可口可樂 (KO) 2022 Q3 法說會逐字稿

At this time, I'd like to welcome everyone to the Coca-Cola Company's Third Quarter Earnings Results Conference Call. Today's call is being recorded. If you have any objections, please disconnect at this time. (Operator Instructions)

在這個時候，我想歡迎大家參加可口可樂公司第三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。 （操作員說明）

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.

我想提醒大家，這次會議的目的是與投資者對話，因此媒體的問題不會被解決。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. I'm here with James Quincey, our Chairman and Chief Executive Officer; and John Murphy, our President and Chief Financial Officer. We posted schedules under financial information in the Investors section of our company website at 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.

早上好，感謝您加入我們。我和我們的董事長兼首席執行官 James Quincey 在一起；和我們的總裁兼首席財務官 John Murphy。我們在公司網站 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. Following prepared remarks, we will turn the call over for questions. (Operator Instructions)

此外，本次電話會議可能包含前瞻性陳述，包括有關長期收益目標的陳述，應與我們的收益發布和公司定期 SEC 報告中包含的警示性陳述一起考慮。在準備好的評論之後，我們將把電話轉過來提問。 （操作員說明）

Now let me turn the call over to James.

現在讓我把電話轉給詹姆斯。

Thanks, Tim, and good morning, everyone. After a strong first half of the year, we continued our momentum in the third quarter with effective execution across our global system despite a macro backdrop that remains challenging. In the face of these pressures, consumers stayed resilient, and we continue to invest behind our loved brands to drive value in the marketplace and growth in our business.

謝謝，蒂姆，大家早上好。在上半年表現強勁之後，儘管宏觀背景仍然充滿挑戰，但我們在第三季度繼續保持勢頭，在我們的全球系統中有效執行。面對這些壓力，消費者保持彈性，我們繼續投資於我們喜愛的品牌，以推動市場價值和業務增長。

Given our strong results year-to-date, and increased visibility into the rest of the year, we are raising our top line and bottom line guidance, while continuing to invest strategically. So this morning, I'll provide a business update and discuss how we are expanding the circumference of what we can control. Then I'll pass to John, and he will discuss financial details for the quarter, our revised guidance for the full year 2022 and some early considerations for 2023.

鑑於我們年初至今的強勁業績，以及對今年剩餘時間的可見性提高，我們正在提高我們的頂線和底線指導，同時繼續進行戰略投資。所以今天早上，我將提供一個業務更新，並討論我們如何擴大我們可以控制的範圍。然後我將轉給約翰，他將討論本季度的財務細節、我們對 2022 年全年的修訂指導以及 2023 年的一些早期考慮。

During the third quarter, macroeconomic crosscurrents continued to impact the operating environment. The conflict in Ukraine is ongoing, which creates challenges in that country and beyond. And we saw renewed pandemic-related mobility restrictions in China. Inflationary forces are driving costs, pricing and interest rates higher, resulting in currency volatility in many parts of the world. Against this backdrop, our industry remains healthy and is growing both in value and volume, which continues to include some benefit from cycling COVID-related impacts from the prior year.

第三季度，宏觀經濟逆流繼續影響經營環境。烏克蘭的衝突仍在繼續，這給該國及其他地區帶來了挑戰。我們在中國看到了新的與大流行相關的出行限制。通貨膨脹力量正在推高成本、定價和利率，導致世界許多地區的貨幣波動。在這種背景下，我們的行業保持健康，並且在價值和數量上都在增長，其中繼續包括從前一年的循環 COVID 相關影響中獲得的一些好處。

In the third quarter, we delivered strong organic revenue growth across all operating segments. This was driven by pricing actions and robust volume growth. We had share gains overall and across most categories, as well as within both at-home and away-from-home channels. We accomplished this by investing in our business and providing the right portfolio of brands and packages to retain and add consumers. Notably, we drove revenue growth ahead of transactions growth, which is also ahead of volume growth in the quarter, reflecting the strength of our revenue growth management capabilities.

在第三季度，我們在所有運營部門實現了強勁的有機收入增長。這是由定價行動和強勁的銷量增長推動的。我們在整體和大多數類別以及在家和在家外的渠道中都獲得了份額增長。我們通過投資我們的業務並提供正確的品牌和包裝組合來留住和增加消費者，從而實現了這一目標。值得注意的是，我們推動收入增長領先於交易增長，這也領先於本季度的交易量增長，這反映了我們收入增長管理能力的實力。

Consumer elasticities in core categories have continued to hold up well. We are leveraging our consumer-centric marketing model and increasingly using digital engagement to link consumption occasions with passion points. And our system has never been stronger, and our global network model is allowing us to leverage the vast experiences of the systems' leaders from various parts of the world. We are increasingly sharing learnings and generating faster responses to a changing environment through the right mix of local relevance and scale.

核心品類的消費者彈性繼續保持良好。我們正在利用以消費者為中心的營銷模式，並越來越多地使用數字參與將消費場合與激情點聯繫起來。我們的系統從未如此強大，我們的全球網絡模型使我們能夠利用來自世界各地的系統領導者的豐富經驗。我們越來越多地分享經驗，並通過適當地結合當地相關性和規模來對不斷變化的環境做出更快的反應。

Now recapping the third quarter performance across the world, starting with Asia Pacific. In India, we continued to strengthen in the first half of the year as we gained share in sparkling soft drinks. Trademark Coke delivered strong growth through effective execution and occasion-based marketing. Year-to-date, we drove approximately 2.5 billion transactions at affordable price points through the expansion of returnable glass bottles and single-serve PET packages. Sprite has grown to become a $1 billion brand in the market, driven by the success of locally-adapted occasion-based global marketing campaigns like Heat Happens and Screentime.

現在回顧一下全球第三季度的表現，從亞太地區開始。在印度，我們在今年上半年繼續加強，因為我們在起泡軟飲料中獲得了份額。商標可口可樂通過有效的執行和基於場合的營銷實現了強勁的增長。年初至今，我們通過擴大可回收玻璃瓶和一次性 PET 包裝，以可承受的價格推動了大約 25 億筆交易。 Sprite 已成長為市場上價值 10 億美元的品牌，這得益於 Heat Happens 和 Screentime 等適應當地情況的全球營銷活動的成功。

In Japan, we continue to strengthen our business amidst an inflationary environment in the country for the first time in many years, we took price increases in large PET packages. Through intelligent innovation on small packs, we've gained value share, transactions and household penetration year-to-date. Additionally, we continued our strong share gains in vending in the quarter, and we expanded our leadership position in e-commerce.

在日本，我們多年來首次在該國通貨膨脹環境中繼續加強我們的業務，我們採取了大型 PET 包裝的價格上漲。通過小包裝的智能創新，我們年初至今獲得了價值份額、交易量和家庭滲透率。此外，我們在本季度繼續強勁的自動售貨市場份額增長，並擴大了我們在電子商務領域的領導地位。

In China, we grew volume in the quarter and achieved strong growth in sparkling soft drinks during the summer selling season amidst varying levels of pandemic-related mobility restrictions. We focused on digital to unlock new opportunities. We deployed Fanta Festival, a drink, scan, win pilot at scale, which drove widespread brand exposure and connected consumer traffic to more than 30,000 outlets. We remain focused on executing RGM strategies to drive outlet expansion and increase key SKU availability.

在中國，由於與流行病相關的流動限製程度不同，我們在本季度的銷量增長並在夏季銷售旺季實現了起泡軟飲料的強勁增長。我們專注於數字化以釋放新機遇。我們大規模部署了芬達節，這是一個飲料、掃描、獲勝的試點項目，它推動了廣泛的品牌曝光，並將消費者流量連接到 30,000 多個網點。我們仍然專注於執行 RGM 戰略，以推動門店擴張並提高關鍵 SKU 的可用性。

In ASEAN and South Pacific, we saw strong volume and transaction growth across most markets, driven by new product launches and continued recovery in away-from-home channels. We saw significant top line improvement in sparkling flavors for most markets, driven by our Sprite Lemon+ and Schweppes Zero Sugar innovations.

在東盟和南太平洋，我們看到大多數市場的交易量和交易量都實現了強勁增長，這得益於新產品的推出和非家庭渠道的持續復甦。在我們的 Sprite Lemon+ 和 Schweppes 零糖創新的推動下，我們看到大多數市場的起泡口味的收入顯著提高。

In EMEA, European consumers continue to experience inflationary costs. We leveraged our RGM strategies to drive away-from-home, single-serve mix and retain consumers, and delivered value share gains across most categories. And our system has delivered top-tier incremental retail value for customers year-to-date for a second year in a row. We accelerated digital engagement with more than 4 million connected consumers year-to-date.

在歐洲、中東和非洲，歐洲消費者繼續承受通脹成本。我們利用我們的 RGM 戰略來推動遠離家庭的單一服務組合併留住消費者，並在大多數類別中實現價值份額增長。迄今為止，我們的系統已連續第二年為客戶提供頂級增量零售價值。年初至今，我們加快了與超過 400 萬聯網消費者的數字互動。

In Africa, despite the macro environment remaining challenging, we gained volume and value share. We focus relentlessly on excellence in execution and reduced retail out-of-stocks. We've built sustainable customer engagement in more than 80,000 points of sale year-to-date through a customer loyalty partnership program.

在非洲，儘管宏觀環境仍然充滿挑戰，但我們獲得了數量和價值份額。我們堅持不懈地專注於卓越執行和減少零售缺貨。年初至今，我們通過客戶忠誠度合作夥伴計劃在 80,000 多個銷售點建立了可持續的客戶參與度。

In Eurasia and the Middle East, we remain resilient amidst an unprecedented inflationary environment in many markets and some supply-related disruptions. A cross-market launch of fee for activation and the Fanta Fest campaign were in key enablers of growth. With strong focus on execution, we placed over 50,000 coolers and have gained availability in 33,000 new outlets year-to-date.

