卡夫亨氏 (KHC) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to The Kraft Heinz Company Fourth Quarter Results Conference Call. (Operator Instructions)

美好的一天，謝謝你的支持。歡迎來到卡夫亨氏公司第四季度業績電話會議。 （操作員說明）

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今天的發言人 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 fourth 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 2022 年第四季度業務更新問答環節。

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.

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相關的陳述。這些陳述基於我們今天的看法，實際結果可能因風險和不確定性而存在重大差異。請參閱本次電話會議隨附的今天的收益發布中包含的警示性聲明和風險因素，以及我們最近的 10-K、10-Q 和 8-K 文件，以了解有關這些風險和不確定性的更多信息。

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 財務措施，這些措施將某些項目排除在我們根據 GAAP 報告的財務業績之外。請參閱我們網站 ir.kraftheinzcompany.com 上今天的收益發布和非 GAAP 信息，在新聞和事件下，討論我們的非 GAAP 財務措施以及與可比的 GAAP 財務措施的調節。

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

在我們開始之前，我現在將它交給首席執行官 Miguel Patricio，請其發表一些簡短的開場白。

Thank you, Anne-Marie, and thank you, everyone, for joining us today. Let me first take a moment to say how proud I am of Kraft Heinz team. We have come so far on our transformation journey. It's quite amazing. And the fourth quarter was no exception.

謝謝你，安妮-瑪麗，也謝謝大家今天加入我們。首先讓我花點時間說一下我為卡夫亨氏團隊感到多麼自豪。我們的轉型之旅已經走了這麼遠。這太神奇了。第四季度也不例外。

You can see the momentum building across our business, service levels, and market share trends are improving, base volumes are positive. We are outpacing the competition in Foodservice and Emerging Markets and by a lot. And importantly, we continue to invest for growth. Once again, we have unlocked efficiencies over $400 million this year, and this allow us to invest in new tools and capabilities for our teams and new product innovation for our consumers.

您可以看到我們業務、服務水平和市場份額趨勢的發展勢頭正在改善，基礎銷量是積極的。我們在餐飲服務和新興市場的競爭中遙遙領先。重要的是，我們繼續投資以實現增長。今年，我們再次提高了 4 億美元的效率，這使我們能夠為我們的團隊投資新工具和新功能，並為我們的消費者投資新產品創新。

From a pricing perspective, 99% of all needed pricing has already been announced for 2023. As we look to the rest of the year, we have no current plan to announce new pricing in North America, Europe, Latin America and most of Asia. I am very optimistic and very excited about how we are positioned to deliver long-term sustainable growth. With that, I've had Andre, Carlos and Rafa to join me. So let's open the call for the Q&A.

從定價的角度來看，2023 年所有所需定價的 99% 已經公佈。展望今年剩餘時間，我們目前沒有在北美、歐洲、拉丁美洲和亞洲大部分地區公佈新定價的計劃。我對我們如何定位以實現長期可持續增長感到非常樂觀和興奮。有了這個，我有安德烈、卡洛斯和拉法加入我的行列。那麼讓我們打開問答環節。

(Operator Instructions) Our first question comes from Andrew Lazar with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的 Andrew Lazar。

Your EBITDA guidance for fiscal '23, excluding the impact from the 53rd week is actually in line with your long-term algorithm. And when you detailed this, I guess, at CAGNY, a year ago, you sort of, I think, said it would take multiple years to reach this level of growth.

您對 23 財年的 EBITDA 指導（不包括第 53 週的影響）實際上與您的長期算法一致。當你詳細說明這一點時，我想，一年前在 CAGNY，你有點，我想，說要達到這種增長水平需要很多年。

So I guess, in this regard, I'm trying to get a sense of whether -- if I have this right, whether you're ahead of schedule and if so, what you attribute it to. Like what's gone better or faster maybe than you anticipated? And I guess, most importantly, are you in a place where you see this level of growth now as more sustainable?

所以我想，在這方面，我試圖了解是否 - 如果我有這個權利，你是否提前完成，如果是，你將其歸因於什麼。就像什麼比您預期的更好或更快？而且我想，最重要的是，你是否處在一個你認為現在這種增長水平更可持續的地方？

Thank you, Andrew, for the question. And Andre, could you answer this please?

安德魯，謝謝你提出這個問題。安德烈，你能回答這個問題嗎？

Sure, sure. And thanks for the question. And thanks for noticing it. In fact, we feel very proud about what we have been achieving as a company. And 2023 will mark another step up in our performance. And as well noticed, we added on the long-term algorithm already on net sales and also on EBITDA, if you remove the effects from currency and from the 53rd week. And I think this is the best way to show that transformation is working through results, right? And it's good to see how '22, we've reached a very strong momentum and how that's translating into a stronger performance in 2023.

一定一定。謝謝你的提問。感謝您注意到它。事實上，我們對公司取得的成就感到非常自豪。 2023 年將標誌著我們的業績又邁進了一步。同樣值得注意的是，如果您去除貨幣和第 53 週的影響，我們會在淨銷售額和 EBITDA 上添加長期算法。而且我認為這是表明轉型正在通過結果發揮作用的最佳方式，對嗎？很高興看到 22 年，我們已經達到了非常強勁的勢頭，以及如何在 2023 年轉化為更強勁的表現。

This is a consequence of our market share in the U.S., continues to improve, still negative, but improving. The Foodservice continues to deliver at high -- at above 20%; Emerging Markets growing double digits and a strong rate. So all the trends of growth are work in our favor.

這是我們在美國市場份額的結果，繼續改善，仍然是負面的，但正在改善。餐飲服務繼續保持高水平——超過 20%；新興市場以兩位數的速度增長且強勁。因此，所有增長趨勢都對我們有利。

Supply chain efficiencies continue to happen. And in 2023, as you might have noticed in guidance, we are expanding gross margin to go back to 2019 levels, which is allowing us to continue to increase the investment in the business for growth. So we are in 2023, increasing investments behind marketing technology and people, which are critical enablers for us to fuel the growth of the company. So we feel good about where we are moving. Still much to do, but feel good.

