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，我歡迎大家參加可口可樂公司 2023 年第二季度盈利結果電話會議。今天的通話正在錄音。如果您有任何異議，請此時斷開連接。 （操作須知）提醒大家，本次會議的目的是與投資者對話，因此不回答媒體提問。媒體參與者如有任何疑問，請聯繫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Robin Halpern女士。哈爾彭女士，您現在可以開始了。

Good morning, and thank you for joining us. I'm here with James Quincey, our Chairman and Chief Executive Officer; and John Murphy, our President and Chief Financial Officer. We'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，感謝您加入我們。我和我們的董事長兼首席執行官詹姆斯·昆西 (James Quincey) 一起來到這裡。以及我們的總裁兼首席財務官約翰·墨菲。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公認會計準則財務指標，我們的高級管理人員在今天上午的討論中可能會參考我們根據公認會計原則報告的結果。您還可以在我們網站的同一部分找到時間表，其中提供了我們的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，包括有關長期盈利目標的陳述，這些陳述應與我們的盈利發布和公司定期 SEC 報告中包含的警示性陳述結合起來考慮。在準備好發言後，我們將轉交電話提問。 （操作員說明）。

Now I'll turn the call over to James.

現在我將把電話轉給詹姆斯。

Thanks, 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.

謝謝羅賓，大家早上好。經過今年的強勁開局，我們在第二季度繼續保持這一勢頭。我們將強大、受人喜愛的品牌與統一的普遍分銷系統相結合，使我們能夠在許多不同的運營環境中獲勝。鑑於我們上半年的強勁業績和業務的彈性，我們今天提高了頂線和利潤指引。

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提出的指導意見，我將首先討論第二季度的業績，並提供對當前商業和消費者環境的看法。然後我將重點介紹我們在各個類別中的表現，包括我們如何在整個產品組合中推動質量領先。最後，我將談談為什麼我們對實現長期目標的能力充滿信心。最後，約翰將討論我們本季度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 continue 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，宏觀競爭力量在我們的市場中發揮作用。從積極的一面來看，許多供應鏈壓力有所緩解，對銀行業穩定性的擔憂有所減弱，能源價格繼續從歷史高位回落。但全球通脹依然高位，部分市場地緣政治緊張局勢持續存在。儘管存在多種因素，我們本季度的有機收入增長了 11%。

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.

成交量持平，在經歷了較慢的開局後，成交量隨後有所改善，六月是本季度最強勁的月份。 2023 年上半年，我們實現了銷量增長，這與 2019 年以來的基本業績一致。更廣泛地說，我們的行業很強勁，我們相信我們在銷量和價值方面都有巨大的增長空間。我們繼續獲得份額。本季度，我們在家庭和外出渠道上都獲得了價值份額。

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，全球通脹環境對不同地區的消費者和我們的業務產生不同的影響。在北美和西歐等發達市場，通脹開始放緩，勞動力市場依然強勁。我們的彈性仍然相對較低。然而，我們看到一些人願意在某些類別中轉向自有品牌。在整個行業中，消費者越來越注重成本。他們正在尋找價值並囤積打折商品。在這些市場中，我們的定價已基本到位，並且隨著我們循環上一年的定價舉措，預計會有所放緩。

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.

以消費者為中心並與客戶合作提供價格實惠且優質的產品比以往任何時候都更加重要，從而通過購物籃和發病率的增長創造價值。在拉丁美洲、中東和非洲等許多發展中和新興市場，消費者更習慣於持續的通貨膨脹。然而，通貨膨脹劇烈的市場數量有所擴大。

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.

目前，我們 40 個排名前 40 的市場中有 5 個市場的年通脹率超過 20%。在這些市場中，同樣重要的是利用收入增長管理能力來平衡負擔能力與高端化，以便能夠根據當地市場通脹調整價格，這有助於抵消貨幣壓力。一如既往，有一些市場受到特定當地因素的影響。中國第二季度經濟復甦放緩，通脹有所下降。消費者信心低於大流行前的水平。我們將繼續監控領先的消費者指標並採取行動贏得市場。

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，本季度的業務受到反季節降雨和氣溫較低的不利影響。然而，增長前景依然完好。在一個市場動態多種多樣的世界中，從通貨膨脹到貨幣貶值，再到消費者需求的變化，我們的業務被證明是非常有彈性的。我們可以利用多種手段來成功管理不同的運營環境。我們仍然以消費者為中心，專注於增長。我們的成功秘訣沒有改變。我們繼續通過世界一流的營銷和創新、卓越的收入增長管理和強大的執行力的結合來實現我們的戰略。我們正在提高標準並增強我們產品組合的質量領先地位。

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 世代飲酒者群體，獲得份額並利用我們的規模來提高整個系統的效率。在本季度，我們通過將可口可樂與消費場合聯繫起來並通過本地體驗吸引消費者來獲得銷量和價值份額。一個很好的例子是“神奇食譜”，它在 50 多個市場啟動，慶祝在用餐時飲用可口可樂。該活動得到了當地廚師的經驗支持，利用了全球約 750 位有影響力的人，並通過社交媒體和以菜譜為中心的廣告牌將其帶入生活。

The Coke of 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 incidents and volume per trip by double digits while increasing price per liter.

