卡夫亨氏 (KHC) 2017 Q4 法說會逐字稿

Good day.

再會。

My name is Liz and I will be your operator today.

我叫莉茲，今天我將成為您的接線員。

At this time I would like to welcome everyone to the Kraft Heinz Company's fourth-quarter and full-year 2017 earnings conference call.

此刻，我謹歡迎大家參加卡夫亨氏公司2017年第四季度和全年財報電話會議。

I will now turn the call over to Chris Jakubik, Head of Global Investor Relations.

我現在將把電話轉給全球投資者關係主管 Chris Jakubik。

Mr. Jakubik, you may begin.

雅庫比克先生，您可以開始了。

Hello, everyone, and thanks for joining our business update for the fourth-quarter and full-year of 2017.

大家好，感謝您關注我們 2017 年第四季度和全年的業務更新。

With me today are Bernardo Hees, our CEO; George Zoghbi, Strategic Advisor to the CEO and Board nominee; Paulo Basilio, President of our US Zone; and David Knopf, our Chief Financial Officer.

今天和我在一起的有我們的首席執行官貝爾納多·希斯 (Bernardo Hees)； George Zoghbi，首席執行官戰略顧問兼董事會提名人； Paulo Basilio，美國區總裁；以及我們的首席財務官 David Knopf。

During our remarks we will make some forward-looking statements that are based on how we see things today.

在我們的發言中，我們將根據我們今天的看法做出一些前瞻性聲明。

Actual results may differ due to risks and uncertainties and these are discussed in our press release and our filings with the SEC.

由於風險和不確定性，實際結果可能會有所不同，我們的新聞稿和向 SEC 提交的文件中對此進行了討論。

We will also discuss some non-GAAP financial measures during the call today.

我們還將在今天的電話會議上討論一些非公認會計準則財務指標。

These non-GAAP financial measures should not be considered a replacement for and should be read together with GAAP results.

這些非公認會計原則財務指標不應被視為替代公認會計原則結果，而應與公認會計原則結果一起閱讀。

You can find the GAAP to non-GAAP reconciliations within our earnings release and at the end of the slide presentation available on our website.

您可以在我們的收益發布中以及我們網站上提供的幻燈片演示的末尾找到 GAAP 與非 GAAP 的調節表。

Before we get started today, we hope that you've had a chance to review our post integration business update that we released yesterday on IR.

在今天開始之前，我們希望您有機會回顧一下我們昨天在 IR 上發布的整合後業務更新。

KraftHeinzCompany.com.

卡夫亨氏公司.com。

In it we've provided a broader update on our operating model and business plans, progress on our journey to date and our path forward.

在其中，我們提供了有關我們的運營模式和業務計劃、迄今為止的進展以及未來道路的更廣泛的更新。

Today we intend to build on that presentation by digging deeper into how we ended 2017 and what we expect to accomplish in 2018, both in terms of key initiatives and financial performance.

今天，我們打算在此演講的基礎上，更深入地探討我們如何結束 2017 年以及我們期望在 2018 年實現什麼目標，無論是在關鍵舉措還是財務業績方面。

We will keep our upfront comments today briefer than normal in order to allow more time for Q&A.

我們今天的預先評論將比平時簡短，以便有更多時間進行問答。

So let's turn to slide 2 and I will hand it over to Bernardo.

那麼讓我們轉向幻燈片 2，我將把它交給 Bernardo。

Thank you, Chris, and good morning, everyone.

謝謝你，克里斯，大家早上好。

I will start today by acknowledging that there is no question our financial results in 2017 did not meet our potential.

今天首先我要承認，毫無疑問我們 2017 年的財務業績沒有發揮我們的潛力。

Did we deliver profitable sales and grow our bottom line?

我們是否實現了有利可圖的銷售並提高了我們的利潤？

Yes.

是的。

Did it deliver to our potential?

它發揮了我們的潛力嗎？

No.

不。

We had a slow start, some missteps along the way, and took some decisions to accelerate investment in Q4 that held back 2017 financial performance.

我們起步緩慢，一路上出現了一些失誤，並在第四季度做出了一些加速投資的決定，這阻礙了 2017 年的財務業績。

At Kraft Heinz we believe it's critical to take away clear learnings from the past year, and there were four key areas that held back our 2017 operational results.

在卡夫亨氏，我們認為從過去一年中汲取清晰的經驗教訓至關重要，有四個關鍵領域阻礙了我們 2017 年的運營業績。

Number one is customer contracts.

第一個是客戶合同。

Here we've learned that having agreements in place signed and sealed at the start of the year can avoid first-quarter commercial activation misses and lead to better retail execution for the balance of the year.

在這裡，我們了解到，在年初簽署並簽署協議可以避免第一季度的商業激活失誤，並導致今年剩餘時間更好的零售執行。

This was the story of our Canadian and Russian business in 2017.

這是我們 2017 年加拿大和俄羅斯業務的故事。

Two is faster actions to achieve the right balance between pricing and key commodity costs, particular in a few of our larger US categories, as well as our Brazilian vegetable business during the year.

二是更快地採取行動，在定價和關鍵商品成本之間實現適當的平衡，特別是在我們的一些較大的美國類別以及我們的巴西蔬菜業務中。

Three is moving quickly and making the necessary adjustments when executing critical category and brand turnarounds like (inaudible) in India and our baby food business in Italy.

三是在執行關鍵品類和品牌轉型時迅速採取行動並做出必要的調整，例如在印度（聽不清）和我們在意大利的嬰兒食品業務。

And finally, number four is to have better service as we ramp up manufacturing in new facilities and new production lines, eliminating disruptions and achieving benchmark levels through the process.

最後，第四點是隨著我們在新設施和新生產線中擴大製造規模，提供更好的服務，消除乾擾並在整個過程中達到基準水平。

I'm talking here about our frozen potato and US meat business.

我在這裡談論的是我們的冷凍馬鈴薯和美國肉類業務。

The other factor that held back our 2017 financial results were decisions we took during the fourth quarter where the HR-1 Tax Cuts and Jobs Act was in process.

阻礙我們 2017 年財務業績的另一個因素是我們在第四季度做出的決定，當時 HR-1 減稅和就業法案正在進行中。

This new law provides us with additional cash and incentives to accelerate investments to grow our business.

這項新法律為我們提供了額外的現金和激勵措施，以加速投資以發展我們的業務。

So this, together with the opportunity to build advantaged scalable capabilities that we outlined in the management slide (inaudible) we posted yesterday, led us to decisions to aggressively accelerate our plans.

因此，再加上我們在昨天發布的管理幻燈片（聽不清）中概述的構建有利的可擴展能力的機會，導致我們決定積極加快我們的計劃。

In Q4 we accelerate commercial investments, particularly in marketing, in-store sales teams, e-commerce and supply chain.

第四季度我們加速商業投資，特別是在營銷、店內銷售團隊、電子商務和供應鏈方面。

And this held back Q4 EBITDA in the United States.

這抑制了美國第四季度的 EBITDA。

From a balance sheet and risk perspective, we also accelerated approximately $1.2 billion of cash contribution to our US post-retirement medical plans and made an additional $150 million discretionary cash contribution to our US patient plan.

從資產負債表和風險的角度來看，我們還加快了向美國退休後醫療計劃提供約 12 億美元的現金捐助，並向我們的美國患者計劃額外提供了 1.5 億美元的可自由支配現金。

These result in a higher leverage ratio at the end of the year than we otherwise would have delivered.

這些導致年底的槓桿率高於我們原本應達到的水平。

The second thing I think is important to look knowledge about our 2017 results is the fact that we generate solid results from investments we have been making to drive sales up and cost down.

我認為了解 2017 年業績的第二件事很重要，那就是我們為推動銷量增長和降低成本而進行的投資取得了紮實的成果。

On the top line we delivered trend bending Big Bet innovations and turnarounds.

在營收方面，我們提供了扭轉趨勢的大賭注創新和扭轉局面。

Big Bet innovations included Philadelphia Cheesecake Cups and Bagel Bites and cream cheese dips, Capri Sun all-natural Devour frozen meals and branded frozen snacks in the United States, Planters in China and UK, Heinz mayonnaise across Europe, Australia, New Zealand and Latin America, Classico Riserva and Cracker Barrel [Savva] cheese in Canada and Kraft cheese dressing in (inaudible).

Big Bet 的創新包括費城芝士蛋糕杯、百吉餅和奶油芝士醬、美國的 Capri Sun 全天然 Devour 冷凍食品和品牌冷凍零食、中國和英國的 Planters、歐洲、澳大利亞、新西蘭和拉丁美洲的亨氏蛋黃醬、加拿大的Classico Riserva 和Cracker Barrel [Savva] 奶酪以及卡夫奶酪醬（聽不清）。

We also drove strong gains from prioritizing our investments in the powerhouse portfolio bet in turn around parts of our portfolio.

我們還通過優先投資於強大的投資組合押注以及部分投資組合來獲得強勁收益。

These include significant growth in the United States on Lunchables, Philadelphia, Kraft Singles and Heinz sauces and successful turnarounds on dry package desserts and frozen meals and snacks.

其中包括美國的Lunchables、Philadelphia、Kraft Singles 和Heinz 醬料的顯著增長，以及乾包裝甜點、冷凍食品和零食的成功轉型。

In fact, the Heinz brand in the United States is now 17% bigger than it was in 2015, which is a good example of the process we are going through with each category.

事實上，美國亨氏品牌現在比 2015 年擴大了 17%，這是我們在每個類別上正在經歷的流程的一個很好的例子。

We returned to sales growth in Europe, including the UK, after more than five years of decline with Europe's foodservice achieving double-digit organic net sales growth.

經過五年多的下滑，我們在包括英國在內的歐洲的銷售恢復增長，歐洲的餐飲服務實現了兩位數的有機淨銷售增長。

And in our rest of the world business we delivered solid double-digit sales growth in China through go-to-market expansion across all channels, especially foodservice and e-commerce.