在歐亞大陸和中東，在許多市場前所未有的通貨膨脹環境和一些與供應相關的中斷中，我們仍然保持彈性。跨市場推出激活費和 Fanta Fest 活動是增長的關鍵推動力。憑藉對執行的高度重視，我們放置了超過 50,000 台冷卻器，今年迄今已在 33,000 家新門店中獲得供應。

In North America, we drove volume and value share gains through strong core sparkling performance, complemented by robust innovation and music-led experiential marketing despite intermittent supply chain challenges. Smartwater growth was strong during the quarter and innovations like Coca-Cola Creations and Minute Maid Aguas Frescas continue to expand and exceed expectations. The Coca-Cola value bundle, a collection of core sparkling offerings, providing more choices to cost-conscious consumers, is helping to retain and recruit more consumers while creating value for our customers.

在北美，儘管供應鏈面臨間歇性挑戰，但我們通過強勁的核心閃耀表現推動了銷量和價值份額的增長，並輔以強勁的創新和以音樂為主導的體驗式營銷。本季度 Smartwater 增長強勁，Coca-Cola Creations 和 Minute Maid Aguas Frescas 等創新產品繼續擴大並超出預期。可口可樂超值套裝是一系列核心起泡產品，為註重成本的消費者提供更多選擇，有助於留住和吸引更多消費者，同時為我們的客戶創造價值。

In Latin America, we leveraged connected experiences and strong execution to drive top line growth and sequentially improve on our share losses. We strengthened our connections with use through music, leveraging the Coca-Cola Marshmello flavor to stream Rock in Rio across the continent. Through RGM initiatives, we focused on single-serve package growth to drive transaction growth. Alignment with our bonding partners remain strong, and our joint market initiatives are ensuring our focus on accelerating growth.

在拉丁美洲，我們利用互聯互通的經驗和強大的執行力來推動收入增長並逐步改善我們的份額損失。我們通過音樂加強了與使用的聯繫，利用 Coca-Cola Marshmello 風味在里約熱內盧播放整個大陸。通過 RGM 計劃，我們專注於單份套餐的增長，以推動交易增長。與我們的合作夥伴保持一致，我們的聯合市場計劃確保我們專注於加速增長。

In Global Ventures, we witnessed robust volume growth. However, overall cost of performance was impacted by a dynamic operating environment in the U.K., along with investments in the marketplace as we expand internationally. China ready-to-drink value share grew with the strong performance of innovations like Costa Char Tea and Coke Coffee. Ready-to-drink in Japan is also delivering strong performance supported by sampling, in-store execution and the launch of Caramel Latte.

在 Global Ventures，我們見證了強勁的銷量增長。然而，總體績效成本受到英國動態運營環境的影響，以及我們在國際擴張時對市場的投資。中國即飲價值份額隨著 Costa Char Tea 和 Coke Coffee 等創新產品的強勁表現而增長。日本的即飲飲料也在樣品、店內執行和焦糖拿鐵的推出支持下表現強勁。

Finally, our Bottling Investments Group delivered strong volume and top line performance driven by a focus on affordable entry-pack expansion across all markets. Additionally, we're driving availability and efficiencies in cost to serve.

最後，我們的裝瓶投資集團交付了強勁的銷量和頂線業績，這得益於對所有市場經濟實惠的入門包裝擴張的關注。此外，我們正在提高服務成本的可用性和效率。

As we look forward beyond this year, we continue to see great opportunity for our industry. We are allocating resources in a disciplined way to gain share. Success from our marketing model is based on 2 critical components: linking occasions and passion points to drive engagement and leveraging experiments to optimize our marketing. This drives deeper connections with consumers, reaching them in new and unique ways.

在展望今年之後，我們繼續看到我們行業的巨大機遇。我們以有紀律的方式分配資源以獲得份額。我們營銷模式的成功基於兩個關鍵組成部分：將場合和激情點聯繫起來以推動參與，並利用實驗來優化我們的營銷。這推動了與消費者的更深層次的聯繫，以新的和獨特的方式接觸他們。

The launch of the Believing is Magic global campaign for the FIFA World Cup celebrates the passionate journey of soccer fans by unveiling a suite of digital experiences that capture the full extent of fans' devotion to their beloved teams. The campaign includes the FIFA World Cup Trophy Tour as well as a digital hub called Coca-Cola Fan Zone, which creates in-person opportunities for fans to come together to trade Panini stickers behind the Coca-Cola labels. This campaign has already led to a gain of more than 3.5 million consumers for direct engagement.

為 FIFA 世界杯發起的 Believing is Magic 全球宣傳活動通過推出一系列數字體驗來慶祝球迷們充滿激情的旅程，這些體驗充分體現了球迷對他們心愛球隊的熱愛。該活動包括 FIFA 世界盃獎杯巡迴賽以及名為 Coca-Cola Fan Zone 的數字中心，該中心為粉絲們創造了面對面交易可口可樂標籤背後的帕尼尼貼紙的機會。該活動已經為直接參與的消費者帶來了超過 350 萬的收益。

Building on our digital experiments, we also announced a strategic partnership in 6 countries with Grab, Southeast Asia's leading connected app. This builds new consumer connections and offers a new level of convenience. Through a mix of off-line advertising on the Grab fleet, online advertising in the Grab app, gamification and product sampling, we are building more purchasing occasions to grow demand for at-home consumption.

在我們的數字實驗的基礎上，我們還宣布與東南亞領先的互聯應用 Grab 在 6 個國家建立戰略合作夥伴關係。這建立了新的消費者聯繫並提供了新的便利水平。通過 Grab 車隊的線下廣告、Grab 應用程序中的在線廣告、遊戲化和產品抽樣，我們正在建立更多的購買場合，以增加對家庭消費的需求。

Our innovations have delivered strong results with more than 25% contribution to incremental gross profit year-to-date. Our innovations span markets and categories, with 55% of year-to-date innovations outside of the sparkling category. Our pipeline is robust and we are excited about their unique consumer propositions.

我們的創新取得了強勁的成果，年初至今對增量毛利潤的貢獻超過 25%。我們的創新跨越市場和類別，今年迄今 55% 的創新不屬於閃閃發光的類別。我們的管道很強大，我們對他們獨特的消費者主張感到興奮。

For example, Coca-Cola Creations is providing bold on-trend flavors designed to build buzz with younger consumers. Ready-to-drink Costa offers new and exciting flavors with authentic, rich coffee and milk taste. We are also excited about the potential for Jack Daniel's and Coca-Cola ready-to-drink, which will launch in Mexico in the fourth quarter and is coming to a digital markets next year, including the U.S. in the spring through our agreements with Brown-Forman. This will give consumers a convenient way to enjoy the world's most popular bar cooler. Our innovations are designed with scalability in mind to further support our growth portfolio.

例如，Coca-Cola Creations 提供大膽的流行口味，旨在吸引年輕消費者。即飲 Costa 提供令人興奮的新口味，以及正宗、濃郁的咖啡和牛奶味道。我們也對 Jack Daniel's 和 Coca-Cola 即飲飲料的潛力感到興奮，它們將於第四季度在墨西哥推出，並通過我們與 Brown 的協議於明年進入包括美國在內的數字市場。 -福爾曼。這將為消費者提供一種享受世界上最受歡迎的酒吧冷卻器的便捷方式。我們的創新設計考慮了可擴展性，以進一步支持我們的增長組合。

We expect inflationary pressures to continue, so we are leveraging all the levers of RGM at our disposal, including price, promotional intelligence and proactive mix management. Our RGM capability is mining insights such as consumer motivations as well as category and customer opportunities, giving us a precise approach to package, placement and promotional investments. This drives trip conversion and value growth for customers.

我們預計通脹壓力將繼續存在，因此我們正在利用 RGM 的所有槓桿，包括價格、促銷情報和主動組合管理。我們的 RGM 能力是挖掘消費者動機以及類別和客戶機會等洞察力，為我們提供精確的包裝、佈局和促銷投資方法。這推動了客戶的旅行轉化和價值增長。

For example, in Japan, we are seeing strong results from our segmented approach. Instead of our key 500 ml PET pack for Fanta, we now sell one smaller 350 ml PET pack for on-the-go and one larger 700 ml PET pack for home occasions. This dual-pack strategy has increased beverage incidence by 9%. In Q3, retail value transactions and market share were all up for these packages. Our system is investing to grow our executional footprint, adding to what was already pervasive distribution resulting in availability of our products in nearly 2/3 of all outlets globally. These strong results are clear proof points of what is possible when our alliance system leans forward for growth.

例如，在日本，我們看到我們的分段方法取得了顯著成果。我們現在出售的不是芬達的主要 500 毫升 PET 包裝，而是一種用於移動的較小的 350 毫升 PET 包裝和一種用於家庭場合的較大的 700 毫升 PET 包裝。這種雙包裝策略將飲料發生率提高了 9%。在第三季度，這些套餐的零售價值交易和市場份額均有所上升。我們的系統正在投資以擴大我們的執行足跡，增加已經普遍分佈的產品，從而使我們的產品在全球近 2/3 的網點中可用。這些強有力的結果清楚地證明了當我們的聯盟系統向前發展以實現增長時，什麼是可能的。

Underpinning all of this work is our purpose to refresh the world and make a difference. Sustainability remains an integral part of our business and strategy and is a key driver of future growth and business resilience. While we have made progress towards our World Without Waste goals, we remain committed to do more and faster so we can grow our business the right way. We're continuing to partner with other businesses, civil society and governments to support cooperative action on this critical issue.