可樂餐食活動也讓可口可樂加強了其在當地的影響力。例如，在意大利的外出渠道中，可口可樂的披薩（每年約 30 億個披薩的第一大消費餐食）的發病率在過去 4 年裡從 10% 上升到 20%。雖然可口可樂品牌無處不在，但我們根據消費場合定制價格包架構，並繼續推動可負擔性和高端化。在第二季度，我們的籃子事件和每次行程的數量增長了兩位數，同時提高了每升的價格。

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.

接下來是起泡口味。我們看到消費者對我們主要品牌的強烈參與，其中包括雪碧、芬達、FRESCA 和 Thums Up。與此同時，我們還有巨大的空間來進一步推動發達市場和發展中市場的質量領先地位。

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 hiphop's 50th anniversary with the launch of Sprite Lymonade Legacy and sponsorship of concert tours, exclusive experiences and collaborations with prominent artists.

借助雪碧，我們通過我們的全球 Heat Happens 平台將消費者與激情點和個性化體驗聯繫起來，在更精細和本地相關的層面上提高品牌知名度。在北美，雪碧通過推出 Sprite Lymonade Legacy 以及贊助巡迴演唱會、獨家體驗以及與著名藝術家的合作來慶祝嘻哈音樂誕生 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.

我們與中國當地的流行歌星和一位格萊美製作人合作，為 1,500 個大學地點的 Z 世代飲酒者提供全球 Sprite Limelight 音樂計劃。在韓國，雪碧水炸彈節同樣取得了不錯的成績。

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，“瓶子裡的笑話”促銷活動允許消費者掃描包裹並通過 WhatsApp 接收定制和本地化的笑話來消暑。 6 月，雪碧被凱度評為最具彈性品牌，因其在 2022 年新增家庭數量是所有快速消費品品牌中最多的。

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 investment. 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會，並利用我們更新的資源配置能力、優先市場和子類別來為我們提供最高的投資回報。我們正在通過以消費者為中心加快創新的上市速度、實時衡量結果並擴大成功來建立我們的優勢。

We continue to build excitement for Fuze Tea through the rollout of green tea in Mexico, summer limited edition in Turkey and expansion of 0 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.

我們繼續通過在墨西哥推出綠茶、在土耳其推出夏季限量版茶以及在歐洲範圍內擴大零糖產品來繼續為 Fuze Tea 帶來興奮。早期結果顯示出令人鼓舞的速度，Fuze Tea 在本季度的銷量增長了兩位數。維生素水是另一個例子。本季度，我們在北美重新推出了維生素水零，採用羅漢果和甜葉菊的新甜味系統，產生了價值份額收益。我們正在利用消費者對快速補水的需求，這是運動飲料中快速增長的細分市場，推出了 BODYARMOR FLASH I.V.。在美國，Flashlyte 在墨西哥。雖然還為時過早，但兩家公司在本季度都看到了消費者的濃厚興趣，並展示了有希望的初步業績。

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、增值乳製品和植物性飲料已連續 9 個季度實現兩位數的營收增長，並在本季度實現了銷量和價值份額的增長。我們在 Simply 商標下不斷創新並推動高端化。 Simply Mixology 為消費者提供美味的混合飲料和即飲無酒精雞尾酒，並啟動了一場體驗式活動，慶祝夏季的開始及其在全國的推廣。

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. 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 and Coke has shown promising results. In the Philippines, the combination of Jack and Coke and Lemon-Dou delivered strong share gains.

此外，隨著 Core Power 和 fairlife 營養計劃繼續保持強勁勢頭，fairlife 又迎來了一個出色的季度。 5 月份，我們宣布投資 6.5 億美元建設最先進的生產設施，以幫助推動下一波增長。最後，我們對即飲酒精飲料的情況感到鼓舞。我們繼續通過探索和應用我們的知識來採取謹慎的方法。儘管還為時過早，傑克和可口可樂已經顯示出了可喜的成果。在菲律賓，Jack and Coke 和 Lemon-Dou 的合併帶來了強勁的市場份額增長。

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.

史威士莫吉託在印度的推出也取得了良好的開端。這些例子說明了我們的營銷轉型是如何實現的。我們整體飲料產品組合的實力讓我們更加有信心，我們可以繼續為消費者提供適合各種場合的飲料選擇。

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.

我們的目標是讓世界煥然一新並做出改變。在我們努力發展業務的同時，我們仍然致力於為我們的公司和地球建設一個更加可持續的未來。我們繼續通過創新和合作夥伴關係，努力實現包裝循環經濟的願景。例如，在美國，我們最近與 Republic Services 合作，確保我們為包裝提供充足的再生塑料供應。與此同時，我們正在擁抱可再填充的產品。我們最近與美國 4 個城市的客戶啟動了一項計劃，測試可再填充的噴泉杯，併計劃擴展到其他地方。

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，這支持了我們提高全年指導的決定。我們沒有試圖預測事情可能採取的多種方向，而是繼續專注於實現我們在二月份概述的關鍵目標。換句話說，第一，在全球範圍內追求卓越，並通過不懈地以消費者為中心在當地贏得勝利，以推動營收增長；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所有要素的標準；第三，產生以美元計價的每股收益增長。

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 and employees around the world.

