可口可樂 (KO) 2022 Q2 法說會逐字稿

At this time, I'd like to welcome everyone to the Coca-Cola Company's Second Quarter Earnings Results Conference Call. Today's call is being recorded. If you have any objections, please disconnect at this time. (Operator Instructions) I would like to remind everyone that the purpose of this conference is to talk with investors, and therefore, questions from the media will not be addressed. Media participants should contact Coca-Cola's Media Relations department if they have any questions.

在這個時候，我想歡迎大家參加可口可樂公司第二季度收益結果電話會議。今天的電話正在錄音。如果您有任何異議，請在此時斷開連接。 （操盤手須知）我想提醒大家，這次會議的目的是和投資者交流，因此媒體的提問不予回答。媒體參與者如有任何問題，請聯繫可口可樂的媒體關係部門。

I would now like to introduce Mr. Tim Leveridge, Vice President of IR and FP&A. Mr. Leveridge, you may now begin.

我現在想介紹一下 IR 和 FP&A 副總裁 Tim Leveridge 先生。 Leveridge 先生，您現在可以開始了。

Good morning, and thank you for joining us today. I'm here with James Quincey, our Chairman and Chief Executive Officer; and John Murphy, our Chief Financial Officer.

早上好，感謝您今天加入我們。我和我們的董事長兼首席執行官 James Quincey 在一起；和我們的首席財務官約翰·墨菲。

Note that we've posted schedules under Financial Information in the Investors section of our company website at www.coca-colacompany.com. These schedules reconcile certain non-GAAP financial measures, which may be referred to by our senior executives during this morning's discussion to our results as reported under generally accepted accounting principles. You can also find schedules in the same section of our website that provide an analysis of our gross and operating margins.

請注意，我們已在公司網站 www.coca-colacompany.com 的“投資者”部分的“財務信息”下發布了時間表。這些時間表協調了某些非公認會計原則的財務指標，我們的高級管理人員在今天上午的討論中可能會提到我們根據公認會計原則報告的結果。您還可以在我們網站的同一部分找到對我們的毛利率和營業利潤率進行分析的時間表。

In addition, this call may contain forward-looking statements, including statements concerning long-term earnings objectives, which should be considered in conjunction with cautionary statements contained in our earnings release and in the company's periodic SEC reports.

此外，本次電話會議可能包含前瞻性聲明，包括有關長期收益目標的聲明，應與我們的收益發布和公司定期 SEC 報告中包含的警示性聲明一起考慮。

Following prepared remarks this morning, we will turn the call over for questions. (Operator Instructions)

在今天早上準備好的發言之後，我們將把電話轉過來提問。 （操作員說明）

Now I'll turn the call over to James.

現在我將把電話轉給詹姆斯。

Thanks, Tim, and good morning, everyone.

謝謝，蒂姆，大家早上好。

In the second quarter, we delivered strong performance by continuing to execute on our growth strategy. Our industry remained robust, and we gained both volume and value share in the quarter.

在第二季度，我們通過繼續執行我們的增長戰略實現了強勁的業績。我們的行業保持強勁，我們在本季度獲得了數量和價值份額。

Our first half 2022 results and the resiliency of our business give us confidence to raise our top line guidance. This is offsetting the meaningful increases in costs and currency headwinds to hold our bottom line U.S. dollar outlook of 5% to 6% growth, even as we accelerate investments in our business to drive future growth. These results are enabled by our organization's purpose-led culture, strong alignment with our bottling partners and the dedication and flexibility of our people while driving our growth agenda.

我們 2022 年上半年的業績和業務的彈性使我們有信心提高我們的一線指導。這抵消了成本和貨幣逆風的顯著增加，以保持我們的底線美元增長 5% 至 6% 的前景，即使我們加快對業務的投資以推動未來增長。這些成果得益於我們組織以目標為導向的文化、與裝瓶合作夥伴的緊密合作以及我們員工在推動增長議程時的奉獻精神和靈活性。

This morning, I'll discuss the current operating environment and how we're delivering results and building for the future in that environment and the progress on our sustainability agenda. Then John will discuss the financial details of the quarter and how we are building resilience to manage through external factors worldwide.

今天上午，我將討論當前的運營環境，以及我們如何在該環境中交付成果和建設未來，以及我們可持續發展議程的進展。然後約翰將討論本季度的財務細節以及我們如何建立彈性以通過全球外部因素進行管理。

During the second quarter, the operating environment continued to be asynchronous with many moving parts. Some regions continued to experience broad-based macro strength while others are experiencing strong inflationary pressures. Some countries are still recovering from the pandemic, while China experienced pandemic-related lockdowns. And the conflict in Ukraine is ongoing, and we'd like to send our thoughts and deepest sympathies to all of those who continue to be affected.

在第二季度，運營環境繼續與許多活動部件不同步。一些地區繼續經歷廣泛的宏觀實力，而另一些地區則面臨強大的通脹壓力。一些國家仍在從大流行中恢復過來，而中國則經歷了與大流行相關的封鎖。烏克蘭的衝突仍在繼續，我們想向所有繼續受到影響的人表達我們的想法和最深切的同情。

With this as a backdrop, we have managed well with our bottlers and delivered robust revenue growth across all our geographic segments that encompass strong pricing actions and strong volume performance helped by away-from-home recovery. Consumer elasticities have largely held a better-than-expected year-to-date, though we are watching closely for signs of changing consumer behavior as the year goes on and as the average cost of the consumer basket continues to go up.

在此背景下，我們與裝瓶商管理得很好，並在我們所有的地理區域實現了強勁的收入增長，其中包括強勁的定價行動和強勁的銷量表現，這得益於遠離家鄉的複蘇。今年迄今為止，消費者彈性在很大程度上保持好於預期，儘管隨著時間的推移以及消費者籃子的平均成本繼續上升，我們正在密切關註消費者行為發生變化的跡象。

We expect the consumer environment to be more challenging, and we are preparing accordingly, stepping up our investments, sharpening our resource allocation capabilities and tapping into data to better reach our consumers. We also recognize that the dollar strength is impacting our translated earnings, and we remain committed to delivering U.S. dollar growth.

我們預計消費環境將更具挑戰性，我們正在做相應的準備，加大投資力度，提高資源配置能力，並利用數據更好地接觸消費者。我們還認識到美元走強正在影響我們的換算收益，我們仍然致力於實現美元增長。

As a system, we are focusing on expanding the circumference of what we can control, understanding and providing what consumers want, ultimately giving them more reasons to choose our great brands and driving value for our consumers, our customers and the industry.

作為一個系統，我們專注於擴大我們可以控制的範圍，了解和提供消費者想要的東西，最終讓他們有更多理由選擇我們的優秀品牌，並為我們的消費者、客戶和行業創造價值。

Now recapping our Q2 performance across the world, starting with Asia Pacific. In India, we delivered our best-ever quarter volumetrically and added 1 billion incremental transactions in the quarter, led by affordable single-serve packs. We gained share in sparkling soft drinks and juices, and our system is continuing to invest in the marketplace availability and execution to capture growth.

現在回顧一下我們在全球的第二季度業績，從亞太地區開始。在印度，我們交付了有史以來最好的季度，並在本季度增加了 10 億筆增量交易，主要是價格實惠的單份套餐。我們在起泡軟飲料和果汁方面獲得了份額，我們的系統正在繼續投資於市場可用性和執行以捕捉增長。

Japan made progress in recovery, and we gained share in consumers year-to-date versus 2019. Additionally, we gained 7 points of share of visible inventory, driven by coffee and tea in the ambience space. We continue to have a strong innovation pipeline with the launch of Ayataka hojicha latte, non-alcohol Lemon-Dou Yowanai and Georgia Latte Nista.

日本在復蘇方面取得了進展，與 2019 年相比，今年迄今為止我們在消費者中的份額有所增加。此外，在環境空間中的咖啡和茶的推動下，我們在可見庫存中的份額增加了 7 個百分點。隨著 Ayataka hojicha 拿鐵、無酒精檸檬豆 Yowanai 和 Georgia Latte Nista 的推出，我們繼續擁有強大的創新渠道。

Performance in China was under pressure, driven by COVID lockdowns. Volume was down for all months in the quarter, but the team persevered through a challenging environment, and recovery began in June as most restrictions started to lift. We focused on the core, prioritized top SKUs and reallocated resources to digital engagement, e-commerce and O2O as consumer demand shifted to at-home consumption.

在 COVID 封鎖的推動下，中國的業績面臨壓力。本季度所有月份的交易量都在下降，但團隊在充滿挑戰的環境中堅持下來，隨著大多數限制開始解除，復甦於 6 月開始。隨著消費者需求轉向家庭消費，我們專注於核心、優先考慮的頂級 SKU，並將資源重新分配給數字參與、電子商務和 O2O。

In ASEAN and South Pacific, macro fundamentals remained strong despite ongoing supply chain headwinds. We added new consumers, and transactions grew ahead of volume. We invested in consumer-facing marketing and improvement in execution and increased distribution across key entry packs and multipacks.

在東盟和南太平洋，儘管供應鏈逆風持續，宏觀基本面依然強勁。我們增加了新的消費者，交易量增長超前。我們投資於面向消費者的營銷和改進執行，並增加關鍵入門包和多包的分銷。

Turning to EMEA. Europe saw strong volume performance, leading to value share gains across total NARTD and online. Strong marketing campaigns, including Coca-Cola Zero Sugar Zero Words, Walk The Fanta 3.0 and Sprite's screen time messaging are tying our beverages to more consumption occasions with better results.

轉向歐洲、中東和非洲。歐洲的銷量表現強勁，導致整個 NARTD 和在線的價值份額增加。強大的營銷活動，包括可口可樂零糖零詞、Walk The Fanta 3.0 和 Sprite 的屏幕時間消息，正在將我們的飲料與更多的消費場合聯繫起來，並取得更好的效果。

In Africa, we delivered strong performance that translated into NARTD volume and value share gains. We continue to focus on stills, affordability and in-market execution.

