可口可樂 (KO) 2022 Q4 法說會逐字稿

At this time, I'd like to welcome everyone to the Coca-Cola Company's Fourth Quarter and Full Year 2022 Earnings Results Conference Call. Today's call is being recorded. If you have any objections, please disconnect at this time.

此時，我想歡迎大家參加可口可樂公司 2022 年第四季度和全年收益結果電話會議。今天的通話正在錄音中。如果您有異議，請此時斷開連接。

(Operator Instructions)

（操作員說明）

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 一起來的；以及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。這些時間表協調了我們的高級管理人員在今天上午的討論中可能提到的某些非 GAAP 財務措施與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時間表，其中提供了我們的毛利率和營業利潤率分析。

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. Please limit yourself to one question. If you have more than one, please ask your most pressing first and then reenter the queue. Now let me turn the call over to James.

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，這些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。請將自己限制在一個問題上。如果您有多於一個，請先詢問您最緊迫的問題，然後再重新進入隊列。現在讓我把電話轉給詹姆斯。

Thanks, Tim, and good morning, everyone. 2022 was a strong year for us. We executed well and grew amidst a challenging macro environment. We did this in part by focusing on expanding the spear of what we can control. We delivered on our top line and bottom-line guidance, and we continue to create value by investing in our loved brands even as we faced a very dynamic backdrop.

謝謝，蒂姆，大家早上好。 2022 年對我們來說是豐收的一年。我們在充滿挑戰的宏觀環境中執行良好並成長。我們這樣做的部分原因是專注於擴大我們可以控制的範圍。我們實現了頂線和底線指導，即使我們面臨非常動態的背景，我們也會通過投資我們喜愛的品牌來繼續創造價值。

Today, I'll reflect on our fourth quarter and the year's performance and set the stage for 2023. I'll also share how we're operating differently today, which makes us confident in our ability to deliver our 2023 guidance and well equipped for a future that continues to be volatile and uncertain. John will then discuss our results and our 2023 outlook in more detail.

今天，我將回顧我們第四季度和今年的業績，並為 2023 年做好準備。我還將分享我們今天的運營方式有何不同，這使我們對我們實現 2023 年指導的能力充滿信心，並為一個繼續動盪和不確定的未來。然後，約翰將更詳細地討論我們的結果和 2023 年的展望。

During the fourth quarter, the environment remained dynamic as inflation, geopolitical tensions, pandemic-related mobility restrictions and currency volatility persisted. Despite this range of factors, consumer demand held up relatively well, and our industry remains strong.

在第四季度，由於通貨膨脹、地緣政治緊張局勢、與流行病相關的流動性限制和貨幣波動持續存在，環境仍然充滿活力。儘管有這一系列因素，但消費者需求保持相對良好，我們的行業依然強勁。

In the fourth quarter, we remain focused on our growth strategy and continued to create value for our consumers and customers. We maintained agility to navigate this challenging environment and delivered 15% organic revenue growth in the quarter with strong growth across operating segments. This was driven by pricing actions across markets and revenue growth management initiatives to retain and add consumers. While we saw robust volume growth across many markets, this was more than offset by the suspension of our business in Russia and the impact on consumption driven by varying levels of pandemic-related mobility restrictions and the surge in COVID cases in China.

第四季度，我們繼續專注於我們的增長戰略，並繼續為我們的消費者和客戶創造價值。我們保持敏捷性以應對這一充滿挑戰的環境，並在本季度實現了 15% 的有機收入增長，各運營部門均實現了強勁增長。這是由跨市場的定價行動和旨在留住和增加消費者的收入增長管理舉措推動的。雖然我們看到許多市場的銷量增長強勁，但這被我們在俄羅斯的業務暫停以及不同程度的與大流行相關的流動限制和中國 COVID 病例激增對消費的影響所抵消。

Overall, throughout 2022, we have maintained consistent volume growth relative to 2019. We've gained both volume and value share for the consolidated business for both the quarter and the year. So far, in 2023, the volume growth trends versus 2019 are in line with last year, and we are laser-focused on executing on our growth plans.

總體而言，在整個 2022 年，與 2019 年相比，我們保持了穩定的銷量增長。我們在本季度和全年的合併業務中都獲得了銷量和價值份額。到目前為止，到 2023 年，與 2019 年相比的銷量增長趨勢與去年一致，我們非常專注於執行我們的增長計劃。

Our streamlined portfolio of global and local brands and stepped-up consumer-facing investments continue to fuel the competitive edge of the Coca-Cola system to deliver value in any environment. Our network organizational structure enables this strategy. We've connected our operating units, our functions and our platform services organization for strong end-to-end coordination, which helps us identify key opportunities for meaningful long-term growth. And on top of this, we remain well aligned with our bottling partners, which further builds on our strength as a network system.

我們精簡的全球和本地品牌組合以及加強面向消費者的投資繼續推動可口可樂系統的競爭優勢，以在任何環境中創造價值。我們的網絡組織結構支持這一戰略。我們將我們的運營部門、我們的職能部門和我們的平台服務組織聯繫起來，以實現強大的端到端協調，這有助於我們確定實現有意義的長期增長的關鍵機會。除此之外，我們與裝瓶合作夥伴保持良好的合作關係，這進一步鞏固了我們作為網絡系統的實力。

As we look to 2023, many uncertainties remain in the macro economy, whether from economic policies, consumer demand, inflation, supply chain, war and geopolitics. Instead of trying to forecast and predict the many directions things could move, we are focused on delivering on our key objectives: firstly, pursuing excellence globally and winning locally through relentless consumer centricity to continue the top-line momentum; secondly, investing for the long-term health of the business and raising the bar across all elements of our strategic flywheel; thirdly, generating U.S. dollar EPS growth to deliver value for our share-owners.

展望2023年，宏觀經濟仍存在諸多不確定性，無論是經濟政策、消費需求、通脹、供應鏈、戰爭還是地緣政治。我們沒有試圖預測和預測事情可能發生的許多方向，而是專注於實現我們的關鍵目標：首先，在全球範圍內追求卓越，並通過堅持不懈地以消費者為中心在當地取勝，以繼續保持收入增長勢頭；其次，投資於業務的長期健康發展，並提高我們戰略飛輪所有要素的標準；第三，產生美元每股收益增長，為我們的股東創造價值。

We continue to build the right capabilities and strengthen the system alignment to deliver in a dynamic world, and we continue to invest to raise the bar. We are executing more efficiently and effectively on a local level while maintaining flexibility on a global level.

我們繼續建立正確的能力並加強系統協調以在動態世界中交付，我們繼續投資以提高標準。我們在地方層面上更有效地執行，同時在全球層面保持靈活性。

Throughout 2022, we saw many examples of harnessing our enhanced capabilities to win locally. Our new marketing model is working. We've linked occasions and passion points to drive engagement. We're experimenting to optimize marketing. This is driving deeper connections with consumers, reaching them in unique and new ways. We are tying our beverages to consumption occasions and engaging consumers through local experiences.

整個 2022 年，我們看到了許多利用我們增強的能力在當地取勝的例子。我們的新營銷模式正在發揮作用。我們將場合和激情點聯繫起來以推動參與。我們正在嘗試優化營銷。這正在推動與消費者建立更深層次的聯繫，以獨特的新方式接觸他們。我們將我們的飲料與消費場合聯繫起來，並通過當地體驗吸引消費者。

For example, in Vietnam, to support the reopening of away-from-home accounts, we launched the pilot of "Coke is Cooking" campaign in October. In this month-long campaign to help drive traffic back to stores, we partnered with more than 700 food shops. We created thousands of food and Coke combo deals that consumers purchased at these food shops, along with "Coke is Cooking" merchandising and digital support by our local influencers. This was the first time we used an on-ground event as a commercial asset, creating a social and digital content generator. The campaign resulted in more than 1 million combo transactions and 20% uplift for participating merchants.

例如，在越南，為支持外出賬戶的重新開放，我們於 10 月啟動了“可口可樂”活動試點。在這個為期一個月的幫助吸引客流回店的活動中，我們與 700 多家食品店合作。我們創造了數以千計的消費者在這些食品店購買的食品和可口可樂組合交易，以及“Coke is Cooking”商品銷售和我們當地影響者的數字支持。這是我們第一次將地面活動用作商業資產，創建社交和數字內容生成器。該活動產生了超過 100 萬筆組合交易，參與商戶的交易量增加了 20%。

We're leveraging passion points locally to create immersive experiences and drive consumption. For example, in Latin America, our live music strategy created memorable in-person and digital experiences, elevating consumer engagement. We partnered with Rock in Rio, one of the biggest music festivals in the world, and creating new opportunities for consumers to access content through live streams and in the Metaverse. As a result, we boosted our reach from approximately 700,000 attendees to more than 45 million consumers across the region, and our sales inside the festival increased 23% versus the last festival.

我們正在本地利用激情點來創造身臨其境的體驗並推動消費。例如，在拉丁美洲，我們的現場音樂策略創造了令人難忘的現場和數字體驗，提高了消費者的參與度。我們與世界上最大的音樂節之一里約熱內盧的 Rock 合作，並為消費者創造了通過直播和 Metaverse 訪問內容的新機會。因此，我們在該地區的消費者人數從大約 700,000 人擴大到超過 4500 萬，我們在節日期間的銷售額比上屆節日增長了 23%。

In India, the Thums Up Stump Cam was a never before-seen activation for cricket fans where consumers could scan a QR code on product label and get access to exclusive match moments of the ICC T20 Cricket World Cup through a camera installed on one of the wickets. Throughout the 45-day tournament, we use first-party data and artificial intelligence to send personalized content to consumers based on their favorite matches, and we amplified the experience through sports influencers. This campaign showed strong results with Thums Up growing volume ahead of our total sparkling portfolio in India during the activation period, contributing to strong volume growth for Thums Up for the full year. This drove about 1/4 of India's total volume growth for the year.

