卡夫亨氏 (KHC) 2022 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Kraft Heinz Company first quarter results question-and-answer session.

各位女士、先生，感謝您稍候，歡迎參加卡夫亨氏公司第一季業績電話會議問答環節。

I'd now like to turn the call over to your host, Chris Jakubik. You may begin.

現在我想把電話交給本次會議主持人 Chris Jakubik。您可以開始了。

Thank you, and hello, everyone. This is Chris Jakubik, Head of Global Investor Relations at the Kraft Heinz Company, and welcome to our Q&A session for our first quarter 2022 business update.

謝謝，大家好。我是卡夫亨氏公司全球投資人關係主管 Chris Jakubik，歡迎參加我們 2022 年第一季業務更新的問答環節。

During our remarks today, we will make some forward-looking statements that are based on how we see things today. Actual results may differ due to risks and uncertainties, and they are discussed in our earnings release and our filings with the SEC. We will also discuss some non-GAAP financial measures today during the call, and these non-GAAP financial measures should not be considered a replacement for and should be read together with GAAP results. And you can find the GAAP to non-GAAP reconciliations within our earnings release and the supplemental materials posted at ir.kraftheinzcompany.com.

在今天的發言中，我們將做出一些前瞻性陳述，這些陳述是基於我們目前對情勢的看法。由於風險與不確定性，實際結果可能有所不同，相關內容已在我們的財報新聞稿以及向美國證券交易委員會（SEC）提交的文件中討論。我們也會在本次電話會議中討論一些非 GAAP 財務衡量指標，這些非 GAAP 指標不應被視為 GAAP 結果的替代，並應與 GAAP 結果一併閱讀。您可在我們的財報新聞稿以及發布於 ir.kraftheinzcompany.com 的補充資料中，找到 GAAP 與非 GAAP 的調節表。

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

在開始之前，我先把時間交給我們的執行長 Miguel Patricio，請他做幾點簡短的開場評論。

Well, thank you, Chris. I would just like to start by sharing how proud I am of our people. And the truly transformational work they continue to deliver for our company. We've seen 2 years of a lot of disruption, and they continue to successfully address the short-term challenges, at the same time that we are building the long-term advantage of our company and our brands.

好的，謝謝你，Chris。我想先分享我對我們同仁感到多麼自豪，以及他們持續為公司帶來真正具變革性的成果。我們經歷了兩年的高度動盪，而他們仍持續成功應對短期挑戰，同時也在打造公司與品牌的長期優勢。

Our teams delivered a strong start for the year, both on top line and bottom line. We remain on strategy with the strongest growth coming from our priority platforms, brands, channels and markets. We are effectively managing our inflation, improving our supply constraints, while continuing to gain incremental efficiencies.

我們的團隊在今年開局表現強勁，無論是營收端還是獲利端。我們仍然依循既定策略，最強勁的成長來自我們的優先平台、品牌、通路與市場。我們有效管理通膨壓力、改善供應限制，同時持續取得額外效率提升。

We continue to make progress, building and deploying initiatives to accelerate our advantages in areas like becoming more agile, becoming much more creative in marketing, the (inaudible) joint business plans between retail and foodservice and capacity unlocks in our growth and energize platforms.

我們持續取得進展，建立並推動各項計畫，以加速我們在例如提升敏捷性、讓行銷更具創意、（聽不清）零售與餐飲服務之間的聯合業務計畫，以及在成長與活化平台上的產能釋放等領域的優勢。

As you are now seeing, we are doing this through strategic partnerships with technology giants and cutting-edge innovators to accelerate our transformation and redefine best-in-class across our value chain. It is a very exciting time for Kraft Heinz and I don't think we could be better equipped to build on our momentum through what promises to remain a very challenging environment.

如各位現在所見，我們正透過與科技巨頭及尖端創新者的策略合作夥伴關係，加速轉型並在整個價值鏈上重新定義同級最佳標準。對卡夫亨氏而言，這是一個非常令人振奮的時刻；而面對預期仍將非常具挑戰性的環境，我認為我們已具備最佳條件，得以在既有動能上再接再厲。

With that, well, let's take your questions.

那麼，我們開始回答各位的問題。

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

（接線員指示）我們的第一個問題來自 Barclays 的 Andrew Lazar。

Chris, congratulations to you. Thank you for all the help over the -- well, too many years to quantify. I appreciate it.

Chris，恭喜你。也謝謝你在——嗯，多到難以量化的這些年裡所提供的一切協助。我非常感激。

My question really is around retail inventory. I guess, where are you currently regarding the retail inventory rebuild versus where you want to be? And how much more opportunity might there be for shipments to exceed consumption going forward related to this dynamic, which I guess, could be somewhat of an offset, should elasticity ramp up a bit from here? And is there any indication that retailers may opt to hold more inventory going forward than they did pre-pandemic, having seen during the past 2 years how problematic out of stocks can be when there are supply dislocations?

我的問題主要是關於零售端庫存。我想問，目前你們在零售庫存回補方面處於什麼位置，相較於你們希望達到的水準還差多少？另外，未來在這個動態下，出貨量超過終端消費量的情況還可能有多大空間？我想這可能在某種程度上形成抵銷，萬一從現在起需求彈性稍微上升的話。最後，有沒有任何跡象顯示零售商在未來可能會選擇持有比疫情前更多的庫存？畢竟過去兩年大家看到，當供應出現錯配時，缺貨會帶來多大的問題。

Andrew, this is Carlos. Let me take that one first and also, let me just echo Miguel's comment. I'm just so proud of how our teams have managed through all this and the strong start of the year is a testament to the resiliency of the teams.