在世界其他地區的業務中，我們通過跨所有渠道（尤其是餐飲服務和電子商務）的市場拓展，在中國實現了兩位數的銷售額穩健增長。

And now China is the biggest country in our Asia-Pacific business.

現在中國是我們亞太業務最大的國家。

In Indonesia a solid turnaround in our ABC (inaudible) [sauces sachet] led to strong double-digit growth.

在印度尼西亞，我們的 ABC（聽不清）[醬料袋] 取得了穩健的轉變，帶來了兩位數的強勁增長。

And in Brazil we delivered solid market share growth of the Heinz brand.

在巴西，我們實現了亨氏品牌市場份額的穩健增長。

On the cost side we drove 10% greater media cost efficiencies in the United States versus 2016 resulting in almost 40% reduction over the past two years.

在成本方面，我們在美國的媒體成本效率比 2016 年提高了 10%，導致過去兩年減少了近 40%。

We also made significant progress in our goal to create best-in-class operations.

我們在創建一流運營的目標方面也取得了重大進展。

We invested $1 billion upgrading our manufacturing facilities around the world to enhance our capacity for innovation and product quality.

我們投資了 10 億美元升級我們在世界各地的製造設施，以提高我們的創新能力和產品質量。

This included construction of state-of-the-art factories in Davenport, Iowa; Kirksville, Missouri; Shanghai, China and Neropolis, Brazil, plus significant expansion investment in worldwide manufacturing capacity.

其中包括在愛荷華州達文波特建造最先進的工廠；密蘇里州柯克斯維爾；中國上海和巴西尼羅波利斯，以及對全球製造能力的重大投資擴張。

We expanded the reach of our global shared business service into Australia and New Zealand.

我們將全球共享業務服務的覆蓋範圍擴大到了澳大利亞和新西蘭。

We substantially completed our transformational integration program, delivering more than $1.7 billion of savings net of business investment and non-key commodity inflation.

我們基本完成了轉型整合計劃，扣除商業投資和非關鍵商品通脹後節省了超過 17 億美元。

And we completed an outstanding year of top-tier quality performance with zero recalls.

我們以零召回的成績完成了出色的一年。

The target specs of 2017 that I want to acknowledge is the fact that we established strong, scalable, in-house capability platforms, platforms that you can build further in 2018 and should benefit Kraft Heinz in the years to come.

我想承認的 2017 年目標規格是，我們建立了強大的、可擴展的內部能力平台，您可以在 2018 年進一步構建這些平台，並且應該在未來幾年使卡夫亨氏受益。

For instance we established a new global online and digital structure to accelerate future growth, one that will build upon the 65% growth of our US e-commerce business in 2017.

例如，我們建立了一個新的全球在線和數字結構，以加速未來的增長，該結構將以 2017 年美國電子商務業務 65% 的增長為基礎。

We strengthened our category management tool deployment into the UK and the United States with revenue management, assortment, discounter and planogram analysis.

我們通過收入管理、分類、折扣和貨架圖分析加強了在英國和美國的品類管理工具部署。

We began rolling out our US in-store sales go-to-market model, reaching roughly 20% of our retail business and expecting to significantly ramp up this effort in 2018.

我們開始推出美國店內銷售進入市場模式，覆蓋我們零售業務的約 20%，並預計在 2018 年大幅加大這一力度。

Our Kraft Heinz University training platform rolled out sales, marketing, leadership and methodology academies to enable continuous learning and development.

我們的卡夫亨氏大學培訓平台推出了銷售、營銷、領導力和方法學院，以實現持續學習和發展。

We published our first ever Kraft Heinz corporate risk social responsibility report with sustainability goals and targets to reduce water usage, greenhouse gas emissions, energy usage and waste sent to landfills.

我們發布了第一份卡夫亨氏企業風險社會責任報告，其中包含可持續發展目標以及減少用水量、溫室氣體排放量、能源消耗量和減少運往垃圾填埋場的廢物的具體目標。

And through our signature micronutrient campaign we delivered 135 million meals in 2017 to people in need in our fight against global hunger, part of our commitment to deliver 1 billion meals by the year 2021.

通過我們標誌性的微量營養素活動，我們在 2017 年為抗擊全球飢餓的需要的人們提供了 1.35 億份餐食，這是我們到 2021 年提供 10 億份餐食的承諾的一部分。

To sum it all up, through the end of 2017 the investments we have been making are starting to have the impact in the marketplace that you have been expecting.

總而言之，到 2017 年底，我們所做的投資開始對市場產生您所期望的影響。

We still have much to do and areas to improve, but we have established a number of capabilities and platforms to enable further gains in 2018 and beyond.

我們還有很多工作要做，還有很多地方需要改進，但我們已經建立了許多能力和平台，以在 2018 年及以後取得進一步的成果。

So, let's turn to slide 3 and I will hand it to David to cover our Q4 and full-year financials.

那麼，讓我們轉向幻燈片 3，我將把它交給 David 來介紹我們的第四季度和全年財務狀況。

Thank you, Bernardo, and hello, everyone.

謝謝貝爾納多，大家好。

From a total Company perspective organic net sales performance was again an improvement over the first half of the year and consistent with the drivers we outlined in our last call.

從整個公司的角度來看，有機淨銷售業績比上半年再次有所改善，並且與我們在上次電話會議中概述的驅動因素一致。

Pricing was sequentially better in Q4, up 1 percentage point, driven by price increases in rest of world markets and the United States.

在世界其他市場和美國價格上漲的推動下，第四季度的定價環比上漲 1 個百分點。

Volume/mix was 1.6 percentage points lower in Q4 primarily due to lower shipments across several categories, particularly nuts, natural cheese and cold cuts in the United States, as well as cheese and coffee in Canada.

第四季度的銷量/組合下降了 1.6 個百分點，主要是由於多個類別的出貨量下降，特別是美國的堅果、天然奶酪和冷盤，以及加拿大的奶酪和咖啡。

And this masked ongoing growth in macaroni and cheese in the United States as well as strong growth from condiments and sauces in Europe, Indonesia and China.

這掩蓋了美國通心粉和奶酪的持續增長，以及歐洲、印度尼西亞和中國調味品和醬汁的強勁增長。

By segment the United States was more or less consistent with our expectations, although we made a decision to invest to protect distribution in cold cuts, and that held back the contribution from pricing in Q4.

按細分市場來看，美國或多或少與我們的預期一致，儘管我們決定投資以保護冷切的分銷，並抑制了第四季度定價的貢獻。

In Canada, while we expected year-end 2017 retail inventories to be lower than 2016, they came in even lower than our initial expectations and look to be permanent.

在加拿大，雖然我們預計 2017 年年底零售庫存將低於 2016 年，但實際情況甚至低於我們最初的預期，並且看起來會是永久性的。

So this will likely translate into some headwinds moving forward.

因此，這可能會轉化為前進的一些阻力。

Europe was consistent with expectations, benefiting from gains in the UK and strong growth in Southeast and Central Europe where we are now selling the Kraft brand.

歐洲的表現符合預期，受益於英國的增長以及東南歐和中歐的強勁增長，我們現在在這些地區銷售卡夫品牌。

And in rest of world the accelerated growth we expected in Asia from China and Indonesia was held back by more prolonged slowdown than expected in Brazilian canned vegetables.

在世界其他地區，我們預計中國和印度尼西亞在亞洲的加速增長因巴西罐頭蔬菜的增長放緩時間比預期更長而受到阻礙。

At EBITDA we delivered 3.2% growth and 105 basis points of margin increase in Q4.

第四季度 EBITDA 增長 3.2%，利潤率增長 105 個基點。

The upside was driven by a combination of gains from our cost-savings initiatives including $150 million from our North American integration program, lower overhead costs and favorable pricing.

這一增長是由我們的成本節約計劃帶來的收益綜合推動的，其中包括北美整合計劃帶來的 1.5 億美元收益、較低的管理成本和優惠的定價。

That said, two factors came into play during the quarter that were not part of our outlook on our last call and dampened year over year (technical difficulty).

也就是說，本季度有兩個因素發揮了作用，這些因素不屬於我們上次電話會議的展望，並且逐年下降（技術難度）。

First, while incremental integration program savings were $150 million in the quarter and $1.725 billion cumulatively through the end of 2017, this was partially offset by approximately $20 million of accelerated investments mainly in marketing and service capabilities, and roughly $30 million of higher-than-expected freight costs.

首先，雖然增量整合計劃在本季度節省了1.5 億美元，截至2017 年底累計節省了17.25 億美元，但這部分被主要在營銷和服務能力方面的約2000 萬美元的加速投資以及約3000 萬美元的高於預期的投資所部分抵消。預期運費。

Second were unanticipated cost increases that came into play during the quarter, especially commodity headwinds in North America, particularly dairy and nuts, resulting in the strongest key commodity headwinds we faced during the year, as well as higher one-time distribution costs in certain rest of world markets.

其次是本季度出現的意外成本增加，特別是北美的商品逆風，特別是乳製品和堅果，導致我們在這一年中面臨最強勁的關鍵商品逆風，以及某些休息地區的一次性分銷成本更高世界市場。

At adjusted EPS we were down $0.01 versus prior year in Q4, but up 6.6% for the full year.

按調整後每股收益計算，第四季度我們比去年同期下降了 0.01 美元，但全年增長了 6.6%。

In Q4 EBITDA growth was offset by a roughly 300 basis point increase in the adjusted effective tax rate versus Q4 last year when discrete favorability results in an effective rate well below our run rate, as well as other below the line items including incremental depreciation.

第四季度EBITDA 的增長被調整後有效稅率較去年第四季度增加約300 個基點所抵消，當時離散優惠導致有效稅率遠低於我們的運行率，以及包括增量折舊在內的其他線下項目。

As we said at the outset, while our 2017 financials did not reflect our potential, these are levels that we are confident we can build and grow in a sustainable way going forward.

