金百利克拉克 (KMB) 2022 Q1 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, Taryn Miller.

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 Taryn Miller。

Thank you, and good morning, everyone. Welcome to Kimberly-Clark's First Quarter Earnings Conference Call. With me today are Mike Hsu, our Chairman and CEO; Maria Henry, our CFO; and Nelson Urdaneta, our incoming CFO.

謝謝大家，大家早上好。歡迎來到金佰利第一季度收益電話會議。今天和我在一起的是我們的董事長兼首席執行官 Mike Hsu；我們的首席財務官 Maria Henry；和我們即將上任的首席財務官 Nelson Urdaneta。

Earlier this morning, we issued our earnings news release and published prepared management remarks from Mike and Maria that summarize our first 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.

今天早上早些時候，我們發布了收益新聞稿，並發布了 Mike 和 Maria 準備好的管理層評論，總結了我們的第一季度業績和 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 the first quarter 10-Q for further discussion of forward-looking statements. We may also refer to adjusted results and outlook. Both exclude certain items described in this morning's news release. The release has further information about these adjustments and reconciliations to comparable GAAP financial measures. 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。請參閱我們最新年度報告的 10-K 表格和第一季度 10-Q 的風險因素部分，以進一步討論前瞻性陳述。我們也可能會參考調整後的結果和展望。兩者都排除了今天上午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 財務措施的對賬的更多信息。現在我將把它交給邁克。

Okay. Thank you, Taryn. Good morning, everyone. Before we get to your questions, I'd like to comment on our CFO transition and then I'll provide a perspective on our Q1 results.

好的。謝謝你，泰林。大家，早安。在我們回答您的問題之前，我想對我們的首席財務官過渡發表評論，然後我將提供對我們第一季度業績的看法。

First, I'd like to thank Maria Henry for 7 years of outstanding leadership as CFO of Kimberly-Clark. As you saw from our news release, Maria has decided to retire effective September 1. Maria will leave quite a legacy at K-C. She played a key role in design and execution of our strategy, and our strong financial stewardship has positioned us well for the future. I'm grateful for all her contributions and very glad she'll be with us through the summer to ensure a smooth transition.

首先，我要感謝 Maria Henry 作為金佰利首席財務官 7 年的傑出領導。正如您從我們的新聞稿中看到的那樣，Maria 已決定從 9 月 1 日起退休。Maria 將在 K-C 留下相當多的遺產。她在我們戰略的設計和執行中發揮了關鍵作用，我們強大的財務管理為我們的未來做好了準備。我很感謝她的所有貢獻，也很高興她能在整個夏天和我們在一起，以確保順利過渡。

I'd also like to welcome Nelson, our incoming CFO. Nelson brings strong operational and international experience to K-C and I'm looking forward to his leadership. I'm sure you'll enjoy getting to know him as he begins his new role.

我還要歡迎我們即將上任的首席財務官尼爾森。 Nelson 為 K-C 帶來了豐富的運營和國際經驗，我期待著他的領導。我敢肯定，當他開始擔任新角色時，您會喜歡了解他。

Now turning to our first quarter. I'm pleased that we started the year with double-digit organic sales growth and strong performance in all segments. Our teams are executing very well during a period of continued volatility and high inflation. Our strong fundamentals provide a solid basis for us to raise our sales outlook for the full year.

現在轉向我們的第一季度。我很高興我們在年初實現了兩位數的有機銷售增長和所有細分市場的強勁表現。在持續波動和高通脹時期，我們的團隊執行得非常好。我們強勁的基本面為我們提高全年銷售前景提供了堅實的基礎。

We're driving growth by building strong commercial capabilities and deploying them with local agility. We're continuing to invest in our business, grow our categories and deliver meaningful value to our consumers.

我們通過建立強大的商業能力並以當地的敏捷性進行部署來推動增長。我們將繼續投資於我們的業務，發展我們的品類並為我們的消費者提供有意義的價值。

We're continuing to face a dynamic environment. We're being thoughtful with actions to offset macro headwinds, balancing price, volume and market share, while we work to improve our margins over time.

我們將繼續面臨一個動態的環境。我們正在考慮採取行動來抵消宏觀逆風，平衡價格、數量和市場份額，同時我們努力隨著時間的推移提高利潤率。

2022 marks K-C's 150th anniversary. Kimberly-Clark was founded on the core principles of quality service and fair dealing. These principles still reflect who we are and what we stand for today. We're led by our purpose of better care for a better world, and we're driven to perform so we can continue to make a difference in people's lives with the categories we create, the products we make and the consumers we serve. Our purpose-led, performance-driven culture fuels our team every day to drive our growth and deliver long-term shareholder value. Now with that, we'd like to address your questions.

2022 年是 K-C 成立 150 週年。 Kimberly-Clark 建立在優質服務和公平交易的核心原則之上。這些原則仍然反映了我們是誰以及我們今天的立場。我們的宗旨是更好地照顧一個更美好的世界，我們有動力去執行，這樣我們就可以繼續通過我們創造的類別、我們製造的產品和我們服務的消費者來改變人們的生活。我們以目標為導向、以績效為導向的文化每天都在為我們的團隊提供動力，以推動我們的增長並為股東創造長期價值。現在，我們想解決您的問題。

(Operator Instructions) We'll take our first question from Kevin Grundy with Jefferies.

（操作員說明）我們將從 Kevin Grundy 和 Jefferies 那裡回答我們的第一個問題。

Maria, again, congratulations. All the best. And Nelson, we look forward to working with you. I wanted to start on the guidance. A couple more tactical questions then, Mike. Why don't we start with one sort of more strategic? I guess, just sort of given the uncertainty and increasing concerns around the consumer and ability to cope with the higher levels of inflation, number two -- or number one, I guess, are you seeing anything in your markets that gives you any pause about taking additional pricing? Was there any concern about that? Are you seeing any sort of trade down that made you potentially cautious even at this point to raise your organic sales growth outlook? And then I have a couple of follow-ups for Maria.

瑪麗亞，再次祝賀你。祝一切順利。尼爾森，我們期待與您合作。我想開始指導。那麼還有幾個戰術問題，邁克。為什麼我們不從一種更具戰略性的開始呢？我想，只是考慮到對消費者的不確定性和日益增加的擔憂，以及應對更高水平通脹的能力，第二——或者第一，我猜，你是否在市場上看到任何讓你暫停的東西採取額外定價？對此有任何擔憂嗎？您是否看到任何形式的交易下降，即使在這一點上您也可能保持謹慎，以提高您的有機銷售增長前景？然後我對 Maria 進行了一些跟進。

No. Well, Kevin, overall -- thanks for the question. Look, two big changes since our January update. I mean, one was, obviously, if you look at our results in the quarter, price realization is -- our execution is very effective right now, and the volume is trending better, I think, than we initially thought. So that's one part. But certainly, as you saw in our release, inflation is significantly worse. And so I would say those two big changes largely offset.

不。好吧，凱文，總的來說——謝謝你的問題。看，自我們 1 月更新以來的兩個重大變化。我的意思是，很明顯，如果你看一下我們本季度的業績，價格實現是——我們現在的執行非常有效，而且我認為交易量的趨勢比我們最初想像的要好。所以這是一部分。但可以肯定的是，正如您在我們的新聞稿中看到的那樣，通貨膨脹要嚴重得多。所以我想說這兩個重大變化在很大程度上抵消了。

I do think our strong top line, Kevin, reflects the essential nature of our categories and the strength of our brands. I mean we have been working over the last several years to really improve our brand fundamentals with strong innovation, great commercial execution. And as I mentioned in my remarks, we're really proud of our local agility.

