卡夫亨氏 (KHC) 2024 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。歡迎參加卡夫亨氏公司第二季業績電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

(Operator Instructions) I would now like to hand the conference over to your speaker today, Anne-Marie Megela.

（操作員指示）我現在想將會議交給今天的發言人 Anne-Marie Megela。

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 2024 business update.

謝謝大家，大家好。我是卡夫亨氏全球投資人關係主管 Anne-Marie Megela。歡迎參加我們的 2024 年第二季業務更新問答環節。

During today's call, we may make forward-looking statements regarding our expectations for the future, including items related to our business plans and expectation, strategy, original investments, and related timing, and expected impacts.

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、策略、原始投資以及相關時間表和預期影響相關的項目。

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.

這些陳述是基於我們今天對事物的看法，由於風險和不確定性，實際結果可能存在重大差異。請參閱今天的收益報告中包含的警示性聲明和風險因素，該報告伴隨著本次電話會議以及我們最近的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資訊。

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 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排除在我們根據 GAAP 報告的財務表現之外。請參閱今天的收益報告以及我們網站 ir.krafttheinzcompany.com 新聞和活動下提供的非 GAAP 信息，以討論我們的非 GAAP 財務指標以及與可比較 GAAP 財務指標的調節情況。

I will now hand it over to our Chief Executive Officer, Carlos Abrams-Rivera for opening comments. Carlos, over to you.

我現在將其交給我們的執行長卡洛斯·艾布拉姆斯-裡維拉發表開場評論。卡洛斯，交給你了。

Well, thank you, Marie, and thank you, everyone, for joining us today. Recognizing that it remains a difficult consumer environment. I am proud that we at Kraft Heinz are providing high quality convenience solutions that our great value brand worth paying for, and we will continue to stay focused on renovating and innovating with new benefits, functionality, and accessibility.

好吧，謝謝你，瑪麗，也謝謝大家今天加入我們。認識到消費環境仍然困難。我很自豪卡夫亨氏正在提供高品質的便利解決方案，我們的超值品牌值得為此付出代價，我們將繼續專注於透過新的優勢、功能和可訪問性進行翻新和創新。

At the same time, our teams have been relentless in unlocking efficiencies with a mindset of continuous improvements. And as a result of greater productivity and efficiencies, we have been able to hold prices below inflation this year, while continuing to invest in innovation, marketing, and R&D.

同時，我們的團隊本著持續改進的心態，堅持不懈地提高效率。由於生產力和效率的提高，我們今年能夠將價格控制在通膨以下，同時繼續投資於創新、行銷和研發。

And for our stockholders through our dividends and share repurchases, we have returned over $1.5 billion in capital so far this year. I am very encouraged on how our focus on improving working capital is paying off. We increased free cash flow nearly $100 million or approximately 9% compared to last year and maintained our targeted leverage ratio.

今年迄今為止，我們已透過股利和股票回購為股東返還了超過 15 億美元的資本。我對我們對改善營運資本的關注取得了回報感到非常鼓舞。與去年相比，我們的自由現金流增加了近 1 億美元，約 9%，並維持了目標槓桿率。

And finally, it is hard to believe that it has only been four months since my leadership team came together. We are on this journey together, all committed to driving improvements and achieving our company dream. I see the ownership and grit with my direct reports and across the organization. We're all embracing this new operating model and ways of working, and we are only getting stronger and stronger.

最後，很難相信我的領導團隊聚集在一起才過了四個月。我們共同踏上這段旅程，所有人都致力於推動改進並實現我們的公司夢想。我看到了我的直接下屬和整個組織的主人翁意識和勇氣。我們都在接受這種新的營運模式和工作方式，而且我們只會變得越來越強大。

With that, I have Andre joining me. So let's open the call for Q&A.

這樣，安德烈就加入我了。那麼就讓我們開始問答環節吧。

(Operator Instructions) Andrew Lazar, Barclays.

（操作員指示）Andrew Lazar，巴克萊銀行。

Great. Thanks, for the question. Good morning, everybody.

偉大的。謝謝你的提問。大家早安。

Good morning, Andrew.

早安，安德魯。

Carlos, you mentioned the need for selective promotion and trade spend activity in the second half just to drive better volume results for a more value seeking consumer. I'm curious if there's a way to dimensionalize the portion of the percentage of sales that are sort of in need some adjustments. And if there are any particular hotspots that require maybe more aggressive pricing actions or sort of a reset of sorts?

卡洛斯，您提到下半年需要有選擇性的促銷和貿易支出活動，以便為更追求價值的消費者帶來更好的銷售結果。我很好奇是否有一種方法可以將需要進行一些調整的銷售百分比部分進行維度化。是否有任何特定的熱點可能需要更激進的定價行動或某種重置？

Basically I'm just trying to get a sense for how broad the price point issue really is across the portfolio with the understanding that as you've talked about promotional right now are still below those you saw in 2019.

基本上，我只是想了解整個產品組合中的價格點問題到底有多廣泛，因為正如您所談論的促銷活動，現在仍低於您在 2019 年看到的價格點問題。

Andre why don't you start and I'll add complement.

安德烈，你為什麼不開始，我來補充。

Sure. Morning, Andrew, thanks for the question. Look, we -- as we said in our guidance, we are contemplating a step-up in trade investment level. You saw that in Q2, we already had a little more trade than what we had in the last year, where those are still well below 2019 levels.