在非洲，我們實現了強勁的業績，轉化為 NARTD 數量和價值份額的增長。我們繼續專注於靜止圖像、可負擔性和市場執行。

Digital initiatives remained strong and gross merchandise value of our eB2B marketplace businesses were up approximately 50% sequentially. We accelerated cooler placement, reduced retail out of stocks and continued building RGM capability across markets.

數字化舉措依然強勁，我們的 eB2B 市場業務的總商品價值環比增長約 50%。我們加快了冷卻器的放置，減少了零售缺貨，並繼續在整個市場建立 RGM 能力。

In Eurasia and Middle East, amidst an unprecedented inflationary environment, the industry is growing, and the recovery of the on-premise channel is driving our growth. Through the FIFA World Cup Trophy Tour, we leveraged the iconic Coca-Cola trademark to generate significant media traction across the markets.

在歐亞大陸和中東，在前所未有的通脹環境中，行業正在增長，而本地渠道的複蘇正在推動我們的增長。通過 FIFA 世界盃獎杯巡迴賽，我們利用標誌性的可口可樂商標在整個市場上產生了重要的媒體吸引力。

Turning to North America. We gained both volume and value share through the strength of our brands despite navigating a challenging supply chain, including higher labor and freight costs. We continue to drive mix improvement in sparkling soft drinks and more than doubled mini can availability on display. New product innovations, including Coke Starlight, Fanta Dragon Fruit Zero Sugar and Minute Maid Aguas Frescas are showing promising early results. We're continuing to work closely with our bottling partners to accelerate overall commercial execution.

轉向北美。儘管面臨具有挑戰性的供應鏈，包括更高的勞動力和運費成本，我們仍通過我們的品牌實力獲得了數量和價值份額。我們繼續推動起泡軟飲料的混合改進，並將展出的迷你罐供應量增加一倍以上。包括星光可樂、芬達火龍果零糖和美汁源 Aguas Frescas 在內的新產品創新顯示出可喜的早期成果。我們將繼續與我們的裝瓶合作夥伴密切合作，以加快整體商業執行。

Turning to Latin America. We leveraged compelling occasion-based marketing campaigns and execution in the marketplace, and our share losses improved sequentially. Coca-Cola trademark focus on building meals and breaks rituals under the Real Magic platform with returnable packages as the main enabler, while in juice and dairy, we're focused on everyday meals occasions. Our flavored alcohol beverage business is growing strongly. We're gaining share in the direct-to-consumer business and now reaching approximately 6.3 million consumers via digital channels.

轉向拉丁美洲。我們利用了引人注目的基於場合的營銷活動和市場執行，我們的份額損失連續改善。可口可樂商標專注於在 Real Magic 平台下建立膳食和打破儀式，以可退貨包裝為主要推動力，而在果汁和乳製品方面，我們專注於日常用餐場合。我們的風味酒精飲料業務正在強勁增長。我們在直接面向消費者的業務中獲得了份額，現在通過數字渠道覆蓋了大約 630 萬消費者。

In Global Ventures, the cost of retail business was under pressure as footfall in the U.K. stayed below 2019 levels. However, the Costa Express platform remained robust, and the launch of the new Frappé range in the U.K. drove growth.

在 Global Ventures 中，由於英國的客流量低於 2019 年的水平，零售業務的成本面臨壓力。然而，Costa Express 平台依然強勁，在英國推出新的 Frappé 系列推動了增長。

Finally, our Bottling Investments Group delivered strong top line performance, driven by a focus on recruitment through affordable entry packs, including a relaunch of returnable glass bottles in India. Additionally, we saw continued sparkling soft drink share gains versus 2019 in the Philippines and Vietnam.

最後，我們的裝瓶投資集團實現了強勁的頂線業績，這得益於通過負擔得起的入門包進行招聘，包括在印度重新推出可回收玻璃瓶。此外，我們看到菲律賓和越南的氣泡軟飲料份額與 2019 年相比持續增長。

While the macro environment is still asynchronous around the world, we're operating in an industry with a relatively predictable pattern of growth and attractive growth potential over the long term. So we're investing in our business and are anticipating the many futures as they come at us.

雖然世界各地的宏觀環境仍然不同步，但我們所處的行業具有相對可預測的增長模式和具有吸引力的長期增長潛力。因此，我們正在投資於我們的業務，並期待著許多未來向我們襲來。

We have managed a broad-based recovery coming out of the pandemic. Our 5-year average organic revenue growth rate is at the top end of our long-term growth target of 4% to 6%, which is a proof point of our transformed and strengthened organization. As we look to the second half of the year, we will continue to focus on raising the bar on the elements of our flywheels for top line growth and, as I said earlier, expand the circumference of what we can control, namely through building our strong portfolio of loved brands, excellence in revenue growth management and the power of our system execution.

我們已經從大流行中實現了基礎廣泛的複蘇。我們的 5 年平均有機收入增長率處於我們 4% 至 6% 的長期增長目標的頂端，這是我們轉型和加強組織的證明點。展望下半年，我們將繼續專注於提高飛輪元素的標準以實現收入增長，並且正如我之前所說，擴大我們可以控制的範圍，即通過建立我們的強大的喜愛品牌組合、卓越的收入增長管理以及我們系統執行的力量。

We're making targeted investments to unlock our growth agenda. We've built capabilities in brand building, innovation, RGM and execution, leveraging the power of scale while still being locally relevant to consumers. These investments enable us to win not only in today's environment but continue to build our business for the long term.

我們正在進行有針對性的投資，以解鎖我們的增長議程。我們在品牌建設、創新、RGM 和執行方面建立了能力，利用規模的力量，同時仍然與當地消費者相關。這些投資使我們不僅能夠在當今的環境中取勝，而且能夠繼續建立我們的長期業務。

Our new marketing model is focused on adding and retaining consumers. And we're doing this through an ecosystem of experiences that link consumption occasions with consumer passion points. The launch of the global Magic Weekends campaign with trademark Coke, in partnership with more than 20 food service aggregators, is showing great results. This campaign engages consumers at key moments from gaming to music to meal times. We are seeing 3.5x redemption levels for Coca-Cola combo meals versus pre-campaign levels and a 50% lift in outlets with Coca-Cola Zero Sugar availability.

我們新的營銷模式專注於增加和留住消費者。我們正在通過一個將消費場合與消費者熱情點聯繫起來的體驗生態系統來做到這一點。與 20 多家餐飲服務聚合商合作，推出以可口可樂為商標的全球 Magic Weekends 活動正在取得顯著成效。該活動在從遊戲到音樂再到用餐時間的關鍵時刻吸引消費者。我們看到可口可樂套餐的兌換水平是活動前水平的 3.5 倍，可口可樂零糖供應的門店數量增加了 50%。

We also launched end-to-end digital-first brand campaigns for smartwater and vitaminwater, the snackable video content on social platforms for smartwater with global icon, Zendaya, and the launch of vitaminwater Lil Nas X partnership on TikTok is a different engagement approach to marketing that is already delivering strong results across channels. With new faces and new platforms for some of our billion-dollar brands, we are creating excitement and recruiting a new generation of drinkers.

我們還針對 smartwater 和 Vitaminwater 推出了端到端的數字優先品牌活動，Smartwater 社交平台上的零食視頻內容與全球偶像 Zendaya，以及在 TikTok 上推出的維生素水 Lil Nas X 合作夥伴關係是一種不同的參與方式已經在跨渠道取得強勁成果的營銷。憑藉我們一些價值數十億美元的品牌的新面孔和新平台，我們正在創造興奮並招募新一代飲酒者。

We continue to strengthen our RGM capabilities, which allows us to drive value for our consumers and our customers. RGM allows us to better navigate a dynamic consumer and retail environment, using effective tools such as price and promotional intelligence to leverage the power of our brands, proactive mix management and premiumization and addressing affordability to drive recruitment and keep value-conscious consumers. We work to bring these elements to life at a local level with our bottling partners.

我們繼續加強我們的 RGM 能力，這使我們能夠為我們的消費者和客戶創造價值。 RGM 使我們能夠更好地駕馭動態的消費者和零售環境，使用價格和促銷情報等有效工具來利用我們品牌的力量、主動組合管理和高端化，並解決可負擔性以推動招聘和留住具有價值意識的消費者。我們與裝瓶合作夥伴一起努力在當地將這些元素變為現實。

For example, in India, we focus on segmented pricing, increasing prices on multiserves and premium packs while holding transaction-driving price points in single-serve and the affordable portfolio. Additionally, we reached our highest-ever outlet availability and drove a 4-point increase in single-serve availability and a 6-point increase in affordable pack availability.

例如，在印度，我們專注於分段定價，提高多份和高級套餐的價格，同時在單份和負擔得起的產品組合中保持交易驅動的價格點。此外，我們達到了有史以來最高的門店供應量，並推動單份供應量增加了 4 個百分點，負擔得起的包裝供應量增加了 6 個百分點。

In Europe, our system implemented several affordability and premiumization initiatives. We drove strong transaction and volume growth through initiatives like incentivizing multipacks to drive value on a price-per-ounce basis for consumers and driving single-serve packages like cans and returnable glass bottles in HORECA channels. By keeping transaction-driving price points in play, we expanded our consumer base with sparkling soft drinks in the region year-to-date.

在歐洲，我們的系統實施了多項可負擔性和高端化舉措。我們通過激勵多包裝以按每盎司價格為消費者創造價值以及推動 HORECA 渠道中的罐頭和可回收玻璃瓶等一次性包裝等舉措推動了強勁的交易和銷量增長。通過保持交易驅動的價格點，今年迄今為止，我們在該地區通過氣泡軟飲料擴大了我們的消費者群。

We're building consumer-centric loved brands and products, and our improving excellence in execution extends to building a more sustainable future for our business and the planet. During the quarter, we released our fourth World Without Waste Report, which provides an update on our ambitious sustainable packaging initiatives. It showcases how we are using our global reach and expertise to drive solutions at scale.