正如我們一開始所說的，雖然我們 2017 年的財務狀況並未反映我們的潛力，但我們相信我們能夠以可持續的方式向前邁進並實現這些水平。

But I will turn back to Bernardo to begin our outlook.

但我將回到貝爾納多來開始我們的展望。

I will start by saying that 2.5 years since Kraft Heinz merger our journey remains very much on track and is set up for further organic gains going forward.

首先我要說的是，自卡夫亨氏合併 2.5 年後，我們的旅程仍然步入正軌，並為未來進一步的有機收益做好了準備。

I would characterize our outlook as cautiously optimistic while we aggressively invest to drive profitable sales and consumption growth in both the near- and long-term.

我認為我們的前景是謹慎樂觀的，同時我們積極投資以推動近期和長期的盈利銷售和消費增長。

We are cautious on the short-term top-line performance based on four factors.

基於四個因素，我們對短期營收表現持謹慎態度。

One, potential headwinds from high (inaudible) retail competition in developed markets where we need to strike a balance between market share and profitable volume.

第一，發達市場零售競爭激烈（聽不清）帶來的潛在阻力，我們需要在市場份額和盈利量之間取得平衡。

Two, some known first-half headwinds in the US from a combination of centers [exit] unprofitable broad channel volume, Ore-Ida supply shortfalls, as well as the impact of some pricing actions and trade spend timing that are likely to mean net sales will be below consumption.

第二，美國上半年一些已知的不利因素來自於中心[退出]無利可圖的廣泛渠道銷量、礦石-艾達供應短缺，以及一些可能意味著淨銷售的定價行為和貿易支出時機的影響將低於消費。

Three ,in Canada where carryover impacts from lower retail inventories, lower promotion activity in [selected lists] will hold back organic growth potential in Q1.

第三，在加拿大，零售庫存減少、[選定清單]中促銷活動減少的遺留影響將抑制第一季度的有機增長潛力。

And four is an SAP implementation we are undertaking in Brazil.

第四是我們正在巴西進行的 SAP 實施。

At the same time, we are optimistic about our ability to drive profitable organic sales growth because we are accelerating investments, putting intense focus on our biggest opportunities to drive consumption gains in both the near- and long-term.

與此同時，我們對推動盈利性有機銷售增長的能力感到樂觀，因為我們正在加速投資，重點關注推動近期和長期消費增長的最大機會。

These investments are focused on: building our go-to-market capabilities including in-store sales teams in the United States, e-commerce and digital investments in selected markets and leveraging distribution and white space gains in developing markets; launching a strong pipeline of Big Bets innovation and renovations in the months to come; leveraging our data-driven marketing capabilities backed by an increase in working media dollars; and delivering best-in-class service to our customers in North America and Europe.

這些投資的重點是：建立我們的市場進入能力，包括美國的店內銷售團隊、選定市場的電子商務和數字投資，以及利用發展中市場的分銷和空白空間收益；在未來幾個月內啟動一系列強大的大賭注創新和革新；利用我們以數據驅動的營銷能力，並以工作媒體資金的增加為後盾；並為北美和歐洲的客戶提供一流的服務。

While this will likely translate into near-term margin pressure in the United States and rest of the world segments, we have been testing, learning and ramping up these programs for some time now.

雖然這可能會轉化為美國和世界其他地區的近期利潤壓力，但我們一段時間以來一直在測試、學習和加強這些計劃。

So we are very confident in their scalability and that the returns and profitable growth are there.

因此，我們對它們的可擴展性以及回報和利潤增長非常有信心。

As we progress through 2018 we expect to see improving results.

隨著 2018 年的進展，我們預計會看到更好的結果。

But let me turn it over to David who will describe what to expect below the next sales line.

但讓我把它交給大衛，他將描述下一個銷售線以下的預期。

Thanks, Bernardo.

謝謝，貝爾納多。

From an overall perspective, despite the near-term top-line pressures and accelerated investments that Bernardo outlined, our full-year outlook is for constant currency EBITDA growth, strong adjusted EPS growth and a significant increase in free cash flow generation.

從整體角度來看，儘管貝爾納多概述了近期的營收壓力和加速投資，但我們的全年前景是匯率 EBITDA 保持不變、調整後每股收益強勁增長以及自由現金流生成顯著增加。

And I will explain the drivers of each.

我將解釋每個的驅動程序。

At EBITDA we expect to see a combination of strong net savings from both carryover integration synergies and new programs tempered by a combination of cost inflation including non-key commodities, freight and people costs.

在 EBITDA 方面，我們預計結轉整合協同效應和新計劃將帶來強勁的淨節省，而新計劃則受到包括非關鍵商品、貨運和人力成本在內的成本通脹的影響。

As well as $250 million to $300 million we are investing in white space expansion, Big Bet innovations, go-to-market and service capabilities.

除了 2.5 億至 3 億美元外，我們還投資於空白空間擴張、大賭注創新、上市和服務能力。

Additionally, EBITDA performance is likely to be skewed to the second half reflecting the upfront acceleration in our investments, cost inflation, particularly freight at the outset of the year, as well as the top-line weakness in the US that Bernardo outlined.

此外，EBITDA 表現可能會偏向下半年，反映出我們投資的前期加速、成本通脹，尤其是年初的貨運，以及伯納多概述的美國營收疲軟。

For earnings per share we expect growth to be driven by tax savings and our focus on profitable growth.

對於每股收益，我們預計增長將由節稅和我們對盈利增長的關注推動。

We expect to benefit from a reduction in our effective tax rate in both 2018 and going forward.

我們預計 2018 年及未來都將受益於有效稅率的降低。

We are now forecasting a run rate in the range of 20% to 24% versus the previous 30% run rate expected prior to the passage of the Tax Cuts and Jobs Act.

我們現在預測運行率在 20% 至 24% 範圍內，而之前《減稅和就業法案》通過之前預期的運行率是 30%。

For 2018 we currently expect to be at the high end of that range, or approximately 23%, down from the 28.6% adjusted effective tax rate in 2017.

我們目前預計 2018 年將處於該範圍的高端，即約 23%，低於 2017 年 28.6% 的調整後有效稅率。

Also note that this will be partially offset by roughly $100 million of incremental interest expense and approximately $70 million of incremental depreciation versus 2017.

另請注意，與 2017 年相比，這將被約 1 億美元的增量利息支出和約 7000 萬美元的增量折舊部分抵消。

Finally, cash generation where we expect a significant improvement in three areas.

最後，我們預計現金生成將在三個方面出現顯著改善。

One is lower post integration capital expenditures.

一是整合後資本支出降低。

Here we are forecasting approximately $850 million in 2018 versus $1.2 billion in 2017.

我們預測 2018 年約為 8.5 億美元，而 2017 年為 12 億美元。

As a percent off-net sales, 2018 CapEx will be at the top and to slightly higher than the 2.5% to 3% of net sales run rate we expect over time.

作為淨銷售額的百分比，2018 年資本支出將處於最高水平，並略高於我們預計隨著時間的推移淨銷售額運行率的 2.5% 至 3%。

Again, as we accelerate our investment activity.

再次，隨著我們加速投資活動。

The second area of improvement is the impact from the lower tax rate and the third is from opportunities we see to further reduce working capital.

第二個改進領域是較低稅率的影響，第三個是我們看到的進一步減少營運資本的機會。

All things considered, we remain confident that a strong earnings profile should continue to show through driven by a combination of profitable sales, EBITDA growth and tax savings.

考慮到所有因素，我們仍然相信，在盈利銷售、EBITDA 增長和節稅的共同推動下，強勁的盈利狀況將繼續顯現。

Even more important, we are confident that we can do this while we accelerate investments to adapt and modernize our capabilities and our brands for sustainable growth, as we outlined in the business framework presentation we posted yesterday, which I hope you will all have a chance to review.

更重要的是，我們有信心能夠做到這一點，同時加快投資以適應和現代化我們的能力和品牌，以實現可持續增長，正如我們在昨天發布的業務框架演示中概述的那樣，我希望你們都有機會回顧。

Thank you and now we'd be happy to take your questions.

謝謝您，現在我們很樂意回答您的問題。

(Operator Instructions).

（操作員說明）。

Andrew Lazar, Barclays.

安德魯·拉扎爾，巴克萊銀行。

Thanks, good morning, everybody.

謝謝大家早上好。

I have got just two relatively quick ones based on last night's presentation and then just one on today's results.

根據昨晚的演示，我只有兩個相對較快的結果，然後只有一個基於今天的結果。

I guess first off, just to sort of get this one out of the way, I guess can you explain the timing of last night's presentation?

我想首先，為了解決這個問題，我想你能解釋一下昨晚演講的時間嗎？

In other words, why was now the right time to drop that slide cast and particularly right ahead of next week's CAGNY Conference?

換句話說，為什麼現在是放棄幻燈片的最佳時機，尤其是在下週的 CAGNY 會議之前？

Hi, Andrew, good morning; it's Bernardo.

嗨，安德魯，早上好；是貝爾納多。

Thanks for the question.

謝謝你的提問。

Let me start by saying that I think at the end of 2017 we closed a chapter with the Kraft Heinz integration and after 2.5 years I think we are pleased to say that to deliver in all our promises that were made at the time of the merger that you all follow closely, right?

首先我要說的是，我認為我們在 2017 年底結束了卡夫亨氏整合的篇章，2.5 年後，我認為我們很高興地說，為了兌現我們在合併時做出的所有承諾，大家都密切關注吧？

That being said, now we are focusing on building the business of the future.

話雖這麼說，現在我們正專注於建設未來的業務。

In order to do that we are deciding, and you are seeing that in Q4 and you continue to see in 2018 and beyond, to accelerate commercial investments, right, (inaudible) talking between $250 million and $300 million behind the pillars that we believe can generate profitable growth.