我們的系統從未如此強大，我們的全球網絡模式使我們能夠快速適應不斷變化的環境。我們相信，由於我們令人難以置信的系統和世界各地的員工，我們有能力提供更新的指導和目標。

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

這樣，我會把電話轉給你，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.

謝謝你，詹姆斯，大家早上好。我們對我們的業務勢頭和第二季度的強勁業績感到滿意。從頂線開始。我們的有機收入增長了 11%。單位箱持平。正如詹姆斯所說，第二季度的銷量開始較慢，但最終以積極的姿態結束。本季度精礦銷量比單位銷量高出 1 個百分點，這主要是由於精礦發貨時間的推動。本季度價格/組合增長了 10%，這是由於去年基數的結轉定價以及跨運營部門的一些新定價行動（包括惡性通貨膨脹市場的影響）推動的。

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.

由於基本擴張和瓶裝再特許經營帶來的輕微收益，本季度的可比毛利率增長了約 40 個基點，但部分被貨幣的影響所抵消。本季度可比營業利潤率擴大約 90 個基點。這主要是由強勁的收入增長和重新特許裝瓶業務的影響推動的，但營銷投資的增加和與上一年相比更高的運營成本以及貨幣不利因素部分抵消了這一影響。

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.

總而言之，儘管 6% 的貨幣阻力高於預期，但第二季度可比每股收益為 0.78 美元，同比增長 11%。今年迄今為止，自由現金流約為 40 億美元。這主要歸因於強勁的基本運營業績和營運資本效益，但部分被第二季度支付的 7.2 億美元過渡稅以及併購相關付款所抵消。

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. 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.

我們的資產負債表穩健，淨債務槓桿率為 1.6 倍 EBITDA，低於我們 2 至 2.5 倍的目標範圍。我們的資本配置優先事項保持不變，我們將繼續投資以推動長期增長。正如詹姆斯提到的，我們對市場上所看到的情況感到鼓舞。在我們繼續加快戰略飛輪以實現營收主導增長的同時，我們在利潤議程上也取得了進展，這一點從我們抵消成本逆風以維持穩定毛利率的一貫記錄就可以看出。

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.

我們有許多槓桿可以用來推動收入增長並提高長期支出的有效性和效率。我們的全天候戰略，加上我們為繼續在整個投資組合中打造高質量領導地位而製定的宏偉計劃，使我們能夠很好地實現我們提出的 2023 年指導方針。

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.

其中包括 8% 至 9% 的有機收入增長，其中包括銷量的正增長，同時繼續由價格/組合主導。有一些注意事項需要牢記。隨著我們循環上一年的定價舉措，我們預計發達市場的定價全年將放緩。在發展中國家和新興市場，我們的目標是根據當地市場通脹來定價。

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.

在某種程度上，市場的劇烈通脹推動了價格/組合的上漲，其影響往往被貨幣所抵消，因為通常很難對沖我們的風險敞口。根據我們的報告日曆，第四季度將額外增加 1 天。我們現在預計，不考慮貨幣因素的每股收益將增長 9% 至 11%。根據當前匯率和我們的對沖頭寸，我們正在更新我們的貨幣前景，即 2023 年全年可比淨收入將面臨約 3 至 4 個百分點的阻力，而可比每股收益將面臨約 4 至 5 個百分點的阻力。

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 baskets 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%.

通貨膨脹壓力在某些方面開始緩解，包括與去年相比有利的運費。也就是說，我們籃子裡常見的幾種商品，如糖和果汁，仍然處於高位。我們有一些對沖，我們將把這些對沖降低到不太有利的利率。根據當前利率和對沖頭寸，我們繼續預計，每宗商品價格通脹對 2023 年銷售商品可比成本的影響將在中個位數範圍內。我們更新的 2023 年基本有效稅率現為 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.

總而言之，我們更新的可比每股收益增長率為 5% 至 6%，而 2022 年為 2.48 美元。我們仍然預計，通過來自運營的約 114 億美元現金（減去 2022 年約 19 億美元），我們將在 2023 年產生約 95 億美元的自由現金流。資本投資。如果排除第二季度支付的過渡稅以及與併購交易相關的各種付款，我們隱含的自由現金流轉換將在我們的長期指導範圍內。本指南不包括與我們與國稅局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.

進入下半年，我們將繼續打造一種文化，強調在業務開展的各個方面提高標準。感謝我們世界各地的系統員工不斷做出的巨大貢獻，我們有信心能夠實現 2023 年的指導方針，並長期為利益相關者創造價值。

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

接線員，我們準備好回答問題了。

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

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

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?

我想我有一個問題，就在我們回顧今年下半年並研究有機銷售時，隱含的有機銷售指導，我猜，是在 5% 到 6% 的範圍內。下半年。也許詹姆斯和約翰，你們能談談今天的宏觀環境或經營狀況與你們年初的想法相比如何嗎？

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?

考慮到有更多的此類市場或國家存在惡性通貨膨脹問題，就今年下半年的有機銷售而言，相對於銷量而言，價格是否更具驅動力？年初的時候你在想嗎？

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，讓我嘗試稍微解開一下。我認為答案的主要部分是，第二季度和下行時期的定價比我們年初的預期要高一些，主要是圍繞通貨膨脹率較高、超過 20% 且更持久的一籃子國家。 。這就是簡短的答案。

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 algorithms. 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 our trend, if you like, a CAGR versus 2019, similar to what we did last year.

