金百利克拉克 (KMB) 2023 Q4 法說會逐字稿

Good morning, and welcome to Kimberly-Clark's Fourth Quarter 2023 Earnings Question-and-Answer session. I will now hand the call over to Chris Jakubik, Vice President, Investor Relations. Please go ahead.

早安，歡迎參加金佰利 2023 年第四季財報問答。我現在將把電話轉給投資者關係副總裁克里斯·雅庫比克 (Chris Jakubik)。請繼續。

Thank you, and hello, everyone. This is Chris Jakubik, Head of Investor Relations at Kimberly-Clark. And welcome to our Q&A session for our fourth quarter and full year 2023 results. 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 these are discussed in our earnings release and our filings with the SEC. We will also discuss some non-GAAP financial measures today.

謝謝大家，大家好。我是金佰利 (Kimberly-Clark) 投資者關係主管 Chris Jakubik。歡迎參加我們關於 2023 年第四季和全年業績的問答環節。在今天的演講中，我們將根據我們今天的看法做出一些前瞻性聲明。由於風險和不確定性，實際結果可能有所不同，這些內容在我們的收益報告和向 SEC 提交的文件中進行了討論。今天我們也將討論一些非公認會計準則財務指標。

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 investor.kimberly-clark.com. Before we begin, I'm going to hand it over to our Chairman and CEO, Mike Hsu, for a few quick opening comments.

這些非公認會計原則財務指標不應被視為替代公認會計原則結果，而應與公認會計原則結果一起閱讀。您可以在我們的收益報告和投資者.kimberly-clark.com 上發布的補充資料中找到 GAAP 與非 GAAP 的調整表。在我們開始之前，我將把它交給我們的董事長兼首席執行官 Mike Hsu，他將做一些簡短的開場評論。

Okay. Thank you, Chris. And first of all, I'd like to just welcome Chris to Kimberly Clark. This is first earnings call with us. But is probably triple-digit number in earnings calls that he's done in his career. So welcome to KC, Chris. I'd like to just start by sharing that we're really proud of our performance in 2023. But of course, we're not yet satisfied. We've built a strong foundation and position Kimberly-Clark for our next chapter of growth.

好的。謝謝你，克里斯。首先，我歡迎克里斯來到金佰利克拉克。這是我們第一次的財報電話會議。但他在職業生涯中所做的財報電話會議的數量可能是三位數。歡迎來到 KC，克里斯。首先我想分享的是，我們對 2023 年的表現感到非常自豪。但當然，我們還不滿意。我們已經為金佰利公司的下一個成長篇章奠定了堅實的基礎和定位。

These past few years, we've consistently invested to build a consumer-centric organization while navigating unprecedented challenges. Our strategy to elevate our categories and expand our markets is working and we're on an exciting path and positioned to deliver durable growth and returns for shareholders in our next chapter. And as I -- as we mentioned in our prepared remarks, we're looking forward to detailing our strategic priorities, our long-term algorithm and outline the key initiatives behind our plans in March. And so with that, I'd love to open it up for questions.

在過去的幾年裡，我們不斷投資建立一個以消費者為中心的組織，同時應對前所未有的挑戰。我們提升品類和擴大市場的策略正在發揮作用，我們正走在一條令人興奮的道路上，並準備在下一章中為股東帶來持久的成長和回報。正如我在準備好的演講中提到的，我們期待詳細說明我們的策略優先事項、我們的長期演算法，並概述我們三月份計劃背後的關鍵舉措。因此，我很樂意開放提問。

(Operator Instructions) Your first question is coming from Dara Mohsenian from Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的 Dara Mohsenian。

I just wanted to touch on the organic sales growth guidance for next year, low to mid-single digits seems pretty robust relative to the 3% this quarter and just starting out the year lower in Q1. Obviously, you mentioned the 200 basis points from the hyperinflationary markets next year in the prepared remarks. So that's part of it. Maybe, a, give us a sense of how much those markets contributed in Q4? And then just as you look at the base business ex those markets, maybe some commentary on pricing versus volume and what you're expecting and if you could also just touch on market share performance in Q4, the U.S. tracked channels are weaker.

我只是想談談明年的有機銷售成長指導，相對於本季的 3% 和今年第一季的較低成長率，中低個位數似乎相當強勁。顯然，您在準備好的演講中提到了明年惡性通膨市場的 200 個基點。這就是其中的一部分。也許，a，讓我們了解這些市場在第四季貢獻了多少？然後，當您查看這些市場之外的基本業務時，也許會對定價與銷量以及您的預期進行一些評論，如果您也可以談談第四季度的市場份額表現，美國跟踪的渠道較弱。

So just any update on how you're feeling about your market share performance and plans on that front as you look out to '24 would be helpful.

因此，當您展望 24 世紀時，只要了解您對市場佔有率表現的感受以及這方面的計劃，任何更新都會有所幫助。

Thanks, Dara. Maybe I'll start with maybe as you kind of tee up there, the state of the consumer particularly in developed markets, I'd say our underlying category growth across personal care, consumer tissue and professional remains pretty robust. Both in absolute terms. And I think if you look across relative to other broader staples.

謝謝，達拉。也許我會從消費者的狀況開始，特別是在已開發市場，我想說我們在個人護理、消費紙巾和專業產品方面的基礎品類增長仍然相當強勁。兩者都是絕對值。我認為如果你相對於其他更廣泛的主食來看的話。

Our products, I'll remind you, our daily essentials and unlike some categories, substitution of our categories is fairly low. On top of that, we still have a lot of room for penetration and revenue per user gains. And so we're working on that. So overall, I think the consumer right now still remains despite what you might argue is a fairly mixed kind of consumer picture, the consumer remains pretty healthy. We're confident in our ability to elevate our categories and expand the markets further.

我要提醒您的是，我們的產品是我們的日常必需品，與某些類別不同，我們類別的替代率相當低。最重要的是，我們在滲透率和每用戶收入方面仍有很大的提升空間。所以我們正在努力解決這個問題。因此，總體而言，我認為儘管您可能會認為消費者的情況相當複雜，但目前的消費者仍然非常健康。我們對提升產品類別和進一步拓展市場的能力充滿信心。

The consumer picture, I said, is somewhat mixed. Employment remains strong. Wage growth is up. But I think it's also probably fair to say from our side that the full effects of all the rate hikes and all the economic policy impacts are not fully materialized in the consumer. So that all said, the categories were pretty robust in North America, just to give you a reference point. North America category value was up 6% in the fourth quarter and up 8% for the year.