Andrew，我是 Carlos。我先回答這題，同時也呼應 Miguel 的評論。我對我們團隊在這一切之中所展現的管理能力感到非常自豪；今年強勁的開局也證明了團隊的韌性。

Now, to your questions about retail inventories, they do remain fluid. If you recall, we exited last year below normal days of inventory from a historical perspective that were both in terms of the trade and in our warehouse. And if you look at in Q1, our actual production volume was actually 10% higher than it was a year ago, and we expect that to continue through the yearend so that we can support the inventory recovery.

關於你提到的零售庫存問題，確實仍在變動中。若你還記得，從歷史角度來看，我們在去年年底時的庫存天數低於正常水準，無論是在通路端或我們自有倉庫皆是如此。若看第一季，我們實際的生產量比去年同期高出 10%，而我們預期這個趨勢會持續到年底，以支援庫存回補。

And in Q1, the way it looks is that we began to rebuild some of the retail inventories in certain categories. But in aggregate, we're still below historical levels. And our expectations as we continue through the year is to we'll recover our inventory levels by the end of the year, with service levels than returning to pre-pandemic levels early next year.

第一季的情況看起來是，我們在某些品類已開始回補部分零售端庫存。但整體而言，我們仍低於歷史水準。我們的預期是，隨著今年持續推進，我們將在年底前恢復庫存水準，而服務水準則可望在明年初回到疫情前的水準。

Now, let me tell you kind of our focus going forward is going to be in 3 specific areas. One is recovering the service constrained category on focus on the key power SKUs, and as you saw, our increasing production level supports this initiative. Number 2 is improving the share of shelf and implement shelving principles. We have both detailed plans to do that and a strong collaboration with customers to do just this. And finally, creating in-store destination so that we can launch meaningful incremental interruptive innovation into the marketplace. And you are seeing this already from our award-winning Art of the Burger to creating [dipping] destinations and breakfast destination, in-store and online that leverage our scale in partnership with retailers.

接下來我們的重點會放在三個特定領域。第一，是恢復受服務限制的品類，聚焦關鍵的主力 SKU；如你所見，我們提高的生產水準正支援這項計畫。第二，是提升貨架占有率並落實陳列原則；我們有非常具體的計畫，也與客戶密切合作來達成。最後，是打造店內目的地（destination），以便將有意義、額外且具顛覆性的創新推向市場。你已經可以看到一些例子，從我們獲獎的 Art of the Burger，到打造[沾醬]目的地與早餐目的地，無論在實體店內或線上，皆透過與零售商合作來運用我們的規模優勢。

Now, you asked specifically about kind of how to also think about the retailers and their inventory normalized. I would say, it's difficult to say what exactly the retail inventory level will normalize. The one thing I will kind of make you think about it is the fact that if you keep in mind that pre-pandemic levels, the inventory levels actually saw quite a bit of inventory reduction in the 2- to 3-year period prior to the pandemic.

你也特別問到，該如何看待零售商的庫存回到常態。我會說，很難判斷零售端庫存水準最終會常態化到什麼程度。不過有一點可以提供你思考：如果你回想疫情前，庫存水準其實在疫情爆發前的 2 到 3 年期間就已經出現相當程度的去庫存。

So I would say it's hard to predict, but we know that as we continue to move forward, we're building that because there's still room for us to do that. Thank you for your question.

所以我會說這很難預測，但我們知道，隨著我們持續往前推進，我們正在建立並回補庫存，因為我們仍有空間可以做到。謝謝你的提問。

Our next question comes from David Palmer with Evercore ISI.

下一個問題來自 Evercore ISI 的 David Palmer。

Thank you. Interesting comments in those prepared remarks about the partnerships with Microsoft and Google. Maybe, if you can touch on those a bit more and what outcomes do you expect from those? What areas of improvement do you expect us to see, and what's first?

謝謝。你們在事先準備的發言中提到與 Microsoft 和 Google 的合作夥伴關係，這些評論很有意思。也許你們可以再多談一些，並說明你們預期會從這些合作中得到哪些成果？你們預期我們會看到哪些改善領域？以及最先會從哪裡開始？

Carlos, do you want -- do you want to answer that question, please?

Carlos，你要不要——你要不要回答這個問題？

Sure. So let me just say that part of the partnership that we're doing is really, is about supporting our AGILE@SCALE initiatives. And for us, if you recall, when we talked in CAGNY, we talked about how AGILE@SCALE was going to help us in 3 ways. First, it was about us making sure we organize and embed and lead with agile values throughout the company. And we mentioned how we actually evolve our structure to be flatter and leaner, with multidisciplinary teams and missions to attack the largest priority.

當然。先說明一下，我們正在推動的合作夥伴關係，核心是為了支援我們的 AGILE@SCALE 計畫。就我們而言，如果你還記得我們在 CAGNY 的分享，我們談到 AGILE@SCALE 將在三個方面幫助我們。第一，是確保我們在全公司範圍內組織、內嵌並以敏捷價值觀來領導。我們也提到，我們如何演進組織結構，使其更扁平、更精實，透過跨職能團隊與任務編組來攻克最重要的優先事項。

And in North America, we actually instituted a rule of 5, where only 5 levels between myself and the interposition in the business units.

在北美，我們實際上也建立了「5 層規則」，也就是在我與事業單位中的（聽不清）之間，僅保留 5 個管理層級。

The second part of that, and to your question, is also that we were building a tech ecosystem to create end-to-end capabilities with leading tech companies to accelerate our solutions, to capture efficiencies and create a significant competitive advantage. What you're seeing in our partnership between whether it's in Microsoft, whether it is in a partnership with Google, it also allows them to look for those partnerships that allow us to accelerate and move to [an agile at scale]. Because then, once we be able to tech ecosystem, we can then scale up to leverage the proven solutions across -- and maximize the value creation.