我確實認為我們強勁的收入線凱文反映了我們品類的本質和我們品牌的實力。我的意思是，過去幾年我們一直在努力通過強大的創新和出色的商業執行來真正改善我們的品牌基礎。正如我在講話中提到的那樣，我們為我們當地的敏捷性感到非常自豪。

So I would say, overall, we're cautiously optimistic. Certainly, we recognize at the price levels we're putting into the market, they will create stress on the consumer. And so our approach is we're going to be very thoughtful about balancing growth, margin and share. And we'll be very responsive and agile to the needs in the marketplace. But right now, I'd say the pricing environment has been largely constructive and I think we're on track with what we thought the pricing would do.

所以我想說，總的來說，我們是謹慎樂觀的。當然，我們認識到，在我們投入市場的價格水平上，它們會給消費者帶來壓力。所以我們的方法是我們將非常考慮平衡增長、利潤和份額。我們將對市場的需求非常敏感和敏捷。但現在，我想說定價環境在很大程度上是建設性的，我認為我們正在按照我們認為定價的方式進行。

Got it. And just to play that back. So your -- is it the expectation that the incremental pricing will largely offset the incremental cost pressure? Are you guys at a lower point within your earnings guidance where it's not going to entirely (inaudible) the additional input costs that you're coping with?

知道了。只是為了回放。那麼您是否期望增量定價將在很大程度上抵消增量成本壓力？你們是否處於收入指導的較低點，不會完全（聽不清）您要應對的額外投入成本？

Yes. Well, just as a principle, I would say, generally, I would expect our teams to offset input cost inflation with pricing over time. It may not occur within the year, but over time. And so that's our general principle. Obviously, we'll also deploy cost savings and productivity against that problem as well. But again, that's kind of our overall principle.

是的。好吧，作為一項原則，我想說，一般來說，我希望我們的團隊隨著時間的推移通過定價來抵消投入成本的膨脹。它可能不會在一年內發生，但會隨著時間的推移而發生。這就是我們的一般原則。顯然，我們還將針對該問題部署成本節約和生產力。但同樣，這是我們的總體原則。

We have taken further action. We announced a suite of actions at the beginning of the year. And then we've taken further actions since we talked last January. And again, I think our teams have been very responsive to what's happening in the marketplace.

我們已採取進一步行動。我們在年初宣布了一系列行動。自從我們去年 1 月談話以來，我們採取了進一步的行動。再說一次，我認為我們的團隊對市場上發生的事情非常敏感。

We'll take our next question from Lauren Lieberman with Barclays.

我們將向巴克萊銀行的 Lauren Lieberman 提出下一個問題。

One of the things that jumped out in the results also was mix and the degree to which mix is continuing to contribute to top line. So I'm guessing this is tight, as you've mentioned, like the execution. But as you're thinking about how commercial execution may or may not evolve from here, just thinking about merchandising on the shelf, what elements of your product suite are emphasized in store versus others to deal -- to try to support volume as you move through the year? How would you be thinking about how mix may evolve as the inflationary pressures mount on the consumer?

結果中跳出的一件事也是混合以及混合繼續對收入做出貢獻的程度。所以我猜這很緊張，正如你所提到的，就像執行一樣。但是，當您考慮商業執行可能會或可能不會從這裡發展時，只需考慮貨架上的商品銷售，您的產品套件的哪些元素在商店中與其他要處理的元素相比強調 - 嘗試在您移動時支持銷量經過一年？您如何看待隨著消費者面臨的通脹壓力增加，混合可能會如何演變？

Yes. Thanks, Lauren. Yes, we're very encouraged with the mix performance. And again, I think it dovetails or it's an outcome of our underlying strategy, which is to elevate our categories and expand our markets. And I think you might observe, we've been driving mix for a few years now. And the core underlying thought is we still think there is a lot of opportunity for premiumization in our categories.

是的。謝謝，勞倫。是的，我們對混音表現感到非常鼓舞。再說一次，我認為這與我們的基本戰略相吻合，即提升我們的品類並擴大我們的市場。我想你可能會觀察到，我們已經推動混合幾年了。核心的基本思想是我們仍然認為我們的品類有很多高端化的機會。

Recognize that I think the circumstances of this environment may require some slight adjustments. But the long-term opportunity, I think Alison talked about at the CAGNY conference. China, which is the largest diaper market in the world right now, still remains the largest market. The value per baby is less than half of what it is in developed markets like the United States.

認識到我認為這種環境的情況可能需要一些輕微的調整。但長期機會，我認為艾莉森在 CAGNY 會議上談到了。中國是目前世界上最大的紙尿褲市場，但仍然是最大的市場。每個嬰兒的價值不到美國等發達市場的一半。

And so we still think premiumization is an opportunity. That's what's driving our growth. We were up high single digits in China for another quarter. We continue to grow there and continue to improve mix. And so that's a core idea for us. It's also what's driving our momentum in North America, double-digit growth in diapers, and across personal care, all personal care categories in the U.S. We're continuing to drive innovation on the premium end but also, we brought a lot of improvements to our value tiers as well in North America and around the rest of the world.

所以我們仍然認為高端化是一個機會。這就是推動我們成長的動力。我們在中國又一個季度以高個位數增長。我們繼續在那裡發展並繼續改善組合。這就是我們的核心理念。這也是推動我們在北美髮展勢頭的動力，尿布以及個人護理和美國所有個人護理類別的兩位數增長。我們繼續推動高端創新，但我們也帶來了很多改進我們在北美和世界其他地區的價值等級也是如此。

So again, we're elevating our categories. It remains a core part of the strategy. We're not going to be niche premium though, and so we want to be able to serve all consumers. And so we're balancing our investments and our investments in innovation across the value tiers.

再次，我們正在提升我們的類別。它仍然是該戰略的核心部分。不過，我們不會成為利基溢價，因此我們希望能夠為所有消費者提供服務。因此，我們正在平衡我們的投資和我們對價值層創新的投資。

Okay. Great. Really appreciate it, and I'll get back in the queue later.

好的。偉大的。真的很感激，我稍後會回到隊列中。

We'll take our next question from Chris Carey with Wells Fargo Securities.

我們將向富國銀行證券的 Chris Carey 提出下一個問題。

I just wanted to follow up on the question around pricing, your expectations and how things have evolved. So the 4% to 6% organic sales growth now includes volumes, which are negative, which was the call before, implies pricing, probably at least a couple of hundred basis points higher than where you were before. I'm seeing pricing in the U.S. right now in the high single-digit range. So can you perhaps help us understand how much pricing you're expecting and how that has changed relative to prior expectations? And maybe give us a sense of pricing expectations in the U.S. versus internationally? Like, for example, is international pricing going to be as strong as the U.S.?

我只是想跟進有關定價、您的期望以及事情如何發展的問題。因此，4% 到 6% 的有機銷售增長現在包括銷量，這是負數，這是之前的電話，意味著定價，可能比你之前的水平至少高出幾百個基點。我現在看到美國的定價在高個位數範圍內。那麼，您能否幫助我們了解您的預期定價以及相對於先前預期的變化？也許讓我們了解美國與國際的定價預期？例如，國際定價會像美國一樣強大嗎？

And then just connected to that on Kevin's question around elasticities, I did notice in the prepared remarks some comments around pricing impacting volume in some D&E markets. I think previously, elasticities were a bit more conceptual. And I'm just wondering if now, you're actually starting to see some of that volume impact play out?