我們正在打造以消費者為中心的喜愛品牌和產品，我們在執行方面的卓越表現延伸到為我們的業務和地球打造更可持續的未來。在本季度，我們發布了第四份《世界無廢物報告》，提供了我們雄心勃勃的可持續包裝計劃的最新情況。它展示了我們如何利用我們的全球影響力和專業知識來大規模推動解決方案。

Our operating units are further integrating sustainable practices into the business to drive growth. For example, in the United States, we are executing a set of initiatives to help solve the plastic waste problem. We recently joined industry groups, including the Consumer Goods Forum and the American Beverage Association, to support our model extended producer responsibility bill in Colorado. This is in addition to the support we provided for well-designed minimum-recycled content legislation in 3 states. These have now been enacted into law.

我們的運營部門正在進一步將可持續實踐融入業務，以推動增長。例如，在美國，我們正在執行一系列舉措來幫助解決塑料垃圾問題。我們最近加入了包括消費品論壇和美國飲料協會在內的行業團體，以支持我們在科羅拉多州的模型擴大生產者責任法案。這是我們為 3 個州精心設計的最低迴收含量立法提供的支持的補充。這些現在已經被制定為法律。

Currently, 20-ounce bottles for Coca-Cola Trademark and the standard in California, Texas, New York and throughout the Northeast are in 100% recycled PET. In 2021, we launched a bold label clearly communicating that the bottles, excluding the caps and labels, are made from 100% recycled content, which is driving strong performance in the marketplace. Later this month, we will expand our use of 100% recycled PET throughout the U.S. and Canada.

目前，可口可樂商標的 20 盎司瓶子和加利福尼亞、德克薩斯、紐約和整個東北地區的標準瓶都是 100% 回收的 PET。 2021 年，我們推出了一個醒目的標籤，清楚地表明瓶子（不包括瓶蓋和標籤）是由 100% 回收材料製成的，這推動了市場的強勁表現。本月晚些時候，我們將在美國和加拿大擴大 100% 再生 PET 的使用範圍。

Every part of our business understands how their actions impact the company's wider sustainability goals, and we continue to make progress.

我們業務的每個部分都了解他們的行為如何影響公司更廣泛的可持續發展目標，我們將繼續取得進展。

To sum up, we are continuing to navigate a confluence of macroeconomic factors and our networked organization is embracing the resilience to weather many environments. Guided by our purpose and with the right strategy through our portfolio and the right execution capabilities, we are confident about delivering top line growth for now and the long term.

總而言之，我們正在繼續駕馭宏觀經濟因素的匯合，我們的網絡組織正在接受適應多種環境的彈性。以我們的目標為指導，並通過我們的產品組合和正確的執行能力製定正確的戰略，我們有信心在現在和長期實現頂線增長。

Before I turn the call over to John, I want to congratulate him for assuming the role of President beginning October 1, in addition to his current responsibility as CFO. And of course, I also want to thank Brian Smith for his service and innumerable contributions to the system during his 25-year tenure with the company and wish him all the best for the future.

在我將電話轉給 John 之前，我要祝賀他從 10 月 1 日開始擔任總裁一職，此外他目前還擔任首席財務官。當然，我還要感謝布賴恩·史密斯在公司 25 年任職期間對系統的服務和無數貢獻，並祝愿他未來一切順利。

So John, over to you.

所以約翰，交給你了。

Thank you, James, and good morning, everyone. I will briefly touch on the drivers of our second quarter performance and the update to our full year 2022 guidance, then I'll provide commentary on building resilience in our business by investing behind our brands and driving top line led growth.

謝謝你，詹姆斯，大家早上好。我將簡要介紹我們第二季度業績的驅動因素以及我們對 2022 年全年指導的更新，然後我將就通過投資於我們的品牌和推動收入主導的增長來建立我們的業務彈性提供評論。

We're pleased with the continued momentum of our business around the world. This has translated into strong top line and comparable EPS growth, notwithstanding the larger-than-expected currency headwinds and increased cost pressures. We delivered organic revenue growth of 16%. Unit cases grew 8% with broad-based growth across all operating segments. Concentrate sales were behind unit cases by 4 points in the quarter, primarily due to the timing of shipments in Latin America and our Europe, Middle East and Africa Group.

我們對我們在全球範圍內業務的持續發展勢頭感到高興。儘管存在大於預期的貨幣逆風和增加的成本壓力，但這已轉化為強勁的收入和可比的每股收益增長。我們實現了 16% 的有機收入增長。單位案件增長了 8%，所有運營部門的基礎廣泛增長。本季度精礦銷售額比單位案例低 4 個百分點，這主要是由於拉丁美洲和我們的歐洲、中東和非洲集團的發貨時間。

Our price/mix of 12% was primarily driven by strategic pricing actions across markets, along with revenue growth management initiatives, further improvement in away-from-home channels in most markets and positive segment mix.

我們 12% 的價格/組合主要是由跨市場的戰略定價行動、收入增長管理舉措、大多數市場的非家庭渠道的進一步改善和積極的細分市場組合推動的。

Comparable gross margin for the quarter was down approximately 250 basis points versus the prior year, primarily due to the impact of 3 items: one, an upsized increase in costs in the business due to the inflationary environment; two, currency headwinds driven by the volatile macro backdrop; and three, the mechanical effect of consolidating the BODYARMOR finished goods business.

本季度可比毛利率較上年下降約 250 個基點，主要是由於 3 項影響：一是通脹環境導致業務成本大幅增加；二是宏觀背景波動導致的貨幣逆風；三是鞏固BODYARMOR成品業務的機械效應。

On the marketing front, we increased our consumer and customer-facing spending to create more value for our brands and continue to earn their respective price points. Despite increased investments and costs throughout the P&L, we expanded underlying operating margin by approximately 40 basis points, driven by a higher return from our investments in the marketplace. Comparable operating margin, however, compressed by approximately 110 basis points due to the BODYARMOR acquisition and currency headwinds.

在營銷方面，我們增加了消費者和麵向客戶的支出，為我們的品牌創造更多價值，並繼續贏得各自的價格點。儘管在整個損益表中增加了投資和成本，但由於我們在市場上的投資回報更高，我們將基本營業利潤率擴大了約 40 個基點。然而，由於 BODYARMOR 的收購和貨幣逆風，可比的營業利潤率壓縮了大約 110 個基點。

Putting this all together, second quarter comparable EPS of $0.70 grew 4% year-over-year. And this was impacted by 9 points of currency headwinds, 5 points higher than what we'd anticipated when we last gave guidance.

綜上所述，第二季度可比每股收益為 0.70 美元，同比增長 4%。這受到了 9 個貨幣逆風的影響，比我們上次提供指導時的預期高 5 個百分點。

On cash flow, we delivered free cash flow of $4.1 billion year-to-date, driven by our strong business performance. This was 20% lower versus the prior year, primarily due to 2 items: one, cycling the timing of working capital benefits in the prior year; and two, higher 2021 annual incentives paid in the first quarter. Additionally, our net debt leverage is 2.1x EBITDA, which is within the targeted range of 2 to 2.5x.

在現金流方面，在我們強勁的業務表現的推動下，我們今年迄今實現了 41 億美元的自由現金流。這比上一年減少了 20%，主要是由於兩個原因：第一，在上一年循環流動資金福利的時間；二是提高第一季度支付的 2021 年年度獎勵。此外，我們的淨債務槓桿為 2.1 倍 EBITDA，在 2 至 2.5 倍的目標範圍內。

As we look at the operating environment and the resilience consumers have shown thus far, we are watching closely for signs that indicate this may change. We remain ready to adapt. We're using a dynamic resource allocation framework to ensure our investments are directed towards country category combinations that drive the highest growth, thereby maximizing our returns. And we are working closely with our bottling partners to effectively navigate whatever comes our way.

當我們審視運營環境和消費者迄今為止表現出的彈性時，我們正在密切關注表明這種情況可能會發生變化的跡象。我們仍然準備好適應。我們使用動態資源分配框架來確保我們的投資針對推動最高增長的國家類別組合，從而最大化我們的回報。我們正在與我們的裝瓶合作夥伴密切合作，以有效地駕馭我們遇到的任何事情。

With this backdrop, this morning, we are raising our top line and currency-neutral EPS guidance. We now expect organic revenue growth of 12% to 13% and comparable currency-neutral earnings per share growth of 14% to 15% versus 2021. Based on current rates and our hedge positions, we now expect currency to be a 6-point headwind to comparable net revenues and a 9-point headwind to comparable earnings per share for full year 2022. We continue to expect an effective tax rate of 19.5% in 2022. And all in, we continue to expect comparable earnings per share growth of 5% to 6% versus 2021. And we continue to expect to generate approximately $10.5 billion of free cash flow for 2022 through approximately $12 billion in cash from operations, less approximately $1.5 billion in capital investments.

在這種背景下，今天上午，我們提高了我們的營收和貨幣中性每股收益指引。我們現在預計與 2021 年相比，有機收入增長 12% 至 13%，可比貨幣中性每股收益增長 14% 至 15%。根據當前利率和我們的對沖頭寸，我們現在預計貨幣將成為 6 個百分點的逆風2022 年全年可比淨收入和可比每股收益 9 個百分點的逆風。我們繼續預計 2022 年的有效稅率為 19.5%。總而言之，我們繼續預計可比每股收益增長 5%與 2021 年相比降至 6%。我們繼續預計 2022 年將通過約 120 億美元的運營現金產生約 105 億美元的自由現金流，減去約 15 億美元的資本投資。

There are some considerations to keep in mind for 2022 that we factored into our guidance. While our shipments are currently behind unit cases, we expect these to run in line for the full year with the catch-up expected in the fourth quarter. We now expect that the direct impact of the Ukraine conflict and the resulting suspension of business in Russia will be approximately $0.03 to comparable EPS.

我們在指導中考慮了 2022 年的一些注意事項。雖然我們的出貨量目前落後於單箱，但我們預計這些出貨量將在全年保持一致，預計在第四季度會趕上。我們現在預計，與可比每股收益相比，烏克蘭衝突和由此導致的俄羅斯業務暫停的直接影響約為 0.03 美元。

Based on current rates and our hedge positions, we now expect commodity price inflation to move to a high single-digit impact from mid-single digits on comparable cost of goods sold in 2022. This is primarily due to commodity cost increases across our concentrate and finished goods businesses.