支撐所有這些工作的是我們刷新世界並有所作為的目標。可持續性仍然是我們業務和戰略不可或缺的一部分，是未來增長和業務彈性的關鍵驅動力。雖然我們在實現無浪費世界目標方面取得了進展，但我們仍然致力於做得更多、更快，以便我們能夠以正確的方式發展我們的業務。我們將繼續與其他企業、民間社會和政府合作，支持在這一關鍵問題上採取合作行動。

During the quarter, we played a leadership role and helped launch the business coalition for a global plastics treaty convened by key partners, the Ellen MacArthur Foundation and World Wildlife Fund, alongside other private sector companies. We are also continuing to take steps to help drive the circular economy by making our bottles more eco-friendly.

在本季度，我們發揮了領導作用，並幫助發起了由主要合作夥伴艾倫麥克阿瑟基金會和世界野生動物基金會以及其他私營部門公司召集的全球塑料條約商業聯盟。我們還將繼續採取措施，通過使我們的瓶子更加環保來幫助推動循環經濟。

In North America and Latin America, Sprite has shifted all of its PET packaging from green to clear, improving the efficiency of recycling systems and increasing the availability of food-grade rPET. In Vietnam, we launched Coca-Cola bottles made from 100% recycled plastic, excluding the cap and the label. We now have more than 30 markets where we offer at least one brand in a 100% rPET package, with similar launches planned in additional markets next year.

在北美和拉丁美洲，雪碧已將其所有 PET 包裝從綠色包裝轉變為透明包裝，提高了回收系統的效率並增加了食品級 rPET 的可用性。在越南，我們推出了由 100% 再生塑料製成的可口可樂瓶，不包括瓶蓋和標籤。我們現在在 30 多個市場中提供至少一個 100% rPET 包裝的品牌，併計劃明年在其他市場推出類似的產品。

In an operating environment that increasingly puts more variables into the equation than we've seen in the past, we are focused on delivering and executing for growth. We are encouraged by what we are seeing in the business. We are committed to expanding the circumference of what we can control by delivering world-class marketing, disciplined innovation, excellence in revenue growth management and laser-sharp execution in the marketplace, with a goal of operating at a higher level through these challenging market conditions.

在一個越來越多的變數比我們過去看到的等式中的運營環境中，我們專注於交付和執行以實現增長。我們對我們在業務中看到的情況感到鼓舞。我們致力於通過提供世界一流的營銷、嚴謹的創新、卓越的收入增長管理和在市場上敏銳的執行力來擴大我們可以控制的範圍，目標是在這些充滿挑戰的市場條件下以更高的水平運營.

We are doing this with capable and aligned bottling partners around the world. The combination of strong loved brands and a pervasive distribution system is a formula for resilience in times like these, and we are pleased to be raising both our top line and bottom line guidance today.

我們正在與世界各地有能力和一致的裝瓶合作夥伴一起做這件事。深受喜愛的品牌和普遍的分銷系統的結合是在這樣的時代恢復彈性的公式，我們很高興今天提高了我們的頂線和底線指導。

With that, I'll turn the call over to you, John.

有了這個，我會把電話轉給你，約翰。

Thank you, James, and good morning, everyone. Today, I'll comment on our third quarter performance and provide considerations for our updated guidance to this year. I'll also provide some early commentary on 2023 and what actions we are taking to drive a top line-led growth equation to navigate this dynamic environment.

謝謝你，詹姆斯，大家早上好。今天，我將評論我們第三季度的業績，並為我們今年更新的指導提供考慮。我還將提供一些關於 2023 年的早期評論，以及我們正在採取哪些行動來推動以頂線為主導的增長方程式以駕馭這一動態環境。

We are encouraged with the continued momentum of our business, and we delivered another set of strong results in the third quarter. We grew organic revenue 16%. Unit cases grew 4%, with broad-based growth across most operating segments and targeted investments in the marketplace. Concentrate sales were in line with unit cases for the quarter. Our price/mix of 12% was driven primarily by pricing actions across operating segments, along with revenue growth management initiatives, further improvement in away-from-home channels in most markets and positive segment mix.

我們對業務的持續發展勢頭感到鼓舞，我們在第三季度取得了另一套強勁的業績。我們的有機收入增長了 16%。單位案例增長 4%，大多數運營部門的基礎廣泛增長和市場的目標投資。精礦銷售額與本季度的單位案例一致。我們 12% 的價格/組合主要是由跨運營部門的定價行動、收入增長管理計劃、大多數市場的非家庭渠道的進一步改善和積極的部門組合推動的。

Comparable gross margin for the quarter was down approximately 190 basis points versus the prior year. The underlying margin compression was approximately 60 basis points, with the rest of the impact coming from currency headwinds driven by the volatile macro backdrop and the mechanical effect of consolidating the BODYARMOR finished goods business. We significantly stepped up our consumer and customer-facing investments to support our robust marketing agenda and strong innovation pipeline.

本季度的可比毛利率與去年同期相比下降了約 190 個基點。潛在的利潤率壓縮約為 60 個基點，其餘影響來自波動的宏觀背景和整合 BODYARMOR 成品業務的機械效應推動的貨幣逆風。我們顯著加強了面向消費者和客戶的投資，以支持我們強大的營銷議程和強大的創新渠道。

Notwithstanding higher costs and continued investments in the marketplace, we expanded underlying operating margin by approximately 100 basis points, driven by strong top line growth. Comparable operating margin, however, compressed by approximately 50 basis points due to the impact of the BODYARMOR acquisition and currency headwinds. Below the line, we benefited from a lower-than-expected effective tax rate for the full year. All in, third quarter comparable EPS of $0.69 grew 7% year-over-year, and this was impacted by 11 points of currency headwinds.

儘管成本上升且市場持續投資，但在強勁收入增長的推動下，我們將基本營業利潤率擴大了約 100 個基點。然而，由於收購 BODYARMOR 和貨幣逆風的影響，可比營業利潤率壓縮了大約 50 個基點。低於預期，我們受益於低於預期的全年有效稅率。總而言之，第三季度可比每股收益為 0.69 美元，同比增長 7%，這受到 11 個貨幣逆風的影響。

On cash flow, we delivered free cash flow of $7.3 billion year-to-date driven by our strong business performance. This was 14% 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 1.8x EBITDA, which is slightly below our targeted range of 2 to 2.5x.

在現金流方面，由於我們強勁的業務表現，我們今年迄今實現了 73 億美元的自由現金流。這比上一年下降了 14%，主要是由於兩個原因：第一，循環使用上一年的營運資金福利的時間；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 1.8 倍 EBITDA，略低於我們 2 至 2.5 倍的目標範圍。

As we look to the operating environment, there are clearly many variables at play today, as James mentioned. We are spinning our top line and bottom line flywheels faster to fortify our business and manage through many types of environments, and we're investing in the marketplace to create value for our customers and consumers. Given our strong results and the visibility we have for the rest of the year, we are raising guidance for the full year. We now expect to deliver organic revenue growth of 14% to 15% and comparable currency-neutral EPS growth of 15% to 16%.

正如詹姆斯所說，當我們審視運營環境時，今天顯然有許多變數在起作用。我們正在更快地旋轉我們的頂線和底線飛輪，以加強我們的業務並通過多種類型的環境進行管理，我們正在投資市場，為我們的客戶和消費者創造價值。鑑於我們強勁的業績和我們在今年剩餘時間內的知名度，我們正在提高全年的指導。我們現在預計實現 14% 至 15% 的有機收入增長和 15% 至 16% 的可比貨幣中性每股收益增長。

Based on current rates and our hedge positions, we expect currency to be a 7-point headwind to comparable net revenues and a 9-point headwind to comparable earnings per share for full year 2022. We now expect an underlying effective tax rate of 19% in 2022. All in, we expect comparable earnings per share growth of 6% to 7% versus 2021. 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 about $1.5 million in capital investments.

根據目前的利率和我們的對沖頭寸，我們預計貨幣對 2022 年全年的可比淨收入和可比每股收益構成 7 個百分點的阻力。我們現在預計基本有效稅率為 19%到 2022 年。總而言之，我們預計與 2021 年相比，每股可比收益將增長 6% 至 7%。我們繼續預計 2022 年將產生約 105 億美元的自由現金流，通過約 120 億美元的運營現金，減去約 1.5 美元百萬的資本投資。

There are some considerations to keep in mind for Q4 that we factored into our full year guidance. There is an additional day in the fourth quarter, however, we expect concentrate sales to end the year in line with unit case sales. We are investing in consumer-facing marketing to get a fast start for next year. Lastly, given the backdrop of rising interest rates, we expect to see an impact on our interest expense given our effective exposure to floating rate debt. The environment remains volatile, and while we are preparing for many futures in 2023, we did want to share some early considerations for next year based on what we know today.

對於第四季度，我們在全年指導中考慮了一些注意事項。第四季度還有一天，但是，我們預計精礦銷售將在年底與單位箱銷售保持一致。我們正在投資面向消費者的營銷，以便在明年快速起步。最後，鑑於利率上升的背景，鑑於我們對浮動利率債務的有效敞口，我們預計將對我們的利息支出產生影響。環境仍然不穩定，雖然我們正在為 2023 年的許多未來做準備，但我們確實想根據我們今天所知道的情況分享明年的一些早期考慮。

We are encouraged by the momentum in our top line and we leverage our capabilities to sustain top line growth with the ongoing inflationary backdrop. As we look to our cost outlook, we expect global inflation to continue to impact our expenses across the board and commodities to remain volatile. We benefited from hedges in our commodity exposure this year. And even though some of the commodities have started to come off their highs, we expect another year of elevated inflation on a per case basis next year.

我們對收入的勢頭感到鼓舞，我們利用我們的能力在持續的通脹背景下維持收入增長。在我們展望成本前景時，我們預計全球通脹將繼續影響我們的全面支出，大宗商品將保持波動。今年我們從商品風險的對沖中受益。儘管一些大宗商品已經開始從高點回落，但我們預計明年按個案計算的通脹率還會再上升一年。

We estimate the underlying effective tax rate to be 19.5% for 2023. Regarding currency, if we were to assume current rates and our hedge positions, there would be an approximate 5- to 6-point currency headwind to comparable net revenues and an approximate 7- to 8-point currency headwind to comparable earnings per share for full year 2023. However, given the amount of volatility in the currency markets, this initial view could change when we come back to you for the fourth quarter call in February.

