可口可樂 (KO) 2023 Q2 法說會逐字稿

At this time, I'd like to welcome everyone to The Coca-Cola Company's Second 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.

現在，我謹歡迎大家參加可口可樂公司2023年第二季業績電話會議。今天的電話會議正在錄音中。如有任何異議，請立即掛斷。 （接線員指示）我想提醒大家，本次會議的目的是與投資人對話，因此，媒體的提問將不予解答。媒體與會者如有任何疑問，請聯絡可口可樂媒體關係部門。

I would now like to introduce Ms. Robin Halpern, Vice President and Head of Investor Relations. Ms. Halpern, you may now begin.

現在，我想介紹一下副總裁兼投資者關係主管羅賓·哈爾彭女士。哈爾彭女士，現在您可以開始了。

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'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.

早上好，感謝您的參與。今天，我和董事長兼執行長詹姆斯·昆西以及總裁兼財務長約翰·墨菲一同出席。我們在公司網站 coca-colacompany.com 的「投資者」板塊的財務資訊部分發布了財務報表。這些報表將某些非公認會計準則 (non-GAAP) 財務指標與我們根據公認會計準則 (GAAP) 報告的業績進行了對比，我們的高階主管在今天上午的討論中可能會參考這些指標。您也可以在我們網站的同一板塊找到分析我們成長和營業利潤率的報表。

In addition, this call may contain forward-looking statements, including statements concerning long-term earnings objectives, which should be considered in conjunction with cautionary statements contained in our earnings release and in the company's periodic SEC reports. Following prepared remarks, we will turn the call over for questions. (Operator Instructions).

此外，本次電話會議可能包含前瞻性陳述，包括有關長期盈利目標的陳述，這些陳述應與我們收益報告和公司定期提交給美國證券交易委員會 (SEC) 的報告中的警示性聲明一並考慮。在準備好的發言結束後，我們將轉入提問環節。 （操作員指示）。

Now I'll turn the call over to James.

現在我將把電話轉給詹姆斯。

Thanks, Robin, and good morning, everyone. After a strong start to the year, we continued our momentum in the second quarter. Our combination of strong, loved brands and an aligned pervasive distribution system is allowing us to win in many different operating environments. Given our strong first half results and the resilience of our business, we are raising both our top line and bottom line guidance today.

謝謝，Robin，大家早安。今年開局強勁，我們在第二季延續了強勁勢頭。我們擁有強大且深受喜愛的品牌，並擁有協調一致的廣泛覆蓋的分銷系統，這使我們能夠在各種不同的營運環境中取得成功。鑑於我們上半年的強勁業績和業務的韌性，我們今天上調了營收和淨利預期。

To give you the full picture of our results and our raised guidance, I'll start by discussing second quarter performance and provide perspective on the current business and consumer environment. Then I'll highlight our performance across categories, including how we are driving quality leadership throughout our portfolio. Finally, I'll touch on why we're confident in our ability to deliver our long-term objectives. And then John will end by discussing our results for the quarter and our revised guidance for 2023.

為了讓您全面了解我們的業績和上調的指引，我將首先討論第二季的業績，並分享對當前商業和消費者環境的看法。然後，我將重點介紹我們各個品類的業績，包括我們如何在整個產品組合中保持高品質的領導。最後，我將談談我們為何對實現長期目標充滿信心。最後，約翰將討論我們本季的業績以及我們修訂後的2023年指引。

In the second quarter, competing macro forces were at play across our markets. On the positive side, many supply chain pressures eased, concerns surrounding the stability of the banking sector diminished and energy prices continued to pull back from record highs. However, global inflation was still elevated, and geopolitical tensions continue to exist in some markets. Despite this confluence of factors, we delivered 11% organic revenue growth in this quarter.

第二季度，各種宏觀因素相互競爭，影響我們各個市場。積極的一面是，許多供應鏈壓力有所緩解，對銀行業穩定性的擔憂減弱，能源價格繼續從歷史高點回落。然而，全球通膨仍高企，部分市場地緣政治緊張局勢依然存在。儘管有這些因素，我們本季仍實現了11%的有機收入成長。

Volume was flat, and after a slower start, it sequentially improved with June being our strongest month in the quarter. In the first half of 2023, we delivered volume growth that was consistent with our underlying performance since 2019. More broadly, our industry is strong, and we believe we have significant headroom to grow both volume and value. And we continue to gain share. During the quarter, we gained value share in both at-home and away-from-home channels.

銷量持平，在經歷了開局放緩之後，環比回升，6月成為本季表現最強勁的月份。 2023年上半年，我們的銷售成長與2019年以來的基本業績保持一致。更廣泛地說，我們所處的行業表現強勁，我們相信我們在銷售和價值方面都擁有巨大的成長空間。我們的市場佔有率持續成長。在本季度，我們在家庭和非家庭管道的價值份額均有所提升。

As we look towards the second half, the global inflationary environment is impacting consumers and our business differently across geographies. In developed markets like North America and Western Europe, inflation is beginning to moderate, and labor markets remain strong. Our elasticities continue to be relatively low. However, we have seen some willingness to switch to private label brands in certain categories. Across the sector, consumers are increasingly cost-conscious. They're looking for value and stocking up on items on sale. In these markets, our pricing is largely in place and is expected to moderate as we cycle pricing initiatives from the prior year.

展望下半年，全球通膨環境對不同地區的消費者和我們業務的影響各不相同。在北美和西歐等已開發市場，通膨開始緩和，勞動市場依然強勁。我們的彈性仍然相對較低。然而，我們發現部分品類的消費者有意願轉向自有品牌。在整個產業，消費者的成本意識日益增強。他們追求物有所值的產品，並積極囤積打折商品。在這些市場，我們的定價基本上保持不變，預計隨著我們上一年定價策略的循環，定價策略將會有所調整。

It's more important than ever to be consumer-centric and to partner with customers to provide affordable and premium propositions, which deliver value through basket and incidence growth. In many developing and emerging markets like Latin America, the Middle East and Africa, consumers are more accustomed to persistent inflation. However, the number of markets with intense inflation has expanded.

以消費者為中心，與客戶攜手合作，提供價格實惠且優質的產品，並透過提升購物籃和消費額度創造價值，比以往任何時候都更加重要。在拉丁美洲、中東和非洲等許多發展中和新興市場，消費者已經更習慣持續的通貨膨脹。然而，通貨膨脹加劇的市場數量卻不斷增加。

Five of our top 40 markets are currently experiencing over 20% annual inflation. In these markets, it's equally important to leverage revenue growth management capabilities to balance affordability with premiumization, to be able to take price with local market inflation which helps offset the currency pressures. There are, as always, a few markets affected by specific local factors. In China, economic recovery slowed in the second quarter, and inflation has declined. Consumer confidence is below pre-pandemic levels. And we continue to monitor our leading consumer indicators and take action to win in the market.

在我們前40個市場中，有五個市場目前的年通膨率超過20%。在這些市場中，同樣重要的是利用收入成長管理能力，在消費者負擔能力和高端化之間取得平衡，並根據當地市場通膨調整價格，以抵消貨幣壓力。一如既往，有些市場會受到特定本地因素的影響。在中國，第二季經濟復甦放緩，通膨率下降。消費者信心低於疫情前的水平。我們將繼續監測領先的消費者指標，並採取行動，以贏得市場。

In India, business was unfavorably impacted by unseasonable rain and cooler temperatures in the quarter. However, the growth outlook remains intact. In a world with a wide spectrum of market dynamics from inflation to currency devaluation to shifting consumer needs, our business is proving to be very resilient. We have many levers to pull to manage successfully through different operating environments. And we remain consumer-centric and focused on growth. Our recipe for success is unchanged. We continue to deliver on our strategy through a combination of world-class marketing and innovation, excellence in revenue growth management and strong execution. We are raising the bar and increasing quality leadership across our portfolio.

在印度，本季業務受到異常降雨和低溫天氣的不利影響。然而，成長前景依然良好。在通貨膨脹、貨幣貶值、消費者需求變化等各種市場動態的背景下，我們的業務展現出強烈的韌性。我們擁有多種槓桿，能夠成功應對不同的營運環境。我們始終以消費者為中心，專注於成長。我們的成功秘訣始終未變。我們將繼續透過世界一流的行銷和創新、卓越的收入成長管理以及強大的執行力來實踐我們的策略。我們正在提高標準，並增強我們產品組合的品質領導力。

Starting with Coca-Cola. We are growing our base of Gen Z drinkers, gaining share and leveraging our scale to drive efficiencies across our system. During the quarter, we gained volume and value share by linking Coca-Cola to consumption occasions and engaging consumers through local experiences. A great example is A Recipe for Magic, which was activated in more than 50 markets and celebrates consuming Coca-Cola with meals. The campaign was supported by experiences using local chefs, leveraging approximately 750 influencers globally and was brought to life through social media and recipe-focused billboards.