更長的答案是，看，我們正在執行我們在 CAGNY 一次又一次討論過的戰略，真正的重點是提高營銷標準、提高 RGM 標準、商業戰略和市場的執行。所有這些都是為了提供一個良好的、強大的、以營收為主導的增長算法。顯然，我們歷史上曾說過，在正常情況下，5% 到 6% 將在大致相等的基礎上在數量和價格之間分配。因此，你在今年下半年看到的情況，我認為值得注意的是，我們預計下半年的交易量將與上半年保持一致，最終如果你願意的話，我們正在觀察我們的趨勢，即與 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，我們看到 22 年以來銷量持續正增長。無論是與去年還是 2019 年進行比較，我們都希望下半年的銷量增長與上半年非常相似。因此，我們希望企業能夠通過所有正確、適當的戰略來擴大消費者基礎原因。那麼下半年收入將會發生什麼，我們將看到 3 個價格/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.

第一個部分是上一年定價的結轉。顯然，去年的成本通脹更為嚴重。但從邏輯上講，到 12 月底，這組數字將趨於 0。因此，隨著我們進入第三季度和第四季度，這種情況將會減弱。所以第一桶，結轉。那就要下台了。

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...

第二部分是今年迄今為止我們已經進行的價格上漲，撇開通貨膨脹較大的國家不談，就我們今年採取的措施而言，無論是時間安排還是價格上漲的次數，看起來都更像正常的一年以及價格上漲的相對水平。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，我們遇到了技術困難。請保持通話。

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

我什麼時候停下來了？接線員，您知道我的接聽電話什麼時候掛斷嗎？

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

不幸的是沒有，先生。我們的下一個問題將來自巴克萊銀行的勞倫·利伯曼。

Operator, let me just finish the other question. I was 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 talk in 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，我來完成另一個問題。我正要備份。對於技術上的棘手問題向大家表示歉意。我只是要備份，如果我重複某些事情，我會說抱歉。如果邏輯上有漏洞，再次道歉。我認為我們討論的下半年銷量與上半年類似，無論你談論的是去年還是 2019 年。定價，3 個桶。這三個因素的定價中較大的一部分（即結轉）顯然在全年中將在第四季度末趨向於 0。

The new pricing that's come in, 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.

23 年推出的新定價與我們所看到的正常定價水平非常一致，而且今年已經到位。顯然，這種情況在下半場剩餘時間裡都會以同樣的速度持續下去。第三部分，大約是 PMO 目前發生的情況的 1/4，這一系列通脹較高的國家，正如我之前所說，這些國家第二季度的通脹比我們之前預期的要高一些。顯然，這種情況隨後會在外匯市場出現更多逆風中出現。

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.

我們假設其中一些通脹率將在今年下半年放緩，外匯市場同樣會放緩，儘管這非常不確定。因此，我們必須看看會發生什麼，但這基本上是如何思考我們的戰略在下半年實現良好收入增長的效果的組成。

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勞倫·利伯曼。

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

你能聽到我說話嗎？因為我的線路現在變得斷斷續續。沒關係。偉大的。

Yes, we got you, Lauren.

是的，我們找到你了，勞倫。

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.

涼爽的。好的。我實際上想從資源分配模型和關鍵利潤池的確定等方面詢問一些關於Costa和咖啡的整體情況，這些在準備好的發言中沒有提到，但在今天早上的新聞稿中明確指出，特別強調英國。

So I guess broad question would be how coffee overall is kind of fitting in on this thought process and resource allocation models if they are getting their particular differences by geography or is it for different emphasis on the category by different bottlers. And then specific to the numbers called out in the release and 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?

因此，我想廣泛的問題是，如果咖啡因地理位置而產生特殊差異，或者不同裝瓶商對該類別的不同重視，那麼咖啡總體上如何適應這種思維過程和資源分配模型。然後，具體到新聞稿中提到的數字和Costa UK，我們是否應該將其視為流動性、新冠疫情的複蘇，或者對您制定的策略的調整或調整，這些戰略已開始在績效中體現？

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, the 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 gain 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。當然，勞倫。讓我以相反的順序來做。我認為，第二季度更多的是複蘇，而不是新的增長階段。話雖如此，在新冠疫情期間，包括今年迄今為止，Express 機器的投放數量一直在持續增長。因此，英國的快遞業務、B2B 業務一直很強勁，並且仍然強勁，並且仍在增長，仍在增加份額。零售業——商店數量更多地是關於一種複蘇，也許是完成移動性的遊戲並獲得一點份額。顯然，我們專注於如何推動未來增長，並且我們看到英國市場有很大的發展空間。

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.

但我會更多地描述今年迄今為止的情況——更多的是商店的複蘇而不是新品，以及快遞對新品的偏見。從國際上來說，如果你把它分成幾個不同的類別，即即飲類別，我們在中國取得了一些良好的進展。我們在日本取得了一些良好進展，在日本推出了即飲 Costa，以補充格魯吉亞。事實上，日本今年在喬治亞州和科斯塔的種植上都有一個良好的開端。即飲咖啡的完整咖啡策略看起來不錯，這對我們來說仍然是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 to 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've called out as the most -- as at the front of the program in terms of geographic expansion.

