金百利克拉克 (KMB) 2022 Q3 法說會逐字稿

Ladies and gentlemen, thank you for your patience in holding. We now have your presenters in conference. (Operator Instructions) It is now my pleasure to introduce today's first presenter, Brian Ezzell. Please go ahead.

女士們，先生們，感謝你們的耐心等待。我們現在有您的演講者參加會議。 （操作員說明）現在我很高興介紹今天的第一位主持人 Brian Ezzell。請繼續。

Thank you, and good morning, everyone. Welcome to Kimberly-Clark's third quarter earnings conference call. With me today are Mike Hsu, our Chairman and Chief Executive Officer; and Nelson Urdaneta, our Chief Financial Officer. This morning, we issued our earnings news release and published prepared management remarks from Mike and Nelson that summarized our third quarter results and 2022 outlook. Both documents are available in the Investors section of our website. In just a moment, Mike will share opening comments, and then we'll take your questions.

謝謝大家，大家早上好。歡迎參加金佰利第三季度財報電話會議。今天和我在一起的是我們的董事長兼首席執行官 Mike Hsu；和我們的首席財務官 Nelson Urdaneta。今天上午，我們發布了收益新聞稿，並發布了 Mike 和 Nelson 準備好的管理層評論，總結了我們的第三季度業績和 2022 年展望。這兩份文件都可以在我們網站的“投資者”部分找到。稍後，邁克將分享開場評論，然後我們將回答您的問題。

During this call, we may make forward-looking statements. Please see the Risk Factors section of our latest annual report on Form 10-K and our latest 10-Q for further discussion of forward-looking statements. We may also refer to adjusted results and outlook, both of which exclude certain items described in this morning's news release. The release has additional information about these adjustments and reconciliations to comparable GAAP financial measures. And now I'll turn it over to Mike.

在本次電話會議期間，我們可能會做出前瞻性陳述。有關前瞻性陳述的進一步討論，請參閱我們最新的 10-K 表格年度報告和我們最新的 10-Q 年度報告的風險因素部分。我們也可能會參考調整後的結果和展望，這兩者都不包括今天上午的新聞稿中描述的某些項目。該新聞稿包含有關這些調整和與可比 GAAP 財務措施對賬的更多信息。現在我將把它交給邁克。

All right. Thank you, Brian. Good morning, everyone. Our teams around the world continue to execute strongly in what remains a dynamic and challenging environment. I'm pleased with our continued organic sales growth momentum with 5% growth in the third quarter, reflecting broad gains in all of our segments. Our third quarter results also reflect ongoing volatility in the operating environment, which continue to pressure operating margin and earnings. Throughout the year, we've taken decisive action to offset persistent inflation with pricing and cost savings. We're making progress as those initiatives enabled sequential expansion of gross and operating margins in the quarter. As we near the close of 2022, we're maintaining our sales and earnings outlook for the year. We continue to manage our business with discipline and remain confident we'll restore our margins over time. We're executing our growth strategy to elevate our categories and expand our markets by putting the consumers front and center. We'll continue to invest in innovation and our commercial programs to continually sharpen the value proposition of our brands. We're committed to delivering balanced and sustainable growth over the long term as we work to fulfill our purpose of Better Care for a Better World.

好的。謝謝你，布賴恩。大家，早安。我們在世界各地的團隊繼續在充滿活力和挑戰性的環境中強有力地執行任務。我對我們持續的有機銷售增長勢頭感到滿意，第三季度增長了 5%，這反映了我們所有細分市場的廣泛收益。我們第三季度的業績也反映了經營環境的持續波動，這繼續給經營利潤率和收益帶來壓力。全年，我們採取果斷行動，通過定價和成本節約來抵消持續的通貨膨脹。我們正在取得進展，因為這些舉措能夠在本季度實現毛利率和營業利潤率的連續增長。隨著我們接近 2022 年的結束，我們將維持今年的銷售和盈利前景。我們將繼續以紀律管理我們的業務，並有信心隨著時間的推移恢復我們的利潤。我們正在執行我們的增長戰略，通過將消費者放在首位和中心來提升我們的品類並擴大我們的市場。我們將繼續投資於創新和我們的商業計劃，以不斷提升我們品牌的價值主張。我們致力於實現長期平衡和可持續的增長，以實現我們的目標，即更好地關愛更美好的世界。

With that, we're ready to address your questions.

有了這個，我們準備好解決您的問題。

(Operator Instructions) We'll take our first question from Lauren Lieberman with Barclays.

（操作員說明）我們將向巴克萊銀行的 Lauren Lieberman 提出第一個問題。

I was hoping if we could just start out with an update on the input cost outlook. You've held the outlook for the year. There's one quarter to go. But just we see it looks like pulp is kind of flattening out in terms of market data, but there are industry participants that has sort of said otherwise. We've gotten a lot of questions in the last few weeks about European energy prices, how that impacts your business. So any color you can provide would be great. And also, I know it's early, but looking into 2023 as well.

我希望我們能從更新投入成本展望開始。你持有今年的前景。還有四分之一的時間。但我們只是看到，就市場數據而言，紙漿似乎有點趨於平緩，但也有行業參與者表示不同。在過去的幾周里，我們收到了很多關於歐洲能源價格的問題，這對您的業務有何影響。所以你能提供的任何顏色都會很棒。而且，我知道現在還為時過早，但也要展望 2023 年。

Yes. I'll start maybe and Nelson will give you his perspective. But overall, I'd say it's stabilizing, but at the high level, and we're still experiencing some volatility. So I don't know if Nelson, you want to give a little more texture.

是的。我可能會開始，尼爾森會給你他的觀點。但總的來說，我會說它正在企穩，但處於高位，而且我們仍在經歷一些波動。所以我不知道尼爾森，你是否想給更多的質感。

Sure. And Lauren, I mean, a few things there. I mean we've held our guidance for the full year and the $1.4 billion to $1.6 billion. And it's important to note that through the first 9 months of the year, we've seen about $1.2 billion of these costs materialize. We did see sequential improvement in terms of the impact as we lap last year's $1 billion out of the $1.5 billion that impacted us in the second half of the year. So for the quarter, you would have seen a $360 million commodity impact versus $470 million in Q1 and $405 million in Q2. So the trend that we had talked about is playing out in Q3.

當然。勞倫，我的意思是，那裡有幾件事。我的意思是我們已經保持了全年的指導方針和 14 億至 16 億美元。重要的是要注意，在今年的前 9 個月，我們已經看到這些成本中約有 12 億美元實現了。我們確實看到了影響的連續改善，因為我們在今年下半年影響我們的 15 億美元中超過了去年的 10 億美元。因此，對於本季度，您將看到 3.6 億美元的商品影響，而第一季度為 4.7 億美元，第二季度為 4.05 億美元。所以我們談到的趨勢正在第三季度上演。

Secondly, overall, we're not calling down because the reality is commodities remain elevated. The environment remains quite challenging, and we're maneuvering through it. We've seen overall a few dynamics that I'd like to highlight. First, on the pulp and fiber components, prices remain pretty elevated. Eucalyptus is trading today at around $1,600. That's an all-time high. And we -- while the market is projecting for some easing at the end of this year, we have yet to see that play out. If we look at distribution costs, those remain challenging as well, especially on the international front. We have seen some giving up a prices on spot transportation in North America, but still, that's not offsetting the overall challenges we're seeing on a global basis.

其次，總體而言，我們不會下調，因為現實情況是大宗商品仍處於高位。環境仍然非常具有挑戰性，我們正在通過它進行機動。我們已經看到了一些我想強調的整體動態。首先，紙漿和纖維成分的價格仍然很高。桉樹今天的交易價格約為 1,600 美元。這是歷史最高點。而且我們——雖然市場預計今年年底會出現一些放鬆，但我們還沒有看到這種情況發生。如果我們看一下分銷成本，這些成本也仍然具有挑戰性，尤其是在國際方面。我們已經看到一些人放棄了北美現貨運輸的價格，但這仍然不能抵消我們在全球範圍內看到的整體挑戰。

So net-net, we remain at the guidance that we had provided. And the messages I would say in terms of next year, right now, it's too early for us to provide any guidance on 2023. We'd still have the full year to play out. But a few thoughts that I'd share. One, we remain at historical highs in the whole commodity and cost structure. As a reminder, on a 2-year stack, with $3 billion at the midpoint of our guidance today. And again, we have not seen any meaningful move versus our assumptions that we gave you back in July.

所以 net-net，我們仍然遵循我們提供的指導。我要說的是明年的信息，現在，我們現在就 2023 年提供任何指導還為時過早。我們還有整整一年的時間。但我想分享一些想法。一，我們在整個商品和成本結構上仍處於歷史高位。提醒一下，在 2 年的堆棧中，我們今天指導的中點為 30 億美元。再說一次，與我們在 7 月份給你的假設相比，我們沒有看到任何有意義的舉動。

Secondly, ForEx markets. We have seen, and you see it in our -- in the deconstruction of our numbers. ForEx has become more volatile and challenging. And as a reminder, we have about 1/3 of our profits coming from overseas. So that is something that we are taking into account in our outlook, but we will have to carefully watch as we think about next year. The underlying business environment remains volatile. As Mike said in his opening remarks, we're managing through it, but it's something we will take into account again over the next few months as we prep up to give you guidance in January when we talk about Q4.

其次，外匯市場。我們已經看到了，你在我們的數字解構中看到了它。外匯交易變得更加動盪和具有挑戰性。提醒一下，我們大約 1/3 的利潤來自海外。所以這是我們在展望中考慮的事情，但我們在考慮明年時必須仔細觀察。潛在的商業環境仍然不穩定。正如邁克在開場白中所說，我們正在處理它，但我們將在接下來的幾個月內再次考慮到這一點，因為我們準備在一月份討論第四季度時為您提供指導。

Lauren, you may have gotten more than your bargain for on that question.

