卡夫亨氏 (KHC) 2022 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to The Kraft Heinz Company second quarter results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎來到卡夫亨氏公司第二季度業績電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Anne-Marie Megela. Please go ahead.

我現在想把會議交給你今天的演講者 Anne-Marie Megela。請繼續。

Thank you and hello, everyone. This is Anne-Marie Megela, Head of Global Investor Relations at The Kraft Heinz Company, and welcome to our Q&A session for our second quarter 2022 business update.

謝謝大家，大家好。我是卡夫亨氏公司全球投資者關係主管 Anne-Marie Megela，歡迎來到我們的問答環節，了解我們 2022 年第二季度的業務更新。

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 earnings release and our filings with the SEC. We will also discuss some non-GAAP financial measures today during the call, and these non-GAAP financial measures should not be considered a replacement for and should be read together with GAAP results. And you can find the GAAP to non-GAAP reconciliations within our earnings release and the supplemental materials posted at ir.kraftheinzcompany.com.

在我們今天的講話中，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，這些在我們的收益發布和我們提交給美國證券交易委員會的文件中進行了討論。今天，我們還將在電話會議期間討論一些非 GAAP 財務指標，這些非 GAAP 財務指標不應被視為替代，而應與 GAAP 結果一起閱讀。您可以在我們的收益發布和 ir.kraftheinzcompany.com 上發布的補充材料中找到 GAAP 與非 GAAP 的對賬。

Before we begin, I'm going to hand it over to our CEO, Miguel Patricio, for a few quick opening remarks.

在我們開始之前，我將把它交給我們的首席執行官米格爾·帕特里西奧（Miguel Patricio），讓我們快速開場白。

Well, thank you, Anne-Marie, and thank you, everyone, for joining us today. I wanted to acknowledge the fact that we are living under a lot of uncertainty in what regards to the external world. And in that sense, I want to thank my team and to congratulate my team for delivering another quarter of very solid results.

好吧，謝謝你，Anne-Marie，謝謝大家今天加入我們。我想承認一個事實，即我們生活在與外部世界有關的許多不確定性之中。從這個意義上說，我要感謝我的團隊，並祝賀我的團隊又取得了四分之一的穩健成果。

Of course, we are mindful of the current inflationary environment and how it affects our consumers and our customers. But we continue to develop solutions that benefit our consumers and our retailers. Our relationships with retailers continue to strengthen, and we have improved inventory and service levels so we can have now more optionality to execute more mutually strategic programs.

當然，我們關注當前的通脹環境以及它如何影響我們的消費者和客戶。但我們繼續開發有利於我們的消費者和零售商的解決方案。我們與零售商的關係繼續加強，我們提高了庫存和服務水平，因此我們現在可以有更多的選擇權來執行更多的相互戰略計劃。

Well, with that, we are happy to take your questions.

好吧，有了這個，我們很高興回答您的問題。

(Operator Instructions) And our first question will come from Bryan Spillane from Bank of America.

（操作員說明）我們的第一個問題將來自美國銀行的 Bryan Spillane。

I had just one clarification question and then a second question. The first one, just as a clarification. Andre, in the slide deck, I think it's Slide 27, where you talk about -- there's a portion or a section in there about gross margin, and it shows gross margin at 30.3%. I just want to make sure, that is not adjusted, right? So that's just your gross margin. And I think, as we did in the adjusted gross margin calculation, it was like 31.5%. So I just wanted to clarify that, that margin that you're -- that you put in the slide deck is reported, not adjusted?

我只有一個澄清問題，然後是第二個問題。第一個，只是為了澄清。安德烈，在幻燈片中，我認為是第 27 張幻燈片，您談到的地方——其中有一部分或部分是關於毛利率的，它顯示毛利率為 30.3%。我只是想確定一下，沒有調整，對吧？所以這只是你的毛利率。我認為，正如我們在調整後的毛利率計算中所做的那樣，大約是 31.5%。所以我只是想澄清一下，你放在幻燈片中的那個邊距是報告的，而不是調整的？

Bryan, thanks for the question. Very good, by the way. So yes, you're right. So this is the GAAP gross margin. So to get to adjusted, we will need to increase this number by 110 basis points due to the change of unrealized hedge on commodities, okay? And in fact, if we adjust for that, our margin in Q2 is pretty much in line with the margin in Q1. And if you go back to the prior year, you would see an expansion of margin if it were not for the dilutive impact of repricing to offset inflation.

布萊恩，謝謝你的問題。非常好，順便說一句。所以，是的，你是對的。這就是GAAP毛利率。因此，為了進行調整，由於商品未實現對沖的變化，我們需要將這個數字增加 110 個基點，好嗎？事實上，如果我們對此進行調整，我們在第二季度的利潤率與第一季度的利潤率幾乎一致。如果你回到上一年，如果不是因為重新定價以抵消通貨膨脹的稀釋影響，你會看到利潤率的擴大。

Okay. And then my question is just in the prepared remarks, Miguel, you talked a little bit about, I think, there still being supply chain pressures in the back half of the year and -- or currently, I suppose. And if I recall in last year, where part of what happened in the U.S. was you had some supply chain issues and they affected service levels, especially around the holiday. I guess, does the guidance assume that there's still going to be some pressure there and that you won't be fully merchandised for the holidays? Or are we -- are you in a position where you can be more fully sort of supplied and merchandised at the holidays in the U.S.?

