Keurig Dr Pepper Inc (KDP) 2025 Q2 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 second quarter of 2025. This conference call is being recorded, and there will be a question-and-answer session at the end of the call. I would now like to introduce Jane Gelfand, Senior Vice President, Finance, at Keurig Dr Pepper.

女士們、先生們，早安，謝謝你們的支持。歡迎參加 Keurig Dr Pepper 2025 年第二季財報電話會議。本次電話會議正在錄音，會議結束時將有問答環節。現在我想介紹 Keurig Dr Pepper 財務高級副總裁 Jane Gelfand。

Ms. Gelfand, please go ahead.

蓋爾芬德女士，請繼續。

Thank you, and hello everyone. Earlier this morning, we issued a press release detailing our second quarter results, which we will discuss during this conference call. An accompanying slide presentation can be viewed in real time on the live webcast.

謝謝大家，大家好。今天早些時候，我們發布了一份新聞稿，詳細介紹了我們的第二季業績，我們將在本次電話會議上討論。可在網路直播中即時觀看隨附的幻燈片簡報。

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. Except as required by law, we do not undertake any obligation to update any forward-looking statements discussed today.

在我們開始之前，我想提醒您，我們的評論將包括前瞻性陳述，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。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義務。

For more information, please refer to our earnings release and the risk factors discussed in our most recent Form 10-K and the latest 10-Q, which will be filed with the SEC later today. Consistent with previous quarters, we will be discussing our Q2 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.

欲了解更多信息，請參閱我們的收益報告以及我們最新的 10-K 表和最新的 10-Q 表中討論的風險因素，這些報告將於今天晚些時候提交給美國證券交易委員會 (SEC)。與前幾季一致，我們將根據非 GAAP 調整後的基礎討論我們的第二季業績，這反映了固定貨幣成長率並且不包括影響可比性的項目。我們的收益資料中包含了最直接可比較的 GAAP 指標的定義和對帳。

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.

今天與我們一起討論業績的有 Keurig Dr Pepper 的執行長 Tim Cofer 以及財務長兼國際總裁 Sudhanshu Priyadarshi。

I'll now turn it over to Tim.

現在我將把發言權交給提姆。

Thanks, Jane, and good morning, everyone. We delivered strong second quarter results, closing out a very good first half of the year. Our resilient performance is testament to our advantaged business model, execution, and agility while operating in a dynamic environment.

謝謝，簡，大家早安。我們第二季取得了強勁的業績，為上半年畫上了圓滿的句點。我們的堅韌表現證明了我們在動態環境中運作時的優勢商業模式、執行力和敏捷性。

Looking ahead, the balance of 2025 will present challenges in the form of rising cost pressures, including from tariffs that remain highly fluid as well as continued consumer caution. Despite this, we remain on track to achieve our full year outlook, thanks to strong first half delivery and well calibrated back half plans.

展望未來，2025 年的平衡將面臨成本壓力上升的挑戰，包括關稅仍然高度不穩定以及消費者持續謹慎。儘管如此，由於上半年交付量強勁以及下半年計劃精心製定，我們仍有望實現全年預期。

While driving hard to deliver on our 2025 commitments, we continue to advance KDP's long-term value creation strategy. As a reminder, our strategic road map is focused in five areas. Our entire organization is galvanized around these goals with forward progress being made each quarter. Let me share some examples from Q2.

在努力兌現2025年承諾的同時，我們持續推動KDP的長期價值創造策略。提醒一下，我們的策略路線圖專注於五個領域。我們整個組織都圍繞著這些目標努力，每個季度都在取得進展。讓我分享一些來自第二季的例子。

Starting with consumer-obsessed brand building. In June, we published KDP's inaugural State of Beverages trend report, reinforcing our thought leadership in the beverage industry. Drawn from national surveys and our own proprietary data, this insight-rich report underscores the important role beverages play in consumers' lives and how evolving preferences are shaping demand.

從以消費者為中心的品牌建立開始。6 月，我們發布了 KDP 首份飲料趨勢報告，鞏固了我們在飲料行業的思想領導。這份富有洞察力的報告基於全國調查和我們自己的專有數據，強調了飲料在消費者生活中發揮的重要作用以及不斷變化的偏好如何影響需求。

With consumers' ever-changing needs at the heart of everything we do, it's no surprise that this report captures many of the trends we have been actioning against. For instance, we know that nearly half of all Americans and almost three-quarters of Gen-Z consumers try a new beverage every month.

消費者不斷變化的需求是我們一切工作的核心，因此這份報告捕捉了許多我們一直在應對的趨勢也就不足為奇了。例如，我們知道幾乎一半的美國人和近四分之三的 Z 世代消費者每個月都會嘗試一種新飲料。

This year, we are satisfying their thirst and curiosity through a robust flavor-oriented innovation slate in carbonated soft drinks, which has been highly successful to date. In fact, Dr Pepper Blackberry ranks as the number-one new product in the category this year, while iconic 7UP is enjoying renewed momentum on the back of winning flavors like tropical as well as a refreshing endless summer limited time offering.

今年，我們透過碳酸軟性飲料中強大的以口味為導向的創新來滿足他們的渴望和好奇心，迄今為止這一舉措取得了巨大的成功。事實上，Dr Pepper Blackberry 是今年該類別中排名第一的新產品，而標誌性的七喜則憑藉熱帶風味等熱門口味以及清爽無盡的夏日限時優惠而迎來了新的發展勢頭。

Our second pillar is reshaping our now and next portfolio, and we continue to increase our exposure to attractive white spaces. Energy is a major focus for us. and I'll speak more about our early success in that category in a moment, but we have also made exciting progress in other adjacencies.

我們的第二個支柱是重塑我們現在和未來的投資組合，我們將繼續增加對有吸引力的空白領域的投資。能源是我們關注的重點。稍後我將詳細介紹我們在該領域的早期成功，但我們在其他領域也取得了令人興奮的進展。

In sports hydration, electrolyte is the fastest-growing scaled brand in the category, benefiting from strong velocities, DSD enabled distribution expansion, and product and packaging innovation. The brand registered over 30% retail sales growth and gained more than 1.5 points of share in Q2, yet has still only scratched the surface of its potential. We're also beginning to build a presence in new categories and segments.

在運動補水領域，電解質是該類別中成長最快的品牌，受益於強勁的成長速度、DSD 實現的分銷擴張以及產品和包裝創新。該品牌第二季零售額成長超過 30%，市佔率成長超過 1.5 個百分點，但其潛力才剛顯現。我們也開始在新的類別和領域中佔有一席之地。

During the second quarter, we took 100% ownership of Dilo brands, a key player in powdered drink mixes and liquid water enhancers. This small tuck-in builds on our productive multiyear partnership as a minority investor. Now with full ownership, we will leverage Dilo's know-how and capabilities to expand our presence in an attractive and growing category, including by extending more KDP brands into the space.

在第二季度，我們 100% 收購了 Dilo 品牌，該品牌是粉末飲料混合物和液態水增強劑的主要參與者。此次小規模投資建立在我們作為少數投資者的多年富有成效的合作關係之上。現在，我們擁有了全部所有權，我們將利用 Dilo 的專業知識和能力來擴大我們在這個有吸引力且不斷增長的類別中的影響力，包括將更多 KDP 品牌擴展到該領域。

Prebiotics CSDs are another fast-growing area of interest, having quickly captured nearly 3% market share of the $46 billion carbonated soft drink category. In Q3, we're entering this subsegment with the launch of Bloom Pop, a great tasting soda combining bold bubbly flavor with gut health benefits. This launch builds on our successful energy partnership with Bloom, which has rapidly scaled to nearly a share point in energy drinks and has strong crossover potential into prebiotic CSDs.

益生元碳酸飲料是另一個快速成長的興趣領域，它迅速佔據了價值 460 億美元的碳酸軟性飲料類別近 3% 的市場份額。在第三季度，我們將透過推出 Bloom Pop 進入這個細分市場，這是一款口感極佳的蘇打水，結合了濃鬱的泡沫風味和腸道健康益處。此次發布以我們與 Bloom 的成功能源合作為基礎，該合作已迅速擴大到能量飲料的近一半份額，並具有強大的益生元碳酸軟性飲料交叉潛力。

Consistent with our third strategic pillar, we are amplifying our route-to-market advantage, particularly in DSD. This starts with investing in our existing system, including through enhanced digital tools, and continues with selected network expansion opportunities. Last year, we acquired bottling and distribution operations in Arizona and I'm pleased with the high standard of execution that our teams have brought to this important geography.

與我們的第三個策略支柱一致，我們正在擴大我們的市場優勢，特別是在 DSD 領域。首先要投資我們現有的系統，包括透過增強的數位工具，並繼續選擇網路擴展機會。去年，我們收購了亞利桑那州的裝瓶和分銷業務，我對我們的團隊為這個重要地區帶來的高標準執行感到滿意。

And later this year, we are capitalizing on a unique opportunity to add Dr Pepper to our DSD portfolio in critical parts of California and Nevada as well as certain areas in the Midwest. Our teams are actively preparing for this transition, which will enable us to directly influence point-of-sale trends, drive greater efficiencies across our DSD network. and generate halo effects that benefit our other DSD brands.