勞倫，在這個問題上，你得到的可能比你討價還價的多。

No, it's great. I'll always take it. .

不，這很棒。我會一直接受的。 .

(Operator Instructions) We'll take our next question from Kevin Grundy of Jefferies.

（操作員說明）我們將向 Jefferies 的 Kevin Grundy 提出下一個問題。

Question for me, just kind of zooming out a bit, Mike, just observations on kind of the elephant in the room, right? Observations on consumer demand and then elasticities. I guess as we kind of look at the quarter, elasticities are a bit better in tissue and towel, worse in personal care, at least versus our model. So maybe just comment on what you're seeing from a consumer perspective, any signs of consumer weakness that are at all worrisome to you? And then maybe you could just share your own thoughts on how the elasticities in the quarter came in relative to your own expectations and thoughts as we look ahead.

對我的問題，只是稍微縮小一點，邁克，只是觀察房間裡的大象種類，對嗎？對消費者需求和彈性的觀察。我想當我們看一下這個季度時，紙巾和毛巾的彈性要好一些，個人護理方面的彈性要差一些，至少與我們的模型相比。所以也許只是從消費者的角度評論你所看到的，任何令你擔憂的消費者疲軟跡象？然後也許你可以分享你自己的想法，即當我們展望未來時，本季度的彈性相對於你自己的預期和想法是如何產生的。

Okay. Yes, Kevin, you have to guide me a little bit. I've got a lot of thoughts here. So I'll give you a few things. I mean, one, I do want to emphasize, I feel very good about our strong execution of our strategy in what remains a very challenging and dynamic environment. The continued organic momentum I feel very good about. Obviously, we were a little soft on North American Personal Care, which I can come back to you, but that was -- I think consumption was fine. It was more around some inventory changes cycling some supply constraints that we had last year. But overall, I think we had excellent execution of our pricing initiatives globally and great brand support through our commercial programs. I think it was in the prepared remarks, but high single digit across all developed markets, high single to double-digit growth across all key D&E markets. And then North America, as you saw, was down too because of some of the supply changes.

好的。是的，凱文，你必須指導我一點。我在這裡有很多想法。所以我會給你一些東西。我的意思是，我確實想強調，我對我們在仍然充滿挑戰和動態的環境中強有力地執行我們的戰略感到非常滿意。持續的有機發展勢頭讓我感覺非常好。顯然，我們對北美個人護理有點軟，我可以回复你，但那是 - 我認為消費很好。更多的是圍繞一些庫存變化，循環我們去年遇到的一些供應限制。但總的來說，我認為我們在全球範圍內出色地執行了定價計劃，並通過我們的商業計劃獲得了強大的品牌支持。我認為這是在準備好的評論中，但所有發達市場的高個位數增長，所有關鍵 D&E 市場的高個位數到兩位數增長。然後，正如你所見，由於一些供應變化，北美也出現了下滑。

On top of that, I'd say we feel very good about our share performance. We're up or even in about half of our categories, a little bit more than that in personal care. And we were very fast on pricing. We've been very decisive on pricing all year. And so we knew we're going to give up a little share in the near term. And it does look like our share performance is improving in the latest quarter. And so we like where the trends are going and feel good about that. And then lastly, I'd say, on the overall environment, we're navigating some shipment volatility, particularly in North America because of the Texas storm and everything that happened last year. So that's kind of the overall on us. And then with regard to the consumer, I would say, overall, I feel like the consumer remains resilient, but we are increasingly seeing some bifurcation in demand. And I don't know if I like that word, but it's -- I'm just trying to describe that we're seeing 2 different patterns emerge.

最重要的是，我想說我們對我們的股票表現感覺非常好。我們上升了，甚至在我們大約一半的類別中，比個人護理要多一點。而且我們的定價非常快。我們全年對定價非常果斷。所以我們知道我們將在短期內放棄一點份額。看起來我們的股票表現在最近一個季度正在改善。因此，我們喜歡趨勢的發展方向並對此感覺良好。最後，我想說的是，在整體環境方面，我們正在應對一些出貨量波動，尤其是在北美，因為德克薩斯風暴和去年發生的一切。這就是我們的整體情況。然後關於消費者，我想說，總的來說，我覺得消費者仍然有彈性，但我們越來越多地看到需求出現了一些分歧。我不知道我是否喜歡這個詞，但它 - 我只是試圖描述我們正在看到兩種不同的模式出現。

And it's mostly along, as you would expect, having socioeconomic lines. I mean, certainly -- hence we do the research in a developed market like in North America, there's a broad swath of consumers that their savings are still higher than they were 3 years ago. They're employed. And while they may be curtailing some big ticket purchases in our categories, which are essentials, we're not seeing a discernible change in behavior there. However, there's about 40% of the population in the U.S. that is more living paycheck to paycheck. I grew up in one of those households and I know what it's like. And so we are seeing some changes in the consumption patterns, whether that is buying lower count packs or trading down a bit.

正如你所料，它主要是沿著社會經濟路線。我的意思是，當然 - 因此我們在北美這樣的發達市場進行研究，有大量消費者認為他們的儲蓄仍然高於 3 年前。他們受僱。雖然他們可能會減少我們類別中的一些大宗商品購買，這是必需品，但我們並沒有看到那裡的行為發生明顯變化。然而，美國大約有 40% 的人口靠薪水維持生計。我在其中一個家庭長大，我知道它是什麼樣的。因此，我們看到消費模式發生了一些變化，無論是購買數量較少的包裝還是交易量有所下降。

But I would say the important thing for us is to recognize that we're trying to serve our consumers and meet them where they need us, and that's both sets of consumers. And so our premium business continues to grow and do well. And then we've got a -- we've got a make sure that we're addressing the right value -- having the right value proposition for the value -- more value oriented consumers. So there is some, I would say, bifurcation. We saw that happen about 3 years ago in a lot of markets in D&E, but we are seeing a little bit more of that in developed markets. I'll pause there. Kevin, anything to add?

但我想說，對我們來說重要的是要認識到我們正在努力為我們的消費者服務，並在他們需要我們的地方滿足他們，這就是兩類消費者。因此，我們的優質業務繼續增長並表現良好。然後我們有一個 - 我們有一個確保我們正在解決正確的價值 - 對價值有正確的價值主張 - 更多以價值為導向的消費者。所以有一些，我會說，分叉。大約 3 年前，我們在 D&E 的許多市場看到了這種情況，但我們在發達市場看到了更多這種情況。我會停在那裡。凱文，有什麼要補充的嗎？

I'm sure there's other questions into queue, Mike. That's really helpful. I'll pass it on.

邁克，我確定還有其他問題需要排隊。這真的很有幫助。我會傳下去的。

Our next question comes from Chris Carey with Wells Fargo.

我們的下一個問題來自富國銀行的 Chris Carey。

I just wanted to follow up on that line of questioning around volumes, specifically in personal care, but perhaps from a bit different angle. It's harder for us to see, but just taking what you said about commodities and what we know about pricing, it doesn't look like you've experienced much notable volume deleverage to gross margins this quarter from the weaker volumes, but certainly, the operating margin performance was different. Can you just frame how do you think weaker volumes to the extent that sustains are expected to impact your P&L as you go forward, specifically between the gross and operating margin line. And just connected to that, how you would envision addressing some of the weaker volume performance that we've seen, whether in demand building? Or is it simply that your algorithm will change between pricing and volume such that you're still achieving your overall organic sales growth objectives.

我只是想跟進有關數量的問題，特別是在個人護理方面，但也許從不同的角度。我們更難看到，但僅考慮您對商品的看法以及我們對定價的了解，看起來您本季度從疲軟的銷量中並沒有經歷太多顯著的銷量去槓桿化到毛利率，但可以肯定的是，營業利潤率表現不同。您能否描述一下您認為持續疲軟的交易量如何影響您的損益，特別是在毛利率和營業利潤率之間。與此相關的是，您將如何設想解決我們所看到的一些較弱的銷量表現，無論是在需求建設中嗎？或者僅僅是您的算法將在定價和數量之間發生變化，這樣您仍然可以實現整體有機銷售增長目標。

Yes. Let me start and maybe Nelson can talk -- give you some more of the texture. But I'll start with -- let me unpack the volume performance, particularly, I think it's probably -- everyone's probably got a question about North American Personal Care. And I'll say our North America team is doing a great job navigating what I would call excess volatility in demand. And really I think we put this in the remarks, consumption remains stable. And so just for reference, Chris, in the third quarter, our all-outlet consumption, which I don't think you see, we were up 4 in diapers on consumption, 9 in adult care and 16 in fem care.

是的。讓我開始吧，也許尼爾森可以談談——給你更多的質感。但我將首先 - 讓我解開體積性能，特別是，我認為它可能 - 每個人都可能有一個關於北美個人護理的問題。我會說我們的北美團隊在應對我所說的需求過度波動方面做得很好。我真的認為我們在評論中提到了這一點，消費保持穩定。僅供參考，克里斯，在第三季度，我們的全渠道消費，我認為你看不到，我們的尿布消費增加了 4，成人護理增加了 9，女性護理增加了 16。

And the real fact is, and I mentioned before, the storm that occurred in Texas last January, February, shut us down for a few weeks in early Q1 and created a lot of volatility in shipments. I'll give you a sense of the volatility. If I go back to the fourth quarter of 2020 and then give you other quarters, just in diapers, our consumption in December of 2020 was -- or the fourth quarter was plus 6. Then we were minus 7 in the first quarter, plus 7, plus 8, plus 18, plus 14 and then plus 6 last quarter. So you could see there's been a lot of movement. And I would say, it took us a while to recover from our supply constraints.