我們估計 2023 年的基本有效稅率為 19.5%。關於貨幣，如果我們假設當前稅率和我們的對沖頭寸，可比淨收入將有大約 5 到 6 個點的貨幣逆風和大約 7 - 與 2023 年全年可比每股收益相比，貨幣逆風為 8 個百分點。但是，鑑於貨幣市場的波動性，當我們在 2 月份第四季度電話會議上與您聯繫時，這一初步觀點可能會改變。

We are committed to delivering top line-led growth, and we remain focused and confident in our ability to achieve our 3 key objectives: investing for the long-term health of the business; winning locally; and generating U.S. dollar EPS growth. We are pleased with our results so far and have the visibility to deliver on our updated guidance, creating value for our shareowners through strong top line growth, cash flow generation and dividend growth. Our strong system leadership and the tremendous ongoing commitment of our people around the world gives us confidence that we will continue to deliver sustainable results in the year ahead.

我們致力於實現以營收為主導的增長，我們仍然專注並有信心實現我們的 3 個關鍵目標：為業務的長期健康進行投資；在當地獲勝；並產生美元每股收益增長。到目前為止，我們對我們的業績感到滿意，並且有能力提供我們更新的指導，通過強勁的收入增長、現金流產生和股息增長為我們的股東創造價值。我們強大的系統領導力和全球員工的巨大持續承諾使我們相信，我們將在未來一年繼續取得可持續的成果。

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 I guess, John, I wanted to just pick up on your commentary about '23. We've got this question a bunch this morning about dollar earnings growth next year. So I just want to clarify, in your comments on those 3 objectives, does that apply to next year kind of based on where you sit now? And then maybe if you can just talk about some of the trade-offs with regards to delivering on dollar earnings growth given all of the dynamics that are going on in the marketplace.

所以我想，約翰，我想听聽你對 23 年的評論。今天早上我們有很多關於明年美元收益增長的問題。所以我只想澄清一下，在你對這三個目標的評論中，這是否適用於明年，取決於你現在所處的位置？然後也許你可以談談考慮到市場上正在發生的所有動態，在實現美元收益增長方面的一些權衡。

Thanks, Bryan. Yes, those comments were very much related to next year. We do see a path to generating U.S. dollar EPS growth next year. Clearly, there's a lot of variables in the equation. And if anything, there's even more variability with some of those variables. We've talked a lot about our strategy is to lead a sustainable equation from the top line. We continue to have confidence in the momentum that our business has and to continue that momentum. The cost outlook does remain more elevated than we are used to. But we've got a higher revenue, higher cost algorithm that we're looking to manage going into next year.

謝謝，布萊恩。是的，這些評論與明年非常相關。我們確實看到了明年產生美元每股收益增長的途徑。顯然，等式中有很多變量。如果有的話，其中一些變量的可變性甚至更大。我們已經談了很多關於我們的戰略是從頂線領導一個可持續發展的方程式。我們繼續對我們業務的發展勢頭充滿信心，並將繼續保持這種勢頭。成本前景確實比我們習慣的要高。但是我們有一個更高的收入，更高的成本算法，我們希望在明年管理它。

I think the work we've done over the last couple of years to build flexibility, to be able to adapt quicker than perhaps we have done historically to changes in the markets around us, is something that we take on board and will continue to drive. And with that, we've given the guidance or the considerations for next year. And we're very focused on finishing the year strong, starting fast and being able to deliver on those 3 objectives.

我認為我們在過去幾年中為建立靈活性所做的工作，以便能夠比以往更快地適應我們周圍市場的變化，這是我們接受並將繼續推動的事情.有了這個，我們已經給出了明年的指導或考慮。我們非常專注於強勢結束這一年，快速開始並能夠實現這三個目標。

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 obviously, another set of strong top line results in the quarter. You also mentioned the underlying top line momentum in the release when thinking about 2023. So just wanted to get a bit of an update, given the external environment, there's obviously a lot of concerns around weaker consumer spending and some of the pressure points out there. Do you guys see anything towards the end of the quarter or so far in October that would give you any cause for concern? And as you think about these much higher than typical levels of pricing, are you seeing any sort of changes in consumer volume demand elasticity, that pricing, as you look around the world here? That would be helpful.

很明顯，本季度又出現了另一組強勁的收入。在考慮 2023 年時，您還提到了發布中潛在的頂線勢頭。所以只是想獲得一些更新，鑑於外部環境，顯然有很多關於消費者支出疲軟的擔憂和一些壓力點.你們有沒有看到本季度末或 10 月到目前為止有什麼讓你們擔心的事情？當您考慮這些遠高於典型定價水平時，您是否看到消費者數量需求彈性的任何變化，即定價，當您環顧世界時？那會很有幫助。

Yes. Thanks, Dara. The short answer is yes, we're seeing some changes in consumer behavior. I mean, overall, in the third quarter, consumer remained pretty resilient and elasticities were at the better end of the spectrum. Clearly, there are some changes in consumer behavior going on. We talked last quarter about how we have typically experienced recessions.

是的。謝謝，達拉。簡短的回答是肯定的，我們看到消費者行為發生了一些變化。我的意思是，總體而言，在第三季度，消費者仍然相當有彈性，彈性處於較好的一端。顯然，消費者行為正在發生一些變化。我們在上個季度談到了我們通常如何經歷經濟衰退。

In other words, there tends to be a sequence, which is that the consumers back off on some more discretionary, higher-ticket items white goods types of things. And then as they -- as the pressure comes on purchasing power, they start to reevaluate the total basket. They tend to squeeze down the basket size per trip and they look in some categories where the equity isn't as strong to perhaps trade down to some private label or smaller packages.

換句話說，往往有一個順序，即消費者放棄一些更隨意、更高價的白色家電類型的東西。然後，隨著購買力的壓力，他們開始重新評估整個籃子。他們傾向於縮小每次旅行的購物籃大小，並且他們會關註一些資產不那麼強勁的類別，可能會降價到一些自有品牌或更小的包裹。

And you can clearly see that happening -- beginning to happen in a number of places. It would seem to us that Europe is probably the most obvious example, where in the at-home channel, you can see some growth in private label across a number of categories. In beverages, you could see it tick up a little in water and juices. You can certainly see the growth of the hard discounters, some channel shifting in Europe. That's very consistent with purchasing power squeeze behavior, some signs of that too in the U.S. with the dollar channels.

你可以清楚地看到這種情況正在發生——開始在許多地方發生。在我們看來，歐洲可能是最明顯的例子，在家庭渠道中，您可以看到許多類別的自有品牌有所增長。在飲料中，你可以看到它在水和果汁中略有增加。你當然可以看到硬折扣店的增長，歐洲的一些渠道正在轉移。這與購買力擠壓行為非常一致，在美國也有一些跡象表明美元渠道也是如此。

So there's clearly the impact of inflation running ahead of wages is starting to come through now that the summer is over and back to school has happened. Our focus and our confidence in our year-to-go and going into next year is about the momentum we've created in our business over the years and our ability to not just to continue with marketing and innovation, but to leverage all the thinking behind revenue growth management and the price pack promo architectures to maximize affordability, and therefore, accessibility of our categories for those consumers that are under pressure.

因此，很明顯，隨著夏天結束並開始返校，通脹領先於工資的影響開始顯現。我們的重點和我們對未來一年和明年的信心是關於我們多年來在業務中創造的動力以及我們不僅要繼續營銷和創新，還要利用所有思維的能力在收入增長管理和價格包促銷架構的背後，以最大限度地提高可承受性，從而為那些承受壓力的消費者提供我們的類別的可及性。

And, of course, backed by excellence in execution and generating the value for retailers by our system that will help us get through what is likely, in all likelihood, going to be a tighter situation for the next 6 to 12 months. And if I just come back and close the circle by using the European example, where consumers are under pressure, in the third quarter, the Coke system was the biggest creator of additional retail value for at-home retailers well ahead of the rest of CPG.

當然，我們的系統以卓越的執行力和為零售商創造價值為後盾，這將幫助我們度過未來 6 到 12 個月可能會變得更加嚴峻的局面。如果我回過頭來用消費者面臨壓力的歐洲例子來結束循環，在第三季度，可口可樂系統是家庭零售商額外零售價值的最大創造者，遠遠領先於其他 CPG .

But we believe we have a strategy that's given us momentum. It will see us through the year to go. It will see us into 2023. It may, as John said, end up with above algorithm pricing and some pressure on volume, but we believe our top line can go forward.

但我們相信我們有一個給我們動力的戰略。它將見證我們度過接下來的一年。它將看到我們到 2023 年。正如約翰所說，它可能最終會出現上述算法定價和一些銷量壓力，但我們相信我們的收入可以向前發展。

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。

You'd mentioned the ability for the company to adapt more quickly than in the past. And I was intrigued by the example you gave of the value packs in North America that you've started to roll out.

你提到了公司比過去更快地適應的能力。我對你在北美推出的超值包的例子很感興趣。

So I was curious if you could tell us a bit more about kind of how broad-based those are, the degree to which that's something that's being explored for other markets? And James, you just mentioned some of the pressures in Western Europe, but anything you can share on the kind of leveraging experience and learning across the global system in terms of how to manage through in different RGM type practices?

所以我很好奇你能不能告訴我們更多關於它們的基礎有多廣泛，在多大程度上是其他市場正在探索的東西？詹姆斯，您剛剛提到了西歐的一些壓力，但是您可以分享關於如何在不同的 RGM 類型實踐中進行管理的全球系統中利用經驗和學習的任何東西嗎？

Yes, absolutely. I mean value packs or ensuring affordability for the consumer is 1 of the core pieces of RGM. It's about extending the price ladder and, in recessionary times, about making sure the entry price point, whether it would be on the larger packs or on the smaller packs becomes as low down in the price spectrum, the actual out-of-pocket as possible. As I talked about in the last answer, one of the recession behavior tends to be to try and reduce the dollar outlay of the basket, and therefore, the price point becomes even more important than the price per liter.

