卡夫亨氏 (KHC) 2020 Q2 法說會逐字稿

Good day. My name is Kevin, and I'll be your operator today. At this time, I'd like to welcome everyone to the Kraft Heinz Company Second Quarter 2020 Earnings Call.

再會。我叫凱文，今天我將成為您的接線生。現在，我歡迎大家參加卡夫亨氏公司 2020 年第二季財報電話會議。

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

我現在將電話轉給全球投資者關係主管 Chris Jakubik。雅庫比克先生，您可以開始了。

Hello, everyone, and thank you for joining our business update. We'll begin today's call with an overview of our second quarter 2020 results as well as an update on our path forward from Miguel Patricio, our CEO; Paulo Basilio, our CFO; and Carlos Abrams-Rivera, the Head of our U.S. business. We will then open the lines to take your questions.

大家好，感謝您參加我們的業務更新。我們將在今天的電話會議中概述 2020 年第二季的業績，並由我們的執行長 Miguel Patricio 介紹我們的前進道路的最新情況； Paulo Basilio，我們的財務長；以及我們美國業務的負責人卡洛斯·艾布拉姆斯-裡維拉 (Carlos Abrams-Rivera)。然後我們將開通熱線回答您的問題。

Please note that during our remarks today, we will make some forward-looking statements that are based on how we see things today. Actual results may differ due to risks and uncertainties, and these are discussed in our press release and our filings with the SEC.

請注意，在今天的演講中，我們將根據我們今天的看法做出一些前瞻性陳述。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. These non-GAAP financial measures should not be considered a replacement for and should be read together with GAAP results. You can find the GAAP to non-GAAP reconciliations with our -- within our earnings release.

我們也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。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。您可以在我們的收益報告中找到 GAAP 與非 GAAP 的調整表。

Now let's turn to Slide 3, and I'll hand it over to Miguel.

現在讓我們轉到幻燈片 3，我將把它交給 Miguel。

Well, thank you, Chris, and good morning, everyone. I think it's appropriate to start today by saying that, more than anything else, the strength of our second quarter results reflect the hard work and dedication of our remarkable employees around the world. Without them, we would not have reported numbers anywhere near what you saw in our press release today.

好吧，謝謝你，克里斯，大家早安。我認為今天開始應該說的是，我們第二季度的強勁業績最重要的是反映了我們世界各地傑出員工的辛勤工作和奉獻精神。如果沒有他們，我們報告的數字就不會接近您今天在新聞稿中看到的數字。

On our April call, I said that the coming months would be critical in understanding the path forward and potential for our industry for Kraft Heinz and the pace of our turnaround. Three months later, I can tell you that, while the path of the economy and consumer behavior remains difficult for any of us to predict, our team has done an excellent work, anticipating and responding with speed, agility and creativity, and we can see this in the quality of our second quarter results.

在我們四月的電話會議上，我說未來幾個月對於了解卡夫亨氏產業的前進道路和潛力以及我們的轉型步伐至關重要。三個月後，我可以告訴你，雖然我們任何人仍然難以預測經濟和消費者行為的趨勢，但我們的團隊做得非常出色，以速度、敏捷性和創造力進行預測和回應，我們可以看到這體現在我們第二季業績的品質。

More importantly, we continue to make great progress on our turnaround. Our people are driving functional excellence throughout the organization. We are developing better perspectives on where consumers are going and how we can win. Our productivity initiatives are progressing, and strong free cash flow is further improving our financial profile.

更重要的是，我們在扭虧為盈方面持續取得巨大進展。我們的員工正在推動整個組織的功能卓越。我們正在對消費者走向何方以及我們如何獲勝提出更好的看法。我們的生產力計劃正在取得進展，強勁的自由現金流正在進一步改善我們的財務狀況。

All these things are coming through in what we will cover today in our business update, where we will talk about how we are adapting to consumer needs, to Q2 results that were much stronger than expected due to continued momentum and strong consumer demand for our brands, as well as better-than-anticipated costs and supply chain performance, and the fact that our solid execution is keeping us cautiously optimistic for the rest of the year.

所有這些事情都將在我們今天將在業務更新中介紹，其中我們將討論如何適應消費者需求，以及由於持續的勢頭和消費者對我們品牌的強勁需求，第二季度的業績遠強於預期以及優於預期的成本和供應鏈績效，以及我們紮實的執行力使我們對今年剩餘時間保持謹慎樂觀。

Carlos and I will begin today with how our business has responded so far and our current thoughts about the path forward before Paulo discusses the financials, and then we'll take your questions.

今天，卡洛斯和我將首先介紹我們的業務迄今為止的反應以及我們目前對未來道路的想法，然後保羅討論財務狀況，然後我們將回答你們的問題。

The first chart I wanted to share is our underlying year-on-year sales growth by geography, in both retail and foodservice channels. It shows the progression from Q1 to the April spike to the May-June settling out period. There are 3 important points to take away from this chart. First, it's the tremendous and abrupt shift in consumer behavior that we are witnessing. These are sales of the food and beverage products, not microchips, so to describe the magnitude of this channel shift as unprecedented feels like an understatement.

我想分享的第一張圖表是我們在零售和餐飲服務通路中按地理位置劃分的基本年比銷售成長。它顯示了從第一季到 4 月高峰再到 5 月至 6 月穩定期的進展。從這張圖表可以看出 3 個要點。首先，我們正在目睹消費者行為發生巨大且突然的轉變。這些是食品和飲料產品的銷售，而不是微晶片，因此將這種通路轉變的規模描述為前所未有的感覺似乎是輕描淡寫的。

Second, the numbers in the chart are Kraft Heinz sales, not the broader market, not the broader categories where we play. And it's important to recognize that our supply chain capabilities are largely split between capacity to produce and service retail sales and producing and servicing foodservice sales. There is little overlap in terms of production lines and route to market. So what this chart reflects is that, during this period, we have been able to successfully adapt to such an abrupt, unprecedented change in consumer behavior, keep every one of our plants around the world up and running, producing at industry-leading quality and safety levels and, therefore, enable us to deliver more than 7% organic net sales growth in Q2.

其次，圖表中的數字是卡夫亨氏的銷售額，而不是更廣泛的市場，也不是我們所涉足的更廣泛的類別。重要的是要認識到，我們的供應鏈能力主要分為生產和服務零售銷售的能力以及生產和服務餐飲服務銷售的能力。生產線和市場路線幾乎沒有重疊。所以這張圖表反映的是，在此期間，我們已經能夠成功地適應消費者行為的這種突然的、前所未有的變化，保持我們在世界各地的每一家工廠正常運轉，以行業領先的質量和水平進行生產。安全水平，因此使我們能夠在第二季度實現超過 7% 的有機淨銷售額增長。

This is not to say that we capture 100% of the opportunity. As you know, there are some categories where we have lost share, and we are working hard to fix that. That said, I have seen the creativity and the agility our teams around the world have demonstrated in meeting peak demand. Learning through the journey, as we like to call it and, ultimately, delivering roughly twice the organic growth we expected in April, which brings me to the third point, the source of Q2 upside versus our previous expectations.

這並不是說我們抓住了 100% 的機會。如您所知，我們在某些​​類別中失去了份額，我們正在努力解決這個問題。也就是說，我看到了我們世界各地的團隊在滿足高峰需求方面所展現的創造力和敏捷性。透過這個過程（我們喜歡稱之為這個過程）學習，最終實現了我們4 月份預期有機增長的大約兩倍，這讓我想到了第三點，即第二季度增長與我們之前預期相比的來源。

The decline we saw in foodservice sales on a global basis was largely consistent with what we had forecasted, somewhat better in the U.S. and at a softer end of the range in our international business. At the same time, our retail performance was much better than anticipated. In the United States, which Carlos will speak to, in our international zone where, in condiments and sauces, we grew double digits and, in several markets, achieved record market share; and in Canada, where we had double-digit growth and gained share in 80% of our retail categories, as the team invested to strengthen brand relevancy in areas like peanut butter, pasta sauce and Kraft dinners.

我們在全球範圍內看到的餐飲服務銷售下降與我們的預測基本一致，美國的情況有所好轉，而國際業務的下降則較為疲軟。同時，我們的零售業績也遠好於預期。在卡洛斯將談到的美國，在我們的國際區域，我們的調味品和醬汁實現了兩位數的增長，並且在多個市場上實現了創紀錄的市場份額；在加拿大，我們的團隊投資加強了花生醬、義大利麵醬和卡夫晚餐等領域的品牌相關性，實現了兩位數的成長，並在 80% 的零售類別中獲得了份額。

In addition, what is not shown on this chart, but we will discuss later, is the extraordinary retail sales growth came with favorable category and product mix. Together, the combination of favorable channel category and product mix resulted in better-than-expected EBITDA margins versus what we originally expected, most notable in our United States business.

此外，該圖表中沒有顯示但我們稍後會討論的，是零售額的非凡增長伴隨著有利的品類和產品組合。有利的通路類別和產品組合相結合，帶來了好於預期的 EBITDA 利潤率，高於我們最初的預期，尤其是我們的美國業務。

At the same time, and the second part of the business update, it's important to reiterate that we remain at the beginning stages of our turnaround and are still not where we want to be on several fronts, which we will talk about in great detail in September.

同時，在業務更新的第二部分中，重要的是要重申，我們仍處於扭虧為盈的開始階段，並且在幾個方面仍然沒有達到我們想要的目標，我們將在九月。

We have done a lot to adapt to the pandemic, but we are also implementing a new operating model to improve our performance on a sustainable basis. We are making significant changes to how we work, how we are organizing our business, how we are developing our capabilities and how we are reinvesting in the business. Our actions have been broad-based, with the intent to create sustainable competitive advantage across our value chain.

