金百利克拉克 (KMB) 2024 Q2 法說會逐字稿

Good morning, and welcome to Kimberly-Clark second quarter 2024 earnings question-and-answer session. I will now hand the conference over to Chris Jakubik, Vice President and Investor Relations. Please go ahead.

早安，歡迎來到金佰利 2024 年第二季財報問答環節。我現在將會議交給兼投資者關係副總裁 Chris Jakubik。請繼續。

Thank you, and hello, everyone. This is Chris Jakubik, Head of Global Investor Relations at Kimberly-Clark, and welcome to our Q&A session for our second quarter 2024 business update. 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.

謝謝大家，大家好。我是金佰利全球投資者關係主管 Chris Jakubik，歡迎參加我們的 2024 年第二季業務更新問答環節。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。

We will also make some non-GAAP financial measures today or discuss some non-GAAP financial measures today. And these non-GAAP financial measures should not be considered replacements 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.

今天我們也將制定一些非公認會計原則財務措施，或今天討論一些非公認會計原則財務措施。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。

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

在開始之前，我將請我們的董事長兼執行長 Mike Hsu 進行一些簡短的開場評論。

Thank you, Chris. Before we jump into the Q&A, I would like to start by saying thank you to my colleagues at Kimberly-Clark who are working diligently on the implementation of our comprehensive innovation like growth strategy and delivered strong results for the first half.

謝謝你，克里斯。在我們進入問答環節之前，我首先要向金佰利的同事表示感謝，他們辛勤工作，實施我們全面的創新成長策略，並在上半年取得了強勁的業績。

We're excited about the opportunity to accelerate investments to build our powerhouse categories and brands in our pipeline of innovation. We are effectively navigating external dynamics while driving our consumer centric culture. For making the company better stronger and faster and we are turbocharging our ability to provide better care to consumers around the globe.

我們很高興有機會加快投資，在我們的創新管道中打造強大的品類和品牌。我們正在有效地駕馭外部動態，同時推動我們以消費者為中心的文化。為了使公司變得更好、更強、更快，我們正在增強我們為全球消費者提供更好護理的能力。

I'm very proud of our progress to date, it bolsters our confidence in delivering our outlook for the year and our ability to ramp up our investments to further leverage our core strengths and achieve our potential. We are on an exciting path, and I'm and are well positioned to deliver durable growth and sustainable shareholder returns.

我對我們迄今為止的進展感到非常自豪，它增強了我們實現今年展望的信心，也增強了我們加大投資以進一步利用我們的核心優勢並發揮我們潛力的能力。我們正走在一條令人興奮的道路上，我現在也有能力實現持久成長和可持續的股東回報。

So with that, I'd be happy to open it up to questions.

因此，我很樂意接受提問。

Certainly. Everyone at this time, be conducting a question-and-answer session. (Operator Instructions)

當然。此時，大家正在進行問答環節。 （操作員說明）

Lauren Lieberman, Barclays.

勞倫·利伯曼，巴克萊銀行。

Great, thanks. Good morning. So first, I wanted to check in and talk a little bit, Mike, about market share trends and because the organic sales growth this quarter was really solid, volumes were up. You had this unexpected headwind from inventory destock, but I wanted to also check in a bit on market share trends on where you stand versus not just competition, but also what you're seeing from private label of weight?

萬分感謝。早安.首先，麥克，我想檢查並談談市場份額趨勢，因為本季的有機銷售成長非常穩定，銷量有所上升。您因庫存減少而遇到了意想不到的阻力，但我還想檢查一下市場份額趨勢，了解您在競爭中的立場，以及您從自有品牌重量中看到的情況？

Okay. Good morning, Lauren. Yeah, thanks for the question. Yeah, overall, I feel good about the progress we're making on market share, and I do expect further improvement as we progress through the year. We were overall globally even on a weighted basis and upper even in about half of our cohorts around the world.

好的。早安，勞倫。是的，謝謝你的提問。是的，總的來說，我對我們在市場份額方面取得的進展感到滿意，我確實期望隨著我們在這一年中取得進展，我們會取得進一步的進步。即使在加權基礎上，我們總體上也處於全球領先地位，甚至在全球約一半的同類中也處於較高水平。

And that's progress versus the past couple of years where if you recall this time last year, I think we were up or even in about 40% of our cohorts. So yes, I think we've made solid progress, but there still remains plenty of work for us to do.

與過去幾年相比，這已經是進步了，如果你還記得去年這個時候，我認為我們的比例上升了，甚至上升了 40% 左右。所以，是的，我認為我們已經取得了堅實的進展，但仍有大量工作要做。

As you may recall Lauren, North America was a bit soft last year that is improving. That softness last year was primarily due to supply constraints the first half in North America on a weighted basis was flat and then up or even in about six of eight categories and that continued in the second quarter. And I expect further improve in North America as we cycle some of those constraints last year.

您可能還記得勞倫，去年北美市場有點疲軟，但正在改善。去年的疲軟主要是由於北美地區的供應限制，在加權基礎上上半年持平，然後上升，甚至在八個類別中的大約六個類別中出現上升，並且這種情況在第二季度繼續存在。我預計隨著去年我們將循環利用其中一些限制，北美的情況將進一步改善。

We also had pretty solid gains on market share in certain brands across our what we're calling focused markets or other big five markets beyond North America. In China, Huggies was up 180 basis points in share in the UK and Andrex, which is the leading brand, there was up 350 basis points.

在我們所謂的重點市場或北美以外的其他五大市場中，我們在某些​​品牌的市佔率上也取得了相當可觀的成長。在中國，好奇 (Huggies) 在英國的份額上升了 180 個基點，領先品牌 Andrex 則上升了 350 個基點。

In South Korea, Huggies. It has been up over 800 basis points since 2019 and was up over 300 basis points in the quarter. And in Brazil, I think got that we're working to improve the brand proposition and so we were up about a 100 basis points in Brazil.

在韓國，好奇。自 2019 年以來已上漲超過 800 個基點，本季上漲超過 300 個基點。在巴西，我認為我們正在努力改善品牌主張，因此我們在巴西的股價上漲了約 100 個基點。

So we're making progress, but as I pointed out, were both about flat on a weighted basis. And so they're at that signals that there's plenty of work for us to do.