好的。然後我的問題只是在準備好的評論中，米格爾，你談到了一點，我認為，今年下半年仍然存在供應鏈壓力 - 或者目前，我想。如果我記得去年，在美國發生的部分情況是您遇到了一些供應鏈問題，它們影響了服務水平，尤其是在假期前後。我想，該指導是否假設那裡仍然會有一些壓力並且您不會在假期完全商品化？還是我們——您是否可以在美國的假期更全面地供應和銷售商品？

Okay. Bryan, I think that since your question is addressing world of U.S., I will pass it to Carlos.

好的。布萊恩，我想既然你的問題是針對美國的世界，我會把它交給卡洛斯。

Thank you, Miguel. Yes, I think -- first of all, thank you for your question. The reality is that we have continued to improve our production and our service levels as you saw in the presentation. And now that we are approaching kind of the low 90s in terms of service in Q2, it's going to allow us to continue to focus on driving the right kind of levels of both service and inventory with our retailers.

謝謝你，米格爾。是的，我想——首先，謝謝你的提問。現實情況是，正如您在演示文稿中看到的那樣，我們一直在不斷改進我們的生產和服務水平。現在我們在第二季度的服務方面接近 90 年代的低點，這將使我們能夠繼續專注於與我們的零售商一起推動正確的服務和庫存水平。

So for us, it's important to see the continued progression that we have, and we don't anticipate that actually going against us as we go forward. In fact, what we're going to continue to see as we go into Q3 and Q4 is the continued expansion of our service and as a result, a continued improvement in terms of our performance.

所以對我們來說，重要的是要看到我們所擁有的持續進步，而且我們預計在我們前進的過程中這實際上不會對我們不利。事實上，在進入第三季度和第四季度時，我們將繼續看到我們服務的持續擴展，因此，我們的業績將繼續得到改善。

We saw that in Q2, where in fact, we have been able to kind of unlock opportunities within, for example, brands like Philadelphia or Heinz Ketchup, both of which had record shares, in fact, highest share they ever had in both of those businesses. So I think as we go forward, we're only going to continue to improve our position.

我們在第二季度看到了這一點，事實上，我們已經能夠在諸如費城或亨氏番茄醬等品牌中釋放機會，這兩個品牌的份額都創下歷史新高，實際上是它們在這兩個品牌中的最高份額企業。所以我認為隨著我們前進，我們只會繼續改善我們的地位。

And we'll take our next question from Ken Goldman from JPMorgan.

我們將向摩根大通的 Ken Goldman 提出下一個問題。

You mentioned in the prepared remarks that you have the optionality now to execute more, I think, you called it mutually strategic programs with retailers. Now that your service levels are in a better place, I just wanted to clarify, number one, is there any major difference between a mutually strategic program and just a really good promotion that's more than just a discount? Maybe it's just something more in depth or creative than usual promotion. I just wanted to kind of clarify that definition.

您在準備好的評論中提到，您現在可以選擇執行更多，我認為您將其稱為與零售商的相互戰略計劃。既然您的服務水平處於更好的位置，我只想澄清，第一，相互戰略計劃與不僅僅是折扣的非常好的促銷之間有什麼重大區別嗎？也許這只是比通常的促銷更深入或更有創意的東西。我只是想澄清一下這個定義。

And the second part of that is, I wanted to ask if you're confident that these programs, if you do implement them that they're being driven from a position of strength, right, whereby you're doing them because you're able to versus maybe from a position where you're doing it because the consumer in a position of weakness themselves is demanding it.

第二部分是，我想問你是否有信心這些程序，如果你確實實施它們，它們是從一個有實力的位置驅使的，對，你這樣做是因為你是能夠與可能從您正在這樣做的位置進行對比，因為處於弱勢地位的消費者本身正在要求它。

Okay. Ken, I'll give you 2 examples of these programs that -- because we have now much better service levels we can have. So I'll give you 2 examples. One is what we call the Art of the Burger. It has been a very successful program, especially now during summertime, when people barbecue more and when we can put together our sauces, our cheese together with the buns of supermarket chains. It has been very good and very well accepted by our customers.

好的。 Ken，我將為您提供這些程序的 2 個示例，因為我們現在可以擁有更好的服務水平。所以我給你舉兩個例子。其中之一就是我們所說的漢堡藝術。這是一個非常成功的計劃，尤其是現在在夏季，人們燒烤的次數越來越多，我們可以把醬汁、奶酪和連鎖超市的麵包放在一起。它一直非常好，並被我們的客戶很好地接受。

I'll give you another example in a moment like this that we are exploring value propositions together with customers. I'll give you an example of grilled cheese. You can have a grilled cheese for less than $1. And we do programs with our customers, putting together our cheese, our mayo and with their bread as well, right?

在這樣的時刻，我會給你另一個例子，我們正在與客戶一起探索價值主張。我給你舉個烤奶酪的例子。你可以花不到 1 美元吃到一塊烤奶酪。我們和客戶一起做節目，把我們的奶酪、蛋黃醬和他們的麵包放在一起，對吧？

So these are just 2 examples of bringing value -- a value proposition, and the customers are receiving this extremely well. And this is bringing a little bit of creativity that we have never used, thinking about value or bringing the value of our products together with the customers.

所以這些只是帶來價值的兩個例子——一個價值主張，而客戶對此的接受度非常好。這帶來了一點我們從未使用過的創造力，思考價值或將我們產品的價值與客戶一起帶來。

And then the second part -- doing this, I guess, from a position where you feel it's from strength rather than maybe because the consumer is demanding it a little bit. I just wanted to make sure about that. Maybe you answered that a little bit with the second part of that, talking about the value proposition promos, but just curious for your thoughts there.