為了做到這一點，我們正在決定，你們會在第四季度看到這一點，並且在2018 年及以後也會繼續看到，加速商業投資，對吧，（聽不清）在我們認為可以實現的支柱背後投入2.5 億到3 億美元。產生盈利增長。

We thought it was really important to highlight to the investment community what are the pillars behind those investments and what are the things we are doing in more details than the normal earnings call.

我們認為，向投資界強調這些投資背後的支柱是什麼，以及我們正在做的事情比正常的財報電話會議更詳細，這一點非常重要。

We don't have the time to do that.

我們沒有時間這樣做。

So we all can understand our plans moving forward.

所以我們都可以理解我們前進的計劃。

Given the level of investment we are making, and after two years I can say we are very confident in our knowledge and the scalability of the platforms we are doing from revenue management, assortment management, the in-store execution, digital investments, marketing working dollars.

考慮到我們正在進行的投資水平，兩年後我可以說我們對我們在收入管理、分類管理、店內執行、數字投資、營銷工作方面所做的平台的知識和可擴展性非常有信心美元。

All those initiatives have been proving to us in the right categories very certain.

所有這些舉措都在正確的類別中向我們證明是非常確定的。

Now we are deciding to scale up our investments in a big way.

現在我們決定大幅擴大投資。

In order to do that it was important to highlight those principles.

為了做到這一點，強調這些原則非常重要。

That's why the timing.

這就是時機的原因。

A good example of what I'm saying is actually the Heinz brand example that has grown 15% since 2015 in this country, in the United States.

我所說的一個很好的例子實際上是亨氏品牌的例子，自 2015 年以來，該品牌在美國增長了 15%。

And a lot what's behind it is exactly the pillars that you highlight during the framework.

它背後的很多內容正是您在框架中強調的支柱。

So, I highly encourage each one of you to look at that and see because that's exactly what our money and the commitment we are making to building the business of the future is behind.

因此，我強烈鼓勵你們每個人都看看這一點，因為這正是我們的資金和我們為建設未來業務所做的承諾的背後。

Okay, great, thank you for that.

好的，太好了，謝謝你。

And then, Bernardo, has the Company's framework and thoughts on M&A changed at all based on coming into this new zone of post Kraft integration and given some of the thoughts in the deck last night?

然後，貝爾納多，在進入卡夫後整合的新領域並給出昨晚甲板上的一些想法的基礎上，公司的框架和併購想法是否發生了根本變化？

Andrew, as an M&A framework our thinking has not changed.

安德魯，作為併購框架，我們的想法沒有改變。

We continue to like strong brands, business that can travel internationally that really have more scale to be captured.

我們仍然喜歡強大的品牌、能夠進行國際化、真正具有更大規模的企業。

And we want to have business where 2+2 is more than 4 that we can capture synergies to reinvest behind the brands, the people and the products.

我們希望開展 2+2 大於 4 的業務，以便我們能夠捕捉協同效應，對品牌、人員和產品進行再投資。

That being said, I think also it's fair to say that valuations today are more attractive than they were even two months ago.

話雖如此，我認為可以公平地說，今天的估值比兩個月前更具吸引力。

And the chapter of Kraft Heinz integration is behind us.

卡夫亨氏整合的章節已經過去。

Thanks for that.

感謝那。

And then just quickly lastly would be regarding the results in the quarter, I guess -- I was under the impression that the pricing net of cost dynamic would be increasingly favorable as we went through the back half of the year and into the fourth quarter.

最後，我猜想，最後就是關於本季度的業績——我的印像是，隨著我們從今年下半年進入第四季度，扣除成本動態的定價將變得越來越有利。

And I think from some of the comments it seems like from some additional unexpected inflation and such that that didn't happen.

我認為從一些評論來看，這似乎是由於一些額外的意外通貨膨脹造成的，而這種情況並沒有發生。

And I guess that led to your comment, Bernardo, about needing to be faster on pricing in order to deal with cost.

貝爾納多，我想這導致了你的評論，即需要更快地定價以應對成本。

And I guess I just wanted to get a better understanding of what that meant, because I think for many years Kraft has always kind of struggled a little bit with some of these large pass-through categories and kind of managing the lag that happens on the way up and the way down.

我想我只是想更好地理解這意味著什麼，因為我認為多年來卡夫一直在處理這些大型傳遞類別中的一些問題以及管理上發生的滯後。向上和向下的方式。

And it seems like that kind of caught you a bit again.

看起來這又讓你有點著迷了。

So, I guess what can be done, if anything, differently there around that -- managing that price and cost dynamic in some of those big pass-through categories?

所以，我想，如果有的話，可以採取哪些不同的做法——管理一些大的直通類別的價格和成本動態？

Thanks so much.

非常感謝。

Hi, Andrew this is Paolo.

嗨，安德魯，我是保羅。

I am going to take this one, now the impact here is coming from US.

我要接受這個，現在這裡的影響來自美國。

So when you take Q4 pricing specifically the pricing came in line with our expectations, okay?

因此，當您具體考慮第四季度的定價時，定價符合我們的預期，好嗎？

But this was partially offset by mainly two things.

但這主要被兩件事所部分抵消。

The first is trade we had higher than planned trade expense as we invested to cut back the cold cut distribution that we are having and selectively address some retail competition in cheese, okay?

首先是貿易，我們的貿易支出高於計劃，因為我們投資削減了我們現有的冷切分銷，並有選擇地解決奶酪的一些零售競爭，好嗎？

So we spent more trade than expected regionally.

因此，我們的貿易支出超出了地區預期。

And also, in the commodity side we saw that the commodity volatility, mainly in dairy and nuts, caused a higher commodity costs that we weren't able to price in the quarter.

此外，在大宗商品方面，我們看到大宗商品的波動（主要是乳製品和堅果）導致大宗商品成本上升，而我們無法在本季度定價。

So, those are the main impacts that we see in commodity versus our expectations we had before for Q4.

因此，這些是我們在大宗商品中看到的主要影響與我們之前對第四季度的預期相比。

I think, again, going forward we see our big four commodities so far look stable versus prior year.

我再次認為，展望未來，我們的四大商品到目前為止看起來與去年相比保持穩定。

Thank you.

謝謝。

Bryan Spillane, Bank of America Merrill Lynch.

布萊恩·斯皮蘭 (Bryan Spillane)，美國銀行美林公司。

Hi, good morning, everyone.

嗨，大家早上好。

Just [two] (multiple speakers) questions I guess related to the outlook.

我想只有[兩個]（多個發言者）問題與前景有關。

The first one is if you piece together some of the commentary about the first quarter, it sounds like sales are going to be soft and also profit.

第一個是，如果你把有關第一季度的一些評論拼湊起來，聽起來銷售和利潤都會疲軟。

So maybe, David, if you could give us a little bit more color on kind of the profile of the quarter, especially in the US, just magnitude in terms of what those pressures will be?

大衛，您能否給我們更多關於本季度的概況（尤其是在美國）的信息，以及這些壓力的大小？

Hi, Bryan, this is David.

嗨，布萊恩，我是大衛。

So let me hand it to Paulo to talk a little bit about our US outlook and then I will come back and step back and talk more about Kraft Heinz into 2018.

因此，讓我把它交給保羅，談談我們對美國的展望，然後我會回過頭來更多地談論卡夫亨氏進入 2018 年的情況。

Okay, hey Bryan, Paulo.

好吧，嘿布萊恩，保羅。

So that's right.

所以說是這樣的。

So we are seeing in the short-term [specifically in Q1] some headwinds that will cause near-term sales to be below run rate consumption.

因此，我們在短期內（特別是在第一季度）看到一些不利因素，這將導致近期銷售低於運行率消耗。

The main drags are pretty much driven by, one, Planters and in club in Ore-Ida and this will be a headwind of between 1.5% to 2% in our sales in US.

主要阻力主要是由奧雷伊達州的種植園主和俱樂部推動的，這將對我們在美國的銷售額造成 1.5% 至 2% 的阻力。

In addition to that, we expect to see a trade phasing including time of spend that will be about 1.2% headwind.

除此之外，我們預計貿易分階段（包括花費時間）將出現約 1.2% 的逆風。

This specific trade phasing, we expect to have the equivalent benefit late in the year.

我們預計，這種特定的貿易分階段將在今年晚些時候帶來同等的效益。

From a run rate perspective we are seeing improvement in our consumption trends for the measured channels during 2017.

從運行率的角度來看，我們發現 2017 年所測渠道的消費趨勢有所改善。

So just to give an idea, if you take out Planters and club in Q4 our consumption in the measured channels was minus 1 versus minus 1.9 for the full 2017.

因此，僅供參考，如果您在第四季度除去 Planters 和 Club，我們在測量渠道中的消耗量為 -1，而 2017 年全年為 -1.9。

So a substantial improvement during the year.

所以這一年裡有了很大的進步。

We also continue to see low to mid-single-digit growth outside measured channels, e-commerce and foodservice, that represents overall just over 20% of our sales.

我們還繼續看到在可測渠道、電子商務和餐飲服務之外的低至中個位數增長，這些增長僅占我們總體銷售額的 20% 以上。

So we are confident that we can deliver substantial sequential improvement in 2018 as the impact from Planters and club and Ore-Ida fades and the commercial investments that we are making, go-to-market, Big Bets (inaudible) and marketing, starts to gain traction.

因此，隨著種植園主、俱樂部和 Ore-Ida 的影響逐漸消退，以及我們正在進行的商業投資、進入市場、大賭注（聽不清）和營銷開始獲得牽引力。

Thanks, Paulo.

謝謝，保羅。

This is David.

這是大衛。

So, I just want to step back here again and look at the total Company into 2018 to provide a little more color on our outlook.

