卡夫亨氏 (KHC) 2022 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Kraft Heinz Company Third Quarter Results. (Operator Instructions) I would now like to turn the call over to your host, Anne-Marie Megela, Global Head of Investor Relations. You may begin.

女士們，先生們，感謝您的支持，歡迎來到卡夫亨氏公司第三季度業績。 （操作員說明）我現在想將電話轉給您的主持人，投資者關係全球主管 Anne-Marie Megela。你可以開始了。

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 third quarter 2022 business update. During today's call, we may make forward-looking statements regarding our expectations for the future, including related to our business plans and expectations, strategy, efforts and investments and related timing and expected impacts. These statements are based on how we see things today, and actual results may differ materially due to risks and uncertainties. Please see the cautionary statements and risk factors contained in today's earnings release, which accompanies this call as well as our most recent 10-K, 10-Q and 8-K filings for more information regarding these risks and uncertainties.

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 年第三季度的業務更新。在今天的電話會議中，我們可能會就我們對未來的預期做出前瞻性陳述，包括與我們的業務計劃和預期、戰略、努力和投資以及相關的時間安排和預期影響有關。這些陳述基於我們今天的看法，由於風險和不確定性，實際結果可能存在重大差異。有關這些風險和不確定性的更多信息，請參閱本次電話會議以及我們最近提交的 10-K、10-Q 和 8-K 文件中包含的警告聲明和風險因素。

Additionally, we may refer to non-GAAP financial measures, which exclude certain items from our financial results reported in accordance with GAAP. Please refer to today's earnings release and the non-GAAP information available on our website at ir.kraftheinzcompany.com, under News and Events for a discussion of our non-GAAP financial measures and reconciliations to the comparable GAAP financial measures.

此外，我們可能會參考非 GAAP 財務指標，這些指標將某些項目從我們根據 GAAP 報告的財務業績中排除。請參閱今天的收益發布和我們網站 ir.kraftheinzcompany.com 上提供的非 GAAP 信息，在新聞和事件下討論我們的非 GAAP 財務指標以及與可比 GAAP 財務指標的對賬。

Before we begin, I'm going to hand it over to our CEO, Miguel Patricio, for some brief opening comments.

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），請他做一些簡短的開場評論。

Well, thank you, Anne-Marie, and thank you, everyone, for joining us here today. We are excited. We are proud. We delivered another quarter of strong results. And as we see consumer demand remaining strong and analytic elasticities that continue to hold. We see our portfolio of iconic brands strong and very adequate for the moment that we are living. And we continue investing in these brands and seeing that this investment is paying off.

好吧，謝謝你，Anne-Marie，謝謝大家今天加入我們。我們很興奮。我們很自豪。我們又取得了四分之一的強勁業績。我們看到消費者需求依然強勁，分析彈性繼續保持。我們看到我們的標誌性品牌組合強大且非常適合我們生活的那一刻。我們繼續對這些品牌進行投資，並看到這項投資正在獲得回報。

Yet at the same time, we realize we know that supply chain remains challenging, particularly with inflation and material shortages. I'm proud of the teams as they continue to anticipate and adapt to these challenges, where we improved capacity and we're able to meet demand, we actually gained share. At the same time, we continue to advance our transformation, then including modernizing our marketing and transforming our portfolio. As we look ahead, we continue to be cautiously optimistic. We are providing our consumers with solutions that they value, and we continue to unlock efficiencies and reinvest in the business. All of which makes us stronger and position us well for whatever challenges are still to come. With that, we are very happy to take your questions.

然而與此同時，我們意識到我們知道供應鏈仍然充滿挑戰，尤其是在通貨膨脹和材料短缺的情況下。我為這些團隊感到自豪，因為他們繼續預測和適應這些挑戰，我們提高了產能並且能夠滿足需求，我們實際上獲得了份額。與此同時，我們繼續推進轉型，包括實現營銷現代化和產品組合轉型。展望未來，我們繼續保持謹慎樂觀。我們正在為消費者提供他們重視的解決方案，我們將繼續提高效率並重新投資於業務。所有這些都使我們變得更強大，並為我們應對未來的任何挑戰做好了準備。有了這個，我們很高興回答您的問題。

(Operator Instructions)

（操作員說明）

Our first question comes from Andrew Lazar with Barclays.

我們的第一個問題來自巴克萊銀行的 Andrew Lazar。

Great. I guess maybe to start, the company had moderated its EBITDA expectations back in September 1, third quarter when you were already about 2 months into the quarter. Today, you not only beat those expectations but came in above the initial guidance as well. So what came in better than you thought? Are there any timing issues to be aware of that might impact 4Q as a result? And maybe more importantly, do these fluctuations give you any pause with respect to visibility into the business with the understanding that it's obviously still a very dynamic environment?