供應鏈效率不斷提高。在 2023 年，正如您可能已經在指導中註意到的那樣，我們正在擴大毛利率以回到 2019 年的水平，這使我們能夠繼續增加對業務的投資以實現增長。因此，我們在 2023 年增加了對營銷技術和人員的投資，這是我們推動公司發展的關鍵推動因素。所以我們對我們要去的地方感覺很好。還有很多事要做，但感覺很好。

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。

My question is about just the free cash flow, and I have couple of questions related to that. I guess the first is just simply, Andre, can you give us a little bit more insight in terms of, I guess, the inventory build? Is it finished goods inventory? Is it raw materials, the decision to do that? And I guess, in the prepared remarks, it's tied to service level. So are you going to need to carry elevated inventories through '23, is my first question.

我的問題只是關於自由現金流，我有幾個與此相關的問題。我想第一個很簡單，安德烈，你能給我們更多關於庫存構建的見解嗎？是成品庫存嗎？是原材料，做的決定嗎？我想，在準備好的評論中，它與服務水平有關。那麼你是否需要在 23 年之前增加庫存，這是我的第一個問題。

Sure. Thanks for the question. Look, as we said, as you have seen throughout 2022, we have to review rebuilding inventory. Our case fill rate at the end of '21 was in the low 80s, which is extremely low, so we had a lot of recovery to do. So you have seen throughout the year, the effect of us building inventory. Keep in mind that we finished 2022, it's still in the low 90s. So it's still not what retailers are expecting it should be and what we expect ourselves should be.

當然。謝謝你的問題。看，正如我們所說，正如您在整個 2022 年看到的那樣，我們必須審查重建庫存。我們在 21 年底的案例填充率處於 80 年代的低水平，這是非常低的，所以我們有很多恢復工作要做。所以你全年都看到了我們建立庫存的影響。請記住，我們已經完成了 2022 年，它仍處於 90 年代的低點。所以這仍然不是零售商期望的，也不是我們期望自己應該的。

Being said that, we do have, compared to historical levels, higher inventory coverage in average in roll and package materials, also which is normal because we're also trying to build the buffers given all the volatility and uncertainty. So we expect that those roll and package materials should decline over time, including starting in 2023.

話雖如此，與歷史水平相比，卷材和包裝材料的平均庫存覆蓋率確實更高，這也是正常的，因為考慮到所有的波動性和不確定性，我們也在努力建立緩衝。因此，我們預計這些卷材和包裝材料會隨著時間的推移而減少，包括從 2023 年開始。

And in finished goods, even though we need to increase inventory in certain spots where the inventory service levels are still low, we still have a lot of opportunity to rebalance our inventory across the network. I think one of the consequences of the pandemic, the demand volatility is that we started having inventory straight in the wrong warehouses should be the demand. And that takes time to sort itself out, right, because [there's cost] shipping items across the network.

在成品方面，即使我們需要在某些庫存服務水平仍然較低的地點增加庫存，我們仍然有很多機會在整個網絡中重新平衡我們的庫存。我認為大流行的後果之一是需求波動，我們開始將庫存直接放在錯誤的倉庫中，這應該是需求。這需要時間來解決問題，對吧，因為通過網絡運送物品 [有成本]。

So because of the effects and all the investments that we have made in the past 2 years to automate demand forecast, we are investing a lot of resources in better supply trending. We are -- we have a big project that already started to network simplification. So the combination of these investments, a lot of the rebalance of the network plus, we're going back to the more historical levels of packaging materials made should start the system recovering inventory starting '23, but all into the future.

因此，由於我們在過去兩年中為自動化需求預測所做的影響和所有投資，我們正在投入大量資源來更好地掌握供應趨勢。我們 - 我們有一個大項目已經開始簡化網絡。因此，這些投資的結合，網絡的大量重新平衡加上，我們要回到更多的包裝材料的歷史水平，應該從 23 年開始啟動系統恢復庫存，但都是在未來。

So I guess as we're kind of bridging that now to maybe how we should be thinking about free cash flow and free cash flow conversion for '23. Can you give us a little bit of perspective on, I guess, capital spending? Will inventory or working capital be a tailwind? Like can we get back to more normal free cash flow conversion in '23? Or is it still going to be somewhat, I guess, subdued relative to previous years?

所以我想我們現在正在將其與我們應該如何考慮 23 年的自由現金流和自由現金流轉換聯繫起來。你能給我們一些關於資本支出的看法嗎？庫存或營運資金會成為順風嗎？比如我們能否在 23 年恢復更正常的自由現金流轉換？或者它仍然會有所減弱，我猜，相對於前幾年？

So free cash flow will be better than 2022. We are still not going to be in the long-term algorithm of 100%, and that's in great part because of CapEx investments. As we have said as well during -- when we unveiled the long-term algorithm, we are investing for growth. And we have stepped up investment in CapEx. You have seen in 2022, we are spending a little more than $900 million, which is a big increase versus the [700, 750] that were in the past.

所以自由現金流將比 2022 年更好。我們仍然不會處於 100% 的長期算法中，這在很大程度上是因為資本支出投資。正如我們在公佈長期算法時所說的那樣，我們正在為增長而投資。我們已經加大了對資本支出的投資。你已經看到，到 2022 年，我們的支出略高於 9 億美元，與過去的 [700, 750] 相比有了很大的增長。

We are ramping up this again in 2023 and 2024 as part of our long-term plan. And then we should go back down to -- closer to 3.5% of net sales starting 2025. That's the current perspective. So when the CapEx starts to come down, that will help us to give the step-up change to go back to achieve the 100% as we said the long-term outlook. So this year, I mean, if you want to expect something this year, it should be like about 80% or so is going to have addressable...

作為我們長期計劃的一部分，我們將在 2023 年和 2024 年再次加大力度。然後我們應該回到——從 2025 年開始接近淨銷售額的 3.5%。這就是目前的觀點。因此，當資本支出開始下降時，這將幫助我們做出逐步改變，以實現我們所說的長期前景的 100%。所以今年，我的意思是，如果你想在今年有所期待，應該有大約 80% 左右的內容可以尋址......

Our next question comes from Chris Growe with Stifel.