然後只是與凱文關於彈性的問題相關聯，我確實在準備好的評論中註意到一些關於定價影響某些 D&E 市場交易量的評論。我之前認為，彈性更具概念性。我只是想知道現在，您是否真的開始看到一些音量影響正在發揮作用？

Okay. Yes. Chris, maybe I'll start and then maybe Maria will provide some additional color, too. But overall, I'll just give you a sense of our pricing execution overall is on track. Volumes have been solid. I would say trending a little bit better than we initially thought. But as I mentioned earlier, we're going to be very alert in monitoring our price gaps carefully.

好的。是的。克里斯，也許我會開始，然後瑪麗亞也會提供一些額外的顏色。但總的來說，我只是讓您了解我們的定價執行總體上是否正常。成交量一直很穩定。我想說的趨勢比我們最初想像的要好一點。但正如我之前提到的，我們將非常謹慎地仔細監控我們的價格差距。

I would say we've implemented multiple rounds of pricing. Given kind of what's happened in the first quarter, that is additional pricing or higher than what we originally planned is kind of a key basis for why we're taking up our sales outlook. Overall in the marketplace, obviously, trade discussions have been constructive. We have seen movement in other brands and in some cases, private label. But there is a little stickiness in some markets as well, particularly in Western Europe and parts of Latin America.

我想說我們已經實施了多輪定價。鑑於第一季度發生的情況，額外定價或高於我們最初計劃的定價是我們決定銷售前景的關鍵基礎。總體而言，顯然，在市場上，貿易討論是建設性的。我們已經看到其他品牌的運動，在某些情況下，還有自有品牌。但在一些市場也有一點粘性，特別是在西歐和拉丁美洲的部分地區。

So I think that's why we're going to monitor the situation closely and try to balance -- continue to balance our performance and growth with -- and our share performance. But overall, we feel good about where we are on pricing, and we feel good about our portfolio and the fact that we're strong in both the value and the premium end, and we'll be able to pivot and meet the consumer where they need us to be.

所以我認為這就是為什麼我們要密切關注情況並嘗試平衡 - 繼續平衡我們的業績和增長 - 以及我們的股票表現。但總的來說，我們對我們的定價感到滿意，我們對我們的產品組合以及我們在價值和高端方面都很強大的事實感到滿意，我們將能夠轉向並滿足消費者的需求他們需要我們。

Yes. And I would just add that if you look at the outlook for input costs, which did escalate, and our outlook for the year, as you know from our prepared comments and news release, we did increase the number in terms of the inflation we expect for the year. A good portion of that comes outside of the United States. And so along with the intent to cover inflation with pricing, you should expect that a lot of the incremental pricing that we're putting into the market comes outside of the U.S.

是的。我只想補充一點，如果你看一下確實上升的投入成本的前景，以及我們對今年的展望，正如你從我們準備好的評論和新聞稿中知道的那樣，我們確實增加了我們預期的通脹數字一年。其中很大一部分來自美國以外。因此，除了通過定價來覆蓋通貨膨脹的意圖外，您應該期望我們投入市場的許多增量定價都來自美國以外的地區。

And if I could just ask one follow-up there on the incremental inflation that you're seeing. What are the specific baskets or cost items that are moving outside of the U.S. to cause this incremental pricing?

如果我可以就你所看到的增量通脹問一個後續行動。哪些特定的籃子或成本項目移出美國以導致這種增量定價？

Sure. At the midpoint of our new guidance versus where we were in January, we were up about $375 million in terms of our expectation for input cost inflation this year. That increase is across all of our baskets. But as you know, with the significant volatility in oil and energy, that is clearly one of the drivers. That's well over half of the increase that we're seeing since January. And the impact, particularly on the energy side, weights to Western Europe, U.K. And there, we have a sizable tissue business, which is a large consumer of energy. So that's kind of how the inflation basket plays out and why it's more weighted to markets outside of the U.S.

當然。與 1 月份相比，在新指引的中點，我們對今年投入成本通脹的預期增加了約 3.75 億美元。這種增長體現在我們所有的籃子裡。但正如你所知，隨著石油和能源的大幅波動，這顯然是驅動因素之一。這遠遠超過我們自一月份以來看到的增長的一半。其影響，特別是在能源方面，對西歐和英國的影響很大。在那裡，我們有一個相當大的紙巾業務，這是一個能源消耗大戶。這就是通脹籃子如何發揮作用，以及為什麼它更偏重於美國以外的市場。

We'll take our next question from Steve Powers with Deutsche Bank.

我們將向德意志銀行的史蒂夫鮑爾斯提出下一個問題。

Congrats to Maria, and welcome to Nelson as well for me. Picking up on the $375 million in guidance. That incremental $375 million at the midpoint headwind from higher inflation just seems to be substantially higher quantitatively than the uptick in revenue you're calling for. So just in the components of your guidance, it just -- it reads net negative. And obviously, you've maintained the full year range. So I'm just trying to figure out if there is something else that got better in your outlook versus the start of the year? Or if we're now talking about the lower end of the range as opposed to the higher end prior? Just some help there would be helpful.

恭喜瑪麗亞，也歡迎我來到尼爾森。接受 3.75 億美元的指導。在通脹上升的中點逆風中增加的 3.75 億美元在數量上似乎遠高於你所要求的收入增長。因此，僅在您的指導的組成部分中，它只是 - 它顯示為淨負值。很明顯，你保持了全年的範圍。所以我只是想弄清楚與今年年初相比，你的前景是否有更好的地方？或者，如果我們現在談論的是范圍的低端而不是之前的高端？只是一些幫助會有幫助。

Sure. There clearly is a range and coming into the year, we talked about the factors that could affect where we land in that range and commodities have -- commodity inflation expectations clearly have increased. We talked about incremental pricing there. So how all of that plays out as we go through the year, we'll have to see.

當然。顯然有一個範圍，進入今年，我們談到了可能影響我們在該範圍內的位置和大宗商品的因素——大宗商品通脹預期顯然已經增加。我們在那裡討論了增量定價。因此，隨著我們這一年的發展，所有這些將如何發揮作用，我們將不得不拭目以待。

In terms of our expectations on the other lines of the P&L, we held our outlook for our FORCE cost savings. Our other manufacturing costs are looking to be a bit better. We had talked about in January, the pressure we were seeing from the surge in Omicron. Fortunately, that has resolved itself fairly quickly in North America. And it's helped us get our supply chain into a better place than what we suspected back in January. So that's a positive on that side of the house.

就我們對損益表其他行的預期而言，我們保持對 FORCE 成本節約的展望。我們的其他製造成本看起來要好一些。我們在一月份談到了我們從 Omicron 的飆升中看到的壓力。幸運的是，這在北美很快就解決了。它幫助我們使我們的供應鏈變得比我們在一月份所懷疑的更好。所以這在房子的那一邊是積極的。

And in the first quarter, our G&A spending or between-the-line spending, when you net out all of the puts and takes, was a bit favorable backing out currency and other things. And so in this environment, it's tough, and so we're going to very closely monitor our between-the-line spend for the year and how all those factors come together. Keeps us within the range of guidance that we set back in January. Exactly where we'll land, there's still a lot of volatility and moving pieces, so we'll have to see there.