偉大的。我想也許可以開始，該公司早在 9 月 1 日第三季度就已經緩和了其 EBITDA 預期，當時您已經進入該季度大約 2 個月。今天，您不僅超出了這些預期，而且還超出了最初的指導。那麼有什麼比你想像的更好呢？是否有任何時間問題需要注意，可能會因此影響第四季度？也許更重要的是，這些波動是否讓您在了解業務的可見性方面有任何停頓，因為它顯然仍然是一個非常動態的環境？

Andrew, thank you for the question. Andre, you may answer this one.

安德魯，謝謝你的問題。安德烈，你可以回答這個。

Sure. So Andrew, first of all, we -- as Miguel said at the beginning, I think we feel very excited and pleased with the results we achieved in the quarter. And I'll tell you that a lot of things happened in our favor towards the month of September.

當然。所以安德魯，首先，我們 - 正如米格爾在一開始所說的那樣，我認為我們對本季度取得的成果感到非常興奮和高興。我會告訴你，9 月份發生了很多對我們有利的事情。

First of all, if you might remember, we have executed a new price increase in the month of August. And the elasticities turned out to be stronger than what is anticipated, which resulted in strong top line. Shipments were very good. I think our team did a great job in the month of September to be able to ship in a much better pace than earlier in the quarter, which also helps. We end up spending less promotion also that we have initiated, which is our finance well that we're being very prudent to put all the promotions and extensions in our portfolio.

首先，如果您還記得，我們在 8 月份執行了新的價格上漲。事實證明，彈性比預期的要強，這導致了強勁的頂線。出貨量非常好。我認為我們的團隊在 9 月份做得很好，能夠以比本季度早些時候更好的速度發貨，這也有幫助。我們最終花費的促銷費用也比我們發起的更少，這是我們的財務狀況，我們非常謹慎地將所有促銷和擴展放入我們的投資組合中。

And finally, we did have about $30 billion of one-time gains in the P&L, 80% in costs, 20% in SG&A. And those are mostly anticipation from Q4, okay? That's what we're able to do in Q3. And obviously, we also had a little contingency the number given the volatility, right? But all in all, I think we're able to have a lot of things play in our favor. I think it is a testimony here that the organization is moving with the speed and reacting fast to diversities it is good. And as we maintain the guide fully in Q3, right? And so I think we felt confident about the number that's put a lever. And I think we just reinforce that now -- and you can count on us always to be maintain a transparent dialogue and in a very timely fashion, like we did back in September when I had the first news about the inflationary pressure.

最後，我們確實在損益表中獲得了大約 300 億美元的一次性收益，其中 80% 是成本，20% 是 SG&A。這些主要是第四季度的預期，好嗎？這就是我們在第三季度能夠做到的。顯然，考慮到波動性，我們也有一些偶然性，對吧？但總而言之，我認為我們能夠讓很多事情對我們有利。我認為這證明了該組織正在快速發展並對多樣性做出快速反應，這很好。當我們在第三季度完全維護指南時，對吧？因此，我認為我們對發揮槓桿作用的數字充滿信心。我認為我們現在只是加強了這一點——你可以指望我們始終保持透明的對話，並以非常及時的方式進行，就像我們在 9 月得到關於通脹壓力的第一個消息時所做的那樣。

Our next question comes from Ken Goldman with JPMorgan.

我們的下一個問題來自摩根大通的 Ken Goldman。

You mentioned that your supply chain tightness is still mostly caused by factors from your upstream suppliers -- this is not an uncommon refrain. We're certainly hearing this from many of your peers. I'm just curious, can you may be help us better understand what the specific issues are. You mentioned disruptions, I guess, on ingredients and packaging. Does this suggest that the issues are somewhat temporary. They can fade when the disruptions have passed? Or are there maybe some structural problems, I guess, that could take longer to fix?

您提到您的供應鏈緊張仍然主要是由上游供應商的因素造成的——這並不少見。我們當然從您的許多同行那裡聽到了這一點。我只是好奇，您能否幫助我們更好地了解具體問題。我猜你提到了配料和包裝方面的干擾。這是否表明這些問題是暫時的。當中斷過去時，它們會褪色嗎？或者我猜可能存在一些結構性問題，可能需要更長的時間才能解決？

Carlos, I think that's related to you. Go ahead, please. .

卡洛斯，我認為這與你有關。請繼續。 .

Yes. What I would say -- first of all, thank you for the question. What I'll say is that I think you can see that the environment continues to be challenging. And what I'm really proud is the fact that our team is doing a terrific job of working through the wave of challenges. So as we speak, we are both rebuilding inventory and improving service levels, and we have done that through the quarter sequentially in this quarter I think we continue to see that going forward.