我說過，消費者的情況有些複雜。就業依然強勁。薪資成長上升。但我認為，從我們的角度來看，所有升息和所有經濟政策影響的全部影響並沒有在消費者身上完全體現出來，這也可能是公平的。總而言之，這些類別在北美相當強大，僅供參考。北美類別價值第四季成長 6%，全年成長 8%。

So that's a pretty solid number. Again, I'll track that up to the fact that there's low substitution in our categories. And that makes our categories a lot more resilient than other staples categories that I've worked in the past. We still also do see pretty good demand for premium products and we're seeing that in a broad array of markets, including North America, surprisingly, you might say in a market like Argentina, still Brazil, China, of course.

所以這是一個相當可靠的數字。再次，我將追蹤這一事實，即我們的類別中的替代率很低。這使得我們的類別比我過去工作過的其他主食類別更具彈性。我們仍然看到對優質產品的相當大的需求，我們看到在包括北美在內的廣泛市場中，令人驚訝的是，您可能會說在像阿根廷，當然還有巴西，中國這樣的市場。

And so we're very enthused about our approach with elevate our categories and expanding our markets, and we believe that's still working and still appropriate even though we recognize we've got to be able to offer great value at all price tiers. So I'll pause. I know that I threw a lot at you. So I know there are multiple parts to your question. I don't know, Dara if you wanted to. Yes. Nelson, you want to?

因此，我們對提升品類和擴大市場的方法非常熱衷，我們相信這種方法仍然有效且仍然合適，儘管我們認識到我們必須能夠在所有價格層面提供巨大的價值。所以我會暫停一下。我知道我對你投入了很多。所以我知道你的問題有幾個部分。我不知道，達拉，如果你願意的話。是的。納爾遜，你願意嗎？

Yes, there was a question on the decomposition of our top line growth for the year and how it relates to Q4. Let me address that a little bit, Dara. I think to recap the fourth quarter was a quarter in which we attained flat volumes and pricing was only 2% of the contribution with mix being one. That 2% was largely hyperinflationary economies. And as you think about this year, this is going to be a year in which we see volumes beginning to pick up from Q2 on and we expect pricing to be in that 200 basis point range right in line with what we saw in the last quarter of the year.

是的，有一個問題是關於我們今年營收成長的分解以及它與第四季的關係。讓我稍微談談這個問題，達拉。我認為回顧第四季度，我們的銷量持平，而價格僅佔貢獻的 2%，而混合貢獻為 1%。這 2% 主要是惡性通膨經濟體。正如你想像的那樣，今年我們將看到銷量從第二季度開始回升，我們預計定價將在 200 個基點範圍內，與我們上季度看到的情況一致今年的。

And that pricing is really going to be driven based on what we expect today by hyperinflationary economies. So the profile is really on the pricing side, very similar to what we saw in Q4.

定價實際上將根據我們今天對惡性通貨膨脹經濟的預期來驅動。因此，情況實際上是在定價方面，與我們在第四季度看到的非常相似。

Okay. And the volume pickup as we go through the year is that more pricing moderates? Is it that you've seen some early signs in whatever the geographies or product categories are that you're seeing some volume recovery? Or is it more just sort of a natural assumption over time as pricing recovers.

好的。隨著今年銷售量的回升，定價是否更加溫和？您是否在任何地區或產品類別中都看到了一些銷售恢復的早期跡象？或者，隨著時間的推移，隨著價格的恢復，這更像是一種自然假設。

We're pretty pleased, Dara. I think we've made very, very solid progress on volume and consumers responded very favorably on our categories. So I'd say, first of all, our next chapter, which I think we're turning the page and shifting to a volume mix-driven plan, which is returning to that, which -- that was kind of our approach pre-pandemic. And so we're going back to that. So contribution of pricing to help offset the record inflation that we've got is going to recede and has already started receding.

我們很高興，達拉。我認為我們在銷售方面取得了非常非常紮實的進步，消費者對我們的產品類別反應非常積極。 So I'd say, first of all, our next chapter, which I think we're turning the page and shifting to a volume mix-driven plan, which is returning to that, which -- that was kind of our approach pre-大流行.所以我們回到這一點。因此，定價對抵消創紀錄的通貨膨脹的貢獻將會消退，並且已經開始消退。

There might be a need to address some particular higher costs in some markets or locations, but that's going to be pretty surgical. And will likely reflect if there's pricing reflect inflation at local levels. But overall, I think we're feeling very good about driving the volume on our business. We have seen our businesses start to improve, including the North America on a share perspective in the fourth quarter and believe we have the right mix and growth drivers in our plan to drive the business going forward.

在某些市場或地區，可能需要解決一些特定的較高成本問題，但這將是非常簡單的事情。並且可能反映出定價是否反映了當地的通貨膨脹。但總的來說，我認為我們對於推動業務量成長感覺非常好。我們看到我們的業務開始改善，包括第四季度北美地區的份額，我們相信我們的計劃中有正確的組合和成長動力來推動業務向前發展。

Your next question is coming from Lauren Lieberman from Barclays.

你們的下一個問題來自巴克萊銀行的勞倫‧利伯曼。

I wanted to just shift focus maybe a little bit to talk a bit about the cost picture and FORCE savings. Both of those benefit from deflation and FORCE savings in the fourth quarter were a bit lighter, I think, than expected or certainly that we've modeled. So it's rare to see that. So if you could just maybe provide some perspective on why and the outlook moving forward and maybe how FX plays into that, if at all?

我想稍微轉移一下焦點，談談成本狀況和人力節省。我認為，這兩個受益於通貨緊縮和第四季度強制儲蓄的金額都比預期要少一些，或者肯定比我們模擬的要少一些。所以這種情況很少見。因此，您能否提供一些關於原因和未來前景的觀點，以及外匯如何發揮作用（如果有的話）？

Sure. So let me start, Lauren, by saying that this phase of cost recovery and supply chain stabilization, we would think of it as largely behind us. A lot of the disruptions and the super cycle that we saw. Our expectation is for that to not happen in the foreseeable future and certainly in 2024 based on what we know today.