而真正的事實是，我之前提到過，去年 1 月、2 月在德克薩斯州發生的風暴在第一季度初使我們關閉了幾週，並導致出貨量大幅波動。我會給你一個波動的感覺。如果我回到 2020 年第四季度，然後給你其他季度，僅在尿布方面，我們在 2020 年 12 月的消費量是——或者第四季度是加 6。那麼第一季度我們是負 7，加 7 , 加 8, 加 18, 加 14 然後上個季度加 6。所以你可以看到有很多運動。我想說，我們花了一段時間才從供應限制中恢復過來。

You would think that being down for a couple of weeks, there was more of the roll through it because we had material supply issues as well. And so we were on allocation for most of last year. And so what happened in this quarter is you can see our consumption was stable, but we were cycling, I would say, elevated shipments in the year ago period as retailers were rebuilding their inventories following -- being on allocation.

你會認為停工了幾個星期，因為我們也有材料供應問題，所以會有更多的進展。所以我們去年的大部分時間都在分配。因此，本季度發生的情況是，您可以看到我們的消費穩定，但我想說的是，由於零售商正在重建他們的庫存，因此我們正在循環，我會說，去年同期出貨量增加 - 正在分配。

So overall, I feel very good about our offering across personal care, as you can see by the consumption numbers. I do expect some ongoing volatility in demand as we continue to work through various supply challenges and cycle some of the things that happened last year. And then in terms of the volume deleverage, yes, certainly, yes, we're -- fixed costs are a big component of our P&L. So we're close to that. Again, I would say I'm not expecting in Personal Care North American ongoing volume issue. This is, I would say, more of a one-timer. And then globally, we feel very good about our volume performance and our elasticities have held up to the model in general. D&E, our volumes were down high single digit. We think most of that was concentrated understandably in Eastern Europe, given the conditions that are happening there. And so overall, I think we're feeling good about our volume performance. But Nelson, you want to give us some more texture.

總的來說，我對我們在個人護理領域的產品感覺非常好，正如你從消費數據中看到的那樣。隨著我們繼續應對各種供應挑戰並循環去年發生的一些事情，我確實預計需求會持續波動。然後就數量去槓桿而言，是的，當然，是的，我們 - 固定成本是我們損益的重要組成部分。所以我們已經接近了。再一次，我想說我並不期待北美個人護理產品的持續數量問題。我想說，這更像是一次性的。然後在全球範圍內，我們對我們的銷量表現感覺非常好，我們的彈性總體上與模型保持一致。 D&E，我們的銷量下降了個位數。鑑於那裡正在發生的情況，我們認為其中大部分集中在東歐是可以理解的。所以總的來說，我認為我們對我們的音量表現感覺很好。但是尼爾森，你想給我們更多的質感。

Yes, absolutely. So a couple of things there that I would highlight, Chris. I mean, one, the pricing realization that we had in the quarter really accelerated. So that's flowing through. And you can see that in the margins, which you rightfully point out. And that is something that we were talking about back in July based on the pricing actions that we had taken midway in the latter part of Q2 and also in Q3. So that's more than helping offset some of the deleverage that you would see on the overall business.

是的，一點沒錯。克里斯，我要強調幾件事。我的意思是，我們在本季度的定價實現確實加速了。所以它正在流過。您可以在頁邊空白處看到這一點，您正確地指出了這一點。這就是我們在 7 月份根據我們在第二季度後期和第三季度中途採取的定價行動而談論的事情。因此，這不僅僅是幫助抵消您在整體業務中看到的一些去槓桿化。

Secondly, we begin to lap some of the commodity increases from last year, not that commodities are deflating, but they begin to not be as high in terms of the impact year-on-year. And those 2 are playing out for us to have for the first time in several quarters, a net pricing -- favorable realization net of commodities and ForEx. That's one thing. Secondly, if you look at our segments, the only segment where we saw a drop in margins for the quarter was really personal care. And that had to do with one, the one-offs that Mike's talked about, and we factored in some of those as we go into Q4, because some of those, we do expect to maintain as we go there.

其次，從去年開始，我們開始記錄一些大宗商品的增長，並不是說大宗商品在通貨緊縮，但就同比影響而言，它們開始沒有那麼高了。這兩個對我們來說是幾個季度以來的第一次，淨定價——商品和外彙的有利實現淨值。那是一回事。其次，如果您查看我們的細分市場，我們看到本季度利潤率下降的唯一細分市場是個人護理。這與邁克談到的一次性產品有關，我們在進入第四季度時考慮了其中一些因素，因為其中一些我們確實希望在我們去那裡時保持。

But then secondly was the fact that, yes, we had a little bit of a mix as well in there because North America Personal Care is our most profitable region within the segment in Personal Care. So that factored in into that one, which would have been that. Obviously, we continue to be very watchful of overall costs and fixed costs. And the teams are doing all the actions necessary to ensure we address that.

但第二個事實是，是的，我們在那裡也有一些混合，因為北美個人護理是我們在個人護理領域中最賺錢的地區。因此，將其考慮在內，本來就是這樣。顯然，我們繼續非常關注總體成本和固定成本。團隊正在採取所有必要的行動來確保我們解決這個問題。

If I could just on just how you would in addition addressing some of the volume pressure appreciating that there were certain dynamics in the quarter, which will fade as we go forward because of the base period, but just philosophy on addressing volumes. I know there's been some debate in recent quarters just around what is the right promotional levels and requirements for demand building. So perhaps you could just contextualize how you would look at supporting volumes over a sort of more medium-term horizon?

如果我能談談您將如何解決一些銷量壓力，因為本季度存在某些動態，由於基期的原因，隨著我們前進，這將消退，但只是解決銷量的哲學。我知道最近幾個季度圍繞什麼是正確的促銷水平和需求構建的要求存在一些爭論。因此，也許您可以將您如何看待在更中期的範圍內的支持量進行背景化？

Yes. Chris, again, I feel very good about our commercial execution around the world. I mean we had strong innovation this year. I feel great about our lineup for next year even though we're not talking about next year yet. But -- and I think we feel very good about our advertising. Our digital investments are working very hard for us. And then our sales execution has been very, very strong around the world. And so overall, I think our commercial programs overall are working as intended. We're going to keep a close eye on the promotional environment, though. I'll comment in terms of North America, I would say the environment at this point remains fairly typical, and that's kind of -- it's rebounded from being I would say, more suppressed during the peak years of COVID and is now, I would say, normalized in terms of promotional frequency, may be still a little lower on depth.

是的。克里斯，再次，我對我們在世界各地的商業執行感覺非常好。我的意思是我們今年有很強的創新。我對我們明年的陣容感覺很好，儘管我們還沒有談論明年。但是——我認為我們對我們的廣告感覺很好。我們的數字投資正在為我們努力工作。然後我們的銷售執行在全球範圍內非常非常強大。總的來說，我認為我們的商業計劃總體上按預期工作。不過，我們將密切關注促銷環境。我將就北美髮表評論，我會說此時的環境仍然相當典型，這有點——它已經從我所說的、在 COVID 高峰時期受到更多抑制的狀態反彈，現在，我會比如說，在促銷頻率上歸一化，深度上可能還是會低一些。

And frankly, we're not going to drive our business by driving depth. It doesn't fit with our high road approach to building the brand. And so -- but we're prepared. And one thing I'll add, though, too, is I think we're being prudent in developing the right kind of action plans in the case of a more recessional environment. And so as I mentioned, we're going to -- our strategy is to elevate and premiumize our categories over time. That is exactly the right long-term strategy. And I think that's going to be our strategy for a long time to come. That said, we recognize the environment we're operating in, and we've been very good at running, I would say, more value plays when necessary. But our goal is to make those productive and profitable as well while addressing the needs that the consumers have.

坦率地說，我們不會通過推動深度來推動我們的業務。它不符合我們建立品牌的高路方法。所以——但我們已經準備好了。不過，我還要補充的一件事是，我認為在更加衰退的環境中製定正確的行動計劃時我們會謹慎行事。正如我所提到的，我們將——我們的策略是隨著時間的推移提升和提升我們的類別。這正是正確的長期戰略。我認為這將是我們未來很長一段時間的戰略。也就是說，我們認識到我們所處的環境，並且我們一直非常擅長運行，我想說，在必要時更多的價值發揮。但我們的目標是在滿足消費者需求的同時使這些產品富有成效和盈利。

Okay. Much appreciated.

好的。非常感激。

Thanks, Chris. Thanks.

謝謝，克里斯。謝謝。

Our next question comes from Steve Powers of Deutsche Bank.

我們的下一個問題來自德意志銀行的史蒂夫鮑爾斯。

And apologies, you may have been talking a little bit about this with Chris. I got called away from the call for a brief second there. But -- just as you march from 3Q to 4Q, it implies, I think, either a lot of SG&A leverage or really big step-up in gross margin sequentially and year-over-year. And I guess I'm just -- I guess when I play that back to you and figure out kind of what the main drivers are? Because I get that the inflation gets a little bit less impactful as you go 3Q to 4Q, FORCE picks up. But it just seems like you need some other variables to really move the needle as much as I think is implied in the guidance. I just want to play that back to you.