今年晚些時候，我們將利用一個獨特的機會，將 Dr Pepper 添加到我們在加州和內華達州關鍵地區以及中西部某些地區的 DSD 產品組合中。我們的團隊正在積極準備這一轉變，這將使我們能夠直接影響銷售點趨勢，提高整個 DSD 網路的效率，並產生有利於我們其他 DSD 品牌的光環效應。

Our focus on generating fuel for growth is ongoing and has taken on even more importance in the current inflationary environment. We have a robust productivity program that delivered strong efficiencies in Q2, and we remain on track to achieve the high end of our 3% to 4% savings target this year.

我們始終致力於創造成長動力，在當前通膨環境下，這一點變得更加重要。我們擁有強大的生產力計劃，在第二季度實現了強勁的效率，我們仍有望在今年實現 3% 至 4% 的高端節約目標。

We also continue to manage overhead costs with discipline as was evident in our quarterly results. And finally, our capital allocation approach remains balanced and dynamic. During the second quarter, we generated strong free cash flow and fortified our balance sheet by refinancing a portion of our debt.

我們也將繼續嚴格管理管理費用，這從我們的季度業績中可以看出。最後，我們的資本配置方法保持平衡和動態。在第二季度，我們產生了強勁的自由現金流，並透過再融資部分債務增強了我們的資產負債表。

Moving to Q2 results. We delivered strong enterprise growth with net sales increasing 7%. Growth included contributions from both price and volume mix reflected continued momentum in our US refreshment beverages and international segments and illustrated encouraging sequential progress in coffee.

轉向第二季業績。我們實現了強勁的企業成長，淨銷售額成長了 7%。成長包括價格和銷售的貢獻，反映了我們美國飲料和國際市場的持續成長勢頭，並表明咖啡市場取得了令人鼓舞的連續成長。

We managed operating expenses with discipline, protecting our margins and helping to translate our top line gains into double-digit EPS growth.

我們嚴格管理營運費用，保護我們的利潤率，並幫助將我們的營業收入轉化為兩位數的每股收益成長。

Let's dive deeper into the segments and begin with US refreshment beverages. Net sales grew almost 11% in the quarter, driven by a combination of core strength and rapid expansion in recently entered white spaces.

讓我們深入了解這些細分市場，首先從美國的清涼飲料開始。本季淨銷售額成長近 11%，這得益於核心實力和近期進入的空白領域的快速擴張。

Starting with the core, our CSD performance was strong, and we again gained market share in a growing category led by Dr Pepper as well as 7UP and Canada Dry. When it comes to Dr Pepper, our multi-year momentum is underpinned by many sustainable growth drivers, some of which were apparent in Q2.

從核心產品開始，我們的碳酸飲料 (CSD) 表現強勁，並且在由 Dr Pepper、七喜和 Canada Dry 領銜的成長類別中再次獲得了市場份額。就 Dr Pepper 而言，我們多年的發展勢頭受到許多可持續成長動力的支撐，其中一些在第二季度已經顯現。

These include innovation and renovation with Dr Pepper Blackberry proving highly incremental to the franchise and our recent graphics refresh for Dr Pepper Cherry, driving a meaningful acceleration in sales growth, velocity, and buyers.

這些包括對 Dr Pepper Blackberry 的創新和革新，這對特許經營具有很大的增量作用，以及我們最近對 Dr Pepper Cherry 的圖形更新，推動了銷售成長、速度和買家的顯著加速。

Distribution and merchandising, particularly in Dr Pepper Zero, where we drove a double-digit increase in total distribution points and enhanced display activity, contributing to 35% retail sales growth in the quarter and consumer engagement, including a successful marketing tie-in with the summer blockbuster, Jurassic World Rebirth, which we amplified through media and in-store activations.

分銷和銷售，尤其是 Dr Pepper Zero，我們推動了總分銷點和增強展示活動的兩位數增長，為本季度零售額增長 35% 和消費者參與度做出了貢獻，包括與夏季大片《侏羅紀世界重生》的成功營銷合作，我們通過媒體和店內活動擴大了這一合作。

Other core brands are also benefiting from the same playbook. For example, marketplace growth in Mott's, our powerhouse, mom and kid focused brand, accelerated in the back half of 2024, behind product and packaging innovation and a new brand campaign. Mott's has sustained this momentum into 2025, with more exciting news on tap for the fall, including the introduction of Mott's fruit smoothie pouches in time for the back-to-school season.

其他核心品牌也受益於同樣的策略。例如，我們的強大母嬰品牌 Mott's 的市場成長在 2024 年下半年加速，這得益於產品和包裝創新以及新的品牌活動。Mott's 將這一勢頭延續到了 2025 年，秋季還將推出更多令人興奮的消息，包括在開學季推出 Mott's 水果冰沙包。

Beyond the core recent portfolio evolution is beginning to more substantially move the needle at the segment level. This is most evident in energy where we believe our multi-brand approach will be the key to winning in this attractive high-growth category. Our four complementary brands: GHOST, C4, Bloom, and Black Rifle now combine to represent over $1 billion in annual run rate net sales for KDP, and are scaling rapidly.

除了核心產品之外，近期的產品組合演變也開始在細分市場層面產生更實質的影響。這在能源領域最為明顯，我們相信我們的多品牌策略將成為在這個具有吸引力的、高成長的領域中獲勝的關鍵。我們的四個互補品牌：GHOST、C4、Bloom 和 Black Rifle 目前合計為 KDP 帶來超過 10 億美元的年運行率淨銷售額，並且還在迅速擴大。

Each of these energy brands contributed to our Q2 results. The GHOST acquisition was a meaningful top-line driver and brand momentum continues to build under our ownership. GHOST point-of-sale trends markedly accelerated since we took over distribution in late Q1 as evidenced by our market share gains in Q2. C4's core performance platform also continues to outpace the category, propelled by innovative new flavors like classic lemonade and healthy base velocities.

這些能源品牌都為我們第二季的業績做出了貢獻。GHOST 的收購對公司營收成長起到了重要的推動作用，在我們的帶領下，品牌動能持續增強。自從我們在第一季末接管分銷以來，GHOST 銷售點趨勢已明顯加速，這從我們在第二季的市佔率成長中可以看出。在經典檸檬水和健康基礎速度等創新新口味的推動下，C4 的核心效能平台也持續超越同類產品。

Meanwhile, Bloom is scaling at an impressive rate. It has garnered nearly a full point of market share just a year after introduction and has quickly established its credentials in the female-forward energy space. Together, our brands are well positioned to achieve our goal of a double-digit share position within the fast-growing $26 billion energy category. With 7% market share already, KDP's energy portfolio is making quick progress against this target.

與此同時，Bloom 正以驚人的速度擴張。該產品推出僅一年後就佔據了近一個百分點的市場份額，並迅速在女性主導的能源領域確立了其地位。綜合起來，我們的品牌將有能力實現在快速成長的 260 億美元能源領域佔據兩位數份額的目標。KDP 的能源組合已佔據 7% 的市場份額，正在快速實現這一目標。

And for comparison, just a few years ago, our share was below 1%. A combination of strategic portfolio construction and excellent KDP execution has powered these gains including nearly 1 point of market share growth in 2025 year-to-date and 30%-plus retail sales growth in Q2. Given the robust runway for further growth, we are allocating meaningful resources to support our category ambitions, led by a dedicated internal organization focused solely on energy.

相比之下，就在幾年前，我們的市佔率還不到 1%。策略性投資組合建構和出色的 KDP 執行相結合推動了這些成長，包括 2025 年迄今為止市佔率成長近 1 個百分點以及第二季零售額成長 30% 以上。鑑於進一步成長的強勁勢頭，我們正在分配有意義的資源來支持我們的類別目標，並由專注於能源的專門內部組織領導。

Simply put, we are confident we have the right brands, commercial playbook, and go-to-market prowess to continue to win in this important space. The Q2 results demonstrate how KDP is successfully building out a broad-based refreshment beverages portfolio beyond our core CSD stronghold. As we capitalize on the expansion opportunity for our emerging brands, in categories like energy and sports hydration, we expect these areas to become increasingly important growth drivers for our US refreshment beverage business and for KDP as a whole.

簡而言之，我們相信我們擁有正確的品牌、商業策略和市場進入實力，能夠繼續在這個重要領域中取得勝利。第二季的業績表明，KDP 正在成功地打造出超越我們核心碳酸飲料強項的廣泛的清涼飲料產品組合。隨著我們利用新興品牌在能量和運動補水等領域的擴張機會，我們預計這些領域將成為我們美國飲料業務以及整個 KDP 日益重要的成長動力。

Moving to US coffee. The second quarter demonstrated sequential progress for the category and KDP. Starting with the category, both at home and single-serve sales growth accelerated from the first quarter as incremental pricing to offset inflation flowed through and volume remained resilient. The manageable category elasticity to date is encouraging, particularly as additional industry pricing actions have been announced, including our increase that will take effect during Q3.