第二部分，也回到你的問題，是我們正在打造一個科技生態系，與領先的科技公司建立端到端能力，以加速解決方案落地、捕捉效率並創造顯著的競爭優勢。你在我們與 Microsoft 的合作、以及與 Google 的合作中所看到的，也讓我們能尋找那些可協助我們加速並推進到[an agile at scale]的合作夥伴。因為一旦我們建立起科技生態系，就能把已被驗證的解決方案擴大規模、在各領域推廣運用，並最大化價值創造。

The reality is that we're also doing this -- across the entire value chain. I'm very pleased with the partnership we have with Microsoft because it's going to allow us to also look at things like areas and planning, in manufacturing and logistics and sales and marketing that allows us to get closer to our consumer and making sure we actually are getting real-time information that we improve the customer service by improving forecast accuracy and speed, and that it generates end-to-end efficiencies with new processes, tools and structure.

實際上，我們也正在——在整個價值鏈上推動這件事。我對我們與 Microsoft 的合作非常滿意，因為這將使我們也能在例如規劃、製造與物流、以及銷售與行銷等領域進一步提升，讓我們更貼近消費者，並確保取得即時資訊；透過提升預測準確度與速度來改善客戶服務，並藉由新的流程、工具與組織架構，產生端到端的效率提升。

So as you will see, we are going to continue to look for those partnerships in which we can actually work together to accelerate our journey towards AGILE@SCALE.

因此，如你們將會看到的，我們將持續尋找那些我們實際上能夠共同合作的夥伴關係，以加速我們邁向 AGILE@SCALE 的旅程。

I would just like to add to what Carlos just said that these partnerships go beyond just technology. So as you remember, we announced, before the (inaudible) and the Simplot partnerships, these are other great examples of us to become more agile in all areas of the company. We didn't have a good pipeline of plant-based products and would take a lot of time to develop. Well, partner with a company that can bring you solutions in a record time and great quality.

我想補充 Carlos 剛才所說的，這些夥伴關係不僅僅是技術層面。所以如你們記得的，在（聽不清）以及 Simplot 的合作夥伴關係之前，我們就已宣布過；這些都是我們在公司各個領域變得更敏捷的其他很好的例子。我們過去沒有良好的植物性產品研發管線，開發會花很長時間。那麼，就與能在創紀錄的時間內、以優異品質帶來解決方案的公司合作。

We didn't have a solution for our line of business from a supply standpoint, well, partner with the ones that can solve quality, innovation and volume problems that we would eventually have moving forward. We'll -- these are just great examples of partnerships that will just make us more agile and faster.

我們在供應端對某些業務線沒有解決方案，那麼，就與能解決我們未來可能面臨的品質、創新與產量問題的夥伴合作。這些都是很好的合作案例，能讓我們更敏捷、更快速。

And just on the marketing side or the actual spending side, what is your advertising as a percent of sales today in big picture? How has that shifted in terms of the percent of sales over the last few years? But also, how -- or have you shifted that spending? I would imagine, digital is a much higher percent today and give us a flavor of what you're anticipating there.

另外在行銷端或實際支出端，從大方向來看，你們目前的廣告費用占銷售額的比例是多少？過去幾年這個占比有什麼變化？以及，你們是否調整了支出結構？我想像數位的占比今天應該高很多，也請談談你們對未來的預期。

I can give you a better sense of the percentage of net sales, because with all these changes we are having net sales, I don't want to give you a -- but that is not precise. But let me tell you that it's not our intention to reduce the investments in marketing. This year will either be flat or growing, depending on how the year continues because we want to continue investing in our brands.

我可以就占淨銷售額的比例給你更好的概念，因為在這些變動之下，我們的淨銷售額也在變動，我不想給你一個——但那會不精準。不過我可以告訴你，我們無意降低行銷投資。今年的行銷投資將持平或成長，取決於今年後續的發展，因為我們希望持續投資我們的品牌。

Our investment in digital today is about 2/3 of all our investment, about 70% of our investment. But I would say that more than even the quantity at this moment, I'm really, really impressed with the quality and how we changed the way to communicate.

我們目前在數位上的投資約占全部投資的 2/3，約 70%。但我想說的是，相較於此刻的投入量，我更、非常、非常印象深刻的是品質，以及我們如何改變溝通方式。

Today, we have, in all our views, our own development of digital marketing that gives us really the possibility of being at the speed of culture and producing from a day to another one, great quality marketing that makes us much more engaging. It is very different, the quality of marketing that we have nowadays.

今天，我們在各個面向都建立了自有的數位行銷開發能力，讓我們真正有可能跟上文化的速度，能在一天之內產出高品質的行銷內容，讓我們的互動性大幅提升。如今我們的行銷品質已非常不同。

I don't know if you saw, but Advertising Age selected us as the best campaign of the year. It put us among the 5 best marketers in North America, and more recently, they called (inaudible) the best renovation or the best rebranding of the year. And these are all consequences of a huge improvement of the quality of our marketing.

我不知道你們是否看到，《Advertising Age》選我們為年度最佳行銷活動，並把我們列為北美前 5 大最佳行銷人之一；而更近期，他們稱（聽不清）為年度最佳翻新或年度最佳品牌再造。這些都是我們行銷品質大幅提升所帶來的結果。

The one thing I guess I would be also to Miguel's comment is that what it's true that we have invested in about $100 million more in marketing to 2019, our focus really has changed and is what Miguel just highlighted. We are focused very much into earned media and which actually we have seen how we have proven that increases the return on that investment. So for us is, how do we make sure that all the personalization and improved creativity that our teams are showing translating us, creating more impactful campaigns that generate the earn media that improves the ROI.