我們為適應這場流行病做了很多工作，但我們也在實施新的營運模式，以永續地提高我們的表現。我們正在對工作方式、業務組織方式、能力發展方式以及業務再投資方式進行重大改變。我們的行動基礎廣泛，旨在在整個價值鏈中創造可持續的競爭優勢。

For instance, we have continued to work urgently and diligently to ensure the health and safety of our employees, taking on additional costs for personal protective equipment in our plants as well as to accommodate working from home. At the same time, during the second quarter, we rolled out our new company purpose, vision, values and leadership principles. We are redefining for our employees for the long term our true north and how we are going to win by working as a team, inspiring excellence and navigate our future.

例如，我們繼續緊急而努力地工作，以確保員工的健康和安全，承擔工廠個人防護設備的額外費用，並適應在家工作。同時，在第二季度，我們推出了新的公司宗旨、願景、價值觀和領導原則。從長遠來看，我們正在為員工重新定義我們的真正方向，以及我們如何透過團隊合作、激勵卓越和引領我們的未來來取得勝利。

I want to specifically mention one of our company values. We demand diversity. We live in a world where systemic racism and inequality exists, and righting these wrongs requires an equally systemic response from everyone, including global corporations like ours. We have a responsibility to be part of the solution. Honest conversations with our African American Business Resource Group led to a range of initiatives, including a $1 million commitment to food programs and social justice organizations serving black communities, as well as our first global Day of Service on June 19 last month.

我想特別提到我們公司的價值觀之一。我們要求多樣性。我們生活在一個存在系統性種族主義和不平等的世界，糾正這些錯誤需要每個人（包括像我們這樣的跨國公司）做出同樣系統性的反應。我們有責任成為解決方案的一部分。與我們的非裔美國人商業資源小組的誠實對話促成了一系列舉措，包括向為黑人社區服務的食品計劃和社會正義組織提供100 萬美元的承諾，以及上個月6 月19 日舉行的第一個全球服務日。

From internal mentoring and developing programs and expanded talent recruitment partnerships, to supplier training programs for minority and women-owned businesses, and the creation of a cross-functional inclusion council, we are proactive and hold ourselves and our company accountable for bringing about the positive change.

從內部指導和發展計劃以及擴大的人才招募合作夥伴關係，到針對少數族裔和女性擁有的企業的供應商培訓計劃，以及跨職能包容性委員會的創建，我們積極主動，讓我們自己和我們的公司有責任帶來正面的影響改變。

Changing times demand fresh, new approaches. For consumers, we are actively modeling multiple growth scenarios and defining new initiatives to adapt to each scenario. At the same time, we have now reorganized our business units around new consumer-led platforms, so we can better address our consumers, with our customers and in marketing, on improving communications today, but also how we deploy our resources to drive growth going forward.

時代的變化需要新的方法。對於消費者來說，我們正在積極建模多種成長場景，並定義新的措施來適應每個場景。同時，我們現在圍繞著新的消費者主導平台重組了我們的業務部門，這樣我們就可以更好地解決我們的消費者、客戶和行銷方面的問題，改善當今的溝通，以及我們如何部署資源來推動成長向前。

With customers specifically, collaboration has been key, as we are creatively addressing immediate customer needs on one hand, while simultaneously trying to set plans for the coming year.

特別是對於客戶而言，協作至關重要，因為我們一方面創造性地解決客戶的即時需求，同時努力為來年制定計劃。

In supply chain, the difference a year has made is simply incredible. We are finding efficiency to mitigate incremental COVID costs, while taking actions to optimize and ensure production. At the same time, we continue to implement continuous improvement processes and programs for sustainable savings for the years to come.

在供應鏈中，一年所帶來的改變簡直令人難以置信。我們正在尋找效率來減輕新冠肺炎增量成本，同時採取行動優化和確保生產。同時，我們繼續實施持續改進流程和計劃，以實現未來幾年的可持續節約。

In many ways, we are leveraging our intentional strategic changes to better respond to an environment with significant uncertainty. As a result, I'm confident that we'll emerge a stronger Kraft Heinz, and the strategic direction we have set is the right one and one that we look forward to discussing in detail with you on September 15.

在許多方面，我們正在利用有意的策略變革來更好地應對具有重大不確定性的環境。因此，我相信我們將成為一個更強大的卡夫亨氏，我們設定的戰略方向是正確的，我們期待在 9 月 15 日與您詳細討論。

I will close my opening comments here by summarizing a few points. We had stronger-than-expected Q2 results, reflecting continued momentum and strong consumer demand for our brands. We are implementing our new enterprise-wide strategy at the same time we are adapting to the pandemic. After a year as CEO, I can see our business transformation well underway, with strong employee model, a well-defined strategy and a team in place working together with speed to bring agility with scale, and our work to date has only confirmed that we are on the right path.

我將透過總結幾點來結束我的開場評論。我們的第二季業績強於預期，反映出持續的動能和消費者對我們品牌的強勁需求。我們在適應疫情的同時，也正在實施新的全企業策略。在擔任執行長一年後，我可以看到我們的業務轉型正在順利進行，擁有強大的員工模型、明確的策略和一支齊心協力的團隊，能夠快速實現敏捷性和規模化，而我們迄今為止的工作只是證實了我們都走在正確的道路上。

To bring this more to life, I'm going to ask Carlos to provide more color on how our U.S. business is performing in the marketplace and how he sees the path forward.

為了讓這一點更加生動，我將請卡洛斯提供更多關於我們美國業務在市場上的表現以及他如何看待未來道路的資訊。

Thank you, Miguel, and good morning, everyone. My comments today are going to focus on what we have experienced so far, how we are preparing for the road ahead and hopefully address a number of the questions many of you have raised about our recent performance.

謝謝你，米格爾，大家早安。我今天的評論將重點放在我們迄今為止所經歷的事情、我們如何為未來的道路做準備，並希望能夠解決你們中的許多人對我們最近的表現提出的一些問題。

In terms of what we have experienced, to say it being intense, dynamic and rewarding will be an understatement. We have been working hard to optimize our manufacturing capacity to meet extraordinary demand, running some of our plants 24/7. This has caused us to cancel some programming and reallocate spending to the second half of the year.

就我們的經驗而言，說它是激烈的、充滿活力的和有益的，這都是輕描淡寫的。我們一直在努力優化我們的製造能力，以滿足非凡的需求，我們的一些工廠全天候 (24/7) 運作。這導致我們取消了一些節目並將支出重新分配到下半年。

So for instance, we had to pull back on our Memorial Day event for the first time ever, and not having that event removed the dry period in the quarter when we typically have very high market share, and average price gaps increased versus the prior year as a result. In areas like our Oscar Mayer Meats and Kraft Singles businesses, our share has been negatively impacted by sustained elevated consumption versus supply chain constraints, while more vertically integrated players have been able to shift capacity from their foodservice businesses to retail. So while we're growing strongly in those businesses, we are seeing some share loss. Elsewhere in the portfolio, Heinz, Jell-O, Ore-Ida are gaining share even with this accelerated consumption.

例如，我們不得不有史以來第一次取消陣亡將士紀念日活動，並且沒有讓該活動消除我們通常擁有非常高的市場份額的季度的干旱期，並且平均價格差距與上一年相比有所增加因此。在我們的奧斯卡梅耶肉類和卡夫單打業務等領域，我們的份額受到消費持續增長和供應鏈限制的負面影響，而更多垂直整合的企業已經能夠將產能從食品服務業務轉移到零售業務。因此，雖然我們在這些業務中強勁成長，但我們看到了一些份額的損失。在產品組合中的其他產品中，即使消費加速，亨氏 (Heinz)、果凍 (Jell-O) 和 Ore-Ida 的份額也在不斷增加。

In a nutshell, promotional activity and the pace of inventory recovery, both ours and our retail partners, have been dictated by the balance of supply and demand. What that means for us is growth has been good, but in certain categories, we know we can do better. If demand remains extraordinarily strong, growth should be fine, but share is likely to be challenging in certain categories, which brings me to how we are preparing.

簡而言之，我們和我們的零售合作夥伴的促銷活動和庫存回收速度都是由供需平衡決定的。這對我們來說意味著成長很好，但在某些領域，我們知道我們可以做得更好。如果需求仍然異常強勁，成長應該不錯，但某些類別的份額可能會面臨挑戰，這讓我想到了我們正在如何準備。

From a consumption perspective, we are preparing for all the economic letters, the V, the U, the W, et cetera, but with an eye to the long term, investing to win on a sustainable basis. So to that end, we have now realigned our U.S. business unit structure designed around the new platform-based strategy, which we will unveil in September. We are implementing a new operating model to ensure we operate with a growth mindset, a high level of accountability and streamlined roles, responsibilities and decision rights for each role.

從消費的角度來看，我們正在為所有經濟字母、V、U、W 等做好準備，但著眼於長期，投資以可持續的方式獲勝。為此，我們現在已經圍繞新的基於平台的策略重新調整了我們的美國業務部門結構，我們將於 9 月推出該策略。我們正在實施新的營運模式，以確保我們以成長心態、高水準的責任感和精簡的角色、職責和每個角色的決策權來運作。

We are capturing savings from continuous improvements, leveraging the upside we have seen to date to invest even more than anticipated to renovate and differentiate our brands. And we are working hard to understand who is new to our brands and the best ways to meaningfully connect with them.

我們正在透過持續改進來節省成本，利用迄今為止所看到的優勢，進行比預期更多的投資來翻新和差異化我們的品牌。我們正在努力了解誰是我們品牌的新用戶，以及與他們建立有意義聯繫的最佳方式。

So regarding our path forward, while the depth and duration of this downturn will guide consumption in the near term, we are transforming our business for a better growth trajectory in the medium to long term, and consumers' embracement of our brands are providing us a significant opportunity right now.

因此，就我們的前進道路而言，雖然這次低迷的深度和持續時間將在短期內引導消費，但我們正在改變我們的業務，以實現中長期更好的增長軌跡，消費者對我們品牌的接受為我們提供了一個機會。現在是一個重要的機會。

For instance, household penetration is one of the inherent strength of our portfolio relative to the industry, and you would think that there was not much more room to go, but our household penetration has strengthened further in the latest 15 weeks. In fact, 75% of our brands are growing household penetration, and the majority of our brands growing household penetration are up double-digit percentages points versus the same period last year.