然後是第二部分——我想，這樣做是從你覺得它來自力量的位置，而不是因為消費者對它的要求有點高。我只是想確認一下。也許你在第二部分回答了一點，談到了價值主張促銷，但只是對你的想法感到好奇。

I'm not -- the other thing I would say here, Ken, this is Andre speaking, is we continue to have very productive conversations with our customers in a way that makes sense for both parties.

我不是 - 我要在這裡說的另一件事，肯，這是安德烈的講話，我們繼續以對雙方都有意義的方式與客戶進行非常富有成效的對話。

Yes. Sure, it's from a position of strength. I will say, we feel very positive about it. We are excited with the momentum that we have with our customers and with our consumers.

是的。當然，這是來自實力的位置。我會說，我們對此感到非常積極。我們對客戶和消費者的發展勢頭感到興奮。

And we'll take our next question from Andrew Lazar from Barclays.

我們將向巴克萊銀行的 Andrew Lazar 提出下一個問題。

In the slide deck, you provided a breakdown of categories that are sort of more and less sensitive to price gaps with private label. I think 15% of sales are in categories that are more sensitive where gaps are increasing. And I'm just curious, how do you approach these businesses in terms of balancing share and profitability? Do you take the necessary price to protect profit and deal with the short-term pressure on share or protect share and sort of take the short-term profit hit?

在幻燈片中，您提供了對自有品牌價格差距越來越不敏感的類別的細分。我認為 15% 的銷售額屬於差距越來越大的更敏感的類別。我只是好奇，您如何在平衡份額和盈利能力方面處理這些業務？您是採取必要的價格來保護利潤並應對股票的短期壓力，還是保護股票並承受短期利潤的打擊？

And you talk about another 25% that are sensitive to private-label gaps but currently stable. And I guess if those were to expand from here, I guess, what gives you confidence you can manage this bigger segment in the context of your sort of growth algorithm?

您還談到另外 25% 對自有品牌差距敏感但目前穩定的情況。而且我想如果這些要從這裡擴展，我想，是什麼讓你有信心在你的增長算法的背景下管理這個更大的部分？

Well, let me start it, I think, answer the question specifically to the U.S. So I'll take a shot. I think for us, the reality is that even as we think about those businesses, there may be, as you saw, a very small part of our portfolio that is more exposed to private label. One of the things that we're actually doing is working differently in terms of how we're offering consumer solutions in a moment in which they are looking for different choices across the spectrum of economic development of consumers.

好吧，讓我開始吧，我想，專門向美國回答這個問題。所以我會試一試。我認為對我們來說，現實情況是，即使我們考慮這些業務，正如您所見，我們的投資組合中可能有一小部分更容易受到自有品牌的影響。我們實際上正在做的一件事是，在他們在消費者的經濟發展範圍內尋找不同選擇的時刻，我們提供消費者解決方案的方式有所不同。

So one of the things we're actually looking at is how we actually allow consumers to stay in our iconic brands because of the number of ranges of our products across our pricing ladder. Whether that is -- and let me give you an example, something like Oscar Mayer in which we have from natural to deli fresh to the original Oscar Mayer. That allows consumers actually for -- to have an option in which to actually stay within our brands knowing that over the last couple of years, we've actually been renovating many of our iconic brands and investing behind it.

因此，我們實際上正在研究的一件事是，由於我們的定價階梯中產品範圍的數量，我們實際上如何讓消費者留在我們的標誌性品牌中。不管是不是——讓我給你舉個例子，比如奧斯卡邁耶，我們從自然到新鮮的熟食，再到原來的奧斯卡邁耶。這使消費者實際上可以選擇真正留在我們的品牌中，因為他們知道在過去幾年中，我們實際上一直在翻新我們的許多標誌性品牌並對其進行投資。

So we have improved the quality. We have improved the renovation of those brands in a way now that makes our brands even more valuable to consumers. And frankly, we're seeing that already play out. We see that, for example, in a product like Kraft Mac & Cheese portfolio, in which we also have that kind of full array of products across pricing ladder that in Q2, you saw us gaining share as well. So for us, it's about being strategic about how we think about leveraging the entire portfolio that we have in a way that allows us to continue to offer consumers different approaches in terms of options.

所以我們提高了質量。現在，我們改進了這些品牌的翻新，使我們的品牌對消費者更有價值。坦率地說，我們已經看到了這一點。我們看到，例如，在像卡夫通心粉和奶酪產品組合這樣的產品中，我們還擁有跨定價階梯的全系列產品，在第二季度，你看到我們也獲得了份額。因此，對我們來說，這是關於我們如何考慮利用我們擁有的整個投資組合的戰略，使我們能夠繼續在選擇方面為消費者提供不同的方法。

And it's really category by category, right? So even in the 15% where the prices are expanding, the stories are very different. Like in sandwich cheese, similar to cold cuts, we do have a very good price ladder. We have the Velveeta slices, the flour, in fact, even priced at or below private label. We have the Kraft Singles and we have the Deluxe. And we're actually getting share in the last several months, so it's working quite well for us.

它真的是按類別分類的，對吧？因此，即使在價格上漲的 15% 中，情況也大不相同。就像三明治奶酪一樣，類似於冷盤，我們確實有一個非常好的價格階梯。我們有 Velveeta 切片，事實上，麵粉的價格甚至低於自有品牌。我們有 Kraft Singles，我們有 Deluxe。而且我們實際上在過去幾個月中獲得了份額，所以它對我們來說效果很好。

In Ore-Ida, for example, we have the partnership with Simplot that is now starting. And that will unlock a lot of capacity later in the year, which will allow us to start to promote more this brand, which we haven't been able to do in a consistent manner for years. So it's really category by category. We monitor this very close and it makes sense that we are doing something that makes sense for both top and bottom line.