從可口可樂開始。我們正在擴大Z世代消費者群體，提升市場份額，並利用規模效應提升整個系統的效率。本季度，我們透過將可口可樂與消費場合連結起來，並透過本地體驗吸引消費者，提升了銷售量和價值份額。 「魔力配方」就是一個很好的例子，活動在50多個市場開展，旨在鼓勵消費者在用餐時享用可口可樂。活動以體驗為支撐，邀請當地廚師參與，並藉助全球約750位影響力人士，並透過社群媒體和以配方為主題的廣告看板進行推廣。

The Coke and meals campaign also allowed Coca-Cola to strengthen its local relevance. For instance, in the away-from-home channel in Italy, Coca-Cola has grown incidence with pizza, the #1 consumed meal with approximately 3 billion pizzas each year from 10% to 20% over the past 4 years. While the Coca-Cola brand is ubiquitous, we tailor our price pack architecture to consumption occasions and are continuing to drive both affordability and premiumization. During the second quarter, we grew basket incidence and volume per trip by double digits while increasing price per liter.

可口可樂與餐飲的連動行銷活動也增強了其在當地的影響力。例如，在義大利的外出管道，披薩是排名第一的消費食品，每年約有30億個披薩，在過去四年中，可口可樂披薩的銷量從10%提升至20%。儘管可口可樂品牌無所不在，但我們根據消費場合調整了價格套餐架構，並持續推動價格親民化和高端化。第二季度，我們的購物籃購買量和單次購物量均實現了兩位數成長，同時每公升價格也得到了提升。

Moving on to sparkling flavors. We are seeing strong engagement from consumers across our staple of brands, which include Sprite, Fanta, FRESCA and Thums Up. At the same time, we have significant headroom to drive further quality leadership across developed and developing markets.

再來說說氣泡飲料。我們旗下主要品牌，包括雪碧、芬達、FRESCA 和 Thums Up，都獲得了消費者的熱烈回應。同時，我們在已開發市場和發展中市場都擁有巨大的發展空間，可以進一步提升產品品質。

With Sprite, we are driving brand awareness by connecting consumers to passion points and personalized experience at a more granular and locally relevant levels through our global Heat Happens platform. In North America, Sprite celebrated Hip-Hop's 50th anniversary with the launch of Sprite Lymonade Legacy and sponsorship of concert tours, exclusive experiences and collaborations with prominent artists.

透過雪碧，我們透過全球「Heat Happens」平台，將消費者與熱情點和個人化體驗連結起來，從而提升品牌知名度，使其更加精準，更貼近本地市場。在北美，雪碧推出了雪碧Lymonade Legacy，並贊助巡迴演唱會、提供獨家體驗以及與知名藝術家的合作，以此慶祝嘻哈音樂誕生50週年。

We partnered with local pop stars and a Grammy producer in China using our global Sprite Limelight music program for Gen Z drinkers across 1,500 college locations. In South Korea, the Sprite WaterBomb Festival similarly generated strong results.

我們與中國本土流行歌手和一位格萊美製作人合作，利用我們全球雪碧Limelight音樂項目，面向1500所高校的Z世代消費者。在韓國，「雪碧水彈音樂節」也取得了同樣優異的成績。

In India, the Joke in a Bottle promotion allowed consumers to scan packages and receive customized and localized jokes through WhatsApp to beat the heat. In June, Sprite was awarded most resilient brand by Kantar for adding the greatest number of new households in 2022 of any FMCG brand.

在印度，「瓶中笑話」促銷活動讓消費者掃描包裝，即可透過 WhatsApp 接收客製化的在地化笑話，幫助您抵禦酷暑。今年 6 月，雪碧憑藉 2022 年新增家庭數量最多的快速消費品品牌，被凱度調查評為最具韌性的品牌。

Turning to water, sports, coffee and tea. We are segmenting the broader opportunities and using our refreshed resource allocation capabilities, prioritized markets and subcategories that offer the highest return on our investments. We are building our edge through consumer-centricity by accelerating the speed to market our innovation, measuring results in real time and scaling successes.

轉向水、運動、咖啡和茶。我們正在細分更廣泛的機遇，並利用我們更新的資源配置能力，優先選擇能夠帶來最高投資回報的市場和子類別。我們以消費者為中心，加速創新產品的上市速度，即時衡量成果，並擴大成功，進而打造優勢。

We continue to build excitement for Fuze Tea through the rollout of green tea in Mexico, summer limited edition in Turkey and expansion of Zero Sugar offerings across Europe. Early results show promising velocities and Fuze Tea grew volume double digits during the quarter. vitaminwater is another example. During the quarter, we relaunched vitaminwater zero in North America with a new sweetness system of monk fruit and stevia, which generated value share gains. We are capitalizing on consumer needs for rapid hydration, a fast-growing subsegment within sports drinks, with the launch of BODYARMOR FLASH I.V. in the U.S. and Flashlyte in Mexico. While still early, both saw strong consumer interest during the quarter and have demonstrated promising initial results.

我們持續提升Fuze Tea的市場佔有率，在墨西哥推出綠茶系列，在土耳其推出夏季限量版，並在歐洲拓展零糖產品線。早期業績顯示出良好的成長勢頭，Fuze Tea在本季的銷量實現了兩位數成長。維他命水也是一個例子。在本季度，我們在北美重新推出了維他命水零度，並採用了羅漢果和甜菊糖的全新甜味系統，從而帶來了市場份額的成長。我們抓住了消費者對快速補水的需求，這是運動飲料中一個快速增長的細分市場，在美國推出了BODYARMOR FLASH I.V.，在墨西哥推出了Flashlyte。雖然這兩款產品尚處於起步階段，但在本季度都引起了消費者的強烈興趣，並取得了令人欣喜的初步成果。

Our juice, value-added dairy and plant-based beverages have delivered 9 consecutive quarters of double-digit top line growth and gained both volume and value share during the quarter. We continue to innovate and drive premiumization under the Simply trademark. Simply mixology, which provides consumers with great tasting mixes and ready-to-drink mocktails, kicked off an experiential campaign that celebrated the start of the summer and its national rollout.

我們的果汁、加值乳製品和植物性飲料連續九個季度實現兩位數營收成長，銷量和銷售額份額均有所提升。我們持續創新，以「Simply」品牌推動高端化。 Simply Mixology 為消費者提供美味混合飲品和即飲無酒精雞尾酒，並啟動了一場體驗式行銷活動，慶祝夏季的到來及其在全國各地的推廣。

Also, fairlife had another exceptional quarter as both Core Power and fairlife nutrition plan continued their strong momentum. In May, we announced a $650 million investment to build a state-of-the-art production facility to help drive the next wave of growth.

Fairlife 也在本季取得了優異的業績，Core Power 和 Fairlife 營養計畫均延續了強勁的成長動能。 5 月，我們宣布投資 6.5 億美元，用於建造一座先進的生產設施，協助推動下一波成長。

Finally, we are encouraged by what we are seeing across alcohol ready-to-drink beverages. We continue to take a measured approach through exploring and applying our learnings. While still early, Jack & Coke has shown promising results. In the Philippines, the combination of Jack & Coke and Lemon-Dou delivered strong share gains.

最後，我們對即飲酒精飲料市場的表現感到鼓舞。我們將繼續採取審慎的策略，探索並運用我們的經驗。雖然仍處於起步階段，但傑克可樂已展現出令人欣喜的業績。在菲律賓，傑克可樂和檸檬豆的合併帶來了強勁的市場份額成長。

The Schweppes Mojito rollout in India is also off to a good start. And these examples illustrate how our marketing transformation is coming to life. The strength of our total beverage portfolio gives us further confidence that we can continue to deliver by providing consumers beverage choices for every occasion.

怡泉莫吉託在印度的推廣也取得了良好的開端。這些例子表明，我們的行銷轉型正在蓬勃發展。我們強大的飲料產品組合讓我們更有信心，能夠持續為消費者提供適合各種場合的飲品選擇。

Our purpose is to refresh the world and make a difference. And we remain committed to building a more sustainable future for our company and the planet as we strive to grow our business. We continue to pursue progress toward our vision of a circular economy for packaging through innovation and partnerships. For example, in the U.S., we recently partnered with Republic Services to ensure we have an adequate supply of recycled plastic for our packaging. At the same time, we are embracing refillables. We recently kicked off a program with customers in 4 U.S. cities to test refillable fountain cups with plans to expand elsewhere.

我們的宗旨是讓世界煥然一新，並帶來改變。在努力發展業務的同時，我們始終致力於為公司和地球創造更永續的未來。我們將繼續透過創新和合作，朝著包裝循環經濟的願景邁進。例如，在美國，我們最近與共和服務公司 (Republic Services) 合作，以確保我們擁有充足的再生塑膠供應。同時，我們也正在積極推廣可重複填充的塑膠。我們最近在美國四個城市與客戶啟動了一項測試可重複填充飲水杯的項目，並計劃將該項目擴展到其他地區。

We successfully navigated the first half of the year, which supports our decision to raise guidance for the full year. And instead of trying to predict the many directions things could take, we remain focused on delivering our key objectives that we outlined in February. In other words, number one, pursuing excellence globally and winning locally through relentless consumer-centricity to drive top line momentum; two, investing for the long-term health of our business and raising the bar across all elements of our strategic flywheel; and three, generating U.S. dollar EPS growth.

我們成功度過了上半年，這支持了我們上調全年業績指引的決定。我們不會試圖預測事態可能出現的多種發展方向，而是專注於實現我們在二月提出的關鍵目標。換句話說，第一，在全球範圍內追求卓越，並在本地取勝，堅持以消費者為中心，以推動營收成長；第二，投資於我們業務的長期健康發展，並提高我們戰略飛輪各個環節的標準；第三，實現美元每股收益的增長。

Our system has never been stronger, and our global network model is allowing us to quickly adapt to changing environments. We believe we are well positioned to deliver our updated guidance and objectives, thanks to our incredible system employees around the world.