在第一季度，我們的 G&A 支出或線間支出，當你扣除所有的看跌期權時，對貨幣和其他因素的支持有點有利。所以在這種環境下，這很艱難，所以我們將非常密切地監控我們今年的線間支出以及所有這些因素是如何結合在一起的。使我們保持在我們在一月份設定的指導範圍內。確切地說，我們將降落在哪裡，仍然有很多波動和移動的部分，所以我們必須看到那裡。

Stephen, I would agree. $375 million is a big number. And so -- but again, I think we're pleased with the team. I would say, again, as Maria mentioned, volume has been an important component for us. And we planned the year with an estimate around elasticities. Still remains to be seen how things flow from there. But I think given our first quarter, I would say volumes are trending favorable to some of the things that we had originally thought so.

斯蒂芬，我同意。 3.75億美元是一個很大的數字。所以 - 但我認為我們對團隊感到滿意。我想說，正如瑪麗亞所提到的，音量對我們來說是一個重要的組成部分。我們用彈性估計來計劃這一年。事情如何從那裡發展還有待觀察。但我認為考慮到我們的第一季度，我會說交易量趨勢有利於我們最初認為的一些事情。

Yes. Very good. Very good. Is there any -- can you -- of that incremental $375 million, was any of it realized in the first quarter? Is it just the cadence of how that's to flow through? Is that -- I'm assuming more back-end loaded, but just any color there would be useful as well.

是的。很好。很好。在增加的 3.75 億美元中，有沒有 - 你能 - 在第一季度實現了嗎？它只是如何流動的節奏嗎？是嗎 - 我假設加載了更多後端，但任何顏色也都會有用。

Sure. It did hit us in the first quarter. We saw a meaningful spike in commodity cost pricing, particularly in the month of March as global events unfolded. So probably 1/4 of it hit in the first quarter, and the remainder of it will come in the rest of the year.

當然。它確實在第一季度打擊了我們。我們看到商品成本定價大幅飆升，尤其是在 3 月份隨著全球事件的展開。因此，可能有 1/4 發生在第一季度，其餘的將在今年餘下時間到來。

Okay. So it's more prorated then. Okay. Very good. And then just one last thing, if I could. Just is there any maybe -- and maybe I should know this already, but just is there a way to quantify what the Texas storm impact was on growth in terms of the impact this year in terms of the benefit?

好的。因此，它更加按比例分配。好的。很好。如果可以的話，最後一件事。有沒有可能 - 也許我應該已經知道這一點，但有沒有辦法量化德克薩斯風暴對今年增長的影響，就收益而言？

Well, I think in the first quarter, it was probably worth about 2 points of organic for us. So again -- and we're primarily lapping -- I think it was March of last year is when it really hit us. We're still going to be cycling maybe a month or 2 of that in this quarter as well, just so you recognize that. But -- so yes, but that did have an impact, so...

好吧，我認為在第一季度，這對我們來說可能值得大約 2 分。再說一遍——我們主要是在研磨——我認為去年 3 月是它真正打擊我們的時候。在本季度，我們仍然可能會騎自行車一到兩個月，只是為了讓您認識到這一點。但是 - 是的，但這確實產生了影響，所以......

We'll take our next question from Jason English with Goldman Sachs.

我們將回答 Jason English 和 Goldman Sachs 的下一個問題。

Let me echo the sentiment. Congrats, Maria. Well earned. I think we've had the pleasure working together for now well over a decade, and you will be missed. And Nelson, welcome on board. Looking forward to getting to know you.

讓我回應一下情緒。恭喜，瑪麗亞。好賺。我想我們已經很高興一起工作了十多年了，你會很想念的。還有納爾遜，歡迎加入。期待認識你。

Digging into the business, a couple of questions, please. I guess let's first talk about D&E. We haven't seen a negative volume number in your personal care D&E business in quite some time. And I know it's only negative once, so I'm not trying to sensationalize anything, but there's obviously some sensitivity around half of those markets. So can you unpack what drove it this quarter? And then perhaps elaborate on how you're seeing concerned behavior in emerging markets change in each of your core markets as inflation pressure mounts?

深入了解業務，請提出幾個問題。我想我們先談談 D&E。很長一段時間以來，我們都沒有看到您的個人護理 D&E 業務出現負銷量。而且我知道它只有一次負面，所以我不想聳人聽聞，但顯然這些市場中有一半存在一些敏感性。那麼你能解開本季度推動它的原因嗎？然後也許詳細說明隨著通脹壓力的增加，您如何看待新興市場的擔憂行為在您的每個核心市場中發生變化？

Yes. Yes, Jason, maybe I'll start here. Overall, I think we're very pleased with our D&E growth overall. Personal care growth continue to be very strong behind what I mentioned earlier under Lauren's question, strong innovation, really strong local execution. Organic was up 11% in the quarter. High single digit on price, low single digit on mix. And then yes, as you mentioned, a 1% volume decline overall.

是的。是的，傑森，也許我會從這裡開始。總的來說，我認為我們對 D&E 的整體增長感到非常滿意。在我之前在 Lauren 的問題下提到的，強大的創新，非常強大的本地執行力之後，個人護理增長繼續非常強勁。本季度有機增長了 11%。價格高個位數，組合低個位數。然後是的，正如你提到的，整體銷量下降了 1%。

I'd say it's kind of mixed across markets -- and maybe the one area that I'd point out is in Latin America. For us, a little softer on volume and a little softer on share. The big driver of that is, Jason, as you're well aware with our previous discussions, we're prioritizing margin recovery, but we want to be balanced and holistic about it. And so we're trying to balance margin recovery, organic growth and share. And I would say we're probably faster on pricing in a number of our key markets, including Latin America. And so that's probably had an impact on both volume and share.

我想說這是跨市場的混合 - 也許我要指出的一個領域是拉丁美洲。對我們來說，音量稍微柔和一點，份額也稍微柔和一點。傑森，正如你在我們之前的討論中很清楚的那樣，這是最大的推動力，我們正在優先考慮利潤率恢復，但我們希望對此保持平衡和整體。因此，我們正在努力平衡利潤率恢復、有機增長和份額。我想說的是，我們在一些主要市場（包括拉丁美洲）的定價可能更快。所以這可能對數量和份額都有影響。

And our shares are still, overall, up and over 50% of our what we call cohorts or market category combinations, so we feel good about that. It's a little less than what we have been doing in the last couple of years, which is about 2/3, right? And so we'd like to be in that 2/3 range. But recognize that's a high bar. That said, we also recognize when we're moving quickly on price that we're going to have some ebbs and flows on market shares in local markets.

總體而言，我們的股票仍然上漲，超過我們所謂的同類群組或市場類別組合的 50%，因此我們對此感覺良好。這比我們過去幾年所做的要少一點，大約是 2/3，對吧？所以我們希望在 2/3 範圍內。但要認識到這是一個很高的標準。也就是說，我們也認識到，當我們在價格上快速移動時，我們將在當地市場的市場份額上有一些起伏。

Yes, that makes sense. Pivoting to the professional business. Volumes still really -- they haven't really recovered, right? If we look at pre-COVID for this quarter, 1Q '22 versus where we were in '19, I think your volumes are still down 17%, 18%, off of the pre-COVID levels. So two questions. What needs to happen? Like what are the conditions that would get you back to [bright] there? And we're far enough in that I think it's probably prudent for all us to say, you probably aren't getting back to bright . Is there some sort of rightsizing type initiatives you need to take in the organization to account for the now lower volume base?