是的，一點沒錯。我的意思是價值包裝或確保消費者負擔得起是 RGM 的核心部分之一。這是關於擴大價格階梯，並且在經濟衰退時期，關於確保入門價格點，無論是大包裝還是小包裝，在價格範圍內變得盡可能低，實際自付費用可能的。正如我在上一個答案中所說，衰退行為之一往往是試圖減少一籃子的美元支出，因此，價格點變得比每升價格更重要。

And so around the world, that's absolutely what we're pursuing, whether it's in the U.S., having smaller bottles or smaller multipacks of less cans per multipack or the example I used in Japan, where we took the 500 mL and split it into 350 and 700. Of course, around the world in a number of countries, we leverage our capabilities with returnable bottles, given the economics of returnables particularly in the developing markets. That is a way of generating a lower price point because, of course, in effect, you don't pay for the packaging because it comes back again. And so those returnable bottles that we refill are a way of bringing the price points down and keeping the consumer in the category.

所以在世界各地，這絕對是我們所追求的，無論是在美國，有更小的瓶子或更小的合裝，每個合裝的罐子更少，或者我在日本使用的例子，我們把 500 毫升分成 350和 700. 當然，考慮到可回收產品的經濟性，特別是在發展中市場，我們利用可回收瓶子的能力在世界各地的許多國家/地區發揮作用。這是一種產生較低價格點的方式，因為當然，實際上，您無需為包裝付費，因為它又回來了。因此，我們補充的那些可回收瓶子是降低價格點並使消費者保持在該類別中的一種方式。

And so that's -- it's a well-developed skill around the world. The bottlers share a lot of learnings between themselves on how to think about the technology of RGM, and that allows us to leverage it to its maximum, particularly in times like these.

這就是——這是一項在世界範圍內發展良好的技能。裝瓶商之間分享了很多關於如何思考 RGM 技術的知識，這使我們能夠最大限度地利用它，尤其是在這樣的時代。

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。

I guess just to drill a little bit further into the path to dollar-based EPS growth next year. Clearly, as we stand here today, there are a number of headwinds to overcome, and you've outlined and quantified some of them between FX and interest expense, underlying inflation, higher year-over-year tax rate next year.

我想只是為了進一步研究明年以美元為基礎的每股收益增長的道路。顯然，正如我們今天站在這裡，有許多不利因素需要克服，您已經概述並量化了其中一些因素，包括外彙和利息費用、潛在通脹、明年較高的同比稅率。

I guess what I'm left trying to unravel is how dependent is the path to dollar-based EPS growth next year on this continued top line momentum that you've been -- that you've emphasized today versus are there other levers that you can look to, whether that's paring back a bit on marketing investments and the innovation agenda investments or just doubling down on productivity? I guess the question I'm asking is, underneath -- from an underlying perspective, is it -- are we to be -- are we -- how dependent are we on that top of momentum continuing versus there being other levers that the company can look to?

我想我想弄清楚的是，明年以美元為基礎的每股收益增長的路徑在多大程度上依賴於你一直以來的這種持續的頂線勢頭——你今天強調的與你是否有其他槓桿可以看看，這是否會減少營銷投資和創新議程投資，或者只是將生產力提高一倍？我想我要問的問題是，在下面——從一個潛在的角度來看，我們是不是——我們是——我們是如何依賴於這種勢頭持續的頂部，而不是公司的其他槓桿能看到嗎？

The simple answer, Steve, is we're very dependent on top line momentum, in the sense that we are going to continue, we believe, barring something very unforeseen or -- at this stage, we believe we're going to continue to invest for the long-term health of the business. And that's going to drive top line growth, as it has. I mean if I -- just for the sake of the argument, if you take the 5-year CAGR of revenue through all the ups and downs of COVID and everything, in round numbers, it's trending at 6% compound for the last 5 years.

史蒂夫，簡單的答案是我們非常依賴頂線動力，從某種意義上說，我們將繼續，我們相信，除非發生非常不可預見的事情，或者 - 在這個階段，我們相信我們將繼續為企業的長期健康投資。這將推動收入增長，就像它一樣。我的意思是，如果我——只是為了爭論，如果你將 5 年的收入複合年增長率通過 COVID 的所有起伏和一切，以整數計算，它在過去 5 年中的複合增長率為 6% .

So preserving and sustaining top line momentum is actually the key starting point. And of course, if there are parts of the world where circumstances do not merit continued high levels of marketing investment and there's reasons to pare back, then as John mentioned earlier, we absolutely will lean on our increased degree of agility and adaptability to make those adjustments in the moment and similarly, with any SG&A. But the predominant drivers, again, is going to be the top line.

因此，保持和維持頂線勢頭實際上是關鍵的起點。當然，如果世界上某些地區的情況不值得持續進行高水平的營銷投資並且有理由削減，那麼正如約翰之前提到的，我們絕對會依靠我們提高的敏捷性和適應性來實現這些即時調整，同樣，任何 SG&A。但是，主要的驅動因素將再次成為頂線。

We will manage the other elements of the P&L based on the local markets. I don't think it's our expectation that this is going to be like the second quarter of 2020, where everything stops everywhere at the same time. If there are to be pressures, it's likely that they are spread out over time. So the predominant modus operandi will be leaning to growth, invest in top line growth. And then yes, we expect, at times, different markets to kind of have to, yes, optimize the marketing. But on an overall basis, it's top line momentum driven.

我們將根據當地市場管理損益表的其他要素。我不認為我們期望這會像 2020 年第二季度那樣，一切都在同一時間停止。如果有壓力，它們很可能會隨著時間的推移而分散。因此，主要的運作方式將傾向於增長，投資於營收增長。然後是的，我們有時期望不同的市場必須，是的，優化營銷。但總體而言，它是由頂線動力驅動的。

Our next question comes from Nik Modi from RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的 Nik Modi。

So James, I was wondering if you could just comment. I saw some of the organizational priorities that came out of the U.S. bottler meeting recently, and I was hoping, just linked to this top line momentum comment, if you can provide some context on other markets in terms of organizational priorities, whether it be some of your larger markets like in Japan or in Western Europe or Latin America. Maybe you can just share some thoughts on how you're thinking about some of your key initiatives in those regions.

所以詹姆斯，我想知道你是否可以發表評論。我最近看到了美國裝瓶商會議上的一些組織優先事項，我希望，如果你能在組織優先事項方面提供其他市場的一些背景信息，我希望只是與這個頂線勢頭評論相關聯，無論是一些在日本、西歐或拉丁美洲等更大的市場。也許您可以分享一些關於您如何考慮在這些地區的一些關鍵舉措的想法。

Sure. I mean let's start with Japan. Clearly, in Japan, we're very focused on the marketing and innovation. It tends to be a market that's very driven by engagement with the consumer. Also, importantly in Japan, after perhaps multiple decades of not taking price, we have taken price on large packs in Japan in the third quarter. Actually, in the fourth quarter, we've been taking pricing on immediate consumption packaging in Japan. So I think we're going to see an opportunity to lean a little more on the RGM lever in Japan as we continue to engage with the consumer there.

當然。我的意思是讓我們從日本開始。顯然，在日本，我們非常注重營銷和創新。它往往是一個非常受消費者參與驅動的市場。此外，重要的是在日本，在可能幾十年不定價之後，我們在第三季度對日本的大包裝定價。實際上，在第四季度，我們一直在為日本的即時消費包裝定價。因此，我認為隨著我們繼續與日本的消費者互動，我們將看到更多依靠日本 RGM 槓桿的機會。

In Western Europe, clearly, the basic strategy of investing in marketing, investing in innovation, leveraging RGM and driving in-store execution and value for retailers has been working in Western Europe. As we go into the winter and going into next year, that's still going to be the push we make. The bottlers have got great momentum in execution. Of course, Europe is where there's more of the developed world inflation. Think commodities plus the devaluation of the euro, so that's feeding through. And so we're likely to have to lean heavier on RGM in Europe in the next 12 months, backed up by the marketing, innovation and execution.

顯然，在西歐，投資於營銷、投資於創新、利用 RGM 以及推動店內執行和零售商價值的基本戰略一直在西歐奏效。隨著我們進入冬季並進入明年，這仍然是我們的推動力。裝瓶商的執行勢頭強勁。當然，歐洲是發達國家通貨膨脹較多的地方。想想大宗商品加上歐元的貶值，這就是事實。因此，在營銷、創新和執行力的支持下，我們可能不得不在未來 12 個月內更加依賴歐洲的 RGM。

And then Latin America, a lot of work over the last number of years with the long-term relationship model. Bottlers there have good momentum. Clearly, it's one of our strongest regions. We lost a little share in the beginning of the year. They're very focused on getting that back, obviously, starting from a high bar. And I think perhaps, overall, it would be worth commenting that, obviously, in COVID, we took a number of what were difficult decisions at the time, slimming down the portfolio, changing the marketing model, changing the organizational model for the company. We've got that done and stood up.

然後是拉丁美洲，過去幾年在長期關係模型方面做了大量工作。那裡的裝瓶商勢頭良好。顯然，這是我們最強大的地區之一。我們在年初失去了一點份額。顯然，他們非常專注於從高標准開始。我認為，總的來說，值得一提的是，顯然，在 COVID 中，我們做出了許多當時艱難的決定，精簡了產品組合，改變了營銷模式，改變了公司的組織模式。我們已經完成並站了起來。

And I think now we're reaping the benefits of both being able to drive growth with a more agile organization ourselves, combined with really strong and aligned bottling partners. We've driven growth this year, and we're well set up for next year. I mean just to cap it all, we had a global system top to top with a number of the bottlers a few weeks ago, and I think everyone is ready and energized for what's ahead.