我們的系統比以往任何時候都更加強大，我們的全球網路模式使我們能夠快速適應不斷變化的環境。我們相信，由於我們遍佈全球的優秀系統員工，我們已做好準備，能夠實現最新的指導方針和目標。

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

說完這些，我就把電話交給你了，約翰。

Thank you, James, and good morning, everyone. We are pleased with the momentum of our business and our strong second quarter results. Starting with the top line. We grew organic revenues 11%. Unit cases were flat. As James said, volume for the second quarter got off to a slower start but ended on a positive note. Concentrate sales were 1 point ahead of unit cases for the quarter primarily driven by the timing of concentrate shipments. Price/mix growth was 10% for the quarter driven by carryover pricing coming into the base from last year along with some new pricing actions across operating segments, including the impact of hyperinflationary markets.

謝謝詹姆斯，大家早安。我們對業務發展動能和強勁的第二季業績感到滿意。首先從營收來看，我們的有機收入成長了11%。單位箱數持平。正如詹姆斯所說，第二季度的銷量開局較慢，但最終以積極態勢收尾。本季濃縮液銷售量比單位箱數高出1個百分點，主要得益於濃縮液的出貨時機。本季價格/產品組合成長了10%，這得益於去年基期結轉定價，以及各營運部門採取的一些新的定價措施，包括惡性通膨市場的影響。

Comparable gross margin for the quarter was up approximately 40 basis points driven by underlying expansion and a slight benefit from bottle refranchising, partially offset by the impact of currency. Comparable operating margin expanded approximately 90 basis points for the quarter. This was primarily driven by strong top line growth and the impact of refranchising bottling operations, partially offset by an increase in marketing investments and higher operating costs versus the prior year as well as currency headwinds.

本季可比毛利率上升約40個基點，主要得益於基礎業務擴張和瓶裝業務特許經營權的輕微提升，但部分被匯率影響所抵銷。本季可比營業利潤率上升約90個基點，主要得益於強勁的營收成長和瓶裝業務特許經營權的提升，但部分被行銷投資增加、營運成本較上年同期上升以及匯率不利因素所抵銷。

Putting it all together, second quarter comparable EPS of $0.78 was up 11% year-over-year despite a higher-than-expected 6% currency headwinds. Free cash flow was approximately $4 billion year-to-date. This was largely attributable to strong underlying operational performance and working capital benefits, partially offset by a $720 million transition tax payment that was made during the second quarter as well as M&A-related payments.

綜合來看，儘管受到高於預期的6%的匯率不利因素影響，第二季可比每股收益仍達0.78美元，年增11%。年初至今，自由現金流約40億美元。這主要歸功於強勁的基礎營運業績和營運資本收益，但第二季支付的7.2億美元過渡稅以及併購相關款項部分抵銷了這一影響。

Our balance sheet is strong, and our net debt leverage of 1.6x EBITDA is below our targeted range of 2 to 2.5x. Our capital allocation priorities remain the same, and we continue to invest to drive long-term growth.

我們的資產負債表強勁，淨負債槓桿比率為EBITDA的1.6倍，低於我們設定的2至2.5倍的目標範圍。我們的資本配置重點保持不變，並將繼續投資以推動長期成長。

As James mentioned, we are encouraged by what we are seeing in the marketplace. While we continue to spin our strategic flywheel faster to generate top line-led growth, we have also progressed on our margin agenda as demonstrated by our consistent track record of offsetting cost headwinds to sustain steady gross margins.

正如James所提到的，市場表現令我們感到鼓舞。我們持續加快策略性飛輪的運轉，以實現營收驅動的成長，同時，我們也在利潤率提升方面取得了進展，這體現在我們始終如一地克服成本壓力，並維持穩定毛利率的記錄。

We have numerous levers available to drive top line growth and improve the effectiveness and efficiency of our spend over the long term. Our all-weather strategy, coupled with the great plans that we have in place to continue to create quality leadership across our portfolio, give us good visibility to deliver on our raised 2023 guidance.

我們擁有眾多槓桿，能夠長期推動營收成長，並提升支出的效能和效率。我們的全天候策略，加上我們為繼續打造投資組合高品質領導力而製定的卓越計劃，為我們實現上調的2023年業績指引提供了良好的前景。

This is comprised of organic revenue growth of 8% to 9% which includes positive volume growth while continuing to be led by price/mix. There are a few considerations to keep in mind. We expect pricing in developed markets to moderate through the year as we cycle pricing initiatives from the prior year. In developing and emerging markets, we aim to take price with local market inflation.

這包括8%至9%的有機收入成長，其中包括銷售量的正成長，同時價格/產品組合繼續引領成長。需要注意以下幾點。我們預計，隨著我們延續上一年的定價策略，已開發市場的定價將在今年趨於穩定。在發展中市場和新興市場，我們的目標是根據當地市場的通膨調整定價。

To the extent that intense inflation in markets drive elevated price/mix, the impact is oftentimes offset by currency as it is frequently difficult to hedge our exposure. Due to our reporting calendar, there will be 1 additional day in the fourth quarter. We now expect comfortable currency-neutral earnings per share growth of 9% to 11%. Based on current rates and our hedge positions, we are updating our currency outlook of an approximate 3- to 4-point headwind to comparable net revenues and an approximate 4- to 5-point currency headwind to comparable earnings per share for full year 2023.

如果市場劇烈通膨導致價格/產品組合上漲，其影響通常會被匯率抵消，因為我們通常難以對沖風險敞口。由於我們的財報日曆，第四季將增加一天。我們目前預計，剔除匯率因素，每股盈餘將達到9%至11%的穩健成長。基於當前匯率和我們的對沖頭寸，我們更新了對2023年全年匯率預期，預計匯率將對可比淨收入造成約3至4個百分點的不利影響，對可比每股收益造成約4至5個百分點的不利影響。

Inflationary pressures are beginning to moderate in some ways, including freight rates that are favorable compared to last year. That said, several commodities that are prevalent in our basket like sugar and juice remain elevated. And we have some hedges that we'll be rolling off to less favorable rates. 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. Our updated underlying effective tax rate for 2023 is now 19.3%.

通膨壓力在某些方面開始緩和，包括運費與去年相比有所優惠。即便如此，我們籃子中幾種常見的商品，例如糖和果汁，價格仍然居高不下。我們有一些對沖操作，將轉向不太優惠的運費。根據目前的運費和對沖頭寸，我們預計2023年每箱商品價格通膨對可比較銷售成本的影響將達到中等個位數。我們更新後的2023年基礎有效稅率為19.3%。

All in, we are updating comparable earnings per share growth of 5% to 6% versus $2.48 in 2022. We continue to 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. If you exclude the transition tax payments made in the second quarter and various payments associated with M&A transactions, 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.

總體而言，我們將每股可比收益成長率更新為 5% 至 6%，而 2022 年每股收益為 2.48 美元。我們繼續預期 2023 年將產生約 95 億美元的自由現金流，其中約 114 億美元的經營性現金流減去約 19 億美元的資本投資。如果不包括第二季支付的過渡稅以及與併購交易相關的各種付款，我們的隱含自由現金流轉換率將符合我們的長期指引。本指引不包含與我們與美國國稅局 (IRS) 正在進行的美國所得稅糾紛相關的任何付款。

As we enter the second half of the year, we continue to build a culture that emphasizes raising the bar in every aspect of how we do business. Thanks to the tremendous ongoing commitment of our system employees around the world, we are confident in our ability to deliver on our guidance for 2023 and drive value for our stakeholders over the long term.

步入下半年，我們將繼續打造一種強調在業務運營的各個方面不斷提升標準的企業文化。由於全球系統員工的不懈努力，我們有信心實現2023年的預期目標，並為我們的利害關係人創造長期價值。

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

接線員，現在我們可以回答問題了。

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

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

I guess I have a question about just as we kind of look into the back half of the year and looking at organic sales, the implied organic sales guidance, which, I guess, is in the kind of the 5% to 6% range in the back half of the year. Maybe James and John, can you just talk a little bit about how maybe the -- just the macro environment or the operating conditions are today versus what you were thinking at the start of the year?

我有個問題，我們來看看下半年的有機銷售額，也就是隱含的有機銷售額預期，我估計下半年的成長幅度在5%到6%之間。 James 和 John，你們能否簡單談談目前的宏觀環境或營運狀況與年初的預期相比如何？

And given that there's more of these markets where -- or countries where hyperinflation is an issue, is price a little bit more of a driver in terms of the organic sales comp in the back half of the year relative to volume, again versus kind of what you were thinking at the start of the year?

考慮到這些市場或國家中存在越來越多的惡性通貨膨脹問題，相對於銷量而言，價格是否對下半年的有機銷售額產生了更大的驅動作用，這與您在年初的想法是否一致？

Yes. Well, let me try and unpack that a little bit. I think the headline part of the answer is there's a little more pricing in Q2 and in the downhill than we had expected at the beginning of the year, principally around that basket of countries where inflation is high, above 20% and a little more persistent. That's the short answer.