是的，這是有道理的。轉向專業業務。成交量仍然非常 - 他們還沒有真正恢復，對吧？如果我們看一下本季度 COVID 之前的情況，即 22 年第一季度與 19 年的情況相比，我認為您的銷量仍然比 COVID 之前的水平下降了 17%、18%。所以兩個問題。需要發生什麼？比如什麼條件可以讓你回到那裡[明亮]？而且我們已經足夠遠了，我認為我們所有人都可以謹慎地說，你可能不會回到光明。您是否需要在組織中採取某種規模調整類型的舉措來解決現在較低的數量基數？

Yes. Overall, Jason, I will say we're encouraged by the professional demand improving. Organic was up 6% in the quarter. And to your point, not back to where it was, but mid-single-digit growth in North American and high single digit in the rest of the world. Washroom demands recovering was up 30% in the quarter and now back to 90% of our pre-pandemic levels. I think we do know enough.

是的。總的來說，傑森，我會說我們對專業需求的改善感到鼓舞。本季度有機增長了 6%。就您而言，不是回到原來的位置，而是北美的中個位數增長和世界其他地區的高個位數增長。洗手間需求在本季度恢復了 30%，現在恢復到大流行前水平的 90%。我想我們確實知道得夠多了。

And I agree with you that I don't think it's going to go back to where it was. I think our team is making the right plans to size the business appropriately and recognize this is the reality of where we are. And so we need to go from there. And so they've got a margin recovery plan and a cost plan and are diligently working on that. Obviously, a key component of that margin recovery plan is price, which we've executed very, very well, and we're encouraged with our start.

我同意你的觀點，我認為它不會回到原來的位置。我認為我們的團隊正在製定正確的計劃來適當地調整業務規模，並認識到這是我們所處的現實。所以我們需要從那裡開始。因此，他們制定了利潤恢復計劃和成本計劃，並且正在努力實現這一目標。顯然，該利潤恢復計劃的一個關鍵組成部分是價格，我們已經非常非常好地執行了，我們一開始就受到鼓舞。

I will point out, we do expect better volume performance. I mean we have great capability. We have great innovation in the market this year. We have this, what we're calling an ICON, a better dispenser that our end users are very excited about, and that's driving our growth. So our shares in the segment, especially North America, are up. The team's performing well. But you're right, I think we have to recognize that probably, the business is going to be a little different size than it was pre-pandemic, and we're going to be ready for that.

我會指出，我們確實期望更好的音量性能。我的意思是我們有很大的能力。今年我們在市場上有很大的創新。我們有這個，我們稱之為 ICON，一個更好的分配器，我們的最終用戶非常興奮，這推動了我們的增長。因此，我們在該領域的份額，尤其是北美，上漲了。球隊表現不錯。但是您是對的，我認為我們必須認識到，該業務的規模可能會與大流行前有所不同，我們將為此做好準備。

Yes. Thanks and congrats on a good start to the year. I'll pass it on.

是的。感謝並祝賀今年有一個良好的開端。我會傳下去的。

We'll take our next question from Andrea Teixeira with JPMorgan Chase.

我們將向摩根大通的 Andrea Teixeira 提出下一個問題。

First, congrats to Maria, and welcome, Nelson. Looking forward to working with you as well. So first, a clarification that you removed the comments about SG&A and the FORCE savings. And given the higher cost pressures and from Maria's comments earlier, are you taking promo and marketing spending down since the consumer, particularly in the U.S., has been stronger than anticipated?

首先，祝賀瑪麗亞，歡迎尼爾森。也期待與您合作。首先，澄清一下您刪除了有關 SG&A 和 FORCE 節省的評論。鑑於較高的成本壓力以及 Maria 早些時候的評論，您是否會降低促銷和營銷支出，因為消費者，尤其是美國的消費者，比預期的要強？

And on the pricing commentary that I think it was incremental to what you had in plan, which categories are you hoping to get additional pricing from plan before and the timing of it?

關於定價評論，我認為這是對您計劃中的內容的增量，您希望哪些類別從計劃中獲得額外定價以及它的時間安排？

And just a follow-up to Mike's commentary about China. I mean, impressive high single-digit performance there for another quarter. So how are you trending in April given the lockdowns and what we hear about e-commerce also being impacted there? And what is your expectation for the category?

並且只是邁克對中國的評論的後續行動。我的意思是，還有一個季度令人印象深刻的高個位數表現。那麼，鑑於封鎖以及我們聽到的有關電子商務也受到影響的消息，您 4 月份的趨勢如何？您對該類別的期望是什麼？

All right. I'll go ahead and start on the cost side. As I mentioned, our outlook remains the same for the FORCE cost savings of $300 million to $350 million for the year.

好的。我會繼續從成本方面開始。正如我所提到的，我們對今年 FORCE 成本節省 3 億至 3.5 億美元的前景保持不變。

A little bit more color on the first quarter. We did see very strong savings in our productivity programs and our pipeline of opportunities remains quite healthy on the cost savings side. And so we've got confidence in that FORCE cost savings range.

第一季度的顏色有點多。我們確實在我們的生產力計劃中看到了非常強大的節省，我們的機會管道在成本節省方面仍然相當健康。因此，我們對 FORCE 成本節約範圍充滿信心。

We do expect that the savings will ramp through the year. As you know, our savings don't come in a straight line. They can tend to be a bit bumpy as we go through the year based on which projects and programs we're implementing and able to execute.

我們確實預計節省的費用將在今年增加。如您所知，我們的儲蓄不是直線上升的。根據我們正在實施和能夠執行的項目和計劃，當我們度過這一年時，它們可能會有點顛簸。

In the quarter, what we saw is that the distribution cost increases were a meaningful headwind to our FORCE cost savings number. So as I've discussed before, the $50 million of savings is a net number. There's all of the positives from the actions that our teams are taking to drive productivity across the supply chain. But you have to clear a positive number there, and there's significant headwinds on the distribution side that are putting pressure on the net FORCE cost savings number. But I'd wrap it up by saying that good delivery in the quarter, pipeline of opportunities remain strong.

在本季度，我們看到分銷成本的增加對我們的 FORCE 成本節約數字來說是一個有意義的逆風。因此，正如我之前所討論的，節省的 5000 萬美元是一個淨數字。我們的團隊為提高整個供應鏈的生產力而採取的行動具有所有積極意義。但是你必須在那裡清除一個正數，並且分銷方面存在重大逆風，這對淨 FORCE 成本節約數字施加壓力。但我想說的是，本季度交付良好，機會管道仍然強勁。

On the -- between-the-lines comment that I may, thank you for the question, because it's important to clarify, we are not reducing brand support. Our advertising plans for the year continue to be strong, and we intend to continue to support our brands.

關於我可能的字裡行間評論，謝謝你的問題，因為澄清這一點很重要，我們不會減少品牌支持。我們今年的廣告計劃繼續強勁，我們打算繼續支持我們的品牌。

Outside of advertising, when you look broadly at other SG&A spend, we'll continue to be very disciplined on other spending and look to balance the profit delivery, given the current conditions that we're facing, in particular, with the escalation of input cost inflation. But advertising remains very, very healthy.

在廣告之外，當您廣泛關注其他 SG&A 支出時，鑑於我們目前面臨的情況，特別是隨著投入的升級，我們將繼續對其他支出非常嚴格，並尋求平衡利潤交付成本膨脹。但是廣告仍然非常非常健康。

Yes. Andrea, maybe I'll just piggyback on that what Maria was saying, is that we remain committed to delivering balanced and sustainable growth. And so our priorities are to accelerate growth and also recover the margins. But right now, I would tell you, our brands are strong, our categories are healthy, and we're going to continue to invest to build our categories, our brands and our markets.