因此，我想再次回顧一下 2018 年公司的整體情況，為我們的前景提供更多的色彩。

So, first off I'd say in contrast to a 2017 profile that was fairly evenly split 50/50 on sales and EBITDA first half, second half, I think 2018 is likely to be a bit less first-half and a bit more second half.

因此，首先我要說的是，與 2017 年上半年銷售額和 EBITDA 各佔 50/50 的情況相比，我認為 2018 年上半年可能會少一些，下半年會多一些。一半。

So what I'd say is I think we are cautious in the short-term given a few different considerations.

所以我想說的是，考慮到一些不同的考慮因素，我認為我們在短期內持謹慎態度。

One is what Paulo outlined in the US and what we anticipate seeing through the year.

其中之一是保羅在美國概述的情況以及我們預計今年會看到的情況。

And on top of that we will be accelerating investments in capability building, particularly in the US, as well as other factors internationally like the SAP implementation in Brazil we talked about.

除此之外，我們將加快對能力建設的投資，特別是在美國，以及國際上的其他因素，例如我們談到的 SAP 在巴西的實施。

At the same time we are very confident in our ability to grow EBITDA for the full year and this is going to be driven by a combination of carryover integration savings, new savings initiatives that we mentioned that we have planned for the year, as well as commercial gains into the back half of 2018.

與此同時，我們對全年 EBITDA 增長的能力非常有信心，這將由結轉整合節省、我們提到的今年計劃的新節省計劃以及2018年下半年的商業收益。

And this will be despite the $250 million to $300 million in commercial investments we are making up front in the business as well as some of the non-key commodity inflation we talked about.

儘管我們在業務中預先進行了 2.5 億至 3 億美元的商業投資以及我們談到的一些非關鍵商品通脹，但這仍然會發生。

So with that, we believe that with the capabilities we are building in category management, things like marketing, brand building and go-to-market, we will be in a much better position to deliver sequentially better growth both into the second half of 2018 as well as into 2019.

因此，我們相信，憑藉我們在品類管理、營銷、品牌建設和進入市場等方面建立的能力，我們將處於更有利的地位，能夠在 2018 年下半年實現連續更好的增長以及進入2019年。

Thank you.

謝謝。

That's helpful.

這很有幫助。

And I just had one follow-up.

我剛剛進行了一次後續行動。

Between last night's presentation and this morning it sounds like the world has changed a bit since 2012.

從昨晚的演講到今天早上，自 2012 年以來，世界似乎發生了一些變化。

There is some need to reinvest.

有一些再投資的需要。

Has this at all changed what you have thought about what the ongoing sort of EBITDA growth profile would have been for this business versus maybe what it was when Heinz and Kraft came together?

這是否完全改變了您對於該業務當前 EBITDA 增長狀況的看法，以及亨氏和卡夫合併時的情況？

Or is this just more of a temporary step back and you still have the same growth expectations going forward long-term?

或者這只是暫時的退一步，而您對未來的長期增長仍抱有相同的預期？

Hi, Bryan; It's Bernardo.

嗨，布萊恩；這是貝爾納多。

I don't think it's really changed our way of thinking.

我認為這並沒有真正改變我們的思維方式。

And as I said in the beginning of the presentation, I think if you take the journey of Heinz since 2013 up to today, it's pretty much on track for the things we wanted to deliver and the progress we have made in the past that we have been delivering.

正如我在演講開始時所說的，我認為如果你回顧一下亨氏自 2013 年至今的歷程，你會發現我們想要交付的東西以及我們過去取得的進展幾乎都走上了正軌。一直在交付。

We have always thought that it would be a learning curve and more investments to come moving forward to push the business to profitable growth in many categories.

我們一直認為，這將是一個學習曲線和更多的投資，以推動業務在許多類別上實現盈利增長。

And it's exactly what we have been accelerating since Q4 with the event of tax reform and having better free cash flow profile.

這正是我們自第四季度以來隨著稅收改革和更好的自由現金流狀況而加速的事情。

And so, we did -- took a decision to accelerate many of the categories and think that we have in mind that were in our timeline to EBITDA.

因此，我們決定加速許多類別的發展，並認為我們已將其納入 EBITDA 時間表中。

So I don't think there is a change in that sense.

所以我認為從這個意義上來說沒有變化。

It is true what I said, that the integration phase is behind us.

我確實說過，整合階段已經過去了。

And given the knowledge we have today and the instruments and capabilities we have developed in the last two years as Heinz brand, as an example, as renovation of our portfolio and innovation is another example as (inaudible) that we are able to implement in a very difficult retail environment in all commodity products is an example.

考慮到我們今天所擁有的知識以及我們在過去兩年中以亨氏品牌開發的工具和能力，作為一個例子，我們的產品組合和創新的革新是另一個例子（聽不清），我們能夠在所有商品的零售環境都非常困難就是一個例子。

All this we are taking that and scaling up in a big way.

我們正在採取所有這些措施並大幅擴大規模。

We started this in Q4, you're already seeing our P&L part of these investments, you are going to see more.

我們在第四季度開始這樣做，您已經看到了這些投資的損益部分，您將會看到更多。

I don't think there is a change.

我認為沒有變化。

I think this really is the next phase, like I said, building the business of the future.

我認為這確實是下一階段，就像我說的，構建未來的業務。

Okay, thank you.

好的謝謝。

Bryan, this is David.

布萊恩，這是大衛。

Just to close here -- so I think as we look at 2018, we could have foregone the $250 million to $300 million of investment and grown at a faster clip this year.

最後，我認為，當我們展望 2018 年時，我們本可以放棄 2.5 億至 3 億美元的投資，並在今年以更快的速度增長。

But as Bernardo said, we decisively chose to make these investments.

但正如貝爾納多所說，我們果斷選擇進行這些投資。

We think it's the best for the long-term trajectory of the business.

我們認為這對於業務的長期發展軌跡是最好的。

And again, we want to be a Company with significant competitive advantage going forward, not just a good Company today.

再次強調，我們希望成為一家未來具有顯著競爭優勢的公司，而不僅僅是今天的一家優秀公司。

Thank you.

謝謝。

Jason English, Goldman Sachs.

賈森·英格利希，高盛。

Hey, good morning, folks.

嘿，早上好，伙計們。

Thanks for allowing me to ask a question.

感謝您允許我提問。

I guess I have two.

我想我有兩個。

First, to understand the savings versus investment balance, I think early on with your commitment to the savings, you always gave that sort of net of investment in the business.

首先，為了了解儲蓄與投資的平衡，我認為在您對儲蓄的承諾的早期，您總是在業務中投入這種淨投資。

You clearly talked about ramping investment in the fourth quarter, yet you are still talking about the $1.7 billion savings.

您明確談到第四季度加大投資，但仍在談論 17 億美元的節省。

Should I look at that $1.7 billion as still sort of net of the incremental $250 million you put in, suggesting that gross savings may have actually been higher or not?

我是否應該將這 17 億美元視為您投入的增量 2.5 億美元的淨值，表明總儲蓄實際上可能更高或更高？

And then second part of that question, I'm hearing a lot about investment next year, not a lot about productivity.

然後是這個問題的第二部分，我聽到很多關於明年投資的消息，而不是很多關於生產力的消息。

Do you think that we are at a point where the investment may actually outweigh ongoing productivity?

您認為我們現在的投資實際上可能超過持續生產力嗎？

Or is there still surplus savings that allow you to fund some of this and drive underlying margin growth?

或者是否仍有盈餘儲蓄可以讓您提供部分資金並推動潛在的利潤增長？

Hi, Jason, this is David; thanks for the question.

嗨，傑森，我是大衛；謝謝你的提問。

So, the first question I believe was more kind of 2017 looking.

所以，我認為第一個問題更像是 2017 年的問題。

So again, what I'd say is we closed the integration program and we are really happy with the performance there delivering just over $1.7 billion of net incremental savings to the business.

再說一遍，我想說的是，我們結束了整合計劃，我們對整合計劃的表現非常滿意，為企業帶來了超過 17 億美元的淨增量節省。

And yes, that is correct, that is net of investments -- $200 million of commercial investments behind us that we've made in the business, as well as net of some non-key commodity inflation that was primarily logistics-related that accelerated in the fourth quarter of 2017.

是的，這是正確的，這是扣除投資後的淨投資——我們在業務中進行的 2 億美元商業投資，以及主要與物流相關的一些非關鍵商品通脹的淨值。 2017年第四季度。

So, overall we are really happy with where we closed the integration plan.

因此，總的來說，我們對完成整合計劃感到非常滿意。

As we look to 2018, what I'd say is, again, we are kind of short-term cautious and overall confident with the profile of the business and our EBITDA trajectory for the year.

展望 2018 年，我想說的是，我們對今年的業務狀況和 EBITDA 軌跡持短期謹慎態度，總體充滿信心。

And this is really going to be driven by carryover savings from that integration program, which is really just annualizing some of the benefits that we ramped up in 2017, as well as the new initiatives we talked about.

這實際上是由該整合計劃的結轉節省推動的，該計劃實際上只是將我們在 2017 年增加的一些收益以及我們談到的新舉措按年計算。

So, these are in fact new what you may call productivity initiatives, but effectively new savings initiatives that we are planning to implement this year.

因此，這些實際上是新的生產力計劃，但實際上是我們計劃今年實施的新儲蓄計劃。

And these two benefits will really fund the investments for the year and combine with some of the commercial ramp up that we expect when we talked about we anticipate delivering organic EBITDA growth for Kraft Heinz in 2018.

這兩項收益將真正為今年的投資提供資金，並與我們在談到預計 2018 年為卡夫亨氏實現有機 EBITDA 增長時所預期的一些商業增長相結合。

And just to close, I think on top of this, with the tax savings we've talked about that we've used to partially invest in the business, we will be able to drive strong EPS growth.

最後，我認為除此之外，通過我們所討論的部分投資於該業務的稅收節省，我們將能夠推動每股收益的強勁增長。

And then finally, with all these factors considered and with the lower CapEx and working capital we anticipate, we expect to have very strong free cash flow in the business in 2018 as well.