當然。早安，安德魯，謝謝你的提問。看，正如我們在指導中所說，我們正在考慮提高貿易投資水準。你看到，在第二季度，我們的貿易量已經比去年多了一點，但仍遠低於 2019 年的水準。

We believe that looking forward, we are more focused on those price gaps versus branded competitors and in places where it makes sense for the long term. We -- I think we have been saying all along and we continue to choose to stick to this that we believe that's the way we want to grow the business is not through over relying on promotions and rather continue to invest behind innovation, our renovation and our marketing investments, and that's what we have been doing and we're sticking to that.

我們相信，展望未來，我們將更加關注與品牌競爭對手的價格差距以及長期有意義的地方。我們——我想我們一直在說，我們繼續選擇堅持這一點，我們相信這就是我們希望發展業務的方式，不是透過過度依賴促銷，而是繼續投資於創新、我們的翻新和我們的行銷投資，這就是我們一直在做的事情，我們將堅持下去。

We are confident about that into the future. But in the short term, we are seeing selected spots where it does make sense to add promotions to close those gaps. And I'm not going to give you like an overly precise number to your question, but I estimate in the 30% to 40% of the portfolio where those price gaps require some incremental level of investments in the US.

我們對此充滿信心。但從短期來看，我們發現在某些特定地點確實有必要增加促銷活動來縮小這些差距。我不會給你一個過於精確的數字來回答你的問題，但我估計，在 30% 到 40% 的投資組合中，這些價格差距需要在美國進行一定程度的增量投資。

(multiple speakers)

（多個發言者）

It's really, really helpful and then just a really quick one. Do you anticipate volume inflecting to positive in the back half? Because I think by our math, it's still implied that that's the case even by the new guidance range? And I guess how do you see volume progress playing out specifically in North America in the second half? Thanks again.

這真的非常非常有幫助，而且速度非常快。您預計下半年成交量會轉為正值嗎？因為我認為根據我們的數學計算，即使在新的指導範圍內，情況仍然暗示情況如此？我想您如何看待下半年特別是北美地區的銷售進展？再次感謝。

We do expect revenue and volume to gradually improve throughout the quarters. In our midpoint of the new guidance, we don't have -- we don't need volume to grow for us to achieve our guidance. So our price expected to be in the around 1% territory for the total portfolio. So if think about the second half, what's impacted the guidance is sales declining 0.5% and so that you can you.

我們確實預計收入和銷售將在整個季度逐步改善。在新指導方針的中期，我們不需要——我們不需要銷售成長來實現我們的指導方針。因此，我們的價格預計將佔整個投資組合的 1% 左右。因此，如果考慮下半年，影響指引的是銷售額下降 0.5%，這樣你就可以了。

Now it's good. The good thing is volumes in emerging markets, despite some headwinds in Brazil and China, they continue to be positive, they are positive in the second quarter. There continued to be so year to ago. And in the US, we are going to -- we expect to have volume continue to improve. But again, in our mid-point, we don't need the volumes to turn positive for us to achieve it.

現在好了。好消息是新興市場的銷量，儘管巴西和中國存在一些阻力，但它們仍然是積極的，在第二季度也是積極的。一年前仍然如此。在美國，我們預計銷量將繼續改善。但同樣，在我們的中期，我們不需要銷售轉為正數來實現這一目標。

And what I would say to add is (inaudible) also giving me confidence as we think about that trajectory improving in the second half is that we are very much focused on driving that value in very much in a sustainable way.

我想說的是（聽不清楚）也給了我信心，因為我們認為下半年的軌跡有所改善，我們非常專注於以可持續的方式推動這一價值。

So it cannot just be value for the sake of value by delivering value in a sustainable way through innovation, renovation and marketing, for frankly, families that we know are spending more time cooking at home. So when you see some of our innovation around things like mac and cheese, where we're bringing new shapes, new flavors, new pack size to consumers at different price points.

因此，透過創新、改造和行銷以可持續的方式提供價值，不能只是為了價值而創造價值，坦白說，我們知道的家庭正在花更多的時間在家做飯。因此，當你看到我們圍繞著通心粉和起司等產品進行的一些創新時，我們以不同的價格為消費者帶來新的形狀、新的口味、新的包裝尺寸。

When you see us bring in New Mexico solutions with Taco Bell and Delimax, that allows us to again bring families folks solutions for their home when they're spending more time together. That is part of the us kind of bringing new ideas and ways in which we can bring value to families at this particular time.

當您看到我們與 Taco Bell 和 Delimax 一起引入新墨西哥州解決方案時，這使我們能夠在家庭成員花更多時間在一起時再次為他們的家提供解決方案。這是我們帶來新想法和新方式的一部分，我們可以在這個特殊時期為家庭帶來價值。

And we're seeing that also in away from home business where we continue to see the improvements on the momentum of the business. We are seeing the improvements that we are now servicing better going into Q3.

我們在遠離家鄉的業務中也看到了這一點，我們繼續看到業務勢頭的改善。我們看到我們現在在第三季提供更好服務的改進。

We are also getting new customers in away from home business that again help us make sure that we're building on the success we've had in the past. And as Andre said, we are being selective in our investments in trade, but we're also committed to a disciplined approach to the RGM tools that we have used in the past. And we know that help us make sure that we continue to make a balance on the profitability and how we spend in a smart way. And thank you, Andrew.

