可口可樂 (KO) 2023 Q1 法說會逐字稿

At this time, I'd like to welcome everyone to The Coca-Cola Company's First Quarter 2023 Earnings Results Conference Call. Today's call is being recorded. If you have any objections, please disconnect at this time. (Operator Instructions) I would like to remind everyone that the purpose of this conference is to talk with investors, and therefore, questions from the media will not be addressed. Media participants should contact Coca-Cola's Media Relations department if they have any questions.

此時，我想歡迎大家參加可口可樂公司 2023 年第一季度收益結果電話會議。今天的通話正在錄音中。如果您有異議，請此時斷開連接。 （操作說明）在此提醒大家，本次發布會的目的是與投資者對話，因此不回答媒體的提問。媒體參與者如有任何問題，應聯繫可口可樂的媒體關係部。

I would now like to introduce Mrs. Robin Halpern, Vice President Head of Investor Relations.

我現在想介紹投資者關係副總裁 Robin Halpern 女士。

Mrs. Halpern, you may now begin.

Halpern 夫人，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.

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。

We've 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 growth and operating margins.

我們已在公司網站 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 GAAP 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這些指標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，其中提供了對我們的增長和營業利潤率的分析。

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 report. 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，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。 （操作員說明）。

Now I'll turn the call over to James.

現在我把電話轉給詹姆斯。

Thanks, Robin, and good morning, everyone. 2023 is off to a good start. We continue to execute well and grow amidst the dynamic macro environment. We like to say we have an all-weather strategy, one that enables us to thrive no matter what's happening in the world.

謝謝，羅賓，大家早上好。 2023 年是一個良好的開端。我們繼續在動態的宏觀環境中保持良好的執行和成長。我們喜歡說我們有一個全天候的戰略，一個無論世界上發生什麼事情都能使我們蓬勃發展的戰略。

We pursue excellence globally with an eye towards winning locally as a system. And our brand investments continue to create value for our customers and consumers, leading to our ability to drive quality growth for our stakeholders.

我們在全球範圍內追求卓越，著眼於在本地作為一個系統取勝。我們的品牌投資繼續為我們的客戶和消費者創造價值，使我們有能力為我們的利益相關者推動高質量的增長。

Today, I'll discuss our first quarter performance and provide some perspective around today's global consumer and macro environment. I'll then reiterate why we are confident in our ability to deliver on our guidance for the full year. And finally, I'll elaborate on how the actions we're taking set us up for success in any environment and how we're driving resilience for our business and continued growth in 2023 and over the long term. John will then discuss our results and go into more detail on the 2023 outlook.

今天，我將討論我們第一季度的業績，並就當今的全球消費者和宏觀環境提供一些看法。然後我會重申為什麼我們對我們實現全年指導的能力充滿信心。最後，我將詳細說明我們正在採取的行動如何幫助我們在任何環境中取得成功，以及我們如何推動業務的彈性和 2023 年及長期的持續增長。然後，約翰將討論我們的結果，並更詳細地介紹 2023 年的前景。

In the first quarter, pandemic restrictions in parts of the world relaxed, and many supply chain pressures abated. At the same time, inflation and geopolitical tensions persisted. And new concerns emerged around the stability in the banking sector and the magnitude of the potential squeeze on consumers.

一季度，全球部分地區疫情防控有所放鬆，不少供應鏈壓力有所緩解。與此同時，通貨膨脹和地緣政治緊張局勢持續存在。圍繞銀行業的穩定性和對消費者的潛在擠壓程度出現了新的擔憂。

In the face of these factors, we continue to generate momentum as investments in our brands got the year off to a positive start. We remain focused on creating value by meeting the needs of our customers and consumers.

面對這些因素，我們繼續保持勢頭，因為對我們品牌的投資讓今年有了一個積極的開端。我們仍然專注於通過滿足客戶和消費者的需求來創造價值。

We delivered 12% organic revenue growth in the quarter. This was primarily driven by pricing actions across markets and revenue growth management initiatives to retain and add consumers.

我們在本季度實現了 12% 的有機收入增長。這主要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。

We also delivered volume growth of 3%, which is in line with last year versus 2019. We saw growth across developed as well as developing and emerging markets, and we continue to gain both volume and value share for the quarter, including at home and away from home channels. We're encouraged by this momentum and are operating the business with a focus on growth while closely monitoring macro trends for signs of a slowdown.

我們還實現了 3% 的銷量增長，這與去年相比與 2019 年持平。我們看到了發達市場、發展中市場和新興市場的增長，我們在本季度繼續獲得銷量和價值份額，包括在國內和遠離家庭頻道。我們對這種勢頭感到鼓舞，在經營業務時以增長為重點，同時密切監測宏觀趨勢以尋找放緩跡象。

As we look around the world today, the consumer picture varies across our markets. In Asia Pacific, the reopening of China has led to an increase in consumer activity, but consumption is still recovering to pre-pandemic levels. India's economy remains resilient with a strong job market and robust consumption. In Japan, consumers are feeling inflationary pressure for the first time in many years.

當我們環顧當今世界時，不同市場的消費者情況各不相同。在亞太地區，中國的重新開放導致消費活動增加，但消費仍在恢復到大流行前的水平。印度經濟保持強勁的就業市場和強勁的消費。在日本，消費者多年來首次感受到通脹壓力。

In Europe, the recent banking crisis added to last year's energy spike, driving further uncertainty to purchasing behaviors and consumers continue to increasingly seek out affordable and private label options across many FMCG categories.

在歐洲，最近的銀行業危機加劇了去年的能源飆升，進一步增加了購買行為的不確定性，並且消費者繼續越來越多地在許多快速消費品類別中尋找負擔得起的自有品牌選擇。

In North America, the picture is a mixed bag with unemployment low, gas prices improved and savings holding up, but inflation and higher mortgage rates are top-of-mind concerns for many consumers.

在北美，情況好壞參半，失業率低，汽油價格上漲，儲蓄增加，但通貨膨脹和更高的抵押貸款利率是許多消費者最關心的問題。

In many developing and emerging markets in Latin America, Africa and the Middle East, consumers continue to face varying levels of inflation and volatility in the macroeconomic conditions. Clearly, there's uncertainty in how the consumer environment may ultimately play out in 2023. But thanks to the hard work of our people and partners, we're a more flexible network enterprise today. And with our enhanced system alignment, we're confident we can win together locally in a wide variety of environments.

在拉丁美洲、非洲和中東的許多發展中和新興市場，消費者繼續面臨不同程度的通貨膨脹和宏觀經濟狀況的波動。顯然，消費者環境在 2023 年最終會如何發展存在不確定性。但由於我們的員工和合作夥伴的辛勤工作，我們今天是一家更加靈活的網絡企業。憑藉我們增強的系統協調性，我們相信我們可以在各種環境中在當地共同取勝。

Let's start with the portfolio. We have a growth portfolio of consumer-centric brands across categories, including [26 billion-dollar brands]. Our networked organization is allowing us to raise the bar of innovation and marketing to leverage our loved brands more effectively in the marketplace. We're keeping our streamlined portfolio of brands relevant with consumers and finding innovative ways to offer beverage choices for every occasion.

讓我們從投資組合開始。我們擁有跨類別的以消費者為中心的品牌組合，包括 [260 億美元的品牌]。我們的網絡化組織使我們能夠提高創新和營銷的標準，以更有效地利用我們喜愛的品牌在市場上的地位。我們正在保持我們精簡的品牌組合與消費者相關，並尋找創新的方式為各種場合提供飲料選擇。

In Japan, we recently relaunched our Georgia Coffee brand with a fresh new look and a bright proposition to inspire current consumers and expand Georgia's appeal to a broader audience, complementing Costa's premium ready-to-drink offerings in that market.

在日本，我們最近以全新的面貌和鮮明的主張重新推出了我們的 Georgia Coffee 品牌，以激發當前消費者並擴大 Georgia 對更廣泛受眾的吸引力，從而補充 Costa 在該市場的優質即飲產品。

We're expanding our exploration in alcohol ready-to-drink beverages with a keen focus on responsibility. We work with Brown-Forman to roll out Jack and Coke cocktails in the U.S. during the quarter with more markets launching now. It's early days, but the ability to get one of the most popular (inaudible) in the world in a can is proving to be compelling to retailers and consumers based on preliminary volumes and velocities. We're encouraged by the level of engagement as distribution expands.

我們高度重視責任，正在擴大對酒精即飲飲料的探索。我們與 Brown-Forman 合作，在本季度在美國推出 Jack and Coke 雞尾酒，現在將推出更多市場。現在還為時過早，但事實證明，根據初步的銷量和速度，將世界上最受歡迎（聽不清）之一裝在罐頭中的能力對零售商和消費者很有吸引力。隨著分銷範圍的擴大，我們對參與度感到鼓舞。

We're driving bigger and bolder innovations that can leverage consumer insights leading to a higher success rate and enduring growth. In North America, we continue to foster brand love for fairlife, which has grown volume double digits for 8 consecutive years. Fairlife became a $1 billion brand last year, and we're building on the momentum of the brand including the success of co-power with fairlife nutrition plan. Launched with a digital-first campaign in the club channel, fairlife nutrition plan has seen strong consumer interest from those looking for high-protein, low-sugar shake that tastes great and is lactose-free. We're planning to expand the product to more channels and packages in the coming months.