所以我們正在取得進展，但正如我所指出的，在加權基礎上兩者都持平。因此，他們認為我們還有很多工作要做。

Okay. Great. And just curious to know, you mentioned a couple of markets share, a bunch of market share positions outside of North America and China that have been very strong. When do we start to see that translate into growth? Because I think one of the interesting parts of the strategy is laid out in this sort of shifting the focus a bit so that we can get more visibility into the other areas of your business.

好的。偉大的。我很想知道，您提到了一些市場份額，北美和中國以外的一些市場份額地位非常強勁。我們什麼時候開始看到這轉化為成長？因為我認為該策略的一個有趣的部分是稍微轉移焦點，以便我們可以更好地了解您業務的其他領域。

But when should we start to see some growth become more material in a matter more move the needle more in markets outside of the US and China?

但我們什麼時候應該開始看到一些成長變得更加實質，從而在美國和中國以外的市場上發揮更大作用？

Yes, I mean Lauren, I'd say we have a very proven playbook that we're really proud of, and we're implementing that more systematically behind this wiring for growth initiatives that we have. We're going to implement those playbooks more systematically around the world.

是的，我的意思是勞倫，我想說我們有一個非常經過驗證的劇本，我們對此感到非常自豪，並且我們正在更有系統地實施我們的成長計劃。我們將在世界各地更有系統地實施這些劇本。

One, we've got great technology that the world you all haven't seen yet, which we're rolling out and we're excited about our launch that I mentioned in our in our opening comments in the script on skin essentials in the US.

第一，我們擁有你們尚未見過的偉大技術，我們正在推出這些技術，我們對我們的推出感到興奮，我在皮膚必需品腳本的開場評論中提到過我們。

So we've got great, a great technology portfolio. We've got the right we've invested in the past five years to build the right commercial and supply capabilities to accelerate performance. You're going to see a sharper focus on what we're calling our focus markets, right?

所以我們擁有非常非常出色的技術組合。我們在過去五年中進行了投資，以建立適當的商業和供應能力，以提高績效。你會看到我們所說的焦點市場更加受到關注，對嗎？

Those are the US plus the next five markets for us and so that said, I would say from a local conditions remain dynamic. And so there's plenty of opportunity to tighten up our brand propositions on a market-specific basis for reference, this type of Huggies as I mentioned, was up in share in China. Kotex was flat. And you know, again, it grew high single digits in the quarter on Kotex, but we'd love to get more share growing in China on femcare.

這些是美國加上我們接下來的五個市場，因此，我想說，從當地情況來看，仍然充滿活力。因此，我們有很多機會在特定市場的基礎上加強我們的品牌主張，以供參考，正如我所提到的，這種類型的好奇在中國的份額有所上升。高潔絲持平。你知道，Kotex 在本季度再次實現了高個位數成長，但我們希望在中國女性護理領域獲得更多份額成長。

In Brazil, Huggies was up. Kotex is the leading brand or we call it intimus in Brazil, the leading brand in Brazil, but share was a little soft and down about just a little bit less than 100 basis points. So we got some work there.

在巴西，好奇（Huggies）崛起。 Kotex 是巴西的領先品牌，或者我們稱之為 intimus，巴西的領先品牌，但份額有點疲軟，下降了大約不到 100 個基點。所以我們在那裡做了一些工作。

South Korea, I said Huggies was up over 300 basis points for bath tissue was down a little bit. And so we have work to do around the world. And so part of our strong start is going to force the ability to make surgical investments to get our good, better best where we think they need to be in the local markets.

韓國，我說好奇紙巾上漲了300多個基點，而衛生紙則下跌了一點。因此，我們在世界各地都有工作要做。因此，我們強勁起步的一部分將迫使我們有能力進行外科手術投資，以便在我們認為需要的當地市場上獲得更好、更好的表現。

Great. Thanks so much. I'll pass it on.

偉大的。非常感謝。我會把它傳遞下去。

Okay. Thanks Lauren.

好的。謝謝勞倫。

Dara Mohsenian, Morgan Stanley.

達拉莫森尼安，摩根士丹利。

Good morning, guys.

早上好傢伙。

Hey Dara.

嘿達拉。

So a pretty sizable margin and EPS beat in Q2, but it does sound like investments are going to increase in the back half of the year. So Nelson, can you just discuss a bit the cadence of margins and EPS in the back half how we should think about Q3, Q4 margin performance, particularly as the divestiture impacts ramp up in the back half of the year?

因此，第二季的利潤率和每股盈餘相當可觀，但聽起來投資確實會在今年下半年增加。那麼，尼爾森，您能否討論一下下半年的利潤率和每股盈餘的節奏，我們應該如何考慮第三季、第四季的利潤率表現，特別是隨著今年下半年剝離影響的加劇？

Sure, Dara. So let me start by echoing what Mike said. I mean, we're very proud of our teams have executed in the first half of the year. And we've gained momentum on a number of fronts. Relative to our power and great care strategy.

當然，達拉。首先讓我重複一下麥克所說的話。我的意思是，我們對我們的團隊在今年上半年的表現感到非常自豪。我們在許多方面都取得了進展。相對於我們的實力和大關懷策略。

As a reminder, I mean, as we think about margins, our main focus is on driving profit dollars growth margins for us. As we've stated our milestones and we're moving on that progression. Growth in the first -- in the second quarter and the first half reflected solid volume mix driven gains.

提醒一下，我的意思是，當我們考慮利潤率時，我們的主要重點是推動利潤率的成長。正如我們已經闡述的里程碑，我們正在繼續前進。第一季、第二季和上半年的成長反映了穩健的銷售組合所驅動的收益。

And on the third quarter is the third quarter in a row that we drive positive volume mix. Importantly, in some of our largest most profitable geographies like the US, China, and the UK, we saw solid volume mix growth, which is something we've been focusing on.

第三季是我們連續第三個季度推動積極的銷售組合。重要的是，在我們一些最大、利潤最高的地區，如美國、中國和英國，我們看到了銷售量的穩健成長，這是我們一直關注的問題。

And as Mike said, I mean, it is the key for our long-term algorithm. We delivered more than half of our profit dollar objectives for the year in the first half. And this actually gives us flexibility for the second half to further invest in strengthening our brands and our innovation pipeline, especially as we manage through some of the challenges in the macro environment and some of the increased consumer pressure that we're all seeing.