我想補充 Miguel 的評論：確實，我們相較 2019 年在行銷上多投入了約 1 億美元，但我們的重點確實已改變，正如 Miguel 剛才強調的。我們非常聚焦於贏得媒體（earned media），而我們也看到並證明這能提高該投資的報酬。因此對我們而言，是如何確保團隊展現的所有個人化與更佳創意，能轉化為更具影響力的活動，進而帶來贏得媒體，並提升投資報酬率（ROI）。

So it's not just the investment we make, but the amplifying effect of our investment because of the quality of the work that we're putting out. And that's why we continue in this journey. Thank you.

所以不只是我們投入多少，而是因為我們產出的作品品質，讓投資具有放大效果。這也是我們持續走在這段旅程上的原因。謝謝。

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

下一個問題來自美國銀行（Bank of America）的 Bryan Spillane。

I guess I wanted to ask about commodities and raw materials and not so much on cost, but just availability. Given some of the supply chain issues, I guess, that have been caused by the war in the Ukraine, and some of the agricultural commodities potentially being short supply. Just -- Is that a concern on your end in terms of just availability of raw materials? Have you seen it, at all, crop up, maybe, competitively? Like, smaller competitors having service issues? And then maybe, if I could just tie to that as well, given that you do have some exposure to it, just bird flu, is that something we should be worried about, given that you do grow some turkey?

我想問的是大宗商品與原物料，但不是成本，而是供應可得性。考量到一些供應鏈問題——我想——是由烏克蘭戰爭造成的，以及某些農產品大宗商品可能供應短缺。請問——這是否會讓你們在原物料可得性方面感到擔憂？你們是否看到這種情況出現，或在競爭上有所反映？例如較小的競爭對手出現供貨/服務問題？另外，如果我也把這點連在一起問，考量你們確實有一些曝險，禽流感是否是我們需要擔心的事？因為你們也有飼養一些火雞。

Thanks for the question. I'll get this one. Andre here. So yes, situations come up every day on the raw material and packaging materials side. So the situation continues to be challenging. And I think the teams have been out for 2 years dealing with these challenges on a recurring basis, right? It requires a lot of resilience from our team, which have been demonstrating very strongly.

謝謝你的問題。我來回答。Andre 在此。是的，在原物料與包材端每天都會出現狀況。所以情勢仍然充滿挑戰。我認為團隊已經連續 2 年在反覆地應對這些挑戰，對吧？這需要團隊很強的韌性，而他們也展現得非常出色。

Now, the great thing is, despite all these challenges, we have been able, throughout the quarter, to rebuild inventories for the first time probably since the pre-pandemic level, and we have improved service levels. And I think we are now in a good trajectory to continue to do so into the second quarter.

不過好的一點是，儘管面臨這些挑戰，我們在本季期間仍得以重建庫存，這可能是自疫情前以來的第一次，同時我們也改善了服務水準。我認為我們現在正走在良好的軌道上，第二季也能持續改善。

So despite the challenges that we continue to face in the whole market, we have been able to navigate through that. I think our scale also definitely helps on this regard.

因此，儘管整體市場仍有我們持續面對的挑戰，我們仍能順利因應。我認為我們的規模在這方面也確實有幫助。

Regarding hedging, as we said before, we have been maintaining a very disciplined approach for hedging. So we haven't been speculating or trying to second guess, what's going to happen in the market. I have been maintaining our strategy to maintain a consistency. And as we mentioned, some of the commodities have been the most impacted by the Ukraine conflict, like grains, oils, energy. We are hedged on those until Q4, which put us in a good position.

關於避險，如同我們先前所說，我們一直維持非常嚴謹的避險作法。因此我們沒有投機，也沒有試圖去猜測市場接下來會發生什麼。我一直維持我們追求一致性的策略。正如我們提到的，受烏克蘭衝突影響最大的部分大宗商品包括穀物、油脂與能源。我們對這些已避險到第四季（Q4），這讓我們處於有利位置。

But Bryan, the point about availability has been around for a long time now, before the war. Every day, there's one raw material that is short because the supply chain is very tight, overall. I think that in that sense, company with our scale should be able to navigate better. And there are examples every day. I mean, there's a shortage -- just as an example, of bean gum, which is raw material to do cream cheese, and we have a good inventory of that.

但 Bryan，關於可得性的問題其實已存在很久了，在戰爭之前就如此。每天都會有某一項原物料短缺，因為整體供應鏈非常緊繃。我認為在這方面，像我們這樣具規模的公司應該能更好地因應，而且每天都有例子。舉例來說，豆膠（bean gum）短缺——這是製作奶油乳酪的原料——而我們對此有良好的庫存。

So the smaller companies will have difficulty to have access to that business. And every day, we really have to adapt every day to a new problem. I think the teams have done a great job in that sense.

因此較小的公司將更難取得這類原料。每天我們都必須因應新的問題、調整做法。我認為團隊在這方面做得非常好。

And then if you could touch just on bird flu, is that a concern at all?

另外你們能否談一下禽流感？這是否是任何程度上的疑慮？

Yes. Let me touch on that then. I think first, let me give you a little bit of historical context. I mean, we have seen this before. And one thing that is different about this time around, is that we have the insights from the lessons we learned last time. As we looked at it this time around, we are flexing our portfolio to address the short-term kind of poultry disruptions. We've had some experience doing this in the past 2 years on how we actually flexed our portfolio, so we can actually be very dynamic in our response.

可以。我來談一下。我想先提供一些歷史背景。我們以前也遇過這種情況。而這次不同之處在於，我們擁有上一次所學到的經驗洞察。這次我們在評估時，正透過調整（flex）我們的產品組合來因應短期的家禽供應中斷。過去 2 年我們也有這樣調整產品組合的經驗，因此我們的回應可以非常動態。

The regions from which we buy turkey have not been impacted so far. Now, we have seen price increases, that is true. So what we're using is our strategic sourcing network that Miguel spoke about to provide those supply and will remain agile as we go forward. And we're working closely with our retail partners so that we can navigate as the situation evolves. But again, I think we have seen that we have learned in the past, we're applying those lessons, and reality is that we're flexing our portfolio in order to navigate through this.