例如，家庭滲透率是我們投資組合相對於產業的固有優勢之一，你可能會認為沒有太大的發展空間，但我們的家庭滲透率在最近 15 週內進一步增強。事實上，我們 75% 的品牌正在提高家庭滲透率，大多數家庭滲透率成長的品牌與去年同期相比成長了兩位數百分點。

Across our iconic brands, we are experiencing growing household penetration and increasing the rate of repeat among new buyers. This includes big brands that were already well established and significant leaders in their categories, such as Heinz in ketchup, Kraft Mac & Cheese, Ore-Ida, Planters, Philadelphia and Capri Sun.

在我們的標誌性品牌中，我們的家庭滲透率不斷提高，新買家的回頭率也不斷提高。其中包括已經相當成熟的大品牌以及各自領域的重要領導者，例如番茄醬領域的亨氏 (Heinz)、卡夫起司通心粉 (Kraft Mac & Cheese)、Ore-Ida、Planters、Philadelphia 和 Capri Sun。

In terms of repeat rates, new buyers are repeating at higher rates than in the past and buying more frequently. In fact, 75% of new buyers since the pandemic started are still buying our products now.

就重複率而言，新買家的重複率比過去更高，購買頻率也更高。事實上，自從疫情爆發以來，75% 的新買家現在仍在購買我們的產品。

And finally, regarding new buyer demographics, smaller households, including those with no kids, are finding our brands. And our new buyer household skewed to higher income, younger and more diverse parts of the population, areas we have historically under indexed.

最後，關於新買家群體，小型家庭，包括沒有孩子的家庭，正在尋找我們的品牌。我們的新買家家庭偏向收入更高、更年輕、更多元化的人群，這些領域我們歷來都沒有納入指數。

All this means we have a tremendous opportunity to build our base of loyal consumers, and we're going after this aggressively with a second-half plan that includes a 40% increase in working media dollars versus a year ago.

所有這一切都意味著我們有巨大的機會來建立我們的忠實消費者基礎，我們將透過下半年計畫積極實現這一目標，其中包括與一年前相比增加 40% 的工作媒體費用。

To close, I just want to say how very proud I am of our colleagues for how they have responded to the challenges at the moment across our value chain and are showing tremendous agility in redeploying marketing investments to connect with the millions who are now making our brands part of their everyday lives.

最後，我只想說，我為我們的同事感到非常自豪，因為他們應對了我們價值鏈當前的挑戰，並在重新部署行銷投資以與數以百萬計的人建立聯繫方面表現出了巨大的敏捷性。品牌已成為他們日常生活的一部分。

With that, I will turn it over to Paulo to talk through our financial results and outlook for the second half.

接下來，我將把它交給保羅，討論我們下半年的財務表現和前景。

Thank you, Carlos, and good morning, everyone. Before I get into the details of our results, I think it's useful to outline some overall key drivers of the quarter that were consistent across our different segments.

謝謝你，卡洛斯，大家早安。在詳細介紹我們的結果之前，我認為概述本季的一些整體關鍵驅動因素是有用的，這些驅動因素在我們不同的細分市場中是一致的。

On our April call, I outlined 4 factors we expected to drive better profitability in Q2 versus Q1. One was improved product mix, mainly from categories within retail as well as a favorable shift between retail and foodservice. Two, higher volumes. Three, greater efficiency in operations as we were adjusting to the higher volumes. And four, a better balance between price and commodity costs. In the end, all these factors came into play and were directionally consistent with our expectations.

在我們四月份的電話會議上，我概述了我們預計在第二季度比第一季度提高盈利能力的 4 個因素。一是產品組合的改善，主要來自零售業的類別以及零售業和餐飲服務業之間的有利轉變。二、更高的成交量。第三，隨著我們適應更高的產量，營運效率更高。第四，價格和商品成本之間更好的平衡。最終，所有這些因素都發揮了作用，並且與我們的預期方向一致。

What pushed our growth and profitability higher than anticipated was a combination of stronger retail demand for longer than we anticipated, a better-than-projected relationship between price and commodity costs and a more favorable category and product mix within our retail sales. These factors were most pronounced in our U.S. business, so that's where I will start.

推動我們的成長和獲利能力高於預期的因素包括零售需求持續時間比我們預期的強勁、價格與商品成本之間的關係好於預期以及零售銷售中更有利的類別和產品組合。這些因素在我們的美國業務中最為明顯，因此我將從這裡開始。

Organic net sales in the U.S. increased 8.5%. This was mainly driven by 6.2 percentage points of volume/mix growth led by the strong retail performance Carlos described. Pricing was up, as it reflected lower promotional activity to capacity constraints in certain categories. Taken together, volume leverage, favorable genuine product mix, as well as favorable pricing, adjusted EBITDA in the second quarter increased to 17.6%. Specifically regarding mix, we saw favorable category mix in the form of relatively stronger demand and market share performance in areas like ketchup and condiments, mac and cheese and frozen potatoes. We also saw favorable SKU mix within categories due to supply chain constraints and, therefore, greater sales of core items within our product lines.

美國有機淨銷售額成長 8.5%。這主要是由卡洛斯描述的強勁零售業績帶動的銷售/組合增長 6.2 個百分點推動的。定價上漲，因為這反映出某些類別的促銷活動因產能限製而減少。總而言之，銷售槓桿、有利的正品產品組合以及有利的定價，第二季調整後 EBITDA 增至 17.6%。具體而言，在產品組合方面，我們看到番茄醬和調味品、通心粉和起司以及冷凍馬鈴薯等領域的需求和市場份額表現相對強勁，因此出現了有利的品類組合。由於供應鏈的限制，我們也看到了類別內有利的 SKU 組合，因此我們產品線中核心商品的銷售量增加。

Looking forward, we are not anticipating retail demand to remain as strong as we saw in Q2 and likely to moderate further from recent levels, with category mix normalizing and foodservice being a greater part of total sales. In addition, keep in mind that the McCafé exit is now underway and will, therefore, tamper organic growth beginning in Q3.

展望未來，我們預計零售需求不會像第二季那樣保持強勁，並且可能會比近期水準進一步放緩，類別組合正常化，餐飲服務佔總銷售額的比重更大。此外，請記住，麥咖啡的退出正在進行中，因此將損害第三季開始的有機成長。

As a result, at this point, while Q3 profits should be higher than we anticipated 3 months ago, Q3 margins are likely to be closer to prior year levels as organic growth moderates. The favorable mix we saw in Q2 phased and pressures from the recent spike in commodity inflation, specifically in cheese, come into play. While this would represent a significant change sequentially from Q2 to Q3, we believe it is the most realistic expectation based on the best estimates in consumption and cost trends today.

因此，目前，雖然第三季獲利應高於我們 3 個月前的預期，但隨著有機成長放緩，第三季利潤率可能更接近去年同期水準。我們在第二季度看到的有利組合以及近期大宗商品（特別是起司）通膨飆升帶來的壓力開始發揮作用。雖然這將代表第二季到第三季的顯著變化，但我們認為這是基於當今消費和成本趨勢的最佳估計的最現實的預期。

Moving to our International segment. Results were largely consistent with our initial expectations, with organic net sales up 5.5% versus the prior year period and roughly equal contributions from volume/mix and pricing. Pricing accelerated to 2.6% from a combination of reduced promotional activity, carryover benefits from previous pricing actions and inflation-related pricing in Brazil. Volume/mix increased 2.9% from strong growth in condiment and sauces, along with growth in mill-oriented categories, more than offset a decline in both foodservice and infant nutrition.

轉向我們的國際部分。結果與我們最初的預期基本一致，有機淨銷售額比上年同期增長 5.5%，銷售/組合和定價的貢獻大致相等。由於促銷活動減少、先前定價行動的結轉效益以及巴西與通膨相關的定價，定價加速至 2.6%。由於調味品和醬料的強勁增長以及以工廠為導向的類別的增長，銷量/品種增長了 2.9%，足以抵消餐飲服務和嬰兒營養品的下降。

Looking forward, we are expecting the deceleration we saw in growth during the second quarter to continue into Q3 as markets normalize, particularly in our biggest market in the U.K. And while the pace of normalization is unpredictable, we currently anticipate back half results, both organic sales growth and margins, to soften compared to the first half.

展望未來，我們預計，隨著市場正常化，特別是在我們最大的英國市場，第二季的成長減速將持續到第三季。雖然正常化的速度不可預測，但我們目前預計下半年的業績，包括有機業績與上半年相比，銷售成長和利潤率有所放緩。

Finally is Canada, where the Q2 turnaround we anticipated was even stronger than expected. In April, we said we thought that organic sales growth would improve sequentially, but remained negative versus the prior year, given the McCafé exit, lower foodservice sales and lower year-on-year pricing. In the end, our Canada team delivered 2% organic growth, with pricing turning positive for the first time in 7 quarters and retail consumption growth in every category. The positive pricing reflected a combination of reduced promotional activity versus the prior year as well as successful implementation of select, but necessary list price increases.

最後是加拿大，我們預期第二季的改善甚至比預期還要強勁。4 月份，我們表示，我們認為有機銷售成長將較上季改善，但由於麥咖啡退出、餐飲服務銷售下降和年比定價下降，與前一年相比仍為負成長。最終，我們的加拿大團隊實現了 2% 的有機成長，定價 7 個季度以來首次轉正，各個類別的零售消費均實現增長。積極的定價反映了與前一年相比促銷活動減少以及成功實施精選但必要的標價上漲的綜合因素。

Also volume/mix was positive as stronger-than-expected retail takeaway more than offset lower foodservice sales and a negative 4.4 percentage point impact from McCafé exit. At EBITDA, we initially expected Q2 margins to begin returning to prior year levels. Actual results were slightly better, with an adjusted EBITDA margins up nearly 30 basis points versus the prior year, as improved supply chain performance added to gains from pricing and volume/mix.