我們也在海外業務中吸引了新客戶，這再次幫助我們確保我們在過去的成功的基礎上再接再厲。正如安德烈所說，我們在貿易投資方面是有選擇性的，但我們也致力於對我們過去使用的 RGM 工具採取嚴格的方法。我們知道，這有助於我們確保我們繼續在獲利能力和明智支出之間取得平衡。謝謝你，安德魯。

Thanks Carlos. (multiple speakers)

謝謝卡洛斯。 （多個發言者）

Just a final comment is I think our updated guidance also reflects this philosophy in this approach because you see we have adjusted our net sales guidance down, but we largely kept our EBIT growth and we kept fully capital EPS growth.

最後的評論是，我認為我們更新的指導也反映了這種方法的這一理念，因為你看到我們已經下調了淨銷售指導，但我們在很大程度上保持了息稅前利潤增長，並且我們保持了充分的資本每股收益成長。

So that's what we are sticking for. You know, we have been very disciplined in being very thoughtful about the type of investments we make and what's that the long term implications of that, and we're going to continue to do so.

這就是我們所堅持的。你知道，我們一直非常自律地對我們所做的投資類型以及投資的長期影響進行深思熟慮，我們將繼續這樣做。

Thank you.

謝謝。

Ken Goldman, JPMorgan.

肯‧戈德曼，摩根大通。

Hi. Just sticking on the subject of the back half. You provided a number of reasons for optimism. I think you've cited more innovation, renovation, and marketing. You've talked about expanded distribution in certain parts of the business. And then, of course, those targeted promotions.

你好。只專注於後半部分的主題。您提供了一些樂觀的理由。我認為你提到了更多的創新、革新和行銷。您談到了在業務的某些部分擴大分銷。當然，還有那些有針對性的促銷活動。

Just as we think about these drivers, plus the absence of the plant maintenance headwind, which are you counting on as being the most important and meaningful to hitting your updated outlook? Do the promos have to work? Is it really about innovation striking a note with consumer? I just want to get a better idea of kind of your visibility and reliance on the factors you're talking about. Thank you.

正如我們思考這些驅動因素，再加上不存在工廠維護的不利因素，您認為哪些因素對於實現您最新的前景最重要且最有意義？促銷必須有效嗎？創新真的能引起消費者的注意嗎？我只是想更了解您的可見性以及對您所談論的因素的依賴程度。謝謝。

Yeah. Thank you for your question, Ken. I think, frankly, is a -- it depends a little bit on the region of the world. I think if you think about our emerging markets, as Andre pointed out, we have been growing volume, we continue to see improvements as we go into the second half of the year, and we're ready. We exited June in a much better way than we had for the whole quarter.

是的。謝謝你的問題，肯。坦白說，我認為這在一定程度上取決於世界哪個地區。我認為，如果你考慮我們的新興市場，正如安德烈指出的那樣，我們的銷售一直在增長，進入今年下半年，我們將繼續看到進步，我們已經準備好了。六月結束時，我們的表現比整個季度都要好得多。

So we are seeing that in that case, distribution gains that we have invested in our go-to-market strategy in emerging marketing is working, and we continue to build the success we've had in the past. In away from home business, it really is us continue to drive the improvements on our service, given our planned closure that we had in Q2. And those continue to start winning and winning some customers that we in fact already have qualified for us in the second half of the year, and that is both globally in the US and outside the US.

因此，我們看到，在這種情況下，我們在新興行銷的進入市場策略中投資的分銷收益正在發揮作用，並且我們將繼續取得過去所取得的成功。在遠離家鄉的業務中，鑑於我們計劃在第二季度關閉，我們確實需要繼續推動服務的改進。這些客戶繼續開始贏得並贏得一些客戶，事實上我們已經在今年下半年獲得了這些客戶，而且這些客戶在美國和美國以外的全球範圍內都是如此。

So we are not expecting initially a big improvement in the overall situation in away from home in the US. But what we do expect is that we are in fact continue to see the progress in our distribution gains as we go forward.

因此，我們最初預計美國客場的整體情況不會有太大改善。但我們確實期望的是，隨著我們的前進，我們實際上會繼續看到我們的分配收益取得進展。

And in the US, in North America for all is really driven by this balance between us driving this innovation, renovation of our brands, truly be more thoughtful about the value that we're creating with consumers in terms of the better products, the better ideas that we're bringing to market as well as being thoughtful on how we are going to spend on our revenue management tools, spread (inaudible) management tools in order for us to make sure that we are having the right price gaps in the intended fashion across the branded competitors.

在美國，在北美，所有人都真正受到這種平衡的推動，我們推動創新、品牌革新，真正更加考慮我們為消費者創造的價值，即更好的產品、更好的產品我們將想法推向市場，並考慮如何在收入管理工具上進行支出，傳播（聽不清楚）管理工具，以確保我們在預期目標中擁有適當的價格差距超越品牌競爭對手的時尚。

So that would give you a little bit of sense of how we're thinking about the overall portfolio. Andre, you want anything you wanted to add?

這樣您就可以了解我們如何考慮整體投資組合。安德烈，你想要添加什麼嗎？

No, I think (inaudible)

不，我認為（聽不清楚）

Thank you, Ken.

謝謝你，肯。

Steve Powers, Deutsche Bank.

史蒂夫鮑爾斯，德意志銀行。

Great. Thank you. Good morning. You called out a couple of overseas markets, specifically the UK, China, and Brazil, different dynamics in each of those markets. But obviously a lot of work going on as you try to correct trade gap -- or sorry, price gaps in the UK and fight through in consumer demand softness in China and Brazil.