我們正在推動更大、更大膽的創新，這些創新可以利用消費者洞察力來實現更高的成功率和持久的增長。在北美，我們繼續培養品牌對 fairlife 的熱愛，fairlife 的銷量連續 8 年保持兩位數增長。 Fairlife 去年成為一個價值 10 億美元的品牌，我們正在鞏固該品牌的勢頭，包括與 fairlife 營養計劃的成功合作。 fairlife nutrition plan 在俱樂部頻道推出了數字優先活動，吸引了那些尋求高蛋白、低糖、味道好且不含乳糖的奶昔的消費者的強烈興趣。我們計劃在未來幾個月將該產品擴展到更多渠道和套餐。

We're working with WPP, our global marketing network partner, and increasingly leveraging digital capabilities to engage consumers through passion points, personalized experiences and collaborations. The Coke Studio concept first drove cultural relevance and brand performance in Pakistan, with the latest season streamed over 1 billion times. We scaled the program to 30 markets last year. And in 2023, it will become an always-on platform across the globe. Connecting consumers' love of music to consumption occasions by spotlighting breakthrough talent, Coke Studio provides a portal to live digital experiences and can be activated using QR codes on our packages.

我們正在與我們的全球營銷網絡合作夥伴 WPP 合作，並越來越多地利用數字功能通過激情點、個性化體驗和協作來吸引消費者。可口可樂工作室的概念首先推動了巴基斯坦的文化相關性和品牌表現，最近一季的播放量超過 10 億次。去年我們將該計劃擴展到 30 個市場。到 2023 年，它將成為全球永遠在線的平台。 Coke Studio 通過突出突破性的人才，將消費者對音樂的熱愛與消費場合聯繫起來，提供了一個實時數字體驗的門戶，並且可以使用我們包裝上的二維碼激活。

Consumers can drink, scan and enjoy their favorite beverage along with music from genres around the world. Working as a network system with our bottlers, we're managing through macroeconomic uncertainty with enhanced capabilities in revenue growth management and integrated execution. We often talk about the many levers of revenue growth management. While the inflationary environment led to proactive pricing increases over the past 18 months, it's important to recognize our RGM capabilities to extend far beyond pricing.

消費者可以邊喝邊喝，掃描並享受他們最喜愛的飲料以及來自世界各地流派的音樂。作為一個與我們的裝瓶商合作的網絡系統，我們正在通過增強的收入增長管理和綜合執行能力來應對宏觀經濟的不確定性。我們經常談論收入增長管理的許多槓桿。雖然通貨膨脹環境導致過去 18 個月主動定價上漲，但重要的是要認識到我們的 RGM 能力遠遠超出定價範圍。

At its core, revenue growth management is about consumer-centric segmentation, ensuring we have the right product in the right package in the right channel at the right price point, drive transactions and meet consumers where they are.

收入增長管理的核心是以消費者為中心的細分，確保我們以正確的價格在正確的渠道中以正確的包裝提供正確的產品，推動交易並滿足消費者的需求。

Affordability and premiumization are key levers to maintain and expand our consumer base, and we continue to balance affordable offerings with compelling premium propositions to ensure we have beverage options across income levels.

負擔能力和高端化是維持和擴大我們的消費者基礎的關鍵槓桿，我們將繼續在負擔得起的產品與引人注目的優質產品之間取得平衡，以確保我們擁有跨收入水平的飲料選擇。

Affordability is a driver in developing and emerging markets, evidenced by double-digit volume growth in these offerings in Indonesia and Vietnam, helping to drive record sparkling share in Vietnam and driving approximately 3 billion transactions at affordable price points in India this quarter. Premium packages like slim cans and mini cans are seeing strong growth in many markets, including Australia, where mini cans drove 40 million transactions and contributed to share growth in the region.

負擔能力是發展中市場和新興市場的驅動力，印度尼西亞和越南這些產品的銷量實現兩位數增長，有助於在越南推動創紀錄的閃耀份額，並在本季度推動印度以可承受的價格點進行約 30 億筆交易。細罐和迷你罐等優質包裝在包括澳大利亞在內的許多市場都出現了強勁增長，迷你罐在澳大利亞推動了 4000 萬筆交易，並為該地區的份額增長做出了貢獻。

Premiumization also includes (inaudible) occasions. In addition to alcohol, ready-to-drink beverages, we're also participating more broadly in adult alcohol drinking occasions.

高級化還包括（聽不清）場合。除了酒類、即飲飲料，我們還更廣泛地參與成人飲酒活動。

In North America, we've expanded our Simply premium juice brand into the mix of segment with Simply mixology in 3 flavors to serve as a cocktail or mocktail. In Europe, we've relaunched our Kinley and Royal Bliss brands as harmonized platforms to participate in the adult mixer segment.

在北美，我們將我們的 Simply 優質果汁品牌擴展到 Simply mixology 的混合細分市場，提供 3 種口味以用作雞尾酒或無酒精雞尾酒。在歐洲，我們重新推出了 Kinley 和 Royal Bliss 品牌，作為參與成人調音台細分市場的協調平台。

For both affordability and premiumization, the value proposition is often messaged at the point of sale, such as the expansion of the value bundle in certain channels in the U.S. and the mini can mini price campaign that drove strong growth in small packages in Japan. RGM, coupled with integrated execution, also drives value for our customers. By providing key insights and offering the right mix of brands, packages, price points and compelling data-driven promotions, we are able to partner with customers that deliver traffic, basket and incidence growth.

對於可負擔性和高端化，價值主張通常在銷售點傳達，例如在美國某些渠道擴大價值組合，以及在日本推動小包裝強勁增長的迷你罐迷你價格活動。 RGM 與集成執行相結合，也為我們的客戶創造了價值。通過提供關鍵見解並提供品牌、套餐、價格點和引人注目的數據驅動促銷的正確組合，我們能夠與客戶合作，實現流量、購物籃和發生率的增長。

Latin America is a great example of how this came to life in the first quarter, evidenced by revenue growth ahead of transactions and transaction growth ahead of volume. By working closely with key retailers, our system focused on the availability of cold, single-serve beverages in premium brands such as Schweppes and smartwater.

拉丁美洲是第一季度如何實現這一點的一個很好的例子，收入增長先於交易，交易增長先於交易量就證明了這一點。通過與主要零售商的密切合作，我們的系統專注於 Schweppes 和 smartwater 等高端品牌的單杯冷飲的可用性。

We introduced refillable packages into new channels, all while driving better in-stock levels and higher consumer traffic in-store, owning accolades from customers. Our business has largely recovered from the effects of the pandemic and remains well equipped to navigate the dynamic macro environment and is emerging with even stronger capabilities and system alignment to deliver vibrant long-term growth for many years to come.

我們將可再裝包裝引入新渠道，同時推動更好的庫存水平和更高的店內消費者流量，贏得了客戶的讚譽。我們的業務已在很大程度上從大流行的影響中恢復過來，並且仍然有能力駕馭動態的宏觀環境，並且正在以更強大的能力和系統一致性出現，以在未來許多年實現充滿活力的長期增長。

At the same time, our consumers also care about sustainability. While we strive to grow our business, we also want to be water positive, drive a circular economy for our packaging and grow consumer beverage choices, including low- and no-calorie brands as part of our total beverage strategy. These goals are integral to our business and beneficial for society.

同時，我們的消費者也關心可持續性。在我們努力發展業務的同時，我們也希望對水有積極影響，推動包裝循環經濟，並增加消費者飲料選擇，包括將低熱量和無熱量品牌作為我們整體飲料戰略的一部分。這些目標是我們業務不可或缺的一部分，對社會有益。

Our annual business and sustainability will be released soon, including an integrated section on our World without Waste packaging initiatives. We're proud of what we've accomplished so far, recognize there is still opportunity ahead and continue to lead as well as act collectively with other key stakeholders to drive progress on this agenda. I encourage you to learn more about how we're progressing against our targets across various sustainability pillars and priorities to refresh the world and make a difference.

我們的年度業務和可持續發展將很快發布，包括關於我們的世界無廢物包裝倡議的綜合部分。我們為迄今為止所取得的成就感到自豪，認識到前方仍有機會，並繼續發揮領導作用，並與其他主要利益相關者共同行動，推動這一議程取得進展。我鼓勵您更多地了解我們如何在各種可持續發展支柱和優先事項中實現我們的目標，以更新世界並有所作為。

Before I hand over to John, I'd note that it's early in the year, and there's a fair amount of uncertainty around the operating environment ahead. But our first quarter results give us increased visibility to deliver on our full year 2023 guidance.

在我交給約翰之前，我會注意到現在是今年年初，未來的運營環境存在相當大的不確定性。但我們第一季度的業績讓我們更加清楚地實現了 2023 年全年的指導方針。

We're executing more efficiently and effectively on a local level, maintaining flexibility on a global level and continuing to reinvest in the business and build the system for the long term. In short, we're expanding the sphere of what we can control. We're well prepared to respond with speed to changing market dynamics as we've demonstrated that we can do. By staying clear on our purpose and remaining consumer-centric, we continue to execute to the sustainable long-term growth.

