卡夫亨氏 (KHC) 2024 Q3 法說會逐字稿

Good day and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to The Kraft Heinz Company third-quarter results conference call.

歡迎參加卡夫亨氏公司第三季業績電話會議。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄製中。

(Operator Instructions)

（操作員說明）

I would now like to hand the conference over to your speaker today, Anne-Marie Megela, Global Head of Investor Relations.

現在我想將會議交給今天的發言人，投資者關係全球主管 Anne-Marie Megela。

Thank you, and hello, everyone.

謝謝大家，大家好。

Welcome to our Q&A session for our third quarter 2024 business update.

歡迎參加我們的 2024 年第三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 expectations, strategy, efforts and 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、努力和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.

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。

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.

請參閱今天的收益發布中包含的警示性聲明和風險因素，該聲明與本次電話會議一起發布，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.

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。

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.

請參閱今天的收益報告以及我們網站 ir.kraftheinzcompany.com 新聞和活動下的非 GAAP 信息，以了解我們的非 GAAP 財務指標以及與可比 GAAP 財務指標的調節情況的討論。

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

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。

Carlos, over to you.

卡洛斯，交給你了。

Thank you, Anne-Marie, and thank you, everyone, for joining us today.

謝謝安妮-瑪麗，也謝謝大家今天加入我們。

We reported our third quarter results.

我們報告了第三季的業績。

I first want to recognize the entire Kraft Heinz team for their continued dedication to making life delicious for our consumers.

我首先要感謝整個卡夫亨氏團隊為讓消費者的生活變得美味所做的持續奉獻。

In today's uncertain environment, people are increasingly seeking value.

在當今不確定的環境中，人們越來越尋求價值。

Our commitment to serving them with our iconic brands remains unwavering.

我們以我們的標誌性品牌為他們服務的承諾仍然堅定不移。

For our stockholders, our focus remains on executing against our strategic pillars, driving profitable growth and generating strong cash flow.

對於我們的股東來說，我們的重點仍然是執行我們的策略支柱，推動獲利成長並產生強勁的現金流。

Both global away from home and emerging markets are growing and gaining momentum, and we are addressing areas for improvements in US retail.

全球以外的市場和新興市場都在成長並獲得動力，我們正在解決美國零售業需要改進的領域。

By maintaining a disciplined management approach and long-term perspective, we're able to navigate to date near-term volatility while generating strong cash flow and reinvesting in the business.

透過保持嚴格的管理方法和長遠的眼光，我們能夠應對近期的波動，同時產生強勁的現金流並對業務進行再投資。

We have the right strategy.

我們有正確的策略。

We have amazing talent and competitive advantage culture.

我們擁有驚人的人才和競爭優勢文化。

This gives me great confidence that we can drive consistent long-term profitable growth.

這讓我充滿信心，相信我們能夠推動持續的長期獲利成長。

And with that, I have Andre joining me.

就這樣，安德烈也加入了我的行列。

So let's open the call for the Q&A.

讓我們開始問答環節。

(Operator Instructions) Andrew Lazar, Barclays.

（操作員指示）Andrew Lazar，巴克萊銀行。

Great.

偉大的。

Thanks.

謝謝。

Good morning, everybody.

大家早安。

Morning.

早晨。

So Carlos, I know initially, right, Kraft Heinz is expected to return to sort of an on-algorithm pace in the latter part of this year.

所以卡洛斯，我最初知道，卡夫亨氏預計將在今年下半年恢復到演算法上的速度。

Your comments in the prepared remarks suggest you now don't expect to reach an on-algorithm pace during '25.

您在準備好的評論中的評論表明您現在不希望在 25 年期間達到演算法速度。

So first, just to clarify, is that a comment on the totality of the year?

首先，我想澄清一下，這是對這一年整體的評論嗎？

Or you don't expect to hit your algorithm at any point during the year?

或者您不希望在一年中的任何時候達到您的演算法？

And then as you diagnose the elongated recovery in US retail, how much of this is sort of execution related or simply a consumer that has not yet fully adjusted their reference price points to the new levels, and you having to sort of nudge them along a bit more than you might have initially thought?

然後，當你診斷美國零售業的長期復甦時，其中有多少是與執行相關的，或者僅僅是消費者尚未將參考價格點完全調整到新水平，而你必須推動他們沿著新的水平前進。比你最初想的多一點嗎？

thank you so much.

太感謝了。

Thank you, Andrew.

謝謝你，安德魯。

Let me start and then maybe pass it off to Andre to give the details of how we see the impact on the long-term algorithm.

讓我開始，然後可能會將其傳遞給安德烈，以詳細說明我們如何看待對長期演算法的影響。

I guess first of all, I'll say, certainly, this year has been very different than I think many of us in the industry expected.

我想首先，我會說，當然，今年與我認為業內許多人的預期有很大不同。

So I think when we think about what we thought was going to be the exit versus what we're seeing now, a number of circumstances have changed that I think we are frankly better reacting to what the reality of the consumer, particularly here in the US, and that has implication to our long-term algorithm.

因此，我認為，當我們考慮我們認為將要退出的情況與我們現在所看到的情況時，許多情況已經發生了變化，坦率地說，我認為我們可以更好地對消費者的現實做出反應，特別是在這個領域。

So I think, Andre, if you can just cover to that, and then we can get -- I can go back and talk about the execution aspect of your question.

所以我想，安德烈，如果你能解決這個問題，然後我們就可以——我可以回去談談你的問題的執行方面。

Sure.

當然。

So thanks for the question, Andrew.