抱歉，你可能已經和 Chris 談過這件事了。我在那裡被叫了一會兒。但是 - 就像你從第三季度到第四季度一樣，我認為這意味著大量的 SG&A 槓桿或毛利率的連續和同比大幅增長。我想我只是 - 我想當我把它回放給你並弄清楚主要驅動因素是什麼時？因為我知道隨著從第三季度到第四季度，通貨膨脹的影響會有所降低，所以 FORCE 會回升。但似乎您需要一些其他變量來真正推動指針，正如我認為指導中所暗示的那樣。我只是想回放給你聽。

Sure. So Steve, I mean, a couple of things I would highlight. I think first, I'd start by reiterating what happened in Q3, and you would have seen an acceleration in overall pricing realization. And as you mentioned, our expectation, which played out in Q3 of the year-over-year impact of commodities beginning to subside even though they remain elevated. So as we look into Q4, our outlook in which there is an implied step up like what we saw in Q3, the drivers behind it would be, first, is around pricing realization. As a reminder, we've implemented additional pricing actions in the third quarter, and those will be fully realized as we go into the fourth quarter. So we do expect in the fourth quarter another step-up in terms of price realization as we look at our overall outlook. So that should be playing out in the quarter.

當然。所以史蒂夫，我的意思是，我要強調幾件事。我想首先，我首先重申第三季度發生的事情，你會看到整體定價實現的加速。正如您所提到的，我們的預期在第三季度出現，即商品的同比影響開始消退，儘管它們仍然處於高位。因此，當我們研究第四季度時，我們的前景隱含著我們在第三季度看到的提升，其背後的驅動因素首先是圍繞定價實現。提醒一下，我們在第三季度實施了額外的定價行動，這些將在我們進入第四季度時完全實現。因此，當我們審視我們的整體前景時，我們確實預計第四季度價格實現方面會進一步提高。所以這應該在本季度發揮作用。

Secondly would be on our FORCE productivity savings. In the third quarter, we delivered $80 million of FORCE savings, which is an acceleration of around $30 million versus the average we were delivering in Q1 and in Q2. We expect this trend to continue going into Q4. And then last but not least, is stabilized input cost inflation. Again, this does not mean that we expect overall cost to come down. It's more of the year-over-year impact. As of today, we have a year-to-date impact of around $1.2 billion in commodities. And at the midpoint of our guidance of [$1.4 billion to $1.6 billion] for the full year, this would imply that for Q4, we should see another quarter of a reduction sequentially in terms of overall input cost inflation.

其次是我們的 FORCE 生產力節省。在第三季度，我們節省了 8000 萬美元的 FORCE，與我們在第一季度和第二季度的平均水平相比加快了約 3000 萬美元。我們預計這一趨勢將持續到第四季度。最後但並非最不重要的是穩定的投入成本通脹。同樣，這並不意味著我們預計總體成本會下降。它更多的是逐年影響。截至今天，我們對大宗商品的年初至今影響約為 12 億美元。在我們全年[14 億美元至 16 億美元] 的指導值的中點，這意味著在第四季度，我們應該會看到整體投入成本通脹率再下降一個季度。

So when you combine those 3, that's what gives us the building blocks for the continued step-up sequentially quarter-over-quarter on EPS for the fourth quarter. I think it's also important to note that for the full year -- for the full year at the midpoint of our cost guidance, we are at around $1.5 billion of input cost inflation. And as we exit the year, we expect to more than fully offset not just the commodity impact, but also the ForEx based on our current assumptions and what we've modeled out. So that is something that will be planning on Q4.

因此，當您將這三者結合起來時，這就是為我們提供了第四季度每股收益按季度連續增加的基石。我認為同樣重要的是要注意全年 - 在我們成本指導的中點的全年，我們的投入成本通脹約為 15 億美元。隨著我們今年結束，我們預計不僅會完全抵消商品的影響，還會根據我們目前的假設和我們的模型來抵消外彙的影響。這就是第四季度的計劃。

Okay. Yes, that makes sense. That's helpful. I guess the other thing that I wanted to ask about, and I appreciate that '23 is a long way away. You're not really talking about it. But consensus estimates have the company delivering above algorithm EPS growth next year, which I think implies that the price realization that you just spoke to continues to hold even as you get some hopeful relief on costs. And I wanted to get your perspective on just your comfort level with that level of assumption as you look at it. And especially in the context of -- I appreciate what you said earlier about sort of the timing impacts in North America and how that impacted shipments. But we are watching those private label shares in Personal Care, specifically diapers pick up.

好的。是的，這是有道理的。這很有幫助。我想我想問的另一件事，我很感激 23 年還有很長的路要走。你不是真的在談論它。但共識估計公司明年將實現高於算法每股收益的增長，我認為這意味著你剛剛談到的價格實現將繼續保持下去，即使你在成本上獲得了一些有希望的緩解。我想在你看待它的時候，用那種假設水平來了解你對你的舒適程度的看法。特別是在 - 我很欣賞你之前所說的關於北美的時間影響以及這如何影響出貨量的內容。但我們正在關注個人護理領域的那些自有品牌份額，特別是尿布的回升。

Hopefully, that gets better. But as you push through more price and the consumer potentially degrades from a confidence perspective, concerns about that, those share trends not rebounding. And it just -- it speaks to if the deflationary backdrop does play out next year, do you have to roll back some of this price. So a lot in there, but just really thinking about the consumer demand trends, your pricing trends, net of commodities and just some perspective on your comfort level with consensus being above algo next year?

希望情況會好轉。但是，隨著價格上漲，消費者的信心可能會下降，對此的擔憂是，這些股票趨勢不會反彈。它只是 - 它說明如果通貨緊縮的背景確實在明年出現，你是否必須回滾一些這個價格。那裡有很多，但只是真正考慮消費者需求趨勢，您的定價趨勢，商品淨額以及您對明年共識高於算法的舒適度的一些看法？

Yes, Steve, maybe my comfort level is probably not comfortable addressing what '23 looks like yet. And I hate to do that. But I think the underlying is because of what we're seeing right now in the marketplace, which is, one, the volatility in the marketplace, which we experienced in Q3 and it's going to continue; and then the other part is we're still rolling out our plans. And so I really feel would love to comment, but I don't feel like in a place where it would be reasonable for us to comment at this point. I don't Nelson, if you have a different...

是的，史蒂夫，也許我的舒適程度可能對解決 23 年的樣子感到不舒服。我討厭這樣做。但我認為潛在的原因是我們現在在市場上看到的情況，即市場的波動性，我們在第三季度經歷了這種波動，並且這種情況將繼續下去；然後另一部分是我們仍在推出我們的計劃。所以我真的很想發表評論，但我覺得我們現在不適合發表評論。我不尼爾森，如果你有不同的...

Yes. No, I fully agree, Mike. And as I said to Lauren in terms of her ask, one of the variables that, again, we're looking into today as we build plans and everything is where we stand today. And the reality is commodities have not subsided. They remain pretty elevated, and ForEx is becoming and has become a bit of a challenge as we look forward. We've got 3 months to go for the year, but it's a variable that we're going to have to take into account, Steve, as we look forward, too. So again, too early for us to comment, but those would be kind of my thoughts in terms of where we stand today.

是的。不，我完全同意，邁克。正如我在 Lauren 的詢問中所說的那樣，我們今天在製定計劃時正在研究的變量之一，一切都是我們今天的立場。而現實是商品並沒有消退。它們仍然處於相當高的水平，正如我們所期待的那樣，ForEx 正在成為並且已經成為一個挑戰。我們今年還有 3 個月的時間，但這是我們必須考慮的一個變量，史蒂夫，我們也期待著。再說一次，我們發表評論還為時過早，但就我們今天的立場而言，這將是我的想法。

Yes. The thing I'll add, Steve, though, is we are continuing to manage our business with discipline, and we remain confident we'll restore our margins over time. I mean as Nelson pointed out, we've taken on over the last 2 years, $3 billion of inflation, that's 1,500 basis points of gross margin, which is a lot. And we've taken decisive action. And the good news is, and we -- for the third quarter, our pricing fully offset inflation plus FX in the quarter. And so we do continue to expect sequential improvement. Commodities also -- as people who have been following us for a long time, commodities will eventually revert. We're not counting on that for our margin recovery. But when that does happen, that will likely accelerate our recovery. So we're taking a thoughtful holistic approach to mitigating inflation and running our business. And hopefully, you all appreciate that.

是的。不過，史蒂夫，我要補充的是，我們將繼續以紀律管理我們的業務，我們仍然有信心隨著時間的推移恢復我們的利潤。我的意思是，正如納爾遜所指出的，我們在過去 2 年中承擔了 30 億美元的通貨膨脹，這是 1,500 個基點的毛利率，這是很多的。我們已經採取了果斷的行動。好消息是，我們 - 對於第三季度，我們的定價完全抵消了本季度的通貨膨脹和外匯。因此，我們確實繼續期待連續改進。商品也是——作為長期關注我們的人，商品最終會回歸。我們並不指望我們的利潤率恢復。但當這種情況發生時，這可能會加速我們的複蘇。因此，我們正在採取深思熟慮的整體方法來緩解通貨膨脹和經營我們的業務。希望你們都欣賞這一點。

Our next question comes from Jason English of Goldman Sachs.

我們的下一個問題來自高盛的 Jason English。

A couple of real quick housekeeping questions here. For guidance, I appreciate you reiterated EPS, but you didn't provide an update on your EBIT outlook. Can you provide that now? Has it changed at all?

這裡有幾個真正的快速管家問題。作為指導，我感謝您重申 EPS，但您沒有提供 EBIT 前景的更新。你現在能提供嗎？它完全改變了嗎？

No, no. In general, it remains where we're at.

