短期內管理業務的整體收入，正如你所期望的那樣。正如我在準備好的演講中所分享的那樣，我們已經宣布了將於 25 年初生效的定價。

Obviously, there will be an elasticity impact as is usually the case. But this should translate to a healthier top line trend as well as continued good market share as we go into 2025.

顯然，通常會產生彈性影響。但進入 2025 年，這應該會轉化為更健康的收入趨勢以及持續良好的市場份額。

And then maybe, Sudhanshu, you want to speak to margin.

然後也許，Sudhanshu，你想與邊緣交談。

Thanks, Tim. Dara, so as you know, we indicated consistently that our plan for US coffee margin in '24 was skewed to a first half, and that was mainly driven by the timing of Green coffee cost impacting our P&L because we had 6 to 9 months. And as you have seen, this cadence has generally played out consistently with our expectation. Our first half margin expanded nicely. And then margins started to come under pressure versus last year in quarter 3, which we expect will continue in quarter 4.

謝謝，蒂姆。達拉，如你所知，我們一致表示，我們在24 年的美國咖啡利潤率計畫偏向於上半年，這主要是由生咖啡成本影響我們損益的時間決定的，因為我們有6 到9 個月的時間。正如您所看到的，這種節奏總體上與我們的預期一致。我們上半年的利潤率擴大得很好。然後，與去年相比，第三季的利潤率開始面臨壓力，我們預計這種情況將在第四季持續。

Now if you look at 2025, we expect coffee inflation to continue to ramp. We will look to offset with pricing that is going into market early in the year, as just Tim said. And we'll also -- will have heightened focus on productivity and other expense discipline. As it is typical in inflationary environment, our plan is to manage for operating profit growth and not the margin percentages. However, as inflation normalizes, we continue to see opportunity to rebuild segment margin on a multiyear basis and are focused on delivering that outcome.

現在，如果你看看 2025 年，我們預計咖啡通膨將繼續上升。正如蒂姆所說，我們將尋求用今年年初進入市場的定價來抵消。我們也將更加重視生產力和其他費用紀律。由於這是通貨膨脹環境的典型現象，我們的計劃是管理營業利潤成長而不是利潤率。然而，隨著通膨正常化，我們繼續看到在多年的基礎上重建部門利潤率的機會，並專注於實現這一結果。

Chris Carey, Wells Fargo Securities.

克里斯凱裡，富國銀行證券。

One quick follow-up on Dara's question just around coffee. Do you have any shipment timing impacts from storms in the quarter? Costs came in a bit below consumption, and I would just love your thoughts on that. Obviously, less material over the long term, but perhaps if there's any caveats there, I'd be curious.

對達拉關於咖啡的問題進行快速跟進。本季的風暴對您的出貨時間有影響嗎？成本略低於消費，我很想聽聽你對此的想法。顯然，從長遠來看，材料會減少，但也許如果有任何警告，我會很好奇。

And then really, Tim, you've been going through portfolio. You have some comments on portfolio optimization. Over time, clearly, you've been adding some faster growth assets, but the business has not done a whole lot of pruning.

提姆，說實話，你一直在瀏覽作品集。您對投資組合優化有一些意見。顯然，隨著時間的推移，您一直在添加一些成長更快的資產，但企業並沒有進行大量的修剪。

So how does this all come together as you look out over the next 1 to 2 years and you think about the type of portfolio that you're really trying to create and some of the avenues that adding some of this volume, scale and energy and Electrolit allow you to do on maybe some of the areas that are not growing quite sufficiently or quickly?

那麼，當你展望未來 1 到 2 年並思考你真正想要創建的投資組合類型以及增加一些數量、規模和能量的一些途徑時，這一切是如何結合在一起的？生長不夠充分或生長速度不夠快的區域進行修復嗎？

Yes, Chris. Thank you. On the first one, here's what I'd say. Look, the hurricanes came right at the end of the quarter, literally in the last few days, and it didn't help, all right? We saw an impact. We actually had a significant facility as well in -- right in the hurricane's path that got wiped out temporarily, and we're putting it back together. So it didn't help. We're not going to give you a number, but that certainly didn't help our quarter and close in Q3, particularly on the coffee side.

是的，克里斯。謝謝。關於第一個問題，我要說的是。看，颶風在本季末到來，實際上是在最後幾天，但這沒有幫助，好嗎？我們看到了影響。實際上，我們在颶風路徑上也有一個重要的設施，但暫時被摧毀了，我們正在將其重新組裝起來。所以這沒有幫助。我們不會給你一個數字，但這肯定對我們的季度和第三季的業績沒有幫助，特別是在咖啡方面。

To your other question on portfolio optimization, I would say, look, any good company continuously shapes their portfolio, and that means adding good on top and cleaning house as appropriate. And when you do that well and consistently, you drive a more efficient total network from procurement and raw materials through the manufacturing, supply chain distribution operations.