我們的下一個問題來自 Stifel 的 Chris Growe。

I just had a question for you in relation to promotional spending. And you had some data and some charts -- or a chart that showed it was down since 2019 and down more than your branded competition. I just want to get a sense of, do you expect to increase that? Is that kind of tied to service levels as those improve throughout the year?

我剛剛有一個關於促銷支出的問題要問你。你有一些數據和一些圖表——或者一張圖表顯示它自 2019 年以來下降了，而且比你的品牌競爭下降得更多。我只是想了解一下，您希望增加嗎？隨著全年服務水平的提高，這是否與服務水平相關？

And then also to better understand what's the appropriate bogey for that level of rebuilding promotional spending? So what portion of that 5% decline you show in 2019 should rebuild? You've got some good data and capabilities now. Can you be more efficient with promotional spending? I think the answer is yes, but just want to get a little more color on that.

然後還要更好地了解重建促銷支出水平的適當忌諱是什麼？那麼你在 2019 年顯示的 5% 下降中的哪一部分應該重建？您現在已經獲得了一些很好的數據和功能。您可以提高促銷支出的效率嗎？我認為答案是肯定的，但只是想在上面增加一點色彩。

Maybe, Andre, you can start and then, Carlos, comment specifically in U.S.

也許，安德烈，你可以開始，然後，卡洛斯，專門在美國發表評論

Yes. So -- and thanks for the question. We have increased trade investment in a very significant way from 2017 to '19, more than $1 billion in the United States alone. So we have restarted from a very high base. And since late 2019, we created a centralized revenue management organization. We have more than 50 people fully dedicated to that in North America alone, and we have started to gather power in our sales organization. We put a lot of discipline and science behind making promotional decisions in a way that benefits us and retailers. And you have seen a lot of that coming to fruition now in the results of the last 3 years.

是的。所以——謝謝你的提問。從 2017 年到 19 年，我們以非常顯著的方式增加了貿易投資，僅在美國就超過 10 億美元。所以我們從一個非常高的基數重新開始。自 2019 年底以來，我們創建了一個集中的收入管理組織。僅在北美，我們就有 50 多人全心全意致力於此，並且我們已經開始在我們的銷售組織中積聚力量。我們以有利於我們和零售商的方式製定促銷決策，並運用了大量的紀律和科學知識。在過去 3 年的結果中，您已經看到很多成果正在實現。

There is obviously an impact from service level as well. But just to put it in perspective, if you look at Q4, one, sold on promotion, we had about 24% of sold on promotion in Q4 '22. That's higher than 2021, but about 23% as a 2 percentage point in the past, still lower than the vendor competitors in our categories. But in 2019, it was 34%. So that's too much.

服務水平顯然也有影響。但從長遠來看，如果你看一下第 4 季度，第一季度，在促銷活動中售出，我們在 22 年第四季度的促銷活動中售出了大約 24%。這高於 2021 年，但作為過去的 2 個百分點約為 23%，仍低於我們類別中的供應商競爭對手。但在 2019 年，這一比例為 34%。所以這太過分了。

And if you look at where we are right now in terms of promotional investments, we still have a significant amount of promotions that have negative ROI. So it's not about cutting promotions, it's about deploying it in a smarter way. So we are in the journey, and we have seen the results from that, but there's still a lot of opportunities for us to go ahead. We will deploy it as [once it is] increasing. It is good for me to give you a precise number of where this is going to land, but what I can tell you in confidence is that we're not going to get anywhere close to 2019 levels.

如果你看看我們現在在促銷投資方面的情況，我們仍然有大量的促銷活動具有負投資回報率。所以這不是削減促銷活動，而是以更智能的方式部署促銷活動。所以我們正在旅途中，我們已經看到了結果，但我們仍有很多機會繼續前進。我們將在 [once it is] 增加時部署它。我很高興為您提供確切的數字，但我可以自信地告訴您，我們不會接近 2019 年的水平。

Yes. Let me -- it's Carlos here, Chris. Listen, what I would say is just building on some of the comments that Andre just mentioned is that as we think about promotional activity going forward, it really is about being surgical about how we invest those promotion dollars. They're thinking through making them around event-based activity.

是的。讓我——我是卡洛斯，克里斯。聽著，我要說的只是建立在安德烈剛才提到的一些評論的基礎上，當我們考慮未來的促銷活動時，這實際上是關於我們如何投資這些促銷美元的外科手術。他們正在考慮圍繞基於事件的活動製作它們。

So that way, we are thinking through how do we make sure that we are driving the best utilization of that particular event versus a price-based activity. And I think what happens then is it allows us to actually make sure we are focused in terms of driving positive ROIs. And I think if you -- as you heard from Andre, we have made huge strides from where we were in 2018, and we're not going back.

因此，我們正在考慮如何確保我們正在推動特定事件與基於價格的活動的最佳利用。而且我認為接下來發生的事情是它使我們能夠真正確保我們專注於推動積極的投資回報率。而且我認為，如果你 - 正如你從安德烈那裡聽到的那樣，我們已經從 2018 年的位置取得了巨大進步，我們不會回頭。

In fact, when you look at some of our focus on improving the ROI of our programs, today, on average, if you think of 2022 versus 2019, we've actually tripled the level of ROI returns of our promotions from 3 years ago. So again, it is a signal that all the investments we're doing in terms of revenue management are agile and still work in terms of better understanding how to read the data and how to utilize our funding is actually driving specifically better ROI in every funding that we're doing. Thanks for the question.

事實上，當你看看我們對提高項目投資回報率的一些關注時，今天，平均而言，如果你想想 2022 年與 2019 年相比，我們的促銷活動的投資回報率回報水平實際上是 3 年前的三倍。因此，這再次表明，我們在收入管理方面所做的所有投資都是敏捷的，並且在更好地理解如何讀取數據以及如何利用我們的資金方面仍然有效，實際上在每筆資金中都特別推動了更好的投資回報率我們正在做的。謝謝你的問題。

Our next question comes from Cody Ross with UBS.

我們的下一個問題來自瑞銀的 Cody Ross。

Just a quick question around your organic sales guidance. You guided 2023 organic sales growth of 4% to 6%. Based on wraparound pricing from 2022 and the incremental price that you discussed for 2023, we estimate that your volume growth assumption is flat to down low single digits. Is that correct? And then if so, what gives you the confidence that elasticity will remain so low as we move throughout the year?