不，不。總的來說，它仍然是我們所處的位置。

Excellent. And then productivity, you have a nice uptick in the fourth quarter implied by the full year guide here on FORCE savings. What's driving the uptick, and would it be unreasonable for us to look at that and assume that, that run rate continues through next year, therefore, implying that what was under delivery this year is going to be followed by over the year next.

出色的。然後是生產力，您在第四季度的全年指南中暗示了 FORCE 儲蓄的良好增長。是什麼推動了上漲，我們是否不合理地看待這一點並假設這種運行率會持續到明年，因此，這意味著今年交付的產品將在明年跟進。

Sure. So a quick one there, Jason. As we've said in the past, FORCE is not necessarily a straight line. We've never seen that in the past, and I don't project that that's going to happen in the future. Because it just builds up over the year, and we do see ups and downs. Because remember, it is a net number. So it does build some of the -- some headwinds and costs that we might be facing. As you indicated, there is a step-up in Q4. And to me, the key to look at is what happened in Q3. In Q3, we delivered $80 million versus an average for Q1 and Q2 that was below 50. So the acceleration was there, and we delivered year-to-date $175 million. We expect to see further delivery in Q4 based on the strong pipeline of productivity that our teams have across the globe. As we look into next year, yes, the teams are building up the gross productivity pipeline, and I'll stress that gross productivity pipeline. And again, we will be walking through the delivery as we go through next year. But I can't -- and I would not commit to whatever run rate we have exiting this year and Q3 being what we see in the first couple of quarters of next year. It's too early to say, Jason.

當然。所以很快，傑森。正如我們過去所說，FORCE 不一定是一條直線。我們過去從未見過這種情況，而且我不認為將來會發生這種情況。因為它只是在一年中積累起來，我們確實看到了起起落落。因為記住，它是一個淨數字。因此，它確實建立了我們可能面臨的一些不利因素和成本。正如您所指出的，第四季度有一個升級。對我來說，要看的關鍵是第三季度發生的事情。在第三季度，我們交付了 8000 萬美元，而第一季度和第二季度的平均水平低於 50 美元。因此加速存在，我們今年迄今交付了 1.75 億美元。基於我們團隊在全球擁有的強大生產力，我們預計第四季度將進一步交付。當我們展望明年時，是的，團隊正在建立總生產力管道，我將強調總生產力管道。同樣，我們將在明年進行交付時進行。但我不能——而且我不會承諾我們今年退出的任何運行率，第三季度是我們在明年前幾個季度看到的。現在說還為時過早，傑森。

The thing I'll emphasize is, yes, it is a net number. And so our gross productivity has continued to climb. I think our teams are doing really a fantastic job driving the productivity. The issue we have is the inflation isn't just in our inputs. It happens in all places of the P&L. And so some of it, unfortunately, gets nets out. So I could [complain] my teams around their overall net productivity, but that's kind of like complaining about like trucking lane rates or -- I mean, we don't like them, but some of that is not in their fully under control. And so we have to navigate that. That's why we have to drive our gross savings higher.

我要強調的是，是的，它是一個淨數字。因此，我們的總生產力繼續攀升。我認為我們的團隊在提高生產力方面做得非常出色。我們面臨的問題是通貨膨脹不僅僅存在於我們的投入中。它發生在損益表的所有地方。因此，不幸的是，其中一些會撒網。所以我可以[抱怨]我的團隊的整體淨生產力，但這有點像抱怨卡車車道率，或者——我的意思是，我們不喜歡他們，但其中一些並沒有完全在他們的控制之下。所以我們必須導航。這就是為什麼我們必須提高我們的總儲蓄。

Our next question comes from Andrea Teixeira with JPMorgan.

我們的下一個問題來自摩根大通的 Andrea Teixeira。

Just a couple of questions. Mike, can also -- if you can elaborate a little bit more on the price elasticity that are embedding in your guidance for 4Q. I understand that, obviously, it implies a huge decline in organic sales. And I do understand the comp for Personal Care. I believe it was 11% last year in the same period. So I was wondering if you can comment, it does look like your pricing at least in the Nielsen data seems a bit below peers. So I was wondering if there is anything embedded there in terms of promotions or -- and part of the also question on promo is your SG&A, is there anything that you'd call out specific in the quarter, if that's recurring into the fourth quarter? And then if there is any phasing or timing of it that you pulled from the fourth into the third. And then lastly, just a clarification on Suzano's to you. Are you getting any proceeds from the sale of (inaudible) and the sale of (inaudible) plant. So I was wondering if there is anything related to that or the royalties will pay off over time and you were going to be puts and takes on those or [HSC] material, so none of the companies are provided immaterial for you and for Suzano.

只是幾個問題。邁克，也可以 - 如果您可以詳細說明嵌入在您的第四季度指導中的價格彈性。我明白，很明顯，這意味著有機銷售額的大幅下降。而且我確實了解個人護理的補償。我相信去年同期是 11%。所以我想知道您是否可以發表評論，至少在尼爾森數據中，您的定價看起來確實低於同行。所以我想知道在促銷方面是否有任何嵌入內容，或者 - 關於促銷的部分問題是您的 SG&A，如果第四季度再次出現這種情況，您是否會在本季度提出任何具體要求?然後，如果您從第四個拉到第三個，是否有任何階段或時間安排。最後，只是對 Suzano 的澄清。您是否從出售（聽不清）和出售（聽不清）植物中獲得任何收益。所以我想知道是否有任何與此相關的東西，或者版稅會隨著時間的推移而得到回報，而你將被放置和接受這些或 [HSC] 材料，所以沒有一家公司對你和 Suzano 來說是無關緊要的。

Okay. All right. That's great list of questions. And so let me -- we will try to tackle them between Nelson and I will tag team here. First of all, on the -- I think on the pricing versus peers, I think probably what you're seeing is the fact that we were out fastest generally in pricing in most markets. And so if you're seeing a lag there because we've already started cycling our pricing a year ago. I mean the reality is, I think, in general, we've priced, I would say, very early, we moved very quickly on pricing last year. And I would say we also moved at higher levels than a lot of our competitors. And so -- and the reference for that is -- I think we've had a price gap, meaning we've been ahead on price on Huggies all year until I would say recently, maybe in the last couple of weeks or so. So overall, I think our pricing is in line with where we set it. And I think the good news, Andrea, is that in general, in most markets, we are seeing the market -- rest of market pricing kind of move generally in the direction that we've moved.

好的。好的。這是一個很好的問題清單。所以讓我 - 我們將嘗試在尼爾森之間解決它們，我將在這裡標記團隊。首先，關於 - 我認為與同行相比的定價，我認為您可能看到的是，我們在大多數市場的定價方面通常最快。因此，如果您發現那裡存在滯後，因為我們已經在一年前開始循環定價。我的意思是現實是，我認為，總的來說，我們已經定價了，我想說，很早，去年我們在定價方面進展得非常快。而且我想說，我們的發展水平也高於我們的許多競爭對手。所以 - 參考是 - 我認為我們有價格差距，這意味著我們在 Huggies 的價格上一整年都領先，直到我最近會說，也許在過去幾週左右。所以總的來說，我認為我們的定價與我們設定的價格一致。安德里亞，我認為好消息是，總的來說，在大多數市場中，我們看到了市場——其他市場定價大致朝著我們已經移動的方向移動。

That's not the case in all areas and -- but generally, that's kind of my overall take. In terms of elasticity, I'd say in the first half, I think the volume performance really outdrove the elasticity models. And I think that's where I think the consumers are feeling confident. You remember all the unemployment reports and stimulus and all those other things that we're driving consumer confidence. I have seen a change in that in some markets. And so at this point, the elasticities that we're seeing are more "normalized" or what we originally modeled. And so we are seeing a bit more volume come out in relation to all the pricing. That's notable. And I would -- from my earlier comments on maybe the bifurcation, it's coming out a little bit more on more of the value-oriented tiers, let's say, Snug & Dry diapers for us, which is our value tier diaper in the U.S. or Scott 1000. So those are some things that we're going to pay closer attention to and make sure that we're managing the business in the appropriate way to serve our consumers where they need us. So again, that's the overall take. I don't know if -- I know there's a couple of other questions. I think Nelson will address some. But did that answer kind of the first part?

並非所有領域都如此，但總的來說，這是我的總體看法。在彈性方面，我會在上半年說，我認為體積性能確實超過了彈性模型。我認為這就是我認為消費者感到自信的地方。您還記得所有失業報告和刺激措施以及我們正在推動消費者信心的所有其他事情。我在某些市場上看到了這種變化。所以在這一點上，我們看到的彈性更加“標準化”或者我們最初建模的那樣。因此，我們看到與所有定價相關的銷量有所增加。這是值得注意的。而且我會 - 從我之前關於分叉的評論來看，它在更多以價值為導向的層級上出現了更多，比如說，我們的 Snug & Dry 尿布，這是我們在美國的價值層尿布或Scott 1000。因此，這些是我們將密切關注的一些事情，並確保我們以適當的方式管理業務，以便為需要我們的消費者提供服務。再說一遍，這就是總體情況。我不知道是否——我知道還有其他幾個問題。我認為尼爾森會解決一些問題。但是那個答案是第一部分嗎？

Yes. No, absolutely. That's super helpful. And the SG&A part, the component of that is just understanding as you try to scaffold and be more kind of conscious about that consumer that is stretched -- is there anything that we should know of? Like I think the SG&A your gross margin came in, I think, better than anticipated, but your SG&A was a bit higher. Is there anything that we should be aware of in terms of phasing of promo or marketing spend that's -- or is just inflation in general across all lines?