偉大的。謝謝。早安.您提到了幾個海外市場，特別是英國、中國和巴西，每個市場的動態都不同。但顯然，當你試圖糾正貿易逆差——或者抱歉，英國的價格差距，並克服中國和巴西消費者需求疲軟的影響時，顯然還有很多工作要做。

I guess could you just expand on what you're seeing in those markets? And maybe a bit more color on what your expectations are for the back half in terms of any kinds of sequential improvement?

我想您可以擴展一下您在這些市場中看到的情況嗎？也許您對後半場的任何連續改進的期望有更多的色彩？

Yeah, sure. So particularly at the starting with the UK. We -- as we said last year in earnings, this a place that suffer a significant amount of inflation, probably even less, even more than other developed markets, and private label in that particular market has started to get a lot of traction.

是的，當然。尤其是從英國開始。正如我們去年在財報中所說，這是一個遭受嚴重通貨膨脹的地方，甚至可能比其他已開發市場還要少，甚至更多，而該特定市場的自有品牌已經開始受到很大的關注。

And we decided in Q3 last year to start to step up investments to protect the volume. We do have some factories in the UK that's also we need to be mindful about the utilization of those factories, and protect volume for some of the strong brands that we over there.

我們在去年第三季決定開始加大投資以保護銷售量。我們在英國確實有一些工廠，我們也需要注意這些工廠的利用率，並保護我們在那裡的一些強勢品牌的銷售。

We have put that in place since now almost a year ago, and we have seen the returns happening on the volume share side. So I think we're moving the right direction and with -- we are able to mostly protect even gross margin because of the amount of efficiency that we have generated there. So UK, I think, is moving in the right direction.

我們從大約一年前就已經實施了這一點，並且我們已經看到了銷售份額的回報。因此，我認為我們正在朝著正確的方向前進，並且由於我們在那裡產生的效率，我們能夠在很大程度上保護毛利率。所以我認為英國正在朝著正確的方向前進。

When it comes to China, mean similar to what you have heard from others that the industry continues to be soft, I mean versus the expectations that we do have about a country like China. So we continue to gain market share in modern trade. So that's a good thing, but the industry is just not working. And I think we actually reset our expectation moving forward that it is for the short term about China industry growth.

當談到中國時，就像你從其他人那裡聽到的那樣，該行業仍然疲軟，我的意思是與我們對中國這樣的國家的期望相反。因此，我們在現代貿易中不斷獲得市場份額。所以這是一件好事，但這個行業卻不起作用。我認為我們實際上重新設定了對中國工業成長的短期預期。

In Brazil, we -- the good thing is we continue to gain market share. So that's been very consistent and feel good about that. Consumer has been demonstrating similar to other parts of the world, fatigue, and has been showing also vulnerability. So we saw some price gaps to branded players or private label that is negligible also coming down. So we had to invest.

在巴西，我們——好的事情是我們繼續獲得市場份額。所以這是非常一致的並且感覺很好。與世界其他地區類似，消費者也表現出疲勞和脆弱性。因此，我們看到與品牌廠商或自有品牌的一些價格差距也正在下降，這種差距可以忽略不計。所以我們必須投資。

But we face the situation where the customers adjusted their inventories down. You have to be understand that is the emerging markets. The retailers tend to carry more inventory than in developed markets. So in a country like Brazil, you'll see inventories at a 45, 50 days level compared to the US where you see 20 days, 25 days. So it's very different.

但我們面臨客戶調整庫存的狀況。你必須明白那是新興市場。零售商往往比已開發市場擁有更多的庫存。因此，在巴西這樣的國家，您會看到庫存為 45 天、50 天，而美國則為 20 天、25 天。所以這是非常不同的。

And what we have seen a situation like we are right now, high interest rates, consumer tightness is with (inaudible) with inventories down. And honestly, we are not expecting that and that created a challenge for us in Brazil in the first half of the year. We believe that inventories -- we believe right now that they should be at the appropriate level, which should allow us to improve the situation. But yeah, that's a little bit of snapshot.

我們現在看到的情況是，高利率、消費者吃緊（聽不清楚）以及庫存下降。老實說，我們並沒有預料到這一點，這給我們上半年在巴西帶來了挑戰。我們認為庫存——我們現在認為它們應該處於適當的水平，這應該使我們能夠改善這種情況。但是，是的，這只是一個快照。

John Baumgartner, Mizuho Securities.

約翰·鮑姆加特納，瑞穗證券。

Good morning. Thanks for the question.

早安.謝謝你的提問。

Morning.

早晨。

Carlos, I wanted to come back to North America. Your portfolio in a lot of your categories you're not the highest priced product. And you think there should be some benefit from trade down into your brands. But with the focus on managing price gaps to other brands, it also seems like the equation is still very much price based.

卡洛斯，我想回到北美。在你的許多類別的產品組合中，你並不是價格最高的產品。您認為以降價購買您的品牌應該會帶來一些好處。但由於重點是管理與其他品牌的價格差距，這個等式似乎仍然很大程度上是基於價格。

So at this point, how do you feel about the ability to redefine your portfolio through innovation, marketing where you can better compete on non-price factors? Because it feels like there's already been a lot of work done with ingredient reformulations and so on. How do you think about the non-price competition?

那麼在這一點上，您對透過創新和行銷重新定義您的產品組合的能力有何看法，以便您可以更好地在非價格因素上競爭？因為感覺已經在成分重新配方等方面做了很多工作。您如何看待非價格競爭？

Yeah. Well, first of all, thank you for the question. And as you pointed out, we have a series of iconic brands across our portfolio in North America that we feel great about and you've seen that already. I mean you've seen brands from Philadelphia to or either where you are seeing the growth as we have continued to renovate those businesses are the success that we've had in a brand like Jell-O where we have continued to renovate.