正如麥克所說，我的意思是，這是我們長期演算法的關鍵。上半年我們達成了全年利潤目標的一半以上。這實際上給了我們下半年進一步投資加強我們的品牌和創新管道的靈活性，特別是當我們應對宏觀環境中的一些挑戰以及我們都看到的一些日益增加的消費者壓力時。

As we think of cadence of first half second half on the top line, we would expect the second half to grow at a similar pace of what we saw in the second quarter. With again volume and mix key drivers of growth, while pricing will continue to play a lesser role sequentially.

當我們考慮上半年和下半年的營收節奏時，我們預計下半年的成長速度將與第二季相似。隨著銷售和產品組合再次成為成長的關鍵驅動因素，而價格將繼續發揮較小的作用。

At the profits four things to keep in mind. First one, productivity delivery. It's been solid in the first half and ahead of our original plans, given timing of some of the projects. So we do expect a lower absolute dollar productivity delivering the second half, but still very strong on the year.

在利潤方面需要牢記四件事。第一個，生產力交付。考慮到某些項目的時間安排，上半年的情況很穩定，並且超出了我們最初的計劃。因此，我們確實預計下半年的絕對美元生產力會降低，但今年仍然非常強勁。

Secondly, pricing, net of costs, it's been strong and favorable in the first half due to timing of pricing actions relative to costs. And you've got to take into account Argentina, which again, a lot of the hits that we took on the currency were in the second half of last year. So we're going to be lapping that as we head into the second half of this year.

其次，由於定價行動相對於成本的時機，扣除成本後的定價在上半年表現強勁且有利。你必須考慮到阿根廷，我們的貨幣遭受的許多打擊都是在去年下半年發生的。因此，當我們進入今年下半年時，我們將對此進行研究。

For the balance of the year, we expect pricing and other cost benefits to taper off. However, it's important to reiterate that on a full year basis, we expect to be at least pricing net of cost neutral. The third aspect is timing of investments. In the back half of the year, we expect the step-up investments behind our brands, given timing of some of the innovation programs that we have.

對於今年餘下的時間，我們預計定價和其他成本效益將逐漸減弱。然而，重要的是要重申，在全年的基礎上，我們預計至少在扣除成本後的定價是中性的。第三個面向是投資時機。考慮到我們一些創新計劃的時機，我們預計在今年下半年我們的品牌將加大投資。

As a reminder, on the first half of the year, our spend on our brands was approximately 6% of sales. Heading into the second half, this number is going to be closer to 7%. As we take advantage of our strong first half and we strengthened the overall investment profile setting up the time for us to continue growing sustainably in years to come.

提醒一下，今年上半年，我們在品牌上的支出約為銷售額的 6%。進入下半年，這一數字將接近 7%。由於我們利用上半年的強勁表現，加強了整體投資狀況，為我們在未來幾年繼續可持續成長創造了時間。

And then last but not least, is the divestiture of our personal protective equipment. We expect it to be a headwind in terms of profits of around 180 basis points in the second half of the year. We didn't have that in the first half of the year.

最後但並非最不重要的一點是我們的個人防護裝備的剝離。我們預計下半年利潤將上漲 180 個基點左右。我們上半年沒有這樣的情況。

Two more things that you think of EPS, equity method investment income, while it grew in the first half of the year, some of it had to do not just with the underlying performance of our equity method investments. It also had to do with the strength of the Mexican peso in the first half year on year. That's going to revert in the second half of the year. And we expect the net equity investment to be largely flat in the second half of the year.

關於每股收益，您想到的還有兩件事，權益法投資收入，雖然它在上半年有所增長，但其中一些不僅僅與我們權益法投資的基本業績有關。這也與上半年墨西哥比索同比走強有關。這種情況將在今年下半年恢復。我們預計下半年淨股權投資將基本持平。

And the other item on EPS is the effective -- the adjusted effective tax rate. For the full year, we're now projecting 23% to 24% adjusted effective tax rate. And for the first half, our adjusted effective tax rate was 22.3%. So when you combine all those factors, that gives you the cadence of how we're looking at the first half and second half.

每股盈餘的另一項是有效的－調整後的有效稅率。對於全年，我們目前預計調整後有效稅率為 23% 至 24%。上半年，我們調整後的有效稅率為22.3%。因此，當您將所有這些因素結合起來時，您將了解我們如何看待上半場和下半場。

Great. That's very detailed and helpful. And if I could slip in one more question. You talked about price in regards to the second half outlook. Can you give us an update on the North American pricing environment in both personal care and consumer tissue? is their ability to drive mix to a greater extent in the back half of the year. How do you think about that be the promotional environment and how we should think about pricing realization from here in North America in a more normalized environment? Thanks.

偉大的。這是非常詳細和有幫助的。如果我可以再問一個問題。您談到了下半年前景的價格。您能否向我們介紹北美個人護理和生活用紙定價環境的最新情況？是他們在今年下半年更大程度地推動混合的能力。您如何看待促銷環境？謝謝。

Thanks Dara. Yes, and overall on the pricing environment, particularly in North America, I'd say remains, you know, stable. And as you may recall, since COVID in the COVID environment with the pandemic, related environment, we did see a reduction in promotional activity in our categories.

謝謝達拉。是的，總體而言，定價環境，特別是在北美，我想說仍然保持穩定。正如您可能還記得的那樣，自從新冠疫情在新冠病毒大流行、相關環境中出現以來，我們確實看到了我們品類的促銷活動有所減少。

And I'd say, over the past two years, that has kind of return and normalized post pandemic and I'd say it's remained at that level. We are seeing a touch of promotion in some categories and some in some retailers. But overall, again, our strategy is to remain focused on volume and mix driven growth.

我想說，在過去的兩年裡，這種情況在大流行後有所回歸並正常化，我想說它仍然保持在這個水平。我們在某些​​類別和某些零售商中看到了一些促銷活動。但總體而言，我們的策略仍然是繼續關注數量和組合驅動的成長。

And we're maintaining what we're calling PNOC or pricing net of input cost discipline. And so overall, as you're well aware, pricing to offset cost inflation is receding for us. You know, as expected, we really want to be more valuable at every rung of a good, better, best ladder.

我們正在維持所謂的 PNOC 或扣除投入成本規則的定價。因此，總體而言，如您所知，我們抵銷成本通膨的定價正在下降。您知道，正如預期的那樣，我們確實希望在良好、更好、最好的階梯的每一級都變得更有價值。

I think one of the things that's great about our portfolio is that we do serve all consumers from value to up to premium, even though premium is really the big growth driver for us. And so we're really focused on working to ensure that our value propositions all along the value spectrum are going to remain strong.