是的。不，絕對。這非常有幫助。而 SG&A 部分，其中的組成部分只是理解，當你試圖搭建腳手架並更加意識到那個被拉伸的消費者時——有什麼我們應該知道的嗎？就像我認為你的 SG&A 的毛利率比預期的要好，但你的 SG&A 有點高。在促銷或營銷支出的階段性方面我們應該注意什麼 - 或者只是所有領域的通貨膨脹？

Yes. Andrea, let me address that. So first, I think the important thing to look at is spending in absolute dollars for the third quarter for between the lines, which includes our SG&A and our advertising and promotion was roughly in line with what we saw in Q1 and Q2. So there was really not a big step-up or change sequentially throughout the year. The thing that would have -- that you would have seen is an expansion in terms of percent year-over-year in terms of the between lines, and that was really driven largely because of last year's onetime adjustment to incentive compensation, which we talked about at the third quarter earnings call. So that was the lion's share of the change. It was a onetime we were lapping. Absent that, as we've been saying all year long, we are continuing to invest behind the business. It's the right thing to do. As Mike has said, we are fully committed to sustainable and long-term balanced profitable growth. And the only way to achieve this is to continue to invest in the business.

是的。安德里亞，讓我來談談。因此，首先，我認為重要的是看第三季度的絕對美元支出，其中包括我們的 SG&A，我們的廣告和促銷與我們在第一季度和第二季度看到的大致一致。因此，全年實際上並沒有大的提升或順序變化。你會看到的事情是 - 你會看到線之間的百分比同比增長，這實際上主要是因為去年對激勵性薪酬進行了一次調整，我們談到了這一點大約在第三季度財報電話會議上。所以這是變化的最大份額。那是我們曾經在研磨的時候。沒有這一點，正如我們全年一直在說的那樣，我們將繼續投資於業務背後。這是正確的做法。正如邁克所說，我們完全致力於可持續和長期平衡的盈利增長。實現這一目標的唯一方法是繼續投資於業務。

We are investing behind our brands, we're investing behind innovation, we're investing behind capabilities and our people to ensure that we're there to go forward. Those investments are there, and we've continued to make them, but there was no particular step-up in Q3 versus Q2 or Q1.

我們正在投資於我們的品牌，我們正在投資於創新，我們正在投資於能力和我們的員工，以確保我們能夠繼續前進。這些投資在那裡，我們繼續進行，但與第二季度或第一季度相比，第三季度沒有特別的增長。

Okay. That's fair to you. And then the Suzano deal?

好的。這對你很公平。然後是 Suzano 的交易？

Yes. Let me make a couple of comments, not exactly your question, but I did want to address a couple of things related to the [result tissue] agreement. Overall, Andrea, hopefully, you'll recognize it's consistent with our overall approach that we've been talking about on portfolio management. I really believe we have a long runway of growth ahead of us in our categories and our markets. And we're going to pursue on the plus side, markets and adjacencies that are going to be accretive to our growth in margin. And I've always said for a few years now that we'll consider exits in businesses that are not accretive to our growth and/or margin profile that we expect. So this transaction specifically enables us to focus on our faster-growing, higher-margin Personal Care business in Brazil and creates a better future for both the Neve brand and the tissue business -- the Brazilian tissue business. The Neve business in combination with Suzano is really going to be better positioned to adapt to the unique dynamics of the local market. And we fully expect our partnership -- strong partnership with Suzano to continue well. I'll defer to Nelson. I don't think we're ready to comment on any specifics related to the transaction and...

是的。讓我發表一些評論，不完全是您的問題，但我確實想解決一些與 [結果組織] 協議相關的問題。總的來說，安德里亞，希望你能認識到它與我們一直在談論的投資組合管理的整體方法是一致的。我真的相信，在我們的類別和市場上，我們還有很長的增長之路。我們將追求積極的一面，市場和鄰接將增加我們的利潤率增長。幾年來，我一直說，我們將考慮退出那些不會增加我們預期的增長和/或利潤率狀況的業務。因此，這項交易特別使我們能夠專注於我們在巴西增長更快、利潤率更高的個人護理業務，並為 Neve 品牌和紙巾業務——巴西紙巾業務——創造更美好的未來。 Neve 業務與 Suzano 的結合確實將更好地適應當地市場的獨特動態。我們完全期望我們的伙伴關係——與 Suzano 的牢固夥伴關係能夠繼續良好。我會聽從納爾遜的意見。我認為我們不准備評論與交易相關的任何細節，並且......

Yes. No, absolutely. And again, the only thing I would say is overall revenue from this -- from the transaction that's being divested is just around the 1% level, and profits are immaterial. So -- but other than that, we're not going to be disclosing any terms at this stage.

是的。不，絕對。再說一次，我唯一要說的是由此產生的總收入——來自被剝離交易的收入僅為 1% 左右，利潤並不重要。所以 - 但除此之外，我們不會在現階段披露任何條款。

Our next question comes from Anna Lizzul of Bank of America.

我們的下一個問題來自美國銀行的 Anna Lizzul。

Just regarding the consumer sensitivity to pricing at this point. I wanted to follow up on your comment on consumer bifurcation. Are you seeing premiumization holding up well in certain categories versus consumers (inaudible) and others? And -- are you seeing any specific products holding up well, which indicate consumers are willing to continue to pay for premium solutions despite a more challenging inflationary environment.

僅考慮此時消費者對定價的敏感性。我想跟進您對消費者分叉的評論。您是否看到某些類別的高端化與消費者（聽不清）和其他類別相比表現良好？而且 - 您是否看到任何特定產品表現良好，這表明儘管通脹環境更具挑戰性，消費者仍願意繼續為優質解決方案付費。

Yes, I would say -- and it's less differences by category. I would say, in general, where we're driving premiumization is generally working across markets. And so not specific there. I think it is more typically by sub-brand or sub line or what we might call internally our tiers, right? Like the value tiers tend to be a little bit more price sensitive in this environment because, as I was mentioning earlier, there are a significant number of households, let's say, in the U.S. that are -- have less to spend now given all the inflation that's occurred over the last couple of years or so.

是的，我會說——而且按類別劃分的差異較小。我想說，總的來說，我們推動高端化的地方通常是跨市場的。所以沒有具體的。我認為它更典型地是子品牌或子線，或者我們在內部可能稱之為我們的層，對嗎？就像價值層在這種環境下往往對價格更加敏感一樣，因為正如我之前提到的，假設在美國，有相當多的家庭現在可以花費更少，因為所有這些過去幾年左右發生的通貨膨脹。

So I think it's more on a sub-brand basis or a tier basis in our vernacular -- and that's where I say, working to continue to drive our premiumization strategy or creating more value through our premium products. We feel great about our innovation lineup this year. As I mentioned, we've got a lot of more coming next year with great features that I think consumers are really going to like. That said, we're also making the right adjustments as we said earlier, that to prepare for a recessionary footing if needed. And that means that emphasizing the great value that our brands offer. And in some cases, we will make some adjustments, whether that's related to pack count or sizing or something along those lines to make sure that consumers have the right pack and affordability that they need.

因此，我認為它更多地是在我們的白話中以子品牌或等級為基礎 - 這就是我所說的，努力繼續推動我們的高端化戰略或通過我們的高端產品創造更多價值。我們對今年的創新陣容感到非常滿意。正如我所提到的，明年我們將推出更多功能強大的功能，我認為消費者會真正喜歡這些功能。也就是說，正如我們之前所說，我們也在進行正確的調整，以便在需要時為經濟衰退做好準備。這意味著強調我們品牌提供的巨大價值。在某些情況下，我們會進行一些調整，無論是與包裝數量或尺寸相關還是與這些相關的東西，以確保消費者擁有他們需要的正確包裝和可負擔性。

Great. Any specific product lines you can call out as seeing resilience in those?

偉大的。您可以指出任何特定的產品線在這些產品線中具有彈性嗎？

Well, Huggies. Again, I think we feel great about our diaper line up -- our adult care lineup in North America. But if you go around diapers, China, we continue to have mid- to high single-digit growth, double-digit growth in feminine care. And so we feel good about that. (inaudible) where consumers are very value-oriented because of what's happening in the economy last few years and our organic performance was up strong double digits in the quarter. So overall, across our markets, we saw strong organic growth, and that's because we feel that we've continued to improve the products. At the same time, we are recognizing that we are taking price to offset the commodity headwinds.

嗯，哈吉斯。再一次，我認為我們對我們的尿布系列感覺很好——我們在北美的成人護理系列。但如果你看看中國的紙尿褲，我們在女性護理領域繼續保持中高個位數增長和兩位數增長。所以我們對此感覺很好。 （聽不清）由於過去幾年的經濟形勢，消費者非常注重價值，我們的有機業績在本季度實現了兩位數的強勁增長。所以總的來說，在我們的市場中，我們看到了強勁的有機增長，那是因為我們覺得我們一直在改進產品。與此同時，我們認識到我們正在採取價格來抵消商品逆風。

Our next question comes from Javier Escalante of Evercore

我們的下一個問題來自 Evercore 的 Javier Escalante

I would like to come back to the U.S. And if you can, Mike, comment on how you see retailers approaching pricing and the profitability of their own private label operations in tissue versus diapers? And I have a follow-up.

我想回到美國。如果可以的話，邁克，請評論一下您如何看待零售商在紙巾和尿布方面的自有品牌業務的定價和盈利能力？我有一個後續行動。

Yes. Javier, welcome to our coverage, and we appreciate it. And this is something I've talked about over the years. We have a very productive and collaborative relationship with our retail partners. And I've been doing this for 30 years and been through many cycles. And so we approach it and notably, let's say, in the U.S. I think the big change that occurred for us at over the last 10 years is we recognized we had to clean up our own house. We've been very focused on growing the categories and working with our retail partners to grow the categories the right way and [it's] reflected. I mean we're really proud to note that in the advantage survey for the first time, we were rated #1 as a customer organization and #1 across most disciplines because I think our customers' view that we've been working with them in a partner-like fashion.