然後是 B2B，它是快遞與我們提供機器和咖啡豆的服務的結合，開始看到它在歐洲與那裡的裝瓶合作夥伴獲得了一些吸引力，並開始在美國站穩腳跟。 ， 也。這些是我最常提到的——就像在地理擴張方面處於該計劃前面的那樣。

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?

所以我只想跟進布萊恩的後半部分問題。您確實提到了第一季度電話會議後四月份的開局較弱，然後在這次電話會議上顯然六月份的成交量表現強勁。這是否會在內部帶來額外的信心？我問的原因是，從概念上講，您不一定會指導下半年下半年繼續保持六月的成交量強勢。我只是想理解這一點。考慮到您提到的通脹環境和消費者波動，這是否更謹慎？或者還有其他因素嗎？

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?

當我們將全年有機銷售增長指導範圍作為該問題的一部分時，這只是第二季度的上行空間嗎？與第一季度相比是否有一些好處？您是否在全年有機銷售增長指導上調後改變了對下半年的預期？

I think Dara, you might get the price in 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.

我想達拉，你可能會在一個問題中得到這些問題的價格。看，顯然，在第二季度，正如我們在上次電話會議中所預期的那樣，四月份的開局很溫和。但到了季度末，情況就趨於正常化，六月是一個穩定增長的月份。

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 by 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法是考慮整個上半年，因為你總是會有一些好的月份和一些糟糕的月份。 4月份恰好集中在發達國家的一些價格上漲和印度的暴雨。看，這總是會在任何給定的月份發生。我想問題是什麼讓我們對下半年有信心，只是說一月到六月，有好、中、差的月份，上半年的增長率，我們預期的是無論是與 2022 年還是 2019 年相比，下半年的增長率都是類似的。

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.

所以我們認為勢頭就在那裡。我們認為在發達市場，我們已經完成了 23 年需要採取的定價。我們預計不會出現實質性的新定價下滑。但我們認為這將是下半場的一次良好的安排。

And as I called out on that other answer with Bryan that the uncertainty factor is really around a 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. About a 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.

正如我對布萊恩的另一個答案指出的那樣，不確定性因素實際上集中在一些通貨膨脹率更高的市場上。指導意見上升，我想顯然有一些流量通過。顯然，與共識相比，我們第一季度表現不錯。關於第二季度——我們顯然對全年的前景充滿信心，這就是我們接受它的原因。所以有一些流量通過。

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'll 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，第二季度的相對錶現存在一些時間因素。正如我們在之前的電話會議中所討論的那樣，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的位置，我認為採用多季度平均值來考慮銷量或定價總是好的甚至流入每股收益。我認為這是我們一直在思考的事情。否則，您可能會因任何特定季度的起伏而分心。所以我們要上去。在指引中，我們對下半年充滿信心。總會有一些調整和調整，但我們認為我們有一個偉大的戰略和一個偉大的計劃可以在今年剩下的時間裡執行。

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。我想我對你們亞太地區的營業利潤率有疑問，該利潤率本季度再次受到壓力。然後，詹姆斯，您談到了幾個仍面臨壓力的市場，但只是希望您能就該地區的一些不利因素分享更多的信息。那麼您可能已經實施了哪些關鍵舉措來減輕其中一些壓力？因此，我們應該如何看待該地區今年剩餘時間內的運營利潤趨勢？

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 that 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，我們顯然在第二季度發生了一系列特定於第二季度的事情。中國運營部門進行了一些庫存削減，這是一個重要的部分。中國和印度的一些果汁業務需求強勁。這些是發生的兩種非典型因素，這些因素在一定時間內壓低了亞太地區的利潤率。值得注意的是，僅在亞太地區層面就存在某種結構性阻力。我的意思是，我們在日本擁有非常大的業務，這是一項出色的業務，並且擁有良好的營業利潤率。

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系列快速增長的新興和發展中市場，如印度、中國和一些東南亞國家。考慮到它們的增長速度及其新興形象的性質，即它們的價格點低於日本，它們對亞太地區的報告部分產生了負面的地理混合效應。這已經是一個很長一段時間的功能了。換句話說，你必須在印度和中國銷售 1 點的箱子來彌補——以補償相對於日本的混合效應。因此，這種結構性阻力總是存在的。

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, 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，我們的目標是通過我們的戰略、營銷、RGM 執行以及我們的投資方式來嘗試抵消這種不利因素。因此，如果你回顧一段時間，你會發現——雖然利潤率上下波動，但當你觀察 2019 年與 2022 年的情況時，它具有一定的穩定性。所以我最後想說的是，不要考慮到某些問題，亞太地區的輪換不會過度到四分之一。但我還要指出，由於結構性混合效應，這並不是一個單獨存在的營業利潤率可能一直增長的區域。

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 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.

但從公司層面來看，我們顯然將其作為整體投資組合的一部分進行管理，因此它是我們總體戰略的一部分，正如我們所討論的，利用槓桿達到高端佔總收入的 5 至 6 %，總營業收入利潤率略有擴大。我們了解該等式中每個部分的作用。

Our next question comes from Steve Powers from Deutsche Bank.