我認為我們產品組合的一大優點是，我們確實為所有消費者提供從超值到高端的服務，儘管高端確實是我們的巨大成長動力。因此，我們真正致力於確保我們在整個價值範圍內的價值主張保持強勁。

And so our focus on building brands with advertising, great storytelling, pioneering innovation. But again, we also recognize in some categories, promotions very important, and we're going to be competitive where we need to be. But again, we're focused on driving the categories growth through advertising.

因此，我們專注於透過廣告、精彩的故事敘述和開拓創新來打造品牌。但同樣，我們也認識到，在某些類別中，促銷非常重要，我們將在需要的地方保持競爭力。但我們再次強調，我們致力於透過廣告推動品類成長。

Great. Thank you.

偉大的。謝謝。

Okay, Thanks Dara.

好的，謝謝達拉。

Nik Modi, RBC Capital Markets.

尼克莫迪，加拿大皇家銀行資本市場。

Thank you. Good morning, everyone.

謝謝。大家，早安。

Good morning, Nik.

早安，尼克。

So two questions. Just one on the organizational design changes that are going to take place in a few months' time. Like I remember, when Procter & Gamble did similar type of thing, not exact the exact structure, but they had like a transitionary kind of era or a moment between kind of the old structure and the new structure and I'm just curious if that is something that is going on right now within Kimberly, which will make that transition much smoother when we get to October. That's the first question.

那麼兩個問題。這裡僅介紹幾個月後將發生的組織設計變更。就像我記得的那樣，當寶潔公司做了類似的事情時，並不確切的結構，但他們有一個過渡時代，或者是舊結構和新結構之間的一個時刻，我只是好奇這是否是這樣這是金伯利目前正在發生的事情，這將使我們到十月時的過渡更加順利。這是第一個問題。

And then I was hoping you can just kind of give us your thoughts since the Analyst Day you've hired two new people. One from a Chief Growth Officer that has a consumer healthcare background and then obviously had a new head of R&D that just was announced. Just was hoping you can give us some words kind of how they fit into the new strategy?

然後我希望你能告訴我們你在分析師日僱用了兩名新員工後的想法。其中一位來自具有消費者醫療保健背景的首席成長官，然後顯然剛剛宣布了一位新的研發主管。只是希望您能給我們一些關於它們如何融入新策略的資訊？

Yes, great. Nik, okay. You're all over it. I think it's a great question often. As I mentioned, I think in the prepared script we made an interim move on effective July 1. That changed some of the reporting in our global supply chain in North America and then Brazil moving into International Personal Care on an interim basis.

對，很好。尼克，好吧。你已經結束了。我認為這常常是一個很好的問題。正如我所提到的，我認為在準備好的腳本中，我們在 7 月 1 日起採取了臨時行動。

And so I would say your observation around an interim structure, we've done some significant shifts there already. And again, that goes back to I had some experience with another corporate transition where Nelson and Chris and I worked and so having that interim model working before you officially make, those moves helps a lot.

所以我想說，根據您對臨時結構的觀察，我們已經在那裡做了一些重大轉變。再說一次，這可以追溯到我在納爾遜、克里斯和我工作過的另一次公司轉型中獲得的一些經驗，因此在正式實施之前讓臨時模型發揮作用，這些舉措會有很大幫助。

And I think the organization is making tons of progress in new ways of working. I'm very, very excited about kind of the progress the teams are making and very appreciative of all the hard work that they're putting in to make this happen. So again, I feel great thus far about our wire for growth initiative or the organizational change. And we're making strong progress there.

我認為該組織正在新的工作方式方面取得了巨大進展。我對團隊正在取得的進展感到非常非常興奮，並且非常感謝他們為實現這一目標所做的所有努力。再說一遍，到目前為止，我對我們的成長計畫或組織變革感到非常滿意。我們正在那裡取得巨大進展。

With regard to Patricia and Craig, I'm excited to have him onboard, Alison Lewis, who was our Chief Growth Officer; and Robert Long, our Chief Innovation Officer, R&D Officer. They did great work for us and really advanced the agendas in both those areas very, very strongly.

關於派翠西亞和克雷格，我很高興他能加入，艾莉森劉易斯，我們的首席成長長；以及我們的首席創新長兼研發長 Robert Long。他們為我們做了出色的工作，並且非常非常有力地推進了這兩個領域的議程。

But I knew I intercepted them at a point in their career where they wanted to go on at some point and do other things. And so I think I think we have an excellent transition period between the four of these leaders and as Patricia and Craig come aboard, I think they both bring great skills to Kimberly-Clark. Patricia has worked at companies like Kraft and Unilever and Heineken before Bayer.

但我知道我在他們職業生涯的某個時刻攔截了他們，他們想在某個時刻繼續做其他事情。因此，我認為這四位領導人之間有一個極好的過渡期，隨著派翠西亞和克雷格的加入，我認為他們都為金佰利帶來了出色的技能。在拜耳之前，派翠西亞曾在卡夫、聯合利華和喜力等公司工作。

And so and knows a lot about the consumer health space a really really focused on marketing and advertising, which is a great thing for us. And then Craig has is a real great transformational leader with Unilever and some products further in this background as well as you know, a great run at Campbell's. And so I think they'll bring a lot both in terms of organizational development, but also expertise in their fields that will advance the things that we're working on with power and care.

因此，我們對消費者健康領域了解很多，並且非常專注於行銷和廣告，這對我們來說是一件好事。然後克雷格是一位真正偉大的變革型領導者，聯合利華和一些產品在這個背景下進一步發展，你知道，金寶湯的表現也很出色。因此，我認為他們不僅會在組​​織發展方面帶來許多好處，而且還會在各自領域提供專業知識，從而推動我們正在大力進行的工作。

Helpful. I'll pass it on.

有幫助。我會把它傳遞下去。

Okay. Thank you, Nik.

好的。謝謝你，尼克。

Javier Escalante, Evercore.

哈維爾·埃斯卡蘭特，Evercore。

Hi, good morning, everyone. I would like to see whether I can get more color on the savings, right? Because at least I see three buckets. So basically, you're announcing something in North America. My understanding is that the supply chain. So if you can talk about the benefits of what you're trying to do there, you're exiting too small market. But when you look at the P&L, it feels versus the SG&A is where we get better numbers relative to consensus. So if you can expand that, and then I have a follow up.