只是關於您的有機銷售指南的快速問題。您指導 2023 年有機銷售額增長 4% 至 6%。根據 2022 年的環繞定價和您討論的 2023 年增量價格，我們估計您的銷量增長假設持平至低個位數。那是對的嗎？那麼，如果是這樣，是什麼讓您相信隨著我們全年的變動，彈性將保持如此低的水平？

Andre?

安德烈？

Yes. Cody, thanks for the question. So as well noted, we are finishing Q4 growing about 10%. And we just had a new round of price that we just implemented. So that certainly has a positive effect especially in the first half of the year. We expect gradually throughout the year for us to be as we touched last the price increases from last year, that we end up landing in the second half on something closer to our long-term growth algorithm, okay?

是的。科迪，謝謝你的提問。眾所周知，我們在第四季度完成了約 10% 的增長。我們剛剛實施了新一輪的價格。因此，這肯定會產生積極影響，尤其是在今年上半年。我們預計全年我們將逐漸達到去年的價格上漲，我們最終會在下半年登陸更接近我們長期增長算法的東西，好嗎？

Being said that, the growth in 2023 is all driven by price, so volume is still negative. Obviously, it improves throughout the quarters as we structure the prices. But even at the end of the year, we'll still be negative. That's something that as we think about the future, it's not the mass balance that we want. We want a good balance as we think about topline growth between price and volume. And we're going to talk a lot about that the next week in CAGNY. We have compensated the guidance an increased level of elasticity compared to what we saw in 2022, but it's still not the way up to the historical levels.

話雖如此，2023年的增長都是由價格驅動的，所以量仍然是負數。顯然，隨著我們構建價格，它在整個季度都有所改善。但即使在年底，我們仍然會持負面態度。當我們考慮未來時，這不是我們想要的質量平衡。當我們考慮價格和數量之間的收入增長時，我們想要一個良好的平衡。下週我們將在 CAGNY 就此進行大量討論。與我們在 2022 年看到的相比，我們已經補償了彈性水平更高的指導，但這仍然沒有達到歷史水平。

In terms of what gives confidence, look, we start the sellout for the industry to our Q4 was still very strong. In fact, if you look at sellout elasticity, just looking at price and volume based on the sellout, Q4 was better than any other quarter in the year. Now we obviously need to -- we need to keep actively monitoring and we are because throughout this year, we can see maybe consumers will change their behaviors.

就給予信心而言，看，我們開始為我們的第四季度行業銷售仍然非常強勁。事實上，如果你看一下售罄彈性，只看基於售罄的價格和數量，第四季度比一年中的任何其他季度都要好。現在我們顯然需要——我們需要保持積極的監控，因為在今年全年，我們可以看到消費者可能會改變他們的行為。

Carlos, do you want to comment something on that?

卡洛斯，你想對此發表評論嗎？

The one thing I would add there, Cody, is the fact that we also are making sure that we continue to expand in terms of -- in the number of formats and price points that we offer within our categories to make sure we maintain the consumers that have been with us over the last couple of years. So that is -- means that if you look at the data, for example, in Q4, those earnings, over $100,000 in consumers, actually with that particular group, we actually grew over 13% in terms of consumption.

科迪，我要補充的一件事是，我們還確保我們繼續擴大我們在類別中提供的格式和價格點的數量，以確保我們維持消費者在過去的幾年裡一直伴隨著我們。這就是 - 意味著如果你看一下數據，例如，在第四季度，那些收入超過 100,000 美元的消費者，實際上對於那個特定群體，我們實際上在消費方面增長了 13% 以上。

And at the same time, we're making sure that as consumers are going to club, we are actually increasing the number of offerings, whether it's Mac & Cheese and Del in terms of club. And those consumers are going to dollar stores, we're actually improving the number of SKUs that we have available to them. So that way, there's a point in which they can come into the category and those who are choosing to look at value in terms of club sizes, we also have those formats.

與此同時，我們確保隨著消費者去俱樂部，我們實際上正在增加產品的數量，無論是 Mac & Cheese 還是俱樂部方面的 Del。那些消費者會去美元商店，我們實際上正在增加他們可用的 SKU 數量。這樣一來，他們就可以進入這一類別，而那些選擇根據俱樂部規模來看待價值的人，我們也有這些格式。

So it is for us to be agile in terms of how we think about the consumer continue to change, and we've been having an offer that provides a best value for them regardless of the socioeconomic situation.

因此，就我們對消費者的看法不斷變化而言，我們需要保持敏捷，並且無論社會經濟狀況如何，我們一直在提供為他們提供最佳價值的報價。

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。

Just hoping to get a better sense of the magnitude of the gross margin improvement you're expecting this year. And besides the obvious ones in terms of the cadence of inflation, if there's any considerations we should have about maybe the timing from quarter-to-quarter of that improvement?

只是希望更好地了解您今年預期的毛利率提高幅度。除了通貨膨脹節奏方面的明顯因素之外，我們是否應該考慮每個季度改善的時間安排？

Andre, please?

安德烈，好嗎？

Ken, thanks for the question. You have seen that in Q4, we [have the way] that we said, we would have a relevant sequential improvement, which put us in Q4 in line with the 2019 gross margins. We expect in Q1 to maybe develop margins to go a little bit down as we have contracts that are getting renewed and some inflation that was not passed over to us last year now is going to affect us. And we had that contemplated in our guidance. But then -- but you should expect somewhere close to flattish in Q1 compared to prior year. And from there you should start to see expansion on a year-over-year basis.

肯，謝謝你的提問。你已經看到，在第四季度，我們[按照我們所說的那樣]，我們將有一個相關的連續改進，這使我們在第四季度與 2019 年的毛利率保持一致。我們預計第一季度的利潤率可能會有所下降，因為我們的合同正在續簽，而去年沒有傳遞給我們的一些通貨膨脹現在將影響我們。我們在指南中考慮到了這一點。但是然後 - 但你應該預計第一季度與去年相比接近持平。從那裡你應該開始看到同比增長。

In terms of a ballpark, you should think about 50 bps to 100 bps, somewhere on this magnitude of gross margin expansion, which that is what's allowing us to increase investments behind marketing, technology and people, which is so important to us.