當然。因此，勞倫，我首先要說的是，成本回收和供應鏈穩定的這個階段，我們認為它基本上已經過去了。我們看到了很多破壞和超級週期。我們預計這種情況在可預見的未來不會發生，根據我們今天所知，當然是 2024 年。

So thinking about costs as a whole, first, our aggregate cost basket is easing in inflation but there's no deflation because there are several components that I'd like to unpack. We expect the '24 cost environment to be more stable but we will still remain at higher levels of costs, mostly in line with what we've seen in this super cycle these past 3 years. As you know, core commodities like pulp, resin, energy and dollar terms are expected to be somewhat favorable following the trends that we saw in the back half of last year.

因此，從整體考慮成本，首先，我們的總成本籃子在通貨膨脹中有所緩解，但沒有通貨緊縮，因為我想解開幾個組成部分。我們預計 24 小時的成本環境將更加穩定，但我們仍將保持較高的成本水平，這基本上與我們過去 3 年在這個超級週期中看到的情況一致。如您所知，根據我們去年下半年看到的趨勢，紙漿、樹脂、能源和美元等核心商品預計將有所有利。

However, if you think of other components of our cost basket like distribution, logistics and labor inflation, that's actually going to remain a headwind in this year in '24, and that's pretty much offsetting the tailwinds that we're seeing on the core commodities, which leaves us with currency-related inflation on imported materials largely impacting our emerging market hyperinflationary markets, which will need to be addressed and we've been addressing that over the past years, and we intend to do that in the course of the year.

然而，如果你考慮到我們成本籃的其他組成部分，例如分銷、物流和勞動力通膨，那麼這實際上仍然是24 年今年的逆風，這在很大程度上抵消了我們在核心商品上看到的順風，這使我們面臨與貨幣相關的進口材料通貨膨脹，這在很大程度上影響了我們新興市場的惡性通貨膨脹市場，這需要解決，我們在過去幾年中一直在解決這個問題，我們打算在今年內做到這一點。

Just as a perspective, the overall net cost headwind when you include all of the components, is projected to be around 100 basis points for the year, which we see as much more manageable than what we've seen in the past. We've got very strong productivity plans and a little need to price outside of local inflation in these hyperinflationary markets.

從一個角度來看，當您考慮所有組成部分時，預計今年的總淨成本逆風約為 100 個基點，我們認為這比過去更容易管理。我們有非常強大的生產力計劃，並且在這些惡性通貨膨脹市場中很少需要在當地通貨膨脹之外進行定價。

Turning to FORCE and our productivity targets. The outlook we provided shows that we feel very good about our ability to continue generating strong productivity. You saw that we ended last year with FORCE results of around $325 million. And it's important to highlight that over the last 20 years, FORCE has delivered a little north of $6 billion of cumulative identified productivity that has flown to the P&L.

轉向 FORCE 和我們的生產力目標。我們提供的前景表明，我們對繼續產生強勁生產力的能力感到非常滿意。您已經看到，去年我們的 FORCE 業績約為 3.25 億美元。值得強調的是，在過去 20 年裡，FORCE 已交付的累計確定生產力略高於 60 億美元，並已計入損益表。

More recently, and we've been talking about it even at your conference in September, we're evolving our culture towards an end-to-end integrated cost management perspective, really focused on gross productivity.

最近，我們甚至在 9 月的會議上也一直在討論這個問題，我們正在將我們的文化朝著端到端整合成本管理的角度發展，真正關注總生產力。

We're building a proactive multiyear pipeline of initiatives. We see our pipeline of gross productivity out to 36 months pretty strong, and that should flow to the bottom line, and this is reflected in the outlook we're providing today. I'm excited to talk more about in our transition to gross productivity and integrated margin management at our March meeting when we talk about the future a little more.

我們正在建立一個積極主動的多年舉措管道。我們認為 36 個月的總生產力相當強勁，這應該會反映在我們今天提供的前景中。我很高興在三月的會議上更多地談論我們向總生產力和綜合利潤管理的過渡，當時我們更多地談論了未來。

Okay. Great. And then if I could just also follow up a bit on Argentina. So I guess a couple parts of this question. Path-forward for Argentina, whether the devaluation of the monetary assets is onetime in nature? Or do we need to build this in? Or how do we think about that in the next kind of quarter or 2 of the year? And then also overall, this kind of risk management around FX because this time last year, there was also kind of a bit was in hyperinflation, but a bit of a surprise to the Street in terms of the expected impact from transactional FX.

好的。偉大的。然後能否跟進一下阿根廷的情況。所以我猜這個問題有幾個部分。阿根廷的未來之路，貨幣資產貶值是否是一次性的？或者我們需要內建這個嗎？或者我們在下一個季度或今年的兩個季度如何看待這個問題？總的來說，這種圍繞外匯的風險管理是因為去年的這個時候，也出現了一點惡性通貨膨脹，但就交易性外匯的預期影響而言，華爾街有點驚訝。

And that's the case again this year. So path forward in Argentina, the devaluation monetary assets piece and then the overall risk management on currency and transaction.

今年的情況又如此。因此，阿根廷的前進道路是貨幣資產貶值，然後是貨幣和交易的整體風險管理。

Okay. Lauren, thanks for the question. Let me start with the overall and the path forward. I will say, hey, we're staying in the course. But we're of course going to balance potential against the inherent volatility in the business. And so we're going to remain prudent. I do want to say I'm really inspired and we've got people operating in some difficult conditions in Argentina and also other markets. So as a company, we're really inspired by the impact our employees make in these markets and really proud to shoulder that responsibility of serving our consumers in these difficult conditions.

好的。勞倫，謝謝你的提問。讓我從整體情況和前進道路開始。我會說，嘿，我們會堅持到底。但我們當然會平衡潛力與業務固有的波動性。因此我們將保持謹慎。我確實想說，我真的很受鼓舞，我們的員工在阿根廷和其他市場的一些困難條件下工作。因此，作為一家公司，我們的員工在這些市場中所產生的影響讓我們深受鼓舞，並且非常自豪能夠承擔在這些困難條件下為消費者提供服務的責任。

At the same time, I will say we will not just hang around where conditions become untenable. And then, of course, you would double click and say, what's untenable. I'll let you know when we see it. But certainly, if we can make product or if we can't convert currency, at some point, that becomes somewhat untenable. But right now, we're working our way through it. In multiple markets like Argentina, like Ukraine, and so again, that's the high-level answer on path forward is we're staying the course.