此外，銷售/組合也呈現正面態勢，因為強於預期的零售外賣足以抵消餐飲服務銷售額下降以及麥咖啡退出帶來的 4.4 個百分點的負面影響。就 EBITDA 而言，我們最初預計第二季利潤率將開始恢復至去年同期水準。實際結果稍好一些，調整後的 EBITDA 利潤率比上年增長了近 30 個基點，因為供應鏈績效的改善增加了定價和銷售/組合的收益。

For the second half of the year, we would expect the improved performance in Canada to continue, with a sustained recovery in profitability, although with more normalized retail takeaway trends being offset by the ongoing headwinds from McCafé exit and lower foodservice sales.

今年下半年，我們預計加拿大的業績將繼續改善，獲利能力持續復甦，儘管麥咖啡退出和餐飲服務銷售下降的持續不利因素抵消了更正常化的零售外送趨勢。

Turning now to total company results and our outlook for the year. There are just 3 additional notes I would make on our Q2 results. First is that each business segment, reported organic sales and EBITDA growth in Q2, and we hope this indicates more stable performance across our businesses going forward.

現在談談公司的整體業績和我們對今年的展望。我只想對第二季的結果做 3 點補充說明。首先是每個業務部門報告第二季度的有機銷售額和 EBITDA 成長，我們希望這表明我們未來的業務表現更加穩定。

Second, our taxes. On our last call, I flagged the possibility of a higher effective tax rate in Q2 due to the possible enactment of U.K. tax legislation and a related noncash adjustment to deferred tax liabilities. This was delayed, contributing to better-than-expected EPS and is now expected to happen in Q3. So we would now expect a tax rate on adjusted earnings in the high 20s for Q3, while our expectations for the full year remains in the 22% to 24% range.

第二，我們的稅。在我們上次的電話會議中，我指出，由於英國可能頒布稅收立法以及對遞延稅負債進行相關的非現金調整，第二季有效稅率可能會更高。這項計畫被推遲，導致每股收益好於預期，目前預計將在第三季發生。因此，我們現在預計第三季調整後收益的稅率將在 20 左右，而我們對全年的預期仍保持在 22% 至 24% 的範圍內。

Third is free cash flow, which is up significantly versus the prior year on a year-to-date basis. This has been driven by a combination of EBITDA growth, lower working capital, somewhat lower capital expenditure as well as significantly greater accrued liabilities due to the timing of cash outflows versus the prior year.

第三是自由現金流，今年迄今與前一年相比大幅增加。這是由於 EBITDA 增長、營運資本減少、資本支出有所減少以及由於現金流出時間與上一年相比顯著增加的應計負債共同推動的。

Looking forward, we expect working capital to revert as we rebuild our inventories, and cash outlays related to accrued liabilities for taxes, trade spend and marketing are second half weighted this year. In addition, we continue to plan for CapEx in roughly $750 million this year, although we have had some delays so far this year and may not spend the full plan.

展望未來，我們預計隨著我們重建庫存，營運資金將恢復，與稅收、貿易支出和行銷應計負債相關的現金支出將在今年下半年加權。此外，我們今年繼續計劃大約 7.5 億美元的資本支出，儘管今年到目前為止我們已經出現了一些延遲，並且可能不會花費完全部門計劃。

Taking all of this into account, we do feel good about the quality of our free cash generation year-to-date and are confident that 2020 free cash flow will exceed to 2019, which brings me to our financial outlook.

考慮到所有這些，我們確實對今年迄今為止的自由現金流產生品質感到滿意，並且有信心 2020 年的自由現金流將超過 2019 年，這讓我想到了我們的財務前景。

I think it's helpful to come back to the fact that we are in the first year of our multiyear turnaround. The current environment has presented us with opportunities to be there for our consumers. And to the extent we are successful now, it puts a wind at the back of our turnaround efforts, and we will be in a stronger position on a sustainable basis in the future.

我認為回到我們正處於多年轉型的第一年這個事實是有幫助的。目前的環境為我們提供了為消費者服務的機會。就我們現在所取得的成功而言，它為我們扭虧為盈的努力提供了動力，我們將在未來可持續的基礎上處於更強大的地位。

To that point, we do expect the upside in results we have posted during the first half of the year, both sales and EBITDA, to stick for the full year. And while there is still significant work to do ahead of us, we believe that we are very well positioned with each of the 3 priorities we set for 2020: to establish a strong base of sales and earnings; to rebuild underlying business momentum; and continue to reduce debt, while maintaining our current dividend.

就這一點而言，我們確實預計我們上半年公佈的業績（包括銷售額和 EBITDA）的上行趨勢將持續到全年。儘管我們面前仍有大量工作要做，但我們相信，我們已經做好了為 2020 年設定的 3 個優先事項中的每一個的準備：建立強大的銷售和盈利基礎；重建潛在的業務動力；並繼續減少債務，同時維持我們目前的股利。

That being said, I think it's important to highlight the key drivers at work in the second half of the year as we establish that strong base of sales and earnings and work to rebuild our underlying business momentum. Specifically, we see 4 discrete factors, the same 4 we have talked about before, that will hold back second half EBITDA versus the prior year.

話雖這麼說，我認為重要的是要強調下半年的關鍵驅動因素，因為我們建立了強大的銷售和獲利基礎，並努力重建我們的基本業務動能。具體來說，我們看到 4 個離散因素，與我們之前討論過的 4 個因素相同，將阻礙下半年 EBITDA 與上年相比。

One is the McCafé exit that has been underway in Canada and began in the United States in July. Two is the high incentive compensation we mentioned on our prior call. Three is greater commodity volatility we had warned about in April, and we now expect will result in an unfavorable key commodity costs in Q3, specifically in our U.S. cheese business. And four is currency translation due to dollar strength relative to last year.

其中之一是麥咖啡退出加拿大，並於 7 月開始在美國退出。二是我們在先前的電話會議中提到的高額激勵薪酬。三是我們在四月份警告大宗商品波動性加大，我們現在預計這將導致第三季的關鍵大宗商品成本不利，特別是我們的美國起司業務。四是由於美元相對於去年走強而導致的貨幣換算。

Together, these factors currently represent an approximately 900 basis point headwind to second half adjusted EBITDA growth versus the prior year. That's greater than the 700 basis point headwind we were expecting when we last spoke at the end of April. And we expect slightly more of this pressure to fall in Q3 than Q4.

目前，這些因素加在一起，使下半年調整後的 EBITDA 成長與去年同期相比下降了約 900 個基點。這比我們 4 月底上次演講時預期的 700 個基點的逆風還要大。我們預計第三季這種壓力的下降將略大於第四季。

During the first half of the year, incremental consumer demand more than offset these headwinds. From where we stand today, we are anticipating organic growth will moderate, and the favorable mix we saw in Q2 will fade. As a result, in terms of adjusted constant currency EBITDA, we currently expect organic gains in the 900 basis points of discrete headwinds I just outlined to essentially offset one another in the second half of the year.

今年上半年，消費者需求的增加足以抵銷這些不利因素。從我們今天的情況來看，我們預計有機成長將會放緩，我們在第二季看到的有利組合將會消失。因此，就調整後的固定匯率 EBITDA 而言，我們目前預計我剛才概述的離散不利因素的 900 個基點的有機收益將在今年下半年基本相互抵消。

The other part of establishing our base comes from below EBITDA, where, for the full year, we continue to expect a roughly $0.38 headwind from the combination of lower other income, a higher effective tax rate and higher stock-based compensation versus the prior year. Year-to-date, we'll be seeing roughly $0.19 of the $0.38, so the second half should see another $0.19 of pressure versus the prior year.

建立我們基礎的另一部分來自低於 EBITDA 的收入，我們繼續預計全年將因其他收入較低、有效稅率較高和股票薪酬較上年增加而帶來約 0.38 美元的阻力。今年迄今為止，我們將看到大約 0.38 美元的 0.19 美元，因此下半年與去年相比應該會再面臨 0.19 美元的壓力。

As for our third priority for 2020, to continue to reduce debt, while maintaining our current dividend, we have made great progress and are well positioned going forward. Through July, we have now fully paid the $1 billion of our 2020 debt maturities with cash, reducing our gross debt outstanding. We fully repaid our precautionary revolver draw down at the end of Q2 and [$4 billion] remains available to us. And we are an extremely strong liquidity position, with more than $2 billion of cash on hand, no meaningful refinancing needs for the next 5 years as a result of our leverage-neutral tender and refinancing transaction in May. And we simplified our capital structure, eliminating any remaining secured debt. So a very strong position to continue reducing our debt, while maintaining our current dividend.

至於我們2020年的第三個優先事項，即繼續減少債務，同時維持現有股息，我們已經取得了很大進展，並為未來做好了準備。截至 7 月，我們已用現金全額支付了 2020 年到期債務的 10 億美元，從而減少了未償債務總額。我們在第二季末完全償還了預防性左輪手槍提款，我們仍然可以使用[40億美元]。我們的流動性狀況極其強勁，手頭上有超過 20 億美元的現金，由於我們 5 月份的槓桿中性招標和再融資交易，未來 5 年沒有有意義的再融資需求。我們簡化了資本結構，消除了任何剩餘的擔保債務。因此，我們有能力持續減少債務，同時維持目前的股利。

Finally, I would also like to note that with the filing of this quarter's 10-Q, we expect to have remediated our previous material weakness identified in our 10-K we filed in June last year.

最後，我還想指出，隨著本季 10-Q 的提交，我們預計將糾正去年 6 月提交的 10-K 中發現的重大缺陷。

In summary, we have had stronger-than-expected results through the first half of the year. Solid execution across the company keeps us cautiously optimistic for the balance of the year. And as Miguel said, our business transformation is well underway. Employee morale is strong. We have a well-defined strategy, and our team is in place, working together with speed to bring agility with scale.