是的。好吧，讓我試著稍微解釋一下。我認為答案的主要部分是，第二季度的定價和下行趨勢比我們年初預期的要多一些，主要是圍繞通膨率高（超過20%）且持續時間較長的一籃子國家。簡單來說就是這樣。

The longer version of the answer is, look, we're executing the strategy we've talked about consistently over time. And again, in CAGNY, the real focus on upping the bar on marketing, upping the bar on RGM, the commercial strategies and the execution of the marketplace. All with the intent about delivering a good, strong top line-led growth algorithm. And obviously that -- we've talked historically that in normal times, that 5% to 6% would be split between volume and price on a roughly equal basis. And so what you're seeing in the back half of the year, which I think is important to note, is we're expecting volume to be consistent in the second half with the way it was in the first half, which in the end is running on a trend, if you like, a CAGR versus 2019, similar to what we did last year.

更詳細的答案是，你看，我們正在執行我們一直以來討論的策略。同樣，在CAGNY，我們真正關注的是提高行銷標準、RGM標準、商業策略和市場執行力。所有這些都是為了實現一個良好、強勁的、以營收為主導的成長演算法。顯然，我們過去曾提到，在正常時期，5%到6%的利潤將大致平均分配給銷售和價格。所以，我認為值得注意的是，你在今年下半年看到的情況是，我們預計下半年的銷量將與上半年保持一致，最終呈現一種趨勢，如果你願意這麼說的話，那就是與2019年相比的複合年增長率，與我們去年的情況類似。

So we see sustained positive volume growth coming out of '22. And we're looking for volume growth in the second half in a very similar way to the first half, whether you're comparing to prior year or to 2019. So we want a business that is growing consumer base for all the right, appropriate strategic reasons. Then what's going to happen to revenue in the second half is we're going to see the impact of 3 buckets of price/mix.

因此，我們預計2022年銷售量將持續正成長。我們預計下半年銷售成長將與上半年非常相似，無論是與去年同期或2019年相比。我們希望企業能夠基於所有正確且恰當的策略考量來擴大消費者群體。那麼，下半年收入將如何變化，我們將看到三種價格/產品組合的影響。

The first bucket is the carryover of pricing from prior year. Obviously, there was more cost inflation last year. But logically, that is a set of numbers that is going to tend to 0 by the end of December. And so that is going to step down as we go through Q3 and Q4. So bucket one, carryover. That's going to step down.

第一個類別是前一年價格結轉。顯然，去年成本通膨加劇。但從邏輯上講，到12月底，這組數字將趨於零。因此，隨著第三季和第四季的到來，這一數字將會下降。所以，第一個類別是結轉，它將會下降。

Bucket two is price increases we've made so far this year that are -- leaving aside the large inflation countries, look much more like a normal year in terms of what we've taken this year, both in terms of timing, number of price increases and relative level of price increases. So we...

第二類是今年迄今為止我們實施的價格上漲——撇開通膨率高的國家不談，這些價格上漲無論是從時間、漲幅還是相對漲幅來看，都與正常年份非常相似。所以我們…

(technical difficulty)

（技術難度）

Ladies and gentlemen, we are experiencing technical difficulties. Please stay on the line.

女士們，先生們，我們遇到了技術故障。請耐心等待。

When did I stop? Operator, do you know when the line cut on my answer?

我什麼時候掛斷的？接線員，你知道我什麼時候掛斷的嗎？

Unfortunately not, sir. Our next question will come from Lauren Lieberman from Barclays.

很遺憾，先生，不行。下一個問題來自巴克萊銀行的勞倫·利伯曼。

Operator, let me just finish the other question. I was just going to back up. Apologies to everyone for the technical trickiness. I'm just going to back up and if I'm repeating something I said, apologies. And if there's a gap in the logic, apologies again. I think we talked about volume second half similar to first half, whether you talking prior year or 2019. Pricing, 3 buckets. The bigger piece of the pricing of the 3 factors, which is the carryover, is obviously stepping down through the year towards 0 by the end of the fourth quarter.

接線員，請容許我先回答完另一個問題。我只是想複述一下。對於技術層面的問題，請大家見諒。我只是想複述一下，如果重複了之前說過的話，請見諒。如果邏輯上有問題，再次致歉。我認為我們討論的下半年銷售與上半年類似，無論你指的是去年還是2019年。定價分為三個部分。三個因素中，定價中較大的部分，也就是結轉，顯然會在全年逐步下降，到第四季末將降至0。

The new pricing that's coming in '23 being very consistent with the kind of a normal level of pricing that we would see, and it's kind of in place already for the year. And that obviously then continues at the same rate through the rest of the second half. And the third piece, which is about 1/4 of what's happening on PMO at the moment, this bucket of higher inflationary countries and as I said earlier, there was a little more inflation from those countries in the second quarter than we had previously expected. Obviously, that then comes back around in a little more ForEx headwind.

2023年即將出台的新定價機制與我們預期的正常定價水準非常一致，而且今年基本上已經到位。顯然，在下半年剩餘時間裡，這種定價機制將以相同的速度持續下去。第三部分，也就是PMO目前情況的約四分之一，指的是通膨率較高的國家。正如我之前所說，這些國家第二季的通膨率略高於我們先前的預期。顯然，這又會為外匯市場帶來一些阻力。

We are assuming that some of those inflation rates will moderate in the balance of the year in the second half and likewise moderate in the ForEx, although it's very uncertain. So we'll have to see what happens, but that's basically the composition of how to think about the effect of our strategy delivering good top line growth in the second half.

我們假設下半年通膨率會有所緩和，外匯市場也會同樣緩和，儘管這非常不確定。所以我們還得拭目以待，但這基本上就是我們如何看待我們的策略在下半年實現良好營收成長的效果。

Our next question comes from Lauren Lieberman from Barclays.

下一個問題來自巴克萊銀行的勞倫·利伯曼。

Can you hear me okay? Because like my line's got crackly now. That's okay. Great.

你聽見我說話嗎？因為我的線路現在有點雜亂。沒關係。太好了。

Yes, we got you, Lauren.

是的，我們找到你了，蘿倫。

Cool. Okay. I wanted to ask a little bit actually about Costa and coffee overall in light of the resource allocation model and identification of key profit pools and so on, not mentioned in the prepared remarks but definitely called out in the press release this morning with particular strength in the U.K.

酷。好的。我想問一下關於Costa和咖啡的整體情況，例如資源配置模式、關鍵利潤池的識別等等。這些在準備好的發言稿中沒有提到，但在今天早上的新聞稿中肯定提到了，尤其是在英國。

So I guess broad question would be how coffee overall is kind of fitting in on this thought process on resource allocation models? If they are -- get their particular differences by geography because we've heard different emphasis on the category by different bottlers. And then specific to the numbers called out in the release [says] Costa U.K. Should we think about that as recovery with mobility, COVID or tweaks or adjustments to the strategy you've made that are beginning to come through in performance?

所以我想，一個普遍的問題是，咖啡整體上如何融入這種資源配置模型的思考過程？如果是的話——考慮到不同地區咖啡的差異，因為我們聽說不同的裝瓶商對此類別的重點有所不同。然後，具體到英國咖世家發布的數據，我們是否應該將其視為流動性、新冠疫情帶來的復甦，或者對你們制定的策略進行調整，而這些調整已經開始在業績中體現出來？

Yes. Sure, Lauren. Let me do it in reverse order. The Q2, I think, is more recovery than new stages of growth. Having said that, the Express machines have continued to expand numerically in terms of numbers of placements all the way through COVID and including so far this year. So the Express business, the B2B business U.K. is -- has been strong, remains strong and still growing, still gaining share. The retail -- the store numbers are much more about a recovery, kind of completing the play on mobility perhaps and have gained share a little bit. And obviously, we're focused on how to drive growth going forward, and we see plenty of headroom in the U.K. market.

是的，勞倫，當然。讓我反過來說。我認為第二季更多的是復甦，而不是新的成長階段。話雖如此，Express 機器的投放數量在整個新冠疫情期間，包括今年迄今為止，一直持續成長。因此，Express 業務，也就是英國的 B2B 業務，一直表現強勁，並且仍在成長，市佔率也不斷成長。零售業務－門市數量更體現了復甦，或許是完成了移動出行的佈局，市場份額有所增長。顯然，我們專注於如何推動未來的成長，我們看到英國市場還有很大的成長空間。

But I would characterize year-to-date more on -- more of a biased recovery on stores than new and the bias on Express on new. Internationally speaking, in -- if you just break it down into -- there's a couple of different buckets. The ready-to-drink bucket, we've made some good progress in China. We made some good progress in Japan with launches of ready-to-drink Costa in the case of Japan complementing Georgia. And actually Japan had a pretty good start to the year growing both Georgia and Costa. So kind of a full coffee strategy in the ready-to-drink looking good, and that's still the most important ready-to-drink coffee market for us.

但我認為，今年迄今的業績表現更多體現在門市復甦上，而非新店和快捷店的復甦上。從國際上來看，如果細分的話，可以分成幾個不同的領域。就即飲咖啡領域而言，我們在中國取得了一些不錯的進展。我們在日本也取得了一些進展，推出了即飲咖啡品牌Costa，作為對Georgia的補充。事實上，日本今年開局不錯，Georgia和Costa都有所成長。因此，我們在即飲咖啡領域的全面策略看起來不錯，這仍然是我們最重要的即飲咖啡市場。

And then the B2B, which is a mix of Express along with kind of -- we're serving, so providing machines and beans, starting to see that getting some traction in Europe with the bottling partners there and starting to kind of find its feet in the U.S., too. And those are the ones I'd call out as the most -- as at the front of the program in terms of geographic expansion.