到目前為止，我們採購火雞的地區尚未受到影響。不過，我們確實看到價格上漲。因此我們運用 Miguel 提到的策略性採購網絡來提供供應，並在未來保持敏捷。我們也與零售合作夥伴密切合作，以便在情勢演變時共同因應。但再次強調，我們過去已學到經驗、正在應用這些教訓，而現實是我們正透過調整產品組合來度過這段期間。

Bryan, Rafa here. Just to compliment to you, you asked about exposure to Ukraine. For us, it's negligible, it's very small, okay, the exposure to raw materials in Ukraine.

Bryan，我是 Rafa。補充你問到的烏克蘭曝險：對我們而言可忽略不計，非常小，也就是在烏克蘭原物料方面的曝險很小。

Our next question comes from Jason English with Goldman Sachs.

我們的下一個問題來自高盛（Goldman Sachs）的 Jason English。

Good morning, folks. Thanks for slotting me in. To echo the earlier sentiment, congrats, Chris. You're a legend, we will miss you. And Marie, congrats on the escalation. Looking forward to working with you more closely going forward.

各位早安。謝謝讓我插進來提問。呼應先前的感受，恭喜你，Chris。你是傳奇人物，我們會想念你。而 Marie，也恭喜你升任新職。期待未來能與你更緊密合作。

To the questions I have, great to see your foodservice momentum. I think you gave 2 statistics, the growth in U.S. and growth internationally. Can you give us the blended growth rate like across all of foodservice, 12% of sales growing, what on average? And how close are you to back to pre-pandemic levels? Have we pretty much closed the gap? Is that what's driving the majority of the growth? Or is this momentum over and above the recovery from COVID?

回到我的問題，很高興看到你們餐飲服務（foodservice）的動能。我想你們提供了兩個統計數字：美國的成長以及國際的成長。你們能否提供整體餐飲服務的加權平均成長率？也就是餐飲服務占銷售額 12% 的這部分，平均成長多少？另外，你們距離回到疫情前水準還有多近？缺口是否幾乎已經補上？這是否驅動了大部分成長？還是說這股動能已經超越 COVID 復甦本身？

Okay. So look, I'm not going to quote specific numbers, but both -- across international zone in North America, we are growing north of 20% on both, okay? And gaining share, as also indicated across the board, which put us in a very good position. And the way things are trending so far, it's possible that we already going to be ahead of 2019 levels, at least in North America, which is also great.

好的。你看，我不會引用具體數字，但在國際區域與北美兩邊，我們的成長都超過 20%，兩邊都是，好嗎？而且如同各方面所顯示的，我們也在全面提升市占，這讓我們處於非常有利的位置。就目前的趨勢來看，我們很可能已經會超過 2019 年的水準，至少在北美是如此，這也很棒。

And I would add on the comments from Andre, that we are very excited with the foodservice. We see -- the different from the past, there was a very transactional channel, today is a truly transactional -- sorry, a strategic channel for us. It's a great way for us to launch new products, to test them, to sample them with the consumers and then to leverage that sampling to the trade. In the presentation, you have a very recent example of that, but it's our intention to keep doing that through the future.

我也想補充 Andre 的評論，我們對餐飲服務非常振奮。我們看到——與過去不同的是，過去它是一個非常偏交易型的通路，而今天它對我們而言是真正的——抱歉，是一個策略性通路。這是我們推出新產品、測試新產品、讓消費者試吃體驗，並進一步把這些試用帶動到零售通路的絕佳方式。在簡報中你們看到一個非常近期的例子，但我們的意圖是未來也會持續這麼做。

For sure. Makes a lot of sense. And I appreciate the comment earlier on ad spend and the commitment to have it be flat, if not, up as a percentage of sales for the year. But can you unpack a little bit more on the SG&A efficiency this quarter? It's down pretty sharply year-on-year. Is that the efforts of your productivity? Or is there some unique timing dynamics that we should be aware of?

當然。這很有道理。我也感謝你們先前對廣告支出（ad spend）的評論，以及承諾今年其占銷售額比重將持平、甚至上升。不過你們能否再多拆解一下本季 SG&A 的效率？它年對年下降得相當明顯。這是你們生產力提升的成果嗎？還是有一些我們需要留意的特殊時點因素？

On the SG&A, we have in the first quarter [lapping] a onetime gain from last year that do not get repeated. So pretty much, that's what's driving the entire impairments that you're asking.

關於 SG&A，我們在第一季是在[對比]去年一次性收益的高基期，而那筆收益今年不會重複出現。所以基本上，這就是你所問到的整體變動的主要原因。

Our next question comes from Ken Goldman with JPMorgan.

我們的下一個問題來自摩根大通（JPMorgan）的 Ken Goldman。

And just to echo the prior comments. Chris, thank you for all of the help, you'll truly be missed. And Ann Marie, congratulations as well on the new role.

我也呼應前面的評論。Chris，感謝你一直以來的協助，你真的會讓人非常想念。Ann Marie，也恭喜你擔任新職務。

I wanted to ask, you've highlighted your reduced exposure to private label in the U.S., so I don't want to suggest Kraft is it any particular risk here. I'm really just curious if you're starting to see retail customers leaning in a bit harder to their store brands recently, whether it's via incremental displays or other efforts, I guess, to try and maybe highlight for consumers some other offerings that are at lower prices. Are there any behavioral changes you're seeing from those customers?