轉向美國咖啡。第二季度，該類別和 KDP 取得了連續進展。從產品類別來看，隨著抵銷通貨膨脹的增量定價的實施以及銷售保持彈性，家庭和單份銷售成長從第一季開始加速。迄今為止，可控的類別彈性令人鼓舞，特別是在宣布了其他行業定價行動之後，包括我們將在第三季生效的漲價。

KDP's US coffee business also exhibited sequentially improving trends in Q2. We made encouraging progress in pods with a better relationship between pricing and volume mix. In brewers, though shipments remained pressured, point-of-sale consumption was stable. Looking to the back half, the US coffee segment will need to manage through impacts from higher commodity inflation, increased tariffs, and consumer uncertainty in the face of additional pricing.

KDP 的美國咖啡業務在第二季也呈現持續改善的趨勢。我們在豆莢方面取得了令人鼓舞的進展，定價和銷售組合之間的關係變得更好。在啤酒製造商方面，儘管出貨量仍面臨壓力，但銷售點消費量仍保持穩定。展望下半年，美國咖啡產業將需要應對大宗商品通膨上升、關稅上調以及消費者面臨額外定價的不確定性所帶來的影響。

As a result, we expect segment performance to remain subdued for the balance of the year. Even as we navigate some quarter-to-quarter volatility, we continue to advance multiple initiatives designed to return our coffee business to consistent long-term growth.

因此，我們預計今年剩餘時間內該部門的業績仍將保持低迷。即使我們經歷了季度間的波動，我們仍繼續推進多項舉措，旨在使我們的咖啡業務恢復長期持續成長。

To provide a few examples, we continue to expand our premium and cold offerings into consumer preferred subsegments. In the premium set in Q2, we began rolling out Lavazza, flavored K-Cup varieties inspired by classic Italian desserts like tiramisu. Already a best-selling premium brand, Lavazza's entry into flavored coffee extends the brand into an attractive category subsegment that over-indexes to frequent consumers.

舉幾個例子，我們繼續將我們的優質和冷飲產品擴展到消費者青睞的細分市場。在第二季的高端系列中，我們開始推出 Lavazza 和受提拉米蘇等經典義大利甜點啟發的口味 K-Cup 品種。Lavazza 已經是最暢銷的高端品牌，進軍風味咖啡領域將品牌擴展至一個頗具吸引力的細分類別，吸引了大量常客。

We're also seeing strong results in ready-to-drink coffee, one of our key cold initiatives. This superior [Lackalone] brand continues to generate triple-digit retail sales growth as it attracts new and younger consumers to the category.

我們也看到了即飲咖啡的強勁業績，這是我們的一項重要冷飲舉措。這款卓越的 [Lackalone] 品牌不斷吸引新的年輕消費者，零售額持續實現三位數成長。

In brewers, we are innovating at both opening and premium price points. During Q2, we launched K-Mini Mate, our smallest brewer ever, featuring a new consumer-preferred visual identity with a more modern and colorful aesthetic, all at an affordable entry-level price point. And next month, we will introduce K-Kreme, a premium brewer with the ability to produce crema-toped coffees from traditional K-Cup pods. Both brewers address unmet consumer needs and will help attract incremental households and occasions to the Keurig ecosystem.

在釀酒商方面，我們正在低端和高端價格點上進行創新。在第二季度，我們推出了迄今為止最小的咖啡機 K-Mini Mate，它具有消費者青睞的全新視覺形象，具有更現代、更豐富多彩的美感，而且價格入門級實惠。下個月，我們將推出 K-Kreme，這是一款高級咖啡機，能夠使用傳統的 K-Cup 咖啡包製作帶有奶油頂的咖啡。這兩家咖啡製造商都致力於滿足消費者尚未滿足的需求，並將有助於吸引更多的家庭和場合加入 Keurig 生態系統。

Finally, we are making great progress advancing our next-generation vision with the Keurig Alta brewer and K-Rounds plastic-free aluminum-free pods. Ongoing in-home consumer beta testing is providing valuable user feedback while validating that the new system delivers a premium best-in-class at-home coffee experience.

最後，我們透過 Keurig Alta 咖啡機和 K-Rounds 無塑膠無鋁咖啡包在推進下一代願景方面取得了巨大進展。正在進行的家庭消費者 beta 測試提供了寶貴的用戶回饋，同時驗證了新系統是否提供了一流的優質家庭咖啡體驗。

We're applying the learnings from our beta test to our commercial plans in support of a targeted launch in late 2026. These initiatives across pods, brewers, and next-generation systems are all indicative of our sharp strategic focus in the US coffee segment.

我們正在將 Beta 測試的經驗應用到我們的商業計劃中，以支援 2026 年底的目標發布。這些涵蓋咖啡包、咖啡機和下一代系統的舉措都顯示了我們對美國咖啡領域的戰略重點。

Combined with encouraging category trends, we are confident they will help return our structurally attractive business to sustainable growth over time. In our International segment, Q2 performance remained quite solid, particularly considering tough year-ago comparisons and the softer backdrop in Mexico.

結合令人鼓舞的類別趨勢，我們相信它們將有助於我們結構上有吸引力的業務隨著時間的推移恢復可持續增長。在我們的國際部門，第二季的業績依然相當穩健，尤其是考慮到與去年同期的業績相比較為艱難以及墨西哥的經濟形勢較為疲軟。

Net sales increased 6%, led by pricing and operating income return to growth. We continued to drive strong relative performance across our business with market share gains in key categories, such as mineral water in Mexico and K-Cup pods in Canada.

淨銷售額成長 6%，主要得益於定價和營業收入恢復成長。我們繼續推動整個業務的強勁相對錶現，在墨西哥的礦泉水和加拿大的 K-Cup 咖啡膠囊等關鍵類別的市場份額有所增長。

Our CSD portfolio also remained healthy across markets, benefiting from new campaigns and zero franchise gains for brands like Dr Pepper and Crush as well as high-quality execution. As we look to the back half, we expect to maintain our relative momentum in international, thanks to strong base plans, our entry into the Canadian ready-to-drink tea category with Nestea and additional pricing to help offset inflation and tariffs.

我們的碳酸飲料產品組合在各個市場也保持健康，受益於新的活動、Dr Pepper 和 Crush 等品牌的零特許經營收益以及高品質的執行。展望下半年，我們預計將保持國際市場的相對成長勢頭，這得益於強大的基礎計劃、我們攜雀巢進入加拿大即飲茶市場以及有助於抵消通貨膨脹和關稅的額外定價。

Overall, I'm pleased with our enterprise performance during the second quarter. We're building a track record of delivery by executing with excellence and agility while remaining focused on the strategic framework that will position KDP for sustainable multi-year growth.

總體而言，我對我們第二季的企業表現感到滿意。我們正在透過卓越和敏捷的執行來建立交付記錄，同時繼續專注於使 KDP 實現可持續多年成長的策略框架。

I'll now turn the call to Sudhanshu, and I'll return at the end with some closing thoughts.

現在我將把電話轉給 Sudhanshu，最後我會回來發表一些結束語。

Thanks, Tim, and good morning, everyone. We delivered a strong second quarter results, capping off a very healthy first half in a fluid operating environment. Robust commercial plans, coupled with sharp execution are driving our business momentum and we continue to target an unchanged full-year outlook.

謝謝，提姆，大家早安。我們取得了強勁的第二季業績，在動盪的經營環境中為非常健康的上半年畫上了圓滿的句號。穩健的商業計劃加上敏銳的執行力正在推動我們的業務發展勢頭，我們將繼續保持全年預期不變。

Second quarter net sales increased 7.2% in constant currency. Our top line momentum was broad-based with double-digit gains in US refreshment beverages, solid mid-single-digit growth in international, and encouraging sequential improvement in US coffee.

以固定匯率計算，第二季淨銷售額成長 7.2%。我們的營收成長動能十分廣泛，美國飲料銷售額實現了兩位數成長，國際銷售額實現了穩健的中個位數成長，美國咖啡銷售額也出現了令人鼓舞的連續改善。

Net sales growth was supported by multiple drivers. Net price increased 2.2% with positive contributions across all three segments. Pricing reflected the continued impact of actions taken to combat rising inflation, particularly in US coffee and international. Volume mix grew 5% in the quarter.

淨銷售額的成長受到多種因素的推動。淨價格上漲 2.2%，三個部門都做出了積極貢獻。定價反映了為應對通貨膨脹而採取的措施的持續影響，尤其是美國咖啡和國際通貨膨脹。本季銷量成長了 5%。

We experienced growth across our core liquid refreshment beverages portfolio and the GHOST acquisition also added 4 percentage points to the top line. Gross margin contracted 110 basis points versus the prior year due to inflationary pressures that more than offset pricing and productivity savings.