就球場而言，你應該考慮 50 個基點到 100 個基點，在這種毛利率擴張幅度的某個地方，這使我們能夠增加對營銷、技術和人員的投資，這對我們來說非常重要。

Our next question comes from Pamela Kaufman of Morgan Stanley.

我們的下一個問題來自摩根士丹利的帕梅拉考夫曼。

Can you talk about the competitive dynamics within your categories? In the prepared remarks, you indicated that private label share is increasing, but that is primarily coming from your branded competitors. So maybe if you could just elaborate on what you're seeing there, that would be helpful.

你能談談你所在類別的競爭動態嗎？在準備好的評論中，您表示自有品牌份額正在增加，但這主要來自您的品牌競爭對手。所以也許如果你能詳細說明你在那裡看到的東西，那會很有幫助。

Maybe Andre and Carlos can comment on that.

也許安德烈和卡洛斯可以對此發表評論。

Sure. Let me start. Thank you for the question, by the way. As you saw, and let me speak for the North America business first, and then maybe Andre can give you a perspective overall, the company. We do see the continued share improvements as we continue to go forward. I mean in Q4, you saw that mix adjusted share actually improved by 20 basis points. And when you look at the market share that is non-mix adjusted, in December, it actually was flat.

當然。讓我開始吧。順便說一下，謝謝你的問題。正如你所看到的，讓我先代表北美業務發言，然後也許安德烈可以給你一個整體的視角，公司。隨著我們繼續前進，我們確實看到了持續的份額改善。我的意思是在第四季度，你看到混合調整後的份額實際上提高了 20 個基點。當您查看未經混合調整的市場份額時，12 月份實際上是持平的。

And what we're seeing is that the bet that we're making in terms of continuing to invest in our businesses in terms of renovating our key products, making sure we're invest in innovation, make sure we invest in our marketing, that actually is paying us. So when you see that in terms of those particular platforms and brands that we want to continue to drive our growth are, in fact, driving the share improvements as well, whether that is in places like Lunchables, in places like Kraft Cheese, in places like Heinz Ketchup, Mac & Cheese, all those are going to drive actually positive shares as you look at Q4.

我們看到的是，我們在繼續投資於我們的業務以更新我們的關鍵產品，確保我們投資於創新，確保我們投資於我們的營銷方面的賭注，即實際上是在付錢給我們。因此，當你看到我們希望繼續推動增長的那些特定平台和品牌時，實際上也在推動份額的提高，無論是在 Lunchables 這樣的地方，在 Kraft Cheese 這樣的地方，在一些地方就像亨氏番茄醬、通心粉和奶酪，所有這些都將推動第四季度的實際份額。

So for us is, how do we continue to make sure we've built on those at the same time that we are also making sure we have the potential, still some supply chain constraints that we have in a couple of categories. So for us, it's making sure that as we are driving the investments that we're making in the brands, that those are, in fact, are already transferring into share improvements and now making sure that we are continuing to support the brands that are still a little bit challenged in terms of supply chain so that we can, in fact, unleash the continued growth of our retail environment.

所以對我們來說，我們如何繼續確保我們同時建立在這些基礎上，同時我們也確保我們有潛力，我們在幾個類別中仍然存在一些供應鏈限制。所以對我們來說，它確保在我們推動我們對品牌進行的投資時，這些投資實際上已經轉化為份額改善，現在確保我們繼續支持那些品牌在供應鏈方面仍然面臨一些挑戰，因此我們實際上可以釋放零售環境的持續增長。

Andre, do you want -- is there anything you would like to add from an international standpoint on this question?

安德烈，你想從國際的角度對這個問題有什麼要補充的嗎？

Probably the only thing is that we have to look a bit of different regions, right? Because I mean, in Europe, indeed, the situation is a bit tougher from a private label perspective, growing more. I mean the price gap has been widening although the private label has been putting price the same, but the gap has been widened.

可能唯一的問題是我們必須看一些不同的地區，對吧？因為我的意思是，在歐洲，確實，從自有品牌的角度來看，情況有點艱難，增長更多。我的意思是價格差距一直在擴大，雖然自有品牌一直在把價格保持不變，但差距已經擴大了。

I mean we have put a lot of initiatives in place like relaunching value brands where we are not -- we are not like -- we didn't have to, like HP being an example, that is in the past process category. So -- and then also do a lot of activities in price spec architecture. So this is like -- it's really keeping us strong, especially versus branded competition. But then in the rest of the world in emerging markets, specifically, you don't see that much of our private label issue and you continue to gain share.

我的意思是我們已經採取了很多舉措，比如重新推出我們沒有的價值品牌 - 我們不是 - 我們沒有必要，就像惠普就是一個例子，這是過去的流程類別。所以 - 然後還在價格規格架構方面做很多活動。所以這就像——它真的讓我們保持強大，尤其是在與品牌競爭的時候。但是在世界其他地區的新興市場中，具體來說，你看不到我們的自有品牌問題那麼多，你繼續獲得份額。

Okay. Yes. Just to put it in perspective, retail in Europe is about 5% of our business, and that's what Rafael was talking about. I just want to add to these points that 2/3 of our growth are coming from Emerging Markets and from Foodservice. And on these 2 channels, we continue gaining share and growing in a very, very positive way, double digit.

好的。是的。客觀地說，歐洲的零售業務約占我們業務的 5%，這就是拉斐爾所說的。我只想補充一點，我們 2/3 的增長來自新興市場和餐飲服務。在這兩個渠道上，我們繼續獲得份額並以非常非常積極的方式增長，達到兩位數。

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。

Two questions. The first one is on service levels and fill rates. On Slide 16, you got -- you show how you've seen improvement in the fourth quarter, really every month within the fourth quarter. I guess question is, number one, on this is just has that improvement continued into '23 thus far? And what have you really assumed sort of as the base case for '23 relative to the ultimate goal of getting back to the high 90s? Is that an assumption in the guidance? Or is that more of an aspiration that you left some allowances in the outlook?