例如，在 Ore-Ida，我們與 Simplot 建立了合作關係，現已開始。這將在今年晚些時候釋放大量產能，這將使我們能夠開始更多地推廣這個品牌，這是我們多年來無法以一致的方式做到的。所以它真的是按類別分類的。我們非常密切地監控這一點，我們正在做一些對頂線和底線都有意義的事情是有道理的。

And our next question will come from Chris Growe from Stifel.

我們的下一個問題將來自 Stifel 的 Chris Growe。

Can you hear me now?

你能聽到我嗎？

Yes, sir.

是的先生。

I just had a quick question for you, if I could, around the revenue growth in the quarter outpacing consumption. I was just curious how much of that was foodservice strength, for example, and maybe the nonmeasured channels versus actual inventory rebuilding. I think this kind of fits with an earlier question around do you see product availability as a constraint for the third and fourth quarter performance in the second half or is that behind us now is what I'm ultimately trying to get to.

如果可以的話，我只是想問你一個關於本季度收入增長超過消費的快速問題。例如，我只是好奇其中有多少是餐飲服務的實力，也許是不可衡量的渠道與實際的庫存重建。我認為這種類型與之前的問題相吻合，您是否認為產品可用性是下半年第三和第四季度業績的限制因素，或者現在落後於我們的是我最終想要達到的目標。

I think it's a combination of the sectors. So foodservice, as you have seen in our presentation, is growing north of 20%. So -- and that represents roughly 30% of our total revenue. In nonmeasured channels in the U.S., we have been doing very well in club and dollar, actually been gaining share year-to-date in those 2 channels because we were already prepared for a gradual shift toward those channels. And we had thought it was more pronounced in Q1, in fact, in Q2 it was very minor. So I think it's more atypical for the first 2.

我認為這是行業的結合。因此，正如您在我們的演示文稿中所看到的，餐飲服務正在增長 20% 以上。所以 - 這大約占我們總收入的 30%。在美國的非衡量渠道中，我們在俱樂部和美元方面做得很好，實際上今年迄今為止在這兩個渠道中獲得了份額，因為我們已經為逐步轉向這些渠道做好了準備。我們曾認為它在第一季度更明顯，事實上，在第二季度它非常輕微。所以我認為前2個更不典型。

Regarding service levels, as you have seen, we are still in the low 90s, where the ideal level is in the high 90s. So we still have work to do. Obviously, that's the average of the portfolio. Some categories are in great shape, back to the historical appropriate levels of services. Some others still working through it. And even if you look at on-shelf availability, we are much closer to the historical levels. So before, if you think about on-shelf availability, you were going to see in the industry like 93, 94. We are now in the 91, 92. So we're getting there but still some room to grow.

關於服務水平，如您所見，我們仍處於 90 年代的低端，理想的水平是 90 年代的高端。所以我們還有工作要做。顯然，這是投資組合的平均值。有的品類狀態很好，回到了歷史合適的服務水平。其他一些人仍在努力。即使您查看貨架上的可用性，我們也更接近歷史水平。所以以前，如果你考慮貨架上的可用性，你會看到像 93、94 這樣的行業。我們現在在 91、92。所以我們已經到了那裡，但仍有一些增長空間。

And would there still be some continued inventory build you'd expect at retail as you improve your service levels?

隨著服務水平的提高，零售業是否還會繼續增加庫存？

We might. Obviously, we cannot comment on how -- we don't know how we're going to measure the inventories moving forward. If you were to look capacity historical levels, yes, there could be some room for further inventory buildup.

我們可能。顯然，我們無法評論如何 - 我們不知道我們將如何衡量未來的庫存。如果您要查看產能歷史水平，是的，可能存在進一步增加庫存的空間。

And our next question will come from Steve Powers from Deutsche Bank.

我們的下一個問題將來自德意志銀行的史蒂夫鮑爾斯。

You talked about your outlook contemplating greater price elasticity negatively impacting volume and mix, I guess, over the balance of the year. Is there a way for you to help us think through the P&L impacts of lower volumes at this point?

你談到了你的前景，考慮到更大的價格彈性會對今年剩餘時間的數量和組合產生負面影響。您有什麼方法可以幫助我們思考目前交易量減少對損益的影響嗎？

Clearly, there are many other moving parts. But all else equal, if volumes are to move lower in places where you anticipate, how material is that on margins in terms of fixed cost deleverage per unit sold? I'm just -- I'm really asking just how fixed versus variable the cost structure is at this point.

顯然，還有許多其他活動部分。但在所有其他條件相同的情況下，如果銷量在您預期的地方下降，那麼就每單位銷售的固定成本去槓桿而言，利潤率有多大？我只是 - 我真的在問成本結構在這一點上是固定的還是可變的。

Thanks for the question. And this part is not really a drag because we are still building inventory. Remember, our service levels are still in the low 90s. So as we continue to produce more than what we sell, it actually is a little positive effect at this moment. And we are monitoring the demand curves very closely. So then we'll also adjust our labor accordingly to make sure that we don't have an overhang down the road when we start to step down on production to make sure that we don't have more labor than needed and have this effect that you're talking about. But as of right now, this is not an issue.