對於你關於投資組合優化的另一個問題，我想說，看，任何優秀的公司都在不斷地塑造他們的投資組合，這意味著在頂部添加好的東西並酌情清理內部。當您持續做好這一點時，您就可以推動從採購和原材料到製造、供應鏈分銷運營的整個網路更加高效。

And I think part of our approach here is really assessing our existing portfolio holistically and now deciding which categories and brands do we really want to emphasize. And within the categories and brands, which SKUs. And when you do that, that does open the door to network optimization and really, DSD optimization.

我認為我們的部分方法實際上是全面評估我們現有的產品組合，然後決定我們真正想要強調哪些類別和品牌。以及類別和品牌內的 SKU。當您這樣做時，確實打開了網路優化和 DSD 優化的大門。

Now when you do that, it also can come with a net sales trade-off. But the long-term win, and I've seen it many times in my career, is a faster-growing portfolio operating at higher service levels and operating at a more attractive cost structure. If you think about KDP, you know we're still a relatively young company.

現在，當您這樣做時，它也會帶來淨銷售額的權衡。但長期的勝利，我在職業生涯中多次看到過，是一個成長更快的產品組合，以更高的服務水平和更具吸引力的成本結構運作。如果你考慮一下 KDP，你就會知道我們仍然是一家相對年輕的公司。

And if you think about the last 5 to 6 years, first things first, it was around integrating these 2 companies, doing a great job on synergy capture. Then we hit that whole COVID pandemic. And so we're now at a point, especially when you add a great new brand like GHOST, where we can take the opportunity to refocus on portfolio optimization. And so you're going to hear us talk more about it. I referenced it in today's remarks. And I think it's particularly true on US refreshment beverage.

如果你想想過去 5 到 6 年，首先要做的事情就是整合這兩家公司，在綜效方面做得很好。然後我們遭遇了整個新冠病毒大流行。因此，我們現在正處於一個關鍵時刻，特別是當您添加像 GHOST 這樣的出色新品牌時，我們可以藉此機會重新專注於產品組合最佳化。所以你會聽到我們更多地談論它。我在今天的演講中提到了這一點。我認為對於美國的清涼飲料尤其如此。

So we're actively working. We're scoping and sizing the potential as we speak. We'll share more details over time. But no doubt, when you add a high-growth focused asset like GHOST in an attractive category like energy, that -- and I said it in my remarks, that gives us some top line flexibility going into '25 to make some tough choices on portfolio optimization that, over the long term, I think, will really yield fruit both on the top line growth and on the margin.

所以我們正在積極工作。正如我們所說，我們正在確定其潛力的範圍和規模。隨著時間的推移，我們將分享更多細節。但毫無疑問，當你在像能源這樣有吸引力的類別中添加像GHOST 這樣的高成長重點資產時，我在演講中說過，這給我們帶來了一些在進入25 年後在營收上做出一些艱難選擇的靈活性。

Robert Ottenstein, Evercore.

羅伯特‧奧滕斯坦，Evercore。

You kind of -- two things. First of all, congratulations on both GHOST and Bloom, they're terrific brands. You kind of win at this a little bit, but obviously, there is a bit of a concern. You can hear from investors and analysts on the call about whether you're kind of doing too much at the same time and whether the system can handle it all, and not just in terms of energy, but you got Electrolit, there's a lot going on. You talked about pruning things.

你有點——兩件事。首先，恭喜 GHOST 和 Bloom，他們都是很棒的品牌。你在這方面有點獲勝，但顯然，還有一些擔憂。你可以在電話會議上聽到投資者和分析師的聲音，談論你是否同時做太多事情以及系統是否可以處理所有事情，而不僅僅是在能源方面，但是你有 Electrolit，有很多事情要做在。你談到了修剪的事情。

But maybe if you could talk a little bit about your infrastructure capabilities, what you have in terms of warehouses, logistics, IT systems and the investments that you've done over the last number of years to be able to handle increased complexity. And then just more of an execution issue, any comments on plans to transition from the Anheuser-Busch distribution system to yours for GHOST and kind of roughly how long you expect that to take?

但也許您可以談談您的基礎設施能力，您在倉庫、物流、IT 系統方面擁有的能力，以及您在過去幾年中為應對日益增加的複雜性而進行的投資。然後是更多的執行問題，對從 Anheuser-Busch 分銷系統過渡到您的 GHOST 分銷系統的計劃有什麼評論嗎？

Thanks, Robert. I think a little bit to your preface, we spoke about this a little bit, but let me try to unpack it a little bit more. In short, I think we are well prepared and well positioned to take on the new growth vector with GHOST. I think evidence of that is what you've seen us do the last couple of years.