根據目前的利率和我們的對沖頭寸，我們現在預計商品價格通脹將從中個位數對 2022 年銷售商品的可比成本產生高個位數的影響。這主要是由於我們集中的商品成本增加和成品企業。

Other costs, including wages, transportation, media and operating expenses, are also increasing and adding incremental pressures. The consolidation of the BODYARMOR finished goods business will continue to have a mechanical effect on margins, partially offset by the impact of refranchising our Vietnam and Cambodia bottling operations.

其他成本，包括工資、運輸、媒體和運營費用，也在增加並增加壓力。 BODYARMOR 成品業務的整合將繼續對利潤率產生機械影響，但部分被我們的越南和柬埔寨裝瓶業務重新特許經營的影響所抵消。

And lastly, given the backdrop of rising interest rates, we expect to see an impact on our interest expense given our exposure to floating rate debt.

最後，鑑於利率上升的背景，鑑於我們對浮動利率債務的敞口，我們預計將對我們的利息支出產生影響。

As we enter the second half of the year, we continue to raise the bar in every aspect of how we do business. And we feel confident in our ability to effectively navigate this dynamic global environment and deliver on our updated guidance for 2022. Along with our bottling partners, we remain focused on the compelling growth opportunity our industry offers, and we are investing and creating flexibility in the business by taking actions on those things within our control.

隨著我們進入下半年，我們將繼續提高我們開展業務的各個方面的標準。我們對有效駕馭這一充滿活力的全球環境並交付我們更新的 2022 年指導方針的能力充滿信心。與我們的裝瓶合作夥伴一起，我們仍然專注於我們行業提供的引人注目的增長機會，我們正在投資並創造靈活性通過對我們控制範圍內的事情採取行動來開展業務。

With that, operator, we are ready to take questions.

有了這個，接線員，我們準備好回答問題了。

(Operator Instructions) Our first question comes from Bryan Spillane from Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Bryan Spillane。

So really wanted to touch on both James and John, you talked a little bit about the second half and watching the consumer. And again, having had such a strong first half, your guidance for the full year implies a slowdown to, I guess, somewhere around 7%-or-so organic sales growth.

所以真的很想談談詹姆斯和約翰，你談到了下半場和觀察消費者。再說一次，上半年表現如此強勁，你對全年的指導意味著放緩，我猜，有機銷售增長約為 7% 左右。

And so can you just touch on a little bit how you've maybe risk-adjusted the second half versus the first half? Is it a reflection of, a, expectation that macro environment or the consumer may weaken or are there other considerations that kind of got -- kind of are underneath that sort of deceleration that's implied in the guidance? And if you can maybe talk a little bit about maybe where the risks are geographically also, that would help.

所以你能談談你是如何對下半年和上半年進行風險調整的嗎？它是否反映了宏觀環境或消費者可能會減弱的預期，或者是否有其他考慮因素——在指導中暗示的那種減速之下？如果你能談談地理上的風險可能在哪裡，那會有所幫助。

Yes, sure, Bryan. Let me start off kind of by zooming out and then come back to the consumer and the uncertainty in the downhill. And that is in the end, it's going to be 2 ways of underlining the kind of the relatively atypical point we are, given the end of COVID and the kind of post-COVID era. And where I'm going with that is to start by zooming out and saying, look, if you were to take a 3-year or a 5-year compound annual growth rate and look at the first half and what's implied in the second half guidance, you wouldn't see as much choppiness as you're seeing when you compare to prior year, and that's all related to COVID.

是的，當然，布萊恩。讓我從縮小開始，然後回到消費者和下坡的不確定性。最後，考慮到 COVID 的結束和後 COVID 時代，這將是兩種方式來強調我們所處的相對非典型點。我要說的是首先縮小並說，看，如果你要採用 3 年或 5 年的複合年增長率，看看上半年和下半年的含義指導，與前一年相比，您不會看到像您所看到的那樣波濤洶湧，而這一切都與 COVID 有關。

In fact, if you take the 3-year or 5-year compound annual growth rate and look backwards and through the amazing roller coaster of volume and down and then up and price, down then up, what you actually see is something simpler and more encouraging, which is that the volume has grown at 2% and a bit and the price has grown at 3% and a bit, whichever of those 2 time periods you've taken, so you net out at about 6%. And so what you see over that long time period is the thesis we've been advancing, which is we've got an industry that grows at 4-ish percent. We are the leader, the gain share with our portfolio, with our RGM, with our execution, and therefore, we can get to the top end of our long-term growth model.

事實上，如果你以 3 年或 5 年的複合年增長率回首往事，通過令人驚嘆的銷量過山車，然後再漲價，再跌再漲，你實際上看到的是更簡單、更多的東西。令人鼓舞的是，交易量增長了 2% 和一點點，價格增長了 3% 點和一點點，無論您選擇了這兩個時間段中的哪個時間段，因此您的淨收益約為 6%。所以你在很長一段時間內看到的是我們一直在推進的論點，那就是我們有一個以 4% 左右的速度增長的行業。我們是領導者，憑藉我們的投資組合、我們的 RGM 和我們的執行力，我們獲得了收益份額，因此，我們可以達到我們長期增長模式的最高端。

And if you zoom out, that's the kind of picture that you can see. And I would encourage people to not get too lost in the weeds to start with in trying to figure out the second half or even maybe the future and start with kind of starting from a macro position and saying like what does that look like when you kind of look through on a longer-term basis. And I think that will help people think about the downhill.

如果你縮小，這就是你可以看到的那種圖片。我會鼓勵人們不要迷失在雜草中，一開始就試圖弄清楚下半場甚至可能是未來，從宏觀的角度開始，然後說當你善良的時候會是什麼樣子從長遠的角度來看。我認為這將幫助人們思考下坡路。

The second thing I would say about the second half is, we don't know how it's going to turn out. There's clearly a set of things going on. And the net impact is difficult to predict in terms of the rest of the year.

關於下半場我要說的第二件事是，我們不知道結果會如何。顯然有一系列事情正在發生。就今年剩餘時間而言，淨影響很難預測。

One, we've clearly, in some parts of the world, got a squeeze on purchasing power, and higher inflation is running ahead of wages. That's true in many places, U.S., Europe. It's not universally true. The inflation in China and Southeast Asia is only running at 3%. But there's clearly a big part of the world where there's a purchasing power squeeze.

第一，我們顯然在世界某些地方的購買力受到擠壓，而更高的通貨膨脹率超過了工資水平。在美國、歐洲等許多地方都是如此。這不是普遍正確的。中國和東南亞的通貨膨脹率只有 3%。但很明顯，世界上有很大一部分地方存在購買力的緊縮。

But at the same time, you've got relatively stable deposit balances. And you've got a big, very atypical reprioritization of spend occurring by consumers. And that's an important feature of how to see what the consumer is doing, because whilst there are a number of channels and categories where things look a little tougher in the short term. So if you're looking in grocery in the developed markets, if you're looking at some of the convenience channels in developed markets, you're seeing some pressure on consumers with less income, some early signs of trading down, depending on which category you're in, not necessarily in beverages yet. That's not to be -- that's to be expected.

但與此同時，您的存款餘額相對穩定。而且你有一個很大的，非常非典型的消費者支出的重新優先級。這是如何了解消費者在做什麼的一個重要特徵，因為雖然有許多渠道和類別在短期內看起來有點困難。因此，如果您正在尋找發達市場的雜貨店，如果您正在尋找發達市場的一些便利渠道，您會看到收入較少的消費者面臨一些壓力，一些交易下降的早期跡象，取決於哪個您所在的類別，不一定是飲料。這不是——這是意料之中的。

But then if you're in the away-from-home channels, the theme parks, the leisure parks, that sort of thing, travel, it's about as good as it's ever been. And so this post-COVID reprioritization of spend by consumers is layered over what feels like a squeeze on purchasing power. Whether it's a recession with peak employment is yet to be seen, but there's a kind of a standard process going on the squeeze in purchase path layered over with this weird or atypical consumer reprioritization post COVID.

但是，如果你在離家出走的頻道、主題公園、休閒公園，諸如旅行之類的地方，那就和以往一樣好。因此，在新冠疫情之後，消費者對支出的重新排列優先級疊加在了感覺像是對購買力的擠壓之上。是否是就業高峰期的衰退還有待觀察，但有一種標準流程正在擠壓購買路徑，並在 COVID 後這種奇怪或非典型的消費者重新優先考慮分層。

How that's all going to net out in the second half and going into next year? There are a lot of opinions. And I don't think anyone is going to know until we actually get there. But let me zoom back out again. The long picture is a stable sustained and accelerated momentum for the Coke system over a good number of years that we feel good about going into the downhill.

這一切將如何在下半年和明年實現？有很多意見。在我們真正到達那里之前，我認為沒有人會知道。但是讓我再次縮小。從長遠來看，可口可樂系統多年來保持穩定、持續和加速的勢頭，我們對進入下坡路感覺良好。

Our next question comes from Dara Mohsenian from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Dara Mohsenian。

So just two follow-ups on that. A, can you just give us a sense of how much of the full year top line raise was due to price/mix versus volume specifically and just break it out between those 2 factors? And then b, just any update on if towards the end of the quarter in July, if you saw any of that potential squeeze in consumer purchasing power play out? Obviously, in aggregate, very strong top line numbers, but are there any regions maybe where you're seeing either demand drop off or signs of consumer trade down? It'd be helpful to get a bit of a compare and contrast regionally and if there are any initial signs.

所以只有兩個後續行動。答，您能否讓我們了解一下全年收入增長中有多少是由於價格/組合與銷量的關係，並在這兩個因素之間進行細分？然後 b，如果您看到消費者購買力的任何潛在擠壓發揮作用，是否會在 7 月的季度末有任何更新？顯然，總體而言，收入非常強勁，但是否有任何地區可能出現需求下降或消費者貿易下降的跡象？如果有任何初步跡象，在區域上進行一些比較和對比會很有幫助。

Sure. I mean, firstly, we don't break out price/mix and volume in the downhill. I'm expecting it to be a balance. We clearly are expecting to get both volume growth and price/mix growth going into the downhill.