是的。嗯，首先，謝謝你的提問。正如您所指出的，我們在北美的產品組合中擁有一系列標誌性品牌，我們對此感到非常滿意，而且您已經看到了這一點。我的意思是，您已經看到了從費城到其他地方的品牌，您看到了成長，因為我們不斷翻新這些業務，這是我們在像果凍這樣的品牌中取得的成功，我們不斷翻新。

So we have a playbook on how we continue to renovate our business, our brands to make sure they in fact continue to be resonating with consumers today and for the future. I think in places where we are seeing that consumers are making choices as they are trying to manage the cash flow of the family, we also have to be aware that we have to provide consumers options at different price points, so they can be part of the overall basket size of the cash flow that they have available to them.

因此，我們有一本關於如何繼續革新我們的業務和品牌的劇本，以確保它們實際上繼續與當今和未來的消費者產生共鳴。我認為，在我們看到消費者在試圖管理家庭現金流時做出選擇的地方，我們也必須意識到，我們必須為消費者提供不同價位的選擇，這樣他們就可以成為家庭現金流的一部分。他們可用的現金流的整體籃子大小。

That's why in a business like mac and cheese, well, it's certainly something that can fit the entire -- can feed the entire family. We want to make sure we have different price points at which we can come in to consumers and allow them to make sure they continue to enjoy our products.

這就是為什麼在像通心粉和起司這樣的行業中，它肯定是適合整個家庭的東西——可以養活整個家庭。我們希望確保我們有不同的價格點，可以吸引消費者並讓他們確保他們繼續享受我們的產品。

And it's also about us being able to be accessible in new places. One of the things we find right now is that consumers are actually increasing the number of trips and locations in which they shop. So for us, it's important that we continue to expand where consumers are going to try in our brands and why we have been so much focus on driving our improvements in terms of distribution in the dollar channel, whether that is with our Oscar Mayer businesses and making sure that we have the product they're looking for at that particular venue.

這也關係到我們能夠在新的地方進行訪問。我們現在發現的一件事是，消費者實際上正在增​​加旅行次數和購物地點。因此，對我們來說，重要的是我們要繼續擴大消費者嘗試我們品牌的範圍，以及為什麼我們如此專注於推動美元通路分銷方面的改進，無論是我們的 Oscar Mayer 業務還是確保我們在特定地點擁有他們正在尋找的產品。

But it's also us expanding our distribution in places like club where we know consumers are also looking for different ways in which they can find value for their family. So for us is applying the playbook that we have from renovating and innovating, and at the same time, making sure we have providing the access to families as they're shopping in new spaces where they're going from a Dollar Store to grocery to club and our brands continue to be there. Those are all things that you'll see us continue to add as we go forward in the second half of the year.

但我們也在擴大我們在俱樂部等地方的分銷範圍，我們知道消費者也在尋找不同的方式來為家人找到價值。因此，對我們來說，我們正在應用我們從翻新和創新中獲得的劇本，同時確保我們為家庭提供便利，因為他們在新的空間購物，從一元商店到雜貨店，再到雜貨店。我們的品牌仍然存在。這些都是我們在下半年繼續增加的內容。

Thank you.

謝謝。

(multiple speakers) questions.

（多位發言者）提問。

Michael Lavery, Piper Sandler.

麥可萊弗里、派珀桑德勒。

Thank you. Good morning.

謝謝。早安.

Morning.

早晨。

Just was wondering in away from home, maybe two things. You called out that it had the 2.1% decline globally. Obviously, you had the plant closure and some discontinuations. Can you unpack maybe the components there and give a sense of how much the slower foot traffic was a headwind?

只是遠離家鄉時想知道，也許有兩件事。您指出全球範圍內下降了 2.1%。顯然，你們關閉了工廠並停產了一些產品。您能否拆開那裡的組件，並了解人流變慢在多大程度上是一種逆風？

Or what the growth rate was excluding those kind of onetime things and maybe how much was from slower foot traffic? And then also you've given an update in the past on the Remix launch in BurgerFi the test. And just curious how that's progressing there.

或者排除那些一次性的事情之後的成長率是多少，也許有多少是來自人類的放緩？然後您還提供了過去關於 BurgerFi 測試中 Remix 發布的更新。只是好奇那裡的進展如何。

Andre, you want to start?

安德烈，你想開始嗎？

I'll go. Sure. So our global away from home business declined 2.1% in the quarter. And the impact from the plant closure is about 200 bps, so meaning that we will be flat without that effect. That will put us in a situation of similar performance to Q1 if you remove the plant closure effect.

我去吧。當然。因此，本季我們的全球客場業務下降了 2.1%。工廠關閉的影響約為 200 個基點，這意味著如果沒有這種影響，我們的業績將持平。如果消除工廠關閉效應，這將使我們的業績與第一季相似。

The plat exits that we had at the end of last year, they had an impact in the quarter of roughly 150 bps. So will be then growing 1.5%. So we're still gapped versus our long term model. We have been gaining sustaining share.

我們去年年底的平台退出對本季產生了約 150 個基點的影響。因此屆時將成長 1.5%。因此，與我們的長期模型相比，我們仍然存在差距。我們一直在獲得持續的份額。

Again, if you remove the effect from the plant closure, what we saw in Q2 in the industry is in the categories that in where we play is that industry was worse in Q2 than in Q1, which I think we were not really expecting that. So in the US, about 100 bps softer in Q2 versus Q1. So I think the performance on our side helped to offset part of that headwind happening in Q2.