我們在本地層面更有效地執行，在全球範圍內保持靈活性，並繼續對業務進行再投資並建立長期的系統。簡而言之，我們正在擴大我們可以控制的範圍。正如我們已經證明的那樣，我們已做好充分準備，可以快速響應不斷變化的市場動態。通過明確我們的目標並保持以消費者為中心，我們繼續執行可持續的長期增長。

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. We've had a good start to the year with strong first quarter results. Starting with the top line. We grew organic revenues 12%. Unit cases grew 3% with broad-based growth across most markets, driven by investments in the marketplace.

謝謝你，詹姆斯，大家早上好。我們今年開局良好，第一季度業績強勁。從第一行開始。我們的有機收入增長了 12%。在市場投資的推動下，大多數市場的單位案例增長了 3%，基礎廣泛。

Concentrate sales were 2 points behind unit cases for the quarter primarily driven by timing of concentrate shipments and 1 less day. Our price/mix growth was 11% for the quarter. Much of this was driven by carryover pricing coming into the base from last year, along with some new pricing actions across operating segments as well as revenue growth management initiatives and favorable channel and package mix.

本季度精礦銷量比單位案例低 2 個百分點，這主要是受精礦發貨時間和少 1 天的推動。本季度我們的價格/組合增長率為 11%。這在很大程度上是由去年進入基數的結轉定價、跨運營部門的一些新定價行動、收入增長管理舉措以及有利的渠道和套餐組合所推動的。

Comparable gross margin for the quarter was up approximately 120 basis points driven by underlying expansion and a slight benefit from bottler refranchising, partially offset by the impact of currency. Underlying gross margin expansion was driven by a benefit from the phasing of inventory costs, strong organic revenue growth and cycling the timing of M&A integration expenses, partially offset by higher commodity costs.

本季度的可比毛利率上升了約 120 個基點，這主要受基礎擴張和裝瓶商重新特許經營的輕微好處的推動，部分被貨幣的影響所抵消。基礎毛利率的增長得益於庫存成本的分階段、強勁的有機收入增長和併購整合費用的周期性，部分被較高的商品成本所抵消。

Comparable operating margin expanded approximately 40 basis points for the quarter. This was primarily driven by underlying operating margin expansion due to robust top line growth across operating segments, partially offset by increased marketing investments and higher operating costs. Putting it all together, first quarter comparable EPS of $0.68 reflects an increase of 5% year-over-year despite higher-than-expected 7% currency headwinds.

本季度可比營業利潤率擴大了約 40 個基點。這主要是由於各運營部門強勁的收入增長導致潛在營業利潤率擴張，部分被增加的營銷投資和更高的運營成本所抵消。綜上所述，第一季度 0.68 美元的可比每股收益反映出同比增長 5%，儘管匯率逆風高於預期 7%。

Free cash flow was negative by approximately $120 million in the quarter. This was largely attributable to the timing of working capital initiatives and the previously discussed M&A-related payments that took place in the quarter.

本季度自由現金流為負約 1.2 億美元。這主要歸因於營運資金計劃的時間安排以及之前討論的本季度發生的與併購相關的付款。

Our underlying cash flow generation remains strong, and we feel confident in our cash flow agenda and full year outlook. Our balance [achieves] fit for purpose to support our growth agenda, and our net debt leverage of 1.8x EBITDA as of the end of the first quarter is below our targeted range of 2 to 2.5x.

我們的基礎現金流產生能力依然強勁，我們對我們的現金流議程和全年前景充滿信心。我們的餘額[實現]符合支持我們增長議程的目的，截至第一季度末，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。

Our capital allocation priorities remain the same. We continue to invest to drive long-term growth and to deliver dividend growth for our shareowners as evidenced by the 5% dividend increase announced in February.

我們的資本配置重點保持不變。我們繼續投資以推動長期增長並為我們的股東帶來股息增長，2 月份宣布的股息增長 5% 就是證明。

We remain mindful of maintaining our financial flexibility amidst the ongoing tax dispute with the IRS. We are currently waiting for the tax court to render its final opinion in the 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. We will continue to keep you updated.

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。我們目前正在等待稅務法院就此案給出最終意見，以便我們繼續推進上訴程序。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。我們將繼續為您提供最新信息。

As James mentioned, we are encouraged by our first quarter results and are harnessing what we can control to remain resilient in the face of a volatile operating environment. We remain laser-focused on top line-led growth as well as the endurance of the bottom line. And we'll reinvest in our brands with more rigor and discipline using the refreshed resource allocation framework we discussed at CAGNY.

正如 James 所提到的，我們對第一季度的業績感到鼓舞，並且正在利用我們可以控制的因素在面對動蕩的經營環境時保持彈性。我們仍然專注於以營收為主導的增長以及盈利的持久性。我們將使用我們在 CAGNY 討論的更新後的資源分配框架，以更嚴格和紀律的方式對我們的品牌進行再投資。

This approach enables the enterprise to prioritize and put more focus behind country and category combinations that can deliver the best return in the near term while fueling steady progress on our total beverage strategy over time, it also allows us to be more dynamic and to adapt quickly.

這種方法使企業能夠優先考慮並更加關注能夠在短期內提供最佳回報的國家和類別組合，同時隨著時間的推移推動我們的整體飲料戰略穩步推進，它還使我們能夠更有活力并快速適應.

For example, in emerging markets, where commercial beverages are still a small part of daily consumption, we're leading with core sparkling and juice strengths propositions. In developed markets, where consumers are looking for more beverage choices, we're investing behind a broader portfolio of brands and categories, including value-added dairy, enhanced water, tea and coffee.

例如，在新興市場，商業飲料仍然只佔日常消費的一小部分，我們在核心起泡酒和果汁優勢主張方面處於領先地位。在發達市場，消費者正在尋找更多的飲料選擇，我們正在投資於更廣泛的品牌和類別組合，包括增值乳製品、強化水、茶和咖啡。

Despite the global macro picture remaining uncertain in the months ahead, our planned investments and operational strategy will support the momentum we've seen early in the year and give us good visibility to deliver on our 2023 guidance. This guidance is comprised of organic revenue growth of 7% to 8%, primarily led by price/mix amidst the ongoing inflationary environment, comparable currency-neutral earnings per share growth of 7% to 9%.

儘管未來幾個月全球宏觀形勢仍不明朗，但我們計劃的投資和運營戰略將支持我們在今年年初看到的勢頭，並為我們實現 2023 年的指導方針提供良好的可見度。該指引包括 7% 至 8% 的有機收入增長，主要由持續通脹環境中的價格/組合帶動，可比貨幣中性每股收益增長 7% 至 9%。

Based on current rates and our hedge positions, we are reiterating our currency outlook of an approximate 2- to 3-point headwind to comparable net revenues and an approximate 3- to 4-point currency headwind to comparable earnings per share for full year 2023.

根據當前匯率和我們的對沖頭寸，我們重申我們的貨幣展望，即 2023 年全年的可比淨收入將面臨約 2 至 3 個百分點的逆風，與可比每股收益將面臨約 3 至 4 個百分點的貨幣逆風。

Inflationary forces are moderating in some respects. Spot prices have come down in oil and freight rates are more favorable. That said, many commodities were exposed to have been sticky, and we have some advantageous hedges that will be rolling off to less favorable rates during the year.

通脹力量在某些方面正在緩和。石油現貨價格下降，運費更加有利。也就是說，許多大宗商品都具有粘性，而且我們有一些有利的對沖，這些對沖將在年內轉向不太有利的利率。

Based on current rates and hedge positions, we continue to expect per case commodity price inflation in the range of a mid-single-digit impact on comparable cost of goods sold in 2023. Additionally, we expect wages and inflation in media will continue to remain elevated.

根據當前利率和對沖頭寸，我們繼續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。此外，我們預計媒體行業的工資和通脹將繼續保持升高。

Despite the increase in the first quarter effective tax rate, we continue to expect our underlying effective tax rate to be 19.5% for 2023. All in, we are reiterating comparable earnings per share growth of 4% to 5% versus $2.48 in 2022.

儘管第一季度有效稅率有所上升，但我們仍然預計 2023 年的基本有效稅率為 19.5%。總而言之，我們重申可比每股收益增長 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 remind you that included in cash from operations are 2 discrete items related to, one, transition tax payments, which will take place in the second quarter; and two, payments associated with M&A transactions. Excluding these, our implied free cash flow conversion would be within our long-term guidance.

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。我想提醒您，運營現金中包含 2 個獨立的項目，一是過渡稅的支付，這將在第二季度進行；第二，與併購交易相關的付款。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。

This guidance does not include any payments related to our ongoing U.S. income tax dispute with the IRS. Overall, we don't expect the tax dispute to have a bearing on our ability to deliver on our capital allocation agenda and drive long-term business growth.

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。總體而言，我們預計稅務糾紛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 as it pertains to our guidance. We expect price/mix to moderate through the year as we cycle our pricing initiatives from the prior year. The discrete gross margin benefits related to the phasing of inventory costs and cycling the timing of M&A integration expenses this quarter are unlikely to repeat. Given the ongoing backdrop of rising interest rates, we expect to see higher net interest expense given our effective exposure to floating rate debt.