然後是B2B業務，也就是快遞和某種服務（我們提供機器和咖啡豆）的結合。我們開始看到這項業務在歐洲與那裡的裝瓶合作夥伴取得了一些進展，也開始在美國站穩腳跟。就地域擴張而言，我認為這些是最重要的——處於專案的核心位置。

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 I just wanted to follow up on Bryan's back half question. You did mention a weaker start in April post the Q1 call and then the stronger June volume performance, obviously, on this call. Is that engendering additional confidence internally around top line? And the reason I'm asking is it sounds like conceptually, you're not necessarily guiding to the June volume strength continuing in the second half. I'm just trying to understand that. Is that more just prudence, given the inflationary environment you mentioned and consumer volatility? Or are there other factors there?

所以我想跟進一下布萊恩關於下半年的問題。您確實提到，在第一季電話會議之後，4月份的開局表現較弱，而6月份的銷量表現顯然在這次電話會議上有所增強。這是否會在公司內部增強對營收的信心？我之所以問這個問題，是因為從概念上講，您似乎不一定認為6月份的銷售量強勁會持續到下半年。我只是想理解這一點。考慮到您提到的通膨環境和消費者波動，這僅僅是出於謹慎考慮嗎？還是還有其他因素？

And as we think about your full year organic sales growth guidance range as part of that question, was that just the upside in Q2? Was some of it maybe some upside from Q1? Did you change expectations at all for the back half within that full year organic sales growth guidance raise?

說到您提出的全年有機銷售成長預期範圍，我們想到的只是第二季的成長嗎？其中一部分可能是第一季的成長嗎？在上調全年有機銷售成長預期的過程中，您是否調整了下半年的預期？

I think Dara, you might get the prize for those question in one question. Look, the -- clearly, in the second quarter, as we had anticipated in the previous call, April had started softly. But then things kind of normalized towards the end of the quarter, and June was a good solid month of growth.

我覺得達拉，你這個問題可能一問就能回答。你看，顯然，第二季度，正如我們在上次電話會議上預測的那樣，4月份開局疲軟。但到季度末，情況逐漸恢復正常，6月實現了穩健的成長。

But I think the easier way to think about it is take the whole of the first half because you're always going to have some good months and some bad months. April happened to concentrate some price increases in developed countries and bad rains in India. Look, that will always happen on any given month. I think what is a question of what gives us confidence in the back half of the year is, if I just saying January to June with its combination of good, middling and bad months, the growth rate in the first half, what we're expecting is a similar sort of growth rate in the second half, whether you compare to 2022 or to 2019.

但我認為更簡單的思考方式是考慮整個上半年，因為總是會有好月份和壞月份。 4月份恰好集中了已開發國家的一些價格上漲和印度的暴雨。你看，任何月份都會發生這種情況。我認為，讓我們對下半年充滿信心的問題是，如果我只說1月到6月，包括好月份、中等月份和壞月份，那麼我們預計下半年的增長率會與上半年類似，無論是與2022年還是2019年相比。

And so we think the momentum is there. We think in the developed markets, we've got through the pricing that needed to be taken in '23. We don't foresee substantive new pricing in the downhill. But we think this is going to be a well set up run through in the second half.

所以我們認為勢頭還在。我們認為在已開發市場，我們已經完成了2023年需要進行的定價。我們預計下坡路段不會有實質的新定價。但我們認為下半年將會有一個好的開始。

And as I called out on that other answer with Bryan that the uncertainty factor is really around the concentrated -- in a few of these more inflationary marketplaces. Guidance going up, I guess there's obviously some flow through. We had a good first quarter, obviously, versus consensus. A better second quarter. We clearly feel confident in our outlook for the full year, which is why we're taking it up, so there's some flow through.

正如我和布萊恩在另一個問題上提到的，不確定性因素實際上集中在一些通膨較高的市場。指引上調，我想這顯然是一些因素的影響。顯然，與市場普遍預期相比，我們第一季的表現不錯。第二季表現較好。我們對全年前景充滿信心，這就是為什麼我們上調指引，所以這顯然是一些因素的影響。

Obviously, there's some timing factors in the relative performance in Q2. And as we've talked on previous calls, given the nature of our business and where we sit in the supply chain relative to final sales, I think it's always good to take a multi-quarter average to the way of thinking about volume or pricing or even the flow-through to EPS. And I think that's kind of something that we always think about. Otherwise, you can get too distracted by the ups or downs on any given quarter. So we're going up. In the guidance, we feel confident about the second half. There will always be some puts and takes, but we think we have a great strategy and a great plan to execute for the rest of the year.

顯然，第二季的相對錶現存在一些時間因素。正如我們在先前的電話會議上所討論的，考慮到我們業務的性質以及我們在供應鏈中相對於最終銷售額的位置，我認為在考慮銷量、定價，甚至是每股收益時，採用多個季度的平均值總是好的。我認為這也是我們一直在考慮的事情。否則，你可能會被任何一個季度的起伏分散注意力。所以我們的業績正在上升。在業績指引中，我們對下半年充滿信心。總是會有一些不確定因素，但我們認為我們已經制定了很好的策略和計劃，可以在今年剩餘時間內執行。

Our next question comes from Bonnie Herzog from Goldman Sachs.

我們的下一個問題來自高盛的邦妮·赫爾佐格。

All right. I guess I had a question on your Asia Pacific operating margins, which were pressured again this quarter. And then, James, you touched on a couple of markets that are still facing pressures, but just hoping you could share a little bit more color on some of these headwinds in the region. And then any key initiatives you might have implemented to mitigate some of these pressures? And as a result, how should we think about your op margins trending through the remainder of the year in the region?

好的。我之前想問一下你們亞太地區的營業利潤率，本季再次面臨壓力。 James，您剛才提到了幾個仍面臨壓力的市場，希望您能更詳細地介紹該地區面臨的一些不利因素。你們可能採取了哪些關鍵措施來緩解這些壓力？因此，我們該如何看待今年剩餘時間你們在該地區營業利潤率的走勢？

Sure. As it relates to Asia Pacific, what we -- there's obviously a set of things that happened in Q2 that were specific to Q2. There were some destocking in the China operating unit that was kind of a significant piece there. And there was some strong demand for some of the juice businesses in China and India. And those are 2 kind of atypical factors that happened at the -- depressed on a timing basis the margin in Asia Pacific. It is worth noting that there is a sort of structural headwind when seen specifically just at the Asia Pacific region level. And what I mean by that is that we have a very big business in Japan, which is an excellent business and has a good operating margin.

當然。就亞太地區而言，我們在第二季度顯然發生了一系列特定的事情。中國營運部門去庫存化是其中相當重要的一環。中國和印度的部分果汁業務需求強勁。這兩種非典型因素在時間上壓低了亞太地區的利潤率。值得注意的是，僅從亞太地區來看，存在某種結構性逆風。我的意思是，我們在日本的業務規模非常大，業務表現優異，營業利益率也很高。

But then Asia Pacific concentrates a set of fast-growing emerging and developing markets, India, China, some of the Southeast Asian countries. And given the nature of how fast they grow and their emerging profile, i.e., they have price points that are lower than Japan, they create a negative geographic mix effect to the Asia Pacific reporting segment. And that's been a feature for an extended period of time. In other words, you have to sell 1-point-something cases in India and China to make up -- to kind of compensate the mix effect relative to Japan. So that kind of structural headwind is always slightly there.

但亞太地區集中了一批快速成長的新興市場和發展中市場，包括印度、中國以及一些東南亞國家。鑑於這些國家的成長速度及其新興市場的特徵，例如價格低於日本，它們對亞太區報告分部產生了負面的地理組合效應。這種現像已經持續了很長一段時間。換句話說，你必須在印度和中國銷售約1%的銷售量才能彌補——某種程度上抵銷相對於日本的地理組合效應。所以，這種結構性逆風一直存在。

Obviously, our objective is through our strategies, our marketing, RGM execution and the way we invest to try and offset that headwind. So if you look back over time, you'll see that the -- whilst the margin fluctuates up and down, it has kind of had a certain stability when you look, for example, at 2019 versus 2022. And so I close by saying don't over-rotate to 1 quarter in the case of Asia Pacific, given some of the issues. But I would also point out that this is not a region seen on its own where operating margin is likely to grow all the time because of the structural mix effect.

顯然，我們的目標是透過我們的策略、行銷、區域行銷執行以及投資方式來嘗試抵消這種不利因素。因此，如果回顧過去，你會發現——雖然利潤率上下波動，但例如，對比2019年和2022年，它在某種程度上保持了一定的穩定性。最後，我想說，考慮到一些問題，在亞太地區，不要過度輪換到1個季度。但我還要指出的是，由於結構性組合效應，亞太地區的營業利潤率不太可能持續成長。

But when seen at the company level, we obviously manage it as part of the overall portfolio, so that it is a piece of the puzzle in looking at our total strategy of, as we've talked about, using the levers to hit that top end of the revenue at 5 to 6 with a little bit of aggregate operating income margin expansion for the total enterprise. And we understand the role of each segment within that equation.

但從公司層級來看，我們顯然將其作為整體投資組合的一部分進行管理，因此，它是我們整體策略中一個重要的組成部分。正如我們之前提到的，我們會利用各種槓桿，將收入的上限提高到5%到6%，同時略微提高整個企業的總營業利潤率。我們了解每個部門在這個等式中的作用。

Our next question comes from Steve Powers from Deutsche Bank.