同時，我想說，我們不會在條件變得難以維持的地方徘徊。然後，當然，你會雙擊並說，什麼是站不住腳的。當我們看到它時我會通知你。但當然，如果我們能夠生產產品或我們無法兌換貨幣，那麼在某種程度上，這會變得有些站不住腳。但現在，我們正在努力解決這個問題。在阿根廷、烏克蘭等多個市場，高層對前進道路的回答是，我們將堅持到底。

Yes. And Lauren, to build on what I told around the pricing and hyperinflationary. So a few things as we think of last year, the full year impact of the mark-to-market of our net monetary position in other income and expense lines.

是的。勞倫，以我關於定價和惡性通貨膨脹的說法為基礎。去年想到的一些事情，是我們在其他收入和支出項目中按市值計價的淨貨幣頭寸對全年的影響。

Sorry, keep going.

抱歉，繼續。

Okay. So the impact above the operating profit line was $115 million for the year and about $70 million for the quarter. That netted off some of the interest income that we perceive on cash balances in Argentina led to a net impact of about $0.16 on EPS in the year and about $0.09 of EPS in the quarter. As we fast forward to this year, we are projecting about half of that impact, both in the other income and expense line and then on EPS.

好的。因此，全年對營業利潤線以上的影響為 1.15 億美元，對本季的影響約為 7,000 萬美元。這抵消了我們認為阿根廷現金餘額的部分利​​息收入，導致當年每股收益約 0.16 美元，本季每股收益約 0.09 美元的淨影響。當我們快進到今年時，我們預計這一影響的一半左右，包括其他收入和支出項目以及每股盈餘。

We will see a little bit of more of that impact in the first half of the year. It's reflected in part of our outlook but that's what's projected at this stage based on what we know.

今年上半年我們將看到更多的影響。它反映在我們的部分展望中，但這是現階段根據我們所知進行的預測。

Your next question is coming from Jason English from Goldman Sachs.

你們的下一個問題來自高盛的 Jason English。

A couple of questions. I want to bring it back to volume. And specifically, I want to double-click on your professional segment where volume was a little bit weaker than we expected this quarter. If I zoom out and just look since 2019, so pre-COVID, volumes down like 23%, 24% and I know you mentioned rightsizing in prepared remarks today. So my question is what's going on there? Where has all the volume gone?

有幾個問題。我想把它恢復到原來的音量。具體來說，我想雙擊您的專業細分市場，該細分市場的成交量比我們本季的預期要弱一些。如果我縮小範圍，看看自 2019 年以來，即在新冠疫情之前，交易量下降了 23%、24%，我知道您在今天準備好的發言中提到了規模調整。所以我的問題是那裡發生了什麼事？所有的音量都去哪了？

And how your margins suggest you're not getting meaningful deleverage -- how have you been able to offset the associate deleverage effects of that lost volume.

以及你的利潤率如何表明你沒有獲得有意義的去槓桿化——你如何能夠抵消交易量損失帶來的相關去槓桿化影響。

As always, Jason, you're right on the issue. So a good one. But I think if you look at the margin profile of the business, I think the team has done a great job addressing I would say, the volume softness or volume change in the environment. And a couple of different things. One, we had to adjust rapidly to this work-from-home demand environment that kind of came on with the advent of COVID, as you might recall. And you may recall our washroom business, which is the majority of our business in K-C Professional tends to be higher development in offices.

一如既往，傑森，你在這個問題上是對的。所以這是一個很好的。但我認為，如果你看看業務的利潤狀況，我認為團隊在解決環境中的銷售疲軟或銷售變化方面做得很好。還有一些不同的事情。第一，我們必須迅速適應這種在家工作的需求環境，這種環境是隨著新冠疫情的出現而出現的，你可能還記得。您可能還記得我們的洗手間業務，這是我們K-C Professional的大部分業務，往往在辦公室發展得更高。

And so that's really where the volume has gone. I would say right now, that volume on a category basis is running about 80% to 85% of what it was pre-pandemic. And it's not going to bounce back that quickly the reality is. And I'm not sure you're in your office at Goldman in New York every day. And so that's the same thing. As we look around our offices, we're not fully back in, right? And so it's partial at best. So that's, I would say, an ongoing challenge in that business. But I think our team has adjusted to that and treat it as a reality.

這就是銷售量真正消失的地方。我現在想說的是，以類別計算的銷量約為疫情前的 80% 至 85%。而且現實情況不會那麼快反彈。我不確定你是否每天都在紐約高盛的辦公室。所以這是同樣的事情。當我們環顧辦公室時，我們還沒有完全回到辦公室，對吧？所以它充其量只是片面的。所以，我想說，這是該行業持續的挑戰。但我認為我們的團隊已經適應了這一點並將其視為現實。

We have rightsized some of the business and some of it was from a cost perspective. The reality is we were doing a lot of volume and co-packing a lot of volume on the external market. And so I'd say we haven't had to address fixed costs as much as you might have thought of. And so -- and I think that's reflected -- so I think the team has done a good job of recapturing margins from -- both from a price perspective, mix perspective. And also while growing volumes at the same time behind great innovations like our ICON dispenser, which I believe is really the best dispenser in that side of the business.

我們對一些業務進行了調整，其中一些是從成本角度考慮的。現實情況是，我們在外部市場上進行了大量的生產和聯合包裝。所以我想說，我們不必像您想像的那樣解決固定成本問題。所以——我認為這已經反映出來了——所以我認為團隊在重新奪回利潤方面做得很好——無論是從價格角度還是從混合角度來看。在銷售量不斷成長的同時，我們的 ICON 飲水機等偉大創新背後，我相信這確實是該領域最好的飲水機。

So anyways, so I think the team has done a great job, and I think you can see that in the margin and definitely have recovered from pre-'19 margins on that business and actually exceeding at this point.

所以無論如何，我認為團隊做得很好，我認為你可以在利潤中看到這一點，並且肯定已經從 19 年之前的業務利潤中恢復過來，並且實際上已經超過了這一點。

That's helpful. I appreciate that. And I think another headwind to volume this year, you were talking about earlier in the year, but not talking about so much of late were supply constraints. So can you remind us where they were, how sizable they were? I assume the lack of conversation on them suggest they're alleviated now, but can you confirm that?

這很有幫助。我很感激。我認為今年銷量的另一個阻力，你在今年早些時候談論過，但最近沒有談論太多是供應限制。那麼你能提醒我們它們在哪裡，它們有多大嗎？我認為缺乏對他們的談話表明他們現在有所緩解，但你能證實這一點嗎？

And I would imagine that cycling those supply constraints should prove to be a tailwind, particularly in the first half of next year. Is that right? And how large of a tailwind?