在印度，Thums Up Stump Cam 是板球迷前所未見的活動，消費者可以掃描產品標籤上的二維碼，並通過安裝在其中一個板球上的攝像頭訪問 ICC T20 板球世界杯的獨家比賽時刻檢票口。在為期 45 天的比賽中，我們使用第一方數據和人工智能，根據消費者最喜歡的比賽向他們發送個性化內容，並通過體育影響力擴大體驗。該活動取得了強勁的成果，在激活期間，Thums Up 的銷量增長超過了我們在印度的總起泡酒組合，為 Thums Up 全年的強勁銷量增長做出了貢獻。這推動了印度全年總銷量增長的約 1/4。

Thums Up also experienced its highest monthly market-share jump during the activation period. We are driving consumer interest and action through digital experiences using the power of partnerships across platforms. For example, in Germany, we partnered with our key online customer and created voice-based branded experiences with its voice assistant to drive engagement and grow positive brand perception. This allowed consumers to learn more about Coca-Cola products and shop on voice assistant-enabled devices using only their voice.

在激活期間，Thums Up 的月度市場份額也出現了最高躍升。我們利用跨平台合作夥伴關係的力量，通過數字體驗推動消費者的興趣和行動。例如，在德國，我們與我們的主要在線客戶合作，通過其語音助手創建基於語音的品牌體驗，以推動參與並提升積極的品牌認知度。這使消費者能夠更多地了解可口可樂產品，並僅使用他們的聲音在支持語音助手的設備上購物。

The campaign delivered strong results with a reach of 11 million impressions. Additionally, consumers that engaged with its voice-based experience had a 25% add-to-cart rate.

該活動取得了 1100 萬次展示的出色效果。此外，參與其基於語音的體驗的消費者有 25% 的加入購物車率。

And lastly, we're delivering new and unexpected innovation by leveraging Gen Z insights. In the U.S., we launched Minute Maid Aguas Frescas. The product is made with real fruit juices, is noncarbonated and comes in 3 exciting flavors. It was originally available as a limited launch in 16-ounce ready-to-drink cans. A disruptive end-to-end digital media marketing campaign created early momentum, which led us to quickly scale this experiment to our Freestyle platform and other fountain offerings. In 2022, the product had a 60% repeat rate and won the Best New Product award from Convenience Store News.

最後，我們正在利用 Z 世代的洞察力提供意想不到的新創新。在美國，我們推出了 Minute Maid Aguas Frescas。該產品由真正的果汁製成，不含碳酸，有 3 種令人興奮的口味。它最初以 16 盎司即飲罐裝的形式限量發售。顛覆性的端到端數字媒體營銷活動創造了早期勢頭，促使我們迅速將此實驗擴展到我們的 Freestyle 平台和其他噴泉產品。 2022年產品回頭率60%，獲得便利店新聞最佳新品獎。

We have been building our revenue growth management and execution capabilities for many years, and we've made good progress, as shown by our ability to offset much of the inflation we saw in 2022 and delivered strong volume and transaction growth. There is still much work to be done to maximize revenue by further segmenting our markets and consumers based on additional variables.

多年來，我們一直在建立收入增長管理和執行能力，並且取得了良好進展，這體現在我們有能力抵消 2022 年看到的大部分通貨膨脹，並實現了強勁的交易量和交易增長。要通過根據其他變量進一步細分我們的市場和消費者來最大化收入，還有很多工作要做。

We are leveraging digital and data-backed insights to better understand our consumers. This will help drive affordable propositions for basket incidence growth and recruit new drinkers. It will also lead to premiumization to drive price and mix. For example, in Europe, we grew both volume and value share for the last year. We partnered with key customers to drive growth through affordability and premiumization initiatives that tapped into the key consumption occasions of meals and breaks. This end-to-end execution resulted in higher basket incidents and buying households across all key channels in Europe.

我們正在利用數字和數據支持的洞察力來更好地了解我們的消費者。這將有助於為籃子發生率的增長推動負擔得起的提議，並招募新的飲酒者。它還將導致高端化以推動價格和組合。例如，在歐洲，我們去年的銷量和價值份額都有所增長。我們與主要客戶合作，通過利用用餐和休息等關鍵消費場合的可負擔性和高端化舉措來推動增長。這種端到端的執行導致歐洲所有主要渠道的購物籃事件和購買家庭數量增加。

Globally, this strong system execution focus generated 80 million additional shopping trips for our products and added 17 million households to our base. Through our stepped-up capabilities, we are getting better at synchronizing demand creation and demand fulfillment, driving top-tier value creation for our customers.

在全球範圍內，這種強大的系統執行重點為我們的產品帶來了 8000 萬次額外的購物行程，並為我們的基地增加了 1700 萬戶家庭。通過我們不斷提升的能力，我們在同步需求創造和需求滿足方面做得更好，從而為我們的客戶推動頂級價值創造。

We measure success by the value we create for our stakeholders and by how we are creating a better shared future for people, communities and the planet. During 2022, we made progress across these sustainability priorities. We leveraged our marketing power to drive growth of our low- and no-calorie beverages and continue to provide smaller package choices to enable consumers to manage sugar intake. Approximately 2/3 of the products in our portfolio have less than 100 calories per 12-ounce serving.

我們通過為利益相關者創造的價值以及我們如何為人類、社區和地球創造更美好的共享未來來衡量成功。 2022 年，我們在這些可持續發展優先事項上取得了進展。我們利用我們的營銷力量來推動我們的低熱量和無熱量飲料的增長，並繼續提供更小的包裝選擇，使消費者能夠控製糖的攝入量。我們產品組合中大約 2/3 的產品每 12 盎司份量的卡路里含量低於 100 卡路里。

On packaging, we've set a new industry-leading goal to have 25% of our volume globally being refillable or reusable packaging by 2030. Additionally, we are continuing to increase cooler energy efficiency and the use of HFC-free coolers to make progress on our science-based targets while creating a clear road map with our system and suppliers to achieve our carbon emissions reduction ambition.

在包裝方面，我們設定了一個行業領先的新目標，即到 2030 年，我們全球 25% 的體積是可再灌裝或可重複使用的包裝。此外，我們將繼續提高冷卻器的能源效率，並使用無 HFC 的冷卻器來取得進展在我們基於科學的目標上，同時與我們的系統和供應商制定清晰的路線圖，以實現我們的碳減排目標。

On water, as part of our 2030 Water Security Strategy, we stepped up investments in nature-based water solutions exemplified by the work we're doing with the Nature Conservancy and other partners. Globally, we are working to strengthen the links between replenishment projects and nature-based solutions.

在水資源方面，作為我們 2030 年水資源安全戰略的一部分，我們加大了對基於自然的水資源解決方案的投資，我們與大自然保護協會和其他合作夥伴的合作就是例證。在全球範圍內，我們正在努力加強補水項目與基於自然的解決方案之間的聯繫。

We further embedded sustainability into our strategy by linking Diversity, Equity, Inclusion performance measures to our executive annual incentive program and by linking water and our PET packaging measures to our executives' long-term incentive program. Overall, we continue to focus on using our leadership and scale to drive change while delivering results and building resilience.

我們通過將多元化、公平和包容性績效衡量指標與我們的高管年度激勵計劃聯繫起來，並將水和我們的 PET 包裝措施與我們高管的長期激勵計劃聯繫起來，進一步將可持續性納入我們的戰略。總的來說，我們繼續專注於利用我們的領導力和規模來推動變革，同時交付成果和建立彈性。

Finally, before I hand it over to John, I want to acknowledge that our strong results in 2022 reflect the collective efforts of our system partners and the growth mindset of our system employees. Guided by our purpose, we are investing behind our capabilities and further cultivating our growth mindset to be well positioned to create value and deliver on our objectives.

最後，在我把它交給約翰之前，我想承認我們在 2022 年的強勁業績反映了我們系統合作夥伴的集體努力和我們系統員工的成長心態。在我們的宗旨的指導下，我們正在投資於我們的能力，並進一步培養我們的成長心態，以便能夠很好地創造價值並實現我們的目標。

While we have momentum in our business, we know uncertainty remains as we turn the page to a new year. We will continue to focus on expanding the sphere of what we can control to drive growth in 2023 and beyond. We'll talk about this in more detail when we return to CAGNY in person next Tuesday and would encourage all of you to listen in.

儘管我們的業務勢頭強勁，但我們知道，在我們翻開新的一年之際，不確定性依然存在。我們將繼續專注於擴大我們可以控制的範圍，以推動 2023 年及以後的增長。我們將在下週二親自返回 CAGNY 時更詳細地討論這個問題，並鼓勵大家傾聽。

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

有了這個，我會把電話轉給約翰。

Thank you, James, and good morning, everyone. In the fourth quarter, we continued to drive strong top line-led results as we executed for growth in a dynamic operating environment. We grew organic revenues 15%. Unit cases declined 1% as broad-based growth across most markets and investments in the marketplace were more than offset by the suspension of business in Russia and the decline in China. Concentrate sales were 3 points ahead of unit cases for the quarter primarily driven by one additional day and the timing of Concentrate shipments.