兩個問題。第一個是服務水平和填充率。在幻燈片 16 上，您展示了第四季度的改進情況，實際上是第四季度的每個月。我想問題是，第一，到目前為止，這種改進是否一直持續到 23 年？相對於回到 90 年代的最終目標，你真正假設了什麼是 23 年的基本情況？這是指南中的假設嗎？還是您在前景中留下了一些餘地，這更像是一種願望？

It's Carlos. Let me comment. So to give you a perspective, I guess, the way we see it kind of in North America, as you said, we are, in fact, seeing progress in our supply chain and our service level. In fact, when I look at December numbers, those were the highest service levels we had across the entire year. Now at the same time, we are still seeing the industry having continued to see some challenges, particularly upstream when you think about ingredients and some packaging materials.

是卡洛斯。讓我評論。因此，我想給你一個視角，正如你所說，我們在北美看到它的方式，事實上，我們看到了供應鍊和服務水平的進步。事實上，當我查看 12 月的數字時，那是我們全年的最高服務水平。現在與此同時，我們仍然看到該行業繼續面臨一些挑戰，尤其是當你考慮配料和一些包裝材料時的上游。

Now as we go forward, our goal is, in fact, to get to the kind of service levels that our customers and we did towards the end of the year. I think for us, what we are seeing is that the recovery in some of the ingredients and packages, it comes in very asymmetrical. So if you think about for us, we're dealing still with the remnant of the avian flu and the impact that, that had in terms of the industry, in some of our business in cold cuts and in places like in our cream cheese business where some packaging materials have been a challenge.

現在，隨著我們的前進，我們的目標實際上是達到我們的客戶和我們在年底所做的那種服務水平。我認為對我們來說，我們看到的是某些成分和包裝的恢復非常不對稱。因此，如果你為我們考慮一下，我們仍在處理禽流感的殘餘以及它對行業的影響，在我們的一些冷盤業務和奶油奶酪業務等地方其中一些包裝材料一直是一個挑戰。

And those -- so those are the type of things that now we're working through. It's places where, in fact, while most things are beginning to come in the terms of more stable supply chain, there are still a couple of places where we are seeing some of those kind of challenges. At the same time, our team is making sure that we are adapting to every situation that's happening.

還有那些——所以這些就是我們現在正在努力解決的事情。事實上，在這些地方，雖然大多數事情開始以更穩定的供應鏈的形式出現，但我們仍然在一些地方看到了一些此類挑戰。與此同時，我們的團隊正在確保我們正在適應正在發生的每一種情況。

And I'll give you an example of that, which is, as you saw, the price of eggs go so high, we needed to make sure that we also are adapting the products that go with eggs. So a product like just cracking egg, we need to make sure we actually brought down the inventories to make sure that -- understand that consumers may not be having a reduced demand on that type of product.

我會給你舉一個例子，正如你所看到的，雞蛋的價格如此之高，我們需要確保我們也在調整與雞蛋搭配的產品。因此，像打碎雞蛋這樣的產品，我們需要確保我們確實降低了庫存，以確保——了解消費者對這類產品的需求可能不會減少。

So we are both focused on how do we make sure we continue to drive that service level towards the 98%, which is our goal. And then secondly is making sure that as we do that, we are agile into responding to those specifically ingredients that maybe challenged in the short term, but that we see improving significantly as we exit 2023.

因此，我們都專注於如何確保繼續將服務水平提高到 98%，這是我們的目標。其次是確保在我們這樣做的同時，我們能夠敏捷地應對那些可能在短期內受到挑戰的具體成分，但我們看到在 2023 年結束時會有顯著改善。

Okay. Great. If I could follow up also -- sorry.

好的。偉大的。如果我也可以跟進 -- 抱歉。

Go ahead.

前進。

I was just going to ask if I could follow up on the elasticity point that you've been talking about. You also exited the year with elasticity sort of at their most favorable point, just kind of going off the data on Slide 9. You've obviously talked about assumption of those elasticities sort of normalize directionally through '23.

我只是想問我是否可以跟進你一直在談論的彈性點。您還以彈性最有利的方式退出了這一年，只是有點偏離幻燈片 9 上的數據。您顯然已經談到了假設這些彈性在 23 年之前方向性正常化。

I guess the question is just what's your base case assumption of the pacing of that normalization? And you talk about an ultimate assumption of not going all the way back to historical elasticity. So just how do we think about that as we expect '23 to be sort of the mirror image of '22 from an elasticity standpoint? Or any more color you can offer around that would be great.

我想問題是您對該規範化步伐的基本情況假設是什麼？你談到了一個最終假設，即不會一直回到歷史彈性。那麼我們如何看待這一點，因為從彈性的角度來看，我們期望'23 是'22 的鏡像？或者你可以提供更多的顏色，那就太好了。

Andre, please?

安德烈，好嗎？

Yes. So look, as we have said, right, we contemplated in the guidance that elasticity will gradually go back to the historical levels, and we expect historical levels in the guidance to be established towards the end of the year. And we expect Q1 to be the way that we contemplated, to be a little worse than it was in Q4. And again, it goes -- if you want to think about that linearly, going back to historical levels towards the end of the year.

是的。所以看，正如我們所說，對，我們在指導中考慮到彈性將逐漸回到歷史水平，我們預計指導中的歷史水平將在年底前建立。我們預計第一季度會像我們預期的那樣，比第四季度差一點。再說一遍——如果你想線性地考慮這一點，回到年底的歷史水平。

There are obviously things that we keep a close eye on. Like we are obviously fully aware and have put the actions in place on this net reduction in the subsidies, which is happening when that has indications and we are ready for that. So I mean, we are monitoring each of those things, right? But we believe that elasticity will normally graduate back to the historic levels.

顯然有些事情我們會密切關注。就像我們顯然充分意識到並已就補貼的淨減少採取行動，這是在有跡象表明並且我們已為此做好準備時發生的。所以我的意思是，我們正在監控每一件事，對嗎？但我們相信彈性通常會逐漸恢復到歷史水平。

Do you want to say anything about the actions that we're taking?

你想談談我們正在採取的行動嗎？

Yes, I think for us, I understand, we have seen this coming. So for us, it's making sure that we continue to provide great value to consumers regardless of the situation they're in. And I think as I mentioned earlier, for us, it is making sure we use kind of the full price size architecture in terms of options for consumers so they make sure that we also maintain them in the franchise.