有一些注意事項需要牢記，因為它與我們的指南有關。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。本季度與庫存成本分階段和併購整合費用周期循環相關的離散毛利率收益不太可能重現。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將增加。

And finally, due to our reporting calendar, there will be one additional day in the fourth quarter. With a quarter of good results to start the year and our focus on driving top line-led growth in any macroeconomic environment, we are well positioned to compound quality value by delivering on 2023 guidance.

最後，由於我們的報告日曆，第四季度將增加一天。憑藉年初四分之一的良好業績以及我們專注於在任何宏觀經濟環境中推動以收入為主導的增長，我們有能力通過提供 2023 年指導來複合質量價值。

Our network structure and aligned system are enabling us to deliver on our 3 key objectives: pursuing excellence globally and winning locally, investing for the long-term health of the business and generating U.S. dollar EPS growth. The strength of our people and great partnerships with our bottlers around the world give us confidence in our ability to win with consumers in the marketplace and deliver value for our stakeholders.

我們的網絡結構和協調一致的系統使我們能夠實現我們的 3 個主要目標：在全球追求卓越並在當地取勝，為業務的長期健康投資並實現美元每股收益增長。我們員工的實力以及與世界各地裝瓶商的良好合作夥伴關係使我們相信我們有能力在市場上贏得消費者的青睞，並為我們的利益相關者創造價值。

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) Our first question comes from Dara Mohsenian from Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Dara Mohsenian。

So first, just a detailed question. You guys obviously started out with a pretty robust initial outlook for work sales of 7% to 8% for the full year in 2023. Obviously, a strong start in Q1. You kept that full year guidance. So just can you give us a sense, did Q1 come in better than you expected? Was this more expected, why not move on the full year? And within that, can you also comment on away-from-home trends (inaudible) as we recover from COVID and what you guys are expecting in the balance of the year, including in China, which is probably in a different place in the rest of the world.

首先，只是一個詳細的問題。你們顯然開始時對 2023 年全年的工作銷售額有 7% 到 8% 的非常強勁的初步前景。顯然，第一季度開局良好。你保持了全年的指導。那麼您能否給我們一個感覺，Q1 的表現是否比您預期的要好？這是否更符合預期，為什麼不繼續整年？在這方面，您能否也評論一下我們從 COVID 中恢復過來時的外出趨勢（聽不清）以及你們對今年餘下時間的期望，包括在中國，這可能與其他地方不同世界的。

Sure. Let me start at the back end and come in reverse. So yes, China opening up, certainly a pattern of consumer behavior not unlike when U.S., Europe opened up, so there has been a resumption in consumer activity. There was a rebound of consumption in Chinese New Year, which obviously fell in the first quarter. So we're certainly seeing the performance in China getting better. And we've been focused on bringing back our marketing and increasing availability in some of the rural marketplaces.

當然。讓我從後端開始，然後倒過來。所以是的，中國的開放，當然是一種消費者行為模式，與美國、歐洲開放時沒有什麼不同，因此消費者活動已經恢復。春節消費出現回升，一季度回落明顯。所以我們肯定會看到中國的表現越來越好。我們一直專注於恢復我們的營銷並增加一些農村市場的可用性。

Remember, in Q2, we'll be cycling the toughest part of '22, I think, for China. But net-net, we remain cautiously optimistic. I mean, it's still -- the Chinese business is still below the 2019 level. But we're cautiously optimistic on the rest of the year for China.

請記住，在第二季度，我認為我們將為中國騎自行車 22 年最艱難的部分。但淨淨，我們保持謹慎樂觀。我的意思是，中國業務仍低於 2019 年的水平。但我們對中國今年餘下時間持謹慎樂觀態度。

The other part of Q1 and the away from home as much as it seems incredible to remember, Q1 last year was -- we were still talking about Omicron and not everywhere was opened up. So we are seeing in the first quarter this year additional strength in the away-from-home business, so take the U.S. as an example, immediate consumption packages grew ahead of future consumption packages. The away-from-home channels, for example, QSR restaurants, had a good strong quarter the first quarter this year, in part because we're cycling a partially open first quarter.

Q1 的另一部分和遠離家鄉的事情似乎令人難以置信，去年的 Q1 是——我們還在談論 Omicron，並不是所有地方都開放了。因此，我們在今年第一季度看到外出業務的額外實力，以美國為例，即時消費套餐的增長領先於未來消費套餐。離家渠道，例如 QSR 餐廳，今年第一季度表現強勁，部分原因是我們在第一季度部分開放。

And that will logically moderate that as we get into the rest of the year because now we're starting to cycle the opening. So hopefully, that does the 2 pieces.

隨著我們進入今年剩下的時間，這在邏輯上會緩和這種情況，因為現在我們開始循環開幕。所以希望，那是 2 件。

Look, overall, first quarter was strong. It was certainly within the bounds of our expectations and our plans. We talk very much in February about how we expected to be able to focus on having volume growth continuing to build the franchise of our beverages across the whole year, but expecting to see pricing moderate from what was similar levels to Q4, which is what we see in Q1, back down to some more normal levels by the end of the year.

總體而言，第一季度表現強勁。這當然在我們的期望和計劃範圍內。我們在 2 月份談了很多關於我們如何期望能夠專注於銷量增長，從而在全年繼續建立我們飲料的特許經營權，但期望看到定價從與第四季度相似的水平開始適度，這就是我們的想法見第一季度，到年底回落到一些更正常的水平。

And so good, strong start. And we're maintaining guidance, we still feel confident in our guidance, and we're well equipped. The outlook has a degree of uncertainty in it that's, I think, more elevated than pre-COVID, obviously not COVID-driven. But there's plenty of uncertainty out there in terms of the direction of travel, of inflation, both the consumers' reaction to it and the input side.

這麼好的，強有力的開始。我們正在保持指導，我們仍然對我們的指導充滿信心，而且我們裝備精良。前景有一定程度的不確定性，我認為，這比 COVID 之前更高，顯然不是 COVID 驅動的。但在旅行方向、通貨膨脹、消費者對它的反應和投入方面都存在很多不確定性。

So we have a set of guidance out there that sees both input costs, our own costs and pricing moderating through the year, but there's still a long way to go. So I think take it as we feel good about our guidance. There's a lot left to manage. We have a good strategy, and we're certainly focused on this kind of all-weather results as we go into the rest of the year.

因此，我們有一套指導方針，可以看到投入成本、我們自己的成本和定價在一年中都在緩和，但還有很長的路要走。所以我認為接受它，因為我們對我們的指導感覺良好。還有很多事情要處理。我們有一個很好的策略，在今年餘下的時間裡，我們當然會專注於這種全天候的結果。

Our next question comes from Lauren Lieberman from Barclays.

我們的下一個問題來自巴克萊銀行的 Lauren Lieberman。

One of the things that stood out to me this quarter was the profitability in North America. So I was just curious if you could comment on that. It looked like margins kind of reached toward a new high watermark. And I was just curious how much of that -- if there was anything onetime or if it has to do with portfolio mix and realization of pricing?

本季度令我印象深刻的一件事是北美的盈利能力。所以我很好奇你是否可以對此發表評論。利潤率似乎達到了新的高水位線。我只是好奇其中有多少——是否曾經有過任何事情，或者它是否與投資組合組合和定價實現有關？

Sure. Do you want to do it, John?

當然。你想做嗎，約翰？

Sure. Thanks, Lauren. Yes, on the back of what James just said, a strong start to the year. We expected in Q1 to see North America coming out to [Gates], given the carryover pricing that we knew would be a tailwind for the quarter.

當然。謝謝，勞倫。是的，在詹姆斯剛才所說的背後，今年的開局很強勁。鑑於我們知道結轉定價將成為本季度的順風，我們預計在第一季度會看到北美出現在[蓋茨]。

We also saw benefits from immediate consumption been strong through the quarter. And as we look to the rest of the year, we continue to keep in mind our ongoing objectives to expand margins.

我們還看到整個季度直接消費帶來的好處很強勁。展望今年剩餘時間，我們將繼續牢記擴大利潤率的持續目標。

But Q1 was, let's say, we came out of the gate strong, we knew we would. And we look to the rest of the year in line with what James is saying to moderate as we get into the back half of the year on the pricing front and to continue to be laser-focused using our RGM work to stay with the consumer.

但是 Q1 是，比方說，我們強大地走出了大門，我們知道我們會的。我們期待今年餘下的時間與 James 所說的保持一致，因為我們進入今年下半年的定價方面，並繼續使用我們的 RGM 工作來關註消費者。

So we feel good about the start. Rest of the year is looking positive. And yes, we'll take into account, I think, some of the trends we're seeing on the macroeconomic and consumer front and manage the -- that environment with the various levers we have.