我們的核心液體飲料產品組合都實現了成長，而 GHOST 的收購也為我們的營收增加了 4 個百分點。由於通膨壓力抵消了定價和生產力節省的影響，毛利率較上年下降了 110 個基點。

Strong SG&A leverage served as a counterbalance to the gross margin compression, reflecting disciplined expense management across the organization. All in, our top-line gains translated into 7% operating income growth as operating margins held steady with the prior year. EPS grew double digits in the second quarter, bringing first half growth to nearly 10%, consistent with our expectation of a front half weighted year.

強勁的銷售、一般及行政費用槓桿抵銷了毛利率的壓縮，反映了整個組織嚴格的費用管理。整體而言，由於營業利潤率與上年持平，我們的營收成長轉化為 7% 的營業收入成長。第二季每股盈餘達到兩位數成長，使上半年成長率接近 10%，這與我們對上半年加權年度的預期一致。

Moving to the segments. US Refreshment Beverages delivered another good quarter with net sales growing 10.5%. Volume mix was the primary driver, increasing 9.5% including a 6.6 percentage point contribution from GHOST. Net price realization also added 1% to the top line.

轉到各個部分。美國飲料公司 (US Refreshment Beverages) 本季業績再創佳績，淨銷售額成長 10.5%。成交量組合是主要推動力，成長 9.5%，其中包括 GHOST 貢獻的 6.6 個百分點。淨價實現也為營業收入增加了 1%。

Our base business trends remained solid with positive momentum in Dr Pepper and 7UP in CSDs, electrolyte in sports hydration, and across our energy portfolio. We are gaining market share within overall liquid refreshment beverages and have compelling back half commercial plans to sustain our strong relative performance.

我們的基礎業務趨勢依然穩固，碳酸飲料領域的 Dr Pepper 和 7UP、運動補水領域的電解質以及整個能量產品組合均呈現正面動能。我們在整體液體清涼飲料領域的市場份額正在不斷擴大，並且制定了引人注目的後半年商業計劃來維持我們強勁的相對錶現。

Segment operating income increased a healthy 8%, fueled by top-line growth and productivity savings, which were partially offset by cost pressures. In the US coffee segment, net sales declined modestly, down 0.2% in the second quarter.

分部營業收入健康成長 8%，這得益於營業收入成長和生產力節省，但成本壓力部分抵銷了這一成長。在美國咖啡領域，淨銷售額略有下降，第二季下降了 0.2%。

Our top line demonstrated notable sequential improvement from the first quarter, underpinned by the encouraging category trends that Tim discussed earlier. Net price realization has strengthened to 3.6%. This primarily reflected a building contribution from the early 2025 price increase across our owned and licensed portfolio, which was taken in response to escalating green coffee costs. We expect a further step-up in net price realization in the back half as additional already announced [odd] and brewer pricing actions flow through in the market.

我們的營收與第一季相比有顯著的環比增長，這得益於蒂姆之前討論過的令人鼓舞的類別趨勢。淨價實現率已增強至3.6%。這主要反映了我們自有和授權投資組合在 2025 年初價格上漲帶來的建設性貢獻，這是為了應對不斷上漲的生咖啡成本。我們預計，隨著更多已宣布的[odd]和釀酒商定價行動流入市場，下半年淨價實現將進一步上漲。

Segment volume mix declined 3.8%. Trends in parts improved sequentially, reflecting manageable category elasticity and effective commercial programming. On the other hand, tighter inventory management by retailers weighed on brewer results, pressuring shipments despite stable consumer sell-through. Segment operating income grew 2%, building net pricing benefits and continued strong productivity helped to offset commodity inflation, though operating income also benefited from some cost phasing.

分部銷售組合下降 3.8%。零件趨勢持續改善，反映出可控的類別彈性和有效的商業規劃。另一方面，零售商加強庫存管理，對啤酒製造商的業績造成壓力，儘管消費者銷售量穩定，但出貨量仍受到壓力。分部營業收入成長了 2%，淨定價效益的提升和持續強勁的生產效率有助於抵銷商品通膨的影響，不過營業收入也受益於部分成本的分階段降低。

With tariffs and higher cost coffee hedges due to play a larger role in the coming quarters and given uncertain future category elasticity, we continue to expect some segment operating income pressure in the remainder of 2025.

由於關稅和更高成本的咖啡對沖將在未來幾季發揮更大的作用，並且鑑於未來類別彈性的不確定性，我們仍然預計 2025 年剩餘時間內部分部門營業收入將面臨壓力。

In International, net sales grew 5.7%. This was driven by net price realization, up 5.3% and a volume mix increase of 0.4%, with the latter against a very difficult year ago comparison. The macro backdrop was challenging in the quarter, particularly in Mexico, where unfavorable weather was also a factor. Despite this, our international portfolio as a whole maintained good relative market momentum supported by innovation and activation, strong in-market execution and ongoing investments in route to market.

國際市場淨銷售額成長 5.7%。這是由淨價格實現成長 5.3% 和銷量組合成長 0.4% 推動的，而後者與去年同期相比非常困難。本季的宏觀背景充滿挑戰，尤其是墨西哥，不利的天氣也是一個因素。儘管如此，我們的國際投資組合整體上仍保持了良好的相對市場勢頭，這得益於創新和活化、強大的市場執行力以及持續的市場投資。

Segment operating income increased 2.6%, reflecting an improving balance between pricing, productivity, and higher costs. On a go-forward basis, while we aren't immune to marketplace realities, we have well constructed plans for the back half and expect to deliver healthy international top and bottom line growth.

分部營業收入成長 2.6%，反映出定價、生產力和更高成本之間的平衡得到改善。展望未來，雖然我們無法免受市場現實的影響，但我們已為下半年制定了周密的計劃，並期望實現健康的國際營收和利潤成長。

Moving to cash flow and capital allocation. We generated $325 million in free cash flow in the second quarter, which sequentially strengthened from the first quarter. We expect cash flow to accelerate further in the second half and we remain on track for healthy cash generation for the full year.

轉向現金流和資本配置。我們在第二季度產生了 3.25 億美元的自由現金流，較第一季增強。我們預計下半年現金流將進一步加速，並且全年仍有望實現健康的現金流成長。

Our capital allocation priorities are unchanged. Organic and inorganic investments to further our growth, continuing to strengthen our balance sheet, and returning cash to shareholders through a steadily growing dividend and we are opportunistic share buybacks.

我們的資本配置重點維持不變。有機和無機投資進一步促進我們的成長，繼續加強我們的資產負債表，並透過穩步增長的股息向股東返還現金，並且我們有機會回購股票。

Improving cash flow generation enables us to dynamically action against these priorities based on the most compelling opportunities we see. Our current balance sheet also provides ample near-term flexibility with today's leverage at a comfortable 3.3 times, though we remain committed to our long-term goal of 2.5 times or lower over time.

改善現金流產生使我們能夠根據所看到的最引人注目的機會動態地針對這些優先事項採取行動。我們目前的資產負債表也提供了充足的短期靈活性，今天的槓桿率處於舒適的 3.3 倍，但我們仍然致力於實現我們的長期目標，即隨著時間的推移將槓桿率降至 2.5 倍或更低。

Shifting now to our 2025 guidance. Our constant currency outlook is unchanged. We continue to expect mid-single-digit net sales growth with a bias towards the high end of the range and high single-digit earnings per share growth. Based on current rates, we now anticipate that FX will represent approximately 0.5 percentage point headwind to the top and bottom line for the full year, which equates to about a $0.01 impact to EPS.

現在轉向我們的 2025 年指導。我們的貨幣前景維持不變。我們持續預期淨銷售額將達到中等個位數成長，且偏向區間的高端，每股盈餘將達到高個位數成長。根據當前匯率，我們預計外匯將對全年營收和利潤造成約 0.5 個百分點的不利影響，相當於對每股收益造成約 0.01 美元的影響。

Below the line, our guidance now reflects the following assumptions: interest expense of approximately $700 million and effective tax rate of approximately 23% and approximately 1.36 billion diluted weighted average shares outstanding.

在線下，我們的指導現在反映了以下假設：利息支出約為 7 億美元，有效稅率約為 23%，稀釋加權平均流通股數約為 13.6 億股。

Taking a step back, the operating backdrop continues to actively evolve and certain external factors, most notably trade policy remain uncertain and outside of our control. We are actively evaluating proposed future tariffs, potential mitigation steps, and implementation time lines for those strategies all oriented around delivering solid full-year performance.

回顧過去，經營環境持續積極變化，某些外部因素，尤其是貿易政策，仍然不確定且不受我們控制。我們正在積極評估擬議的未來關稅、潛在的緩解措施以及這些策略的實施時間表，所有這些都以實現穩健的全年業績為目標。

Specific to the balance of year, our guidance assumes our top-line momentum sustains, but cost pressures mount. As a result, we continue to expect some margin pressure in the back half which should contribute to a moderating EPS growth rate relative to the first half.

具體到今年的餘額，我們的指導假設我們的營收動能將持續，但成本壓力將增加。因此，我們預計下半年利潤率仍將面臨一定壓力，這將導致每股盈餘成長率相對於上半年放緩。

In closing, we are pleased with how our teams translated robust plan into a strong execution and results in the first half of the year. Our focus remains on delivering the full year, while building a foundation for attractive long-term performance.