是的。我要說的是——首先，謝謝你的提問。我要說的是，我認為您可以看到環境仍然充滿挑戰。我真正感到自豪的是，我們的團隊在應對挑戰浪潮方面做得非常出色。因此，正如我們所說，我們正在重建庫存並提高服務水平，並且我們在本季度連續完成了這一季度，我認為我們將繼續看到這一點。

I think what -- if I take a step back in terms of the overall constraints, what I see is about 80% of those challenges are really due to upstream supply distribution on ingredients and certain packaging materials -- at the same time, what I'm saying is it's very asynchronous the way they're recovering. So you'll see that in some cases, we are moving quickly and recovering overall in our supply chain. There's a few ingredients that have been a little tighter for us. And I point to things like have affected us in the past on things like cold cuts and lunch -- I'm sorry, cream cheese. And at the same time, even in those categories, we now have recovered and feel good about kind of our position as we go towards the end of the year.

我認為——如果我在總體限制方面退後一步，我所看到的這些挑戰中約有 80% 確實是由於原料和某些包裝材料的上游供應分配——同時，我他們的恢復方式是非常異步的。所以你會看到，在某些情況下，我們正在迅速行動並在我們的供應鏈中整體恢復。有一些成分對我們來說有點緊。我指出過去在冷盤和午餐等方面影響了我們的事情——對不起，奶油奶酪。與此同時，即使在這些類別中，我們現在也已經恢復，並且在接近年底時對我們的位置感覺良好。

Our next question comes from Bryan Spillane with Bank of America.

我們的下一個問題來自美國銀行的 Bryan Spillane。

Maybe to build on the previous 2 questions. You're kind of looking at the current environment now dealing with what you're dealing with numbers and seeing what you're seeing in the marketplace? Is there any reason that we shouldn't expect that your long-term targets, which you laid out back in -- or you talked a bit about back in September are targets that we should expect that those are achievable for 2023? Or is this environment still maybe too volatile to be in line with what your long-term targets would be?

也許是建立在前兩個問題的基礎上。您是在關注當前環境，正在處理您正在處理的數字並查看您在市場上看到的內容？我們是否有任何理由不期望您制定的長期目標——或者您在 9 月份談到的一些目標是我們應該期望在 2023 年可以實現的目標？還是這種環境仍然可能過於不穩定而無法與您的長期目標保持一致？

Andre, you may want to answer this question.

安德烈，你可能想回答這個問題。

Sure. Look, as we said back in CAGNY, when we unveiled our new long-term growth for the reason. We expect to get them over the years. So think of it in terms of 3 years or so. So we feel good in our continued improvement in our performance, and we expect to continue to move towards the algorithm, the way that we have communicated back then. We are probably not ready to give any guidance around '23. But yes, the environment is still volatile. As you have been hearing from us and public promoters in the sector about supply chain volatility, which has consequences on availability. And the speed of using our costs.

當然。看，正如我們在 CAGNY 中所說的那樣，當我們公佈新的長期增長的原因時。我們希望多年來都能得到它們。所以以3年左右的時間來考慮。因此，我們對性能的持續改進感到滿意，並且我們希望繼續朝著算法前進，即我們當時的溝通方式。我們可能還沒有準備好在 23 年左右提供任何指導。但是，是的，環境仍然不穩定。正如您從我們和該行業的公共推動者那裡聽到的那樣，供應鏈波動會對可用性產生影響。以及使用我們成本的速度。

Our next question comes from Chris Growe with Stifel.

我們的下一個問題來自 Chris Growe 和 Stifel。

I just had a quick question for you in relation to -- you showed in one of your charts in the slide deck, private label gaining more share in your categories. It also showed Kraft Heinz doing much better in its categories as well. And as we look across the store, private label share has been up at a lesser rate over the past few months, although it seems like it's gone up a little bit more so in your categories. I just want to get a sense of if you see incremental risk in your categories from private label share gains as you take more pricing where you have more pricing that's been put in place? And then just any change in your thoughts on elasticity in relation to your pricing, which has been very favorable for your business?

我剛剛向您提出了一個簡短的問題 - 您在幻燈片中的一張圖表中顯示，自有品牌在您的類別中獲得更多份額。它還表明卡夫亨氏在其類別中的表現也更好。縱觀整個商店，在過去幾個月中，自有品牌份額的增長速度較慢，儘管在您的類別中似乎增長得更多一些。我只是想了解一下，當您採取更多定價時，您是否看到自有品牌份額收益增加的類別風險？然後，您對與定價相關的彈性的想法是否有任何變化，這對您的業務非常有利？

Andre, do you want to answer the question?

安德烈，你想回答這個問題嗎？

Sure. Thanks for the question. On private label, a few things. First of all, as we have been continuously reiterating our exposure to private label have reduced significantly after the diversion mid last year. So now the average market share in our portfolio is about 11%, wherein across food and beverage is 20%. So that we are not impacted. Second, during the past 3 years, as part of our transformation, we have been interacting a lot of our effort and energy around the core. So resources have moved there. We have been renovating the core in a very systematic way, so our portfolio is stronger.