所以我們對開始感覺很好。今年剩下的時間看起來很樂觀。是的，我認為我們會考慮到我們在宏觀經濟和消費者方面看到的一些趨勢，並利用我們擁有的各種槓桿來管理這種環境。

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 had a question on your business in Europe. Organic sales in the quarter were incredibly strong. You're up 23% on a tough comp. So just curious if you could help us unpack this a bit more. Maybe touch on the resilience of the consumer. How big of a factor the mild winter was? And then were there any countries within Europe that were particularly strong, for instance?

我有一個關於您在歐洲的業務的問題。本季度的有機銷售額非常強勁。你在艱難的比賽中上漲了 23%。所以很好奇你是否可以幫助我們進一步解開這個問題。也許觸及消費者的彈性。暖冬的影響有多大？那麼歐洲有沒有特別強大的國家，比如說？

Yes. Thanks, Bonnie. Look, firstly, EMEA is more than just Europe. That's the first key point. It includes some countries that had some near hyperinflationary effects of Turkey and there's an impact in the first quarter of high inflation in Turkey, which has kind of pushed the price/mix up more than would be normal.

是的。謝謝，邦妮。首先，EMEA 不僅僅是歐洲。這是第一個關鍵點。它包括一些與土耳其有一些近乎惡性通貨膨脹影響的國家，並且在第一季度土耳其的高通貨膨脹產生了影響，這在一定程度上推動了價格/混合比正常情況更多。

Secondly, of course, there's some carryover pricing from the inflationary burst that happened in kind of the European Union, certainly U.K. last year. And that will moderate as we go over '23 as is likely to be the Turkish inflation. There's some mix benefits of Western Europe having, as you said, a relatively mild winter. And so despite the pressures on purchasing power, actually, Western Europe had a very good first quarter. And that's good in its own right, but it's also good in a mix effect within EMEA. So kind of everything did pretty well.

其次，當然，去年歐盟（當然還有英國）發生的通貨膨脹爆發會帶來一些結轉定價。隨著我們超過 23 年，這將有所緩和，這很可能是土耳其的通貨膨脹。正如您所說，西歐的冬天相對溫和，這有一些好處。因此，儘管購買力面臨壓力，但實際上，西歐第一季度的表現非常好。這本身就很好，但它在 EMEA 內的混合效果也很好。所以一切都做得很好。

A number of the other Middle Eastern and African countries did well, perhaps with the exception of Nigeria. So it was a strong overall result. Lots of mix in there, and as I said, a bit of an inflationary effect between carryover and Turkey that will moderate in the rest of the year.

其他一些中東和非洲國家表現良好，也許尼日利亞除外。所以這是一個很好的整體結果。那裡有很多混合，正如我所說，結轉和土耳其之間的通貨膨脹效應將在今年剩餘時間緩和。

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。

John, I wanted to just touch back on some of the gross margin comments you made earlier. And I guess, looking at the slide deck, right, there was about 140 basis points of gross margin benefit, underlying gross margin expansion in the quarter.

約翰，我只想回顧一下你之前發表的一些毛利率評論。而且我想，看看幻燈片，正確的是，毛利率收益大約有 140 個基點，本季度潛在的毛利率增長。

Can you just give us some sense of how much, I guess, the inventory phasing and the lapping of the M&A integration costs, just how much of the stuff that, I guess, is kind of more onetime impacted that 140? And I guess as we're thinking about pricing fading through the year, would we be kind of more looking at kind of flattish maybe gross margins as we move through the balance of the year? So if you could just kind of give us a little bit more color on those items would be helpful.

你能告訴我們有多少嗎，我猜，庫存階段和併購整合成本的重疊，我猜，有多少東西，我猜，有點一次性影響 140？而且我想當我們考慮全年價格下降時，我們是否會在今年餘下的時間裡更多地關注某種持平的毛利率？因此，如果您能給我們一些關於這些項目的更多顏色，將會有所幫助。

Yes. Thanks, Bryan. So of the 140 basis points, you're correct. The -- included in that is the onetime on the inventory and the cycling of M&A. It's about half of that. The other half comes from -- mainly from the carryover price and some favorable price/mix in the quarter.

是的。謝謝，布萊恩。所以在 140 個基點中，你是對的。其中包括一次性庫存和併購週期。大約是其中的一半。另一半來自 - 主要來自本季度的結轉價格和一些有利的價格/組合。

So as you think about the rest of the year, I would keep in mind the following. As I just mentioned in North America, I think it's across the board. Moderation on price, both rate and frequency. I think a greater use of our RGM levers to help to stay with the consumer as we see the consumer in different states, in different parts of the world.

所以當你考慮今年剩下的時間時，我會記住以下幾點。正如我剛才在北美提到的，我認為這是全面的。價格適度，包括價格和頻率。我認為更多地使用我們的 RGM 槓桿來幫助與消費者保持聯繫，因為我們看到消費者處於不同的狀態，在世界的不同地區。

We will have some FX headwinds similar to what we had in Q1 throughout the year, we -- is our current expectation. We'll have an extra day in the fourth quarter. And so I'd keep in mind that we have interest in our long-term algorithm, an ongoing objective to expand margins, and that remains very much the focus, but you take those items into account for the rest of the year as you think about 2023 full year.

我們將遇到一些類似於全年第一季度的外匯逆風，這是我們目前的預期。我們將在第四季度多一天。所以我要記住，我們對我們的長期算法很感興趣，這是一個擴大利潤率的持續目標，這仍然是我們關注的焦點，但你會按照你的想法在今年餘下的時間裡考慮這些項目大約 2023 年全年。

I would also say like we've talked about it historically on pricing volume. I would encourage people not to draw correlations through 1 quarter. And you can use full quarters or annuals. Given acquisition relative to the bottlers and the final consumer, I think it's important to kind of average out some of these effects through all the various variables that John mentioned and take a multi-quarter view of what's going on and take that all into account.

我還要說，就像我們在歷史上討論過定價量一樣。我鼓勵人們不要在 1 個季度內得出相關性。你可以使用完整的季度或年度。考慮到與裝瓶商和最終消費者相關的收購，我認為重要的是通過約翰提到的所有各種變量來平均這些影響，並對正在發生的事情採取多季度的觀點，並將所有因素都考慮在內。

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。

Just maybe first, just a quick clarification. John, I think as you started, you had talked about an expectation of bottom line or below-the-line deleverage on higher interest costs and the like. This quarter, we saw that work in your favor just because of the higher other equity income and just wanted to get an update as to whether you still expect to deleverage on the year or if the first quarter changes that outlook.

也許首先，只是一個快速的澄清。約翰，我想當你開始時，你已經談到了對更高利息成本等的底線或線下去槓桿化的預期。本季度，我們看到這對您有利，只是因為其他股票收入較高，並且只是想了解您是否仍希望在今年去槓桿化，或者第一季度是否會改變這一前景。

My broader question was back to revenue growth management. And James, you talked about affordability versus premiumization, which has been a theme. I was wondering if you could maybe frame what percentage of the portfolio today is what you classify as affordable versus premium, how those cohorts are growing relative to the totality. And just the relationship between the 2, like would you still be pursuing the affordability opportunity as aggressively if you didn't have the premiumization lever working for you? Are those 2 things related in your mind? Or are they mutually exclusive?

我更廣泛的問題是回到收入增長管理。詹姆斯，你談到了負擔能力與高端化，這一直是一個主題。我想知道您是否可以確定今天的投資組合中有多少百分比是您歸類為負擔得起的與優質的，這些人群相對於整體的增長情況。只是這兩者之間的關係，就像如果您沒有為您工作的優質化槓桿，您是否仍會積極尋求負擔能力的機會？你認為這兩件事有關聯嗎？或者它們是相互排斥的？

Do you want to start?

你想開始？

Yes. Let me take the first part, Steve. Just as you said, the first quarter, we did benefit from the equity income coming in better. And we also had a couple of onetimes on dividends, et cetera, that helped.

是的。讓我來談談第一部分，史蒂夫。正如你所說，第一季度，我們確實受益於更好的股票收入。我們也有幾次分紅等等，這很有幫助。

For the rest of the year, no significant change in what we've guided on interest expense. You can expect Q2 and Q3 relative to prior year to be higher impact, given that we really saw the step-up starting in Q4 of last year. So we still, for the full year, expect the same quantum of deleverage as we had indicated in our February guidance.

在今年餘下的時間裡，我們對利息支出的指導沒有重大變化。鑑於我們確實看到了去年第四季度開始的升級，您可以預計第二季度和第三季度相對於去年的影響會更大。因此，我們仍然預計全年的去槓桿化程度與我們在 2 月份的指引中所指出的相同。

Perhaps I'll take the RGM bit, Steve. I'm not sure I would attach a percentage to it globally. I'm not sure it drives relevance. I think a couple of thoughts, though.

也許我會擔任 RGM 職位，史蒂夫。我不確定我會在全球範圍內附加一個百分比。我不確定它是否推動了相關性。不過，我想有幾個想法。

One, clearly, as over time, there has been an increase in disparity of income in any given country, the need to match the consumer across a broader range of price points has gone up. So you see both more opportunity and more need to have a foot in affordability and the other foot in premium. And so those -- both of the ends of the spectrum have been going up over time as we seek to meet the consumers where they are and where their pockets are and allow them to stay in our franchise.