當然。我的意思是，首先，我們不會在下坡時打破價格/組合和數量。我期待它是一個平衡點。我們顯然預計銷量增長和價格/組合增長都會走下坡路。

I would just underline again partly the commentary I made on the last answer, which is the price/mix that you see in the year-to-date, some of that is rate increase, but actually, slightly more than half is mix, whether it's geographic or away-from-home recovering relative at home. So there are a couple of big profound effects going on. So you've got to lay it over that rate with reopenings and shifts in countries and shift in channels, which are very important. But we're expecting a balance of volume and price into the downhill, not just because we continue to be biased towards investing for growth, but we are very focused on in an expected squeeze on purchasing power to anchor ourselves in affordability, to keep focus through the brand investments, through the revenue growth management strategies to keep the entry price points for the categories and for the packages as low as we can to keep the consumer base.

我只想再次強調我對上一個答案所做的評論，即您在年初至今看到的價格/組合，其中一些是加息，但實際上，略多於一半是組合，無論是它是地理上或離家在家裡康復的親戚。因此，有幾個重大的深遠影響正在發生。因此，您必須通過重新開放和國家/地區的轉變以及渠道的轉變來確定這一速度，這非常重要。但我們預計銷量和價格的平衡將進入下坡路，這不僅是因為我們繼續偏向於投資以實現增長，而且我們非常關注預期的購買力緊縮，以將自己錨定在負擔能力上，保持專注通過品牌投資，通過收入增長管理策略來保持類別和包裝的入門價格點盡可能低，以保持消費者基礎。

We've talked about this strategy before. It's one of our playbooks. It works for us. We believe it's very important to push ahead. Of course, we balance that out with a focus on premiumization opportunities, and it's what we're going to focus into as we go into the downhill.

我們之前已經討論過這個策略。這是我們的劇本之一。它對我們有用。我們認為推進是非常重要的。當然，我們會通過關注高端化機會來平衡這一點，這也是我們在走下坡路時要關注的問題。

As I said, we have not yet experienced a very significant or a significant pullback from the consumer. That's not surprising to us at this stage. If there were a recessionary environment or in some countries, one country, more countries, a typical recessionary pattern in past experience would be consumers initially stop buying high-ticket item, discretionary things. I'll replace the car later. I'll replace the mattress later. They then start saving on the lower-ticket items, and they trade down in categories which have weaker leader brands. And then eventually, it might hit the grocery categories with strong leader brands and the away-from-home.

正如我所說，我們還沒有經歷過來自消費者的非常顯著或顯著的回調。在這個階段，這對我們來說並不奇怪。如果出現衰退環境，或者在一些國家，一個國家，更多國家，過去經歷的典型衰退模式將是消費者最初停止購買高價商品、可自由支配的東西。以後我會換車的。稍後我會更換床墊。然後，他們開始節省低價商品，並在領先品牌較弱的類別中進行交易。然後最終，它可能會衝擊具有強大領導品牌和遠離家鄉的雜貨類別。

So we tend to have some lead time going into a normal recession. We have not seen large effects of that yet, even though, as I said, you can see in some channels, in some countries, what looks like the beginnings of that process, it has not gone to us yet. But as I said in the beginning, the overlay from that, a reprioritization of spend which is, I think, confusing or making hard to read whether it truly is "normal recession" or it's just a reprioritization of spend away from typical things into things I missed out on in the last couple of years.

因此，我們往往有一些提前時間進入正常的衰退。我們還沒有看到這方面的巨大影響，儘管正如我所說，你可以在某些渠道，在某些國家看到，看起來該過程的開始，它還沒有發生在我們身上。但正如我在開始時所說的那樣，由此產生的疊加，是支出的重新排序，我認為，無論它是否真的是“正常衰退”，還是只是將支出從典型事物轉向事物，這令人困惑或難以理解在過去的幾年裡，我錯過了。

Our next question comes from Lauren Lieberman from Barclays.

我們的下一個問題來自巴克萊的 Lauren Lieberman。

James, you've commented before on the view that the company is taking on pricing and pricing ahead of a recession. I was curious, given your -- just your comments on still not seeing any signs, you typically have some lead time for the business and in your categories before there would be impacts from consumer softness. Where do you feel you stand on pricing at this point? I know it's a big world, so it may be hard to give one blanket answer. But it would be great if you could give some context by larger markets where you stand on pricing and if you feel like you're in the right place given the level of cost inflation.

詹姆斯，您之前曾評論過公司在經濟衰退之前採取定價和定價的觀點。我很好奇，鑑於您的評論，您仍然沒有看到任何跡象，您通常有一些準備時間來處理業務和您的類別，然後才會受到消費者疲軟的影響。在這一點上，你覺得你在定價方面的立場是什麼？我知道這是一個很大的世界，所以可能很難給出一個籠統的答案。但是，如果您可以在定價方面提供更大市場的背景信息，並且考慮到成本通脹水平，如果您覺得自己處於正確的位置，那就太好了。

Yes. I mean, as you say, there's not a one size fits all. We've rather atypically got relatively high inflation in the U.S. and Europe with the kind of 8% to 10%, and there are emerging markets that are down at 3%. So it's not a normal time. We obviously have a lot of experience. I won't go over our RGM strategy and how we use that to manage through maintaining affordability.

是的。我的意思是，正如你所說，沒有一刀切的。我們在美國和歐洲的通貨膨脹率相對較高，為 8% 到 10%，而新興市場的通貨膨脹率則下降了 3%。所以這不是一個正常的時間。我們顯然有很多經驗。我不會詳細介紹我們的 RGM 戰略以及我們如何通過維持可負擔性來進行管理。

What you see -- and let me make a couple of points here. One, it's important to consider in the headline price/mix that we're reporting that a big component of price/mix in the first half is mix. Unusually, relative to the past and pre-COVID, mix is an important factor, both from a country point of view and from a channel point of view. And both are favoring reported price/mix at the moment.

你所看到的——讓我在這裡提出幾點。一，重要的是要在我們報告的標題價格/組合中考慮到上半年價格/組合的一個重要組成部分是組合。不同尋常的是，相對於過去和 COVID 之前，混合是一個重要因素，無論是從國家的角度還是從渠道的角度來看。目前兩者都支持報告的價格/組合。

So underlying rate increases, if you like, are not as high as the price/mix number. And they are in the ballpark of slightly behind inflation. And the reason that -- and that's relatively typical as well. So that's not surprising to us because what we essentially try to do as -- firstly, as I commented before, is we don't want to get behind passing cost increases through. We don't want to arrive a recession with a big buildup of cost increases that has not gone through, but nor do we get ahead and anticipate inflation by pricing ahead of it. And so that the rates increases are kind of in the ballpark of inflation would be the normal expected kind of trajectory.

因此，如果您願意，基礎利率的增加並不像價格/組合數字那麼高。而且它們處於通脹略微落後的範圍內。原因——這也是相對典型的。所以這對我們來說並不奇怪，因為我們基本上試圖做的是——首先，正如我之前評論的那樣，我們不想落後於通過成本增加。我們不希望出現尚未經歷的成本大幅增加的衰退，但我們也不希望通過提前定價來預測通脹。因此，加息在通貨膨脹的範圍內將是正常的預期軌跡。

And so what we're seeing is, yes, we've been passing through the commodity increases. Again, we don't price -- we don't pass through to the peak. We're not chasing the spot market. We are hedged on commodities. And so as the prices come up, clearly, we know when the hedges are going to roll off, and we need to pass through those. But the commodities are not the majority of the cost base. We've got a lot of service and other inputs, and we are seeing broader-based inflation than just commodities up and down.

所以我們看到的是，是的，我們一直在經歷商品增長。再說一次，我們不定價——我們不會到達頂峰。我們不是在追逐現貨市場。我們對商品進行對沖。因此，當價格上漲時，很明顯，我們知道對沖何時會取消，我們需要通過這些。但商品並不是成本基礎的大部分。我們有很多服務和其他投入，而且我們看到的通脹範圍更廣，而不僅僅是商品的上下波動。

And so as those come through, we pass them through. And so we've passed a good bit through so far this year. We anticipate more cost increases will come through on a broad-based set of inputs. And we will continue locally in each country because it's very different. We will continue to pass those through. And what that's likely to look like in terms of rate is we'll kind of be at inflation or slightly behind headline inflation as it goes up with the layover of price/mix.

因此，當那些通過時，我們通過它們。今年到目前為止，我們已經度過了一段美好的時光。我們預計更多的成本增加將通過基礎廣泛的投入來實現。我們將繼續在每個國家/地區進行本地化，因為它非常不同。我們將繼續通過這些。就利率而言，這可能會是我們將處於通脹水平或略低於總體通脹水平，因為它隨著價格/組合的停留而上升。

Our next question comes from Steve Powers from Deutsche Bank.

我們的下一個問題來自德意志銀行的史蒂夫鮑爾斯。

Yes, I think this question is probably for John. And congrats, John, on the new role.

是的，我認為這個問題可能是針對約翰的。恭喜約翰，擔任新角色。

But I guess I was hoping you could give us just maybe a bit more insight into your line of sight into productivity and cost savings over the balance of the year and whether the philosophy from here is still more to reinvest those savings to drive profit growth through accelerated revenue and expense leverage. Or whether, given the higher inflationary pressure that you called out and the prospects of deteriorating demand on the horizon, the philosophy is now biasing at all more towards harvesting those cost savings and dropping them more straight through to profit? Just some context there. And then if you could also comment at all as to how your investment priorities may be shifting in this environment, that would be helpful as well.

但我想我希望你能讓我們更深入地了解你在今年餘下時間裡對生產力和成本節約的看法，以及從這裡開始的理念是否更多地是將這些儲蓄再投資以推動利潤增長加速收入和支出槓桿。或者，考慮到你所說的更高的通脹壓力以及需求惡化的前景，現在的理念是否更傾向於收穫這些成本節省並更直接地將它們轉化為利潤？只是那裡的一些上下文。然後，如果您還可以就在這種環境下您的投資重點可能發生的變化發表評論，那也會有所幫助。

Sure. Thanks, Steve. Yes, I think I mentioned in the script that as we look to the second half of the year, we look to continue the momentum that we have enjoyed year-to-date so far. And we're very focused on providing the resources to our markets and to our brands to continue to sustain that momentum. So the clear bias is to support the top line as we go forward.