而且我認為現在我們正在受益於我們自己能夠通過一個更敏捷的組織來推動增長，再加上真正強大和一致的裝瓶合作夥伴。今年我們推動了增長，我們為明年做好了準備。我的意思是說完這一切，幾週前我們有一個從頭到尾的全球系統，其中有一些裝瓶商，我認為每個人都已準備好並為未來的事情充滿活力。

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。

Can you talk a bit about fixed versus floating debt and how that might impact both your cash balance and your interest expense in the coming year?

您能否談談固定債務與浮動債務，以及這將如何影響您來年的現金餘額和利息支出？

Sure, Kaumil, thanks for the question. Yes, as you know, we manage our funding through -- with an eye towards liquidity risk and with a multiyear lens, and have done that for many years. We've -- through COVID, I think we've talked about we've pushed our -- age of our debt out a number of years. And we do have a mix of fixed and floating.

當然，考米爾，謝謝你的問題。是的，如您所知，我們通過關注流動性風險和多年視角來管理我們的資金，並且多年來一直這樣做。我們已經 - 通過 COVID，我認為我們已經談到我們已經將我們的債務年齡推遲了數年。我們確實混合了固定和浮動。

Most of the floating is in euro, and so we will wait and see what the ECB does over the coming months to have a clearer picture on the impact for 2023. But I think it's an area that we'll provide more detail on in February, subject to the development by the Fed here and by ECB over the coming months.

大部分浮動是歐元，因此我們將拭目以待，看看歐洲央行在未來幾個月會做什麼，以便更清楚地了解 2023 年的影響。但我認為我們將在 2 月份提供更多細節，取決於美聯儲和歐洲央行在未來幾個月的發展情況。

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 have a question on your commodity inflation. John, you touched on this, but hoping you could help frame the commodity inflation expectation next year. You mentioned another year of expected growth, but is it realistic to expect this growth might be more modest versus this year, possibly in the mid-single-digit range, given some of your commodities peaking as well as hedges you have in place?

我對你們的商品通脹有疑問。約翰，你談到了這一點，但希望你能幫助制定明年的商品通脹預期。您提到了另一年的預期增長，但是考慮到您的一些商品達到頂峰以及您已經實施了對沖，預計這種增長可能比今年更加溫和，可能在中個位數範圍內，這是否現實？

And then I guess I'm asking in the context of the pricing environment and whether you think it's likely that ongoing price increases maybe won't need to be as aggressive and we might actually see a step-up in promotional spend to ensure price points for consumers are affordable. And then if so, is it realistic to expect a better balance between price/mix and volume growth next year?

然後我想我是在定價環境的背景下詢問您是否認為持續的價格上漲可能不需要那麼激進，我們實際上可能會看到促銷支出的增加以確保價格點對於消費者來說是負擔得起的。如果是這樣，那麼期望明年在價格/組合和銷量增長之間取得更好的平衡是否現實？

A lot of questions, Bonnie. Let me start with the commodity point and our outlook for the year ahead. As I said at the -- I think in answer to the first question, there are a lot of variables in that equation. And indeed, the variability with some of them is maybe even broader. When I think about the cost environment, not just the commodity environment, I think about both our commodities, the commodity pressures that we have within our business and the non-commodity pressures that we have.

很多問題，邦妮。讓我從商品點和我們對未來一年的展望開始。正如我在 - 我認為在回答第一個問題時所說，該等式中有很多變量。事實上，其中一些的可變性可能更廣泛。當我考慮成本環境時，而不僅僅是商品環境，我會考慮我們的商品、我們業務中的商品壓力以及我們所面臨的非商品壓力。

And so as we look at '23 on the commodity front, we are rolling off some very favorable hedges that we were fortunate to have this year. And it's still -- in our mind, it's still unclear as to how commodities will trend over the next 6 to 12 months. So we'll have more visibility on that when we get to the call in February.

因此，當我們在大宗商品方面查看 23 年時，我們正在推出一些今年有幸擁有的非常有利的對沖。而且，在我們看來，未來 6 到 12 個月大宗商品的走勢仍不清楚。因此，當我們在 2 月份召開電話會議時，我們將對此有更多的了解。

With regard to the non-commodity items, just within that, you've got a bucket of different topics: freight, logistics, the transportation in our finished goods models and the overall wage environment. And we have to take into account that the wage environment is not the same everywhere, and indirect impacts on supply chain pressures. As we think about the supply chain, it's important to not just have efficiency as a metric, we also need to make sure that we have continuity, we have, for the short and longer term, and we're able to manage -- many of the pressures that I think we've talked about on previous calls, manage those effectively.

關於非商品項目，就在其中，您有很多不同的主題：貨運、物流、我們成品模型中的運輸和整體工資環境。而且我們必須考慮到各地的工資環境不一樣，以及對供應鏈壓力的間接影響。當我們考慮供應鏈時，重要的不僅僅是將效率作為衡量標準，我們還需要確保我們在短期和長期內具有連續性，並且我們能夠管理 - 許多在我認為我們在之前的電話會議中談到的壓力中，有效地管理這些壓力。

So there's a lot going on inside of the cost of goods line. And hence, I think it's better for us to just provide you with how we're seeing it overall, and we'll come back in February with more specifics.

因此，商品成本線內部發生了很多事情。因此，我認為我們最好只向您提供我們對它的整體看法，我們將在二月份回來提供更多細節。

And to your second question on ongoing price increases, I think it links back to some of James' comments earlier. The name of the game is to optimize our revenue equation over the next 12 to 18 months. That's going to be a combination of smart pricing, understanding the mix, both from a channel and package perspective, and being able to utilize the many levers that we have inside of the RGM toolkits that our bottlers have.

關於你關於持續價格上漲的第二個問題，我認為這與詹姆斯早些時候的一些評論有關。遊戲的名稱是在未來 12 到 18 個月內優化我們的收入等式。這將是智能定價、從渠道和包裝的角度了解組合以及能夠利用我們在裝瓶商擁有的 RGM 工具包中的許多槓桿的組合。

So again, I think at this stage, it's still early to say what the exact numbers will be for each of those topics. But I think the broader point is that the top line momentum that we have, we've enjoyed year-to- date, and we see continuing to hold through the rest of the year, is something that we expect to be able to generate into 2023.

再說一次，我認為在這個階段，現在說每個主題的確切數字還為時過早。但我認為更廣泛的觀點是，我們擁有的頂線勢頭，我們今年迄今一直享有，並且我們看到在今年剩餘時間裡繼續保持，是我們期望能夠產生的東西2023 年。

Our next question comes from Chris Carey from Wells Fargo.

我們的下一個問題來自富國銀行的 Chris Carey。

So just following up on that. I think it's pretty well established price/mix versus volume algorithm will probably be more skewed to price/mix next year again. This could be for James or John, but is it fair to assume that the rate of pricing is likely to be a bigger percentage of the price/mix equation going forward as we lap the recovery and the away-from-home channel and some other channel mix dynamics?

所以只是跟進。我認為這是相當成熟的價格/組合與數量算法，明年可能會再次偏向於價格/組合。這可能適用於詹姆斯或約翰，但可以公平地假設定價率可能在未來的價格/組合等式中佔更大的百分比，因為我們經歷了復甦和離家渠道以及其他一些渠道組合動態？

And then just connected, James, it's been harder to see the underlying rate of pricing this year relative to the price mix. Can you just remind us your philosophy for the rate of pricing to track inflation, and whether you believe your business is close to satisfying that objective today and perhaps how much room you have?

然後只是連接，詹姆斯，很難看到今年相對於價格組合的基本定價率。您能否提醒我們您跟踪通貨膨脹的定價率理念，以及您是否相信您的企業今天已接近滿足該目標，也許您還有多少空間？

Yes, Chris, I think, yes, clearly, it's likely that next year, price/mix will run ahead of volume in a similar way it has this year. I mean our long-term growth algorithm has assumed a relative balance between price and mix. Clearly, at the moment, we're in a period where there's more price/mix than there is volume, and that seems that seems likely to continue into next year.

是的，克里斯，我認為，是的，很明顯，明年，價格/組合可能會以與今年類似的方式領先於銷量。我的意思是我們的長期增長算法在價格和組合之間假設了一個相對平衡。顯然，目前，我們正處於價格/組合多於數量的時期，而且這種情況似乎可能會持續到明年。

It is also true that, this year, there has been some benefit from the channel mix on the reopening. The reopening benefit that was obviously a reopening cost in the previous year in price/mix is now largely done. And so that kind of tailwind won't be there last -- next year.

誠然，今年，重新開放的渠道組合帶來了一些好處。上一年在價格/組合上顯然是重新開放成本的重新開放收益現在已基本完成。所以這種順風不會持續存在——明年。

Are all the channels away from home completely reopened? No. But the remaining kind of sliver is either a function of closed outlets or something that's going to take a while to come back. And of course, some of the mobility restrictions in places like China, which I think also won't snap back certainly in the first half of next year.

是否所有的離家頻道都已完全重新開放？不，但剩下的那種條子要么是關閉的出口的功能，要么是需要一段時間才能恢復的東西。當然，像中國這樣的地方的一些流動性限制，我認為這些限制也不會在明年上半年恢復。

So the away-from-home component of price/mix won't be the tailwind next year. And so in that sense, yes, we'll be very much back to it's all about what's the rate and what's the benefit from all the RGM strategies, whether to drive affordability or to offer premium categories or package sizes, and that's what will be the primary driver going into next year.

因此，價格/組合的遠離家鄉的部分不會成為明年的順風。因此，從這個意義上說，是的，我們將非常關注所有 RGM 策略的費率和好處，無論是提高可負擔性還是提供優質類別或包裝尺寸，這就是將要發生的事情進入明年的主要驅動力。

The next question comes from Andrea Teixeira from JPMorgan Chase.