我們的下一個問題來自德意志銀行的史蒂夫·鮑爾斯。

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，我想擠進兩個主題，但我想首先討論詹姆斯，你剛才在更廣泛的整個公司背景下談論的內容。本季度，營收明顯強勁。但我認為，相對於外部預期，我們看到的利潤率和銷售管理及行政費用槓桿比預期要多一些，特別是在北美等地區，這些地區的利潤率相對於歷史水平異常強勁。

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?

因此，我很好奇在考慮下半年時如何考慮管理營收增長與持續利潤擴張之間的平衡。但更廣泛地說，就您的頂線主導算法而言，我們是否應該長期考慮更多的成本效率機會？或者我們在本季度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，我只想回到我上個季度提出的關於線下動態的問題。今年你談論的是線下去槓桿化、利息支出等等。本季度我們沒有再看到這種情況，特別是在稅率較低的情況下。所以我只是好奇全年的情況是否發生了變化，以及這是否會影響全年指導的提高？

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 soon 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，讓我先聽第二部分。這相當簡單。在本季度，我們受益於更高的股本收入和我們從海外現金賺取的利息，這兩種情況都超出了我們年初指導時的水平。從今年下半年開始，我預計這兩者中的任何一個都不會那麼強大。所以我確實認為下半年我們會有一點去槓桿化，但幅度不大，不是你下半年考慮的一個重要變量。

Yes. Back to the margin element of the question. North America, in a way, is a fluid 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。回到問題的邊緣部分。在某種程度上，北美是我們剛才談到的亞太地區的一個流動的一面。顯然，北美地區的營收和利潤率都非常強勁。同樣，就北美而言，有許多時間因素使第二季度的利潤結構趨於平坦，例如，有點像英國的 Costa，因為它在北美的增長率要快得多。在北美市場上，出門在外的感覺比在家的感覺要好。

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。在某種程度上，這應該被視為更完整地完成了復甦與新冠疫情的鬥爭。因此，餐廳、咖啡館、主題公園等的重新開放已經完成。因此，如果你願意的話，這種渠道組合可以在短期內提高營業收入。還有許多其他因素會影響這一點，例如 BODYARMOR 集成等等。我認為，按部門考慮未來利潤率以及對公司整體而言最重要的是，首先，不要在任何一個季度過度輪換。

Remember that there are a number of expense 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，而不僅僅是本季度實際發生的情況。所以時機是一個特點。這就是為什麼我強烈建議我們連續四個季度並相對於歷史來看待這一點。

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.

當你這樣做時，無論是在北美還是亞太地區，或更重要的是，在整個公司，你將看到我們堅持我們的戰略，即推動營收增長，然後尋求適度或適度的營業利潤增量，我們不僅通過有效的資源分配策略來實現這一目標，無論是營銷費用還是運營費用，以便我們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 features of our business model and the big overall idea is top line growth with small income and operating margin expansion.

但投資組合本身的設計和 RGM 策略也是創造銷售的一個組成部分，而銷售本身就具有更高的毛利率。因此，我們使用所有手段來嘗試交付。因此，不要將這些部分的交付量超過或不足視為新的、激進的事情正在發生的跡象。如果它們是我們商業模式的特徵，那麼總體思路就是收入增長和營業利潤率擴張。

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，一些裝瓶商取得了許多有趣的進展。你讓 CCH 收購了芬蘭迪亞。很多裝瓶商，尤其是拉丁美洲和其他地方的裝瓶商，都在談論他們正在開發的 B2B 平台。所以我的問題是，您如何看待這些發展？是否有新的模式、收入、收益分享模式？您如何確保裝瓶商始終專注於那些為可口可樂公司帶來最大價值的產品？

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 in 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。讓我從頭條新聞開始，實際上，我們剛剛結束。上週，我們在亞特蘭大舉行了全球裝瓶商會議。我想距離我們在亞特蘭大召開那次會議已經過去 30 多年了，但我們上週在亞特蘭大與可口可樂系統中大多數最大的裝瓶商舉行了會議。我認為這是一次非常明確的會議，會議討論了我們投資這項業務的集體意願、能力和興趣，以及我們在重要事項、我們應該單獨推動什麼以及需要集體推動什麼方面的總體協調程度。

So actually, you guys all go around and talk to the bottlers as well, and I think you will 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 a biased set of dynamics that are important and relevant and not necessarily projectable around the world. And the case of CCH and the distribution, now the ownership of Finlandia, I think, is one of those.

所以實際上，你們也四處走動並與裝瓶商交談，我想你們會從他們那裡得到反饋，他們之間存在著非常高的程度，不僅是對需要做什麼的一致，而且是對我們面臨著推動業務、我們集體業務向前發展的機遇。在一些具體細節上，顯然，你已經在這個籃子裡了，世界各地發生的一些事情是本地的，並且是一組有偏見的動態，這些動態是重要的和相關的，但不一定可以在世界各地進行預測。我認為，CCH 和分配（現在芬蘭迪亞的所有權）的案例就是其中之一。

The B2B platforms, which are 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得非常好，也是其他多個國家的業務特色。我們一直在測試、探索和開發單獨和集體的 B2B 平台，主要目標是增強系統，最重要的是增強裝瓶商與零售商的關係。

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 delivered.