當然。謝謝你的問題。在私人標籤上，有幾件事。首先，由於我們不斷重申，在去年年中分流後，我們對自有品牌的敞口已顯著減少。所以現在我們產品組合中的平均市場份額約為 11%，其中食品和飲料行業的平均市場份額為 20%。這樣我們就不會受到影響。其次，在過去的 3 年中，作為我們轉型的一部分，我們一直在圍繞核心進行大量的努力和精力的互動。所以資源已經轉移到那裡。我們一直在以非常系統的方式翻新核心，因此我們的產品組合更強大。

Third, the private label have been increasing the price together with the rest of the players. So as recent as the last 4 weeks, including already 3 weeks of October, looking at sellout data, our sellout price is about 17% up, whereas private label is 16% up. So price gaps are widely preserved. We might have seen as well in one of the price gaps that we provided that comparing Q2 to Q3 the price gap with private label remains the same. So we do not see any category where our price gap expanded versus private label except to catch up on Lunchables which honestly the interaction is limited, and we can share in both of these categories. So yes, I think we feel good about that.

第三，自有品牌與其他玩家一起漲價。因此，最近 4 週，包括 10 月的 3 週，查看銷售數據，我們的銷售價格上漲了約 17%，而自有品牌上漲了 16%。因此，價格差距被廣泛保留。我們也可能在我們提供的價格差距之一中看到，將 Q2 與 Q3 進行比較，與自有品牌的價格差距保持不變。因此，我們沒有看到任何類別的價格差距與自有品牌相比擴大了，除了趕上午餐類，老實說互動是有限的，我們可以在這兩個類別中分享。所以是的，我認為我們對此感覺良好。

We don't want to be even over optimistic that depending on how consumers eventually shift behavior in a very drastic way, things can change, but there is no indication of that as of right now. And honestly, I mean, despite all the environment, food is proving to be very resilient. The brands are being very resilient. And with an important that we use right now. When I was here back in 2008, 2011, we only had to accelerate a shift in behavior, but unemployment starts to go up, which is far from the reality today.

我們甚至不想過於樂觀地認為，取決於消費者最終如何以非常劇烈的方式改變行為，事情可能會發生變化，但目前還沒有跡象表明這一點。老實說，我的意思是，儘管環境如此惡劣，但食物被證明是非常有彈性的。這些品牌非常有彈性。還有一個重要的，我們現在使用。當我在 2008 年、2011 年回到這裡時，我們只需要加快行為轉變，但失業率開始上升，這與今天的現實相去甚遠。

Yes. And I think what I would say is we have continued to invest in the equity of our brands, which if we think about the fact that companies really don't have pricing power, brands have pricing, pricing power. So the investments we have made with the quality of the marketing we have improved the Kraft Heinz and the commitment we have to continue to invest in our brands going forward. also give us some confidence as we continue to manage through the current environment.

是的。我想我想說的是我們繼續投資於我們品牌的股權，如果我們考慮到公司真的沒有定價權，品牌有定價權，定價權。因此，我們在營銷質量方面所做的投資改進了卡夫亨氏，以及我們必須繼續投資於我們的品牌的承諾。在我們繼續通過當前環境進行管理時，也給我們一些信心。

Our next question comes from Alexia Howard with Bernstein.

我們的下一個問題來自 Alexia Howard 和 Bernstein。

Okay. I look at the lineup of products on Page 19 of the presentation, and they really do seem to be meeting the moment in terms of the consumer need for convenience and affordability. But I'm just wondering about your thoughts on -- the recent White House Conference on Hunger Health and Nutrition that happened last month for the first time in 50 years, I think. And there were a lot of initiatives coming out of that with respect to front of pack labels, a very tight definition of what a healthy food is, educating consumers and health professionals on the importance of good nutrition.

好的。我查看了演示文稿第 19 頁上的產品陣容，它們似乎確實滿足了消費者對便利性和可負擔性的需求。但我只是想知道你對最近白宮飢餓健康和營養會議的看法，這是上個月舉行的 50 年來的第一次，我想。並且有很多關於包裝標籤正面的舉措，對健康食品的定義非常嚴格，教育消費者和健康專業人士了解良好營養的重要性。

And I wonder just how you -- it may be too soon, but how you're thinking about those types of developments in the industry over the coming months and years? And how that might shape your plans for innovation and the portfolio going forward? And I'll pass it on.

我想知道您是怎麼想的——這可能還為時過早，但是您如何看待未來幾個月和幾年內該行業的這些類型的發展？這將如何影響您的創新計劃和未來的投資組合？我會把它傳下去。

Let me -- I'm glad to start answering this question and then since Carlos wants to complement nutrition is part of our long-term strategy. It's part of our agenda. It is a very important part of our ESG goals for the future. We've been renovating our portfolio throughout the years, reducing or eliminating dyes and artificial ingredients. And we have a global agenda at very specific agenda on reducing south and sugar, which are 2 critical things in our portfolio that we have a responsibility to do. We are on the way to achieve the targets that we put in place until 2025. I mean just to give you an example, we changed the formulation of our cap recent this year. We reduced 40% of sugar content, and that's to put it in perspective, just that is 40 million pounds of sugar per year that we reduced. We continue committed to that for the short, the medium and the long term to make our products more nutritious.