下一個問題來自德意志銀行的史蒂夫鮑爾斯。

Actually, I want to squeeze in 2 topics, but I want to pick up first on, James, what you were just talking about in the broader total company context. In the quarter, the top line was obviously strong. But I think relative to external expectations, we saw a bit more margin flow through and SG&A leverage than was expected, especially in regions like North America, where the margin was exceptionally strong relative to history.

實際上，我想插入兩個主題，但詹姆斯，我想先談談你剛才在更廣泛的公司整體背景下談到的內容。本季，營收顯然表現強勁。但我認為，相較於外部預期，我們的利潤流和銷售、一般及行政管理費用（SG&A）槓桿率略高於預期，尤其是在北美等地區，這些地區的利潤率相對於歷史水準而言異常強勁。

So I'm curious in terms of how to think about the balance of managing top line growth versus continued margin expansion as you think about the back half. But then also more broadly, just in the context of your top line-led algo, is there maybe more cost efficiency opportunities that we should be thinking about longer term? Or is what we see in the quarter maybe more just a matter of timing?

所以我很好奇，您在考慮下半年時，如何平衡管理營收成長和持續的利潤率擴張。但更廣泛地說，僅從營收主導的演算法來看，我們是否應該考慮更多長期的成本效益機會？或者，我們在本季看到的情況可能只是時間問題？

I also, John, if I could, I just want to loop back to a question I asked last quarter on below-the-line dynamics. You came into the year talking about below-the-line deleverage, interest expense and so on. We haven't seen that again this quarter, especially with the lower tax rate. So I'm just curious if that has changed in the full year and if that factored in to the full year guidance raise?

約翰，如果可以的話，我想回到我上個季度提出的一個關於線下動態的問題。年初你談到了線下去槓桿、利息支出等等。本季我們沒有再看到這些情況，尤其是在稅率降低的情況下。所以我很好奇，全年來看這些情況是否有所變化，以及這是否已經計入了全年業績指引的上調？

Steve, let me take the second piece first. It's fairly straightforward. In the quarter, we benefited from higher equity income and from interest that we earned on our overseas cash, which was in both cases ahead of what we had assumed when we guided at the start of the year. And from the second half of the year, I don't expect either of those 2 to be as strong. So I do think we'll have a little bit of deleverage in the second half of the year but modest, not a significant variable for your consideration in the second half of the year.

史蒂夫，我先說第二點。這很簡單。本季度，我們受惠於更高的股權收益和海外現金利息收入，這兩項收益都高於我們年初預測的水平。但從下半年開始，我預計這兩項收益都不會那麼強勁。所以，我確實認為下半年我們會有少量去槓桿，但幅度不大，不會成為您考慮的下半年重要變數。

Yes. Back to the margin element of the question. North America, in a way, is a [fluid] flip side of what we just talked about in Asia Pacific. Obviously, the results came in very strong in North America on the top line and on the margin. Again, there are a number of timing factors that kind of flatter the second quarter margin structure in the case of North America, including, for example, the -- a bit like the Costa U.K. bit as it was a much faster growth rate in the away-from-home than the at-home in the North American marketplace.

是的。回到問題的利潤因素。從某種程度上來說，北美市場是我們剛才討論的亞太地區的一個[流動性]反面。顯然，北美地區的業績在營收和利潤率方面都非常強勁。同樣，北美地區第二季的利潤結構也受到一些時間因素的影響，例如——有點像英國Costa的情況，因為北美市場的門市業務成長率遠高於門市業務。

And obviously, that's margin accretive. That should be seen as, in a way, more completing the play of the recovery versus COVID. So the completion of the reopening of restaurants, cafes, theme parks, et cetera, et cetera. And so that channel mix, if you like, flatters the operating income in the short term. There's a number of timings of other things that impact that, BODYARMOR integration, et cetera. I think the way to think about margin going forward by segment and most importantly for the company overall is, firstly, not to over-rotate on any 1 quarter.

顯然，這會增加利潤率。在某種程度上，這應該被視為經濟復甦與新冠疫情的結合。例如，餐廳、咖啡館、主題樂園等等的重新開放。因此，這種通路組合在短期內會增加營業收入。還有一些其他因素也會影響利潤率，例如BODYARMOR的整合等等。我認為，考慮各部門未來利潤率，以及對整個公司而言最重要的一點是，首先，不要在任何一個季度過度輪換。

Remember that there are a number of expenses items and deduction items that we accrue on the basis of sales curve, not just what actually happened in the quarter. So timing is a feature. And that's why I'm very strong on let's take 4 quarters in a row and look at that relative to history.

請記住，我們根據銷售曲線累積了許多費用項目和扣除項目，而不僅僅是當季實際發生的情況。所以時間是一個因素。這就是為什麼我非常強調，讓我們連續取四個季度的數據，並對照歷史數據來分析。

And when you do that, whether in North America or Asia Pacific or more importantly, the company in the overall, what you're going to see is us sticking to our strategy, which is to drive the growth from the top line and then to look for modest or moderate increments of the operating margin, which we deliver not just by effective strategies to allocate resources, whether they be marketing or operating expenses so that we are efficient and get a little bit of leverage there.

當你這樣做的時候，無論是在北美還是亞太地區，或者更重要的是，在整個公司，你會看到我們堅持我們的策略，即從收入推動成長，然後尋求適度或適度的營業利潤率成長，我們不僅透過有效的策略來分配資源，無論是行銷還是營運費用，這樣我們就可以提高效率並獲得一點槓桿作用。

But the design of the portfolio itself and the RGM strategies also is a component in creating sales that inherently have a little more gross margin. So we use all the levers to try and deliver. And so don't take these segments over or under deliveries as a sign of something new and radical happening. If they are, they are features of our business model and the big overall idea is top line growth with small increments of operating margin expansion.

但產品組合本身的設計以及RGM策略也是創造銷售額的因素之一，而這些銷售額本身就具有更高的毛利率。因此，我們會竭盡全力，力求實現目標。因此，不要將這些細分市場的交付量過高或過低視為某種全新或激進舉措的標誌。如果是的話，它們正是我們商業模式的特徵，而我們的核心理念是營收成長，同時營運利潤率小幅提升。

Our next question comes from Rob Ottenstein from Evercore.

我們的下一個問題來自 Evercore 的 Rob Ottenstein。

James, I'd like to talk about the global system. Recently, there's been a lot of interesting developments from some of the bottlers. You had CCH buy Finlandia. You've had a lot of your bottlers, particularly in Latin America and elsewhere talk about B2B platforms that they're developing. And so my question is, how are you thinking about these developments? Are there new models, revenue, earnings sharing models? And how do you make sure that the bottlers stay focused on those products that drive the most value for The Coca-Cola Company?

詹姆斯，我想談談全球體系。最近，一些瓶裝企業取得了許多有趣的進展。例如，CCH收購了芬蘭迪亞啤酒公司。許多瓶裝企業，尤其是拉丁美洲和其他地區的企業，都在談論他們正在開發的B2B平台。我的問題是，您是如何看待這些發展的？是否有新的模式、收入模式和收益分享模式？您如何確保瓶裝企業專注於那些能為可口可樂公司創造最大價值的產品？

Sure. Let me start just by headlining actually, we've just come off -- last week, we had a global bottler meeting in Atlanta. I think it's been 30-plus years since we had that meeting in Atlanta, but we had it in Atlanta last week with the majority of the biggest bottlers in the Coke system. And I think it was a very clear meeting on our collective will and ability and interest in investing in this business and our overall level of alignment on what's important and what should we drive individually and what needs to be driven collectively.

當然。首先我想說的是，我們上週剛在亞特蘭大舉行了一次全球瓶裝廠會議。我想距離上次在亞特蘭大舉行會議已經過去了30多年，但上週我們與可口可樂系統內大多數最大的瓶裝廠在亞特蘭大舉行了會議。我認為這次會議非常明確地表明了我們投資這項業務的集體意願、能力和興趣，也明確了我們在哪些事情重要、哪些事情應該各自推動、哪些事情需要共同推動等方面的整體協調水平。

So actually, you guys all go around and talk to the bottlers as well, and I think you will all get it reflected back from them that there is a very high degree, not just an alignment on what needs to be done, but enthusiasm on the opportunities ahead of us to drive the business, our collective business forward. On some of the specifics, clearly, you've got in that basket, there are things that happen around the world that are local and obey a set of dynamics that are important and relevant and not necessarily projectable around the world. And the case of CCH and the distribution on, now the ownership of Finlandia, I think, is one of those.

所以實際上，你們都會四處走動，與瓶裝廠溝通，我想你們都會從他們那裡得到反饋，他們不僅在需要做的事情上高度一致，而且對我們未來推動業務、我們共同事業發展的機遇也充滿熱情。關於一些具體問題，顯然你們已經考慮到了，世界各地發生的事情都是地方性的，遵循著一系列重要且相關的動態，但不一定能在全球範圍內推廣。我認為，CCH的案例以及芬蘭迪亞的分銷，現在的所有權問題，就是其中之一。

The B2B platforms, which have progressed very nicely in Latin America, are a feature of the business in multiple other countries. We've been testing and exploring and developing individually and collectively B2B platforms with the principal objective of enhancing the system and most importantly, the bottlers' relationships with the retailers.