下一個問題來自摩根大通的 Andrea Teixeira。

I wanted to go back to John's comment on growing EPS in dollar terms next year. And along with that, James, you mentioned that you're looking at pricing above algorithm, which makes sense. But given the volume loss, I was just hoping if you can comment, in general, as we stand right now, that operating income would probably grow faster than EPS in order to absorb some of the unfavorable hedges and any issues in the financial expenses. Is that the way we should be thinking of next year, to a more muted EPS growth? Or you still think you can grow above low single next year in EPS?

我想回到約翰關於明年以美元計算每股收益增長的評論。與此同時，詹姆斯，你提到你正在考慮高於算法的定價，這是有道理的。但考慮到銷量損失，我只是希望你能評論一下，總的來說，就像我們現在的立場一樣，營業收入可能會比每股收益增長得更快，以吸收一些不利的對沖和財務費用中的任何問題。這是我們明年應該考慮的方式，以實現更溫和的每股收益增長嗎？或者你仍然認為你明年的每股收益可以增長到高於低單？

So, Andrea, thanks. I'll take that. As we said on the earlier, I think it's too early to get into those specifics for next year. I think the way to think about the year ahead is I think it's going to be another year out of our typical algorithm. We continue to build greater visibility around what to expect in the -- particularly in the first half of the year when we'll be looking for that fast start. What each line item of the income statement looks like is -- it's just too early. We'll come back in February with that detail.

所以，安德里亞，謝謝。我會接受的。正如我們之前所說，我認為現在討論明年的這些細節還為時過早。我認為思考未來一年的方式是我認為這將是我們典型算法的另一年。我們將繼續圍繞未來的預期建立更大的知名度——尤其是在今年上半年，我們將尋求快速啟動。損益表的每個項目看起來是這樣的——現在還為時過早。我們將在二月份帶著這個細節回來。

I think the key takeaway is that as we sit here, we do see a path to generating U.S. dollar EPS growth in 2023. As I said earlier, there's many variables to bring that path to fruition. And we know that the top-line driven, smart investments and effective management of our cost structure, those 3 is what we'll deliver. And below the operating income line, as I said, there's a lot that still needs to play out in the next few months to give you a clearer picture on what to expect. And we'll come back in February with that detail.

我認為關鍵的收穫是，當我們坐在這裡時，我們確實看到了在 2023 年實現美元每股收益增長的途徑。正如我之前所說，要實現這條道路有很多變數。我們知道，頂線驅動、明智的投資和對我們成本結構的有效管理，這三個是我們將提供的。正如我所說，在營業收入線以下，在接下來的幾個月裡還有很多事情需要發揮，才能讓你更清楚地了解預期。我們將在二月份帶著這個細節回來。

Our next question comes from Carlos Laboy from HSBC.

我們的下一個問題來自匯豐銀行的 Carlos Laboy。

Yes. Some of the benefits of the new Latin American LTRM are obvious, like faster revenue growth, higher ROIC for the bottlers for the system, really, clarity of profit splits. But can you expand on some of the less obvious but important benefits that are important to you, James?

是的。新的拉丁美洲 LTRM 的一些好處是顯而易見的，例如更快的收入增長、更高的系統裝瓶商投資回報率，以及利潤分配的明確性。但是，詹姆斯，你能擴展一些對你很重要的不太明顯但很重要的好處嗎？

Sure. Thanks, Carlos. I mean, clearly, this is a feature of particularly the Latin American system. We're using similar models in conversations around the world. They're built on many years of working together collaboratively in Latin America.

當然。謝謝，卡洛斯。我的意思是，很明顯，這是拉丁美洲體系的一個特點。我們在世界各地的對話中使用類似的模型。他們建立在在拉丁美洲多年合作的基礎上。

And then other than some of the features that you mentioned, I think what's really kind of less visible perhaps is its ability to speed up the rate at which actions or decisions and actions are taken by the system. And so it has provided a stimulus to really focusing in on getting to grips with some of the nausea problems and to moving with speed and simplifying the decision-making progress in a whole series of areas, particularly those that have been kind of slower historically.

然後，除了您提到的一些功能之外，我認為真正不太明顯的可能是它能夠加快系統採取行動或決策和行動的速度。因此，它提供了一種刺激，讓人們真正專注於解決一些噁心問題，加快步伐，簡化一系列領域的決策進程，尤其是那些歷史上進展緩慢的領域。

Some of the stills business models come to mind, particularly as it relates to Latin America. And that will ultimately feed through to, as I said, speed of decision-making, which then leads to better marketplace actions, whether that be marketing, innovation, RGM or execution. And I think the system in Latin America is very energized and building on their historic great position and set for further momentum going forward.

一些靜態商業模式浮現在腦海中，尤其是與拉丁美洲有關的商業模式。正如我所說，這最終將影響決策速度，進而帶來更好的市場行動，無論是營銷、創新、RGM 還是執行。而且我認為拉丁美洲的體系充滿活力，並建立在其歷史性的偉大地位之上，並為進一步發展奠定了基礎。

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。

Terrific results. I was wondering, James, if you could drill down a little bit more on what's going on in emerging markets and the emerging market consumer. We were a little surprised by the results of China looking to be maybe a little bit more, do a little better than we had modeled given the lockdowns. Some of the other emerging markets, a little bit weaker than we would have thought.

了不起的結果。詹姆斯，我想知道你是否可以更深入地了解新興市場和新興市場消費者的情況。我們對中國的結果感到有些驚訝，它看起來可能比我們在封鎖期間的模型做得更好一點，做得更好一點。其他一些新興市場，比我們想像的要弱一些。

So I guess the question is, are -- is local competition a problem? Is it demand? Is it too much pricing? And obviously, it depends market by market. But if you could give us some sense of what is going on in the major emerging markets, that would be helpful.

所以我想問題是，本地競爭是一個問題嗎？是需求嗎？是不是定價過高？顯然，這取決於市場。但是，如果您能讓我們了解主要新興市場的情況，那將很有幫助。

Sure. I'm not sure which ones you're putting in the bucket of weaker, but let me do a little walk around some of the emerging markets. We had good results we feel in China for the quarter. I mean we had good growth overall for China, notwithstanding some of the mobility restrictions that came in the whole raft of cities. So China remains a good long-term opportunity. We have a good business there, good bottling partners, and there was some resilience to the business in the quarter.

當然。我不確定您將哪些放在較弱的桶中，但讓我在一些新興市場上走走看看。本季度我們在中國取得了不錯的成績。我的意思是，儘管整個城市都存在一些流動性限制，但我們在中國的整體增長勢頭良好。因此，中國仍然是一個很好的長期機會。我們在那裡有良好的業務，良好的裝瓶合作夥伴，並且該季度的業務具有一定的彈性。

Just keeping with the Asian scene, India had a knockout quarter. Clearly, they're having a very strong run this year. Lots of growth in India, really powering forward. Very pleased with that. Looking, of course, to extend that into the future. Probably won't be a straight line, but certainly looking to continue to invest strongly in India. The rest of ASEAN, there were some pluses and minuses, but generally positive.

與亞洲賽場保持一致，印度有一個淘汰賽四分之一。顯然，他們今年的表現非常強勁。印度有很多增長，真的很有動力。對此非常滿意。當然，希望將其擴展到未來。可能不會是一條直線，但肯定希望繼續在印度大力投資。東盟其他國家有一些優點和缺點，但總體上是積極的。

If I switch to Africa, Africa, you've heard me talk in the past that it's always a rollercoaster. There was a little bit of rollercoaster in the quarter. But overall, we had good growth in those markets we were focused on. There was growth that was ultimately pretty broad-based, whether that was South Africa or elsewhere.

如果我切換到非洲，非洲，你聽過我過去說它總是過山車。本季度有一點過山車。但總體而言，我們在我們關注的那些市場取得了良好的增長。無論是在南非還是其他地方，最終的增長都非常廣泛。

It would be worth noting that this quarter, remember, we made a switch in our franchise partner in a number of territories across Africa. So we brought to a close our relationship with BGI, the Castel Group, in a whole raft of African markets. And some of them, we had partners ready to go, and some of them, we're still working on it. So there is a transition loss of volume in those ex-BGI territories where we ceased that partnership. And so that weighs on the Africa number.

值得注意的是，本季度，請記住，我們在非洲多個地區的特許經營合作夥伴進行了轉換。因此，我們在整個非洲市場結束了與華大基因（Castel Group）的關係。其中一些，我們已經準備好了合作夥伴，而其中一些，我們仍在努力。因此，在我們終止合作關係的那些前華大基因地區，數量出現了過渡性損失。所以這對非洲的數量造成了影響。

And then as you keep going around the world, obviously, Latin America had a good quarter. And then I think the last one I'm really missing is a bit of Eurasia. And there, we had a pretty decent quarter. We had growth in Turkey, which is an important market to us, and a number of other -- the Central Asian markets and the Middle Eastern markets. Obviously, those ones that are -- tend to have resources or oil-exporting countries tend to have done better than the heavily oil-importing countries, so the Middle East is better than Egypt. Of course, remember that the EMEA numbers have the dropout of the Russia business.

然後，當您繼續環遊世界時，顯然，拉丁美洲有一個不錯的季度。然後我認為我真正想念的最後一個是歐亞大陸。在那裡，我們有一個相當不錯的季度。我們在土耳其（對我們來說是一個重要市場）以及其他一些市場——中亞市場和中東市場——都有增長。顯然，那些擁有資源的國家或石油出口國往往比石油進口國做得更好，因此中東比埃及好。當然，請記住，歐洲、中東和非洲地區的數字已經退出了俄羅斯業務。

Our next question comes from Charlie Higgs from Redburn.