最後，我們很高興看到我們的團隊在上半年將強而有力的計畫轉化為強而有力的執行和成果。我們的重點仍然是實現全年業績，同時為長期的良好業績奠定基礎。

With that, I will turn the call back to Tim for closing remarks.

說完這些，我將把電話轉回給提姆，請他作最後發言。

Thank you, Sudhanshu. With our strong first half results in the books, we remain on track to deliver our 2025 outlook even in a highly dynamic operating landscape. At the same time, we continue to advance our long-term value creation strategy with steady progress year-to-date across each of our strategic pillars. In an environment that places a premium on operational excellence, we're proud of our team's ability to balance near-term executional rigor with long-term-oriented thinking.

謝謝你，Sudhanshu。憑藉我們上半年強勁的業績，即使在高度動態的營運環境中，我們仍有望實現 2025 年的願景。同時，我們繼續推進我們的長期價值創造策略，今年迄今為止，我們的每個策略支柱都取得了穩步進展。在重視卓越營運的環境中，我們為團隊能夠平衡短期執行嚴謹性和長期導向思維的能力感到自豪。

We strongly believe that operating with this discipline should support consistent and compelling results for KDP over time.

我們堅信，按照這項原則運作將能夠長期支持 KDP 取得一致且令人信服的成果。

With that, we're now happy to take your questions.

現在我們很高興回答您的問題。

(Operator Instructions) Chris Carey, Wells Fargo Securities.

（操作員指示）富國證券的克里斯凱裡 (Chris Carey)。

Hi, good morning, everyone. I wanted to ask about the US refreshment portfolio with the split between partner assets and core. Regarding the partner side or which I would actually include cost in this bucket, can you just talk about how you see the evolution or the relative contribution of these businesses a bit more medium term, say, over the next 12 to 18 months? And where you're most excited about incremental contribution?

大家好，早安。我想詢問一下美國茶點投資組合中合作夥伴資產和核心資產的劃分情況。關於合作夥伴方面，或者我實際上會將成本納入這一部分，您能否談談您如何看待這些業務在未來 12 到 18 個月的中期發展或相對貢獻？您對增量貢獻最興奮的地方是什麼？

You're talking about electorally doing over 30% growth. You've got Bloom pop coming. Bloom is still scaling, GHOST POS is accelerating. So can you just give us a sense of where we are in the journey of these parts of the portfolio and where they could go.

你說的是從選舉的角度達到 30% 以上的成長。Bloom pop 即將問世。Bloom 仍在擴大規模，GHOST POS 正在加速發展。那麼，您能否向我們介紹一下我們在投資組合這些部分的進展以及它們的未來發展方向。

And just connected on the base business with Dr Pepper, you've been so successful with share gains on the base and also innovation. Do you think that the brand is starting to see any healing? Or do you still see some runway for incremental LTO or permanent innovation, you got to move on DSD. So just where you see the runway on the base Dr Pepper business.

就 Dr Pepper 的基礎業務而言，您在基礎市場份額成長和創新方面取得了巨大成功。您認為品牌開始復甦了嗎？或者您是否仍然看到增量 LTO 或永久創新的一些發展空間，您必須在 DSD 上取得進展。所以，您剛才看到的是 Dr Pepper 業務的跑道。

So thanks for the split of the US refreshment portfolio along those lines. Thanks.

因此，感謝美國飲料投資組合依照這樣的想法進行拆分。謝謝。

Thanks, Chris. Yeah, I mean, look, overall, you see our Q2 results in US Refreshment Beverage. And I think performance was strong. And you break it apart and you see really solid contributions from both the base business and the new partner additions. And as you said, certainly the GHOST acquisition.

謝謝，克里斯。是的，我的意思是，總的來說，你會看到我們在美國清涼飲料市場第二季的表現。我認為表現很強。如果你把它分開來看，你會看到基礎業務和新合作夥伴都做出了真正堅實的貢獻。正如你所說，當然是 GHOST 收購。

It's pretty broad-based momentum. We'll start with CSDs, carbonated soft drinks. Robust growth continued in Q2, underpinned by market share gains led by flagship Dr Pepper. By the way, this year, we are on track for our ninth consecutive year of market share growth with brand Dr Pepper. We also saw share growth with 7UP behind some of the new innovation I spoke to in the prepared remarks and market share gains in Canada Dry.

這是一個相當廣泛的勢頭。我們先從 CSD（碳酸軟性飲料）開始。第二季持續保持強勁成長勢頭，主要得益於旗艦產品 Dr Pepper 所帶動的市佔率成長。順便說一句，今年，我們 Dr Pepper 品牌的市佔率預計將連續第九年成長。我們也看到，七喜的市佔率有所成長，這得益於我在準備好的發言中提到的一些新創新，而且七喜在加拿大乾型啤酒的市佔率也有所增加。

So it starts with a really healthy base. And quite honestly, we expect that to continue. Then next, I would speak to energy. We're seeing rapid expansion in energy. I spoke to it in our prepared remarks that we've -- this has been probably the best example of portfolio transformation in the last few years.

所以一切都從一個真正健康的基礎開始。坦白說，我們希望這種情況能夠持續下去。接下來我想談談能源。我們看到能源正在快速擴張。我在準備好的演講中談到了這一點——這可能是過去幾年投資組合轉型的最佳例子。

Just a few years ago, we have less than 1 share -- now as of Q2, we have a 7 share and that full portfolio of brands, GHOST, C4, Bloom and Black Rifle, I think, are a winning combination in energy. And we expect that to be an even more meaningful contributor to the overall USRV growth profile going forward.

就在幾年前，我們的市佔率還不到 1%——而截至第二季度，我們的市佔率已達到 7%，我認為，GHOST、C4、Bloom 和 Black Rifle 等品牌組合是能源領域的勝利組合。我們預計這將對未來 USRV 的整體成長狀況產生更有意義的貢獻。

Electrolyte is next on the list for sure, a new partner addition for us, growing 30% in the second quarter. In the subsegment of sports hydration, that is the most dynamic and that is rapid hydration, and you see us take share through our KDP DSD excellence, distribution expansion, strong innovation, growing TDPs. So really strong Q2. I think those are the key components to speak to.

Electrolyte 肯定是下一個上榜的公司，它是我們的新合作夥伴，第二季成長了 30%。在運動補水細分領域，這是最具活力的，而且是快速補水，您可以看到我們透過 KDP DSD 卓越性、分銷擴張、強大的創新、不斷增長的 TDP 來佔據市場份額。因此第二季表現非常強勁。我認為這些都是需要討論的關鍵要素。

As you look at the back half, going forward, as you said, look, the operating environment is going to stay dynamic, but we expect USRB segment growth will remain robust. And we expect, as you saw in the first half, it will be a balance of both solid base business growth as well as new partner growth and importantly, contribution from GHOST and the energy portfolio. And all of this will support that MSD contribution from USRV to our long-term algorithm.

正如您所說，展望下半年，展望未來，營運環境將保持動態，但我們預計 USRB 部門的成長將保持強勁。我們預計，正如您在上半年看到的那樣，這將是穩固的基礎業務成長與新合作夥伴成長之間的平衡，更重要的是，GHOST 和能源組合的貢獻。所有這些都將支援 USRV 對我們的長期演算法的 MSD 貢獻。

Peter Grom, UBS.

瑞銀的 Peter Grom。

Thanks, operator. Good morning, everyone. So I was hoping to get some perspective just on coffee. Some solid sequential progress the best organic performance in a couple of years. So maybe just to start, when you look at the second quarter, how did it compare to your expectations? And then just as we think about the balance of the year, Tim, you mentioned subdued performance -- can you maybe put some guardrails around what that means from a top line perspective?

謝謝，接線生。大家早安。所以我希望對咖啡有一些了解。一些堅實的連續進展是幾年來最好的有機表現。那麼也許只是開始，當您觀看第二季度時，它與您的預期相比如何？然後，正如我們思考今年的平衡一樣，蒂姆，你提到了低迷的表現——你能否從頂線角度解釋一下這意味著什麼？

I think the prior thought was for a sequential improvement in the segment as we move through the year. So just curious if that's still the case from a sales growth standpoint. Thanks.

我認為之前的想法是，隨著一年的推進，該領域會逐漸改善。所以我只是好奇從銷售成長的角度來看情況是否仍然如此。謝謝。

Yeah, thanks, Peter. Look, I am pleased with the sequential improvement you see in US coffee in the second quarter, and that performance was really underpinned by a strengthening pod category that translated to improving pod revenue and pod shipment trends as well as healthy cost efficiencies.

是的，謝謝，彼得。看，我對第二季度美國咖啡的連續改善感到滿意，而這一表現實際上得益於咖啡膠囊類別的增強，這意味著咖啡膠囊收入和咖啡膠囊出貨量趨勢的改善以及健康的成本效率。

While I'm encouraged by the progress in US coffee in the second quarter, there's no doubt as we roll into the back half of the segment we'll face some challenges. And some of it's ongoing, some of it's incremental. Commodity inflation will build as we roll into the back half and we roll into our higher cost hedges on green coffee. The tariff impacts will become prominent.