謝謝你的提問，安德魯。

As you rightly pointed out, we do not expect at the moment to reach our goal on any part of next year.

正如您正確指出的那樣，我們目前預計明年的任何時候都無法實現我們的目標。

And as we said in prepared remarks, we do expect away from home globally and emerging markets to continue to improving and continue to grow, and we're going to see migrating closer and closer to the long-term algorithm.

正如我們在準備好的演講中所說，我們確實預計全球和新興市場將繼續改善並繼續成長，我們將看到越來越接近長期演算法。

Emerging markets continue to deliver volume growth, that has been throughout the entire year.

新興市場全年銷售持續成長。

And the pressure will be mostly concentrated on the US retail part of the business.

而壓力將主要集中在美國零售業務部分。

We -- as Carlos said, I think the industry dynamics this year did not go the way that we initially anticipated, and we're exiting the year in a softer position.

正如卡洛斯所說，我認為今年的產業動態並沒有像我們最初預期的那樣發展，我們將以更疲軟的狀態結束這一年。

And we do expect -- even though industry next year, currently, we expect to be in line with levels pre-pandemic, we do expect propensity to trade down, continue to be very elevated, at similar, if not higher levels than what we have this year, which will continue to put pressure on share.

我們確實預計，儘管明年的行業目前預計將與大流行前的水平保持一致，但我們確實預計，向下交易的傾向將繼續非常高，與我們的水平相似，甚至更高。給份額帶來壓力。

The good thing about that is we remain very confident in what we are doing in our strategy for the long term.

這樣做的好處是，我們對長期策略中所做的事情仍然充滿信心。

We are being very disciplined in how we want to grow the business.

我們對於如何發展業務非常嚴格。

For us, it's critical to be focused on growing our base volume in a healthy way, better innovation -- renovation, higher marketing and being surgically very prudent and surgical on where promotions make sense or not.

對我們來說，關鍵是要專注於以健康的方式增加我們的基數、更好的創新——翻新、更高的營銷力度，並在促銷有意義或無意義時保持謹慎和謹慎。

And because the problem is very concentrated in four categories, you see that represent the vast majority of the US retail challenge.

由於問題主要集中在四個類別，因此您會發現它們代表了美國零售業面臨的絕大多數挑戰。

Some of them, as we have said also in prior earnings, they take a longer time to recover.

正如我們在先前的財報中所說，其中一些需要更長的時間才能恢復。

You got Capri Sun, for example, where they did a format innovation, as we have said that it takes time until the trial gets generated, and the repeat happens.

例如，Capri Sun 進行了格式創新，正如我們所說，生成試驗需要時間，並且重複會發生。

So we need to be prudent.

所以我們需要謹慎。

We are confident on what we are doing, but there is a longer trajectory out there.

我們對我們正在做的事情充滿信心，但還有更長的路要走。

In terms of execution, I don't know if Carlos want to say a few words.

在執行方面，不​​知道卡洛斯是否願意多說幾句。

Yeah.

是的。

I guess let me just start by saying, as I said in the prepared remarks, we do have -- feel like we have the right strategy.

我想首先要說的是，正如我在準備好的發言中所說，我們確實擁有——感覺我們擁有正確的策略。

And frankly, if you look at our -- two out of our three strategic pillars for growth, they're working and gaining momentum.

坦白說，如果你看看我們的三個成長策略支柱中的兩個，它們正在發揮作用並獲得動力。

So that also gives me quite a bit of confidence in terms of our ability to execute.

因此，這也讓我對我們的執行能力充滿信心。

And in fact, the reality is that we have also delivered consistent best-in-class productivity levels for five consecutive quarters above the 4% of COGS.

事實上，現實情況是，我們也連續五個季度提供了高於 4% 的銷貨成本的一致最佳生產力水準。

Again, our ability to execute shows up that way.

我們的執行能力再次以這種方式表現出來。

And if you think about away from home, you think about the way that the year began and how we're able to kind of navigate that storm and be able to now gain momentum as we go into the second half, again, our ability to execute in that area.

如果你想到遠離家鄉，你會想到這一年的開始方式，以及我們如何能夠渡過這場風暴，並能夠在進入下半年時再次獲得動力，我們有能力在該區域執行。

If I think about emerging markets, the fact we're growing volume, we're gaining share, we're increasing distribution, again, our ability to drive execution in that area as well, too.

如果我考慮新興市場，事實上我們正在增加銷量，我們正在增加份額，我們正在增加分銷，同樣，我們也有能力推動該領域的執行。

So we have a number of things that I think are going well that give us the confidence.

因此，我認為我們有很多事情進展順利，這給了我們信心。

And now we are also diagnosing kind of their specific areas in US retail that, frankly, we know what we have to address, and we are going to be putting our entire company focus on making sure we make the right turnaround on those businesses.

現在我們也在診斷他們在美國零售業的特定領域，坦白說，我們知道我們必須解決什麼問題，我們將把整個公司的重點放在確保我們對這些業務做出正確的轉變。

Thank you.

謝謝。

(multiple speakers)

（多個發言者）

Ken Goldman, JPMorgan.

肯‧戈德曼，摩根大通。

Hi.

你好。

Thank you.

謝謝。

I wanted to ask about Lunchables.

我想問一下關於午餐的事。

On the one hand, you're optimistic you can turn the brand around.

一方面，您對扭轉品牌前景感到樂觀。

I can certainly appreciate some of the challenges and, I guess, your upcoming efforts in a positive direction.

我當然可以欣賞其中的一些挑戰，我想，您即將朝著積極的方向努力。

On the other hand, you did take a pretty large charge today, which is related to Lunchables.