當然。謝謝，史蒂夫。是的，我想我在劇本中提到，展望下半年，我們希望繼續保持年初至今的勢頭。我們非常專注於為我們的市場和我們的品牌提供資源，以繼續保持這種勢頭。因此，明確的偏見是在我們前進的過程中支持頂線。

When I look at the overall cost base, there's a number of factors, I think, to take into account. As James highlighted, we do have broad-based increases across the board, not only on the core commodities but other inputs into our concentrate business. And we have -- we're taking on board inflationary increases and operating expenses and even our marketing expenses.

當我查看整體成本基礎時，我認為有許多因素需要考慮。正如詹姆斯強調的那樣，我們確實有全面的增長，不僅在核心商品上，而且在我們精礦業務的其他投入上。而且我們已經 - 我們正在承擔通貨膨脹增加和運營費用，甚至我們的營銷費用。

We do have an ongoing focus on productivity, and there's a number of levers that we've discussed in the past. We have -- I think we've been able to leverage the scale of our network. We've been able to build, deepened even more strategic relationships with a number of our key supply partners across the world over the last couple of years, one of the benefits of COVID. And we're taking actions to simplify and streamline the way we do business.

我們確實一直關註生產力，並且我們過去討論過許多槓桿。我們有——我認為我們已經能夠利用我們網絡的規模。在過去的幾年裡，我們已經能夠與我們在世界各地的一些主要供應合作夥伴建立、深化更多的戰略關係，這是 COVID 的好處之一。我們正在採取行動簡化和精簡我們開展業務的方式。

And so you can expect us to continue to drive productivity across the board. But the guidance that we've given this morning, I think, is reflective of the overarching bias to continue to invest to support the top line and to continue to take actions across the board to mitigate against those inflationary pressures that we're seeing in a number of key areas.

因此，您可以期待我們繼續全面提高生產力。但我認為，我們今天早上給出的指導反映了繼續投資以支持收入並繼續全面採取行動以減輕我們在其中看到的通脹壓力的總體偏見一些關鍵領域。

Our next question comes from Kaumil Gajrawala from Credit Suisse.

我們的下一個問題來自瑞士信貸的 Kaumil Gajrawala。

John, congratulations. For a few years now, you've talked about dollar-based EPS growth. And James, you mentioned it again the commitment to growing in dollar terms in your prepared remarks. Can you maybe talk about what new maybe policies or procedures you have in place to try to accomplish that? Or perhaps how things might be different if we go through another period of years of dollar strengthening versus the last cycle?

約翰，恭喜。幾年來，您一直在談論基於美元的每股收益增長。詹姆斯，你在準備好的講話中再次提到了以美元計算增長的承諾。您能否談談您為實現這一目標而製定的新政策或程序？或者，如果我們經歷另一個美元走強的時期，與上一個週期相比，情況可能會有什麼不同？

Yes. I mean very much -- let me start by reasoning out. Our goals are to, on a continuous basis, strengthen the strategic position of the Coke Company and to deliver ultimately, when all said and done, increases in dollar EPS back to the shareholders. And so that is the North Star, and we've broken that out into all the strategies necessary to make that a reality. And that's what we're going to continue to pursue.

是的。我的意思是——讓我從推理開始。我們的目標是持續加強可口可樂公司的戰略地位，並最終將美元每股收益的增長回饋給股東。這就是北極星，我們已將其分解為實現這一目標所需的所有策略。這就是我們將繼續追求的目標。

Clearly, at the moment, we're focused on increasing our ability, both the resilience to face up to what could be yet further unexpected twists and turns in the coming months or even years, and adaptability. One of the features of the COVID crisis was the amount of learning that took place to be able to respond to the lockdowns. So the first lockdown was very painful. The second one, less so and onwards and onwards. And actually, in the second quarter, there was a considerable lockdown in China. China was negative in volume each month through the second quarter. And yet, we were able to both accommodate that and manage through it in China and mitigate it at a total company point of view. So bear in mind, Q2 had both the disappearance of the Russian business and a quite negative China business due to the lockdown.

顯然，目前，我們專注於提高我們的能力，包括面對未來幾個月甚至幾年可能出現的更多意想不到的曲折的韌性，以及適應能力。 COVID危機的特徵之一是為了應對封鎖而進行的大量學習。所以第一次封鎖是非常痛苦的。第二個，越來越少，越來越多。實際上，在第二季度，中國出現了相當大的封鎖。到第二季度，中國每個月的銷量都是負數。然而，我們能夠在中國適應並管理它，並從整個公司的角度來緩解它。所以請記住，由於封鎖，第二季度俄羅斯業務的消失和中國業務的負面影響都很大。

So this idea of focusing -- continuing to focus on the strategy that has been guiding us for the last number of years with a double down on both resilience and adaptability, we feel, is going to give us the wherewithal to manage through the twists and turns that are yet ahead of us.

因此，這種專注的想法——繼續專注於過去幾年一直在指導我們的戰略，我們認為，在彈性和適應性方面都加倍努力，我們認為，這將為我們提供應對曲折和我們前面的轉折點。

Our next question comes from Bonnie Herzog from Goldman Sachs.

我們的下一個問題來自高盛的 Bonnie Herzog。

I guess I have a question on your guidance. Could you give us a sense of the scenarios you considered in your new updated guidance in terms of a potential recession and whether you've considered a severe scenario? And then how should we think about your business relative to peers given you over-index to the on-premise channel?

我想我對您的指導有疑問。您能否讓我們了解一下您在新的更新指南中考慮的潛在衰退情況以及您是否考慮過嚴重的情況？然後，鑑於您對本地渠道的過度索引，我們應該如何考慮與同行相比您的業務？

James, you touched on this, but just curious to hear if you see a greater potential risk on your business as consumers potentially pull back on dining out and entertainment. And if so, is this considered in your guidance? And then maybe just touch on the strategy you can implement to mitigate this.

詹姆斯，您談到了這一點，但只是想知道您是否認為您的業務存在更大的潛在風險，因為消費者可能會撤回外出就餐和娛樂。如果是這樣，您的指導是否考慮到了這一點？然後也許只是觸及你可以實施的策略來緩解這種情況。

Look, in preparing the guidance and thinking about our way forward, we've considered a whole number of potential scenarios. What we feel is the most likely is what we've reflected in the guidance. Clearly, there's a lot of uncertainty, which is why rather than having our operators focus on debating which scenario do they think is right, we said, look, let's lean into growth. We've been growing coming out of last year. We're growing in each of the quarters this year. We're still growing. So let's maintain our bias to growth and keep going. And in the meantime, make sure that we're doubling down on resilience and adaptability for whatever is going to come. And that may end up being different by region in the world and by country in the world. Certainly, overall and in time as well. The recessions, if they arrive, generally are not completely the same everywhere. And so it's very much -- we have a bias to growth and we're going to focus on resilience and adaptability.

看，在準備指導和思考我們的前進方向時，我們已經考慮了很多潛在的情況。我們認為最有可能的是我們在指南中反映的內容。顯然，存在很多不確定性，這就是為什麼我們說，與其讓我們的運營商專注於辯論他們認為哪種情況是正確的，不如讓我們關注增長。從去年開始，我們一直在成長。今年我們每個季度都在增長。我們還在成長。因此，讓我們保持對增長的偏見並繼續前進。同時，請確保我們加倍提高韌性和適應能力，以應對即將發生的任何事情。這最終可能會因世界上的地區和世界上的國家而不同。當然，總體上和時間上也是如此。經濟衰退，如果他們來了，通常不會在所有地方完全一樣。所以非常 - 我們偏向於增長，我們將專注於彈性和適應性。

I think the fact that our businesses, in round numbers, half at home and half away from home, clearly, at the moment, is favorable. Clearly, it was a disadvantage at the height of COVID. Experience of recession says that we have a great business system that can see us through. Let me reinforce again, when you zoom out and you think of all that's happened in the last 5 years, and you say, well, what's the net number for the Coke system or the Coke Company? The organic revenue growth is, in round numbers, about 6%. And so we have seen our way through, and that's what we're focused on.

我認為，目前我們的企業，以整數計算，一半在家，一半在外，顯然是有利的。顯然，在 COVID 的高度，這是一個劣勢。經濟衰退的經驗表明，我們有一個偉大的商業系統可以幫助我們度過難關。讓我再次強調一下，當你縮小範圍，想想過去 5 年發生的所有事情，你會說，可口可樂系統或可口可樂公司的淨數字是多少？以整數計算，有機收入增長約為 6%。所以我們已經看到了我們的方式，這就是我們所關注的。

Our next question comes from Andrea Teixeira from JPMorgan.

我們的下一個問題來自摩根大通的 Andrea Teixeira。

Congrats to John. My question is on the potential for increasing the concentrate incidence cost for some of the bottlers that operate in a high inflationary environment. I believe Arca spoke to higher concentrate costs, but I was just checking if this is more a flow-through from the pricing and the percentage there and -- or some adjustments to the puts and takes of inflation. And just a clarification on your commentary about Europe and in general. You're seeing on-premise keeping the momentum or you're seeing any exit rate there as had been more moderate in better in your guidance?

祝賀約翰。我的問題是，對於在高通脹環境中運營的一些裝瓶商來說，是否有可能增加濃縮物的發生成本。我相信 Arca 談到了更高的濃縮成本，但我只是在檢查這是否更多地來自定價和那裡的百分比，以及 - 或者對通貨膨脹的看跌期權進行一些調整。並且只是澄清您對歐洲和一般情況的評論。您看到內部部署保持勢頭，或者您看到那裡的退出率在您的指導中更溫和更好？

Thanks, Andrea. So on the last point, I think as James highlighted, we're not seeing any significant changes on that front. So very much focused on continuing to drive the momentum.