最後，考慮到所有這些因素以及我們預計的資本支出和營運資本較低，我們預計 2018 年該業務也將擁有非常強勁的自由現金流。

That's really helpful.

這真的很有幫助。

Thank you.

謝謝。

And in terms of where the investment is going, I read through -- I went through the presentation last night and I walked away with an impression that there's going to be a lot of investment internationally -- grasping to quotes like transform Heinz into a more global Company, 10% of countries with two or more global brands going to 80% in three to four five years.

就投資的去向而言，我通讀了——我昨晚看完了演示文稿，離開時留下了這樣的印象：國際上將會有大量投資——抓住諸如將亨氏轉變為更多的引述。擁有兩個或更多全球品牌的國家的10% 將在三到四年內達到80%。

But I'm hearing today a lot of investment in the US.

但我今天聽說美國有大量投資。

So did I maybe walk away with the wrong interpretation last evening about sort of globalization initiatives?

那麼昨晚我是否可能對某種全球化舉措做出了錯誤的解釋？

Or is that still the plan and the US is really just the investment necessary to kind of keep the momentum, get the business back on track here?

或者這仍然是計劃，而美國實際上只是保持勢頭、讓業務重回正軌所需的投資？

Hi, Jason.

嗨，傑森。

It's Bernardo again.

又是貝爾納多。

What I can tell you, that's very balanced.

我可以告訴你的是，這是非常平衡的。

I don't think I understand your question, but I would say they are different.

我想我不明白你的問題，但我想說它們是不同的。

There is a lot of investment in the United States and also international.

美國和國際上都有大量投資。

If you think about the pillars we are highlighting in the framework and the investments David was just describing a couple of minutes ago, there is a lot of in-store execution, a lot of digital initiatives, a lot of working dollars behind brands and campaigns that we want to really take to the next level.

如果您考慮一下我們在框架中強調的支柱以及大衛幾分鐘前剛剛描述的投資，就會發現有大量的店內執行、大量的數字計劃、品牌和活動背後的大量工作資金我們想要真正提升到一個新的水平。

I think the Kraft Super Bowl (inaudible) greatly campaign is another good example of the start of the journey that is happening at Heinz with the (inaudible) campaign three years ago, right, in the Super Bowl.

我認為卡夫超級碗（聽不清）偉大的活動是亨氏與三年前（右）超級碗中的（聽不清）活動開始的旅程的另一個很好的例子。

All this is very -- (inaudible) there are also significant investment internationally to take our brands to more global places that would be more of the Kraft and more in the Planters.

所有這一切都非常 - （聽不清）國際上也有大量投資，將我們的品牌帶到更多的全球各地，其中更多的是卡夫食品和種植園。

And also in white space under Heinz.

還有亨氏領導下的空白區域。

So, both are happening as we speak.

所以，就在我們說話的時候，這兩件事都在發生。

I wouldn't consider the investment focused more in the international market.

我不認為投資更多地集中在國際市場。

That's not the case.

事實並非如此。

Actually if you think about what's happening now, as many of our peers are retreating from touching the stores and investing in retailers, we are actually deciding to accelerate that, hiring more in-store execution, putting more money behind our strength of our brands.

事實上，如果你想想現在發生的事情，由於我們的許多同行正在放棄接觸商店和投資零售商，我們實際上決定加速這一進程，僱用更多的店內執行人員，為我們的品牌實力投入更多的資金。

And that has a big component in the United States, a big component in Canada and a big component internationally.

這在美國有很大一部分，在加拿大有很大一部分，在國際上也有很大一部分。

Thank you.

謝謝。

I appreciate it.

我很感激。

Ken Zaslow, Bank of Montreal.

肯·扎斯洛，蒙特利爾銀行。

Hey, good morning, everyone.

嘿，大家早上好。

I'm going to ask a different strategic question.

我要問一個不同的戰略問題。

I go through the presentation and you stated the increase -- the need for the pressure for consolidation.

我瀏覽了演示文稿，您提到了增加——整合壓力的必要性。

But as you go through it more and more you talk about innovation needs to be less than $100 million of sales.

但隨著你越來越多地了解它，你會談到創新需要低於 1 億美元的銷售額。

There's more focus on brand being personalized nimbleness.

人們更加註重品牌的個性化靈活性。

So, kind of with that as a backdrop, do you think it's possible that the best strategy might be to actually refine and slim down the portfolio to have greater focus on some key brands rather than just consolidation?

那麼，以此為背景，您是否認為最好的策略可能是實際完善和精簡產品組合，以更多地關註一些關鍵品牌，而不僅僅是整合？

I know it's a flip of what you've said, but just if you could comment on that it would be helpful.

我知道這與你所說的不同，但如果你能對此發表評論，那將會很有幫助。

Hi, Ken, it's Bernardo again.

嗨，肯，我又是貝爾納多。

Just to start, the number we have for innovation and renovation worldwide is much higher than the number you mentioned.

首先，我們在全球範圍內進行創新和改造的數量遠高於你提到的數量。

So I'm not going to -- I'm going to get specific, but we were more than double our percentage of innovation of the last three years and we continue to accelerate in a big way looking 2018.

所以我不會——我會具體說明，但過去三年我們的創新百分比增加了一倍多，而且展望 2018 年，我們將繼續大幅加速。

Actually one thing that gives us confidence that we can maneuver this short-term headwinds we have in looking at a much more shorter profile second half and beyond is exactly the innovation that is coming to market in the United States, Canada, Europe and worldwide.

事實上，讓我們有信心能夠應對下半年及以後更短的前景的短期阻力的一件事正是即將在美國、加拿大、歐洲和全球市場上市的創新。

So, I would say that the number is higher than you mentioned.

所以，我想說這個數字比你提到的要高。

On the second part --.

關於第二部分——

(Multiple speakers).

（多個發言者）。

Sorry, [just a second].

抱歉，[請稍等]。

In your commentaries you said size matters relatively less than it used to versus scale and speed.

在您的評論中，您說與規模和速度相比，規模的重要性相對較小。

New product success is less likely to be defined as much by reaching the $100 million mark.

新產品的成功不太可能通過達到 1 億美元大關來定義。

So how -- I'm sorry if I misunderstood --

那麼如何——如果我誤解了，我很抱歉——

Sorry.

對不起。

-- (multiple speakers) more that nimbleness and smallness and being more personalized rather than having a conglomerate of brands that might distract you.

——（多個發言者）更多的是靈活、小巧和更加個性化，而不是擁有可能分散您注意力的品牌集團。

I don't know if there is an opportunity to slim down the portfolio.

不知道有沒有機會瘦身投資組合。

I'm sorry.

對不起。

No, no, sorry for that.

不，不，對此感到抱歉。

I misunderstood you, so it was my fault.

我誤解了你，所以這是我的錯。

What I was trying to say and I think is applicable here, that a lot of ideas doesn't need to be extremely high.

我想說的並且我認為在這裡也適用，即很多想法並不需要非常高。

I am going to give you an example.

我給你舉個例子。

Heinz barbecue is an idea that rose to the range of $100 million.

亨氏燒烤這個創意的價值高達 1 億美元。

But within the brand and the portfolio is whitespace, what you can deliver through that is very [big].

但在品牌和產品組合中是空白的，你可以通過它提供非常[大]的東西。

So it's not only that the smaller brands are not; we can scale up ideas in a big way -- Planters in snacking, Kraft penetrating desserts with Philadelphia Cheesecake are all ideas that scale up to those range, but scale up brands to the next level.

因此，不僅小品牌不這樣做，而且小品牌也沒有這樣做。我們可以大幅擴展創意——零食中的種植園、卡夫滲透甜點和費城芝士蛋糕都是擴展至這些範圍的創意，但將品牌擴展至一個新的水平。

So that's what we are trying to say.

這就是我們想說的。

When you think about scale and portfolio, that's the second part of your question, we're happy with the portfolio we have.

當您考慮規模和投資組合時，這是您問題的第二部分，我們對我們擁有的投資組合感到滿意。

I think you are right what you said, that the food industry is one that has not consolidated as much as other industries have.

我認為你所說的是對的，食品行業沒有像其他行業那樣整合。

There are reasons why that.

這是有原因的。

What I can say, that within the portfolio we have today is there will be more forces of consolidation in the industry.

我可以說，在我們今天擁有的投資組合中，行業內將會有更多的整合力量。

If that will happen we would like to be one of them.

如果這種情況發生，我們希望成為其中之一。

Great, I appreciate it.

太好了，我很欣賞。

Thank you.

謝謝。

Rob Dickerson, Deutsche Bank.

羅布·迪克森，德意志銀行。

Thank you very much.

非常感謝。

So Bernardo I just had a question really around M&A.

貝爾納多，我只是有一個關於併購的問題。

I know -- I realize it's the same strategy, transferable brands, strong brands for the future.

我知道——我意識到這是同樣的策略，可轉讓的品牌，面向未來的強大品牌。

But just in terms of your stock price, your valuation, I would argue that it still sometimes gets a bit of a premium given that expectation of industry consolidation plays out and you are in this great spot to leverage that.

但就你的股價和估值而言，我認為，考慮到行業整合的預期正在發揮，而且你正處於利用這一點的絕佳位置，它有時仍然會有點溢價。

Then you said earlier -- you said valuations were more attractive than two months ago, integration is over.

然後你之前說過——你說估值比兩個月前更具吸引力，整合已經結束。

In the presentation last night there was commentary that you are in a good spot to leverage potential consolidation.

在昨晚的演示中，有評論稱您處於利用潛在整合的好位置。

So, I'm just curious any color you can give as to kind of why we haven't seen anything since really the Unilever bid a year ago.