謝謝你，詹姆斯，大家早上好。在第四季度，我們在充滿活力的運營環境中執行增長，繼續推動強勁的業績。我們的有機收入增長了 15%。由於大多數市場的廣泛增長和市場投資被俄羅斯業務暫停和中國業務下滑所抵消，單位案例下降了 1%。精礦銷量比本季度的單位箱高 3 個百分點，這主要是由於額外的一天和精礦出貨時間的推動。

Our price/mix growth of 12% was driven by pricing actions across operating segments along with revenue growth management initiatives and favorable channel and package mix. Comparable gross margin for the quarter was down approximately 90 basis points versus the prior year mainly driven by currency headwinds in a volatile macro backdrop and the mechanical effect of consolidating the BODYARMOR finished goods business.

我們 12% 的價格/組合增長是由跨運營部門的定價行動以及收入增長管理舉措以及有利的渠道和套餐組合推動的。本季度可比毛利率較上年同期下降約 90 個基點，這主要是受波動的宏觀背景下的貨幣逆風以及整合 BODYARMOR 製成品業務的機械影響所致。

Underlying gross margin was in line with the prior year driven by strong organic revenue growth offset by higher commodity costs. We continued to significantly accelerate our marketing investments to engage and retain existing consumers as well as, again, new consumers. Despite higher costs across the P&L, increased marketing and currency headwinds, comparable operating margin expanded 65 basis points for the quarter. This was primarily driven by underlying operating margin expansion due to robust top-line growth across operating segments.

基礎毛利率與上年持平，主要是受商品成本上漲所抵消的強勁有機收入增長的推動。我們繼續顯著加快營銷投資，以吸引和留住現有消費者以及新消費者。儘管整個損益表的成本增加，營銷和貨幣逆風增加，但本季度可比營業利潤率擴大了 65 個基點。這主要是由於各運營部門強勁的營收增長導致潛在運營利潤率擴張。

Importantly, this resulted in full year comparable operating margin be in line with the prior year despite significant currency acquisition and cost headwinds. Below the line, we were impacted by higher net interest expense, along with lower other income due to cycling higher pension income from the prior year. Therefore, fourth quarter comparable EPS of $0.45 was in line with last year despite higher-than-expected currency headwinds. This resulted in full year comparable EPS of $2.48, an increase of 7% versus the prior year driven by strong underlying business performance partially offset by 10 points of currency headwinds.

重要的是，這導致全年可比營業利潤率與上一年持平，儘管存在重大的貨幣收購和成本逆風。在線下，我們受到淨利息支出增加以及其他收入減少的影響，這是由於上一年的養老金收入循環增加所致。因此，儘管匯率逆風高於預期，但第四季度可比每股收益為 0.45 美元，與去年持平。這導致全年可比每股收益為 2.48 美元，比上年增長 7%，這主要是由於強勁的基礎業務績效被 10 個貨幣逆風部分抵消了。

For the year, we delivered free cash flow of $9.5 billion, a decline of 15% versus the prior year. Much of the decline versus our expectations occurred due to the deliberate buildup of inventory in the face of a volatile commodity environment and higher-than-anticipated tax payments. Additionally, cash flow was impacted by cycling working capital benefits from the prior year and higher incentive payments in 2022. Even with these items, our underlying cash flow generation remains strong, and we continue to make progress on our cash flow agenda. Our 3-year average free cash flow conversion ratio is above 100%, ahead of our long-term target.

這一年，我們實現了 95 億美元的自由現金流，比上一年下降了 15%。與我們的預期相比下降的大部分是由於面對動蕩的商品環境和高於預期的稅收而故意增加庫存。此外，現金流受到前一年的循環營運資本收益和 2022 年更高的激勵付款的影響。即使有這些項目，我們的潛在現金流產生仍然強勁，我們繼續在現金流議程上取得進展。我們的 3 年平均自由現金流轉換率超過 100%，高於我們的長期目標。

Our balance sheet remains strong with our net debt leverage of 1.8x EBITDA as of the end of 2022, which is below our targeted range of 2 to 2.5x. Our capital allocation priorities remain the same, and we continue to prioritize investing in the business to drive long-term growth as well as delivering dividend growth for our share-owners.

我們的資產負債表依然強勁，截至 2022 年底，我們的淨債務槓桿率為 1.8 倍 EBITDA，低於我們 2 至 2.5 倍的目標範圍。我們的資本分配優先事項保持不變，我們繼續優先投資業務以推動長期增長並為我們的股東帶來股息增長。

At the same time, we remain mindful of maintaining our financial flexibility amidst the ongoing tax dispute with the IRS and are learning from the last few years of how important it is to build resilience in all of our plans. As James mentioned, in 2023, we expect the operating environment to remain dynamic. We have the right portfolio, a very focused strategy, a flexible and adaptable structure and a system with the ability to reinvest in the business. This gives us the confidence that we will continue to deliver on our 3 key objectives: pursuing excellence globally, and winning locally; investing for the long-term health of the business; generating U.S. dollar EPS growth.

與此同時，在與美國國稅局持續的稅務糾紛中，我們仍然注意保持我們的財務靈活性，並從過去幾年中了解到在我們所有計劃中建立彈性的重要性。正如 James 提到的，到 2023 年，我們預計運營環境將保持動態。我們擁有正確的投資組合、非常專注的戰略、靈活且適應性強的結構以及能夠對業務進行再投資的系統。這使我們有信心繼續實現我們的 3 個主要目標：在全球追求卓越，在當地取勝；為企業的長期健康投資；產生美元每股收益增長。

With that in mind, this morning, we provided guidance for 2023 that builds on our strong results in 2022. We expect organic revenue growth of 7% to 8% primarily led by price/mix amidst the ongoing inflationary environment. And we expect comparable currency-neutral earnings per share growth of 7% to 9% versus 2022.

考慮到這一點，今天上午，我們在 2022 年的強勁業績的基礎上提供了 2023 年的指導。我們預計有機收入增長 7% 至 8%，主要是在持續的通貨膨脹環境下，價格/組合帶動。我們預計與 2022 年相比，可比貨幣中性每股收益將增長 7% 至 9%。

Since we provided our initial outlook on currency in October, the currency environment has improved but remains volatile. Based on current rates and our hedge positions, we anticipate an approximate 2- to 3-point currency headwind to comparable net revenues and an approximate 3- to 4-point currency headwind to comparable earnings per share for full year 2023.

自從我們在 10 月份提供了我們對貨幣的初步展望以來，貨幣環境有所改善，但仍然不穩定。根據當前匯率和我們的對沖頭寸，我們預計 2023 年全年可比淨收入將面臨約 2 至 3 個貨幣逆風，可比每股收益將面臨約 3 至 4 個貨幣逆風。

Based on current rates and hedge positions, we expect per-case commodity price inflation in the range of a mid-single-digit impact on comparable cost of goods sold in 2023. We continue to expect our underlying effective tax rate to be 19.5% for 2023. And all in, we expect comparable earnings per share growth of 4% to 5% versus $2.48 in 2022.

根據當前利率和對沖頭寸，我們預計每箱商品價格通脹將對 2023 年可比商品銷售成本產生中個位數的影響。我們繼續預計我們的基本有效稅率為 19.5% 2023 年。總而言之，我們預計可比每股收益增長 4% 至 5%，而 2022 年為 2.48 美元。

We expect to generate approximately $9.5 billion of free cash flow in 2023 through approximately $11.4 billion in cash from operations, less approximately $1.9 billion in capital investments. I would like to highlight that included in the $11.4 billion of cash from operations are 2 discrete items: transition tax payments of approximately $720 million; a scheduled increase of $335 million versus 2022; payments associated with various M&A transactions of approximately $350 million. Excluding these, our implied free cash flow conversion would be within our long-term guidance. This guidance does not include any payments related to our ongoing U.S. income tax dispute with the IRS.

我們預計到 2023 年，通過約 114 億美元的運營現金減去約 19 億美元的資本投資，將產生約 95 億美元的自由現金流。我想強調的是，在 114 億美元的運營現金中，有兩個獨立的項目：大約 7.2 億美元的過渡稅；計劃比 2022 年增加 3.35 億美元；與各種併購交易相關的付款約為 3.5 億美元。排除這些，我們隱含的自由現金流轉換將在我們的長期指導範圍內。本指南不包括與我們與美國國稅局正在進行的美國所得稅糾紛相關的任何付款。

Recently, the tax court issued an opinion on a case involving a separate company. The tax court will now apply this opinion to our case and ultimately render a final decision in our case, allowing us to move forward with the appeals process. As previously discussed, we intend to assert our claims on appeal, vigorously defend our position and believe we will ultimately prevail. Overall, we don't expect this to have a bearing on our ability to deliver on our capital allocation agenda and drive long-term business growth.

最近，稅務法院就涉及一家獨立公司的案件發表了意見。稅務法庭現在將把這一意見應用於我們的案件，並最終對我們的案件作出最終裁決，使我們能夠繼續推進上訴程序。如前所述，我們打算在上訴中堅持我們的主張，積極捍衛我們的立場，並相信我們最終會勝訴。總體而言，我們預計這不會影響我們實現資本配置議程和推動長期業務增長的能力。

There are some considerations to keep in mind for 2023. We expect price/mix to moderate through the year as we cycle our pricing initiatives from the prior year. While the inflationary environment appears to be cooling, we are still expecting to see elevated inflation across our operating costs. We have stepped up our marketing investments over the last few years, and we will continue to invest to support momentum. And given the ongoing backdrop of rising interest rates, we expect to see higher net interest expense given our effective exposure to floating rate debt.