在某種程度上，我們可以恭維，這裡我們主要討論的是碎片化的渠道，因為無論如何，與現代貿易的關係已經在電子平台上建立了。我們談論的是分散的貿易，我們作為一個系統訪問的近 3000 萬客戶中的大多數都是為了增強這種關係，使其不再受制於可口可樂銷售代表的訪問，而是使其成為 24 小時/7 加強關係、訂購產品、請求服務電話、購買新冷卻器、架起雨傘或添加到已即將交付的訂單的機會。

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 B2B 平台可用的客戶與尚未推出 B2B 平台的客戶的表現。顯然，這種改善不僅體現在關係方面，無論你想如何衡量，而且還體現在銷售方面。所以系統中發生了很多事情。我認為最後一個想法是，你也應該將其視為系統願意進行實驗和嘗試並處於推動市場價值的前沿的例子。

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

我們的下一個問題來自富國銀行證券的克里斯·凱里。

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?

您對某些市場中發生的一些自有品牌轉換發表了評論。您能否詳細介紹一下您所看到的具體地理區域，或許還可以按類別以及您將在這些市場中部署的策略，您將尋求哪些發展來應對未來的這些行動？

And I asked 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，很明顯，你們的一些成分仍然具有相當大的通脹性，以及你們是否認為未來在某些市場中針對通脹進行定價存在任何潛在風險。顯然，你的劇本有很多不同的槓桿。我只是想听聽您對這些事態發展的看法，以及您如何考慮更具體地應對這些問題。

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，自有品牌轉換首先是歐洲的一個特徵，然後在某種程度上也是美國的一個特徵。如果你要包括價格品牌或 B 品牌，你可能也會在拉丁美洲看到其中的一些特徵，具體取決於你想要如何定義它。但特別是在自有品牌方面，這是第一，歐洲效應；第二，美國的影響。我們認為，這與任何特定類別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，我們更多地在飲料方面看到這種情況，發生在水和果汁中，而不是軟飲料中，當可樂時當然更少。當然，我們在營銷和繼續使品牌與消費者相關並在市場上執行方面需要做的戰略是 RGM 戰略。是的，高端化仍然是一個機會，但我們需要保持穩定，繼續發展和調整我們的可負擔性戰略，無論是可再填充的，無論是負擔得起的小包裝還是負擔得起的特色消費包，這已經成為一種經過考驗的東西。例如，在通貨膨脹環境下採取的策略在拉丁美洲已廣為人知，但現在已在歐洲和美國應用多年。

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're rolling out and executing in those marketplaces. 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 we're just -- you're going to follow inflation.

我們可以在這兩個市場上做更多的事情，以在可負擔性和高端化方面奠定基礎。這就是我們在這些市場中推出和執行的劇本。由於它與通貨膨脹和銷貨成本有關，顯然，其中一些，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我們為當地通貨膨脹定價的一組市場中。在某種程度上，通貨膨脹越高，我們就越有可能跟隨通貨膨脹。

And so the risk 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，隨著價格上漲，不跟隨的風險實際上並不存在。風險實際上出現在成交量方面。但這是一組精選的市場。因此，如果今年下半年通脹加劇，我們認為這是可以控制的。如果我們錯誤地認為通貨膨脹率較低，那會很好，但我們認為這是在可控的範圍內。

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 they make it much more manageable from a pricing and packaging point of view.

由於它與整個公司相對於其中一些投入成本有關，我們與大多數供應商和長期對沖計劃都有非常長期的關係，這使我們能夠——他們不能避免通貨膨脹，但他們從定價和包裝的角度來看，它們使其更易於管理。

Our next question comes from Filippo Falorni from Citi.

我們的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.

你們能否更廣泛地談談你們的酒精戰略，特別是與紅樹飲料子公司的戰略？特別是在新創新方面，您希望在酒精領域拓展其他任何子類別或領域嗎？我知道你正在嘗試，但未來計劃中的任何顏色都會很棒。

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. 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.

是的。謝謝，菲利波。看，我們在第二季度建立的紅樹實體更多的是技術性問題，而不是新的重大舉措。這不是戰略上的改變，也不是在美國分銷的工具。它為我們提供了一個更好的平台，可以與我們在美國合作的合作夥伴在協調和影響營銷方面進行互動，並允許我們酒精與非酒精帶更好的分離。因此，這更多的是對模型以及我們想要執行事物的方式的優化，而不是不同的事物。然後就進展而言，你看，它仍然只是業務的一小部分。正如我所說，我認為是 CAGNY，這很棒，而且板上有很多運行。

Jack and 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 hedge the Philippines and Jack and Coke and Lemon-Dou, which is an alcoholic lemon drink, got well over 30% share of the RTD category.

Jack and Coke 取得了一些非常有希望的好成績，包括在美國。Simply Spiked Peach 在美國表現非常好。如果你想尋找一個真正的亮點，你可以對沖菲律賓、Jack and Coke 和 Lemon-Dou，這是一種酒精檸檬飲料，在 RTD 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.