再說一次，如果你去掉工廠關閉的影響，我們在第二季度看到的行業情況是我們所從事的行業在第二季度比第一季更糟糕，我認為我們並沒有真正預料到這一點。因此，在美國，第二季的匯率比第一季下降了約 100 個基點。因此，我認為我們方面的表現有助於抵消第二季度發生的部分不利因素。

Yeah. And then you question about our equipment strategy is pretty comprehensive in terms of how we think about bringing innovation, but also solving pain points for the operators in away from home. So the Heinz Remix, today we have that already in market.

是的。然後你問我們的設備策略非常全面，我們如何考慮帶來創新，同時也解決營運商在外的痛點。 Heinz Remix，今天我們已經在市場上銷售了。

And the way I think about it is, it is really a moment for us to do the trial, making sure we get the learnings from that, so that we can scale that in a meaningful way in 2025. And so far, we're hearing great feedback from operators. We are collecting a number of data from consumers. And we've seen how that actually allows us to even improve as we think about how we are going to deploy this further in 2025.

我的想法是，現在確實是我們進行試驗的時刻，確保我們從中吸取教訓，以便我們能夠在 2025 年以有意義的方式擴展該試驗。我們正在從消費者那裡收集大量數據。當我們思考 2025 年如何進一步部署這項技術時，我們已經看到這實際上如何使我們能夠改進。

The interesting thing too, is that initially we thought this would be something that people will be using most in the burgers. We actually have seen them using the in other foods as well when they see that in their different QSRs.

同樣有趣的是，最初我們認為這將是人們在漢堡中使用最多的東西。事實上，當他們在不同的 QSR 中看到這一點時，我們實際上也看到他們在其他食品中使用了這一點。

Now beyond the Heinz Remix, we also have been focusing on bringing new dispensers, tabs, and bending into the pipeline. And again, it's part of us thinking about more comprehensive about how do we solve this pain point for operators.

現在，除了 Heinz Remix 之外，我們還致力於將新的分配器、拉片和彎管引入管道。再次強調，這是我們更全面地思考如何解決營運商的這一痛點的一部分。

So our dispenser, for example, that are much easier for operators to clean, and it allows us to actually make sure that they reduce the amount of labor involved in the collecting and changing of the dispensers. They began shipping to customers now in Q2, and we believe that actually is going to continue to improve distribution as we go into the second half of the year.

例如，我們的分配器對於操作員來說更容易清潔，並且它使我們能夠真正確保他們減少收集和更換分配器所涉及的勞動力量。他們現在在第二季開始向客戶發貨，我們相信，隨著進入今年下半年，分銷實際上將繼續改善。

And already beginning to get much more distribution than we had originally expected. So you'll see -- you'll continue to now drive some of the learning that we began in the US globally as we are well -- as well as we continue to then bring more of those taps and vending ideas into the marketplace. And thanks for the question.

並且已經開始獲得比我們最初預期更多的分發。所以你會看到——你現在將繼續在全球範圍內推動我們在美國開始的一些學習——我們也將繼續將更多的水龍頭和自動售貨創意帶入市場。謝謝你的提問。

Thanks so much.

非常感謝。

David Palmer, Evercore.

大衛·帕爾默，Evercore。

Thanks. Good morning. Just looking ahead in US --

謝謝。早安.展望美國的未來—

Morning David.

早安，大衛。

Yeah, good morning. Looking ahead in US retail, you're looking to stabilize things there and thanks for the commentary earlier on volume and pricing. But how are you thinking about improvement across the portfolio and what we're going to be seeing in the scanner data?

是的，早安。展望美國零售業的未來，您希望穩定那裡的局勢，並感謝先前對銷售和定價的評論。但是您如何考慮整個產品組合的改進以及我們將在掃描器資料中看到什麼？

You've called out Capri Sun and Lunchables as two areas that might improve, that are in turnaround situations, those are down certainly the most, but that doesn't necessarily mean those are the biggest areas of improvement that you're anticipating. How are you thinking about which brands and which categories will improve the most in the second half?

您已經指出 Capri Sun 和 Lunchables 是兩個可能改進的領域，它們正處於扭虧為盈的情況下，它們肯定是下降最多的，但這並不一定意味著這些是您預期的最大改進領域。您如何看待下半年哪些品牌、哪些品類進步最大？

Let me start. And then what I will say is we called those out because they were a meaningful headwind for us and in our second quarter. And I think it's something that the teams have done an amazing job of making sure that we have the right plans as we go forward.

讓我開始吧。然後我要說的是，我們將這些排除在外，因為它們對我們和第二季來說是一個有意義的逆風。我認為團隊做得非常出色，確保我們在前進時有正確的計劃。

I mean, it was meaningful to the point that in the case of Lunchables, we saw from a low point, I will say, down 17%, the worst weeks in the second quarter. What we have actually seen a steady recovery since that particular point, and we're building with that improvement.

我的意思是，就 Lunchables 而言，我們從低點開始，我想說，下降了 17%，這是第二季最糟糕的一周，這一點很有意義。自從該特定時刻以來，我們實際上看到了穩步復甦，並且我們正在以這種改進為基礎進行建造。

And the teams are getting ready, both in terms of renovating, innovating, doubling the marketing spend, improving the media mix, improving the targeting strategies and increasing the value equation for the consumers as we go forward.

團隊正在做好準備，包括翻新、創新、行銷支出加倍、改善媒體組合、改善定位策略以及增加消費者的價值等式。

And that includes -- innovation, some of it, we included already in some of the slides that you saw, but also we have in other innovations that for competitive reasons, we're not including yet, but they will be coming in the second half of the year as well.