另一方面，你今天確實收取了相當大的費用，這與午餐有關。

And I guess that doesn't really happen if there's an internal belief that the brand can fully come back.

我想，如果人們內部相信品牌可以完全回歸，這種情況就不會真正發生。

So can you kind of walk us through how to balance?

那麼您能告訴我們如何保持平衡嗎？

I don't want to say it's an optimistic tone, but certainly, you're encouraged about the ultimate path for Lunchables.

我不想說這是一種樂觀的語氣，但當然，你對午餐的最終道路感到鼓舞。

And how to balance that with the charge you took today?

如何平衡這一點與你今天所承擔的責任？

And is it fair to say that, that charge reflects your belief, I guess, that the brand may not have returned to what it once was?

我想，這項指控反映了你的信念，即該品牌可能尚未恢復到原來的狀態，這樣說公平嗎？

I guess that's the underlying question here.

我想這就是這裡的根本問題。

Thank you, Ken.

謝謝你，肯。

I appreciate the question.

我很欣賞這個問題。

First of all, let me just be clear.

首先，讓我澄清一下。

Lunchables is a very important part of our business, and defending a number one market share is a top priority, full stop.

Lunchables 是我們業務中非常重要的一部分，捍衛第一的市場份額是首要任務。

Now we are expected to see gradual improvements, but at the same time, we also recognize where we are right now.

現在我們預計會看到逐步的改進，但同時我們也意識到我們現在所處的位置。

And part of that, I would say, is the negative publicity that we received from that misleading interest group appears to be lingering longer.

我想說，部分原因是我們從誤導性利益團體收到的負面宣傳似乎持續更久。

And remember, this is a brand that is focused on families and kids, so rebuilding that trust just takes some time.

請記住，這是一個專注於家庭和兒童的品牌，因此重建信任只需要一些時間。

At the same time, we are seeing some competitive entry coming into the category and, in particular, -- and again, this is only for this particular quarter, we are seeing -- we're managing a particular supplier ingredient issue that we know that is a short-term focus on.

同時，我們看到一些競爭者進入該類別，特別是，這只是針對我們所看到的這個特定季度，我們正在管理我們知道的特定供應商成分問題那是短期的重點。

So let me -- I guess more importantly, let me tell you what the things that we are doing to recover.

所以讓我——我想更重要的是，讓我告訴你們我們正在做哪些事情來恢復。

First of all, we are continuing to invest to expand the category penetration in this changing competitive environment.

首先，在這個不斷變化的競爭環境中，我們將持續投資擴大品類滲透率。

We are expanding flavors and formats.

我們正在擴大口味和形式。

We just introduced a new spicy nachos that is launching nationwide as we speak.

我們剛剛推出了一種新的辣玉米片，就在我們說話的時候，它正在全國各地推出。

We are reimagining how we think about value in at the shelf.

我們正在重新思考如何看待貨架價值。

We're actually launching new campaigns for both parents and kids as we go into the first half of 2025.

實際上，隨著 2025 年上半年的到來，我們正在為家長和孩子推出新的活動。

And at the same time, we are investing to renovate our entire line as we go into the first half of next year.

同時，我們將在明年上半年投資翻新整個生產線。

Now beyond this, we are also pulling forward our brand growth system to deploy against Lunchables to making sure that we have brand superiority for now and the future.

除此之外，我們也正在推動我們的品牌成長系統，針對 Lunchables 進行部署，以確保我們現在和未來擁有品牌優勢。

And just for make sure that we have the right kind of nomenclature, brand growth system, if you recall, is a repeatable global model for growing our brands.

為了確保我們擁有正確的命名法，品牌成長系統（如果您還記得的話）是一個可重複的全球品牌成長模型。

It is essentially a process to solve consumer pain points with superior products delivered in a convenient way at the best value possible.

從本質上講，它是一個以盡可能最佳的價值、便捷的方式提供優質產品來解決消費者痛點的過程。

So we are using the best brand growth system that we have developed and grants the opportunity for us to drive this brand into next year.

因此，我們正在使用我們開發的最佳品牌成長系統，並為我們提供了推動品牌進入明年的機會。

So as Andre said, some of the things do take some time.

所以正如安德烈所說，有些事情確實需要一些時間。

We recognize the moment right now, it's being more challenged because of the one challenge in this particular quarter.

我們現在認識到，由於這個特定季度的一個挑戰，它面臨更大的挑戰。

But we believe this is a brand that will continue to continue to grow and continue to be a hugely important part of our portfolio.

但我們相信這個品牌將繼續發展，並繼續成為我們產品組合中非常重要的一部分。

And just to add, so regarding the charge, that's mostly a function of the decline that we're facing this year and the consequence of the elongated recovery.

補充一點，就費用而言，這主要是我們今年面臨的衰退以及長期復甦的後果的結果。

So when you do the cash flows, they land at a different spot because remember, like if you just look at Q3 alone, the sell-out of Lunchables is down about 15%.

因此，當你計算現金流時，它們會落在不同的位置，因為請記住，如果你只看第三季度，Lunchables 的銷量下降了約 15%。

So we -- as we expect the recovery to take longer and be gradual, so that has an implication that has resulted in the impairment mostly.

因此，我們預計復甦將需要更長的時間並且是漸進的，因此這意味著主要導致了損害。

Thank you very much.

非常感謝。

Peter Galbo, Bank of America.

彼得‧加爾博，美國銀行。

Hey guys, good morning.

嘿夥計們，早安。

Thanks for taking the question.

感謝您提出問題。

Maybe to follow up there as it relates to Lunchables.