謝謝你的問題。這部分並不是真正的拖累，因為我們仍在建立庫存。請記住，我們的服務水平仍處於 90 年代的低位。因此，當我們繼續生產超過我們銷售的產品時，這實際上是目前有點積極的影響。我們正在非常密切地監控需求曲線。因此，我們也會相應地調整我們的勞動力，以確保當我們開始停止生產時，我們不會有懸垂的道路，以確保我們沒有超過需要的勞動力，並產生這樣的效果：你在談論。但就目前而言，這不是問題。

Okay. Great. And if I could, you gave some good color on the cost outlook for the remainder of '22. I guess I'm just curious how you see, if possible, early positioning looking out to '23. I guess on the one hand, you mentioned costs hopefully peaking and maybe starting to receive in some cases. But on the other hand, we're still obviously a lot higher year-over-year. And you presumably have some hedges rolling into the year that will roll off both on commodities and currency. So just maybe a little bit of color, if you have any, on early positioning, visibility on constant currency looking out to the first part of '23.

好的。偉大的。如果可以的話，你對 22 年剩餘時間的成本前景給出了一些很好的看法。我想我只是好奇你如何看待，如果可能的話，提前定位到 23 年。我想一方面，您提到成本有望達到頂峰，並且在某些情況下可能開始收到。但另一方面，我們顯然仍然比去年高得多。您可能會在今年推出一些對沖商品和貨幣的對沖。因此，如果您有的話，可能只是一點點顏色，關於早期定位，關於不變貨幣的可見性，期待 23 年的第一部分。

As you can tell, there's still a lot of volatility out there. Yes, the costs have received it. They are still very high, but we are working with different scenarios for next year, but we need to talk about that. You can see that we have been taking like price throughout the year that we wanted to have a carryover effect into next year, especially in the first half of the year. So that will help, but early to tell.

如您所知，那裡仍然存在很大的波動性。是的，費用已經收到了。它們仍然很高，但我們正在研究明年的不同場景，但我們需要討論一下。您可以看到，我們全年都在採取類似的價格，我們希望將影響延續到明年，尤其是在今年上半年。所以這會有所幫助，但要說得早。

Our next question will come from Robert Moskow from Credit Suisse.

我們的下一個問題將來自瑞士信貸的羅伯特莫斯科。

Your income statement shows losses on your derivative hedges in 2Q. I imagine that commodity inputs are now falling. And if that's right, should we assume at some point that this necessitates more counts in your thing on any specific products? And then a quick follow-up.

您的損益表顯示您在第二季度的衍生品對沖損失。我想商品投入現在正在下降。如果這是正確的，我們是否應該在某個時候假設這需要您對任何特定產品進行更多計數？然後快速跟進。

Yes. So thanks for the question. So a couple of things. First, maybe to answer the prior question is I need to refer you bit to this one. We typically price on what -- on market changes, not on our hedged position, right? So it's important you know that. I hope this is clear. We price based on what we're seeing out in the market, not based on what our internal pricing hedgings are.

是的。所以謝謝你的問題。所以有幾件事。首先，也許要回答前面的問題，我需要向您介紹一下這個問題。我們通常根據市場變化而不是我們的對沖頭寸來定價，對嗎？所以重要的是你知道這一點。我希望這很清楚。我們根據我們在市場上看到的情況定價，而不是根據我們的內部定價對沖。

But the second thing is regarding this effect, what you see in the P&L is the change in the unrealized hedge on commodities, okay? So it doesn't mean that the hedge is positive or negative. It just means that there was a change period over period. So we're still having hedge gains. We had hedge gains in both Q1 and Q2. But because part of that materialized, we see this negative effect on the realized portion. But again, the important thing is we look at the market prices, and that's how we make our price decisions.

但第二件事是關於這種影響，你在損益表中看到的是未實現對沖商品的變化，好嗎？所以這並不意味著對沖是正面的還是負面的。這只是意味著在一段時間內有一個變化期。所以我們仍然有對沖收益。我們在第一季度和第二季度都有對沖收益。但由於部分實現了，我們看到了對已實現部分的負面影響。但同樣重要的是我們關注市場價格，這就是我們做出價格決定的方式。

Maybe I'll follow up. My follow-up is, I think you did ship above retail consumption in 2Q. And I think you said that you'd be refilling shelves in 2Q. Can you give us any number as to how much that might have been just in 2Q?

也許我會跟進。我的後續行動是，我認為您在第二季度的出貨量確實超過了零售消費。我想你說過你會在第二季度重新裝滿貨架。你能告訴我們第二季度可能有多少嗎？

The inventory effect in Q2 is very small. So yes, the 2Q is a very small number. And again, we can't -- we don't know how delis are going to manage their inventories. If you were to look at the levels pre-pandemic, net-net, we still have room to grow our inventory retailers. And our shelf availability, as I said before, is still a little below the historical level, which might give further indication that this is a possibility.

第二季度的庫存效應非常小。所以是的，第二季度是一個非常小的數字。再說一次，我們不能——我們不知道熟食店將如何管理他們的庫存。如果您要查看大流行前的淨水平，我們仍有增長庫存零售商的空間。正如我之前所說，我們的貨架可用性仍略低於歷史水平，這可能進一步表明這是一種可能性。

Yes. Andre, I get it. But you also said you're producing above your sales. So I don't know, is it a material amount? Or are you just -- it is. And are you refilling your own inventory then rather than retailers? Or...

是的。安德烈，我明白了。但你也說過你的產量高於銷售額。所以我不知道，這是物質數量嗎？或者你只是 - 它是。你是在補充自己的庫存而不是零售商嗎？或者...