這包括——創新，其中一些，我們已經包含在你看到的一些幻燈片中，但我們也有其他創新，出於競爭原因，我們還沒有包含在內，但它們將在第二張中出現也有半年。

For us, we continue to expand in the Lunchables within partnership with Del Monte in the second half of the year. So there is a meaningful amount of program that support in our Lunchables, and you see that from --you begin to see that really come into fruition in our back to school program, when we're teaming up with the Transformer movie as a something that frankly we have been successful in the past doing movie tie-ins as we have done with the Heinz brand.

對我們來說，下半年我們將繼續與德爾蒙合作擴大午餐業務。因此，我們的午餐盒中有大量的支持計劃，您會看到，當我們與《變形金剛》電影合作時，您會開始看到我們的返校計劃真正取得了成果。在電影搭配方面取得了成功，就像我們對亨氏品牌所做的那樣。

And we did point as well Capri Sun because again, it was a meaningful headwind for us in the second quarter that again the teams have been very much focused on driving a change on trajectory as we go to the second half of the year.

我們也確實指出了卡普里太陽隊，因為這對我們來說在第二季度再次是一個有意義的逆風，在我們進入下半年時，球隊再次非常專注於推動軌蹟的變化。

They have renovated the original Capri Sun to better align with the consumer taste preference, invested twice the marketing as we go into 2023 -- versus 2023. We have secured strong back to school displays with customers. We have investing in the right promotional events, and we have expanded into new channels with club.

他們對原來的Capri Sun 進行了翻新，以更好地符合消費者的口味偏好，在進入2023 年時，他們的營銷投入是2023 年的兩倍。 。我們投資了正確的促銷活動，並且與俱樂部一起拓展了新的管道。

So again, it had both places where we have seen some meaningful headway in the Q2 that we now have also adjusted a meaningful reaction in terms of improving that trajectory as we go forward. And that will continue with the other things that are working for us.

同樣，我們在第二季度看到了一些有意義的進展，現在我們也調整了有意義的反應，以改善我們前進的軌跡。這將繼續與其他對我們有用的事情一起進行。

We do have some positive momentum in parts of our accelerated platform. I mentioned [Ore-Ida], which is gaining almost a share point. Our Mexican business, we're also gaining 80 bps. Cream cheese business has sustained growth through the entire first half of the year. So those are business that we'll continue to see gain that momentum as we go into the second half of the year.

我們的加速平台的某些部分確實有一些正面的動力。我提到了[Ore-Ida]，它幾乎獲得了一個份額點。我們的墨西哥業務也上漲了 80 個基點。上半年奶油乳酪業務持續成長。因此，隨著進入今年下半年，我們將繼續看到這些業務獲得這種勢頭。

Yeah. Thanks for that.

是的。謝謝你。

(inaudible) I think we should expect mac and cheese as well. There is a lot going on the mac and cheese in the second half, that might be worth.

（聽不清楚）我認為我們也應該期待通心粉和起司。下半場有很多關於通心粉和起司的事情，這可能是值得的。

Yeah.

是的。

Yeah.

是的。

I think that if I think about how do I round up the items and accelerated platforms. There's probably two areas in which we feel like we also have to be focused on, and we are. One is on our spoonable business in which we are in fact making sure that we are having the right brand price gaps against our branded competitors. So we are investing in new flavors and making sure we have renovated the package design on our spoonable business.

我想如果我考慮一下如何匯總專案和加速平台。我們可能覺得我們還必須關注兩個領域，而我們確實如此。一是我們的湯匙業務，我們實際上是在確保我們與我們的品牌競爭對手有適當的品牌價格差距。因此，我們正在投資新口味，並確保我們更新了湯匙業務的包裝設計。

And in mac and cheese, as you saw from our slides, you saw us making sure that we bring in again, new innovation, new shapes, new flavors, tie-in, now with Super Mario Brothers. So that idea of us being able to bring innovation and excitement into the mac and cheese business is part of us continue to see us improving the momentum of that business we go into the second half of the year, which we know is a product that the families really care about in moments in which they're looking for value to feed their entire family.

在通心粉和起司方面，正如您從我們的幻燈片中看到的那樣，您看到我們確保再次引入新的創新、新的形狀、新的口味，以及現在與超級瑪利歐兄弟的搭配。因此，我們能夠為通心粉和起司業務帶來創新和興奮的想法是我們的一部分，我們將繼續看到我們在下半年改善該業務的勢頭，我們知道這是一個產品，家庭真正關心的是他們正在尋找價值來養活整個家庭的時刻。

Great. I was going to follow up and ask you about condiments and sauces, in particular, the spoonable area like you to discussed it, but you covered it. I'll pass it on. Thanks so much.

偉大的。我本來想跟進問你有關調味品和醬汁的問題，特別是像你這樣討論的勺子區域，但你涵蓋了。我會把它傳遞下去。非常感謝。

Thank you.

謝謝。

Operator, we have time for one more question.

接線員，我們還有時間再問一個問題。

Robert Moskow, TD Cowen.

羅伯特·莫斯科，TD·考恩。

Hi, thanks for the question. Andre, Carlos, I think one of the concerns on Kraft Heinz stock is that all this great progress you've made on gross margin recovery might come under pressure over the next 12 months because you have to make some of these price investments and because volume has been weak.