我認為，克服這些供應限制應該會成為一種順風車，特別是在明年上半年。是對的嗎？順風有多大？

One could only hope, Jason. We can only help. But actually, I think -- first of all, a couple of things. Yes, we did have some pretty significant supply constraints in our North American consumer business for the majority of last year, definitely through Q3. And that had to do with some supply conditions with external suppliers, for example, on packaging that made availability difficult across personal care, also some in our Kleenex business, I think we've talked about a key ingredient that we weren't able to get access to that we developed a secondary source to during the course of the year.

人們只能希望，傑森。我們只能提供協助。但實際上，我認為——首先，有幾件事。是的，去年的大部分時間，尤其是第三季度，我們的北美消費業務確實存在一些相當嚴重的供應限制。這與外部供應商的一些供應條件有關，例如，在包裝上，這使得個人護理用品以及我們的面巾紙業務中的一些供應變得困難，我認為我們已經討論了我們無法提供的關鍵成分訪問我們在這一年中開發的二手資源。

So those were kind of the big factors. I would say, I think we mentioned that -- on the last quarter call, we didn't make the biggest deal about it. We were working through this challenge with our suppliers, with our customers, and they are fully aware of it, but it's not something that we communicated publicly. That off. But I would say for the better part of the year, that did suppress our share performance.

所以這些都是重要因素。我想說，我想我們在上個季度的電話會議上提到過這一點，但我們並沒有對此做出重大的決定。我們正在與我們的供應商和客戶一起應對這項挑戰，他們充分意識到這一點，但這不是我們公開傳達的內容。那關了。但我想說，在今年的大部分時間裡，這確實抑制了我們的股價表現。

I'm not saying that was the only driver, but I think it was a fairly significant driver. We have addressed those issues. I'd say our commercial execution is going to be stronger than ever. We're really past all these constraints that I talked about. And our consumption is moving in the right direction. Our share has moved in the right direction in the fourth quarter as well in North America.

我並不是說這是唯一的驅動因素，但我認為這是一個相當重要的驅動因素。我們已經解決了這些問題。我想說我們的商業執行力將比以往任何時候都更強。我們確實已經克服了我談到的所有這些限制。我們的消費正在朝著正確的方向發展。我們的份額在第四季度也朝著正確的方向發展，在北美也是如此。

Got it. Good stuff. I'll pass it on and look forward to see you in March.

知道了。好東西。我會把它轉達並期待在三月見到你。

Your next question is coming from Anna Lizzul from Bank of America.

您的下一個問題來自美國銀行的 Anna Lizzul。

I want to follow up on market share in light of your exposure to private label and in your track channels, private label share has been creeping up in some of your categories. Just wondering how are you thinking about brand investment with marketing versus promotions in order to maintain and grow market share?

我想根據您對自有品牌的接觸情況以及您的追蹤管道來跟進市場份額，自有品牌份額在您的某些類別中一直在攀升。只是想知道您如何考慮行銷與促銷的品牌投資，以維持和增加市場佔有率？

Okay. Yes. Great question, Anna. Core to our business, I'd say a couple of things. First of all, on market share, I'm confident that our market share performance this year is going to improve from last year. Definitely, I was not happy with our performance on share last year for perspective, on a weighted basis, which we use as an internal metric, we don't talk about as much probably on a weighted basis. We were down globally about 40 bps, okay? So not falling off a cliff, but not what we want.

好的。是的。好問題，安娜。對於我們業務的核心，我想說幾件事。首先，在市佔率方面，我有信心今年我們的市佔率表現將比去年有所提升。當然，我對我們去年的份額表現並不滿意，從加權的角度來看，我們將其用作內部指標，我們可能不會在加權的基礎上談論太多。我們全球下跌了約 40 個基點，好嗎？所以沒有從懸崖上掉下來，但這不是我們想要的。

So we want to be growing weighted share as well. On a cohort basis, which was the one we usually talked to you all about, we're up or even in just under 40%. And so that's below our goal of 50% or more, of which I'd say we were kind of jumping over that bar back in 2021. So I think we are where we are today, what we're going to build from here. I'd say a couple of things. All that said, probably the biggest challenge has been for us in North America related to the supply constraints that I just talked about.

因此，我們也希望增加加權份額。在我們通常與大家討論的隊列基礎上，我們的成長率上升了，甚至略低於 40%。因此，這低於我們 50% 或更多的目標，我想說我們在 2021 年就跨越了這個目標。所以我認為我們已經達到了今天的水平，我們將從這裡開始構建什麼。我想說幾件事。話雖如此，對於我們北美來說，最大的挑戰可能與我剛才談到的供應限制有關。

I did want to know, we've had strong gains and really, really strong market positions in most of our largest markets. Just for reference, in South Korea, which is our second largest business, we're up probably about 20 share points over the last 5 years. And in Australia and New Zealand, we're up somewhere between 10 and 15 share points over the last 5 years. Andrex in the quarter, which is our fifth largest business was up over 300 bps on share just in the quarter. So we feel very good. And one more on China. I think we're approaching almost 300 bps again on the Huggies in the quarter.

我確實想知道，我們在大多數最大的市場中都取得了強勁的成長和非常非常強大的市場地位。僅供參考，在我們的第二大業務韓國，過去 5 年我們的股價可能上漲了約 20 點。在澳洲和紐西蘭，過去 5 年我們的股價上漲了 10 到 15 點。本季 Andrex 是我們的第五大業務，股價僅在本季就上漲了 300 個基點以上。所以我們感覺很好。還有一篇關於中國的文章。我認為本季 Huggies 的漲幅再次接近 300 個基點。

So I think we feel very good about our gains in our largest markets. The exception has been North America, what we have underperformed, but that is improving. A lot of that I think it was just what I discussed with Jason, we had some severe supply constraints where we weren't able to run our brand plans in the way that we wanted to run last year. We saw solid improvement in Q4.

因此，我認為我們對在最大市場中取得的進展感到非常滿意。北美是個例外，我們的表現不佳，但情況正在改善。其中很多內容我認為這正是我與傑森討論的內容，我們有一些嚴重的供應限制，我們無法按照去年想要的方式運行我們的品牌計劃。我們在第四季度看到了堅實的進步。

We were up or even in 6 of 8 categories and sequentially improved in 5 of 8. And so we feel pretty good about our trajectory. As I said just a while ago, our commercial execution capability has never been better and we're going to gain share by bringing the right innovations with our customers, we're excited about executing well and bringing sustainable cost advantage to our business.