B2B平台在拉丁美洲發展良好，也是我們在其他多個國家業務的一大特色。我們一直在測試、探索和開發獨立或合作的B2B平台，主要目標是增強系統，最重要的是，鞏固瓶裝商與零售商之間的關係。

To the extent that we can compliment, and here we're largely talking the fragmented channel because the relationship with the modern trade is already set on electronic platforms anyway. We're talking about the fragmented trade. And the majority of the almost 30 million customers we visit as a system is to enhance that relationship, to make it no longer a hostage to the visit of the Coke sales rep but to make it a 24/7 opportunity to enhance relationship, to order product, to ask for a service call, to get a new cooler, to put some umbrellas up or to add to an order that's already about to be delivered.

在某種程度上，我們可以稱讚，這裡我們主要談論的是碎片化的管道，因為與現代貿易的關係無論如何都已經在電子平台上建立起來了。我們談論的是碎片化的貿易。我們作為一個系統拜訪的近3000萬客戶中的大多數都是為了加強這種關係，使其不再受制於可口可樂銷售代表的上門拜訪，而是使其成為一個全天候的增進關係的機會，可以訂購產品、請求服務電話、購買新的冷藏箱、擺放雨傘，或者在即將交付的訂單中添加新貨。

And that is certainly when we have evaluated how those customers -- where the B2B platforms are available, how they're doing versus where it's not yet rolled out. There's clearly an improvement, not just in the relationship however you want to measure it, but also in the sales. So there's a lot going on in the system. And I think the last thought there is you should take it also as examples of the willingness of the system to experiment and try and be on the front edge of what drives value in the marketplace.

當然，我們評估了這些客戶——在B2B平台可用的地方，他們的表現與尚未推出的相比如何。顯然，情況有所改善，不僅體現在客戶關係方面（無論你怎麼衡量），也體現在銷售額方面。所以，這個系統正在發生很多變化。我認為最後一點是，你也應該把它看作是系統願意嘗試、努力站在市場價值驅動力前沿的例子。

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

我們的下一個問題來自富國證券的克里斯凱裡。

You made a comment on some private label switching happening in certain markets. Can you just expand on where you're seeing this, specifically geographically and perhaps by category and the playbook that you'll be deploying in these markets, the sorts of developments that you'd be looking for to respond to these actions ahead?

您之前評論過某些市場正在發生的自有品牌轉換。您能否詳細說明您觀察到的這種情況，具體是按地理位置還是按類別，以及您將在這些市場部署的策略，以及您預計未來將出現哪些發展趨勢來應對這些變化？

And I ask that a bit in the context of, clearly, some of your ingredients are still quite inflationary and whether you see any potential risk to being able to price against that inflation in some of these markets going forward. Obviously, you have a playbook with a lot of different levers. And I'm just curious to hear your thoughts on where these developments seem to be happening and how do you think about responding to these a bit more specifically.

我問這個問題的背景是，顯然，您提到的一些因素仍然具有相當高的通膨風險，您是否認為未來在某些市場中，透過定價來抵禦通膨存在潛在風險。顯然，您已經制定了一套包含多種不同手段的策略。我很好奇，想聽聽您對這些事態發展的看法，以及您如何更具體地應對這些事態發展。

Sure. So private label switching is principally a feature firstly in Europe, and then to some extent also in the U.S. If you were to include price brands or B brands, you might see some of that also in Latin America depending on how you want to define it. But very specifically on private label, that's number one, a European effect; and number two, a U.S. effect. And it's, in our view, highly related to the strength of the brands in any specific category.

當然。因此，自有品牌轉換首先在歐洲是一個主要特徵，然後在某種程度上也在美國。如果算上價格品牌或B級品牌，拉丁美洲可能也會出現類似的情況，這取決於你如何定義它。但具體到自有品牌，首先是歐洲效應，其次是美國效應。我們認為，這與任何特定品類的品牌實力高度相關。

So we see it more in terms of beverages, happening in water and juices rather than soft drinks and certainly less when you get to colas. The strategy on top of what we need to do in terms of marketing and continuing to make the brands relevant to consumers and executing in the marketplace is, of course, the RGM strategy. Yes, premiumization remains an opportunity, but we need to keep an anchor and continue to evolve and adapt our strategies on affordability, whether that be refillables, whether it be affordable small packs or affordable -- featuring consumption packs, that has become something that is a tested strategy in inflationary environments, well learned in Latin America, for example, but now applied, has been for a number of years in Europe and in the U.S.

因此，我們更多地在飲料領域看到這種情況，尤其是在水和果汁領域，而不是軟性飲料，可樂領域則更少見。除了行銷、持續提升品牌與消費者的相關性並在市場中發揮作用之外，我們最重要的策略當然是RGM策略。高端化仍然是一個機遇，但我們需要保持定力，並持續改進和調整我們以價格親民為核心的戰略，無論是可重複灌裝產品，還是價格實惠的小包裝，還是價格實惠的特色消費裝，這在通脹環境下已是久經考驗的策略，例如在拉丁美洲就已得到充分驗證，但如今在歐洲和美國也已應用多年。

And we have more things we can do in both marketplaces to have an anchor in both affordability and premiumization. And that's a playbook that we are rolling out and executing in those marketplaces.

我們在這兩個市場還有更多可以做的事情，以便在價格可負擔性和高端化方面都站穩腳跟。這就是我們正在這些市場推廣和執行的策略。

As it relates to the inflation and the COGS coming through, obviously, some of that, whether it be juice or sugar and corn syrup, affects different markets. The most of the inflation is in a set of markets where we do price for local inflation. And in a way, the higher inflation gets, the more likely it is you're just -- you're going to follow inflation.

至於通膨和銷售成本，顯然，無論是果汁還是糖和玉米糖漿，都會影響不同的市場。大部分通貨膨脹發生在一系列市場中，我們會根據當地通貨膨脹進行定價。某種程度上，通貨膨脹越高，你就越有可能──你就會跟著通貨膨脹走。

And so the risk for not following is not really there as it goes up. The risk actually appears on the volume side. But this is a select group of markets. So if it were to err towards the more inflation in the back half of the year, we think it's manageable. If we were to err for the less inflation, that would be good, but we think it's in a bucket of manageable things.

因此，隨著通膨上漲，不跟隨的風險實際上並不存在。風險實際上出現在交易量方面。但這只是一小部分市場。因此，如果下半年通膨預期偏高，我們認為是可控的。如果通膨預期偏低，那也不錯，但我們認為目前還是在可控範圍內。

And as it relates to the total company relative to some of those input costs, we have very long-term relationships with most providers and long-term hedging programs, which allow us to kind of -- they don't avoid inflation, but they smooth it that then makes it much more manageable from a pricing and packaging point of view.

由於它與整個公司相對於某些投入成本的關係有關，我們與大多數供應商和長期對沖計劃有著長期的合作關係，這使我們能夠——他們不會避免通貨膨脹，但他們可以平滑通貨膨脹，從而使其從定價和包裝的角度來看更易於管理。

Our next question comes from Filippo Falorni from Citi.

下一個問題來自花旗銀行的 Filippo Falorni。

Can you guys talk a bit more about your alcohol strategy broadly, particularly with the Red Tree Beverages subsidiary? And specifically in terms of like new innovation, any other subcategories or areas where you're looking to expand within alcohol? I know you're experimenting, but just any color on the future plans will be great.

你們能否更詳細地談談你們的酒類策略，特別是Red Tree Beverages子公司的策略？具體來說，例如創新，你們還想拓展酒類業務的其他次類別或領域嗎？我知道你們正在嘗試，但未來計劃的任何細節都很好。

Yes. Thanks, Filippo. Look, the Red Tree entity that we stood up in the second quarter is more of a technicality than some new big step. It isn't a change in strategy, and it's not a vehicle to distribute in the U.S. It allows us a better platform to engage with the partners that we're working with in the U.S. in terms of coordinating and influencing the marketing and allows us a better separation of the alcohol versus the non-alcohol band. So it's more an optimization of the model and how we want to execute things rather than a different thing.

是的，謝謝，Filippo。你看，我們在第二季成立的Red Tree實體更多的是技術層面的，而不是什麼重大的新措施。它並非戰略上的改變，也不是在美國分銷的載體。它為我們提供了一個更好的平台，讓我們能夠與美國合作夥伴更好地互動，協調和影響行銷，並讓我們更好地區分酒精和非酒精產品。所以，這更多的是對模式以及我們執行方式的最佳化，而不是一個完全不同的改變。

And then in terms of progress, look, it's still a small part of the business. And as I talked about, I think it was CAGNY, that's great, and there are lots of runs on the board. Jack & Coke has got some really promising nice results, including in the U.S. Simply Spiked Peach is performing very nicely in the U.S. If you want to look for a really bright spot, you can head to the Philippines and Jack & Coke and Lemon-Dou, which is an alcoholic lemon drink, got well over 30% share of the RTD category.

說到進展，你看，這仍然只是業務的一小部分。正如我之前提到的，我認為CAGNY的表現很棒，而且業績表現也不錯。傑克可樂取得了一些非常不錯的成績，包括在美國市場。 Simply Spiked Peach在美國的表現非常出色。如果你想尋找真正的亮點，可以去菲律賓，傑克可樂和檸檬酒（一種含酒精的檸檬飲料）在即飲類別中佔據了超過30%的份額。

All of this is very encouraging as we continue to take a measured approach to this and to kind of learn and apply our learnings. All of this needs to generate belief that it can be material for the Coke company, not just a nice business, and that we're still in the process of driving towards. But certainly, so far, we're pleased with what's taken place, and we are encouraged about the next steps that we have to take.