是的。安德里亞，也許我會附和瑪麗亞所說的，就是我們仍然致力於實現平衡和可持續的增長。因此，我們的首要任務是加速增長並恢復利潤率。但現在，我會告訴你，我們的品牌很強大，我們的品類很健康，我們將繼續投資建立我們的品類、品牌和市場。

So as I mentioned earlier, we're taking a very holistic approach to balance -- to mitigate the inflationary pressure. We're going to balance price, volume and share.

所以正如我之前提到的，我們正在採取一種非常全面的方法來平衡——以減輕通脹壓力。我們將平衡價格、數量和份額。

I think we -- to your second part of your question, I think we've taken price and recognize that our price realization has to increase. We've done that in a number of ways, either through pack counts, list price and also promotion reductions. I would -- I don't know that I would say it's uniform across markets. We're relying on our markets to be agile and to respond to what the local situation requires.

我認為我們 - 對於您問題的第二部分，我認為我們已經採取了價格並認識到我們的價格實現必須增加。我們已經通過多種方式做到了這一點，包括包裝數量、標價以及促銷折扣。我會 - 我不知道我會說它在各個市場上都是統一的。我們依靠我們的市場來靈活應對當地情況的需求。

But in general, as you can observe overall, the overall pricing has gone up. In some markets, our promotions have come down and in some markets -- and that's been a way to deliver price. And in some markets, it's gone a little bit up. North America, I would say, has gone up slightly because we were suppressed on the promotion front for a couple of years. I'd say our promotional depth is still lower than it was 3 years ago overall. But again, that's -- it's just an artifact of kind of what are you comparing against.

但總的來說，正如您所觀察到的那樣，整體價格上漲了。在一些市場，我們的促銷活動已經下降，在一些市場——這是提供價格的一種方式。在一些市場，它已經上升了一點。我想說的是，北美略有上升，因為我們在促銷方面被壓制了幾年。我想說我們的促銷深度仍然低於 3 年前的整體水平。但同樣，這只是你要與之比較的一種人工製品。

But overall, I think Maria's point is the main one, which is we believe in balanced and sustainable growth and growing our brands, and so we're going to continue to support the brands in an appropriate way.

但總的來說，我認為 Maria 的觀點是主要的，即我們相信平衡和可持續的增長以及我們的品牌發展，因此我們將繼續以適當的方式支持品牌。

And then the last point, I think you asked on China. I think I'm not ready to comment on April yet. We're only ready to comment on this quarter. I would tell you that we have been affected by some of the COVID lockdowns as everyone else is, and -- but we'll update you on that on our next call.

最後一點，我想你問的是中國。我想我還沒準備好在四月發表評論。我們只准備對本季度發表評論。我會告訴你，我們和其他人一樣受到了一些 COVID 封鎖的影響，而且——但我們會在下一次電話會議上通知你。

And one last clarification. Sorry to a fine point on the pricing and increase in inorganic. So should we interpret what you're saying mostly that initially, you were more cautious on basically the elasticity, the volume decline? I remember being a very strong volume decline that was embedded in the initial guide. And now you're having the same kind of thought about pricing, but slightly better now because it's been taking -- everyone is taking additional pricing, your competitor announced another one in family care the day before yesterday. So it's a mix of both, but mostly because elasticities have been coming in better than anticipated? Is that the way to interpret?

最後一個澄清。對無機物的定價和增加感到抱歉。那麼，我們是否應該將您所說的主要解釋為最初，您對基本彈性、成交量下降更加謹慎？我記得最初的指南中包含了非常強勁的銷量下降。現在你對定價有同樣的想法，但現在稍微好一點，因為它一直在採取——每個人都在採取額外的定價，你的競爭對手前天宣布了另一個家庭護理。所以這是兩者的混合，但主要是因為彈性的出現好於預期？是這樣解釋的嗎？

Well, I'd say volume has been a little bit better overall. I think we're still working through and calibrating with it. Relative to the elasticity, I would say the overall volume in the first quarter came in a little bit better than planned. I still think we're waiting to see what the full impact of elasticity is.

好吧，我想說總體上音量要好一些。我認為我們仍在努力和校準它。相對於彈性，我想說第一季度的整體銷量比計劃好一點。我仍然認為我們正在等待看看彈性的全部影響是什麼。

Although I do think the history is -- and if I go back to our last price -- set of pricing a few years ago, I think volumes did come in better than predicted in some cases and in other cases, pretty much on plan. So we're still working through it. But again, I think that the net of it is our guidance increase is certainly that we're seeing -- we expect more pricing in the marketplace, and then volume is a little bit better than we originally planned.

雖然我確實認為歷史是 - 如果我回到我們的最後一個價格 - 幾年前的定價，我認為在某些情況下和其他情況下，銷量確實比預期的要好，幾乎在計劃中。所以我們仍在努力解決它。但同樣，我認為我們的指導增加的結果肯定是我們看到的——我們預計市場會有更多的定價，然後銷量比我們最初計劃的要好一點。

We'll take our next question from Peter Grom with UBS.

我們將向瑞銀的 Peter Grom 提出下一個問題。

So I kind of wanted to follow up on that last point just around elasticities. Can you -- just I was hoping you could just remind us what the assumptions are embedded in your guidance? Is it based on historical elasticities? And should that not occur, which seems to kind of be the case more broadly today, would that be upside? Or does it kind of assume what you're seeing in the market today holds?

所以我有點想圍繞彈性跟進最後一點。你能 - 只是我希望你能提醒我們你的指導中包含哪些假設嗎？它是基於歷史彈性嗎？如果這種情況不會發生，今天似乎更廣泛地出現這種情況，那會不會有好處？或者它是否假設你今天在市場上看到的東西是成立的？

Yes. I'll make a quick comment before Mike jumps in. What I would say is that our assumptions around the elasticities have been informed by historical performance over a long period of time and particularly looking at what happened during more challenging parts of the cycle. So that was an informed, but it's not an equal to. So it's not mathematical. We apply judgment based on what we're seeing today and where we stand today in each of the markets competitively with where the consumer is and the consumer dynamics in each of those markets. So I'd say, we apply judgment but it's certainly informed by what's happened historically. But Mike, you probably have some comments.

是的。在邁克介入之前，我會做一個簡短的評論。我要說的是，我們對彈性的假設是根據很長一段時間的歷史表現得出的，尤其是在周期中更具挑戰性的部分發生的情況。所以這是一個知情的，但它不等於。所以這不是數學的。我們根據我們今天所看到的以及我們今天在每個市場中所處的位置與消費者所處的位置以及每個市場中的消費者動態進行競爭判斷。所以我想說，我們應用判斷，但它肯定是由歷史上發生的事情決定的。但是邁克，你可能有一些意見。

No, I don't think I have much more to add to that.

不，我不認為我還有什麼要補充的。

Okay. No, that's helpful. And then I guess just turning to margins, and I appreciate all the color on it in depletion and pricing in the release and the prepared remarks. But I was just kind of hoping to drill down on just the phasing because there's just a few comments that stood out. I think specifically, you said in the near term, these commodity costs will offset the top line growth. And then later, you kind of mentioned improved financial delivery sequentially. So how should we think about the phasing of gross margins through the balance of the year or kind of just the balance of the commodity pressures that you've kind of outlined?

好的。不，這很有幫助。然後我想只是轉向利潤，我很欣賞它在發布和準備好的評論中耗盡和定價的所有顏色。但我只是希望深入了解分階段，因為只有一些評論很突出。我認為具體而言，您在短期內說過，這些商品成本將抵消收入增長。後來，你提到了依次改進的財務交付。那麼，我們應該如何考慮通過今年的餘額逐步調整毛利率，或者只是您概述的商品壓力的平衡？

And then based on kind of where things stand today, like when should we kind of expect a return to margin expansion?