2023 年需要牢記一些注意事項。我們預計價格/組合將在今年有所緩和，因為我們從上一年開始循環我們的定價計劃。雖然通貨膨脹環境似乎正在降溫，但我們仍然預計我們的運營成本會出現通貨膨脹。在過去的幾年裡，我們加大了營銷投資，我們將繼續投資以支持發展勢頭。鑑於利率持續上升的背景，鑑於我們對浮動利率債務的有效敞口，我們預計淨利息支出會增加。

Finally, due to our reporting calendar, there will be 1 less day in the first quarter and 1 additional day in the fourth quarter. Having delivered strong results in 2022, we are focused on driving a top line-led growth equation in many types of environments. We are well positioned to deliver on guidance for 2023, thanks to the incredible people we have around the world, the strong alignment we have with our bottling partners and the great plans we have for the coming year.

最後，由於我們的報告日曆，第一季度將減少 1 天，第四季度將增加 1 天。在 2022 年取得了強勁的業績後，我們專注於在多種類型的環境中推動以收入為主導的增長方程式。由於我們在世界各地擁有令人難以置信的員工、我們與裝瓶合作夥伴的緊密合作以及我們為來年制定的偉大計劃，我們已做好充分準備，可以實現 2023 年的指導。

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

有了這個，接線員，我們準備好接受提問了。

(Operator Instructions)

（操作員說明）

Our first question comes from Lauren Lieberman from Barclays.

我們的第一個問題來自巴克萊銀行的 Lauren Lieberman。

Great. I guess in light of John's comments just now that a top line-led growth equation, I was hoping you could talk a little bit through the outlook for '23 on top line, just kind of puts and takes, how you think about that 7% to 8% relative to the mid-teens put up in the fourth quarter and just kind of more color overall on that revenue outlook for this year would be great.

偉大的。我想根據 John 剛才的評論，即頂線主導的增長方程式，我希望你能談談頂線 23 年的前景，只是一種看跌期權，你如何看待 7 % 到 8% 相對於第四季度的十幾歲中期提出的，並且今年的收入前景總體上有更多的顏色會很棒。

Yes, sure. Firstly, as John said, we feel confident about our outlook to drive the year from the top line. Let me connect that perhaps starting to 2022. As we commented, we saw steady volume growth through the year, including the fourth quarter. I know we reported a headline number of minus 1. But if you accommodate the suspension of Russia and the COVID restrictions in China and take a 3-year CAGR of volume growth, you see a pretty constant growth momentum through the year. And we would also comment that, that growth momentum has continued into the beginning of 2023. So we see strong underlying volume momentum or ongoing volume momentum that we have been able to achieve by our focus on the marketing, the innovation, the RGM and the execution to accommodate the need for affordability and premiumization in the face of inflation.

是的，當然。首先，正如約翰所說，我們對我們的前景充滿信心，可以推動今年的收入增長。讓我把它聯繫起來，也許從 2022 年開始。正如我們評論的那樣，我們看到全年銷量穩定增長，包括第四季度。我知道我們報告的標題數字是負 1。但是如果你考慮到俄羅斯的暫停和中國的 COVID 限制，並採用 3 年的銷量複合年增長率，你會看到全年的增長勢頭相當穩定。我們還要評論說，這種增長勢頭一直持續到 2023 年初。因此，我們看到了強勁的潛在銷量勢頭或持續的銷量勢頭，這是我們通過專注於營銷、創新、RGM 和執行以適應面對通貨膨脹時對負擔能力和高端化的需求。

And as John commented, we do see both inflation moderating as we go through 2023 and, of course, our own live-pricing PMO beginning to moderate as we go through '23 in part because the input costs inflation is moderating but also because we begin to cycle some of the price increases from 2022. And what that's likely to net out as, obviously, we've given a 7% to 8% for the full year. And what we're likely to see is the beginning of the Q1, we're likely to see revenue growth more close to what -- the sort of levels we were achieving coming out of last year. And that then, logically, the organic growth rate moderates as we get towards the end of the year, looking to close out on a more normalized level of revenue growth, and then when you average that out, you get to the 7% to 8%.

正如 John 評論的那樣，我們確實看到通貨膨脹在 2023 年放緩，當然，我們自己的實時定價 PMO 在我們經歷 23 年時開始放緩，部分原因是投入成本通脹正在放緩，但也因為我們開始從 2022 年開始循環一些價格上漲。很明顯，我們已經給出了全年 7% 到 8% 的淨收益。我們可能會看到的是第一季度的開始，我們可能會看到收入增長更接近我們去年實現的那種水平。然後，從邏輯上講，隨著我們接近年底，有機增長率會放緩，希望以更正常的收入增長水平結束，然後當你將其平均時，你會達到 7% 到 8% %。

So I think we're going to see good momentum through the year, moderating revenue growth rate as a function of moderating inflation ultimately. And what will remain is a good, strong underlying momentum of our business that has been powering the last 5 years, and we are confident we'll continue to power the years ahead at the sort of level of top line relative to the long-term growth model that we have previously talked about.

因此，我認為我們將在今年看到良好的勢頭，收入增長率最終會因通脹放緩而放緩。剩下的將是過去 5 年一直推動我們業務發展的良好、強勁的潛在勢頭，我們有信心在未來幾年繼續推動相對於長期的頂線水平我們之前講過的增長模式。

I don't know if it's my line was -- okay. Just a quick -- just clarifying point on that, I apologize. So just to think about volumes and whether you want to talk about it in terms of concentrate sales or unit case volume, do you still expect growth in the second half of the year from a volume standpoint? Or do you expect not still, do you expect?

我不知道是不是我的台詞——好的。只是快速 - 只是澄清一點，我道歉。因此，僅考慮銷量，無論你想從精礦銷量還是單位箱量的角度來談，從銷量的角度來看，你是否仍預計下半年會出現增長？還是你還期待，你期待嗎？

Yes. So look, the long-term -- firstly, we had good growth last year, and we started the year with growth in unit case growth, obviously with PMO. As we look forward, what's normal on our revenue growth rate, we have called out, we expect to get a balance of the growth between unit cases and price/mix on an ongoing basis.

是的。因此，從長遠來看——首先，我們去年取得了良好的增長，今年年初我們的單位案例增長也有所增長，顯然是 PMO。正如我們所期待的那樣，我們的收入增長率是正常的，我們已經呼籲，我們希望在持續的基礎上在單位案例和價格/組合之間取得平衡。

Exactly how that turns out in the second half will depend on the environment or the dynamics and whether inflation does moderate, how much pressure the consumer does come under. Our central view is we will continue to see unit case growth in the second half combined with price/mix moderating, as I talked about, as the organic -- overall organic trend. But our focus remains executing against our plan. And obviously, that involves not just a focus on the marketing and the innovation, but within the RGM, we have, as one of our objectives, to maintain consumers within our franchise by leveraging our pricing and packaging strategies to support affordability around the world to keep the lower -- perhaps lower-income consumers in the franchise, which, of course, is to some extent an underpinning on volume. We prefer that as a strategy than to have more price and less volume.

下半年的具體結果將取決於環境或動態，以及通脹是否溫和，消費者承受的壓力有多大。我們的中心觀點是，正如我所說，我們將繼續看到下半年的單位案例增長以及價格/組合放緩，作為有機 - 整體有機趨勢。但我們的重點仍然是按照我們的計劃執行。顯然，這不僅涉及對營銷和創新的關注，而且在 RGM 內，我們的目標之一是通過利用我們的定價和包裝策略來支持世界各地的負擔能力，從而使消費者保持在我們的特許經營範圍內保留特許經營權中的低收入消費者，當然，這在某種程度上是銷量的基礎。我們更喜歡將其作為一種策略，而不是價格更高而數量更少。

So again, our central view is to see continued level of unit case growth in the second half with obviously a moderating price/mix to get to the overall revenue. But we're going to manage the business. In the end, we don't know exactly what's going to happen. There are lots of scenarios as to how this might play out, but we're confident we can drive the momentum of the business.

因此，我們的中心觀點是，下半年單位案例增長將繼續保持水平，價格/組合明顯放緩，以獲得整體收入。但我們要管理業務。最後，我們不知道究竟會發生什麼。關於這可能如何發揮作用的情況有很多，但我們相信我們可以推動業務發展。

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 a follow-up on that, James, can you give us a little bit of detail regionally on expectations for 2023? I know you're not going to quantify it, but just how you're thinking about the business conceptually relative to the results you delivered in Q4 here and take us around the world regionally? And then I guess just, secondly, if I can slip a clarification in, you're obviously starting off the year with top-line guidance higher than you typically do, higher than long-term algorithm, higher than you started 2022 at despite delivering great results in 2022. It's a less visible world in theory externally. So I guess it sounded more like a good start so far this year. You have a lot of visibility given that, and that's what's driving some of that confidence, but I'd love to hear from your vantage point what sort of gives you the confidence there.

詹姆斯，關於此的後續行動，你能給我們一些關於 2023 年預期的區域細節嗎？我知道你不會量化它，但你是如何從概念上考慮業務與你在第四季度交付的結果相關的，並把我們帶到世界各地？然後我想，其次，如果我可以澄清一下，你顯然在今年開始時的頂線指導高於你通常的水平，高於長期算法，高於你在 2022 年開始的水平，儘管交付2022 年取得了巨大的成果。從理論上講，這是一個在外部不那麼明顯的世界。所以我想今年到目前為止這聽起來更像是一個好的開始。鑑於此，你有很多知名度，這就是推動這種信心的原因，但我很想從你的有利位置聽到什麼樣的信心給你。

Sure. I'll take that in reverse order, Dara. We'll count that as 2 halves of a question rather than 2 questions. Let me give you another way of thinking about 2023 because I agree, there is a good deal of uncertainty on how this might play out. But there's been a tremendous amount of volatility and uncertainty over the last 5 years or 4 years.