這一切都令人鼓舞，因為我們將繼續採取審慎的態度，學習並運用我們的經驗。所有這些都需要讓人們相信，這對可口可樂公司來說將是一筆寶貴的財富，而不僅僅是一筆好生意，而且我們仍在朝著這個目標努力。當然，到目前為止，我們對目前的進展感到滿意，並對接下來的舉措感到鼓舞。

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。

And James, on your volumes commentary, and I appreciate that on your 4-year CAGR, I think if our math is correct, it's 1.7% unit case for total company, which is obviously remarkable. That said, I think EMEA was a bit softer in the quarter. I understand your commentary about Russia. And what is actually happening in EMEA ex Russia? And how we should be thinking going forward?

詹姆斯，關於你對銷售的評論，我很欣賞你對四年複合年增長率的預測。如果我們的計算正確的話，我認為公司整體銷量成長了1.7%，這顯然非常了不起。話雖如此，我認為本季歐洲、中東和非洲地區（EMEA）的業績略顯疲軟。我理解你對俄羅斯的評論。那麼，除俄羅斯外，EMEA地區的情況究竟如何？我們該如何展望未來？

And related to that, since you commented that the U.S. was very strong out of home, and Europe is -- a big percentage of Europe is out of home, on the comments about June, how we should be thinking not only about Europe, but the performance of on-premise against off-premise globally?

與此相關，既然您評論說美國的戶外業務非常強勁，而歐洲——歐洲很大一部分是戶外業務，那麼關於 6 月份的評論，我們不僅應該考慮​​歐洲，還應該考慮全球範圍內的店內和店外業務的表現？

I'm trying to process all the questions. I think you've beaten, that was Dara. I think you've beaten Dara. EMEA was a bit softer. Yes. I think on EMEA, we are -- it was even though -- so on EMEA, we're expecting EMEA to be positive in the second half. And so there was a ramp effect from the withdrawal from Russia in the second quarter. But we -- so Europe was in pretty good shape, actually, Europe ex Russia. If you take the first half, Europe ex Russia was positive. So we are feeling that now it's dropped out of the base numbers in the second half that actually Europe and EMEA will be in good shape.

我正在努力理解所有問題。我認為你打敗了達拉，那是達拉。我認為你打敗了達拉。歐洲、中東和非洲地區稍微疲軟。是的。我認為就歐洲、中東和非洲地區而言，我們——儘管如此——所以我們預計下半年歐洲、中東和非洲地區將呈現正成長。因此，第二季度撤軍俄羅斯產生了斜坡效應。但實際上，歐洲（不包括俄羅斯）的狀況相當不錯。如果只看上半年，除俄羅斯外的歐洲地區是正成長的。所以我們現在感覺，下半年歐洲和歐洲、中東和非洲地區的經濟狀況會從基數中回落，實際上會很好。

Obviously, EMEA has got a couple of the hyperinflationary countries like Turkey and like Pakistan, so EMEA could get other effects. But if you concentrate where Russia is, which is Europe, which is the biggest impact, actually, Europe had a positive volume in the first half if you take out Russia. And so we're feeling good about Europe as we go into the second half. And I think the question really is the trade-off between pricing and volume in a couple of countries, particularly Turkey and Pakistan and for those that want to go deep down the rabbit hole, Zimbabwe as well.

顯然，歐洲、中東和非洲地區（EMEA）有幾個惡性通貨膨脹的國家，例如土耳其和巴基斯坦，所以EMEA地區可能會受到其他影響。但如果集中關注俄羅斯，也就是歐洲，那裡的影響最大。實際上，如果剔除俄羅斯，歐洲上半年的銷售是正的。因此，隨著下半年的到來，我們對歐洲的前景感到樂觀。我認為真正的問題在於幾個國家，尤其是土耳其和巴基斯坦，在價格和銷售之間如何權衡，對於那些想深入了解的人來說，津巴布韋也是如此。

Now the next part of the question, which was about our away-from-home versus at-home. Yes. It wasn't just June, which was the strength in the U.S. on basically the first half. You've seen the out-of-home growing ahead of the at-home and the recovery. And I think that's the way to think about it is we're seeing the back end of the recovery in the away-from-home.

現在，問題的下一部分是關於我們的戶外廣告和室內廣告的對比。是的。不只是6月份，美國上半年的廣告表現強勁。我們已經看到戶外廣告的成長速度超過了室內廣告的成長速度和復甦。我認為我們應該這樣想，因為我們看到的是戶外廣告復甦的後端。

Similarly, in Europe, in fact, globally, transactions were ahead of volume, which tends to imply smaller packages are growing faster than bigger packages from a mathematical point of view. So as a global feature, there's a little more on-premise consumption or a little more small package consumption than large package consumption, which helps as well. But I don't we should see this as a new secular trend, more the kind of the last bit of renormalization post-COVID.

同樣，在歐洲，實際上在全球範圍內，交易量都超過了銷量，這往往意味著從數學角度來看，小包裝的成長速度比大包裝更快。因此，作為一個全球特徵，店內消費量略高於大包裝消費量，或者說小包裝消費量略高於大包裝消費量，這也起到了一定作用。但我不認為我們應該將此視為一種新的長期趨勢，更像是新冠疫情後最後的恢復正常化階段。

Our final question today will come from Peter Grom from UBS.

我們今天的最後一個問題來自瑞銀的 Peter Grom。

So James, maybe just 2 quick follow-ups. One, just on Chris' question around trade down and improving affordability. Do you expect any changes in the promotional environment, particularly in North America? It doesn't sound like that's a shift you expect, but just wanted to be sure. And then just following up on your response to Andrea's question, I would be curious how you see channel mix evolving as consumers seek more value in some of these developed markets, particularly just given the strength from away-from-home that you just alluded to?

James，我只想快速跟進兩個問題。第一，關於Chris提出的降價促銷和提高可負擔性的問題。您預計促銷環境會改變嗎，尤其是在北美？聽起來您似乎沒有預料到會有這樣的變化，但我只是想確認一下。然後，關於您對Andrea問題的回答，我很好奇，隨著消費者在一些已開發市場尋求更高的價值，尤其是考慮到您剛才提到的來自非本土市場的強勁增長，您如何看待渠道組合的演變？

We see the U.S. pricing and promotional environment as pretty rational. We have a set of strategies in place to try and balance our premiumization, regular and affordability strategies in the U.S., which includes a little more promotion than the first quarter. But basically, promo levels are very similar to prior years and not as a step up. And we think that we have the right balance of premiumization and affordability plays to be able to continue to gain as we did in the second quarter volume and value share in the U.S. So we think the environment is rational. We think our strategy works for us because we gain volume and value share. And we've got the right mix of -- roughly the right mix of promo and price. And obviously, we're going to continue to push the affordability and the premiumization play.

我們認為美國的定價和促銷環境相當合理。我們制定了一套策略，試圖平衡我們在美國高端化、常規化和可負擔性策略，其中包括比第一季略有增加的促銷活動。但基本上，促銷水平與往年非常相似，並沒有提升。我們認為，我們在高端化和可負擔性策略之間取得了適當的平衡，能夠像第二季度一樣繼續在美國市場提升銷售和價值份額。所以，我們認為環境是合理的。我們認為我們的策略對我們有效，因為我們獲得了銷售和價值份額。而且，我們的促銷和價格組合大致合理。顯然，我們將繼續推動可負擔性策略和高端化策略。

And then the channel mix question, do we think we'll see in developing markets what -- I think the principal feature is a renormalization post-COVID. I don't think it's kind of recessionary or inflationary or that. I think it's just been -- we've kind of seen a renormalization of the channel mix. We had talked over prior years about how big an impact on price/mix and margin structure, the shift in channels were with what seems ages ago, the lockdowns. That has now largely played out, which is another way of saying, we don't expect channel mix to be a major feature of the discussion in quarters and years to come.

然後是通路組合的問題，我們認為在發展中市場會看到什麼？我認為主要的特徵是後疫情時代的再正常化。我不認為這會帶來衰退或通貨膨脹之類的。我認為只是──我們看到了通路組合的再正常化。前幾年我們討論過，通路的轉變對價格/產品組合和利潤結構的影響有多大，以及似乎很久以前的封鎖措施對通路的影響有多大。現在這些影響已經基本顯現，換句話說，我們預計通路組合不會成為未來幾季和幾年討論的主要內容。

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

女士們，先生們，我們的問答環節到此結束。現在，我想將發言權交還給詹姆斯·昆西，請他做最後發言。

Yes. Thank you, operator. So just to quickly summarize. Second quarter results, I think, demonstrate the momentum we have in the marketplace. We are navigating a broad set of dynamics in the local markets while driving scale and maintaining flexibility at a global level. We're confident in our ability to deliver on our '23 guidance and our longer-term objectives. Thanks for your interest, your investment in our company and for joining us this morning.

是的，謝謝接線生。簡單總結一下。我認為，第二季的業績展現了我們在市場上的強勁勢頭。我們正在積極應對本地市場的一系列動態變化，同時在全球範圍內擴大規模並保持靈活性。我們有信心實現2023年的業績指引和長期目標。感謝您的關注、對我們公司的投資以及今天早上的與我們見面。

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。現在您可以掛斷電話了。