是的，我認為對我們來說，我理解，我們已經看到了這一點。所以對我們來說，它確保我們繼續為消費者提供巨大的價值，無論他們處於什麼情況。我認為正如我之前提到的，對我們來說，它確保我們在消費者的選擇條款，以便他們確保我們也將他們保留在特許經營權中。

And that we talked about in terms of our promotion levels, we're using much more rigorous way in which we can understand the ROI of investments so that consumers are looking for particular events, whether it's certain key holidays and so forth. We are present but in a way that actually allows us to be in a much more positive ROI than in the past.

我們談到了我們的促銷水平，我們正在使用更嚴格的方式來了解投資的投資回報率，以便消費者正在尋找特定的事件，無論是某些重要的假期等等。我們在場，但實際上讓我們的投資回報率比過去高得多。

So it is part of what we see. And like Andre said, in North America, we have seen -- our stance right now is by the end of the year, we'll go back to historical elasticity levels. And we are -- that's the way kind we build our guidance as we think about 2023.

所以這是我們看到的一部分。就像安德烈所說，在北美，我們已經看到——我們現在的立場是到今年年底，我們將回到歷史彈性水平。我們是——這就是我們在考慮 2023 年時制定指南的方式。

Operator, we'll take one more question.

接線員，我們再回答一個問題。

Our next question comes from Michael Lavery of Piper Sandler.

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

I just wanted to drill into your foodservice growth pillar a little bit more. In Slide 13 or 12, I guess, it is interesting with some color here. Can you just unpack a little bit of how you're gaining share relative to competitors? Is it new items in existing customers? Is it broadening your distribution into new accounts? And is it -- are those customers gaining share? I'm sure there's some components of maybe a few different things. But what's the primary driver of outperformance there?

我只是想深入了解您的餐飲服務增長支柱。在幻燈片 13 或 12 中，我想，這裡的一些顏色很有趣。你能簡單地解釋一下你是如何獲得相對於競爭對手的份額的嗎？是現有客戶的新產品嗎？它是否將您的分銷範圍擴大到新客戶？它是——那些客戶正在獲得份額嗎？我敢肯定可能有一些不同的東西的一些組成部分。但是，那裡表現出色的主要驅動力是什麼？

Michael, we are having a great momentum in Foodservice across the globe, both on U.S. and -- or North America and the international zone. So I will ask Carlos and then Rafael to comment.

邁克爾，我們在全球的餐飲服務方面勢頭強勁，無論是在美國還是北美和國際地區。所以我會先請 Carlos 和 Rafael 發表意見。

Yes. And I would say -- North America, I would say, is -- in the items that you mentioned, it's all of them. So we grew -- in the Q4, we grew by almost more than 20%, and we actually gained share. And for me, the way I kind of look at this, the investments that we have put in place are paying us. So we have put new leadership in place.

是的。我想說——北美，我想說的是——在你提到的項目中，就是所有這些項目。所以我們增長了——在第四季度，我們增長了近 20% 以上，我們實際上獲得了份額。對我來說，從我的角度來看，我們所做的投資正在為我們帶來回報。因此，我們已經建立了新的領導層。

We have simplified our portfolio significantly, reducing almost 50% of the number of SKUs that we had only a couple of years ago. We have renovated our Foodservice portfolio. We're bolstering kind of our sales team to make sure they drive distribution in the right places. And more importantly, we're also investing in capacity to make sure we support the growing demand.

我們顯著簡化了我們的產品組合，將我們僅在幾年前擁有的 SKU 數量減少了近 50%。我們翻新了餐飲服務組合。我們正在支持我們的銷售團隊，以確保他們在正確的地方推動分銷。更重要的是，我們還在產能投資，以確保我們支持不斷增長的需求。

So as we look forward and just to give you a sense of the opportunity here is we still are only in 25 of top 50 QSR in the U.S. So we know that everything that we're doing continues to be an opportunity for us to further drive growth.

因此，當我們期待並讓您感受到這裡的機會時，我們仍然只在美國前 50 名 QSR 中的 25 名所以我們知道我們正在做的一切仍然是我們進一步推動的機會生長。

And then going back specifically to your question is, already what we have seen is that we are in fact expanding distribution across all areas of food service. We are winning with distributors. So we're actually expanding with key distributors, are present. We're actually also expanding with no commercial accounts.

然後具體回到你的問題，我們已經看到我們實際上正在擴大食品服務所有領域的分銷。我們正在贏得經銷商。因此，我們實際上正在與主要分銷商一起擴張。我們實際上也在擴張，但沒有商業賬戶。

So if you think about hospitalities and particular distributors who service those kind of noncommercial businesses, we have also made an effort against those, and those are working. We have expanded in new restaurants, with things like fast cash flow, think about from Denny's type of restaurants that we actually have now, increased the number of items we sell into them. And QSR, which continues to be a focus for us as a company. From Papa John's to Pollo Tropical are places in which we are actually now expanding the number of SKUs we sell into.

因此，如果您考慮為此類非商業企業提供服務的酒店業和特定分銷商，我們也已針對這些做出了努力，並且這些正在奏效。我們已經擴展了新的餐廳，擁有快速的現金流，從我們現在實際擁有的 Denny's 類型的餐廳中考慮，增加了我們向它們銷售的商品數量。還有 QSR，它仍然是我們公司關注的焦點。從 Papa John's 到 Pollo Tropical，我們現在實際上正在擴大我們銷售的 SKU 數量。

So it's an area that we continue to be bullish on, and we -- and why one of the places that we feel that we can be winning globally. And with that, Rafa, if you want to build on the...

因此，這是一個我們繼續看好的領域，我們——以及為什麼我們認為我們可以在全球範圍內贏得勝利的領域之一。有了這個，拉法，如果你想建立在......

I will just, before Rafa, just build on one thing Carlos mentioned. One of the reasons of our improvement in growth as well is capacity. We've been investing throughout these years on capacity, on Foodservice, and we continue to do so. So now in May, we will have an extra 25% capacity in the U.S. on pouches and we'll have 50% more capacity on Dip & Squeeze, which are absolutely critical items for the growth of food service.