嗨，大家早安。我想看看我是否可以在節省下獲得更多的色彩，對吧？因為至少我看到了三個桶子。基本上，您是在北美宣布一些事情。我的理解是供應鏈。因此，如果你能談論你在那裡嘗試做的事情的好處，那麼你退出的市場太小了。但當你查看損益表時，會發現與銷售及管理費用相比，我們得到了相對於共識更好的數字。如果你能擴展一下，我就會跟進。

Thank you. Maybe I'll just start and I think Nelson will kind of give you more color on the savings. I would say on the small market exits, you know, my overall on that would be we are taking steps to make our categories in all our markets, more robust and predictable contributors to growth in returns. And we like our positions in most markets.

謝謝。也許我會開始，我想尼爾森會給你更多關於節省的資訊。我想說的是，關於小規模的市場退出，我的總體看法是，我們正在採取措施，使我們所有市場中的產品類別成為回報成長的更強勁和可預測的貢獻者。我們喜歡我們在大多數市場的地位。

But that said, in places where we don't really feel heavier that we have a long term right to win or the market conditions in that market are not conducive to winning. We're going to be disciplined and methodical. And so we made the difficult decision to announce our planned exits in Nigeria and Bolivia and we recognize the downside.

但話雖如此，在我們並不真正感到更重的地方，我們有長期獲勝的權利，或者該市場的市場條件不利於獲勝。我們將遵守紀律、有條不紊。因此，我們做出了艱難的決定，宣布計劃退出尼日利亞和玻利維亞，我們認識到了不利的一面。

It does affect our employees there, but I think there's a wrong the right move long term for Kimberly-Clark. I don't think those will contribute to be a huge source of savings, but I think it does take some risk out beyond the ongoing performance of the business, but nothing I can comment on the other sources, Javier.

它確實影響了我們那裡的員工，但我認為從長遠來看，對金佰利克拉克來說，這是一個錯誤的正確舉措。我不認為這些會成為節省的巨大來源，但我認為這確實會消除業務持續績效之外的一些風險，但我對其他來源無法發表任何評論，哈維爾。

In terms of how are the sources of the savings there are two poles. First and foremost and the lion's share of the savings will derive from our supply chain transformation. And as a reminder, they encompass three strategies. The first one is our value stream simplification. And as I've explained, and [Tamera] has explained, this has to do with product specifications and a few other items that will drive significant savings over time.

就節省的來源而言，有兩個極點。首先也是最重要的是，大部分的節省將來自我們供應鏈轉型。提醒一下，它們包含三種策略。第一個是我們的價值流簡化。正如我和 [Tamera] 所解釋的那樣，這與產品規格和其他一些項目有關，隨著時間的推移，這些項目將帶來顯著的節省。

Second one is optimizing our network and it's the footprint. It's our four walls and you're seeing some actions that are being taken today and they'll be taken over the next few years. And then the third bucket is scalable automation, and that encompasses two areas.

第二個是優化我們的網路和足跡。這是我們的四面牆，你會看到今天正在採取的一些行動，這些行動將在未來幾年內採取。第三個桶子是可擴展的自動化，它包含兩個領域。

One, it's actual automation of supply chain processes in our factories and our warehouses. And the second one is digital automation, where we're deploying tools to optimize our procurement capabilities as well as our supply and demand capabilities. We are on the early stages of our transformation journey and especially in the supply chain and we're pleased with where we're at on the first half of the year.

第一，它是我們工廠和倉庫供應鏈流程的實際自動化。第二個是數位自動化，我們正在部署工具來優化我們的採購能力以及供需能力。我們正處於轉型之旅的早期階段，特別是在供應鏈方面，我們對今年上半年的進展感到滿意。

Productivity delivery is ahead of where we have planned that we are at about $255 million year to date on the supply chain productivity, and that does not include procurement. We will update annually on the procurement savings, but well on track as we seek to deliver the $3 billion over the next five years, as we said.

生產力交付超出了我們的計劃，今年迄今為止，我們的供應鏈生產力約為 2.55 億美元，其中不包括採購。我們將每年更新採購節省情況，但正如我們所說，我們力求在未來五年內實現 30 億美元的目標，一切進展順利。

Specifically on actions that have been taken and what's driving this at one stage, you know, we're seeing conversion and waste reduction. That's a big bucket that's helping us drive and that again, is within the value stream. It's product material specification standardization that's starting to happen, and we've been working to get that going in the last 1.5 year or so. And then lastly, it's transportation and warehousing cost reductions. So that's in a nutshell, what's driving the savings on the supply chain.

具體來說，就已採取的行動以及在某個階段推動這項行動的因素而言，我們看到了轉化和廢物減少。這是一個幫助我們駕駛的大桶，而且它也屬於價值流。產品材料規格標準化正在開始發生，我們在過去 1.5 年左右的時間裡一直在努力實現這一目標。最後，是運輸和倉儲成本的降低。簡而言之，這就是推動供應鏈節省成本的因素。

The other bit is on the overheads. On the overheads, we said that our target is to deliver about $200 million of savings over the next two, three years. The lion's share of those savings is really going to kick in once the full organizational model is in place, and that goes into effect in the latter part of the year. So we will see not a lot of savings this year on the overheads line coming from that item.

另一部分是管理費用。關於管理費用，我們表示我們的目標是在未來兩三年內節省約 2 億美元。一旦完整的組織模式到位，這些節省的大部分將真正發揮作用，並且將於今年下半年生效。因此，今年我們不會看到該項目在管理費用方面節省太多。

What you're seeing on the overheads, which I think you're alluding to is we're seeing absolute dollars, largely flat sequentially is that the discipline that we've had on overall spend is still in place. I mean, we're driving a lot of discipline in terms of spending and costs and that's flowing through and you're seeing it in the P&L at this stage.

你在管理費用上看到的，我想你指的是我們看到的絕對美元，基本上持平，因為我們對整體支出的紀律仍然存在。我的意思是，我們在支出和成本方面推行了很多紀律，這些紀律正在貫徹執行，您可以在現階段的損益表中看到它。

Oh, that's great color, okay. I do have a question because we've got a scanner data today and includes a Costco, which is an important retailer and Amazon. And we saw I mean what the data shows is volume accelerating at the end of the quarter. We have of around 2%, which is two to three points better than what you reported.