是的。哈維爾，歡迎來到我們的報導，我們很感激。這是我多年來一直在談論的事情。我們與零售合作夥伴有著非常高效的合作關係。我已經這樣做了 30 年，並且經歷了許多周期。所以我們接近它，特別是在美國，我認為過去 10 年發生在我們身上的巨大變化是我們認識到我們必須清理自己的房子。我們一直非常專注於發展品類，並與我們的零售合作夥伴合作，以正確的方式發展品類，並得到了體現。我的意思是我們真的很自豪地註意到，在第一次優勢調查中，我們被評為客戶組織第一名，在大多數學科中排名第一，因為我認為我們的客戶認為我們一直在與他們合作夥伴般的時尚。

Funnier side, I will say, in the first quarter of last year, I think our service levels in diapers was below -- far below 50%, and somehow in other of these publications rated us #1 on logistics last year. And so I think that does reflect kind of the way we work with them. And so when you take that, I would say, we generally approach business planning with our customers on a growth basis for both their sales growth and their profit growth, and we pay attention to their margins as much as we pay attention to ours. And so for us, we're working for win-wins. And so I wouldn't say regarding, let's say, for your question, whether it's diapers or private label, anything different that we're seeing in terms of the profit play of them trying to change distribution or emphasize different lines.

有趣的是，我會說，在去年第一季度，我認為我們在尿布方面的服務水平低於 - 遠低於 50%，並且不知何故在其他這些出版物中，我們去年在物流方面排名第一。所以我認為這確實反映了我們與他們合作的方式。因此，當您接受這一點時，我會說，我們通常會根據客戶的銷售增長和利潤增長來與客戶進行業務規劃，我們關注他們的利潤率就像關注我們的利潤一樣多。所以對我們來說，我們正在為雙贏而努力。所以我不會說，比如說，對於你的問題，無論是尿布還是自有品牌，我們在他們試圖改變分銷或強調不同產品線的利潤方面看到的任何不同。

But we are very cognizant that we're trying to deliver an overall category growth plan and own our part of that. And because of that, that's kind of how we manage the plan. And so -- and then with regard to price sensitivity, yes, I mean there's been a lot of price coming at it. We have a fair number of customers that skew more toward value shoppers and that's their role to -- in their minds, serve the shopper as well, and so we understand that. And so we're willing to work with them. But we recognize also there has been a lot of price in the marketplace at a necessity. And so the important thing is we feel like we have to recover they recognize that they need to deliver margins and growth the same way that we do. And so we're going to continually work for ways to find the win-win and grow the categories the right way.

但我們非常清楚，我們正在努力提供一個整體類別的增長計劃，並擁有我們的一部分。正因為如此，這就是我們管理計劃的方式。所以 - 然後關於價格敏感性，是的，我的意思是有很多價格即將到來。我們有相當多的客戶更傾向於價值購物者，這就是他們的角色——在他們的心目中，也為購物者服務，所以我們理解這一點。所以我們願意與他們合作。但我們也認識到，市場上的價格很高是必要的。所以重要的是我們覺得我們必須恢復他們認識到他們需要像我們一樣提供利潤和增長。因此，我們將繼續努力尋找雙贏的方法，並以正確的方式發展類別。

That's great to know. And then basically, Mike, again, on tissue versus diapers, you feel I mean, from the outside, that Scott is very clearly positioned on the value side. Huggies has been premium and I appreciate that you mentioned that I believe a competitor just follow price increases and that we do not have an all-channel view. But if you can walk again on the drivers of your confidence that Huggies didn't take too much pricing and you are competitive on the pricing front vis-a-vis your main branded competitor and private label because in our data, we do not see private label following price increases

很高興知道。然後基本上，邁克，再次，關於紙巾與尿布，你覺得我的意思是，從外面看，斯科特非常清楚地定位在價值方面。 Huggies 一直是優質產品，我很欣賞你提到我相信競爭對手只是跟隨價格上漲，而我們沒有全渠道視圖。但是，如果您可以再次相信 Huggies 沒有採取太多定價的驅動因素，並且您在定價方面與您的主要品牌競爭對手和自有品牌相比具有競爭力，因為在我們的數據中，我們看不到價格上漲後的自有品牌

Yes. Huggies, I wouldn't say -- again, I would -- correct, we've priced, as I said, our goal is to restore margins and eventually expand margins over time. So we've priced accordingly with the right discipline and we're very cognizant of our product offering and our lineup and our commercial programming. And one of the reasons we've priced is that -- and I think we've talked about this with our customers is we feel like it's our role to help grow the category and drive category growth, and that requires marketing. I've worked in other categories that when they pulled back the categories commoditized, and that's not a good place for brands. And so we've been very disciplined about that. So what I did say is that we felt like we had a price gap or we advanced pricing further and faster than some of our other competitors earlier this year, and last year as well.

是的。 Huggies，我不會說 - 再說一遍，我會 - 正確，正如我所說，我們已經定價，我們的目標是恢復利潤並最終隨著時間的推移擴大利潤。因此，我們根據正確的紀律進行了相應的定價，並且我們非常了解我們的產品供應、我們的陣容和我們的商業節目。我們定價的原因之一是——我認為我們已經與客戶討論過這個問題，我們覺得幫助品類增長和推動品類增長是我們的角色，這需要營銷。我曾在其他類別工作過，當他們撤回商品化的類別時，這對品牌來說不是一個好地方。所以我們對此非常自律。所以我說的是，我們覺得我們有價格差距，或者我們比今年早些時候和去年的其他一些競爭對手進一步更快地定價。

And so there was a bit of a gap. That gap is now -- I think that's basically closed over the last few weeks. And so -- so we would probably see -- anticipate slightly better performance on Huggies. And again, we feel very good about our innovation lineup, the value we're offering to consumers. We are going to pay a little more attention to Snug & Dry, which, Javier, is our value tier in the U.S. And so make sure that, that has the right accounts and the right price points on shelf that can compete effectively.

所以有一點差距。現在這個差距 - 我認為在過去的幾周里基本上已經縮小了。因此——我們可能會看到——預計 Huggies 的性能會稍好一些。再一次，我們對我們的創新陣容以及我們為消費者提供的價值感覺非常好。我們將更加關注 Snug & Dry，Javier 是我們在美國的價值層級，因此請確保它擁有正確的客戶和貨架上的正確價格點，可以有效地競爭。

Our next question comes from Jonathan Feeney of Consumer Edge.

我們的下一個問題來自 Consumer Edge 的 Jonathan Feeney。

Just for a quick follow-up. Earlier in the call, you mentioned that you thought promotional activity was back to something like normal, let's say, pre-COVID normal. And I look at -- specific data providers, Nielsen IRI have this measure of merchandising that would seem to indicate across the company in the U.S. anyway that that merchandise was still several points. So it's like mid-30s, but the measure they use, and now it's like high 20s or something that it off a low of like 20% when at the peak of demand. So any comment you can give us about the likely shape of that and impact restored promotional activity might have on demand.

只是為了快速跟進。在電話會議的早些時候，您提到您認為促銷活動已恢復正常，比方說 COVID 之前的正常。我看看——具體的數據提供商，尼爾森 IRI 有這種商品銷售衡量標準，這似乎表明美國整個公司的商品仍然有幾個點。所以就像 30 多歲，但他們使用的衡量標準，現在就像 20 多歲，或者在需求高峰時下降了 20% 左右。因此，您可以就其可能的形式以及恢復的促銷活動可能產生的影響向我們提供任何評論。

And secondly -- that's a follow-up. And secondly, related question maybe, you talked last week about household inventory. And I know different companies have different ways of measuring that. Earlier, you mentioned something about all channel consumption. I'm thinking that's still a takeaway data -- measure. But if you have any color about where you think household inventory stand U.S., globally and what impact that's having on potential future demand in '23. Appreciate it.

其次 - 這是一個後續行動。其次，可能相關的問題，您上週談到了家庭庫存。我知道不同的公司有不同的衡量方法。之前，您提到了所有渠道消費。我認為這仍然是一個外賣數據——衡量標準。但是，如果您對您認為美國、全球家庭庫存的位置以及這對 23 年潛在的未來需求產生什麼影響有任何看法。欣賞它。

Yes. So a couple of things in there. I mean -- and I would say, well, if you go into Nielsen and longer, but I used to be the highest user of Nielsen throughout my career. So there are so many variables that are related to promotional -- measuring promotion. And so -- so what I said earlier, Jonathan, was frequency kind of returned to normal in tissue probably in 2020, the third quarter were -- but maybe by the end of last year. And then in Personal Care, I would say, at the beginning of this year, and that's in terms of frequency. The volume -- and I would say the other key measure is depth. And I would say depth is shallower both in personal care and tissue than it historically had been and remains so. And I think that's an artifact of all the inflation that all the companies are seeing. And then if you look at the percent of volumes sold on promotion, it's a little bit lower, right, slightly lower, which is, I think, corresponds to what you were looking at. So overall, that's why I say I put promotion "normalized" but it's probably still a little bit lower than historical at this point. So that was, I think, part one. And then any follow-up to that, Jonathan?