總而言之，我們上半年的業績優於預期。整個公司穩健的執行力使我們對今年剩餘時間保持謹慎樂觀。正如米格爾所說，我們的業務轉型正在順利進行中。員工士氣高昂。我們有明確的策略，我們的團隊已就位，快速合作，以實現規模化的敏捷性。

Now we would be happy to take your questions.

現在我們很樂意回答您的問題。

(Operator Instructions) Our first question comes from Chris Growe with Stifel.

（操作員說明）我們的第一個問題來自 Stifel 的 Chris Growe。

Chris, I think you may be on mute. (Operator Instructions)

克里斯，我想你可能處於靜音狀態。（操作員說明）

Did you want me to go ahead and announce the next question?

您想讓我繼續宣布下一個問題嗎？

Yes. Go to the next question. We can come back to him.

是的。轉到下一個問題。我們可以回到他身邊。

Okay. Our next question comes from Rob Dickerson with Jefferies.

好的。我們的下一個問題來自 Jefferies 的 Rob Dickerson。

So great results in Q2. I guess just to start kind of more broadly, as we think forward with respect to the turnaround, now, obviously, there's been this tailwind, which is in place, which is great. But I guess, if we think about later this year and then next year and the go forward, this is probably more for Miguel, excuse me, how are you thinking now about specific brand strength and actual media spend reallocation and then also just maybe further simplification of the portfolio, right? It sounds like you got to see some at-home lift in certain categories versus other more so, certain capacity constraints in certain categories versus more so, which would lead me to believe that you're able to kind of see maybe where you think you can more effectively compete, right, and get a higher lift off of further spend in some categories versus others. So I'll just ask that and will pass it on.

第二季的成績非常好。我想只是從更廣泛的角度開始，當我們展望扭虧為盈時，現在，顯然，已經出現了這種順風，這很棒。但我想，如果我們考慮今年晚些時候、明年以及未來的發展，這可能對米格爾來說更重要，請問您現在如何考慮具體的品牌實力和實際媒體支出重新分配，然後可能會進一步簡化投資組合，對嗎？聽起來你必須看到某些類別中的一些家用電梯與其他類別相比更是如此，某些類別中的某些容量限制與更多類別中的某些容量限制相比，這會讓我相信你能夠看到你認為你可能在哪裡可以更有效地競爭，對吧，並且在某些類別上比其他類別獲得更高的進一步支出。所以我只會問這個問題並將其轉達。

Okay. Look, near term, we are adjusting our content and delivery to reflect the greater household penetration and the new consumers that are rediscovering our brands, and Carlos mentioned a little bit about that. But that is absolutely critical. I wanted to say it's critical. We are learning about who these new consumers are, and that is our obsession at the moment, is to keep them with us. They are new consumers, and they are repeating the purchase of our products. We cannot miss this opportunity. It's an unbelievable opportunity. I would say it's almost a sampling opportunity that we are having, and we have to keep these consumers with us.

好的。看，短期內，我們正在調整我們的內容和交付，以反映更大的家庭滲透率和重新發現我們品牌的新消費者，卡洛斯提到了這一點。但這絕對是至關重要的。我想說這很關鍵。我們正在了解這些新消費者是誰，目前我們的迷戀就是讓他們留在我們身邊。他們是新消費者，會重複購買我們的產品。我們不能錯過這個機會。這是一個令人難以置信的機會。我想說，這幾乎是我們擁有的採樣機會，我們必須留住這些消費者。

Beyond this, you are going to see us reorient around how consumers think to a few specific platforms that are globally relevant. In other words, we're going to share with you in September more choices and where we believe we have a chance to accelerate big time our growth and giving the portfolio a role for different products for sure. Some will have a role of bringing more profitability, some will have a role of growing net sales. At this moment, or until now, we never had this very clear.

除此之外，您將看到我們圍繞消費者的思維方式重新調整一些與全球相關的特定平台。換句話說，我們將在 9 月與您分享更多選擇，我們相信我們有機會加速我們的成長，並肯定讓產品組合在不同產品中發揮作用。有些將起到帶來更多利潤的作用，有些將起到增加淨銷售額的作用。此刻，或者直到現在，我們還沒有非常清楚這一點。

And so I think that, at the same time -- and that is why we are right now increasing, as Carlos mentioned, media in the second half to put more steam behind brands that we saw big household penetration growth. At the same time, we are making a big change in marketing overall the company. We just hired 3 new heads of marketing for each one of our geographic zones.

因此，我認為，與此同時，正如卡洛斯提到的那樣，我們現在正在下半年增加媒體，為我們看到家庭滲透率大幅增長的品牌提供更多動力。同時，我們正在對整個公司的行銷進行重大變革。我們剛剛為每個地理區域聘請了 3 位新的行銷主管。

We are changing and evolving. We want to be much more consumer-centric. We want to be much better in marketing and in consumer insight, in innovation, in communication. And this transformation and this change is happening, as we speak, and that's very exciting. It's very exciting for the entire commercial organization that is seeing this evolution coming very fast.

我們正在改變和發展。我們希望更加以消費者為中心。我們希望在行銷、消費者洞察、創新和溝通方面做得更好。正如我們所說，這種轉變和變化正在發生，這是非常令人興奮的。對於整個商業組織來說，看到這種演變的速度非常快，這是非常令人興奮的。

Our next question comes from Chris Growe with Stifel.

我們的下一個問題來自 Stifel 的 Chris Growe。

I want to go back to some discussion you had, Paulo, around EBITDA growth for the second half of the year. You did talk about some of the drags you have on EBITDA growth, the commodities, McCafé, foreign exchange. And I think you gave some sort of offsets to that, if you will, for the second half. So I wanted to just go back to that kind of discussion and what's going to offset some of those drags in EBITDA growth, number one. And then to understand, like, have you pushed marketing in the second half of the year? To what degree will that be kind of a further burden on the second half? And then what is marketing doing for the year and perhaps in relation to where you started your expectations for the year?

Paulo，我想回到您關於下半年 EBITDA 成長的討論。您確實談到了對 EBITDA 增長、大宗商品、麥咖啡和外匯的一些拖累。我認為如果你願意的話，你在下半年對此進行了某種補償。所以我想回到這種討論，以及如何抵消 EBITDA 成長的一些拖累，這是第一。然後要了解，例如，你在下半年推動了行銷嗎？這會在多大程度上給下半年帶來進一步的負擔？那麼今年的行銷工作做了什麼，也許與您對今年的期望的起點有關？

Chris, so yes, let's start from the last point. So as Carlos said, we are going to have a higher media spend. We're going to increase versus prior year in the second half. Overall, in terms of marketing, total spend and the way that we've been planning to that, marketing is not going to be a significant drag for the second half of the year, okay, for us. I think the main area is that -- the main headwinds that we're going to have in our EBITDA are pretty much the 4 that I mentioned, like the same 4 items that we mentioned like end of last year, beginning of this year. That is pretty much incentive compensation, so variable compensation when we compare versus prior year. Also we are seeing a more unfavorable commodity cost, mainly in cheese, with this recent volatility that we saw in the price of the commodity, the exit of McCafé and FX, right? So those are the -- those 4 compounds the majority, the key headwinds that we see for the second half of the year.

克里斯，是的，讓我們從最後一點開始。正如卡洛斯所說，我們將有更高的媒體支出。下半年我們將比去年增加。總體而言，就行銷、總支出以及我們計劃的方式而言，行銷不會對我們下半年造成重大拖累。我認為主要領域是——我們的 EBITDA 中將遇到的主要阻力幾乎就是我提到的 4 個項目，就像我們去年年底、今年年初提到的 4 個項目一樣。這幾乎是激勵性薪酬，因此與前一年相比，薪酬是可變的。此外，我們還看到商品成本更加不利，主要是乳酪，​​最近我們看到商品價格波動，麥咖啡和 FX 退出，對吧？所以，這 4 種化合物佔大多數，是我們在今年下半年看到的主要阻力。

In terms of offset, we are -- we still expect, again, strong -- we're still seeing a strong demand for the second half. I think we're operating much better in our mix and also in our supply chain efforts that we're seeing. We also think there's going to be some areas of, when you compare versus prior year, for example, supply chain losses, many other areas of the organization that we are evolving will be offsetting. We expect to be -- to offset these headwinds that we have. So again, sales mix, the pricing progress that we have, supply chain performance, I think, will be offsetting the headwinds that I've mentioned. Marketing is not -- should not be material for us when you compare to these other factors.

就抵銷而言，我們仍然預計下半年會出現強勁的需求。我認為我們的產品組合以及我們所看到的供應鏈工作的營運狀況要好得多。我們還認為，當與去年相比時，例如供應鏈損失，我們正在發展的組織的許多其他領域將被抵消。我們期望能夠抵銷我們所面臨的這些不利因素。因此，我認為，銷售組合、我們的定價進展、供應鏈績效將抵銷我提到的不利因素。與這些其他因素相比，行銷對我們來說不重要。

Just complementing what Paulo said, Chris, so as not to create confusion. Carlos mentioned a big increase in media in the second half, but we'll compensate that big increase with reduction on other parts of the marketing investment. It shouldn't be material to market increase. But what consumers see, which is media, it will be material.

只是補充保羅所說的，克里斯，以免造成混亂。卡洛斯提到下半年媒體的大幅成長，但我們將透過減少其他部分的行銷投資來補償這一大幅成長。這對市場成長應該不會產生重大影響。但消費者看到的，即媒體，將是物質的。

That's great. Just a quick follow-up. Are you pricing to some of the commodity changes you're seeing right now? Is this an environment where you're doing that? Or is it simply managed via promotional spending, which has been down?

那太棒了。只是快速跟進。您的定價是否符合您目前看到的一些商品變化？這是你這樣做的環境嗎？或只是透過促銷支出來管理（促銷支出已經下降）？

So in terms of, overall, the company and think about this commodity that is happening, we had some price, and you saw this in the beginning of the year. We had some price initiatives that we had to prepare for the year. And we -- of course, our price strategy, the commodity will follow the market. We also -- as we said before, and was mentioned in the call, we expect to have a more normal merchandising in the second half, that's what we saw in Q2. But we'll be operating in line with what is going to be the market for this commodities that we're seeing.