噢，這個顏色真棒，好吧。我確實有一個問題，因為我們今天得到了掃描器數據，其中包括一家重要的零售商 Costco 和亞馬遜。我們看到我的意思是數據顯示的是季度末交易量加速成長。我們的比例約為 2%，比您報告的好兩到三個百分點。

So your commentary when it comes to inventory reduction and uncertainty there. So in light that volumes accelerated in the last four weeks ending July 7. Should we expect kind of like a more consistent retail sales in North America versus where you are when that report going forward. Thank you very much.

因此，您對庫存減少和不確定性的評論。因此，鑑於截至 7 月 7 日的過去四週銷量有所加速。非常感謝。

Thank you very much.

非常感謝。

Yeah. Maybe I'll start with that, Javier. I think my adage is in the end, shipments must track with consumption. And so I tend to focus more on the consumption numbers. We feel great about the progression we're making on volume and mix. And I think in the quarter, I think if you add volume and mix, it was up about two combined.

是的。也許我會從這個開始，哈維爾。我認為我的格言最後是，出貨量必須與消費同步。所以我傾向於更重視消費數字。我們對在音量和混音方面取得的進展感到非常滿意。我認為在本季度，如果你增加數量和組合，它的總和大約增加了兩倍。

And so that's the progress we're making. I think it's great to cycle. We're very glad to have cycled a lot of the pricing moves that we had to take to offset inflation. But, you know, we think the underlying momentum in our categories remain solid. These are essentials and daily use categories and so we're encouraged to see that volume progression.

這就是我們正在取得的進展。我認為騎自行車很棒。我們很高興為抵銷通貨膨脹採取了許多定價措施。但是，您知道，我們認為我們類別的潛在勢頭仍然強勁。這些是必需品和日常使用類別，因此我們很高興看到銷售量的成長。

There's going to be some noise because of retail inventory changes in North America, you had two effects because there were some I would say there were some we're comping a soft quarter last year because of supply issues. And so probably a little more inventory going in on personal care.

由於北美零售庫存的變化，將會產生一些噪音，這會產生兩種影響，因為我想說，由於供應問題，我們去年的季度表現疲軟。因此，個人護理品的庫存可能會增加一些。

And then we are on the tissue side, we saw consumption stronger than organic. And so that implies we saw some inventory come out of tissue. And so I think that's, I would say, generally typical. And so that stuff is going to move around from quarter to quarter. But overall, we're very encouraged with our volume trends.

然後我們在紙巾方面，我們看到消費量強於有機食品。這意味著我們看到一些庫存來自紙巾。所以我認為這通常是典型的。因此，這些東西將會逐季移動。但總的來說，我們對我們的銷售趨勢感到非常鼓舞。

Anna Lizzul, Bank of America

安娜·利祖爾，美國銀行

Hi, good morning.

早安.

Hi Anna.

嗨安娜。

Morning .Thank you so much for the question. I was wondering if you could just elaborate more on the volume improvement that we saw in the quarter, just where you're seeing gains across the categories more specifically and also in the back half, there is an expectation on additional cost inflation, which you mentioned. Was wondering if you can touch on the balance of pricing and investment on innovation to help offset this? Thank you.

早安。我想知道您是否可以詳細說明我們在本季度看到的銷量改善，就在您更具體地說明各個類別的收益的情況下，以及在後半段，存在額外成本通膨的預期，您提及。想知道您是否可以平衡定價和創新投資來幫助抵消這種影響？謝謝。

Okay. Yes, overall, I'll start with the and we're seeing resilience in demand across our categories overall globally. You know, the underlying growth in our categories remains healthy. As I just mentioned, we provide daily essentials and therefore, as you're probably well aware, category substitute substitution remains low and we still believe there's a lot of room for us to expand penetration and also revenue per user across our markets.

好的。是的，總的來說，我將從開始，我們看到全球範圍內各個類別的需求彈性。您知道，我們類別的潛在成長仍然健康。正如我剛才提到的，我們提供日常必需品，因此，正如您可能很清楚的那樣，類別替代品的替代率仍然很低，我們仍然相信我們在整個市場上擴大滲透率和每個用戶收入的空間很大。

And we are mindful of the consumer environment. And as I said, we're working to sharpen up our positioning across the good-better-best value spectrum. A little bit more specifically in North America, demand remains resilient, AMC and some value sensitivity more broadly across Staples. I'm well aware that. Our categories in the quarter were up mid-single digit with the categories having positive volume. And again, I think that reflects the essential nature of our categories and products.

我們也關心消費者環境。正如我所說，我們正在努力加強我們在「好-更好-最佳」價值範圍內的定位。更具體地說，在北美，需求保持彈性，AMC 和 Staples 更廣泛的一些價值敏感度。我很清楚這一點。本季我們的類別成長了中個位數，且類別銷售量為正。再說一次，我認為這反映了我們類別和產品的本質。

We are closely monitoring the consumer health sensitivity in the mid to lower income households in a few of our categories. But overall, we feel like we're very well positioned and we have a robust offering. As I mentioned earlier, we're proud to serve all consumers and have a robust offering across the value spectrum. And we're proactively working with our customers to better serve consumers and ensure that our propositions remain strong as we go forward.

我們正在密切監測某些類別中低收入家庭的消費者健康敏感度。但總的來說，我們覺得我們的定位非常好，我們擁有強大的產品。正如我之前提到的，我們很自豪能夠為所有消費者提供服務，並在整個價值範圍內提供強大的產品。我們正在積極與客戶合作，以更好地服務消費者，並確保我們的主張在我們前進的過程中保持強勁。

And maybe just to add it a build a little bit on address your question on expectations of volume and expectation of what to expect on inflation in the year. We've seen the progression in volume in the second quarter. We expect the back half, as we stated to be volume mix driven and the impact of pricing to continue to subside in the back half. This especially has to do with the timing of pricing actions in Argentina.

也許只是補充一點，以解決您對今年通膨預期和交易量預期的問題。我們已經看到第二季銷量的成長。我們預計下半年，正如我們所說的那樣，是銷售混合驅動的，定價的影響將在下半年繼續消退。這尤其與阿根廷的定價行動時機有關。

We already saw a step down of the contribution of Argentina from the first quarter to the second quarter. And we expect that based on what we are seeing today to continue to be the case in the back half. That takes us to pricing net of costs. In principle we're holding the enterprise minimally to a pricing that a cost neutral standard on an annual basis.