讓我——我很高興開始回答這個問題，因為 Carlos 想要補充營養是我們長期戰略的一部分。這是我們議程的一部分。這是我們未來 ESG 目標的重要組成部分。多年來，我們一直在更新我們的產品組合，減少或消除染料和人造成分。我們在非常具體的議程上製定了關於減少南方和糖分的全球議程，這是我們有責任做的我們投資組合中的兩件重要事情。我們正在努力實現我們制定的到 2025 年的目標。我只是舉個例子，我們最近在今年改變了上限的製定。我們減少了 40% 的糖含量，也就是說，我們每年減少了 4000 萬磅的糖。我們將繼續致力於短期、中期和長期的目標，以使我們的產品更有營養。

But I would add to Miguel's point, which I think is right on, is the fact that this is a commitment we have for the long term. Every single time we are renovating our portfolio. We're putting in kind of the view of how do we continue to improve our products overall, not just because it's the right thing to do, but also because that's what consumers want us to do. So I think that is happening and obviously, you can see very clearly in terms of commitment to sugar reduction to reduction, we continue to work with communities and improving the food and security situation -- and this is something that as a company we are committed to and we'll continue to as we go forward.

但我想補充一下米格爾的觀點，我認為這是正確的，這是我們長期的承諾。每次我們都在更新我們的產品組合。我們正在考慮如何繼續整體改進我們的產品，不僅因為這是正確的做法，還因為這是消費者希望我們做的事情。所以我認為這正在發生，很明顯，你可以非常清楚地看到減糖的承諾，我們繼續與社區合作，改善糧食和安全狀況——作為一家公司，這是我們承諾的事情我們將繼續前進。

We are buyer of tomatoes and beans. And in the heart, we are a grid cultural company. And we've been investing a lot in that sense in client base. I mean you see what we are doing in Europe with our beans with a project of launching new beans-based products with Heinz Beanz Burgerz, Heinz Beanz Houmouz, protein pots and a portfolio of innovation for the next 5 years related to that. And here in the U.S., we are very proud to announce this week that we are launching our plant-based cheese, which by the way, is an incredible product, very different from what is in the market. It melts -- tastes like cheese, it's smells like cheese and melts like cheese and is very different from everything that is in the market. So we're absolutely committed on the nutritional agenda.

我們是西紅柿和豆類的買家。而在內心深處，我們是一家網格文化公司。從這個意義上說，我們一直在客戶群上進行大量投資。我的意思是你看到了我們在歐洲用我們的豆子做的事情，一個項目是推出新的豆類產品，包括 Heinz Beanz Burgerz、Heinz Beanz Houmouz、蛋白質罐以及與此相關的未來 5 年的創新組合。在美國，我們非常自豪地宣布，本週我們將推出我們的植物奶酪，順便說一句，這是一種令人難以置信的產品，與市場上的產品截然不同。它融化了——嘗起來像奶酪，聞起來像奶酪，像奶酪一樣融化，與市場上的所有產品都大不相同。所以我們絕對致力於營養議程。

Our next question comes from Stephen Powers with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Stephen Powers。

I wanted to ask on gross margin progression across the consumer goods space broadly, I think we're beginning to see more signs an evidence of gross margin stabilization, if not recovery with results across many companies either coming in ahead of consensus expectations or improving sequentially or even starting to improve year-over-year. And every portfolio is obviously different, but you're not yet in that position. So I'm curious as to just how you're thinking about the progress of gross margin? What kind of framing of expectations we should have going into the fourth quarter? And the prospects for improvement as we build into fiscal '23?

我想問一下整個消費品領域的毛利率進展情況甚至開始逐年改善。每個投資組合顯然都不同，但你還沒有處於那個位置。所以我很好奇你是如何看待毛利率的進展的？進入第四季度，我們應該有什麼樣的預期框架？隨著我們在 23 財年的建設，改善的前景如何？

Andre, you may answer this question, please.

安德烈，請你回答這個問題。

Sure. Thanks for the question. Look, we have been -- as we said a while ago, have pricing to protect the dollar inflation, so dollar for dollar, and we have been doing that now for the second quarter in a row. So both in Q2 and now in Q3, price was in line with inflation and price plus gross efficiencies was ahead of inflation. Given that we had in Q3, as we initially said back in September, some incremental pressure in selected places. And we took action already on it. There is this continuous lag in effect. So we expect Q3 to be the bottom of our gross margin, and you should expect to see a sequential improvement in Q4 in comparison to Q3.