我想問的是，你們強調在美國對自有品牌（private label）的曝險已降低，所以我不想暗示卡夫亨氏在這方面有任何特別風險。我只是好奇，你們是否開始看到零售客戶最近更積極推動他們的店內品牌，不論是透過增加陳列或其他作法，試圖向消費者凸顯一些價格更低的替代選擇。你們有觀察到客戶端行為上的任何變化嗎？

So let me take that. I would say, so far, what we're seeing from private label is that they're actually increasing their prices in line with the branded players. The reality is that costs are escalating for everyone. And in terms of Kraft Heinz, I mean, what I'll tell you is that we are stronger today than we have been in the past in 4 specific areas. One, we actually have relatively low private label exposure. So today, we're about 11% of the portfolio exposed to private label versus 17% just a couple of years ago. And if you think about that number of 11% versus an industry average of about 20%, it certainly puts us in an advantage situation.

我來回答。我會說，到目前為止，我們看到自有品牌其實也在跟著品牌廠商同步調漲價格。現實是成本對所有人都在上升。就卡夫亨氏而言，我要說的是，我們今天在四個特定面向比過去更強。第一，我們對自有品牌的曝險相對較低。現在我們的產品組合中，大約只有 11% 會受到自有品牌影響，而幾年前是 17%。如果你把 11% 與產業平均約 20% 相比，這確實讓我們處於更有利的位置。

We're also making sure that we are launching products that are differentiated at each round of the price ladder. So whether it's entry to mainstream to premium, so that consumers can stay with our franchise as their circumstances may change. Whether it's a blue box Mac & Cheese to an Easy Mac, they have something to come into and stay with our icon brands.

第二，我們也確保在每一個價格階梯（price ladder）的層級都推出具差異化的產品。不論是入門、主流到高端，讓消費者在自身情況改變時仍能留在我們的品牌體系中。從藍盒裝的 Mac & Cheese 到 Easy Mac，他們都有產品可以進入並持續選擇我們的指標性品牌。

And we also continue to improve the product design so that we can offer better value for the money and greater ingredient flexibility, less waste and lower production cost and actually, you'll see that in our marketing also as we go forward.

第三，我們也持續改善產品設計，讓我們能以同樣的花費提供更好的價值，並提升原料彈性、減少浪費、降低生產成本；而且你也會在我們未來的行銷中看到這一點。

And then finally, we're also leveraging the breadth of our portfolio across categories so that we can provide comprehensive occasion-based solutions that the whole family can enjoy. So we are in a very good place right now in terms of our exposures, and we are seeing kind of a private label being affected by the same way that we have.

最後，我們也運用跨品類的產品組合廣度，提供以情境（occasion）為基礎的完整解決方案，讓全家都能享用。因此就曝險而言，我們目前處於非常好的位置；而我們也看到自有品牌受到的影響，與我們所面臨的情況大致相同。

And then a quick follow-up for Andre. Andre, you mentioned that as inflation plateaus, you expect to see your margin percentage rebound. I understand that futures' curves are volatile, but is there an estimate you have for when you expect your gross inflation, including hedges to have peaked? Might we be a little bit closer to that than maybe, some bears you're thinking about?

接著我想對 Andre 快速追問。Andre，你提到當通膨趨於平穩時，你預期毛利率百分比會回升。我理解期貨曲線波動很大，但你們是否有估計過你們的總通膨（包含避險）何時會見頂？我們是否可能比一些看空者所想的更接近那個時間點？

Thanks for the question. As we said before, we have been taking actions consistently to protect our margin dollars at this point. right? And we want to maintain our ability to invest in the business, as Miguel and Carlos pointed out, which is critical to us. The current percentage margin is lower than our run rate, I can tell you that, and we expect those margins to recover as costs stabilize and the price realization comes through, as pricing and (inaudible) like the whole market is. So it recovers over time.

謝謝你的問題。如同我們之前說過的，我們一直在持續採取行動，以在此時此刻保護我們的毛利金額（margin dollars），對吧？而且我們希望維持投資業務的能力，正如 Miguel 和 Carlos 所指出的，這對我們至關重要。目前的毛利率百分比低於我們的常態水準（run rate），我可以這麼說；我們預期當成本趨於穩定、以及價格落實（price realization）逐步反映後，毛利率會回升，就像整個市場一樣（以及（聽不清））。因此它會隨時間恢復。

Remember as well that beyond the short term, our adjusted EBITDA margin evolution, this should remain consistent to the strategy that I have outlined before, which is to have better gross margins from variable cost efficiencies, stronger pricing, mix, and that will help us to fund high investments in brands, people and capabilities. So that's what we are seeking here. So even though I cannot quote you a specific time or when we are going to recover the percentage margin, that should happen over time, okay? So if you look at the pre-pandemic levels, we were in the 24% range. So...

也請記得，除了短期之外，我們調整後 EBITDA 利潤率的演進，應會與我先前概述的策略一致：透過可變成本效率提升來取得更好的毛利率、更強的定價與產品組合（mix），進而協助我們投入更多資源在品牌、人才與能力建設上。這就是我們在追求的方向。所以即使我無法給你一個具體時間點或何時能恢復毛利率百分比，這應該會隨時間發生，好嗎？如果你看疫情前的水準，我們大約在 24% 左右。所以……

If we can take, maybe, one more question.

如果可以的話，我們也許再多接一個問題。

Our next question comes from Robert Moskow of Crédit Suisse.

我們的下一個問題來自瑞士信貸（Crédit Suisse）的 Robert Moskow。

Thanks for the question. And Chris, I congratulate you, and I'm jealous of you also. But I guess, my question here is, can you drill down a little bit more into -- I think the comment was that your production volume will be up 10% versus a year ago. But this is an environment where there's a lot of unknowns about elasticity. And I think a lot of your peers are expecting elasticity to really accelerate by the end of the year. So can you give me a sense as to what that 10% increase really means? And is it contingent upon what you see in the demand environment, obviously?