我們已經看到阿根廷的貢獻從第一季到第二季有所下降。根據我們今天所看到的情況，我們預計後半段的情況將繼續如此。這需要我們進行扣除成本的定價。原則上，我們每年至少讓企業採用成本中性標準的定價。

We have good visibility today for that to happen this year, absent, a market dislocation shock, like what we saw in 2021, 2022. As we think of the pacing and I stated that in a prior question, pricing net, of course, has been rather strong and favorable in the first half of the year. And that had to do with both timing of pricing realization, largely Argentina and then some of the timing on the cost inflation.

今天我們對今年發生的情況有很好的預見性，沒有市場錯位衝擊，就像我們在2021 年、2022 年看到的那樣。當然已經今年上半年的表現相當強勁且有利。這與定價實現的時機（主要是阿根廷）以及成本通膨的時機有關。

Overall, we still expect to be at least neutral, if not positive on the year and pricing net of costs and from an overall cost inflation standpoint, we're not seeing a material change versus where we are discussed in the last call.

總體而言，我們仍然預計今年和扣除成本的定價至少會保持中性，即使不是積極的，從總體成本通脹的角度來看，我們沒有看到與上次電話會議中討論的情況相比發生重大變化。

Great. Very helpful. Thank you so much bigger.

偉大的。很有幫助。非常感謝你更大。

Okay. Thank you.

好的。謝謝。

Andrea Teixeira, JPMorgan.

安德里亞·特謝拉，摩根大通。

Hi, good morning, everyone. So I wanted to go back to -- and thank you. Go back to the North American tissue discussion. I understand volumes are down 3% and then there was about 250 basis points due to retail destocking. But on the other hand, you are probably shipping more Kleenex.

嗨，大家早安。所以我想回到——謝謝你們。回到北美組織的討論。據我所知，銷量下降了 3%，然後由於零售去庫存，銷量下降了約 250 個基點。但另一方面，您可能運送了更多面紙。

So I was wondering, looking ahead, if the with the lap of the supply chain issues, should we expect the underlying to be still negative? And on the personal care side, if I can squeeze that in, what was the exit rate on the quarter in North America and globally?

所以我想知道，展望未來，如果供應鏈出現問題，我們是否應該預期基本面仍為負面？在個人護理方面，如果我能把這一點算進去，北美和全球本季的退出率是多少？

Yeah. Well, let me let me start with the tissue North America overall again, as I said, there was a bit of a retail inventory change and so organic numbers are different than kind of what the consumption was. Consumption was up [3] in the quarter, which is just a little bit under what the category did overall. And so again, I think the tissue categories in North America remain robust. That are healthy, resilient, depending on what adjective you want to use?

是的。好吧，讓我再次從北美的衛生紙整體開始，正如我所說，零售庫存發生了一些變化，因此有機數字與消費量不同。本季的消費量有所成長 [3]，僅略低於該類別的整體表現。因此，我認為北美的紙巾類別仍然強勁。那是健康的、有彈性的，這取決於你想用什麼形容詞？

I'd say overall share, you know, we've made strong progress on Kleenex. I think clearance was up almost 500 basis points on share in the quarter. That does reflect an improved supply condition that I said we were cycling versus last year.

我想說的是，總體而言，我們在面紙紙上取得了巨大進展。我認為本季清除率上升了近 500 個基點。這確實反映出我所說的與去年相比我們正在騎車的供應狀況有所改善。

In bath tissue, I think our share was a little was a bit soft of a little bit under 1 point in share down, and that reflects a couple of things, a hard what we call a hard roll over a packaging change and shelving reset on Cottonelle. And then Scott 1,000 has still been somewhat supply-constrained year to date.

在衛生紙方面，我認為我們的份額有點軟，份額下降了 1 個百分點，這反映了一些事情，我們稱之為硬捲，包裝變化和貨架重置科託內爾。而今年迄今為止，Scott 1,000 的供應仍有些緊張。

And so we've cut back on our normal merchandising calendar. And so therefore, because of that, we are seeing a little bit more increased promotional availability for private label. And that's kind of had a bit of an effect on some 1,000. I think the brand, it remains very very healthy and it's a power brand, especially for value consumers in this environment, and we feel great about that.

因此，我們削減了正常的銷售日程。因此，正因為如此，我們看到自有品牌的促銷可用性增加。這對大約 1,000 人產生了一些影響。我認為這個品牌仍然非常健康，是一個強大的品牌，特別是對於這種環境下的價值消費者來說，我們對此感覺很好。

But overall, I think we feel great about the progress and I think the inventory change was a little bit different than what we were expecting coming into the quarter.

但總的來說，我認為我們對進展感到滿意，而且我認為庫存變化與我們對本季的預期略有不同。

But I think I would hope that we're mostly through that.

但我想我希望我們基本上可以渡過難關。

Yeah. On personal care, your question of what we grew, Andrea, I mean we grew mid-single digits solidly in North America and it was volume and mix driven. So the impact as Mike said on the trade destocking in the quarter was largely contained to tissue consumer tissue in North America.

是的。在個人護理方面，你問我們成長了什麼，安德里亞，我的意思是我們在北美實現了中個位數的穩定增長，這是由數量和組合驅動的。因此，正如麥克所說，本季貿易去庫存的影響主要集中在北美的生活紙消費領域。

That is super helpful. The exit rate of personal care do you think even with the merchandise, I'm assuming that you shifted the merchandising dollars from consumer tissue into our into personal care or you just are basically kind of flow through and then now you can kind of as you regularly in the supply chain improves into consumer tissue, you're going to merchandise more into the second half or just as an exit rate on just an idea of how personal care continues to do well into the remaining of the month right into June?

這非常有幫助。您認為個人護理品的退出率是否與商品一樣，我假設您將銷售資金從消費紙巾轉移到我們的個人護理品中，或者您基本上只是流動，然後現在您可以像您一樣供應鏈中定期改進為消費紙巾，您將在下半年進行更多商品銷售，還是只是作為退出率，以了解個人護理品如何在進入六月份的剩餘時間裡繼續表現良好？

Yes. I mean, Andrew, I'm not sure I know how to answer that question on exit rate units, not that it's not how we think about it. I would say kind of what we're doing is we're very encouraged with our start to the year through the first half. I think the volume and mix are proceeding and moving in the right direction for us. We feel great about that.