當然。謝謝你的問題。看，我們一直 - 正如我們前段時間所說，定價以保護美元通脹，所以美元兌美元，我們現在已經連續第二個季度這樣做了。因此，無論是在第二季度還是現在在第三季度，價格都與通脹保持一致，價格加上總效率領先於通脹。鑑於我們在第三季度（正如我們最初在 9 月份所說的那樣），在選定的地方有一些增量壓力。我們已經採取了行動。有這種持續的滯後效應。因此，我們預計第三季度將成為我們毛利率的底部，與第三季度相比，您應該會看到第四季度的連續改善。

Our next question comes from David Palmer with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 David Palmer。

Just a follow-up on some of the supply chain stuff. Your case fill rates in your slide deck, you say -- they were in the low 90s in the third quarter, and that's better than the high 80s than it was in the first quarter. But I was slightly surprised to see that, that fill rate was the same as 2Q. Is that a result of that upstream supplier effect that you're talking about. And I'm wondering how you're thinking about progress there. Is that -- is that some -- do you have visibility to getting that fill rate back? I'm sure you want to get back to the high '90s. And what -- when could we expect bigger leaps and improvement in fill rates?

只是對一些供應鏈內容的跟進。您說，您幻燈片中的案例填充率 - 他們在第三季度處於 90 年代的低位，這比第一季度的 80 年代高。但我有點驚訝地看到，填充率與第二季度相同。這是您所說的上游供應商效應的結果嗎？我想知道你如何看待那裡的進展。那是 - 是一些 - 你是否可以看到恢復填充率？我敢肯定你想回到 90 年代的高潮。還有什麼——我們什麼時候可以期待更大的飛躍和填充率的提高？

David thanks for the question. Carlos, please.

大衛感謝這個問題。卡洛斯，請。

Yes. What I'll say is that exactly what you said, it is connected to the availability of certain ingredients in the -- of the upstream. But at the same time, our commitment with our customers is continue to improve that. I'll tell you that as we continue to navigate the situation in terms of those capacity constraints, what I'll say is that we also are looking to see how we're differently with the capacity that we have available to us. And let me give you a couple of examples of how we're doing that. We actually are ingesting data directly from our customers in a way that allows us to better deploy our inventory to reduce out of stocks. We started that with a pilot with 1 particular retailer and that allows us to actually reduce the amount of inventory by 40%. The out-of-stocks in their stores, by 40% in a period of about 8 weeks. We now have expanded that program and now we're ingesting more data from different customers that allows you to then make sure that we are then putting the right inventory in the right stores and giving the right signals into our production so that we can maximize the availability capacity that we have in our plants.

是的。我要說的是，正如你所說，它與上游某些成分的可用性有關。但與此同時，我們對客戶的承諾將繼續改善這一點。我會告訴你，隨著我們繼續根據這些容量限制來應對這種情況，我要說的是，我們也在尋找我們在可用容量方面的不同之處。讓我舉幾個例子說明我們是如何做到的。實際上，我們直接從客戶那裡獲取數據，從而使我們能夠更好地部署庫存以減少缺貨。我們從 1 家特定零售商的試點開始，這使我們能夠實際減少 40% 的庫存量。他們商店的缺貨率在大約 8 週內減少了 40%。我們現在已經擴展了該計劃，現在我們正在從不同客戶那裡獲取更多數據，這樣您就可以確保我們將正確的庫存放在正確的商店中，並在我們的生產中發出正確的信號，這樣我們就可以最大限度地提高我們工廠的可用性能力。

So we're both working on streams with suppliers, but it's also us being smarter and better capabilities internally to deploy our inventory to improve overall service levels, which we're committed to do. Thanks for the question.

因此，我們都在與供應商合作，但我們也在內部變得更加聰明和更好的能力來部署我們的庫存以提高整體服務水平，這是我們承諾做的。謝謝你的問題。

Our next question comes from John Baumgartner with Mizuho. .

我們的下一個問題來自瑞穗的 John Baumgartner。 .

Miguel, I wondering if you can touch on the nice reversal you had in Q3 regarding market shares relative to your branded competition -- how would you break that down between the benefits from some of the supply chain constraints easing, the pricing differentials in the market as opposed to how much of that is derived from just underlying changes to your execution in the market on more of a like-for-like basis, -- and how sustainable do you think that performance will be in the share gains versus brands going forward?

米格爾，我想知道您是否可以談談您在第三季度相對於您的品牌競爭的市場份額的良好逆轉——您將如何在一些供應鏈限制放鬆帶來的好處、市場價格差異之間進行細分與其中有多少只是來自您在市場上執行的潛在變化（更多的是類似的基礎）——以及您認為與未來品牌相比，在份額收益方面的表現將如何可持續?

Thanks for the question. So let me give you my perspective, and then Carlos can go further on that answer, right? We are excited to keep the levels of market share even with the problems that we continue facing on supply. I mean, we would be gaining a lot of share if we would not facing still shortages on raw materials.

謝謝你的問題。所以讓我給你我的觀點，然後卡洛斯可以進一步回答這個問題，對吧？即使我們繼續面臨供應問題，我們也很高興能夠保持市場份額水平。我的意思是，如果我們不再面臨原材料短缺的問題，我們將獲得很多份額。

A good proof of that is like Capri Sun and Lunchables, where in the previous quarters, we had problems with supply charters of raw materials we lost this year, and now we are in rocket -- record share gains on these 2 brands. So I actually am optimistic that we can move further on market share. Carlos, please?