我們的下一個問題來自 Redburn 的 Charlie Higgs。

So we're a year now into the reformulation of Coca-Cola Zero Sugar. And to cap it off, we've seen 11% volume growth and double-digit growth in developed markets. So James, I was just wondering your opinion on Coke Zero, how it's gone since the relaunch. And then also just looking into 2023, does your approach to innovations change at all as we think we're going to enter a weakening consumer environment?

所以我們現在已經進入可口可樂零糖重新配方的一年了。最重要的是，我們已經看到發達市場的銷量增長了 11% 和兩位數的增長。所以詹姆斯，我只是想知道你對零可樂的看法，自重新推出以來它是如何消失的。然後再展望 2023 年，您的創新方法是否會發生變化，因為我們認為我們將進入一個疲軟的消費環境？

Yes, sure. Look, super happy with Coke Zero Sugar. We have been investing behind it for a good number of years and have been driving double-digit Coke Zero Sugar volumes for many years in a row. And obviously, that's getting really material, including strong double-digit growth in the U.S. So very pleased with the reformulation update. Of course, we continue to bring new marketing and new innovation to Coke Zero Sugar and it's going to be a big focus of what we drive going forward.

是的，當然。看，對可樂零糖超級滿意。多年來，我們一直在投資它，並連續多年推動兩位數的零糖可樂銷量。顯然，這變得非常重要，包括美國強勁的兩位數增長。對重新制定的更新非常滿意。當然，我們將繼續為零糖可樂帶來新的營銷和新的創新，這將成為我們未來推動的重點。

On innovation as it relates to 2023, I mean, yes, there will be a kind of bias shift in the mix of the innovation for 2023. If one of the imperatives remains affordability and to kind of anchor price points at the low end of the actual dollar outlay, then clearly, package innovation takes a bigger role in that sort of environment, whether it be smaller packages, whether it be the returnable packaging. Big investments going in by the bottling system in returnable packaging to help the affordability strategy.

關於與 2023 年相關的創新，我的意思是，是的，2023 年的創新組合中將會出現一種偏見轉變。如果其中一個當務之急仍然是可負擔性並保持在低端的錨定價格點實際的美元支出，那麼很明顯，包裝創新在那種環境中扮演著更大的角色，無論是更小的包裝，還是可回收的包裝。裝瓶系統在可回收包裝方面進行了大量投資，以幫助制定可負擔性戰略。

So in a kind of purchasing power pressured year for the consumer, expect innovation to be slightly heavier on the packaging side, particularly to drive affordability. But of course, that will also have its other side of the coin which is to try and ensure there are some perhaps more premium options for those that still have plenty of disposable income. Not everyone will have exactly the same effect in this period. So likely to see continued push, for example, in the U.S. on small cans or sleek cans, so really stretching out the pricing ladder, not just putting all the bets on the affordable end.

因此，在消費者購買力壓力大的一年裡，預計包裝方面的創新會稍微重一些，尤其是在提高負擔能力方面。但是，當然，這也將有其另一面，即嘗試確保為那些仍然擁有大量可支配收入的人提供一些可能更多的優質選擇。在此期間，並非每個人都會產生完全相同的效果。很可能會繼續推動，例如，在美國對小罐頭或光滑罐頭的推動，所以真的擴大了定價階梯，而不僅僅是把所有的賭注都放在負擔得起的一端。

And we will continue with the brand and the product innovation. I don't know if you went to the NACS, there was a lot of innovation on show -- the Convenience Store Conference for the North America. There was a lot of innovation on display there, both package and product. And so we will be approaching '23 with a broad innovation agenda, but with some slight weighting to packaging to stretch on the price ladder.

我們將繼續品牌和產品創新。我不知道你是否參加過 NACS，展示了很多創新——北美便利店會議。那裡展示了很多創新，包括包裝和產品。因此，我們將帶著廣泛的創新議程接近 23 年，但在包裝上略微增加一些權重，以在價格階梯上延伸。

Our next question comes from Peter Grom from UBS.

我們的下一個問題來自瑞銀的 Peter Grom。

So I guess I wanted to circle back to '23 guidance. And I guess what I'm trying to understand is the company's long-term algorithm has largely embedded some operating leverage over time. And maybe I'm just reading too much into this, but there was just a lot of emphasis throughout the call today that next year will be a top line-driven year. And so I guess based on where things stand today, should we expect underlying growth from a top line and operating profit perspective to be more aligned versus what's embedded in a long-term algorithm? Again, I could be misinterpreting the emphasis, but if that's correct, it would imply very strong top line growth in order to deliver U.S. dollar EPS growth.

所以我想我想回到 23 年的指導。而且我想我想了解的是，隨著時間的推移，該公司的長期算法在很大程度上嵌入了一些運營槓桿。也許我只是對此讀了太多，但今天整個電話會議都強調明年將是頂線驅動的一年。所以我猜根據今天的情況，我們是否應該期望從頂線和營業利潤的角度來看潛在的增長與長期算法中嵌入的內容更加一致？同樣，我可能誤解了重點，但如果這是正確的，這將意味著非常強勁的收入增長，以實現美元每股收益的增長。

Thanks for the question. And just to -- maybe to reiterate, the difference, I think, between the long-term growth algorithm and what may be coming at us over the next year or so, I think it's going to be somewhat out of algorithm, given the various factors that we have discussed on the call and indeed have discussed throughout the year.

謝謝你的問題。只是——也許要重申一下，我認為長期增長算法與未來一年左右可能會出現的情況之間的區別，我認為它會有點超出算法，考慮到各種我們在電話會議上討論過的因素，並且確實在全年討論過。

So at this point in time, I think it is too soon to give you line-by-line guidance. But we continue to see a path to generate U.S. dollar EPS growth in 2023, and that will be -- will need to be driven from the top line. The cost pressures are there. We're very aware of them. We talked about the currency outlook. And so we still think when you put all the pieces together that we have that path. But we'll have a lot more coming at us over the next 3 to 4 months. And in February, can give you a more granular breakdown of how we expect to get there.

所以在這個時間點，我認為現在給你逐行指導還為時過早。但我們繼續看到在 2023 年實現美元每股收益增長的路徑，而這將需要從營收驅動。成本壓力是存在的。我們非常了解他們。我們談到了貨幣前景。所以我們仍然認為，當你把所有的部分放在一起時，我們就有了那條路。但在接下來的 3 到 4 個月內，我們會有更多的事情發生。並且在 2 月，可以讓您更詳細地了解我們預計如何實現這一目標。

Our last question will come from Bill Chappell from Truist Securities.

我們的最後一個問題將來自 Truist Securities 的 Bill Chappell。

Just, I guess, a question on some of the competitive response or individual markets. I mean everything you've talked about today has certainly been positive. And I guess, any of the setbacks have been kind of attributed to macro issues. Are there any areas where you're worried about where there's been a competitive response, where you need to step up, be it on a product or an individual country? Or is it really just there's just so much momentum and anything else is just macro related?

我猜只是關於一些競爭反應或個別市場的問題。我的意思是你今天所說的一切肯定都是積極的。我想，任何挫折都歸因於宏觀問題。您是否擔心在哪些領域會出現競爭反應，您需要在哪些領域加強，無論是產品還是個別國家？還是真的只是有這麼多的動力而其他任何事情都只是宏觀相關的？

It would be a particularly delusional position to say, I'm not worried about anything. That would be very weird. But clearly, we have -- it's a competitive industry. There are a lot of good competitors, big and small. So we absolutely worry what they're up to. We always take it from satisfying the consumer and the retailer point of view. We're not chasing the competitors, we're chasing the consumers and the retailers. And certainly, there, we could point to a set of things where competitors have done well, and that calls attention to us to whether we are really doing everything we can to satisfy the consumer or the retailer.

說，我什麼都不擔心，這將是一個特別妄想的立場。那會很奇怪。但很明顯，我們有 - 這是一個競爭激烈的行業。有很多優秀的競爭對手，大大小小的。所以我們絕對擔心他們在做什麼。我們總是從滿足消費者和零售商的角度出發。我們不是在追逐競爭對手，而是在追逐消費者和零售商。當然，在那裡，我們可以指出競爭對手做得很好的一系列事情，這讓我們注意到我們是否真的在盡我們所能來滿足消費者或零售商的需求。

I think one obvious example is in sports drinks advanced hydration in the U.S., where this year, our competitors are coming off having a whole series of supply chain challenges last year. And that's -- we had a great year last year, and we've had a not-so-great year this year and we're also obviously in the transition of taking over BODYARMOR. But the U.S. bottle is very energized about the BODYARMOR and POWERADE plans going forward. A lot of innovation on the brand, on the product, on the packaging setup, so we'll be back. I mean -- but it's -- what guides us is are we satisfying the consumer and the retailer.

我認為一個明顯的例子是美國的運動飲料高級水合作用，今年，我們的競爭對手在去年面臨一系列供應鏈挑戰。那就是——我們去年過得很好，今年我們也過得不太好，而且我們顯然也處於接管 BODYARMOR 的過渡階段。但美國瓶對 BODYARMOR 和 POWERADE 的未來計劃充滿活力。品牌、產品、包裝設置上都有很多創新，所以我們會回來的。我的意思是——但它是——指導我們的是我們讓消費者和零售商滿意。

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。

Thank you, operator. So just in summary, third quarter results, I think, exemplify how we're executing and winning in the marketplace. It's been driven by the work we've done as a system and the transformation we've undergone over the last few years. We are a more resilient business, and we're committed to delivering long-term value for our shareholders and stakeholders. And thank you for your interest, your investment in our company and for joining us this morning.

謝謝你，接線員。因此，總而言之，我認為第三季度的業績體現了我們如何在市場上執行和取勝。它是由我們作為一個系統所做的工作以及我們在過去幾年中所經歷的轉變所驅動的。我們是一家更具彈性的企業，我們致力於為股東和利益相關者提供長期價值。感謝您對我們公司的關注和投資以及今天早上加入我們的行列。

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。