也許要跟進那裡，因為它與午餐有關。

If you could give us a bit more detail just on the ingredient supplier issue.

如果您能給我們提供更多有關原料供應商問題的詳細資訊。

I mean I know certainly in Oscar Mayer, right, there's an overhang from kind of the listeria outbreak in the category that's probably impacting Oscar Mayer sales.

我的意思是，我當然知道奧斯卡·梅耶爾，對吧，該類別中李斯特菌爆發的影響可能會影響奧斯卡·梅耶爾的銷售。

But is that having any sort of upstream impact into Lunchables as well?

但這是否也會對 Lunchables 產生任何上游影響？

And any detail there would be appreciated.

任何細節都將不勝感激。

No.

不。

What I would say is essentially, one of our suppliers was unable to fulfill one particular ingredient, and it actually impacts essentially one SKU of Lunchables, but it's an important one.

我想說的是，本質上，我們的一個供應商無法滿足一種特定的成分，這實際上影響了 Lunchables 的一個 SKU，但它是一個重要的 SKU。

And then again, the impact would be limited this year.

話又說回來，今年的影響將是有限的。

So this is creating a short-term shortage of that particular ingredient, and it's affecting us mostly in this particular quarter in Q4.

因此，這造成了該特定成分的短期短缺，這對我們影響最大的是第四季度的這個特定季度。

But we continue to see opportunity for us to kind of resolve this in the very near future and get us back to what we need as we go into first half 2025.

但我們仍然認為在不久的將來有機會解決這個問題，並在進入 2025 年上半年時讓我們回到我們所需要的狀態。

Got it.

知道了。

Now that's helpful.

現在這很有幫助。

Thank you.

謝謝。

If I could sneak in the second one, just on Spoonables, I think that was in addition in terms of one of the challenges.

如果我能偷偷地加入第二個，就在 Spoonables 上，我認為這就是挑戰之一。

Andre, I think in the past quarters, you've talked about you thought it was kind of a pass-through issue on some of the raw materials that some of your competitors were seeing.

安德烈，我想在過去的幾個季度中，您曾談到您認為這是一些競爭對手所看到的某些原材料的傳遞問題。

But now it seems like maybe there's more of a brand problem or a product lingering issue.

但現在看來，可能更多的是品牌問題或產品揮之不去的問題。

So maybe you can expand a bit on Spoonables, what changed in the quarter, again, as that's kind of been added to the list of headwinds.

因此，也許您可以對 Spoonables 進行一些擴展，再次說明本季發生的變化，因為這已添加到不利因素清單中。

Yeah.

是的。

Spoonable has been facing a soft sellout now for several months.

Spoonable 幾個月來一直面臨著銷售疲軟的局面。

And as we said before, we believe it's not only but mostly linked still to price gaps out there in the market.

正如我們之前所說，我們認為這不僅與市場上的價格差距有關，而且大部分仍然與市場上的價格差距有關。

And we -- I don't think we have executed everything the way that we anticipated, and there is work to do on that front.

我認為我們並沒有按照我們預期的方式執行一切，在這方面還有很多工作要做。

But we still see versus historical levels certain price gaps that are disadvantaged.

但與歷史水準相比，我們仍然看到某些處於不利地位的價格差距。

That's where they used to be.

那是他們曾經待過的地方。

Got it.

知道了。

Thanks very much.

非常感謝。

Tom Palmer, Citi.

湯姆·帕爾默，花旗銀行。

Hi, good morning and thanks for the question.

你好，早安，謝謝你的提問。

I wanted to follow up quickly on 2025 assumptions.

我想快速跟進 2025 年的假設。

When you look at some of the challenged areas of your portfolio, I think for '25, you said you're assuming better category performance but assume continued trade down.

當您查看投資組合中的一些面臨挑戰的領域時，我認為對於 25 年，您說過您假設類別表現更好，但假設交易持續下降。

So I guess, to what extent do you see price adjustments as a way to address this continued trade down versus innovation and packaging and things like that?

所以我想，您在多大程度上認為價格調整是解決創新和包裝等問題持續下降的一種方式？

Listen, I think for us, we know that the right way for us to continue to build our brands is by driving superior products with better marketing and making sure that we have a full value formats for all consumers, which is why we have continued to drive renovation in our products while we continue to focus on expanding distribution, both in club channel, Dollar General as well as continue to expand our distribution in omnichannel.

聽著，我認為對我們來說，我們知道繼續建立品牌的正確方法是透過更好的行銷來推動優質產品，並確保我們為所有消費者提供完整的價值格式，這就是為什麼我們繼續推動我們產品的革新，同時我們繼續專注於擴大分銷管道，包括在俱樂部通路、Dollar General 以及繼續擴大我們在全通路的分銷。

So that's number one.

所以這是第一。

I think what the question behind your question might be in terms of us thinking through whether we need anything else that we need to do in terms of margin price.

我認為你的問題背後的問題可能是我們思考是否需要在保證金價格方面做任何其他事情。

I guess what I would tell you is that there are moments in which it does make sense for us to promote more.

我想我要告訴你的是，在某些時刻，我們確實有必要進行更多宣傳。

What -- the way we kind of think through it is, let's make sure we do that in the right consumer location that ultimately leads to kind of better base growth for the brand.

我們的思考方式是，確保我們在正確的消費者位置上做到這一點，最終為品牌帶來更好的基礎成長。

So we need to do that intentional so that we have the right investments returned on those promotions, so that we avoid areas like bargain hunting behavior that ultimately do not have real incremental sales for the brands.