Capri Sun 和Lunchables 就是一個很好的證明，在前幾個季度，我們在今年失去的原材料供應包證方面遇到了問題，現在我們處於火箭般的狀態——這兩個品牌的份額增長創歷史新高。所以我實際上很樂觀，我們可以進一步提高市場份額。卡洛斯，好嗎？

Yes. I would say to build on Miguel's point, this is a combination of the continuing investments that we have made in renovating our brands, investment in improving the quality of our marketing communication. And then, as you said, unlocking some of the capacity in some key brands. I think the example Miguel gave around Lunchables and Capri Sun in which we saw the improvement on inventory and CFR and then our ability to actually then go into market and then drive event-based promotions that allows then to continue to grow those particular categories during the back-to-school period, which wasn't basically a phenomenal result for us in terms of performance.

是的。我想說的是，基於 Miguel 的觀點，這是我們在更新品牌方面的持續投資和提高營銷傳播質量的投資的結合。然後，正如你所說，釋放一些關鍵品牌的一些能力。我認為 Miguel 給出的關於 Lunchables 和 Capri Sun 的例子中，我們看到了庫存和 CFR 的改善，然後我們有能力實際進入市場，然後推動基於事件的促銷活動，從而允許在返校期間，就表現而言，這對我們來說基本上不是一個驚人的結果。

As we go forward, when you see the places that we continue to have challenges in terms of capacity, we know that once we unlock those, we also have an opportunity to then continue to grow our consumption as we go forward. And those, as I said before, areas like our cold cuts and cream cheese that are slowly getting into a better position in our inventory. And now as we go into the holidays, making sure we protect their ability to then go into those event-based promotions were during the time of year that consumers are looking for our brands. So when you take a step back, I will say, is a great combination of the work we have done over the last 1.5 years for us to improve internally the equity of our company. And at the same time now, see the benefit of us being able to now go back into the marketplace in a more aggressive way that allows to do then continue to drive consumption and whole penetration on our brands.

在我們前進的過程中，當您看到我們在容量方面繼續面臨挑戰的地方時，我們知道一旦我們解鎖了這些，我們也有機會在前進的過程中繼續增長我們的消費。正如我之前所說，我們的冷盤和奶油奶酪等領域正在慢慢地在我們的庫存中佔據更好的位置。現在，當我們進入假期時，確保我們保護他們的能力，然後再參加那些基於事件的促銷活動，這是消費者在一年中尋找我們品牌的時候。因此，當您退後一步時，我會說，這是我們過去 1.5 年為提高公司內部股權所做的工作的完美結合。同時，現在看到我們現在能夠以更積極的方式重返市場的好處，這樣就可以繼續推動消費和對我們品牌的整體滲透。

Operator, we have time for one more question.

接線員，我們有時間再問一個問題。

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。

I just wanted to come back to the foodservice opportunity you've called out. And I think specifically, you said roughly half of the top 50 QSRs are distribution opportunities for you. Can you just give us a sense of maybe what's kept you from already being in some of those accounts? How sticky are those relationships? And what's sort of realistically the expectations for how many of those could come your way?

我只是想回到你呼籲的餐飲服務機會。我特別想，你說前 50 名 QSR 中大約有一半是你的分銷機會。您能否讓我們了解一下是什麼讓您無法進入其中一些賬戶？這些關係有多粘？你對其中有多少人的期望是什麼？

I would ask Carlos to answer that question, and then Rafael is maybe with us on this call to present for International zone, where we have a great momentum for service, by the way.

我會請 Carlos 回答這個問題，然後 Rafael 可能會和我們一起參加此次國際區的演講，順便說一下，我們在國際區的服務勢頭很好。

Yes. But I think let me start with the comment Miguel just made. I think if you look at our business in the North America and year-to-date, we're growing and growing market share. So we feel very good about our performance so far. And what I will tell you is, for us, it's a critical channel as we go forward. It is one that we really have thought about how do we continue to transform the organization internally. So we have done things like changing the leadership and reorienting our focus from operators to advance distributors -- we have done things like making sure that our food service now has a different role within North America zone that is from what we used to see as basically a stable contributor to now a growth driver.

是的。但我想讓我從 Miguel 剛剛發表的評論開始。我認為，如果您看看我們在北美和年初至今的業務，我們的市場份額正在不斷增長。所以到目前為止，我們對自己的表現感覺非常好。我要告訴你的是，對我們來說，這是我們前進的關鍵渠道。這是我們真正考慮過如何繼續在內部改造組織的問題。因此，我們已經做了一些事情，比如改變領導層，並將我們的重點從運營商重新定位到高級分銷商——我們已經做了一些事情，比如確保我們的食品服務現在在北美地區扮演與我們過去基本所見不同的角色一個穩定的貢獻者，現在是一個增長動力。

We have simplified and renovated the portfolio. I'll tell you that we have reduced about half of our SKUs that we had in 2019. At the same time, we have improved quality. And then finally, we continue to enhance our overall distribution, overall. Now part of the point that you made around how do we continue to unlock some of the opportunities we have in QSR is us continue to invest in the capacity of the business. So we're also making strong investments in CapEx in order for us to support the opportunity for us to continue growing in our foodservice channel.