當然。我會以相反的順序接受它，Dara。我們將把它算作一個問題的兩半，而不是兩個問題。讓我給你另一種思考 2023 年的方式，因為我同意，這可能會如何發展存在很大的不確定性。但是在過去的 5 年或 4 年中存在著巨大的波動性和不確定性。

If you were to take a compound annual growth rate of unit cases and price/mix over the last, I don't know, 4 or 5 years and look at that number, I think you'd end up with something around 2 on volume and 4 or 5 on price. So you could look back and say, wow, we were on a crazy ride there, but in the end, we've got a good number.

如果你採用單位案例和價格/組合的複合年增長率，我不知道，4 或 5 年，然後看看這個數字，我認為你最終會得到大約 2 的數量和 4 或 5 的價格。所以你可以回顧一下，說，哇，我們在那裡瘋狂地騎行，但最終，我們有一個很好的數字。

And so I look at 2023, so yes, something unexpected is bound to happen. But as we have expanded our ability to influence our own business, we have been adaptable in the face of all sorts of circumstances and being able to deliver the results we want, which is winning locally and turning that into our U.S. dollar EPS growth. And so that's what gives us the confidence. We don't know what's going to happen, but we do know we've generated a lot of momentum, a lot of flexibility and a lot of agility to be able to manage through what's going to come at us. And so that's really the source of the confidence rather than being able to say we know what the future holds entirely.

所以我展望 2023 年，是的，一定會發生意想不到的事情。但隨著我們擴大影響我們自己業務的能力，我們在面對各種情況時能夠適應並能夠提供我們想要的結果，即在當地取勝並將其轉化為我們的美元每股收益增長。這就是給我們信心的原因。我們不知道會發生什麼，但我們知道我們已經產生了很大的動力、很大的靈活性和很多敏捷性，能夠管理我們即將發生的事情。因此，這確實是信心的來源，而不是能夠說我們完全知道未來會怎樣。

And as we look around the world, taking the various different pieces, starting in Europe perhaps or in EMEA, clearly, Europe is under some more pressure. The impacts of the conflict drove a much greater spike in -- short-term spike in inflation. That's playing itself through. It looks like the European economies are going to avoid a technical recession, but clearly, consumer demand is softening, and I think that's likely to continue into the rest of the year.

當我們環顧世界時，從歐洲或歐洲、中東和非洲開始，採取各種不同的方式，很明顯，歐洲承受著更大的壓力。衝突的影響推動了通貨膨脹的短期飆升。那是在玩自己。看起來歐洲經濟體將避免技術性衰退，但顯然，消費者需求正在走軟，我認為這可能會持續到今年剩餘時間。

And looking at the other markets in EMEA, if you're a resource seller, you're doing well. If you're a resource buyer, you're under more pressure. Obviously, Turkey, tragic situation with the earthquake, but also the economy has been under pressure already. So the emerging markets there are a full range. And similarly, in Africa, South Africa is important to us. They've got a very big problem in terms of energy, which is hampering the economic growth. So there's more pressure in EMEA.

看看歐洲、中東和非洲的其他市場，如果你是資源銷售商，你就做得很好。如果您是資源購買者，您的壓力會更大。很顯然，土耳其隨著地震的慘烈處境，也早已讓經濟承壓。所以新興市場有一個完整的範圍。同樣，在非洲，南非對我們很重要。他們在能源方面遇到了一個非常大的問題，這阻礙了經濟增長。因此，歐洲、中東和非洲地區的壓力更大。

The U.S. continues to be strong. We've got momentum in the business on the top line, doing well. The situation seems to be moderating without causing a hard landing. As of yet, we expect to see the pressure to continue to moderate, but the economy and the consumption, at least of beverages, continues to be good.

美國繼續強大。我們的業務在頂線有勢頭，做得很好。這種情況似乎正在緩和，但沒有導致硬著陸。到目前為止，我們預計壓力會繼續緩和，但經濟和消費（至少是飲料）繼續保持良好狀態。

Latin America, similarly, there's been -- obviously, there's some places which continue to have very high inflation and the economic problems like the Argentinas of the world, but Latin America is doing well. And then out to Asia, obviously, the reopening of China is going to be a positive for the business, certainly on a cycle basis. India is flying. ASEAN, we expect come back up as those 2 large economies do well, and we think that will also do well for Japan.

拉丁美洲，同樣地，很明顯，有些地方的通貨膨脹率和經濟問題仍然很高，比如世界上的阿根廷人，但拉丁美洲做得很好。然後到亞洲，顯然，中國的重新開放將對業務產生積極影響，當然是在周期的基礎上。印度在飛。東盟，我們預計這兩個大型經濟體表現良好，我們認為這對日本也有好處。

So we see both a continued acceleration or continued growth in a number of markets, some doing really well, but the general context being a moderation of the inflation. And then the zillion-dollar question it always comes back to is the process of bringing inflation down going to be hard, soft or perfect landing, and that we will see.

因此，我們看到許多市場持續加速或持續增長，有些市場表現非常好，但總體背景是通脹放緩。然後，它總是回到價值不菲的問題，即降低通脹的過程將是硬著陸、軟著陸或完美著陸，我們將看到這一點。

Our next question comes from Bryan Spillane from Bank of America.

我們的下一個問題來自美國銀行的 Bryan Spillane。

Just a question for John. I guess two, just related to cash flow and interest expense. I know you talked about net interest expense being up for the year in '23. Can you just give us a little bit more detail in terms of -- I think consensus is sitting at like $600 million for net interest. So just if you could give us a little more help in terms of where we should be on net interest expense? And then on free cash flow, you talked about the drivers that knock it down in '23. Would we expect that as we kind of go into '24, '25, like that should normalize? So is this more kind of contained within this year and then you expect to normalize going forward?

只是問約翰一個問題。我猜是兩個，只與現金流量和利息支出有關。我知道你談到了 23 年全年的淨利息支出。你能不能給我們更多的細節——我認為共識是淨利息大約為 6 億美元。那麼，就我們應該在淨利息支出上的位置而言，您是否可以給我們更多幫助？然後關於自由現金流，你談到了在 23 年將其擊倒的驅動因素。當我們進入 24 年、25 年時，我們是否期望這種情況應該正常化？那麼今年是否會包含更多內容，然後您希望未來正常化？

Thanks, Bryan. Let me start with the second question. The key drivers for '23, we have -- on top of underlying -- strong underlying performance, we'll have 2 significant buckets. One is we are stepping up our capital investments to support the growth agenda in a number of our operations around the world. And so that's a $400 million increase in '23. And then we have approximately $700 million related to an uptick in the transition tax and some M&A-related initiatives.

謝謝，布萊恩。讓我從第二個問題開始。 23 年的主要驅動因素，除了潛在的潛在表現之外，我們還有兩個重要的表現。一是我們正在加緊資本投資，以支持我們在世界各地的許多業務的增長議程。因此，23 年增加了 4 億美元。然後我們有大約 7 億美元與過渡稅的上調和一些與併購相關的舉措有關。

So for '24, we'll continue to invest in the business as the business needs, especially when it comes to providing capital for our growth plans. The transition tax goes up a couple of hundred million in '24. That will be the second last year of the transition tax date that ends in '25. So you can do the math on the variance that's gone in from '23 to '24. We expect the underlying performance to continue. We'll invest as we need to in the business to support the growth agenda. And we do have, I'd say, a couple of hundred million extra in '24 under transition tax.

因此，對於 24 年，我們將繼續根據業務需求對業務進行投資，尤其是在為我們的增長計劃提供資金方面。 24 年的過渡稅增加了數億美元。那將是 25 年結束的過渡稅日期的倒數第二年。因此，您可以對從 23 年到 24 年的變化進行數學計算。我們預計基本表現將繼續。我們將根據需要對業務進行投資，以支持增長議程。我想說的是，在 24 年的過渡稅下，我們確實有幾億美元。

And then with regard to interest, yes, as we've highlighted, we -- with our current debt portfolio, we will see an uptick in '23 in interest charges and interest -- sorry, interest expense. And I'm not going to go into the specific numbers, but you can expect a couple of points of deleverage primarily driven by interest expense as we navigate through this year.

然後關於利息，是的，正如我們所強調的那樣，我們 - 憑藉我們目前的債務組合，我們將在 23 年看到利息費用和利息 - 抱歉，利息支出有所增加。我不打算討論具體數字，但你可以預期，在我們度過今年的過程中，主要由利息支出驅動的幾個去槓桿化點。

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 Steve Powers。

James, maybe going back to the top line. For a while, you've been making simultaneous efforts to drive both affordability, on the one hand, and then premiumization on the other hand and I think doing a good job along the way, balancing those, in some ways, competing efforts to net out in a way that ends up in both positive volume and positive price/mix territory.

詹姆斯，也許回到頂線。一段時間以來，你一直在同時努力，一方面推動可負擔性，另一方面推動高端化，我認為一路走來做得很好，在某些方面平衡了這些相互競爭的努力，以淨以一種最終在正數量和正價格/組合領域結束的方式。

I guess the question is, as you as you look at '23, do you see more opportunity in your efforts to optimize revenue growth on the value side and the affordability side? Or is it on the premiumization side? And to the extent that there's a leaning, how does that impact where you prioritize incremental investments?

我想問題是，當你看到 23 年時，你是否在努力優化價值方面和負擔能力方面的收入增長方面看到了更多機會？還是在高端化方面？就存在傾斜的程度而言，這對您優先考慮增量投資的地方有何影響？

Yes. Thanks, Steve. Absolutely, we see opportunities in '23 and, frankly, beyond to continue to leverage the capability around RGM to both use affordability to keep typically lower-income consumers enacted and engaged with our brand franchises whilst also pursuing premiumization. And then it's going to be a dynamic implementation as we go forward. We're going to see continuations into 2023 of different sorts of packaging options, whether they be drives around returnables, whether they be drives, which obviously tend, given the economics of returnables, to have lower price points, whether you see, for example, in emerging markets, the greater use of 1-liter packaging instead of larger packaging for at-home occasions, we're going to continue to see a lot of opportunity to push forward right across the world with affordability options.