因此，就整體而言，公司並考慮正在發生的這種商品，我們有一些價格，你在今年年初就看到了這一點。我們必須為今年準備一些價格措施。當然，我們的價格策略，商品將跟隨市場。正如我們之前所說的，以及在電話會議中提到的，我們預計下半年的銷售情況將更加正常，這就是我們在第二季度看到的情況。但我們將根據我們所看到的這種商品的市場情況進行運作。

To add some -- I was going to add something to what Paulo said, it simply is the pressure that we're seeing on the natural cheese. It really is a short-term thing because of the government program. But if we go into the second half, we -- there may be a small amount of unfavorable in our commodity, but something that we feel that we can handle as we go forward.

補充一些——我想在保羅所說的基礎上補充一些，這只是我們在天然奶酪上看到的壓力。由於政府的計劃，這確實是一個短期的事情。但如果我們進入下半年，我們的商品可能會有少量不利因素，但我們認為我們可以在前進過程中處理這些問題。

Our next question comes from David Driscoll with DD Research.

我們的下一個問題來自 DD Research 的 David Driscoll。

So I had 2 questions I wanted to ask. The first one was just on the capacity constraints. What are you doing to address these constraints? When do you think you'll see relief on some of the key constraints? And then was there any ballpark estimate you had on what those constraints kind of theoretically cost you in the quarter? Could you have seen another 3 or 4 percentage points of revenue growth if not for the supply constraints?

所以我有兩個問題想問。第一個是關於容量限制。您正在採取哪些措施來解決這些限制？您認為什麼時候您會看到一些關鍵限制得到緩解？那麼，對於這些限制在本季理論上為您帶來的成本，您是否有過大致的估計？如果沒有供應限制，你還能看到收入再增加 3 或 4 個百分點嗎？

Let me start with the perspective in the U.S. So essentially, what we saw was some isolated capacity constraint on certain products, if you think about areas like Kraft Singles and Mac & Cheese Cups, and not surprising, some of our pork- and beef-based meats. Now we're working to mitigate those near-term capacity constraints, both in terms of their supply side and the demand side. So on the supply side, I'll tell you, listen, our employees have shown incredible dedication, adding weekends and overtime shifts. And we're securing more capacity with external manufacturers, and we're also fast-tracking CapEx projects to improve even more our throughput. So moving forward, we actually have projects underway that we're going to reduce our downtime, reprioritize our CapEx and build additional raw material inventory.

讓我從美國的角度開始。所以本質上，我們看到的是某些產品的一些孤立的產能限制，如果你考慮像卡夫單打和通心粉和奶酪杯這樣的領域，毫不奇怪，我們的一些豬肉和牛肉-以肉類為主。現在，我們正在努力緩解供應方和需求方的近期產能限制。因此，在供應方面，我告訴你，聽著，我們的員工表現出了令人難以置信的奉獻精神，增加了週末和加班。我們正在與外部製造商合作確保更多產能，我們也正在快速追蹤資本支出項目，以進一步提高我們的吞吐量。因此，展望未來，我們實際上正在進行一些項目，我們將減少停機時間，重新確定資本支出的優先順序並建立額外的原材料庫存。

Now on the demand side, we've also rebalanced all of our merchandising, promotion, our marketing through the lens of that available capacity. And we are making sure that we safeguard our customer service to our -- to the best of our ability. And I would say, to the end of your question, I will say, it's really difficult to quantify the impact of that, but I feel good as we stand here as we go into the second half.

現在在需求方面，我們也透過可用能力的角度重新平衡了所有的商品推銷、促銷和行銷。我們確保盡我們最大的能力來保障我們的客戶服務。我想說，在你的問題結束時，我會說，很難量化其影響，但當我們進入下半場時，我站在這裡感覺很好。

Great. And then if I could just follow up on one other item. I just want to say, it sounds like, on a longer-term basis, all the things that are happening now in terms of the advantages of this demand from the consumers, combined with the reprioritization of your objectives, and I know you're going to lay out a lot more in September, but it just sounds like what you're saying in the future is that there doesn't need to be a significant earnings reset in '21 and beyond, that you can go from here, reprioritize where you're putting your investments and get Kraft on a sustainable growth trajectory. This is a little bit of a -- I'm trying to tease out maybe a little bit of what you might say in September, but are you willing to agree with my comment? Am I interpreting you correctly?

偉大的。然後我是否可以跟進另一件事。我只是想說，從長遠來看，現在正在發生的所有事情都體現了消費者需求的優勢，再加上你的目標的優先順序的重新調整，我知道你正在9月份會安排更多，但聽起來你在未來所說的是，在21年及以後不需要對收入進行重大調整，你可以從這裡開始，重新確定優先順序您將在哪裡進行投資並讓卡夫走上可持續增長的軌道。這有點——我試圖梳理出你在九月可能會說的一些內容，但你願意同意我的評論嗎？我對你的解釋正確嗎？

Look, David, we've said that we expect to find efficiencies to pay for the necessary investments. This quarter is a great example of that. We had significant increase in supply costs in overtime, in bonus to employees, in PPEs, hygiene, temperature checks. But even with all these increases, we were able to mitigate these costs. And cost of goods sold, you can see they were very, very good. And so we remain confident that this will be the case. We'll give you more transparency, more details in September, but that's the way that we are working moving forward.

聽著，大衛，我們已經說過，我們希望找到效率來支付必要的投資。本季就是一個很好的例子。我們在加班、員工獎金、個人防護裝備、衛生、體溫檢查的供應成本大幅增加。但即使有了這些增加，我們還是能夠降低這些成本。從銷售成本來看，你可以看到它們非常非常好。因此，我們仍然相信情況會如此。我們將在 9 月向您提供更多透明度和更多詳細信息，但這就是我們前進的方式。

Our next question comes from John Baumgartner with Wells Fargo.

我們的下一個問題來自富國銀行的約翰·鮑姆加特納。

Just -- I wanted to come back to the U.S. And Carlos, you referenced being prepared to deal with any sort of path the economic recovery may hand you. And in that vein, how do you think about the portfolio of barbell strategy in terms of premium versus opening price points? In what parts of the U.S. portfolio do you think you have the most premium opportunities in terms of development going forward? And then at the low end, the opening price point, how is the supply chain now in terms of being able to meet that demand at margins with minimal dilution, let's say?

只是 - 我想回到美國。卡洛斯，你提到準備好應對經濟復甦可能給你帶來的任何道路。在這種情況下，您如何看待槓鈴策略組合的溢價與開盤價點？您認為在未來的發展方面，您認為美國投資組合的哪些部分擁有最優質的機會？然後，在低端，即開盤價格點，供應鏈現在如何能夠以最小的稀釋度滿足利潤需求？

So thanks for the question. Let me -- I guess, part of where I will start with is -- let's put COVID aside for a second, and I think getting to where your point is, which is what we see in the current economic pressures. Ultimately, that's going to be consumers, how they're going to be purchasing will be a function of basically how the economy is going to drop and how much time it will take to recover. Now both of those things, at this point, it's really hard to know how that's going to sort out. When we look back to some of the -- in the past of our recessions, whether that was in the U.S. in 2001, 2008 and '09, our portfolio organic growth remained essentially largely consistent with what we saw pre the recession performance, with the exception of foodservice. In foodservice, we actually saw a decline across both recessions because of the lower foot traffic in restaurants.

謝謝你的提問。讓我——我想，我要開始的部分內容是——讓我們先把新冠疫情放在一邊，我想談談你的觀點，這就是我們在當前的經濟壓力中看到的情況。最終，這將是消費者，他們將如何購買基本上將取決於經濟將如何下滑以及復甦需要多長時間。現在這兩件事，在這一點上，真的很難知道將如何解決。當我們回顧過去的一些經濟衰退時，無論是 2001 年、2008 年還是 09 年在美國，我們的投資組合有機成長基本上與我們在經濟衰退前看到的表現基本一致，餐飲服務除外。在餐飲服務領域，由於餐廳人流量減少，我們實際上看到了兩次經濟衰退期間的下降。

So that takes me, I think, to your question of where do we stand today. What I would say is, I think we're well positioned. I think we have good momentum in the household penetration, as I mentioned. We are in better position on the promotional front end, as we go into the second half of the year where we can invest back into our brands. And the investment is not just on the promotional event. As I mentioned earlier, we are also investing back in media. So we are seeing a 40% greater investment in the second half as we go into closing the year. So I think that from what we have learned and where we are today, I feel good about where we are.

我想這讓我想到了你的問題：我們今天的處境如何。我想說的是，我認為我們處於有利位置。正如我所提到的，我認為我們在家庭滲透率方面擁有良好的勢頭。當我們進入下半年時，我們在促銷方面處於更好的位置，我們可以重新投資我們的品牌。而且投資不僅僅是在促銷活動上。正如我之前提到的，我們也在媒體方面進行投資。因此，隨著年底的到來，我們預計下半年的投資將增加 40%。所以我認為，根據我們所學到的知識和我們今天的處境，我對我們的處境感到滿意。

Okay. And then just in terms of the write-downs taken in the quarter, there was also some commentary regarding increases in fair value estimates in other areas across the business. Can you walk through the areas of positive revisions and maybe elaborate a bit on the reference to recalibrating future investments going forward?

好的。然後，就本季的減記而言，也有一些關於整個業務其他領域公允價值估計增加的評論。您能否介紹一下積極修正的領域，並詳細說明一下重新調整未來投資的參考內容？

No. Sure. I think when you look at -- we have many areas in our portfolio and that the values get ended up -- moving up, as I mentioned in the call, in areas like the value went down, I mean, the exercise that you do. And I guess, it's important to remember that, listen, we do this annual test every year in Q2. And as you mentioned, we saw many areas in our portfolio that we are doing now and have better strategy. And we expect to get, for example, our condiment and sauce portfolio across the globe, including the U.S., some meals portfolios that we have. We saw these reporting units going up even in the escalated part of the business unit. Also we have -- we saw some value increases.