謝謝，羅伯特。我想在你的前言中，我們對此進行了一些討論，但讓我嘗試進一步解釋一下。簡而言之，我認為我們已做好充分準備，並已做好充分準備，可以與 GHOST 一起迎接新的成長載體。我認為過去幾年我們所做的就是證明這一點的證據。

C4, I gave a lot of stats earlier to one of the earlier questions on our success with C4. Electrolit has been a very smooth and successful transition this year. We have an incredible relationship with Electrolit management and the family at Grupo PiSA. I was actually there a few months ago talking about the transition. And I think they and we are very pleased with that handover and that transition. You're seeing the good early results, and you will see more next year. We've had a very successful sell-in into 2025 resets on Electrolit.

C4，我之前針對 C4 成功的早期問題之一給出了許多統計數據。Electrolit 今年的過渡非常順利且成功。我們與 Electrolit 管理層和 Grupo PiSA 家族有著令人難以置信的關係。事實上，幾個月前我就在那裡談論過渡。我認為他們和我們對這次移交和過渡感到非常滿意。您已經看到了良好的早期結果，明年您會看到更多。我們在 Electrolit 上的 2025 年重置銷售非常成功。

I think the KDP DSD system is showing its resilience. Point in fact, I met with our DSD leadership team the last couple of days here in Frisco headquarters, and they are feeling very bullish about what we're doing on C4 and Electrolit. And I know they're -- I told them for all the right reasons, obviously, we didn't share the news of this morning. Until this morning, I told him to call in and listen and I know they're listening right now. They're really excited about seeing the flywheel of KDP accelerate, particularly in C-stores.

我認為 KDP DSD 系統正在顯示其彈性。事實上，過去幾天我在弗里斯科總部會見了我們的 DSD 領導團隊，他們對我們在 C4 和 Electrolit 上所做的事情感到非常樂觀。我知道他們——我出於所有正確的原因告訴他們，顯然，我們沒有分享今天早上的消息。直到今天早上，我告訴他打電話來聽，我知道他們現在正在聽。他們對於看到 KDP 飛輪加速發展感到非常興奮，尤其是在便利商店。

So from an infrastructure standpoint, from an investment standpoint, to your point, in our branches, in our DCs and our warehouses, you've seen that investment take hold. You've seen us also get acquisitive around territories, which is, I think, another proof point of our confidence in DSD. Well, look at what you see in Arizona, I mentioned a new smaller territory in Tennessee we just took. And then there's some broader bigger news that may follow in '25 that's out in the public domain.

因此，從基礎設施的角度來看，從投資的角度來看，在我們的分公司、配送中心和倉庫中，您已經看到了投資的落地。您已經看到我們也在領土上進行收購，我認為這是我們對 DSD 充滿信心的另一個證據。好吧，看看你在亞利桑那州看到的情況，我提到了我們剛剛佔領的田納西州的一個新的較小領土。然後，25 年可能會出現一些更廣泛、更大的新聞，這些新聞會在公共領域發布。

So we've got really, a strong commercial skill set with our partners. I think that's why we're a preferred partner in the industry. And we feel good overall about our ability to digest these.

因此，我們與合作夥伴確實擁有強大的商業技能。我認為這就是我們成為業界首選合作夥伴的原因。我們對自己消化這些的能力整體感覺良好。

At the end of your question, you referenced ABI, yes. And no doubt, ABI is GHOST's current distribution partner. Our expectation is we will begin to transition the distribution in mid-2025. This is consistent with the 6-month termination notice that's required. After that, we will resume -- assume responsibility for all the distribution and work within KDP, DSD and, in some select cases, partner distributors to ensure that GHOST is available everywhere.

在你的問題的最後，你提到了 ABI，是的。毫無疑問，ABI 是 GHOST 目前的經銷合作夥伴。我們的期望是我們將在 2025 年中期開始過渡發行版。這與所要求的 6 個月終止通知一致。之後，我們將恢復承擔 KDP、DSD 以及（在某些特定情況下）合作經銷商內的所有發行和工作責任，以確保 GHOST 隨處可用。

This concludes our question-and-answer session. I would like to turn the conference back over to Jane Gelfand for any closing remarks.

我們的問答環節到此結束。我想將會議轉回簡·蓋爾芬德 (Jane Gelfand) 發表閉幕詞。

Thank you, Betsy, and thank you, everyone, for participating. We're going to try to keep you on time given multiple competing earnings. We do appreciate your support, and IR will be available all day to answer any follow-up questions you may have. Thank you again, and have a great day.

謝謝貝特西，也謝謝大家的參與。考慮到多種相互競爭的收入，我們將盡力讓您準時到達。我們非常感謝您的支持，IR 將全天為您解答任何後續問題。再次感謝您，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。您現在可以斷開連線。