是的。謝謝，史蒂夫。當然，我們在 23 世紀看到了機會，坦率地說，在以後繼續利用 RGM 的能力，既可以使用負擔能力來保持通常低收入的消費者對我們的品牌特許經營權的認可和參與，同時也追求高端化。然後隨著我們的前進，它將成為一個動態的實施。到 2023 年，我們將繼續看到不同類型的包裝選擇，無論它們是圍繞可回收產品進行的驅動，還是驅動，考慮到可回收產品的經濟性，它們顯然傾向於具有較低的價格點，例如，您是否看到，在新興市場，在家庭場合更多地使用 1 升包裝而不是更大的包裝，我們將繼續看到大量機會以負擔得起的選擇在全球範圍內推進。

And given that they tend to be dilutive to margins, we also look for all those consumer opportunities for premiumization, whether it be directly a brand launch, I mean things like the Jack and Coke will be accretive to revenue, or directly within some of our brands to use the sleek cans and the smaller cans to kind of put more premium packaging into the marketplace. It will be an ongoing effort, and we don't see the runway of that running out anytime soon.

鑑於它們往往會稀釋利潤率，我們也在尋找所有這些高端化的消費者機會，無論是直接推出品牌，我的意思是像傑克和可口可樂這樣的東西會增加收入，或者直接在我們的一些產品中品牌使用光滑的罐頭和較小的罐頭將更多優質包裝投放到市場。這將是一項持續的努力，我們不會很快看到它的跑道。

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

我們的下一個問題來自 RBC Capital Markets 的 Nik Modi。

I just -- James, I just wanted to follow up on the last question regarding all the affordability packaging. Just based on the historical kind of observations across the world, how does it work with retail? I mean are these incremental phasings you're getting? Or is it replacing older pack sizes that might have a lot more price sensitivity?

我只是 - 詹姆斯，我只想跟進關於所有可負擔性包裝的最後一個問題。僅基於世界各地的歷史觀察，它如何與零售業合作？我的意思是你得到的是這些增量階段嗎？或者它是否正在取代可能對價格敏感得多的舊包裝尺寸？

It can be both, Nik. And obviously, it depends whether we're talking about supermarkets, convenience stores or small mom-and-pops. The more we're talking about smaller stores or convenience or the mom-and-pops, the more it is replacement. Obviously, we make a big focus even in those smaller formats to gain incremental space, whether it be in the cold vaults or on the floor with our own coolers and our own racks. That absolutely does increase the beverage category phasings. But there's nothing wrong in any given store with looking at the SKU layout and saying, "Look, I'm going to take some of these SKUs and make them -- replace them with more affordable SKUs. And I'm going to take some of them and put more premium options in such that the total mix works not just for us but also for the customer and, ultimately, for the consumer." It's got to work for the consumer.

兩者都可以，尼克。顯然，這取決於我們談論的是超市、便利店還是小型夫妻店。我們越是談論小商店、便利店或夫妻店，它就越是被替代。顯然，即使在那些較小的格式中，我們也非常關注以獲得增量空間，無論是在冷庫中還是在帶有我們自己的冷卻器和我們自己的架子的地板上。這確實增加了飲料類別的分類。但是在任何給定的商店中，查看 SKU 佈局並說，“看，我將採用其中一些 SKU 並製造它們——用更實惠的 SKU 替換它們。我將採用一些並加入更多優質選項，這樣整體組合不僅適用於我們，也適用於客戶，並最終適用於消費者。”它必須為消費者服務。

Otherwise, it's not going to rotate faster than the setup that's already in there because in the end, the customer is going to support these strategies because it works for them, because it works for the consumer, and everyone is better off with the implementation. So yes, a mix of incremental versus cannibalized phasings, ultimately, by focusing on the consumer, you get a better answer for them, that creates a better answer for the customer that creates a better answer for the Coke system.

否則，它不會比已經存在的設置旋轉得更快，因為最終，客戶將支持這些策略，因為它對他們有用，因為它對消費者有用，而且每個人都能從實施中受益。所以，是的，增量與蠶食相結合，最終，通過關註消費者，你可以為他們找到更好的答案，為客戶創造更好的答案，為可口可樂系統創造更好的答案。

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 was hoping you could provide a little more color on your plans for reinvestments this year and then maybe frame for us whether it will be stepped up versus last year? Also, how are you thinking about your marketing spend this year? Do you also have plans for that to accelerate? I guess I'm ultimately trying to understand how much flexibility you have to balance the momentum, you're certainly seeing in your business with reinvesting while, at the same time, letting some of the strength flow to the bottom line.

我希望你能為今年的再投資計劃提供更多色彩，然後可能會為我們提出框架是否會比去年加強？另外，您如何看待今年的營銷支出？您是否也有加速的計劃？我想我最終是想了解你有多少靈活性來平衡勢頭，你肯定會在你的業務中看到再投資，同時讓一些力量流向底線。

Yes, sure. We're clearly going to, as we have in 2021 and 2022, have a bias to invest for growth. That's our starting point. And as we demonstrated in the early years of the pandemic, if we see overall or in any specific countries that, that allocation towards driving growth is inappropriate at some sort of level, we've demonstrated the ability to act quickly to redirect the money either somewhere else or to let it go to the bottom line.

是的，當然。正如我們在 2021 年和 2022 年所做的那樣，我們顯然會傾向於投資增長。那是我們的出發點。正如我們在大流行的最初幾年所證明的那樣，如果我們看到總體或在任何特定國家/地區，用於推動增長的分配在某種程度上是不合適的，我們已經證明有能力迅速採取行動以重新分配資金其他地方或讓它走到底線。

So we're going to use all the data we get in from the field to be very dynamic in our resource allocation. We largely feel we have achieved an appropriate level of marketing. Yes, that's going to increase in 2023 because we're growing the business in the same way, as John mentioned, we're going to increase our CapEx to support the bits of the business where CapEx needs to flow. But we are going to manage all of this with an agile hand depending on the circumstances.

因此，我們將使用我們從現場獲得的所有數據，在我們的資源分配中非常動態。我們在很大程度上認為我們已經達到了適當的營銷水平。是的，這將在 2023 年增加，因為我們正在以同樣的方式發展業務，正如約翰提到的那樣，我們將增加我們的資本支出以支持資本支出需要流動的業務。但是我們將根據情況靈活地管理所有這些。

We talked in the answer -- the answers to the other questions that we don't know what the year will hold. We have a central view that it's growth-orientated, the balances, volume and price that accommodates different pressures around the world and different speeds of moderation of inflation, but it's a bias towards growth, and we will be fast and adaptable in the face of anything different.

我們在答案中談到了——我們不知道今年會怎樣的其他問題的答案。我們有一個中心觀點，它是增長導向的，平衡、量價適應世界各地不同的壓力和不同的通脹緩和速度，但它是偏向增長的，我們會快速和隨機應變地面對有什麼不同。

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 maybe touch on briefly what you're seeing from the retail environment? We're seeing more and more articles on retailers pushing back on price increases across really all of CPG. If you could maybe just give us a sense of what you're seeing in your categories.

您能否簡要談談您從零售環境中看到的情況？我們看到越來越多的文章稱，零售商正在抵制所有 CPG 產品的價格上漲。如果您可以讓我們了解您在類別中看到的內容。

Sure. I mean, first, one has to kind of break down the global dynamic because each major region or each country is a different place. But let me start with the central idea that we pursue, which is we need to earn the right products. It's not our strategy to think of our business as commoditized where prices just flow up and down in a kind of mechanical way. We need to own our pricing by delivering for the consumers, value that they appreciate through the marketing, through the innovation, through the RGM, the pricing and packaging work, through the execution such that they see value in our brands that can sustain the pricing that the input costs are driving us towards.

當然。我的意思是，首先，人們必須打破全球動態，因為每個主要地區或每個國家都是不同的地方。但讓我從我們追求的中心思想開始，即我們需要獲得合適的產品。我們的策略不是將我們的業務視為商品化的，價格只是以一種機械的方式上下波動。我們需要通過為消費者提供他們欣賞的價值來擁有我們的定價，通過營銷，通過創新，通過 RGM，定價和包裝工作，通過執行，使他們看到我們品牌的價值可以維持定價投入成本正在推動我們走向。

And that ultimately then has to work for the customers. And because it has to work for the consumers, it then flows down to the customers. So we've earned the right to price with the consumers. Then we can go to our customer partners and say, "Look, we think that we can lead the beverage category to grow faster than your business. Yes, we believe we're going to be more competitive because we understand the consumers and we're going to gain share, but we can lead the beverage category, deliver more growth for you and be a disproportionate share of your rate revenue growth relative to other categories," which is what, for example, was demonstrated last year in Europe, where I think we led -- we added more revenue growth than any other system for retailers in Europe last year.

而這最終必須為客戶服務。因為它必須為消費者服務，所以它會流向客戶。所以我們贏得了與消費者一起定價的權利。然後我們可以對我們的客戶合作夥伴說，“看，我們認為我們可以引領飲料類別比你們的業務增長得更快。是的，我們相信我們會更具競爭力，因為我們了解消費者並且我們”我們將獲得份額，但我們可以引領飲料類別，為您帶來更多增長，並在您的費率收入增長中佔據與其他類別相比不成比例的份額，”例如，去年在歐洲展示了這一點，我認為我們領先 - 去年我們為歐洲零售商增加了比任何其他系統更多的收入增長。

And that is the platform on which we then fold in the conversations around pricing and packaging for any given year. So yes, of course, there's pressure in the marketplace. But in the end, we have an approach we believe, is consumer-centric and that drives growth for the customers because they also want to keep the consumers too.