謝謝讓我提問。Chris，我恭喜你，我也有點羨慕你。不過我的問題是，你能否再更深入說明——我想你們的評論是，你們的產量將比一年前增加 10%。但在這個對需求彈性（elasticity）存在許多未知數的環境下，我認為你們很多同業都預期到年底彈性會明顯加速。你能否讓我理解這個 10% 的增加實際代表什麼？而且顯然它是否取決於你們在需求環境中所看到的情況？

Well, thank you for your question, and I think we're all jealous of Chris, by the way. What I will tell you that we expect an increase in elasticity going forward closer to historical levels. So prices are -- everything is on the way up, and we know that most of the stimulus is gone. Now, today, we're seeing that [our site] is running about 30% to 40% below historical levels.

嗯，謝謝你的問題。順帶一提，我想我們大家都羨慕 Chris。我可以告訴你的是，我們預期未來需求彈性會上升，並更接近歷史水準。因為價格——所有東西都在上漲，而且我們知道大部分刺激措施已經消退。現在我們看到的是，[我們的 site] 的運行水準大約比歷史水準低 30% 到 40%。

Now, the reason we're confident about our production is that we are also growing consumption sequentially as we rebuild retail inventory levels. So understand that we are actually making the advancements, again, many of the supply chain challenges, that today are actually holding back our market share performance. That's why as we think about the Q1 production up 10%, it is to support the rebuilding that inventory levels that have been still below our historical levels. And that we feel confident about us continues into that kind of level of support.

現在，我們對生產有信心的原因在於，隨著我們重建零售端庫存水位，我們的消費量也在逐季成長。因此請理解，我們其實正在推進改善；再次強調，許多供應鏈挑戰在今天確實仍在拖累我們的市占表現。這就是為什麼當我們談到第一季（Q1）產量提高10%時，是為了支援重建那些仍低於我們歷史水準的庫存水位。而且我們有信心，我們會持續提供這種程度的支援。

And Rob, just to add to that. So to be clear, right? So the production (inaudible) Q1 10%, it doesn't mean that we definitely go up 10%. We are just now ramping up production to rebuild the inventory levels at the retail and in our warehouses, okay? So we are not changing our inventory policy for the future. We just did to get to that level.

Rob，我再補充一下。為了說清楚，對吧？第一季（Q1）產量（聽不清）增加10%，並不代表我們一定會增加10%。我們現在只是把產量拉升，用來重建零售端以及我們倉庫的庫存水位，好嗎？所以我們並沒有改變未來的庫存政策。我們只是為了回到那個水位才這麼做。

Okay. So if you're not saying that production is going to be up 10% throughout the year. I thought that was what the comment meant.

好的。所以如果你不是在說全年產量都會增加10%。我原本以為那句話的意思是這樣。

Well, it's 10% in Q1.

嗯，是第一季（Q1）增加10%。

Right, just Q1.

對，就只有第一季（Q1）。

Okay. Last question. If volume continues to kind of be down in this, like, 4%, 5% kind of range, I think that's what your U.S. retail volume was down. Does that do anything to your fixed cost leverage at the end of the year? Or is there just going to be so much pricing it doesn't really matter what happens to the fixed cost leverage?

好的。最後一個問題。如果銷量持續維持在大約下滑4%、5%這樣的區間，我想這就是你們美國零售銷量下滑的幅度。這會不會在年底影響你們固定成本的槓桿效應？還是說定價會多到讓固定成本槓桿效應怎麼變其實都不太重要？

Look, we -- I think that's where the inventory review discussion comes from, right, which is important. Because we are rebuilding inventories then also. Despite the volumes are being down, we still need to produce a lot to recover the inventory level. So we don't expect any relevant impact from fixed COGS in this fiscal year.

你看，我們——我認為這就是庫存檢視討論的由來，對吧，這很重要。因為我們也在重建庫存。即使銷量下滑，我們仍需要生產很多來恢復庫存水位。所以我們預期本財年固定製造成本（fixed COGS）不會有任何顯著影響。

Our last question comes from Chris Growe with Stifel.

我們最後一個問題來自 Stifel 的 Chris Growe。

Thank you. And Christopher, congratulations to you. Just thinking, 68 or so earnings reports over those 17 years. So it's kind of crazy when you put it in those terms.

謝謝。Christopher，也恭喜你。想一想，17年大概做了68次左右的財報電話會議。用這種方式來看，真的有點不可思議。

I just want to ask a quick question, if I could, on the supply constraints to your volume. You outlined it in a chart, like a 50 basis point market share decline as a result of those factors. How much of a revenue burden was that in the quarter, if you can say that?

我想快速問一個問題，如果可以的話，關於供應限制對你們銷量的影響。你們在圖表中提到，因為這些因素導致市占下滑大約50個基點。若你方便說的話，這在本季對營收造成了多大的拖累？

The pause means that it's difficult to kind of back into that right now, Chris. I think from the perspective of kind of rebuilding the inventories and then, netted against some of the supply constraints and how that translated through the shelf, in addition to the Easter shift, there's a lot of variables moving through that. So that's something we'll have to try to circle back to you.

暫停一下，Chris，現在要回推這個數字有點困難。我想從重建庫存的角度來看，再把一些供應限制及其如何反映到貨架端的情況相互抵銷，另外還有復活節檔期移動的影響，這裡面有很多變數在變動。所以這部分我們之後得再回頭整理並回覆你。

Fair enough. That's no problem. Yes. Go ahead.

可以理解。沒問題。是的，你請繼續。

It's a low single-digit impact, right, to revenue. But I think that the important thing is that we said in the last call, we expect it to continue to lose market share, but we expect it to improve, and we did, right? And we did it in the places where we said we would, which is mostly coming from the places where we have like a big constraint at the end of last year. And our perspective to continue to improve the trend moving forward as the service level recovers.