你好，謝謝你的提問。安德烈、卡洛斯，我認為對卡夫亨氏股票的擔憂之一是，你們在毛利率恢復方面取得的所有這些巨大進步可能會在未來12 個月內面臨壓力，因為你們必須進行一些價格投資，而且因為銷量一直很弱。

So maybe to have to address those, can you talk to what would gross margin have been in 2Q, excluding some of these one-time issues like the plant closure and the other elements that maybe are more transitory? Could this have been an even higher number? And would that kind of give us confidence therefore that there's more room for gross margin expansion into 2025?

因此，也許為了解決這些問題，您能否談談第二季的毛利率是多少，排除一些一次性問題，如工廠關閉和其他可能更短暫的因素？這個數字還會更高嗎？這是否會讓我們相信到 2025 年毛利率還有更大的擴張空間？

Hi Rob, thanks for the question. Look in both Q1 and Q2, we did have a few situations that negatively impacted gross margin like very one-time in nature. I'll be reluctant to give you a precise percentage points. But we did have quite a few substantial events in Q1 and Q2. And despite that, we were able to expand the way that we did.

嗨，羅布，謝謝你的提問。看看第一季和第二季度，我們確實遇到了一些對毛利率產生負面影響的情況，就像一次性的情況一樣。我不願意給你一個精確的百分點。但我們在第一季和第二季確實發生了很多重大事件。儘管如此，我們還是能夠擴展我們的做法。

As you head into the second half, last year, we had a big step-up in gross margin in the second half. So you're going to see a more muted year-over-year impact from gross margin, but that's part of the plan since the beginning, so we're not really worried about that.

去年，當你進入下半年時，我們下半年的毛利率大幅上升。因此，你會看到毛利率的同比影響更加溫和，但這是從一開始就計劃的一部分，所以我們並不真正擔心這一點。

As we head in '25, I mean, I'm not going to give guidance obviously, but if you remember our long-term algorithm, we do contemplate continuous gross margin expansion, not to the levels that you're seeing right now, but in the 25 bps, 75 bps ish.

當我們進入 25 年時，我的意思是，我不會明顯地給出指導，但如果你還記得我們的長期演算法，我們確實考慮持續毛利率擴張，而不是達到你現在看到的水平，但在25 bps、75 bps 左右。

But as a consequence of the very strong efficiencies that we've have, I think we were able to fix the supply chain now a few years ago and we have now for four consecutive years in very strong delivery coming from the team. We have -- we feel very good about the pipeline that we have.

但由於我們擁有非常強大的效率，我認為幾年前我們就能夠修復供應鏈，現在我們的團隊已經連續四年提供了非常強勁的交付。我們對我們擁有的管道感到非常滿意。

We have been able this year to not only -- remember, we had a 3% inflation this year. We only pricing 1%, and we were able to offset that with efficiencies and still expand gross margin should we invest in the business.

記住，今年我們不僅能夠實現 3% 的通貨膨脹。我們只定價 1%，如果我們投資該業務，我們就能夠透過效率來抵消這一影響，並且仍然可以擴大毛利率。

So we do expect that this equation might continue to work into the future. So we should expect a more gradual, but continuous gross margin expansion.

因此，我們確實預期這個方程式可能會在未來繼續發揮作用。因此，我們應該預期毛利率會更加漸進但持續成長。

The only thing I would build, Rob, is this idea was really changing the rewiring of the company where we are all focused on driving efficiency because it's the fuel for us to drive profitable growth has now being embedded across the company. You see that with procurement, you're see in operation, but you also see in marketing on us being able to have more efficiencies of how we go to market, improving the return on investment.

羅布，我唯一要建立的想法是，這個想法真正改變了公司的重組，我們都專注於提高效率，因為它是我們推動獲利成長的動力，現在已經融入整個公司。您可以在採購中看到，在營運中看到，但在行銷中您也看到我們能夠提高進入市場的效率，從而提高投資報酬率。

You see that in trade on how we apply AI to have better tools on how we actually have profit, better investments and profitable ways, in which we can embed our trade as we go into the marketplace. So it is not a one and done, it is something that we believe can be a sustainable trend for us as a company.

你可以在貿易中看到，我們如何應用人工智慧來擁有更好的工具來了解我們如何實際獲得利潤、更好的投資和獲利方式，當我們進入市場時，我們可以將我們的貿易嵌入其中。因此，這不是一勞永逸的事情，我們相信這對我們公司來說可以成為一種可持續的趨勢。

And personally, I believe that having healthy growth margin is truly is the key component of having a virtuous cycle of growth. And that is a big part of why we are so strong believers on a long term algorithm for the company.

就我個人而言，我認為擁有健康的成長利潤確實是實現良性成長循環的關鍵組成部分。這就是為什麼我們如此堅信公司的長期演算法的一個重要原因。

The changes in operating model that we have done a couple years ago to really fully reintegrate commercial and supply chain, I think is really paying off big time and the incentive alignments that you have done with initiatives before like everyone in the company has two KPIs in common which market share and gross margin because we want people to grow profitably. So I think that also contributes to that.

幾年前，我們為真正完全重新整合商業和供應鏈而對運營模式進行了變革，我認為確實取得了巨大的回報，而且您之前通過舉措進行的激勵調整就像公司中的每個人都有兩個關鍵績效指標一樣市場佔有率和毛利率是常見的，因為我們希望人們能夠獲利成長。所以我認為這也有助於這一點。

Okay.

好的。

Thank you, everyone. Thank you for your interest in Kraft Heinz.

謝謝大家。感謝您對卡夫亨氏的興趣。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線。