這就是我們在任何特定年份圍繞定價和包裝進行對話的平台。所以是的，當然，市場存在壓力。但最終，我們相信我們有一種以消費者為中心的方法，可以推動客戶的增長，因為他們也想留住消費者。

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 clearly, the past several years have had big variability in your channel and package mix within the overall price/mix equation with mobility constraints and sharp recoveries thereafter. Just taking John's commentary on a price/mix-driven year for next year, James talking about still -- volume will still be a factor, I guess what I'm wondering is just underlying what's in that price/mix, whether you think channel and package mix have normalized, right? Said another way, there's -- we're not really talking about recoveries in those line items and what's going forward will be kind of more offensive or growing from a normalized base.

很明顯，在過去的幾年中，您的渠道和套餐組合在整體價格/組合方程式中有很大的變化，流動性受到限制，此後急劇復甦。就約翰對明年價格/組合驅動的一年的評論而言，詹姆斯仍在談論 - 數量仍然是一個因素，我想我想知道的只是價格/組合中的潛在因素，無論你認為渠道和包裝組合已經正常化了吧？換句話說，我們並不是真的在談論這些項目的複蘇，未來的發展將更具攻擊性或從正常化的基礎上增長。

And so do you think you're back to that normalized base on -- from a channel and package mix from which to grow? And then in 2023, do you have any thoughts on what the contribution is from price relative to channel or package mix?

所以你認為你回到了標準化的基礎——從渠道和包裝組合中增長嗎？然後在 2023 年，您對價格相對於渠道或套餐組合的貢獻有何想法？

So firstly, in any given country, channel mix has largely recovered 2019 levels. Yes, there are some exceptions like China, which is only just now reopening, and a couple of other countries. And when I say largely normalized, if you take something like the U.S., clearly, there are a number of away-from-home outlets that have dropped out of the marketplace.

因此，首先，在任何特定國家/地區，渠道組合已基本恢復到 2019 年的水平。是的，有一些例外，比如剛剛重新開放的中國和其他幾個國家。當我說基本上正常化時，如果你拿美國這樣的國家來說，很明顯，有許多遠離家鄉的商店已經退出市場。

So there's a tail or there's a last piece of the recovery channel that is not going to happen overnight and may not happen for some time to come. But in headline terms, other than a little bit of positive channel effect perhaps in the first half, I think we can put a line on the channel mix being or the recovery of the channel mix relative to the pandemic being a major driver of price/mix going forward.

所以有一條尾巴或最後一段復甦通道不會在一夜之間發生，也可能在未來一段時間內不會發生。但就標題而言，除了可能在上半年產生一點點積極的渠道效應外，我認為我們可以對渠道組合或相對於大流行的渠道組合的恢復成為價格的主要驅動因素作出限制/混合前進。

Yes, package mix will continue to be a factor, as it has been in previous years and prior to the pandemic, clearly, as we pursue a dual strategy of keeping consumers in this franchise with affordability and looking for premiumization opportunities, the 2 can somewhat offset each other, one's dilutive, one's accretive, but they're both valuable strategies that need to be taken forward.

是的，包裝組合將繼續成為一個因素，就像前幾年和大流行之前一樣，顯然，當我們奉行雙重戰略，即讓消費者以負擔得起的方式留在這個特許經營權中，並尋找優質化機會時，這兩者在某種程度上可以相互抵消，一個是稀釋，一個是增值，但它們都是需要推進的有價值的戰略。

So I think predominantly, what you're going to see in '23 is the ongoing moderation of rate pricing, both as we cycle rate increases or price increases from '22 and as inflation in general and inflation specifically to us, whether it be in SG&A or in commodities begins to moderate.

因此，我認為主要是，你將在 23 年看到的是利率定價的持續放緩，無論是在我們從 22 年開始循環加息或價格上漲，還是總體通貨膨脹和對我們來說特別是通貨膨脹，無論是在SG&A 或商品開始放緩。

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. The Latin American bottlers keep guiding for stepped-up investments in traditional trade DSD capabilities to fully exploit this new cooperation framework they have with your firm. Do you think this is already kicking into the systems' financial performance and does the model, in your view, adaptable to other parts of the world where the promise of maybe higher ROIC and stepped-up bottling CapEx can drive system growth?

是的。拉丁美洲的裝瓶商一直在指導加大對傳統貿易 DSD 能力的投資，以充分利用他們與貴公司的新合作框架。您是否認為這已經影響到系統的財務績效，並且在您看來，該模型是否適用於世界其他地區，在這些地區，更高的 ROIC 和加強裝瓶資本支出的承諾可能會推動系統增長？

Yes. Let me take that in parts. The features that we have in the long-term relationship model in Latin America, we're rolling those out in a number of other places. And clearly, the more we can intensify whatever the framework gets called, the degree of alignment towards investing to capture the opportunities in the marketplace, the better off we're going to be, us and our bottling partners, in any given geography. So absolutely, we continue to see opportunities to work even closer together to capture opportunities in the marketplace.

是的。讓我把它分成幾部分。我們在拉丁美洲的長期關係模型中擁有的功能，我們正在其他許多地方推出。顯然，無論調用什麼框架，我們越能加強投資以抓住市場機會的一致性程度，我們和我們的裝瓶合作夥伴在任何給定的地理區域都會變得更好。因此，毫無疑問，我們繼續看到更緊密合作的機會，以抓住市場上的機會。

The nature of those investments, the nature of the opportunity are not exactly the same as Latin America. Clearly, the trade structure differs around the world. Latin America has a number of particular features that are not necessarily replicated in the U.S. or Europe or Japan, for example. But the overall concept of a tighter, longer-term investment focus on the opportunities is really going to drive -- continue to drive performance into the future years.

這些投資的性質、機會的性質與拉丁美洲並不完全相同。顯然，世界各地的貿易結構各不相同。例如，拉丁美洲有許多不一定能在美國、歐洲或日本複制的特殊特徵。但是，對機會進行更嚴格、更長期投資的總體概念確實會推動——繼續推動未來幾年的業績。

And I think, in Latin America, we've got a great business there collectively as a system because we focused on investing into the marketplace and into the traditional trade for a very long time, along with all the other customers in Latin America. But there are still plenty of opportunities to go both from the top line and from the point of view of improving returns. So I think you'll find or everyone will find that the Latin American bottlers, as bottlers around the world are -- that we see a lot -- collectively, we see a lot of opportunities ahead of us to drive the top line and to continue to improve returns on the bottling assets.

而且我認為，在拉丁美洲，我們作為一個系統共同擁有一項偉大的業務，因為我們在很長一段時間內專注於投資市場和傳統貿易，以及拉丁美洲的所有其他客戶。但從收入和提高回報的角度來看，仍然有很多機會。所以我想你會發現，或者每個人都會發現，拉丁美洲的裝瓶商，就像世界各地的裝瓶商一樣——我們看到了很多——總的來說，我們看到了很多機會來推動收入增長並繼續提高裝瓶資產的回報率。

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。

James, as we think about the 7% to 8% organic sales growth guidance, what is the price/mix carryover into 2023? You said it obviously will moderate, but what is -- are you embedding any additional pricing that is not in the trade yet? And how are you planning for China volumes in 2023? What is the benefit from there? Or any mix dynamics we should be aware of?

詹姆斯，當我們考慮 7% 到 8% 的有機銷售增長指導時，到 2023 年的價格/組合結轉是多少？你說它顯然會緩和，但什麼是 - 你是否嵌入了交易中沒有的任何額外定價？您如何計劃 2023 年的中國銷量？那裡有什麼好處？或者我們應該注意的任何混合動態？

Yes. So we're certainly planning for China to become more normalized, sort of reopening ala the U.S. and Europe. And so we will see a more normal level of volume in China and a recovery to the 2019 or growth on the 2019 numbers as time come through as we go through the year in China. And then in terms of the carryover, clearly, there's some carryover, particularly in the first half from 2022, but we will be taking pricing in '23.

是的。因此，我們當然在計劃讓中國變得更加正常化，有點像美國和歐洲那樣重新開放。因此，隨著時間的流逝，我們將看到中國的銷量水平更加正常，並且會恢復到 2019 年或 2019 年的數字增長。然後就結轉而言，顯然有一些結轉，特別是從 2022 年上半年開始，但我們將在 23 年進行定價。

Now having said that we will be taking pricing, the world is very different. I mean there are countries where inflation is well over 50%. So pricing is taken multiple times a year. Argentina is an obvious example. So in the developed markets, it's likely we'll trend more back towards kind of more standard cycles of pricing, but there will be price increases across the world in 2023 to reflect both the continuing inflation in import and SG&A costs. Obviously, we need to, as I talked about in the previous answer, earn the right to that pricing, but there will be pricing in 2023.

現在已經說過我們將定價，世界已經大不相同了。我的意思是有些國家的通貨膨脹率遠遠超過 50%。因此，定價每年進行多次。阿根廷就是一個明顯的例子。因此，在發達市場，我們可能會更多地回歸到更標準的定價週期，但 2023 年全球價格將會上漲，以反映進口和 SG&A 成本的持續通脹。顯然，正如我在之前的回答中談到的那樣，我們需要獲得該定價權，但 2023 年將有定價。

Our next question comes from Rob Ottenstein from Evercore.