Yes. We are now refilling our own inventory because essentially we are going to receive historical levels. And eventually, this will go to the retailers. I don't know, Carlos, do you want to add something else?

是的。我們現在正在補充我們自己的庫存，因為基本上我們將獲得歷史水平。最終，這將歸於零售商。我不知道，卡洛斯，你想補充點別的嗎？

Yes. I mean I would say if you look at the presentation and the fact that we are able to provide service from the low 80s to the low 90s, it's a result of us being able to actually leverage our entire supply chain in a way that now with the right inventory levels in many of our categories that we can provide that service. At the same time, as Andre said, we're still in the low 90s. So there is opportunity for us to continue to drive down to the high 90s by pushing the right level of inventories internally so that we can actually be able to better service our customers.

是的。我的意思是，如果您查看演示文稿以及我們能夠提供從 80 年代低至 90 年代低端的服務這一事實，這是因為我們能夠以一種現在與我們可以提供該服務的許多類別中的正確庫存水平。與此同時，正如安德烈所說，我們仍處於 90 年代的低谷。因此，我們有機會通過在內部推動適當的庫存水平繼續將庫存推低至 90 年代的高位，以便我們實際上能夠更好地為客戶提供服務。

And we'll take our next question from Alexia Howard from AllianceBernstein.

我們將向 AllianceBernstein 的 Alexia Howard 提出我們的下一個問題。

Can I ask about the comments you made in your prepared remarks about the international zone and the expansion of distribution points? It seems as though in the go-to-market areas, there's been a very material expansion of distribution points in some of those emerging markets. How do you ensure that you've got the critical mass in those new outlets to make money? I don't know whether you can give us data on how profitable you are in some of those regions. But we've seen some other companies kind of dig themselves a profit hole as they're trying to do that expansion. And I just want to find out how you're making sure that you've got guardrails on that expansion.

能否問一下你在準備發言中對國際區和擴展分發點的評論？似乎在進入市場的領域，一些新興市場的分銷點出現了非常實質性的擴張。您如何確保在這些新網點中擁有足夠的數量來賺錢？我不知道您是否可以向我們提供有關您在其中一些地區的盈利情況的數據。但是我們已經看到其他一些公司在試圖進行擴張時，會為自己挖一個利潤漏洞。我只是想知道你是如何確保你在那個擴展上有護欄的。

Rafael, it's over to you.

拉斐爾，交給你了。

Yes. No, Alexia, thanks for the question. I mean to be honest with you, we are extremely proud and happy with what's happening with our go-to-market model because it's a very comprehensive model that it actually starts by analyzing.

是的。不，Alexia，謝謝你的提問。老實說，我們對我們的上市模型所發生的事情感到非常自豪和高興，因為它是一個非常全面的模型，它實際上是從分析開始的。

It starts by where we can make money. So it starts by looking at the gross profit of each individual either channel or submarket, let's say, traditional modern trade depending on the region in multiple countries like you -- as you just mentioned. If you beat Brazil where we started, Russia, China, they are very vast countries so they have -- the profitability that you can achieve in different regions and different channels is significant -- can be significantly different.

它從我們可以賺錢的地方開始。因此，首先要查看每個渠道或子市場的毛利潤，比方說，傳統的現代貿易取決於像你這樣的多個國家的地區——正如你剛才提到的。如果你擊敗我們開始的巴西、俄羅斯、中國，它們是非常廣闊的國家，所以它們——你可以在不同地區和不同渠道實現的盈利能力是顯著的——可能會有很大的不同。

So we start by analyzing that, following through all the way to how we're going to execute the store. So it's a very comprehensive model of very detailed analytics with execution. So as you saw and you alluded to on the slides, we started this model in '18 in Brazil, copied -- adapted and copied to Russia, then to China. And now we are scaling up to -- by the end of the year, we expect to have 75% of our markets into this go-to-market model.

所以我們從分析開始，一直到我們將如何執行商店。所以這是一個非常全面的模型，非常詳細的分析和執行。所以正如你在幻燈片上看到和提到的那樣，我們於 18 年在巴西開始了這種模式，複製——改編並複製到俄羅斯，然後復製到中國。現在我們正在擴大規模——到今年年底，我們預計將有 75% 的市場進入這種進入市場的模式。

And the numbers -- the result speaks for itself. So everywhere that we implemented the model, the growth has been significantly above the other emerging markets that are also growing. So we will continue to roll that out. It's a model that, again, requires a lot of analytics to be profitable, but at the same time, a lot of discipline on execution to kind of keep expanding in those regions and still have a lot of distribution to the game.

數字——結果不言自明。因此，在我們實施該模型的所有地方，增長都大大高於其他也在增長的新興市場。因此，我們將繼續推出。這種模式需要大量的分析才能盈利，但與此同時，需要大量的執行紀律才能在這些地區不斷擴張，並且仍然有大量的遊戲分發。

On the profitability side, which is obviously very important, right, we want to make sure that we don't put a lot of people out there and we cannot have a payback on that. We're also very disciplined on it. So to give an example, in Brazil, we have about, I don't know, 1 million points of sales that we could hypothetically serve. We are still in the 130,000, 140,000.

在盈利能力方面，這顯然非常重要，對，我們要確保我們不會把很多人放在那裡，我們不能對此有回報。我們對此也非常自律。舉個例子，在巴西，我們有大約，我不知道，我們可以假設服務的 100 萬個銷售點。我們仍然在 130,000, 140,000。

So -- and part of that is because the limits of our scale, right? So that's very important. We are halfway exploring alternatives, potential partnerships to actually increase the penetration in some markets. So maybe there will be more to come in the future. But yes, profitability is also an important consideration.