對營收的影響大概是低個位數百分比。但我認為重要的是，我們在上一次電話會議中說過，我們預期市占仍會繼續流失，但也預期會改善，而我們確實做到了，對吧？而且我們是在我們說會改善的地方做到的，主要來自於那些我們在去年年底限制很大的地方。隨著服務水準恢復，我們的看法是未來這個趨勢會持續改善。

Okay. And just one other quick follow-on would be in relation to pricing. You have more pricing coming through in the second quarter. When you account for that pricing, along with -- you've got a lot of productivity savings as well. Do you believe this pricing, along with the productivity savings would be enough to offset inflation once it's in place? Are you going to sort of be caught up now with the level of inflation based on the pricing you have currently announced?

好的。再追問一個很快的問題，關於定價。你們第二季會有更多定價落地。把這些定價加上——你們也有很多生產力節省。你們認為這些定價加上生產力節省，在落地後足以抵消通膨嗎？依照你們目前已宣布的定價，你們是否會在通膨水準上算是追上了？

We expect -- We have been taking actions with the inflation that we have seen. And in the guidance that you have provided, we are already contemplating the inflation that we are seeing, even in the forward curves, which, by the way, that have been receding a little bit since the peak.

我們預期——我們一直在針對我們所看到的通膨採取行動。而在你們所看到的指引中，我們已經把我們正在看到的通膨納入考量，甚至包括遠期曲線所反映的通膨；順帶一提，自高點以來它已經稍微回落了一些。

So our -- as of right now, in the graphs provided to you, our price year-over-year will be ahead of inflation. Obviously, we are still catching up a little bit with the inflation that starts to rise at the end of last year, but a year-over-year basis, our price will be ahead of inflation.

所以就目前而言，依照提供給你們的圖表，我們的價格年增幅將會高於通膨。當然，我們仍在稍微追趕去年年底開始上升的那段通膨，但以年對年來看，我們的價格會領先通膨。

Great. Well, thanks, everybody, for joining us today. Let me turn it back to Miguel for a couple of closing remarks.

很好。那麼，謝謝各位今天加入。我把電話交回給 Miguel，請他做幾點結語。

I open today's call saying that it's a very exciting time to be at Kraft Heinz. And let me tell you why we think that way. First, we are very proud because we've been able to navigate through all the uncertainties over the last 2 years, at the same time that we are building a much better tomorrow. And that's not easy in moments like this.

我在今天的電話會議一開始就說，現在在卡夫亨氏（Kraft Heinz）是一個非常令人振奮的時刻。我來告訴各位我們為什麼這麼想。第一，我們非常自豪，因為在過去兩年裡，我們能夠在各種不確定性中穿越前行，同時也在打造一個更好的明天。而在這樣的時刻做到這點並不容易。

We are a very company -- in a very different company today. We are much more growth-oriented. We have improved our portfolio mix. And today, just the platforms where we are working, and we have focused, Taste Elevation is about 30% of our business today. It's big and growing, and profitable. And just to put it in perspective, it's bigger and more profitable than McCormick, just to give you an example.

我們今天是一家非常——非常不同的公司。我們更以成長為導向。我們改善了產品組合結構。而且今天，就我們正在運作並聚焦的平台而言，「風味提升（Taste Elevation）」約占我們業務的30%。它規模大、成長快，而且獲利良好。為了讓大家有概念，它的規模更大、獲利也比 McCormick 更好，舉例來說就是如此。

We have consistent double-digit net sales growth in emerging markets. Our business in foodservice is strong and growing. And we are investing more in marketing in our brands and doing a much better job, so really, the profile in terms of growth is very different.

我們在新興市場持續維持雙位數的淨銷售成長。我們的餐飲服務（foodservice）業務強勁且持續成長。我們也在品牌行銷上投入更多，並且做得更好，所以整體成長輪廓確實非常不同。

From an efficiency standpoint, I think that we are in a much better place, not only because of the $2 billion that we talked about 3 years ago, and we delivered last year and the previous year on gross savings and supply, but efficiencies across the board. I mean, from marketing to distribution and these partnerships now with technology companies that will help us accelerate these efficiencies.

從效率的角度來看，我認為我們處在更好的位置，不僅因為我們三年前談到的20億美元，我們在去年與前年已在總節省與供應方面交付成果，而且是全方位的效率提升。也就是說，從行銷到配送，以及現在與科技公司的合作夥伴關係，都將幫助我們加速這些效率提升。

Finally, I think that we have a very different situation from a financial flexibility standpoint. With the discipline we had in the last 2 years, put us back in investment grade, and in a record time, just in 2 years. And going forward, we will continue generating free cash flow conversion at a rate of 100%, and we'll look to acquire business and capabilities that can be much more powerful when combined with the scale of our portfolio. All is, of course, with a lot of discipline in pricing.

最後，我認為從財務彈性角度來看，我們也處在非常不同的狀態。過去兩年的紀律，讓我們在創紀錄的時間內、僅用兩年就回到投資等級。展望未來，我們將持續以100%的比率實現自由現金流轉換（free cash flow conversion），並尋求收購一些業務與能力，當它們與我們產品組合的規模結合時，能發揮更強大的力量。當然，這一切都會在定價上保持高度紀律。

So that's why it's exciting to be at this moment working at Kraft Heinz. Thank you.

所以這就是為什麼在這個時刻於卡夫亨氏工作令人振奮。謝謝。

Thank you, Chris.

謝謝你，Chris。

Thank you, Chris. You're pretty good.

謝謝你，Chris。你相當不錯。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect, and have a wonderful day.

各位女士先生，今天的簡報到此結束。您現在可以掛線，祝您有美好的一天。