在 Rafa 之前，我將僅基於 Carlos 提到的一件事。我們增長改善的原因之一也是產能。這些年來，我們一直在對產能和餐飲服務進行投資，並將繼續這樣做。所以現在 5 月，我們在美國的袋裝產能將增加 25%，Dip & Squeeze 的產能將增加 50%，這對於食品服務的增長絕對是至關重要的。

With that in mind, Rafael, please go ahead.

考慮到這一點，Rafael，請繼續。

Sure. So a lot has been already said about our bright spot of Foodservice. And I guess you'll see next week on CAGNY, we're going to go deeper on the reasons for success. But I would say 2 things that are adding up on the international front where we are winning, and indeed, they are growing a lot and we need big timeshare in Foodservice.

當然。關於我們餐飲服務的亮點，已經談了很多。我想你會在下週的 CAGNY 上看到，我們將更深入地探討成功的原因。但我要說的是，在我們贏得勝利的國際戰線上，有兩件事正在加起來，事實上，它們正在增長很多，我們需要在餐飲服務方面進行大量分時。

One is global partnerships. We're really leveraging our scale and then global capabilities to offer our partners like more insights and customized solutions. Remember, many times, we compete with local players, but having this global insight makes a big difference for us to test innovation on market and successful scale up to additional markets. And we've been building this model and replicating consistently across the globe and it's working really well.

一是全球夥伴關係。我們確實在利用我們的規模和全球能力為我們的合作夥伴提供更多見解和定制解決方案。請記住，很多時候，我們與本地參與者競爭，但擁有這種全球洞察力對我們在市場上測試創新並成功擴大到其他市場有很大幫助。我們一直在構建這個模型，並在全球範圍內不斷複製，而且效果非常好。

The second point is what we call the chef-led model. I mean that could be called our super sauce, let's say, in Foodservice. The strategy evolves around like talent chefs. I mean basically, if you don't have a chef, it's very easy to be on a discussion of price-led discussion, basically transactional only. And when we bring a chef to the conversation, we're really partnering with the customers in different needs, identifying menu concepts fit for their specific products.

第二點就是我們所說的廚師主導模式。我的意思是說，在 Foodservice 中，這可以稱為我們的超級醬汁。該策略像人才廚師一樣不斷發展。我的意思是，基本上，如果你沒有廚師，就很容易進行以價格為主導的討論，基本上只是交易性的。當我們邀請廚師參與對話時，我們實際上是在與滿足不同需求的客戶合作，確定適合他們特定產品的菜單概念。

And those 2 things, although sometimes basic, like the execution, the basic execution of it is driving the Foodservice. And just to remind, within international Foodservice, it's still -- although growing very strongly, it's 1/3 smaller as a percentage of the base elevation than in the U.S. So although like we pay a size of the business comparable, we like -- we have a lot of room to grow in Foodservice. So definitely, we hope we're going to continue to see very good strong success with this within the next quarters and years.

這兩件事，雖然有時是基本的，比如執行，但它的基本執行正在驅動餐飲服務。提醒一下，在國際餐飲服務中，它仍然——儘管增長非常強勁，但它占基準海拔的百分比比美國小 1/3。所以儘管我們支付的業務規模與美國相當，但我們喜歡——我們在餐飲服務方面有很大的發展空間。因此，我們肯定希望在接下來的幾個季度和幾年內繼續看到非常好的成功。

Thank you, Rafael. On a nutshell, I would say that on Foodservice, I think in the past, we were very transactional. And we defined this as one of the strategic pillars for us for growth. And we've been investing on talent, on technology, on people, on portfolio, and it's paying off. We are very excited with that. Anne-Marie?

謝謝你，拉斐爾。簡而言之，我想說在 Foodservice 上，我認為過去我們非常注重交易。我們將其定義為我們實現增長的戰略支柱之一。我們一直在對人才、技術、人員、投資組合進行投資，並且正在取得回報。我們對此感到非常興奮。安妮瑪麗？

Yes. So that will wrap up our Q&A session. Thank you all for your call. I am going to turn it over to Miguel for some closing comments.

是的。這樣我們的問答環節就結束了。謝謝大家的來電。我將把它轉交給 Miguel 以徵求一些結束意見。

I just want to say that we continue to be very excited about what we are doing. We see our transformation evolving. The journey is still very far from finishing but we are evolving every day. And why are we so excited? We are excited because we see the momentum building, service level up, market share, especially in the growth platform is growing. Foodservice and Emerging Markets are gaining market share and with a great momentum.

我只想說，我們繼續對我們正在做的事情感到非常興奮。我們看到我們的轉型在不斷發展。旅程還遠未結束，但我們每天都在進步。為什麼我們如此興奮？我們很興奮，因為我們看到勢頭增強、服務水平提高、市場份額，尤其是在增長平台上。餐飲服務和新興市場正在以強勁的勢頭獲得市場份額。

Second, we see a very different level of agility in our company. We have today a very agile organization that is able to change, to adapt, to predict much better than in the past. We are investing to grow. Gross margin expansion feeds investments in technology, in people, in marketing, in R&D.

其次，我們在公司中看到了非常不同的敏捷水平。我們今天擁有一個非常敏捷的組織，能夠比過去更好地改變、適應和預測。我們投資是為了成長。毛利率的擴張促進了對技術、人員、營銷和研發的投資。

We are excited as well because we anticipated pricing. And today, we have 99% of all our pricing for 2023 already announced. We have about 95% of our pricing already accepted, and we have about 90% already implemented. And so the way we see it, we'll continue delivering quarter over quarter, year after year.

我們也很興奮，因為我們期待定價。今天，我們已經宣布了 2023 年所有定價的 99%。我們已經接受了大約 95% 的定價，並且已經實施了大約 90%。因此，按照我們的看法，我們將繼續逐季、逐年交付。

With that, thank you so much for your attention. And I expect to see you on CAGNY next week. I think we have a lot of excitement to share with you. Thank you.

有了這個，非常感謝你的關注。我期待下週在 CAGNY 見到你。我想我們有很多興奮可以與您分享。謝謝。

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，並度過美好的一天。