是的。我的意思是，安德魯，我不確定我是否知道如何回答有關退出率單位的問題，並不是說這不是我們的想法。我想說的是，我們正在做的事情是，我們對今年年初到上半年的表現感到非常鼓舞。我認為銷售和組合正在朝著對我們來說正確的方向發展。我們對此感覺很好。

There's going to be some inventory noise here and there in personal care, I would say it's going to be a positive in the category because we had some supply constraints last year that we're cycling. As I just mentioned, there was some inventory changes on the other direction on consumer tissue. But overall, I feel very good about where the brands are recognized.

個人護理品方面將會出現一些庫存噪音，我想說這將對該類別產生積極影響，因為去年我們在騎自行車時遇到了一些供應限制。正如我剛才提到的，消費紙巾的另一個方向上有一些庫存變化。但總的來說，我對這些品牌的認可程度感到非常滿意。

We have more work to do, but also I feel good that we have the opportunity to make some additional investments to make sure that our value propositions are robust but that doesn't mean we're going to ride it through promotion as you may be well aware, I said in the past. I'm not a fan of over promoting our categories. And so really we're our focus on investment is to grow the category through advertising and bringing out the right kind of innovation to drive the categories.

我們還有更多的工作要做，但我也很高興我們有機會進行一些額外的投資，以確保我們的價值主張是穩健的，但這並不意味著我們會像您一樣透過促銷來利用它很清楚，我過去說過。我不喜歡過度宣傳我們的類別。因此，實際上，我們投資的重點是透過廣告來發展該類別，並推出正確的創新來推動該類別。

Just like I talked about with skin essentials that we just launched in North America in the second quarter..

就像我談到我們第二季剛在北美推出的皮膚必需品一樣。

Thank you very much. I'll pass it on. Thank you both.

非常感謝。我會把它傳遞下去。謝謝你們倆。

Okay, thanks a lot.

好的，非常感謝。

Thank you.

謝謝。

We'll take one more question.

我們再問一個問題。

Bonnie Herzog, Goldman Sachs.

邦妮·赫爾佐格，高盛。

Yes. I just had a maybe a quick follow-up question on your tissue business. As you just mentioned, promos really have started to step up there. So I guess I'm trying to get a sense for how much you may need to or be willing to increase promos in an effort to essentially drive volumes in the back half of the year possibly resulting in a net negative price contribution similar, it relates to what we saw in Q2. And do you expect continued retail inventory destock impact in the back half as well?

是的。我只是有一個關於你們的紙巾業務的快速跟進問題。正如您剛才提到的，促銷確實已經開始加強。因此，我想我正在嘗試了解您可能需要或願意增加多少促銷活動，以從根本上推動今年下半年的銷量，這可能會導致類似的淨負價格貢獻，它涉及我們在第二季度看到的情況。您預計下半年零售庫存去庫存的影響是否也會持續？

Yes. Maybe I'll start with the last part, Bonnie. I again, I tend to focus a little bit more on the consumption and the consumption trends remain, I would say healthy, and I think there's going to be some shifting here and there I don't expect ongoing retail inventory contractions, but there could be some moves here and there we don't control those, right.

是的。也許我會從最後一部分開始，邦妮。我再說一遍，我傾向於更多地關註消費，而且消費趨勢依然存在，我想說的是健康的，我認為這裡和那裡將會發生一些轉變，我預計零售庫存不會持續收縮，但可能會有到處都有一些動作，我們無法控制，對吧。

But we are -- we do work with these are big categories. And so our customers do work with us very closely to plan that out over time. And so I feel good about the inventory positions that we have right now, but can't exactly predict what we'll go forward on it on a what will happen on a go-forward basis.

但我們確實與這些大類別合作。因此，我們的客戶確實與我們密切合作，隨著時間的推移制定計劃。因此，我對我們現在的庫存狀況感覺良好，但無法準確預測我們將在未來發生什麼情況。

On the promotional environment. I do think, I recognize broadly across staples that there is increased consumer price sensitivity. And so making sure that we have the right value proposition is going to be important.

關於促銷環境。我確實認為，我廣泛認識到消費者對價格的敏感度有所增加。因此，確保我們擁有正確的價值主張非常重要。

The thing I'll point you to is what's fundamentally changed in these categories over the past 10 years, 5years is the analytics that we have available to drive the right decision making. And so and I know others gets a lot of play about the promotional environment. But you know, in the last five years, we've invested a lot in the predictive modeling tools that make enable us to make the right choices on promotion.

我要向您指出的是，過去 10 年中這些類別發生了根本性變化，5 年是我們可用於推動正確決策的分析。因此，我知道其他人對促銷環境很感興趣。但您知道，在過去五年中，我們在預測建模工具上投入了大量資金，使我們能夠在促銷方面做出正確的選擇。

And so again, I tend to focus more on profitable growth and a promotion as a trade promotion is a tool to drive the overall brand strategy, but it is not a strategy in my mind and in itself. And so again, I think we'll work to make sure that our products are affordable and competitive. But again, we're focused on growing the category.

再說一次，我傾向於更專注於利潤成長和促銷，因為貿易促銷是推動整體品牌策略的工具，但它本身並不是我心目中的策略。同樣，我認為我們將努力確保我們的產品價格實惠且具有競爭力。但我們再次強調，我們專注於發展該類別。

That's helpful. And just maybe one final clarification. I mean, is it fair to assume or maybe ask this way. Is it your expectation that volumes will inflect in the second half and in tissue just based on everything you said and how you expect things to play out?

這很有幫助。也許還有一個最後的澄清。我的意思是，這樣假設或問是否公平？您是否期望下半年的成交量和組織中的交易量會根據您所說的一切以及您對事情的發展的預期而變化？

Yes. Well, I'd say yeah, I mean, you know, we've shifted our emphasis to volume and mix driven growth. And so over time, we're expecting all of our businesses to drive positive volumes. And that's kind of how the model on how we want to grow. So I think that includes North American tissue.

是的。嗯，我想說的是，我的意思是，我們已經將重點轉向數量和組合驅動的成長。因此，隨著時間的推移，我們預計所有業務都將實現積極的銷售成長。這就是我們希望如何成長的模式。所以我認為這包括北美組織。

Perfect. Thank you.

完美的。謝謝。

Okay. Thank you, Bonnie.

好的。謝謝你，邦妮。

Thank you.

謝謝。

All right. Well, thanks, everybody, for joining us. And if anybody has any follow-up calls we'll be available to take them today. So, thanks very much for your time.

好的。好的，謝謝大家加入我們。如果有人有任何後續電話，我們今天就可以接聽。非常感謝您抽出寶貴的時間。

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。