第一，很明顯，隨著時間的推移，任何特定國家/地區的收入差距都在擴大，在更廣泛的價格點上匹配消費者的需求已經上升。因此，您會看到更多的機會和更多的需求，一方面是負擔能力，另一方面是溢價。因此，隨著時間的推移，隨著我們尋求滿足消費者所在的位置和他們的口袋並允許他們留在我們的特許經營權中，這些 - 頻譜的兩端都在上升。

So I see it as a need to do more of both. Obviously, what's affordable and what's premium in the U.S. might look different than it does in Africa or China or Western Europe, but the direction of travel is more of both. And the mechanic of delivering on them, again, is different by countries.

所以我認為有必要在這兩方面做更多的事情。顯然，在美國什麼是負擔得起的和什麼是優質的可能看起來與在非洲、中國或西歐不同，但旅行的方向更多是兩者兼而有之。同樣，實現這些目標的機制因國家/地區而異。

In Latin America, it might be with a refillable PET bottle to get down to affordability. In the U.S., it might be certain package sizes or the level of promos in some of the modern trade channels. Again, premium might look different. It might be returnable glass in Spain. And it might be different categories, for example, fairlife in the U.S.

在拉丁美洲，可能會使用可再灌裝的 PET 瓶來降低負擔能力。在美國，可能是某些現代貿易渠道中的某些包裝尺寸或促銷水平。同樣，溢價可能看起來不同。在西班牙，它可能是可回收玻璃。它可能是不同的類別，例如美國的 fairlife

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, I appreciate your comment on the puts and takes, especially with the away from home and the easy comps for the QSR in the U.S. in the first quarter. We have been seeing some retailers talk about the weather and also seeing companies talk about weaker recent trends, in particular in the U.S. in March.

詹姆斯，我很欣賞你對 puts 和 takes 的評論，尤其是第一季度美國 QSR 的客場比賽和輕鬆比賽。我們一直看到一些零售商談論天氣，也看到公司談論近期趨勢疲軟，尤其是 3 月份在美國。

I know to the extent you normally don't give us the exit rate, but particularly now as we see these puts and takes, and of course, your guidance doesn't really imply a continuation of the trends that you saw in the first quarter. So I think, obviously, this start is a pretty good start and give us some more confidence on the rest of the year, but perhaps talk about this intakes and the easy comps in Asia that you alluded to.

我知道在某種程度上你通常不給我們退出率，但特別是現在我們看到這些看跌期權，當然，你的指導並不真正意味著你在第一季度看到的趨勢的延續.所以我認為，很明顯，這個開端是一個很好的開始，讓我們對今年餘下的時間更有信心，但也許可以談談你提到的這次入學和亞洲的輕鬆比賽。

It's -- I mean, we're 2 weeks into the second quarter. So I think that -- I don't think there's anything particularly productive in it. I mean, they weren't out-of-the-park results in the first couple of weeks, but there was some worse weather in India and the U.S. and the shift of Eastern side.

這是——我的意思是，我們進入第二季度已經兩週了。所以我認為 - 我不認為其中有什麼特別有成效的。我的意思是，他們在前幾週並沒有出乎意料的結果，但印度和美國的天氣更糟，而且東部地區發生了變化。

I don't think one can draw a lot from a couple of softer weeks in the first 2 weeks of April. The whole -- the performance through the quarter was good. There wasn't a major ski slope from January through to March. And so I think that we saw continued strength.

我不認為人們可以從 4 月的前兩週的幾個較軟的星期中吸取很多教訓。整個季度的表現都很好。從 1 月到 3 月，沒有大型滑雪場。所以我認為我們看到了持續的力量。

I would encourage people as they look out for the rest of the year and think about momentum as I did last year to look at some of the multiyear trends. And last year, I encouraged people to look compared to 2019 on a 3-year CAGR basis because then that helps see through some of the reopenings and closings and all the [strategies].

我會鼓勵人們關註今年餘下的時間，並像我去年所做的那樣思考勢頭，看看一些多年趨勢。去年，我鼓勵人們在 3 年復合年增長率的基礎上與 2019 年進行比較，因為這有助於了解一些重新開放和關閉以及所有 [戰略]。

I would encourage the same thing this year in the sense of the 4-year CAGR to 2019 and see it that way. Look, there's a long way to go. We've started with strong momentum. We had it in January. We had it in March. The consumer is holding up, and we feel good about the strength of our strategy.

從到 2019 年的 4 年復合年增長率的意義上說，我今年會鼓勵同樣的事情，並這樣看。看，還有很長的路要走。我們以強勁的勢頭開始了。我們在一月份有它。我們在三月有它。消費者正在堅持，我們對我們戰略的實力感到滿意。

Our next question comes from Rob Ottenstein from Evercore.

我們的下一個問題來自 Evercore 的 Rob Ottenstein。

James, you've had some very interesting packaging innovation and digital engagement with younger consumers trying to keep them, bring them into the CSD portfolio. Just wondering if you could give us any kind of sense of how that's developing? Are you seeing improved brand equity scores with younger consumers, better market share? Any early signs that these innovations targeted to younger demographics, developed markets are working?

詹姆斯，你與年輕消費者進行了一些非常有趣的包裝創新和數字互動，試圖留住他們，將他們帶入 CSD 產品組合。只是想知道您是否可以讓我們了解這是如何發展的？您是否看到年輕消費者的品牌資產得分有所提高，市場份額有所增加？有任何早期跡象表明這些針對年輕人群、發達市場的創新正在奏效嗎？

Sure. Yes, you put your finger on a kind of a nexus of a whole set of innovations. Let me just focus them in on the -- just using Coca-Cola brand, just to start with for a second. I mean, we did the Coke Creations, which was kind of limited edition kind of beyond it's vanilla or it's cherry into kind of stardust and marshmallow. And I think it was much more engaging for consumers.

當然。是的，你把手指放在了整套創新的某種聯繫上。讓我把他們的注意力集中在 - 只是使用可口可樂品牌，只是開始一秒鐘。我的意思是，我們製作了 Coke Creations，這是一種限量版，超越了香草味或櫻桃味，融入了星塵和棉花糖。而且我認為這對消費者來說更具吸引力。

Some of the advertising, I mean, we did -- we partnered with OpenAI and ChatGPT and DALL-E to run a promotion where you could design Coke advertising and have it come up on the Times Square billboard. And all of that change, obviously, the bigger scale through the marketing, which has become much more digital over the last 3 years is starting to drive a difference.

我的意思是，我們做了一些廣告——我們與 OpenAI、ChatGPT 和 DALL-E 合作開展促銷活動，您可以在其中設計可口可樂廣告並將其出現在時代廣場的廣告牌上。顯然，所有這些變化，通過營銷擴大規模，在過去 3 年中變得更加數字化，開始帶來不同。

So if I were to take the U.S. where historically, we have been underrecruiting to not say, not recruiting consumers, we can see that the growth in the Coke franchise is not just being driven by increased recruitment, but increased engagement and recruitment of Gen Z. So you're starting to see an impact come through on the aggregate recruiting numbers, on the aggregate engagement with Gen Z and the increase of Gen Z coming into the franchise.

因此，如果我拿美國來說，歷史上我們一直在招聘不足，不說，不招募消費者，我們可以看到可口可樂特許經營的增長不僅受到招聘增加的推動，而且受到 Z 世代參與和招聘的增加. 因此，您開始看到對總招聘人數、與 Z 世代的總體參與度以及 Z 世代加入特許經營權的增加產生了影響。

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。

James, I was hoping you can talk about the nonsparkling part of the business, less so from a consumer and product strategy side, but more from a go-to-market with this whole reorganization going on in North America, in particular, is there a better infrastructure do you think for Coke to sell the entire portfolio versus kind of historically how it's been much more kind of predominantly focused on sparkling? Any thoughts on that would be helpful.

詹姆斯，我希望你能談談業務中不起眼的部分，而不是從消費者和產品戰略方面，而是更多地從上市到整個重組在北美進行，特別是，有沒有您認為可口可樂出售整個產品組合的基礎設施是否更好，而不是歷史上它如何更主要地專注於起泡酒？對此的任何想法都會有所幫助。

So let me talk about the portfolio and then the go-to-market. I mean, clearly, the portfolio in North America has been expanding over the last decades, but a lot in the -- a lot recently as well. I think the results you're seeing in North America is actually driven by the overused expression of the [AN] strategy. We're seeing growth in soft drinks, good resonance in Coke and Coke Zero but also growth in the rest of the portfolio.

那麼讓我談談產品組合，然後是上市。我的意思是，很明顯，北美的投資組合在過去幾十年裡一直在擴大，但最近也擴大了很多。我認為您在北美看到的結果實際上是由 [AN] 戰略的過度表達驅動的。我們看到軟飲料的增長，可口可樂和可口可樂零的良好共鳴，以及其他產品組合的增長。

We talked about in the script how fairlife has been on a multiyear journey, really, really doing well. Obviously, that builds on some of the previous acquisitions. vitaminwater and smartwater doing really well in the quarter. And so you're starting to see the portfolio being built out across the different categories.