然後基於今天的情況，比如我們什麼時候應該期待利潤率擴張的回歸？

Yes. I'll start. Let me first comment on phasing. You know where we came out in the first quarter. Where I would point you to is the second half of the year, which is where we are expecting improvement.

是的。我會開始的。讓我先評論一下分階段。你知道我們在第一季度的表現。我要指出的是下半年，這是我們期待改進的地方。

In terms of -- my IR folks are looking at me. But in terms of the second quarter, the commodity situation that we're facing, I mentioned that commodity costs were escalating through the quarter with March prices being very high and a number of our commodities are continuing to escalate. So I think looking to the next quarter, I think we're going to still have quite a bit of commodity pressure before phasings normalize.

就 - 我的 IR 人員正在看著我。但就第二季度，我們面臨的大宗商品形勢而言，我提到整個季度大宗商品成本都在上升，3 月份的價格非常高，我們的一些大宗商品還在繼續上漲。因此，我認為展望下一季度，在階段性正常化之前，我們仍將面臨相當大的商品壓力。

So how that will all play out, we'll have to see. But I would point you to the second half of the year on margin improvement. We intend to build momentum as we go through the year when pricing is more in line with the inflation. And as you know, we've had -- we took pricing in the first quarter. So that hasn't really played out yet in the P&L. But as that does, that will certainly help our margins, our FORCE cost savings build as we go through the year. Again, maybe not in a straight line, but I would expect the second half to be stronger that the run rate that we saw in the first quarter. And so a number of moving pieces.

那麼這一切將如何發展，我們將拭目以待。但我會向你指出下半年利潤率的提高。我們打算在定價更符合通貨膨脹的一年中建立勢頭。如您所知，我們已經 - 我們在第一季度進行了定價。所以這在損益表中還沒有真正發揮出來。但是，這樣做肯定會有助於我們的利潤，我們的 FORCE 成本節約隨著我們這一年的發展而增加。同樣，也許不是直線，但我預計下半年會比我們在第一季度看到的運行速度更強。等等一些動人的作品。

I don't think we're prepared to tell you when we get back to the 2019 levels on margins but we absolutely improve -- expect improvement this year.

我認為當我們的利潤率回到 2019 年的水平時，我們還沒有準備好告訴你，但我們絕對會有所改善——預計今年會有所改善。

Yes. Let me piggyback on that, Peter, because I think part of that is we definitely expect strong progress on price realization and you're seeing it. I'm confident we'll be able to restore our margins and eventually expand them, okay?

是的。彼得，讓我背負這一點，因為我認為部分原因是我們肯定希望在價格實現方面取得巨大進展，你正在看到它。我有信心我們將能夠恢復我們的利潤並最終擴大它們，好嗎？

I think the big factor that Maria says, we can't predict exactly when it is because the core assumption is what happens with inflation. And so the reality is I expect reversion in the commodities. It's going to happen. We all know it will, if you've been following this company for a long time. I think most of our long-term investors have seen it revert every time, right? But the reality is, in the near term, inflation is well beyond any historical levels. I mean in just over -- between '21 and '22, if you do the math at the midpoint of our guidance, we're going to take on $2.7 billion of additional inflation, and that's a 1,400-point drag on the operating margin.

我認為瑪麗亞所說的一個重要因素是，我們無法準確預測何時發生，因為核心假設是通貨膨脹會發生什麼。所以現實是我預計大宗商品會出現逆轉。它會發生。如果您長期關注這家公司，我們都知道它會。我認為我們的大多數長期投資者每次都看到它恢復，對吧？但現實是，在短期內，通脹遠遠超出任何歷史水平。我的意思是剛剛過去——在 21 年和 22 年之間，如果你在我們指導的中點進行數學計算，我們將承受 27 億美元的額外通脹，這對營業利潤率造成 1,400 個百分點的拖累.

I will tell you, we will make progress restoring margins. We expect pricing to largely offset inflation. It may not all be in the year, but our teams are moving fast and making progress. And again, as I started, commodities are going to revert. And then when they revert, that's going to accelerate our time line of recovery. But again, it's hard to say when that is because we expect it to decline a little bit or at least, we predicted a level at the beginning of the year. And obviously, we took up that inflation number by $375 million at the midpoint 3 months later.

我會告訴你，我們將在恢復利潤方面取得進展。我們預計定價將在很大程度上抵消通脹。可能不是全部都在這一年，但我們的團隊正在快速前進並取得進展。再一次，正如我開始的那樣，大宗商品將回歸。然後當他們恢復時，這將加快我們的恢復時間線。但是，很難說那是什麼時候，因為我們預計它會下降一點，或者至少，我們預測到年初的水平。顯然，在 3 個月後的中點，我們將通脹數字增加了 3.75 億美元。

So again, there was not a war in our plan for -- as we put together our outlook in the beginning of the year, and that's clearly affected the energy markets.

再說一次，我們的計劃中沒有一場戰爭——正如我們在年初制定的展望一樣，這顯然影響了能源市場。

Maria, congratulations and wish you the best of luck moving forward.

瑪麗亞，祝賀你，並祝你一切順利。

Thank you.

謝謝你。

We'll take our next question from Wendy Nicholson with Citigroup.

我們將向花旗集團的 Wendy Nicholson 提出我們的下一個問題。

My first question has to do with private label because you're one of the few companies we cover that does do some private-label manufacturing. So can you remind us, number one, just ballpark what percentage of your volume is for private-label brands?

我的第一個問題與自有品牌有關，因為您是我們報導的少數幾家從事自有品牌製造的公司之一。那麼，您能否提醒我們，第一，您的自有品牌銷量佔您銷量的百分比是多少？

And then second, just sort of if there's any outlook you have, I know that you said in the past that you only do private label when it's sort of to the benefit of your brands and strategic relationships. But can you give us a sense whether any of the big retailers you work with are coming to you saying, hey, we want to put more power behind private label given the pricing environment? Anything you can offer just in terms of where you're situated and whether you think private label is going to grow as a piece of your business kind of over the next 6 to 12 months?

其次，如果你有任何前景，我知道你過去說過，只有在有利於你的品牌和戰略關係的情況下，你才會做自有品牌。但是，您能否告訴我們與您合作的任何大型零售商是否會來找您說，嘿，鑑於定價環境，我們希望為自有品牌提供更多權力？僅就您所在的位置以及您是否認為自有品牌會在未來 6 到 12 個月內成為您業務的一部分，您能提供什麼？

Yes. Overall, I'd say, Wendy, private label is not core to our overall growth strategy. And so it's a relatively small part of our business. And we do it selectively, as you mentioned, whether for a strategic account or a strategic proposition. But again, our capacity is expensive to build, and so we want to focus that, in general, on the brands unless there is a very good strategic rationale for it.

是的。總的來說，溫迪，自有品牌並不是我們整體增長戰略的核心。所以這是我們業務中相對較小的一部分。正如您所提到的，我們有選擇地這樣做，無論是為了戰略賬戶還是戰略主張。但同樣，我們的能力建設成本很高，因此我們希望總體上將重點放在品牌上，除非有很好的戰略理由。

I will say private label did grow a bit more in the quarter, and that's a change from prior quarters. And I think it was up or even in about 6 of our 8 categories that we track, and that's a change from the recent quarters. And while we're paying attention to that, we're really focused on improving and making sure that we have the right value proposition on our products.