所以——其中一部分是因為我們規模的限制，對吧？所以這非常重要。我們正在探索替代方案，潛在的合作夥伴關係，以實際增加在某些市場的滲透率。所以也許未來還會有更多。但是，是的，盈利能力也是一個重要的考慮因素。

Since we are talking about Brazil, I think that now with the acquisition of Hemmer that is very strong in the South and Heinz is very strong in the Southeast, this gives us even a bigger opportunity to expand our distribution and the strength of our brands. We are really now with great scale in Brazil that we are very happy with how this acquisition is going and the plans that we have in place for the business there.

既然我們在談論巴西，我認為現在收購了在南部非常強大的 Hemmer 和在東南部非常強大的 Heinz，這給了我們更大的機會來擴大我們的分銷和我們的品牌實力。我們現在在巴西的規模確實很大，我們對這次收購的進展情況以及我們為那裡的業務制定的計劃感到非常滿意。

And we'll take our last question from David Palmer with Evercore ISI.

我們將回答 David Palmer 與 Evercore ISI 的最後一個問題。

In your prepared remarks about gross margins, you talked about the fact that you're protecting profit dollars and not margin and that, that was causing 450 basis points of decline, and that math makes sense. But I'm sure there's more going on underneath the surface with regard to gross margins. Supply chain, I'm sure was a friction cost. And maybe there's some timing with regard to pricing versus input. So anything that you would call out that was also a factor in gross margins that we can be thinking about even into '23 as a comparison?

在你準備好的關於毛利率的評論中，你談到了你正在保護利潤而不是利潤這一事實，這導致了 450 個基點的下降，這個數學是有道理的。但我確信在毛利率方面還有更多的事情要做。供應鏈，我敢肯定是摩擦成本。也許在定價與投入方面有一些時間安排。那麼，你會說什麼也是毛利率的一個因素，我們甚至可以考慮到 23 年作為比較？

Thanks for the question. Look, this is by far the highest impact. But other than the lead that you have, the growth efficiency -- remember that you have the $2 billion that we have communicated and that we are on track to deliver. We delivered the first 2 years in line with the expectation. And year 3, which is now, we continue to be on track. So that certainly continues.

謝謝你的問題。看，這是迄今為止最大的影響。但除了你擁有的領先優勢，增長效率——請記住，你擁有我們已經傳達的 20 億美元，並且我們正在按計劃交付。我們交付的前 2 年符合預期。第三年，也就是現在，我們繼續走上正軌。所以這肯定會繼續。

Mix, its effect is relatively small. It's now in the quarter slightly positive as we continue to accelerate the growth platforms where we have higher margins. But the number in the quarter is not significant. So really, in this quarter, it's about the dilutive effects. But again, moving forward, we should expect to continue to deliver the growth efficiencies. And as we continue to price at inflation and the inflation events start to ease, that might put us in a better position for us to continue to recover the margin.

混合，它的作用是比較小的。隨著我們繼續加速我們擁有更高利潤率的增長平台，現在這個季度略有積極。但本季度的數字並不顯著。所以說真的，在本季度，這是關於稀釋效應的。但同樣，展望未來，我們應該期望繼續實現增長效率。隨著我們繼續以通貨膨脹計價並且通貨膨脹事件開始緩解，這可能使我們處於更好的位置，以便我們繼續恢復利潤率。

And then on foodservice, the -- very impressive growth there. The over 20% growth in North America does imply some things happening there, some big market share wins. What's driving that? And is that sustainable? And I guess you're just citing that the big global QSRs as the momentum driver for international. And that does sound sustainable in your view?

然後在餐飲服務方面，那裡的增長非常令人印象深刻。北美超過 20% 的增長確實意味著那裡發生了一些事情，贏得了一些巨大的市場份額。是什麼驅動了它？這是可持續的嗎？我猜你只是在引用全球大型 QSR 作為國際動力的動力。在您看來，這聽起來是否可持續？

Thanks for the question. I think there are 2 things. One thing that I want to highlight that was not in the prepared remarks that our foodservice now in Q2 is 14% higher than Q2 in 2019, which is really remarkable. We -- there is a component of price, right? We've been pricing that channel consistent to what we've been doing in retail. So price also has a lot to do with the growth that you are seeing in Q2. But the volume continues to grow as we expand distribution market share in the -- where we have the information in developed markets in North America, Europe and Central.

謝謝你的問題。我認為有兩件事。我想強調的一件事不在準備好的評論中，即我們現在第二季度的餐飲服務比 2019 年第二季度高出 14%，這真的很了不起。我們——有價格的組成部分，對吧？我們一直在為該渠道定價，與我們在零售業所做的一致。因此，價格與您在第二季度看到的增長也有很大關係。但隨著我們在北美、歐洲和中部的發達市場獲得信息，隨著我們擴大分銷市場份額，銷量繼續增長。

Regarding QSR strategies, I'll let Rafa talk a little bit to what we are doing on the international zone.

關於 QSR 策略，我會讓 Rafa 稍微談談我們在國際區所做的事情。

But before Rafa talks about the international zone, I just want to say that -- since you, Andre, compared with '19. In '19, foodservice was -- is a very transactional area for the company, was not really strategic and was a small part of the company that we didn't put a lot of attention.