我們在劇本中談到了 fairlife 如何在多年的旅程中，真的，真的做得很好。顯然，這是建立在之前的一些收購之上的。 vitaminwater 和 smartwater 在本季度表現非常好。因此，您開始看到跨不同類別構建的投資組合。

Clearly, it's not all plain sailing in every category. We've talked how we need to stabilize and reinvigorate BODYARMOR in tandem with POWERADE. You're starting to see some growth in the coffee ready-to-drink in North America.

顯然，並不是每個類別都一帆風順。我們已經討論了我們需要如何與 POWERADE 一起穩定和重振 BODYARMOR。您開始看到北美的即飲咖啡有所增長。

Now all of that feeds into a set of routes to the market, which are -- there are multiple platforms in the U.S. There have been. Clearly, the biggest piece is the bottlers largely to, obviously, retailers and lots of away-from-home channels, complemented by the chilled route and the fountain route.

現在，所有這些都進入了一系列進入市場的途徑，這些途徑是——美國有多個平台。顯然，最大的一塊是裝瓶商，顯然，主要是零售商和許多離家渠道，輔之以冷藏路線和噴泉路線。

So I think there's much greater focus on getting the portfolio, be the portfolio that works for consumers and drives a winning strategy for the retailers. And then a vastly strengthened bottling system over the last number of years through the refranchising through great work by the bottlers in the U.S. to both increase their capability and increase their rate of investment.

因此，我認為人們更加關注獲得投資組合，成為適合消費者並推動零售商制勝戰略的投資組合。然後，在過去幾年中，通過美國裝瓶商的出色工作重新特許經營，大大加強了裝瓶系統，既提高了他們的能力，又提高了他們的投資率。

Our next question comes from Peter Grom from UBS.

我們的下一個問題來自瑞銀的 Peter Grom。

James, I was hoping to follow up on that a little bit and just kind of get some perspective on the current trends in the sports drink category, specifically here in the U.S. I think you called out BODYARMOR and POWERADE being under some pressure in the release, and you just alluded to that in your response to the next question. So can you maybe just talk about the competitive dynamics in that category and kind of how you see that evolving as we look out over the balance of the year?

詹姆斯，我希望能跟進一點，了解一下運動飲料類別的當前趨勢，特別是在美國。我想你提到 BODYARMOR 和 POWERADE 在發佈時承受了一些壓力，您剛剛在回答下一個問題時提到了這一點。那麼，您能否談談該類別的競爭動態，以及在我們展望今年餘下時間時您如何看待這種演變？

Yes, sure. Obviously, we've got 2 brands. We've got BODYARMOR and POWERADE. We talked on previous calls where we had not had the greatest integration into the Coke system last year on BODYARMOR. And obviously, there's some new players and new category dynamics.

是的，當然。顯然，我們有 2 個品牌。我們有 BODYARMOR 和 POWERADE。我們在之前的電話會議上談到了去年在 BODYARMOR 上我們沒有最大程度地集成到可口可樂系統中。顯然，有一些新的參與者和新的類別動態。

We're very focused on stabilizing our portfolio and growing from here. We brought out some product innovation in the first quarter with BODYARMOR Flash I.V. The BODYARMOR Sports water continued to be the fastest-growing premium water and POWERADE Zero sugar.

我們非常專注於穩定我們的投資組合併從這裡發展。我們在第一季度通過 BODYARMOR Flash I.V 推出了一些產品創新。 BODYARMOR 運動水繼續成為增長最快的優質水和 POWERADE 零糖。

So we -- we're starting to see some innovation coming through, some better marketing. There will be some missing package formats going into the marketplace in Q2 with multi-serve multipack versions of BODYARMOR. And so we think we can do well as we've talked about before with BODYARMOR and POWERADE. It's early days, but we see some promising signs to reverting the trend by the end of the year.

所以我們 - 我們開始看到一些創新，一些更好的營銷。將有一些缺失的包裝形式在第二季度進入市場，其中包含 BODYARMOR 的多份多件裝版本。因此我們認為我們可以做得很好，就像我們之前談到的 BODYARMOR 和 POWERADE 一樣。現在還為時過早，但我們看到了一些有希望的跡象，有望在年底前扭轉這一趨勢。

Our next question comes from Bill Chappell from Truist Securities.

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

Just a follow up on the still and kind of elasticity. I mean, it seems like sparkling, you have plenty of pricing opportunity from here, but maybe also on juice, water kind of base level, do you see promotions coming back in? Do you see like -- you feel like you're running into a ceiling at some point this year in terms of pricing because especially as you're getting more of a middle and lower-end consumer that's buying some of those products? Any thoughts there would be great.

只是對靜止和彈性的跟進。我的意思是，它看起來像起泡酒，你在這裡有很多定價機會，但也可能在果汁、水等基本水平上，你看到促銷活動回來了嗎？你是否看到 - 你覺得你今年在定價方面的某個時候遇到了天花板，因為特別是當你越來越多的中低端消費者購買其中一些產品時？任何想法都會很棒。

Yes. Look, I think in recent times, the elasticities on water have been stronger than they have on soft drinks and juice somewhere in there as well. And so that clearly consumers are being differentiating by category and brand strength and whether the brand or the category has earned the right to do the pricing even if the pricing is largely cost-driven. So that definitely has been a feature of recent quarters.

是的。看，我認為最近一段時間，水的彈性比軟飲料和果汁的彈性更強。因此，很明顯，消費者正在按品類和品牌實力進行區分，以及品牌或品類是否贏得了定價權，即使定價主要是由成本驅動的。所以這絕對是最近幾個季度的一個特點。

As we look out, as I said, we see pricing moderating, which means in the context of markets like the U.S. or Europe is a reduction in the level of off-cycle price increases. We may, as we go forward, see slightly more promotions as we look for those consumers who are under pressure to offer them slightly better affordability options.

正如我所說，正如我們所看到的那樣，我們看到定價正在放緩，這意味著在美國或歐洲等市場的背景下，非週期價格上漲水平有所下降。隨著我們的前進，我們可能會看到更多的促銷活動，因為我們正在尋找那些承受壓力的消費者，為他們提供稍微更好的負擔能力選擇。

But we'll be balancing that with investments in premiumization options, whether that be categories or packaging. And so as I talked about in the answer on one of the other questions, we're trying to work both ends of the spectrum here. And I see the need to press harder on both ends as we have done over the last number of years and as we will do in the course of this year.

但我們將通過對優質化選項的投資來平衡這一點，無論是類別還是包裝。因此，正如我在回答其他問題之一時所說的那樣，我們正在嘗試在這兩個方面進行工作。我認為有必要像我們在過去幾年中所做的那樣在兩端更加努力地施壓，正如我們將在今年所做的那樣。

Our next question comes from Kevin Grundy from Jefferies.

我們的下一個問題來自 Jefferies 的 Kevin Grundy。

Great. We covered a lot of ground. So a couple of cleanups for me, probably both for John. Can you quantify the impact from hyperinflationary pricing in the quarter from Turkey and Argentina? I'm not sure if that's a number that you have at your fingertips.

偉大的。我們涵蓋了很多領域。所以為我做了幾次清理工作，可能都是為了約翰。您能否量化土耳其和阿根廷本季度惡性通貨膨脹定價的影響？我不確定這是否是您唾手可得的數字。

And then broadly, investment levels, I think there'd be a view in staples broadly that as gross margin improves, it will lend itself to some degree of reinvestment. Just wanted to get your thoughts on where the organization is now in terms of its satisfaction with overall investment levels.

然後從廣義上講，投資水平，我認為在主要產品中會有廣泛的觀點，即隨著毛利率的提高，它將有助於一定程度的再投資。只是想了解您對組織目前對整體投資水平的滿意度的看法。

I think pre-pandemic, we're sort of at a high 12%. Industry dipped collectively for all the reasons that we know. If I'm not mistaken, you guys are around 8.5% of sales. Where do you see that going? And then maybe just some broader thoughts on adequacy and how you see this progressing as the cost environment lends itself to a greater degree of reinvestment.

我認為在大流行前，我們處於 12% 的高位。由於我們所知道的所有原因，行業集體下滑。如果我沒記錯的話，你們大約佔銷售額的 8.5%。你認為這是怎麼回事？然後可能只是關於充分性的一些更廣泛的想法，以及隨著成本環境有助於更大程度的再投資，你如何看待這種進展。

Thanks, Kevin. First question on the hyperinflationary, but just a little under 2 points in Q1. I don't have the mirror for the crystal ball for the rest of the year, but you can build that into your assumptions for the rest of the year.

謝謝，凱文。關於惡性通貨膨脹的第一個問題，但在第一季度略低於 2 點。我沒有今年餘下時間的水晶球鏡子，但你可以將其納入今年餘下時間的假設中。

Regarding investment levels, we've been, I think, very consistent over the last 3 or 4 years and been clear that we will invest as we need to support the portfolio. And on a quarter-to-quarter basis, there are ups and downs on that.

關於投資水平，我認為，在過去 3 或 4 年裡，我們一直非常一致，並且明確表示我們將在需要支持投資組合時進行投資。從季度到季度來看，這有起有落。

We did some really good work in '21, '22 to be able to do more with less or to do more with the same. So it's not apples-to-apples in that sense. I think we're getting more value today per dollar of investments than we have ever done before.