我們已經簡化和更新了產品組合。我會告訴你，我們在 2019 年減少了大約一半的 SKU。同時，我們提高了質量。最後，我們繼續加強我們的整體分佈。現在，您圍繞我們如何繼續釋放我們在 QSR 中的一些機會提出的部分觀點是，我們將繼續投資於業務能力。因此，我們也在大力投資資本支出，以支持我們在餐飲服務渠道中繼續發展的機會。

Over the last 2 years, that number is over $100 million we have invested -- so that allows us now the opportunity to have those conversations with QSR in a way that truly unlocks opportunities for us to continue growing. Now that's a view of North America. Let me pass it out to Raf to give you a view also of on international side.

在過去的 2 年裡，我們已經投資了超過 1 億美元——這讓我們現在有機會與 QSR 進行對話，從而真正為我們釋放繼續發展的機會。現在這是北美的視圖。讓我把它轉給 Raf，讓你也了解一下國際方面的情況。

Yes. Look, it's not very similar to that. The opportunity in foodservice is significant. And you can see it has been a core pillar for our results the last few years, and the quarter is no different. You can see that the numbers we released, we are growing actually very fast and twice the size of the industry, twice the rate of the industry. So you can attribute that part of it was the slowdown that happened during the pandemic.

是的。看，和那個不太像。餐飲服務的機會是巨大的。你可以看到它在過去幾年一直是我們業績的核心支柱，本季度也不例外。你可以看到我們發布的數字，我們實際上增長非常快，是行業規模的兩倍，行業速度的兩倍。因此，您可以將其部分歸因於大流行期間發生的放緩。

A lot of the -- across international, we do compete with some global players but also with some local players and a lot of them specialize in foodservice that during the pandemic, they suffer a lot and some of them either went bankrupt or had to downsize significantly their operations. We didn't. We maintained the same level of investments and consequently coming out of the pandemic in most of the countries across the world, I mean, we are riding ahead of it.

很多——在國際上，我們確實與一些全球參與者競爭，但也與一些本地參與者競爭，他們中的許多人專門從事餐飲服務，在大流行期間，他們遭受了很多痛苦，其中一些人要么破產了，要么不得不縮小規模顯著他們的操作。我們沒有。我們保持了相同的投資水平，因此在世界上大多數國家都擺脫了大流行，我的意思是，我們領先於它。

So we continue to be excited. I mean, QSR is the core. Our products, especially within the sauces environment goes very hand-in-hand with the QSR industry. we still have a long way to go. I mean our estimate with the data available that we are about between 3% and 4% market share of the sauces category of food service. So there is significant room ahead. And we are going to continue to do that, driving our chef-led model, where we have invested in chefs that partner with those customers, driving innovations that have been very well received. So it should be a continuous source of growth, sustainable growth for us.

所以我們繼續興奮。我的意思是，QSR 是核心。我們的產品，尤其是在醬料環境中，與 QSR 行業密切相關。我們還有很長的路要走。我的意思是我們根據現有數據估計我們在食品服務的醬汁類別中的市場份額約為 3% 到 4%。所以前面有很大的空間。我們將繼續這樣做，推動我們以廚師為主導的模式，我們投資於與這些客戶合作的廚師，推動備受好評的創新。所以它應該是我們持續增長的源泉，可持續的增長。

Thank you, operator. I'm now going to hand it over to Miguel for some closing commentary.

謝謝你，接線員。我現在要把它交給 Miguel 做一些結束評論。

I would like to finish with a quote. A quote from a famous legendary car racer on Formula 1 that once said, "If it's raining, I can pass 15 cars. But when it's sunny, I cannot." Let me tell you, it's not raining, it's pouring. But we are super excited at this moment because we are seeing this a great moment of opportunity. And we've been able to navigate through the uncertainties of the short term and adapt and we build very fast at the same time that we are continue building our future. We are excited with what we have ahead of us. Thank you very much.

我想以報價結束。一位著名的一級方程式賽車手的名言曾經說過：“如果下雨，我可以超越 15 輛汽車。但是當天氣晴朗時，我就不行了。”讓我告訴你，不是在下雨，而是在傾盆大雨。但此時我們非常興奮，因為我們看到這是一個絕佳的機會時刻。我們已經能夠度過短期的不確定性並適應，我們建設得非常快，同時我們正在繼續建設我們的未來。我們對我們面前的一切感到興奮。非常感謝。

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，度過美好的一天。