因此，我們需要有意識地這樣做，以便我們在這些促銷活動中獲得正確的投資回報，從而避免諸如討價還價行為等最終不會為品牌帶來真正增量銷售的行為。

So -- but at the same time, there are two places where in fact, we have promoted more, and we see that it makes sense for us to continue to see positive returns.

所以，但同時，事實上，我們在兩個地方進行了更多的推廣，我們認為繼續看到積極的回報是有意義的。

So areas like Mac & Cheese cups in which we're driving significant growth as we are now making sure we have the right price gaps and the right kind of attractive starting price points in the category.

因此，像通心粉和起司杯這樣的領域，我們正在推動顯著成長，因為我們現在確保我們在該類別中擁有適當的價格差距和適當的有吸引力的起始價格點。

Areas like Cool Whip, where we know can also lead to better base growth for the future.

我們知道像 Cool Whip 這樣的領域也可以為未來帶來更好的基礎成長。

So it is a combination, of again, making sure we grow the brand, leveraging a brand growth system, focus on innovation, renovation, better marketing and at the same time, be thoughtful about the places in which it makes sense for us to manage those price gaps in a way that lead to that base growth going forward.

因此，這是一個結合，再次確保我們發展品牌，利用品牌成長系統，專注於創新、革新、更好的行銷，同時，考慮對我們來說有意義的管理領域這些價格差距會導致未來的基數成長。

What I'll add is our long-term algorithm contemplates continuous gross margin expansion.

我要補充的是，我們的長期演算法考慮了毛利率的持續擴張。

We feel very confident and proud about what we have done on the supply chain efficiency side.

我們對我們在供應鏈效率方面所做的工作感到非常自信和自豪。

We have now four consecutive years of very strong delivery coming from there, and that's in this year, in particular, the highest ever for us.

現在，我們已經連續四年實現了非常強勁的交付，尤其是今年，這是我們有史以來最高的交付量。

We feel confident about the pipeline to continue to sustain very good levels of productivity.

我們對管道繼續保持良好的生產力水平充滿信心。

And this productivity is critical to allow us to reinvest in the business.

這種生產力對於我們對業務進行再投資至關重要。

As Carlos said, look, our priority is really on improved trends on the base volume, that volume that happens agnostic of promotions.

正如卡洛斯所說，我們的首要任務實際上是改善基本銷售的趨勢，即與促銷無關的銷售量。

That's 90% of food and beverage sales.

這佔食品和飲料銷售額的 90%。

And people keep talking about promotions.

人們一直在談論促銷。

Their focus is base volume.

他們的重點是基礎音量。

And base volume, you do it through continue to innovate, bringing news to consumers, renovate the portfolio like we have been doing, do more and great marketing.

就基本銷售而言，你可以透過不斷創新、向消費者帶來新聞、像我們一直在做的那樣更新產品組合、做更多、更出色的行銷來做到這一點。

And that's what we want to do, and that's what we'll continue to do.

這就是我們想要做的，也是我們會繼續做的。

So our priority is there.

所以我們的首要任務就在那裡。

So look, we're not going to talk in detail guidance of '25.

所以看，我們不會詳細討論 25 的指導。

We're going to talk a lot about that in the next quarter.

我們將在下個季度詳細討論這一點。

I think we said enough about '25 to give you just a flavor of how we are seeing big picture.

我想我們已經對 25 年說得足夠多了，足以讓您了解我們如何看待大局。

But nothing changes in our strategy.

但我們的策略沒有任何改變。

Nothing changes in terms of our expectation to continue to expand gross margin in a prudent way.

我們繼續審慎擴大毛利率的預期沒有改變。

Thank you.

謝謝。

David Palmer, Evercore ISI.

大衛·帕爾默，Evercore ISI。

I just want to build upon some of the discussions you're having, which has been helpful.

我只是想以你們正在進行的一些討論為基礎，這些討論很有幫助。

Really, you've protected profitability pretty well in spite of inching up promotional activity in the US retail data that we see.

事實上，儘管我們看到美國零售數據中的促銷活動有所增加，但您還是很好地保護了盈利能力。

And it sounds like from what you're saying that you're open to doing some tactical shifts in promotion spending from here as you -- if you see the returns.

從你所說的看來，如果你看到回報，你願意從這裡開始對促銷支出進行一些戰術轉變。

But I'm wondering, do you see more significant spending level investments potentially in the horizon might not be promotion, might be other marketing?

但我想知道，您是否認為未來更重要的支出水準投資可能不是促銷，而是其他行銷？

And -- or conversely, are you seeing any sort of tactics or content that could be improved upon that could really improve the base trends as you're talking about?

或者相反，您是否看到任何可以改進的策略或內容可以真正改善您所談論的基本趨勢？

Is there anything in the pipeline that you think might cause one of your key platforms to materially improve?

您認為正在醞釀中的任何事情可能會導致您的關鍵平台之一得到實質改進嗎？

Just really good old-fashioned innovation and marketing improvements that you can make.

您可以進行非常好的老式創新和行銷改進。

Thanks very much.

非常感謝。

Let me start, thank you for the question.

讓我開始吧，謝謝你的提問。

First of all, I would just say, if you put into context, again, we have three growth pillars.

首先，我只想說，如果你再考慮一下具體情況，我們有三個成長支柱。

Two of them, we have put the effort and now are both growing and gaining momentum.

其中兩個，我們已經付出了努力，現在都在成長並獲得動力。

And if you think about the US business, we have kind of diagnosed the problem exactly to about four to five brands.

如果你考慮美國業務，我們已經準確地診斷了大約四到五個品牌的問題。

And just to give you context, we have over 200 brands in our company.