我們在 8 個類別中的 6 個類別中處於上升或甚至狀態，並在 8 個類別中的 5 個類別中連續提高。因此，我們對自己的發展軌跡感覺非常好。正如我剛才所說，我們的商業執行能力從未如此出色，我們將透過為客戶帶來正確的創新來獲得份額，我們對良好的執行能力並為我們的業務帶來可持續的成本優勢感到興奮。

You mentioned private label. On the note, I would recognize that, yes, we have seen an uptick in private label in the past quarter or two. I think if you look at the scanner data, it was I think it was up or even in 7 of 8 categories. I'd say on private label, we are very, very committed to having a superior value proposition in every price tier that we're in. So versus 2019, if you look on a longer perspective, private label is down a bit and the premium segment is up significantly. And even today, the premium segment continues to grow.

您提到了自有品牌。在說明中，我承認，是的，我們在過去一兩個季度看到自有品牌的成長。我認為如果你看一下掃描器數據，我認為它在 8 個類別中的 7 個類別中有所上升。我想說的是，在自有品牌方面，我們非常非常致力於在我們所處的每個價格層都有卓越的價值主張。因此，與2019 年相比，如果你從更長遠的角度來看，自有品牌下降，而且高端細分市場大幅上漲。即使在今天，高端市場仍在繼續成長。

So it is clear that the value tier has picked up a bit and our shares were impacted in the second and third quarter, although I would say more from our supply constraints than private label trading. I mean we compete with private label. We're cognizant of that. Our approach and has to bring the right set of innovations, which we are accelerating and have been accelerating. And our customers are very supportive of it. There are a couple of categories where we have a little more value offering. Scott 1000 is a great value brand, but I think it competes very, very well in its tier.

因此，很明顯，價值層已經回升，我們的股票在第二季度和第三季度受到了影響，儘管我想說更多的是我們的供應限製而不是自有品牌交易。我的意思是我們與自有品牌競爭。我們認識到這一點。我們的方法必須帶來一系列正確的創新，我們正在加速並且一直在加速這些創新。我們的客戶也非常支持。我們在幾個類別中提供了更多的價值。 Scott 1000 是一個極具價值的品牌，但我認為它在同等級的競爭非常非常好。

And is really, really accepted by consumers. And so again, we're cognizant that private label is kind of out there and that in uncertain or top economic conditions, value becomes much more important to the consumer and we're committed to having a great value proposition at every tier.

並且確實被消費者所接受。因此，我們再次認識到自有品牌是存在的，在不確定或頂級的經濟條件下，價值對消費者來說變得更加重要，我們致力於在每個層面都有一個偉大的價值主張。

Your next question is coming from Steve Powers from Deutsche Bank.

你們的下一個問題來自德意志銀行的史蒂夫·鮑爾斯。

So maybe to start, you talked about a lower rate of organic growth in the first quarter and also a slightly back half-weighted earnings profile for the year in the prepared remarks and some of the comments this morning. Echo that. I guess maybe could you provide just a little bit more color on the drivers there and maybe a little bit more specificity on how to think about first quarter trends relative to the balance of the year.

因此，也許首先，您在準備好的演講和今天早上的一些評論中談到了第一季度有機增長率較低以及今年半加權盈利狀況略有回落。迴聲那個。我想也許您可以為那裡的驅動因素提供更多的信息，並且可以更具體地說明如何考慮相對於今年剩餘時間的第一季趨勢。

Sure, Steve. So I'll start by reiterating that we're very encouraged by how we finish 2023, a strong foundation for us to build from and a position in which volumes have stabilized and we had a quarter in which were flat in volume and mix was another 100 basis points of growth.

當然，史蒂夫。因此，我首先要重申，我們對 2023 年的完成情況感到非常鼓舞，這為我們的發展奠定了堅實的基礎，並且銷量已經穩定，我們有一個季度的銷量持平，而混合是另一個問題增長100個基點。

As we think about the cadence of the year, our first half, second half balance of sales and earnings and our quarterly placing is reflecting a combination of 3 things: one, our go-to-market plans; two, our productivity initiatives; and thirdly, the current shape and of currency headwinds that I talked about a little while ago. On organic sales growth, we see a relatively balanced across the year, but Q1 is somewhat muted due to softer volumes on a sequential basis.

當我們思考今年的節奏時，我們上半年、下半年的銷售和盈利平衡以及我們的季度排名反映了三件事的組合：一是我們的上市計劃；二是我們的上市計劃；三是我們的計劃。二是我們的生產力舉措；第三，我剛才談到的當前的形狀和貨幣逆風。就有機銷售成長而言，我們認為全年相對平衡，但由於銷量環比疲軟，第一季的成長有些乏力。

We have more programming coming into play as the year progresses, especially as Q2 kicks in. And this includes incremental innovation that will be going into market at that stage. So we should see progressively improvement in volumes and a mix led organic growth and margins following Q1. The other bit that, again, as we think about Q1 in terms of volumes, we've built into the plan a gradual improvement across the year.

隨著時間的推移，我們將有更多的計劃發揮作用，特別是隨著第二季的開始。這包括將在該階段進入市場的漸進式創新。因此，我們應該會看到第一季之後銷量的逐步改善以及混合帶動的有機成長和利潤率。另一方面，當我們從數量角度考慮第一季時，我們已將全年逐步改進納入計劃中。

And in Q1, specifically, we're expecting another relatively flat volume quarter, also because of the possibility that retail inventory softness pushes us slightly even below that level. But that's reflected in our outlook for the full year, and we expect again volumes to pick up as the year progresses.

具體來說，在第一季度，我們預計將出現另一個相對持平的季度銷量，這也是因為零售庫存疲軟可能使我們略低於該水平。但這反映在我們對全年的展望中，我們預計隨著今年的進展，銷量將再次回升。

Okay. Okay. And I guess, kind of, I guess, stepping back a little bit. There's been a lot of investment that you've highlighted over the course of time in Personal Care. Not just the past year, but past few years, product quality, marketing, commercialization, et cetera. And I think you see the results in relatively strong market share trends and organic growth.