是的。所以里面有幾件事。我的意思是——我會說，好吧，如果你進入尼爾森的時間更長，但在我的整個職業生涯中，我曾經是尼爾森的最高用戶。所以有很多與促銷相關的變量——衡量促銷。所以——喬納森，我之前說過，組織中的頻率可能會在 2020 年恢復正常，第三季度是——但可能是到去年年底。然後在個人護理方面，我會說，在今年年初，這是在頻率方面。音量——我想說另一個關鍵的衡量標準是深度。我想說的是，個人護理和組織的深度都比歷史上的深度要淺，而且現在仍然如此。我認為這是所有公司都看到的所有通貨膨脹的產物。然後，如果您查看促銷時銷售量的百分比，它會稍微低一點，對，稍微低一點，我認為這與您所看到的相對應。所以總的來說，這就是為什麼我說我把促銷“正常化”，但在這一點上它可能仍然比歷史低一點。這就是我認為的第一部分。然後有任何後續行動嗎，喬納森？

No, that makes a lot of sense to me. I also confess to spending way too much time with syndicated data. So it's nice to have a full picture.

不，這對我來說很有意義。我也承認在聯合數據上花費了太多時間。所以很高興有一個完整的圖片。

No, no. I'm proud. I feel like I invented half of these measures. So -- but...

不，不。我很自豪。我覺得我發明了這些措施的一半。所以——但是……

You probably did.

你可能做到了。

The other side that you asked about was inventories. I mean there's a couple of points. Certainly, I mentioned earlier, we are cycling some retailer inventory build back. And at the same time, and I think we mentioned in our prepared remarks, there was some retail inventory reductions late in the quarter. And so that was a topic that came up at the last investment conference that I was at. And so that remains out there. And I would say that it's typically the case. Every other year or maybe every year retail inventory changes, and that's part of what we get paid to manage on. In terms of the household inventories, we think they've reverted back to normal.

你問的另一面是庫存。我的意思是有幾點。當然，我之前提到過，我們正在循環一些零售商庫存的建立。同時，我認為我們在準備好的評論中提到，本季度末零售庫存有所減少。所以這是我在上一次投資會議上提出的一個話題。所以它仍然存在。我會說這通常是這種情況。每隔一年或可能每年零售庫存都會發生變化，這是我們獲得報酬的一部分。就家庭庫存而言，我們認為它們已恢復正常。

There was -- and really where it was really relevant was on consumer tissue, there was quite the buildup, I would say, self critically, I don't know that we were very good at predicting how the household inventories were going to evolve. But I think over the past years, and there was a lot of volatility in the tissue demand. I think in the second quarter of 2020, I think our tissue demand was up -- back tissue was up 30%. And then a year later, it was down 27%. So again, that tissue historically is very stable and goes with -- certainly, volume growth goes with highly correlated to population growth. At this point, we feel like it has reverted back to normalized levels. But it might be fair to say that there's a lot of people carrying more that tissue than they were 3 years ago.

有 - 真正相關的地方是消費者組織，有相當多的積累，我會說，自我批評，我不知道我們非常擅長預測家庭庫存將如何演變。但我認為在過去的幾年裡，生活用紙需求波動很大。我認為在 2020 年第二季度，我認為我們的紙巾需求上升了——背巾紙增長了 30%。一年後，它下降了 27%。再說一遍，從歷史上看，這種組織非常穩定，並且隨著人口增長而增長——當然，數量增長與人口增長高度相關。在這一點上，我們覺得它已經恢復到正常水平。但可以公平地說，與 3 年前相比，有很多人攜帶的紙巾更多。

Our next question comes from Lauren Lieberman of Barclays. .

我們的下一個問題來自巴克萊的 Lauren Lieberman。 .

I'm back. It's okay. I can let it go to -- I'll follow up offline. Then I guess, we've come in a couple of different ways through different series of questions and so on. But I guess, how do you think about volume versus pricing versus market share? Because I think one thing that I get asked about quite a bit with regard to your business, in particular, is sort of, hey, but don't you see private label and my read is that, yes, that's a dynamic of your categories. It always is in economic cycles. It's what you -- it's what you'd expect to happen is it private label would gain some share there be some change in consumer behavior. So I don't know how you could answer this. But as you look at how to manage through the continued high levels of inflation as you put in the incremental pricing that you mentioned this quarter, is market share the right gauge for you to judge kind of the health of the business at this point? Is it aggregate organic sales growth? What are the metrics by with if you've gone too far or not gone far enough?

我回來了。沒關係。我可以讓它去 - 我會離線跟進。然後我想，我們已經通過不同系列的問題等以幾種不同的方式來了。但我想，你如何看待數量、定價和市場份額？因為我認為關於您的業務，我經常被問到的一件事是，嘿，但是您沒有看到自有品牌嗎，我讀到的是，是的，這是您的類別的動態.它始終處於經濟周期中。這就是你 - 這是你期望發生的事情，自有品牌將獲得一些份額，消費者行為會發生一些變化。所以我不知道你怎麼回答這個問題。但是，當您在本季度提到的增量定價中考慮如何應對持續的高通脹水平時，市場份額是否是您判斷此時業務健康狀況的正確標準？是總體有機銷售增長嗎？如果你走得太遠或不夠遠，衡量標準是什麼？

Lauren, such an awesome question.

勞倫，這麼棒的問題。

Then I'm glad we waited.

然後我很高興我們等了。

This is the age-old problem of management in the consumer business. And that's why it goes back to what we've been saying for years now. We remain committed to delivering balanced and sustainable growth for our shareholders. And so -- and it's been interesting as we've unpacked this for the organization because they're like, what do you mean by balance is sustainable? Well, the key things we're managing against organic growth, profit growth, market share and cash. And so those are the 4 things. And I would say internally, a lot of the organization used to look to this role to decide what we're going to prioritize. But again, when I say balance, I want all 4 of those metrics to go in the right direction.

這是消費者業務管理中的老問題。這就是為什麼它可以追溯到我們多年來一直在說的話。我們仍然致力於為我們的股東帶來平衡和可持續的增長。所以——這很有趣，因為我們已經為組織打開了這個包裝，因為他們就像，你所說的平衡是可持續的是什麼意思？嗯，我們正在針對有機增長、利潤增長、市場份額和現金進行管理。這就是4件事。我會在內部說，很多組織過去常常依靠這個角色來決定我們要優先考慮的事情。但同樣，當我說平衡時，我希望所有這 4 個指標都朝著正確的方向發展。

I think -- so we're taking what I would say are high road actions to position the company to grow for the long term sustainably. And right now, given the, I would say, the supply shocks or the input cost shocks that we've taken on in the last 3 years, as I mentioned before, 1,500 -- the equivalent of 1,500 basis points of gross margin, margin improvement right now this year remains my top priority. I'm confident we'll return to pre-pandemic levels, and we're making progress as events in the Q3. But at the same time, we're not going to harvest the business to do that. And so at the same time, we're still watching shares. But we recognize that when we moved to [size twice] both in terms of pace and level, we were out ahead of the rest of the market for a period of time. And so we recognized that we were going to leak a little share. But in our sense, I think that was the necessary trade-off to make sure that we can get the margin recovery. That said, at the same time, we continue to invest in innovation. We can do to support our brands with great marketing. I think our marketing has gotten better and our digital executions has gotten better. And so we're really proud of that. And so that's what we're trying to walk the fine line. I mean I'm very encouraged that we're up and even insure in about half of our markets. It's a little bit lower than we experienced in 2020, 2021, where we were up in 2/3. I would say we're really proud of that, but we also recognize our competitors are pretty good, too. And so we can't expect that every year. And so if you get the sense, it's a complex trade, but it's something I feel like our organization has really stepped up to and they know what we're trying to do. And we're doing the margin recovery, but we're paying close attention of shares as well. So that was a long reply. I don't know if I answered anything that you asked.

我認為 - 所以我們正在採取我所說的高路行動來定位公司的長期可持續發展。而現在，我想說的是，正如我之前提到的，我們在過去 3 年中承受的供應衝擊或投入成本衝擊，1,500 - 相當於 1,500 個基點的毛利率，利潤率今年現在的改進仍然是我的首要任務。我有信心我們將恢復到大流行前的水平，並且我們正在作為第三季度的事件取得進展。但與此同時，我們不會為此而收穫業務。因此，與此同時，我們仍在關注股票。但我們認識到，當我們在速度和水平方面都達到 [規模兩倍] 時，我們在一段時間內領先於其他市場。所以我們意識到我們會洩露一點點。但在我們的意義上，我認為這是確保我們能夠恢復利潤率的必要權衡。也就是說，與此同時，我們繼續投資於創新。我們可以通過出色的營銷來支持我們的品牌。我認為我們的營銷已經變得更好，我們的數字執行也變得更好。所以我們為此感到非常自豪。所以這就是我們試圖走的好路線。我的意思是，我非常鼓舞我們在大約一半的市場中上漲甚至投保。這比我們在 2020 年和 2021 年所經歷的要低一點，在 2/3 年我們上升了 2/3。我想說我們對此感到非常自豪，但我們也認識到我們的競爭對手也非常出色。所以我們不能期望每年都這樣。因此，如果你明白的話，這是一項複雜的交易，但我覺得我們的組織已經真正加強了這一點，他們知道我們想要做什麼。我們正在恢復利潤率，但我們也在密切關注股票。所以這是一個很長的回复。我不知道我是否回答了你問的任何問題。

That was great. It was a long question.

那很棒。這是一個很長的問題。

And at this time, it appears we have no further questions. I'll turn it back to management for any additional or closing remarks.

目前，我們似乎沒有進一步的問題。我會將其轉回給管理層，以獲取任何額外的或結束的評論。

Okay. Thank you all for joining. We look forward to sharing our fourth quarter and full year results with you in January.

好的。謝謝大家的加入。我們期待在 1 月份與您分享我們的第四季度和全年業績。

This concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。