不。當然。我認為，當你看到我們的投資組合中有很多領域並且價值最終上升時，正如我在電話中提到的，在價值下降的領域，我的意思是，你所做的練習。我想，重要的是要記住，聽著，我們每年在第二季都會進行年度測試。正如您所提到的，我們在我們的投資組合中看到了我們現在正在做的許多領域，並且擁有更好的策略。例如，我們希望獲得我們在全球（包括美國）的調味品和醬汁產品組合，以及我們擁有的一些膳食產品組合。我們看到這些報告單位甚至在業務單位的升級部分也在上升。我們也看到了一些價值的成長。

And the areas that we really -- the reporting units that went down was pretty much related to Canada, foodservice and retail, and also the foodservice in the U.S. But those are pretty much the areas that we saw ups and downs in terms of our impairment exercise.

我們真正下降的報告單位與加拿大、餐飲服務和零售以及美國的餐飲服務密切相關，但這些領域幾乎是我們在減損方面看到起伏的領域鍛煉。

Our next question comes from Michael Lavery with Piper Sandler.

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

You mentioned that you expect more normalized merchandising levels in the second half. Would we hear that correctly to mean that you don't really have any need to pay back the savings from less promotional spending in the second quarter? Or would be more normalized levels maybe even have a little tick up to sort of smooth out the year?

您提到預計下半年的銷售水準將更加正常化。我們是否正確地聽到了這意味著您實際上不需要償還第二季度促銷支出減少所節省的費用？或者是否會更加正常化的水平甚至可能會略有上升，以平穩度過這一年？

Let me -- I guess, I could take that question. When you look at our promotional activity, as we think about the second half, what I would say is, right now, both our inventories, our production levels, as they are improving, we are, in fact, going to be able to put some additional promotion activity in Q3. In fact, you'll see that in our first dry period, which is our big dry period happens around Labor Day. And so we'll see that in our brands and categories. Well, we have -- so far, what we have been able to do is we have been able to be very surgical about pulling back on promotions. And you saw some of that in the scanner data, but that really has been very focused on certain categories.

讓我——我想，我可以回答這個問題。當你看到我們的促銷活動時，當我們考慮下半年時，我想說的是，現在我們的庫存、生產水平都在改善，事實上，我們將能夠投入第三季度的一些額外促銷活動。事實上，你會看到，在我們的第一個乾旱期，也就是我們的大乾旱期發生在勞動節前後。因此，我們將在我們的品牌和類別中看到這一點。嗯，到目前為止，我們能夠做的是，我們能夠非常謹慎地減少促銷活動。您在掃描器資料中看到了其中的一些內容，但這確實非常集中於某些類別。

Now in going forward, our focus continues to be is making sure that we service demand because we know there is still a significant amount of pull there from our consumer base. So we're going to -- yes, we're going to be building back our promotion. But at the same time, I feel like we're doing it in a balanced way, as we are now being able to support those businesses that do have the dry level of inventory.

現在，展望未來，我們的重點仍然是確保滿足需求，因為我們知道我們的消費者基礎仍然具有很大的吸引力。所以我們將——是的，我們將重建我們的促銷活動。但同時，我覺得我們正在以一種平衡的方式來做這件事，因為我們現在能夠支援那些庫存水準確實較低的企業。

Okay. That's great. And just one more looking ahead. As you start to plan for 2021, clearly, there's lots of uncertainty. But what's your planning stance as far as elevated demand levels? And do you anticipate that carrying into next year? And are you planning for that accordingly?

好的。那太棒了。還有一個展望未來。當您開始計劃 2021 年時，顯然存在許多不確定性。但對於需求水準的提高，您的計劃立場是什麼？您預計這種情況會持續到明年嗎？您是否有相應的計劃？

Look, as you said, it's very hard to anticipate the demand for 2021. I can tell you that we've been working on a lot of scenarios and building scenarios. The truth is that, we, at the same time, the same way that you, I'm sure, do not see a solution for the coronavirus in the short term or -- and so we have to work with scenarios. I think that the best thing that we can do is to concentrate our energy and resources on really holding onto these new households that we gained that it is critical. This is a blast that we have, new consumers trying, experimenting, repeating the trial and has to be our obsession to keep them with us so we can, in 2021, progress.

你看，正如你所說，很難預測 2021 年的需求。我可以告訴你，我們一直在研究很多場景並建立場景。事實是，我們同時也像你們一樣，我確信，在短期內看不到冠狀病毒的解決方案，所以我們必須根據情況進行工作。我認為我們能做的最好的事情就是集中精力和資源來真正保住我們獲得的這些新家庭，這一點至關重要。這是我們所經歷的爆炸，新消費者嘗試、試驗、重複試驗，我們必須執著於讓他們留在我們身邊，這樣我們才能在 2021 年取得進步。

If the pandemic continues in 2021, and we'll continue with that, then that will play in our favor. If not, we have a base of consumers that is higher than we had before. And they tried and they continue trying, they continue consuming, and we want them with us.

如果疫情在 2021 年繼續下去，而我們將繼續這樣做，那麼這將對我們有利。如果沒有，我們的消費者基礎就會比以前更高。他們嘗試了，他們繼續嘗試，他們繼續消費，我們希望他們和我們在一起。

We continue to carry out the strategy that we've set and look for additional and continuous improvement opportunities in everything we do. I think that one thing that is critical for us is that we are starting to share with our customers, at this moment, plannings already for what's going to happen in next year. And we'll start this in -- now in the second half of the year, and that is crucial. We are -- we've been able to anticipate the planning cycle for the future, which will -- is very important both for us and for our customers.

我們將繼續執行我們所製定的策略，並在我們所做的一切中尋找額外的、持續改進的機會。我認為對我們來說至關重要的一件事是，我們現在開始與客戶分享明年將要發生的事情的計劃。我們將在今年下半年開始這項工作，這是至關重要的。我們已經能夠預測未來的規劃週期，這對我們和我們的客戶都非常重要。

Our next question comes from Scott Mushkin with R5 Capital.

我們的下一個問題來自 R5 Capital 的 Scott Mushkin。

So I wanted to look at the third quarter just for a second. I know you said you're expecting things to kind of, I guess, slow down a little bit. And I was wondering, we're seeing, especially in the U.S., a resurgence of corona cases. And I know the retailers are seeing still very, very strong sales. So I was wondering if you could maybe flesh out a little bit why you think things are going to really take a step back in 3Q as far as sales in the U.S.

所以我想看一下第三季。我知道你說過你希望事情會稍微慢一點。我想知道，我們看到，尤其是在美國，新冠病例死灰復燃。我知道零售商的銷售仍然非常非常強勁。所以我想知道您是否可以詳細說明為什麼您認為第三季美國的銷售情況會真正倒退。

No. Listen, so I can take that and maybe after, Carlos can also build if needed. But again, at the end of the day, when you -- we compare our Q3 expectations of Q2, we saw already inside Q2 the deceleration from the retail side of the business. We -- on top of that, we also are seeing like foodservice kind of recovering and with -- offsetting part of this decline of the retail. We have McCafé also started playing. The exit of McCafé is also going to start impacting us. So again, those are pretty much the deceleration effectors in sales that we're seeing for Q3, second half versus the first half, the normal deceleration from the retail side. And the McCafée, they start playing out also -- the exit of McCafée in the U.S. will start impacting us in July.

不。聽著，這樣我就可以接受這個，也許之後，卡洛斯也可以根據需要進行建造。但歸根結底，當我們將第三季的預期與第二季的預期進行比較時，我們已經在第二季看到了零售業務的減速。除此之外，我們還看到餐飲服務業正在復甦，並抵消了零售業下降的部分影響。我們麥咖啡也開始玩了。麥咖啡的退出也將開始影響我們。再說一遍，這些幾乎是我們在第三季看到的銷售減速效應，下半年與上半年相比，零售方面的正常減速。麥咖啡也開始受到影響——麥咖啡退出美國將於 7 月開始影響我們。

Margin-wise, when you talk about EBITDA, that was the comment I made, I think there are 2 big components, right? One component is mix. I think the mix benefits that we saw in Q2 will fade, both because of the relative retail foodservice channel mix and also the category product level mix gains that we are expecting to see going forward versus what we saw in Q2. And the price relative to commodity, as I mentioned, with the spike mainly in the cheese cost that we're seeing this happen in Q3 versus what we had in Q2, that was a benefit for us. But those are the main drivers that we were seeing in terms of relative performance -- year-over-year performance, year to go versus what we saw in the first half.

就利潤率而言，當你談論 EBITDA 時，這就是我的評論，我認為有兩個主要組成部分，對嗎？一種成分是混合。我認為我們在第二季度看到的組合效益將會消失，這既是因為相對的零售餐飲服務管道組合，也是因為我們預計未來將看到與第二季度相比的類別產品水平組合的收益。正如我所提到的，相對於商品的價格，主要是起司成本的飆升，我們看到第三季發生的情況與第二季相比，這對我們來說是一個好處。但這些是我們在相對錶現方面看到的主要驅動因素——同比表現、未來一年與我們上半年看到的情況。

Okay. Great. And as a quick follow-up, I was wondering, maybe you don't want to talk about this yet, maybe it's for September, but any thoughts on the innovation pipeline? You touched on it that you wanted to accelerate innovation and renovation. Any further comments there? And then I'll yield.