為了向您提供背景信息，我們公司擁有 200 多個品牌。

So for us, it's very much focused on those areas and we went to attack.

所以對我們來說，我們非常關注這些領域，然後我們就去進攻。

And hopefully, you've got to see in our prepared information that we sent out, that already we are seeing how Capri Sun and Mac & Cheese, we are seeing the improvements in trends in sales as we have renovated, innovated and invested in both of those brands.

希望您在我們發出的準備好的信息中看到，我們已經看到 Capri Sun 和 Mac & Cheese 的銷售趨勢有所改善，因為我們對這兩個產品進行了翻新、創新和投資這些品牌。

We are seeing places like our Philadelphia business, Ore-Ida, Taco Bell, places where we have turned around those businesses and now driving significant amount of momentum as we go into the year.

我們看到像我們的費城業務、奧勒愛達州、塔可鐘這樣的地方，我們已經扭轉了這些業務，現在在進入新的一年時推動了巨大的勢頭。

And we've seen that even outside of the US as well.

即使在美國之外，我們也看到了這一點。

So that idea of us continue to understand how we play to our strengths by focus on renovating, innovating and investing is something that has been proven model for us, and we already see evidence of that.

因此，我們繼續了解如何透過專注於翻新、創新和投資來發揮我們的優勢，這一想法已經被證明是我們的模式，而且我們已經看到了這方面的證據。

I mean -- and frankly, if you look at our Heinz business globally, today, it is a brand that globally for us is $4.5 billion and actually grew 4% in this particular quarter.

我的意思是 - 坦白說，如果你看看我們的亨氏全球業務，今天，這個品牌在全球範圍內的價值為 45 億美元，並且在這個特定季度實際上增長了 4％。

So we know we have kind of the right replicable model for us to apply, and we will continue to do so, which is continue to make sure we have the right level of investments in marketing.

因此，我們知道我們有合適的可複製模型可供我們應用，我們將繼續這樣做，這將繼續確保我們在行銷方面有適當的投資程度。

Not only the levels but also continue to focus on the effectiveness of the marketing and then support them with the right investments in terms of technology, R&D in order for us to kind of fully completely drive the innovation and renovation that we want to see.

不僅要提高水平，還要繼續關注行銷的有效性，然後在技術、研發方面為他們提供正確的投資支持，以便我們能夠完全推動我們希望看到的創新和革新。

So in terms of promotions that I mentioned, it has a role.

所以就我提到的促銷而言，它是有作用的。

It is something that actually supports the business in certain occasions in which can lead to that base growth.

它在某些情況下實際上支援業務，可以導致基礎成長。

But frankly, our commitment to making sure that we invest in the things that will drive the brand strength over the long term is the number one priority.

但坦白說，我們致力於確保投資於能夠長期提升品牌實力的事物，這是我們的首要任務。

Thank you for the question.

謝謝你的提問。

Thank you.

謝謝。

Robert Moskow, TD Cowen.

羅伯特·莫斯科，TD·考恩。

Hi.

你好。

Thanks.

謝謝。

I guess I would like to drill down on one of the product lines as well as Mac & Cheese.

我想我想深入研究其中一條產品線以及通心粉和起司。

Carlos, you said that where you're making investments, it's really working, but it is showing up as one of the drivers of the declines in the quarter.

卡洛斯，你說過，在你進行投資的地方，它確實有效，但它已成為本季下降的驅動因素之一。

And I want to know like there's a lot of elements of Mac & Cheese, and Kraft is really a big innovator.

我想知道通心粉和起司有很多元素，而卡夫確實是一個偉大的創新者。

But what elements are you kind of struggling in, in Mac & Cheese?

但是，在通心粉和起司中，你在哪些元素上遇到了困難呢？

Because the data shows market share losses, and I see a lot of premium products being entered into the market by your competitors.

因為數據顯示市場佔有率下降，而且我看到很多優質產品被你的競爭對手進入市場。

Is that the part of it that is more difficult for Kraft to compete in?

這是卡夫更難參與競爭的部分嗎？

Well, first of all, Rob, thanks for the question.

好吧，首先，羅布，謝謝你的提問。

In Mac & Cheese, remember, we have a brand that actually expands a number of formats.

請記住，在 Mac & Cheese 中，我們的品牌實際上擴展了多種形式。

Like if you see our Mac & Cheese cups, already seen a significant amount of improvements as we have gone into Q3.

就像您看到我們的通心粉和起司杯一樣，隨著我們進入第三季度，已經看到了顯著的改進。

So that particular part of the business now is growing and gaining momentum as well.

因此，該業務的特定部分現在正在成長並獲得動力。

At the same time, we just launched new flavors to attract millennials.

同時，我們剛剛推出了新口味來吸引千禧世代。

So a ranch product, a jalapeno product, and expect us to see continue to work on those type of new flavors.

因此，牧場產品，墨西哥胡椒產品，並期望我們繼續致力於開發這些類型的新口味。

We're also now bringing new shapes into the category.

我們現在還將新的形狀引入該類別。

And I think again, the idea of also bringing properties like Super Mario Bros. will be an opportunity for us to continue to drive that in terms of attractiveness into the category.

我再次認為，將《超級瑪利歐兄弟》等作品引入的想法將為我們提供一個機會，繼續推動該類別的吸引力。

So I think for us in making sure that we are continuing to focus on what are those consumers and what are the right formats and flavors that we can bring into the category, and at the same time, making sure that we talk to consumers, we do it in a culturally relevant way.