謝謝，安德里亞。所以關於最後一點，我認為正如詹姆斯強調的那樣，我們在這方面沒有看到任何重大變化。所以非常專注於繼續推動這一勢頭。

With regard to the whole topic of how we work with our bottling partners, as I think many of you on the call understand and appreciate, we have an economic model that is under-led by instance pricing. That pricing allows both of us to focus on growth in the marketplace and allows greater certainty as to what to expect from our activities in the marketplace.

關於我們如何與裝瓶合作夥伴合作的整個主題，我認為在電話會議上的許多人都理解和欣賞，我們有一個以實例定價為主導的經濟模型。這種定價使我們雙方都能專注於市場的增長，並讓我們對我們在市場上的活動的期望有更大的確定性。

And as we work through periods of high growth, low growth, volatility, stability, the model doesn't change that much. It's what allows us to -- I think, to stay focused on delivering what we need to in whatever the context is. So not a -- there's not a lot to report out on changes. I think the model itself is actually what allows us to -- one of the reasons that allows us to continue to deliver on the opportunities that the industry has that we've talked about and allows us to continue to be optimistic about sustaining momentum.

當我們經歷高增長、低增長、波動、穩定的時期時，模型並沒有太大變化。這讓我們能夠——我認為，在任何情況下都可以專注於交付我們需要的東西。所以不是 - 沒有太多關於變化的報告。我認為模型本身實際上使我們能夠 - 使我們能夠繼續提供我們已經討論過的行業所擁有的機會並讓我們繼續對保持勢頭保持樂觀的原因之一。

Our next question comes from Rob Ottenstein from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Rob Ottenstein。

I just first wanted to follow up on the question on the bottling system. Can you just maybe, number one, talk a little bit about Swire and kind of the thought pattern there, where you stand on the refranchising in general.

我只是想先跟進有關裝瓶系統的問題。你能不能，第一，談談太古和那裡的那種思維模式，你站在一般的重新特許經營的地方。

And then just more specifically on the pricing, you talked about leaning into growth. How does that play into the pressures that are on the bottlers themselves? I mean, obviously, with the incident pricing, you both share, but presumably, the bottlers are getting hurt a little bit more in a number of countries from inflation. So how does the discussion work between you and the bottlers in terms of how much pricing is appropriate?

然後更具體地說，在定價方面，您談到了向增長傾斜。這對裝瓶商自身的壓力有何影響？我的意思是，顯然，對於事故定價，你們倆都分享，但據推測，一些國家的裝瓶商因通貨膨脹而受到的傷害更大。那麼，您和裝瓶商之間如何就合適的定價進行討論？

Yes. I mean, look, the conversation in any given country on the pricing strategy is clearly a conversation where we're trying to bring some strategic start with the consumer, brand thinking, some RGM technology integrate with the way the bottles see RGM. We are both exposed to cost basis, yes, difference in nature. We both very much have the idea. The costs, ultimately, if there's an inflationary environment, then those costs are going to have to be passed through in some way, shape or form through to the consumer pricing, and we work very hard to do that.

是的。我的意思是，看，任何特定國家/地區關於定價策略的對話顯然是一場對話，我們試圖從消費者、品牌思維、一些 RGM 技術與瓶子看待 RGM 的方式結合起來進行一些戰略性的開始。我們都面臨成本基礎，是的，性質不同。我們都非常有這個想法。最終，如果存在通貨膨脹環境，那麼這些成本將不得不以某種方式、形成或形成消費者定價，我們非常努力地做到這一點。

And so I think if you look around the world, you'll see that the bottlers are in good health. The bottlers are in good health, not just in the developed markets, but the bottlers in the emerging markets where there has been a history of higher inflation and even some of the ones where there's very high inflation currently, the bottlers are in good shape.

所以我認為如果你環顧世界，你會發現裝瓶商的健康狀況很好。裝瓶商的健康狀況良好，不僅在發達市場，而且在有較高通脹歷史的新興市場，甚至一些目前通貨膨脹率非常高的市場，裝瓶商狀況良好。

And let me underline that the incidence model, the model that John told you, was essentially invented in an environment of high inflation and was invented to help the system stay focused on the consumer and the retailers and creating value for everyone in times of high inflation and volatility. In a way, it was designed for exactly the sorts of situations we're in.

讓我強調一下，約翰告訴你的模型，本質上是在高通脹環境中發明的，旨在幫助系統專注於消費者和零售商，並在高通脹時期為每個人創造價值和波動性。在某種程度上，它是專為我們所處的各種情況而設計的。

So this is a muscle that is well developed in the Coke system, in the company and in the bottlers. And it has proven to be very effective in helping us stay focused on the marketplace and to work together to achieve what we need to achieve in terms of the brand investments, in terms of the RGM strategy and in terms of the marketplace investments. And that's why I think ultimately, both the company and the bottlers are in good shape post COVID and good shape as we stand here at the middle of 2022. And so I think that's the most important thing.

因此，在可口可樂系統、公司和裝瓶商中，這是一個非常發達的肌肉。事實證明，它非常有效地幫助我們專注於市場，並共同努力實現我們在品牌投資、RGM 戰略和市場投資方面需要實現的目標。這就是為什麼我最終認為，公司和裝瓶商在 COVID 之後都處於良好狀態，並且我們站在 2022 年年中時的良好狀態。所以我認為這是最重要的事情。

And then I think Swire was the right partner for Vietnam and Cambodia. And then obviously, we're left with very little of the global bottling system, predominantly some of the operations we own in India and then CCBA.

然後我認為太古是越南和柬埔寨的合適合作夥伴。然後很明顯，我們只剩下很少的全球裝瓶系統，主要是我們在印度擁有的一些業務，然後是 CCBA。

Our next question comes from Chris Carey from Wells Fargo Securities.

我們的下一個問題來自 Wells Fargo Securities 的 Chris Carey。

So my question is actually on BODYARMOR. The outlook was slightly lowered today for both sales and profit. We've seen some normalization in scanner trends for the brand. So I wonder if you could just give a bit of a state of the union and again, some of the developments that you're seeing both on top line and bottom line for that specific offering.

所以我的問題實際上是關於 BODYARMOR 的。今天對銷售和利潤的展望略有下調。我們已經看到該品牌的掃描儀趨勢出現了一些正常化。因此，我想知道您是否可以簡單地介紹一下工會的情況，然後再介紹一下您在該特定產品的頂線和底線中看到的一些發展。

Yes. Just to clear, we didn't provide any guidance for BODYARMOR itself. And clearly, we've been -- it's a great brand. It's high growth with strong innovation. It's done a great job of reinvigorating the advanced hydration and bringing people into the sports drink category. We are lapping some disruption in the category from last year, and that's obviously had some kind of effect on the comparisons. And I think we're in good shape. We're in the process of kind of fully connecting it to the Coke system and continuing to drive it forward and continuing to do what the brand needs to do and keep it true to itself. And as and when we've got international opportunities, we will address those over time.

是的。澄清一下，我們沒有為 BODYARMOR 本身提供任何指導。很明顯，我們一直 - 這是一個偉大的品牌。這是高增長和強大的創新。它在重振先進的水合作用並將人們帶入運動飲料類別方面做得很好。與去年相比，我們正在對該類別進行一些破壞，這顯然對比較產生了某種影響。我認為我們的狀態很好。我們正在將其與可口可樂系統完全連接起來，並繼續推動它向前發展，繼續做品牌需要做的事情，並保持其真實性。當我們有國際機會時，我們將隨著時間的推移解決這些問題。

Our next question comes from Kevin Grundy from Jefferies.

我們的下一個問題來自 Jefferies 的 Kevin Grundy。

Congrats on the strong results. James, a question for you. You kind of touched on some of this, but maybe not directly. It's on your U.S. business and potential implications from some of the margin pressures we're seeing very publicly from large retail customers.

恭喜取得了不錯的成績。詹姆斯，問你一個問題。你有點觸及其中的一些，但也許不是直接的。這對您的美國業務以及我們從大型零售客戶那裡非常公開地看到的一些利潤壓力的潛在影響。

So understanding those issues are more around general merchandise than grocery, but nevertheless, notable margin compression, which I'm sure cannot, should not go unnoticed by any large suppliers or anyone in the industry for that matter. Just comment on potential implications from your business in categories where you participate, whether this is potentially less ability to take price if it's called for, greater likelihood of demands on trade dollars. So the question is very specific. I do not ask you to be redundant because I think it was Lauren's question, you talked a little bit about pricing. But the question is very specifically on any fallout you may see from the margin pressure we're seeing at large retail customers in the U.S.

因此，了解這些問題更多地是關於一般商品而不是雜貨，但是，我確信不能，任何大型供應商或業內任何人都不應忽視顯著的利潤率壓縮。只需評論您的業務在您參與的類別中的潛在影響，如果需要的話，這是否可能會降低定價能力，是否更有可能需要交易美元。所以這個問題非常具體。我不要求你多餘，因為我認為這是 Lauren 的問題，你談到了定價。但這個問題非常具體地針對您可能從美國大型零售客戶的利潤率壓力中看到的任何後果。

Yes. Look, whether it's the U.S. or other parts of the world, as retailers come under pressure from the consumers' wallet pullbacks, whether it's because they're losing purchasing power or they're reprioritizing their spend from something in that store to a different store, clearly, there will be pressure. And the way we approach it is to take a value creation point of view.

是的。看看，無論是美國還是世界其他地區，零售商都面臨著消費者錢包縮水的壓力，無論是因為他們正在失去購買力，還是因為他們正在重新調整支出的優先順序，從那家商店的東西轉移到另一家商店，顯然，會有壓力。我們處理它的方式是從價值創造的角度出發。

Our idea is like, look, we're investing in our brands to create value for the consumers that the retailers can realize in their stores. And therefore, we've got to focus on making the category attractive to bring the consumers in, to generate value from those consumers to the retailers. And ideally, our category would grow faster than their average business, and they would do well out of it. Of course, we would like to see ourselves gain share within those category growth.