所以，我只是好奇你能給出什麼顏色來解釋為什麼自從一年前聯合利華競標以來我們還沒有看到任何東西。

And then is the non-hostile stance -- is that reducing the size of the target list or is the lower valuation factoring in?

然後是非敵對立場——是縮小目標名單的規模還是考慮較低的估值？

I'm just -- honestly just trying to get a feel as to where you stand now versus a year ago given your valuation is partially priced off of that expectation.

老實說，我只是想了解一下現在與一年前相比的情況，因為你的估值部分超出了這一預期。

Thank you.

謝謝。

Hi, Rob, it's Bernardo.

嗨，羅布，我是貝爾納多。

Thanks for the question.

謝謝你的提問。

Look, I don't want to get into the valuations and stock price movement and so on.

聽著，我不想討論估值和股價走勢等問題。

What I can say is that we always have been -- and our history has shown over 30 years in many other business and the story of the shareholders -- that we always take those things very seriously.

我能說的是，我們始終非常認真地對待這些事情，我們 30 多年的歷史在許多其他業務和股東的故事中已經表明了這一點。

We always take the shareholder value proposition for the long-term extremely carefully.

我們始終非常謹慎地對待股東的長期價值主張。

And when we decide to take action we normally very decisively, right.

當我們決定採取行動時，我們通常會非常果斷，對吧。

Also, as I highlighted in the beginning, our framework thinking on M&A has not changed.

此外，正如我在一開始強調的那樣，我們對併購的框架思維沒有改變。

We continue to like strong brands, business that can travel and opportunities within combining companies.

我們仍然喜歡強大的品牌、可以旅行的業務以及合併公司內的機會。

And so, where 2+2 can be more than 4 so we can generate resources to reinvest behind the products, the people, the brands.

因此，2+2 可以大於 4，這樣我們就可以產生資源來再投資於產品、人員和品牌。

But that has not changed.

但這並沒有改變。

It is true that the chapter of our integration as Kraft Heinz is behind us, like I highlighted.

確實，正如我強調的那樣，我們作為卡夫亨氏的整合篇章已經過去了。

And also it's true that valuations are more attractive today from a value long-term proposition than they were before, if you look at two months, if you look at a year or the time horizon you decided to.

而且，如果你看看兩個月、一年或你決定的時間範圍，從長期價值主張來看，今天的估值確實比以前更具吸引力。

That being said, we believe the things we are doing here.

話雖如此，我們相信我們在這裡所做的事情。

That's why we are highlighting here the framework of building the things we are doing, the acceleration of the investment we are presenting and the things we are doing as an organic Company.

這就是為什麼我們在這裡強調構建我們正在做的事情的框架、我們正在呈現的投資的加速以及我們作為一家有機公司正在做的事情。

So we are not just focusing or taking us from everything we need to do on a day-to-day basis.

因此，我們不僅僅是集中精力或從日常需要做的一切事情中解脫出來。

I think that framework as M&A.

我認為這個框架就是併購。

And as you said, continue to be in place and that if there will be more consolidation in the industry, if that is the case we want to be a force of that.

正如您所說，繼續保持原狀，如果行業內出現更多整合，如果是這樣的話，我們希望成為其中的一股力量。

Okay great.

好的，太好了。

Thanks for the answer and I will pass it on.

感謝您的回答，我會將其轉達。

Alexia Howard, Bernstein.

亞歷克西婭·霍華德，伯恩斯坦。

Good morning, everyone.

大家，早安。

Thank you for the question.

感謝你的提問。

Can I ask, you opened your commentary this morning with some comments about customer contracts.

請問，您今天早上的評論一開始就提到了一些有關客戶合同的評論。

Could you talk a little bit about exactly what you meant by that, what was not being delivered that you expected?

您能具體談談您的意思嗎？哪些內容沒有按您的預期交付？

That would be very helpful.

這將非常有幫助。

And then my follow-up would be around pricing dynamics.

然後我的後續行動將圍繞定價動態。

We are noticing in the measured channels gamma data that your pricing is up a little bit over 2%, I think, in the last quarter or so.

我們在測量的渠道伽瑪數據中註意到，我認為在上個季度左右，你們的定價上漲了 2% 以上。

But your pricing that you reported in the results this morning was only up I think 1%.

但你今天早上在結果中報告的定價我認為只上漲了 1%。

Is there a reason for that gap at the moment?

目前造成這種差距有原因嗎？

Is it a non-measured channel issue or is there something going on where the retailers are maybe taking a little bit more pricing on your products than you are actually realizing?

這是一個不可衡量的渠道問題，還是零售商對您的產品採取的定價可能比您實際意識到的要高一些？

Thank you.

謝謝。

Hi, Alexia.

嗨，亞歷克西婭。

This is David here.

這是大衛。

So, I will answer your first question here and then I will pass it to Paulo to talk a little bit about the pricing dynamics.

因此，我將在這裡回答您的第一個問題，然後我會將其傳遞給保羅，談談定價動態。

So very quickly on the go-to-market agreement, we've talked extensively about it.

因此，我們很快就進入市場協議進行了廣泛的討論。

It's really related to our Canadian business where, as we talked about in Q1 in 2017, we were late to the game in really locking those agreements down.

這確實與我們的加拿大業務有關，正如我們在 2017 年第一季度談到的那樣，我們在真正鎖定這些協議方面姍姍來遲。

So I think that was a lesson for us that we've learned from.

所以我認為這對我們來說是一個教訓。

And what I'd say is going into 2018 I think the outlook is much stronger.

我想說的是，進入 2018 年，我認為前景會更加強勁。

We are securing major client agreements early.

我們正在儘早簽訂主要客戶協議。

We are focused on the major value drivers for the business including a solid innovation pipeline and capturing whitespace opportunities in foodservice.

我們專注於業務的主要價值驅動因素，包括堅實的創新渠道和抓住餐飲服務領域的空白機會。

So I feel that we are in a much better position to perform in 2018 on the business in Canada.

因此，我認為 2018 年我們在加拿大的業務表現處於更好的位置。

So with that I will pass it over to Paulo to talk through the pricing dynamics you asked about.

因此，我會將其轉交給保羅，討論您所詢問的定價動態。

Thanks.

謝謝。

Hi, Alexia.

嗨，亞歷克西婭。

I think I understood the question.

我想我明白了這個問題。

So again, when you think about price changes and it's always difficult and always complex to execute in the current industry environment.

再說一次，當你考慮價格變化時，在當前的行業環境中執行起來總是困難且複雜的。

And today they are even harder.

今天，他們變得更加困難。

We always look to strike a balance between market share and profitable volume and we choose when, where and how to compete.

我們始終尋求在市場份額和盈利量之間取得平衡，並選擇何時、何地以及如何競爭。

More specifically we continue to focus on differentiating our products and brands and we will aggressively defend where we see the need.

更具體地說，我們繼續專注於我們的產品和品牌的差異化，我們將積極捍衛我們認為需要的地方。

But I think important is that overall I can say that we have been able to price our brands in line with their value to consumers so we are feeling good and we have to grasp with the achievements we are having on the side of the business.

但我認為重要的是，總的來說，我可以說，我們已經能夠根據品牌對消費者的價值來定價，因此我們感覺良好，我們必須抓住我們在業務方面取得的成就。

Thank you and I will pass it on.

謝謝你，我會把它轉達給你。

Akshay Jagdale, Jefferies.

阿克謝·賈格代爾，杰弗里斯。

Thank you for the question and thanks for the presentation yesterday; I found it pretty useful.

謝謝你的提問，也謝謝你昨天的介紹；我發現它非常有用。

I wanted to ask about the increased investment.

我想問一下增加投資的情況。

So, what does this say, the increase in investment spending?

那麼，投資支出的增加意味著什麼呢？

What does this say about your view on brands and how much they matter to consumers in food?

這說明了您對品牌的看法以及它們對食品消費者的重要性？

And your -- and based on that, your ability to get good or appropriate returns on them?

那麼你——基於此，你有能力獲得良好或適當的回報嗎？

There's this sentiment out there that brands don't matter to consumers in food and maybe legacy brands, like the ones that you have, the large ones aren't connecting.

有一種觀點認為，品牌對食品消費者來說並不重要，也許傳統品牌，比如你擁有的品牌，大品牌沒有聯繫。

We don't agree with that, but I would love to get your thoughts on that.

我們不同意這一點，但我很想听聽您對此的想法。

And then secondly, are these investments to accelerate an offensive move or to catch up?

其次，這些投資是為了加速進攻還是為了迎頭趕上？

It seems from your presentation yesterday that you think your capabilities already from a competitive perspective are better than most of your peers.

從你昨天的演講來看，你認為從競爭的角度來看，你的能力已經比大多數同行更好了。

And so, it seems like this is an offensive move.

所以，這似乎是一個進攻性的舉動。

But given the 2017 results have been sort of below potential perhaps the market might view this as more of a defensive move.

但鑑於 2017 年的業績略低於潛力，市場可能會認為這更多是一種防禦性舉措。

So, I just wanted some clarification on those two and I will pass it on after that.

所以，我只是想對這兩件事進行一些澄清，然後我會轉達。

Thank you.

謝謝。

Akshay, thank you this is George Zoghbi.

阿克謝，謝謝你，我是喬治·佐格比。

I will take this question.

我來回答這個問題。

Well, you couldn't be more right about brands, particularly in this environment.

好吧，你對品牌的看法再正確不過了，尤其是在這種環境下。

Brands matter most because the investment behind advertising, the investment behind promotion, the investment behind new products that come to market not only helps the brand, but stimulates overall category demand for everybody who is operating in those categories.

品牌最重要，因為廣告背後的投資、促銷背後的投資、上市新產品背後的投資不僅有助於品牌，而且還能刺激在這些類別中運營的每個人的整體類別需求。

So, in an environment where there is changing consumer needs and changing go-to-market model, brands become a lot more important.