我們在 21 年和 22 年做了一些非常好的工作，能夠用更少的資源做更多的事情，或者用同樣的東西做更多的事情。所以從這個意義上說，這不是同類。我認為我們今天每一美元的投資獲得的價值比以往任何時候都高。

And so when I take that into account plus the absolute levels that we're investing, I think we are in good shape overall. And I think our markets have what they need. And so we continue to be very much of the mindset to have that as a top priority and where necessary and Q1 is a good example, in some cases, to invest ahead of the curve. So all in, I feel good about the rate and the improving effectiveness of our overall spend.

因此，當我考慮到這一點以及我們投資的絕對水平時，我認為我們總體上處於良好狀態。我認為我們的市場有他們需要的東西。因此，我們仍然非常重視將其作為首要任務並在必要時將其作為首要任務，而在某些情況下，第一季度就是一個很好的例子，可以提前投資。因此，總而言之，我對我們整體支出的比率和效率提高感到滿意。

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。

Just a couple of cleanups for me as well. Just, John, on a total inflation basis, did you see commodities get a little bit worse through the quarter? And perhaps, can you comment on total inflation, including freight? So just trying to frame the commodity inflation versus total inflation?

我也只是做了幾次清理工作。只是，約翰，在總通貨膨脹的基礎上，你是否看到大宗商品在本季度變得更糟了？也許，你能評論一下包括運費在內的總通貨膨脹率嗎？所以只是試圖將商品通脹與總通脹相比較？

And then from a cash flow standpoint, would you expect free cash flow to be positive in Q2? And any way that you would just discuss the front half versus back half delivery in the context of your full year free cash flow guidance?

然後從現金流的角度來看，您是否預計第二季度的自由現金流為正？在你的全年自由現金流指導的背景下，你會以任何方式討論前半部分和後半部分交付？

Yes, our commodities portfolio, so to speak, is it's going to -- it's a mixed bag in there. On the one hand, we're seeing some moderation in the number of commodities, metals number, for example. We're seeing moderation on ocean and freight in general. But offsetting that for us was we have a pretty meaningful increase in sweeteners and in juices. So that's one consideration.

是的，我們的大宗商品投資組合，可以這麼說，它會 - 它是一個混合包。一方面，我們看到商品數量有所放緩，例如金屬數量。我們看到海運和貨運總體上有所緩和。但對我們來說抵消的是我們在甜味劑和果汁方面有相當有意義的增加。所以這是一個考慮因素。

The second consideration is we continue to hedge in 2023, and we feel good about the hedges we're putting into place. But they are cycling a set of hedges in 2022 that were more favorable. So I think it's important to keep that in mind.

第二個考慮是我們在 2023 年繼續進行對沖，我們對我們正在實施的對沖感到滿意。但他們在 2022 年循環了一組更有利的對沖。所以我認為牢記這一點很重要。

And then thirdly, as we go into the rest of the year, as we've alluded to in some of the other questions, we do see some further moderation on the overall cost front. But we do have, as a net of all of that, continued view that we'll have a mid-single-digit increase for the year 2023.

然後第三，隨著我們進入今年剩餘時間，正如我們在其他一些問題中提到的那樣，我們確實看到整體成本方面有進一步的緩和。但我們確實有，作為所有這些的淨值，我們繼續認為我們將在 2023 年實現中等個位數的增長。

And on free cash flow, yes, the first -- as we said, the first quarter, we had a couple of discrete items in there that we had highlighted in February. And we've also had a couple of timing items, working capital-related that has affected the net results for the quarter.

關於自由現金流，是的，第一個——正如我們所說，第一季度，我們有幾個我們在 2 月份強調的離散項目。我們還有一些時間項目，與營運資金相關，影響了本季度的淨結果。

Keep in mind that in the second quarter, we will have the transition tax payments going out. And so for this year, I would expect free cash flow as a result of what's happened in Q1 and what I expect in Q2 to be back weighted towards the second half of the year.

請記住，在第二季度，我們將支付過渡稅。因此，對於今年，我預計第一季度發生的事情會產生自由現金流，而我預計第二季度的情況將在今年下半年重新加權。

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。

To expand on Steve's earlier question, in the emerging markets, refillables, they drive affordability, but it seems they also help you to increase premium pricing for one way and create premium growth. So my question is, where in emerging markets might you see big opportunities or new opportunities to drive affordability gains and revenue management?

為了擴展史蒂夫之前的問題，在新興市場，可再填充產品推動了可負擔性，但它們似乎也可以幫助您以一種方式提高保費定價並創造保費增長。所以我的問題是，在新興市場的哪些地方，您可能會看到推動負擔能力提高和收入管理的重大機遇或新機遇？

Yes. Carlos, thanks. Definitely agree with you on the essential idea that if you have a good anchor in affordability options, it allows the portfolio to stretch along the price spectrum with other packaging options and thereby, both satisfying more consumers and drive a more -- a better -- a higher competitive advantage and a more profitable business overall.

是的。卡洛斯，謝謝。絕對同意你的基本觀點，即如果你在可負擔性選項上有一個很好的錨定，它允許產品組合與其他包裝選項一起沿著價格範圍延伸，從而既滿足更多消費者，又推動更多 - 更好 -更高的競爭優勢和更有利可圖的業務。

Obviously, the refillables infrastructure takes time to build, not just from a kind of a manufacturing and distribution point of view, but from a retail and consumer habit point of view. But there's still plenty of opportunity in Latin America, which is obviously one of the big bases. It's still a feature of the German market.

顯然，可再填充基礎設施的建設需要時間，不僅從製造和分銷的角度來看，而且從零售和消費者習慣的角度來看。但是拉丁美洲仍然有很多機會，這顯然是大基地之一。它仍然是德國市場的一個特點。

How far that then becomes a feature of other markets is going to be developed over time. We've certainly got some activity in Africa and India, but it doesn't -- as you know, it doesn't change rapidly overnight, but there's definitely big opportunities to use all the thinking behind RGM and all the new and latest technologies to provide packaging options that give price points across this broader range as possible.

隨著時間的推移，這將在多大程度上成為其他市場的特徵。我們當然在非洲和印度開展了一些活動，但它並沒有——正如你所知，它不會在一夜之間迅速改變，但絕對有很大的機會利用 RGM 背後的所有思想和所有新技術提供包裝選項，盡可能在更廣泛的範圍內提供價格點。

Our last question will come from Charlie Higgs from Redburn.

我們的最後一個問題將來自 Redburn 的 Charlie Higgs。

Just a final one on innovation, please. And I think you've relaunched Sprite Zero in the quarter and also POWERADE. Is there any initial feedback you could give on those brands? That'd be very useful. And then also just any thoughts on Coke Zero, which, again, it grew volumes 8% of a comp of 14%. I guess just how much further do you think that brand specifically has to go?

請最後一個關於創新的問題。我認為你們在本季度重新推出了 Sprite Zero 和 POWERADE。您對這些品牌有什麼初步的反饋嗎？那會非常有用。然後還有關於可口可樂零的任何想法，它再次增長了 14% 的 8%。我想您認為該品牌還需要走多遠？

Sure. I mean, the reformulations on Sprite Zero and POWERADE are specific to a number of markets. It's not a big call out. They're part of an ongoing program to make sure that we have the best tasting, most effective recipes in any particular market. So I see those as examples of continuing to innovate to stay on the cutting edge of the formula, whether that's taste and enjoyment or delivery on a functional feature in a category like the sports category.

當然。我的意思是，Sprite Zero 和 POWERADE 的重新制定是針對許多市場的。這不是什麼大事。它們是正在進行的計劃的一部分，以確保我們在任何特定市場上擁有最好的口味、最有效的食譜。因此，我將這些視為繼續創新以保持公式前沿的例子，無論是品味和享受，還是在運動類別等類別中提供功能特徵。

And as it relates to Coke Zero, we now have many years of very strong volume growth behind Coke Zero. I think there's a huge and massive ongoing runway for Coke Zero to continue to grow.

由於它與可口可樂零相關，我們現在在可口可樂零之後有多年非常強勁的銷量增長。我認為可口可樂零號有一條巨大的跑道可以繼續增長。

Ladies and gentlemen, this concludes our question-and-answer session. I would 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。我想將電話轉回 James Quincey 以聽取任何結束語。

So just to summarize, the year's off to a great start. We continue to win in the marketplace. While it's still early in the year and the macro environment remains uncertain, we're confident in our plans and our ability to leverage our capabilities to adapt to consumer needs and drive top line-led growth. And we have visibility to deliver on our 2023 guidance.

總而言之，今年開局不錯。我們繼續在市場上取勝。雖然今年仍處於年初，宏觀環境仍不明朗，但我們對我們的計劃和利用我們的能力來適應消費者需求並推動收入增長的能力充滿信心。我們有能力實現我們的 2023 年指南。

We're focused on the sizable opportunity ahead of us and are managing the near-term uncertainties to build a Coke system for the long term. Thank you for your interest, your investment in our company and for joining us this morning. Thank you.

我們專注於我們面前的巨大機遇，並正在管理近期的不確定性，以建立長期的可口可樂系統。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。

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。