因此，我認為，對於我們來說，確保我們繼續關注這些消費者是什麼，以及我們可以引入該類​​別的正確格式和口味是什麼，同時確保我們與消費者交談，我們以與文化相關的方式進行。

What I'll tell you is that one of the things that we're proud of is that a brand like ours at Mac & Cheese is a brand that is built for the many, not the few.

我要告訴你的是，我們引以為傲的一件事是，像我們 Mac & Cheese 這樣的品牌是為大多數人而不是少數人打造的品牌。

So we know the role that we have in today's families in which we wanted to make sure that we provide affordable and approachable solutions that everybody can enjoy.

因此，我們知道我們在當今家庭中所扮演的角色，我們希望確保提供每個人都可以享受的負擔得起且平易近人的解決方案。

So there's a role for us to continue to live in, at the same time that we're bringing new formats at different opening price points with different new flavors that attract a different type of consumers.

因此，我們有一個繼續生存的角色，同時我們以不同的開放價格點推出新的格式和不同的新口味，吸引不同類型的消費者。

So again, we're seeing the progress already in Mac & Cheese cups, and I can see us continue to build on this as we go into next year.

所以，我們再次看到了通心粉和起司杯方面已經取得的進展，我可以看到我們在進入明年時將繼續在此基礎上繼續發展。

I feel very good about the path we're taking.

我對我們正在走的道路感覺非常好。

That's a good example, Rob, of items that requires longer recovery, if you will, because innovation, you need to ramp up, consumers should try and need to repeat.

羅布，這是一個很好的例子，需要更長的恢復時間的物品，如果你願意的話，因為創新，你需要加速，消費者應該嘗試並且需要重複。

So we feel great about the products that are there in the market, but they take time, and we need to be patient.

因此，我們對市場上的產品感覺很好，但它們需要時間，我們需要耐心。

That's something that we have not been in the past is patient with our innovation, and we are changing that.

這是我們過去沒有經歷過的事情，我們對創新保持耐心，我們正在改變這一點。

But we feel good about what we're doing.

但我們對我們正在做的事情感覺很好。

And to your specific example, that's one of the core examples of just promoting more is not it.

對於您的具體範例，這只是推廣更多的核心範例之一，不是嗎？

So thanks for the question.

謝謝你的提問。

Operator, we have time for one more question.

接線員，我們還有時間再問一個問題。

Chris Carey, Wells Fargo Securities.

克里斯凱裡，富國銀行證券。

Hi, everyone.

大家好。

Thanks for the question.

謝謝你的提問。

As I digest the conversation in the call this morning, I think really what I'm trying to understand is this concept that I think Lunchables has been a headwind we have known about.

當我消化今天早上電話中的談話時，我認為我真正想理解的是這個概念，我認為午餐一直是我們所知道的逆風。

Capri Sun was a headwind.

卡布里島陽光是逆風。

And I think I'm trying to understand what your perspective is on sort of the underlying ex those items and whether that specific bucket or a large bucket has changed relative to a few months ago and perhaps how you see that going forward?

我想我正在嘗試了解您對這些項目的潛在看法，以及特定的桶或大桶是否相對於幾個月前發生了變化，也許您對未來有何看法？

And if it has -- if things have changed, what do you think are the core drivers, right?

如果情況發生了變化，您認為核心驅動因素是什麼，對嗎？

So I appreciate the focus on some of these items.

所以我很欣賞對其中一些項目的關注。

But when you take a step back on the rest of the business, what are the things that are happening that are pushing you to feel one way or the other?

但是，當您退後一步處理其他業務時，正在發生的事情是什麼促使您產生這樣或那樣的感覺？

If you could just maybe expand on that, I think it would be helpful to kind of understand the trajectory of the underlying business ex those items.

如果您可以對此進行擴展，我認為這將有助於了解這些項目之外的基礎業務的軌跡。

Sure.

當然。

I think -- and it sounds like you're referring mostly to the US retail business.

我認為——聽起來你主要指的是美國零售業。

Yeah, that's correct, yes.

是的，這是正確的，是的。

And what I would say is if you think about Capri Sun, this is a product that over the summer, we renovated the products.

我想說的是，如果你想到 Capri Sun，這是我們在夏天對產品進行了翻新的產品。

We are seeing now the momentum is starting to improve.

我們現在看到勢頭開始改善。

We are seeing that the fact that we are bringing a new format into new channels, whether that is multi-serving club, new bottles, single bottles into retail, going into convenience, going into vending, that allows us to continue to build the momentum of the holistic part of the brand.

我們看到，我們正在將一種新的形式引入新的管道，無論是多服務俱樂部、新瓶裝、單瓶零售、便利商店、自動販賣機，這使我們能夠繼續建立勢頭品牌的整體部分。

So new formula, consumers are trying it.

這麼新的配方，消費者都在嘗試。

We are seeing that actually it's helping us continue to start growing base volume.

我們看到，實際上它正在幫助我們繼續增加基數。

And at the same time, our focus continues to be how do we actually build that brand beyond just the typical retail channel in the 10-pack that for a long time has been the core part of the business.

同時，我們的重點仍然是如何真正打造品牌，超越長期以來一直是業務核心部分的 10 件裝典型零售通路。

Now in the case of Lunchables, I think the headwinds have really kind of offset some of the great work that is happening across Kraft Heinz.

現在就 Lunchables 而言，我認為逆風確實抵消了卡夫亨氏正在進行的一些偉大工作。

And I'll tell you that as we think about Q3, the back-to-school period proved to be more challenging than we had expected and why we're actually taking -- we recognize that it's going to take longer for us to do this, the recovery of Lunchables.