因此，在消費者需求不斷變化和進入市場模式不斷變化的環境中，品牌變得更加重要。

However, brands need nurturing and nurturing means investment and staying relevant with what consumer needs are and what consumer wants to buy.

然而，品牌需要培育，而培育意味著投資並與消費者的需求和消費者想要購買的產品保持相關性。

So, for us an investment in the brands has always been important.

因此，對我們來說，對品牌的投資一直很重要。

Now we are even accelerating that to deal with an environment where consumers changing what they buy and where to buy it from.

現在，我們甚至正在加速這一進程，以應對消費者改變購買內容和購買地點的環境。

And we are accelerating the investments to deal with that.

我們正在加快投資來應對這一問題。

So, we see now increasingly important to have stronger brands in those categories for everybody.

因此，我們現在認為在這些類別中為每個人擁有更強大的品牌變得越來越重要。

And whether it's offensive or defensive?

以及它是進攻還是防守？

Thank you.

謝謝。

Well, it's both for the long established brands.

嗯，這都是歷史悠久的品牌。

It's a defensive play to ensure that these brands stay relevant with consumer needs.

這是一種防禦性策略，旨在確保這些品牌與消費者需求保持相關性。

And the creation of new brands like [Deval] or like other smaller brands that we created, they are one dimension brands that deal with one consumer need.

創建像 [Deval] 這樣的新品牌或像我們創建的其他較小品牌一樣，它們是滿足一種消費者需求的一維品牌。

These play the offensive part of the strategy.

這些發揮著戰略的進攻部分。

Perfect.

完美的。

I will pass it on.

我會把它傳遞下去。

Thank you.

謝謝。

Chris Growe, Stifel.

克里斯·格羅，斯蒂菲爾。

Hi, good morning.

早上好。

I just had a couple questions for you.

我只是有幾個問題要問你。

Last night you touted some of your Big Bets and we heard that today as well and saw some success there.

昨晚，您宣傳了一些大賭注，今天我們也聽到了這一消息，並看到了一些成功。

There was a comment you made last night about 7% of your sales are coming from new product innovation in the last three years.

您昨晚發表評論稱，過去三年您銷售額的 7% 來自新產品創新。

I think most food companies are running kind of low to mid-teens.

我認為大多數食品公司的經營業績都在十幾歲左右。

So, I am just trying to understand, is there that much more to come here?

所以，我只是想了解，來這裡還有更多嗎？

Are you going to be more in line say with an industry average?

您是否會更符合行業平均水平？

And is this part of the investments you are making in 2018?

這是您 2018 年投資的一部分嗎？

Hi, Chris, it's Bernardo.

嗨，克里斯，我是伯納多。

You are right on your comment that you continue to accelerate our innovation, not only the Big Bets but the renovation of the portfolio, and continue to grow that.

您的評論是正確的，您繼續加速我們的創新，不僅是大賭注，而且是投資組合的革新，並繼續發展。

If you take those percentage since 2013 when it started with Heinz, we more than doubled.

如果你從 2013 年亨氏開始以來的百分比來看，我們的業績增長了一倍多。

What I think it is important within that is within not only the percentage but the incrementality of the innovation, right, we start to materialize more.

我認為其中重要的不僅是創新的百分比，還有創新的增量，對吧，我們開始實現更多。

As we are adding the Big Bets and so on, a lot of them you are going to see a breakthrough whitespace are territories where we operate but not in that specific segment, or you don't operate at all.

當我們添加大賭注等時，您將看到其中很多突破性的空白區域是我們運營的領域，但不在該特定細分市場中，或者您根本不運營。

So, not only the percentage that you are talking about we believe can continue to go higher until we can be the benchmark in the industry that we are not today.

因此，我們相信，不僅您所談論的百分比可以繼續上升，直到我們能夠成為行業的基準，而我們現在還不是這樣。

But the level of incrementality of our Big Bets innovation needs to progress.

但我們的大賭注創新的增量水平需要進步。

Okay.

好的。

And then just one other question, if I could, in relation to having access to say the Kraft brand in Europe.

如果可以的話，還有一個問題是關於在歐洲使用卡夫品牌的。

Are there incremental costs this year related to selling that product in Europe be it internal investments or brand investments or things we need to make sure we account for since you have control of that brand in more areas now of the world?

今年是否存在與在歐洲銷售該產品相關的增量成本，無論是內部投資還是品牌投資，還是我們需要確保我們考慮到的事情，因為您現在在世界更多地區控制了該品牌？

Hi, Chris; this is David.

嗨，克里斯；這是大衛。

So we did have some upfront investments in Q4 and we will invest behind that business into 2018.

因此，我們在第四季度確實進行了一些前期投資，我們將在 2018 年對該業務進行投資。

So you would expect to have some costs around that as we repatriate those Kraft brands.

因此，當我們將這些卡夫品牌遣返回國時，您會預計會產生一些成本。

David, is that a meaningful component of the incremental investment this coming year?

大衛，這是明年增量投資的一個有意義的組成部分嗎？

I'm just trying to get a frame of reference for how big this could be.

我只是想獲得一個參考框架來了解這可能有多大。

No, Chris, it's not a meaningful component in the overall profile that we provided.

不，克里斯，這不是我們提供的整體配置文件中有意義的組成部分。

Okay, thank you very much.

好的，非常感謝。

Maybe one more question.

也許還有一個問題。

Scott Mushkin, Wolfe Research.

斯科特·穆甚金，沃爾夫研究中心。

Thanks for taking my questions.

感謝您回答我的問題。

So, I just wanted to frame one thing on the EPS growth.

所以，我只想就每股收益增長提出一件事。

I think you said significant EPS growth.

我想你說的是每股收益顯著增長。

Is that double-digit or can you size that for us?

這是兩位數嗎？您可以幫我們計算一下嗎？

And I have one other question.

我還有一個問題。

Hi, Scott; this is David.

嗨，斯科特；這是大衛。

So we are not going to put a specific number around it.

所以我們不會給出具體的數字。

But again, in terms of the overall profile on EBITDA, we have the carryover savings coming through in 2018 from the integration program, so this is an annualization impact.

但同樣，就 EBITDA 的整體情況而言，我們在 2018 年通過整合計劃結轉了結轉成本，因此這是年化影響。

New savings initiatives -- and both those combine to help to fund the investments we are making in the business.

新的儲蓄舉措——這兩項舉措相結合，有助於為我們的業務投資提供資金。

And then on top of that the commercial ramp up we'd expect through the year to deliver organic EBITDA growth.

除此之外，我們預計全年的商業增長將帶來有機 EBITDA 增長。

And then how I would think about it is the tax savings we expect to have that helped us make those investments will drive strong EPS growth on top of that EBITDA profile.

然後我會想到的是，我們期望節省的稅收可以幫助我們進行這些投資，這將在 EBITDA 的基礎上推動每股收益的強勁增長。

Okay.

好的。

And then my second question -- we know we've talked a lot about M&A.

然後是我的第二個問題——我們知道我們已經談論了很多關於併購的問題。

But as we research this, and obviously we do a lot of work in the retail channel, I'm pretty impressed by what you guys have done with your portfolio since the merger.

但當我們研究這個問題時，顯然我們在零售渠道做了很多工作，自合併以來你們對產品組合所做的事情給我留下了深刻的印象。

So I guess the question is can you I guess we will kind of call it walk and chew gum at the same time?

所以我想問題是你能我想我們會同時稱之為散步和嚼口香糖嗎？

It seems like you might be able to do a couple of M&A transactions that would be beneficial.

看來你可能能夠進行幾筆有益的併購交易。

And when you think about M&A, particularly in the US, how do you think about the categories?

當您考慮併購時，尤其是在美國，您如何看待這些類別？

And then I will yield.

然後我就會屈服。

Thanks.

謝謝。

Hi, Scott; it's Bernardo.

嗨，斯科特；是貝爾納多。

Like I said, we don't want to comment on the specific or hypotheticals here.

就像我說的，我們不想在這裡評論具體的或假設的。

I think it's -- just going back to the framework, this has not changed.

我認為——回到框架，這並沒有改變。

We do like strong brands.

我們確實喜歡強勢品牌。

We like business that travels.

我們喜歡旅行的商務。

And we believe when there are 2 -- we can find 2+2 is more than 4, we have been able to create significant long-term value what benefits both companies that are involved in the merger.

我們相信，當有 2 時——我們可以發現 2+2 大於 4，我們就能夠創造顯著的長期價值，這對參與合併的兩家公司都有利。

So, that being said, we -- if there would be more consolidation in the industry or not is to be proven, but if that is the case we want to be a force of that.

因此，話雖這麼說，我們——行業是否會出現更多整合還有待證明，但如果是這樣，我們希望成為其中的一股力量。

Perfect, guys.

完美，伙計們。

Thanks.

謝謝。

I know we have another call coming up so I appreciate you squeezing me in here.

我知道我們還有另一個電話要打，所以我很感謝你把我擠到這裡。

Thank you.

謝謝。

Okay, well thanks, everybody, for joining us on the call today and appreciate you tuning in to the management slide cast.

好的，謝謝大家今天加入我們的電話會議，並感謝您收看管理幻燈片。

And if you haven't I would suggest doing so going forward.

如果您還沒有這樣做，我建議您繼續這樣做。

For the analysts who have follow-up questions Andy Larkin and myself will be available.

對於有後續問題的分析師，安迪·拉金（Andy Larkin）和我本人將有空。

And for anybody in the media, Michael Mullen will be available to take your questions.

對於媒體界的任何人，邁克爾·馬倫都可以回答你們的問題。

So thanks very much and have a great day.

非常感謝，祝您有美好的一天。

Ladies and gentlemen, thank you for your participation in today's conference.

女士們、先生們，感謝你們參加今天的會議。

This concludes the program and you may now disconnect.

程序就此結束，您現在可以斷開連接。

Everyone have a great day.

每個人都度過了美好的一天。