我會說自有品牌在本季度確實增長了一點，這與前幾個季度相比有所變化。而且我認為它在我們跟踪的 8 個類別中的大約 6 個類別中都有所上升，這與最近幾個季度相比有所變化。在我們關注這一點的同時，我們真正專注於改進並確保我們的產品具有正確的價值主張。

And that's why even at the same time, Wendy, that we are making -- taking price increases, we are also working hard to improve the product quality and the features and benefits of our brands as well.

這就是為什麼即使在我們正在製造的同時，溫迪 - 在價格上漲的同時，我們也在努力提高產品質量以及我們品牌的功能和優勢。

It's less than 5% of our sales.

這還不到我們銷售額的 5%。

Less than 5%. Okay. And can you just clarify the strength that you saw in the quarter, again, even if it's small, was it in the U.S. or in Western Europe?

低於 5%。好的。您能否再次澄清一下您在本季度看到的實力，即使它很小，是在美國還是在西歐？

I would say -- I was commenting mostly on North America. I think in North America, the 8 categories we track, it was even or up in about 6 of them, so...

我想說——我主要是在評論北美。我認為在北美，我們跟踪的 8 個類別中，大約有 6 個類別是持平或上升的，所以......

Okay. Fabulous. And then just one more follow-up to an earlier question about China. Your strength, high single-digit growth in diapers and fem care is obviously terrific and great to see and a departure from what we've heard from other companies who've been struggling in China, not just with the supply chain, but lots of different things. And so my question is, is it just a market share relative outperformance for you? Do you think there's anything different in terms of how you're distributed? Or are you promoting exceptionally a lot? Or anything different that's enabling you to do well in China, maybe when some other companies are struggling more?

好的。極好。然後是之前關於中國的問題的又一個後續。你的實力，在尿布和女性護理方面的高個位數增長顯然非常棒，很值得一看，這與我們從其他一直在中國苦苦掙扎的公司那裡聽到的不同，不僅在供應鏈方面，而且在很多方面不同的東西。所以我的問題是，這對你來說只是市場份額的相對錶現嗎？你認為你的分配方式有什麼不同嗎？或者你的促銷活動特別多？或者有什麼不同的東西可以讓你在中國做得很好，也許當其他一些公司更加掙扎的時候？

Yes. It's -- I don't think it's a distribution channel thing. And I don't think -- it's definitely not promotions because, again, we're trying to be disciplined about pricing. Here's the thing, and I will say, Wendy, it's really what Alison talked about at CAGNY, which is there is a lot of opportunity in a lot of our markets to premiumize our category. And I know that's a little bit different because given the conditions right now with pricing and inflation, what's happening to the consumer.

是的。這是 - 我不認為這是一個分銷渠道的事情。而且我不認為 - 這絕對不是促銷活動，因為我們再次試圖在定價方面受到紀律處分。事情是這樣的，溫迪，這就是艾莉森在 CAGNY 所說的，在我們的許多市場中都有很多機會來提升我們的類別。而且我知道這有點不同，因為鑑於目前的定價和通貨膨脹條件，消費者正在發生什麼。

But over the long term, as I mentioned earlier, that China -- the value per baby sold is less than half of what it is in the U.S. or other developed markets. And so there still remains a significant opportunity for us to premiumize our categories. And so mix for us has been an important driver. We've doubled our super premium mix just over the past 12 months. And so that's part of it. And then the other part of it is share.

但從長遠來看，正如我之前提到的，中國每個嬰兒的銷售價值還不到美國或其他發達市場的一半。因此，我們仍然有一個重要的機會來提升我們的類別。因此，混合對我們來說是一個重要的驅動力。在過去的 12 個月裡，我們的超高級組合翻了一番。這就是其中的一部分。然後它的另一部分是共享。

And what we're really proud that we took share leadership in China in the diaper category, I'd say, almost 2 years ago, and we continue to expand that. And so we're really proud of the work of our team, and we're excited about that. And recognize there are some trends that are not favorable. I mean, as you're well aware, births are down, but we still think there's an opportunity on value.

我們真正感到自豪的是，我們在紙尿褲類別中佔據了中國份額的領導地位，我想說，差不多 2 年前，我們會繼續擴大這一點。所以我們真的為我們團隊的工作感到自豪，我們對此感到興奮。並認識到有些趨勢是不利的。我的意思是，正如你所知道的那樣，出生率下降了，但我們仍然認為存在價值機會。

We'll take our next question from Lauren Lieberman with Barclays.

我們將向巴克萊銀行的 Lauren Lieberman 提出下一個問題。

Sorry, I'm back again. I just wanted to talk quickly about consumer tissue. At CAGNY, in your comments, I think it was in Russell's comments, there was some discussion of just efforts behind the scenes to execute the same playbook that you've done so successfully now in personal care in tissue in terms of elevating the category sort of support. It may be a tough time given just about cost inflation and managing volatility at the moment. But anything you could share on strategies in that business, I would be curious if you have the time.

對不起，我又回來了。我只是想快速談談消費用紙巾。在 CAGNY，在你的評論中，我認為是在 Russell 的評論中，有一些討論只是在幕後努力執行相同的劇本，你現在在組織個人護理方面已經成功地完成了提升類別排序的支持。考慮到目前的成本膨脹和管理波動性，這可能是一段艱難的時期。但是，您可以分享有關該業務策略的任何內容，如果您有時間，我會很好奇。

Yes. Thank you, Lauren. Yes, I think that's right. I mean, again, elevate the categories is -- I think we have an opportunity to elevate all of our categories, and I think that will apply. I think it's -- we -- our teams have been busy working that across the globe on tissue. I think some of that's been drowned out because -- especially like in North America, the high volatility over the last couple of years related to COVID. For reference, I think that category was up 28% in 2020 and then down 20% last year. And so there's been a lot of volatility.

是的。謝謝你，勞倫。是的，我認為這是正確的。我的意思是，再次提升類別是 - 我認為我們有機會提升我們所有的類別，我認為這將適用。我認為這是 - 我們 - 我們的團隊一直在忙於在全球範圍內處理紙巾。我認為其中一些已經被淹沒了，因為——尤其是在北美，過去幾年與 COVID 相關的高波動性。作為參考，我認為該類別在 2020 年增長了 28%，然後在去年下降了 20%。所以波動很大。

That said, I'd say we still believe there's a lot of opportunity to elevate the category through better clean, let's say, on the tissue side. I think we have had some momentum on Kleenex and broadening out the usage. And so that's something we remain excited about and we're working hard on. I just think there's been a little more volatility in the tissue categories in North America because I would say the extreme volatility in demand and then in other markets like Latin America and in Western Europe, the pricing dynamic has been, I would say, a little more pressurized.

也就是說，我想說我們仍然相信有很多機會通過更好的清潔來提升類別，比如說，在紙巾方面。我認為我們在面巾紙上取得了一些進展，並擴大了使用範圍。所以這是我們仍然興奮的事情，我們正在努力工作。我只是認為北美衛生紙類別的波動更大一些，因為我會說需求的極端波動，然後在拉丁美洲和西歐等其他市場，我想說的是定價動態有點壓力更大。

Thank you. And Ms. Taryn Miller, I'm showing there are no more questions at this time.

謝謝你。 Taryn Miller 女士，我表示目前沒有更多問題。

Great. Thank you. So thank you for joining today on our conference call, and we look forward to talking to you soon. Thanks.

偉大的。謝謝你。因此，感謝您今天參加我們的電話會議，我們期待很快與您交談。謝謝。

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

今天的介紹到此結束。感謝您的參與。您現在可以斷開連接。