所有這一切都非常令人鼓舞，因為我們將繼續採取審慎的方法來學習和應用我們所學到的知識。所有這些都需要讓人相信，這對可口可樂公司來說是重要的，而不僅僅是一個好的企業，而且我們仍在努力實現這一目標。但可以肯定的是，到目前為止，我們對所發生的事情感到滿意，並且我們對接下來必須採取的步驟感到鼓舞。

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，關於你的捲評論，我很欣賞你的 4 年復合年增長率，我認為如果我們的數學是正確的，那麼整個公司的單位情況是 1.7%，這顯然是值得注意的。也就是說，我認為歐洲、中東和非洲地區本季度的情況有些疲軟。我理解你對俄羅斯的評論。除俄羅斯之外的歐洲、中東和非洲地區到底發生了什麼？我們應該如何思考未來？

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?

與此相關的是，既然你評論說美國在國外非常強大，而歐洲——很大一部分歐洲人在國外，關於六月的評論，我們不僅應該考慮​​歐洲，而且應該考慮如何全球內部部署與外部部署的性能比較？

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.

我正在嘗試處理所有問題。我想你已經打敗了，那是達拉。我認為你已經打敗了達拉。歐洲、中東和非洲地區的情況稍顯疲軟。是的。我認為在歐洲、中東和非洲地區，我們——儘管如此——所以在歐洲、中東和非洲地區，我們預計歐洲、中東和非洲地區在下半年將表現積極。因此，第二季度從俄羅斯撤軍產生了斜坡效應。但實際上，歐洲（除俄羅斯之外的歐洲）狀況相當好。如果你看上半場，歐洲（俄羅斯除外）的表現是積極的。因此，我們認為，現在歐洲和歐洲、中東和非洲地區實際上已經脫離了下半年的基數，將處於良好狀態。

Obviously, EMEA has got a couple of the hyperinflationary countries like Turkey, 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、中東和非洲地區有一些像土耳其、巴基斯坦這樣的惡性通貨膨脹國家，因此歐洲、中東和非洲地區可能會受到其他影響。但如果你把注意力集中在俄羅斯所在的地方，也就是影響最大的歐洲，實際上，如果除去俄羅斯，歐洲上半年的成交量是正的。因此，當我們進入下半年時，我們對歐洲感覺良好。我認為問題實際上是幾個國家的定價和銷量之間的權衡，特別是土耳其和巴基斯坦，以及那些想要深入兔子洞的國家，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. 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外出與在家的情況。是的。不僅僅是六月，美國基本上是上半年的強勢。您已經看到戶外活動的增長領先於家庭活動和復蘇。我認為這就是我們在客場看到復甦的後期的思考方式。

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，事實上，在全球範圍內，交易量領先於交易量，這往往意味著從數學角度來看，較小的包裹比較大的包裹增長得更快。因此，作為一項全局功能，本地消耗或多於大包消耗，或者小包消耗比大包消耗多一點，這也有幫助。但我不這麼認為——我們應該將其視為一種新的長期趨勢，更像是新冠疫情后的最後一次重新正常化。

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

我們今天的最後一個問題將來自瑞銀集團的彼得·格羅姆。

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?

所以詹姆斯，也許只是 2 個快速跟進。第一，關於克里斯關於降價交易和提高負擔能力的問題。您預計促銷環境會發生什麼變化，特別是在北美？聽起來這並不是您所期望的轉變，但只是想確定一下。然後，根據您對 Andrea 問題的回答，我很好奇，隨著消費者在某些發達市場中尋求更多價值，您如何看待渠道組合的演變，特別是考慮到您剛才提到的來自外地的力量？

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。我們制定了一系列戰略來嘗試平衡我們在美國的高端化、常規化和可承受性戰略，其中包括比第一季度多一點的促銷活動。但基本上，促銷水平與往年非常相似，並沒有提升。我們認為，我們在高端化和可承受性之間取得了適當的平衡，能夠像第二季度在美國的銷量和價值份額一樣繼續獲得收益，因此我們認為環境是合理的。我們認為我們的策略對我們有效，因為我們獲得了銷量和價值份額。我們已經有了正確的組合——大致正確的促銷和價格組合。顯然，我們將繼續推動可負擔性和高端化遊戲。

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.

然後是渠道組合問題，我們認為我們會在發展中市場看到什麼嗎——我認為主要特徵是新冠疫情后的重新正常化。我不認為這是衰退或通貨膨脹之類的。我認為我們已經看到了渠道組合的重新正常化。前幾年我們曾討論過封鎖對價格組合和利潤結構、渠道轉變的影響有多大。現在這種情況已經基本結束，換句話說，我們預計渠道組合不會成為未來幾個季度和幾年討論的主要特徵。

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

女士們先生們，我們的問答環節到此結束。我現在想將電話轉回給詹姆斯·昆西，請他發表結束語。

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。謝謝你，接線員。所以只是快速總結一下。我認為，第二季度的業績證明了我們在市場上的勢頭。我們正在應對當地市場的廣泛動態，同時在全球範圍內擴大規模並保持靈活性。我們對實現 '23 指導方針和長期目標的能力充滿信心。感謝您對我們公司的興趣、投資以及今天早上加入我們。

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

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。