但在拉法談論國際區之前，我只想說——因為你，安德烈，與 19 年相比。在 19 年，餐飲服務對公司來說是一個非常具有交易性的領域，並不是真正具有戰略意義的領域，而且只是公司的一小部分，我們沒有給予太多關注。

I think we have a great team today with a lot of ambition and really looking at this channel as a critical strategic channel that generates penetration of our brands across the globe. If we are having great momentum in emerging markets, in part, it's because our consumers are getting in touch with our brands in foodservice. So that's a very different change in mindset. And as a consequence, the team changed, yes, I think entirely since '19. Rafael, please?

我認為我們今天擁有一支雄心勃勃的偉大團隊，並將這個渠道真正視為一個關鍵的戰略渠道，可以讓我們的品牌在全球範圍內滲透。如果我們在新興市場發展勢頭強勁，部分原因是我們的消費者正在接觸我們在餐飲服務領域的品牌。所以這是一種非常不同的思維方式變化。結果，團隊發生了變化，是的，我認為完全是從 19 年開始。拉斐爾，好嗎？

Yes. The only thing I would complement, I mean, to build on, on what Miguel said, we have a -- say here, we use the model we define for foodservice. We call -- we own the chef, own the kitchen, own the customer. And that reflects the investments we made on chefs because chefs are extremely important, especially on QSR, global QSRs, as you alluded, because that's how you develop recipes or LTO, limited-time offers, with those customers. And this is the door into developing -- into innovating products for them to put in their stores.

是的。我唯一要補充的是，在 Miguel 所說的基礎上，我們有一個 - 比如說，我們使用我們為餐飲服務定義的模型。我們稱之為——我們擁有廚師，擁有廚房，擁有客戶。這反映了我們對廚師的投資，因為廚師非常重要，尤其是在 QSR、全球 QSR 上，正如你所提到的，因為這就是你與這些客戶開發食譜或 LTO、限時優惠的方式。這是通往發展的大門——進入創新產品，讓他們進入他們的商店。

So we've invested on this capability, and this is paying off big time because then you develop a relationship with those customers. That takes you to a different level. That allows you to innovate, to price better, to get out of commodity competition.

所以我們已經在這種能力上進行了投資，這帶來了巨大的回報，因為這樣你就可以與這些客戶建立關係。這將你帶到一個不同的層次。這使您能夠創新，更好地定價，擺脫商品競爭。

And with that, we continue to use the channel as well to build the brand, I mean, in terms of impressions, a fantastic channel to build brand impressions. So foodservice is a core pillar for our growth both across international but in the U.S. as well. And Carlos can complement that. But we've been very successful with this model of investing on chefs and parting with the customers on product development.

有了這個，我們也繼續使用該渠道來建立品牌，我的意思是，就印象而言，這是一個建立品牌印象的絕佳渠道。因此，餐飲服務是我們在國際和美國增長的核心支柱。卡洛斯可以補充這一點。但我們在這種投資廚師和在產品開發上與客戶分道揚鑣的模式上非常成功。

Yes. I would say, Rafa, the only thing I would add here is just the fact that the model that we have, we're also looking at it at a global basis. So the same concept of us being able to kind of -- as Miguel and Rafa pointed out, leveraging our points of distribution in away from home in order for us to kind of build our iconic brands in retail. That type of virtuous cycle is something we're going to continue, and we see that paying up for us.

是的。我想說，拉法，我在這裡唯一要補充的就是我們擁有的模型，我們也在全球範圍內看待它。因此，我們能夠實現的相同概念——正如 Miguel 和 Rafa 指出的那樣，利用我們在遠離家鄉的分銷點，以便我們在零售業建立我們的標誌性品牌。這種良性循環是我們將要繼續的事情，我們看到它為我們付出了代價。

At the same time, over the last couple of years, the only -- we reorganized ourselves and focused our team in being -- having kind of the right expertise and capabilities with foodservice, but we have also simplified our portfolio quite a bit.

與此同時，在過去的幾年裡，唯一——我們重組了自己並將我們的團隊專注於——在餐飲服務方面擁有適當的專業知識和能力，但我們也大大簡化了我們的產品組合。

I can tell you that since the last 2 years, we have reduced the number of SKUs in the U.S. foodservice by app. So that allows us to actually pivot to the things that really matter to our customers in a way that they can help with both in terms of providing great service and great value in away from home.

我可以告訴你，自過去 2 年以來，我們通過應用程序減少了美國餐飲服務中的 SKU 數量。因此，這使我們能夠真正專注於對我們的客戶真正重要的事情，以一種他們可以在提供優質服務和遠離家鄉的巨大價值方面提供幫助的方式。

And with that, let me pass it over to Miguel for some closing remarks.

有了這個，讓我把它交給米格爾做一些結束語。

Okay. Well, thank you all for your questions today. As you are seeing, we are a company in the midst of a transformation. We are proud of what we've done so far, very proud. But each day, we continue to improve and to evolve. And we are just getting started. We have so many opportunities ahead of us, and we are all very excited about what's to come.

好的。嗯，謝謝大家今天的提問。如您所見，我們是一家正在轉型的公司。我們為迄今為止所做的一切感到自豪，非常自豪。但每一天，我們都在不斷改進和發展。我們才剛剛開始。我們面前有很多機會，我們都對即將發生的事情感到非常興奮。

Thank you very much, and thank you for the continued interest in Kraft Heinz.

非常感謝您，並感謝您對卡夫亨氏的持續關注。

Thank you. This concludes today's conference call. Thank you for your participation, and you may now disconnect. Everyone, have a wonderful day.

謝謝你。今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。大家，有一個美好的一天。