好的。好的。我想，我想，有點後退了一點。長期以來，您強調了在個人護理領域的大量投資。不只是過去的一年，而是過去幾年的產品品質、行銷、商業化等等。我認為您會看到相對強勁的市場份額趨勢和有機增長的結果。

I guess on the other side, consumer tissue and KCP continue to lag and struggle from a volume perspective. So I guess as you think about '24 and both the relative balance of investment and the relative balance of contribution to growth. Can you give us a little insight on how you're thinking about that and how we should think about how those businesses are likely to trend relative to one another in the year.

我想另一方面，從銷售的角度來看，消費紙巾和 KCP 繼續落後並陷入困境。所以我想，當你思考 24 世紀以及投資的相對平衡和對成長貢獻的相對平衡。您能否向我們介紹一下您是如何看待這個問題的，以及我們應該如何考慮這些業務在一年中相對於彼此的趨勢。

Yes, just -- I'll make a couple of comments, and then Nelson maybe can give some additional detail. But look, I would say we are running our consumer tissue business. Some might say externally a little differently. I look at our consumer tissue business and see it as a premier consumer franchise. And I am proud of the strong margin recovery that we've made over a short period of time in this business.

是的，只是——我會發表一些評論，然後納爾遜也許可以提供一些額外的細節。但是，我想說的是，我們正在經營我們的消費紙巾業務。有些人可能對外的說法略有不同。我審視了我們的消費紙巾業務，並將其視為首要的消費特許經營業務。我為我們在短時間內在該業務中實現的強勁利潤恢復感到自豪。

To note, I would say on a volume basis, if you look at North America, for the quarter, our organic and tissue was up 3% and the volume was up 2%. I'm very excited about the volume kind of resiliency in that business. I think it reflects the essential nature of the category. As you know, you're not moving away from the bath category no matter what the condition is. And so we recognize we have an important kind of responsibility for consumers. But I think the thing that has changed is in the past few years, first of all, the amount of inflation that's occurred on our overall business, but especially tissue has been not to be dramatic, but fundamentally historic, right?

要注意的是，我想說的是，從銷量來看，如果你看看北美，本季我們的有機產品和衛生紙成長了 3%，銷量成長了 2%。我對該業務的數量彈性感到非常興奮。我認為它反映了該類別的本質。如您所知，無論情況如何，您都不會放棄沐浴類別。因此，我們認識到我們對消費者負有重要的責任。但我認為，過去幾年發生的變化是，首先，我們整體業務（尤其是生活用紙）發生的通貨膨脹程度並不顯著，但從根本上來說是歷史性的，對吧？

Two years in a row of 2x what the all-time high ever was, right? And so our teams have done a phenomenal job, I would say, recovering the margins on the business that were necessary to keep that franchise healthy going forward. A couple of other things that we've done to improve our ability to manage the business better is, hey, better risk management tools to get us more stability from costs. And hopefully, you guys are seeing that.

連續兩年是歷史最高值的兩倍，對嗎？因此，我想說，我們的團隊做得非常出色，恢復了業務利潤，這是維持特許經營權健康發展所必需的。為了提高我們更好地管理業務的能力，我們還做了其他幾件事，嘿，更好的風險管理工具，使我們的成本更加穩定。希望你們能看到這一點。

We're not talking a lot about that, but with Nelson coming in, we've changed some of our practices with Tamera, our Chief Supply Officer coming in, we've changed some of our supply chain practices and so we're trying to reduce the volatility of the input costs. I would say, if you looked at the margin recovery, the biggest driver is really, really disciplined application of we call internally revenue growth management tools.

我們對此並沒有談論很多，但是隨著 Nelson 的加入，我們改變了我們的一些做法，隨著我們的首席供應官 Tamera 的加入，我們改變了我們的一些供應鏈做法，所以我們正在嘗試降低投入成本的波動性。我想說，如果你看看利潤率的恢復，最大的驅動力實際上是我們所謂的內部收入成長管理工具的嚴格應用。

But that -- if we had not made those investments over the past 5 years, we would not have been able to move at the pace we moved over the last 2 years on revenue management. And then probably the most important thing going forward is the fact that we're driving value-added innovation. And we recognize as a consumer franchise, we have to have a great offering, a superior offering. I mentioned in the U.K. Andrex I think we hit about a 33 or 34 share in the quarter.

但是，如果我們在過去 5 年裡沒有進行這些投資，我們就無法以過去 2 年在收入管理方面的步伐取得進展。未來最重要的事情可能是我們正在推動增值創新。我們認識到，作為消費者特許經營商，我們必須提供出色的產品，卓越的產品。我在英國 Andrex 提到過，我認為我們本季度的份額達到了 33 或 34 左右。

Our price gap has widened over the past 3 years. But our quality has improved significantly, and we've invested in new technologies in our European tissue business that's allowing us to differentiate that product. And so we feel good about our position on tissue. There are some pockets of challenge. Some markets can be very tough, and so we're able to operate in those. But we're really pleased with the kind of rapid recovery of margins and how our teams are managing that business right now.

過去三年我們的價格差距擴大了。但我們的品質已顯著提高，並且我們在歐洲衛生紙業務中投資了新技術，這使我們能夠使該產品脫穎而出。因此，我們對自己在組織上的地位感覺良好。有一些挑戰。有些市場可能非常艱難，因此我們能夠在這些市場開展業務。但我們對利潤率的快速恢復以及我們的團隊目前管理該業務的方式感到非常滿意。

And just to build on what Mike was saying and address the investments. Over the last few years, as you would have seen, we've stepped it up both on advertising support for our brands and the capabilities that are allowing us to emerge much stronger from this super cycle of inflation that we've seen. Specifically, for 2023, our advertising budget overall increased to more than 5% of net sales, which represented roughly about 100 basis points of increase versus the prior year, and that's about $200 million in absolute terms.

只是為了以麥克所說的為基礎並解決投資問題。正如您所看到的，在過去幾年中，我們加強了對我們品牌的廣告支援以及使我們能夠從我們所看到的超級通貨膨脹週期中變得更加強大的能力。具體來說，到 2023 年，我們的廣告預算總體增加到淨銷售額的 5% 以上，與前一年相比增加了約 100 個基點，絕對值約為 2 億美元。

As you think about this year, Steve, we will still keep expanding that, but it will be at about half the pace of what we saw in 2023. And the other bit is in terms of overheads, which would include some of the capabilities we invested in, we are projecting overheads for the year to be largely flat in dollar terms year-over-year. So that can give you a perspective of what we're seeing in terms of investments and overall spend in 2024, building on what we did in the past few years.