雖然我對第二季美國咖啡的進展感到鼓舞，但毫無疑問，當我們進入該領域的後半段時，我們將面臨一些挑戰。有些是持續性的，有些是漸進性的。隨著我們進入下半年，並且對生咖啡進行更高成本的對沖，大宗商品通膨將會加劇。關稅影響將凸顯。

And we all know that, that tariff situation is a bit fluid. We have included all tariffs as implemented as of today. And we know that those tariff impacts will be more prominent and put some additional pressure. I also think our retail partners will likely continue to manage their inventory levels tightly, in particular on brewers.

我們都知道，關稅情況有點不穩定。我們已將截至今日實施的所有關稅納入其中。我們知道這些關稅的影響將更加突出並帶來一些額外的壓力。我還認為我們的零售合作夥伴可能會繼續嚴格管理其庫存水平，尤其是釀酒商。

And then finally, you know we did a round of pricing at the beginning of the year. We've announced another round of pricing that will take effect next month, and we'll need to closely monitor how that elasticity evolves. We feel good about the elasticity response we've seen so far. But rolling into the back half, we'll keep a close eye on that.

最後，您知道我們在年初進行了一輪定價。我們已經宣布了將於下個月生效的新一輪定價，我們需要密切關注這種彈性如何演變。我們對迄今為止所看到的彈性響應感到滿意。但進入後半段，我們會密切注意這一點。

So I think we have good plans in place to manage through these dynamics, but we still expect some impact. And that's why we are planning for some segment OI pressure in the second half. And at the same time, of course, that is captured as part of our enterprise guidance.

因此我認為我們已經制定了很好的計劃來應對這些動態，但我們仍然預計會產生一些影響。這就是為什麼我們計劃在下半年應對一些細分市場的 OI 壓力。當然，同時，這也被視為我們企業指導的一部分。

I think overall, the business is on the right track. The path may not be completely linear, but we feel good and confident that over a long-time horizon, we'll get US coffee back to its rightful role of LSD contributor.

我認為總體而言，業務正在走上正軌。這條路徑可能並不完全是直線性的，但我們感到滿意並有信心，從長遠來看，我們將使美國咖啡恢復其作為 LSD 貢獻者的應有角色。

Bonnie Herzog, Goldman Sachs.

高盛的邦妮·赫爾佐格。

All right, thank you. Good morning. I had a question on your outlook for top-line growth. Once you lap the GHOST acquisition, which was another nice boost to your net sales in the quarter. I guess, how should we think about the levers and maybe confidence you have to continue to hit your mid-single-digit long-term growth Algo without another acquisition?

好的，謝謝。早安.我對您的營業收入成長前景有一個疑問。一旦完成 GHOST 收購，這將對您本季的淨銷售額產生另一個良好的推動作用。我想，我們應該如何看待這些槓桿，以及您是否有信心在不進行其他收購的情況下繼續實現 Algo 的中等個位數長期成長？

And then despite the strong top-line growth, in the quarter, you're still seeing a fair amount of operating deleverage or just not much leverage. So -- how should we think about that in the back half of the year? And then maybe what initiatives or cost savings you have or could realize to mitigate some of these pressures? Thank you.

儘管本季營收成長強勁，但您仍然會看到相當多的經營去槓桿或只是沒有太多的槓桿。那麼——我們該如何看待今年下半年的這個問題？那麼也許您採取了什麼措施或節省了哪些成本，或者可以實現哪些措施或節省哪些成本，以減輕其中的一些壓力？謝謝。

Bonnie, this is Sudhanshu. So our long-term algorithm is MSD sales and HST EPS, and we delivered that last year, and we just guided that we will deliver -- reaffirm our guidance, we will deliver in 2025 too. And basically, it's made up of -- we have talked publicly US instruction beverages will grow MSD.

邦妮，這是 Sudhanshu。因此，我們的長期演算法是 MSD 銷售額和 HST EPS，我們去年實現了這一目標，我們剛剛指導我們將實現 - 重申我們的指導，我們也將在 2025 年實現這一目標。基本上，它是由——我們已經公開談論過美國指令飲料將增長 MSD。

That's the expectation, and that's the role they play. US coffee, LSD sales growth. I know we are behind slightly, but that's our long-term growth algorithm for US coffee and international LSD sales growth. And if you look at last four, five years, this is consistent with what these businesses have proven they can deliver over time.

這是他們的期望，也是他們所扮演的角色。美國咖啡、LSD銷售成長。我知道我們稍微落後了，但這是我們針對美國咖啡和國際 LSD 銷售成長的長期成長演算法。如果你回顧過去四、五年，你會發現這與這些企業已經證明的他們可以長期實現的目標一致。

Obviously, operating income that drives the EPS is to outpace our top-line growth and we have opportunity to expand margin across all of these segments and the typical levels are price, productivity, mix and overhead. We're doing higher end of our productivity target. We are also focused on SG&A and overhead. And all of those things will help us deliver -- continue to deliver MSD sales and HST EPS.

顯然，推動每股收益的營業收入將超過我們的營收成長，我們有機會擴大所有這些部門的利潤率，典型的水平是價格、生產力、產品組合和管理費用。我們正在實現更高的生產力目標。我們也關注銷售、一般及行政費用和管理費用。所有這些都將幫助我們實現——繼續實現 MSD 銷售和 HST EPS。

Your question about the second-half margin, yeah, in Q2, gross margin contracted, but we were expecting it as price realization and healthy productivity did not offset inflation on a margin basis. but the relationship was more favorable on a dollar basis and we grew gross profit dollar. I talked about we're managing cost with discipline and that's supporting our healthy operating income growth and a stable OI margin.

您關於下半年利潤率的問題，是的，在第二季度，毛利率下降了，但我們預計會出現這種情況，因為價格實現和健康的生產力並沒有抵消利潤率上的通貨膨脹。但從美元計算，這種關係更為有利，我們的毛利有所成長。我說過，我們正在嚴格管理成本，這支持了我們健康的營業收入成長和穩定的營業利潤率。

I talked on the prepared remarks, second half, we expect some operating margin pressure, but we will still grow profit dollar. And you all know in the second half, we have some incremental cost headwinds like commodity inflation. Tim talked about tariff beginning to more prominently impact our results. And we also have some one-off last year in Q3 and Q4 with some (inaudible) gains.

我在準備好的發言中談到，下半年，我們預期營業利潤率會面臨一些壓力，但我們的利潤仍將成長。大家都知道，下半年我們將面臨一些增加成本阻力，例如大宗商品通膨。提姆談到關稅開始對我們的業績產生更顯著的影響。去年第三季和第四季我們也有一些一次性的（聽不清楚）收益。

But on the flip side, pricing should build, productivity will be strong in the back half, and those are the regions that will support profit dollar growth.

但另一方面，價格應該會上漲，下半年生產力將會強勁，這些地區將支持利潤成長。

Kaumil Gajrawala, Jefferies.

傑富瑞的 Kaumil Gajrawala。

Oh good morning. Congratulations on the picking up of the Dr Pepper brand in California and some other places. Can you maybe just talk about the infrastructure within your existing DSD network? Do you have as much infrastructure as is necessary to be able to take on a brand of that size? And is it the beginning of perhaps the turning over of the Dr Pepper brand to more and more regions over time? Thanks.

噢，早安。恭喜 Dr Pepper 品牌在加州和其他一些地方獲得認可。您能否談談現有 DSD 網路中的基礎設施？您是否擁有足夠的基礎設施來承接如此規模的品牌？這是否是 Dr Pepper 品牌隨著時間的推移而轉向越來越多地區的開始？謝謝。

Hey, good morning. Thanks for the question. Look, you've heard me say this many times. I'm a big believer in the power of DSD. I think direct store delivery is such a critical and really scarce asset in beverages. And I believe as we strengthen it, it provides our business with a sustainable competitive advantage.

嘿，早安。謝謝你的提問。瞧，你已經聽我說過很多次了。我非常相信 DSD 的力量。我認為直接送貨上門是飲料產業至關重要但非常稀缺的資產。我相信，隨著我們加強它，它將為我們的業務提供可持續的競爭優勢。

And accordingly, we prioritize investments in our DSD to further strengthen our network, build our capabilities, and really improve how we serve our customers and our consumers. And you see that and what we've done over these last few years. We're building capabilities. We're investing in digital tools to drive greater efficiency, drive our in-store effectiveness. We're broadening our geographic footprint, and I'll speak specifically to the example you gave.

因此，我們優先投資 DSD，以進一步加強我們的網路、增強我們的能力並真正改善我們為客戶和消費者服務的方式。你們也看到了這一點以及我們過去幾年所做的事情。我們正在建立能力。我們正在投資數位工具來提高效率和店內效益。我們正在擴大我們的地理覆蓋範圍，我將具體談談您給出的例子。

But we -- you've seen us over the last many years, expand our network through opportunistic expansions of geographic territories. Last year, we did that in Arizona picking up that acquisition. And now we've got our trucks rolling and we've got manufacturing and warehousing in that key growth state.