我們的下一個問題來自 Evercore 的 Rob Ottenstein。

Congratulations on a terrific year. So over the last few years, James, you and your team have made significant cultural changes, organizational changes, changes to the product portfolio. As you look at 2023, what are the key initiatives that you're looking to drive to set up for continued strong growth over the next decade or so longer term and perhaps weaved into that answer, where things are on Costa, on BODYARMOR and on any other new initiatives that you think would be helpful to discuss?

祝賀你度過了美好的一年。所以在過去的幾年裡，James，你和你的團隊進行了重大的文化變革、組織變革和產品組合變革。當您展望 2023 年時，您希望推動哪些關鍵舉措以在未來十年左右的時間裡實現持續強勁增長，並且可能會融入到這個答案中，比如 Costa、BODYARMOR 等您認為還有哪些其他新舉措有助於討論？

Yes. Great. Thanks, Rob. And certainly, we will unpack a little more of this at the CAGNY presentation and the CAGNY conversation. So I'm sure I won't do full justice to the question in this session.

是的。偉大的。謝謝，羅布。當然，我們將在 CAGNY 演示和 CAGNY 對話中對此展開更多討論。所以我確定我不會在本次會議中完全公正地回答這個問題。

In terms of the initiatives in the marketplace, we have an aspiration of being a total beverage company everywhere. That's not going to happen overnight. And so we need to make progress in a disciplined way in different category, country combinations, as we've talked about, to establish leadership positions, preferably quality leadership positions, in the next set of country category combinations on our journey to the total aspiration.

就市場舉措而言，我們渴望成為一家遍及全球的綜合飲料公司。這不會在一夜之間發生。因此，正如我們所說，我們需要在不同類別、國家組合中有紀律地取得進展，以在我們實現總體願望的下一組國家類別組合中建立領導地位，最好是質量領導地位.

And within that, there are ones that are off to the races and flying away, and there are ones where we still need to demonstrate to ourselves we can execute against the vision. If I take the 2 you called out, Costa and BODYARMOR, to start with, the essential thesis behind coffee remains the same. It's a huge market, it's growing. There's lots of money in it. If we can find a path, there's a tremendous growth opportunity for the Coke system there.

其中，有些已經開始比賽並飛走了，有些我們仍然需要向自己證明我們可以執行願景。如果我以你提到的兩個人 Costa 和 BODYARMOR 為例，那麼咖啡背後的基本論點保持不變。這是一個巨大的市場，它正在增長。裡面有很多錢。如果我們能找到一條路，那裡的可口可樂系統就會有巨大的增長機會。

We've got a vision. The reality is timing was very unfortunate getting it just before the pandemic. In strategic terms, despite all the experimentation, despite all the learning, despite all the initial steps, in big strategic terms, we haven't advanced because, essentially, COVID put it on hold for 3 years. We now need to get the execution ramped up for cost against the vision and, in the coming years, demonstrate that, that holds water.

我們有一個願景。現實是，在大流行之前得到它的時機非常不幸。從戰略的角度來看，儘管進行了所有的實驗，儘管進行了所有的學習，儘管採取了所有的初始步驟，但從大的戰略角度來看，我們還沒有取得進展，因為從本質上講，COVID 將其擱置了 3 年。我們現在需要根據願景提高執行成本，並在未來幾年證明這一點是站得住腳的。

BODYARMOR, great job. We obviously incorporated that into the company last year. And I think we -- whilst we always expect some level of disruption as we move a business that has been grown quickly and prepared for sale by the founders into the Coke system, there's often some disruption in the short term. But frankly, I think there was more in 2022 than we would -- than we expected or would have liked. But we have a good plan going forward in '23 that will kind of reset BODYARMOR on a good path and in a complementary way to parade.

BODYARMOR，幹得好。顯然，我們去年將其納入了公司。而且我認為我們 - 雖然我們總是期望在將快速發展並準備由創始人出售的業務轉移到可口可樂系統時出現一定程度的中斷，但短期內通常會出現一些中斷。但坦率地說，我認為 2022 年比我們預期或希望的要多。但是我們在 23 年有一個很好的計劃，它將在某種程度上將 BODYARMOR 重置在一條好的道路上，並以一種互補的方式進行遊行。

Other initiatives, which we're looking, very interested in the degree of traction in some of the alcohol experiments, particularly looking to see Jack and Coke do well. Early data in Mexico launched at the end of last year was encouraging, ahead of expectations. The U.S. launch will be very interesting at the end of March.

我們正在尋找的其他舉措對一些酒精實驗的牽引程度非常感興趣，特別是希望看到傑克和可口可樂做得很好。墨西哥去年底公佈的早期數據令人鼓舞，超出預期。 3月底在美國的發射將非常有趣。

And all of that will be backed up by the continued work on the culture and organization, whilst it will never -- nothing ever settles. It never ends. But I think, really, it's about continuing to stand up and execute against the internal initiatives we've already launched. The organization is coming together. We made a few tweaks in North America coming into this year, but the organization is getting up and running and starting the (inaudible). The marketing model change is starting to show good results and promise. So I think it's a question of seeing through the things we've launched to really up our game in the coming years.

所有這一切都將得到文化和組織方面持續工作的支持，但它永遠不會——什麼都不會解決。它永遠不會結束。但我認為，實際上，這是關於繼續站起來並執行我們已經啟動的內部計劃。該組織正在走到一起。今年我們在北美做了一些調整，但該組織正在啟動和運行並開始（聽不清）。營銷模式的改變開始顯示出良好的效果和前景。所以我認為這是一個問題，要看透我們已經推出的東西，以便在未來幾年真正提升我們的遊戲水平。

Our last question today will come from Charlie Higgs from Redburn.

我們今天的最後一個問題將來自 Redburn 的 Charlie Higgs。

My final question is just on India, where it looks like it's had just a record year. Could you maybe just expand a little bit more on India? Is it still being driven by the affordable price point strategy? Are you adding distribution that means maybe this volume growth is actually sustainable over the long term? And then, James, maybe you could just give us some color on your long-term view on India.

我的最後一個問題是關於印度的，看起來它剛剛度過了創紀錄的一年。你能不能再擴展一下印度？是否仍受平價策略驅動？您添加的分銷是否意味著這種銷量增長實際上是長期可持續的？然後，詹姆斯，也許你可以給我們一些關於你對印度的長期看法的顏色。

Yes. India had a cracking year last year and is off to a strong start this year. I think the -- our overall backdrop to this is, firstly, that the Indian economy and the Indian consumer base is approaching, in highest level terms, a level of GDP per head, at which historically, the beverage industry has tended to accelerate its development.

是的。印度去年表現出色，今年開局強勁。我認為 - 我們的總體背景是，首先，印度經濟和印度消費者基礎正在接近最高水平的人均 GDP 水平，從歷史上看，飲料行業往往會加速其增長發展。

And so we are very encouraged by the potential in India to develop a fantastic beverage industry and beverage opportunity. I mean, ultimately, the development of industry is very nascent in India, and there's a huge potential to build the industry over many decades. And so that's being driven not just by the affordable entry price points, although they are growing. Really, it's a question of actually everything. It's growing on all dimensions. It's growing in terms of the depth of the different brands. It's growing in distribution. It's growing in number of packages.

因此，我們對印度發展出色的飲料行業和飲料機會的潛力感到非常鼓舞。我的意思是，歸根結底，印度的工業發展還處於起步階段，並且在未來幾十年內擁有巨大的發展潛力。因此，這不僅僅是由可承受的入門價格點推動的，儘管它們正在增長。真的，這實際上是一切的問題。它在各個方面都在增長。它在不同品牌的深度方面正在增長。它的分佈在增長。它的包裹數量在增加。

And so I think there's a huge long potential in India. It won't, in all likelihood, be a straight line, but there is huge potential in India. And really in a way, India exemplifies the very long-term opportunity of a whole set of emerging markets, India, Africa, parts of Eurasia, parts of ASEAN to actually -- they themselves have 80% of the world's population. And the development of the beverage industry is 1/3 of what it is in the developed market. They only pay for about I think 3 in 10 of the commercial beverages, which is -- or 2 in 10 of the commercial beverage, whereas 7 in 10 in the developed ones. So India typifies the long-term potential of the beverage industry to keep growing, and I think it's a market that is set to take off.

所以我認為印度有巨大的長期潛力。它很可能不會是一條直線，但印度有巨大的潛力。實際上，在某種程度上，印度是一整套新興市場的長期機遇的例證，印度、非洲、歐亞大陸部分地區、東盟部分地區，實際上——它們本身擁有世界 80% 的人口。而飲料行業的發展是發達市場的1/3。他們只支付大約十分之三的商業飲料，即 - 或者十分之二的商業飲料，而在開發的飲料中則為十分之七。因此，印度代表了飲料行業保持增長的長期潛力，我認為這是一個即將起飛的市場。

Ladies and gentlemen, this concludes our question-and-answer session. I would now like to turn the call 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。我現在想將電話轉給 James Quincey 以聽取任何結束語。

Thank you, operator. So to summarize, we have momentum in our business. We're winning in the marketplace, sustainability embedded in our strategies and strong alignment with our bottling partners. We are pursuing excellence in brand building, innovation, revenue growth management and execution to add and retain consumers and drive long-term value for our stakeholders. Thank you for your interest, your investment in our company and for joining us this morning. Thank you.

謝謝你，運營商。總而言之，我們的業務勢頭強勁。我們在市場上取勝，可持續發展融入我們的戰略，並與我們的裝瓶合作夥伴保持高度一致。我們在品牌建設、創新、收入增長管理和執行方面追求卓越，以增加和留住消費者，並為我們的利益相關者創造長期價值。感謝您對我們公司的關注、投資以及今天早上加入我們。謝謝。

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

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。