我們的想法是，看，我們正在投資於我們的品牌，為零售商可以在他們的商店中實現的消費者創造價值。因此，我們必須專注於使該類別具有吸引力以吸引消費者，從這些消費者那里為零售商創造價值。理想情況下，我們的類別會比他們的平均業務增長得更快，而且他們會做得很好。當然，我們希望看到自己在這些類別的增長中獲得份額。

So very much, we're focused on driving a growth story, a growth story that creates value for everyone who touches the business. If there's going to be a much more recessionary environment ahead of us, clearly, it's going to get difficult around. But as we sit here today, we've been able to drive growth, as I said, for the consumer, growth for the retailers. And I think that's what we bring to the table, which is creating something that's really working for them.

非常重要的是，我們專注於推動一個增長故事，一個為每個接觸業務的人創造價值的增長故事。如果我們面前會有一個更加衰退的環境，顯然，這將變得困難重重。但是當我們今天坐在這裡時，正如我所說，我們已經能夠推動消費者的增長，零售商的增長。我認為這就是我們帶來的東西，它正在創造一些真正為他們工作的東西。

Our next question comes from Brett Cooper from Consumer Edge Research.

我們的下一個問題來自 Consumer Edge Research 的 Brett Cooper。

Question for you on developed markets and price/mix. In the place where we can see the best number is in North America. And your price/mix in 2Q or year-to-date is up more than 20% from 2019. In the off-premise data, we can see that 20-ounce is now selling for about $2 a bottle. So the question is whether the rapid rise in consumer prices requires a meaningful shift in package mix in order to try to hit key price points like you've done in other markets, in order to drive recruitment and retainment over the medium term? And then if you can just offer some color on how you can segment the market so that you don't generate trade down from what has been a profitable pack.

關於發達市場和價格/組合的問題。在我們可以看到最好數字的地方是在北美。您在第二季度或年初至今的價格/組合比 2019 年上漲了 20% 以上。在場外數據中，我們可以看到 20 盎司現在的售價約為每瓶 2 美元。所以問題是，消費者價格的快速上漲是否需要對套餐組合進行有意義的轉變，以嘗試像您在其他市場所做的那樣達到關鍵價格點，從而在中期推動招聘和保留？然後，如果你能提供一些關於如何細分市場的顏色，這樣你就不會從一個有利可圖的包中產生交易。

I mean we're getting right down into the -- some of the packaging stuff. Look, the price/mix, I think, is very important to try and disaggregate channel and category pricing changes. You alluded to something on the 20-ounce. I presume that was in a specific channel. And we very much are focused on driving not just, as I said, consumer value, but also we were going to take rate, but we do focus on, as we've talked about many times, retaining affordability whilst also looking for premiumization. And whether 1 pack is going up in price, then clearly, that's probably more of the premiumization strategy where the other packs will be looking to stay anchored in affordability, whether they be individual pack sizes or multipacks. And we use different pack sizes and different combinations of multipacks to move across the spectrum of what price point is going to work for which consumers. And therefore, the key in that dynamic is to increase the diversity of the packaging mix. It's almost impossible to segment and resegment the marketplace with only 1 or 2 package slices.

我的意思是我們正在深入研究一些包裝材料。看，我認為價格/組合對於嘗試分解渠道和類別定價變化非常重要。你提到了 20 盎司的東西。我想那是在一個特定的頻道中。正如我所說，我們非常專注於推動消費者價值，而且我們將採取利率，但正如我們多次談到的那樣，我們確實專注於保持可負擔性，同時也在尋求高端化。無論一包的價格是否上漲，那麼很明顯，這可能更多是高端化策略，其他包將尋求保持可承受性，無論它們是單個包裝尺寸還是多包裝。我們使用不同的包裝尺寸和多件裝的不同組合來確定適合哪些消費者的價格點。因此，這種動態的關鍵是增加包裝組合的多樣性。僅用 1 或 2 個包裝切片來細分和重新細分市場幾乎是不可能的。

So the important factor becomes the diversity in the number of packaging size or material options and the diversity of the multipack options. That's the dynamic that allows you to play across the spectrum of price points and elasticities. And so one going up. There's probably another one staying anchored that allows us to do the strategy. But I think the most important is the overall dynamic of using the diversification of the packages, the growth in the mini cans, the introduction of some smaller-sized PET bottles to be able to capture the whole kind of demand curve spectrum.

因此，重要的因素變成了包裝尺寸或材料選擇數量的多樣性以及合裝包選擇的多樣性。這就是允許您在價格點和彈性範圍內進行遊戲的動態。所以一個上升。可能還有另一個保持錨定，使我們能夠制定策略。但我認為最重要的是使用包裝多樣化的整體動態，迷你罐的增長，一些較小尺寸的 PET 瓶的引入能夠捕捉到整個需求曲線譜。

Our next question comes from Bill Chappell from Truist Securities.

我們的下一個問題來自 Truist Securities 的 Bill Chappell。

Just kind of a follow-up on the pack sizes. I mean, one of the things you had said was you've benefited from country mix and, I guess, product mix, but not necessarily pack mix. And I would think that as the higher prices are being flowed through, maybe you have some acceleration to smaller pack sizes, which are higher margin? So I guess is that -- are you seeing any of that? And if not, if you're not seeing any trade down, is there any reason down the road in the back half if commodity prices come down, you would roll back any of these price increases? Or do you feel like, hey, there's no real elasticity. We're just going to hold the line here.

只是對包裝尺寸的跟進。我的意思是，您所說的其中一件事是您從國家組合中受益，我猜是產品組合，但不一定是包裝組合。而且我認為隨著更高的價格正在流通，也許你會加速使用更小的包裝尺寸，這是更高的利潤？所以我猜是——你看到了嗎？如果沒有，如果您沒有看到任何交易下降，那麼如果商品價格下跌，您是否有任何理由在後半部分回落這些價格上漲？或者你覺得，嘿，沒有真正的彈性。我們只是在這裡守住陣線。

Okay. Let me try and unpack that a bit and start at the end. I commented earlier, we don't price to commodity spikes. So there are some commodities that shot up from January through to March and then come back down again. We didn't chase the commodity price up. Because we use a hedging program and long-term relationships, we have a lot of -- and many of our bottlers too, we have a smooth curve, if you like, on the pricing of commodities. So what's important there is the overall underlying trend in the commodity price, not the spot market. And so we haven't priced up.

好的。讓我試著解開一點，然後從最後開始。我之前評論過，我們不會為商品價格飆升定價。因此，有些商品從 1 月到 3 月飆升，然後又回落。我們沒有追漲商品價格。因為我們使用對沖計劃和長期關係，所以我們有很多——而且我們的許多裝瓶商也有，如果你願意的話，我們在商品定價方面有一個平滑的曲線。所以重要的是商品價格的整體潛在趨勢，而不是現貨市場。所以我們沒有漲價。

Now having said that, commodities -- the basket of commodities, particularly energy and some other ones, still is trending up and so are services and labor. So I don't think -- I don't foresee the total basket of imports, whether they be the sum of the commodities or the sum of the services and other imports, suddenly being in a deflationary environment.

話雖如此，商品——一攬子商品，尤其是能源和其他一些商品，仍在呈上升趨勢，服務和勞動力也是如此。所以我不認為——我沒有預見到一攬子進口總額，無論是商品的總和，還是服務和其他進口的總和，突然處於通貨緊縮的環境中。

I mean, if you take the commodities are not the majority of the cost but the services and everything else, basically, for the price to have to roll back, we need the overall economy to enter deflation before it's even really a question, which does not seem the most likely scenario in the short term, certainly not on a global basis. So I think price rollbacks in that sense seems are very unlikely. I think we're much -- it's more likely that inflation softens, and therefore, the rate of increase can come down, but I don't foresee a big global deflationary burst at the moment.

我的意思是，如果你認為商品不是成本的主要部分，而是服務和其他一切，基本上，為了讓價格回落，我們需要整體經濟進入通貨緊縮，這甚至是一個真正的問題，這確實在短期內似乎不是最有可能的情況，當然不是在全球範圍內。所以我認為這種意義上的價格回落似乎不太可能。我認為我們很可能 - 通脹走軟的可能性更大，因此增長率可能會下降，但我預計目前全球通貨緊縮不會爆發。

In terms of the -- I didn't mention pack mix as one of the mixed things. Well, clearly, a channel mix is intimately related to pack mix. So away-from-home rather versus at home, that being a positive mix effect for price is somewhat synonymous to we've got more IC packs, immediate consumption packs, than we have larger packs. And so the 2 -- they're not the same, but they are relatively correlated.

就--我沒有提到包裝混合是混合的東西之一。嗯，很明顯，頻道混合與包裝混合密切相關。所以離家而不是在家，價格的積極混合效應在某種程度上意味著我們有更多的 IC 包，即刻消費包，而不是更大的包。所以 2 - 它們不一樣，但它們是相對相關的。

So for example, in the U.S., the reopening has increased fountain, has increased smaller pack sizes as people travel. So pack sizes very much go with channel mix. Not the same, but there's a reasonably close correlation.

例如，在美國，重新開放增加了噴泉，隨著人們旅行增加了更小的包裝尺寸。所以包裝尺寸非常適合渠道組合。不一樣，但有相當密切的相關性。

Ladies and gentlemen, this concludes our question-and-answer session. I would now like to turn the call back over to James Quincey for any closing remarks.

女士們，先生們，我們的問答環節到此結束。我現在想將電話轉回給 James Quincey，以聽取任何結束語。

Great. Thanks very much, everyone. Clearly, we feel our second quarter exemplified the strength in our brands, the execution of our bottlers and the momentum in our business. We're pleased with the performance so far in the first half. We entered the second half with confidence that we can sustain value for the long run. And thanks for your interest, investment in the company and for joining us this morning.

偉大的。非常感謝大家。顯然，我們認為我們的第二季度體現了我們品牌的實力、我們裝瓶商的執行力以及我們業務的發展勢頭。我們對上半年迄今為止的表現感到滿意。我們進入下半年充滿信心，我們可以長期維持價值。感謝您對公司的興趣、投資以及今天早上加入我們。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們，先生們，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。