但是，正如大家所見，在過去的許多年裡，我們透過機會主義的地理區域擴張來擴大我們的網絡。去年，我們在亞利桑那州完成了這項收購。現在，我們的卡車已經開動了，我們在這個關鍵的成長州開展了製造和倉儲業務。

And then the other thing to keep in mind is as we enhance our portfolio, as we bring in the electro leads in sports hydration, [telocolones] and registering coffee, the GHOST and C4s in energy.

然後要記住的另一件事是，隨著我們增強產品組合，我們引入運動補水領域的電子線索，[telocolones] 和註冊咖啡，以及能量領域的 GHOST 和 C4s。

We are increasing our scale by adding high-quality, high-velocity volume to our portfolio, which allows us to make that DSD economic flywheel and that virtuous cycle of growth go turn even faster because that scale allows us to then have greater drop sizes, greater store frequency, improve the efficiency and economics of the fixed costs associated with DSD.

我們正在透過在我們的產品組合中添加高品質、高速度的產品來擴大我們的規模，這使我們能夠使 DSD 經濟飛輪和良性成長循環轉得更快，因為這種規模使我們能夠擁有更大的滴量、更高的儲存頻率，提高與 DSD 相關的固定成本的效率和經濟性。

Now to the specific case that you referenced, we are capitalizing on a new opportunity. And that opportunity is to add the distribution of Dr Pepper in critical parts of California, Nevada, certain areas in the Midwest. I will say this is a unique opportunity. And in this case, we certainly believe it was right for us to pursue. It gave us an opportunity to build on a scale that we already had in that region. We had existing operations there, and this added more scale to that DSD operation.

現在就您提到的具體案例而言，我們正在利用一個新的機會。這個機會是增加 Dr Pepper 在加州、內華達州和中西部某些地區的關鍵地區的分銷。我想說這是一個獨特的機會。在這種情況下，我們當然相信我們的追求是正確的。這為我們提供了機會，讓我們能夠在該地區現有的規模上繼續發展。我們在那裡已經有業務了，這為 DSD 的業務增加了規模。

Obviously, adding flagship Dr Pepper is a unique opportunity for us to build out that scale. And in this case, it was, I would say, a unique contract structure that gave us the option to repatriate or not. And so in this case, a lot of work underway to ensure a successful transition.

顯然，增加旗艦產品 Dr Pepper 是我們擴大規模的獨特機會。在這種情況下，我想說，這是一種獨特的合約結構，讓我們可以選擇遣返或不遣返。因此，在這種情況下，我們正在進行大量工作以確保成功過渡。

Our teams are energized to do this right. Distribution transitions like this do come generally with some short-term disruption and clearly, some initial investment, but we're prepared for all of that, as you'd expect us to, and we've captured that in the outlook. And we're confident long term, you'll see us continue to unlock substantial commercial and financial outcomes as it relates DSD expansion.

我們的團隊充滿活力，一定會做好這件事。像這樣的分銷轉型通常會帶來一些短期中斷，顯然也需要一些初始投資，但正如您所期望的那樣，我們已經為所有這些做好了準備，並且我們已經在展望中捕捉到了這一點。並且我們相信，從長遠來看，您將看到我們在 DSD 擴展方面繼續取得巨大的商業和財務成果。

Rob Ottenstein, Evercore.

奧滕斯坦（Rob Ottenstein），Evercore。

Great, thank you very much. I was just wondering if you could talk to us a little bit about the pricing dynamics in the US on liquid refreshment beverages. I get a sense from the results that some products are probably up a lot, others may be down, so maybe a little bit of a better understanding there.

太好了，非常感謝。我只是想知道您是否可以向我們簡單介紹一下美國液體飲料的定價動態。我從結果中感覺到，有些產品可能會上漲很多，而其他產品可能會下跌，因此也許可以更好地理解這一點。

And then how you're seeing the consumer, we've heard from other companies that affordability is becoming more important, maybe how you're pulling on various RGM levers to address that? Thank you.

然後您如何看待消費者？我們從其他公司聽說，可負擔性變得越來越重要，也許您如何利用各種 RGM 槓桿來解決這個問題？謝謝。

So the US RB, first of all, as Tim said, we are very happy with the first half performance for US RB, was strong, high-quality. Our growth reflected a combination of GHOST, base business of volume mix and net price realization.

因此，首先，正如蒂姆所說，我們對美國 RB 上半年的表現非常滿意，表現強勁，品質高。我們的成長反映了 GHOST、批量組合基礎業務和淨價實現的結合。

And in back half also, we expect the segment performance to remain robust. With contribution from the same factors. Specific to net price, we have seen positive contribution year-to-date primarily been driven by CSD. We also announced a typical CSD price increase that took impact in Q1, which should continue to flow through to our results for the entire year.

我們預計下半年該部門的表現仍將保持強勁。有相同因素的貢獻。具體到淨價，我們看到年初至今的積極貢獻主要由 CSD 推動。我們還宣布了典型的 CSD 價格上漲，該上漲在第一季生效，並將持續影響我們全年的業績。

They are all where you will see some quarterly variability in actual net price realization in our P&L, but you should look at more in first half, second half basis. And we feel good about where we are in H2.

在這些情況下，您都會看到我們的損益表中實際淨價實現存在一些季度變化，但您應該更專注於上半年和下半年的情況。我們對下半年的進展感到滿意。

Tim, do you want to talk about the consumer?

提姆，你想談談消費者嗎？

Consumer, sure. Yeah, Rob, I'll take the consumer part of the question. I mean, we put the consumer at the center of everything we do as you'd imagine, we monitor their health closely, and that's everything from the public data, you would see our own proprietary data -- and then the other thing that to Kaumil's question is we have a real-time feedback loop in the form of DSD where every day, we get a good sense of in-store shopping behavior and trends in real time.

消費者，當然。是的，羅布，我將回答有關消費者的問題。我的意思是，正如您所想像的，我們將消費者置於我們所做的一切的中心，我們密切監測他們的健康狀況，這就是從公共數據中獲取的一切，您會看到我們自己的專有數據 - 然後對於 Kaumil 的問題，另一件事是我們有一個以 DSD 形式存在的實時反饋迴路，每天我們都能了解店內購物行為和實時購物趨勢。

I would say for us, we're seeing a fairly resilient consumer, even in this backdrop of an inflationary and somewhat uncertain environment. At the same time, there is some caution out there. And our consumers are being selective in how and where they shop. I think this is particularly true for the lower income consumer where that purchasing power is most constrained.

我想說，即使在通膨和不確定的環境下，我們也看到了相當有韌性的消費者。同時，外界也存在著一些謹慎情緒。我們的消費者對於購物方式和地點非常挑剔。我認為對於購買力最受限制的低收入消費者來說尤其如此。

And you see this manifest in a couple of different ways. I mean first is there are some pullbacks in certain more discretionary channels, QSRs and our Away-From-Home fountain business, a little softer, convenience slightly softer, especially in the first part of the year towards the end of Q2, you're seeing that come back a bit.

您可以透過幾種不同的方式看到這一點。我的意思是，首先，某些更自由的管道、QSR 和我們的戶外飲水機業務有一些回調，稍微疲軟一些，便利性稍微疲軟一些，特別是在今年上半年接近第二季度末，你會看到它有所回升。

And so you see consumers instead gravitating towards those more value-based channels, right? The dollar value channels, the club, big mass EDLP formats. And a little bit around deal periods and promotional periods. I think for us, we feel good. I think we have many advantages where we have shown time and time again that an environment like this we can continue to deliver strong growth.

所以您看到消費者反而傾向於那些更基於價值的管道，對嗎？美元價值管道、俱樂部、大型大眾 EDLP 格式。還有一些關於交易期和促銷期的內容。我想對我們來說，我們感覺很好。我認為我們有很多優勢，我們已經一次又一次地證明，在這樣的環境下我們可以繼續實現強勁成長。

Our categories remain durable. These are essential categories for consumers, and we think less sensitive to macro changes. Our beverages continue to offer great value for our consumers and a simple indulgent pleasure of a carbonated soft drink or health and wellness-oriented beverages from energy to sports hydration.

我們的類別依然持久耐用。這些都是消費者必需的類別，我們認為它們對宏觀變化的敏感度較低。我們的飲料繼續為消費者提供巨大的價值，讓他們享受碳酸軟性飲料或從能量到運動補水的健康和保健飲料的簡單享受。

So I think our portfolio is demonstrating strong momentum. Innovation is a big part of it and despite some areas of concern on the macro environment, we feel good overall about our portfolio and our ability to continue to deliver on that MSD sales growth.

所以我認為我們的投資組合正展現出強勁勢頭。創新是其中很重要的一部分，儘管宏觀環境存在一些令人擔憂的領域，但我們對我們的產品組合以及繼續實現 MSD 銷售成長的能力總體上感到滿意。

Dara Mohsenian, Morgan Stanley.