正如你所想，今年，史蒂夫，我們仍將繼續擴大這一規模，但速度將是 2023 年的一半左右。另一點是管理費用，其中包括我們的一些功能。投資，我們預計今年的管理費用以美元計算將與去年同期基本持平。因此，這可以讓您了解我們在過去幾年所做的基礎上，在 2024 年的投資和整體支出方面所看到的情況。

Okay. Great. I'll pass it on.

好的。偉大的。我會把它傳遞下去。

Could take maybe one more question, that would be great.

可以再問一個問題，那就太好了。

Certainly. Your next question is coming from Andrea Teixeira from JPMorgan.

當然。您的下一個問題來自摩根大通的 Andrea Teixeira。

And welcome, Chris. So can you I have one question and a clarification on your comments now towards the end of the last question. First, can you break down a bit the 2024 guide by division? I'm assuming you're still looking at like between -- to get to your number, mid-single digits for Personal Care, some growth in volume there because that's where you get most of the growth. And then tissue to be flattish, consumer tissue to be flattish or to grow low single and then professionals still be negative especially in the first quarter as you lap those contracts.

歡迎，克里斯。那麼，我可以問一個問題，並在最後一個問題即將結束時對您的評論進行澄清嗎？首先，您能按部門細分一下 2024 年指南嗎？我假設你仍在關注兩者之間的情況——為了獲得你的數字，個人護理品的中個位數，那裡的銷量有所增長，因為這是你獲得大部分增長的地方。然後組織會持平，消費者組織會持平或成長較低，然後專業人士仍然持負面態度，尤其是在第一季度，當你完成這些合約時。

The reason why I ask is that historically for a good reason, it's a better ROI, but you're more dependent on Personal Care than the other. And you've been to your point and to your benefit getting market share, in particularly in the U.S. and China in diapers and femcare. So I was wondering how you feel about the comps and how you feel about being able to meet this number in between low single and mid-single. I mean, at least at the high end of the guide, it does imply that you have a strong volume growth in Personal Care.

我之所以問這個問題，是因為從歷史上看，這是一個更好的投資回報率，但你比其他人更依賴個人護理。你們已經表達了自己的觀點，並為自己贏得了市場份額，特別是在美國和中國的尿布和女性護理產品領域。所以我想知道你對這些比較有什麼感覺，以及你對能夠在低單和中單之間達到這個數字有什麼感覺。我的意思是，至少在指南的高端，它確實意味著您在個人護理領域的銷售成長強勁。

So I was wondering have a few on how you could decompose by division. And then a clarification on the reinvestment. You said and Nelson you mentioned was $200 million was the actual number roughly of investment. And then this year would be about half of it. And I was wondering what is the incrementality -- it's more displays and shelf space promo, what is going to be the main source? Because to be fair, you've been, to your point, investing for a while now since Mike took over 5 years ago.

所以我想知道如何透過除法分解。然後再對投資進行澄清。你說的納爾遜，你提到的2億美元是實際投資的大致數字。那麼今年大約是一半。我想知道增量是什麼——更多的展示和貨架空間促銷，主要來源是什麼？因為公平地說，從你的觀點來看，自從麥克 5 年前上任以來，你已經進行了一段時間的投資。

Andrea, great set of questions. Maybe I'll start with the bottom half first and also can kind of decom some of the organic drivers. On the investment, again, my priority would be focused on advertising. I think we get great returns on advertising, both from a certainly from a traditional TV and stuff, but more importantly, the digital and the returns are very, very high.

安德里亞，一系列很棒的問題。也許我會先從下半部開始，也可以分解一些有機驅動程式。在投資方面，我的首要任務還是集中在廣告上。我認為我們從廣告上獲得了巨大的回報，當然來自傳統電視和其他東西，但更重要的是，數字和回報非常非常高。

And so our focus is there. I mean we are going to be, I would say, competitive on the promotion front on a trade promotion front, but that's not how we're going to drive our business. We do feel like we get great value, and we have great creative, both on things like Huggies, and U by Kotex across our business on Scott 1000 last long. And so we got great copy, and we're going to invest there.

所以我們的重點就在那裡。我的意思是，我想說，我們將在貿易促銷方面具有競爭力，但這不是我們推動業務的方式。我們確實覺得我們獲得了巨大的價值，我們在 Huggies 和 U by Kotex 等產品上擁有巨大的創造力，我們在 Scott 1000 上的業務也持續了很長一段時間。所以我們得到了很好的副本，我們將在那裡投資。

Yes. So in terms of kind of the breakdown by segment. I mean we expect Personal Care to be growing in the mid-to-high single digits. So think of mid-single digits overall at the high end. And in the other 2 segments, we will be growing in the low single digits, and that kind of gets you to the algorithm that we've provided. As I stated at the beginning, our plan is a vol mix largely let plan.

是的。因此，就按細​​分市場的細分而言。我的意思是，我們預計個人護理業務將以中高個位數成長。因此，請考慮高端的總體中個位數。在其他兩個細分市場中，我們將以較低的個位數成長，這可以讓您了解我們提供的演算法。正如我在開始時所說的，我們的計劃是一個卷混合很大程度上讓計劃。

And keep in mind that pricing will be around 200 basis points of that, and that's largely related to currency-related movements in hyperinflationary economies. So that's kind of the breakdown of how you should be thinking of our segment growth next year.

請記住，定價將約為 200 個基點，這在很大程度上與惡性通貨膨脹經濟體中的貨幣相關變動有關。這就是您應該如何看待我們明年的細分市場成長的細分。

Thank you. That concludes our Q&A session. I will now hand the conference back to Chris Jakubik for closing remarks. Please go ahead.

謝謝。我們的問答環節到此結束。現在我將把會議交還給克里斯·雅庫比克（Chris Jakubik）致閉幕詞。請繼續。

Thanks, everybody, for joining us today for the analysts that have follow-up questions, we'll be around all day. And beyond that, we're looking forward to seeing everybody in March.

感謝大家今天加入我們，接受有後續問題的分析師的採訪，我們將全天為您服務。除此之外，我們期待在三月見到大家。

Thank you, everyone. This concludes today's event. You may disconnect at this time, and have a wonderful day. Thank you for your participation.

謝謝大家。今天的活動到此結束。此時您可能會斷開連接，並度過美好的一天。感謝您的參與。