我會告訴你，當我們考慮第三季時，事實證明，返校期間比我們預期的更具挑戰性，以及為什麼我們實際上要這樣做——我們認識到我們需要更長的時間才能做到這一點這就是Lunchables的復甦。

Now that doesn't change the fact that we are completely committed to it.

現在這並沒有改變我們完全致力於此的事實。

We have recognized that this idea of us making sure we continue to build the trust with parents and families, it is part of what our job has to be done.

我們已經認識到，確保我們繼續與父母和家人建立信任的想法是我們必須完成的工作的一部分。

But as I mentioned earlier, we are -- as we go into first half of next year, we're bringing new products, renovating our quality, making sure that we have a new campaign that talks to both parents and kids.

但正如我之前提到的，當我們進入明年上半年時，我們將帶來新產品，改進我們的質量，確保我們有一個與父母和孩子對話的新活動。

And at the same time, already in stores, we're launching nationwide new products for us to expand to a better -- a bigger audience.

同時，我們正在全國推出新產品，以便擴大到更好的受眾群體。

In this case, we relaunched kind of the spicy nachos, as we know that is an opportunity for us with bringing new kids into our franchise.

在這種情況下，我們重新推出了一種辣玉米片，因為我們知道這對我們來說是一個將新孩子帶入我們的特許經營權的機會。

So it is a short-term situation that is making what was a difficult headwind more challenging because of the supply ingredient that we have in Q4.

因此，由於我們第四季的供應成分，短期情況使得困難的逆風變得更具挑戰性。

But over time, you'll see us continue to invest behind this to make sure that, in fact, Lunchables be the overall tremendous brand that we have created and shaped into this category.

但隨著時間的推移，你會看到我們繼續對此進行投資，以確保事實上，Lunchables 成為我們創建並塑造成這個類別的整體巨大品牌。

But just outside of those brands, how do you feel about the business on an underlying?

但除了這些品牌之外，您對公司的基本業務有何看法？

Sorry to ask another, but it's just with respect to the rest of the business, excluding those two brands, have things materially changed?

很抱歉問另一個問題，但這只是相對於這兩個品牌之外的其他業務而言，情況是否發生了重大變化？

Or should we think about these really being the core headwinds on the relative trajectory from here?

或者我們應該考慮這些確實是相對軌跡上的核心阻力？

Thanks so much and sorry for interjecting again.

非常感謝，也很抱歉再次插話。

No.

不。

Thank you.

謝謝。

I appreciate the question.

我很欣賞這個問題。

Again, if I go back to what is it that we intended to do?

再說一次，如果我回到我們打算做什麼？

What we intend to do is drive the growth of our company through three key areas, making sure we continue to drive global away from home superior than anyone else.

我們打算做的是透過三個關鍵領域推動我們公司的發展，確保我們繼續比其他任何人都更出色地推動全球遠離家鄉。

We are doing that, and we're gaining momentum.

我們正在這樣做，而且我們正在獲得動力。

We continue to drive emerging markets.

我們繼續推動新興市場。

We are seeing that beginning to -- the growth that we saw in the quarter, that give us confidence that we can continue to -- for us to drive that particular pillar.

我們看到，我們在本季度看到的成長，讓我們有信心繼續推動這一特定支柱。

And in the US retail really is about those few brands that we know we can act on.

在美國，零售業實際上是關於我們知道可以採取行動的少數品牌。

And in fact, a couple of those brands already, whether that is our Capri Sun business, whether it's our Mac & Cheese business, we already are seeing improvements as we go through the quarter that we believe are in the right path for us to continue to gain into the future.

事實上，其中一些品牌已經出現了，無論是我們的 Capri Sun 業務，還是我們的通心粉和起司業務，我們已經看到了在本季度的改進，我們相信這對我們繼續下去是正確的道路贏得未來。

So overall, I feel very good about the fact that we know where the situations that we have to address are, that we have the tools in-house by leveraging our brand growth system to actually build on the momentum of those businesses as we go into 2025, and also feel good that we can deliver the accelerate platforms in growth that we expect as a third pillar of our overall growth for the company.

總的來說，我感到非常高興的是，我們知道我們必須解決的情況在哪裡，我們擁有內部工具，可以利用我們的品牌成長系統，在我們進入這些業務時真正建立在這些業務的勢頭之上。

And the last thing I would say is, this is also underlined by us continue to deliver great productivity that is helping us fuel the gross margin.

我要說的最後一件事是，我們繼續提供巨大的生產力，幫助我們提高毛利率，這也強調了這一點。

So we're doing all this.

所以我們正在做這一切。

As we are delivering world-class level of productivity, we're investing back in the business by investing marketing, R&D, and technology and not compromising in the long-term growth of our company.

在我們提供世界一流的生產力水平的同時，我們透過投資行銷、研發和技術來對業務進行投資，同時不影響公司的長期成長。

And at the same time, also making sure that we are thoughtful about continuing to deliver great cash flow for our shareholders.

同時，也確保我們深思熟慮地繼續為股東提供大量現金流。

Thank you so much for your question.

非常感謝你的提問。

Thank you.

謝謝。

I would now like to turn the call back over to Anne-Marie Megela for any closing remarks.

我現在想將電話轉回給安妮-瑪麗·梅杰拉，讓其發表結束語。

Thank you very much, and thank you, everyone, for joining us today.

非常感謝你們，也謝謝大家今天加入我們。

We appreciate your interest in Kraft Heinz.

我們感謝您對卡夫亨氏的興趣。

Thank you.

謝謝。

This concludes the conference.

會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。