好的。偉大的。作為快速跟進，我想知道，也許您還不想談論這個，也許是九月份，但是對創新管道有什麼想法嗎？您談到要加速創新和革新。還有進一步的評論嗎？然後我就會屈服。

Let me -- I guess, I'd comment on the innovation piece, and you're right. You're going to hear quite a bit more about our plans in September, so look forward to seeing you then. But I would tell you is that, I think, when we think about 2020, really, the impact has been kind of limited in terms of what we have seen and changing our plans of innovation. We -- if you recall, we are actually, in 2020, have half the projects that we had a year ago. So we actually didn't see as much of an impact because of the changes. As we go to 2021, we'll be going to a little detail in September, but I can tell you that we're going to be focused on fewer, bigger innovation. And the good news is that our R&D facilities actually have been open for about 6, 7 weeks. So actually, we feel very good about our pipeline as we go into next year. And I'm looking forward to kind of share with you the details of how that's going to come to life in September.

讓我——我想，我會對創新作品發表評論，你是對的。您將聽到更多有關我們九月份計劃的信息，所以期待屆時見到您。但我想告訴你的是，我認為，當我們考慮 2020 年時，實際上，就我們所看到的和改變我們的創新計劃而言，影響確實有限。如果你還記得的話，到 2020 年，我們的計畫實際上只有一年前的一半。因此，我們實際上並沒有看到這些變化帶來太大的影響。進入 2021 年，我們將在 9 月詳細介紹一些細節，但我可以告訴您，我們將專注於更少、更大的創新。好消息是，我們的研發設施實際上已經開放了大約 6、7 週。事實上，隨著明年的到來，我們對我們的管道感覺非常好。我期待著與您分享九月如何實現這一目標的細節。

Our last question comes from David Palmer with Evercore ISI.

我們的最後一個問題來自 Evercore ISI 的 David Palmer。

A question on pricing net of commodities and also on market share and maybe how those are playing against each other. It looked like your pricing net of commodities was a positive in the second quarter, specifically in cheese. We saw those prices low for much of the quarter. And you mentioned that cheese was flipping to a headwind and is one of the reasons why the EBITDA headwinds would be created. Is that simply because of the fact that we've seen the dairy spike in June into July here? Or is there some other reinvestment needed? I asked that because cheese, like some of your other commodity-oriented categories, you've had some sustained market share losses for a while. And I'm wondering if you're not just seeing a cycle reason, but perhaps you're drawing a line in the sand about market share in some of these categories and you're making a decision to defend on market share.

關於商品淨定價和市場份額的問題，以及它們如何相互競爭的問題。看起來你們的商品淨定價在第二季度是正面的，特別是在起司方面。我們看到本季大部分時間這些價格都很低。您提到起司正面臨逆風，這也是 EBITDA 逆風產生的原因之一。這僅僅是因為我們在六月到七月期間看到乳製品價格飆升嗎？或是還需要其他一些再投資嗎？我問這個問題是因為乳酪，就像你們其他一些以商品為導向的類別一樣，你們的市場份額已經持續損失了一段時間。我想知道您是否不僅僅看到了周期原因，也許您正在對其中某些類別的市場份額劃清界限，並做出捍衛市場份額的決定。

I'll take that. I think the question was probably more about the U.S. So I guess I would say is let me step by -- I think the point that we have made earlier, but I'll revisit, which is our focus really is on driving household penetration and retaining all those new consumers that are coming to our brands. Now in the context of that market share specifically, what I would say is there's been -- the way I see it, there's been like 3 moments since the COVID began. I think there was initial moment in which our -- the demand really spiked, and we had high levels of inventory, which is normal with what we do at that time of year. So that actually helped us gain share. Now when we saw demand stayed high through May and into June, we also wanted to make sure we better manage our service levels, so we actually lost some share in certain categories.

我會接受的。我認為這個問題可能更多地與美國有關，所以我想我想說的是讓我一步一步——我認為我們之前已經提出過這一點，但我會重新審視一下，我們的重點實際上是推動家庭普及率，留住所有那些來到我們品牌的新消費者。現在，特別是在市場份額的背景下，我想說的是，在我看來，自從新冠疫情開始以來，已經有大約 3 個時刻了。我認為，在最初的時刻，我們的需求確實激增，而且我們的庫存水平很高，這對於我們在一年中那個時候所做的事情來說是正常的。所以這實際上幫助我們獲得了份額。現在，當我們看到需求在五月和六月保持高位時，我們也希望確保更好地管理我們的服務水平，因此我們實際上在某些類別中失去了一些份額。

And as I mentioned earlier, we pulled back on promotions in places like Memorial Day, which we have never done. We also focused our SKUs in our core businesses, so that we can maximize our throughput. That also had an impact on share, as you think about the distribution. And then we also had to respond to the fact that there was some supply tightness across the value chain and from end-to-end in places like meat and in some parts of our -- mostly in pork and beef business.

正如我之前提到的，我們取消了陣亡將士紀念日等地的促銷活動，但我們從未這樣做過。我們也將 SKU 集中於核心業務，以便最大限度地提高吞吐量。當你考慮分配時，這也對份額產生了影響。然後我們還必須應對這樣一個事實：整個價值鏈以及肉類等領域以及我們的某些部分（主要是豬肉和牛肉業務）從端到端都存在一些供應緊張。

Now today, what I'll tell you is our retail demand remains strong. So we are -- because of that, we're focused on the areas that we can actually control. And let me tell you the 3 things we're doing. One, we're bolstering capacity to make sure that we get more of our assets, and we are expanding our number of co-packers. That seemed to be working. Now because of that, we're actually then expanding the number of SKUs back into our shelves where customers really need them. And the third thing is we're also getting back to investing. I mentioned we're investing back in promotional events in the second half and investing back in media, as we go into the second half.

今天，我要告訴大家的是，我們的零售需求仍然強勁。所以我們 - 正因為如此，我們專注於我們實際上可以控制的領域。讓我告訴你我們正在做的三件事。第一，我們正在增強產能，以確保我們獲得更多資產，並且我們正在擴大代加工商的數量。這似乎有效。正因為如此，我們實際上正在將 SKU 的數量擴大到客戶真正需要的貨架上。第三件事是我們也重新開始投資。我提到我們將在下半年對促銷活動進行投資，並在進入下半年時對媒體進行投資。

So when you take these actions, the reality is that we're actually seeing progress. In fact, our share over the last 2 weeks have been positive, and we see that some improvement as we go forward. So when you take it all together, what I'll say is, our focus for our entire team is how do we make sure, as we go into the second half, we maintain the positive momentum in the business and we focus on connecting with our new and effecting consumers.

因此，當您採取這些行動時，事實是我們確實看到了進展。事實上，過去兩週我們的份額是積極的，隨著我們的前進，我們看到了一些改善。因此，當你把所有這些放在一起時，我要說的是，我們整個團隊的重點是如何確保，當我們進入下半年時，我們保持業務的積極勢頭，我們專注於與我們新的、有影響力的消費者。

I would now like to turn the call back over to Miguel for any closing remarks.

我現在想將電話轉回給米格爾，讓其發表結束語。

Well, I wanted to thank you for all the time you've been on this call with us. And before finishing, I just want to summarize the way that we are seeing this quarter and moving forward.

嗯，我想感謝您一直以來與我們通話。在結束之前，我只想總結一下我們對本季的看法和未來的發展。

We, for sure, had stronger-than-expected Q2 results, and that reflected -- is reflecting our continued momentum and the strong consumer demand for our brands, and we are very excited with that. We had the strong category and brand growth on household penetration -- coming from household penetration, but also from repeat rates. We had better-than-anticipated costs and supply chain, and that's despite the fact that we had a big inflation, a big cost increase because of the COVID.

當然，我們第二季度的業績強於預期，這反映出我們持續的發展勢頭以及消費者對我們品牌的強勁需求，我們對此感到非常興奮。我們在家庭滲透率方面實現了強勁的類別和品牌成長——來自家庭滲透率，但也來自重複率。我們的成本和供應鏈都比預期，儘管事實上我們的通貨膨脹率很高，但由於新冠疫情導致成本大幅增加。

And now for 2020, our priorities and our actions are on track, and the results will be better than anticipated. We expect this first half upside to hold, and solid execution is making us cautiously optimistic for the second half. There's a lot of uncertainty. Are kids going back-to-school or not? Are we going to open our offices or not? This can change still a lot. But if the consumption stays strong, yes, we may have an upside on the second half.

現在2020年，我們的優先事項和行動都已步入正​​軌，結果將比預期更好。我們預計上半年的上漲動能將持續，而穩健的執行力使我們對下半年持謹慎樂觀的態度。有很多不確定性。孩子們返校還是不返校？我們是否要開設辦事處？這仍然可以改變很多。但如果消費保持強勁，是的，我們下半年可能會出現上漲。

The other thing is at the same time that we are dealing with this unprecedented change in consumption patterns, and we've been adapting very fast, we are working on parallel on our transformation. Our transformation is underway, and in the -- still in the early stages of bringing the agility to our company. We have a lean structure, a culture based on ownership, which is a critical ingredient for agility. And yes, we have to correct other things, but we are excited about bringing agility to the company that has the scale that we have. I think that, together with the scale of our business, we are going to bring a benefit to our shareholders, to our customers and to our consumers.

另一件事是，我們正在應對消費模式前所未有的變化，我們的適應速度非常快，我們正在並行轉型。我們的轉型正在進行中，並且仍處於為我們公司帶來敏捷性的早期階段。我們擁有精實的結構和基於所有權的文化，這是敏捷性的關鍵要素。是的，我們必須修正其他問題，但我們很高興能夠為擁有我們這樣規模的公司帶來敏捷性。我認為，加上我們的業務規模，我們將為我們的股東、我們的客戶和我們的消費者帶來利益。

And looking forward, we are looking forward to provide you with more details on our strategy, priorities and initiatives and our new operating model during our virtual Investor Day on September 15. So thank you very much, and see you soon or talk to you soon.

展望未來，我們期待在 9 月 15 日的虛擬投資者日期間向您提供有關我們的策略、優先事項和舉措以及新營運模式的更多詳細資訊。非常感謝您，很快再見或與您交談。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect, and have a wonderful day.

女士們、先生們，今天的演講到此結束。您現在可以斷開連接，並度過美好的一天。