摩根士丹利的達拉‧莫森尼安 (Dara Mohsenian)。

Hey, good morning. Tim, you made some changes recently on the marketing side with the new CMO appointed last year, including a heightened digital focus. I just was hoping you could give us a review of the biggest changes you put in place. How you think that might drive demand and impact ROI going forward? And if you're seeing any fruits from those efforts so far that's more going forward from here? Thanks.

嘿，早安。提姆，您最近在行銷方面做出了一些改變，去年任命了新的首席行銷官，包括加強數位化重點。我只是希望您能對我們實施的最大變革進行評價。您認為這將如何推動需求並影響未來的投資報酬率？如果您看到這些努力到目前為止取得了任何成果，那麼接下來還會有更多進展嗎？謝謝。

Yeah. Thanks, Dara. You guys know our first strategy here at KDP is a consumer-obsessed brand builders. And marketing excellence will be foundational to the growth model and remains a top priority. And there, we talked a few weeks ago when we were together.

是的。謝謝，達拉。你們知道，KDP 的首要策略是打造以消費者為中心的品牌。卓越的行銷將成為成長模式的基礎，並且仍然是重中之重。幾週前我們在一起的時候聊過天。

We did make a change on the Chief Marketing Officer and feel very good, early days about what we're seeing in terms of -- a bit of a marketing transformation here at KDP. It is one where we are putting data, technology, and digital at the center of the marketing flywheel. And that's really to enable more powerful real-time insights, create more precise consumer segmentation, consumer targeting, generate more effective -- sometimes AI-enabled marketing content.

我們確實對首席行銷長進行了更換，並且對於我們所看到的 KDP 的營銷轉型初期的情況感到非常滿意。我們將數據、技術和數位置於行銷飛輪的中心。這實際上是為了實現更強大的即時洞察，創造更精確的消費者細分、消費者定位，產生更有效的——有時是人工智慧支援的行銷內容。

And I think you'll begin to see this show up as early as Q3 and Q4. A place to start seeing some of that show up will be brand Dr Pepper. We're about to embark on our eighth season of Fansville and this year, not only is the work great. I saw the work just a couple of weeks ago, really excited about the new season of Fansville.

我認為您最早會在第三季和第四季開始看到這一現象。最早看到這種現像出現的地方就是 Dr Pepper 品牌。我們即將展開《Fansville》第八季，今年的作品不僅精彩。幾週前我剛看過這部作品，對《Fansville》的新一季感到非常興奮。

But you're going to also see it materialize in a more personalized digitally-enabled consumer engagement. You'll also see it on the coffee side. You'll see us the way we're leveraging the new digital approaches and marketing to identify and to target higher-value households both existing Keurig users and new high-value households to really drive that lifetime value and get the most out of new Keurig household placement.

但您還會看到它以更個人化的數位化消費者參與形式實現。您還會在咖啡方面看到它。您將看到我們利用新的數位方法和行銷來識別和定位高價值家庭，包括現有的 Keurig 用戶和新的高價值家庭，以真正推動終身價值並最大限度地利用新的 Keurig 家庭安置。

So I'm optimistic overall, Dara, on what we're going to see from marketing as we take this next step. And I think what you should expect is higher ROIs and more impactful spend.

因此，達拉，總的來說，我對我們下一步的行銷進展持樂觀態度。我認為您應該期待更高的投資報酬率和更有影響力的支出。

Filippo Falorni, Citi.

花旗銀行的 Filippo Falorni。

Hi, good morning, everyone. Tim, I wanted to get your perspective just on the protein beverage space. You talked in the past as an area of opportunity. Maybe give us context in terms of how you're planning to play in the category and also given in the context of the Diala brand, tuck-in acquisition, how that fits into your strategy? Thank you.

大家好，早安。提姆，我想了解你對蛋白質飲料領域的看法。您過去曾談到這是一個充滿機會的領域。或許您可以向我們介紹一下您計劃如何在該類別中開展業務，以及在 Diala 品牌的背景下，收購如何與您的策略相適應？謝謝。

Absolutely. So two parts, first around wellness and protein and then around Diala. One of the great things about beverages is the way consumer preferences are ever-changing. And -- by the way, I'll do a plug here. We issued our state of beverages report back in June last month, and it really underscored this health and wellness mega trend and how it's impacting consumer behavior and beverages. And I think it's the single most significant consumer trend impacting beverages.

絕對地。所以分為兩部分，首先是圍繞健康和蛋白質，然後是圍繞 Diala。飲料的一大優點是消費者的喜好不斷改變。順便說一下，我會在這裡做一個插件。我們上個月 6 月發布了飲料狀況報告，該報告確實強調了這一健康和保健大趨勢及其對消費者行為和飲料的影響。我認為這是影響飲料的最重要的消費趨勢。

And consumers are really looking to beverages to provide a wide array of health and wellness benefits. And it ranges from your question on protein to fiber and gut health, hydration, zero sugar, energy and alertness. So we're all over this, as you would expect, as consumer-obsessed brand builders. And I think what you've seen from us is we've done a good job responding to these health and wellness trends broadly in beverages.

消費者確實希望飲料能提供廣泛的健康和保健益處。它涵蓋了從蛋白質到纖維和腸道健康、水分、零糖、能量和警覺性的問題。正如您所料，作為消費者至上的品牌建立者，我們對此非常關注。我想您從我們這裡看到的是，我們在飲料領域廣泛響應這些健康和保健趨勢方面做得很好。

We will continue to evaluate those places which are more white spaces. And I believe protein is one of those. No doubt consumers are looking for more functional attributes and the beverages and protein is part of that trend. And we think that KDP can and will participate in that over time.

我們將繼續評估那些空白較多的地方。我相信蛋白質就是其中之一。毫無疑問，消費者正在尋求更多的功能屬性，而飲料和蛋白質就是這一趨勢的一部分。我們認為，庫德民主黨能夠並且將會隨著時間的推移參與其中。

As we have done in other spaces, we will evaluate that through a buy builder partner lens, right? Is this something we can extend to organically from our own shop here in KDP, potentially leveraging our own brands. Is this something we want to partner with, someone else is this something we want to do an acquisition, full ownership or minority.

正如我們在其他領域所做的那樣，我們將透過購買建造商合作夥伴的視角來評估這一點，對嗎？我們是否可以從 KDP 自己的商店有機地擴展到這個領域，並可能利用我們自己的品牌。這是我們想要與之合作的對象嗎？還是我們想要收購、全資擁有或少數股權？

Nothing to announce today, but you can bet that we're looking at all these, health among the spaces, including protein. I think overall, feel good about our track record there, including how we've been creative and capital efficient in how we go about that.

今天沒有什麼可宣布的，但你可以打賭，我們正在關注所有這些，包括蛋白質在內的健康領域。我認為總體而言，我們對我們在那裡的業績記錄感到滿意，包括我們如何發揮創造力和提高資本效率。

On your second question on Diala. Diala acquisition really was an opportunistic tuck-in. And it allowed us to penetrate an attractive category of $4 billion drink mix and liquid water enhancer category and do it with a relatively modest financial outlay. This is a business that's had a double-digit growth CAGR for the last many years.

關於 Diala 的第二個問題。收購 Diala 確實是一次機會主義的收購。它使我們能夠以相對適中的財務支出打入價值 40 億美元的飲料混合物和液態水增強劑類別這一頗具吸引力的市場。這項業務在過去多年中一直保持著兩位數的複合年增長率。

Previously, we were a partner in minority investor in Diala and we thought now is the right time to go ahead and do the full acquisition. We like this team. We like the capabilities. We like the R&D here. By the way, back to the health and wellness point, 60% of that portfolio, six-zero, is functional around ingredients and great claims around hydration, energy, immunity, et cetera.

在此之前，我們是 Diala 的少數投資者的合夥人，我們認為現在是進行全面收購的最佳時機。我們喜歡這支球隊。我們喜歡這些功能。我們喜歡這裡的研發。順便說一下，回到健康和保健方面，該產品組合中的 60%，即六零，都是圍繞成分發揮作用的，並且在補水、能量、免疫力等方面具有很好的功效。

So we took advantage of this opportunity. We can leverage Diala know-how and extend additional KDP brands. We think it's a nice small tuck-in transaction. It's unlikely to move the needle on enterprise trends, but we're excited to welcome our new friends from Diala, a talented team there and to partner closely to further expand our beverage industry leadership.

所以我們利用了這個機會。我們可以利用 Diala 的專業知識並擴展其他 KDP 品牌。我們認為這是一筆不錯的小型交易。這不太可能改變企業趨勢，但我們很高興歡迎來自 Diala 的新朋友，這是一支才華橫溢的團隊，我們將密切合作，進一步擴大我們在飲料行業的領導地位。

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。我想將會議交還給 Jane Gelfand 做最後演講。

Thank you, Michael, and thank you, everyone, for joining us this morning. We appreciate your interest and your support. Please reach out to the Investor Relations team with any questions, and we wish you a great day.

謝謝你，邁克爾，也謝謝大家今天早上加入我們。我們感謝您的關注與支持。如有任何疑問，請聯絡投資者關係團隊，我們祝福您有美好的一天。

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。